Penn Capital Short Duration High Income Fund
Schedule of Investments
May 31, 2026 (Unaudited)

CORPORATE BONDS - 96.1%
Par  

Value  
Advertising & Marketing - 1.2%
Stagwell Global LLC, 5.63%, 08/15/2029 (a)

    $        255,000

    $        248,190






Aerospace & Defense - 0.6%
Axon Enterprise, Inc., 6.13%, 03/15/2030 (a)

             120,000

             122,313






Airlines - 5.7%
Alaska Airlines, Inc., 6.50%, 06/01/2031 (a)

             185,000

             183,862
American Airlines, Inc., 7.25%, 02/15/2028 (a)

             525,000

             532,580
United Airlines Holdings, Inc., 5.38%, 03/01/2031

             186,000

             183,957
VistaJet Malta Finance PLC
9.50%, 06/01/2028 (a)

             195,000

             194,132
6.38%, 02/01/2030 (a)

             70,000

             63,846


             1,158,377






Apparel & Textile Products - 1.5%
Crocs, Inc., 4.25%, 03/15/2029 (a)

             315,000

             305,322






Auto Parts Manufacturing - 0.7%
Adient Global Holdings Ltd., 7.00%, 04/15/2028 (a)

             135,000

             137,277






Automobiles Manufacturing - 0.5%
Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/2028 (a)

             108,000

             111,004






Banks - 1.5%
Popular, Inc., 7.25%, 03/13/2028

             285,000

             294,822






Cable & Satellite - 3.1%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/2028 (a)

             605,000

             599,032
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)

             25,000

             25,068


             624,100






Casinos & Gaming - 2.1%
Caesars Entertainment, Inc., 4.63%, 10/15/2029 (a)

             188,000

             181,121
Penn Entertainment, Inc., 6.75%, 04/01/2031 (a)

             250,000

             248,956


             430,077






Chemicals - 2.4%
Celanese US Holdings LLC, 7.55%, 11/15/2030

             160,000

             170,188
Chemours Co., 5.75%, 11/15/2028 (a)

             148,559

             148,294
FMC Corp., 8.00%, 06/01/2031 (a)

             170,000

             177,657


             496,139






Commercial Finance - 2.8%
GGAM Finance Ltd., 8.00%, 02/15/2027 (a)

             345,000

             347,705
TrueNoord Capital DAC, 8.75%, 03/01/2030 (a)

             220,000

             225,419


             573,124






Consumer Finance - 6.4%
Block, Inc., 5.63%, 08/15/2030 (a)

             280,000

             281,152
Navient Corp., 6.75%, 06/15/2026

             90,000

             89,976


OneMain Finance Corp.
6.63%, 01/15/2028

             450,000

             457,638
7.88%, 03/15/2030

             150,000

             156,115
6.13%, 05/15/2030

             90,000

             89,636
SLM Corp., 6.50%, 01/31/2030

             210,000

             212,715


             1,287,232






Electrical Equipment Manufacturing - 2.8%
Gates Corp., 6.88%, 07/01/2029 (a)

             265,000

             272,826
Solaris Energy Infrastructure LLC, 6.38%, 05/15/2031 (a)

             90,000

             91,408
WESCO Distribution, Inc., 6.38%, 03/15/2029 (a)

             195,000

             199,373


             563,607






Entertainment Resources - 1.1%
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (a)

             225,000

             218,957






Exploration & Production - 3.9%
California Resources Corp., 8.25%, 06/15/2029 (a)

             143,000

             149,195
Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (a)

             160,000

             164,164
Hilcorp Energy I LP, 6.25%, 11/01/2028 (a)

             270,000

             271,084
SM Energy Co., 6.75%, 09/15/2026

             210,000

             210,000


             794,443






Financial Services - 2.1%
PRA Group, Inc., 8.38%, 02/01/2028 (a)

             425,000

             431,349






Forest & Paper Products Manufacturing - 0.5%
Magnera Corp., 4.75%, 11/15/2029 (a)

             115,000

             107,652






Hardware - 2.9%
Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (a)

             130,000

             136,002
NCR Atleos Corp., 9.50%, 04/01/2029 (a)

             210,000

             224,518
Seagate Data Storage Technology Pte Ltd., 8.25%, 12/15/2029 (a)

             215,000

             224,058


             584,578






Health Care Facilities & Services - 8.1%
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 (a)

             610,000

             607,150
AdaptHealth LLC, 6.13%, 08/01/2028 (a)

             423,000

             422,579
AHP Health Partners, Inc., 5.75%, 07/15/2029 (a)

             275,000

             272,603
DaVita, Inc., 4.63%, 06/01/2030 (a)

             145,000

             140,894
LifePoint Health, Inc., 9.88%, 08/15/2030 (a)

             195,000

             206,158


             1,649,384






Homebuilders - 4.4%
Ashton Woods USA LLC, 4.63%, 08/01/2029 (a)

             310,000

             297,455
Beazer Homes USA, Inc., 7.25%, 10/15/2029

             225,000

             228,672
K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031 (a)

             135,000

             136,456
Tri Pointe Homes, Inc., 5.25%, 06/01/2027

             220,000

             219,711


             882,294






Industrial Other - 2.7%
Dcli Bidco LLC, 7.75%, 11/15/2029 (a)

             105,000

             108,013
Herc Holdings, Inc., 7.00%, 06/15/2030 (a)

             310,000

             322,112
Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 (a)

             105,000

             110,008


             540,133








Internet Media - 1.9%
Match Group Holdings II LLC, 5.00%, 12/15/2027 (a)

             380,000

             378,573






Leisure Products Manufacturing - 1.2%
Patrick Industries, Inc., 4.75%, 05/01/2029 (a)

             255,000

             249,695






Machinery Manufacturing - 1.7%
Titan International, Inc., 7.00%, 04/30/2028

             345,000

             344,716






Managed Care - 1.4%
Molina Healthcare, Inc., 4.38%, 06/15/2028 (a)

             285,000

             280,843






Manufactured Goods - 0.9%
Park-Ohio Industries, Inc., 8.50%, 08/01/2030 (a)

             165,000

             173,082






Medical Equipment & Devices Manufacturing - 1.2%
Embecta Corp.
5.00%, 02/15/2030 (a)

             262,000

             202,638
6.75%, 02/15/2030 (a)

             40,000

             32,859


             235,497






Metals & Mining - 3.6%
Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 (a)

             290,000

             296,516
Compass Minerals International, Inc., 8.00%, 07/01/2030 (a)

             205,000

             216,083
Eldorado Gold Corp., 6.25%, 09/01/2029 (a)

             210,000

             210,073


             722,672






Oil & Gas Services & Equipment - 2.1%
Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 (a)

             155,000

             163,016
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 (a)

             265,000

             273,043


             436,059






Pharmaceuticals - 1.1%
Harrow, Inc., 8.63%, 09/15/2030 (a)

             215,000

             217,669






Pipeline - 4.3%
Excelerate Energy LP, 8.00%, 05/15/2030 (a)

             270,000

             285,883
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)

             265,000

             270,891
Venture Global Plaquemines LNG LLC, 6.13%, 12/15/2030 (a)

             185,000

             190,024
Western Midstream Operating LP, 7.25%, 04/01/2030 (a)

             125,000

             131,638


             878,436






Publishing & Broadcasting - 2.3%
Belo Corp., 7.75%, 06/01/2027

             50,000

             51,124
Gray Media, Inc., 10.50%, 07/15/2029 (a)

             197,000

             208,549
Nexstar Media, Inc., 4.75%, 11/01/2028 (a)

             205,000

             201,799


             461,472






Real Estate - 3.3%
Howard Hughes Corp., 4.38%, 02/01/2031 (a)

             175,000

             164,486
Newmark Group, Inc., 7.50%, 01/12/2029

             255,000

             267,112
RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 (a)

             230,000

             235,042


             666,640






Restaurants - 1.3%
Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 (a)

             280,000

             266,863








Retail - Consumer Discretionary - 2.4%
Academy Ltd., 5.88%, 05/15/2031 (a)

             85,000

             85,525
Builders FirstSource, Inc., 5.00%, 03/01/2030 (a)

             100,000

             97,456
Wayfair LLC, 7.25%, 10/31/2029 (a)

             290,000

             298,382


             481,363






Retail - Consumer Staples - 1.3%
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)

             260,000

             271,543






Software & Services - 2.6%
Gen Digital, Inc., 6.75%, 09/30/2027 (a)

             250,000

             251,441
RingCentral, Inc., 8.50%, 08/15/2030 (a)

             160,000

             167,772
SS&C Technologies, Inc., 5.50%, 09/30/2027 (a)

             100,000

             100,008


             519,221






Supermarkets & Pharmacies - 1.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.50%, 03/31/2031 (a)

             215,000

             211,700






Transportation & Logistics - 1.5%
RXO, Inc., 6.38%, 05/15/2031 (a)

             100,000

             100,519
Wabash National Corp., 4.50%, 10/15/2028 (a)

             234,000

             199,005


             299,524






Travel & Lodging - 3.1%
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029 (a)

             320,000

             311,317
Lindblad Expeditions LLC, 7.00%, 09/15/2030 (a)

             165,000

             169,804
NCL Corp. Ltd., 7.75%, 02/15/2029 (a)

             145,000

             151,773


             632,894






Utilities - 0.9%
Talen Energy Supply LLC, 6.13%, 05/01/2031 (a)

             180,000

             179,941
TOTAL CORPORATE BONDS (Cost $19,316,337)

             19,468,777






TOTAL INVESTMENTS - 96.1% (Cost $19,316,337)

             19,468,777
Other Assets in Excess of Liabilities - 3.9%
0.03917
            793,640
TOTAL NET ASSETS - 100.0%




    $        20,262,417


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.








(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2026, the value of these securities total $16,492,395 or 81.4% of the Fund’s net assets.












Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Penn Capital Short Duration High Income 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:







  Corporate Bonds
    $        –

    $        19,468,777

    $        –

    $        19,468,777
Total Investments
    $        –

    $        19,468,777

    $        –

    $        19,468,777

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