BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
September 30, 2023 | |||||||
Shares | Coupon Rate (%) | Maturity | Fair Value | ||||
PREFERRED STOCKS — 1.8% | |||||||
ASSET MANAGEMENT — 0.6% | |||||||
120,000 | Charles Schwab Corporation (The) - Series J | 1.113 | 06/01/26 | $ 2,233,200 | |||
BANKING — 1.2% | |||||||
117,000 | Huntington Bancshares, Inc. - Series H | 1.125 | 04/15/26 | 1,970,280 | |||
122,135 | US Bancorp, B - Series M | 1.000 | 04/15/26 | 1,955,381 | |||
3,925,661 | |||||||
TOTAL PREFERRED STOCKS (Cost $9,080,956) | 6,158,861 | ||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 46.0% | |||||||
AUTO LOAN — 16.5% | |||||||
2,500,000 | AmeriCredit Automobile Receivables Trust 2020-2 Series 2 C | 1.4800 | 02/18/26 | 2,436,083 | |||
2,030,000 | AmeriCredit Automobile Receivables Trust 2020-2 Series 2020-2 D | 2.1300 | 03/18/26 | 1,941,614 | |||
2,000,000 | CarMax Auto Owner Trust 2020-2 Series 2020-2 D | 5.7500 | 05/17/27 | 1,984,259 | |||
680,532 | Exeter Automobile Receivables Trust 2021-1 Series 2021-1A C | 0.7400 | 01/15/26 | 675,798 | |||
1,932,000 | Exeter Automobile Receivables Trust 2021-3 Series 3A C | 0.9600 | 10/15/26 | 1,877,832 | |||
2,645,000 | Exeter Automobile Receivables Trust 2021-3 Series 2021-3A D | 1.5500 | 06/15/27 | 2,440,786 | |||
4,000,000 | Exeter Automobile Receivables Trust 2022-1 Series 1A E(a) | 5.0200 | 10/15/29 | 3,573,964 | |||
2,000,000 | First Investors Auto Owner Trust Series 2021-1A E(a) | 3.3500 | 04/15/27 | 1,872,215 | |||
2,730,000 | First Investors Auto Owner Trust 2019-2 Series 2019-2A E(a) | 3.8800 | 01/15/26 | 2,714,449 | |||
1,000,000 | First Investors Auto Owner Trust 2020-1 Series 2020-1A E(a) | 4.6300 | 06/16/26 | 990,762 | |||
1,005,000 | First Investors Auto Owner Trust 2021-1 Series 1A C(a) | 1.1700 | 03/15/27 | 964,777 | |||
1,250,000 | First Investors Auto Owner Trust 2021-1 Series 1A D(a) | 1.6200 | 03/15/27 | 1,172,573 | |||
2,230,000 | First Investors Auto Owner Trust 2021-2 Series 2021-2A D(a) | 1.6600 | 12/15/27 | 2,013,510 | |||
4,720,000 | First Investors Auto Owner Trust 2022-1 Series 1A D(a) | 3.7900 | 06/15/28 | 4,409,080 | |||
2,000,000 | First Investors Auto Owner Trust 2022-1 Series 1A E(a) | 5.4100 | 06/15/29 | 1,820,529 | |||
2,000,000 | First Investors Auto Owner Trust 2022-2 Series 2A D(a) | 8.7100 | 10/16/28 | 2,057,323 | |||
1,015,698 | Flagship Credit Auto Trust 2019-3 Series 3 D(a) | 2.8600 | 12/15/25 | 998,437 | |||
425,890 | Flagship Credit Auto Trust 2019-4 Series 2019-4 C(a) | 2.7700 | 12/15/25 | 424,680 | |||
1,162,389 | Santander Drive Auto Receivables Trust 2020-3 Series 2020-3 D | 1.6400 | 11/16/26 | 1,137,146 | |||
216,673 | Santander Drive Auto Receivables Trust 2021-1 Series 2021-1 C | 0.7500 | 02/17/26 | 216,192 | |||
3,990,000 | Santander Drive Auto Receivables Trust 2021-3 Series 2021-3 D | 1.3300 | 09/15/27 | 3,746,117 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 46.0% (Continued) | |||||||
AUTO LOAN — 16.5% (Continued) | |||||||
779,525 | Westlake Automobile Receivables Trust 2020-2 Series 2020-2A D(a) | 2.7600 | 01/15/26 | $ 772,138 | |||
3,000,000 | Westlake Automobile Receivables Trust 2020-3 Series 2020-3A F(a) | 5.1100 | 05/17/27 | 2,949,192 | |||
3,675,000 | Westlake Automobile Receivables Trust 2021-1 Series 2021-1A E(a) | 2.3300 | 08/17/26 | 3,479,610 | |||
2,000,000 | Westlake Automobile Receivables Trust 2021-2 Series 2021-2A E(a) | 2.3800 | 03/15/27 | 1,875,978 | |||
3,000,000 | Westlake Automobile Receivables Trust 2021-2 Series 2021-2A F(a) | 3.6600 | 12/15/27 | 2,783,033 | |||
1,305,000 | Westlake Automobile Receivables Trust 2021-3 Series 2021-3A C(a) | 1.5800 | 01/15/27 | 1,247,754 | |||
1,830,000 | Westlake Automobile Receivables Trust 2021-3 Series 2021-3A E(a) | 3.4200 | 04/15/27 | 1,697,782 | |||
3,250,000 | Westlake Automobile Receivables Trust 2023-1 Series 1A D(a) | 6.7900 | 11/15/28 | 3,228,717 | |||
57,502,330 | |||||||
CLO — 29.2% | |||||||
3,000,000 | AGL CLO 25 Ltd. Series 25A D(a),(b) | TSFR3M + 5.300% | 10.5520 | 07/21/36 | 3,053,424 | ||
997,023 | Allegro CLO II-S Ltd. Series 2014-1RA A1(a),(b) | TSFR3M + 1.342% | 6.6750 | 10/21/28 | 995,666 | ||
700,000 | Allegro CLO II-S Ltd. Series 2014-1RA B(a),(b) | TSFR3M + 2.412% | 7.7450 | 10/21/28 | 700,095 | ||
5,050,000 | ALM 2020 Ltd. Series 2020-1A A2(a),(b) | TSFR3M + 2.112% | 7.4200 | 10/15/29 | 5,048,556 | ||
2,650,000 | Apidos CLO XXVII Series 27A CR(a),(b) | TSFR3M + 3.412% | 8.7200 | 07/17/30 | 2,616,297 | ||
3,500,000 | Apidos CLO XXXV Series 2021-35A E(a),(b) | TSFR3M + 6.012% | 11.3380 | 04/20/34 | 3,341,565 | ||
1,128,459 | Ares XL CLO Ltd. Series 2016-40A A1RR(a),(b) | TSFR3M + 1.132% | 6.4400 | 01/15/29 | 1,123,926 | ||
3,675,000 | Ares XL CLO Ltd. Series 2016-40A BRR(a),(b) | TSFR3M + 2.062% | 7.3700 | 01/15/29 | 3,629,158 | ||
7,000,000 | Ares XLIX CLO Ltd. Series 49A B(a),(b) | TSFR3M + 1.912% | 7.2570 | 07/22/30 | 6,958,427 | ||
750,000 | Carlyle US CLO 2016-4 Ltd. Series 2016-4A CR(a),(b) | TSFR3M + 3.062% | 8.3880 | 10/20/27 | 743,126 | ||
2,250,000 | CARLYLE US CLO 2019-2 Ltd. Series 2019-2A A2R(a),(b) | TSFR3M + 1.912% | 7.2200 | 07/15/32 | 2,239,461 | ||
1,131,305 | CIFC Funding 2014-II-R Ltd. Series 2014-2RA A1(a),(b) | TSFR3M + 1.312% | 6.6570 | 04/24/30 | 1,129,072 | ||
2,200,000 | CIFC Funding 2017-IV Ltd. Series 2017-4A A2R(a),(b) | TSFR3M + 1.812% | 7.1570 | 10/24/30 | 2,185,715 | ||
3,000,000 | CIFC Funding 2017-IV Ltd. Series 2017-4A CR(a),(b) | TSFR3M + 3.412% | 8.7570 | 10/24/30 | 2,959,452 | ||
1,000,000 | Dryden 30 Senior Loan Fund Series 2013-30A CR(a),(b) | TSFR3M + 1.962% | 7.3260 | 11/15/28 | 985,569 | ||
3,500,000 | Dryden 30 Senior Loan Fund Series 2013-30A DR(a),(b) | TSFR3M + 2.862% | 8.2260 | 11/15/28 | 3,299,191 | ||
180,381 | Dryden Senior Loan Fund Series 2017-47A A1R(a),(b) | TSFR3M + 1.242% | 6.5500 | 04/15/28 | 179,927 | ||
902,550 | Elevation CLO 2014-2 Ltd. Series 2014-2A A1R(a),(b) | TSFR3M + 1.492% | 6.8000 | 10/15/29 | 901,468 | ||
1,700,000 | Elmwood CLO 20 Ltd. Series 2022-7A B1(a),(b) | TSFR3M + 2.750% | 8.0580 | 10/17/34 | 1,707,453 | ||
2,750,000 | Goldentree Loan Management US CLO 1 Ltd. Series 2017-1A DR2(a),(b) | TSFR3M + 3.412% | 8.7380 | 04/20/34 | 2,671,699 | ||
4,500,000 | Goldentree Loan Management US Clo 17 Ltd. Series 17A B(a),(b) | TSFR3M + 2.450% | 7.6970 | 07/20/36 | 4,498,762 | ||
2,500,000 | GoldenTree Loan Opportunities IX Ltd. Series 2014-9A DR2(a),(b) | TSFR3M + 3.262% | 8.6310 | 10/29/29 | 2,501,305 | ||
3,926,206 | Halseypoint CLO II Ltd. Series 2A A1(a),(b) | TSFR3M + 1.362% | 6.6880 | 07/20/31 | 3,911,353 | ||
5,000,000 | ICG US CLO 2014-3 Ltd. Series 3A A2RR(a),(b) | TSFR3M + 1.762% | 7.1130 | 04/25/31 | 4,954,650 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
ASSET BACKED SECURITIES — 46.0% (Continued) | |||||||
CLO — 29.2% (Continued) | |||||||
4,000,000 | LCM XX, L.P. Series 20A ER(a),(b) | TSFR3M + 5.712% | 11.0380 | 10/20/27 | $ 3,894,804 | ||
500,000 | LCM XXI, L.P. Series 21A DR(a),(b) | TSFR3M + 3.062% | 8.3880 | 04/20/28 | 500,016 | ||
693,788 | LCM XXII Ltd. Series 22A A1R(a),(b) | TSFR3M + 1.422% | 6.7480 | 10/20/28 | 692,313 | ||
2,000,000 | Madison Park Funding XXIV Ltd. Series 2016-24A BR(a),(b) | TSFR3M + 2.012% | 7.3380 | 10/20/29 | 1,990,610 | ||
286,979 | Magnetite VII Ltd. Series 2012-7A A1R2(a),(b) | TSFR3M + 1.062% | 6.3700 | 01/15/28 | 285,996 | ||
950,000 | Magnetite XVIII Ltd. Series 2016-18A BR(a),(b) | TSFR3M + 1.762% | 7.1260 | 11/15/28 | 943,483 | ||
2,000,000 | Neuberger Berman CLO XV Series 2013-15A CR2(a),(b) | TSFR3M + 2.112% | 7.4200 | 10/15/29 | 1,974,596 | ||
6,000,000 | Neuberger Berman CLO XVII Ltd. Series 2014-17A CR2(a),(b) | TSFR3M + 2.262% | 7.6070 | 04/22/29 | 5,941,488 | ||
2,000,000 | Neuberger Berman Loan Advisers CLO 32 Ltd. Series 2019-32A DR(a),(b) | TSFR3M + 2.962% | 8.2820 | 01/19/32 | 1,934,900 | ||
3,165,000 | OCP CLO 2014-7 Ltd. Series 2014-7A CRR(a),(b) | TSFR3M + 3.362% | 8.6880 | 07/20/29 | 3,074,873 | ||
1,750,000 | OCP CLO 2014-7 Ltd. Series 7A DRR(a),(b) | TSFR3M + 6.092% | 11.4180 | 07/20/29 | 1,592,049 | ||
193,999 | Race Point VIII CLO Ltd. Series 2013-8A AR2(a),(b) | TSFR3M + 1.302% | 6.6810 | 02/20/30 | 193,220 | ||
2,750,000 | Regatta IX Funding Ltd. Series 1A D(a),(b) | TSFR3M + 4.162% | 9.4700 | 04/17/30 | 2,750,077 | ||
2,000,000 | Regatta IX Funding Ltd. Series 2017-1A E(a),(b) | TSFR3M + 6.262% | 11.5700 | 04/17/30 | 1,802,078 | ||
2,250,000 | Regatta XIII Funding Ltd. Series 2018-2A C(a),(b) | TSFR3M + 3.362% | 8.6700 | 07/15/31 | 2,181,510 | ||
125,000 | Riserva Clo Ltd. Series 2016-3A XRR(a),(b) | TSFR3M + 1.062% | 6.3710 | 01/18/34 | 124,914 | ||
850,000 | Silver Creek CLO Ltd. Series 2014-1A CR(a),(b) | TSFR3M + 2.562% | 7.8880 | 07/20/30 | 851,171 | ||
3,000,000 | Venture 41 Clo Ltd. Series 41A C(a),(b) | TSFR3M + 2.862% | 8.1880 | 01/20/34 | 2,954,322 | ||
2,000,000 | Venture XVII CLO Ltd. Series 2014-17A DRR(a),(b) | TSFR3M + 3.082% | 8.3900 | 04/15/27 | 1,982,412 | ||
1,390,000 | Wellfleet CLO 2016-1 Ltd. Series 2016-1A DR(a),(b) | TSFR3M + 3.162% | 8.4880 | 04/20/28 | 1,393,469 | ||
500,000 | Wind River 2021-2 CLO Ltd. Series 2021-2A D(a),(b) | TSFR3M + 3.412% | 8.7380 | 07/20/34 | 449,278 | ||
1,500,000 | Wind River CLO Ltd. Series 2021-1A C(a),(b) | TSFR3M + 2.212% | 7.5380 | 04/20/34 | 1,438,663 | ||
101,281,559 | |||||||
OTHER ABS — 0.2% | |||||||
573,734 | MVW Owner Trust 2017-1 Series 2017-1A A(a) | 2.4200 | 12/20/34 | 560,274 | |||
RESIDENTIAL MORTGAGE — 0.1% | |||||||
120,833 | Towd Point Mortgage Trust 2017-5 Series 2017-5 A1(a),(b) | TSFR1M + 0.714% | 5.2800 | 02/25/57 | 121,377 | ||
229,378 | Towd Point Mortgage Trust 2017-6 Series 2017-6 A1(a),(c) | 2.7500 | 10/25/57 | 218,648 | |||
340,025 | |||||||
TOTAL ASSET BACKED SECURITIES (Cost $160,610,254) | 159,684,188 | ||||||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 39.1% | |||||||
ASSET MANAGEMENT — 0.7% | |||||||
1,815,000 | Oaktree Specialty Lending Corporation | 3.5000 | 02/25/25 | $ 1,730,365 | |||
850,000 | Oaktree Specialty Lending Corporation | 2.7000 | 01/15/27 | 732,902 | |||
2,463,267 | |||||||
AUTOMOTIVE — 0.3% | |||||||
975,000 | Adient Global Holdings Ltd.(a) | 4.8750 | 08/15/26 | 920,679 | |||
250,000 | Dana, Inc. | 5.3750 | 11/15/27 | 232,075 | |||
1,152,754 | |||||||
BANKING — 1.7% | |||||||
3,995,000 | Bank of America Corporation Series FF(c) | TSFR3M + 3.193% | 5.8750 | Perpetual | 3,628,911 | ||
2,400,000 | JPMorgan Chase & Company(c) | TSFR3M + 3.562% | 6.0000 | Perpetual | 2,414,220 | ||
6,043,131 | |||||||
CABLE & SATELLITE — 1.1% | |||||||
3,000,000 | CCO Holdings, LLC / CCO Holdings Capital(a) | 5.1250 | 05/01/27 | 2,798,468 | |||
1,000,000 | CCO Holdings, LLC/CCO Holdings Capital Corporation(a) | 5.0000 | 02/01/28 | 909,233 | |||
3,707,701 | |||||||
CHEMICALS — 1.8% | |||||||
3,000,000 | Avient Corporation(a) | 5.7500 | 05/15/25 | 2,948,551 | |||
492,000 | HB Fuller Company | 4.0000 | 02/15/27 | 453,692 | |||
770,000 | HB Fuller Company | 4.2500 | 10/15/28 | 680,256 | |||
2,675,000 | Ingevity Corporation(a) | 3.8750 | 11/01/28 | 2,207,904 | |||
6,290,403 | |||||||
COMMERCIAL SUPPORT SERVICES — 1.3% | |||||||
2,000,000 | AMN Healthcare, Inc.(a) | 4.6250 | 10/01/27 | 1,809,640 | |||
2,945,000 | Korn Ferry(a) | 4.6250 | 12/15/27 | 2,712,581 | |||
4,522,221 | |||||||
CONSTRUCTION MATERIALS — 1.0% | |||||||
3,592,000 | Advanced Drainage Systems, Inc.(a) | 5.0000 | 09/30/27 | 3,370,000 | |||
CONSUMER SERVICES — 1.0% | |||||||
3,885,000 | Service Corp International | 5.1250 | 06/01/29 | 3,601,395 | |||
CONTAINERS & PACKAGING — 1.5% | |||||||
2,420,000 | Silgan Holdings, Inc. | 4.1250 | 02/01/28 | 2,167,763 | |||
3,350,000 | TriMas Corporation(a) | 4.1250 | 04/15/29 | 2,875,205 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 39.1% (Continued) | |||||||
CONTAINERS & PACKAGING — 1.5% (Continued) | |||||||
$ 5,042,968 | |||||||
ELECTRIC UTILITIES — 0.8% | |||||||
2,940,000 | National Rural Utilities Cooperative Finance(c) | H15T5Y + 3.533% | 7.1250 | 09/15/53 | 2,987,369 | ||
ENGINEERING & CONSTRUCTION — 1.8% | |||||||
2,035,000 | Installed Building Products, Inc.(a) | 5.7500 | 02/01/28 | 1,875,736 | |||
4,975,000 | MasTec, Inc.(a) | 4.5000 | 08/15/28 | 4,478,974 | |||
6,354,710 | |||||||
FOOD — 1.5% | |||||||
4,009,000 | Darling Ingredients, Inc.(a) | 5.2500 | 04/15/27 | 3,823,759 | |||
1,264,000 | Post Holdings, Inc.(a) | 5.7500 | 03/01/27 | 1,215,066 | |||
5,038,825 | |||||||
FORESTRY, PAPER & WOOD PRODUCTS — 0.8% | |||||||
3,472,000 | Louisiana-Pacific Corporation(a) | 3.6250 | 03/15/29 | 2,929,014 | |||
GAS & WATER UTILITIES — 0.8% | |||||||
2,700,000 | AmeriGas Partners, L.P. / AmeriGas Finance(a) | 9.3750 | 06/01/28 | 2,740,109 | |||
HEALTH CARE FACILITIES & SERVICES — 0.6% | |||||||
2,500,000 | Molina Healthcare, Inc.(a) | 4.3750 | 06/15/28 | 2,242,928 | |||
HOME CONSTRUCTION — 1.3% | |||||||
2,000,000 | LGI Homes, Inc.(a) | 4.0000 | 07/15/29 | 1,597,649 | |||
756,000 | Meritage Homes Corporation | 6.0000 | 06/01/25 | 744,090 | |||
2,120,000 | Patrick Industries, Inc.(a) | 7.5000 | 10/15/27 | 2,032,158 | |||
4,373,897 | |||||||
HOUSEHOLD PRODUCTS — 1.1% | |||||||
3,907,000 | Central Garden & Pet Company | 5.1250 | 02/01/28 | 3,651,372 | |||
342,000 | Prestige Brands, Inc.(a) | 5.1250 | 01/15/28 | 318,671 | |||
3,970,043 | |||||||
INSTITUTIONAL FINANCIAL SERVICES — 1.0% | |||||||
3,485,000 | Goldman Sachs Group, Inc. (The) Series P(c) | TSFR3M + 3.136% | 8.5010 | Perpetual | 3,479,243 | ||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 39.1% (Continued) | |||||||
LEISURE FACILITIES & SERVICES — 0.9% | |||||||
3,560,000 | Boyne USA, Inc.(a) | 4.7500 | 05/15/29 | $ 3,118,046 | |||
MACHINERY — 1.0% | |||||||
4,000,000 | ATS Automation Tooling Systems, Inc.(a) | 4.1250 | 12/15/28 | 3,545,488 | |||
METALS & MINING — 1.8% | |||||||
3,603,000 | Freeport-McMoRan, Inc. | 5.0000 | 09/01/27 | 3,427,421 | |||
2,767,000 | Mineral Resources Ltd.(a) | 8.1250 | 05/01/27 | 2,732,938 | |||
6,160,359 | |||||||
OIL & GAS PRODUCERS — 6.2% | |||||||
2,775,000 | Cheniere Energy Partners, L.P. | 4.5000 | 10/01/29 | 2,518,120 | |||
3,250,000 | Hess Midstream Operations, L.P.(a) | 5.6250 | 02/15/26 | 3,143,611 | |||
638,000 | Murphy Oil Corporation | 5.7500 | 08/15/25 | 637,600 | |||
3,240,000 | Murphy Oil USA, Inc. | 5.6250 | 05/01/27 | 3,130,903 | |||
750,000 | Murphy Oil USA, Inc. | 4.7500 | 09/15/29 | 677,100 | |||
2,000,000 | Oasis Petroleum, Inc.(a) | 6.3750 | 06/01/26 | 1,963,020 | |||
4,200,000 | Plains All American Pipeline, L.P. Series B(c) | TSFR3M + 4.372% | 9.7360 | Perpetual | 3,980,513 | ||
2,825,000 | Sunoco, L.P./Sunoco Finance Corporation | 6.0000 | 04/15/27 | 2,740,771 | |||
2,909,000 | Targa Resources Partners, L.P./Targa Resources | 5.0000 | 01/15/28 | 2,769,630 | |||
21,561,268 | |||||||
PUBLISHING & BROADCASTING — 0.4% | |||||||
1,500,000 | Nexstar Broadcasting, Inc.(a) | 5.6250 | 07/15/27 | 1,336,739 | |||
REAL ESTATE INVESTMENT TRUSTS — 2.2% | |||||||
3,000,000 | HAT Holdings I, LLC/HAT Holdings II, LLC(a) | 6.0000 | 04/15/25 | 2,922,415 | |||
2,000,000 | Iron Mountain, Inc.(a) | 5.2500 | 03/15/28 | 1,851,555 | |||
3,000,000 | Public Storage | 5.1000 | 08/01/33 | 2,870,559 | |||
7,644,529 | |||||||
RETAIL - CONSUMER STAPLES — 1.1% | |||||||
3,910,000 | SEG Holding, LLC/S.E.G Finance Corporation(a) | 5.6250 | 10/15/28 | 3,922,133 | |||
RETAIL - DISCRETIONARY — 1.0% | |||||||
1,400,000 | Asbury Automotive Group, Inc. | 4.5000 | 03/01/28 | 1,257,007 | |||
2,250,000 | Penske Automotive Group, Inc. | 3.5000 | 09/01/25 | 2,131,334 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 39.1% (Continued) | |||||||
RETAIL - DISCRETIONARY — 1.0% (Continued) | |||||||
$ 3,388,341 | |||||||
SEMICONDUCTORS — 1.8% | |||||||
2,180,000 | Amkor Technology, Inc.(a) | 6.6250 | 09/15/27 | 2,152,575 | |||
2,075,000 | ON Semiconductor Corporation(a) | 3.8750 | 09/01/28 | 1,839,405 | |||
2,200,000 | Synaptics, Inc.(a) | 4.0000 | 06/15/29 | 1,817,090 | |||
5,809,070 | |||||||
SOFTWARE — 0.1% | |||||||
500,000 | NortonLifeLock, Inc.(a) | 6.7500 | 09/30/27 | 490,649 | |||
SPECIALTY FINANCE — 0.8% | |||||||
3,000,000 | FirstCash, Inc.(a) | 4.6250 | 09/01/28 | 2,661,652 | |||
TECHNOLOGY SERVICES — 0.6% | |||||||
2,500,000 | Booz Allen Hamilton, Inc.(a) | 3.8750 | 09/01/28 | 2,242,300 | |||
TRANSPORTATION EQUIPMENT — 1.1% | |||||||
2,000,000 | Allison Transmission, Inc.(a) | 4.7500 | 10/01/27 | 1,847,964 | |||
2,000,000 | Allison Transmission, Inc.(a) | 5.8750 | 06/01/29 | 1,887,946 | |||
3,735,910 | |||||||
TOTAL CORPORATE BONDS (Cost $146,167,075) | 135,926,462 | ||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
TERM LOANS — 9.6% | |||||||
AUTOMOTIVE — 0.0%(d) | |||||||
3,125 | Adient US, LLC(b) | SOFR1M + 3.250% | 8.3500 | 04/08/28 | 3,130 | ||
BIOTECH & PHARMA — 1.9% | |||||||
3,000,000 | Horizon Pharma USA, Inc.(b) | SOFR1M + 2.000% | 7.4300 | 05/22/26 | 3,002,340 | ||
982,368 | Horizon Therapeutics USA, Inc.(b) | SOFR1M + 1.750% | 7.1800 | 03/15/28 | 982,741 | ||
2,636,992 | Organon & Company(b) | SOFR1M + 3.000% | 8.4300 | 06/02/28 | 2,635,344 | ||
12,088 | Prestige Brands, Inc.(b) | SOFR1M + 2.000% | 7.4306 | 07/01/28 | 12,134 | ||
6,632,559 |
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2023 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
TERM LOANS — 9.6% (Continued) | |||||||
CHEMICALS — 0.9% | |||||||
2,985,000 | HB Fuller Company(b) | SOFR1M + 2.250% | 7.5800 | 02/15/30 | $ 2,998,059 | ||
CONSTRUCTION MATERIALS — 0.8% | |||||||
2,924,051 | Quikrete Holdings, Inc.(b) | SOFR1M + 2.625% | 8.0700 | 01/31/27 | 2,923,130 | ||
LEISURE FACILITIES & SERVICES — 0.9% | |||||||
2,947,368 | Hilton Grand Vacations Borrower, LLC(b) | SOFR1M + 3.000% | 8.4500 | 08/02/28 | 2,951,671 | ||
LEISURE PRODUCTS — 1.1% | |||||||
2,932,500 | Hayward Industries, Inc.(b) | SOFR1M + 2.750% | 8.2000 | 05/28/28 | 2,916,005 | ||
990,000 | Hayward Industries, Inc.(b) | SOFR1M + 3.250% | 8.6800 | 05/28/28 | 985,050 | ||
3,901,055 | |||||||
MEDICAL EQUIPMENT & DEVICES — 0.4% | |||||||
1,265,379 | Avantor Funding, Inc.(b) | SOFR1M + 2.250% | 7.6800 | 11/06/27 | 1,266,170 | ||
OIL & GAS PRODUCERS — 1.1% | |||||||
3,910,000 | Pilot Travel Centers, LLC(b) | SOFR1M + 2.000% | 7.4300 | 08/06/28 | 3,908,182 | ||
PUBLISHING & BROADCASTING — 0.4% | |||||||
1,549,070 | Nexstar Broadcasting, Inc.(b) | SOFR1M + 2.500% | 7.9500 | 09/19/26 | 1,549,070 | ||
REAL ESTATE INVESTMENT TRUSTS — 0.3% | |||||||
964,286 | Iron Mountain, Inc.(b) | SOFR1M + 1.750% | 7.2000 | 01/02/26 | 966,386 | ||
SOFTWARE — 1.2% | |||||||
3,864,771 | Open Text Corporation(b) | SOFR1M + 1.750% | 7.1800 | 05/30/25 | 3,868,404 | ||
TECHNOLOGY HARDWARE — 0.6% | |||||||
2,238,750 | Ciena Corporation(b) | SOFR1M + 2.500% | 7.8100 | 01/12/30 | 2,246,675 | ||
TOTAL TERM LOANS (Cost $33,099,741) | 33,214,491 | ||||||
BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | ||||||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||
September 30, 2023 | ||||||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||
U.S. TREASURY BONDS & NOTES — 1.6% | ||||||||||
6,000,000 | United States Treasury Note (Cost $5,668,061) | 3.5000 | 02/15/33 | $ 5,507,344 | ||||||
Shares | Fair Value | |||||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||||
MONEY MARKET FUNDS - 0.7% | ||||||||||
2,335,233 | First American Government Obligations Fund Class X, 5.26% (Cost $2,335,233)(e) | 2,335,233 | ||||||||
TOTAL INVESTMENTS - 98.8% (Cost $356,961,320) | $ 342,826,579 | |||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2% | 4,362,991 | |||||||||
NET ASSETS - 100.0% | $ 347,189,570 | |||||||||
CLO | - Collateralized Loan Obligation |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
SOFR1M | CME Term SOFR. (Secured Overnight Financing Rate) 1 Month |
SOFR3M | CME Term SOFR. (Secured Overnight Financing Rate) 3 Month |
US0001M | ICE LIBOR USD 1 Month |
(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, 2023 the total market value of 144A securities is $226,510,212 or 65.2% of net assets. |
(b) | 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, 2023. |
(d) | Percentage rounds to less than 0.1%. |
(e) | Rate disclosed is the seven day effective yield as of September 30, 2023. |