# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022143
**Filing Date:** 2023-2
**Character Count:** 121607
**Document Hash:** 3807965bd4b07c7acd7b0104391482d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022143.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022143

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 23616615

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

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000230996 | Founders Class      | CMBEX           |
| C000230997 | Institutional Class | CMBIX           |
| C000230998 | Class A             | CMBAX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
| 93.21% | DEBT SECURITIES |  |  |  |
| 39.16% | CORPORATE BONDS |  |  |  |
| 0.26% | Communication Services: |  |  |  |
|  | Sprint Corp 06/15/2024 7.125% . . . . . . | Sprint Corp 06/15/2024 7.125% . . . . . . | 450000 | $<u>458793</u> |
| 5.82% | Consumer Discretionary: |  |  |  |
|  | AMN Healthcare Inc., 10/1/2027 4.625% . . | AMN Healthcare Inc., 10/1/2027 4.625% . . | 90000 | 82986 |
|  | AutoNation Inc 03/01/2032 3.850% . . . | AutoNation Inc 03/01/2032 3.850% . . . | 1000000 | 798177 |
|  | AutoNation Inc. 08/01/2031 2.400% . . . | AutoNation Inc. 08/01/2031 2.400% . . . | 1000000 | 719011 |
|  | Brunswick Corp 08/01/2027 7.125% . . . . | Brunswick Corp 08/01/2027 7.125% . . . . | 1314000 | 1376282 |
|  | Ford Motor Company 10/01/2028 6.625% . | Ford Motor Company 10/01/2028 6.625% . | 450000 | 444875 |
|  | General Motors Financial |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;01/12/2032 3.100% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;01/12/2032 3.100% . . . . . . . . . . | 1000000 | 783542 |
|  | General Motors Financial 01/8/2031 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.350% . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;2.350% . . . . . . . . . . . . . . . | 250000 | 188504 |
|  | Hasbro Inc 07/15/2028 6.600% . . . . . | Hasbro Inc 07/15/2028 6.600% . . . . . | 700000 | 707445 |
|  | Korn/Ferry Internationa, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 4.625% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2027 4.625% . . . . . . . . . . | 500000 | 460505 |
|  | Las Vegas Sands Corp |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;08/08/2029 3.900% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;08/08/2029 3.900% . . . . . . . . . | 500000 | 421232 |
|  | Lowe's Cos Inc 04/01/2052 4.250% . . . | Lowe's Cos Inc 04/01/2052 4.250% . . . | 500000 | 396402 |
|  | MDC Holdings Inc 01/15/2030 3.850% . . | MDC Holdings Inc 01/15/2030 3.850% . . | 1000000 | 814022 |
|  | Michael Kors USA Inc., 11/1/2024 VAR% . . . . | Michael Kors USA Inc., 11/1/2024 VAR% . . . . | 600000 | 573326 |
|  | Nissan Motor, 9/17/2030 4.81% . . . . . . | Nissan Motor, 9/17/2030 4.81% . . . . . . | 1000000 | 848672 |
|  | PVH Corp 07/10/2025 4.625% . . . . . . | PVH Corp 07/10/2025 4.625% . . . . . . | 1000000 | 965612 |
|  | Tapestry Inc 04/01/2025 4.250% . . . . . | Tapestry Inc 04/01/2025 4.250% . . . . . | 750000 | 732391 |
|  |  |  |  | 10312984 |
| 0.91% | Consumer Staples: |  |  |  |
|  | Constellation Brands, 5/1/2030 2.875% . . | Constellation Brands, 5/1/2030 2.875% . . | 1000000 | 851260 |
|  | Smithfield Foods, 10/15/2030 3.00% . . . | Smithfield Foods, 10/15/2030 3.00% . . . | 1000000 | 761393 |
|  |  |  |  | 1612653 |

---

**1**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
| 4.78% | Energy: |  |  |  |
|  | Alliant Energy Finance, 3/1/2032 3.60% . . | Alliant Energy Finance, 3/1/2032 3.60% . . | 1000000 | $861881 |
|  | APA Corp 12/15/2029 7.750% . . . . . . | APA Corp 12/15/2029 7.750% . . . . . . | 133000 | 139058 |
|  | Energy Transfer LP 01/15/2024 5.875% . . | Energy Transfer LP 01/15/2024 5.875% . . | 900000 | 902264 |
|  | Energy Transfer LP 02/15/2028 Var% . . . | Energy Transfer LP 02/15/2028 Var% . . . | 400000 | 297000 |
|  | Marathon Petroleum Corp |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2024 3.625% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2024 3.625% . . . . . . . . . | 540000 | 525485 |
|  | Occidental Petroleum 09/01/2025 5.875% . | Occidental Petroleum 09/01/2025 5.875% . | 1215000 | 1210600 |
|  | ONEOK Inc 09/01/2029 3.400% . . . . . | ONEOK Inc 09/01/2029 3.400% . . . . . | 1000000 | 864259 |
|  | Phillips 66 Partners LP 03/01/2028 3.750% . | Phillips 66 Partners LP 03/01/2028 3.750% . | 440000 | 372589 |
|  | Plains All American Pipeline LP |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2030 3.800% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2030 3.800% . . . . . . . . . | 250000 | 217270 |
|  | Targa Resources Partners, 3/1/2030 5.50% . | Targa Resources Partners, 3/1/2030 5.50% . | 500000 | 470460 |
|  | TC Energy Corp 6/15/2029 7.700% . . . . | TC Energy Corp 6/15/2029 7.700% . . . . | 850000 | 924247 |
|  | Valero Energy 12/01/2031 2.800% . . . . | Valero Energy 12/01/2031 2.800% . . . . | 1000000 | 815021 |
|  | Williams Companies 01/15/2025 3.900% . | Williams Companies 01/15/2025 3.900% . | 900000 | 876447 |
|  |  |  |  | 8476581 |
| 10.91% | Financials: |  |  |  |
|  | Ally Financial 11/01/2031 8.000% . . . . . . . . . . | Ally Financial 11/01/2031 8.000% . . . . . . . . . . | 1000000 | 1032346 |
|  | American Express Co 06/16/2149 Var% . . | American Express Co 06/16/2149 Var% . . | 500000 | 410750 |
|  | ASB Bank Limited, 10/22/2031 2.375% . . | ASB Bank Limited, 10/22/2031 2.375% . . | 2000000 | 1561038 |
|  | Avalon Holdings Funding Ltd, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/18/2027 2.528% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;11/18/2027 2.528% . . . . . . . . . . | 1000000 | 799295 |
|  | Bank of America 06/19/2164 Var% . . . . | Bank of America 06/19/2164 Var% . . . . | 625000 | 529332 |
|  | Barclays PLC 05/16/2029 4.972% . . . . | Barclays PLC 05/16/2029 4.972% . . . . | 250000 | 234783 |
|  | Banco Santander SA 03/24/2028 Var% . . | Banco Santander SA 03/24/2028 Var% . . | 200000 | 185503 |
|  | Blackstone Private CRE, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 2.625% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2026 2.625% . . . . . . . . . | 250000 | 206931 |
|  | Charles Schwab Corp 06/19/2164 Var% . . | Charles Schwab Corp 06/19/2164 Var% . . | 500000 | 456499 |
|  | Citigroup Inc 03/31/2031 4.412% . . . . . | Citigroup Inc 03/31/2031 4.412% . . . . . | 250000 | 229574 |
|  | Factset Research Group 03/01/2027 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Corp 2.900% . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Corp 2.900% . . . . . . . . . . . . | 250000 | 226941 |
|  | Federal Home Loan Bank, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4/20/2029, 4.000% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;4/20/2029, 4.000% . . . . . . . . . | 5000000 | 4791550 |
|  | Fidelity Natl Financial 08/15/2028 4.500% . | Fidelity Natl Financial 08/15/2028 4.500% . | 1000000 | 948415 |
|  | Fifth Third Bank 10/27/2025 VAR% . . . . | Fifth Third Bank 10/27/2025 VAR% . . . . | 600000 | 606059 |
|  | First Citizens Bancshares 06/19/2164 Var% | First Citizens Bancshares 06/19/2164 Var% | 500000 | 499400 |
|  | Goldman Sachs Group 11/10/2026 Var% . . | Goldman Sachs Group 11/10/2026 Var% . . | 500000 | 416202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** |  |  |  |

---

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
|  | Lloyds Banking Group 03/18/2026 Var% . | Lloyds Banking Group 03/18/2026 Var% . | 450000 | $427515 |
|  | Macquarie Group, 6/21/2028 4.098% . . . | Macquarie Group, 6/21/2028 4.098% . . . | 2000000 | 1870492 |
|  | MSCI Inc 09/01/2030 3.625% 144A . . . . | MSCI Inc 09/01/2030 3.625% 144A . . . . | 100000 | 83125 |
|  | NatWest Group 05/18/2029 Var% . . . . | NatWest Group 05/18/2029 Var% . . . . | 500000 | 473081 |
|  | Owl Rock Capital Corp 06/11/2028 2.875% . | Owl Rock Capital Corp 06/11/2028 2.875% . | 250000 | 196293 |
|  | Santan 12/3/2030, 2.749% . . . . . . . . | Santan 12/3/2030, 2.749% . . . . . . . . | 250000 | 191475 |
|  | SBL Holdings Inc., 11/13/2026 5.125% . . . | SBL Holdings Inc., 11/13/2026 5.125% . . . | 400000 | 350499 |
|  | SLM, 10,29, 2025 4.20% . . . . . . . . . | SLM, 10,29, 2025 4.20% . . . . . . . . . | 90000 | 82346 |
|  | Societe Generale 11/24/2025 4.750% . . . | Societe Generale 11/24/2025 4.750% . . . | 250000 | 239961 |
|  | Societe Generale , 3/28/2024 3.875% . . | Societe Generale , 3/28/2024 3.875% . . | 500000 | 488365 |
|  | Synchrony Bank 08/22/2025 5.400% . . | Synchrony Bank 08/22/2025 5.400% . . | 400000 | 392580 |
|  | Toll Brothers Finance Corp, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3/15/2027, 4.875% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;3/15/2027, 4.875% . . . . . . . . . . | 1000000 | 954834 |
|  | Truist Financial Corp 03/01/2030 Var% . . | Truist Financial Corp 03/01/2030 Var% . . | 500000 | 462500 |
|  |  |  |  | 19347684 |
| 0.10% | Heath Care: |  |  |  |
|  | PRA Health Sciences, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7/15/2026 2.875% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;7/15/2026 2.875% . . . . . . . . . . | 90000 | 81455 |
|  | Teva Pharmaceutical 05/09/2027 4.750% . | Teva Pharmaceutical 05/09/2027 4.750% . | 100000 | 90390 |
|  |  |  |  | 171845 |
| 7.98% | Industrials: |  |  |  |
|  | Aircastle Ltd 05/01/2024 4.125% . . . . . | Aircastle Ltd 05/01/2024 4.125% . . . . . | 900000 | 869984 |
|  | Allison Transmission Holdings Inc |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10/01/2027 4.750% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;10/01/2027 4.750% . . . . . . . . . . | 450000 | 417303 |
|  | Berry Global Inc 07/15/2027 5.625% . . . | Berry Global Inc 07/15/2027 5.625% . . . | 500000 | 487770 |
|  | Boeing Co 02/04/2023 1.167% . . . . . . | Boeing Co 02/04/2023 1.167% . . . . . . | 700000 | 697311 |
|  | Boeing Co 02/15/2040 5.875% . . . . . | Boeing Co 02/15/2040 5.875% . . . . . | 1000000 | 959902 |
|  | CH Robinson Worldwide |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2028 4.200% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2028 4.200% . . . . . . . . . | 1000000 | 944413 |
|  | FedEx Corp 10/17/2048 4.950% . . . . . | FedEx Corp 10/17/2048 4.950% . . . . . | 1000000 | 869256 |
|  | Flour Corp 09/15/2028 4.250% . . . . . | Flour Corp 09/15/2028 4.250% . . . . . | 360000 | 324001 |
|  | Flowserve Corp 01/15/2032 2.800% . . . | Flowserve Corp 01/15/2032 2.800% . . . | 1000000 | 749045 |
|  | Fortune Brands Home & Security |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/25/2032 4.000% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;03/25/2032 4.000% . . . . . . . . . | 500000 | 433520 |

---

**3**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
|  | Fortune Brands Home & Security, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3/25/2052, 4.500% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;3/25/2052, 4.500% . . . . . . . . . | 500000 | $375378 |
|  | Hubbell Inc 08/15/2027 3.150% . . . . . | Hubbell Inc 08/15/2027 3.150% . . . . . | 2000000 | 1818072 |
|  | Masco Corp 08/15/2032 6.500% . . . . . | Masco Corp 08/15/2032 6.500% . . . . . | 1000000 | 1023669 |
|  | Oshkosh Corp 03/01/2030, 3.100% . . . . | Oshkosh Corp 03/01/2030, 3.100% . . . . | 1000000 | 843351 |
|  | Owens Corning 06/01/2030 3.875% . . . | Owens Corning 06/01/2030 3.875% . . . | 1000000 | 888539 |
|  | Quanta Services 10/01/2030 2.900% . . . | Quanta Services 10/01/2030 2.900% . . . | 1000000 | 822221 |
|  | Ryder System Inc 09/01/2025 3.350% . . | Ryder System Inc 09/01/2025 3.350% . . | 1000000 | 949361 |
|  | Tiimken Co. 5/8/2028 6.875% . . . . . . | Tiimken Co. 5/8/2028 6.875% . . . . . . | 200000 | 206747 |
|  | Timken Co 12/15/2028 4.500% . . . . . | Timken Co 12/15/2028 4.500% . . . . . | 500000 | 475399 |
|  |  |  |  | 14155242 |
| 2.65% | Information Technology: |  |  |  |
|  | Avnet Inc 06/01/2032 5.500% . . . . . . | Avnet Inc 06/01/2032 5.500% . . . . . . | 1000000 | 923400 |
|  | Bellsouth Telecommunication |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;06/01/2028 6.375% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;06/01/2028 6.375% . . . . . . . . . | 500000 | 514322 |
|  | CA INC 03/15/2027 4.700% . . . . . . . . . . . . . . | CA INC 03/15/2027 4.700% . . . . . . . . . . . . . . | 600000 | 560003 |
|  | Ciena Corp., 1/31/2030 144A . . . . . . . | Ciena Corp., 1/31/2030 144A . . . . . . . | 100000 | 88011 |
|  | Corning Inc 03/15/2037 4.700% . . . . . | Corning Inc 03/15/2037 4.700% . . . . . | 200000 | 182105 |
|  | Hughes Satellite Systems |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;08/01/2026 5.250% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;08/01/2026 5.250% . . . . . . . . . | 500000 | 479600 |
|  | Micron Technology 02/15/2027 4.185% . . . . | Micron Technology 02/15/2027 4.185% . . . . | 250000 | 236699 |
|  | QQRVO Inc., 12/15/2024 1.750% . . . . . | QQRVO Inc., 12/15/2024 1.750% . . . . . | 50000 | 460475 |
|  | Trimble Inc 12/01/2024 4.750% . . . . . . | Trimble Inc 12/01/2024 4.750% . . . . . . | 800000 | 790819 |
|  | Western Digital Corp 02/15/2026 4.750% . | Western Digital Corp 02/15/2026 4.750% . | 500000 | 470860 |
|  |  |  |  | 4706294 |
| 2.43% | Materials: |  |  |  |
|  | Albermarle Corp 06/01/2032 5.050% . . . | Albermarle Corp 06/01/2032 5.050% . . . | 500000 | 471244 |
|  | Canpack SA/Us, 11/15/2029 3.875% . . . . | Canpack SA/Us, 11/15/2029 3.875% . . . . | 500000 | 394030 |
|  | Domtar Corp., 10/1/2028, 6.375% . . . . . | Domtar Corp., 10/1/2028, 6.375% . . . . . | 100000 | 87560 |
|  | FMC Corp 10/01/2026 3.200% . . . . . . | FMC Corp 10/01/2026 3.200% . . . . . . | 600000 | 558122 |
|  | Nucor Corp 05/23/2027 4.300% . . . . . | Nucor Corp 05/23/2027 4.300% . . . . . | 500000 | 487762 |
|  | Steel Dynamics Inc 12/15/2026 5.000% . . | Steel Dynamics Inc 12/15/2026 5.000% . . | 500000 | 500317 |
|  | WestRock Corp 02/15/2031 7.950% . . . . | WestRock Corp 02/15/2031 7.950% . . . . | 750000 | 842710 |
|  | Worthington Industries Inc |  |  | 967520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 4.550% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 4.550% . . . . . . . . . | 1000000 | 967520 |
|  |  |  |  | 4309265 |
|  |  | **4** |  |  |

---

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
| 0.64% | Real Estate: |  |  |  |
|  | Crown Castle International Corp |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/15/2027 2.900% . . . . . . . . | . | 250000 | $227389 |
|  | EPR Properties 04/15/2028 4.950% . . | . | 360000 | 307143 |
|  | Office Properties Income Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;02/01/2027 2.340% . . . . . . . . | . | 250000 | 182653 |
|  | Weyerhaeuser Co 03/09/2033 3.375% | . . | 500000 | 417862 |
|  |  |  |  | 1135047 |
| 2.68% | Utilities: |  |  |  |
|  | Edison Intl 03/15/2023 2.950% . . . . | . | 900000 | 896459 |
|  | Eversource Energy 03/01/2032 3.375% | . . | 1000000 | 870512 |
|  | Exelon Corp., 3/15/2032 3.350% . . . | . . | 1000000 | 868493 |
|  | Georgia Power Co 05/15/2032 4.700% | . . | 1000000 | 964060 |
|  | National Fuel Gas Co 03/01/2023 3.750% | . | 700000 | 698117 |
|  | Sempra Energy 06/19/2164 Var% . . . | . . | 500000 | 462340 |
|  |  |  |  | 4759981 |
| 39.16% | TOTAL CORPORATE BONDS . . . . | . . . . . . . . . | . . . . . . . . . | 69446369 |
| 28.84% | ASSET BACKED BONDS |  |  |  |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 1.340% . . . . . . . . . | . | 1000000 | 928306 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;06/13/2028 4.410% . . . . . . . . | . . | 1687500 | 1647980 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12/12/2025 2.97% . . . . . . . . . | . | 900000 | 847227 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12/12/2025 2.970% . . . . . . . . | . . | 1153265 | 1144386 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12/14/2026 1.310% . . . . . . . . . | . | 550837 | 541875 |
|  | Aqua Finance Inc 07/17/2046 1.900% . | . . | 603222 | 568965 |
|  | Arivo Acceptance, LLC |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;05/15/2028 3.930% . . . . . . . . | . | 695804 | 675613 |
|  | Arivo Acceptance Auto, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3/15/2029 9.84% . . . . . . . . . | . . | 500000 | 506367 |
|  | Avis Budget Rental Car |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 2.650% . . . . . . . | . . | 1800000 | 1657946 |

---

**5**

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Commerical, 3/15/2037 VAR% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Commerical, 3/15/2037 VAR% . . | 400000 | $369488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/16/2029 8/08% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/16/2029 8/08% . . . . . . . . . . | 1000000 | 1002447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 1.550% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 1.550% . . . . . . . . . . | 250000 | 223822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/10/2028 5.080% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/10/2028 5.080% . . . . . . . . . | 2000000 | 1889222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2028 2.310% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2028 2.310% . . . . . . . . . . | 174596 | 169498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2028 4.130% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/11/2028 4.130% . . . . . . . . . . | 450000 | 423712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028 1.07% . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028 1.07% . . . . . . . . . . . | 309166 | 284087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2025 1.949% . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2025 1.949% . . . . . . . . . . . . . . . . . . . | 250000 | 237408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2042 3.289% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2042 3.289% . . . . . . . . . | 1000000 | 968003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinstar Funding, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2047 5.216% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2047 5.216% . . . . . . . . . | 425250 | 325247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass Through |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2033 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2033 Var% . . . . . . . . . . | 55000 | 47846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Portfolio Services Inc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2028 5.190% . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2028 5.190% . . . . . . . . . . . . . . . . . . . | 1800000 | 1707602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Portfolio Services Inc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 7.140% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 7.140% . . . . . . . . . . | 900000 | 794239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Acceptance Corp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2030 1.000% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2030 1.000% . . . . . . . . . | 2600000 | 2483421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/10/2028 2.900% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/10/2028 2.900% . . . . . . . . . | 100000 | 87021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto ReceivablesTrust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 0.870% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2027 0.870% . . . . . . . . . . | 1500000 | 1443470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 11/15/2024 3.870% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 11/15/2024 3.870% . | 393990 | 393576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 06/15/2026 1.470% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 06/15/2026 1.470% . | 1540250 | 1490160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 11/17/2025 2.550% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 11/17/2025 2.550% . | 900000 | 879899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/17/2025 3.710% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/17/2025 3.710% . . . . . . . . . . | 487585 | 482569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2025 5.330% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2025 5.330% . . . . . . . . . | 800000 | 799927 |

---

**6**

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/17/2028 4.560% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/17/2028 4.560% . . . . . . . . . | 450000 | $421700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 6.340% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 6.340% . . . . . . . . . | 787500 | 683730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/16/2024 4.350% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/16/2024 4.350% . . . . . . . . . | 270542 | 269545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2026 0.690% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2026 0.690% . . . . . . . . . | 2124312 | 2090618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2025 3.280% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2025 3.280% . . . . . . . . . | 739717 | 736476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2031 Var% . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2031 Var% . . . . . . . . . . . | 534000 | 551294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2046 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2046 Var% . . . . . . . . . . | 19941389 | 58927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2047 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2047 Var% . . . . . . . . . . | 19964299 | 47415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2042 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2042 Var% . . . . . . . . . . | 523 | 520530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2046 Var% . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2046 Var% . . . . . . . . . . . | 30291985 | 67339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2027 3.000% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2027 3.000% . . . . . . . . . | 2099491 | 92651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto 01/15/2027 2.030% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto 01/15/2027 2.030% . . | 1159551 | 1125189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto 06/15/2029 5.410% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Investors Auto 06/15/2029 5.410% . . | 500000 | 452872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2042 Vsr% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2042 Vsr% . . . . . . . . . . | 1000000 | 1044781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gls Auto Receivables 07/15/2027 4.310% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gls Auto Receivables 07/15/2027 4.310% . . | 725000 | 691550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gls Auto Receivables 02/18/2025 3.540% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gls Auto Receivables 02/18/2025 3.540% . | 238756 | 237058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gls Auto Receivables 05/15/2025 2.960% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gls Auto Receivables 05/15/2025 2.960% . | 506225 | 501121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/16/2043 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/16/2043 Var% . . . . . . . . . . | 4587 | 4570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/10/2047 4.162% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/10/2047 4.162% . . . . . . . . . . | 500000 | 473711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust 06/26/2047 Var% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust 06/26/2047 Var% | 642174 | 606052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Commercial Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2048 3.342% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2048 3.342% . . . . . . . . . | 290942 | 276282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Commercial Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2028 1.886% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2028 1.886% . . . . . . . . . | 150003 | 147848 |

---

**7**

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2030 6.850% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2030 6.850% . . . . . . . . . | 484000 | $461943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mariner Finance 07/20/2032 2.960% . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mariner Finance 07/20/2032 2.960% . . . | 923021 | 910583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek 2/25/2044 VAR% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek 2/25/2044 VAR% . . . . . . . . | 520047 | 511298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/25/2051 2.500% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/25/2051 2.500% . . . . . . . . . . | 864918 | 694265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer 04/17/2028 2.560% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer 04/17/2028 2.560% . | 500000 | 477672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto 01/15/2026 1.010% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto 01/15/2026 1.010% . | 1449910 | 1435311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Retail Auto Lease |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2025 1.410% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2025 1.410% . . . . . . . . . . | 500000 | 466920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto 10/15/2025, 0.330% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto 10/15/2025, 0.330% | 1127728 | 1107871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2026 2.470% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2026 2.470% . . . . . . . . . | 455106 | 448292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/21/2028 0.830% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/21/2028 0.830% . . . . . . . . . | 595000 | 565718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2031 3.790% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2031 3.790% . . . . . . . . . . | 500000 | 432312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/50 3.000% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/50 3.000% . . . . . . . . . . | 220355 | 210305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spruce Hill Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/2050 2.521% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/2050 2.521% . . . . . . . . . | 145743 | 143917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Retail Auto Lease |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2024 2.520% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2024 2.520% . . . . . . . . . | 250000 | 246815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac - STACR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/25/2042, 6.51011% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/25/2042, 6.51011% . . . . . . . . . | 100000 | 88700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac - STACR, 1/25/2042, 7.71011% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac - STACR, 1/25/2042, 7.71011% . | 100000 | 90324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac - STACR, 1/25/2042, 6.81011 . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac - STACR, 1/25/2042, 6.81011 . | 1842262 | 1836554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Group 08/15/2025 4.710% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Group 08/15/2025 4.710% . . | 485000 | 473701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Rail Leasing 10/18/2049 2.390% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Rail Leasing 10/18/2049 2.390% . . | 221634 | 205884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit 11/10/2028 5.00% . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit 11/10/2028 5.00% . . . | 650000 | 592884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit 4/10/2029 10.0% . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit 4/10/2029 10.0% . . . | 400000 | 386586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USASF Reeivables LLC 3/17/2025 1.490% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USASF Reeivables LLC 3/17/2025 1.490% . | 400000 | 395614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Credit Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/16/2029 7.230% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/16/2029 7.230% . . . . . . . . . | 550000 | 522249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2059 3.129% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2059 3.129% . . . . . . . . . . | 405869 | 383272 |

---

**8**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | &nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
|  | Westlake Automobile 01/15/2026 2.760% . | Westlake Automobile 01/15/2026 2.760% . | 1840000 | $1790931 |
|  | WinWater Mortgage Trust |  |  | 138289 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;01/20/2046 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;01/20/2046 Var% . . . . . . . . . . | 155512 | 138289 |
| 28.84% | TOTAL ASSET BACKED BONDS . . . . . . . . . . . . | TOTAL ASSET BACKED BONDS . . . . . . . . . . . . | TOTAL ASSET BACKED BONDS . . . . . . . . . . . . | 51140798 |
| 25.21% | TREASURY NOTES |  |  |  |
|  | US Treasury 11/30/2028 1.50% . . . . . . | US Treasury 11/30/2028 1.50% . . . . . . | 21500 | 18670557 |
|  | US Treasury 11/15/2031 1.375% . . . . . . | US Treasury 11/15/2031 1.375% . . . . . . | 3800 | 3092843 |
|  | US Treasury 05/15/2042 3.250% . . . . . | US Treasury 05/15/2042 3.250% . . . . . | 4000 | 3506876 |
|  | US Treasury 02/15/2042 2.375% . . . . . | US Treasury 02/15/2042 2.375% . . . . . | 1500 | 11452740 |
|  | US Treasury 11/15/2032 4.125% . . . . . . | US Treasury 11/15/2032 4.125% . . . . . . | 2000 | 2040938 |
|  | US Treasury 02/15/2032 1.875% . . . . . | US Treasury 02/15/2032 1.875% . . . . . | 7000 | 5938240 |
| 25.21% | TOTAL TREASURY NOTES . . . . . . . . . . . . . . . | TOTAL TREASURY NOTES . . . . . . . . . . . . . . . | TOTAL TREASURY NOTES . . . . . . . . . . . . . . . | 44702194 |
| 93.21% | TOTAL DEBT SECURITIES . . . . . . . . . . . . . . . | TOTAL DEBT SECURITIES . . . . . . . . . . . . . . . | TOTAL DEBT SECURITIES . . . . . . . . . . . . . . . | <u>165289361</u> |
|  |  |  | **Shares** |  |
| 6.05% | MONEY MARKET FUND |  |  |  |
|  | Federated Government Obligation |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares, 4.10%(A) . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares, 4.10%(A) . . . . . . | 10718635 | 10718635 |
| 99.26% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 176007996 |
| 0.74% | Other assets, net of liabilities . . . . . . . . . . . . . . | Other assets, net of liabilities . . . . . . . . . . . . . . | Other assets, net of liabilities . . . . . . . . . . . . . . | 1305892 |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | <u>$177313888</u> |

---

(A) Effective 7 day yield as of December 31, 2022

**9**

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

---

| | |
|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** |

---

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

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Level 1** | **Level 2** |  | **Level 3** | |
|  | &nbsp;&nbsp;**Quoted** | |  | | |
|  | &nbsp;&nbsp;**Quoted** | |  | | |
|  | &nbsp;&nbsp;&nbsp;**Prices** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| CORPORATE BONDS . . | $— | $69446369 | $ | $— | $69446369 |
| MORTGAGE BACKED |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BONDS . . . . . . . |  | 51140798 |  |  | 51140798 |
| U.S. TREASURY NOTES . | 44702194 |  |  |  | 44702194 |
| MONEY MARKET | 10718635 |  |  |  | 10718635 |
| &nbsp;&nbsp;&nbsp;FUNDS . . . . . . . | 10718635 |  |  |  | 10718635 |
| TOTAL INVESTMENTS . | $55420829 | $120587167 | $ | $— | $176007996 |

---

The Fund held no Level 3 securities at any time during the period.

There were no transfers into or out of Levels 1 and 2 during the period ended December 31, 2022.

At December 31, 2022 the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $192,795,516 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | |
|:---|:---|
| Gross unrealized appreciation . . | $125121 |
| Gross unrealized depreciation . . | (16912641) |
| Net unrealized appreciation . . . |  |
| Net unrealized appreciation . . . | $<u>(16787520</u>) |
| **10** |  |
| **10** |  |

---

QUARTERLY REPORT

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $177344730.07

**Total Liabilities:** $30841.65

**Net Assets:** $177313888.42

**Cash Not Reported:** $80826.09

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.011556 | **1-Year:** 0.100152 | **5-Year:** 0.774252 | **10-Year:** 0.335124 | **30-Year:** 0.566244

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

- **3-Month:** 0.001082 | **1-Year:** 0.009378 | **5-Year:** 0.072496 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230998 |  |  |  |
| Class ID C000230996 | -0.88%               | 2.75%                | -0.23%               |
| Class ID C000230997 |  |  |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-99551.94               | $-1823515.87                               |
| Month 2  | $-34025.79               | $4082981.40                                |
| Month 3  | $16191.82                | $-871465.16                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default                           | ARIVO ACCEPTANCE AUTO 03/15/2029 9.84%   | CUSIP: 04047JAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $506367.00    | 0.29%             | 2029-03-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Default                           | T 1 1/2 11/30/28 GOVT                    | CUSIP: 91282CDL2<br>LEI: N/A | Long             | DBT              | UST               | US        |  21500000 | PA      | $18670557.00  | 10.53%            | 2028-11-30      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                           | EVERSOURCE ENERGY 03/01/2032 3.375%      | CUSIP: 30040WAP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $870512.00    | 0.49%             | 2032-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | TAPESTRY INC 04/01/2025 4.25%            | CUSIP: 189754AA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    750000 | PA      | $732390.75    | 0.41%             | 2025-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | AVALON HOLDINGS FNDG 11/18/2027 2.528%   | CUSIP: 05401AAR2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $799295.00    | 0.45%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| PVH CORP                          | PVH CORP 07/10/2025 4 5/8%               | CUSIP: 693656AC4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965612.00    | 0.54%             | 2025-07-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                           | SRT 2020-A                               | CUSIP: 80286KAG7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $246814.75    | 0.14%             | 2024-11-20      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SOCIETE GENERALE 03/28/2024 3.875%       | CUSIP: 83368RAT9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $488365.00    | 0.28%             | 2024-03-28      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SEQUOIA MORTGAGE TRUST 4/25/50 3%        | CUSIP: 81748AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $210306.15    | 0.12%             | 2050-04-25      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FIRST CITIZENS BANKSHARE          | FIRST CITIZENS BANCSHARE 06/19/2164 VAR% | CUSIP: 31959XAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $499400.00    | 0.28%             | 2164-06-19      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| Default                           | WESTERN DIGITAL CORP 02/15/2026 4.75%    | CUSIP: 958102AM7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $470860.00    | 0.27%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | BANCO SANTANDER 03/24/2028 VAR%          | CUSIP: 05964HAQ8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $185503.00    | 0.10%             | 2028-03-24      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Default                           | BOEING CO 02/04/2023 1.167%              | CUSIP: 097023DD4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    700000 | PA      | $697311.30    | 0.39%             | 2023-02-04      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Default                           | LAD AUTO RECEIVABLES 4/15/2030 6.85%     | CUSIP: 501687AC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    484000 | PA      | $461943.15    | 0.26%             | 2030-04-15      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Default                           | LAS VEGAS SANDS 08/08/2029 3.9%          | CUSIP: 517834AF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $421231.50    | 0.24%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Default                           | ONEOK INC 09/01/2029 3.4%                | CUSIP: 682680AY9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $864259.00    | 0.49%             | 2029-09-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | FHR 4046 LI Mtge                         | CUSIP: 3137AQH35<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  25937000 | PA      | $92650.52     | 0.05%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | MACQUARIE GROUP 06/21/2028 4.098%        | CUSIP: 55608JBC1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1870492.00   | 1.05%             | 2028-06-21      | Floating      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| Default                           | BOEING CO 02/15/2040 5.875%              | CUSIP: 097023BA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $959902.00    | 0.54%             | 2040-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Default                           | CRVNA 2021-N2 E                          | CUSIP: 14686KAF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $87020.60     | 0.05%             | 2028-03-10      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SCF EQUIPMENT TRUST LLC SER 19 2A 2.47%  | CUSIP: 784034AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $448291.69    | 0.25%             | 2026-04-20      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Default                           | VALERO ENERGY 12/01/2031 2.8%            | CUSIP: 91913YBC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $815021.00    | 0.46%             | 2031-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | CONSTELLATION BRANDS 05/01/2030 2.875%   | CUSIP: 21036PBF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $851260.00    | 0.48%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | OPI 2.34% 2/1/2027                       | CUSIP: 67623CAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $182653.00    | 0.10%             | 2027-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Drive Auto Trust 10/15/2027 0.87% Mtge   | CUSIP: 262104AE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1443469.50   | 0.81%             | 2027-10-15      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| Default                           | BLACKSTONE PRIVATE CRE 12/15/2026 2.625% | CUSIP: 09261HAD9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $206931.25    | 0.12%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Default                           | STACR 2022-DNA4 2.55071% MTGE            | CUSIP: 35564KWS4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2137500 | PA      | $1836554.34   | 1.04%             | 2042-05-25      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Default                           | ENERGY TRANSFER LP 01/15/2024 5.875%     | CUSIP: 29278NAM5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $902263.50    | 0.51%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Default                           | CANPACK SA/US 11/15/2029 3.875%          | CUSIP: 13806CAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $394030.00    | 0.22%             | 2029-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Default                           | US Treasury Note 1.875% 2/15/2032        | CUSIP: 91282CDY4<br>LEI: N/A | Long             | DBT              | UST               | US        |   7000000 | PA      | $5938240.00   | 3.35%             | 2032-02-15      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| Default                           | T 1 3/8 11/15/31 GOVT                    | CUSIP: 91282CDJ7<br>LEI: N/A | Long             | DBT              | UST               | US        |   3800000 | PA      | $3092842.80   | 1.74%             | 2031-11-15      | Floating      | 1.38%                 | No            |                  2 | On Loan: No      |
| Default                           | SBL HOLDINGS INC 11/13/2026 5.125%       | CUSIP: 78432MAA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $350499.20    | 0.20%             | 2026-11-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Default                           | C 4.412 3/31/2031                        | CUSIP: 172967MP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $229574.25    | 0.13%             | 2031-03-31      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Default                           | JPMBB COMMERCIAL 05/15/2048 3.3423%      | CUSIP: 46644RAY1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1524803 | PA      | $276281.71    | 0.16%             | 2048-05-15      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Default                           | WEYERHAEUSER CO 03/09/2033 3.375%        | CUSIP: 962166CA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $417862.00    | 0.24%             | 2032-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | SOCGEN 4.75 11/24/2025                   | CUSIP: 83367TBR9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $239961.00    | 0.14%             | 2025-11-24      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Default                           | NISSAN MOTOR 09/17/2030 4.81%            | CUSIP: 654744AD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $848672.00    | 0.48%             | 2030-09-17      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FMC CORP 10/01/2026 3.2%                 | CUSIP: 302491AT2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $558121.80    | 0.31%             | 2026-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Default                           | CAS 2022-R01 1M2 VAR%                    | CUSIP: 20754LAB5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $237408.25    | 0.13%             | 2026-12-25      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Default                           | AQUA FINANCE TRUST 07/17/2046 1.9%       | CUSIP: 038413AA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $568964.82    | 0.32%             | 2046-07-17      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Default                           | WIN 2016-1 B2 Mtge                       | CUSIP: 97655JCC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $138289.41    | 0.08%             | 2046-01-20      | Floating      | 3.79%                 | Yes           |                  2 | On Loan: No      |
| Default                           | TRIMBLE INC 12/01/24 4.75%               | CUSIP: 896239AA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    800000 | PA      | $790819.20    | 0.45%             | 2024-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | VEROS AUTO RECEIVABLES 07/16/2029 7.23%  | CUSIP: 92512VAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $522248.65    | 0.29%             | 2029-07-16      | Fixed         | 7.23%                 | Yes           |                  2 | On Loan: No      |
| Default                           | Teva 4.75 5/9/2027                       | CUSIP: 88167AAP6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $90390.00     | 0.05%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | US TREASURY 02/15/2042 2.375%            | CUSIP: 912810TF5<br>LEI: N/A | Long             | DBT              | UST               | US        |  15000000 | PA      | $11452740.00  | 6.46%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | LOWE'S COS 04/01/2052 4.25%              | CUSIP: 548661EJ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $396401.50    | 0.22%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | ASB BANK LIMITED 10/22/2031 2.375%       | CUSIP: 00216LAE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1561038.00   | 0.88%             | 2031-10-22      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FIDELITY NATL FINANCIAL 08/15/2028 4.5%  | CUSIP: 31620RAH8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $948415.00    | 0.53%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | TIMKEN CO 12/15/2028 4.5%                | CUSIP: 887389AK0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $475399.00    | 0.27%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | PFMT 2021-2 A1 2.5% 4/25/2051            | CUSIP: 74388JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $694265.10    | 0.39%             | 2051-04-25      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FORD MOTOR 10/01/2028 6.625%             | CUSIP: 345370BY5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $444874.50    | 0.25%             | 2028-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | GM 2.35 1/8/2031                         | CUSIP: 37045XDE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $188503.75    | 0.11%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Default                           | AMERICAN EXPRESS CO 06/16/2149 VAR%      | CUSIP: 025816CH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $410750.00    | 0.23%             | 2149-06-16      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS AUTO TRUST 10/15/2029 7.14% MTGE     | CUSIP: 12663BAE8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $794239.20    | 0.45%             | 2029-10-15      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Default                           | CREDIT ACCEPTANCE AUTO 05/15/2030 1.00%  | CUSIP: 22535GAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2600000 | PA      | $2483421.20   | 1.40%             | 2030-05-15      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Default                           | GLS AUTO RECEIVABLES 02/18/2025 3.54%    | CUSIP: 36257NAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $237058.44    | 0.13%             | 2025-02-18      | Fixed         | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SCFET 2022 1A D MTGE 3.79%               | CUSIP: 784033AJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $432311.50    | 0.24%             | 2031-11-20      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| Default                           | TIMKEN CO 05/08/2028 6.875%              | CUSIP: 88738TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $206746.60    | 0.12%             | 2028-05-08      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Default                           | AVNET INC 06/01/2032 5.5%                | CUSIP: 053807AV5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $923400.00    | 0.52%             | 2032-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | SANTANDER DRIVE AUTO 01/15/2026 1.01%    | CUSIP: 80286WAF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2312000 | PA      | $1435311.03   | 0.81%             | 2026-01-15      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| Default                           | NATIONAL FUEL GAS CO 03/01/2023 3.75%    | CUSIP: 636180BL4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    700000 | PA      | $698117.00    | 0.39%             | 2023-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Santander Drive 2022-1 C 04/17/28 2.56%  | CUSIP: 80286EAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $477672.00    | 0.27%             | 2028-04-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | FANNIE MAE 02/25/2046 VAR%               | CUSIP: 3136BMXV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22736291 | PA      | $58926.80     | 0.03%             | 2046-02-25      | Floating      | 0.55%                 | No            |                  2 | On Loan: No      |
| Default                           | ALLIANT ENERGY FINANCE 03/01/2032 3.6%   | CUSIP: 01882YAD8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $861881.00    | 0.49%             | 2032-03-01      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Default                           | CARMX 2021-2 D                           | CUSIP: 14314QAG9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $223821.50    | 0.13%             | 2027-10-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Default                           | FEDEX CORP 10/17/2048 4.95%              | CUSIP: 31428XBS4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $869256.00    | 0.49%             | 2048-10-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | ALBEMARLE CORP 06/01/2032 5.05%          | CUSIP: 012653AE1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $471244.00    | 0.27%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Default                           | MSCI 3  09/01/30 144A                    | CUSIP: 55354GAK6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $83125.00     | 0.05%             | 2030-09-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Default                           | TRICOLOR AUTO 08/15/2025 4.71% MTGE      | CUSIP: 89616BAC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    485000 | PA      | $473700.96    | 0.27%             | 2025-08-15      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Default                           | GCAR 2020-3A E Mtge                      | CUSIP: 36260CAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $691549.95    | 0.39%             | 2027-07-15      | Fixed         | 4.31%                 | Yes           |                  2 | On Loan: No      |
| Default                           | AUTONATION INC 08/01/2031 2.4%           | CUSIP: 05329WAS1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $719011.00    | 0.41%             | 2031-08-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Default                           | SCFET 2021-1A A3 Mtge                    | CUSIP: 783897AC5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    595000 | PA      | $565718.27    | 0.32%             | 2028-08-21      | Fixed         | 0.83%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SEMPRA ENERGY 06/19/2164 VAR%            | CUSIP: 816851BK4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $462340.00    | 0.26%             | 2025-10-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                           | UFS 6.75 10/01/28                        | CUSIP: 70478JAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $87560.40     | 0.05%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Default                           | WORTHINGTON INDUSTRIES 04/15/2026 4.55%  | CUSIP: 981811AE2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967520.00    | 0.55%             | 2026-04-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Default                           | COMM 2018-HCLV D                         | CUSIP: 20048KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     55000 | PA      | $47846.48     | 0.03%             | 2033-09-15      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SLM 4.2 10/29/2025                       | CUSIP: 78442PGD2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $82346.04     | 0.05%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Default                           | FANNIE MAE - CAS 01/25/2031 VAR          | CUSIP: 30711XY32<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    534000 | PA      | $551294.12    | 0.31%             | 2031-01-25      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| Default                           | FLOUR CORP 09/15/2028 4.25%              | CUSIP: 343412AF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    360000 | PA      | $324001.08    | 0.18%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | HUGHES SATELLITE SYSTEMS 8/01/2026 5.25% | CUSIP: 444454AD4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $479600.00    | 0.27%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Default                           | FANNIE MAE 11/25/2046 VAR%               | CUSIP: 3136BNEW2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  33214554 | PA      | $67339.08     | 0.04%             | 2046-11-25      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| Default                           | ACAR 11/15/2027 1.34%                    | CUSIP: 025286AD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $928306.00    | 0.52%             | 2027-11-15      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| Default                           | GNMA 03/16/2043 VAR%                     | CUSIP: 38376G4V9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $4569.79      | 0.00%             | 2043-03-16      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Default                           | FANNIE MAE 09/25/2042 VAR%               | CUSIP: 20753DAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    550000 | PA      | $520529.58    | 0.29%             | 2042-09-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Default                           | DT AUTO OWNER TRUST 11/17/2025 2.55%     | CUSIP: 23344EAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $879899.40    | 0.50%             | 2025-11-17      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SPRINT CORP 06/15/2024 7.125%            | CUSIP: 85207UAH8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $458793.00    | 0.26%             | 2024-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | FEDERATED GOVERNMENT OBLIGATION INSTITUT | CUSIP: 99FEDGOB7<br>LEI: N/A | Long             | STIV             | RF                | US        |  10718635 | NS      | $10718635.08  | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | GEORGIA POWER CO 05/15/2032 4.7%         | CUSIP: 373334KQ3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964060.00    | 0.54%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | CHARLES SCHWAB CORP 06/19/2164  VAR%     | CUSIP: 808513CB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $456499.00    | 0.26%             | 2164-06-19      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | MU 4.185 2/15/2027                       | CUSIP: 595112BP7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $236699.25    | 0.13%             | 2027-02-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                       | FREDDIE MAC - STACR 06/25/2042 VAR%      | CUSIP: 35564KYW3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1044781.00   | 0.59%             | 2042-06-25      | Floating      | 10.68%                | Yes           |                  2 | On Loan: No      |
| Default                           | WESTLAKE AUTOMOBILE 01/15/2026 2.76%     | CUSIP: 96042PAF9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1840000 | PA      | $1790930.88   | 1.01%             | 2026-01-15      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Default                           | QORVO INC 12/15/2024 1.75%               | CUSIP: 74739DAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $460475.00    | 0.26%             | 2024-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Default                           | AIRCASTLE LTD 05/01/2024 4.125%          | CUSIP: 00928QAQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $869984.10    | 0.49%             | 2024-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | CROWN CASTLE INC CORP 03/15/2027 2.9%    | CUSIP: 22822VAZ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $227389.00    | 0.13%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | FDS 2.9 03/01/27 CORP                    | CUSIP: 303075AA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $226941.00    | 0.13%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | TOLL BROS FINANCE 03/15/2027 4.875%      | CUSIP: 88947EAS9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $954834.00    | 0.54%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP                       | STEEL DYNAMICS INC 12/15/2026 5%         | CUSIP: 858119BF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $500317.00    | 0.28%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | UNITED AUTO CREDIT SEC 04/10/2029 10%    | CUSIP: 90944KAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $386586.40    | 0.22%             | 2029-04-10      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Default                           | AMERICAN CREDIT 06/13/2028 4.85%         | CUSIP: 02530BAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $847226.70    | 0.48%             | 2028-06-13      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Default                           | STACR 2022-DNA1 B1 VAR%                  | CUSIP: 35564KQY8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    100000 | PA      | $88700.80     | 0.05%             | 2042-01-25      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FIRST INVESTORS AUTO 06/15/2029 5.41%    | CUSIP: 32057KAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $452872.00    | 0.26%             | 2029-06-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Default                           | EXETER AUTO 10/15/2029 6.34% MTGE        | CUSIP: 30166QAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    787500 | PA      | $683730.34    | 0.39%             | 2029-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Default                           | GENERAL MOTORS 01/12/2032 3.1%           | CUSIP: 37045XDS2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $783542.00    | 0.44%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Default                           | HASBRO INC 07/15/2028 6.6%               | CUSIP: 418056AH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    700000 | PA      | $707444.50    | 0.40%             | 2028-07-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS AUTO RECEIVABLES 05/15/2025 2.96%    | CUSIP: 36258AAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    675000 | PA      | $501120.54    | 0.28%             | 2025-05-15      | Fixed         | 2.96%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FIFTH THIRD BANK 10/27/2025 VAR%         | CUSIP: 31677QBT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $606059.40    | 0.34%             | 2025-10-27      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Default                           | TARGA RESOURCES PARTNERS 03/01/2030 5.5% | CUSIP: 87612BBQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $470460.00    | 0.27%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | SHMLT 2020-A1 MTGE 01/28/2050 2.521%     | CUSIP: 85209FAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4550850 | PA      | $143916.65    | 0.08%             | 2050-01-28      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| Default                           | EDISON INTL 03/15/2023 2.95%             | CUSIP: 281020AJ6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $896459.40    | 0.51%             | 2023-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Default                           | CIEN 4 01/31/30 144A                     | CUSIP: 171779AL5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $88011.00     | 0.05%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Default                           | OCCIDENTAL PETRO 09/01/2025 5.875%       | CUSIP: 674599EB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1210600.49   | 0.68%             | 2025-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Default                           | VERUS 2019 11/25/59 3.129%               | CUSIP: 92537MAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1935000 | PA      | $383272.02    | 0.22%             | 2059-11-25      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| Default                           | AMERICAN CREDIT 06/13/2028 4.41%         | CUSIP: 02530BAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1687500 | PA      | $1647980.44   | 0.93%             | 2028-06-13      | Fixed         | 4.41%                 | Yes           |                  2 | On Loan: No      |
| Default                           | TRUIST FINANCIAL CORP 03/01/2030         | CUSIP: 89832QAF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $462500.00    | 0.26%             | 2030-03-01      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| CARMAX INC                        | CARMAX AUTO OWNER TRUST 4/16/2029 8.08%  | CUSIP: 14318UAH4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1002447.00   | 0.57%             | 2029-04-16      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Default                           | COINSTAR FUNDING, LLC 04/25/2047 5.216%  | CUSIP: 19260MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $325246.93    | 0.18%             | 2047-04-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SANTAN 2.749 12/3/2030                   | CUSIP: 05971KAG4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $191475.25    | 0.11%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Default                           | CARVANA AUTO N1 A1 12/11/2028 2.31% MTGE | CUSIP: 14686GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $169497.59    | 0.10%             | 2028-12-11      | Fixed         | 2.31%                 | Yes           |                  2 | On Loan: No      |
| Default                           | LLOYDS BANKING 03/18/2026 VAR%           | CUSIP: 53944YAR4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $427514.85    | 0.24%             | 2026-03-18      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| Default                           | EXETER AUTO 07/17/2028 4.56% MTGE        | CUSIP: 30166QAF6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $421700.40    | 0.24%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Auto 05/15/2025 5.33% Mtge        | CUSIP: 30167BAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $799927.20    | 0.45%             | 2025-05-15      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Default                           | TransCanada Pipe 6/15/2029 7.7%          | CUSIP: 89352LAG5<br>LEI: N/A | Long             | DBT              | CORP              | CA        |    850000 | PA      | $924246.65    | 0.52%             | 2029-06-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                           | EXETER AUTOMOBILE 05/15/2025 3.28%       | CUSIP: 30167YAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $736476.46    | 0.42%             | 2025-05-15      | Fixed         | 3.28%                 | Yes           |                  2 | On Loan: No      |
| Default                           | EXETER AUTOMOBILE 01/15/2026 .69%        | CUSIP: 30166AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2090618.09   | 1.18%             | 2026-01-15      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| BELLSOUTH TELECOMMUNICATIONS, LLC | BELLSOUTH TELECOMMUN 06/01/2028 6.375%   | CUSIP: 079867AW7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $514322.00    | 0.29%             | 2028-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                           | ALLISON TRANSMISSION 10/01/2027 4.75%    | CUSIP: 019736AE7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $417302.55    | 0.24%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FORTUNE BRANDS HOME 03/25/2032 4.00%     | CUSIP: 34964CAF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $433520.50    | 0.24%             | 2032-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | SMITHFIELD FOODS 10/15/2030 3.00%        | CUSIP: 832248BC1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $761393.00    | 0.43%             | 2030-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Default                           | ORCC 2.875 6/11/2028                     | CUSIP: 69121KAG9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $196293.50    | 0.11%             | 2028-06-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | PAA 3.8 9/15/2030                        | CUSIP: 72650RBN1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $217270.25    | 0.12%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Default                           | ICLR 2.875 07/15/2026                    | CUSIP: 45569KAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $81454.77     | 0.05%             | 2026-07-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Default                           | RYDER SYSTEM INC 09/01/2025 3.35%        | CUSIP: 78355HKR9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $949361.00    | 0.54%             | 2025-09-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Default                           | EPR 4.95 4/15/2028                       | CUSIP: 26884UAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    360000 | PA      | $307143.36    | 0.17%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | AMERICAN CREDIT ACCEPT 12/14/2026 1.31%  | CUSIP: 02530QAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $541874.98    | 0.31%             | 2026-12-14      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| Default                           | Trinity Rail Less 10/18/2049 2.39%       | CUSIP: 89657BAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $205883.73    | 0.12%             | 2049-10-18      | Fixed         | 2.39%                 | Yes           |                  2 | On Loan: No      |
| Default                           | STACR 2022-DNA1 M2 VAR%                  | CUSIP: 35564KQC6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    100000 | PA      | $90323.70     | 0.05%             | 2042-01-25      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Default                           | NATWEST GROUP 05/18/2029 VAR%            | CUSIP: 780097BG5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $473081.00    | 0.27%             | 2029-05-18      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Default                           | ENERGY TRANSFER LP 02/15/28 VAR%         | CUSIP: 29273VAJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $297000.00    | 0.17%             | 2028-02-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | MARINER FINANCE 07/20/2032 2.96%         | CUSIP: 56847MAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $910582.88    | 0.51%             | 2032-07-20      | Fixed         | 2.96%                 | Yes           |                  2 | On Loan: No      |
| Default                           | WESTROCK MWV 02/15/2031 7.95%            | CUSIP: 961548AY0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    750000 | PA      | $842709.75    | 0.48%             | 2031-02-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Default                           | NEWTEK 02/25/2044 VAR%                   | CUSIP: 65252MAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $511298.13    | 0.29%             | 2044-02-25      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Default                           | US TREASURY 11/125/2023 4.125%           | CUSIP: 91282CFV8<br>LEI: N/A | Long             | DBT              | UST               | US        |   2000000 | PA      | $2040938.00   | 1.15%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | FOURTUNE BRANDS 03/25/22 4.5%            | CUSIP: 34964CAG1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $375378.00    | 0.21%             | 2052-03-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | BACCR 4.972 5/16/2029                    | CUSIP: 06738EBD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $234782.50    | 0.13%             | 2029-05-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Default                           | UNITED AUTO CREDIT 11/10/2028 5%         | CUSIP: 90944DAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $592883.85    | 0.33%             | 2028-11-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | KORN/FERRY INT. 12/15/2027 4.625%        | CUSIP: 50067PAA7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $460505.00    | 0.26%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Default                           | EXETER AUTO 03/17/2025 3.71% MTGE        | CUSIP: 30167LAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $482568.90    | 0.27%             | 2025-03-17      | Fixed         | 3.71%                 | Yes           |                  2 | On Loan: No      |
| Default                           | OWENS CORNING 06/01/2030 3.875%          | CUSIP: 690742AK7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $888539.00    | 0.50%             | 2030-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | FIRST INVESTORS AUTO 01/15/2027 2.03%    | CUSIP: 32057KAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1125188.72   | 0.63%             | 2027-01-15      | Fixed         | 2.03%                 | Yes           |                  2 | On Loan: No      |
| Default                           | SYNCHRONY BANK 08/22/2025 5.4%           | CUSIP: 87166FAD5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $392580.40    | 0.22%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Default                           | USASF RECEIVABLES LLC 03/17/2025 1.49%   | CUSIP: 90355EAB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $395614.40    | 0.22%             | 2025-03-17      | Fixed         | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Default                           | MDC HOLDINGS 01/15/2030 3.85%            | CUSIP: 552676AT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $814022.00    | 0.46%             | 2030-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | BERRY GLOBAL INC 07/15/2027 5.625%       | CUSIP: 085770AB1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $487770.00    | 0.28%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Default                           | CARVANA AUTO N1 D 12/11/2028 4.13% MTGE  | CUSIP: 14686GAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $423711.90    | 0.24%             | 2028-12-11      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Default                           | BRUNSWICK CORP 08/01/2027 7.125%         | CUSIP: 117043AG4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1314000 | PA      | $1376282.29   | 0.78%             | 2027-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | DT AUTO OWNER TRUST 06/15/2026 1.47%     | CUSIP: 26253AAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1540250 | PA      | $1490159.53   | 0.84%             | 2026-06-15      | Fixed         | 1.47%                 | Yes           |                  2 | On Loan: No      |
| Default                           | CA INC 03/15/2027 4.7%                   | CUSIP: 12673PAJ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $560003.40    | 0.32%             | 2027-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | CARVANA AUTO RECEIVABLES 3/10/2028 1.07% | CUSIP: 14686KAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $284086.59    | 0.16%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Default                           | WILLIAMS COMPANIES 01/15/2025 3.9%       | CUSIP: 96950FAQ7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $876447.00    | 0.49%             | 2025-01-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Default                           | AMN 4.625 10/1/2027                      | CUSIP: 00175PAB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $82986.30     | 0.05%             | 2027-10-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FLOWSERVE CORP 01/15/2032 2.8%           | CUSIP: 34355JAB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $749045.00    | 0.42%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | AVIS BUDGET 03/20/2026 2.65% MTGE        | CUSIP: 05377RDR2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1657945.80   | 0.94%             | 2026-03-20      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Default                           | ALLY FINANCIAL 11/01/2031 8.00%          | CUSIP: 36186CBY8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1032346.00   | 0.58%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Default                           | GLW 4.7 3/15/2037                        | CUSIP: 219350AX3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $182105.00    | 0.10%             | 2037-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | BARCLAYS COMMERCIAL 03/15/2037 VAR%      | CUSIP: 05548WAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $369487.60    | 0.21%             | 2037-03-15      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Default                           | MASCO CORP 08/15/2032 6.5%               | CUSIP: 574599AY2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023669.00   | 0.58%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Default                           | HUBBELL INC 08/15/2027 3.15%             | CUSIP: 443510AH5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1818072.00   | 1.03%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Default                           | HARVEST SBA LOAN TRUST 06/26/2047 VAR%   | CUSIP: 41755NAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $606052.13    | 0.34%             | 2047-06-25      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Default                           | CPS AUTO TRUST 08/15/2028 5.19% MTGE     | CUSIP: 12663BAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1707602.40   | 0.96%             | 2028-08-15      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Default                           | MICHAEL KORS USA INC 11/01/2024 VAR%     | CUSIP: 59408TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $573325.80    | 0.32%             | 2024-11-01      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Default                           | QUANTA SERVICES 10/01/2030 2.9%          | CUSIP: 74762EAF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $822221.00    | 0.46%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | CAS 2022-R05 2M2 04/25/2042 3.2887% MTGE | CUSIP: 20754DAB3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $968003.00    | 0.55%             | 2042-04-25      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Default                           | CARVANA AUTO 04/10/2028 5.08%            | CUSIP: 14686JAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1889222.00   | 1.07%             | 2028-04-10      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Default                           | DT AUTO 11/15/2024 3.87%                 | CUSIP: 23343GAG7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $393576.41    | 0.22%             | 2024-11-15      | Fixed         | 3.87%                 | Yes           |                  2 | On Loan: No      |
| Default                           | EXETER AUTO RECEIVABLES 09/16/2024 4.35% | CUSIP: 30166EAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1023750 | PA      | $269545.09    | 0.15%             | 2024-09-16      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Default                           | APA 7.75 12/15/2029                      | CUSIP: 03746AAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    133000 | PA      | $139058.42    | 0.08%             | 2029-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Default                           | American Credit Acc 12/12/25 2.97% MTGE  | CUSIP: 02529RAG3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1144386.15   | 0.65%             | 2025-12-12      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| Default                           | EXELON CORP 03/15/2032 3.35%             | CUSIP: 30161NBC4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $868493.00    | 0.49%             | 2032-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Default                           | BAC  06/19/2164 VAR%                     | CUSIP: 060505GB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    625000 | PA      | $529331.88    | 0.30%             | 2164-06-19      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                           | CH ROBINSON WRLD 4.2% 04/15/2028         | CUSIP: 12541WAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $944413.00    | 0.53%             | 2028-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Accept Auto 05/15/2028 3.93% Mtge  | CUSIP: 04047EAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $675613.35    | 0.38%             | 2028-05-15      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| Default                           | JPMorgan Chase 01/25/2028 1.886% MTGE    | CUSIP: 46591HAQ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1012500 | PA      | $147847.57    | 0.08%             | 2028-01-25      | Fixed         | 1.89%                 | Yes           |                  2 | On Loan: No      |
| Default                           | GS MORTGAGE SECURITIES 9/10/2047 4.162%  | CUSIP: 36253GAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $473710.50    | 0.27%             | 2047-09-10      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Default                           | PSXP 3 3/4 03/01/28                      | CUSIP: 718549AF5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    440000 | PA      | $372589.36    | 0.21%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                           | SCART 2021-AA A3 Mtge                    | CUSIP: 80282YAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1107871.27   | 0.62%             | 2025-10-15      | Fixed         | 0.33%                 | Yes           |                  2 | On Loan: No      |
| Default                           | FEDERAL HOME LOAN BANK                   | CUSIP: 3130ARR78<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4791550.00   | 2.70%             | 2029-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | MARATHON PETROLEUM CORP 9/15/2024 3.625% | CUSIP: 56585AAG7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    540000 | PA      | $525485.34    | 0.30%             | 2024-09-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | FANNIE MAE 02/25/2047 VAR                | CUSIP: 3136BNFA9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22017104 | PA      | $47415.21     | 0.03%             | 2047-02-25      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| Default                           | AUTONATION INC 03/01/2032 3.85%          | CUSIP: 05329RAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $798177.00    | 0.45%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | NUCOR CORP 4.3% 05/23/2027               | CUSIP: 670346AY1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $487761.50    | 0.28%             | 2027-05-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Default                           | GOLDMAN SACHS 11/10/26 VAR%              | CUSIP: 38141GYU2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $416201.50    | 0.23%             | 2026-11-10      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | T 3 1/4 05/15/42                         | CUSIP: 912810TH1<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $3506876.00   | 1.98%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Default                           | SANTANDER RETAIL 11/20/2025 1.41%        | CUSIP: 80286DAG3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $466920.00    | 0.26%             | 2025-11-20      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| Default                           | OSHKOSH CORP 03/01/2030                  | CUSIP: 688225AH4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $843351.00    | 0.48%             | 2030-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-08

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer