| Cromwell CenterSquare Real Estate Fund | ||||||||
| Schedule of Investments | ||||||||
| March 31, 2022 (Unaudited) | ||||||||
| Shares | Value | |||||||
| REITs - 99.27% | ||||||||
| Apartments - 16.51% | ||||||||
| American Campus Communities, Inc. | 39,553 | $ | 2,213,781 | |||||
| American Homes 4 Rent | 96,272 | 3,853,768 | ||||||
| AvalonBay Communities, Inc. | 28,870 | 7,170,442 | ||||||
| Equity Residential | 75,220 | 6,763,782 | ||||||
| Invitation Homes, Inc. | 161,470 | 6,487,865 | ||||||
| Mid-America Apartment Communities, Inc. | 23,370 | 4,894,847 | ||||||
| UDR, Inc. | 93,010 | 5,335,984 | ||||||
| 36,720,469 | ||||||||
| Diversified - 30.40% | ||||||||
| American Tower Corp. | 70,890 | 17,808,986 | ||||||
| Crown Castle International Corp. | 58,600 | 10,817,560 | ||||||
| Digital Realty Trust, Inc. | 29,930 | 4,244,074 | ||||||
| Duke Realty Corp. | 97,010 | 5,632,401 | ||||||
| Equinix, Inc. | 16,310 | 12,095,822 | ||||||
| Lamar Advertising Co. | 7,190 | 835,334 | ||||||
| Outfront Media, Inc. | 57,510 | 1,635,009 | ||||||
| SBA Communications Corp., Class A | 19,840 | 6,826,944 | ||||||
| VICI Properties, Inc. | 90,330 | 2,570,792 | ||||||
| WeWork, Inc., Class A (a) | 51,410 | 350,616 | ||||||
| Weyerhaeuser Co. | 126,400 | 4,790,560 | ||||||
| 67,608,098 | ||||||||
| Health Care - 7.95% | ||||||||
| Diversified Healthcare Trust | 48,921 | 156,547 | ||||||
| Medical Properties Trust, Inc. | 115,660 | 2,445,052 | ||||||
| Omega Healthcare Investors, Inc. | 40,920 | 1,275,067 | ||||||
| Sabra Health Care, Inc. | 110,610 | 1,646,983 | ||||||
| Ventas, Inc. | 117,110 | 7,232,714 | ||||||
| Welltower, Inc. | 51,180 | 4,920,445 | ||||||
| 17,676,808 | ||||||||
| Hotels - 4.46% | ||||||||
| Apple Hospitality REIT, Inc. | 74,230 | 1,333,913 | ||||||
| Host Hotels & Resorts, Inc. (a) | 88,830 | 1,725,967 | ||||||
| MGM Growth Properties LLC, Class A | 77,540 | 3,000,798 | ||||||
| Park Hotels & Resorts, Inc. (a) | 60,120 | 1,174,144 | ||||||
| Sunstone Hotel Investors, Inc. (a) | 41,990 | 494,642 | ||||||
| Xenia Hotels & Resorts, Inc. (a) | 113,250 | 2,184,592 | ||||||
| 9,914,056 | ||||||||
| Manufactured Homes - 2.85% | ||||||||
| Sun Communities, Inc. | 36,200 | 6,345,498 | ||||||
| Office Property - 8.06% | ||||||||
| Alexandria Real Estate Equities, Inc. | 25,640 | 5,160,050 | ||||||
| Cousins Properties, Inc. | 59,400 | 2,393,226 | ||||||
| Empire State Realty Trust, Inc., Class A | 41,740 | 409,887 | ||||||
| Hudson Pacific Properties, Inc. | 56,160 | 1,558,440 | ||||||
| JBG SMITH Properties | 62,880 | 1,837,353 | ||||||
| Kilroy Realty Corp. | 59,940 | 4,580,615 | ||||||
| Veris Residential, Inc. (a) | 114,330 | 1,988,199 | ||||||
| 17,927,770 | ||||||||
| Regional Malls - 2.22% | ||||||||
| Simon Property Group, Inc. | 37,530 | 4,937,447 | ||||||
| Shopping Centers - 4.53% | ||||||||
| Acadia Realty Trust | 104,539 | 2,265,360 | ||||||
| Brixmor Property Group, Inc. | 173,270 | 4,472,099 | ||||||
| Phillips Edison & Co, Inc. | 52,293 | 1,798,356 | ||||||
| RPT Realty | 111,105 | 1,529,916 | ||||||
| 10,065,731 | ||||||||
| Single Tenant - 3.64% | ||||||||
| Agree Realty Corp. | 83,560 | 5,545,042 | ||||||
| Four Corners Property Trust, Inc. | 53,930 | 1,458,267 | ||||||
| NETSTREIT Corp. | 48,630 | 1,091,257 | ||||||
| 8,094,566 | ||||||||
| Storage - 7.78% | ||||||||
| Extra Space Storage, Inc. | 13,490 | 2,773,544 | ||||||
| Life Storage, Inc. | 48,620 | 6,827,706 | ||||||
| Public Storage | 19,720 | 7,696,322 | ||||||
| 17,297,572 | ||||||||
| Warehouse/Industrials - 10.87% | ||||||||
| Americold Realty Trust | 82,968 | 2,313,148 | ||||||
| Prologis, Inc. | 109,130 | 17,622,312 | ||||||
| Rexford Industrial Realty, Inc. | 57,010 | 4,252,376 | ||||||
| 24,187,836 | ||||||||
| TOTAL REITs (Cost $179,578,702) | 220,775,851 | |||||||
| SHORT-TERM INVESTMENT - 0.62% | ||||||||
| U.S. Bank Money Market Deposit Account, 0.10% (b) | 1,380,998 | 1,380,998 | ||||||
| TOTAL SHORT-TERM INVESTMENT (Cost $1,380,998) | 1,380,998 | |||||||
| Total Investments (Cost $180,959,700) - 99.89% | $ | 222,156,849 | ||||||
| Other Assets in Excess of Liabilities - 0.11% | 250,770 | |||||||
| TOTAL NET ASSETS - 100.00% | $ | 222,407,619 | ||||||
| REITs | Real Estate Investment Trusts | |||
| (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 March 31, 2022. | |||
| Summary of Fair Value Exposure at March 31, 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 March 31, 2022: | ||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
REITs(1) | $ | 220,775,851 | $ | - | $ | - | $ | 220,775,851 | ||||||||
| Short-Term Investment | 1,380,998 | - | - | 1,380,998 | ||||||||||||
| Total Assets | $ | 222,156,849 | $ | - | $ | - | $ | 222,156,849 | ||||||||
(1) See the Schedule of Investments for industry classifications. | ||||||||||||||||
