| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
| September 30, 2024 | |||||||
| Shares | Coupon Rate (%) | Maturity | Fair Value | ||||
| PREFERRED STOCKS — 1.6% | |||||||
| ASSET MANAGEMENT — 0.6% | |||||||
| 120,000 | Charles Schwab Corporation (The) - Series J | 1.113 | 06/01/26 | $ 2,679,600 | |||
| BANKING — 1.0% | |||||||
| 117,000 | Huntington Bancshares Inc - Series H | 1.125 | 2,391,480 | ||||
| 122,135 | US Bancorp, B - Series M | 1.000 | 04/15/26 | 2,412,166 | |||
| 4,803,646 | |||||||
| TOTAL PREFERRED STOCKS (Cost $9,080,956) | 7,483,246 | ||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| ASSET BACKED SECURITIES — 51.5% | |||||||
| AUTO LOAN — 19.5% | |||||||
| 5,000,000 | American Credit Acceptance Receivables Trust Series 4 F(a) | 4.2100 | 07/13/28 | 4,948,464 | |||
| 116,371 | AmeriCredit Automobile Receivables Trust 2020-2 Series 2 C | 1.4800 | 02/18/26 | 116,167 | |||
| 2,030,000 | AmeriCredit Automobile Receivables Trust 2020-2 Series 2020-2 D | 2.1300 | 03/18/26 | 2,026,949 | |||
| 5,890,000 | Bridgecrest Lending Auto Securitization Trust Series 1 D | 7.8400 | 08/15/29 | 6,264,555 | |||
| 4,720,000 | CarMax Auto Owner Trust 2023-1 Series 1 D | 6.2700 | 11/15/29 | 4,863,472 | |||
| 284,401 | Exeter Automobile Receivables Trust 2021-3 Series 3A C | 0.9600 | 10/15/26 | 283,195 | |||
| 2,645,000 | Exeter Automobile Receivables Trust 2021-3 Series 2021-3A D | 1.5500 | 06/15/27 | 2,561,695 | |||
| 10,597,000 | Exeter Automobile Receivables Trust 2021-4 Series 4A E(a) | 4.0200 | 01/17/28 | 10,324,867 | |||
| 2,650,000 | Exeter Automobile Receivables Trust 2022-1 Series 1A D | 3.0200 | 06/15/28 | 2,596,996 | |||
| 4,000,000 | Exeter Automobile Receivables Trust 2022-1 Series 1A E(a) | 5.0200 | 10/15/29 | 3,892,129 | |||
| 5,993,000 | Exeter Automobile Receivables Trust 2022-2 Series 2A E(a) | 6.3400 | 10/15/29 | 5,968,537 | |||
| 3,653,000 | Exeter Automobile Receivables Trust 2022-4 Series 4A D | 5.9800 | 12/15/28 | 3,688,838 | |||
| 2,000,000 | First Investors Auto Owner Trust Series 2021-1A E(a) | 3.3500 | 04/15/27 | 1,981,486 | |||
| 432,382 | First Investors Auto Owner Trust 2021-1 Series 1A C(a) | 1.1700 | 03/15/27 | 428,809 | |||
| 2,230,000 | First Investors Auto Owner Trust 2021-2 Series 2021-2A D(a) | 1.6600 | 12/15/27 | 2,142,843 | |||
| 4,720,000 | First Investors Auto Owner Trust 2022-1 Series 1A D(a) | 3.7900 | 06/15/28 | 4,618,131 | |||
| 2,000,000 | First Investors Auto Owner Trust 2022-1 Series 1A E(a) | 5.4100 | 06/15/29 | 1,933,726 | |||
| 2,000,000 | First Investors Auto Owner Trust 2022-2 Series 2A D(a) | 8.7100 | 10/16/28 | 2,122,533 | |||
| 8,400,000 | First Investors Auto Owner Trust 2023-1 Series 1A D(a) | 7.7400 | 01/15/31 | 9,017,439 | |||
| 69,843 | Flagship Credit Auto Trust 2019-3 Series 3 D(a) | 2.8600 | 12/15/25 | 69,765 | |||
| 132,719 | Santander Drive Auto Receivables Trust 2020-3 Series 2020-3 D | 1.6400 | 11/16/26 | 132,343 | |||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| September 30, 2024 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| ASSET BACKED SECURITIES — 51.5% (Continued) | |||||||
| AUTO LOAN — 19.5% (Continued) | |||||||
| 3,675,000 | Westlake Automobile Receivables Trust 2021-1 Series 2021-1A E(a) | 2.3300 | 08/17/26 | $ 3,622,601 | |||
| 2,000,000 | Westlake Automobile Receivables Trust 2021-2 Series 2021-2A E(a) | 2.3800 | 03/15/27 | 1,955,747 | |||
| 3,000,000 | Westlake Automobile Receivables Trust 2021-2 Series 2021-2A F(a) | 3.6600 | 12/15/27 | 2,943,085 | |||
| 652,144 | Westlake Automobile Receivables Trust 2021-3 Series 2021-3A C(a) | 1.5800 | 01/15/27 | 647,908 | |||
| 3,660,000 | Westlake Automobile Receivables Trust 2021-3 Series 2021-3A E(a) | 3.4200 | 04/15/27 | 3,602,628 | |||
| 4,750,000 | Westlake Automobile Receivables Trust 2023-1 Series 1A D(a) | 6.7900 | 11/15/28 | 4,914,582 | |||
| 3,650,000 | Westlake Automobile Receivables Trust 2024-2 Series 2A D(a) | 5.9100 | 04/15/30 | 3,730,388 | |||
| 91,399,878 | |||||||
| CLO — 31.8% | |||||||
| 3,000,000 | AGL CLO 25 Ltd. Series 25A D(a),(b) | TSFR3M + 5.300% | 10.5820 | 07/21/36 | 3,066,225 | ||
| 5,000,000 | Apidos CLO XXIX Series 29A B(a),(b) | TSFR3M + 2.162% | 7.4460 | 07/25/30 | 5,000,165 | ||
| 2,650,000 | Apidos CLO XXVII Series 27A CR(a),(b) | TSFR3M + 3.412% | 8.6970 | 07/17/30 | 2,659,034 | ||
| 3,500,000 | Apidos CLO XXXV Series 2021-35A E(a),(b) | TSFR3M + 6.012% | 11.2940 | 04/20/34 | 3,531,070 | ||
| 7,000,000 | Ares XLIX CLO Ltd. Series 49A B(a),(b) | TSFR3M + 1.912% | 7.1940 | 07/22/30 | 7,013,202 | ||
| 2,700,000 | Bain Capital Credit CLO 2022-1 Ltd. Series 1A A1(a),(b) | TSFR3M + 1.320% | 6.5990 | 04/18/35 | 2,703,734 | ||
| 4,000,000 | Battalion CLO XX Ltd. Series 20A C1(a),(b) | TSFR3M + 2.262% | 7.5630 | 07/15/34 | 4,000,140 | ||
| 275,000 | CARLYLE US CLO 2017-4 Ltd. Series 4A A2(a),(b) | TSFR3M + 1.662% | 6.9630 | 01/15/30 | 275,382 | ||
| 1,792,000 | CARLYLE US CLO 2017-5 Ltd. Series 5A B(a),(b) | TSFR3M + 2.062% | 7.3440 | 01/20/30 | 1,796,347 | ||
| 2,250,000 | CARLYLE US CLO 2019-2 LTD Series 2019-2A A2R(a),(b) | TSFR3M + 1.912% | 7.2130 | 07/15/32 | 2,250,000 | ||
| 2,200,000 | CIFC Funding 2017-IV Ltd. Series 2017-4A A2R(a),(b) | TSFR3M + 1.812% | 7.0950 | 10/24/30 | 2,200,975 | ||
| 3,000,000 | CIFC Funding 2017-IV Ltd. Series 2017-4A CR(a),(b) | TSFR3M + 3.412% | 8.6950 | 10/24/30 | 3,019,953 | ||
| 5,250,000 | Dewolf Park CLO Ltd. Series 1A CR(a),(b) | TSFR3M + 2.112% | 7.4130 | 10/15/30 | 5,260,353 | ||
| 1,000,000 | Dryden 30 Senior Loan Fund Series 2013-30A CR(a),(b) | TSFR3M + 1.962% | 7.0800 | 11/15/28 | 1,001,345 | ||
| 3,500,000 | Dryden 30 Senior Loan Fund Series 2013-30A DR(a),(b) | TSFR3M + 2.862% | 7.9800 | 11/15/28 | 3,467,615 | ||
| 2,500,000 | Dryden 70 CLO Ltd. Series 70A C(a),(b) | TSFR3M + 2.412% | 7.6980 | 01/16/32 | 2,501,863 | ||
| 51,500 | Dryden Senior Loan Fund Series 2017-47A A1R(a),(b) | TSFR3M + 1.242% | 6.5430 | 04/15/28 | 51,524 | ||
| 1,700,000 | Elmwood CLO 20 Ltd. Series 7A BR(a),(b) | TSFR3M + 2.050% | 7.3360 | 01/17/37 | 1,699,915 | ||
| 5,500,000 | Elmwood CLO 21 Ltd. Series 8A AR(a),(b) | TSFR3M + 1.650% | 6.9320 | 10/20/36 | 5,536,476 | ||
| 1,250,000 | Elmwood CLO XII Ltd. Series 5A D(a),(b) | TSFR3M + 3.312% | 8.5940 | 01/20/35 | 1,250,000 | ||
| 2,750,000 | Goldentree Loan Management US CLO 1 Ltd. Series 2017-1A DR2(a),(b) | TSFR3M + 3.412% | 8.6940 | 04/20/34 | 2,765,507 | ||
| 4,500,000 | Goldentree Loan Management US Clo 17 Ltd. Series 17A B(a),(b) | TSFR3M + 2.450% | 7.7320 | 07/20/36 | 4,517,469 | ||
| 6,650,000 | Goldentree Loan Management US Clo 3 Ltd. Series 3A D(a),(b) | TSFR3M + 3.112% | 8.3940 | 04/20/30 | 6,668,500 | ||
| 2,500,000 | HalseyPoint CLO 4 Ltd. Series 4A E(a),(b) | TSFR3M + 6.972% | 12.2540 | 04/20/34 | 2,478,785 | ||
| 3,137,500 | HPS Loan Management 6-2015 Ltd. Series 2015 CR(a),(b) | TSFR3M + 2.762% | 8.0040 | 02/05/31 | 3,110,637 | ||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| September 30, 2024 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| ASSET BACKED SECURITIES — 51.5% (Continued) | |||||||
| CLO — 31.8% (Continued) | |||||||
| 2,200,000 | HPS Loan Management 8-2016 Ltd. Series 2016 CR(a),(b) | TSFR3M + 2.212% | 7.4940 | 07/20/30 | $ 2,203,513 | ||
| 5,250,000 | ICG US CLO 2014-3 Ltd. Series 3A A2RR(a),(b) | TSFR3M + 1.762% | 7.0460 | 04/25/31 | 5,251,832 | ||
| 1,250,000 | ICG US CLO 2022-1i Ltd. Series 1A D1(a),(b) | TSFR3M + 4.060% | 9.3420 | 07/20/35 | 1,245,935 | ||
| 2,000,000 | Madison Park Funding XXIV Ltd. Series 24A BR2(a),(b) | TSFR3M + 1.550% | 6.8320 | 10/20/29 | 2,003,140 | ||
| 500,000 | MidOcean Credit CLO XII Ltd. Series 12A A1R(a),(b) | TSFR3M + 1.340% | 6.6190 | 04/18/36 | 500,125 | ||
| 2,000,000 | Neuberger Berman CLO XV Series 2013-15A CR2(a),(b) | TSFR3M + 2.112% | 7.4130 | 10/15/29 | 2,000,066 | ||
| 7,600,000 | Neuberger Berman CLO XVII Ltd. Series 17A CR3(a),(b) | TSFR3M + 2.150% | 7.4830 | 07/22/38 | 7,625,839 | ||
| 2,000,000 | Neuberger Berman Loan Advisers CLO 32 Ltd. Series 2019-32A DR(a),(b) | TSFR3M + 2.962% | 8.2410 | 01/19/32 | 1,983,884 | ||
| 2,000,000 | Neuberger Berman Loan Advisers CLO 32 Ltd. Series 32A CR(a),(b) | TSFR3M + 1.962% | 7.2410 | 01/20/32 | 2,005,070 | ||
| 3,165,000 | OCP CLO 2014-7 Ltd. Series 2014-7A CRR(a),(b) | TSFR3M + 3.362% | 8.6440 | 07/20/29 | 3,174,672 | ||
| 1,750,000 | OCP CLO 2014-7 Ltd. Series 7A DRR(a),(b) | TSFR3M + 6.092% | 11.3740 | 07/20/29 | 1,748,208 | ||
| 5,850,000 | Octagon Investment Partners XXI Ltd. Series 1A BR3(a),(b) | TSFR3M + 2.012% | 7.1280 | 02/14/31 | 5,851,901 | ||
| 5,575,000 | OHA Credit Partners XIV Ltd. Series 14A D1R(a),(b) | TSFR3M + 2.900% | 8.1140 | 07/21/37 | 5,585,174 | ||
| 2,500,000 | Regatta XIII Funding Ltd. Series 2A CR(a),(b) | TSFR3M + 2.700% | 8.0010 | 07/15/31 | 2,495,378 | ||
| 3,400,000 | Regatta XV Funding Ltd. Series 4A C(a),(b) | TSFR3M + 3.562% | 8.8460 | 10/25/31 | 3,409,717 | ||
| 75,000 | Riserva Clo Ltd. Series 2016-3A XRR(a),(b) | TSFR3M + 1.062% | 6.3410 | 01/18/34 | 74,998 | ||
| 2,075,000 | Sound Point CLO IX Ltd. Series 2A ARRR(a),(b) | TSFR3M + 1.472% | 6.7540 | 07/20/32 | 2,077,783 | ||
| 4,500,000 | Sound Point Clo XV Ltd. Series 1A E(a),(b) | TSFR3M + 6.222% | 11.5050 | 01/23/29 | 4,495,824 | ||
| 2,300,000 | Sounds Point CLO IV-R LTD Series 3RA C(a),(b) | TSFR3M + 2.512% | 7.7910 | 04/18/31 | 2,300,152 | ||
| 3,000,000 | Venture 41 Clo Ltd. Series 41A C(a),(b) | TSFR3M + 2.862% | 8.1440 | 01/20/34 | 3,019,377 | ||
| 1,005,000 | Venture 43 CLO Ltd. Series 43A D(a),(b) | TSFR3M + 3.732% | 9.0330 | 04/15/34 | 987,495 | ||
| 1,375,000 | Venture XV CLO Ltd. Series 2013-15A DR2(a),(b) | TSFR3M + 4.182% | 9.4830 | 07/15/32 | 1,343,669 | ||
| 5,220,000 | Voya CLO 2013-1 Ltd. Series 1A BR(a),(b) | TSFR3M + 2.162% | 7.4630 | 10/15/30 | 5,219,984 | ||
| 2,425,000 | Voya CLO 2014-1 Ltd.(a),(b) | TSFR3M + 3.062% | 8.3410 | 04/18/31 | 2,429,712 | ||
| 360,000 | Voya CLO 2015-1 Ltd. Series 1A CR(a),(b) | TSFR3M + 2.612% | 7.8910 | 01/18/29 | 360,705 | ||
| 2,000,000 | Wind River 2021-2 CLO Ltd. Series 2A C(a),(b) | TSFR3M + 2.212% | 7.4940 | 07/20/34 | 2,000,048 | ||
| 500,000 | Wind River 2021-2 CLO Ltd. Series 2021-2A D(a),(b) | TSFR3M + 3.412% | 8.6940 | 07/20/34 | 486,470 | ||
| 149,706,887 | |||||||
| OTHER ABS — 0.2% | |||||||
| 1,000,000 | PFS Financing Corporation Series C A(a),(b) | SOFR30A + 0.800% | 6.1420 | 04/17/28 | 1,001,508 | ||
| RESIDENTIAL MORTGAGE — 0.0%(c) | |||||||
| 54,481 | Towd Point Mortgage Trust 2017-5 Series 2017-5 A1(a),(b) | TSFR1M + 0.714% | 5.5690 | 02/25/57 | 56,123 | ||
| 164,986 | Towd Point Mortgage Trust 2017-6 Series 2017-6 A1(a),(d) | 2.7500 | 10/25/57 | 160,761 | |||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| September 30, 2024 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| ASSET BACKED SECURITIES — 51.5% (Continued) | |||||||
| RESIDENTIAL MORTGAGE — 0.0%(c) (Continued) | |||||||
| $ 216,884 | |||||||
| TOTAL ASSET BACKED SECURITIES (Cost $238,872,399) | 242,325,157 | ||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| CORPORATE BONDS — 33.4% | |||||||
| AUTOMOTIVE — 1.1% | |||||||
| 975,000 | Adient Global Holdings Ltd.(a) | 4.8750 | 08/15/26 | 967,213 | |||
| 250,000 | Dana, Inc. | 5.3750 | 11/15/27 | 248,206 | |||
| 3,700,000 | Volkswagen Group of America Finance, LLC(a) | 5.9000 | 09/12/33 | 3,890,651 | |||
| 5,106,070 | |||||||
| BANKING — 0.9% | |||||||
| 3,995,000 | Bank of America Corporation Series FF(d) | TSFR3M + 3.193% | 5.8750 | Perpetual | 4,052,717 | ||
| BIOTECH & PHARMA — 0.1% | |||||||
| 342,000 | Prestige Brands, Inc.(a) | 5.1250 | 01/15/28 | 339,536 | |||
| CABLE & SATELLITE — 0.9% | |||||||
| 3,000,000 | CCO Holdings, LLC / CCO Holdings Capital(a) | 5.1250 | 05/01/27 | 2,954,799 | |||
| 1,000,000 | CCO Holdings, LLC / CCO Holdings Capital(a) | 5.0000 | 02/01/28 | 973,520 | |||
| 3,928,319 | |||||||
| CHEMICALS — 0.7% | |||||||
| 770,000 | HB Fuller Company | 4.2500 | 10/15/28 | 739,150 | |||
| 2,675,000 | Ingevity Corporation(a) | 3.8750 | 11/01/28 | 2,514,611 | |||
| 3,253,761 | |||||||
| COMMERCIAL SUPPORT SERVICES — 1.0% | |||||||
| 2,000,000 | AMN Healthcare, Inc.(a) | 4.6250 | 10/01/27 | 1,956,686 | |||
| 2,945,000 | Korn Ferry(a) | 4.6250 | 12/15/27 | 2,882,418 | |||
| 4,839,104 | |||||||
| CONSTRUCTION MATERIALS — 1.2% | |||||||
| 3,592,000 | Advanced Drainage Systems, Inc.(a) | 5.0000 | 09/30/27 | 3,552,313 | |||
| 2,000,000 | Advanced Drainage Systems, Inc.(a) | 6.3750 | 06/15/30 | 2,045,348 | |||
| 5,597,661 | |||||||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| September 30, 2024 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| CORPORATE BONDS — 33.4% (Continued) | |||||||
| CONSUMER SERVICES — 1.4% | |||||||
| 3,885,000 | Service Corp International | 5.1250 | 06/01/29 | $ 3,888,758 | |||
| 3,000,000 | Service Corp International | 5.7500 | 10/15/32 | 3,023,795 | |||
| 6,912,553 | |||||||
| CONTAINERS & PACKAGING — 1.2% | |||||||
| 2,420,000 | Silgan Holdings, Inc. | 4.1250 | 02/01/28 | 2,361,243 | |||
| 3,350,000 | TriMas Corporation(a) | 4.1250 | 04/15/29 | 3,212,092 | |||
| 5,573,335 | |||||||
| ELECTRIC UTILITIES — 0.7% | |||||||
| 2,940,000 | National Rural Utilities Cooperative Finance(d) | H15T5Y + 3.533% | 7.1250 | 09/15/53 | 3,096,046 | ||
| ENGINEERING & CONSTRUCTION — 1.9% | |||||||
| 2,035,000 | Installed Building Products, Inc.(a) | 5.7500 | 02/01/28 | 2,030,466 | |||
| 6,500,000 | MasTec, Inc.(a) | 4.5000 | 08/15/28 | 6,386,515 | |||
| 8,416,981 | |||||||
| FOOD — 0.9% | |||||||
| 4,009,000 | Darling Ingredients, Inc.(a) | 5.2500 | 04/15/27 | 3,991,974 | |||
| FORESTRY, PAPER & WOOD PRODUCTS — 0.7% | |||||||
| 3,472,000 | Louisiana-Pacific Corporation(a) | 3.6250 | 03/15/29 | 3,303,461 | |||
| HEALTH CARE FACILITIES & SERVICES — 0.5% | |||||||
| 2,500,000 | Molina Healthcare, Inc.(a) | 4.3750 | 06/15/28 | 2,432,657 | |||
| HOME CONSTRUCTION — 0.4% | |||||||
| 2,000,000 | LGI Homes, Inc.(a) | 4.0000 | 07/15/29 | 1,853,645 | |||
| HOUSEHOLD PRODUCTS — 0.8% | |||||||
| 3,907,000 | Central Garden & Pet Company | 5.1250 | 02/01/28 | 3,874,654 | |||
| INSTITUTIONAL FINANCIAL SERVICES — 2.2% | |||||||
| 4,185,000 | Goldman Sachs Group, Inc. (The) Series P(d) | TSFR3M + 3.136% | 8.2380 | Perpetual | 4,188,741 | ||
| 6,045,000 | Morgan Stanley(d) | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 6,299,801 | ||
| 10,488,542 | |||||||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| September 30, 2024 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| CORPORATE BONDS — 33.4% (Continued) | |||||||
| LEISURE FACILITIES & SERVICES — 0.7% | |||||||
| 3,560,000 | Boyne USA, Inc.(a) | 4.7500 | 05/15/29 | $ 3,424,359 | |||
| MACHINERY — 0.8% | |||||||
| 4,000,000 | ATS Corporation(a) | 4.1250 | 12/15/28 | 3,767,864 | |||
| METALS & MINING — 1.3% | |||||||
| 3,603,000 | Freeport-McMoRan, Inc. | 5.0000 | 09/01/27 | 3,619,887 | |||
| 2,767,000 | Mineral Resources Ltd.(a) | 8.1250 | 05/01/27 | 2,798,494 | |||
| 6,418,381 | |||||||
| OIL & GAS PRODUCERS — 7.7% | |||||||
| 2,775,000 | Cheniere Energy Partners, L.P. | 4.5000 | 10/01/29 | 2,739,246 | |||
| 4,000,000 | Civitas Resources, Inc.(a) | 8.6250 | 11/01/30 | 4,241,115 | |||
| 3,000,000 | EQT Corporation | 5.7500 | 02/01/34 | 3,087,441 | |||
| 3,250,000 | Hess Midstream Operations, L.P.(a) | 5.6250 | 02/15/26 | 3,254,222 | |||
| 2,000,000 | Matador Resources Company(a) | 6.8750 | 04/15/28 | 2,039,278 | |||
| 3,510,000 | Murphy Oil Corporation | 6.0000 | 10/01/32 | 3,468,731 | |||
| 3,240,000 | Murphy Oil USA, Inc. | 5.6250 | 05/01/27 | 3,238,535 | |||
| 750,000 | Murphy Oil USA, Inc. | 4.7500 | 09/15/29 | 729,331 | |||
| 4,200,000 | Plains All American Pipeline, L.P. Series B(d) | TSFR3M + 4.372% | 9.4900 | Perpetual | 4,202,905 | ||
| 2,000,000 | SM Energy Company(a) | 6.7500 | 08/01/29 | 2,009,738 | |||
| 2,000,000 | Sunoco, L.P.(a) | 7.2500 | 05/01/32 | 2,121,714 | |||
| 2,825,000 | Sunoco, L.P. / Sunoco Finance Corporation | 6.0000 | 04/15/27 | 2,836,998 | |||
| 2,909,000 | Targa Resources Partners, L.P. / Targa Resources | 5.0000 | 01/15/28 | 2,910,700 | |||
| 36,879,954 | |||||||
| PUBLISHING & BROADCASTING — 0.7% | |||||||
| 1,500,000 | Nexstar Media, Inc.(a) | 5.6250 | 07/15/27 | 1,486,966 | |||
| 2,000,000 | TEGNA, Inc. | 5.0000 | 09/15/29 | 1,906,504 | |||
| 3,393,470 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 0.4% | |||||||
| 2,000,000 | Iron Mountain, Inc.(a) | 5.2500 | 03/15/28 | 1,993,783 | |||
| RETAIL - DISCRETIONARY — 1.2% | |||||||
| 1,400,000 | Asbury Automotive Group, Inc. | 4.5000 | 03/01/28 | 1,364,108 | |||
| 945,000 | Asbury Automotive Group, Inc. | 4.7500 | 03/01/30 | 905,363 | |||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| September 30, 2024 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| CORPORATE BONDS — 33.4% (Continued) | |||||||
| RETAIL - DISCRETIONARY — 1.2% (Continued) | |||||||
| 1,000,000 | Builders FirstSource, Inc.(a) | 6.3750 | 03/01/34 | $ 1,039,620 | |||
| 2,120,000 | Patrick Industries, Inc.(a) | 7.5000 | 10/15/27 | 2,128,848 | |||
| 5,437,939 | |||||||
| SEMICONDUCTORS — 1.4% | |||||||
| 2,180,000 | Amkor Technology, Inc.(a) | 6.6250 | 09/15/27 | 2,197,435 | |||
| 2,075,000 | ON Semiconductor Corporation(a) | 3.8750 | 09/01/28 | 1,980,425 | |||
| 2,200,000 | Synaptics, Inc.(a) | 4.0000 | 06/15/29 | 2,086,037 | |||
| 6,263,897 | |||||||
| SOFTWARE — 0.1% | |||||||
| 500,000 | Gen Digital, Inc.(a) | 6.7500 | 09/30/27 | 514,288 | |||
| SPECIALTY FINANCE — 0.6% | |||||||
| 3,000,000 | FirstCash, Inc.(a) | 4.6250 | 09/01/28 | 2,889,985 | |||
| TECHNOLOGY SERVICES — 0.7% | |||||||
| 3,500,000 | Booz Allen Hamilton, Inc.(a) | 3.8750 | 09/01/28 | 3,397,490 | |||
| TRANSPORTATION & LOGISTICS — 0.4% | |||||||
| 2,000,000 | Genesee & Wyoming, Inc.(a) | 6.2500 | 04/15/32 | 2,060,058 | |||
| TRANSPORTATION EQUIPMENT — 0.8% | |||||||
| 2,000,000 | Allison Transmission, Inc.(a) | 4.7500 | 10/01/27 | 1,969,347 | |||
| 2,000,000 | Allison Transmission, Inc.(a) | 5.8750 | 06/01/29 | 2,014,246 | |||
| 3,983,593 | |||||||
| TOTAL CORPORATE BONDS (Cost $157,675,011) | 157,486,077 | ||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| TERM LOANS — 5.5% | |||||||
| BIOTECH & PHARMA — 0.0%(c) | |||||||
| 2,637 | Prestige Brands, Inc.(b) | TSFR1M + 2.115% | 7.4500 | 07/01/28 | 2,645 | ||
| CHEMICALS — 0.7% | |||||||
| 3,460,113 | HB Fuller Company(b) | TSFR1M + 2.000% | 7.3300 | 02/15/30 | 3,470,943 | ||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| September 30, 2024 | |||||||
| Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
| TERM LOANS — 5.5% (Continued) | |||||||
| CONSTRUCTION MATERIALS — 0.9% | |||||||
| 3,899,089 | Quikrete Holdings, Inc.(b) | TSFR1M + 2.500% | 7.8150 | 03/25/31 | $ 3,905,795 | ||
| LEISURE FACILITIES & SERVICES — 0.6% | |||||||
| 2,917,293 | Hilton Grand Vacations Borrower, LLC(b) | TSFR1M + 2.615% | 8.1900 | 08/02/28 | 2,903,932 | ||
| LEISURE PRODUCTS — 1.1% | |||||||
| 4,894,781 | Hayward Industries, Inc.(b) | TSFR1M + 2.615% | 8.1900 | 05/28/28 | 4,894,781 | ||
| MEDICAL EQUIPMENT & DEVICES — 0.2% | |||||||
| 1,099,791 | Avantor Funding, Inc.(b) | TSFR1M + 2.100% | 7.4300 | 11/08/27 | 1,107,731 | ||
| PUBLISHING & BROADCASTING — 0.3% | |||||||
| 1,495,989 | Nexstar Broadcasting, Inc.(b) | TSFR1M + 2.615% | 7.9400 | 09/19/26 | 1,498,016 | ||
| RETAIL - DISCRETIONARY — 0.7% | |||||||
| 3,000,000 | Johnstone Supply, LLC(b) | TSFR1M + 3.000% | 8.3210 | 05/16/31 | 2,996,250 | ||
| TECHNOLOGY HARDWARE — 0.4% | |||||||
| 1,985,000 | Ciena Corporation(b) | TSFR1M + 2.100% | 7.3300 | 10/24/30 | 1,991,203 | ||
| TRANSPORTATION & LOGISTICS — 0.6% | |||||||
| 3,000,000 | Genesee & Wyoming, Inc.(b) | TSFR1M + 2.000% | 7.3350 | 04/07/31 | 2,995,815 | ||
| TOTAL TERM LOANS (Cost $25,743,660) | 25,767,111 | ||||||
| BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND | ||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||
| September 30, 2024 | ||||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||
| U.S. TREASURY BONDS & NOTES — 6.0% | ||||||||
| 26,650,000 | United States Treasury Note | 3.5000 | 02/15/33 | $ 26,168,010 | ||||
| 2,000,000 | United States Treasury Note | 4.3750 | 05/15/34 | 2,092,656 | ||||
| TOTAL TREASURY BONDS & NOTES (Cost $26,849,614) | 28,260,666 | |||||||
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 6.7% | ||||||||
| MONEY MARKET FUNDS - 6.7% | ||||||||
| 8,193,149 | First American Government Obligations Fund, Class X, 4.82% (Cost $8,193,149)(e) | 8,193,149 | ||||||
| TOTAL INVESTMENTS - 98.0% (Cost $466,414,789) | $ 469,515,406 | |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0% | 1,468,191 | |||||||
| NET ASSETS - 100.0% | $ 470,983,597 | |||||||
| CLO | - Collateralized Loan Obligations |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | TSFR1M Term CME (Secured Overnight Financing Rate) 1 Month |
| TSFR3M | TSFR1M Term CME (Secured Overnight Financing Rate) 3 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, 2024 the total market value of 144A securities is $314,494,164 or 66.8% 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) | Percentage rounds to less than 0.1%. |
| (d) | Variable rate security; the rate shown represents the rate on September 30, 2024. |
| (e) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
