PORTFOLIO OF INVESTMENTS – as of September 30, 2019 (Unaudited)

ASG Dynamic Allocation Fund

Shares		Description	Value (†)
	Exchange-Traded Funds – 49.9% of Net Assets
	22,416	iShares® Core U.S. Aggregate Bond ETF	$	2,536,819
	2,884	iShares® Edge MSCI Min Vol Emerging Markets ETF		164,648
	14,650	iShares® JP Morgan USD Emerging Markets Bond ETF		1,660,577
	52,690	SPDR® Bloomberg Barclays International Treasury Bond ETF		1,512,203
	9,972	Vanguard FTSE All World ex-U.S. Small-Cap ETF		1,016,645
	25,152	Vanguard FTSE Developed Markets ETF		1,033,244
	2,246	Vanguard FTSE Emerging Markets ETF		90,424
	19,039	Vanguard FTSE Europe ETF		1,020,681
	15,573	Vanguard FTSE Pacific ETF		1,028,597
	28,378	Vanguard Intermediate-Term Corporate Bond ETF		2,589,209
	12,472	Vanguard Mid-Cap ETF		2,090,307
	25,769	Vanguard Total International Bond ETF		1,515,990
	14,272	Vanguard Total Stock Market ETF		2,155,072
	19,013	Vanguard Value ETF		2,122,231
		Total Exchange-Traded Funds (Identified Cost $19,068,192)		20,536,647
Principal Amount
	Short-Term Investments – 47.7%
		Certificates of Deposit – 39.4%
$	1,000,000	National Bank of Kuwait (NY), 2.180%, 10/03/2019		1,000,004
	500,000	Bank of Montreal (IL), 3-month LIBOR + 0.110%, 2.399%, 10/04/2019(a)		500,003
	1,000,000	Commonwealth Bank of Australia (NY), 1-month LIBOR + 0.320%, 2.402%, 10/04/2019(a)		1,000,025
	1,000,000	National Bank of Canada (NY), 1-month LIBOR + 0.100%, 2.149%, 10/10/2019(a)		999,995
	750,000	Svenska Handelsbanken (NY), 2.275%, 10/16/2019		750,050
	1,000,000	Landesbank Hessen (NY), 2.270%, 10/23/2019		1,000,115
	700,000	KBC Bank NV (NY), 2.050%, 10/30/2019		700,005
	1,000,000	Sumitomo Mitsui Trust Bank (NY), 1-month LIBOR + 0.140%, 2.181%, 11/18/2019(a)		1,000,033
	500,000	DNB Bank ASA (NY), 2.050%, 12/03/2019		499,965
	1,000,000	Banco Del Estado De Chile (NY), 2.430%, 12/06/2019		1,000,585
	1,000,000	Nordea Bank ABP (NY), 2.280%, 12/11/2019(b)		1,000,393
	1,000,000	Oversea-Chinese Banking Corp. Ltd. (NY), 2.250%, 12/13/2019(b)		1,000,222
	1,000,000	Mizuho Bank Ltd. (NY), 2.160%, 12/19/2019		1,000,057
	1,000,000	DZ Bank (NY), 2.090%, 1/24/2020(b)		1,000,011
	750,000	MUFG Bank Ltd. (NY), 2.000%, 2/18/2020(b)		749,763

Principal Amount		Description	Value (†)
		Certificates of Deposit – continued
$	1,000,000	National Australia Bank, 1-month LIBOR + 0.150%, 2.194%, 5/20/2020(a)(b)	$	999,262
	500,000	Royal Bank of Canada (NY), 1-month LIBOR + 0.180%, 2.219%, 6/12/2020(a)(b)		499,653
	500,000	Royal Bank of Canada (NY), 1-month LIBOR + 0.210%, 2.259%, 7/10/2020(a)(b)		499,693
	1,000,000	Toronto-Dominion Bank (NY), 1-month LIBOR + 0.310%, 2.356%, 10/20/2020(a)(b)		999,684
		Total Certificates of Deposit (Identified Cost $16,200,085)		16,199,518
		Time Deposits – 3.2%
	1,300,000	Canadian Imperial Bank of Commerce, 1.800%, 10/01/2019		1,300,000
		Commercial Paper – 2.4%
	1,000,000	Cofco Capital Corp., (Credit Support: Australian & New Zealand Banking Group Ltd.), 2.204%, 10/16/2019(c)		999,076
		Treasuries – 1.5%
	600,000	U.S. Treasury Bills, 1.975%, 10/03/2019(c)(d)		599,945
		Other Notes – 1.2%
	500,000	Bank of America NA, 2.020%, 1/09/2020(e)		500,096
		Total Short-Term Investments (Identified Cost $19,599,102)		19,598,635
		Total Investments – 97.6% (Identified Cost $38,667,294)		40,135,282
		Other assets less liabilities – 2.4%		973,280
		Net Assets – 100.0%	$	41,108,562

(†) Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

As of September 30, 2019, futures contracts were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the contracts, as follows:

Notional Value		Unrealized Appreciation/ Depreciation*		Unrealized as a Percentage of Net Assets
$	7,480,999	$	93,300		0.23	%

* Amounts represent gross unrealized appreciation/(depreciation) at absolute value.

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(a)	Variable rate security. Rate as of September 30, 2019 is disclosed.
(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(c)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(d)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
(e)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates. Rate as of September 30, 2019 is disclosed.
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
SPDR®	Standard & Poor’s Depositary Receipt

Futures Contracts

The Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When the Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by the Fund depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

At September 30, 2019, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		12/31/2019		15	$	1,794,375	$	1,787,227	$	(7,148	)
10 Year Australia Government Bond		12/16/2019		13		1,278,089		1,292,895		14,806
10 Year U.S. Treasury Note		12/19/2019		14		1,836,109		1,824,375		(11,734	)
30 Year U.S. Treasury Bond		12/19/2019		11		1,804,609		1,785,437		(19,172	)
ASX SPI 200™		12/19/2019		13		1,461,283		1,465,755		4,472
CAC 40®		10/18/2019		25		1,526,105		1,546,640		20,535
E-mini Dow		12/20/2019		22		2,986,820		2,959,110		(27,710	)
E-mini NASDAQ 100		12/20/2019		19		3,009,216		2,952,790		(56,426	)
E-mini Russell 2000		12/20/2019		39		3,068,645		2,973,750		(94,895	)
E-mini S&P 500®		12/20/2019		20		3,000,898		2,978,500		(22,398	)
EURO STOXX 50®		12/20/2019		40		1,540,601		1,549,909		9,308
FTSE 100 Index		12/20/2019		17		1,522,096		1,543,324		21,228
German Euro Bund		12/06/2019		7		1,348,803		1,329,467		(19,336	)
MSCI EAFE Index		12/20/2019		16		1,529,450		1,518,720		(10,730	)
TOPIX		12/12/2019		10		1,430,914		1,468,671		37,757
UK Long Gilt		12/27/2019		8		1,303,778		1,320,438		16,660
Total									$	(144,783	)

At September 30, 2019, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Dollar Index		12/16/2019		107	$	10,463,761	$	10,595,247	$	(131,486	)

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical assets or liabilities;

• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2019, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	20,536,647	$	—	$	—	$	20,536,647
Short-Term Investments*		—		19,598,635		—		19,598,635
Futures Contracts (unrealized appreciation)		31,466		93,300		—		124,766
Total	$	20,568,113	$	19,691,935	$	—	$	40,260,048

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(401,035	)	$	—	$	—	$	(401,035	)

* Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended September 30, 2019, there were no transfers among Levels 1, 2 and 3.

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include futures contracts.

The Fund tactically allocates its investments across a range of asset classes and global markets. The Fund will typically use a variety of derivative instruments, in particular long positions in futures and forward contracts, to achieve exposures to global equity and fixed income securities. The Fund may also hold short positions in derivatives for hedging purposes. During the period ended September 30, 2019, the Fund used long contracts on U.S. and foreign equity market indices and U.S. and foreign government bonds and short contracts on U.S. dollar index to gain investment exposures in accordance with its objectives.

The following is a summary of derivative instruments for the Fund, as of September 30,2019:

	Unrealized appreciation on futures contracts
Assets
Exchange-traded asset derivatives
Interest rate contracts	$	31,466
Equity contracts		93,300
Total exchange-traded asset derivatives	$	124,766
	Unrealized depreciation on futures contracts
Liabilities
Exchange-traded liability derivatives
Interest rate contracts	$	(57,390	)
Foreign exchange contracts		(131,486	)
Equity contracts		(212,159	)
Total exchange-traded liability derivatives	$	(401,035	)

The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of September 30, 2019:

	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Exchange-traded counterparty credit risk
Futures contracts	$	124,766	$	124,766
Margin with brokers		1,656,849		1,656,849
Total exchange-traded counterparty credit risk	$	1,781,615	$	1,781,615

Investment Summary at September 30, 2019 (Unaudited)

Exchange-Traded Funds	49.9	%
Certificates of Deposit	39.4
Time Deposits	3.2
Commercial Paper	2.4
Other Investments, less than 2% each	2.7
Total Investments	97.6
Other assets less liabilities (including futures contracts)	2.4
Net Assets	100.0	%