| Fundamentals First ETF | ||||||||
| Schedule of Investments | ||||||||
| as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 81.5% | Shares | Value | ||||||
| Communications - 2.8% | ||||||||
Alphabet, Inc. - Class C(a) | 150 | $ | 22,839 | |||||
| Comcast Corp. - Class A | 156 | 6,763 | ||||||
| Meta Platforms, Inc. - Class A | 30 | 14,567 | ||||||
44,169 | ||||||||
| Consumer Discretionary - 8.7% | ||||||||
America's Car-Mart, Inc.(a) | 222 | 14,179 | ||||||
| Cie Generale des Etablissements Michelin SCA | 597 | 22,879 | ||||||
| Climb Global Solutions, Inc. | 231 | 16,373 | ||||||
| Coats Group PLC | 15,774 | 16,146 | ||||||
| Dana, Inc. | 471 | 5,982 | ||||||
| LKQ Corp. | 276 | 14,741 | ||||||
| Martinrea International, Inc. | 1,338 | 12,011 | ||||||
| McDonald's Corp. | 72 | 20,300 | ||||||
| Texas Roadhouse, Inc. | 93 | 14,366 | ||||||
136,977 | ||||||||
| Consumer Staples - 2.3% | ||||||||
| Church & Dwight Co., Inc. | 141 | 14,708 | ||||||
| Dollarama, Inc. | 279 | 21,254 | ||||||
35,962 | ||||||||
| Energy – 14.9% | ||||||||
| APA Corp. | 321 | 11,036 | ||||||
Bonterra Energy Corp.(a) | 1,809 | 8,480 | ||||||
| Dorchester Minerals LP | 573 | 19,322 | ||||||
| Enbridge, Inc. | 294 | 10,637 | ||||||
| Energy Transfer LP | 1,212 | 19,065 | ||||||
| Enerplus Corp. | 621 | 12,209 | ||||||
| Enterprise Products Partners LP | 783 | 22,848 | ||||||
| Gaztransport Et Technigaz SA | 99 | 14,793 | ||||||
| Global Partners LP | 450 | 19,971 | ||||||
Gulf Keystone Petroleum Ltd.(a) | 5,133 | 7,340 | ||||||
| Keyera Corp. | 264 | 6,800 | ||||||
| Kinder Morgan, Inc. | 372 | 6,822 | ||||||
| Magnolia Oil & Gas Corp. - Class A | 474 | 12,301 | ||||||
| Pembina Pipeline Corp. | 297 | 10,496 | ||||||
| Pine Cliff Energy Ltd. | 7,107 | 5,247 | ||||||
| TotalEnergies SE - ADR | 333 | 22,920 | ||||||
| Vermilion Energy, Inc. | 591 | 7,352 | ||||||
| Western Midstream Partners LP | 477 | 16,957 | ||||||
234,596 | ||||||||
| Financials - 5.6% | ||||||||
Banco del Bajio SA(b) | 2,556 | 9,931 | ||||||
| Commonwealth Bank of Australia | 84 | 6,587 | ||||||
| FB Financial Corp. | 270 | 10,168 | ||||||
| Lakeland Financial Corp. | 153 | 10,147 | ||||||
| Plumas Bancorp | 285 | 10,485 | ||||||
| Prosperity Bancshares, Inc. | 219 | 14,406 | ||||||
Sabre Insurance Group PLC(b) | 5,022 | 11,371 | ||||||
| SpareBank 1 SR-Bank ASA | 1,131 | 14,168 | ||||||
87,263 | ||||||||
| Health Care - 4.2% | ||||||||
Mettler-Toledo International, Inc.(a) | 18 | 23,964 | ||||||
| Novartis AG - ADR | 138 | 13,349 | ||||||
| Straumann Holding AG | 84 | 13,412 | ||||||
| US Physical Therapy, Inc. | 135 | 15,237 | ||||||
65,962 | ||||||||
| Industrials - 22.3% | ||||||||
| Cummins, Inc. | 81 | 23,867 | ||||||
DLH Holdings Corp.(a) | 399 | 5,295 | ||||||
| Emerson Electric Co. | 132 | 14,971 | ||||||
| Fastenal Co. | 303 | 23,373 | ||||||
| FLEX LNG Ltd. | 237 | 6,027 | ||||||
| Graco, Inc. | 243 | 22,711 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV - ADR | 90 | 14,686 | ||||||
| Honeywell International, Inc. | 69 | 14,162 | ||||||
| Hubbell, Inc. | 60 | 24,903 | ||||||
| IDEX Corp. | 45 | 10,981 | ||||||
| ITT, Inc. | 111 | 15,099 | ||||||
| Lincoln Electric Holdings, Inc. | 57 | 14,560 | ||||||
| Nordson Corp. | 54 | 14,825 | ||||||
| Norfolk Southern Corp. | 39 | 9,940 | ||||||
| Parker-Hannifin Corp. | 42 | 23,343 | ||||||
| Schneider Electric SE | 99 | 22,392 | ||||||
| SFL Corp. Ltd. | 1,080 | 14,234 | ||||||
| Snap-on, Inc. | 81 | 23,994 | ||||||
| SThree PLC | 2,574 | 13,970 | ||||||
| Tennant Co. | 99 | 12,039 | ||||||
| WW Grainger, Inc. | 24 | 24,415 | ||||||
349,787 | ||||||||
| Materials - 8.2% | ||||||||
| AptarGroup, Inc. | 102 | 14,677 | ||||||
| Avery Dennison Corp. | 66 | 14,735 | ||||||
Bioceres Crop Solutions Corp.(a) | 768 | 9,723 | ||||||
| Givaudan SA - ADR | 213 | 19,005 | ||||||
| Labrador Iron Ore Royalty Corp. | 603 | 12,857 | ||||||
| Linde PLC | 51 | 23,680 | ||||||
| Sherwin-Williams Co. | 69 | 23,965 | ||||||
| Treatt PLC | 1,923 | 10,339 | ||||||
128,981 | ||||||||
| Technology - 10.2% | ||||||||
Agilysys, Inc.(a) | 81 | 6,825 | ||||||
| Automatic Data Processing, Inc. | 84 | 20,978 | ||||||
Fiserv, Inc.(a) | 144 | 23,014 | ||||||
| Garmin Ltd. | 114 | 16,971 | ||||||
| KLA Corp. | 33 | 23,053 | ||||||
| Lam Research Corp. | 15 | 14,574 | ||||||
| Paychex, Inc. | 174 | 21,367 | ||||||
| Skyworks Solutions, Inc. | 99 | 10,724 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 168 | 22,857 | ||||||
160,363 | ||||||||
| Utilities - 2.3% | ||||||||
| Atmos Energy Corp. | 90 | 10,698 | ||||||
| Chesapeake Utilities Corp. | 132 | 14,164 | ||||||
| ONE Gas, Inc. | 168 | 10,841 | ||||||
35,703 | ||||||||
TOTAL COMMON STOCKS (Cost $1,229,095) | 1,279,763 | |||||||
| EXCHANGE TRADED FUNDS - 11.8% | Shares | Value | ||||||
| iShares iBonds Dec 2026 Term Corporate ETF | 771 | 18,388 | ||||||
| iShares iBonds Dec 2027 Term Corporate ETF | 774 | 18,421 | ||||||
| iShares iBonds Dec 2028 Term Corporate ETF | 741 | 18,455 | ||||||
| iShares iBonds Dec 2029 Term Corporate ETF | 810 | 18,484 | ||||||
| iShares iBonds Dec 2030 Term Corporate ETF | 867 | 18,554 | ||||||
| iShares iBonds Dec 2031 Term Corporate ETF | 906 | 18,564 | ||||||
| iShares iBonds Dec 2032 Term Corporate ETF | 747 | 18,533 | ||||||
| iShares iBonds Dec 2033 Term Corporate ETF | 729 | 18,575 | ||||||
| SPDR ICE Preferred Securities ETF | 534 | 18,621 | ||||||
| VanEck Preferred Securities ex Financials ETF | 1,053 | 18,627 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $183,877) | 185,222 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 4.9% | Shares | Value | ||||||
| Ares Commercial Real Estate Corp. | 753 | 5,610 | ||||||
| Armada Hoffler Properties, Inc. | 1,542 | 16,037 | ||||||
| BRT Apartments Corp. | 618 | 10,382 | ||||||
| Community Healthcare Trust, Inc. | 372 | 9,877 | ||||||
| Precinct Properties New Zealand Ltd. | 8,532 | 6,193 | ||||||
| Primaris Real Estate Investment Trust | 981 | 10,103 | ||||||
| Tanger, Inc. | 615 | 18,161 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $76,571) | 76,363 | |||||||
| CLOSED END FUNDS - 0.6% | Shares | Value | ||||||
| Gladstone Investment Corp. | 699 | 9,947 | ||||||
TOTAL CLOSED END FUNDS (Cost $9,786) | 9,947 | |||||||
| SHORT-TERM INVESTMENTS - 1.1% | ||||||||
Money Market Funds - 1.1% | Shares | |||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund Capital Class, 5.20%(c) | 17,312 | 17,312 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,312) | 17,312 | |||||||
TOTAL INVESTMENTS - 99.9% (Cost $1,516,641) | $ | 1,568,607 | ||||||
| Other Assets in Excess of Liabilities - 0.1% | 1,961 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 1,570,568 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
| ADR - American Depositary Receipt |
| AG - Aktiengesellschaft |
| ASA - Advanced Subscription Agreement is an equity instrument where investors 'pre-pay' for shares in a company. |
| PLC - Public Limited Company |
| SA - Sociedad Anónima |
| SAB de CV - Sociedad Anónima Bursátil de Capital Variable |
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2024, the value of these securities total $21,302 or 1.4% of the Fund’s net assets. |
| (c) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
The Fund discloses the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund’s (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows: • Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access. • 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 the 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 as of March 31, 2024: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | 1,279,763 | – | – | 1,279,763 | ||||||||||||
| Exchange Traded Funds | 185,222 | – | – | 185,222 | ||||||||||||
| Real Estate Investment Trusts | 76,363 | – | – | 76,363 | ||||||||||||
| Closed End Funds | 9,947 | – | – | 9,947 | ||||||||||||
| Short-Term Investments | 17,312 | – | – | 17,312 | ||||||||||||
| Total Assets | 1,568,607 | – | – | 1,568,607 | ||||||||||||
| Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||
