Channel
Short
Duration
Income
Fund
Schedule
of
Investments
December
31,
2022
-
(Unaudited)
CORPORATE
BONDS
—
89.01%
Principal
Amount
Fair
Value
Corporate
Bonds
-
Domestic
—
84.32%
American
Airlines
Pass
Through
Trust,
Series
2013-2,
4.95%,
1/15/2023
$
1,333,314
$
1,330,865
American
Airlines
Pass
Through
Trust,
Series
2015-1,
3.70%,
5/1/2023
349,104
345,043
American
Airlines
Pass
Through
Trust,
Series
2016-3,
3.75%,
10/15/2025
1,157,463
1,037,050
American
Airlines
Pass
Through
Trust,
Series
2016-2,
3.65%,
12/15/2029
1,007,300
789,297
American
Electric
Power
Co.,
Inc.,
2.03%,
3/15/2024
500,000
481,819
B&G
Foods,
Inc.,
5.25%,
4/1/2025
750,000
661,743
Bank
of
America
Corp.,
4.83%,
7/22/2026
750,000
742,337
Celanese
US
Holdings
LLC,
6.33%,
7/15/2029
600,000
584,290
Charles
Schwab
Corp.
(The),
4.00%,
12/31/2049
(3MO
LIBOR
+
231bps)
(a)
900,000
717,373
Cheniere
Energy
Partners
LP,
4.50%,
10/1/2029
500,000
450,900
Continental
Airlines
Pass
Through
Trust,
Series
2012-2
A,
4.00%,
10/29/2024
1,548,408
1,474,407
DCP
Midstream
Operating
LP,
5.38%,
7/15/2025
600,000
594,722
Delta
Air
Lines,
Inc.,
Series
2019-1,
3.20%,
4/25/2024
825,000
799,623
Discovery
Communications
LLC,
4.13%,
5/15/2029
1,000,000
869,145
DISH
DBS
Corp.,
5.88%,
11/15/2024
300,000
280,477
Edison
International,
4.70%,
8/15/2025
250,000
244,945
Edison
International,
5.38%,
9/15/2069
(3MO
LIBOR
+
370bps)
(a)
400,000
328,443
Enable
Midstream
Partners
LP,
4.95%,
5/15/2028
300,000
288,564
Energy
Transfer
LP,
6.50%,
11/15/2167
(3MO
LIBOR
+
465bps)
(a)
500,000
435,317
EQT
Corp.,
6.13%,
2/1/2025
(b)
350,000
351,285
EQT
Corp.,
3.90%,
10/1/2027
600,000
554,929
FedEx
Corp
Pass
Trough
Trust,
Series
2020-1,
1.88%,
2/20/2034
446,527
363,862
Genworth
Holdings,
Inc.,
6.61%,
11/15/2036
(3MO
LIBOR
+
200bps)
2,300,000
1,439,326
Gulfport
Energy
Corp.,
8.00%,
5/17/2026
500,000
496,078
iHeartCommunications,
Inc.,
8.38%,
5/1/2027
750,000
639,569
JPMorgan
Chase
&
Co.,
4.85%,
7/25/2028
900,000
879,420
JPMorgan
Chase
&
Co.,
5.72%,
9/14/2033
a)
500,000
491,870
MPLX
LP,
4.13%,
3/1/2027
500,000
473,632
Plains
All
American
Pipeline
LP,
4.65%,
10/15/2025
250,000
245,012
Plains
All
American
Pipeline
LP/
PAA
Finance
Corp.,
3.60%,
11/1/2024
450,000
436,340
Range
Resources
Corp.,
4.88%,
5/15/2025
1,500,000
1,431,439
Raytheon
Technologies
Corp.,
3.50%,
3/15/2027
300,000
286,313
Sabine
Pass
Liquefaction
LLC,
5.88%,
6/30/2026
500,000
506,455
Southwest
Gas
Corp.,
5.80%,
12/1/2027
500,000
510,855
Sprint
Corp.,
7.63%,
3/1/2026
400,000
421,708
Targa
Resources
Corp.,
5.20%,
7/1/2027
500,000
491,518
T-Mobile
USA
Inc.,
2.63%,
2/15/2029
750,000
636,741
United
Airlines
Holdings,
Inc.,
4.88%,
1/15/2025
300,000
291,430
United
Airlines
Pass
Through
Trust,
Series
2013-1,
4.30%,
8/15/2025
150,777
140,357
United
Airlines
Pass
Through
Trust,
Series
2014-1,
4.00%,
4/11/2026
529,775
487,762
United
Airlines
Pass
Through
Trust,
Series
2014-2,
3.75%,
9/3/2026
607,935
557,562
United
Airlines
Pass
Through
Trust,
Series
2020-1,
5.88%,
4/15/2029
474,230
467,775
TOTAL
CORPORATE
BONDS
-
DOMESTIC
(Cost $25,754,517)
25,057,598
Corporate
Bonds
-
Foreign
—
4.69%
Channel
Short
Duration
Income
Fund
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
CORPORATE
BONDS
—
89.01%
-
continued
Principal
Amount
Fair
Value
Corporate
Bonds
-
Ireland
-
2.76%
AerCap
Ireland
Capital
DAC,
3.30%,
1/30/2032
$
750,000
$
586,413
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
4.63%,
10/15/2027
250,000
232,964
819,377
Corporate
Bonds
-
Switzerland
-
1.93%
Credit
Suisse
AG,
4.75%,
8/9/2024
600,000
573,474
TOTAL
CORPORATE
BONDS
-
FOREIGN
(Cost $1,553,139)
1,392,851
TOTAL
CORPORATE
BONDS
(Cost $27,307,656)
26,450,449
U.S.
GOVERNMENT
&
AGENCIES
—
9.12%
Principal
Amount
Fair
Value
United
States
Treasury
Note,
4.00
%
,
12/15/2025
700,000
695,652
United
States
Treasury
Note,
3.88
%
,
12/31/2027
1,000,000
994,345
United
States
Treasury
Note,
4.13
%
,
11/15/2032
1,000,000
1,020,080
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $2,710,499)
2,710,077
MONEY
MARKET
FUNDS
-
1.35%
Fidelity
Investments
Money
Market
Government
Portfolio,
Class
I,
4.06%
(c)
400,863
400,863
TOTAL
MONEY
MARKET
FUNDS
(Cost
$400,863)
400,863
TOTAL
INVESTMENTS
—
99.48%
(Cost
$30,419,018)
29,561,389
Other
Assets
in
Excess
of
Liabilities — 0.52%
154,355
NET
ASSETS
—
100.00%
$
29,715,744
(a)
Variable
rate
security.
The
rate
shown
is
the
effective
interest
rate
as
of
December
31,
2022.
The
benchmark
on
which
the
rate
is
calculated
is
shown
parenthetically.
(b)
Step
bond.
Coupon
rate
is
fixed
rate
that
changes
on
a
specified
date.
The
rate
shown
is
the
current
rate
at
December
31,
2022.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2022.