Absolute
Capital
Opportunities
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Common
Stocks
—
87.22%
Shares
Fair
Value
Communications
—
11.29%
Alphabet,
Inc.,
Class
A
(a)
10,893
$
1,919,674
Meta
Platforms,
Inc.,
Class
A
(a)
3,604
2,660,076
Universal
Music
Group
NV
-
ADR
105,825
1,712,248
6,291,998
Consumer
Discretionary
—
11.04%
Amazon.com,
Inc.
(a)(b)
14,495
3,180,058
CarMax,
Inc.
(a)(b)
18,403
1,236,866
Carvana
Co.
(b)
1,000
336,960
Fisker,
Inc.
(b)
7,480
5
Floor
&
Decor
Holdings,
Inc.,
Class
A
(b)
5,675
431,073
Lowe’s
Companies,
Inc.
4,351
965,356
6,150,318
Consumer
Staples
—
6.80%
Dollar
Tree,
Inc.
(b)
10,414
1,031,403
Philip
Morris
International,
Inc.
15,139
2,757,266
3,788,669
Energy
—
4.40%
Berkshire
Hathaway,
Inc.,
Class
B
(a)(b)
3,921
1,904,704
Occidental
Petroleum
Corp.
12,995
545,920
2,450,624
Financials
—
14.99%
American
Express
Co.
(a)
2,935
936,206
Aon
PLC,
Class
A
3,412
1,217,265
Charles
Schwab
Corp.
(The)
27,366
2,496,874
Intercontinental
Exchange,
Inc.
11,038
2,025,142
Visa,
Inc.,
Class
A
4,733
1,680,452
8,355,939
Health
Care
—
5.12%
Becton,
Dickinson
and
Co.
9,576
1,649,466
Thermo
Fisher
Scientific,
Inc.
2,965
1,202,189
2,851,655
Industrials
—
10.60%
Ashtead
Group
PLC
-
ADR
4,567
1,182,670
Hayward
Holdings,
Inc.
(b)
32,830
453,054
Jacobs
Solutions,
Inc.
12,142
1,596,066
Keysight
Technologies,
Inc.
(b)
8,807
1,443,115
PACCAR,
Inc.
12,974
1,233,309
5,908,214
Materials
—
0.83%
PPG
Industries,
Inc.
4,081
464,214
Technology
—
22.15%
Adobe,
Inc.
(b)
2,595
1,003,954
Advanced
Micro
Devices,
Inc.
(b)
6,570
932,283
Amentum
Holdings,
Inc.
(b)
35,296
833,331
Absolute
Capital
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Common
Stocks
—
87.22%
-
continued
Shares
Fair
Value
Technology
—
22.15%
-
continued
Analog
Devices,
Inc.
3,480
$
828,310
Apple,
Inc.
(a)
8,252
1,693,063
Applied
Materials,
Inc.
6,120
1,120,388
Arista
Networks,
Inc.
(b)
9,444
966,215
Fiserv,
Inc.
(b)
8,140
1,403,417
Microsoft
Corp.
3,105
1,544,458
Oracle
Corp.
5,405
1,181,695
Salesforce,
Inc.
3,064
835,522
12,342,636
TOTAL COMMON
STOCKS
(Cost $30,939,363)
48,604,267
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Call
Options
Purchased
—
0.32%
SPDR
S&P
500
ETF
Trust
714
$
44,114,490
$
630.00
July
2025
$
177,072
TOTAL
CALL
OPTIONS
PURCHASED
(Cost
175,945)
177,072
Put
Options
Purchased
—
0.78%
Amazon.com,
Inc.
66
1,447,974
210.00
October
2025
62,700
Meta
Platforms,
Inc.
18
1,328,562
690.00
October
2025
52,650
Philip
Morris
International,
Inc.
66
1,202,058
175.00
October
2025
46,860
SPDR
S&P
500
ETF
Trust
459
28,359,315
550.00
July
2025
14,229
SPDR
S&P
500
ETF
Trust
918
56,718,630
565.00
July
2025
42,687
SPDR
S&P
500
ETF
Trust
408
25,208,280
613.00
July
2025
219,068
TOTAL
PUT
OPTIONS
PURCHASED
(Cost
1,452,272)
438,194
TOTAL
OPTIONS
PURCHASED
—
1.10%
(Cost
$1,628,217)
615,266
Absolute
Capital
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
.
Money
Market
Funds
-
12.26%
Shares
Fair
Value
First
American
Treasury
Government
Obligations
Fund,
Class
X,
4.24%
(c)
6,832,411
$
6,832,411
TOTAL
MONEY
MARKET
FUNDS
(Cost
$6,832,411)
6,832,411
Total
Investments
—
100.58%
(Cost
$39,399,991)
56,051,944
Liabilities
in
Excess
of
Other
Assets
—
(0.58)%
(325,714)
Net
Assets
—
100.00%
$
55,726,230
(a)
All
or
a
portion
of
this
security
is
held
as
collateral
for
written
options.
The
value
of
the
collateral
held
as
of
June
30,
2025
is
$13,530,647.
(b)
Non-income
producing
security.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2025.
ADR
-
American
Depositary
Receipt
ETF
-
Exchange
Traded
Fund
SPDR
-
Standard
&
Poor’s
Depository
Receipt
Absolute
Capital
Opportunities
Fund
Schedule
of
Written
Options
June
30,
2025
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
-
(7.88)%
Amazon.com,
Inc.
(33)
$
(723,987)
$
230.00
January
2026
$
(58,872)
Meta
Platforms,
Inc.
(9)
(664,281)
740.00
January
2026
(73,013)
Philip
Morris
International,
Inc.
(33)
(601,029)
190.00
January
2026
(37,620)
SPDR
S&P
500
ETF
Trust
(609)
(37,627,065)
570.00
December
2025
(4,210,626)
Total
Written
Call
Options
(Premiums
Received
$3,229,240)
(4,380,131)
Written
Put
Options
-
(0.06)%
Amazon.com,
Inc.
(66)
(1,447,974)
170.00
October
2025
(11,484)
Meta
Platforms,
Inc.
(18)
(1,328,562)
570.00
October
2025
(12,060)
Philip
Morris
International,
Inc.
(66)
(1,202,058)
145.00
October
2025
(9,768)
Total
Written
Put
Options
(Premiums
Received
$51,981)
(33,312)
Total
Written
Options
-
(7.94)%
(Premiums
Received
$3,281,221)
(4,413,443)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Mutual
Funds
—
2.46%
Shares
Fair
Value
Absolute
Flexible
Fund
(a)
2,770,696
$
29,286,257
TOTAL MUTUAL
FUNDS
(Cost $28,028,392)
29,286,257
Convertible
Bonds
—
89.72%
Principal
Amount
Fair
Value
Communications
—
4.31%
AMC
Networks,
Inc.,
4.25%,
2/15/2029
$
5,500,000
4,647,500
Applied
Digital
Corp.,
2.75%,
6/1/2030
(b)
4,000,000
5,206,236
AST
SpaceMobile,
Inc.,
4.25%,
3/1/2032
(b)
5,000,000
9,929,218
DoorDash,
Inc.,
0.00%,
5/15/2030
(b)
5,000,000
5,429,277
Fiverr
International
Ltd.,
6.25%,
11/1/2025
12,000,000
11,772,029
Magnite,
Inc.,
0.25%,
3/15/2026
6,500,000
6,283,006
Upwork,
Inc.,
0.25%,
8/15/2026
8,640,000
8,173,237
51,440,503
Consumer
Discretionary
—
8.06%
Cracker
Barrel
Old
Country
Store,
Inc.,
1.75%,
9/15/2030
(b)
6,500,000
6,914,375
Etsy,
Inc.,
1.00%,
6/15/2030
(b)
500,000
477,500
Freshpet,
Inc.,
3.00%,
4/1/2028
11,000,000
13,689,500
GameStop
Corp.,
0.00%,
4/1/2030
(b)
8,000,000
8,660,000
GameStop
Corp.,
0.00%,
6/15/2032
(b)
8,000,000
8,608,000
LCI
Industries,
1.13%,
5/15/2026
7,000,000
6,760,250
LCI
Industries,
3.00%,
3/1/2030
(b)
5,500,000
5,520,625
Norwegian
Cruise
Lines
Holdings
Ltd.,
1.13%,
2/15/2027
10,500,000
10,342,500
Patrick
Industries,
Inc.,
1.75%,
12/1/2028
10,949,000
16,274,320
Wayfair,
Inc.,
3.25%,
9/15/2027
9,679,000
11,053,418
Winnebago
Industries,
Inc.,
3.25%,
1/15/2030
9,000,000
7,785,000
96,085,488
Consumer
Staples
—
2.50%
Chefs’
Warehouse,
Inc.
(The),
2.38%,
12/15/2028
8,000,000
12,488,000
Post
Holdings,
Inc.,
2.50%,
8/15/2027
7,500,000
8,580,000
Spectrum
Brands,
Inc.,
3.38%,
6/1/2029
9,500,000
8,659,250
29,727,250
Energy
—
2.80%
Eos
Energy
Enterprises,
Inc.,
6.75%,
6/15/2030
(b)
3,050,000
3,448,025
Fluence
Energy,
Inc.,
2.25%,
6/15/2030
(b)
6,000,000
3,918,750
Green
Plains,
Inc.,
2.25%,
3/15/2027
5,900,000
4,941,250
Helix
Energy
Solutions
Group,
Inc.,
9.75%,
3/1/2029
(b)
7,500,000
7,933,709
Northern
Oil
and
Gas,
Inc.,
3.63%,
4/15/2029
7,500,000
7,846,875
Solaris
Energy
Infrastructure,
Inc.,
4.75%,
5/1/2030
4,000,000
5,357,500
33,446,109
Financials
—
2.95%
Encore
Capital
Group,
Inc.,
4.00%,
3/15/2029
11,250,000
10,617,187
EZCORP,
Inc.,
3.75%,
12/15/2029
(b)
13,000,000
18,898,750
WisdomTree
Investments,
Inc.,
3.25%,
8/15/2029
(b)
5,000,000
5,789,692
35,305,629
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Convertible
Bonds
—
89.72%
-
continued
Principal
Amount
Fair
Value
Health
Care
—
14.08%
Accuray,
Inc.,
3.75%,
6/1/2026
$
4,250,000
$
4,009,875
Alphatec
Holdings,
Inc.,
0.75%,
8/1/2026
4,000,000
3,966,432
Alphatec
Holdings,
Inc.,
0.75%,
3/15/2030
(b)
4,250,000
4,315,150
ANI
Pharmaceuticals,
Inc.,
2.25%,
9/1/2029
(b)
11,473,000
13,016,495
CONMED
Corp.,
2.25%,
6/15/2027
10,000,000
9,499,675
Enovis
Corp.,
3.88%,
10/15/2028
9,000,000
8,905,500
Exact
Sciences
Corp.,
0.38%,
3/15/2027
10,725,000
10,231,650
Gossamer
Bio,
Inc.,
5.00%,
6/1/2027
1,500,000
788,378
Halozyme
Therapeutics,
Inc.,
1.00%,
8/15/2028
14,000,000
15,974,000
Inotiv,
Inc.,
3.25%,
10/15/2027
1,500,000
365,625
Integer
Holdings
Corp.,
1.88%,
3/15/2030
(b)
19,000,000
19,836,000
Jazz
Pharmaceuticals
PLC,
2.00%,
6/15/2026
6,000,000
6,079,500
Jazz
Pharmaceuticals
PLC,
3.13%,
9/15/2030
(b)
2,500,000
2,662,500
Lantheus
Holdings,
Inc.,
2.63%,
12/15/2027
10,579,000
13,464,422
LeMaitre
Vascular,
Inc.,
2.50%,
2/1/2030
(b)
11,750,000
11,744,125
LivaNova
PLC,
2.50%,
3/15/2029
8,000,000
8,162,562
MannKind
Corp.,
2.50%,
3/1/2026
4,300,000
4,302,150
Merit
Medical
Systems,
Inc.,
3.00%,
2/1/2029
(b)
15,000,000
18,784,084
Pacira
BioSciences,
Inc.,
2.13%,
5/15/2029
7,000,000
6,868,455
Repligen
Corp.,
1.00%,
12/15/2028
5,000,000
4,977,500
167,954,078
Industrials
—
17.51%
Advanced
Energy
Industries,
Inc.,
2.50%,
9/15/2028
10,000,000
12,029,000
Alarm.com
Holdings,
Inc.,
5.68%,
1/15/2026
10,000,000
9,750,000
Alarm.com
Holdings,
Inc.,
2.25%,
6/1/2029
6,600,000
6,418,855
Astronics
Corp.,
5.50%,
3/15/2030
(b)
8,400,000
14,500,069
Fluor
Corp.,
1.13%,
8/15/2029
13,889,000
18,239,729
Granite
Construction,
Inc.,
3.25%,
6/15/2030
15,000,000
20,542,500
Greenbrier
Companies,
Inc.
(The),
2.88%,
4/15/2028
12,795,000
13,627,315
Itron,
Inc.,
3.53%,
3/15/2026
6,000,000
6,781,500
Itron,
Inc.,
1.38%,
7/15/2030
8,000,000
9,552,000
Mesa
Laboratories,
Inc.,
1.38%,
8/15/2025
5,982,000
5,949,072
Middleby
Corp.
(The),
1.00%,
9/1/2025
10,600,000
11,914,400
OSI
Systems,
Inc.,
2.25%,
8/1/2029
(b)
11,976,000
16,275,384
Rocket
Lab
Corp.,
4.25%,
2/1/2029
(b)
6,000,000
42,165,000
Tetra
Tech,
Inc.,
2.25%,
8/15/2028
14,292,000
16,132,095
Xometry,
Inc.,
0.75%,
6/15/2030
(b)
5,000,000
5,104,393
208,981,312
Materials
—
2.16%
B2Gold
Corp.,
2.75%,
2/1/2030
(b)
4,150,000
5,554,256
Century
Aluminum
Co.,
2.75%,
5/1/2028
5,650,000
6,748,337
McEwen
Mining,
Inc.,
5.25%,
8/15/2030
(b)
6,000,000
7,194,000
SSR
Mining,
Inc.,
2.50%,
4/1/2039
6,000,000
6,226,500
25,723,093
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Convertible
Bonds
—
89.72%
-
continued
Principal
Amount
Fair
Value
Real
Estate
—
0.22%
Redfin
Corp.,
0.50%,
4/1/2027
$
2,925,000
$
2,640,101
Technology
—
33.42%
A10
Networks,
Inc.,
2.75%,
4/1/2030
(b)
5,000,000
5,374,732
Akamai
Technologies,
Inc.,
1.13%,
2/15/2029
13,790,000
13,121,185
Akamai
Technologies,
Inc.,
0.25%,
5/15/2033
(b)
5,000,000
5,187,500
Alkami
Technology,
Inc.,
1.50%,
3/15/2030
(b)
7,000,000
8,256,500
Applied
Optoelectronics,
Inc.,
2.75%,
1/15/2030
9,000,000
8,886,350
Bandwidth,
Inc.,
0.50%,
4/1/2028
7,240,000
6,092,460
Bentley
Systems,
Inc.,
0.38%,
7/1/2027
11,500,000
10,873,250
BlackLine,
Inc.,
1.00%,
6/1/2029
11,000,000
11,737,918
Box,
Inc.,
(5.52)%,
1/15/2026
5,000,000
6,692,500
Box,
Inc.,
1.50%,
9/15/2029
(b)
6,500,000
6,711,250
Cipher
Mining,
Inc.,
1.75%,
5/15/2030
2,000,000
2,562,000
Cloudflare,
Inc.,
0.00%,
6/15/2030
(b)
10,000,000
10,815,000
Confluent,
Inc.,
5.86%,
1/15/2027
11,000,000
10,175,000
CSG
Systems
International,
Inc.,
3.88%,
9/15/2028
8,000,000
9,052,000
CSG
Systems
International,
Inc.,
1.25%,
11/1/2029
(b)
9,550,000
11,283,325
CyberArk
Software
Ltd.,
0.00%,
6/15/2030
(b)
5,000,000
5,150,000
Datadog,
Inc.,
0.00%,
12/1/2029
(b)
5,000,000
4,802,500
Dropbox,
Inc.,
0.65%,
3/1/2026
10,000,000
9,935,000
Fastly,
Inc.,
7.75%,
6/1/2028
(b)
6,500,000
6,474,000
Five9,
Inc.,
1.00%,
3/15/2029
7,000,000
6,135,500
Global
Payments,
Inc.,
1.50%,
3/1/2031
9,468,000
8,502,264
GoPro,
Inc.,
1.25%,
11/15/2025
5,600,000
5,012,000
IMAX
Corp.,
0.50%,
4/1/2026
5,000,000
5,616,899
Life360,
Inc.,
0.00%,
6/1/2030
(b)
5,500,000
5,833,438
Lumentum
Holdings,
Inc.,
0.50%,
6/15/2028
4,450,000
4,614,650
MKS,
Inc.,
1.25%,
6/1/2030
12,268,000
12,151,454
Nutanix,
Inc.,
0.50%,
12/15/2029
(b)
10,000,000
11,356,947
ON
Semiconductor
Corp.,
0.50%,
3/1/2029
12,168,000
11,291,296
PagerDuty,
Inc.,
1.50%,
10/15/2028
9,000,000
8,617,500
Parsons
Corp.,
2.63%,
3/1/2029
9,000,000
9,612,000
Progress
Software
Corp.,
1.00%,
4/15/2026
5,350,000
6,393,250
Progress
Software
Corp.,
3.50%,
3/1/2030
12,000,000
13,938,000
Q2
Holdings,
Inc.,
0.13%,
11/15/2025
4,000,000
3,948,000
Rapid7,
Inc.,
0.25%,
3/15/2027
7,000,000
6,527,500
Repay
Holdings
Corp.,
2.88%,
7/15/2029
(b)
9,000,000
7,465,500
Riot
Platforms,
Inc.,
0.75%,
1/15/2030
(b)
10,500,000
10,920,000
Semtech
Corp.,
1.63%,
11/1/2027
9,000,000
12,986,418
SMART
Global
Holdings,
Inc.,
2.00%,
2/1/2029
(b)
9,000,000
10,473,206
SMART
Global
Holdings,
Inc.,
2.00%,
8/15/2030
(b)
7,000,000
6,950,955
Super
Micro
Computer,
Inc.,
0.00%,
6/15/2030
(b)
7,900,000
8,879,600
Synaptics,
Inc.,
0.75%,
12/1/2031
(b)
11,500,000
10,895,382
Varonis
Systems,
Inc.,
1.00%,
9/15/2029
(b)
10,000,000
10,172,500
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Convertible
Bonds
—
89.72%
-
continued
Principal
Amount
Fair
Value
Technology
—
33.42%
-
continued
Veeco
Instruments,
Inc.,
2.88%,
6/1/2029
$
7,500,000
$
7,972,500
Verint
Systems,
Inc.,
0.25%,
4/15/2026
9,500,000
9,134,250
Vertex,
Inc.,
0.75%,
5/1/2029
7,020,000
8,427,635
Vishay
Intertechnology,
Inc.,
2.25%,
9/15/2030
11,000,000
9,900,000
Workiva,
Inc.,
1.13%,
8/15/2026
6,000,000
6,477,000
Workiva,
Inc.,
1.25%,
8/15/2028
6,000,000
5,572,500
398,960,614
Utilities
—
1.71%
Ormat
Technologies,
Inc.,
2.50%,
7/15/2027
14,000,000
15,344,000
WEC
Energy
Group,
Inc.,
3.38%,
6/1/2028
(b)
5,000,000
5,013,750
20,357,750
TOTAL
CONVERTIBLE
BONDS
(Cost $982,044,736)
1,070,621,927
Money
Market
Funds
-
7.42%
Shares
First
American
Treasury
Government
Obligations
Fund,
Class
X,
4.24%
(c)
88,538,788
88,538,788
TOTAL
MONEY
MARKET
FUNDS
(Cost
$88,538,788)
88,538,788
Total
Investments
—
99.60%
(Cost
$1,098,611,916)
1,188,446,972
Other
Assets
in
Excess
of
Liabilities
—
0.40%
4,822,702
Net
Assets
—
100.00%
$
1,193,269,674
(a)
Affiliated
Company.
(b)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2025.
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Securities
Sold
Short
June
30,
2025
(Unaudited)
Common
Stocks
-
Short
-
(38.41)%
Shares
Fair
Value
Communications
-
(0.98)%
AMC
Networks,
Inc.,
Class
A
(297,606)
$
(1,865,990)
AST
SpaceMobile,
Inc.
(163,600)
(7,645,028)
Fiverr
International
Ltd.
(1,500)
(43,995)
IMAX
Corp.
(68,114)
(1,904,467)
Magnite,
Inc.
(2,000)
(48,240)
Upwork,
Inc.
(15,727)
(211,371)
(11,719,091)
Consumer
Discretionary
-
(3.69)%
Cracker
Barrel
Old
Country
Store,
Inc.
(58,900)
(3,597,612)
DoorDash,
Inc.,
Class
A
(10,542)
(2,598,708)
Etsy,
Inc.
(3,200)
(160,512)
Freshpet,
Inc.
(109,355)
(7,431,766)
GameStop
Corp.,
Class
A
(370,050)
(9,025,520)
LCI
Industries
(28,128)
(2,564,992)
Norwegian
Cruise
Lines
Holdings
Ltd.
(89,550)
(1,816,074)
Patrick
Industries,
Inc.
(133,000)
(12,271,910)
Wayfair,
Inc.,
Class
A
(65,500)
(3,349,670)
Winnebago
Industries,
Inc.
(40,100)
(1,162,900)
(43,979,664)
Consumer
Staples
-
(1.31)%
Chefs’
Warehouse,
Inc.
(The)
(138,367)
(8,829,198)
Post
Holdings,
Inc.
(51,550)
(5,620,497)
Spectrum
Brands,
Inc.
(22,500)
(1,192,500)
(15,642,195)
Energy
-
(0.85)%
Eos
Energy
Enterprises,
Inc.
(419,000)
(2,145,280)
Fluence
Energy,
Inc.
(189,000)
(1,268,190)
Green
Plains,
Inc.
(63,000)
(379,890)
Northern
Oil
and
Gas,
Inc.
(110,803)
(3,141,265)
Solaris
Energy
Infrastructure,
Inc.,
Class
A
(113,964)
(3,224,042)
(10,158,667)
Financials
-
(1.93)%
Applied
Blockchain,
Inc.
(340,094)
(3,424,747)
Encore
Capital
Group,
Inc.
(81,000)
(3,135,510)
EZCORP,
Inc.,
Class
A
(955,000)
(13,255,400)
WisdomTree
Investments,
Inc.
(275,000)
(3,165,250)
(22,980,907)
Health
Care
-
(5.32)%
Accuray,
Inc.
(66,000)
(90,420)
Alphatec
Holdings,
Inc.
(222,922)
(2,474,434)
ANI
Pharmaceuticals,
Inc.
(101,500)
(6,622,875)
CONMED
Corp.
(12,310)
(641,105)
Exact
Sciences
Corp.
(22,000)
(1,169,080)
Gossamer
Bio,
Inc.
(75,000)
(92,250)
Halozyme
Therapeutics,
Inc.
(161,500)
(8,401,230)
Inotiv,
Inc.
(7,200)
(13,104)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Securities
Sold
Short
(continued)
June
30,
2025
(Unaudited)
Common
Stocks
-
Short
-
(38.41)%
-
continued
Shares
Fair
Value
Health
Care
-
(5.32)%
-
continued
Integer
Holdings
Corp.
(80,875)
$
(9,945,199)
Jazz
Pharmaceuticals
PLC
(21,978)
(2,332,305)
Lantheus
Holdings,
Inc.
(86,900)
(7,113,634)
LeMaitre
Vascular,
Inc.
(59,965)
(4,980,093)
LivaNova
PLC
(55,800)
(2,512,116)
MannKind
Corp.
(206,500)
(772,310)
Merit
Medical
Systems,
Inc.
(132,601)
(12,395,542)
Pacira
BioSciences,
Inc.
(100,292)
(2,396,979)
Repligen
Corp.
(11,072)
(1,377,135)
Tempus
AI,
Inc.
(2,000)
(127,080)
(63,456,891)
Industrials
-
(10.71)%
Advanced
Energy
Industries,
Inc.
(39,561)
(5,241,833)
Alarm.com
Holdings,
Inc.
(44,874)
(2,538,522)
Astronics
Corp.
(293,100)
(9,812,988)
Enovis
Corp.
(61,261)
(1,921,145)
Fluor
Corp.
(203,144)
(10,415,193)
Granite
Construction,
Inc.
(149,362)
(13,966,840)
Greenbrier
Companies,
Inc.
(The)
(136,115)
(6,268,096)
Itron,
Inc.
(59,059)
(7,773,936)
Mesa
Laboratories,
Inc.
(250)
(23,555)
Middleby
Corp.
(The)
(66,100)
(9,518,400)
OSI
Systems,
Inc.
(46,700)
(10,500,962)
Rocket
Lab
Corp.
(40,548,871)
Tetra
Tech,
Inc.
(190,507)
(6,850,632)
Xometry,
Inc.,
Class
A
(72,276)
(2,442,206)
(127,823,179)
Materials
-
(0.91)%
B2Gold
Corp.
(917,817)
(3,313,319)
Century
Aluminum
Co.
(182,000)
(3,279,640)
McEwen
Mining,
Inc.
(384,938)
(3,699,255)
SSR
Mining,
Inc.
(48,200)
(614,068)
(10,906,282)
Technology
-
(12.08)%
A10
Networks,
Inc.
(138,500)
(2,679,975)
Akamai
Technologies,
Inc.
(81,500)
(6,500,440)
Alkami
Technology,
Inc.
(149,621)
(4,509,577)
Applied
Optoelectronics,
Inc.
(129,000)
(3,314,010)
Bandwidth,
Inc.,
Class
A
(4,000)
(63,600)
Bentley
Systems,
Inc.,
Class
B
(28,115)
(1,517,367)
BlackLine,
Inc.
(98,627)
(5,584,261)
Box,
Inc.,
Class
A
(262,729)
(8,977,450)
Cipher
Mining,
Inc.
(331,000)
(1,582,180)
Cloudflare,
Inc.,
Class
A
(26,904)
(5,268,610)
Confluent,
Inc.,
Class
A
(5,000)
(124,650)
CSG
Systems
International,
Inc.
(56,300)
(3,676,953)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Securities
Sold
Short
(continued)
June
30,
2025
(Unaudited)
Common
Stocks
-
Short
-
(38.41)%
-
continued
Shares
Fair
Value
Technology
-
(12.08)%
-
continued
CyberArk
Software
Ltd.
(6,398)
$
(2,603,218)
Datadog,
Inc.,
Class
A
(9,845)
(1,322,479)
Dropbox,
Inc.,
Class
A
(55,459)
(1,586,127)
Fastly,
Inc.,
Class
A
(84,381)
(595,730)
Five9,
Inc.
(24,795)
(656,572)
Global
Payments,
Inc.
(28,100)
(2,249,124)
GoPro,
Inc.,
Class
A
(14,000)
(10,602)
Guidewire
Software,
Inc.
(25,500)
(6,003,975)
Life360,
Inc.
(47,500)
(3,099,375)
Lumentum
Holdings,
Inc.
(15,410)
(1,464,875)
MKS,
Inc.
(42,700)
(4,242,672)
Nutanix,
Inc.,
Class
A
(78,053)
(5,966,371)
ON
Semiconductor
Corp.
(43,000)
(2,253,630)
PagerDuty,
Inc.
(124,690)
(1,905,263)
Parsons
Corp.
(43,767)
(3,141,158)
Penguin
Solutions,
Inc.
(421,819)
(8,356,234)
Progress
Software
Corp.
(170,500)
(10,884,719)
Q2
Holdings,
Inc.
(1,500)
(140,385)
Rapid7,
Inc.
(9,662)
(223,482)
Repay
Holdings
Corp.,
Class
A
(349,416)
(1,684,185)
Riot
Blockchain,
Inc.
(500,500)
(5,655,650)
Semtech
Corp.
(144,000)
(6,500,160)
Super
Micro
Computer,
Inc.
(103,000)
(5,048,030)
Synaptics,
Inc.
(78,200)
(5,068,924)
Varonis
Systems,
Inc.
(82,505)
(4,187,129)
Veeco
Instruments,
Inc.
(144,500)
(2,936,240)
Verint
Systems,
Inc.
(1,500)
(29,505)
Vertex,
Inc.,
Class
A
(141,000)
(4,982,235)
Vishay
Intertechnology,
Inc.
(161,000)
(2,556,680)
Workiva,
Inc.,
Class
A
(60,498)
(4,141,088)
Zscaler,
Inc.
(3,000)
(941,820)
(144,236,710)
Utilities
-
(0.63)%
Ormat
Technologies,
Inc.
(76,828)
(6,435,113)
WEC
Energy
Group,
Inc.
(9,900)
(1,031,580)
(7,466,693)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $428,318,974)
(458,370,279)
TOTAL
SECURITIES
SOLD
SHORT
-
(38.41)%
(Proceeds
Received
$428,318,974)
(458,370,279)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Futures
Contracts
June
30,
2025
(Unaudited)
Futures
Contracts
Contracts
Expiration
Date
Notional
Amount
Value/
Unrealized
Depreciation
Short
Contracts
5-Year
US
Treasury
Note
Future
(300)
October
2025
$
(32,700,000)
$
(350,640)
Total
Futures
$
(350,640)
Absolute
Flexible
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
Convertible
Bonds
—
93.84%
Principal
Amount
Fair
Value
Communications
—
10.46%
Fiverr
International
Ltd.,
6.25%,
11/1/2025
$
1,000,000
$
981,002
Magnite,
Inc.,
0.25%,
3/15/2026
1,000,000
966,616
Upwork,
Inc.,
0.25%,
8/15/2026
1,250,000
1,182,471
3,130,089
Consumer
Discretionary
—
9.14%
Cracker
Barrel
Old
Country
Store,
Inc.,
1.75%,
9/15/2030
(a)
1,000,000
1,063,750
Etsy,
Inc.,
1.00%,
6/15/2030
(a)
400,000
382,000
GameStop
Corp.,
0.00%,
6/15/2032
(a)
1,000,000
1,076,000
LCI
Industries,
1.13%,
5/15/2026
217,000
209,568
2,731,318
Health
Care
—
13.36%
Accuray,
Inc.,
3.75%,
6/1/2026
450,000
424,575
Alphatec
Holdings,
Inc.,
0.75%,
8/1/2026
512,000
507,703
Enovis
Corp.,
3.88%,
10/15/2028
1,000,000
989,500
Exact
Sciences
Corp.,
0.38%,
3/15/2027
1,000,000
954,000
Inotiv,
Inc.,
3.25%,
10/15/2027
500,000
121,875
Repligen
Corp.,
1.00%,
12/15/2028
1,000,000
995,500
3,993,153
Industrials
—
7.17%
Itron,
Inc.,
3.53%,
3/15/2026
1,000,000
1,130,250
Xometry,
Inc.,
1.00%,
2/1/2027
1,000,000
1,015,000
2,145,250
Technology
—
53.71%
Bandwidth,
Inc.,
0.50%,
4/1/2028
600,000
504,900
Bentley
Systems,
Inc.,
0.38%,
7/1/2027
1,000,000
945,500
BlackLine,
Inc.,
1.00%,
6/1/2029
1,000,000
1,067,083
Confluent,
Inc.,
5.86%,
1/15/2027
1,077,000
996,225
Datadog,
Inc.,
0.00%,
12/1/2029
(a)
1,000,000
960,500
Dropbox,
Inc.,
0.65%,
3/1/2026
1,000,000
993,500
Fastly,
Inc.,
7.75%,
6/1/2028
(a)
1,000,000
996,000
GoPro,
Inc.,
1.25%,
11/15/2025
400,000
358,000
IMAX
Corp.,
0.50%,
4/1/2026
1,000,000
1,123,380
Lumentum
Holdings,
Inc.,
0.50%,
12/15/2026
1,000,000
1,179,766
ON
Semiconductor
Corp.,
0.50%,
3/1/2029
1,000,000
927,950
PagerDuty,
Inc.,
1.50%,
10/15/2028
1,000,000
957,500
Parsons
Corp.,
2.63%,
3/1/2029
1,000,000
1,068,000
Rapid7,
Inc.,
0.25%,
3/15/2027
1,123,000
1,047,197
SMART
Global
Holdings,
Inc.,
2.00%,
8/15/2030
(a)
1,000,000
992,994
Unity
Software,
Inc.,
0.00%,
3/15/2030
(a)
1,000,000
1,024,500
Workiva,
Inc.,
1.25%,
8/15/2028
1,000,000
928,750
16,071,745
TOTAL
CONVERTIBLE
BONDS
(Cost $27,282,550)
28,071,555
Absolute
Flexible
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Money
Market
Funds
-
3.20%
Shares
Fair
Value
First
American
Treasury
Government
Obligations
Fund,
Class
X,
4.24%
(b)
956,399
$
956,399
TOTAL
MONEY
MARKET
FUNDS
(Cost
$956,399)
956,399
Total
Investments
—
97.04%
(Cost
$28,238,949)
29,027,954
Other
Assets
in
Excess
of
Liabilities
—
2.96%
886,316
Net
Assets
—
100.00%
$
29,914,270
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2025.
Absolute
CEF
Opportunities
Schedule
of
Investments
June
30,
2025
(Unaudited)
Closed
End
Funds
—
93.82%
Shares
Fair
Value
abrdn
Emerging
Markets
ex
China
Fund,
Inc.
(a)
13,117
$
77,915
abrdn
Global
Dynamic
Dividend
Fund
5,293
58,435
abrdn
Income
Credit
Strategies
Fund
(a)
53,636
316,452
Advent
Convertible
and
Income
Fund
(a)
26,820
324,790
BlackRock
Core
Bond
Trust
(a)
75,100
729,972
BlackRock
Income
Trust,
Inc.
(a)
5,260
61,805
BlackRock
Science
and
Technology
Term
Trust
(a)
2,403
49,862
BlackRock
Innovation
and
Growth
Term
Trust
120,828
886,878
Cornerstone
Strategic
Investment
Fund,
Inc.
(a)
41,440
336,493
Cornerstone
Total
Return
Fund,
Inc.
(a)
43,479
336,962
Destra
Multi-Alternative
Fund
(a)
11,940
104,475
Eaton
Vance
California
Municipal
Bond
Fund
(a)
5,300
47,276
Gabelli
Healthcare
&
WellnessRx
Trust
(The)
(a)
9,041
85,437
Invesco®
Advantage
Municipal
Income
Trust
II
(a)
5,400
45,198
Invesco®
Municipal
Opportunity
Trust
(a)
4,900
44,982
Invesco®
Municipal
Trust
(a)
4,900
44,835
Invesco®
Quality
Municipal
Income
Trust
(a)
4,800
45,024
Neuberger
Berman
Real
Estate
Securities
Income
Fund,
Inc.
35,500
114,310
Nuveen
Credit
Strategies
Income
Fund
62,100
334,719
Nuveen
Multi-Asset
Income
Fund
(a)
22,800
287,964
NYLI
CBRE
Global
Infrastructure
Megatrends
Term
Fund
(a)
909
12,917
Pioneer
Diversified
High
Income
Fund,
Inc.
(a)
1,263
15,794
Pioneer
Floating
Rate
Fund,
Inc.
(a)
22,571
221,647
Pioneer
High
Income
Fund,
Inc.
(a)
27,702
224,109
Absolute
CEF
Opportunities
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Closed
End
Funds
—
93.82%
-
continued
Shares
Fair
Value
Pioneer
Municipal
High
Income
Advantage
Fund,
Inc.
(a)
605
$
5,021
Pioneer
Municipal
High
Income
Opportunities
Fund,
Inc.
(a)
8,722
102,920
RiverNorth
Flexible
Municipal
Income
Fund
II,
Inc.
(a)
24,201
305,901
RiverNorth
Opportunities
Fund,
Inc.
(a)
6,600
80,916
Saba
Capital
Income
&
Opportunities
Fund
(a)
40,692
327,977
Saba
Capital
Income
&
Opportunities
Fund
II
(a)
953
8,758
Tortoise
Sustainable
and
Social
Impact
Term
Fund
(a)
3,264
39,968
Virtus
Total
Return
Fund,
Inc.
(a)
50,604
315,263
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
(a)
16,000
112,659
Voya
Emerging
Markets
High
Dividend
Equity
Fund
(a)
19,133
113,650
Western
Asset
Global
High
Income
Fund,
Inc.
(a)
44,238
289,317
Western
Asset
High
Income
Fund
II,
Inc.
(a)
68,900
295,581
XAI
Madison
Equity
Premium
Income
Fund
(a)
14,134
88,338
TOTAL CLOSED
END
FUNDS
(Cost $6,601,713)
6,894,520
Exchange-Traded
Funds
—
2.11%
FT
Confluence
BDC
&
Specialty
Finance
Income
ETF
(a)
37,006
155,052
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $154,436)
155,052
Right
s
-
0.00%
LMP
Capital
and
Income
Fund,
Inc.
90
6
RiverNorth
Capital
and
Income
Fund,
Inc.
90
5
TOTAL
RIGHTS
(Cost $37)
11
Absolute
CEF
Opportunities
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Money
Market
Funds
-
10.99%
Shares
Fair
Value
First
American
Treasury
Government
Obligations
Fund,
Class
X,
4.24%
(b)
807,477
$
807,477
TOTAL
MONEY
MARKET
FUNDS
(Cost
$807,477)
807,477
Total
Investments
—
106.92%
(Cost
$7,563,663)
7,857,060
Liabilities
in
Excess
of
Other
Assets
—
(6.92)%
(508,270)
Net
Assets
—
100.00%
$
7,348,790
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2025.
Absolute
CEF
Opportunities
Schedule
of
Securities
Sold
Short
June
30,
2025
(Unaudited)
ETF
–
Exchange-Traded
Fund
SPDR
–
Standard
&
Poor’s
Depository
Receipt
Closed
End
Funds
-
Short
-
(0.93
)
%
Shares
Fair
Value
XAI
Octagon
Floating
Rate
Alternative
Income
Trust
(12,153)
$
(68,664)
TOTAL
CLOSED
END
FUNDS
-
SHORT
(Proceeds
Received $69,860)
(68,664)
Exchange-Traded
Funds
-
Short
-
(30.70
)
%
Health
Care
Select
Sector
SPDR®
Fund
(700)
(94,353)
Invesco®
QQQ
Trust,
Series
1
(990)
(546,124)
Invesco®
Senior
Loan
ETF
(1,600)
(33,472)
iShares®
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(3,600)
(333,432)
iShares®
MSCI
Emerging
Markets
ETF
(3,100)
(149,544)
iShares®
National
Muni
Bond
ETF
(5,500)
(574,640)
iShares®
Russell
Mid-Cap
Growth
ETF
(3,100)
(429,908)
iShares®
U.S.
Real
Estate
ETF
(1,000)
(94,770)
TOTAL
EXCHANGE-TRADED
FUNDS
-
SHORT
(Proceeds
Received $2,133,388)
(2,256,243)
TOTAL
SECURITIES
SOLD
SHORT
-
(31.63)%
(Proceeds
Received
$2,203,248)
(2,324,907)
Absolute
Flexible
Fund
Schedule
of
Securities
Sold
Short
June
30,
2025
(Unaudited)
Common
Stocks
-
Short
-
(6.74)%
Shares
Fair
Value
Communications
-
(0.51)%
IMAX
Corp.
(5,000)
$
(139,800)
Upwork,
Inc.
(1,000)
(13,440)
(153,240)
Consumer
Discretionary
-
(1.39)%
Cracker
Barrel
Old
Country
Store,
Inc.
(4,000)
(244,320)
GameStop
Corp.,
Class
A
(7,000)
(170,730)
(415,050)
Health
Care
-
(0.63)%
Inotiv,
Inc.
(1,000)
(1,820)
Repligen
Corp.
(1,500)
(186,570)
(188,390)
Industrials
-
(0.24)%
Enovis
Corp.
(1,200)
(37,632)
Xometry,
Inc.,
Class
A
(1,000)
(33,790)
(71,422)
Technology
-
(3.97)%
Bentley
Systems,
Inc.,
Class
B
(2,000)
(107,940)
BlackLine,
Inc.
(2,000)
(113,240)
Dropbox,
Inc.,
Class
A
(2,000)
(57,200)
Lumentum
Holdings,
Inc.
(1,000)
(95,060)
ON
Semiconductor
Corp.
(2,800)
(146,748)
PagerDuty,
Inc.
(8,000)
(122,240)
Parsons
Corp.
(3,000)
(215,310)
Penguin
Solutions,
Inc.
(13,000)
(257,530)
Unity
Software,
Inc.
(3,000)
(72,600)
(1,187,868)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $1,974,362)
(2,015,970)
TOTAL
SECURITIES
SOLD
SHORT
-
(6.74)%
(Proceeds
Received
$1,974,362)
(2,015,970)