NPORT-EX 2 float.htm

Penn Capital Defensive Floating Rate Income Fund
  
Schedule of Investments
  
March 31, 2020 (Unaudited)
  
             
             
Bank Loans: 82.1% (a)(b)
  
Principal
    
Value
  
Aerospace: 1.2%
            
Ducommun, Inc., 4.959%, 11/21/25
            
(1 Month US LIBOR + 4.000%)
  
$
124,977
    
$
106,231
  
(1 Month US LIBOR + 4.000%)
    
31,377
      
26,670
  
Dynasty Acquisition Co., Inc., 4.950% (3 Month LIBOR + 3.500%), 4/8/26
    
161,774
      
128,004
  
Dynasty Acquisition Co., Inc., 4.950% (3 Month LIBOR + 3.500%), 4/8/26
    
86,976
      
68,820
  
Jazz Acquisition, Inc., 6.190% (1 Month US LIBOR + 4.250%), 6/19/26
    
199,499
      
162,093
  
             
491,818
  
Airline Companies: 1.4%
                
Allegiant Travel Co., 4.707% (3 Month LIBOR + 3.000%), 2/5/24
    
347,746
      
269,503
  
American Airlines, Inc., 2.709% (1 Month US LIBOR + 1.750%), 6/27/25
    
171,200
      
135,034
  
United Airlines, Inc., 2.739% (1 Month US LIBOR + 1.750%), 4/1/24
    
147,716
      
132,944
  
             
537,481
  
Auto Parts & Equipment: 0.3%
                
Dealer Tire LLC, 5.239%, 2/5/27
                
(1 Month US LIBOR + 4.250%)
    
45,202
      
36,614
  
(1 Month US LIBOR + 4.250%)
    
79,486
      
64,383
  
             
100,997
  
Brokerage: 0.5%
                
Victory Capital Holdings, Inc., 4.015% (1 Month US LIBOR + 2.500%), 7/1/26
    
211,725
      
183,142
  
Building & Construction: 0.3%
                
Janus International Group LLC, 4.823% (1 Month US LIBOR + 3.750%), 2/15/25
    
122,813
      
121,277
  
Building Materials: 1.8%
                
Beacon Roofing Supply, Inc., 3.239% (1 Month US LIBOR + 2.250%), 1/2/25
    
246,979
      
222,590
  
Foundation Building Materials Holding Co. LLC, 3.989% (1 Month US LIBOR + 3.000%), 8/13/25
    
148,125
      
127,758
  
Quikrete Holdings, Inc., 4.103% (3 Month US LIBOR + 2.750%), 11/15/23
    
386,538
      
355,615
  
             
705,963
  
Building Products: 0.7%
                
Atkore International, Inc., 4.020% (3 Month US LIBOR + 2.750%), 12/22/23
    
329,234
      
278,752
  
Chemical Companies: 2.7%
                
Axalta Coating Systems US Holdings, Inc., 3.588% (3 Month US LIBOR + 1.750%), 6/1/24
    
180,000
      
168,300
  
HB Fuller Co., 2.773% (1 Month US LIBOR + 2.000%), 10/20/24
    
193,331
      
166,629
  
Hexion, Inc., 5.410% (3 Month US LIBOR + 3.500%), 7/1/26
    
248,125
      
206,564
  
Tronox Finance LLC, 3.930%, 9/22/24
                
(3 Month US LIBOR + 2.750%)
    
126,313
      
109,982
  
(1 Month US LIBOR + 2.750%)
    
179,013
      
155,868
  
Univar USA, Inc., 3.700% (1 Month US LIBOR + 2.250%), 7/1/24
    
144,655
      
135,252
  
Univar USA, Inc., 3.450% (1 Month US LIBOR + 2.000%), 11/22/26
    
149,625
      
129,800
  
             
1,072,395
  
Computer Hardware: 1.3%
                
Dell International LLC, 2.680% (1 Month US LIBOR + 1.750%), 3/13/24
    
238,044
      
222,571
  
GLOBALFOUNDRIES, Inc., 6.250% (3 Month US LIBOR + 4.750%), 6/5/26
    
347,874
      
295,693
  
             
518,264
  
Consumer-Products: 1.6%
                
BDF Acquisition Corp., 6.250% (1 Month US LIBOR + 5.250%), 8/8/23
    
295,055
      
236,044
  
Froneri US, Inc., 3.239%, 1/31/27
                
(1 Month US LIBOR + 2.250%)
    
137,453
      
130,237
  
(1 Month US LIBOR + 2.250%)
    
62,547
      
59,263
  
HLF Financing Sarl LLC, 3.739% (1 Month US LIBOR + 2.750%), 8/16/25
    
246,250
      
220,805
  
             
646,349
  

Diversified Capital Goods: 1.5%
                
DXP Enterprises, Inc., 5.750% (1 Month US LIBOR + 4.750%), 8/29/23
    
223,096
      
198,556
  
EWT Holdings III Corp., 3.739% (1 Month LIBOR + 2.750%), 12/20/24
    
225,768
      
203,568
  
Gardner Denver, Inc., 3.353% (1 Month LIBOR + 1.750%), 2/28/27
    
200,000
      
187,000
  
             
589,124
  
Diversified Financial Services: 0.5%
                
Pivotal Payments Direct Corp., 5.989%, 9/28/25
                
(1 Month US LIBOR + 5.000%)
    
173,450
      
154,370
  
(1 Month US LIBOR + 5.000%)
    
25,409
      
22,614
  
(1 Month US LIBOR + 5.000%)
    
35,046
      
31,191
  
             
208,175
  
Electric Utilities: 0.3%
                
Compass Power Generation LLC, 4.500% (1 Month US LIBOR + 3.500%), 12/20/24
    
116,674
      
104,131
  
Electric-Distribution/Transportation: 0.3%
                
Pike Corp., 4.240% (1 Month US LIBOR + 3.250%), 7/24/26
    
143,676
      
132,901
  
Electric-Generation: 2.4%
                
Calpine Corp., 3.240% (3 Month US LIBOR + 2.250%), 4/1/26
    
248,125
      
235,099
  
Lightstone Holdco LLC, 4.750% (1 Month US LIBOR + 3.750%), 1/30/24
    
285,444
      
215,033
  
Lightstone Holdco LLC, 4.750% (1 Month US LIBOR + 3.750%), 1/30/24
    
16,099
      
12,128
  
Talen Energy Supply LLC, 4.739% (1 Month US LIBOR + 3.750%), 7/8/26
    
348,499
      
301,452
  
Vistra Operations Co LLC, 3.549% (1 Month US LIBOR + 1.750%), 12/31/25
    
200,000
      
189,250
  
             
952,962
  
Electronics: 0.6%
                
Cohu, Inc., 3.989% (1 Month US LIBOR + 3.000%), 10/1/25
    
321,617
      
225,132
  
Entertainment: 3.1%
                
Alterra Mountain Co., 3.739% (1 Month US LIBOR + 2.750%), 7/31/24
    
244,375
      
219,938
  
Life Time, Inc., 4.363% (3 Month US LIBOR + 2.750%), 6/15/22
    
438,725
      
321,914
  
Playtika Holding Corp., 7.072% (1 Month US LIBOR + 6.000%), 12/10/24
    
272,500
      
252,970
  
SeaWorld Parks & Entertainment, Inc., 3.989% (1 Month US LIBOR + 3.000%), 3/31/24
    
244,644
      
199,233
  
United PF Holdings LLC, 5.450% (1 Month US LIBOR + 4.000%), 12/30/26
    
276,000
      
198,720
  
United PF Holdings LLC, 4.000% (1 Month US LIBOR + 4.000%), 12/30/26
    
34,000
      
24,480
  
             
1,217,255
  
Environmental & Waste: 0.6%
                
GFL Environmental, Inc., 3.991% (1 Month US LIBOR + 3.000%), 5/31/25
                
(1 Month US LIBOR + 3.000%)
    
201,022
      
193,986
  
(1 Month US LIBOR + 3.000%)
    
35,970
      
34,711
  
             
228,697
  
Food-Wholesale: 1.9%
                
American Seafoods Group LLC, 3.834%, 8/21/23
                
(1 Month US LIBOR + 2.750%)
    
216,002
      
198,722
  
(1 Month US LIBOR + 2.750%)
    
6,857
      
6,308
  
Bellring Brands LLC, 6.000% (1 Month US LIBOR + 5.000%), 10/21/24
    
271,563
      
253,232
  
JBS USA LUX SA, 3.072% (6 Month US LIBOR + 2.000%), 5/1/26
    
298,118
      
277,462
  
             
735,724
  
Forestry/Paper: 0.5%
                
Sabert Corp., 5.500% (1 Month US LIBOR + 4.500%), 12/10/26
    
200,000
      
184,000
  
Gaming: 0.8%
                
Stars Group Holdings BV, 4.950%, 7/10/25
                
(3 Month US LIBOR + 3.500%)
    
322,476
      
306,620
  
(3 Month US LIBOR + 3.500%)
    
29,155
      
27,721
  
             
334,341
  

Gas Distribution: 0.6%
                
Stonepeak Lonestar Holdings LLC, 6.336% (3 Month US LIBOR + 4.500%), 10/19/26
    
342,563
      
250,071
  
Health Care Prodviders & Services: 0.7%
                
Emerald TopCo, Inc., 4.489% (1 Month US LIBOR + 3.500%), 7/26/26
    
298,500
      
271,635
  
Health Services: 3.5%
                
American Renal Holdings, Inc., 5.989% (1 Month US LIBOR + 5.000%), 6/22/24
    
170,710
      
144,676
  
DaVita, Inc., 2.550% (1 Month US LIBOR + 1.750%), 8/12/26
    
200,000
      
189,376
  
FC Compassus LLC, 6.072% (6 Month US LIBOR + 5.000%), 12/31/26
    
199,500
      
169,575
  
Gentiva Health Services, Inc., 4.250% (1 Month US LIBOR + 3.250%), 7/2/25
    
241,290
      
225,606
  
Option Care Health, Inc., 5.489% (1 Month US LIBOR + 4.500%), 8/6/26
    
324,188
      
265,834
  
Select Medical Corp., 3.430% (1 Month US LIBOR + 2.500%), 3/6/25
    
412,163
      
389,494
  
             
1,384,561
  
Hotels: 0.4%
                
Marriott Ownership Resorts, Inc., 2.739% (1 Month US LIBOR + 1.750%), 8/31/25
    
199,002
      
173,132
  
Industrial Conglomerates: 0.7%
                
Deliver Buyer, Inc., 6.450% (3 Month US LIBOR + 5.000%), 5/1/24
    
246,837
      
197,778
  
MTS Systems Corp., 4.240% (1 Month US LIBOR + 3.250%), 7/5/23
    
93,853
      
84,468
  
             
282,246
  
Internet & Direct Marketing Retail: 0.6%
                
Shutterfly LLC, 7.450% (3 Month US LIBOR + 6.000%), 10/1/26
    
318,194
      
253,759
  
Investments & Miscellaneous Financial Services: 5.2%
                
FinCo I LLC, 2.989% (1 Month US LIBOR + 2.000%), 12/27/22
    
195,112
      
186,820
  
LPL Holdings, Inc., 2.709% (1 Month US LIBOR + 1.750%), 11/12/26
    
177,443
      
166,353
  
Nexus Buyer LLC, 4.613% (1 Month US LIBOR + 3.750%), 11/8/26
    
249,375
      
221,320
  
Russell Investments US Institutional Holdco, Inc., 3.822% (6 Month US LIBOR + 2.750%), 6/1/23
    
492,202
      
450,365
  
The Edelman Financial Center LLC, 4.178% (1 Month US LIBOR + 3.250%), 7/19/25
    
296,996
      
250,219
  
TransUnion LLC, 2.739% (1 Month US LIBOR + 1.750%), 11/13/26
    
368,987
      
352,198
  
VeriFone Systems, Inc., 5.695% (3 Month US LIBOR + 4.000%), 8/20/25
    
346,871
      
213,905
  
WisdomTree International Holdings Ltd., 3.603% (2 Month US LIBOR + 2.000%), 1/31/21
    
235,135
      
223,378
  
             
2,064,558
  
IT Services: 1.2%
                
NAB Holdings LLC, 4.450% (3 Month US LIBOR + 3.000%), 6/30/24
    
243,775
      
190,144
  
Paysafe Holdings US Corp., 4.700% (3 Month US LIBOR + 3.250%), 1/1/25
    
344,492
      
288,082
  
             
478,226
  
Machinery Companies: 1.2%
                
Gates Global LLC, 3.750% (1 Month US LIBOR + 2.750%), 3/31/24
    
346,708
      
298,863
  
RBS Global, Inc., 2.678% (1 Month US LIBOR + 1.750%), 8/21/24
    
195,313
      
177,490
  
             
476,353
  
Media: 0.6%
                
Nexstar Broadcasting, Inc., 3.331% (1 Month LIBOR + 2.000%), 10/26/23
    
231,192
      
212,696
  
WXXA-TV LLC, 3.331%, 10/24/23
                
(1 Month LIBOR + 2.000%)
    
4,507
      
4,202
  
(1 Month LIBOR + 2.000%)
    
2,049
      
1,911
  
             
218,809
  
Media-Broadcast: 3.1%
                
CSC Holdings LLC, 2.862% (1 Month US LIBOR + 2.250%), 7/17/25
    
243,734
      
231,955
  
ION Media Networks, Inc., 4.000% (1 Month US LIBOR + 3.000%), 12/18/24
    
248,750
      
226,362
  
Sinclair Television Group, Inc., 3.240% (1 Month US LIBOR + 2.250%), 1/3/24
    
241,875
      
229,781
  
The E.W. Scripps Co., 3.489% (1 Month US LIBOR + 2.500%), 5/1/26
    
247,754
      
234,128
  
WideOpenWest Finance LLC, 4.250% (1 Month US LIBOR + 3.250%), 8/19/23
    
343,494
      
315,156
  
             
1,237,382
  

Media-Cable: 3.5%
                
Altice France SA, 4.705% (1 Month US LIBOR + 4.000%), 8/14/26
    
391,891
      
371,316
  
Charter Communications Operating LLC, 2.740% (1 Month US LIBOR + 1.750%), 4/30/25
    
373,106
      
357,092
  
Cogeco Communications USA II LP, 2.989% (1 Month US LIBOR + 2.250%), 1/4/25
    
246,846
      
228,745
  
Radiate Holdco LLC, 3.989% (1 Month US LIBOR + 3.000%), 2/1/24
    
447,189
      
409,925
  
             
1,367,078
  
Media-Services: 1.6%
                
Clear Channel Outdoor Holdings, Inc., 4.489% (1 Month US LIBOR + 3.500%), 8/21/26
    
248,750
      
208,950
  
Terrier Media Buyer, Inc., 5.700% (3 Month US LIBOR + 4.250%), 12/17/26
    
199,500
      
176,059
  
Ziggo Financing Partnership, 3.205% (1 Month US LIBOR + 2.500%), 4/30/28
    
250,000
      
235,000
  
             
620,009
  
Metals & Mining: 1.6%
                
Big River Steel LLC, 6.450% (3 Month US LIBOR + 5.000%), 8/23/23
    
292,992
      
278,343
  
Zekelman Industries, Inc., 3.209% (1 Month US LIBOR + 2.250%), 1/24/27
    
380,000
      
345,800
  
             
624,143
  
Metals/Mining Excluding Steel: 1.2%
                
Aleris International, Inc., 5.739% (1 Month US LIBOR + 4.750%), 2/27/23
    
246,869
      
219,096
  
American Rock Salt Co. LLC, 4.500% (1 Month US LIBOR + 3.500%), 3/21/25
    
289,274
      
245,160
  
             
464,256
  
Mortgage Real Estate Investment Trusts (REITs): 0.3%
                
GGP Nimbus LLC, 3.489%, 8/24/25
                
(1 Month US LIBOR + 2.500%)
    
111,432
      
78,003
  
(1 Month US LIBOR + 2.500%)
    
37,060
      
25,942
  
             
103,945
  
Multi-Line Insurance: 1.4%
                
Asurion LLC, 3.989% (1 Month US LIBOR + 3.000%), 8/4/22
    
266,389
      
251,293
  
HUB International Ltd., 4.551%, 4/25/25
                
(2 Month US LIBOR + 2.750%)
    
329,689
      
306,281
  
(2 Month US LIBOR + 2.750%)
    
15,682
      
14,569
  
             
572,143
  
Non-Food & Drug Retailers: 2.7%
                
Calceus Acquisition, Inc., 6.875%, 2/12/25
                
(3 Month US LIBOR + 5.500%)
    
396,157
      
328,811
  
(2 Month US LIBOR + 5.500%)
    
2,556
      
2,121
  
Coty, Inc., 3.255% (1 Month US LIBOR + 2.250%), 4/5/25
    
298,734
      
236,223
  
PetSmart, Inc., 5.000% (3 Month US LIBOR + 4.000%), 3/11/22
    
296,530
      
283,595
  
Staples, Inc., 6.015% (1 Month US LIBOR + 4.500%), 9/12/24
    
323,460
      
219,952
  
             
1,070,702
  
Oil, Gas & Consumable Fuels: 0.3%
                
Centurion Pipeline Co. LLC, 4.239% (1 Month US LIBOR + 3.250%), 9/30/25
    
197,500
      
138,250
  
Packaging: 1.1%
                
Reynolds Consumer Products LLC, 4.549% (3 Month US LIBOR + 1.750%), 2/4/27
    
200,000
      
187,400
  
Reynolds Group Holdings, Inc., 3.739%, 2/5/23
                
(1 Month US LIBOR + 2.750%)
    
57,163
      
53,876
  
(1 Month US LIBOR + 2.750%)
    
34,899
      
32,892
  
(1 Month US LIBOR + 2.750%)
    
154,876
      
145,971
  
             
420,139
  
Pharmaceuticals: 1.2%
                
Aldevron LLC, 5.700% (3 Month US LIBOR + 4.250%), 10/11/26
    
300,000
      
279,000
  
Jaguar Holding Co. II, 3.500% (1 Month US LIBOR + 2.500%), 8/18/22
    
195,080
      
185,675
  
             
464,675
  

Pharmaceuticals & Devices: 2.9%
                
Agiliti Health, Inc., 4.625%, 1/4/26
                
(1 Month US LIBOR + 3.000%)
    
248,740
      
237,547
  
(3 Month US LIBOR + 3.000%)
    
630
      
602
  
Bausch Health Americas, Inc., 3.612% (US LIBOR + 3.000%), 6/1/25
    
406,254
      
384,418
  
Cambrex Corp., 6.000% (1 Month US LIBOR + 5.000%), 11/20/26
    
249,375
      
208,228
  
Endo International PLC, 5.250% (1 Month US LIBOR + 4.250%), 4/27/24
    
124,679
      
111,276
  
Greatbatch Ltd., 3.510% (1 Month US LIBOR + 2.500%), 10/27/22
    
231,557
      
216,506
  
             
1,158,577
  
Printing & Publishing: 1.1%
                
Meredith Corp., 3.489% (1 Month US LIBOR + 2.500%), 1/31/25
    
228,738
      
201,003
  
Nielsen Finance LLC, 3.005% (1 Month US LIBOR + 2.000%), 10/4/23
    
249,359
      
229,098
  
             
430,101
  
Real Estate Investment Trusts (REITs): 0.8%
                
CoreCivic, Inc., 6.110% (1 Month US LIBOR + 4.500%), 12/12/24
    
200,000
      
174,000
  
The GEO Group, Inc., 3.610% (1 Month US LIBOR + 2.000%), 3/23/24
    
199,486
      
162,473
  
             
336,473
  
Restaurants: 1.5%
                
Carrols Restaurant Group, Inc., 4.210% (1 Month US LIBOR + 3.250%), 4/30/26
    
297,874
      
211,491
  
IRB Holding Corp., 3.954%, 2/5/25
                
(6 Month US LIBOR + 2.750%)
    
246,349
      
189,228
  
(3 Month US LIBOR + 2.750%)
    
630
      
484
  
Whatabrands LLC, 3.766% (1 Month US LIBOR + 2.750%), 8/3/26
    
248,752
      
204,081
  
             
605,284
  
Semiconductors & Semiconductor Equipment: 0.5%
                
Xperi Corp., 3.489% (1 Month US LIBOR + 2.500%), 12/1/23
    
230,643
      
217,958
  
Software: 1.1%
                
Omnitracs LLC, 3.996% (3 Month US LIBOR + 2.750%), 3/23/25
    
343,039
      
296,729
  
SCS Holdings I, Inc., 4.489% (1 Month US LIBOR + 3.500%), 7/1/26
    
148,877
      
128,778
  
             
425,507
  
Software/Services: 6.4%
                
Avaya, Inc., 4.955% (1 Month US LIBOR + 4.250%), 12/15/24
    
324,878
      
275,334
  
Castle US Holding Corp., 4.739% (1 Month LIBOR + 3.750%), 1/31/27
    
200,000
      
158,626
  
Fiserv Investment Solutions, Inc., 6.442% (3 Month LIBOR + 4.750%), 2/18/27
    
200,000
      
168,000
  
Go Daddy Operating Co. LLC, 2.739%, 2/15/24
                
(1 Month US LIBOR + 1.750%)
    
92,580
      
88,124
  
(1 Month US LIBOR + 1.750%)
    
291,373
      
277,348
  
(1 Month US LIBOR + 1.750%)
    
89,694
      
85,376
  
Infor US, Inc., 3.750% (1 Month US LIBOR + 2.750%), 2/1/22
    
323,334
      
309,916
  
Match Group, Inc., 3.457% (3 Month US LIBOR + 1.750%), 2/13/27
    
200,000
      
179,334
  
Rackspace Hosting, Inc., 4.763% (3 Month US LIBOR + 3.000%), 11/3/23
    
466,722
      
403,715
  
SS&C Technologies Holdings Europe Sarl, 2.739% (1 Month US LIBOR + 1.750%), 4/16/25
    
100,469
      
93,687
  
SS&C Technologies, Inc., 2.739% (1 Month US LIBOR + 1.750%), 4/16/25
    
124,896
      
116,466
  
The Ultimate Software Group, Inc., 4.739% (1 Month US LIBOR + 3.750%), 5/3/26
    
149,250
      
138,553
  
Web.com Group, Inc., 4.945% (3 Month US LIBOR + 3.750%), 10/11/25
    
311,301
      
253,711
  
             
2,548,190
  
Specialty Retail: 0.5%
                
BJ's Wholesale Club, Inc., 3.764% (1 Month US LIBOR + 2.750%), 2/3/24
    
200,000
      
191,000
  
                 
Support-Services: 3.8%
                
Aramark Services, Inc., 2.739% (1 Month US LIBOR + 1.750%), 1/15/27
    
215,000
      
198,875
  
Buzz Merger Sub Ltd., 3.739% (1 Month US LIBOR + 2.750%), 1/29/27
    
250,000
      
227,500
  

CTOS LLC, 5.000% (1 Month US LIBOR + 4.250%), 4/18/25
    
420,000
      
355,950
  
PetVet Care Centers LLC, 3.739% (1 Month US LIBOR + 2.750%), 2/14/25
    
320,283
      
264,768
  
Prime Security Services Borrower LLC, 4.606% (1 Month US LIBOR + 3.250%), 9/23/26
    
314,290
      
280,661
  
ServiceMaster Co. LLC, 3.000% (1 Month US LIBOR + 1.750%), 11/5/26
    
174,563
      
165,311
  
             
1,493,065
  
Telecom-Integrated/Services: 4.0%
                
CenturyLink, Inc., 3.239% (1 Month US LIBOR + 2.250%), 3/15/27
    
248,750
      
230,872
  
Cincinnati Bell, Inc., 4.250% (1 Month US LIBOR + 3.250%), 10/2/24
    
445,745
      
423,944
  
Consolidated Communications, Inc., 4.000% (1 Month US LIBOR + 3.000%), 10/5/23
    
368,098
      
321,166
  
Sprint Communications, Inc., 3.500% (1 Month US LIBOR + 2.500%), 2/3/24
    
318,044
      
315,658
  
Telesat Canada LLC, 3.740% (3 Month US LIBOR + 2.750%), 12/7/26
    
299,250
      
284,287
  
             
1,575,927
  
Telecommunications Equipment: 1.4%
                
CommScope, Inc., 4.239% (1 Month US LIBOR + 3.250%), 4/4/26
    
298,500
      
280,590
  
Dawn Acquisition LLC, 5.200% (3 Month US LIBOR + 3.750%), 12/31/25
    
172,813
      
129,048
  
Plantronics, Inc., 3.459%, 7/2/25
                
(1 Month US LIBOR + 2.500%)
    
186,920
      
144,583
  
(1 Month US LIBOR + 2.500%)
    
13,080
      
10,117
  
             
564,338
  
Wireless Telecommunication Services: 1.1%
                
Iridium Satellite LLC, 4.750% (1 Month US LIBOR + 3.750%), 11/4/26
    
475,000
      
446,500
  
Total Bank Loans (cost $36,594,277)
            
32,497,872
  
                 
Corporate Bonds: 12.2%
                
Aerospace: 0.5%
                
Spirit AeroSystems, Inc., 4.600%, 6/15/28
    
250,000
      
214,972
  
Auto Parts & Equipment: 0.5%
                
Meritor, Inc., 6.250%, 2/15/24
    
200,000
      
190,022
  
Brokerage: 0.3%
                
Oppenheimer Holdings, Inc., 6.750%, 7/1/22
    
138,000
      
129,720
  
Computer Hardware: 0.6%
                
Dell International LLC, 5.875%, 6/15/21(c)
    
115,000
      
114,569
  
NCR Corp., 6.375%, 12/15/23
    
110,000
      
108,624
  
             
223,193
  
Food & Drug Retailers: 0.5%
                
Ingles Markets, Inc., 5.750%, 6/15/23
    
183,000
      
182,085
  
Food-Wholesale: 1.4%
                
KeHE Distributors LLC, 8.625%, 10/15/26 (c)
    
135,000
      
135,675
  
Simmons Foods, Inc., 7.750%, 1/15/24 (c)
    
190,000
      
190,000
  
TreeHouse Foods, Inc., 6.000%, 2/15/24 (c)
    
250,000
      
248,122
  
             
573,797
  
Gaming: 0.6%
                
Scientific Games International, Inc., 5.000%, 10/15/25 (c)
    
275,000
      
239,250
  
Health Services: 0.3%
                
Acadia Healthcare Co., Inc., 5.625%, 2/15/23
    
115,000
      
108,375
  
Investments & Miscellaneous Financial Services: 0.2%
                
Icahn Enterprises LP, 6.250%, 2/1/22
    
100,000
      
100,250
  
Media-Broadcast: 1.4%
                
Diamond Sports Group LLC, 5.375%, 8/15/26 (c)
    
400,000
      
325,008
  
Univision Communications, Inc., 5.125%, 2/15/25 (c)
    
260,000
      
221,650
  
             
546,658
  

Media-Cable: 1.1%
                
DISH DBS Corp., 5.875%, 7/15/22
    
230,000
      
223,979
  
Videotron Ltd., 5.000%, 7/15/22
    
200,000
      
198,508
  
             
422,487
  
Media-Diversified: 0.3%
                
Netflix, Inc., 5.500%, 2/15/22
    
110,000
      
111,925
  
Media-Services: 0.4%
                
Nielsen Finance LLC, 5.000%, 4/15/22 (c)
    
150,000
      
138,273
  
Multi-Line Insurance: 0.6%
                
Genworth Holdings, Inc., 7.625%, 9/24/21
    
250,000
      
237,552
  
Packaging: 0.4%
                
Reynolds Group Issuer, Inc., 4.719% (3 Month US LIBOR + 3.500%), 7/15/21 (c)
    
150,000
      
146,250
  
Pharmaceuticals & Devices: 0.5%
                
Teva Pharmaceutical Finance IV BV, 3.650%, 11/10/21
    
225,000
      
216,412
  
Real Estate Development & Management: 0.4%
                
Realogy Group LLC, 5.250%, 12/1/21 (c)
    
170,000
      
158,100
  
Support-Services: 0.7%
                
CoreCivic, Inc., 5.000%, 10/15/22
    
160,000
      
152,994
  
Iron Mountain, Inc., 6.000%, 8/15/23
    
140,000
      
140,700
  
             
293,694
  
Telecom-Integrated/Services: 0.9%
                
Level 3 Financing, Inc., 5.125%, 5/1/23
    
215,000
      
211,235
  
Qwest Corp., 6.750%, 12/1/21
    
125,000
      
127,500
  
             
338,735
  
Telecom-Wireless: 0.6%
                
SBA Communications Corp., 4.875%, 9/1/24
    
105,000
      
106,444
  
Sprint Corp., 7.875%, 9/15/23
    
135,000
      
148,821
  
             
255,265
  
Total Corporate Bonds (cost $5,077,976)
            
4,827,015
  
                 
                 
Total Investments - 94.3% (cost $41,672,253)
            
37,324,887
  
Other Assets and Liabilities 5.7%
            
2,261,727
  
Net Assets: 100.0%
          
$
39,586,614
  
           
   

Percentages are stated as a percent of net assets.
(a)
Bank Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
  
(c)
Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two ot four years.
  
(c)
Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."  As of March 31, 2020, the value of these investments was $1,916,897, or 4.8% of total net assets.
  
     

Country Exposure (as a percentage of total investments) (Unaudited)
  
United States
98.9%
  
Curacao
0.6%
  
Canada
0.5%
  
 
  
The Accompanying Footnotes are an Integral Part of these Schedule of Investments.
  

 
1. Significant Accounting Policies (Unaudited)
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of their financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
 
A. Investment Valuation
The Fund uses the following valuation methods to determine fair value as either fair value for investments for which market quotations are available, or if not available, the fair value, as determined in good faith pursuant to such policies and procedures as may be approved by the Trust’s Board from time to time. The valuation of the portfolio investments of the Funds currently includes the following processes:
 
Portfolio securities listed on a national or foreign securities exchange, except those listed on the NASDAQ® Stock Market and Small CapSM exchanges (“NASDAQ®”), for which market quotations are available, are valued at the official closing price of such exchange on each business day (defined as days on which the Funds are open for business (“Business Day”)). Portfolio securities traded on the NASDAQ® will be valued at the NASDAQ® Official Closing Price on each Business Day. If there is no such reported sale on an exchange or NASDAQ®, the portfolio security will be valued at the most recent quoted bid price. Price information on listed securities is taken from the exchange where the security is primarily traded.
 
Other assets and securities for which no quotations are readily available (such as for certain restricted or unlisted securities and private placements) or that may not be reliably priced (such as in the case of trade suspensions or halts, price movement limits set by certain foreign markets, and thinly traded or illiquid securities) will be valued in good faith at fair value using procedures and methods approved by the Board. Under the procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations to a Valuation Committee comprised of representatives from the Advisor.
 
The Fund’s portfolio holdings may also consist of shares of other investment companies in which the Fund invests. The value of each such investment company will be its net asset value (“NAV”) at the time the Fund’s shares are priced. Each investment company calculates its NAV based on the current market value for its portfolio holdings. Each investment company values securities and other instruments in a manner as described in that investment company’s prospectus. The investment company’s prospectus explains the circumstances under which the company will use fair value pricing and the effects of using fair value pricing.
 
Because the Fund may invest in foreign securities, the Fund’s NAV may change on days when a shareholder will not be able to purchase or redeem Fund shares because foreign markets are open at times and on days when U.S. markets are not. Investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined. Foreign currency exchange rates are generally determined as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time). If an event that could materially affect the value of the Fund’s foreign securities has occurred between the time the securities were last traded and the time that the Fund calculates its NAV, the closing price of the Fund’s securities may no longer reflect their market value at the time the Fund calculates its NAV. In such a case, the Fund may use fair value methods to value such securities.
 
Fixed income securities shall be valued at the evaluated bid price supplied by the Fund’s pricing agent based on broker-dealer supplied valuations and other criteria, or directly by independent brokers when the pricing agent does not provide a price or the Valuation Committee does not believe that the pricing agent price reflects the current market value. If a price of a position is sought using independent brokers, the Advisor shall seek to obtain an evaluation bid price from at least two independent brokers who are knowledgeable about the position. The price of the position would be deemed to be an average of such bid prices. In the absence of sufficient broker dealer quotes, securities shall be valued at fair value pursuant to procedures adopted by the Board.
 
Bank loans are not listed on any securities exchange or board of trade. They are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. This market generally has fewer trades and less liquidity than the secondary market for other types of securities. Some bank loans have few or no trades, or trade infrequently, and information regarding a specific bank loan may not be widely available or may be incomplete. Except as otherwise specified, Bank loan securities shall be valued at the evaluated bid prices supplied by the Fund’s pricing agent based on broker-dealer supplied valuations and other criteria, or directly by independent brokers when the pricing agent does not provide a price or the Valuation Committee does not believe that the pricing agent price reflects the current market value. If a price of a position is sought using independent brokers, the Advisor shall seek to obtain a bid price from at least two independent brokers who are knowledgeable about the position. The price of the position would be deemed to be an average of such bid prices. In the absence of sufficient broker dealer quotes, securities shall be valued at fair value pursuant to procedures adopted by the Board.
 
Occasionally, reliable market quotations are not readily available (such as for certain restricted or unlisted securities and private placements) or securities and other assets may not be reliably priced (such as in the case of trade suspensions or halts, price movement limits set by certain foreign markets, and thinly traded or illiquid securities), or there may be events affecting the value of foreign securities or other securities held by the Funds that occur when regular trading on foreign or other exchanges is closed, but before trading on the NYSE is closed. Fair value determinations are then made in good faith in accordance with procedures adopted by the Board. Under the procedures adopted by the Board, the Board has delegated the responsibility for making fair value determinations to a Valuation Committee, subject to the Board’s oversight. Generally, the fair value of a portfolio security or other asset shall be the amount that the owner of the security or asset might reasonably expect to receive upon its current sale. A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available under the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
Level 1 – unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access
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 a Fund’s own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following table summarizes the inputs used as of March 31, 2020, in valuing the Fund’s investments:

                         
Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Penn Capital Defensive Floating Rate Income Fund
                    
Investments in Securities(a)
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Bank Loans
  
$
-
    
$
32,497,872
    
$
-
    
$
32,497,872
  
                                 
Corporate Bonds
    
-
      
4,827,015
      
-
      
4,827,015
  
                                 
Total Investments in Securities
  
$
-
    
$
37,324,887
    
$
-
    
$
37,324,887
  
                                 
(a) All other industry classifications are identified in the Schedule of Investments for the Fund.