NPORT-EX 2 sierrafundsnport.htm SIERRA TACTICAL RISK SPECTRUM 50 FUND_NQ_12.31.2023

 

 

SIERRA TACTICAL ALL ASSET FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 43.1%      
    EQUITY - 21.4%      
125,300   Alerian MLP ETF       $ 5,327,756
39,900   Communication Services Select Sector SPDR Fund         2,899,134
81,700   Financial Select Sector SPDR Fund         3,071,920
22,100   Invesco QQQ Trust Series 1         9,050,392
67,300   iShares MSCI USA Min Vol Factor ETF         5,251,419
48,600   iShares MSCI USA Quality Factor ETF         7,151,004
17,600   iShares U.S. Real Estate ETF         1,608,816
26,400   iShares US Aerospace & Defense ETF         3,342,240
163,900   JPMorgan Equity Premium Income ETF         9,011,222
145,500   JPMorgan Nasdaq Equity Premium Income ETF         7,264,815
44,300   SPDR Dow Jones Industrial Average ETF Trust         16,695,341
63,200   SPDR S&P Regional Banking ETF         3,313,576
902,800   Vanguard FTSE Developed Markets ETF         43,244,120
28,300   Vanguard Growth ETF         8,797,904
16,800   Vanguard S&P 500 ETF         7,338,240
282,600   WisdomTree India Earnings Fund         11,586,600
             

144,954,499

    FIXED INCOME - 21.7%      
215,900   First Trust Preferred Securities and Income ETF         3,640,074
1,349,100   Invesco Senior Loan ETF         28,573,938
333,900   iShares JP Morgan USD Emerging Markets Bond ETF         29,737,134
462,700   iShares Preferred & Income Securities ETF         14,431,613
799,800   SPDR Blackstone Senior Loan ETF         33,535,614
99,700   SPDR Bloomberg Convertible Securities ETF         7,193,355
318,900   SPDR Bloomberg High Yield Bond ETF         30,209,397
             

147,321,125

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $273,639,440)    

  292,275,624

               
    OPEN END FUNDS — 56.6%      
    ALTERNATIVE - 4.7%      
518,878   BlackRock Global Long/Short Equity Fund, Institutional Class         6,553,426
1,071,706   DoubleLine Flexible Income Fund, Class I         9,120,217
 
 

 

SIERRA TACTICAL ALL ASSET FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 56.6% (Continued)      
    ALTERNATIVE - 4.7% (Continued)      
480,061   JPMorgan Hedged Equity 3 Fund, Class I       $ 7,993,018
1   JPMorgan Hedged Equity Fund, Class I         29
774,776   Neuberger Berman US Equity Index PutWrite Strategy, Class I         8,491,541
             

32,158,231

    EQUITY - 8.6%      
1   JPMorgan Emerging Markets Equity Fund, Class I         31
148,915   JPMorgan Large Cap Growth Fund, Class I         8,955,722
319,015   PIMCO RAE PLUS EMG Fund, Institutional Class         2,220,346
862,032   PIMCO StocksPLUS International Fund U.S. Dollar Hedged, Institutional Class       7,068,662
516,929   PIMCO StocksPLUS Long Duration Fund, Institutional Class         8,456,959
397,064   Schwab S&P 500 Index Fund         29,025,361
35,857   Smead Value Fund, Institutional Class         2,732,287
1   Virtus KAR Small-Cap Core Fund, Class I         58
2   Virtus KAR Small-Cap Growth Fund, Class I         52
             

58,459,478

    FIXED INCOME - 43.3%      
2,055   American Century High Income Fund, Class I         17,654
539,754   BlackRock Floating Rate Income Portfolio, Institutional Class         5,235,613
1,144,514   BlackRock High Yield Bond Portfolio, Institutional Class         8,068,823
6   BlackRock High Yield Municipal Fund, Institutional Class         51
6,387   BlackRock National Municipal Fund, Institutional Class         65,215
3,692,833   BlackRock Strategic Income Opportunities Portfolio, Institutional Class         34,860,347
2,761   BlackRock Strategic Municipal Opportunities Fund, Institutional Class         29,126
9,735   Cohen & Steers Preferred Securities and Income, Class I         114,677
1,563   Columbia Intermediate Duration Municipal Bond Fund, Institutional Class       14,958
495,914   DoubleLine Emerging Markets Fixed Income Fund, Class I         4,329,332
1,991,426   DoubleLine Total Return Bond Fund, Class I         17,604,208
5,867   Goldman Sachs High Yield Floating Rate Fund, Institutional Class         52,155
1   Goldman Sachs Investment Grade Credit Fund, Institutional Class         12
18   Invesco High Yield Municipal Fund, Class Y         156
4,531   Invesco International Bond Fund, Class Y         20,119
10,072   Invesco Rochester Municipal Opportunities Fund, Class Y         69,397
5,602   Invesco Senior Floating Rate Fund, Class Y         37,308
1   JPMorgan Emerging Markets Debt Fund, Class I         7
 
 

 

SIERRA TACTICAL ALL ASSET FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 56.6% (Continued)      
    FIXED INCOME - 43.3% (Continued)      
736,417   JPMorgan Global Bond Opportunities Fund, Class I       $ 7,165,333
3,527   JPMorgan Income Fund, Class I         29,450
5,539   Lord Abbett Floating Rate Fund, Class I         45,144
130,093   MassMutual Global Floating Rate Fund, Class Y         1,144,816
5   Metropolitan West High Yield Bond Fund, Class I         49
1,935,184   Metropolitan West Total Return Bond Fund, Class I         17,784,345
2,190   MFS Corporate Bond Fund, Class I         27,221
3,014   Neuberger Berman Strategic Income Fund, Class I         29,632
1,882   Nuveen All-American Municipal Bond Fund, Class I         19,323
2,149   Nuveen California Municipal Bond Fund, Class I         21,810
5,061   Nuveen High Yield Municipal Bond Fund, Class I         75,056
2,183   Nuveen Preferred Securities Fund, Class I         32,806
3,478   Nuveen Short Duration High Yield Municipal Bond, Class I         32,830
3,283   Nuveen Strategic Income Fund, Class I         32,139
3,237   PIMCO Diversified Income Fund, Institutional Class         30,941
5,030   PIMCO Emerging Markets Bond Fund, Institutional Class         42,203
4,035   PIMCO Emerging Markets Local Currency and Bond, Institutional Class         24,290
0(c)   PIMCO High Yield Fund, Institutional Class         0(d)
23   PIMCO High Yield Municipal Bond Fund, Institutional Class         191
5,331,512   PIMCO Income Fund, Institutional Class         56,620,655
3,275,723   PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class         32,331,390
3,993,332   PIMCO Investment Grade Credit Bond Fund, Institutional Class         35,900,052
7   PIMCO Long-Term Credit Bond Fund, Institutional Class         68
1,263   PIMCO Real Return Fund, Institutional Class         12,667
5,485,145   PIMCO Total Return Fund, Institutional Class         47,446,504
7   Pioneer Strategic Income Fund, Class Y         65
1,447,408   Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class       12,766,141
2,702   Putnam Ultra Short Duration Income Fund, Class Y         27,288
8,747   TCW Emerging Markets Income Fund, Class I         56,246
6,933   TIAA-Cref Bond Index Fund, Institutional Class         67,112
1,265,024   Voya Securitized Credit Fund, Class I         11,638,223
16,107   Western Asset Core Plus Bond Fund, Class I         154,307
             

294,077,455

 
 

 

SIERRA TACTICAL ALL ASSET FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 56.6% (Continued)      
    MIXED ALLOCATION - 0.0%(a)      
1,518   Nuveen Real Asset Income Fund, Class I       $ 31,520
             
 
    TOTAL OPEN END FUNDS (Cost $367,435,406)    

  384,726,684

               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
2,410,349   First American Government Obligations Fund, Class X, 5.28% (Cost $2,410,349)(b)       2,410,349
             
 
    TOTAL INVESTMENTS - 100.1% (Cost $643,485,195)     $ 679,412,657
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(660,128)

    NET ASSETS - 100.0%        

$ 678,752,529

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
FTSE  - Financial Times Stock Exchange
MLP  - Master Limited Partnership
MSCI  - Morgan Stanley Capital International
SPDR  - Standard & Poor's Depositary Receipt
(a) Percentage rounds to less than 0.1%.
(b) Rate disclosed is the seven day effective yield as of December 31, 2023.
(c) Amount rounds to less than 1 share.
(d) Amount represents to less than $1.
 

 

 

 

 

 

 

 
 

 

 

SIERRA TACTICAL CORE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 29.4%      
    EQUITY - 2.1%      
805,600   Alerian MLP ETF       $ 34,254,112
             
 
    FIXED INCOME - 27.3%      
526,800   First Trust Preferred Securities and Income ETF         8,881,848
138,100   FlexShrs High Yield Value-Scored Bond Index Fund         5,644,147
61,400   Franklin Liberty Senior Loan ETF         1,491,406
209,800   Invesco BulletShares 2024 High Yield Corporate         4,765,607
550,700   Invesco BulletShares 2025 High Yield Corporate Bond ETF         12,517,411
254,500   Invesco Senior Loan ETF         5,390,310
224,800   Invesco Variable Rate Preferred ETF         5,188,384
471,300   iShares 20+ Year Treasury Bond ETF         46,602,144
169,900   iShares iBonds 2024 Term High Yield and Income ETF         3,943,379
567,700   iShares iBoxx $ Investment Grade Corporate Bond ETF         62,821,682
223,700   iShares International Treasury Bond ETF         9,245,521
814,600   iShares JP Morgan USD Emerging Markets Bond ETF         72,548,276
1,129,300   iShares Preferred & Income Securities ETF         35,222,867
499,200   Janus Henderson AAA CLO ETF         25,109,760
45,100   Pimco Senior Loan Active ETF         2,276,648
171,100   SPDR Blackstone Senior Loan ETF         7,174,223
244,200   SPDR Bloomberg Convertible Securities ETF         17,619,030
862,700   SPDR Bloomberg High Yield Bond ETF         81,723,571
25,200   Vaneck CLO ETF         1,313,550
1,038,100   VanEck J. P. Morgan EM Local Currency Bond ETF         26,315,835
207,000   VanEck Vectors Investment Grade Floating Rate ETF         5,206,050
171,100   Vanguard Total International Bond ETF         8,446,352
             

449,448,001

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $460,376,165)    

  483,702,113

               
    OPEN END FUNDS — 70.2%      
    ALTERNATIVE - 3.4%      
5,640,650   BlackRock Systematic Multi-Strategy Fund, Institutional Class         55,503,995
10,326   Metropolitan West Unconstrained Bond Fund, Class I         106,870
 
 

 

SIERRA TACTICAL CORE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 70.2% (Continued)      
    ALTERNATIVE - 3.4% (Continued)      
57,471   Victory Market Neutral Income Fund, Class I       $ 503,447
             

56,114,312

    FIXED INCOME - 66.8%      
9,470   Allspring Municipal Bond Fund, Institutional Class         93,091
5,255   American Century High Income Fund, Class I         45,142
10,521   Angel Oak Multi-Strategy Income Fund, Institutional Class         89,111
1,694,230   Aristotle Floating Rate Income Fund, Class I         16,146,014
4,992,986   BlackRock Floating Rate Income Portfolio, Institutional Class         48,431,969
4,224,435   BlackRock High Yield Bond Portfolio, Institutional Class         29,782,268
50   BlackRock High Yield Municipal Fund, Institutional Class         444
18,228   BlackRock National Municipal Fund, Institutional Class         186,105
2,812   BlackRock New York Municipal Opportunities Fund, Institutional Class         29,981
11,278,707   BlackRock Strategic Income Opportunities Portfolio, Institutional Class         106,470,997
7,779   BlackRock Strategic Municipal Opportunities Fund, Institutional Class         82,064
36,386   Cohen & Steers Preferred Securities and Income, Class I         428,624
4,434   Columbia Intermediate Duration Municipal Bond Fund, Institutional Class       42,433
1,574   Columbia Total Return Bond Fund, Institutional Class         48,203
4,772,136   Credit Suisse Floating Rate High Income Fund, Institutional Class         30,398,506
1,661,819   Dodge & Cox Global Bond Fund, Class I         18,180,301
6,075,306   DoubleLine Total Return Bond Fund, Class I         53,705,705
646   Fidelity Capital & Income Fund, Class I         6,237
12,497   Goldman Sachs High Yield Floating Rate Fund, Institutional Class         111,102
6,072   Goldman Sachs High Yield Municipal Fund, Institutional Class         55,616
1,240,495   Holbrook Income Fund, Class I         11,958,370
13,634   Invesco Floating Rate ESG Fund, Class Y         92,850
18,167   Invesco High Yield Municipal Fund, Class Y         155,506
24,634   Invesco International Bond Fund, Class Y         109,376
83,896   Invesco Rochester Municipal Opportunities Fund, Class Y         578,043
15,905   Invesco Senior Floating Rate Fund, Class Y         105,928
1   JPMorgan Emerging Markets Debt Fund, Class I         6
11,361   JPMorgan Income Fund, Class I         94,869
340,517   Leader Capital High Quality Income Fund, Institutional Class         3,786,547
1,159   Medalist Partners MBS Total Return Fund, Institutional Class         9,362
5,896,953   Metropolitan West Total Return Bond Fund, Class I         54,192,998
 
 

 

SIERRA TACTICAL CORE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 70.2% (Continued)      
    FIXED INCOME - 66.8% (Continued)      
4,103   MFS California Municipal Bond Fund, Class I       $ 37,463
9,812   MFS Corporate Bond Fund, Class I         121,958
14,180   MFS Emerging Markets Debt Fund, Class I         169,026
6,679   MFS Emerging Markets Debt Local Currency Fund, Class I         38,406
479,929   Neuberger Berman Floating Rate Income Fund, Class I         4,511,334
9,399   Neuberger Berman Strategic Income Fund, Class I         92,396
9,283   Nuveen All-American Municipal Bond Fund, Class I         95,340
7,498,468   Nuveen High Yield Municipal Bond Fund, Class I         111,202,274
1,855   Nuveen Intermediate Duration Municipal Bond Fund, Class I         16,531
5,477   Nuveen Preferred Securities Fund, Class I         82,318
9,812   Nuveen Short Duration High Yield Municipal Bond, Class I         92,626
31   Nuveen Strategic Income Fund, Class I         300
851,777   Palmer Square Income Plus Fund         8,466,661
1,178,255   PGIM Floating Rate Income Fund, Class Z         10,745,684
10,021   PIMCO Diversified Income Fund, Institutional Class         95,801
3,306,884   PIMCO Dynamic Bond Fund, Institutional Class         32,308,252
12,402   PIMCO Emerging Markets Bond Fund, Institutional Class         104,055
3,007,602   PIMCO Emerging Markets Local Currency and Bond, Institutional Class         18,105,767
15,360   PIMCO High Yield Municipal Bond Fund, Institutional Class         130,256
16,902,807   PIMCO Income Fund, Institutional Class         179,507,810
8,835,300   PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class         87,204,411
473   PIMCO International Bond Fund Unhedged, Institutional Class         3,682
6,054,309   PIMCO Investment Grade Credit Bond Fund, Institutional Class         54,428,238
1,968,914   PIMCO Long-Term Credit Bond Fund, Institutional Class         17,995,870
1,805,699   PIMCO Low Duration Income Fund, Institutional Class         14,337,247
3,849   PIMCO Real Return Fund, Institutional Class         38,604
16,754,153   PIMCO Total Return Fund, Institutional Class         144,923,420
23   Pioneer Strategic Income Fund, Class Y         220
4,292,155   Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class       37,856,809
5,951   Putnam Ultra Short Duration Income Fund, Class Y         60,107
15,402   TCW Emerging Markets Income Fund, Class I         99,037
1,163   Thornburg Strategic Income Fund, Class I         13,241
22,151   TIAA-Cref Bond Index Fund, Institutional Class         214,423
 
 

 

SIERRA TACTICAL CORE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 70.2% (Continued)      
    FIXED INCOME - 66.8% (Continued)      
46,082   Western Asset Core Plus Bond Fund, Class I       $ 441,469
             

1,098,958,804

               
    TOTAL OPEN END FUNDS (Cost $1,108,623,995)    

  1,155,073,116

               
    SHORT-TERM INVESTMENT — 0.3%      
    MONEY MARKET FUND - 0.3%      
4,439,438   First American Government Obligations Fund, Class X, 5.28% (Cost $4,439,438)(a)       4,439,438
             
 
    TOTAL INVESTMENTS - 99.9% (Cost $1,573,439,598)     $ 1,643,214,667
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

2,288,290

    NET ASSETS - 100.0%        

$ 1,645,502,957

           
               
 

 

 

 

CLO  - Collateralized Loan Obligation
ETF  - Exchange-Traded Fund
MLP  - Master Limited Partnership
SPDR  - Standard & Poor's Depositary Receipt
(a) Rate disclosed is the seven day effective yield as of December 31, 2023.
 

 

 

 

 

 

 

 
 

 

 

SIERRA TACTICAL MUNICIPAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 30.7%      
    FIXED INCOME - 30.7%      
1,273,100   Invesco National AMT-Free Municipal Bond ETF       $ 30,783,558
172,900   iShares National Muni Bond ETF         18,744,089
601,500   SPDR Nuveen Bloomberg High Yield Municipal Bond         15,217,950
293,200   VanEck High Yield Muni ETF         15,137,916
145,400   Vanguard Tax-Exempt Bond Index ETF         7,422,670
    TOTAL EXCHANGE-TRADED FUNDS (Cost $82,346,483)      

87,306,183

               
    OPEN END FUNDS — 68.9%      
    FIXED INCOME – 68.9%      
654,042   Allspring California Tax-Free Fund, Institutional Class         7,011,326
1,918   American Century High-Yield Municipal Fund, Class I         16,825
876,446   BlackRock High Yield Municipal Fund, Institutional Class         7,826,664
8,633   BlackRock National Municipal Fund, Institutional Class         88,138
2,881,800   BlackRock Strategic Municipal Opportunities Fund, Institutional Class         30,402,992
3,555   City National Rochdale Municipal High Income Fund, Service Class         32,565
1,749   Columbia High Yield Municipal Fund, Institutional Class         15,673
3,801   Columbia Tax Exempt Fund, Class I         45,237
7,513   Franklin High Yield Tax-Free Income Fund, Class A1         66,338
4,813   Goldman Sachs High Yield Municipal Fund, Institutional Class         44,087
10,980   Invesco High Yield Municipal Fund, Class Y         93,992
22,490   Invesco Rochester Municipal Opportunities Fund, Class Y         154,953
2,699,128   JPMorgan Intermediate Tax Free Bond Fund, Class I         27,180,219
566,523   JPMorgan Tax Aware Real Return Fund, Class I         5,353,641
559,578   JPMorgan Tax Free Bond Fund, Class I         6,116,185
3,698   MainStay MacKay High Yield Municipal Bond Fund, Class I         43,782
4,317   Northern Intermediate Tax-Exempt Fund, Class I         42,650
4,178   Nuveen All-American Municipal Bond Fund, Class I         42,905
1,061   Nuveen California High Yield Municipal Bond Fund, Class I         8,369
2,135   Nuveen California Municipal Bond Fund, Class I         21,666
3,166,192   Nuveen High Yield Municipal Bond Fund, Class I         46,954,633
3,371,056   Nuveen Intermediate Duration Municipal Bond Fund, Class I         30,036,109
 
 

 

SIERRA TACTICAL MUNICIPAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 68.9% (Continued)      
    FIXED INCOME – 68.9% (Continued)      
784   Nuveen Limited Term Municipal Bond Fund, Class I       $ 8,574
10,819   Nuveen Short Duration High Yield Municipal Bond, Class I         102,131
734,354   PGIM Muni High Income Fund, Class Z         6,880,898
10,803   PIMCO High Yield Municipal Bond Fund, Institutional Class         91,610
409,294   Principal Street High Income Municipal Fund, Institutional Class         3,004,220
935   Putnam Strategic Intermediate Municipal Fund, Class Y         13,228
780,644   Putnam Tax Exempt Income Fund, Class Y         6,159,278
1,882,140   Russell Tax Exempt High Yield Bond Fund, Class S         18,444,976
    TOTAL OPEN END FUNDS (Cost $184,098,983)        

196,303,864

               
    SHORT-TERM INVESTMENTS — 0.3%      
    MONEY MARKET FUNDS - 0.3%      
151,571   BlackRock Liquidity Funds MuniCash, Institutional Class, 4.12%(a)(b)         151,571
785,800   First American Government Obligations Fund, Class X, 5.28%(a)         785,800
    TOTAL MONEY MARKET FUNDS (Cost $936,955)  

937,371

               
    TOTAL INVESTMENTS - 99.9% (Cost $267,382,421)     $ 284,547,418
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

363,401

    NET ASSETS - 100.0%        

$ 284,910,819

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
(a) Rate disclosed is the seven day effective yield as of December 31, 2023.
(b) Floating Net Asset Value
 
 
 

 

 

 

 

 

 

 
 

 

 

SIERRA TACTICAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 56.5%      
    FIXED INCOME - 56.5%      
126,200   First Trust ETF IV First Trust Tactical High Yield       $ 5,246,134
1,459,500   iShares 0-5 Year High Yield Corporate Bond ETF         61,620,090
5,010,100   iShares Broad USD High Yield Corporate Bond ETF         182,117,135
799,500   iShares Fallen Angels USD Bond ETF         21,106,800
2,406,500   iShares iBoxx High Yield Corporate Bond ETF         186,239,035
45,400   JPMorgan High Yield Research Enhanced ETF         2,084,541
224,700   PGIM Active High Yield Bond ETF         7,817,313
2,476,700   SPDR Bloomberg High Yield Bond ETF         234,617,791
5,123,600   SPDR Bloomberg Short Term High Yield Bond ETF         128,807,304
2,004,400   SPDR Portfolio High Yield Bond ETF         46,862,872
913,400   VanEck Fallen Angel High Yield Bond ETF         26,287,652
2,198,800   Xtrackers USD High Yield Corporate Bond ETF         78,167,340
    TOTAL EXCHANGE-TRADED FUNDS (Cost $944,372,824)      

980,974,007

               
    OPEN END FUNDS — 43.2%      
    FIXED INCOME - 43.2%      
1,337,595   Allspring High Yield Bond Fund, Institutional Class         4,012,784
3,398,947   Allspring Short-Term High Yield Bond Fund, Institutional Class         26,613,755
66,514,259   BlackRock High Yield Bond Portfolio, Institutional Class         468,925,523
3,763,791   City National Rochdale Fixed Income Opportunities, Class N         73,130,464
17,541   Fidelity Capital & Income Fund, Class I         169,267
46,079   Fidelity High Income Fund, Class I         352,040
28,733   Goldman Sachs High Yield Fund, Institutional Class         161,194
47,499   John Hancock High Yield Fund, Class I         144,398
31,451   Lord Abbett High Yield Fund, Class I         199,713
2,077   MassMutual High Yield Fund, Class I         16,390
11   Metropolitan West High Yield Bond Fund, Class I         107
0(b)   Neuberger Berman High Income Bond Fund, Institutional Class         1
5   Nuveen High Yield Income Fund, Class I         97
11,193,234   Osterweis Strategic Income Fund, Class I         122,453,975
148,707   PGIM High Yield Fund, Class Z         706,356
21,887   PGIM Short Duration High Yield, Class Z         183,197
 
 

 

SIERRA TACTICAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 43.2% (Continued)      
    FIXED INCOME - 43.2% (Continued)      
96   PIMCO High Yield Fund, Institutional Class       $ 764
0(b)   PIMCO High Yield Spectrum Fund, Institutional Class         0(c)
2,287,930   Principal Funds Inc - High Income Fund, Institutional Class         15,283,375
3,051,683   TIAA-CREF High Yield Fund, Institutional Class         26,519,126
2,502,001   Western Asset Short Duration High Income Fund, Class I         12,009,604
    TOTAL OPEN END FUNDS (Cost $723,923,131)      

750,882,130

               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
6,590,843   First American Government Obligations Fund, Class X, 5.28% (Cost $6,590,843)(a)       6,590,843
             
 
    TOTAL INVESTMENTS - 100.1% (Cost $1,674,886,798)     $ 1,738,446,980
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(1,728,177)

    NET ASSETS - 100.0%        

$ 1,736,718,803

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
(a) Rate disclosed is the seven day effective yield as of December 31, 2023.
(b) Amount rounds to less than 1 share.
(c) Amount rounds to less than $1 USD.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

SIERRA TACTICAL RISK SPECTRUM 50 FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 42.9%      
    EQUITY - 34.7%      
55,200   Communication Services Select Sector SPDR Fund       $  4,010,832
113,300   Financial Select Sector SPDR Fund         4,260,080
30,700   Invesco QQQ Trust Series 1         12,572,264
106,700   iShares MSCI USA Min Vol Factor ETF         8,325,801
67,200   iShares MSCI USA Quality Factor ETF         9,887,808
24,400   iShares U.S. Real Estate ETF         2,230,404
37,000   iShares US Aerospace & Defense ETF         4,684,200
171,200   JPMorgan Equity Premium Income ETF         9,412,576
201,800   JPMorgan Nasdaq Equity Premium Income ETF         10,075,874
14,300   SPDR Dow Jones Industrial Average ETF Trust         5,389,241
87,600   SPDR S&P Regional Banking ETF         4,592,868
544,600   Vanguard FTSE Developed Markets ETF         26,086,340
58,800   Vanguard FTSE Europe ETF         3,791,424
39,300   Vanguard Growth ETF         12,217,584
20,900   Vanguard S&P 500 ETF         9,129,120
103,700   WisdomTree India Earnings Fund         4,251,700
             

130,918,116

    FIXED INCOME - 8.2%      
119,700   First Trust Preferred Securities and Income ETF       2,018,142
40,500   Franklin Liberty Senior Loan ETF         983,745
98,600   Invesco Senior Loan ETF         2,088,348
256,700   iShares Preferred & Income Securities ETF         8,006,473
9,000   Pacer Pacific Asset Floating Rate High Income ETF         424,170
29,700   Pimco Senior Loan Active ETF         1,499,256
42,600   SPDR Blackstone Senior Loan ETF         1,786,218
69,100   SPDR Bloomberg Investment Grade Floating Rate ETF         2,113,769
55,000   SPDR Bloomberg Convertible Securities ETF         3,968,250
 
 

 

SIERRA TACTICAL RISK SPECTRUM 50 FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 42.9% (Continued)      
    FIXED INCOME - 8.2% (Continued)      
84,300   SPDR Bloomberg High Yield Bond ETF       $ 7,985,739
             

30,874,110

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $147,562,144)    

  161,792,226

               
    OPEN END FUNDS — 56.8%      
    ALTERNATIVE - 2.1%      
327,684   DoubleLine Flexible Income Fund, Class I         2,788,589
460,394   Finisterre Emerging Markets Total Return Bond Fund, Institutional Class       4,079,094
1   JPMorgan Hedged Equity Fund, Class I         29
124,226   LoCorr Long/Short Commodities Strategy Fund, Class I         1,212,448
             

8,080,160

    EQUITY - 18.1%      
500,346   Causeway International Value Fund, Class I         9,786,773
206,406   JPMorgan Large Cap Growth Fund, Class I         12,413,256
1,193,150   PIMCO StocksPLUS International Fund U.S. Dollar Hedged, Institutional Class       9,783,826
493,903   Schwab S&P 500 Index Fund         36,104,282
             

68,088,137

    FIXED INCOME - 36.6%      
507   Allspring California Tax-Free Fund, Institutional Class         5,437
1,626   Ashmore Emerging Markets Total Return Fund, Institutional Class         8,227
916,160   BlackRock Floating Rate Income Portfolio, Institutional Class         8,886,751
478,466   BlackRock High Yield Bond Portfolio, Institutional Class         3,373,186
1,094   BlackRock National Municipal Fund, Institutional Class         11,170
1,279,422   BlackRock Strategic Income Opportunities Portfolio, Institutional Class         12,077,743
345   BlackRock Strategic Municipal Opportunities Fund, Institutional Class         3,636
1,769   Cohen & Steers Preferred Securities and Income, Class I         20,844
264   Columbia Intermediate Duration Municipal Bond Fund, Institutional Class       2,522
522,921   Crossingbridge Low Duration High Yield Fund, Institutional Class         5,081,222
321,520   DoubleLine Low Duration Emerging Markets Fixed, Class I         2,990,136
690,395   DoubleLine Total Return Bond Fund, Class I         6,103,093
18   Invesco High Yield Municipal Fund, Class Y         155
 
 

 

SIERRA TACTICAL RISK SPECTRUM 50 FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 56.8% (Continued)      
    FIXED INCOME - 36.6% (Continued)      
11,262   Invesco Rochester Municipal Opportunities Fund, Class Y       $ 77,592
2,315   Invesco Senior Floating Rate Fund, Class Y         15,419
677,361   JPMorgan Emerging Markets Debt Fund, Class I         4,158,999
1,235   JPMorgan Income Fund, Class I         10,316
80,097   MassMutual Global Floating Rate Fund, Class Y         704,856
667,879   Metropolitan West Total Return Bond Fund, Class I         6,137,807
1,099   Neuberger Berman Strategic Income Fund, Class I         10,806
104,009   North Square Preferred and Income Securities Fund, Class I         2,033,381
618   Nuveen All-American Municipal Bond Fund, Class I         6,350
1,757   Nuveen High Yield Municipal Bond Fund, Class I         26,062
1,259   Nuveen Preferred Securities Fund, Class I         18,925
436   Nuveen Short Duration High Yield Municipal Bond, Class I         4,120
665   Nuveen Strategic Income Fund, Class I         6,515
1,191   PIMCO Diversified Income Fund, Institutional Class         11,385
1,969   PIMCO Emerging Markets Bond Fund, Institutional Class         16,519
527,795   PIMCO Emerging Markets Currency and Short-Term, Institutional Class         3,974,298
3   PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class       17
1,915,313   PIMCO Income Fund, Institutional Class         20,340,619
966,104   PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class         9,535,450
1,681,889   PIMCO Investment Grade Credit Bond Fund, Institutional Class         15,120,186
903,609   PIMCO Long-Term Credit Bond Fund, Institutional Class         8,258,983
189,964   PIMCO Low Duration Income Fund, Institutional Class         1,508,315
425   PIMCO Real Return Fund, Institutional Class         4,264
1,903,031   PIMCO Total Return Fund, Institutional Class         16,461,220
546,722   Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class       4,822,087
449,610   Putnam Floating Rate Income Fund, Class Y         3,596,878
296,855   RiverPark Strategic Income Fund, Institutional Class         2,556,812
2,959   TCW Emerging Markets Income Fund, Class I         19,026
2,417   TIAA-Cref Bond Index Fund, Institutional Class         23,397
2,098   Western Asset Core Plus Bond Fund, Class I         20,096
             

138,044,822

               
    TOTAL OPEN END FUNDS (Cost $204,787,139)    

  214,213,119

               
 
 

 

SIERRA TACTICAL RISK SPECTRUM 50 FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 0.3%      
    MONEY MARKET FUND - 0.3%      
1,262,308   First American Government Obligations Fund, Class X, 5.28% (Cost $1,262,308)(a)     $ 1,262,308
             
 
    TOTAL INVESTMENTS - 100.0% (Cost $353,611,591)     $ 377,267,653
    LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%(b)    

(163,023)

    NET ASSETS - 100.0%        

$ 377,104,630

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
FTSE  - Financial Times Stock Exchange
MSCI  - Morgan Stanley Capital International
SPDR  - Standard & Poor's Depositary Receipt
(a) Rate disclosed is the seven day effective yield as of December 31, 2023.
(b) Percentage rounds to less than 0.1%.
 

 

 

 
 

 

 

 

SIERRA TACTICAL RISK SPECTRUM 30 FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 43.3%      
    EQUITY - 25.6%      
3,200   Communication Services Select Sector SPDR Fund       $  232,512
6,500   Financial Select Sector SPDR Fund         244,400
1,600   Invesco QQQ Trust Series 1         655,232
6,900   iShares MSCI USA Min Vol Factor ETF         538,407
3,900   iShares MSCI USA Quality Factor ETF         573,846
1,400   iShares U.S. Real Estate ETF         127,974
2,100   iShares US Aerospace & Defense ETF         265,860
10,000   JPMorgan Equity Premium Income ETF         549,800
11,600   JPMorgan Nasdaq Equity Premium Income ETF         579,188
2,000   SPDR Dow Jones Industrial Average ETF Trust         753,740
5,000   SPDR S&P Regional Banking ETF         262,150
48,700   Vanguard FTSE Developed Markets ETF         2,332,730
2,900   Vanguard FTSE Europe ETF         186,992
4,400   Vanguard Growth ETF         1,367,872
1,100   Vanguard S&P 500 ETF         480,480
7,500   WisdomTree India Earnings Fund         307,500
             

9,458,683

    FIXED INCOME - 17.7%      
6,900   Blackrock AAA CLO ETF         353,694
22,000   BNY Mellon High Yield Beta ETF         1,041,920
11,500   First Trust Preferred Securities and Income ETF       193,890
44,800   Invesco Senior Loan ETF         948,864
24,700   iShares Preferred & Income Securities ETF         770,393
11,800   JPMorgan High Yield Municipal ETF         585,280
8,400   Pacer Pacific Asset Floating Rate High Income ETF         395,892
3,700   PGIM Floating Rate Income ETF         185,962
29,800   SPDR Blackstone Senior Loan ETF         1,249,514
5,400   SPDR Bloomberg Convertible Securities ETF         389,610
 
 

 

SIERRA TACTICAL RISK SPECTRUM 30 FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 43.3% (Continued)      
    FIXED INCOME - 17.7% (Continued)      
5,000   Vanguard Long-Term Corporate Bond ETF       $ 400,750
             

6,515,769

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $14,850,091)    

  15,974,452

               
    OPEN END FUNDS — 56.3%      
    ALTERNATIVE - 4.9%      
76,500   DoubleLine Flexible Income Fund, Class I         651,014
62,022   Finisterre Emerging Markets Total Return Bond Fund, Institutional Class       549,515
64,062   PartnerSelect High Income Alternatives Fund, Institutional Class         618,196
             

1,818,725

    EQUITY - 5.3%      
26,651   Schwab S&P 500 Index Fund         1,948,214
             
 
    FIXED INCOME - 46.1%      
102   American Century High Income Fund, Class I         880
619   Ashmore Emerging Markets Corporate Income Fund, Class I         3,437
476   Ashmore Emerging Markets Total Return Fund, Institutional Class         2,409
171,474   BlackRock Strategic Income Opportunities Portfolio, Institutional Class         1,618,714
162   BlackRock Strategic Municipal Opportunities Fund, Institutional Class         1,706
79   Columbia Intermediate Duration Municipal Bond Fund, Institutional Class       760
63,816   Crossingbridge Low Duration High Yield Fund, Institutional Class         620,096
50,964   DoubleLine Low Duration Emerging Markets Fixed, Class I         473,964
92,706   DoubleLine Total Return Bond Fund, Class I         819,523
563   Franklin High Yield Tax-Free Income Fund, Class A1         4,973
41,436   Holbrook Structured Income Fund, Class I         404,420
91,251   JPMorgan Emerging Markets Debt Fund, Class I         560,280
158,998   Medalist Partners MBS Total Return Fund, Institutional Class         1,284,708
89,683   Metropolitan West Total Return Bond Fund, Class I         824,184
220   Nuveen High Yield Municipal Bond Fund, Class I         3,257
109   Nuveen Preferred Securities Fund, Class I         1,645
154   Nuveen Short Duration High Yield Municipal Bond, Class I         1,456
167   Nuveen Strategic Income Fund, Class I         1,632
 
 

 

SIERRA TACTICAL RISK SPECTRUM 30 FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 56.3% (Continued)      
    FIXED INCOME - 46.1% (Continued)      
71,102   PIMCO Emerging Markets Currency and Short-Term, Institutional Class       $ 535,398
256,601   PIMCO Income Fund, Institutional Class         2,725,098
267,656   PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class         2,641,766
92,369   PIMCO Investment Grade Credit Bond Fund, Institutional Class         830,400
254,673   PIMCO Total Return Fund, Institutional Class         2,202,922
73,664   Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class       649,719
56,382   Putnam Floating Rate Income Fund, Class Y         451,060
36,320   RiverPark Strategic Income Fund, Institutional Class         312,828
134   TCW Emerging Markets Income Fund, Class I         862
1   TCW Emerging Markets Local Currency Income Fund, Class I         8
1   TCW Total Return Bond Fund, Class I         8
298   TIAA-Cref Bond Index Fund, Institutional Class         2,885
748   Western Asset Core Plus Bond Fund, Class I         7,168
             

16,988,166

               
    TOTAL OPEN END FUNDS (Cost $19,986,087)    

  20,755,105

               
    SHORT-TERM INVESTMENT — 0.0%(b)      
    MONEY MARKET FUND - 0.0%(b)      
11,684   First American Government Obligations Fund, Class X, 5.28% (Cost $11,684)(a)       11,684
             
 
    TOTAL INVESTMENTS - 99.6% (Cost $34,847,862)     $ 36,741,241
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%    

140,395

    NET ASSETS - 100.0%        

$ 36,881,636

           
               
 

 

 

 

CLO  - Collateralized Loan Obligation
ETF  - Exchange-Traded Fund
FTSE  - Financial Times Stock Exchange
MSCI  - Morgan Stanley Capital International
SPDR  - Standard & Poor's Depositary Receipt
(a) Rate disclosed is the seven day effective yield as of December 31, 2023.
(b) Percentage rounds to less than 0.1%.

 

 

 

 
 

 

 

SIERRA TACTICAL RISK SPECTRUM 70 FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 69.9%      
    EQUITY - 58.1%      
4,403   Communication Services Select Sector SPDR Fund       $  319,922
8,777   Financial Select Sector SPDR Fund         330,015
2,689   Invesco QQQ Trust Series 1         1,101,199
3,785   iShares Core S&P Small-Cap ETF         409,726
2,192   iShares MSCI ACWI ex US ETF         111,880
7,707   iShares MSCI USA Min Vol Factor ETF         601,377
5,379   iShares MSCI USA Quality Factor ETF         791,466
1,897   iShares U.S. Real Estate ETF         173,405
2,951   iShares US Aerospace & Defense ETF         373,597
9,982   JPMorgan Equity Premium Income ETF         548,810
15,636   JPMorgan Nasdaq Equity Premium Income ETF         780,705
1,838   SPDR Dow Jones Industrial Average ETF Trust         692,687
6,786   SPDR S&P Regional Banking ETF         355,790
484   VanEck Oil Services ETF         149,808
1,449   Vanguard Extended Market ETF         238,245
74,011   Vanguard FTSE Developed Markets ETF         3,545,126
5,802   Vanguard FTSE Emerging Markets ETF         238,462
17,265   Vanguard FTSE Europe ETF         1,113,247
4,708   Vanguard Growth ETF         1,463,623
1,605   Vanguard Mid-Cap Growth ETF         352,410
1,852   Vanguard S&P 500 ETF         808,954
8,915   WisdomTree India Earnings Fund         365,515
             

14,865,969

    FIXED INCOME - 11.8%      
6,628   First Trust Preferred Securities and Income ETF       111,748
3,395   Invesco Senior Loan ETF         71,906
6,426   iShares iBoxx $ Investment Grade Corporate Bond ETF         711,101
7,031   iShares Preferred & Income Securities ETF         219,297
 
 

 

SIERRA TACTICAL RISK SPECTRUM 70 FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 69.9% (Continued)      
    FIXED INCOME - 11.8% (Continued)      
4,936   Pacer Pacific Asset Floating Rate High Income ETF       $ 232,634
8,952   Panagram Bbb-B CLO ETF         236,333
2,142   PGIM Floating Rate Income ETF         107,657
21,978   Principal Active High Yield ETF         414,505
3,178   SPDR Bloomberg Convertible Securities ETF         229,293
9,676   SPDR Portfolio High Yield Bond ETF         226,225
5,762   Vanguard Long-Term Corporate Bond ETF         461,824
             

3,022,523

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $16,805,484)    

  17,888,492

               
    OPEN END FUNDS — 29.4%      
    ALTERNATIVE - 2.4%      
15,351   Finisterre Emerging Markets Total Return Bond Fund, Institutional Class       136,012
23,733   LoCorr Long/Short Commodities Strategy Fund, Class I         231,639
25,360   PartnerSelect High Income Alternatives Fund, Institutional Class         244,725
             

612,376

    EQUITY - 13.0%      
18,027   JPMorgan Large Cap Growth Fund, Class I         1,084,173
30,833   Schwab S&P 500 Index Fund         2,253,882
             

3,338,055

    FIXED INCOME - 14.0%      
50   American Century High Income Fund, Class I         427
42,118   BlackRock Strategic Income Opportunities Portfolio, Institutional Class         397,595
37   Columbia Intermediate Duration Municipal Bond Fund, Institutional Class       354
35,381   DoubleLine Total Return Bond Fund, Class I         312,768
22,586   JPMorgan Emerging Markets Debt Fund, Class I         138,676
51,651   Medalist Partners MBS Total Return Fund, Institutional Class         417,341
22,181   Metropolitan West Total Return Bond Fund, Class I         203,846
54   Nuveen Preferred Securities Fund, Class I         810
17,599   PIMCO Emerging Markets Currency and Short-Term, Institutional Class         132,517
62,786   PIMCO Income Fund, Institutional Class         666,786
22,842   PIMCO Investment Grade Credit Bond Fund, Institutional Class         205,348
 
 

 

SIERRA TACTICAL RISK SPECTRUM 70 FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 29.4% (Continued)      
    FIXED INCOME - 14.0% (Continued)      
62,401   PIMCO Total Return Fund, Institutional Class       $ 539,770
40,854   Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class       360,335
26,143   Putnam Floating Rate Income Fund, Class Y         209,143
12   TCW Emerging Markets Income Fund, Class I         76
             

3,585,792

               
    TOTAL OPEN END FUNDS (Cost $7,213,835)    

  7,536,223

               
    SHORT-TERM INVESTMENT — 1.1%      
    MONEY MARKET FUND - 1.1%      
272,430   First American Government Obligations Fund, Class X, 5.28% (Cost $272,430)(a)       272,430
             
 
    TOTAL INVESTMENTS - 100.4% (Cost $24,291,749)     $ 25,697,145
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(108,706)

    NET ASSETS - 100.0%        

$ 25,588,439

           
               
 

 

 

 

ACWI  - All Country World Index
CLO  - Collateralized Loan Obligation
ETF  - Exchange-Traded Fund
FTSE  - Financial Times Stock Exchange
MSCI  - Morgan Stanley Capital International
SPDR  - Standard & Poor's Depositary Receipt
(a) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

SIERRA TACTICAL CORE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 78.8%      
    EQUITY - 78.8%      
740   Alerian MLP ETF       $ 31,465
493   Communication Services Select Sector SPDR Fund         35,821
994   Financial Select Sector SPDR Fund         37,374
656   Invesco Nasdaq 100 ETF         110,563
236   iShares Core S&P Small-Cap ETF         25,547
1,542   iShares MSCI ACWI ex US ETF         78,704
845   iShares MSCI USA Min Vol Factor ETF         65,935
602   iShares MSCI USA Quality Factor ETF         88,579
214   iShares U.S. Real Estate ETF         19,562
285   iShares US Aerospace & Defense ETF         36,081
1,437   JPMorgan Equity Premium Income ETF         79,006
584   JPMorgan Hedged Equity Laddered Overlay ETF         30,882
1,771   JPMorgan Nasdaq Equity Premium Income ETF         88,426
114   SPDR Dow Jones Industrial Average ETF Trust         42,963
235   SPDR S&P Biotech ETF         20,983
769   SPDR S&P Regional Banking ETF         40,319
47   VanEck Oil Services ETF         14,547
89   Vanguard Extended Market ETF         14,633
7,566   Vanguard FTSE Developed Markets ETF         362,412
673   Vanguard FTSE Emerging Markets ETF         27,660
748   Vanguard FTSE Europe ETF         48,231
356   Vanguard Growth ETF         110,674
129   Vanguard Mid-Cap Growth ETF         28,325
130   Vanguard Mid-Cap Value ETF         18,851
200   Vanguard S&P 500 ETF         87,360
116   Vanguard Small-Cap Growth ETF         28,045
1,086   WisdomTree India Earnings Fund         44,526
355   WisdomTree Japan Hedged Equity Fund         31,233
    TOTAL EXCHANGE-TRADED FUNDS (Cost $1,549,621)    

1,648,707

               
               
 
 

 

SIERRA TACTICAL CORE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    OPEN END FUNDS — 18.1%      
    EQUITY - 18.1%      
3,780   Causeway International Value Fund, Class I       $ 73,410
3,908   PIMCO RAE US Small Fund, Institutional Class         37,632
2,471   Schwab S&P 500 Index Fund         180,657
961   Schwab US Large-Cap Growth Index Fund         86,104
    TOTAL OPEN END FUNDS (Cost $355,002)      

377,803

               
    SHORT-TERM INVESTMENT — 1.3%      
    MONEY MARKET FUND - 1.3%      
28,330   First American Government Obligations Fund, Class X, 5.28% (Cost $28,330)(a)       28,330
             
 
    TOTAL INVESTMENTS - 98.2% (Cost $1,932,953)     $ 2,054,840
    OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%    

37,309

    NET ASSETS - 100.0%        

$ 2,092,149

           
               
 

 

 

 

ACWI  - All Country World Index
ETF  - Exchange-Traded Fund
FTSE  - Financial Times Stock Exchange
MLP  - Master Limited Partnership
MSCI  - Morgan Stanley Capital International
SPDR  - Standard & Poor's Depositary Receipt
(a) Rate disclosed is the seven day effective yield as of December 31, 2023.