Preserver
Alternative
Opportunities
Fund
Schedule
of
Investments
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
48.06%
Shares
Fair
Value
United
States
—
48.06%
Communications
—
3.90%
Activision
Blizzard,
Inc.
4,000
$
295,800
Liberty
Media
Corp.
-
Liberty
Formula
One
Group,
Series
A
(a)
3,091
169,912
Walt
Disney
Co.
(The)
(a)
2,000
195,740
661,452
Consumer
Discretionary
—
12.35%
AutoZone,
Inc.
(a)
100
257,900
Chipotle
Mexican
Grill,
Inc.
(a)
200
325,392
Ferrari
N.V.
800
178,440
Fortune
Brands
Home
&
Security,
Inc.
3,500
228,690
Home
Depot,
Inc.
(The)
500
161,995
Lithia
Motors,
Inc.,
Class
A
1,000
239,310
LKQ
Corp.
4,000
217,320
Marriott
International,
Inc.,
Class
A
1,800
297,630
Ulta
Beauty,
Inc.
(a)
400
185,936
2,092,613
Consumer
Staples
—
4.51%
Coca-Cola
Co.
(The)
(b)
4,000
254,440
Costco
Wholesale
Corp.
600
323,550
PepsiCo,
Inc.
1,000
185,510
763,500
Energy
—
5.28%
Exxon
Mobil
Corp.
(b)
3,000
334,021
Marathon
Petroleum
Corporation
2,300
280,163
Occidental
Petroleum
Corp.
4,000
277,960
892,144
Health
Care
—
3.01%
Merck
&
Co.,
Inc.
1,500
165,180
PerkinElmer,
Inc.
1,280
178,854
UnitedHealth
Group,
Inc.
300
164,328
508,362
Industrials
—
4.81%
Crane
Holding
Co.
2,000
211,880
Deere
&
Co.
550
242,550
Waste
Management,
Inc.
1,000
167,720
WESCO
International,
Inc.
(a)
1,500
193,380
815,530
Real
Estate
—
4.20%
Lamar
Advertising
Co.,
Class
A
2,600
260,364
Life
Storage,
Inc.
2,000
214,980
Prologis,
Inc.
2,000
235,580
710,924
Technology
—
8.47%
Apple,
Inc.
2,000
296,060
Fiserv,
Inc.
(a)
2,000
208,720
MasterCard,
Inc.,
Class
A
800
285,120
Preserver
Alternative
Opportunities
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COMMON
STOCKS
—
48.06%
-
continued
Shares
Fair
Value
Technology
—
8.47%
-
continued
Microsoft
Corp.
1,000
$
255,140
PayPal
Holdings,
Inc.
(a)
1,000
78,410
Qualcomm,
Inc.
1,000
126,490
Verisk
Analytics,
Inc.
(b)
1,000
183,710
1,433,650
Utilities
—
1.53%
Ferrellgas
Partners
LP,
Class
B
364
61,152
WEC
Energy
Group,
Inc.
(b)
2,000
198,280
259,432
Total
United
States
8,137,607
Total
Common
Stocks
(Cost $7,741,812)
8,137,607
PREFERRED
STOCKS
—
8.10%
United
States
—
8.10%
Financials
—
6.63%
B.
Riley
Financial,
Inc.,
5.25%
14,000
285,740
Capital
One
Financial
Corp.,
Series
J,
4.80%
19,000
348,080
Citigroup,
Inc.,
Series
J,
7.13%
5,000
126,700
PennyMac
Mortgage
Investment
Trust,
Series
C,
6.75%
12,000
213,960
Pinnacle
Financial
Partners,
Inc.,
Series
B,
6.75%
6,000
147,720
1,122,200
Real
Estate
—
1.47%
Hersha
Hospitality
Trust,
Series
C,
6.88%
12,000
249,600
Total
Preferred
Stocks
(Cost $1,640,318)
1,371,800
CLOSED-END
FUNDS
—
4.66%
Cohen
&
Steers
Tax-Advantaged
Preferred
Securities
and
Income
Fund
14,000
260,680
Doubleline
Income
Solutions
Fund
13,000
154,700
Western
Asset
Emerging
Markets
Debt
Fund,
Inc.
15,000
138,600
Blackrock
Capital
Allocation
Trust
16,000
234,720
Total
Closed-End
Funds
(Cost $974,696)
788,700
EXCHANGE-TRADED
FUNDS
—
3.30%
iShares
20+
Year
Treasury
Bond
ETF
2,000
205,460
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
1,500
161,640
iShares
Preferred
and
Income
Securities
ETF
6,000
191,100
Total
Exchange-Traded
Funds
(Cost $590,684)
558,200
CORPORATE
BONDS
—
14.84%
Principal
Amount
Fair
Value
Netherlands
—
1.75%
Health
Care
—
1.75%
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
6.75%,
3/1/2028
$
300,000
295,650
Preserver
Alternative
Opportunities
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
CORPORATE
BONDS
—
14.84%
-
continued
Principal
Amount
Fair
Value
United
States
—
13.09%
Communications
—
1.16%
CenturyLink,
Inc.,
Series
D,
7.20%,
12/1/2025
$
200,000
$
197,041
Consumer
Discretionary
—
1.80%
International
Game
Technology
PLC,
5.35%,
10/15/2023
120,000
120,758
L
Brands,
Inc.,
5.25%,
2/1/2028
200,000
184,476
305,234
Financials
—
9.03%
Bank
of
America
Corp.,
MTN,
4.15%,
9/1/2026
(c)
125,000
122,052
Bank
of
America
Corp.,
Series
FF,
5.88%,
Perpetual
250,000
223,438
Citigroup
Global
Markets
Holdings,
Inc.,
Series
N,
MTN,
7.00%,
12/3/2026
(c)(d)
500,000
432,522
Citigroup,
Inc.,
Series
M,
6.30%,
Perpetual
(3MO
LIBOR
+
342.30bps)
(c)
220,000
206,525
JPMorgan
Chase
&
Co.,
3.30%,
4/1/2026
120,000
114,488
PNC
Bank
NA,
4.05%,
7/26/2028
250,000
235,108
Stifel
Financial
Corp.,
4.25%,
7/18/2024
200,000
196,293
1,530,426
Industrials
—
0.58%
Timken
Co.
(The),
3.88%,
9/1/2024
100,000
97,566
Real
Estate
—
0.52%
Senior
Housing
Properties
Trust,
4.75%,
5/1/2024
100,000
87,562
Total
United
States
2,217,829
Total
Corporate
Bonds
(Cost $2,651,561)
2,513,479
LOAN
PARTICIPATION
NOTES
—
8.86%
Drip
Capital
SPV
Vasco
LLC,
Series
2022-J,
8.00%,
06/1/2023
(e)
1,500,000
1,500,000
Total
Loan
Participation
Notes
(Cost $1,500,000)
1,500,000
U.S.
TREASURY
OBLIGATIONS
—
5.33%
United
States
Treasury
Bond,
1.88
%
,
2/15/2041
350,000
251,692
United
States
Treasury
Inflation
Indexed
Bonds,
0.38
%
,
7/15/2025
(f)
200,000
241,325
United
States
Treasury
Inflation
Indexed
Bonds,
2.00
%
,
1/15/2026
(f)
167,000
251,319
United
States
Treasury
Note,
2.50
%
,
3/31/2023
160,000
158,927
Total
U.S.
Treasury
Obligations
(Cost $963,791)
903,263
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
1.55%
Countrywide
Alternative
Loan
Trust,
Series
2003-J2,
Class
A1,
6.00
%
,
10/25/2033
32,014
29,537
Preserver
Alternative
Opportunities
Fund
Schedule
of
Investments
(continued)
November
30,
2022
-
(Unaudited)
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
1.55%
-
continued
Countrywide
Home
Loans
Mortgage
Pass
Through
Trust,
Series
2004-HYB9,
Class
1A1,
2.64
%
,
2/20/2035
(c)
$
4,718
$
4,673
GSR
Mortgage
Loan
Trust,
Series
2005-5F,
Class
8A3,
4.09
%
,
6/25/2035
(1MO
LIBOR
+
50bps)
(c)
7,597
7,067
HarborView
Mortgage
Loan
Trust,
Series
2004-07,
Class
2A1,
3.50
%
,
11/19/2034
(c)
51,866
48,778
Impac
CMB
Trust,
Series
2005-08,
Class
2B,
4.56
%
,
2/25/2036
(1MO
LIBOR
+
225bps)
(c)
62,138
54,626
Residential
Asset
Mortgage
Products,
Inc.,
Series
2001-RS2,
Class
MII2,
5.01
%
,
6/25/2031
(1MO
LIBOR
+
142.5bps)
(c)
119,174
118,645
Total
Collateralized
Mortgage
Obligations
(Cost $263,199)
263,326
Total
Investments
—
94.70%
(Cost
$16,326,061)
16,036,375
Other
Assets
in
Excess
of
Liabilities — 5.30%
898,173
NET
ASSETS
—
100.00%
$
16,934,548
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
held
as
collateral
for
unsettled
security
transactions
or
options.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
November
30,
2022.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(d)
Contingent
coupon
equity
linked
note
in
which
the
interest
will
only
be
paid
if
certain
market
indexes
trade
above
a
specific
level.
(e)
Illiquid
security.
The
security
is
being
fair
valued
in
accordance
with
the
Trust's
fair
valuation
policies.
The
total
fair
value
of
these
securities
as
of
November
30,
2022
was
$1,500,000,
representing
8.86%
of
net
assets.
(f)
Principal
amount
of
security
is
adjusted
periodically
based
on
changes
in
the
Consumer
Price
Index.
ETF
-
Exchange-Traded
Fund
MTN
-
Medium
Term
Note