| | | | | | | |
Schedule of Investments |
March 31, 2021 (unaudited) |
West Hills Tactical Core Fund |
| | | | | | | |
| | | | | Shares or Principal | | |
Security Description | | | Amount ($) | | Fair Value ($)(1) |
| | | | | | | |
| | | |
Exchanged Traded Funds - 97.15% (4) |
| | | |
SPDR S&P 500 ETF Trust | 8,725 | | 3,457,979 |
| | | |
| | | |
Total Exchange Traded Funds | (Cost $ 22,543,508) | | 3,457,979 |
| | | |
Money Market Registered Investment Companies - 0.48% |
| | | |
Federated Hermes Treasury Obligations Fund - Service Shares, 0.01% (3) | 17,032 | | 17,032 |
| | | |
Total Money Market Registered Investment Companies | (Cost $ 17,032) | | 17,032 |
| | | |
Total Investments - 97.74% | (Cost $ 32,492,892) | | 3,479,045 |
| | | |
Other Assets in Excess of Liabilities (2.26%) | | | 80,452 |
| | | |
Total Net Assets - 100.00% | | | 3,559,497 |
| | | |
Options |
| | | | | |
| Long (Short) | | Notional Value of | | Fair |
| Contracts | Expiration Date | Contracts ($) | | Value ($) |
| | | | | |
| | | | | |
Put Options | | | | | |
SPDR S&P 500 ETF Trust, Strike $387.50 | 4 | 4/9/2021 | 155,000 | | 456 |
SPDR S&P 500 ETF Trust, Strike $392.00 | 4 | 4/9/2021 | 156,800 | | 788 |
SPDR S&P 500 ETF Trust, Strike $391.00 | 9 | 4/16/2021 | 351,900 | | 2,790 |
| | | | | |
| 17 | | 663,700 | | 4,034 |
| | | | | |
Call Options Written | | | | | |
SPDR S&P 500 ETF Trust, Strike $410.00 | (14) | 4/16/2021 | (574,000) | | (700) |
SPDR S&P 500 ETF Trust, Strike $409.00 | (13) | 4/23/2021 | (531,700) | | (1,378) |
SPDR S&P 500 ETF Trust, Strike $409.00 | (14) | 4/30/2021 | (572,600) | | (2,268) |
SPDR S&P 500 ETF Trust, Strike $405.00 | (7) | 5/7/2021 | (283,500) | | (2,394) |
SPDR S&P 500 ETF Trust, Strike $407.50 | (7) | 5/7/2021 | (285,250) | | (1,918) |
| | | | | |
| (55) | | (2,247,050) | | (8,658) |
| | | | | |
Put Options Written | | | | | |
SPDR S&P 500 ETF Trust, Strike $368.00 | (4) | 4/9/2021 | (147,200) | | (84) |
SPDR S&P 500 ETF Trust, Strike $365.00 | (4) | 4/9/2021 | (146,000) | | (64) |
SPDR S&P 500 ETF Trust, Strike $371.00 | (9) | 4/16/2021 | (333,900) | | (720) |
| | | | | |
| (17) | | (627,100) | | (868) |
| | | | | |
Total Options | | | | | (Cost $ 124,678) | | (5,492) |
| | | | | | | |
(1) Statement on Financial Accounting Standard No. 157 "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 (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
|
The following is a summary of the inputs used as of March 31, 2021 in valuing the Fund's assets carried at fair value: |
| | | | | | | |
| | | | | | | |
| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments (5) |
Level 1 - Quoted Prices | | | $ | 3,479,045 | $ | (9,526) |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 3,479,045 | $ | (9,526) |
| | | | | | | |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
market, such securities are reflected as Level 2. |
| | | | | | | |
(2) Represents non-income producing securities. |
(3) Variable rate security; the coupon rate shown represents the yield at March 31, 2021. |
(4) Exchange-traded fund. |
(5) Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized |
appreciation/depreciation on the instrument. |
