# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-26-012082
**Filing Date:** 2026-6
**Character Count:** 136331
**Document Hash:** 3db26832e90f03c3a8f2d2b8ed462fa3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012082.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001999371-26-012082

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 261064497

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

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

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

## Series and Classes Contracts Data

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

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

### Curasset Capital Management Limited Term Income Fund (Series ID: S000073807)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000231001 | Founders Class | CMIFX           |

?xml version='1.0' encoding='ASCII'? curasset_tsr

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22172 |
| Exact name of registrant as specified in charter: | World Funds Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | September 30 |
| Date of reporting period: | March 31, 2026 |
|  | Curasset Capital Management Core Bond Fund and Curasset Capital Management Limited Term Income Fund ("Curasset Capital Funds") |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

**Curasset Capital Management Core Bond Fund** Tailored Shareholder Report**

**semi-annual shareholder reportMarch 31, 2026**<br> **Curasset Capital Management Core Bond Fund**<br> **Founders Class Shares**<br> Ticker: CMBEX<br>

This semi-annual shareholder report contains important information about the Curasset Capital Management Core Bond Fund, Founders Class Shares for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.curassetfunds.com/core-bond-fund. You can also request this information by contacting us at (800) 673-0550.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Founders Class** | $18 | 0.36%¹ |

---

<sup>¹</sup> Annualized.

**How did the Fund perform?**

For the period of October 1, 2025, to March 31, 2026, the Curasset Capital Management Core Bond Fund Founders Class Shares (the "Fund"), returned 0.88%, which underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 1.05% during the same period.

Out-of-benchmark holdings in Agency credit risk transfer securities and collateralized loan obligations contributed to relative performance. Exclusion of Agency mortgages and yield curve positioning detracted from returns.

**Cumulative Performance**

(based on a hypothetical $10,000 investment)

![line](qes1d6uen1mp2yervv.jpg)

<sup>\*</sup> Inception

**Annual Performance**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Average Annual**<br> **Toftal Return**<br> **Since Inception** |
| **Curasset Capital Management Core Bond Fund -**<br> **Founders Class Shares** | 3.65% | 1.07% |
| **Bloomberg US Aggregate Bond Index** | 4.35% | -0.15% |

---

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes treasuries, government-related and corporate securities, MBS, ABS and CMBS

Visit www.curassetfunds.com/core-bond-fund for more recent performance information.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**Curasset Capital Management Core Bond Fund** Tailored Shareholder Report**

**Sector Breakdown**

**Asset Backed Bonds**

![bar](qesf83i3s1mp5frg1h.jpg)

**Corporate Bonds**

![bar](qesf83i3s1mp5g2q7g.jpg)

**Portfolio Composition**

![bar](qesf83i3s1mp5fs5cf.jpg)

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Net Assets** | $288054305 |
| **Number of Holdings** | 267 |
| **Total Net Advisory Fee** | $340594 |
| **Portfolio Turnover Rate** | 1.64% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.curassetfunds.com/core-bond-fund.**

**What did the Fund invest in?**

(% of Net Assets as of March 31, 2026)

**Curasset Capital Management Core Bond Fund** Tailored Shareholder Report**

**semi-annual Shareholder Report March 31, 2026**<br> **Curasset Capital Management Core Bond Fund**<br> **Institutional Class Shares**<br> Ticker: CMBIX<br>

This semi-annual shareholder report contains important information about the Curasset Capital Management Core Bond Fund, Institutional Class Shares for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.curassetfunds.com/core-bond-fund. You can also request this information by contacting us at (800) 673-0550.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Institutional Class** | $25 | 0.51%¹ |

---

<sup>¹</sup> Annualized.

**How did the Fund perform?**

For the period of October 1, 2025, to March 31, 2026, the Curasset Capital Management Core Bond Fund Institutional Class Shares (the "Fund"), returned 0.81%, which underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 1.05% during the same period.

Out-of-benchmark holdings in Agency credit risk transfer securities and collateralized loan obligations contributed to relative performance. Exclusion of Agency mortgages and yield curve positioning detracted from returns.

**Cumulative Performance**

(based on a hypothetical $100,000 investment)

![line](qesaf1mp2wijwo.jpg)

<sup>\*</sup> Inception

**Annual Performance**

---

| | |
|:---|:---|
|  | **Average Annual Total Returns Since Inception** |
| **Curasset Capital Management Core Bond Fund - Institutional Class Shares** | 3.05% |
| **Bloomberg US Aggregate Bond Index** | 3.98% |

---

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes treasuries, government-related and corporate securities, MBS, ABS and CMBS

Visit www.curassetfunds.com/core-bond-fund for more recent performance information.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**Curasset Capital Management Core Bond Fund** Tailored Shareholder Report**

**Sector Breakdown**

**Asset Backed Bonds**

![bar](qesf83i3s1mp5frg1h.jpg)

**Corporate Bonds**

![bar](qesf83i3s1mp5g2q7g.jpg)

**Portfolio Composition**

![bar](qesf83i3s1mp5fs5cf.jpg)

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Net Assets** | $288054305 |
| **Number of Holdings** | 267 |
| **Total Net Advisory Fee** | $340594 |
| **Portfolio Turnover Rate** | 1.64% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.curassetfunds.com/core-bond-fund.**

**What did the Fund invest in?**

(% of Net Assets as of March 31, 2026)

**Curasset Capital Management Limited Term Income Fund** Tailored Shareholder Report**

**semi-annual Shareholder Report March 31, 2026**<br> **Curasset Capital Management Limited Term Income Fund**<br> **Founders Class Shares**<br> Ticker: CMIFX<br>

This semi-annual shareholder report contains important information about the Curasset Capital Management Limited Term Income Fund, Founders Class Shares for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.curassetfunds.com/limited-term-income. You can also request this information by contacting us at (800) 673-0550.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Founders Class** | $22 | 0.44%¹ |

---

<sup>¹</sup> Annualized.

**How did the Fund perform?**

For the period of October 1, 2025, to March 31, 2026, the Curasset Capital Management Limited Term Income Fund Founders Class Shares (the "Fund"), returned 1.48%. This performance outperformed that of its broad-based benchmark, the Bloomberg Aggregate Bond Index, which returned 1.05%, and slightly underperformed the return of its secondary index, the Bloomberg US 1–3 Year Bond Index, which returned 1.53%, over the same period.

Out-of-benchmark holdings in Agency credit risk transfer securities and collateralized loan obligations contributed to relative performance. Exclusion of Agency mortgages and yield curve positioning detracted from returns.

**Cumulative Performance**

(based on a hypothetical $10,000 investment)

![line](qes1d6uen1mp2xffvi.jpg)

<sup>\*</sup> Inception

**Annual Performance**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Average Annual**<br> **Total Return**<br> **Since Inception** |
| **Curasset Capital Management Limited Term**<br> **Income Fund - Founders Class** | 4.21% | 3.22% |
| **Bloomberg US Aggregate Bond Index** | 4.35% | -0.15% |
| **Bloomberg US 1-3 Year Bond Index** | 4.45% | 2.96% |

---

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes treasuries, government-related and corporate securities, MBS, ABS and CMBS.

The Bloomberg US 1–3 Year Bond Index measures the performance of investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related debt with maturities of at least one year and less than three years.

Visit www.curassetfunds.com/limited-term-income for more recent performance information.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**Curasset Capital Management Limited Term Income Fund** Tailored Shareholder Report**

**Sector Breakdown**

**Asset Backed Bonds**

![bar](qespblfz1mp5fy7l9.jpg)

**Corporate Bonds**

![bar](qesf83i3s1mp5g1a1b.jpg)

**Portfolio Composition**

![bar](qesf83i3s1mp5g03s0.jpg)

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Net Assets** | $364991059 |
| **Number of Holdings** | 252 |
| **Total Net Advisory Fee** | $585034 |
| **Portfolio Turnover Rate** | 1.76% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.curassetfunds.com/limited-term-income.**

**What did the Fund invest in?**

(% of Net Assets as of March 31, 2026)

ITEM 1. (b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The Registrant's Schedule of
 Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Curasset Capital Management, LLC

**Curasset Capital Management Core Bond Fund**

**Curasset Capital Management Limited Term Income Fund**

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

Six Months Ended March 31, 2026 (unaudited)

**1**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **34.07%** | **ASSET BACKED BONDS** |  |  |
| **6.02%** | **AUTOMOTIVE** |  |  |
|  | Arivo Acceptance Auto Loan Receivables Trust 02/15/2029 <br>7.700% 144A  | $675000 <br>| $688960 <br>|
|  | Arivo Acceptance Auto Loan Receivables Trust 03/15/2029 9.840% 144A  | 500000 | 519190 |
|  | Avid Automobile Receivables Trust 12/15/2027 7.350% 144A  | 229962 | 230423 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 144A  | 110000 | 110843 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240%^ 144A  | 100000 | 101888 |
|  | Bridgecrest Lending Auto Securitization Trust 10/16/2028 5.370%  | 1350000 | 1353811 |
|  | Carmax Auto Owner Trust 04/16/2029 8.080%  | 1000000 | 1026915 |
|  | Carvana Auto Receivables Trust 01/10/2031 4.740%  | 450000 | 447784 |
|  | Carvana Auto Receivables Trust 12/11/2028 4.130% 144A  | 276188 | 274023 |
|  | Carvana Auto Receivables Trust 03/10/2028 2.900% 144A  | 27309 | 26849 |
|  | Carvana Auto Receivables Trust 03/10/2028 1.070%  | 49795 | 48898 |
|  | Carvana Auto Receivables Trust 03/10/2028 0.970%  | 40820 | 40471 |
|  | Carvana Auto Receivables Trust 04/10/2028 5.080%  | 2000000 | 2010908 |
|  | CPS Auto Trust 10/15/2029 7.140% 144A  | 900000 | 909910 |
|  | CPS Auto Trust 11/15/2030 10.720% 144A  | 300000 | 325251 |
|  | CPS Auto Trust 08/15/2028 5.190% 144A  | 505778 | 506128 |
|  | DT Auto Owner Trust 12/15/2027 3.400%^ 144A  | 139472 | 139276 |
|  | Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A  | 787500 | 770119 |
|  | Exeter Automobile Receivables Trust 06/15/2027 1.550%  | 249870 | 248143 |
|  | Exeter Automobile Receivables Trust 06/15/2028 3.020%  | 315811 | 314874 |
|  | Exeter Automobile Receivables Trust 07/17/2028 4.560%  | 263559 | 263133 |

---

**2**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | First Investors Auto Owner Trust 06/15/2029 5.410% 144A  | $500000 <br>| $497823 <br>|
|  | Flagship Credit Auto Trust 07/16/2029 5.640% 144A  | 1350000 | 1353688 |
|  | GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A  | 83269 | 83175 |
|  | GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A  | 756541 | 760849 |
|  | Lad Auto Receivables Trust 04/15/2030 6.850% 144A  | 429701 | 432347 |
|  | Lendbuzz Securitization Trust 12/15/2028 7.500% 144A  | 119454 | 121400 |
|  | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A  | 161981 | 162934 |
|  | Lendbuzz Securitization Trust 05/15/2030 5.180% 144A  | 770867 | 773575 |
|  | Switch ABS Issuer LLC 06/25/2054 6.200% 144A  | 450000 | 442916 |
|  | Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A  | 819812 | 549274 |
|  | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A  | 630000 | 441000 |
|  | Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A  | 400000 | 168000 |
|  | United Auto Credit Securitization Trust 11/10/2028 5.000% 144A  | 199439 | 199037 |
|  | United Auto Credit Securitization Trust 04/10/2029 10.000% 144A  | 400000 | 169985 |
|  | Veros Auto Receivables Trust 11/15/2028 8.320% 144A  | 819000 | 830894 |
|  |  |  | 17344694 |
| **23.40%** | **MORTGAGE BACKED** |  |  |
|  | Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A  | 337500 | 327412 |
|  | Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A  | 274746 | 215936 |
|  | Brean Asset Backed Securities Trust 07/25/2065 4.500% 144A  | 486044 | 420852 |
|  | COMM Mortgage Trust 09/15/2033 6.146%^ 144A  | 55000 | 16495 |

---

**3**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Connecticut Avenue Securities Trust 10/25/2041 6.762%^ 144A  | $900000 <br>| $908518 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.100%) |  |  |
| Connecticut Avenue Securities Trust 02/25/2044 5.462%^ 144A  | 900000 | 900279 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%) |  |  |
| Connecticut Avenue Securities Trust 03/25/2042 7.162%^ 144A  | 3000000 | 3057981 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.500%) |  |  |
| Connecticut Avenue Securities Trust 05/25/2044 5.312%^ 144A  | 900000 | 898879 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.650%) |  |  |
| Connecticut Avenue Securities Trust 07/25/2044 5.362%^ 144A  | 861334 | 862611 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.700%) |  |  |
| Federal Home Loan Bank 04/20/2029 4.000%  | 5000000 | 4983320 |
| Federal Home Loan Mortgage Corp. 01/25/2034 5.312%^ 144A  | 16829 | 16829 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.650%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 7.062%^ 144A  | 100000 | 101821 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.400%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 6.162%^ 144A  | 1250000 | 1259375 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.500%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 5.512%^ 144A  | 650000 | 653176 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average<br> SOFR + 1.850%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2051 5.462%^ 144A  | 318245 | 319196 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%) |  |  |

---

**4**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 10/25/2041 5.162%^ 144A  | $749862 <br>| $750562 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.500%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2041 5.462%^ 144A  | 477000 | 478187 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 5.512%^ 144A  | 2000554 | 2014513 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.850%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 7.012%^ 144A  | 1800000 | 1877074 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average<br> SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 12/25/2041 10.662%^ 144A  | 1400000 | 1443777 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 7.000%) |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 6.062%^ 144A  | 1400000 | 1412211 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average<br>SOFR + 2.400%) |  |  |
| Federal Home Loan Mortgage Corp. 10/25/2044 5.112%^ 144A  | 465671 | 465382 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.450%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2041 7.312%^ 144A  | 450444 | 457482 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.650%) |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2045 4.812%^ 144A  | 452693 | 452891 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average<br>SOFR + 1.150%) |  |  |
| Federal Home Loan Mortgage Corp. 08/25/2044 4.912%^ 144A  | 1057500 | 1058483 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.250%) |  |  |
| Federal National Mortgage Assoc. 01/25/2044 5.462%^ 144A  | 900000 | 907003 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%) |  |  |

---

**5**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 12/25/2041 9.662%^ 144A  | $900000 <br>| $923262 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 6.000%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2042 7.162%^ 144A  | 500000 | 511477 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.500%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2042 8.912%^ 144A  | 250000 | 258672 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 5.250%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2043 5.761%^ 144A  | 508125 | 512879 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.100%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2052 8.662%^ 144A  | 900000 | 945750 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 5.000%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2042 6.562%^ 144A  | 586000 | 596495 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.900%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 5.762%^ 144A  | 724834 | 731385 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.100%)  |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 6.912%^ 144A  | 1200000 | 1245294 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.250%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/15/2027 3.000%  | 221532 | 2427 |
| Federal Home Loan Mortgage Corp. 05/25/2042 5.862%^ 144A  | 689192 | 694537 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.200%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2042 7.012%^ 144A  | 1800000 | 1838250 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.350%) |  |  |

---

**6**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 05/25/2043 5.662%^ 144A  | $279129 <br>| $280483 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.000%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2043 7.162%^ 144A  | 900000 | 939631 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.500%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 5.362%^ 144A  | 900000 | 899442 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.700%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2045 4.862%^ 144A  | 378182 | 377710 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.200%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2042 10.412%^ 144A  | 1000000 | 1060180 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 6.750%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 5.662%^ 144A  | 237182 | 237254 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 7.012%^ 144A  | 2250000 | 2297682 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.350%)  |  |  |
| Federal Home Loan Mortgage Corp. 08/25/2044 5.462%^ 144A  | 2180000 | 2184092 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%)  |  |  |
| Federal Home Loan Mortgage Corp. 09/25/2042 5.812%^ 144A  | 136626 | 136905 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.150%)  |  |  |
| Federal Home Loan Mortgage Corp. 09/25/2042 7.362%^ 144A  | 2000000 | 2062500 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.700%)  |  |  |
| Federal National Mortgage Assoc. 03/25/2045 5.912%^ 144A  | 900000 | 908571 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.250%)  |  |  |

---

**7**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 07/25/2045 5.262%^ 144A  | $450000 <br>| $451390 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.600%) |  |  |
| Federal National Mortgage Assoc. 01/25/2031 8.026%  | 534000 | 579132 |
| Federal National Mortgage Assoc. 01/25/2043 5.962%^ 144A  | 244734 | 250635 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.300%) |  |  |
| Federal National Mortgage Assoc. 10/25/2041 5.212%^ 144A  | 150874 | 150970 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.550%) |  |  |
| Federal National Mortgage Assoc. 10/25/2043 5.162%^ 144A  | 331356 | 331459 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.500%) |  |  |
| Federal National Mortgage Assoc. 11/25/2046 0.114%  | 17791353 | 32078 |
| Federal National Mortgage Assoc. 12/25/2032 2.000%  | 51917 | 48887 |
| Federal National Mortgage Assoc. 12/25/2041 5.562%^ 144A  | 250000 | 250853 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 12/25/2041 5.312%^ 144A  | 990013 | 991528 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.650%) |  |  |
| Federal National Mortgage Assoc. 12/25/2042 6.062%^ 144A  | 1033925 | 1059506 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.400%) |  |  |
| Federal National Mortgage Assoc. 02/25/2046 0.164%  | 12785146 | 38880 |
| Federal National Mortgage Assoc. 02/25/2047 0.114%  | 12634755 | 30020 |
| Federal National Mortgage Assoc. 04/25/2042 6.662%^ 144A  | 1000000 | 1014217 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.000%) |  |  |

---

**8**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 04/25/2042 5.562%^ 144A  | $98144 <br>| $98208 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 04/25/2043 6.162%^ 144A  | 236357 | 238263 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.500%) |  |  |
| Federal National Mortgage Assoc. 05/25/2042 6.412%^ 144A  | 354302 | 359892 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.750%) |  |  |
| Federal National Mortgage Assoc. 06/25/2042 6.612%^ 144A  | 359203 | 364533 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.950%) |  |  |
| Federal National Mortgage Assoc. 06/25/2043 5.562%^ 144A  | 169363 | 170101 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 07/25/2042 7.262%^ 144A  | 2110000 | 2172388 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.600%) |  |  |
| Federal National Mortgage Assoc. 07/25/2042 6.212%^ 144A  | 858938 | 871356 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.550%) |  |  |
| Federal National Mortgage Assoc. 07/25/2043 5.362%^ 144A  | 122475 | 122666 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.700%) |  |  |
| Federal National Mortgage Assoc. 08/25/2042 3.500%  | 291524 | 41222 |
| Federal National Mortgage Assoc. 09/25/2042 6.162%^ 144A  | 162125 | 163667 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.500%) |  |  |
| Federal National Mortgage Assoc. 12/25/2041 6.812%^ 144A  | 1600000 | 1614443 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.150%) |  |  |
| Federal National Mortgage Assoc. 02/25/2037 1.500%  | 7091068 | 371778 |

---

**9**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 04/25/2043 7.562%^ 144A  | $1900000 <br>| $1989245 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.900%) |  |  |
| Federal National Mortgage Assoc. 06/25/2042 8.312%^ 144A  | 850000 | 883201 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 4.650%) |  |  |
| Finance of America Structured Securities Trust 03/25/2056 <br>3.500% 144A  | 900000 | 867531 |
| Government National Mortgage Assoc. 10/20/2052 5.000%  | 619367 | 621454 |
| Government National Mortgage Assoc. 11/20/2051 3.000%  | 7105061 | 1294535 |
| Greensky Home Improvement Issuer Trust 06/25/2060 4.930% 144A  | 107551 | 107920 |
| GS Mortgage-Backed Securities Trust 10/25/2055 5.212%^ 144A  | 190254 | 190482 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.550%) |  |  |
| The Huntington National Bank 02/20/2034 12.322%^ 144A  | 450000 | 449986 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 8.650%) |  |  |
| ICG US CLO Ltd. 01/15/2031 5.734%^  | 375776 | 377204 |
| MOO Securitization Trust 12/25/2065 4.500% 144A  | 81000 | 78033 |
| Multifamily Structured Credit Risk 11/25/2045 5.412%^ 144A  | 399394 | 399109 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.750%) |  |  |
| Ocwen Loan Invest Trust 02/25/2037 3.000% 144A  | 121310 | 119609 |
| Provident Funding Mortgage Trust 04/25/2051 2.500% 144A  | 721420 | 600159 |
| Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | 1953 | 1946 |
| Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A  | 240000 | 239718 |
| Sequoia Mortgage Trust 04/25/2050 3.000% 144A  | 59455 | 58732 |
| Velocity Commercial Capital 11/25/2053 7.670% 144A  | 88320 | 90041 |

---

**10**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Washington Mutual Mortgage Pass-Through Certificate 10/25/2045 4.513%^  | $313667 <br>| $304380 <br>|
|  | Winston Salem, NC Limited Obligation 01/20/2046 3.778% 144A  | 105361 | 101029 |
|  | X-Caliber Funding LLC 11/01/2024 6.920%^ 144A  | 459016 | 457811 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 1 Month + 3.250%)  |  |  |
|  | X-Caliber Funding LLC 09/15/2028 12.000%^ 144A  | 450000 | 450778 |
|  |  |  | 67406098 |
| **4.65%** | **OTHER** |  |  |
|  | Aqua Finance Trust 07/17/2046 1.900% 144A  | 128596 | 121395 |
|  | Atlas Senior Loan Fund 04/22/2031 5.531% 144A  | 440377 | 440333 |
|  | Benefit Street Partners CLO Ltd. 07/15/2037 4.852%^ 144A  | 658000 | 656355 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.180%)  |  |  |
|  | Bluemountain CLO 10/20/2030 5.529% 144A  | 480000 | 480672 |
|  | CoreVest American Finance Trust 10/15/2054 2.911% 144A  | 960000 | 911020 |
|  | Crossroads Asset Trust 08/20/2032 8.320% 144A  | 225000 | 229619 |
|  | Crossroads Asset Trusts 08/20/2030 5.900% 144A  | 98750 | 99555 |
|  | Golub Capital Partners Static Ltd. 04/25/2034 5.568%^ 144A  | 900000 | 896130 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.900%)  |  |  |
|  | Harvest SBA Loan Trust 06/25/2047 6.050%^ 144A  | 200151 | 200151 |
|  | NGC Ltd. 04/20/2038 4.868%^ 144A  | 831111 | 830280 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%)  |  |  |
|  | PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A  | 450000 | 451387 |
|  | Polus Capital Management 10/20/2037 4.918%^ 144A  | 710526 | 710171 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%)  |  |  |
|  | Saratoga Investment Corp. 04/20/2033 5.729%^ 144A  | 450000 | 452475 |
|  | Shackleton 2017-XI CLO Ltd. 08/15/2030 6.064%^ 144A  | 754945 | 755625 |

---

**11**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A  | $207155 <br>| $207828 <br>|
|  | Sound Point CLO V-R Ltd. 07/18/2031 5.679%^ 144A  | 470000 | 471410 |
|  | Space Coast Credit Union 11/15/2028 4.670% 144A  | 332498 | 333054 |
|  | Trinity Rail Leasing LP 10/18/2049 2.390% 144A  | 33626 | 33402 |
|  | Upstart Securitization Trust 06/20/2033 7.920% 144A  | 50697 | 50800 |
|  | Venture CDO Ltd. 10/20/2034 5.118%^ 144A  | 440000 | 434104 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.450%) |  |  |
|  | Venture CDO Ltd. 07/15/2032 5.804%^ 144A  | 900000 | 903690 |
|  | Voya CLO Ltd. 10/15/2037 4.872%^ 144A  | 1125000 | 1123875 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%)  |  |  |
|  | Voya CLO Ltd. 10/18/2031 5.631%^ 144A | 737436 | 739058 |
|  | Zais CLO 11 Ltd. 01/20/2032 5.458%^ 144A  | 470000 | 472021 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.790%) |  |  |
|  | Zais CLO 15 Ltd. 07/28/2037 4.921%^ 144A  | 1400000 | 1397340 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%) |  |  |
|  |  |  | 13401750 |
| **34.07%** | **TOTAL ASSET BACKED BONDS** |  | 98152542 |
|  | (Cost: $99,864,905) |  |  |
| **19.16%** | **CORPORATE BONDS** |  |  |
| **1.00%** | **Communication Services:** |  |  |
|  | AT&T Mobility II LLC 03/01/2031 8.750%  | 500000 | 579269 |
|  | Bellsouth Telecommunications 06/01/2028 6.375%  | 500000 | 515883 |
|  | CCO Holdings Capital Corp. 06/01/2029 5.375% 144A  | 225000 | 221907 |
|  | Charter Communications Operating LLC 02/01/2034 6.650%  | 1000000 | 1043135 |
|  | Ciena Corp. 01/31/2030 4.000% 144A  | 100000 | 95107 |
|  | Corning, Inc. 03/15/2037 4.700%  | 200000 | 190685 |
|  | Factset Research Systems 03/01/2027 2.900%  | 250000 | 245737 |
|  |  |  | 2891723 |

---

**12**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **3.35%** | **Consumer Discretionary:** |  |  |
|  | AutoNation, Inc. 03/01/2032 3.850%  | $1000000 <br>| $929804 <br>|
|  | AutoNation, Inc. 08/01/2031 2.400%  | 1000000 | 873731 |
|  | BorgWarner, Inc. 02/15/2029 7.125%  | 400000 | 422032 |
|  | Ford Holdings LLC 03/01/2030 9.300% | 810000 | 906061 |
|  | General Motors Financial Co. 01/12/2032 3.100%  | 1000000 | 897195 |
|  | General Motors Financial Co. 01/08/2031 2.350%  | 250000 | 222711 |
|  | Hasbro, Inc. 07/15/2028 6.600%  | 700000 | 725159 |
|  | Las Vegas Sands Corp. 08/08/2029 3.900%  | 500000 | 481764 |
|  | Lear Corp. 05/30/2030 3.500%  | 1000000 | 951696 |
|  | Lowe's Companies, Inc. 04/01/2052 4.250%  | 500000 | 383233 |
|  | MDC Holdings, Inc. 01/15/2030 3.850%  | 1000000 | 953237 |
|  | Nissan Motor Co. 09/17/2030 4.810% 144A  | 1000000 | 907863 |
|  | Toll Bros Finance Corp. 03/15/2027 4.875%  | 1000000 | 1001514 |
|  |  |  | 9656000 |
| **1.04%** | **Consumer Staples:** |  |  |
|  | Constellation Brands, Inc. 05/01/2030 2.875%  | 1000000 | 935741 |
|  | PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A  | 90000 | 89278 |
|  | Quanta Services, Inc. 10/01/2030 2.900%  | 1000000 | 927550 |
|  | Smithfield Foods, Inc. 10/15/2030 3.000% 144A  | 1000000 | 914124 |
|  | Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%  | 100000 | 99770 |
|  |  |  | 2966463 |
| **3.77%** | **Energy:** |  |  |
|  | Alliance Resource Operating Partnership 06/15/2029 8.625% 144A | 450000 | 467442 |
|  | APA Corporation 12/15/2029 7.750% | 133000 | 142689 |
|  | Enbridge Energy LP 10/01/2028 7.125% | 500000 | 535969 |
|  | Energen Corp. 02/15/2028 7.125%^ | 475000 | 491955 |
|  | Energy Transfer LP Perpetual 6.625% | 400000 | 398655 |
|  | EQT Corporation 04/01/2029 6.375% | 880000 | 908485 |

---

**13**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Helmerich & Payne, Inc. 12/01/2029 4.850%  | $900000 <br>| $899929 <br>|
|  | HF Sinclair Corp. 02/01/2028 5.000%  | 400000 | 399968 |
|  | MPLX LP 02/15/2031 4.800%  | 450000 | 451030 |
|  | Occidental Petroleum Corp. 03/15/2029 7.200%  | 1000000 | 1066525 |
|  | ONEOK, Inc. 09/01/2029 3.400%^  | 1000000 | 961794 |
|  | Phillips 66 Partners LP 03/01/2028 3.750%  | 549000 | 534434 |
|  | Pioneer Natural Resource 01/15/2028 7.200%  | 1000000 | 1045617 |
|  | Plains All American Pipeline LP 09/15/2030 3.800%  | 250000 | 240892 |
|  | Targa Resources Partners LP 03/01/2030 5.500%  | 500000 | 504567 |
|  | TransCanada Pipelines Ltd. 06/15/2029 7.700%  | 850000 | 919376 |
|  | Valero Energy Corp. 12/01/2031 2.800% | 1000000 | 900899 |
|  |  |  | 10870226 |
| **4.26%** | **Financials:** |  |  |
|  | Ally Financial, Inc. 11/01/2031 8.000%  | 1000000 | 1108827 |
|  | Ally Financial, Inc. Perpetual 4.700%  | 225000 | 222900 |
|  | American Express Co. Perpetual 3.550%  | 500000 | 494333 |
|  | ASB Bank Ltd. 10/22/2031 2.375% 144A | 2000000 | 1773968 |
|  | Avolon Holdings Funding Ltd. 11/18/2027 2.528% 144A  | 1000000 | 966111 |
|  | Banco Santander SA 12/03/2030 2.749%  | 250000 | 223938 |
|  | Banco Santander SA 03/24/2028 4.175%^  | 200000 | 199119 |
|  | Bank of America Corp. Perpetual 4.375%  | 625000 | 617412 |
|  | Barclays plc 05/16/2029 4.972%  | 250000 | 251521 |
|  | BGC Group, Inc. 04/02/2030 6.150%  | 900000 | 915385 |
|  | Charles Schwab Corp. Perpetual 5.000%  | 500000 | 494500 |
|  | Citigroup, Inc. 03/31/2031 4.412%  | 250000 | 247142 |
|  | Crown Castle, Inc. 03/15/2027 2.900% | 250000 | 246261 |
|  | EPR Properties 04/15/2028 4.950%  | 360000 | 359519 |
|  | Fidelity National Financial, Inc. 06/15/2030 3.400%  | 1080000 | 1015492 |

---

**14**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | First Citizens Bancshare Perpetual 7.908%  | $500000 <br>| $502659 <br>|
|  | The Goldman Sachs Group, Inc. Perpetual 4.125%  | 500000 | 493191 |
|  | NatWest Group plc 05/18/2029 4.892%  | 500000 | 503494 |
|  | Transamerica Capital II 12/01/2026 7.650% 144A  | 675000 | 682515 |
|  | Truist Financial Corp. Perpetual 5.100%^  | 500000 | 499093 |
|  | Weyerhaeuser Co. 03/09/2033 3.375%  | 500000 | 450170 |
|  |  |  | 12267550 |
| **3.76%** | **Industrials:** |  |  |
|  | Avnet, Inc. 06/01/2032 5.500%  | 1000000 | 1012468 |
|  | Can-Pack SA/Canpack US LLC 11/15/2029 3.875% 144A  | 500000 | 467893 |
|  | CH Robinson Worldwide, Inc. 04/15/2028 4.200%  | 1000000 | 992067 |
|  | FedEx Corp. 10/17/2048 4.950%^  | 1000000 | 867284 |
|  | Flowserve Corp. 01/15/2032 2.800%  | 1000000 | 882711 |
|  | Fortune Brands Innovation 03/25/2032 4.000%  | 500000 | 470722 |
|  | Fortune Brands Innovation 03/25/2052 4.500%  | 500000 | 388830 |
|  | Hubbell, Inc. 08/15/2027 3.150%^  | 600000 | 590200 |
|  | Masco Corp. 08/15/2032 6.500%  | 1000000 | 1077886 |
|  | MasTec, Inc. 08/15/2029 6.625% 144A  | 450000 | 450000 |
|  | Oshkosh Corp. 03/01/2030 3.100%^ | 1000000 | 938868 |
|  | Owens Corning 06/01/2030 3.875%  | 1000000 | 968035 |
|  | Timken Co. 12/15/2028 4.500%  | 500000 | 498796 |
|  | Timken Co. 05/08/2028 6.875%  | 320000 | 333944 |
|  | Westrock MWV LLC 02/15/2031 7.950% | 750000 | 849907 |
|  |  |  | 10789611 |
| **0.34%** | **Information Technology:** |  |  |
|  | MSCI, Inc. 09/01/2030 3.625% 144A  | 100000 | 94520 |
|  | Qorvo, Inc. 04/01/2031 3.375% 144A  | 987000 | 892723 |
|  |  |  | 987243 |
| **0.28%** | **Materials:** |  |  |
|  | Albemarle Corp. 06/01/2032 5.050% | 500000 | 501785 |
|  | Celanese US Holdings LLC 07/15/2032 7.379%  | 225000 | 234845 |
|  | Domtar Corp. 10/01/2028 6.750%^ 144A | 100000 | 65000 |
|  |  |  | 801630 |

---

**15**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **1.36%** | **Utilities:** |  |  |
|  | Alliant Energy Finance LLC 03/01/2032 3.600% 144A  | $1000000 <br>| $924954 <br>|
|  | Eversource Energy 03/01/2032 3.375%  | 1000000 | 916322 |
|  | Exelon Corp. 04/01/2032 7.600%  | 1000000 | 1133489 |
|  | Southern California Gas Co. 04/01/2054 5.600%  | 1000000 | 953175 |
|  |  |  | 3927940 |
| **19.16%** | **TOTAL CORPORATE BONDS** |  | 55158386 |
|  | (Cost: $56,466,769) |  |  |
| **33.25%** | **US TREASURY NOTES** |  |  |
|  | US Treasury 11/15/2027 4.125%  | 2000000 | 2008594 |
|  | US Treasury 01/31/2029 4.000%  | 4750000 | 4771522 |
|  | US Treasury 08/31/2029 3.625%  | 2350000 | 2332009 |
|  | US Treasury 11/15/2031 1.375%  | 3028000 | 2625845 |
|  | US Treasury 02/15/2032 1.875%  | 4500000 | 3990411 |
|  | US Treasury 02/29/2032 4.125%  | 4100000 | 4115215 |
|  | US Treasury 03/31/2032 4.125%  | 5000000 | 5017580 |
|  | US Treasury 11/15/2032 4.125%  | 4000000 | 4001408 |
|  | US Treasury 05/15/2033 3.375%  | 3000000 | 2857851 |
|  | US Treasury 08/15/2033 3.875%  | 3000000 | 2945040 |
|  | US Treasury 11/15/2033 4.500%  | 2000000 | 2041406 |
|  | US Treasury 02/15/2034 4.000%  | 5030000 | 4961622 |
|  | US Treasury 08/15/2034 3.875%  | 9830000 | 9580023 |
|  | US Treasury 02/15/2042 2.375%  | 15000000 | 10930665 |
|  | US Treasury 05/15/2042 3.250%  | 4000000 | 3295936 |
|  | US Treasury 02/15/2043 3.875%  | 5000000 | 4442775 |
|  | US Treasury 05/15/2043 3.875%  | 5000000 | 4431445 |
|  | US Treasury 02/15/2044 4.500%^  | 3800000 | 3633898 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%) |  |  |
|  | US Treasury 08/15/2044 4.125%  | 745000 | 675913 |
|  | US Treasury 08/15/2053 4.125%  | 5000000 | 4384765 |
|  | US Treasury 11/15/2053 4.750%  | 4000000 | 3889220 |
|  | US Treasury 02/15/2055 2.375%  | 9533328 | 8858826 |
| **33.25%** | **TOTAL US TREASURY NOTES** |  | 95791969 |
|  | (Cost: $99,675,706) |  |  |

---

**16**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **12.50%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund - Institutional Class 3.54%<sup>(A)</sup>  | 36002754 | $36002754 <br>|
|  | (Cost: $36,002,754) |  |  |
| **98.98%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $292,010,134)  | (Cost: $292,010,134)  | 285105651 |
| **1.02%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 2948654 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **288054305** <br>|

---

^Rate is determined periodically. Rate shown is the rate as of March 31, 2026.

<sup>(A)</sup>Effective 7 day yield as of March 31, 2026.

144A Securities are exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $92,685,693 and is 32.18% of the Fund's net assets.

ICE LIBOR - Intercontinental Exchange London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Description** | **Expiration Date** | **Notional Value** | **Market Value** | **Unrealized Appreciation (Depreciation)** |
|  | 227 | 2YR US NOTE  | 6/30/26 | $47441552 <br>| $47090086 <br>| $(351466 ) |
|  | 518 | 5YR US NOTE  | 6/30/26 | 56871489 | 56037078 | (834411) |
| **(0.41%)** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $104313041 <br>| $103127164 <br>| $(1185877 ) |

---

**17**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **36.39%** | **ASSET BACKED BONDS** |  |  |
| **5.81%** | **AUTOMOTIVE** |  |  |
|  | Arivo Acceptance Auto Loan Receivables Trust 01/16/2029 <br>6.900% 144A  | $102857 <br>| $103421 <br>|
|  | Arivo Acceptance Auto Loan Receivables Trust 02/15/2029 <br>7.700% 144A  | 825000 | 842062 |
|  | Avid Automobile Receivables Trust 12/15/2027 7.350% 144A  | 344943 | 345635 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 144A  | 140000 | 141074 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240% 144A  | 100000 | 101888 |
|  | Bridgecrest Lending Auto Securitization Trust 10/16/2028 5.370%  | 1650000 | 1654658 |
|  | Carvana Auto Receivables Trust 01/10/2031 4.740%  | 550000 | 547292 |
|  | Carvana Auto Receivables Trust 11/10/2028 5.540%  | 175000 | 177338 |
|  | Carvana Auto Receivables Trust 12/11/2028 4.130% 144A  | 337563 | 334917 |
|  | Carvana Auto Receivables Trust 03/10/2028 2.900% 144A  | 27309 | 26849 |
|  | Carvana Auto Receivables Trust 03/10/2028 1.070%  | 74692 | 73346 |
|  | Carvana Auto Receivables Trust 03/10/2028 0.970%  | 61230 | 60706 |
|  | Carvana Auto Receivables Trust 09/11/2028 1.240%  | 92872 | 90710 |
|  | Chesapeake Funding II LLC 10/15/2035 6.160%  | 44032 | 44317 |
|  | CPS Auto Trust 10/15/2029 7.140% 144A  | 1100000 | 1112112 |
|  | CPS Auto Trust 11/15/2030 10.720% 144A  | 450000 | 487877 |
|  | CPS Auto Trust 08/15/2028 5.190% 144A  | 618174 | 618601 |
|  | DT Auto Owner Trust 12/15/2027 3.400% 144A  | 151095 | 150882 |
|  | DT Auto Owner Trust 03/15/2029 5.530% 144A  | 1000000 | 999452 |
|  | Exeter Automobile Receivables Trust 10/15/2029 6.340%^ 144A  | 962500 | 941257 |

---

**18**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Exeter Automobile Receivables Trust 06/15/2027 1.550%  | $305397 <br>| $303285 <br>|
| Exeter Automobile Receivables Trust 06/15/2028 3.020%  | 473717 | 472311 |
| Exeter Automobile Receivables Trust 07/17/2028 4.560%  | 1057640 | 1055930 |
| First Investors Auto Owner Trust 06/15/2029 5.410% 144A  | 500000 | 497823 |
| Flagship Credit Auto Trust 09/15/2028 3.160% 144A  | 1150000 | 1128939 |
| Flagship Credit Auto Trust 07/16/2029 5.640% 144A  | 1650000 | 1654508 |
| GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A  | 101774 | 101658 |
| GLS Auto Receivables Issuer Trust 10/15/2027 2.480% 144A  | 205703 | 204837 |
| GLS Auto Receivables Issuer Trust 07/15/2027 1.480%^ 144A  | 79589 | 79494 |
| GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A  | 864618 | 869542 |
| GLS Auto Receivables Trust 05/15/2029 5.640% 144A  | 500000 | 500874 |
| Lad Auto Receivables Trust 04/15/2030 6.850% 144A  | 644551 | 648520 |
| Lendbuzz Securitization Trust 12/15/2028 7.500% 144A  | 179181 | 182100 |
| Lendbuzz Securitization Trust 05/15/2029 5.990% 144A  | 197977 | 199142 |
| Lendbuzz Securitization Trust 05/15/2030 5.180% 144A  | 942170 | 945481 |
| Switch ABS Issuer LLC 06/25/2054 6.200% 144A  | 550000 | 541341 |
| Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A  | 1001992 | 671335 |
| Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A  | 720000 | 504000 |
| Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A  | 600000 | 252000 |
| United Auto Credit Securitization Trust 11/10/2028 5.000% 144A  | 260805 | 260279 |
| United Auto Credit Securitization Trust 04/10/2029 10.000% 144A  | 600000 | 254977 |
| Veros Auto Receivables Trust 11/15/2028 8.320% 144A  | 1001000 | 1015537 |
|  |  | 21198307 |

---

**19**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **25.71%** | **MORTGAGE BACKED** |  |  |
|  | Angel Oak Mortgage Trust 01/25/2066 0.909%^ 144A  | $43740 <br>| $38910 <br>|
|  | Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A  | 412500 | 400171 |
|  | Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A  | 349677 | 274827 |
|  | Brean Asset Backed Securities Trust 07/25/2065 4.500% 144A  | 595198 | 515365 |
|  | Citigroup Mortgage Loan Trust 08/25/2050 2.500% 144A  | 53889 | 47469 |
|  | COMM Mortgage Trust 09/15/2033 6.146%^ 144A  | 65000 | 19494 |
|  | Connecticut Avenue Securities Trust 10/25/2041 6.762%^ 144A  | 2100000 | 2119874 |
|  | Connecticut Avenue Securities Trust 02/25/2044 5.462%^ 144A  | 2035000 | 2035631 |
|  | Connecticut Avenue Securities Trust 03/25/2042 5.662%^ 144A  | 114079 | 115293 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average \|SOFR + 2.000%) |  |  |
|  | Connecticut Avenue Securities Trust 03/25/2042 7.162%^ 144A  | 6120000 | 6238281 |
|  | Connecticut Avenue Securities Trust 05/25/2044 5.312%^ 144A  | 1100000 | 1098630 |
|  | Connecticut Avenue Securities Trust 07/25/2043 6.362%^ 144A  | 1000000 | 1021850 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.700%) |  |  |
|  | Connecticut Avenue Securities Trust 07/25/2044 5.362%^ 144A  | 1052742 | 1054302 |
|  | Credit Suisse Mortgage Trust 04/25/2044 3.822% 144A  | 540881 | 451181 |
|  | Credit Suisse Mortgage Trust 04/25/2044 3.822% 144A  | 404040 | 397224 |
|  | Federal Home Loan Mortgage Corp. 01/25/2034 5.312%^ 144A  | 25906 | 25906 |
|  | Federal Home Loan Mortgage Corp. 01/25/2042 6.162%^ 144A  | 1350000 | 1360125 |
|  | Federal Home Loan Mortgage Corp. 01/25/2042 4.662%^ 144A  | 81477 | 81325 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.000%) |  |  |

---

**20**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 01/25/2042 5.512%^ 144A  | $720000 <br>| $723518 <br>|
| Federal Home Loan Mortgage Corp. 01/25/2051 5.462%^ 144A  | 636490 | 638391 |
| Federal Home Loan Mortgage Corp. 10/25/2041 5.162%^ 144A  | 869839 | 870652 |
| Federal Home Loan Mortgage Corp. 11/25/2041 5.462%^ 144A  | 1221685 | 1224725 |
| Federal Home Loan Mortgage Corp. 11/25/2043 5.512%^ 144A  | 383753 | 385561 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.850%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 5.512%^ 144A  | 3035028 | 3056206 |
| Federal Home Loan Mortgage Corp. 11/25/2043 7.012%^ 144A  | 2200000 | 2294202 |
| Federal Home Loan Mortgage Corp. 12/25/2041 10.662%^ 144A  | 1600000 | 1650030 |
| Federal Home Loan Mortgage Corp. 12/25/2050 5.662%^ 144A  | 335412 | 338533 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 4.962%^ 144A  | 64309 | 64309 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.300%)  |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 6.062%^ 144A  | 2600000 | 2622677 |
| Federal Home Loan Mortgage Corp. 03/25/2042 8.912%^ 144A  | 250000 | 258672 |
| Federal Home Loan Mortgage Corp. 03/25/2043 5.761%^ 144A  | 531222 | 536192 |
| Federal Home Loan Mortgage Corp. 03/25/2044 4.912%^ 144A  | 95525 | 95466 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.250%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2052 8.662%^ 144A  | 1165415 | 1224657 |
| Federal Home Loan Mortgage Corp. 04/25/2043 5.762%^ 144A  | 857129 | 864876 |
| Federal Home Loan Mortgage Corp. 04/25/2043 6.912%^ 144A  | 1545000 | 1603316 |
| Federal Home Loan Mortgage Corp. 05/15/2027 3.000%  | 243249 | 2665 |

---

**21**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 05/25/2042 5.862%^ 144A  | $842346 <br>| $848879 <br>|
| Federal Home Loan Mortgage Corp. 05/25/2042 7.012%^ 144A  | 2870000 | 2930988 |
| Federal Home Loan Mortgage Corp. 05/25/2043 5.662%^ 144A  | 767605 | 771327 |
| Federal Home Loan Mortgage Corp. 05/25/2043 7.162%^ 144A  | 1100000 | 1148438 |
| Federal Home Loan Mortgage Corp. 05/25/2044 4.862%^ 144A  | 425323 | 425091 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.200%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 5.362%^ 144A  | 1100000 | 1099318 |
| Federal Home Loan Mortgage Corp. 05/25/2045 4.862%^ 144A  | 462223 | 461645 |
| Federal Home Loan Mortgage Corp. 06/25/2042 6.612%^ 144A  | 19789 | 20084 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.950%) |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 5.662%^ 144A  | 308740 | 308835 |
| Federal Home Loan Mortgage Corp. 06/25/2043 7.012%^ 144A  | 2750000 | 2808278 |
| Federal Home Loan Mortgage Corp. 08/25/2044 5.462%^ 144A  | 2620000 | 2624918 |
| Federal Home Loan Mortgage Corp. 09/25/2042 5.812% 144A  | 136626 | 136905 |
| Federal Home Loan Mortgage Corp. 09/25/2042 7.362%^ 144A  | 2671000 | 2754469 |
| Federal Home Loan Mortgage Corporation 04/25/2029 7.676%^  | 148240 | 150375 |
| Federal Home Loan Mortgage Corp. 10/25/2044 5.112% 144A  | 569153 | 568800 |
| Federal Home Loan Mortgage Corp. 11/25/2041 7.312%^ 144A  | 550000 | 558594 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.650%) |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2045 4.812% 144A  | 529651 | 529882 |
| Federal Home Loan Mortgage Corp. 02/25/2048 3.789% 144A  | 152739 | 149278 |

---

**22**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 03/25/2042 5.762%^ 144A  | $331814 <br>| $332228 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.100%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2052 6.162%^ 144A  | 110534 | 111086 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.500%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2042 8.912%^ 144A  | 478188 | 499106 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 5.250%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 4.912%^ 144A  | 1118714 | 1119061 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.250%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2048 3.850% 144A  | 420903 | 411159 |
| Federal Home Loan Mortgage Corp. 05/25/2048 3.850% 144A  | 226798 | 221547 |
| Federal Home Loan Mortgage Corp. 08/25/2044 4.912% 144A  | 1292500 | 1293702 |
| Federal National Mortgage Assoc. 01/25/2044 5.462% 144A  | 1100000 | 1108559 |
| Federal National Mortgage Assoc. 01/25/2031 8.026%  | 1000000 | 1084517 |
| Federal National Mortgage Assoc. 01/25/2043 5.962% 144A  | 584099 | 598181 |
| Federal National Mortgage Assoc. 10/25/2041 5.212% 144A  | 161651 | 161753 |
| Federal National Mortgage Assoc. 10/25/2043 5.162% 144A  | 505887 | 506044 |
| Federal National Mortgage Assoc. 11/25/2046 0.114%  | 26687030 | 48117 |
| Federal National Mortgage Assoc. 12/25/2032 2.000%  | 77875 | 73330 |
| Federal National Mortgage Assoc. 12/25/2041 5.562%^ 144A  | 684241 | 686575 |
| Federal National Mortgage Assoc. 12/25/2041 9.662%^ 144A  | 1100000 | 1128432 |
| Federal National Mortgage Assoc. 12/25/2042 7.412%^ 144A  | 1230000 | 1278589 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.750%)  |  |  |

---

**23**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 12/25/2041 5.312%^ 144A  | $2187929 <br>| $2191277 <br>|
| Federal National Mortgage Assoc. 12/25/2042 6.062%^ 144A  | 1230863 | 1261317 |
| Federal National Mortgage Assoc. 02/25/2030 6.576%^  | 202195 | 206993 |
| Federal National Mortgage Assoc. 02/25/2046 0.164%  | 15626290 | 47520 |
| Federal National Mortgage Assoc. 02/25/2047 0.114%  | 18952133 | 45030 |
| Federal National Mortgage Assoc. 03/25/2042 5.762%^ 144A  | 376984 | 380255 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.100%)  |  |  |
| Federal National Mortgage Assoc. 04/25/2042 5.562%^ 144A  | 112620 | 112694 |
| Federal National Mortgage Assoc. 04/25/2043 6.162%^ 144A  | 769636 | 775845 |
| Federal National Mortgage Assoc. 05/25/2042 6.412%^ 144A  | 584599 | 593823 |
| Federal National Mortgage Assoc. 06/25/2042 6.612%^ 144A  | 396560 | 402444 |
| Federal National Mortgage Assoc. 06/25/2043 5.562%^ 144A  | 271061 | 272242 |
| Federal National Mortgage Assoc. 07/25/2042 7.262%^ 144A  | 2980000 | 3068113 |
| Federal National Mortgage Assoc. 03/25/2042 6.762%^ 144A  | 1000000 | 1013712 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average<br>SOFR + 3.100%)  |  |  |
| Federal National Mortgage Assoc. 03/25/2045 5.912%^ 144A  | 1100000 | 1110475 |
| Federal National Mortgage Assoc. 07/25/2045 5.262%^ 144A  | 1550000 | 1554790 |
| Federal National Mortgage Assoc. 07/25/2042 6.212%^ 144A  | 906938 | 920051 |
| Federal National Mortgage Assoc. 07/25/2043 5.362%^ 144A  | 545356 | 546206 |
| Federal National Mortgage Assoc. 08/25/2042 3.500%^  | 437286 | 61832 |
| Federal National Mortgage Assoc. 09/25/2042 6.162%^ 144A  | 206341 | 208303 |
| Federal National Mortgage Assoc. 12/25/2041 6.812%^ 144A  | 1900000 | 1917151 |

---

**24**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 02/25/2037 1.500%  | $8666861 <br>| $454395 <br>|
| Federal National Mortgage Assoc. 04/25/2043 7.562% 144A  | 2355000 | 2465617 |
| Federal National Mortgage Assoc. 06/25/2042 8.312%^ 144A  | 950000 | 987107 |
| Finance of America Structured Securities Trust 03/25/2056 <br>3.500% 144A  | 1100000 | 1060316 |
| GCAT Trust 08/25/2066 1.915% 144A  | 99328 | 92351 |
| Government National Mortgage Assoc. 11/20/2051 3.000%  | 8683963 | 1582209 |
| GS Mortgage-Backed Securities Trust 10/25/2055 5.212%^ 144A  | 232533 | 232811 |
| The Huntington National Bank 02/20/2034 12.322%^ 144A  | 550000 | 549982 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 8.650%)  |  |  |
| ICG US CLO Ltd. 01/15/2031 5.734%^ | 423748 | 425358 |
| JP Morgan Mortgage Trust 10/25/2029 2.526% 144A  | 18049 | 17864 |
| JP Morgan Mortgage Trust 05/25/2050 3.500% 144A  | 33458 | 30304 |
| Mill City Mortgage Trust 04/25/2066 3.500% 144A  | 368658 | 362200 |
| Greensky Home Improvement Issuer Trust 06/25/2060 4.930% 144A  | 131451 | 131902 |
| MOO Securitization Trust 12/25/2065 4.500% 144A  | 99000 | 95374 |
| Multifamily Structured Credit Risk 11/25/2045 5.412% 144A  | 599091 | 598663 |
| Ocwen Loan Invest Trust 02/25/2037 3.000% 144A  | 121310 | 119609 |
| Ocwen Loan Investment Trust 02/25/2037 3.000% 144A  | 500000 | 473567 |
| Provident Funding Mortgage Trust 04/25/2051 2.500% 144A  | 721420 | 600159 |
| Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | 2387 | 2379 |
| Saluda Grace Alternative Mortgage 04/25/2030 7.762%^ 144A  | 260000 | 259694 |
| Saluda Grade Alternative Mortgage Trust 06/01/2053 7.162% 144A  | 352312 | 357312 |

---

**25**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Sequoia Mortgage Trust 04/25/2050 3.000% 144A  | $59455 <br>| $58732 <br>|
|  | Velocity Commercial Capital 11/25/2053 7.670% 144A  | 132480 | 135062 |
|  | Winston Salem, NC Limited Obligation 01/20/2046 3.778% 144A  | 123685 | 118600 |
|  | X-Caliber Funding LLC 11/01/2024 6.920%^ 144A  | 688525 | 686717 |
|  | X-Caliber Funding LLC 09/15/2028 12.000% 144A  | 550000 | 550950 |
|  |  |  | 93847903 |
| **4.87%** | **OTHER** |  |  |
|  | Aqua Finance Trust 07/17/2046 <br>1.900% 144A  | 157173 | 148372 |
|  | Atlas Senior Loan Fund 04/22/2031 5.531%^ 144A  | 477075 | 477028 |
|  | Ballyrock CLO 14 Ltd. 07/20/2037 4.668%^ 144A  | 375000 | 374475 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.000%) |  |  |
|  | Benefit Street Partners CLO Ltd. 07/15/2037 4.852%^ 144A  | 742000 | 740145 |
|  | Bluemountain CLO 10/20/2030 <br>5.529%^ 144A  | 520000 | 520728 |
|  | CoreVest American Finance Trust 10/15/2054 2.911%^ 144A  | 1040000 | 986938 |
|  | Crossroads Asset Trust 08/20/2032 8.320% 144A  | 275000 | 280645 |
|  | Crossroads Asset Trusts 08/20/2030 5.900% 144A  | 106979 | 107851 |
|  | Crown City CLO 07/15/2037 4.722%^ 144A  | 428570 | 428056 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.050%) |  |  |
|  | Generate CLO 4 07/20/2037 <br>4.668%^ 144A  | 437500 | 436975 |
|  | (CME Term SOFR 3 Month + 1.000%) |  |  |
|  | Generate CLO 5 Ltd. 07/22/2037 4.719%^ 144A  | 1200000 | 1197960 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.050%) |  |  |
|  | Goldentree Loan Management LP 07/20/2037 4.568%^ 144A  | 468750 | 468141 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.900%) |  |  |

---

**26**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Golub Capital Partners Static Ltd. 04/25/2034 5.568%^ 144A  | $1100000 <br>| $1095270 <br>|
|  | Harvest SBA Loan Trust 06/25/2047 6.050%^ 144A  | 244629 | 244629 |
|  | M&T Equipment LLC 07/15/2030 <br>5.740% 144A  | 150807 | 151386 |
|  | NGC Ltd. 04/20/2038 4.868%^ 144A  | 1057778 | 1056720 |
|  | PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A  | 550000 | 551696 |
|  | Polus Capital Management 10/20/2037 4.918%^ 144A  | 868421 | 867987 |
|  | Saratoga Investment Corp. 04/20/2033 5.729%^ 144A  | 550000 | 553025 |
|  | Shackleton 2017-XI CLO Ltd. 08/15/2030 6.064%^ 144A  | 851864 | 852630 |
|  | SMB Private Education Loan Trust 09/15/2037 2.230%^ 144A  | 479323 | 465465 |
|  | SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A  | 253189 | 254012 |
|  | Sound Point CLO V-R Ltd. 07/18/2031 5.679%^ 144A  | 530000 | 531590 |
|  | Space Coast Credit Union 11/15/2028 4.670% 144A  | 406387 | 407067 |
|  | Trinity Rail Leasing LP 10/18/2049 2.390%^ 144A  | 50440 | 50103 |
|  | Upstart Securitization Trust 06/20/2033 7.920% 144A  | 61963 | 62089 |
|  | Venture CDO Ltd. 10/20/2034 <br>5.118%^ 144A  | 560000 | 552496 |
|  | Venture CDO Ltd. 07/15/2032 <br>5.804%^ 144A  | 1100000 | 1104510 |
|  | Voya CLO Ltd. 10/15/2037 4.872%^ 144A | 1375000 | 1373625 |
|  | Voya CLO Ltd. 10/18/2031 5.631%^ 144A  | 901310 | 903293 |
|  | Zais CLO 11 Ltd. 01/20/2032 <br>5.458%^ 144A  | 530000 | 532279 |
|  |  |  | 17777186 |
| **36.39%** | **TOTAL ASSET BACKED BONDS** |  |  |
|  | (Cost: $135,314,957) |  | 132823396 |
| **7.58%** | **CORPORATE BONDS** |  |  |
| **0.07%** | **Communication Services:** |  |  |
|  | CCO Holdings Capital Corp. 06/01/2029 5.375% 144A  | 275000 | 271220 |

---

**27**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **1.20%** | **Consumer Discretionary:** |  |  |
|  | BorgWarner, Inc. 02/15/2029 7.125%  | $600000 <br>| $633048 <br>|
|  | Ford Holdings LLC 03/01/2030 9.300%  | 990000 | 1107408 |
|  | General Motors Financial Co. Perpetual 5.750%  | 500000 | 486810 |
|  | Hasbro, Inc. 07/15/2028 6.600%  | 798000 | 826682 |
|  | Nissan Motor Acceptance Company LLC 03/09/2028 2.750% 144A  | 350000 | 327228 |
|  | Toll Bros Finance Corp. 03/15/2027 4.875%  | 1000000 | 1001514 |
|  |  |  | 4382690 |
| **0.06%** | **Consumer Staples:** |  |  |
|  | PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A  | 110000 | 109118 |
|  | Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%^ | 100000 | 99770 |
|  |  |  | 208888 |
| **2.37%** | **Energy:** |  |  |
|  | Alliance Resource Operating Partnership 06/15/2029 <br>8.625% 144A  | 550000 | 571317 |
|  | Cheniere Energy, Inc. 10/15/2028 4.625%  | 500000 | 498736 |
|  | Energen Corp. 02/15/2028 7.125%^ | 525000 | 543739 |
|  | Energy Transfer LP Perpetual 6.625%  | 600000 | 597983 |
|  | EQT Corporation 04/01/2029 6.375%  | 1120000 | 1156253 |
|  | Helmerich & Payne, Inc. 12/01/2029 4.850%  | 1100000 | 1099913 |
|  | MPLX LP 02/15/2031 4.800%  | 550000 | 551258 |
|  | Oceaneering International, Inc. 02/01/2028 6.000%  | 350000 | 351423 |
|  | Phillips 66 Partners LP 03/01/2028 3.750%  | 540000 | 525673 |
|  | Tallgrass Energy Partners LP 01/15/2028 5.500% 144A  | 500000 | 495770 |
|  | Targa Resources Partners LP 03/01/2030 5.500%  | 500000 | 504568 |
|  | TransCanada Pipelines Ltd. <br>06/15/2029 7.700%  | 1150000 | 1243862 |
|  | Venture Global, Inc. 06/01/2028 <br>8.125% 144A  | 500000 | 511360 |
|  |  |  | 8651855 |

---

**28**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **2.20%** | **Financials:** |  |  |
|  | Ally Financial, Inc. Perpetual 4.700%  | $275000 <br>| $272433 <br>|
|  | Bank of America Corp. Perpetual 4.375%  | 125000 | 123482 |
|  | Banque Federative du Credit Mutuel 10/04/2026 1.604% 144A  | 2000000 | 1972734 |
|  | BGC Group, Inc. 04/02/2030 6.150%  | 1100000 | 1118803 |
|  | EPR Properties 04/15/2028 4.950%  | 220000 | 219706 |
|  | First Citizens Bancshare Perpetual 7.908%  | 1000000 | 1005319 |
|  | The Goldman Sachs Group, Inc. Perpetual 3.650%  | 500000 | 495532 |
|  | ING Groep NV 03/29/2027 3.950%  | 2000000 | 1994020 |
|  | Transamerica Capital II 12/01/2026 7.650% 144A  | 825000 | 834185 |
|  |  |  | 8036214 |
| **0.72%** | **Industrials:** |  |  |
|  | Hubbell, Inc. 08/15/2027 3.150%  | 1079000 | 1061376 |
|  | MasTec, Inc. 08/15/2029 6.625% 144A  | 550000 | 550000 |
|  | Timken Co. 12/15/2028 4.500%  | 500000 | 498797 |
|  | Timken Co. 05/08/2028 6.875%  | 480000 | 500916 |
|  |  |  | 2611089 |
| **0.30%** | **Information Technology:** |  |  |
|  | Qorvo, Inc. 04/01/2031 3.375% 144A  | 1213000 | 1097135 |
| **0.38%** | **Materials:** |  |  |
|  | Celanese US Holdings LLC 07/15/2032 7.379%  | 275000 | 287032 |
|  | Constellium SE 06/15/2028 <br>5.625% 144A  | 350000 | 348275 |
|  | Domtar Corp. 10/01/2028 6.750%^ 144A | 100000 | 65000 |
|  | Hecla Mining Company 02/15/2028 7.250%  | 194000 | 193858 |
|  | NOVA Chemicals Corporation 06/01/2027 5.250% 144A  | 500000 | 499238 |
|  |  |  | 1393403 |
| **0.28%** | **Utilities:** |  |  |
|  | Washington Gas Light Co. <br>10/09/2026 6.820%  | 1000000 | 1012830 |
| **7.58%** | **TOTAL CORPORATE BONDS** |  |  |
|  | (Cost: $27,427,169)  |  | 27665324 |

---

**29**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **39.85%** | **US TREASURY NOTES** |  |  |
|  | US Treasury 05/31/2026 4.875%  | $10000000 <br>| $10016480 <br>|
|  | US Treasury 06/30/2026 4.625%  | 4000000 | 4008624 |
|  | US Treasury 08/31/2026 3.750%  | 62000000 | 61990204 |
|  | US Treasury 11/30/2026 4.250%  | 714700 | 717080 |
|  | US Treasury 12/15/2026 4.375%  | 5000000 | 5021435 |
|  | US Treasury 12/31/2026 4.250%  | 5312000 | 5330634 |
|  | US Treasury 01/15/2027 4.000%  | 21000000 | 21041433 |
|  | US Treasury 01/31/2027 1.500%  | 1107000 | 1086838 |
|  | US Treasury 02/15/2027 4.125%  | 4000000 | 4012436 |
|  | US Treasury 02/28/2027 4.125%  | 5600000 | 5618290 |
|  | US Treasury 04/30/2027 3.750%  | 3900000 | 3898346 |
|  | US Treasury 07/15/2027 4.375%  | 1800000 | 1812235 |
|  | US Treasury 07/31/2027 3.875%  | 5000000 | 5001955 |
|  | US Treasury 11/15/2027 4.125%  | 3305800 | 3320005 |
|  | US Treasury 12/15/2027 4.000%  | 1655600 | 1660062 |
|  | US Treasury 10/15/2028 2.375%  | 8494160 | 8793019 |
|  | US Treasury 11/30/2028 4.375%  | 2101000 | 2130053 |
| **39.85%** | **TOTAL US TREASURY NOTES** |  | 145459129 |
|  | (Cost: $145,125,970) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **15.37%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund - Institutional Class 3.54%<sup>(A)</sup>  | 56104213 | $56104213 <br>|
|  | (Cost: $56,104,213) |  |  |
| **99.19%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $363,972,309)  | (Cost: $363,972,309)  | 362052062 |
| **0.81%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 2938997 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **364991059** <br>|

---

^Rate is determined periodically. Rate shown is the rate as of March 31, 2026.

<sup>(A)</sup>Effective 7 day yield as of March 31, 2026.

144A Securities are exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $131,813,742 and is 36.11% of the Fund's net assets.

ICE LIBOR - Intercontinental Exchange London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

**30**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2026 (unaudited)**

See Notes to Financial Statements

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Description** | **Expiration Date** | **Notional Value** | **Market Value** | **Unrealized Appreciation (Depreciation)** |
|  | 447 | 2YR US NOTE | 6/30/26 | $93420148 <br>| $92728054  | $(692094 ) |
|  | 374 | 5YR US NOTE | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41061654  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40459203  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (602451) |
| **(0.35%)** | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | $134481802 <br>| $133187257 <br>| $(1294545 ) |

---

**31**

FINANCIAL STATEMENTS \| March 31, 2026

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Assets and Liabilities** **March 31, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund** | **Limited Term Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup> (Note 1) | $285105651 <br>| $362052062 <br>|
| &nbsp;&nbsp;&nbsp; Cash | 2348 | 2644 |
| &nbsp;&nbsp;&nbsp; Cash held at broker | 2830292 | 3036115 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 8392 | 31792 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 1792635 | 1923678 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 39387 | 32690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS | 289778705 | 367078981 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation of open futures contracts | 1185877 | 1294545 |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 948 | 899 |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased | 458122 | 670595 |
| &nbsp;&nbsp;&nbsp; Accrued investment advisory fees | 59130 | 95936 |
| &nbsp;&nbsp;&nbsp; Accrued accounting, administration and transfer agent fees | 15690 | 16891 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 4633 | 9056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES | 1724400 | 2087922 |
| **NET ASSETS** | $288054305 <br>| $364991059 <br>|
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $309324065 <br>| $371676204 <br>|
| &nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits) | (21269760) | (6685145) |
| &nbsp;&nbsp;&nbsp; Net Assets | $288054305 <br>| $364991059 <br>|
| **NET ASSET VALUE PER SHARE AND REDEMPTION PRICE PER SHARE** |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Founders Class | $287875126 <br>| $364991059 <br>|
| &nbsp;&nbsp;&nbsp; Institutional Class | 179179 |  |
| &nbsp;&nbsp;&nbsp; Total | $288054305 <br>| $364991059 <br>|
| **SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp; Founders Class | 32601311 | 37622767 |
| &nbsp;&nbsp;&nbsp; Institutional Class | 20195 |  |
| &nbsp;&nbsp;&nbsp; Total | 32621506 | 37622767 |
| **NET ASSET VALUE AND REDEMPTION VALUE PER SHARE** | **NET ASSET VALUE AND REDEMPTION VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp; Founders Class | $8.83 <br>| $9.70 <br>|
| &nbsp;&nbsp;&nbsp; Institutional Class | $8.87 <br>| $— <br>|
| <sup>(1)</sup>Identified cost of: | $292010134 <br>| $363972309 <br>|

---

**32**

FINANCIAL STATEMENTS \| March 31, 2026

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Operations** **Six Months Ended March 31, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund** | **Limited Term Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Interest  | $7190303 <br>| $8804969 <br>|
| &nbsp;&nbsp;&nbsp; Dividend income  | 4408 | 5387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 7194711 | 8810356 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 514926 | 796547 |
| &nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 50639 | 61581 |
| &nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 32905 | 42071 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 12842 | 15059 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 7333 | 8341 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 18369 | 19598 |
| &nbsp;&nbsp;&nbsp; Filing and registration fees  | 13498 | 19011 |
| &nbsp;&nbsp;&nbsp; Trustee fees  | 5876 | 7318 |
| &nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 3843 | 4420 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 11886 | 10482 |
| &nbsp;&nbsp;&nbsp; Insurance  | 1583 | 1856 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing, institutional class (Note 2)  | 80 |  |
| &nbsp;&nbsp;&nbsp; Other  | 15558 | 21786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 689338 | 1008070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee waivers (Note 2)  | (174332) | (211513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 515006 | 796557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 6679705 | 8013799 |
| **REALIZED AND UNREALIZED GAIN (LOSS)**  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (34761) | 70201 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on long futures contracts  | 533114 | 470161 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and long futures contracts  | 498353 | 540362 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | (3190460) | (1474055) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of long futures contracts  | (1491464) | (1616764) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and long futures contracts  | (4681924) | (3090819) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and long futures contracts  | (4183571) | (2550457) |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $2496134 <br>| $5463342 <br>|

---

**33**

FINANCIAL STATEMENTS \| March 31, 2026

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Bond Fund** | **Limited Term Income Fund** | **Limited Term Income Fund** |
|  | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM**  |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $6679705 <br>| $12582941 <br>| $8013799 <br>| $15986443 <br>|
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures contracts  | 498353 | (5712077) | 540362 | (88944) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and futures contracts  | (4681924) | 688933 | (3090819) | (975163) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 2496134 | 7559797 | 5463342 | 14922336 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Founders Class  | (6710486) | (12994711) | (8329698) | (16696232) |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (3313) | (408) |  |  |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (6713799) | (12995119) | (8329698) | (16696232) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | 25012220 | 62716329 | 24338938 | 77086596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 100000 | 80000 |  |  |
| &nbsp;&nbsp;&nbsp; Distributions reinvested  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | 360534 | 416847 | 1138082 | 1880997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 1435 | 408 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | (14717657) | (49707739) | (13964687) | (51087839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | 10756532 | 13505845 | 11512333 | 27879754 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during period  | 6538867 | 8070523 | 8645977 | 26105858 |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 281515438 | 273444915 | 356345082 | 330239224 |
| &nbsp;&nbsp;&nbsp; End of period  | $288054305 <br>| $281515438 <br>| $364991059 <br>| $356345082 <br>|

---

**34**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Financial Highlights** **Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Founders Class** | **Founders Class** | **Founders Class** | **Founders Class** | **Founders Class** |
|  | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Period <br>Ended<br>September 30, 2022\*** |
|  | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **2025** | **2024** | **2023** | **Period <br>Ended<br>September 30, 2022\*** |
| **Net asset value, beginning of period**  | $8.96 <br>| $9.15 <br>| $8.64 <br>| $8.74 <br>| $10.00 <br>|
| **Investment activities**  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup>  | 0.21 | 0.41 | 0.41 | 0.35 | 0.19 |
| Net realized and unrealized gain (loss) on investments and futures contracts  | 0.05 | (0.18) | 0.50 | (0.12) | (1.29) |
| **Total from investment activities**  | 0.26 | 0.23 | 0.91 | 0.23 | (1.10) |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.39) | (0.42) | (0.40) | (0.33) | (0.16) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (0.39) | (0.42) | (0.40) | (0.33) | (0.16) |
| **Net asset value, end of period**  | $8.83 <br>| $8.96 <br>| $9.15 <br>| $8.64 <br>| $8.74 <br>|
| **Total Return<sup>(2)</sup>**  | 0.88% | 2.71% | 10.74% | 2.65% | (11.10%) |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Ratios to average net assets<sup>(3)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 0.48% | 0.49% | 0.51% | 0.55% | 0.54% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 0.36% | 0.36% | 0.36% | 0.36% | 0.41% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 4.67% | 4.63% | 4.60% | 3.90% | 2.41% |
| Portfolio turnover rate<sup>(2)</sup>  | 1.64% | 45.38% | 31.66% | 36.96% | 85.91% |
| Net assets, end of period (000s)  | $287875 <br>| $281436 <br>| $273445 <br>| $185704 <br>| $174135 <br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(3)</sup> Ratios to average net assets have been annualized.

\*The Class commenced operations on December 1, 2021.

**35**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Financial Highlights** **Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Period <br>Ended<br>September 30, 2025\*** |
| **Net asset value, beginning of period**  | $8.98 <br>| $8.87 <br>|
| **Investment activities** |  |  |
| Net investment income (loss)<sup>(1)</sup>  | 0.20 | 0.10 |
| Net realized and unrealized gain (loss) on <br>investments and futures contracts  | (0.13) | 0.10 |
| **Total from investment activities**  | 0.07 | 0.20 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.18) | (0.09) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (0.18) | (0.09) |
| **Net asset value, end of period**  | $8.87 <br>| $8.98 <br>|
| **Total Return<sup>(2)</sup>**  | 0.81% | 2.23% |
| **Ratios/Supplemental Data** |  |  |
| Ratios to average net assets<sup>(3)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 0.51% | 0.52% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 0.51% | 0.51% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 4.50% | 5.16% |
| Portfolio turnover rate<sup>(2)</sup>  | 1.64% | 45.38% |
| Net assets, end of period (000s)  | $179 <br>| $80 <br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(3)</sup> Ratios to average net assets have been annualized.

\*The Class commenced operations on July 14, 2025.

**36**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Financial Highlights** **Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Period <br>Ended<br>September 30, 2022\*** |
|  | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **2025** | **2024** | **2023** | **Period <br>Ended<br>September 30, 2022\*** |
| **Net asset value, beginning of period**  | $9.78 <br>| $9.83 <br>| $9.61 <br>| $9.52 <br>| $10.00 <br>|
| **Investment activities** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup>  | 0.22 | 0.46 | 0.47 | 0.38 | 0.14 |
| Net realized and unrealized gain (loss) on investments and futures contracts  | (0.08) | (0.03) | 0.20 | 0.07 | (0.51) |
| **Total from investment activities**  | 0.14 | 0.43 | 0.67 | 0.45 | (0.37) |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.22) | (0.48) | (0.45) | (0.36) | (0.11) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (0.22) | (0.48) | (0.45) | (0.36) | (0.11) |
| **Net asset value, end of period**  | $9.70 <br>| $9.78 <br>| $9.83 <br>| $9.61 <br>| $9.52 <br>|
| **Total Return<sup>(2)</sup>**  | 1.48% | 7.14% | 7.14% | 4.84% | (3.68%) |
| **Ratios/Supplemental Data**  |  |  |  |  |  |
| Ratio to average net assets<sup>(3)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 0.56% | 0.57% | 0.58% | 0.63% | 0.61% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 0.44% | 0.44% | 0.44% | 0.44% | 0.49% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 4.43% | 4.68% | 4.85% | 3.96% | 1.77% |
| Portfolio turnover rate<sup>(2)</sup>  | 1.76% | 48.56% | 80.08% | 97.87% | 122.59% |
| Net assets, end of period (000s)  | $364991 <br>| $356345 <br>| $330239 <br>| $258228 <br>| $243470 <br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>(3)</sup> Ratios to average net assets have been annualized.

\*The Fund commenced operations on December 1, 2021.

**37**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements** **March 31, 2026 (unaudited)**

**NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The Curasset Capital Management Core Bond Fund (the "Core Bond Fund") and the Curasset Capital Management Limited Term Income Fund (the "Limited Term Income Fund") (each a "Fund" and collectively, the "Funds") are diversified series of the World Funds Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on April 9, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Funds offer Class A, Investor Class, Institutional Class and Founders Class shares. As of March 31, 2026, neither of the Funds had Class A shares or Investor Class shares outstanding, and the Limited Term Income Fund has no Institutional Class shares outstanding. Each Fund's Founders Class commenced operations on December 1, 2021. The Core Bond Fund's Institutional Class commenced operations on July 14, 2025.

The investment objective of the Core Bond Fund is to provide total return, comprised of income and capital appreciation.

The investment objective of the Limited Term Income Fund is to seek income.

The Funds are deemed to be an individual operating and reporting segments and are not part of a consolidated reporting entity. The objective and strategy, as outlined in the Funds' prospectus under the heading "Principal Investment Strategies," are used by Curasset Capital Management, LLC (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in its Statement of Operations and Financial Highlights, are the information utilized for the day-to-day management of the Fund. The Funds and the Advisor are parties to expense agreements as disclosed in the Notes to the Financial Statements, and resources are not allocated to the Funds based on performance measurements. Due to the significance of oversight and their role in the Funds' management, the Advisor's portfolio managers are deemed to be the Chief Operating Decision Maker.

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 *"Financial Services – Investment Companies."*

**38**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

**Security Valuation**

The Funds record investments at current market value. Investments in securities traded on national securities exchanges are valued at the last reported sale price. Investments in securities included on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Trust's Board of Trustees (the "Board"), which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair value using amortized cost. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Trust's Board of Trustees (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Fund's policies and procedures. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the New York Stock Exchange ("NYSE"). The value of these securities used in computing the net asset value ("NAV") is determined as of such times.

The FASB has issued Accounting Standards Update (ASU) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to increase comparability of financial information for entities that hold equity securities with contractual restrictions prohibiting the sale of the securities. Currently, there is diversity in practice on the application of a discount to measure fair value when securities have such contractual restrictions. The ASU provides clarity related to this matter. The ASU also adds disclosure requirements related to contractual sale restrictions.

Futures contracts are valued at the settlement price determined by the applicable US exchange on the date with respect to which the NAV is being determined, or if no settlement price is available, at the last sale price as of the close of business prior to the NAV determination on such day.

The Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Funds when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and

**39**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

(ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded, but prior to the time as of which the Funds' NAVs are calculated, that is likely to have changed the value of the security. Since most of the Funds' investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Trust uses fair value pricing to determine the NAV per share of the Funds, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Valuation Designee believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Trust's policy is intended to result in a calculation of the Funds' NAV that fairly reflects security values as of the time of pricing.

Various inputs are used in determining the value of the Funds' investments. 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 market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments).

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

The following is a summary of the level of inputs used to value the Funds' investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Core Bond Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset Backed Bonds  | $— <br>| $98152542 <br>| $— <br>| $98152542 <br>|
| Corporate Bonds  |  | 55158386 |  | 55158386 |
| US Treasury Notes  |  | 95791969 |  | 95791969 |
| Money Market Fund  | 36002754 |  |  | 36002754 |
|  | $36002754 <br>| $249102897 <br>| $— <br>| $285105651 <br>|
| **Other Financial Instruments:** | **Other Financial Instruments:** |  |  |  |
| Futures Contracts\*  | $(1185877 ) | $— <br>| $— <br>| $(1185877 ) |
|  | $(1185877 ) | $— <br>| $— <br>| $(1185877 ) |

---

**40**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Limited Term Income Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Asset Backed Bonds  | $— <br>| $132823396 <br>| $— <br>| $132823396 <br>|
| Corporate Bonds  |  | 27665324 |  | 27665324 |
| US Treasury Notes  |  | 145459129 |  | 145459129 |
| Money Market Fund  | 56104213 |  |  | 56104213 |
|  | $56104213 <br>| $305947849 <br>| $— <br>| $362052062 <br>|
| **Other Financial Instruments:** | **Other Financial Instruments:** |  |  |  |
| Futures Contracts\*  | $(1294545 ) | $— <br>| $— <br>| $(1294545 ) |
|  | $(1294545 ) | $— <br>| $— <br>| $(1294545 ) |

---

\*Other financial instruments are derivative instruments such as futures contracts and are valued at the unrealized appreciation (depreciation) of the instrument.

Refer to the Funds' Schedule of Investments for a listing of the securities by security type and sector. The Funds held no Level 3 securities at any time during the six months ended March 31, 2026.

**Security Transactions and Income** 

Security transactions are accounted for on the trade date. The cost of securities sold is generally determined on a specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Interest income is recorded on an accrual basis. Dividend income is recorded on ex-dividend date. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method.

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**41**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

**Federal Income Taxes**

The Funds have complied and intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds' tax returns. The Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred.

**Reclassification of Capital Accounts**

GAAP requires certain components of net assets are reclassified relating to permanent differences between financial and tax reporting. These reclassifications are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gains for federal income tax purposes and have no effect on net assets or net asset value per share. For the six months ended March 31, 2026, there were no such reclassifications.

**Class Net Asset Values and Expenses**

All income, expenses not attributable to a particular class, and realized and unrealized gains, are allocated to each class based on relative net assets on a daily basis for purposes of determining the net asset value of each class. Each class bears different distribution expenses. Ratios are calculated by adjusting the expense and net investment income ratios for a fund for the entire period for the effect of expenses applicable for each class. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual fund based on each fund's relative net assets or another appropriate basis as determined by the Board.

The Core Bond Fund currently offers two classes of shares: Founders Class and Institutional Class. Each class of shares has equal rights as to assets of the Fund, and the classes are identical except for differences in their ongoing shareholder servicing fees. Income, expenses (other than shareholder servicing

**42**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. The two classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class.

**Mortgage-Related Securities**

The Funds can buy interests in pools of residential or commercial mortgages in the form of "pass-through" mortgage securities. They may be issued or guaranteed by the U.S. government, or its agencies and instrumentalities, or by private issuers. The prices and yields of mortgage-related securities are determined, in part, by assumptions about the rate of payments of the underlying mortgages and are subject to the risks of unanticipated prepayment and extension risks. Mortgage-related securities are also subject to interest rate risk, and the market for mortgage-backed securities may be volatile at times and may be less liquid than the markets for other types of securities. Mortgage-related securities issued by private issuers are not U.S. government securities and are subject to greater credit risks than mortgage related securities that are U.S. government securities. Credit risk is greater for mortgage related securities that are not directly or indirectly guaranteed by a U.S. government-sponsored enterprise ("GSE") (such as Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Federal Farm Credit Banks). However, GSEs are not guaranteed by the U.S. Treasury and in the event that a GSE cannot meet its obligations, there can be no assurance that the U.S. government will provide support. Certain purchases of agency or GSE-guaranteed mortgage-backed securities are forward transactions (called "to-be-announced" or "TBA" transactions) that can settle a month or more after the trade date. If the counterparty to a TBA transaction does not perform its obligation to deliver the specified mortgage-backed securities, the Funds could be required to replace those securities at a higher price. During the settlement period, the Funds will bear the risk of any decline in the value of the security to be delivered. For either purchase or sale transactions, the Funds may choose to extend the settlement through a "dollar roll" transaction in which it sells its current TBA security to a dealer while simultaneously agreeing to buy a TBA security with similar characteristics with a later settlement date. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Funds may be less favorable than the security delivered to the dealer.

**43**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

**Derivatives**

The Funds utilize derivatives to achieve their investment strategies. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Funds. The Funds could experience a loss if derivatives do not perform as anticipated or are not correlated with the performance of other investments which are used to hedge or if the Funds are unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. Futures contracts involve the risk of mispricing or improper valuation and the risk that changes in the value of a futures contract may not correlate perfectly with the underlying indicator. The Funds are subject to the requirements of Rule 18f-4 under the 1940 Act and have adopted policies and procedures to manage risks concerning their use of derivatives. The following are the derivatives, whose underlying risk exposure is interest rate risk, held by each fund on March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Value Liability Derivatives** |
| Core Bond Fund  | Futures Contracts | $(1185877)\* <br>|
| Limited Term Income Fund  | Futures Contracts | $(1294545)\* <br>|

---

\*Statements of Assets and Liabilities location: Unrealized depreciation of open futures contracts.

The effect of derivative instruments on the Statements of Operations and whose underlying risk exposure is interest rate risk for the six months ended March 31, 2026, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Realized Gain (Loss) on Derivatives\*** | **Change in Unrealized Appreciation (Depreciation) <br>of Derivatives\*\*** |
| Core Bond Fund  | Long Futures Contracts | $533114 <br>| $(1491464) <br>|
| Limited Term Income Fund  | Long Futures Contracts | $470161 <br>| $(1616764) <br>|

---

\* Statements of Operations location: Net realized gain (loss) on futures contracts.

\*\*Statements of Operations location: Net change in unrealized appreciation (depreciation) of long futures contracts.

**44**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

The following indicates the average monthly volume for the six months ended March 31, 2026 are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Average Monthly Notional Value** |
| Core Bond Fund  | Long Futures Contracts | $104013079 |
| Limited Term Income Fund  | Long Futures Contracts | 134165830 |

---

**NOTE 2 – INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES**

Pursuant to an Investment Advisory Agreements between the Trust and the Advisor, the Advisor provides investment advisory services to the Funds for an investment management fee equal to 0.36% and 0.44% of the daily net assets of the Core Bond Fund and the Limited Term Income Fund, respectively.

The Advisor earned and waived advisory fees for the six months ended March 31, 2026, as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Advisory Fee Earned** | **Investment Advisory Fee Waived** |
| Core Bond Fund | &nbsp;&nbsp; $514926 <br>| &nbsp;&nbsp; $174332 <br>|
| Limited Term Income Fund | &nbsp;&nbsp; 796547 | &nbsp;&nbsp; 211513 |

---

The Advisor has contractually agreed to reduce its fees and/or reimburse Fund expenses until January 31, 2027 to keep Total Annual Fund Operating Expenses (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures which are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Funds' business) from exceeding 0.36% and 0.51%, respectively, of the daily net assets of Core Bond's Founders Class and Institutional Class, and 0.44% of the daily net assets with respect to the Limited Term Income Fund's Founders Class shares. The advisor has also entered into an expense limitation agreement with the Trust to reduce fees and/or reimburse expenses with respect to each of the Fund's Class A shares, Investor Class shares and Institutional Class shares. The Trust and the Advisor may terminate this limitation expense agreement prior to January 31, 2027 only by mutual written consent. Each waiver and/or reimbursement of an expense by the Advisor is subject to repayment by the applicable Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

**45**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

The total amount of recoverable fee waivers and expense reimbursements for the Funds as of March 31, 2026, and expiration dates are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **Total** |
| Core Bond Fund  | $357112 <br>| $348533 <br>| $349505 <br>| $174332 <br>| $1229482 <br>|
| Limited Term Income Fund | 479283 | 382652 | 437157 | 211513 | 1510605 |

---

The Funds have adopted a Distribution and Service Plan Pursuant to Rule 12b-1 (the "12b-1 Plan") for the Class A and Investor Class shares. Pursuant to the 12b-1 Plan, the Funds may finance from the assets of a particular class certain activities or expenses that are intended primarily to result in the sale of shares of such class. The fee paid pursuant to the 12b-1 plan by each class is computed on an annualized basis reflecting the average daily net assets of a class, up to a maximum of 0.25% for Class A and Investor Class Shares. Because these fees are paid out of a class's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The 12b-1 Plan, while primarily intended to compensate for shareholder services and expenses, was adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, and it therefore may be used to pay for certain expenditures related to financing distribution-related activities for each of the Funds.

The Funds have adopted a shareholder services plan with respect to their Class A, Investor and Institutional Class Shares. Under the shareholder services plan, the Funds may pay an authorized firm up to 0.25% on an annualized basis of its average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) arranging for bank wires; (ii) responding to inquiries from shareholders concerning their investment in the Fund; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in shares; (v) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vi) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; (vii) providing sub-accounting with respect to shares beneficially owned by shareholders; and (viii) processing dividend payments from the Fund on behalf of shareholders.

**46**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

For the six months ended March 31, 2026, the following Fees were incurred:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Type of Expense** | **Fees Incurred** |
| Core Fund | Institutional | Shareholder servicing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80 <br>|

---

Commonwealth Fund Services, Inc. ("CFS") acts as the Funds' administrator, transfer and dividend disbursing agent and fund accountant. Fees to CFS are computed daily and paid monthly. For the six months ended March 31, 2026, the following fees were incurred by each Fund to CFS:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration** | **Transfer <br>Agent** | **Fund <br>Accounting** |
| Core Bond Fund | &nbsp;&nbsp; $50639 <br>| &nbsp;&nbsp; $7333 <br>| &nbsp;&nbsp; $32905 <br>|
| Limited Term Income Fund | &nbsp;&nbsp; 61581 | &nbsp;&nbsp; 8341 | &nbsp;&nbsp; 42071 |

---

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus, LLP. J. Stephen King Jr. and Robert J. Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus LLP. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Funds for serving as officers of the Trust.

The Funds' Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Funds. For the six months ended March 31, 2026, Watermark received $3,843 and $4,420 in fees incurred by the Core Bond Fund and the Limited Term Income Fund, respectively.

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities, other than short-term securities and US Government securities for the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Core Bond Fund** |  |  |
| Preferred Stocks  | $— <br>| $227500 <br>|
| Asset Backed Bonds  | 3419455 | 13262813 |
| Corporate Bonds  |  | 2548888 |
|  | $3419455 <br>| $16039201 <br>|
| **Limited Term Income Fund** |  |  |
| Preferred Stocks  | $— <br>| $278050 <br>|
| Asset Backed Bonds  | 4400981 | 21997111 |
| Corporate bonds  |  | 5078313 |
|  | $4400981 <br>| $27353474 <br>|

---

**47**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

The costs of purchases and the proceeds of sales of Government securities for the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Corporate Bond Fund  | $817500 <br>| $2739745 <br>|
| Limited Term Income Fund  | 1226250 | 7060830 |

---

**NOTE 4 – DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The tax character of distributions paid during the six months ended March 31, 2026, and the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | &nbsp;&nbsp; $6713799 <br>| &nbsp;&nbsp; $8329698 <br>|

---

---

| | | |
|:---|:---|:---|
| **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | &nbsp;&nbsp; $12995119 <br>| &nbsp;&nbsp; $16696232 <br>|

---

As of March 31, 2026, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Accumulated undistributed net investment income (loss)  | $(1288 ) | $70649 <br>|
| Accumulated net realized gain (loss) on investments  | (13178112) | (3541002) |
| Net unrealized appreciation (depreciation) of investments  | (8090360) | (3214792) |
|  | $(21269760 ) | $(6685145 ) |

---

**48**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

As of March 31, 2026, the cost of securities for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross <br>Unrealized Appreciation** | **Gross <br>Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| Core Bond Fund  | $292010134 <br>| &nbsp;&nbsp; $1278615 <br>| &nbsp;&nbsp; $(9368975) <br>| &nbsp;&nbsp; $(8090360) <br>|
| Limited Term Income Fund  | $363972309 <br>| &nbsp;&nbsp; 1389494 | &nbsp;&nbsp; (4604286) | &nbsp;&nbsp; (3214792) |

---

**NOTE 5 –TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST**

Capital stock transactions were:

---

| | | |
|:---|:---|:---|
| **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
|  | **Founders Class** | **Institutional Class** |
| Shares sold  | 2794692 | 11136 |
| Shares reinvested  | 40483 | 160 |
| Shares redeemed  | (1643986) |  |
| Net increase (decrease)  | 1191189 | 11296 |

---

---

| | | |
|:---|:---|:---|
| **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
|  | **Founders Class** | **Institutional Class** |
| Shares sold  | 7067205 | 8854 |
| Shares reinvested  | 46925 | 45 |
| Shares redeemed  | (5581795) |  |
| Net increase (decrease)  | 1532335 | 8899 |

---

---

| | | |
|:---|:---|:---|
| **Limited Term Income Fund Founders Class** | **Limited Term Income Fund Founders Class** | **Limited Term Income Fund Founders Class** |
| **Six Months Ended <br>March 31, 2026** | **Six Months Ended <br>March 31, 2026** | **Year Ended <br>September 30, 2025** |
| Shares sold  | 2490454 | 7891306 |
| Shares reinvested  | 116801 | 193017 |
| Shares redeemed  | (1430067) | (5236882) |
| Net increase (decrease)  | 1177188 | 2847442 |

---

**NOTE 6 – RISKS OF INVESTING IN THE FUND**

An investment in the Funds entails risk. The Funds may not achieve their leveraged investment objective and there is a risk that you could lose all of your money invested the Funds. The Funds are not a complete investment program. In addition, the Funds present risks not traditionally associated with other mutual funds and ETFs. An investment in the Funds is not a bank deposit and is not

**49**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUNDS**

**Notes to Financial Statements - continued** **March 31, 2026 (unaudited)**

insured or guaranteed by the FDIC or any government agency. A complete description of the principal risks is included in the Funds' prospectus under the heading "Principal Risks."

**NOTE 7 – SUBSEQUENT EVENTS**

Subsequent to the date of the financial statements, the Funds have made the following distributions to the shareholders of record:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Record <br>Date** | **Ex-Dividend Date** | **Character** | **Amount** |
| Core Bond Fund  | 4/27/26 | 4/28/26 | Net Investment Income | $1101455 |
| Core Bond Fund  | 5/26/26 | 5/27/26 | Net Investment Income | 1161574 |
| Limited Term Income Fund | 4/27/26 | 4/28/26 | Net Investment Income | 1310878 |
| Limited Term Income Fund | 5/26/26 | 5/27/26 | Net Investment Income | 1335579 |

---

Management has evaluated all transactions and events subsequent to the date of the Statements of Assets and Liabilities through the date on which these financial statements were issued and, except as noted above, has noted no additional items that require disclosure.

**50**

FINANCIAL STATEMENTS \| March 31, 2026

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited)**

**Changes in and disagreements with accountants for open-end management investment companies.**

Not applicable.

**Proxy disclosures for open-end management investment companies.**

Not applicable.

**Remuneration paid to Directors, Officers, and others of open-end management investment companies.**

See the Statements of Operations and Note 2 which includes remuneration paid to Officers. See the Statements of Operations for remuneration paid to Trustees.

**Statement Regarding Basis of Approval of Investment Advisory Contract.**

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Reference Item 7, Note 2 which includes remuneration paid to Officers and the Statements of Operations which include remuneration paid to Trustees.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable because it is not a closed-end management investment company.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d- 15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics in response to Item 2 of this Form N-CSR – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: June 4, 2026 | |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: June 4, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: June 4, 2026 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

[World Funds Trust N-CSRS](curasset_ncsrs-033126.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, Karen Shupe, Principal Executive Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Curasset Capital Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 4, 2026

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Ann MacDonald, Principal Financial Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Curasset Capital Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 4, 2026

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSRS](curasset_ncsrs-033126.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 4, 2026 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 4, 2026 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.