Cultivar ETF
Schedule of Investments
April 30, 2024 (unaudited)
Shares | Value | |||||||||||
86.75 | % | COMMON STOCK | ||||||||||
5.96 | % | COMMUNICATION SERVICES | ||||||||||
Alphabet, Inc. Class A | 1,090 | $ | 177,430 | |||||||||
AT&T, Inc. | 28,392 | 479,541 | ||||||||||
Baidu, Inc. ADR(A) | 2,090 | 216,106 | ||||||||||
Charter Communications, Inc.(A) | 373 | 95,466 | ||||||||||
Comcast Corp. Class A | 5,943 | 226,488 | ||||||||||
John Wiley & Sons, Inc. Class A | 5,995 | 225,232 | ||||||||||
Paramount Global Class B | 15,095 | 171,932 | ||||||||||
Verizon Communications, Inc. | 4,242 | 167,517 | ||||||||||
Warner Bros. Discovery, Inc.(A) | 6,341 | 46,670 | ||||||||||
1,806,382 | ||||||||||||
4.70 | % | CONSUMER DISCRETIONARY | ||||||||||
Advance Auto Parts | 2,627 | 191,718 | ||||||||||
Alibaba Group Holdings ADR | 3,262 | 244,161 | ||||||||||
Domino's Pizza, Inc. | 310 | 164,074 | ||||||||||
Hasbro, Inc. | 5,130 | 314,469 | ||||||||||
Monro, Inc. | 6,555 | 178,624 | ||||||||||
NIKE, Inc. | 2,477 | 228,528 | ||||||||||
Whirlpool Corp. | 1,070 | 101,500 | ||||||||||
1,423,074 | ||||||||||||
9.25 | % | CONSUMER STAPLES | ||||||||||
The Clorox Co. | 1,754 | 259,364 | ||||||||||
Dollar General Corp. | 2,402 | 334,334 | ||||||||||
Hormel Foods Corp. | 9,624 | 342,229 | ||||||||||
Kimberly-Clark Corp. | 2,487 | 339,550 | ||||||||||
McCormick & Co., Inc. | 6,841 | 520,327 | ||||||||||
The JM Smucker Co. | 2,550 | 292,868 | ||||||||||
Tyson Foods, Inc. Class A | 6,257 | 379,487 | ||||||||||
Walgreens Boots Alliance, Inc. | 18,952 | 336,019 | ||||||||||
2,804,178 | ||||||||||||
4.17 | % | ENERGY | ||||||||||
BP plc ADR | 7,587 | 294,148 | ||||||||||
Core Laboratories, Inc. ADR | 43,862 | 693,020 | ||||||||||
World Kinect Corp. | 11,743 | 275,961 | ||||||||||
1,263,129 |
Cultivar ETF
Schedule of Investments
April 30, 2024 (unaudited)
Shares | Value | |||||||||||
11.61 | % | FINANCIALS | ||||||||||
Bank of America Corp. | 4,156 | $ | 153,814 | |||||||||
Citigroup, Inc. | 7,403 | 454,026 | ||||||||||
Citizens Financial Group | 4,380 | 149,402 | ||||||||||
Global Payments, Inc. | 3,598 | 441,727 | ||||||||||
Independent Bank Corp. | 3,817 | 191,766 | ||||||||||
Lazard, Inc. | 12,711 | 489,374 | ||||||||||
M & T Bank Corp. | 2,590 | 373,970 | ||||||||||
MarketAxess Holdings, Inc. | 2,013 | 402,781 | ||||||||||
PayPal Holdings, Inc.(A) | 2,372 | 161,106 | ||||||||||
Truist Financial Corp. | 6,901 | 259,133 | ||||||||||
The Western Union Co. | 32,901 | 442,189 | ||||||||||
3,519,288 | ||||||||||||
8.00 | % | HEALTH CARE | ||||||||||
Abbott Laboratories | 2,244 | 237,797 | ||||||||||
Fresenius Medical Care AG ADR | 16,385 | 344,740 | ||||||||||
Humana, Inc. | 468 | 141,378 | ||||||||||
Illumina, Inc.(A) | 1,170 | 143,969 | ||||||||||
Inogen, Inc.(A) | 18,785 | 127,738 | ||||||||||
Johnson & Johnson | 1,033 | 149,362 | ||||||||||
Medtronic plc ADR | 2,893 | 232,134 | ||||||||||
Perrigo Co. plc ADR | 12,125 | 396,003 | ||||||||||
Pfizer, Inc. | 5,647 | 144,676 | ||||||||||
Veeva Systems, Inc. Class A(A) | 1,038 | 206,105 | ||||||||||
Zoetis, Inc. | 1,879 | 299,212 | ||||||||||
2,423,114 | ||||||||||||
11.90 | % | INDUSTRIALS | ||||||||||
3M Co. | 1,199 | 115,715 | ||||||||||
CH Robinson Worldwide, Inc. | 2,131 | 151,301 | ||||||||||
Genpact Ltd. ADR | 7,095 | 218,100 | ||||||||||
Healthcare Services Group, Inc.(A) | 78,218 | 830,675 | ||||||||||
John Bean Technologies Co. | 1,365 | 121,608 | ||||||||||
Paycom Software, Inc. | 1,753 | 329,529 | ||||||||||
Proto Labs, Inc.(A) | 28,246 | 860,938 | ||||||||||
Southwest Airlines Co. | 26,811 | 695,477 | ||||||||||
Steelcase, Inc. | 23,442 | 282,007 | ||||||||||
3,605,350 |
Cultivar ETF
Schedule of Investments
April 30, 2024 (unaudited)
Shares | Value | |||||||||||
6.58 | % | INFORMATION TECHNOLOGY | ||||||||||
Ansys, Inc.(A) | 864 | $ | 280,696 | |||||||||
Autodesk, Inc.(A) | 674 | 143,461 | ||||||||||
Cognex Corp. | 4,017 | 166,866 | ||||||||||
Cognizant Tech Solutions | 2,067 | 135,761 | ||||||||||
Intel Corp. | 9,128 | 278,130 | ||||||||||
Microchip Technology, Inc. | 2,669 | 245,495 | ||||||||||
Qorvo, Inc.(A) | 2,593 | 302,966 | ||||||||||
Skyworks Solutions, Inc. | 2,525 | 269,140 | ||||||||||
Tyler Technologies, Inc.(A) | 369 | 170,312 | ||||||||||
1,992,827 | ||||||||||||
12.58 | % | MATERIALS | ||||||||||
Agnico Eagle Mines Ltd. ADR | 4,764 | 301,799 | ||||||||||
Barrick Gold Corp. ADR | 36,012 | 599,240 | ||||||||||
Compass Minerals International, Inc. | 8,463 | 105,364 | ||||||||||
First Majestic Silver Corp. ADR ADR | 74,838 | 499,169 | ||||||||||
FMC Corp. | 4,458 | 263,067 | ||||||||||
Franco-Nevada Corp. ADR | 1,418 | 170,727 | ||||||||||
International Paper Co. | 4,998 | 174,630 | ||||||||||
Newmont Goldcorp Corp. | 17,388 | 706,648 | ||||||||||
Nutrien Ltd. ADR | 2,962 | 156,305 | ||||||||||
Pan American Silver Corp. ADR | 23,484 | 433,045 | ||||||||||
Schnitzer Steel Industries, Inc. | 7,723 | 134,535 | ||||||||||
WestRock Co. | 5,578 | 267,521 | ||||||||||
3,812,050 | ||||||||||||
4.67 | % | REAL ESTATE | ||||||||||
Crown Castle, Inc. | 1,317 | 123,508 | ||||||||||
Douglas Emmett, Inc. | 19,560 | 268,168 | ||||||||||
Empire State Realty Trust | 16,379 | 149,049 | ||||||||||
Highwoods Properties, Inc. | 5,562 | 145,724 | ||||||||||
Kilroy Realty Corp. | 5,494 | 185,697 | ||||||||||
LTC Properties, Inc. | 4,404 | 145,772 | ||||||||||
National Health Investors, Inc. | 3,902 | 246,060 | ||||||||||
Piedmont Office Realty Trust, Inc. | 21,705 | 149,547 | ||||||||||
1,413,525 |
Cultivar ETF
Schedule of Investments
April 30, 2024 (unaudited)
Shares | Value | |||||||||||
7.33 | % | UTILITIES | ||||||||||
American Electric Power, Inc. | 1,764 | $ | 151,757 | |||||||||
Duke Energy Corp. | 1,582 | 155,447 | ||||||||||
Eversource Energy | 6,449 | 390,938 | ||||||||||
IDACORP, Inc. | 1,514 | 143,497 | ||||||||||
NextEra Energy, Inc. | 5,437 | 364,116 | ||||||||||
Northwest Natural Holding Co. | 14,609 | 557,333 | ||||||||||
One Gas, Inc. | 2,471 | 159,429 | ||||||||||
Portland General Electric | 6,915 | 298,935 | ||||||||||
2,221,452 | ||||||||||||
86.75 | % | TOTAL COMMON STOCK | 26,284,369 | |||||||||
11.27 | % | DEBT SECURITIES | ||||||||||
11.27 | % | TREASURIES | ||||||||||
US Treasury 05/21/2024 0.000%(A) | 1,535,000 | 1,530,523 | ||||||||||
US Treasury 05/15/2050 1.250% | 1,738,000 | 821,416 | ||||||||||
US Treasury 08/15/2050 1.375% | 1,071,000 | 522,750 | ||||||||||
US Treasury 08/15/2049 2.250% | 872,000 | 541,462 | ||||||||||
11.27 | % | TOTAL TREASURIES | 3,416,151 | |||||||||
11.27 | % | TOTAL DEBT SECURITIES | 3,416,151 | |||||||||
98.02 | % | TOTAL INVESTMENTS | 29,700,520 | |||||||||
1.98 | % | Other assets net of liabilities | 598,552 | |||||||||
100.00 | % | NET ASSETS | $ | 30,299,072 |
(A)Non-income producing
In accordance with U.S. GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurementsfor disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining 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 summarizes the inputs used to value the Fund’s investments as of April 30, 2024:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Other | Significant | |||||||||||||||
Significant | Unobservable | |||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Total | |||||||||||||
COMMON STOCK | $ | 26,284,369 | $ | 26,284,369 | ||||||||||||
DEBT SECURITIES | $ | 3,416,151 | $ | 3,416,151 | ||||||||||||
TOTAL INVESTMENTS | $ | 29,700,520 | $ | 29,700,520 |
The cost of investments for Federal income tax purposes has been estimated a/o April 30, 2024 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $31,117,029, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 1,856,928 | ||
Gross unrealized depreciation | (3,273,436 | ) | ||
Net unrealized appreciation | $ | (1,416,509 | ) |