1
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
114
.40
%
(a)
Administrative
and
Support
Services
—
6
.88
%
Booking
Holdings,
Inc.
(b)
................................
41
$
103,484
CBIZ,
Inc.
(b)
.........................................
1,437
71,979
Fair
Isaac
Corp.
(b)
.....................................
583
394,918
ManpowerGroup,
Inc.
...................................
833
70,705
Mastercard,
Inc.
(c)
.....................................
923
327,933
PayPal
Holdings,
Inc.
(b)
.................................
4,124
303,526
Visa,
Inc.
............................................
1,559
342,886
1,615,431
Amusement,
Gambling,
and
Recreation
Industries
—
0
.50
%
Wynn
Resorts
Ltd.
(b)
...................................
1,088
117,907
Apparel
Manufacturing
—
0
.19
%
Deckers
Outdoor
Corp.
(b)
...............................
105
43,717
Beverage
and
Tobacco
Product
Manufacturing
—
1
.26
%
National
Beverage
Corp.
(b)
..............................
2,158
100,671
Primo
Water
Corp.
.....................................
12,508
193,623
294,294
Broadcasting
(except
Internet)
—
1
.44
%
Comcast
Corp.
........................................
9,114
338,767
Building
Material
and
Garden
Equipment
—
1
.12
%
Home
Depot,
Inc.
(c)
....................................
884
262,141
Chemical
Manufacturing
—
9
.19
%
AbbVie,
Inc.
(c)
........................................
1,770
272,403
ACADIA
Pharmaceuticals,
Inc.
(b)
..........................
1,235
25,552
Alkermes
PLC
(b)
......................................
1,275
34,094
Amgen,
Inc.
..........................................
989
229,112
Bristol-Myers
Squibb
Co.
(c)
..............................
3,761
259,359
Gilead
Sciences,
Inc.
...................................
3,418
275,253
Harmony
Biosciences
Holdings,
Inc.
(b)
......................
779
34,299
Linde
PLC
............................................
302
105,208
Merck
&
Co.,
Inc.
(c)
....................................
3,051
324,139
Neurocrine
Biosciences,
Inc.
(b)
...........................
561
57,839
Procter
&
Gamble
Co.
...................................
770
105,921
Sarepta
Therapeutics,
Inc.
(b)
.............................
500
61,065
Vertex
Pharmaceuticals,
Inc.
(b)
(c)
.........................
835
242,392
Viatris,
Inc.
...........................................
11,605
132,297
2,158,933
2
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
114.40%
(a)
(Continued)
Computer
and
Electronic
Product
Manufacturing
—
18
.28
%
Allegro
MicroSystems,
Inc.
(b)
.............................
1,409
$
61,545
Alphabet,
Inc.
(b)
(c)
....................................
7,567
682,391
Apple,
Inc.
(c)
.........................................
2,307
340,076
Arista
Networks,
Inc.
(b)
.................................
419
58,115
Broadcom,
Inc.
(c)
......................................
822
488,507
Cisco
Systems,
Inc.
(c)
..................................
9,352
452,825
Extreme
Networks,
Inc.
(b)
...............................
17,997
336,904
Fortinet,
Inc.
(b)
.......................................
2,134
126,845
Iridium
Communications,
Inc.
(b)
...........................
5,533
339,560
Jabil,
Inc.
(c)
..........................................
4,763
395,472
Microchip
Technology,
Inc.
................................
5,015
406,366
Motorola
Solutions,
Inc.
..................................
246
64,651
Sanmina
Corp.
(b)
......................................
3,194
193,109
Trane
Technologies
PLC
.................................
678
125,410
Viavi
Solutions,
Inc.
(b)
..................................
20,245
221,480
4,293,256
Construction
of
Buildings
—
0
.67
%
NVR,
Inc.
(b)
..........................................
14
72,431
Taylor
Morrison
Home
Corp.
(b)
............................
2,395
85,813
158,244
Couriers
and
Messengers
—
0
.55
%
United
Parcel
Service,
Inc.
-
Class
B
........................
714
130,298
Credit
Intermediation
and
Related
Activities
—
6
.46
%
Associated
Banc-Corp.
..................................
5,439
125,913
Bank
of
New
York
Mellon
Corp.
............................
6,153
313,064
BankUnited,
Inc.
.......................................
3,872
137,146
Citigroup,
Inc.
.........................................
3,122
158,254
JPMorgan
Chase
&
Co.
..................................
1,496
214,452
State
Street
Corp.
......................................
3,326
294,950
UMB
Financial
Corp.
....................................
1,326
120,215
Wells
Fargo
&
Co.
......................................
3,326
155,557
1,519,551
Data
Processing,
Hosting,
and
Related
Services
—
0
.64
%
Airbnb,
Inc.
(b)
........................................
856
105,528
Kyndryl
Holdings,
Inc.
(b)
................................
2,747
43,100
148,628
Fabricated
Metal
Product
Manufacturing
—
1
.10
%
Atkore,
Inc.
(b)
........................................
1,288
188,074
Mueller
Industries,
Inc.
..................................
959
70,937
259,011
3
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
114.40%
(a)
(Continued)
Food
Manufacturing
—
2
.55
%
J
M
Smucker
Co.
.......................................
1,262
$
186,637
Lamb
Weston
Holdings,
Inc.
..............................
1,836
184,775
Post
Holdings,
Inc.
(b)
...................................
1,543
138,808
Simply
Good
Foods
Co.
(b)
...............................
2,289
87,646
597,866
Food
Services
and
Drinking
Places
—
1
.20
%
Manhattan
Associates,
Inc.
(b)
............................
1,944
279,450
Funds,
Trusts,
and
Other
Financial
Vehicles
—
0
.33
%
Incyte
Corp.
(b)
........................................
1,014
78,058
General
Merchandise
Stores
—
0
.85
%
Walmart,
Inc.
.........................................
1,415
201,114
Health
and
Personal
Care
Stores
—
2
.76
%
CVS
Health
Corp.
(c)
...................................
2,269
189,553
Ulta
Beauty,
Inc.
(b)
.....................................
529
274,445
Walgreens
Boots
Alliance,
Inc.
............................
5,204
184,898
648,896
Insurance
Carriers
and
Related
Activities
—
5
.81
%
Arch
Capital
Group
Ltd.
(b)
...............................
2,053
143,710
Cigna
Group/The
......................................
640
186,944
Everest
Re
Group
Ltd.
...................................
293
112,503
Humana,
Inc.
.........................................
347
171,772
Jackson
Financial,
Inc.
..................................
3,961
179,750
Radian
Group,
Inc.
.....................................
6,728
143,643
RenaissanceRe
Holdings
Ltd.
.............................
695
149,355
Selective
Insurance
Group,
Inc.
............................
1,422
144,375
Unum
Group
(c)
.......................................
2,944
131,155
1,363,207
Machinery
Manufacturing
—
2
.43
%
Axcelis
Technologies,
Inc.
(b)
.............................
1,705
219,160
Caterpillar,
Inc.
........................................
502
120,254
Mettler-Toledo
International,
Inc.
(b)
........................
57
81,721
Terex
Corp.
...........................................
2,539
150,334
571,469
Merchant
Wholesalers
Nondurable
Goods
Mining
—
0
.51
%
Southern
Copper
Corp.
..................................
1,646
121,294
4
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
114.40%
(a)
(Continued)
Merchant
Wholesalers,
Durable
Goods
—
4
.08
%
Agilysys,
Inc.
(b)
.......................................
3,094
$
247,242
Allison
Transmission
Holdings,
Inc.
.........................
2,673
126,968
Arrow
Electronics,
Inc.
(b)
................................
1,254
147,959
Reliance
Steel
&
Aluminum
Co.
............................
535
132,594
WESCO
International,
Inc.
(b)
.............................
714
118,224
WW
Grainger,
Inc.
......................................
279
186,492
959,479
Merchant
Wholesalers,
Nondurable
Goods
—
3
.10
%
AmerisourceBergen
Corp.
(c)
.............................
1,124
174,850
Cardinal
Health,
Inc.
(c)
..................................
3,582
271,194
McKesson
Corp.
(c)
....................................
467
163,361
Wingstop,
Inc.
.........................................
688
117,201
726,606
Mining
(except
Oil
and
Gas)
—
0
.93
%
Alpha
Metallurgical
Resources,
Inc.
.........................
641
107,522
Freeport-McMoRan,
Inc.
.................................
2,667
109,267
216,789
Miscellaneous
Manufacturing
—
3
.25
%
Brady
Corp.
..........................................
1,550
85,498
Haemonetics
Corp.
(b)
..................................
2,072
161,139
Inspire
Medical
Systems,
Inc.
(b)
...........................
815
211,843
Johnson
&
Johnson
....................................
1,489
228,205
Shockwave
Medical,
Inc.
(b)
..............................
402
76,476
763,161
Motor
Vehicle
and
Parts
Dealers
—
2
.82
%
Asbury
Automotive
Group,
Inc.
(b)
..........................
734
166,691
Group
1
Automotive,
Inc.
(c)
..............................
1,233
272,580
Murphy
USA,
Inc.
......................................
877
223,714
662,985
Nonmetallic
Mineral
Product
Manufacturing
—
0
.54
%
O-I
Glass,
Inc.
(b)
......................................
5,682
126,254
Nonstore
Retailers
—
0
.84
%
Dillard's,
Inc.
..........................................
393
140,069
Etsy,
Inc.
(b)
..........................................
469
56,941
197,010
Paper
Manufacturing
—
1
.78
%
Boise
Cascade
Co.
(c)
..................................
2,156
149,001
Graphic
Packaging
Holding
Co.
............................
4,090
97,342
Kimberly-Clark
Corp.
....................................
1,383
172,944
419,287
5
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
114.40%
(a)
(Continued)
Performing
Arts,
Spectator
Sports,
and
—
0
.43
%
International
Game
Technology
PLC
........................
3,816
$
101,353
Petroleum
and
Coal
Products
Manufacturing
—
4
.68
%
Exxon
Mobil
Corp.
(c)
...................................
2,347
257,959
Marathon
Petroleum
Corp.
...............................
2,175
268,830
PBF
Energy,
Inc.
(c)
....................................
7,341
320,876
Valero
Energy
Corp.
....................................
1,913
251,999
1,099,664
Pipeline
Transportation
—
1
.41
%
Scorpio
Tankers,
Inc.
....................................
5,479
330,712
Primary
Metal
Manufacturing
—
1
.26
%
Commercial
Metals
Co.
..................................
2,040
105,570
Encore
Wire
Corp.
(c)
...................................
984
189,922
295,492
Professional,
Scientific,
and
Technical
Services
—
0
.59
%
Genpact
Ltd.
..........................................
586
27,970
H&R
Block,
Inc.
(c)
.....................................
2,970
109,296
137,266
Publishing
Industries
(Except
Internet)
—
7
.30
%
Activision
Blizzard,
Inc.
..................................
1,976
150,670
Adobe,
Inc.
(b)
........................................
1,085
351,486
Appfolio,
Inc.
(b)
.......................................
213
28,129
Cadence
Design
Systems,
Inc.
(b)
(c)
........................
2,105
406,138
Microsoft
Corp.
(c)
.....................................
1,124
280,348
Splunk,
Inc.
(b)
........................................
3,661
375,253
Synopsys,
Inc.
(b)
......................................
331
120,405
1,712,429
Real
Estate
—
0
.58
%
Zillow
Group,
Inc.
(b)
....................................
3,248
136,416
Rental
and
Leasing
Services
—
1
.77
%
Netflix,
Inc.
(b)
........................................
1,291
415,870
Securities,
Commodity
Contracts,
and
Other
Financ
—
3
.38
%
DraftKings,
Inc.
(b)
.....................................
1,926
36,324
Evercore,
Inc.
-
Class
A
..................................
1,377
180,634
LPL
Financial
Holdings,
Inc.
(c)
............................
1,152
287,493
SEI
Investments
Co.
....................................
3,299
198,765
StoneX
Group,
Inc.
(b)
..................................
894
90,142
793,358
6
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
114.40%
(a)
(Continued)
Specialty
Trade
Contractors
—
1
.39
%
EMCOR
Group,
Inc.
....................................
1,471
$
245,980
Installed
Building
Products,
Inc.
............................
692
79,843
325,823
Support
Activities
for
Transportation
—
0
.52
%
Expeditors
International
of
Washington,
Inc.
..................
1,166
121,917
Transportation
Equipment
Manufacturing
—
2
.95
%
BorgWarner,
Inc.
.......................................
1,251
62,900
General
Motors
Co.
.....................................
5,497
212,954
PACCAR,
Inc.
.........................................
670
48,374
Textron,
Inc.
..........................................
1,569
113,800
Visteon
Corp.
(b)
.......................................
1,536
256,574
694,602
Utilities
—
4
.24
%
Brookfield
Renewable
Corp.
..............................
4,329
120,563
First
Solar,
Inc.
(b)
......................................
1,741
294,472
FirstEnergy
Corp.
......................................
3,483
137,718
National
Fuel
Gas
Co.
...................................
2,583
147,953
ONE
Gas,
Inc.
.........................................
2,120
169,939
Pinnacle
West
Capital
Corp.
..............................
1,700
125,256
995,901
Warehousing
and
Storage
—
0
.83
%
Landstar
System,
Inc.
(c)
................................
1,080
195,253
Waste
Management
and
Remediation
Services
—
0
.31
%
Clean
Harbors,
Inc.
(b)
..................................
544
71,846
Wood
Product
Manufacturing
—
0
.70
%
Skyline
Champion
Corp.
(b)
(c)
.............................
1,228
84,007
UFP
Industries,
Inc.
....................................
931
79,628
163,635
T
otal
Common
Stocks
(Cost
$
24,812,839
)
................
26,864,640
Real
Estate
Investment
Trusts
—
2
.65
%
(a)
Real
Estate
—
2
.21
%
Apartment
Income
REIT
Corp.
............................
2,329
88,036
Camden
Property
Trust
..................................
973
111,662
Public
Storage
........................................
393
117,487
Simon
Property
Group,
Inc.
...............................
720
87,905
STAG
Industrial,
Inc.
....................................
3,339
112,325
517,415
7
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Real
Estate
Investment
Trusts
—
2.65%
(a)
(Continued)
Securities,
Commodity
Contracts,
and
Other
Financ
—
0
.44
%
Innovative
Industrial
Properties,
Inc.
........................
1,175
$
103,881
T
otal
Real
Estate
Investment
Trusts
(Cost
$
629,371
)
.......
621,296
Money
Market
Funds
—
0
.09
%
First
American
Government
Obligations
Fund
-
X
Class
,
2
.924
%
(d)
21,162
21,162
Total
Money
Market
Funds
(Cost
$
21,162
)
................
21,162
Total
Investments
(Cost
$25,463,372)
—
117.14%
27,507,098
Liabilities
in
E
xcess
of
Other
Assets
—
(
17
.14
)
%
............
(
4,027,380
)
Total
Net
Assets
—
100.00%
.............................
$
23,479,718
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
S&P
Standards
&
Poor's
(a)
Unless
otherwise
noted,
all
or
a
portion
of
these
securities,
totaling
$27,184,183,
are
pledged
as
collateral
for
securities
sold
short.
(b)
Non-income
producing
security.
(c)
This
security
is
not
pledged
as
collateral
for
securities
sold
short.
(d)
The
rate
shown
represents
the
seven-day
yield
as
of
February
28,
2023.
8
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(44.82)%
Accommodation
—
(0.15)%
Caesars
Entertainment,
Inc.
(a)
............................
(682)
$
(34,618)
Administrative
and
Support
Services
—
(2.43)%
AdaptHealth
Corp.
(a)
...................................
(3,025)
(48,370)
Bread
Financial
Holdings,
Inc.
.............................
(1,534)
(63,001)
DigitalBridge
Group,
Inc.
.................................
(2,341)
(28,724)
Fidelity
National
Information
Services,
Inc.
....................
(1,941)
(123,001)
nCino,
Inc.
(a)
.........................................
(2,817)
(76,763)
R1
RCM,
Inc.
(a)
.......................................
(4,647)
(65,987)
ROBLOX
Corp.
(a)
.....................................
(1,397)
(51,186)
SentinelOne,
Inc.
(a)
....................................
(5,595)
(89,464)
TransUnion
...........................................
(360)
(23,555)
(570,051)
Air
Transportation
—
(0.60)%
Alaska
Air
Group,
Inc.
(a)
................................
(732)
(35,012)
Frontier
Group
Holdings,
Inc.
(a)
...........................
(3,092)
(36,362)
JetBlue
Airways
Corp.
(a)
................................
(2,395)
(19,879)
Southwest
Airlines
Co.
..................................
(1,491)
(50,067)
(141,320)
Ambulatory
Health
Care
Services
—
(0.63)%
Premier,
Inc.
..........................................
(2,672)
(86,012)
Surgery
Partners,
Inc.
(a)
................................
(1,845)
(61,715)
(147,727)
Amusement,
Gambling,
and
Recreation
Industries
—
(0.10)%
Light
&
Wonder,
Inc.
-
Class
A
(a)
..........................
(390)
(24,418)
Beverage
and
Tobacco
Product
Manufacturing
—
(0.53)%
Celsius
Holdings,
Inc.
(a)
.................................
(714)
(
64,831)
Constellation
Brands,
Inc.
................................
(258)
(57,715)
(122,546)
Broadcasting
(except
Internet)
—
(1.26)%
Liberty
Broadband
Corp.
(a)
..............................
(649)
(56,249)
Madison
Square
Garden
Sports
Corp.
.......................
(307)
(58,680)
Roku,
Inc.
(a)
.........................................
(992)
(
64,172)
Warner
Bros
Discovery,
Inc.
(a)
............................
(7,453)
(116,416)
(295,517)
9
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(44.82)%
Chemical
Manufacturing
—
(4.41)%
Beam
Therapeutics,
Inc.
(a)
...............................
(1,986)
$
(79,917)
Blueprint
Medicines
Corp.
(a)
.............................
(1,343)
(56,903)
Catalent,
Inc.
(a)
.......................................
(724)
(49,391)
Intellia
Therapeutics,
Inc.
(a)
..............................
(2,104)
(84,518)
Inter
Parfums,
Inc.
......................................
(332)
(39,976)
International
Flavors
&
Fragrances,
Inc.
......................
(906)
(84,439)
Minerals
Technologies,
Inc.
...............................
(559)
(33,959)
Mirati
Therapeutics,
Inc.
(a)
...............................
(1,559)
(71,465)
Moderna,
Inc.
(a)
......................................
(395)
(54,830)
Olaplex
Holdings,
Inc.
(a)
................................
(9,250)
(45,510)
Pfizer,
Inc.
............................................
(3,707)
(150,393)
Prometheus
Biosciences,
Inc.
(a)
..........................
(476)
(58,258)
Rogers
Corp.
(a)
.......................................
(972)
(143,078)
Ultragenyx
Pharmaceutical,
Inc.
(a)
.........................
(1,928)
(85,777)
(1,038,414)
Clothing
and
Clothing
Accessories
Stores
—
(1.17)%
American
Eagle
Outfitters,
Inc.
............................
(4,856)
(69,781)
Boot
Barn
Holdings,
Inc.
(a)
..............................
(1,055)
(81,710)
KKR
&
Co.,
Inc.
........................................
(1,041)
(58,660)
Urban
Outfitters,
Inc.
(a)
.................................
(2,390)
(64,411)
(274,562)
Computer
and
Electronic
Product
Manufacturing
—
(3.95)%
Advanced
Micro
Devices,
Inc.
(a)
...........................
(1,115)
(87,617)
Ambarella,
Inc.
(a)
......................................
(845)
(79,692)
Bloom
Energy
Corp.
(a)
..................................
(1,711)
(37,112)
Intel
Corp.
............................................
(5,407)
(134,797)
Mercury
Systems,
Inc.
(a)
................................
(853)
(44,646)
Omnicell,
Inc.
(a)
.......................................
(1,066)
(58,033)
SiTime
Corp.
(a)
.......................................
(816)
(101,306)
Viasat,
Inc.
(a)
........................................
(4,214)
(133,837)
Western
Digital
Corp.
(a)
.................................
(4,102)
(157,845)
Wolfspeed,
Inc.
(a)
.....................................
(1,271)
(94,029)
(928,914)
Construction
of
Buildings
—
(0.20)%
LGI
Homes,
Inc.
(a)
.....................................
(290)
(30,250)
Tri
Pointe
Homes,
Inc.
(a)
................................
(683)
(16,283)
(46,533)
10
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(44.82)%
Credit
Intermediation
and
Related
Activities
—
(2.30)%
Affirm
Holdings,
Inc.
(a)
..................................
(5,912)
$
(80,521)
Eastern
Bankshares,
Inc.
................................
(2,727)
(42,759)
First
Republic
Bank/CA
..................................
(311)
(38,256)
Flywire
Corp.
(a)
.......................................
(3,474)
(
85,912)
Glacier
Bancorp,
Inc.
....................................
(927)
(43,921)
PacWest
Bancorp
......................................
(4,074)
(113,054)
SVB
Financial
Group
(a)
.................................
(330)
(95,076)
Webster
Financial
Corp.
.................................
(789)
(41,912)
(541,411)
Data
Processing,
Hosting,
and
Related
Services
—
(0
.52)%
FactSet
Research
Systems,
Inc.
...........................
(145)
(60,110)
Shutterstock,
Inc.
......................................
(814)
(61,229)
(121,339)
Electrical
Equipment,
Appliance,
and
Component
—
(1.20)%
Fluence
Energy,
Inc.
(a)
.................................
(1,660)
(30,992)
Generac
Holdings,
Inc.
(a)
................................
(368)
(44,164)
IPG
Photonics
Corp.
(a)
.................................
(883)
(108,821)
Plug
Power,
Inc.
(a)
.....................................
(2,606)
(38,751)
Regal
Rexnord
Corp.
...................................
(372)
(58,642)
(281,370)
Fabricated
Metal
Product
Manufacturing
—
(0.78)%
Crown
Holdings,
Inc.
....................................
(281)
(24,309)
Fortune
Brands
Innovations,
Inc.
...........................
(801)
(49,622)
RBC
Bearings,
Inc.
(a)
..................................
(174)
(39,987)
Stanley
Black
&
Decker,
Inc.
..............................
(409)
(35,014)
Zurn
Elkay
Water
Solutions
Corp.
..........................
(1,542)
(35,466)
(184,398)
Food
and
Beverage
Stores
—
(0.24)%
Grocery
Outlet
Holding
Corp.
(a)
...........................
(2,126)
(57,508)
Food
Manufacturing
—
(1.20)%
Darling
Ingredients,
Inc.
(a)
...............................
(720)
(45,554)
Freshpet,
Inc.
(a)
.......................................
(1,178)
(73,248)
Sensient
Technologies
Corp.
..............................
(458)
(34,529)
TreeHouse
Foods,
Inc.
(a)
................................
(1,163)
(56,743)
Tyson
Foods,
Inc.
-
Class
A
...............................
(1,240)
(73,458)
(283,532)
Food
Services
and
Drinking
Places
—
(0.11)%
Shake
Shack,
Inc.
(a)
...................................
(443)
(24,715)
11
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(44.82)%
Furniture
and
Home
Furnishings
Stores
—
(0.69)%
Floor
&
Decor
Holdings,
Inc.
(a)
............................
(919)
$
(84,373)
RH
(a)
..............................................
(256)
(76,552)
(160,925)
Heavy
and
Civil
Engineering
Construction
—
(0.14)%
St
Joe
Co.
............................................
(776)
(33,236)
Insurance
Carriers
and
Related
Activities
—
(0.87)%
Aflac,
Inc.
............................................
(859)
(58,541)
Assured
Guaranty
Ltd.
..................................
(705)
(43,999)
Equitable
Holdings,
Inc.
..................................
(1,897)
(59,604)
Ryan
Specialty
Holdings,
Inc.
(a)
...........................
(986)
(41,530)
(203,674)
Machinery
Manufacturing
—
(1.05)%
Alamo
Group,
Inc.
......................................
(204)
(37,208)
Azenta,
Inc.
(a)
........................................
(969)
(42,529)
Coherent
Corp.
(a)
.....................................
(3,882)
(167,431)
(247,168)
Management
of
companies
and
Enterprises
—
(1.19)%
Carnival
Corp.
(a)
......................................
(2,744)
(29,141)
Enstar
Group
Ltd.
(a)
...................................
(176)
(43,034)
First
Interstate
BancSystem,
Inc.
...........................
(1,164)
(41,369)
Helen
of
Troy
Ltd.
(a)
....................................
(78)
(8,790)
Home
BancShares,
Inc./AR
...............................
(1,452)
(34,993)
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
.....................
(1,353)
(20,051)
Rivian
Automotive,
Inc.
(a)
................................
(3,065)
(59,155)
ServisFirst
Bancshares,
Inc.
..............................
(586)
(43,334)
(279,867)
Merchant
Wholesalers,
Durable
Goods
—
(0.13)%
Core
&
Main,
Inc.
(a)
....................................
(1,276)
(29,744)
Merchant
Wholesalers,
Nondurable
Goods
—
(0.58)%
Arrowhead
Pharmaceuticals,
Inc.
(a)
........................
(2,869)
(92,669)
Relay
Therapeutics,
Inc.
(a)
...............................
(2,745)
(44,332)
(137,001)
Mining
(except
Oil
and
Gas)
—
(0.82)%
Coterra
Energy,
Inc.
....................................
(2,469)
(61,651)
Royal
Gold,
Inc.
.......................................
(373)
(44,309)
Southwestern
Energy
Co.
(a)
.............................
(11,009)
(58,348)
Vulcan
Materials
Co.
....................................
(157)
(28,403)
(192,711)
12
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(44.82)%
Miscellaneous
Manufacturing
—
(1.32)%
Baxter
International,
Inc.
.................................
(1,341)
$
(
53,573)
Envista
Holdings
Corp.
(a)
................................
(1,759)
(68,003)
Neogen
Corp.
(a)
......................................
(2,987)
(52,840)
Peloton
Interactive,
Inc.
(a)
...............................
(1,282)
(16,563)
STERIS
PLC
..........................................
(356)
(66,939)
Tandem
Diabetes
Care,
Inc.
(a)
............................
(874)
(31,342)
Topgolf
Callaway
Brands
Corp.
(a)
..........................
(838)
(19,425)
(308,685)
Motion
Picture
and
Sound
Recording
Industries
—
(0.25)%
Take-Two
Interactive
Software,
Inc.
(a)
.......................
(543)
(59,486)
Motor
Vehicle
and
Parts
Dealers
—
(0.20)%
Lithia
Motors,
Inc.
......................................
(186)
(47,463)
Non
store
retailers
—
(0.26)%
PriceSmart,
Inc.
.......................................
(890)
(62,051)
Nonmetallic
Mineral
Product
Manufacturing
—
(0.56)%
Corning,
Inc.
..........................................
(3,869)
(131,353)
Nonstore
Retailers
—
(0.68)%
Amazon.com,
Inc.
(a)
...................................
(870)
(81,980)
DoorDash,
Inc.
(a)
......................................
(1,427)
(78,000)
(159,980)
Oil
and
gas
extraction
category
—
(0.21)%
Chesapeake
Energy
Corp.
...............................
(617)
(49,860)
Other
Information
Services
—
(0.39)%
Meta
Platforms,
Inc.
(a)
..................................
(530)
(92,718)
Personal
and
Laundry
Services
—
(0.12)%
IAC,
Inc.
(a)
..........................................
(542)
(28,151)
Petroleum
and
Coal
Products
Manufacturing
—
(0.54)%
EQT
Corp.
...........................................
(3,810)
(126,415)
Plastics
and
Rubber
Products
Manufacturing
—
(0.57)%
Entegris,
Inc.
..........................................
(1,237)
(105,430)
Newell
Brands,
Inc.
.....................................
(2,000)
(29,380)
(134,810)
13
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(44.82)%
Professional,
Scientific,
and
Technical
Services
—
(2.13)%
AppLovin
Corp.
(a)
.....................................
(6,185)
$
(
83,498)
Aspen
Technology,
Inc.
(a)
................................
(244)
(51,730)
Cognizant
Technology
Solutions
Corp.
-
Class
A
...............
(1,463)
(91,628)
Cytokinetics,
Inc.
(a)
....................................
(1,793)
(77,744)
Digital
Turbine,
Inc.
(a)
...................................
(3,235)
(34,744)
FTI
Consulting,
Inc.
(a)
..................................
(144)
(26,454)
Trade
Desk,
Inc.
(a)
.....................................
(950)
(53,162)
Unity
Software,
Inc.
(a)
..................................
(2,598)
(79,083)
(498,043)
Publishing
Industries
(Except
Internet)
—
(1.82)%
BILL
Holdings,
Inc.
(a)
...................................
(836)
(70,751)
Confluent,
Inc.
(a)
......................................
(3,241)
(79,048)
MongoDB,
Inc.
(a)
......................................
(357)
(74,799)
Okta,
Inc.
(a)
..........................................
(1,080)
(76,993)
Toast,
Inc.
(a)
.........................................
(3,547)
(67,109)
ZoomInfo
Technologies,
Inc.
(a)
............................
(2,299)
(55,567)
(424,267)
Real
Estate
—
(0.13)%
MP
Materials
Corp.
(a)
..................................
(867)
(30,345)
Rental
and
Leasing
Services
—
(0.14)%
Air
Lease
Corp.
........................................
(771)
(33,369)
Repair
and
Maintenance
—
(0.30)%
Driven
Brands
Holdings,
Inc.
(a)
...........................
(931)
(26,045)
Valvoline,
Inc.
.........................................
(1,257)
(44,247)
(
70,292)
Securities,
Commodity
Contracts,
and
Other
Financ
—
(2.26)%
API
Group
Corp.
(a)
....................................
(1,671)
(39,252)
Beauty
Health
Co.
(a)
...................................
(3,091)
(38,978)
Blackstone,
Inc.
.......................................
(664)
(60,291)
Brighthouse
Financial,
Inc.
(a)
.............................
(845)
(48,866)
Clarivate
PLC
(a)
......................................
(2,538)
(25,710)
E2open
Parent
Holdings,
Inc.
(a)
...........................
(11,463)
(71,070)
Joby
Aviation,
Inc.
(a)
...................................
(8,375)
(39,362)
Rocket
Lab
USA,
Inc.
(a)
.................................
(7,573)
(34,079)
S&P
Global,
Inc.
.......................................
(181)
(61,757)
SOFI
TECHNOLOGIES
INC
COM
(a)
.......................
(10,826)
(71,451)
Trupanion,
Inc.
(a)
......................................
(685)
(40,675)
(531,491)
Specialty
Trade
Contractors
—
(0.18)%
Sunrun,
Inc.
(a)
........................................
(1,802)
(43,320)
14
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(44.82)%
Support
Activities
for
Mining
—
(0.67)%
Civitas
Resources,
Inc.
..................................
(1,035)
$
(72,626)
Northern
Oil
and
Gas,
Inc.
................................
(2,030)
(63,011)
SSR
Mining,
Inc.
.......................................
(1,588)
(21,676)
(157,313)
Support
Activities
for
Transportation
—
(0.10)%
GATX
Corp.
..........................................
(214)
(23,345)
Telecommunications
—
(1.71)%
Doximity,
Inc.
(a)
.......................................
(1,695)
(57,003)
Frontier
Communications
Parent,
Inc.
(a)
.....................
(1,624)
(44,433)
Gogo,
Inc.
(a)
.........................................
(3,026)
(49,808)
Twilio,
Inc.
(a)
.........................................
(1,882)
(126,489)
Zoom
Video
Communications,
Inc.
(a)
.......................
(1,661)
(123,893)
(401,626)
Transit
and
Ground
Passenger
Transportation
—
(0.15)%
Lyft,
Inc.
(a)
...........................................
(3,568)
(35,680)
Transportation
Equipment
Manufacturing
—
(0.77)%
Gentex
Corp.
.........................................
(1,962)
(56,015)
LCI
Industries
.........................................
(506)
(57,082)
Spirit
AeroSystems
Holdings,
Inc.
-
Class
A
...................
(1,070)
(36,573)
Trinity
Industries,
Inc.
...................................
(1,102)
(30,757)
(180,427)
Utilities
—
(1.73)%
American
States
Water
Co.
...............................
(410)
(36,613)
Atmos
Energy
Corp.
....................................
(509)
(57,420)
Chesapeake
Utilities
Corp.
...............................
(249)
(31,894)
Dominion
Energy,
Inc.
...................................
(1,263)
(70,248)
DTE
Energy
Co.
.......................................
(647)
(70,982)
MDU
Resources
Group,
Inc.
..............................
(1,309)
(41,692)
MGE
Energy,
Inc.
......................................
(585)
(41,406)
New
Fortress
Energy,
Inc.
................................
(1,653)
(54,532)
(404,787)
Water
Transportation
—
(0.17)%
Royal
Caribbean
Cruises
Ltd.
(a)
...........................
(561)
(39,629)
Wood
Product
Manufacturing
—
(0.21)%
Enviva,
Inc.
...........................................
(1,133)
(49,353)
Total
Common
Stocks
(Proceeds $12,163,798)
...........
(10,527,478)
15
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
February
28,
2023
(Unaudited)
Shares
Value
Real
Estate
Investment
Trusts
—
(2.17)%
Accommodation
—
(0.13)%
Sunstone
Hotel
Investors,
Inc.
.............................
(2,979)
$
(31,488)
Real
Estate
—
(1.86)%
AGNC
Investment
Corp.
.................................
(8,360)
(90,873)
Annaly
Capital
Management,
Inc.
..........................
(5,298)
(109,563)
Healthcare
Realty
Trust,
Inc.
..............................
(1,564)
(30,498)
Independence
Realty
Trust,
Inc.
............................
(1,765)
(31,929)
Kimco
Realty
Corp.
.....................................
(1,385)
(28,545)
Pebblebrook
Hotel
Trust
.................................
(1,831)
(26,128)
Rexford
Industrial
Realty,
Inc.
.............................
(473)
(28,598)
SL
Green
Realty
Corp.
..................................
(872)
(29,692)
Sun
Communities,
Inc.
..................................
(218)
(31,205)
Ventas,
Inc.
...........................................
(582)
(28,314)
(435,345)
Wood
Product
Manufacturing
—
(0.18)%
Weyerhaeuser
Co.
.....................................
(1,317)
(41,156)
Total
Real
Estate
Investment
Trusts
(Proceeds $542,637)
...
(507,989)
Total
Securities
Sold
Short
(Proceeds
$12,706,435)
—
(46.99)%
$
(11,035,467)
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
S&P
Standards
&
Poor's
(a)
Non-income
producing
security.
16
Notes
to
Schedule
of
Investments
February
28,
2023
(Unaudited)
Investment
Valuation
Each
equity
security
owned
by the
Fund
that
is
listed
on
a
securities
exchange,
except
for
securities
listed
on
the
NASDAQ
Stock
Market
LLC
(“NASDAQ”),
is
valued
at
its
last
sale
price
at
the
close
of
that
exchange
on
the
date
as
of
which
assets
are
valued.
If
a
security
is
listed
on
more
than
one
exchange,
the
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities,
including
common
stocks,
preferred
stocks
and
exchange
traded
funds,
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price,
which
may
not
necessarily
represent
the
last
sale
price.
If,
on
a
particular
day,
an
exchange-listed
or
NASDAQ
security
does
not
trade,
then:
(i)
the
security
is
valued
at
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day;
or
(ii)
the
security
is
valued
at
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
the
over-the-counter
markets
as
published
by
an
approved
independent
pricing
service
(“Pricing
Service”).
Foreign
securities
will
be
priced
in
their
local
currencies
as
of
the
close
of
their
primary
exchange
or
market
or
as
of
the
time
the
Fund
calculates
its
NAV,
whichever
is
earlier.
Foreign
securities,
currencies
and
other
assets
denominated
in
foreign
currencies
are
then
translated
into
U.S.
dollars
at
the
exchange
rate
of
such
currencies
against
the
U.S.
dollar
using
the
applicable
currency
exchange
rates
as
of
the
close
of
the
New
York
Stock
Exchange
(“NYSE”),
generally
4:00
p.m.
Eastern
Time.
Foreign
securities
are
traded
on
foreign
exchanges
which
typically
close
before
the
close
of
business
on
each
day
on
which
the
NYSE
is
open.
Each
security
trading
on
these
exchanges
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
a
pricing
service.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close
and
are
classified
as
Level
2
securities.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Redeemable
securities
issued
by
open-end,
registered
investment
companies,
including
money
market
mutual
funds,
are
valued
at
the
NAVs
of
such
companies
for
purchase
and/
or
redemption
orders
placed
on
that
day.
If,
on
a
particular
day,
a
share
of
an
investment
company
is
not
listed
on
NASDAQ,
such
security’s
fair
value
will
be
determined.
When
market
quotations
are
not
readily
available,
any
security
or
other
financial
instrument
is
valued
at
its
fair
value
in
accordancewith
Rule
2a-5
of
the
1940
Act as
determined
under
procedures,
subject
to
oversight by
the
Trust’s
Board
of
Trustees.
These
fair
value
procedures
will
also
be
used
to
price
a
security
when
corporate
events,
events
in
the
securities
market
and/or
world
events
cause
the
Adviser
to
believe
that
a
security’s
last
sale
price
may
not
reflect
its
actual
fair
market
value.
The
intended
effect
of
using
fair
value
pricing
procedures
is
to
ensure
that
the
Fund
is accurately
priced.
The Adviser
will
regularly
evaluate
whether
the
Fund's
fair
value
pricing
procedures
continue
to
be
appropriate
in
light
of
the
specific
circumstances
of
the
Fund
and
the
quality
of
prices
obtained
through
the
application
of
such
procedures.
17
Notes
to
Schedule
of
Investments
(Continued)
February
28,
2023
(Unaudited)
The
Trust has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires the
Fund
to
classify
its
securities
based
on
a
valuation
method.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1—Quoted
prices
in
active
markets
for
identical
securities.
Level
2—Other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3—Significant
unobservable
inputs
(including
a
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
carried
at
fair
value
as
of
February
28,
2023:
Convergence
Long/Short
Equity
ETF
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
26,864,640
$
–
$
–
$
26,864,640
Real
Estate
Investment
Trusts
621,296
–
–
621,296
Total
Equity
Securities
27,485,936
–
–
27,485,936
Money
Market
Funds
21,162
–
–
21,162
Total
Investments
in
Securities
$
27,507,098
$
–
$
–
$
27,507,098
Liabilities
(1)
:
Equities:
Common
Stock
(10,527,478)
–
–
(10,527,478)
Real
Estate
Investment
Trusts
(507,989)
–
–
(507,989)
Total
Equity
Securities
(11,035,467)
–
–
(11,035,467)
Total
Investments
in
Securities
$
(11,035,467)
$
–
$
–
$
(11,035,467)
(1)
See
the
Schedule
of
Investments
for
industry
classifications.