Cromwell CenterSquare Real Estate Fund
            
Schedule of Investments
            
September 30, 2022 (Unaudited)
            
      
Shares
    
Value
  
REITS - 98.97%
            
Apartments - 16.31%
            
American Homes 4 Rent
    
112,633
    
$
3,695,489
  
Apartment Investment and Management Co.
    
31,220
      
227,906
  
AvalonBay Communities, Inc.
    
24,390
      
4,492,394
  
Equity Residential
    
63,770
      
4,286,619
  
Essex Property Trust, Inc.
    
5,220
      
1,264,440
  
Invitation Homes, Inc.
    
160,500
      
5,420,085
  
Mid-America Apartment Communities, Inc.
    
12,750
      
1,977,143
  
UDR, Inc.
    
79,430
      
3,313,025
  
             
24,677,101
  
Diversified - 31.26%
                
American Tower Corp.
    
59,540
      
12,783,238
  
Broadstone Net Lease, Inc.
    
119,300
      
1,852,729
  
Crown Castle International Corp.
    
48,930
      
7,072,831
  
Digital Realty Trust, Inc.
    
40,220
      
3,989,020
  
Duke Realty Corp.
    
57,520
      
2,772,464
  
Equinix, Inc.
    
11,970
      
6,809,015
  
Gaming and Leisure Properties, Inc.
    
24,340
      
1,076,802
  
Outfront Media, Inc.
    
48,420
      
735,500
  
SBA Communications Corp., Class A
    
22,030
      
6,270,839
  
VICI Properties, Inc.
    
42,370
      
1,264,744
  
Weyerhaeuser Co.
    
94,070
      
2,686,639
  
             
47,313,821
  
                   
Health Care - 9.10%
                
Healthpeak Properties, Inc.
    
90,040
      
2,063,717
  
Medical Properties Trust, Inc.
    
169,416
      
2,009,274
  
Omega Healthcare Investors, Inc.
    
20,828
      
614,217
  
Sabra Health Care REIT, Inc.
    
90,517
      
1,187,583
  
Ventas, Inc.
    
119,530
      
4,801,520
  
Welltower, Inc.
    
48,250
      
3,103,440
  
             
13,779,751
  
Hotels - 2.76%
                
Apple Hospitality REIT, Inc.
    
55,640
      
782,298
  
DiamondRock Hospitality Co.
    
21,308
      
160,023
  
Host Hotels & Resorts, Inc.
    
40,320
      
640,282
  
Park Hotels & Resorts, Inc.
    
43,325
      
487,839
  
Ryman Hospitality Properties, Inc.
    
7,860
      
578,417
  
Sunstone Hotel Investors, Inc.
    
11,240
      
105,881
  
Xenia Hotels & Resorts, Inc.
    
103,559
      
1,428,079
  
             
4,182,819
  
Manufactured Homes - 3.30%
                
Sun Communities, Inc.
    
36,950
      
5,000,444
  
                   
Office Property - 5.66%
                
Alexandria Real Estate Equities, Inc.
    
13,480
      
1,889,761
  
Cousins Properties, Inc.
    
43,493
      
1,015,562
  
Douglas Emmett, Inc.
    
38,450
      
689,409
  
Highwoods Properties, Inc.
    
26,470
      
713,631
  
JBG SMITH Properties
    
38,478
      
714,921
  
Kilroy Realty Corp.
    
56,030
      
2,359,423
  
Veris Residential, Inc. (a)
    
97,523
      
1,108,837
  
             
8,491,544
  
Regional Malls - 2.94%
                
Regency Centers Corp.
    
21,930
      
1,180,931
  
Simon Property Group, Inc.
    
36,420
      
3,268,695
  
               
4,449,626
  
Shopping Centers - 3.88%
                
Acadia Realty Trust
    
93,539
      
1,180,462
  
Brixmor Property Group, Inc.
    
158,273
      
2,923,302
  
RPT Realty
    
129,080
      
975,845
  
Urban Edge Properties
    
59,910
      
799,200
  
             
5,878,809
  
Single Tenant - 5.95%
                
Agree Realty Corp.
    
60,090
      
4,060,882
  
Four Corners Property Trust, Inc.
    
49,000
      
1,185,310
  
Realty Income Corp.
    
36,960
      
2,151,072
  
Spirit Realty Capital, Inc.
    
44,710
      
1,616,714
  
             
9,013,978
  
Storage - 7.59%
                
Extra Space Storage, Inc.
    
9,269
      
1,600,849
  
Life Storage, Inc.
    
32,292
      
3,576,662
  
Public Storage
    
21,590
      
6,321,768
  
             
11,499,279
  
Warehouse/Industrials - 10.22%
                
Americold Realty Trust, Inc.
    
69,744
      
1,715,702
  
First Industrial Realty Trust, Inc.
    
38,630
      
1,731,010
  
Prologis, Inc.
    
90,870
      
9,232,392
  
Rexford Industrial Realty, Inc.
    
53,604
      
2,787,408
  
             
15,466,512
  
TOTAL REITS (Cost $158,035,686)
            
149,753,684
  
                   
SHORT-TERM INVESTMENT - 0.78%
  
Shares
          
U.S. Bank Money Market Deposit Account, 2.650% (b)
    
1,185,576
      
1,185,576
  
TOTAL SHORT-TERM INVESTMENT (Cost $1,185,576)
            
1,185,576
  
                   
Total Investments (Cost $159,221,262) - 99.75%
            
150,939,260
  
Other Assets in Excess of Liabilities - 0.25%
            
367,783
  
TOTAL NET ASSETS - 100.00%
          
$
151,307,043
  
                 
(a)
Non-income producing security.
                
(b)
The Money Market Deposit Account (“MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of September 30, 2022.
                
                   
Abbreviations:
                
REITs
Real Estate Investment Trusts
    
     
 

 
Summary of Fair Value Exposure at September 30, 2022                   

    FASB Accounting Standards Codification, “Fair Value Measurements” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad Levels listed below:

    Level 1 – Quoted prices in active markets for identical securities.               
    Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).               
    Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).               

    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

    The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of September 30, 2022:               

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
REITs(1)
  
$
149,753,684
    
$
-
    
$
-
    
$
149,753,684
  
Short-Term Investment
    
1,185,576
      
-
      
-
      
1,185,576
  
Total Assets
  
$
150,939,260
    
$
-
    
$
-
    
$
150,939,260
  
                                 
(1) See the Schedule of Investments for industry classifications.