SCHEDULE OF INVESTMENTS | ||||||||||||||
USA Mutuals Vice Fund (Unaudited) | ||||||||||||||
June 30, 2021 | ||||||||||||||
Shares | Security | Value | ||||||||||||
COMMON STOCK - 86.9 % | ||||||||||||||
AEROSPACE & DEFENSE - 12.7% | ||||||||||||||
477,704 | BAE Systems PLC | $3,449,420 | ||||||||||||
14,700 | Northrop Grumman Corporation *** | ` | 5,342,421 | |||||||||||
57,958 | Raytheon Technologies Corporation *** | 4,944,397 | ||||||||||||
13,736,238 | ||||||||||||||
BEVERAGES - 21.6 % | ||||||||||||||
15,000 | Carlsberg A/S * | 2,796,093 | ||||||||||||
19,000 | Constellation Brands, Inc. | 4,443,910 | ||||||||||||
24,500 | Diageo plc - ADR | 4,696,405 | ||||||||||||
45,000 | Heineken N.V. | 5,453,268 | ||||||||||||
26,500 | Pernod Ricard S.A. | 5,882,273 | ||||||||||||
23,271,949 | ||||||||||||||
E-COMMERCE DISCRETIONARY - 1.0 % | ||||||||||||||
5,000 | Alibaba Group Holding Ltd. - ADR * | 1,133,900 | ||||||||||||
ENTERTAINMENT CONTENT - 0.4 % | ||||||||||||||
10,000 | ViacomCBS, Inc. | 452,000 | ||||||||||||
LEISURE FACILITIES & SERVICES - 29.8 % | ||||||||||||||
130,000 | DraftKings, Inc. * | 6,782,100 | ||||||||||||
22,500 | Evolution Gaming Group A.B. | 3,555,579 | ||||||||||||
10,000 | Flutter Entertainment plc - ADR * | 906,500 | ||||||||||||
1,155,000 | Galaxy Entertainment Group Ltd. * | 9,245,296 | ||||||||||||
61,000 | Las Vegas Sands Corporation * | 3,214,090 | ||||||||||||
1,400,000 | Melco International Development Ltd. | 2,571,256 | ||||||||||||
850,000 | Sands China Ltd. * | 3,579,846 | ||||||||||||
1,474,600 | Wynn Macau Ltd. * | 2,320,829 | ||||||||||||
32,175,496 | ||||||||||||||
REIT - 1.2 % | ||||||||||||||
28,322 | Gaming and Leisure Properties, Inc. | 1,312,158 | ||||||||||||
TOBACCO & CANNABIS - 20.2 % | ||||||||||||||
100,000 | Altria Group, Inc. | 4,768,000 | ||||||||||||
93,000 | British American Tobacco plc - ADR | 3,655,830 | ||||||||||||
55,000 | Philip Morris International, Inc. | 5,451,050 | ||||||||||||
925,000 | Swedish Match A.B. | 7,888,024 | ||||||||||||
21,762,904 | ||||||||||||||
TOTAL COMMON STOCK (Cost - $57,552,856) | 93,844,645 | |||||||||||||
EXCHANGE TRADED FUNDS- 2.5 % | ||||||||||||||
EQUITY FUNDS- 2.5 % | ||||||||||||||
14,000 | Direxion Russell 1000 Value Over Growth ETF | 808,489 | ||||||||||||
20,000 | iShares MSCI United Kingdom ETF ^ | 654,000 | ||||||||||||
20,000 | Vanguard FTSE All-World ex-US ETF | 1,267,800 | ||||||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost - $2,533,214) | 2,730,289 | |||||||||||||
Contracts** | Notional Value | Exercise Price | Expiration Date | |||||||||||
PURCHASED OPTIONS - 0.0 % * | ||||||||||||||
PURCHASED PUT OPTIONS - 0.0 % | ||||||||||||||
94 | S&P E-Mini Future Option | $19,740,000 | $4,200.00 | 7/6/2021 | 3,995 | |||||||||
TOTAL PURCHASED OPTIONS (Cost - $19,676) | ||||||||||||||
Shares | ||||||||||||||
COLLATERAL FOR SECURITIES LOANED - 0.6 % | ||||||||||||||
636,500 | First American Government Obligations Fund - Class X, 0.03% +# | 636,500 | ||||||||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $636,500) | ||||||||||||||
SCHEDULE OF INVESTMENTS | ||||||||||||||
USA Mutuals Vice Fund (Unaudited) (Continued) | ||||||||||||||
June 30, 2021 | ||||||||||||||
Value | ||||||||||||||
TOTAL INVESTMENTS - 90.0 % (Cost - $60,742,246) | $97,215,429 | |||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 10.0 % | 10,766,929 | |||||||||||||
NET ASSETS - 100.0 % | $107,982,358 | |||||||||||||
ADR - American Depositary Receipt | ||||||||||||||
ETF - Exchange Traded Fund | ||||||||||||||
PLC - Public Limited Company | ||||||||||||||
REIT - Real Estate Investment Trust | ||||||||||||||
* Non-Income producing security. | ||||||||||||||
** Each Purchased Option contract allows the option holder to buy/sell 50 shares of the underlying security at the exercise price for the S&P E-mini. | ||||||||||||||
*** All or a portion of this investment is held in a separate collateral account. Collateral has a fair value of $10,286,818 and represents 9.5% of net assets. | ||||||||||||||
+ Variable rate security. Rate reflects seven-day yield on June 30, 2021. | ||||||||||||||
^ All or a portion of these securities are on loan. Total loaned securities had a value of $621,300 at June 30, 2021. | ||||||||||||||
# This investment was purchased with the cash collateral received from securities on loan. The total fair value of collateral received as of June 30, 2021 is $636,500. | ||||||||||||||
Contracts | Security | Notional Amount | Value | Maturity Date | Unrealized Gain | |||||||||
OPEN LONG FUTURES CONTRACT | ||||||||||||||
94 | E-Mini S&P 500 Index Future | $20,119,525 | $20,156,420 | 9/17/2021 | $36,895 | |||||||||
NET UNREALIZED GAIN FROM OPEN FUTURES CONTRACT | ||||||||||||||
There is no variation margin due to or from the Fund as of the date of this report. | ||||||||||||||
Country | Percent of Net Assets | ||||||
United States | 36.5% | ||||||
Hong Kong | 13.1% | ||||||
Great Britain | 10.9% | ||||||
Sweden | 10.6% | ||||||
France | 5.4% | ||||||
Netherlands | 5.1% | ||||||
Cayman Islands | 4.4% | ||||||
Denmark | 2.6% | ||||||
Ireland | 0.8% | ||||||
Other Assets in Excess of Liabilities | 10.6% | ||||||
100.0% |