Adaptive Hedged Multi-Asset Income Fund
Schedule of Investments
As of May 31, 2021
							Value (Note 1)
PREFERRED STOCK - 2.17%			Shares	Interest	Maturity Date
	Real Estate - 2.17%			Rate
*	Preferred Apartment Communities, Inc.		500	5.750%	11/20/2029	$	500,000
	Total Preferred Stock (Cost $500,000)						500,000
EXCHANGE-TRADED PRODUCTS - 69.35%					Shares
	Commodity Fund - 7.93%
	Credit Suisse X-Links Gold Shares Covered Call ETN				200,000		1,828,000
	Debt Funds - 43.01%
	iShares 20+ Year Treasury Bond ETF				11,716		1,621,963
	iShares 3-7 Year Treasury Bond ETF				18,100		2,367,299
	iShares Broad USD High Yield Corporate Bond ETF				104,683		4,317,127
	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF				50,623		1,613,355
							9,919,744
	Equity Funds - 18.41%
	Global SuperDividend US ETF				68,722		1,381,312
	Global X Nasdaq 100 Covered Call ETF				69,113		1,535,000
	Global X SuperDividend ETF				92,642		1,328,486
							4,244,798
	Total Exchange-Traded Products (Cost $15,838,618)						15,992,542
				Interest	Maturity Date
COLLATERALIZED MORTGAGE OBLIGATIONS - 19.18%			Principal	Rate
	Home Equity ABS - 2.17%
	ACE Securities Corp. Home Equity Loan Trust Series
		2004-RM1 (b)	$   342,628	5.342%	7/25/2034		336,775
	RASC Series 2006-EMX9 Trust (b)		184,350	0.352%	11/25/2036		164,715
							501,490
	Financials - 6.53%
	Chase Funding Trust Series 2003-3 (b)		350,304	1.937%	11/25/2032		335,304
	Countrywide Asset-Backed Certificates (b)		452,008	2.717%	10/25/2033		483,299
	Merrill Lynch Mortgage Investors Trust Series
		2004-WMC2 (b)	692,218	2.131%	12/25/2034		686,297
							1,504,900
	WL Collateral - 10.48%
	Alternative Loan Trust 2005-10CB		343,783	5.000%	5/25/2035		343,783
	Alternative Loan Trust 2005-J11		134,986	5.000%	6/25/2021		134,986
	Alternative Loan Trust 2006-28CB		637,208	6.500%	10/25/2036		214,106
	Alternative Loan Trust 2006-28CB		125,493	6.500%	10/25/2036		49,233
	American Home Mortgage Investment Trust
		2004-1 (b)	212,604	2.211%	4/25/2044		204,715
	Banc of America Mortgage 2005-C Trust (a)		217,234	2.675%	4/25/2035		210,525
	Bear Stearns ALT-A Trust 2005-7 (a)		286,768	3.272%	9/25/2035		212,514
	Bear Stearns ARM Trust 2004-8 (a)		121,614	3.921%	11/25/2034		123,272
							(Continued)

Adaptive Hedged Multi-Asset Income Fund
Schedule of Investments - Continued
As of May 31, 2021
								Value (Note 1)
					Interest	Maturity Date
COLLATERALIZED MORTGAGE OBLIGATIONS				Principal	Rate
	WL Collateral - Continued
	Salomon Brothers Mortgage Co., Inc.			$   101,707	7.000%	6/25/2026		$       31,313
	First Horizon Alternative Mortgage Securities Trust
		2007-FA2		139,499	5.750%	4/25/2022		99,031
	GSR Mortgage Loan Trust 2004-15F			21,130	4.750%	12/25/2034		21,130
	HarborView Mortgage Loan Trust 2006-2 (a)			14,933	2.623%	2/25/2036		7,241
	Merrill Lynch Mortgage Investors Trust Series MLCC
		2004-B (b)		92,454	2.492%	5/25/2029		72,492
	MortgageIT Mortgage Loan Trust 2006-1 (b)			241,072	0.552%	4/25/2036		232,268
	MortgageIT Trust 2005-3 (b)			134,412	2.656%	8/25/2035		141,449
	PHH Mortgage Trust Series 2008-CIM2 (b)			150,408	2.342%	7/25/2038		146,095
	Structured Asset Mortgage Investments II Trust
		2006-AR5 (b)		122,400	0.512%	5/25/2036		106,110
	WaMu Mortgage Pass-Through Certificates Series
		2002-AR14 Trust (a)		67,377	2.664%	11/25/2032		67,377
								2,417,640
	Total Collateralized Mortgage Obligations (Cost $4,451,524)							4,424,030
SHORT-TERM INVESTMENT - 9.20%
	Fidelity Investments Money Market Government Portfolio -					Shares
	Institutional Class, 0.01% §					2,122,608		2,122,608
	Total Short-Term Investment (Cost $2,122,608)							2,122,608
Investments, at Value (Cost $22,912,750) - 99.90%							$	23,039,180
Other Assets Less Liabilities  - 0.10%								22,237
	Net Assets - 100.00%						$	23,061,417
*	Non income-producing investment
§	Represents 7 day effective yield
(a)	Variable interest rate - The interest rate of which adjusts periodically based on changes
	in current interest rates. Rate represented is as of May 31, 2021.
(b)	Floating interest rate
			Summary of Investments
					% of Net Assets	Value
			Preferred Stock		2.17%	$       500,000
			Exchange-Traded Products:
			Commodity Fund		7.93%	1,828,000
			Debt Funds		43.01%	9,919,744
			Equity Funds		18.41%	4,244,798
			Collateralized Mortgage Obligations:
			Home Equity ABS		2.17%	501,490
			Financials		6.53%	1,504,900
			WL Collateral		10.48%	2,417,640
			Short-Term Investment		9.20%	2,122,608
			Other Assets Less Liabilities		0.10%	22,237
			Total Net Assets		100.00%	$  23,061,417