BTS MANAGED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
September 30, 2021 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 84.7% | |||||||
ALTERNATIVE - 1.4% | |||||||
8,874 | IndexIQ ETF Trust - IQ Hedge Multi-Strategy Tracker ETF | $ 281,838 | |||||
EQUITY - 11.3% | |||||||
11,913 | Alerian MLP ETF | 397,060 | |||||
25,426 | Global X Nasdaq 100 Covered Call ETF | 560,898 | |||||
18,264 | Invesco Global Listed Private Equity ETF | 273,595 | |||||
9,323 | Invesco S&P 500 Low Volatility ETF | 567,211 | |||||
6,505 | iShares Residential and Multisector Real Estate ETF | 556,633 | |||||
2,355,397 | |||||||
FIXED INCOME - 70.0% | |||||||
27,128 | Invesco Variable Rate Preferred ETF | 711,296 | |||||
2,413 | iShares Agency Bond ETF | 285,892 | |||||
27,302 | iShares iBoxx High Yield Corporate Bond ETF | 2,388,651 | |||||
5,107 | iShares JP Morgan USD Emerging Markets Bond ETF | 562,076 | |||||
6,612 | iShares MBS ETF | 715,022 | |||||
3,652 | iShares National Muni Bond ETF | 424,253 | |||||
6,906 | PGIM Active High Yield Bond ETF | 285,287 | |||||
9,157 | Schwab US TIPS ETF | 573,045 | |||||
15,535 | SPDR Blackstone Senior Loan ETF | 714,921 | |||||
15,018 | SPDR Bloomberg Convertible Securities ETF | 1,281,786 | |||||
16,393 | SPDR Bloomberg High Yield Bond ETF | 1,792,738 | |||||
7,835 | SPDR Bloomberg International Corporate Bond ETF | 276,615 | |||||
9,705 | SPDR Bloomberg International Treasury Bond ETF | 278,825 | |||||
15,595 | SPDR Bloomberg Short Term High Yield Bond ETF | 427,147 | |||||
11,165 | VanEck International High Yield Bond ETF | 277,674 | |||||
13,511 | Vanguard Intermediate-Term Corporate Bond ETF | 1,275,574 | |||||
9,963 | Vanguard Total Bond Market ETF | 851,338 | |||||
36,637 | Xtrackers USD High Yield Corporate Bond ETF | 1,468,411 | |||||
14,590,551 | |||||||
MIXED ALLOCATION - 2.0% | |||||||
17,607 | Invesco CEF Income Composite ETF | 421,688 | |||||
BTS MANAGED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
September 30, 2021 | |||||||
Shares | Fair Value | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $17,451,986) | $ 17,649,474 | ||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
U.S. GOVERNMENT & AGENCIES — 10.2% | |||||||
U.S. TREASURY BILLS — 10.2% | |||||||
2,243,000 | United States Treasury Note | 0.8750 | 11/15/30 | 2,126,907 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,201,229) | 2,126,907 | ||||||
SHORT-TERM INVESTMENTS — 3.4% | |||||||
MONEY MARKET FUNDS - 3.4% | |||||||
697,768 | Fidelity Government Portfolio, Class I, 0.01% (Cost $697,768)(a) | 697,768 | |||||
TOTAL INVESTMENTS - 98.3% (Cost $20,350,983) | $ 20,474,149 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 1.7% | 343,975 | ||||||
NET ASSETS - 100.0% | $ 20,818,124 | ||||||
ETF | - Exchange-Traded Fund |
SPDR | - Standard & Poor's Depositary Receipt |
(a) | Rate disclosed is the seven day effective yield as of September 30, 2021. |
BTS TACTICAL FIXED INCOME FUND | |||||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||||||
September 30, 2021 | |||||||||||
Shares | Fair Value | ||||||||||
EXCHANGE-TRADED FUNDS — 95.0% | |||||||||||
EQUITY - 9.6% | |||||||||||
508,116 | Invesco S&P 500 Low Volatility ETF | $ 30,913,777 | |||||||||
FIXED INCOME - 85.4% | |||||||||||
1,459,343 | iShares iBoxx High Yield Corporate Bond ETF(a) | 127,677,919 | |||||||||
185,971 | SPDR Bloomberg Convertible Securities ETF | 15,872,625 | |||||||||
893,382 | SPDR Bloomberg High Yield Bond ETF(a) | 97,700,256 | |||||||||
812,681 | Xtrackers USD High Yield Corporate Bond ETF | 32,572,254 | |||||||||
273,823,054 | |||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $308,136,974) | 304,736,831 | ||||||||||
SHORT-TERM INVESTMENTS — 48.1% | |||||||||||
COLLATERAL FOR SECURITIES LOANED - 48.0% | |||||||||||
154,110,010 | Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class, 0.01% (Cost $154,110,010)(b),(c) | 154,110,010 | |||||||||
MONEY MARKET FUNDS - 0.1% | |||||||||||
335,023 | Fidelity Government Portfolio, Class I, 0.01% (Cost $335,023)(c) | 335,023 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $154,445,033) | 154,445,033 | ||||||||||
TOTAL INVESTMENTS - 143.1% (Cost $462,582,007) | $ 459,181,864 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (43.1)% | (138,393,443) | ||||||||||
NET ASSETS - 100.0% | $ 320,788,421 | ||||||||||
ETF | - Exchange-Traded Fund |
SPDR | - Standard & Poor's Depositary Receipt |
(a) | All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2021 was $152,409,259. |
(b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2021. Total collateral had a value of $154,110,010 at September 30, 2021. Additional cash collateral received from the borrower not disclosed in the Schedule of Investments had a value of $2,000,000 as of September 30, 2021. |
(c) | Rate disclosed is the seven day effective yield as of September 30, 2021. |