Adaptive Hedged High Income Fund Institutional Class

Portfolio Holdings as of 3/31/2020

Ticker Cusip Description Shares Market Value % of Portfolio
GHYB 381430453 GOLDMAN SACHS ACCESS HY CORP ETF 240,385.000 $10,552,228.42 55.22%
FIGXX 316175108 Fidelity Investments Money Market Funds 2,086,046.450 $2,086,046.45 10.92%
JNK 78468R622 SPDR Bloomberg Barcl ays High Yield Bond 21,644.000 $2,050,552.56 10.73%
74063B79 74063B799 PREFERRED APT COMNTY INC #N/A Field Not 1,500.000 $1,500,000.00 7.85%
74063B57 74063B575 PREFERRED APT COMNTY INC #N/A Field Not 1,000.000 $1,000,000.00 5.23%
SPY 78462F103 SPDR S&P 500 ETF Tru st 3,750.000 $966,562.50 5.06%
QQQ 46090E103 Invesco QQQ Trust Se ries 1 5,010.000 $953,904.00 4.99%
NKE 654106103 NIKE Inc 0.000 $0.00 0.00%
ADP 053015103 Automatic Data Proce ssing Inc 0.000 $0.00 0.00%

Totals 2,359,335.450 $19,109,293.93