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LHA Market State® Tactical Beta ETF

Schedule of Investments

September 30, 2021 (Unaudited)

Security Description

Value

EXCHANGE-TRADED FUNDS - 55.4% (a)

285,228

SPDR S&P 500 ETF Trust (b) (c)

122,402,744

TOTAL EXCHANGE-TRADED FUNDS (Cost $115,871,657)

INVESTMENT COMPANIES - 7.0%

635,175

ProShares Ultra VIX Short-Term Futures ETF (d)

15,593,546

TOTAL INVESTMENT COMPANIES (Cost $15,257,233)

Effective

Par

Yield

Maturity

SHORT-TERM INVESTMENTS - 45.8%

U. S. Treasury Bills - 7.7%

4,604,000

United States Treasury Bill (c) (e)

0.04

1/27/2022

4,603,435

12,333,000

United States Treasury Bill (c) (e)

0.07

8/11/2022

12,326,008

16,929,443

Money Market Funds - 38.1%

42,058,243

First American Government Obligations Fund, Class X, 0.03% (f)

42,058,243

First American Treasury Obligations Fund, Class X, 0.01% (f)

42,058,243

84,116,486

TOTAL SHORT-TERM INVESTMENTS (Cost $101,049,553)

101,045,929

TOTAL INVESTMENTS - 108.2% (Cost $232,178,443)

239,042,219

LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%

(18,066,960

)

NET ASSETS - 100.0%

220,975,259

Percentages are stated as a percentage of net assets.

(a)

The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest.

(b)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information about this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)

All or a portion of this security is held as collateral for written options and futures. At September 30, 2021, the total value of this security held as collateral amounted to $71,066,280 or 32.2% of net assets.

(d)

Non-income producing security.

(e)

Zero coupon bond.

(f)

Annualized seven-day yield as of September 30, 2021.

SCHEDULE OF OPEN FUTURES CONTRACTS

September 30, 2021 (Unaudited)

Number of

Contracts

Description

Expiration Month

Notional Value

Value & Unrealized

Appreciation (Depreciation)

414

S&P 500 E-Mini Future (a)

December 2021

88,963,425

(3,094,993

)

(a)

Exchange Traded.

Summary of Fair Value Disclosure at September 30, 2021 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America (“U.S. GAAP”) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2021:

	Level 1			Level 2		Level 3		Total
Assets^
Exchange-Traded Funds	$	122,402,744		$	-	$	-	$	122,402,744
Investment Companies		15,593,546			-		-		15,593,546
Short-Term Investments		84,116,486			16,929,443		-		101,045,929
Total Investments in Securities	$	222,112,776		$	16,929,443	$	-	$	239,042,219
^ See Schedule of Investments for further disaggregation of investment categories.

Other Financial Instruments (a)	Level 1			Level 2		Level 3		Total
Futures Contracts	$	(3,094,993	)	$	-	$	-	$	(3,094,993	)

(a) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

For the period ended September 30, 2021, the Fund did not recognize any transfers to or from Level 3.