BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
September 30, 2022 | |||||||
Shares | Coupon Rate (%) | Maturity | Fair Value | ||||
PREFERRED STOCKS — 1.8% | |||||||
ASSET MANAGEMENT — 0.6% | |||||||
120,000 | Charles Schwab Corporation (The) - Series J | 1.1130 | 06/01/26 | $ 2,288,400 | |||
BANKING — 1.2% | |||||||
117,000 | Huntington Bancshares, Inc. - Series H | 1.1250 | 04/15/26 | 2,106,000 | |||
122,135 | US Bancorp, B - Series M | 1.0000 | 04/15/26 | 2,077,516 | |||
4,183,516 | |||||||
TOTAL PREFERRED STOCKS (Cost $9,080,956) | 6,471,916 | ||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 39.2% | |||||||
AUTO LOAN — 15.8% | |||||||
2,030,000 | AmeriCredit Automobile Receivables Trust 2020-2 | 2.1300 | 03/18/26 | 1,906,426 | |||
2,000,000 | CarMax Auto Owner Trust 2020-2 | 5.7500 | 05/17/27 | 1,996,846 | |||
2,000,000 | Credit Acceptance Auto Loan Trust 2019-3 Series 2019-3 C(a) | 3.0600 | 03/15/29 | 1,978,668 | |||
2,435,000 | Credit Acceptance Auto Loan Trust 2020-1 Series 20-1A C(a) | 2.5900 | 06/15/29 | 2,396,492 | |||
3,660,000 | Exeter Automobile Receivables Trust 2021-1 | 0.7400 | 01/15/26 | 3,589,641 | |||
2,645,000 | Exeter Automobile Receivables Trust 2021-3 | 1.5500 | 06/15/27 | 2,424,831 | |||
1,000,000 | First Investors Auto Owner Trust(a) | 3.3500 | 04/15/27 | 913,258 | |||
2,275,000 | First Investors Auto Owner Trust 2018-2(a) | 5.3600 | 01/15/25 | 2,276,832 | |||
1,555,000 | First Investors Auto Owner Trust 2019-1(a) | 4.5300 | 06/16/25 | 1,545,496 | |||
2,000,000 | First Investors Auto Owner Trust 2019-2(a) | 3.8800 | 01/15/26 | 1,961,019 | |||
1,000,000 | First Investors Auto Owner Trust 2020-1(a) | 4.6300 | 06/16/26 | 979,112 | |||
2,230,000 | First Investors Auto Owner Trust 2021-2 Series 2021-2A D(a) | 1.6600 | 12/15/27 | 1,956,896 | |||
2,664,000 | Flagship Credit Auto Trust 2019-4(a) | 2.7700 | 12/15/25 | 2,633,108 | |||
2,475,000 | GM Financial Leasing Trust | 1.0100 | 07/21/25 | 2,383,563 | |||
1,097,050 | Santander Drive Auto Receivables Trust 2019-2 | 3.2200 | 07/15/25 | 1,091,156 | |||
1,510,000 | Santander Drive Auto Receivables Trust 2020-3 Series 20-3 D | 1.6400 | 11/16/26 | 1,462,241 | |||
3,000,000 | Santander Drive Auto Receivables Trust 2021-1 | 0.7500 | 02/17/26 | 2,951,930 | |||
3,990,000 | Santander Drive Auto Receivables Trust 2021-3 | 1.3300 | 09/15/27 | 3,749,943 | |||
1,500,000 | Westlake Automobile Receivables Trust 2019-3(a) | 3.5900 | 03/17/25 | 1,478,005 | |||
2,000,000 | Westlake Automobile Receivables Trust 2019-3(a) | 4.7200 | 04/15/26 | 1,977,375 | |||
1,000,000 | Westlake Automobile Receivables Trust 2020-2 Series 2020-2A D(a) | 2.7600 | 01/15/26 | 975,447 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 39.2% (Continued) | |||||||
AUTO LOAN — 15.8% (Continued) | |||||||
3,000,000 | Westlake Automobile Receivables Trust 2020-3(a) | 5.1100 | 05/17/27 | $ 2,935,468 | |||
3,675,000 | Westlake Automobile Receivables Trust 2021-1(a) | 2.3300 | 08/17/26 | 3,434,564 | |||
2,000,000 | Westlake Automobile Receivables Trust 2021-2(a) | 2.3800 | 03/15/27 | 1,808,548 | |||
3,000,000 | Westlake Automobile Receivables Trust 2021-2(a) | 3.6600 | 12/15/27 | 2,692,105 | |||
1,305,000 | Westlake Automobile Receivables Trust 2021-3(a) | 1.5800 | 01/15/27 | 1,223,923 | |||
1,830,000 | Westlake Automobile Receivables Trust 2021-3 Series 2021-3A E(a) | 3.4200 | 04/15/27 | 1,619,803 | |||
56,342,696 | |||||||
CLO — 22.1% | |||||||
1,495,704 | Allegro CLO II-S Ltd.(a),(b) | US0003M + 1.080% | 3.8120 | 10/21/28 | 1,474,725 | ||
700,000 | Allegro CLO II-S Ltd.(a),(b) | US0003M + 2.150% | 4.8820 | 10/21/28 | 666,058 | ||
5,050,000 | ALM 2020 Ltd.(a),(b) | US0003M + 1.850% | 4.3620 | 10/15/29 | 4,897,817 | ||
1,250,000 | Apidos CLO XXXV(a),(b) | US0003M + 5.750% | 8.4600 | 04/20/34 | 1,020,389 | ||
1,671,916 | Ares XL CLO Ltd.(a),(b) | US0003M + 0.870% | 3.3820 | 01/15/29 | 1,644,555 | ||
3,675,000 | Ares XL CLO Ltd.(a),(b) | US0003M + 1.800% | 4.3120 | 01/15/29 | 3,429,584 | ||
750,000 | Carlyle US CLO 2016-4 Ltd.(a),(b) | US0003M + 2.800% | 5.5100 | 10/20/27 | 664,269 | ||
2,250,000 | CARLYLE US CLO 2019-2 Ltd.(a),(b) | US0003M + 1.650% | 4.1620 | 07/15/32 | 2,137,356 | ||
1,246,774 | CIFC Funding 2014-II-R Ltd.(a),(b) | US0003M + 1.050% | 3.8330 | 04/24/30 | 1,222,829 | ||
1,450,000 | CIFC Funding 2017-IV Ltd.(a),(b) | US0003M + 1.550% | 4.3330 | 10/24/30 | 1,385,160 | ||
3,000,000 | CIFC Funding 2017-IV Ltd.(a),(b) | US0003M + 3.150% | 5.9330 | 10/24/30 | 2,690,028 | ||
1,000,000 | Dryden 30 Senior Loan Fund(a),(b) | US0003M + 1.700% | 4.6050 | 11/15/28 | 940,923 | ||
2,500,000 | Dryden 30 Senior Loan Fund(a),(b) | US0003M + 2.600% | 5.5050 | 11/15/28 | 2,235,665 | ||
243,586 | Dryden Senior Loan Fund(a),(b) | US0003M + 0.980% | 3.4920 | 04/15/28 | 240,314 | ||
1,771,997 | Elevation CLO 2014-2 Ltd.(a),(b) | TSFR3M + 1.492% | 3.8190 | 10/15/29 | 1,749,226 | ||
1,700,000 | Elmwood CLO 20 Ltd.(a),(b) | TSFR3M + 2.750% | – | 10/17/34 | 1,689,361 | ||
2,750,000 | Goldentree Loan Management US CLO 1 Ltd.(a),(b) | US0003M + 3.150% | 5.8600 | 04/20/34 | 2,442,237 | ||
2,500,000 | GoldenTree Loan Opportunities IX Ltd.(a),(b) | US0003M + 3.000% | 5.8060 | 10/29/29 | 2,287,315 | ||
2,250,000 | Highbridge Loan Management 7-2015 Ltd.(a),(b) | US0003M + 1.180% | 4.0850 | 03/15/27 | 2,213,438 | ||
4,250,000 | Jay Park CLO Ltd.(a),(b) | US0003M + 2.000% | 4.7100 | 10/20/27 | 4,034,890 | ||
3,420,000 | JFIN CLO 2016 Ltd.(a),(b) | US0003M + 3.400% | 6.1690 | 10/27/28 | 3,195,645 | ||
4,000,000 | LCM XX, L.P.(a),(b) | US0003M + 5.450% | 8.1600 | 10/20/27 | 3,537,580 | ||
500,000 | LCM XXI, L.P.(a),(b) | US0003M + 2.800% | 5.5100 | 04/20/28 | 469,558 | ||
1,118,132 | LCM XXII Ltd.(a),(b) | US0003M + 1.160% | 3.8700 | 10/20/28 | 1,105,122 | ||
2,000,000 | Madison Park Funding XXIV Ltd.(a),(b) | US0003M + 1.750% | 4.4890 | 10/20/29 | 1,947,902 | ||
412,778 | Magnetite VII Ltd.(a),(b) | US0003M + 0.800% | 3.3120 | 01/15/28 | 405,477 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 39.2% (Continued) | |||||||
CLO — 22.1% (Continued) | |||||||
229,095 | Magnetite XVI Ltd.(a),(b) | US0003M + 0.800% | 3.5400 | 01/18/28 | $ 226,189 | ||
950,000 | Magnetite XVIII Ltd.(a),(b) | US0003M + 1.500% | 4.4050 | 11/15/28 | 912,145 | ||
2,000,000 | Neuberger Berman CLO XV(a),(b) | US0003M + 1.850% | 4.3620 | 10/15/29 | 1,873,246 | ||
6,000,000 | Neuberger Berman CLO XVII Ltd.(a),(b) | US0003M + 2.000% | 4.7590 | 04/22/29 | 5,619,299 | ||
2,000,000 | Neuberger Berman Loan Advisers CLO 32 Ltd.(a),(b) | US0003M + 2.700% | 5.4380 | 01/19/32 | 1,781,608 | ||
2,900,000 | OCP CLO 2014-7 Ltd.(a),(b) | US0003M + 3.100% | 5.8100 | 07/20/29 | 2,577,474 | ||
2,400,000 | OZLM XII Ltd.(a),(b) | US0003M + 1.600% | 4.3820 | 04/30/27 | 2,376,322 | ||
237,352 | Race Point VIII CLO Ltd.(a),(b) | US0003M + 1.040% | 4.0240 | 02/20/30 | 232,731 | ||
2,000,000 | Regatta IX Funding Ltd.(a),(b) | US0003M + 6.000% | 8.7400 | 04/17/30 | 1,686,904 | ||
2,250,000 | Regatta XIII Funding Ltd.(a),(b) | US0003M + 3.100% | 5.6120 | 07/15/31 | 2,002,491 | ||
175,000 | Riserva Clo Ltd.(a),(b) | US0003M + 0.800% | 3.5400 | 01/18/34 | 174,832 | ||
850,000 | Silver Creek CLO Ltd.(a),(b) | US0003M + 2.300% | 5.0100 | 07/20/30 | 809,006 | ||
3,700,000 | Silvermore CLO Ltd.(a),(b) | US0003M + 3.450% | 6.3550 | 05/15/26 | 3,617,652 | ||
2,000,000 | Venture XVII CLO Ltd.(a),(b) | US0003M + 2.820% | 5.3320 | 04/15/27 | 1,821,096 | ||
1,390,000 | Wellfleet CLO 2016-1 Ltd.(a),(b) | US0003M + 2.900% | 5.6100 | 04/20/28 | 1,315,048 | ||
500,000 | Wind River 2021-2 CLO Ltd.(a),(b) | US0003M + 3.150% | 5.8600 | 07/20/34 | 435,259 | ||
1,500,000 | Wind River CLO Ltd.(a),(b) | US0003M + 1.950% | 4.6600 | 04/20/34 | 1,350,827 | ||
78,539,552 | |||||||
NON AGENCY CMBS — 0.2% | |||||||
680,477 | COMM 2012-CCRE5 Mortgage Trust(a),(c) | 4.4100 | 12/10/45 | 666,634 | |||
OTHER ABS — 0.3% | |||||||
186,243 | MVW Owner Trust 2016-1(a) | 2.2500 | 12/20/33 | 185,985 | |||
868,980 | MVW Owner Trust 2017-1(a) | 2.4200 | 12/20/34 | 850,050 | |||
1,036,035 | |||||||
RESIDENTIAL MORTGAGE — 0.8% | |||||||
201,192 | Towd Point Mortgage Trust 2017-5(a),(b) | US0001M + 0.600% | 3.6840 | 02/25/57 | 199,075 | ||
301,714 | Towd Point Mortgage Trust 2017-6(a),(c) | 2.7500 | 10/25/57 | 290,181 | |||
1,141,077 | Towd Point Mortgage Trust 2018-2(a),(c) | 3.2500 | 03/25/58 | 1,108,298 | |||
1,134,278 | Towd Point Mortgage Trust 2018-3 Series 2018-3 Class A1(a),(c) | 3.7500 | 05/25/58 | 1,090,416 | |||
2,687,970 | |||||||
TOTAL ASSET BACKED SECURITIES (Cost $146,226,101) | 139,272,887 | ||||||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 37.4% | |||||||
ASSET MANAGEMENT — 0.7% | |||||||
1,815,000 | Oaktree Specialty Lending Corporation | 3.5000 | 02/25/25 | $ 1,726,218 | |||
850,000 | Oaktree Specialty Lending Corporation | 2.7000 | 01/15/27 | 715,549 | |||
2,441,767 | |||||||
AUTOMOTIVE — 0.3% | |||||||
975,000 | Adient Global Holdings Ltd.(a) | 4.8750 | 08/15/26 | 855,689 | |||
250,000 | Dana, Inc. | 5.3750 | 11/15/27 | 212,405 | |||
1,068,094 | |||||||
BANKING — 1.8% | |||||||
2,830,000 | Bank of America Corporation(b) | US0003M + 3.296% | 5.1250 | 12/20/67 | 2,647,837 | ||
2,400,000 | JPMorgan Chase & Company(b) | US0003M + 3.300% | 6.0000 | 02/01/68 | 2,346,000 | ||
1,533,000 | Synovus Financial Corporation(b) | USSW5 + 3.379% | 5.9000 | 02/07/29 | 1,509,705 | ||
6,503,542 | |||||||
CABLE & SATELLITE — 0.2% | |||||||
1,000,000 | CCO Holdings, LLC/CCO Holdings Capital Corporation(a) | 5.0000 | 02/01/28 | 879,005 | |||
CHEMICALS — 1.6% | |||||||
3,000,000 | Avient Corporation(a) | 5.7500 | 05/15/25 | 2,898,676 | |||
492,000 | HB Fuller Company | 4.0000 | 02/15/27 | 455,599 | |||
770,000 | HB Fuller Company | 4.2500 | 10/15/28 | 649,453 | |||
2,000,000 | Ingevity Corporation(a) | 3.8750 | 11/01/28 | 1,656,280 | |||
5,660,008 | |||||||
COMMERCIAL SUPPORT SERVICES — 0.7% | |||||||
2,945,000 | Korn Ferry(a) | 4.6250 | 12/15/27 | 2,612,804 | |||
CONSTRUCTION MATERIALS — 0.9% | |||||||
3,592,000 | Advanced Drainage Systems, Inc.(a) | 5.0000 | 09/30/27 | 3,308,950 | |||
CONSUMER SERVICES — 1.9% | |||||||
3,775,000 | Rent-A-Center, Inc.(a) | 6.3750 | 02/15/29 | 2,952,314 | |||
3,885,000 | Service Corp International | 5.1250 | 06/01/29 | 3,536,068 | |||
6,488,382 | |||||||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CONTAINERS & PACKAGING — 1.4% | |||||||
2,420,000 | Silgan Holdings, Inc. | 4.1250 | 02/01/28 | $ 2,151,634 | |||
3,350,000 | TriMas Corporation(a) | 4.1250 | 04/15/29 | 2,834,988 | |||
4,986,622 | |||||||
ENGINEERING & CONSTRUCTION — 1.8% | |||||||
2,035,000 | Installed Building Products, Inc.(a) | 5.7500 | 02/01/28 | 1,833,727 | |||
4,975,000 | MasTec, Inc.(a) | 4.5000 | 08/15/28 | 4,353,258 | |||
6,186,985 | |||||||
FOOD — 1.4% | |||||||
4,009,000 | Darling Ingredients, Inc.(a) | 5.2500 | 04/15/27 | 3,786,902 | |||
1,264,000 | Post Holdings, Inc.(a) | 5.7500 | 03/01/27 | 1,207,916 | |||
4,994,818 | |||||||
FORESTRY, PAPER & WOOD PRODUCTS — 1.5% | |||||||
2,360,000 | Louisiana-Pacific Corporation(a) | 3.6250 | 03/15/29 | 1,836,342 | |||
3,750,000 | Resolute Forest Products, Inc.(a) | 4.8750 | 03/01/26 | 3,650,831 | |||
5,487,173 | |||||||
HEALTH CARE FACILITIES & SERVICES — 0.6% | |||||||
2,500,000 | Molina Healthcare, Inc.(a) | 4.3750 | 06/15/28 | 2,261,550 | |||
HOME CONSTRUCTION — 1.3% | |||||||
2,000,000 | LGI Homes, Inc.(a) | 4.0000 | 07/15/29 | 1,490,466 | |||
1,210,000 | Meritage Homes Corporation | 6.0000 | 06/01/25 | 1,175,432 | |||
2,120,000 | Patrick Industries, Inc.(a) | 7.5000 | 10/15/27 | 1,934,813 | |||
4,600,711 | |||||||
HOUSEHOLD PRODUCTS — 1.1% | |||||||
3,907,000 | Central Garden & Pet Company | 5.1250 | 02/01/28 | 3,525,951 | |||
342,000 | Prestige Brands, Inc.(a) | 5.1250 | 01/15/28 | 308,324 | |||
3,834,275 | |||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.9% | |||||||
3,485,000 | Goldman Sachs Group, Inc. (The) Series P(b) | US0003M + 2.874% | 5.0000 | 05/10/66 | 3,245,581 | ||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 37.4% (Continued) | |||||||
INTERNET MEDIA & SERVICES — 0.8% | |||||||
2,500,000 | Netflix, Inc. | 5.7500 | 03/01/24 | $ 2,537,500 | |||
100,000 | Netflix, Inc. | 5.8750 | 02/15/25 | 100,060 | |||
2,637,560 | |||||||
LEISURE FACILITIES & SERVICES — 0.8% | |||||||
3,560,000 | Boyne USA, Inc.(a) | 4.7500 | 05/15/29 | 2,987,204 | |||
MACHINERY — 0.9% | |||||||
4,000,000 | ATS Automation Tooling Systems, Inc.(a) | 4.1250 | 12/15/28 | 3,326,320 | |||
METALS & MINING — 1.8% | |||||||
3,603,000 | Freeport-McMoRan, Inc. | 5.0000 | 09/01/27 | 3,495,703 | |||
2,767,000 | Mineral Resources Ltd.(a) | 8.1250 | 05/01/27 | 2,685,263 | |||
6,180,966 | |||||||
OIL & GAS PRODUCERS — 5.5% | |||||||
2,775,000 | Cheniere Energy Partners, L.P. | 4.5000 | 10/01/29 | 2,455,334 | |||
3,250,000 | Hess Midstream Operations, L.P.(a) | 5.6250 | 02/15/26 | 3,089,434 | |||
2,000,000 | MPLX, L.P.(c) | US0003M + 4.652% | 6.8750 | 08/15/68 | 1,975,000 | ||
1,158,000 | Murphy Oil Corporation | 5.7500 | 08/15/25 | 1,123,745 | |||
3,240,000 | Murphy Oil USA, Inc. | 5.6250 | 05/01/27 | 3,103,368 | |||
750,000 | Murphy Oil USA, Inc. | 4.7500 | 09/15/29 | 665,363 | |||
2,000,000 | Oasis Petroleum, Inc.(a) | 6.3750 | 06/01/26 | 1,909,760 | |||
2,825,000 | Sunoco, L.P./Sunoco Finance Corporation | 6.0000 | 04/15/27 | 2,696,886 | |||
2,909,000 | Targa Resources Partners, L.P./Targa Resources | 5.0000 | 01/15/28 | 2,697,093 | |||
19,715,983 | |||||||
PUBLISHING & BROADCASTING — 0.4% | |||||||
1,500,000 | Nexstar Broadcasting, Inc.(a) | 5.6250 | 07/15/27 | 1,382,066 | |||
REAL ESTATE INVESTMENT TRUSTS — 1.3% | |||||||
3,000,000 | HAT Holdings I, LLC/HAT Holdings II, LLC(a) | 6.0000 | 04/15/25 | 2,821,950 | |||
2,000,000 | Iron Mountain, Inc.(a) | 5.2500 | 03/15/28 | 1,757,130 | |||
4,579,080 | |||||||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 37.4% (Continued) | |||||||
RETAIL - CONSUMER STAPLES — 1.0% | |||||||
3,910,000 | SEG Holding, LLC/S.E.G Finance Corporation(a) | 5.6250 | 10/15/28 | $ 3,607,828 | |||
RETAIL - DISCRETIONARY — 0.9% | |||||||
1,400,000 | Asbury Automotive Group, Inc. | 4.5000 | 03/01/28 | 1,186,213 | |||
2,250,000 | Penske Automotive Group, Inc. | 3.5000 | 09/01/25 | 2,063,854 | |||
SEMICONDUCTORS — 1.6% | |||||||
2,180,000 | Amkor Technology, Inc.(a) | 6.6250 | 09/15/27 | 2,090,594 | |||
2,075,000 | ON Semiconductor Corporation(a) | 3.8750 | 09/01/28 | 1,778,951 | |||
2,200,000 | Synaptics, Inc.(a) | 4.0000 | 06/15/29 | 1,777,482 | |||
5,647,027 | |||||||
SOFTWARE — 0.1% | |||||||
500,000 | NortonLifeLock, Inc.(a) | 6.7500 | 09/30/27 | 482,708 | |||
SPECIALTY FINANCE — 0.7% | |||||||
3,000,000 | FirstCash, Inc.(a) | 4.6250 | 09/01/28 | 2,519,415 | |||
TECHNOLOGY HARDWARE — 0.7% | |||||||
2,685,000 | Seagate HDD Cayman | 4.8750 | 03/01/24 | 2,610,935 | |||
TECHNOLOGY SERVICES — 1.8% | |||||||
2,500,000 | Booz Allen Hamilton, Inc.(a) | 3.8750 | 09/01/28 | 2,156,679 | |||
1,920,000 | Nielsen Finance, LLC/Nielsen Finance Company(a) | 5.6250 | 10/01/28 | 1,909,800 | |||
2,000,000 | Nielsen Finance, LLC/Nielsen Finance Company(a) | 4.5000 | 07/15/29 | 1,996,200 | |||
6,062,679 | |||||||
TRANSPORTATION EQUIPMENT — 1.0% | |||||||
2,000,000 | Allison Transmission, Inc.(a) | 4.7500 | 10/01/27 | 1,764,446 | |||
2,000,000 | Allison Transmission, Inc.(a) | 5.8750 | 06/01/29 | 1,813,120 | |||
3,577,566 | |||||||
TOTAL CORPORATE BONDS (Cost $149,705,785) | 133,127,671 | ||||||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
TERM LOANS — 18.7% | |||||||
AUTOMOTIVE — 0.3% | |||||||
1,234,375 | Adient US, LLC(b) | US0001M + 3.250% | 5.7700 | 04/08/28 | $ 1,166,484 | ||
BIOTECH & PHARMA — 2.7% | |||||||
3,000,000 | Horizon Therapeutics USA, Inc.(b) | US0001M + 2.000% | 4.5600 | 05/22/26 | 2,896,875 | ||
992,443 | Horizon Therapeutics USA, Inc.(b) | US0001M + 1.750% | 4.3100 | 03/15/28 | 954,299 | ||
2,896,283 | Organon & Company(b) | US0001M + 3.000% | 5.5600 | 06/02/28 | 2,840,762 | ||
3,141,667 | Prestige Brands, Inc.(b) | US0001M + 2.000% | 4.5200 | 07/01/28 | 3,172,236 | ||
9,866,594 | |||||||
CABLE & SATELLITE — 0.8% | |||||||
2,917,293 | Charter Communications Operating, LLC(b) | US0001M + 1.850% | 4.2800 | 02/01/27 | 2,813,729 | ||
CHEMICALS — 0.8% | |||||||
2,946,934 | HB Fuller Company(b) | US0003M + 2.000% | 4.3700 | 10/20/24 | 2,946,934 | ||
COMMERCIAL SUPPORT SERVICES — 0.8% | |||||||
2,955,000 | AlixPartners LLP(b) | US0001M + 2.750% | 5.2700 | 02/04/28 | 2,845,414 | ||
CONSTRUCTION MATERIALS — 0.8% | |||||||
2,954,403 | Quikrete Holdings, Inc.(b) | US0001M + 2.625% | 5.1500 | 01/31/27 | 2,836,268 | ||
CONTAINERS & PACKAGING — 0.7% | |||||||
2,407,721 | Plastipak Packaging, Inc.(b) | US0001M + 2.500% | 5.0600 | 12/01/28 | 2,333,996 | ||
ELECTRIC UTILITIES — 0.8% | |||||||
2,925,842 | Vistra Operations Company, LLC(b) | US0001M + 1.750% | 4.1300 | 12/31/25 | 2,831,849 | ||
ENGINEERING & CONSTRUCTION — 0.9% | |||||||
3,589,225 | Centuri Group, Inc. | US0003M – 2.50% | 5.0200 | 08/27/28 | 3,476,505 | ||
FOOD — 0.8% | |||||||
2,947,506 | Utz Quality Foods, LLC(b) | US0001M + 3.000% | 5.5200 | 01/20/28 | 2,869,220 | ||
LEISURE FACILITIES & SERVICES — 0.8% | |||||||
2,977,444 | Hilton Grand Vacations Borrower, LLC(b) | US0001M + 3.000% | 5.5200 | 08/02/28 | 2,884,398 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
TERM LOANS — 18.7% (Continued) | |||||||
LEISURE PRODUCTS — 0.8% | |||||||
2,962,500 | Hayward Industries, Inc.(b) | US0001M + 2.500% | 5.0200 | 05/28/28 | $ 2,797,104 | ||
MACHINERY — 0.8% | |||||||
2,752,060 | Columbus McKinnon Corporation(b) | US0001M + 2.750% | 5.0600 | 05/13/28 | 2,697,019 | ||
| MEDICAL EQUIPMENT & DEVICES — 0.7% | ||||||
2,390,045 | Avantor Funding, Inc.(b) | US0001M + 2.250% | 4.7700 | 11/06/27 | 2,336,269 | ||
OIL & GAS PRODUCERS — 1.1% | |||||||
3,960,000 | Pilot Travel Centers, LLC(b) | US0001M + 2.000% | 4.5600 | 08/06/28 | 3,795,007 | ||
PUBLISHING & BROADCASTING — 1.3% | |||||||
2,977,500 | Gray Television, Inc.(b) | US0001M + 3.000% | 5.5600 | 12/01/28 | 2,898,105 | ||
1,705,832 | Nexstar Broadcasting, Inc.(b) | US0001M + 2.500% | 5.0200 | 09/19/26 | 1,687,179 | ||
4,592,584 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.3% | |||||||
974,490 | Iron Mountain, Inc.(b) | US0003M + 1.750% | 4.2700 | 01/02/26 | 947,691 | ||
SOFTWARE — 1.1% | |||||||
3,905,668 | Open Text Corporation(b) | US0003M + 1.750% | 4.2700 | 05/30/25 | 3,842,201 | ||
SPECIALTY FINANCE — 1.9% | |||||||
3,954,989 | FleetCor Technologies Operating Company, LLC(b) | US0001M + 1.750% | 4.2700 | 04/22/28 | 3,819,056 | ||
2,977,804 | Starwood Property Mortgage, LLC(b) | US0001M + 3.250% | 5.7700 | 07/26/26 | 2,900,714 | ||
6,736,403 | |||||||
TECHNOLOGY HARDWARE — 0.5% | |||||||
1,970,000 | Pitney Bowes, Inc.(b) | US0001M + 4.000% | 6.5300 | 03/12/28 | 1,782,850 | ||
TOTAL TERM LOANS (Cost $68,408,811) | 66,366,612 | ||||||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2022 | |||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 2.5% | |||||||
MONEY MARKET FUNDS - 2.5% | |||||||
8,950,788 | First American Government Obligations Fund Class X, Class X, 2.77% (Cost $8,950,788)(d) | $ 8,950,788 | |||||
TOTAL INVESTMENTS - 99.6% (Cost $382,694,188) | $ 354,544,031 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4% | 1,554,409 | ||||||
NET ASSETS - 100.0% | $ 356,098,440 | ||||||
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
TSFR3M | TSFR3M |
US0001M | ICE LIBOR USD 1 Month |
US0003M | ICE LIBOR USD 3 Month |
USSW5 | USD SWAP SEMI 30/360 5YR |
(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 September 30, 2022 the total market value of 144A securities is 200,235,495 or 56.2% 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) | Variable rate security; the rate shown represents the rate on September 30, 2022. |
(d) | Rate disclosed is the seven day effective yield as of September 30, 2022. |
See accompanying notes which are an integral part of this schedule of investments. |