Security

Description

Value

Long Positions - 91.6%
Equity Securities - 32.4%
Common Stock - 31.8%
Consumer Discretionary - 3.3%
	53,155	American Airlines Group, Inc. ^(a)(b)(c)	$	1,504,818
	18,000	America's Car-Mart, Inc. ^(d)		508,320
	23,920	Bed Bath & Beyond, Inc. ^(a)		1,033,822
	8,650	CarMax, Inc. ^(d)		424,109
	4,451	Chipotle Mexican Grill, Inc., Class A ^(a)(d)		1,792,685
	17,165	CVS Health Corp. ^(a)		1,643,377
	21,448	Dick's Sporting Goods, Inc.		966,447
	113,402	GameStop Corp., Class A ^(a)		3,014,225
	96,070	General Motors Co. ^(a)		2,718,781
	112,022	Green Plains Partners LP ^(a)		1,741,942
	41,890	Harley-Davidson, Inc. ^(a)(b)(c)		1,897,617
	63,530	Kohl's Corp. ^(a)		2,409,058
	19,284	Lithia Motors, Inc., Class A ^(a)		1,370,514
	195,177	Luby's, Inc. ^(d)		979,789
	29,260	Macy's, Inc. ^(a)(b)(c)		983,429
	44,750	Robert Half International, Inc.		1,707,660
	68,241	The Habit Restaurants, Inc., Class A ^(d)		1,117,788
	14,920	The Walt Disney Co.		1,459,474
	24,329	Tractor Supply Co. ^(a)		2,218,318
	3,000	Viacom, Inc., Class B		124,410
	11,050	Walgreens Boots Alliance, Inc.		920,133
	32,637	Zoe's Kitchen, Inc. ^(d)		1,183,744
				31,720,460
Consumer Staples - 7.5%
	25,000	Aggreko PLC		417,500
	100,000	Avon Products, Inc.		378,000
	3,000	Brookfield Business Partners LP ^(d)		57,270
	23,172	Calavo Growers, Inc. ^(a)		1,552,524
	81,590	Darling Ingredients, Inc. ^(d)		1,215,691
	70,000	Diageo PLC, ADR		7,901,600
	108,000	Express Scripts Holding Co. ^(d)		8,186,400
	55,000	Hengan International Group Co., Ltd.		454,300
	120,000	Nestle SA, ADR		9,277,200
	318,414	Nomad Foods, Ltd. ^(a)(d)		2,540,944
	30,000	PepsiCo, Inc.		3,178,200
	74,169	Phibro Animal Health Corp., Class A		1,383,994
	77,000	Philip Morris International, Inc.		7,832,440
	44,505	Pilgrim's Pride Corp. ^(d)		1,133,987
	34,121	Post Holdings, Inc. ^(a)(d)		2,821,466
	11,000	Qinqin Foodstuffs Group Cayman Co., Ltd. ^(d)		-
	165,000	Sanofi, ADR		6,905,250
	59,338	Sprouts Farmers Market, Inc. ^(d)		1,358,840
	45,000	Sysco Corp.		2,283,300
	51,000	The Coca-Cola Co.		2,311,830
	70,000	The Procter & Gamble Co.		5,926,900
	38,571	Tyson Foods, Inc., Class A ^(a)		2,576,157
	47,472	Zoetis, Inc. ^(a)		2,253,021
				71,946,814
Energy - 5.2%
	11,217	Buckeye Partners LP		788,892
	29,171	Cheniere Energy Partners LP		874,546
	28,214	Cheniere Energy, Inc. ^(d)		1,059,436
	149,243	Cone Midstream Partners LP		2,587,874
	10,000	ConocoPhillips		436,000
	25,524	Diamond Offshore Drilling, Inc.		620,999
	38,008	Energy Transfer Partners LP		1,446,964
	105,336	Enterprise Products Partners LP ^(a)		3,082,131
	Shares	Security Description		Value

	11,000	Exxon Mobil Corp.	$	1,031,140
	25,370	FMC Technologies, Inc. ^(d)		676,618
	68,241	Green Plains, Inc.		1,345,712
	77,540	Halliburton Co. ^(a)		3,511,787
	26,675	Kinder Morgan, Inc.		499,356
	50,429	MPLX LP		1,695,927
	15,595	National Oilwell Varco, Inc.		524,772
	27,246	NuStar Energy LP		1,356,851
	69,607	NuStar GP Holdings, LLC		1,784,723
	76,786	Plains All American Pipeline LP		2,110,847
	73,251	Plains GP Holdings LP, Class A		764,008
	138,693	Rice Midstream Partners LP		2,833,498
	33,435	Schlumberger, Ltd.		2,644,040
	153,254	SolarEdge Technologies, Inc. ^(a)(d)		3,003,778
	210,000	Spectra Energy Corp.		7,692,300
	13,425	Sprague Resources LP		323,811
	100,000	Synergy Resources Corp. ^(d)		666,000
	59,365	The Williams Cos., Inc.		1,284,065
	20,033	TransMontaigne Partners LP		823,156
	19,459	Western Gas Partners LP		980,734
	64,994	Western Refining Logistics LP		1,702,193
	34,784	Williams Partners LP		1,204,918
				49,357,076
Financial - 4.4%
	44,870	American Express Co. ^(a)		2,726,301
	25,390	American International Group, Inc. ^(a)(c)		1,342,877
	28,450	Aon PLC		3,107,593
	260,025	Bank of America Corp. ^(a)		3,450,532
	27,125	Berkshire Hathaway, Inc., Class B ^(a)(d)		3,927,429
	140,000	Brookfield Asset Management, Inc., Class A		4,629,800
	77,700	CBRE Group, Inc., Class A ^(a)(d)		2,057,496
	44,770	Citigroup, Inc. ^(a)		1,897,800
	57,750	JPMorgan Chase & Co. ^(a)		3,588,585
	140,820	Leucadia National Corp. ^(a)		2,440,411
	26,000	The Bancorp, Inc. ^(d)		156,520
	150,000	The Bank of New York Mellon Corp.		5,827,500
	120,000	WR Berkley Corp.		7,190,400
				42,343,244
Healthcare - 0.7%
	10,000	Becton Dickinson and Co.		1,695,900
	1,200	CR Bard, Inc.		282,192
	26,291	Greatbatch, Inc. ^(d)		813,181
	19,000	Johnson & Johnson		2,304,700
	6,500	McKesson Corp.		1,213,225
				6,309,198
Industrial - 3.3%
	150,871	Aegean Marine Petroleum Network, Inc.		829,790
	94,944	Briggs & Stratton Corp. ^(a)		2,010,914
	3,300	CH Robinson Worldwide, Inc.		245,025
	103,000	Expeditors International of Washington, Inc.		5,051,120
	85,765	Jacobs Engineering Group, Inc. ^(a)(d)		4,271,955
	68,794	LSB Industries, Inc. ^(d)		831,032
	44,959	OSI Systems, Inc. ^(a)(d)		2,613,467
	245,400	Quanta Services, Inc. ^(a)(d)		5,673,648
	23,335	The Boeing Co. ^(a)(c)		3,030,516
	66,758	Trimble Navigation, Ltd. ^(a)(d)		1,626,225
	20,520	Union Pacific Corp. ^(a)(b)(c)		1,790,370
	11,110	United Parcel Service, Inc., Class B ^(a)		1,196,769
	20,735	Valmont Industries, Inc. ^(a)		2,804,823
				31,975,654

Security

Description

Value

Information Technology - 1.6%
	46,675	Apple, Inc. ^(a)(b)(c)	$	4,462,130
	14,552	BroadSoft, Inc. ^(d)		597,069
	29,000	Microsoft Corp.		1,483,930
	73,000	Oracle Corp.		2,987,890
	1,282,993	Sandvine Corp.		2,641,558
	503,863	Sigma Designs, Inc. ^(a)(d)		3,239,839
				15,412,416
Materials - 2.7%
	20,769	Agrium, Inc. ^(a)		1,877,933
	20,000	Franco-Nevada Corp.		1,521,200
	53,439	Monsanto Co. ^(a)		5,526,127
	51,000	Praxair, Inc.		5,731,890
	150,000	Royal Gold, Inc.		10,803,000
	39,814	Westlake Chemical Partners LP		795,484
				26,255,634
Telecommunication Services - 2.7%
	2,325	Alphabet, Inc., Class A ^(d)		1,635,707
	785	Alphabet, Inc., Class C ^(d)		543,299
	317,966	Attunity, Ltd. ^(d)		2,960,264
	52,700	CBS Corp., Class B, Non-Voting Shares ^(a)		2,868,988
	83,000	Cisco Systems, Inc.		2,381,270
	217,455	Rightside Group, Ltd. ^(a)(d)		2,313,721
	124,258	Spark Networks, Inc. ^(a)(d)		196,328
	36,036	Time Warner, Inc. ^(a)		2,650,087
	20,000	Twenty-First Century Fox, Inc., Class A		541,000
	245,000	Twenty-First Century Fox, Inc., Class B		6,676,250
	174,372	Web.com Group, Inc. ^(a)(d)		3,170,083
				25,936,997
Utilities - 0.4%
	52,000	ITC Holdings Corp.		2,434,640
	12,535	NiSource, Inc.		332,428
	26,168	Western Gas Equity Partners LP		1,000,926
				3,767,994

Total Common Stock

(Cost $255,778,256)

305,025,487

Rate

Preferred Stock - 0.6%
Information Technology - 0.6%
	3,000	MTS Systems Corp. ^(a)	8.75	%	315,990
	5,800	Samsung Electronics Co., Ltd.	2.00		5,956,852
					6,272,842

Total Preferred Stock

(Cost $6,245,137)

6,272,842

Total Equity Securities

(Cost $262,023,393)

311,298,329

Principal

Security

Description

Rate

Maturity

Value

Fixed Income Securities - 19.0%
Asset Backed Obligations - 0.4%
$	71,968	Adjustable Rate Mortgage Trust, Series 2005-12 2A1 ^(e)	3.14	03/25/36	55,575
	45,871	Adjustable Rate Mortgage Trust, Series 2006-1 3A3 ^(e)	2.90	03/25/36	33,723
	Principal	Security Description	Rate	Maturity	Value

$	142,752	Banc of America Alternative Loan Trust, Series 2005-8 2CB1	6.00	%	09/25/35	$	137,060
	33,696	Banc of America Funding Corp., Series 2006-E 2A1 ^(e)	3.30		06/20/36		27,777
	134,224	Banc of America Funding Corp., Series 2006-H 6A1 ^(e)	0.64		10/20/36		108,360
	73,900	Banc of America Funding Corp., Series 2007-E 4A1 ^(e)	2.77		07/20/47		60,767
	157,790	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-5 1A1 ^(e)	3.03		08/25/47		128,443
	146,071	Bear Stearns ALT-A Trust, Series 2006-2 23A1 ^(e)	2.93		03/25/36		110,928
	242,523	ChaseFlex Trust, Series 2007-1 2A9	6.00		02/25/37		166,324
	93,340	CitiMortgage Alternative Loan Trust, Series 2006-A7 1A12	6.00		12/25/36		81,940
	35,204	CitiMortgage Alternative Loan Trust, Series 2007-A4 1A6	5.75		04/25/37		29,918
	40,322	Countrywide Alternative Loan Trust, Series 2005-50CB 1A1	5.50		11/25/35		36,790
	150,720	Countrywide Alternative Loan Trust, Series 2005-73CB 1A8	5.50		01/25/36		139,820
	341,792	Countrywide Alternative Loan Trust, Series 2005-J12 2A1 ^(e)	0.72		08/25/35		194,834
	195,205	Countrywide Alternative Loan Trust, Series 2006-36T2 1A1 ^(e)	0.77		12/25/36		97,234

	Principal	Security Description	Rate		Maturity		Value

$	16,111	Countrywide Alternative Loan Trust, Series 2006-7CB 3A1	5.25	%	05/25/21	$	15,476
	62,904	Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-HY5 1A1 ^(e)	2.90		09/25/47		52,450
	38,490	Credit Suisse Mortgage Capital Mortgage-Backed Trust, Series 2006-8 3A1	6.00		10/25/21		37,101
	172,770	Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2 A5B ^(f)	5.94		06/25/36		141,235
	139,744	GSR Mortgage Loan Trust, Series 2005-AR5 1A1 ^(e)	3.13		10/25/35		122,084
	155,556	HSI Asset Loan Obligation Trust, Series 2007-AR2 2A1 ^(e)	3.12		09/25/37		124,778
	67,970	Indymac Index Mortgage Loan Trust, Series 2006-AR25 3A1 ^(e)	3.03		09/25/36		50,513
	121,278	Indymac Index Mortgage Loan Trust, Series 2006-AR29 A1 ^(e)	0.62		11/25/36		95,156
	138,251	Indymac Index Mortgage Loan Trust, Series 2006-AR33 3A1 ^(e)	3.17		01/25/37		126,661
	322,132	Indymac Index Mortgage Loan Trust, Series 2006-AR7 4A1 ^(e)	3.16		05/25/36		229,582
	34,722	JP Morgan Mortgage Trust, Series 2007-A2 4A1M ^(e)	4.51		04/25/37		31,025
	147,380	Lehman XS Trust, Series 2005-6 1A1 ^(e)	0.71		11/25/35		97,663
	221,762	MASTR Adjustable Rate Mortgages Trust, Series 2007-R5 A1 ^(e)(g)	2.90		11/25/35		168,680

	Principal	Security Description	Rate		Maturity		Value

$	167,508	Morgan Stanley Mortgage Loan Trust, Series 2007-13 6A1	6.00	%	10/25/37	$		136,054
	156,146	Residential Accredit Loans, Inc., Series 2006-QS17 A4	6.00		12/25/36			129,942
	123,282	Residential Accredit Loans, Inc., Series 2007-QS5 A1	5.50		03/25/37			95,160
	342,431	Residential Asset Securitization Trust, Series 2006-A10 A5	6.50		09/25/36			236,950
	1,068,384	Residential Asset Securitization Trust, Series 2007-A5 1A2 ^(e)	0.85		05/25/37			209,508
	47,063	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3 3A1 ^(e)	3.06		04/25/47			36,379
	125,668	WaMu Mortgage Pass-Through Certificates, Series 2006-AR16 1A1 ^(e)	2.23		12/25/36			108,451
	405,705	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-7 A1A ^(f)	4.48		09/25/36			230,278

Total Asset Backed Obligations

(Cost $3,636,322)

3,884,619

Corporate Convertible Bonds - 13.2%
Consumer Discretionary - 1.0%
	4,500,000	JAKKS Pacific, Inc. ^(a)(g)	4.25	08/01/18	4,755,938
	1,600,000	JAKKS Pacific, Inc. ^(a)(g)	4.88	06/01/20	1,574,000
	2,750,000	M/I Homes, Inc. ^(a)	3.25	09/15/17	2,775,781
					9,105,719
Consumer Staples - 2.8%
	3,000,000	Acorda Therapeutics, Inc.	1.75	06/15/21	2,636,250
	3,000,000	Albany Molecular Research, Inc.	2.25	11/15/18	3,088,125
	700,000	Ascent Capital Group, Inc.	4.00	07/15/20	411,688
	3,250,000	Carriage Services, Inc.	2.75	03/15/21	3,832,969
	3,350,000	Depomed, Inc. ^(a)	2.50	09/01/21	4,055,594

	Principal	Security Description	Rate		Maturity		Value

$	3,800,000	Endologix, Inc. ^(a)	2.25	%	12/15/18	$	3,498,375
	2,700,000	Healthways, Inc. ^(a)	1.50		07/01/18		2,549,812
	2,000,000	Ironwood Pharma-ceuticals, Inc. ^(a)	2.25		06/15/22		2,058,750
	3,000,000	Monster Worldwide, Inc. ^(a)	3.50		10/15/19		2,600,625
	1,250,000	Protalix BioThera-peutics, Inc. ^(a)	4.50		09/15/18		839,062
	1,650,000	The Spectranetics Corp. ^(a)	2.63		06/01/34		1,464,375
							27,035,625
Energy - 0.9%
	2,250,000	Clean Energy Fuels Corp. ^(g)	5.25		10/01/18		1,667,812
	1,400,000	Helix Energy Solutions Group, Inc. ^(a)	3.25		03/15/32		1,247,750
	6,000,000	Renewable Energy Group, Inc. ^(a)(g)	4.00		06/15/36		5,940,000
							8,855,562
Financial - 0.7%
	4,720,000	Encore Capital Group Inc ^(a)	3.00		07/01/20		3,672,750
	2,500,000	Forestar Group, Inc. ^(a)	3.75		03/01/20		2,304,688
	2,200,000	FXCM, Inc. ^(a)	2.25		06/15/18		812,625
							6,790,063
Healthcare - 0.9%
	1,000,000	ImmunoGen, Inc. ^(a)(g)	4.50		07/01/21		924,375
	2,300,000	Insulet Corp. ^(a)	2.00		06/15/19		2,190,750
	3,600,000	Quidel Corp. ^(a)	3.25		12/15/20		3,352,500
	1,800,000	Repligen Corp. ^(a)	2.13		06/01/21		1,947,375
							8,415,000
Industrial - 1.7%
	3,100,000	Altra Industrial Motion Corp.	2.75		03/01/31		3,518,500
	1,050,000	Echo Global Logistics, Inc. ^(a)	2.50		05/01/20		996,844
	3,900,000	Fluidigm Corp. ^(a)	2.75		02/01/34		2,379,000
	1,275,000	Griffon Corp. ^(a)(g)	4.00		01/15/17		1,563,468
	2,500,000	Kaman Corp. ^(a)(g)	3.25		11/15/17		3,284,375
	4,700,000	TTM Technologies, Inc. ^(a)	1.75		12/15/20		4,682,375
							16,424,562
Information Technology - 1.8%
	3,400,000	Avid Technology, Inc.	2.00		06/15/20		2,322,625
	850,000	Cypress Semiconductor Corp. ^(g)	4.50		01/15/22		912,688
	2,500,000	Envestnet, Inc. ^(a)	1.75		12/15/19		2,262,500
	2,000,000	inContact, Inc. ^(a)	2.50		04/01/22		2,401,250

	Principal	Security Description	Rate		Maturity		Value

$	5,250,000	Interactive Intelligence Group, Inc. ^(a)	1.25	%	06/01/20	$	4,984,219
	4,300,000	Quantum Corp. ^(a)	4.50		11/15/17		3,173,937
	1,600,000	Verint Systems, Inc. ^(a)	1.50		06/01/21		1,465,000
							17,522,219
Materials - 0.9%
	3,500,000	Aceto Corp. ^(g)	2.00		11/01/20		3,263,750
	700,000	Allegheny Technologies, Inc.	4.75		07/01/22		742,000
	5,000,000	Silver Standard Resources, Inc. ^(a)(g)	2.88		02/01/33		4,781,250
							8,787,000
Telecommunication Services - 2.0%
	1,750,000	Alaska Commun-ications Systems Group, Inc.	6.25		05/01/18		1,698,594
	4,000,000	Blucora, Inc.	4.25		04/01/19		3,700,000
	2,500,000	Global Eagle Entertainment, Inc. ^(a)	2.75		02/15/35		1,846,875
	2,000,000	Harmonic, Inc. ^(a)(g)	4.00		12/01/20		1,556,250
	3,650,000	Pandora Media, Inc. ^(a)(g)	1.75		12/01/20		3,656,844
	1,450,000	Twitter, Inc. ^(a)	1.00		09/15/21		1,297,750
	3,900,000	Web.com Group, Inc. ^(a)	1.00		08/15/18		3,605,062
	1,600,000	WebMD Health Corp. ^(a)(g)	2.63		06/15/23		1,569,000
							18,930,375
Utilities - 0.5%
	5,800,000	EnerNOC, Inc. ^(a)	2.25		08/15/19		4,190,500

Total Corporate Convertible Bonds

(Cost $132,373,077)

126,056,625

Corporate Non-Convertible Bonds - 4.9%
Consumer Discretionary - 0.7%
	750,000	Caesars Entertainment Resort Properties, LLC	8.00	10/01/20	755,625
	1,250,000	GameStop Corp. ^(g)	5.50	10/01/19	1,242,188
	1,950,000	JC Penney Corp., Inc.	7.65	08/15/16	1,959,319
	2,100,000	K Hovnanian Enterprises, Inc.	8.63	01/15/17	2,079,000
	829,000	L Brands, Inc.	8.50	06/15/19	965,785
					7,001,917
Consumer Staples - 1.0%
	750,000	Avon Products, Inc.	6.75	03/15/23	553,590
	500,000	Avon Products, Inc.	8.70	03/15/43	367,500
	1,700,000	Bumble Bee Holdings, Inc. ^(g)	9.00	12/15/17	1,725,500

	Principal	Security Description	Rate		Maturity		Value

$	2,471,000	Cenveo Corp. ^(g)	6.00	%	08/01/19	$	2,063,285
	1,512,000	ConvaTec Healthcare E SA ^(g)	10.50		12/15/18		1,546,020
	1,533,000	Dean Holding Co.	6.90		10/15/17		1,598,152
	1,750,000	Monitronics International, Inc. ^(a)	9.13		04/01/20		1,461,250
							9,315,297
Energy - 0.4%
	1,245,000	Boardwalk Pipelines LP	5.88		11/15/16		1,262,349
	1,000,000	CONSOL Energy, Inc.	5.88		04/15/22		877,500
	2,385,000	Gastar Exploration, Inc.	8.63		05/15/18		2,009,363
							4,149,212
Financial - 0.6%
	2,625,000	Ally Financial, Inc.	3.50		07/18/16		2,628,281
	470,000	International Lease Finance Corp. ^(g)	6.75		09/01/16		472,534
	1,742,000	iStar, Inc.	9.00		06/01/17		1,816,035
	700,000	Realogy Group, LLC / Realogy Co-Issuer Corp. ^(g)	4.50		04/15/19		720,125
							5,636,975
Industrial - 0.1%
	350,000	Kemet Corp.	10.50		05/01/18		334,250
	1,026,000	Spirit AeroSystems, Inc.	6.75		12/15/20		1,060,627
							1,394,877
Information Technology - 0.5%
	1,729,000	EarthLink Holdings Corp.	7.38		06/01/20		1,806,805
	1,664,000	First Data Corp. ^(g)	6.75		11/01/20		1,742,191
	1,150,000	NXP BV / NXP Funding, LLC ^(g)	3.50		09/15/16		1,151,745
							4,700,741
Materials - 0.2%
	1,625,000	International Wire Group Holdings, Inc. ^(g)	8.50		10/15/17		1,614,844

Telecommunication Services - 1.1%
	2,475,000	Clearwire Commun-ications, LLC / Clearwire Finance, Inc. ^(g)	14.75		12/01/16		2,601,844
	733,000	Entercom Radio, LLC	10.50		12/01/19		774,092
	1,290,000	FairPoint Commun-ications, Inc. ^(g)	8.75		08/15/19		1,275,487
	925,000	iHeartCommun-ications, Inc.	9.00		12/15/19		697,219
	Principal	Security Description	Rate		Maturity		Value

$	1,024,000	Level 3 Financing, Inc. ^(e)	4.41	%	01/15/18	$	1,029,120
	1,602,000	Nielsen Finance LLC / Nielsen Finance Co.	4.50		10/01/20		1,638,045
	749,000	ViaSat, Inc.	6.88		06/15/20		776,151
	1,300,000	Windstream Services, LLC	7.88		11/01/17		1,384,500
							10,176,458
Utilities - 0.3%
	1,050,000	Calpine Corp. ^(g)	7.88		01/15/23		1,113,000
	1,800,000	Sabine Pass LNG LP	7.50		11/30/16		1,835,325
							2,948,325

Total Corporate Non-Convertible Bonds

(Cost $48,017,635)

46,938,646

Exchange Traded Note - 0.0%
	12,500		iPATH S&P 500 VIX Mid-Term Futures ETN ^(a)(d)(Cost $235,454)			134,875

Syndicated Loans - 0.5%
	1,448,066	Arch Coal, Inc. ^(e)	7.50	05/16/18	686,021
	745,685	Atlas Iron, Ltd. ^(e)	8.58	12/10/17	242,348
	4,000,000	Energy Future Intermediate Holding Co., LLC ^(e)	4.25	12/19/16	3,995,000

Total Syndicated Loans (Cost $6,183,679)

4,923,369

Total Fixed Income Securities

(Cost $190,446,167)

181,938,134

Security Description

Strike Price

Exp. Date

Value

Warrants - 0.0%
	318,626		Kinder Morgan, Inc. ^(d) (Cost $960,583)	$	100.00		05/25/17			5,417

Security

Description

Value

Investment Companies - 11.9%
	1,196,695	Absolute Capital Opportunities Fund ^(d)(h)	12,266,121
	22,407	PowerShares DWA Momentum Portfolio ^(a)	943,335
	38,066	PowerShares S&P 500 Quality Portfolio ^(a)	945,179
	476,535	SPDR S&P 500 ETF Trust ^(a)(b)(c)	99,848,378

Total Investment Companies (Cost $67,956,708)

114,003,013

Principal

Security

Description

Rate

Maturity

Value

Short-Term Investments - 0.8%
Commercial Paper ⁽ⁱ⁾ - 0.8%
	2,000,000	Autonation, Inc.	1.05	07/06/16	1,999,708
	2,000,000	Kraft Heinz Foods Co.	0.91	07/05/16	1,999,798
	2,000,000	Staples, Inc.	1.15	07/12/16	1,999,297
	2,000,000	Wyndham Worldwide Corp. ⁽ⁱ⁾	1.11	07/13/16	1,999,260

Total Commercial Paper (Cost $7,998,063)		7,998,063
Total Short-Term Investments (Cost $7,998,063)		7,998,063

Security

Description

Value

Money Market Fund - 26.5%
	254,678,117		State Street Institutional Treasury Money Market Fund, 0.14% ^(e) (Cost $254,678,117)	$		254,678,117

Contracts

Security

Description

Strike

Price

Exp.

Date

Value

Purchased Options - 1.0%
Call Options Purchased - 0.6%
	140	Apple, Inc.	$	105.00	03/17	51,800
	24,933,410	Atlas Iron, Ltd. ^(j)		0.08	08/16	-
	287	Endo International PLC		17.50	01/17	82,369
	1,810	Enterprise Products Partners LP		30.00	12/16	215,390
	1,327	PowerShares DB US Dollar Index Bullish Fund		25.00	07/16	14,597
	834	PowerShares DB US Dollar Index Bullish Fund		25.00	09/16	29,190
	6,498	SPDR S&P 500 ETF Trust		206.00	09/16	4,879,998
	2,259	SPDR S&P 500 ETF Trust		240.00	03/17	97,137

Total Call Options Purchased

(Premiums Paid $5,585,630)

5,370,481

Put Options Purchased - 0.4%
	214	Altisource Portfolio Solutions SA	25.00	10/16	66,340
	25,000	Consumer Discretionary Select Sector SPDR Fund	65.00	09/16	687,500
	14,750	Consumer Discretionary Select Sector SPDR Fund	65.00	01/17	1,600,375
	20,000	Consumer Staples Select Sector SPDR Fund	48.00	01/17	1,560,000
	20	iShares Russell 2000 ETF	109.00	08/16	3,000
	468	Pacific Biosciences of California, Inc.	10.00	09/16	166,140
	115	SPDR S&P 500 ETF Trust	205.00	09/16	50,140
	150	SPDR S&P 500 ETF Trust	204.00	09/16	61,800
	60	SPDR S&P 500 ETF Trust	207.00	10/16	33,660
	2,259	SPDR S&P 500 ETF Trust	125.00	03/17	155,871

Total Put Options Purchased

(Premiums Paid $7,586,667)

4,384,826

Total Purchased Options

(Premiums Paid $13,172,297)

9,755,307

Total Long Positions - 91.6%

(Cost $797,235,328)*

879,676,380

Total Short Positions - (38.8)%

(Proceeds $(414,027,848))*

(372,504,651

)

Total Written Options - (0.3)%
(Premiums Received $(5,618,345))*

(3,347,453

)

Other Assets & Liabilities, Net – 47.5%		456,322,321
Net Assets – 100.0%	$	960,146,597

Security

Description

Value

Short Positions - (38.8)%
Common Stock - (28.5)%
Consumer Discretionary - (5.8)%
	(14,835)	Bob Evans Farms, Inc.	$	(562,988)
	(16,319)	Brinker International, Inc.		(743,004)
	(5,933)	Cabela's, Inc.		(297,006)
	(44,650)	Carnival Corp.		(1,973,530)
	(26,142)	Chuy's Holdings, Inc.		(904,775)
	(2,970)	Cracker Barrel Old Country Store, Inc.		(509,266)
	(51,923)	Del Frisco's Restaurant Group, Inc.		(743,537)
	(65,275)	Del Taco Restaurants, Inc.		(594,002)
	(221,000)	Fiat Chrysler Automobiles NV		(1,347,675)
	(22,253)	Fiesta Restaurant Group, Inc.		(485,338)
	(360,637)	Ford Motor Co.		(4,533,207)
	(57,857)	Fox Factory Holding Corp.		(1,004,976)
	(187,722)	General Motors Co.		(5,312,533)
	(146,300)	Hanesbrands, Inc.		(3,676,519)
	(25,622)	iRobot Corp.		(898,820)
	(8,900)	Jack in the Box, Inc.		(764,688)
	(397,092)	JAKKS Pacific, Inc.		(3,140,998)
	(42,400)	M/I Homes, Inc.		(798,392)
	(5,900)	McDonald's Corp.		(710,006)
	(26,500)	Mohawk Industries, Inc.		(5,028,640)
	(8,397)	Netflix, Inc.		(768,158)
	(56,373)	Noodles & Co.		(551,328)
	(27,730)	PetMed Express, Inc.		(520,215)
	(32,500)	Polaris Industries, Inc.		(2,657,200)
	(19,180)	The Home Depot, Inc.		(2,449,094)
	(3,240)	The Priceline Group, Inc.		(4,044,848)
	(10,862)	The Toro Co.		(958,028)
	(17,802)	Titan International, Inc.		(110,372)
	(36,600)	Tractor Supply Co.		(3,337,188)
	(7,650)	Ulta Salon Cosmetics & Fragrance, Inc.		(1,863,846)
	(93,850)	Under Armour, Inc., Class A		(3,766,200)
	(16,667)	Under Armour, Inc., Class C		(606,692)

(55,663,069)

Consumer Staples - (3.5)%
	(7,195)	Acadia Healthcare Co., Inc.		(398,603)
	(38,800)	Acorda Therapeutics, Inc.		(989,594)
	(125,700)	Albany Molecular Research, Inc.		(1,689,408)
	(44,505)	Amira Nature Foods, Ltd.		(329,337)
	(17,802)	Archer-Daniels-Midland Co.		(763,528)
	(2,000)	Ascent Capital Group, Inc., Class A		(30,780)
	(95,700)	Carriage Services, Inc.		(2,266,176)
	(44,348)	Cenveo, Inc.		(36,184)
	(14,360)	DavidsTea, Inc.		(195,727)
	(40,054)	Dean Foods Co.		(724,577)
	(133,900)	Depomed, Inc.		(2,627,118)
	(7,714)	Dr. Pepper Snapple Group, Inc.		(745,404)
	(59,600)	Endologix, Inc.		(742,616)
	(35,200)	FleetCor Technologies, Inc.		(5,038,176)
	(41,537)	Flowers Foods, Inc.		(778,819)
	(10,698)	General Mills, Inc.		(762,981)
	(48,500)	Healthways, Inc.		(560,175)
	(85,500)	Ironwood Pharmaceuticals, Inc.		(1,117,912)
	(5,933)	John B Sanfilippo & Son, Inc.		(252,924)
	(276,500)	Monster Worldwide, Inc.		(660,835)
	(202,742)	Pacific Biosciences of California, Inc.		(1,426,290)
	(65,335)	Protalix BioTherapeutics, Inc.		(41,814)
	(8,901)	Sanderson Farms, Inc.		(771,183)
	(29,670)	SodaStream International, Ltd.		(632,861)
	(48,700)	The Estee Lauder Cos., Inc.		(4,432,674)
	Shares	Security Description		Value

	(28,900)	The Spectranetics Corp.	$	(540,719)
	(63,000)	The WhiteWave Foods Co.		(2,957,220)
	(8,011)	TreeHouse Foods, Inc.		(822,329)
	(47,408)	TriNet Group, Inc.		(985,612)
				(33,321,576)

Energy - (0.4)%
	(23,400)	Clean Energy Fuels Corp.	(81,198)
	(25,000)	Gastar Exploration, Inc.	(27,500)
	(10,200)	Helix Energy Solutions Group, Inc.	(68,952)
	(403,800)	Renewable Energy Group, Inc.	(3,565,554)
	(11,463)	Tallgrass Energy Partners LP	(527,527)

(4,270,731)

Financial - (6.6)%
	(62,000)	AerCap Holdings NV	(2,082,580)
	(2,108,000)	Agricultural Bank of China, Ltd., Class H	(768,956)
	(53,000)	Air Lease Corp.	(1,419,340)
	(18,369)	Altisource Portfolio Solutions SA	(511,393)
	(58,550)	Ameriprise Financial, Inc.	(5,260,717)
	(280,000)	Banco Santander SA, ADR	(1,097,600)
	(357,150)	Bank of America Corp.	(4,739,380)
	(2,295,000)	Bank of China, Ltd., Class H	(914,083)
	(2,586,000)	Bank of Communications Co., Ltd., Class H	(1,629,979)
	(11,765)	Boardwalk Real Estate Investment Trust REIT	(524,164)
	(30,380)	BofI Holding, Inc.	(538,030)
	(3,180,000)	China CITIC Bank Corp., Ltd., Class H	(1,930,601)
	(1,530,000)	China Construction Bank Corp., Class H	(1,009,732)
	(2,193,000)	China Galaxy Securities Co., Ltd., Class H	(1,958,919)
	(1,003,000)	China Merchants Bank Co., Ltd., Class H	(2,241,789)
	(814,000)	CITIC Securities Co., Ltd., Class H	(1,783,684)
	(97,300)	Citigroup, Inc.	(4,124,547)
	(46,500)	Comerica, Inc.	(1,912,545)
	(121,934)	Consumer Portfolio Services, Inc.	(459,691)
	(4,935)	Credit Acceptance Corp.	(913,370)
	(65,500)	Deutsche Bank AG	(899,315)
	(52,400)	Encore Capital Group, Inc.	(1,232,972)
	(110,400)	Erste Group Bank AG	(2,488,308)
	(33,700)	Forestar Group, Inc.	(400,693)
	(1,860)	FXCM, Inc., Class A	(16,089)
	(10,174)	Home Capital Group, Inc.	(252,155)
	(3,008,000)	Industrial & Commercial Bank of China, Ltd., Class H	(1,663,335)
	(886,500)	Intesa Sanpaolo SpA	(1,674,416)
	(27,236)	Noah Holdings, Ltd., ADR	(656,660)
	(385,300)	Nordea Bank AB	(3,228,784)
	(215,075)	OTP Bank PLC	(4,800,274)
	(12,456)	Paychex, Inc.	(741,132)
	(169,900)	Swedbank AB, Class A	(3,528,246)
	(170,100)	The Charles Schwab Corp.	(4,305,231)
	(674,000)	UniCredit SpA	(1,473,504)

(63,182,214)

Healthcare - (0.3)%
	(122,468)	ImmunoGen, Inc.	(377,201)
	(17,600)	Insulet Corp.	(532,224)
	(50,300)	Quidel Corp.	(898,358)
	(35,800)	Repligen Corp.	(979,488)

(2,787,271)

Security

Description

Value

Industrial - (7.0)%
	(15,442)	AECOM	$	(490,592)
	(14,835)	AGCO Corp.		(699,174)
	(71,000)	Altra Industrial Motion Corp.		(1,915,580)
	(79,600)	Atlas Copco AB, Class A		(2,044,403)
	(89,010)	CNH Industrial NV		(636,421)
	(10,385)	Deere & Co.		(841,600)
	(18,085)	Donaldson Co., Inc.		(621,401)
	(79,100)	Eaton Corp. PLC		(4,724,643)
	(10,400)	Echo Global Logistics, Inc.		(233,168)
	(91,200)	Emerson Electric Co.		(4,756,992)
	(26,500)	Fluidigm Corp.		(239,295)
	(111,900)	Fluor Corp.		(5,514,432)
	(15,799)	Garmin, Ltd.		(670,194)
	(142,000)	General Electric Co.		(4,470,160)
	(77,932)	Griffon Corp.		(1,313,934)
	(13,723)	Hyster-Yale Materials Handling, Inc.		(816,381)
	(60,400)	IDEX Corp.		(4,958,840)
	(61,963)	Kaman Corp.		(2,634,667)
	(12,400)	Proto Labs, Inc.		(713,744)
	(17,776)	Rockwell Collins, Inc.		(1,513,449)
	(118,300)	Sensata Technologies Holding NV		(4,127,487)
	(81,000)	SKF AB, Class B		(1,283,830)
	(18,380)	SMA Solar Technology AG		(901,556)
	(123,975)	Spirit AeroSystems Holdings, Inc., Class A		(5,330,925)
	(59,200)	Textron, Inc.		(2,164,352)
	(44,400)	The Boeing Co.		(5,766,228)
	(23,300)	The Middleby Corp.		(2,685,325)
	(12,444)	Trex Co., Inc.		(558,984)
	(313,200)	TTM Technologies, Inc.		(2,358,396)
	(56,300)	Wartsila OYJ Abp		(2,283,604)

(67,269,757)

Information Technology - (3.1)%
	(116,200)	ACI Worldwide, Inc.	(2,267,062)
	(23,475)	Alliance Data Systems Corp.	(4,599,222)
	(88,513)	Amber Road, Inc.	(682,435)
	(7,548)	Apple, Inc.	(721,589)
	(72,950)	Autodesk, Inc.	(3,949,513)
	(64,900)	Avid Technology, Inc.	(377,069)
	(19,987)	Benefitfocus, Inc.	(761,904)
	(48,726)	Callidus Software, Inc.	(973,545)
	(11,179)	Check Point Software Technologies, Ltd.	(890,743)
	(35,300)	Cypress Semiconductor Corp.	(372,415)
	(11,900)	Envestnet, Inc.	(396,389)
	(99,766)	Fortinet, Inc.	(3,151,608)
	(111,674)	inContact, Inc.	(1,546,685)
	(43,200)	Interactive Intelligence Group, Inc.	(1,770,768)
	(5,400)	MTS Systems Corp.	(236,736)
	(34,200)	NetSuite, Inc.	(2,489,760)
	(14,665)	NVIDIA Corp.	(689,402)
	(10,479)	Open Text Corp.	(619,938)
	(1,025,100)	Quantum Corp.	(430,542)
	(29,287)	RealPage, Inc.	(653,979)
	(56,407)	TubeMogul, Inc.	(671,243)
	(8,400)	Verint Systems, Inc.	(278,292)
	(67,096)	Xactly Corp.	(859,500)

(29,390,339)

Materials - (0.7)%
	(57,435)	Aceto Corp.	(1,257,252)
	(96,428)	AgroFresh Solutions, Inc.	(512,033)

Shares	Security Description		Value

(34,000)	Allegheny Technologies, Inc.	$	(433,500)
(57,857)	American Vanguard Corp.		(874,219)
(13,351)	CF Industries Holdings, Inc.		(321,759)
(7,599)	Clearwater Paper Corp.		(496,747)
(32,637)	Platform Specialty Products Corp.		(289,817)
(24,963)	Potash Corp. of Saskatchewan, Inc.		(405,399)
(114,200)	Silver Standard Resources, Inc.		(1,483,458)
(16,761)	The Mosaic Co.		(438,803)
			(6,512,987)

Telecommunication Services - (1.1)%
	(2,800)	Alaska Communications Systems Group, Inc.	(4,760)
	(45,700)	Blucora, Inc.	(473,452)
	(154,900)	Discovery Communications, Inc., Class A	(3,908,127)
	(55,600)	Global Eagle Entertainment, Inc.	(369,184)
	(46,103)	GrubHub, Inc.	(1,432,420)
	(231,500)	Harmonic, Inc.	(659,775)
	(138,400)	Pandora Media, Inc.	(1,723,080)
	(37,679)	Twitter, Inc.	(637,152)
	(12,557)	Ubiquiti Networks, Inc.	(485,454)
	(27,500)	Web.com Group, Inc.	(499,950)
	(10,600)	WebMD Health Corp.	(615,966)

(10,809,320)

Utilities - (0.0)%
	(49,276)		EnerNOC, Inc.				(311,424)

Total Common Stock
(Proceeds $(316,372,079))

(273,518,688)

Principal

Security

Description

Rate

Maturity

Value

Exchange Traded Note – (0.2)%
$	(58,146)	JPMorgan Alerian MLP Index ETN (Proceeds $(1,799,244))	(1,850,787)

Security

Description

Value

Investment Companies - (10.1)%
	(10,861)	iShares Russell 2000 ETF	(1,248,689)
	(4,783)	iShares U.S. Real Estate ETF	(393,641)
	(12,604)	SPDR Barclays High Yield Bond ETF	(449,963)
	(886,925)	Vanguard Total Stock Market ETF	(95,042,883)

Total Investment Companies
(Proceeds $(95,856,525))

(97,135,176)

Total Short Positions - (38.8)%
(Proceeds $(414,027,848))

(372,504,651)


Contracts		Security Description			Strike Price		Exp. Date		Value

Written Options - (0.3)%

Call Options Written - (0.1)%
(353)	American Airlines Group, Inc.	$	50.00	01/17	$	(2,824)
(140)	Apple, Inc.		135.00	03/17		(4,340)
(163)	Harley-Davidson, Inc.		50.00	01/18		(68,134)
(219)	Macy's, Inc.		40.00	01/17		(25,404)
(6,498)	SPDR S&P 500 ETF Trust		218.00	09/16		(779,760)
(205)	Union Pacific Corp.		90.00	01/17		(85,485)

Total Call Options Written
(Premiums Received $(1,743,223))

(965,947)

Put Options Written - (0.2)%
(282)	American Airlines Group, Inc.	30.00	01/17	(124,080)
(530)	American International Group, Inc.	40.00	01/17	(45,050)
(94)	Apple, Inc.	75.00	01/18	(49,350)
(163)	Harley-Davidson, Inc.	40.00	01/18	(84,760)
(20)	iShares Russell 2000 ETF	94.00	08/16	(440)
(287)	Joy Global, Inc.	15.00	01/17	(37,597)
(219)	Macy's, Inc.	30.00	01/17	(48,618)
(115)	SPDR S&P 500 ETF Trust	185.00	09/16	(14,490)
(150)	SPDR S&P 500 ETF Trust	184.00	09/16	(17,775)
(15)	SPDR S&P 500 ETF Trust	192.00	10/16	(3,495)
(40)	SPDR S&P 500 ETF Trust	187.00	10/16	(7,060)
(5)	SPDR S&P 500 ETF Trust	182.00	10/16	(668)
(5,384)	SPDR S&P 500 ETF Trust	170.00	03/17	(1,841,328)
(114)	The Boeing Co.	100.00	01/18	(83,220)
(205)	Union Pacific Corp.	65.00	01/17	(23,575)

Total Put Options Written
(Premiums Received $(3,875,122))

(2,381,506)

Total Written Options - (0.3)%
(Premiums Received $(5,618,345))

(3,347,453)

ADR American Depositary Receipt

ETF Exchange Traded Fund

ETN Exchange Traded Note

LLC Limited Liability Company

LP Limited Partnership

PLC Public Limited Company

REIT Real Estate Investment Trust

(a) All or a portion of this security is held as collateral for securities sold short.

(b) Subject to call option written by the Fund.

(d) Non-income producing security.

(e) Variable rate security. Rate presented is as of June 30, 2016.

(f) Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of June 30, 2016.

(g) Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $52,887,193 or 5.5% of net assets.

(h) Affiliated Company.

(i) Rate presented is yield to maturity.

(j) Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $0 or 0.0% of net assets.

At June 30, 2016, the Fund held the following credit default swap agreements:

Credit Default Swaps - Buy Protection

Counterparty	Reference Entity / Obligation	Pays Rate	Termination Date	Credit Spread as of 06/30/16⁽¹⁾		Notional Amount		Net Unrealized Depreciation
Barclays	Eastman Chemical Co, 7.60%, 02/01/27	1.00%	06/20/21	0.94%	$		10,000,000	$	(13,372	)
Barclays	Macy's Inc., 7.45%, 07/15/17	1.00	06/20/21	2.15			10,000,000		197,203
Barclays	Marriott International, 3.00%, 03/01/19	1.00	12/20/20	0.58			5,000,000		(8,607	)
Barclays	Marriott International, Inc., 3.00%, 03/01/19	1.00	06/20/21	0.58			5,000,000		(20,910	)
Barclays	Nordstrom Inc, 6.95%, 03/15/28	1.00	06/20/21	1.76			5,000,000		173,538
BNP Paribas	Host Hotels & Resorts, 4.75%, 03/01/23	1.00	06/20/21	0.93			10,000,000		11,353
BNP Paribas	International Paper Co, 7.50%, 08/15/21	1.00	06/20/21	0.77			5,000,000		(45,689	)
BNP Paribas	Marriott International, Inc., 3.00%, 03/01/19	1.00	06/20/21	0.58			5,000,000		(26,040	)
BNP Paribas	Pitney Bowes Inc., 6.25%, 03/15/19	1.00	06/20/21	1.45			5,000,000		3,010
BNP Paribas	Ryder Systems Inc, 2.55%, 06/01/19	1.00	06/20/21	0.85			10,000,000		(123,376	)
Goldman Sachs & Co.	Eastman Chemical Co, 7.60%, 02/01/27	1.00	06/20/21	0.94			5,000,000		(14,949	)
Goldman Sachs & Co.	Host Hotels & Resorts, 4.75%, 03/01/23	1.00	06/20/21	0.93			5,000,000		(6,029	)
Goldman Sachs & Co.	International Paper Co, 7.50%, 08/15/21	1.00	06/20/21	0.77			5,000,000		(7,969	)
Goldman Sachs & Co.	Nordstrom Inc, 6.95%, 03/15/28	1.00	06/20/21	1.76			5,000,000		146,482
Goldman Sachs & Co.	Ryder Systems Inc, 2.55%, 06/01/19	1.00	06/20/21	0.85			10,000,000		(86,008	)
Morgan Stanley	Gatx Corp., 6.00%, 02/15/18	1.00	06/20/21	1.81			5,000,000		(19,904	)
Morgan Stanley	International Paper Co, 7.50%, 08/15/21	1.00	06/20/21	0.77			5,000,000		(819	)
Morgan Stanley	Pitney Bowes Inc., 6.25%, 03/15/19	1.00	06/20/21	1.45			5,000,000		63,833
								$	221,747

⁽¹⁾ Credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract.

ABSOLUTE STRATEGIES FUND

NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND CALL AND PUT OPTIONS WRITTEN (Unaudited)

JUNE 30, 2016

At June 30, 2016, the Fund held the following futures contracts:

Contracts

Type

Expiration Date

Notional Contract Value

Net Unrealized Appreciation (Depreciation)

200			Platinum 50 oz. Future		11/04/16		$	9,814,840			$	428,160
125			Silver Future		10/04/16			11,178,625				460,750

(850	)	NASDAQ 100 E-Mini Future	09/20/16	(74,326,560	)	(592,440	)
(200	)	Russell 2000 Mini Future	09/20/16	(22,811,467	)	(136,533	)
(2,200	)	S&P 500 E-Mini Future	09/20/16	(231,297,799	)	1,364,799
(30	)	U.S. 10-year Note Future	10/04/16	(3,959,156	)	(30,376	)
(90	)	U.S. 5-year Note Future	10/11/16	(10,933,594	)	(61,172	)

(322,335,111

)

1,433,188

Affiliated investments are investments that are managed by the adviser, and are noted in the Absolute Strategies Fund's Schedule of Investments. Transactions during the period with affiliates were as follows:

Investment Company
Absolute Capital Opportunities Fund		Balance 03/31/16		Gross Additions		Gross Reductions		Balance 06/30/16		Realized Loss		Investment Income
Shares/Principal		1,196,695		-		-		1,196,695
Cost	$	12,010,000	$	-	$	-	$	12,010,000	$	-	$	-
Proceeds		-		-		-		-
Value		12,218,253		-		-		12,266,121

As of June 30, 2016, the Absolute Strategies Fund had the following forward currency contracts outstanding:

Counterparty	Contracts to Purchase/(Sell)			Settlement Date	Settlement Value			Net Unrealized Depreciation
Goldman Sachs & Co.	(1,208,549	)	Canadian Dollars	07/29/16	$	930,000		$	(5,558	)
	(977,988	)	Pounds Sterling	07/29/16		1,415,500			113,214
	(946,425	)	Pounds Sterling	07/29/16		1,395,750			135,493
	313,886		Pounds Sterling	07/29/16		(465,250	)		(47,280	)
	332,950		Pounds Sterling	07/29/16		(472,345	)		(28,989	)
	641,554		Pounds Sterling	07/29/16		(943,155	)		(88,863	)
	676,626		Pounds Sterling	07/29/16		(930,500	)		(29,506	)
								$	48,511

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	161,741,412
Gross Unrealized Depreciation		(35,506,271	)
Net Unrealized Appreciation	$	126,235,141

The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various "inputs" used to determine the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and other financial instruments and liabilities as of June 30, 2016.

Level 1

Level 2

Level 3

Total

Assets
Investments At Value
Common Stock
Consumer Discretionary	$	31,720,460	$	-	$	-	$	31,720,460
Consumer Staples		71,946,814		-		-		71,946,814
Energy		49,357,076		-		-		49,357,076
Financial		42,343,244		-		-		42,343,244
Healthcare		6,309,198		-		-		6,309,198
Industrial		31,975,654		-		-		31,975,654
Information Technology		15,412,416		-		-		15,412,416
Materials		26,255,634		-		-		26,255,634
Telecommunication Services		25,936,997		-		-		25,936,997
Utilities		3,767,994		-		-		3,767,994
Preferred Stock
Information Technology		6,272,842		-		-		6,272,842
Asset Backed Obligations		-		3,884,619		-		3,884,619
Corporate Convertible Bonds		-		126,056,625		-		126,056,625
Corporate Non-Convertible Bonds		-		46,938,646		-		46,938,646
Exchange Traded Note		134,875		-		-		134,875
Syndicated Loans		-		4,923,369		-		4,923,369
Warrants		5,417		-		-		5,417
Investment Companies		114,003,013		-		-		114,003,013
Commercial Paper		-		7,998,063		-		7,998,063
Money Market Fund		-		254,678,117		-		254,678,117
Purchased Options		7,220,355		2,534,952		-		9,755,307
Total Investments At Value	$	432,661,989	$	447,014,391	$	-	$	879,676,380
Other Financial Instruments**
Credit Default Swaps		-		595,419		-		595,419
Forward Currency Contracts		-		248,707		-		248,707
Futures		2,253,709		-		-		2,253,709
Total Other Financial Instruments**	$	2,253,709	$	844,126	$	-	$	3,097,835
Total Assets	$	434,915,698	$	447,858,517	$	-	$	882,774,215

Liabilities

Securities Sold Short

Common Stock	$	(273,518,688	)	$	-	$	-	$	(273,518,688	)
Exchange Traded Note		(1,850,787	)		-		-		(1,850,787	)
Investment Companies		(97,135,176	)		-		-		(97,135,176	)
Total Securities Sold Short	$	(372,504,651	)	$	-	$	-	$	(372,504,651	)
Other Financial Instruments**

Written Options		(1,428,509	)		(1,918,944	)		-		(3,347,453	)
Credit Default Swaps		-			(373,672	)		-		(373,672	)
Futures		(820,521	)		-			-		(820,521	)
Forward Currency Contracts		-			(200,196	)		-		(200,196	)
Total Other Financial Instruments**	$	(2,249,030	)	$	(2,492,812	)	$	-	$	(4,741,842	)
Total Liabilities	$	(374,753,681	)	$	(2,492,812	)	$	-	$	(377,246,493	)

** Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and Schedule of Securities Sold Short, such as credit default swaps, forward currency contracts and futures, which are valued at the unrealized appreciation (depreciation) of the instrument. Written options are reported at their market value at period end.

ABSOLUTE CREDIT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Rate

Value

Long Positions - 92.7%

Equity Securities - 0.4%

Preferred Stock - 0.4%
Information Technology - 0.4%
	500	MTS Systems Corp. ^(a) (Cost $50,000)	8.75	%	$	52,665

Total Equity Securities (Cost $50,000)

52,665

Principal

Security

Description

Rate

Maturity

Value

Fixed Income Securities - 83.6%
Corporate Convertible Bonds - 45.8%
Consumer Discretionary - 2.7%
$	400,000	JAKKS Pacific, Inc. ^(a)(b)	4.88	%	06/01/20	393,500

Consumer Staples - 9.0%
	100,000	Ascent Capital Group, Inc. ^(a)	4.00	07/15/20	58,812
	250,000	Carriage Services, Inc. ^(a)	2.75	03/15/21	294,844
	150,000	Depomed, Inc. ^(a)	2.50	09/01/21	181,594
	400,000	Endologix, Inc. ^(a)	2.25	12/15/18	368,250
	200,000	Healthways, Inc. ^(a)	1.50	07/01/18	188,875
	250,000	Monster Worldwide, Inc. ^(a)	3.50	10/15/19	216,719
					1,309,094
Energy - 3.6%
	200,000	Helix Energy Solutions Group, Inc. ^(a)	3.25	03/15/32	178,250
	350,000	Renewable Energy Group, Inc. ^(a)(b)	4.00	06/15/36	346,500
					524,750
Financial - 3.5%
	350,000	Encore Capital Group Inc ^(a)	3.00	07/01/20	272,344
	100,000	Forestar Group, Inc. ^(a)	3.75	03/01/20	92,187
	400,000	FXCM, Inc. ^(a)	2.25	06/15/18	147,750
					512,281
Healthcare - 3.4%
	300,000	Quidel Corp. ^(a)	3.25	12/15/20	279,375
	200,000	Repligen Corp. ^(a)	2.13	06/01/21	216,375
					495,750
Industrial - 5.3%
	250,000	Altra Industrial Motion Corp. ^(a)	2.75	03/01/31	283,750
	300,000	Fluidigm Corp. ^(a)	2.75	02/01/34	183,000
	300,000	TTM Technologies, Inc. ^(a)	1.75	12/15/20	298,875
					765,625
Information Technology - 7.1%
	400,000	Avid Technology, Inc. ^(a)	2.00	06/15/20	273,250

Principal

Security

Description

Rate

Maturity

Value

$	150,000	Cypress Semiconductor Corp. ^(b)	4.50	%	01/15/22	$	161,062
	100,000	Envestnet, Inc. ^(a)	1.75		12/15/19		90,500
	250,000	Interactive Intelligence Group, Inc. ^(a)	1.25		06/01/20		237,344
	250,000	Quantum Corp. ^(a)	4.50		11/15/17		184,531
	100,000	Verint Systems, Inc. ^(a)	1.50		06/01/21		91,563
							1,038,250
Materials - 2.1%
	100,000	Allegheny Technologies, Inc. ^(a)	4.75		07/01/22		106,000
	200,000	Silver Standard Resources, Inc. ^(a)(b)	2.88		02/01/33		191,250
							297,250
Telecommunication Services - 7.9%
	250,000	Blucora, Inc. ^(a)	4.25		04/01/19		231,250
	400,000	Global Eagle Entertainment, Inc. ^(a)	2.75		02/15/35		295,500
	350,000	Pandora Media, Inc. ^(a)(b)	1.75		12/01/20		350,656
	100,000	Twitter, Inc. ^(a)	1.00		09/15/21		89,500
	200,000	Web.com Group, Inc. ^(a)	1.00		08/15/18		184,875
							1,151,781
Utilities - 1.2%
	250,000	EnerNOC, Inc. ^(a)	2.25		08/15/19		180,625

Total Corporate Convertible Bonds

(Cost $7,161,364)

6,668,906

Corporate Non-Convertible Bonds - 37.8%
Consumer Discretionary - 4.5%
	225,000	GameStop Corp. ^(b)	5.50	10/01/19	223,593
	200,000	JC Penney Corp., Inc.	7.65	08/15/16	200,956
	199,000	L Brands, Inc.	8.50	06/15/19	231,835
					656,384
Consumer Staples - 6.3%
	150,000	Bumble Bee Holdings, Inc. ^(b)	9.00	12/15/17	152,250
	343,000	Cenveo Corp. ^(b)	6.00	08/01/19	286,405
	182,000	ConvaTec Healthcare E SA ^(b)	10.50	12/15/18	186,095
	282,000	Dean Holding Co.	6.90	10/15/17	293,985
					918,735
Energy - 2.6%
	165,000	Boardwalk Pipelines LP	5.88	11/15/16	167,299
	260,000	Gastar Exploration, Inc.	8.63	05/15/18	219,050
					386,349

ABSOLUTE CREDIT OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Principal

Security

Description

Rate

Maturity

Value

Financial - 3.8%
$	325,000	Ally Financial, Inc.	3.50	%	07/18/16	$	325,406
	217,000	iStar, Inc.	9.00		06/01/17		226,223
							551,629
Industrial - 1.8%
	253,000	Spirit AeroSystems, Inc.	6.75		12/15/20		261,539

Information Technology - 5.3%
	200,000	EarthLink Holdings Corp.	7.38	06/01/20	209,000
	392,000	First Data Corp. ^(b)	6.75	11/01/20	410,420
	150,000	NXP BV / NXP Funding, LLC ^(b)	3.50	09/15/16	150,228
					769,648
Materials - 1.1%
	169,000	International Wire Group Holdings, Inc. ^(b)	8.50	10/15/17	167,944

Telecommunication Services - 10.1%
	240,000	Clearwire Communi-cations, LLC / Clearwire Finance, Inc. ^(b)	14.75	12/01/16	252,300
	181,000	Entercom Radio, LLC	10.50	12/01/19	191,147
	195,000	FairPoint Communi-cations, Inc. ^(b)	8.75	08/15/19	192,806
	150,000	iHeartCommuni-cations, Inc.	9.00	12/15/19	113,062
	388,000	Nielsen Finance LLC / Nielsen Finance Co.	4.50	10/01/20	396,730
	155,000	ViaSat, Inc.	6.88	06/15/20	160,619
	150,000	Windstream Services, LLC	7.88	11/01/17	159,750
					1,466,414
Utilities - 2.3%
	118,000	Calpine Corp. ^(b)	7.88	01/15/23	125,080
	200,000	Sabine Pass LNG LP	7.50	11/30/16	203,925
					329,005

Total Corporate Non-Convertible Bonds

(Cost $5,604,506)

5,507,647

Total Fixed Income Securities

(Cost $12,765,870)

12,176,553

Short-Term Investments - 1.7%
Commercial Paper - 1.7%
	250,000	Staples, Inc. ^(c) (Cost $249,912)	1.15	07/12/16	249,912

Total Short-Term Investments (Cost $249,912)

249,912

Security

Description

Value

Money Market Fund - 6.8%
	986,647		State Street Institutional Treasury Money Market Fund, 0.14% ^(d)	$		986,647

Total Money Market Fund (Cost $986,647)

986,647

Contracts

Security

Description

Strike

Price

Exp.

Date

Value

Purchased Options - 0.2%
Put Options Purchased - 0.2%
	14	SPDR S&P 500 ETF Trust	$	205.00	09/16	6,104
	50	SPDR S&P 500 ETF Trust		204.00	09/16	20,600

Total Put Options Purchased

(Premiums Paid $59,359)

26,704

Total Purchased Options

(Premiums Paid $59,359)

26,704

Total Long Positions - 92.7%

(Cost $14,111,788)*

13,492,481

Total Short Positions - (15.4)%

(Proceeds $(2,831,996))*

(2,243,941

)

Total Written Options - (0.1)%
(Premiums Received $(24,866))*

(7,689

)

Other Assets & Liabilities, Net – 22.8%		3,317,325
Net Assets – 100.0%	$	14,558,176

Security

Description

Value

Short Positions - (15.4)%
Common Stock - (15.4)%
Consumer Discretionary - (1.4)%
	(25,429)	JAKKS Pacific, Inc.	$	(201,144)

Consumer Staples - (3.3)%
	(330)	Ascent Capital Group, Inc., Class A	(5,079)
	(7,400)	Carriage Services, Inc.	(175,232)
	(17,102)	Cenveo, Inc.	(13,953)
	(5,969)	Depomed, Inc.	(117,112)
	(6,300)	Endologix, Inc.	(78,498)
	(3,631)	Healthways, Inc.	(41,938)
	(23,039)	Monster Worldwide, Inc.	(55,063)

(486,875)

Energy - (1.6)%
	(9,000)	Gastar Exploration, Inc.	(9,900)
	(1,400)	Helix Energy Solutions Group, Inc.	(9,464)
	(23,516)	Renewable Energy Group, Inc.	(207,646)

(227,010)

Financial - (0.7)%
	(3,844)	Encore Capital Group, Inc.	(90,450)
	(1,389)	Forestar Group, Inc.	(16,515)
	(300)	FXCM, Inc., Class A	(2,595)

(109,560)

Healthcare - (1.3)%
	(4,212)	Quidel Corp.	(75,226)
	(4,000)	Repligen Corp.	(109,440)

(184,666)

Industrial - (2.2)%
	(5,700)	Altra Industrial Motion Corp.	(153,786)
	(2,086)	Fluidigm Corp.	(18,837)
	(20,048)	TTM Technologies, Inc.	(150,961)

(323,584)

Information Technology - (2.0)%
	(7,621)	Avid Technology, Inc.	(44,278)
	(6,240)	Cypress Semiconductor Corp.	(65,832)
	(500)	Envestnet, Inc.	(16,655)
	(2,018)	Interactive Intelligence Group, Inc.	(82,718)
	(900)	MTS Systems Corp.	(39,456)
	(59,736)	Quantum Corp.	(25,089)
	(480)	Verint Systems, Inc.	(15,902)

(289,930)

Materials - (0.8)%
	(4,900)	Allegheny Technologies, Inc.	(62,475)
	(4,611)	Silver Standard Resources, Inc.	(59,897)

(122,372)

Telecommunication Services - (2.0)%
	(2,900)	Blucora, Inc.	(30,044)
	(8,977)	Global Eagle Entertainment, Inc.	(59,608)
	(13,300)	Pandora Media, Inc.	(165,585)
	(200)	Twitter, Inc.	(3,382)
	(1,468)	Web.com Group, Inc.	(26,688)

(285,307)

Security

Description

Value

Utilities - (0.1)%
	(2,135)		EnerNOC, Inc.		$		(13,493)

Total Common Stock (Proceeds $(2,831,996))

(2,243,941)

Total Short Positions - (15.4)%
(Proceeds $(2,831,996))

(2,243,941)

ABSOLUTE CREDIT OPPORTUNITIES FUND

NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND PUT OPTIONS WRITTEN (Unaudited)

JUNE 30, 2016

ETF Exchange Traded Fund

LLC Limited Liability Company

LP Limited Partnership

(a) All or a portion of this security is held as collateral for securities sold short.

(b) Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $3,590,089 or 24.7% of net assets.

(d) Variable rate security. Rate presented is as of June 30, 2016.

At June 30, 2016, the Fund held the following credit default swap agreements:

Credit Default Swaps - Buy Protection

Counterparty	Reference Entity / Obligation	Pay Rate	Termination Date	Credit Spread as of 06/30/16 ⁽¹⁾		Notional Amount		Net Unrealized Depreciation
BNP Paribas	Host Hotels & Resorts, 4.75%, 03/01/23	1.00%	06/20/21	0.93%	$		5,000,000	$	5,676
BNP Paribas	Nordstrom Inc, 6.95%, 03/15/28	1.00	06/20/21	1.76			5,000,000		139,699
BNP Paribas	Ryder Systems Inc, 2.55%, 06/01/19	1.00	06/20/21	0.85			10,000,000		(123,376	)
								$	21,999

At June 30, 2016, the Fund held the following futures contracts:

Contracts

Type

Expiration Date

Notional Contract Value

Net Unrealized Depreciation

)

Russell 2000 Mini Future

09/20/16

(579,563

)

5,863

(579,563

)

5,863

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	1,051,123
Gross Unrealized Depreciation		(1,065,198	)
Net Unrealized Depreciation	$	(14,075	)

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and other financial instruments and liabilities as of June 30, 2016.

Level 1

Level 2

Level 3

Total

Assets
Investments At Value
Preferred Stock
Information Technology	$	52,665	$	-	$	-	$	52,665
Corporate Convertible Bonds		-		6,668,906		-		6,668,906
Corporate Non-Convertible Bonds		-		5,507,647		-		5,507,647
Commercial Paper		-		249,912		-		249,912
Money Market Fund		-		986,647		-		986,647
Purchased Options		26,704		-		-		26,704
Total Investments At Value	$	79,369	$	13,413,112	$	-	$	13,492,481

Other Financial Instruments**
Credit Default Swaps		-		145,375		-		145,375
Futures		5,863		-		-		5,863
Total Other Financial Instruments**	$	5,863	$	145,375	$		$	151,238
Total Assets	$	85,232	$	13,558,487	$	-	$	13,643,719

Liabilities

Securities Sold Short

Common Stock	$	(2,243,941	)	$	-	$	-	$	(2,243,941	)
Total Securities Sold Short	$	(2,243,941	)	$	-	$	-	$	(2,243,941	)
Other Financial Instruments**

Written Options			(1,764	)			(5,925	)			-				(7,689	)
Credit Default Swaps			-				(123,376	)			-				(123,376	)

Total Other Financial Instruments**		$	(1,764	)		$	(129,301	)		$	-			$	(131,065	)
Total Liabilities		$	(2,245,705	)		$	(129,301	)		$	-			$	(2,375,006	)

** Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and Schedule of Securities Sold Short, such as credit default swaps and futures, which are valued at the unrealized appreciation (depreciation) of the instrument. Written options are reported at their market value at period end.

The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2016.

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.

Security

Description

Value

Long Positions - 99.6%
Common Stock - 51.4%
Consumer Discretionary - 5.5%
	2,835	American Airlines Group, Inc. ^(a)(b)(c)	$	80,259
	1,355	Bed Bath & Beyond, Inc.^(a)		58,563
	385	CarMax, Inc. ^(a)(d)		18,876
	770	CVS Health Corp.^(a)		73,720
	4,305	General Motors Co.^(a)		121,831
	1,880	Harley-Davidson, Inc. ^(a)(b)(c)		85,164
	2,850	Kohl's Corp.^(a)		108,072
	1,315	Macy's, Inc. ^(a)(b)(c)		44,197
	730	VF Corp.		44,888
	565	Walgreens Boots Alliance, Inc.		47,048
				682,618
Consumer Staples - 12.4%
	88	Brookfield Business Partners LP ^(d)		1,680
	1,965	Diageo PLC, ADR		221,809
	3,045	Express Scripts Holding Co. ^(d)		230,811
	330	McKesson Corp.		61,595
	2,550	Nestle SA, ADR		197,140
	1,740	Philip Morris International, Inc.		176,993
	12,710	Quanta Services, Inc. ^(a)(d)		293,855
	2,300	Robert Half International, Inc.		87,768
	6,140	Sanofi, ADR		256,959
				1,528,610
Energy - 4.2%
	1,145	Diamond Offshore Drilling, Inc.^(a)		27,858
	1,140	FMC Technologies, Inc. ^(a)(d)		30,404
	3,480	Halliburton Co.^(a)		157,609
	700	National Oilwell Varco, Inc.^(a)		23,555
	1,255	Schlumberger, Ltd.^(a)		99,245
	4,870	Spectra Energy Corp.		178,388
				517,059
Financial - 12.0%
	2,030	American Express Co.^(a)		123,343
	1,140	American International Group, Inc. ^{(a) (c)}		60,294
	1,275	Aon PLC^(a)		139,268
	11,660	Bank of America Corp.^(a)		154,728
	1,220	Berkshire Hathaway, Inc., Class B^(a)(d)		176,644
	4,410	Brookfield Asset Management, Inc., Class A		145,839
	3,875	CBRE Group, Inc., Class A ^(a)(d)		102,610
	2,010	Citigroup, Inc.^(a)		85,204
	2,590	JPMorgan Chase & Co.^(a)		160,943
	5,060	The Bank of New York Mellon Corp.		196,581
	2,400	WR Berkley Corp.		143,808
				1,489,262
Healthcare - 0.6%
	410	Becton Dickinson and Co.		69,532

Industrial - 7.5%
	950	Emerson Electric Co.	49,552
	2,750	Expeditors International of Washington, Inc.	134,860
	4,270	Jacobs Engineering Group, Inc. ^(a)(d)	212,689
	6,315	Leucadia National Corp.^(a)	109,439
	1,200	The Boeing Co. ^(a)(c)	155,844
	920	Union Pacific Corp. ^(a)(b)(c)	80,270
	500	United Parcel Service, Inc., Class B^(a)	53,860
	930	Valmont Industries, Inc.^(a)	125,801
			922,315

Security

Description

Value

Information Technology - 1.6%
	2,095		Apple, Inc. ^(a)(b)(c)	$		200,282

Materials - 4.4%
	890	Monsanto Co.	92,035
	1,595	Praxair, Inc.	179,262
	3,750	Royal Gold, Inc.	270,075
			541,372
Telecommunication Services - 2.6%
	104	Alphabet, Inc., Class A ^(a)(d)	73,167
	62	Alphabet, Inc., Class C ^(a)(d)	42,910
	2,365	CBS Corp., Class B^(a)	128,751
	5,575	Spark Networks, Inc. ^(a)(d)	8,809
	670	The Walt Disney Co.^(a)	65,539
			319,176
Utilities - 0.6%
	1,650	ITC Holdings Corp.	77,253

Total Common Stock

(Cost $5,615,590)

6,347,479

Money Market Fund - 46.3%
	5,717,520		State Street Institutional Treasury Money Market Fund, 0.14% ^(e) (Cost $5,717,520)			5,717,520

Contracts

Security

Description

Strike

Price

Exp.

Date

Value

Purchased Options - 1.9%
Call Options Purchased - 1.8%
	7	Apple, Inc.	$	105.00	03/17	2,590
	296	SPDR S&P 500 ETF Trust		206.00	09/16	222,296
	101	SPDR S&P 500 ETF Trust		240.00	03/17	4,343

Total Call Options Purchased

(Premiums Paid $236,752)

229,229

Put Options Purchased - 0.1%
	101		SPDR S&P 500 ETF Trust			125.00		03/17			6,969

Total Put Options Purchased

(Premiums Paid $13,195)

6,969

Total Purchased Options

(Premiums Paid $249,947)

236,198

Total Long Positions - 99.6%

(Cost $11,583,057)*

12,301,197

Total Short Positions - (34.6)%

(Proceeds $(4,214,298))*

(4,268,395

)

Total Written Options - (1.2)%
(Premiums Received $(249,411))*

(148,759

)

Other Assets & Liabilities, Net – 36.2%		4,470,206
Net Assets – 100.0%	$	12,354,249

ABSOLUTE CAPITAL OPPORTUNITIES FUND

NOTES TO SCHEDULES OF INVESTMENTS, SECURITIES SOLD SHORT AND CALL AND PUT OPTIONS WRITTEN (Unaudited)

JUNE 30, 2016

ADR American Depositary Receipt

ETF Exchange Traded Fund

LP Limited Partnership

PLC Public Limited Company

(a) All or a portion of this security is held as collateral for securities sold short and options written.

(b) Subject to call option written by the Fund.

(d) Non-income producing security.

(e) Variable rate security. Rate presented is as of June 30, 2016.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	932,625
Gross Unrealized Depreciation		(167,930	)
Net Unrealized Appreciation	$	764,695

The following is a summary of the inputs used to value the Fund's investments and other financial instruments and liabilities as of June 30, 2016.

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1

Level 2

Level 3

Total

Assets
Investments At Value
Common Stock
Consumer Discretionary	$	682,618	$	-	$	-	$	682,618
Consumer Staples		1,528,610		-		-		1,528,610
Energy		517,059		-		-		517,059
Financial		1,489,262		-		-		1,489,262
Healthcare		69,532		-		-		69,532
Industrial		922,315		-		-		922,315
Information Technology		200,282		-		-		200,282
Materials		541,372		-		-		541,372
Telecommunication Services		319,176		-		-		319,176
Utilities		77,253		-		-		77,253
Money Market Funds		-		5,717,520		-		5,717,520
Purchased Options		236,198		-		-		236,198
Total Investments At Value	$	6,583,677	$	5,717,520	$	-	$	12,301,197

Total Assets

6,583,677

5,717,520

12,301,197

Liabilities

Securities Sold Short

Common Stock	$	(31,288	)	$	-	$	-	$	(31,288	)
Investment Companies		(4,237,107	)		-		-		(4,237,107	)
Total Securities Sold Short	$	(4,268,395	)	$	-	$	-	$	(4,268,395	)
Other Financial Instruments**

Written Options		(64,117	)		(84,642	)		-		(148,759	)
Total Other Financial Instruments**	$	(64,117	)	$	(84,642	)	$	-	$	(148,759	)
Total Liabilities	$	(4,332,512	)	$	(84,642	)	$	-	$	(4,417,154	)

The Fund utilizes the end of period methodology when determining transfers. As of June 30, 2016, there was $(2,220) transferred from Level 1 to Level 2 and $222,296 transferred from Level 2 to Level 1 due to securities using a quoted price versus the mean between bid and ask quotations.

Security

Description

Value

Common Stock - 78.7%
Bermuda - 2.9%
	8,360	Enstar Group, Ltd. ^(a)	$	1,354,236
Brazil - 6.6%
	1,321,000	GP Investments, Ltd. ^(a)		3,043,116
Canada - 5.1%
	4,335	Fairfax Financial Holdings, Ltd.		2,334,783
	124,733	Lone Pine Resources Canada, Ltd., Common Class ^(a)(b)		-
	124,733	Lone Pine Resources, Inc., Class A ^(a)(b)		-
				2,334,783
Chile - 2.4%
	616,000	Coca-Cola Embonor SA, Class B		1,126,134
China - 1.9%
	1,835,000	Greatview Aseptic Packaging Co., Ltd.		870,419
Cyprus - 0.8%
	2,021,534	Secure Property Development & Investment PLC ^(a)		376,763
Hong Kong - 11.1%
	3,909,000	First Pacific Co., Ltd.		2,831,696
	7,900,000	Genting Hong Kong, Ltd. ^(a)		2,291,000
				5,122,696
India - 10.4%
	767,000	Dewan Housing Finance Corp., Ltd.		2,314,807
	232,800	Fairfax India Holdings Corp. ^(a)(c)		2,444,400
				4,759,207
Indonesia - 10.2%
	25,909,000	Bank Pan Indonesia Tbk PT ^(a)		1,509,928
	13,800,000	Media Nusantara Citra Tbk PT		2,297,824
	55,368,300	Panin Financial Tbk PT ^(a)		880,026
				4,687,778
Japan - 2.0%
	5,800	FANUC Corp.		928,708
Norway - 3.0%
	134,400	Oslo Bors VPS Holding ASA		1,363,071
Russian Federation - 4.9%
	68,300	Tarkett SA		2,232,569
South Korea - 3.2%
	9,900	GS Home Shopping, Inc.		1,474,020
Spain - 3.3%
	91,000	Grifols SA, Class B		1,514,808
Switzerland - 5.1%
	19,600	Dufry AG ^(a)		2,334,337

Security

Description

Value

United Kingdom - 2.6%
	4,492	Liberty Global PLC LiLAC, Class A ^(a)	$	144,902
	36,000	Liberty Global PLC, Class A ^(a)		1,046,160
				1,191,062
United States - 3.2%
	499,700	BBA Aviation PLC		1,468,818

Total Common Stock

(Cost $35,427,129)

36,182,525

Preferred Stock - 0.1%
United States - 0.1%
	132,573	Earlyshares.com, Inc., Class A ^(b)(d) (Cost $200,000)	26,236

Principal

Security

Description

Value

Total Private Equity Funds

(Cost $1,236,915)

3,099,902

Security

Description

Value

Investment Companies - 2.4%
	60,692		Carlyle GMS Finance, Inc. ^(a)(b)(h) (Cost $1,181,834)			1,093,672

Total Investments - 87.9%

(Cost $38,045,878)*

40,402,335

Other Assets & Liabilities, Net – 12.1%		5,583,101
Net Assets – 100.0%	$	45,985,436

LP	Limited Partnership

PLC	Public Limited Company

(a)	Non-income producing security.

(b)	Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $4,219,810 or 9.2% of net assets.

(c)	Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $2,444,400 or 5.3% of net assets.

(d)

Private preferred stock purchased on 06/21/13. The preferred shares have the right to receive dividends when, as and if declared by the Board of Trustees. Preferred shares hold rights to convert to shares of Common Stock. Illiquid investment in which redemptions are not accepted. No unfunded commitments as of June 30, 2016.

(e)	Private equity fund purchased on 03/08/13 that invests in Unitech Corporate Parks PLC. Redemptions may be made on the last day of each calendar quarter upon 60 days written notice. No unfunded commitments as of June 30, 2016.

(f)	Private equity fund purchased on 02/21/12 that invests in Switch Communications Group, LLC. Illiquid investment in which redemptions are not accepted. Cost of investment at June 30, 2016 is $1,200,000. No unfunded commitments as of June 30, 2016.

(g)	Affiliate.

(h)

Business development company purchased on 06/05/13 that invests in first lien senior secured and unitranche loans to private U.S. middle market companies that are, in many cases, controlled by private investment firms. Illiquid investment in which redemptions are not accepted. Cost of investment at June 30, 2016 is $1,181,834. Unfunded commitments of $1,356,717 as of June 30, 2016.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	7,266,156
Gross Unrealized Depreciation		(4,909,699	)
Net Unrealized Appreciation	$	2,356,457

As of June 30, 2016, the Adalta International Fund had the following forward currency contracts outstanding:

Counterparty	Contracts to Purchase/(Sell)			Settlement Date	Settlement Value			Net Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	(45,017,860	)	Hong Kong Dollar	08/22/16	$	5,800,000		$	(6,880	)
	7,830,000		Hong Kong Dollar	08/22/16		(1,011,602	)		(1,606	)
	8,660,000		Hong Kong Dollar	08/22/16		(1,109,261	)		7,797
	12,887,860		Hong Kong Dollar	08/22/16		(1,663,272	)		(859	)
BNY Brokerage, Inc.	(46,345,400	)	Japanese Yen	11/14/16		430,000			(21,165	)
								$	(22,713	)

An affiliate is an entity in which the Fund has ownership of at least 5% of the voting securities. Transactions during the period with affiliates were as follows:

		Private Equity Fund
		Brightwood Switch SPV, LP
Balance 03/31/16
Shares/Principal	$	1,200,000
Cost	$	1,200,000
Value	$	2,667,002
Gross Additions
Shares/Principal		-
Cost	$	-
Gross Reductions
Shares/Principal		-
Cost	$	-
Proceeds	$	-
Balance 06/30/16
Shares/Principal	$	1,200,000
Cost	$	1,200,000
Value	$	3,057,288
Realized gain/(loss)	$	-
Investment Income	$	-

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and other financial instruments and liabilities as of June 30, 2016.

ADALTA INTERNATIONAL FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Level 1

Level 2

Level 3

Total

Assets
Investments At Value
Common Stock
Bermuda	$	1,354,236	$	-		$	-	$	1,354,236
Brazil		3,043,116		-			-		3,043,116
Canada		2,334,783		-			-		2,334,783
Chile		1,126,134		-			-		1,126,134
China		870,419		-			-		870,419
Cyprus		376,763		-			-		376,763
Hong Kong		5,122,696		-			-		5,122,696
India		4,759,207		-			-		4,759,207
Indonesia		4,687,778		-			-		4,687,778
Japan		928,708		-			-		928,708
Norway		1,363,071		-			-		1,363,071
Russian Federation		2,232,569		-			-		2,232,569
South Korea		1,474,020		-			-		1,474,020
Spain		1,514,808		-			-		1,514,808
Switzerland		2,334,337		-			-		2,334,337
United Kingdom		1,191,062		-			-		1,191,062
United States		1,468,818		-			-		1,468,818
Preferred Stock
United States		-		-			26,236		26,236
Private Equity Funds
India		-		-			42,614		42,614
United States		-		-			3,057,288		3,057,288
Investment Companies		-		-			1,093,672		1,093,672
Total Investments At Value	$	36,182,525	$	-		$	4,219,810	$	40,402,335
Other Financial Instruments**
Forward Currency Contracts		-		7,797			-		7,797
Total Assets	$	36,182,525	$	7,797		$	4,219,810	$	40,410,132
Liabilities
Other Financial Instruments**
Forward Currency Contracts		-		(30,510	)		-		(30,510	)
Total Liabilities	$	-	$	(30,510	)	$	-	$	(30,510	)

**Other Financial Instruments are derivatives not reflected in the Schedule of Investments, such as forward currency contracts, which are valued at the unrealized appreciation/depreciation at period end.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Preferred Stock		Private Equity Funds		Investment Companies
Balance as of 03/31/16	$	26,236	$	2,721,923	$	981,739
Purchases		-		-		90,852
Sales		-		-		-
Realized gain		-		-		-
Change in unrealized appreciation/(depreciation)		-		377,979		21,081
Balance as of 06/30/16	$	26,236	$	3,099,902	$	1,093,672
Net change in unrealized appreciation/(depreciation) from investments held as of 06/30/16	$	-	$	377,979	$	21,081

The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2016.

Significant unobservable valuation inputs for material Level 3 investments as of June 30, 2016, are as follows:

Investments in Securities	Fair Value at 6/30/16	Valuation Technique(s)	Unobservable Input	Range as of 6/30/16	Weighted Average as of 6/30/16
Private Equity Funds – United States
Brightwood Switch SPV, LP	$3,057,288	Market Comparables	EV/EBITDA Multiple⁽¹⁾	16.00x – 16.50x NFY EBITDA projection of $106.4mm (or EV of $2,013.5mm - $2,076.4mm and equity value of $1,718.4mm – $1,781.4mm)	Not applicable.

⁽¹⁾ Significant unobservable inputs used in the fair value measurement included enterprise value (EV) to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio. A significant change in the EV/EBITDA Multiple ratio may result in a similar significant change in the fair value measurement.

BECK, MACK & OLIVER PARTNERS FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

Common Stock - 98.7%
Consumer Discretionary - 2.7%
	2,058	Liberty Global PLC LiLAC, Class A ^(a)	$	66,413
	26,500	Liberty Global PLC, Class A ^(a)		770,090
				836,503
Consumer Staples - 3.6%
	4,100	Anheuser-Busch InBev NV, ADR		539,888
	70,000	Crimson Wine Group, Ltd. ^(a)		585,200
				1,125,088
Energy - 18.4%
	33,000	Devon Energy Corp.		1,196,250
	112,300	Matador Resources Co. ^(a)		2,223,540
	94,650	San Juan Basin Royalty Trust		688,105
	21,000	Schlumberger, Ltd.		1,660,680
				5,768,575
Financials - 33.8%
	78,000	Apollo Global Management, LLC		1,181,700
	63,000	Boulevard Acquisition Corp. II ^(a)		623,070
	8,000	Credit Acceptance Corp. ^(a)		1,480,640
	17,900	Enstar Group, Ltd. ^(a)		2,899,621
	28,080	Homefed Corp. ^(a)		1,083,888
	17,400	JPMorgan Chase & Co.		1,081,236
	45,000	NorthStar Asset Management Group, Inc.		459,450
	58,000	The Blackstone Group LP		1,423,320
	8,500	U.S. Bancorp		342,805
				10,575,730
Healthcare - 16.2%
	16,500	Abbott Laboratories		648,615
	8,300	Baxter International, Inc.		375,326
	8,000	Gilead Sciences, Inc.		667,360
	52,200	Grifols SA, ADR		870,174
	5,300	Laboratory Corp. of America Holdings ^(a)		690,431
	16,600	Merck & Co., Inc.		956,326
	6,000	Waters Corp. ^(a)		843,900
				5,052,132
Industrials - 14.9%
	30,000	Chicago Bridge & Iron Co. NV		1,038,900
	18,800	Dover Corp.		1,303,216
	23,300	Fluor Corp.		1,148,224
	6,900	Roper Technologies, Inc.		1,176,864
				4,667,204
Materials - 1.2%
	67,350	AgroFresh Solutions, Inc. ^(a)		357,629

Security

Description

Value

Technology - 6.0%
	1,875	Alphabet, Inc., Class C ^(a)	$	1,297,687
	11,550	Microsoft Corp.		591,014
				1,888,701
Telecommunication Services - 1.9%
	11,400	Level 3 Communications, Inc. ^(a)		586,986

Total Common Stock

(Cost $30,488,106)

30,858,548

Security

Description

Strike Price

Exp. Date

Value

Warrant - 0.2%
	75,675		AgroFresh Solutions, Inc. ^(a) (Cost $171,744)		$11.50		02/19/19			71,815

Total Investments - 98.9%

(Cost $30,659,850)*

30,930,363

Other Assets & Liabilities, Net - 1.1%

358,785

Net Assets - 100.0%

31,289,148

ADR	American Depositary Receipt

LLC	Limited Liability Company

LP	Limited Partnership

PLC	Public Limited Company

(a)	Non-income producing security.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	4,090,122
Gross Unrealized Depreciation		(3,819,609	)
Net Unrealized Appreciation	$	270,513

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2016.

LMCG GLOBAL MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

Long Positions - 100.4%
Equity Securities - 92.0%
Common Stock^(a) - 91.5%
Australia - 1.1%
	99,011	BlueScope Steel, Ltd.	$	478,381
	81,087	Dexus Property Group REIT	550,229
			1,028,610
Austria - 0.4%
	17,613	Erste Group Bank AG	401,012

Bermuda - 1.1%
	3,383	Everest Re Group, Ltd.	617,973
	49,462	Teekay Corp.	352,664
			970,637
Denmark - 0.3%
	5,779	Dfds A/S	253,665

Finland - 1.5%
	7,418	Kesko OYJ, Class B	315,017
	61,222	Stora Enso OYJ, Class R	492,352
	30,574	UPM-Kymmene OYJ	561,668
			1,369,037
France - 3.2%
	4,404	Alten SA	258,516
	12,166	AXA SA	240,554
	2,529	Christian Dior SE	405,125
	6,201	Eiffage SA	440,829
	4,393	Ipsen SA	269,163
	7,283	Nexity SA	368,415
	5,669	Renault SA	427,995
	11,184	TOTAL SA	536,340
			2,946,937
Germany - 2.3%
	3,143	Allianz SE	448,372
	2,527	Bechtle AG	266,645
	46,156	Commerzbank AG	300,584
	9,303	OSRAM Licht AG	483,355
	26,377	Suedzucker AG	580,967
			2,079,923
Ireland - 0.2%
	25,659	Grafton Group PLC	169,653

Israel - 0.4%
	7,182		Teva Pharmaceutical Industries, Ltd.			363,483

Italy - 2.2%
	50,761	Amplifon SpA	475,066
	24,444	ASTM SpA	266,588
	91,111	Banca Popolare dell'Emilia Romagna SC	334,506

Security

Description

Value

Italy - (continued)
	41,344	Leonardo-Finmeccanica SpA ^(b)	$	418,099
	16,077	Recordati SpA	483,588
	4,946	Rizzoli Corriere Della Sera Mediagroup SpA ^(b)	4,431
			1,982,278
Japan - 11.6%
	12,000	Aoyama Trading Co., Ltd.	442,517
	2,000	Central Japan Railway Co.	355,727
	32,600	Chubu Electric Power Co., Inc.	463,931
	28,000	Fuji Machine Manufacturing Co., Ltd.	253,932
	92,000	Fujikura, Ltd.	424,924
	18,300	Hitachi High-Technologies Corp.	500,830
	15,100	KYORIN Holdings, Inc.	296,095
	10,900	Matsumotokiyoshi Holdings Co., Ltd.	532,874
	78,000	Mitsubishi Gas Chemical Co, Inc.	406,919
	79,800	Mitsubishi UFJ Financial Group, Inc.	357,732
	14,400	Mixi, Inc.	595,373
	95,300	Nippon Suisan Kaisha, Ltd.	489,420
	13,600	Nippon Telegraph & Telephone Corp.	637,771
	9,600	NTT Data Corp.	453,393
	62,000	OKUMA Corp.	407,563
	96,000	Sumitomo Chemical Co., Ltd.	396,102
	44,500	Sumitomo Corp.	448,556
	16,000	Terumo Corp.	682,806
	45,100	The Kansai Electric Power Co., Inc. ^(b)	439,240
	8,700	Tokyo Electron, Ltd.	735,226
	13,700	Ulvac, Inc.	420,516
	38,500	Ushio, Inc.	452,320
	7,900	West Japan Railway Co.	500,649
			10,694,416
Netherlands - 0.9%
	13,966	BE Semiconductor Industries NV	377,878
	16,438	NN Group NV	452,512
			830,390
Norway - 1.6%
	64,349	Austevoll Seafood ASA	539,957
	67,484	Orkla ASA	600,173
	9,502	Salmar ASA	282,763
			1,422,893
Puerto Rico - 1.2%
	31,080	OFG Bancorp	257,964
	20,528	Popular, Inc.	601,470
	11,520	Triple-S Management Corp., Class B ^(b)	281,434
			1,140,868
South Africa - 0.4%
	61,277	Investec PLC	380,883

LMCG GLOBAL MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

Spain - 1.7%
	16,931	ACS Actividades de Construccion y Servicios SA	$	464,403
	17,754	Almirall SA	266,934
	23,608	Gamesa Corp Tecnologica SA	470,367
	34,894	Mediaset Espana Comunicacion SA	393,905
			1,595,609
Sweden - 0.8%
	14,186	ICA Gruppen AB	475,446
	34,471	Peab AB	261,535
			736,981
Switzerland - 2.6%
	4,649	Dufry AG ^(b)	556,035
	766	Georg Fischer AG	612,347
	223,447	Glencore PLC ^(b)	460,551
	4,093	Implenia AG	269,514
	2,108	Swiss Life Holding AG ^(b)	487,154
			2,385,601
Thailand - 0.7%
	16,671	Fabrinet ^(b)	618,828
United Kingdom - 4.2%
	62,874	Barratt Developments PLC	341,659
	87,357	BP PLC	511,346
	46,634	Crest Nicholson Holdings PLC	222,660
	256,424	Debenhams PLC	189,496
	69,954	Fiat Chrysler Automobiles NV ^(b)	430,599
	9,335	Imperial Brands PLC	506,263
	38,032	Intermediate Capital Group PLC	249,181
	100,136	Kingfisher PLC	430,092
	64,697	Meggitt PLC	351,656
	21,965	Royal Dutch Shell PLC, Class B	606,862
			3,839,814
United States - 53.1%
	37,198	8x8, Inc. ^(b)	543,463
	19,878	Abercrombie & Fitch Co.	354,027
	47,464	Achillion Pharmaceuticals, Inc. ^(b)	370,219
	8,189	American Financial Group, Inc.	605,413
	14,192	American Public Education, Inc. ^(b)	398,795
	15,413	AMN Healthcare Services, Inc. ^(b)	616,058
	12,274	ArcBest Corp.	199,453
	14,157	Atlas Air Worldwide Holdings, Inc. ^(b)	586,383
	56,568	Atwood Oceanics, Inc.	708,231
	11,912	Avnet, Inc.	482,555
	23,241	Banc of California, Inc.	420,662
	29,797	Black Box Corp.	389,745
	12,868	Brady Corp., Class A	393,246
	28,731	Brooks Automation, Inc.	322,362
	13,001	Brunswick Corp.	589,205
	14,257	BWX Technologies, Inc.	509,973
	12,753	Cambrex Corp. ^(b)	659,713
	26,733	Carrols Restaurant Group, Inc. ^(b)	318,123

Security

Description

Value

United States - (continued)
	8,230	Centene Corp. ^(b)	$	587,375
	40,095	CenterState Banks, Inc.	631,496
	68,356	Century Aluminum Co. ^(b)	432,693
	22,679	Cohu, Inc.	246,067
	44,234	Commercial Metals Co.	747,555
	14,919	CoreLogic, Inc. ^(b)	574,083
	14,269	DCT Industrial Trust, Inc. REIT	685,483
	26,534	Dean Foods Co.	480,000
	85,836	EarthLink Holdings Corp.	549,350
	12,383	Emergent BioSolutions, Inc. ^(b)	348,210
	18,780	Employers Holdings, Inc.	544,996
	10,821	Ethan Allen Interiors, Inc.	357,526
	8,526	Euronet Worldwide, Inc. ^(b)	589,914
	10,260	First Interstate BancSystem, Inc., Class A	288,306
	32,412	First Midwest Bancorp, Inc.	569,155
	8,613	Foot Locker, Inc.	472,509
	31,452	FutureFuel Corp.	342,198
	10,942	Gibraltar Industries, Inc. ^(b)	345,439
	18,949	Gigamon, Inc. ^(b)	708,503
	1,036	Graham Holdings Co., Class B	507,163
	14,873	Great Western Bancorp, Inc.	469,094
	15,592	Heartland Financial USA, Inc.	550,242
	58,479	Helix Energy Solutions Group, Inc. ^(b)	395,318
	14,094	HFF, Inc., Class A ^(b)	407,035
	45,899	Hornbeck Offshore Services, Inc. ^(b)	382,798
	13,138	INC Research Holdings, Inc., Class A ^(b)	500,952
	19,317	Insight Enterprises, Inc. ^(b)	502,242
	12,999	Insperity, Inc.	1,003,913
	18,163	INTL. FCStone, Inc. ^(b)	495,668
	35,102	Invesco Mortgage Capital, Inc. REIT	480,546
	41,269	K12, Inc. ^(b)	515,450
	36,904	KB Home	561,310
	32,391	KBR, Inc.	428,857
	10,353	LegacyTexas Financial Group, Inc.	278,599
	11,097	Leidos Holdings, Inc.	531,213
	24,500	Lexicon Pharmaceuticals, Inc. ^(b)	351,575
	58,503	Lionbridge Technologies, Inc. ^(b)	231,087
	8,976	Lydall, Inc. ^(b)	346,115
	9,672	Manhattan Associates, Inc. ^(b)	620,265
	7,263	ManpowerGroup, Inc.	467,301
	33,806	MDU Resources Group, Inc.	811,344
	26,305	Mentor Graphics Corp.	559,244
	14,802	Merit Medical Systems, Inc. ^(b)	293,524
	23,033	NeuStar, Inc., Class A ^(b)	541,506
	63,638	OraSure Technologies, Inc. ^(b)	376,101
	9,777	Orthofix International NV ^(b)	414,545
	12,256	Outerwall, Inc.	514,752
	10,938	Owens Corning	563,526
	8,475	PAREXEL International Corp. ^(b)	532,908
	19,347	PBF Energy, Inc., Class A	460,072

LMCG GLOBAL MARKET NEUTRAL FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

United States - (continued)
	21,779	PNM Resources, Inc.	$	771,848
	8,437	Preferred Bank/Los Angeles CA	243,618
	14,568	PrivateBancorp, Inc.	641,429
	27,835	Quanex Building Products Corp.	517,453
	54,539	Rayonier Advanced Materials, Inc.	741,185
	7,614	Reinsurance Group of America, Inc.	738,482
	34,545	Rent-A-Center, Inc.	424,213
	10,680	REX American Resources Corp. ^(b)	638,984
	29,654	Rowan Cos. PLC, Class A	523,690
	22,640	Sagent Pharmaceuticals, Inc. ^(b)	339,147
	25,472	Sanmina Corp. ^(b)	682,904
	8,288	ScanSource, Inc. ^(b)	307,568
	23,784	Select Medical Holdings Corp. ^(b)	258,532
	9,353	Selective Insurance Group, Inc.	357,378
	5,520	Six Flags Entertainment Corp.	319,884
	43,761	SLM Corp. ^(b)	270,443
	35,376	Smith & Wesson Holding Corp. ^(b)	961,520
	24,449	Sonic Automotive, Inc., Class A	418,322
	37,428	Spectrum Pharmaceuticals, Inc. ^(b)	245,902
	11,788	Spirit AeroSystems Holdings, Inc., Class A ^(b)	506,884
	18,977	Sucampo Pharmaceuticals, Inc., Class A ^(b)	208,178
	17,969	Take-Two Interactive Software, Inc. ^(b)	681,384
	8,366	Tech Data Corp. ^(b)	601,097
	23,902	Telephone & Data Systems, Inc.	708,933
	18,328	The Greenbrier Cos., Inc.	533,895
	21,994	TriNet Group, Inc. ^(b)	457,255
	36,399	TTM Technologies, Inc. ^(b)	274,084
	32,834	United States Steel Corp.	553,581
	9,306	Universal Corp.	537,328
	14,411	Voya Financial, Inc.	356,816
	47,256	Wabash National Corp. ^(b)	600,151
	9,286	WSFS Financial Corp.	298,916
			48,783,753

Total Common Stock

(Cost $81,641,047)

83,995,271

Security

Description

Rate

Value

Preferred Stock - 0.5%
Germany - 0.5%
	10,128	Porsche Automobil Holding SE (Cost $520,170)	1.01	%	$	468,135

Total Equity Securities

(Cost $82,161,217)

84,463,406

Security

Description

Value

Rights - 0.0%
	16,931		ACS Actividades de Construccion y Servicios SA ^(b) (Cost $0)			11,893

Money Market Fund - 8.4%
	7,703,770		Dreyfus Treasury Prime Cash Management, 0.16% ^(c) (Cost $7,703,770)			7,703,770

Total Long Positions - 100.4% (Cost $89,864,987)*	$	92,179,069
Total Short Positions - (92.8)% (Proceeds $(88,805,848))*	(85,230,503		)
Other Assets & Liabilities, Net – 92.4%	84,884,864
Net Assets – 100.0%	$	91,833,430

Security

Description

Value

Short Positions - (92.8)%
Common Stock - (92.8)%
Austria - (0.4)%
	(15,177)	ams AG	$	(421,351)

Bermuda - (1.4)%
	(10,004)	Axis Capital Holdings, Ltd.	(550,220)
	(28,303)	Golar LNG, Ltd.	(438,696)
	(20,362)	Hiscox, Ltd.	(281,147)

(1,270,063)

Denmark - (1.3)%
	(11,249)	Bavarian Nordic A/S	(394,012)
	(7,521)	Chr Hansen Holding A/S	(493,944)
	(6,107)	SimCorp A/S	(299,710)

(1,187,666)

Finland - (0.6)%
	(33,265)		Fortum OYJ				(534,450)

France - (4.2)%
	(4,005)	Aeroports de Paris	(438,830)
	(6,319)	DBV Technologies SA	(410,348)
	(46,074)	Groupe Eurotunnel SE	(486,666)
	(1,455)	Hermes International	(542,392)
	(5,061)	Ingenico Group SA	(586,595)
	(8,795)	Numericable-SFR SA	(219,785)
	(2,888)	Pernod Ricard SA	(319,749)
	(1,614)	Virbac SA	(291,417)
	(23,299)	Zodiac Aerospace	(543,530)

(3,839,312)

Germany - (2.2)%
	(6,223)	Beiersdorf AG	(589,160)
	(4,002)	Bertrandt AG	(392,161)
	(7,829)	Fraport AG Frankfurt Airport Services Worldwide	(419,172)
	(13,458)	Leoni AG	(369,683)
	(6,319)	MorphoSys AG	(263,470)

(2,033,646)

Hong Kong - (1.1)%
	(50,000)	Cheung Kong Infrastructure Holdings, Ltd.	(431,103)
	(85,000)	The Link REIT	(581,248)

(1,012,351)

Italy - (1.2)%
	(68,515)	Anima Holding SpA	(323,017)
	(22,121)	Azimut Holding SpA	(360,923)
	(9,014)	Luxottica Group SpA	(439,321)

(1,123,261)

Japan - (10.3)%
	(18,900)	Daiseki Co., Ltd.	(365,512)
	(12,100)	Denso Corp.	(425,742)
	(61,800)	F@N Communications, Inc.	(479,263)

Security

Description

Value

(38,000)	Fuji Kyuko Co., Ltd.	$	(531,327)
(7,200)	GMO Payment Gateway, Inc.	(409,224)
(20,500)	Hamamatsu Photonics KK	(575,212)
(32,000)	Kakaku.com, Inc.	(635,830)
(30,600)	Kansai Paint Co., Ltd.	(617,804)
(15,200)	MonotaRO Co., Ltd.	(502,526)
(7,300)	Nidec Corp.	(555,698)
(19,700)	Nippon Paint Holdings Co., Ltd.	(487,019)
(11,200)	Nissin Foods Holdings Co., Ltd.	(611,643)
(19,100)	Pigeon Corp.	(570,984)
(26,300)	Seibu Holdings, Inc.	(445,451)
(6,400)	SHO-BOND Holdings Co., Ltd.	(290,919)
(29,000)	Shochiku Co., Ltd.	(301,583)
(83,000)	The Gunma Bank, Ltd.	(301,413)
(19,700)	Tokai Rika Co., Ltd.	(290,996)
(22,400)	Unicharm Corp.	(503,274)
(10,800)	Yakult Honsha Co., Ltd.	(561,310)

(9,462,730)

Mexico - (0.6)%
	(24,743)		Fresnillo PLC		(544,878)

Netherlands - (1.4)%
	(5,403)	ASML Holding NV	(531,862)
	(21,891)	Fugro NV, ADR	(385,409)
	(25,006)	OCI NV	(338,751)

(1,256,022)

New Zealand - (0.7)%
	(91,786)		Ryman Healthcare, Ltd.		(612,641)

Norway - (0.5)%
	(30,040)		Marine Harvest ASA		(506,692)

Peru - (0.5)%
	(18,939)	Southern Copper Corp.	(510,974)
Singapore - (0.6)%
	(80,600)	Oversea-Chinese Banking Corp., Ltd.	(524,064)
Spain - (0.7)%
	(845)	Construcciones y Auxiliar de Ferrocarriles SA	(289,121)
	(40,558)	Zardoya Otis SA	(383,001)

(672,122)

Sweden - (2.4)%
	(32,727)	Alfa Laval AB	(515,804)
	(32,218)	Betsson AB	(269,472)
	(27,624)	Lundin Petroleum AB	(503,396)
	(51,814)	Skandinaviska Enskilda Banken AB, Class A	(452,630)
	(26,980)	SKF AB, Class B	(432,300)

(2,173,602)

LMCG GLOBAL MARKET NEUTRAL FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

JUNE 30, 2016

Security

Description

Value

Switzerland - (3.0)%
	(4,545)	Basilea Pharmaceutica AG	$	(315,903)
	(88)	Chocoladefabriken Lindt & Spruengli AG	(524,843)
	(26,452)	GAM Holding AG	(282,385)
	(10,098)	LafargeHolcim, Ltd.	(422,475)
	(33,186)	OC Oerlikon Corp. AG	(291,372)
	(3,905)	Sonova Holding AG	(518,292)
	(6,300)	Sunrise Communications Group AG	(402,809)

(2,758,079)

United Kingdom - (5.3)%
	(110,244)	Aberdeen Asset Management PLC	(413,624)
	(24,270)	Big Yellow Group PLC REIT	(252,723)
	(30,885)	Burberry Group PLC	(480,429)
	(71,652)	ICAP PLC	(403,164)
	(32,956)	IMI PLC	(427,087)
	(46,680)	Rolls-Royce Holdings PLC	(445,559)
	(176,260)	Rotork PLC	(510,278)
	(61,838)	Standard Chartered PLC	(469,163)
	(51,764)	The Restaurant Group PLC	(199,288)
	(155,643)	Tullow Oil PLC	(548,933)
	(17,035)	Victrex PLC	(344,869)
	(7,678)	Whitbread PLC	(359,248)

(4,854,365)

United States - (54.4)%
	(18,188)	Aerie Pharmaceuticals, Inc.	(320,109)
	(17,532)	Aerojet Rocketdyne Holdings, Inc.	(320,485)
	(15,015)	Ameris Bancorp	(445,946)
	(5,571)	ANSYS, Inc.	(505,568)
	(19,804)	Aqua America, Inc.	(706,211)
	(3,741)	athenahealth, Inc.	(516,295)
	(19,086)	AtriCure, Inc.	(269,685)
	(7,701)	Bank of Hawaii Corp.	(529,829)
	(6,875)	Banner Corp.	(292,463)
	(6,751)	Bio-Techne Corp.	(761,310)
	(3,104)	Boston Beer Co., Inc.	(530,877)
	(18,851)	Bottomline Technologies de, Inc.	(405,862)
	(20,014)	Brown & Brown, Inc.	(749,925)
	(4,007)	Buffalo Wild Wings, Inc.	(556,773)
	(11,573)	Cabela's, Inc.	(579,344)
	(27,182)	Calgon Carbon Corp.	(357,443)
	(29,534)	Callidus Software, Inc.	(590,089)
	(8,292)	CBOE Holdings, Inc.	(552,413)
	(16,392)	Cheniere Energy, Inc.	(615,520)
	(12,496)	Choice Hotels International, Inc.	(595,060)
	(30,176)	Ciena Corp.	(565,800)
	(11,398)	CLARCOR, Inc.	(693,340)
	(19,772)	Clifton Bancorp, Inc.	(297,964)
	(23,553)	ClubCorp Holdings, Inc.	(306,189)
	(9,652)	Cognex Corp.	(416,001)
	(8,210)	Compass Minerals International, Inc.	(609,100)
	(14,934)	comScore, Inc.	(356,624)

Security

Description

Value

United States - (continued)
	(19,850)	Consolidated Communications Holdings, Inc.	$	(540,714)
	(18,728)	Cornerstone OnDemand, Inc.	(712,788)
	(32,947)	Covanta Holding Corp.	(541,978)
	(33,091)	CVB Financial Corp.	(542,362)
	(9,171)	Deckers Outdoor Corp.	(527,516)
	(39,909)	Del Frisco's Restaurant Group, Inc.	(571,497)
	(7,690)	DexCom, Inc.	(610,048)
	(48,148)	Endologix, Inc.	(599,924)
	(16,205)	Energen Corp.	(781,243)
	(6,469)	EPAM Systems, Inc.	(416,021)
	(19,504)	First Financial Bankshares, Inc.	(639,536)
	(4,571)	FleetCor Technologies, Inc.	(654,247)
	(11,562)	Fortune Brands Home & Security, Inc.	(670,249)
	(54,981)	GenMark Diagnostics, Inc.	(478,335)
	(11,556)	G-III Apparel Group, Ltd.	(528,340)
	(23,262)	Greenhill & Co., Inc.	(374,518)
	(19,160)	Gulfport Energy Corp.	(598,942)
	(17,665)	Healthcare Services Group, Inc.	(730,978)
	(33,617)	Heartland Express, Inc.	(584,600)
	(14,095)	HomeStreet, Inc.	(280,772)
	(26,605)	Infoblox, Inc.	(499,110)
	(5,467)	IPG Photonics Corp.	(437,360)
	(32,536)	KapStone Paper and Packaging Corp.	(423,293)
	(19,766)	Keysight Technologies, Inc.	(574,993)
	(13,127)	La Jolla Pharmaceutical Co.	(210,032)
	(102,127)	Lattice Semiconductor Corp.	(546,379)
	(8,099)	Macquarie Infrastructure Corp.	(599,731)
	(7,907)	MEDNAX, Inc.	(572,704)
	(11,797)	Mercury General Corp.	(627,129)
	(5,445)	Mid-America Apartment Communities, Inc. REIT	(579,348)
	(18,682)	Mobile Mini, Inc.	(647,144)
	(31,057)	Momenta Pharmaceuticals, Inc.	(335,416)
	(8,395)	Monro Muffler Brake, Inc.	(533,586)
	(7,433)	NetSuite, Inc.	(541,122)
	(56,080)	Nimble Storage, Inc.	(446,397)
	(22,963)	OneBeacon Insurance Group, Ltd., Class A	(316,889)
	(16,854)	Oritani Financial Corp.	(269,495)
	(23,174)	Party City Holdco, Inc.	(322,350)
	(34,188)	Performance Sports Group, Ltd.	(102,564)
	(48,147)	PGT, Inc.	(495,914)
	(28,939)	Physicians Realty Trust REIT	(608,008)
	(70,938)	Platform Specialty Products Corp.	(629,929)
	(5,742)	Polaris Industries, Inc.	(469,466)
	(8,698)	Proto Labs, Inc.	(500,657)
	(8,735)	Puma Biotechnology, Inc.	(260,216)
	(23,048)	Rambus, Inc.	(278,420)
	(25,718)	Raven Industries, Inc.	(487,099)
	(14,767)	Restoration Hardware Holdings, Inc.	(423,518)

ADR	American Depositary Receipt

LLC	Limited Liability Company

PLC	Public Limited Company

REIT	Real Estate Investment Trust

(a)	All or portion of these securities are held as collateral for securities sold short.

(b)	Non-income producing security.

(c)	Variable rate security. Rate presented is as of June 30, 2016.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	16,617,544
Gross Unrealized Depreciation		(10,728,117	)
Net Unrealized Appreciation	$	5,889,427

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and liabilities as of June 30, 2016.

Level 1

Level 2

Level 3

Total

Assets
Investments At Value
Common Stock
Australia	$	-	$	1,028,610	$	-	$	1,028,610
Austria		-		401,012		-		401,012
Bermuda		970,637		-		-		970,637
Denmark		-		253,665		-		253,665
Finland		-		1,369,037		-		1,369,037
France		-		2,946,937		-		2,946,937
Germany		-		2,079,923		-		2,079,923
Ireland		-		169,653		-		169,653
Israel		-		363,483		-		363,483
Italy		-		1,982,278		-		1,982,278
Japan		-		10,694,416		-		10,694,416
Netherlands		-		830,390		-		830,390
Norway		-		1,422,893		-		1,422,893
Puerto Rico		1,140,868		-		-		1,140,868
South Africa		-		380,883		-		380,883
Spain		-		1,595,609		-		1,595,609
Sweden		-		736,981		-		736,981
Switzerland		-		2,385,601		-		2,385,601
Thailand		618,828		-		-		618,828
United Kingdom		-		3,839,814		-		3,839,814
United States		48,783,753		-		-		48,783,753
Preferred Stock
Germany		-		468,135		-		468,135
Rights		11,893		-		-		11,893
Money Market Fund		-		7,703,770		-		7,703,770
Total Investments At Value	$	51,525,979	$	40,653,090	$	-	$	92,179,069
Total Assets	$	51,525,979	$	40,653,090	$	-	$	92,179,069

LMCG GLOBAL MARKET NEUTRAL FUND

NOTES TO SCHEDULES OF INVESTMENTS AND SECURITIES SOLD SHORT (Unaudited)

JUNE 30, 2016

Level 1

Level 2

Level 3

Total

Liabilities

Securities Sold Short

Common Stock
Austria	$	-		$	(421,351	)	$	-	$	(421,351	)
Bermuda		(988,916	)		(281,147	)		-		(1,270,063	)
Denmark		-			(1,187,666	)		-		(1,187,666	)
Finland		-			(534,450	)		-		(534,450	)
France		-			(3,839,312	)		-		(3,839,312	)
Germany		-			(2,033,646	)		-		(2,033,646	)
Hong Kong		-			(1,012,351	)		-		(1,012,351	)
Italy		-			(1,123,261	)		-		(1,123,261	)
Japan		-			(9,462,730	)		-		(9,462,730	)
Mexico		-			(544,878	)		-		(544,878	)
Netherlands		-			(1,256,022	)		-		(1,256,022	)
New Zealand		-			(612,641	)		-		(612,641	)
Norway		-			(506,692	)		-		(506,692	)
Peru		(510,974	)		-			-		(510,974	)
Singapore		-			(524,064	)		-		(524,064	)
Spain		-			(672,122	)		-		(672,122	)
Sweden		-			(2,173,602	)		-		(2,173,602	)
Switzerland		-			(2,758,079	)		-		(2,758,079	)
United Kingdom		-			(4,854,365	)		-		(4,854,365	)
United States		(49,932,234	)		-			-		(49,932,234	)
Total Securities Sold Short	$	(51,432,124	)	$	(33,798,379	)	$	-	$	(85,230,503	)
Total Liabilities	$	(51,432,124	)	$	(33,798,379	)	$	-	$	(85,230,503	)

The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2016.

At June 30, 2016, foreign securities representing the following percentage of net assets of the Fund were fair valued by independent pricing services and are classified as using Level 2 inputs within the valuation inputs disclosure on the Fund's Schedule of Investments:

LMCG Global Market Neutral Fund

Long Securities 35.88%

Short Securities (36.80)%

LMCG GLOBAL MULTICAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

Equity Securities - 93.0%
Common Stock - 92.5%
Australia - 1.0%
	4,642	Scentre Group REIT	$	17,194
	471	South32, Ltd. ^(a)	563
			17,757
Austria - 0.2%
	244	CA Immobilien Anlagen AG ^(a)	4,075
Belgium - 1.2%
	110	Anheuser-Busch InBev SA/NV	14,546
	170	Bekaert SA	7,405
			21,951
Canada - 2.1%
	210	Canadian National Railway Co.	12,400
	667	Goldcorp, Inc.	12,760
	200	Intact Financial Corp.	14,287
			39,447
China - 1.9%
	6,500	China Galaxy Securities Co., Ltd., Class H	5,806
	10,000	Geely Automobile Holdings, Ltd.	5,454
	3,600	Guangzhou R&F Properties Co., Ltd., Class H	4,564
	15,000	Industrial & Commercial Bank of China, Ltd., Class H	8,365
	500	Tencent Holdings, Ltd.	11,470
			35,659
Denmark - 1.0%
	343	DSV A/S	14,423
	80	NKT Holding A/S	4,046
			18,469
France - 3.0%
	205	BNP Paribas SA	8,990
	106	Nexity SA	5,362
	118	Sanofi	9,804
	310	TOTAL SA	14,866
	232	Vinci SA	16,372
			55,394
Germany - 4.5%
	80	Allianz SE	11,413
	170	BASF SE	13,035
	125	Bayer AG	12,554
	160	Daimler AG	9,574
	160	Freenet AG	4,121
	59	Pfeiffer Vacuum Technology AG	5,538
	160	SAP SE	12,017
	144	Siemens AG	14,777
			83,029
Hong Kong - 0.3%
	500	China Mobile, Ltd.	5,777

Security

Description

Value

India - 0.7%
	335	Infosys, Ltd., ADR	$			5,980
	280	Reliance Industries, Ltd., GDR ^(b)			7,994
					13,974
Ireland - 0.4%
	246	AerCap Holdings NV ^(a)			8,263
Italy - 1.4%
	100	DiaSorin SpA			6,115
	1,096	Enel SpA			4,866
	586	Eni SpA			9,439
	3,250	Intesa Sanpaolo SpA			6,190
					26,610
Japan - 5.3%
	200	Arcs Co., Ltd.			4,774
	200	Coca-Cola West Co., Ltd.			5,656
	300	Exedy Corp.			6,423
	500	Honda Motor Co., Ltd.			12,542
	300	Hoya Corp.			10,715
	2	Japan Logistics Fund, Inc. REIT			4,664
	2,000	Mitsubishi UFJ Financial Group, Inc.			8,966
	3,000	Mitsui Engineering & Shipbuilding Co., Ltd.			4,134
	300	Nippon Paper Industries Co., Ltd.			5,238
	900	Sumitomo Electric Industries, Ltd.			11,912
	208	Tokyo Seimitsu Co., Ltd.			4,844
	1,000	Toray Industries, Inc.			8,533
	200	Toyota Motor Corp.			9,860
					98,261
Malaysia - 0.3%
	3,000	IHH Healthcare Bhd			4,915
Malta - 0.4%
	825	Unibet Group PLC, SDR			7,579
Mexico - 0.3%
	2,000	Wal-Mart de Mexico SAB de CV			4,811
Netherlands - 0.7%
	222	Royal Dutch Shell PLC, ADR			12,259
New Zealand - 0.3%
	1,872	Trade Me Group, Ltd.			6,206
Russian Federation - 0.3%
	190	Tatneft PAO, ADR		5,839
Singapore - 0.6%

4,000

Singapore Press Holdings, Ltd.

11,787

Security

Description

Value

South Africa - 0.7%
	2,100	Netcare, Ltd.	$	4,459
	10,300	Redefine Properties, Ltd. REIT	7,906
			12,365
South Korea - 1.8%
	100	Dongbu Insurance Co., Ltd.	6,019
	50	Hyosung Corp.	5,339
	336	Industrial Bank of Korea	3,274
	150	Kia Motors Corp.	5,606
	24	POSCO	4,252
	8	Samsung Electronics Co., Ltd.	9,963
			34,453
Spain - 0.5%
	240	Almirall SA	3,608
	1,712	Banco Santander SA	6,644
			10,252
Sweden - 0.8%
	452	Investor AB, Class B	15,185
Switzerland - 1.9%
	83	Cembra Money Bank AG ^(a)	5,805
	242	Nestle SA	18,750
	220	Wolseley PLC	11,392
			35,947
Taiwan - 1.7%
	9,200	China Life Insurance Co., Ltd.	7,162
	2,150	Hon Hai Precision Industry Co., Ltd.	5,539
	2,000	Taiwan Semiconductor Manufacturing Co., Ltd.	10,079
	4,528	Uni-President Enterprises Corp.	8,943
			31,723
United Kingdom - 5.5%
	471	BHP Billiton PLC	5,961
	2,565	BP PLC	15,014
	215	British American Tobacco PLC	13,938
	482	GlaxoSmithKline PLC	10,351
	1,484	HSBC Holdings PLC	9,194
	600	Royal Dutch Shell PLC, Class B	16,577
	130	STERIS PLC	8,938
	2,400	Taylor Wimpey PLC	4,258
	170	Whitbread PLC	7,954
	79	Willis Towers Watson PLC	9,821
			102,006
United States - 53.7%
	307	Abbott Laboratories	12,068
	155	AbbVie, Inc.	9,596
	137	Acadia Healthcare Co., Inc. ^(a)	7,590
	369	ACADIA Pharmaceuticals, Inc. ^(a)	11,978
	628	AES Corp.	7,837
	71	Akamai Technologies, Inc. ^(a)	3,971
	37	Alphabet, Inc., Class A ^(a)	26,031

Security

Description

Value

United States - (continued)
	37	Amazon.com, Inc. ^(a)	$	26,478
	502	American Eagle Outfitters, Inc.	7,997
	142	Ameriprise Financial, Inc.	12,759
	230	AmerisourceBergen Corp.	18,244
	96	Anthem, Inc.	12,609
	277	Apache Corp.	15,421
	400	Apple, Inc.	38,240
	643	Applied Materials, Inc.	15,413
	76	athenahealth, Inc. ^(a)	10,489
	77	Buffalo Wild Wings, Inc. ^(a)	10,699
	200	Cabot Corp.	9,132
	529	Cadence Design Systems, Inc. ^(a)	12,855
	317	Capital One Financial Corp.	20,133
	92	Casey's General Stores, Inc.	12,099
	240	Cavium, Inc. ^(a)	9,264
	97	Charles River Laboratories International, Inc. ^(a)	7,997
	80	Chevron Corp.	8,386
	383	Cisco Systems, Inc.	10,988
	250	Comerica, Inc.	10,282
	144	Danaher Corp.	14,544
	753	Darling Ingredients, Inc. ^(a)	11,220
	243	Dick's Sporting Goods, Inc.	10,950
	247	Diebold, Inc.	6,133
	813	Fifth Third Bancorp	14,301
	694	General Electric Co.	21,847
	164	Gilead Sciences, Inc.	13,681
	318	HealthSouth Corp.	12,345
	360	Intel Corp.	11,808
	307	International Paper Co.	13,011
	494	JPMorgan Chase & Co.	30,697
	140	Lithia Motors, Inc., Class A	9,950
	137	M&T Bank Corp.	16,197
	141	MAXIMUS, Inc.	7,807
	269	Merck & Co., Inc.	15,497
	584	Micron Technology, Inc. ^(a)	8,036
	383	Microsemi Corp. ^(a)	12,516
	268	Microsoft Corp.	13,713
	178	Neurocrine Biosciences, Inc. ^(a)	8,090
	118	Nevro Corp. ^(a)	8,704
	250	Nexstar Broadcasting Group, Inc., Class A	11,895
	196	Oracle Corp.	8,022
	202	PAREXEL International Corp. ^(a)	12,702
	116	PepsiCo, Inc.	12,289
	276	Pfizer, Inc.	9,718
	51	Pioneer Natural Resources Co.	7,712
	235	Portland General Electric Co.	10,368
	260	Premier, Inc., Class A ^(a)	8,502
	161	Regal Beloit Corp.	8,863
	82	Rockwell Automation, Inc.	9,415
	262	Sonic Corp.	7,087
	730	Southwestern Energy Co. ^(a)	9,183

LMCG GLOBAL MULTICAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

United States - (continued)
	267	Spectra Energy Corp.	$	9,780
	430	SS&C Technologies Holdings, Inc.	12,074
	228	State Street Corp.	12,294
	95	Stericycle, Inc. ^(a)	9,891
	430	SunTrust Banks, Inc.	17,664
	86	SVB Financial Group ^(a)	8,184
	533	Synchronoss Technologies, Inc. ^(a)	16,981
	325	Tenet Healthcare Corp. ^(a)	8,983
	295	The Dow Chemical Co.	14,664
	86	The Goldman Sachs Group, Inc.	12,778
	576	The Interpublic Group of Cos., Inc.	13,306
	47	The Ultimate Software Group, Inc. ^(a)	9,884
	118	The Walt Disney Co.	11,543
	115	TreeHouse Foods, Inc. ^(a)	11,805
	268	Unum Group	8,520
	70	Vail Resorts, Inc.	9,676
	143	Valero Energy Corp.	7,293
	214	Vantiv, Inc., Class A ^(a)	12,112
	161	Wal-Mart Stores, Inc.	11,756
	428	Wells Fargo & Co.	20,257
	151	Williams-Sonoma, Inc.	7,872
	381	Zayo Group Holdings, Inc. ^(a)	10,641
	640	Zions Bancorp.	16,083
			999,400

Total Common Stock

(Cost $1,711,307)

1,723,393

Security

Description

Rate

Value

Preferred Stock - 0.5%
Brazil - 0.5%
	1,000	Itau Unibanco Holding SA (Cost $5,619)	0.02	%	9,420

Total Equity Securities

(Cost $1,716,926)

1,732,813

Principal

Security

Description

Value

Fixed Income Securities - 0.6%
Exchange Traded Note - 0.6%
$	159	iPath MSCI India Index ETN ^(a) (cost $8,356)	10,343

Total Fixed Income Securities

(Cost $8,356)

10,343

Security

Description

Value

Investment Companies - 3.8%
	174	iShares MSCI ACWI ETF	$	9,784
	251	iShares MSCI EAFE ETF	14,008
	55	iShares MSCI EAFE Small-Cap ETF	2,654
	321	iShares MSCI Emerging Markets ETF	11,030
	617	iShares MSCI Eurozone ETF	19,911
	137	iShares MSCI Turkey ETF	5,432
	76	iShares Russell 1000 Growth ETF	7,627

Total Investment Companies

(Cost $74,953)

70,446

Money Market Fund - 1.2%
	22,751		Dreyfus Treasury Prime Cash Management, 0.16% ^(c) (Cost $22,751)			22,751

Total Investments - 98.6% (Cost $1,822,986)*	$	1,836,353
Other Assets & Liabilities, Net – 1.4%	26,234
Net Assets – 100.0%	$	1,862,587

ADR	American Depositary Receipt

ETF	Exchange Traded Fund

ETN	Exchange Traded Note

GDR	Global Depositary Receipt

PLC	Public Limited Company

REIT	Real Estate Investment Trust

SDR	Swedish Depositary Receipt

(a)	Non-income producing security.

(b)	Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $7,994 or 0.4% of net assets.

(c)	Variable rate security. Rate presented is as of June 30, 2016.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	154,594
Gross Unrealized Depreciation		(141,227	)
Net Unrealized Appreciation	$	13,367

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2016.

Level 1

Level 2

Level 3

Total

Investments At Value
Common Stock
Australia	$	-	$	17,757	$	-	$	17,757
Austria		-		4,075		-		4,075
Belgium		-		21,951		-		21,951
Canada		39,447		-		-		39,447
China		-		35,659		-		35,659
Denmark		-		18,469		-		18,469
France		-		55,394		-		55,394
Germany		-		83,029		-		83,029
Hong Kong		-		5,777		-		5,777
India		13,974		-		-		13,974
Ireland		8,263		-		-		8,263
Italy		-		26,610		-		26,610
Japan		-		98,261		-		98,261
Malaysia		-		4,915		-		4,915
Malta		-		7,579		-		7,579
Mexico		4,811		-		-		4,811
Netherlands		12,259		-		-		12,259
New Zealand		-		6,206		-		6,206
Russian Federation		5,839		-		-		5,839
Singapore		-		11,787		-		11,787
South Africa		-		12,365		-		12,365
South Korea		-		34,453		-		34,453
Spain		-		10,252		-		10,252
Sweden		-		15,185		-		15,185
Switzerland		-		35,947		-		35,947
Taiwan		-		31,723		-		31,723
United Kingdom		18,759		83,247		-		102,006
United States		999,400		-		-		999,400
Preferred Stock
Brazil		9,420		-		-		9,420
Exchange Traded Note		10,343		-		-		10,343
Investment Companies		70,446		-		-		70,446
Money Market Fund		-		22,751		-		22,751
Total Investments At Value	$	1,192,961	$	643,392	$	-	$	1,836,353

LMCG INTERNATIONAL SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

Common Stock - 91.2%
Australia - 4.8%
	18,035	DUET Group	$	33,826
	10,998	Investa Office Fund REIT	35,377
	23,067	Metcash, Ltd. ^(a)	33,061
	34,603	Myer Holdings, Ltd.	29,203
	10,451	OZ Minerals, Ltd.	44,850
	5,195	Treasury Wine Estates, Ltd.	36,099
			212,416
Austria - 3.3%
	1,497	BUWOG AG ^(a)	34,654
	1,371	CA Immobilien Anlagen AG ^(a)	22,897
	2,164	Conwert Immobilien Invest SE ^(a)	34,850
	4,651	UNIQA Insurance Group AG	27,933
	1,835	Wienerberger AG	25,714
			146,048
Belgium - 1.3%
	5,301	AGFA-Gevaert NV ^(a)	17,208
	935	Bekaert SA	40,729
			57,937
Canada - 0.9%
	9,128	IAMGOLD Corp. ^(a)	37,790
Denmark - 0.9%
	931	Royal Unibrew A/S	41,648
Faroe Islands - 1.0%
	1,184	Bakkafrost P/F	44,672
Finland - 0.8%
	2,673	Valmet OYJ	35,674
France - 4.1%
	684	Ipsen SA	41,909
	684	Nexity SA	34,601
	310	Sopra Steria Group	31,953
	5,213	Technicolor SA	32,282
	1,059	UBISOFT Entertainment ^(a)	38,580
			179,325
Germany - 6.1%
	580	Gerresheimer AG	44,678
	3,607	Kloeckner & Co. SE ^(a)	39,874
	330	Pfeiffer Vacuum Technology AG	30,975
	523	Rheinmetall AG	31,107
	1,162	RHOEN-KLINIKUM AG	34,013
	1,194	Software AG	40,599
	1,994	Suedzucker AG	43,919
			265,165
Hong Kong - 0.9%
	66,000	Champion REIT	37,387

Security

Description

Value

Isle Of Man - 1.6%
	4,251	GVC Holdings PLC ^(a)	$	31,921
	7,288	Paysafe Group PLC ^(a)	38,012
			69,933
Italy - 3.7%
	24,854	A2A SpA	32,590
	643	DiaSorin SpA	39,321
	21,212	Iren SpA	32,696
	1,883	Recordati SpA	56,640
			161,247
Japan - 26.1%
	1,000	Aoyama Trading Co., Ltd.	36,876
	1,300	Arcs Co., Ltd.	31,032
	1,600	Coca-Cola West Co., Ltd.	45,249
	7,000	Denka Co Ltd	28,309
	2,300	Dexerials Corp.	16,121
	7,000	Ebara Corp.	38,561
	2,400	EDION Corp.	19,796
	1,900	Foster Electric Co, Ltd.	30,080
	3,100	Fuji Machine Manufacturing Co., Ltd.	28,114
	7,000	Fujikura, Ltd.	32,331
	13,000	Furukawa Electric Co., Ltd.	30,121
	2,100	Geo Holdings Corp.	28,259
	5,400	Gree, Inc.	30,605
	2,000	Hitachi Transport System, Ltd.	32,902
	2,100	IT Holdings Corp.	48,365
	19	Japan Logistics Fund, Inc. REIT	44,307
	10,800	JVC Kenwood Corp.	22,199
	17,000	Kanematsu Corp.	26,865
	7,000	Kitz Corp.	33,217
	2,300	Kohnan Shoji Co., Ltd.	42,611
	2,000	Lion Corp.	32,999
	16,000	Mitsui Engineering & Shipbuilding Co., Ltd.	22,049
	10,000	Mitsui Mining & Smelting Co., Ltd.	16,693
	5,000	Nippon Electric Glass Co., Ltd.	20,872
	1,700	Nippon Paper Industries Co., Ltd.	29,684
	3,300	Nipro Corp.	40,998
	7,000	NTN Corp.	18,889
	400	Pola Orbis Holdings, Inc.	37,644
	7,000	Sankyu, Inc.	37,574
	2,600	SBI Holdings, Inc.	25,891
	3,700	Sodick Co., Ltd.	28,624
	15,400	Sojitz Corp.	36,491
	1,500	Square Enix Holdings Co., Ltd.	48,695
	1,600	Tokyo Seimitsu Co., Ltd.	37,259
	19,000	Ube Industries, Ltd.	31,446
	3,000	Wacoal Holdings Corp.	29,605
			1,141,333

LMCG INTERNATIONAL SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

Jersey - 1.5%
	21,686	Centamin PLC	$	38,204
	2,645	Phoenix Group Holdings	28,409
			66,613
Luxembourg - 1.6%
	1,122	APERAM SA	39,276
	3,250	Subsea 7 SA ^(a)	31,946
			71,222
Malta - 0.8%
	3,697	Unibet Group PLC, SDR	33,963
Mexico - 0.7%
	4,801	Grupo Aeroportuario del Centro Norte SAB de CV	28,610
Netherlands - 0.7%
	1,362	Corbion NV	32,712
New Zealand - 2.2%
	18,613	Air New Zealand, Ltd.	27,896
	6,023	Fisher & Paykel Healthcare Corp., Ltd.	43,273
	7,413	Trade Me Group, Ltd.	24,573
			95,742
Norway - 0.8%
	8,752	Storebrand ASA ^(a)	33,200
Portugal - 0.6%
	4,335	NOS SGPS SA	26,234
Singapore - 2.4%
	39,100	Ascott Residence Trust REIT	31,737
	53,400	Mapletree Greater China Commercial Trust REIT	40,172
	5,500	Venture Corp., Ltd.	33,841
			105,750
South Africa - 0.6%
	4,055	African Rainbow Minerals, Ltd.	25,464
Spain - 3.0%
	2,004	Almirall SA	30,130
	2,280	Gamesa Corp Tecnologica SA	45,427
	960	Grupo Catalana Occidente SA	26,625
	2,667	Melia Hotels International SA	28,789
			130,971
Sweden - 4.7%
	2,164	Axfood AB	41,565
	1,531	Fastighets AB Balder, Class B ^(a)	38,798
	3,856	Hemfosa Fastigheter AB	39,695
	1,062	Holmen AB, Class B	34,066

Security

Description

Value

Sweden - (continued)
	3,406	Nobia AB	$	29,632
	11,343	SAS AB ^(a)	21,621
			205,377
Switzerland - 0.7%
	456	Cembra Money Bank AG ^(a)	31,893
Taiwan - 2.3%
	42,000	China Life Insurance Co., Ltd.	32,696
	17,000	Powertech Technology, Inc.	37,957
	21,000	Tong Yang Industry Co., Ltd.	31,293
			101,946
United Kingdom - 12.5%
	7,973	Acacia Mining PLC	48,013
	4,250	Barratt Developments PLC	23,095
	7,170	Beazley PLC	34,859
	1,222	Bellway PLC	30,999
	2,060	Berendsen PLC	33,469
	858	Berkeley Group Holdings PLC	28,973
	4,466	BTG PLC ^(a)	43,134
	6,963	Carillion PLC	21,744
	4,541	Informa PLC	44,281
	4,289	Intermediate Capital Group PLC	28,101
	2,000	JD Sports Fashion PLC	30,835
	9,787	John Laing Group PLC ^(b)	29,397
	1,597	Micro Focus International PLC	34,454
	9,152	Moneysupermarket.com Group PLC	33,158
	11,233	QinetiQ Group PLC	33,345
	3,149	Savills PLC	25,766
	13,566	Taylor Wimpey PLC	24,067
			547,690
United States - 0.6%
	146,186	REC Silicon ASA ^(a)	26,166

Total Common Stock

(Cost $3,974,919)

3,994,128

Investment Companies - 5.3%
	2,520	iShares MSCI EAFE ETF	140,641
	1,734	iShares MSCI South Korea Index Fund	90,290

Total Investment Companies

(Cost $239,028)

230,931

Money Market Fund - 0.9%
	39,192		Dreyfus Treasury Prime Cash Management, 0.16% ^(c) (Cost $39,192)			39,192

Total Investments - 97.4% (Cost $4,253,139)*	$	4,264,251
Other Assets & Liabilities, Net – 2.6%	113,756
Net Assets – 100.0%	$	4,378,007

LMCG INTERNATIONAL SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

ETF	Exchange Traded Fund

PLC	Public Limited Company

REIT	Real Estate Investment Trust

SDR	Swedish Depositary Receipt

(a)	Non-income producing security.

(b)	Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $29,397 or 0.7% of net assets.

(c)	Variable rate security. Rate presented is as of June 30, 2016.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	303,615
Gross Unrealized Depreciation		(292,503	)
Net Unrealized Appreciation	$	11,112

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2016.

Level 1

Level 2

Level 3

Total

Investments At Value
Common Stock
Australia	$	-	$	212,416	$	-	$	212,416
Austria		-		146,048		-		146,048
Belgium		-		57,937		-		57,937
Canada		37,790		-		-		37,790
Denmark		-		41,648		-		41,648
Faroe Islands		-		44,672		-		44,672
Finland		-		35,674		-		35,674
France		-		179,325		-		179,325
Germany		-		265,165		-		265,165
Hong Kong		-		37,387		-		37,387
Isle Of Man		-		69,933		-		69,933
Italy		-		161,247		-		161,247
Japan		-		1,141,333		-		1,141,333
Jersey		-		66,613		-		66,613
Luxembourg		-		71,222		-		71,222
Malta		-		33,963		-		33,963
Mexico		28,610		-		-		28,610
Netherlands		-		32,712		-		32,712
New Zealand		-		95,742		-		95,742
Norway		-		33,200		-		33,200
Portugal		-		26,234		-		26,234
Singapore		-		105,750		-		105,750
South Africa		-		25,464		-		25,464
Spain		-		130,971		-		130,971
Sweden		-		205,377		-		205,377
Switzerland		-		31,893		-		31,893
Taiwan		-		101,946		-		101,946
United Kingdom		-		547,690		-		547,690
United States		-		26,166		-		26,166
Investment Companies		230,931		-		-		230,931
Money Market Fund		-		39,192		-		39,192
Total Investments At Value	$	297,331	$	3,966,920	$	-	$	4,264,251

The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2016.

LMCG International Small Cap Fund

Long Securities 89.71%

Principal

Security Description

Currency

Rate

Maturity

Value in USD

Foreign Bonds ^(a) - 52.4%

Non-U.S. Government - Australia - 1.9%

2,950,000

Australia Government Bond, Series 120

AUD

6.000

02/15/17

2,260,061

Non-U.S. Government - Austria - 2.0%

2,000,000

Austria Government Bond ^(b)

EUR

1.950

06/18/19

2,383,410

Non-U.S. Government - New Zealand - 0.3%

500,000

New Zealand Government Bond, Series 1217

NZD

6.000

12/15/17

377,146

Non-U.S. Government Agency - Germany - 4.7%

5,000,000

KFW

EUR

1.375

02/21/17

5,613,558

Non-U.S. Government Agency - Norway - 1.3%

13,000,000

Kommunalbanken AS, EMTN

NOK

3.000

09/02/16

1,558,426

Non-U.S. Government Agency - Sweden - 15.3%

155,000,000

Kommuninvest I Sverige AB, Series 1610

SEK

2.000

10/12/16

18,449,520

Regional Authority - Australia - 2.6%

4,100,000

New South Wales Treasury Corp.

AUD

4.000

02/20/17

3,101,907

Regional Authority - Canada - 3.7%

1,700,000

Province of Alberta Canada

CAD

1.850

09/01/16

1,318,288

4,000,000

Province of Saskatchewan Canada

CAD

4.500

08/23/16

3,112,597

4,430,885

Regional Authority - Norway - 0.4%

4,000,000

City of Oslo Norway

NOK

4.650

11/10/16

482,961

Regional Authority - Sweden - 2.1%

14,000,000

City of Gothenburg Sweden, EMTN

SEK

1.630

12/05/16

1,669,188

7,000,000

City of Gothenburg Sweden, EMTN

SEK

4.325

04/10/17

856,891

2,526,079

Supranational - Europe - 18.1%

4,850,000

European Financial Stability Facility, EMTN

EUR

2.750

12/05/16

5,454,576

4,100,000

European Investment Bank, EMTN

EUR

3.125

03/03/17

4,657,609

5,000,000

European Stability Mechanism, EMTN

EUR

0.000

10/28/16

5,556,961

31,500,000

International Bank for Reconstruction & Development, GDIF

SEK

3.250

12/15/17

3,923,235

18,530,000

Nordic Investment Bank, EMTN

NOK

3.000

09/01/16

2,221,242

21,813,623

Total Foreign Bonds (Cost $62,879,212)

62,997,576

Foreign Treasury Securities ^(a) - 13.2%

Non-U.S. Government - Belgium - 4.8%

5,200,000

Belgium Treasury Bill, Series 12M ^(c)

EUR

0.000

04/13/17

5,798,150

Non-U.S. Government - Canada - 0.7%

1,000,000

Canadian Treasury Bill ^(c)

CAD

0.491

09/22/16

773,180

Non-U.S. Government - France - 4.6%

5,000,000

France Treasury Bill BTF ^(c)

EUR

0.000

08/18/16

5,552,633

Non-U.S. Government - Netherlands - 1.7%

1,800,000

Dutch Treasury Certificate ^(c)

EUR

0.000

09/30/16

2,000,910

Non-U.S. Government - Norway - 1.4%

14,500,000

Norwegian Treasury Bill

NOK

0.506

12/21/16

1,729,103

Total Foreign Treasury Securities (Cost $16,110,720)

15,853,976

U.S. Government & Agency Obligations ^(a)- 12.5%

U.S. Treasury Bills - 12.5%

15,000,000

U.S. Treasury Bill ^(d) (Cost $14,997,992)

USD

0.241

07/21/16

14,998,545

Security Description

Currency

Rate

Value in USD

Exchange Traded Product - 18.0%
	1,647,800		VanEck Merk Gold Shares ^(e)(f)(Cost $21,005,295)		USD						$	21,629,023

Money Market Fund - 2.9%
	3,484,197		Morgan Stanley Institutional Liquidity Fund ^(g) (Cost $3,484,197)		USD			0.203				3,484,197

Total Investments – 99.0% (Cost $118,477,416)*

118,963,317

Foreign Currencies – 0.2% (Cost $272,577)		272,978
Net Unrealized Gain/Loss on Forward Currency Contracts – 0.2%		193,009
Other Assets and Liabilities, Net – 0.6%		729,720
NET ASSETS – 100.0%	$	120,159,024

EMTN	European Medium Term Note

GDIF	Global Debt Issuance Facility

(a)	All or a portion of these securities are segregated to cover outstanding forward currency contract exposure.

(b)	Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $2,383,410 or 2.0% of net assets.

(c)	Zero coupon bond. Interest rate presented is yield to maturity.

(d)	Rate presented is yield to maturity.

(e)	Non-income producing security.

(f)	Affiliate.

(g)	Variable rate security. Rate presented is as of June 30, 2016.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	1,195,089
Gross Unrealized Depreciation		(709,188	)
Net Unrealized Appreciation	$	485,901

Affiliated investments are investments that are managed by the Adviser, and are noted in the Merk Hard Currency Fund's Schedule of Investments. Transactions during the period with affiliates were as follows:

Exchange Traded Product
VanEck Merk Gold Trust		Balance 03/31/16		Gross Additions		Gross Reductions		Balance 06/30/16		Realized Loss		Investment Income
Shares/Principal		1,932,800		-		(285,000)		1,647,800
Cost	$	24,676,580	$	-	$	(3,671,285)	$	21,005,295	$	(58,014)	$	-
Proceeds				-		(3,613,271)
Value		23,618,816		-		(1,989,793)		21,629,023

At June 30, 2016, the Merk Hard Currency Fund held the following futures contracts:

Contracts

Type

Expiration Date

Notional Contract Value

Net Unrealized Appreciation

Gold 100 oz. Future

09/06/16

625,125

35,175

As of June 30, 2016, the Merk Hard Currency Fund had the following forward currency contracts outstanding:

Counterparty	Contracts to Purchase/(Sell)			Settlement Date	Settlement Value			Net Unrealized Appreciation (Depreciation)
Barclay's Capital, Inc..	(1,670,000,000	)	Japanese Yen	07/27/16	$	(15,935,206	)	$	(250,484	)
	500,000,000		Japanese Yen	07/27/16		4,938,738			(92,723	)
	500,000,000		Japanese Yen	07/27/16		4,942,581			(96,566	)
	500,000,000		Japanese Yen	07/27/16		4,932,103			(86,088	)
	2,080,000,000		Japanese Yen	07/27/16		19,422,897			736,525
J.P. Morgan Securities LLC	(1,000,000,000	)	Japanese Yen	07/27/16		(9,690,804	)		(67,193	)
	1,000,000,000		Japanese Yen	07/27/16		9,690,031			1,999
RBC Capital Markets, LLC	(228,000,000	)	Japanese Yen	07/27/16		(2,209,369	)		(15,455	)
	5,800,000		Swiss Franc	07/27/16		5,947,718			2,449
Societe Generale Securities	(657,000,000	)	Japanese Yen	07/27/16		(6,412,491	)		44,827
	(615,000,000	)	Japanese Yen	07/27/16		(6,015,979	)		55,380
State Street Brokerage	(210,000,000	)	Japanese Yen	07/27/16		(2,016,067	)		(19,259	)
	(200,000,000	)	Japanese Yen	07/27/16		(1,918,003	)		(20,403	)
								$	193,009

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and other financial instruments and liabilities as of June 30, 2016.

Level 1

Level 2

Level 3

Total

Assets
Investments At Value
Foreign Bonds	$	-	$	62,997,576		$	-	$	62,997,576
Foreign Treasury Securities		-		15,853,976			-		15,853,976
U.S. Treasury Bills		-		14,998,545			-		14,998,545
Exchange Traded Product		21,629,023		-			-		21,629,023
Money Market Fund		-		3,484,197			-		3,484,197
Total Investments At Value	$	21,629,023	$	97,334,294		$	-	$	118,963,317
Other Financial Instruments**
Forward Currency Contracts		-		841,180			-		841,180
Futures		35,175		-			-		35,175
Total Other Financial Instruments		35,175		841,180			-		876,355
Total Assets	$	21,664,198	$	98,175,474		$	-	$	119,839,672
Liabilities
Other Financial Instruments**
Forward Currency Contracts		-		(648,171	)		-		(648,171	)
Total Liabilities	$	-	$	(648,171	)	$	-	$	(648,171	)

Principal

Security Description

Currency

Rate

Maturity

Value in USD

Foreign Bonds ^(a) - 70.3%

Non-U.S. Government - Australia - 4.3%

1,950,000

Australia Government Bond, Series 120

AUD

6.000

02/15/17

1,493,939

Non-U.S. Government - New Zealand - 4.4%

2,000,000

New Zealand Government Bond, Series 1217

NZD

6.000

12/15/17

1,508,584

Non-U.S. Government - United Kingdom - 3.5%

900,000

United Kingdom Gilt

GBP

4.000

09/07/16

1,206,242

Non-U.S. Government Agency - Germany - 3.7%

950,000

KFW, EMTN

GBP

3.750

09/07/16

1,271,868

Non-U.S. Government Agency - Norway - 4.2%

12,000,000

Kommunalbanken AS, EMTN

NOK

3.000

09/02/16

1,438,547

Non-U.S. Government Agency - Sweden - 17.7%

51,000,000

Kommuninvest I Sverige AB, Series 1610, MTN

SEK

2.000

10/12/16

6,070,487

Regional Authority - Australia - 16.0%

1,750,000

New South Wales Treasury Corp.

AUD

4.000

02/20/17

1,323,985

1,500,000

Queensland Treasury Corp. ^(b)

AUD

3.500

09/21/17

1,142,221

2,000,000

Treasury Corp of Victoria, Series 1116

AUD

5.750

11/15/16

1,513,517

1,900,000

Western Australian Treasury Corp., Series 17

AUD

8.000

07/15/17

1,506,808

5,486,531

Regional Authority - Canada - 8.1%

1,800,000

Province of Manitoba Canada

CAD

2.050

12/01/16

1,401,630

1,800,000

Province of Saskatchewan Canada

CAD

4.500

08/23/16

1,400,669

2,802,299

Supranational - Europe - 8.4%

1,300,000

European Financial Stability Facility, EMTN

EUR

2.750

07/18/16

1,444,472

1,300,000

European Investment Bank, EMTN

EUR

3.875

10/15/16

1,460,362

2,904,834

Total Foreign Bonds (Cost $24,417,087)

24,183,331

Foreign Treasury Securities ^(a) - 12.0%

Non-U.S. Government - Belgium - 3.2%

975,000

Belgium Treasury Bill, Series 12M ^(c)

EUR

0.000

04/13/17

1,087,153

Non-U.S. Government - Canada - 4.5%

2,000,000

Canadian Treasury Bill ^(c)

CAD

0.500

09/22/16

1,546,360

Non-U.S. Government - Norway - 4.3%

12,500,000

Norway Treasury Bill, Series 32 ^(b)(c)

NOK

0.360

09/21/16

1,492,100

Total Foreign Treasury Securities(Cost $4,115,940)

4,125,613

U.S. Government & Agency Obligations - 8.7%

U.S. Treasury Bill - 8.7%

3,000,000

U.S. Treasury Bill ^(d) (Cost $2,998,117)

USD

0.000

09/29/16

2,998,074

Money Market Fund ^(a) - 3.0%
	1,011,273		Morgan Stanley Institutional Liquidity Fund ^(e) (Cost $1,011,273)		USD			0.203				1,011,273

Total Investments – 94.0% (Cost $32,542,417)*

32,318,291

Foreign Currencies – 0.3% (Cost $117,895)		118,066
Net Unrealized Gain/Loss on Forward Currency Contracts – 4.5%		1,551,566
Other Assets and Liabilities, Net – 1.2%		405,348
NET ASSETS – 100.0%	$	34,393,271

EMTN	European Medium Term Note

MTN	Medium Term Note

(a)	All or a portion of these securities are segregated to cover forward currency contract exposure.

(b)	Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $2,634,321 or 7.7% of net assets.

(c)	Zero coupon bond. Interest rate presented is yield to maturity.

(d)	Rate presented is yield to maturity.

(e)	Variable rate security. Rate presented is as of June 30, 2016.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	320,698
Gross Unrealized Depreciation		(544,824	)
Net Unrealized Depreciation	$	(224,126	)

As of June 30, 2016, Merk Absolute Return Currency Fund had the following forward currency contracts outstanding:

Counterparty	Contracts to Purchase/(Sell)			Settlement Date	Settlement Value			Net Unrealized Appreciation (Depreciation)
Barclays Capital, Inc..	(348,450,000	)	Japanese Yen	07/20/16	$	(3,421,033	)	$	44,586
	(30,670,000	)	Norwegian Krone	07/20/16		(3,715,669	)		50,941
	(11,650,000	)	Norwegian Krone	07/20/16		(1,427,701	)		35,654
	15,150,000		Norwegian Krone	07/20/16		1,830,649			(20,393	)
	16,810,000		Norwegian Krone	07/20/16		1,936,950			71,660
	(8,765,000	)	Swiss Franc	07/20/16		(9,153,405	)		165,620
BNY Brokerage, Inc.	(1,735,000	)	Australian Dollar	07/20/16		(1,285,158	)		(7,822	)
	(59,630,000	)	Norwegian Krone	07/20/16		(7,053,324	)		(71,806	)
	(26,020,000	)	Norwegian Krone	07/20/16		(3,027,138	)		(81,966	)
	(17,800,000	)	Norwegian Krone	07/20/16		(2,182,225	)		55,321
	(17,080,000	)	Norwegian Krone	07/20/16		(1,994,229	)		(46,644	)
	(920,000	)	Pounds Sterling	07/20/16		(1,332,595	)		107,625
	(64,720,000	)	Swedish Krona	07/20/16		(7,567,143	)		(89,120	)
	17,970,000		Swedish Krona	07/20/16		2,205,774			(79,954	)
	72,470,000		Swedish Krona	07/20/16		8,547,348			25,726
J.P. Morgan Securities LLC	(4,850,000	)	Australian Dollar	07/20/16		(3,618,685	)		4,304
	(2,445,000	)	Australian Dollar	07/20/16		(1,804,453	)		(17,643	)
	(1,525,000	)	Australian Dollar	07/20/16		(1,128,955	)		(7,526	)
	1,405,000		Australian Dollar	07/20/16		1,031,260			15,793
	2,385,000		Australian Dollar	07/20/16		1,762,638			14,744
	2,500,000		Australian Dollar	07/20/16		1,845,603			17,480
	3,000,000		Australian Dollar	07/20/16		2,226,010			9,690
	3,740,000		Australian Dollar	07/20/16		2,741,211			45,962
	9,010,000		Australian Dollar	07/20/16		6,725,849			(11,296	)
	9,840,000		Australian Dollar	07/20/16		7,191,594			141,502
	10,610,000		Australian Dollar	07/20/16		7,838,779			68,146
	(7,160,000	)	Canadian Dollars	07/20/16		(5,485,581	)		(56,887	)
	(3,625,000	)	Canadian Dollars	07/20/16		(2,842,470	)		36,403
	(3,315,000	)	Canadian Dollars	07/20/16		(2,577,808	)		11,707
	(2,875,000	)	Canadian Dollars	07/20/16		(2,236,111	)		10,608
	(2,090,000	)	Canadian Dollars	07/20/16		(1,621,959	)		4,116
	(2,010,000	)	Canadian Dollars	07/20/16		(1,585,369	)		29,452
	1,515,000		Canadian Dollars	07/20/16		1,162,985			9,758
	3,965,000		Canadian Dollars	07/20/16		3,112,894			(43,637	)
	740,000		European Union Euro	07/20/16		840,242			(18,405	)
	1,040,000		European Union Euro	07/20/16		1,185,671			(30,657	)
	4,015,000		European Union Euro	07/20/16		4,543,716			(84,697	)
	(870,050,000	)	Japanese Yen	07/20/16		(8,473,500	)		42,801
	(384,300,000	)	Japanese Yen	07/20/16		(3,681,144	)		(42,685	)
	(211,450,000	)	Japanese Yen	07/20/16		(1,982,927	)		(66,003	)
	(175,850,000	)	Japanese Yen	07/20/16		(1,664,411	)		(39,558	)
	79,100,000		Japanese Yen	07/20/16		758,016			8,455
	85,150,000		Japanese Yen	07/20/16		817,547			7,548
	96,250,000		Japanese Yen	07/20/16		909,437			23,216
	165,800,000		Japanese Yen	07/20/16		1,634,083			(27,497	)
	273,050,000		Japanese Yen	07/20/16		2,621,927			23,901
	(18,260,000	)	New Zealand Dollar	07/20/16		(12,917,913	)		(105,850	)
	(8,985,000	)	New Zealand Dollar	07/20/16		(6,438,140	)		29,678
	(4,710,000	)	New Zealand Dollar	07/20/16		(3,303,641	)		(55,719	)
	(4,520,000	)	New Zealand Dollar	07/20/16		(3,163,242	)		(60,603	)
	(3,425,000	)	New Zealand Dollar	07/20/16		(2,412,743	)		(30,104	)
	(1,870,000	)	New Zealand Dollar	07/20/16		(1,304,772	)		(28,987	)
	(765,000	)	New Zealand Dollar	07/20/16		(541,986	)		(3,643	)

Counterparty	Contracts to Purchase/(Sell)			Settlement Date	Settlement Value			Net Unrealized Appreciation (Depreciation)
J.P. Morgan Securities LLC	1,850,000		New Zealand Dollar	07/20/16	$	1,292,580		$	26,914
	1,945,000		New Zealand Dollar	07/20/16		1,404,072			(16,820	)
	3,915,000		New Zealand Dollar	07/20/16		2,781,243			11,091
	8,455,000		New Zealand Dollar	07/20/16		5,996,993			33,452
	10,720,000		New Zealand Dollar	07/20/16		7,547,050			98,883
	19,805,000		New Zealand Dollar	07/20/16		13,866,516			259,203
	(7,860,000	)	Pounds Sterling	07/20/16		(11,461,829	)		996,323
	(3,960,000	)	Pounds Sterling	07/20/16		(5,221,825	)		(50,872	)
	(1,405,000	)	Pounds Sterling	07/20/16		(2,091,997	)		221,254
	(765,000	)	Pounds Sterling	07/20/16		(1,025,986	)		7,397
	765,000		Pounds Sterling	07/20/16		1,124,036			(105,447	)
	1,745,000		Pounds Sterling	07/20/16		2,544,174			(220,725	)
	2,940,000		Pounds Sterling	07/20/16		4,322,045			(407,466	)
	(22,170,000	)	Swedish Krona	07/20/16		(2,558,432	)		(64,240	)
	(22,010,000	)	Swedish Krona	07/20/16		(2,660,742	)		56,997
	(4,585,000	)	Swiss Franc	07/20/16		(4,696,651	)		(4,889	)
	(2,180,000	)	Swiss Franc	07/20/16		(2,229,195	)		(6,216	)
	(1,535,000	)	Swiss Franc	07/20/16		(1,573,813	)		(203	)
	(1,485,000	)	Swiss Franc	07/20/16		(1,546,120	)		23,375
	850,000		Swiss Franc	07/20/16		884,509			(12,904	)
	1,955,000		Swiss Franc	07/20/16		2,041,308			(36,617	)
	1,975,000		Swiss Franc	07/20/16		2,062,254			(37,055	)
	2,585,000		Swiss Franc	07/20/16		2,703,767			(53,063	)
	10,945,000		Swiss Franc	07/20/16		11,200,961			22,234
RBC Capital Markets, LLC	(12,985,000	)	Australian Dollar	07/20/16		(9,648,089	)		(28,766	)
	(6,150,000	)	Australian Dollar	07/20/16		(4,653,170	)		69,985
	(13,855,000	)	Canadian Dollars	07/20/16		(10,699,784	)		(25,201	)
	(1,615,000	)	Canadian Dollars	07/20/16		(1,238,702	)		(11,449	)
	2,530,000		Canadian Dollars	07/20/16		1,948,392			10,050
	3,250,000		Canadian Dollars	07/20/16		2,483,350			32,435
	13,620,000		Canadian Dollars	07/20/16		10,464,559			78,515
	(1,910,000	)	European Union Euro	07/20/16		(2,092,628	)		(28,598	)
	1,995,000		European Union Euro	07/20/16		2,277,520			(61,893	)
	(1,328,550,000	)	Japanese Yen	07/20/16		(12,938,893	)		65,374
	200,400,000		Japanese Yen	07/20/16		1,958,464			(16,607	)
	216,500,000		Japanese Yen	07/20/16		2,116,182			(18,318	)
	394,250,000		Japanese Yen	07/20/16		3,934,611			(114,367	)
	(9,280,000	)	New Zealand Dollar	07/20/16		(6,599,880	)		(18,987	)
	16,840,000		Norwegian Krone	07/20/16		2,033,524			(21,329	)
	1,925,000		Pounds Sterling	07/20/16		2,590,369			(27,251	)
	(16,660,000	)	Swedish Krona	07/20/16		(2,045,410	)		74,561
	(10,290,000	)	Swedish Krona	07/20/16		(1,246,805	)		29,516
	(9,020,000	)	Swedish Krona	07/20/16		(1,050,987	)		(16,063	)
	(6,960,000	)	Swedish Krona	07/20/16		(830,130	)		6,774
	6,180,000		Swedish Krona	07/20/16		745,630			(14,547	)
	14,930,000		Swedish Krona	07/20/16		1,846,766			(80,573	)
	650,000		Swiss Franc	07/20/16		667,335			(814	)
	2,015,000		Swiss Franc	07/20/16		2,058,193			8,023
	2,225,000		Swiss Franc	07/20/16		2,322,343			(40,789	)
Societe Generale Securities	(625,000	)	Canadian Dollars	07/20/16		(493,274	)		9,469
	2,025,000		Canadian Dollars	07/20/16		1,596,875			(29,347	)
	(1,685,000	)	European Union Euro	07/20/16		(1,911,907	)		40,563
	(615,000	)	European Union Euro	07/20/16		(691,317	)		8,305
	1,395,000		European Union Euro	07/20/16		1,546,937			2,335
	1,985,000		European Union Euro	07/20/16		2,201,855			2,665
	3,335,000		European Union Euro	07/20/16		3,702,924			893
	6,700,000		European Union Euro	07/20/16		7,443,331			(2,379	)
	(204,600,000	)	Japanese Yen	07/20/16		(1,962,004	)		(20,550	)
	3,270,000		New Zealand Dollar	07/20/16		2,287,110			45,185
	(25,995,000	)	Norwegian Krone	07/20/16		(3,219,518	)		113,401
	34,920,000		Norwegian Krone	07/20/16		4,154,762			17,795

Counterparty	Contracts to Purchase/(Sell)			Settlement Date	Settlement Value			Net Unrealized Appreciation (Depreciation)
Societe Generale Securities	39,730,000		Norwegian Krone	07/20/16	$	4,739,665		$	7,634
	(103,235,000	)	Swedish Krona	07/20/16		(12,768,107	)		555,586
	30,490,000		Swedish Krona	07/20/16		3,589,597			17,317
	50,160,000		Swedish Krona	07/20/16		6,071,812			(137,972	)
	2,210,000		Swiss Franc	07/20/16		2,263,420			2,753
State Street Brokerage	(12,665,000	)	Australian Dollar	07/20/16		(9,371,353	)		(67,027	)
	(8,500,000	)	Australian Dollar	07/20/16		(6,375,553	)		41,069
	(7,755,000	)	Australian Dollar	07/20/16		(5,785,230	)		5,946
	2,635,000		Australian Dollar	07/20/16		1,971,241			(7,551	)
	8,380,000		Canadian Dollars	07/20/16		6,542,367			(55,512	)
	(10,915,000	)	European Union Euro	07/20/16		(12,465,519	)		343,431
	126,230,000		Swedish Krona	07/20/16		14,848,813			83,975
								$	1,551,566

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and other financial instruments as of June 30, 2016.

Level 1

Level 2

Level 3

Total

Assets
Investments At Value
Foreign Bonds	$	-	$	24,183,331		$	-	$	24,183,331
Foreign Treasury Securities		-		4,125,613			-		4,125,613
U.S. Treasury Bill		-		2,998,074			-		2,998,074
Money Market Fund		-		1,011,273			-		1,011,273
Total Investments At Value	$	-	$	32,318,291		$	-	$	32,318,291
Other Financial Instruments**
Forward Currency Contracts		-		4,543,075			-		4,543,075
Total Assets	$	-	$	36,861,366		$	-	$	36,861,366
Liabilities
Other Financial Instruments**
Forward Currency Contracts		-		(2,991,509	)		-		(2,991,509	)
Total Liabilities	$	-	$	(2,991,509	)	$	-	$	(2,991,509	)

The Fund utilizes the end of period methodology when determining transfers. There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2016.

PAYSON TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2016

Security

Description

Value

Common Stock - 100.2%
Consumer Discretionary - 15.6%
	13,100	Delphi Automotive PLC	$		820,060
	31,237	Discovery Communications, Inc., Class A ^(a)			788,110
	67,090	Johnson Controls, Inc.			2,969,403
	15,855	McDonald's Corp.			1,907,991
	19,148	The TJX Cos., Inc.			1,478,800
	12,000	Thor Industries, Inc.			776,880
	88,181	Twenty-First Century Fox, Inc., Class B			2,402,932
	8,659	Viacom, Inc., Class B			359,089
					11,503,265
Consumer Staples - 6.1%
	13,650	Diageo PLC, ADR			1,540,812
	13,990	PepsiCo, Inc.			1,482,101
	20,305	Wal-Mart Stores, Inc.			1,482,671
					4,505,584
Energy - 4.2%
	17,652	Exxon Mobil Corp.			1,654,698
	18,685	Phillips 66			1,482,468
					3,137,166
Financial - 23.2%
	33,000	Aflac, Inc.			2,381,280
	31,740	American Express Co.			1,928,522
	43,150	American International Group, Inc.			2,282,204
	16,336	Berkshire Hathaway, Inc., Class B ^(a)		2,365,289
	30,030	Discover Financial Services			1,609,308
	40,230	JPMorgan Chase & Co.			2,499,892
	21,000	MasterCard, Inc., Class A			1,849,260
	29,100	Visa, Inc., Class A			2,158,347
					17,074,102
Health Care - 15.0%
	44,079	Abbott Laboratories			1,732,745
	21,908	Gilead Sciences, Inc.			1,827,565
	15,055	Johnson & Johnson			1,826,172
	29,639	Merck & Co., Inc.			1,707,503
	38,210	Mylan NV ^(a)			1,652,200
	65,537	Pfizer, Inc.			2,307,558
					11,053,743
Industrials - 12.4%
	20,212	Cummins, Inc.			2,272,637
	10,034	Danaher Corp.			1,013,434
	14,865	General Dynamics Corp.			2,069,803
	61,448	General Electric Co.			1,934,383
	17,834	United Technologies Corp.			1,828,877
					9,119,134

	Shares	Security Description			Value
Technology - 23.7%
	4,425	Alphabet, Inc., Class A ^(a)	$		3,113,120
	33,574	Apple, Inc.			3,209,674
	61,000	Cisco Systems, Inc.			1,750,090
	16,848	IBM			2,557,190
	86,718	Intel Corp.			2,844,350
	43,147	Microsoft Corp.			2,207,832
	33,035	QUALCOMM, Inc.			1,769,685
					17,451,941

Total Common Stock

(Cost $61,347,475)

73,844,935

Total Investments - 100.2%

(Cost $61,347,475)*

73,844,935

Other Assets & Liabilities, Net – (0.2)%

(157,031

)

Net Assets – 100.0%

73,687,904

ADR	American Depositary Receipt

PLC	Public Limited Company

(a)	Non-income producing security.

* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	14,912,987
Gross Unrealized Depreciation		(2,415,527	)
Net Unrealized Appreciation	$	12,497,460

Level 1 – quoted prices in active markets for identical assets

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Item 2. Controls and Procedures.

(a) The registrant's Principal Executive Officer and Principal Financial Officer 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 "Act")) are effective, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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

Certifications as required by Rule 30a-2(a) under the Act.

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.

FORUM FUNDS

By	/s/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date	August 17, 2016

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/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date	August 17, 2016

By	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date	August 17, 2016

	Corporate Convertible Bonds

Balance as of 03/31/16	$	59,500
Accrued Accretion/(Amortization)		(74,093	)
Change in Unrealized Appreciation/(Depreciation)		797,941
Realized Gain / (Loss)		(747,797	)
Sales		(35,551	)
Balance as of 06/30/16	$	-
Net change in unrealized appreciation/(depreciation) from investments held as of 06/30/16		797,941

Put Options Written - (0.1)%
(14)	SPDR S&P 500 ETF Trust	$	185.00	09/16	$	(1,764)
(50)	SPDR S&P 500 ETF Trust		184.00	09/16		(5,925)

Short Positions - (34.6)%
Common Stock – (0.3)%
Consumer Discretionary - (0.3)%
	(260)	McDonald's Corp.	$	(31,288)

Investment Companies - (34.3)%
	(39,540)		Vanguard Total Stock Market ETF				(4,237,107)

Call Options Written - (0.4)%
(16)	American Airlines Group, Inc.	$	50.00	01/17	$	(128)
(7)	Apple, Inc.		135.00	03/17		(217)
(7)	Harley-Davidson, Inc.		50.00	01/18		(2,926)
(10)	Macy's, Inc.		40.00	01/17		(1,160)
(296)	SPDR S&P 500 ETF Trust		218.00	09/16		(35,520)
(9)	Union Pacific Corp.		90.00	01/17		(3,753)

Total Call Options Written (Premiums Received $(76,127))					(43,704)
Put Options Written - (0.8)%
(13)	American Airlines Group, Inc.	30.00	01/17	(5,720)
(24)	American International Group, Inc.	40.00	01/17	(2,040)
(5)	Apple, Inc.	75.00	01/18	(2,625)
(7)	Harley-Davidson, Inc.	40.00	01/18	(3,640)
(13)	Joy Global, Inc.	15.00	01/17	(1,703)
(10)	Macy's, Inc.	30.00	01/17	(2,220)
(241)	SPDR S&P 500 ETF Trust	170.00	03/17	(82,422)
(5)	The Boeing Co.	100.00	01/18	(3,650)
(9)	Union Pacific Corp.	65.00	01/17	(1,035)

Level 1 - Quoted Prices	$	30,930,363
Level 2 - Other Significant Observable Inputs		-
Level 3 - Significant Unobservable Inputs		-
Total	$	30,930,363

United States - (continued)
	(7,687)	RLI Corp.	$	(528,712)
	(15,368)	Rush Enterprises, Inc., Class A	(331,180)
	(28,056)	SeaWorld Entertainment, Inc.	(402,042)
	(19,156)	South Jersey Industries, Inc.	(605,713)
	(12,172)	Southside Bancshares, Inc.	(376,361)
	(6,768)	Spectrum Brands Holdings, Inc.	(807,490)
	(25,765)	Sportsman's Warehouse Holdings, Inc.	(207,666)
	(69,746)	Synergy Resources Corp.	(464,508)
	(12,701)	Team Health Holdings, Inc.	(516,550)
	(6,181)	TESARO, Inc.	(519,513)
	(31,603)	TFS Financial Corp.	(544,204)
	(5,004)	The Middleby Corp.	(576,711)
	(28,410)	The Spectranetics Corp.	(531,551)
	(50,119)	TherapeuticsMD, Inc.	(426,012)
	(14,328)	Trex Co., Inc.	(643,614)
	(12,096)	Tupperware Brands Corp.	(680,763)
	(14,319)	United Bankshares, Inc.	(537,106)
	(9,890)	Universal Display Corp.	(670,542)
	(9,812)	ViaSat, Inc.	(700,577)
	(20,951)	Waddell & Reed Financial, Inc., Class A	(360,776)
	(9,222)	Williams-Sonoma, Inc.	(480,743)
	(57,378)	WPX Energy, Inc.	(534,189)
	(17,293)	Zayo Group Holdings, Inc.	(482,993)
	(8,655)	Zebra Technologies Corp.	(433,616)

Private Equity Funds - 6.7%

India - 0.1%

Bharat Investors LP ^(a)(b)(e)

United States - 6.6%

Brightwood Switch SPV LP ^(a)(b)(f)(g)