| AlphaMark Large Cap Growth Fund | |
| Schedule of Investments | |
| May 31, 2020 (Unaudited) |
| Common Stocks - 75.9% | Shares | Value | ||||||
| Communication Services - 5.7% | ||||||||
| Diversified Telecommunication Services - 2.7% | ||||||||
| Verizon Communications, Inc. | 9,912 | $ | 568,751 | |||||
| Interactive Media & Services - 3.0% | ||||||||
| Alphabet, Inc. - Class C * | 435 | 621,580 | ||||||
| Consumer Discretionary - 8.1% | ||||||||
| Internet & Direct Marketing Retail - 3.9% | ||||||||
| Amazon.com, Inc. * | 334 | 815,751 | ||||||
| Multi-Line Retail - 2.5% | ||||||||
| Dollar Tree, Inc. * | 5,424 | 530,847 | ||||||
| Textiles, Apparel & Luxury Goods - 1.7% | ||||||||
| PVH Corporation | 8,000 | 363,760 | ||||||
| Consumer Staples - 3.2% | ||||||||
| Food & Staples Retailing - 3.2% | ||||||||
| Kroger Company (The) | 20,426 | 666,296 | ||||||
| Energy - 1.9% | ||||||||
| Oil, Gas & Consumable Fuels - 1.9% | ||||||||
| Marathon Petroleum Corporation | 11,614 | 408,116 | ||||||
| Financials - 16.6% | ||||||||
| Banks - 5.2% | ||||||||
| Fifth Third Bancorp | 56,859 | 1,102,496 | ||||||
| Capital Markets - 7.8% | ||||||||
| Goldman Sachs Group, Inc. (The) | 3,327 | 653,722 | ||||||
| Intercontinental Exchange, Inc. | 10,086 | 980,863 | ||||||
| 1,634,585 | ||||||||
| Thrifts & Mortgage Finance - 3.6% | ||||||||
| New York Community Bancorp, Inc. | 75,055 | 754,303 | ||||||
| Health Care - 17.3% | ||||||||
| Biotechnology - 8.0% | ||||||||
| Alexion Pharmaceuticals, Inc. * | 5,973 | 716,163 | ||||||
| Regeneron Pharmaceuticals, Inc. * | 1,583 | 970,078 | ||||||
| 1,686,241 | ||||||||
| AlphaMark Large Cap Growth Fund | |
| Schedule of Investments (Continued) |
| Common Stocks - 75.9% (Continued) | Shares | Value | ||||||
| Health Care - 17.3% (Continued) | ||||||||
| Health Care Providers & Services - 3.7% | ||||||||
| Centene Corporation * | 11,605 | $ | 768,831 | |||||
| Life Sciences Tools & Services - 3.3% | ||||||||
| Thermo Fisher Scientific, Inc. | 2,006 | 700,475 | ||||||
| Pharmaceuticals - 2.3% | ||||||||
| Bristol-Myers Squibb Company | 8,000 | 477,760 | ||||||
| Industrials - 3.6% | ||||||||
| Commercial Services & Supplies - 3.6% | ||||||||
| Waste Management, Inc. | 7,130 | 761,128 | ||||||
| Information Technology - 17.2% | ||||||||
| Communications Equipment - 5.4% | ||||||||
| Arista Networks, Inc. * | 2,604 | 607,930 | ||||||
| Nokia Corporation - ADR | 133,491 | 527,289 | ||||||
| 1,135,219 | ||||||||
| Electronic Equipment, Instruments & Components - 3.3% | ||||||||
| Amphenol Corporation - Class A | 7,292 | 704,116 | ||||||
| IT Services - 8.5% | ||||||||
| Global Payments, Inc. | 6,104 | 1,095,607 | ||||||
| Leidos Holdings, Inc. | 6,568 | 691,545 | ||||||
| 1,787,152 | ||||||||
| Materials - 2.3% | ||||||||
| Chemicals - 2.3% | ||||||||
| Celanese Corporation | 3,095 | 278,272 | ||||||
| Eastman Chemical Company | 3,129 | 213,022 | ||||||
| 491,294 | ||||||||
| Total Common Stocks (Cost $12,454,488) | $ | 15,978,701 | ||||||
| Exchange-Traded Funds - 3.2% | Shares | Value | ||||||
| Communication Services Select Sector SPDR® Fund (The) | 11,367 | $ | 614,045 | |||||
| Utilities Select Sector SPDR® Fund (The) | 875 | 52,229 | ||||||
| Total Exchange-Traded Funds (Cost $607,510) | $ | 666,274 | ||||||
| AlphaMark Large Cap Growth Fund | |
| Schedule of Investments (Continued) |
| Rights - 1.1% | Shares | Value | ||||||
| Health Care - 1.1% | ||||||||
| Pharmaceuticals - 1.1% | ||||||||
| Bristol-Myers Squibb Company (Cost $157,911) | 68,926 | $ | 226,767 | |||||
| Call Option Contracts - 0.1% | Contracts | Notional Amount | Value | |||||||||
Direxion Daily S&P 500® Bear 3X Shares, 6/19/2020 at $8 (Cost $24,387) | 300 | $ | 258,600 | $ | 25,500 | |||||||
| Put Option Contracts - 0.0% (a) | Contracts | Notional Amount | Value | |||||||||
| Fifth Third Bancorp, 6/19/2020 at $15 (Cost $19,762) | 560 | $ | 1,085,840 | $ | 7,840 | |||||||
| U.S. Treasury Obligations - 7.1% | Coupon (b) | Par Value | Value | |||||||||
| U.S. Treasury Bill, due 9/1/2020 (Cost $1,499,552) | 0.119 | % | $ | 1,500,000 | $ | 1,499,444 | ||||||
| Money Market Funds - 12.9% | Shares | Value | ||||||
| Fidelity Institutional Money Market Government Portfolio - Class I, 0.08% (c) (Cost $2,723,349) | 2,723,349 | $ | 2,723,349 | |||||
| Total Investments at Value - 100.3% (Cost $17,486,959) | $ | 21,127,875 | ||||||
| Liabilities in Excess of Other Assets - (0.3%) | (59,910 | ) | ||||||
| Total Net Assets - 100.0% | $ | 21,067,965 | ||||||
ADR - American Depositary Receipt.
| * | Non-income producing security. |
| (a) | Percentage rounds to less than 0.1%. |
| (b) | Rate shown is the annualized yield at time of purchase, not a coupon rate. |
| (c) | The rate shown is the 7-day effective yield as of May 31, 2020. |
The average monthly notional value of call option contracts and put option contracts during the period ended May 31, 2020 was $64,510 and $487,982, respectively.
See accompanying notes to Schedules of Investments.
| AlphaMark Large Cap Growth Fund |
| Schedule of Open Written Option Contracts |
| May 31, 2020 (Unaudited) |
| Written Call Option Contracts | Contracts | Notional Amount | Value | |||||||||
| Amazon.com, Inc., 06/19/2020 at $2,600 | 3 | $ | 732,711 | $ | 3,075 | |||||||
| Fifth Third Bancorp, 06/19/2020 at $19 | 560 | 1,085,840 | 74,480 | |||||||||
| PVH Corporation, 06/19/2020 at $55 | 80 | 363,760 | 6,480 | |||||||||
Total Written Call Option Contracts (Premiums received $32,832) | $ | 2,182,311 | $ | 84,035 | ||||||||
The average monthly notional value of written call option contracts during the period ended May 31, 2020 was $574,723.
See accompanying notes to Schedules of Investments.
AlphaMark Large Cap Growth Fund
Notes to Schedules of Investments
May 31, 2020 (Unaudited)
1. Securities Valuation
The portfolio securities of AlphaMark Large Cap Growth Fund (the “Fund”) are valued as of the close of business of the regular session of trading on the New York Stock Exchange (normally 4:00 p.m., Eastern time). Securities, including common stocks, exchange-traded funds, rights and option contracts, which are traded on exchanges are valued on the basis of their last sales prices on the exchanges on which they are primarily traded, or, if not traded on a particular day, at the closing bid price. Securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price or, if not traded on a particular day, at the last bid price as reported by NASDAQ. Securities traded in the over-the-counter market are valued at the last sale price, if available, otherwise, at the mean of the closing bid and ask prices. Fixed income securities are generally valued on the basis of prices provided by an independent pricing service. When using a quoted price and when the market for the security is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). Securities and other assets for which market quotations are not readily available or are considered to be unreliable due to significant market or other events are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Accounting principles generally accepted in the United States of America (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs |
| • | Level 3 – significant unobservable inputs |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 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.
AlphaMark Large Cap Growth Fund
Notes to Schedules of Investments (Continued)
The following is a summary of the inputs used to value the Fund's investments as of May 31, 2020:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 15,978,701 | $ | - | $ | - | $ | 15,978,701 | ||||||||
| Exchange-Traded Funds | 666,274 | - | - | 666,274 | ||||||||||||
| Rights | 226,767 | - | - | 226,767 | ||||||||||||
| Call Option Contracts | 25,500 | - | - | 25,500 | ||||||||||||
| Put Option Contracts | 7,840 | - | - | 7,840 | ||||||||||||
| U.S. Treasury Obligations | - | 1,499,444 | - | 1,499,444 | ||||||||||||
| Money Market Funds | 2,723,349 | - | - | 2,723,349 | ||||||||||||
| Total | $ | 19,628,431 | $ | 1,499,444 | $ | - | $ | 21,127,875 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Call Option Contracts | $ | (84,035 | ) | $ | - | $ | - | $ | (84,035 | ) | ||||||
| Total | $ | (84,035 | ) | $ | - | $ | - | $ | (84,035 | ) | ||||||
See the Fund’s Schedule of Investments for a listing of the common stocks and rights by sector and industry type. The Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the period ended May 31, 2020.
2. Investment Transactions
Investment transactions are accounted for on trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
3. Federal Income Tax
The following information is computed on a tax basis for each item as of May 31, 2020:
| Tax cost of portfolio investments | $ | 17,919,826 | ||
| Gross unrealized appreciation | $ | 4,217,472 | ||
| Gross unrealized depreciation | (1,093,458 | ) | ||
| Net unrealized appreciation | $ | 3,124,014 |
The difference between the federal income tax cost of portfolio investments and the Schedules of Investments cost is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales.