Sound Enhanced Fixed Income ETF | ||||||||
Schedule of Investments | ||||||||
as of February 29, 2024 (Unaudited) | ||||||||
PREFERRED STOCKS - 30.5% | Shares | Value | ||||||
Banks - 15.1% | ||||||||
Associated Banc-Corp., Series F, 5.63%, Perpetual | 30,805 | $ | 633,967 | |||||
Bank of America Corp., Series KK, 5.38%, Perpetual(a) | 32,438 | 761,320 | ||||||
JPMorgan Chase & Co., Series EE, 6.00%, Perpetual | 31,089 | 784,064 | ||||||
Morgan Stanley | ||||||||
Series L, 4.88%, Perpetual | 33,362 | 756,650 | ||||||
Series O, 4.25%, Perpetual(a) | 32,350 | 634,707 | ||||||
Truist Financial Corp., Series O, 5.25%, Perpetual(a) | 31,871 | 744,188 | ||||||
Wells Fargo & Co., Series AA, 4.70%, Perpetual | 33,930 | 705,065 | ||||||
5,019,961 | ||||||||
Diversified Financial Services - 2.0% | ||||||||
Capital One Financial Corp., Series J, 4.80%, Perpetual | 34,143 | 677,397 | ||||||
Electric - 4.7% | ||||||||
CMS Energy Corp., 5.88%, 03/01/2079 | 31,658 | 782,902 | ||||||
The Southern Co., Series 2020, 4.95%, 01/30/2080 | 32,297 | 755,750 | ||||||
1,538,652 | ||||||||
Insurance - 6.6% | ||||||||
AEGON Funding Co., LLC, 5.10%, 12/15/2049 | 32,651 | 727,138 | ||||||
MetLife, Inc., Series F, 4.75%, Perpetual | 32,509 | 703,495 | ||||||
The Allstate Corp., Series H, 5.10%, Perpetual | 31,728 | 737,676 | ||||||
2,168,309 | ||||||||
Telecommunications - 2.1% | ||||||||
AT&T, Inc., Series C, 4.75%, Perpetual | 32,936 | 684,081 | ||||||
TOTAL PREFERRED STOCKS (Cost $11,104,223) | 10,088,400 | |||||||
CORPORATE BONDS - 28.0% | Par | |||||||
Auto Parts & Equipment - 2.2% | ||||||||
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029 | 645,000 | 559,975 | ||||||
Dana, Inc., 4.25%, 09/01/2030 | 200,000 | 172,721 | ||||||
732,696 | ||||||||
Chemicals - 2.1% | ||||||||
Olin Corp., 5.13%, 09/15/2027 | 709,000 | 688,396 | ||||||
Commercial Services - 1.9% | ||||||||
United Rentals North America, Inc., 4.88%, 01/15/2028 | 655,000 | 632,945 | ||||||
Computers - 1.7% | ||||||||
Dell, Inc., 6.50%, 04/15/2038 | 552,000 | 578,467 | ||||||
Diversified Financial Services - 2.1% | ||||||||
Radian Group, Inc., 4.88%, 03/15/2027 | 709,000 | 688,093 | ||||||
Gas - 2.1% | ||||||||
National Fuel Gas Co., 4.75%, 09/01/2028 | 709,000 | 685,591 | ||||||
Iron & Steel - 1.6% | ||||||||
Cleveland-Cliffs, Inc., 5.88%, 06/01/2027 | 525,000 | 520,253 | ||||||
Lodging - 2.0% | ||||||||
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030(a) | 702,000 | 668,139 | ||||||
Media - 2.0% | ||||||||
AMC Networks, Inc., 4.75%, 08/01/2025 | 710,000 | 677,746 | ||||||
Miscellaneous Manufacturers - 2.1% | ||||||||
Trinity Industries, Inc., 4.55%, 10/01/2024 | 709,000 | 699,787 | ||||||
Oil & Gas - 4.2% | ||||||||
Apache Corp., 5.10%, 09/01/2040 | 709,000 | 593,752 | ||||||
Murphy Oil Corp., 5.88%, 12/01/2027 | 780,000 | 775,163 | ||||||
1,368,915 | ||||||||
Pipelines - 4.0% | ||||||||
EQM Midstream Partners L.P., 5.50%, 07/15/2028 | 639,000 | 627,299 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028 | 709,000 | 692,840 | ||||||
1,320,139 | ||||||||
TOTAL CORPORATE BONDS (Cost $9,661,369) | 9,261,167 | |||||||
CLOSED END FUNDS - 15.4% | Shares | |||||||
Ares Capital Corp.(a) | 53,121 | 1,074,637 | ||||||
Golub Capital BDC, Inc.(a) | 63,822 | 993,709 | ||||||
PennantPark Floating Rate Capital Ltd.(a) | 84,646 | 967,504 | ||||||
Sixth Street Specialty Lending, Inc.(a) | 42,643 | 930,897 | ||||||
Hercules Capital, Inc.(a) | 61,834 | 1,116,722 | ||||||
TOTAL CLOSED END FUNDS (Cost $5,027,853) | 5,083,469 | |||||||
EXCHANGE TRADED FUNDS - 12.5% | ||||||||
AllianceBernstein Global High Income Fund, Inc. | 90,387 | 941,833 | ||||||
Invesco Emerging Markets Sovereign Debt ETF | 34,548 | 696,142 | ||||||
iShares 0-5 Year High Yield Corporate Bond ETF | 23,370 | 990,654 | ||||||
iShares J.P. Morgan EM High Yield Bond ETF | 22,873 | 843,099 | ||||||
VanEck Emerging Markets High Yield Bond ETF(a) | 34,254 | 647,058 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $4,535,839) | 4,118,786 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 10.0% | ||||||||
Alpine Income Property Trust, Inc. | 19,200 | 299,712 | ||||||
Apple Hospitality REIT, Inc.(a) | 8,843 | 142,284 | ||||||
Gaming and Leisure Properties, Inc. | 2,311 | 105,104 | ||||||
Global Medical REIT, Inc. | 27,123 | 242,751 | ||||||
Global Net Lease, Inc. | 20,754 | 149,636 | ||||||
Omega Healthcare Investors, Inc. | 9,556 | 297,383 | ||||||
Park Hotels & Resorts, Inc. | 12,445 | 206,587 | ||||||
Plymouth Industrial REIT, Inc. | 19,643 | 423,700 | ||||||
Realty Income Corp. | 6,693 | 348,772 | ||||||
Simon Property Group, Inc. | 4,180 | 619,225 | ||||||
VICI Properties, Inc. | 15,377 | 460,234 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,614,424) | 3,295,388 | |||||||
COMMON STOCKS - 2.5% | ||||||||
Investment Companies - 2.5% | ||||||||
Runway Growth Finance Corp. | 5,622 | 75,447 | ||||||
WhiteHorse Finance, Inc.(a) | 60,250 | 750,113 | ||||||
825,560 | ||||||||
TOTAL COMMON STOCKS (Cost $941,666) | 825,560 | |||||||
SHORT-TERM INVESTMENTS - 21.6% | ||||||||
Investments Purchased with Proceeds from Securities Lending - 21.4% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(b) | 7,092,783 | 7,092,783 | ||||||
Money Market Funds - 0.2% | ||||||||
First American Government Obligations Fund - Class X, 5.23%(b) | 81,699 | 81,699 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,174,482) | 7,174,482 | |||||||
TOTAL INVESTMENTS - 120.5% (Cost $42,059,856) | $ | 39,847,252 | ||||||
Liabilities in Excess of Other Assets - (20.5)% | (6,777,771 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 33,069,481 | ||||||
Percentages are stated as a percent of net assets. |
(a) | All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $6,888,149 which represented 20.8% of net assets. |
(b) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
Summary of Fair Value Exposure at February 29, 2024 (Unaudited) 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: • 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 spreads, 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 following is a summary of the inputs used to value the Fund's investments as of February 29, 2024: Sound Enhanced Fixed Income ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Preferred Stocks | $ | 10,088,400 | $ | – | $ | – | $ | 10,088,400 | ||||||||
Corporate Bonds | – | 9,261,167 | – | 9,261,167 | ||||||||||||
Closed End Funds | 5,083,469 | – | – | 5,083,469 | ||||||||||||
Exchange Traded Funds | 4,118,786 | – | – | 4,118,786 | ||||||||||||
Real Estate Investment Trusts | 3,295,388 | – | – | 3,295,388 | ||||||||||||
Common Stocks | 825,560 | – | – | 825,560 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 7,092,783 | ||||||||||||
Money Market Funds | 81,699 | – | – | 81,699 | ||||||||||||
Total Assets | $ | 23,493,302 | $ | 9,261,167 | $ | – | $ | 39,847,252 | ||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||
(a) | 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 listed in the Schedule of Investments. |