# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-25-185581
**Filing Date:** 2025-8
**Character Count:** 162647
**Document Hash:** 9de547d4ab7591cfe46b7c8f985d8c99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-185581.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001752724-25-185581

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 251192946

**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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  |  | **Shares** | **Value** |
| **0.08%** | **PREFERRED STOCKS** |  |  |
| **0.08%** | **FINANCIALS** |  |  |
|  | **Eagle Point Income Company, Inc.** | **11122** | $**277940** |
| **0.08%** | **TOTAL PREFERRED STOCKS** |  | **277940** |
| **2.77%** | **EXCHANGE TRADED FUNDS** |  |  |
| **2.77%** | **HIGH YIELD BOND** |  |  |
|  | **iShares BB Rated Corporate Bond ETF** | **73007** | **3431329** |
|  | **iShares Fallen Angels USD Bond ETF** | **130728** | **3547958** |
|  | **VanEck Fallen Angel High Yield Bond ETF** | **91788** | **2687553** |
|  |  |  | **9666840** |
| **2.77%** | **TOTAL EXCHANGE TRADED FUNDS** |  | **9666840** |
| **41.09%** | **ASSET BACKED BONDS** |  |  |
| **10.55%** | **AUTOMOTIVE** |  |  |
|  | **Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 144A** | **140000** | **141470** |
|  | **Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240%^ 144A** | **100000** | **102384** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month +5.490%)** |  |  |
|  | **DT Auto Owner Trust 03/15/2029 5.530% 144A** | **1000000** | **996314** |
|  | **Flagship Credit Auto Trust 09/15/2028 3.160% 144A** | **1150000** | **1104120** |
|  | **GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A** | **1600000** | **1614226** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 5 Year +3.868%)** |  |  |
|  | **Lendbuzz Securitization Trust 05/15/2030 5.180% 144A** | **1100000** | **1102755** |
|  | **Lendbuzz Securitization Trust 07/15/2026 4.759% 144A** | **695000** | **695081** |
|  | **Santander Bank Auto Credit-Linked Notes 08/16/2032 11.910% 144A** | **384182** | **387162** |
|  | **Switch ABS Issuer LLC 06/25/2054 6.200% 144A** | **550000** | **554882** |
|  | **Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A** | **1100000** | **1101184** |
|  | **Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A** | **427863** | **427693** |
|  | **Arivo Acceptance Auto Loan Receivables Trust 01/16/2029 6.900% 144A** | **275792** | **278305** |
|  | **Arivo Acceptance Auto Loan Receivables Trust 03/15/2027 3.770% 144A** | **521424** | **521142** |
|  | **Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% 144A** | **73860** | **73725** |
|  | **Avid Automobile Receivables Trust 12/15/2027 7.350% 144A** | **900000** | **903646** |
|  | **Carmax Select Receivables Trust 04/15/2026 4.561%** | **410686** | **410708** |
|  | **Carvana Auto Receivables Trust 01/10/2031 4.740%** | **550000** | **546068** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **AUTOMOTIVE Continued** | **Shares** | **Value** |
| **Carvana Auto Receivables Trust 11/10/2028 5.540%** | **175000** | $**178052** |
| **Carvana Auto Receivables Trust 12/11/2028 4.130% 144A** | **518315** | **512989** |
| **Carvana Auto Receivables Trust 03/10/2028 2.900% 144A** | **46189** | **45050** |
| **Carvana Auto Receivables Trust 03/10/2028 1.070%** | **126330** | **122461** |
| **Carvana Auto Receivables Trust 03/10/2028 0.970%** | **145823** | **142891** |
| **Carvana Auto Receivables Trust 09/11/2028 1.240%** | **145917** | **140698** |
| **Chesapeake Funding II LLC 10/15/2035 6.160%** | **77574** | **78608** |
| **CPS Auto Trust 10/15/2029 7.140% 144A** | **1100000** | **1117361** |
| **CPS Auto Trust 11/15/2030 10.720% 144A** | **450000** | **498029** |
| **CPS Auto Trust 08/15/2028 5.190% 144A** | **2200000** | **2201921** |
| **DT Auto Owner Trust 12/15/2027 3.400% 144A** | **452817** | **449592** |
| **DT Auto Owner Trust 02/16/2027 1.500% 144A** | **265377** | **264424** |
| **DT Auto Owner Trust 03/15/2028 4.720% 144A** | **365916** | **365966** |
| **DT Auto Owner Trust 05/17/2027 1.310% 144A** | **702447** | **692483** |
| **DT Auto Owner Trust 09/15/2028 2.650%^ 144A** | **550000** | **541744** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.800%)** |  |  |
| **Exeter Automobile Receivables Trust 10/15/2029 6.340%^ 144A** | **962500** | **890444** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Prime - 0.700%)** |  |  |
| **Exeter Automobile Receivables Trust 04/15/2026 4.536%** | **382886** | **382891** |
| **Exeter Automobile Receivables Trust 04/15/2027 1.400%** | **819602** | **806299** |
| **Exeter Automobile Receivables Trust 06/15/2027 1.550%** | **820033** | **806003** |
| **Exeter Automobile Receivables Trust 06/15/2028 3.020%** | **1334794** | **1322534** |
| **Exeter Automobile Receivables Trust 07/17/2028 4.560%** | **1941250** | **1934630** |
| **First Investors Auto Owner Trust 06/15/2029 5.410% 144A** | **500000** | **493475** |
| **Flagship Credit Auto Trust 09/15/2027 1.460% 144A** | **292898** | **290475** |
| **Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A** | **600000** | **595588** |
| **GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A** | **264257** | **264119** |
| **GLS Auto Receivables Issuer Trust 10/15/2027 2.480% 144A** | **579563** | **572377** |
| **GLS Auto Receivables Issuer Trust 07/15/2027 1.480% 144A** | **597512** | **589487** |
| **GLS Auto Receivables Trust 07/15/2027 4.310% 144A** | **319443** | **319362** |
| **Lad Auto Receivables Trust 04/15/2030 6.850% 144A** | **726000** | **736681** |
| **Lendbuzz Securitization Trust 12/15/2028 7.500% 144A** | **318425** | **325218** |
| **Lendbuzz Securitization Trust 05/15/2029 5.990% 144A** | **369689** | **372811** |
| **Lobel Automobile Receivables Trust 04/16/2029 7.590% 144A** | **30330** | **30377** |
| **Oscar US Funding Trust 04/10/2028 1.000% 144A** | **229840** | **227380** |
| **Prestige Auto Receivables Trust 02/15/2028 1.530% 144A** | **221207** | **219851** |
| **Research-Driven Pagaya 03/25/2032 7.540% 144A** | **146961** | **148035** |
| **Santander Drive Auto Receivables Trust 07/15/2027 1.350%** | **119054** | **118886** |
| **Santander Drive Auto Receivables Trust 09/15/2027 1.330%** | **393874** | **392290** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AUTOMOTIVE Continued** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A** | **390000** | $**393736** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A** | **600000** | **642326** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United Auto Credit Securitization Trust 11/10/2028 5.000% 144A** | **630377** | **617504** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United Auto Credit Securitization Trust 04/10/2029 10.000%^ 144A** | **600000** | **283034** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 4.250%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Veros Auto Receivables Trust 11/15/2028 7.120% 144A** | **132472** | **132644** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Veros Auto Receivables Trust 11/15/2028 8.320% 144A** | **1001000** | **1026591** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Veros Auto Receivables Trust 07/16/2029 7.230% 144A** | **1900000** | **1911166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Volkswagen Auto Loan Enhanced Trust 03/20/2026 4.451%** | **400857** | **400882** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westlake Automobile Receivable 01/15/2027 6.230% 144A** | **147721** | **147925** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westlake Automobile Receivable 03/15/2027 3.490% 144A** | **1135814** | **1132891** |
|  |  | **36841046** |
| **8.24% MISCELLANEOUS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crossroads Asset Trust 06/22/2026 4.730% 144A** | **1100000** | **1100310** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crossroads Asset Trust 08/20/2032 8.320% 144A** | **275000** | **274937** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Golub Capital Partners Static Ltd. 04/25/2034 6.227%^ 144A** | **1100000** | **1100000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.900%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NGC Ltd. 04/20/2038 5.474%^ 144A** | **1120000** | **1119216** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.200%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A** | **550000** | **550862** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affirm Asset Securitization Trust 11/16/2026 1.170% 144A** | **784** | **783** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affirm Asset Securitization Trust 05/15/2029 6.270% 144A** | **67948** | **68004** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Allegro CLO Ltd. 01/19/2033 6.169%^ 144A** | **530000** | **530106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.800%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aqua Finance Trust 07/17/2046 1.900% 144A** | **195725** | **183208** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Atlas Senior Loan Fund 04/22/2031 6.134%^ 144A** | **559000** | **563081** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.600%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ballyrock CLO 14 Ltd. 07/20/2037 5.269%^ 144A** | **750000** | **748125** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.000%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Benefit Street Partners CLO Ltd. 07/15/2037 5.436%^ 144A** | **901000** | **899558** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.180%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bluemountain CLO 10/20/2030 6.131%^ 144A** | **520000** | **524940** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.600%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CoreVest American Finance Trust 10/15/2054 2.911%^ 144A** | **1040000** | **987533** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 6.750%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crossroads Asset Trusts 08/20/2030 5.900% 144A** | **198073** | **200476** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crown City CLO 07/15/2037 5.306%^ 144A** | **1071428** | **1069607** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.050%)** |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **MISCELLANEOUS Continued** | **Shares** | **Value** |
| **Generate CLO 4 07/20/2037 5.269%^ 144A** | **1093750** | $**1091344** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.000%)** |  |  |
| **Generate CLO 5 Ltd. 07/22/2037 5.322%^ 144A** | **2400000** | **2394000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.050%)** |  |  |
| **Goldentree Loan Management LP 07/20/2037 5.169%^ 144A** | **937500** | **935625** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 0.900%)** |  |  |
| **Halcyon Loan Advisors Funding 07/21/2031 6.331%^ 144A** | **1033000** | **1044260** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.800%)** |  |  |
| **Harvest SBA Loan Trust 06/25/2047 6.800%^ 144A** | **368071** | **368071** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.150%)** |  |  |
| **Jamestown CLO 04/20/2032 6.119%^ 144A** | **520000** | **522028** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.600%)** |  |  |
| **M&T Equipment LLC 07/15/2030 5.740% 144A** | **428039** | **430714** |
| **OZLM XVIII Ltd. 04/15/2031 5.538%^ 144A** | **457183** | **456772** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.020%)** |  |  |
| **Pagaya AI Debt Selection Trust 01/25/2029 3.000% 144A** | **2255** | **2237** |
| **Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A** | **549795** | **555411** |
| **PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A** | **550000** | **552018** |
| **Polus Capital Management 10/20/2037 5.519%^ 144A** | **1042105** | **1042209** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.250%)** |  |  |
| **Saratoga Investment Corp. 04/20/2033 6.331%^ 144A** | **550000** | **558250** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.800%)** |  |  |
| **SCF Equipment Trust LLC 07/20/2032 5.260% 144A** | **500000** | **492391** |
| **Shackleton 2017-XI CLO Ltd. 08/15/2030 6.738%^ 144A** | **1002000** | **1014525** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 6.950%)** |  |  |
| **SMB Private Education Loan Trust 09/15/2037 2.230% 144A** | **670355** | **645614** |
| **Sotheby's Artfi Master Trust 12/22/2031 5.819%^ 144A** | **520000** | **520382** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.500%)** |  |  |
| **Sound Point CLO V-R Ltd. 07/18/2031 6.281%^ 144A** | **530000** | **536466** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.750%)** |  |  |
| **Trinity Rail Leasing LP 10/18/2049 2.390% 144A** | **115519** | **113667** |
| **Upstart Securitization Trust 06/20/2033 7.920% 144A** | **550000** | **555994** |
| **Venture CDO Ltd. 10/20/2034 5.719%^ 144A** | **560000** | **554736** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.450%)** |  |  |
| **Venture CDO Ltd. 07/15/2032 6.388%^ 144A** | **1100000** | **1108250** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.870%)** |  |  |
| **Voya CLO Ltd. 10/15/2037 5.456%^ 144A** | **1375000** | **1374312** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.200%)** |  |  |
| **Voya CLO Ltd. 10/18/2031 6.231%^ 144A** | **901310** | **911044** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MISCELLANEOUS Continued** |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 3.900%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 3.900%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Zais CLO 11 Ltd. 01/20/2032 6.059%^ 144A** |  | **530000** | $**532438** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.790%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Zais Matrix CDO I 04/15/2032 6.256%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Zais Matrix CDO I 04/15/2032 6.256%^ 144A** | **520000** | **524940** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 2.000%)** |  |  |  |
|  |  |  | **28758444** |
| **22.30% MORTGAGE BACKED** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Angel Oak Mortgage Trust 01/25/2066 0.909% 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Angel Oak Mortgage Trust 01/25/2066 0.909% 144A** | **51695** | **44783** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Citigroup Mortgage Loan Trust 08/25/2050** | **2.500% 144A** | **59269** | **51152** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMM Mortgage Trust 09/15/2033 6.785%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMM Mortgage Trust 09/15/2033 6.785%^ 144A** | **65000** | **19989** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.177%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 10/25/2041 7.405%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 10/25/2041 7.405%^ 144A** | **2100000** | **2150894** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **3.100%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 11/25/2039 6.570%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 11/25/2039 6.570%^ 144A** | **107648** | **107648** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.150%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 02/25/2044 6.105%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 02/25/2044 6.105%^ 144A** | **1100000** | **1109261** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **1.800%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 03/25/2042 6.305%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 03/25/2042 6.305%^ 144A** | **163564** | **165921** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 2.800%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 2.800%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 03/25/2042 7.805%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 03/25/2042 7.805%^ 144A** | **4920000** | **5111437** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **3.500%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 05/25/2044 5.955%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 05/25/2044 5.955%^ 144A** | **1100000** | **1105521** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **1.650%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 07/25/2043 7.005%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 07/25/2043 7.005%^ 144A** | **1000000** | **1032190** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **2.700%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 07/25/2044 6.005%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 07/25/2044 6.005%^ 144A** | **1100000** | **1104027** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **1.700%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Suisse Mortgage Trust 04/25/2044 3.817% 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Suisse Mortgage Trust 04/25/2044 3.817% 144A** | **540881** | **447861** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Suisse Mortgage Trust 04/25/2044 3.817% 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Suisse Mortgage Trust 04/25/2044 3.817% 144A** | **534338** | **523599** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2034 5.955%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2034 5.955%^ 144A** | **45505** | **45706** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **1.650%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2042 6.805%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2042 6.805%^ 144A** | **1350000** | **1374476** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **2.500%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2042 5.305%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2042 5.305%^ 144A** | **113895** | **113754** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **1.000%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2051 6.105%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2051 6.105%^ 144A** | **867705** | **872820** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR +** | **1.800%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 10/25/2041 5.805%^ 144A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 10/25/2041 5.805%^ 144A** | **1065605** | **1069635** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **MORTGAGE BACKED Continued** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.500%)** |  |  |
| **Federal Home Loan Mortgage Corp. 10/25/2050 7.105%^ 144A** | **16150** | $**16219** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.800%)** |  |  |
| **Federal Home Loan Mortgage Corp. 11/25/2041 6.105%^ 144A** | **1221685** | **1230412** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.800%)** |  |  |
| **Federal Home Loan Mortgage Corp. 11/25/2043 6.155%^ 144A** | **603891** | **608743** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.850%)** |  |  |
| **Federal Home Loan Mortgage Corp. 11/25/2043 6.155%^ 144A** | **498732** | **504656** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.850%)** |  |  |
| **Federal Home Loan Mortgage Corp. 11/25/2043 7.655%^ 144A** | **1100000** | **1160680** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.350%)** |  |  |
| **Federal Home Loan Mortgage Corp. 12/25/2041 11.305%^ 144A** | **500000** | **529203** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 7.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 12/25/2050 6.305%^ 144A** | **455480** | **460137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 02/25/2042 5.605%^ 144A** | **146850** | **146943** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.300%)** |  |  |
| **Federal Home Loan Mortgage Corp. 02/25/2042 6.705%^ 144A** | **2600000** | **2645188** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.400%)** |  |  |
| **Federal Home Loan Mortgage Corp. 03/15/2045 3.500%** | **24637** | **24580** |
| **Federal Home Loan Mortgage Corp. 03/25/2042 9.555%^ 144A** | **250000** | **265300** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 5.250%)** |  |  |
| **Federal Home Loan Mortgage Corp. 03/25/2043 6.406%^ 144A** | **692213** | **702381** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.100%)** |  |  |
| **Federal Home Loan Mortgage Corp. 04/25/2043 6.406%^ 144A** | **1093392** | **1110481** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.100%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/15/2027 3.000%** | **520629** | **9549** |
| **Federal Home Loan Mortgage Corp. 05/25/2042 6.505%^ 144A** | **1273439** | **1287765** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.200%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2042 7.655%^ 144A** | **2870000** | **2982289** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.350%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2043 6.305%^ 144A** | **1157912** | **1169869** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2044 5.505%^ 144A** | **664808** | **665833** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.200%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2044 6.005%^ 144A** | **1100000** | **1105147** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.700%)** |  |  |
| **Federal Home Loan Mortgage Corp. 06/25/2042 7.255%^ 144A** | **29558** | **30221** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.950%)** |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **MORTGAGE BACKED Continued** | **Shares** | **Value** |
| **Federal Home Loan Mortgage Corp. 06/25/2043 6.305%^ 144A** | **1071967** | $**1077883** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 06/25/2043 7.655%^ 144A** | **2750000** | **2864150** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.350%)** |  |  |
| **Federal Home Loan Mortgage Corp. 08/25/2044 6.105%^ 144A** | **1520000** | **1523780** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.800%)** |  |  |
| **Federal Home Loan Mortgage Corp. 09/25/2042 6.455%^ 144A** | **319060** | **321485** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.150%)** |  |  |
| **Federal Home Loan Mortgage Corporation 01/25/2042 6.155%^ 144A** | **720000** | **727121** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.850%)** |  |  |
| **Federal Home Loan Mortgage Corporation 04/25/2029 8.320%^** | **174547** | **179607** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 3.900%)** |  |  |
| **Federal National Mortgage Assoc. 01/25/2031 8.670%^** | **1000000** | **1090235** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 4.250%)** |  |  |
| **Federal National Mortgage Assoc. 01/25/2043 6.605%^ 144A** | **708224** | **722797** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.300%)** |  |  |
| **Federal National Mortgage Assoc. 10/25/2041 5.855%^ 144A** | **244387** | **244990** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.550%)** |  |  |
| **Federal National Mortgage Assoc. 10/25/2043 5.805%^ 144A** | **1064540** | **1067838** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.500%)** |  |  |
| **Federal National Mortgage Assoc. 11/25/2046 0.114%** | **30606689** | **56714** |
| **Federal National Mortgage Assoc. 12/25/2032 2.000%** | **90685** | **85256** |
| **Federal National Mortgage Assoc. 12/25/2041 6.205%^ 144A** | **684241** | **689771** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.900%)** |  |  |
| **Federal National Mortgage Assoc. 12/25/2041 5.955%^ 144A** | **2210000** | **2223127** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.650%)** |  |  |
| **Federal National Mortgage Assoc. 12/25/2042 6.706%^ 144A** | **1474669** | **1512662** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.400%)** |  |  |
| **Federal National Mortgage Assoc. 02/25/2030 7.220%^** | **240858** | **245169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.800%)** |  |  |
| **Federal National Mortgage Assoc. 02/25/2046 0.164%** | **17501387** | **55567** |
| **Federal National Mortgage Assoc. 02/25/2047 0.114%** | **21112436** | **51113** |
| **Federal National Mortgage Assoc. 03/25/2042 6.405%^ 144A** | **518320** | **526588** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.100%)** |  |  |
| **Federal National Mortgage Assoc. 04/25/2042 6.205%^ 144A** | **534604** | **536699** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.900%)** |  |  |
| **Federal National Mortgage Assoc. 04/25/2043 6.805%^ 144A** | **1293427** | **1312153** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.500%)** |  |  |
| **Federal National Mortgage Assoc. 05/25/2042 7.055%^ 144A** | **785951** | **804309** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **MORTGAGE BACKED Continued** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.750%)** |  |  |
| **Federal National Mortgage Assoc. 06/25/2042 7.256%^ 144A** | **536736** | $**550341** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.950%)** |  |  |
| **Federal National Mortgage Assoc. 06/25/2043 6.206%^ 144A** | **406849** | **410770** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.900%)** |  |  |
| **Federal National Mortgage Assoc. 07/25/2042 7.905%^ 144A** | **2980000** | **3108527** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.600%)** |  |  |
| **Federal National Mortgage Assoc. 07/25/2042 6.855%^ 144A** | **1092958** | **1117338** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.550%)** |  |  |
| **Federal National Mortgage Assoc. 07/25/2043 6.005%^ 144A** | **936252** | **941523** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.700%)** |  |  |
| **Federal National Mortgage Assoc. 08/25/2028 11.370%^** | **272909** | **280817** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.020%)** |  |  |
| **Federal National Mortgage Assoc. 08/25/2028 11.170%^** | **42614** | **43864** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 6.750%)** |  |  |
| **Federal National Mortgage Assoc. 08/25/2042 3.500%** | **476209** | **69095** |
| **Federal National Mortgage Assoc. 09/25/2042 6.806%^ 144A** | **321294** | **326349** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 5 Year +2.915%)** |  |  |
| **GCAT Trust 08/25/2066 1.915% 144A** | **115503** | **106998** |
| **Government National Mortgage Assoc. 11/20/2051 3.000%^** | **9295081** | **1610336** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((United States 30 Day Average SOFR + 0.114%) + 2.150%)** |  |  |
| **ICG US CLO Ltd. 01/15/2031 6.318%^** | **530000** | **532014** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.800%)** |  |  |
| **JP Morgan Mortgage Trust 01/25/2051 3.000% 144A** | **13923** | **13856** |
| **JP Morgan Mortgage Trust 10/25/2029 2.622% 144A** | **37380** | **36577** |
| **JP Morgan Mortgage Trust 05/25/2050 3.500% 144A** | **38060** | **34293** |
| **Mill City Mortgage Trust 04/25/2066 3.500% 144A** | **483285** | **473937** |
| **Ocwen Loan Invest Trust 02/25/2037 3.000% 144A** | **186840** | **182400** |
| **Ocwen Loan Investment Trust 02/25/2037 3.000% 144A** | **500000** | **446533** |
| **Provident Funding Mortgage Trust 04/25/2051 2.500% 144A** | **754080** | **615419** |
| **Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A** | **550000** | **553356** |
| **Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A** | **260000** | **261696** |
| **Saluda Grade Alternative Mortgage Trust 06/01/2053 7.162% 144A** | **515705** | **524812** |
| **Sequoia Mortgage Trust 04/25/2050 3.000% 144A** | **82365** | **80901** |
| **Velocity Commercial Capital 11/25/2053 7.670% 144A** | **179166** | **183262** |
| **Verus Securitization Trust 11/25/2059 3.192% 144A** | **125700** | **124810** |
| **Winston Salem, NC Limited Obligation 01/20/2046 3.783% 144A** | **141612** | **135454** |
| **X-Caliber Funding LLC 11/01/2024 7.580%^ 144A** | **688525** | **687209** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 1 Month + 3.250%)** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  | **MORTGAGE BACKED Continued** | **Shares** | **Value** |
|  | **X-Caliber Funding LLC 09/15/2028 12.000% 144A** | **550000** | $**553352** |
|  | **Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A** | **412500** | **397732** |
|  | **Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A** | **336000** | **246835** |
|  | **Federal Home Loan Mortgage Corp. 03/25/2044 5.555%^ 144A** | **222105** | **222596** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.250%)** |  |  |
|  | **Federal Home Loan Mortgage Corp. 03/25/2052 9.305%^ 144A** | **1165415** | **1259744** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 5.000%)** |  |  |
|  | **Federal Home Loan Mortgage Corp. 04/25/2043 7.556%^ 144A** | **900000** | **942988** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.250%)** |  |  |
|  | **Federal Home Loan Mortgage Corp. 05/25/2043 7.805%^ 144A** | **1100000** | **1161823** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.500%)** |  |  |
|  | **Federal Home Loan Mortgage Corp. 05/25/2045 5.505%^ 144A** | **880887** | **882862** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.200%)** |  |  |
|  | **Federal Home Loan Mortgage Corp. 09/25/2042 8.005%^ 144A** | **2671000** | **2813738** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.700%)** |  |  |
|  | **Federal National Mortgage Association 12/25/2041 7.455%^ 144A** | **800000** | **821248** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.150%)** |  |  |
|  | **Federal National Mortgage Association 02/25/2037 1.500%** | **9618806** | **519425** |
|  | **Federal National Mortgage Association 04/25/2043 8.205%^ 144A** | **2355000** | **2504401** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.900%)** |  |  |
|  | **Federal National Mortgage Association 06/25/2042 8.956%^ 144A** | **950000** | **1012768** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 4.650%)** |  |  |
|  |  |  | **77817283** |
| **41.09%** | **TOTAL ASSET BACKED BONDS** |  | **143416773** |
| **9.38%** | **CORPORATE BONDS** |  |  |
| **0.08%** | **COMMUNICATION SERVICES** |  |  |
|  | **CCO Holdings Capital Corp. 06/01/2029 5.375% 144A** | **275000** | **273995** |
| **1.27%** | **CONSUMER DISCRETIONARY** |  |  |
|  | **BorgWarner, Inc. 02/15/2029 7.125%** | **600000** | **647693** |
|  | **Ford Holdings LLC 03/01/2030 9.300%** | **990000** | **1124804** |
|  | **General Motors Financial Co. Perpetual 5.750%** | **500000** | **493474** |
|  | **Hasbro, Inc. 07/15/2028 6.600%** | **798000** | **839865** |
|  | **Nissan Motor Acceptance Company LLC 03/09/2028 2.750% 144A** | **350000** | **319510** |
|  | **Toll Bros Finance Corp. 03/15/2027 4.875%** | **1000000** | **1003286** |
|  |  |  | **4428632** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  | **Shares** | **Value** |
| **0.33% CONSUMER STAPLES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A** | **110000** | $**106999** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 1 Month + 0.046%) + 2.277%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HCA, Inc. 09/15/2025 7.580%** | **817000** | **820978** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A** | **110000** | **107341** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 1 Month + 0.046%) + 2.427%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%** | **100000** | **99825** |
|  |  | **1135143** |
| **1.99% ENERGY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alliance Resource Operating Partnership 06/15/2029 8.625% 144A** | **550000** | **584583** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cheniere Energy, Inc. 10/15/2028 4.625%** | **500000** | **499310** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energen Corp. 02/15/2028 7.125%^** | **525000** | **550697** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.750%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Transfer LP Perpetual 6.625%** | **600000** | **597206** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Helmerich & Payne, Inc. 12/01/2029 4.850% 144A** | **1100000** | **1048895** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oceaneering International, Inc. 02/01/2028 6.000%** | **350000** | **352885** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Phillips 66 Partners LP 03/01/2028 3.750%** | **540000** | **516442** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tallgrass Energy Partners LP 01/15/2028 5.500% 144A** | **500000** | **497064** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Targa Resources Partners LP 03/01/2030 5.500%** | **500000** | **507439** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TransCanada Pipelines Ltd. 06/15/2029 7.700%** | **1150000** | **1270826** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Venture Global, Inc. 06/01/2028 8.125% 144A** | **500000** | **516772** |
|  |  | **6942119** |
| **3.25% FINANCIALS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ally Financial, Inc. Perpetual 4.700%** | **275000** | **265516** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank of America Corp. Perpetual 4.375%** | **125000** | **122654** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banque Federative du Credit Mutuel 10/04/2026 1.604% 144A** | **2000000** | **1931792** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Citigroup, Inc. Perpetual 4.000%** | **500000** | **496476** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Agricole SA 01/26/2027 1.247% 144A** | **2000000** | **1961856** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EPR Properties 04/15/2028 4.950%** | **220000** | **219572** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Citizens Bancshare Perpetual 8.552%** | **1000000** | **1032071** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Goldman Sachs Group, Inc Perpetual 3.650%** | **500000** | **489489** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Horizon Bancorp 07/01/2030 9.781%** | **550000** | **549868** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ING Groep NV 03/29/2027 3.950%** | **2000000** | **1990582** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SBL Holdings, Inc. 11/13/2026 5.125% 144A** | **600000** | **594842** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Societe Generale SA 11/24/2025 4.750% 144A** | **250000** | **250000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Synchrony Bank 08/22/2025 5.400%** | **600000** | **599878** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  | **FINANCIALS Continued** | **Shares** | **Value** |
|  | **Transamerica Capital II 12/01/2026 7.650% 144A** | **825000** | $**845188** |
|  |  |  | **11349784** |
| **0.89%** | **INDUSTRIALS** |  |  |
|  | **Can-Pack SA/Canpack US LLC 11/01/2025 3.125% 144A** | **500000** | **495582** |
|  | **Hubbell, Inc. 08/15/2027 3.150%** | **1079000** | **1053093** |
|  | **MasTec, Inc. 08/15/2029 6.625% 144A** | **550000** | **550000** |
|  | **Timken Co. 12/15/2028 4.500%** | **500000** | **501024** |
|  | **Timken Co. 05/08/2028 6.875%** | **480000** | **506966** |
|  |  |  | **3106665** |
| **0.31%** | **INFORMATION TECHNOLOGY** |  |  |
|  | **Qorvo, Inc. 04/01/2031 3.375% 144A** | **1213000** | **1093836** |
| **0.97%** | **MATERIALS** |  |  |
|  | **Celanese US Holdings LLC 07/15/2032 6.629%** | **275000** | **288302** |
|  | **Constellium SE 06/15/2028 5.625% 144A** | **350000** | **347952** |
|  | **Domtar Corp. 10/01/2028 6.750%^ 144A** | **100000** | **90588** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.277%)** |  |  |
|  | **Hecla Mining Company 02/15/2028 7.250%** | **350000** | **352742** |
|  | **NOVA Chemicals Corporation 06/01/2027 5.250% 144A** | **500000** | **497386** |
|  | **Reliance, Inc. 08/15/2025 1.300%** | **1000000** | **995514** |
|  | **Steel Dynamics, Inc. 12/15/2026 5.000%^** | **813000** | **812068** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month +3.972%)** |  |  |
|  |  |  | **3384552** |
| **0.29%** | **UTILITIES** |  |  |
|  | **Washington Gas Light Co. 10/09/2026 6.820%** | **1000000** | **1024846** |
| **9.38%** | **TOTAL CORPORATE BONDS** |  | **32739572** |
|  | **TREASURIES** |  |  |
| **41.11%** | **MORTGAGE BACKED** |  |  |
|  | **US Treasury 01/15/2026 2.000%** | **1575480** | **1578209** |
|  | **US Treasury 01/15/2027 4.000%** | **21000000** | **21050043** |
|  | **US Treasury 01/31/2026 4.250%** | **525000** | **524979** |
|  | **US Treasury 01/31/2027 1.500%** | **1107000** | **1067779** |
|  | **US Treasury 08/31/2026 3.750%** | **62902500** | **62752603** |
|  | **US Treasury 10/15/2028 2.375%** | **8167200** | **8471649** |
|  | **US Treasury 11/15/2027 4.125%** | **3305800** | **3336405** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** | **CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  | **MORTGAGE BACKED Continued** | **Shares** | **Value** |
|  | **US Treasury 11/30/2026 4.250%** | **714700** | $**718385** |
|  | **US Treasury 11/30/2028 4.375%** | **2101000** | **2144743** |
|  | **US Treasury 12/15/2026 4.375%** | **5000000** | **5037305** |
|  | **US Treasury 12/15/2027 4.000%** | **1655600** | **1667370** |
|  | **US Treasury 12/31/2026 4.250%** | **5312000** | **5342916** |
|  | **US Treasury 02/15/2027 4.125%** | **4000000** | **4019220** |
|  | **US Treasury 02/28/2027 4.125%** | **5600000** | **5629092** |
|  | **US Treasury 04/30/2027 3.750%** | **3900000** | **3899392** |
|  | **US Treasury 05/31/2026 4.875%** | **10000000** | **10071480** |
|  | **US Treasury 06/30/2026 4.625%** | **4000000** | **4023436** |
|  | **US Treasury 07/15/2027 4.375%** | **1800000** | **1822430** |
|  | **US Treasury 09/30/2026 3.500%^** | **317000** | **315365** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.800%)** |  |  |
| **41.11%** | **TOTAL TREASURIES** |  | **143472801** |
| **5.37%** | **MONEY MARKET FUND** |  |  |
|  | **Federated Government Obligations Fund(A) 4.200%<sup>(B)</sup>** | **18742872** | **18742872** |
| **99.80%** | **TOTAL INVESTMENTS** |  | **348316798** |
| **0.20%** | **Other assets, net of liabilities** |  | **715222** |
| **100.00%** | **NET ASSETS** |  | $**349032020** |

---

**^Rate is determined periodically. Rate shown is the rate as of June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(A)</sup>Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(B)</sup>Effective 7 day yield as of June 30, 2025

**A 144A Security is exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $142,893,709 and is 40.94% of the Fund's net assets.**

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Futures Contracts**

**June 30, 2025 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Unrealized** |
|  |  |  | &nbsp;&nbsp;**Notional** |  | **Appreciation** |
| **Number of Contracts** | &nbsp;&nbsp;**Description** | **Expiration Date** | &nbsp;&nbsp;&nbsp;**Value** | **Market Value** | (Depreciation) |
| **447** | **2YR US T-Note** | **9/30/2025** | &nbsp;&nbsp;**92625472** | **92986477** | **361005** |
| **374** | **5YR US T-Note** | **9/30/2025** | &nbsp;&nbsp;**40342490** | **40766000** | **423510** |

---

**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** | **The inputs or methodology used for valuing securities are not necessarily an** |  |  |  |
| **indication of the risk associated with investing in those securities.** | **indication of the risk associated with investing in those securities.** |  |  |  |
| **The following summarizes the inputs used to value the Fund's investments as of June 30, 2025:** | **The following summarizes the inputs used to value the Fund's investments as of June 30, 2025:** |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  |  | **Other** | **Significant** |  |
|  |  | **Significant** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unobservable** |  |
|  | **Quoted Prices** | **Observable Inputs** | **Inputs** | **Total** |
| **PREFERRED STOCKS** | $**277940** | $**-** | $**-** | $**277940** |
| **EXCHANGE TRADED FUNDS** | **9666840** | **-** | **-** | **9666840** |
| **ASSET BACKED BONDS** | **-** | **143416773** | **-** | **143416773** |
| **CORPORATE BONDS** | **-** | **32739572** | **-** | **32739572** |
| **TREASURIES** | **-** | **143472801** | **-** | **143472801** |
| **MONEY MARKET FUND** | **18742872** | **-** | **-** | **18742872** |
| **TOTAL INVESTMENTS** | $**28687652** | $**319629146** | $**-** | $**348316798** |

---

**The cost of investments for Federal income tax purposes has been estimated a/o June 30, 2025 since**

**the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $347,916,990, and the related net unrealized appreciation (depreciation) consists of:**

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $**2237966** |
| **Gross unrealized depreciation** | **(1838158)** |
| **Net unrealized appreciation** | $**399808** |

---

## 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $349195990.60

**Total Liabilities:** $163970.49

**Net Assets:** $349032020.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1349.71 | **1-Year:** -44266.83 | **5-Year:** -32837.51 | **10-Year:** -627.17 | **30-Year:** -717.25

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

- **3-Month:** -284.21 | **1-Year:** -2153.50 | **5-Year:** -10207.87 | **10-Year:** 0.00 | **30-Year:** -246.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231000 |  |  |  |
| Class ID C000231002 |  |  |  |
| Class ID C000231001 | 0.79%                | -0.03%               | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $95478.71                | $495613.12                                 |
| Month 2  | $-80942.85               | $-311926.84                                |
| Month 3  | $299569.50               | $350452.47                                 |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate 1-3 year Index (USD)

- **Index Identifier:** 5747USD1

### 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                  | GLS Auto Receivables Trust 07/15/2027 1.480% 144A         | CUSIP: 36263LAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $589487.02    | 0.17%             | 2027-07-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35566AAH2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    214000 | PA      | $16219.05     | 0.00%             | 2050-10-25      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Washington Gas Light Co.                                  | CUSIP: 93884PCJ7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024846.00   | 0.29%             | 2026-10-09      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 03/25/2052 VAR% 144A                    | CUSIP: 35564KL49<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1165415 | PA      | $1259743.69   | 0.36%             | 2052-03-25      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| Default                  | Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | CUSIP: 79584CAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $553356.10    | 0.16%             | 2030-02-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 04/25/2043 VAR% 144A                     | CUSIP: 20753AAA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2355000 | PA      | $2504401.20   | 0.72%             | 2043-04-25      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust 12/15/2027 3.400% 144A                | CUSIP: 23345YAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    624000 | PA      | $449591.53    | 0.13%             | 2027-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac STACR 05/25/2042 VAR% 144A                    | CUSIP: 35564KWT2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2870000 | PA      | $2982288.75   | 0.85%             | 2042-05-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Default                  | Connecticut Avenue Securities Trust                       | CUSIP: 20755DAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2980000 | PA      | $3108527.40   | 0.89%             | 2042-07-25      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 3137AQH35<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  28479666 | PA      | $9548.85      | 0.00%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Mill City Mortgage Trust                                  | CUSIP: 59980YAB1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1905000 | PA      | $473936.92    | 0.14%             | 2066-04-25      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Recei  06/15/2027 VAR%                  | CUSIP: 30166AAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1281500 | PA      | $806002.91    | 0.23%             | 2027-06-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Default                  | Chesapeake Funding II 10/15/2035 6.16% 144A               | CUSIP: 165183CZ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    153000 | PA      | $78608.42     | 0.02%             | 2035-10-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | JP Morgan Mortgage Trust                                  | CUSIP: 46591XAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $13856.04     | 0.00%             | 2051-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Connecticut Avenue Securities Trust                       | CUSIP: 20753DAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    700000 | PA      | $326348.95    | 0.09%             | 2042-09-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Default                  | Cheniere Energy Inc. 10/15/2028 4.625%                    | CUSIP: 16411RAK5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $499309.50    | 0.14%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae-CAS 10/25/2041 VAR%                            | CUSIP: 20754RAF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $2150893.50   | 0.62%             | 2041-10-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20755DAA4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1795002 | PA      | $1117337.73   | 0.32%             | 2042-07-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Default                  | TSY INFL 01/15/2026 2.000%                                | CUSIP: 912810FS2<br>LEI: N/A | Long             | DBT              | UST               | US        |   1000000 | PA      | $1578208.73   | 0.45%             | 2026-01-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 05/25/2042 VAR% 144A                           | CUSIP: 20754NAB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1650000 | PA      | $804308.82    | 0.23%             | 2042-05-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 10/25/2041 VAR% 144A                           | CUSIP: 20754RAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    375000 | PA      | $244989.85    | 0.07%             | 2041-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 05/25/2043 VAR% 144A                    | CUSIP: 35564KX87<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1161823.30   | 0.33%             | 2043-05-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae- CAS 12/25/2042 Var%                           | CUSIP: 207932AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $1512661.94   | 0.43%             | 2042-12-25      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Default                  | Winwater Mortgage Loan Trust                              | CUSIP: 97655JCC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $135453.82    | 0.04%             | 2046-01-20      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae- Cas 12/25/2041 VAR% 144A                      | CUSIP: 20754LAF6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    800000 | PA      | $821248.00    | 0.24%             | 2041-12-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Default                  | NGC Ltd 04/20/2038 VAR% 144A                              | CUSIP: 652942AA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1120000 | PA      | $1119216.00   | 0.32%             | 2038-04-20      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Westlake Automobile Receivable                            | CUSIP: 96041AAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $147925.46    | 0.04%             | 2027-01-15      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| Default                  | Constellium SE 06/15/2028 5.625% 144A                     | CUSIP: 21039CAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    350000 | PA      | $347952.50    | 0.10%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Polus Capital Management 10/20/2037 VAR% 144A             | CUSIP: 73163EAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1042209.47   | 0.30%             | 2037-10-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Default                  | Switch ABS Issuer 06/25/2054 6.20% 144A                   | CUSIP: 871044AG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $554881.80    | 0.16%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Default                  | Shackleton CLO Ltd 08/15/2030 VAR% 144A                   | CUSIP: 81883EAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1002000 | PA      | $1014525.00   | 0.29%             | 2030-08-15      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20755AAB8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1074000 | PA      | $722797.09    | 0.21%             | 2043-01-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KX79<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $1169868.48   | 0.34%             | 2043-05-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 12/31/2026 4.25%                          | CUSIP: 91282CME8<br>LEI: N/A | Long             | DBT              | UST               | US        |   5312000 | PA      | $5342915.84   | 1.53%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Timken Co.                                                | CUSIP: 88738TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    480000 | PA      | $506966.40    | 0.15%             | 2028-05-08      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | Federal National Mortgage Assoc.                          | CUSIP: 3136BNFA9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  33025657 | PA      | $51113.21     | 0.01%             | 2047-02-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                  | US TREASURY N/B 04/30/2027 3.75%                          | CUSIP: 91282CMY4<br>LEI: N/A | Long             | DBT              | UST               | US        |   3900000 | PA      | $3899391.60   | 1.12%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20755CAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1067837.88   | 0.31%             | 2043-10-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Default                  | Lad Auto Receivables Trust                                | CUSIP: 501687AC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    726000 | PA      | $736680.91    | 0.21%             | 2030-04-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 02/15/2027 4.000%                             | CUSIP: 91282CKA8<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4019220.00   | 1.15%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Harvest SBA Loan Trust                                    | CUSIP: 41755NAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $368071.49    | 0.11%             | 2047-06-25      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Default                  | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $278304.97    | 0.08%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Default                  | Teva Pharmaceutical Industries Ltd.                       | CUSIP: 88167AAP6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $99825.00     | 0.03%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Rec Trust 01/10/2031 4.74%                   | CUSIP: 146919AF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $546067.50    | 0.16%             | 2031-01-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 01/15/2027 4.000%                             | CUSIP: 91282CJT9<br>LEI: N/A | Long             | DBT              | UST               | US        |  21000000 | PA      | $21050043.00  | 6.03%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Crossroads Asset Trusts 06/22/2026 4.73% 144A             | CUSIP: 22767VAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1100310.20   | 0.32%             | 2026-06-22      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KT58<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1730000 | PA      | $1110481.23   | 0.32%             | 2043-04-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Auto Rec 04/15/2026 4.536%                         | CUSIP: 30168JAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $382891.35    | 0.11%             | 2026-04-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Default                  | Credit Suisse Mortgage Trust                              | CUSIP: 12648HBC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3940000 | PA      | $523599.22    | 0.15%             | 2037-04-25      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 03/25/2044 VAR%                         | CUSIP: 35564NBX0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    375000 | PA      | $222595.78    | 0.06%             | 2044-03-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Default                  | Venture CDO Ltd  10/20/2034 VAR% 144A                     | CUSIP: 92331DBL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    560000 | PA      | $554736.00    | 0.16%             | 2034-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Default                  | Bluemountain CLO Ltd 10/20/2030 var% 144A                 | CUSIP: 09629EAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $524940.00    | 0.15%             | 2030-10-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Default                  | Jamestown CLO Ltd 04/20/2032 VAR% 144A                    | CUSIP: 47047JAN4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $522028.00    | 0.15%             | 2032-04-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 02/28/2027 4.125%                         | CUSIP: 91282CMP3<br>LEI: N/A | Long             | DBT              | UST               | US        |   5600000 | PA      | $5629092.00   | 1.61%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Provident Funding Mortgage Trust                          | CUSIP: 74388JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $615418.73    | 0.18%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Venture Global Lng 04/01/2028 8.125% 144A                 | CUSIP: 92332YAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $516772.00    | 0.15%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Default                  | M&T Equipment Notes 07/15/2030 5.74%                      | CUSIP: 551925AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $430713.62    | 0.12%             | 2030-07-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Default                  | Fanniemae Strip 02/25/2037 1.5000%                        | CUSIP: 31423XPH8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  13200000 | PA      | $519425.13    | 0.15%             | 2037-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Halcyon Loan 07/21/2031 VAR%                              | CUSIP: 40538TAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1033000 | PA      | $1044259.70   | 0.30%             | 2031-07-21      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Default                  | GoldenTree Loan Management 07/20/2037 VAR% 144A           | CUSIP: 38139MAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $935625.00    | 0.27%             | 2037-07-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Default                  | Carmax Select Rec 04/15/2026 4.774%                       | CUSIP: 14319UAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $410707.93    | 0.12%             | 2026-04-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| Default                  | CoreVest American Finance Trust 10/15/2054 2.911% 144A    | CUSIP: 21873NAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $987533.04    | 0.28%             | 2054-10-15      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Default                  | Credit Agricole SA                                        | CUSIP: 22535WAH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1961856.00   | 0.56%             | 2027-01-26      | Floating      | 1.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Oceaneering Intl Inc 02/01/2028 6.00%                     | CUSIP: 675232AB8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    350000 | PA      | $352885.05    | 0.10%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686KAF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $45049.66     | 0.01%             | 2028-03-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 04/25/2042 VAR% 144A                           | CUSIP: 20754DAA5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2295000 | PA      | $536699.22    | 0.15%             | 2042-04-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 12/15/2027 4.00%                          | CUSIP: 91282CMB4<br>LEI: N/A | Long             | DBT              | UST               | US        |   1655600 | PA      | $1667369.66   | 0.48%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20753ACJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2605000 | PA      | $1312153.37   | 0.38%             | 2043-04-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Default                  | CCO HLDGS LLC 06/01/2029 5.375% 144A                      | CUSIP: 1248EPCB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    275000 | PA      | $273994.60    | 0.08%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Saluda Grace Alternative Mortgage 04/25/2030 VAR% 144A    | CUSIP: 795935AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $261695.72    | 0.07%             | 2030-04-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Default                  | Veros Auto Receivables Trust                              | CUSIP: 92512VAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $1911166.30   | 0.55%             | 2029-07-16      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| Default                  | Affirm Inc 11/16/2026 1.170% 144A                         | CUSIP: 00834TAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $783.23       | 0.00%             | 2026-11-16      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686MAF0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $178052.18    | 0.05%             | 2028-11-10      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Default                  | PEAC Solutions Rec 10/20/2031 4.65%144A                   | CUSIP: 69392BAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $552018.50    | 0.16%             | 2031-10-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A      | CUSIP: 525920AB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $372811.47    | 0.11%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae- Cas 03/25/2042 VAR% 144A                      | CUSIP: 20753XAB0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   4920000 | PA      | $5111437.20   | 1.46%             | 2042-03-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| N/A                      | US 5YR NOTE (CBT) Sep25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       374 | PA      | $423510.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Banque Federative du Credit Mutuel                        | CUSIP: 06675FAY3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1931792.00   | 0.55%             | 2026-10-04      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Default                  | Avis Budget Rental Car 08/20/2031 6.24% 144A              | CUSIP: 05377RKS2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102383.60    | 0.03%             | 2031-08-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20754EAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1781119 | PA      | $941522.74    | 0.27%             | 2043-07-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| N/A                      | US 2YR NOTE (CBT) Sep25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       447 | PA      | $361005.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686KAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $122460.92    | 0.04%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 01/25/2051 VAR% 144A                          | CUSIP: 35564KAH2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $872820.50    | 0.25%             | 2051-01-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20753XAA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1225000 | PA      | $526588.14    | 0.15%             | 2042-03-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 3136BNEW2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  49821831 | PA      | $56714.20     | 0.02%             | 2046-11-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686KAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    432000 | PA      | $142891.03    | 0.04%             | 2028-03-10      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Default                  | Aqua Finance Trust                                        | CUSIP: 038413AA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $183207.93    | 0.05%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Default                  | Can-Pack SA/Canpack US LLC                                | CUSIP: 13805AAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $495582.50    | 0.14%             | 2025-11-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 01/31/2026 4.250%                             | CUSIP: 91282CJV4<br>LEI: N/A | Long             | DBT              | UST               | US        |    525000 | PA      | $524979.53    | 0.15%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Veros Auto Receivables Trust                              | CUSIP: 924933AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3372000 | PA      | $132643.93    | 0.04%             | 2028-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A | CUSIP: 89616PAB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $393736.20    | 0.11%             | 2028-02-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Default                  | Benefit Street Partners 07/15/2037 VAR% 144A              | CUSIP: 08179MAL3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1060000 | PA      | $899558.40    | 0.26%             | 2037-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 11/30/2026 4.25%                              | CUSIP: 91282CLY5<br>LEI: N/A | Long             | DBT              | UST               | US        |    714700 | PA      | $718384.99    | 0.21%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac- Stacr 01/25/2042 VAR%                        | CUSIP: 35564KPU7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $113753.92    | 0.03%             | 2042-01-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Default                  | Flagship Credit Auto Trust                                | CUSIP: 33846QAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    506000 | PA      | $290475.36    | 0.08%             | 2027-09-15      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac- STACR 12/25/2041 VAR% 144A                   | CUSIP: 35564KPP8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $529203.00    | 0.15%             | 2041-12-25      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| Default                  | Avis Budget Rental Car 08/20/2029 5.87% 144A              | CUSIP: 05377RKN3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $141469.72    | 0.04%             | 2029-08-20      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Default                  | Golun Capital Partners 04/25/2034 VAR% 144A               | CUSIP: 38180UAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1100000.00   | 0.32%             | 2034-04-25      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac STACR 10/25/2041 VAR% 144A                    | CUSIP: 35564KKY4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1160000 | PA      | $1069635.19   | 0.31%             | 2041-10-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 06/30/2026 4.625%                         | CUSIP: 91282CKY6<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4023436.00   | 1.15%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 04/25/2029 VAR%                               | CUSIP: 3137G0LU1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    468789 | PA      | $179606.63    | 0.05%             | 2029-04-25      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                  | US TREASURY N/B 11/15/2027 4.125%                         | CUSIP: 91282CLX7<br>LEI: N/A | Long             | DBT              | UST               | US        |   3305800 | PA      | $3336405.10   | 0.96%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS Auto Trust                                            | CUSIP: 12664WAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $498028.95    | 0.14%             | 2030-11-15      | Fixed         | 10.72%                | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac STACR 08/25/2044 VAR% 144A                    | CUSIP: 35564NEC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1520000 | PA      | $1523780.24   | 0.44%             | 2044-08-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Westlake Automobile Receivable                            | CUSIP: 96042WAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1487200 | PA      | $1132891.05   | 0.32%             | 2027-03-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 09/25/2042 VAR% 144A                    | CUSIP: 35564KH44<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2671000 | PA      | $2813738.24   | 0.81%             | 2042-09-25      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Default                  | Prestige Auto Receivables Trust                           | CUSIP: 74113XAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    825600 | PA      | $219850.86    | 0.06%             | 2028-02-15      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 07/25/2044 VAR% 144A                           | CUSIP: 20754XAC7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1104027.10   | 0.32%             | 2044-07-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                  | Voya CLO Ltd 10/18/2031 VAR% 144A                         | CUSIP: 92916XAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    901310 | PA      | $911044.15    | 0.26%             | 2031-10-18      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS Auto Trust                                            | CUSIP: 12663BAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2201920.60   | 0.63%             | 2028-08-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Default                  | Timken Co.                                                | CUSIP: 887389AK0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $501024.50    | 0.14%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 02/25/2042 VAR% 144A                          | CUSIP: 35564KRF8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2600000 | PA      | $2645188.00   | 0.76%             | 2042-02-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Default                  | Ford Holdings LLC 03/01/2030 9.30%                        | CUSIP: 345277AE7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    990000 | PA      | $1124804.34   | 0.32%             | 2030-03-01      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564K2F5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2675000 | PA      | $1077883.09   | 0.31%             | 2043-06-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Default                  | Federated Government Obligations Fund                     | CUSIP: 60934N104<br>LEI: N/A | Long             | STIV             | RF                | US        |  18742872 | NS      | $18742872.11  | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Hubbell, Inc.                                             | CUSIP: 443510AH5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1079000 | PA      | $1053093.21   | 0.30%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 06/25/2043 VAR% 144A                    | CUSIP: 35564K2G3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2750000 | PA      | $2864149.75   | 0.82%             | 2043-06-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Default                  | Trinity Rail Leasing LP                                   | CUSIP: 89657BAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $113666.48    | 0.03%             | 2049-10-18      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAF6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1941250 | PA      | $1934630.34   | 0.55%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac-Star 05/25/2044 Var%                          | CUSIP: 35564NCX9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    916000 | PA      | $665832.94    | 0.19%             | 2044-05-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 03/25/2042 VAR% 144A                           | CUSIP: 20753YCH3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    400000 | PA      | $165921.24    | 0.05%             | 2042-03-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Default                  | Brean Asset Backed 05/25/2065 4.7500% 144A                | CUSIP: 10638GAG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    336000 | PA      | $246835.34    | 0.07%             | 2065-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VANECK VECTORS F         | VanEck Fallen Angel High Yield Bond ETF                   | CUSIP: 92189F437<br>LEI: N/A | Long             | EC               | RF                | US        |     91788 | NS      | $2687552.64   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564K3G2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $608742.53    | 0.17%             | 2043-11-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 3137FGV36<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   5199600 | PA      | $24579.96     | 0.01%             | 2045-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | OZLM Ltd 04/15/2031 VAR% 144A                             | CUSIP: 67112GAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $456771.95    | 0.13%             | 2031-04-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Default                  | Allegro CLO Ltd 01/19/2033 VAR% 144A                      | CUSIP: 01750HAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $530106.00    | 0.15%             | 2033-01-19      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Default                  | Affirm Inc 05/15/2029 6.270% 144A                         | CUSIP: 00834XAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $68004.00     | 0.02%             | 2029-05-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 09/25/2042 VAR%                               | CUSIP: 35564KH36<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $321485.10    | 0.09%             | 2042-09-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Default                  | Crown City CLO 07/15/2037 VAR% 144A                       | CUSIP: 22823EAN8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1069606.57   | 0.31%             | 2037-07-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Default                  | PRA Health Sciences, Inc.                                 | CUSIP: 45569KAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    110000 | PA      | $107341.30    | 0.03%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Tricolor Auto Securitization Fund                         | CUSIP: 89616KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $642325.80    | 0.18%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| Default                  | Arivo Acceptance Auto Loan 03/15/2027 3.770% 144A         | CUSIP: 04047AAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $521141.92    | 0.15%             | 2027-03-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KWS4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   3162500 | PA      | $1287764.99   | 0.37%             | 2042-05-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Default                  | Citigroup Mortgage Loan Trust                             | CUSIP: 17328PAQ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $51152.04     | 0.01%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 05/25/2045 VAR% 144A                          | CUSIP: 35564NHZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    984366 | PA      | $882862.17    | 0.25%             | 2045-05-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 10/15/2028 2.375%                             | CUSIP: 91282CJH5<br>LEI: N/A | Long             | DBT              | UST               | US        |   8000000 | PA      | $8471648.71   | 2.43%             | 2028-10-15      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Sec 05/15/2030 5.18% 144A                        | CUSIP: 52611JAB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1102755.37   | 0.32%             | 2030-05-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS Auto Trust                                            | CUSIP: 12663BAE8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1117361.30   | 0.32%             | 2029-10-15      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | Federal National Mortgage Assoc.                          | CUSIP: 3136BMXV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  27788800 | PA      | $55566.90     | 0.02%             | 2046-02-25      | Floating      | 0.16%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 05/31/2026 4.875%                         | CUSIP: 91282CKS9<br>LEI: N/A | Long             | DBT              | UST               | US        |  10000000 | PA      | $10071480.00  | 2.89%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Ocwen Loan Investment Trust 02/25/2037 3.000% 144A        | CUSIP: 675952AE5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $446533.00    | 0.13%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Venture CDO Ltd  07/15/2032 VAR%                          | CUSIP: 92328XBF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1108250.00   | 0.32%             | 2032-07-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust 09/15/2028 2.650% 144A                | CUSIP: 23344QAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $541743.95    | 0.16%             | 2028-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Default                  | iShares Fallen Angels USD Bond ETF                        | CUSIP: 46435G474<br>LEI: N/A | Long             | EC               | RF                | US        |    130728 | NS      | $3547957.92   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Transamerica Capital II                                   | CUSIP: 893472AA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    825000 | PA      | $845187.75    | 0.24%             | 2026-12-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 03/25/2043 VAR% 144A                          | CUSIP: 35564KP37<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1150000 | PA      | $702381.17    | 0.20%             | 2043-03-25      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 05/25/2044 VAR% 144A                     | CUSIP: 20753GAC5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1105520.90   | 0.32%             | 2044-05-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                  | HCA, Inc.                                                 | CUSIP: 19767QAQ8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    817000 | PA      | $820977.97    | 0.24%             | 2025-09-15      | Fixed         | 7.58%                 | No            |                  2 | On Loan: No      |
| Default                  | Angel Oak Mortgage Trust                                  | CUSIP: 03465CAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $44782.53     | 0.01%             | 2066-01-25      | Fixed         | 0.91%                 | No            |                  2 | On Loan: No      |
| Default                  | JP Morgan Mortgage Trust                                  | CUSIP: 46643KAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $36577.26     | 0.01%             | 2029-10-25      | Floating      | 2.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Crossroads Asset Trusts 08/20/2032 8.32% 144A             | CUSIP: 22767VAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $274937.14    | 0.08%             | 2032-08-20      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Pagaya AI Debt Selection Trust 07/15/2031 VAR% 144A       | CUSIP: 69548RAC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $555411.28    | 0.16%             | 2031-07-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP              | Steel Dynamics, Inc.                                      | CUSIP: 858119BF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    813000 | PA      | $812068.30    | 0.23%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 3136AJGA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  13817854 | PA      | $69094.59     | 0.02%             | 2042-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20754LAB5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    684241 | PA      | $689771.04    | 0.20%             | 2026-12-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                  | Exter Automobile Rec 04/15/2027 1.400%                    | CUSIP: 30165XAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1756950 | PA      | $806299.04    | 0.23%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Default                  | Gov. National Mortgage 11/20/2051 3.00%                   | CUSIP: 38383DP36<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  11929408 | PA      | $1610335.67   | 0.46%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 06/25/2042 VAR% 144A                           | CUSIP: 20754MCB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    950000 | PA      | $1012768.40   | 0.29%             | 2042-06-25      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Veros Auto Receivables Trust 11/15/2028 8.320% 144A       | CUSIP: 924933AC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1001000 | PA      | $1026590.57   | 0.29%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 30711XY32<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1090235.00   | 0.31%             | 2031-01-25      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Default                  | Saratoga Invest Corp 04/20/2033 Var% 144A                 | CUSIP: 80349BBF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $558250.00    | 0.16%             | 2033-04-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Default                  | Ally Financial Inc Perpetual                              | CUSIP: 02005NBM1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    275000 | PA      | $265516.08    | 0.08%             | 2057-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 05/25/2044 VAR% 144A                    | CUSIP: 35564NDA8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1105146.90   | 0.32%             | 2044-05-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                  | Domtar Corp.                                              | CUSIP: 70478JAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $90587.50     | 0.03%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Energen Corp 02/15/2028 7.125%                            | CUSIP: 29265AAS5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    525000 | PA      | $550697.18    | 0.16%             | 2028-02-18      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Santander Drive Auto Receivables Trust                    | CUSIP: 80287EAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1720000 | PA      | $392289.49    | 0.11%             | 2027-09-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| Default                  | SCF Equipment Trust LLC                                   | CUSIP: 784033AL6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $492391.00    | 0.14%             | 2032-07-20      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Default                  | AMN Healthcare, Inc.                                      | CUSIP: 00175PAB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    110000 | PA      | $106998.65    | 0.03%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                  | ING Groep NV                                              | CUSIP: 456837AH6<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1990582.00   | 0.57%             | 2027-03-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Default                  | Celanese US Holdings 07/15/2032 6.629%                    | CUSIP: 15089QAP9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    275000 | PA      | $288302.30    | 0.08%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 01/25/2042 VAR% 144A                          | CUSIP: 35564KPV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    720000 | PA      | $727120.80    | 0.21%             | 2042-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754AAB9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2210000 | PA      | $2223127.40   | 0.64%             | 2041-12-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                  | Research-Driven Pagaya Motor 03/25/2032 7.540% 144A       | CUSIP: 76088UAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $148034.75    | 0.04%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQC6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1350000 | PA      | $1374475.50   | 0.39%             | 2042-01-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Default                  | Ocwen Loan Investment Trust 02/25/2037 3.000% 144A        | CUSIP: 675952AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $182400.00    | 0.05%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | BreanAsset Backed Sec 01/25/2065 5.0000% 144A             | CUSIP: 10638FAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    412500 | PA      | $397732.50    | 0.11%             | 2065-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Toll Bros Finance Corp.                                   | CUSIP: 88947EAS9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003286.00   | 0.29%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Atlas Senior Loan Fund LTD 04/22/2031 VAR% 144A           | CUSIP: 04942VBA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    559000 | PA      | $563080.70    | 0.16%             | 2031-04-22      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Default                  | Voya CLO Ltd 10/15/2037 VAR% 144A                         | CUSIP: 92944YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1375000 | PA      | $1374312.50   | 0.39%             | 2037-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Securitization Trust                             | CUSIP: 525931AB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $325217.58    | 0.09%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                  | X-Caliber Funding LLC                                     | CUSIP: 98373XBD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $687208.82    | 0.20%             | 2025-11-15      | Fixed         | 8.58%                 | No            |                  2 | On Loan: No      |
| Default                  | Hecla Mining CO 02/15/2028 7.25%                          | CUSIP: 422704AH9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    350000 | PA      | $352741.55    | 0.10%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Default                  | First Investors Auto Owner Trust                          | CUSIP: 32057KAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $493475.00    | 0.14%             | 2029-06-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Default                  | Q0RV0 Inc 04/01/2031 3.375% 144A                          | CUSIP: 74736KAJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1213000 | PA      | $1093836.09   | 0.31%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                  | The Goldman Sachs Group, Inc.                             | CUSIP: 38144GAG6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $489489.00    | 0.14%             | 2164-07-21      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 03/25/2042 VAR% 144A                          | CUSIP: 35564KTJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    250000 | PA      | $265300.00    | 0.08%             | 2042-03-25      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Default                  | JP Morgan Mortgage Trust                                  | CUSIP: 46591LAC5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $34293.27     | 0.01%             | 2050-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Credit Suisse Mortgage Trust                              | CUSIP: 12648HBE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2989000 | PA      | $447860.89    | 0.13%             | 2044-04-25      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| Default                  | Mastec Inc 08/15/2029 6.625% 144A                         | CUSIP: 576323AQ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $550000.00    | 0.16%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686GAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1777050 | PA      | $512989.01    | 0.15%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Receivables Trust                                | CUSIP: 36260CAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $319361.63    | 0.09%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KHE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    135026 | PA      | $45706.06     | 0.01%             | 2034-01-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury                                               | CUSIP: 912828Z78<br>LEI: N/A | Long             | DBT              | UST               | US        |   1107000 | PA      | $1067778.99   | 0.31%             | 2027-01-31      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Sofi Consumer Loan Pro 06/25/2034 4.82% 144A              | CUSIP: 83407HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $550862.40    | 0.16%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust                                       | CUSIP: 23345AAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $365965.64    | 0.10%             | 2028-03-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Rec 10/15/2027 2.48% 144A                        | CUSIP: 36263DAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    675000 | PA      | $572376.75    | 0.16%             | 2027-10-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Default                  | ICG US CLO Ltd 01/15/2031 VAR                             | CUSIP: BCC2FMLA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $532014.00    | 0.15%             | 2031-01-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Santander Drive Auto Receivables Trust                    | CUSIP: 80286XAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $118886.31    | 0.03%             | 2027-07-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac- STACR 11/25/2041 VAR% 144A                   | CUSIP: 35564KMH9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1221685 | PA      | $1230411.50   | 0.35%             | 2041-11-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Crossroads Asset Trusts 08/20/2030 5.90%                  | CUSIP: 227927AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $200475.57    | 0.06%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Default                  | Zais Matrix 04/15/2032 VAR%                               | CUSIP: 98888BBN5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $524940.00    | 0.15%             | 2032-04-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Receivables Trust 10/15/2027 3.510% 144A         | CUSIP: 36261EAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    357500 | PA      | $264119.26    | 0.08%             | 2027-10-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Default                  | BorgWarner, Inc.                                          | CUSIP: 099724AC0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $647692.80    | 0.19%             | 2029-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Synchrony Bank                                            | CUSIP: 87166FAD5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $599878.20    | 0.17%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Default                  | Velocity Commercial Capital                               | CUSIP: 92259HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $183261.57    | 0.05%             | 2053-11-25      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Default                  | Tallgrass NRG PRTNR/FIN 01/15/2028 5.50% 144A             | CUSIP: 87470LAD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $497063.50    | 0.14%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust                                       | CUSIP: 23345EAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1332000 | PA      | $264424.15    | 0.08%             | 2027-02-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Societe Generale SA                                       | CUSIP: 83367TBR9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.07%             | 2025-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                  | iShares BB Rated Corporate Bond ETF                       | CUSIP: 46435U473<br>LEI: N/A | Long             | EC               | RF                | US        |     73007 | NS      | $3431329.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Generate CLO Ltd 07/22/2037 VAR% 144A                     | CUSIP: 37148XAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3200000 | PA      | $2394000.00   | 0.69%             | 2037-07-22      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Phillips 66 Partners LP                                   | CUSIP: 718549AF5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    540000 | PA      | $516441.96    | 0.15%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Generate CLO 07/20/2037 VAR% 144A                         | CUSIP: 37148BAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1091343.75   | 0.31%             | 2037-07-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Default                  | Bank of America Corp.                                     | CUSIP: 060505GB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    125000 | PA      | $122653.50    | 0.04%             | 2164-06-19      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KRE1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    580000 | PA      | $146942.77    | 0.04%             | 2042-02-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Default                  | ZAIS CLO 01/20/2032 VAR%                                  | CUSIP: 98887YAQ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $532438.00    | 0.15%             | 2032-01-20      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Default                  | OSCAR US Funding Trust 04/10/2028 1.000% 144A             | CUSIP: 68785AAD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $227379.99    | 0.07%             | 2028-04-10      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                  | TransCanada Pipelines Ltd.                                | CUSIP: 89352LAG5<br>LEI: N/A | Long             | DBT              | CORP              | CA        |   1150000 | PA      | $1270825.90   | 0.36%             | 2029-06-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                  | Eagle Pt Income Co Inc Pfd B                              | CUSIP: 269817300<br>LEI: N/A | Long             | EP               | CORP              | US        |     11122 | NS      | $277939.89    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Freddie Mac Stacr 04/25/2043 VAR%                         | CUSIP: 35564KT66<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $942987.60    | 0.27%             | 2043-04-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Default                  | SMB Private Education Loan Trust                          | CUSIP: 78449UAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $645613.90    | 0.18%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Default                  | Citigroup, Inc.                                           | CUSIP: 172967MU2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $496476.50    | 0.14%             | 2164-06-19      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Nissan Motor Acc  03/09/2028 2.75% 144A                   | CUSIP: 654740BT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    350000 | PA      | $319509.75    | 0.09%             | 2028-03-09      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Default                  | COMM Mortgage Trust                                       | CUSIP: 20048KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     65000 | PA      | $19988.48     | 0.01%             | 2033-09-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Default                  | Santander Bank Auto 08/16/2032 11.91% 144A                | CUSIP: 80290CBB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $387161.53    | 0.11%             | 2032-08-16      | Fixed         | 11.91%                | No            |                  2 | On Loan: No      |
| Default                  | Hasbro, Inc.                                              | CUSIP: 418056AH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    798000 | PA      | $839865.47    | 0.24%             | 2028-07-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Default                  | Alliance Res Op/Finance 06/15/29 8.625% 144A              | CUSIP: 01879NAC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $584582.90    | 0.17%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Pagaya AI Debt Selection Trust                            | CUSIP: 69546LAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $2237.03      | 0.00%             | 2029-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae Cas 02/25/20244 VAR% 144A                      | CUSIP: 20754GAE0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1109260.90   | 0.32%             | 2044-02-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 207942AA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    720214 | PA      | $410770.01    | 0.12%             | 2043-06-25      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Default                  | Avid Automobile Receivables Trust                         | CUSIP: 05368QAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $903645.90    | 0.26%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    962500 | PA      | $890444.36    | 0.26%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KYN3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |     70000 | PA      | $30221.31     | 0.01%             | 2042-06-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Default                  | Sound Point CLO LTD 07/18/2031 VAR% 144A                  | CUSIP: 83607EAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $536466.00    | 0.15%             | 2031-07-18      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Receivables 04/17/2028 6.15% 144A                | CUSIP: 36265NAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1614225.60   | 0.46%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust 03/15/2029 5.53% 144A                 | CUSIP: 23345YAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $996314.00    | 0.29%             | 2029-03-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Default                  | FANNIE MAE - CAS 11/25/2039 VAR% 144A                     | CUSIP: 20754PAC4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   5000000 | PA      | $107648.11    | 0.03%             | 2039-11-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564NAA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1160680.40   | 0.33%             | 2043-11-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 3136AAL86<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $85256.36     | 0.02%             | 2032-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Receivables Trust                       | CUSIP: 30167JAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1695000 | PA      | $1322534.27   | 0.38%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 11/30/2028 4.375%                             | CUSIP: 91282CJN2<br>LEI: N/A | Long             | DBT              | UST               | US        |   2101000 | PA      | $2144742.82   | 0.61%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | X-Caliber Funding LLC 08/04/2027 12.000% 144A             | CUSIP: 98373XBP4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $553351.70    | 0.16%             | 2027-08-04      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust                                       | CUSIP: 23344QAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $692483.38    | 0.20%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 02/25/2030 VAR%                                | CUSIP: 30711XSX3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    850000 | PA      | $245168.60    | 0.07%             | 2030-02-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANKSHARE | First Citizens Bancshare                                  | CUSIP: 31959XAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1032071.00   | 0.30%             | 2164-06-19      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Default                  | TREASURY 08/31/2026 3.75%                                 | CUSIP: 91282CLH2<br>LEI: N/A | Long             | DBT              | UST               | US        |  62902500 | PA      | $62752603.34  | 17.98%            | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Verus Securitization Trust                                | CUSIP: 92537MAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2365000 | PA      | $124809.93    | 0.04%             | 2059-11-25      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Default                  | Volkswagen Auto 03/20/2026 4.451%                         | CUSIP: 92868MAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $400882.00    | 0.11%             | 2026-03-20      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 07/25/2043 VAR% 144A                           | CUSIP: 20754EAB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1032190.00   | 0.30%             | 2043-07-25      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564K3F4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    550000 | PA      | $504656.48    | 0.14%             | 2043-11-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 07/15/2027 4.375%                         | CUSIP: 91282CKZ3<br>LEI: N/A | Long             | DBT              | UST               | US        |   1800000 | PA      | $1822429.80   | 0.52%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Amer. Credit Accept. Receivables Trust                    | CUSIP: 02530BAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $427693.09    | 0.12%             | 2028-06-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                  | Sequoia Mortgage Trust                                    | CUSIP: 81748AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $80901.36     | 0.02%             | 2050-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Energy Transfer LP                                        | CUSIP: 29273VAJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $597206.40    | 0.17%             | 2028-02-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                  | EPR Properties                                            | CUSIP: 26884UAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    220000 | PA      | $219572.32    | 0.06%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Sec 07/15/2026 4.759% 144A                       | CUSIP: 52611JAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    695000 | PA      | $695081.45    | 0.20%             | 2026-07-15      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 08/25/2028 VAR%                                | CUSIP: 30711XBM5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    485000 | PA      | $43863.86     | 0.01%             | 2028-08-25      | Floating      | 11.17%                | No            |                  2 | On Loan: No      |
| Default                  | US Treasury                                               | CUSIP: 91282CJP7<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $5037305.00   | 1.44%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Saluda Grade Alternative Mortgage Trust                   | CUSIP: 79582GAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $524812.26    | 0.15%             | 2053-06-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047EAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $73725.32     | 0.02%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Default                  | Tricolor Auto 01/16/2029 5.12%                            | CUSIP: 89617QAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1101183.60   | 0.32%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Reliance Steel & Aluminum Co.                             | CUSIP: 759509AF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995514.00    | 0.29%             | 2025-08-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35566CAH8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $460137.14    | 0.13%             | 2050-12-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Default                  | ARTFI 12/22/2031 VAR% 144A                                | CUSIP: 83589CAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $520382.20    | 0.15%             | 2031-12-22      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14687HAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $140698.08    | 0.04%             | 2028-09-11      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Default                  | United Auto Credit Securitization Trust                   | CUSIP: 90944DAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $617503.78    | 0.18%             | 2028-11-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Horizon Bancorp 07/01/2030 Var%                           | CUSIP: 440407AA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $549868.00    | 0.16%             | 2030-07-01      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Flagship Credit Auto 09/15/2028 3.16% 144A                | CUSIP: 33844WAJ9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1104119.60   | 0.32%             | 2028-09-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Foursight Capital Automobile Recei Trust                  | CUSIP: 35105JAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $595588.20    | 0.17%             | 2028-05-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 08/25/2028 VAR%                                | CUSIP: 30711XBU7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   3855000 | PA      | $280817.07    | 0.08%             | 2028-08-25      | Floating      | 11.37%                | No            |                  2 | On Loan: No      |
| Default                  | Nova Chemicals Corp 06/01/2027 5.25% 144A                 | CUSIP: 66977WAR0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $497385.50    | 0.14%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Lobel Automobile Receivables Trust                        | CUSIP: 53949FAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $30377.29     | 0.01%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| Default                  | General Motors Financial Co.                              | CUSIP: 37045XCA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $493473.50    | 0.14%             | 2027-09-30      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Ballyrock Ltd 07/20/2037 VAR% 144A                        | CUSIP: 05874XAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $748125.00    | 0.21%             | 2037-07-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Default                  | GCAT Trust                                                | CUSIP: 36167YAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $106998.40    | 0.03%             | 2066-08-25      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Default                  | SBL Holdings, Inc.                                        | CUSIP: 78432MAA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $594841.80    | 0.17%             | 2026-11-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                  | United Auto Credit Securtization Trust                    | CUSIP: 90944KAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $283034.40    | 0.08%             | 2029-04-10      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Default                  | Helmerich & Payne Inc 12/01/2029 4.85% 144A               | CUSIP: 423452AJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1048895.10   | 0.30%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20754MBZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1104000 | PA      | $550341.07    | 0.16%             | 2042-06-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 09/30/2026 3.50%                              | CUSIP: 91282CLP4<br>LEI: N/A | Long             | DBT              | UST               | US        |    317000 | PA      | $315365.55    | 0.09%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Upstart Securitization 06/20/2033 7.92% 144A              | CUSIP: 91683VAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $555993.90    | 0.16%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Default                  | Targa Resources Partners LP                               | CUSIP: 87612BBQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $507439.00    | 0.15%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-05

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer