Adaptive Fundamental Growth Fund Class A Shares

Portfolio Holdings as of 3/31/2020

Ticker Cusip Description Shares Market Value % of Portfolio
USMV 46429B697 iShares Edge MSCI Mi n Vol USA ETF 60,000.000 $3,240,600.00 5.00%
FTNT 34959E109 Fortinet Inc 23,550.000 $2,382,553.50 3.68%
OLED 91347P105 Universal Display Co rp 16,100.000 $2,121,658.00 3.27%
CDNS 127387108 Cadence Design Syste ms Inc 32,100.000 $2,119,884.00 3.27%
COST 22160K105 Costco Wholesale Cor p 7,200.000 $2,052,936.00 3.17%
AUDC M15342104 AudioCodes Ltd 83,699.000 $1,999,569.11 3.08%
CYBR M2682V108 CyberArk Software Lt d 22,756.000 $1,947,003.36 3.00%
LULU 550021109 Lululemon Athletica Inc 10,200.000 $1,933,410.00 2.98%
VEEV 922475108 Veeva Systems Inc 11,800.000 $1,845,166.00 2.85%
FIGXX 316175108 Fidelity Investments Money Market Funds 1,695,774.710 $1,695,774.71 2.62%
FSS 313855108 Federal Signal Corp 60,700.000 $1,655,896.00 2.55%
GILD 375558103 Gilead Sciences Inc 22,000.000 $1,644,720.00 2.54%
ZTS 98978V103 Zoetis Inc 13,900.000 $1,635,891.00 2.52%
PAYC 70432V102 Paycom Software Inc 7,950.000 $1,605,979.50 2.48%
ADBE 00724F101 Adobe Systems Inc 4,950.000 $1,575,288.00 2.43%
QLYS 74758T303 Qualys Inc 15,700.000 $1,365,743.00 2.11%
AMT 03027X100 American Tower Corp 6,200.000 $1,350,050.00 2.08%
NICE 653656108 Nice Ltd 9,400.000 $1,349,464.00 2.08%
APPF 03783C100 Appfolio Inc 9,600.000 $1,065,120.00 1.64%
ABR 038923108 Arbor Realty Trust I nc 198,528.000 $972,787.20 1.50%
CMRE Y1771G102 Costamare Inc 200,000.000 $904,000.00 1.39%
TDY 879360105 TELEDYNE TECHNOLOGY 3,000.000 $891,810.00 1.38%
SPNS G7T16G103 Sapiens I'ntl Corporation N.V. 46,300.000 $880,626.00 1.36%
SUI 866674104 SUN COMMUNITIES 6,900.000 $861,465.00 1.33%
JD 47215P106 JD.COM INC-ADR 20,900.000 $846,450.00 1.31%
AMD 007903107 Advanced Micro Devices Inc 18,000.000 $818,640.00 1.26%
MSFT 594918104 Microsoft Corp 5,100.000 $804,321.00 1.24%
NOW 81762P102 ServiceNow Inc 2,800.000 $802,424.00 1.24%
HEI 422806109 HEICO Corp 10,625.000 $792,731.25 1.22%
NVDA 67066G104 NVIDIA Corp 3,000.000 $790,800.00 1.22%
KEYS 49338L103 Keysight Technologie s Inc 9,200.000 $769,856.00 1.19%
RMD 761152107 ResMed Inc 5,100.000 $751,179.00 1.16%
CMG 169656105 Chipotle Mexican Gri ll Inc 1,100.000 $719,840.00 1.11%
MEDP 58506Q109 Medpace Holdings Inc 9,700.000 $711,786.00 1.10%
SAFE 78645L100 SAFEHOLD INC 11,000.000 $695,530.00 1.07%
BRO 115236101 Brown & Brown Inc 18,300.000 $662,826.00 1.02%
TEAM G06242104 Atlassian Corp PLC 4,400.000 $603,944.00 0.93%
PFSI 70932M107 PennyMac Financial S ervices Inc 25,800.000 $570,438.00 0.88%
ENPH 29355A107 Enphase Energy Inc 17,200.000 $555,388.00 0.86%
KRNT M6372Q113 KORNIT DIGITAL LMTD 21,300.000 $530,157.00 0.82%
VRSK 92345Y106 Verisk Analytics Inc 3,800.000 $529,644.00 0.82%
DXCM 252131107 DEXCOM INC COM 1,900.000 $511,613.00 0.79%
CPRT 217204106 Copart Inc 7,200.000 $493,344.00 0.76%
BAH 099502106 Booz Allen Hamilton Holding Corp 7,100.000 $487,344.00 0.75%
FICO 303250104 Fair Isaac Corp 1,500.000 $461,535.00 0.71%
RNG 76680R206 RingCentral Inc 2,100.000 $445,011.00 0.69%
VIPS 92763W103 VIPSHOP HOLDINGS LTD 27,700.000 $431,566.00 0.67%
TDG 893641100 TransDigm Group Inc 1,300.000 $416,247.00 0.64%
LDOS 525327102 Leidos Holdings Inc 4,300.000 $394,095.00 0.61%
TSM 874039100 Taiwan Semiconductor Manufacturing Co Lt 7,900.000 $377,541.00 0.58%
NEWT 652526203 NEWTEK BUSINESS SVSC COPRT 28,000.000 $369,880.00 0.57%
GLOB L44385109 Globant SA 4,100.000 $360,308.00 0.56%
RNR G7496G103 RenaissanceRe Holdings Ltd 2,400.000 $358,368.00 0.55%
KLAC 482480100 KLA-Tencor Corp 2,400.000 $344,976.00 0.53%
DQ 23703Q203 Daqo New Energy Corp 5,900.000 $341,728.00 0.53%
INOV 45781D101 Inovalon Holdings In c 20,000.000 $333,200.00 0.51%
LHCG 50187A107 LHC Group Inc 2,300.000 $322,460.00 0.50%
GMAB 372303206 GENMAB A/S SP ADR Biotech 15,100.000 $319,969.00 0.49%
EDU 647581107 New Oriental Educati on & Technology Grou 2,900.000 $313,896.00 0.48%
TNK Y8565N300 TEEKAY TANKERS LTD 14,000.000 $311,360.00 0.48%
ZTO 98980A105 ZTO EXPRESS CAYMAN INC 11,700.000 $309,816.00 0.48%
KNSL 49714P108 Kinsale Capital Grou p Inc 2,900.000 $303,137.00 0.47%
PCTI 69325Q105 PC-Tel Inc. 45,000.000 $299,250.00 0.46%
INVH 46187W107 Invitation Homes Inc 14,000.000 $299,180.00 0.46%
GOLF 005098108 Acushnet Holdings Corp 11,600.000 $298,352.00 0.46%
PAYS 70451A104 Paysign Inc 55,700.000 $287,412.00 0.44%
DAVA 29260V105 ENDAVA PLC 8,100.000 $284,796.00 0.44%
SLP 829214105 SIMULATIONS PLUS INC 8,100.000 $282,852.00 0.44%
LAMR 512816109 LAMAR ADVERTISING 5,500.000 $282,040.00 0.44%
SEDG 83417M104 SolarEdge Technologi es Inc 3,300.000 $270,204.00 0.42%
KRMD 759910102 REPRO MEDSYSTEMS 36,000.000 $270,000.00 0.42%
UFPT 902673102 UFP Technologies Inc 7,000.000 $266,630.00 0.41%
RCM 749397105 R1 RCM INC 27,800.000 $252,702.00 0.39%
CHCT 20369C106 Community Healthcare Trust Inc 6,600.000 $252,648.00 0.39%
XPEL 98379L100 XPEL INC 24,000.000 $240,480.00 0.37%
ASML N07059210 ASML Holding NV 900.000 $235,476.00 0.36%
POWI 739276103 POWER INTEGRATIONS 2,600.000 $229,658.00 0.35%
ELMD 285409108 ELECTROMED INC 20,000.000 $224,800.00 0.35%
UMC 910873405 UNITED MICROELECTRON CORPORATION 100,000.000 $217,000.00 0.33%
ACGL G0450A105 ARCH CAPITAL GROUP 7,400.000 $210,604.00 0.32%
BDSI 09060J106 BIODELIVERY SCIENCES 53,000.000 $200,870.00 0.31%
APPS 25400W102 Digital Turbine Inc 45,000.000 $193,950.00 0.30%
MODN 607525102 MODEL N INC 8,600.000 $191,006.00 0.29%
PRFT 71375U101 Perficient Inc 6,000.000 $162,540.00 0.25%
FTAI 34960P101 Fortress Transportat ion & Infrastructure 17,600.000 $144,320.00 0.22%
PAC 400506101 GRUPO AEROPORTUARIO 2,600.000 $140,244.00 0.22%
IEC 44949L105 Iec Electronics Corp 2,652.000 $15,752.88 0.02%
AJX 38983D300 GREAT AJAX CORP 865.698 $5,505.84 0.01%
NOA 656811106 NORTH AMERICAN CONST 0.000 $0.00 0.00%

Totals 3,448,250.408 $64,819,015.35