Schedule of Investments | |||||||
March 31, 2024 (unaudited) | |||||||
West Hills Tactical Core Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Exchanged Traded Funds - 100.02% (4) | |||||||
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SPDR S&P 500 ETF Trust | 14,745 |
| 7,712,667 | ||||
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Total Exchange Traded Funds | (Cost $ 5,775,062) |
| 7,712,667 | ||||
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Money Market Registered Investment Companies - 0.11% | |||||||
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Morgan Stanley Institutional Liquidity Funds 5.16% (3) | 8,851 |
| 8,851 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 8,851) |
| 8,851 | ||||
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Total Investments - 101.09% | (Cost $ 7,721,518) |
| 7,795,420 | ||||
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Liabilities in Excess of Other Assets - (1.10%) |
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| (84,492) | ||||
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Total Net Assets - 100.00% |
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| 7,710,928 | ||||
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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 $512.00 | 110 | 6/21/2024 | 5,632,000 |
| 70,730 | ||
SPDR S&P 500 ETF Trust, Strike $505.00 | 13 | 4/12/2024 | 656,500 |
| 728 | ||
SPDR S&P 500 ETF Trust, Strike $497.00 | 13 | 4/19/2024 | 646,100 |
| 819 | ||
SPDR S&P 500 ETF Trust, Strike $493.00 | 13 | 3/28/2024 | 640,900 |
| 13 | ||
SPDR S&P 500 ETF Trust, Strike $502.00 | 13 | 4/26/2024 | 652,600 |
| 1,508 | ||
SPDR S&P 500 ETF Trust, Strike $495.00 | 13 | 4/5/2024 | 643,500 |
| 104 | ||
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| 175 |
| 8,871,600 |
| 73,902 | ||
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| 0 |
| 0 |
| 0 | ||
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Call Options Written |
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SPDR S&P 500 ETF Trust, Strike $522.00 | (25) | 4/19/2024 | (1,112,500) |
| (17,600) | ||
SPDR S&P 500 ETF Trust, Strike $528.00 | (25) | 4/26/2024 | (1,112,500) |
| (12,225) | ||
SPDR S&P 500 ETF Trust, Strike $545.00 | (72) | 6/21/2024 | (3,204,000) |
| (37,296) | ||
SPDR S&P 500 ETF Trust, Strike $550.00 | (24) | 6/21/2024 | (1,070,400) |
| (9,456) | ||
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| (146) |
| (6,499,400) |
| (76,577) | ||
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Put Options Written |
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SPDR S&P 500 ETF Trust, Strike $465.00 | (13) | 4/12/2024 | (526,500) |
| (16,280) | ||
SPDR S&P 500 ETF Trust, Strike $452.00 | (13) | 3/28/2024 | (526,500) |
| (260) | ||
SPDR S&P 500 ETF Trust, Strike $457.00 | (13) | 4/19/2024 | (533,000) |
| (351) | ||
SPDR S&P 500 ETF Trust, Strike $460.00 | (13) | 4/26/2024 | (507,000) |
| (52) | ||
SPDR S&P 500 ETF Trust, Strike $455.00 | (13) | 4/5/2024 | (500,500) |
| (156) | ||
SPDR S&P 500 ETF Trust, Strike $461.00 | (110) | 6/21/2024 | (4,235,000) |
| (143) | ||
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| (175) |
| (6,828,500) |
| (17,242) | ||
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Total Options |
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| (Cost $ 21,839) |
| (19,917) |
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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 28, 2024 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments (5) | |
Level 1 - Quoted Prices |
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| $ | 7,795,420 | $ | 0 | |
Level 2 - Other Significant Observable Inputs |
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| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
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| - | ||
Total |
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| $ | 7,795,420 | $ | 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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(3) Variable rate security; the coupon rate shown represents the yield at March 28, 2024. | |||||||
(4) Exchange-traded fund. |
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NPORT-P Filing
Frank Value Fund (FRNKX) NPORT-PWest Hills Core Fund (Mar 2024 report)
Filed: 24 May 24, 11:10am