# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001752724-25-185577
**Filing Date:** 2025-8
**Character Count:** 162471
**Document Hash:** 14527ef893c659f0f259098c5ff2fbf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-185577.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001752724-25-185577

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 251192902

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
|  | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  |  | **Shares** | **Value** |
| **0.08%** | **PREFERRED STOCKS** |  |  |
| **0.08%** | **FINANCIALS** |  |  |
|  | **Eagle Point Income Company, Inc.** | **9100** | $**227410** |
| **0.08%** | **TOTAL PREFERRED STOCKS** |  | **227410** |
| **2.25%** | **EXCHANGE TRADED FUNDS** |  |  |
| **2.25%** | **HIGH YIELD BOND** |  |  |
|  | **iShares BB Rated Corporate Bond ETF** | **29328** | **1378416** |
|  | **iShares Fallen Angels USD Bond ETF** | **104620** | **2839387** |
|  | **VanEck Fallen Angel High Yield Bond ETF** | **72926** | **2135273** |
|  |  |  | **6353076** |
| **2.25%** | **TOTAL EXCHANGE TRADED FUNDS** |  | **6353076** |
| **36.56%** | **ASSET BACKED BONDS** |  |  |
| **9.18%** | **AUTOMOTIVE** |  |  |
|  | **Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 14** | **110000** | **111155** |
|  | **Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240%^ 1** | **100000** | **102384** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month +5.490%)** |  |  |
|  | **GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A** | **1400000** | **1412447** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 5 Year +3.868%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 5 Year +3.868%)** |  |
|  | **Lendbuzz Securitization Trust 05/15/2030 5.180% 144A** | **900000** | **902254** |
|  | **Lendbuzz Securitization Trust 07/15/2026 4.759% 144A** | **569000** | **569067** |
|  | **Switch ABS Issuer LLC 06/25/2054 6.200% 144A** | **450000** | **453994** |
|  | **Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A** | **900000** | **900968** |
|  | **Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A** | **350070** | **349931** |
|  | **Arivo Acceptance Auto Loan Receivables Trust 03/15/2027 3.770%^** | **426620** | **426389** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 1 Month + 0.114%) + 0.720%)** |  |  |
|  | **Arivo Acceptance Auto Loan Receivables Trust 03/15/2029 9.840%** | **500000** | **519678** |
|  | **Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930%** | **49240** | **49150** |
|  | **Avid Automobile Receivables Trust 12/15/2027 7.350% 144A** | **600000** | **602431** |
|  | **Carmax Auto Owner Trust 04/16/2029 8.080%** | **1000000** | **1045441** |
|  | **Carvana Auto Receivables Trust 01/10/2031 4.740%** | **450000** | **446782** |
|  | **Carvana Auto Receivables Trust 12/11/2028 4.130% 144A** | **424076** | **419718** |
|  | **Carvana Auto Receivables Trust 03/10/2028 2.900% 144A** | **46189** | **45050** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **AUTOMOTIVE Continued** | **Shares** | **Value** |
| **Carvana Auto Receivables Trust 03/10/2028 1.070%** | **84220** | $**81641** |
| **Carvana Auto Receivables Trust 03/10/2028 0.970%** | **97216** | **95261** |
| **Carvana Auto Receivables Trust 04/10/2028 5.080%** | **2000000** | **2017766** |
| **CPS Auto Trust 10/15/2029 7.140% 144A** | **900000** | **914205** |
| **CPS Auto Trust 11/15/2030 10.720% 144A** | **300000** | **332019** |
| **CPS Auto Trust 08/15/2028 5.190% 144A** | **1800000** | **1801571** |
| **DT Auto Owner Trust 12/15/2027 3.400% 144A** | **417985** | **415008** |
| **DT Auto Owner Trust 02/16/2027 1.500% 144A** | **176918** | **176283** |
| **DT Auto Owner Trust 05/17/2027 1.310% 144A** | **468298** | **461656** |
| **DT Auto Owner Trust 09/15/2028 2.650%^ 144A** | **450000** | **443245** |
| &nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.800%)** |  |  |
| **Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A** | **787500** | **728545** |
| **Exeter Automobile Receivables Trust 04/15/2027 1.400%** | **726817** | **715020** |
| **Exeter Automobile Receivables Trust 06/15/2027 1.550%** | **670936** | **659457** |
| **Exeter Automobile Receivables Trust 06/15/2028 3.020%** | **889863** | **881690** |
| **Exeter Automobile Receivables Trust 07/17/2028 4.560%** | **483750** | **482100** |
| **First Investors Auto Owner Trust 06/15/2029 5.410% 144A** | **500000** | **493475** |
| **Flagship Credit Auto Trust 09/15/2027 1.460% 144A** | **239644** | **237662** |
| **Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A** | **400000** | **397059** |
| **GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A** | **216210** | **216098** |
| **GLS Auto Receivables Trust 07/15/2027 4.310% 144A** | **319443** | **319362** |
| **Lad Auto Receivables Trust 04/15/2030 6.850% 144A** | **484000** | **491121** |
| **Lendbuzz Securitization Trust 12/15/2028 7.500% 144A** | **212283** | **216812** |
| **Lendbuzz Securitization Trust 05/15/2029 5.990% 144A** | **302473** | **305028** |
| **Lobel Automobile Receivables Trust 04/16/2029 7.590% 144A** | **20220** | **20252** |
| **Prestige Auto Receivables Trust 02/15/2028 1.530% 144A** | **147472** | **146567** |
| **Research-Driven Pagaya 03/25/2032 7.540% 144A** | **120241** | **121119** |
| **Santander Drive Auto Receivables Trust 09/15/2027 1.330%** | **293116** | **291936** |
| **Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A** | **360000** | **363449** |
| **Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A** | **400000** | **428217** |
| **United Auto Credit Securitization Trust 11/10/2028 5.000% 144A** | **482053** | **472209** |
| **United Auto Credit Securitization Trust 04/10/2029 10.000% 144A** | **400000** | **188690** |
| **Veros Auto Receivables Trust 11/15/2028 7.120% 144A** | **111886** | **112031** |
| **Veros Auto Receivables Trust 11/15/2028 8.320% 144A** | **819000** | **839938** |
| **Veros Auto Receivables Trust 07/16/2029 7.230%^ 144A** | **1350000** | **1357934** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month +4.233610%)** |  |  |
| **Westlake Automobile Receivable 01/15/2027 6.230% 144A** | **98481** | **98617** |
| **Westlake Automobile Receivable 03/15/2027 3.490% 144A** | **248058** | **247420** |
|  |  | **25927302** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  | **Shares** | **Value** |
| **6.76% MISCELLANEOUS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crossroads Asset Trust 06/22/2026 4.730% 144A** | **900000** | $**900254** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crossroads Asset Trust 08/20/2032 8.320% 144A** | **225000** | **224949** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Golub Capital Partners Static Ltd. 04/25/2034 6.227%^ 144A** | **900000** | **900000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.900%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NGC Ltd. 04/20/2038 5.474%^ 144A** | **880000** | **879384** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.200%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A** | **450000** | **450706** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affirm Asset Securitization Trust 11/16/2026 1.170% 144A** | **680** | **679** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Allegro CLO Ltd. 01/19/2033 6.169%^ 144A** | **470000** | **470094** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.900%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aqua Finance Trust 07/17/2046 1.900% 144A** | **160138** | **149897** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Atlas Senior Loan Fund 04/22/2031 6.134%^ 144A** | **516000** | **519767** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.600%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Benefit Street Partners CLO Ltd. 07/15/2037 5.436%^ 144A** | **799000** | **797722** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.180%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bluemountain CLO 10/20/2030 6.131%^ 144A** | **480000** | **484560** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.870%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CoreVest American Finance Trust 10/15/2054 2.911% 144A** | **960000** | **911569** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crossroads Asset Trusts 08/20/2030 5.900% 144A** | **182837** | **185054** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Halcyon Loan Advisors Funding 07/21/2031 6.331%^ 144A** | **467000** | **472090** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.800%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Harvest SBA Loan Trust 06/25/2047 6.800%^ 144A** | **301149** | **301149** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.150%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Jamestown CLO 04/20/2032 6.119%^ 144A** | **480000** | **481872** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.600%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A** | **449832** | **454427** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A** | **450000** | **451652** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Polus Capital Management 10/20/2037 5.519%^ 144A** | **852632** | **852717** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.250%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Saratoga Investment Corp. 04/20/2033 6.331%^ 144A** | **450000** | **456750** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.261%) + 1.700%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SCF Equipment Trust LLC 11/20/2031 3.790% 144A** | **500000** | **488006** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shackleton 2017-XI CLO Ltd. 08/15/2030 6.738%^ 144A** | **888000** | **899100** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 2.150%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sotheby's Artfi Master Trust 12/22/2031 5.819%^ 144A** | **480000** | **480353** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.500%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sound Point CLO V-R Ltd. 07/18/2031 6.281%^ 144A** | **470000** | **475734** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MISCELLANEOUS Continued** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.750%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trinity Rail Leasing LP 10/18/2049 2.390% 144A** | **77013** | $**75778** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Upstart Securitization Trust 06/20/2033 7.920% 144A** | **450000** | **454904** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Venture CDO Ltd. 10/20/2034 5.719%^ 144A** | **440000** | **435864** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.450%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Venture CDO Ltd. 07/15/2032 6.388%^ 144A** | **900000** | **906750** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.870%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voya CLO Ltd. 10/15/2037 5.456%^ 144A** | **1125000** | **1124438** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.200%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voya CLO Ltd. 10/18/2031 6.231%^ 144A** | **737436** | **745400** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.700%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Zais CLO 11 Ltd. 01/20/2032 6.059%^ 144A** | **470000** | **472162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.790%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Zais CLO 15 Ltd. 07/28/2037 5.533%^ 144A** | **1700000** | **1699660** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 3 Month + 1.250%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Zais Matrix CDO I 04/15/2032 6.256%^ 144A** | **480000** | **484560** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 2.150%)** |  |  |
|  |  | **19088001** |
| **20.62% MORTGAGE BACKED** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMM Mortgage Trust 09/15/2033 6.785%^ 144A** | **55000** | **16913** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.177%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 10/25/2041 7.405%^ 144A** | **900000** | **921812** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.100%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 02/25/2044 6.105%^ 144A** | **900000** | **907577** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.800%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 03/25/2042 7.805%^ 144A** | **2200000** | **2285602** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.500%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 05/25/2044 5.955%^ 144A** | **900000** | **904517** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.650%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut Avenue Securities Trust 07/25/2044 6.005%^ 144A** | **900000** | **903295** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.700%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 08/31/2026 3.750%** | **5047500** | **5035472** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2034 5.955%^ 144A** | **29561** | **29692** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.650%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2042 7.705%^ 144A** | **100000** | **102918** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.400%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2042 6.805%^ 144A** | **1250000** | **1272662** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.500%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Home Loan Mortgage Corp. 01/25/2051 6.105%^ 144A** | **433852** | **436410** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **MORTGAGE BACKED Continued** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.800%)** |  |  |
| **Federal Home Loan Mortgage Corp. 10/25/2041 5.805%^ 144A** | **918625** | $**922099** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.500%)** |  |  |
| **Federal Home Loan Mortgage Corp. 11/25/2041 6.105%^ 144A** | **477000** | **480407** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.800%)** |  |  |
| **Federal Home Loan Mortgage Corp. 11/25/2043 7.655%^ 144A** | **900000** | **949648** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.350%)** |  |  |
| **Federal Home Loan Mortgage Corp. 12/25/2041 11.305%^ 144A** | **500000** | **529203** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 7.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 02/25/2042 6.705%^ 144A** | **1400000** | **1424332** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.400%)** |  |  |
| **Federal Home Loan Mortgage Corp. 03/25/2042 7.805%^ 144A** | **500000** | **516440** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.500%)** |  |  |
| **Federal Home Loan Mortgage Corp. 03/25/2042 9.555%^ 144A** | **250000** | **265300** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 5.250%)** |  |  |
| **Federal Home Loan Mortgage Corp. 03/25/2043 6.406%^ 144A** | **662116** | **671843** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.100%)** |  |  |
| **Federal Home Loan Mortgage Corp. 04/25/2042 7.205%^ 144A** | **586000** | **603580** |
| &nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.800%)** |  |  |
| **Federal Home Loan Mortgage Corp. 04/25/2043 6.406%^ 144A** | **924631** | **939083** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.100%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/15/2027 3.000%** | **474147** | **8696** |
| **Federal Home Loan Mortgage Corp. 05/25/2042 6.505%^ 144A** | **1041904** | **1053626** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.200%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2042 7.655%^ 144A** | **1800000** | **1870425** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.350%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2043 6.305%^ 144A** | **421059** | **425407** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2044 6.005%^ 144A** | **900000** | **904211** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.700%)** |  |  |
| **Federal Home Loan Mortgage Corp. 06/25/2042 11.055%^ 144A** | **1000000** | **1099621** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 6.750%)** |  |  |
| **Federal Home Loan Mortgage Corp. 06/25/2043 6.305%^ 144A** | **823511** | **828056** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 06/25/2043 7.655%^ 144A** | **2250000** | **2343395** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.350%)** |  |  |
| **Federal Home Loan Mortgage Corp. 08/25/2044 6.105%^ 144A** | **1280000** | **1283183** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.800%)** |  |  |
| **Federal Home Loan Mortgage Corp. 09/25/2042 6.455% 144A** | **319060** | **321485** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **MORTGAGE BACKED Continued** | **Shares** | **Value** |
| **Federal Home Loan Mortgage Corporation 01/25/2042 6.155%^ 144** | **650000** | $**656428** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.850%)** |  |  |
| **Federal National Mortgage Assoc. 01/25/2031 8.670%^** | **534000** | **582185** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 4.250%)** |  |  |
| **Federal National Mortgage Assoc. 01/25/2043 6.605%^ 144A** | **296742** | **302848** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.300%)** |  |  |
| **Federal National Mortgage Assoc. 10/25/2041 5.855%^ 144A** | **228094** | **228657** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.550%)** |  |  |
| **Federal National Mortgage Assoc. 10/25/2043 5.805%^ 144A** | **697274** | **699434** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.500%)** |  |  |
| **Federal National Mortgage Assoc. 11/25/2046 0.114%** | **20404459** | **37809** |
| **Federal National Mortgage Assoc. 12/25/2032 2.000%** | **60457** | **56838** |
| **Federal National Mortgage Assoc. 12/25/2041 6.205%^ 144A** | **250000** | **252020** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.900%)** |  |  |
| **Federal National Mortgage Assoc. 12/25/2041 5.955%^ 144A** | **1000000** | **1005940** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.650%)** |  |  |
| **Federal National Mortgage Assoc. 12/25/2042 6.706%^ 144A** | **1238722** | **1270636** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.400%)** |  |  |
| **Federal National Mortgage Assoc. 02/25/2046 0.164%** | **14319317** | **45464** |
| **Federal National Mortgage Assoc. 02/25/2047 0.114%** | **14074957** | **34075** |
| **Federal National Mortgage Assoc. 04/25/2042 7.305%^ 144A** | **1000000** | **1026777** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.000%)** |  |  |
| **Federal National Mortgage Assoc. 04/25/2042 6.205%^ 144A** | **465885** | **467712** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.900%)** |  |  |
| **Federal National Mortgage Assoc. 04/25/2043 6.805%^ 144A** | **397214** | **402965** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.500%)** |  |  |
| **Federal National Mortgage Assoc. 05/25/2042 7.055%^ 144A** | **476334** | **487460** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.750%)** |  |  |
| **Federal National Mortgage Assoc. 06/25/2042 7.256%^ 144A** | **486174** | **498497** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.950%)** |  |  |
| **Federal National Mortgage Assoc. 06/25/2043 6.206%^ 144A** | **254205** | **256655** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.900%)** |  |  |
| **Federal National Mortgage Assoc. 07/25/2042 7.905%^ 144A** | **2110000** | **2201004** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.600%)** |  |  |
| **Federal National Mortgage Assoc. 07/25/2042 6.855%^ 144A** | **1035112** | **1058202** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.550%)** |  |  |
| **Federal National Mortgage Assoc. 07/25/2043 6.005%^ 144A** | **210261** | **211445** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.700%)** |  |  |
| **Federal National Mortgage Assoc. 08/25/2042 3.500%** | **317473** | **46063** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| **MORTGAGE BACKED Continued** | **Shares** | **Value** |
| **Federal National Mortgage Assoc. 09/25/2042 6.806%^ 144A** | **252445** | $**256417** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 2.500%)** |  |  |
| **Government National Mortgage Assoc. 10/20/2052 5.000%** | **799592** | **804320** |
| **Government National Mortgage Assoc. 11/20/2051 3.000%** | **7605067** | **1317547** |
| **ICG US CLO Ltd. 01/15/2031 6.318%^** | **470000** | **471786** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month + 1.800%)** |  |  |
| **Ocwen Loan Invest Trust 02/25/2037 3.000% 144A** | **186840** | **182400** |
| **Provident Funding Mortgage Trust 04/25/2051 2.500% 144A** | **754080** | **615419** |
| **Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A** | **450000** | **452746** |
| **Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A** | **240000** | **241565** |
| **Sequoia Mortgage Trust 04/25/2050 3.000% 144A** | **82365** | **80901** |
| **Velocity Commercial Capital 11/25/2053 7.670% 144A** | **119444** | **122174** |
| **Verus Securitization Trust 11/25/2059 3.192% 144A** | **102846** | **102117** |
| **Washington Mutual Mortgage Pass-Through Certificate 10/25/2045** | **357800** | **356050** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 0.360%)** |  |  |
| **Winston Salem, NC Limited Obligation 01/20/2046 3.783% 144A** | **120632** | **115387** |
| **X-Caliber Funding LLC 11/01/2024 7.580%^ 144A** | **459016** | **458139** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(CME Term SOFR 1 Month + 3.250%)** |  |  |
| **X-Caliber Funding LLC 09/15/2028 12.000% 144A** | **450000** | **452742** |
| **Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A** | **337500** | **325418** |
| **Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A** | **264000** | **193942** |
| **Federal Home Loan Mortgage Corp. 03/25/2052 9.305%^ 144A** | **900000** | **972846** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 5.000%)** |  |  |
| **Federal Home Loan Mortgage Corp. 04/25/2043 7.556%^ 144A** | **700000** | **733435** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.250%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2043 7.805%^ 144A** | **900000** | **950583** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.500%)** |  |  |
| **Federal Home Loan Mortgage Corp. 05/25/2045 5.505%^ 144A** | **720726** | **722342** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 1.200%)** |  |  |
| **Federal Home Loan Mortgage Corp. 09/25/2042 8.005%^ 144A** | **2000000** | **2106880** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.700%)** |  |  |
| **Federal National Mortgage Association 12/25/2041 7.455%^ 144A** | **700000** | **718592** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.150%)** |  |  |
| **Federal National Mortgage Association 02/25/2037 1.500%** | **7869932** | **424984** |
| **Federal National Mortgage Association 04/25/2043 8.205%^ 144A** | **1900000** | **2020536** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 3.900%)** |  |  |
| **Federal National Mortgage Association 06/25/2042 8.956%^ 144A** | **850000** | **906161** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(United States 30 Day Average SOFR + 4.650%)** |  |  |
|  |  | **58191453** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  |  | **Shares** | **Value** |
| **36.56%** | **TOTAL ASSET BACKED BONDS** |  | **$103206756** |
| **21.60%** | **CORPORATE BONDS** |  |  |
| **1.04%** | **COMMUNICATION SERVICES** |  |  |
|  | **AT&T Mobility II LLC 03/01/2031 8.750%** | **500000** | **592600** |
|  | **Bellsouth Telecommunications 06/01/2028 6.375%** | **500000** | **521404** |
|  | **CCO Holdings Capital Corp. 06/01/2029 5.375% 144A** | **225000** | **224177** |
|  | **Charter Communications Operating LLC 02/01/2034 6.650%** | **1000000** | **1070841** |
|  | **Ciena Corp. 01/31/2030 4.000% 144A** | **100000** | **94737** |
|  | **Corning, Inc. 03/15/2037 4.700%** | **200000** | **193245** |
|  | **Factset Research Systems 03/01/2027 2.900%** | **250000** | **243604** |
|  |  |  | **2940608** |
| **3.42%** | **CONSUMER DISCRETIONARY** |  |  |
|  | **AutoNation, Inc. 03/01/2032 3.850%** | **1000000** | **921218** |
|  | **AutoNation, Inc. 08/01/2031 2.400%** | **1000000** | **860472** |
|  | **BorgWarner, Inc. 02/15/2029 7.125%** | **400000** | **431795** |
|  | **Ford Holdings LLC 03/01/2030 9.300%** | **810000** | **920294** |
|  | **General Motors Financial Co. 01/12/2032 3.100%** | **1000000** | **878635** |
|  | **General Motors Financial Co. 01/08/2031 2.350%** | **250000** | **216548** |
|  | **Hasbro, Inc. 07/15/2028 6.600%** | **700000** | **736724** |
|  | **Las Vegas Sands Corp. 08/08/2029 3.900%** | **500000** | **476057** |
|  | **Lear Corp. 05/30/2030 3.500%** | **1000000** | **942581** |
|  | **Lowe's Companies, Inc. 04/01/2052 4.250%** | **500000** | **391352** |
|  | **MDC Holdings, Inc. 01/15/2030 3.850%** | **1000000** | **955178** |
|  | **Nissan Motor Co. 09/17/2030 4.810% 144A** | **1000000** | **917421** |
|  | **Toll Bros Finance Corp. 03/15/2027 4.875%** | **1000000** | **1003286** |
|  |  |  | **9651561** |
| **1.07%** | **CONSUMER STAPLES** |  |  |
|  | **AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A** | **90000** | **87544** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 1 Month + 0.046%) + 2.277%)** |  |  |
|  | **Constellation Brands, Inc. 05/01/2030 2.875%** | **1000000** | **924746** |
|  | **PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A** | **90000** | **87825** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 1 Month + 0.046%) + 2.427%)** |  |  |
|  | **Quanta Services, Inc. 10/01/2030 2.900%** | **1000000** | **921860** |
|  | **Smithfield Foods, Inc. 10/15/2030 3.000% 144A** | **1000000** | **908380** |
|  | **Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%** | **100000** | **99825** |
|  |  |  | **3030180** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  | **Shares** | **Value** |
| **3.37% ENERGY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alliance Resource Operating Partnership 06/15/2029 8.625% 144A** | **450000** | $**478295** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APA Corp. 12/15/2029 7.750% 144A** | **133000** | **143289** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enbridge Energy LP 10/01/2028 7.125%** | **500000** | **536842** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energen Corp. 02/15/2028 7.125%^** | **475000** | **498250** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**((CME Term SOFR 3 Month + 0.262%) + 1.750%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Transfer LP Perpetual 6.625%** | **400000** | **398138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Helmerich & Payne, Inc. 12/01/2029 4.850% 144A** | **900000** | **858187** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HF Sinclair Corp. 02/01/2028 5.000%** | **400000** | **400117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Occidental Petroleum Corp. 03/15/2029 7.200%** | **1000000** | **1059826** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ONEOK, Inc. 09/01/2029 3.400%** | **1000000** | **954296** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Phillips 66 Partners LP 03/01/2028 3.750%** | **549000** | **525049** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pioneer Natural Resource 01/15/2028 7.200%** | **1000000** | **1071021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Plains All American Pipeline LP 09/15/2030 3.800%** | **250000** | **238931** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Targa Resources Partners LP 03/01/2030 5.500%** | **500000** | **507439** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TransCanada Pipelines Ltd. 06/15/2029 7.700%** | **850000** | **939306** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valero Energy Corp. 12/01/2031 2.800%^** | **1000000** | **890194** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 10 Year +4.349%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 10 Year +4.349%)** |  |
|  |  | **9499180** |
| **4.55% FINANCIALS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ally Financial, Inc. 11/01/2031 8.000%** | **1000000** | **1138620** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ally Financial, Inc. Perpetual 4.700%** | **225000** | **217240** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**American Express Co. Perpetual 3.550%** | **500000** | **488323** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASB Bank Ltd. 10/22/2031 2.375% 144A** | **2000000** | **1758954** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Avolon Holdings Funding Ltd. 11/18/2027 2.528% 144A** | **1000000** | **950585** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banco Santander SA 12/03/2030 2.749%** | **250000** | **222628** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banco Santander SA 03/24/2028 4.175%^** | **200000** | **198831** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month +1.754%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank of America Corp. Perpetual 4.375%** | **625000** | **613268** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Barclays plc 05/16/2029 4.972%** | **250000** | **252614** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Charles Schwab Corp. Perpetual 5.000%** | **500000** | **498238** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Citigroup, Inc. 03/31/2031 4.412%^** | **250000** | **247347** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 3 Month +1.902%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Crown Castle, Inc. 03/15/2027 2.900%** | **250000** | **243212** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EPR Properties 04/15/2028 4.950%** | **360000** | **359300** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fidelity National Financial, Inc. 06/15/2030 3.400%** | **1080000** | **1008014** |

---

---

| | | |
|:---|:---|:---|
| **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIALS Continued** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**First Citizens Bancshare Perpetual 8.552%** | **500000** | $**516036** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Goldman Sachs Group, Inc Perpetual 4.125%** | **500000** | **490791** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Horizon Bancorp 07/01/2030 9.781%** | **450000** | **449892** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NatWest Group plc 05/18/2029 4.892%** | **500000** | **505005** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SBL Holdings, Inc. 11/13/2026 5.125% 144A** | **400000** | **396561** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Societe Generale SA 11/24/2025 4.750%^ 144A** | **250000** | **250000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(SOFR Rate+3.914%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Synchrony Bank 08/22/2025 5.400%** | **400000** | **399919** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transamerica Capital II 12/01/2026 7.650%^ 144A** | **675000** | **691517** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 0.720%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Truist Financial Corp. Perpetual 5.100%** | **500000** | **494592** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Weyerhaeuser Co. 03/09/2033 3.375%** | **500000** | **447798** |
|  |  | **12839285** |
| **3.81% INDUSTRIALS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Avnet, Inc. 06/01/2032 5.500%** | **1000000** | **1007779** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Can-Pack SA/Canpack US LLC 11/15/2029 3.875% 144A** | **500000** | **468316** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CH Robinson Worldwide, Inc. 04/15/2028 4.200%** | **1000000** | **994532** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FedEx Corp. 10/17/2048 4.950%^** | **1000000** | **844464** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 1 Year +2.000%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 1 Year +2.000%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Flowserve Corp. 01/15/2032 2.800%** | **1000000** | **869730** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fortune Brands Innovation 03/25/2032 4.000%** | **500000** | **469818** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fortune Brands Innovation 03/25/2052 4.500%^** | **500000** | **398340** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 5 Year +2.949%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(US Treasury Yield Curve Rate Constant Maturity 5 Year +2.949%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hubbell, Inc. 08/15/2027 3.150%** | **600000** | **585594** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Masco Corp. 08/15/2032 6.500%** | **1000000** | **1064731** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MasTec, Inc. 08/15/2029 6.625% 144A** | **450000** | **450000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oshkosh Corp. 03/01/2030 3.100%** | **1000000** | **936063** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Owens Corning 06/01/2030 3.875%** | **1000000** | **965376** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Timken Co. 12/15/2028 4.500%** | **500000** | **501024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Timken Co. 05/08/2028 6.875%** | **320000** | **337978** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Westrock MWV LLC 02/15/2031 7.950%** | **750000** | **869314** |
|  |  | **10763059** |
| **0.56% INFORMATION TECHNOLOGY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CA, Inc. 03/15/2027 4.700%** | **600000** | **597622** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MSCI, Inc. 09/01/2030 3.625% 144A** | **100000** | **93794** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Qorvo, Inc. 04/01/2031 3.375% 144A** | **987000** | **890038** |
|  |  | **1581454** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  |  | **Shares** | **Value** |
| **0.46%** | **MATERIALS** |  |  |
|  | **Albemarle Corp. 06/01/2032 5.050%** | **500000** | $**481016** |
|  | **Celanese US Holdings LLC 07/15/2032 6.629%** | **225000** | **235884** |
|  | **Domtar Corp. 10/01/2028 6.750%^ 144A** | **100000** | **90588** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ICE LIBOR USD 1 Month + 2.277%)** |  |  |
|  | **Steel Dynamics, Inc. 12/15/2026 5.000%** | **500000** | **499427** |
|  |  |  | **1306915** |
| **1.75%** | **MORTGAGE BACKED** |  |  |
|  | **Federal Home Loan Bank 04/20/2029 4.000%^** | **5000000** | **4934170** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Prime - 0.700%)** |  |  |
|  |  |  | **4934170** |
| **1.57%** | **UTILITIES** |  |  |
|  | **Alliant Energy Finance LLC 03/01/2032 3.600% 144A** | **1000000** | **905795** |
|  | **Eversource Energy 03/01/2032 3.375%** | **1000000** | **910853** |
|  | **Exelon Corp. 04/01/2032 7.600%** | **1000000** | **1144841** |
|  | **Sempra Perpetual 4.875%** | **500000** | **497938** |
|  | **Southern California Gas Co. 04/01/2054 5.600%** | **1000000** | **973426** |
|  |  |  | **4432853** |
| **21.60%** | **TOTAL CORPORATE BONDS** |  | **60979265** |
| **37.34%** | **TREASURIES** |  |  |
|  | **US Treasury 01/15/2028 4.250%** | **409800** | **415099** |
|  | **US Treasury 01/31/2029 4.000%** | **4750000** | **4792859** |
|  | **US Treasury 11/15/2027 4.125%** | **2700400** | **2725400** |
|  | **US Treasury 11/15/2031 1.375%** | **3028000** | **2590714** |
|  | **US Treasury 11/15/2032 4.125%** | **4000000** | **4027656** |
|  | **US Treasury 11/15/2033 4.500%** | **2000000** | **2054376** |
|  | **US Treasury 11/15/2053 4.750%** | **4000000** | **3963752** |
|  | **US Treasury 11/30/2026 4.250%** | **536100** | **538864** |
|  | **US Treasury 12/15/2027 4.000%** | **1655600** | **1667370** |
|  | **US Treasury 02/15/2032 1.875%** | **4500000** | **3952971** |
|  | **US Treasury 02/15/2034 4.000%** | **5030000** | **4977537** |
|  | **US Treasury 02/15/2042 2.375%** | **15000000** | **10912500** |
|  | **US Treasury 02/15/2043 3.875%** | **5000000** | **4475780** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** | **CURASSET CAPITAL MANAGEMENT CORE BOND FUND** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025 (unaudited)** |  |  |
|  | **GOVERNMENT Continued** | **Shares** | **Value** |
|  | **US Treasury 02/15/2044 4.500%** | **3800000** | $**3671750** |
|  | **US Treasury 02/15/2053 3.625%** | **5000000** | **4081640** |
|  | **US Treasury 02/29/2032 4.125%** | **8600000** | **8678613** |
|  | **US Treasury 03/31/2032 4.125%** | **5000000** | **5044335** |
|  | **US Treasury 05/15/2033 3.375%** | **3000000** | **2859726** |
|  | **US Treasury 05/15/2042 3.250%** | **4000000** | **3308592** |
|  | **US Treasury 05/15/2043 3.875%** | **5000000** | **4466015** |
|  | **US Treasury 05/15/2053 3.625%** | **2500000** | **2039062** |
|  | **US Treasury 05/15/2054 4.625%** | **2750000** | **2670938** |
|  | **US Treasury 08/15/2033 3.875%** | **3000000** | **2954298** |
|  | **US Treasury 08/15/2034 3.875%** | **9830000** | **9597688** |
|  | **US Treasury 08/15/2044 4.125%** | **745000** | **682519** |
|  | **US Treasury 08/15/2053 4.125%** | **5000000** | **4466210** |
|  | **US Treasury 08/31/2029 3.625%** | **3550000** | **3532388** |
|  | **US Treasury 09/30/2026 3.500%** | **260000** | **258659** |
|  |  |  | **105407311** |
| **2.01%** | **MONEY MARKET FUND** |  |  |
|  | **Federated Government Obligations Fund(A) 4.200%<sup>(B)</sup>** | **5659883** | **5659883** |
| **99.84%** | **TOTAL INVESTMENTS** |  | **281833701** |
| **0.16%** | **Other assets, net of liabilities** |  | **437738** |
| **100.00%** | **NET ASSETS** |  | $**282271439** |

---

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

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

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

**A 144A Security is exempt from the registration requirements for resales of restricted securities to qualified institutio buyers. The aggregate amount of these securities is $98,014,376 and is 34.72% of the Fund's net assets.**

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Futures Contracts**

**June 30, 2025 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Unrealized** |
|  | **Descriptio** |  | **Notional** |  | **Appreciation** |
| **Number of Contracts** | **n** | **Expiration Date** | **Value** | **Market Value** | (Depreciation) |
| **227** | **2YR US Tno** | **9/30/2025** | **47,037,991** | **47,221,320** | **183,329** |
| **518** | **5YR US Tno** | **9/30/2025** | **55,875,427** | **56,462,000** | **586,573** |

---

**In accordance with U.S. GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used**

**in determining the value of a Fund's investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical**

**securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).**

**Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The inputs or methodology used for valuing securities are not necessarily an** | **The inputs or methodology used for valuing securities are not necessarily an** |  |  |  |
| **indication of the risk associated with investing in those securities.** | **indication of the risk associated with investing in those securities.** |  |  |  |
| **The following summarizes the inputs used to value the Fund's investments as of June 30, 2025:** | **The following summarizes the inputs used to value the Fund's investments as of June 30, 2025:** | **The following summarizes the inputs used to value the Fund's investments as of June 30, 2025:** |  |  |
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  |  | **Other** | **Significant** |  |
|  |  | **Significant** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unobservable** |  |
|  | **Quoted Prices** | **Observable Inputs** | **Inputs** | **Total** |
| **PREFERRED STOCKS** | $**227410** | $**-** | $**-** | $**227410** |
| **EXCHANGE TRADED FUNDS** | **6353076** | **-** | **-** | **6353076** |
| **ASSET BACKED BONDS** | **-** | **103206756** | **-** | **103206756** |
| **CORPORATE BONDS** | **-** | **60979265** | **-** | **60979265** |
| **TREASURIES** | **-** | **105407311** | **-** | **105407311** |
| **MONEY MARKET FUND** | **5659883** | **-** | **-** | **5659883** |
| **TOTAL INVESTMENTS** | $**12240369** | $**269593332** | $**-** | $**281833701** |

---

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

**the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $291,196,175, and the related net unrealized appreciation (depreciation) consists of:**

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $**2189845** |
| **Gross unrealized depreciation** | **(11552319)** |
| **Net unrealized appreciation** | $**(9362474)** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $282341674.91

**Total Liabilities:** $70235.65

**Net Assets:** $282271439.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -477.62 | **1-Year:** -19063.53 | **5-Year:** -57772.25 | **10-Year:** -18834.82 | **30-Year:** -69229.52

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

- **3-Month:** -177.75 | **1-Year:** -1151.90 | **5-Year:** -9114.44 | **10-Year:** 0.00 | **30-Year:** 0.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230998 |  |  |  |
| Class ID C000230996 | 0.50%                | -0.25%               | 1.40%                |
| Class ID C000230997 |  |  |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $158033.30               | $-281036.86                                |
| Month 2  | $-22798.81               | $-2016980.52                               |
| Month 3  | $11605.75                | $2347502.38                                |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate Bond Index (USD)

- **Index Identifier:** 1USD1

### Schedule of Portfolio Investments

| Name                              | Title                                                     | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default                           | Freddie Mac 05/25/2045 VAR% 144A                          | CUSIP: 35564NHZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    805390 | PA      | $722341.77    | 0.26%             | 2045-05-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 05/25/2042 VAR% 144A                           | CUSIP: 20754NAB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $487459.89    | 0.17%             | 2042-05-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Default                           | Avnet, Inc.                                               | CUSIP: 053807AV5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007779.00   | 0.36%             | 2032-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Verus Securitization Trust                                | CUSIP: 92537MAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1935000 | PA      | $102117.21    | 0.04%             | 2059-11-25      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 11/30/2026 4.25%                              | CUSIP: 91282CLY5<br>LEI: N/A | Long             | DBT              | UST               | US        |    536100 | PA      | $538864.13    | 0.19%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 01/25/2042 VAR% 144A                          | CUSIP: 35564KPV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    650000 | PA      | $656428.50    | 0.23%             | 2042-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A      | CUSIP: 525920AB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $305027.57    | 0.11%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto Loan 03/15/2027 3.770% 144A         | CUSIP: 04047AAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $426388.84    | 0.15%             | 2027-03-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Default                           | TREASURY 08/15/2034 3.875%                                | CUSIP: 91282CLF6<br>LEI: N/A | Long             | DBT              | UST               | US        |   9830000 | PA      | $9597687.61   | 3.40%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Golun Capital Partners 04/25/2034 VAR% 144A               | CUSIP: 38180UAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $900000.00    | 0.32%             | 2034-04-25      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Sequoia Mortgage Trust                                    | CUSIP: 81748AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $80901.36     | 0.03%             | 2050-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 30711XY32<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    534000 | PA      | $582185.49    | 0.21%             | 2031-01-25      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136AAL86<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $56837.57     | 0.02%             | 2032-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Veros Auto Receivables Trust 11/15/2028 8.320% 144A       | CUSIP: 924933AC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    819000 | PA      | $839937.74    | 0.30%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                           | Timken Co.                                                | CUSIP: 88738TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    320000 | PA      | $337977.60    | 0.12%             | 2028-05-08      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Venture CDO Ltd  10/20/2034 VAR% 144A                     | CUSIP: 92331DBL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $435864.00    | 0.15%             | 2034-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 09/30/2026 3.50%                              | CUSIP: 91282CLP4<br>LEI: N/A | Long             | DBT              | UST               | US        |    260000 | PA      | $258659.44    | 0.09%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 08/15/2053 4.125%                             | CUSIP: 912810TT5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4466210.00   | 1.58%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TF5<br>LEI: N/A | Long             | DBT              | UST               | US        |  15000000 | PA      | $10912500.00  | 3.87%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TR9<br>LEI: N/A | Long             | DBT              | UST               | US        |   2500000 | PA      | $2039062.50   | 0.72%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Bank                                    | CUSIP: 3130ARR78<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4934170.00   | 1.75%             | 2029-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | Federal National Mortgage Assoc.                          | CUSIP: 3136BNFA9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22017104 | PA      | $34075.47     | 0.01%             | 2047-02-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                           | BreanAsset Backed Sec 01/25/2065 5.0000% 144A             | CUSIP: 10638FAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    337500 | PA      | $325417.50    | 0.12%             | 2065-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Zais Clo 15 LTD 10/25/2032 VAR% 144A                      | CUSIP: 98888DBA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1699660.00   | 0.60%             | 2032-10-25      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755CAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1310000 | PA      | $699433.81    | 0.25%             | 2043-10-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 03/31/2032 4.125%                         | CUSIP: 91282CMT5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $5044335.00   | 1.79%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Lobel Automobile Receivables Trust                        | CUSIP: 53949FAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $20251.52     | 0.01%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TH1<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $3308592.00   | 1.17%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| N/A                               | US 2YR NOTE (CBT) Sep25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       227 | PA      | $183329.29    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Veros Auto Receivables Trust                              | CUSIP: 924933AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2848000 | PA      | $112031.42    | 0.04%             | 2028-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Barclays plc                                              | CUSIP: 06738EBD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $252613.50    | 0.09%             | 2029-05-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust 09/15/2028 2.650% 144A                | CUSIP: 23344QAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $443245.05    | 0.16%             | 2028-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Helmerich & Payne Inc 12/01/2029 4.85% 144A               | CUSIP: 423452AJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $858186.90    | 0.30%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                           | Synchrony Bank                                            | CUSIP: 87166FAD5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $399918.80    | 0.14%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Pioneer Natural Resource                                  | CUSIP: 723787AB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1071021.00   | 0.38%             | 2028-01-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Default                           | CA, Inc.                                                  | CUSIP: 12673PAJ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $597621.60    | 0.21%             | 2027-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CARMAX INC                        | Carmax Auto Owner Trust                                   | CUSIP: 14318UAH4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1045441.00   | 0.37%             | 2029-04-16      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust                                       | CUSIP: 23344QAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $461655.58    | 0.16%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Default                           | CH Robinson Worldwide, Inc.                               | CUSIP: 12541WAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994532.00    | 0.35%             | 2028-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Sempra                                                    | CUSIP: 816851BK4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $497938.50    | 0.18%             | 2025-10-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Veros Auto Receivables Trust                              | CUSIP: 92512VAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1357933.95   | 0.48%             | 2029-07-16      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TN8<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4081640.00   | 1.45%             | 2053-02-15      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Exter Automobile Rec 04/15/2027 1.400%                    | CUSIP: 30165XAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1558050 | PA      | $715019.90    | 0.25%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Aqua Finance Trust                                        | CUSIP: 038413AA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $149897.40    | 0.05%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Default                           | X-Caliber Funding LLC                                     | CUSIP: 98373XBD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $458139.22    | 0.16%             | 2025-11-15      | Fixed         | 8.58%                 | No            |                  2 | On Loan: No      |
| Default                           | Federated Government Obligations Fund                     | CUSIP: 60934N104<br>LEI: N/A | Long             | STIV             | RF                | US        |   5659883 | NS      | $5659883.44   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Atlas Senior Loan Fund LTD 04/22/2031 VAR% 144A           | CUSIP: 04942VBA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    516000 | PA      | $519766.80    | 0.18%             | 2031-04-22      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 07/25/2044 VAR% 144A                           | CUSIP: 20754XAC7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $903294.90    | 0.32%             | 2044-07-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                           | Jamestown CLO Ltd 04/20/2032 VAR% 144A                    | CUSIP: 47047JAN4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $481872.00    | 0.17%             | 2032-04-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Allegro CLO Ltd 01/19/2033 VAR% 144A                      | CUSIP: 01750HAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $470094.00    | 0.17%             | 2033-01-19      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Default                           | COMM Mortgage Trust                                       | CUSIP: 20048KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     55000 | PA      | $16913.33     | 0.01%             | 2033-09-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Default                           | General Motors Financial Co.                              | CUSIP: 37045XDE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $216548.25    | 0.08%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Default                           | Nissan Motor Co.                                          | CUSIP: 654744AD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $917421.00    | 0.33%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae - CAS 05/25/2044 VAR% 144A                     | CUSIP: 20753GAC5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $904517.10    | 0.32%             | 2044-05-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                           | MDC Holdings, Inc.                                        | CUSIP: 552676AT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $955178.00    | 0.34%             | 2030-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | First Investors Auto Owner Trust                          | CUSIP: 32057KAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $493475.00    | 0.17%             | 2029-06-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047JAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $519678.50    | 0.18%             | 2029-03-15      | Fixed         | 9.84%                 | No            |                  2 | On Loan: No      |
| Default                           | Crown Castle, Inc.                                        | CUSIP: 22822VAZ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $243211.50    | 0.09%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | WAMU Mortgage Pass-Through 10/25/2045 VAR%                | CUSIP: 92922F4S4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  17400000 | PA      | $356049.69    | 0.13%             | 2045-10-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Default                           | X-Caliber Funding LLC 08/04/2027 12.000% 144A             | CUSIP: 98373XBP4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $452742.30    | 0.16%             | 2027-08-04      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Recei  06/15/2027 VAR%                  | CUSIP: 30166AAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1048500 | PA      | $659456.93    | 0.23%             | 2027-06-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Charter Comm Opt LLC 02/01/2034 6.650%                    | CUSIP: 161175CP7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1070841.00   | 0.38%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TQ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4475780.00   | 1.59%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754AAB9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1005940.00   | 0.36%             | 2041-12-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                           | Societe Generale SA                                       | CUSIP: 83367TBR9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.09%             | 2025-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 04/25/2043 VAR%                         | CUSIP: 35564KT66<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    700000 | PA      | $733434.80    | 0.26%             | 2043-04-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Rec Trust 01/10/2031 4.74%                   | CUSIP: 146919AF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $446782.50    | 0.16%             | 2031-01-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136BNEW2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  33214554 | PA      | $37809.46     | 0.01%             | 2046-11-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                           | Smithfield Foods, Inc.                                    | CUSIP: 832248BC1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $908380.00    | 0.32%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Truist Financial Corp.                                    | CUSIP: 89832QAF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $494592.00    | 0.18%             | 2030-03-01      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Default                           | Eversource Energy                                         | CUSIP: 30040WAP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $910853.00    | 0.32%             | 2032-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | EPR Properties                                            | CUSIP: 26884UAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    360000 | PA      | $359300.16    | 0.13%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12663BAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1801571.40   | 0.64%             | 2028-08-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Default                           | Celanese US Holdings 07/15/2032 6.629%                    | CUSIP: 15089QAP9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $235883.70    | 0.08%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KTB5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    500000 | PA      | $516440.50    | 0.18%             | 2042-03-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Default                           | AutoNation, Inc.                                          | CUSIP: 05329WAS1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $860472.00    | 0.30%             | 2031-08-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- Cas 12/25/2041 VAR% 144A                      | CUSIP: 20754LAF6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    700000 | PA      | $718592.00    | 0.25%             | 2041-12-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto 01/16/2029 5.12%                            | CUSIP: 89617QAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $900968.40    | 0.32%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Quanta Services, Inc.                                     | CUSIP: 74762EAF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $921860.00    | 0.33%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 11/15/2053 4.750%                             | CUSIP: 912810TV0<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $3963752.00   | 1.40%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | CCO HLDGS LLC 06/01/2029 5.375% 144A                      | CUSIP: 1248EPCB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $224177.40    | 0.08%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 207942AA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $256654.97    | 0.09%             | 2043-06-25      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Default                           | Velocity Commercial Capital                               | CUSIP: 92259HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $122174.38    | 0.04%             | 2053-11-25      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Brean Asset Backed 05/25/2065 4.7500% 144A                | CUSIP: 10638GAG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    264000 | PA      | $193942.06    | 0.07%             | 2065-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12663BAE8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $914204.70    | 0.32%             | 2029-10-15      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20754DAB3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1026777.00   | 0.36%             | 2042-04-25      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Sound Point CLO LTD 07/18/2031 VAR% 144A                  | CUSIP: 83607EAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $475734.00    | 0.17%             | 2031-07-18      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Default                           | Venture CDO Ltd  07/15/2032 VAR%                          | CUSIP: 92328XBF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $906750.00    | 0.32%             | 2032-07-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Default                           | Transamerica Capital II                                   | CUSIP: 893472AA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    675000 | PA      | $691517.25    | 0.24%             | 2026-12-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Securitization Trust                             | CUSIP: 525931AB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $216811.72    | 0.08%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 01/25/2051 VAR% 144A                          | CUSIP: 35564KAH2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $436410.25    | 0.15%             | 2051-01-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                           | ICG US CLO Ltd 01/15/2031 VAR                             | CUSIP: BCC2FMLA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $471786.00    | 0.17%             | 2031-01-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Default                           | US TREASURY 08/15/2044 4.125%                             | CUSIP: 912810UD8<br>LEI: N/A | Long             | DBT              | UST               | US        |    745000 | PA      | $682519.09    | 0.24%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 02/25/2042 VAR% 144A                          | CUSIP: 35564KRF8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1400000 | PA      | $1424332.00   | 0.50%             | 2042-02-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754MBZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $498497.35    | 0.18%             | 2042-06-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755DAA4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1700000 | PA      | $1058201.69   | 0.37%             | 2042-07-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Default                           | Halcyon Loan 07/21/2031 VAR%                              | CUSIP: 40538TAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    467000 | PA      | $472090.30    | 0.17%             | 2031-07-21      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Default                           | Saratoga Invest Corp 04/20/2033 Var% 144A                 | CUSIP: 80349BBF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $456750.00    | 0.16%             | 2033-04-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Default                           | Las Vegas Sands Corp.                                     | CUSIP: 517834AF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $476057.00    | 0.17%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Avolon Holdings Funding Ltd.                              | CUSIP: 05401AAR2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $950585.00    | 0.34%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Default                           | Teva Pharmaceutical Industries Ltd.                       | CUSIP: 88167AAP6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $99825.00     | 0.04%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac- STACR 12/25/2041 VAR% 144A                   | CUSIP: 35564KPP8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $529203.00    | 0.19%             | 2041-12-25      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 08/20/2032 8.32% 144A             | CUSIP: 22767VAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $224948.57    | 0.08%             | 2032-08-20      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                           | Eagle Pt Income Co Inc Pfd B                              | CUSIP: 269817300<br>LEI: N/A | Long             | EP               | CORP              | US        |      9100 | NS      | $227409.91    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Provident Funding Mortgage Trust                          | CUSIP: 74388JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $615418.73    | 0.22%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP                       | Steel Dynamics, Inc.                                      | CUSIP: 858119BF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $499427.00    | 0.18%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Saluda Grace Alternative Mortgage 04/25/2030 VAR% 144A    | CUSIP: 795935AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $241565.28    | 0.09%             | 2030-04-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae - CAS 04/25/2043 VAR% 144A                     | CUSIP: 20753AAA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1900000 | PA      | $2020536.00   | 0.72%             | 2043-04-25      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Default                           | Lad Auto Receivables Trust                                | CUSIP: 501687AC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    484000 | PA      | $491120.61    | 0.17%             | 2030-04-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Default                           | New Cingular Wireless 03/01/2031 8.750%                   | CUSIP: 00209AAF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $592600.50    | 0.21%             | 2031-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Domtar Corp.                                              | CUSIP: 70478JAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $90587.50     | 0.03%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Winwater Mortgage Loan Trust                              | CUSIP: 97655JCC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $115386.58    | 0.04%             | 2046-01-20      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Default                           | Prestige Auto Receivables Trust                           | CUSIP: 74113XAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550400 | PA      | $146567.24    | 0.05%             | 2028-02-15      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| Default                           | Flowserve Corp.                                           | CUSIP: 34355JAB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $869730.00    | 0.31%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 03/25/2042 VAR% 144A                          | CUSIP: 35564KTJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    250000 | PA      | $265300.00    | 0.09%             | 2042-03-25      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Default                           | Banco Santander SA                                        | CUSIP: 05964HAQ8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $198831.00    | 0.07%             | 2028-03-24      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Default                           | Harvest SBA Loan Trust                                    | CUSIP: 41755NAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $301149.40    | 0.11%             | 2047-06-25      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae Cas 02/25/20244 VAR% 144A                      | CUSIP: 20754GAE0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $907577.10    | 0.32%             | 2044-02-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    288000 | PA      | $95260.69     | 0.03%             | 2028-03-10      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Default                           | United Auto Credit Securtization Trust                    | CUSIP: 90944KAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $188689.60    | 0.07%             | 2029-04-10      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Default                           | PEAC Solutions Rec 10/20/2031 4.65%144A                   | CUSIP: 69392BAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $451651.50    | 0.16%             | 2031-10-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Southern Calif Gas Co 04/01/2054 5.600%                   | CUSIP: 842434DA7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $973426.00    | 0.34%             | 2054-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQC6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1250000 | PA      | $1272662.50   | 0.45%             | 2042-01-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 05/25/2042 VAR% 144A                    | CUSIP: 35564KWT2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1800000 | PA      | $1870425.00   | 0.66%             | 2042-05-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Default                           | ARTFI 12/22/2031 VAR% 144A                                | CUSIP: 83589CAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $480352.80    | 0.17%             | 2031-12-22      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 04/25/2042 VAR%                               | CUSIP: 35564KUX5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    586000 | PA      | $603580.00    | 0.21%             | 2042-04-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 02/29/2032 4.125%                         | CUSIP: 91282CMR9<br>LEI: N/A | Long             | DBT              | UST               | US        |   8600000 | PA      | $8678612.60   | 3.07%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Fortune Brands Innovation                                 | CUSIP: 34964CAG1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $398340.00    | 0.14%             | 2052-03-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754EAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $211445.22    | 0.07%             | 2043-07-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                           | Fortune Brands Innovation                                 | CUSIP: 34964CAF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $469817.50    | 0.17%             | 2032-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | iShares Fallen Angels USD Bond ETF                        | CUSIP: 46435G474<br>LEI: N/A | Long             | EC               | RF                | US        |    104620 | NS      | $2839386.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Shackleton CLO Ltd 08/15/2030 VAR% 144A                   | CUSIP: 81883EAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    888000 | PA      | $899100.00    | 0.32%             | 2030-08-15      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| Default                           | Avis Budget Rental Car 08/20/2031 6.24% 144A              | CUSIP: 05377RKS2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102383.60    | 0.04%             | 2031-08-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Default                           | TREASURY 08/31/2029 3.625%                                | CUSIP: 91282CLK5<br>LEI: N/A | Long             | DBT              | UST               | US        |   3550000 | PA      | $3532388.45   | 1.25%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 04/25/2042 VAR% 144A                           | CUSIP: 20754DAA5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $467711.74    | 0.17%             | 2042-04-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 03/25/2052 VAR% 144A                    | CUSIP: 35564KL49<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $972846.00    | 0.34%             | 2052-03-25      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 06/22/2026 4.73% 144A             | CUSIP: 22767VAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $900253.80    | 0.32%             | 2026-06-22      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Default                           | Q0RV0 Inc 04/01/2031 3.375% 144A                          | CUSIP: 74736KAJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    987000 | PA      | $890038.10    | 0.32%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Toll Bros Finance Corp.                                   | CUSIP: 88947EAS9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003286.00   | 0.36%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $81640.62     | 0.03%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Default                           | Lear Corp 05/30/2030 3.50%                                | CUSIP: 521865BB0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942581.00    | 0.33%             | 2030-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Banco Santander SA                                        | CUSIP: 05971KAG4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $222628.25    | 0.08%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Pagaya AI Debt Selection Trust 07/15/2031 VAR% 144A       | CUSIP: 69548RAC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $454427.41    | 0.16%             | 2031-07-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Sec 07/15/2026 4.759% 144A                       | CUSIP: 52611JAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    569000 | PA      | $569066.68    | 0.20%             | 2026-07-15      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Default                           | Gov. National Mortgage 11/20/2051 3.00%                   | CUSIP: 38383DP36<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9760425 | PA      | $1317547.41   | 0.47%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Hasbro, Inc.                                              | CUSIP: 418056AH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    700000 | PA      | $736724.10    | 0.26%             | 2028-07-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                       | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KYW3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1099621.00   | 0.39%             | 2042-06-25      | Floating      | 11.06%                | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KT58<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1462981 | PA      | $939082.63    | 0.33%             | 2043-04-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| N/A                               | US 5YR NOTE (CBT) Sep25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       518 | PA      | $586572.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Westlake Automobile Receivable                            | CUSIP: 96041AAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $98616.97     | 0.03%             | 2027-01-15      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| Default                           | Ally Financial, Inc.                                      | CUSIP: 36186CBY8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1138620.00   | 0.40%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Voya CLO Ltd 10/15/2037 VAR% 144A                         | CUSIP: 92944YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1125000 | PA      | $1124437.50   | 0.40%             | 2037-10-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Default                           | AMN Healthcare, Inc.                                      | CUSIP: 00175PAB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $87544.35     | 0.03%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- Cas 03/25/2042 VAR% 144A                      | CUSIP: 20753XAB0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2200000 | PA      | $2285602.00   | 0.81%             | 2042-03-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Default                           | NGC Ltd 04/20/2038 VAR% 144A                              | CUSIP: 652942AA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $879384.00    | 0.31%             | 2038-04-20      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Energen Corp 02/15/2028 7.125%                            | CUSIP: 29265AAS5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    475000 | PA      | $498249.83    | 0.18%             | 2028-02-18      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Voya CLO Ltd 10/18/2031 VAR% 144A                         | CUSIP: 92916XAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    737436 | PA      | $745400.31    | 0.26%             | 2031-10-18      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Default                           | Bank of America Corp.                                     | CUSIP: 060505GB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    625000 | PA      | $613267.50    | 0.22%             | 2164-06-19      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Energy Transfer LP                                        | CUSIP: 29273VAJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $398137.60    | 0.14%             | 2028-02-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Sec 05/15/2030 5.18% 144A                        | CUSIP: 52611JAB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $902254.39    | 0.32%             | 2030-05-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Default                           | Avid Automobile Receivables Trust                         | CUSIP: 05368QAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $602430.60    | 0.21%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Default                           | US TREASURY N/B 11/15/2027 4.125%                         | CUSIP: 91282CLX7<br>LEI: N/A | Long             | DBT              | UST               | US        |   2700400 | PA      | $2725400.31   | 0.97%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Fidelity NATL Financial 06/15/2030 3.40%                  | CUSIP: 31620RAJ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1008013.68   | 0.36%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Affirm Inc 11/16/2026 1.170% 144A                         | CUSIP: 00834TAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $678.80       | 0.00%             | 2026-11-16      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Default                           | Ally Financial Inc Perpetual                              | CUSIP: 02005NBM1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $217240.43    | 0.08%             | 2057-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CFV8<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4027656.00   | 1.43%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Research-Driven Pagaya Motor 03/25/2032 7.540% 144A       | CUSIP: 76088UAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $121119.34    | 0.04%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Default                           | Polus Capital Management 10/20/2037 VAR% 144A             | CUSIP: 73163EAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $852716.84    | 0.30%             | 2037-10-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Default                           | Albemarle Corp.                                           | CUSIP: 012653AE1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $481015.50    | 0.17%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 06/25/2042 VAR% 144A                           | CUSIP: 20754MCB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    850000 | PA      | $906161.20    | 0.32%             | 2042-06-25      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Default                           | FedEx Corp.                                               | CUSIP: 31428XBS4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $844464.00    | 0.30%             | 2048-10-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust 12/15/2027 3.400% 144A                | CUSIP: 23345YAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    576000 | PA      | $415007.56    | 0.15%             | 2027-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 10/25/2041 VAR% 144A                           | CUSIP: 20754RAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    350000 | PA      | $228657.19    | 0.08%             | 2041-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Default                           | American Express Co.                                      | CUSIP: 025816CH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $488323.00    | 0.17%             | 2149-06-16      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 03/25/2043 VAR% 144A                          | CUSIP: 35564KP37<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $671842.85    | 0.24%             | 2043-03-25      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Default                           | Valero Energy Corp.                                       | CUSIP: 91913YBC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $890194.00    | 0.32%             | 2031-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- CAS 12/25/2042 Var%                           | CUSIP: 207932AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1890000 | PA      | $1270636.04   | 0.45%             | 2042-12-25      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Default                           | TREASURY 08/31/2026 3.75%                                 | CUSIP: 91282CLH2<br>LEI: N/A | Long             | DBT              | UST               | US        |   5047500 | PA      | $5035471.81   | 1.78%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12664WAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $332019.30    | 0.12%             | 2030-11-15      | Fixed         | 10.72%                | No            |                  2 | On Loan: No      |
| Default                           | Oshkosh Corp.                                             | CUSIP: 688225AH4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $936063.00    | 0.33%             | 2030-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CHC8<br>LEI: N/A | Long             | DBT              | UST               | US        |   3000000 | PA      | $2859726.00   | 1.01%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Corning, Inc.                                             | CUSIP: 219350AX3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $193245.20    | 0.07%             | 2037-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 09/25/2042 VAR%                               | CUSIP: 35564KH36<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $321485.10    | 0.11%             | 2042-09-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Default                           | Trinity Rail Leasing LP                                   | CUSIP: 89657BAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $75777.65     | 0.03%             | 2049-10-18      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Default                           | Charles Schwab Corp.                                      | CUSIP: 808513CB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $498238.00    | 0.18%             | 2164-06-19      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20753ACJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $402964.57    | 0.14%             | 2043-04-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Default                           | Avis Budget Rental Car 08/20/2029 5.87% 144A              | CUSIP: 05377RKN3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $111154.78    | 0.04%             | 2029-08-20      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Default                           | HF Sinclair Corp. 02/01/2028 5.000% 144A                  | CUSIP: 403949AQ3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $400117.20    | 0.14%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | Federal National Mortgage Assoc.                          | CUSIP: 3136BMXV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22736291 | PA      | $45463.83     | 0.02%             | 2046-02-25      | Floating      | 0.16%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686JAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2017766.00   | 0.71%             | 2028-04-10      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CDY4<br>LEI: N/A | Long             | DBT              | UST               | US        |   4500000 | PA      | $3952971.00   | 1.40%             | 2032-02-15      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Zais Matrix 04/15/2032 VAR%                               | CUSIP: 98888BBN5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $484560.00    | 0.17%             | 2032-04-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANKSHARE          | First Citizens Bancshare                                  | CUSIP: 31959XAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $516035.50    | 0.18%             | 2164-06-19      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Plains All American Pipeline LP                           | CUSIP: 72650RBN1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $238930.75    | 0.08%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Owens Corning                                             | CUSIP: 690742AK7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965376.00    | 0.34%             | 2030-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | ASB Bank Ltd.                                             | CUSIP: 00216LAE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1758954.00   | 0.62%             | 2031-10-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KWS4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2587500 | PA      | $1053625.90   | 0.37%             | 2042-05-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 02/15/2034 4.000%                             | CUSIP: 91282CJZ5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5030000 | PA      | $4977537.10   | 1.76%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | The Goldman Sachs Group, Inc.                             | CUSIP: 38141GYU2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $490791.00    | 0.17%             | 2026-11-10      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Exelon Corp.                                              | CUSIP: 210371AF7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1144841.00   | 0.41%             | 2032-04-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TS7<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4466015.00   | 1.58%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Mastec Inc 08/15/2029 6.625% 144A                         | CUSIP: 576323AQ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $450000.00    | 0.16%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | AutoNation, Inc.                                          | CUSIP: 05329RAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $921218.00    | 0.33%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | United Auto Credit Securitization Trust                   | CUSIP: 90944DAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $472208.77    | 0.17%             | 2028-11-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust                                       | CUSIP: 23345EAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    888000 | PA      | $176282.76    | 0.06%             | 2027-02-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 01/31/2029 4.000%                             | CUSIP: 91282CJW2<br>LEI: N/A | Long             | DBT              | UST               | US        |   4750000 | PA      | $4792859.25   | 1.70%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564NAA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $949647.60    | 0.34%             | 2043-11-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Default                           | iShares BB Rated Corporate Bond ETF                       | CUSIP: 46435U473<br>LEI: N/A | Long             | EC               | RF                | US        |     29328 | NS      | $1378416.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | US Treasury N/B 12/15/2027 4.00%                          | CUSIP: 91282CMB4<br>LEI: N/A | Long             | DBT              | UST               | US        |   1655600 | PA      | $1667369.66   | 0.59%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KHE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     87717 | PA      | $29692.05     | 0.01%             | 2034-01-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                           | Fanniemae Strip 02/25/2037 1.5000%                        | CUSIP: 31423XPH8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10800000 | PA      | $424984.20    | 0.15%             | 2037-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | CUSIP: 79584CAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $452745.90    | 0.16%             | 2030-02-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 08/25/2044 VAR% 144A                    | CUSIP: 35564NEC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1280000 | PA      | $1283183.36   | 0.45%             | 2044-08-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CHT1<br>LEI: N/A | Long             | DBT              | UST               | US        |   3000000 | PA      | $2954298.00   | 1.05%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Weyerhaeuser Co.                                          | CUSIP: 962166CA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $447797.50    | 0.16%             | 2032-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Enbridge Energy LP                                        | CUSIP: 511546AB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $536842.50    | 0.19%             | 2028-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 09/25/2042 VAR% 144A                    | CUSIP: 35564KH44<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $2106880.00   | 0.75%             | 2042-09-25      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CDJ7<br>LEI: N/A | Long             | DBT              | UST               | US        |   3028000 | PA      | $2590714.41   | 0.92%             | 2031-11-15      | Floating      | 1.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136AJGA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9211902 | PA      | $46063.06     | 0.02%             | 2042-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Can-Pack SA/Canpack US LLC                                | CUSIP: 13806CAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $468316.00    | 0.17%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    787500 | PA      | $728545.39    | 0.26%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                           | Sofi Consumer Loan Pro 06/25/2034 4.82% 144A              | CUSIP: 83407HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $450705.60    | 0.16%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Default                           | Westrock MWV LLC                                          | CUSIP: 961548AY0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    750000 | PA      | $869313.75    | 0.31%             | 2031-02-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Default                           | Citigroup, Inc.                                           | CUSIP: 172967MP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $247346.75    | 0.09%             | 2031-03-31      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Default                           | Factset Research Systems                                  | CUSIP: 303075AA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $243604.25    | 0.09%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Horizon Bancorp 07/01/2030 Var%                           | CUSIP: 440407AA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $449892.00    | 0.16%             | 2030-07-01      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Default                           | BorgWarner, Inc.                                          | CUSIP: 099724AC0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $431795.20    | 0.15%             | 2029-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755AAB8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $302847.94    | 0.11%             | 2043-01-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Default                           | Amer. Credit Accept. Receivables Trust                    | CUSIP: 02530BAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $349930.71    | 0.12%             | 2028-06-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables Trust 10/15/2027 3.510% 144A         | CUSIP: 36261EAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    292500 | PA      | $216097.58    | 0.08%             | 2027-10-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754LAB5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $252020.50    | 0.09%             | 2026-12-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                           | Occidental Petroleum Corp.                                | CUSIP: 674599DT9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1059826.00   | 0.38%             | 2029-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A | CUSIP: 89616PAB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $363448.80    | 0.13%             | 2028-02-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Lowe's Companies, Inc.                                    | CUSIP: 548661EJ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $391352.50    | 0.14%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | Targa Resources Partners LP                               | CUSIP: 87612BBQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $507439.00    | 0.18%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Constellation Brands, Inc.                                | CUSIP: 21036PBF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $924746.00    | 0.33%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 01/15/2028 4.25%                          | CUSIP: 91282CMF5<br>LEI: N/A | Long             | DBT              | UST               | US        |    409800 | PA      | $415098.71    | 0.15%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae-CAS 10/25/2041 VAR%                            | CUSIP: 20754RAF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $921811.50    | 0.33%             | 2041-10-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Default                           | SBL Holdings, Inc.                                        | CUSIP: 78432MAA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $396561.20    | 0.14%             | 2026-11-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAF6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    483750 | PA      | $482100.41    | 0.17%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564K2F5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2055000 | PA      | $828055.98    | 0.29%             | 2043-06-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Government National Mortgage Assoc.                       | CUSIP: 38383HMA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $804320.42    | 0.28%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Santander Drive Auto Receivables Trust                    | CUSIP: 80287EAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1280000 | PA      | $291936.37    | 0.10%             | 2027-09-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| Default                           | Switch ABS Issuer 06/25/2054 6.20% 144A                   | CUSIP: 871044AG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $453994.20    | 0.16%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BELLSOUTH TELECOMMUNICATIONS, LLC | Bellsouth Telecommunications                              | CUSIP: 079867AW7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $521403.50    | 0.18%             | 2028-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                           | NatWest Group plc                                         | CUSIP: 780097BG5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $505005.00    | 0.18%             | 2029-05-18      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Default                           | Masco Corp.                                               | CUSIP: 574599AY2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1064731.00   | 0.38%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Default                           | CoreVest American Finance Trust 10/15/2054 2.911% 144A    | CUSIP: 21873NAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $911568.96    | 0.32%             | 2054-10-15      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Default                           | Ciena Corp.                                               | CUSIP: 171779AL5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $94736.60     | 0.03%             | 2030-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 11/15/2033 4.500%                             | CUSIP: 91282CJJ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   2000000 | PA      | $2054376.00   | 0.73%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 05/25/2044 VAR% 144A                    | CUSIP: 35564NDA8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $904211.10    | 0.32%             | 2044-05-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                           | ONEOK, Inc.                                               | CUSIP: 682680AY9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $954296.00    | 0.34%             | 2029-09-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20753DAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    550000 | PA      | $256417.03    | 0.09%             | 2042-09-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Default                           | Apache Corp.                                              | CUSIP: 03743QAE8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    133000 | PA      | $143289.41    | 0.05%             | 2029-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac- STACR 11/25/2041 VAR% 144A                   | CUSIP: 35564KMH9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    477000 | PA      | $480407.21    | 0.17%             | 2041-11-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables 04/17/2028 6.15% 144A                | CUSIP: 36265NAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1412447.40   | 0.50%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables Trust                                | CUSIP: 36260CAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $319361.63    | 0.11%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 3137AQH35<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  25937000 | PA      | $8696.33      | 0.00%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 08/20/2030 5.90%                  | CUSIP: 227927AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $185054.38    | 0.07%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Alliant Energy Finance LLC                                | CUSIP: 01882YAD8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $905795.00    | 0.32%             | 2032-03-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Default                           | General Motors Financial Co.                              | CUSIP: 37045XDS2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $878635.00    | 0.31%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 05/25/2043 VAR% 144A                    | CUSIP: 35564KX87<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $950582.70    | 0.34%             | 2043-05-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQY8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    100000 | PA      | $102917.60    | 0.04%             | 2042-01-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KX79<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $425406.72    | 0.15%             | 2043-05-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Alliance Res Op/Finance 06/15/29 8.625% 144A              | CUSIP: 01879NAC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $478295.10    | 0.17%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Timken Co.                                                | CUSIP: 887389AK0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $501024.50    | 0.18%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20755DAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2110000 | PA      | $2201004.30   | 0.78%             | 2042-07-25      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Default                           | MSCI, Inc.                                                | CUSIP: 55354GAK6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $93794.40     | 0.03%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Westlake Automobile Receivable                            | CUSIP: 96042WAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    324800 | PA      | $247419.99    | 0.09%             | 2027-03-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 02/15/2044 4.500%                             | CUSIP: 912810TZ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   3800000 | PA      | $3671750.00   | 1.30%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $45049.66     | 0.02%             | 2028-03-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Flagship Credit Auto Trust                                | CUSIP: 33846QAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    414000 | PA      | $237661.66    | 0.08%             | 2027-09-15      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Default                           | Upstart Securitization 06/20/2033 7.92% 144A              | CUSIP: 91683VAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $454904.10    | 0.16%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Default                           | SCF Equipment Trust LLC                                   | CUSIP: 784033AJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $488006.00    | 0.17%             | 2031-11-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 05/15/2054 4.625%                         | CUSIP: 912810UA4<br>LEI: N/A | Long             | DBT              | UST               | US        |   2750000 | PA      | $2670937.50   | 0.95%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                           | PRA Health Sciences, Inc.                                 | CUSIP: 45569KAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $87824.70     | 0.03%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 10/25/2041 VAR% 144A                    | CUSIP: 35564KKY4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $922099.30    | 0.33%             | 2041-10-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto Securitization Fund                         | CUSIP: 89616KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $428217.20    | 0.15%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| Default                           | Hubbell, Inc.                                             | CUSIP: 443510AH5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $585594.00    | 0.21%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30167JAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1130000 | PA      | $881689.51    | 0.31%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Default                           | ZAIS CLO 01/20/2032 VAR%                                  | CUSIP: 98887YAQ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $472162.00    | 0.17%             | 2032-01-20      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Default                           | Ocwen Loan Investment Trust 02/25/2037 3.000% 144A        | CUSIP: 675952AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $182400.00    | 0.06%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Phillips 66 Partners LP                                   | CUSIP: 718549AF5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    549000 | PA      | $525049.33    | 0.19%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Benefit Street Partners 07/15/2037 VAR% 144A              | CUSIP: 08179MAL3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $797721.60    | 0.28%             | 2037-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Default                           | Foursight Capital Automobile Recei Trust                  | CUSIP: 35105JAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $397058.80    | 0.14%             | 2028-05-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| VANECK VECTORS F                  | VanEck Fallen Angel High Yield Bond ETF                   | CUSIP: 92189F437<br>LEI: N/A | Long             | EC               | RF                | US        |     72926 | NS      | $2135273.28   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686GAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1453950 | PA      | $419718.28    | 0.15%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Default                           | TransCanada Pipelines Ltd.                                | CUSIP: 89352LAG5<br>LEI: N/A | Long             | DBT              | CORP              | CA        |    850000 | PA      | $939306.10    | 0.33%             | 2029-06-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                           | Ford Holdings LLC 03/01/2030 9.30%                        | CUSIP: 345277AE7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    810000 | PA      | $920294.46    | 0.33%             | 2030-03-01      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 06/25/2043 VAR% 144A                    | CUSIP: 35564K2G3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2250000 | PA      | $2343395.25   | 0.83%             | 2043-06-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Default                           | Bluemountain CLO Ltd 10/20/2030 var% 144A                 | CUSIP: 09629EAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $484560.00    | 0.17%             | 2030-10-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047EAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $49150.21     | 0.02%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer