| STRINGER TACTICAL ADAPTIVE RISK FUND |
| SCHEDULE OF INVESTMENTS |
| November 30, 2024 (Unaudited) |
| COMMON STOCK - 12.27% | | Shares | | | Value | |
| | | | | | | |
| Banks - 0.08% | | | | | | | | |
| Customers Bancorp, Inc. (a) | | | 329 | | | $ | 18,572 | |
| | | | | | | | | |
| Biotechnology - 0.53% | | | | | | | | |
| ACADIA Pharmaceuticals, Inc. (a) | | | 3,538 | | | | 57,740 | |
| Veracyte, Inc. (a) | | | 1,619 | | | | 69,536 | |
| | | | | | | | 127,276 | |
| Commercial Services - 0.35% | | | | | | | | |
| Chegg, Inc. (a) | | | 5,545 | | | | 11,700 | |
| TriNet Group, Inc. | | | 766 | | | | 71,567 | |
| | | | | | | | 83,267 | |
| Diversified Financial Services - 0.13% | | | | | | | | |
| International Money Express, Inc. (a) | | | 648 | | | | 13,653 | |
| Pagseguro Digital Ltd. - Class A - Brazil (a) | | | 2,366 | | | | 17,366 | |
| | | | | | | | 31,019 | |
| Food - 0.06% | | | | | | | | |
| Calavo Growers, Inc. | | | 486 | | | | 13,467 | |
| | | | | | | | | |
| Healthcare - Products - 0.14% | | | | | | | | |
| MiMedx Group, Inc. (a) | | | 2,514 | | | | 23,255 | |
| OraSure Technologies, Inc. (a) | | | 2,567 | | | | 9,755 | |
| | | | | | | | 33,010 | |
| Insurance - 9.03% | | | | | | | | |
| Berkshire Hathaway, Inc. - Class B (a) | | | 4,188 | | | | 2,022,888 | |
| Essent Group Ltd. | | | 1,013 | | | | 58,531 | |
| Jackson Financial, Inc. - Class A | | | 730 | | | | 73,139 | |
| | | | | | | | 2,154,558 | |
| Internet - 0.58% | | | | | | | | |
| Hims & Hers Health, Inc. (a) | | | 4,295 | | | | 138,385 | |
| | | | | | | | | |
| Media - 0.07% | | | | | | | | |
| Sinclair, Inc. | | | 867 | | | | 15,884 | |
| | | | | | | | | |
| Office & Business Equipment - 0.10% | | | | | | | | |
| Xerox Holdings Corp. | | | 2,708 | | | | 24,751 | |
| | | | | | | | | |
| Oil & Gas - 0.08% | | | | | | | | |
| Noble Corp PLC | | | 586 | | | | 19,613 | |
| | | | | | | | | |
| Oil & Gas Services - 0.14% | | | | | | | | |
| Bristow Group, Inc. (a) | | | 639 | | | | 24,423 | |
| Mammoth Energy Services, Inc. (a) | | | 2,508 | | | | 8,728 | |
| | | | | | | | 33,151 | |
| Real Estate - 0.08% | | | | | | | | |
| eXp World Holdings, Inc. | | | 1,373 | | | | 19,016 | |
| | | | | | | | | |
| REITS - 0.12% | | | | | | | | |
| Innovative Industrial Properties, Inc. | | | 263 | | | | 28,672 | |
| STRINGER TACTICAL ADAPTIVE RISK FUND |
| SCHEDULE OF INVESTMENTS |
| November 30, 2024 (Unaudited) |
| COMMON STOCK - 12.27% (continued) | | Shares | | | Value | |
| | | | | | | |
| Retail - 0.05% | | | | | | | | |
| Tile Shop Holdings, Inc. (a) | | | 1,935 | | | $ | 12,829 | |
| | | | | | | | | |
| Software - 0.22% | | | | | | | | |
| Clear Secure, Inc. - Class A | | | 1,972 | | | | 51,035 | |
| | | | | | | | | |
| Telecommunications - 0.51% | | | | | | | | |
| Lumen Technologies, Inc. (a) | | | 16,695 | | | | 122,541 | |
| | | | | | | | | |
| TOTAL COMMON STOCK (Cost $2,271,908) | | | | | | | 2,927,046 | |
| | | | | | | | | |
| EXCHANGE-TRADED FUNDS - 85.83% | | | | | | | | |
| | | | | | | | | |
| Debt Funds - 11.51% | | | | | | | | |
| SPDR Doubleline Total Return Tactical ETF | | | 33,343 | | | | 1,347,057 | |
| SPDR Portfolio Aggregate Bond ETF | | | 54,660 | | | | 1,399,843 | |
| | | | | | | | 2,746,900 | |
| Equity Funds - 74.32% | | | | | | | | |
| Federated Hermes U.S. Strategic Dividend ETF | | | 34,117 | | | | 971,591 | |
| iShares MSCI Emerging Markets ex China ETF | | | 15,405 | | | | 889,947 | |
| iShares MSCI International Quality Factor ETF | | | 30,487 | | | | 1,187,164 | |
| iShares MSCI USA Momentum Factor ETF | | | 5,631 | | | | 1,219,224 | |
| iShares MSCI USA Quality Factor ETF | | | 12,940 | | | | 2,397,653 | |
| iShares Russell 2000 ETF | | | 475 | | | | 114,888 | |
| JPMorgan Equity Premium Income ETF | | | 7,847 | | | | 477,333 | |
| JPMorgan Hedged Equity Laddered Overlay ETF | | | 45,326 | | | | 2,857,351 | |
| SPDR MSCI USA Strategic Factors ETF | | | 7,587 | | | | 1,242,675 | |
| SPDR S&P 1500 Value Tilt ETF | | | 3,784 | | | | 740,494 | |
| Technology Select Sector SPDR Fund | | | 5,021 | | | | 1,173,558 | |
| Vanguard Growth ETF | | | 2,554 | | | | 1,044,918 | |
| Vanguard International Dividend Appreciation ETF | | | 20,126 | | | | 1,690,383 | |
| WisdomTree International Quality Dividend Growth Fund | | | 18,767 | | | | 675,424 | |
| Xtrackers U.S. National Critical Technologies ETF | | | 32,180 | | | | 1,049,467 | |
| | | | | | | | 17,732,070 | |
| | | | | | | | | |
| TOTAL EXCHANGE-TRADED FUNDS (Cost $18,730,114) | | | | | | | 20,478,970 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.93% | | | | | | | | |
| Federated Hermes Government Obligations Fund - Institutional Shares, 4.50% (b) | | | 460,729 | | | | 460,729 | |
| | | | | | | | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $460,729) | | | | | | | 460,729 | |
| | | | | | | | | |
| INVESTMENTS AT VALUE (Cost $21,462,751) - 100.03% | | | | | | $ | 23,866,745 | |
| | | | | | | | | |
| LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.03%) | | | | | | | (7,000 | ) |
| | | | | | | | | |
| NET ASSETS - 100.00% | | | | | | $ | 23,859,745 | |
Percentages are stated as a percent of net assets.
(a) Non-income producing security.
(b) Rate shown represents the 7-day yield at November 30, 2024, is subject to change and resets daily.
The following abbreviations are used in this portfolio:
ETF - Exchange-Traded Fund
Ltd - Limited
MSCI - Morgan Stanley Capital International
PLC - Public Limited Company
REITS - Real Estate Investment Trusts
SPDR - Standard & Poor's Depositary Receipts
The accompanying notes are an integral part of these financial statements.
Stringer Funds
NOTES TO THE SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
The following is a summary of significant accounting policies consistently followed by the Stringer Tactical Adaptive Risk Fund (the “Fund”). The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Processes and Structure
The Fund’s Board of Trustees (the “Board”) has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available and has delegated authority to the Adviser to apply those guidelines in determining fair value prices, subject to review by the Board.
Hierarchy of Fair Value Inputs
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:
| ● | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| ● | Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. |
| ● | Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fair Value Measurements
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.
Equity securities (common stock and ETFs) – Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, ETFs, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.
Money market funds – Money market funds are valued at their net asset value of $1.00 per share and are categorized as Level 1.
The SEC adopted Rule 2a-5 under the 1940 Act, which established an updated regulatory framework for registered investment company fair valuation practices. The rule became effective on September 8, 2022. Under the new rule a greater number of the Fund’s securities may be subject to fair value pricing. The Fund’s fair value policies and procedures and valuation practices were updated to comply with Rule 2a-5. Specifically, the Board designated the Adviser as the Fund’s “Valuation Designee” to make fair value determinations. The Adviser acts through its Rule 2a-5 Committee (the “Valuation Committee”) in accordance with the Trust’s and the Adviser’s policies and procedures (collectively, the “Valuation Procedures”). While fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination, fair value represents only a good faith approximation of the value of an asset or liability.
Stringer Funds
NOTES TO THE SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
Fair Value Measurements (continued)
The Fund’s policies regarding fair value pricing are intended to result in a calculation of a Fund’s net asset value that fairly reflects portfolio security values as of the time of pricing. A portfolio security’s fair value price may differ from the price next available for that portfolio security using a Fund’s normal pricing procedure and may differ substantially from the price at which the portfolio security may ultimately be traded or sold. If such fair value price differs from the price that would have been determined using a Fund’s normal pricing procedures, a shareholder may receive more or less proceeds or shares from redemptions or purchases of Fund shares, respectively, than a shareholder would have otherwise received if the portfolio security was priced using a Fund’s normal pricing procedures. The performance of a Fund may also be affected if a portfolio security’s fair value price were to differ from the security’s price using a Fund’s normal pricing procedures.
Pursuant to policies adopted by the Board, the Valuation Designee reports all fair valued securities to the Board at least quarterly. The Board monitors and evaluates the Fund’s use of fair value pricing. These securities will be categorized as Level 3 securities.
The following table summarizes the inputs used to value the Fund’s assets and liabilities measured at fair value as of November 30, 2024.
| Financial Instruments - Assets | | | | | Level 2 | | | | |
| Security Classification (1) | | Level 1
(Quoted Prices) | | | (Other Significant
Observable Inputs) | | | Totals | |
| Common Stock (2) | | $ | 2,927,046 | | | $ | — | | | $ | 2,927,046 | |
| Exchange Trades Funds (2) | | | 20,478,970 | | | | — | | | | 20,478,970 | |
| Money Market Funds | | | 460,729 | | | | — | | | | 460,729 | |
| Totals | | $ | 23,866,745 | | | $ | — | | | $ | 23,866,745 | |
(1) As of and during the nine months ended November 30, 2024, the Fund held no securities that were considered to be “Level 3” securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.
(2) All common stock and ETFs held in the Fund are Level 1 securities. For a detailed break-out of common stock by industry category and ETFs by investment type, please refer to the Schedule of Investments.
During the nine months ended November 30, 2024, no securities were valued using alternative procedures approved by the Board.
Exchange Traded Funds – The Fund may invest in Exchange-Traded Funds (“ETFs”). ETFs are registered investment companies and incur fees and expenses such as operating expenses, licensing fees, registration fees, trustees fees, and marketing expenses, and ETF shareholders, such as the Fund, pay their proportionate share of these expenses. Your cost of investing in the Fund will generally be higher than the cost of investing directly in ETFs. By investing in the Fund, you will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Fund’s direct fees and expenses.
For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation of investments at November 30, 2024 were as follows:
| Cost | | | Gross Appreciation | | | Gross Depreciation | | | Net Appreciation | |
| $ | 21,466,528 | | | $ | 2,449,146 | | | $ | (48,929 | ) | | $ | 2,400,217 | |
The difference between book basis unrealized appreciation and tax-basis unrealized appreciation for the Fund is attributable primarily to the tax deferral of losses on wash sales.
