# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-23-022141
**Filing Date:** 2023-2
**Character Count:** 131255
**Document Hash:** 4e299ebd990e28fb66c6e1084d78b2df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-022141.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001752724-23-022141

**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:** 23616613

**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 Limited Term Income Fund (Series ID: S000073807)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000231000 | Class A             | CMIAX           |
| C000231001 | Founders Class      | CMIFX           |
| C000231002 | Institutional Class | CMIIX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** |
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
| 65.96% | DEBT SECURITIES |  |  |  |
| 25.33% | CORPORATE BONDS |  |  |  |
| 0.42% | Communication Services: |  |  |  |
|  | Hughes Sattlelite Services |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8/01/2026 5.250% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;8/01/2026 5.250% . . . . . . . . . | 500000 | $479600 |
|  | Sprint Corp 06/15/2024 7.125% . . . . . | Sprint Corp 06/15/2024 7.125% . . . . . | 550000 | 560747 |
|  |  |  |  | 1040347 |
| 3.16% | Consumer Discretionary: |  |  |  |
|  | Abercrombie & Fitch 07/15/2025 8.750% . | Abercrombie & Fitch 07/15/2025 8.750% . | 550000 | 538976 |
|  | AMN Healthcare Inc., 10/1/2027 4.625% . | AMN Healthcare Inc., 10/1/2027 4.625% . | 110000 | 101428 |
|  | Brunswick Corp 08/01/2027 7.125% . . . | Brunswick Corp 08/01/2027 7.125% . . . | 1606000 | 1682123 |
|  | Ford Motor 10/01/2028 6.625% . . . . . | Ford Motor 10/01/2028 6.625% . . . . . | 550000 | 543736 |
|  | Hasbro Inc 07/15/2028 6.600% . . . . . | Hasbro Inc 07/15/2028 6.600% . . . . . | 798000 | 806487 |
|  | Michael Kors 11/01/2024 Var% . . . . . . | Michael Kors 11/01/2024 Var% . . . . . . | 1700000 | 1624423 |
|  | PVH Corp 11/15/2023 7.75% . . . . . . . | PVH Corp 11/15/2023 7.75% . . . . . . . | 839000 | 855627 |
|  | Tapestry Inc 04/01/2025 4.250% . . . . | Tapestry Inc 04/01/2025 4.250% . . . . | 1250000 | 1220651 |
|  | United Airlines 2012-1A, 4/11/2024 4.15% . . | United Airlines 2012-1A, 4/11/2024 4.15% . . | 532422 | 515634 |
|  |  |  |  | 7889085 |
| 2.97% | Energy: |  |  |  |
|  | Enbridge Inc. FLOAT 02/16/24, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.457858% . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;4.457858% . . . . . . . . . . . . . | 500000 | 497388 |
|  | Energy Transfer LP 01/15/2024 5.875% . . | Energy Transfer LP 01/15/2024 5.875% . . | 1100000 | 1102767 |
|  | Energy Transfer LP 02/15/2028 Var% . . | Energy Transfer LP 02/15/2028 Var% . . | 600000 | 445500 |
|  | Marathon Petroleum Corp |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2024 3.625% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2024 3.625% . . . . . . . . . | 659000 | 641287 |
|  | Occidental Petroleum |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;09/01/2025 5.875% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;09/01/2025 5.875% . . . . . . . . . | 1485000 | 1479623 |
|  | Phillips 66 Partners LP |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/01/2028 3.750% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;03/01/2028 3.750% . . . . . . . . . | 540000 | 457269 |
|  | Targa Resources Partners |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/01/2030 5.500% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;03/01/2030 5.500% . . . . . . . . . | 500000 | 470460 |
|  | TransCanada Pipe, 6/15/2029 7.70% . . . | TransCanada Pipe, 6/15/2029 7.70% . . . | 1150000 | 1250451 |
|  | Williams Companies 01/15/2025 3.900% . | Williams Companies 01/15/2025 3.900% . | 1100000 | 1071213 |
|  |  |  |  | 7415958 |

---

**1**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
| 6.61% | Financials: |  |  |  |
|  | Ally Financial 11/20/2025 5.750% . . . . | Ally Financial 11/20/2025 5.750% . . . . | 250000 | $242187 |
|  | Avalon Holdings Funding, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5/15/2024 5.25% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;5/15/2024 5.25% . . . . . . . . . . | 1000000 | 980080 |
|  | Bank of America, 6/19/2164 VAR% . . . . | Bank of America, 6/19/2164 VAR% . . . . | 125000 | 105866 |
|  | Barclays PLC, 5/07/2026 Var% . . . . . | Barclays PLC, 5/07/2026 Var% . . . . . | 250000 | 232306 |
|  | Banque Federative 10/04/2026 1.604% . | Banque Federative 10/04/2026 1.604% . | 2000000 | 1739680 |
|  | Blackstone Private Credit |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;01/15/2025 2.700% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;01/15/2025 2.700% . . . . . . . . . | 250000 | 230972 |
|  | Blackstone Private Credit |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2024 1.750% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;09/15/2024 1.750% . . . . . . . . . | 115000 | 105719 |
|  | Citigroup Inc 06/19/2164 Var% . . . . . | Citigroup Inc 06/19/2164 Var% . . . . . | 500000 | 435560 |
|  | Credit Agricole SA 01/26/2027 Var% . . . . . | Credit Agricole SA 01/26/2027 Var% . . . . . | 2000000 | 1749082 |
|  | Fifth Third Bank, 10/27/2025 Var% . . . . | Fifth Third Bank, 10/27/2025 Var% . . . . | 400000 | 404040 |
|  | First Citizens Bancshares 06/19/2164 Var% | First Citizens Bancshares 06/19/2164 Var% | 1000000 | 998800 |
|  | Goldman Sachs Group 11/10/2026 Var% . | Goldman Sachs Group 11/10/2026 Var% . | 500000 | 403750 |
|  | ING Groep NV 03/29/2027 3.950% . . . | ING Groep NV 03/29/2027 3.950% . . . | 2000000 | 1894280 |
|  | Lloyds Banking Group 03/18/2026 Var% . | Lloyds Banking Group 03/18/2026 Var% . | 550000 | 522518 |
|  | Macquarie Group 06/21/2028 4.098% . . | Macquarie Group 06/21/2028 4.098% . . | 2000000 | 1870492 |
|  | Markel Corp 03/30/2023 3.625% . . . . | Markel Corp 03/30/2023 3.625% . . . . | 1155000 | 1150881 |
|  | Paccar Financial Corp 04/07/2025 2.85% | Paccar Financial Corp 04/07/2025 2.85% | 500000 | 479592 |
|  | RLI Corp 09/15/2023 4.875% . . . . . . | RLI Corp 09/15/2023 4.875% . . . . . . | 1000000 | 995912 |
|  | SBL Holdings Inc 11/13/2026 5.125% . . . | SBL Holdings Inc 11/13/2026 5.125% . . . | 600000 | 525749 |
|  | SLM Corp 10/29/2025 4.200% . . . . . | SLM Corp 10/29/2025 4.200% . . . . . | 110000 | 100645 |
|  | Societe Generale 11/24/2025 4.750% . . | Societe Generale 11/24/2025 4.750% . . | 250000 | 239961 |
|  | Societe Generale 03/28/2024 3.875% . . | Societe Generale 03/28/2024 3.875% . . | 500000 | 488365 |
|  | Synchrony Bank 08/22/2025 5.400% . . | Synchrony Bank 08/22/2025 5.400% . . | 600000 | 588871 |
|  | Wells Fargo & Co 08/15/2023 4.125% . . | Wells Fargo & Co 08/15/2023 4.125% . . | 20000 | 19880 |
|  |  |  |  | 16505188 |
| 0.08% | Health Care: |  |  |  |
|  | PRA Health Sciences, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7/15/2026 2.875% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;7/15/2026 2.875% . . . . . . . . . | 110000 | 99556 |
|  | Teva Pharmaceutical 05/09/2027 4.750% | Teva Pharmaceutical 05/09/2027 4.750% | 100000 | 90390 |
|  |  |  |  | 189946 |
| 3.87% | Industrials: |  |  |  |
|  | Aircastle Ltd 05/01/2024 4.125% . . . . | Aircastle Ltd 05/01/2024 4.125% . . . . | 1100000 | 1063314 |
|  | Allison Transmission Holdings Inc |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10/01/2027 4.750% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;10/01/2027 4.750% . . . . . . . . . | 550000 | 510036 |
|  | Boeing Co 02/04/2023 1.167% . . . . . | Boeing Co 02/04/2023 1.167% . . . . . | 780000 | 777004 |
|  |  | **2** |  |  |

---

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
|  | Can-Pack S.A. 11/01/25 3.125% . . . . . | Can-Pack S.A. 11/01/25 3.125% . . . . . | 500000 | $438090 |
|  | Cargill Inc 04/22/2025 3.500% . . . . . | Cargill Inc 04/22/2025 3.500% . . . . . | 500000 | 483802 |
|  | Flour Corp 09/15/2028 4.250% . . . . . | Flour Corp 09/15/2028 4.250% . . . . . | 440000 | 396001 |
|  | General Motors 09/30/2027 Var% . . . . | General Motors 09/30/2027 Var% . . . . | 500000 | 420949 |
|  | Hubbell Inc 08/15/2027 3.150% . . . . . | Hubbell Inc 08/15/2027 3.150% . . . . . | 3179000 | 2889825 |
|  | Jeld-Wen Inc 05/15/2025 6.250% . . . . | Jeld-Wen Inc 05/15/2025 6.250% . . . . | 550000 | 514439 |
|  | Korn Ferry 12/15/2027 4.625% . . . . . | Korn Ferry 12/15/2027 4.625% . . . . . | 500000 | 460505 |
|  | Ryder System Inc 09/01/2025 3.350% . . | Ryder System Inc 09/01/2025 3.350% . . | 1000000 | 949361 |
|  | Timken Co., 5/08/2028 6.875% . . . . . | Timken Co., 5/08/2028 6.875% . . . . . | 300000 | 310120 |
|  | Timken Co 12/15/2028 4.500% . . . . . | Timken Co 12/15/2028 4.500% . . . . . | 500000 | 475399 |
|  |  |  |  | 9688845 |
| 1.51% | Information Technology: |  |  |  |
|  | Micron Technology 02/15/2027 4.185% . . . | Micron Technology 02/15/2027 4.185% . . . | 250000 | 236699 |
|  | Qorvo Inc 12/15/2024 1.750% . . . . . . | Qorvo Inc 12/15/2024 1.750% . . . . . . | 550000 | 506523 |
|  | Teledyn Technologies Inc |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;04/01/2023 0.650% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;04/01/2023 0.650% . . . . . . . . . | 1425000 | 1407683 |
|  | Trimble Inc 12/01/2024 4.750% . . . . . | Trimble Inc 12/01/2024 4.750% . . . . . | 1200000 | 1186229 |
|  | Western Digital Corp 02/15/2026 4.750% |  | 500000 | 470860 |
|  |  |  |  | 3807994 |
| 2.84% | Materials: |  |  |  |
|  | Ball Corp 03/15/2026 4.875% . . . . . . | Ball Corp 03/15/2026 4.875% . . . . . . | 500000 | 484315 |
|  | Celanese US Holdings LLC |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3/15/2025 6.050% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;3/15/2025 6.050% . . . . . . . . . | 1000000 | 996109 |
|  | Cytec Industries Inc 04/01/2023 3.500% . | Cytec Industries Inc 04/01/2023 3.500% . | 1100000 | 1100000 |
|  | Domtar Corp 10/01/2028 6.750% . . . . | Domtar Corp 10/01/2028 6.750% . . . . | 100000 | 87560 |
|  | FMC Corp 10/01/2026 3.200% . . . . . | FMC Corp 10/01/2026 3.200% . . . . . | 800000 | 744162 |
|  | Nutrien Ltd., 11/07/2024 5.90% . . . . . | Nutrien Ltd., 11/07/2024 5.90% . . . . . | 500000 | 506284 |
|  | Reliance Steel & Aluminum |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 1.300% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 1.300% . . . . . . . . . | 1000000 | 903473 |
|  | Sealed Air Corp 12/01/2024 5.125% . . . | Sealed Air Corp 12/01/2024 5.125% . . . | 500000 | 491250 |
|  | Steel Dynamics Inc 12/15/2026 5.000% . | Steel Dynamics Inc 12/15/2026 5.000% . | 813000 | 813515 |
|  | Worthington Industries Inc |  |  | 967520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 4.550% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 4.550% . . . . . . . . . | 1000000 | 967520 |
|  |  |  |  | 7094188 |
| 1.13% | Real Estate: |  |  |  |
|  | EPR Properties 04/15/2028 4.950% . . . | EPR Properties 04/15/2028 4.950% . . . | 220000 | 187699 |
|  | ISTAR INC 10/01/2024 4.75% . . . . . . | ISTAR INC 10/01/2024 4.75% . . . . . . | 500000 | 496244 |
|  | Office Properties Income Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;02/01/2027 2.340% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;02/01/2027 2.340% . . . . . . . . . | 250000 | 182653 |
|  | &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;**3** |  |  |  |

---

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
|  | Toll Brosthers Finance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/15/2027 4.875% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;03/15/2027 4.875% . . . . . . . . . | 1000000 | $954834 |
|  | Toll Brosthers Finance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2023 4.375% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;04/15/2023 4.375% . . . . . . . . . | 1000000 | 995614 |
|  |  |  |  | 2817044 |
| 2.74% | Utilities: |  |  |  |
|  | Edison Intl 03/15/2023 2.950% . . . . . | Edison Intl 03/15/2023 2.950% . . . . . | 1100000 | 1095673 |
|  | Metrpolitan Edison 03/15/2023 3.500% . | Metrpolitan Edison 03/15/2023 3.500% . | 2188000 | 2180821 |
|  | National Fuel Gas Co 03/01/2023 3.750% | National Fuel Gas Co 03/01/2023 3.750% | 737000 | 735017 |
|  | OGE Energy Corp 05/26/2023 0.703% . | OGE Energy Corp 05/26/2023 0.703% . | 1000000 | 982275 |
|  | Southern Company 07/01/2023 2.950% . | Southern Company 07/01/2023 2.950% . | 1858000 | 1840037 |
|  |  |  |  | 6833823 |
| 25.33% | TOTAL CORPORATE BONDS |  |  | 63282418 |
| 33.88% | ASSET BACKED BONDS |  |  |  |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 1.340% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2027 1.340% . . . . . . . . . . | 1000000 | 928306 |
|  | AM Capital Funding, 12/15/2023 4.98% . | AM Capital Funding, 12/15/2023 4.98% . | 580000 | 572229 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;06/13/2028 4.410% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;06/13/2028 4.410% . . . . . . . . . | 2062500 | 2014198 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;06/13/2028 4.850% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;06/13/2028 4.850% . . . . . . . . . | 1100000 | 1035499 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12/12/2025 2.970% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;12/12/2025 2.970% . . . . . . . . . | 1409546 | 1398694 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;05/13/2026 5.650% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;05/13/2026 5.650% . . . . . . . . . | 2000000 | 1993796 |
|  | American Credit Acceptance |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12/14/2026 1.310% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;12/14/2026 1.310% . . . . . . . . . . | 673245 | 662292 |
|  | Angel Oak Mortgage Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;01/25/2066 0.909% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;01/25/2066 0.909% . . . . . . . . . | 82914 | 67690 |
|  | Aqua Finance Inc 07/17/2046 1.900% . . | Aqua Finance Inc 07/17/2046 1.900% . . | 737271 | 695401 |
|  | Arivo Acceptance, LLC |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;05/15/2028 3.930% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;05/15/2028 3.930% . . . . . . . . . | 1043706 | 1013420 |
|  | Arivo Acceptance LLC, 1/16/2029 6.90% . | Arivo Acceptance LLC, 1/16/2029 6.90% . | 959794 | 958186 |
|  | Avid Acceptance 07/15/2026 3.140% . . | Avid Acceptance 07/15/2026 3.140% . . | 873473 | 869048 |
|  | Avis Budget Rental Car |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 2.650% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 2.650% . . . . . . . . | 2275000 | 2095459 |
|  |  | **4** |  |  |

---

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT LIMITED TERM 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;Avis Budget Rental Car |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2024 3.330% . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2024 3.330% . . . . . . . . . . . . . . . . . | 1000000 | $996915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Commercial, 3/15/2037 Var% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Commercial, 3/15/2037 Var% . . | 600000 | 554231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgecrest Acceptance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/2025 3.480% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/2025 3.480% . . . . . . . . . | 1091666 | 1086466 |
| &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 | 223821 |
| &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% . . . . . . . . . . | 213396 | 207164 |
| &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% . . . . . . . . . . | 550000 | 517870 |
| &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;09/11/2028 1.240% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/11/2028 1.240% . . . . . . . . . | 770689 | 735521 |
| &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;11/10/2028 5.540% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/10/2028 5.540% . . . . . . . . . | 175000 | 162390 |
| &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;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% . . . . . . . . . . | 463750 | 426130 |
| &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;12/26/2041 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/26/2041 Var% . . . . . . . . . . | 250000 | 237408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2050 2.500% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2050 2.500% . . . . . . . . | 84239 | 68595 |
| &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% . . . . . . . . . | 519750 | 397524 |
| &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% . . . . . . . . . . | 65000 | 56546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 04/15/2030 4.880% . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 04/15/2030 4.880% . . . | 1250000 | 1226232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 07/15/2025 4.300% . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 07/15/2025 4.300% . . . | 1000000 | 988751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 08/15/2028 5.190% . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 08/15/2028 5.190% . . . | 2200000 | 2087070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 10/15/2029 7.140% . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 10/15/2029 7.140% . . . . | 1100000 | 970737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 09/15/2025 6.070% . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Trust 09/15/2025 6.070% . . . | 453247 | 453269 |
| &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% . . . . . . . . . | 2948000 | 2815818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2037 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2037 Var% . . . . . . . . . . | 1096997 | 1025746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2044 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2044 Var% . . . . . . . . . . | 836932 | 678420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Auto Receivable Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028, 2.900% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028, 2.900% . . . . . . . . . | 100000 | 87021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivalbes Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 4.300% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 4.300% . . . . . . . . . | 960322 | 959459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5** |  |  |  |

---

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT LIMITED TERM 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;DRIVE AUTO RECEIVABLES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2026 3.18% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2026 3.18% . . . . . . . . . . | 967619 | $956145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust |  |  |  |
| &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% . . . . . . . . . | 2500000 | 2405782 |
| &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% . | 481543 | 481038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 01/18/2028 2.380% |  | 250000 | 228840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 03/15/2028 4.720% |  | 2000000 | 1928906 |
| &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% . | 2073750 | 2006310 |
| &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% . | 1100000 | 1075433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Auto Owner Trust 07/15/2025 2.730% |  | 3537 | 3533 |
| &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;03/15/2023 5.200% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2023 5.200% . . . . . . . . . | 1000000 | 991451 |
| &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% . . . . . . . . . | 595937 | 589806 |
| &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 5.330% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2025 5.330% . . . . . . . . . | 1200000 | 1199891 |
| &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;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% . . . . . . . . . | 550000 | 515412 |
| &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;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% . . . . . . . . . | 962500 | 835670 |
| &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;11/17/2025 2.190% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/2025 2.190% . . . . . . . . . . | 1259817 | 1257200 |
| &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% . . . . . . . . . | 330662 | 329444 |
| &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% . . . . . . . . . | 2493757 | 2454204 |
| &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% . . . . . . . . . | 904099 | 900138 |
| &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;03/15/2024 4.040% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2024 4.040% . . . . . . . . . | 187720 | 187629 |
| &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% . . . . . . . . . . | 1000000 | 1032386 |
| &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;07/25/2042 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2042 Var% . . . . . . . . . . | 250000 | 247822 |
| &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% . . . . . . . . . . | 24372809 | 72022 |
| &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% . . . . . . . . . . | 29946450 | 71123 |
| &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;05/25/2035 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2035 Var% . . . . . . . . . . | 6751 | 6693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6** |  |  |  |

---

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT LIMITED TERM 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;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% . . . . . . . . . . | 665938 | $662492 |
| &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;10/25/2032 3.000% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2032 3.000% . . . . . . . . . | 279537 | 276887 |
| &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% . . . . . . . . . . | 45437978 | 101009 |
| &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% . . . . . . . . . | 2305309 | 101733 |
| &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;Flagship Credit Auto Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 3.800% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 3.800% . . . . . . . . . | 1575147 | 1565789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foursight Capital Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 2.410% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 2.410% . . . . . . . . . | 1301203 | 1294192 |
| &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;03/15/2045 3.500% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2045 3.500% . . . . . . . . . | 562780 | 548428 |
| &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;07/15/2029 3.000% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/2029 3.000% . . . . . . . . . | 308088 | 304289 |
| &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;GCAT 2021-NQM7 A1 Mortgage, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2066, 1.915% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2066, 1.915% . . . . . . . . . | 181164 | 158621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/2025 3.540% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/2025 3.540% . . . . . . . . . | 291812 | 289738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLS Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2025 2.960% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2025 2.960% . . . . . . . . . | 618719 | 612481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial 10/21/2024 0.510% . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial 10/21/2024 0.510% . . . . | 15944 | 15906 |
| &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% . . . . . . . . . . | 5262 | 5242 |
| &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;07/20/2028 3.500% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2028 3.500% . . . . . . . . | 978204 | 968400 |
| &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% . . . . . . . . . | 750000 | 710566 |
| &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% | 784880 | 740730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2050 3.500% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2050 3.500% . . . . . . . . | 53676 | 46465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2029 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2029 Var% . . . . . . . . . . | 107981 | 100617 |
| &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% . . . . . . . . . | 355595 | 337678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7** |  |  |  |

---

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT LIMITED TERM 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;JP Morgan Mortgage Trust Mortgage, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/25/2051, 3.00% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/25/2051, 3.00% . . . . . . . . . . | 197073 | $190203 |
| &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% . . . . . . . . . | 183338 | 180703 |
| &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% . . . . . . . . . | 726000 | 692915 |
| &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% . . | 1248793 | 1231965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mill City Mortgage 04/25/2066 Var% . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mill City Mortgage 04/25/2066 Var% . . | 861294 | 815849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEWTEK 02/25/2044 VAR% . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEWTEK 02/25/2044 VAR% . . . . . . | 780071 | 766947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, 1/25/2029, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, 1/25/2029, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% . . . . . . . . . . . . . . | 44578 | 41515 |
| &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;04/25/2051 2.500% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2051 2.500% . . . . . . . . . | 864918 | 694265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Auto Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2024 4.140% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2024 4.140% . . . . . . . . . | 1321478 | 1319299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto 04/17/2028 2.560% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto 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% . . | 1782913 | 1764961 |
| &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% . . . . . . . . . . | 665000 | 621004 |
| &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;07/20/2032 5.260% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2032 5.260% . . . . . . . . | 500000 | 427842 |
| &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;04/25/2050 3.000% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2050 3.000% . . . . . . . . | 220355 | 210306 |
| &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% . . . . . . . . . | 178130 | 175898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skopos Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/16/2024 3.630% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/16/2024 3.630% . . . . . . . . . | 49411 | 49352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMB Private Education Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2037 2.230% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2037 2.230% . . . . . . . . . | 1384131 | 1262845 |
| &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, 2.5507% . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/25/2042, 2.5507% . . . . . . . . | 2251653 | 2244677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Group 02/18/2025 3.300% . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Group 02/18/2025 3.300% . | 585693 | 579354 |
| &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% . . | 332451 | 308826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8** |  |  |  |

---

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Principal** | **Fair Value** |
|  | United Auto Credit 11/10/2028 5.000% . . | United Auto Credit 11/10/2028 5.000% . . | 850000 | $775310 |
|  | United Auto Credit 04/10/2029 10.000% . | United Auto Credit 04/10/2029 10.000% . | 600000 | 579880 |
|  | USASF RECEIVABLES LLC |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;03/17/2025 1.49% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;03/17/2025 1.49% . . . . . . . . . . | 600000 | 593422 |
|  | USASF Servicing LLC 04/15/2025 3.980% | USASF Servicing LLC 04/15/2025 3.980% | 727586 | 717782 |
|  | Veros Credit Auto Receivables Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;07/16/2029 7.230% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;07/16/2029 7.230% . . . . . . . . . | 700000 | 664680 |
|  | Verus Securitization Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2059 3.129% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;11/25/2059 3.129% . . . . . . . . . | 496062 | 468444 |
|  | Westlake Automobile |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;01/15/2026 2.760% . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;01/15/2026 2.760% . . . . . . . . . | 2160000 | 2102397 |
|  | WinWater Mortgage Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;01/20/2046 Var% . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;01/20/2046 Var% . . . . . . . . . . | 182557 | 162340 |
| 33.88% | TOTAL ASSET BACKED BONDS . . . . . . . . . . . . | TOTAL ASSET BACKED BONDS . . . . . . . . . . . . | TOTAL ASSET BACKED BONDS . . . . . . . . . . . . | 84644423 |
| 6.75% | TREASURY NOTES |  |  |  |
|  | US Treasury 11/30/2023 0.500% . . . . | US Treasury 11/30/2023 0.500% . . . . | 6700000 | 6446130 |
|  | US Treasury 11/15/2024 0.750% . . . . . | US Treasury 11/15/2024 0.750% . . . . . | 5000000 | 4666795 |
|  | US Treasury 01/31/2027 1.500% . . . . . | US Treasury 01/31/2027 1.500% . . . . . | 1287000 | 1161970 |
|  | US Treasury 02/28/2027 1.875% . . . . | US Treasury 02/28/2027 1.875% . . . . | 5000000 | 4579295 |
| 6.75% | TOTAL TREASURY NOTES . . . . . . . . . . . . . . . | TOTAL TREASURY NOTES . . . . . . . . . . . . . . . | TOTAL TREASURY NOTES . . . . . . . . . . . . . . . | 16854190 |
| 65.96% | TOTAL DEBT SECURITIES . . . . . . . . . . . . . . . | TOTAL DEBT SECURITIES . . . . . . . . . . . . . . . | TOTAL DEBT SECURITIES . . . . . . . . . . . . . . . | <u>164781031</u> |
| 33.53% | MONEY MARKET FUND |  |  |  |
|  | Federated Government Obligation |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares, 4.10%(A) . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares, 4.10%(A) . . . . . | 83777645 | 83777645 |
| 99.49% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 248558676 |
| 0.51% | Other assets, net of liabilities . . . . . . . . . . . . . . | Other assets, net of liabilities . . . . . . . . . . . . . . | Other assets, net of liabilities . . . . . . . . . . . . . . | 1266129 |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | <u>$249824805</u> |

---

(1)Zero-coupon bond

(A)Effective 7 day yield as of December 31, 2022 TBA - To be announced

**9**

QUARTERLY REPORT

**CURASSET CAPITAL MANAGEMENT LIMITED TERM 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** |  | **Level 3** | |
|  | **Quoted** | |  | | |
|  | **Quoted** | |  | | |
|  | **Prices** | **Other**<br>**Significant**<br>**Observable**<br>**Inputs** |  | <br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| CORPORATE BONDS . | $— | $63282418 | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $63282418 |
| ASSET BACKED |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BONDS . . . . . . |  | 84644423 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 84644423 |
| U.S. TREASURY |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NOTES . . . . . . | 16854190 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16854190 |
| MONEY MARKET | 83777645 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 83777645 |
| &nbsp;&nbsp;&nbsp;FUNDS . . . . . . | 83777645 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 83777645 |
| TOTAL INVESTMENTS . | $<u>100631835</u> | $<u>147926841</u> | $ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $<u>248558676</u> |

---

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 $255,616,974 and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | |
|:---|:---|
| Gross unrealized appreciation . . | $110446 |
| Gross unrealized depreciation . . | (7168744) |
| Net unrealized appreciation . . . |  |
| Net unrealized appreciation . . . | $<u>(7058298</u>) |
| **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 Limited Term Income Fund

- **b. EDGAR series identifier (if any):** S000073807

- **c. LEI of Series:** 549300O64BV9SDN0ED95

**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:** $249891605.84

**Total Liabilities:** $58260.67

**Net Assets:** $249833345.17

**Cash Not Reported:** $127020.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.019103 | **1-Year:** 0.10916 | **5-Year:** 0.196488 | **10-Year:** 0.021832 | **30-Year:** 0

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

- **3-Month:** 0.003697 | **1-Year:** 0.021127 | **5-Year:** 0.038029 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231000 |  |  |  |
| Class ID C000231002 |  |  |  |
| Class ID C000231001 | -0.10%               | 0.85%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-123959.22              | $-784406.49                                |
| Month 2  | $18476.28                | $1349505.23                                |
| Month 3  | $21836.94                | $129647.17                                 |

### 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                  | GOLDMAN SACHS GROUP INC VAR%             | CUSIP: 38144GAG6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $403750.00    | 0.16%             | 2164-07-21      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Default                  | MARATHON PETROLEUM CORP 9/15/2024 3.625% | CUSIP: 56585AAG7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    659000 | PA      | $641286.74    | 0.26%             | 2024-09-15      | Fixed         | 3.62%                 | 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        |    726000 | PA      | $692914.73    | 0.28%             | 2030-04-15      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Default                  | EDISON INTL 03/15/2023 2.95%             | CUSIP: 281020AJ6<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1095672.60   | 0.44%             | 2023-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Default                  | BLACKSTONE PRIVATE CRE 01/15/2025 2.70%  | CUSIP: 09261HAP2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $230972.25    | 0.09%             | 2025-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Default                  | SCFET 2022-1A E MTGE 5.26%               | CUSIP: 784033AL6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $427842.50    | 0.17%             | 2032-07-20      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Default                  | Avid Automobile 07/15/2026 3.14%         | CUSIP: 05369DAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $869048.33    | 0.35%             | 2026-07-15      | Fixed         | 3.14%                 | No            |                  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    | 0.18%             | 2029-06-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Default                  | ALLISON TRANSMISSION 10/01/2027 4.75%    | CUSIP: 019736AE7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $510036.45    | 0.20%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  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        |   1100000 | PA      | $970736.80    | 0.39%             | 2029-10-15      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Default                  | COINSTAR FUNDING, LLC 04/25/2047 5.216%  | CUSIP: 19260MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $397524.03    | 0.16%             | 2047-04-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FORD MOTOR 10/01/2028 6.625%             | CUSIP: 345370BY5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $543735.50    | 0.22%             | 2028-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP              | STEEL DYNAMICS INC 12/15/2026 5%         | CUSIP: 858119BF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    813000 | PA      | $813515.44    | 0.33%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                  | FEDERATED GOVERNMENT OBLIGATION INSTITUT | CUSIP: 99FEDGOB7<br>LEI: N/A | Long             | STIV             | RF                | US        |  83777645 | NS      | $83777645.00  | 33.53%            |  |  |  | No            |                  1 | 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    | 0.20%             | 2024-03-28      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Default                  | Prestige Auto Rec 10/15/2024 4.14% MTGE  | CUSIP: 74114NAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1319298.61   | 0.53%             | 2024-10-15      | Fixed         | 4.14%                 | Yes           |                  2 | On Loan: No      |
| Default                  | HASBRO INC 07/15/2028 6.6%               | CUSIP: 418056AH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    798000 | PA      | $806486.73    | 0.32%             | 2028-07-15      | Fixed         | 6.60%                 | 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        |    737000 | PA      | $735017.47    | 0.29%             | 2023-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                  | WIN 2016-1 B2 Mtge                       | CUSIP: 97655JCC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $162339.74    | 0.06%             | 2046-01-20      | Floating      | 3.79%                 | 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        |   1251250 | PA      | $329444.00    | 0.13%             | 2024-09-16      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Default                  | USASF RECEIVABLES LLC 03/17/2025 1.49%   | CUSIP: 90355EAB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $593421.60    | 0.24%             | 2025-03-17      | Fixed         | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Default                  | MARINER FINANCE 07/20/2032 2.96%         | CUSIP: 56847MAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $1231965.07   | 0.49%             | 2032-07-20      | Fixed         | 2.96%                 | Yes           |                  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   | 0.44%             | 2025-10-15      | Fixed         | 0.33%                 | Yes           |                  2 | On Loan: No      |
| Default                  | HARVEST SBA LOAN TRUST 06/26/2047 VAR%   | CUSIP: 41755NAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $740730.38    | 0.30%             | 2047-06-25      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Default                  | SBL HOLDINGS INC 11/13/2026 5.125%       | CUSIP: 78432MAA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $525748.80    | 0.21%             | 2026-11-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Default                  | VEROS AUTO RECEIVABLES 07/16/2029 7.23%  | CUSIP: 92512VAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $664680.10    | 0.27%             | 2029-07-16      | Fixed         | 7.23%                 | Yes           |                  2 | On Loan: No      |
| Default                  | AMN 4.625 10/1/2027                      | CUSIP: 00175PAB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    110000 | PA      | $101427.70    | 0.04%             | 2027-10-01      | Fixed         | 4.62%                 | 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        |    600000 | PA      | $308825.60    | 0.12%             | 2049-10-18      | Fixed         | 2.39%                 | Yes           |                  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    | 0.10%             | 2025-11-24      | Fixed         | 4.75%                 | 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    | 0.18%             | 2026-04-20      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Default                  | General Motors 09/30/2027 VAR%           | CUSIP: 37045XCA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $420948.50    | 0.17%             | 2027-09-30      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Default                  | SANTANDER RETAIL 11/20/2025 1.41%        | CUSIP: 80286DAG3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    665000 | PA      | $621003.60    | 0.25%             | 2025-11-20      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| Default                  | JPMBB COMMERCIAL 05/15/2048 3.3423%      | CUSIP: 46644RAY1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1863648 | PA      | $337677.65    | 0.14%             | 2048-05-15      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Default                  | CREDIT SUISSE MORTGAGE 04/25/2044 VAR%   | CUSIP: 12648HBE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2989000 | PA      | $678420.30    | 0.27%             | 2044-04-25      | Floating      | 3.78%                 | Yes           |                  2 | On Loan: No      |
| Default                  | CITIGROUP INC 06/19/2164  VAR%           | CUSIP: 172967MU2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $435560.00    | 0.17%             | 2164-06-19      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | CELANESE US HOLDINGS LLC 3/15/2025 6.05% | CUSIP: 15089QAL8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996109.00    | 0.40%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS AUTO TRUST 04/15/2030 4.88%          | CUSIP: 12664DAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1226232.50   | 0.49%             | 2030-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | FANNIE MAE 11/25/2046 VAR%               | CUSIP: 3136BNEW2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  49821831 | PA      | $101008.63    | 0.04%             | 2046-11-25      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| Default                  | BLACKSTONE PRIVATE CRE 09/15/2024 1.75%  | CUSIP: 09261HAB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    115000 | PA      | $105719.39    | 0.04%             | 2024-09-15      | Fixed         | 1.75%                 | 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        |    825000 | PA      | $612480.66    | 0.25%             | 2025-05-15      | Fixed         | 2.96%                 | Yes           |                  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    | 0.07%             | 2027-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Default                  | TRIMBLE INC 12/01/24 4.75%               | CUSIP: 896239AA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1186228.80   | 0.47%             | 2024-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                  | QORVO INC 12/15/2024 1.75%               | CUSIP: 74739DAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $506522.50    | 0.20%             | 2024-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Default                  | FOURSIGHT CAPITAL AUTO 08/15/2025 2.41%  | CUSIP: 35105FAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1294192.36   | 0.52%             | 2025-08-15      | Fixed         | 2.41%                 | Yes           |                  2 | On Loan: No      |
| Default                  | BAC  06/19/2164 VAR%                     | CUSIP: 060505GB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    125000 | PA      | $105866.38    | 0.04%             | 2164-06-19      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | VERUS 2019 11/25/59 3.129%               | CUSIP: 92537MAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2365000 | PA      | $468443.58    | 0.19%             | 2059-11-25      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| Default                  | MILL CITY MORTGAGE 04/25/2066 VAR%       | CUSIP: 59980YAB1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1905000 | PA      | $815848.90    | 0.33%             | 2066-04-25      | Floating      | 3.48%                 | Yes           |                  2 | On Loan: No      |
| Default                  | STACR 2022-DNA4 2.55071% MTGE            | CUSIP: 35564KWS4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2612500 | PA      | $2244677.52   | 0.90%             | 2042-05-25      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FANNIE MAE - CAS 07/25/2042 VAR          | CUSIP: 20755DAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    250000 | PA      | $247821.75    | 0.10%             | 2042-07-25      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Default                  | GCAT 08/25/2066 1.915%                   | CUSIP: 36167YAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $158620.94    | 0.06%             | 2066-08-25      | Fixed         | 1.92%                 | Yes           |                  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    | 0.28%             | 2051-04-25      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Default                  | BRUNSWICK CORP 08/01/2027 7.125%         | CUSIP: 117043AG4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1682122.79   | 0.67%             | 2027-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                  | ENERGY TRANSFER LP 02/15/28 VAR%         | CUSIP: 29273VAJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $445500.00    | 0.18%             | 2028-02-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                  | CARVANA AUTO REC. 11/10/2028 5.54%       | CUSIP: 14686MAF0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $162390.20    | 0.06%             | 2028-11-10      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS Auto Trust 2018-C 09/15/25 6.07%     | CUSIP: 12655CAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $453269.25    | 0.18%             | 2025-09-15      | Fixed         | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Default                  | Exeter Automobile 2018-2A 03/15/24 4.04% | CUSIP: 30167BAD3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $187629.21    | 0.08%             | 2024-03-15      | Fixed         | 4.04%                 | Yes           |                  2 | On Loan: No      |
| Default                  | OGE ENERGY GORP .703% 05/26/2023         | CUSIP: 670837AC7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982275.00    | 0.39%             | 2023-05-26      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Default                  | GOVERNMENT NATIONAL MTG 07/20/2028 3.5%  | CUSIP: 38379NU91<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2657154 | PA      | $968400.31    | 0.39%             | 2028-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | BOEING CO 02/04/2023 1.167%              | CUSIP: 097023DD4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    780000 | PA      | $777004.02    | 0.31%             | 2023-02-04      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Default                  | AMERICAN CREDIT 06/13/2028 4.41%         | CUSIP: 02530BAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2062500 | PA      | $2014198.31   | 0.81%             | 2028-06-13      | Fixed         | 4.41%                 | Yes           |                  2 | On Loan: No      |
| Default                  | AVIS BUDGET RENTAL CAR 03/20/2024 3.33%  | CUSIP: 05377RCV4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $996915.00    | 0.40%             | 2024-03-20      | Fixed         | 3.33%                 | 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        |    550000 | PA      | $289738.10    | 0.12%             | 2025-02-18      | Fixed         | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Default                  | ALLY 5.75 11/20/2025                     | CUSIP: 02005NBF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $242187.00    | 0.10%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Default                  | ENBCN FLOAT 02/16/24 CORP BOND           | CUSIP: 29250NBM6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $497388.00    | 0.20%             | 2024-02-16      | Floating      | 4.46%                 | 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        |   2073750 | PA      | $2006309.57   | 0.80%             | 2026-06-15      | Fixed         | 1.47%                 | Yes           |                  2 | On Loan: No      |
| Default                  | CRVNA 2021-N2 E                          | CUSIP: 14686KAF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $87020.60     | 0.03%             | 2028-03-10      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FREDDIE MAC 07/15/2029 3%                | CUSIP: 3137BCQZ4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    950000 | PA      | $304289.48    | 0.12%             | 2029-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | SYNCHRONY BANK 08/22/2025 5.4%           | CUSIP: 87166FAD5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $588870.60    | 0.24%             | 2025-08-22      | Fixed         | 5.40%                 | 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        |   1100000 | PA      | $1075432.60   | 0.43%             | 2025-11-17      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Default                  | NEWTEK 02/25/2044 VAR%                   | CUSIP: 65252MAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $766947.19    | 0.31%             | 2044-02-25      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Default                  | AMERICAN CREDIT 06/13/2028 4.85%         | CUSIP: 02530BAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1035499.30   | 0.41%             | 2028-06-13      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Default                  | Flagship Credit Auto 04/15/2026 3.8% Mtg | CUSIP: 33844QAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1565789.15   | 0.63%             | 2026-04-15      | Fixed         | 3.80%                 | Yes           |                  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    | 0.09%             | 2027-02-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Default                  | GNMA 03/16/2043 VAR%                     | CUSIP: 38376G4V9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    975000 | PA      | $5241.82      | 0.00%             | 2043-03-16      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | FANNIE MAE 02/25/2047 VAR                | CUSIP: 3136BNFA9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  33025657 | PA      | $71122.82     | 0.03%             | 2047-02-25      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| Default                  | WESTLAKE AUTOMOBILE 01/15/2026 2.76%     | CUSIP: 96042PAF9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2160000 | PA      | $2102397.12   | 0.84%             | 2026-01-15      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Default                  | JP MORGAN TRUST 10/25/2029 VAR%          | CUSIP: 46643KAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $100616.53    | 0.04%             | 2029-10-25      | Floating      | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FMC CORP 10/01/2026 3.2%                 | CUSIP: 302491AT2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    800000 | PA      | $744162.40    | 0.30%             | 2026-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Default                  | BARCLAYS COMMERCIAL 03/15/2037 VAR%      | CUSIP: 05548WAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $554231.40    | 0.22%             | 2037-03-15      | Floating      | 5.04%                 | Yes           |                  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    | 0.19%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Default                  | CREDIT SUISSE MORTGAGE 04/25/2037 VAR%   | CUSIP: 12648HBC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3940000 | PA      | $1025745.61   | 0.41%             | 2037-04-25      | Floating      | 3.78%                 | Yes           |                  2 | On Loan: No      |
| Default                  | TRICOLOR AUTO 02/18/2025 3.3%            | CUSIP: 89616BAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $579353.71    | 0.23%             | 2025-02-18      | Fixed         | 3.33%                 | 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     | 0.04%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                  | BANQUE FED CRED 10/04/2026 1.604%        | CUSIP: 06675FAY3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1739680.00   | 0.70%             | 2026-10-04      | Fixed         | 1.60%                 | Yes           |                  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        |   2200000 | PA      | $1398694.19   | 0.56%             | 2025-12-12      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FANNIE MAE 09/25/2042 VAR%               | CUSIP: 20753DAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    700000 | PA      | $662492.20    | 0.27%             | 2042-09-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Default                  | ANGEL OAK MORTGAGE 01/25/2066 0.909%     | CUSIP: 03465CAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $67690.12     | 0.03%             | 2066-01-25      | Fixed         | 0.91%                 | 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        |   2200000 | PA      | $2087069.60   | 0.84%             | 2028-08-15      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Default                  | SLM 4.2 10/29/2025                       | CUSIP: 78442PGD2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    110000 | PA      | $100645.16    | 0.04%             | 2025-10-29      | Fixed         | 4.20%                 | 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    | 0.23%             | 2028-08-21      | Fixed         | 0.83%                 | Yes           |                  2 | On Loan: No      |
| Default                  | ABERCROMBIE FITCH 07/15/2025 8.75%       | CUSIP: 003000AA4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $538976.35    | 0.22%             | 2025-07-15      | Fixed         | 8.75%                 | 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    | 0.39%             | 2026-04-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Default                  | WILLIAMS COMPANIES 01/15/2025 3.9%       | CUSIP: 96950FAQ7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1071213.00   | 0.43%             | 2025-01-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Default                  | METROPOLITAN EDISON 03/15/2023 3.5%      | CUSIP: 591894BY5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2188000 | PA      | $2180821.17   | 0.87%             | 2023-03-15      | Fixed         | 3.50%                 | Yes           |                  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    | 0.18%             | 2027-12-15      | Fixed         | 4.62%                 | 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        |   1000000 | PA      | $998800.00    | 0.40%             | 2164-06-19      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| Default                  | PSXP 3 3/4 03/01/28                      | CUSIP: 718549AF5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    540000 | PA      | $457268.76    | 0.18%             | 2028-03-01      | Fixed         | 3.75%                 | 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        |   2843000 | PA      | $1764960.75   | 0.71%             | 2026-01-15      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| Default                  | DT AUTO 11/15/2024 3.87%                 | CUSIP: 23343GAG7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $481037.83    | 0.19%             | 2024-11-15      | Fixed         | 3.87%                 | Yes           |                  2 | On Loan: No      |
| Default                  | CARVANA AUTO RECEIVABLES 3/10/2028 1.07% | CUSIP: 14686KAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $426129.89    | 0.17%             | 2028-03-10      | Fixed         | 1.07%                 | 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    | 0.19%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                  | RLI CORP 09/15/2023 4.875%               | CUSIP: 749607AC1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995912.00    | 0.40%             | 2023-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | JPMMT 2020-7 A4 MTGE 3.00%               | CUSIP: 46591XAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $190202.68    | 0.08%             | 2051-01-25      | Fixed         | 3.00%                 | 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        |   1237500 | PA      | $180702.59    | 0.07%             | 2028-01-25      | Fixed         | 1.89%                 | Yes           |                  2 | On Loan: No      |
| Default                  | EXETER AUTOMOBILE 01/15/2026 .69%        | CUSIP: 30166AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2700000 | PA      | $2454203.84   | 0.98%             | 2026-01-15      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| Default                  | FHR 4046 LI Mtge                         | CUSIP: 3137AQH35<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  28479666 | PA      | $101733.28    | 0.04%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | US TREASURY 01/31/27 1.5%                | CUSIP: 912828Z78<br>LEI: N/A | Long             | DBT              | UST               | US        |   1287000 | PA      | $1161970.52   | 0.47%             | 2027-01-31      | Floating      | 1.50%                 | 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        |    550000 | PA      | $515411.60    | 0.21%             | 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        |   1200000 | PA      | $1199890.80   | 0.48%             | 2025-05-15      | Fixed         | 5.33%                 | 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        |   2200000 | PA      | $695401.44    | 0.28%             | 2046-07-17      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Default                  | MICHAEL KORS USA INC 11/01/2024 VAR%     | CUSIP: 59408TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1624423.10   | 0.65%             | 2024-11-01      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Default                  | DT AUTO OWNER TRUST 01/18/2028 2.38%     | CUSIP: 23344GAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $228840.50    | 0.09%             | 2028-01-18      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Default                  | LLOYDS BANKING 03/18/2026 VAR%           | CUSIP: 53944YAR4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $522518.15    | 0.21%             | 2026-03-18      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| Default                  | SPRINT CORP 06/15/2024 7.125%            | CUSIP: 85207UAH8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $560747.00    | 0.22%             | 2024-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                  | DRIVE AUTO RECEIVABLES 10/25/2026 3.18%  | CUSIP: 26209WAG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $956145.09    | 0.38%             | 2026-10-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Default                  | SKOP 2019-1A C MTGE 3.63%                | CUSIP: 83085DAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $49351.61     | 0.02%             | 2024-09-16      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Default                  | WELLS FARGO & COMPANY 08/15/2023 4.125%  | CUSIP: 94974BFN5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     20000 | PA      | $19880.24     | 0.01%             | 2023-08-15      | Fixed         | 4.12%                 | 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        |   1500000 | PA      | $1013420.03   | 0.41%             | 2028-05-15      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| Default                  | BALL CORP 03/15/2026 4.875%              | CUSIP: 058498AV8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $484315.00    | 0.19%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | OCCIDENTAL PETRO 09/01/2025 5.875%       | CUSIP: 674599EB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1485000 | PA      | $1479622.82   | 0.59%             | 2025-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Default                  | JP MORGAN MORTGAGE TR 5/25/50 3.5%       | CUSIP: 46591LAC5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $46465.11     | 0.02%             | 2050-05-25      | Fixed         | 3.50%                 | 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    | 0.38%             | 2025-09-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Default                  | T 0 3/4 11/15/24 GOVT                    | CUSIP: 91282CDH1<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4666795.00   | 1.87%             | 2024-11-15      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| Default                  | UNITED AIRLINES 2012 10/15/2025 4.15%    | CUSIP: 210795PZ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $515633.85    | 0.21%             | 2025-10-11      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Default                  | SOUTHERN CO 07/01/2023 2.95%             | CUSIP: 842587CU9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1858000 | PA      | $1840036.86   | 0.74%             | 2023-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Default                  | EXETER AUTO 03/15/2023 5.2% MTGE         | CUSIP: 30167DAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $991451.00    | 0.40%             | 2026-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Default                  | DRIVE AUTO RECEIVABLES 04/15/2026 4.3%   | CUSIP: 26208MAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $959458.84    | 0.38%             | 2026-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Default                  | ICLR 2.875 07/15/2026                    | CUSIP: 45569KAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    110000 | PA      | $99555.83     | 0.04%             | 2026-07-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Default                  | SRT 2020-A                               | CUSIP: 80286KAG7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $246814.75    | 0.10%             | 2024-11-20      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FANNIE MAE 10/25/2032 3.00%              | CUSIP: 3136A93B2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $276886.85    | 0.11%             | 2032-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | TIMKEN CO 05/08/2028 6.875%              | CUSIP: 88738TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    300000 | PA      | $310119.90    | 0.12%             | 2028-05-08      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Default                  | PACCAR FINCANCIAL CORP 04/07/2025 2.85%  | CUSIP: 69371RR73<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $479591.50    | 0.19%             | 2025-04-07      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Default                  | CYTEC INDUSTRIES INC 04/01/2023 3.5%     | CUSIP: 232820AJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1100000.00   | 0.44%             | 2023-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | AIRCASTLE LTD 05/01/2024 4.125%          | CUSIP: 00928QAQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1063313.90   | 0.43%             | 2024-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS AUTO TRUST 07/15/2025 4.3%           | CUSIP: 12596UAE8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $988751.00    | 0.40%             | 2025-07-15      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Default                  | AVALON HOLDINGS FNDG 05/15/2024 5.25%    | CUSIP: 05401AAD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980080.00    | 0.39%             | 2024-05-15      | Fixed         | 5.25%                 | Yes           |                  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    | 0.19%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                  | HUBBELL INC 08/15/2027 3.15%             | CUSIP: 443510AH5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3179000 | PA      | $2889825.44   | 1.16%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Default                  | BACR  5/7/2026 VAR%                      | CUSIP: 06738EBL8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $232306.25    | 0.09%             | 2026-05-07      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| Default                  | FREDDIE MAC 03/15/2045 3.5%              | CUSIP: 3137FGV36<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   5199600 | PA      | $548428.35    | 0.22%             | 2045-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | FANNIE MAE 02/25/2046 VAR%               | CUSIP: 3136BMXV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  27788800 | PA      | $72021.65     | 0.03%             | 2046-02-25      | Floating      | 0.55%                 | No            |                  2 | On Loan: No      |
| Default                  | CANPACK SA/US 11/01/25 3.125%            | CUSIP: 13805AAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $438090.00    | 0.18%             | 2025-11-01      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FIFTH THIRD BANK 10/27/2025 VAR%         | CUSIP: 31677QBT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $404039.60    | 0.16%             | 2025-10-27      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Default                  | USASF SERVICING LLC 3.98% 04/15/2025     | CUSIP: 90355FAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $717781.78    | 0.29%             | 2025-04-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Default                  | CARGILL INC 04/22/2025 3.5%              | CUSIP: 141781BU7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $483802.00    | 0.19%             | 2025-04-20      | Fixed         | 3.50%                 | Yes           |                  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        |    550000 | PA      | $207163.72    | 0.08%             | 2028-12-11      | Fixed         | 2.31%                 | Yes           |                  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   | 0.75%             | 2028-06-21      | Floating      | 4.10%                 | 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    | 0.08%             | 2050-04-25      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Default                  | SEALED AIR CORP 12/01/2024 5.125%        | CUSIP: 81211KAW0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $491250.00    | 0.20%             | 2024-12-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Default                  | AMERICAN CREDIT ACCEPT 12/14/2026 1.31%  | CUSIP: 02530QAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $662291.64    | 0.27%             | 2026-12-14      | Fixed         | 1.31%                 | Yes           |                  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    | 0.37%             | 2027-11-15      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| Default                  | PVH Corp 11/15/2023 7.75%                | CUSIP: 718592AB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    839000 | PA      | $855627.30    | 0.34%             | 2023-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Default                  | JELD-WEN INC 05/15/2025 6.25%            | CUSIP: 475795AE0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $514439.20    | 0.21%             | 2025-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Default                  | DT AUTO OWNER TRUST 03/15/2028 4.72%     | CUSIP: 23345AAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1928906.00   | 0.77%             | 2028-03-15      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Default                  | T 0 1/2 11/30/23 GOVT                    | CUSIP: 91282CDM0<br>LEI: N/A | Long             | DBT              | UST               | US        |   6700000 | PA      | $6446130.30   | 2.58%             | 2023-11-30      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| Default                  | CREDIT AGRICOLE SA 01/26/2027 VAR%       | CUSIP: 22535WAH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1749082.00   | 0.70%             | 2027-01-26      | Floating      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Default                  | FANNIE MAE 05/25/2035 VAR%               | CUSIP: 31394EVG0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  12369664 | PA      | $6693.38      | 0.00%             | 2035-05-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Default                  | DT AUTO OWNER TRUST 7/15/25 2.73%        | CUSIP: 23343JAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $3533.20      | 0.00%             | 2025-07-15      | Fixed         | 2.73%                 | Yes           |                  2 | On Loan: No      |
| Default                  | TAPESTRY INC 04/01/2025 4.25%            | CUSIP: 189754AA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1220651.25   | 0.49%             | 2025-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | ENERGY TRANSFER LP 01/15/2024 5.875%     | CUSIP: 29278NAM5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1102766.50   | 0.44%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Default                  | COMM 2018-HCLV D                         | CUSIP: 20048KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     65000 | PA      | $56545.84     | 0.02%             | 2033-09-15      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Default                  | MARKEL CORP 03/30/2023 3.625%            | CUSIP: 570535AM6<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1150881.27   | 0.46%             | 2023-03-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                  | TOLL BROS FINANCE CORP 04/15/2023 4.375% | CUSIP: 88947EAN0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995614.00    | 0.40%             | 2023-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | EXETER AUTO 10/15/2029 6.34% MTGE        | CUSIP: 30166QAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    962500 | PA      | $835670.41    | 0.33%             | 2029-10-15      | Fixed         | 6.34%                 | 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    | 0.28%             | 2027-07-15      | Fixed         | 4.31%                 | Yes           |                  2 | On Loan: No      |
| Default                  | US TREASURY N/B 02/28/2027 1.875%        | CUSIP: 91282CEC1<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4579295.00   | 1.83%             | 2027-02-28      | Floating      | 1.88%                 | 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        |   2275000 | PA      | $2095459.28   | 0.84%             | 2026-03-20      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Default                  | BRIDGECREST ACCEPTANCE 02/18/2025 3.48%  | CUSIP: 26252TAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1086466.49   | 0.43%             | 2025-02-18      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: No      |
| Default                  | UNITED AUTO CREDIT 11/10/2028 5%         | CUSIP: 90944DAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $775309.65    | 0.31%             | 2028-11-10      | Fixed         | 5.00%                 | 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    | 0.38%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | CITIGROUP MORTGAGE LOAN 8/25/50 2.5%     | CUSIP: 17328PAQ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $68594.67     | 0.03%             | 2050-08-25      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Default                  | AM CAPITAL FUNDING 12/15/2023 4.98%      | CUSIP: 00166AAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $572229.16    | 0.23%             | 2023-12-15      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Default                  | EPR 4.95 4/15/2028                       | CUSIP: 26884UAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    220000 | PA      | $187698.72    | 0.08%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                  | GM Financial Automobile 10/21/2024 .51%  | CUSIP: 362569AD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     35000 | PA      | $15906.13     | 0.01%             | 2024-10-21      | Fixed         | 0.51%                 | No            |                  2 | On Loan: No      |
| Default                  | RELIANCE STEEL & ALUM 08/15/2025 1.3%    | CUSIP: 759509AF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $903473.00    | 0.36%             | 2025-08-15      | Fixed         | 1.30%                 | 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        |   2500000 | PA      | $2405782.50   | 0.96%             | 2027-10-15      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| Default                  | EXETER AUTOMOBILE 05/15/2025 3.28%       | CUSIP: 30167YAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $900137.89    | 0.36%             | 2025-05-15      | Fixed         | 3.28%                 | Yes           |                  2 | On Loan: No      |
| Default                  | TransCanada Pipe 6/15/2029 7.7%          | CUSIP: 89352LAG5<br>LEI: N/A | Long             | DBT              | CORP              | CA        |   1150000 | PA      | $1250451.35   | 0.50%             | 2029-06-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                  | EXETER AUTO 11/17/2025 2.19% MTGE        | CUSIP: 30166QAB5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $1257200.26   | 0.50%             | 2025-11-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Default                  | TELEDYNE TECHNOLOGIES IN 04/01/2023 .65% | CUSIP: 879360AA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1407683.40   | 0.56%             | 2023-04-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Rec Trust 09/11/2028 1.24%  | CUSIP: 14687HAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $735520.97    | 0.29%             | 2028-09-11      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Default                  | GS MORTGAGE SECURITIES 9/10/2047 4.162%  | CUSIP: 36253GAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $710565.75    | 0.28%             | 2047-09-10      | Fixed         | 4.16%                 | 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        |    600000 | PA      | $579879.60    | 0.23%             | 2029-04-10      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Default                  | FANNIE MAE - CAS 01/25/2031 VAR          | CUSIP: 30711XY32<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1032386.00   | 0.41%             | 2031-01-25      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| Default                  | ARIVO ACCEPTANCE AUTO 01/16/2029 6.90%   | CUSIP: 04047JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $958186.37    | 0.38%             | 2029-01-16      | Fixed         | 6.90%                 | Yes           |                  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    | 0.19%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                  | CARMX 2021-2 D                           | CUSIP: 14314QAG9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $223821.50    | 0.09%             | 2027-10-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Default                  | CREDIT ACCEPTANCE AUTO 05/15/2030 1.00%  | CUSIP: 22535GAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2948000 | PA      | $2815817.58   | 1.13%             | 2030-05-15      | Fixed         | 1.00%                 | Yes           |                  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   | 0.45%             | 2027-01-15      | Fixed         | 2.03%                 | Yes           |                  2 | On Loan: No      |
| Default                  | NUTRIEN LTD 11/07/2024 5.90%             | CUSIP: 67077MAZ1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $506283.50    | 0.20%             | 2024-11-07      | Fixed         | 5.90%                 | 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    | 0.10%             | 2026-12-25      | Floating      | 5.83%                 | 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        |    550000 | PA      | $517870.10    | 0.21%             | 2028-12-11      | Fixed         | 4.13%                 | Yes           |                  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        |   5562150 | PA      | $175898.13    | 0.07%             | 2050-01-28      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| Default                  | AMERICAN CREDIT ACCEPT 05/13/2026 5.65%  | CUSIP: 02529WAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1993796.00   | 0.80%             | 2026-05-13      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Default                  | ISTAR INC 10/01/2024 4.75%               | CUSIP: 45031UCF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $496244.00    | 0.20%             | 2024-10-01      | Fixed         | 4.75%                 | 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    | 0.19%             | 2028-04-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Default                  | FLOUR CORP 09/15/2028 4.25%              | CUSIP: 343412AF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    440000 | PA      | $396001.32    | 0.16%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | SMB PRIVATE EDUCATION 09/15/2037 2.23%   | CUSIP: 78449UAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1262844.92   | 0.51%             | 2037-09-15      | Fixed         | 2.23%                 | Yes           |                  2 | On Loan: No      |
| Default                  | ING GROEP NV 03/29/2027 3.95%            | CUSIP: 456837AH6<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1894280.00   | 0.76%             | 2027-03-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Default                  | PAID 3 2021-2 NOTE                       | CUSIP: 69546LAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $41514.62     | 0.02%             | 2029-01-25      | Fixed         | 3.00%                 | 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        |   1100000 | PA      | $589806.43    | 0.24%             | 2025-03-17      | Fixed         | 3.71%                 | Yes           |                  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     | 0.04%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  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