ZEO SHORT DURATION INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 62.7%      
    AUTOMOTIVE — 1.9%      
3,654,000   Tenneco, Inc.(a)   7.8750 01/15/29 $ 3,622,028
             
    COMMERCIAL SUPPORT SERVICES — 5.6%      
8,545,000   Cimpress NV(a)   7.0000 06/15/26   7,130,803
3,949,000   RR Donnelley & Sons Co.(a)   6.1250 11/01/26   3,692,315
              10,823,118
    ENGINEERING & CONSTRUCTION — 5.0%      
4,558,000   Brundage-Bone Concrete Pumping Holdings, Inc.(a)   6.0000 02/01/26   4,086,064
1,847,000   Great Lakes Dredge & Dock Corporation(a)   5.2500 06/01/29   1,648,263
3,862,000   IEA Energy Services, LLC(a)   6.6250 08/15/29   3,818,553
              9,552,880
    FOOD — 2.3%      
4,817,000   B&G Foods, Inc.   5.2500 09/15/27   4,407,555
             
    FORESTRY, PAPER & WOOD PRODUCTS — 1.3%      
2,540,000   Resolute Forest Products, Inc.(a)   4.8750 03/01/26   2,501,900
             
    HOME & OFFICE PRODUCTS — 3.4%      
6,683,000   American Greetings Corporation(a)   8.7500 04/15/25   6,432,388
             
    HOME CONSTRUCTION — 1.5%      
1,482,000   Patrick Industries, Inc.(a)   7.5000 10/15/27   1,372,977
1,957,000   Patrick Industries, Inc.(a)   4.7500 05/01/29   1,531,352
              2,904,329
    INTERNET MEDIA & SERVICES — 4.9%      
7,127,000   Getty Images, Inc.(a)   9.7500 03/01/27   6,913,190
3,134,000   Millennium Escrow Corporation B(a)   6.6250 08/01/26   2,452,797
              9,365,987
    MACHINERY — 6.3%      
6,731,000   Granite US Holdings Corporation(a)   11.0000 10/01/27   6,259,830
6,706,000   Werner FinCo, L.P.(a)   8.7500 07/15/25   5,949,764
              12,209,594
           
 
 

 

ZEO SHORT DURATION INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 62.7% (Continued)      
    PUBLISHING & BROADCASTING — 5.3%      
10,598,000   Cengage Learning, Inc.(a)   9.5000 06/15/24 $ 10,121,090
             
    RETAIL - DISCRETIONARY — 3.7%      
1,976,000   Ambience Merger Sub, Inc.(a)   4.8750 07/15/28   1,551,163
6,338,000   Magic MergerCo, Inc.(a)   5.2500 05/01/28   5,286,588
45,285,000   Tailored Brands, Inc.(b)(d)   7.0000 07/01/22   298,881
              7,136,632
    SOFTWARE — 1.4%      
3,244,000   Veritas US, Inc.(a)   7.5000 09/01/25   2,738,418
             
    SPECIALTY FINANCE — 5.2%      
5,658,000   Bread Financial Holdings, Inc.(a)   7.0000 01/15/26   5,403,390
4,560,000   PRA Group, Inc.(a)   7.3750 09/01/25   4,548,600
              9,951,990
    TECHNOLOGY HARDWARE — 4.0%      
3,475,000   Avaya, Inc.(a)   6.1250 09/15/28   1,632,312
12,273,000   Diebold Nixdorf, Inc.   8.5000 04/15/24   5,952,405
              7,584,717
    TECHNOLOGY SERVICES — 3.9%      
2,797,000   Austin BidCo, Inc.(a)   7.1250 12/15/28   2,234,943
5,436,000   Nielsen Finance, LLC / Nielsen Finance Company(a)   5.6250 10/01/28   5,327,280
              7,562,223
    TRANSPORTATION & LOGISTICS — 4.2%      
8,623,000   Western Global Airlines, LLC(a)   10.3750 08/15/25   7,976,275
             
    WHOLESALE - CONSUMER STAPLES — 2.8%      
4,125,000   United Natural Foods, Inc.(a)   6.7500 10/15/28   4,150,781
1,198,000   US Foods, Inc.(a)   6.2500 04/15/25   1,220,463
              5,371,244
       
 
  TOTAL CORPORATE BONDS (Cost $163,596,499)    

120,262,368

             
             
           
 
 

 

ZEO SHORT DURATION INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    TERM LOANS — 30.2%      
    BEVERAGES — 2.0%      
4,472,070   Arctic Glacier Co.(c) US0003M + 3.50 % 4.5000 03/20/24 $ 3,928,221
             
    CHEMICALS — 3.1%      
6,215,474   AgroFresh, Inc.(c) US0001M + 6.25 % 7.2500 12/27/24   6,013,471
             
    COMMERCIAL SUPPORT SERVICES — 8.6%      
3,970,000   APX Group, Inc.(c) US0001M + 3.00 % 4.0000 07/01/28   3,728,823
11,871,621   Cast & Crew Payroll, LLC(c) US0001M + 3.75 % 3.9574 02/07/26   11,489,118
1,438,770   LRS Holdings, LLC(c) US0001M + 4.25 % 4.7500 08/31/28   1,374,025
              16,591,966
    INDUSTRIAL INTERMEDIATE PROD — 0.9%      
1,823,075   Werner FinCo, L.P.(c) US0003M + 4.00% 5.0000 07/24/24   1,709,133
             
    RETAIL - DISCRETIONARY — 1.4%      
3,218,678   Ambience Merger Sub, Inc.(c) US0001M + 4.25 % 4.7500 06/24/28   2,623,222
             
    SOFTWARE — 14.2%      
2,490,992   A&V Holdings Midco, LLC(c) US0001M + 5.75 % 6.3750 03/10/27   2,441,172
2,000,000   Avaya Holdings Corporation(c) SOFR1M + 10.00 % 11.9590 12/15/27   1,220,000
3,306,981   Hyland Software, Inc.(c) US0003M + 3.500% 4.2500 07/01/24   3,249,109
12,892,000   Hyland Software, Inc.(c) US0001M + 6.250% 7.0140 07/10/25   12,569,700
4,595,275   Magenta Buyer, LLC(c) US0003M + 5.00 % 5.7500 05/03/28   4,376,999
3,733,037   Veritas US, Inc.(c) US0001M + 5.00 % 6.0000 09/01/25   3,173,081
              27,030,061
  TOTAL TERM LOANS (Cost $61,673,873)    

57,896,074

             
    TOTAL INVESTMENTS - 92.9% (Cost $225,270,372)     $ 178,158,442
    OTHER ASSETS IN EXCESS OF LIABILITIES- 7.1%    

13,600,536

    NET ASSETS - 100.0%        

$ 191,758,978

 

 

 

LLC  - Limited Liability Company
LP  - Limited Partnership
NV  - Naamioze Vennootschap
   
 
 

 

ZEO SHORT DURATION INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022  
   
   
US0001M ICE LIBOR USD 1 Month
US0003M ICE LIBOR USD 3 Month
SOFR1M  Secured Overnight Financing Rate 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 July 31, 2022 the total market value of 144A securities is 109,603,527 or 57.2% 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) Valued using unobservable inputs and fair valued by advisor.

 

 

 
 

 

 

ZEO SUSTAINABLE CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 49.8%      
    AUTOMOTIVE — 2.5%      
139,000   Tenneco, Inc.(a)   5.1250 04/15/29 $ 136,626
             
    COMMERCIAL SUPPORT SERVICES — 2.7%      
179,000   Cimpress NV(a)   7.0000 06/15/26   149,376
             
    ENGINEERING & CONSTRUCTION — 7.5%      
122,000   Brundage-Bone Concrete Pumping Holdings, Inc.(a)   6.0000 02/01/26   109,368
131,000   Great Lakes Dredge & Dock Corporation(a)   5.2500 06/01/29   116,904
187,000   IEA Energy Services, LLC(a)   6.6250 08/15/29   184,897
              411,169
    HOME & OFFICE PRODUCTS — 2.3%      
132,000   American Greetings Corporation(a)   8.7500 04/15/25   127,050
             
    HOME CONSTRUCTION — 3.2%      
227,000   Patrick Industries, Inc.(a)   4.7500 05/01/29   177,628
             
    INTERNET MEDIA & SERVICES — 5.4%      
177,000   Cars.com, Inc.(a)   6.3750 11/01/28   151,777
91,000   Getty Images, Inc.(a)   9.7500 03/01/27   88,270
79,000   Millennium Escrow Corporation B(a)   6.6250 08/01/26   61,829
              301,876
    MACHINERY — 5.2%      
139,000   Granite US Holdings Corporation(a)   11.0000 10/01/27   129,270
183,000   Werner FinCo, L.P.(a)   8.7500 07/15/25   162,363
              291,633
    PUBLISHING & BROADCASTING — 5.0%      
292,000   Cengage Learning, Inc.(a)   9.5000 06/15/24   278,860
             
    RETAIL - DISCRETIONARY — 3.8%      
161,000   Magic MergerCo, Inc.(a)   5.2500 05/01/28   134,291
100,000   Magic MergerCo, Inc.(a)   7.8750 05/01/29   68,500
1,795,000   Tailored Brands, Inc.(b)(d)   7.0000 07/01/22   11,847
              214,638
 
 

 

ZEO SUSTAINABLE CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 49.8% (Continued)      
    SOFTWARE — 1.8%      
121,000   Veritas US, Inc.(a)   7.5000 09/01/25 $ 102,142
             
    SPECIALTY FINANCE — 1.1%      
65,000   Bread Financial Holdings, Inc.(a)   7.0000 01/15/26   62,075
             
    TECHNOLOGY HARDWARE — 3.3%      
173,000   Avaya, Inc.(a)   6.1250 09/15/28   81,263
214,000   Diebold Nixdorf, Inc.   8.5000 04/15/24   103,790
              185,053
    TECHNOLOGY SERVICES — 3.6%      
203,000   Austin BidCo, Inc.(a)   7.1250 12/15/28   162,207
37,000   Nielsen Finance, LLC / Nielsen Finance Company(a)   5.6250 10/01/28   36,260
              198,467
    TRANSPORTATION & LOGISTICS — 2.4%      
145,000   Western Global Airlines, LLC(a)   10.3750 08/15/25   134,125
             
  TOTAL CORPORATE BONDS (Cost $4,041,778)    

2,770,718

        Spread      
    TERM LOANS — 43.2%      
    CHEMICALS — 8.1%      
466,201   AgroFresh, Inc.(c) US0001M + 6.25 % 7.2500 12/27/24   451,050
             
    COMMERCIAL SUPPORT SERVICES — 7.8%      
390,899   Cast & Crew Payroll, LLC(c) US0001M + 3.75 % 3.9574 02/07/26   378,304
53,730   LRS Holdings, LLC(c) US0001M + 4.25 % 4.7500 08/31/28   51,312
              429,616
    INDUSTRIAL INTERMEDIATE PROD — 2.5%      
151,018   Werner FinCo, L.P.(c) US0003M + 4.00 % 5.0000 07/24/24   141,580
             
    RETAIL - DISCRETIONARY — 3.7%      
255,073   Ambience Merger Sub, Inc.(c) US0003M + 4.25 % 4.7500 06/24/28   207,884
 
 

 

ZEO SUSTAINABLE CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    TERM LOANS — 43.2% (Continued)      
    SOFTWARE — 21.1%      
301,076   A&V Holdings Midco, LLC(c) US0001M + 5.75 % 6.3750 03/10/27 $ 295,054
382,800   Hyland Software, Inc.(c) US0001M + 6.25 % 7.0140 07/10/25   373,230
367,225   Magenta Buyer, LLC(c) US0003M + 5.00 % 5.7500 05/03/28   349,782
184,106   Veritas US, Inc.(c) US0001M + 5.00 % 6.0000 09/01/25   156,490
              1,174,556
       
 
  TOTAL TERM LOANS (Cost $2,504,815)    

2,404,686

             
    TOTAL INVESTMENTS - 93.0% (Cost $6,546,593)     $ 5,175,404
    OTHER ASSETS IN EXCESS OF LIABILITIES- 7.0%    

386,641

    NET ASSETS - 100.0%        

$ 5,562,045

           
               
 

 

 

 

LLC  - Limited Liability Company
LP  - Limited Partnership
NV  - Naamioze Vennootschap
   
US0001M ICE LIBOR USD 1 Month
US0003M ICE LIBOR USD 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 July 31, 2022 the total market value of 144A securities is 2,655,081 or 47.7% 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) Valued using unobservable inputs and fair valued by advisor.