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Schedule of Investments |
September 30, 2021 (unaudited) |
West Hills Tactical Core Fund |
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| | | | | Shares or Principal | | |
Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Exchanged Traded Funds - 98.82% (4) |
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SPDR S&P 500 ETF Trust | 11,205 | | 4,808,514 |
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Total Exchange Traded Funds | (Cost $ 4,272,554) | | 4,808,514 |
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Money Market Registered Investment Companies - 0.38% |
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Federated Hermes Treasury Obligations Fund - Service Shares, 0.01% (3) | 18,685 | | 18,685 |
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Total Money Market Registered Investment Companies | (Cost $ 18,685) | | 18,685 |
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Total Investments - 100.07% | (Cost $ 32,492,892) | | 4,869,353 |
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Other Assets in Excess of Liabilities - (.07%) | | | (3,222) |
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Total Net Assets - 100.00% | | | 4,866,131 |
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Options |
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| Long (Short) | | Notional Value of | | Fair |
| Contracts | Expiration Date | Contracts ($) | | Value ($) |
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Put Options | | | | | |
SPDR S&P 500 ETF Trust, Strike $433.00 | 14 | 10/8/2021 | 606,200 | | 9,436 |
SPDR S&P 500 ETF Trust, Strike $432.00 | 9 | 10/15/2021 | 388,800 | | 7,128 |
SPDR S&P 500 ETF Trust, Strike $427.00 | 15 | 10/22/2021 | 640,500 | | 11,160 |
SPDR S&P 500 ETF Trust, Strike $434.00 | 13 | 10/29/2021 | 564,200 | | 14,430 |
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| 51 | | 2,199,700 | | 42,154 |
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Call Options Written | | | | | |
SPDR S&P 500 ETF Trust, Strike $453.00 | (18) | 10/29/2021 | (815,400) | | (864) |
SPDR S&P 500 ETF Trust, Strike $455.00 | (18) | 11/12/2021 | (819,000) | | (1,584) |
SPDR S&P 500 ETF Trust, Strike $459.00 | (19) | 11/19/2021 | (872,100) | | (1,368) |
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| (55) | | (2,506,500) | | (3,816) |
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Put Options Written | | | | | |
SPDR S&P 500 ETF Trust, Strike $410.00 | (14) | 10/8/2021 | (574,000) | | (1,400) |
SPDR S&P 500 ETF Trust, Strike $406.00 | (9) | 10/15/2021 | (365,400) | | (1,539) |
SPDR S&P 500 ETF Trust, Strike $401.00 | (15) | 10/22/2021 | (601,500) | | (2,610) |
SPDR S&P 500 ETF Trust, Strike $408.00 | (13) | 10/29/2021 | (530,400) | | (4,394) |
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| (51) | | (2,071,300) | | (9,943) |
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Total Options | | | | | (Cost $ 124,678) | | 28,395 |
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(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) |
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The following is a summary of the inputs used as of September 30, 2021 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments (5) |
Level 1 - Quoted Prices | | | $ | 4,869,353 | $ | 0 |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 4,869,353 | $ | 0 |
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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. |
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(2) Represents non-income producing securities. |
(3) Variable rate security; the coupon rate shown represents the yield at September 30, 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. |
