# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-25-019810
**Filing Date:** 2025-12
**Character Count:** 218129
**Document Hash:** 664b920bcccc7c9eb97735d4fb95f848
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019810.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001999371-25-019810

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 251557013

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22172 |
| Exact name of registrant as specified in charter: | World Funds Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | September 30 |
| Date of reporting period: | September 30, 2025 |
|  | Curasset Capital Management Core Bond Fund and Curasset Capital Management Limited Term Income Fund (the "Curasset Capital Funds") |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

#### Curasset Capital Management Core Bond Fund Tailored Shareholder Report
**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual shareholder report September 30, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curasset Capital Management Core Bond Fund** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class Shares** <br> Ticker: CMBEX <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Curasset Capital Management Core Bond Fund, Founders Class Shares for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.curassetfunds.com/core-bond-fund . You can also request this information by contacting us at (800) 673-0550 .

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Curasset Capital Management Core Bond Fund - Founders Class Shares**  | $36  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%  |

---

#### How did the Fund perform?
For the period of October 1, 2024 to September 30, 2025, the Curasset Capital Management Core Bond Fund, Founders Class Shares returned 2.71%, which underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 2.88% during the same period.

Out-of-benchmark holdings in Agency credit risk transfer securities, high yield corporates, and collateralized loan obligations contributed to relative performance.Exclusion of Agency mortgages and security selection in ABS partially detracted from returns.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1kzoc1mhw1ogzn.jpg)

\* Inception

#### Annual Performance

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Average Annual**<br> **Total Return**<br> **Since Inception**<br>  |
| **Curasset Capital Management Core Bond Fund -**<br> **Founders Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.71%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%  |
| **Bloomberg US Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%  | -0.44% |

---

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

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

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

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

#### Sector Breakdown

#### Asset Backed Bonds
![bar](qes3g82yv1mhm9gncq.jpg)

#### Corporate Bonds
![bar](qes13329b1mhmaujta.jpg)

#### Portfolio Composition
![bar](qesa1tl41miez112x.jpg)

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $281515438 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288  |
| **Total Net Advisory Fee** | $629915 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.38%  |

---

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

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### Curasset Capital Management Core Bond Fund Tailored Shareholder Report
**annual Shareholder Report September 30, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curasset Capital Management Core Bond Fund** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares** <br> Ticker: CMBIX <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Curasset Capital Management Core Bond Fund, Institutional Class Shares for the period of July 14, 2025 (inception) to September 30, 2025. You can find additional information about the Fund at www.curassetfunds.com/core-bond-fund . You can also request this information by contacting us at (800) 673-0550 .

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Curasset Capital Management Core Bond Fund - Institutional Class Shares** | $11 ¹ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51 %² |

---

¹ Costs are for the period of July 14, 2025 to September 30, 2025. Costs for a full annual period would be higher.

² Annualized.

#### How did the Fund perform?
For the period of July 14, 2025 (inception) to September 30, 2025, the Curasset Capital Management Core Bond Fund, Institutional Class Shares returned 2.23%, which underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 2.90% during the same period.

Out-of-benchmark holdings in Agency credit risk transfer securities, high yield corporates, and collateralized loan obligations contributed to relative performance.Exclusion of Agency mortgages and security selection in ABS partially detracted from returns.

#### Cumulative Performance
(based on a hypothetical $100,000 investment)

![line](qes13329b1mhmagj7p.jpg)

\* Inception

#### Annual Performance

---

| | |
|:---|:---|
| <br>  | **Total Return**<br> **Since Inception**<br>  |
| **Curasset Capital Management Core Bond Fund -**<br> **Institutional Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.23%  |
| **Bloomberg US Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%  |

---

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

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

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

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

#### Sector Breakdown

#### Asset Backed Bonds
![bar](qes3g82yv1mhmaq2za.jpg)

#### Corporate Bonds
![bar](qes13329b1mhmaujta.jpg)

#### Portfolio Composition
![bar](qes1kzoc1mieyzedd.jpg)

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $281515438 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288  |
| **Total Net Advisory Fee** | $629915 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.38%  |

---

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

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### Curasset Capital Management Limited Term Income Fund Tailored Shareholder Report
**annual Shareholder Report September 30, 2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curasset Capital Management Limited Term Income Fund** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class Shares** <br> Ticker: CMIFX <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Curasset Capital Management Limited Term Income Fund, Founders Class Shares for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.curassetfunds.com/limited-term-income . You can also request this information by contacting us at (800) 673-0550 .

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| **Curasset Capital Management Limited Term Income Fund - Founders Class Shares** | $45  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% |

---

#### How did the Fund perform?
For the period of October 1, 2024 to September 30, 2025, the Curasset Capital Management Limited Term Income Fund, Founders Class Shares, returned 4.47%. This performance exceeded that of its broad-based benchmark, the Bloomberg US Aggregate Bond Index, which returned 2.88%, but trailed its secondary index, the Bloomberg US 1–3 Year Bond Index, which returned 4.71%, over the same period.

Out-of-benchmark holdings in Agency credit risk transfer securities, high yield corporates, and collateralized loan obligations contributed to relative performance.Security selection in ABS partially detracted from returns.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes9hxx01mhw1r916.jpg)

\* Inception

#### Annual Performance

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Average Annual**<br> **Total Return**<br> **Since Inception**<br>  |
| **Curasset Capital Management Limited Term** <br> **Income Fund - Founders Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.47%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%  |
| **Bloomberg US Aggregate Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%  | -0.44% |
| **Bloomberg US 1-3 Yr Bond Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visit www.curassetfunds.com/limited-term-income

for more recent performance information.

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

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

#### Sector Breakdown

#### Asset Backed Bonds
![bar](qesa4p5j1mhmbfoeh.jpg)

#### Corporate Bonds
![bar](qes9hxx01mhw12xwp.jpg)

#### Portfolio Composition
![bar](qes1kzoc1miez0caq.jpg)

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $356345082 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282  |
| **Total Net Advisory Fee** | $1065000 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.56%  |

---

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

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

ITEM 1. (b). Not applicable.

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) The code of ethics is attached hereto as exhibit 19(a)(1).

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $32,600 for 2025 and $32,600 for 2024.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $6,400 for 2025 and $6,400 for 2024. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are and $0 for 2025 and $0 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter, the registrant's Audit Committee must pre-approve all audit and non-audit services to be provided to the registrant. The Audit Committee also pre-approves any non-audit services provided by the registrant's principal accountant to the adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) NA

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

Curasset Capital Management, LLC

**Curasset Capital Management Core Bond Fund**

**Curasset Capital Management Limited Term Income Fund**

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

Year Ended September 30, 2025

**1**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **0.08%** | **PREFERRED STOCKS** |  |  |
|  | Eagle Point Income Company, Inc.  | 9100 | $227500<br>|
| **0.08%** | **TOTAL PREFERRED STOCKS**  |  | 227500 |
|  | (Cost: $224,883)  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **39.35%** | **ASSET BACKED BONDS** |  |  |
| **8.60%** | **AUTOMOTIVE** |  |  |
|  | Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A  | $177862<br>| $177929<br>|
|  | Arivo Acceptance Auto Loan Receivables Trust 02/15/2029 <br>7.700% 144A  | 675000 | 696896 |
|  | Arivo Acceptance Auto Loan Receivables Trust 03/15/2029 9.840% 144A  | 500000 | 523403 |
|  | Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% 144A  | 9851 | 9850 |
|  | Avid Automobile Receivables Trust 12/15/2027 7.350% 144A  | 523978 | 525870 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 144A  | 110000 | 111805 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240%^ 144A  | 100000 | 103380 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +5.490%)  |  |  |
|  | Bridgecrest Lending Auto Securitization Trust 10/16/2028 5.370%  | 1350000 | 1357665 |
|  | Carmax Auto Owner Trust 04/16/2029 8.080%  | 1000000 | 1041070 |
|  | Carvana Auto Receivables Trust 01/10/2031 4.740%  | 450000 | 449246 |
|  | Carvana Auto Receivables Trust 12/11/2028 4.130% 144A  | 370254 | 367225 |
|  | Carvana Auto Receivables Trust 03/10/2028 2.900% 144A  | 39348 | 38516 |
|  | Carvana Auto Receivables Trust 03/10/2028 1.070%  | 71747 | 69944 |
|  | Carvana Auto Receivables Trust 03/10/2028 0.970%  | 76783 | 75612 |
|  | Carvana Auto Receivables Trust 04/10/2028 5.080%  | 2000000 | 2019193 |

---

**2**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| CPS Auto Trust 10/15/2029 7.140% 144A  | $900000<br>| $913331<br>|
| CPS Auto Trust 11/15/2030 10.720% 144A  | 300000 | 329907 |
| CPS Auto Trust 08/15/2028 5.190% 144A  | 1800000 | 1802817 |
| DT Auto Owner Trust 12/15/2027 3.400%^ 144A | 319857 | 318744 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%) |  |  |
| DT Auto Owner Trust 05/17/2027 <br>1.310% 144A  | 351924 | 348615 |
| DT Auto Owner Trust 09/15/2028 2.650%^ 144A  | 450000 | 446128 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
| Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A  | 787500 | 772205 |
| Exeter Automobile Receivables Trust 04/15/2027 1.400%  | 548164 | 542907 |
| Exeter Automobile Receivables Trust 06/15/2027 1.550%  | 516867 | 510722 |
| Exeter Automobile Receivables Trust 06/15/2028 3.020%  | 681075 | 677155 |
| Exeter Automobile Receivables Trust 07/17/2028 4.560%  | 437208 | 437240 |
| First Investors Auto Owner Trust 06/15/2029 5.410% 144A  | 500000 | 495708 |
| Flagship Credit Auto Trust 09/15/2027 1.460% 144A  | 145262 | 144564 |
| Flagship Credit Auto Trust 07/16/2029 5.640% 144A  | 1350000 | 1361702 |
| Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A  | 400000 | 399584 |
| GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A  | 168572 | 168048 |
| GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A  | 1365565 | 1375772 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.868%) |  |  |
| GLS Auto Receivables Trust 07/15/2027 4.310% 144A  | 214552 | 214543 |
| Lad Auto Receivables Trust 04/15/2030 6.850% 144A  | 484000 | 489520 |
| Lendbuzz Securitization Trust 12/15/2028 7.500% 144A  | 178788 | 182045 |

---

**3**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A  | $251206<br>| $252810<br>|
|  | Lendbuzz Securitization Trust 05/15/2030 5.180% 144A  | 900000 | 902481 |
|  | Lendbuzz Securitization Trust 07/15/2026 4.759% 144A  | 295261 | 295319 |
|  | Prestige Auto Receivables Trust 02/15/2028 1.530% 144A  | 48020 | 47934 |
|  | Research-Driven Pagaya 03/25/2032 7.540% 144A  | 101379 | 101813 |
|  | Switch ABS Issuer LLC 06/25/2054 6.200% 144A  | 450000 | 455547 |
|  | Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A  | 819812 | 590776 |
|  | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A  | 360000 | 283303 |
|  | Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A  | 400000 | 204070 |
|  | United Auto Credit Securitization Trust 11/10/2028 5.000% 144A  | 377348 | 376193 |
|  | United Auto Credit Securitization Trust 04/10/2029 10.000% 144A  | 400000 | 181368 |
|  | Veros Auto Receivables Trust 11/15/2028 8.320% 144A  | 819000 | 840483 |
|  | Westlake Automobile Receivable 03/15/2027 3.490% 144A  | 137596 | 137395 |
|  |  |  | 24168353 |
| **24.36%** | **MORTGAGE** |  |  |
|  | Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A  | 337500 | 328079 |
|  | COMM Mortgage Trust 09/15/2033 6.623%^ 144A  | 55000 | 16500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.177%) |  |  |
|  | Connecticut Avenue Securities Trust 10/25/2041 7.456%^ 144A  | 900000 | 916981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.100%) |  |  |
|  | Connecticut Avenue Securities Trust 02/25/2044 6.156%^ 144A  | 900000 | 907403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%) |  |  |

---

**4**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Connecticut Avenue Securities Trust 03/25/2042 7.856%^ 144A  | $2200000<br>| $2269432<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.500%) |  |  |
| Connecticut Avenue Securities Trust 05/25/2044 6.006%^ 144A  | $900000 | $901692 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.650%) |  |  |
| Connecticut Avenue Securities Trust 07/25/2044 6.056%^ 144A  | 900000 | 903798 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.700%) |  |  |
| Federal Home Loan Bank 04/20/2029 4.000%^  | 5000000 | 4967015 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Prime - 0.700%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2034 6.006%^ 144A  | 24703 | 24780 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.650%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 7.756%^ 144A  | 100000 | 102309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.400%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 6.856%^ 144A  | 1250000 | 1270450 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.500%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2051 6.156%^ 144A  | 388610 | 390015 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 10/25/2041 5.856%^ 144A  | 855976 | 858253 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.500%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2041 6.156%^ 144A  | 477000 | 481026 |
| (United States 30 Day Average <br>SOFR + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 6.206%^ 144A  | 2074406 | 2097936 |
| (United States 30 Day Average <br>SOFR + 1.850%) |  |  |

---

**5**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 11/25/2043 7.706%^ 144A  | $1800000<br>| $1898647<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 12/25/2041 11.356%^ 144A  | 1400000 | 1473357 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 7.000%) |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 6.756%^ 144A  | 1400000 | 1425133 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.400%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2042 7.856%^ 144A  | 500000 | 515615 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.500%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2042 9.606%^ 144A  | 250000 | 263417 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 5.250%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2043 6.448%^ 144A  | 604170 | 612724 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.100%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2052 9.356%^ 144A  | 900000 | 968346 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 5.000%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2042 7.256%^ 144A  | 586000 | 602848 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 6.448%^ 144A  | 848865 | 860515 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.100%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 7.598%^ 144A  | 1200000 | 1255993 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.250%) |  |  |
| Federal Home Loan Mortgage Corp. 05/15/2027 3.000%  | 386525 | 6154 |

---

**6**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 05/25/2042 6.556%^ 144A  | $911217<br>| $920569<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.200%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2042 7.706%^ 144A  | 1800000 | 1868058 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.350%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2043 6.356%^ 144A  | 367442 | 370429 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2043 7.856%^ 144A  | 900000 | 948950 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.500%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 6.056%^ 144A  | 900000 | 904356 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.700%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2045 5.556%^ 144A  | 708069 | 709011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.200%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2042 11.106%^ 144A  | 1000000 | 1089886 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 6.750%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 6.356%^ 144A  | 643089 | 645945 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 7.706%^ 144A  | 2250000 | 2334704 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.350%)  |  |  |
| Federal Home Loan Mortgage Corp. 08/25/2044 6.156%^ 144A  | 1280000 | 1286003 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%)  |  |  |
| Federal Home Loan Mortgage Corp. 09/25/2042 6.506% 144A  | 251467 | 252883 |

---

**7**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 09/25/2042 8.056%^ 144A  | $2000000<br>| $2101880<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.700%)  |  |  |
| Federal Home Loan Mortgage Corporation 01/25/2042 6.206%^ 144A | 650000 | 656234 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.850%)  |  |  |
| Federal National Mortgage Assoc. 01/25/2031 8.721%^  | 534000 | 581655 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +4.234%)  |  |  |
| Federal National Mortgage Assoc. 01/25/2043 6.656%^ 144A  | 277322 | 282350 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.300%)  |  |  |
| Federal National Mortgage Assoc. 10/25/2041 5.906%^ 144A  | 199773 | 200149 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.550%)  |  |  |
| Federal National Mortgage Assoc. 10/25/2043 5.856%^ 144A  | 587142 | 587691 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.500%)  |  |  |
| Federal National Mortgage Assoc. 11/25/2046 0.114%  | 19506086 | 35813 |
| Federal National Mortgage Assoc. 12/25/2032 2.000%  | 57658 | 54339 |
| Federal National Mortgage Assoc. 12/25/2041 6.256%^ 144A  | 250000 | 253478 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average<br> SOFR + 1.900%)  |  |  |
| Federal National Mortgage Assoc. 12/25/2041 6.006%^ 144A  | 1000000 | 1004530 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.650%)  |  |  |
| Federal National Mortgage Assoc. 12/25/2042 6.756%^ 144A  | 1164020 | 1191044 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.400%)  |  |  |
| Federal National Mortgage Assoc. 02/25/2046 0.164%  | 13848923 | 43056 |
| Federal National Mortgage Assoc. 02/25/2047 0.114%  | 13606892 | 32779 |

---

**8**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 04/25/2042 7.356%^ 144A  | $1000000<br>| $1026746<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average<br> SOFR + 3.000%)  |  |  |
| Federal National Mortgage Assoc. 04/25/2042 6.256%^ 144A  | 326122 | 326836 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.900%)  |  |  |
| Federal National Mortgage Assoc. 04/25/2043 6.856%^ 144A  | 337563 | 342268 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.500%)  |  |  |
| Federal National Mortgage Assoc. 05/25/2042 7.106%^ 144A  | 431698 | 441782 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.750%)  |  |  |
| Federal National Mortgage Assoc. 06/25/2042 7.306%^ 144A  | 438895 | 450280 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.950%)  |  |  |
| Federal National Mortgage Assoc. 06/25/2043 6.256%^ 144A  | 222599 | 224257 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.900%)  |  |  |
| Federal National Mortgage Assoc. 07/25/2042 7.956%^ 144A  | 2110000 | 2194400 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.600%)  |  |  |
| Federal National Mortgage Assoc. 07/25/2042 6.906%^ 144A  | 972358 | 997202 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.550%)  |  |  |
| Federal National Mortgage Assoc. 07/25/2043 6.056%^ 144A  | 179299 | 179858 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.700%)  |  |  |
| Federal National Mortgage Assoc. 08/25/2042 3.500%  | 311650 | 44989 |
| Federal National Mortgage Assoc. 09/25/2042 6.856%^ 144A  | 218312 | 221381 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.500%)  |  |  |

---

**9**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Association 12/25/2041 7.506%^ 144A  | $1600000<br>| $1638496<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.150%)  |  |  |
| Federal National Mortgage Association 02/25/2037 1.500%  | 7583750 | 405185 |
| Federal National Mortgage Association 04/25/2043 8.256%^ 144A  | 1900000 | 2009204 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.900%)  |  |  |
| Federal National Mortgage Association 06/25/2042 9.006%^ 144A  | 850000 | 899076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 4.650%)  |  |  |
| Greensky Home Improvement Issuer Trust 06/25/2060 4.930% 144A  | 224495 | 225346 |
| Government National Mortgage Assoc. 10/20/2052 5.000%  | 785357 | 790610 |
| Government National Mortgage Assoc. 11/20/2051 3.000%  | 7449168 | 1294926 |
| GS Mortgage-Backed Securities Trust 10/25/2055 5.906%^ 144A  | 215720 | 216327 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.550%)  |  |  |
| ICG US CLO Ltd. 01/15/2031 6.379%^  | 470000 | 471786 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%)  |  |  |
| Ocwen Loan Invest Trust 02/25/2037 3.000% 144A  | 149911 | 147799 |
| Provident Funding Mortgage Trust 04/25/2051 2.500% 144A  | 742200 | 616102 |
| Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | 450000 | 454310 |
| Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A  | 240000 | 242860 |
| Sequoia Mortgage Trust 04/25/2050 3.000% 144A  | 72682 | 71669 |
| Velocity Commercial Capital 11/25/2053 7.670% 144A  | 109300 | 111476 |
| Washington Mutual Mortgage Pass-Through Certificate 10/25/2045 4.992%^  | 340540 | 334625 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 0.360%) |  |  |
| Winston Salem, NC Limited Obligation 01/20/2046 3.785% 144A  | 114112 | 109582 |

---

**10**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | X-Caliber Funding LLC 11/01/2024 7.540%^ 144A  | $459016<br>| $457887<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 1 Month + 3.250%) |  |  |
|  | X-Caliber Funding LLC 09/15/2028 12.000%^ 144A  | 450000 | 453000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 1 Month + 0.114%) + 0.720%) |  |  |
|  | Brean Asset Backed Securities Trust 07/25/2065 4.500% 144A  | 475251 | 410395 |
|  | Federal Home Loan Mortgage Corp. 10/25/2044 5.806%^ 144A  | 900000 | 900275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.450%)  |  |  |
|  | Federal Home Loan Mortgage Corp. 02/25/2045 5.506%^ 144A  | 792626 | 792624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.150%)  |  |  |
|  | Federal Home Loan Mortgage Corp. 08/25/2044 5.606%^ 144A  | 1192500 | 1198462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.250%)  |  |  |
|  | Federal National Mortgage Association 01/25/2044 6.156%^ 144A  | 900000 | 907344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%)  |  |  |
|  | Federal National Mortgage Association 12/25/2041 10.356%^ 144A  | 900000 | 939911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 6.000%)  |  |  |
|  | Federal National Mortgage Association 03/25/2045 6.606%^ 144A  | 900000 | 914625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.250%)  |  |  |
|  | Federal National Mortgage Association 07/25/2045 5.956%^ 144A  | 450000 | 451572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.600%)  |  |  |
|  |  |  | 68589683 |
| **6.39%** | **OTHER** |  |  |
|  | Allegro CLO Ltd. 01/19/2033 6.225%^ 144A  | 470000 | 470893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.900%) |  |  |
|  | Aqua Finance Trust 07/17/2046 1.900% 144A  | 148333 | 140321 |

---

**11**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Atlas Senior Loan Fund 04/22/2031 6.194%^ 144A  | $516000<br>| $517548<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.600%) |  |  |
| Benefit Street Partners CLO Ltd. 07/15/2037 5.498%^ 144A  | 752000 | 750571 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.180%) |  |  |
| Bluemountain CLO 10/20/2030 6.187%^ 144A  | 480000 | 482976 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.870%)  |  |  |
| Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A  | 268311 | 205765 |
| CoreVest American Finance Trust 10/15/2054 2.911% 144A  | 960000 | 908563 |
| Crossroads Asset Trust 06/22/2026 4.730% 144A  | 341156 | 341295 |
| Crossroads Asset Trust 08/20/2032 8.320% 144A  | 225000 | 227717 |
| Crossroads Asset Trusts 08/20/2030 5.900% 144A  | 154099 | 156150 |
| Golub Capital Partners Static Ltd. 04/25/2034 6.227%^ 144A  | 900000 | 901980 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.900%)  |  |  |
| Halcyon Loan Advisors Funding 07/21/2031 6.387%^ 144A  | 467000 | 469942 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%)  |  |  |
| Harvest SBA Loan Trust 06/25/2047 6.550%^ 144A  | 242050 | 242050 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.150%)  |  |  |
| NGC Ltd. 04/20/2038 5.480%^ 144A  | 880000 | 879824 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%)  |  |  |
| Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A  | 264609 | 266396 |
| PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A  | 450000 | 452761 |
| Polus Capital Management 10/20/2037 5.575%^ 144A  | 805263 | 805585 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%) |  |  |
| Saratoga Investment Corp. 04/20/2033 6.387%^ 144A  | 450000 | 456120 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.261%) + 1.700%)  |  |  |

---

**12**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | SCF Equipment Trust LLC 11/20/2031 3.790% 144A  | $500000<br>| $496777<br>|
|  | Shackleton 2017-XI CLO Ltd. 08/15/2030 6.623%^ 144A  | 888000 | 896170 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.150%) |  |  |
|  | SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A  | 358861 | 360735 |
|  | Sotheby's Artfi Master Trust 12/22/2031 5.503%^ 144A  | 480000 | 480232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.500%) |  |  |
|  | Sound Point CLO V-R Ltd. 07/18/2031 6.341%^ 144A  | 470000 | 474653 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.750%)  |  |  |
|  | Space Coast Credit Union 11/15/2028 4.670% 144A  | 450000 | 451532 |
|  | Trinity Rail Leasing LP 10/18/2049 2.390% 144A  | 62551 | 61929 |
|  | Upstart Securitization Trust 06/20/2033 7.920% 144A  | 320440 | 323300 |
|  | Venture CDO Ltd. 10/20/2034 5.775%^ 144A  | 440000 | 436260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.450%) |  |  |
|  | Venture CDO Ltd. 07/15/2032 6.449%^ 144A  | 900000 | 910620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.870%)  |  |  |
|  | Voya CLO Ltd. 10/15/2037 5.518%^ 144A  | 1125000 | 1124438 |
|  | (CME Term SOFR 3 Month + 1.200%)  |  |  |
|  | Voya CLO Ltd. 10/18/2031 6.290%^ 144A  | 737436 | 743630 |
|  | (ICE LIBOR USD 3 Month + 1.700%)  |  |  |
|  | Zais CLO 11 Ltd. 01/20/2032 6.115%^ 144A  | 470000 | 472585 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.790%)  |  |  |
|  | Zais CLO 15 Ltd. 07/28/2037 5.564%^ 144A  | 1600000 | 1598560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%) |  |  |
|  | Zais Matrix CDO I 04/15/2032 6.318%^ 144A  | 480000 | 484608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 2.150%)  |  |  |
|  |  |  | 17992486 |
| **39.35%** | **TOTAL ASSET BACKED BONDS**  |  | 110750522 |
|  | (Cost: $111,628,142) |  |  |

---

**13**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **20.70%** | **CORPORATE BONDS** |  |  |
| **1.04%** | **Communication Services:** |  |  |
|  | AT&T Mobility II LLC 03/01/2031 8.750%  | $500000<br>| $593589<br>|
|  | Bellsouth Telecommunications 06/01/2028 6.375%  | 500000 | 523272 |
|  | CCO Holdings Capital Corp. 06/01/2029 5.375% 144A  | 225000 | 223500 |
|  | Charter Communications Operating LLC 02/01/2034 6.650%  | 1000000 | 1068597 |
|  | Ciena Corp. 01/31/2030 4.000% 144A  | 100000 | 95371 |
|  | Corning, Inc. 03/15/2037 4.700%  | 200000 | 195461 |
|  | Factset Research Systems 03/01/2027 2.900%  | 250000 | 245426 |
|  |  |  | 2945216 |
| **3.48%** | **Consumer Discretionary:** |  |  |
|  | AutoNation, Inc. 03/01/2032 3.850%  | 1000000 | 936907 |
|  | AutoNation, Inc. 08/01/2031 2.400%  | 1000000 | 873159 |
|  | BorgWarner, Inc. 02/15/2029 7.125%  | 400000 | 434298 |
|  | Ford Holdings LLC 03/01/2030 9.300%  | 810000 | 927589 |
|  | General Motors Financial Co. 01/12/2032 3.100%  | 1000000 | 900930 |
|  | General Motors Financial Co. 01/08/2031 2.350%  | 250000 | 221488 |
|  | Hasbro, Inc. 07/15/2028 6.600%  | 700000 | 742543 |
|  | Las Vegas Sands Corp. 08/08/2029 3.900%  | 500000 | 483669 |
|  | Lear Corp. 05/30/2030 3.500%  | 1000000 | 956252 |
|  | Lowe's Companies, Inc. 04/01/2052 4.250%  | 500000 | 403733 |
|  | MDC Holdings, Inc. 01/15/2030 3.850%  | 1000000 | 960499 |
|  | Nissan Motor Co. 09/17/2030 4.810% 144A  | 1000000 | 942085 |
|  | Toll Bros Finance Corp. 03/15/2027 4.875%  | 1000000 | 1007298 |
|  |  |  | 9790450 |
| **1.09%** | **Consumer Staples:** |  |  |
|  | AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A  | 90000 | 89964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 1 Month + 0.046%) + 2.277%)  |  |  |

---

**14**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Constellation Brands, Inc. 05/01/2030 2.875%  | $1000000<br>| $935649<br>|
|  | PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A  | 90000 | 88758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 1 Month + 0.046%) + 2.427%)  |  |  |
|  | Quanta Services, Inc. 10/01/2030 2.900%  | 1000000 | 933545 |
|  | Smithfield Foods, Inc. 10/15/2030 3.000% 144A  | 1000000 | 913620 |
|  | Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%  | 100000 | 99860 |
|  |  |  | 3061396 |
| **3.89%** | **Energy:** |  |  |
|  | Alliance Resource Operating Partnership 06/15/2029 8.625% 144A  | 450000 | 476342 |
|  | APA Corporation 12/15/2029 7.750%  | 133000 | 143922 |
|  | Enbridge Energy LP 10/01/2028 7.125%  | 500000 | 537327 |
|  | Energen Corp. 02/15/2028 7.125%^  | 475000 | 498180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.750%)  |  |  |
|  | Energy Transfer LP Perpetual 6.625%  | 400000 | 399234 |
|  | EQT Corporation 04/01/2029 6.375%  | 880000 | 912548 |
|  | Helmerich & Payne, Inc. 12/01/2029 4.850%  | 900000 | 896207 |
|  | HF Sinclair Corp. 02/01/2028 5.000%  | 400000 | 400852 |
|  | MPLX LP 02/15/2031 4.800%  | 450000 | 452716 |
|  | Occidental Petroleum Corp. 03/15/2029 7.200%  | 1000000 | 1079070 |
|  | ONEOK, Inc. 09/01/2029 3.400%^  | 1000000 | 963448 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.256%)  |  |  |
|  | Phillips 66 Partners LP 03/01/2028 3.750%  | 549000 | 530081 |
|  | Pioneer Natural Resource 01/15/2028 7.200%  | 1000000 | 1063763 |
|  | Plains All American Pipeline LP 09/15/2030 3.800%  | 250000 | 241012 |
|  | Targa Resources Partners LP 03/01/2030 5.500%  | 500000 | 508590 |
|  | TransCanada Pipelines Ltd. 06/15/2029 7.700%  | 850000 | 934021 |
|  | Valero Energy Corp. 12/01/2031 2.800%  | 1000000 | 907162 |
|  |  |  | 10944475 |

---

**15**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **4.69%** | **Financials:** |  |  |
|  | Ally Financial, Inc. 11/01/2031 8.000%  | $1000000<br>| $1139970<br>|
|  | Ally Financial, Inc. Perpetual 4.700%  | 225000 | 219134 |
|  | American Express Co. Perpetual 3.550%  | 500000 | 490443 |
|  | ASB Bank Ltd. 10/22/2031 2.375% 144A  | 2000000 | 1783766 |
|  | Avolon Holdings Funding Ltd. 11/18/2027 2.528% 144A  | 1000000 | 961453 |
|  | Banco Santander SA 12/03/2030 2.749%  | 250000 | 226867 |
|  | Banco Santander SA 03/24/2028 4.175%^  | 200000 | 199701 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +1.754%)  |  |  |
|  | Bank of America Corp. Perpetual 4.375%  | 625000 | 614743 |
|  | Barclays plc 05/16/2029 4.972%  | 250000 | 253720 |
|  | BGC Group, Inc. 04/02/2030 6.150% 144A  | 900000 | 922079 |
|  | Charles Schwab Corp. Perpetual 5.000%  | 500000 | 497658 |
|  | Citigroup, Inc. 03/31/2031 4.412%  | 250000 | 249579 |
|  | Crown Castle, Inc. 03/15/2027 2.900%  | 250000 | 245181 |
|  | EPR Properties 04/15/2028 4.950%  | 360000 | 362785 |
|  | Fidelity National Financial, Inc. 06/15/2030 3.400%  | 1080000 | 1025722 |
|  | First Citizens Bancshare Perpetual 8.271%  | 500000 | 514884 |
|  | The Goldman Sachs Group, Inc Perpetual 4.125%  | 500000 | 491670 |
|  | Horizon Bancorp 07/01/2030 5.490%  | 450000 | 450000 |
|  | NatWest Group plc 05/18/2029 4.892%  | 500000 | 507857 |
|  | SBL Holdings, Inc. 11/13/2026 5.125% 144A  | 400000 | 403300 |
|  | Transamerica Capital II 12/01/2026 7.650%^ 144A  | 675000 | 687165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 0.720%) |  |  |
|  | Truist Financial Corp. Perpetual 5.100%^  | 500000 | 499154 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +4.550%)  |  |  |
|  | Weyerhaeuser Co. 03/09/2033 3.375%  | 500000 | 455125 |
|  |  |  | 13201956 |

---

**16**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **3.87%** | **Industrials:** |  |  |
|  | Avnet, Inc. 06/01/2032 5.500%  | $1000000<br>| $1018839<br>|
|  | Can-Pack SA/Canpack US LLC 11/15/2029 3.875% 144A  | 500000 | 469198 |
|  | CH Robinson Worldwide, Inc. 04/15/2028 4.200%  | 1000000 | 1000705 |
|  | FedEx Corp. 10/17/2048 4.950%^  | 1000000 | 865572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 1 Year +2.000%)  |  |  |
|  | Flowserve Corp. 01/15/2032 2.800%  | 1000000 | 885348 |
|  | Fortune Brands Innovation 03/25/2032 4.000%  | 500000 | 476403 |
|  | Fortune Brands Innovation 03/25/2052 4.500%  | 500000 | 411132 |
|  | Hubbell, Inc. 08/15/2027 3.150%^  | 600000 | 589219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.854%)  |  |  |
|  | Masco Corp. 08/15/2032 6.500%  | 1000000 | 1097525 |
|  | MasTec, Inc. 08/15/2029 6.625% 144A  | 450000 | 450000 |
|  | Oshkosh Corp. 03/01/2030 3.100%^  | 1000000 | 943092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +4.155%)  |  |  |
|  | Owens Corning 06/01/2030 3.875%  | 1000000 | 977026 |
|  | Timken Co. 12/15/2028 4.500%  | 500000 | 502243 |
|  | Timken Co. 05/08/2028 6.875%  | 320000 | 339744 |
|  | Westrock MWV LLC 02/15/2031 7.950%  | 750000 | 866905 |
|  |  |  | 10892951 |
| **0.57%** | **Information Technology:** |  |  |
|  | CA, Inc. 03/15/2027 4.700%  | 600000 | 601724 |
|  | MSCI, Inc. 09/01/2030 3.625% 144A  | 100000 | 95446 |
|  | Qorvo, Inc. 04/01/2031 3.375% 144A  | 987000 | 906838 |
|  |  |  | 1604008 |
| **0.47%** | **Materials:** |  |  |
|  | Albemarle Corp. 06/01/2032 5.050%  | 500000 | 493634 |
|  | Celanese US Holdings LLC 07/15/2032 6.879%  | 225000 | 229907 |
|  | Domtar Corp. 10/01/2028 6.750%^ 144A  | 100000 | 86193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.277%)  |  |  |
|  | Steel Dynamics, Inc. 12/15/2026 5.000%^  | 500000 | 499910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +3.972%) |  |  |
|  |  |  | 1309644 |

---

**17**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **1.60%** | **Utilities:** |  |  |
|  | Alliant Energy Finance LLC 03/01/2032 3.600% 144A  | $1000000<br>| $924974<br>|
|  | Eversource Energy 03/01/2032 3.375%  | 1000000 | 924760 |
|  | Exelon Corp. 04/01/2032 7.600%  | 1000000 | 1157742 |
|  | Sempra Perpetual 4.875%  | 500000 | 499900 |
|  | Southern California Gas Co. 04/01/2054 5.600%  | 1000000 | 1003476 |
|  |  |  | 4510852 |
| **20.70%** | **TOTAL CORPORATE BONDS**  |  | 58260948 |
|  | (Cost: $59,045,342) |  |  |
| **34.59%** | **TREASURY NOTES** |  |  |
|  | US Treasury 11/15/2027 4.125%  | 2000000 | 2020390 |
|  | US Treasury 01/31/2029 4.000%  | 4750000 | 4801395 |
|  | US Treasury 08/31/2029 3.625%  | 2350000 | 2344308 |
|  | US Treasury 11/15/2031 1.375%  | 3028000 | 2620876 |
|  | US Treasury 02/15/2032 1.875%  | 4500000 | 3992346 |
|  | US Treasury 02/29/2032 4.125%  | 4100000 | 4155256 |
|  | US Treasury 03/31/2032 4.125%  | 5000000 | 5066405 |
|  | US Treasury 11/15/2032 4.125%  | 4000000 | 4046564 |
|  | US Treasury 05/15/2033 3.375%  | 3000000 | 2881641 |
|  | US Treasury 08/15/2033 3.875%  | 3000000 | 2975157 |
|  | US Treasury 11/15/2033 4.500%  | 2000000 | 2067812 |
|  | US Treasury 02/15/2034 4.000%  | 5030000 | 5016836 |
|  | US Treasury 08/15/2034 3.875%  | 9830000 | 9679483 |
|  | US Treasury 02/15/2042 2.375%  | 15000000 | 11115240 |
|  | US Treasury 05/15/2042 3.250%  | 4000000 | 3360312 |
|  | US Treasury 02/15/2043 3.875%  | 5000000 | 4538085 |
|  | US Treasury 05/15/2043 3.875%  | 5000000 | 4529100 |
|  | US Treasury 02/15/2044 4.500%^  | 3800000 | 3716727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%)  |  |  |
|  | US Treasury 08/15/2044 4.125%  | 745000 | 691511 |
|  | US Treasury 08/15/2053 4.125%  | 5000000 | 4519335 |
|  | US Treasury 11/15/2053 4.750%  | 4000000 | 4006876 |
|  | US Treasury 02/15/2055 2.375%  | 9469318 | 9243683 |
| **34.59%** | **TOTAL TREASURY NOTES**  |  | 97389338 |
|  | (Cost: $99,443,964) |  |  |

---

**18**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **4.45%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund - Institutional Class 4.01%<sup>(A)</sup>  | 12518123 | $12518123<br>|
|  | (Cost: $12,518,123) |  |  |
| **99.17%** | **TOTAL INVESTMENTS**  |  | 279146431<br>|
|  | (Cost: $282,860,454) |  |  |
| **0.83%** | Other assets, net of liabilities  |  | 2369007 |
| **100.00%** | **NET ASSETS**  |  | **$** **28151543**8<br>|

---

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

<sup>(A)</sup>Effective 7 day yield as of September 30, 2025.

144A Securities are exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $105,026,887 and is 37.31% of the Fund's net assets.

ICE LIBOR - Interncontinental Exchange London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Descriptions** | **Expiration Date** | **Notional <br>Value** | **Market Value** | **Unrealized Appreciation (Depreciation)** |
|  | 227 | 2YR US NOTE  | 12/31/25 | $47224994<br>| $47306445<br>| $81451<br>|
|  | 518 | 5YR US NOTE  | 12/31/25 | 56339037 | 56563172 | 224135 |
| **0.11%** | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | $103564031<br>| $103869617<br>| $305586<br>|

---

**19**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **0.08%** | **PREFERRED STOCKS** |  |  |
|  | Eagle Point Income Company, Inc.  | 11122 | $278050<br>|
| **0.08%** | **TOTAL PREFERRED STOCKS**  |  | 278050 |
|  | (Cost: $274,851) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **43.53%** | **ASSET BACKED BONDS** |  |  |
| **8.86%** | **AUTOMOTIVE** |  |  |
|  | Amer. Credit Accept. Receivables Trust 06/13/2028 4.850%^ 144A  | $217387<br>| 217469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.597%) |  |  |
|  | Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% 144A  | 14777 | 14775 |
|  | Arivo Acceptance Auto Loan Receivables Trust 01/16/2029 <br>6.900% 144A  | 219237 | 221497 |
|  | Arivo Acceptance Auto Loan Receivables Trust 02/15/2029 <br>7.700% 144A  | 825000 | 851762 |
|  | Avid Automobile Receivables Trust 12/15/2027 7.350% 144A  | 785967 | 788805 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 144A  | 140000 | 142298 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240%^ 144A  | 100000 | 103380 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +5.490%) |  |  |
|  | Bridgecrest Lending Auto Securitization Trust 10/16/2028 5.370%  | 1650000 | 1659369 |
|  | Carvana Auto Receivables Trust 01/10/2031 4.740%  | 550000 | 549078 |
|  | Carvana Auto Receivables Trust 11/10/2028 5.540%  | 175000 | 178213 |
|  | Carvana Auto Receivables Trust 12/11/2028 4.130% 144A  | 452532 | 448831 |
|  | Carvana Auto Receivables Trust 03/10/2028 0.970%  | 115174 | 113419 |
|  | Carvana Auto Receivables Trust 03/10/2028 1.070%  | 107621 | 104916 |
|  | Carvana Auto Receivables Trust 03/10/2028 2.900% 144A  | 39348 | 38516 |

---

**20**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Carvana Auto Receivables Trust 09/11/2028 1.240%  | $126171<br>| $122452<br>|
| Chesapeake Funding II LLC 10/15/2035 6.160%  | 65889 | 66826 |
| CPS Auto Trust 10/15/2029 7.140% 144A  | 1100000 | 1116293 |
| CPS Auto Trust 11/15/2030 10.720% 144A  | 450000 | 494861 |
| CPS Auto Trust 08/15/2028 5.190% 144A  | 2200000 | 2203443 |
| DT Auto Owner Trust 12/15/2027 3.400%^ 144A  | 346512 | 345306 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%) |  |  |
| DT Auto Owner Trust 03/15/2029 5.530% 144A  | 1000000 | 999897 |
| DT Auto Owner Trust 05/17/2027 1.310% 144A  | 527886 | 522922 |
| DT Auto Owner Trust 09/15/2028 2.650%^ 144A  | 550000 | 545267 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
| Exeter Automobile Receivables Trust 10/15/2029 6.340%^ 144A  | 962500 | 943806 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Prime - 0.700%) |  |  |
| Exeter Automobile Receivables Trust 04/15/2027 1.400%  | 618142 | 612214 |
| Exeter Automobile Receivables Trust 06/15/2027 1.550%  | 631726 | 624215 |
| Exeter Automobile Receivables Trust 06/15/2028 3.020%  | 1021613 | 1015732 |
| Exeter Automobile Receivables Trust 07/17/2028 4.560%  | 1754481 | 1754609 |
| First Investors Auto Owner Trust 06/15/2029 5.410% 144A  | 500000 | 495708 |
| Flagship Credit Auto Trust 09/15/2027 1.460% 144A  | 177543 | 176689 |
| Flagship Credit Auto Trust 09/15/2028 3.160% 144A  | 1150000 | 1113727 |
| Flagship Credit Auto Trust 07/16/2029 5.640% 144A  | 1650000 | 1664302 |
| Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A  | 600000 | 599377 |
| GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A  | 206033 | 205392 |
| GLS Auto Receivables Issuer Trust 10/15/2027 2.480% 144A  | 436992 | 433265 |

---

**21**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| GLS Auto Receivables Issuer Trust 07/15/2027 1.480%^ 144A  | $407215<br>| $403630<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 2.150%) |  |  |
| GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A  | 1560646 | 1572310 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.868%) |  |  |
| GLS Auto Receivables Trust 07/15/2027 4.310% 144A  | 214552 | 214543 |
| GLS Auto Receivables Trust 05/15/2029 5.640% 144A  | 500000 | 500564 |
| Lad Auto Receivables Trust 04/15/2030 6.850% 144A  | 726000 | 734280 |
| Lendbuzz Securitization Trust 12/15/2028 7.500% 144A  | 268182 | 273067 |
| Lendbuzz Securitization Trust 05/15/2029 5.990% 144A  | 307029 | 308990 |
| Lendbuzz Securitization Trust 05/15/2030 5.180% 144A  | 1100000 | 1103033 |
| Lendbuzz Securitization Trust 07/15/2026 4.759% 144A  | 360644 | 360715 |
| Oscar US Funding Trust 04/10/2028 1.000% 144A  | 121160 | 120328 |
| Prestige Auto Receivables Trust 02/15/2028 1.530% 144A  | 72031 | 71901 |
| Research-Driven Pagaya 03/25/2032 7.540% 144A  | 123908 | 124438 |
| Switch ABS Issuer LLC 06/25/2054 6.200% 144A  | 550000 | 556779 |
| Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A  | 1001992 | 722059 |
| Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A  | 390000 | 306912 |
| Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A  | 600000 | 306105 |
| United Auto Credit Securitization Trust 11/10/2028 5.000% 144A  | 493455 | 491944 |
| United Auto Credit Securitization Trust 04/10/2029 10.000% 144A  | 600000 | 272053 |
| Veros Auto Receivables Trust 11/15/2028 8.320% 144A  | 1001000 | 1027257 |
| Westlake Automobile Receivable 03/15/2027 3.490% 144A  | 630028 | 629108 |
|  |  | 31588647 |

---

**22**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **27.38%** | **MORTGAGE**  |  |  |
|  | Angel Oak Mortgage Trust 01/25/2066 0.909%^ 144A  | $49506<br>| $43206<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR Rate+0.891620%)  |  |  |
|  | Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A  | 412500 | 400986 |
|  | Citigroup Mortgage Loan Trust 08/25/2050 2.500% 144A  | 58104 | 50119 |
|  | COMM Mortgage Trust 09/15/2033 6.623%^ 144A  | 65000 | 19500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.177%) |  |  |
|  | Connecticut Avenue Securities Trust 10/25/2041 7.456%^ 144A  | 2100000 | 2139623 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.100%) |  |  |
|  | Connecticut Avenue Securities Trust 02/25/2044 6.156%^ 144A  | 2035000 | 2051738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |
|  | Connecticut Avenue Securities Trust 03/25/2042 7.856%^ 144A  | 4920000 | 5075275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.500%) |  |  |
|  | Connecticut Avenue Securities Trust 03/25/2042 6.356%^ 144A  | 145768 | 147973 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 2.800%) |  |  |
|  | Connecticut Avenue Securities Trust 05/25/2044 6.006%^ 144A  | 1100000 | 1102068 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%) |  |  |
|  | Connecticut Avenue Securities Trust 07/25/2043 7.056%^ 144A  | 1000000 | 1033256 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.700%) |  |  |
|  | Connecticut Avenue Securities Trust 07/25/2044 6.056%^ 144A  | 1100000 | 1104642 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%) |  |  |
|  | Credit Suisse Mortgage Trust 04/25/2044 3.804% 144A  | 513739 | 499218 |
|  | Credit Suisse Mortgage Trust 04/25/2044 3.804% 144A  | 540881 | 446251 |

---

**23**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 01/25/2034 6.006%^ 144A  | $38026<br>| $38144<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%)  |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 5.356%^ 144A  | 101556 | 101494 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 6.856%^ 144A  | 1350000 | 1372086 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%)  |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2051 6.156%^ 144A  | 777221 | 780031 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%)  |  |  |
| Federal Home Loan Mortgage Corp. 10/25/2041 5.856%^ 144A  | 992933 | 995574 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.500%)  |  |  |
| Federal Home Loan Mortgage Corp. 10/25/2050 7.156%^ 144A  | 8902 | 8927 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.800%)  |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2041 6.156%^ 144A  | 1221685 | 1231996 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%)  |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 6.206%^ 144A  | 3147068 | 3182766 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.850%)  |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 6.206%^ 144A  | 517714 | 520776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.850%)  |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 7.706%^ 144A  | 2200000 | 2320569 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%)  |  |  |
| Federal Home Loan Mortgage Corp. 12/25/2041 11.356%^ 144A  | 1600000 | 1683837 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 7.000%)  |  |  |

---

**24**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 12/25/2050 6.356%^ 144A  | $410606<br>| $415124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 5.656%^ 144A  | 115245 | 115244 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.300%)  |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 6.756%^ 144A  | 2600000 | 2646675 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.400%)  |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2042 9.606%^ 144A  | 250000 | 263416 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 5.250%)  |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2043 6.448%^ 144A  | 631633 | 640575 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%)  |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2044 5.606%^ 144A  | 188116 | 188296 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.250%)  |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2052 9.356%^ 144A  | 1165415 | 1253917 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 5.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 6.448%^ 144A  | 1003797 | 1017574 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%)  |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 7.598%^ 144A  | 1545000 | 1617091 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.250%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/15/2027 3.000%  | 424417 | 6758 |
| Federal Home Loan Mortgage Corp. 05/25/2042 6.556%^ 144A  | 1113710 | 1125140 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.200%)  |  |  |

---

**25**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 05/25/2042 7.706%^ 144A  | $2870000<br>| $2978515<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2043 6.356%^ 144A  | 1010465 | 1018680 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2043 7.856%^ 144A  | 1100000 | 1159828 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.500%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 5.556%^ 144A  | 601083 | 601083 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.200%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 6.056%^ 144A  | 1100000 | 1105324 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2045 5.556%^ 144A  | 865417 | 866569 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.200%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2042 7.306%^ 144A  | 25830 | 26345 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.950%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 6.356%^ 144A  | 837111 | 840829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%)  |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 7.706%^ 144A  | 2750000 | 2853527 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%)  |  |  |
| Federal Home Loan Mortgage Corp. 08/25/2044 6.156%^ 144A  | 1520000 | 1527129 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%)  |  |  |
| Federal Home Loan Mortgage Corp. 09/25/2042 6.506% 144A  | 251467 | 252883 |

---

**26**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 09/25/2042 8.056%^ 144A  | $2671000<br>| $2807061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.700%)  |  |  |
| Federal Home Loan Mortgage Corporation 01/25/2042 6.206%^ 144A  | 720000 | 726906 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.850%)  |  |  |
| Federal Home Loan Mortgage Corporation 04/25/2029 8.371%^  | 165378 | 169433 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 3.900%)  |  |  |
| Federal National Mortgage Assoc. 01/25/2031 8.721%^  | 1000000 | 1089242 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +4.233610%) |  |  |
| Federal National Mortgage Assoc. 01/25/2043 6.656%^ 144A  | 661876 | 673876 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.300%)  |  |  |
| Federal National Mortgage Assoc. 10/25/2041 5.906%^ 144A  | 214043 | 214445 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.550%)  |  |  |
| Federal National Mortgage Assoc. 10/25/2043 5.856%^ 144A  | 896400 | 897239 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.500%)  |  |  |
| Federal National Mortgage Assoc. 11/25/2046 0.114%  | 29259129 | 53720 |
| Federal National Mortgage Assoc. 12/25/2032 2.000%  | 86488 | 81508 |
| Federal National Mortgage Assoc. 12/25/2041 6.006%^ 144A  | 2210000 | 2220011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%)  |  |  |
| Federal National Mortgage Assoc. 12/25/2041 6.256%^ 144A  | 684241 | 693759 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%)  |  |  |
| Federal National Mortgage Assoc. 12/25/2042 6.756%^ 144A  | 1385738 | 1417909 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.400%)  |  |  |

---

**27**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 02/25/2030 7.271%^  | $226697<br>| $230429<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.800%)  |  |  |
| Federal National Mortgage Assoc. 02/25/2046 0.164%  | 16926462 | 52624 |
| Federal National Mortgage Assoc. 02/25/2047 0.114%  | 20410338 | 49168 |
| Federal National Mortgage Assoc. 03/25/2042 6.456%^ 144A  | 466665 | 472134 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%)  |  |  |
| Federal National Mortgage Assoc. 04/25/2042 6.256%^ 144A  | 374224 | 375044 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%)  |  |  |
| Federal National Mortgage Assoc. 04/25/2043 6.856%^ 144A  | 1099189 | 1114511 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%)  |  |  |
| Federal National Mortgage Assoc. 05/25/2042 7.106%^ 144A  | 712301 | 728940 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.750%)  |  |  |
| Federal National Mortgage Assoc. 06/25/2042 7.306%^ 144A  | 484540 | 497109 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.950%)  |  |  |
| Federal National Mortgage Assoc. 06/25/2043 6.256%^ 144A  | 356264 | 358918 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%)  |  |  |
| Federal National Mortgage Assoc. 07/25/2042 6.906%^ 144A  | 1026697 | 1052929 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.550%)  |  |  |
| Federal National Mortgage Assoc. 07/25/2042 7.956%^ 144A  | 2980000 | 3099200 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.600%)  |  |  |
| Federal National Mortgage Assoc. 07/25/2043 6.056%^ 144A  | 798383 | 800872 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%)  |  |  |

---

**28**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 08/25/2028 11.221%^  | $34720<br>| $35427<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 6.750%)  |  |  |
| Federal National Mortgage Assoc. 08/25/2028 11.421%^  | 213240 | 217586 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.020%)  |  |  |
| Federal National Mortgage Assoc. 08/25/2042 3.500%  | 467475 | 67484 |
| Federal National Mortgage Assoc. 09/25/2042 6.856%^ 144A  | 277852 | 281758 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.915%)  |  |  |
| Federal National Mortgage Association 12/25/2041 7.506%^ 144A  | 1900000 | 1945714 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.150%)  |  |  |
| Federal National Mortgage Association 02/25/2037 1.500%  | 9269028 | 495226 |
| Federal National Mortgage Association 04/25/2043 8.256%^ 144A  | 2355000 | 2490356 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.900%)  |  |  |
| Federal National Mortgage Association 06/25/2042 9.006%^ 144A  | 950000 | 1004850 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 4.650%)  |  |  |
| GCAT Trust 08/25/2066 1.915% 144A  | 111862 | 104199 |
| Government National Mortgage Assoc. 11/20/2051 3.000%  | 9104538 | 1582687 |
| Greensky Home Improvement Issuer Trust 06/25/2060 4.930% 144A  | 274383 | 275423 |
| GS Mortgage-Backed Securities Trust 10/25/2055 5.906%^ 144A  | 263657 | 264400 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.550%)  |  |  |
| ICG US CLO Ltd. 01/15/2031 6.379%^  | 530000 | 532014 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%)  |  |  |
| JP Morgan Mortgage Trust 10/25/2029 2.597% 144A  | 29738 | 29257 |
| JP Morgan Mortgage Trust 05/25/2050 3.500% 144A  | 36866 | 33233 |
| Mill City Mortgage Trust 04/25/2066 3.500% 144A  | 436890 | 429544 |

---

**29**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Ocwen Loan Invest Trust 02/25/2037 3.000% 144A  | $149911<br>| $147799<br>|
| Ocwen Loan Investment Trust 02/25/2037 3.000% 144A  | 500000 | 457821 |
| Provident Funding Mortgage Trust 04/25/2051 2.500% 144A  | 742200 | 616102 |
| Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | 550000 | 555267 |
| Saluda Grace Alternative Mortgage 04/25/2030 7.762%^ 144A  | 260000 | 263098 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%)  |  |  |
| Saluda Grade Alternative Mortgage Trust 06/01/2053 7.162% 144A  | 451425 | 460489 |
| Sequoia Mortgage Trust 04/25/2050 3.000% 144A  | 72682 | 71669 |
| Velocity Commercial Capital 11/25/2053 7.670% 144A  | 163950 | 167214 |
| Winston Salem, NC Limited Obligation 01/20/2046 3.785% 144A  | 133958 | 128639 |
| X-Caliber Funding LLC 11/01/2024 7.540%^ 144A  | 688525 | 686830 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 1 Month + 3.250%)  |  |  |
| X-Caliber Funding LLC 09/15/2028 12.000% 144A  | 550000 | 553666 |
| Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A  | 341486 | 261883 |
| Brean Asset Backed Securities Trust 07/25/2065 4.500% 144A  | 581981 | 502560 |
| Federal Home Loan Mortgage Corp. 10/25/2044 5.806%^ 144A  | 1100000 | 1100337 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.450%)  |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2045 5.506%^ 144A  | 927372 | 927370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.150%)  |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2048 3.783% 144A  | 152739 | 148240 |
| Federal Home Loan Mortgage Corp. 03/25/2042 6.456%^ 144A  | 885739 | 889893 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%)  |  |  |

---

**30**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 05/25/2042 9.606%^ 144A  | $478188<br>| $508680<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 5.250%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 5.606%^ 144A  | 1219506 | 1225592 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.250%)  |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2048 3.851% 144A  | 420903 | 407807 |
| Federal Home Loan Mortgage Corp. 05/25/2048 3.851% 144A  | 226798 | 222049 |
| Federal Home Loan Mortgage Corp. 08/25/2044 5.606%^ 144A  | 1457500 | 1464787 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.250%)  |  |  |
| Federal National Mortgage Association 01/25/2044 6.156%^ 144A  | 1100000 | 1108976 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%)  |  |  |
| Federal National Mortgage Association 12/25/2041 10.356%^ 144A  | 1100000 | 1148780 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 6.000%)  |  |  |
| Federal National Mortgage Association 12/25/2041 5.206%^ 144A  | 25712 | 25697 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 0.850%)  |  |  |
| Federal National Mortgage Association 12/25/2042 8.106%^ 144A  | 1230000 | 1291500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.750%)  |  |  |
| Federal National Mortgage Association 03/25/2042 7.456%^ 144A  | 1000000 | 1027340 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.100%)  |  |  |
| Federal National Mortgage Association 03/25/2045 6.606%^ 144A  | 1100000 | 1117875 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.250%)  |  |  |
| Federal National Mortgage Association 07/25/2045 5.956%^ 144A  | 1550000 | 1555414 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.600%)  |  |  |
|  |  | 97580096 |

---

**31**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **7.29%** | **OTHER** |  |  |
|  | Allegro CLO Ltd. 01/19/2033 <br>6.225%^ 144A  | $530000<br>| $531007<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
|  | Aqua Finance Trust 07/17/2046 1.900% 144A  | 181296 | 171504 |
|  | Atlas Senior Loan Fund 04/22/2031 6.194%^ 144A  | 559000 | 560677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.600%)  |  |  |
|  | Ballyrock CLO 14 Ltd. 07/20/2037 5.325%^ 144A  | 625000 | 623625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.000%)  |  |  |
|  | Benefit Street Partners CLO Ltd. 07/15/2037 5.498%^ 144A  | 848000 | 846389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.180%)  |  |  |
|  | Bluemountain CLO 10/20/2030 6.187%^ 144A  | 520000 | 523224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.870%)  |  |  |
|  | CoreVest American Finance Trust 10/15/2054 2.911%^ 144A  | 1040000 | 984277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 6.750%)  |  |  |
|  | Crossroads Asset Trust 06/22/2026 4.730% 144A  | 416968 | 417139 |
|  | Crossroads Asset Trust 08/20/2032 8.320% 144A  | 275000 | 278321 |
|  | Crossroads Asset Trusts 08/20/2030 5.900% 144A  | 166941 | 169162 |
|  | Crown City CLO 07/15/2037 5.368%^ 144A  | 857142 | 855771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.050%)  |  |  |
|  | Generate CLO 4 07/20/2037 5.325%^ 144A  | 875000 | 873512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.000%)  |  |  |
|  | Generate CLO 5 Ltd. 07/22/2037 5.382%^ 144A  | 2000000 | 1995000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.050%)  |  |  |
|  | Goldentree Loan Management LP 07/20/2037 5.225%^ 144A  | 781250 | 780078 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.900%)  |  |  |
|  | Golub Capital Partners Static Ltd. 04/25/2034 6.227%^ 144A  | 1100000 | 1102420 |
|  | (CME Term SOFR 3 Month + 1.900%)  |  |  |

---

**32**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Halcyon Loan Advisors Funding 07/21/2031 6.387%^ 144A  | $1033000<br>| $1039508<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%)  |  |  |
| Harvest SBA Loan Trust 06/25/2047 6.550%^ 144A  | 295839 | 295839 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.150%)  |  |  |
| M&T Equipment LLC 07/15/2030 5.740% 144A  | 330479 | 332778 |
| NGC Ltd. 04/20/2038 5.480%^ 144A  | 1120000 | 1119776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%)  |  |  |
| OZLM XVIII Ltd. 04/15/2031 5.599%^ 144A  | 402097 | 401776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.020%)  |  |  |
| Pagaya AI Debt Selection Trust 01/25/2029 3.000% 144A  | 959 | 955 |
| Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A  | 323411 | 325595 |
| PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A  | 550000 | 553375 |
| Polus Capital Management 10/20/2037 5.575%^ 144A  | 984211 | 984604 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%)  |  |  |
| Saratoga Investment Corp. 04/20/2033 6.387%^ 144A  | 550000 | 557480 |
| &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.261%) + 1.700%)  |  |  |
| SCF Equipment Trust LLC 07/20/2032 5.260% 144A  | 500000 | 497898 |
| Shackleton 2017-XI CLO Ltd. 08/15/2030 6.623%^ 144A  | 1002000 | 1011218 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.150%) |  |  |
| SMB Private Education Loan Trust 09/15/2037 2.230%^ 144A  | 604704 | 586583 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +4.155%)  |  |  |
| SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A  | 438608 | 440898 |
| Sotheby's Artfi Master Trust 12/22/2031 5.503%^ 144A  | 520000 | 520251 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.500%)  |  |  |
| Sound Point CLO V-R Ltd. 07/18/2031 6.341%^ 144A  | 530000 | 535247 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.750%)  |  |  |

---

**33**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Space Coast Credit Union 11/15/2028 4.670% 144A  | $550000<br>| $551872<br>|
|  | Trinity Rail Leasing LP 10/18/2049 2.390%^ 144A  | 93826 | 92894 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +3.598%)  |  |  |
|  | Upstart Securitization Trust 06/20/2033 7.920% 144A  | 391649 | 395144 |
|  | Venture CDO Ltd. 10/20/2034 5.775%^ 144A  | 560000 | 555240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.450%)  |  |  |
|  | Venture CDO Ltd. 07/15/2032 6.449%^ 144A  | 1100000 | 1112980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.870%)  |  |  |
|  | Voya CLO Ltd. 10/15/2037 5.518%^ 144A  | 1375000 | 1374312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%)  |  |  |
|  | Voya CLO Ltd. 10/18/2031 6.290%^ 144A  | 901310 | 908881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 3.900%)  |  |  |
|  | Zais CLO 11 Ltd. 01/20/2032 6.115%^ 144A  | 530000 | 532915 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.790%)  |  |  |
|  | Zais Matrix CDO I 04/15/2032 6.318%^ 144A  | 520000 | 524992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.000%)  |  |  |
|  |  |  | 25965117 |
| **43.53%** | **TOTAL ASSET BACKED BONDS**  |  | 155133860 |
|  | (Cost: $156,562,887) |  |  |
| **9.24%** | **CORPORATE BONDS** |  |  |
| **0.08%** | **Communication Services:** |  |  |
|  | CCO Holdings Capital Corp. 06/01/2029 5.375% 144A  | 275000 | 273166 |
| **1.25%** | **Consumer Discretionary:** |  |  |
|  | BorgWarner, Inc. 02/15/2029 7.125%  | 600000 | 651446 |
|  | Ford Holdings LLC 03/01/2030 9.300%  | 990000 | 1133720 |
|  | General Motors Financial Co. Perpetual 5.750%  | 500000 | 495431 |
|  | Hasbro, Inc. 07/15/2028 6.600%  | 798000 | 846498 |
|  | Nissan Motor Acceptance Company LLC 03/09/2028 2.750% 144A  | 350000 | 328391 |

---

**34**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Toll Bros Finance Corp. 03/15/2027 4.875%  | $1000000<br>| $1007298<br>|
|  |  |  | 4462784 |
| **0.09%** | **Consumer Staples:** |  |  |
|  | AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A  | 110000 | 109956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 1 Month + 0.046%) + 2.277%)  |  |  |
|  | PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A  | 110000 | 108483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 1 Month + 0.046%) + 2.427%)  |  |  |
|  | Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%^  | 100000 | 99860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.760%)  |  |  |
|  |  |  | 318299 |
| **2.44%** | **Energy:** |  |  |
|  | Alliance Resource Operating Partnership 06/15/2029 8.625% 144A  | 550000 | 582195 |
|  | Cheniere Energy, Inc. 10/15/2028 4.625%  | 500000 | 498437 |
|  | Energen Corp. 02/15/2028 7.125%^  | 525000 | 550619 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.750%)  |  |  |
|  | Energy Transfer LP Perpetual 6.625%  | 600000 | 598850 |
|  | EQT Corporation 04/01/2029 6.375%  | 1120000 | 1161424 |
|  | Helmerich & Payne, Inc. 12/01/2029 4.850%  | 1100000 | 1095365 |
|  | MPLX LP 02/15/2031 4.800%  | 550000 | 553320 |
|  | Oceaneering International, Inc. 02/01/2028 6.000%  | 350000 | 354329 |
|  | Phillips 66 Partners LP 03/01/2028 3.750%  | 540000 | 521391 |
|  | Tallgrass Energy Partners LP 01/15/2028 5.500% 144A  | 500000 | 497457 |
|  | Targa Resources Partners LP 03/01/2030 5.500%  | 500000 | 508590 |
|  | TransCanada Pipelines Ltd. 06/15/2029 7.700%  | 1150000 | 1263675 |
|  | Venture Global, Inc. 06/01/2028 8.125% 144A  | 500000 | 517535 |
|  |  |  | 8703187 |

---

**35**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **3.28%** | **Financials:** |  |  |
|  | Ally Financial, Inc. Perpetual 4.700%  | $275000<br>| $267830<br>|
|  | Bank of America Corp. Perpetual 4.375%  | 125000 | 122949 |
|  | Banque Federative du Credit Mutuel 10/04/2026 1.604% 144A  | 2000000 | 1950126 |
|  | BGC Group, Inc. 04/02/2030 6.150% 144A  | 1100000 | 1126985 |
|  | Citigroup, Inc. Perpetual 4.000%  | 500000 | 498054 |
|  | Credit Agricole SA 01/26/2027 1.247% 144A  | 2000000 | 1978936 |
|  | EPR Properties 04/15/2028 4.950%  | 220000 | 221702 |
|  | First Citizens Bancshare Perpetual 8.271%  | 1000000 | 1029768 |
|  | The Goldman Sachs Group, Inc Perpetual 3.650%  | 500000 | 489730 |
|  | Horizon Bancorp 07/01/2030 5.490%  | 550000 | 550000 |
|  | ING Groep NV 03/29/2027 3.950%  | 2000000 | 1991598 |
|  | SBL Holdings, Inc. 11/13/2026 5.125% 144A  | 600000 | 604950 |
|  | Transamerica Capital II 12/01/2026 7.650% 144A  | 825000 | 839868 |
|  |  |  | 11672496 |
| **0.88%** | **Industrials:** |  |  |
|  | Can-Pack SA/Canpack US LLC 11/01/2025 3.125% 144A  | 500000 | 498459 |
|  | Hubbell, Inc. 08/15/2027 3.150%  | 1079000 | 1059613 |
|  | MasTec, Inc. 08/15/2029 6.625% 144A  | 550000 | 550000 |
|  | Timken Co. 12/15/2028 4.500%  | 500000 | 502244 |
|  | Timken Co. 05/08/2028 6.875%  | 480000 | 509616 |
|  |  |  | 3119932 |
| **0.31%** | **Information Technology:** |  |  |
|  | Qorvo, Inc. 04/01/2031 3.375% 144A  | 1213000 | 1114483 |
| **0.62%** | **Materials:** |  |  |
|  | Celanese US Holdings LLC 07/15/2032 6.879%  | 275000 | 280998 |
|  | Constellium SE 06/15/2028 5.625% 144A  | 350000 | 349474 |
|  | Domtar Corp. 10/01/2028 6.750%^ 144A  | 100000 | 86193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.277%)  |  |  |

---

**36**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Hecla Mining Company 02/15/2028 7.250%  | $194000<br>| $195754<br>|
|  | NOVA Chemicals Corporation 06/01/2027 5.250% 144A  | 500000 | 501440 |
|  | Steel Dynamics, Inc. 12/15/2026 5.000%^  | 813000 | 812854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +3.972%) |  |  |
|  |  |  | 2226713 |
| **0.29%** | **Utilities:** |  |  |
|  | Washington Gas Light Co. 10/09/2026 6.820%  | 1000000 | 1021783 |
| **9.24%** | **TOTAL CORPORATE BONDS**  |  | 32912843 |
|  | (Cost: $32,503,629) |  |  |
| **41.49%** | **TREASURY NOTES** |  |  |
|  | US Treasury 01/15/2026 2.000%  | 1627550 | 1628991 |
|  | US Treasury 01/31/2026 4.250%  | 525000 | 525369 |
|  | US Treasury 05/31/2026 4.875%  | 10000000 | 10066560 |
|  | US Treasury 06/30/2026 4.625%  | 4000000 | 4023936 |
|  | US Treasury 08/31/2026 3.750%  | 62000000 | 62001922 |
|  | US Treasury 11/30/2026 4.250%  | 714700 | 718915 |
|  | US Treasury 12/15/2026 4.375%  | 5000000 | 5039065 |
|  | US Treasury 12/31/2026 4.250%  | 5312000 | 5346236 |
|  | US Treasury 01/15/2027 4.000%  | 21000000 | 21078750 |
|  | US Treasury 01/31/2027 1.500%  | 1107000 | 1075693 |
|  | US Treasury 02/15/2027 4.125%  | 4000000 | 4023124 |
|  | US Treasury 02/28/2027 4.125%  | 5600000 | 5633471 |
|  | US Treasury 04/30/2027 3.750%  | 3900000 | 3905483 |
|  | US Treasury 07/15/2027 4.375%  | 1800000 | 1822570 |
|  | US Treasury 07/31/2027 3.875%  | 5000000 | 5020510 |
|  | US Treasury 11/15/2027 4.125%  | 3305800 | 3339503 |
|  | US Treasury 12/15/2027 4.000%  | 1655600 | 1669181 |
|  | US Treasury 10/15/2028 2.375%  | 8437200 | 8788027 |
|  | US Treasury 11/30/2028 4.375%  | 2101000 | 2146386 |
| **41.49%** | **TOTAL TREASURY NOTES**  |  | $147853692<br>|
|  | (Cost: $147,283,270) |  |  |

---

**37**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **September 30, 2025**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **5.08%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund - Institutional Class 4.01%<sup>(A)</sup>  | 18112098 | $18112098<br>|
|  | (Cost: $18,112,098) |  |  |
| **99.42%** | **TOTAL INVESTMENTS**  |  | 354290543 |
|  | (Cost: $354,736,735) |  |  |
| **0.58%** | Other assets, net of liabilities  |  | 2054539 |
| **100.00%** | **NET ASSETS**  |  | **$** **356345082**<br>|

---

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

<sup>(A)</sup>Effective 7 day yield as of September 30, 2025.

144A Securities are exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $155,687,609 and is 43.69% of the Fund's net assets.

ICE LIBOR - Interncontinental Exchange London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Descriptions** | **Expiration Date** | **Notional <br>Value** | **Market Value** | **Unrealized Appreciation (Depreciation)** |
|  | 447 | 2YR US NOTE  | 12/31/25 | $92993710<br>| $93154102<br>| $160392<br>|
|  | 374 | 5YR US NOTE  | 12/31/25 | 40677220 | 40839047 | 161827 |
| **0.09%** | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | $133670930<br>| $133993149<br>| $322219<br>|

---

**38**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Assets and Liabilities** **September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund** | **Limited Term Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup> (Note 1)  | $279146431<br>| $354290543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held at broker  | 1674697 | 1745284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of open futures contracts  | 305586 | 322219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 191374 | 98369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 1842080 | 1989076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 11692 | 15358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 283171860 | 358460849 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian  | 1579811 | 1991991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 1718 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued net advisory fees  | 56488 | 91297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued accounting, administration and transfer agent fees  | 13704 | 17473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses  | 4701 | 12665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 1656422 | 2115767 |
| **NET ASSETS**  | $281515438<br>| $356345082<br>|
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $298567532<br>| $360163871<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits)  | (17052094) | (3818789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $281515438<br>| $356345082<br>|
| **NET ASSET VALUE PER SHARE AND REDEMPTION <br>PRICE PER SHARE** | **NET ASSET VALUE PER SHARE AND REDEMPTION <br>PRICE PER SHARE** | **NET ASSET VALUE PER SHARE AND REDEMPTION <br>PRICE PER SHARE** |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | $281435505<br>| $356345082<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 79933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $281515438<br>| $356345082<br>|
| **SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | 31410122 | 36445579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 8899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | 31419021 | 36445579 |
| **NET ASSET VALUE AND REDEMPTION <br>VALUE PER SHARE**  | **NET ASSET VALUE AND REDEMPTION <br>VALUE PER SHARE**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | $8.96<br>| $9.78<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | $8.98<br>| $—<br>|
| <sup>(1)</sup> Identified cost of:  | $282860454<br>| $354736735<br>|

---

**39**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Operations** **For the Year Ended September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund** | **Limited Term Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest  | $13441360<br>| $17299467<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | 121009 | 189132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 13562369 | 17488599 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees (Note 2)  | 979420 | 1502157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordkeeping and administrative services <br>(Note 2)  | 93467 | 119724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 63197 | 80631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 28161 | 31911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 12568 | 15971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 40943 | 46382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees  | 27000 | 39819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees  | 13977 | 16007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 7143 | 8910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports  | 21627 | 31698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance  | 3436 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing, institutional class (Note 2)  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other  | 37989 | 42356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1328933 | 1939313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee waivers (Note 2)  | (349505) | (437157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 979428 | 1502156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 12582941 | 15986443 |
| **REALIZED AND UNREALIZED GAIN (LOSS)**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (5223445) | 360925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on long futures contracts  | (242876) | (113861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on written futures contracts  | (245756) | (336008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures contracts  | (5712077) | (88944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>(depreciation) of investments  | 428184 | (1213499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>(depreciation) of long futures contracts  | 260749 | 238336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>of investments and long futures contracts  | 688933 | (975163) |
| Net realized and unrealized gain (loss) on investments and futures contracts  | (5023144) | (1064107) |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $7559797<br>| $14922336<br>|

---

**40**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Bond Fund** | **Limited Term Income Fund** | **Limited Term Income Fund** |
|  | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM**  |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $12582941<br>| $10504759<br>| $15986443<br>| $12807515<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures contracts  | (5712077) | 15861 | (88944) | (283329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and futures contracts  | 688933 | 12997075 | (975163) | 5822645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 7559797 | 23517695 | 14922336 | 18346831 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | (12994711) | (10342200) | (16696232) | (12296617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | (408) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (12995119) | (10342200) | (16696232) | (12296617) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | 62716329 | 89271074 | 77086596 | 94149478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 80000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | 416847 | 275248 | 1880997 | 547012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 408 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founders Class  | (49707739) | (14980675) | (51087839) | (28735209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | 13505845 | 74565647 | 27879754 | 65961281 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during year  | 8070523 | 87741142 | 26105858 | 72011495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 273444915 | 185703773 | 330239224 | 258227729 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year  | $281515438<br>| $273444915<br>| $356345082<br>| $330239224<br>|

---

**41**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Founders Class** | **Founders Class** | **Founders Class** | **Founders Class** |
|  | **<br>Years Ended September 30,** | **<br>Years Ended September 30,** | **<br>Years Ended September 30,** | **Period Ended September 30, <br>2022\*** |
|  | **2025** | **2024** | **2023** | **Period Ended September 30, <br>2022\*** |
| **Net asset value, beginning of period**  | $9.15<br>| $8.64<br>| $8.74<br>| $10.00<br>|
| **Investment activities** |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup>  | 0.41 | 0.41 | 0.35 | 0.19 |
| Net realized and unrealized gain (loss) on investments and futures contracts  | (0.18) | 0.50 | (0.12) | (1.29) |
| **Total from investment activities**  | 0.23 | 0.91 | 0.23 | (1.10) |
| **Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.42) | (0.40) | (0.33) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.42) | (0.40) | (0.33) | (0.16) |
| **Net asset value, end of period**  | $8.96<br>| $9.15<br>| $8.64<br>| $8.74<br>|
| **Total Return<sup>(2)</sup>**  | 2.71% | 10.74% | 2.65% | (11.10%) |
| **Ratios/Supplemental Data** |  |  |  |  |
| Ratios to average net assets<sup>(3)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 0.49% | 0.51% | 0.55% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 0.36% | 0.36% | 0.36% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 4.63% | 4.60% | 3.90% | 2.41% |
| Portfolio turnover rate<sup>(4)</sup>  | 45.38% | 31.66% | 36.96% | 85.91% |
| Net assets, end of period (000's)  | $281436<br>| $273445<br>| $185704<br>| $174135<br>|

---

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

<sup>(2)</sup> Total return is for the period indicated and has not been annualized for periods less than one year.

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

<sup>(4)</sup> Portfolio turnover rate is for the period indicated and has not been annualized for periods less than one year.

\*The Fund's Founders Class Shares commenced operations on December 1, 2021.

**42**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

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

---

| | |
|:---|:---|
|  | **Institutional Class** |
|  | **Period Ended September 30, 2025\*** |
|  | **Period Ended September 30, 2025\*** |
| **Net asset value, beginning of period**  | $8.87<br>|
| **Investment activities** |  |
| Net investment income (loss)<sup>(1)</sup>  | 0.10 |
| Net realized and unrealized gain (loss) on investments and <br>futures contracts<sup>(5)</sup>  | 0.10 |
| **Total from investment activities**  | 0.20 |
| **Distributions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.09) |
| **Net asset value, end of period**  | **$** **8.98**<br>|
| **Total Return<sup>(2)</sup>**  | 2.23% |
| **Ratios/Supplemental Data** |  |
| Ratios to average net assets <sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 5.16% |
| Portfolio turnover rate<sup>(4)</sup>  | 45.38% |
| Net assets, end of period (000's)  | $80<br>|

---

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

<sup>(2)</sup> Total return is for the period indicated and has not been annualized.

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

<sup>(4)</sup> Portfolio turnover rate is for the period indicated and has not been annualized.

<sup>(5)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

\*The Fund's Institutional Class Shares commenced operations on July 14, 2025.

**43**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br>Years Ended September 30,** | **<br>Years Ended September 30,** | **<br>Years Ended September 30,** | **Period Ended September 30, <br>2022\*** |
|  | **2025** | **2024** | **2023** | **Period Ended September 30, <br>2022\*** |
| **Net asset value, beginning of <br>period**  | $9.83<br>| $9.61<br>| $9.52<br>| $10.00<br>|
| **Investment activities** |  |  |  |  |
| Net investment income (loss) <sup>(1)</sup>  | 0.46 | 0.47 | 0.38 | 0.14 |
| Net realized and unrealized gain (loss) on investments and futures contracts  | (0.03) | 0.20 | 0.07 | (0.51) |
| **Total from investment activities**  | 0.43 | 0.67 | 0.45 | (0.37) |
| **Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.48) | (0.45) | (0.36) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.48) | (0.45) | (0.36) | (0.11) |
| **Net asset value, end of period**  | $9.78<br>| $9.83<br>| $9.61<br>| $9.52<br>|
| **Total Return<sup>(2)</sup>**  | 4.47% | 7.14% | 4.84% | (3.68%) |
| **Ratios/Supplemental Data** |  |  |  |  |
| Ratio to average net assets<sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 0.57% | 0.58% | 0.63% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waiver or recovery (Note 2)  | 0.44% | 0.44% | 0.44% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 4.68% | 4.85% | 3.96% | 1.77% |
| Portfolio turnover rate<sup>(4)</sup>  | 48.56% | 80.08% | 97.87% | 122.59% |
| Net assets, end of period (000's)  | $356345<br>| $330239<br>| $258228<br>| $243470<br>|

---

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

<sup>(2)</sup> Total return is for the period indicated and has not been annualized for periods less than one year.

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

<sup>(4)</sup> Portfolio turnover rate is for the period indicated and has not been annualized for periods less than one year.

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

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

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

**44**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements** **September 30, 2025**

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

The Curasset Capital Management Core Bond Fund (the "Core Bond Fund") and the Curasset Capital Management Limited Term Income Fund (the "Limited Term Income Fund") (each a "Fund" and collectively, the "Funds") are diversified series of the World Funds Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on April 9, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Funds offer Class A, Investor Class, Institutional Class and Founders Class shares. As of September 30, 2025, neither of the Funds had Class A shares or Investor Class shares outstanding, and the Limited Term Income Fund has no Institutional Class shares outstanding. Each Fund's Founders Class commenced operations on December 1, 2021. The Core Bond Fund Institutional Class commenced operations on July 14, 2025.

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

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

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

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

**Security Valuation**

The Funds record investments at current market value. Investments in securities traded on national securities exchanges are valued at the last reported sale price. Investments in securities included on the NASDAQ National Market System

**45**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

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

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

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

The Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Funds when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded, but prior to the time as of which the Funds' NAVs are calculated, that is likely to have changed the value of the security. Since most of the Funds' investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

**46**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

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

Various inputs are used in determining the value of the Funds' investments. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments).

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

The following is a summary of the level of inputs used to value the Funds' investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Core Bond Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Preferred Stocks  | $227500<br>| $—<br>| $—<br>| $227500<br>|
| Asset Backed Bonds  |  | 110750522 |  | 110750522 |
| Corporate Bonds  |  | 58260948 |  | 58260948 |
| Treasury Notes  |  | 97389338 |  | 97389338 |
| Money Market Fund  | 12518123 |  |  | 12518123 |
|  | $12745623<br>| $266400808<br>| $—<br>| $279146431<br>|
| **Other Financial Instruments:** |  |  |  |  |
| Futures Contracts\*  | $305586<br>| $—<br>| $—<br>| $305586<br>|
|  | $305586<br>| $—<br>| $—<br>| $305586<br>|

---

**47**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Limited Term Income Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Preferred Stocks  | $278050<br>| $—<br>| $—<br>| $278050<br>|
| Asset Backed Bonds  |  | 155133860 |  | 155133860 |
| Corporate Bonds  |  | 32912843 |  | 32912843 |
| Treasury Notes  |  | 147853692 |  | 147853692 |
| Money Market Fund  | 18112098 |  |  | 18112098 |
|  | $18390148<br>| $335900395<br>| $—<br>| $354290543<br>|
| **Other Financial Instruments:** |  |  |  |  |
| Futures Contracts\*  | $322219<br>| $—<br>| $—<br>| $322219<br>|
|  | $322219<br>| $—<br>| $—<br>| $322219<br>|

---

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

Refer to the Funds' Schedule of Investments for a listing of the securities by security type and sector. The Funds held no Level 3 securities at any time during the year ended September 30, 2025.

**Security Transactions and Income** 

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

**Accounting Estimates**

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

**48**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

**Federal Income Taxes**

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

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

**Reclassification of Capital Accounts**

GAAP requires certain components of net assets are reclassified relating to permanent differences between financial and tax reporting. These reclassifications are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gains for federal income tax purposes and have no effect on net assets or net asset value per share. For the year ended September 30, 2025, there were no such reclassifications.

**Class Net Asset Values and Expenses**

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

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

**49**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

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

**Mortgage-Related Securities**

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

**50**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

**Derivatives**

The Funds utilize derivatives to achieve their investment strategies. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Funds. The Funds could experience a loss if derivatives do not perform as anticipated or are not correlated with the performance of other investments which are used to hedge or if the Funds are unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. Futures contracts involve the risk of mispricing or improper valuation and the risk that changes in the value of a futures contract may not correlate perfectly with the underlying indicator. The Funds are subject to the requirements of Rule 18f-4 under the 1940 Act and have adopted policies and procedures to manage risks concerning their use of derivatives. The following are the derivatives held by each fund on September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Value<br>Asset Derivatives** |
| Core Bond Fund  | Futures Contracts | $305,586\*<br>|
| Limited Term Income Fund  | Futures Contracts | $322,219\*<br>|

---

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

The effect of derivative instruments on the Statements of Operations and whose underlying risk exposure is interest rate risk for the year ended September 30, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Realized Gain (Loss) on Derivatives\*** | **Change in Unrealized Appreciation (Depreciation) of Derivatives\*\*** |
| Core Bond Fund | Long Futures Contracts | &nbsp;&nbsp; $(242876)<br>| &nbsp;&nbsp; $260749<br>|
|  | Written Futures Contracts | &nbsp;&nbsp; (245756) | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $(488632)<br>| &nbsp;&nbsp; $260749<br>|
| Limited Term Income Fund | Long Futures Contracts | &nbsp;&nbsp; $(113861)<br>| &nbsp;&nbsp; $238336<br>|
|  | Written Futures Contracts | &nbsp;&nbsp; (336008) | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; $(449869)<br>| &nbsp;&nbsp; $238336<br>|

---

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

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

**51**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

The following indicates the average monthly volume for the year ended September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Average Monthly <br>Notional Value** |
| Core Bond Fund  | Long Futures Contracts | $75076244 |
| Core Bond Fund  | Written Futures Contracts | (648387) |
| Limited Term Income Fund  | Long Futures Contracts | 98217272 |
| Limited Term Income Fund  | Written Futures Contracts | (669326) |

---

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

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

The Advisor earned and waived advisory fees for the year ended September 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Advisory Fee Earned** | **Investment Advisory Fee Waived** |
| Core Bond Fund  | $979420<br>| $349505<br>|
| Limited Term Income Fund  | 1502157 | 437157 |

---

The Advisor has contractually agreed to reduce its fees and/or reimburse Fund expenses until January 31, 2026 to keep Total Annual Fund Operating Expenses (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures which are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Funds' business) from exceeding 0.36% and 0.51%, respectively, of the daily net assets of Core Bond's Founders Class and Institutional Class, and 0.44% of the daily net assets with respect to the Limited Term Income Fund's Founders Class shares. The advisor has also entered into an expense limitation agreement with the Trust to reduce fees and/or reimburse expenses with respect to each of the Fund's Class A shares, Investor Class shares and Institutional Class shares. The Trust and the Advisor may terminate this limitation expense agreement prior to January 31, 2026 only by mutual written consent. Each waiver and/or reimbursement of an expense by the Advisor is subject to repayment by the applicable Fund within three years following the date such waiver and/or

**52**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

The total amount of recoverable fee waivers and expense reimbursements for the Funds as of September 30, 2025, and expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Core Bond Fund  | $357112<br>| $348533<br>| $349505<br>| $1055150<br>|
| Limited Term Income Fund  | 479283 | 382652 | 437157 | 1299092 |

---

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

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

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

**53**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

shareholders; and (viii) processing dividend payments from the Fund on behalf of shareholders.

For the year ended September 30, 2025, the following Fees were incurred:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Type of Expense** | **Fees Incurred** |
| Core Fund  | Institutional | Shareholder servicing | $5 |

---

Commonwealth Fund Services, Inc. ("CFS") acts as the Funds' administrator, transfer and dividend disbursing agent and fund accountant. Fees to CFS are computed daily and paid monthly. For the year ended September 30, 2025, the following fees were incurred by each Fund to CFS:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration** | **Transfer <br>Agent** | **Fund <br>Accounting** |
| Core Bond Fund  | $93467<br>| $12568<br>| $63197<br>|
| Limited Term Income Fund  | 119724 | 15971 | 80631 |

---

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus LLP, serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus LLP. J. Stephen King Jr. and Robert Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus LLP. Neither the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receive any special compensation from the Trust or the Funds for serving as officers of the Trust.

The Funds' Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Funds. For the year ended September 30, 2025, Watermark received $7,143 and $8,910 in fees incurred by the Core Bond Fund and the Limited Term Income Fund, respectively.

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities, other than short-term securities and US Government securities for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Core Bond Fund** |  |  |
| Exchange Traded Funds  | $6083545<br>| $6326379<br>|
| Preferred Stocks  | 224883 |  |
| Asset Backed Bonds  | 20368161 | 26096203 |
| Corporate Bonds  | 8396479 | 15130551 |
|  | $35073068<br>| $47553133<br>|

---

**54**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Limited Term Income Fund** |  |  |
| Exchange Traded Funds  | $9263332<br>| $9626871<br>|
| Preferred Stocks  | 274851 |  |
| Asset Backed Bonds  | 36274138 | 65000477 |
| Corporate bonds  | 10814088 | 23693061 |
|  | $56626409<br>| $98320409<br>|

---

The costs of purchases and the proceeds of sales of Government securities for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Corporate Bond Fund  | $82442396<br>| $74072380<br>|
| Limited Term Income Fund  | 94035251 | 55690983 |

---

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

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

The tax character of distributions paid during the years ended September 30, 2025, and 2024, were as follows:

---

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

---

---

| | | |
|:---|:---|:---|
| **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** |
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | &nbsp;&nbsp; $10342200 | &nbsp;&nbsp; $12296617 |

---

**55**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

As of September 30, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Accumulated net investment income (loss)  | $319171<br>| $756860<br>|
| Other accumulated losses  | (10103365) | (4114902) |
| Net unrealized appreciation (depreciation) on <br>Investments and long futures contracts  | (7267900) | (460747) |
|  | $(17052094) | $(3818789) |

---

As of September 30, 2025, the Core Bond Fund and Limited Term Income Fund had outstanding straddle losses of $294,777 and $392,556, respectively. For tax purposes, the Funds had capital loss carryforwards. These losses may be carried forward indefinitely.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short Term** | **Long Term**  | **Total** |
| Core Bond Fund  | $5004887 <br>| $4803701 <br>| $9808588<br>|
| Limited Term Income Fund  | 2714668  | 1007678  | 3722346 |

---

The Limited Term Income Fund utilized $171,636 of capital loss carryforwards to offset net realized gains from the year ended September 30, 2025.

As of September 30, 2025, the cost of securities for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross <br>Unrealized Appreciation** | **Gross <br>Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| Core Bond Fund  | $286414322 | &nbsp;&nbsp; $2561602 | &nbsp;&nbsp; $(9829502) | &nbsp;&nbsp; $(7267900) |
| Limited Term Income Fund  | 354751288 | &nbsp;&nbsp; 1996381 | &nbsp;&nbsp; (2457128) | &nbsp;&nbsp; (460747) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable primarily to the deferral of wash sale losses and the tax treatment of futures contracts.

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

Capital stock transactions were:

---

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

---

**56**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| **Year Ended September 30, 2024** | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** |
|  | **Founders Class** | **Institutional Class** |
| Shares sold  | 10033273 |  |
| Shares reinvested  | 30957 |  |
| Shares redeemed  | (1688866) |  |
| Net increase (decrease)  | 8375364 |  |

---

---

| | | |
|:---|:---|:---|
| **Limited Term Income Fund Founders Class** | **Limited Term Income Fund Founders Class** | **Limited Term Income Fund Founders Class** |
|  | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| Shares sold  | 7891306 | 9629018 |
| Shares reinvested  | 193017 | 56155 |
| Shares redeemed  | (5236882) | (2970756) |
| Net increase (decrease)  | 2847442 | 6714417 |

---

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

An investment in the Funds entails risk. The Funds may not achieve their leveraged investment objective and there is a risk that you could lose all of your money invested the Funds. The Funds are not a complete investment program. In addition, the Funds present risks not traditionally associated with other mutual funds and ETFs. An investment in the Funds is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. A complete description of the principal risks is included in the Funds' prospectus under the heading "Principal Risks."

**NOTE 7 – SUBSEQUENT EVENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Record <br>Date** | **Ex-Dividend <br>Date** | **Character** | **Amount** |
| Core Bond Fund | 10/28/25 | 10/29/25 | Net Investment Income | &nbsp;&nbsp; $1038400<br>|
| Core Bond Fund | 11/24/25 | 11/25/25 | Net Investment Income | &nbsp;&nbsp; 981044 |
| Limited Term Income Fund | 10/28/25 | 10/29/25 | Net Investment Income | &nbsp;&nbsp; 1177451 |
| Limited Term Income Fund | 11/24/25 | 11/25/25 | Net Investment Income | &nbsp;&nbsp; 1072172 |

---

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

**57**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Curasset Capital Management Core Bond Fund and Curasset Capital Management Limited Term Income Fund and Board of Trustees of World Funds Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Curasset Capital Management Core Bond Fund and Curasset Capital Management Limited Term Income Fund (the "Funds"), each a series of World Funds Trust, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the period ended September 30, 2022, were audited by other auditors whose report dated November 29, 2022 expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

**58**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Report of Independent Registered Public Accounting Firm - continued**

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](curasset-fs_093025img001.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

**59**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited)**

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

Not applicable.

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

Not applicable.

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

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

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

Advisory Agreement Renewal and Approval – Curasset Capital Management Core Bond Fund and the Curasset Capital Management Limited Term Income Fund

At a meeting held on September 23-24, 2025 (the "Meeting"), the Board of Trustees (the "Board) of World Funds Trust (the "Trust") considered the approval for the continuation of the Investment Advisory Agreement (the "Curasset Advisory Agreement") between the Trust and Curasset Capital Management on behalf of the Curasset Capital Management Core Bond Fund and the Curasset Capital Management Limited Term Income Fund (together, the "Curasset Capital Funds"). The Board reflected on its discussions regarding the Curasset Advisory Agreement and the manner in which the Curasset Capital Funds were managed.

The Board reviewed, among other things, a memorandum from the Trust's legal counsel ("Counsel") that that addressed the Trustees' duties when considering the continuation of the Curasset Advisory Agreement and Curasset Capital Management's responses to a request for information from Counsel on behalf of the Board. It was noted that the responses included Curasset Capital Management's financial statements, a fee comparison analysis for each of the Curasset Capital Funds and comparable mutual funds, and the Curasset Advisory Agreement. The Trustees discussed the types of information and factors that the Board should take into consideration to make an informed decision regarding the renewal of the Curasset Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services provided by Curasset Capital Management; (ii) the investment performance of

**60**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited) - continued**

the Curasset Capital Funds and Curasset Capital Management; (iii) the costs of the services provided and profits realized by Curasset Capital Management from its relationship with the Curasset Capital Funds; (iv) the extent to which economies of scale would be realized if the Curasset Capital Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Curasset Capital Funds' investors; and (v) Curasset Capital Management's practices regarding possible conflicts of interest and other benefits derived by Curasset Capital Management.

In assessing these factors and reaching its decisions, the Board took into consideration information furnished for the Board's review and consideration throughout the year at regular Board meetings, as well as information specifically prepared and/or presented in connection with the annual renewal process, including information presented to the Board in the Meeting. The Board requested and was provided with information and reports relevant to the annual renewal of the Curasset Advisory Agreement, including: (i) reports regarding the services and support provided to the Curasset Capital Funds and their shareholders by Curasset Capital Management; (ii) quarterly assessments of the investment performance of the Curasset Capital Funds by personnel of Curasset Capital Management; (iii) commentary on the reasons for the performance; (iv) presentations by Curasset Capital Management on its investment strategy, personnel and operations; (v) compliance reports concerning the Curasset Capital Funds and Curasset Capital Management; (vi) disclosure information contained in each Curasset Capital Fund's registration statement and the Form ADV of Curasset Capital Management; and (vii) the memorandum from Counsel, that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Curasset Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Curasset Capital Management, including financial information, a description of its personnel and the services provided to the Curasset Capital Funds, information on investment advice, performance, summaries of each Curasset Capital Fund's expenses, its compliance program, current legal matters (if any), and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Curasset Capital Funds; and (iii) benefits to be realized by Curasset Capital Management from its relationship with the Curasset Capital Funds.

**61**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited) - continued**

The Board did not identify any particular information that was most relevant to its consideration to approve the Curasset Advisory Agreement, and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the Curasset Advisory Agreement, the Trustees considered numerous factors, including:

1.<u>The nature, extent, and quality of the services provided by Curasset</u> <u>Capital Management</u>.

In considering the nature, extent, and quality of the services provided by Curasset Capital Management, the Trustees reviewed the responsibilities of Curasset Capital Management under the Curasset Advisory Agreement. The Board reviewed the services provided by Curasset Capital Management to the Curasset Capital Funds including, without limitation, the qualifications and abilities of Curasset Capital Management's personnel and services provided to the Curasset Capital Funds; the investment strategies and techniques used in managing the Curasset Capital Funds and Curasset Capital Management's process for formulating investment recommendations and assuring compliance with the Curasset Capital Funds' investment objectives, strategies, and limitations; its coordination of services for the Curasset Capital Funds among the Curasset Capital Funds' service providers; and its efforts to promote the Curasset Capital Funds and grow their assets. After reviewing the foregoing and information provided by Curasset Capital Management at the Board Meeting, the Board concluded that the nature, extent and quality of the services provided by Curasset Capital Management was satisfactory and adequate for the Curasset Capital Funds.

2.<u>Investment Performance of the Curasset Capital Funds and Curasset</u> <u>Capital Management</u>.

The Board reviewed the performance of each Curasset Capital Fund. In considering the investment performance of the Curasset Capital Funds, the Board compared the investment performance of each Curasset Capital Fund with the performance of its benchmark index and to funds in a peer group selected by Broadridge using data from Morningstar, Inc.

The Board noted that the Curasset Capital Management Core Bond Fund's (the "Core Bond Fund") peer group was derived by Broadridge by screening funds in Morningstar's Intermediate Core Bond category ("Custom Category"), which resulted in a peer group of 15 funds ("Peer Group"). The Board considered that the Core Bond Fund underperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Total Return Index and the median of its Peer Group and Custom

**62**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited) - continued**

Category for the one-year period ended June 30, 2025, and outperformed its benchmark, Peer Group and Custom Category for the three-year period ended June 30, 2025.

The Board noted that the Curasset Capital Management Limited Term Income Fund's (the "Income Fund") peer group was derived by Broadridge by screening funds in Morningstar's Short-Term Bond category ("Custom Category"), which resulted in a peer group of 15 funds ("Peer Group"). The Board considered that the Income Fund underperformed its Peer Group and Custom Category for the one-year period ended June 30, 2025 but outperformed its benchmark index, the Bloomberg U.S. Aggregate Bond 1-3 Year Index. The Board also considered that for the three-year period ending June 30, 2025, the Fund had outperformed its benchmark index, Peer Group and Category medians.

After discussing the investment performance of each of the Curasset Capital Funds further, Curasset Capital Management's experience managing the Curasset Capital Funds, and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of each of the Curasset Capital Funds and Curasset Capital Management was satisfactory.

3.<u>The costs of services provided and profits realized by Curasset Capital Management from the relationship with the Curasset Capital Funds</u>.

In this regard, the Board considered the financial condition of Curasset Capital Management and the level of commitment to the Curasset Capital Funds by Curasset Capital Management and its principals, the profitability of Curasset Capital Management in providing advisory services to the Curasset Capital Funds, and the expenses of the Curasset Capital Funds, including the nature and frequency of advisory fee payments. The Board compared the advisory fees and expenses of the Curasset Capital Funds to other funds comparable to them in terms of the type of fund, the style of investment management, the size of fund and the nature of the investment strategy and markets invested in, among other factors. The Board noted that with respect to the Core Bond Fund, while the gross and net advisory fee is higher than the median of its Peer Group and Custom Category the Core Bond Fund's net expenses are lower than the net expenses of the Peer Group median and the Custom Category median and the Core Bond Fund's gross expenses were the same as the Peer Group median and lower than the Custom Category median. With respect to the Income Fund, the Board noted that the Income Fund's gross and net advisory fees are higher than the Peer Group and Custom Category medians. The Board noted that the Income Fund's net expenses are lower than the net expenses

**63**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited) - continued**

of the Peer Group median and equal to the Custom Category median, while the Income Fund's gross expenses are lower than the Peer Group median and higher than the Custom Category median.

The Board observed that pursuant to an Expense Limitation Agreement, Curasset Capital Management is limiting expenses for the Core Bond Fund and Income Fund until January 31, 2026. The Board also noted that the Founders Class is the only share class currently with assets for the Income Fund and the Founders Class and Institutional Class are the only share classes currently with assets for the Core Bond Fund. Following this comparison and upon further consideration and discussion of the Curasset Funds' advisory fees and expenses, the Board concluded that the advisory fees paid to Curasset Capital Management pursuant to the Curasset Advisory Agreement were reasonable based on the nature, extent and quality of advisory services provided to the Curasset Funds.

4.<u>The extent to which economies of scale would be realized as the Curasset Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of the</u> <u>Funds' investors</u>.

In this regard, the Board considered the Curasset Capital Funds' fee arrangements with Curasset Capital Management. The Board noted that although the advisory fee would stay the same as asset levels increased, Curasset Capital Management has agreed to contractually limit the total annual fund operating expenses of each Curasset Capital Fund. Following further discussion of the Curasset Capital Funds' current asset levels and expectations for growth, the Board determined that the Curasset Capital Funds' fee arrangements with Curasset Capital Management were fair and reasonable in relation to the nature, extent and quality of the advisory services provided by Curasset Capital Management.

5.<u>Possible conflicts of interest and other benefits</u>.

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the Curasset Capital Funds; and the substance and administration of Curasset Capital Management's Code of Ethics and other relevant policies described in its compliance policies. The Board considered that Curasset Capital Management indicated that managing registered funds could help increase awareness of Curasset Capital Management and, though it does not currently have any separately managed accounts under management, it may be interested in offering such products in the future. Following further consideration and discussion, the Board indicated that Curasset Capital Management's standards

**64**

FINANCIAL STATEMENTS \| September 30, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited) - continued**

and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Curasset Capital Management from managing the Curasset Capital Funds were satisfactory.

After additional consideration of the factors delineated in the memorandum provided by Counsel and further discussion and careful review by the Board, the Board determined that the compensation payable under the Curasset Advisory Agreement was fair, reasonable and within a range of what could have been negotiated at arms'-length in light of all the surrounding circumstances, and the Curasset Advisory Agreement was approved for an additional one-year term.

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

Not applicable.

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

Not applicable.

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

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

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

Reference Item 7 which includes the investment advisory contract renewal in the Supplemental Information.

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

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

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

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

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

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

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) [Code of Ethics in response to Item 2 of this Form N-CSR is attached hereto.](ex99-coe.htm)

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

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

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

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

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

SIGNATURES

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

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: December 8, 2025 | |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: December 8, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: December 8, 2025 |  |

---

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

## Ex-99.Coe

[World Funds Trust N-CSR](curasset-ncsr_093025.htm)

**Exhibit 99.COE**

**World Funds Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

**Preamble**

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, World Funds Trust (the "Company") has adopted this Code of Ethics (the "Code").

**Statement of Policy**

It is the obligation of the senior officers of the Company to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Company shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Company in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Company shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Company, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Company and its adviser has adopted or may adopt in the future with which Company officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

**Covered Persons**

This Code of Ethics applies to those persons appointed by the Company's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

**Promotion of Honest and Ethical Conduct**

In serving as an officer of the Company, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Company, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Company, he has a duty to act in the best interests of the Company and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Company.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Company, he should consult with the Company's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Company or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Company give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

**Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure**

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Company shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Company counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Company service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Company reports reveal, rather than conceal, the Company's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Company to provide full, fair and accurate financial information and other disclosure to regulators and Company shareholders.

Each Covered Person shall inquire of other Company officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Company, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

**Promotion of Compliance with Applicable Government Laws, Rules and Regulations**

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Company and its operations and shall act with competence and due care in serving as an officer of the Company. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Company.

Each Covered Person shall cooperate with the Company's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Company and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Company or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Company or their operations.

Promoting Prompt Internal Reporting of Violations

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Company's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Company's Audit Committee. All waivers and amendments shall be disclosed as required by law.

**Sanctions**

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Company. Sanctions shall be imposed by the Company's Audit Committee, subject to review by the entire Board of Trustees of the Company.

<br> Each Covered Person shall be required to certify annually whether he has complied with this Code.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Company's senior officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**Recordkeeping**

The Company will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**Amendments**

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Approved: August 2, 2013

## Ex-99.Cert

[World Funds Trust N-CSR](curasset-ncsr_093025.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 8, 2025

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 8, 2025

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSR](curasset-ncsr_093025.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: December 8, 2025

---

| | |
|:---|:---|
| Name: | /s/ Karen Shupe |

---

Karen Shupe

Title: Treasurer and Principal Executive Officer

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

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: December 8, 2025

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| | |
|:---|:---|
| Name: | /s/ Ann MacDonald |

---

Ann MacDonald

Title: Assistant Treasurer and Principal Financial Officer

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