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Schedule of Investments |
March 31, 2023 (unaudited) |
West Hills Tactical Core Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Exchanged Traded Funds - 97.70% (4) |
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SPDR S&P 500 ETF Trust | 15,975 |
| 6,540,005 |
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Total Exchange Traded Funds | (Cost $ 6,312,109) |
| 6,540,005 |
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Money Market Registered Investment Companies - 0.55% |
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Federated Hermes Treasury Obligations Fund - Service Shares, 4.667% (3) | 36,489 |
| 36,489 |
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Total Money Market Registered Investment Companies | (Cost $ 36,489) |
| 36,489 |
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Total Investments - 98.40% | (Cost $ 6,394,265) |
| 6,586,699 |
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Other Assets in Excess of Liabilities (1.60%) |
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| 107,095 |
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Total Net Assets - 100.00% |
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| 6,693,794 |
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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 |
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SPDR S&P 500 ETF Trust, Strike $392.50 | 13 | 4/6/2023 | 510,250 |
| 208 |
SPDR S&P 500 ETF Trust, Strike $386.00 | 13 | 4/14/2023 | 501,800 |
| 793 |
SPDR S&P 500 ETF Trust, Strike $398.00 | 13 | 4/21/2023 | 517,400 |
| 3,432 |
SPDR S&P 500 ETF Trust, Strike $383.00 | 13 | 4/28/2023 | 497,900 |
| 2,041 |
SPDR S&P 500 ETF Trust, Strike $387.50 | 13 | 5/5/2023 | 503,750 |
| 3,731 |
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| 65 |
| 2,531,100 |
| 10,205 |
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Call Options Written |
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SPDR S&P 500 ETF Trust, Strike $415.00 | (25) | 4/14/2023 | (1,037,500) |
| (7,275) |
SPDR S&P 500 ETF Trust, Strike $412.00 | (25) | 4/21/2023 | (1,030,000) |
| (13,775) |
SPDR S&P 500 ETF Trust, Strike $411.00 | (25) | 4/28/2023 | (1,027,500) |
| (18,250) |
SPDR S&P 500 ETF Trust, Strike $415.00 | (25) | 5/5/2023 | (1,037,500) |
| (16,625) |
SPDR S&P 500 ETF Trust, Strike $420.00 | (25) | 5/12/2023 | (1,050,000) |
| (13,475) |
SPDR S&P 500 ETF Trust, Strike $417.00 | (25) | 5/19/2023 | (1,042,500) |
| (18,675) |
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| (150) |
| (6,225,000) |
| (88,075) |
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Put Options Written |
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SPDR S&P 500 ETF Trust, Strike $360.00 | (13) | 4/6/2023 | (468,000) |
| (52) |
SPDR S&P 500 ETF Trust, Strike $355.00 | (13) | 4/14/2023 | (461,500) |
| (143) |
SPDR S&P 500 ETF Trust, Strike $366.00 | (13) | 4/21/2023 | (475,800) |
| (468) |
SPDR S&P 500 ETF Trust, Strike $345.00 | (13) | 4/28/2023 | (448,500) |
| (299) |
SPDR S&P 500 ETF Trust, Strike $355.00 | (13) | 5/5/2023 | (461,500) |
| (754) |
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| (65) |
| (2,315,300) |
| (1,716) |
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Total Options |
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| (Cost $ 37,734) |
| (79,586) |
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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 March 31, 2023 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 | | | $ | 6,586,699 | $ | 0 |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 6,586,699 | $ | 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 March 31, 2023. |
(4) Exchange-traded fund. |
