# EDGAR Filing Document

**Accession Number:** 0001261788
**File Stem:** 0000894189-23-001909
**Filing Date:** 2023-3
**Character Count:** 181571
**Document Hash:** 376be997d6fa86abf5e789b362e1b304
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-001909.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000894189-23-001909

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trust for Advised Portfolios
- **CENTRAL INDEX KEY:** 0001261788
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21422
- **FILM NUMBER:** 23720450

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20130128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20050915

## Series and Classes Contracts Data

### Fulcrum Diversified Absolute Return Fund (Series ID: S000050264)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000158697 | Super Institutional Class | FARYX           |
| C000158698 | Institutional Class       | FARIX           |
| C000158699 | Advisor Class             | FARAX           |

------

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

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **<u>811-21422</u>**

**<u>Trust for Advised Portfolios</u>**<br> (Exact name of registrant as specified in charter)

#### 615 East Michigan Street
**<u>Milwaukee, Wisconsin 53202</u>**<br> (Address of principal executive offices) (Zip code)

#### Russell B. Simon

#### Trust for Advised Portfolios

#### 777 East Wisconsin Avenue, 10th Floor
**<u>Milwaukee, Wisconsin 53202</u>**<br> (Name and address of agent for service)

<u>(626) 914-7395</u>

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2022</u>**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](fulcrumncsrs001.jpg)

**Fulcrum Diversified Absolute Return Fund**

**INSTITUTIONAL CLASS (FARIX)**

**SUPER INSTITUTIONAL CLASS (FARYX)**

*SEMI-ANNUAL REPORT TO SHAREHOLDERS*

*DECEMBER 31, 2022*

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**DISCUSSION OF FUND PERFORMANCE**](#fulcrumncsrsa001) | 1 |
| [**EXPENSE EXAMPLE**](#fulcrumncsrsa002) | 4 |
| [**CONSOLIDATED ALLOCATION OF PORTFOLIO HOLDINGS**](#fulcrumncsrsa003) | 5 |
| [**CONSOLIDATED SCHEDULE OF INVESTMENTS**](#fulcrumncsrsa004) | 7 |
| [**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**](#fulcrumncsrsa005) | 26 |
| [**CONSOLIDATED STATEMENT OF OPERATIONS**](#fulcrumncsrsa006) | 27 |
| [**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**](#fulcrumncsrsa007) | 28 |
| [**CONSOLIDATED FINANCIAL HIGHLIGHTS**](#fulcrumncsrsa008) | 29 |
| [**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**](#fulcrumncsrsa009) | 31 |
| [**ADDITIONAL INFORMATION**](#fulcrumncsrsa010) | 46 |
| [**PRIVACY NOTICE**](#fulcrumncsrsa011) | 49 |

---

------

DISCUSSION OF FUND PERFORMANCE

FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND

<u>Market conditions/environment July 1<sup>st</sup> 2022 to December 31<sup>st</sup> 2022</u>

The second half of 2022 began with a powerful rally in stocks and bonds in July, after both asset classes had suffered their worst start to the year in decades. Asset markets were buoyed by signs of peaking US inflation and hopes of a Federal Reserve (Fed) pivot towards looser policy. However, this was short lived as successive Fed members emphasized the need for continued tightening, and the US August Consumer Price Index (CPI)<sup>1</sup> print overshot expectations, the market rally went sharply into reverse. Global bonds fell by -6.9%<sup>2</sup> and stocks by -4.3%<sup>3</sup> over the third quarter, reasserting the trend from the first half of the year, as expectations of monetary policy tightening dominated broad asset movements.

Added to which, geopolitical tensions worsened, with Russia cutting off most of its gas exports to Western Europe and governments launching expansive fiscal packages to dampen the energy price shock.

Amid the backdrop of a hawkish Fed and elevated geopolitical tensions, the ICE US Dollar<sup>4</sup> Index reached a multi-decade high, prompting central banks in several major economies, including Japan and China, to intervene in currency markets in support of their currencies.

Within commodities, slowing global economic activity exerted downward pressure on oil and industrial metals, and higher real rates led to losses in gold and silver.

It was not until the fourth quarter that we saw the first sustained sign of dis-inflation and some recovery in asset prices, with global equities posting a +7.6%<sup>3</sup> gain alongside a +4.6%<sup>2</sup> increase for global bonds. Signs of dis-inflation across goods and energy products began to lift sentiment by the end of October and markets then staged a powerful rally in November as the US October CPI report revealed a larger-than-expected deceleration in both core and headline inflation.

Headline inflation also eased in Europe, with warmer-than-expected weather causing a sharp decline in natural gas prices. This, combined with stronger-than-expected economic data, delivered a reprieve to European markets, with the euro appreciating by +9.2%<sup>5</sup> against the dollar and European equities rising by +14.3%<sup>6</sup>.

Public health developments in China also exerted a powerful influence over markets in the final quarter of the year. As the spread of Covid-19 accelerated in November, both Chinese domestic activity and world trade volumes experienced a sharp slowdown. However, signs that the Chinese government was abandoning its 'zero-Covid' restrictions framework soon after, led to an improvement in the medium-term growth outlook. These developments also fed into a rise in risk appetite across global markets.

------

Despite the improved market sentiment in the later part of the year, equities remained firmly underwater for the year (-15.6%<sup>3</sup>). While Bonds suffered a torrid year, the worst on record for broad indices, finishing H2-22 down (-2.6%<sup>2</sup>) and offering no protection for the full year (-16.2%<sup>2</sup>). It has been a long time since the risk of relying upon duration to help diversify an equity heavy portfolio has surfaced. Commodities were down in H2- 22 (-14.8%<sup>7</sup>) but firmly up over the full year (+26%<sup>7</sup>), led by energies, whilst gold often seen as an inflation hedge was flat over the full year (-0.3%<sup>8</sup>).

The past year with stocks and bonds losing value in tandem, has reminded investors that the traditional 60/40<sup>9</sup> portfolio or some alternative combination, does not always provide a meaningfully diversified portfolio. The nature of diversification is not constant, and evolves with the macro-economic environment.

<u>Fund Performance For the period ended December 31</u><u>st</u> <u>2022</u>

From July 1, 2022 to December 31, 2022, Fulcrum Diversified Absolute Return Institutional Class shares returned 0.19%.

After weathering the first half of the year and posting positive returns amidst a sharp drawdown in both equities and fixed income, the second half of the year marginally detracted but we were pleased to finish the year in positive territory.

We partially benefited from the easing in financial conditions and recovery in risk assets in the second half of the year but did not share such an optimistic view as broader markets especially in the respect to the future path for inflation.

The Fund's performance in the second half of the year was driven by our directional macro equity strategy, with particularly strong contributions from North American equities and Climate Change aligned equities.

Relative value strategies were the main detractor as strong gains in fixed income from our short duration bias across a range of geographies, was offset by a combination of losses in thematic equities and currencies.

Diversifying strategies made a small contribution, rounding out a very strong calendar year, while hedging detracted.

Concluding, the second half of the year demonstrated how rapidly new macroeconomic shocks can emerge and the associated swings in asset markets and shifting correlation between assets. Through our rigorous research and portfolio management process, we stand ready to identify these shocks and adjust our positions accordingly across a diversified portfolio of asset classes, time horizons and strategies.

We remain focused on building a portfolio that seeks to deliver returns in the broadest range of market environments, all with low correlation to traditional assets.

<sup>1</sup> Consumer Price Index (CPI)

<sup>2</sup> Bloomberg Global-Aggregate Total Return Index Unhedged USD (ticker: LEGATRUU Index)

<sup>3</sup> MSCI World Gross Total Return Local Index (ticker: GDDLWI Index)

<sup>4</sup> ICE US Dollar Index (ticker: DXY Curncy)

------

<sup>5</sup> Euro/Dollar (ticker: EUR BGN Curncy)

<sup>6</sup> Euro Stoxx 50 Price Index (ticker: SX5E Index)

<sup>7</sup> S&P GSCI Total Return CME (ticker: SPGSCITR Index)

<sup>8</sup> Gold/USD (ticker: XAU BGN Curncy)

<sup>9</sup> Refers to a portfolio comprised of 60% equities and 40% bonds

It is not possible to invest directly in an index. Opinions expressed are those of Fulcrum Asset Management LLP and are subject to change, are not guaranteed and should not be considered investment advice. Past performance does not guarantee future results. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Mutual fund investing involves risk. Principal loss is possible. Absolute return strategies are not designed to outperform stocks and bonds during strong market rallies. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments. The fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the fund, and money borrowed will be subject to interest costs. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

Diversification does not assure a profit nor protect against loss in a declining market.

The Fulcrum Diversified Absolute Return Fund is distributed by Quasar Distributors, LLC.

------

**Fulcrum Diversified Absolute Return Fund**

Expense Example (Unaudited)

December 31, 2022

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022 (the "period").

**Actual Expenses**

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**Hypothetical Example for Comparison Purposes**

The information in the table under the heading "Hypothetical Performance (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as redemption fees. Therefore, the information under the heading "Hypothetical Performance (5% Return Before Expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

**Expenses Paid During the Period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Beginning<br> Account Value | Ending<br> Account Value | Annualized<br> Expense Ratio | Expenses Paid<br> During the<br> Period <sup>(1)</sup> |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1001.90 | 1.14% | $5.75 |
| &nbsp;&nbsp;&nbsp;Hypothetical 5% Return | $1000.00 | $1019.46 | 1.14% | $5.80 |
| Super Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $1003.00 | 1.05% | $5.30 |
| &nbsp;&nbsp;&nbsp;Hypothetical 5% Return | $1000.00 | $1019.91 | 1.05% | $5.35 |

---

<br> <sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the "period").

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Allocation of Portfolio Holdings (Unaudited)

*By Market Exposure of Cash settled instruments, Futures, and Options*

December 31, 2022

![](fulcrumncsrs002.jpg)

<br> \* Diversifying Strategies – are comprised of systematically implemented exposure using futures to various asset classes which are included for diversification purposes and could include equities, fixed income, currencies and commodities.

\* Sum of market exposure may not total 100% due to rounding.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Allocation of Portfolio Holdings (Unaudited)

*By Risk Contribution*

December 31, 2022

**Individual Risk<sup>1</sup> Exposure by Strategy**

**Portfolio ex-ante risk (post-diversification): 5.2%**

![](fulcrumncsrs003.jpg)

---

| | |
|:---|:---|
| **Directional** | &nbsp;&nbsp;&nbsp;**4.2% <sup>2</sup>** |
| Macro Equities - North America | &nbsp;&nbsp;&nbsp;2.2 |
| Climate Change | &nbsp;&nbsp;&nbsp;1.0 |
| Macro Equities - Europe ex-UK | &nbsp;&nbsp;&nbsp;0.6 |
| Macro Equities - Japan | &nbsp;&nbsp;&nbsp;0.2 |
| Real Assets | &nbsp;&nbsp;&nbsp;0.2 |
| Macro Equities - Asia ex-Japan | &nbsp;&nbsp;&nbsp;0.1 |
| Macro Equities - United Kingdom | &nbsp;&nbsp;&nbsp;0.1 |
| **Fixed Income** | &nbsp;&nbsp;&nbsp;**2.8% <sup>2</sup>** |
| UK Rates | &nbsp;&nbsp;&nbsp;0.8 |
| US Rates | &nbsp;&nbsp;&nbsp;0.6 |
| Japanese Rates | &nbsp;&nbsp;&nbsp;0.4 |
| European Rates | &nbsp;&nbsp;&nbsp;0.4 |
| LATAM Rates | &nbsp;&nbsp;&nbsp;0.3 |
| Chinese Rates | &nbsp;&nbsp;&nbsp;0.1 |
| Canadian Rates | &nbsp;&nbsp;&nbsp;0.1 |
| Asian Rates | &nbsp;&nbsp;&nbsp;0.1 |
| Scandinavian Rates | &nbsp;&nbsp;&nbsp;0.1 |
| Australian Rates | &nbsp;&nbsp;&nbsp;0.1 |
| **Currencies** | &nbsp;&nbsp;&nbsp;**2.9%** |
| UK Pound | &nbsp;&nbsp;&nbsp;0.7 |
| LATAM Currencies | &nbsp;&nbsp;&nbsp;0.5 |
| Japanese Yen | &nbsp;&nbsp;&nbsp;0.5 |
| Chinese Renminbi (Yuan) | &nbsp;&nbsp;&nbsp;0.3 |
| Australian Dollar | &nbsp;&nbsp;&nbsp;0.3 |
| Canadian Dollar | &nbsp;&nbsp;&nbsp;0.3 |
| CEEMEA Currencies | &nbsp;&nbsp;&nbsp;0.2 |
| Asian Currencies | &nbsp;&nbsp;&nbsp;0.1 |

---

---

| | |
|:---|:---|
| **Thematic Equities** | **1.2%** |
| Technology Disruption | 0.3 |
| Global Energy Sector | 0.3 |
| Idiosyncratic | 0.2 |
| Consumer Trends | 0.2 |
| Cyclicals | 0.1 |
| Climate Change | 0.1 |
| **Cross Asset** | **0.5%** |
| Data Surprises | 0.5 |
| **Commodities** | **1.0%** |
| Long-dated Oil | 0.8 |
| Precious Metals | 0.2 |
| **Volatility Strategies** | **0.7%** |
| VRP | 0.3 |
| Volatility Carry | 0.2 |
| FX Correlation | 0.1 |
| VIX Put | 0.1 |
| **Diversifying Strategies** | **0.5%** |
| Diversifying Strategies | 0.5 |
| **Equity Macro** | **0.4% <sup>2</sup>** |
| UK Equities | 0.4 |
| Climate Change Impact | 0.1 |
| **Dynamic Convexity** | **1.1%** |
| Equities vs. Rates | 0.4 |
| Commodities | 0.3 |
| Equities | 0.2 |
| Currencies | 0.2 |
| **Sum of Individual Risk** | **15.3%** |

---

<sup>1</sup> Individual risk by asset class - is calculated by the current category weight in the portfolio multiplied by the standard deviation of portfolio holdings in that category. Data used is as of December 31, 2022. Standalone risk is measured for each category independently of other categories and does not take into account their potential offsetting effect. Therefore, the sum of standalone risk for all categories will exceed the risk of the entire portfolio. Standalone risk indicates to the investor the risk of holding a category by itself.

<sup>2</sup> Sum of items in each risk category may not equal category total due to rounding.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 4.9%** | **Shares** | **Value** |
| **Aerospace/Defense - 0.0%** | |  |
| Dassault Aviation SA <sup>(1)</sup> | 24 | 4064 |
| L3Harris Technologies, Inc. | 71 | 14783 |
| Saab AB <sup>(1)</sup> | 74 | 2913 |
|  |  | 21760 |
| **Agriculture - 0.0%** |  |  |
| Archer-Daniels-Midland Co. | 233 | 21634 |
| Corteva, Inc. | 252 | 14812 |
| SLC Agricola SA <sup>(1)</sup> | 2113 | 18754 |
|  |  | 55200 |
| **Apparel - 0.1%** |  |  |
| adidas AG <sup>(1)</sup> | 234 | 31927 |
| Brunello Cucinelli SpA <sup>(1)</sup> | 49 | 3624 |
| Columbia Sportswear Co. | 43 | 3766 |
| Hermes International <sup>(1)</sup> | 38 | 58778 |
| LVMH Moet Hennessy Louis Vuitton SE <sup>(1)</sup> | 241 | 175399 |
|  |  | 273494 |
| **Auto Parts & Equipment - 0.0%** |  |  |
| Aptiv Plc - ADR <sup>(1)(2)</sup> | 812 | 75622 |
| NGK Spark Plug Co Ltd. <sup>(1)</sup> | 1128 | 20963 |
|  |  | 96585 |
| **Banks - 0.4%** |  |  |
| 1st Source Corp. | 64 | 3398 |
| Banco Santander SA <sup>(1)</sup> | 8354 | 25061 |
| Bank of America Corp. | 3815 | 126353 |
| BNP Paribas SA <sup>(1)</sup> | 1481 | 84419 |
| Canadian Western Bank <sup>(1)</sup> | 215 | 3820 |
| Cathay General Bancorp | 83 | 3386 |
| Comerica, Inc. | 54 | 3610 |
| Cullen/Frost Bankers, Inc. | 24 | 3209 |
| DNB Bank ASA <sup>(1)</sup> | 763 | 15144 |
| Enterprise Financial Services Corp. | 68 | 3329 |
| Fifth Third Bancorp | 338 | 11090 |
| First Busey Corp. | 142 | 3510 |
| First Citizens BancShares Inc/NC | 7 | 5309 |
| German American Bancorp, Inc. | 94 | 3506 |
| Hope Bancorp, Inc. | 280 | 3587 |
| Huntington Bancshares Inc/OH | 691 | 9743 |
| JPMorgan Chase & Co. | 1381 | 185192 |
| KeyCorp | 359 | 6254 |
| Lakeland Financial Corp. | 46 | 3357 |
| Macquarie Group Ltd. <sup>(1)</sup> | 141 | 16028 |
| Morgan Stanley | 794 | 67506 |
| New York Community Bancorp, Inc. | 402 | 3457 |
| Old National Bancorp/IN | 189 | 3398 |
| PacWest Bancorp | 153 | 3511 |
| PNC Financial Services Group, Inc./The | 197 | 31114 |
| Premier Financial Corp. | 130 | 3506 |
| Prosperity Bancshares, Inc. | 51 | 3707 |
| Regions Financial Corp. | 444 | 9573 |
| Royal Bank of Canada <sup>(1)</sup> | 499 | 46915 |
| Signature Bank/New York NY | 25 | 2881 |
| Skandinaviska Enskilda Banken AB <sup>(1)</sup> | 1061 | 12196 |
| SpareBank 1 SMN <sup>(1)</sup> | 351 | 4564 |
| SpareBank 1 SR-Bank ASA <sup>(1)</sup> | 366 | 4509 |
| Standard Chartered Plc <sup>(1)</sup> | 1110 | 8352 |
| SVB Financial Group <sup>(2)</sup> | 113 | 26006 |
| Toronto-Dominion Bank/The <sup>(1)</sup> | 656 | 42475 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (Continued)** | **Shares** | **Value** |
| **Banks (Continued)** |  |  |
| U.S. Bancorp | 724 | 31574 |
| Valley National Bancorp | 312 | 3529 |
| Webster Financial Corp. | 70 | 3314 |
| Wells Fargo & Co. | 1779 | 73455 |
| Western Alliance Bancorp | 56 | 3335 |
| Zions Bancorp NA | 74 | 3638 |
|  |  | 911820 |
| **Beverages - 0.1%** |  |  |
| Davide Campari-Milano NV <sup>(1)</sup> | 367 | 3726 |
| Heineken NV <sup>(1)</sup> | 245 | 23047 |
| PepsiCo, Inc. | 1585 | 286346 |
| Pernod Ricard SA <sup>(1)</sup> | 108 | 21243 |
| Remy Cointreau SA <sup>(1)</sup> | 18 | 3037 |
|  |  | 337399 |
| **Building Materials - 0.0%** |  |  |
| LafargeHolcim Ltd. <sup>(1)</sup> | 223 | 11547 |
| Louisiana-Pacific Corp. | 67 | 3967 |
| Masonite International Corp. - ADR <sup>(1)(2)</sup> | 39 | 3144 |
| Nexans SA <sup>(1)</sup> | 354 | 32001 |
|  |  | 50659 |
| **Capital Goods - 0.1%** |  |  |
| Auckland International Airport Ltd. <sup>(1)(2)</sup> | 1386 | 6873 |
| China Tower Corp Ltd. <sup>(1)</sup> | 1045896 | 112556 |
| Sacyr SA <sup>(1)</sup> | 1154 | 3212 |
|  |  | 122641 |
| **Chemicals - 0.1%** |  |  |
| Arkema SA <sup>(1)</sup> | 35 | 3143 |
| Brenntag SE <sup>(1)</sup> | 46 | 2941 |
| Clariant AG <sup>(1)</sup> | 178 | 2820 |
| Croda International Plc <sup>(1)</sup> | 44 | 3513 |
| DuPont de Nemours, Inc. | 169 | 11598 |
| FMC Corp. | 35 | 4368 |
| Givaudan SA <sup>(1)</sup> | 16 | 49022 |
| Koninklijke DSM NV <sup>(1)</sup> | 85 | 10400 |
| Tronox Holdings Plc - ADR <sup>(1)</sup> | 234 | 3208 |
| Yara International ASA <sup>(1)</sup> | 1529 | 67204 |
|  |  | 158217 |
| **Commercial Services - 0.2%** |  |  |
| Adyen NV <sup>(1)(2)</sup> | 16 | 22067 |
| Automatic Data Processing, Inc. | 734 | 175323 |
| Booz Allen Hamilton Holding Corp. | 38 | 3972 |
| Chegg, Inc. <sup>(2)</sup> | 136 | 3437 |
| Experian Plc <sup>(1)</sup> | 467 | 15882 |
| Fiserv, Inc. <sup>(2)</sup> | 299 | 30220 |
| FleetCor Technologies, Inc. <sup>(2)</sup> | 30 | 5510 |
| JTOWER, Inc. <sup>(1)(2)</sup> | 556 | 25758 |
| Localiza Rent a Car SA <sup>(1)</sup> | 2151 | 21829 |
| Moody's Corp. | 91 | 25354 |
| Palo Alto Networks, Inc. <sup>(2)</sup> | 1014 | 141494 |
| QinetiQ Group Plc <sup>(1)</sup> | 658 | 2840 |
| S&P Global, Inc. | 161 | 53925 |
| Waste Connections, Inc. <sup>(1)</sup> | 89 | 11797 |
| WEX, Inc. <sup>(2)</sup> | 22 | 3600 |
|  |  | 543008 |
| **Computers - 0.1%** |  |  |
| Amdocs Ltd. - ADR <sup>(1)</sup> | 47 | 4272 |
| Capgemini SE <sup>(1)</sup> | 68 | 11351 |
| Computacenter Plc <sup>(1)</sup> | 133 | 3073 |
| HEXAGON AB <sup>(1)</sup> | 14992 | 156603 |
| Softcat Plc <sup>(1)</sup> | 1537 | 22001 |
|  |  | 197300 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (Continued)** | **Shares** | **Value** |
| **Cosmetics/Personal Care - 0.1%** |  |  |
| Estee Lauder Cos., Inc./The | 150 | 37216 |
| L'Oreal SA <sup>(1)</sup> | 218 | 77848 |
| Unicharm Corp. <sup>(1)</sup> | 3769 | 145545 |
|  |  | 260609 |
| **Credit Intermediation and Related Activities - 0.0%** |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 143 | 4144 |
| **Distribution/Wholesale - 0.0%** |  |  |
| RPC, Inc. | 3191 | $28368 |
| **Diversified Financial Services - 0.3%** |  |  |
| Canaccord Genuity Group, Inc. <sup>(1)</sup> | 780 | 4833 |
| CME Group, Inc. | 172 | 28924 |
| Groupe Bruxelles Lambert NV <sup>(1)</sup> | 60 | 4790 |
| Interactive Brokers Group, Inc. | 708 | 51224 |
| London Stock Exchange Group Plc <sup>(1)</sup> | 271 | 23379 |
| Mastercard, Inc. | 459 | 159608 |
| Nasdaq, Inc. | 237 | 14540 |
| Visa, Inc. | 2066 | 429232 |
| Vontobel Holding AG <sup>(1)</sup> | 49 | 3249 |
|  |  | 719779 |
| **Electric - 0.2%** |  |  |
| Alliant Energy Corp. | 71 | 3920 |
| Ameren Corp. | 92 | 8181 |
| American Electric Power Co, Inc. | 184 | 17471 |
| China Longyuan Power Group Corp Ltd. <sup>(1)</sup> | 92062 | 112520 |
| EDP Renovaveis SA <sup>(1)</sup> | 473 | 10420 |
| Emera, Inc. <sup>(1)</sup> | 106 | 4051 |
| Enel SpA <sup>(1)</sup> | 7413 | 39914 |
| Eversource Energy | 123 | 10312 |
| Fortis Inc/Canada <sup>(1)</sup> | 172 | 6883 |
| Hydro One Ltd. <sup>(1)</sup> | 170 | 4554 |
| Iberdrola SA <sup>(1)</sup> | 3165 | 37030 |
| Northland Power, Inc. <sup>(1)</sup> | 130 | 3565 |
| RWE AG <sup>(1)</sup> | 4868 | 216723 |
| Sempra Energy | 112 | 17309 |
| Verbund AG <sup>(1)</sup> | 180 | 15154 |
| Xcel Energy, Inc. | 265 | 18579 |
|  |  | 526586 |
| **Electronics - 0.2%** |  |  |
| AMETEK, Inc. | 81 | 11317 |
| Amphenol Corp. | 2141 | 163016 |
| Halma Plc <sup>(1)</sup> | 979 | 23363 |
| Honeywell International, Inc. | 243 | 52075 |
| Hoya Corp. <sup>(1)</sup> | 1418 | 137273 |
|  |  | 387044 |
| **Energy - Alternate Sources - 0.0%** |  |  |
| Canadian Solar, Inc. - ADR <sup>(1)(2)</sup> | 810 | 25029 |
| Corp ACCIONA Energias Renovables SA <sup>(1)</sup> | 125 | 4836 |
| Ence Energia y Celulosa, S.A. <sup>(1)</sup> | 814 | 2448 |
| Enphase Energy, Inc. <sup>(2)</sup> | 67 | 17752 |
| ERG SpA <sup>(1)</sup> | 123 | 3813 |
| Landis+Gyr Group AG <sup>(1)</sup> | 66 | 4657 |
| Neoen SA <sup>(1)</sup> | 110 | 4429 |
| Nordex SE <sup>(1)(2)</sup> | 401 | 5666 |
| Opdenergy Holdings SA <sup>(1)(2)</sup> | 2581 | 10609 |
| Solaria Energia y Medio Ambiente SA <sup>(1)</sup> | 251 | 4600 |
| TransAlta Renewables, Inc. <sup>(1)</sup> | 357 | 2966 |
| Vestas Wind System <sup>(1)</sup> | 460 | 13383 |
|  |  | 100188 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (Continued)** | **Shares** | **Value** |
| **Environmental Control - 0.0%** |  |  |
| Clean Harbors, Inc. <sup>(2)</sup> | 24 | 2739 |
| Daiseki Co Ltd. <sup>(1)</sup> | 129 | 4462 |
| Republic Services, Inc. | 113 | 14576 |
| TOMRA Systems ASA <sup>(1)</sup> | 181 | 3060 |
| Waste Management, Inc. | 146 | 22904 |
|  |  | 47741 |
| **Food - 0.0%** |  |  |
| China Modern Dairy Holdings Ltd. <sup>(1)</sup> | 201088 | 25505 |
| Glanbia Plc <sup>(1)</sup> | 244 | 3036 |
| JBS SA <sup>(1)</sup> | 6859 | 28529 |
| Marfrig Global Foods SA <sup>(1)</sup> | 9001 | 14559 |
| SunOpta, Inc. <sup>(1)(2)</sup> | 1732 | 14557 |
| Tyson Foods, Inc. | 130 | 8092 |
|  |  | 94278 |
| **Forest Products & Paper - 0.0%** |  |  |
| BillerudKorsnas AB <sup>(1)</sup> | 1618 | 19708 |
| Svenska Cellulosa AB SCA <sup>(1)</sup> | 237 | 2997 |
|  |  | 22705 |
| **Healthcare Products - 0.1%** |  |  |
| Boston Scientific Corp. <sup>(2)</sup> | 522 | 24153 |
| Cochlear Ltd. <sup>(1)</sup> | 603 | 83802 |
| Cooper Cos Inc/The | 18 | 5952 |
| Koninklijke Philips NV <sup>(1)</sup> | 252 | 3778 |
| Medtronic Plc - ADR <sup>(1)</sup> | 476 | 36995 |
| Siemens Healthineers AG <sup>(1)</sup> | 414 | 20709 |
| Thermo Fisher Scientific, Inc. | 193 | 106283 |
|  |  | 281672 |
| **Healthcare Services - 0.2%** |  |  |
| Anthem, Inc. | 117 | 60017 |
| Aramark | 89 | 3679 |
| Centene Corp. <sup>(2)</sup> | 275 | 22553 |
| Humana, Inc. | 60 | 30731 |
| IQVIA Holdings, Inc. <sup>(2)</sup> | 67 | 13728 |
| Lonza Group AG <sup>(1)</sup> | 153 | 74974 |
| UnitedHealth Group, Inc. | 457 | 242292 |
|  |  | 447974 |
| **Healthcare-Services - 0.0%** |  |  |
| DR Horton, Inc. | 326 | 29060 |
| M/I Homes, Inc. <sup>(2)</sup> | 64 | 2955 |
| MDC Holdings, Inc. | 91 | 2876 |
| Meritage Homes Corp. <sup>(2)</sup> | 34 | 3135 |
| NVR, Inc. <sup>(2)</sup> | 18 | 83026 |
|  |  | 121052 |
| **Household Products/Wares - 0.1%** |  |  |
| Church & Dwight Co, Inc. | 1810 | 145904 |
| **Insurance - 0.1%** |  |  |
| Admiral Group Plc <sup>(1)</sup> | 138 | 3565 |
| Aflac, Inc. | 267 | 19208 |
| Allstate Corp/The | 121 | 16408 |
| American International Group, Inc. | 329 | 20806 |
| Arthur J Gallagher & Co. | 94 | 17723 |
| AXA SA <sup>(1)</sup> | 1014 | 28281 |
| Coface SA <sup>(1)</sup> | 306 | 3977 |
| Direct Line Insurance Group Plc <sup>(1)</sup> | 1499 | 4010 |
| F&G Annuities & Life, Inc. | 5 | 100 |
| Fidelity National Financial, Inc. | 99 | 3724 |
| Hanover Insurance Group Inc/The | 23 | 3108 |
| Hartford Financial Services Group Inc/The | 138 | 10465 |
| Lincoln National Corp. | 64 | 1966 |
| Loews Corp. | 88 | 5133 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (Continued)** | **Shares** | **Value** |
| **Insurance (Continued)** |  |  |
| Marsh & McLennan Cos, Inc. | 223 | 36902 |
| NN Group NV <sup>(1)</sup> | 111 | 4534 |
| Phoenix Group Holdings Plc <sup>(1)</sup> | 547 | 4025 |
| Progressive Corp/The | 259 | 33595 |
| Prudential Financial, Inc. | 171 | 17008 |
| Prudential Plc <sup>(1)</sup> | 1193 | 16262 |
| QBE Insurance Group Ltd. <sup>(1)</sup> | 512 | 4682 |
| Sampo Oyj <sup>(1)</sup> | 245 | 12803 |
| SCOR SE <sup>(1)</sup> | 217 | 4992 |
| Sun Life Financial, Inc. <sup>(1)</sup> | 264 | 12254 |
| Swiss Life Holding AG <sup>(1)</sup> | 11 | 5672 |
| Travelers Cos Inc/The | 102 | 19124 |
| Trupanion, Inc. <sup>(2)</sup> | 434 | 20628 |
| UNIQA Insurance Group AG <sup>(1)</sup> | 518 | 3881 |
| Voya Financial, Inc. | 51 | 3136 |
| Willis Towers Watson Plc - ADR <sup>(1)</sup> | 48 | 11740 |
|  |  | 349712 |
| **Internet - 0.2%** |  |  |
| Alphabet, Inc. <sup>(2)</sup> | 833 | 73496 |
| Auto Trader Group Plc <sup>(1)</sup> | 601 | 3746 |
| Booking Holdings, Inc. <sup>(2)</sup> | 72 | 145100 |
| Future Plc <sup>(1)</sup> | 192 | 2941 |
| Kahoot! ASA <sup>(1)(2)</sup> | 8218 | 16303 |
| Moneysupermarket.com Group Plc <sup>(1)</sup> | 1346 | 3131 |
| Okta, Inc. <sup>(2)</sup> | 1578 | 107825 |
| Rightmove Plc <sup>(1)</sup> | 489 | 3023 |
| United Internet AG <sup>(1)</sup> | 1445 | 29219 |
|  |  | 384784 |
| **Investment Companies - 0.1%** |  |  |
| Ares Management Corp. | 139 | 9513 |
| Berkshire Hathaway, Inc. <sup>(2)</sup> | 1016 | 313843 |
| Freehold Royalties Ltd. <sup>(1)</sup> | 326 | 3811 |
|  |  | 327167 |
| **Iron/Steel - 0.0%** |  |  |
| Angang Steel Co Ltd. <sup>(1)</sup> | 112300 | 30645 |
| APERAM SA <sup>(1)</sup> | 109 | 3441 |
| ArcelorMittal SA <sup>(1)</sup> | 1889 | 49692 |
| BlueScope Steel Ltd. <sup>(1)</sup> | 312 | 3577 |
| Outokumpu Oyj <sup>(1)</sup> | 4382 | 22192 |
|  |  | 109547 |
| **Machinery - 0.0%** |  |  |
| **Cactus, Inc.**  | 73 | 3669 |
| GEA Group AG <sup>(1)</sup> | 79 | 3230 |
| Valmet Oyj <sup>(1)</sup> | 123 | 3313 |
|  |  | 10212 |
| **Media - 0.0%** |  |  |
| Quebecor, Inc. <sup>(1)</sup> | 190 | 4238 |
| Schibsted ASA <sup>(1)</sup> | 173 | 3276 |
| Vivendi SE <sup>(1)</sup> | 5521 | 52681 |
|  |  | 60195 |
| **Mining - 0.2%** |  |  |
| Anglo American Plc <sup>(1)</sup> | 514 | 20112 |
| BHP Group Ltd. <sup>(1)</sup> | 2075 | 64465 |
| Franco-Nevada Corp. - ADR <sup>(1)</sup> | 82 | 11191 |
| Glencore Plc <sup>(1)</sup> | 35353 | 236097 |
| Pan American Silver Corp. - ADR <sup>(1)</sup> | 202 | 3301 |
| Rio Tinto Plc <sup>(1)</sup> | 681 | 47735 |
| Royal Gold, Inc. | 33 | 3720 |
| Vale SA <sup>(1)</sup> | 618 | 10456 |
| Wesdome Gold Mines Ltd. <sup>(1)(2)</sup> | 546 | 3016 |
| Wheaton Precious Metals Corp. - ADR <sup>(1)</sup> | 1991 | 77808 |
| Zijin Mining Group Co Ltd. <sup>(1)</sup> | 10246 | 13888 |
|  |  | 491789 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (Continued)** | **Shares** | **Value** |
| **Oil & Gas - 0.3%** |  |  |
| Aker BP ASA <sup>(1)</sup> | 315 | 9778 |
| BP Plc <sup>(1)</sup> | 40647 | 233368 |
| Comstock Resources, Inc. | 1502 | 20592 |
| Cosan SA <sup>(1)</sup> | 31434 | 102225 |
| Devon Energy Corp. | 2453 | 150884 |
| Frontline Ltd/Bermuda - ADR <sup>(1)</sup> | 250 | 3035 |
| Liberty Energy, Inc. | 249 | 3987 |
| NiSource, Inc. | 116 | 3181 |
| NOW, Inc. <sup>(2)</sup> | 322 | 4089 |
| Oceaneering International, Inc. <sup>(2)</sup> | 1403 | 24538 |
| PrairieSky Royalty Ltd. <sup>(1)</sup> | 1866 | 29906 |
| ProPetro Holding Corp. <sup>(2)</sup> | 370 | 3837 |
| Sitio Royalties Corp. | 684 | 19733 |
| Talos Energy, Inc. <sup>(2)</sup> | 209 | 3946 |
| TechnipFMC Plc - ADR <sup>(1)</sup> | 1706 | 20796 |
| Tellurian, Inc. <sup>(2)</sup> | 11409 | 19167 |
| Williams Cos Inc/The | 2799 | 92087 |
|  |  | 745149 |
| **Packaging & Containers - 0.0%** |  |  |
| AptarGroup, Inc. | 29 | 3189 |
| Metsa Board Oyj. <sup>(1)</sup> | 368 | 3453 |
|  |  | 6642 |
| **Pharmaceutical - 0.3%** |  |  |
| AstraZeneca Plc <sup>(1)</sup> | 663 | 89916 |
| Becton Dickinson and Co. | 104 | 26447 |
| Bristol-Myers Squibb Co. | 909 | 65403 |
| Cigna Corp. | 148 | 49038 |
| Johnson & Johnson | 1167 | 206151 |
| Merck & Co, Inc. | 1121 | 124375 |
| Novo Nordisk A/S <sup>(1)</sup> | 951 | 128410 |
|  |  | 689740 |
| **Real Estate Services - 0.0%** |  |  |
| A-Living Smart City Services Co Ltd. <sup>(1)</sup> | 16833 | 20293 |
| CBRE Group, Inc. <sup>(2)</sup> | 109 | 8389 |
| Hufvudstaden AB <sup>(1)</sup> | 230 | 3269 |
| Longfor Group Holdings Ltd. <sup>(1)</sup> | 7824 | 24358 |
| PSP Swiss Property AG <sup>(1)</sup> | 26 | 3051 |
| Shurgard Self Storage SA <sup>(1)</sup> | 430 | 19723 |
| Wihlborgs Fastigheter AB <sup>(1)</sup> | 408 | 3069 |
|  |  | 82152 |
| **REIT - 0.1%** |  |  |
| AvalonBay Communities, Inc. | 51 | 8238 |
| DiamondRock Hospitality Co. | 310 | 2539 |
| Equinix, Inc. | 166 | 108735 |
| Equity Residential | 136 | 8024 |
| Essex Property Trust, Inc. | 20 | 4238 |
| Invitation Homes, Inc. | 235 | 6965 |
| Life Storage, Inc. | 27 | 2660 |
| Mirvac Group <sup>(1)</sup> | 2120 | 3074 |
| Prologis, Inc. | 346 | 39005 |
| Segro Plc <sup>(1)</sup> | 360 | 3323 |
| Sunstone Hotel Investors, Inc. | 257 | 2483 |
| UNITE Group PLC/The <sup>(1)</sup> | 276 | 3036 |
| Warehouses De Pauw CVA <sup>(1)</sup> | 2357 | 67365 |
| Weyerhaeuser Co. | 275 | 8525 |
|  |  | 268210 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (Continued)** | **Shares** | **Value** |
| **Retail - 0.2%** | |  |
| ANTA Sports Products Ltd. <sup>(1)</sup> | 12023 | 157576 |
| Chipotle Mexican Grill, Inc. <sup>(2)</sup> | 32 | 44400 |
| Dick's Sporting Goods, Inc. | 34 | 4090 |
| Europris ASA <sup>(1)</sup> | 3245 | 22739 |
| Five Below, Inc. <sup>(2)</sup> | 23 | 4068 |
| Grafton Group Plc <sup>(1)</sup> | 302 | 2879 |
| JD Sports Fashion Plc <sup>(1)</sup> | 2527 | 3854 |
| Li Ning Co Ltd. <sup>(1)</sup> | 11522 | 100009 |
| Lululemon Athletica, Inc. <sup>(2)</sup> | 393 | 125909 |
| Moncler SpA <sup>(1)</sup> | 472 | 25010 |
| Pets at Home Group Plc <sup>(1)</sup> | 7148 | 24508 |
| TJX Cos Inc/The | 422 | 33591 |
| Tokmanni Group Corp. <sup>(1)</sup> | 225 | 2719 |
| Trainline Plc <sup>(1)(2)</sup> | 881 | 2925 |
| Watches of Switzerland Group Plc <sup>(1)(2)</sup> | 291 | 2886 |
|  |  | 557163 |
| **Semiconductors - 0.1%** |  |  |
| Infineon Technologies AG <sup>(1)</sup> | 5372 | 163485 |
| **Software - 0.4%** |  |  |
| Adobe, Inc. <sup>(2)</sup> | 850 | 286050 |
| Broadridge Financial Solutions, Inc. | 114 | 15291 |
| Intuit, Inc. | 593 | 230807 |
| MSCI, Inc. | 40 | 18607 |
| ServiceNow, Inc. <sup>(2)</sup> | 496 | 192582 |
| SimCorp A/S <sup>(1)</sup> | 63 | 4337 |
| Wise Plc <sup>(1)(2)</sup> | 12609 | 85792 |
| Workday, Inc. <sup>(2)</sup> | 461 | 77139 |
|  |  | 910605 |
| **Telecommunications - 0.3%** |  |  |
| AT&T, Inc. | 3469 | 63864 |
| Juniper Networks, Inc. | 3222 | 102975 |
| KDDI Corp. <sup>(1)</sup> | 5977 | 181350 |
| Spirent Communications Plc <sup>(1)</sup> | 908 | 2857 |
| T-Mobile US, Inc. <sup>(2)</sup> | 909 | 127260 |
| Verizon Communications, Inc. | 4031 | 158822 |
| Viavi Solutions, Inc. <sup>(2)</sup> | 1822 | 19149 |
|  |  | 656277 |
| **Toys/Games/Hobbies - 0.0%** |  |  |
| Bandai Namco Holdings, Inc. <sup>(1)</sup> | 665 | 42128 |
| **Transportation - 0.3%** |  |  |
| AeroVironment, Inc. <sup>(2)</sup> | 229 | 19616 |
| AP Moller - Maersk A/S <sup>(1)</sup> | 29 | 65207 |
| Canadian Pacific Railway Ltd. - ADR <sup>(1)</sup> | 112 | 8354 |
| Canadian Pacific Railway Ltd. <sup>(1)</sup> | 289 | 21547 |
| Clarkson Plc <sup>(1)</sup> | 103 | 4028 |
| COSCO Shipping Energy Transportation Co Ltd <sup>(1)</sup> | 104480 | 80045 |
| CSX Corp. | 921 | 28533 |
| Deutsche Post AG <sup>(1)</sup> | 4365 | 164379 |
| Expeditors International of Washington, Inc. | 1027 | 106726 |
| Hapag-Lloyd AG <sup>(1)</sup> | 216 | 41064 |
| Mitsui OSK Lines Ltd. <sup>(1)</sup> | 135 | 3384 |
| Nippon Yusen KK <sup>(1)</sup> | 4955 | 117419 |
| Stolt-Nielsen Ltd. <sup>(1)</sup> | 138 | 3796 |
| TFI International, Inc. <sup>(1)</sup> | 36 | 3606 |
| Union Pacific Corp. | 272 | 56323 |
| West Japan Railway Co. <sup>(1)</sup> | 2212 | 96560 |
|  |  | 820587 |
| **Water - 0.0%** |  |  |
| American States Water Co. | 238 | 22027 |
| American Water Works Co, Inc. | 69 | 10517 |
|  |  | 32544 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (Continued)** | **Shares** | **Value** |
| **Wholesale Distribution - 0.1%** |  |  |
| ITOCHU Corp. <sup>(1)</sup> | 5020 | 158587 |
| Toyota Tsusho Corp. <sup>(1)</sup> | 92 | 3424 |
|  |  | 162011 |
| **TOTAL COMMON STOCKS (Cost $12,456,564)** |  | 12826226 |
| **PREFERRED STOCKS - 0.0%** |  |  |
| **Machinery - 0.0%** |  |  |
| Jungheinrich AG <sup>(1)</sup> | 112 | 3187 |
| &nbsp;&nbsp;&nbsp;0.00% |  |  |
| **TOTAL PREFERRED STOCKS (Cost $3,824)** |  | 3187 |
| **RIGHT - 0.0%** |  |  |
| Localiza Rent a Car SA <sup>(1)</sup> | 7 | 15 |
| &nbsp;&nbsp;&nbsp;42.25 BRL, 02/24/2023 |  |  |
| **TOTAL RIGHT (Cost $15)** |  | 15 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS AND WARRANTS - 1.4%** | **Contracts** | **Notional** | **Notional** | **Value** |
| **Call Options Purchased - 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro STOXX 50 at 120, December 15, 2023 <sup>(1)</sup> | 75 | 1053962 | EUR | 99712 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 67.0, February 3, 2023 | 37 | 2526545 | USD | 69930 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 68.0, February 3, 2023 | 37 | 2526545 | USD | 46620 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 68.5, February 3, 2023 | 37 | 2526545 | USD | 37000 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 70.0, February 3, 2023 | 37 | 2526545 | USD | 16650 |
| &nbsp;&nbsp;&nbsp;Eurodollar Future at 95.0625, March 13, 2023 | 77 | 18273063 | USD | 14919 |
| &nbsp;&nbsp;&nbsp;FTSE 100 at 8,000, December 15, 2023 <sup>(1)(3)</sup> | 194 | 17489323 | GBP | 518328 |
| &nbsp;&nbsp;&nbsp;Crude Oil Mar 23 Future at $110, January 26, 2023 <sup>(1)(3)</sup> | 105 | 9020550 | USD | 10500 |
| &nbsp;&nbsp;&nbsp;Crude Oil Dec 23 Future at $100, October 26, 2023 <sup>(1)(3)</sup> | 59 | 4817350 | USD | 361080 |
| **Total Call Options Purchased (Premiums Paid $1,260,473)** |  |  |  | **1174739** |
| **Put Options Purchased - 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eurodollar Future at 94.625, March 13, 2023 | 77 | 18273063 | USD | 8662 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 63.5, February 3, 2023 | 37 | 2526545 | USD | 3330 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 65.0, February 3, 2023 | 37 | 2526545 | USD | 8140 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 65.5, February 3, 2023 | 37 | 2526545 | USD | 10360 |
| &nbsp;&nbsp;&nbsp;AUD/USD FX at 66.5, February 3, 2023 | 37 | 2526545 | USD | 17760 |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $20, January 18, 2023 | 879 | 1904793 | USD | 18020 |
| **Total Put Options Purchased (Premiums Paid $172,890)** |  |  |  | **66272** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS AND WARRANTS (Continued)** | **Counterparty <sup>a</sup>** | **Notional** | **Notional** | **Value** |
| **Over-The-Counter Options Purchased - 0.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUD Call / NZD Put at 1.1285, January 13, 2023 | JPM | 22882000 | AUD | $203 |
| &nbsp;&nbsp;&nbsp;AUD/USD < 0.6421 and USD/JPY < 132.60, March 17, 2023 <sup>(4)</sup> | JPM | 272000 | USD | 29784 |
| &nbsp;&nbsp;&nbsp;CNH/JPY < 18.7419 and USD/JPY > 137.11, February 17, 2023 <sup>(4)</sup> | MS | 201000000 | JPY | 766 |
| &nbsp;&nbsp;&nbsp;CNH/JPY < 19.1360 and USD/JPY > 139.90, February 23, 2023 <sup>(4)</sup> | JPM | 102700000 | JPY | 196 |
| &nbsp;&nbsp;&nbsp;EUR Call / CNH Put at 8.40, February 9, 2023 <sup>(5)</sup> | JPM | 254000 | EUR | 390 |
| &nbsp;&nbsp;&nbsp;EUR Call / GBP Put at 0.8875 RKO at 0.9050, January 26, 2023 <sup>(6)</sup> | JPM | 32055000 | EUR | 39048 |
| &nbsp;&nbsp;&nbsp;EUR Call / GBP Put at 0.92, March 16, 2023 <sup>(7)</sup> | JPM | 1282000 | EUR | 216449 |
| &nbsp;&nbsp;&nbsp;EUR Call / HUF Put at 575, April 13, 2023 <sup>(7)</sup> | JPM | 273000 | EUR | 2875 |
| &nbsp;&nbsp;&nbsp;EUR Call / USD Put at 1.1550, June 1, 2023 | JPM | 10873000 | EUR | 33904 |
| &nbsp;&nbsp;&nbsp;EUR/BRL USD/BRL Put on correlation swap at 100, February 27, 2023 <sup>(8)</sup> | MS | 20000 | USD | 300496 |
| &nbsp;&nbsp;&nbsp;EUR/BRL USD/BRL Put on correlation swap at 100, April 10, 2023 <sup>(8)</sup> | MS | 16250 | USD | 232575 |
| &nbsp;&nbsp;&nbsp;EUR/USD < 1.0043 and USD/CHF < 0.9622, January 27 2023 <sup>(4)</sup> | MS | 225000 | USD | 572 |
| &nbsp;&nbsp;&nbsp;EUR/USD GBP/USD Put on correlation swap at 100, June 2, 2023 <sup>(8)</sup> | MS | 22000 | USD | 521732 |
| &nbsp;&nbsp;&nbsp;GBP Put / USD Call at 1.05, September 15, 2023 <sup>(7)</sup> | JPM | 1521000 | GBP | 109368 |
| &nbsp;&nbsp;&nbsp;GBP Put / USD Call at 1.10, January 9, 2023 <sup>(7)</sup> | JPM | 72693 | GBP | 23 |
| &nbsp;&nbsp;&nbsp;GBP Put / USD Call at 1.1190, March 16, 2023 <sup>(7)</sup> | JPM | 319000 | GBP | 25502 |
| &nbsp;&nbsp;&nbsp;GBP/USD < 1.0548 and UKX > 7484.40, March 17, 2023 <sup>(4)</sup> | GS | 458058 | GBP | 4781 |
| &nbsp;&nbsp;&nbsp;GBP/USD <1.1504 and USD/BRL < 5.3224, February 21, 2023 <sup>(4)</sup> | MS | 336000 | USD | 12916 |
| &nbsp;&nbsp;&nbsp;GBP/USD < 1.1804 and USD/BRL < 5.3075, March 16, 2023 <sup>(4)</sup> | B | 280000 | USD | 17780 |
| &nbsp;&nbsp;&nbsp;GBP/USD < 1.2187 and USD/BRL < 5.3236 and USD/CNH > 7.2993, February 24, 2023 <sup>(9)</sup> | MS | 468000 | USD | 4785 |
| &nbsp;&nbsp;&nbsp;SPX < 3550.50 and US10YRSOFR > 3.94%, April 21, 2023 <sup>(4)</sup> | CITI | 684000 | USD | 41931 |
| &nbsp;&nbsp;&nbsp;SPX < 3550.95 and US10YRSOFR > 3.962%, May 19, 2023 <sup>(4)</sup> | CITI | 684000 | USD | 45840 |
| &nbsp;&nbsp;&nbsp;SPX < 3550.95 and US10YRSOFR > 3.995%, March 17, 2023 <sup>(4)</sup> | CITI | 684000 | USD | 29699 |
| &nbsp;&nbsp;&nbsp;SPX < 3584.7 and US10YRSOFR > 3.8385%, April 21, 2023 <sup>(4)</sup> | GS | 681000 | USD | 51075 |
| &nbsp;&nbsp;&nbsp;SPX < 3768.64 and CLG3 > 104.28, January 17, 2023 <sup>(4)</sup> | CITI | 512000 | USD |  |
| &nbsp;&nbsp;&nbsp;SPX < 3893.10 and US1YRSOFR > 4.823%, December 15, 2023 <sup>(4)</sup> | GS | 921000 | USD | 75522 |
| &nbsp;&nbsp;&nbsp;SPX < 3909.63 and CLH3 > 107.92, February 15, 2023 <sup>(4)</sup> | MS | 513000 | USD | 3007 |
| &nbsp;&nbsp;&nbsp;USD/BRL CAD/BRL Put on correlation swap at 100, June 15, 2023 <sup>(8)</sup> | CITI | 23000 | USD | 207000 |
| &nbsp;&nbsp;&nbsp;USD Call / JPY Put at 150, March 3, 2023 <sup>(7)</sup> | JPM | 455000 | USD | 2307 |
| &nbsp;&nbsp;&nbsp;USD Call / TRY Put at 20.00, January 30, 2023 <sup>(7)</sup> | JPM | 128000 | USD | 8199 |
| &nbsp;&nbsp;&nbsp;USD Call / TRY Put at 23.50, January 6, 2023 <sup>(7)</sup> | JPM | 206000 | USD | 24 |
| &nbsp;&nbsp;&nbsp;USD Put / JPY Call at 130 EKO at 125, January 10, 2023 <sup>(10)</sup> | JPM | 11366000 | USD | 28699 |
| &nbsp;&nbsp;&nbsp;USD Put / JPY Call at 117.50, April 3, 2023 <sup>(7)</sup> | JPM | 762000 | USD | 50292 |
| &nbsp;&nbsp;&nbsp;USD/CNH > 7.3810 and USD/BRL < 5.2602, February 24, 2023 <sup>(4)</sup> | CITI | 328000 | USD | 1823 |
| &nbsp;&nbsp;&nbsp;USD/JPY < 130.937 and AUD/USD < 0.6412, March 23, 2023 <sup>(4)</sup> | B | 336000 | USD | 25536 |
| &nbsp;&nbsp;&nbsp;USD/JPY < 130.93 and GBP/USD < 1.1606, March 23, 2023 <sup>(4)</sup> | JPM | 336000 | USD | 23856 |
| &nbsp;&nbsp;&nbsp;USD/JPY < 132.87 and AUD/USD < 0.6482, March 29, 2023 <sup>(4)</sup> | MS | 677000 | USD | 53821 |
| &nbsp;&nbsp;&nbsp;XAU > 1807.47 and SPX < 3653.73, January 20, 2023 <sup>(4)</sup> | CITI | 428000 | USD | 34010 |
| **Total Over-The-Counter Options Purchased (Premiums Paid $2,591,214)** |  |  |  | **2236786** |
| **TOTAL PURCHASED OPTIONS (Premiums Paid $4,024,577)** |  |  |  | **3477797** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 51.2%** | **Principal Amount** | **Principal Amount** | **Value** |
| **United States Treasury Bills - 39.6% <sup>(11)</sup>** | 10100000 | USD | $10091245 |
| &nbsp;&nbsp;&nbsp;3.260%, 01/12/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;3.037%, 01/26/2023 | 8300000 | USD | 8279449 |
| &nbsp;&nbsp;&nbsp;3.983%, 02/02/2023 | 8100000 | USD | 8074334 |
| &nbsp;&nbsp;&nbsp;3.541%, 02/16/2023 | 9700000 | USD | 9651822 |
| &nbsp;&nbsp;&nbsp;3.525%, 02/23/2023 | 9720000 | USD | 9661572 |
| &nbsp;&nbsp;&nbsp;4.210%, 02/28/2023 | 9700000 | USD | 9635391 |
| &nbsp;&nbsp;&nbsp;3.716%, 03/09/2023 | 9500000 | USD | 9427302 |
| &nbsp;&nbsp;&nbsp;4.183%, 03/14/2023 | 10200000 | USD | 10117246 |
| &nbsp;&nbsp;&nbsp;4.168%, 03/16/2023 | 10200000 | USD | 10115513 |
| &nbsp;&nbsp;&nbsp;4.241%, 03/30/2023 | 9700000 | USD | 9600751 |
| &nbsp;&nbsp;&nbsp;4.309%, 04/06/2023 | 10500000 | USD | 10386211 |
| &nbsp;&nbsp;&nbsp;4.429%, 04/20/2023 | 8800000 | USD | 8685399 |
| &nbsp;&nbsp;&nbsp;4.498%, 05/04/2023 | 7700000 | USD | 7583904 |
| &nbsp;&nbsp;&nbsp;4.576%, 05/18/2023 | 10000000 | USD | 9830898 |
| **Total United States Treasury Bills (Cost $131,152,637)** |  |  | 131141037 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $131,152,637)** |  |  | 131141037 |
| **Total Investments (Cost $147,637,617) - 57.6%** |  |  | **147448262** |
| **Other Assets in Excess of Liabilities- 42.4%** |  |  | **108479322** |
| **TOTAL NET ASSETS - 100.0%** |  |  | $**255927584** |

---

<br> <sup>ADR</sup> American Depositary Receipt

<br> <sup>(1)</sup> Foreign issued security.

<br> <sup>(2)</sup> Non-income producing security.

<br> <sup>(3)</sup> Position held in subsidiary.

<br> <sup>(4)</sup> Dual binary option - Option only pays if both terms are met at maturity.

<br> <sup>(5)</sup> One touch option - Option pays notional if spot rate meets strike at any point during the term of the option.

<br> <sup>(6)</sup> Position includes a reverse knock-out (RKO) term at level indicated. The option intermediately terminates if the exchange rate closes at the knock-out

<sup>(7)</sup> Binary option - Payoff is either notional amount or option expires worthless.

<br> <sup>(8)</sup> Correlation swap option - Option gives right to the Fund to short correlation swap.

<br> <sup>(9)</sup> Tiple binary option - Option only pays if all three terms are met at maturity.

<br> <sup>(10)</sup> Position includes European knock-out (EKO) term at level indicated. The term must be met at expiration date or position will be knocked out.

<br> <sup>(11)</sup> Rate quoted is effective yield of position.

**<sup>a</sup>** Counterparty abbreviations

CITI - Citigroup Global Markets

GS - Goldman Sachs

JPM - J.P. Morgan Investment Bank

MS - Morgan Stanley

Reference entity abbreviations

CLG3 - Crude Oil Feb 23 Future

CLH3 - Crude Oil Mar 23 Future

SPX - S&P 500 Index

UKX - FTSE 100 Index

US1YRSOFR - 1 Year USD Swap rate

US10YRSOFR - 10 Year USD Swap rate

XAU - Gold spot price quoted in US dollar

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (0.2%)** | **Contracts** | **Notional** |  | **Value** |
| **Call Options Written - (0.0%)** | (430) | (931810) | USD | $(32035) |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $26, January 18, 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $28, January 18, 2023 | (430) | (931810) | USD | (22360) |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $30, January 18, 2023 | (430) | (931810) | USD | (16770) |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $36, January 18, 2023 | (430) | (931810) | USD | (9460) |
| &nbsp;&nbsp;&nbsp;Copper Feb 23 Futures at $430, January 26, 2023 <sup>(1)</sup> | (46) | (4382075) | USD | (9775) |
| &nbsp;&nbsp;&nbsp;Euro STOXX 50 at 130, December 15, 2023 | (77) | (1082068) | EUR | (33711) |
| **Total Call Options Written (Premiums Received $190,926)** |  |  |  | **(124111)** |
| **Put Options Written - (0.2%)** | (430) | (931810) | USD | (35905) |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $22, January 18, 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $23, January 18, 2023 | (430) | (931810) | USD | (59340) |
| &nbsp;&nbsp;&nbsp;CBOE Volatility Index (VIX) at $24, January 18, 2023 | (430) | (931810) | USD | (87935) |
| &nbsp;&nbsp;&nbsp;Crude Oil Dec 23 Future at $60, October 26, 2023 <sup>(1)</sup> | (59) | (4817350) | USD | (244260) |
| &nbsp;&nbsp;&nbsp;Copper Feb 23 Futures at $350, January 26, 2023 <sup>(1)</sup> | (46) | (4382075) | USD | (26450) |
| **Total Put Options Written (Premiums Received $567,985)** |  |  |  | **(453890)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Over-The-Counter Options Written - (0.0%)** | **Counterparty** | **Contracts** | **Notional** |  | **Value** |
| &nbsp;&nbsp;&nbsp;EUR Call / USD Put at 1.1000, June 1, 2023 | JPM | (3154000) | (3154000) | EUR | (46487) |
| **Total Put Options Written (Premiums Received $41,413)** |  |  |  |  | **(46487)** |
| **TOTAL WRITTEN OPTIONS (Premiums Received $800,324)** |  |  |  |  | $**(624488)** |

---

<sup>(1)</sup> Position held in subsidiary.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

**FORWARD CURRENCY CONTRACTS** <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement**<br>**Date** | **Currency**<br>**Delivered** | **Pay**<br>**Amount** | **Currency**<br>**Received** | **Receive**<br>**Amount** | **Unrealized**<br>**Gain/(Loss)** |
| 01/04/2023 | JPY | 27335594 | USD | 205253 | $(3176) |
| 01/04/2023 | USD | 13 | JPY | 1782 |  |
| 01/04/2023 | USD | 27642 | NZD | 43572 | 24 |
| 01/31/2023 | CHF | 238154 | USD | 253200 | (5325) |
| 01/31/2023 | CNH | 86727704 | USD | 12319422 | (245240) |
| 01/31/2023 | DKK | 722757 | USD | 102380 | (1934) |
| 01/31/2023 | EUR | 1527000 | HUF | 629802665 | 33361 |
| 01/31/2023 | EUR | 1658303 | PLN | 7832008 | 3315 |
| 01/31/2023 | EUR | 505744 | USD | 531321 | (11304) |
| 01/31/2023 | GBP | 351284 | USD | 424930 | (140) |
| 01/31/2023 | HUF | 1085223529 | EUR | 2582558 | (109673) |
| 01/31/2023 | HUF | 89637879 | USD | 227326 | (10604) |
| 01/31/2023 | JPY | 87296300 | USD | 650000 | (18122) |
| 01/31/2023 | MXN | 90946155 | USD | 4652620 | 15312 |
| 01/31/2023 | NOK | 28164373 | USD | 2869800 | (9020) |
| 01/31/2023 | NZD | 10359 | USD | 6448 | (132) |
| 01/31/2023 | PLN | 28128274 | EUR | 5896920 | (74985) |
| 01/31/2023 | PLN | 5867684 | USD | 1299000 | (36470) |
| 01/31/2023 | SEK | 24620232 | USD | 2377982 | 13948 |
| 01/31/2023 | SGD | 4863247 | USD | 3588613 | (44459) |
| 01/31/2023 | USD | 1115441 | CHF | 1034105 | 7115 |
| 01/31/2023 | USD | 1400000 | CNH | 9993718 | 47838 |
| 01/31/2023 | USD | 90000 | HUF | 34406776 | 1327 |
| 01/31/2023 | USD | 6018013 | MXN | 119805055 | 90799 |
| 01/31/2023 | USD | 2568236 | NOK | 25378941 | 25871 |
| 01/31/2023 | USD | 945883 | PLN | 4219286 | 14416 |
| 01/31/2023 | USD | 591513 | SEK | 6128235 | (3080) |
| 01/31/2023 | USD | 8771856 | SGD | 11991161 | 186100 |
| 01/31/2023 | USD | 20000 | ZAR | 350868 | 588 |
| 01/31/2023 | ZAR | 5509610 | USD | 317712 | (5576) |
| 03/15/2023 | BRL | 4387887 | USD | 818000 | (1285) |
| 03/15/2023 | CLP | 691449033 | USD | 773004 | (34019) |
| 03/15/2023 | IDR | 43698720600 | USD | 2793672 | (10629) |
| 03/15/2023 | INR | 559539728 | USD | 6744564 | 10930 |
| 03/15/2023 | KRW | 474110822 | USD | 363909 | (11847) |
| 03/15/2023 | PHP | 32114033 | USD | 574700 | (254) |
| 03/15/2023 | THB | 38780424 | USD | 1120136 | (7858) |
| 03/15/2023 | TRY | 9399774 | USD | 469678 | (5110) |
| 03/15/2023 | TWD | 325831900 | USD | 10746810 | 61520 |
| 03/15/2023 | USD | 7494525 | BRL | 39949872 | (35276) |
| 03/15/2023 | USD | 763181 | CLP | 658133401 | 4958 |
| 03/15/2023 | USD | 4186551 | IDR | 65572375807 | 21460 |
| 03/15/2023 | USD | 2966150 | INR | 245908000 | (6835) |
| 03/15/2023 | USD | 50000 | KRW | 62984100 | (82) |
| 03/15/2023 | USD | 180000 | PHP | 10063144 | 166 |
| 03/15/2023 | USD | 1117640 | THB | 38780424 | 10354 |
| 03/15/2023 | USD | 8486062 | TWD | 255796218 | (97513) |
|  |  |  |  |  | $**(240546)** |

---

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

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

**FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Notional** | **Notional** | |
| | <br>**Description** | **Number of**<br>**Contracts**<br>**Long (Short)** | <br>**Expiration Date** | **Amount** | **Amount** |<br>**Unrealized**<br>**Gain/(Loss)** |
|  | Amsterdam Exchanges Index | 2 | January 2023 | 295293 | EUR | $(21773) |
|  | Australia SPI 200 Index | 5 | March 2023 | 595064 | AUD | (11302) |
|  | Australian 3 Year Government Bond | (15) | March 2023 | (1090689) | AUD | 9809 |
|  | Australian 10 Year Government Bond | (22) | March 2023 | (1732760) | AUD | 58133 |
|  | Australian Dollar | 133 | March 2023 | 9081905 | USD | (48579) |
| \* | Brent Crude | 9 | January 2023 | 773190 | USD | 15256 |
| \* | Brent Crude | 76 | October 2023 | 6205400 | USD | 152924 |
|  | British Pound | (204) | March 2023 | (15407100) | USD | 261708 |
|  | CAC 40 Index | 13 | January 2023 | 900422 | EUR | (31964) |
|  | Canadian 10 Year Government Bond | (15) | March 2023 | (1357644) | CAD | 22094 |
|  | Canadian Dollar | 213 | March 2023 | 15744960 | USD | 31421 |
| \* | Canola | (13) | March 2023 | (166254) | CAD | (2780) |
|  | CBOE Volatility Index | 26 | January 2023 | 600551 | USD | (23149) |
|  | CBOE Volatility Index | (31) | February 2023 | (760904) | USD | 9226 |
| \* | Cocoa | 1 | March 2023 | 26000 | USD | 350 |
| \* | Coffee 'C' | (3) | March 2023 | (188213) | USD | (1238) |
| \* | Copper | (8) | March 2023 | (762100) | USD | (34289) |
| \* | Corn | 9 | March 2023 | 305325 | USD | (4175) |
| \* | Cotton No. 2 | (2) | March 2023 | (83370) | USD | (3205) |
| \* | Crude Oil | 23 | January 2023 | 1845980 | USD | 118538 |
|  | DAX Mini | 17 | March 2023 | 1272739 | EUR | (40761) |
|  | E-mini Russell 2000 Index | (1) | March 2023 | (88545) | USD | 3153 |
|  | E-mini S&P 500 | 129 | March 2023 | 24903450 | USD | (800817) |
|  | E-mini S&P 500 Energy Sector Index | 1 | March 2023 | 92040 | USD | 3370 |
|  | Euro FX Currency | (62) | March 2023 | (8334350) | USD | (32461) |
|  | EURO STOXX 50 Dividend Index | 39 | December 2023 | 547726 | EUR | 32980 |
|  | EURO STOXX 50 Dividend Index | (57) | December 2024 | (711440) | EUR | (53918) |
|  | EURO STOXX 50 Dividend Index | (59) | December 2025 | (701667) | EUR | (34640) |
|  | Euro STOXX 50 Index | 125 | March 2023 | 5064548 | EUR | (211938) |
|  | Euro STOXX 50 Volatility Index | (42) | January 2023 | (98684) | EUR | 2101 |
|  | Euro STOXX 50 Volatility Index | (130) | February 2023 | (317976) | EUR | 16003 |
|  | Euro-BTP Italian Government Bond | (93) | March 2023 | (10843148) | EUR | 651366 |
|  | Euro-Bund | 40 | March 2023 | 5691776 | EUR | (224731) |
|  | Euro-BUXL 30 Year Bond | (2) | March 2023 | (289534) | EUR | 31878 |
|  | Euro-OAT | (14) | March 2023 | (1907749) | EUR | 52441 |
| \* | European Climate Exchange Emission Allowances | 2 | December 2023 | 179771 | EUR | (11668) |
|  | Euro-Schatz | (11) | March 2023 | (1241311) | EUR | 5823 |
| \* | Feeder Cattle | (3) | March 2023 | (279338) | USD | (1405) |
|  | FTSE 100 Index | 140 | March 2023 | 12636491 | GBP | (60685) |
|  | FTSE 250 Index | (228) | March 2023 | (10398868) | GBP | (10641) |
|  | FTSE/JSE TOP 40 Index | 2 | March 2023 | 79712 | ZAR | (2125) |
|  | FTSE/MIB Index | 2 | March 2023 | 253781 | EUR | (12171) |
| \* | Gold 100 oz | 15 | February 2023 | 2739300 | USD | 1680 |
|  | Hang Seng China Enterprises Index | (6) | January 2023 | (259818) | HKD | (2434) |
|  | Hang Seng Index | 1 | January 2023 | 127571 | HKD | (333) |
|  | IBEX 35 Index | 2 | January 2023 | 175431 | EUR | (2177) |
|  | Japan 10 Year Bond | (29) | March 2023 | (32142182) | JPY | 435081 |
|  | Japanese Yen | 118 | March 2023 | 11367825 | USD | 106692 |
|  | Korea 3 Year Bond | (16) | March 2023 | (1308976) | KRW | 9602 |
|  | Korea 10 Year Bond | 18 | March 2023 | 1565125 | KRW | (50756) |
|  | Korea Stock Exchange KOSPI 200 Index | (7) | March 2023 | (405289) | KRW | 16583 |
| \* | Lean Hogs | 11 | February 2023 | 385880 | USD | (480) |
| \* | Live Cattle | 12 | February 2023 | 757920 | USD | 9220 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

**FUTURES CONTRACTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Description** | **Number of**<br>**Contracts**<br>**Long (Short)** | <br>**Expiration Date** |<br>**Notional**<br>**Amount** | |<br>**Unrealized**<br>**Gain/(Loss)** |
| \* | London Metal Exchange Copper | 6 | January 2023 | 1255952 | USD | $49331 |
| \* | London Metal Exchange Copper | (6) | January 2023 | (1255952) | USD | (93840) |
| \* | London Metal Exchange Copper | 3 | February 2023 | 628163 | USD | (2888) |
| \* | London Metal Exchange Lead | 2 | January 2023 | 116125 | USD | 6585 |
| \* | London Metal Exchange Lead | (2) | January 2023 | (116125) | USD | (16831) |
| \* | London Metal Exchange Lead | (1) | February 2023 | (57838) | USD | (2837) |
| \* | London Metal Exchange Nickel | 1 | January 2023 | 179406 | USD | 35781 |
| \* | London Metal Exchange Nickel | (1) | January 2023 | (179406) | USD | (2070) |
| \* | London Metal Exchange Nickel | 1 | February 2023 | 179790 | USD | 6966 |
| \* | London Metal Exchange Primary Aluminum | 2 | January 2023 | 117476 | USD | (5430) |
| \* | London Metal Exchange Primary Aluminum | (2) | January 2023 | (117476) | USD | (4966) |
| \* | London Metal Exchange Primary Aluminum | (1) | February 2023 | (58988) | USD | 2721 |
| \* | London Metal Exchange Zinc | 1 | January 2023 | 74756 | USD | (1994) |
| \* | London Metal Exchange Zinc | (1) | January 2023 | (74756) | USD | (5946) |
| \* | London Metal Exchange Zinc | (1) | February 2023 | (74581) | USD | 2081 |
|  | Long Gilt | (106) | March 2023 | (12802118) | GBP | 510529 |
| \* | Low Sulphur Gas Oil | 1 | February 2023 | 90600 | USD | (125) |
|  | Mexican Peso | 138 | March 2023 | 3492780 | USD | 27886 |
| \* | Milling Wheat No. 2 | (2) | March 2023 | (33104) | EUR | (1070) |
|  | MSCI Emerging Markets Index | 2 | March 2023 | 95940 | USD | (1615) |
|  | MSCI World Index | 14 | March 2023 | 1122800 | USD | 2570 |
|  | NASDAQ 100 E-mini | (6) | March 2023 | (1322670) | USD | 2850 |
|  | New Zealand Dollar | (82) | March 2023 | (5202080) | USD | (4959) |
|  | Nikkei 225 Mini | 184 | March 2023 | 3656446 | JPY | (180628) |
|  | Norwegian Krone | 18 | March 2023 | 3677760 | USD | (2428) |
| \* | NY Harbor ULSD | 1 | January 2023 | 138390 | USD | 4515 |
|  | OMX 30 Index | 18 | January 2023 | 352243 | SEK | (14681) |
| \* | Platinum | 4 | April 2023 | 216580 | USD | 10180 |
| \* | RBOB Gasoline | 1 | January 2023 | 104089 | USD | 6458 |
| \* | Red Spring Wheat | (1) | March 2023 | (46938) | USD | (1175) |
| \* | Robusta Coffee | (17) | March 2023 | (305830) | USD | 10060 |
|  | S&P 500 Dividend Index | 34 | February 2022 | 562275 | USD | 8075 |
|  | S&P 500 Dividend Index | 43 | December 2024 | 678325 | USD | 1225 |
|  | S&P 500 Dividend Index | 43 | December 2025 | 669188 | USD | (6462) |
|  | S&P/Toronto Stock Exchange 60 Index | 8 | March 2023 | 1382452 | CAD | (28392) |
|  | SGX MSCI Singapore Index | (3) | January 2023 | (65078) | SGD | (155) |
| \* | SGX TSI Iron Ore | 1 | February 2023 | 11612 | USD | 29 |
|  | Short-Term Euro-BTP | (33) | March 2023 | (3712981) | EUR | 38932 |
| \* | Silver | 2 | March 2023 | 240400 | USD | 3200 |
| \* | Soybean | 5 | March 2023 | 381000 | USD | 14875 |
| \* | Soybean Meal | 6 | March 2023 | 282600 | USD | 23930 |
| \* | Soybean Oil | 1 | March 2023 | 38442 | USD | 1842 |
| \* | Sugar No. 11 | 11 | February 2023 | 246893 | USD | 1546 |
|  | Swiss Franc | (17) | March 2023 | (2316675) | USD | (439) |
|  | U.S. 2 Year Treasury Note | 10 | March 2023 | 2050781 | USD | (6797) |
|  | U.S. 5 Year Treasury Note | (3) | March 2023 | (323789) | USD | 2016 |
|  | U.S. 10 Year Treasury Note | (38) | March 2023 | (4267281) | USD | 45716 |
|  | U.S. Treasury Long Bond | (1) | March 2023 | (125344) | USD | 2563 |
|  | Ultra 10-Year U.S. Treasury Note | (1) | March 2023 | (118281) | USD | 3000 |
| \* | White Sugar | 14 | February 2023 | 388080 | USD | 16065 |
|  | XAU Utilities Dec 20 | 1 | March 2023 | 71620 | USD | (1690) |
|  |  |  |  |  |  | $**774946** |

---

\* Position held in Subsidiary

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

**INTEREST RATE SWAPS \***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate paid <sup>1</sup>** | **Rate received <sup>1</sup>** | **Payment<br> Frequency** | **Effective <br> Date** | **Termination <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Value** | **Premium <br> Paid<br> (Received)** | **Unrealized <br> Gain/(Loss)** |
| BRL-CDI 13.65% | 13.125% | At maturity | 11/11/2022 | 1/2/2025 | 33666056 | BRL | $51712 | $4760 | $46952 |
| BRL-CDI 13.65% | 13.445% | At maturity | 12/14/2022 | 1/2/2026 | 21780104 | BRL | 104419 | 8208 | 96211 |
| 3.491% | CAD-BA-CDOR 4.94% | 6 Month | 3/15/2023 | 3/15/2028 | 1045800 | CAD | 6305 |  | 6305 |
| 4.069% | CLP-TNA 2.09% | 6 Month | 3/15/2023 | 3/15/2033 | 343600000 | CLP | 35148 | (455) | 35603 |
| CNY-CNREPOFIX 2.76% | 2.890% | 3 Month | 3/15/2023 | 3/15/2028 | 74124000 | CNY | 37164 | 5838 | 31326 |
| 2.669% | EUR-EuroSTR -0.02% | 12 Month | 3/15/2023 | 3/15/2025 | 2784900 | EUR | 32361 |  | 32361 |
| 2.401% | EUR-EuroSTR -0.02% | 12 Month | 3/15/2023 | 3/15/2028 | 2032000 | EUR | 58730 | (1416) | 60146 |
| 1.850% | EUR-EuroSTR -0.02% | 12 Month | 3/15/2023 | 3/15/2053 | 447300 | EUR | 60589 | (763) | 61352 |
| GBP-SONIA 1.39% | 4.335% | 12 Month | 3/15/2023 | 3/15/2025 | 10091200 | GBP | (40225) | 1433 | (41658) |
| 3.005% | GBP-SONIA 1.39% | 12 Month | 3/15/2023 | 3/15/2053 | 998500 | GBP | 96981 | 19382 | 77599 |
| 4.065% | HKD-HIBOR-HKAB 4.99% | 3 Month | 3/15/2023 | 3/15/2026 | 5330000 | HKD | 1973 | (169) | 2142 |
| HKD-HIBOR-HKAB 4.99% | 3.651% | 3 Month | 3/15/2023 | 3/15/2033 | 3300000 | HKD | (6413) | 301 | (6714) |
| 11.907% | HUF-BUBOR 15.75% | 6 Month | 3/16/2023 | 3/15/2026 | 164050000 | HUF | 2504 | 44 | 2460 |
| 8.981% | HUF-BUBOR 15.75% | 6 Month | 3/16/2023 | 3/16/2033 | 455520200 | HUF | 29200 | 386 | 28814 |
| 3.215% | ILS-TELBOR01 3.58% | 3 Month | 3/15/2023 | 3/15/2033 | 3800000 | ILS | 39279 | (2222) | 41501 |
| 6.267% | INR-FBIL-MIBOR 6.60% | 6 Month | 3/15/2023 | 3/15/2028 | 40900000 | INR | 3749 | (284) | 4033 |
| 0.175% | JPY-TONA-OIS -0.03% | 12 Month | 3/15/2023 | 3/15/2025 | 1374144100 | JPY | 25395 | 315 | 25080 |
| 0.632% | JPY-TONA-OIS -0.03% | 12 Month | 3/15/2023 | 3/15/2028 | 738838200 | JPY | (8237) | 3431 | (11668) |
| 0.930% | JPY-TONA-OIS -0.03% | 12 Month | 3/15/2023 | 3/15/2033 | 379610000 | JPY | (9277) | 1235 | (10512) |
| 1.224% | JPY-TONA-OIS -0.03% | 12 Month | 3/15/2023 | 3/15/2063 | 112600000 | JPY | 40046 | (2051) | 42097 |
| 8.317% | MXN-TIIE-Banxico 10.77% | 28 Days | 3/15/2023 | 3/2/2033 | 500000 | MXN | (590) | (6) | (584) |
| NOK-NIBOR 3.51% | 3.072% | 6 Month | 3/15/2023 | 3/15/2028 | 12331300 | NOK | (9075) |  | (9075) |
| 2.974% | NOK-NIBOR 3.51% | 6 Month | 3/15/2023 | 3/15/2033 | 13100000 | NOK | 32164 | 641 | 31523 |
| NZD-BBR-FRA 4.25% | 5.071% | 3 Month | 3/15/2023 | 3/15/2025 | 8954000 | NZD | (35153) | (4638) | (30515) |
| 4.718% | NZD-BBR-FRA 4.25% | 3 Month | 3/15/2023 | 3/15/2026 | 2600000 | NZD | 18419 | 1450 | 16969 |
| 5.929% | PLN-WIBOR-WIBO 7.04% | 6 Month | 3/15/2023 | 3/15/2026 | 1000000 | PLN | 2479 | (10) | 2489 |
| PLN-WIBOR-WIBO 7.04% | 5.443% | 6 Month | 3/15/2023 | 3/15/2033 | 800000 | PLN | (8720) | (174) | (8546) |
| SEK-STIBOR 2.70% | 2.981% | 3 Month | 3/15/2023 | 3/15/2025 | 30420000 | SEK | (32992) |  | (32992) |
| SEK-STIBOR 2.70% | 2.684% | 3 Month | 3/15/2023 | 3/15/2028 | 14864700 | SEK | (39345) | 137 | (39482) |
| 3.228% | SGD-SORA 2.54% | 6 Month | 3/15/2023 | 3/15/2026 | 900000 | SGD | 307 | 74 | 233 |
| 2.862% | SGD-SORA 2.54% | 6 Month | 3/15/2023 | 3/15/2033 | 300000 | SGD | 2884 | 10 | 2874 |
| 2.255% | THB-THOR-OIS 1.47% | 3 Month | 3/15/2023 | 3/15/2028 | 39000000 | THB | (2548) | (105) | (2443) |
| 1.160% | TWD-TAIBOR 1.36% | 3 Month | 3/15/2023 | 3/15/2028 | 70600000 | TWD | 15495 |  | 15495 |
| USD-LIBOR-BBA 4.77% | 4.068% | 3 Month | 3/15/2023 | 3/15/2026 | 300000 | USD | (1485) | 11 | (1496) |
| 9.263% | ZAR-JIBAR-SAFEX 7.26% | 3 Month | 3/15/2023 | 3/15/2033 | 9800000 | ZAR | 175 | (16) | 191 |
| **Total of Interest Rate Swaps** | **Total of Interest Rate Swaps** |  |  |  |  |  | $**503418** | $**35347** | $**468071** |

---

---

| | |
|:---|:---|
| \* Counterparty is J.P. Morgan Investment Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AUD - Australian Dollar | KRW - South-Korean Won |
| &nbsp;&nbsp;&nbsp;&nbsp;BRL - Brazilian Real | MXN - Mexican Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;CAD - Canadian Dollar | NOK - Norwegian Kroner |
| &nbsp;&nbsp;&nbsp;&nbsp;CHF - Swiss Franc | NZD - New Zealand Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;CLP - Chilean Peso | PHP - Philippine Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;CNH/CNY - Chinese Yuan Renminbi | PLN - Polish Zloty |
| &nbsp;&nbsp;&nbsp;&nbsp;DKK - Danish Krone | SEK - Swedish Krona |
| &nbsp;&nbsp;&nbsp;&nbsp;EUR - Euro | SGD - Singapore Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;GBP - British Pound | THB - Thai Baht |
| &nbsp;&nbsp;&nbsp;&nbsp;HUF - Hungarian Forint | TRY - Turkish Lira |
| &nbsp;&nbsp;&nbsp;&nbsp;IDR - Indonesian Rupiah | TWD - Taiwan Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;ILS - Israeli New Shekel | USD - US Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;INR - Indian Rupee | ZAR - South African Rand |
| &nbsp;&nbsp;&nbsp;&nbsp;JPY - Japanese Yen |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

**INFLATION SWAPS \***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate paid** | **Rate received <sup>1</sup>** | **Payment<br> Frequency** | **Effective<br> Date** | **Termination<br> Date** | **Notional<br> Amount** | | **Value** | **Premium<br> Paid<br> (Received)** | **Unrealized<br> Gain/(Loss)** |
| 3.489% | USA-CPI-U | &nbsp;&nbsp;At maturity | 1/14/2022 | 1/14/2024 | 10352125 | USD | $296275 | $17789 | $278486 |
| 4.070% | USA-CPI-U | &nbsp;&nbsp;At maturity | 5/13/2022 | 5/13/2024 | 6934560 | USD | (16936) | 210 | (17146) |
| 4.190% | USA-CPI-U | &nbsp;&nbsp;At maturity | 6/22/2022 | 6/22/2024 | 1360600 | USD | (15350) |  | (15350) |
| 4.205% | USA-CPI-U | &nbsp;&nbsp;At maturity | 6/22/2022 | 6/22/2024 | 1133800 | USD | (13122) |  | (13122) |
| 4.283% | USA-CPI-U | &nbsp;&nbsp;At maturity | 6/22/2022 | 6/22/2024 | 7551200 | USD | (98893) |  | (98893) |
| 4.350% | USA-CPI-U | &nbsp;&nbsp;At maturity | 4/5/2022 | 4/5/2024 | 5748200 | USD | 833 | (476) | 1309 |
| 4.413% | USA-CPI-U | &nbsp;&nbsp;At maturity | 4/14/2022 | 4/14/2024 | 2373600 | USD | (6162) |  | (6162) |
| 4.440% | USA-CPI-U | &nbsp;&nbsp;At maturity | 5/6/2022 | 5/6/2024 | 6826900 | USD | (51439) | (6067) | (45372) |
| 2.619% | EUR-EXT-CPI | &nbsp;&nbsp;At maturity | 8/15/2022 | 8/15/2032 | 5712600 | EUR | 95867 | (8872) | 104739 |
| EUR-EXT-CPI | 3.105% | &nbsp;&nbsp;At maturity | 8/15/2022 | 8/15/2027 | 5726689 | EUR | (29116) | (7263) | (21853) |
| 4.430% | UK-RPI | &nbsp;&nbsp;At maturity | 10/15/2022 | 10/15/2027 | 2053400 | GBP | 51016 |  | 51016 |
| 4.675% | UK-RPI | &nbsp;&nbsp;At maturity | 9/15/2022 | 9/15/2027 | 3244500 | GBP | 31628 | 40055 | (8427) |
| USA-CPI-U | 2.766% | &nbsp;&nbsp;At maturity | 9/2/2022 | 9/2/2032 | 5440668 | USD | 113392 | 25300 | 88092 |
| 2.945% | USA-CPI-U | &nbsp;&nbsp;At maturity | 9/23/2022 | 9/23/2024 | 3803200 | USD | (26844) |  | (26844) |
| 3.300% | USA-CPI-U | &nbsp;&nbsp;At maturity | 7/15/2022 | 7/15/2024 | 9247700 | USD | 12219 |  | 12219 |
| 2.498% | USA-CPI-U | &nbsp;&nbsp;At maturity | 12/22/2022 | 12/22/2027 | 2545100 | USD | 4628 |  | 4628 |
| 2.943% | USA-CPI-U | &nbsp;&nbsp;At maturity | 9/2/2022 | 9/2/2027 | 6201455 | USD | (120825) | (22389) | (98436) |
| **Total of Inflation Swaps** | **Total of Inflation Swaps** |  |  |  |  |  | $**227171** | $**38287** | $**188884** |

---

**CREDIT DEFAULT SWAPS \***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Buy/Sell<br> Protection** | **Rate Paid/<br> (Received) by<br> the Fund** | **Termination<br> Date** | **Notional<br> Amount** | | **Value** | **Premium<br> Paid<br> (Received)** | **Unrealized<br> Gain/(Loss)** |
| Markit iTraxx Europe Index | &nbsp;&nbsp;Buy | 1.00% | 12/20/2027 | 500000 | EUR | $(2049) | $7560 | $(9609) |
| Markit iTraxx Europe Crossover Index | &nbsp;&nbsp;Buy | 5.00% | 12/20/2027 | 100000 | EUR | (1247) | (1745) | 498 |
| Markit CDX North America High Yield Index | &nbsp;&nbsp;Buy | 5.00% | 12/20/2027 | 100000 | USD | (750) | (832) | 82 |
| **Total of Credit Default Swaps - Buy Protection** |  |  |  |  |  | $**(4046)** | $**4983** | $**(9029)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Buy/Sell<br> Protection** | **Rate Paid/<br> (Received) by<br> the Fund** | **Termination<br> Date** | **Notional<br> Amount** | | **Value** | **Premium<br> Paid<br> (Received)** | **Unrealized<br> Gain/(Loss)** |
| Markit CDX North America Investment Grade Index | &nbsp;&nbsp;Sell | (1.00%) | 12/20/2027 | 100000 | USD | $830 | $661 | $169 |
| **Total of Credit Default Swaps - Sell Protection** |  |  |  |  |  | $**830** | $**661** | $**169** |

---

<sup>1</sup> Floating rate definitions

BRL-CDI - Brazil Average One-Day Interbank Deposit

CAD-BA-CDOR - Canada 3 Month Interbank Rate

CLP-TNA - Chile Indice de Camara Promedio Interbank Overnight Index

CNY-CNREPOFIX - China Foreign Exchange Trade System 7 day Interbank Repo Fixing Rate

EUR-EuroSTR - Compounded averages of Euro Short-Term Rate

EUR-EXT-CPI - European Consumer Price Index ex Tobacco

GBP-SONIA - Sterling Overnight Index Average

HKD-HIBOR-HKAB - Hong Kong Inter-Bank Offered Rate

HUF-BUBOR - Budapest Inter-Bank Offered Rate

ILS-TELBOR01 - Bank of Israel Tel Aviv Interbank Offered Rate

INR-FBIL-MIBOR - Financial Benchmarks India Overnight Mumbai Interbank Outright Rate

JPY-TONA-OIS - Tokyo Overnight Average Rate

MXN-TIIE-Banxico - Mexico 28 Day Interbank Equilibrium Interest Rate (TIIE)

NOK-NIBOR - Norway Interbank Offered Rate

NZD-BBR-FRA - New Zealand Official Cash Rate

PLN-WIBOR-WIBO - Offered rate for deposits in Polish Zloty

SEK-STIBOR - Swedbank Stockholm Interbank Offered Rate Offered Rate

SGD-SORA - Singapore Overnight Rate Average

THB-THOR-OIS - Thai Baht Thai Overnight Repurchase Rate

TWD-TAIBOR-Reuters - Taipei Interbank Offered Rate

UK RPI - United Kingdom Retail Price Index

USA-CPI-U - U.S. Consumer Price Index for Urban Consumers

USD-LIBOR-BBA - U.S. Dollar - London Inter-Bank Offered Rate

ZAR-JIBAR-SAFEX - Johannesburg Interbank Average Rate

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **TOTAL RETURN SWAPS \*** |  |  |  |  |  |  |  |
| |  | **Counter-** |  | **Payment** | **Termination** | **Notional** |  | **Unrealized** |
| | **Reference Entity** | **party <sup>a</sup>** | **Rate Paid/Received <sup>b</sup>** | **Frequency** | **Date** | **Amount** |  | **Gain/(Loss)** |
| <sup>1</sup> | BCIIACTM Index | B | SOFR 1D + 0.26% (4.560%) | monthly | 07/21/2023 | (563082) | USD | $(3026) |
| <sup>2</sup> | BCIIBATM Index | B | SOFR 1D + 0.40% (4.700%) | monthly | 12/19/2023 | 188368 | USD | (11174) |
| <sup>3</sup> | CGFCECO2 Index | CITI | SOFR 1D - 0.41% (3.390%) | monthly | 03/03/2023 | (581288) | USD | 25985 |
| <sup>4</sup> | CGFOREIT Index | CITI | USD OBFR - 0.05% (4.151%) | monthly | 12/13/2023 | (1845694) | USD | 19423 |
| | Ozon Holdings PLC | CITI | USD OBFR - 4.05% (0.151%) | monthly | 03/10/2023 | (10427) | USD | 14 |
| | Corteva Inc | JPM | USD OBFR + 0.30% (4.620%) | monthly | 06/07/2023 | 297 | USD | (4) |
| | Cosan SA | MS | BRL CDI + 1.50% (15.150%) | monthly | 09/15/2023 | 143646 | BRL | 2191 |
| | Ecolab Inc. | JPM | USD OBFR + 0.30% (4.620%) | monthly | 06/07/2023 | 144 | USD | 1 |
| | FMC Corp | JPM | USD OBFR + 0.30% (4.620%) | monthly | 06/07/2023 | 125 | USD |  |
| <sup>5</sup> | GSGLFPAY Index | GS | USD OBFR + 0.40% (4.700%) | monthly | 12/05/2025 | 370159 | USD | (1136) |
| <sup>6</sup> | GSGLPHRE Index | GS | USD OBFR - 0.35% (3.950%) | monthly | 10/07/2025 | (1244939) | USD | (8602) |
| <sup>7</sup> | GSGLPLAS Index | GS | USD OBFR - 1.00% (3.300%) | monthly | 11/24/2025 | (316681) | USD | (10217) |
| <sup>8</sup> | GSMBATDM Index | GS | USD OBFR + 0.45% (4.750%) | monthly | 09/10/2025 | 1960835 | USD | 8828 |
| <sup>9</sup> | GSMBEDIS Index | GS | EUR ESTRON - 0.66% (1.243%) | monthly | 12/22/2025 | (530927) | EUR | 4400 |
| | IDEXX Laboratories Inc. | JPM | USD OBFR + 0.30% (4.620%) | monthly | 06/07/2023 | 836 | USD | (24) |
| <sup>11</sup> | JPFCUOIL Index | JPM | USD OBFR + 0.45% (4.770%) | monthly | 01/24/2024 | 379914 | USD | 3110 |
| <sup>11</sup> | JPFUAIR Index | JPM | USD OBFR - 1.05% (3.270%) | monthly | 12/27/2023 | (1150881) | USD | 19221 |
| <sup>12</sup> | JPFUMEBK Index | JPM | USD OBFR + 0.30% (4.620%) | monthly | 08/29/2023 | 557594 | USD | 2413 |
| <sup>13</sup> | JPFUMEDA Index | JPM | USD OBFR + 0.40% (4.720%) | monthly | 01/10/2024 | 1133369 | USD | (3703) |
| <sup>14</sup> | JPFUNOI1 Index | JPM | USD OBFR - 0.65% (3.670%) | monthly | 01/03/2024 | (373188) | USD | (14547) |
| <sup>15</sup> | JPFUOMED Index | JPM | USD OBFR - 0.50% (3.820%) | monthly | 08/29/2023 | (1466984) | USD | (2484) |
| <sup>16</sup> | JPFURU1 Index | JPM | USD OBFR + 0.30% (4.620%) | monthly | 03/30/2023 | 1 | USD | (1) |
| <sup>17</sup> | JPFUSHP2 Index | JPM | USD OBFR - 1.20% (3.120%) | monthly | 06/21/2023 | (1080137) | USD | (40922) |
| <sup>18</sup> | JPFUSOEC Index | JPM | USD OBFR - 0.75% (3.570%) | monthly | 12/11/2023 | (519701) | USD | (15243) |
| <sup>19</sup> | JPTAOBRL Index | JPM | BRL CDI - 1.60% (12.050%) | monthly | 10/25/2023 | (1279338) | BRL | (4229) |
| | Mosaic Co./The | JPM | USD OBFR - 0.20% (4.120%) | monthly | 06/07/2023 | (275) | USD | 13 |
| <sup>20</sup> | MSFDRUS Index | MS | N/A | monthly | 07/03/2023 | 36496202 | USD | (222982) |
| | Nutrien Ltd. | JPM | USD OBFR - 0.20% (4.120%) | monthly | 06/07/2023 | (297) | USD | 4 |
| | Raízen | MS | BRL CDI + 1.50% (15.150%) | monthly | 09/15/2023 | 85711 | BRL | 1988 |
| <sup>21</sup> | S5HLTH | JPM | USD OBFR - 0.35% (3.970%) | monthly | 01/02/2024 | (1314707) | USD | 5536 |
| <sup>22</sup> | S5UTIL | JPM | USD OBFR + 0.20% (4.520%) | monthly | 12/27/2023 | 1819017 | USD | (10361) |
| | Sao Martinho SA | MS | BRL CDI + 1.50% (15.150%) | monthly | 09/15/2023 | 91868 | BRL | 1773 |
| | SK Innovation Co. Ltd. | MS | SOFR 1D + 0.75% (5.050%) | monthly | 11/07/2024 | 49130 | USD | (1009) |
| | SLC Agrícola | MS | BRL CDI + 1.50% (15.150%) | monthly | 09/15/2023 | 69881 | BRL | 404 |
| | Sociedad Química y Minera de Chile SA | JPM | USD OBFR - 0.20% (4.120%) | monthly | 06/07/2023 | (84) | USD | 2 |
| <sup>23</sup> | SX86P | JPM | EUR ESTRON + 0.35% (2.255%) | monthly | 10/30/2023 | 18627 | EUR | (59) |
| | Zoetie Inc. | JPM | USD OBFR + 0.30% (4.620%) | monthly | 06/07/2023 | 290 | USD | 2 |
| **Total of Total Return Swaps** | **Total of Total Return Swaps** |  |  |  |  |  |  | $**(254415)** |

---

---

| | |
|:---|:---|
| **<sup>a</sup>** Counterparty abbreviations | <sup>b</sup> Floating rate definitions |
| B - Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRL CDI - Brazil Average One-Day Interbank Deposit |
| CITI - Citigroup Global Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESTRON - Euro Short-term Rate Overnight |
| GS - Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EURIBOR - Euro Interbank Offered Rate. The Euribor rates are based on the interest |
| JPM - J.P. Morgan Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rates at which a panel of European banks borrow funds from one another. |
| MS - Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIBOR - Hong Kong Inter-Bank Offered Rate |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR - London Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBFR - Overnight Bank Funding Rate |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR - Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TONA - Tokyo Overnight Average Rage |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

<sup>\*</sup> No Upfront premiums paid on the Total Return Swaps.

<sup>1</sup> BCIIACTM is a custom basket of investment management company stocks.

<sup>2</sup> BCIIBATM is a custom basket of battery manufacturer company stocks.

<sup>3</sup> CGFCECO2 is a custom basket of e-commerce company stocks.

<sup>4</sup> CGFOREIT is a custom basket of real estate investment trust stocks.

<sup>5</sup> GSGLFPAY is a custom basket of financial services company stocks.

<sup>6</sup> GSGLPHRE is a custom basket of retail company stocks.

<sup>7</sup> GSGLPLAS is a custom basket of plastics company stocks.

<sup>8</sup> GSMBATDM is a custom basket of retail company stocks.

<sup>9</sup> GSMBEDIS is a custom basket of European company stocks.

<sup>10</sup> JPFCUOIL is a custom basket of U.S. oil company stocks

<sup>11</sup> JPFUAIR is a custom basket of airline company stocks.

<sup>12</sup> JPFUMEBK is a custom basket of financial services company stocks.

<sup>13</sup> JPFUMEDA is a custom basket of media company stocks.

<sup>14</sup> JPFUNOI1 is a custom basket of oil company stocks.

<sup>15</sup> JPFUOMED is a custom basket of media company stocks.

<sup>16</sup> JPFURU1 is a custom basket of Russian company stocks.

<sup>17</sup> JPFUSHP2 is a custom basket of containership company stocks.

<sup>18</sup> JPFUSOEC is a custom basket of Chinese company stocks

<sup>19</sup> JPTAOBRL is a custom basket of Brazilian stocks.

<sup>20</sup> MSFDRUS - The components of the basket as of December 31, 2022 are shown on the following pages.

<sup>21</sup> S5HLTH - S&P 500 Health Care Index

<sup>22</sup> S5UTIL - S&P 500 Utilities Index

<sup>23</sup> SX86P - STOXX Europe 600 Real Estate Index.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Schedule of Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **MSFDRUS Index**<br>**Name** |<br>**Quantity** |<br>**Value** |<br>**Weight** |
| USD Cash | 28498892 | $28498892 | 78.80% |
| NOK Cash | (18743354) | (1874335) | (5.18%) |
| EUR Cash | (1709600) | (1829272) | (5.06%) |
| CNY Cash | (4933556) | (690698) | (1.91%) |
| Elevance Health Inc | 1304 | 668913 | 1.85% |
| Unitedhealth Group | 1025 | 543435 | 1.50% |
| Cigna Corporation | 1584 | 524842 | 1.45% |
| BP Plc | 84689 | 483574 | 1.34% |
| Shell Plc-New | 16501 | 466318 | 1.29% |
| GBP Cash | (380134) | (456161) | (1.26%) |
| Totalenergies SE | 6897 | 431683 | 1.19% |
| JPY Cash | (41612698) | (416127) | (1.15%) |
| HKD Cash | (2928925) | (380760) | (1.05%) |
| Humana Inc. | 717 | 367240 | 1.02% |
| Cheniere Energy | 2424 | 363503 | 1.01% |
| AUD Cash | (520335) | (353828) | (0.98%) |
| Molina Healthcare | 801 | 264506 | 0.73% |
| Mowi ASA | 15504 | 263103 | 0.73% |
| Archer-Daniels | 2714 | 251995 | 0.70% |
| Golar LNG Ltd | 10530 | 239979 | 0.66% |
| Bayer AG | 4152 | 214119 | 0.59% |
| Republic Services | 1600 | 206384 | 0.57% |
| Bakkafrost | 3244 | 202847 | 0.56% |
| Centene Corp | 2448 | 200760 | 0.56% |
| ENI Spa | 13473 | 191047 | 0.53% |
| Telefonicas.A. | (36259) | (178032) | (0.49%) |
| Woodside Energy Group Ltd | 7351 | 176645 | 0.49% |
| Oneok Inc | (2572) | (168980) | (0.47%) |
| Waste Management | 1075 | 168646 | 0.46% |
| Waste Connections Inc | 1240 | 164250 | 0.45% |
| Raytheon Technologies Corp | 1627 | 164197 | 0.45% |
| Corteva Inc | 2793 | 164173 | 0.45% |
| Bunge Ltd | 1641 | 163723 | 0.45% |
| Nippon Yusen KK | 6459 | 152239 | 0.42% |
| Targa Resources Corp | (2048) | (150528) | (0.42%) |
| Salmar ASA | 3850 | 150381 | 0.42% |
| Wallenius Wilhelmsen ASA | 15174 | 149464 | 0.41% |
| Enbridge Inc | (3803) | (148697) | (0.41%) |
| Equinor ASA | 4120 | 146796 | 0.40% |
| Telia Company | (55073) | (140987) | (0.39%) |
| Telstra Group Ltd | (51025) | (138278) | (0.38%) |
| OMV AG | 2686 | 137872 | 0.38% |
| DKK Cash | (937646) | 132788 | 0.37% |
| FMC Corp | 1064 | 132566 | 0.37% |
| Darling Ingredients Inc | 2118 | (131270) | (0.36%) |
| Singapore Telecommunications | (67917) | (130401) | (0.36%) |
| Clean Harbors | 1132 | 129184 | 0.36% |
| Bae Systems Plc | 12470 | 128940 | 0.36% |
| Flex Lng Ltd | 3890 | 126697 | 0.35% |
| Repsol S.A. | 7994 | 123747 | 0.34% |
| Other Underlying Index Components \* |  | 6457787 | 17.86% |
|  |  | $**36164881** | **100.00%** |

---

\* Largest 50 underlying components by market value at December 31, 2022 are listed.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Statement of Assets and Liabilities (Unaudited)

December 31, 2022

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $147,637,617) | $147448262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 60752918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash collateral for derivative instruments | 28645084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits with brokers for derivative instruments | 19979632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $2,165,314) | 2164987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums paid for swaps | 139231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on swaps | 1300302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward currency contracts | 549402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 654581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and tax reclaim receivable | 7712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 797572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 48509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 262488192 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value (premiums received $800,324) | 624488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums received from swaps | 59953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on swaps | 906622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward currency contracts | 789948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 3153990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shared redeemed | 701057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Investment Adviser | 122978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution fees | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 200933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 6560608 |
| **Net Assets** | $255927584 |
| **COMPONENTS OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $261417665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accumulated losses | (5490081) |
| **Net Assets** | $255927584 |
| **Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $92713497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited shares authorized with no par value) | 10234245 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $9.06 |
| **Super Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $163214087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited shares authorized with no par value) | 17942698 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $9.10 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Statement of Operations (Unaudited)

For the Six Months Ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income (Net of foreign tax of $2,421) | $93763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1499059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 1592822 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 808387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 138920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 42980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 41932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 37445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 30344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 27400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 26684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees fees | 7166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 6440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 5224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1180578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expense waived by the Adviser (Note 3) | (200015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 980563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | **612259** |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4489181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 4778094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (128663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 252770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (77020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (3237517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (2901517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1502927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (477363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 31178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 1024241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (17405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (128946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1934632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized loss on investments, written options, forward currency, futures contracts, foreign currency, and swap contracts** | (966885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in Net Assets from Operations** | $**(354626)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **<u>Operations</u>** | **For the Six Months<br> ended<br> December 31, 2022<br> (Unaudited)** | **For the Year<br> ended<br> June 30, 2022** |
| Net investment income (loss) | $612259 | $(938357) |
| Net realized gain (loss) on investments, written options, forward currency, futures contracts, foreign currency, and swap contracts | (2901517) | 3872072 |
| Net change in unrealized appreciation (depreciation) on investments, written options, forward currency, futures contracts, foreign currency, and swap contracts | 1934632 | (4016759) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from operations** | (354626) | (1083044) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net dividends and distributions to shareholders - Institutional Class | (1207965) | (395320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net dividends and distributions to shareholders - Super Institutional Class | (1481328) | (7118173) |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from distributions paid** | (2689293) | (7513493) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 75784158 | 86557492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 85060605 | 3823887 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 823455 | 349089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 1464262 | 7054812 |
| &nbsp;&nbsp;&nbsp;Cost of units redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (55980517) | (14413870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | (7162338) | (25793464) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets from capital transactions** | 99989625 | 57577946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase in net assets** | **96945706** | **48981409** |
| **Net Assets** |  |  |
| Beginning of period | 158981878 | 110000469 |
| End of period | $**255927584** | $**158981878** |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 8178723 | 9325312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 91495 | 39136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6048812) | (1550309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2221406 | 7814139 |
| &nbsp;&nbsp;&nbsp;**Super Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 9262312 | 405373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 161976 | 789129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (779162) | (2661256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 8645126 | (1466754) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Financial Highlights

Institutional Class

**For a capital share outstanding throughout the periods presented**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> ended<br> December 31, 2022<br> (Unaudited)** | **For the Year<br> ended<br> June 30, 2022** | **For the Year<br> ended<br> June 30, 2021** | **For the Year<br> ended<br> June 30, 2020** | **For the Year<br> ended<br> June 30, 2019** | **For the Year<br> ended<br> June 30, 2018** |
| Net asset value, beginning of period | $9.17 | $10.01 | $9.76 | $8.99 | $9.69 | $9.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.03 | (0.06) | (0.10) | (0.00) | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.02) | 0.03 | 1.08 | 0.77 | 0.10 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total from investment operations** | 0.01 | (0.03) | 0.98 | 0.77 | 0.07 | 0.28 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.81) | (0.41) |  | (0.77) | (0.12) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.12) |  | (0.32) |  |  | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (0.12) | (0.81) | (0.73) |  | (0.77) | (0.32) |
| **Net asset value, end of period** | $9.06 | $9.17 | $10.01 | $9.76 | $8.99 | $9.69 |
| **Total return** | 0.19 | -0.09% | 10.58% | 8.57 | 1.09% | 2.96% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $92713 | $73478 | $1990 | $1340 | $2743 | $1438 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived by the Adviser <sup>(4)</sup> | 1.36 | 1.41% | 1.32% | 1.19 | 1.24% | 1.19% |
| &nbsp;&nbsp;&nbsp;After fees waived by the Adviser <sup>(4)</sup> | 1.14 | 1.13% | 1.11% | 1.09 | 1.13% | 1.06% |
| Ratio of net investment loss to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived by the Adviser <sup>(5)</sup> | 0.39 | -0.93% | -1.19% | -0.11 | -0.46% | -0.97% |
| &nbsp;&nbsp;&nbsp;After fees waived by the Adviser <sup>(5)</sup> | 0.61 | -0.65% | -0.98% | -0.01 | -0.35% | -0.84% |
| Portfolio turnover rate <sup>(6)</sup> | 227 | 129% | 140 | 88 | 81% | 11% |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share. |

---

<br> <sup>(1)</sup> Computed using the average shares method.

<br> <sup>(2)</sup> Not annualized

<br> <sup>(3)</sup> Annualized

<sup>(4)</sup> The ratios of expenses to average net assets include interest and brokerage expenses. For the periods ended June 30, 2018, June 30, 2019, June 30, 2020, June 30, 2021 and June 30, 2022, excluding interest and brokerage expenses, the ratios of expenses to average net assets, before fees waived by the Adviser, were 1.18%, 1.23%, 1.18%, 1.26% and 1.41%, respectively. Excluding interest and brokerage expenses, the ratios of expenses to average net assets, after fees waived by the Adviser, were 1.05%, 1.12%, 1.08%, 1.05% and 1.13%, respectively.

<sup>(5)</sup> The ratios of net investment loss to average net assets include interest and brokerage expenses. For the periods ended June 30, 2018, June 30, 2019, June 30, 2020, June 30, 2021 and June 30, 2022, excluding interest and brokerage expenses, the ratios of net investment loss to average net assets, before fees waived by the Adviser, were -0.96%, -0.45%, -0.10%, -1.14% and - 0.92%, respectively. Excluding interest and brokerage expenses, the ratios of net investment loss to average net assets, after fees waived by the Adviser, were -0.83%, -0.34%, 0.00%, - 0.93% and -0.64%, respectively.

<sup>(6)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. The ratio is calculated including cash and long-term derivative positions, as they represent a significant percentage of the Fund's holdings.

<br> <sup>(7)</sup> The portfolio turnover ratio for the year ended June 30, 2021 has been restated to reflect the inclusion of cash equivalents transactions deemed long-term investments.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Consolidated Financial Highlights

Super Institutional Class

**For a capital share outstanding throughout the periods presented**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months <br> ended <br> December 31, 2022 <br> (Unaudited)** | **For the Year<br> ended <br> June 30, 2022** | **For the Year<br> ended <br> June 30, 2021** | **For the Year<br> ended <br> June 30, 2020** | **For the Year<br> ended <br> June 30, 2019** | **For the Year<br> ended <br> June 30, 2018** |
| Net asset value, beginning of period | $9.20 | $10.03 | $9.78 | $9.00 | $9.69 | $9.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.03 | (0.08) | (0.10) | 0.02 | (0.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.01) | 0.06 | 1.08 | 0.76 | 0.10 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total from investment operations** | 0.02 | (0.02) | 0.98 | 0.78 | 0.08 | 0.28 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.81) | (0.41) | (0.00) | (0.77) | (0.12) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.12) |  | (0.32) |  |  | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (0.12) | (0.81) | (0.73) | (0.00) | (0.77) | (0.32) |
| **Net asset value, end of period** | $9.10 | $9.20 | $10.03 | $9.78 | $9.00 | $9.69 |
| **Total return** | 0.30 | 0.02% | 10.60% | 8.69 | 1.21% | 2.96% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $163214 | $85504 | $108011 | $167280 | $183278 | $178578 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived by the Adviser <sup>(4)</sup> | 1.28 | 1.37% | 1.29% | 1.16 | 1.17% | 1.19% |
| &nbsp;&nbsp;&nbsp;After fees waived by the Adviser <sup>(4)</sup> | 1.05 | 1.08% | 1.10% | 1.06 | 1.06% | 1.06% |
| Ratio of net investment income (loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived by the Adviser <sup>(5)</sup> | 0.52 | -1.14% | -1.16% | 0.07 | -0.35% | -0.97% |
| &nbsp;&nbsp;&nbsp;After fees waived by the Adviser <sup>(5)</sup> | 0.75 | -0.85% | -0.97% | 0.17 | -0.24% | -0.84% |
| Portfolio turnover rate <sup>(6)</sup> | 227 | 129% | 140 | 88 | 81% | 11% |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share. |

---

<sup>(1)</sup> Computed using the average shares method.

<sup>(2)</sup> Not annualized

<sup>(3)</sup> Annualized

<sup>(4)</sup> The ratios of expenses to average net assets include interest and brokerage expenses. For the periods ended June 30, 2018, June 30, 2019, June 30, 2020, June 30, 2021 and June 30, 2022, excluding interest and brokerage expenses, the ratios of expenses to average net assets, before fees waived by the Adviser, were 1.18%, 1.16%, 1.15%, 1.24% and 1.33%, respectively. Excluding interest and brokerage expenses, the ratios of expenses to average net assets, after fees waived by the Adviser, were 1.05%, 1.05%, 1.05%, 1.05% and 1.04%, respectively.

<sup>(5)</sup> The ratios of net investment income (loss) to average net assets include interest and brokerage expenses. For the periods ended June 30, 2018, June 30, 2019, June 30, 2020, June 30, 2021 and June 30, 2022, excluding interest and brokerage expenses, the ratios of net investment income (loss) to average net assets, before fees waived by the Adviser, were -0.96%, -0.34%, 0.08%, -1.12% and -1.11%, respectively. Excluding interest and brokerage expenses, the ratios of net investment income (loss) to average net assets, after fees waived by the Adviser, were -0.83%, -0.23%, 0.18%, -0.93% and -0.82%, respectively.

<sup>(6)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. The ratio is calculated including cash and long-term derivative positions, as they represent a significant percentage of the Fund's holdings.

<br> <sup>(7)</sup> The portfolio turnover ratio for the year ended June 30, 2021 has been restated to reflect the inclusion of cash equivalents transactions deemed long-term investments.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited)

December 31, 2022

**Note 1** – **Organization**

Fulcrum Diversified Absolute Return Fund (the "Fund") is a diversified series of Trust for Advised Portfolios (the "Trust"). The Trust, a Delaware Statutory Trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company. Fulcrum Asset Management LLP (the "Adviser") serves as the investment manager to the Fund.

The investment objective of the Fund is to achieve long-term absolute returns. The inception date of the Fund was July 31, 2015. The Fund currently offers two classes of shares, Institutional Class and Super Institutional Class. Each class of shares represents an equal interest in the Fund, except the difference of class specific expenses, which reflects the difference in the range of services provided to each class. Income, expenses (other than class specific), and realized and unrealized gains and losses on investments are allocated daily to each class based on relative net assets.

The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

In order to achieve its investment objective, the Fund invests up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Cayman Islands subsidiary, the Fulcrum Diversified Absolute Return Cayman Fund Ltd. (the "Subsidiary"). The Subsidiary acts as an investment vehicle that enables the Fund to gain exposure to certain investments consistent with its investment objectives and policies specified in the Prospectus and Statement of Additional Information. At December 31, 2022 the Fund's investment in the Subsidiary represented 3.87% of the Fund's net assets. The results from operations of the Subsidiary were as follows:

---

| | |
|:---|:---|
| Net investment gain | $13656 |
| Net realized loss | (1539827) |
| Net change in unrealized appreciation (depreciation) | 1001444 |
| Net decrease in net assets resulting from Operations | $(524727) |

---

The consolidated financial statements of the Fund include the financial statements of the Subsidiary.

All intercompany accounts and transactions have been eliminated in consolidation. Because the Fund may invest a substantial portion of its assets in the Subsidiary, the Fund may be considered to be indirectly investing in said investments. As such, references to the Fund may also include its Subsidiary. When viewed on a consolidated basis, the Subsidiary will be subject to the same investment restrictions and limitations and follow the same compliance policies and procedures as the Fund. The Fund and its Subsidiary are each a "commodity pool" under the U.S. Commodity Exchange Act, and the Adviser is a "commodity pool operator" registered with and regulated by the Commodity Futures Trading Commission ("CFTC"). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and its Subsidiary under CFTC and the U.S. Securities and Exchange Commission (the "SEC") harmonized regulations.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

At December 31, 2022, the investment held in the Subsidiary was $9,893,518; there was $224,879 of unrealized appreciation in the Subsidiary. The Subsidiary holds cash and cash equivalents as collateral on open contracts. There were 285 futures contracts and 509 options contracts as detailed in the Consolidated Schedule of Investments.

**Note 2 – Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

**(a) Securities Valuation**

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

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

---

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

---

---

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

---

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

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

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

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

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

When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market value unreliable, a security is fair valued in good faith by the Adviser under procedures approved by the Board. Valuing securities at fair value is intended to ensure that the Fund is accurately priced and involves reliance on judgment. There can be no assurance that the Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share.

The following is a summary of the fair values of the Fund's consolidated investments in each category investment type as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices <br> Level 1** | **Other <br> Significant <br> Observable <br> Inputs <br> Level 2** | **Significant <br> Unobservable <br> Inputs <br> Level 3** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks \* | $12826226 | $— | $— | $12826226 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks \* | 3187 |  |  | 3187 |
| &nbsp;&nbsp;&nbsp;Right | 15 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 1222991 | 2254806 |  | 3477797 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments |  | 131141037 |  | 131141037 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $**14052419** | $**133395843** | $**—** | $**147448262** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices <br> Level 1** | **Other <br> Significant <br> Observable <br> Inputs <br> Level 2** | **Significant <br> Unobservable <br> Inputs <br> Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Written Options | $(314196) | $(310292) | $— | $(624488) |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts \*\* |  | (240546) |  | (240546) |
| &nbsp;&nbsp;&nbsp;Futures Contracts \*\* | 774946 |  |  | 774946 |
| &nbsp;&nbsp;&nbsp;Interest Rate Swaps \*\* |  | 468071 |  | 468071 |
| &nbsp;&nbsp;&nbsp;Inflation Swaps \*\* |  | 188884 |  | 188884 |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps \*\* |  | (8860) |  | (8860) |
| &nbsp;&nbsp;&nbsp;Total Return Swaps \*\* |  | (254415) |  | (254415) |
| &nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | $**460750** | $**(157158)** | $**—** | $**303592** |

---

<br> \* See Schedule of Investments for breakout by industry.

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

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

**(b) Derivatives**

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to equity securities, fixed income securities, interest rates, commodities, or currency exchange rates and related indexes. The Fund may also use these derivatives to modify or hedge the Fund's exposure to a particular investment market related risk, as well as to manage the volatility of the Fund. Additionally, the Fund may use derivatives to manage cash. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities.

Specific types of derivative instruments used by the Fund for the period ended December 31, 2022, include purchased options and warrants; written options; forward currency and futures contracts; and interest rate, inflation, credit default and total return swaps. All open derivative positions are listed on the Consolidated Schedule of Investments.

*Options Contracts –* The Fund may write call and put options on securities, derivative instruments, or currencies. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked- to-market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Written options which are closed or exercised will result in a gain if the closing price of the underlying security is lower than the premium received. The Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of said underlying security. The risk exists that the Fund may not be able to enter into a closing transaction because of an illiquid market.

The Fund may also purchase call and put options. The Fund pays a premium which is included in the Consolidated Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Purchasing options will result in a gain if the closing price of the transaction is higher than the premium paid.

*Dispersion Warrants –* The Fund makes investments in dispersion warrants. The final payout is calculated based on the volatility of a basket of underlying stocks compared to an established strike value for each constituent relative to the actual volatility of the overall index compared to an index strike value. The Fund pays a premium for each warrant. The Fund will recognize a gain if the dispersion calculation results in a payment greater than the premium paid. Otherwise, the Fund will recognize a realized loss at maturity. The amount of loss is limited to the amount of premium paid.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

*Forward and Futures Contracts –* A forward contract involves a negotiated obligation to purchase or sell a specific asset at a future date, at a price set at the time of the contract. A futures contract is a standardized forward contract to buy or sell a financial instrument or commodity at a predetermined price in the future. The primary risks associated with the use of these contracts are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract, (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired, (c) losses caused by unanticipated market movements, which are potentially unlimited, (d) the Adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors, (e) the possibility that the counterparty will default in the performance of its obligations, and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, thus the Fund may have to sell securities at a time when it may be disadvantageous to do so.

*Swap Contracts –* The Fund invests in total return swaps, in which payments made by the Fund or the counterparty are based on the total return of a particular reference asset or portfolio of assets (such as a single security, combination or "basket" of securities, or an index). The value of the Fund's swap positions increases or decreases depending on the changes in value of the underlying rates, currency values, volatility or other indices or measures.

The Fund enters into interest rate swaps. The two parties to the swap exchange the right to receive floating interest payments versus fixed interest payments. The value of an interest rate swap will change based on the spread between the rates.

The Fund invests in inflation swaps. The two parties exchange the return based on an inflation index for a fixed coupon payment. The value of the Fund's position changes based on the change in the underlying inflation index value.

The Fund enters into credit default swap agreements, credit default index swap agreements and similar agreements as a protection "seller" or as a "buyer" of credit protection. The credit default swap agreement or similar instruments may have as reference obligations one or more securities that are not held by the Fund. The protection "buyer" in a credit default swap agreement is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the agreement, provided generally that no credit event on a reference obligation has occurred. In addition, at the inception of the agreement, the protection "buyer" may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, an auction process is used to determine the "recovery value" of the contract. The seller then must pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. For credit default index swaps, the settlement payment for a constituent's credit event is scaled down to the weighting in the index.

As a seller of protection, the Fund generally receives a fixed rate of income throughout the term of the swap provided that there is no credit event. In addition, at the inception of the agreement, the Fund may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, the Fund will be generally obligated to pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. Credit default swaps could result in losses if the Adviser does not correctly evaluate the creditworthiness of the underlying instrument on which the credit default swap is based. Additionally, if the Fund is a seller of a credit default swap and a credit event occurs, the Fund could suffer significant losses.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

Changes in the value of swaps are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. The risk of loss on a swap contract may exceed the amount recorded as an asset or liability on the Consolidated Statement of Assets and Liabilities. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. Risks associated with swap contracts include changes in the returns of underlying instruments, failure of the counterparties to perform under a contract's terms and the possible lack of liquidity with respect to the contracts.

*Derivative Investment Holdings Categorized by Risk Exposure —* The following table sets forth the fair value and the location in the Consolidated Statement of Assets and Liabilities of the Fund's derivative contracts by primary risk exposure as of December 31, 2022:

Consolidated Statement of Assets and Liabilities Location

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets | Assets | Assets | Assets |
| Risk Exposure Category | Investments <sup>(1)</sup> | Unrealized <br> Appreciation on <br> Forward <br> Currency Contracts | Unrealized <br> Appreciation on <br> Swaps | Unrealized <br> Appreciation on <br> Futures <sup>(2)</sup> |
| Interest rate | $— | $**—** | $1204245 | $1878983 |
| Credit |  |  | 749 |  |
| Currency | 2189073 | 549402 | **—** | 427707 |
| Equity | 865114 |  | 95308 | 70806 |
| Commodity | 405590 | **—** |  | 494133 |
| Volatility | 18020 | **—** | **—** | 27330 |
| &nbsp;&nbsp;&nbsp;Total | $3477797 | $549402 | $1300302 | $2898959 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Liabilities | Liabilities | Liabilities | Liabilities |
| Risk Exposure Category | Written Options | Unrealized <br> Depreciation on <br> Forward <br> Currency Contracts | Unrealized <br> Depreciation on <br> Swaps | Unrealized <br> Depreciation on <br> Futures <sup>(2)</sup> |
| Interest rate | $— | $**—** | $(547290) | $(282284) |
| Credit |  |  | (9609) |  |
| Currency | (46487) | (789948) | **—** | (88866) |
| Equity | (33711) |  | (349723) | (1531302) |
| Commodity | (280485) |  |  | (198412) |
| Volatility | (263805) | **—** | **—** | (23149) |
| &nbsp;&nbsp;&nbsp;Total | $(624488) | $(789948) | $(906622) | $(2124013) |

---

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes purchased options and warrants.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Reflects the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund's Consolidated Schedule of Investments. The variation margin is captured in the deposits with brokers for derivative instruments in the Fund's Consolidated Statement of Assets and Liabilities.

The following table sets forth the Fund's realized and unrealized gain (loss), as reflected in the Consolidated Statement of Operations, by primary risk exposure and by type of derivative contract for the period ended December 31, 2022:

Amount of Realized Gain / (Loss) on Derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Risk Exposure <br> Category | Investments <sup>(1)</sup> | Written <br> Options | Forward <br> Currency <br> Contracts | Futures <br> Contracts | Swap <br> Contracts | Total |
| Interest rate <sup>(2)</sup> | $— | $541608 | $**—** | $994931 | $(320303) | $1216236 |
| Commodity | (1570828) | 2276330 | **—** | (2310345) | (5353) | (1610196) |
| Credit | **—** | **—** | **—** | **—** | 45183 | 45183 |
| Currency | (316403) | 81751 | (128663) | (399561) | **—** | (762876) |
| Equity | (1695490) | 1070876 | **—** | 2128756 | (2957044) | (1452902) |
| Volatility | (323218) | 807529 | **—** | (161011) | **—** | 323300 |
| Total | $(3905939) | $4778094 | $(128663) | $252770 | $(3237517) | $(2241255) |

---

Change in Unrealized Gain / (Loss) on Derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risk Exposure <br> Category | Investments <sup>(1)</sup> | Written <br> Options | Forward <br> Currency <br> Contracts | Futures <br> Contracts | Swap <br> Contracts | Total |
| Interest rate <sup>(2)</sup> | $— | $— | $**—** | $1510619 | $454969 | $1965588 |
| Credit | **—** |  | **—** |  | (61076) | (61076) |
| Currency | 352561 | (5073) | 31178 | 364486 |  | 743152 |
| Equity | (452722) | (199265) | **—** | (1619590) | (522839) | (2794416) |
| Commodity | 350558 | (194208) | **—** | 760912 |  | 917262 |
| Volatility | 46306 | (78817) | **—** | 7814 |  | (24697) |
| Total | $296703 | $(477363) | $31178 | $1024241 | $(128946) | $745813 |

---

<sup>(1)</sup> Includes purchased options and warrants.

<sup>(2)</sup> Includes inflation risk

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

The average monthly volume of derivative instruments held by the Fund during the period ended December 31, 2022 is set forth below:

---

| | | |
|:---|:---|:---|
| Derivative Type | Unit of Measure | Average Quantity |
| Credit default swaps | Notional Amount | $2121791 |
| Interest rate swaps \* | Notional Amount | $129799435 |
| Total return swaps – Long | Notional Amount | $16718152 |
| Total return swaps – Short | Notional Amount | $(44785233) |
| Forward currency contracts | Notional Amount | $88069982 |
| Futures – Long | Contracts | 25499 |
| Futures – Short | Contracts | (40308) |
| Purchased options and warrants | Contracts | 1893 |
| Purchased currency options | Notional Amount | $367537 |
| Purchased barrier options | Notional Amount | $935246 |
| Purchased correlation options | Notional Amount | $(72859) |
| Written options | Contracts | (2896) |
| Written currency options | Notional Amount | $1117479 |

---

\* Includes inflation swaps

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

The following tables set forth the Fund's net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Gross Amounts<br> Offset in the | Net Amounts<br> Presented in the | Gross Amounts not offset in the<br> Consolidated Statement of Assets<br> and Liabilities | Gross Amounts not offset in the<br> Consolidated Statement of Assets<br> and Liabilities | |
| Counterparty | Gross Amounts <br> of Recognized <br> Assets and <br> (Liabilities) | Consolidated <br> Statement of <br> Assets & <br> (Liabilities) | Consolidated <br> Statement of <br> Assets &<br> (Liabilities) | Offsetting<br> Derivative <br> Position | Cash <br> Collateral <br> Pledged <br> (Received)<sup>(1)</sup> | Net <br> Amount |
| Assets: |  |  |  |  |  |  |
| **Purchased Options and Warrants** | **Purchased Options and Warrants** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Barclays | $43316 | $— | $43316 | $— | $— | $43316 |
| &nbsp;&nbsp;&nbsp;Citigroup | 360303 |  | 360303 |  |  | 360303 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 131378 |  | 131378 |  |  | 131378 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 571119 |  | 571119 | (46487) |  | 524632 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2371681 |  | 2371681 | (578001) |  | 1793680 |
| **Futures Contracts <sup>(2)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 26185 | (26185) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2872774 | (2073257) | 799517 |  |  | 799517 |
| **Forward Contracts** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 549402 |  | 549402 | (549402) |  |  |
| **Swap Contracts** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup | 45422 |  | 45422 |  |  | 45422 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 13228 |  | 13228 | (13228) |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 1235296 |  | 1235296 | (648476) |  | 586820 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 6356 |  | 6356 | (6356) |  |  |
|  | $8226460 | $(2099442) | $6127018 | $(1841950) | $— | $4285068 |
| Liabilities: |  |  |  |  |  |  |
| **Written Options** | $(46487) | $— | $(46487) | $46487 | $— | $— |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | (578001) |  | (578001) | 578001 |  |  |
| **Futures Contracts <sup>(2)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase | (50756) | 26185 | (24571) |  | 24571 |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | (2073257) | 2073257 |  |  |  |  |
| **Forward Contracts** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase | (789948) |  | (789948) | 549402 | 240546 |  |
| **Swap Contracts** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Barclays | (14200) |  | (14200) |  | 14200 |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | (19955) |  | (19955) | 13228 | 6727 |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase | (648476) |  | (648476) | 648476 |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | (223991) |  | (223991) | 6356 | 217635 |  |
|  | $(4445071) | $2099442 | $(2345629) | $1841950 | $503679 | $— |

---

<sup>(1)</sup> Any over-collateralization of total financial instruments or cash is not shown.

<sup>(2)</sup> Reflects the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund's Consolidated Schedule of Investments.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

**(c) Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**(d) Security Transactions and Investment Income**

The Fund records security transactions based on trade date. The Fund determines the gain or loss realized from investment transactions by comparing the original cost of the specifically identified security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**(e) Foreign currency translation**

Investment securities and other assets and liabilities in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability. As of December 31, 2022, the Fund held foreign currency.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

**(f) Distributions to Shareholders**

The Fund records distributions to shareholders, which are determined in accordance with income tax regulations, on the ex-dividend date. Distributions of net investment income and net realized gains from investment transactions, if any, will be distributed to shareholders annually. The Fund may periodically make reclassifications among certain income and capital gains distributions determined in accordance with federal tax regulations, which may differ from GAAP. These reclassifications are due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

**(g) Federal Income Taxes**

The Fund has elected to be taxed as a Regulated Investment Company ("RIC") under the U.S. Internal Revenue Code of 1986, as amended, and intends to maintain this qualification and to distribute substantially all of the net taxable income to its shareholders. Therefore no provision is made for federal income taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purpose, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years (prior three fiscal years) and has concluded that as of December 31, 2022, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Fund has no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(h) Restricted Cash & Deposits with Broker**

At December 31, 2022, the Fund held restricted cash in connection with investments with certain derivative securities. Restricted cash is held in a segregated account with the Fund's custodian and is reflected on the Consolidated Statement of Assets and Liabilities as cash collateral for derivative instruments. On December 31, 2022, the Fund had pledged the following amounts as collateral for open currency contracts, options, futures and swap contracts:

---

| | | |
|:---|:---|:---|
| Counterparty | Amount Pledged <sup>(1)</sup> | Deposits with Brokers |
| Barclays | $— | $1142760 |
| Citibank, N.A. | 6230000 |  |
| Goldman Sachs | 860000 |  |
| J.P. Morgan Chase | 3705084 | 2851765 |
| Morgan Stanley | 17850000 | 15985107 |
| Total | $28645084 | $19979632 |

---

<br> <sup>(1)</sup> Excludes non-pledged cash or collateral held by broker.

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

**(i) Cash – Concentration in Uninsured Cash**

For cash management purposes the Fund may concentrate cash with the Fund's custodian. This typically results in cash balances exceeding the Federal Deposit Insurance Corporation ("FDIC") insurance limits. As of December 31, 2022, the Fund held $60,502,918 as cash reserves at U.S. Bank, N.A. ("U.S. Bank") that exceeded the FDIC insurance limit.

**Note 3 – Investment Management Agreement and Other Related Party Transactions**

The Trust has an agreement with the Adviser to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Adviser a monthly fee based on the Fund's average daily net assets at an annual rate of 0.90%. Pursuant to a contractual fee waiver and reimbursement agreement, the Adviser will reimburse the Fund for expenses in excess of 1.05%, of average daily net assets for both the Institutional and Super Institutional Classes, excluding any shareholder servicing fees pursuant to a Shareholder Servicing Plan, any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, portfolio transaction expenses, interest expense and dividends paid on short sales or extraordinary expenses such as litigation.

The Adviser is permitted to recapture amounts waived and/or reimbursed to a class within three years if the class's total annual operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will the Adviser recapture any amount that would result, on any particular business day of the Fund, in the class's total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

At December 31, 2022, the amounts reimbursed by the Adviser and subject to potential recapture by year were as follows:

---

| | |
|:---|:---|
| Amount | Expiration |
| $90412 | June 30, 2023 |
| 244854 | June 30, 2024 |
| 323321 | June 30, 2025 |
| 200015 | December 31, 2025 |
| $858602 |  |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's administrator fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund's custodian and provides compliance services to the Fund. For the period ended December 31, 2022, the Fund incurred the following expenses for administration, compliance, custody and transfer agency fees:

---

| | |
|:---|:---|
| Administration | $138920 |
| Compliance Services | $6440 |
| Custody | $41932 |
| Transfer Agency | $42980 |

---

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

At December 31, 2022, the Fund had payables due to Fund Services for administration, compliance, custody, transfer agency fees to U.S. Bank in the following amounts:

---

| | |
|:---|:---|
| Administration | $107233 |
| Compliance Services | $5377 |
| Custody | $21872 |
| Transfer Agency | $34580 |

---

The above payable amounts are included in other accrued expenses in the Consolidated Statement of Assets and Liabilities.

The Independent Trustees were paid $7,166 for their services during the period ended December 31, 2022. The Fund pays no compensation to the Interested Trustee or officers of the Trust.

**Note 4 – Distribution Plan**

Third party distribution and servicing expenses may be paid directly by the Fund or through the Investment Adviser in its administrative role for purposes of facilitating and monitoring payments under the Plan.

Quasar Distributors, LLC ("Quasar" or the "Distributor") acts as the Fund's distributor and principal underwriter in a continuous public offering of the Fund's shares and is paid for its services by the Investment Adviser out of the fees received under the Plan and may be paid out of the Investment Adviser's own resources.

**Note 5 – Portfolio Securities Transactions**

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
| Purchases | $168617005 |
| Sales | $124488898 |

---

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

**Note 6 – Federal Income Tax Information**

At June 30, 2022, the components of distributable earnings for income tax purposes were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investments** | **Written <br> Options** | **Foreign <br> Currencies** | **Forward <br> Currency <br> Contracts** | **Futures <br> Contracts** | **Swap<br> Contracts** | **Total** |
| **Tax cost of Investments** | $102940930 | $(2059610) | $1506938 | $— | $279372 | $667883 | $103335513 |
| **Unrealized Appreciation** | 2001359 | 599966 | 20728 | 204637 | 333455 |  | 3160145 |
| **Unrealized Depreciation** | (3855129) |  | (3650) | (12615) | (862122) |  | (4733516) |
| **Net unrealized appreciation (depreciation)** | (1853770) | 599966 | 17078 | 192022 | (528667) |  | (1573371) |
| **Undistributed Long Term Gain** | 86604 |  |  |  |  |  | 86604 |
| **Other accumulated losses** | (959395) |  |  |  |  |  | (959395) |
| **Total accumulated losses** | $(2726561) | $599966 | $17078 | $192022 | $(528667) | $— | $(2446162) |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended June 30, 2022, permanent differences in book and tax accounting have been reclassified to capital, and distributable earnings as follows:

---

| | |
|:---|:---|
| **Distributable Earnings** | **Paid In Capital** |
| $(2186304) | $2186304 |

---

The tax character of distributions paid during six months ended December 31, 2022, and the year ended June 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | Six Months ended | Year ended |
| Distributions Paid From: | December 31, 2022 | June 30, 2022 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $1243305 | $7513243 |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gains | 1445988 | 250 |
| Total Distributions Paid | $2689293 | $7513493 |

---

------

**Fulcrum Diversified Absolute Return Fund**

Notes to Consolidated Financial Statements (Unaudited) (Continued)

December 31, 2022

The Fund is required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. At June 30, 2022, the Fund had no post-October losses and $957,570 in late-year losses.

At June 30, 2022, the Fund had no capital loss carryforwards, which reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax.

**Note 7 – Commitments and Contingencies**

In the normal course of business, the Fund enters into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against each Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

**Note 8 – Subsequent Events**

Management has evaluated events and transactions that occurred subsequent to December 31, 2022 through the date the financial statements have been issued and has determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.

------

**Fulcrum Diversified Absolute Return Fund**

Additional Information (Unaudited)

December 31, 2022

**Quarterly Portfolio Schedule**

The Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission (SEC) on Part F of Form N-PORT. The Fund's Form N-PORT is available without charge by visiting the SEC's Web site at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

**Proxy Voting**

You may obtain a description of the Fund's proxy voting policy and voting records, without charge, upon request by contacting the Fund directly at 1-855-538-5278 or on the EDGAR Database on the SEC's website at ww.sec.gov. The Fund files its proxy voting records annually as of June 30, with the SEC on Form N-PX. The Fund's Form N-PX is available without charge by visiting the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

**Approval of Investment Advisory Agreement**

At a meeting held on August 25 and 26, 2022, the Board of Trustees (the "Board") of Trust for Advised Portfolios (the "Trust"), including all Trustees who are not "interested persons" of the Trust ("Independent Trustees"), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement ("Advisory Agreement") with Fulcrum Asset Management, LLC (the "Adviser"), for the Fulcrum Diversified Absolute Return Fund (the "Fund").

Ahead of the August meeting, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information formed the primary (but not exclusive) basis for the Board's determinations. The information prepared specifically for the annual review of the Advisory Agreement supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Adviser; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained during their tenure on the Board governing the Fund and working with the Adviser in their review of the Advisory Agreement. The Independent Trustees were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel without representatives from the Adviser present. In connection with their annual review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

------

**Fulcrum Diversified Absolute Return Fund**

Additional Information (Unaudited) (Continued)

December 31, 2021

In considering the continuance of the Advisory Agreement, the Board considered the following factors and made the following determinations. In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision, and each Trustee may have attributed different weights to the various factors and information.

• In considering the nature, extent and quality of the services provided by the Adviser, the Trustees considered the Adviser's specific responsibilities in all aspects of the day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, chief compliance officer and compliance record, and its disaster recovery/business continuity plan. The Board also considered the existing relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and noted that during the year it had met with the Adviser to discuss fund performance and investment outlook, as well as various marketing and compliance topics, including the Adviser's risk management process. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that, in the Board's view, the nature, overall quality, and extent of the management services provided were and would continue to be satisfactory and reliable.

• In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the performance of the Fund on both an absolute basis and in comparison to its peer group, relevant benchmark index, and a comparable account managed by the Adviser. The Board considered that the Fund had outperformed relative to its peer group median/average for the year-to-date, one-, three-, and five-year periods as of June 30, 2022. The Board also considered that the Fund had outperformed its benchmark index for the one-year, five-year, and since inception periods and underperformed its benchmark index for the three-year period as of June 30, 2022. The Board also considered that the Fund outperformed and the Adviser's comparable account for the three-year, five-year and since inception periods and underperformed for the one-year period as of June 30, 2022. The Board evaluated this information in the context of the Fund's aim to achieve long-term absolute returns in all market conditions over rolling five-year periods.

• The Trustees also reviewed the cost of the Adviser's services, and the structure and level of the advisory fee payable by the Fund, including a comparison of the fee to fees payable by a peer group of funds. The Board noted that the Adviser had contractually agreed to maintain an annual expense cap for each of the Fund's classes. The Board noted that the Fund's advisory fee and net expense ratio were lower than its peer group median/average. After reviewing the materials that were provided, the Trustees noted that the fee to be received by the Adviser was within the rage of advisory fees charged to comparable funds and concluded that such fee was fair and reasonable.

• The Trustees considered whether, based on the asset size of the Fund, economies of scale had been achieved. The Board also considered the Adviser's commitment to maintain its caps on Fund expenses. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale have been achieved.

------

**Fulcrum Diversified Absolute Return Fund**

Additional Information (Unaudited) (Continued)

December 31, 2021

• The Trustees considered the profitability of the Adviser from managing the Fund. In assessing The Adviser's profitability, the Trustees reviewed The Adviser's financial information that was provided in the August meeting materials and took into account both the direct and indirect benefits to The Adviser from managing the Fund. The Trustees concluded that the Adviser's profits from managing the Fund were not excessive and, after a review of the relevant financial information, that the Adviser appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.

**Statement Regarding Liquidity Risk Management Program**

The Fund has adopted a liquidity risk management program. The Funds' Board has designated a Liquidity Risk Committee ("Committee") of the Adviser to serve as the administrator of the program. The Committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the Committee.

Under the program, the Committee manages the Fund's liquidity risk, which is the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in a Fund. This risk is managed by monitoring the degree of liquidity of the Fund's investments, limiting the amount of the Fund's illiquid investments, and utilizing various risk management tools and facilities available to each Fund for meeting shareholder redemptions, among other means.

The Funds' Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No liquidity events impacting either of the Funds were noted in the report. In addition, the Committee provided its assessment that the program had been effective in managing each Fund's liquidity risk.

------

**PRIVACY NOTICE**

The Fund collects non-public information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive about you on applications or other forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information you give us orally; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

------

**Investment Adviser**

Fulcrum Asset Management LLP

Marble Arch House

66 Seymour Street

London W1H 5BT

United Kingdom

**Distributor**

Quasar Distributors, LLC

111 East Kilbourn Ave. Suite 2200

Milwaukee, Wisconsin 53202

**Custodian**

U.S. Bank National Association

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

**Transfer Agent, Fund Accountant and Fund Administrator**

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

**Independent Registered Public Accounting Firm**

BBD, LLP

1835 Market Street, 3<sup>rd</sup> Floor

Philadelphia, PA 19103

**Legal Counsel**

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.

Not applicable for semi-annual reports

#### Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports

#### Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports

#### Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

#### Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of
 this report, as 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. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(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 period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](certs.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](sox.htm)

------

#### 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.

<u>Trust for Advised Portfolios</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

By <u>/s/</u> <u>*Russell B. Simon*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Russell B. Simon*, President

Date <u>3/8/2023 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

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 <u>/s/</u> <u>*Russell B. Simon*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Russell B. Simon*, President

Date <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <u><u>3/8/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By <u>/s/ *Eric T. McCormick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</u>

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Eric T. McCormick*, Treasurer

Date<u> </u><u><u>3/7/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

------

## Ex-99.Cert

------

EX.99.CERT

<br> **<u>CERTIFICATIONS</u>**

I, Russell B. Simon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Advised Portfolios; <br>

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
 not misleading with respect to the period covered by this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:<u> </u><u><u>3/8/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | *<u>/s/ *Russell B. Simon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</u>* <br>*Russell B. Simon,* President |

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#### EX.99.CERT CERTIFICATIONS

I, Eric T. McCormick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Advised Portfolios; <br>

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
 not misleading with respect to the period covered by this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; <br>

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:<u> </u><u><u>3/7/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | *<u>/s/ *Eric T. McCormick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</u>* <br>*Eric T. McCormick*, Treasurer |

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## Exhibit 99.906

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#### EX.99.906CERT <br>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Advised Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for Advised Portfolios for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for Advised Portfolios for the stated period.

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| | |
|:---|:---|
| <br> *<u>/s/ *Russell B. Simon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</u>* <br> *Russell B. Simon*<br> President, Trust for Advised Portfolios | <br> *<u>/s/ *Eric T. McCormick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</u>* <br> *Eric T. McCormick*<br> Treasurer, Trust for Advised Portfolios |
| <br>Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <u><u>3/8/2023</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | <br>Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp; 3/7/2023 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Trust for Advised Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.

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