USA MUTUALS VICE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
December 31, 2022 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.0% | |||||||
AEROSPACE & DEFENSE - 23.7% | |||||||
501,748 | BAE Systems plc | $ 5,192,044 | |||||
12,700 | Northrop Grumman Corporation | 6,929,248 | |||||
57,958 | Raytheon Technologies Corporation | 5,849,121 | |||||
17,970,413 | |||||||
BEVERAGES - 29.0% | |||||||
15,000 | Carlsberg A/S - Series B | 1,993,723 | |||||
19,000 | Constellation Brands, Inc., Class A | 4,403,250 | |||||
24,500 | Diageo plc - ADR | 4,365,655 | |||||
50,000 | Duckhorn Portfolio, Inc. (The)(a) | 828,500 | |||||
45,000 | Heineken N.V. | 4,234,500 | |||||
20,000 | Molson Coors Beverage Company, Class B | 1,030,400 | |||||
26,500 | Pernod Ricard S.A. | 5,214,021 | |||||
22,070,049 | |||||||
BIOTECH & PHARMA - 0.1% | |||||||
33,333 | Mind Medicine MindMed, Inc.(a) | 73,333 | |||||
GAMING REITS - 1.9% | |||||||
28,322 | Gaming and Leisure Properties, Inc. | 1,475,293 | |||||
LEISURE FACILITIES & SERVICES - 27.6% | |||||||
100,000 | DraftKings, Inc., Class A(a) | 1,139,000 | |||||
22,500 | Evolution A.B. | 2,189,717 | |||||
10,000 | Flutter Entertainment plc - ADR(a) | 682,200 | |||||
1,155,000 | Galaxy Entertainment Group Ltd. | 7,635,317 | |||||
41,000 | Las Vegas Sands Corporation(a) | 1,970,870 | |||||
1,400,000 | Melco International Development Ltd.(a) | 1,517,378 | |||||
45,000 | Penn Entertainment, Inc.(a) | 1,336,500 | |||||
850,000 | Sands China Ltd.(a) | 2,820,422 | |||||
1,474,600 | Wynn Macau Ltd.(a) | 1,643,572 | |||||
20,934,976 | |||||||
LEISURE PRODUCTS - 2.1% | |||||||
65,000 | Vista Outdoor, Inc.(a) | 1,584,050 | |||||
USA MUTUALS VICE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
December 31, 2022 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.0% (Continued) | |||||||
REAL ESTATE INVESTMENT TRUSTS - 1.0% | |||||||
70,000 | GEO Group, Inc. (The)(a) | $ 766,500 | |||||
TOBACCO & CANNABIS - 13.6% | |||||||
25,000 | Altria Group, Inc. | 1,142,750 | |||||
93,000 | British American Tobacco plc - ADR | 3,718,140 | |||||
27,000 | Canopy Growth Corporation(a) | 62,370 | |||||
180,000 | Cronos Group, Inc.(a) | 457,200 | |||||
48,500 | Philip Morris International, Inc. | 4,908,685 | |||||
10,289,145 | |||||||
TOTAL COMMON STOCKS (Cost $54,717,837) | 75,163,759 | ||||||
TOTAL INVESTMENTS - 99.0% (Cost $54,717,837) | $ 75,163,759 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0% | 759,759 | ||||||
NET ASSETS - 100.0% | �� | $ 75,923,518 | |||||
ADR | - American Depositary Receipt |
A/S | - Anonim Sirketi |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S/A | - Société Anonyme |
(a) | Non-income producing security. |