Ramirez Core Bond Fund
Schedule of Investments (Unaudited)
December 31, 2023
				Maturity	Principal
Security	Rate			Date	Amount		Value
Asset Backed Secuities ― 4.0%
Capital One Prime Auto Receivables Trust
Series 2023-1, Class A3		4.870	%	2/15/2028	$	50,000	$	50,051
GM Financial Consumer Automobile Receivables Trust
Series 2023-2, Class A3		4.470	%	2/16/2028		50,000		49,713
Toyota Auto Receivables Owner Trust
Series 2023-B, Class A3		4.710	%	2/15/2028		50,000		49,961
Verizon Master Trust
Series 2023-1, Class A		4.490	%	1/22/2029		50,000		49,793
Total Asset Backed Securities (Cost — $199,830)								199,518
Corporate Bonds ― 20.2%
Aerospace/Defence ― 0.3%
Boeing Co., The		5.150	%	5/1/2030		15,000		15,299
Total Aerospace/Defence								15,299
Auto Manufacturers ― 0.3%
General Motors Co.		6.800	%	10/1/2027		15,000		15,920
Total Auto Manufacturers								15,920
Banks ― 4.9%
Bank of America Corp.		3.248	%	10/21/2027		35,000		33,356
Citigroup, Inc.		6.625	%	6/15/2032		35,000		38,173
Fifth Third Bancorp (a)		6.339	%	7/27/2029		25,000		26,062
Goldman Sachs Group Inc., The		3.500	%	11/16/2026		15,000		14,456
JPMorgan Chase & Co.		4.125	%	12/15/2026		15,000		14,721
JPMorgan Chase & Co.		6.400	%	5/15/2038		15,000		17,238
Morgan Stanley		5.000	%	11/24/2025		15,000		14,991
Morgan Stanley		7.250	%	4/1/2032		15,000		17,722
Royal Bank of Canada		6.000	%	11/1/2027		20,000		20,982
Toronto-Dominion Bank, The		5.523	%	7/17/2028		30,000		30,930
Wells Fargo & Co.		4.150	%	1/24/2029		20,000		19,477
Total Banks								248,108
Beverages ― 0.4%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc.		4.700	%	2/1/2036		20,000		20,023
Total Beverages								20,023
Building Materials ― 0.6%
Owens Corning		3.875	%	6/1/2030		15,000		14,115
Vulcan Materials Co.		3.500	%	6/1/2030		15,000		13,976
Total Building Materials								28,091
Chemicals ― 0.9%
DuPont de Nemours, Inc.		5.419	%	11/15/2048		20,000		20,943
Mosaic Co., The		4.050	%	11/15/2027		15,000		14,653
Sherwin-Williams Co., The		2.200	%	3/15/2032		15,000		12,508
Total Chemicals								48,104
Computers ― 1.0%
Hewlett Packard Enterprise Co.		4.900	%	10/15/2025		50,000		49,798
Total Computers								49,798
Diversified Financial Services ― 0.4%
Capital One Financial Corp.		3.800	%	1/31/2028		20,000		19,020
Total Diversified Financial Services								19,020
Electric ― 0.6%
Progress Energy, Inc.		7.750	%	3/1/2031		15,000		17,347
San Diego Gas & Electric Co.		3.000	%	3/15/2032		15,000		13,340
Total Electric								30,687
Electronics ― 0.5%
Jabil, Inc.		3.000	%	1/15/2031		30,000		26,076
Total Electronics								26,076

Ramirez Core Bond Fund
Schedule of Investments (Unaudited)(Continued)
December 31, 2023
				Maturity	Principal
Security	Rate			Date	Amount		Value
Corporate Bonds (Continued)
Food ― 0.9%
Kraft Heinz Foods Co.		6.875	%	1/26/2039	$	25,000	$	28,931
Sysco Corp.		5.950	%	4/1/2030		15,000		15,978
Total Food								44,909
Healthcare-Services ― 1.5%
Centene Corp.		4.250	%	12/15/2027		15,000		14,471
Elevance Health, Inc.		4.650	%	1/15/2043		20,000		18,552
New York and Presbyterian Hospital, The		4.763	%	8/1/2116		50,000		44,437
Total Healthcare-Services								77,460
Home Builders ― 0.3%
Toll Brothers Finance Corp.		4.875	%	3/15/2027		15,000		14,948
Total Home Builders								14,948
Insurance ― 0.4%
Aon Corp.		2.800	%	5/15/2030		20,000		17,779
Total Insurance								17,779
Internet ― 0.3%
Netflix, Inc.		5.875	%	11/15/2028		15,000		15,830
Total Internet								15,830
Lodging ― 0.3%
Marriott International, Inc.		4.625	%	6/15/2030		15,000		14,749
Total Lodging								14,749
Media ― 0.6%
Charter Communications Operating LLC / Charter Communications Operating Capital		5.050	%	3/30/2029		15,000		14,873
Comcast Corp.		4.150	%	10/15/2028		15,000		14,817
Total Media								29,690
Miscellaneous Manufacturing ― 0.3%
Parker-Hannifin Corp.		4.250	%	9/15/2027		15,000		14,889
Total Miscellaneous Manufacturing								14,889
Oil & Gas ― 0.9%
Marathon Oil Corp.		5.200	%	6/1/2045		30,000		26,764
Valero Energy Corp.		6.625	%	6/15/2037		15,000		16,508
Total Oil & Gas								43,272
Packaging & Containers ― 0.3%
Packaging Corp of America		3.400	%	12/15/2027		15,000		14,304
Total Packaging & Containers								14,304
Pipelines ― 0.9%
Boardwalk Pipelines LP		5.950	%	6/1/2026		15,000		15,224
Cheniere Corpus Christi Holdings LLC		5.125	%	6/30/2027		15,000		15,094
Energy Transfer LP		6.500	%	2/1/2042		15,000		15,918
Total Pipelines								46,236
Real Estate Investment Trust (REITS) ― 1.2%
American Tower Corp.		2.900	%	1/15/2030		50,000		44,609
Simon Property Group LP		6.250	%	1/15/2034		15,000		16,365
Total Real Estate Investment Trust (REITS)								60,974
Retail ― 0.6%
Dollar General Corp.		4.125	%	5/1/2028		15,000		14,719
McDonald's Corp.		6.300	%	10/15/2037		15,000		17,047
Total Retail								31,766
Telecommunications ― 1.8%
AT&T, Inc.		5.350	%	9/1/2040		30,000		29,727
T-Mobile USA, Inc.		3.875	%	4/15/2030		45,000		42,721
Verizon Communications, Inc.		5.250	%	3/16/2037		15,000		15,615
Total Telecommunications								88,063
Total Corporate Bonds (Cost — $1,011,937)								1,015,995

Ramirez Core Bond Fund
Schedule of Investments (Unaudited)(Continued)
December 31, 2023
				Maturity	Principal
Security	Rate			Date	Amount		Value
Mortgage Backed Securities ― 23.8%
Federal Home Loan Mortgage Corporation (FHLMC)
Pool SD8189		2.500	%	1/1/2052	$	153,213	$	130,585
Pool SD8201		3.000	%	3/1/2052		176,785		156,668
Pool SD8221		3.500	%	6/1/2052		179,074		164,525
Pool SD8238		4.500	%	8/1/2052		132,458		128,630
Pool SD8256		4.000	%	10/1/2052		159,951		151,539
Federal National Mortgage Association (FNMA)
Pool MA4578		2.500	%	4/1/2052		164,263		140,005
Pool MA4978		5.000	%	4/1/2053		123,702		122,557
Pool MA5072		5.500	%	7/1/2053		100,730		101,283
Pool MA5166		6.000	%	10/1/2053		102,394		104,070
Total Mortgage Backed Securities (Cost — $1,191,449)								1,199,862
Municipal Bonds ― 27.2%
Education ― 7.1%
Denver City & County School District No 1		5.664	%	12/1/2033		50,000		52,653
Los Angeles Community College District/CA		6.600	%	8/1/2042		50,000		59,924
Los Angeles Unified School District/CA		5.750	%	7/1/2034		25,000		26,577
New York State Dormitory Authority		4.850	%	7/1/2048		50,000		47,951
Ohio State University/The		4.910	%	6/1/2040		20,000		20,070
Oregon School Boards Association		5.680	%	6/30/2028		50,000		51,395
University of Massachusetts Building Authority		5.450	%	11/1/2040		50,000		52,075
University of Michigan		4.454	%	4/1/2122		50,000		44,994
Total Education								355,639
Financing & Development ― 3.9%
Kansas Development Finance Authority		4.927	%	4/15/2045		40,000		39,517
Metropolitan Government of Nashville & Davidson County Convention Center Authority		6.731	%	7/1/2043		50,000		57,092
New Jersey Economic Development Authority		7.425	%	2/15/2029		50,000		54,061
Permanent University Fund - University of Texas System		5.262	%	7/1/2039		45,000		46,631
Total Financing & Development								197,301
Healthcare ― 2.0%
Lee Memorial Health System		7.281	%	4/1/2027		50,000		53,221
Regents of the University of California Medical Center Pooled Revenue		4.132	%	5/15/2032		50,000		48,039
Total Healthcare								101,260
Local General Obligation ― 7.7%
City of New York, NY		5.968	%	3/1/2036		60,000		64,729
Los Angeles County Public Works Financing Authority		7.618	%	8/1/2040		35,000		43,326
New York City Transitional Finance Authority Future Tax Secured Revenue		4.200	%	11/1/2028		50,000		49,303
New York State Dormitory Authority		5.389	%	3/15/2040		50,000		51,791
Sales Tax Securitization Corp		3.820	%	1/1/2048		70,000		57,694
State of California		7.550	%	4/1/2039		45,000		56,928
State of Connecticut		5.850	%	3/15/2032		60,000		64,123
Total Local General Obligation								387,894
Transportation ― 3.1%
Bay Area Toll Authority		3.126	%	4/1/2055		40,000		28,633
City of Los Angeles Department of Airports		7.053	%	5/15/2040		45,000		53,828
New Jersey Turnpike Authority		7.102	%	1/1/2041		15,000		18,168
Utah Transit Authority		5.937	%	6/15/2039		50,000		54,569
Total Transportation								155,198

Ramirez Core Bond Fund
Schedule of Investments (Unaudited)(Continued)
December 31, 2023
				Maturity	Principal
Security	Rate			Date	Amount		Value
Municipal Bonds (Continued)
Utilities ― 3.4%
American Municipal Power, Inc.		7.834	%	2/15/2041	$	50,000	$	62,548
Metropolitan Water Reclamation District of Greater Chicago		5.720	%	12/1/2038		50,000		53,436
New York City Municipal Water Finance Authority		5.952	%	6/15/2042		50,000		56,027
Total Utilities								172,011
Total Municipal Bonds (Cost — $1,361,159)								1,369,303
U.S. Treasury Obligations ― 18.0%
United States Treasury Note		2.750	%	5/15/2025		280,000		273,432
United States Treasury Note		2.375	%	5/15/2027		200,000		190,121
United States Treasury Note		2.625	%	7/31/2029		135,000		126,589
United States Treasury Note		4.125	%	8/31/2030		75,000		76,060
United States Treasury Note		2.875	%	5/15/2032		110,000		102,137
United States Treasury Note		2.375	%	5/15/2051		190,000		136,314
Total U.S. Treasury Obligations (Cost — $901,447)								904,653
					Shares/
				Maturity	Principal
Security	Rate			Date	Amount		Value
Short-Term Investments ― 7.2%
Money Market Fund ― 3.8%
First American Government Obligations Fund, Class X (b)		5.290	%			190,946		190,946
Total Money Market Fund (Cost — $23,868)								190,946
U.S. Treasury Bills ― 3.4%
United States Treasury Bill (c)		5.321	%	2/27/2024	$	175,000		173,563
Total U.S. Treasury Bills (Cost — $174,333)								173,563
Total Short-Term Investments (Cost — $364,509)								364,509
Total Investments ― 100.4% (Cost — $5,029,331)								5,053,840
Liabilities in Excess of Other Assets ― (0.4)%								(21,391	)
Total Net Assets ― 100.0%							$	5,032,449
Notes:
(a) Variable Rate security.  Rate disclosed as of December 31, 2023.
(b) The rate reported is the annualized seven-day yield as of December 31, 2023.
(c) Zero coupon security.  Rate disclosed is the yield of the position.
Abbreviations used in this schedule:
LLC - Limited Liability Corportation
LP - Limited Partnership

SECURITIES VALUATION

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 -	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.

Debt Securities:  Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 2 of the fair value hierarchy. 

Short-Term Debt Securities:  Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the securities will be priced in accordance with the procedures adopted by the Board. Short-term debt securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. 

In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be determined under the Fund’s valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Advisor as the Fund’s valuation designee (the “Valuation Designee”) to perform all fair valuations of the Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has established procedures for its fair valuation of the Fund’s portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2023:  

Ramirez Core Bond Fund
Description	Level 1		Level 2		Level 3		Total
Assets:
Long-Term Investments
Asset Backed Securities	$	–	$	199,518	$	–	$	199,518
Corporate Bonds		–		1,015,995		–		1,015,995
Mortgage Backed Securities		–		1,199,862		–		1,199,862
Municipal Bonds		–		1,369,303		–		1,369,303
U.S. Treasury Obligations		–		904,653		–		904,653
Total Long-Term Investments		–		4,689,331		–		4,689,331
Short-Term Investment		190,946		173,563		–		364,509
Total Investments	$	190,946	$	4,862,894	$	–	$	5,053,840
See Schedule of Investments for additional detailed categorizations.