Absolute
CEF
Opportunities
Schedule
of
Investments
June
30,
2026
(Unaudited)
Closed
End
Funds
—
83.60%
Shares
Fair
Value
Aberdeen
Multi-Market
Income
Fund
1
$
4
abrdn
National
Municipal
Income
Fund,
USD
Class
985
10,214
Advent
Convertible
and
Income
Fund
853
11,174
AllianceBernstein
Global
High
Income
Fund,
Inc.,
USD
Class
3,628
37,368
BlackRock
Corporate
High
Yield
Fund
20,026
171,423
BlackRock
Energy
and
Resources
Trust
11,457
169,793
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
5,186
56,994
BlackRock
Floating
Rate
Income
Trust
3,965
42,267
Destra
Multi-Alternative
Fund
15,552
116,329
DoubleLine
Opportunistic
Credit
Fund,
USD
Class
3,300
47,454
First
Trust
Senior
Floating
Rate
Income
Fund
II
2,874
27,763
FS
Credit
Opportunities
Corp.,
USD
Class
29,499
147,200
Gabelli
Equity
Trust,
Inc.
(The),
USD
Class
64,456
364,821
High
Income
Securities
Fund
5,102
27,908
Invesco®
Senior
Income
Trust
16,473
49,419
John
Hancock
Premium
Dividend
Fund,
USD
Class
4,454
57,679
Liberty
All-Star
Equity
Fund,
USD
Class
53,551
311,131
Liberty
All-Star
Growth
Fund,
USD
Class
8,201
44,860
Neuberger
High
Yield
Strategies
Fund,
Inc.
9,251
57,726
Neuberger
Real
Estate
Securities
Income
Fund,
Inc.
83,251
252,250
Nuveen
Credit
Strategies
Income
Fund
40,582
197,229
Nuveen
Real
Asset
Income
and
Growth
Fund
18,580
240,797
Nuveen
S&P
500
Dynamic
Overwrite
Fund
12,234
228,042
PIMCO
Corporate
&
Income
Opportunity
Fund
3,186
38,328
Pioneer
Diversified
High
Income
Fund,
Inc.
45,171
25,865
Pioneer
High
Income
Fund,
Inc.
133,324
6,253
Pioneer
Municipal
High
Income
Advantage
Fund,
Inc.
77,662
20,472
Pioneer
Municipal
High
Income
Fund
Trust
54,923
8,958
Absolute
CEF
Opportunities
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Closed
End
Funds
—
83.60%
-
continued
Shares
Fair
Value
Saba
Capital
Income
&
Opportunities
Fund
2,845
$
18,692
Tortoise
Energy
Infrastructure
Corp.,
USD
Class
14,422
618,271
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
4,079
37,812
Voya
Emerging
Markets
High
Dividend
Equity
Fund
24,970
194,766
Western
Asset
Global
High
Income
Fund,
Inc.
5,592
33,328
Western
Asset
High
Income
Opportunity
Fund,
Inc.
13,832
50,349
Western
Asset
High
Yield
Defined
Opportunity
Fund,
Inc.
13,607
144,642
XAI
Madison
Equity
Premium
Income
Fund
42,752
235,991
TOTAL CLOSED
END
FUNDS
(Cost $4,145,180)
4,103,572
Right
s
—
0.00%
Cohen
&
Steers
Quality
Income
Realty
Fund,
Inc.
90
1
TOTAL
RIGHTS
(Cost $2)
1
Money
Market
Funds
—
9.81%
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(a)
481,367
481,367
TOTAL
MONEY
MARKET
FUNDS
(Cost
$481,367)
481,367
Total
Investments
—
93.41%
(Cost
$4,626,549)
4,584,940
Other
Assets
in
Excess
of
Liabilities
—
6.59%
323,611
Net
Assets
—
100.00%
$
4,908,551
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
Absolute
CEF
Opportunities
Schedule
of
Securities
Sold
Short
June
30,
2026
(Unaudited)
Closed
End
Funds
-
Short
-
(9.7
8
)
%
Shares
Fair
Value
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
-
USD
Class
(3,856)
$
(56,722)
Aberdeen
Municipal
Income
Fund
-
USD
Class
(6,827)
(38,367)
BlackRock
Enhanced
Capital
and
Income
Fund
(12,220)
(319,553)
MFS
Intermediate
Income
Trust
(26,466)
(65,371)
TOTAL
CLOSED
END
FUNDS
-
SHORT
(Proceeds
Received $447,049)
(480,013)
Exchange-Traded
Funds
-
Short
-
(49.10
)
%
Alerian
MLP
ETF
(19,184)
(994,691)
Invesco®
Senior
Loan
ETF
(8,776)
(178,767)
iShares®
iBoxx
High
Yield
Corporate
Bond
ETF
(7,478)
(598,016)
iShares®
MSCI
Emerging
Markets
ETF
(1,684)
(115,202)
iShares®
U.S.
Real
Estate
ETF
(2,383)
(243,662)
VanEck
BDC
Income
ETF
(22,093)
(279,697)
TOTAL
EXCHANGE-TRADED
FUNDS
-
SHORT
(Proceeds
Received $2,386,324)
(2,410,035)
TOTAL
SECURITIES
SOLD
SHORT
-
(58.88)%
(Proceeds
Received
$2,833,373)
(2,890,048)
ETF
–
Exchange-Traded
Fund
Absolute
Capital
Opportunities
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Common
Stocks
—
97.10%
Shares
Fair
Value
Communications
—
10.13%
Alphabet,
Inc.,
Class
A
(a)
6,298
$
2,250,716
Meta
Platforms,
Inc.,
Class
A
(a)
2,821
1,589,041
Universal
Music
Group
NV
-
ADR
78,769
822,349
4,662,106
Consumer
Discretionary
—
12.50%
Amazon.com,
Inc.
(a)(b)
10,666
2,542,135
CarMax,
Inc.
(a)(b)
7,506
396,992
Carvana
Co.
(b)
5,000
329,100
Copart,
Inc.
(b)
26,370
743,370
Fisker
,
Inc.
(b)
7,480
5
Floor
&
Decor
Holdings,
Inc.,
Class
A
(b)
7,389
438,611
Lowe's
Companies,
Inc.
4,006
883,283
NIKE,
Inc.,
Class
B
10,107
414,893
5,748,389
Consumer
Staples
—
5.06%
Philip
Morris
International,
Inc.
12,860
2,326,503
Energy
—
5.81%
Berkshire
Hathaway,
Inc.,
Class
B
(a)(b)
2,969
1,485,658
EOG
Resources,
Inc.
5,001
648,780
Occidental
Petroleum
Corp.
11,039
536,164
2,670,602
Financials
—
13.63%
Aon
PLC,
Class
A
4,384
1,454,129
Charles
Schwab
Corp.
(The)
15,958
1,472,445
Intercontinental
Exchange,
Inc.
10,607
1,305,828
Ryan
Specialty
Group
Holdings,
Inc.
12,164
459,312
Visa,
Inc.,
Class
A
4,605
1,579,929
6,271,643
Health
Care
—
11.21%
Alcon,
Inc.
13,071
877,064
Becton,
Dickinson
and
Co.
8,135
1,231,069
Cooper
Companies,
Inc.
(The)
(b)
11,175
801,359
Thermo
Fisher
Scientific,
Inc.
1,849
927,015
Waters
Corp.
(b)
3,514
1,317,891
5,154,398
Industrials
—
14.05%
Carrier
Global
Corp.
15,768
1,156,583
Hayward
Holdings,
Inc.
(b)
27,891
482,793
Jacobs
Solutions,
Inc.
8,195
1,032,570
Keysight
Technologies,
Inc.
(b)
4,954
1,734,247
PACCAR,
Inc.
7,462
896,335
Sunbelt
Rentals
Holdings,
Inc.
15,520
1,161,051
6,463,579
Technology
—
24.71%
Advanced
Micro
Devices,
Inc.
(b)
3,409
1,980,322
Absolute
Capital
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
—
97.10%
-
continued
Shares
Fair
Value
Technology
—
24.71%
-
continued
Analog
Devices,
Inc.
3,819
$
1,516,793
Apple,
Inc.
(a)
7,010
2,028,414
Applied
Materials,
Inc.
2,481
1,793,763
Arista
Networks,
Inc.
(b)
4,923
836,319
Microsoft
Corp.
3,317
1,237,307
Motorola
Solutions,
Inc.
3,002
1,246,700
Salesforce,
Inc.
4,636
726,276
11,365,894
TOTAL COMMON
STOCKS
(Cost $26,596,691)
44,663,114
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PURCHASED
CALL
OPTIONS
—
1.26%
State
Street
SPDR
S&P
500
ETF
Trust
1,254
$
93,644,958
$
760.00
July
2026
$
578,094
TOTAL
PURCHASED
CALL
OPTIONS
(Cost
352,614)
578,094
PURCHASED
PUT
OPTIONS
—
0.60%
Applied
Materials,
Inc.
12
867,600
470.00
October
2026
29,730
Meta
Platforms,
Inc.
19
1,070,251
560.00
November
2026
101,745
Philip
Morris
International,
Inc.
38
687,458
170.00
November
2026
33,174
State
Street
SPDR
S&P
500
ETF
Trust
1,044
77,962,788
690.00
July
2026
111,708
TOTAL
PURCHASED
PUT
OPTIONS
(Cost
536,348)
276,357
TOTAL
PURCHASED
OPTIONS
(Cost
$888,962)
854,451
Money
Market
Funds
-
11.15%
Shares
Fair
Value
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(c)
5,128,329
5,128,329
TOTAL
MONEY
MARKET
FUNDS
(Cost
$5,128,329)
5,128,329
Total
Investments
—
110.11%
(Cost
$32,613,982)
50,645,894
Liabilities
in
Excess
of
Other
Assets
—
(10.11)%
(4,648,834)
Net
Assets
—
100.00%
$
45,997,060
(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,
2026
is
$8,458,649.
(b)
Non-income
producing
security.
Absolute
Capital
Opportunities
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2026.
ADR
–
American
Depositary
Receipt
ETF
–
Exchange-Traded
Fund
SPDR
–
Standard
&
Poor’s
Depository
Receipt
Absolute
Capital
Opportunities
Fund
Schedule
of
Written
Options
June
30,
2026
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
-
(
10.84)%
Amazon.com,
Inc.
(17)
$
(405,178)
$
190.00
September
2026
$
(90,491)
Amazon.com,
Inc.
(14)
(333,676)
225.00
September
2026
(35,140)
Analog
Devices,
Inc.
(17)
(675,189)
300.00
September
2026
(180,625)
Applied
Materials,
Inc.
(6)
(433,800)
580.00
December
2026
(139,395)
Keysight
Technologies,
Inc.
(18)
(630,126)
270.00
September
2026
(159,840)
Meta
Platforms,
Inc.
(12)
(675,948)
720.00
January
2027
(27,720)
Philip
Morris
International,
Inc.
(25)
(452,275)
195.00
January
2027
(26,550)
State
Street
SPDR
S&P
500
ETF
Trust
(509)
(38,010,593)
670.00
September
2026
(4,328,027)
Total
Written
Call
Options
(Premiums
Received
$3,560,330)
(4,987,788)
Written
Put
Options
-
(
0.19)%
Applied
Materials,
Inc.
(12)
(867,600)
390.00
October
2026
(14,220)
Meta
Platforms,
Inc.
(19)
(1,070,251)
505.00
November
2026
(54,720)
Philip
Morris
International,
Inc.
(38)
(687,458)
155.00
November
2026
(16,834)
Total
Written
Put
Options
(Premiums
Received
$101,554)
(85,774)
Total
Written
Options
(Premiums
Received
$3,661,884)
(5,073,562)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Mutual
Funds
—
1.93%
Shares
Fair
Value
Absolute
Flexible
Fund
(a)
2,936,799
$
34,566,126
TOTAL MUTUAL
FUNDS
(Cost $29,831,183)
34,566,126
Convertible
Bonds
—
83.67%
Principal
Amount
Fair
Value
Communications
—
3.14%
AMC
Networks,
Inc.,
4.25%,
2/15/2029
$
5,500,000
5,878,125
AST
SpaceMobile
,
Inc.,
2.00%,
1/15/2036
(b)
8,500,000
9,934,375
AST
SpaceMobile
,
Inc.,
2.25%,
4/15/2036
(b)
8,000,000
8,624,000
BlackSky
Technology,
Inc.,
8.25%,
8/1/2033
(b)
10,900,000
14,044,650
Liberty
Live
Holdings,
Inc.,
2.38%,
9/30/2053
(b)
5,000,000
9,247,500
Upwork,
Inc.,
0.25%,
8/15/2026
8,640,000
8,575,198
56,303,848
Consumer
Discretionary
—
5.97%
Cracker
Barrel
Old
Country
Store,
Inc.,
1.75%,
9/15/2030
(b)
14,000,000
14,345,800
Etsy,
Inc.,
1.00%,
6/15/2030
(b)
16,701,000
19,401,552
Freshpet
,
Inc.,
3.00%,
4/1/2028
13,000,000
15,112,500
indie
Semiconductor,
Inc.,
4.00%,
3/15/2031
(b)
4,500,000
6,378,750
LCI
Industries,
3.00%,
3/1/2030
11,500,000
12,894,375
NCL
Corporation
Ltd.,
0.75%,
9/15/2030
(b)
7,515,000
7,280,532
Patrick
Industries,
Inc.,
1.75%,
12/1/2028
10,949,000
16,230,415
Wayfair,
Inc.,
3.25%,
9/15/2027
4,664,000
7,021,652
Winnebago
Industries,
Inc.,
3.25%,
1/15/2030
9,000,000
8,392,500
107,058,076
Consumer
Staples
—
1.
1
0%
Post
Holdings,
Inc.,
2.50%,
8/15/2027
7,500,000
7,781,250
Spectrum
Brands,
Inc.,
3.38%,
6/1/2029
11,411,000
11,921,072
19,702,322
Energy
—
5.8
7
%
Atlas
Energy
Solutions,
Inc.,
0.50%,
4/15/2031
(b)
9,300,000
12,520,125
Canadian
Solar,
Inc.,
3.25%,
1/15/2031
(b)
9,946,000
8,946,344
Crescent
Energy
Co.,
2.75%,
3/15/2031
(b)
7,500,000
7,395,000
Energy
Vault
Holdings,
Inc.,
5.25%,
3/1/2031
(b)
5,000,000
6,202,000
Eos
Energy
Enterprises,
Inc.,
1.75%,
12/1/2031
(b)
10,000,000
7,529,852
Fluence
Energy,
Inc.,
2.25%,
6/15/2030
12,000,000
15,414,314
Green
Plains,
Inc.,
2.25%,
3/15/2027
2,668,000
2,641,320
Helix
Energy
Solutions
Group,
Inc.,
9.75%,
3/1/2029
(b)
7,500,000
7,866,757
Northern
Oil
and
Gas,
Inc.,
3.63%,
4/15/2029
14,500,000
13,928,700
Plug
Power,
Inc.,
6.75%,
12/1/2033
(b)
5,500,000
7,343,661
T1
Energy,
Inc.,
5.25%,
12/1/2030
6,000,000
10,401,819
T1
Energy,
Inc.,
4.00%,
4/15/2031
3,000,000
5,212,590
105,402,482
Financials
—
5.0
9
%
Coinbase
Global,
Inc.,
0.00%,
10/1/2029
(b)
5,000,000
4,315,000
Coinbase
Global,
Inc.,
0.25%,
4/1/2030
2,837,000
2,547,626
Coinbase
Global,
Inc.,
0.00%,
10/1/2032
(b)
7,000,000
5,449,500
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Convertible
Bonds
—
83.67%
-
continued
Principal
Amount
Fair
Value
Financials
—
5.09%
-
continued
Encore
Capital
Group,
Inc.,
4.00%,
3/15/2029
$
11,250,000
$
17,233,380
EZCORP,
Inc.,
3.75%,
12/15/2029
(b)
14,000,000
44,070,088
Voyager
Technologies,
Inc.,
0.75%,
11/15/2030
(b)
8,000,000
10,497,600
WisdomTree,
Inc.,
4.63%,
8/15/2030
(b)
5,000,000
5,977,751
WisdomTree,
Inc.,
4.50%,
10/1/2031
(b)
1,000,000
1,138,100
91,229,045
Health
Care
—
11.0
1
%
Alphatec
Holdings,
Inc.,
0.75%,
8/1/2026
2,512,000
2,503,208
Alphatec
Holdings,
Inc.,
0.75%,
3/15/2030
13,500,000
12,926,250
ANI
Pharmaceuticals,
Inc.,
2.25%,
9/1/2029
11,723,000
15,205,610
Celcuity
,
Inc.,
0.25%,
8/1/2032
2,000,000
2,282,800
CONMED
Corp.,
2.25%,
6/15/2027
8,000,000
7,824,000
CRISPR
Therapeutics
AG,
1.73%,
3/1/2031
(b)
4,000,000
4,242,500
Halozyme
Therapeutics,
Inc.,
1.00%,
8/15/2028
14,000,000
20,470,308
Indivior
Pharmaceuticals,
Inc.,
0.63%,
3/15/2031
(b)
1,000,000
1,217,900
Integer
Holdings
Corp.,
1.88%,
3/15/2030
19,000,000
18,453,750
Jazz
Investments
I
Ltd.,
3.13%,
9/15/2030
10,000,000
17,057,500
Lantheus
Holdings,
Inc.,
2.63%,
12/15/2027
10,600,000
15,428,300
LeMaitre
Vascular,
Inc.,
2.50%,
2/1/2030
13,000,000
13,820,625
Ligand
Pharmaceuticals,
Inc.,
0.00%,
9/15/2031
(b)
8,750,000
9,887,500
LivaNova
PLC,
2.50%,
3/15/2029
8,000,000
10,900,800
Merit
Medical
Systems,
Inc.,
3.00%,
2/1/2029
15,000,000
16,185,000
Mirum
Pharmaceuticals,
Inc.,
0.00%,
6/1/2032
(b)
1,000,000
1,083,000
Nuvation
Bio,
Inc.,
0.75%,
7/1/2032
500,000
521,562
Ocugen
,
Inc.,
6.75%,
5/15/2034
(b)
1,500,000
1,360,500
Pacira
BioSciences
,
Inc.,
2.13%,
5/15/2029
8,000,000
7,992,800
Repligen
Corp.,
1.00%,
12/15/2028
5,000,000
5,139,361
Tempus
AI,
Inc.,
0.75%,
7/15/2030
(b)
8,000,000
8,476,310
Zoetis,
Inc.,
0.25%,
6/15/2029
(b)
5,000,000
4,550,169
197,529,753
Industrials
—
10.6
2
%
Alarm.com
Holdings,
Inc.,
2.25%,
6/1/2029
11,000,000
10,464,300
Astronics
Corp.,
5.50%,
3/15/2030
1,000,000
3,721,300
Astronics
Corp.,
0.00%,
1/15/2031
(b)
10,000,000
19,385,000
BWX
Technologies,
Inc.,
0.00%,
11/1/2030
(b)
15,570,000
15,982,605
Fluor
Corp.,
1.13%,
8/15/2029
14,889,000
19,753,981
Granite
Construction,
Inc.,
3.25%,
6/15/2030
(b)
15,000,000
31,436,250
Greenbrier
Companies,
Inc.
(The),
2.88%,
4/15/2028
11,795,000
13,492,300
Itron
,
Inc.,
1.38%,
7/15/2030
10,000,000
9,984,390
Itron
,
Inc.,
0.00%,
3/15/2032
(b)
5,000,000
4,747,144
Joby
Aviation,
Inc.,
0.75%,
2/15/2032
9,640,000
8,791,680
Knight-Swift
Transportation
Holdings,
Inc.,
1.00%,
11/15/2031
(b)
9,500,000
11,069,875
OSI
Systems,
Inc.,
2.25%,
8/1/2029
12,008,000
16,054,803
Scorpio
Tankers,
Inc.,
1.75%,
4/15/2031
(b)
8,500,000
8,463,450
Tetra
Tech,
Inc.,
2.25%,
8/15/2028
16,226,000
17,106,260
190,453,338
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Convertible
Bonds
—
83.67%
-
continued
Principal
Amount
Fair
Value
Materials
—
2.
20
%
Almonty
Industries,
Inc.,
2.25%,
7/1/2031
(b)
$
5,250,000
$
5,617,500
B2Gold
Corp.,
2.75%,
2/1/2030
(b)
6,500,000
9,056,125
Century
Aluminum
Co.,
2.75%,
5/1/2028
6,938,000
17,133,391
McEwen
Mining,
Inc.,
5.25%,
8/15/2030
(b)
4,000,000
7,682,000
39,489,016
Real
Estate
—
0.26%
Redfin
Corp.,
0.50%,
4/1/2027
4,925,000
4,752,625
Technology
—
37.4
1
%
A10
Networks,
Inc.,
2.75%,
4/1/2030
10,000,000
17,013,000
Akamai
Technologies,
Inc.,
1.13%,
2/15/2029
9,327,000
11,116,259
Akamai
Technologies,
Inc.,
0.00%,
5/15/2032
(b)
5,500,000
5,070,337
Akamai
Technologies,
Inc.,
0.25%,
5/15/2033
(b)
6,000,000
8,764,501
Alkami
Technology,
Inc.,
1.50%,
3/15/2030
7,000,000
6,699,255
Applied
Optoelectronics,
Inc.,
2.75%,
1/15/2030
7,000,000
24,954,300
Bentley
Systems,
Inc.,
0.38%,
7/1/2027
11,500,000
11,054,950
BlackLine
,
Inc.,
1.00%,
6/1/2029
11,000,000
10,153,000
Box,
Inc.,
1.50%,
9/15/2029
10,000,000
9,785,000
Camtek
Ltd.,
0.00%,
9/15/2030
(b)
7,000,000
11,721,907
Check
Point
Software
Technologies
Ltd.,
0.00%,
12/15/2030
(b)
12,500,000
11,625,530
Ciena
Corp.,
0.00%,
9/15/2031
(b)
1,750,000
1,846,250
Cipher
Mining,
Inc.,
1.75%,
5/15/2030
3,000,000
16,837,378
Cipher
Mining,
Inc.,
0.00%,
10/1/2031
(b)
5,000,000
8,778,116
Cleanspark
,
Inc.,
0.00%,
2/15/2032
(b)
4,000,000
4,060,200
Cloudflare,
Inc.,
0.00%,
6/15/2030
11,000,000
13,937,000
Cohu
,
Inc.,
1.50%,
1/15/2031
(b)
11,050,000
31,315,888
Commvault
Systems,
Inc.,
0.00%,
9/15/2030
(b)
11,500,000
10,960,523
CoreWeave
,
Inc.,
1.75%,
10/1/2032
(b)
16,000,000
17,660,800
Datadog,
Inc.,
0.00%,
12/1/2029
6,416,000
9,136,384
Enovix
Corp.,
4.75%,
9/15/2030
(b)
3,556,000
3,067,050
Euronet
Worldwide,
Inc.,
0.63%,
10/1/2030
(b)
9,000,000
8,122,057
Evolent
Health,
Inc.,
4.50%,
8/15/2031
(b)
7,500,000
5,976,562
Global
Payments,
Inc.,
1.50%,
3/1/2031
9,537,000
8,583,300
Guidewire
Software,
Inc.,
1.25%,
11/1/2029
12,000,000
11,550,000
IMAX
Corp.,
0.75%,
11/15/2030
(b)
13,500,000
15,433,875
IREN
Ltd.,
0.00%,
7/1/2031
(b)
3,000,000
2,616,750
IREN
Ltd.,
0.25%,
6/1/2032
(b)
5,500,000
6,054,125
IREN
Ltd.,
1.00%,
6/1/2033
(b)
8,000,000
8,844,000
Life360,
Inc.,
0.00%,
6/1/2030
(b)
12,457,000
12,877,424
Microchip
Technology,
Inc.,
0.00%,
2/15/2030
(b)
6,000,000
6,921,136
MKS,
Inc.,
1.25%,
6/1/2030
12,292,000
36,228,389
Nebius
Group
NV,
2.75%,
9/15/2032
(b)
6,000,000
12,836,540
Nutanix,
Inc.,
0.50%,
12/15/2029
10,000,000
9,864,000
ON
Semiconductor
Corp.,
0.50%,
3/1/2029
12,168,000
14,692,860
ON
Semiconductor
Corp.,
0.00%,
5/1/2031
(b)
3,000,000
2,989,500
Onto
Innovation,
Inc.,
0.00%,
6/1/2031
(b)
7,000,000
9,246,300
PagerDuty,
Inc.,
1.50%,
10/15/2028
9,000,000
8,454,600
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Convertible
Bonds
—
83.67%
-
continued
Principal
Amount
Fair
Value
Technology
—
37.41%
-
continued
PAR
Technology
Corp.,
4.00%,
3/15/2031
(b)
$
10,000,000
$
12,430,000
Parsons
Corp.,
2.63%,
3/1/2029
14,833,000
14,629,788
Penguin
Solutions,
Inc.,
2.00%,
8/15/2030
5,000,000
14,180,000
Pitney
Bowes,
Inc.,
1.50%,
8/15/2030
(b)
10,000,000
13,487,500
Progress
Software
Corp.,
3.50%,
3/1/2030
11,335,000
10,894,727
Rapid7,
Inc.,
0.25%,
3/15/2027
7,000,000
6,754,998
Rapid7,
Inc.,
1.25%,
3/15/2029
2,000,000
1,709,940
Repay
Holdings
Corp.,
2.88%,
7/15/2029
(b)
9,400,000
8,563,400
Semtech
Corp.,
1.63%,
11/1/2027
5,500,000
23,804,000
SMART
Global
Holdings,
Inc.,
2.00%,
2/1/2029
(b)
2,000,000
7,260,000
Snowflake,
Inc.,
0.00%,
10/1/2029
4,000,000
7,082,400
Super
Micro
Computer,
Inc.,
0.00%,
6/15/2030
(b)
9,000,000
8,000,415
Synaptics
,
Inc.,
0.75%,
12/1/2031
2,000,000
2,973,613
TeraWulf
,
Inc.,
1.00%,
9/1/2031
(b)
5,000,000
10,716,976
TeraWulf
,
Inc.,
0.00%,
5/1/2032
(b)
4,974,000
7,379,957
Tyler
Technologies,
Inc.,
0.50%,
7/15/2031
(b)
11,000,000
10,909,250
Ultra
Clean
Holdings,
Inc.,
0.00%,
3/15/2031
(b)
11,936,000
22,437,805
Varonis
Systems,
Inc.,
1.00%,
9/15/2029
13,500,000
13,111,875
Veeco
Instruments,
Inc.,
2.88%,
6/1/2029
4,500,000
12,007,615
Vishay
Intertechnology
,
Inc.,
2.25%,
9/15/2030
8,531,000
16,946,832
Wix.com
Ltd.,
0.00%,
9/15/2030
(b)
11,000,000
8,394,834
Workiva,
Inc.,
1.25%,
8/15/2028
4,000,000
3,749,000
Zscaler,
Inc.,
0.00%,
7/15/2028
(b)
7,500,000
6,937,500
671,211,471
Utilities
—
1
.
00
%
CenterPoint
Energy,
Inc.,
2.88%,
5/15/2029
(b)
2,500,000
2,518,632
Ormat
Technologies,
Inc.,
1.50%,
3/15/2031
(b)
7,000,000
7,621,600
WEC
Energy
Group,
Inc.,
3.38%,
6/1/2028
(b)
7,500,000
7,794,375
17,934,607
TOTAL
CONVERTIBLE
BONDS
(Cost $1,215,463,164)
1,501,066,583
Money
Market
Funds
-
14.17%
Shares
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(c)
225,872,976
225,872,976
Morgan
Stanley
Institutional
Liquidity
Funds
Treasury
Securities
Portfolio,
Institutional
Class,
3.51%
(c)
28,398,715
28,398,716
254,271,692
TOTAL
MONEY
MARKET
FUNDS
(Cost
$254,271,692)
254,271,692
Total
Investments
—
99.77%
(Cost
$1,499,566,039)
1,789,904,401
Other
Assets
in
Excess
of
Liabilities
—
0.23%
4,082,308
Net
Assets
—
100.00%
$
1,793,986,709
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
(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,
2026.
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Securities
Sold
Short
June
30,
2026
(Unaudited)
Common
Stocks
-
Short
-
(45.
54
)%
Shares
Fair
Value
Communications
-
(2.1
8
)%
AMC
Networks,
Inc.,
Class
A
(265,500)
$
(2,649,690)
AST
SpaceMobile
,
Inc.
(132,970)
(11,815,714)
BlackSky
Technology,
Inc.
(207,707)
(5,799,179)
IMAX
Corp.
(205,579)
(8,194,379)
Upwork,
Inc.
(2,000)
(16,720)
Yandex
N.V.,
Class
A
(38,362)
(10,594,434)
(39,070,116)
Consumer
Discretionary
-
(3.3
2
)%
Cracker
Barrel
Old
Country
Store,
Inc.
(97,466)
(5,194,938)
Etsy,
Inc.
(126,530)
(9,531,505)
Freshpet
,
Inc.
(93,300)
(5,515,896)
indie
Semiconductor,
Inc.,
Class
A
(927,294)
(4,163,550)
LCI
Industries
(58,800)
(6,225,744)
Live
Nation
Entertainment,
Inc.
(42,877)
(7,851,208)
Norwegian
Cruise
Lines
Holdings
Ltd.
(116,700)
(2,463,537)
Patrick
Industries,
Inc.
(145,103)
(13,027,347)
Wayfair,
Inc.,
Class
A
(51,705)
(4,778,576)
Winnebago
Industries,
Inc.
(28,000)
(874,720)
(59,627,021)
Consumer
Staples
-
(0.30)%
Post
Holdings,
Inc.
(32,879)
(2,901,901)
Spectrum
Brands,
Inc.
(28,160)
(2,414,720)
(5,316,621)
Energy
-
(2.7
0
)%
Atlas
Energy
Solutions,
Inc.
(516,247)
(8,574,863)
Canadian
Solar,
Inc.
(260,417)
(4,171,880)
Crescent
Energy
Co.,
Class
A
(345,108)
(3,388,961)
Energy
Vault
Holdings,
Inc.
(807,850)
(3,804,974)
Eos
Energy
Enterprises,
Inc.
(459,500)
(2,701,860)
Fluence
Energy,
Inc.
(417,792)
(8,305,705)
Green
Plains,
Inc.
(6,600)
(101,508)
Northern
Oil
and
Gas,
Inc.
(170,089)
(3,087,115)
Plug
Power,
Inc.
(1,469,673)
(3,982,814)
T1
Energy,
Inc.
(1,093,207)
(10,363,602)
(48,483,282)
Financials
-
(3.6
4
)%
Coinbase
Global,
Inc.,
Class
A
(19,448)
(2,843,103)
Encore
Capital
Group,
Inc.
(119,393)
(11,138,173)
EZCORP,
Inc.,
Class
A
(1,190,854)
(41,167,822)
Voyager
Technologies,
Inc.
(206,774)
(6,668,462)
WisdomTree
Investments,
Inc.
(208,083)
(3,524,926)
(65,342,486)
Health
Care
-
(
4
.
99
)%
Alphatec
Holdings,
Inc.
(495,000)
(4,281,750)
ANI
Pharmaceuticals,
Inc.
(117,153)
(9,697,925)
Celcuity
,
Inc.
(12,552)
(1,313,190)
CONMED
Corp.
(1,800)
(58,914)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Securities
Sold
Short
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
-
Short
-
(45.54)%
-
continued
Shares
Fair
Value
Health
Care
-
(4.99)%
-
continued
CRISPR
Therapeutics
AG
(37,300)
$
(2,034,342)
Halozyme
Therapeutics,
Inc.
(179,483)
(14,048,134)
Indivior
Pharmaceuticals,
Inc.
(17,000)
(697,510)
Integer
Holdings
Corp.
(36,468)
(3,407,935)
Jazz
Pharmaceuticals
PLC
(54,070)
(13,029,248)
Lantheus
Holdings,
Inc.
(78,200)
(8,675,507)
LeMaitre
Vascular,
Inc.
(59,011)
(5,662,696)
Ligand
Pharmaceuticals,
Inc.,
Class
B
(17,500)
(5,531,575)
LivaNova
PLC
(78,372)
(6,444,529)
Merit
Medical
Systems,
Inc.
(87,544)
(6,070,301)
Mirum
Pharmaceuticals,
Inc.
(5,450)
(638,032)
Nuvation
Bio,
Inc.
(50,000)
(284,000)
Ocugen
,
Inc.
(213,635)
(326,862)
Pacira
BioSciences
,
Inc.
(75,741)
(1,921,549)
Repligen
Corp.
(10,383)
(1,416,657)
Tempus
AI,
Inc.,
Class
A
(55,783)
(3,231,509)
Zoetis,
Inc.,
Class
A
(9,801)
(704,300)
(89,476,465)
Industrials
-
(6.
58
)%
Alarm.com
Holdings,
Inc.
(34,216)
(1,598,572)
Astronics
Corp.
(239,543)
(19,258,189)
BWX
Technologies,
Inc.
(37,500)
(7,299,375)
Camtek
Ltd.
(55,316)
(9,023,146)
Fluor
Corp.
(211,753)
(11,093,740)
Granite
Construction,
Inc.
(174,400)
(27,569,151)
Greenbrier
Companies,
Inc.
(The)
(109,606)
(5,371,790)
Itron
,
Inc.
(69,528)
(6,016,258)
Joby
Aviation,
Inc.
(536,282)
(4,783,635)
Knight-Swift
Transportation
Holdings,
Inc.
(84,603)
(6,588,036)
OSI
Systems,
Inc.
(46,700)
(10,213,289)
Scorpio
Tankers,
Inc.
(56,552)
(3,916,792)
Tetra
Tech,
Inc.
(187,082)
(5,404,799)
(118,136,772)
Materials
-
(1.7
0
)%
Almonty
Industries,
Inc.
(121,151)
(2,006,261)
B2Gold
Corp.
(1,634,592)
(6,113,374)
Century
Aluminum
Co.
(364,200)
(16,756,842)
McEwen
Mining,
Inc.
(311,815)
(5,653,206)
(30,529,683)
Technology
-
(19.
77
)%
A10
Networks,
Inc.
(313,249)
(11,702,983)
Akamai
Technologies,
Inc.
(125,364)
(14,819,277)
Alkami
Technology,
Inc.
(72,556)
(1,314,715)
Applied
Optoelectronics,
Inc.
(154,865)
(22,944,798)
Bentley
Systems,
Inc.,
Class
B
(4,000)
(119,560)
BlackLine
,
Inc.
(50,352)
(1,413,381)
Box,
Inc.,
Class
A
(69,951)
(1,856,500)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Securities
Sold
Short
(continued)
June
30,
2026
(Unaudited)
Common
Stocks
-
Short
-
(45.54)%
-
continued
Shares
Fair
Value
Technology
-
(19.77)%
-
continued
Check
Point
Software
Technologies
Ltd.
(12,935)
$
(1,700,047)
Ciena
Corp.
(1,548)
(759,387)
Cipher
Mining,
Inc.
(924,035)
(22,638,857)
Cleanspark
,
Inc.
(165,700)
(2,410,935)
Cloudflare,
Inc.,
Class
A
(31,109)
(7,630,416)
Cohu
,
Inc.
(375,274)
(27,736,501)
Commvault
Systems,
Inc.
(20,599)
(2,919,496)
CoreWeave
,
Inc.,
Class
A
(112,200)
(11,168,387)
Datadog,
Inc.,
Class
A
(21,781)
(5,670,901)
Enovix
Corp.
(244,500)
(1,484,115)
Euronet
Worldwide,
Inc.
(33,300)
(2,437,227)
Evolent
Health,
Inc.,
Class
A
(378,787)
(2,053,026)
Global
Payments,
Inc.
(22,900)
(1,661,624)
Guidewire
Software,
Inc.
(18,600)
(2,288,730)
IREN
Ltd.
(250,553)
(11,457,789)
Life360,
Inc.
(85,541)
(4,735,550)
Microchip
Technology,
Inc.
(36,563)
(3,334,546)
MKS,
Inc.
(74,500)
(33,137,600)
Nutanix,
Inc.,
Class
A
(49,193)
(2,506,875)
ON
Semiconductor
Corp.
(84,432)
(7,982,201)
Onto
Innovation,
Inc.
(13,926)
(5,270,295)
PagerDuty,
Inc.
(37,050)
(357,533)
PAR
Technology
Corp.
(393,636)
(6,857,139)
Parsons
Corp.
(42,136)
(2,207,505)
Penguin
Solutions,
Inc.
(255,133)
(19,392,659)
Pitney
Bowes,
Inc.
(525,432)
(9,205,569)
Progress
Software
Corp.
(49,131)
(1,649,819)
Rapid7,
Inc.
(8,000)
(64,800)
Repay
Holdings
Corp.,
Class
A
(270,479)
(1,136,012)
Semtech
Corp.
(147,150)
(23,816,228)
Snowflake,
Inc.,
Class
A
(21,546)
(5,483,457)
Super
Micro
Computer,
Inc.
(111,495)
(3,270,148)
Synaptics
,
Inc.
(16,700)
(2,074,641)
TeraWulf
,
Inc.
(571,273)
(14,110,443)
Tyler
Technologies,
Inc.
(16,884)
(4,937,895)
Ultra
Clean
Holdings,
Inc.
(117,635)
(16,773,575)
Varonis
Systems,
Inc.
(53,325)
(2,237,517)
Veeco
Instruments,
Inc.
(148,063)
(11,223,175)
Vishay
Intertechnology
,
Inc.
(243,640)
(13,102,959)
Wix.com
Ltd.
(20,275)
(919,877)
Workiva,
Inc.,
Class
A
(5,935)
(287,907)
Zscaler,
Inc.
(2,408)
(339,889)
(354,604,466)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Securities
Sold
Short
(continued)
June
30,
2026
(Unaudited)
Utilities
-
(0.36)%
CenterPoint
Energy,
Inc.
(12,800)
$
(563,712)
Ormat
Technologies,
Inc.
(32,301)
(3,517,578)
WEC
Energy
Group,
Inc.
(19,950)
(2,329,562)
(6,410,852)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $645,349,336)
(816,997,764)
TOTAL
SECURITIES
SOLD
SHORT
-
(45.54)%
(Proceeds
Received
$645,349,336)
(816,997,764)
Absolute
Convertible
Arbitrage
Fund
Schedule
of
Futures
Contracts
June
30,
2026
(Unaudited)
Futures
Contracts
Contracts
Expiration
Date
Notional
Amount
Value/
Unrealized
Depreciation
SHORT
CONTRACTS
CBOT
5-Year
US
Treasury
Note
Future
(600)
October
2026
$
(64,228,125)
$
(3,750)
Total
Futures
$
(3,750)
Absolute
Flexible
Fund
Schedule
of
Investments
June
30,
2026
(Unaudited)
Convertible
Bonds
—
87.03%
Principal
Amount
Fair
Value
Communications
—
5.81%
AST
SpaceMobile
,
Inc.,
2.25%,
4/15/2036
(a)
$
1,000,000
$
1,078,000
BlackSky
Technology,
Inc.,
8.25%,
8/1/2033
(a)
1,000,000
1,288,500
2,366,500
Consumer
Discretionary
—
1.43%
Etsy,
Inc.,
1.00%,
6/15/2030
(a)
500,000
580,850
Energy
—
6.47%
Canadian
Solar,
Inc.,
3.25%,
1/15/2031
(a)
1,000,000
899,492
T1
Energy,
Inc.,
5.25%,
12/1/2030
1,000,000
1,733,636
2,633,128
Financials
—
1.06%
Coinbase
Global,
Inc.,
0.00%,
10/1/2029
(a)
500,000
431,500
Health
Care
—
15.92%
Alphatec
Holdings,
Inc.,
0.75%,
3/15/2030
1,000,000
957,500
Integer
Holdings
Corp.,
1.88%,
3/15/2030
1,000,000
971,250
LeMaitre
Vascular,
Inc.,
2.50%,
2/1/2030
1,000,000
1,063,125
Ocugen
,
Inc.,
6.75%,
5/15/2034
(a)
1,000,000
907,000
Pacira
BioSciences
,
Inc.,
2.13%,
5/15/2029
1,000,000
999,100
Repligen
Corp.,
1.00%,
12/15/2028
1,000,000
1,027,872
Tempus
AI,
Inc.,
0.00%,
5/15/2032
(a)
500,000
562,178
6,488,025
Industrials
—
8.71%
Joby
Aviation,
Inc.,
0.75%,
2/15/2032
1,000,000
912,000
Knight-Swift
Transportation
Holdings,
Inc.,
1.00%,
11/15/2031
(a)
500,000
582,625
Scorpio
Tankers,
Inc.,
1.75%,
4/15/2031
(a)
1,000,000
995,700
Tetra
Tech,
Inc.,
2.25%,
8/15/2028
1,000,000
1,054,250
3,544,575
Technology
—
47.63%
A10
Networks,
Inc.,
2.75%,
4/1/2030
1,000,000
1,701,300
Alkami
Technology,
Inc.,
1.50%,
3/15/2030
1,000,000
957,036
Box,
Inc.,
1.50%,
9/15/2029
500,000
489,250
Check
Point
Software
Technologies
Ltd.,
0.00%,
12/15/2030
(a)
1,000,000
930,042
Cohu
,
Inc.,
1.50%,
1/15/2031
(a)
500,000
1,417,008
Commvault
Systems,
Inc.,
0.00%,
9/15/2030
(a)
1,500,000
1,429,634
Datadog,
Inc.,
0.00%,
12/1/2029
1,000,000
1,424,000
IREN
Ltd.,
0.00%,
7/1/2031
(a)
1,000,000
872,250
Microchip
Technology,
Inc.,
0.00%,
2/15/2030
(a)
500,000
576,761
ON
Semiconductor
Corp.,
0.50%,
3/1/2029
1,000,000
1,207,500
Parsons
Corp.,
2.63%,
3/1/2029
1,000,000
986,300
Progress
Software
Corp.,
3.50%,
3/1/2030
1,000,000
961,158
Rapid7,
Inc.,
0.25%,
3/15/2027
1,123,000
1,083,695
TeraWulf
,
Inc.,
1.00%,
9/1/2031
(a)
500,000
1,071,698
Unity
Software,
Inc.,
0.00%,
3/15/2030
(a)
1,000,000
1,132,500
Varonis
Systems,
Inc.,
1.00%,
9/15/2029
1,500,000
1,456,875
Wix.com
Ltd.,
0.00%,
9/15/2030
(a)
1,000,000
763,167
Absolute
Flexible
Fund
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
Convertible
Bonds
—
87.03%
-
continued
Principal
Amount
Fair
Value
Technology
—
47.63%
-
continued
Workiva,
Inc.,
1.25%,
8/15/2028
$
1,000,000
$
937,250
19,397,424
TOTAL
CONVERTIBLE
BONDS
(Cost $31,291,261)
35,442,002
Money
Market
Funds
-
14.32%
Shares
First
American
Treasury
Obligations
Fund,
Class
X,
3.58%
(b)
5,832,089
5,832,089
TOTAL
MONEY
MARKET
FUNDS
(Cost
$5,832,089)
5,832,089
Total
Investments
—
101.35%
(Cost
$37,123,350)
41,274,091
Liabilities
in
Excess
of
Other
Assets
—
(1.35)%
(549,797)
Net
Assets
—
100.00%
$
40,724,294
(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,
2026.
Absolute
Flexible
Fund
Schedule
of
Securities
Sold
Short
June
30,
2026
(Unaudited)
Common
Stocks
-
Short
-
(
24.98)%
Shares
Fair
Value
Communications
-
(
2.83)%
AST
SpaceMobile
,
Inc.
(6,850)
$
(608,691)
BlackSky
Technology,
Inc.
(19,500)
(544,440)
(1,153,131)
Consumer
Discretionary
-
(
0.71)%
Etsy,
Inc.
(3,850)
(290,021)
Energy
-
(
3.44)%
Canadian
Solar,
Inc.
(22,983)
(368,188)
T1
Energy,
Inc.
(109,000)
(1,033,319)
(1,401,507)
Financials
-
(
0.13)%
Coinbase
Global,
Inc.,
Class
A
(350)
(51,167)
Health
Care
-
(
2.72)%
Alphatec
Holdings,
Inc.
(33,650)
(291,073)
LeMaitre
Vascular,
Inc.
(1,000)
(95,960)
Ocugen
,
Inc.
(66,233)
(101,336)
Pacira
BioSciences
,
Inc.
(4,400)
(111,628)
Repligen
Corp.
(1,500)
(204,660)
Tempus
AI,
Inc.,
Class
A
(5,200)
(301,236)
(1,105,893)
Industrials
-
(
3.02)%
Joby
Aviation,
Inc.
(54,850)
(489,262)
Knight-Swift
Transportation
Holdings,
Inc.
(2,848)
(221,774)
Scorpio
Tankers,
Inc.
(4,500)
(311,670)
Tetra
Tech,
Inc.
(7,215)
(208,441)
(1,231,147)
Technology
-
(
12.13)%
A10
Networks,
Inc.
(23,357)
(872,618)
Alkami
Technology,
Inc.
(4,600)
(83,352)
Cohu
,
Inc.
(14,500)
(1,071,694)
Datadog,
Inc.,
Class
A
(2,300)
(598,828)
IREN
Ltd.
(7,345)
(335,887)
Microchip
Technology,
Inc.
(1,900)
(173,280)
ON
Semiconductor
Corp.
(5,495)
(519,497)
Parsons
Corp.
(3,000)
(157,170)
Progress
Software
Corp.
(1,410)
(47,348)
TeraWulf
,
Inc.
(31,000)
(765,700)
Unity
Software,
Inc.
(11,071)
(316,409)
(4,941,783)
TOTAL
COMMON
STOCKS -
SHORT
(Proceeds
Received $8,760,415)
(10,174,649)
TOTAL
SECURITIES
SOLD
SHORT
-
(
24.98)%
(Proceeds
Received
$8,760,415)
(10,174,649)