SOUND ENHANCED FIXED INCOME ETF | ||||||||
Schedule of Investments at February 28, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Closed-End Funds - 2.9% | ||||||||
AllianceBernstein Global High Income Fund, Inc. | 74,009 | $ | 749,711 | |||||
Total Closed-End Funds | ||||||||
(Cost $861,027) | 749,711 | |||||||
Common Stocks - 28.6% | ||||||||
Investment Companies - 14.5% | ||||||||
Ares Capital Corp. (2) | 43,501 | 842,180 | ||||||
Golub Capital BDC, Inc. | 52,259 | 736,329 | ||||||
PennantPark Floating Rate Capital Ltd. (2) | 69,311 | 740,242 | ||||||
Sixth Street Specialty Lending, Inc. | 34,917 | 663,423 | ||||||
WhiteHorse Finance, Inc. | 54,115 | 725,682 | ||||||
3,707,856 | ||||||||
Private Equity - 3.1% | ||||||||
Hercules Capital, Inc. (2) | 50,635 | 797,501 | ||||||
Real Estate Investment Trusts (REITs) - 11.0% | ||||||||
Alpine Income Property Trust, Inc. | 15,727 | 286,703 | ||||||
Brandywine Realty Trust | 24,882 | 146,555 | ||||||
Gaming and Leisure Properties, Inc. | 1,895 | 102,103 | ||||||
Global Medical REIT, Inc. | 22,214 | 223,473 | ||||||
Global Net Lease, Inc. (2) | 16,995 | 239,969 | ||||||
Medical Properties Trust, Inc. (2) | 13,647 | 140,564 | ||||||
Omega Healthcare Investors, Inc. (2) | 7,831 | 209,792 | ||||||
Plymouth Industrial REIT, Inc. | 16,092 | 348,070 | ||||||
Simon Property Group, Inc. | 3,423 | 417,914 | ||||||
Spirit Realty Capital, Inc. (2) | 7,192 | 296,167 | ||||||
VICI Properties, Inc. | 12,596 | 422,344 | ||||||
2,833,654 | ||||||||
Total Common Stocks | ||||||||
(Cost $8,328,238) | 7,339,011 | |||||||
Principal Amount | ||||||||
Corporate Bonds - 26.4% | ||||||||
Auto Parts & Equipment - 1.7% | ||||||||
American Axle & Manufacturing, Inc. | ||||||||
5.000% , 10/01/2029 | $ | 528,000 | 426,460 | |||||
Chemicals - 2.1% | ||||||||
Olin Corp. | ||||||||
5.125% , 09/15/2027 | 579,000 | 550,979 | ||||||
Commercial Services - 2.0% | ||||||||
United Rentals North America, Inc. | ||||||||
4.875% , 01/15/2028 | 538,000 | 513,306 | ||||||
Computers - 1.8% | ||||||||
Dell, Inc. | ||||||||
6.500% , 04/15/2038 | 448,000 | 448,703 | ||||||
Diversified Financial Services - 2.1% | ||||||||
Radian Group, Inc. | ||||||||
4.875% , 03/15/2027 | 579,000 | 539,923 | ||||||
Gas - 2.1% | ||||||||
National Fuel Gas Co. | ||||||||
4.750% , 09/01/2028 | 579,000 | 543,032 | ||||||
Lodging - 2.1% | ||||||||
Hilton Domestic Operating Co., Inc. | ||||||||
4.875% , 01/15/2030 | 572,000 | 525,353 | ||||||
Media - 2.1% | ||||||||
AMC Networks, Inc. | ||||||||
4.750% , 08/01/2025 | 580,000 | 549,073 | ||||||
Miscellaneous Manufacturers - 2.2% | ||||||||
Trinity Industries, Inc. | ||||||||
4.550% , 10/01/2024 | 579,000 | 560,805 | ||||||
Oil & Gas - 4.2% | ||||||||
Apache Corp. | ||||||||
5.100% , 09/01/2040 | 579,000 | 477,021 | ||||||
Murphy Oil Corp. | ||||||||
5.875% , 12/01/2027 | 637,000 | 609,483 | ||||||
1,086,504 | ||||||||
Pipelines - 4.0% | ||||||||
EQM Midstream Partners L.P. | ||||||||
5.500% , 07/15/2028 | 522,000 | 466,410 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | ||||||||
5.000% , 01/15/2028 | 579,000 | 552,029 | ||||||
1,018,439 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $7,445,687) | 6,762,577 | |||||||
Shares | ||||||||
Exchange Traded Funds - 9.8% | ||||||||
Invesco Emerging Markets Sovereign Debt ETF | 28,297 | 538,492 | ||||||
iShares 0-5 Year High Yield Corporate Bond ETF | 19,140 | 791,247 | ||||||
iShares J.P. Morgan EM High Yield Bond ETF | 18,734 | 661,123 | ||||||
VanEck Emerging Markets High Yield Bond ETF | 28,055 | 515,651 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $2,958,327) | 2,506,513 | |||||||
Preferred Stocks - 31.6% | ||||||||
Banks - 16.0% | ||||||||
Associated Banc-Corp | ||||||||
5.625%, 09/15/25 (1) | 25,230 | 579,281 | ||||||
Bank of America Corp. | ||||||||
5.375%, 06/25/24 (1) | 26,564 | 617,082 | ||||||
JPMorgan Chase & Co. | ||||||||
6.000%, 03/01/24 (1) | 25,462 | 644,443 | ||||||
Morgan Stanley | ||||||||
4.875%, 01/15/25 (1) (2) | 27,319 | 600,745 | ||||||
Morgan Stanley | ||||||||
4.250%, 01/15/27 (1) | 26,492 | 499,109 | ||||||
Truist Financial Corp. | ||||||||
5.250%, 06/01/25 (1) | 26,101 | 608,153 | ||||||
Wells Fargo & Co. | ||||||||
4.700%, 12/15/25 (1) | 27,783 | 547,603 | ||||||
4,096,416 | ||||||||
Diversified Financial Services - 2.1% | ||||||||
Capital One Financial Corp. | ||||||||
4.800%, 06/01/25 (1) | 27,957 | 551,032 | ||||||
Electric - 4.7% | ||||||||
CMS Energy Corp. | ||||||||
5.875%, 03/01/79 (2) | 25,927 | 633,656 | ||||||
The Southern Co. | ||||||||
4.950%, 01/30/80 | 26,449 | 578,175 | ||||||
1,211,831 | ||||||||
Insurance - 6.7% | ||||||||
AEGON Funding Co., LLC | ||||||||
5.100%, 12/15/49 | 26,738 | 555,616 | ||||||
The Allstate Corp. | ||||||||
5.100%, 10/15/24 (1) | 25,984 | 590,616 | ||||||
MetLife, Inc. | ||||||||
4.750%, 03/15/25 (1) (2) | 26,622 | 577,964 | ||||||
1,724,196 | ||||||||
Telecommunications - 2.1% | ||||||||
AT&T, Inc. | ||||||||
4.750%, 02/18/25 (1) | 26,971 | 538,071 | ||||||
Total Preferred Stocks | ||||||||
(Cost $9,368,970) | 8,121,546 | |||||||
Investments Purchased with Collateral from Securities Lending - 16.0% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (3) | 4,107,116 | 4,107,116 | ||||||
Total Investments Purchased with Collateral from Securities Lending | ||||||||
(Cost $4,107,116) | 4,107,116 | |||||||
Total Investments in Securities - 115.3% | ||||||||
(Cost $33,069,365) | 29,586,474 | |||||||
Liabilities In Excess Other Assets - (15.3)% | (3,916,671 | ) | ||||||
Total Net Assets - 100.0% | $ | 25,669,803 |
(1) | Perpetual call date security. Date shown is next call date. | ||||
(2) | This security or a portion of this security was out on loan as of February 28, 2023. Total loaned had a value of $3,950,244 or 15.4% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. | ||||
(3) | The rate shown is the annualized seven day effective yield as of February 28, 2023. |
Summary of Fair Value Exposure at February 28, 2023 (Unaudited) | |||||
The Sound Enhanced Fixed Income ETF (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | |||||
The following is a summary of the inputs used to value the Fund’s investments as of February 28, 2023: |
Investments in Securities | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Closed-End Funds | $ | – | $ | 749,711 | $ | – | $ | – | $ | 749,711 | |||||||||
Common Stocks (1) | – | 7,339,011 | – | – | 7,339,011 | ||||||||||||||
Corporate Bonds (1) | – | – | 6,762,577 | – | 6,762,577 | ||||||||||||||
Exchange Traded Funds | – | 2,506,513 | – | – | 2,506,513 | ||||||||||||||
Preferred Stocks (1) | – | 8,121,546 | – | – | 8,121,546 | ||||||||||||||
Investments Purchased With Collateral From Securities Lending (2) | 4,107,116 | – | – | – | 4,107,116 | ||||||||||||||
Total Investments in Securities | $ | 4,107,116 | $ | 18,716,781 | $ | 6,762,577 | $ | – | $ | 29,586,474 | |||||||||
(1) See Schedule of Investments for industry breakout. | |||||||||||||||||||
(2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments. |