NAVIGATOR EQUITY HEDGED FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2024 |
Shares | Fair Value | |||||||||||||||||
EXCHANGE-TRADED FUNDS — 88.6% | ||||||||||||||||||
EQUITY - 88.6% | ||||||||||||||||||
13,050 | First Trust Dow Jones Internet Index Fund(a) | $ | 2,497,770 | |||||||||||||||
96,861 | Global X Robotics & Artificial Intelligence ETF | 2,768,287 | ||||||||||||||||
8,639 | Invesco Nasdaq 100 ETF | 1,482,539 | ||||||||||||||||
3,734 | iShares Expanded Tech-Software Sector ETF | 1,569,699 | ||||||||||||||||
25,803 | iShares MSCI Emerging Markets ex China ETF | 1,394,910 | ||||||||||||||||
30,178 | iShares MSCI Eurozone ETF | 1,423,194 | ||||||||||||||||
75,955 | iShares MSCI International Quality Factor ETF | 2,841,477 | ||||||||||||||||
30,929 | iShares Russell Top 200 Growth ETF | 5,576,189 | ||||||||||||||||
2,507 | iShares Semiconductor ETF | 1,469,227 | ||||||||||||||||
43,047 | SPDR S&P Bank ETF | 1,927,645 | ||||||||||||||||
29,016 | SPDR S&P Homebuilders ETF | 2,721,701 | ||||||||||||||||
37,807 | SPDR S&P Regional Banking ETF | 1,879,008 | ||||||||||||||||
27,551,646 | ||||||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $26,843,526) | 27,551,646 | |||||||||||||||||
SHORT-TERM INVESTMENTS — 10.4% | ||||||||||||||||||
MONEY MARKET FUNDS - 10.4% | ||||||||||||||||||
670,038 | Dreyfus Money Market Fund, Select Class, 4.58%(b) | 670,038 | ||||||||||||||||
2,555,476 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 5.21%(b) | 2,555,476 | ||||||||||||||||
TOTAL MONEY MARKET FUNDS (Cost $3,225,514) | 3,225,514 | |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,225,514) | 3,225,514 | |||||||||||||||||
Contracts(c) | Expiration Date | Exercise Price | Notional Value | |||||||||||||||
INDEX OPTIONS PURCHASED(a) - 1.4% | ||||||||||||||||||
PUT OPTIONS PURCHASED - 1.4% | ||||||||||||||||||
86 | S&P 500 Index | 03/15/2024 | $ | 4,790 | $ | 41,700,282 | 447,200 | |||||||||||
TOTAL PUT OPTIONS PURCHASED (Cost - $390,548) | ||||||||||||||||||
TOTAL INDEX OPTIONS PURCHASED (Cost - $390,548) | 447,200 |
NAVIGATOR EQUITY HEDGED FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Fair Value | ||||||||||||||||||
TOTAL INVESTMENTS - 100.4% (Cost $30,459,588) | $ | 31,224,360 | ||||||||||||||||
PUT OPTIONS WRITTEN - (0.5)% (Premiums Received - $131,214) | (144,910 | ) | ||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1% | 33,118 | |||||||||||||||||
NET ASSETS - 100.0% | $ | 31,112,568 | ||||||||||||||||
Contracts(c) | Expiration Date | Exercise Price | Notional Value | |||||||||||||||
WRITTEN INDEX OPTIONS(a) - (0.5)% | ||||||||||||||||||
PUT OPTIONS WRITTEN - (0.5)% | ||||||||||||||||||
86 | S&P 500 Index | 03/15/2024 | $ | 4,550 | $ | 41,700,282 | $ | 144,910 | ||||||||||
TOTAL PUT OPTIONS WRITTEN (Premiums Received - $131,214) | ||||||||||||||||||
TOTAL INDEX OPTIONS WRITTEN (Premiums Received - $131,214) | $ | 144,910 |
ETF | - Exchange-Traded Fund |
MSCI | - Morgan Stanley Capital International |
SPDR | - Standard & Poor’s Depositary Receipt |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven-day effective yield as of January 31, 2024. |
(c) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2024 |
Shares | Fair Value | |||||||||||||
EXCHANGE-TRADED FUNDS — 25.0% | ||||||||||||||
FIXED INCOME - 25.0% | ||||||||||||||
2,000,000 | iShares Broad USD High Yield Corporate Bond ETF | $ | 72,980,000 | |||||||||||
17,674,191 | iShares iBoxx High Yield Corporate Bond ETF(l) | 1,369,396,319 | ||||||||||||
3,042,745 | SPDR Bloomberg High Yield Bond ETF | 288,665,218 | ||||||||||||
1,731,041,537 | ||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,669,634,064) | 1,731,041,537 | |||||||||||||
OPEN-END FUNDS — 1.6% | ||||||||||||||
FIXED INCOME - 0.8% | ||||||||||||||
5,295,759 | Navigator Ultra Short Bond Fund, Class I(j) | 53,328,294 | ||||||||||||
MIXED ALLOCATION - 0.8% | ||||||||||||||
5,690,302 | Navigator Tactical US Allocation Fund, Class I(j) | 57,016,822 | ||||||||||||
TOTAL OPEN-END FUNDS (Cost $109,720,196) | 110,345,116 | |||||||||||||
Principal | Coupon | |||||||||||||
Amount ($) | Spread | Rate (%) | Maturity | |||||||||||
CORPORATE BONDS — 21.4% | ||||||||||||||
AEROSPACE & DEFENSE — 0.5% | ||||||||||||||
17,000,000 | Boeing Company | 1.9500 | 02/01/24 | 17,000,000 | ||||||||||
10,000,000 | Boeing Company | 1.4330 | 02/04/24 | 9,996,227 | ||||||||||
7,027,000 | RTX Corporation | 3.2000 | 03/15/24 | 7,001,988 | ||||||||||
2,695,000 | Textron, Inc. | 4.3000 | 03/01/24 | 2,691,823 | ||||||||||
36,690,038 | ||||||||||||||
ASSET MANAGEMENT — 0.6% | ||||||||||||||
45,530,000 | Charles Schwab Corporation(a) | SOFRINDX + 0.500% | 5.8450 | 03/18/24 | 45,522,242 | |||||||||
AUTOMOTIVE — 2.5% | ||||||||||||||
40,000,000 | American Honda Finance Corporation(a) | SOFRINDX + 0.670% | 5.9910 | 01/10/25 | 40,105,569 | |||||||||
15,000,000 | American Honda Finance Corporation(a) | SOFRRATE + 0.550% | 5.8700 | 02/12/25 | 15,024,586 |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 21.4% (Continued) | ||||||||||||||
AUTOMOTIVE — 2.5% (Continued) | ||||||||||||||
24,000,000 | American Honda Finance Corporation(a) | SOFRINDX + 0.780% | 6.0970 | 04/23/25 | $ | 24,089,942 | ||||||||
11,539,000 | Ford Motor Credit Company, LLC | 5.5840 | 03/18/24 | 11,535,717 | ||||||||||
7,345,000 | Ford Motor Credit Company, LLC | 3.6640 | 09/08/24 | 7,249,976 | ||||||||||
28,345,000 | Toyota Motor Credit Corporation(a) | SOFRRATE + 0.380% | 5.6970 | 02/22/24 | 28,347,098 | |||||||||
47,000,000 | Toyota Motor Credit Corporation(a) | SOFRRATE + 0.600% | 5.9120 | 06/09/25 | 47,095,891 | |||||||||
173,448,779 | ||||||||||||||
BANKING — 6.3% | ||||||||||||||
15,000,000 | Bank of Montreal(a) | SOFRINDX + 0.710% | 6.0570 | 03/08/24 | 15,005,807 | |||||||||
8,500,000 | Bank of Nova Scotia(a) | SOFRINDX + 0.960% | 6.3060 | 03/11/24 | 8,505,596 | |||||||||
5,000,000 | Bank of Nova Scotia | 0.7000 | 04/15/24 | 4,950,332 | ||||||||||
9,803,000 | Bank of Nova Scotia(a) | SOFRRATE + 0.380% | 5.6900 | 07/31/24 | 9,811,531 | |||||||||
47,000,000 | Citibank NA(a) | SOFRRATE + 0.805% | 6.1480 | 09/29/25 | 47,151,557 | |||||||||
20,000,000 | Credit Suisse A.G. | 0.4950 | 02/02/24 | 20,000,000 | ||||||||||
41,508,000 | Credit Suisse A.G.(a) | SOFRINDX + 0.390% | 5.7520 | 02/02/24 | 41,508,000 | |||||||||
55,814,000 | Credit Suisse A.G. | 3.6250 | 09/09/24 | 55,168,772 | ||||||||||
15,341,000 | HSBC Holdings plc(b) | TSFR3M + 1.473% | 3.8030 | 03/11/25 | 15,307,366 | |||||||||
14,789,000 | KeyBank NA(b) | SOFRRATE + 0.320% | 5.6650 | 06/14/24 | 14,699,924 | |||||||||
32,000,000 | Morgan Stanley Bank NA(a) | SOFRRATE + 0.780% | 6.1000 | 07/16/25 | 32,171,189 | |||||||||
72,000,000 | Royal Bank of Canada(a) | SOFRINDX + 0.360% | 5.6780 | 07/29/24 | 72,055,641 | |||||||||
31,100,000 | Toronto-Dominion Bank(a) | SOFRRATE + 0.355% | 5.7080 | 03/04/24 | 31,106,345 | |||||||||
69,000,000 | Wells Fargo & Company B(b) | TSFR3M + 1.087% | 2.4060 | 10/30/25 | 67,411,692 | |||||||||
434,853,752 | ||||||||||||||
BEVERAGES — 0.4% | ||||||||||||||
6,575,000 | Coca-Cola Europacific Partners plc(c) | 0.8000 | 05/03/24 | 6,496,371 | ||||||||||
19,000,000 | PepsiCo, Inc.(a) | SOFRINDX + 0.400% | 5.7590 | 11/12/24 | 19,035,619 | |||||||||
25,531,990 | ||||||||||||||
BIOTECH & PHARMA — 0.5% | ||||||||||||||
26,596,000 | Amgen, Inc. | 3.6250 | 05/22/24 | 26,442,458 | ||||||||||
6,314,000 | Astrazeneca Finance, LLC | 0.7000 | 05/28/24 | 6,218,495 | ||||||||||
32,660,953 |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 21.4% (Continued) | ||||||||||||||
CABLE & SATELLITE — 0.0%(d) | ||||||||||||||
1,200,000 | Cequel Communications Holdings I, LLC / Cequel(c) | 7.5000 | 04/01/28 | $ | 813,672 | |||||||||
DIVERSIFIED INDUSTRIALS — 0.1% | ||||||||||||||
5,585,000 | Parker-Hannifin Corporation | 3.6500 | 06/15/24 | 5,544,775 | ||||||||||
ELECTRIC UTILITIES — 0.6% | ||||||||||||||
7,504,000 | CenterPoint Energy, Inc.(a) | SOFRINDX + 0.650% | 6.0090 | 05/13/24 | 7,504,408 | |||||||||
23,000,000 | Georgia Power Company(a) | SOFRINDX + 0.750% | 6.1090 | 05/08/25 | 23,060,840 | |||||||||
9,578,000 | Public Service Enterprise Group, Inc. | 2.8750 | 06/15/24 | 9,475,824 | ||||||||||
40,041,072 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 0.6% | ||||||||||||||
11,033,000 | Cardinal Health, Inc. | 3.0790 | 06/15/24 | 10,926,594 | ||||||||||
3,799,000 | Cencora, Inc. | 3.4000 | 05/15/24 | 3,776,436 | ||||||||||
18,349,000 | Cigna Group | 0.6130 | 03/15/24 | 18,242,960 | ||||||||||
6,570,000 | Laboratory Corp of America Holdings | 3.2500 | 09/01/24 | 6,482,257 | ||||||||||
39,428,247 | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.2% | ||||||||||||||
7,400,000 | Bank of New York Mellon Corporation | 0.5000 | 04/26/24 | 7,315,020 | ||||||||||
10,000,000 | Coinbase Global, Inc.(c) | 3.6250 | 10/01/31 | 7,524,237 | ||||||||||
14,839,257 | ||||||||||||||
INSURANCE — 0.2% | ||||||||||||||
12,925,000 | Willis North America, Inc. | 3.6000 | 05/15/24 | 12,844,856 | ||||||||||
LEISURE FACILITIES & SERVICES — 0.5% | ||||||||||||||
35,035,000 | Starbucks Corporation(a) | SOFRINDX + 0.420% | 5.7780 | 02/14/24 | 35,036,309 | |||||||||
LEISURE PRODUCTS — 0.5% | ||||||||||||||
34,071,000 | Hasbro, Inc. | 3.0000 | 11/19/24 | 33,545,241 |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 21.4% (Continued) | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 0.0%(d) | ||||||||||||||
2,936,000 | Becton Dickinson & Company | 3.8750 | 05/15/24 | $ | 2,918,979 | |||||||||
METALS & MINING — 0.1% | ||||||||||||||
4,524,000 | Freeport-McMoRan, Inc. | 4.5500 | 11/14/24 | 4,487,356 | ||||||||||
OIL & GAS PRODUCERS — 3.3% | ||||||||||||||
13,000,000 | Enbridge, Inc. | 2.1500 | 02/16/24 | 12,980,566 | ||||||||||
36,373,000 | Enbridge, Inc.(a) | SOFRINDX + 0.630% | 5.9870 | 02/16/24 | 36,377,018 | |||||||||
5,180,000 | Energy Transfer, L.P. | 3.9000 | 05/15/24 | 5,154,232 | ||||||||||
25,188,000 | Energy Ventures Gom, LLC / EnVen Finance(c) | 11.7500 | 04/15/26 | 26,213,403 | ||||||||||
30,062,000 | Kinder Morgan Energy Partners, L.P. | 4.1500 | 02/01/24 | 30,062,000 | ||||||||||
26,659,000 | Kinder Morgan Energy Partners, L.P. | 4.3000 | 05/01/24 | 26,581,326 | ||||||||||
10,831,000 | Kinder Morgan Energy Partners, L.P. | 4.2500 | 09/01/24 | 10,750,791 | ||||||||||
14,977,000 | Phillips 66 | 0.9000 | 02/15/24 | 14,949,603 | ||||||||||
18,320,000 | Spectra Energy Partners, L.P. | 4.7500 | 03/15/24 | 18,299,724 | ||||||||||
44,023,000 | Williams Companies, Inc. | 4.5500 | 06/24/24 | 43,833,844 | ||||||||||
225,202,507 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 0.5% | ||||||||||||||
5,850,000 | Host Hotels & Resorts, L.P. | 3.8750 | 04/01/24 | 5,832,404 | ||||||||||
25,116,000 | Public Storage Operating Company(a) | SOFRRATE + 0.470% | 5.7870 | 04/23/24 | 25,119,551 | |||||||||
6,070,000 | VICI Properties, L.P. / VICI Note Company, Inc.(c) | 5.6250 | 05/01/24 | 6,066,755 | ||||||||||
37,018,710 | ||||||||||||||
RETAIL - CONSUMER STAPLES — 0.2% | ||||||||||||||
15,067,000 | Kroger Company | 4.0000 | 02/01/24 | 15,067,000 | ||||||||||
SEMICONDUCTORS — 0.2% | ||||||||||||||
16,245,000 | Microchip Technology, Inc. | 0.9720 | 02/15/24 | 16,215,383 | ||||||||||
SPECIALTY FINANCE — 1.3% | ||||||||||||||
60,000,000 | AerCap Ireland Capital DAC / AerCap Global | 1.6500 | 10/29/24 | 58,298,531 | ||||||||||
35,000,000 | American Express Company(a) | SOFRINDX + 0.720% | 6.0810 | 05/03/24 | 35,030,224 | |||||||||
93,328,755 |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 21.4% (Continued) | ||||||||||||||
TECHNOLOGY HARDWARE — 0.6% | ||||||||||||||
6,780,000 | Arrow Electronics, Inc. | 3.2500 | 09/08/24 | $ | 6,677,141 | |||||||||
35,000,000 | Hewlett Packard Enterprise Company B | 5.9000 | 10/01/24 | 35,067,507 | ||||||||||
41,744,648 | ||||||||||||||
TECHNOLOGY SERVICES — 0.1% | ||||||||||||||
5,485,000 | International Business Machines Corporation | 3.6250 | 02/12/24 | 5,481,944 | ||||||||||
TELECOMMUNICATIONS — 0.7% | ||||||||||||||
45,743,000 | Sprint, LLC | 7.1250 | 06/15/24 | 45,968,559 | ||||||||||
TRANSPORTATION & LOGISTICS — 0.4% | ||||||||||||||
6,480,000 | Delta Air Lines, Inc. | 2.9000 | 10/28/24 | 6,339,619 | ||||||||||
20,488,000 | Ryder System, Inc. | 3.6500 | 03/18/24 | 20,440,049 | ||||||||||
26,779,668 | ||||||||||||||
TRANSPORTATION EQUIPMENT — 0.5% | ||||||||||||||
25,000,000 | Daimler Truck Finance North America, LLC(a),(c) | SOFRRATE + 1.000% | 6.3260 | 04/07/24 | 25,018,708 | |||||||||
11,170,000 | Westinghouse Air Brake Technologies Corporation | 4.1500 | 03/15/24 | 11,149,196 | ||||||||||
36,167,904 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $1,477,203,891) | 1,481,182,596 | |||||||||||||
MUNICIPAL BONDS — 0.2% | ||||||||||||||
STATE — 0.2% | ||||||||||||||
1,905,000 | State of Illinois | 6.0500 | 03/01/24 | 1,905,983 | ||||||||||
10,145,000 | State of Illinois | 4.2000 | 04/01/24 | 10,126,091 | ||||||||||
12,032,074 | ||||||||||||||
TOTAL MUNICIPAL BONDS (Cost $12,020,055) | 12,032,074 | |||||||||||||
U.S. GOVERNMENT & AGENCIES — 47.6% | ||||||||||||||
U.S. TREASURY BILLS — 47.6% | ||||||||||||||
500,000,000 | United States Treasury Bill(e) | 0.0000 | 02/01/24 | 500,000,000 | ||||||||||
200,000,000 | United States Treasury Bill(e) | 4.9600 | 02/15/24 | 199,592,998 |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
U.S. GOVERNMENT & AGENCIES — 47.6% (Continued) | ||||||||||||||
U.S. TREASURY BILLS — 47.6% (Continued) | ||||||||||||||
250,000,000 | United States Treasury Bill(e) | 5.2700 | 03/28/24 | $ | 247,958,203 | |||||||||
300,000,000 | United States Treasury Bill(e) | 5.2400 | 04/11/24 | 296,973,885 | ||||||||||
500,000,000 | United States Treasury Bill(e) | 5.2500 | 04/18/24 | 494,448,915 | ||||||||||
250,000,000 | United States Treasury Bill(e) | 5.2700 | 04/25/24 | 246,971,405 | ||||||||||
500,000,000 | United States Treasury Bill(e) | 5.2600 | 04/30/24 | 493,601,735 | ||||||||||
350,000,000 | United States Treasury Bill(e) | 5.2800 | 05/02/24 | 345,402,540 | ||||||||||
470,000,000 | United States Treasury Floating Rate Note(a) | USBMMY3M + 0.125% | 5.4199 | 07/31/25 | 469,488,203 | |||||||||
3,294,437,884 | ||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,294,490,123) | 3,294,437,884 | |||||||||||||
CERTIFICATE OF DEPOSIT — 0.6% | ||||||||||||||
BANKING - 0.6% | ||||||||||||||
20,000,000 | Toronto-Dominion Bank | 5.9770 | 09/18/24 | 20,056,997 | ||||||||||
24,000,000 | Toronto-Dominion Bank | 5.9900 | 03/25/24 | 24,020,536 | ||||||||||
44,077,533 | ||||||||||||||
TOTAL CERTIFICATE OF DEPOSIT (Cost $44,000,000) | 44,077,533 | |||||||||||||
COMMERCIAL PAPER — 0.1% | ||||||||||||||
COMMERCIAL PAPER - 0.1% | ||||||||||||||
9,600,000 | Hilltop Securities Incorporated | 6.4000 | 02/21/24 | 9,564,800 | ||||||||||
TOTAL COMMERCIAL PAPER (Cost $9,564,800) | 9,564,800 | |||||||||||||
Shares | ||||||||||||||
SHORT-TERM INVESTMENTS — 6.2% | ||||||||||||||
MONEY MARKET FUNDS - 6.2% | ||||||||||||||
10,010,001 | BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 5.38%(f) | 10,018,009 | ||||||||||||
378,417,695 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 5.21%(f) | 378,417,695 | ||||||||||||
10,000,000 | Federated Hermes Institutional Prime Obligations, Institutional Class, 5.42%(f) | 10,007,000 |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Shares | Fair Value | |||||||||||||||||
SHORT-TERM INVESTMENTS — 6.2% (Continued) | ||||||||||||||||||
MONEY MARKET FUNDS - 6.2% (Continued) | ||||||||||||||||||
10,000,001 | Goldman Sachs Financial Square Money Market Fund, Institutional Class, 5.34%(f) | $ | 10,003,001 | |||||||||||||||
10,000,000 | JPMorgan Prime Money Market Fund, Capital Class, 5.43%(f) | 10,007,000 | ||||||||||||||||
10,000,000 | Morgan Stanley Institutional Liquidity Funds - Prime Portfolio, Institutional Class, 5.42%(f) | 9,999,000 | ||||||||||||||||
TOTAL MONEY MARKET FUNDS (Cost $428,432,697) | 428,451,705 | |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $428,432,697) | 428,451,705 | |||||||||||||||||
Counterparty | Expiration Date | Exercise Price | Notional Value | |||||||||||||||
SWAP OPTIONS PURCHASED(k) - 0.0% (d) | ||||||||||||||||||
PUT OPTIONS PURCHASED - 0.0%(d) | ||||||||||||||||||
Goldman Sachs | CDX.NA.HY.41 Swap Option | 4/17/2024 | $ | 100 | $ | 750,000,000 | 1,510,245 | |||||||||||
TOTAL PUT OPTIONS PURCHASED (Cost - $2,004,750) | ||||||||||||||||||
TOTAL SWAP OPTIONS PURCHASED (Cost - $2,004,750) | 1,510,245 | |||||||||||||||||
Contracts(g)(h) | ||||||||||||||||||
FUTURE OPTIONS PURCHASED(k) - 0.0% (d) | ||||||||||||||||||
PUT OPTIONS PURCHASED - 0.0%(d) | ||||||||||||||||||
750 | S&P500 E-Mini Option Index | 03/15/2024 | 4,250 | 182,643,750 | 241,875 | |||||||||||||
500 | S&P500 E-Mini Option Index | 03/15/2024 | 4,500 | 121,762,500 | 350,000 | |||||||||||||
TOTAL PUT OPTIONS PURCHASED (Cost - $1,779,210) | 591,875 | |||||||||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Cost - $1,779,210) | 591,875 | |||||||||||||||||
TOTAL INVESTMENTS - 102.7% (Cost $7,048,849,786) | $ | 7,113,235,365 | ||||||||||||||||
PUT OPTIONS WRITTEN(i) - 0.0% (Premiums Received - $2,004,750) | (1,860,210 | ) | ||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS(m) - (2.7)% | (184,386,092 | ) | ||||||||||||||||
NET ASSETS - 100.0% | $ | 6,926,989,063 |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||||||||||||||
WRITTEN SWAP OPTIONS(k) - 0.0% (i) | ||||||||||||||||||
PUT OPTIONS WRITTEN - 0.0%(i) | ||||||||||||||||||
Goldman Sachs | CDX.NA.HY.41 Swap Option | 4/17/2024 | $ | 104 | $ | 247,500,000 | $ | 1,860,210 | ||||||||||
TOTAL PUT OPTIONS WRITTEN (Premiums Received - $2,004,750) | ||||||||||||||||||
TOTAL SWAP OPTIONS WRITTEN (Premiums Received - $2,004,750) | $ | 1,860,210 |
OPEN FUTURES CONTRACTS | |||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount | Unrealized Appreciation | |||||||||
19,670 | CBOT 5 Year U.S. Treasury Note | 03/28/2024 | $ | 2,132,043,594 | $ | 37,629,153 | |||||||
1,210 | CME E-Mini Standard & Poor’s 500 Index | 03/15/2024 | 294,665,250 | 10,784,930 | |||||||||
TOTAL FUTURES CONTRACTS | $ | 48,414,083 |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
SPDR | - Standard & Poor’s Depositary Receipt |
SOFRINDX | SOFRINDX |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
TSFR3M | TSFR3M |
USBMMY3M | US Treasury 3 Month Bill Money Market Yield |
(a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(b) | Variable rate security; the rate shown represents the rate on January 31, 2024. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $72,133,146 or 1.0% of net assets. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Zero coupon bond, rate disclosed is the effective yield as of January 31, 2024. |
(f) | Rate disclosed is the seven-day effective yield as of January 31, 2024. |
(g) | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
(h) | Each contract is equivalent to one futures contract. |
(i) | Percentage rounds to less than (0.1%). |
(j) | Affiliated security. |
(k) | Non-income producing security. |
(l) | All or a portion of the security is on loan. Total loaned securities had a value of $77,700,000 at January 31, 2024. |
NAVIGATOR TACTICAL FIXED INCOME FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
OPEN CREDIT DEFAULT SWAP AGREEMENTS (1)
OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION (2)
Termination | Interest Rate | Notional Value at | Upfront | Unrealized | ||||||||||||||||||
Reference Entity | Counterparty | Date | Payable | January 31, 2024 | Value | Premiums Paid | Appreciation | |||||||||||||||
Bank of America Corporation | GS | 6/20/2024 | 1.00% | $ | 60,000,000 | $ | 251,247 | $ | 20,595 | $ | 230,652 | |||||||||||
CDX North American High Yield Series 40 | GS | 6/20/2028 | 5.00% | 1,102,216,500 | 72,229,594 | 23,685,059 | 48,544,535 | |||||||||||||||
CDX North American High Yield Series 40 | MS | 6/20/2028 | 5.00% | 57,816,000 | 3,788,753 | 712,419 | 3,076,334 | |||||||||||||||
CDX North American High Yield Series 41 | GS | 6/20/2028 | 5.00% | 1,566,873,000 | 97,674,511 | 38,052,126 | 59,622,385 | |||||||||||||||
CDX North American High Yield Series 41 | MS | 6/21/2028 | 5.00% | 148,500,000 | 9,257,078 | 1,974,133 | 7,282,945 | |||||||||||||||
TOTAL | $ | 183,201,183 | $ | 64,444,332 | $ | 118,756,851 |
GS - Goldman Sachs
MS - Morgan Stanley
(1) | For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. |
(2) | For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% | ||||||||||||||
AEROSPACE & DEFENSE — 2.0% | ||||||||||||||
1,100,000 | Boeing Company | 3.2000 | 03/01/29 | $ | 1,010,597 | |||||||||
1,700,000 | Boeing Company | 5.1500 | 05/01/30 | 1,702,822 | ||||||||||
1,400,000 | Boeing Company | 5.7050 | 05/01/40 | 1,409,283 | ||||||||||
200,000 | Boeing Company | 3.9000 | 05/01/49 | 151,750 | ||||||||||
2,000,000 | Boeing Company | 5.8050 | 05/01/50 | 2,003,728 | ||||||||||
300,000 | Boeing Company | 3.9500 | 08/01/59 | 221,464 | ||||||||||
1,500,000 | Boeing Company | 5.9300 | 05/01/60 | 1,497,672 | ||||||||||
1,100,000 | L3Harris Technologies, Inc. | 4.4000 | 06/15/28 | 1,085,845 | ||||||||||
600,000 | L3Harris Technologies, Inc. | 5.4000 | 07/31/33 | 618,045 | ||||||||||
900,000 | Lockheed Martin Corporation | 3.9000 | 06/15/32 | 859,853 | ||||||||||
1,600,000 | Lockheed Martin Corporation | 4.0700 | 12/15/42 | 1,425,235 | ||||||||||
1,400,000 | Lockheed Martin Corporation | 4.0900 | 09/15/52 | 1,211,936 | ||||||||||
3,000,000 | Northrop Grumman Corporation | 3.2000 | 02/01/27 | 2,894,224 | ||||||||||
600,000 | Northrop Grumman Corporation | 4.0300 | 10/15/47 | 507,419 | ||||||||||
200,000 | Raytheon Technologies Corporation | 2.8200 | 09/01/51 | 130,104 | ||||||||||
200,000 | Raytheon Technologies Corporation | 3.0300 | 03/15/52 | 136,110 | ||||||||||
800,000 | RTX Corporation | 3.5000 | 03/15/27 | 771,619 | ||||||||||
500,000 | RTX Corporation | 4.1250 | 11/16/28 | 487,399 | ||||||||||
1,300,000 | RTX Corporation | 2.2500 | 07/01/30 | 1,124,241 | ||||||||||
600,000 | RTX Corporation | 1.9000 | 09/01/31 | 488,434 | ||||||||||
600,000 | RTX Corporation | 2.3750 | 03/15/32 | 498,901 | ||||||||||
500,000 | RTX Corporation | 5.1500 | 02/27/33 | 506,869 | ||||||||||
800,000 | RTX Corporation | 3.7500 | 11/01/46 | 638,506 | ||||||||||
1,500,000 | RTX Corporation | 4.3500 | 04/15/47 | 1,313,452 | ||||||||||
600,000 | RTX Corporation | 5.3750 | 02/27/53 | 607,299 | ||||||||||
300,000 | RTX Corporation | 6.4000 | 03/15/54 | 345,314 | ||||||||||
23,648,121 | ||||||||||||||
APPAREL & TEXTILE PRODUCTS — 0.1% | ||||||||||||||
400,000 | NIKE, Inc. | 2.8500 | 03/27/30 | 365,642 | ||||||||||
300,000 | NIKE, Inc. | 3.2500 | 03/27/40 | 247,226 | ||||||||||
400,000 | NIKE, Inc. | 3.8750 | 11/01/45 | 346,565 | ||||||||||
100,000 | Tapestry, Inc. | 7.3500 | 11/27/28 | 104,878 | ||||||||||
300,000 | VF Corporation | 2.9500 | 04/23/30 | 251,796 | ||||||||||
1,316,107 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
ASSET MANAGEMENT — 0.4% | ||||||||||||||
500,000 | Blackstone Private Credit Fund | 3.2500 | 03/15/27 | $ | 459,760 | |||||||||
400,000 | Blue Owl Capital Corporation | 2.8750 | 06/11/28 | 354,805 | ||||||||||
400,000 | Charles Schwab Corporation | 2.4500 | 03/03/27 | 373,500 | ||||||||||
700,000 | Charles Schwab Corporation | 2.0000 | 03/20/28 | 625,896 | ||||||||||
300,000 | Charles Schwab Corporation | 1.6500 | 03/11/31 | 241,197 | ||||||||||
400,000 | FS KKR Capital Corporation | 3.1250 | 10/12/28 | 351,986 | ||||||||||
800,000 | Raymond James Financial, Inc. | 3.7500 | 04/01/51 | 602,010 | ||||||||||
900,000 | UBS A.G. | 5.6500 | 09/11/28 | 930,133 | ||||||||||
300,000 | UBS Group A.G. | 4.8750 | 05/15/45 | 288,059 | ||||||||||
4,227,346 | ||||||||||||||
AUTOMOTIVE — 2.1% | ||||||||||||||
900,000 | American Honda Finance Corporation | 2.0000 | 03/24/28 | 817,051 | ||||||||||
600,000 | American Honda Finance Corporation | 5.1250 | 07/07/28 | 613,649 | ||||||||||
200,000 | Aptiv plc | 3.1000 | 12/01/51 | 130,268 | ||||||||||
1,800,000 | Aptiv plc / Aptiv Corporation | 3.2500 | 03/01/32 | 1,586,090 | ||||||||||
1,200,000 | Ford Motor Company | 3.2500 | 02/12/32 | 990,651 | ||||||||||
100,000 | Ford Motor Company | 6.1000 | 08/19/32 | 100,046 | ||||||||||
600,000 | Ford Motor Company | 4.7500 | 01/15/43 | 493,424 | ||||||||||
400,000 | Ford Motor Company | 5.2910 | 12/08/46 | 353,143 | ||||||||||
1,600,000 | Ford Motor Credit Company, LLC | 2.9000 | 02/10/29 | 1,404,932 | ||||||||||
700,000 | Ford Motor Credit Company, LLC | 5.1130 | 05/03/29 | 680,025 | ||||||||||
1,100,000 | Ford Motor Credit Company, LLC | 4.0000 | 11/13/30 | 982,053 | ||||||||||
600,000 | Ford Motor Credit Company, LLC | 7.1220 | 11/07/33 | 642,704 | ||||||||||
200,000 | General Motors Company | 5.6000 | 10/15/32 | 202,965 | ||||||||||
200,000 | General Motors Company | 5.0000 | 04/01/35 | 190,752 | ||||||||||
200,000 | General Motors Company | 6.6000 | 04/01/36 | 214,760 | ||||||||||
800,000 | General Motors Company | 5.1500 | 04/01/38 | 760,174 | ||||||||||
300,000 | General Motors Company | 6.2500 | 10/02/43 | 307,490 | ||||||||||
300,000 | General Motors Company | 5.2000 | 04/01/45 | 273,389 | ||||||||||
300,000 | General Motors Company | 6.7500 | 04/01/46 | 324,054 | ||||||||||
300,000 | General Motors Company | 5.4000 | 04/01/48 | 275,409 | ||||||||||
400,000 | General Motors Company | 5.9500 | 04/01/49 | 393,655 | ||||||||||
1,500,000 | General Motors Financial Company, Inc. | 2.4000 | 04/10/28 | 1,350,372 | ||||||||||
900,000 | General Motors Financial Company, Inc. | 5.8000 | 06/23/28 | 923,672 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
AUTOMOTIVE — 2.1% (Continued) | ||||||||||||||
1,600,000 | General Motors Financial Company, Inc. | 2.4000 | 10/15/28 | $ | 1,422,639 | |||||||||
1,300,000 | General Motors Financial Company, Inc. | 3.1000 | 01/12/32 | 1,104,057 | ||||||||||
800,000 | General Motors Financial Company, Inc. | 6.4000 | 01/09/33 | 846,541 | ||||||||||
900,000 | Honda Motor Company Ltd. | 2.5340 | 03/10/27 | 848,534 | ||||||||||
1,200,000 | Honda Motor Company Ltd. | 2.9670 | 03/10/32 | 1,079,177 | ||||||||||
1,100,000 | Mercedes-Benz Finance North America, LLC | 8.5000 | 01/18/31 | 1,365,900 | ||||||||||
600,000 | Toyota Motor Credit Corporation | 3.2000 | 01/11/27 | 579,791 | ||||||||||
500,000 | Toyota Motor Credit Corporation | 3.0500 | 03/22/27 | 479,644 | ||||||||||
400,000 | Toyota Motor Credit Corporation | 4.6250 | 01/12/28 | 403,206 | ||||||||||
900,000 | Toyota Motor Credit Corporation | 5.2500 | 09/11/28 | 926,320 | ||||||||||
400,000 | Toyota Motor Credit Corporation | 4.4500 | 06/29/29 | 400,121 | ||||||||||
500,000 | Toyota Motor Credit Corporation | 2.1500 | 02/13/30 | 438,775 | ||||||||||
1,300,000 | Toyota Motor Credit Corporation | 3.3750 | 04/01/30 | 1,216,182 | ||||||||||
25,121,615 | ||||||||||||||
BANKING — 16.5% | ||||||||||||||
1,800,000 | Banco Santander S.A. | 4.2500 | 04/11/27 | 1,747,947 | ||||||||||
1,000,000 | Banco Santander S.A. | 5.5880 | 08/08/28 | 1,017,966 | ||||||||||
1,000,000 | Banco Santander S.A. | 2.7490 | 12/03/30 | 825,449 | ||||||||||
800,000 | Banco Santander S.A. | 2.9580 | 03/25/31 | 691,059 | ||||||||||
400,000 | Bank of America Corporation | 4.1830 | 11/25/27 | 390,300 | ||||||||||
1,100,000 | Bank of America Corporation(a) | TSFR3M + 1.837% | 3.8240 | 01/20/28 | 1,066,973 | |||||||||
400,000 | Bank of America Corporation(a) | SOFRRATE + 1.050% | 2.5510 | 02/04/28 | 372,574 | |||||||||
800,000 | Bank of America Corporation(a) | TSFR3M + 1.774% | 3.7050 | 04/24/28 | 769,091 | |||||||||
600,000 | Bank of America Corporation(a) | SOFRRATE + 1.580% | 4.3760 | 04/27/28 | 588,394 | |||||||||
700,000 | Bank of America Corporation(a) | TSFR3M + 1.632% | 3.5930 | 07/21/28 | 668,040 | |||||||||
900,000 | Bank of America Corporation(a) | SOFRRATE + 2.040% | 4.9480 | 07/22/28 | 901,706 | |||||||||
600,000 | Bank of America Corporation(a) | SOFRRATE + 1.990% | 6.2040 | 11/10/28 | 627,301 | |||||||||
1,600,000 | Bank of America Corporation(a) | TSFR3M + 1.302% | 3.4190 | 12/20/28 | 1,511,645 | |||||||||
800,000 | Bank of America Corporation(a) | TSFR3M + 1.332% | 3.9700 | 03/05/29 | 769,274 | |||||||||
800,000 | Bank of America Corporation(a) | SOFRRATE + 1.630% | 5.2020 | 04/25/29 | 806,413 | |||||||||
1,100,000 | Bank of America Corporation Series N(a) | TSFR3M + 1.572% | 4.2710 | 07/23/29 | 1,065,821 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
700,000 | Bank of America Corporation(a) | SOFRRATE + 1.570% | 5.8190 | 09/15/29 | $ | 723,575 | ||||||||
1,000,000 | Bank of America Corporation(a) | TSFR3M + 1.472% | 3.9740 | 02/07/30 | 954,050 | |||||||||
800,000 | Bank of America Corporation(a) | TSFR3M + 1.442% | 3.1940 | 07/23/30 | 729,636 | |||||||||
700,000 | Bank of America Corporation(a) | TSFR3M + 1.452% | 2.8840 | 10/22/30 | 624,225 | |||||||||
900,000 | Bank of America Corporation(a) | TSFR3M + 1.252% | 2.4960 | 02/13/31 | 778,301 | |||||||||
600,000 | Bank of America Corporation(a) | SOFRRATE + 2.150% | 2.5920 | 04/29/31 | 519,488 | |||||||||
800,000 | Bank of America Corporation B(a) | SOFRRATE + 1.530% | 1.8980 | 07/23/31 | 658,514 | |||||||||
600,000 | Bank of America Corporation(a) | SOFRRATE + 1.370% | 1.9220 | 10/24/31 | 490,976 | |||||||||
500,000 | Bank of America Corporation(a) | SOFRRATE + 1.220% | 2.6510 | 03/11/32 | 424,266 | |||||||||
1,200,000 | Bank of America Corporation(a) | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 1,018,106 | |||||||||
900,000 | Bank of America Corporation(a) | SOFRRATE + 1.220% | 2.2990 | 07/21/32 | 737,684 | |||||||||
900,000 | Bank of America Corporation(a) | SOFRRATE + 1.330% | 2.9720 | 02/04/33 | 767,593 | |||||||||
1,000,000 | Bank of America Corporation(a) | SOFRRATE + 1.830% | 4.5710 | 04/27/33 | 956,455 | |||||||||
1,200,000 | Bank of America Corporation(a) | SOFRRATE + 2.160% | 5.0150 | 07/22/33 | 1,186,937 | |||||||||
1,300,000 | Bank of America Corporation(a) | SOFRRATE + 1.910% | 5.2880 | 04/25/34 | 1,307,056 | |||||||||
1,000,000 | Bank of America Corporation(a) | SOFRRATE + 1.840% | 5.8720 | 09/15/34 | 1,047,728 | |||||||||
600,000 | Bank of America Corporation | 6.1100 | 01/29/37 | 647,459 | ||||||||||
600,000 | Bank of America Corporation(a) | TSFR3M + 2.076% | 4.2440 | 04/24/38 | 548,338 | |||||||||
600,000 | Bank of America Corporation | 7.7500 | 05/14/38 | 738,116 | ||||||||||
900,000 | Bank of America Corporation(a) | TSFR3M + 1.582% | 4.0780 | 04/23/40 | 798,284 | |||||||||
1,500,000 | Bank of America Corporation(a) | SOFRRATE + 1.930% | 2.6760 | 06/19/41 | 1,083,078 | |||||||||
1,100,000 | Bank of America Corporation(a) | SOFRRATE + 1.580% | 3.3110 | 04/22/42 | 864,450 | |||||||||
800,000 | Bank of America Corporation(a) | TSFR3M + 2.252% | 4.4430 | 01/20/48 | 716,455 | |||||||||
400,000 | Bank of America Corporation(a) | TSFR3M + 1.452% | 3.9460 | 01/23/49 | 333,806 | |||||||||
800,000 | Bank of America Corporation(a) | TSFR3M + 1.782% | 4.3300 | 03/15/50 | 702,905 | |||||||||
1,500,000 | Bank of America Corporation B(a) | TSFR3M + 3.412% | 4.0830 | 03/20/51 | 1,257,082 | |||||||||
400,000 | Bank of America Corporation(a) | SOFRRATE + 1.650% | 3.4830 | 03/13/52 | 304,180 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
600,000 | Bank of America Corporation(a) | SOFRRATE + 1.560% | 2.9720 | 07/21/52 | $ | 412,779 | ||||||||
500,000 | Bank of America NA | 6.0000 | 10/15/36 | 541,315 | ||||||||||
200,000 | Bank of Montreal | 4.7000 | 09/14/27 | 200,088 | ||||||||||
300,000 | Bank of Montreal | 5.2030 | 02/01/28 | 304,790 | ||||||||||
800,000 | Bank of Montreal | 5.7170 | 09/25/28 | 830,130 | ||||||||||
800,000 | Bank of Nova Scotia | 5.2500 | 06/12/28 | 814,627 | ||||||||||
600,000 | Bank of Nova Scotia | 4.8500 | 02/01/30 | 598,908 | ||||||||||
300,000 | Barclays plc(a) | SOFRRATE + 1.880% | 6.4960 | 09/13/27 | 308,572 | |||||||||
500,000 | Barclays plc | 4.3370 | 01/10/28 | 486,347 | ||||||||||
300,000 | Barclays plc | 4.8360 | 05/09/28 | 292,277 | ||||||||||
900,000 | Barclays plc(a) | H15T1Y + 2.650% | 5.5010 | 08/09/28 | 904,217 | |||||||||
700,000 | Barclays plc(a) | H15T1Y + 3.300% | 7.3850 | 11/02/28 | 748,370 | |||||||||
1,300,000 | Barclays plc(a) | US0003M + 1.902% | 4.9720 | 05/16/29 | 1,278,689 | |||||||||
300,000 | Barclays plc(a) | H15T1Y + 1.900% | 2.6450 | 06/24/31 | 253,474 | |||||||||
600,000 | Barclays plc(a) | H15T1Y + 1.300% | 2.8940 | 11/24/32 | 495,030 | |||||||||
1,800,000 | Barclays plc(a) | SOFRRATE + 2.980% | 6.2240 | 05/09/34 | 1,851,379 | |||||||||
800,000 | Barclays plc(a) | H15T1Y + 1.300% | 3.3300 | 11/24/42 | 596,506 | |||||||||
1,000,000 | Canadian Imperial Bank of Commerce | 5.0010 | 04/28/28 | 1,006,085 | ||||||||||
800,000 | Citibank NA | 5.8030 | 09/29/28 | 834,029 | ||||||||||
1,400,000 | Citigroup, Inc. | 4.4500 | 09/29/27 | 1,371,358 | ||||||||||
800,000 | Citigroup, Inc.(a) | TSFR3M + 1.825% | 3.8870 | 01/10/28 | 777,345 | |||||||||
500,000 | Citigroup, Inc.(a) | SOFRRATE + 1.280% | 3.0700 | 02/24/28 | 472,837 | |||||||||
100,000 | Citigroup, Inc.(a) | SOFRRATE + 1.887% | 4.6580 | 05/24/28 | 99,330 | |||||||||
600,000 | Citigroup, Inc.(a) | TSFR3M + 1.652% | 3.6680 | 07/24/28 | 573,940 | |||||||||
1,100,000 | Citigroup, Inc. | 4.1250 | 07/25/28 | 1,062,903 | ||||||||||
500,000 | Citigroup, Inc.(a) | TSFR3M + 1.413% | 3.5200 | 10/27/28 | 474,950 | |||||||||
600,000 | Citigroup, Inc.(a) | TSFR3M + 1.454% | 4.0750 | 04/23/29 | 579,639 | |||||||||
1,000,000 | Citigroup, Inc.(a) | SOFRRATE + 1.422% | 2.9760 | 11/05/30 | 897,242 | |||||||||
900,000 | Citigroup, Inc.(a) | SOFRRATE + 1.146% | 2.6660 | 01/29/31 | 785,322 | |||||||||
1,200,000 | Citigroup, Inc.(a) | SOFRRATE + 3.914% | 4.4120 | 03/31/31 | 1,154,499 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
1,700,000 | Citigroup, Inc.(a) | SOFRRATE + 2.107% | 2.5720 | 06/03/31 | $ | 1,463,622 | ||||||||
900,000 | Citigroup, Inc.(a) | SOFRRATE + 1.167% | 2.5610 | 05/01/32 | 753,295 | |||||||||
500,000 | Citigroup, Inc. | 6.6250 | 06/15/32 | 545,044 | ||||||||||
500,000 | Citigroup, Inc.(a) | SOFRRATE + 1.177% | 2.5200 | 11/03/32 | 413,119 | |||||||||
1,100,000 | Citigroup, Inc.(a) | SOFRRATE + 1.351% | 3.0570 | 01/25/33 | 942,363 | |||||||||
1,000,000 | Citigroup, Inc.(a) | SOFRRATE + 1.939% | 3.7850 | 03/17/33 | 902,698 | |||||||||
800,000 | Citigroup, Inc.(a) | SOFRRATE + 2.086% | 4.9100 | 05/24/33 | 783,082 | |||||||||
600,000 | Citigroup, Inc.(a) | SOFRRATE + 4.548% | 5.3160 | 03/26/41 | 602,452 | |||||||||
500,000 | Citigroup, Inc. | 5.8750 | 01/30/42 | 538,513 | ||||||||||
500,000 | Citigroup, Inc.(a) | SOFRRATE + 1.379% | 2.9040 | 11/03/42 | 364,619 | |||||||||
700,000 | Citigroup, Inc. | 6.6750 | 09/13/43 | 797,438 | ||||||||||
1,000,000 | Citigroup, Inc. | 4.7500 | 05/18/46 | 898,883 | ||||||||||
300,000 | Citigroup, Inc.(a) | TSFR3M + 2.101% | 4.2810 | 04/24/48 | 261,290 | |||||||||
800,000 | Citigroup, Inc. | 4.6500 | 07/23/48 | 737,323 | ||||||||||
1,100,000 | Cooperatieve Rabobank UA | 5.7500 | 12/01/43 | 1,136,243 | ||||||||||
300,000 | Cooperatieve Rabobank UA | 5.2500 | 08/04/45 | 294,892 | ||||||||||
1,800,000 | Deutsche Bank A.G.(a) | SOFRRATE + 3.180% | 6.7200 | 01/18/29 | 1,874,681 | |||||||||
600,000 | Deutsche Bank A.G.(a) | SOFRRATE + 3.043% | 3.5470 | 09/18/31 | 528,149 | |||||||||
700,000 | Discover Bank | 4.6500 | 09/13/28 | 670,025 | ||||||||||
400,000 | Fifth Third Bancorp(a) | SOFRINDX + 2.192% | 6.3610 | 10/27/28 | 413,126 | |||||||||
600,000 | Fifth Third Bancorp(a) | SOFRRATE + 2.340% | 6.3390 | 07/27/29 | 624,547 | |||||||||
400,000 | Fifth Third Bancorp | 8.2500 | 03/01/38 | 480,860 | ||||||||||
1,200,000 | HSBC Holdings plc(a) | SOFRRATE + 1.100% | 2.2510 | 11/22/27 | 1,106,147 | |||||||||
1,900,000 | HSBC Holdings plc(a) | TSFR3M + 1.808% | 4.0410 | 03/13/28 | 1,836,175 | |||||||||
1,400,000 | HSBC Holdings plc(a) | SOFRRATE + 2.110% | 4.7550 | 06/09/28 | 1,381,904 | |||||||||
1,700,000 | HSBC Holdings plc(a) | SOFRRATE + 3.350% | 7.3900 | 11/03/28 | 1,825,757 | |||||||||
2,300,000 | HSBC Holdings plc | 4.9500 | 03/31/30 | 2,297,218 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
1,500,000 | HSBC Holdings plc(a) | SOFRRATE + 2.387% | 2.8480 | 06/04/31 | $ | 1,296,443 | ||||||||
1,800,000 | HSBC Holdings plc(a) | SOFRRATE + 1.410% | 2.8710 | 11/22/32 | 1,504,957 | |||||||||
1,500,000 | HSBC Holdings plc(a) | SOFRRATE + 2.390% | 6.2540 | 03/09/34 | 1,592,762 | |||||||||
500,000 | HSBC Holdings plc | 6.5000 | 09/15/37 | 523,521 | ||||||||||
1,400,000 | HSBC Holdings plc | 6.1000 | 01/14/42 | 1,591,173 | ||||||||||
700,000 | Huntington Bancshares, Inc.(a) | SOFRRATE + 2.020% | 6.2080 | 08/21/29 | 723,836 | |||||||||
200,000 | Huntington Bancshares, Inc. | 2.5500 | 02/04/30 | 171,621 | ||||||||||
300,000 | Huntington National Bank | 5.6500 | 01/10/30 | 304,599 | ||||||||||
300,000 | ING Groep N.V.(a) | SOFRRATE + 1.830% | 4.0170 | 03/28/28 | 291,290 | |||||||||
600,000 | ING Groep N.V. | 4.0500 | 04/09/29 | 577,927 | ||||||||||
500,000 | ING Groep N.V.(a) | SOFRRATE + 1.316% | 2.7270 | 04/01/32 | 426,419 | |||||||||
500,000 | ING Groep N.V.(a) | SOFRRATE + 2.070% | 4.2520 | 03/28/33 | 466,525 | |||||||||
1,100,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.599% | 3.7820 | 02/01/28 | 1,064,852 | |||||||||
400,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.170% | 2.9470 | 02/24/28 | 377,532 | |||||||||
1,100,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.560% | 4.3230 | 04/26/28 | 1,082,418 | |||||||||
900,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.642% | 3.5400 | 05/01/28 | 862,699 | |||||||||
700,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.890% | 2.1820 | 06/01/28 | 642,503 | |||||||||
1,300,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.990% | 4.8510 | 07/25/28 | 1,298,190 | |||||||||
800,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.207% | 3.5090 | 01/23/29 | 760,445 | |||||||||
500,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.015% | 2.0690 | 06/01/29 | 445,340 | |||||||||
900,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.522% | 4.2030 | 07/23/29 | 876,375 | |||||||||
700,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.450% | 5.2990 | 07/24/29 | 711,641 | |||||||||
1,000,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.422% | 3.7020 | 05/06/30 | 944,395 | |||||||||
700,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.750% | 4.5650 | 06/14/30 | 688,869 | |||||||||
1,300,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.510% | 2.7390 | 10/15/30 | 1,157,208 | |||||||||
700,000 | JPMorgan Chase & Company(a) | TSFR3M + 3.790% | 4.4930 | 03/24/31 | 683,598 | |||||||||
1,100,000 | JPMorgan Chase & Company(a) | SOFRRATE + 2.040% | 2.5220 | 04/22/31 | 956,500 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
300,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.105% | 1.7640 | 11/19/31 | $ | 244,406 | ||||||||
800,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.065% | 1.9530 | 02/04/32 | 652,896 | |||||||||
1,100,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.250% | 2.5800 | 04/22/32 | 931,529 | |||||||||
900,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.180% | 2.5450 | 11/08/32 | 754,226 | |||||||||
1,100,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.260% | 2.9630 | 01/25/33 | 946,012 | |||||||||
700,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.800% | 4.5860 | 04/26/33 | 675,882 | |||||||||
1,400,000 | JPMorgan Chase & Company(a) | SOFRRATE + 2.080% | 4.9120 | 07/25/33 | 1,381,242 | |||||||||
1,400,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.845% | 5.3500 | 06/01/34 | 1,423,462 | |||||||||
600,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.810% | 6.2540 | 10/23/34 | 649,912 | |||||||||
800,000 | JPMorgan Chase & Company | 6.4000 | 05/15/38 | 918,034 | ||||||||||
500,000 | JPMorgan Chase & Company(a) | US0003M + 1.360% | 3.8820 | 07/24/38 | 439,465 | |||||||||
500,000 | JPMorgan Chase & Company | 5.5000 | 10/15/40 | 526,104 | ||||||||||
800,000 | JPMorgan Chase & Company(a) | 3.1090 | 04/22/41 | 623,926 | ||||||||||
700,000 | JPMorgan Chase & Company | 5.6000 | 07/15/41 | 742,987 | ||||||||||
700,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.510% | 2.5250 | 11/19/41 | 498,706 | |||||||||
500,000 | JPMorgan Chase & Company | 5.4000 | 01/06/42 | 518,525 | ||||||||||
700,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.460% | 3.1570 | 04/22/42 | 542,560 | |||||||||
500,000 | JPMorgan Chase & Company | 5.6250 | 08/16/43 | 523,914 | ||||||||||
400,000 | JPMorgan Chase & Company | 4.8500 | 02/01/44 | 388,479 | ||||||||||
600,000 | JPMorgan Chase & Company | 4.9500 | 06/01/45 | 577,793 | ||||||||||
700,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.842% | 4.2600 | 02/22/48 | 616,442 | |||||||||
600,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.722% | 4.0320 | 07/24/48 | 505,419 | |||||||||
1,000,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.642% | 3.9640 | 11/15/48 | 830,587 | |||||||||
700,000 | JPMorgan Chase & Company(a) | TSFR3M + 1.482% | 3.8970 | 01/23/49 | 579,104 | |||||||||
700,000 | JPMorgan Chase & Company(a) | SOFRRATE + 2.440% | 3.1090 | 04/22/51 | 497,725 | |||||||||
1,000,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.580% | 3.3280 | 04/22/52 | 735,937 | |||||||||
500,000 | KeyBank NA | 4.9000 | 08/08/32 | 447,705 | ||||||||||
300,000 | KeyCorporation | 2.2500 | 04/06/27 | 271,235 | ||||||||||
500,000 | KeyCorporation Series O | 4.1000 | 04/30/28 | 476,885 | ||||||||||
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
300,000 | KeyCorporation(a) | SOFRINDX + 2.060% | 4.7890 | 06/01/33 | $ | 275,492 | ||||||||
600,000 | Lloyds Banking Group plc(a) | H15T1Y + 1.800% | 3.7500 | 03/18/28 | 574,098 | |||||||||
900,000 | Lloyds Banking Group plc(a) | US0003M + 1.205% | 3.5740 | 11/07/28 | 847,608 | |||||||||
1,000,000 | Lloyds Banking Group plc(a) | H15T1Y + 1.700% | 5.8710 | 03/06/29 | 1,022,642 | |||||||||
300,000 | Lloyds Banking Group plc | 5.3000 | 12/01/45 | 289,972 | ||||||||||
700,000 | Lloyds Banking Group plc | 4.3440 | 01/09/48 | 560,429 | ||||||||||
100,000 | M&T Bank Corporation(a) | SOFRRATE + 1.850% | 5.0530 | 01/27/34 | 94,274 | |||||||||
600,000 | Manufacturers & Traders Trust Company | 4.7000 | 01/27/28 | 589,165 | ||||||||||
300,000 | Mitsubishi UFJ Financial Group, Inc. | 3.2870 | 07/25/27 | 286,750 | ||||||||||
700,000 | Mitsubishi UFJ Financial Group, Inc.(a) | H15T1Y + 1.300% | 4.0800 | 04/19/28 | 681,116 | |||||||||
400,000 | Mitsubishi UFJ Financial Group, Inc.(a) | H15T1Y + 1.950% | 5.0170 | 07/20/28 | 400,449 | |||||||||
500,000 | Mitsubishi UFJ Financial Group, Inc. | 4.0500 | 09/11/28 | 491,617 | ||||||||||
800,000 | Mitsubishi UFJ Financial Group, Inc.(a) | H15T1Y + 1.900% | 5.3540 | 09/13/28 | 810,677 | |||||||||
900,000 | Mitsubishi UFJ Financial Group, Inc.(a) | H15T1Y + 1.380% | 5.4220 | 02/22/29 | 916,798 | |||||||||
100,000 | Mitsubishi UFJ Financial Group, Inc. | 3.7410 | 03/07/29 | 95,783 | ||||||||||
700,000 | Mitsubishi UFJ Financial Group, Inc. | 3.1950 | 07/18/29 | 643,518 | ||||||||||
1,000,000 | Mitsubishi UFJ Financial Group, Inc. | 2.5590 | 02/25/30 | 875,856 | ||||||||||
700,000 | Mitsubishi UFJ Financial Group, Inc.(a) | H15T1Y + 0.950% | 2.3090 | 07/20/32 | 581,327 | |||||||||
500,000 | Mitsubishi UFJ Financial Group, Inc.(a) | H15T1Y + 1.630% | 5.4410 | 02/22/34 | 513,468 | |||||||||
400,000 | Mitsubishi UFJ Financial Group, Inc.(a) | H15T1Y + 1.970% | 5.4060 | 04/19/34 | 410,355 | |||||||||
500,000 | Mitsubishi UFJ Financial Group, Inc. | 3.7510 | 07/18/39 | 438,924 | ||||||||||
400,000 | Mizuho Financial Group, Inc. | 3.1700 | 09/11/27 | 376,476 | ||||||||||
700,000 | Mizuho Financial Group, Inc.(a) | H15T1Y + 2.050% | 5.4140 | 09/13/28 | 710,041 | |||||||||
800,000 | Mizuho Financial Group, Inc.(a) | H15T1Y + 1.500% | 5.6670 | 05/27/29 | 817,926 | |||||||||
1,100,000 | Mizuho Financial Group, Inc.(a) | H15T1Y + 1.650% | 5.7780 | 07/06/29 | 1,129,726 | |||||||||
700,000 | Mizuho Financial Group, Inc.(a) | TSFR3M + 1.532% | 4.2540 | 09/11/29 | 675,591 | |||||||||
300,000 | Mizuho Financial Group, Inc.(a) | TSFR3M + 1.772% | 2.2010 | 07/10/31 | 250,443 | |||||||||
500,000 | Mizuho Financial Group, Inc.(a) | H15T1Y + 1.900% | 5.7480 | 07/06/34 | 518,231 | |||||||||
1,000,000 | Natwest Group plc(a) | H15T1Y + 2.550% | 3.0730 | 05/22/28 | 934,757 | |||||||||
1,400,000 | NatWest Group plc(a) | H15T1Y + 1.950% | 5.8080 | 09/13/29 | 1,432,749 | |||||||||
1,100,000 | NatWest Group plc(a) | US0003M + 1.871% | 4.4450 | 05/08/30 | 1,057,240 | |||||||||
700,000 | PNC Bank NA | 4.0500 | 07/26/28 | 674,247 | ||||||||||
400,000 | PNC Bank NA | 2.7000 | 10/22/29 | 353,826 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
500,000 | PNC Financial Services Group, Inc.(a) | SOFRRATE + 1.620% | 5.3540 | 12/02/28 | $ | 506,816 | ||||||||
800,000 | PNC Financial Services Group, Inc. | 3.4500 | 04/23/29 | 749,432 | ||||||||||
1,300,000 | PNC Financial Services Group, Inc. | 2.5500 | 01/22/30 | 1,139,336 | ||||||||||
200,000 | PNC Financial Services Group, Inc.(a) | SOFRRATE + 0.979% | 2.3070 | 04/23/32 | 166,017 | |||||||||
400,000 | PNC Financial Services Group, Inc.(a) | SOFRINDX + 2.140% | 6.0370 | 10/28/33 | 419,517 | |||||||||
300,000 | PNC Financial Services Group, Inc.(a) | SOFRRATE + 1.933% | 5.0680 | 01/24/34 | 295,136 | |||||||||
400,000 | PNC Financial Services Group, Inc.(a) | SOFRRATE + 2.284% | 6.8750 | 10/20/34 | 445,078 | |||||||||
500,000 | Royal Bank of Canada | 3.6250 | 05/04/27 | 484,497 | ||||||||||
600,000 | Royal Bank of Canada | 4.2400 | 08/03/27 | 591,579 | ||||||||||
600,000 | Royal Bank of Canada | 6.0000 | 11/01/27 | 627,262 | ||||||||||
500,000 | Royal Bank of Canada | 4.9000 | 01/12/28 | 504,678 | ||||||||||
800,000 | Royal Bank of Canada | 5.2000 | 08/01/28 | 814,834 | ||||||||||
800,000 | Royal Bank of Canada | 5.0000 | 05/02/33 | 802,054 | ||||||||||
400,000 | Santander Holdings USA, Inc. | 4.4000 | 07/13/27 | 389,052 | ||||||||||
400,000 | Santander Holdings USA, Inc.(a) | SOFRRATE + 1.249% | 2.4900 | 01/06/28 | 365,896 | |||||||||
500,000 | Santander Holdings USA, Inc.(a) | SOFRRATE + 2.356% | 6.4990 | 03/09/29 | 517,676 | |||||||||
600,000 | Santander UK Group Holdings plc(a) | SOFRRATE + 1.220% | 2.4690 | 01/11/28 | 551,252 | |||||||||
600,000 | Santander UK Group Holdings plc(a) | US0003M + 1.400% | 3.8230 | 11/03/28 | 565,373 | |||||||||
300,000 | Sumitomo Mitsui Financial Group, Inc. | 3.4460 | 01/11/27 | 289,396 | ||||||||||
600,000 | Sumitomo Mitsui Financial Group, Inc. | 3.3520 | 10/18/27 | 568,523 | ||||||||||
1,100,000 | Sumitomo Mitsui Financial Group, Inc. | 5.5200 | 01/13/28 | 1,125,523 | ||||||||||
700,000 | Sumitomo Mitsui Financial Group, Inc. | 3.9440 | 07/19/28 | 678,395 | ||||||||||
1,100,000 | Sumitomo Mitsui Financial Group, Inc. | 5.7160 | 09/14/28 | 1,136,587 | ||||||||||
1,000,000 | Sumitomo Mitsui Financial Group, Inc. | 3.0400 | 07/16/29 | 910,476 | ||||||||||
300,000 | Sumitomo Mitsui Financial Group, Inc. | 5.7100 | 01/13/30 | 311,624 | ||||||||||
1,000,000 | Sumitomo Mitsui Financial Group, Inc. | 2.7500 | 01/15/30 | 885,952 | ||||||||||
500,000 | Sumitomo Mitsui Financial Group, Inc. | 2.1300 | 07/08/30 | 421,935 | ||||||||||
800,000 | Sumitomo Mitsui Financial Group, Inc. | 5.7660 | 01/13/33 | 838,988 | ||||||||||
500,000 | Sumitomo Mitsui Financial Group, Inc. | 2.9300 | 09/17/41 | 378,273 | ||||||||||
300,000 | Toronto-Dominion Bank | 1.9500 | 01/12/27 | 279,027 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
1,000,000 | Toronto-Dominion Bank | 4.1080 | 06/08/27 | $ | 981,274 | |||||||||
1,500,000 | Toronto-Dominion Bank | 4.6930 | 09/15/27 | 1,497,580 | ||||||||||
500,000 | Toronto-Dominion Bank | 3.2000 | 03/10/32 | 440,350 | ||||||||||
600,000 | Toronto-Dominion Bank | 4.4560 | 06/08/32 | 577,560 | ||||||||||
700,000 | Truist Bank | 2.2500 | 03/11/30 | 583,632 | ||||||||||
200,000 | Truist Financial Corporation | 1.1250 | 08/03/27 | 176,041 | ||||||||||
500,000 | Truist Financial Corporation(a) | SOFRRATE + 1.368% | 4.1230 | 06/06/28 | 486,804 | |||||||||
800,000 | Truist Financial Corporation(a) | SOFRRATE + 1.435% | 4.8730 | 01/26/29 | 789,977 | |||||||||
700,000 | Truist Financial Corporation(a) | SOFRRATE + 0.862% | 1.8870 | 06/07/29 | 610,232 | |||||||||
200,000 | Truist Financial Corporation(a) | SOFRRATE + 2.446% | 7.1610 | 10/30/29 | 215,965 | |||||||||
500,000 | Truist Financial Corporation | 1.9500 | 06/05/30 | 417,463 | ||||||||||
200,000 | Truist Financial Corporation(a) | SOFRRATE + 2.300% | 6.1230 | 10/28/33 | 208,047 | |||||||||
400,000 | Truist Financial Corporation(a) | SOFRRATE + 1.852% | 5.1220 | 01/26/34 | 389,426 | |||||||||
300,000 | Truist Financial Corporation(a) | SOFRRATE + 2.361% | 5.8670 | 06/08/34 | 307,080 | |||||||||
400,000 | US Bancorp | 3.1500 | 04/27/27 | 379,899 | ||||||||||
300,000 | US Bancorp(a) | SOFRRATE + 0.730% | 2.2150 | 01/27/28 | 276,367 | |||||||||
500,000 | US Bancorp | 3.9000 | 04/26/28 | 483,607 | ||||||||||
800,000 | US Bancorp(a) | SOFRRATE + 1.660% | 4.5480 | 07/22/28 | 789,444 | |||||||||
700,000 | US Bancorp(a) | SOFRRATE + 1.230% | 4.6530 | 02/01/29 | 689,738 | |||||||||
800,000 | US Bancorp(a) | SOFRRATE + 2.020% | 5.7750 | 06/12/29 | 819,655 | |||||||||
300,000 | US Bancorp Series Y | 3.0000 | 07/30/29 | 270,872 | ||||||||||
300,000 | US Bancorp | 1.3750 | 07/22/30 | 241,700 | ||||||||||
500,000 | US Bancorp(a) | SOFRRATE + 2.090% | 5.8500 | 10/21/33 | 516,914 | |||||||||
600,000 | US Bancorp(a) | SOFRRATE + 1.600% | 4.8390 | 02/01/34 | 576,480 | |||||||||
500,000 | US Bancorp(a) | SOFRRATE + 2.260% | 5.8360 | 06/12/34 | 515,622 | |||||||||
600,000 | Wachovia Corporation | 5.5000 | 08/01/35 | 610,079 | ||||||||||
300,000 | Wells Fargo & Company Series O | 4.3000 | 07/22/27 | 294,699 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BANKING — 16.5% (Continued) | ||||||||||||||
900,000 | Wells Fargo & Company(a) | SOFRRATE + 1.510% | 3.5260 | 03/24/28 | $ | 862,508 | ||||||||
800,000 | Wells Fargo & Company(a) | TSFR3M + 1.572% | 3.5840 | 05/22/28 | 765,860 | |||||||||
900,000 | Wells Fargo & Company(a) | SOFRRATE + 2.100% | 2.3930 | 06/02/28 | 830,366 | |||||||||
800,000 | Wells Fargo & Company(a) | SOFRRATE + 1.980% | 4.8080 | 07/25/28 | 795,209 | |||||||||
800,000 | Wells Fargo & Company Series Q | 4.1500 | 01/24/29 | 776,892 | ||||||||||
1,100,000 | Wells Fargo & Company(a) | SOFRRATE + 1.740% | 5.5740 | 07/25/29 | 1,124,338 | |||||||||
1,800,000 | Wells Fargo & Company(a) | TSFR3M + 1.432% | 2.8790 | 10/30/30 | 1,603,600 | |||||||||
1,300,000 | Wells Fargo & Company(a) | TSFR3M + 1.262% | 2.5720 | 02/11/31 | 1,130,911 | |||||||||
200,000 | Wells Fargo & Company(a) | SOFRRATE + 4.032% | 4.4780 | 04/04/31 | 194,061 | |||||||||
1,600,000 | Wells Fargo & Company(a) | SOFRRATE + 1.500% | 3.3500 | 03/02/33 | 1,403,410 | |||||||||
1,100,000 | Wells Fargo & Company(a) | SOFRRATE + 2.020% | 5.3890 | 04/24/34 | 1,109,043 | |||||||||
1,300,000 | Wells Fargo & Company(a) | SOFRRATE + 1.990% | 5.5570 | 07/25/34 | 1,325,898 | |||||||||
700,000 | Wells Fargo & Company(a) | SOFRRATE + 2.060% | 6.4910 | 10/23/34 | 762,713 | |||||||||
1,900,000 | Wells Fargo & Company(a) | SOFRRATE + 2.530% | 3.0680 | 04/30/41 | 1,445,397 | |||||||||
700,000 | Wells Fargo & Company | 5.3750 | 11/02/43 | 688,131 | ||||||||||
900,000 | Wells Fargo & Company | 5.6060 | 01/15/44 | 903,608 | ||||||||||
700,000 | Wells Fargo & Company | 4.6500 | 11/04/44 | 622,190 | ||||||||||
800,000 | Wells Fargo & Company | 3.9000 | 05/01/45 | 667,628 | ||||||||||
700,000 | Wells Fargo & Company | 4.9000 | 11/17/45 | 642,885 | ||||||||||
900,000 | Wells Fargo & Company | 4.4000 | 06/14/46 | 767,966 | ||||||||||
1,800,000 | Wells Fargo & Company(a) | TSFR3M + 4.502% | 5.0130 | 04/04/51 | 1,715,294 | |||||||||
1,100,000 | Wells Fargo & Company(a) | SOFRRATE + 2.130% | 4.6110 | 04/25/53 | 985,098 | |||||||||
1,600,000 | Westpac Banking Corporation | 5.4570 | 11/18/27 | 1,648,590 | ||||||||||
1,100,000 | Westpac Banking Corporation | 2.9630 | 11/16/40 | 772,622 | ||||||||||
196,946,355 | ||||||||||||||
BEVERAGES — 2.1% | ||||||||||||||
3,000,000 | Anheuser-Busch Companies, LLC / Anheuser-Busch | 4.7000 | 02/01/36 | 2,955,888 | ||||||||||
500,000 | Anheuser-Busch InBev Worldwide, Inc. | 4.9000 | 01/23/31 | 513,226 | ||||||||||
700,000 | Anheuser-Busch InBev Worldwide, Inc. | 8.2000 | 01/15/39 | 932,380 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BEVERAGES — 2.1% (Continued) | ||||||||||||||
1,000,000 | Anheuser-Busch InBev Worldwide, Inc. | 5.4500 | 01/23/39 | $ | 1,050,732 | |||||||||
1,000,000 | Anheuser-Busch InBev Worldwide, Inc. | 4.9500 | 01/15/42 | 993,503 | ||||||||||
1,400,000 | Anheuser-Busch InBev Worldwide, Inc. | 4.4390 | 10/06/48 | 1,269,679 | ||||||||||
1,600,000 | Anheuser-Busch InBev Worldwide, Inc. | 5.5500 | 01/23/49 | 1,693,500 | ||||||||||
1,000,000 | Anheuser-Busch InBev Worldwide, Inc. | 5.8000 | 01/23/59 | 1,097,916 | ||||||||||
1,000,000 | Coca-Cola Company | 1.0000 | 03/15/28 | 881,004 | ||||||||||
700,000 | Coca-Cola Company | 2.1250 | 09/06/29 | 627,215 | ||||||||||
800,000 | Coca-Cola Company | 3.4500 | 03/25/30 | 760,724 | ||||||||||
800,000 | Coca-Cola Company | 1.6500 | 06/01/30 | 680,735 | ||||||||||
400,000 | Coca-Cola Company B | 2.0000 | 03/05/31 | 343,033 | ||||||||||
400,000 | Coca-Cola Company | 1.3750 | 03/15/31 | 326,407 | ||||||||||
500,000 | Coca-Cola Company | 2.2500 | 01/05/32 | 431,129 | ||||||||||
500,000 | Coca-Cola Company | 2.5000 | 06/01/40 | 373,109 | ||||||||||
1,100,000 | Coca-Cola Company | 3.0000 | 03/05/51 | 805,042 | ||||||||||
600,000 | Constellation Brands, Inc. | 2.2500 | 08/01/31 | 500,387 | ||||||||||
500,000 | Constellation Brands, Inc. | 4.9000 | 05/01/33 | 496,369 | ||||||||||
500,000 | Diageo Capital plc | 2.3750 | 10/24/29 | 445,827 | ||||||||||
500,000 | Diageo Capital plc | 2.0000 | 04/29/30 | 431,692 | ||||||||||
400,000 | Diageo Capital plc | 5.5000 | 01/24/33 | 421,404 | ||||||||||
500,000 | Diageo Capital plc | 5.6250 | 10/05/33 | 533,691 | ||||||||||
800,000 | Keurig Dr Pepper, Inc. | 3.2000 | 05/01/30 | 732,449 | ||||||||||
600,000 | Keurig Dr Pepper, Inc. | 4.0500 | 04/15/32 | 569,254 | ||||||||||
700,000 | Keurig Dr Pepper, Inc. | 3.8000 | 05/01/50 | 550,095 | ||||||||||
500,000 | Keurig Dr Pepper, Inc. | 4.5000 | 04/15/52 | 440,495 | ||||||||||
700,000 | Molson Coors Beverage Company | 5.0000 | 05/01/42 | 673,832 | ||||||||||
600,000 | Molson Coors Beverage Company | 4.2000 | 07/15/46 | 507,953 | ||||||||||
900,000 | PepsiCo, Inc. | 2.7500 | 03/19/30 | 818,892 | ||||||||||
700,000 | PepsiCo, Inc. | 1.6250 | 05/01/30 | 592,217 | ||||||||||
600,000 | PepsiCo, Inc. | 3.9000 | 07/18/32 | 576,419 | ||||||||||
1,100,000 | PepsiCo, Inc. | 2.6250 | 10/21/41 | 812,355 | ||||||||||
600,000 | PepsiCo, Inc. | 2.8750 | 10/15/49 | 427,862 | ||||||||||
600,000 | PepsiCo, Inc. | 2.7500 | 10/21/51 | 410,732 | ||||||||||
25,677,147 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BIOTECH & PHARMA — 6.5% | ||||||||||||||
600,000 | AbbVie, Inc. | 2.9500 | 11/21/26 | $ | 575,207 | |||||||||
900,000 | AbbVie, Inc. | 4.2500 | 11/14/28 | 895,089 | ||||||||||
2,100,000 | AbbVie, Inc. | 3.2000 | 11/21/29 | 1,956,690 | ||||||||||
1,700,000 | AbbVie, Inc. | 4.5500 | 03/15/35 | 1,663,889 | ||||||||||
300,000 | AbbVie, Inc. | 4.0500 | 11/21/39 | 270,928 | ||||||||||
1,800,000 | AbbVie, Inc. | 4.7500 | 03/15/45 | 1,709,055 | ||||||||||
2,100,000 | AbbVie, Inc. | 4.7000 | 05/14/45 | 1,990,194 | ||||||||||
2,900,000 | AbbVie, Inc. | 4.2500 | 11/21/49 | 2,545,632 | ||||||||||
1,400,000 | Amgen, Inc. | 5.1500 | 03/02/28 | 1,425,047 | ||||||||||
800,000 | Amgen, Inc. | 1.6500 | 08/15/28 | 706,487 | ||||||||||
900,000 | Amgen, Inc. | 4.0500 | 08/18/29 | 875,735 | ||||||||||
1,500,000 | Amgen, Inc. | 2.4500 | 02/21/30 | 1,328,035 | ||||||||||
600,000 | Amgen, Inc. | 2.3000 | 02/25/31 | 511,920 | ||||||||||
300,000 | Amgen, Inc. | 2.0000 | 01/15/32 | 246,181 | ||||||||||
400,000 | Amgen, Inc. | 4.2000 | 03/01/33 | 379,092 | ||||||||||
1,500,000 | Amgen, Inc. | 5.2500 | 03/02/33 | 1,529,293 | ||||||||||
800,000 | Amgen, Inc. | 3.1500 | 02/21/40 | 622,071 | ||||||||||
1,500,000 | Amgen, Inc. | 2.8000 | 08/15/41 | 1,084,742 | ||||||||||
1,300,000 | Amgen, Inc. | 5.6000 | 03/02/43 | 1,336,249 | ||||||||||
600,000 | Amgen, Inc. | 4.6630 | 06/15/51 | 537,098 | ||||||||||
1,100,000 | Amgen, Inc. | 4.2000 | 02/22/52 | 912,487 | ||||||||||
600,000 | Amgen, Inc. | 5.6500 | 03/02/53 | 618,429 | ||||||||||
1,000,000 | Amgen, Inc. | 4.4000 | 02/22/62 | 835,725 | ||||||||||
800,000 | Amgen, Inc. | 5.7500 | 03/02/63 | 825,115 | ||||||||||
1,200,000 | Astrazeneca Finance, LLC | 1.7500 | 05/28/28 | 1,075,840 | ||||||||||
1,100,000 | AstraZeneca plc | 1.3750 | 08/06/30 | 911,470 | ||||||||||
1,600,000 | AstraZeneca plc | 4.0000 | 09/18/42 | 1,423,855 | ||||||||||
800,000 | AstraZeneca plc | 3.0000 | 05/28/51 | 579,533 | ||||||||||
2,100,000 | Bristol-Myers Squibb Company | 1.1250 | 11/13/27 | 1,865,910 | ||||||||||
2,600,000 | Bristol-Myers Squibb Company | 3.9000 | 02/20/28 | 2,551,913 | ||||||||||
1,200,000 | Bristol-Myers Squibb Company | 4.1250 | 06/15/39 | 1,078,689 | ||||||||||
3,000,000 | Bristol-Myers Squibb Company | 2.3500 | 11/13/40 | 2,071,249 | ||||||||||
300,000 | Bristol-Myers Squibb Company | 3.9000 | 03/15/62 | 230,015 | ||||||||||
700,000 | Bristol-Myers Squibb Company | 6.4000 | 11/15/63 | 803,565 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BIOTECH & PHARMA — 6.5% (Continued) | ||||||||||||||
500,000 | Eli Lilly & Company | 4.7000 | 02/27/33 | $ | 509,034 | |||||||||
700,000 | Eli Lilly & Company | 4.8750 | 02/27/53 | 703,804 | ||||||||||
800,000 | Eli Lilly & Company | 4.9500 | 02/27/63 | 811,059 | ||||||||||
1,000,000 | Gilead Sciences, Inc. | 1.6500 | 10/01/30 | 835,003 | ||||||||||
1,800,000 | Gilead Sciences, Inc. | 4.5000 | 02/01/45 | 1,649,215 | ||||||||||
1,500,000 | Gilead Sciences, Inc. | 4.7500 | 03/01/46 | 1,412,312 | ||||||||||
1,100,000 | Gilead Sciences, Inc. | 5.5500 | 10/15/53 | 1,167,660 | ||||||||||
1,400,000 | GlaxoSmithKline Capital, Inc. | 6.3750 | 05/15/38 | 1,625,925 | ||||||||||
700,000 | Johnson & Johnson | 2.9500 | 03/03/27 | 676,339 | ||||||||||
800,000 | Johnson & Johnson | 0.9500 | 09/01/27 | 714,367 | ||||||||||
1,000,000 | Johnson & Johnson | 2.9000 | 01/15/28 | 956,446 | ||||||||||
1,100,000 | Johnson & Johnson | 3.4000 | 01/15/38 | 965,972 | ||||||||||
400,000 | Johnson & Johnson | 2.1000 | 09/01/40 | 281,957 | ||||||||||
1,300,000 | Johnson & Johnson | 3.7000 | 03/01/46 | 1,107,902 | ||||||||||
900,000 | Merck & Company, Inc. | 1.7000 | 06/10/27 | 827,146 | ||||||||||
1,600,000 | Merck & Company, Inc. | 3.4000 | 03/07/29 | 1,528,038 | ||||||||||
200,000 | Merck & Company, Inc. | 3.9000 | 03/07/39 | 181,074 | ||||||||||
1,400,000 | Merck & Company, Inc. | 2.3500 | 06/24/40 | 1,002,829 | ||||||||||
1,600,000 | Merck & Company, Inc. | 5.0000 | 05/17/53 | 1,602,797 | ||||||||||
1,100,000 | Merck & Company, Inc. | 5.1500 | 05/17/63 | 1,117,273 | ||||||||||
500,000 | Mylan, Inc. | 4.5500 | 04/15/28 | 488,319 | ||||||||||
500,000 | Mylan, Inc. | 5.2000 | 04/15/48 | 418,443 | ||||||||||
500,000 | Novartis Capital Corporation | 2.2000 | 08/14/30 | 440,088 | ||||||||||
1,100,000 | Pfizer Investment Enterprises Pte Ltd. | 4.4500 | 05/19/28 | 1,097,526 | ||||||||||
200,000 | Pfizer Investment Enterprises Pte Ltd. | 4.6500 | 05/19/30 | 200,526 | ||||||||||
1,400,000 | Pfizer Investment Enterprises Pte Ltd. | 4.7500 | 05/19/33 | 1,397,905 | ||||||||||
1,200,000 | Pfizer Investment Enterprises Pte Ltd. | 5.1100 | 05/19/43 | 1,193,757 | ||||||||||
2,500,000 | Pfizer Investment Enterprises Pte Ltd. | 5.3000 | 05/19/53 | 2,534,923 | ||||||||||
1,100,000 | Pfizer Investment Enterprises Pte Ltd. | 5.3400 | 05/19/63 | 1,099,436 | ||||||||||
300,000 | Pfizer, Inc. | 3.6000 | 09/15/28 | 291,432 | ||||||||||
800,000 | Pfizer, Inc. | 3.4500 | 03/15/29 | 765,090 | ||||||||||
600,000 | Pfizer, Inc. | 3.9000 | 03/15/39 | 532,356 | ||||||||||
1,000,000 | Pfizer, Inc. | 7.2000 | 03/15/39 | 1,233,387 | ||||||||||
700,000 | Pfizer, Inc. | 4.3000 | 06/15/43 | 638,890 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
BIOTECH & PHARMA — 6.5% (Continued) | ||||||||||||||
800,000 | Pfizer, Inc. | 4.4000 | 05/15/44 | $ | 748,707 | |||||||||
900,000 | Pfizer, Inc. | 4.1250 | 12/15/46 | 792,937 | ||||||||||
1,000,000 | Pfizer, Inc. | 4.0000 | 03/15/49 | 855,619 | ||||||||||
1,400,000 | Royalty Pharma plc | 3.3000 | 09/02/40 | 1,053,663 | ||||||||||
300,000 | Takeda Pharmaceutical Company Ltd. | 5.0000 | 11/26/28 | 304,186 | ||||||||||
700,000 | Takeda Pharmaceutical Company Ltd. | 2.0500 | 03/31/30 | 599,845 | ||||||||||
300,000 | Takeda Pharmaceutical Company Ltd. | 3.0250 | 07/09/40 | 230,494 | ||||||||||
400,000 | Takeda Pharmaceutical Company Ltd. | 3.1750 | 07/09/50 | 283,148 | ||||||||||
800,000 | Viatris, Inc. | 3.8500 | 06/22/40 | 604,996 | ||||||||||
1,000,000 | Wyeth, LLC | 6.5000 | 02/01/34 | 1,131,526 | ||||||||||
900,000 | Zoetis, Inc. | 4.7000 | 02/01/43 | 845,548 | ||||||||||
77,431,328 | ||||||||||||||
CABLE & SATELLITE — 2.6% | ||||||||||||||
500,000 | Charter Communications Operating, LLC / Charter | 2.2500 | 01/15/29 | 431,719 | ||||||||||
400,000 | Charter Communications Operating, LLC / Charter | 5.0500 | 03/30/29 | 393,436 | ||||||||||
300,000 | Charter Communications Operating, LLC / Charter | 2.8000 | 04/01/31 | 248,078 | ||||||||||
600,000 | Charter Communications Operating, LLC / Charter | 6.3840 | 10/23/35 | 604,604 | ||||||||||
300,000 | Charter Communications Operating, LLC / Charter | 5.3750 | 04/01/38 | 271,833 | ||||||||||
1,000,000 | Charter Communications Operating, LLC / Charter | 3.5000 | 06/01/41 | 697,473 | ||||||||||
700,000 | Charter Communications Operating, LLC / Charter | 3.5000 | 03/01/42 | 480,621 | ||||||||||
1,200,000 | Charter Communications Operating, LLC / Charter | 6.4840 | 10/23/45 | 1,152,929 | ||||||||||
900,000 | Charter Communications Operating, LLC / Charter | 5.3750 | 05/01/47 | 752,413 | ||||||||||
500,000 | Charter Communications Operating, LLC / Charter | 5.1250 | 07/01/49 | 399,451 | ||||||||||
1,100,000 | Charter Communications Operating, LLC / Charter | 4.8000 | 03/01/50 | 839,544 | ||||||||||
700,000 | Charter Communications Operating, LLC / Charter | 5.2500 | 04/01/53 | 574,431 | ||||||||||
1,100,000 | Charter Communications Operating, LLC / Charter | 4.4000 | 12/01/61 | 739,321 | ||||||||||
800,000 | Charter Communications Operating, LLC / Charter | 5.5000 | 04/01/63 | 649,299 | ||||||||||
1,000,000 | Comcast Corporation | 3.3000 | 02/01/27 | 966,362 | ||||||||||
1,000,000 | Comcast Corporation | 3.3000 | 04/01/27 | 963,984 | ||||||||||
2,600,000 | Comcast Corporation | 4.1500 | 10/15/28 | 2,562,000 | ||||||||||
500,000 | Comcast Corporation | 2.6500 | 02/01/30 | 449,412 | ||||||||||
700,000 | Comcast Corporation | 3.4000 | 04/01/30 | 652,923 | ||||||||||
400,000 | Comcast Corporation | 4.2500 | 10/15/30 | 391,076 | ||||||||||
300,000 | Comcast Corporation | 1.9500 | 01/15/31 | 251,585 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
CABLE & SATELLITE — 2.6% (Continued) | ||||||||||||||
600,000 | Comcast Corporation | 5.5000 | 11/15/32 | $ | 631,886 | |||||||||
1,000,000 | Comcast Corporation | 4.2500 | 01/15/33 | 961,058 | ||||||||||
800,000 | Comcast Corporation | 4.6500 | 02/15/33 | 798,088 | ||||||||||
300,000 | Comcast Corporation | 4.8000 | 05/15/33 | 300,712 | ||||||||||
700,000 | Comcast Corporation | 4.2000 | 08/15/34 | 665,866 | ||||||||||
500,000 | Comcast Corporation | 4.4000 | 08/15/35 | 479,811 | ||||||||||
400,000 | Comcast Corporation | 3.2000 | 07/15/36 | 336,416 | ||||||||||
900,000 | Comcast Corporation | 3.9000 | 03/01/38 | 801,341 | ||||||||||
900,000 | Comcast Corporation | 3.2500 | 11/01/39 | 724,661 | ||||||||||
1,100,000 | Comcast Corporation | 3.7500 | 04/01/40 | 941,074 | ||||||||||
1,000,000 | Comcast Corporation | 3.4000 | 07/15/46 | 766,493 | ||||||||||
1,100,000 | Comcast Corporation | 4.0000 | 08/15/47 | 920,529 | ||||||||||
900,000 | Comcast Corporation | 3.9690 | 11/01/47 | 746,447 | ||||||||||
700,000 | Comcast Corporation | 4.0000 | 03/01/48 | 579,790 | ||||||||||
1,000,000 | Comcast Corporation | 3.9990 | 11/01/49 | 824,202 | ||||||||||
1,300,000 | Comcast Corporation | 3.4500 | 02/01/50 | 978,631 | ||||||||||
600,000 | Comcast Corporation | 5.3500 | 05/15/53 | 610,914 | ||||||||||
800,000 | Comcast Corporation | 2.9870 | 11/01/63 | 503,945 | ||||||||||
1,200,000 | Comcast Corporation | 5.5000 | 05/15/64 | 1,229,846 | ||||||||||
500,000 | Time Warner Cable, LLC | 6.5500 | 05/01/37 | 499,733 | ||||||||||
500,000 | Time Warner Cable, LLC | 7.3000 | 07/01/38 | 523,926 | ||||||||||
500,000 | Time Warner Cable, LLC | 6.7500 | 06/15/39 | 496,346 | ||||||||||
400,000 | Time Warner Cable, LLC | 5.8750 | 11/15/40 | 363,075 | ||||||||||
400,000 | Time Warner Cable, LLC | 5.5000 | 09/01/41 | 351,885 | ||||||||||
600,000 | Time Warner Cable, LLC | 4.5000 | 09/15/42 | 473,964 | ||||||||||
30,983,133 | ||||||||||||||
CHEMICALS — 1.0% | ||||||||||||||
600,000 | Air Products and Chemicals, Inc. | 2.0500 | 05/15/30 | 521,695 | ||||||||||
2,600,000 | Celanese US Holdings, LLC | 6.1650 | 07/15/27 | 2,664,414 | ||||||||||
100,000 | CF Industries, Inc. | 5.1500 | 03/15/34 | 98,595 | ||||||||||
200,000 | CF Industries, Inc. | 4.9500 | 06/01/43 | 183,272 | ||||||||||
800,000 | Dow Chemical Company (The) | 2.1000 | 11/15/30 | 681,756 | ||||||||||
200,000 | Dow Chemical Company (The) | 6.9000 | 05/15/53 | 237,100 | ||||||||||
700,000 | DuPont de Nemours, Inc. | 4.7250 | 11/15/28 | 706,366 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
CHEMICALS — 1.0% (Continued) | ||||||||||||||
900,000 | DuPont de Nemours, Inc. | 5.3190 | 11/15/38 | $ | 904,745 | |||||||||
1,000,000 | DuPont de Nemours, Inc. | 5.4190 | 11/15/48 | 1,003,893 | ||||||||||
600,000 | Ecolab, Inc. | 2.7000 | 11/01/26 | 575,529 | ||||||||||
700,000 | International Flavors & Fragrances, Inc. | 5.0000 | 09/26/48 | 598,517 | ||||||||||
1,300,000 | LYB International Finance BV | 5.2500 | 07/15/43 | 1,233,138 | ||||||||||
400,000 | LYB International Finance III, LLC | 3.3750 | 10/01/40 | 307,158 | ||||||||||
300,000 | Nutrien Ltd. | 4.9000 | 03/27/28 | 301,506 | ||||||||||
600,000 | Nutrien Ltd. | 5.0000 | 04/01/49 | 563,309 | ||||||||||
500,000 | Nutrien Ltd. | 5.8000 | 03/27/53 | 521,338 | ||||||||||
1,200,000 | Sherwin-Williams Company | 4.5000 | 06/01/47 | 1,077,331 | ||||||||||
12,179,662 | ||||||||||||||
COMMERCIAL SUPPORT SERVICES — 0.3% | ||||||||||||||
600,000 | Republic Services, Inc. | 3.9500 | 05/15/28 | 587,623 | ||||||||||
200,000 | Republic Services, Inc. | 1.7500 | 02/15/32 | 160,530 | ||||||||||
500,000 | Republic Services, Inc. | 5.0000 | 04/01/34 | 504,885 | ||||||||||
300,000 | Waste Connections, Inc. | 4.2000 | 01/15/33 | 287,776 | ||||||||||
500,000 | Waste Connections, Inc. | 2.9500 | 01/15/52 | 345,127 | ||||||||||
600,000 | Waste Management, Inc. | 4.8750 | 02/15/29 | 610,819 | ||||||||||
300,000 | Waste Management, Inc. | 4.6250 | 02/15/30 | 301,476 | ||||||||||
400,000 | Waste Management, Inc. | 4.1500 | 04/15/32 | 385,159 | ||||||||||
600,000 | Waste Management, Inc. | 4.8750 | 02/15/34 | 603,688 | ||||||||||
3,787,083 | ||||||||||||||
CONTAINERS & PACKAGING — 0.1% | ||||||||||||||
600,000 | Amcor Flexibles North America, Inc. | 2.6900 | 05/25/31 | 516,761 | ||||||||||
1,100,000 | WRKCo, Inc. | 4.9000 | 03/15/29 | 1,104,881 | ||||||||||
1,621,642 | ||||||||||||||
DIVERSIFIED INDUSTRIALS — 0.5% | ||||||||||||||
400,000 | 3M Company | 2.8750 | 10/15/27 | 376,444 | ||||||||||
800,000 | 3M Company | 3.3750 | 03/01/29 | 746,321 | ||||||||||
800,000 | 3M Company | 3.2500 | 08/26/49 | 574,380 | ||||||||||
1,000,000 | Emerson Electric Company | 2.0000 | 12/21/28 | 894,455 | ||||||||||
1,000,000 | Honeywell International, Inc. | 4.5000 | 01/15/34 | 988,957 | ||||||||||
500,000 | Honeywell International, Inc. | 2.8000 | 06/01/50 | 371,321 | ||||||||||
800,000 | Illinois Tool Works, Inc. | 3.9000 | 09/01/42 | 710,680 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
DIVERSIFIED INDUSTRIALS — 0.5% (Continued) | ||||||||||||||
600,000 | Parker-Hannifin Corporation | 4.2500 | 09/15/27 | $ | 593,685 | |||||||||
700,000 | Parker-Hannifin Corporation | 3.2500 | 06/14/29 | 655,601 | ||||||||||
600,000 | Parker-Hannifin Corporation | 4.5000 | 09/15/29 | 599,086 | ||||||||||
6,510,930 | ||||||||||||||
E-COMMERCE DISCRETIONARY — 1.3% | ||||||||||||||
1,700,000 | Amazon.com, Inc. | 3.3000 | 04/13/27 | 1,650,595 | ||||||||||
1,500,000 | Amazon.com, Inc. | 1.6500 | 05/12/28 | 1,351,347 | ||||||||||
1,000,000 | Amazon.com, Inc. | 3.4500 | 04/13/29 | 964,602 | ||||||||||
1,300,000 | Amazon.com, Inc. | 1.5000 | 06/03/30 | 1,098,401 | ||||||||||
700,000 | Amazon.com, Inc. | 2.1000 | 05/12/31 | 598,023 | ||||||||||
700,000 | Amazon.com, Inc. | 3.6000 | 04/13/32 | 660,390 | ||||||||||
700,000 | Amazon.com, Inc. | 4.7000 | 12/01/32 | 712,198 | ||||||||||
600,000 | Amazon.com, Inc. | 3.8750 | 08/22/37 | 552,248 | ||||||||||
1,000,000 | Amazon.com, Inc. | 2.8750 | 05/12/41 | 775,591 | ||||||||||
800,000 | Amazon.com, Inc. | 4.9500 | 12/05/44 | 818,160 | ||||||||||
1,400,000 | Amazon.com, Inc. | 4.0500 | 08/22/47 | 1,247,420 | ||||||||||
1,400,000 | Amazon.com, Inc. | 3.1000 | 05/12/51 | 1,024,377 | ||||||||||
1,000,000 | Amazon.com, Inc. | 3.9500 | 04/13/52 | 855,579 | ||||||||||
900,000 | Amazon.com, Inc. | 4.2500 | 08/22/57 | 802,225 | ||||||||||
600,000 | Amazon.com, Inc. | 2.7000 | 06/03/60 | 383,417 | ||||||||||
500,000 | Amazon.com, Inc. | 3.2500 | 05/12/61 | 359,203 | ||||||||||
200,000 | Amazon.com, Inc. | 4.1000 | 04/13/62 | 171,817 | ||||||||||
600,000 | eBay, Inc. | 2.7000 | 03/11/30 | 534,730 | ||||||||||
800,000 | eBay, Inc. | 4.0000 | 07/15/42 | 657,035 | ||||||||||
15,217,358 | ||||||||||||||
ELEC & GAS MARKETING & TRADING — 0.1% | ||||||||||||||
600,000 | Consolidated Edison Company of New York, Inc. | 4.4500 | 03/15/44 | 534,562 | ||||||||||
700,000 | Consolidated Edison Company of New York, Inc. | 3.6000 | 06/15/61 | 519,988 | ||||||||||
1,054,550 | ||||||||||||||
ELECTRIC UTILITIES — 3.0% | ||||||||||||||
900,000 | AES Corporation | 5.4500 | 06/01/28 | 912,050 | ||||||||||
300,000 | American Electric Power Company, Inc. | 5.6250 | 03/01/33 | 309,420 | ||||||||||
700,000 | Avangrid, Inc. | 3.8000 | 06/01/29 | 658,654 | ||||||||||
200,000 | Berkshire Hathaway Energy Company | 3.7000 | 07/15/30 | 187,852 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
ELECTRIC UTILITIES — 3.0% (Continued) | ||||||||||||||
700,000 | Berkshire Hathaway Energy Company | 5.1500 | 11/15/43 | $ | 694,123 | |||||||||
600,000 | Berkshire Hathaway Energy Company | 4.4500 | 01/15/49 | 521,118 | ||||||||||
600,000 | Berkshire Hathaway Energy Company | 4.2500 | 10/15/50 | 499,340 | ||||||||||
600,000 | Berkshire Hathaway Energy Company | 4.6000 | 05/01/53 | 529,795 | ||||||||||
200,000 | Constellation Energy Generation, LLC | 5.6000 | 03/01/28 | 205,915 | ||||||||||
400,000 | Constellation Energy Generation, LLC | 6.2500 | 10/01/39 | 427,712 | ||||||||||
100,000 | Constellation Energy Generation, LLC | 5.6000 | 06/15/42 | 99,449 | ||||||||||
300,000 | Constellation Energy Generation, LLC | 6.5000 | 10/01/53 | 335,670 | ||||||||||
600,000 | Dominion Energy, Inc. | 3.3750 | 04/01/30 | 548,638 | ||||||||||
600,000 | Dominion Energy, Inc. | 2.2500 | 08/15/31 | 494,676 | ||||||||||
400,000 | DTE Energy Company Series C | 4.8750 | 06/01/28 | 401,550 | ||||||||||
500,000 | Duke Energy Carolinas, LLC | 5.3000 | 02/15/40 | 506,017 | ||||||||||
500,000 | Duke Energy Carolinas, LLC | 5.3500 | 01/15/53 | 502,900 | ||||||||||
300,000 | Duke Energy Corporation | 2.4500 | 06/01/30 | 261,346 | ||||||||||
300,000 | Duke Energy Corporation | 2.5500 | 06/15/31 | 255,215 | ||||||||||
400,000 | Duke Energy Corporation | 4.5000 | 08/15/32 | 384,330 | ||||||||||
100,000 | Duke Energy Corporation | 3.3000 | 06/15/41 | 76,461 | ||||||||||
700,000 | Duke Energy Corporation | 3.7500 | 09/01/46 | 539,043 | ||||||||||
500,000 | Duke Energy Corporation | 5.0000 | 08/15/52 | 462,368 | ||||||||||
400,000 | Duke Energy Corporation | 6.1000 | 09/15/53 | 431,396 | ||||||||||
500,000 | Duke Energy Florida, LLC | 6.4000 | 06/15/38 | 556,621 | ||||||||||
600,000 | Emera US Finance, L.P. | 4.7500 | 06/15/46 | 495,692 | ||||||||||
800,000 | Eversource Energy | 5.4500 | 03/01/28 | 814,624 | ||||||||||
200,000 | Eversource Energy | 5.1250 | 05/15/33 | 196,754 | ||||||||||
400,000 | Exelon Corporation | 5.3000 | 03/15/33 | 404,113 | ||||||||||
300,000 | Florida Power & Light Company | 2.4500 | 02/03/32 | 255,719 | ||||||||||
300,000 | Florida Power & Light Company | 5.1000 | 04/01/33 | 308,027 | ||||||||||
400,000 | Florida Power & Light Company | 4.8000 | 05/15/33 | 401,742 | ||||||||||
800,000 | Florida Power & Light Company | 3.1500 | 10/01/49 | 577,964 | ||||||||||
600,000 | Florida Power & Light Company | 5.3000 | 04/01/53 | 616,063 | ||||||||||
200,000 | Georgia Power Company | 4.6500 | 05/16/28 | 200,371 | ||||||||||
400,000 | Georgia Power Company | 5.1250 | 05/15/52 | 394,491 | ||||||||||
800,000 | MidAmerican Energy Company | 5.8500 | 09/15/54 | 874,004 | ||||||||||
400,000 | National Grid plc | 5.8090 | 06/12/33 | 416,339 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
ELECTRIC UTILITIES — 3.0% (Continued) | ||||||||||||||
800,000 | NextEra Energy Capital Holdings, Inc. | 3.5500 | 05/01/27 | $ | 770,550 | |||||||||
1,000,000 | NextEra Energy Capital Holdings, Inc. | 2.7500 | 11/01/29 | 895,071 | ||||||||||
600,000 | NextEra Energy Capital Holdings, Inc. | 2.2500 | 06/01/30 | 512,674 | ||||||||||
300,000 | NextEra Energy Capital Holdings, Inc. | 5.0000 | 07/15/32 | 298,574 | ||||||||||
300,000 | NextEra Energy Capital Holdings, Inc. | 5.0500 | 02/28/33 | 299,046 | ||||||||||
600,000 | NextEra Energy Capital Holdings, Inc. | 5.2500 | 02/28/53 | 577,580 | ||||||||||
300,000 | Northern States Power Company | 5.1000 | 05/15/53 | 297,445 | ||||||||||
1,100,000 | Pacific Gas and Electric Company | 2.1000 | 08/01/27 | 995,639 | ||||||||||
800,000 | Pacific Gas and Electric Company | 3.0000 | 06/15/28 | 733,959 | ||||||||||
800,000 | Pacific Gas and Electric Company | 6.1000 | 01/15/29 | 829,309 | ||||||||||
1,400,000 | Pacific Gas and Electric Company | 4.5500 | 07/01/30 | 1,337,802 | ||||||||||
1,600,000 | Pacific Gas and Electric Company | 3.2500 | 06/01/31 | 1,389,316 | ||||||||||
1,700,000 | Pacific Gas and Electric Company | 4.5000 | 07/01/40 | 1,463,906 | ||||||||||
300,000 | Pacific Gas and Electric Company | 3.3000 | 08/01/40 | 222,110 | ||||||||||
200,000 | Pacific Gas and Electric Company | 3.9500 | 12/01/47 | 149,253 | ||||||||||
800,000 | Pacific Gas and Electric Company | 4.9500 | 07/01/50 | 696,572 | ||||||||||
500,000 | PacifiCorporation | 5.3500 | 12/01/53 | 474,339 | ||||||||||
600,000 | PacifiCorporation | 5.5000 | 05/15/54 | 580,896 | ||||||||||
300,000 | PPL Electric Utilities Corporation | 5.2500 | 05/15/53 | 302,262 | ||||||||||
400,000 | Public Service Company of Colorado | 5.2500 | 04/01/53 | 393,416 | ||||||||||
500,000 | San Diego Gas & Electric Company | 5.3500 | 04/01/53 | 500,260 | ||||||||||
300,000 | Sempra | 3.2500 | 06/15/27 | 284,983 | ||||||||||
400,000 | Sempra | 3.4000 | 02/01/28 | 380,936 | ||||||||||
800,000 | Sempra | 3.8000 | 02/01/38 | 679,842 | ||||||||||
400,000 | Sempra | 4.0000 | 02/01/48 | 323,252 | ||||||||||
800,000 | Southern California Edison Company | 4.0000 | 04/01/47 | 649,634 | ||||||||||
500,000 | Southern California Edison Company | 4.1250 | 03/01/48 | 411,680 | ||||||||||
600,000 | Southern California Edison Company | 3.6500 | 02/01/50 | 456,703 | ||||||||||
500,000 | Southern Company | 3.7000 | 04/30/30 | 470,252 | ||||||||||
300,000 | Southern Company | 5.2000 | 06/15/33 | 303,504 | ||||||||||
800,000 | Southern Company | 4.4000 | 07/01/46 | 702,140 | ||||||||||
600,000 | Virginia Electric and Power Company | 5.4500 | 04/01/53 | 611,375 | ||||||||||
35,751,842 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
ELECTRICAL EQUIPMENT — 0.4% | ||||||||||||||
600,000 | Amphenol Corporation | 2.8000 | 02/15/30 | $ | 543,739 | |||||||||
400,000 | Amphenol Corporation | 2.2000 | 09/15/31 | 333,445 | ||||||||||
1,000,000 | Carrier Global Corporation | 2.7220 | 02/15/30 | 892,902 | ||||||||||
300,000 | Carrier Global Corporation | 2.7000 | 02/15/31 | 261,890 | ||||||||||
700,000 | Carrier Global Corporation | 3.3770 | 04/05/40 | 560,772 | ||||||||||
800,000 | Carrier Global Corporation | 3.5770 | 04/05/50 | 612,301 | ||||||||||
700,000 | Otis Worldwide Corporation | 2.5650 | 02/15/30 | 619,594 | ||||||||||
500,000 | Otis Worldwide Corporation | 3.1120 | 02/15/40 | 396,593 | ||||||||||
4,221,236 | ||||||||||||||
ENTERTAINMENT CONTENT — 1.6% | ||||||||||||||
200,000 | Discovery Communications, LLC | 3.6250 | 05/15/30 | 181,279 | ||||||||||
400,000 | Discovery Communications, LLC | 5.3000 | 05/15/49 | 346,586 | ||||||||||
400,000 | Discovery Communications, LLC | 4.6500 | 05/15/50 | 320,939 | ||||||||||
700,000 | Discovery Communications, LLC | 4.0000 | 09/15/55 | 494,315 | ||||||||||
1,100,000 | Fox Corporation | 4.7090 | 01/25/29 | 1,090,832 | ||||||||||
200,000 | Fox Corporation | 6.5000 | 10/13/33 | 215,571 | ||||||||||
500,000 | Fox Corporation | 5.4760 | 01/25/39 | 489,428 | ||||||||||
200,000 | Fox Corporation | 5.5760 | 01/25/49 | 191,858 | ||||||||||
600,000 | Paramount Global | 4.9500 | 01/15/31 | 567,245 | ||||||||||
500,000 | Paramount Global | 4.2000 | 05/19/32 | 444,768 | ||||||||||
1,000,000 | Paramount Global | 4.3750 | 03/15/43 | 721,542 | ||||||||||
400,000 | Time Warner Cable Enterprises, LLC | 8.3750 | 07/15/33 | 458,565 | ||||||||||
600,000 | TWDC Enterprises 18 Corporation | 4.1250 | 06/01/44 | 528,530 | ||||||||||
700,000 | Walt Disney Company | 2.2000 | 01/13/28 | 647,884 | ||||||||||
900,000 | Walt Disney Company | 3.8000 | 03/22/30 | 867,810 | ||||||||||
700,000 | Walt Disney Compan | 2.6500 | 01/13/31 | 620,614 | ||||||||||
400,000 | Walt Disney Company | 6.2000 | 12/15/34 | 447,344 | ||||||||||
400,000 | Walt Disney Company | 6.4000 | 12/15/35 | 454,092 | ||||||||||
600,000 | Walt Disney Company | 6.6500 | 11/15/37 | 697,755 | ||||||||||
300,000 | Walt Disney Company | 4.6250 | 03/23/40 | 288,884 | ||||||||||
700,000 | Walt Disney Company | 3.5000 | 05/13/40 | 579,690 | ||||||||||
700,000 | Walt Disney Company | 4.7000 | 03/23/50 | 664,971 | ||||||||||
1,200,000 | Walt Disney Company | 3.6000 | 01/13/51 | 938,543 | ||||||||||
700,000 | Walt Disney Company | 3.8000 | 05/13/60 | 552,396 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
ENTERTAINMENT CONTENT — 1.6% (Continued) | ||||||||||||||
900,000 | Warnermedia Holdings, Inc. | 3.7550 | 03/15/27 | $ | 864,687 | |||||||||
400,000 | Warnermedia Holdings, Inc. | 4.0540 | 03/15/29 | 378,589 | ||||||||||
1,200,000 | Warnermedia Holdings, Inc. | 4.2790 | 03/15/32 | 1,097,812 | ||||||||||
1,300,000 | Warnermedia Holdings, Inc. | 5.0500 | 03/15/42 | 1,150,716 | ||||||||||
2,100,000 | Warnermedia Holdings, Inc. | 5.1410 | 03/15/52 | 1,799,996 | ||||||||||
900,000 | Warnermedia Holdings, Inc. | 5.3910 | 03/15/62 | 773,420 | ||||||||||
18,876,661 | ||||||||||||||
FOOD — 1.0% | ||||||||||||||
900,000 | Conagra Brands, Inc. | 5.4000 | 11/01/48 | 859,318 | ||||||||||
800,000 | General Mills, Inc. | 2.8750 | 04/15/30 | 721,091 | ||||||||||
700,000 | General Mills, Inc. | 4.9500 | 03/29/33 | 700,256 | ||||||||||
600,000 | Hormel Foods Corporation | 1.8000 | 06/11/30 | 508,244 | ||||||||||
400,000 | J M Smucker Company | 5.9000 | 11/15/28 | 418,320 | ||||||||||
300,000 | J M Smucker Company | 6.2000 | 11/15/33 | 324,525 | ||||||||||
400,000 | J M Smucker Company | 6.5000 | 11/15/43 | 445,351 | ||||||||||
400,000 | J M Smucker Company | 6.5000 | 11/15/53 | 451,733 | ||||||||||
500,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS(b) | 6.7500 | 03/15/34 | 526,573 | ||||||||||
500,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS(b) | 7.2500 | 11/15/53 | 544,928 | ||||||||||
400,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA | 5.5000 | 01/15/30 | 391,041 | ||||||||||
400,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA | 3.6250 | 01/15/32 | 340,787 | ||||||||||
200,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA | 3.0000 | 05/15/32 | 162,663 | ||||||||||
400,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA | 4.3750 | 02/02/52 | 297,982 | ||||||||||
500,000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA | 6.5000 | 12/01/52 | 503,434 | ||||||||||
2,600,000 | Kraft Heinz Foods Company | 4.3750 | 06/01/46 | 2,244,455 | ||||||||||
700,000 | Mondelez International, Inc. | 2.6250 | 03/17/27 | 661,135 | ||||||||||
700,000 | Mondelez International, Inc. | 3.0000 | 03/17/32 | 616,509 | ||||||||||
1,200,000 | Tyson Foods, Inc. | 5.1000 | 09/28/48 | 1,083,197 | ||||||||||
11,801,542 | ||||||||||||||
GAS & WATER UTILITIES — 0.2% | ||||||||||||||
800,000 | American Water Capital Corporation | 4.4500 | 06/01/32 | 786,611 | ||||||||||
200,000 | CenterPoint Energy Resources Corporation | 5.2500 | 03/01/28 | 204,775 | ||||||||||
500,000 | NiSource, Inc. | 3.4900 | 05/15/27 | 481,721 | ||||||||||
300,000 | NiSource, Inc. | 5.2500 | 03/30/28 | 306,000 | ||||||||||
300,000 | NiSource, Inc. | 4.3750 | 05/15/47 | 257,397 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
GAS & WATER UTILITIES — 0.2% (Continued) | ||||||||||||||
200,000 | NiSource, Inc. | 3.9500 | 03/30/48 | $ | 159,206 | |||||||||
2,195,710 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 4.1% | ||||||||||||||
400,000 | Aetna, Inc. | 6.6250 | 06/15/36 | 447,719 | ||||||||||
1,500,000 | Centene Corporation | 4.6250 | 12/15/29 | 1,438,370 | ||||||||||
900,000 | Centene Corporation | 3.3750 | 02/15/30 | 805,782 | ||||||||||
1,100,000 | Centene Corporation | 3.0000 | 10/15/30 | 952,919 | ||||||||||
900,000 | Centene Corporation | 2.6250 | 08/01/31 | 747,141 | ||||||||||
400,000 | Cigna Group | 3.4000 | 03/01/27 | 384,628 | ||||||||||
2,100,000 | Cigna Group | 4.3750 | 10/15/28 | 2,070,752 | ||||||||||
900,000 | Cigna Group | 2.3750 | 03/15/31 | 764,293 | ||||||||||
500,000 | Cigna Group | 5.4000 | 03/15/33 | 516,124 | ||||||||||
900,000 | Cigna Group | 4.8000 | 08/15/38 | 866,752 | ||||||||||
1,200,000 | Cigna Group | 3.2000 | 03/15/40 | 924,734 | ||||||||||
1,400,000 | Cigna Group | 3.4000 | 03/15/51 | 1,016,947 | ||||||||||
1,500,000 | CVS Health Corporation | 5.0000 | 01/30/29 | 1,517,173 | ||||||||||
1,200,000 | CVS Health Corporation | 5.1250 | 02/21/30 | 1,211,688 | ||||||||||
100,000 | CVS Health Corporation | 5.2500 | 01/30/31 | 101,664 | ||||||||||
1,600,000 | CVS Health Corporation | 5.3000 | 06/01/33 | 1,620,867 | ||||||||||
400,000 | CVS Health Corporation | 4.7800 | 03/25/38 | 375,492 | ||||||||||
1,200,000 | CVS Health Corporation | 4.1250 | 04/01/40 | 1,017,920 | ||||||||||
300,000 | CVS Health Corporation | 2.7000 | 08/21/40 | 211,208 | ||||||||||
1,600,000 | CVS Health Corporation | 5.3000 | 12/05/43 | 1,546,170 | ||||||||||
1,000,000 | CVS Health Corporation | 5.0500 | 03/25/48 | 917,938 | ||||||||||
1,500,000 | CVS Health Corporation | 5.8750 | 06/01/53 | 1,540,680 | ||||||||||
700,000 | CVS Health Corporation | 6.0000 | 06/01/63 | 726,728 | ||||||||||
1,100,000 | Elevance Health, Inc. | 4.1010 | 03/01/28 | 1,079,823 | ||||||||||
900,000 | Elevance Health, Inc. | 4.7500 | 02/15/33 | 890,428 | ||||||||||
1,100,000 | Elevance Health, Inc. | 3.7000 | 09/15/49 | 863,087 | ||||||||||
1,400,000 | Elevance Health, Inc. | 3.1250 | 05/15/50 | 988,166 | ||||||||||
900,000 | Elevance Health, Inc. | 5.1250 | 02/15/53 | 881,973 | ||||||||||
800,000 | HCA, Inc. | 3.1250 | 03/15/27 | 760,752 | ||||||||||
1,000,000 | HCA, Inc. | 5.2000 | 06/01/28 | 1,009,812 | ||||||||||
1,500,000 | HCA, Inc. | 4.1250 | 06/15/29 | 1,430,994 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 4.1% (Continued) | ||||||||||||||
1,200,000 | HCA, Inc. | 2.3750 | 07/15/31 | $ | 993,953 | |||||||||
1,100,000 | HCA, Inc. | 5.5000 | 06/01/33 | 1,117,287 | ||||||||||
1,400,000 | HCA, Inc. | 3.5000 | 07/15/51 | 981,601 | ||||||||||
1,200,000 | HCA, Inc. | 5.9000 | 06/01/53 | 1,221,429 | ||||||||||
700,000 | Humana, Inc. | 1.3500 | 02/03/27 | 632,683 | ||||||||||
900,000 | Humana, Inc. | 3.7000 | 03/23/29 | 854,925 | ||||||||||
800,000 | Humana, Inc. | 5.8750 | 03/01/33 | 837,272 | ||||||||||
600,000 | UnitedHealth Group, Inc. | 5.2500 | 02/15/28 | 619,150 | ||||||||||
1,000,000 | UnitedHealth Group, Inc. | 4.2500 | 01/15/29 | 991,368 | ||||||||||
800,000 | UnitedHealth Group, Inc. | 4.0000 | 05/15/29 | 780,325 | ||||||||||
1,200,000 | UnitedHealth Group, Inc. | 2.3000 | 05/15/31 | 1,030,203 | ||||||||||
1,000,000 | UnitedHealth Group, Inc. | 4.5000 | 04/15/33 | 984,244 | ||||||||||
900,000 | UnitedHealth Group, Inc. | 4.6250 | 07/15/35 | 899,465 | ||||||||||
500,000 | UnitedHealth Group, Inc. | 3.5000 | 08/15/39 | 422,965 | ||||||||||
400,000 | UnitedHealth Group, Inc. | 2.7500 | 05/15/40 | 302,134 | ||||||||||
700,000 | UnitedHealth Group, Inc. | 4.2500 | 03/15/43 | 634,555 | ||||||||||
1,200,000 | UnitedHealth Group, Inc. | 4.7500 | 07/15/45 | 1,157,970 | ||||||||||
1,500,000 | UnitedHealth Group, Inc. | 5.8750 | 02/15/53 | 1,668,049 | ||||||||||
1,500,000 | UnitedHealth Group, Inc. | 5.0500 | 04/15/53 | 1,489,460 | ||||||||||
1,100,000 | UnitedHealth Group, Inc. | 3.8750 | 08/15/59 | 881,126 | ||||||||||
1,300,000 | UnitedHealth Group, Inc. | 6.0500 | 02/15/63 | 1,482,724 | ||||||||||
49,611,612 | ||||||||||||||
HOUSEHOLD PRODUCTS — 0.5% | ||||||||||||||
700,000 | Haleon US Capital, LLC | 4.0000 | 03/24/52 | 588,169 | ||||||||||
400,000 | Kenvue, Inc. | 5.0500 | 03/22/28 | 408,946 | ||||||||||
300,000 | Kenvue, Inc. | 5.0000 | 03/22/30 | 307,298 | ||||||||||
400,000 | Kenvue, Inc. | 4.9000 | 03/22/33 | 407,831 | ||||||||||
800,000 | Kenvue, Inc. | 5.0500 | 03/22/53 | 806,308 | ||||||||||
500,000 | Kenvue, Inc. | 5.2000 | 03/22/63 | 508,428 | ||||||||||
300,000 | Procter & Gamble Company | 3.0000 | 03/25/30 | 279,833 | ||||||||||
500,000 | Procter & Gamble Company | 4.0500 | 01/26/33 | 491,378 | ||||||||||
800,000 | Unilever Capital Corporation | 5.9000 | 11/15/32 | 872,340 | ||||||||||
700,000 | Unilever Capital Corporation | 5.0000 | 12/08/33 | 718,202 | ||||||||||
5,388,733 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 4.6% | ||||||||||||||
600,000 | Bank of New York Mellon Corporation(a) | SOFRRATE + 1.598% | 6.3170 | 10/25/29 | $ | 637,157 | ||||||||
300,000 | Bank of New York Mellon Corporation(a) | SOFRRATE + 1.845% | 6.4740 | 10/25/34 | 331,258 | |||||||||
300,000 | Brookfield Finance, Inc. | 4.8500 | 03/29/29 | 299,000 | ||||||||||
300,000 | Brookfield Finance, Inc. | 4.3500 | 04/15/30 | 288,940 | ||||||||||
500,000 | CME Group, Inc. | 5.3000 | 09/15/43 | 518,359 | ||||||||||
1,000,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.114% | 2.6400 | 02/24/28 | 932,118 | |||||||||
1,400,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.846% | 3.6150 | 03/15/28 | 1,343,615 | |||||||||
1,100,000 | Goldman Sachs Group, Inc. (a) | TSFR3M + 1.772% | 3.6910 | 06/05/28 | 1,056,822 | |||||||||
900,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.725% | 4.4820 | 08/23/28 | 886,958 | |||||||||
800,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.770% | 6.4840 | 10/24/29 | 849,211 | |||||||||
1,400,000 | Goldman Sachs Group, Inc. | 2.6000 | 02/07/30 | 1,231,799 | ||||||||||
600,000 | Goldman Sachs Group, Inc. | 3.8000 | 03/15/30 | 564,596 | ||||||||||
1,100,000 | Goldman Sachs Group, Inc(a) | SOFRRATE + 1.090% | 1.9920 | 01/27/32 | 895,056 | |||||||||
1,500,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.281% | 2.6150 | 04/22/32 | 1,265,115 | |||||||||
1,500,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.248% | 2.3830 | 07/21/32 | 1,235,971 | |||||||||
1,400,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.264% | 2.6500 | 10/21/32 | 1,171,104 | |||||||||
1,800,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.410% | 3.1020 | 02/24/33 | 1,550,016 | |||||||||
500,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.950% | 6.5610 | 10/24/34 | 550,639 | |||||||||
800,000 | Goldman Sachs Group, Inc.(a) | TSFR3M + 1.635% | 4.0170 | 10/31/38 | 706,455 | |||||||||
500,000 | Goldman Sachs Group, Inc.(a) | TSFR3M + 1.692% | 4.4110 | 04/23/39 | 455,022 | |||||||||
1,500,000 | Goldman Sachs Group, Inc. | 6.2500 | 02/01/41 | 1,667,297 | ||||||||||
700,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.513% | 3.2100 | 04/22/42 | 539,955 | |||||||||
800,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.472% | 2.9080 | 07/21/42 | 591,061 | |||||||||
900,000 | Goldman Sachs Group, Inc.(a) | SOFRRATE + 1.632% | 3.4360 | 02/24/43 | 709,298 | |||||||||
600,000 | Goldman Sachs Group, Inc. | 4.8000 | 07/08/44 | 571,427 | ||||||||||
700,000 | Goldman Sachs Group, Inc. | 5.1500 | 05/22/45 | 687,553 | ||||||||||
500,000 | Goldman Sachs Group, Inc. | 4.7500 | 10/21/45 | 473,943 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 4.6% (Continued) | ||||||||||||||
500,000 | Intercontinental Exchange, Inc. | 4.0000 | 09/15/27 | $ | 488,431 | |||||||||
400,000 | Intercontinental Exchange, Inc. | 1.8500 | 09/15/32 | 316,553 | ||||||||||
600,000 | Intercontinental Exchange, Inc. | 2.6500 | 09/15/40 | 440,218 | ||||||||||
500,000 | Intercontinental Exchange, Inc. | 4.2500 | 09/21/48 | 435,353 | ||||||||||
700,000 | Intercontinental Exchange, Inc. | 3.0000 | 06/15/50 | 488,146 | ||||||||||
700,000 | Intercontinental Exchange, Inc. | 4.9500 | 06/15/52 | 681,085 | ||||||||||
500,000 | Intercontinental Exchange, Inc. | 5.2000 | 06/15/62 | 503,270 | ||||||||||
1,500,000 | Jefferies Financial Group, Inc. | 5.8750 | 07/21/28 | 1,550,515 | ||||||||||
600,000 | Morgan Stanley | 3.9500 | 04/23/27 | 583,822 | ||||||||||
500,000 | Morgan Stanley(a) | SOFRRATE + 1.000% | 2.4750 | 01/21/28 | 466,184 | |||||||||
800,000 | Morgan Stanley(a) | SOFRRATE + 1.610% | 4.2100 | 04/20/28 | 781,503 | |||||||||
800,000 | Morgan Stanley Series I(a) | SOFRRATE + 2.240% | 6.2960 | 10/18/28 | 836,554 | |||||||||
1,100,000 | Morgan Stanley(a) | TSFR3M + 1.402% | 3.7720 | 01/24/29 | 1,051,837 | |||||||||
700,000 | Morgan Stanley(a) | SOFRRATE + 1.730% | 5.1230 | 02/01/29 | 702,480 | |||||||||
800,000 | Morgan Stanley(a) | SOFRRATE + 1.590% | 5.1640 | 04/20/29 | 805,131 | |||||||||
700,000 | Morgan Stanley Series I(a) | SOFRRATE + 1.630% | 5.4490 | 07/20/29 | 712,963 | |||||||||
300,000 | Morgan Stanley(a) | SOFRRATE + 1.830% | 6.4070 | 11/01/29 | 317,841 | |||||||||
1,300,000 | Morgan Stanley(a) | TSFR3M + 1.890% | 4.4310 | 01/23/30 | 1,267,091 | |||||||||
1,400,000 | Morgan Stanley Series GMTN(a) | SOFRRATE + 1.143% | 2.6990 | 01/22/31 | 1,228,138 | |||||||||
1,000,000 | Morgan Stanley(a) | SOFRRATE + 3.120% | 3.6220 | 04/01/31 | 922,553 | |||||||||
900,000 | Morgan Stanley(a) | SOFRRATE + 1.034% | 1.7940 | 02/13/32 | 722,523 | |||||||||
300,000 | Morgan Stanley | 7.2500 | 04/01/32 | 349,582 | ||||||||||
900,000 | Morgan Stanley(a) | SOFRRATE + 1.020% | 1.9280 | 04/28/32 | 725,407 | |||||||||
1,300,000 | Morgan Stanley(a) | SOFRRATE + 1.178% | 2.2390 | 07/21/32 | 1,065,306 | |||||||||
900,000 | Morgan Stanley(a) | SOFRRATE + 1.200% | 2.5110 | 10/20/32 | 749,114 | |||||||||
800,000 | Morgan Stanley(a) | SOFRRATE + 2.076% | 4.8890 | 07/20/33 | 783,072 | |||||||||
1,100,000 | Morgan Stanley(a) | SOFRRATE + 2.560% | 6.3420 | 10/18/33 | 1,186,098 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES — 4.6% (Continued) | ||||||||||||||
1,200,000 | Morgan Stanley(a) | SOFRRATE + 1.870% | 5.2500 | 04/21/34 | $ | 1,199,993 | ||||||||
700,000 | Morgan Stanley(a) | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 709,213 | |||||||||
500,000 | Morgan Stanley(a) | SOFRRATE + 2.050% | 6.6270 | 11/01/34 | 553,111 | |||||||||
800,000 | Morgan Stanley(a) | US0003M + 1.455% | 3.9710 | 07/22/38 | 701,183 | |||||||||
1,000,000 | Morgan Stanley | 6.3750 | 07/24/42 | 1,143,717 | ||||||||||
900,000 | Morgan Stanley | 4.3000 | 01/27/45 | 802,872 | ||||||||||
800,000 | Morgan Stanley | 4.3750 | 01/22/47 | 713,312 | ||||||||||
700,000 | Morgan Stanley(a) | SOFRRATE + 4.840% | 5.5970 | 03/24/51 | 751,657 | |||||||||
500,000 | Nasdaq, Inc. | 5.3500 | 06/28/28 | 512,702 | ||||||||||
600,000 | Nasdaq, Inc. | 5.5500 | 02/15/34 | 621,151 | ||||||||||
400,000 | Nasdaq, Inc. | 5.9500 | 08/15/53 | 427,275 | ||||||||||
400,000 | Nasdaq, Inc. | 6.1000 | 06/28/63 | 431,318 | ||||||||||
1,600,000 | Nomura Holdings, Inc. | 2.1720 | 07/14/28 | 1,407,678 | ||||||||||
1,200,000 | Nomura Holdings, Inc. | 2.9990 | 01/22/32 | 1,011,472 | ||||||||||
500,000 | Northern Trust Corporation | 4.0000 | 05/10/27 | 493,145 | ||||||||||
400,000 | Northern Trust Corporation | 6.1250 | 11/02/32 | 430,894 | ||||||||||
500,000 | State Street Corporation | 2.4000 | 01/24/30 | 446,215 | ||||||||||
54,527,423 | ||||||||||||||
INSURANCE — 1.5% | ||||||||||||||
1,000,000 | American International Group, Inc. | 5.1250 | 03/27/33 | 1,011,698 | ||||||||||
600,000 | Aon Corp / Aon Global Holdings plc | 3.9000 | 02/28/52 | 472,893 | ||||||||||
700,000 | Aon Corporation | 2.8000 | 05/15/30 | 622,041 | ||||||||||
600,000 | Arch Capital Group Ltd. | 3.6350 | 06/30/50 | 460,459 | ||||||||||
1,700,000 | Berkshire Hathaway Finance Corporation | 1.4500 | 10/15/30 | 1,421,397 | ||||||||||
500,000 | Berkshire Hathaway Finance Corporation | 4.2000 | 08/15/48 | 452,625 | ||||||||||
2,600,000 | Berkshire Hathaway Finance Corporation | 2.8500 | 10/15/50 | 1,795,389 | ||||||||||
600,000 | Chubb Corporation | 6.0000 | 05/11/37 | 667,139 | ||||||||||
700,000 | Chubb INA Holdings, Inc. | 4.3500 | 11/03/45 | 647,650 | ||||||||||
400,000 | Corebridge Financial, Inc. | 3.9000 | 04/05/32 | 360,225 | ||||||||||
1,600,000 | Equitable Holdings, Inc. | 4.3500 | 04/20/28 | 1,557,178 | ||||||||||
800,000 | Everest Reinsurance Holdings, Inc. | 3.5000 | 10/15/50 | 586,009 | ||||||||||
800,000 | Manulife Financial Corporation | 3.7030 | 03/16/32 | 741,258 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
INSURANCE — 1.5% (Continued) | ||||||||||||||
400,000 | Marsh & McLennan Companies, Inc. | 4.9000 | 03/15/49 | $ | 382,690 | |||||||||
600,000 | Marsh & McLennan Companies, Inc. | 5.7000 | 09/15/53 | 644,532 | ||||||||||
400,000 | MetLife, Inc. | 5.3750 | 07/15/33 | 413,197 | ||||||||||
700,000 | MetLife, Inc. | 6.3750 | 06/15/34 | 781,408 | ||||||||||
900,000 | MetLife, Inc. | 4.8750 | 11/13/43 | 876,297 | ||||||||||
500,000 | MetLife, Inc. | 4.0500 | 03/01/45 | 431,420 | ||||||||||
300,000 | MetLife, Inc. | 4.6000 | 05/13/46 | 283,235 | ||||||||||
500,000 | MetLife, Inc. | 5.0000 | 07/15/52 | 494,052 | ||||||||||
500,000 | MetLife, Inc. | 5.2500 | 01/15/54 | 509,312 | ||||||||||
800,000 | Prudential Financial, Inc. | 5.7000 | 12/14/36 | 859,062 | ||||||||||
200,000 | Prudential Financial, Inc. | 4.3500 | 02/25/50 | 175,678 | ||||||||||
1,100,000 | Travelers Companies, Inc. | 5.3500 | 11/01/40 | 1,149,022 | ||||||||||
800,000 | Willis North America, Inc. | 4.6500 | 06/15/27 | 794,054 | ||||||||||
18,589,920 | ||||||||||||||
INTERNET MEDIA & SERVICES — 0.7% | ||||||||||||||
1,300,000 | Alphabet, Inc. | 1.1000 | 08/15/30 | 1,076,013 | ||||||||||
1,000,000 | Alphabet, Inc. | 1.9000 | 08/15/40 | 683,116 | ||||||||||
700,000 | Booking Holdings, Inc. | 4.6250 | 04/13/30 | 701,916 | ||||||||||
1,000,000 | Meta Platforms, Inc. | 3.8500 | 08/15/32 | 945,017 | ||||||||||
700,000 | Meta Platforms, Inc. | 4.9500 | 05/15/33 | 715,711 | ||||||||||
1,100,000 | Meta Platforms, Inc. | 4.4500 | 08/15/52 | 987,633 | ||||||||||
1,000,000 | Meta Platforms, Inc. | 5.6000 | 05/15/53 | 1,066,455 | ||||||||||
300,000 | Meta Platforms, Inc. | 4.6500 | 08/15/62 | 274,610 | ||||||||||
700,000 | Meta Platforms, Inc. | 5.7500 | 05/15/63 | 757,580 | ||||||||||
600,000 | Netflix, Inc. | 5.8750 | 11/15/28 | 632,978 | ||||||||||
200,000 | Netflix, Inc. | 6.3750 | 05/15/29 | 215,856 | ||||||||||
8,056,885 | ||||||||||||||
LEISURE FACILITIES & SERVICES — 0.6% | ||||||||||||||
400,000 | Marriott International, Inc. | 4.6250 | 06/15/30 | 394,368 | ||||||||||
300,000 | McDonald’s Corporation | 2.1250 | 03/01/30 | 262,251 | ||||||||||
400,000 | McDonald’s Corporation | 3.6000 | 07/01/30 | 378,194 | ||||||||||
500,000 | McDonald’s Corporation | 6.3000 | 03/01/38 | 564,727 | ||||||||||
800,000 | McDonald’s Corporation | 4.8750 | 12/09/45 | 774,099 | ||||||||||
700,000 | McDonald’s Corporation | 4.4500 | 03/01/47 | 629,342 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
LEISURE FACILITIES & SERVICES — 0.6% (Continued) | ||||||||||||||
800,000 | McDonald’s Corporation | 3.6250 | 09/01/49 | $ | 626,925 | |||||||||
500,000 | McDonald’s Corporation Series MTN | 4.2000 | 04/01/50 | 430,803 | ||||||||||
400,000 | McDonald’s Corporation | 5.1500 | 09/09/52 | 399,383 | ||||||||||
500,000 | Starbucks Corporation | 4.0000 | 11/15/28 | 490,187 | ||||||||||
300,000 | Starbucks Corporation | 3.5500 | 08/15/29 | 286,982 | ||||||||||
400,000 | Starbucks Corporation | 2.2500 | 03/12/30 | 349,193 | ||||||||||
300,000 | Starbucks Corporation | 2.5500 | 11/15/30 | 263,058 | ||||||||||
500,000 | Starbucks Corporation | 4.5000 | 11/15/48 | 448,928 | ||||||||||
500,000 | Starbucks Corporation | 4.4500 | 08/15/49 | 443,274 | ||||||||||
500,000 | Starbucks Corporation | 3.5000 | 11/15/50 | 380,043 | ||||||||||
7,121,757 | ||||||||||||||
MACHINERY — 0.4% | ||||||||||||||
500,000 | Caterpillar, Inc. | 3.8030 | 08/15/42 | 434,637 | ||||||||||
100,000 | Deere & Company | 3.9000 | 06/09/42 | 88,738 | ||||||||||
1,100,000 | John Deere Capital Corporation | 4.9500 | 07/14/28 | 1,124,992 | ||||||||||
700,000 | John Deere Capital Corporation | 4.7000 | 06/10/30 | 707,819 | ||||||||||
600,000 | John Deere Capital Corporation | 5.1500 | 09/08/33 | 623,111 | ||||||||||
500,000 | Regal Rexnord Corporation(b) | 6.0500 | 04/15/28 | 507,604 | ||||||||||
500,000 | Regal Rexnord Corporation(b) | 6.3000 | 02/15/30 | 513,787 | ||||||||||
500,000 | Regal Rexnord Corporation(b) | 6.4000 | 04/15/33 | 519,482 | ||||||||||
4,520,170 | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.1% | ||||||||||||||
600,000 | Abbott Laboratories | 4.7500 | 11/30/36 | 606,902 | ||||||||||
200,000 | Abbott Laboratories | 4.9000 | 11/30/46 | 200,392 | ||||||||||
2,000,000 | Baxter International, Inc. | 1.9150 | 02/01/27 | 1,833,955 | ||||||||||
500,000 | Baxter International, Inc. | 2.2720 | 12/01/28 | 445,574 | ||||||||||
1,700,000 | Becton Dickinson & Company | 2.8230 | 05/20/30 | 1,518,840 | ||||||||||
1,700,000 | Becton Dickinson & Company | 1.9570 | 02/11/31 | 1,409,797 | ||||||||||
400,000 | DH Europe Finance II Sarl | 2.6000 | 11/15/29 | 360,738 | ||||||||||
500,000 | DH Europe Finance II Sarl | 3.2500 | 11/15/39 | 412,201 | ||||||||||
600,000 | DH Europe Finance II Sarl | 3.4000 | 11/15/49 | 463,379 | ||||||||||
800,000 | GE HealthCare Technologies, Inc. | 5.6500 | 11/15/27 | 825,311 | ||||||||||
600,000 | GE HealthCare Technologies, Inc. | 5.8570 | 03/15/30 | 631,092 | ||||||||||
800,000 | GE HealthCare Technologies, Inc. | 5.9050 | 11/22/32 | 845,134 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.1% (Continued) | ||||||||||||||
500,000 | GE HealthCare Technologies, Inc. | 6.3770 | 11/22/52 | $ | 570,178 | |||||||||
1,000,000 | Thermo Fisher Scientific, Inc. | 4.9770 | 08/10/30 | 1,022,148 | ||||||||||
1,200,000 | Thermo Fisher Scientific, Inc. | 5.0860 | 08/10/33 | 1,239,650 | ||||||||||
900,000 | Zimmer Biomet Holdings, Inc. | 2.6000 | 11/24/31 | 770,422 | ||||||||||
13,155,713 | ||||||||||||||
METALS & MINING — 0.9% | ||||||||||||||
800,000 | Barrick North America Finance, LLC | 5.7500 | 05/01/43 | 845,971 | ||||||||||
700,000 | Barrick PD Australia Finance Pty Ltd. | 5.9500 | 10/15/39 | 742,832 | ||||||||||
700,000 | BHP Billiton Finance USA Ltd. | 4.7500 | 02/28/28 | 706,024 | ||||||||||
800,000 | BHP Billiton Finance USA Ltd. | 5.2500 | 09/08/30 | 825,217 | ||||||||||
700,000 | BHP Billiton Finance USA Ltd. | 4.9000 | 02/28/33 | 708,728 | ||||||||||
1,400,000 | BHP Billiton Finance USA Ltd. | 4.1250 | 02/24/42 | 1,253,843 | ||||||||||
500,000 | Freeport-McMoRan, Inc. | 5.4500 | 03/15/43 | 479,562 | ||||||||||
800,000 | Newmont Corporation | 2.2500 | 10/01/30 | 685,078 | ||||||||||
600,000 | Newmont Corporation | 2.6000 | 07/15/32 | 504,634 | ||||||||||
800,000 | Newmont Corporation | 4.8750 | 03/15/42 | 770,878 | ||||||||||
700,000 | Rio Tinto Alcan, Inc. | 6.1250 | 12/15/33 | 762,940 | ||||||||||
600,000 | Rio Tinto Finance USA Ltd. | 7.1250 | 07/15/28 | 661,081 | ||||||||||
800,000 | Rio Tinto Finance USA Ltd. | 5.2000 | 11/02/40 | 814,437 | ||||||||||
700,000 | Rio Tinto Finance USA plc | 4.1250 | 08/21/42 | 624,102 | ||||||||||
400,000 | Rio Tinto Finance USA plc | 5.1250 | 03/09/53 | 402,493 | ||||||||||
10,787,820 | ||||||||||||||
OIL & GAS PRODUCERS — 6.9% | ||||||||||||||
800,000 | BP Capital Markets America, Inc. | 3.9370 | 09/21/28 | 779,428 | ||||||||||
900,000 | BP Capital Markets America, Inc. | 4.2340 | 11/06/28 | 890,818 | ||||||||||
1,600,000 | BP Capital Markets America, Inc. | 2.7210 | 01/12/32 | 1,383,191 | ||||||||||
1,100,000 | BP Capital Markets America, Inc. | 4.8930 | 09/11/33 | 1,104,626 | ||||||||||
1,400,000 | BP Capital Markets America, Inc. | 3.0000 | 02/24/50 | 978,188 | ||||||||||
1,800,000 | BP Capital Markets America, Inc. | 3.0010 | 03/17/52 | 1,242,830 | ||||||||||
1,500,000 | Canadian Natural Resources Ltd. | 6.2500 | 03/15/38 | 1,575,239 | ||||||||||
100,000 | Cenovus Energy, Inc. | 3.7500 | 02/15/52 | 73,362 | ||||||||||
600,000 | Cheniere Corpus Christi Holdings, LLC | 5.1250 | 06/30/27 | 603,002 | ||||||||||
1,000,000 | Cheniere Corpus Christi Holdings, LLC | 3.7000 | 11/15/29 | 941,474 | ||||||||||
700,000 | Cheniere Energy Partners, L.P. | 4.0000 | 03/01/31 | 634,731 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 6.9% (Continued) | ||||||||||||||
500,000 | Cheniere Energy Partners, L.P. | 3.2500 | 01/31/32 | $ | 425,217 | |||||||||
600,000 | Cheniere Energy Partners, L.P.(b) | 5.9500 | 06/30/33 | 613,482 | ||||||||||
300,000 | Chevron Corporation | 1.9950 | 05/11/27 | 278,792 | ||||||||||
1,600,000 | Chevron Corporation | 2.2360 | 05/11/30 | 1,418,657 | ||||||||||
1,200,000 | ConocoPhillips Company | 5.0500 | 09/15/33 | 1,220,925 | ||||||||||
1,300,000 | ConocoPhillips Company | 3.7580 | 03/15/42 | 1,090,687 | ||||||||||
100,000 | ConocoPhillips Company | 5.5500 | 03/15/54 | 104,410 | ||||||||||
400,000 | ConocoPhillips Company | 4.0250 | 03/15/62 | 320,950 | ||||||||||
600,000 | Devon Energy Corporation | 4.7500 | 05/15/42 | 523,984 | ||||||||||
400,000 | Diamondback Energy, Inc. B | 3.2500 | 12/01/26 | 387,276 | ||||||||||
1,600,000 | Diamondback Energy, Inc. | 6.2500 | 03/15/33 | 1,706,128 | ||||||||||
900,000 | Enbridge, Inc. | 5.7000 | 03/08/33 | 930,164 | ||||||||||
600,000 | Enbridge, Inc. | 5.5000 | 12/01/46 | 597,868 | ||||||||||
600,000 | Energy Transfer Operating, L.P. | 3.7500 | 05/15/30 | 554,712 | ||||||||||
1,100,000 | Energy Transfer, L.P. | 5.2500 | 04/15/29 | 1,111,509 | ||||||||||
900,000 | Energy Transfer, L.P. | 6.1250 | 12/15/45 | 917,415 | ||||||||||
800,000 | Energy Transfer, L.P. | 5.3000 | 04/15/47 | 735,019 | ||||||||||
800,000 | Energy Transfer, L.P. | 6.0000 | 06/15/48 | 805,218 | ||||||||||
800,000 | Energy Transfer, L.P. | 6.2500 | 04/15/49 | 830,149 | ||||||||||
900,000 | Energy Transfer, L.P. | 5.0000 | 05/15/50 | 800,736 | ||||||||||
800,000 | Enterprise Products Operating, LLC | 4.1500 | 10/16/28 | 786,748 | ||||||||||
600,000 | Enterprise Products Operating, LLC | 5.3500 | 01/31/33 | 623,705 | ||||||||||
900,000 | Enterprise Products Operating, LLC | 4.4500 | 02/15/43 | 820,512 | ||||||||||
900,000 | Enterprise Products Operating, LLC | 5.1000 | 02/15/45 | 882,996 | ||||||||||
600,000 | Enterprise Products Operating, LLC | 4.9000 | 05/15/46 | 573,218 | ||||||||||
1,200,000 | Enterprise Products Operating, LLC | 4.2500 | 02/15/48 | 1,043,029 | ||||||||||
1,000,000 | Enterprise Products Operating, LLC | 3.3000 | 02/15/53 | 730,764 | ||||||||||
600,000 | Enterprise Products Operating, LLC | 3.9500 | 01/31/60 | 480,011 | ||||||||||
300,000 | EQT Corporation | 7.0000 | 02/01/30 | 321,914 | ||||||||||
400,000 | Equinor ASA | 2.3750 | 05/22/30 | 355,234 | ||||||||||
800,000 | Equinor ASA | 3.7000 | 04/06/50 | 648,757 | ||||||||||
1,100,000 | Exxon Mobil Corporation | 3.2940 | 03/19/27 | 1,069,701 | ||||||||||
3,000,000 | Exxon Mobil Corporation | 2.6100 | 10/15/30 | 2,682,158 | ||||||||||
500,000 | Exxon Mobil Corporation | 2.9950 | 08/16/39 | 401,491 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 6.9% (Continued) | ||||||||||||||
3,000,000 | Exxon Mobil Corporation | 3.4520 | 04/15/51 | $ | 2,307,935 | |||||||||
2,000,000 | Hess Corporation | 4.3000 | 04/01/27 | 1,976,348 | ||||||||||
100,000 | Hess Corporation | 6.0000 | 01/15/40 | 108,815 | ||||||||||
200,000 | Hess Corporation | 5.6000 | 02/15/41 | 210,350 | ||||||||||
700,000 | Kinder Morgan Energy Partners, L.P. | 6.9500 | 01/15/38 | 774,215 | ||||||||||
700,000 | Kinder Morgan Energy Partners, L.P. | 5.5000 | 03/01/44 | 666,027 | ||||||||||
1,200,000 | Kinder Morgan, Inc. | 2.0000 | 02/15/31 | 988,604 | ||||||||||
900,000 | Kinder Morgan, Inc. | 5.2000 | 06/01/33 | 892,428 | ||||||||||
1,300,000 | Kinder Morgan, Inc. | 5.2000 | 03/01/48 | 1,187,736 | ||||||||||
600,000 | Kinder Morgan, Inc. | 5.4500 | 08/01/52 | 571,252 | ||||||||||
100,000 | Marathon Oil Corporation | 4.4000 | 07/15/27 | 97,897 | ||||||||||
300,000 | Marathon Oil Corporation | 6.6000 | 10/01/37 | 314,641 | ||||||||||
300,000 | Marathon Petroleum Corporation | 6.5000 | 03/01/41 | 326,544 | ||||||||||
800,000 | MPLX, L.P. | 4.8000 | 02/15/29 | 795,445 | ||||||||||
800,000 | MPLX, L.P. | 5.0000 | 03/01/33 | 781,411 | ||||||||||
900,000 | MPLX, L.P. | 5.2000 | 03/01/47 | 834,040 | ||||||||||
100,000 | MPLX, L.P. | 5.5000 | 02/15/49 | 96,278 | ||||||||||
900,000 | MPLX, L.P. | 4.9500 | 03/14/52 | 799,400 | ||||||||||
1,400,000 | Occidental Petroleum Corporation | 8.8750 | 07/15/30 | 1,640,516 | ||||||||||
1,100,000 | Occidental Petroleum Corporation | 7.5000 | 05/01/31 | 1,228,222 | ||||||||||
100,000 | Occidental Petroleum Corporation | 6.4500 | 09/15/36 | 106,749 | ||||||||||
900,000 | ONEOK, Inc. | 6.0500 | 09/01/33 | 944,444 | ||||||||||
1,000,000 | ONEOK, Inc. | 5.2000 | 07/15/48 | 922,782 | ||||||||||
3,000,000 | Phillips 66 | 3.9000 | 03/15/28 | 2,922,999 | ||||||||||
200,000 | Phillips 66 | 5.8750 | 05/01/42 | 214,340 | ||||||||||
1,100,000 | Phillips 66 Company | 4.9500 | 12/01/27 | 1,108,731 | ||||||||||
900,000 | Plains All American Pipeline, L.P. / PAA Finance | 3.8000 | 09/15/30 | 831,369 | ||||||||||
1,000,000 | Sabine Pass Liquefaction LLC | 5.0000 | 03/15/27 | 1,002,699 | ||||||||||
1,400,000 | Sabine Pass Liquefaction, LLC | 4.2000 | 03/15/28 | 1,371,509 | ||||||||||
1,400,000 | Shell International Finance BV | 2.7500 | 04/06/30 | 1,270,079 | ||||||||||
1,500,000 | Shell International Finance BV | 4.1250 | 05/11/35 | 1,419,217 | ||||||||||
2,500,000 | Shell International Finance BV | 4.0000 | 05/10/46 | 2,146,920 | ||||||||||
1,100,000 | Shell International Finance BV | 3.1250 | 11/07/49 | 792,330 | ||||||||||
1,300,000 | Shell International Finance BV | 3.0000 | 11/26/51 | 907,003 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 6.9% (Continued) | ||||||||||||||
1,800,000 | Suncor Energy, Inc. | 6.8500 | 06/01/39 | $ | 2,003,242 | |||||||||
800,000 | Targa Resources Corporation | 6.1250 | 03/15/33 | 839,411 | ||||||||||
900,000 | Targa Resources Corporation | 4.9500 | 04/15/52 | 784,678 | ||||||||||
400,000 | Targa Resources Partners, L.P. / Targa Resources | 6.5000 | 07/15/27 | 407,410 | ||||||||||
400,000 | Targa Resources Partners, L.P. / Targa Resources | 5.5000 | 03/01/30 | 398,140 | ||||||||||
900,000 | Targa Resources Partners, L.P. / Targa Resources | 4.0000 | 01/15/32 | 811,913 | ||||||||||
900,000 | TotalEnergies Capital International S.A. | 2.8290 | 01/10/30 | 826,017 | ||||||||||
2,100,000 | TotalEnergies Capital International S.A. | 3.1270 | 05/29/50 | 1,514,196 | ||||||||||
2,700,000 | TransCanada PipeLines Ltd. | 4.6250 | 03/01/34 | 2,559,697 | ||||||||||
100,000 | TransCanada PipeLines Ltd. | 6.2000 | 10/15/37 | 106,210 | ||||||||||
300,000 | Valero Energy Corporation | 3.6500 | 12/01/51 | 219,750 | ||||||||||
800,000 | Western Midstream Operating, L.P. | 4.0500 | 02/01/30 | 748,371 | ||||||||||
100,000 | Western Midstream Operating, L.P. | 5.2500 | 02/01/50 | 89,474 | ||||||||||
1,800,000 | Williams Companies, Inc. (The) | 4.8500 | 03/01/48 | 1,637,574 | ||||||||||
82,505,783 | ||||||||||||||
OIL & GAS SERVICES & EQUIPMENT — 0.3% | ||||||||||||||
1,300,000 | Baker Hughes Holdings, LLC / Baker Hughes | 3.3370 | 12/15/27 | 1,239,062 | ||||||||||
1,000,000 | Halliburton Company | 6.7000 | 09/15/38 | 1,165,000 | ||||||||||
1,200,000 | Halliburton Company | 4.7500 | 08/01/43 | 1,127,412 | ||||||||||
600,000 | Halliburton Company | 5.0000 | 11/15/45 | 578,768 | ||||||||||
4,110,242 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.9% | ||||||||||||||
1,400,000 | Alexandria Real Estate Equities, Inc. | 2.0000 | 05/18/32 | 1,108,286 | ||||||||||
500,000 | American Tower Corporation | 2.7500 | 01/15/27 | 471,673 | ||||||||||
900,000 | American Tower Corporation | 5.8000 | 11/15/28 | 933,239 | ||||||||||
800,000 | American Tower Corporation | 3.8000 | 08/15/29 | 754,956 | ||||||||||
400,000 | American Tower Corporation | 2.9000 | 01/15/30 | 356,040 | ||||||||||
300,000 | American Tower Corporation | 2.1000 | 06/15/30 | 251,982 | ||||||||||
200,000 | American Tower Corporation | 1.8750 | 10/15/30 | 163,963 | ||||||||||
500,000 | American Tower Corporation | 5.6500 | 03/15/33 | 516,259 | ||||||||||
400,000 | American Tower Corporation | 5.5500 | 07/15/33 | 410,720 | ||||||||||
400,000 | American Tower Corporation | 5.9000 | 11/15/33 | 422,003 | ||||||||||
900,000 | Boston Properties, L.P. | 3.4000 | 06/21/29 | 807,951 | ||||||||||
600,000 | Boston Properties, L.P. | 2.5500 | 04/01/32 | 477,070 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.9% (Continued) | ||||||||||||||
800,000 | Brixmor Operating Partnership, L.P. | 4.0500 | 07/01/30 | $ | 748,559 | |||||||||
600,000 | Crown Castle, Inc. | 2.9000 | 03/15/27 | 562,949 | ||||||||||
700,000 | Crown Castle, Inc. | 3.6500 | 09/01/27 | 666,752 | ||||||||||
700,000 | Crown Castle, Inc. | 5.0000 | 01/11/28 | 696,396 | ||||||||||
900,000 | Crown Castle, Inc. | 3.8000 | 02/15/28 | 856,081 | ||||||||||
400,000 | Crown Castle, Inc. | 3.3000 | 07/01/30 | 357,467 | ||||||||||
400,000 | Crown Castle, Inc. | 2.2500 | 01/15/31 | 330,556 | ||||||||||
200,000 | Crown Castle, Inc. | 2.1000 | 04/01/31 | 162,808 | ||||||||||
200,000 | Crown Castle, Inc. | 2.5000 | 07/15/31 | 166,651 | ||||||||||
200,000 | Crown Castle, Inc. | 5.1000 | 05/01/33 | 197,515 | ||||||||||
600,000 | Crown Castle, Inc. | 2.9000 | 04/01/41 | 428,858 | ||||||||||
800,000 | Digital Realty Trust, L.P. | 5.5500 | 01/15/28 | 818,032 | ||||||||||
600,000 | Digital Realty Trust, L.P. | 3.6000 | 07/01/29 | 562,534 | ||||||||||
700,000 | Equinix, Inc. | 2.1500 | 07/15/30 | 591,259 | ||||||||||
700,000 | Equinix, Inc. | 2.5000 | 05/15/31 | 594,239 | ||||||||||
700,000 | Equinix, Inc. | 3.9000 | 04/15/32 | 647,616 | ||||||||||
100,000 | ERP Operating, L.P. | 4.5000 | 07/01/44 | 89,868 | ||||||||||
300,000 | GLP Capital, L.P. / GLP Financing II, Inc. | 3.2500 | 01/15/32 | 252,583 | ||||||||||
900,000 | Healthcare Realty Holdings, L.P. | 2.0000 | 03/15/31 | 720,769 | ||||||||||
500,000 | Healthpeak OP, LLC | 5.2500 | 12/15/32 | 501,005 | ||||||||||
300,000 | Prologis, L.P. | 4.8750 | 06/15/28 | 304,094 | ||||||||||
300,000 | Prologis, L.P. | 1.2500 | 10/15/30 | 242,397 | ||||||||||
200,000 | Prologis, L.P. | 4.7500 | 06/15/33 | 198,878 | ||||||||||
300,000 | Prologis, L.P. | 5.1250 | 01/15/34 | 304,607 | ||||||||||
600,000 | Prologis, L.P. | 5.2500 | 06/15/53 | 605,728 | ||||||||||
500,000 | Realty Income Corporation | 3.2500 | 01/15/31 | 450,753 | ||||||||||
400,000 | Realty Income Corporation | 5.6250 | 10/13/32 | 414,998 | ||||||||||
200,000 | Simon Property Group, L.P. | 3.3750 | 06/15/27 | 191,996 | ||||||||||
200,000 | Simon Property Group, L.P. | 2.6500 | 07/15/30 | 177,080 | ||||||||||
700,000 | Simon Property Group, L.P. | 3.2500 | 09/13/49 | 507,385 | ||||||||||
700,000 | Simon Property Group, L.P. | 3.8000 | 07/15/50 | 552,274 | ||||||||||
600,000 | VICI Properties, L.P. | 4.7500 | 02/15/28 | 587,829 | ||||||||||
700,000 | VICI Properties, L.P. | 4.9500 | 02/15/30 | 679,710 | ||||||||||
400,000 | VICI Properties, L.P. | 5.6250 | 05/15/52 | 377,302 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.9% (Continued) | ||||||||||||||
500,000 | Welltower OP, LLC | 2.8000 | 06/01/31 | $ | 432,589 | |||||||||
22,654,259 | ||||||||||||||
REAL ESTATE SERVICES — 0.0%(c) | ||||||||||||||
500,000 | CBRE Services, Inc. | 5.9500 | 08/15/34 | 516,595 | ||||||||||
RETAIL - CONSUMER STAPLES — 0.9% | ||||||||||||||
1,100,000 | Costco Wholesale Corporation | 1.6000 | 04/20/30 | 933,734 | ||||||||||
700,000 | Dollar General Corporation | 3.5000 | 04/03/30 | 644,833 | ||||||||||
400,000 | Dollar General Corporation | 5.4500 | 07/05/33 | 406,427 | ||||||||||
600,000 | Dollar Tree, Inc. | 2.6500 | 12/01/31 | 510,338 | ||||||||||
600,000 | Kroger Company | 4.4500 | 02/01/47 | 525,042 | ||||||||||
300,000 | Kroger Company | 3.9500 | 01/15/50 | 242,212 | ||||||||||
300,000 | Target Corporation | 1.9500 | 01/15/27 | 281,002 | ||||||||||
600,000 | Target Corporation | 2.3500 | 02/15/30 | 534,356 | ||||||||||
400,000 | Target Corporation | 4.5000 | 09/15/32 | 395,979 | ||||||||||
500,000 | Target Corporation | 2.9500 | 01/15/52 | 349,244 | ||||||||||
600,000 | Target Corporation | 4.8000 | 01/15/53 | 580,099 | ||||||||||
1,400,000 | Walmart, Inc. | 3.9500 | 09/09/27 | 1,391,828 | ||||||||||
900,000 | Walmart, Inc. | 1.8000 | 09/22/31 | 755,176 | ||||||||||
400,000 | Walmart, Inc. | 4.1500 | 09/09/32 | 395,531 | ||||||||||
700,000 | Walmart, Inc. | 4.1000 | 04/15/33 | 685,050 | ||||||||||
200,000 | Walmart, Inc. | 2.5000 | 09/22/41 | 146,496 | ||||||||||
900,000 | Walmart, Inc. | 2.6500 | 09/22/51 | 612,039 | ||||||||||
700,000 | Walmart, Inc. | 4.5000 | 09/09/52 | 666,518 | ||||||||||
700,000 | Walmart, Inc. | 4.5000 | 04/15/53 | 664,287 | ||||||||||
10,720,191 | ||||||||||||||
RETAIL - DISCRETIONARY — 1.2% | ||||||||||||||
700,000 | AutoZone, Inc. | 4.7500 | 08/01/32 | 687,524 | ||||||||||
800,000 | Home Depot, Inc. | 3.9000 | 12/06/28 | 785,838 | ||||||||||
500,000 | Home Depot, Inc. | 2.7000 | 04/15/30 | 452,870 | ||||||||||
400,000 | Home Depot, Inc. | 4.5000 | 09/15/32 | 399,735 | ||||||||||
800,000 | Home Depot, Inc. | 5.8750 | 12/16/36 | 886,511 | ||||||||||
500,000 | Home Depot, Inc. | 4.2000 | 04/01/43 | 448,818 | ||||||||||
800,000 | Home Depot, Inc. | 4.8750 | 02/15/44 | 784,665 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
RETAIL - DISCRETIONARY — 1.2% (Continued) | ||||||||||||||
600,000 | Home Depot, Inc. | 4.4000 | 03/15/45 | $ | 553,452 | |||||||||
700,000 | Home Depot, Inc. | 4.2500 | 04/01/46 | 626,720 | ||||||||||
700,000 | Home Depot, Inc. | 3.9000 | 06/15/47 | 592,273 | ||||||||||
500,000 | Home Depot, Inc. | 4.5000 | 12/06/48 | 462,257 | ||||||||||
500,000 | Home Depot, Inc. | 3.1250 | 12/15/49 | 364,500 | ||||||||||
700,000 | Home Depot, Inc. | 3.3500 | 04/15/50 | 533,732 | ||||||||||
600,000 | Home Depot, Inc | 3.6250 | 04/15/52 | 474,294 | ||||||||||
300,000 | Home Depot, Inc. | 4.9500 | 09/15/52 | 296,775 | ||||||||||
400,000 | Home Depot, Inc. | 3.5000 | 09/15/56 | 309,286 | ||||||||||
700,000 | Lowe’s Companies, Inc. | 3.1000 | 05/03/27 | 670,690 | ||||||||||
1,200,000 | Lowe’s Companies, Inc. | 3.6500 | 04/05/29 | 1,152,240 | ||||||||||
300,000 | Lowe’s Companies, Inc. | 1.7000 | 10/15/30 | 248,680 | ||||||||||
400,000 | Lowe’s Companies, Inc. | 2.6250 | 04/01/31 | 347,817 | ||||||||||
500,000 | Lowe’s Companies, Inc. B | 3.7500 | 04/01/32 | 465,332 | ||||||||||
300,000 | Lowe’s Companies, Inc. | 5.0000 | 04/15/33 | 303,873 | ||||||||||
400,000 | Lowe’s Companies, Inc. | 5.1500 | 07/01/33 | 408,530 | ||||||||||
100,000 | Lowe’s Companies, Inc. | 2.8000 | 09/15/41 | 73,184 | ||||||||||
1,100,000 | Lowe’s Companies, Inc. | 3.7000 | 04/15/46 | 871,403 | ||||||||||
700,000 | Lowe’s Companies, Inc. | 4.2500 | 04/01/52 | 588,750 | ||||||||||
600,000 | Lowe’s Companies, Inc. | 5.6250 | 04/15/53 | 622,986 | ||||||||||
300,000 | Lowe’s Companies, Inc. | 5.8000 | 09/15/62 | 314,435 | ||||||||||
14,727,170 | ||||||||||||||
SEMICONDUCTORS — 2.8% | ||||||||||||||
500,000 | Analog Devices, Inc. | 2.8000 | 10/01/41 | 368,483 | ||||||||||
300,000 | Analog Devices, Inc. | 2.9500 | 10/01/51 | 209,917 | ||||||||||
400,000 | Applied Materials, Inc. | 4.3500 | 04/01/47 | 370,008 | ||||||||||
1,200,000 | Broadcom, Inc.(b) | 4.0000 | 04/15/29 | 1,155,181 | ||||||||||
1,400,000 | Broadcom, Inc.(b) | 2.4500 | 02/15/31 | 1,192,314 | ||||||||||
900,000 | Broadcom, Inc.(b) | 4.1500 | 04/15/32 | 848,349 | ||||||||||
700,000 | Broadcom, Inc.(b) | 2.6000 | 02/15/33 | 574,602 | ||||||||||
900,000 | Broadcom, Inc.(b) | 3.4190 | 04/15/33 | 789,027 | ||||||||||
1,100,000 | Broadcom, Inc.(b) | 3.4690 | 04/15/34 | 954,786 | ||||||||||
1,100,000 | Broadcom, Inc.(b) | 3.1370 | 11/15/35 | 903,633 | ||||||||||
1,100,000 | Broadcom, Inc.(b) | 3.1870 | 11/15/36 | 892,845 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
SEMICONDUCTORS — 2.8% (Continued) | ||||||||||||||
900,000 | Broadcom, Inc.(b) | 4.9260 | 05/15/37 | $ | 867,441 | |||||||||
500,000 | Broadcom, Inc.(b) | 3.5000 | 02/15/41 | 398,551 | ||||||||||
400,000 | Intel Corporation | 3.7500 | 03/25/27 | 392,075 | ||||||||||
900,000 | Intel Corporation | 4.8750 | 02/10/28 | 912,001 | ||||||||||
500,000 | Intel Corporation | 2.4500 | 11/15/29 | 448,003 | ||||||||||
1,200,000 | Intel Corporation | 3.9000 | 03/25/30 | 1,152,227 | ||||||||||
100,000 | Intel Corporation | 2.0000 | 08/12/31 | 83,387 | ||||||||||
400,000 | Intel Corporation | 4.1500 | 08/05/32 | 386,316 | ||||||||||
700,000 | Intel Corporation | 5.2000 | 02/10/33 | 721,782 | ||||||||||
300,000 | Intel Corporation | 4.6000 | 03/25/40 | 290,178 | ||||||||||
600,000 | Intel Corporation | 2.8000 | 08/12/41 | 445,198 | ||||||||||
700,000 | Intel Corporation | 5.6250 | 02/10/43 | 742,482 | ||||||||||
600,000 | Intel Corporation | 4.1000 | 05/19/46 | 524,067 | ||||||||||
500,000 | Intel Corporation | 4.1000 | 05/11/47 | 429,308 | ||||||||||
800,000 | Intel Corporation | 3.7340 | 12/08/47 | 638,755 | ||||||||||
800,000 | Intel Corporation | 3.2500 | 11/15/49 | 579,462 | ||||||||||
800,000 | Intel Corporation | 4.7500 | 03/25/50 | 740,724 | ||||||||||
600,000 | Intel Corporation | 3.0500 | 08/12/51 | 413,831 | ||||||||||
600,000 | Intel Corporation | 4.9000 | 08/05/52 | 577,503 | ||||||||||
600,000 | Intel Corporation | 5.7000 | 02/10/53 | 633,058 | ||||||||||
400,000 | Intel Corporation | 4.9500 | 03/25/60 | 385,364 | ||||||||||
300,000 | Intel Corporation | 5.0500 | 08/05/62 | 288,328 | ||||||||||
400,000 | Intel Corporation | 5.9000 | 02/10/63 | 433,771 | ||||||||||
500,000 | KLA Corporation | 4.9500 | 07/15/52 | 490,790 | ||||||||||
300,000 | KLA Corporation | 5.2500 | 07/15/62 | 304,682 | ||||||||||
300,000 | Lam Research Corporation | 1.9000 | 06/15/30 | 256,848 | ||||||||||
400,000 | Lam Research Corporation | 4.8750 | 03/15/49 | 389,359 | ||||||||||
300,000 | Lam Research Corporation | 2.8750 | 06/15/50 | 210,681 | ||||||||||
400,000 | Marvell Technology, Inc. | 2.9500 | 04/15/31 | 348,568 | ||||||||||
200,000 | Micron Technology, Inc. | 4.1850 | 02/15/27 | 196,009 | ||||||||||
600,000 | Micron Technology, Inc. | 6.7500 | 11/01/29 | 647,368 | ||||||||||
400,000 | Micron Technology, Inc. | 4.6630 | 02/15/30 | 392,896 | ||||||||||
600,000 | Micron Technology, Inc. | 2.7030 | 04/15/32 | 503,293 | ||||||||||
300,000 | Micron Technology, Inc. | 5.8750 | 09/15/33 | 311,658 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
SEMICONDUCTORS — 2.8% (Continued) | ||||||||||||||
800,000 | NVIDIA Corporation | 2.8500 | 04/01/30 | $ | 734,796 | |||||||||
300,000 | NVIDIA Corporation | 2.0000 | 06/15/31 | 255,794 | ||||||||||
400,000 | NVIDIA Corporation | 3.5000 | 04/01/40 | 345,021 | ||||||||||
700,000 | NVIDIA Corporation | 3.5000 | 04/01/50 | 569,311 | ||||||||||
500,000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. | 4.3000 | 06/18/29 | 484,095 | ||||||||||
500,000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. | 3.4000 | 05/01/30 | 456,849 | ||||||||||
500,000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. | 2.6500 | 02/15/32 | 419,299 | ||||||||||
500,000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. | 5.0000 | 01/15/33 | 492,662 | ||||||||||
300,000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. | 3.2500 | 05/11/41 | 227,626 | ||||||||||
500,000 | NXP BV / NXP FUNDING, LLC / NXP USA, INC. | 2.5000 | 05/11/31 | 420,308 | ||||||||||
600,000 | QUALCOMM, Inc. | 1.3000 | 05/20/28 | 530,368 | ||||||||||
400,000 | QUALCOMM, Inc. | 2.1500 | 05/20/30 | 349,800 | ||||||||||
700,000 | QUALCOMM, Inc. | 4.8000 | 05/20/45 | 686,448 | ||||||||||
600,000 | QUALCOMM, Inc. | 4.3000 | 05/20/47 | 542,193 | ||||||||||
500,000 | QUALCOMM, Inc. | 3.2500 | 05/20/50 | 383,728 | ||||||||||
500,000 | QUALCOMM, Inc. | 4.5000 | 05/20/52 | 458,296 | ||||||||||
100,000 | QUALCOMM, Inc. | 6.0000 | 05/20/53 | 113,474 | ||||||||||
400,000 | Texas Instruments, Inc. B | 4.9000 | 03/14/33 | 410,516 | ||||||||||
200,000 | Texas Instruments, Inc. | 3.8750 | 03/15/39 | 183,531 | ||||||||||
700,000 | Texas Instruments, Inc. | 4.1500 | 05/15/48 | 617,618 | ||||||||||
400,000 | Texas Instruments, Inc. | 5.0500 | 05/18/63 | 398,917 | ||||||||||
33,875,759 | ||||||||||||||
SOFTWARE — 2.7% | ||||||||||||||
600,000 | Adobe, Inc. | 2.3000 | 02/01/30 | 535,998 | ||||||||||
400,000 | Autodesk, Inc. | 2.4000 | 12/15/31 | 338,420 | ||||||||||
600,000 | Intuit, Inc. | 5.1250 | 09/15/28 | 616,035 | ||||||||||
300,000 | Intuit, Inc. | 5.2000 | 09/15/33 | 311,026 | ||||||||||
600,000 | Intuit, Inc. | 5.5000 | 09/15/53 | 638,797 | ||||||||||
2,300,000 | Microsoft Corporation | 3.3000 | 02/06/27 | 2,244,519 | ||||||||||
1,100,000 | Microsoft Corporation | 2.5250 | 06/01/50 | 733,112 | ||||||||||
2,600,000 | Microsoft Corporation | 2.9210 | 03/17/52 | 1,866,483 | ||||||||||
1,600,000 | Microsoft Corporation | 2.6750 | 06/01/60 | 1,053,585 | ||||||||||
1,900,000 | Microsoft Corporation | 3.0410 | 03/17/62 | 1,337,463 | ||||||||||
800,000 | Oracle Corporation | 2.8000 | 04/01/27 | 754,740 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
SOFTWARE — 2.7% (Continued) | ||||||||||||||
1,400,000 | Oracle Corporation | 3.2500 | 11/15/27 | $ | 1,329,594 | |||||||||
1,200,000 | Oracle Corporation | 2.9500 | 04/01/30 | 1,080,824 | ||||||||||
500,000 | Oracle Corporation | 4.6500 | 05/06/30 | 494,615 | ||||||||||
800,000 | Oracle Corporation | 2.8750 | 03/25/31 | 703,819 | ||||||||||
800,000 | Oracle Corporation | 6.2500 | 11/09/32 | 861,610 | ||||||||||
500,000 | Oracle Corporation | 4.9000 | 02/06/33 | 494,509 | ||||||||||
600,000 | Oracle Corporation | 4.3000 | 07/08/34 | 558,114 | ||||||||||
400,000 | Oracle Corporation | 3.9000 | 05/15/35 | 354,248 | ||||||||||
300,000 | Oracle Corporation | 3.8500 | 07/15/36 | 261,490 | ||||||||||
500,000 | Oracle Corporation | 3.8000 | 11/15/37 | 426,392 | ||||||||||
500,000 | Oracle Corporation | 6.5000 | 04/15/38 | 551,687 | ||||||||||
500,000 | Oracle Corporation | 6.1250 | 07/08/39 | 535,431 | ||||||||||
300,000 | Oracle Corporation | 3.6000 | 04/01/40 | 239,505 | ||||||||||
800,000 | Oracle Corporation | 5.3750 | 07/15/40 | 789,535 | ||||||||||
700,000 | Oracle Corporation | 3.6500 | 03/25/41 | 556,090 | ||||||||||
600,000 | Oracle Corporation | 4.5000 | 07/08/44 | 522,057 | ||||||||||
900,000 | Oracle Corporation | 4.1250 | 05/15/45 | 738,361 | ||||||||||
1,100,000 | Oracle Corporation | 4.0000 | 07/15/46 | 884,850 | ||||||||||
900,000 | Oracle Corporation | 4.0000 | 11/15/47 | 716,616 | ||||||||||
1,500,000 | Oracle Corporation | 3.6000 | 04/01/50 | 1,102,082 | ||||||||||
1,000,000 | Oracle Corporation | 3.9500 | 03/25/51 | 778,044 | ||||||||||
600,000 | Oracle Corporation | 6.9000 | 11/09/52 | 703,270 | ||||||||||
600,000 | Oracle Corporation | 5.5500 | 02/06/53 | 595,870 | ||||||||||
400,000 | Oracle Corporation | 4.3750 | 05/15/55 | 329,430 | ||||||||||
1,100,000 | Oracle Corporation | 3.8500 | 04/01/60 | 797,323 | ||||||||||
700,000 | Roper Technologies, Inc. | 1.7500 | 02/15/31 | 572,262 | ||||||||||
900,000 | Salesforce, Inc. | 3.7000 | 04/11/28 | 882,038 | ||||||||||
400,000 | Salesforce, Inc. | 1.9500 | 07/15/31 | 336,273 | ||||||||||
600,000 | Salesforce, Inc. | 2.7000 | 07/15/41 | 448,660 | ||||||||||
700,000 | Salesforce, Inc. | 2.9000 | 07/15/51 | 485,105 | ||||||||||
400,000 | VMware, LLC | 3.9000 | 08/21/27 | 386,984 | ||||||||||
400,000 | VMware, LLC | 4.7000 | 05/15/30 | 393,842 | ||||||||||
500,000 | VMware, LLC | 2.2000 | 08/15/31 | 412,394 | ||||||||||
400,000 | Workday, Inc. | 3.5000 | 04/01/27 | 387,342 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
SOFTWARE — 2.7% (Continued) | ||||||||||||||
600,000 | Workday, Inc. | 3.7000 | 04/01/29 | $ | 571,582 | |||||||||
400,000 | Workday, Inc. | 3.8000 | 04/01/32 | 370,820 | ||||||||||
32,082,846 | ||||||||||||||
SPECIALTY FINANCE — 0.8% | ||||||||||||||
500,000 | AerCap Ireland Capital DAC / AerCap Global | 3.6500 | 07/21/27 | 475,779 | ||||||||||
500,000 | AerCap Ireland Capital DAC / AerCap Global | 5.7500 | 06/06/28 | 510,403 | ||||||||||
1,200,000 | AerCap Ireland Capital DAC / AerCap Global | 3.0000 | 10/29/28 | 1,087,898 | ||||||||||
200,000 | AerCap Ireland Capital DAC / AerCap Global | 6.1500 | 09/30/30 | 208,589 | ||||||||||
1,000,000 | AerCap Ireland Capital DAC / AerCap Global | 3.3000 | 01/30/32 | 857,585 | ||||||||||
700,000 | AerCap Ireland Capital DAC / AerCap Global | 3.4000 | 10/29/33 | 590,974 | ||||||||||
300,000 | AerCap Ireland Capital DAC / AerCap Global | 3.8500 | 10/29/41 | 240,067 | ||||||||||
300,000 | Air Lease Corporation | 2.2000 | 01/15/27 | 275,630 | ||||||||||
300,000 | Air Lease Corporation | 3.1250 | 12/01/30 | 261,228 | ||||||||||
600,000 | Ally Financial, Inc. | 2.2000 | 11/02/28 | 514,652 | ||||||||||
500,000 | Ally Financial, Inc. | 8.0000 | 11/01/31 | 553,281 | ||||||||||
400,000 | American Express Company | 3.3000 | 05/03/27 | 382,925 | ||||||||||
300,000 | American Express Company | 5.8500 | 11/05/27 | 312,940 | ||||||||||
900,000 | American Express Company | 4.0500 | 12/03/42 | 800,647 | ||||||||||
200,000 | Capital One Financial Corporation | 3.6500 | 05/11/27 | 191,342 | ||||||||||
500,000 | Capital One Financial Corporation | 3.8000 | 01/31/28 | 477,704 | ||||||||||
200,000 | Capital One Financial Corporation(a) | SOFRRATE + 3.070% | 7.6240 | 10/30/31 | 220,849 | |||||||||
300,000 | Discover Financial Services | 4.1000 | 02/09/27 | 288,506 | ||||||||||
200,000 | Discover Financial Services | 6.7000 | 11/29/32 | 209,303 | ||||||||||
400,000 | Discover Financial Services(a) | SOFRINDX + 3.370% | 7.9640 | 11/02/34 | 445,829 | |||||||||
400,000 | Synchrony Financial | 3.9500 | 12/01/27 | 374,979 | ||||||||||
300,000 | Synchrony Financial | 2.8750 | 10/28/31 | 238,655 | ||||||||||
9,519,765 | ||||||||||||||
TECHNOLOGY HARDWARE — 2.2% | ||||||||||||||
1,000,000 | Apple, Inc. | 3.3500 | 02/09/27 | 974,229 | ||||||||||
1,500,000 | Apple, Inc. | 2.9000 | 09/12/27 | 1,433,453 | ||||||||||
1,500,000 | Apple, Inc. | 1.4000 | 08/05/28 | 1,330,651 | ||||||||||
1,200,000 | Apple, Inc. | 2.2000 | 09/11/29 | 1,080,429 | ||||||||||
700,000 | Apple, Inc. | 1.6500 | 05/11/30 | 598,388 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
TECHNOLOGY HARDWARE — 2.2% (Continued) | ||||||||||||||
700,000 | Apple, Inc. | 1.6500 | 02/08/31 | $ | 586,260 | |||||||||
200,000 | Apple, Inc. | 1.7000 | 08/05/31 | 165,979 | ||||||||||
500,000 | Apple, Inc. | 3.3500 | 08/08/32 | 464,958 | ||||||||||
200,000 | Apple, Inc. | 4.5000 | 02/23/36 | 203,232 | ||||||||||
300,000 | Apple, Inc. | 2.3750 | 02/08/41 | 218,248 | ||||||||||
1,200,000 | Apple, Inc. | 3.8500 | 05/04/43 | 1,054,861 | ||||||||||
700,000 | Apple, Inc. | 4.4500 | 05/06/44 | 675,577 | ||||||||||
800,000 | Apple, Inc. | 3.4500 | 02/09/45 | 659,652 | ||||||||||
900,000 | Apple, Inc. | 4.3750 | 05/13/45 | 850,714 | ||||||||||
1,400,000 | Apple, Inc. | 4.6500 | 02/23/46 | 1,372,895 | ||||||||||
900,000 | Apple, Inc. | 3.8500 | 08/04/46 | 776,556 | ||||||||||
400,000 | Apple, Inc. | 4.2500 | 02/09/47 | 370,557 | ||||||||||
600,000 | Apple, Inc. | 3.7500 | 09/12/47 | 505,406 | ||||||||||
600,000 | Apple, Inc. | 3.7500 | 11/13/47 | 508,377 | ||||||||||
700,000 | Apple, Inc. | 2.9500 | 09/11/49 | 504,372 | ||||||||||
1,000,000 | Apple, Inc. | 2.6500 | 05/11/50 | 675,684 | ||||||||||
1,200,000 | Apple, Inc. | 2.6500 | 02/08/51 | 807,513 | ||||||||||
800,000 | Apple, Inc. | 2.7000 | 08/05/51 | 541,106 | ||||||||||
600,000 | Apple, Inc. | 3.9500 | 08/08/52 | 515,025 | ||||||||||
500,000 | Apple, Inc. | 4.8500 | 05/10/53 | 504,544 | ||||||||||
300,000 | Apple, Inc. | 2.5500 | 08/20/60 | 194,999 | ||||||||||
200,000 | Apple, Inc. | 2.8500 | 08/05/61 | 134,593 | ||||||||||
200,000 | CDW, LLC / CDW Finance Corporation | 2.6700 | 12/01/26 | 187,210 | ||||||||||
300,000 | CDW, LLC / CDW Finance Corporation | 3.5690 | 12/01/31 | 263,504 | ||||||||||
800,000 | Cisco Systems, Inc. | 5.9000 | 02/15/39 | 885,470 | ||||||||||
900,000 | Cisco Systems, Inc. | 5.5000 | 01/15/40 | 958,903 | ||||||||||
300,000 | Corning, Inc. | 4.3750 | 11/15/57 | 262,093 | ||||||||||
400,000 | Corning, Inc. | 5.4500 | 11/15/79 | 387,663 | ||||||||||
1,400,000 | Dell International, LLC / EMC Corporation | 5.2500 | 02/01/28 | 1,429,874 | ||||||||||
400,000 | Dell International, LLC / EMC Corporation | 5.3000 | 10/01/29 | 409,379 | ||||||||||
800,000 | Dell International, LLC / EMC Corporation | 5.7500 | 02/01/33 | 839,613 | ||||||||||
700,000 | Dell International, LLC / EMC Corporation | 3.4500 | 12/15/51 | 502,269 | ||||||||||
600,000 | Hewlett Packard Enterprise Company | 6.3500 | 10/15/45 | 638,763 | ||||||||||
900,000 | HP, Inc. | 5.5000 | 01/15/33 | 920,083 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
TECHNOLOGY HARDWARE — 2.2% (Continued) | ||||||||||||||
500,000 | Motorola Solutions, Inc. | 2.3000 | 11/15/30 | $ | 421,451 | |||||||||
400,000 | Motorola Solutions, Inc. | 2.7500 | 05/24/31 | 340,656 | ||||||||||
26,155,189 | ||||||||||||||
TECHNOLOGY SERVICES — 2.0% | ||||||||||||||
500,000 | Automatic Data Processing, Inc. | 1.7000 | 05/15/28 | 451,257 | ||||||||||
200,000 | Automatic Data Processing, Inc. | 1.2500 | 09/01/30 | 164,325 | ||||||||||
500,000 | Broadridge Financial Solutions, Inc. | 2.9000 | 12/01/29 | 450,178 | ||||||||||
400,000 | Broadridge Financial Solutions, Inc. | 2.6000 | 05/01/31 | 339,794 | ||||||||||
400,000 | Equifax, Inc. | 5.1000 | 12/15/27 | 403,447 | ||||||||||
400,000 | Equifax, Inc. | 2.3500 | 09/15/31 | 331,646 | ||||||||||
400,000 | Fidelity National Information Services, Inc. | 2.2500 | 03/01/31 | 337,235 | ||||||||||
300,000 | Fidelity National Information Services, Inc. | 5.1000 | 07/15/32 | 306,309 | ||||||||||
500,000 | Fidelity National Information Services, Inc. | 3.1000 | 03/01/41 | 371,071 | ||||||||||
800,000 | Fiserv, Inc. | 5.4500 | 03/02/28 | 820,681 | ||||||||||
1,300,000 | Fiserv, Inc. | 3.5000 | 07/01/29 | 1,219,062 | ||||||||||
400,000 | Fiserv, Inc. | 2.6500 | 06/01/30 | 351,680 | ||||||||||
300,000 | Fiserv, Inc. | 5.6000 | 03/02/33 | 310,839 | ||||||||||
500,000 | Fiserv, Inc. | 5.6250 | 08/21/33 | 520,488 | ||||||||||
800,000 | Global Payments, Inc. | 2.9000 | 05/15/30 | 704,418 | ||||||||||
400,000 | Global Payments, Inc. | 2.9000 | 11/15/31 | 340,794 | ||||||||||
500,000 | Global Payments, Inc. | 5.4000 | 08/15/32 | 505,299 | ||||||||||
300,000 | Global Payments, Inc. | 5.9500 | 08/15/52 | 305,522 | ||||||||||
300,000 | International Business Machines Corporation | 4.5000 | 02/06/28 | 300,530 | ||||||||||
1,200,000 | International Business Machines Corporation | 3.5000 | 05/15/29 | 1,142,097 | ||||||||||
400,000 | International Business Machines Corporation | 1.9500 | 05/15/30 | 342,354 | ||||||||||
200,000 | International Business Machines Corporation | 4.7500 | 02/06/33 | 200,660 | ||||||||||
600,000 | International Business Machines Corporation | 4.1500 | 05/15/39 | 544,979 | ||||||||||
800,000 | International Business Machines Corporation | 4.0000 | 06/20/42 | 695,220 | ||||||||||
1,100,000 | International Business Machines Corporation | 4.2500 | 05/15/49 | 956,313 | ||||||||||
300,000 | International Business Machines Corporation | 4.9000 | 07/27/52 | 286,535 | ||||||||||
400,000 | Leidos, Inc. | 4.3750 | 05/15/30 | 383,253 | ||||||||||
200,000 | Leidos, Inc. | 5.7500 | 03/15/33 | 206,326 | ||||||||||
400,000 | Mastercard, Inc. | 3.3000 | 03/26/27 | 388,126 | ||||||||||
600,000 | Mastercard, Inc. | 4.8750 | 03/09/28 | 616,776 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
TECHNOLOGY SERVICES — 2.0% (Continued) | ||||||||||||||
800,000 | Mastercard, Inc. | 2.9500 | 06/01/29 | $ | 748,620 | |||||||||
600,000 | Mastercard, Inc. | 3.3500 | 03/26/30 | 567,710 | ||||||||||
200,000 | Mastercard, Inc. | 3.6500 | 06/01/49 | 165,325 | ||||||||||
400,000 | Mastercard, Inc. | 3.8500 | 03/26/50 | 342,005 | ||||||||||
800,000 | PayPal Holdings, Inc. | 2.8500 | 10/01/29 | 728,394 | ||||||||||
400,000 | PayPal Holdings, Inc. | 2.3000 | 06/01/30 | 347,254 | ||||||||||
300,000 | PayPal Holdings, Inc. | 4.4000 | 06/01/32 | 295,187 | ||||||||||
400,000 | PayPal Holdings, Inc. | 3.2500 | 06/01/50 | 293,229 | ||||||||||
300,000 | PayPal Holdings, Inc. | 5.0500 | 06/01/52 | 295,221 | ||||||||||
500,000 | RELX Capital, Inc. | 4.0000 | 03/18/29 | 487,610 | ||||||||||
300,000 | RELX Capital, Inc. | 3.0000 | 05/22/30 | 273,486 | ||||||||||
300,000 | S&P Global, Inc. B | 2.9000 | 03/01/32 | 264,197 | ||||||||||
400,000 | S&P Global, Inc.(b) | 5.2500 | 09/15/33 | 414,204 | ||||||||||
300,000 | S&P Global, Inc. | 3.7000 | 03/01/52 | 240,226 | ||||||||||
400,000 | Visa, Inc. | 1.9000 | 04/15/27 | 372,574 | ||||||||||
600,000 | Visa, Inc. | 2.7500 | 09/15/27 | 569,814 | ||||||||||
900,000 | Visa, Inc. | 2.0500 | 04/15/30 | 788,408 | ||||||||||
300,000 | Visa, Inc. | 4.1500 | 12/14/35 | 289,645 | ||||||||||
200,000 | Visa, Inc. | 2.7000 | 04/15/40 | 152,280 | ||||||||||
1,300,000 | Visa, Inc. | 4.3000 | 12/14/45 | 1,195,947 | ||||||||||
500,000 | Visa, Inc. | 3.6500 | 09/15/47 | 415,498 | ||||||||||
23,544,048 | ||||||||||||||
TELECOMMUNICATIONS — 5.4% | ||||||||||||||
2,900,000 | AT&T, Inc. | 2.7500 | 06/01/31 | 2,519,506 | ||||||||||
3,000,000 | AT&T, Inc. | 2.5500 | 12/01/33 | 2,432,945 | ||||||||||
2,100,000 | AT&T, Inc. | 5.4000 | 02/15/34 | 2,153,024 | ||||||||||
3,000,000 | AT&T, Inc. | 3.5000 | 09/15/53 | 2,141,067 | ||||||||||
3,000,000 | AT&T, Inc. | 3.5500 | 09/15/55 | 2,130,077 | ||||||||||
2,900,000 | AT&T, Inc. | 3.8000 | 12/01/57 | 2,137,230 | ||||||||||
2,800,000 | AT&T, Inc. | 3.6500 | 09/15/59 | 1,975,787 | ||||||||||
400,000 | Bell Telephone Company of Canada or Bell Canada | 5.1000 | 05/11/33 | 406,740 | ||||||||||
500,000 | Bell Telephone Company of Canada or Bell Canada | 4.4640 | 04/01/48 | 445,660 | ||||||||||
300,000 | Bell Telephone Company of Canada or Bell Canada | 3.6500 | 08/15/52 | 229,545 | ||||||||||
1,200,000 | British Telecommunications plc | 9.6250 | 12/15/30 | 1,483,010 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
TELECOMMUNICATIONS — 5.4% (Continued) | ||||||||||||||
1,400,000 | Deutsche Telekom International Finance BV | 8.7500 | 06/15/30 | $ | 1,667,026 | |||||||||
900,000 | Orange S.A. | 9.0000 | 03/01/31 | 1,110,218 | ||||||||||
600,000 | Orange S.A. | 5.3750 | 01/13/42 | 610,464 | ||||||||||
300,000 | Orange S.A. | 5.5000 | 02/06/44 | 308,248 | ||||||||||
600,000 | Rogers Communications, Inc. | 3.2000 | 03/15/27 | 573,576 | ||||||||||
700,000 | Rogers Communications, Inc. | 5.0000 | 03/15/44 | 656,619 | ||||||||||
500,000 | Rogers Communications, Inc. | 4.3000 | 02/15/48 | 418,474 | ||||||||||
700,000 | Rogers Communications, Inc. | 4.3500 | 05/01/49 | 585,500 | ||||||||||
800,000 | Rogers Communications, Inc. | 3.7000 | 11/15/49 | 604,143 | ||||||||||
900,000 | Sprint Capital Corporation | 6.8750 | 11/15/28 | 972,994 | ||||||||||
800,000 | Sprint Capital Corporation | 8.7500 | 03/15/32 | 982,614 | ||||||||||
900,000 | Telefonica Emisiones S.A. | 7.0450 | 06/20/36 | 1,015,500 | ||||||||||
900,000 | Telefonica Emisiones S.A. | 5.2130 | 03/08/47 | 834,563 | ||||||||||
500,000 | Telefonica Emisiones S.A. | 4.8950 | 03/06/48 | 442,053 | ||||||||||
700,000 | Telefonica Europe BV | 8.2500 | 09/15/30 | 813,897 | ||||||||||
200,000 | TELUS Corporation | 3.4000 | 05/13/32 | 177,747 | ||||||||||
400,000 | TELUS Corporation | 4.6000 | 11/16/48 | 353,276 | ||||||||||
1,400,000 | T-Mobile USA, Inc. | 4.9500 | 03/15/28 | 1,411,256 | ||||||||||
1,300,000 | T-Mobile USA, Inc. | 4.8000 | 07/15/28 | 1,303,500 | ||||||||||
1,000,000 | T-Mobile USA, Inc. | 3.3750 | 04/15/29 | 929,662 | ||||||||||
2,500,000 | T-Mobile USA, Inc. | 3.8750 | 04/15/30 | 2,363,147 | ||||||||||
800,000 | T-Mobile USA, Inc. | 2.5500 | 02/15/31 | 685,560 | ||||||||||
600,000 | T-Mobile USA, Inc. | 3.5000 | 04/15/31 | 547,006 | ||||||||||
200,000 | T-Mobile USA, Inc. | 2.7000 | 03/15/32 | 170,062 | ||||||||||
500,000 | T-Mobile USA, Inc. | 5.2000 | 01/15/33 | 509,211 | ||||||||||
700,000 | T-Mobile USA, Inc. | 5.0500 | 07/15/33 | 700,252 | ||||||||||
500,000 | T-Mobile USA, Inc. | 5.7500 | 01/15/34 | 526,365 | ||||||||||
900,000 | T-Mobile USA, Inc. | 4.3750 | 04/15/40 | 811,166 | ||||||||||
1,100,000 | T-Mobile USA, Inc. | 3.0000 | 02/15/41 | 819,552 | ||||||||||
1,100,000 | T-Mobile USA, Inc. | 4.5000 | 04/15/50 | 961,716 | ||||||||||
1,100,000 | T-Mobile USA, Inc. | 3.3000 | 02/15/51 | 783,544 | ||||||||||
700,000 | T-Mobile USA, Inc. | 5.6500 | 01/15/53 | 722,228 | ||||||||||
200,000 | T-Mobile USA, Inc. | 5.7500 | 01/15/54 | 210,098 | ||||||||||
500,000 | T-Mobile USA, Inc. | 6.0000 | 06/15/54 | 546,576 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
TELECOMMUNICATIONS — 5.4% (Continued) | ||||||||||||||
500,000 | T-Mobile USA, Inc. | 3.6000 | 11/15/60 | $ | 360,423 | |||||||||
300,000 | T-Mobile USA, Inc. | 5.8000 | 09/15/62 | 316,259 | ||||||||||
1,100,000 | Verizon Communications, Inc. | 3.0000 | 03/22/27 | 1,046,273 | ||||||||||
1,800,000 | Verizon Communications, Inc. | 2.1000 | 03/22/28 | 1,627,086 | ||||||||||
1,400,000 | Verizon Communications, Inc. | 3.8750 | 02/08/29 | 1,354,033 | ||||||||||
1,400,000 | Verizon Communications, Inc. | 4.0160 | 12/03/29 | 1,347,575 | ||||||||||
500,000 | Verizon Communications, Inc. | 3.1500 | 03/22/30 | 455,387 | ||||||||||
800,000 | Verizon Communications, Inc. | 1.5000 | 09/18/30 | 656,418 | ||||||||||
600,000 | Verizon Communications, Inc. | 1.6800 | 10/30/30 | 492,481 | ||||||||||
1,100,000 | Verizon Communications, Inc. | 1.7500 | 01/20/31 | 898,585 | ||||||||||
1,800,000 | Verizon Communications, Inc. | 2.3550 | 03/15/32 | 1,493,755 | ||||||||||
1,000,000 | Verizon Communications, Inc. | 5.0500 | 05/09/33 | 1,009,600 | ||||||||||
2,000,000 | Verizon Communications, Inc. | 2.6500 | 11/20/40 | 1,425,514 | ||||||||||
2,000,000 | Verizon Communications, Inc. | 3.4000 | 03/22/41 | 1,579,683 | ||||||||||
1,800,000 | Verizon Communications, Inc. | 2.8500 | 09/03/41 | 1,315,099 | ||||||||||
1,000,000 | Verizon Communications, Inc. | 4.0000 | 03/22/50 | 818,925 | ||||||||||
900,000 | Verizon Communications, Inc. | 3.8750 | 03/01/52 | 719,399 | ||||||||||
1,100,000 | Verizon Communications, Inc. | 3.0000 | 11/20/60 | 696,691 | ||||||||||
1,700,000 | Verizon Communications, Inc. | 3.7000 | 03/22/61 | 1,265,213 | ||||||||||
200,000 | Vodafone Group plc | 6.1500 | 02/27/37 | 216,022 | ||||||||||
1,000,000 | Vodafone Group plc | 4.8750 | 06/19/49 | 904,136 | ||||||||||
700,000 | Vodafone Group plc | 4.2500 | 09/17/50 | 574,908 | ||||||||||
64,755,869 | ||||||||||||||
TOBACCO & CANNABIS — 1.5% | ||||||||||||||
1,700,000 | Altria Group, Inc. | 2.4500 | 02/04/32 | 1,388,853 | ||||||||||
1,600,000 | Altria Group, Inc. | 3.4000 | 02/04/41 | 1,183,756 | ||||||||||
400,000 | Altria Group, Inc. | 3.8750 | 09/16/46 | 301,508 | ||||||||||
1,300,000 | Altria Group, Inc. | 4.0000 | 02/04/61 | 949,490 | ||||||||||
1,900,000 | BAT Capital Corporation | 4.7000 | 04/02/27 | 1,886,319 | ||||||||||
1,200,000 | BAT Capital Corporation | 6.3430 | 08/02/30 | 1,263,286 | ||||||||||
800,000 | BAT Capital Corporation | 2.7260 | 03/25/31 | 670,669 | ||||||||||
700,000 | BAT Capital Corporation | 4.7420 | 03/16/32 | 670,035 | ||||||||||
900,000 | BAT Capital Corporation | 6.4210 | 08/02/33 | 943,596 | ||||||||||
200,000 | BAT Capital Corporation | 3.7340 | 09/25/40 | 147,413 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
TOBACCO & CANNABIS — 1.5% (Continued) | ||||||||||||||
100,000 | BAT Capital Corporation | 4.5400 | 08/15/47 | $ | 76,272 | |||||||||
1,600,000 | BAT Capital Corporation | 3.9840 | 09/25/50 | 1,115,086 | ||||||||||
500,000 | BAT International Finance plc | 4.4480 | 03/16/28 | 489,145 | ||||||||||
600,000 | BAT International Finance plc | 5.9310 | 02/02/29 | 622,822 | ||||||||||
700,000 | Philip Morris International, Inc. | 5.1250 | 11/17/27 | 711,466 | ||||||||||
800,000 | Philip Morris International, Inc. | 4.8750 | 02/15/28 | 806,478 | ||||||||||
900,000 | Philip Morris International, Inc. | 3.3750 | 08/15/29 | 842,395 | ||||||||||
900,000 | Philip Morris International, Inc. | 5.6250 | 11/17/29 | 938,787 | ||||||||||
1,200,000 | Philip Morris International, Inc. | 5.3750 | 02/15/33 | 1,224,160 | ||||||||||
800,000 | Philip Morris International, Inc. | 5.6250 | 09/07/33 | 830,565 | ||||||||||
1,700,000 | Philip Morris International, Inc. | 3.8750 | 08/21/42 | 1,395,044 | ||||||||||
200,000 | Reynolds American, Inc. | 5.8500 | 08/15/45 | 184,875 | ||||||||||
18,642,020 | ||||||||||||||
TRANSPORTATION & LOGISTICS — 1.6% | ||||||||||||||
300,000 | Burlington Northern Santa Fe, LLC | 5.7500 | 05/01/40 | 322,955 | ||||||||||
600,000 | Burlington Northern Santa Fe, LLC | 4.4500 | 03/15/43 | 556,652 | ||||||||||
400,000 | Burlington Northern Santa Fe, LLC | 4.9000 | 04/01/44 | 391,555 | ||||||||||
400,000 | Burlington Northern Santa Fe, LLC | 4.5500 | 09/01/44 | 372,393 | ||||||||||
400,000 | Burlington Northern Santa Fe, LLC | 4.1500 | 04/01/45 | 351,374 | ||||||||||
300,000 | Burlington Northern Santa Fe, LLC | 4.1250 | 06/15/47 | 260,495 | ||||||||||
400,000 | Burlington Northern Santa Fe, LLC | 4.1500 | 12/15/48 | 346,142 | ||||||||||
300,000 | Burlington Northern Santa Fe, LLC | 3.5500 | 02/15/50 | 236,455 | ||||||||||
300,000 | Burlington Northern Santa Fe, LLC | 4.4500 | 01/15/53 | 274,521 | ||||||||||
500,000 | Burlington Northern Santa Fe, LLC | 5.2000 | 04/15/54 | 509,257 | ||||||||||
300,000 | Canadian National Railway Company | 3.8500 | 08/05/32 | 282,943 | ||||||||||
400,000 | Canadian Pacific Railway Company | 1.7500 | 12/02/26 | 370,242 | ||||||||||
300,000 | Canadian Pacific Railway Company B | 2.4500 | 12/02/31 | 276,344 | ||||||||||
100,000 | Canadian Pacific Railway Company | 3.0000 | 12/02/41 | 89,106 | ||||||||||
900,000 | Canadian Pacific Railway Company | 3.1000 | 12/02/51 | 636,663 | ||||||||||
300,000 | Canadian Pacific Railway Company | 6.1250 | 09/15/15 | 329,928 | ||||||||||
400,000 | CSX Corp 3.800000 11/01/2046 | 3.8000 | 11/01/46 | 330,400 | ||||||||||
700,000 | CSX Corporation | 4.2500 | 03/15/29 | 695,015 | ||||||||||
700,000 | CSX Corporation | 4.1000 | 03/15/44 | 608,959 | ||||||||||
400,000 | CSX Corporation | 4.3000 | 03/01/48 | 354,160 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
TRANSPORTATION & LOGISTICS — 1.6% (Continued) | ||||||||||||||
300,000 | CSX Corporation | 4.5000 | 11/15/52 | $ | 273,188 | |||||||||
200,000 | FedEx Corporation | 4.2500 | 05/15/30 | 195,114 | ||||||||||
200,000 | FedEx Corporation | 3.2500 | 05/15/41 | 153,396 | ||||||||||
400,000 | FedEx Corporation | 5.1000 | 01/15/44 | 386,842 | ||||||||||
500,000 | FedEx Corporation | 4.7500 | 11/15/45 | 457,942 | ||||||||||
500,000 | FedEx Corporation | 4.5500 | 04/01/46 | 444,503 | ||||||||||
400,000 | FedEx Corporation | 4.0500 | 02/15/48 | 327,889 | ||||||||||
300,000 | FedEx Corporation | 4.9500 | 10/17/48 | 280,619 | ||||||||||
400,000 | FedEx Corporation | 5.2500 | 05/15/50 | 390,609 | ||||||||||
500,000 | Norfolk Southern Corporation | 3.0500 | 05/15/50 | 347,995 | ||||||||||
300,000 | Norfolk Southern Corporation | 4.5500 | 06/01/53 | 270,602 | ||||||||||
500,000 | Norfolk Southern Corporation | 5.3500 | 08/01/54 | 509,722 | ||||||||||
1,000,000 | Southwest Airlines Company | 5.1250 | 06/15/27 | 1,007,002 | ||||||||||
500,000 | Union Pacific Corporation | 2.4000 | 02/05/30 | 444,044 | ||||||||||
200,000 | Union Pacific Corporation | 2.3750 | 05/20/31 | 172,260 | ||||||||||
200,000 | Union Pacific Corporation | 4.5000 | 01/20/33 | 198,557 | ||||||||||
800,000 | Union Pacific Corporation | 3.2000 | 05/20/41 | 633,770 | ||||||||||
600,000 | Union Pacific Corporation | 3.2500 | 02/05/50 | 451,794 | ||||||||||
500,000 | Union Pacific Corporation | 3.7990 | 10/01/51 | 409,851 | ||||||||||
400,000 | Union Pacific Corporation | 2.9500 | 03/10/52 | 277,397 | ||||||||||
400,000 | Union Pacific Corporation | 3.5000 | 02/14/53 | 311,458 | ||||||||||
700,000 | Union Pacific Corporation | 3.8390 | 03/20/60 | 558,799 | ||||||||||
200,000 | Union Pacific Corporation | 3.7500 | 02/05/70 | 152,783 | ||||||||||
400,000 | United Parcel Service, Inc. | 3.0500 | 11/15/27 | 381,968 | ||||||||||
700,000 | United Parcel Service, Inc. | 6.2000 | 01/15/38 | 795,424 | ||||||||||
500,000 | United Parcel Service, Inc. | 3.7500 | 11/15/47 | 416,209 | ||||||||||
300,000 | United Parcel Service, Inc. | 4.2500 | 03/15/49 | 268,795 | ||||||||||
500,000 | United Parcel Service, Inc. | 5.3000 | 04/01/50 | 520,885 | ||||||||||
400,000 | United Parcel Service, Inc. | 5.0500 | 03/03/53 | 405,544 | ||||||||||
19,040,520 | ||||||||||||||
TRANSPORTATION EQUIPMENT — 0.1% | ||||||||||||||
800,000 | Westinghouse Air Brake Technologies Corporation | 4.7000 | 09/15/28 | 792,793 |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 86.6% (Continued) | ||||||||||||||
WHOLESALE - CONSUMER STAPLES — 0.1% | ||||||||||||||
700,000 | Archer-Daniels-Midland Company | 3.2500 | 03/27/30 | $ | 641,911 | |||||||||
400,000 | Archer-Daniels-Midland Company | 2.9000 | 03/01/32 | 348,837 | ||||||||||
1,100,000 | Sysco Corporation | 3.1500 | 12/14/51 | 770,137 | ||||||||||
1,760,885 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $964,967,078) | 1,035,733,335 | |||||||||||||
Shares | ||||||||||||||
SHORT-TERM INVESTMENTS — 11.3% | ||||||||||||||
MONEY MARKET FUNDS - 11.3% | ||||||||||||||
134,968,023 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 5.21%(d) (Cost $134,968,023) | 134,968,023 | ||||||||||||
TOTAL INVESTMENTS - 97.9% (Cost $1,099,935,101) | $ | 1,170,701,358 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 2.1% | 25,088,700 | |||||||||||||
NET ASSETS - 100.0% | $ | 1,195,790,058 |
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount | Unrealized Appreciation | ||||||||||||
240 | CBOT 10 Year US Treasury Note | 03/19/2024 | $ | 26,958,750 | $ | 661,215 | ||||||||||
TOTAL FUTURES CONTRACTS |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
SOFRINDX | SOFRINDX |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
TSFR3M | TSFR3M |
US0003M | ICE LIBOR USD 3 Month |
NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
(a) | Variable rate security; the rate shown represents the rate on January 31, 2024. |
(b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $12,216,788 or 1.0% of net assets. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Rate disclosed is the seven-day effective yield as of January 31, 2024. |
OPEN CREDIT DEFAULT SWAP AGREEMENTS (1)
OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION (2)
Termination | Interest Rate | Notional Value at | Upfront | Unrealized | ||||||||||||||||||
Reference Entity | Counterparty | Date | Payable | January 31, 2024 | Value | Premiums Paid | Appreciation | |||||||||||||||
CDX North American High Yield Series 41 | GS | 12/20/2028 | 5.00% | $ | 11,880,000 | $ | 740,566 | $ | 318,592 | $ | 421,974 | |||||||||||
CDX North American Investment Grade Series 41 | GS | 12/20/2028 | 1.00% | 75,000,000 | 1,540,983 | 1,096,167 | 444,816 | |||||||||||||||
TOTAL OPEN CREDIT DEFAULT SWAP | $ | 2,281,549 | $ | 1,414,759 | $ | 866,790 |
GS - Goldman Sachs
(1) | For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. |
(2) | For centrally cleared swaps, w hen a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection w ill either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
NAVIGATOR TACTICAL U.S. ALLOCATION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2024 |
Shares | Fair Value | |||||||||||||
EXCHANGE-TRADED FUNDS — 10.5% | ||||||||||||||
EQUITY - 10.5% | ||||||||||||||
13,500 | Vanguard S&P 500 ETF | $ | 5,991,570 | |||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,391,630) | 5,991,570 | |||||||||||||
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | |||||||||||
CORPORATE BONDS — 63.4% | ||||||||||||||
AEROSPACE & DEFENSE — 1.7% | ||||||||||||||
1,000,000 | Boeing Company | 1.9500 | 02/01/24 | 1,000,000 | ||||||||||
AUTOMOTIVE — 5.3% | ||||||||||||||
1,000,000 | American Honda Finance Corporation(a) | SOFRINDX + 0.670% | 5.9910 | 01/10/25 | 1,002,639 | |||||||||
1,000,000 | Ford Motor Credit Company, LLC | 5.5840 | 03/18/24 | 999,716 | ||||||||||
1,000,000 | Toyota Motor Credit Corporation(a) | SOFRRATE + 0.600% | 5.9120 | 06/09/25 | 1,002,040 | |||||||||
3,004,395 | ||||||||||||||
BANKING — 8.4% | ||||||||||||||
785,000 | Bank of Montreal(a) | SOFRINDX + 0.710% | 6.0570 | 03/08/24 | 785,304 | |||||||||
1,000,000 | Citibank NA(a) | SOFRRATE + 0.805% | 6.1480 | 09/29/25 | 1,003,224 | |||||||||
1,000,000 | Credit Suisse A.G. | 3.6250 | 09/09/24 | 988,440 | ||||||||||
1,000,000 | Morgan Stanley Bank NA(a) | SOFRRATE + 0.780% | 6.1000 | 07/16/25 | 1,005,350 | |||||||||
1,000,000 | Toronto-Dominion Bank(a) | SOFRRATE + 0.355% | 5.7080 | 03/04/24 | 1,000,204 | |||||||||
4,782,522 | ||||||||||||||
BEVERAGES — 5.2% | ||||||||||||||
1,000,000 | Coca-Cola Europacific Partners plc(b) | 0.8000 | 05/03/24 | 988,041 | ||||||||||
1,000,000 | JDE Peet’s N.V.(b) | 0.8000 | 09/24/24 | 967,826 | ||||||||||
1,000,000 | PepsiCo, Inc.(a) | SOFRINDX + 0.400% | 5.7590 | 11/12/24 | 1,001,875 | |||||||||
2,957,742 | ||||||||||||||
BIOTECH & PHARMA — 2.6% | ||||||||||||||
500,000 | Amgen, Inc. | 3.6250 | 05/22/24 | 497,114 | ||||||||||
1,000,000 | Astrazeneca Finance, LLC | 0.7000 | 05/28/24 | 984,874 | ||||||||||
1,481,988 |
NAVIGATOR TACTICAL U.S. ALLOCATION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.4% (Continued) | ||||||||||||||
DIVERSIFIED INDUSTRIALS — 1.7% | ||||||||||||||
1,000,000 | Parker-Hannifin Corporation | 3.6500 | 06/15/24 | $ | 992,798 | |||||||||
ELECTRIC UTILITIES — 4.4% | ||||||||||||||
500,000 | CenterPoint Energy, Inc.(a) | SOFRINDX + 0.650% | 6.0090 | 05/13/24 | 500,027 | |||||||||
1,000,000 | Georgia Power Company(a) | SOFRINDX + 0.750% | 6.1090 | 05/08/25 | 1,002,646 | |||||||||
1,000,000 | Public Service Enterprise Group, Inc. | 2.8750 | 06/15/24 | 989,332 | ||||||||||
2,492,005 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 4.4% | ||||||||||||||
1,000,000 | Cardinal Health, Inc. | 3.0790 | 06/15/24 | 990,356 | ||||||||||
1,500,000 | Cigna Group | 0.6130 | 03/15/24 | 1,491,331 | ||||||||||
2,481,687 | ||||||||||||||
INSURANCE — 1.7% | ||||||||||||||
1,000,000 | Willis North America, Inc. | 3.6000 | 05/15/24 | 993,799 | ||||||||||
LEISURE FACILITIES & SERVICES — 2.6% | ||||||||||||||
1,500,000 | Starbucks Corporation(a) | SOFRINDX + 0.420% | 5.7780 | 02/14/24 | 1,500,056 | |||||||||
OIL & GAS PRODUCERS — 10.5% | ||||||||||||||
1,000,000 | Enbridge, Inc.(a) | SOFRINDX + 0.630% | 5.9870 | 02/16/24 | 1,000,111 | |||||||||
1,000,000 | Energy Transfer, L.P. | 3.9000 | 05/15/24 | 995,025 | ||||||||||
1,000,000 | Kinder Morgan Energy Partners, L.P. | 4.3000 | 05/01/24 | 997,086 | ||||||||||
1,000,000 | Phillips 66 | 0.9000 | 02/15/24 | 998,171 | ||||||||||
1,000,000 | Spectra Energy Partners, L.P. | 4.7500 | 03/15/24 | 998,893 | ||||||||||
1,000,000 | Williams Companies, Inc. | 4.5500 | 06/24/24 | 995,703 | ||||||||||
5,984,989 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 7.0% | ||||||||||||||
1,000,000 | Host Hotels & Resorts, L.P. | 3.8750 | 04/01/24 | 996,992 | ||||||||||
2,000,000 | Public Storage Operating Company(a) | SOFRRATE + 0.470% | 5.7870 | 04/23/24 | 2,000,283 | |||||||||
1,000,000 | VICI Properties, L.P. / VICI Note Company, Inc.(b) | 5.6250 | 05/01/24 | 999,465 | ||||||||||
3,996,740 |
NAVIGATOR TACTICAL U.S. ALLOCATION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 63.4% (Continued) | ||||||||||||||
RETAIL - CONSUMER STAPLES — 0.9% | ||||||||||||||
500,000 | Kroger Company | 4.0000 | 02/01/24 | $ | 500,000 | |||||||||
SEMICONDUCTORS — 1.8% | ||||||||||||||
1,000,000 | Microchip Technology, Inc. | 0.9720 | 02/15/24 | 998,177 | ||||||||||
SPECIALTY FINANCE — 1.7% | ||||||||||||||
1,000,000 | AerCap Ireland Capital DAC / AerCap Global | 1.6500 | 10/29/24 | 971,642 | ||||||||||
TECHNOLOGY HARDWARE — 1.7% | ||||||||||||||
1,000,000 | Arrow Electronics, Inc. | 3.2500 | 09/08/24 | 984,829 | ||||||||||
TRANSPORTATION EQUIPMENT — 1.8% | ||||||||||||||
1,000,000 | Westinghouse Air Brake Technologies Corporation | 4.1500 | 03/15/24 | 998,138 | ||||||||||
TOTAL CORPORATE BONDS (Cost $36,078,077) | 36,121,507 | |||||||||||||
U.S. GOVERNMENT & AGENCIES — 1.8% | ||||||||||||||
U.S. TREASURY NOTES — 1.8% | ||||||||||||||
1,000,000 | United States Treasury Floating Rate Note(a) | USBMMY3M + 0.169% | 5.4640 | 04/30/25 | 999,791 | |||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,000,419) | 999,791 | |||||||||||||
CERTIFICATE OF DEPOSIT — 1.8% | ||||||||||||||
BANKING - 1.8% | ||||||||||||||
1,000,000 | Toronto-Dominion Bank | 5.9770 | 09/18/24 | 1,002,850 | ||||||||||
TOTAL CERTIFICATE OF DEPOSIT (Cost $1,000,000) | 1,002,850 |
NAVIGATOR TACTICAL U.S. ALLOCATION FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||
Amount ($) | (%) | Maturity | Fair Value | |||||||||
COMMERCIAL PAPER — 1.7% | ||||||||||||
COMMERCIAL PAPER - 1.7% | ||||||||||||
1,000,000 | Hilltop Securities Incorporated | 6.4000 | 02/21/24 | $ | 996,333 | |||||||
TOTAL COMMERCIAL PAPER (Cost $996,333) | 996,333 | |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS — 19.2% | ||||||||||||
MONEY MARKET FUNDS - 19.2% | ||||||||||||
8,974,453 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 5.21%(c) | 8,974,453 | ||||||||||
2,000,000 | Federated Hermes Institutional Prime Obligations, Institutional Class, 5.42%(c) | 2,001,400 | ||||||||||
TOTAL MONEY MARKET FUNDS (Cost $10,974,453) | 10,975,853 | |||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,974,453) | 10,975,853 | |||||||||||
TOTAL INVESTMENTS - 98.4% (Cost $55,440,912) | $ | 56,087,904 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6% | 934,382 | |||||||||||
NET ASSETS - 100.0% | $ | 57,022,286 | ||||||||||
OPEN FUTURES CONTRACTS | ||||||||||||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount | Unrealized Appreciation | ||||||||||||
209 | CME E-Mini Standard & Poor’s 500 Index Future | 03/15/2024 | $ | 50,896,725 | $ | 1,796,567 | ||||||||||
TOTAL FUTURES CONTRACTS |
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
SOFRINDX | SOFRINDX |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
USBMMY3M | US Treasury 3 Month Bill Money Market Yield |
(a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $2,955,332 or 5.2% of net assets. |
(c) | Rate disclosed is the seven-day effective yield as of January 31, 2024. |
NAVIGATOR ULTRA SHORT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 90.5% | ||||||||||||||
AEROSPACE & DEFENSE — 3.1% | ||||||||||||||
727,000 | L3Harris Technologies, Inc. | 3.9500 | 05/28/24 | $ | 723,447 | |||||||||
1,250,000 | Textron, Inc. | 4.3000 | 03/01/24 | 1,248,526 | ||||||||||
1,971,973 | ||||||||||||||
ASSET MANAGEMENT — 2.4% | ||||||||||||||
1,500,000 | Charles Schwab Corporation(a) | SOFRINDX + 0.500% | 5.8450 | 03/18/24 | 1,499,744 | |||||||||
AUTOMOTIVE — 10.0% | ||||||||||||||
1,240,000 | American Honda Finance Corporation(a) | SOFRINDX + 0.670% | 5.9910 | 01/10/25 | 1,243,273 | |||||||||
1,000,000 | American Honda Finance Corporation(a) | SOFRINDX + 0.780% | 6.0970 | 04/23/25 | 1,003,748 | |||||||||
2,000,000 | Ford Motor Credit Company, LLC | 5.5840 | 03/18/24 | 1,999,431 | ||||||||||
2,000,000 | Toyota Motor Credit Corporation(a) | SOFRRATE + 0.600% | 5.9120 | 06/09/25 | 2,004,079 | |||||||||
6,250,531 | ||||||||||||||
BANKING — 16.9% | ||||||||||||||
780,000 | Bank of Montreal(a) | SOFRINDX + 0.710% | 6.0570 | 03/08/24 | 780,302 | |||||||||
1,000,000 | Bank of Nova Scotia(a) | SOFRRATE + 0.380% | 5.6900 | 07/31/24 | 1,000,870 | |||||||||
2,000,000 | Citibank NA(a) | SOFRRATE + 0.805% | 6.1480 | 09/29/25 | 2,006,449 | |||||||||
2,282,000 | Credit Suisse A.G.(a) | SOFRINDX + 0.390% | 5.7520 | 02/02/24 | 2,282,001 | |||||||||
1,000,000 | HSBC Holdings plc(b) | TSFR3M + 1.473% | 3.8030 | 03/11/25 | 997,808 | |||||||||
500,000 | KeyBank NA(b) | SOFRRATE + 0.320% | 5.6650 | 06/14/24 | 496,988 | |||||||||
2,000,000 | Morgan Stanley Bank NA(a) | SOFRRATE + 0.780% | 6.1000 | 07/16/25 | 2,010,699 | |||||||||
1,000,000 | Wells Fargo & Company B(b) | TSFR3M + 1.087% | 2.4060 | 10/30/25 | 976,981 | |||||||||
10,552,098 | ||||||||||||||
BEVERAGES — 1.5% | ||||||||||||||
1,000,000 | JDE Peet’s N.V.(c) | 0.8000 | 09/24/24 | 967,826 | ||||||||||
BIOTECH & PHARMA — 2.4% | ||||||||||||||
1,500,000 | Astrazeneca Finance, LLC | 0.7000 | 05/28/24 | 1,477,310 |
NAVIGATOR ULTRA SHORT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 90.5% (Continued) | ||||||||||||||
ELECTRIC UTILITIES — 3.6% | ||||||||||||||
649,000 | CenterPoint Energy, Inc.(a) | SOFRINDX + 0.650% | 6.0090 | 05/13/24 | $ | 649,035 | ||||||||
1,000,000 | Georgia Power Company(a) | SOFRINDX + 0.750% | 6.1090 | 05/08/25 | 1,002,646 | |||||||||
600,000 | Public Service Enterprise Group, Inc. | 2.8750 | 06/15/24 | 593,599 | ||||||||||
2,245,280 | ||||||||||||||
FOOD — 4.0% | ||||||||||||||
1,000,000 | Conagra Brands, Inc. | 4.3000 | 05/01/24 | 996,181 | ||||||||||
1,500,000 | Mondelez International, Inc. B | 2.1250 | 03/17/24 | 1,493,193 | ||||||||||
2,489,374 | ||||||||||||||
HEALTH CARE FACILITIES & SERVICES — 1.6% | ||||||||||||||
1,000,000 | Cencora, Inc. | 3.4000 | 05/15/24 | 994,061 | ||||||||||
INSURANCE — 1.6% | ||||||||||||||
1,000,000 | Willis North America, Inc. | 3.6000 | 05/15/24 | 993,799 | ||||||||||
LEISURE FACILITIES & SERVICES — 3.2% | ||||||||||||||
2,000,000 | Starbucks Corporation(a) | SOFRINDX + 0.420% | 5.7780 | 02/14/24 | 2,000,075 | |||||||||
LEISURE PRODUCTS — 1.5% | ||||||||||||||
1,000,000 | Hasbro, Inc. | 3.0000 | 11/19/24 | 984,569 | ||||||||||
MEDICAL EQUIPMENT & DEVICES — 1.6% | ||||||||||||||
1,000,000 | Becton Dickinson & Company | 3.8750 | 05/15/24 | 994,203 | ||||||||||
METALS & MINING — 1.6% | ||||||||||||||
1,000,000 | Freeport-McMoRan, Inc. | 4.5500 | 11/14/24 | 991,900 | ||||||||||
OIL & GAS PRODUCERS — 12.0% | ||||||||||||||
530,000 | Enbridge, Inc. | 2.1500 | 02/16/24 | 529,208 | ||||||||||
2,000,000 | Enbridge, Inc.(a) | SOFRINDX + 0.630% | 5.9870 | 02/16/24 | 2,000,221 | |||||||||
1,000,000 | Energy Transfer, L.P. | 3.9000 | 05/15/24 | 995,025 | ||||||||||
1,000,000 | Kinder Morgan Energy Partners, L.P. | 4.3000 | 05/01/24 | 997,086 | ||||||||||
2,000,000 | Spectra Energy Partners, L.P. | 4.7500 | 03/15/24 | 1,997,787 |
NAVIGATOR ULTRA SHORT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 90.5% (Continued) | ||||||||||||||
OIL & GAS PRODUCERS — 12.0% (Continued) | ||||||||||||||
1,000,000 | Williams Companies, Inc. | 4.5500 | 06/24/24 | $ | 995,703 | |||||||||
7,515,030 | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 5.2% | ||||||||||||||
1,000,000 | Host Hotels & Resorts, L.P. | 3.8750 | 04/01/24 | 996,992 | ||||||||||
1,250,000 | Public Storage Operating Company (a) | SOFRRATE + 0.470% | 5.7870 | 04/23/24 | 1,250,177 | |||||||||
1,000,000 | VICI Properties, L.P. / VICI Note Company, Inc.(c) | 5.6250 | 05/01/24 | 999,465 | ||||||||||
3,246,634 | ||||||||||||||
RETAIL - CONSUMER STAPLES — 1.6% | ||||||||||||||
1,000,000 | 7-Eleven, Inc.(c) | 0.8000 | 02/10/24 | 998,315 | ||||||||||
SOFTWARE — 1.8% | ||||||||||||||
1,140,000 | VMware, LLC | 1.0000 | 08/15/24 | 1,112,173 | ||||||||||
SPECIALTY FINANCE — 3.7% | ||||||||||||||
1,000,000 | AerCap Ireland Capital DAC / AerCap Global | 1.6500 | 10/29/24 | 971,642 | ||||||||||
1,336,000 | American Express Company(a) | SOFRINDX + 0.720% | 6.0810 | 05/03/24 | 1,337,154 | |||||||||
2,308,796 | ||||||||||||||
TECHNOLOGY HARDWARE — 1.6% | ||||||||||||||
1,000,000 | Arrow Electronics, Inc. | 3.2500 | 09/08/24 | 984,829 | ||||||||||
TECHNOLOGY SERVICES — 3.2% | ||||||||||||||
2,000,000 | International Business Machines Corporation | 3.6250 | 02/12/24 | 1,998,886 | ||||||||||
TELECOMMUNICATIONS — 3.2% | ||||||||||||||
2,000,000 | Sprint, LLC | 7.1250 | 06/15/24 | 2,009,862 | ||||||||||
TRANSPORTATION & LOGISTICS — 1.6% | ||||||||||||||
1,000,000 | Delta Air Lines, Inc. | 2.9000 | 10/28/24 | 978,336 | ||||||||||
TRANSPORTATION EQUIPMENT — 1.6% | ||||||||||||||
1,000,000 | Westinghouse Air Brake Technologies Corporation | 4.1500 | 03/15/24 | 998,138 |
NAVIGATOR ULTRA SHORT BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
January 31, 2024 |
Principal | Coupon Rate | |||||||||||||
Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
CORPORATE BONDS — 90.5% (Continued) | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $56,471,353) | 56,563,742 | |||||||||||||
MUNICIPAL BONDS — 1.2% | ||||||||||||||
SINGLE-FAMILY HOUSING — 1.2% | ||||||||||||||
745,000 | State of New York Mortgage Agency Homeowner | 0.7500 | 04/01/24 | 740,049 | ||||||||||
TOTAL MUNICIPAL BONDS (Cost $739,337) | 740,049 | |||||||||||||
CERTIFICATE OF DEPOSIT — 3.2% | ||||||||||||||
BANKING - 3.2% | ||||||||||||||
1,000,000 | Toronto-Dominion Bank | 5.9770 | 09/18/24 | 1,002,850 | ||||||||||
1,000,000 | Toronto-Dominion Bank | 5.9900 | 03/25/24 | 1,000,855 | ||||||||||
2,003,705 | ||||||||||||||
TOTAL CERTIFICATE OF DEPOSIT (Cost $2,000,000) | 2,003,705 | |||||||||||||
COMMERCIAL PAPER — 3.2% | ||||||||||||||
COMMERCIAL PAPER - 3.2% | ||||||||||||||
2,000,000 | Hilltop Securities Incorporated | 6.4000 | 02/21/24 | 1,992,667 | ||||||||||
TOTAL COMMERCIAL PAPER (Cost $1,992,667) | 1,992,667 | |||||||||||||
Shares | ||||||||||||||
SHORT-TERM INVESTMENTS — 3.4% | ||||||||||||||
MONEY MARKET FUNDS - 3.4% | ||||||||||||||
2,116,164 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 5.21%(d) (Cost $2,116,164) | $ | 2,116,164 | |||||||||||
TOTAL INVESTMENTS - 101.5% (Cost $63,319,521) | $ | 63,416,327 | ||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)% | (924,308 | ) | ||||||||||||
NET ASSETS - 100.0% | $ | 62,492,019 |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
SOFRINDX | SOFRINDX |
SOFRRATE | United States SOFR Secured Overnight Financing Rate |
TSFR3M | TSFR3M |
(a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(b) | Variable rate security; the rate shown represents the rate on January 31, 2024. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $2,965,606 or 4.7% of net assets. |
(d) | Rate disclosed is the seven-day effective yield as of January 31, 2024. |