Unified Series Trust NPORT-P Absolute Capital Opportunities Fund (Dec 2024 report)

Absolute

CEF

Opportunities

Schedule

of

Investments

December

31,

2024

(Unaudited)

Closed

End

Funds

—

95.39%

Shares

Fair

Value

abrdn

Global

Dynamic

Dividend

Fund

9,800‌

$

96,040‌

abrdn

Income

Credit

Strategies

Fund

(a)

71,747‌

428,330‌

abrdn

Life

Sciences

Investors

8,900‌

116,768‌

abrdn

Total

Dynamic

Dividend

Fund

11,400‌

95,874‌

Advent

Convertible

and

Income

Fund

(a)

29,900‌

351,923‌

BlackRock

Health

Sciences

Term

Trust

14,199‌

204,466‌

BlackRock

Innovation

and

Growth

Term

Trust

28,500‌

212,040‌

Boulder

Growth

&

Income

Fund,

Inc.

(a)

12,300‌

197,046‌

Destra

Multi-Alternative

Fund

(a)

25,200‌

213,192‌

Eaton

Vance

California

Municipal

Bond

Fund

(a)

5,300‌

48,601‌

Eaton

Vance

Municipal

Bond

Fund

(a)

15,400‌

159,544‌

First

Trust

Specialty

Finance

and

Financial

Opportunities

Fund

(a)

2,972‌

12,512‌

Gabelli

Healthcare

&

WellnessRx

Trust

(The)

3,591‌

34,617‌

Herzfeld

Caribbean

Basin

Fund,

Inc.

(The)

(a)

86,127‌

201,537‌

Highland

Opportunities

and

Income

Fund

(a)

8,700‌

45,153‌

Insight

Select

Income

Fund

(a)

13,500‌

233,955‌

Invesco®

Advantage

Municipal

Income

Trust

II

(a)

5,400‌

47,196‌

Invesco®

Municipal

Opportunity

Trust

(a)

4,900‌

47,628‌

Invesco®

Municipal

Trust

(a)

4,900‌

48,069‌

Invesco®

Quality

Municipal

Income

Trust

(a)

4,800‌

47,328‌

Invesco®

Trust

for

Investment

Grade

Municipals

(a)

4,700‌

47,470‌

John

Hancock

Investors

Trust

(a)

275‌

3,762‌

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

253‌

4,043‌

New

America

High

Income

Fund,

Inc.

(a)

8,433‌

68,898‌

Nuveen

Core

Plus

Impact

Fund

(a)

6,250‌

65,687‌

Nuveen

Multi-Asset

Income

Fund

(a)

13,800‌

166,152‌

Nuveen

NASDAQ

100

Dynamic

Overwrite

Fund

3,421‌

92,538‌

NYLI

CBRE

Global

Infrastructure

Megatrends

Term

Fund

(a)

29,350‌

357,189‌

RiverNorth

Flexible

Municipal

Income

Fund

II,

Inc.

(a)

20,413‌

273,534‌

RiverNorth/DoubleLine

Strategic

Opportunity

Fund,

Inc.

(a)

6,251‌

52,133‌

Absolute

CEF

Opportunities

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

Closed

End

Funds

—

95.39%

-

continued

Shares

Fair

Value

Saba

Capital

Income

&

Opportunities

Fund

(a)

29,515‌

$

224,904‌

Special

Opportunities

Fund,

Inc.

(a)

3,200‌

46,816‌

Virtus

Total

Return

Fund,

Inc.

(a)

82,300‌

482,278‌

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

(a)

16,000‌

96,960‌

Voya

Emerging

Markets

High

Dividend

Equity

Fund

(a)

19,400‌

97,194‌

Western

Asset

Global

High

Income

Fund,

Inc.

(a)

31,214‌

208,510‌

Western

Asset

High

Income

Fund

II,

Inc.

(a)

27,500‌

115,775‌

TOTAL  CLOSED

END

FUNDS

  (Cost $5,419,471)

5,245,662‌

Collateralized

Mortgage

Obligations

—

2.01%

Principal

Amount

Fair

Value

Adjustable

Rate

Mortgage

Trust,

Series

2006-1

3A3,

4.75%,

3/25/2036

(b)

$

9,041‌

8,174‌

Adjustable

Rate

Mortgage

Trust,

Series

2005-12

2A1,

5.06%,

3/25/2036

(b)

22,990‌

16,043‌

Alternative

Loan

Trust,

Series

2005-50CB

2A1,

5.50%,

11/25/2035

(b)

7,189‌

5,854‌

Banc

of

America

Funding,

Series

2006-E

2A1,

6.31%,

6/20/2036

(b)

5,083‌

4,517‌

Banc

of

America

Funding,

Series

2007-E

4A1,

5.06%,

7/20/2047

(b)

13,121‌

12,450‌

CHL

Mortgage

Pass-Through

Trust,

Series

2007-HY5

1A1,

5.32%,

9/25/2047

(b)

11,808‌

9,187‌

CitiMortgage

Alternative

Loan

Trust,

Series

2006-A7

1A12,

6.00%,

12/25/2036

(b)

21,923‌

18,915‌

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A4

1A6,

5.75%,

4/25/2037

(b)

8,729‌

7,640‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2006-AR25

3A1,

4.12%,

9/25/2036

(b)

26,139‌

16,774‌

JPMorgan

Mortgage

Trust,

Series

2007-A2

4A1M,

4.53%,

4/25/2037

(b)

5,928‌

4,808‌

Structured

Adjustable

Rate

Mortgage

Loan,

Series

2007-3

3A1,

4.78%,

4/25/2047

(b)

13,190‌

6,052‌

Total

Collateralized

Mortgage

Obligations

    (Cost $95,596)

110,414‌

Absolute

CEF

Opportunities

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

Money

Market

Funds

-

3.86%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

4.40%

(c)

212,222‌

$

212,222‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$212,222)

212,222‌

Total

Investments

—

101.26%

    (Cost

$5,727,289)

5,568,298‌

Liabilities

in

Excess

of

Other

Assets 

—

 (1.26)%

(69,417‌)

Net

Assets

—

100.00%

$

5,498,881‌

(a)

Non-income

producing

security.

(b)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2024.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2024.

Absolute

CEF

Opportunities

Schedule

of

Securities

Sold

Short

December

31,

2024

(Unaudited)

Closed

End

Funds

-

Short

-

(4.56)

%

Shares

Fair

Value

Invesco®

Senior

Income

Trust

(6,445‌)

$

(25,458‌)

KKR

Income

Opportunities

Fund

(a)

(16,859‌)

(225,573‌)

TOTAL

CLOSED

END

FUNDS

-

SHORT

(Proceeds

Received $262,414)

(251,031‌)

Exchange-Traded

Funds

-

Short

-

(36.07)

%

Invesco®

QQQ

Trust,

Series

1

(190‌)

(97,134‌)

iShares®

Core

Growth

Allocation

ETF

(2,500‌)

(143,300‌)

iShares®

Core

U.S.

Aggregate

Bond

ETF

(4,200‌)

(406,980‌)

iShares®

Global

Infrastruture

ETF

(9,000‌)

(470,430‌)

iShares®

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(2,600‌)

(231,504‌)

iShares®

MSCI

Emerging

Markets

ETF

(4,500‌)

(188,190‌)

iShares®

Nasdaq

Biotechnology

ETF

(1,900‌)

(251,199‌)

iShares®

Russell

Mid-Cap

Growth

ETF

(800‌)

(101,400‌)

iShares®

U.S.

Real

Estate

ETF

(1,000‌)

(93,060‌)

TOTAL

EXCHANGE-TRADED

FUNDS

-

SHORT

(Proceeds

Received $2,062,025)

(1,983,197‌)

TOTAL

SECURITIES

SOLD

SHORT

-

(40.63)%

(Proceeds

Received

$2,324,439

)

(2,234,228‌)

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

December

31,

2024

(Unaudited)

Common

Stocks

—

77.21%

Shares

Fair

Value

Communications

—

9.80%

Alphabet,

Inc.,

Class

A

11,758‌

$

2,225,790‌

Meta

Platforms,

Inc.,

Class

A

3,604‌

2,110,178‌

Paramount

Global,

Class

B

10,216‌

106,859‌

Universal

Music

Group

NV

-

ADR

105,825‌

1,350,327‌

Warner

Bros.

Discovery,

Inc.

(a)

24,000‌

253,680‌

6,046,834‌

Consumer

Discretionary

—

10.40%

Alibaba

Group

Holding

Ltd.

-

ADR

1,777‌

150,672‌

Amazon.com,

Inc.

(a)

14,495‌

3,180,058‌

CarMax,

Inc.

(a)

16,293‌

1,332,116‌

Carvana

Co.

(a)

1,000‌

203,360‌

Fisker,

Inc.

(a)

7,480‌

5‌

Hasbro,

Inc.

8,466‌

473,334‌

Lowe's

Companies,

Inc.

4,351‌

1,073,827‌

6,413,372‌

Consumer

Staples

—

6.21%

Diageo

PLC

-

ADR

6,208‌

789,223‌

Dollar

Tree,

Inc.

(a)

16,299‌

1,221,447‌

Philip

Morris

International,

Inc.

15,139‌

1,821,979‌

3,832,649‌

Energy

—

3.66%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

3,921‌

1,777,311‌

Occidental

Petroleum

Corp.

(b)

9,695‌

479,030‌

2,256,341‌

Financials

—

16.77%

American

Express

Co.

5,165‌

1,532,920‌

Aon

PLC,

Class

A

3,412‌

1,225,454‌

Charles

Schwab

Corp.

(The)

27,366‌

2,025,358‌

Intercontinental

Exchange,

Inc.

11,038‌

1,644,772‌

JPMorgan

Chase

&

Co.

2,754‌

660,161‌

PPG

Industries,

Inc.

9,136‌

1,091,295‌

Visa,

Inc.,

Class

A

6,863‌

2,168,983‌

10,348,943‌

Health

Care

—

3.84%

Becton,

Dickinson

and

Co.

7,540‌

1,710,599‌

Thermo

Fisher

Scientific,

Inc.

1,265‌

658,091‌

2,368,690‌

Industrials

—

7.84%

Hayward

Holdings,

Inc.

(a)

29,625‌

452,966‌

Jacobs

Solutions,

Inc.

12,142‌

1,622,414‌

Keysight

Technologies,

Inc.

(a)

8,807‌

1,414,669‌

PACCAR,

Inc.

12,974‌

1,349,555‌

4,839,604‌

Technology

—

18.69%

Advanced

Micro

Devices,

Inc.

(a)

4,130‌

498,863‌

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

Common

Stocks

—

77.21%

-

continued

Shares

Fair

Value

Technology

—

18.69%

-

continued

Amentum

Holdings,

Inc.

(a)

34,557‌

$

726,734‌

Analog

Devices,

Inc.

4,509‌

957,982‌

Apple,

Inc.

12,322‌

3,085,675‌

Applied

Materials,

Inc.

4,460‌

725,330‌

Arista

Networks,

Inc.

(a)

9,444‌

1,043,845‌

Fiserv,

Inc.

(a)

6,720‌

1,380,422‌

Motorola

Solutions,

Inc.

1,152‌

532,489‌

Oracle

Corp.

7,475‌

1,245,634‌

Salesforce,

Inc.

4,009‌

1,340,329‌

11,537,303‌

TOTAL  COMMON

STOCKS

  (Cost $30,265,092)

47,643,736‌

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

CALL

OPTIONS

PURCHASED

—

0.32%

Microsoft

Corp.

72‌

$

3,034,800

$

465.00

January

2025

$

648‌

Nvidia

Corp.

222‌

2,981,238

160.00

January

2025

4,662‌

SPDR

S&P

500

ETF

Trust

461‌

27,018,288

615.00

February

2025

100,498‌

SPDR

S&P

500

ETF

Trust

1,095‌

64,175,760

625.00

February

2025

89,790‌

TOTAL

CALL

OPTIONS

PURCHASED

    (Cost

1,306,563)

195,598‌

PUT

OPTIONS

PURCHASED

—

1.46%

SPDR

S&P

500

ETF

Trust

857‌

50,227,056

540.00

February

2025

210,393‌

SPDR

S&P

500

ETF

Trust

1,315‌

77,069,520

565.00

February

2025

693,663‌

TOTAL

PUT

OPTIONS

PURCHASED

    (Cost

898,912)

904,056‌

TOTAL

OPTIONS

PURCHASED

    (Cost

$2,205,475)

1,099,654‌

Absolute

Capital

Opportunities

Fund

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

.

Money

Market

Funds

-

24.19%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

4.40%

(c)

14,927,732‌

$

14,927,732‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$14,927,732)

14,927,732‌

Total

Investments

—

103.18%

    (Cost

$47,398,299)

63,671,122‌

Liabilities

in

Excess

of

Other

Assets 

—

 (3.18)%

(1,959,725‌)

Net

Assets

—

100.00%

$

61,711,397‌

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

the

security

is

held

as

collateral

for

written

options.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2024.

ADR

-

American

Depositary

Receipt

ETF

-

Exchange

Traded

Fund

Absolute

Capital

Opportunities

Fund

Schedule

of

Written

Options

December

31,

2024

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

Written

Call

Options

(5.66)%

Nvidia

Corp.

(222)

$

(2,981,238‌)

$

190.00‌

January

2025

$

(444‌)

SPDR

S&P

500

ETF

Trust

(824)

(48,292,992‌)

570.00‌

June

2025

(3,498,70

4‌

)

Total

Written

Call

Options

(Premiums

Received

$4,636,198)

(3,499,14

8‌

)

Written

Put

Options

(0.26)%

Microsoft

Corp.

(18)

(758,700‌)

425.00‌

June

2025

(44,136‌)

Nvidia

Corp.

(74)

(993,746‌)

125.00‌

June

2025

(90,280‌)

Occidental

Petroleum

Corp.

(33)

(163,053‌)

55.00‌

June

2025

(23,100‌)

Total

Written

Put

Options

(Premiums

Received

$180,151)

(157,516‌)

Total

Written

Options

(Premiums

Received

$4,816,349)

(3,656,66

4‌

)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

December

31,

2024

(Unaudited)

Mutual

Funds

—

2.85%

Shares

Fair

Value

Absolute

Flexible

Fund

(a)

2,711,706‌

$

27,984,805‌

TOTAL  MUTUAL

FUNDS

  (Cost $27,419,614)

27,984,805‌

Convertible

Bonds

—

92.74%

Principal

Amount

Fair

Value

Communications

—

2.93%

AMC

Networks,

Inc.,

4.25%,

2/15/2029

(b)

$

3,000,000‌

3,063,750‌

Applied

Digital

Corp.,

2.75%,

6/1/2030

(b)

3,000,000‌

3,126,275‌

Fiverr

International

Ltd.,

6.25%,

11/1/2025

9,000,000‌

8,575,133‌

Magnite,

Inc.,

0.25%,

3/15/2026

6,500,000‌

6,075,326‌

Upwork,

Inc.,

0.25%,

8/15/2026

8,640,000‌

8,008,370‌

28,848,854‌

Consumer

Discretionary

—

7.26%

Cracker

Barrel

Old

Country

Store,

Inc.,

0.63%,

6/15/2026

10,863,000‌

10,265,535‌

Freshpet,

Inc.,

3.00%,

4/1/2028

2,210,000‌

4,891,835‌

LCI

Industries,

1.13%,

5/15/2026

5,000,000‌

4,915,750‌

Live

Nation

Entertainment,

Inc.,

3.13%,

1/15/2029

10,000,000‌

13,643,500‌

Norwegian

Cruise

Lines

Holdings

Ltd.,

1.13%,

2/15/2027

6,214,000‌

6,458,676‌

Patrick

Industries,

Inc.,

1.75%,

12/1/2028

10,949,000‌

14,937,322‌

Wayfair,

Inc.,

3.25%,

9/15/2027

7,056,000‌

7,539,336‌

Winnebago

Industries,

Inc.,

3.25%,

1/15/2030

(b)

9,500,000‌

8,690,125‌

71,342,079‌

Consumer

Staples

—

2.67%

Chefs'

Warehouse,

Inc.

(The),

2.38%,

12/15/2028

7,000,000‌

9,019,500‌

Post

Holdings,

Inc.,

2.50%,

8/15/2027

7,500,000‌

8,805,000‌

Spectrum

Brands,

Inc.,

3.38%,

6/1/2029

(b)

8,500,000‌

8,341,050‌

26,165,550‌

Energy

—

1.95%

Fluence

Energy,

Inc.,

2.25%,

6/15/2030

(b)

6,000,000‌

6,216,000‌

Green

Plains,

Inc.,

2.25%,

3/15/2027

9,112,000‌

7,689,176‌

Helix

Energy

Solutions

Group,

Inc.,

9.75%,

3/1/2029

(b)

5,000,000‌

5,335,035‌

19,240,211‌

Financials

—

2.57%

Encore

Capital

Group,

Inc.,

4.00%,

3/15/2029

10,250,000‌

10,396,417‌

EZCORP,

Inc.,

3.75%,

12/15/2029

(b)

5,250,000‌

6,825,000‌

Galaxy

Digital

Holdings

LP,

2.50%,

12/1/2029

(b)

1,500,000‌

1,449,450‌

WisdomTree

Investments,

Inc.,

3.25%,

8/15/2029

(b)

6,000,000‌

6,540,000‌

25,210,867‌

Health

Care

—

16.65%

Accuray,

Inc.,

3.75%,

6/1/2026

10,000,000‌

9,287,498‌

Alphatec

Holdings,

Inc.,

0.75%,

8/1/2026

3,000,000‌

2,838,900‌

ANI

Pharmaceuticals,

Inc.,

2.25%,

9/1/2029

(b)

6,750,000‌

6,851,250‌

Artivion,

Inc.,

4.25%,

7/1/2025

6,000,000‌

7,713,750‌

CONMED

Corp.,

2.25%,

6/15/2027

10,000,000‌

9,305,000‌

Cutera,

Inc.,

2.25%,

6/1/2028

1,500,000‌

135,000‌

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

Convertible

Bonds

—

92.74%

-

continued

Principal

Amount

Fair

Value

Health

Care

—

16.65%

-

continued

Enovis

Corp.,

3.88%,

10/15/2028

$

10,610,000‌

Exact

Sciences

Corp.,

0.38%,

3/15/2027

10,725,000‌

9,952,800‌

Gossamer

Bio,

Inc.,

5.00%,

6/1/2027

2,750,000‌

1,497,103‌

Halozyme

Therapeutics,

Inc.,

1.00%,

8/15/2028

12,000,000‌

12,970,976‌

Inotiv,

Inc.,

3.25%,

10/15/2027

1,500,000‌

577,682‌

Integer

Holdings

Corp.,

2.13%,

2/15/2028

13,000,000‌

20,839,000‌

iRhythm

Technologies,

Inc.,

1.50%,

9/1/2029

(b)

3,500,000‌

3,398,500‌

Jazz

Pharmaceuticals

PLC,

2.00%,

6/15/2026

6,000,000‌

6,103,500‌

Jazz

Pharmaceuticals

PLC,

3.13%,

9/15/2030

(b)

2,500,000‌

2,702,500‌

Lantheus

Holdings,

Inc.,

2.63%,

12/15/2027

(b)

10,579,000‌

14,120,320‌

LeMaitre

Vascular,

Inc.,

2.50%,

2/1/2030

(b)

5,000,000‌

5,183,735‌

LivaNova

PLC,

2.50%,

3/15/2029

(b)

5,000,000‌

4,991,250‌

MannKind

Corp.,

2.50%,

3/1/2026

4,000,000‌

5,261,415‌

Merit

Medical

Systems,

Inc.,

3.00%,

2/1/2029

(b)

13,000,000‌

16,433,102‌

Pacira

BioSciences,

Inc.,

2.13%,

5/15/2029

(b)

9,000,000‌

7,762,500‌

Repligen

Corp.,

1.00%,

12/15/2028

5,000,000‌

5,125,000‌

163,660,781‌

Industrials

—

18.96%

Advanced

Energy

Industries,

Inc.,

2.50%,

9/15/2028

12,000,000‌

13,128,000‌

Alarm.com

Holdings,

Inc.,

5.68%,

1/15/2026

8,185,000‌

7,763,472‌

Alarm.com

Holdings,

Inc.,

2.25%,

6/1/2029

(b)

6,350,000‌

6,286,500‌

Axon

Enterprise,

Inc.,

0.50%,

12/15/2027

5,000,000‌

13,050,141‌

Fluor

Corp.,

1.13%,

8/15/2029

14,000,000‌

17,661,000‌

Granite

Construction,

Inc.,

3.75%,

5/15/2028

9,000,000‌

17,719,200‌

Greenbrier

Companies,

Inc.

(The),

2.88%,

4/15/2028

12,795,000‌

15,536,329‌

Itron,

Inc.,

3.53%,

3/15/2026

9,000,000‌

9,360,000‌

Itron,

Inc.,

1.38%,

7/15/2030

(b)

5,000,000‌

5,287,500‌

John

Bean

Technologies

Corp.,

0.25%,

5/15/2026

9,000,000‌

8,982,000‌

Mesa

Laboratories,

Inc.,

1.38%,

8/15/2025

7,982,000‌

7,782,450‌

Middleby

Corp.

(The),

1.00%,

9/1/2025

4,100,000‌

4,589,510‌

OSI

Systems,

Inc.,

2.25%,

8/1/2029

(b)

11,976,000‌

12,956,834‌

Rocket

Lab

USA,

Inc.,

4.25%,

2/1/2029

(b)

6,000,000‌

30,330,078‌

Tetra

Tech,

Inc.,

2.25%,

8/15/2028

13,483,000‌

15,871,768‌

186,304,782‌

Materials

—

1.56%

Centrus

Energy

Corp.,

2.25%,

11/1/2030

(b)

3,000,000‌

2,851,800‌

Century

Aluminum

Co.,

2.75%,

5/1/2028

5,650,000‌

6,715,025‌

SSR

Mining,

Inc.,

2.50%,

4/1/2039

6,000,000‌

5,788,500‌

15,355,325‌

Real

Estate

—

0.48%

Redfin

Corp.,

0.50%,

4/1/2027

4,175,000‌

3,241,052‌

Rexford

Industrial

Realty,

Inc.,

4.38%,

3/15/2027

(b)

1,500,000‌

1,471,500‌

4,712,552‌

Technology

—

36.41%

Affirm

Holdings,

Inc.,

0.75%,

12/15/2029

(b)

1,000,000‌

963,717‌

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

Convertible

Bonds

—

92.74%

-

continued

Principal

Amount

Fair

Value

Technology

—

36.41%

-

continued

Altair

Engineering,

Inc.,

1.75%,

6/15/2027

$

8,041,000‌

$

12,534,310‌

Bandwidth,

Inc.,

0.25%,

3/1/2026

2,787,000‌

2,558,884‌

Bandwidth,

Inc.,

0.50%,

4/1/2028

7,240,000‌

5,807,591‌

Bentley

Systems,

Inc.,

0.38%,

7/1/2027

11,500,000‌

10,384,500‌

BlackLine,

Inc.,

1.00%,

6/1/2029

(b)

8,500,000‌

9,259,900‌

Box,

Inc.,

(5.52)%,

1/15/2026

5,000,000‌

6,330,000‌

Box,

Inc.,

1.50%,

9/15/2029

(b)

2,500,000‌

2,440,000‌

Cerence,

Inc.,

1.50%,

7/1/2028

2,500,000‌

1,693,522‌

Cloudflare,

Inc.,

0.00%,

8/15/2026

7,500,000‌

7,188,750‌

Confluent,

Inc.,

5.86%,

1/15/2027

6,000,000‌

5,406,000‌

CSG

Systems

International,

Inc.,

3.88%,

9/15/2028

9,500,000‌

9,614,000‌

CSG

Systems

International,

Inc.,

1.25%,

11/1/2029

(b)

7,550,000‌

7,402,775‌

Datadog,

Inc.,

0.00%,

12/1/2029

(b)

2,000,000‌

1,934,000‌

DigitalOcean

Holdings,

Inc.,

6.51%,

12/1/2026

8,000,000‌

7,140,000‌

Dropbox,

Inc.,

0.65%,

3/1/2026

10,000,000‌

9,940,000‌

Five9,

Inc.,

1.00%,

3/15/2029

(b)

5,000,000‌

4,506,250‌

Global

Payments,

Inc.,

1.50%,

3/1/2031

(b)

11,468,000‌

11,284,512‌

GoPro,

Inc.,

1.25%,

11/15/2025

5,600,000‌

5,011,990‌

IMAX

Corp.,

0.50%,

4/1/2026

9,000,000‌

9,599,477‌

Impinj,

Inc.,

1.13%,

5/15/2027

3,500,000‌

4,977,883‌

InterDigital,

Inc.,

3.50%,

6/1/2027

6,830,000‌

17,193,640‌

Lumentum

Holdings,

Inc.,

0.50%,

12/15/2026

10,000,000‌

11,030,000‌

Lumentum

Holdings,

Inc.,

0.50%,

6/15/2028

3,000,000‌

2,908,500‌

Mitek

Systems,

Inc.,

0.75%,

2/1/2026

5,682,000‌

5,508,131‌

MKS

Instruments,

Inc.,

1.25%,

6/1/2030

(b)

10,668,000‌

10,379,964‌

Nutanix,

Inc.,

0.50%,

12/15/2029

(b)

5,000,000‌

4,967,500‌

ON

Semiconductor

Corp.,

0.50%,

3/1/2029

12,168,000‌

11,501,802‌

PagerDuty,

Inc.,

1.50%,

10/15/2028

10,000,000‌

9,770,000‌

Progress

Software

Corp.,

1.00%,

4/15/2026

5,350,000‌

6,444,258‌

Progress

Software

Corp.,

3.50%,

3/1/2030

(b)

10,000,000‌

11,776,285‌

PROS

Holdings,

Inc.,

2.25%,

9/15/2027

8,000,000‌

7,660,000‌

Q2

Holdings,

Inc.,

0.13%,

11/15/2025

4,500,000‌

4,493,250‌

Rapid7,

Inc.,

0.25%,

3/15/2027

7,000,000‌

6,492,500‌

Repay

Holdings

Corp.,

2.88%,

7/15/2029

(b)

7,000,000‌

6,552,000‌

Riot

Platforms,

Inc.,

0.75%,

1/15/2030

(b)

5,500,000‌

5,073,750‌

Semtech

Corp.,

1.63%,

11/1/2027

8,000,000‌

14,164,000‌

SMART

Global

Holdings,

Inc.,

2.25%,

2/15/2026

3,000,000‌

3,385,095‌

SMART

Global

Holdings,

Inc.,

2.00%,

2/1/2029

(b)

8,500,000‌

9,684,905‌

Synaptics,

Inc.,

0.75%,

12/1/2031

(b)

5,500,000‌

5,556,953‌

Varonis

Systems,

Inc.,

1.00%,

9/15/2029

(b)

9,000,000‌

8,516,250‌

Veeco

Instruments,

Inc.,

2.88%,

6/1/2029

7,500,000‌

9,083,222‌

Veradigm,

Inc.,

0.88%,

1/1/2027

5,500,000‌

6,115,313‌

Verint

Systems,

Inc.,

0.25%,

4/15/2026

8,495,000‌

8,006,538‌

Vertex,

Inc.,

0.75%,

5/1/2029

(b)

4,500,000‌

7,137,094‌

Vishay

Intertechnology,

Inc.,

2.25%,

9/15/2030

11,000,000‌

9,872,500‌

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

Convertible

Bonds

—

92.74%

-

continued

Principal

Amount

Fair

Value

Technology

—

36.41%

-

continued

Workiva,

Inc.,

1.13%,

8/15/2026

$

9,175,000‌

$

13,000,975‌

Workiva,

Inc.,

1.25%,

8/15/2028

5,000,000‌

5,311,250‌

357,563,736‌

Utilities

—

1.30%

Ormat

Technologies,

Inc.,

2.50%,

7/15/2027

13,000,000‌

12,811,500‌

TOTAL

CONVERTIBLE

BONDS

    (Cost $817,385,590)

911,216,237‌

Money

Market

Funds

-

8.80%

Shares

First

American

Treasury

Obligations

Fund,

Class

X,

4.40%

(c)

86,434,398‌

86,434,398‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$86,434,398)

86,434,398‌

Total

Investments

—

104.39%

    (Cost

$931,239,602)

1,025,635,440‌

Liabilities

in

Excess

of

Other

Assets 

—

 (4.39)%

(43,146,807‌)

Net

Assets

—

100.00%

$

982,488,633‌

(a)

Affiliated

Company.

(b)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2024.

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

December

31,

2024

(Unaudited)

Common

Stocks

-

Short

-

(42.68

)

%

Shares

Fair

Value

Communications

-

(0.52

)

%

AMC

Networks,

Inc.,

Class

A

(186,000‌)

$

(1,841,400‌)

Fiverr

International

Ltd.

(1,500‌)

(47,595‌)

IMAX

Corp.

(114,484‌)

(2,930,791‌)

Magnite,

Inc.

(2,100‌)

(33,432‌)

Upwork,

Inc.

(17,035‌)

(278,522‌)

(5,131,740‌)

Consumer

Discretionary

-

(4.71

)

%

Axon

Enterprise,

Inc.

(21,201‌)

(12,600,178‌)

Cracker

Barrel

Old

Country

Store,

Inc.

(11,619‌)

(614,180‌)

Freshpet,

Inc.

(27,305‌)

(4,044,144‌)

LCI

Industries

(9,700‌)

(1,002,883‌)

Live

Nation

Entertainment,

Inc.

(72,912‌)

(9,442,104‌)

Norwegian

Cruise

Lines

Holdings

Ltd.

(85,800‌)

(2,207,634‌)

Patrick

Industries,

Inc.

(132,750‌)

(11,028,870‌)

Wayfair,

Inc.,

Class

A

(59,400‌)

(2,632,608‌)

Winnebago

Industries,

Inc.

(56,238‌)

(2,687,052‌)

(46,259,653‌)

Consumer

Staples

-

(1.45

)

%

Chefs'

Warehouse,

Inc.

(The)

(106,811‌)

(5,267,919‌)

Post

Holdings,

Inc.

(52,964‌)

(6,062,259‌)

Spectrum

Brands

Holdings,

Inc.

(34,759‌)

(2,936,788‌)

(14,266,966‌)

Energy

-

(0.39

)

%

Fluence

Energy,

Inc.

(186,167‌)

(2,956,332‌)

Green

Plains,

Inc.

(88,000‌)

(834,240‌)

(3,790,572‌)

Financials

-

(1.44

)

%

Applied

Blockchain,

Inc.

(234,451‌)

(1,791,206‌)

Encore

Capital

Group,

Inc.

(90,800‌)

(4,337,516‌)

EZCORP,

Inc.,

Class

A

(364,000‌)

(4,448,080‌)

WisdomTree

Investments,

Inc.

(335,500‌)

(3,522,750‌)

(14,099,552‌)

Health

Care

-

(7.15

)

%

Accuray,

Inc.

(397,800‌)

(787,644‌)

Alphatec

Holdings,

Inc.

(37,200‌)

(341,496‌)

ANI

Pharmaceuticals,

Inc.

(58,000‌)

(3,206,240‌)

CONMED

Corp.

(22,230‌)

(1,521,421‌)

CryoLife,

Inc.

(164,557‌)

(4,704,685‌)

Cutera,

Inc.

(9,000‌)

(3,176‌)

Exact

Sciences

Corp.

(28,200‌)

(1,584,558‌)

Gossamer

Bio,

Inc.

(108,359‌)

(98,022‌)

Halozyme

Therapeutics,

Inc.

(136,300‌)

(6,516,503‌)

Inotiv,

Inc.

(7,300‌)

(30,222‌)

Integer

Holdings

Corp.

(132,162‌)

(17,514,108‌)

iRhythm

Technologies,

Inc.

(13,000‌)

(1,172,210‌)

Jazz

Pharmaceuticals

PLC

(22,573‌)

(2,779,865‌)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

(continued)

December

31,

2024

(Unaudited)

Common

Stocks

-

Short

-

(42.68)

-

continued

Shares

Fair

Value

Health

Care

-

(7.15)

-

continued

Lantheus

Holdings,

Inc.

(95,400‌)

$

(8,534,484‌)

LeMaitre

Vascular,

Inc.

(10,400‌)

(958,256‌)

LivaNova

PLC

(42,000‌)

(1,945,020‌)

MannKind

Corp.

(401,230‌)

(2,579,909‌)

Merit

Medical

Systems,

Inc.

(117,395‌)

(11,354,444‌)

Pacira

BioSciences,

Inc.

(135,917‌)

(2,560,676‌)

Repligen

Corp.

(14,521‌)

(2,090,153‌)

(70,283,092‌)

Industrials

-

(11.02

)

%

Advanced

Energy

Industries,

Inc.

(52,376‌)

(6,056,237‌)

Alarm.com

Holdings,

Inc.

(50,644‌)

(3,079,155‌)

Enovis

Corp.

(84,039‌)

(3,687,631‌)

Fluor

Corp.

(247,074‌)

(12,185,690‌)

Granite

Construction,

Inc.

(180,324‌)

(15,816,217‌)

Greenbrier

Companies,

Inc.

(The)

(168,446‌)

(10,273,522‌)

Itron,

Inc.

(62,851‌)

(6,824,361‌)

John

Bean

Technologies

Corp.

(14,400‌)

(1,830,240‌)

Mesa

Laboratories,

Inc.

(3,350‌)

(441,765‌)

Middleby

Corp.

(The)

(21,900‌)

(2,966,355‌)

OSI

Systems,

Inc.

(40,300‌)

(6,747,429‌)

Rocket

Lab

USA,

Inc.

(1,092,600‌)

(27,828,522‌)

Tetra

Tech,

Inc.

(263,757‌)

(10,508,079‌)

(108,245,203‌)

Materials

-

(0.57

)

%

Centrus

Energy

Corp.,

Class

A

(24,959‌)

(1,662,519‌)

Century

Aluminum

Co.

(203,500‌)

(3,707,770‌)

SSR

Mining,

Inc.

(37,000‌)

(257,520‌)

(5,627,809‌)

Real

Estate

-

(0.03

)

%

Redfin

Corp.

(7,700‌)

(60,599‌)

Rexford

Industrial

Realty,

Inc.

(5,000‌)

(193,300‌)

(253,899‌)

Technology

-

(14.84

)

%

Affirm

Holdings,

Inc.

(6,500‌)

(395,850‌)

Allscripts

Healthcare

Solutions,

Inc.

(50,000‌)

(487,500‌)

Altair

Engineering,

Inc.,

Class

A

(87,700‌)

(9,568,947‌)

Bandwidth,

Inc.,

Class

A

(12,334‌)

(209,925‌)

Bentley

Systems,

Inc.,

Class

B

(47,081‌)

(2,198,683‌)

BlackLine,

Inc.

(79,044‌)

(4,802,713‌)

Box,

Inc.,

Class

A

(178,589‌)

(5,643,412‌)

Cerence,

Inc.

(30,700‌)

(240,995‌)

Cloudflare,

Inc.,

Class

A

(7,829‌)

(843,027‌)

Confluent,

Inc.,

Class

A

(13,616‌)

(380,703‌)

CSG

Systems

International,

Inc.

(57,800‌)

(2,954,158‌)

Datadog,

Inc.,

Class

A

(5,408‌)

(772,749‌)

DigitalOcean

Holdings,

Inc.

(8,488‌)

(289,186‌)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Securities

Sold

Short

(continued)

December

31,

2024

(Unaudited)

Common

Stocks

-

Short

-

(42.68)

-

continued

Shares

Fair

Value

Technology

-

(14.84)

-

continued

Dropbox,

Inc.,

Class

A

(68,796‌)

$

(2,066,632‌)

Five9,

Inc.

(27,187‌)

(1,104,880‌)

Global

Payments,

Inc.

(40,400‌)

(4,527,224‌)

GoPro,

Inc.,

Class

A

(14,000‌)

(15,260‌)

Guidewire

Software,

Inc.

(18,100‌)

(3,051,298‌)

Impinj,

Inc.

(25,600‌)

(3,718,656‌)

InterDigital,

Inc.

(83,950‌)

(16,262,793‌)

Lumentum

Holdings,

Inc.

(63,405‌)

(5,322,850‌)

Mitek

Systems,

Inc.

(65,749‌)

(731,786‌)

MKS

Instruments,

Inc.

(41,500‌)

(4,332,185‌)

Nutanix,

Inc.,

Class

A

(36,117‌)

(2,209,638‌)

ON

Semiconductor

Corp.

(62,000‌)

(3,909,100‌)

PagerDuty,

Inc.

(175,172‌)

(3,198,641‌)

Progress

Software

Corp.

(166,755‌)

(10,864,089‌)

PROS

Holdings,

Inc.

(58,000‌)

(1,273,680‌)

Q2

Holdings,

Inc.

(6,226‌)

(626,647‌)

Rapid7,

Inc.

(13,916‌)

(559,841‌)

Repay

Holdings

Corp.,

Class

A

(341,010‌)

(2,601,906‌)

Riot

Blockchain,

Inc.

(261,000‌)

(2,664,810‌)

Semtech

Corp.

(171,471‌)

(10,605,481‌)

SMART

Global

Holdings,

Inc.

(328,015‌)

(6,294,608‌)

Synaptics,

Inc.

(38,900‌)

(2,968,848‌)

Varonis

Systems,

Inc.

(85,521‌)

(3,799,698‌)

Veeco

Instruments,

Inc.

(182,200‌)

(4,882,960‌)

Verint

Systems,

Inc.

(15,000‌)

(411,750‌)

Vertex,

Inc.,

Class

A

(98,175‌)

(5,237,636‌)

Vishay

Intertechnology,

Inc.

(173,000‌)

(2,930,620‌)

Workiva,

Inc.,

Class

A

(99,142‌)

(10,856,049‌)

(145,817,414‌)

Utilities

-

(0.56

)

%

Ormat

Technologies,

Inc.

(81,792‌)

(5,538,954‌)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $375,140,931)

(419,314,854‌)

TOTAL

SECURITIES

SOLD

SHORT

-

(42.68)%

(Proceeds

Received

$375,140,931

)

(419,314,854‌)

Absolute

Convertible

Arbitrage

Fund

Schedule

of

Futures

Contracts

December

31,

2024

(Unaudited)

Futures

Contracts

Contracts

Expiration

Date

Notional

Amount

Value/

Unrealized

Appreciation

(Depreciation)

SHORT

CONTRACTS

5

Year

U.S.

Treasury

Note

Future

(200)

April

2025

$

(21,260,938‌)

$

79,682‌

Total

Futures

$

79,682‌

Absolute

Flexible

Fund

Schedule

of

Investments

December

31,

2024

(Unaudited)

Convertible

Bonds

—

97.74%

Principal

Amount

Fair

Value

Communications

—

10.49%

Fiverr

International

Ltd.,

6.25%,

11/1/2025

$

1,000,000‌

$

952,793‌

Magnite,

Inc.,

0.25%,

3/15/2026

1,000,000‌

934,666‌

Upwork,

Inc.,

0.25%,

8/15/2026

1,250,000‌

1,158,618‌

3,046,077‌

Health

Care

—

21.28%

Accuray,

Inc.,

3.75%,

6/1/2026

1,000,000‌

928,750‌

Alphatec

Holdings,

Inc.,

0.75%,

8/1/2026

512,000‌

484,506‌

CONMED

Corp.,

2.25%,

6/15/2027

1,101,000‌

1,024,480‌

Enovis

Corp.,

3.88%,

10/15/2028

1,500,000‌

1,591,500‌

Exact

Sciences

Corp.,

0.38%,

3/15/2027

1,000,000‌

928,000‌

Inotiv,

Inc.,

3.25%,

10/15/2027

500,000‌

192,561‌

Repligen

Corp.,

1.00%,

12/15/2028

1,000,000‌

1,025,000‌

6,174,797‌

Industrials

—

14.65%

Alarm.com

Holdings,

Inc.,

5.68%,

1/15/2026

815,000‌

773,027‌

Itron,

Inc.,

3.53%,

3/15/2026

1,250,000‌

1,300,000‌

John

Bean

Technologies

Corp.,

0.25%,

5/15/2026

1,031,000‌

1,028,938‌

Middleby

Corp.

(The),

1.00%,

9/1/2025

75,000‌

83,954‌

Xometry,

Inc.,

1.00%,

2/1/2027

1,000,000‌

1,060,500‌

4,246,419‌

Materials

—

1.64%

Centrus

Energy

Corp.,

2.25%,

11/1/2030

(a)

500,000‌

475,300‌

Real

Estate

—

2.01%

Redfin

Corp.,

0.50%,

4/1/2027

750,000‌

582,225‌

Technology

—

47.67%

Bandwidth,

Inc.,

0.50%,

4/1/2028

600,000‌

481,292‌

Bentley

Systems,

Inc.,

0.38%,

7/1/2027

1,000,000‌

903,000‌

BlackLine,

Inc.,

1.00%,

6/1/2029

(a)

1,000,000‌

1,089,400‌

Cerence,

Inc.,

1.50%,

7/1/2028

574,000‌

388,833‌

Confluent,

Inc.,

5.86%,

1/15/2027

1,077,000‌

970,377‌

DigitalOcean

Holdings,

Inc.,

6.51%,

12/1/2026

1,000,000‌

892,500‌

Dropbox,

Inc.,

0.65%,

3/1/2026

1,500,000‌

1,491,000‌

GoPro,

Inc.,

1.25%,

11/15/2025

400,000‌

357,999‌

IMAX

Corp.,

0.50%,

4/1/2026

1,000,000‌

1,066,609‌

Lumentum

Holdings,

Inc.,

0.50%,

12/15/2026

1,000,000‌

1,103,000‌

PagerDuty,

Inc.,

1.50%,

10/15/2028

1,000,000‌

977,000‌

Q2

Holdings,

Inc.,

0.13%,

11/15/2025

1,000,000‌

998,500‌

Rapid7,

Inc.,

0.25%,

3/15/2027

1,123,000‌

1,041,582‌

SMART

Global

Holdings,

Inc.,

2.00%,

8/15/2030

(a)

1,000,000‌

977,500‌

Verint

Systems,

Inc.,

0.25%,

4/15/2026

28,000‌

26,390‌

Workiva,

Inc.,

1.25%,

8/15/2028

1,000,000‌

1,062,250‌

13,827,232‌

TOTAL

CONVERTIBLE

BONDS

    (Cost $27,419,953)

28,352,050‌

Absolute

Flexible

Fund

Schedule

of

Investments

(continued)

December

31,

2024

(Unaudited)

Money

Market

Funds

-

5.07%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

4.40%

(b)

1,471,886‌

$

1,471,886‌

TOTAL

MONEY

MARKET

FUNDS

    (Cost

$1,471,886)

1,471,886‌

Total

Investments

—

102.81%

    (Cost

$28,891,839)

29,823,936‌

Liabilities

in

Excess

of

Other

Assets 

—

 (2.81)%

(816,402‌)

Net

Assets

—

100.00%

$

29,007,534‌

(a)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2024.

Absolute

Flexible

Fund

Schedule

of

Securities

Sold

Short

December

31,

2024

(Unaudited)

Common

Stocks

-

Short

-

(14.73

)

%

Shares

Fair

Value

Communications

-

(0.89%)

IMAX

Corp.

(8,810‌)

$

(225,536‌)

Upwork,

Inc.

(2,000‌)

(32,700‌)

(258,236‌)

Health

Care

-

(2.00)%

Accuray,

Inc.

(32,000‌)

(63,360‌)

Alphatec

Holdings,

Inc.

(6,300‌)

(57,834‌)

CONMED

Corp.

(2,000‌)

(136,880‌)

Inotiv,

Inc.

(1,200‌)

(4,968‌)

Repligen

Corp.

(2,200‌)

(316,668‌)

(579,710‌)

Industrials

-

(3.33)%

Enovis

Corp.

(6,800‌)

(298,384‌)

Itron,

Inc.

(3,000‌)

(325,740‌)

John

Bean

Technologies

Corp.

(1,000‌)

(127,100‌)

Xometry,

Inc.,

Class

A

(5,000‌)

(213,300‌)

(964,524‌)

Materials

-

(0.94)%

Centrus

Energy

Corp.,

Class

A

(4,100‌)

(273,101‌)

Technology

-

(7.57)%

Bentley

Systems,

Inc.,

Class

B

(3,130‌)

(146,171‌)

BlackLine,

Inc.

(6,000‌)

(364,559‌)

Cerence,

Inc.

(7,500‌)

(58,875‌)

Confluent,

Inc.,

Class

A

(1,100‌)

(30,756‌)

DigitalOcean

Holdings,

Inc.

(550‌)

(18,739‌)

Dropbox,

Inc.,

Class

A

(7,500‌)

(225,300‌)

Lumentum

Holdings,

Inc.

(4,000‌)

(335,800‌)

PagerDuty,

Inc.

(16,983‌)

(310,110‌)

Q2

Holdings,

Inc.

(800‌)

(80,520‌)

Rapid7,

Inc.

(1,775‌)

(71,408‌)

SMART

Global

Holdings,

Inc.

(18,000‌)

(345,420‌)

Workiva,

Inc.,

Class

A

(1,914‌)

(209,583‌)

(2,197,241‌)

TOTAL

COMMON

STOCKS -

SHORT

(Proceeds

Received $3,961,797)

(4,272,812‌)

TOTAL

SECURITIES

SOLD

SHORT

-

(14.73)%

(Proceeds

Received

$3,961,797

)

(4,272,812‌)