UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number: 811-21422

Trust for Advised Portfolios
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip code)

Christopher E. Kashmerick

Trust for Advised Portfolios

2020 East Financial Way, Suite 100

Glendora, CA 91741

(Name and address of agent for service)

(626) 914-7385

Registrant's telephone number, including area code

Date of fiscal year end: June 30

Date of reporting period: September 30, 2019

Item 1. Schedule of Investments.

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

COMMON STOCKS - 0.0%				Shares			Value
Telecommunications
Samsung SDI Co. Ltd. ⁽¹⁾					222		$	10,405
TOTAL COMMON STOCKS (Cost $11,161)								10,405

FOREIGN GOVERNMENT NOTES/BONDS - 8.5% ⁽¹⁾⁽²⁾				Amount			Value
French Republic Government Bond OAT
0.721%, 05/25/2050					1,510,000	EUR		2,090,955
Italy Buoni Poliennali Del Tesoro
1.884%, 09/01/2049					3,330,000	EUR		5,264,190
2.114%, 03/01/2067					1,430,000	EUR		1,856,938
Republic of South Africa Government Bond
9.471%, 02/28/2035					101,990,000	ZAR		6,343,313
TOTAL FOREIGN GOVERNMENT NOTES/BONDS (Cost $15,961,594)								15,555,396

PURCHASED OPTIONS AND WARRANTS - 5.6%		Contracts		Notional			Value
Call Options Purchased - 0.3%
Crude Oil Dec 19 Futures at $90, October 28, 2019 ⁽³⁾			30		1,777,500	USD		1,200
Crude Oil Dec 19 Futures at $100, October 28, 2019 ⁽³⁾			30		1,777,500	USD		600
Crude Oil Dec 21 Futures at $90, October 26, 2021 ⁽³⁾			30		1,662,600	USD		18,000
Crude Oil Dec 21 Futures at $100, October 26, 2021 ⁽³⁾			30		1,662,600	USD		12,000
Gold Dec 19 Futures at $1,400, November 25, 2019 ⁽³⁾			68		10,015,720	USD		529,720
Nikkei 225 at $22,625, November 11, 2019 ⁽¹⁾			52		10,460,506	JPY		50,497
Silver Nov 19 Futures at $18, October 28, 2019 ⁽³⁾			49		4,164,510	USD		36,260
Total Call Options Purchased (Premiums Paid $600,591)								648,277

Put Option Purchased - 0.3%
Euro STOXX 50 at $3,375, November 15, 2019 ⁽¹⁾			328		12,765,010	EUR		90,449
Gold Dec 19 Futures at $1,450, November 25, 2019 ⁽³⁾			141		20,767,890	USD		258,030
E-mini S&P 500 at $2,850, October 31, 2019			71		10,573,675	USD		70,645
E-mini S&P 500 at $2,900, October 31, 2019			87		12,956,475	USD		123,540
Total Put Option Purchased (Premiums Paid $580,727)								542,664

Over-The-Counter Options Purchased - 0.5%	Counterparty ^a
AUD Call / CAD Put at 0.930, November 1, 2019	JPM				31,449,000	AUD		5,710
AUD Call / NZD Put at 1.080, Jaunary 7, 2020	JPM				23,420,000	AUD		158,247
AUD Call / NZD Put at 1.090, October 31, 2019	JPM				7,807,000	AUD		10,469
CAD Put / NOK Call at 6.450, February 28, 2020 ⁽⁴⁾⁽⁵⁾	JPM				421,000	CAD		45,367
CAD Put / NOK Call at 6.550, December 9, 2019 ⁽⁴⁾⁽⁵⁾	JPM				335,000	CAD		26,588
EUR Call / JPY Put at 122.000, October 16, 2019	JPM				19,164,000	EUR		1,003
EUR Call / USD Put at 1.120, November 1, 2019	JPM				19,247,000	EUR		16,342
EUR Call / USD Put at 1.130, November 1, 2019 ⁽⁵⁾	JPM				205,000	EUR		7,109
EUR Call / USD Put at 1.135, November 1, 2019 ⁽⁵⁾	JPM				385,000	EUR		8,637
EUR Call / USD Put at 1.140, November 1, 2019 ⁽⁵⁾	JPM				377,000	EUR		5,509
EUR Call / USD Put at 1.150, November 1, 2019 ⁽⁵⁾	JPM				185,000	EUR		1,180
EUR Call / USD Put at 1.160, November 1, 2019 ⁽⁵⁾	JPM				185,000	EUR		539
EUR Call / USD Put at 1.170, November 1, 2019 ⁽⁵⁾	JPM				185,000	EUR		257
EUR Call / USD Put at 1.180, December 12, 2019 ⁽⁴⁾⁽⁵⁾	GS				1,824,000	EUR		39,135
EUR Put / HUF Call at 333.000, October 30, 2019	JPM				14,499,000	EUR		55,880
EUR Put / USD Call at 1.050, February 28, 2020 ⁽⁴⁾⁽⁵⁾	GS				1,028,000	EUR		256,494
EUR/USD >= 1.1175 and SX5E <= 3364, December 20, 2019 ⁽⁶⁾	GS				967,000	EUR		103,291
EUR/GBP <= 0.8625 and EUR/CHF >= 1.1039, November 22, 2019 ⁽⁶⁾	GS				967,000	EUR		38,340
EUR/USD >= 1.1503 and EUR/MXN <= 21.5681, September 26, 2019 ⁽⁶⁾	GS				562,000	EUR		–
GBP Call / USD Knock-in Put at 1.270, October 28, 2019 ⁽⁷⁾	JPM				8,484,000	GBP		876
GBP Put / USD Knock-in Call at 1.210, October 28, 2019 ⁽⁵⁾⁽⁸⁾	GS				424,000	GBP		50,920
NZD Call / JPY Put at 74.000, December 11, 2019 ⁽⁵⁾	JPM				1,891,000	NZD		216
USD Call / GBP Put at 0.810, October 25, 2019	JPM				10,395,000	USD		128,098
Total Over-The-Counter Options Purchased (Premiums Paid $1,655,058)								960,207

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)


Warrants - 4.5%	Counterparty ^a	Contracts		Notional			Value
Euro STOXX 50 Index Dispersion Warrants ⁽¹⁾⁽⁹⁾
Effective: 10/04/2018, Expiration: 12/20/2019, Strike: 16.50%	HSBC		520		520,000	EUR	$	715,997
Effective: 10/18/2018, Expiration: 12/20/2019, Strike: 16.81%	JPM		6		600,000	EUR		891,249
Effective: 03/21/2019, Expiration: 03/20/2020, Strike: 16.05%	JPM		7		700,000	EUR		817,051
EURO STOXX Select Dividend 30 Index Warrant ⁽¹⁾
Effective: 07/10/2019, Expiration: 06/19/2020, Strike: 15.18%	UBS		44		440,000	EUR		442,440
Multiple Markets Index Dispersion Warrants ⁽¹⁰⁾
Effective: 01/25/2019, Expiration: 03/19/2021	BNP		250		250,000	USD		247,178
Effective: 02/15/2019, Expiration: 12/18/2020 ⁽¹⁾	HSBC		4,020		402,000	EUR		408,323
Effective: 03/06/2019, Expiration: 12/18/2020	HSBC		2,980		298,000	USD		263,581
Effective: 03/19/2019, Expiration: 03/19/2021	BNP		250		250,000	USD		250,113
NASDAQ 100 Stock Index Dispersion Warrants ⁽⁹⁾
Effective: 01/10/2019, Expiration: 01/17/2020, Strike: 22.64%	HSBC		293		293,000	USD		284,140
Effective: 04/29/2019, Expiration: 06/19/2020, Strike: 18.10%	HSBC		251		251,000	USD		214,452
S&P 500 Index Dispersion Warrants ⁽⁹⁾
Effective: 11/26/2018, Expiration: 01/17/2020, Strike: 18.86%	JPM		9		900,000	USD		946,733
Effective: 12/13/2018, Expiration: 01/17/2020, Strike: 19.12%	JPM		6		600,000	USD		616,290
Effective: 01/07/2019, Expiration: 01/17/2020, Strike: 19.05%	HSBC		620		620,000	USD		618,648
Effective: 05/23/2019, Expiration: 06/19/2020, Strike: 16.94%	JPM		8		800,000	USD		812,553
Effective: 08/20/2019, Expiration: 06/19/2020, Strike: 16.95%	JPM		6		600,000	USD		592,589
Total Warrants (Cost $7,888,440)								8,121,337

TOTAL PURCHASED OPTIONS AND WARRANTS (Cost/Premiums Paid $10,724,816)								10,272,485

				Principal
SHORT-TERM INVESTMENTS - 58.0%				Amount			Value
United States Treasury Bills - 58.0% ⁽²⁾
2.351%, 11/07/2019					6,900,000	USD		6,887,850
2.362%, 11/14/2019					7,000,000	USD		6,984,621
2.022%, 11/21/2019					3,800,000	USD		3,790,350
2.028%, 11/29/2019					5,000,000	USD		4,985,270
1.859%, 01/23/2020					10,300,000	USD		10,241,638
1.916%, 02/06/2020					3,100,000	USD		3,080,307
1.860%, 02/13/2020					15,000,000	USD		14,900,297
1.850%, 02/20/2020					13,800,000	USD		13,702,837
1.852%, 02/27/2020					15,000,000	USD		14,889,637
1.846%, 03/05/2020					13,000,000	USD		12,899,999
1.841%, 03/12/2020					13,400,000	USD		13,291,639
Total United States Treasury Bills (Cost $105,623,665)								105,654,445

TOTAL SHORT-TERM INVESTMENTS (Cost $105,623,665)								105,654,445

UNITED STATES TREASURY BONDS - 14.9%
United States Treasury Inflation Indexed Bonds ⁽²⁾
0.112%, 04/15/2024					21,170,013	USD		21,452,416
0.429%, 01/15/2029					5,253,289	USD		5,587,305
TOTAL UNITED STATES TREASURY BONDS (Cost $27,005,851)								27,039,721

Investments, at value (Cost $159,327,087) - 87.0%								158,532,452
Other Assets in Excess of Liabilities - 13.0%								23,659,726
TOTAL NET ASSETS - 100.0%							$	182,192,178

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

⁽¹⁾	Foreign issued security.
⁽²⁾	Rate quoted is effective yield of position.
⁽³⁾	Position held in subsidiary.
⁽⁴⁾	One touch option - Option pays notional if spot rate meets strike at any point during the term of the option.
⁽⁵⁾	Binary option - Payoff is either notional amount or nothing.
⁽⁶⁾	Dual binary option - Option only pays if both terms are met at maturity.
⁽⁷⁾	Option includes a knock-in barrier at $1.230. The option can only be exercised if it trades at or below the level during market hours on or before expiration.
⁽⁸⁾	Option includes a knock-in barrier at $1.273. The option can only be exercised if it trades at or above the level during market hours on or before expiration.
⁽⁹⁾	The payout of the dispersion warrants is calculated with the observed volatility of a weighted basket of component stocks of the respective Index relative to each stock's assigned strike value in excess of the volatility of the respective Index relative to a strike volatility between the effective and expiration dates of the respective warrant.
⁽¹⁰⁾	The payout of the Multiple Markets Dispersion Warrants is calculated with the observed volatility of a weighted basket of indices to an assigned strike volatility for each index during the observation period for the respective warrant.

^a	Counterparty abbreviations
	BNP - BNP Paribas S.A.
	GS - Goldman Sachs
	HSBC - HSBC Bank Plc
	JPM - J.P. Morgan Investment Bank
	MS- Morgan Stanley
	UBS- UBS AG

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

WRITTEN OPTIONS - (0.1%)	Contracts			Notional				Value
Call Option Written - (0.0%)
E-mini S&P 500 at $3,080, October 31, 2019		(71	)		(10,573,675	)	USD	$	(20,235	)
Gold Dec 19 Futures at $1,650, November 25, 2019 ⁽¹⁾		(59	)		(8,690,110	)	USD		(15,340	)
Silver Dec 19 Futures at $20.00, November 25, 2019 ⁽¹⁾		(45	)		(3,824,550	)	USD		(20,475	)
Silver Dec 19 Futures at $20.50, November 25, 2019 ⁽¹⁾		(94	)		(7,989,060	)	USD		(33,840	)
Silver Dec 19 Futures at $21.00, November 25, 2019 ⁽¹⁾		(45	)		(3,824,550	)	USD		(13,275	)
Total Call Option Written (Premiums Received $580,763)									(103,165	)

Put Option Written - (0.1%)
Crude Oil Dec 19 Futures at $58, October 28, 2019 ⁽¹⁾		(99	)		(586,575	)	USD		(161,370	)
Total Put Option Written (Premiums Received $127,808)									(161,370	)

TOTAL WRITTEN OPTIONS (Premiums Received $708,571)								$	(264,535	)

⁽¹⁾	Position held in subsidiary.

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

FORWARD CURRENCY CONTRACTS ⁽¹⁾

Settlement	Currency	Pay		USD Value		Currency	Receive		USD Value		Unrealized
Date	Delivered	Amount		September 30, 2019		Received	Amount		September 30, 2019		Gain/(Loss)
10/01/2019	USD		129,216	$	129,216	EUR		118,035	$	128,663	$	(553	)
10/02/2019	AUD		65,326		44,095	USD		44,130		44,130		35
10/02/2019	USD		10,478		10,478	AUD		15,511		10,470		(8	)
10/02/2019	USD		27,412		27,412	EUR		25,071		27,330		(82	)
10/31/2019	EUR		3,857,000		4,214,656	GBP		3,421,510		4,212,710		(1,946	)
10/31/2019	EUR		1,725,986		1,886,036	USD		1,891,925		1,891,925		5,889
10/31/2019	NOK		11,462,746		1,260,722	USD		1,270,426		1,270,426		9,704
10/31/2019	SEK		17,177,821		1,748,865	USD		1,771,821		1,771,821		22,956
10/31/2019	USD		11,593,963		11,593,963	EUR		10,530,882		11,507,400		(86,563	)
10/31/2019	USD		14,833,853		14,833,853	GBP		11,944,116		14,706,107		(127,746	)
10/31/2019	USD		8,632,814		8,632,814	JPY		923,990,749		8,565,030		(67,784	)
12/18/2019	BRL		2,666,423		638,634	USD		643,246		643,246		4,612
12/18/2019	CLP		491,055,491		674,562	USD		680,198		680,198		5,636
12/18/2019	HUF		618,376,801		2,022,946	USD		2,076,200		2,076,200		53,254
12/18/2019	IDR		28,549,599,700		1,994,012	USD		2,006,000		2,006,000		11,988
12/18/2019	INR		2,173,320		30,405	USD		30,000		30,000		(405	)
12/18/2019	KRW		143,346,200		120,128	USD		120,000		120,000		(128	)
12/18/2019	MXN		165,427,391		8,276,413	USD		8,325,912		8,325,912		49,499
12/18/2019	PHP		1,043,630		20,069	USD		20,000		20,000		(69	)
12/18/2019	PLN		3,067,264		765,789	USD		776,274		776,274		10,485
12/18/2019	RUB		1,331,936		20,310	USD		20,000		20,000		(310	)
12/18/2019	SGD		9,462,876		6,852,935	USD		6,841,597		6,841,597		(11,338	)
12/18/2019	THB		159,697,240		5,229,674	USD		5,227,423		5,227,423		(2,251	)
12/18/2019	TWD		16,173,942		523,752	USD		521,492		521,492		(2,260	)
12/18/2019	USD		10,000		10,000	BRL		41,115		9,847		(153	)
12/18/2019	USD		5,178,782		5,178,782	IDR		74,406,812,319		5,196,853		18,071
12/18/2019	USD		2,804,896		2,804,896	INR		203,485,395		2,846,777		41,881
12/18/2019	USD		3,213,615		3,213,615	KRW		3,847,822,449		3,224,572		10,957
12/18/2019	USD		9,088,575		9,088,575	MXN		179,549,827		8,982,965		(105,610	)
12/18/2019	USD		3,319,554		3,319,554	PHP		173,499,554		3,336,412		16,858
12/18/2019	USD		10,000		10,000	PLN		39,925		9,968		(32	)
12/18/2019	USD		840,241		840,241	RUB		55,818,141		851,156		10,915
12/18/2019	USD		30,000		30,000	SGD		41,343		29,940		(60	)
12/18/2019	USD		110,000		110,000	TWD		3,372,020		109,194		(806	)
12/18/2019	USD		3,358,586		3,358,586	ZAR		49,415,176		3,228,968		(129,618	)
12/18/2019	ZAR		148,142,919		9,680,197	USD		9,851,537		9,851,537		171,340
											$	(93,642	)

⁽¹⁾ J.P. Morgan Securities, Inc. is the counterparty to all contracts.

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

	FUTURES CONTRACTS
	Description	Number of Contracts Long (Short)		Expiration Date	Notional Amount				Unrealized Gain/(Loss)
	Amsterdam Exchanges Index		8	October 2019		928,240		EUR	$	6,318
	Australia SPI 200 Index		34	December 2019		5,679,700		AUD		(5,597	)
	Australian 3 Year Government Bond		62	December 2019		7,172,833		AUD		23,710
	Australian 10 Year Government Bond		13	December 2019		1,915,541		AUD		14,956
	Australian Dollar		(17)	December 2019		(1,150,560	)	USD		21,457
*	Brent Crude		74	October 2021		4,101,080		USD		(301,467	)
	British Pound		(36)	December 2019		(2,774,700	)	USD		11,185
	CAC 40 Index		34	October 2019		1,929,840		EUR		20,989
	Canadian 10 Year Government Bond		10	December 2019		1,426,000		CAD		(12,104	)
	Canadian Dollar		11	December 2019		831,930		USD		(3,056	)
*	Canola		(107)	November 2019		(965,782	)	CAD		(1,128	)
	CBOE Volatility Index		(2)	October 2019		(34,250	)	USD		243
*	Cocoa		4	December 2019		97,680		USD		(1,893	)
*	Coffee 'C'		(5)	December 2019		(189,656	)	USD		(3,672	)
*	Copper		(2)	December 2019		(128,925	)	USD		95
*	Corn		(14)	December 2019		(271,600	)	USD		(14,511	)
*	Cotton No. 2		(13)	December 2019		(395,395	)	USD		14,534
	DAX Index		5	December 2019		1,551,375		EUR		4,528
	E-mini Dow		3	December 2019		403,515		USD		(1,782	)
	E-mini Russell 2000 Index		(1)	December 2019		(76,250	)	USD		2,935
	E-mini S&P 500		133	December 2019		19,807,025		USD		(55,126	)
	Euro FX Currency		1	December 2019		137,031		USD		(1,864	)
	Euro STOXX 50 Index		(438)	December 2019		(15,570,900	)	EUR		(206,941	)
	Euro STOXX 50 Volatility Index		(2)	October 2019		(3,300	)	EUR		396
	Euro-BTP Italian Government Bond		(128)	December 2019		(18,667,520	)	EUR		27,659
	Euro-Bund		64	December 2019		11,152,000		EUR		49,920
	Euro-BUXL 30 Year Bond		(33)	December 2019		(7,177,500	)	EUR		48,102
	Euro-OAT		5	December 2019		851,550		EUR		(779	)
*	European Emission Allowances		10	December 2019		247,200		EUR		(6,126	)
*	Feeder Cattle		(3)	November 2019		(212,888	)	USD		(12,391	)
	FTSE 100 Index		31	December 2019		2,288,885		GBP		42,333
	FTSE 250 Index		23	December 2019		913,744		GBP		(5,127	)
	FTSE/JSE TOP 40 Index		(4)	December 2019		(1,972,880	)	ZAR		6,149
	FTSE/MIB Index		6	December 2019		661,980		EUR		7,862
*	Gold 100 oz		17	December 2019		2,503,930		USD		(46,789	)
	Hang Seng China Enterprises Index		47	October 2019		23,993,500		HKD		(1,069	)
	Hang Seng Index		2	October 2019		2,604,200		HKD		270
*	Hard Red Winter Wheat		(5)	December 2019		(103,750	)	USD		2,115
	IBEX 35 Index		4	October 2019		369,300		EUR		8,563
	Japanese Yen		19	December 2019		2,208,275		USD		(7,820	)
	Korea Stock Exchange KOSPI 200 Index		(4)	December 2019		(274,150,000	)	KRW		(5,873	)
*	Lean Hogs		(6)	December 2019		(174,240	)	USD		(29,469	)
*	Live Cattle		(5)	December 2019		(220,600	)	USD		(14,017	)
*	London Metal Exchange Copper		1	October 2019		142,656		USD		(3,597	)
*	London Metal Exchange Copper		(1)	October 2019		(142,656	)	USD		1,191
*	London Metal Exchange Copper		(1)	November 2019		(142,950	)	USD		3,485
*	London Metal Exchange Lead		1	October 2019		53,306		USD		1,472
*	London Metal Exchange Lead		(1)	October 2019		(53,306	)	USD		(809	)
*	London Metal Exchange Lead		1	November 2019		53,469		USD		947

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

	FUTURES CONTRACTS (Continued)
	Description	Number of Contracts Long (Short)		Expiration Date	Notional Amount				Unrealized Gain/(Loss)
*	London Metal Exchange Nickel		2	October 2019		206,388		USD	$	20,382
*	London Metal Exchange Nickel		(2)	October 2019		(206,388	)	USD		13,728
*	London Metal Exchange Nickel		2	November 2019		205,320		USD		(8,436	)
*	London Metal Exchange Primary Aluminum		11	October 2019		469,563		USD		(29,064	)
*	London Metal Exchange Primary Aluminum		(11)	October 2019		(469,563	)	USD		16,255
*	London Metal Exchange Primary Aluminum		(9)	November 2019		(387,394	)	USD		24,555
*	London Metal Exchange Tin		3	October 2019		238,935		USD		(26,574	)
*	London Metal Exchange Tin		(3)	October 2019		(238,935	)	USD		13,956
*	London Metal Exchange Tin		1	November 2019		79,655		USD		(8,328	)
*	London Metal Exchange Tin		(3)	November 2019		(238,965	)	USD		26,226
*	London Metal Exchange Zinc		4	October 2019		243,150		USD		7,132
*	London Metal Exchange Zinc		(4)	October 2019		(243,150	)	USD		(17,872	)
*	London Metal Exchange Zinc		(3)	November 2019		(180,863	)	USD		(3,684	)
	Long Gilt		4	December 2019		536,960		GBP		2,036
	Mexican Peso		37	December 2019		926,110		USD		(11,585	)
*	Milling Wheat No. 2		(20)	December 2019		(174,750	)	EUR		(478	)
	MSCI Emerging Markets Index		85	December 2019		4,258,075		USD		(108,190	)
	MSCI Taiwan Stock Index		15	October 2019		610,650		USD		6,791
	MSCI World Index		(20)	December 2019		(1,279,200	)	USD		9,652
	NASDAQ 100 E-mini		(6)	December 2019		(932,460	)	USD		17,263
*	Natural Gas		(2)	October 2019		(46,600	)	USD		5,655
	New Zealand Dollar		(13)	December 2019		(815,620	)	USD		16,089
	Nikkei 225 Mini		211	October 2019		459,030,500		JPY		104,170
	OMX 30 Index		45	October 2019		7,414,875		SEK		(3,660	)
*	Palladium		2	December 2019		329,500		USD		40,925
*	Platinum		119	January 2020		5,290,740		USD		(293,303	)
*	Red Spring Wheat		(5)	December 2019		(136,125	)	USD		(3,926	)
*	Robusta Coffee		(22)	November 2019		(290,400	)	USD		1,736
	S&P/Toronto Stock Exchange 60 Index		31	December 2019		6,175,820		CAD		(11,894	)
	SGX MSCI Singapore Index		18	October 2019		646,650		SGD		1,116
	SGX Nikkei 225 Index		38	December 2019		413,060,000		JPY		84,067
*	SGX TSI Iron Ore		15	December 2019		128,445		USD		4,240
	Short-Term Euro-BTP		5	December 2019		563,450		EUR		475
*	Silver		75	December 2019		6,374,250		USD		(412,574	)
*	Soybean		(5)	November 2019		(226,500	)	USD		(7,090	)
*	Soybean Meal		(8)	December 2019		(240,800	)	USD		11,749
*	Soybean Oil		(8)	December 2019		(139,584	)	USD		(4,062	)
*	Sugar No. 11		(17)	February 2020		(240,856	)	USD		(14,771	)
*	TTF Natural Gas		(5)	October 2019		(59,011	)	EUR		249
	U.S. 5 Year Treasury Note		328	December 2019		39,080,688		USD		(14,125	)
	U.S. 10 Year Treasury Note		13	December 2019		1,694,063		USD		(24	)
	U.S. Treasury Long Bond		2	December 2019		324,625		USD		(6,691	)
*	UK Natural Gas		(5)	October 2019		(64,770	)	GBP		579
	Ultra 10-Year U.S. Treasury Note		4	December 2019		569,625		USD		(10,476	)
	Ultra T-Bond		1	December 2019		191,906		USD		(7,439	)
*	Wheat		(3)	December 2019		(74,363	)	USD		(384	)
*	White Sugar		(16)	November 2019		(275,440	)	USD		(18,367	)
									$	(1,015,564	)
*	Position held in Subsidiary

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

INTEREST RATE SWAPS *
Rate paid ¹	Rate received ¹	Payment Frequency	Effective Date	Termination Date	Notional Amount			Value			Premium Paid (Received)			Unrealized Gain/(Loss)
0.820%	AUD-BBR-BBSW 1.050%	6 Month	12/18/2019	12/18/2024		15,782,923	AUD	$	56,781		$	6,925		$	49,856
0.867%	AUD-BBR-BBSW 1.050%	6 Month	12/18/2019	12/18/2024		9,660,228	AUD		19,758			5,435			14,323
CAD-BA-CDOR 1.980%	1.470%	3 Month	12/18/2019	12/18/2024		14,310,863	CAD		(132,477	)		-			(132,477	)
CNY-CNREPOFIX 2.977%	2.870%	3 Month	12/18/2019	12/18/2024		77,741,400	CNY		(28,080	)		(5,451	)		(22,629	)
1.051%	GBP-LIBOR-BBA 0.827%	6 Month	6/26/2020	6/26/2030		25,668,139	GBP		(1,263,818	)		(177,062	)		(1,086,756	)
GBP-LIBOR-BBA 0.827%	0.900%	6 Month	6/26/2020	6/26/2025		49,535,864	GBP		985,727			387,301			598,426
HKD-HIBOR-HKAB 2.280%	1.570%	3 Month	12/18/2019	12/18/2022		31,300,000	HKD		(15,250	)		-			(15,250	)
HUF-BUBOR-Reuters 0.250%	1.080%	6 Month	12/18/2019	12/18/2029		265,900,000	HUF		(20,666	)		-			(20,666	)
HUF-BUBOR-Reuters 0.250%	0.410%	6 Month	12/18/2019	12/18/2022		1,116,900,000	HUF		(13,153	)		-			(13,153	)
NZD-BBR-FRA 1.22%	0.900%	3 Month	12/18/2019	12/18/2022		6,400,000	NZD		1,081			(987	)		2,068
PLN-WIBOR-WIBO 1.690%	1.430%	6 Month	12/18/2019	12/18/2029		4,500,000	PLN		(23,538	)		-			(23,538	)
PLN-WIBOR-WIBO 1.690%	1.450%	6 Month	12/18/2019	12/18/2022		18,600,000	PLN		(28,891	)		-			(28,891	)
SGD-SOR-VWAP 1.673%	1.590%	6 Month	12/18/2019	12/18/2029		2,000,000	SGD		(13,567	)		-			(13,567	)
SGD-SOR-VWAP 1.673%	1.470%	6 Month	12/18/2019	12/18/2022		7,500,000	SGD		(14,650	)		-			(14,650	)
USD-LIBOR-BBA 2.085%	1.280%	3 Month	12/18/2019	12/18/2022		2,700,000	USD		(17,508	)		(718	)		(16,790	)
USD-LIBOR-BBA 2.085%	1.250%	3 Month	12/18/2019	12/18/2024		44,193,300	USD		(488,188	)		(507,658	)		19,470
1.660%	USD-LIBOR-BBA 2.085%	3 Month	8/27/2024	8/27/2029		73,097,400	USD		(81,678	)		118,387			(200,065	)
Total of Interest Rate Swaps								$	(1,078,117	)	$	(173,828	)	$	(904,289	)

INFLATION SWAPS *
Rate paid ¹	Rate received ¹	Payment Frequency	Effective Date	Termination Date	Notional Amount			Value			Premium Paid (Received)			Unrealized Gain/(Loss)
UK RPI	3.470%	At maturity	11/15/2018	11/15/2023		23,006,805	GBP		(224,168	)		(8,934	)		(215,234	)
1.145%	EUR EXT CPI	At maturity	7/15/2019	7/15/2029		1,081,600	EUR		(21,520	)		-			(21,520	)
1.148%	EUR EXT CPI	At maturity	7/15/2019	7/15/2029		3,300,340	EUR		(66,697	)		(3,022	)		(63,675	)
1.980%	US CPI U	At maturity	7/15/2019	7/15/2029		8,179,000	USD		(213,056	)		-			(213,056	)
1.696%	US CPI U	At maturity	8/8/2019	8/8/2024		26,770,470	USD		(148,712	)		(5,788	)		(142,924	)
1.802%	US CPI U	At maturity	6/10/2019	6/10/2024		21,276,888	USD		(207,209	)		-			(207,209	)
UK RPI	3.515%	At maturity	4/15/2019	4/15/2024		3,899,300	GBP		(76,586	)		(48,561	)		(28,025	)
UK RPI	3.468%	At maturity	9/15/2018	9/15/2023		8,232,613	GBP		(82,703	)		1,775			(84,478	)
US CPI U	1.998%	At maturity	3/26/2019	3/26/2024		10,254,932	USD		(173,577	)		(74,411	)		(99,166	)
1.770%	US CPI U	At maturity	3/26/2019	3/26/2024		14,713,106	USD		(77,884	)		-			(77,884	)
Total of Inflation Swaps								$	(1,292,112	)	$	(138,941	)	$	(1,153,171	)

CREDIT DEFAULT SWAPS
Reference Entity	Buy/Sell Protection	Rate Paid/ (Received) by the Fund		Termination Date	Notional Amount			Value			Premium Paid (Received)			Unrealized Gain/(Loss)
Markit iTraxx Europe Crossover Index	Sell		5.00%	12/20/2024		100,000	EUR		14,160			14,844			(684	)
Markit iTraxx Europe Index	Sell		1.00%	12/20/2024		100,000	EUR		2,717			2,573			144
Markit CDX North America High Yield Index	Sell		5.00%	12/20/2024		100,000	USD		6,490			6,490			-
Markit CDX Emerging Markets Index	Sell		1.00%	12/20/2024		100,000	USD		(5,111	)		(5,061	)		(50	)
Markit CDX North American Investment Grade Index	Sell		1.00%	12/20/2024		100,000	USD		1,995			1,974			21
Total of Credit Default Swaps								$	20,251		$	20,820		$	(569	)

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

AUD-BBR-BBSW - Australian Bank Bill Swap Rate
CAD-BA-CDOR - Canada 3 Month Interbank Rate
CNY-CNREPOFIX - China Foreign Exchange Trade System 7 day Interbank Repo Fixing Rate
EUR EXT CPI - European Consumer Price Index ex Tobacco
GBP-LIBOR-BBA - British Pound Sterling - London Inter-Bank Offered Rate
HKD-HIBOR-HKAB - Hong Kong Inter-Bank Offered Rate
HUF-BUBOR-Reuters - Budapest Inter-Bank Offered Rate
NZD-BBR-FRA - New Zealand Dollar Floating Rate
PLN-WIBOR-WIBO - Offered rate for deposits in Polish Zloty
SGD-SOR-VWAP - Singapore Dollar Swap Offer Rate Volume Weighted Average Price
UK RPI - United Kingdom Retail Price Index
US CPI U - U.S. Consumer Price Index for Urban Consumers
USD-LIBOR-BBA - U.S. Dollar - London Inter-Bank Offered Rate

AUD - Australian Dollar		KRW - South-Korean Won
BRL - Brazilian Real		MXN - Mexican Peso
CAD - Canadian Dollar		NOK - Norwegian Kroner
CHF - Swiss Franc		NZD - New Zealand Dollar
CLP - Chilean Peso		PHP - Philippine Peso
CNY - Chinese Yuan		PLN - Polish Zloty
EUR - Euro		RUB - Russian Ruble
GBP - British Pound		SEK - Swedish Krona
HKD - Hong Kong Dollar		SGD - Singapore Dollar
HUF - Hungarian Forint		THB - Thai Baht
IDR - Indonesian Rupiah		TWD - Taiwan Dollar
INR - Indian Rupee		USD - US Dollar
JPY - Japanese Yen		ZAR - South African Rand

	Fulcrum Diversified Absolute Return Fund
	Consolidated Schedule of Investments
	September 30, 2019 (Unaudited)

TOTAL RETURN SWAPS *

Reference
Entity

Counterparty ^a

Rate Paid/Received ^b

Payment Frequency

Termination Date

Notional
Amount

Unrealized
Gain/(Loss)

AS51BANX

Australia 3M Interbank Rate + 0.10% (1.049%)

monthly

4/16/2020

(1,855,635

)

AUD

(7,831

)

Cosan SA

BRL CDI + 1.50% (6.900%)

monthly

9/16/2021

106,521

BRL

(688

)

GSCBFABA

Australia 3M Interbank Rate + 0.10% (1.049%)

monthly

10/7/2019

(1,639,113

)

AUD

(10,896

)

GSCBFACT

USD LIBOR 1M - 0.40% (1.616%)

monthly

8/9/2022

(1,403,184

)

USD

(1,984

)

⁴

GSCBFERU

EURIBOR 1M - 0.36% (0.817%)

monthly

4/4/2022

(1,486,422

)

EUR

(42,567

)

⁵

GSCBFGOR

USD LIBOR 1M + 0.30% (2.316%)

monthly

10/31/2019

2,323,959

USD

(148,030

)

⁶

GSCBFLPM

USD LIBOR 1M - 0.20% (1.816%)

monthly

6/27/2022

(1,110,050

)

USD

3,972

⁷

GSGLFEXC

USD LIBOR 1M + 0.40% (2.416%)

monthly

8/9/2022

1,064,927

USD

(30,654

)

⁸

GSGLFPAY

USD LIBOR 1M + 0.40% (2.416%)

monthly

6/21/2022

1,023,682

USD

(3,699

)

⁹

JPEBCSMI

JPM

CHF LIBOR 1M + 0.30% (-0.510%)

monthly

7/23/2020

1,411,197

CHF

16,457

¹⁰

JPFCITSV

JPM

USD LIBOR 1M - 0.35% (1.666%)

monthly

6/10/2020

(2,948,769

)

USD

(18,563

)

¹¹

JPFUAIR

JPM

USD LIBOR 1M - 1.05% (0.966%)

monthly

7/7/2020

(2,672,014

)

USD

(60,984

)

¹²

JPFUEOIL

JPM

EURIBOR 1M + 0.30% (-0.157%)

monthly

9/9/2020

2,577,934

EUR

37,984

¹³

JPFUMEDA

JPM

USD LIBOR 1M + 0.40% (2.416%)

monthly

8/13/2020

1,232,941

USD

(23,223

)

¹⁴

JPFUOMED

JPM

USD LIBOR 1M - 0.50% (1.516%)

monthly

8/13/2020

(2,516,440

)

USD

33,501

¹⁵

JPFUREGU

JPM

USD LIBOR 1M - 0.40% (1.616%)

monthly

7/30/2020

(2,863,130

)

USD

(50,908

)

¹⁶

JPFUSHIP

JPM

USD LIBOR 1M + 0.60% (2.616%)

monthly

7/30/2020

1,845,676

USD

10,245

¹⁷

JPTAOBRL

JPM

BRL CDI + 0.50% (5.900%)

monthly

11/13/2019

434,010

BRL

(636

)

¹⁸

KAAZ9 CO

JPM

monthly

12/19/2019

6,254,125,500

KRW

(9,293

)

¹⁹

KEZ9 COM

JPM

monthly

12/19/2019

5,213,883,600

KRW

(4,075

)

²⁰

MSFDRUS

monthly

7/1/2021

29,752,170

USD

122,153

²¹

S5UTIL I

JPM

USD LIBOR1M + 0.15% (2.166%)

monthly

7/30/2020

3,822,286

USD

61,710

²²

STBANKX

CIBOR 3M - 0.22% (1.733%)

monthly

4/12/2022

(3,925,770

)

CAD

(22,235

)

Total of Total Return Swaps

(150,244

)

^a	Counterparty abbreviations	^b	Floating rate definitions
	GS - Goldman Sachs		BRL CDI - Brazil Average One-Day Interbank Deposit
	JPM - J.P. Morgan Investment Bank		CIBOR - Canadian Interbank Offered Rate
	MS - Morgan Stanley		EURIBOR - Euro Interbank Offered Rate. The Euribor rates are based on the interest
			rates at which a panel of European banks borrow funds from one another.
			LIBOR - London Interbank Offered Rate
			NIBOR - Norwegian Interbank Offered Rate
			STIBOR - Stockholm Interbank Offered Rate

	Fulcrum Diversified Absolute Return Fund
	Consolidated Schedule of Investments
	September 30, 2019 (Unaudited)

^*	No Upfront premiums paid on the Total Return Swaps.
¹	AS51BANX - a capitalization weighted index comprised of companies in the S&P/ASX 200 Stock Index.
²	GSCBFABA is a custom basket of Australian bank stocks.
³	GSCBFACT is a custom basket of investment management company stocks.
⁴	GSCBFERU is a custom basket of European utility company stocks.
⁵	GSCBFGOR is a custom basket of precious metals mining company stocks. The components of the basket as of September 30, 2019 are shown on the following pages.
⁶	GSCBFLPM is a custom basket of financial services company stocks.
⁷	GSGLFEXC is a custom basket of financial services company stocks.
⁸	GSGLFPAY is a custom basket of financial services company stocks.
⁹	JPEBCSMI is a custom basket of Swiss stocks.
¹⁰	JPFCITSV is a custom basket of information technology company stocks. The components of the basket as of September 30, 2019 are shown on the following pages.
¹¹	JPFUAIR is a custom basket of airline company stocks. The components of the basket as of September 30, 2019 are shown on the following pages.
¹²	JPFUEOIL is a custom basket of energy company stocks. The components of the basket as of September 30, 2019 are shown on the following pages.
¹³	JPFUMEDA is a custom basket of media company stocks.
¹⁴	JPFUOMED is a custom basket of media company stocks. The components of the basket as of September 30, 2019 are shown on the following pages.
¹⁵	JPFUREGU is a custom basket of U.S. real estate company stocks. The components of the basket as of September 30, 2019 are shown on the following pages.
¹⁶	JPFUSHIP is a custom basket of transportation company stocks. The components of the basket as of September 30, 2019 are shown on the following pages.
¹⁷	JPTAOBRL is a custom basket of Brazilian stocks.
¹⁸	KAAZ9 - Underlying asset is 10-year Korea Treasury Bond future with 5% coupon rate and semiannual coupon payment.
¹⁹	KEZ9 - Underlying asset is 3-year Korea Treasury Bond future with 5% coupon rate and semiannual coupon payment.
²⁰	MSFDRUS - The components of the basket as of September 30, 2019 are shown on the following pages.
²¹	S5UTIL - S&P 500 Utilities Sector Index.
²²	STBANKX - S&P/TSX Composite Banks Industry Group Index.

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

GSCBFGOR Index
Name	Quantity		Value		Weight
Franco-Nevada Corp		56,994	$	5,195,573		35.91	%
Royal Gold Inc		32,705		4,029,583		27.85	%
Wheaton Precious Metals Corp		151,345		3,971,293		27.45	%
Osisko Gold Royalties Ltd		136,667		1,271,003		8.79	%
			$	14,467,452		100.00	%

JPFCITSV Index
Name	Quantity		Value		Weight
Fujitsu Ltd		10,401	$	832,379		9.10	%
Infosys Ltd		67,663		769,324		8.41	%
NTT Data Corp		56,903		733,449		8.02	%
Oracle Corp		12,956		712,968		7.79	%
International Business Machines Corp		4,634		673,841		7.36	%
Hewlett Packard Enterprise Co		38,527		584,460		6.39	%
Capgemini SE		4,936		581,820		6.36	%
Cognizant Technology Solutions Corp		7,388		445,257		4.87	%
Temenos AG		2,413		403,797		4.41	%
Wipro Ltd		105,171		383,873		4.19	%
SYNNEX Corp		3,338		376,904		4.12	%
VMware Inc		2,486		373,044		4.08	%
Indra Sistemas SA		41,853		362,319		3.96	%
Atos SE		4,594		323,984		3.54	%
Citrix Systems Inc		3,200		308,819		3.37	%
Tieto Oyj		10,298		263,848		2.88	%
Sykes Enterprises Inc		8,241		252,505		2.76	%
Software AG		8,790		241,617		2.64	%
TTEC Holdings Inc		3,382		161,912		1.77	%
Conduent Inc		22,132		137,662		1.50	%
Worldline SA/France		1,838		116,009		1.27	%
DXC Technology Co		3,761		110,961		1.21	%
			$	9,150,752		100.00	%

JPFUAIR Index
Name	Quantity		Value		Weight
Qantas Airways Ltd		597,929	$	2,537,910		4.80	%
Air France-KLM		228,685		2,394,126		4.53	%
Ryanair Holdings PLC		206,754		2,379,346		4.50	%
Southwest Airlines Co		43,605		2,355,106		4.46	%
ANA Holdings Inc		70,040		2,353,449		4.45	%
Turk Hava Yollari AO		1,070,155		2,343,104		4.43	%
Alaska Air Group Inc		35,814		2,324,687		4.40	%
easyJet PLC		161,478		2,282,249		4.32	%
Copa Holdings SA		22,550		2,226,813		4.21	%
Singapore Airlines Ltd		335,062		2,214,525		4.19	%
United Airlines Holdings Inc		24,965		2,207,156		4.18	%
Deutsche Lufthansa AG		135,616		2,155,833		4.08	%
Delta Air Lines Inc		37,200		2,142,720		4.05	%
Japan Airlines Co Ltd		71,913		2,135,780		4.04	%
International Consolidated Airlines Group		358,314		2,091,765		3.96	%
Hawaiian Holdings Inc		76,725		2,014,798		3.81	%
Cathay Pacific Airways Ltd		1,518,647		1,898,461		3.59	%
Wizz Air Holdings Plc		42,626		1,893,805		3.58	%
Latam Airlines Group SA		160,529		1,781,872		3.37	%
Spirit Airlines Inc		45,077		1,636,295		3.10	%
JetBlue Airways Corp		96,884		1,622,807		3.07	%
China Southern Airlines Co Ltd		2,494,000		1,511,115		2.86	%
Air China Ltd		1,686,000		1,484,017		2.81	%
AirAsia Group Bhd		3,287,982		1,381,610		2.61	%
Finnair Oyj		184,513		1,290,539		2.44	%
American Airlines Group Inc		44,063		1,188,379		2.25	%
SAS AB		793,520		1,011,897		1.91	%
			$	52,860,164		100.00	%

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

JPFUEOIL Index
Name	Quantity		Value		Weight
BP PLC		124,058	$	786,428		10.41	%
Equinor ASA		40,736		775,646		10.27	%
OMV AG		14,407		773,460		10.24	%
Royal Dutch Shell PLC		26,078		764,844		10.13	%
TOTAL SA		14,302		746,693		9.89	%
Eni SpA		40,789		624,125		8.26	%
Galp Energia SGPS SA		39,245		591,556		7.83	%
Repsol SA		37,678		589,092		7.80	%
EOG Resources Inc		6,677		495,567		6.56	%
Suncor Energy Inc		11,568		365,099		4.83	%
Kosmos Energy Ltd		23,853		148,843		1.97	%
Lundin Petroleum AB		4,870		146,246		1.94	%
DNO ASA		92,051		132,885		1.76	%
Aker ASA		2,162		115,137		1.52	%
Genel Energy Plc		41,309		93,718		1.24	%
Hurricane Energy PLC		174,894		91,574		1.21	%
Talos Energy Inc		4,250		86,402		1.14	%
BW Offshore Ltd		11,088		76,617		1.01	%
Energean Oil & Gas PLC		6,544		75,359		1.00	%
Diversified Gas & Oil PLC		55,375		74,861		0.99	%
			$	7,554,152		100.00	%

JPFUOMED Index
Name	Quantity		Value		Weight
Cable One Inc		432	$	541,435		5.44	%
Nexstar Media Group Inc		4,235		433,318		4.36	%
Sinclair Broadcast Group Inc		10,049		429,482		4.32	%
Charter Communications Inc		1,039		428,293		4.31	%
Comcast Corp		8,859		399,372		4.02	%
Walt Disney Co/The		2,805		365,584		3.68	%
New York Times Co/The		12,217		347,950		3.50	%
Discovery Inc		12,786		340,480		3.42	%
ViaSat Inc		4,480		337,401		3.39	%
Cinemark Holdings Inc		8,362		323,095		3.25	%
DISH Network Corp		9,187		312,986		3.15	%
Omnicom Group Inc		3,892		304,763		3.06	%
TEGNA Inc		18,641		289,502		2.91	%
Informa PLC		26,318		275,576		2.77	%
Interpublic Group of Cos Inc/The		12,446		268,337		2.70	%
SES SA		14,237		259,614		2.61	%
News Corp		18,209		253,473		2.55	%
Viacom Inc		10,325		248,098		2.49	%
CBS Corp		5,645		227,907		2.29	%
Lagardere SCA		10,261		227,102		2.28	%
WPP PLC		17,581		219,964		2.21	%
Meredith Corp		5,882		215,650		2.17	%
Pearson PLC		23,741		215,332		2.16	%
Publicis Groupe SA		4,257		209,435		2.11	%
Dentsu Inc		5,913		208,046		2.09	%
ITV PLC		124,838		193,161		1.94	%
Gray Television Inc		11,156		182,070		1.83	%
Grupo Televisa SAB		16,523		161,593		1.62	%
Eutelsat Communications SA		8,571		159,566		1.60	%
AMC Entertainment Holdings Inc		14,008		149,886		1.51	%
IMAX Corp		6,618		145,259		1.46	%
Gannett Co Inc		12,960		139,186		1.40	%
Mediaset SpA		44,966		132,471		1.33	%
ProSiebenSat.1 Media SE		9,611		132,447		1.33	%
Toho Co Ltd/Tokyo		2,927		128,168		1.29	%
Axel Springer SE		1,801		123,742		1.24	%
Cineworld Group PLC		41,358		115,889		1.17	%

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

JPFUOMED Index (Continued)
Name	Quantity		Value		Weight
Mediaset Espana Comunicacion SA		12,178		78,525		0.79	%
Nippon Television Holdings Inc		6,134		78,494		0.79	%
RTL Group SA		1,616		77,714		0.78	%
Lions Gate Entertainment Corp		7,479		69,177		0.70	%
National CineMedia Inc		7,425		60,883		0.61	%
Technicolor SA		38,278		33,118		0.33	%
Houghton Mifflin Harcourt Co		5,222		27,832		0.28	%
Television Francaise 1		2,629		23,087		0.23	%
Metropole Television SA		1,200		19,684		0.20	%
Atresmedia Corp de Medios de Comunicacion		4,566		17,594		0.18	%
Television Broadcasts Ltd		8,891		14,495		0.15	%
			$	9,946,236		100.00	%

JPFUREGU Index
Name	Quantity		Value		Weight
Kimco Realty Corp		2,160	$	45,099		9.77	%
American Assets Trust Inc		948		44,302		9.59	%
Brixmor Property Group Inc		2,009		40,762		8.83	%
Federal Realty Investment Trust		290		39,521		8.56	%
Regency Centers Corp		554		38,494		8.34	%
Retail Properties of America Inc		2,875		35,419		7.67	%
Simon Property Group Inc		216		33,577		7.27	%
SITE Centers Corp		2,114		31,942		6.92	%
Vicinity Centres		16,059		27,849		6.03	%
Scentre Group		10,475		27,780		6.02	%
Taubman Centers Inc		555		22,681		4.91	%
Macerich Co/The		556		17,549		3.80	%
Urstadt Biddle Properties Inc		602		14,256		3.09	%
Brookfield Property Partners LP		566		11,490		2.49	%
Tanger Factory Outlet Centers Inc		516		7,983		1.73	%
Retail Value Inc		211		7,830		1.70	%
Washington Prime Group Inc		1,496		6,192		1.33	%
Pennsylvania Real Estate Investment Trust		1,062		6,077		1.31	%
CBL & Associates Properties Inc		2,327		3,001		0.64	%
			$	461,804		100.00	%

JPFUSHIP Index
Name	Quantity		Value		Weight
DHT Holdings Inc		587,660	$	3,614,109		11.10	%
Scorpio Tankers Inc		100,237		2,983,053		9.16	%
Qatar Gas Transport Co Ltd		3,800,000		2,502,300		7.69	%
AP Moller - Maersk A/S		1,792		2,027,020		6.23	%
Star Bulk Carriers Corp		195,698		1,970,679		6.05	%
Frontline Ltd/Bermuda		207,600		1,889,160		5.80	%
BW LPG Ltd		316,744		1,855,835		5.70	%
Euronav NV		172,558		1,587,534		4.88	%
Frontline Ltd/Bermuda		166,034		1,511,740		4.64	%
Golden Ocean Group Ltd		228,789		1,327,914		4.08	%
D/S Norden A/S		96,970		1,322,593		4.06	%
GasLog Ltd		102,608		1,318,513		4.05	%
Ship Finance International Ltd		89,027		1,249,939		3.84	%
Dorian LPG Ltd		116,790		1,209,944		3.72	%
Euronav NV		131,441		1,198,072		3.68	%
Teekay LNG Partners LP		85,376		1,165,382		3.58	%
International Seaways Inc		54,910		1,057,567		3.25	%
Golden Ocean Group Ltd		92,697		539,496		1.66	%
TORM PLC		61,703		522,606		1.60	%
Ocean Yield ASA		89,732		505,514		1.55	%
Navigator Holdings Ltd		45,952		490,767		1.51	%
Stolt-Nielsen Ltd		27,584		317,470		0.97	%
Diamond S Shipping Inc		21,304		234,770		0.72	%
Wallenius Wilhelmsen ASA		66,698		154,993		0.48	%
			$	32,556,970		100.00	%

Fulcrum Diversified Absolute Return Fund
Consolidated Schedule of Investments
September 30, 2019 (Unaudited)

MSFDRUS Index
Name	Quantity			Value		Weight
Vonovia SE		20,790		$	102,671		8.72	%
K+S AG		19,857			54,335		4.62	%
Mosaic Co/The		21,865			54,007		4.59	%
Aroundtown SA		65,768			46,031		3.91	%
CF Industries Holdings Inc		18,295			39,151		3.33	%
LEG Immobilien AG		5,076			32,981		2.80	%
Invitation Homes Inc		19,699			27,973		2.38	%
American Homes 4 Rent		23,037			25,571		2.17	%
Deutsche EuroShop AG		(14,223	)		25,429		2.16	%
Shopify Inc		877			23,039		1.96	%
Klepierre SA		(16,635	)		23,032		1.96	%
Svenska Handelsbanken AB		(76,461	)		22,835		1.94	%
Dollar General Corp		3,387			19,543		1.66	%
Dollar Tree Inc		3,835			17,641		1.50	%
Burlington Stores Inc		2,184			16,489		1.40	%
Ollie's Bargain Outlet Holdings Inc		4,651			16,279		1.38	%
Deutsche Wohnen SE		6,102			15,101		1.28	%
TAG Immobilien AG		14,518			14,244		1.21	%
Unibail-Rodamco-Westfield		(2,850	)		13,671		1.16	%
Capital & Counties Properties PLC		(86,675	)		12,791		1.09	%
Coupa Software Inc		2,315			12,640		1.07	%
Marks & Spencer Group PLC		(46,694	)		12,087		1.03	%
Grand City Properties SA		8,445			11,784		1.00	%
HubSpot Inc		960			11,414		0.97	%
alstria office REIT-AG		13,148			11,324		0.96	%
AvalonBay Communities Inc		1,600			11,120		0.94	%
Nutrien Ltd		7,062			10,928		0.93	%
salesforce.com Inc		2,350			10,740		0.91	%
Hufvudstaden AB		(8,766	)		10,418		0.88	%
Urban Outfitters Inc		(4,385	)		10,305		0.88	%
Eurocommercial Properties NV		(7,625	)		9,975		0.85	%
Atlassian Corp PLC		1,967			9,737		0.83	%
Foot Locker Inc		(3,074	)		9,683		0.82	%
Veeva Systems Inc		1,453			9,503		0.81	%
TLG Immobilien AG		4,347			9,478		0.81	%
Children's Place Inc/The		(1,239	)		9,367		0.80	%
Ross Stores Inc		3,922			8,864		0.75	%
Kohl's Corp		(2,502	)		8,682		0.74	%
Macy's Inc		(4,579	)		8,609		0.73	%
Ulta Beauty Inc		(335	)		8,442		0.72	%
Gap Inc/The		(6,664	)		7,930		0.67	%
Equity Residential		4,169			7,410		0.63	%
Cineworld Group PLC		(40,252	)		7,276		0.62	%
Atrium Ljungberg AB		(2,710	)		7,240		0.61	%
Ralph Lauren Corp		(1,020	)		7,132		0.61	%
Nordstrom Inc		(3,407	)		6,473		0.55	%
Sbanken ASA		18,546			5,710		0.49	%
CA Immobilien Anlagen AG		3,392			5,547		0.47	%
Mid-America Apartment Communities Inc		2,811			5,481		0.47	%
Camden Property Trust		2,335			5,441		0.46	%
Other Underlying Index Components *		(468,586	)		303,718		25.80	%
				$	1,177,271		100.00	%

* Largest 50 underlying components by market value at September 30, 2019 are listed.

Fulcrum Diversified Absolute Return Fund

Consolidated Schedule of Investments (continued)

September 30, 2019 (Unaudited)

Consolidation of Subsidiary:

The Consolidated Schedule of Investments of Fulcrum Diversified Absolute Return Fund (the “Fund”) includes the holdings of Fulcrum Diversified Absolute Return Cayman Fund Ltd. (the “Subsidiary”). The Subsidiary, a Cayman Islands Exempted Company, was incorporated on July 29, 2014, and is wholly-owned and controlled by the Fund. The Subsidiary invests primarily in commodity index swaps and other commodity-linked derivative instruments, and the Fund may invest up to 25% of its totals assets in the Subsidiary. The Fund’s policy is to consolidate entities when it is the sole or principal owner of such entity. All inter-fund balances and transactions have been eliminated in consolidation. The net assets of the Subsidiary as of September 30, 2019, were $2,047,036 which represented 1.12% of the Fund’s net assets.

Valuation

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). The inputs or methodology used in determining the value of each Fund’s investments are not necessarily an indication of the risk associated with investing in those securities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad categories as defined below:

Level 1 - Quoted prices in active markets for identical securities. An active market for a security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 - Significant unobservable inputs, including the Fund's own assumptions in determining fair value of investments

Equity Securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Debt securities including corporate, convertible, U.S. government agencies, U.S. treasury obligations, and sovereign issues are normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risk/spreads and default rates. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Derivative instruments, such as foreign currency contracts, options contracts, futures, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. Exchange traded derivatives are normally valued at the daily settlement price or composite mean depending on the product type. When these valuations are used, the positions are classified as Level 1 in the fair value hierarchy. Over-the-counter derivatives are valued by an independent pricing service using a series of techniques, including simulation pricing models, The pricing models use various inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, implied volatility and exchange rates. When prices are determined by the pricing agent, positions are classified as Level 2 of the fair value hierarchy.

The following is a summary of the fair values of the Fund’s consolidated investments in each category investment type as of September 30, 2019:

Description	Quoted Prices Level 1			Other Significant Observable Inputs Level 2			Significant Unobservable Inputs Level 3		Total
Investments
Common Stocks	$	10,405		$	-		$	-	$	10,405
Foreign Government Notes/Bonds		-			15,555,396			-		15,555,396
Purchased Options and Warrants		1,190,941			9,081,544			-		10,272,485
Short-Term Investments		-			105,654,445			-		105,654,445
United States Treasury Bond		-			27,039,721			-		27,039,721
Total Investments	$	1,201,346		$	157,331,106		$	-	$	158,532,452

Description	Quoted Prices Level 1			Other Significant Observable Inputs Level 2			Significant Unobservable Inputs Level 3		Total
Other Financial Instruments
Written Options	$	(264,535	)	$	-		$	-	$	(264,535	)
Forward Currency Contracts *		-			(93,642	)		-		(93,642	)
Future Contracts *		(1,015,564	)		-			-		(1,015,564	)
Interest Rate Swaps *		-			(904,289	)		-		(904,289	)
Inflation Swaps *		-			(1,153,171	)		-		(1,153,171	)
Credit Default Swap *		-			(569	)		-		(569	)
Total Return Swaps *		-			(150,244	)		-		(150,244	)
Total Other Financial Instruments	$	(1,280,099	)	$	(2,301,915	)	$	-	$	(3,582,014	)

* Forward Currency Contracts, Total Return Swaps, Interest Rate Swaps, Inflation Swaps, Credit Default Swaps, and Future Contracts are valued at the unrealized appreciation (depreciation) of the instrument.

Item 2. Controls and Procedures.

(a)

The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Trust for Advised Portfolios

By /s/ Christopher E. Kashmerick

Christopher E. Kashmerick, President and Principal Executive Officer

Date November 27, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Russell B. Simon

Russell B. Simon, Treasurer and Principal Financial Officer

Date November 27, 2019