Lisanti
Small
Cap
Growth
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
September
30,
2022
1
Shares
Security
Description
Value
Common
Stock
-
94.5%
Consumer
Discretionary
-
11.5%
16,425
Academy
Sports
&
Outdoors,
Inc.
$
692,806
13,515
Boot
Barn
Holdings,
Inc.
(a)
790,087
8,315
Crocs,
Inc.
(a)
570,908
2,150
Deckers
Outdoor
Corp.
(a)
672,112
27,005
Funko,
Inc.,
Class
A
(a)
546,041
18,545
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
956,922
5,885
Planet
Fitness,
Inc.,
Class A
(a)
339,329
7,970
Texas
Roadhouse,
Inc.
695,462
11,350
Wingstop,
Inc.
1,423,517
14,060
Xometry,
Inc.,
Class A
(a)
798,467
18,595
Xponential
Fitness,
Inc.,
Class
A
(a)
339,545
7,825,196
Consumer
Staples
-
8.9%
10,715
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
780,159
11,425
Cal-Maine
Foods,
Inc.
635,116
8,975
Celsius
Holdings,
Inc.
(a)
813,853
19,505
elf
Beauty,
Inc.
(a)
733,778
14,840
Freshpet,
Inc.
(a)
743,336
14,050
Grocery
Outlet
Holding
Corp.
(a)
467,724
4,575
MGP
Ingredients,
Inc.
485,682
49,425
Sovos
Brands,
Inc.
(a)
703,812
27,685
The
Beauty
Health
Co.
(a)
326,406
11,465
The
Chefs'
Warehouse,
Inc.
(a)
332,141
6,022,007
Energy
-
1.2%
5,865
Matador
Resources
Co.
286,916
9,730
SilverBow
Resources,
Inc.
(a)
261,543
25,935
US
Silica
Holdings,
Inc.
(a)
283,988
832,447
Financials
-
3.0%
5,545
Kinsale
Capital
Group,
Inc.
1,416,304
7,210
Palomar
Holdings,
Inc.
(a)
603,621
2,019,925
Health-Care
-
16.7%
17,635
Apellis
Pharmaceuticals,
Inc.
(a)
1,204,471
14,430
Axonics,
Inc.
(a)
1,016,449
39,770
BioCryst
Pharmaceuticals,
Inc.
(a)
501,102
20,935
Cara
Therapeutics,
Inc.
(a)
195,952
16,945
Cytokinetics,
Inc.
(a)
820,985
19,770
Evolent
Health,
Inc.,
Class A
(a)
710,336
21,110
Harmony
Biosciences
Holdings,
Inc.
(a)
934,962
4,060
Inari
Medical,
Inc.
(a)
294,918
6,190
Intra-Cellular
Therapies,
Inc.
(a)
288,021
30,445
Iovance
Biotherapeutics,
Inc.
(a)
291,663
3,745
iRhythm
Technologies,
Inc.
(a)
469,174
Shares
Security
Description
Value
Health-Care
-
16.7%
(continued)
1,580
Karuna
Therapeutics,
Inc.
(a)
$
355,389
13,485
Lantheus
Holdings,
Inc.
(a)
948,400
21,715
Option
Care
Health,
Inc.
(a)
683,371
1,675
Repligen
Corp.
(a)
313,409
6,620
STAAR
Surgical
Co.
(a)
467,041
29,975
Supernus
Pharmaceuticals,
Inc.
(a)
1,014,654
13,595
TransMedics
Group,
Inc.
(a)
567,455
9,055
Vericel
Corp.
(a)
210,076
11,287,828
Health-Care
Equipment
&
Services
-
9.2%
18,890
Acadia
Healthcare
Co.,
Inc.
(a)
1,476,820
5,070
Addus
HomeCare
Corp.
(a)
482,867
5,885
AMN
Healthcare
Services,
Inc.
(a)
623,575
2,840
Inspire
Medical
Systems,
Inc.
(a)
503,731
15,720
OrthoPediatrics
Corp.
(a)
725,321
2,605
Penumbra,
Inc.
(a)
493,908
18,420
Privia
Health
Group,
Inc.
(a)
627,385
4,630
Shockwave
Medical,
Inc.
(a)
1,287,464
6,221,071
Industrials
-
18.5%
9,090
Advanced
Drainage
Systems,
Inc.
1,130,523
9,265
AeroVironment,
Inc.
(a)
772,330
12,295
Ameresco,
Inc.
(a)
817,372
2,695
Applied
Industrial
Technologies,
Inc.
276,992
42,725
Array
Technologies,
Inc.
(a)
708,380
9,090
Casella
Waste
Systems,
Inc.
(a)
694,385
7,785
Chart
Industries,
Inc.
(a)
1,435,165
9,535
Clean
Harbors,
Inc.
(a)
1,048,659
10,690
Dycom
Industries,
Inc.
(a)
1,021,216
23,030
Huron
Consulting
Group,
Inc.
(a)
1,525,738
19,785
Montrose
Environmental
Group,
Inc.
(a)
665,765
3,790
RBC
Bearings,
Inc.
(a)
787,600
21,325
Sunrun,
Inc.
(a)
588,357
26,125
WillScot
Mobile
Mini
Holdings
Corp.
(a)
1,053,621
12,526,103
Information
Technology
-
18.3%
22,765
Alteryx,
Inc.,
Class A
(a)
1,271,197
23,605
Asana,
Inc.,
Class A
(a)
524,739
5,335
Axcelis
Technologies,
Inc.
(a)
323,088
30,540
Box,
Inc.
(a)
744,871
23,405
Calix,
Inc.
(a)
1,430,982
2,755
Clearfield,
Inc.
(a)
288,283
7,695
CyberArk
Software,
Ltd.
(a)
1,153,788
36,415
Digi
International,
Inc.
(a)
1,258,866
13,965
DigitalOcean
Holdings,
Inc.
(a)
505,114
3,700
ExlService
Holdings,
Inc.
(a)
545,232
Lisanti
Small
Cap
Growth
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
September
30,
2022
2
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
September
30,
2022.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
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
Level
1
value
displayed
in
this
table
is
Common
Stock.
The
Level
2
value
displayed
in
this
table
is
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND.
Shares
Security
Description
Value
Information
Technology
-
18.3%
(continued)
18,555
Flywire
Corp.
(a)
$
426,023
22,510
Gitlab,
Inc.,
Class
A
(a)
1,152,962
19,775
Model
N,
Inc.
(a)
676,898
16,555
Paycor
HCM,
Inc.
(a)
489,366
17,482
Sprout
Social,
Inc.,
Class A
(a)
1,060,808
4,155
SPS
Commerce,
Inc.
(a)
516,176
12,368,393
Materials
-
1.4%
30,670
Livent
Corp.
(a)
940,036
Technology
-
5.4%
54,290
Extreme
Networks,
Inc.
(a)
709,570
5,655
Impinj,
Inc.
(a)
452,570
45,665
Instructure
Holdings,
Inc.
(a)
1,017,416
14,435
Lattice
Semiconductor
Corp.
(a)
710,346
5,890
Manhattan
Associates,
Inc.
(a)
783,547
3,673,449
Utilities
-
0.4%
13,375
Sunnova
Energy
International,
Inc.
(a)
295,320
Total
Common
Stock
(Cost
$63,678,376)
64,011,775
Shares
Security
Description
Value
Money
Market
Fund
-
5.3%
3,610,801
First
American
Treasury
Obligations
Fund,
Class X,
2.87%
(b)
(Cost
$3,610,801)
3,610,801
Investments,
at
value
-
99.8%
(Cost
$67,289,177)
$
67,622,576
Other
Assets
&
Liabilities,
Net
-
0.2%
131,584
Net
Assets
-
100.0%
$
67,754,160
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2022.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
64,011,775
Level
2
-
Other
Significant
Observable
Inputs
3,610,801
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
67,622,576