Fulcrum Diversified Absolute Return Fund Consolidated ...

Fulcrum Diversified Absolute Return Fund Consolidated Schedule of Investments (Unaudited) September 30, 2021

COMMON STOCKS - 4.8% Aerospace/Defense - 0.0% Dassault Aviation SA (1) MTU Aero Engines AG (1) Saab AB (1)

Apparel - 0.1% adidas AG (1) Asics Corp. (1) Hermes International (1) NIKE, Inc. PRADA SpA (1) PVH Corp. (2)

Auto Manufacturers - 0.2% PACCAR, Inc. Tesla, Inc. (2) Toyota Motor Corp. (1)

Auto Parts & Equipment - 0.0% Aptiv Plc - ADR (1)(2) NGK Spark Plug Co Ltd. (1)

Banks - 0.4% Bank of America Corp. Citigroup, Inc. Comerica, Inc. DNB Bank ASA (1) Fifth Third Bancorp Goldman Sachs Group, Inc./The Huntington Bancshares Inc/OH JPMorgan Chase & Co. KeyCorp Macquarie Group Ltd. (1) Morgan Stanley PNC Financial Services Group, Inc./The Royal Bank of Canada (1) Toronto-Dominion Bank/The (1) US Bancorp Wells Fargo & Co.

Beverages - 0.0% Remy Cointreau SA (1)

Building Materials - 0.1% LafargeHolcim Ltd. (1) Masco Corp. Owens Corning Vulcan Materials Co.

Chemicals - 0.1% Albemarle Corp. Arkema SA (1) Brenntag SE (1) Chr. Hansen Holding A/S (1) Clariant AG (1) Croda International (1) DuPont de Nemours, Inc. FMC Corp. Givaudan SA (1) Koninklijke DSM NV (1)

Cosmetics/Personal Care - 0.1% Estee Lauder Cos., Inc./The Unicharm Corp. (1)

Shares

20 11 60

79 197

28 328 466

81

148 160 3,905

68 398

1,295 349 148 777 105 52

1,140 457 150 907 249 64 212 276 225 620

159

84 396 162 170

99 9 26 15 34 13 728 100 1 27

365 932

Value

$

2,257

2,490

1,705

6,452

24,872 4,535 38,807 47,635 2,577 8,326 126,752

11,680 124,077

70,174 205,931

10,130 6,265

16,395

54,973 24,493 11,914 17,772 4,456 19,658 17,625 74,806 3,243

119,340 24,230 12,521

21,095

18,271 13,374 28,774 466,545

30,850

4,069 21,998 13,851 28,757 68,675

21,678 1,194 2,427 1,225 643 1,497

49,497 9,156 4,573 5,403 97,293

109,474 41,444 150,918

Fulcrum Diversified Absolute Return Fund Consolidated Schedule of Investments (Unaudited) September 30, 2021

COMMON STOCKS (Continued) Commercial Services - 0.1% Ashtead Group Plc (1) Automatic Data Processing, Inc. Edenred (1) Experian Plc (1) IHS Markit Ltd. - ADR Moody's Corp. QinetiQ Group Plc (1) RELX Plc (1) S&P Global, Inc. Savills Plc (1) Square, Inc. (2) Verisk Analytics, Inc.

Computers - 0.1% Alten SA (1) Amdocs Ltd. - ADR (1) Jenoptik AG (1)

Diversified Financial Services - 0.2% Capital One Financial Corp. London Stock Exchange Group Plc (1) Mastercard, Inc. Nasdaq, Inc. Visa, Inc. Vontobel Holding AG (1)

Electric - 0.1% Albioma SA (1) Alliant Energy Corp. Ameren Corp. American Electric Power Co, Inc. EDP Renovaveis SA (1) Enel SpA (1) Eversource Energy Iberdrola SA (1) RWE AG (1) Sempra Energy Verbund AG (1) Xcel Energy, Inc.

Electronics - 0.2% Honeywell International, Inc. Hoya Corp. (1) Omron Corp. (1) Renishaw Plc (1) Trimble, Inc. (2)

Energy-Alternative Sources - 0.0% Ence Energia y Celulosa, S.A. (1)(2) ERG SpA (1) Falck Renewables SpA (1) Nordex SE (1)(2) Solaria Energia y Medio Ambiente SA (1)

Environmental Control - 0.0% Fluidra SA (1) Republic Services, Inc.

Food - 0.2% Austevoll Seafood ASA (1) Glanbia Plc (1) JBS SA (1) Kikkoman Corp. (1) Marfrig Global Foods SA (1) SunOpta, Inc. (1)(2) Tyson Foods, Inc.

Shares

170 123

38 222 129 31 271 494 39

54 79 65

255 577 328

68 283 209 26 455 119

14 106 98 190 55 699 131 452 43 110 24 206

264 468 175 90 57

75 65 125 73 52

32 114

1,257 1,865 6,542

131 2,176 4,701

454

Value

$

12,933

24,590

2,052

9,300

15,044

11,009

1,184

14,291

16,571

983

18,947

13,018

139,922

37,542 43,685 11,132 92,359

11,014 28,408 72,665

5,018 101,351 10,056 228,512

551 5,934 7,938 15,424 1,365 5,385 10,710 4,547 1,522 13,915 2,438 12,875 82,604

56,042 73,483 17,454

5,758 4,688 157,425

207 1,935

974 1,241

824 5,181

1,277 13,687 14,964

14,911 30,633 44,424 10,699 10,189 42,015 35,839 188,710

Fulcrum Diversified Absolute Return Fund Consolidated Schedule of Investments (Unaudited) September 30, 2021

COMMON STOCKS (Continued) Forest Products & Paper - 0.0% BillerudKorsnas AB (1) Mondi Plc (1) Suzano SA (1) Svenska Cellulosa AB SCA (1) UPM-Kymmene Oyj (1)

Healthcare Products - 0.1% Boston Scientific Corp. (2) Cochlear Ltd. (1) Koninklijke Philips NV (1) Siemens Healthineers AG (1)

Healthcare Services - 0.2% Anthem, Inc. Humana, Inc. IQVIA Holdings, Inc. (2) UnitedHealth Group, Inc.

Home Builders - 0.1% Barratt Developments Plc (1) Berkeley Group Holdings Plc (1) DR Horton, Inc. KB Home LENNAR Corp. NVR, Inc. (2) Persimmon Plc (1) PulteGroup, Inc. Redrow Plc (1) Taylor Wimpey PLC (1)

Home Furnishings - 0.0% Howden Joinery Group Plc (1)

Household Products/Wares - 0.0% Clorox Co./The

Insurance - 0.2% Admiral Group Plc (1) Aflac, Inc. Allstate Corp/The American International Group, Inc. ASR Nederland NV (1) AXA SA (1) Cattolica Assicurazioni SPA (1) CNP Assurances (1) Coface SA (1) Direct Line Insurance Group Plc (1) Fidelity National Financial, Inc. Hartford Financial Services Group Inc/The Lincoln National Corp. Loews Corp. Marsh & McLennan Cos, Inc. NN Group NV (1) Phoenix Group Holdings Plc (1) Prudential Financial, Inc. Sampo Oyj (1) SCOR SE (1) Sun Life Financial, Inc. (1) Travelers Cos Inc/The UNIQA Insurance Group AG (1) Voya Financial, Inc.

Shares

64 56 3,351 78 69

437 93

952 1,142

77 41 58 293

315 34 73 1,389 64 4 96 307 1,162 1,132

111

166

69 104 41 133 42 1,530 386 195 295 365 307 63 228 301 64 86 276 58 307 59 91 41 621 145

Value

$

1,224

1,380

33,228

1,215

2,455

39,502

18,961 14,818 42,279 74,317 150,375

28,706 15,955 13,893 114,487 173,041

2,803 1,998

6,130 54,060

5,996 19,176

3,451 14,097 10,453 2,377 120,541

1,340

27,491

2,890 5,421 5,220 7,300

1,923

42,685

3,155

3,100

3,721

1,424 13,919

4,426 15,675 16,233

9,692

4,510

2,401 6,102

15,259

1,713

4,684 6,232

5,539 8,902 192,126

Fulcrum Diversified Absolute Return Fund Consolidated Schedule of Investments (Unaudited) September 30, 2021

COMMON STOCKS (Continued) Internet - 0.4% Alphabet, Inc. (2) ASOS Plc (1)(2) CyberAgent, Inc. (1) eBay, Inc. Facebook, Inc. (2) Future Plc (1) Group Plc (1) Rightmove Plc (1)

Investment Company - 0.0% Aker ASA (1)

Iron/Steel - 0.0% APERAM SA (1) Nucor Corp. Outokumpu Oyj (1) SSAB AB (1)

Machinery - 0.0% Daifuku Co Ltd. (1) GEA Group AG (1) Husqvarna AB (1) Konecranes Oyj (1) Valmet Oyj (1) Yaskawa Electric Corp. (1)

Media - 0.0% Thomson Reuters Corp. (1) Schibsted ASA (1)

Mining - 0.1% Alcoa Corp. (2) Alumina Ltd. (1) Rio Tinto Plc (1)

Miscellaneous Manufacturing - 0.0% Vestas Wind Systems (1)

Oil & Gas - 0.2% Aker BP ASA (1) Atmos Energy Corp. Halliburton Co. Murphy Oil Corp. Oil Search Ltd. (1) PrairieSky Royalty Ltd. (1)

Packaging & Containers - 0.0% AptarGroup, Inc. Metsa Board Oyj (1) Westrock Co.

Pharmaceuticals - 0.2% Becton Dickinson and Co. Bristol-Myers Squibb Co. Cigna Corp. Merck & Co, Inc. Zoetis, Inc.

Shares

65 28 1,136 140 302 878 1,748 1,902

21

23 350 122 276

54 42 133 52 28 226

171 474

722 29,538

225

290

1,142 55

4,508 555

7,532 709

45 109 183

90 695 108 788 148

Value

$

173,779

1,132

22,109

9,754

102,496

43,653

5,017

17,514

375,454

1,662

1,276 34,472

746 1,365 37,859

5,104 1,926 1,596 2,094 1,017 10,965 22,702

18,908 22,567 41,475

35,334 44,844 14,896 95,074

11,632

37,245 4,851

97,463 13,858 23,905

7,562 184,884

5,371 1,022 9,119 15,512

22,124 41,123 21,617 59,187 28,733 172,784

Fulcrum Diversified Absolute Return Fund Consolidated Schedule of Investments (Unaudited) September 30, 2021

COMMON STOCKS (Continued) Real Estate Services - 0.1% CBRE Group, Inc. (2) China Overseas Land & Investment Ltd. (1) China Resources Land Ltd. (1) Hufvudstaden AB (1) REA Group Ltd. (1) Vonovia SE (1) Wihlborgs Fastigheter AB (1) Yuexiu Property Co Ltd. (1)

REIT - 0.1% AvalonBay Communities, Inc. Equity Residential Invitation Homes, Inc. Mirvac Group (1) Nippon Prologis REIT, Inc. (1) Prologis, Inc. Segro Plc (1) Sun Communities, Inc. UNITE Group PLC/The (1) Weyerhaeuser Co.

Retail - 0.1% Grafton Group Plc (1) Home Depot Inc/The Lowe's Cos, Inc. Moncler SpA (1) TJX Cos Inc/The Zalando SE (1)(2)

Semiconductors - 0.5% Advanced Micro Devices, Inc. (2) Analog Devices, Inc. Applied Materials, Inc. ASM International NV (1) BE Semiconductor Industries NV (1) Infineon Technologies AG (1) Micron Technology, Inc. NVIDIA Corp. SUMCO Corp. (1) Texas Instruments, Inc. Tokyo Electron Ltd. (1)

Software - 0.02% Broadridge Financial Solutions, Inc. Workday, Inc. (2)

Telecommunications - 0.1% Viavi Solutions, Inc. (2)

Textiles - 0.0% Mohawk Industries, Inc. (2)

Transportation - 0.3% Canadian Pacific Railway Ltd. (1) CH Robinson Worldwide, Inc. Clarkson Plc (1) CSX Corp. Expeditors International of Washington, Inc. FedEx Corp. Hapag-Lloyd AG(1) Kansas City Southern Mitsui OSK Lines Ltd. (1) United Parcel Service, Inc. ZIM Integrated Shipping Services Ltd - ADR

Shares

120 1,664 1,109

98 317 285

70 1,911

48 128 191 4,822

3 250 215 99 76 285

146 218 146 61 262 101

215 113 204 37 73 3,068 287 423 198 199 230

511 61

7,738

82

276 218 20 889 62 111 43 39 163 362 1,518

Value

$

11,683

3,792

4,680

1,468

36,404

17,134

1,394

1,797

78,352

10,639 10,358

7,321 10,423 10,041 31,357

3,462 18,325

1,114 10,137 113,177

2,508 71,561 29,617

3,746 17,287

9,280 133,999

22,124 18,925 26,261 14,495

5,806 126,249

20,371 87,629

4,004 38,250 102,647 466,761

85,153 15,243 100,396

121,796

14,547

18,023 18,966

1,024 26,439

7,386 24,341

9,409 10,555 11,072 65,920 76,963 270,098

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