NPORT-EX 2 quantifiednport.htm QUANTIFIED NQ 9.30.23

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 10.2%      
    AEROSPACE & DEFENSE - 0.7%      
1,458   Lockheed Martin Corporation       $ 596,264
1,417   Northrop Grumman Corporation         623,749
             

1,220,013

    BEVERAGES - 0.7%      
10,442   Coca-Cola Company         584,543
3,430   PepsiCo, Inc.         581,179
             

1,165,722

    BIOTECH & PHARMA - 0.7%      
2,252   Amgen, Inc.         605,248
5,657   Merck & Co., Inc.         582,388
             

1,187,636

    COMMERCIAL SUPPORT SERVICES - 0.3%      
1,192   Cintas Corporation         573,364
             
 
    ELECTRICAL EQUIPMENT - 0.4%      
8,124   BWX Technologies, Inc.(c)         609,137
             
 
    FOOD - 1.0%      
2,882   Hershey Company         576,631
6,387   Lamb Weston Holdings, Inc.         590,542
7,098   Post Holdings, Inc.(a),(c)         608,582
             

1,775,755

    HEALTH CARE FACILITIES & SERVICES - 0.4%      
1,183   Chemed Corporation         614,805
             
 
    HOUSEHOLD PRODUCTS - 1.0%      
8,291   Colgate-Palmolive Company         589,573
4,847   Kimberly-Clark Corporation         585,760
3,966   Procter & Gamble Company(c)         578,481
             

1,753,814

    LEISURE FACILITIES & SERVICES - 0.4%      
4,180   Darden Restaurants, Inc.(c)         598,660
             
 
 
 

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 10.2% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 0.3%      
8,582   Hologic, Inc.(a)       $ 595,591
             
 
    RETAIL - DISCRETIONARY - 0.7%      
5,387   Ross Stores, Inc.         608,462
6,739   TJX Cos., Inc.         598,962
             

1,207,424

    SOFTWARE - 0.3%      
1,216   Roper Technologies, Inc.         588,884
             
 
    SPECIALTY REITS - 0.3%      
9,705   Iron Mountain, Inc.(c)         576,962
             
 
    TECHNOLOGY HARDWARE - 0.3%      
3,441   Apple, Inc.         589,133
             
 
    TECHNOLOGY SERVICES - 1.7%      
2,515   Automatic Data Processing, Inc.         605,059
1,497   Mastercard, Inc., Class A         592,677
1,857   Moody's Corporation         587,128
2,481   Verisk Analytics, Inc.         586,111
2,557   Visa, Inc., Class A(c)         588,136
             

2,959,111

    TRANSPORTATION & LOGISTICS - 0.7%      
19,345   CSX Corporation         594,859
2,879   Union Pacific Corporation         586,251
             

1,181,110

    WHOLESALE - CONSUMER STAPLES - 0.3%      
8,760   Sysco Corporation         578,598
             
 
               
    TOTAL COMMON STOCKS (Cost $18,483,442)    

  17,775,719

               
 
 

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 42.1%      
    EQUITY - 13.2%      
254,821   Alerian MLP ETF(c)       $ 10,753,446
197,292   WisdomTree US LargeCap Dividend Fund         12,131,485
             

22,884,931

    FIXED INCOME - 28.9%      
586,246   Invesco Senior Loan ETF(c)         12,305,303
242,549   iShares Floating Rate Bond ETF(c)         12,343,319
521,351   ProShares Short 20+ Year Treasury(c)         13,111,978
181,706   SPDR Bloomberg Convertible Securities ETF(c)         12,319,667
             

50,080,267

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $72,444,561)    

  72,965,198

               
    SHORT-TERM INVESTMENTS — 46.3%      
    MONEY MARKET FUNDS - 46.3%      
40,151,853   Fidelity Government Portfolio, Class I, 5.23%(b)         40,151,853
40,151,853   First American Government Obligations Fund, Class Z, 5.22%(b)         40,151,853
    TOTAL MONEY MARKET FUNDS (Cost $80,303,706)  

80,303,706

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $80,303,706)  

80,303,706

Units        
    COLLATERAL FOR SECURITIES LOANED – 18.5%    
32,071,094   Mount Vernon Liquid Assets Portfolio, LLC - 5.58% (b)(d)     32,071,094
    TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $32,071,094)      
         
    TOTAL INVESTMENTS - 117.1% (Cost $203,302,803)     $ 203,115,717
    LIABILITIES IN EXCESS OF OTHER ASSETS - (17.1)%    

(29,623,870)

    NET ASSETS - 100.0%        

$ 173,491,847

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts     Expiration Notional Amount Unrealized Appreciation
48   CME E-Mini Standard & Poor's 500 Index Futures   12/15/2023 $ 10,381,200 $ 389,930
218   Ultra U.S. Treasury Bond Futures   12/19/2023   25,873,875   32,896
    TOTAL FUTURES CONTRACTS  

$ 422,826

         
 
 

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
         
         
             

 

ETF  - Exchange-Traded Fund
REIT  - Real Estate Investment Trust
SPDR  - Standard & Poor's Depositary Receipt
   

 

(a) Non-income producing security.
(b) Rate disclosed is the seven-day effective yield as of September 30, 2023.
(c) All or a portion of the security is on loan. Total loaned securities had a value of $31,308,538 at September 30, 2023.
(d) Security purchased with cash proceeds of securities lending collateral.

 

 
 

QUANTIFIED MARKET LEADERS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 22.0%      
    EQUITY - 22.0%      
304,532   Energy Select Sector SPDR Fund       $ 27,526,647
28,402   iShares Russell 1000 Growth ETF         7,554,648
36,969   iShares Russell 1000 Value ETF         5,612,634
41,772   iShares Russell Mid-Cap Growth ETF(b)         3,815,872
18,019   iShares Russell Mid-Cap Value ETF         1,880,102
             

46,389,903

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $46,617,972)    

  46,389,903

               
    SHORT-TERM INVESTMENTS — 77.9%      
    MONEY MARKET FUNDS - 77.9%      
81,952,207   Fidelity Government Portfolio, Class I, 5.23%(a)         81,952,207
81,952,207   First American Government Obligations Fund, Class Z, 5.22%(a)         81,952,207
    TOTAL MONEY MARKET FUNDS (Cost $163,904,414)  

163,904,414

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $163,904,414)  

163,904,414

         
Units              
    COLLATERAL FOR SECURITIES LOANED – 1.3%    
2,810,600   Mount Vernon Liquid Assets Portfolio, LLC - 5.58% (a)(c)     2,810,600
    TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,810,600)      
         
    TOTAL INVESTMENTS – 101.2% (Cost $213,332,986)     $ 213,104,917
    LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%    

(2,599,133)

    NET ASSETS - 100.0%        

$ 210,505,784

           

 

 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
   

 

 

(a) Rate disclosed is the seven-day effective yield as of September 30, 2023.
(b) All or a portion of the security is on loan. Total loaned securities had a value of $2,731,365 at September 30, 2023.
(c) Security purchased with cash proceeds of securities lending collateral.

 

 
 

 

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 63.3%      
    ALTERNATIVE - 4.9%      
4,253   AltShares Merger Arbitrage ETF       $ 111,641
21,180   First Trust Merger Arbitrage ETF         426,565
2,872   ProShares Merger ETF         113,961
             

652,167

    COMMODITY - 10.4%      
35,280   First Trust Global Tactical Commodity Strategy Fund         846,720
10,665   Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF         159,442
2,737   iShares GSCI Commodity Dynamic Roll Strategy ETF         79,784
803   Proshares Trust-Proshares K-1 Free Crude Oil Strategy ETF         39,957
14,059   WisdomTree Enhanced Commodity Strategy Fund         253,343
             

1,379,246

    EQUITY - 43.0%      
5,039   ARK Autonomous Technology & Robotics ETF(a)         264,346
29,954   ARK Space Exploration & Innovation ETF(a)         412,766
4,367   Energy Select Sector SPDR Fund         394,733
6,608   Fidelity MSCI Energy Index ETF         164,605
830   First Trust Cloud Computing ETF         63,005
716   First Trust Indxx Innovative Transaction & Process ETF         26,420
778   First Trust MultiCap Growth AlphaDEX Fund ETF         77,901
5,724   First Trust NASDAQ Cybersecurity ETF         260,041
19,638   Global X Artificial Intelligence & Technology ETF         528,459
6,863   Invesco RAFI Strategic US ETF         273,353
11,719   Invesco S&P 500 Equal Weight Technology ETF         329,890
1,471   Invesco S&P 500 GARP ETF(c)         134,214
3,504   Invesco S&P 500 Quality ETF         175,340
1,302   Invesco S&P SmallCap Quality ETF         46,429
6,712   iShares Exponential Technologies ETF(c)         350,434
2,714   iShares Global Energy ETF         111,980
9,084   iShares Global Equity Factor ETF         312,185
652   iShares MSCI Chile ETF         17,076
21,703   iShares MSCI Global Energy Producers ETF         559,720
15,945   iShares MSCI India ETF         705,088
3,402   iShares MSCI Mexico ETF(c)         198,099
1,857   iShares MSCI South Korea ETF(c)         109,452
 
 

 

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 63.3% (Continued)      
    EQUITY - 43.0% (Continued)      
128   SPDR FactSet Innovative Technology ETF       $ 15,836
80   SPDR S&P Oil & Gas Equipment & Services ETF         7,662
489   SPDR S&P Oil & Gas Exploration & Production ETF         72,328
38   VanEck Oil Services ETF         13,112
8,605   VanEck Vietnam ETF         116,512
             

5,740,986

    FIXED INCOME - 5.0%      
9,584   FlexShrs High Yield Value-Scored Bond Index Fund         381,060
568   iShares Convertible Bond ETF         42,151
7,710   iShares iBonds Dec 2023 Term Corporate ETF         195,526
723   SPDR Bloomberg Convertible Securities ETF(c)         49,019
             

667,756

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $8,700,773)    

  8,440,155

               
    OPEN-END FUNDS — 28.3%      
    ALTERNATIVE - 24.8%      
6,373   AlphaCentric Premium Opportunity Fund(a)         160,993
72,768   AQR Alternative Risk Premia Fund(a)         797,537
64,605   AQR Equity Market Neutral Fund         668,016
43,070   AQR Managed Futures Strategy Fund, Class I         400,121
27,331   Boston Partners Global Long/Short Fund         402,859
77,871   Destinations Multi Strategy Alternatives Fund, Class I         802,851
6,072   Meeder Spectrum Fund, Institutional Class(b)         76,689
             

3,309,066

    FIXED INCOME - 3.2%      
26,750   Victory INCORE Investment Grade Convertible Fund         426,661
             
 
    MIXED ALLOCATION - 0.3%      
2,686   Glenmede Secured Options Portfolio(a)         34,891
             
 
    TOTAL OPEN-END FUNDS (Cost $3,664,632)    

$ 3,770,618

             
 
 

 

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 6.2%      
    MONEY MARKET FUNDS - 6.2%      
416,381   Fidelity Government Portfolio, Class I, 5.23%(b)        $ 416,381
416,380   First American Government Obligations Fund, Class Z, 5.22%(b)         416,380
    TOTAL MONEY MARKET FUNDS (Cost $832,761)  

832,761

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $832,761)  

832,761

         
Units              
    COLLATERAL FOR SECURITIES LOANED – 4.4%    
584,810   Mount Vernon Liquid Assets Portfolio, LLC - 5.58% (b)(d)     584,810
    TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $584,810)      
         
    TOTAL INVESTMENTS – 102.2% (Cost $13,782,976)     $ 13,628,344
    LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2)%    

(290,276)

    NET ASSETS - 100.0%        

$ 13,338,068

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized Depreciation
3   CME E-Mini NASDAQ 100 Index Future   12/15/2023 $ 891,990 $ (49,200)
    TOTAL FUTURES CONTRACTS  
 
         
           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts     Expiration Notional Amount Unrealized Appreciation
12   Ultra U.S. Treasury Bond Futures   12/19/2023 $ 1,424,250 $ 1,876
    TOTAL FUTURES CONTRACTS  
 
         

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
SPDR  - Standard & Poor's Depositary Receipt
   

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven-day effective yield as of September 30, 2023.
(c) All or a portion of the security is on loan. Total loaned securities had a value of $566,965 at September 30, 2023.
(d) Security purchased with cash proceeds of securities lending collateral.

 

 
 

 

QUANTIFIED STF FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 0.0%(a)      
    EQUITY - 0.0%(a)      
100   Invesco QQQ Trust Series 1(c)       $ 35,827
             
 
    TOTAL EXCHANGE-TRADED FUND (Cost $35,799)    

  35,827

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    CORPORATE BONDS — 15.8%      
    AUTOMOTIVE — 0.6%      
1,000,000   Toyota Motor Credit Corporation   0.5000 06/18/24   964,478
             
    BANKING — 2.0%      
1,000,000   Canadian Imperial Bank of Commerce   3.1000 04/02/24   985,354
1,000,000   Mitsubishi UFJ Financial Group, Inc.   3.4070 03/07/24   989,169
1,000,000   PNC Financial Services Group, Inc.   3.9000 04/29/24   987,679
              2,962,202
    DIVERSIFIED INDUSTRIALS — 0.7%      
1,000,000   General Electric Company   3.4500 05/15/24   983,512
             
    ELECTRIC UTILITIES — 1.3%      
1,000,000   Enel Generacion Chile S.A.   4.2500 04/15/24   984,631
1,000,000   WEC Energy Group, Inc.   0.8000 03/15/24   976,709
              1,961,340
    GAS & WATER UTILITIES — 0.6%      
1,000,000   Thomson Reuters Corporation   3.8500 09/29/24   976,379
             
    INSTITUTIONAL FINANCIAL SERVICES — 1.5%      
1,000,000   Bank of New York Mellon Corporation   0.5000 04/26/24   970,647
266,000   Brookfield Finance, Inc. (c)   4.0000 04/01/24   263,111
1,000,000   Goldman Sachs Group, Inc.   0.8000 03/25/24   970,436
              2,204,194
    MACHINERY — 0.6%      
1,000,000   Parker-Hannifin Corporation   2.7000 06/14/24   978,154
             
           
 
 

 

QUANTIFIED STF FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 15.8% (Continued)      
    MEDICAL EQUIPMENT & DEVICES — 0.7%      
1,000,000   Becton Dickinson and Company   3.3630 06/06/24 $ 982,546
             
    OIL & GAS SERVICES & EQUIPMENT — 0.7%      
1,000,000   Schlumberger Holdings Corporation(b),(e)   3.7500 05/01/24   987,730
             
    REAL ESTATE INVESTMENT TRUSTS — 0.7%      
1,000,000   Welltower, Inc.   3.6250 03/15/24   988,750
             
    RETAIL - CONSUMER STAPLES — 0.6%      
1,000,000   7-Eleven, Inc.(b),(e)   0.8000 02/10/24   980,522
             
    SPECIALTY FINANCE — 2.0%      
1,000,000   Capital One Financial Corporation   3.9000 01/29/24   992,473
2,000,000   Federal National Mortgage Association   5.2500 02/17/26   1,975,730
              2,968,203
    TECHNOLOGY HARDWARE — 1.3%      
1,000,000   Apple, Inc.   3.0000 02/09/24   990,513
1,000,000   Hewlett Packard Enterprise Company   1.4500 04/01/24   977,929
              1,968,442
    TECHNOLOGY SERVICES — 0.6%      
1,000,000   International Business Machines Corporation   3.0000 05/15/24   983,216
             
    TELECOMMUNICATIONS — 0.6%      
1,000,000   Verizon Communications, Inc.   0.7500 03/22/24   975,887
             
    TRANSPORTATION & LOGISTICS — 1.3%      
1,000,000   Ryder System, Inc.   3.6500 03/18/24   989,181
1,000,000   Union Pacific Corporation   3.6460 02/15/24   991,786
              1,980,967
  TOTAL CORPORATE BONDS (Cost $24,449,993)    

23,846,522

             
               
           
 
 

 

QUANTIFIED STF FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 2.6%      
    GOVERNMENT OWNED, NO GUARANTEE — 1.3%      
2,000,000   Federal Home Loan Mortgage Corporation   5.6250 03/13/26 $ 1,983,683
             
    GOVERNMENT SPONSORED — 1.3%      
2,000,000   Federal Home Loan Banks   5.3000 08/15/25   1,981,619
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,000,000)    

3,965,302

             
    CERTIFICATE OF DEPOSIT — 9.7%      
    AUTOMOTIVE - 0.7%      
1,000,000   BMW Bank of North America   0.5500 07/30/24   958,866
             
 
    BANKING - 9.0%      
1,000,000   Bellco Credit Union   5.1500 02/24/25   993,452
1,000,000   Burke & Herbert Bank & Trust Company   4.6000 02/06/26   978,153
1,000,000   Charles Schwab Bank SSB   4.7500 02/02/24   997,059
1,000,000   Goldman Sachs Bank USA   0.5500 07/29/24   959,006
1,000,000   Greenstate Credit Union   0.5000 07/19/24   959,849
1,000,000   Local Government Federal Credit Union   4.9000 02/12/24   998,045
1,000,000   Sallie Mae Bank   0.5500 07/22/24   959,188
1,000,000   State Bank of India   0.6000 08/30/24   954,953
1,000,000   Synchrony Bank   0.6500 09/17/24   953,133
1,000,000   Texas Exchange Bank SSB   0.5000 07/09/24   961,282
1,000,000   Toyota Financial Savings Bank   0.5500 08/05/24   958,021
1,000,000   UBS Bank USA , Series   0.5500 08/12/24   956,956
1,000,000   Valley Strong Credit Union   5.1000 02/10/25   992,952
1,000,000   Wells Fargo Bank NA   4.7500 02/06/24   996,977
             

13,619,026

               
    TOTAL CERTIFICATE OF DEPOSIT (Cost $14,999,116)    

14,577,892

               
               
               
 
 

 

QUANTIFIED STF FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 47.3%      
    MONEY MARKET FUNDS – 47.3%      
35,661,685   Fidelity Government Portfolio, Class I, 5.23%(b)       $ 35,661,685
35,661,685   First American Government Obligations Fund, Class Z, 5.22%(b)         35,661,685
    TOTAL MONEY MARKET FUNDS (Cost $71,323,370)  

71,323,370

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $71,323,370)  

71,323,370

         
Units              
    COLLATERAL FOR SECURITIES LOANED – 0.2%    
295,939   Mount Vernon Liquid Assets Portfolio, LLC - 5.58% (b)(d)     295,939
    TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $295,939)      
         
    TOTAL INVESTMENTS – 75.6% (Cost $115,104,217)     $ 114,044,852
    OTHER ASSETS IN EXCESS OF LIABILITIES- 24.4%    

36,879,373

    NET ASSETS - 100.0%        

$ 150,924,225

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized Depreciation
510   CME E-Mini NASDAQ 100 Index Futures   12/15/2023 $ 151,638,300 $ (8,098,909)
    TOTAL FUTURES CONTRACTS  
 
         

 

   
   
   
 

 

 

 

(a) Percentage rounds to less than 0.1%.
(b) Rate disclosed is the seven-day effective yield as of September 30, 2023.

(c)

(d)

(e)

All or a portion of the security is on loan. Total loaned securities had a value of $290,033 at September 30, 2023.

Security purchased with cash proceeds of securities lending collateral.

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023, the total market value of 144A securities is $1,968,252 or 1.3% of net assets.

 

 

 
 

QUANTIFIED PATTERN RECOGNITION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 0.4%      
    EQUITY - 0.4%      
250   SPDR S&P 500 ETF Trust       $ 106,870
             
 
    TOTAL EXCHANGE-TRADED FUND (Cost $106,931)    

  106,870

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    CORPORATE BOND — 3.1%      
    SPECIALTY FINANCE — 3.1%      
1,000,000   Federal National Mortgage Association   5.2500 02/17/26   987,865
             
  TOTAL CORPORATE BOND (Cost $1,000,000)    

987,865

             
    U.S. GOVERNMENT & AGENCIES — 6.3%      
    GOVERNMENT OWNED, NO GUARANTEE — 3.1%      
1,000,000   Federal Home Loan Mortgage Corporation   5.3000 02/17/26   988,382
             
    GOVERNMENT SPONSORED — 3.2%      
1,000,000   Federal Home Loan Banks   5.6250 03/09/26   992,058
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,000,000)    

1,980,440

             
    CERTIFICATE OF DEPOSIT — 15.8%      
    BANKING - 15.8%      
1,000,000   Charles Schwab Bank SSB   4.7500 02/02/24   997,058
1,000,000   Connexus Credit Union   5.5000 06/28/24   999,360
1,000,000   Local Government Federal Credit Union   4.9000 02/12/24   998,046
1,000,000   Valley Strong Credit Union   5.1000 02/10/25   992,952
1,000,000   Wells Fargo Bank NA   4.7500 02/06/24   996,977
             

4,984,393 

    TOTAL CERTIFICATE OF DEPOSIT (Cost $5,000,000)    

4,984,393

               
 
 

 

QUANTIFIED PATTERN RECOGNITION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 66.8%      
    MONEY MARKET FUNDS – 66.8%      
10,518,469   Fidelity Government Portfolio, Class I, 5.23%(a)       $ 10,518,469
10,518,468   First American Government Obligations Fund, Class Z, 5.22%(a)         10,518,468
    TOTAL MONEY MARKET FUNDS (Cost $21,036,937)  

21,036,937

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $21,036,937)  

21,036,937

         
    TOTAL INVESTMENTS – 92.4% (Cost $29,143,868)     $ 29,096,505
    OTHER ASSETS IN EXCESS OF LIABILITIES - 7.6%    

2,392,467

    NET ASSETS - 100.0%        

$ 31,488,972

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized Depreciation
14   CME E-Mini Standard & Poor's 500 Index Futures   12/15/2023 $ 3,027,850 $ (15,225)
    TOTAL FUTURES CONTRACTS  
 
         
           
               
 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
   

 

 

 

(a) Rate disclosed is the seven-day effective yield as of September 30, 2023.

 
 

 

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 0.1%      
    FIXED INCOME - 0.1%      
1,000   iShares 20+ Year Treasury Bond ETF       $ 88,690
             
 
    TOTAL EXCHANGE-TRADED FUND (Cost $88,663)    

  88,690

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    CORPORATE BONDS — 26.8%      
    AUTOMOTIVE — 1.1%      
1,000,000   Toyota Motor Credit Corporation   0.5000 06/18/24   964,478
             
    BANKING — 2.3%      
1,000,000   Mitsubishi UFJ Financial Group, Inc.   3.4070 03/07/24   989,169
1,000,000   PNC Financial Services Group, Inc.   3.9000 04/29/24   987,679
              1,976,848
    DIVERSIFIED INDUSTRIALS — 1.1%      
1,000,000   General Electric Company   3.4500 05/15/24   983,512
             
    ELECTRIC UTILITIES — 2.2%      
1,000,000   Enel Generacion Chile S.A.   4.2500 04/15/24   984,631
1,000,000   WEC Energy Group, Inc.   0.8000 03/15/24   976,709
              1,961,340
    ENTERTAINMENT CONTENT — 1.1%      
1,000,000   Walt Disney Company   7.7500 01/20/24   1,005,155
             
    GAS & WATER UTILITIES — 1.1%      
1,000,000   Thomson Reuters Corporation   3.8500 09/29/24   976,379
             
    INSTITUTIONAL FINANCIAL SERVICES — 1.1%      
1,000,000   Bank of New York Mellon Corporation   0.5000 04/26/24   970,647
             
    MACHINERY — 1.1%      
1,000,000   Parker-Hannifin Corporation   2.7000 06/14/24   978,154
             
           
 
 

 

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 26.8% (Continued)      
    MEDICAL EQUIPMENT & DEVICES — 1.1%      
1,000,000   Becton Dickinson and Company   3.3630 06/06/24 $ 982,546
             
    OIL & GAS SERVICES & EQUIPMENT — 1.1%      
1,000,000   Schlumberger Holdings Corporation (a)   3.7500 05/01/24   987,730
             
    REAL ESTATE INVESTMENT TRUSTS — 2.3%      
1,000,000   Ventas Realty, L.P. (c)   3.5000 04/15/24   985,682
1,000,000   Welltower, Inc.   3.6250 03/15/24   988,750
              1,974,432
    RETAIL - CONSUMER STAPLES — 1.1%      
1,000,000   7-Eleven, Inc.(a)   0.8000 02/10/24   980,522
             
    SPECIALTY FINANCE — 3.4%      
1,000,000   Capital One Financial Corp   3.9000 01/29/24   992,473
2,000,000   Federal National Mortgage Association   5.2500 02/17/26   1,975,730
              2,968,203
    TECHNOLOGY HARDWARE — 2.2%      
1,000,000   Apple, Inc.   3.0000 02/09/24   990,513
1,000,000   Hewlett Packard Enterprise Company   1.4500 04/01/24   977,929
              1,968,442
    TECHNOLOGY SERVICES — 1.1%      
1,000,000   International Business Machines Corporation   3.0000 05/15/24   983,216
             
    TELECOMMUNICATIONS — 1.1%      
1,000,000   Verizon Communications, Inc.   0.7500 03/22/24   975,887
             
    TRANSPORTATION & LOGISTICS — 2.3%      
1,000,000   Ryder System, Inc.   3.6500 03/18/24   989,181
1,000,000   Union Pacific Corporation   3.6460 02/15/24   991,786
              1,980,967
             
  TOTAL CORPORATE BONDS (Cost $24,204,190)    

23,618,458

             
 
 

 

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 4.5%      
    GOVERNMENT OWNED, NO GUARANTEE — 2.3%      
2,000,000   Federal Home Loan Mortgage Corporation   5.6250 03/13/26 $ 1,983,682
             
    GOVERNMENT SPONSORED — 2.2%      
2,000,000   Federal Home Loan Banks   5.3000 08/15/25   1,981,619
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,000,000)    

3,965,301

             
    CERTIFICATE OF DEPOSIT — 15.5%      
    AUTOMOTIVE - 1.1%      
1,000,000   BMW Bank of North America   0.5500 07/30/24   958,866
             
 
    BANKING - 14.4%      
1,000,000   Bellco Credit Union   5.1500 02/24/25   993,452
1,000,000   Charles Schwab Bank   4.7500 02/02/24   997,059
1,000,000   Goldman Sachs Bank USA   0.5500 07/29/24   959,006
1,000,000   Greenstate Credit Union   0.5000 07/19/24   959,849
1,000,000   Local Government Federal Credit Union   4.9000 02/12/24   998,046
1,000,000   Sallie Mae Bank   0.5500 07/22/24   959,188
1,000,000   State Bank of India   0.6000 08/30/24   954,953
1,000,000   Synchrony Bank   0.6500 09/17/24   953,133
1,000,000   Texas Exchange Bank   0.5000 07/09/24   961,282
1,000,000   Toyota Financial Savings Bank   0.5500 08/05/24   958,021
1,000,000   UBS Bank USA   0.5500 08/12/24   956,956
1,000,000   Valley Strong Credit Union   5.1000 02/10/25   992,952
1,000,000   Wells Fargo Bank NA   4.7500 02/06/24   996,977
             

12,640,874

               
    TOTAL CERTIFICATE OF DEPOSIT (Cost $13,999,116)    

13,599,740

               
 
 

 

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 19.9%      
    MONEY MARKET FUNDS - 19.9%      
8,743,521   Fidelity Government Portfolio, Class I, 5.23%(b)       $ 8,743,521
8,743,521   First American Government Obligations Fund, Class Z, 5.22%(b)         8,743,521
    TOTAL MONEY MARKET FUNDS (Cost $17,487,042)  

17,487,042

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $17,487,042)  

17,487,042

         
Units              
    COLLATERAL FOR SECURITIES LOANED — 0.1%    
102,250   Mount Vernon Liquid Assets Portfolio, LLC - 5.58% (b)(d)     102,250
    TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $102,250)      
         
         
    TOTAL INVESTMENTS – 66.9% (Cost $59,881,260)     $ 58,861,481
    OTHER ASSETS IN EXCESS OF LIABILITIES – 33.1%    

29,079,098

    NET ASSETS - 100.0%        

$ 87,940,579

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts     Expiration Notional Amount Unrealized Appreciation
405   Ultra U.S. Treasury Bond Futures   12/19/2023 $ 48,068,438 $ 42,768
    TOTAL FUTURES CONTRACTS  
 
         

 

ETF  - Exchange-Traded Fund
LP  - Limited Partnership
S/A  - Société Anonyme
   
 

 

 

 

(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023 the total market value of 144A securities is $1,968,252 or 2.2% of net assets.
(b) Rate disclosed is the seven-day effective yield as of September 30, 2023.

(c)

(d)

All or a portion of the security is on loan. Total loaned securities had a value of $100,160 at September 30, 2023.

Security purchased with cash proceeds of securities lending collateral.

 

 

 
 

 

QUANTIFIED EVOLUTION PLUS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 0.6%      
    EQUITY - 0.5%      
450   SPDR S&P 500 ETF Trust       $ 192,366
             
 
    SPECIALTY - 0.1%      
1,600   Invesco DB US Dollar Index Bullish Fund         47,568
             
 
               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $240,004)    

  239,934

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    CORPORATE BOND — 2.6%      
    SPECIALTY FINANCE — 2.6%      
1,000,000   Federal National Mortgage Association   5.2500 02/17/26   987,865
             
  TOTAL CORPORATE BOND (Cost $1,000,000)    

987,865

             
    U.S. GOVERNMENT & AGENCIES — 5.1%      
    GOVERNMENT OWNED, NO GUARANTEE — 2.6%      
1,000,000   Federal Home Loan Mortgage Corporation   5.3000 02/17/26   988,382
             
    GOVERNMENT SPONSORED — 2.5%      
1,000,000   Federal Home Loan Banks   5.6250 03/09/26   992,058
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,000,000)    

1,980,440

             
    CERTIFICATE OF DEPOSIT — 10.3%      
    BANKING - 10.3%      
1,000,000   Charles Schwab Bank SSB   4.7500 02/02/24   997,058
1,000,000   Local Government Federal Credit Union   4.9000 02/12/24   998,046
1,000,000   Valley Strong Credit Union   5.1000 02/10/25   992,952
1,000,000   Wells Fargo Bank NA   4.7500 02/06/24 996,977
            3,985,033
    TOTAL CERTIFICATE OF DEPOSIT (Cost $4,000,000)    

3,985,033

             
 
 

 

QUANTIFIED EVOLUTION PLUS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 52.1%      
    MONEY MARKET FUNDS – 52.1%      
9,858,328   Fidelity Government Portfolio, Class I, 5.23%(a)        $ 9,858,328
9,858,328   First American Government Obligations Fund, Class Z, 5.22%(a)         9,858,328
446,980   First American Government Obligations Fund, Class X, 5.26%(a),(b)         446,980
    TOTAL MONEY MARKET FUNDS (Cost $20,163,636)  

20,163,636

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $20,163,636)  

20,163,636

         
    TOTAL INVESTMENTS – 70.7% (Cost $27,403,640)     $ 27,356,908
    OTHER ASSETS IN EXCESS OF LIABILITIES- 29.3%    

11,340,332

    NET ASSETS - 100.0%        

$ 38,697,240

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized Appreciation (Depreciation)
42   CME E-Mini Standard & Poor's 500 Index Futures   12/15/2023 $ 9,083,550 $ (75,288)
482   NYBOT FINEX United States Dollar Index Futures   12/18/2023   51,002,830   408,130
    TOTAL FUTURES CONTRACTS  

$ 332,842

 

 

 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
 

 

 

 (a) Rate disclosed is the seven-day effective yield as of September 30, 2023.
(b)

All or a portion of this investment is a holding of the QEPF Fund Limited.

 

 

 
 
QUANTIFIED EVOLUTION PLUS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023

 

TOTAL RETURN SWAPS                 
Number of Shares   Reference Entity Notional Amount at September 30, 2023   Interest Rate Payable (1)   Termination Date   Counterparty Unrealized Appreciation (Depreciation)
Long Position:                    
               231,500   Invesco Optimum Yield Diversified Commodity Strategy No K 1 ETF  $           3,460,925    USD SOFR plus 35 bp   10/3/2024   BRC  $          (27,814)
                      400   Invesco Optimum Yield Diversified Commodity Strategy No K 1 ETF                      5,980    USD SOFR plus 35 bp   10/18/2024   BRC                   (121)
                 47,000   Invesco Optimum Yield Diversified Commodity Strategy No K 1 ETF                  702,650    USD SOFR plus 35 bp   10/23/2024   BRC              (10,380)
                 29,000   Invesco Optimum Yield Diversified Commodity Strategy No K 1 ETF                  433,550    USD SOFR plus 35 bp   10/24/2023   BRC                (6,166)
               209,800   Invesco Optimum Yield Diversified Commodity Strategy No K 1 ETF               3,136,510    USD SOFR plus 35 bp   10/31/2024   BRC              (31,732)
                 57,600   Vanguard FTSE Europe ETF               3,336,768    USD SOFR plus 35 bp   9/26/2024   BRC            (155,098)
                   9,500   Vanguard FTSE Europe ETF                  550,335    USD SOFR plus 35 bp   10/3/2024   BRC              (28,644)
                      100   Vanguard FTSE Europe ETF                      5,793    USD SOFR plus 35 bp   10/11/2024   BRC                   (183)
                   6,600   Vanguard FTSE Europe ETF                  382,338    USD SOFR plus 35 bp   10/17/2024   BRC              (10,969)
                 14,000   Vanguard FTSE Europe ETF                  811,020    USD SOFR plus 35 bp   10/23/2024   BRC              (14,064)
                   9,300   Vanguard FTSE Europe ETF                  538,749    USD SOFR plus 35 bp   10/24/2024   BRC                (6,996)
                      400   Vanguard FTSE Europe ETF                    23,172    USD SOFR plus 35 bp   10/25/2024   BRC                     223
                 62,600   Vanguard FTSE Europe ETF               3,626,418    USD SOFR plus 35 bp   10/31/2024   BRC                  2,941
                     
    BRC - Barclays Capital              Total:    $        (289,003)
    SOFR - Secured Overnight Financing Rate                
(1)   Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.  

 

 

 
 

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 103.5%      
    APPAREL & TEXTILE PRODUCTS - 1.7%      
408,718   Hanesbrands, Inc. (c)       $ 1,618,523
             
 
    ASSET MANAGEMENT - 1.0%      
20,187   ODP Corporation(a)(c)         931,630
             
 
    BANKING - 3.3%      
89,775   Bancorp, Inc.(a)         3,097,238
             
 
    BIOTECH & PHARMA - 8.2%      
19,780   United Therapeutics Corporation(a)         4,467,709
9,633   Vertex Pharmaceuticals, Inc.(a)         3,349,779
             

7,817,488

    CHEMICALS - 7.5%      
9,822   Albemarle Corporation(c)         1,670,133
47,760   Koppers Holdings, Inc.         1,888,908
37,711   LyondellBasell Industries N.V., Class A         3,571,232
             

7,130,273

    CONSTRUCTION MATERIALS - 2.3%      
3,192   Owens Corning         435,421
11,658   Simpson Manufacturing Company, Inc.         1,746,485
             

2,181,906

    CONSUMER SERVICES - 2.0%      
98,197   Perdoceo Education Corporation         1,679,169
24,498   WW International, Inc.(a)(c)         271,193
             

1,950,362

    CONTAINERS & PACKAGING - 5.4%      
127,602   Amcor PLC         1,168,834
35,513   Greif, Inc., Class A         2,372,624
95,043   O-I Glass, Inc.(a)         1,590,069
             

5,131,527

    ELECTRICAL EQUIPMENT - 6.5%      
1,004   Lennox International, Inc.         375,938
188,062   Vontier Corporation         5,814,877
             

6,190,815

 
 

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 103.5% (Continued)      
    ENGINEERING & CONSTRUCTION - 1.5%      
1,888   EMCOR Group, Inc.       $ 397,216
4,111   TopBuild Corporation(a)         1,034,328
             

1,431,544

    FOOD - 10.4%      
170,571   Fresh Del Monte Produce, Inc.         4,407,555
55,831   Ingredion, Inc.         5,493,770
             

9,901,325

    FORESTRY, PAPER & WOOD PRODUCTS - 0.4%      
3,835   Boise Cascade Company         395,158
             
 
    HEALTH CARE FACILITIES & SERVICES - 1.7%      
19,134   Cardinal Health, Inc.         1,661,214
             
 
    HOME CONSTRUCTION - 3.6%      
50,820   KB Home(c)         2,351,950
26,007   Taylor Morrison Home Corporation(a)         1,108,158
             

3,460,108

    HOUSEHOLD PRODUCTS - 1.5%      
49,096   Quanex Building Products Corporation(c)         1,383,034
             
 
    MACHINERY - 3.0%      
24,577   AGCO Corporation         2,906,967
             
 
    MEDICAL EQUIPMENT & DEVICES - 0.6%      
6,150   Masimo Corporation(a)(c)         539,232
             
 
    METALS & MINING - 3.9%      
79,140   Newmont Corporation(c)         2,924,223
82,170   SunCoke Energy, Inc.         834,025
             

3,758,248

    MORTGAGE FINANCE - 4.4%      
583,937   Redwood Trust, Inc. (c)         4,163,471
             
 
 
 

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 103.5% (Continued)      
    OIL & GAS SERVICES & EQUIPMENT - 0.8%      
55,101   US Silica Holdings, Inc.(a)       $ 773,618
             
 
    RETAIL - DISCRETIONARY - 0.5%      
9,130   Abercrombie & Fitch Company, Class A(a)         514,658
             
 
    SEMICONDUCTORS - 2.7%      
13,135   Advanced Micro Devices, Inc.(a)         1,350,541
2,904   NVIDIA Corporation         1,263,211
             

2,613,752

    SOFTWARE - 6.8%      
78,176   Donnelley Financial Solutions, Inc.(a)         4,399,745
3,776   ServiceNow, Inc.(a)         2,110,633
             

6,510,378

    SPECIALTY FINANCE - 9.5%      
360,295   MGIC Investment Corporation         6,013,324
91,306   PROG Holdings, Inc.(a) (c)         3,032,272
             

9,045,596

    STEEL - 2.9%      
28,417   Commercial Metals Company         1,404,084
8,657   Nucor Corporation         1,353,522
             

2,757,606

    TECHNOLOGY HARDWARE - 2.0%      
6,428   Arista Networks, Inc.(a)         1,182,302
16,030   Ciena Corporation(a)         757,578
             

1,939,880

    TECHNOLOGY SERVICES - 1.5%      
1,912   EPAM Systems, Inc.(a)         488,879
25,970   Genpact Ltd.         940,114
             

1,428,993

    TELECOMMUNICATIONS - 2.5%      
38,744   Cogent Communications Holdings, Inc.         2,398,254
             
 
 
 

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 103.5% (Continued)      
    TRANSPORTATION EQUIPMENT - 5.4%      
60,116   PACCAR, Inc.       $ 5,111,062
             
 
               
    TOTAL COMMON STOCKS (Cost $103,291,735)    

  98,743,860

               
               
    SHORT-TERM INVESTMENTS — 4.4%      
    MONEY MARKET FUNDS - 4.4%      
2,095,080   Fidelity Government Portfolio, Class I, 5.23%(b)         2,095,080
2,095,080   First American Government Obligations Fund, Class Z, 5.22%(b)         2,095,080
    TOTAL MONEY MARKET FUNDS (Cost $4,190,160)  

4,190,160

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $4,190,160)  

4,190,160

         
Units              
    COLLATERAL FOR SECURITIES LOANED – 12.0%    
11,411,388   Mount Vernon Liquid Assets Portfolio, LLC - 5.58% (b)(d)     11,411,388
    TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $11,411,388)      
         
    TOTAL INVESTMENTS – 119.9% (Cost $118,893,283)     $ 114,345,408
    LIABILITIES IN EXCESS OF OTHER ASSETS - (19.9)%    

(18,943,518)

    NET ASSETS - 100.0%        

$ 95,401,890

           
 

 

 

 

 

LTD  - Limited Company
NV  - Naamioze Vennootschap
PLC  - Public Limited Company
   
 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven-day effective yield as of September 30, 2023.

(c)

(d)

All or a portion of the security is on loan. Total loaned securities had a value of $11,268,560 at September 30, 2023.

Security purchased with cash proceeds of securities lending collateral.

 

 
 

 

QUANTIFIED TACTICAL SECTORS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 25.4%      
    EQUITY - 25.4%      
179,000   Energy Select Sector SPDR Fund       $ 16,179,810
             
 
    TOTAL EXCHANGE-TRADED FUND (Cost $16,325,785)    

  16,179,810

               
    SHORT-TERM INVESTMENTS — 74.5%      
    MONEY MARKET FUNDS - 74.5%      
23,751,818   Fidelity Government Portfolio, Class I, 5.23%(a)         23,751,818
23,751,818   First American Government Obligations Fund, Class Z, 5.22%(a)         23,751,818
    TOTAL MONEY MARKET FUNDS (Cost $47,503,636)  

47,503,636

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $47,503,636)  

47,503,636

         
    TOTAL INVESTMENTS - 99.9% (Cost $63,829,421)     $ 63,683,446
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%    

89,777

    NET ASSETS - 100.0%        

$ 63,773,223

           
 

 

 

 

 

SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a) Rate disclosed is the seven-day effective yield as of September 30, 2023.

 

 

 
 

 

QUANTIFIED RISING DIVIDEND TACTICAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 24.8%      
    EQUITY - 24.8%      
2,803   Invesco QQQ Trust Series 1       $ 1,004,231
9,384   Invesco S&P 500 Equal Weight ETF         1,329,619
22,289   Invesco S&P 500 Low Volatility ETF         1,310,370
10,595   Vanguard Dividend Appreciation ETF         1,646,251
18,561   Vanguard International Dividend Appreciation ETF         1,323,956
             

6,614,427

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $6,974,499)    

  6,614,427

               
    SHORT-TERM INVESTMENTS — 75.1%      
    MONEY MARKET FUNDS - 75.1%      
10,012,045   Fidelity Government Portfolio, Class I, 5.23%(a)         10,012,045
10,012,044   First American Government Obligations Fund, Class Z, 5.22%(a)         10,012,044
    TOTAL MONEY MARKET FUNDS (Cost $20,024,089)  

20,024,089

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $20,024,089)  

20,024,089

         
    TOTAL INVESTMENTS - 99.9% (Cost $26,998,588)     $ 26,638,516
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%    

14,617

    NET ASSETS - 100.0%        

$ 26,653,133

           
               

 

 

 

 

 

 

ETF  - Exchange-Traded Fund

 

 

 

(a) Rate disclosed is the seven-day effective yield as of September 30, 2023.

 

 
 

 

QUANTIFIED GOVERNMENT INCOME TACTICAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 0.0%(a)      
    FIXED INCOME - 0.0%(a)      
100   iShares 20+ Year Treasury Bond ETF       $ 8,869
             
 
    TOTAL EXCHANGE-TRADED FUND (Cost $8,869)    

  8,869

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    CORPORATE BOND — 4.1%      
    SPECIALTY FINANCE — 4.1%      
1,000,000   Federal National Mortgage Association   5.2500 02/17/26   987,865
             
  TOTAL CORPORATE BOND (Cost $1,000,000)    

987,865

             
    U.S. GOVERNMENT & AGENCIES — 8.3%      
    GOVERNMENT OWNED, NO GUARANTEE — 4.1%      
1,000,000   Federal Home Loan Mortgage Corporation   5.3000 02/17/26   988,382
             
    GOVERNMENT SPONSORED — 4.2%      
1,000,000   Federal Home Loan Banks   5.6250 03/09/26   992,058
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,000,000)    

1,980,440

             
    CERTIFICATE OF DEPOSIT — 16.7%      
    BANKING - 16.7%      
1,000,000   Charles Schwab Bank SSB   4.7500 02/02/24   997,058
1,000,000   Local Government Federal Credit Union   4.9000 02/12/24   998,046
1,000,000   Valley Strong Credit Union   5.1000 02/10/25   992,952
1,000,000   Wells Fargo Bank NA   4.7500 02/06/24   996,977
             

3,985,033

               
    TOTAL CERTIFICATE OF DEPOSIT (Cost $4,000,000)    

3,985,033

               
 
 

 

QUANTIFIED GOVERNMENT INCOME TACTICAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 64.6%      
    MONEY MARKET FUNDS - 64.6%      
7,359,593   Fidelity Government Portfolio, Class I, 5.23%(b)       $ 7,359,593
8,105,046   First American Government Obligations Fund, Class Z, 5.22%(b)         8,105,046
    TOTAL MONEY MARKET FUNDS (Cost $15,464,639)  

15,464,639

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $15,464,639)  

15,464,639

         
    TOTAL INVESTMENTS - 93.7% (Cost $22,473,508)     $ 22,426,846
    OTHER ASSETS IN EXCESS OF LIABILITIES- 6.3%    

1,512,755

    NET ASSETS - 100.0%        

$ 23,939,601

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts     Expiration Notional Amount Unrealized Appreciation
109   Ultra U.S. Treasury Bond Futures   12/19/2023 $ 12,936,938 $ 11,139
    TOTAL FUTURES CONTRACTS  
 
         

 

ETF  - Exchange-Traded Fund
   

 

 

 

(a) Percentage rounds to less than 0.1%.
(b) Rate disclosed is the seven-day effective yield as of September 30, 2023.