AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

1

Issues

Maturity

Date

Principal

Amount

Value

BONDS

–

59

.30

%

ASSET-BACKED

SECURITIES

—

12

.43

%

**

Access

Group,

Inc.,

Series

2015-1,

Class

A

(LIBOR

USD

1-Month

plus

0.70%)

0.85%

07/25/56

1,2

$

14,744‌

$

14,551‌

Aimco

CLO

11

Ltd.,

Series

2020-11A,

Class

A1

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.38%)

1.60%

10/15/31

1,2,3

100,000‌

100,085‌

AMMC

CLO

23

Ltd.,

Series

2020-23A,

Class

A1L

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.40%)

1.64%

10/17/31

1,2,3

85,000‌

85,153‌

Barings

CLO

Ltd.,

Series

2013-IA,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.80%)

1.02%

01/20/28

1,2,3

69,363‌

69,229‌

Barings

CLO

Ltd.,

Series

2018-3A,

Class

A1

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.95%)

1.17%

07/20/29

1,2,3

85,000‌

84,698‌

Bayview

Commercial

Asset

Trust,

Series

2004-3,

Class

A1

(LIBOR

USD

1-Month

plus

0.56%)

0.70%

01/25/35

1,2

10,611‌

10,408‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2010-1,

Class

A2

(LIBOR

USD

3-Month

plus

1.20%)

1.41%

02/25/35

2

215,000‌

217,773‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.27%)

1.51%

10/25/32

1,2,3

80,000‌

80,068‌

Citibank

Credit

Card

Issuance

Trust,

Series

2018-A6,

Class

A6

3.21%

12/07/24

235,000‌

248,771‌

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-26A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.90%)

1.14%

04/15/29

1,2,3

50,000‌

49,797‌

Eaton

Vance

CLO

Ltd.,

Series

2020-1A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.65%)

1.90%

10/15/30

1,2,3

85,000‌

85,309‌

Educational

Funding

of

the

South,

Inc.,

Series

2011-1,

Class

A2

(LIBOR

USD

3-Month

plus

0.65%)

0.86%

04/25/35

2

2,647‌

2,635‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Educational

Funding

of

the

South,

Inc.,

Series

2012-1,

Class

A

(LIBOR

USD

1-Month

plus

1.05%)

1.20%

03/25/36

2

$

28,990‌

$

29,169‌

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2019-3,

Class

A1

2.23%

09/15/24

250,000‌

258,021‌

GoldenTree

Loan

Management

U.S.

CLO

8

Ltd.,

Series

2020-8A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.55%)

1.75%

07/20/31

1,2,3

140,000‌

140,491‌

Higher

Education

Funding

I,

Series

2014-1,

Class

A

(LIBOR

USD

3-Month

plus

1.05%)

1.26%

05/25/34

1,2

134,853‌

135,346‌

LCM

XIII

LP,

Series

13A,

Class

ARR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.14%)

1.36%

07/19/27

1,2,3

80,000‌

79,914‌

Magnetite

XXI

Ltd.,

Series

2019-21A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.28%)

1.50%

04/20/30

1,2,3

85,000‌

85,004‌

Magnetite

XXVII

Ltd.,

Series

2020-27A,

Class

A1

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.55%)

1.76%

07/20/33

1,2,3

130,000‌

130,300‌

Navient

Student

Loan

Trust,

Series

2014-1,

Class

A3

(LIBOR

USD

1-Month

plus

0.51%)

0.66%

06/25/31

2

99,126‌

96,236‌

Navient

Student

Loan

Trust,

Series

2017-2A,

Class

A

(LIBOR

USD

1-Month

plus

1.05%)

1.20%

12/27/66

1,2

69,889‌

70,791‌

Navient

Student

Loan

Trust,

Series

2017-4A,

Class

A2

(LIBOR

USD

1-Month

plus

0.50%)

0.65%

09/27/66

1,2

72,553‌

72,520‌

Nelnet

Student

Loan

Trust,

Series

2014-3A,

Class

A

(LIBOR

USD

1-Month

plus

0.58%)

0.73%

06/25/41

1,2

15,968‌

15,763‌

North

Carolina

State

Education

Authority,

Series

2011-1,

Class

A3

(LIBOR

USD

3-Month

plus

0.90%)

1.12%

10/25/41

2

10,230‌

10,279‌

OCP

CLO

Ltd.,

Series

2017-14A,

Class

A1A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.15%)

1.37%

11/20/30

1,2,3

85,000‌

85,004‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

2

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.25%)

1.47%

10/19/32

1,2,3

$

80,000‌

$

80,086‌

Palmer

Square

CLO

Ltd.,

Series

2014-1A,

Class

A1R2

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.13%)

1.35%

01/17/31

1,2,3

85,000‌

84,834‌

PHEAA

Student

Loan

Trust,

Series

2016-1A,

Class

A

(LIBOR

USD

1-Month

plus

1.15%)

1.30%

09/25/65

1,2

68,563‌

69,355‌

Riserva

CLO

Ltd.,

Series

2016-3A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.14%)

1.36%

10/18/28

1,2,3

200,000‌

200,053‌

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.19%)

1.41%

10/20/30

1,2,3

130,000‌

130,003‌

SBA

Small

Business

Investment

Cos.,

Series

2011-10B,

Class

1

2.88%

09/10/21

249,190‌

250,968‌

SLM

Student

Loan

Trust,

Series

2003-10A,

Class

A3

(LIBOR

USD

3-Month

plus

0.47%)

0.69%

12/15/27

1,2

30,964‌

30,965‌

SLM

Student

Loan

Trust,

Series

2003-11,

Class

A6

(LIBOR

USD

3-Month

plus

0.55%)

0.77%

12/15/25

1,2

37,990‌

37,977‌

SLM

Student

Loan

Trust,

Series

2004-1,

Class

A4

(LIBOR

USD

3-Month

plus

0.26%)

0.47%

10/27/25

2

49,129‌

48,885‌

SLM

Student

Loan

Trust,

Series

2005-4,

Class

A3

(LIBOR

USD

3-Month

plus

0.12%)

0.33%

01/25/27

2

69,141‌

68,762‌

SLM

Student

Loan

Trust,

Series

2005-5,

Class

A4

(LIBOR

USD

3-Month

plus

0.14%)

0.35%

10/25/28

2

134,350‌

133,614‌

SLM

Student

Loan

Trust,

Series

2005-8,

Class

A4

(LIBOR

USD

3-Month

plus

0.55%)

0.76%

01/25/28

2

17,337‌

17,342‌

SLM

Student

Loan

Trust,

Series

2007-6,

Class

A4

(LIBOR

USD

3-Month

plus

0.38%)

0.59%

10/25/24

2

14,140‌

14,138‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

SLM

Student

Loan

Trust,

Series

2008-5,

Class

A4

(LIBOR

USD

3-Month

plus

1.70%)

1.91%

07/25/23

2

$

115,540‌

$

115,046‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

A4

(LIBOR

USD

3-Month

plus

1.10%)

1.31%

07/25/23

2

159,701‌

155,998‌

SLM

Student

Loan

Trust,

Series

2008-9,

Class

A

(LIBOR

USD

3-Month

plus

1.50%)

1.71%

04/25/23

2

43,264‌

42,920‌

SLM

Student

Loan

Trust,

Series

2011-2,

Class

A1

(LIBOR

USD

1-Month

plus

0.60%)

0.75%

11/25/27

2

2,867‌

2,866‌

SLM

Student

Loan

Trust,

Series

2012-1,

Class

A3

(LIBOR

USD

1-Month

plus

0.95%)

1.10%

09/25/28

2

156,599‌

152,646‌

SLM

Student

Loan

Trust,

Series

2012-2,

Class

A

(LIBOR

USD

1-Month

plus

0.70%)

0.85%

01/25/29

2

90,623‌

85,357‌

SLM

Student

Loan

Trust,

Series

2013-4,

Class

A

(LIBOR

USD

1-Month

plus

0.55%)

0.70%

06/25/43

2

6,402‌

6,327‌

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.22%)

1.44%

07/17/28

1,2,3

35,000‌

35,001‌

Toyota

Auto

Receivables

Owner

Trust,

Series

2018-B,

Class

A4

3.11%

11/15/23

270,000‌

278,389‌

Voya

CLO

Ltd.,

Series

2014-3A,

Class

A1R

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.72%)

0.93%

07/25/26

1,2,3

8,347‌

8,333‌

Voya

CLO

Ltd.,

Series

2020-2A,

Class

A1

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.60%)

1.78%

07/19/31

1,2,3

80,000‌

80,187‌

Total

Asset-Backed

Securities

(Cost

$4,390,036)

4,387,367‌

CORPORATES

—

26

.56

%

*

Banking

—

3

.92

%

Bank

of

America

Corp.

2.74%

01/23/22

4

325,000‌

325,399‌

3.00%

12/20/23

4

91,000‌

95,815‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

3

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Banking

(continued)

HSBC

Holdings

PLC

(United

Kingdom)

(LIBOR

USD

3-Month

plus

1.00%)

1.22%

05/18/24

2,3

$

85,000‌

$

85,604‌

JPMorgan

Chase

&

Co.

3.21%

04/01/23

4

200,000‌

207,301‌

Lloyds

Banking

Group

PLC

(United

Kingdom)

2.91%

11/07/23

3,4

200,000‌

208,657‌

Santander

UK

Group

Holdings

PLC

(United

Kingdom)

3.13%

01/08/21

3

125,000‌

125,028‌

4.80%

11/15/24

3,4

75,000‌

83,449‌

Wells

Fargo

Bank

N.A.

(BKNT)

2.08%

09/09/22

4

250,000‌

252,976‌

1,384,229‌

Communications

—

2

.02

%

AT&T,

Inc.

(LIBOR

USD

3-Month

plus

1.18%)

1.40%

06/12/24

2

175,000‌

179,341‌

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

4.50%

05/01/32

1

19,000‌

20,306‌

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(LIBOR

USD

3-Month

plus

1.65%)

1.86%

02/01/24

2

125,000‌

128,242‌

Intelsat

Jackson

Holdings

SA

(Luxembourg)

8.50%

10/15/24

1,3,5,6

20,000‌

14,300‌

9.75%

07/15/25

1,3,5,6

61,000‌

44,079‌

Level

3

Financing,

Inc.

5.38%

05/01/25

6,000‌

6,158‌

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC

3.36%

09/20/21

1

75,000‌

75,750‌

4.74%

03/20/25

1

50,000‌

54,311‌

5.15%

03/20/28

1

50,000‌

58,000‌

Virgin

Media

Secured

Finance

PLC

(United

Kingdom)

5.50%

05/15/29

1,3

5,000‌

5,427‌

Vodafone

Group

PLC

(United

Kingdom)

(LIBOR

USD

3-Month

plus

0.99%)

1.22%

01/16/24

2,3

125,000‌

126,719‌

712,633‌

Electric

—

2

.30

%

Alliant

Energy

Finance

LLC

3.75%

06/15/23

1

140,000‌

150,102‌

Dominion

Energy,

Inc.,

Series

B

2.75%

09/15/22

150,000‌

155,322‌

Duquesne

Light

Holdings,

Inc.

5.90%

12/01/21

1

50,000‌

52,152‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Electric

(continued)

El

Paso

Electric

Co.

3.30%

12/15/22

$

50,000‌

$

51,126‌

Evergy,

Inc.

4.85%

06/01/21

100,000‌

100,686‌

NextEra

Energy

Capital

Holdings,

Inc.

2.40%

09/01/21

30,000‌

30,417‌

(LIBOR

USD

3-Month

plus

0.48%)

0.70%

05/04/21

2

55,000‌

55,076‌

(LIBOR

USD

3-Month

plus

0.55%)

0.77%

08/28/21

2

40,000‌

40,013‌

PNM

Resources,

Inc.

3.25%

03/09/21

175,000‌

175,694‌

810,588‌

Energy

—

1

.59

%

Antero

Resources

Corp.

5.00%

03/01/25

28,000‌

26,653‌

5.13%

12/01/22

6,000‌

5,994‌

8.38%

07/15/26

1

15,000‌

15,277‌

Cheniere

Energy

Partners

LP

5.25%

10/01/25

5,000‌

5,136‌

Energy

Transfer

Operating

LP

5.50%

06/01/27

12,000‌

14,143‌

NGPL

Pipe

Co.

LLC

4.38%

08/15/22

1

150,000‌

156,360‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.65%

10/15/25

125,000‌

140,087‌

Sunoco

Logistics

Partners

Operations

LP

4.25%

04/01/24

150,000‌

162,486‌

Transocean

Phoenix

2

Ltd.

(Cayman

Islands)

7.75%

10/15/24

1,3

12,600‌

12,285‌

Transocean

Pontus

Ltd.

(Cayman

Islands)

6.13%

08/01/25

1,3

4,680‌

4,461‌

Transocean

Poseidon

Ltd.

(Cayman

Islands)

6.88%

02/01/27

1,3

18,000‌

16,425‌

Transocean

Proteus

Ltd.

(Cayman

Islands)

6.25%

12/01/24

1,3

2,400‌

2,265‌

561,572‌

Entertainment

—

0

.03

%

Live

Nation

Entertainment,

Inc.

4.75%

10/15/27

1

11,000‌

11,291‌

Finance

—

5

.96

%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

4.45%

12/16/21

3

150,000‌

154,502‌

Air

Lease

Corp.

2.25%

01/15/23

75,000‌

77,058‌

3.50%

01/15/22

65,000‌

66,902‌

Avolon

Holdings

Funding

Ltd.

(Cayman

Islands)

5.13%

10/01/23

1,3

5,000‌

5,355‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

4

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

Citigroup,

Inc.

2.88%

07/24/23

4

$

225,000‌

$

233,841‌

(LIBOR

USD

3-Month

plus

0.95%)

1.16%

07/24/23

2

30,000‌

30,280‌

Daimler

Finance

North

America

LLC

(LIBOR

USD

3-Month

plus

0.90%)

1.12%

02/15/22

1,2

150,000‌

151,154‌

Ford

Motor

Credit

Co.

LLC

3.20%

01/15/21

160,000‌

160,280‌

3.81%

10/12/21

35,000‌

35,460‌

5.75%

02/01/21

75,000‌

75,281‌

(LIBOR

USD

3-Month

plus

0.81%)

1.05%

04/05/21

2

45,000‌

44,998‌

General

Motors

Financial

Co.,

Inc.

4.20%

11/06/21

60,000‌

61,802‌

4.38%

09/25/21

135,000‌

138,665‌

Goldman

Sachs

Group,

Inc.

(The)

2.88%

10/31/22

4

170,000‌

173,395‌

Goldman

Sachs

Group,

Inc.

(The)

(MTN)

(LIBOR

USD

3-Month

plus

1.60%)

1.82%

11/29/23

2

75,000‌

77,552‌

Intercontinental

Exchange,

Inc.

(LIBOR

USD

3-Month

plus

0.65%)

0.87%

06/15/23

2

140,000‌

140,447‌

Morgan

Stanley

(LIBOR

USD

3-Month

plus

0.93%)

1.15%

07/22/22

2

200,000‌

200,869‌

Nationwide

Building

Society

(United

Kingdom)

3.62%

04/26/23

1,3,4

75,000‌

77,934‌

4.36%

08/01/24

1,3,4

75,000‌

81,559‌

Park

Aerospace

Holdings

Ltd.

(Cayman

Islands)

4.50%

03/15/23

1,3

110,000‌

115,330‌

2,102,664‌

Food

—

0

.56

%

Kraft

Heinz

Foods

Co.

4.00%

06/15/23

75,000‌

80,458‌

Smithfield

Foods,

Inc.

3.35%

02/01/22

1

115,000‌

117,014‌

197,472‌

Health

Care

—

3

.99

%

AbbVie,

Inc.

3.45%

03/15/22

50,000‌

51,578‌

3.75%

11/14/23

125,000‌

136,372‌

5.00%

12/15/21

40,000‌

41,302‌

Bayer

U.S.

Finance

II

LLC

2.20%

07/15/22

1

150,000‌

152,921‌

2.75%

07/15/21

1

90,000‌

91,131‌

Centene

Corp.

3.00%

10/15/30

114,000‌

120,971‌

3.38%

02/15/30

3,000‌

3,167‌

5.38%

08/15/26

1

10,000‌

10,588‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

Cigna

Corp.

(LIBOR

USD

3-Month

plus

0.65%)

0.88%

09/17/21

2

$

100,000‌

$

100,016‌

CVS

Health

Corp.

(LIBOR

USD

3-Month

plus

0.72%)

0.95%

03/09/21

2

32,000‌

32,038‌

Dignity

Health

3.13%

11/01/22

50,000‌

51,752‌

Fresenius

Medical

Care

U.S.

Finance

II,

Inc.

5.88%

01/31/22

1

100,000‌

105,333‌

Fresenius

U.S.

Finance

II,

Inc.

4.50%

01/15/23

1

75,000‌

79,293‌

HCA,

Inc.

5.00%

03/15/24

75,000‌

84,440‌

Humana,

Inc.

3.85%

10/01/24

130,000‌

144,018‌

Royalty

Pharma

PLC

(United

Kingdom)

0.75%

09/02/23

1,3

85,000‌

85,425‌

Viatris,

Inc.

1.13%

06/22/22

1

100,000‌

100,949‌

Zimmer

Biomet

Holdings,

Inc.

(LIBOR

USD

3-Month

plus

0.75%)

0.99%

03/19/21

2

18,000‌

18,000‌

1,409,294‌

Industrials

—

0

.93

%

Bemis

Co.,

Inc.

4.50%

10/15/21

160,000‌

163,481‌

General

Electric

Co.

(MTN)

(LIBOR

USD

3-Month

plus

0.38%)

0.60%

05/05/26

2

30,000‌

28,874‌

(LIBOR

USD

3-Month

plus

0.48%)

0.70%

08/15/36

2

75,000‌

55,125‌

General

Electric

Co.,

Series

NOTZ

(MTN)

(LIBOR

USD

3-Month

plus

1.00%)

1.24%

04/15/23

2

50,000‌

50,233‌

Mauser

Packaging

Solutions

Holding

Co.

5.50%

04/15/24

1

5,000‌

5,106‌

PowerTeam

Services

LLC

9.03%

12/04/25

1

19,000‌

21,167‌

Sealed

Air

Corp.

4.00%

12/01/27

1

5,000‌

5,350‌

329,336‌

Information

Technology

—

0

.15

%

Broadcom

Corp./Broadcom

Cayman

Finance

Ltd.

3.63%

01/15/24

40,000‌

43,314‌

NXP

BV/NXP

Funding

LLC

(Netherlands)

4.63%

06/01/23

1,3

10,000‌

10,945‌

54,259‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

5

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Insurance

—

0

.26

%

Allstate

Corp.

(The)

(LIBOR

USD

3-Month

plus

0.43%)

0.68%

03/29/21

2

$

30,000‌

$

30,027‌

Nationwide

Mutual

Insurance

Co.

2.51%

12/15/24

1,4

60,000‌

59,990‌

90,017‌

Real

Estate

Investment

Trust

(REIT)

—

3

.16

%

American

Campus

Communities

Operating

Partnership

LP

3.75%

04/15/23

115,000‌

122,159‌

Boston

Properties

LP

4.13%

05/15/21

150,000‌

150,632‌

Camden

Property

Trust

2.95%

12/15/22

55,000‌

57,346‌

CyrusOne

LP/CyrusOne

Finance

Corp.

2.90%

11/15/24

140,000‌

149,728‌

GLP

Capital

LP/GLP

Financing

II,

Inc.

3.35%

09/01/24

25,000‌

26,335‌

5.38%

11/01/23

85,000‌

92,941‌

Healthpeak

Properties,

Inc.

4.25%

11/15/23

3,000‌

3,287‌

Kimco

Realty

Corp.

3.40%

11/01/22

100,000‌

105,037‌

MGM

Growth

Properties

Operating

Partnership

LP/MGP

Finance

Co.-Issuer,

Inc.

4.50%

01/15/28

6,000‌

6,405‌

Post

Apartment

Homes

LP

3.38%

12/01/22

75,000‌

78,404‌

SL

Green

Operating

Partnership

LP

3.25%

10/15/22

50,000‌

51,602‌

(LIBOR

USD

3-Month

plus

0.98%)

1.20%

08/16/21

2

115,000‌

114,747‌

WEA

Finance

LLC

3.15%

04/05/22

1

50,000‌

50,869‌

Welltower,

Inc.

3.75%

03/15/23

100,000‌

106,244‌

1,115,736‌

Retail

—

0

.09

%

Alimentation

Couche-Tard,

Inc.

(Canada)

2.70%

07/26/22

1,3

30,000‌

31,026‌

Services

—

0

.63

%

Global

Payments,

Inc.

3.80%

04/01/21

100,000‌

100,552‌

IHS

Markit

Ltd.

(Bermuda)

5.00%

11/01/22

1,3

115,000‌

123,142‌

223,694‌

Transportation

—

0

.97

%

Aviation

Capital

Group

LLC

(LIBOR

USD

3-Month

plus

0.95%)

1.18%

06/01/21

1,2

100,000‌

99,389‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Transportation

(continued)

Continental

Airlines

Pass-Through

Trust,

Series

2000-2,

Class

A1

7.71%

04/02/21

$

6,868‌

$

6,912‌

Continental

Airlines

Pass-Through

Trust,

Series

2007-1,

Class

A

5.98%

04/19/22

103,755‌

105,052‌

Northwest

Airlines

Pass-Through

Trust,

Series

2001-1,

Class

A1

7.04%

04/01/22

80,561‌

78,082‌

U.S.

Airways

Pass-Through

Trust,

Series

2001-1G,

Class

G

7.08%

03/20/21

13,405‌

13,457‌

U.S.

Airways

Pass-Through

Trust,

Series

2012-1,

Class

A

5.90%

10/01/24

39,925‌

39,552‌

342,444‌

Total

Corporates

(Cost

$9,236,740)

9,376,255‌

MORTGAGE-BACKED

—

18

.32

%

**

Non-Agency

Commercial

Mortgage-Backed

—

3

.87

%

1345

Avenue

of

the

Americas

&

Park

Avenue

Plaza

Trust,

Series

2005-1,

Class

A3

5.28%

08/10/35

1

49,102‌

52,380‌

Citigroup

Commercial

Mortgage

Trust,

Series

2012-GC8,

Class

AAB

2.61%

09/10/45

44,273‌

44,824‌

Citigroup

Commercial

Mortgage

Trust,

Series

2013-GC11,

Class

AAB

2.69%

04/10/46

54,751‌

55,919‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC29,

Class

AAB

2.98%

04/10/48

77,046‌

80,211‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-P1,

Class

AAB

3.47%

09/15/48

50,710‌

53,873‌

Commercial

Mortgage

Trust,

Series

2012-CR3,

Class

ASB

2.37%

10/15/45

20,507‌

20,768‌

Commercial

Mortgage

Trust,

Series

2012-CR4,

Class

XA

(IO)

1.69%

10/15/45

4

324,454‌

7,869‌

Commercial

Mortgage

Trust,

Series

2013-CR11,

Class

ASB

3.66%

08/10/50

12,254‌

12,765‌

Commercial

Mortgage

Trust,

Series

2013-CR7,

Class

XA

(IO)

1.21%

03/10/46

4

1,279,056‌

28,142‌

Commercial

Mortgage

Trust,

Series

2013-LC6,

Class

XB

(IO)

0.38%

01/10/46

1,4

1,750,000‌

13,563‌

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX9,

Class

A2

3.05%

09/15/50

150,000‌

154,936‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

6

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

GS

Mortgage

Securities

Trust,

Series

2010-C1,

Class

X

(IO)

1.06%

08/10/43

1,4

$

3,100,897‌

$

37,569‌

GS

Mortgage

Securities

Trust,

Series

2011-GC3,

Class

X

(IO)

0.36%

03/10/44

1,4

3,066,114‌

5,480‌

GS

Mortgage

Securities

Trust,

Series

2012-GCJ7,

Class

A4

3.38%

05/10/45

55,809‌

56,514‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2013-C17,

Class

XA

(IO)

0.74%

01/15/47

4

1,667,729‌

31,452‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2012-C6,

Class

ASB

3.14%

05/15/45

64,989‌

66,260‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2013-C13,

Class

XA

(IO)

0.12%

01/15/46

4

8,659,173‌

24,000‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2013-LC11,

Class

XA

(IO)

1.25%

04/15/46

4

3,285,812‌

75,542‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2015-JP1,

Class

XA

(IO)

0.94%

01/15/49

4,7,8

739,778‌

27,343‌

LB-UBS

Commercial

Mortgage

Trust,

Series

2006-C6,

Class

XCL

(IO)

0.69%

09/15/39

1,4

515,175‌

1,705‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C13,

Class

ASB

3.56%

11/15/46

13,074‌

13,584‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C14,

Class

XA

(IO)

1.00%

02/15/47

4

1,325,043‌

32,500‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

ASB

3.32%

10/15/48

77,279‌

81,827‌

TMSQ

Mortgage

Trust,

Series

2014-1500,

Class

XA

(IO)

0.15%

10/10/36

1,4

14,000,000‌

89,254‌

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

XB

(IO)

0.20%

08/10/49

1,4,7,8

3,000,000‌

11,387‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2014-LC16,

Class

A4

3.55%

08/15/50

168,100‌

179,324‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2011-C5,

Class

XA

(IO)

1.67%

11/15/44

1,4

5,550,001‌

32,551‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2014-C21,

Class

ASB

3.39%

08/15/47

41,794‌

43,479‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2014-LC14,

Class

ASB

3.52%

03/15/47

31,441‌

32,650‌

1,367,671‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

—

7

.72

%

Alternative

Loan

Trust,

Series

2005-J4,

Class

M2

(LIBOR

USD

1-Month

plus

0.96%)

1.11%

07/25/35

2

$

100,504‌

$

100,403‌

Alternative

Loan

Trust,

Series

2007-22,

Class

2A16

6.50%

09/25/37

218,961‌

135,911‌

Asset-Backed

Funding

Certificates,

Series

2006-OPT1,

Class

A2

(LIBOR

USD

1-Month

plus

0.28%)

0.43%

09/25/36

2

15,354‌

15,218‌

Banc

of

America

Funding

Trust,

Series

2006-G,

Class

2A4

(LIBOR

USD

1-Month

plus

0.58%)

0.73%

07/20/36

2

20,815‌

21,023‌

Banc

of

America

Funding

Trust,

Series

2014-R7,

Class

1A1

(LIBOR

USD

1-Month

plus

0.15%)

0.30%

05/26/36

1,2

69,338‌

67,107‌

Banc

of

America

Funding

Trust,

Series

2015-R7,

Class

1A1

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

0.92%)

1.66%

09/26/46

1,2

109,102‌

109,113‌

Centex

Home

Equity

Loan

Trust,

Series

2005-B,

Class

M2

(LIBOR

USD

1-Month

plus

0.65%)

0.79%

03/25/35

2

181,946‌

170,235‌

Centex

Home

Equity

Loan

Trust,

Series

2005-D,

Class

M4

(LIBOR

USD

1-Month

plus

0.92%)

1.06%

10/25/35

2

182,000‌

181,174‌

CIM

Trust,

Series

2019-R1,

Class

A

3.25%

10/25/58

1,4

135,944‌

126,420‌

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-13,

Class

2A1

(LIBOR

USD

1-Month

plus

0.90%)

1.05%

10/25/47

2

88,450‌

87,021‌

Countrywide

Home

Loan

Mortgage

Pass-Through

Trust,

Series

2005-9,

Class

1A1

(LIBOR

USD

1-Month

plus

0.60%)

0.75%

05/25/35

2

56,917‌

47,680‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2003-CB1,

Class

AF

(STEP-reset

date

02/25/21)

3.95%

01/25/33

10,473‌

10,806‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2003-CB5,

Class

M1

(LIBOR

USD

1-Month

plus

1.02%)

1.17%

11/25/33

2

13,555‌

13,340‌

DSLA

Mortgage

Loan

Trust,

Series

2004-AR3,

Class

2A2A

(LIBOR

USD

1-Month

plus

0.74%)

0.89%

07/19/44

2

3,254‌

3,071‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

7

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Encore

Credit

Receivables

Trust,

Series

2005-4,

Class

M2

(LIBOR

USD

1-Month

plus

0.66%)

0.81%

01/25/36

2

$

97,294‌

$

97,392‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FF4,

Class

A3

(LIBOR

USD

1-Month

plus

0.28%)

0.71%

03/25/36

2

86,721‌

83,990‌

GMACM

Mortgage

Corp.

Loan

Trust,

Series

2006-AR1,

Class

1A1

3.59%

04/19/36

4

88,721‌

77,870‌

HarborView

Mortgage

Loan

Trust,

Series

2005-4,

Class

2A

2.93%

07/19/35

4

1,171‌

1,066‌

HarborView

Mortgage

Loan

Trust,

Series

2005-9,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.68%)

0.83%

06/20/35

2

148,181‌

141,657‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-WF1,

Class

1A1

(LIBOR

USD

1-Month

plus

0.16%)

0.31%

05/25/37

2

102,428‌

99,480‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2004-AR5,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.86%)

1.01%

08/25/34

2

7,784‌

7,214‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2006-AR4,

Class

A1A

(LIBOR

USD

1-Month

plus

0.42%)

0.57%

05/25/46

2

108,106‌

102,593‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

2A1

3.12%

06/25/37

4

74,120‌

59,957‌

Legacy

Mortgage

Asset

Trust,

Series

2019-GS1,

Class

A1

(STEP-reset

date

01/25/21)

4.00%

01/25/59

1

119,127‌

122,170‌

Long

Beach

Mortgage

Loan

Trust,

Series

2004-4,

Class

1A1

(LIBOR

USD

1-Month

plus

0.56%)

0.71%

10/25/34

2

100,360‌

94,855‌

Nationstar

Home

Equity

Loan

Trust,

Series

2007-B,

Class

2AV3

(LIBOR

USD

1-Month

plus

0.25%)

0.40%

04/25/37

2

25,025‌

25,002‌

Option

One

Mortgage

Loan

Trust,

Series

2006-1,

Class

1A1

(LIBOR

USD

1-Month

plus

0.22%)

0.37%

01/25/36

2

118,233‌

112,049‌

Park

Place

Securities,

Inc.,

Asset-Backed

Pass-Through

Certificates,

Series

2005-WCW3,

Class

M1

(LIBOR

USD

1-Month

plus

0.72%)

0.87%

08/25/35

2

100,017‌

100,236‌

Residential

Asset

Mortgage

Products

Trust,

Series

2004-SL1,

Class

A2

8.50%

11/25/31

4,097‌

1‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Residential

Asset

Mortgage

Products

Trust,

Series

2005-RZ3,

Class

M3

(LIBOR

USD

1-Month

plus

0.83%)

0.97%

09/25/35

2

$

68,987‌

$

68,909‌

Residential

Asset

Securities

Corp.,

Series

2005-AHL2,

Class

M1

(LIBOR

USD

1-Month

plus

0.63%)

0.78%

10/25/35

2

189,227‌

188,361‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR1,

Class

3A1

(LIBOR

USD

1-Month

plus

0.46%)

0.61%

02/25/36

2

78,564‌

73,253‌

Terwin

NIMs

Trust,

Series

2004-13AL,

Class

2PX

(IO)

0.34%

08/25/34

1,7,8

2,094,249‌

30,178‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2002-AR6,

Class

A

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

1.40%)

2.01%

06/25/42

2

2,235‌

2,163‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR8,

Class

2AB2

(LIBOR

USD

1-Month

plus

0.84%)

0.99%

07/25/45

2

128,552‌

125,624‌

Wells

Fargo

Alternative

Loan

Trust,

Series

2005-2,

Class

M1

(LIBOR

USD

1-Month

plus

0.68%)

0.82%

10/25/35

2

11,408‌

11,439‌

Wells

Fargo

Mortgage-Backed

Securities

Trust,

Series

2003-I,

Class

A1

2.88%

09/25/33

4

11,155‌

11,113‌

2,725,094‌

U.S.

Agency

Commercial

Mortgage-Backed

—

4

.70

%

Fannie

Mae-Aces,

Series

2014-M2,

Class

ASV2

2.78%

06/25/21

4

529‌

532‌

Fannie

Mae-Aces,

Series

2015-M4,

Class

X2

(IO)

0.38%

07/25/22

4

10,948,751‌

30,474‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K031,

Class

X1

(IO)

0.20%

04/25/23

4

7,831,943‌

35,788‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K033,

Class

X1

(IO)

0.29%

07/25/23

4

4,115,676‌

28,342‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K036,

Class

X1

(IO)

0.72%

10/25/23

4

5,315,410‌

95,021‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K044,

Class

X1

(IO)

0.73%

01/25/25

4

1,429,577‌

34,466‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K732,

Class

X3

(IO)

2.17%

05/25/46

4

250,000‌

22,162‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

8

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Commercial

Mortgage-Backed

(continued)

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KAIV,

Class

X2

(IO)

3.59%

06/25/41

4

$

250,000‌

$

3,647‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KC01,

Class

X1

(IO)

0.65%

12/25/22

4

5,317,199‌

33,178‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KC05,

Class

X1

(IO)

1.20%

06/25/27

4

997,993‌

56,012‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KF28,

Class

A

(LIBOR

USD

1-Month

plus

0.36%)

0.51%

01/25/24

2

318,236‌

318,696‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KIR1,

Class

A1

2.45%

03/25/26

235,001‌

245,241‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KIR1,

Class

X

(IO)

1.06%

03/25/26

4

919,681‌

43,323‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KIR2,

Class

A1

2.75%

03/25/27

255,330‌

269,859‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KJ30,

Class

A1

0.53%

01/25/25

251,869‌

252,765‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KS07,

Class

X

(IO)

0.65%

09/25/25

4

2,987,911‌

80,939‌

Ginnie

Mae,

Series

2010-140,

Class

IO

(IO)

0.04%

10/16/43

4

1,051,873‌

201‌

Ginnie

Mae,

Series

2011-38,

Class

D

3.67%

01/16/51

4

107,520‌

110,913‌

1,661,559‌

U.S.

Agency

Mortgage-Backed

—

2

.03

%

Fannie

Mae

Pool

802665

(LIBOR

USD

6-Month

plus

1.74%)

1.99%

12/01/34

2

656‌

659‌

Fannie

Mae

Pool

AL0851

6.00%

10/01/40

2,925‌

3,450‌

Fannie

Mae

REMICS,

Series

1997-91,

Class

SL

(IO)

(-2.00

X

LIBOR

USD

1-Month

plus

16.00%,

7.50%

Cap)

7.50%

11/25/23

2

13,148‌

889‌

Fannie

Mae

REMICS,

Series

2002-21,

Class

FB

(LIBOR

USD

1-Month

plus

0.90%)

1.05%

04/25/32

2

43,814‌

44,320‌

Fannie

Mae

REMICS,

Series

2002-53,

Class

FY

(LIBOR

USD

1-Month

plus

0.50%)

0.65%

08/25/32

2

105,245‌

106,248‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

REMICS,

Series

2003-11,

Class

FA

(LIBOR

USD

1-Month

plus

1.00%)

1.15%

09/25/32

2

$

5,598‌

$

5,719‌

Fannie

Mae

REMICS,

Series

2003-81,

Class

FE

(LIBOR

USD

1-Month

plus

0.50%)

0.65%

09/25/33

2

42,415‌

42,811‌

Fannie

Mae

REMICS,

Series

2006-48,

Class

FL

(LIBOR

USD

1-Month

plus

0.40%)

0.55%

06/25/36

2

51,312‌

51,520‌

Fannie

Mae

REMICS,

Series

2006-8,

Class

NF

(LIBOR

USD

1-Month

plus

0.37%)

0.52%

03/25/36

2

49,198‌

49,462‌

Fannie

Mae

REMICS,

Series

2008-12,

Class

FA

(LIBOR

USD

1-Month

plus

0.67%)

0.82%

03/25/38

2

141,695‌

144,011‌

Fannie

Mae

REMICS,

Series

2010-109,

Class

PF

(LIBOR

USD

1-Month

plus

0.40%)

0.55%

10/25/40

2

5,035‌

5,073‌

Fannie

Mae

REMICS,

Series

2010-74,

Class

AF

(LIBOR

USD

1-Month

plus

0.54%)

0.69%

07/25/37

2

45,096‌

45,632‌

Freddie

Mac

REMICS,

Series

2684,

Class

F

(LIBOR

USD

1-Month

plus

0.90%)

1.06%

01/15/33

2

5,254‌

5,373‌

Freddie

Mac

REMICS,

Series

3231,

Class

FB

(LIBOR

USD

1-Month

plus

0.35%)

0.51%

10/15/36

2

91,663‌

92,109‌

Freddie

Mac

Strips,

Series

263,

Class

F5

(LIBOR

USD

1-Month

plus

0.50%)

0.66%

06/15/42

2

15,927‌

16,052‌

Ginnie

Mae,

Series

2003-42,

Class

FA

(LIBOR

USD

1-Month

plus

0.40%)

0.55%

07/16/31

2

102,229‌

102,237‌

715,565‌

Total

Mortgage-Backed

(Cost

$7,017,348)

6,469,889‌

MUNICIPAL

BONDS

—

0

.89

%

*

Colorado

—

0

.39

%

City

&

County

of

Denver

Airport

System

Revenue

Bonds,

Series

C

0.88%

11/15/23

135,000‌

135,523‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

9

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

(continued)

Florida

—

0

.26

%

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

D

2.32%

10/01/22

$

90,000‌

$

92,549‌

New

York

—

0

.24

%

New

York

State

Dormitory

Authority

Revenue

Bonds,

Series

A

4.00%

03/15/32

75,000‌

85,373‌

Total

Municipal

Bonds

(Cost

$310,641)

313,445‌

U.S.

TREASURY

SECURITIES

—

1

.10

%

U.S.

Treasury

Notes

—

1

.10

%

U.S.

Treasury

Notes

0.13%

10/31/22

390,000‌

390,046‌

Total

U.S.

Treasury

Securities

(Cost

$389,619)

Total

Bonds

—

59

.30

%

(Cost

$21,344,384)

20,937,002‌

Issues

Shares

Value

MUTUAL

FUNDS

—

9

.85

%

Mutual

Funds

—

9

.85

%

iShares

Core

S&P

500

ETF

3,845‌

1,443,375‌

SPDR

S&P

500

ETF

Trust

9

5,439‌

2,033,533‌

Total

Mutual

Funds

(Cost

$2,790,415)

3,476,908‌

Issues

Maturity

Date

Principal

Amount

/

Shares

Value

SHORT-TERM

INVESTMENTS

—

17

.48

%

Commercial

Paper

—

0

.21

%

Ford

Motor

Credit

Co.

LLC

2.88%

10

01/08/21

1

75,000‌

74,984‌

Foreign

Government

Obligations

—

1

.92

%

Japan

Treasury

Discount

Bill,

Series

956

(Japan)

0.00%

10

03/15/21

3

35,000,000‌

339,066‌

Japan

Treasury

Discount

Bill,

Series

958

(Japan)

0.00%

10

03/22/21

3

35,000,000‌

339,074‌

678,140‌

Money

Market

Funds

—

4

.31

%

Fidelity

Investments

Money

Market

Funds

-

Government

Portfolio

0.01%

11

57,197‌

57,197‌

JPMorgan

U.S.

Government

Money

Market

Fund

0.03%

11

664,000‌

664,000‌

Issues

Maturity

Date

Principal

Amount/Shares

Value

SHORT-TERM

INVESTMENTS

(continued)

Money

Market

Funds

(continued)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

0.03%

11

799,000‌

$

799,000‌

1,520,197‌

U.S.

Treasury

Bills

—

11

.04

%

U.S.

Treasury

Bills

0.10%

10

01/14/21

$

1,700,000‌

1,699,976‌

0.10%

10

01/26/21

500,000‌

499,989‌

0.08%

10

02/02/21

1,000,000‌

999,946‌

0.10%

10

04/01/21

700,000‌

699,869‌

3,899,780‌

Total

Short-Term

Investments

(Cost

$6,167,145)

6,173,101‌

Total

Investments

-

86.63%

(Cost

$30,301,944)

30,587,011

Cash

and

Other

Assets,

Less

Liabilities

-

13.37%

4,719,858‌

Net

Assets

-

100.00%

$

35,306,869‌

1

Securities

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

The

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

2

Floating

rate

security.

The

rate

disclosed

was

in

effect

at

December

31,

2020.

3

U.S.

dollar-denominated

security

issued

by

foreign-domiciled

entity.

4

Variable

rate

security.

Interest

rate

disclosed

is

as

of

the

most

recent

information

available.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

5

Non-income producing

security.

6

Security

is

currently

in

default

with

regard

to

scheduled

interest

or

principal

payments.

7

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

8

Illiquid

security

as

determined

under

procedures

approved

by

the

Board

of

Trustees.

The

aggregate

value

of

illiquid

securities

is

$68,908,

which

is

0.20%

of

total

net

assets.

9

SPDR

S&P

500

ETF

Trust

(the

“S&P

500

ETF”)

is

a

unit

investment

trust

created

under

the

laws

of

the

State

of

New

York

and

registered

under

the

Investment

Company

Act

of

1940,

as

amended.

The

S&P

500

ETF

was

created

to

provide

investors

with

the

opportunity

to

purchase

a

security

representing

a

proportionate

undivided

interest

in

a

portfolio

of

securities

consisting

of

substantially

all

of

the

component

common

stocks,

in

substantially

the

same

weighting,

which

comprise

the

Standard

&

Poor’s

500

Index

(the

“S&P

500

Index”).

Each

unit

of

fractional

undivided

interest

in

the

S&P

500

ETF

is

referred

to

as

a

“Unit”.

The

S&P

500

ETF

seeks

to

provide

investment

results

that,

before

expenses,

correspond

generally

to

the

price

and

yield

performance

of

the

S&P

500

Index.

You

can

access

the

financial

statements

of

this

ETF

by

going

to

its

homepage

at

(https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY).

10

Represents

annualized

yield

at

date

of

purchase.

11

Represents

the

current

yield

as

of

December

31,

2020.

*

Securities

with

a

call

or

reset

feature

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity.

**

Securities

backed

by

mortgage

or

consumer

loans

where

payment

is

periodically

made

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity

date.

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

10

/

December

2020

SIGNIFICANT

ACCOUNTING

POLICIES

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund:

Net

Asset

Value:

The

Net

Asset

Value

(“NAV”)

of

each

class

of

the

Fund

is

determined

by

dividing

the

net

assets

attributable

to

each

class

of

shares

of

the

Fund

by

the

number

of

issued

and

outstanding

shares

of

the

class

of

the

Fund

on

each

business

day

as

of

4

p.m.

ET.

Security

Valuation:

Fixed

income

securities

for

which

market

quotations

are

readily

available

are

valued

at

prices

as

provided

by

independent

pricing

vendors

or

broker

quotes.

The

Fund

receives

pricing

information

from

independent

pricing

vendors

approved

by

the

Board

of

Trustees

(the

“Board”

or

the

“Board

of

Trustees”).

Securities

with

a

demand

feature

exercisable

within

one

to

seven

days

are

valued

at

par.

The

Fund

also

uses

a

benchmark

pricing

system

to

the

extent

vendors’

prices

for

their

securities

are

either

inaccurate

(such

as

when

the

reported

prices

are

different

from

recent

known

market

transactions)

or

are

not

available

from

another

pricing

source.

For

a

security

priced

using

this

system,

the

Adviser

initially

selects

a

proxy

composed

of

a

relevant

security

(e.g.,

U.S.

Treasury

Note)

or

benchmark

(e.g.,

LIBOR)

and

a

multiplier,

divisor

or

margin

that

the

Adviser

believes

would

together

best

reflect

changes

in

the

market

value

of

the

security.

The

value

of

the

security

changes

daily

based

on

changes

to

the

market

price

of

the

assigned

benchmark.

The

benchmark

pricing

system

is

continuously

reviewed

by

the

Adviser

and

implemented

according

to

the

pricing

policy

reviewed

by

the

Board.

S&P

500

Index

futures

contracts

are

valued

at

the

first

sale

price

after

4

p.m.

ET

on

the

Chicago

Mercantile

Exchange.

All

other

futures

contracts

are

valued

at

the

official

settlement

price

of

the

exchange

on

which

those

securities

are

traded.

Equity

securities,

including

depository

receipts,

are

valued

at

the

last

reported

sale

price

or

the

market’s

closing

price

on

the

exchange

or

market

on

which

such

securities

are

traded,

as

of

the

close

of

business

on

the

day

the

securities

are

being

valued

or,

lacking

any

sales,

at

the

average

of

the

bid

and

asked

prices.

In

cases

where

equity

securities

are

traded

on

more

than

one

exchange,

the

securities

are

valued

on

the

exchange

or

market

determined

by

the

Adviser

to

be

the

broadest

and

most

representative

market,

which

may

be

either

a

securities

exchange

or

the

over-the-counter

market.

Equity

options

are

valued

at

the

average

of

the

bid

and

asked

prices.

Securities

and

other

assets

that

cannot

be

valued

as

described

above

will

be

valued

at

their

fair

value

as

determined

by

the

Adviser

under

guidelines

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

Investments

in

registered

open-ended

investment

companies,

including

those

classified

as

money

market

funds,

are

valued

based

upon

the

reported

NAV

of

such

investments.

Note:

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

for

more

meaningful

presentation

for

investors.

(BKNT):

Bank

Note

(CLO):

Collateralized

Loan

Obligation

(ETF):

Exchange-Traded

Fund

(IO):

Interest

Only

(JPY):

Japanese

Yen

(LIBOR):

London

InterBank

Offer

Rate

(MTN):

Medium-Term

Note

(S&P):

Standard

&

Poor’s

(SPDR):

Standard

&

Poor’s

Depositary

Receipts

(STEP):

Step

Coupon

Bond

(USD):

U.S.

Dollar

Currency

to

be

Purchased

Currency

to

be

Sold

Counterparty

Settlement

Date

Unrealized

(Depreciation)

FOREIGN

CURRENCY

EXCHANGE

CONTRACT

USD

336,314

JPY

35,000,000

Goldman

Sachs

International

03/15/21

$

(

2,967‌

)

USD

336,760

JPY

35,000,000

Goldman

Sachs

International

03/22/21

(

2,549‌

)

NET

UNREALIZED

DEPRECIATION

$

(

5,516‌

)

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

FUTURES

CONTRACTS:

LONG

POSITIONS

S&P

500

Emini

Index

169

03/19/21

$

31,638,913‌

$

671,532‌

$

671,532‌

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

11

Fair

value

methods

approved

by

the

Board

of

Trustees

include,

but

are

not

limited

to,

obtaining

market

quotations

from

secondary

pricing

services,

broker-dealers,

or

widely

used

quotation

systems.

General

factors

considered

in

determining

the

fair

value

of

securities

include

fundamental

analytical

data,

the

nature

and

duration

of

any

restrictions

on

disposition

of

the

securities,

and

an

evaluation

of

the

forces

that

influenced

the

market

in

which

the

investments

are

purchased

and

sold.

These

securities

are

either

categorized

as

Level

2

or

3

depending

on

the

relevant

inputs

used.

In

the

event

that

the

security

or

asset

cannot

be

valued

pursuant

to

one

of

the

valuation

methods

established

by

the

Board,

the

value

of

the

security

or

asset

will

be

determined

in

good

faith

by

the

Pricing

Committee

of

the

Board,

generally

based

upon

recommendation

provided

by

the

Adviser.

When

the

Fund

uses

these

fair

valuation

methods

applied

by

the

Adviser

that

use

significant

unobservable

inputs

to

determine

its

NAV,

securities

will

be

priced

by

a

method

that

the

Board

or

persons

acting

at

their

direction

believe

accurately

reflect

fair

value

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

These

methods

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

Fund’s

policy

is

intended

to

result

in

a

calculation

of

its

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

Fund

cannot

guarantee

that

values

determined

by

the

Board

or

persons

acting

at

their

direction

would

accurately

reflect

the

price

that

the

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

the

Fund

may

differ

from

the

value

that

would

be

realized

if

the

securities

were

sold.

Fair

Value

Measurements:

Various

inputs

are

used

in

determining

the

fair

value

of

investments,

which

are

as

follows:

*

Level

1

-

unadjusted

quoted

prices

in

active

markets

for

identical

securities

*

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

*

Level

3

-

significant

unobservable

inputs

that

are

not

corroborated

by

observable

market

data

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

measurement

in

its

entirety

requires

judgment

and

consideration

of

factors

specific

to

each

security.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

periods

of

market

dislocation,

the

observability

of

prices

and

inputs

may

be

reduced

for

many

instruments.

This

condition,

as

well

as

changes

related

to

liquidity

of

investments,

could

cause

a

security

to

be

reclassified

between

Level

1,

Level

2,

or

Level

3.

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

12

/

December

2020

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

summary

of

inputs

used

to

value

the

Fund’s

investments

and

other

financial

instruments

carried

at

fair

value

as

of

December

31,

2020

is

as

follows:

Certain

securities

held

by

the

Funds

are

categorized

as

Level

3

investments.

Their

prices

may

be

derived

by

utilizing

unobservable

prior

transaction

values

or

information

from

third

party

valuation

services.

The

value

of

Level

3

investments

could

be

significantly

affected

by

changes

in

these

unobservable

inputs.

ALPHATRAK

500

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTAL

Investments

in

Securities

Assets:

Short-Term

Investments:

Commercial

Paper

$

—‌

$

74,984‌

$

—‌

$

74,984‌

Foreign

Government

Obligations

—‌

678,140‌

—‌

678,140‌

Money

Market

Funds

1,520,197‌

—‌

—‌

1,520,197‌

U.S.

Treasury

Bills

3,899,780‌

—‌

—‌

3,899,780‌

Long-Term

Investments:

Asset-Backed

Securities

—‌

4,387,367‌

—‌

4,387,367‌

Corporates

—‌

9,376,255‌

—‌

9,376,255‌

Mortgage-Backed

—‌

6,400,981‌

68,908‌

6,469,889‌

Municipal

Bonds

—‌

313,445‌

—‌

313,445‌

Mutual

Funds

3,476,908‌

—‌

—‌

3,476,908‌

U.S.

Treasury

Securities

390,046‌

—‌

—‌

390,046‌

Other

Financial

Instruments

*

Assets:

Equity

contracts

671,532‌

—‌

—‌

671,532‌

Liabilities:

Foreign

currency

exchange

contracts

—‌

(

5,516‌

)

—‌

(

5,516‌

)

Total

$

9,958,463‌

$

21,225,656‌

$

68,908‌

$

31,253,027‌

*Other

financial

instruments

include

foreign

currency

exchange

contracts

and

futures.

Equity

contracts

include

futures.

AlphaTrak

500

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

13

For

the

period

ended

December

31,

2020

,

a

reconciliation

of

Level

3

investments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Significant

unobservable

valuations

inputs

for

Level

3

investments

as

of

December

31,

2020

are

as

follows:

*

The

valuation

technique

employed

on

the

Level

3

securities

involves

the

use

of

vendor

prices,

broker

quotes

and

benchmark

pricing.

The

Adviser

monitors

the

third-party

brokers

and

vendors

using

the

valuation

process.

ALPHATRAK

500

FUND

MORTGAGE-

BACKED

SECURITIES

Balance

as

of

April

1,

2020

$

84,531‌

Accrued

discounts/premiums

(

7,274‌

)

Realized

gain/(loss)

—‌

Change

in

unrealized

(depreciation)*

(

8,349‌

)

Purchases

—‌

Sales

—‌

Transfers

into

Level

3**

—‌

Transfers

out

of

Level

3**

—‌

Balance

as

of

December

31,

2020

$

68,908‌

*The

change

in

unrealized

appreciation/(depreciation)

on

securities

still

held

at

December

31,

2020

was

$(8,349)

and

is

included

in

the

related

net

realized

gains/(losses)

and

net

change

in

appreciation/(depreciation)

in

the

Statements

of

Operations.

**There

were

no

transfers

between

level

2

and

3

for

the

period

ended

December

31,

2020.

ALPHATRAK

500

FUND

FAIR

VALUE

AT

12/31/20

VALUATION

TECHNIQUE*

UNOBSERVABLE

INPUT

RANGE

WEIGHTED

AVERAGE

Mortgage-Backed

Securities

-

Commercial

Mortgage-Backed

$38,730

Third-party

Vendor

Vendor

Prices

$0.38

-

$3.70

$2.72

Mortgage-Backed

Securities-Non

Agency

$30,178

Third-party

Vendor

Vendor

Prices

1.44

1.44