NPORT-EX 2 711.htm CFS_711_20230630_20230828195631891.pdf

 

 

CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND

 

 

 

 

SCHEDULE OF INVESTMENTS

 

 

 

 

June 30, 2023 - (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Value

96.97%

DEBT SECURITIES

 

 

 

 

 

 

 

 

 

 

25.34%

CORPORATE BONDS

 

 

 

 

 

0.78%

Communication Services:

 

 

 

 

 

 

Hughes Satellite Systems 08/01/2026 5.250%

500,000

 

$

466,654

 

RELX Inc. 10/15/2023 6.625%

1,000,000

 

 

999,290

 

Sprint Corp. 006/15/2024 7.125%

550,000

 

 

554,919

 

 

 

 

 

 

2,020,863

4.31%

Consumer Discretionary:

 

 

 

 

 

 

 

 

 

 

 

Abercrombie Fitch 07/15/2025 8.750%

550,000

 

 

558,262

 

Allison Transmission 10/01/2027 4.750%

550,000

 

 

518,287

 

Brunswick Corp. 08/01/2027 7.125%

1,606,000

 

 

1,663,553

 

Brunswick Corp. 08/18/2024 0.850%

1,000,000

 

 

940,243

 

Ford Motor Company 10/01/2028 6.625%

550,000

 

 

565,837

 

General Motors 09/30/2027 5.750%

500,000

 

 

406,875

 

Hasbro Inc. 07/15/2028 6.600%

798,000

 

 

821,105

 

Michael Kors USA Inc. 11/01/2024 4.250%^

1,700,000

 

 

1,637,083

 

(US Treasury Note 9/30/2024 2.125% + 1.00%) 144A

 

 

 

 

 

 

Paccar Financial Corp. 04/07/2025 2.850%

500,000

 

 

478,552

 

PVH Corp. 11/15/2023 7.750%

839,000

 

 

841,141

 

TAPESTRY INC 04/01/2025 4.250%

1,250,000

 

 

1,216,643

 

Toll Brothers Finance Corp. 03/15/2027 4.875%

1,000,000

 

 

968,267

 

United Airlines 2012-1 A 10/11/2025 4.150%

507,813

 

 

499,069

 

 

 

 

 

 

11,114,917

0.63%

Consumer Staples:

 

 

 

 

 

 

AMN 10/01/2027 4.625%

110,000

 

 

101,815

 

Cargill, Inc. 04/22/2025 3.500%

500,000

 

 

484,950

 

HCA Inc. 09/15/2025 7.580%

817,000

 

 

844,170

 

PRA Health Sciences, Inc. 07/15/2026 2.875%

110,000

 

 

99,598

 

Teva 05/09/2027 4.750%

100,000

 

 

92,507

 

 

 

 

 

 

1,623,040

4.16%

Energy:

 

 

 

 

 

 

Enbridge, Inc. 02/16/24 5.965%

500,000

 

 

499,632

 

Energy Transfer LP 02/01/2024 4.900%

845,000

 

 

839,202

 

Energy Transfer LP 01/15/2024 5.875%

1,100,000

 

 

1,100,186

 

Energy Transfer LP 02/15/2028 VAR%

600,000

 

 

459,041

 

Enlink Midstream Partner 4/01/2024 4.400%

600,000

 

 

589,769

 

HF Sinclair 10/01/2023 2.625%

1,275,000

 

 

1,264,400

 

Marathon Petroleum Corp. 09/15/2024 3.625%

659,000

 

 

641,681

 

Occidental Petroleum 09/01/2025 5.875%

1,485,000

 

 

1,474,841

 

Phillips 66 Partners LP 03/01/2028 3.750%

540,000

 

 

469,527

 

Spectra Energy Partners 03/15/2024 4.750%

600,000

 

 

594,826

 

Targa Resources Partners 03/01/2030 5.500%

500,000

 

 

481,185

 

TransCanada Pipe 06/15/2029 7.700%

1,150,000

 

 

1,255,036

 

Williams Companies 01/15/2025 3.900%

1,100,000

 

 

1,067,593

 

 

 

 

 

 

10,736,919

6.98%

Financials:

 

 

 

 

 

 

Ally 11/20/2025 5.750%

250,000

 

 

240,765

 

Ares Financial 10/08/2024 4.000%

1,000,000

 

 

958,757

CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2023 - (unaudited)

Avolon Holdings Funding 05/15/2024 5.250% Bank of America 06/19/2164 4.375%^

(5 year US Treasury Rate + 2.000%) Barclays PLC 05/07/2026 2.852%

Banque Federative due Credit Mutuel 10/04/2026 1.604% Blackstone Private Credit 01/15/2025 2.700% Blackstone Private Credit 09/15/2024 1.750% CITIGROUP INC 06/19/2164 Perpetual

Credit Agricole SA 01/26/207 1.247%^

(US Treasury Note 12/31/2025 0.375% + 0.800%) 144A Element Fleet Management 4/06/2024 1.600%

EPR Properties 4/15/2028 4.950% Fifth Third Bank 10/27/2025 5.852%^

(US Treasury Note 9/30/2024 4.250% + 1.350%) First Citizens Bancshares 06/19/2164 8.838%^

(Quarterly US Libor + 3.972%) Goldman Sachs Group Inc. 3.650% ING Groep NV 03/29/2027 3.950% Lloyds Banking 03/18/2026 3.511%^

(US Treasury Note 2/15/2025 1.500% + 1.600%) MacQuarie Group 06/21/2028 4.098%

Old Republic 10/01/2024 4.875% RLI Corp. 09/15/2023 4.875%

SBL Holdings Inc. 11/13/2026 5.125% SLM Corp. 10/29/2025 4.200%

Societe Generale 11/24/2025 4.750% 144A

Societe General 03/28/2024 3.875% 144A Synchrony Bank 08/22/2025 5.400% Wells Fargo & Co. 08/15/2023 4.125%

4.12% Industrials:

1,000,000

$

982,473

125,000

 

106,594

250,000

 

234,146

2,000,000

 

1,764,702

250,000

 

233,193

115,000

 

107,913

500,000

 

426,875

2,000,000

 

1,771,402

1,059,000

 

1,021,166

220,000

 

196,537

400,000

 

389,639

1,000,000

 

959,719

500,000

 

386,500

2,000,000

 

1,894,010

550,000

 

523,493

2,000,000

 

1,869,796

1,000,000

 

980,512

1,000,000

 

997,346

600,000

 

529,801

110,000

 

102,196

250,000

 

238,122

500,000

 

489,262

600,000

 

574,192

20,000

 

19,955

 

 

 

 

 

17,999,066

Aircastle Ltd. 05/01/2024 4.125%

1,100,000

1,070,360

Ball Corp. 03/15/2026 4.875%

500,000

486,356

Boeing Co. 02/01/2024 1.950%

1,000,000

977,183

Can-pack SA 11/01/2025 3.125%

500,000

457,430

Fluor Corp. 09/15/2028 4.250%

440,000

408,197

Hubbell Inc. 08/15/2027 3.150%

3,179,000

2,935,082

Jeld-Wen Inc. 05/15/2025 6.250%

550,000

554,813

Korn Ferry International 12/15/2027 4.625%

500,000

469,818

Ryder System Inc. 09/01/2025 3.350%

1,000,000

949,194

Sealed Air Corp. 12/01/2024 5.125%

500,000

494,100

Timken Co. 05/08/2028 6.875%

300,000

304,002

Timken Co. 12/15/2028 4.500%

500,000

475,160

Weyerhaeuser Co. 02/15/2026 7.700%

1,000,000

1,051,343

 

 

10,633,038

 

 

CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND

 

 

 

 

SCHEDULE OF INVESTMENTS

 

 

 

 

June 30, 2023 - (unaudited)

 

 

 

 

 

 

 

0.93%

Information Technology:

 

 

 

 

Micron Technology Inc. 02/15/2027 4.185%

250,000

$

239,526

 

Qorvo Inc. 12/15/2024 1.750%

550,000

 

511,416

 

Trimble Inc. 12/01/2024 4.750%

1,200,000

 

1,177,770

 

Western Digital Corp. 02/15/2026 4.750%

500,000

 

476,259

 

 

 

 

2,404,971

1.93%

Materials:

 

 

 

 

Celanese US Holdings LLC 03/15/2025 6.050%

1,000,000

 

995,914

 

FMC Corp. 10/01/2026 3.200%

800,000

 

742,540

 

Nutrien Ltd. 11/07/2024 5.900%

500,000

 

500,147

 

Reliance Steel & Aluminum 08/15/2025 1.300%

1,000,000

 

912,900

 

Steel Dynamics Inc. 12/15/2026 5.000%

813,000

 

800,520

 

Domtar Corp. 10/01/2028 6.750% 144A

100,000

 

84,901

 

Worthington Industries 04/15/2026 4.550%

1,000,000

 

945,294

 

 

 

 

4,982,216

1.50%

Utilities:

 

 

 

 

Jersey Central 04/01/2024 4.700%

1,000,000

 

989,386

 

Southern Co. 07/01/2023 2.950%

1,858,000

 

1,858,000

 

Washington Gas Light 10/09/2026 6.820%

1,000,000

 

1,019,216

 

 

 

 

3,866,602

25.34%

TOTAL CORPORATE BONDS

 

 

65,381,632

49.23%

ASSET BACKED BONDS

 

 

 

 

AM Capital Funding LLC 12/15/2023 4.980%

580,000

 

579,539

 

American Credit Acceptance 11/15/2027 1.340% 144A

1,000,000

 

935,398

 

American Credit Aceptance 06/13/2028 4.850% 144A

1,100,000

 

1,051,053

 

American Credit Acceptance 02/14/2028 1.820%

720,000

 

702,718

 

American Credit Acceptance 06/13/2028 4.410% 144A

2,062,500

 

2,019,499

 

American Credit Acceptance 12/12/2025 2.970% 144A

521,536

 

518,930

 

American Credit Acceptance 05/13/2026 5.650%

2,000,000

 

1,996,516

 

American Credit Acceptance 12/14/2026 1.310%

317,842

 

314,016

 

Angel Oak Mortgage 01/25/2066 0.909%

72,590

 

59,604

 

Aqua Finance Trust 07/17/2046 1.900%

569,676

 

525,903

 

Ari Fleet Lease Trust 03/15/2030 0.370%

26,677

 

26,480

 

Arivo Acceptance LLC 05/15/2028 3.930% 144A

787,601

 

764,540

CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2023 - (unaudited)

Arivo Acceptance LLC 01/16/2029 6.900% Avid Automobile 07/15/2026 3.140% Avid Automobile 12/15/2027 7.350% AVIS Budget Rental Car 03/20/2026 2.650% DT Auto Owner Trust 02/18/2025 3.480%

Carmax Auto Owner Trust 10/15/2027 1.550% 144A Carmax Auto Owner Trust 02/15/2024 4.964% Carmax Auto Owner Trust 01/15/2026 5.570% Carvana Auto Receivables Trust 01/15/2026 5.640% Carvana Auto Receivables Trust 12/11/2028 2.310% Carvana Auto Receivables Trust 12/11/2028 4.130% Carvana Auto Receivables Trust 03/10/2028 1.070% Carvana Auto Receivables Trust 03/10/2028 2.900% Carvana Auto Receivables Trust 11/10/2028 5.540% Carvana Auto Receivables Trust 08/10/2026 5.980% Carvana Auto Receivables Trust 09/11/2028 1.240% Carvana Auto Receivables Trust 01/15/2026 3.430% Carvana Auto Receivables Trust 04/12/2027 6.360% CCG Receivables Trust 03/14/2024 5.395% Citigroup Mortgage 08/25/2050 2.500%

COMM Mortgage Trust 09/15/2033 7.380% CPS Auto Trust 04/15/2030 4.180%

CPS Auto Trust 04/15/2030 4.880%

CPS Auto Trust 07/15/2025 4.300%

CPS Auto Trust 08/15/2028 5.190%

CPS Auto Trust 10/15/2029 7.140%

CPS Auto Trust 11/15/2030 10.720% Credit Acceptance Auto 05/15/2030 1.000% Credit Suisse Mortgage Trust 04/25/2044 3.779% Credit Suisse Mortgage Trust 04/25/2044 3.779% Drive Auto Receivables Trust 10/15/2026 3.180% Drive Auto Receivable 10/15/2027 0.870%

DT Auto Owner Trust 02/16/2027 1.500%

DT Auto Owner Trust 05/17/2027 1.310%

DT Auto Owner Trust 01/18/2028 2.380%

DT Auto Owner Trust 03/15/2028 4.720%

DT Auto Owner Trust 06/15/2026 1.470%

DT Auto Owner Trust 11/17/2025 2.550% Exeter Auto Receivables 01/15/2026 5.200% Exeter Auto Receivables 03/17/2025 3.710% Exeter Auto Receivables 07/17/2028 4.560% Exeter Auto Receivables 10/15/2029 6.340% Exeter Auto Receivables 01/15/2026 0.740% Exeter Auto Receivables 01/15/2026 0.690% Exeter Auto Receivables 12/15/2026 4.860% Exeter Auto Receivables 10/15/2027 1.460%

Federal Home Loan Mortgage Corp. 12/25/2041 6.969% Federal Home Loan Mortgage Corp. 01/25/2031 9.433% Federal Home Loan Mortgage Corp. 07/25/2042 8.669% 144A Federal Home Loan Mortgage Corp. 02/25/2046 0.220% Federal Home Loan Mortgage Corp. 02/25/2047 0.170% Federal Home Loan Mortgage Corp. 08/25/2042 0.046% Federal Home Loan Mortgage Corp. 09/25/2042 7.568% 144A Federal Home Loan Mortgage Corp. 10/25/2032 3.000%

815,133

$

808,727

974,282

 

972,032

900,000

 

889,126

2,275,000

 

2,140,227

211,002

 

210,649

250,000

 

227,339

261,474

 

261,396

1,000,000

 

1,001,313

1,633,461

 

1,628,629

149,453

 

145,605

550,000

 

512,844

338,481

 

310,255

100,000

 

88,770

175,000

 

169,044

3,000,000

 

2,991,660

357,441

 

329,968

1,929,555

 

1,906,981

1,635,282

 

1,629,743

601,529

 

601,198

79,221

 

65,677

65,000

 

49,692

47,397

 

47,043

1,250,000

 

1,229,188

994,223

 

981,966

2,200,000

 

2,115,641

1,100,000

 

1,006,699

450,000

 

459,214

2,684,876

 

2,615,064

1,059,929

 

993,863

808,652

 

680,935

585,980

 

582,026

2,500,000

 

2,440,935

1,332,000

 

1,240,422

1,200,000

 

1,082,250

250,000

 

227,180

2,000,000

 

1,935,058

1,422,602

 

1,391,463

1,004,105

 

981,578

1,000,000

 

998,374

308,505

 

306,677

550,000

 

523,532

962,500

 

864,184

920,968

 

909,217

796,699

 

791,499

1,608,000

 

1,587,313

1,000,000

 

956,965

250,000

 

243,595

1,000,000

 

1,074,376

250,000

 

255,309

22,862,461

 

57,979

27,955,599

 

61,279

684,819

 

90,549

605,828

 

608,670

96,175

 

95,560

CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2023 - (unaudited)

Federal Home Loan Mortgage Corp. 11/25/2046 0.170% First Investors Auto 01/15/2027 2.030%

First Investors Auto 06/15/2029 5.410%

First Investors Auto 12/15/2025 2.800% Flagship Credit 09/15/2027 1.460% Flagship Credit 04/15/2026 3.800% Ford Credit 04/15/2024 5.028% Foursight Capital Auto 05/15/2028 3.070% Freddie Mac 05/15/2027 3.000% Freddie Mac 03/15/2045 3.500% Freddie Mac 07/15/2029 3.000% Freddie Mac - STACR 05/25/2042 7.170% GCAT 08/25/2066 1.915%

GLS Auto Receivable Trust 07/15/2027 4.310% GLS Auto Receivables 02/18/2025 3.540% GLS Auto Receivables 05/15/2025 2.960% GLS Auto Receivables 08/15/2025 3.060% GM Financial Autombile 02/20/2024 4.948% Government National Mortgage 03/16/2043 5.510% Government National Mortgage 12/16/2040 4.000% Government National Mortgage 07/20/2028 3.500% GS Mortgage Securities 09/10/2047 4.162% Harvest SBA Loan Trust 06/25/2047 7.290% 144A HPEFS Equipment Trust 03/20/2024 5.450% Hyundai Auto Receivables 04/15/2024 5.167%

JP Morgan Commercial Mortgage 05/25/2050 3.500% 144A JP Morgan Commercial Mortgage 10/25/2029 2.764% 144A JPMBB Commercial Mortgage 05/15/2048 3.342%

JP Morgan Trust 01/25/2051 3.000% 144A

JP Morgan Chase 01/25/2028 1.886% 144A LAD Auto Receivables Trust 06/15/2027 5.930% LAD Auto Receivables Trust 08/17/2026 1.300% LAD Auto Receivables Trust 04/15/2030 6.850% LendingPoint 02/15/2030 6.560%

Lobel Automobile 07/15/2026 6.970%

Mariner Finance 07/20/2032 2.960% Marlette Funding Trust 12/17/2029 3.760% Mass Mututal Life 11/15/2023 7.625%

Mill City Mortgage 04/25/2066 3.500% 144A Monongahela Power 04/15/2024 4.100% Morgan Stanley ReRemic Trust 12/26/2046 4.737% Navient Student Loans 02/18/2042 3.190% 144A

Newtek Small Business Loan Trust 02/25/2044 6.840% 144A Oasis Securitisation 02/15/2035 7.000%

Pagaya AI Debt Selection Trust 05/15/2029 1.150% Pagaya AI Debt Section Trust 05/17/2027 6.430% Pagaya AI Debt Section 01/25/2029 3.000% Provident Funding Mortgage 04/25/2051 2.500% 144A Prestige Auto Receivables 08/15/2025 3.010% Saluda Grade 06/25/2053 7.162%

Santander Consumer Auto 04/15/2026 5.490% Santander Drive 01/15/2027 1.480% Santander Drive 02/16/2027 1.260% Santander Drive 11/16/2026 1.130% Santander Drive 2022-1 C 04/17/2028 2.560% Santander Drive Auto 01/15/2026 1.010% Santander Drive Auto 03/16/2026 5.870%

42,004,933

$

86,446

785,354

 

764,659

500,000

 

451,010

1,295,000

 

1,282,084

350,000

 

320,060

616,773

 

614,585

439,785

 

439,637

600,000

 

545,584

1,830,469

 

69,534

434,270

 

420,540

159,883

 

158,415

2,020,640

 

2,033,532

165,379

 

140,954

725,000

 

697,083

95,509

 

95,212

285,464

 

283,472

1,898,586

 

1,877,297

71,736

 

71,716

2,626

 

2,621

4,146,916

 

683,068

380,967

 

378,209

750,000

 

714,384

711,815

 

681,562

1,093,189

 

1,092,442

983,171

 

982,848

49,706

 

43,833

93,258

 

87,659

243,892

 

232,393

147,625

 

142,769

46,002

 

45,734

750,000

 

746,332

1,142,188

 

1,113,325

726,000

 

723,348

358,964

 

358,483

1,080,120

 

1,073,802

378,158

 

375,432

2,840,756

 

2,807,976

375,000

 

375,828

788,028

 

747,202

1,000,000

 

982,781

38,262

 

38,165

74,129

 

73,917

665,709

 

657,085

258,799

 

257,515

141,342

 

140,021

1,799,734

 

1,794,992

29,957

 

28,750

845,193

 

678,433

3,000,000

 

2,978,586

977,059

 

974,640

2,500,000

 

2,483,235

225,000

 

217,330

1,000,000

 

961,211

3,595,000

 

3,438,280

500,000

 

477,540

417,019

 

415,363

3,000,000

 

2,996,838

CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2023 - (unaudited)

Santander Retail 11/20/2025 1.410%

Santander Drive Auto 10/15/2025 0.330%

SCF Equipment Trust LLC 04/20/2026 2.470%

SCF Equipment Trust LLC 08/21/2028 0.830%

SCF Equipment Trust LLC 07/20/2032 5.260%

Seashine Holding 05/20/2025 6.000%

Sequoia Mortgage Trust 04/25/2050 3.000%

Spruce Hill Mortgage Loan Trust 01/28/2050 2.521%

SMB Private Education 09/15/2037 2.230%

SOFI Consumer 09/25/2030 1.300%

Towd Point 02/25/2063 6.875%

TRI Pointe Grup 06/15/2024 5.875%

Tricolor Auto Group 06/15/2028 13.450%

Tricolor Auto Group 02/18/2025 3.300%

Tricon American Homes 01/17/2036 3.473%

Trinity Rail Leasing 10/18/2049 2.390%

Triton Container 06/07/2024 1.150%

United Auto Credit 11/10/2028 5.000%

United Auto Credit 04/10/2029 10.000%

Upstart Structured 11/15/2030 7.010%

USASF Receivables LLC 03/17/2025 1.490%

USASF Receivables LLC 03/15/2027 9.350%

USASF Receivables LLC 04/15/2025 3.980%

VEROS Auto Receivables 11/15/2028 7.120%

Veros Auto Receivables 07/16/2029 7.230%

Verus Securitization Trust 11/25/2059 3.192%

Verus Securitization Trust 07/25/2059 2.910%

Warner Media Holdings 03/15/2024 3.428%

Westlake Automobile 03/15/2027 3.490%

Westlake Automobile 01/15/2026 2.760%

Westlake Automobile 03/15/2024 5.266% 144A

WinWater Mortgage Loan Trust 01/20/2046 3.771%

World Omni Auto 02/15/2024 4.867%

World Omni Select 03/15/2027 5.918%

49.23% TOTAL ASSET BACKED BONDS

22.40% TREASURY NOTES

1,170,000

$

1,117,893

520,402

 

515,031

289,337

 

288,108

360,371

 

351,546

500,000

 

435,671

1,800,000

 

1,726,470

197,586

 

186,832

685,366

 

677,581

1,215,675

 

1,114,256

924,000

 

893,936

543,511

 

540,429

1,000,000

 

992,500

600,000

 

613,764

230,217

 

228,851

459,000

 

450,658

289,065

 

270,146

1,827,000

 

1,732,573

850,000

 

760,690

600,000

 

570,409

911,081

 

909,304

510,699

 

504,191

2,040,000

 

2,051,750

463,230

 

444,666

969,891

 

967,989

1,900,000

 

1,766,149

394,375

 

379,498

22,600

 

21,766

1,000,000

 

981,817

487,200

 

461,622

2,160,000

 

2,125,198

1,176,983

 

1,176,156

175,264

 

160,754

353,984

 

353,831

2,000,000

 

1,997,398

 

 

126,995,859

 

TREASURY BILL 09/28/2023 (1)

5,000,000

 

4,935,241

 

TREASURY BILL 08/22/2023 (1)

5,000,000

 

4,962,035

 

US TREASURY 02/15/2024 2.750%

5,000,000

 

4,918,164

 

US TREASURY 11/30/2023 2.125%

5,000,000

 

4,934,570

 

US TREASURY 01/31/2027 1.500%

1,287,000

 

1,165,790

 

US Treasury 11/15/2024 0.750%

5,000,000

 

4,702,735

 

US Treasury 11/30/2023 0.500%

6,700,000

 

6,568,097

 

US TREASURY N/B 02/28/2027 1.875%

4,000,000

 

3,666,564

 

US TREASURY 03/31/2024 2.250%

5,000,000

 

4,883,203

 

US TREASURY N/B 01/31/2025 4.125%

17,300,000

 

17,028,338

22.40%

TOTAL TREASURY NOTES

 

 

57,764,737

96.97%

TOTAL DEBT SECURITIES

 

 

250,142,228

0.23%

PREFERRED STOCK

Shares

 

 

Farm Credit Bank 6.700% Perpetual

6,000

 

607,500

0.23%

TOTAL PREFERRED STOCK

 

 

607,500

 

CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND

 

 

 

 

SCHEDULE OF INVESTMENTS

 

 

 

 

June 30, 2023 - (unaudited)

 

 

 

 

 

 

 

12.89%

MONEY MARKET FUND

 

 

 

 

Federated Government Obligation Institutional Shares, 4.92% (A)

33,269,830

$

33,269,830

110.09%

TOTAL INVESTMENTS

 

 

284,019,558

-10.09%

Liabilities in excess of other assets

 

 

(26,028,110)

100.00%

NET ASSETS

 

$

257,991,448

 

 

 

 

 

(A)Effective 7 day yield as of June 30, 2023

(1) Zero-coupon bond

^ Rate is determined periodically. Rate shown is the rate in effect on June 30, 2023.

144A Security is exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $17,024,179 and is 6.79% of the Fund's net assets.

In accordance with U.S. GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023:

 

Level 1

 

 

Level 2

 

Level 3

 

 

 

 

 

 

Other

 

Significant

 

 

 

 

 

 

Significant

Unobservable

 

 

 

Quoted Prices

 

Observable Inputs

 

Inputs

 

Total

CORPORATE BONDS

$

-

$

65,381,632

$

-

$

65,381,632

ASSET BACKED BONDS

 

-

 

126,995,859

 

-

 

126,995,859

U.S. TREASURY NOTES

 

57,764,737

 

-

 

-

 

57,764,737

PREFERRED STOCKS

 

607,500

 

-

 

-

 

607,500

MONEY MARKET FUNDS

 

33,269,830

 

-

 

-

 

33,269,830

TOTAL INVESTMENTS

$

91,642,067

$

192,377,491

$

-

$

284,019,558

 

 

 

 

 

 

 

 

 

The Fund held no Level 3 securities at any time during the period.

 

 

 

 

 

 

 

 

There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2023.

 

 

 

 

 

 

 

At June 30, 2023 the cost of investments for Federal income tax purposes has been estimated since the final

 

 

 

 

 

 

tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose

 

 

 

 

 

 

is $290,049,543 and the related tax-based net unrealized appreciation (depreciation) consists of:

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

 

 

$

229,088

 

 

 

Gross unrealized depreciation

 

 

 

 

(6,259,073)

 

 

 

Net unrealized appreciation

 

 

 

$

(6,029,985)