ABSOLUTE

STRATEGIES

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2022

1

Absolute

Funds

Principal

Security

Description

Rate

Maturity

Value

Asset

Backed

Obligations

-

0.4%

$

26,022‌

Adjustable

Rate

Mortgage

Trust,

Series 2005-12 2A1 

(a)

3.74%

03/25/36

$

19,304‌

11,443‌

Adjustable

Rate

Mortgage

Trust,

Series 2006-1 3A3 

(a)

3.49 

03/25/36

9,394‌

6,848‌

Banc

of

America

Funding

Corp.,

Series 2006-E 2A1 

(a)

3.54 

06/20/36

6,160‌

14,922‌

Banc

of

America

Funding

Corp.,

Series 2007-E 4A1 

(a)

3.74 

07/20/47

13,987‌

28,215‌

CitiMortgage

Alternative

Loan

Trust,

Series 2006-A7 1A12

6.00 

12/25/36

24,365‌

10,525‌

CitiMortgage

Alternative

Loan

Trust,

Series 2007-A4 1A6

5.75 

04/25/37

9,393‌

8,988‌

Countrywide

Alternative

Loan

Trust,

Series 2005-50CB 1A1

5.50 

11/25/35

7,367‌

12,803‌

Countrywide

Home

Loan

Mortgage

Pass-Through

Trust,

Series 2007-HY5 1A1 

(a)

3.97 

09/25/47

9,456‌

28,196‌

IndyMac

Index

Mortgage

Loan

Trust,

Series 2006-AR25 3A1 

(a)

3.49 

09/25/36

19,171‌

6,674‌

JPMorgan

Mortgage

Trust,

Series 2007-A2 4A1M 

(a)

3.23 

04/25/37

5,446‌

14,492‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series 2007-3 3A1 

(a)

3.49 

04/25/47

7,477‌

Total

Asset

Backed

Obligations

(Cost

$106,973)

131,520‌

Shares

Security

Description

Value

Investment

Companies

-

37.8%

689,143‌

Absolute

Capital

Opportunities

Fund 

(b)(c)

6,546,856‌

109,294‌

Absolute

Convertible

Arbitrage

Fund 

(b)

1,176,006‌

501,907‌

Absolute

Flexible

Fund 

(b)

5,084,315‌

1,500‌

SPDR

Gold

Shares

ETF 

(c)

254,460‌

Total

Investment

Companies

(Cost

$13,266,939)

13,061,637‌

Exchange

Traded

Funds

-

2.5%

26,763‌

Absolute

Select

Value

ETF 

(b)

744,721‌

2,000‌

ETFMG

Prime

Junior

Silver

Miners

ETF 

21,100‌

4,000‌

VanEck

Gold

Miners

ETF/USA 

114,640‌

Total

Exchange

Traded

Funds

(Cost

$897,659)

880,461‌

Money

Market

Fund

-

43.0%

14,878,436‌

First

American

Treasury

Obligations

Fund,

Class X,

4.20% 

(d)

(Cost

$14,878,436)

14,878,436‌

Contracts

Security

Description

Strike

Price

Exp.

Date

Notional

Contract

Value

Value

Purchased

Options

-

1.5%

Call

Options

Purchased

-

0.3%

400‌

Apple,

Inc.

$

135.00‌

01/23

$

5,400,000‌

25,200‌

1,000‌

SPDR

S&P

500

ETF

Trust

425.00‌

01/23

42,500,000‌

1,000‌

500‌

SPDR

S&P

500

ETF

Trust

415.00‌

02/23

20,750,000‌

91,000‌

Total

Call

Options

Purchased

(Premiums

Paid

$141,984)

117,200‌

Put

Options

Purchased

-

1.2%

1,000‌

Apple,

Inc.

110.00‌

01/23

12,993,000‌

41,000‌

1,500‌

Apple,

Inc.

100.00‌

02/23

19,489,500‌

115,500‌

500‌

Apple,

Inc.

95.00‌

04/23

6,496,500‌

71,250‌

1,000‌

Bank

of

America

Corp.

25.00‌

01/23

3,312,000‌

3,000‌

1,000‌

Pfizer,

Inc.

32.50‌

03/23

5,124,000‌

4,500‌

750‌

SPDR

S&P

500

ETF

Trust

350.00‌

01/23

28,682,250‌

71,250‌

750‌

SPDR

S&P

500

ETF

Trust

320.00‌

03/23

28,682,250‌

113,250‌

Total

Put

Options

Purchased

(Premiums

Paid

$627,185)

419,750‌

Total

Purchased

Options

(Premiums

Paid

$769,169)

536,950‌

Investments,

at

value

-

85.2%

(Cost

$29,919,176)

$

29,489,004‌

Other

Assets

&

Liabilities,

Net

-

14.8%

5,105,813‌

Net

Assets

-

100.0%

$

34,594,817‌

ABSOLUTE

STRATEGIES

FUND

NOTES

TO

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2022

2

Absolute

Funds

At

December

3

1

,

2022

,

the

Fund

held

the

following

exchange

traded

futures

contracts:

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:

At

December

31,

2022,

the

value

of

investments

in

affiliated

companies

was

$13,551,898

representing

39.2%

of

net

assets,

and

the

total

cost

was

$13,800,537.

Net

unrealized

depreciation

was

$(248,639),

the

net

change

in

unrealized

depreciation

was

$(756,557)

net

realized

gain

was

$195,801,

total

capital

gain

distributions

were

$43,559

and

investment

income

was

$110,134.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

and

other

financial

instruments

and

liabilities

as

of

December

31,

2022.

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

ETF

Exchange

Traded

Fund

(a)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2022.

(b)

Affiliated

Company.

(c)

Non-income

producing

security.

(d)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022.

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(60‌)

S&P

500

E-mini

Future

03/17/23

$

(11,699,017‌)

$

(11,583,000‌)

$

116,017‌

Exchange

Traded

Fund

Absolute

Select

Value

ETF

Balance

3/31/2022

Gross

Additions

Gross

Reductions

Change

in

Unrealized

Depreciation

Balance

12/31/2022

Realized

Gain/(Loss)

Capital

Gain

Distributions

Investment

Income

Shares/

Principal

9,763‌

22,000‌

(5,000‌)

–‌

26,763‌

Cost

$

285,026‌

$

638,220‌

$

(150,360‌)

$

–‌

$

772,886‌

$

(10,193‌)

$

–‌

$

8,417‌

Value

292,109‌

–‌

–‌

(35,248‌)

744,721‌

Investment

Companies

Absolute

Capital

Opportunities

Fund

Balance

3/31/2022

Gross

Additions

Gross

Reductions

Change

in

Unrealized

Depreciation

Balance

12/31/2022

Realized

Gain/(Loss)

Capital

Gain

Distributions

Investment

Income

Shares/

Principal

689,232‌

–‌

(89‌)

–‌

689,143‌

Cost

$

6,892,324‌

$

–‌

$

(896‌)

$

–‌

$

6,891,428‌

$

(896‌)

$

–‌

$

–‌

Value

6,954,355‌

–‌

–‌

(406,603‌)

6,546,856‌

Absolute

Convertible

Arbitrage

Fund

Balance

3/31/2022

Gross

Additions

Gross

Reductions

Change

in

Unrealized

Depreciation

Balance

12/31/2022

Realized

Gain/(Loss)

Capital

Gain

Distributions

Investment

Income

Shares/

Principal

568,483‌

2,491‌

(461,680‌)

–‌

109,294‌

Cost

$

5,882,727‌

$

26,985‌

$

(4,793,109‌)

$

–‌

$

1,116,603‌

$

206,890‌

$

23,939‌

$

14,701‌

Value

6,321,531‌

–‌

–‌

(379,401‌)

1,176,006‌

Absolute

Flexible

Fund

Balance

3/31/2022

Gross

Additions

Gross

Reductions

Change

in

Unrealized

Appreciation

Balance

12/31/2022

Realized

Gain/(Loss)

Capital

Gain

Distributions

Investment

Income

Shares/

Principal

–‌

501,907‌

–‌

501,907‌

Cost

$

–‌

$

5,019,620‌

$

–‌

$

5,019,620‌

$

–‌

$

19,620‌

$

87,016‌

Value

$

–‌

–‌

–‌

$

64,695‌

5,084,315‌

ABSOLUTE

STRATEGIES

FUND

NOTES

TO

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2022

3

Absolute

Funds

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

the

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

of

the

securities

respective

local

market

closes

and

the

close

of

the

U.S.

market.

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.

* Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation/(depreciation) at

period

end. 

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. 

Level

1

Level

2

Level

3

Total

Investments

at

Value

Asset

Backed

Obligations

$

–‌

$

131,520‌

$

–‌

$

131,520‌

Investment

Companies

13,061,637‌

–‌

–‌

13,061,637‌

Exchange

Traded

Funds

880,461‌

–‌

–‌

880,461‌

Money

Market

Fund

–‌

14,878,436‌

–‌

14,878,436‌

Purchased

Options

347,950‌

189,000‌

–‌

536,950‌

Investments

at

Value

$

14,290,048‌

$

15,198,956‌

$

–‌

$

29,489,004‌

Other

Financial

Instruments*

Futures

116,017‌

–‌

–‌

116,017‌

Total

Other

Financial

Instruments*

$

116,017‌

$

–‌

$

–‌

$

116,017‌