1
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
August
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
115
.38
%
(a)
Accommodation
—
0
.51
%
Caesars
Entertainment,
Inc.
(b)
2,406
$
132,956
Administrative
and
Support
Services
—
3
.21
%
Booking
Holdings,
Inc.
(b)
40
124,201
Mastercard,
Inc.
(c)
614
253,361
MSCI,
Inc.
304
165,260
TriNet
Group,
Inc.
(b)
438
48,587
Visa,
Inc.
-
Class
A
1,012
248,628
840,037
Amusement,
Gambling,
and
Recreation
Industries
—
0
.50
%
Wynn
Resorts
Ltd.
(c)
1,279
129,665
Beverage
and
Tobacco
Product
Manufacturing
—
1
.92
%
Altria
Group,
Inc.
(c)
5,213
230,519
Molson
Coors
Beverage
Co.
2,554
162,153
National
Beverage
Corp.
(b)
2,161
110,881
503,553
Broadcasting
and
Content
Providers
—
1
.74
%
Comcast
Corp.
(c)
9,666
451,983
Building
Material
and
Garden
Equipment
and
Supplies
Dealers
—
1
.06
%
Home
Depot,
Inc.
836
276,131
Chemical
Manufacturing
—
7
.77
%
AbbVie,
Inc.
(c)
1,853
272,317
ACADIA
Pharmaceuticals,
Inc.
(b)(c)
1,652
44,637
Amgen,
Inc.
(c)
1,098
281,462
Bristol-Myers
Squibb
Co.
18
1,110
elf
Beauty,
Inc.
(b)
910
126,226
Gilead
Sciences,
Inc.
(c)
3,401
260,108
Jazz
Pharmaceuticals
PLC
(b)
1,316
188,662
Merck
&
Co.,
Inc.
(c)
2,634
287,053
NewMarket
Corp.
207
97,215
Procter
&
Gamble
Co.
(c)
1,280
197,555
Vertex
Pharmaceuticals,
Inc.
(b)
801
279,021
2,035,366
2
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
115.38%
(a)
(Continued)
Computer
and
Electronic
Product
Manufacturing
—
21
.84
%
Alphabet,
Inc.
-
Class
A
(b)(c)
5,716
$
778,349
Alphabet,
Inc.
(b)(c)
5,698
782,620
Apple,
Inc.
(c)
1,617
303,786
Arista
Networks,
Inc.
(b)
1,222
238,571
Broadcom,
Inc.
(c)
560
516,818
Cisco
Systems,
Inc.
(c)
8,997
515,978
Extreme
Networks,
Inc.
(b)(c)
7,636
209,608
IDEXX
Laboratories,
Inc.
(b)
358
183,085
Intel
Corp.
3,584
125,942
Jabil,
Inc.
(c)
3,735
427,359
Moog,
Inc.
1,139
132,306
NVIDIA
Corp.
1,616
797,578
Super
Micro
Computer,
Inc.
(b)
993
273,154
Teradata
Corp.
(b)
6,364
294,462
Vertiv
Holdings
Co.
3,426
134,950
5,714,566
Computing
Infrastructure
Providers,
Data
Processing,
Web
Hosting,
and
Related
Services
—
0
.36
%
Verisk
Analytics,
Inc.
393
95,192
Construction
of
Buildings
—
1
.55
%
KB
Home
1,485
75,438
M/I
Homes,
Inc.
(b)
875
85,908
Meritage
Homes
Corp.
547
76,055
PulteGroup,
Inc.
954
78,285
Taylor
Morrison
Home
Corp.
(b)(c)
1,875
88,875
404,561
Couriers
and
Messengers
—
0
.62
%
FedEx
Corp.
618
161,310
Credit
Intermediation
and
Related
Activities
—
3
.50
%
Bank
of
America
Corp.
6,578
188,591
Bank
of
New
York
Mellon
Corp.
420
18,845
Citigroup,
Inc.
(c)
3,186
131,550
JPMorgan
Chase
&
Co.
(c)
2,289
334,949
Wells
Fargo
&
Co.
(c)
5,878
242,703
916,638
Fabricated
Metal
Product
Manufacturing
—
0
.55
%
Atkore,
Inc.
(b)(c)
933
143,654
Food
Services
and
Drinking
Places
—
1
.41
%
Manhattan
Associates,
Inc.
(b)(c)
1,826
369,984
3
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
115.38%
(a)
(Continued)
Funds,
Trusts,
and
Other
Financial
Vehicles
—
0
.18
%
Incyte
Corp.
(b)
716
$
46,203
General
Merchandise
Retailers
—
2
.11
%
Walmart,
Inc.
(c)
3,418
555,801
Health
and
Personal
Care
Retailers
—
0
.15
%
CVS
Health
Corp.
590
38,450
Heavy
and
Civil
Engineering
Construction
—
0
.53
%
Sterling
Infrastructure,
Inc.
(b)
1,699
140,609
Hospitals
—
0
.64
%
HCA
Healthcare,
Inc.
602
166,935
Insurance
Carriers
and
Related
Activities
—
5
.39
%
Aon
PLC
231
77,013
Arch
Capital
Group
Ltd.
(b)(c)
2,001
153,797
Cigna
Group/The
(c)
768
212,168
Everest
Group
Ltd.
423
152,568
Fidelity
National
Financial,
Inc.
3,472
143,741
Frontdoor,
Inc.
(b)(c)
4,072
133,643
MGIC
Investment
Corp.
9,326
163,951
Radian
Group,
Inc.
(c)
9,132
247,294
Unum
Group
(c)
2,561
125,976
1,410,151
Machinery
Manufacturing
—
2
.61
%
Applied
Materials,
Inc.
242
36,968
Caterpillar,
Inc.
501
140,846
General
Electric
Co.
1,317
150,744
KLA
Corp.
369
185,190
Terex
Corp.
(c)
2,750
166,678
680,426
Management
of
Companies
and
Enterprises
—
1
.34
%
Carnival
Corp.
(b)
7,151
113,129
StoneCo
Ltd.
(b)
19,575
239,989
353,118
Merchant
Wholesalers,
Durable
Goods
—
3
.45
%
Allison
Transmission
Holdings,
Inc.
2,522
152,455
Arrow
Electronics,
Inc.
(b)(c)
3,542
472,609
Core
&
Main,
Inc.
(b)
4,056
133,199
GMS,
Inc.
(b)
2,099
145,545
903,808
4
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
115.38%
(a)
(Continued)
Merchant
Wholesalers,
Nondurable
Goods
—
2
.67
%
Cardinal
Health,
Inc.
(c)
2,984
$
260,593
Cencora,
Inc.
(c)
1,246
219,271
McKesson
Corp.
(c)
535
220,591
700,455
Mining
(except
Oil
and
Gas)
—
1
.56
%
Alpha
Metallurgical
Resources,
Inc.
520
105,477
Martin
Marietta
Materials,
Inc.
225
100,442
Southern
Copper
Corp.
(c)
1,248
100,664
Summit
Materials,
Inc.
(b)
2,733
102,242
408,825
Miscellaneous
Manufacturing
—
2
.23
%
Align
Technology,
Inc.
(b)
316
116,964
Haemonetics
Corp.
(b)
2,298
206,200
Johnson
&
Johnson
(c)
1,601
258,850
582,014
Motor
Vehicle
and
Parts
Dealers
—
2
.29
%
Group
1
Automotive,
Inc.
(c)
1,121
296,415
Murphy
USA,
Inc.
(c)
955
303,346
599,761
Nonmetallic
Mineral
Product
Manufacturing
—
0
.99
%
Eagle
Materials,
Inc.
827
156,568
O-I
Glass,
Inc.
(b)(c)
5,154
102,358
258,926
Nonstore
Retailers
—
3
.02
%
Amazon.com,
Inc.
(b)
5,719
789,279
Oil
and
Gas
Extraction
—
2
.24
%
ONE
Gas,
Inc.
(c)
1,726
125,083
Phillips
66
1,473
168,158
Weatherford
International
PLC
(b)
3,331
294,860
588,101
Paper
Manufacturing
—
0
.78
%
Boise
Cascade
Co.
(c)
1,871
204,631
Petroleum
and
Coal
Products
Manufacturing
—
2
.56
%
Marathon
Petroleum
Corp.
(c)
1,748
249,562
PBF
Energy,
Inc.
(c)
4,030
188,967
Valero
Energy
Corp.
(c)
1,789
232,391
670,920
5
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
115.38%
(a)
(Continued)
Primary
Metal
Manufacturing
—
1
.43
%
Constellium
SE
(b)
6,964
$
125,352
Encore
Wire
Corp.
(c)
824
135,803
Worthington
Industries,
Inc.
1,517
114,185
375,340
Professional,
Scientific,
and
Technical
Services
—
6
.10
%
Booz
Allen
Hamilton
Holding
Corp.
1,100
124,641
Exact
Sciences
Corp.
(b)
3,069
256,783
Exelixis,
Inc.
(b)
2,493
55,818
Medpace
Holdings,
Inc.
(b)(c)
693
187,297
Nutanix,
Inc.
(b)
9,814
305,215
Palantir
Technologies,
Inc.
(b)
17,995
269,565
Science
Applications
International
Corp.
1,292
152,017
ServiceNow,
Inc.
(b)
416
244,953
1,596,289
Publishing
Industries
—
10
.22
%
Adobe,
Inc.
(b)(c)
964
539,204
Block,
Inc.
(b)(c)
3,465
199,757
Cadence
Design
Systems,
Inc.
(b)
911
219,041
Dropbox,
Inc.
(b)
11,019
306,218
Microsoft
Corp.
(c)
2,307
756,142
Salesforce,
Inc.
(b)
1,132
250,693
Splunk,
Inc.
(b)(c)
3,333
404,160
2,675,215
Real
Estate
—
0
.35
%
Zillow
Group,
Inc.
-
Class
C
(b)(c)
1,709
89,141
Religious,
Grantmaking,
Civic,
Professional,
and
Similar
Organizations
—
0
.69
%
HealthEquity,
Inc.
(b)
2,658
179,548
Rental
and
Leasing
Services
—
0
.59
%
Netflix,
Inc.
(b)(c)
355
153,956
Securities,
Commodity
Contracts,
and
Other
Financial
Investments
and
Related
Activities
—
2
.15
%
Ameriprise
Financial,
Inc.
680
229,554
DraftKings,
Inc.
(b)
4,393
130,252
SEI
Investments
Co.
3,229
200,392
560,198
Specialty
Trade
Contractors
—
0
.53
%
EMCOR
Group,
Inc.
(c)
625
140,156
6
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
115.38%
(a)
(Continued)
Support
Activities
for
Mining
—
0
.62
%
California
Resources
Corp.
2,872
$
160,372
Support
Activities
for
Transportation
—
0
.62
%
XPO,
Inc.
(b)
2,193
163,664
Telecommunications
—
0
.12
%
Cogent
Communications
Holdings,
Inc.
450
31,761
Transit
and
Ground
Passenger
Transportation
—
0
.39
%
Uber
Technologies,
Inc.
(b)
2,165
102,253
Transportation
Equipment
Manufacturing
—
2
.54
%
Ford
Motor
Co.
20,273
245,911
Tesla,
Inc.
(b)
1,622
418,606
664,517
Utilities
—
2
.92
%
Axcelis
Technologies,
Inc.
(b)(c)
2,677
514,386
National
Fuel
Gas
Co.
2,680
144,023
Vistra
Corp.
3,391
106,545
764,954
Warehousing
and
Storage
—
0
.60
%
Landstar
System,
Inc.
(c)
833
158,112
Waste
Management
and
Remediation
Services
—
0
.24
%
Clean
Harbors,
Inc.
(b)(c)
374
63,333
Web
Search
Portals,
Libraries,
Archives,
and
Other
Information
Services
—
2
.45
%
Meta
Platforms,
Inc.
-
Class
A
(b)
2,165
640,602
Wood
Product
Manufacturing
—
1
.54
%
Builders
FirstSource,
Inc.
(b)
1,782
258,461
Owens
Corning
1,014
145,925
404,386
TOTAL
COMMON
STOCKS
(Cost
$26,891,265)
30,197,806
REAL
ESTATE
INVESTMENT
TRUSTS
—
1
.97
%
(a)
7
Convergence
Long/Short
Equity
ETF
Schedule
of
Investments
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
REAL
ESTATE
INVESTMENT
TRUSTS
—
1.97%
(a)
(Continued)
Real
Estate
—
1
.41
%
Digital
Realty
Trust,
Inc.
810
$
106,693
Invitation
Homes,
Inc.
1,268
43,226
STAG
Industrial,
Inc.
2,752
100,531
Tanger
Factory
Outlet
Centers,
Inc.
5,105
118,691
369,141
Securities,
Commodity
Contracts,
and
Other
Financial
Investments
and
Related
Activities
—
0
.56
%
Innovative
Industrial
Properties,
Inc.
1,666
145,408
TOTAL
REAL
ESTATE
INVESTMENT
TRUSTS
(Cost
$463,926)
514,549
MONEY
MARKET
FUNDS
—
0
.03
%
First
American
Government
Obligations
Fund
-
X
Class,
5.248%
(d)
7,558
7,558
TOTAL
MONEY
MARKET
FUNDS
(Cost
$7,558)
7,558
Total
Investments
(Cost
$27,362,749)
—
117.38%
30,719,913
Liabilities
in
Excess
of
Other
Assets
—
(17.38)%
(
4,557,026
)
TOTAL
NET
ASSETS
—
100.00%
$
26,162,887
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
SE
Societas
Europaea
is
a
term
for
a
European
Public
Liability
Company.
(a)
Unless
otherwise
noted,
all
or
a
portion
of
these
securities,
totaling
$28,069,446
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
August
31,
2023.
8
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(
45
.85
)
%
Administrative
and
Support
Services
—
(
2
.52
)
%
AdaptHealth
Corp.
(a)
(2,833)
$
(
33,798
)
DigitalBridge
Group,
Inc.
(551)
(
9,598
)
Dun
&
Bradstreet
Holdings,
Inc.
(2,646)
(
28,841
)
Evolent
Health,
Inc.
(a)
(1,227)
(
31,301
)
Expedia
Group,
Inc.
(a)
(465)
(
50,401
)
Live
Nation
Entertainment,
Inc.
(a)
(874)
(
73,879
)
nCino,
Inc.
(a)
(3,026)
(
99,465
)
R1
RCM,
Inc.
(a)
(5,075)
(
87,493
)
RB
Global,
Inc.
(565)
(
34,872
)
ROBLOX
Corp.
(a)
(1,993)
(
56,382
)
SentinelOne,
Inc.
(a)
(6,020)
(
100,113
)
TripAdvisor,
Inc.
(a)
(3,563)
(
53,837
)
(
659,980
)
Air
Transportation
—
(
0
.57
)
%
Alaska
Air
Group,
Inc.
(a)
(851)
(
35,716
)
Frontier
Group
Holdings,
Inc.
(a)
(3,159)
(
19,839
)
Southwest
Airlines
Co.
(2,922)
(
92,335
)
(
147,890
)
Ambulatory
Health
Care
Services
—
(
0
.24
)
%
LifeStance
Health
Group,
Inc.
(a)
(4,217)
(
34,622
)
Novocure
Ltd.
(a)
(1,331)
(
29,362
)
(
63,984
)
Amusement,
Gambling,
and
Recreation
Industries
—
(
0
.12
)
%
Light
&
Wonder,
Inc.
-
Class
A
(a)
(408)
(
31,281
)
Apparel
Manufacturing
—
(
0
.05
)
%
VF
Corp.
(700)
(
13,832
)
Broadcasting
and
Content
Providers
—
(
1
.80
)
%
Liberty
Broadband
Corp.
(a)
(1,021)
(
95,525
)
Madison
Square
Garden
Sports
Corp.
(378)
(
67,284
)
Paramount
Global
(4,084)
(
61,628
)
Warner
Bros
Discovery,
Inc.
(a)
(18,564)
(
243,931
)
(
468,368
)
9
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(45.85)%
Chemical
Manufacturing
—
(
4
.05
)
%
Beam
Therapeutics,
Inc.
(a)
(2,002)
$
(
46,406
)
Blueprint
Medicines
Corp.
(a)
(929)
(
46,320
)
Catalent,
Inc.
(a)
(1,333)
(
66,610
)
Celanese
Corp.
-
Class
A
(317)
(
40,056
)
Estee
Lauder
Cos.,
Inc.
(473)
(
75,931
)
FMC
Corp.
(345)
(
29,749
)
Intellia
Therapeutics,
Inc.
(a)
(1,749)
(
65,553
)
Karuna
Therapeutics,
Inc.
(a)
(516)
(
96,884
)
Mirati
Therapeutics,
Inc.
(a)
(823)
(
30,616
)
Moderna,
Inc.
(a)
(1,236)
(
139,754
)
Morphic
Holding,
Inc.
(a)
(949)
(
52,271
)
Mosaic
Co.
(803)
(
31,197
)
Olaplex
Holdings,
Inc.
(a)
(13,161)
(
35,666
)
Pfizer,
Inc.
(3,391)
(
119,974
)
QuidelOrtho
Corp.
(a)
(1,759)
(
144,871
)
Westlake
Corp.
(304)
(
39,818
)
(
1,061,676
)
Clothing,
Clothing
Accessories,
Shoe
and
Jewelry
Retailers
—
(
0
.29
)
%
Boot
Barn
Holdings,
Inc.
(a)
(823)
(
75,510
)
Computer
and
Electronic
Product
Manufacturing
—
(
6
.04
)
%
Bloom
Energy
Corp.
(a)
(2,317)
(
34,732
)
Ciena
Corp.
(a)
(3,453)
(
172,581
)
Credo
Technology
Group
Holding
Ltd.
(a)
(5,260)
(
86,580
)
GLOBALFOUNDRIES,
Inc.
(a)
(2,931)
(
161,937
)
Impinj,
Inc.
(a)
(1,394)
(
92,799
)
Lumentum
Holdings,
Inc.
(a)
(1,899)
(
102,793
)
Masimo
Corp.
(a)
(611)
(
69,825
)
Mercury
Systems,
Inc.
(a)
(886)
(
34,775
)
Micron
Technology,
Inc.
(1,869)
(
130,718
)
SunPower
Corp.
(a)
(2,694)
(
19,289
)
Texas
Instruments,
Inc.
(1,009)
(
169,573
)
Viasat,
Inc.
(a)
(3,826)
(
106,133
)
Waters
Corp.
(a)
(229)
(
64,303
)
Western
Digital
Corp.
(a)
(5,164)
(
232,380
)
Wolfspeed,
Inc.
(a)
(2,126)
(
101,665
)
(
1,580,083
)
10
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(45.85)%
Credit
Intermediation
and
Related
Activities
—
(
3
.52
)
%
Ally
Financial,
Inc.
(3,618)
$
(
100,182
)
Bank
of
Hawaii
Corp.
(693)
(
37,242
)
Cadence
Bank
(2,552)
(
58,390
)
Columbia
Banking
System,
Inc.
(2,264)
(
46,367
)
Eastern
Bankshares,
Inc.
(3,347)
(
45,051
)
First
Horizon
Corp.
(4,391)
(
55,107
)
Mr
Cooper
Group,
Inc.
(a)
(1,807)
(
102,385
)
Northern
Trust
Corp.
(1,452)
(
110,454
)
Seacoast
Banking
Corp.
of
Florida
(1,668)
(
39,381
)
State
Street
Corp.
(1,811)
(
124,488
)
TFS
Financial
Corp.
(5,680)
(
77,305
)
Western
Alliance
Bancorp
(1,069)
(
53,461
)
Western
Union
Co.
(5,868)
(
72,470
)
(
922,283
)
Electrical
Equipment,
Appliance,
and
Component
Manufacturing
—
(
0
.62
)
%
Generac
Holdings,
Inc.
(a)
(502)
(
59,643
)
Plug
Power,
Inc.
(a)
(4,144)
(
35,058
)
Regal
Rexnord
Corp.
(416)
(
67,471
)
(
162,172
)
Fabricated
Metal
Product
Manufacturing
—
(
0
.76
)
%
Axon
Enterprise,
Inc.
(a)
(353)
(
75,157
)
Chart
Industries,
Inc.
(a)
(232)
(
41,895
)
RBC
Bearings,
Inc.
(a)
(179)
(
41,267
)
Zurn
Elkay
Water
Solutions
Corp.
(1,360)
(
40,283
)
(
198,602
)
Food
Manufacturing
—
(
1
.48
)
%
Conagra
Brands,
Inc.
(2,006)
(
59,939
)
Darling
Ingredients,
Inc.
(a)
(1,278)
(
78,929
)
Freshpet,
Inc.
(a)
(1,026)
(
77,473
)
Hormel
Foods
Corp.
(1,322)
(
51,016
)
Post
Holdings,
Inc.
(a)
(636)
(
57,056
)
TreeHouse
Foods,
Inc.
(a)
(1,331)
(
61,918
)
(
386,331
)
Furniture,
Home
Furnishings,
Electronics,
and
Appliance
Retailers
—
(
0
.81
)
%
Floor
&
Decor
Holdings,
Inc.
-
Class
A
(a)
(1,032)
(
102,890
)
RH
(a)
(296)
(
108,096
)
(
210,986
)
11
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(45.85)%
General
Merchandise
Retailers
—
(
1
.11
)
%
Dollar
General
Corp.
(511)
$
(
70,774
)
Dollar
Tree,
Inc.
(a)
(587)
(
71,825
)
Macy's,
Inc.
(6,026)
(
73,698
)
Target
Corp.
(607)
(
76,816
)
(
293,113
)
Heavy
and
Civil
Engineering
Construction
—
(
0
.32
)
%
MasTec,
Inc.
(a)
(851)
(
84,666
)
Insurance
Carriers
and
Related
Activities
—
(
0
.90
)
%
Allstate
Corp.
(502)
(
54,121
)
American
Financial
Group,
Inc./OH
(386)
(
44,745
)
Brighthouse
Financial,
Inc.
(a)
(789)
(
39,182
)
Hanover
Insurance
Group,
Inc.
(399)
(
42,581
)
Lincoln
National
Corp.
(2,093)
(
53,706
)
(
234,335
)
Machinery
Manufacturing
—
(
0
.63
)
%
Azenta,
Inc.
(a)
(1,369)
(
77,253
)
Brunswick
Corp./DE
(250)
(
19,780
)
Leslie's,
Inc.
(a)
(10,254)
(
64,190
)
(
161,223
)
Management
of
Companies
and
Enterprises
—
(
0
.92
)
%
Cullen/Frost
Bankers,
Inc.
(485)
(
45,847
)
Enstar
Group
Ltd.
(a)
(170)
(
43,059
)
First
Interstate
BancSystem,
Inc.
(1,577)
(
40,860
)
Noble
Corp.
PLC
(800)
(
42,192
)
Rivian
Automotive,
Inc.
-
Class
A
(a)
(3,077)
(
69,940
)
(
241,898
)
Merchant
Wholesalers,
Durable
Goods
—
(
0
.36
)
%
TD
SYNNEX
Corp.
(931)
(
94,729
)
Merchant
Wholesalers,
Nondurable
Goods
—
(
0
.34
)
%
Arrowhead
Pharmaceuticals,
Inc.
(a)
(2,208)
(
61,029
)
Relay
Therapeutics,
Inc.
(a)
(2,881)
(
29,444
)
(
90,473
)
Mining
(except
Oil
and
Gas)
—
(
0
.63
)
%
Arch
Resources,
Inc.
(512)
(
66,867
)
CNX
Resources
Corp.
(a)
(1,893)
(
42,308
)
Hecla
Mining
Co.
(6,086)
(
26,718
)
Royal
Gold,
Inc.
(259)
(
29,031
)
(
164,924
)
12
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(45.85)%
Miscellaneous
Manufacturing
—
(
1
.17
)
%
Hasbro,
Inc.
(123)
$
(
8,856
)
ICU
Medical,
Inc.
(a)
(554)
(
80,347
)
Peloton
Interactive,
Inc.
(a)
(2,415)
(
15,408
)
Shockwave
Medical,
Inc.
(a)
(434)
(
95,649
)
STAAR
Surgical
Co.
(a)
(1,381)
(
59,880
)
Tandem
Diabetes
Care,
Inc.
(a)
(874)
(
23,913
)
Topgolf
Callaway
Brands
Corp.
(a)
(1,222)
(
21,312
)
(
305,365
)
Motion
Picture
and
Sound
Recording
Industries
—
(
0
.20
)
%
Take-Two
Interactive
Software,
Inc.
(a)
(361)
(
51,334
)
Motor
Vehicle
and
Parts
Dealers
—
(
0
.56
)
%
Asbury
Automotive
Group,
Inc.
(a)
(334)
(
76,820
)
AutoZone,
Inc.
(a)
(28)
(
70,877
)
(
147,697
)
Motor
Vehicle
And
Parts
Dealers
—
(
0
.50
)
%
Advance
Auto
Parts,
Inc.
(1,894)
(
130,345
)
Nonmetallic
Mineral
Product
Manufacturing
—
(
0
.58
)
%
Corning,
Inc.
(4,602)
(
151,038
)
Oil
and
Gas
Extraction
—
(
1
.52
)
%
Antero
Resources
Corp.
(a)
(1,994)
(
55,174
)
Dominion
Energy,
Inc.
(2,037)
(
98,876
)
Earthstone
Energy,
Inc.
(a)
(2,628)
(
53,559
)
EQT
Corp.
(1,574)
(
68,028
)
Northern
Oil
and
Gas,
Inc.
(1,648)
(
68,936
)
Sitio
Royalties
Corp.
(2,164)
(
54,966
)
(
399,539
)
Performing
Arts,
Spectator
Sports,
and
Related
Industries
—
(
0
.20
)
%
Churchill
Downs,
Inc.
(427)
(
53,495
)
Personal
and
Laundry
Services
—
(
0
.62
)
%
IAC,
Inc.
(a)
(2,043)
(
113,039
)
UniFirst
Corp./MA
(283)
(
49,845
)
(
162,884
)
Plastics
and
Rubber
Products
Manufacturing
—
(
0
.81
)
%
Entegris,
Inc.
(1,177)
(
119,195
)
Goodyear
Tire
&
Rubber
Co.
(a)
(4,321)
(
55,784
)
Newell
Brands,
Inc.
(3,523)
(
37,273
)
(
212,252
)
13
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(45.85)%
Primary
Metal
Manufacturing
—
(
0
.11
)
%
Alcoa
Corp.
(971)
$
(
29,208
)
Professional,
Scientific,
and
Technical
Services
—
(
2
.84
)
%
Alteryx,
Inc.
(a)
(2,414)
(
71,261
)
Aspen
Technology,
Inc.
(a)
(1,432)
(
277,808
)
Bumble,
Inc.
(a)
(3,447)
(
57,841
)
Cytokinetics,
Inc.
(a)
(1,933)
(
67,539
)
Digital
Turbine,
Inc.
(a)
(1,884)
(
16,786
)
DigitalOcean
Holdings,
Inc.
(a)
(1,991)
(
53,856
)
Gen
Digital,
Inc.
(4,773)
(
96,653
)
Riot
Platforms,
Inc.
(a)
(5,138)
(
58,316
)
Vir
Biotechnology,
Inc.
(a)
(3,329)
(
42,145
)
(
742,205
)
Publishing
Industries
—
(
1
.36
)
%
BILL
Holdings,
Inc.
(a)
(729)
(
84,054
)
Braze,
Inc.
(a)
(2,106)
(
97,424
)
Gitlab,
Inc.
(a)
(2,006)
(
95,024
)
Paycor
HCM,
Inc.
(a)
(1,097)
(
25,747
)
ZoomInfo
Technologies,
Inc.
(a)
(3,063)
(
55,195
)
(
357,444
)
Real
Estate
—
(
0
.25
)
%
Jones
Lang
LaSalle,
Inc.
(a)
(63)
(
10,886
)
Marriott
Vacations
Worldwide
Corp.
(231)
(
25,107
)
MP
Materials
Corp.
(a)
(1,338)
(
28,018
)
(
64,011
)
Rental
and
Leasing
Services
—
(
0
.44
)
%
Air
Lease
Corp.
(1,740)
(
70,922
)
Hertz
Global
Holdings,
Inc.
(a)
(2,616)
(
44,341
)
(
115,263
)
Repair
and
Maintenance
—
(
0
.19
)
%
Driven
Brands
Holdings,
Inc.
(a)
(1,047)
(
15,757
)
Mister
Car
Wash,
Inc.
(a)
(4,686)
(
33,927
)
(
49,684
)
14
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(45.85)%
Securities,
Commodity
Contracts,
and
Other
Financial
Investments
and
Related
Activities
—
(
2
.04
)
%
Affiliated
Managers
Group,
Inc.
(538)
$
(
72,097
)
Beauty
Health
Co.
(a)
(4,618)
(
28,447
)
Clarivate
PLC
(a)
(3,895)
(
28,940
)
CME
Group,
Inc.
(395)
(
80,059
)
E2open
Parent
Holdings,
Inc.
-
Class
A
(a)
(10,649)
(
51,435
)
Enovix
Corp.
(a)
(2,582)
(
35,580
)
Lucid
Group,
Inc.
(a)
(5,490)
(
34,477
)
Morningstar,
Inc.
(372)
(
86,553
)
Raymond
James
Financial,
Inc.
(758)
(
79,279
)
Rocket
Lab
USA,
Inc.
(a)
(5,597)
(
35,317
)
(
532,184
)
Specialty
Trade
Contractors
—
(
0
.15
)
%
Sunrun,
Inc.
(a)
(2,556)
(
39,950
)
Sporting
Goods,
Hobby,
and
Musical
Instrument,
Book,
and
Miscellaneous
Retailers
—
(
0
.15
)
%
DoorDash,
Inc.
(a)
(470)
(
39,541
)
Support
Activities
for
Mining
—
(
0
.48
)
%
Civitas
Resources,
Inc.
(942)
(
77,451
)
ProFrac
Holding
Corp.
(a)
(4,252)
(
46,772
)
(
124,223
)
Support
Activities
for
Transportation
—
(
0
.13
)
%
GATX
Corp.
(297)
(
35,088
)
Telecommunications
—
(
1
.17
)
%
Frontier
Communications
Parent,
Inc.
(a)
(3,139)
(
50,287
)
Gogo,
Inc.
(a)
(2,154)
(
24,448
)
Twilio,
Inc.
(a)
(1,416)
(
90,213
)
Zoom
Video
Communications,
Inc.
(a)
(1,986)
(
141,066
)
(
306,014
)
Transit
and
Ground
Passenger
Transportation
—
(
0
.10
)
%
Lyft,
Inc.
(a)
(2,323)
(
27,365
)
Transportation
Equipment
Manufacturing
—
(
0
.44
)
%
Spirit
AeroSystems
Holdings,
Inc.
-
Class
A
(1,710)
(
36,457
)
Trinity
Industries,
Inc.
(1,472)
(
36,903
)
Winnebago
Industries,
Inc.
(654)
(
42,412
)
(
115,772
)
15
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
Shares
Value
Common
Stocks
—
(45.85)%
Utilities
—
(
1
.48
)
%
Coherent
Corp.
(a)
(3,557)
$
(
133,850
)
Constellation
Energy
Corp.
(645)
(
67,183
)
Evergy,
Inc.
(1,211)
(
66,569
)
New
Fortress
Energy,
Inc.
(1,977)
(
61,366
)
NRG
Energy,
Inc.
(879)
(
33,006
)
Sunnova
Energy
International,
Inc.
(a)
(1,937)
(
26,944
)
(
388,918
)
Waste
Management
and
Remediation
Services
—
(
0
.09
)
%
Casella
Waste
Systems,
Inc.
(a)
(306)
(
24,104
)
Wood
Product
Manufacturing
—
(
0
.19
)
%
Enviva,
Inc.
(1,032)
(
9,494
)
Louisiana-Pacific
Corp.
(425)
(
26,554
)
Skyline
Champion
Corp.
(a)
(201)
(
14,325
)
(
50,373
)
Total
Common
Stocks
(Proceeds $13,804,274)
(
12,003,635
)
Real
Estate
Investment
Trusts
—
(
1
.61
)
%
Real
Estate
—
(
1
.61
)
%
AGNC
Investment
Corp.
(7,588)
(
75,197
)
Alexandria
Real
Estate
Equities,
Inc.
(417)
(
48,514
)
Boston
Properties,
Inc.
(449)
(
29,980
)
Healthcare
Realty
Trust,
Inc.
(1,536)
(
26,911
)
PotlatchDeltic
Corp.
(586)
(
27,694
)
Rayonier,
Inc.
(914)
(
27,329
)
Realty
Income
Corp.
(1,132)
(
63,437
)
SL
Green
Realty
Corp.
(838)
(
32,900
)
Sun
Communities,
Inc.
(222)
(
27,177
)
Vornado
Realty
Trust
(1,409)
(
33,844
)
WP
Carey,
Inc.
(429)
(
27,906
)
(
420,889
)
Total
Real
Estate
Investment
Trusts
(Proceeds $425,498)
(
420,889
)
Exchange
Traded
Funds
—
(
0
.14
)
%
Invesco
QQQ
Trust
Series
1
(100)
(
37,799
)
Total
Exchange
Traded
Funds
(Proceeds
$38,347)
(
37,799
)
Total
Securities
Sold
Short
(Proceeds
$14,268,119)
—
(47.60)%
$
(
12,462,323
)
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
SE
Societas
Europaea
is
a
term
for
a
European
Public
Liability
Company.
(a)
Non-income
producing
security.
16
Convergence
Long/Short
Equity
ETF
Schedule
of
Securities
Sold
Short
(Continued)
August
31,
2023
(Unaudited)
17
Notes
to
Schedule
of
Investments
August
31,
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
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”),
which
may
not
necessarily
represent
the
last
sale
price.
If
the
NOCP
is
not
available,
such
securities
shall
be
valued
at
the
last
sale
price
on
the
day
of
valuation.
If
there
has
been
no
sale
on
such
exchange
or
on
NASDAQ
on
such
day,
the
security
is
valued
at
(i)
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day
or
(ii)
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
over-the
counter
markets
as
published
by
a
pricing
service.
If
market
quotations
are
not
readily
available,
any
security
or
other
asset
will
be
valued
at
its
fair
value
in
accordance
with
Rule
2a-5
of
the
1940
Act
as
determined
under
the
Adviser's
fair
value
procedures,
subject
to
oversight
by
the
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
their
application
of
such
procedures.
In
the
case
of
foreign
securities,
the
occurrence
of
certain
events
after
the
close
of
foreign
markets,
but
prior
to
the
time
the
Fund’s
net
asset
value
(“NAV”)
is
calculated
(such
as
a
significant
surge
or
decline
in
the
U.S.
or
other
markets)
often
will
result
in
an
adjustment
to
the
trading
prices
of
foreign
securities
when
foreign
markets
open
on
the
following
business
day.
If
such
events
occur,
the
Fund
will
value
foreign
securities
at
fair
value,
taking
into
account
such
events,
in
calculating
the
NAV.
In
such
cases,
use
of
fair
valuation
can
reduce
an
investor’s
ability
to
seek
to
profit
by
estimating
the
Fund's
NAV
in
advance
of
the
time
the
NAV
is
calculated.
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.
Money
market
mutual
funds
are
valued
at
cost.
If
cost
does
not
represent
current
market
value
the
securities
will
be
priced
at
fair
value.
18
Notes
to
Schedule
of
Investments
(Continued)
August
31,
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
August
31,
2023:
Convergence
Long/Short
Equity
ETF
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stocks
$
30,197,806
$
–
$
–
$
30,197,806
Real
Estate
Investment
Trusts
514,549
–
–
514,549
Total
Equity
Securities
30,712,355
–
–
30,712,355
Money
Market
Funds
7,558
–
–
7,558
Total
Investments
in
Securities
$
30,719,913
$
–
$
–
$
30,719,913
Liabilities
(1)
:
Equities:
Common
Stocks
(12,003,635)
–
–
(12,003,635)
Real
Estate
Investment
Trusts
(420,889)
–
–
(420,889)
Total
Equity
Securities
(12,424,524)
–
–
(12,424,524)
Investment
Company:
Exchange
Traded
Funds
(37,799)
–
–
(37,799)
Total
Investment
Company
(37,799)
–
–
(37,799)
Total
Investments
in
Securities
$
(12,462,323)
$
–
$
–
$
(12,462,323)
(1)
See
the
Schedule
of
Investments
for
industry
classifications.