Penn Capital Special Situations Small Cap Equity Fund
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 98.3%

Shares  

Value  
Aerospace & Defense - 2.1%

Ducommun, Inc. (a)

            6,303

    $        959,443
TAT Technologies Ltd. (a)

            29,200

             1,264,652




             2,224,095






Air Freight & Logistics - 1.1%

GXO Logistics, Inc. (a)

            24,026

             1,203,943






Automobile Components - 0.8%

Visteon Corp.

            7,498

             886,938






Banks - 9.2%

Ameris Bancorp

            18,216

             1,535,791
Banc of California, Inc.

            86,123

             1,655,284
Dime Community Bancshares, Inc.

            39,669

             1,484,414
FB Financial Corp.

            27,003

             1,422,788
Hancock Whitney Corp.

            23,593

             1,607,155
Popular, Inc.

            6,770

             1,005,548
Texas Capital Bancshares, Inc.

            12,731

             1,266,608




             9,977,588






Biotechnology - 4.9%

Kiniksa Pharmaceuticals International PLC (a)

            28,019

             1,355,559
Mirum Pharmaceuticals, Inc. (a)

            22,757

             2,309,836
TG Therapeutics, Inc. (a)

            43,361

             1,645,116




             5,310,511






Capital Markets - 1.9%

Miami International Holdings, Inc. (a)

            21,663

             1,023,577
Moelis & Co. - Class A

            14,908

             1,003,159




             2,026,736






Chemicals - 2.2%

Celanese Corp.

            20,914

             1,111,161
Chemours Co.

            59,142

             1,310,587




             2,421,748






Commercial Services & Supplies - 0.5%

Civeo Corp. (a)

            14,531

             496,234






Communications Equipment - 2.0%

Applied Optoelectronics, Inc. (a)

            7,325

             1,160,353
Calix, Inc. (a)

            26,242

             1,043,120




             2,203,473






Construction & Engineering - 4.4%

Centuri Holdings, Inc. (a)

            44,786

             1,376,721
Legence Corp. - Class A (a)

            23,627

             1,978,525
Primoris Services Corp.

            10,951

             1,377,417




             4,732,663








Consumer Finance - 1.0%

EZCORP, Inc. - Class A (a)

            33,090

             1,033,732






Consumer Staples Distribution & Retail - 1.1%

Chefs' Warehouse, Inc. (a)

            16,026

             1,226,630






Diversified Telecommunication Services - 1.8%

Lumen Technologies, Inc. (a)

            181,115

             1,990,454






Electrical Equipment - 0.3%

Electrovaya, Inc. (a)

            27,469

             321,113






Electronic Equipment, Instruments & Components - 2.5%

Ouster, Inc. (a)

            58,925

             2,713,496






Energy Equipment & Services - 7.7%

Borr Drilling Ltd. (a)

            69,782

             349,608
National Energy Services Reunited Corp. (a)

            20,466

             498,347
Patterson-UTI Energy, Inc.

            130,878

             1,467,142
Select Water Solutions, Inc.

            92,475

             1,658,077
Solaris Energy Infrastructure, Inc.

            18,111

             1,259,439
Transocean Ltd. (a)

            251,339

             1,555,788
Weatherford International PLC

            15,303

             1,586,003




             8,374,404






Ground Transportation - 3.8%

Landstar System, Inc.

            1,758

             363,730
RXO, Inc. (a)

            83,689

             2,140,765
Werner Enterprises, Inc.

            39,277

             1,630,388




             4,134,883






Health Care Equipment & Supplies - 1.7%

Alphatec Holdings, Inc. (a)

            111,320

             862,730
Lantheus Holdings, Inc. (a)

            9,319

             925,377




             1,788,107






Health Care Providers & Services - 2.0%

Billiontoone, Inc. (a)

            11,255

             1,114,132
RadNet, Inc. (a)

            19,352

             1,074,617




             2,188,749






Hotel & Resort REITs - 1.3%

Ryman Hospitality Properties, Inc.

            11,847

             1,363,945






Hotels, Restaurants & Leisure - 11.3%

Caesars Entertainment, Inc. (a)

            59,540

             1,729,637
Churchill Downs, Inc.

            13,495

             1,176,899
First Watch Restaurant Group, Inc. (a)

            89,916

             1,045,723
Life Time Group Holdings, Inc. (a)

            38,498

             1,273,514
Lindblad Expeditions Holdings, Inc. (a)

            61,280

             1,406,376
Penn Entertainment, Inc. (a)

            84,888

             1,598,441
Pursuit Attractions and Hospitality, Inc. (a)

            27,123

             1,214,297
Rush Street Interactive, Inc. (a)

            52,498

             1,330,299
United Parks & Resorts, Inc. (a)

            37,371

             1,499,698




             12,274,884








IT Services - 0.3%

TSS, Inc. (a)

            20,798

             342,751






Machinery - 3.7%

CECO Environmental Corp. (a)

            17,961

             1,342,585
Gates Industrial Corp. PLC (a)

            62,844

             1,628,917
Terex Corp.

            18,419

             1,071,617




             4,043,119






Media - 4.2%

EW Scripps Co. - Class A (a)

            376,424

             1,276,077
Gray Media, Inc.

            236,131

             946,885
Nexstar Media Group, Inc.

            6,090

             1,086,639
Stagwell, Inc. (a)

            175,167

             1,227,921




             4,537,522






Metals & Mining - 3.0%

Constellium SE (a)

            58,423

             2,001,572
SSR Mining, Inc. (a)

            41,479

             1,294,974




             3,296,546






Oil, Gas & Consumable Fuels - 3.2%

California Resources Corp.

            16,520

             979,471
Gulfport Energy Corp. (a)

            7,668

             1,292,748
Northern Oil & Gas, Inc.

            36,315

             790,577
Sable Offshore Corp. (a)

            30,178

             442,108




             3,504,904






Personal Care Products - 0.8%

Herbalife Ltd. (a)

            68,413

             818,219






Pharmaceuticals - 3.9%

Amneal Pharmaceuticals, Inc. (a)

            82,718

             1,089,396
ANI Pharmaceuticals, Inc. (a)

            16,522

             1,297,142
Ligand Pharmaceuticals, Inc. (a)

            7,923

             1,837,819




             4,224,357






Professional Services - 1.0%

Amentum Holdings, Inc. (a)

            47,371

             1,100,428






Real Estate Management & Development - 1.4%

Newmark Group, Inc. - Class A

            107,275

             1,498,632






Semiconductors & Semiconductor Equipment - 6.3%

ACM Research, Inc. - Class A (a)

            31,264

             2,706,212
Aehr Test Systems (a)

            10,451

             964,941
Camtek Ltd. (a)

            7,492

             1,286,076
Wolfspeed, Inc. (a)

            31,575

             1,871,766




             6,828,995






Software - 3.7%

Agilysys, Inc. (a)

            16,418

             1,421,142
Opera Ltd. - ADR

            46,639

             875,881
Zeta Global Holdings Corp. - Class A (a)

            73,906

             1,691,708




             3,988,731








Textiles, Apparel & Luxury Goods - 1.3%

Capri Holdings Ltd. (a)

            73,529

             1,361,022






Trading Companies & Distributors - 1.9%

DNOW, Inc. (a)

            58,614

             749,673
Herc Holdings, Inc.

            9,596

             1,276,268




             2,025,941
TOTAL COMMON STOCKS (Cost $85,917,493)

             106,465,493






RIGHTS - 0.0% (b)

Shares  

Value  
Media - 0.0% (b)

EW Scripps Co., Expires 12/09/2026, Exercise Price $2.19 (a)(c)

            222,015

             2,220
TOTAL RIGHTS (Cost $210,953)

             2,220






TOTAL INVESTMENTS - 98.3% (Cost $86,128,446)

             106,467,713
Other Assets in Excess of Liabilities - 1.7%
0.01708
            1,850,492
TOTAL NET ASSETS - 100.0%




    $        108,318,205


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
PLC - Public Limited Company
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.




(a)

Non-income producing security.
(b)

Represents less than 0.05% of net assets.
(c)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,220 or 0.0% of net assets as of May 31, 2026.






Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Penn Capital Special Situations Small Cap Equity Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        106,465,493

    $        –

    $        –

    $        106,465,493
  Rights
            –

            –

            2,220

            2,220
Total Investments
    $        106,465,493

    $        –

    $        2,220

    $        106,467,713

Refer to the Schedule of Investments for further disaggregation of investment categories.