ZEO SHORT DURATION INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
July 31, 2021 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 69.9% | |||||||
ASSET MANAGEMENT — 0.8% | |||||||
1,874,000 | Oppenheimer Holdings, Inc. | 5.5000 | 10/01/25 | $ 1,939,590 | |||
AUTOMOTIVE — 1.7% | |||||||
3,654,000 | Tenneco, Inc.(a) | 7.8750 | 01/15/29 | 4,129,020 | |||
COMMERCIAL SUPPORT SERVICES — 10.3% | |||||||
7,093,000 | APX Group, Inc. | 7.6250 | 09/01/23 | 7,255,430 | |||
8,545,000 | Cimpress NV(a) | 7.0000 | 06/15/26 | 8,972,250 | |||
5,096,000 | Quad/Graphics, Inc. | 7.0000 | 05/01/22 | 5,096,000 | |||
3,949,000 | RR Donnelley & Sons Co.(a) | 6.1250 | 11/01/26 | 4,156,323 | |||
25,480,003 | |||||||
ENGINEERING & CONSTRUCTION — 1.9% | |||||||
4,558,000 | Brundage-Bone Concrete Pumping Holdings, Inc.(a) | 6.0000 | 02/01/26 | 4,763,110 | |||
ENTERTAINMENT CONTENT — 5.5% | |||||||
8,667,000 | AMC Networks, Inc. | 5.0000 | 04/01/24 | 8,797,006 | |||
4,673,000 | Lions Gate Capital Holdings, LLC(a) | 5.5000 | 04/15/29 | 4,783,750 | |||
13,580,756 | |||||||
FOOD — 9.9% | |||||||
4,817,000 | B&G Foods, Inc. | 5.2500 | 09/15/27 | 5,015,701 | |||
9,652,000 | Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc.(a) | 8.5000 | 12/15/22 | 9,881,235 | |||
8,404,000 | Del Monte Foods, Inc.(a) | 11.8750 | 05/15/25 | 9,538,540 | |||
24,435,476 | |||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.1% | |||||||
2,540,000 | Resolute Forest Products, Inc.(a) | 4.8750 | 03/01/26 | 2,622,550 | |||
HOME CONSTRUCTION — 3.0% | |||||||
1,482,000 | Patrick Industries, Inc.(a) | 7.5000 | 10/15/27 | 1,606,118 | |||
1,957,000 | Patrick Industries, Inc.(a) | 4.7500 | 05/01/29 | 1,991,248 | |||
3,636,000 | PGT Innovations, Inc.(a) | 6.7500 | 08/01/26 | 3,822,344 | |||
7,419,710 | |||||||
INTERNET MEDIA & SERVICES — 1.3% | |||||||
3,134,000 | Millennium Escrow Corporation B(a) | 6.6250 | 08/01/26 | 3,201,788 | |||
ZEO SHORT DURATION INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
July 31, 2021 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 69.9% (Continued) | |||||||
MACHINERY — 4.2% | |||||||
5,168,000 | Cleaver-Brooks, Inc.(a) | 7.8750 | 03/01/23 | $ 5,103,400 | |||
5,093,000 | Werner FinCo, L.P.(a) | 8.7500 | 07/15/25 | 5,296,720 | |||
10,400,120 | |||||||
PUBLISHING & BROADCASTING — 2.9% | |||||||
6,881,000 | Cengage Learning, Inc.(a) | 9.5000 | 06/15/24 | 7,051,085 | |||
RETAIL - CONSUMER STAPLES — 3.6% | |||||||
8,724,000 | Fresh Market, Inc.(a) | 9.7500 | 05/01/23 | 8,985,720 | |||
RETAIL - DISCRETIONARY — 7.5% | |||||||
1,976,000 | Ambience Merger Sub, Inc.(a) | 4.8750 | 07/15/28 | 1,983,410 | |||
11,867,000 | Caleres, Inc. | 6.2500 | 08/15/23 | 11,896,668 | |||
4,364,000 | Magic MergerCo, Inc.(a) | 5.2500 | 05/01/28 | 4,516,740 | |||
45,285,000 | Tailored Brands, Inc.(b) | 7.0000 | 07/01/22 | 199,254 | |||
18,596,072 | |||||||
SOFTWARE — 1.4% | |||||||
3,244,000 | Veritas US, Inc.(a) | 7.5000 | 09/01/25 | 3,357,540 | |||
SPECIALTY FINANCE — 4.0% | |||||||
4,735,000 | Alliance Data Systems Corp.(a) | 7.0000 | 01/15/26 | 5,084,206 | |||
4,560,000 | PRA Group, Inc.(a) | 7.3750 | 09/01/25 | 4,879,200 | |||
9,963,406 | |||||||
TECHNOLOGY HARDWARE — 3.9% | |||||||
648,000 | Avaya, Inc.(a) | 6.1250 | 09/15/28 | 693,360 | |||
8,803,000 | Diebold Nixdorf, Inc. | 8.5000 | 04/15/24 | 8,971,269 | |||
9,664,629 | |||||||
TECHNOLOGY SERVICES — 1.7% | |||||||
1,843,000 | Austin BidCo, Inc.(a) | 7.1250 | 12/15/28 | 1,884,468 | |||
2,253,000 | Nielsen Finance, LLC / Nielsen Finance Company(a) | 5.6250 | 10/01/28 | 2,379,731 | |||
4,264,199 | |||||||
TRANSPORTATION & LOGISTICS — 2.9% | |||||||
564,000 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.(a) | 8.0000 | 09/20/25 | 633,090 | |||
ZEO SHORT DURATION INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
July 31, 2021 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 69.9% (Continued) | |||||||
TRANSPORTATION & LOGISTICS — 2.9% (Continued) | |||||||
5,814,000 | Western Global Airlines, LLC(a) | 10.3750 | 08/15/25 | $ 6,547,087 | |||
7,180,177 | |||||||
WHOLESALE - CONSUMER STAPLES — 2.3% | |||||||
4,125,000 | United Natural Foods, Inc.(a) | 6.7500 | 10/15/28 | 4,444,687 | |||
1,198,000 | US Foods, Inc.(a) | 6.2500 | 04/15/25 | 1,261,734 | |||
5,706,421 | |||||||
TOTAL CORPORATE BONDS (Cost $193,303,988) | 172,741,372 | ||||||
Spread | |||||||
TERM LOANS — 25.9% | |||||||
BEVERAGES — 1.7% | |||||||
4,472,070 | Arctic Glacier Co.(b) | US0003M + 3.50 % | 4.5000 | 03/20/24 | 4,259,646 | ||
CHEMICALS — 2.6% | |||||||
6,280,931 | AgroFresh, Inc.(b) | US0001M + 6.25 % | 7.2500 | 12/27/24 | 6,284,888 | ||
COMMERCIAL SUPPORT SERVICES — 6.5% | |||||||
4,000,000 | APX Group, Inc.(b) | US0001M + 3.00 % | 4.0000 | 07/10/28 | 3,968,000 | ||
11,994,325 | Cast & Crew Payroll, LLC(b) | US0001M + 3.75 % | 3.8420 | 02/07/26 | 11,891,534 | ||
15,859,534 | |||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.8% | |||||||
4,519,845 | Neenah, Inc.(b) | US0001M + 0.50 % | 3.5000 | 03/18/28 | 4,511,393 | ||
INDUSTRIAL INTERMEDIATE PROD — 0.7% | |||||||
1,842,215 | Werner FinCo, L.P.(b) | US0001M + 3.50 % | 5.0000 | 07/24/24 | 1,833,004 | ||
RETAIL - DISCRETIONARY — 1.3% | |||||||
3,243,000 | Ambience Merger Sub, Inc.(b) | US0003M + 4.25 % | 4.7500 | 06/24/28 | 3,230,839 | ||
ZEO SHORT DURATION INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
July 31, 2021 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
TERM LOANS — 25.9% (Continued) | |||||||
SOFTWARE — 11.1% | |||||||
2,631,329 | A&V Holdings Midco, LLC(b) | US0001M + 5.375 % | 6.3750 | 02/28/27 | $ 2,611,594 | ||
3,341,339 | Hyland Software, Inc.(b) | US0003M + 3.50 % | 4.2500 | 07/01/24 | 3,339,936 | ||
12,892,000 | Hyland Software, Inc.(b) | US0003M + 6.25 % | 7.0000 | 07/10/25 | 12,988,689 | ||
4,630,000 | McAfee Enterprise Business(b) | US0003M + 5.00 % | 5.7500 | 05/03/28 | 4,606,320 | ||
3,783,458 | Veritas US, Inc.(b) | US0001M + 5.00 % | 6.0000 | 09/01/25 | 3,804,267 | ||
27,350,806 | |||||||
WHOLESALE - CONSUMER STAPLES — 0.2% | |||||||
495,109 | United Natural Foods, Inc.(b) | US0001M + 3.50 % | 3.6210 | 10/22/25 | 493,139 | ||
TOTAL TERM LOANS (Cost $63,873,785) | 63,823,249 | ||||||
SHORT TERM INVESTMENTS — 4.9% | |||||||
U.S. TREASURY OBLIGATIONS - 4.9% | |||||||
11,983,000 | United States Treasury Bill(c) | – | 08/10/21 | 11,982,906 | |||
TOTAL SHORT TERM INVESTMENTS (Cost $11,982,906) | |||||||
TOTAL INVESTMENTS - 100.7% (Cost $269,160,679) | $ 248,547,527 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)% | (1,736,409) | ||||||
NET ASSETS - 100.0% | $ 246,811,118 | ||||||
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
(a) | 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 July 31, 2021 the total market value of 144A securities is 123,570,454 or 50.1% of net assets. |
(b) | 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. |
(c) | Zero coupon bond. |
ZEO SUSTAINABLE CREDIT FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
July 31, 2021 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 55.1% | |||||||
AUTOMOTIVE — 2.2% | |||||||
139,000 | Tenneco, Inc.(a) | 5.1250 | 04/15/29 | $ 142,823 | |||
COMMERCIAL SUPPORT SERVICES — 5.7% | |||||||
179,000 | Cimpress NV(a) | 7.0000 | 06/15/26 | 187,950 | |||
191,000 | Quad/Graphics, Inc. | 7.0000 | 05/01/22 | 191,000 | |||
378,950 | |||||||
ENTERTAINMENT CONTENT — 0.9% | |||||||
59,000 | Lions Gate Capital Holdings, LLC(a) | 5.5000 | 04/15/29 | 60,398 | |||
FOOD — 5.6% | |||||||
184,000 | Cooke Omega Investments, Inc.(a) | 8.5000 | 12/15/22 | 188,370 | |||
165,000 | Del Monte Foods, Inc.(a) | 11.8750 | 05/15/25 | 187,275 | |||
375,645 | |||||||
HOME CONSTRUCTION — 3.8% | |||||||
127,000 | Patrick Industries, Inc.(a) | 4.7500 | 05/01/29 | 129,222 | |||
119,000 | PGT Innovations, Inc.(a) | 6.7500 | 08/01/26 | 125,099 | |||
254,321 | |||||||
INTERNET MEDIA & SERVICES — 4.0% | |||||||
177,000 | Cars.com, Inc.(a) | 6.3750 | 11/01/28 | 188,544 | |||
79,000 | Millennium Escrow Corporation B(a) | 6.6250 | 08/01/26 | 80,709 | |||
269,253 | |||||||
LEISURE PRODUCTS — 1.9% | |||||||
116,000 | Winnebago Industries, Inc.(a) | 6.2500 | 07/15/28 | 124,700 | |||
MACHINERY — 5.7% | |||||||
239,000 | Cleaver-Brooks, Inc.(a) | 7.8750 | 03/01/23 | 236,012 | |||
140,000 | Werner FinCo, L.P.(a) | 8.7500 | 07/15/25 | 145,600 | |||
381,612 | |||||||
PUBLISHING & BROADCASTING — 3.7% | |||||||
237,000 | Cengage Learning, Inc.(a) | 9.5000 | 06/15/24 | 242,858 | |||
RETAIL - CONSUMER STAPLES — 3.8% | |||||||
243,000 | Fresh Market, Inc.(a) | 9.7500 | 05/01/23 | 250,290 | |||
ZEO SUSTAINABLE CREDIT FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
July 31, 2021 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 55.1% (Continued) | |||||||
RETAIL - DISCRETIONARY — 5.2% | |||||||
275,000 | Caleres, Inc. | 6.2500 | 08/15/23 | $ 275,687 | |||
61,000 | Magic MergerCo, Inc.(a) | 5.2500 | 05/01/28 | 63,135 | |||
1,795,000 | Tailored Brands, Inc.(b) | 7.0000 | 07/01/22 | 7,898 | |||
346,720 | |||||||
SOFTWARE — 1.9% | |||||||
121,000 | Veritas US, Inc.(a) | 7.5000 | 09/01/25 | 125,235 | |||
SPECIALTY FINANCE — 1.9% | |||||||
117,000 | Alliance Data Systems Corp.(a) | 7.0000 | 01/15/26 | 125,629 | |||
TECHNOLOGY HARDWARE — 2.8% | |||||||
184,000 | Diebold Nixdorf, Inc. | 8.5000 | 04/15/24 | 187,517 | |||
TECHNOLOGY SERVICES — 2.1% | |||||||
135,000 | Austin BidCo, Inc.(a) | 7.1250 | 12/15/28 | 138,038 | |||
TRANSPORTATION & LOGISTICS — 2.0% | |||||||
116,000 | Western Global Airlines, LLC(a) | 10.3750 | 08/15/25 | 130,626 | |||
WHOLESALE - CONSUMER STAPLES — 1.9% | |||||||
117,000 | United Natural Foods, Inc.(a) | 6.7500 | 10/15/28 | 126,068 | |||
TOTAL CORPORATE BONDS (Cost $4,274,323) | 3,660,683 | ||||||
Spread | |||||||
TERM LOANS — 38.1% | |||||||
CHEMICALS — 7.1% | |||||||
471,111 | AgroFresh, Inc.(c) | US0001M + 6.25 % | 7.2500 | 12/27/24 | 471,408 | ||
| |||||||
ZEO SUSTAINABLE CREDIT FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
July 31, 2021 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
TERM LOANS — 38.1% (Continued) | |||||||
COMMERCIAL SUPPORT SERVICES — 5.9% | |||||||
394,940 | Cast & Crew Payroll, LLC(c) | US0001M + 3.75 % | 3.8420 | 02/07/26 | $ 391,555 | ||
INDUSTRIAL INTERMEDIATE PROD — 2.3% | |||||||
152,604 | Werner FinCo, L.P.(c) | US0001M + 3.50 % | 5.0000 | 07/24/24 | 151,841 | ||
RETAIL - DISCRETIONARY — 3.9% | |||||||
257,000 | Ambience Merger Sub, Inc.(c) | US0003M + 4.25 % | 4.7500 | 06/24/28 | 256,036 | ||
SOFTWARE — 18.9% | |||||||
318,038 | A&V Holdings Midco, LLC(c) | US0001M + 5.375 % | 6.3750 | 02/28/27 | 315,653 | ||
382,800 | Hyland Software, Inc.(c) | US0003M + 3.50 % | 7.0000 | 07/10/25 | 385,670 | ||
370,000 | McAfee Enterprise Business (c) | US0003M + 5.00 % | 5.7500 | 05/03/28 | 368,060 | ||
186,592 | Veritas US, Inc.(c) | US0001M + 5.00 % | 6.0000 | 09/01/25 | 187,619 | ||
1,257,002 | |||||||
TOTAL TERM LOANS (Cost $2,474,925) | 2,527,842 | ||||||
SHORT TERM INVESTMENTS — 7.1% | |||||||
U.S. TREASURY OBLIGATIONS - 7.1% | |||||||
471,000 | United States Treasury Bill(d) | – | 08/10/21 | 470,996 | |||
TOTAL SHORT TERM INVESTMENTS (Cost $470,996) | |||||||
TOTAL INVESTMENTS - 100.3% (Cost $7,220,244) | $ 6,659,521 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (20,336) | ||||||
NET ASSETS - 100.0% | $ 6,639,185 | ||||||
LLC | - Limited Liability Company |
LP | - Limited Partnership |
NV | - Naamioze Vennootschap |
(a) | 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 July 31, 2021 the total market value of 144A securities is 2,998,581 or 45.2% of net assets. |
(b) | Represents issuer in default on interest payments; non-income producing security. |
(c) | 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. |
(d) | Zero coupon bond. |