WHITEWOLF PUBLICLY LISTED PRIVATE EQUITY ETF
SCHEDULE OF INVESTMENTS
April 30, 2025 (Unaudited)

CLOSED-END FUNDS - 52.7%

Shares

Value
Ares Capital Corp.

27,655 

$571,352 
Bain Capital Specialty Finance, Inc.

6,870 

105,111 
Barings BDC, Inc.

13,761 

119,858 
Capital Southwest Corp.

7,035 

143,373 
Carlyle Secured Lending, Inc.

5,481 

80,954 
CION Investment Corp.

7,729 

76,672 
Fidus Investment Corp.

676 

12,776 
FS KKR Capital Corp.

26,744 

531,938 
Gladstone Capital Corp.

1,444 

36,028 
Gladstone Investment Corp. (a)

2,456 

33,770 
Goldman Sachs BDC, Inc.

12,534 

132,986 
Golub Capital BDC, Inc.

27,411 

392,526 
Hercules Capital, Inc.

22,854 

409,087 
MidCap Financial Investment Corp.

6,075 

72,050 
New Mountain Finance Corp.

6,864 

68,228 
PennantPark Floating Rate Capital Ltd.

11,119 

112,413 
PennantPark Investment Corp.

5,739 

37,418 
Prospect Capital Corp.

88,397 

315,577 
Saratoga Investment Corp.

437 

10,650 
Sixth Street Specialty Lending, Inc.

6,624 

137,514 
Stellus Capital Investment Corp.

2,960 

37,829 
Trinity Capital, Inc.

15,456 

224,576 
TriplePoint Venture Growth BDC Corp.

1,373 

8,334 
TOTAL CLOSED-END FUNDS (Cost $4,176,454)

3,671,020 





COMMON STOCKS - 45.5%

Asset Management & Custody Banks - 40.2%(b)

Ares Management Corp. - Class A

2,505 

382,088 
BlackRock TCP Capital Corp.

8,743 

59,802 
Blackrock, Inc.

152 

138,967 
Blackstone Secured Lending Fund (a)

18,340 

537,362 
Blackstone, Inc.

2,160 

284,494 
Blue Owl Capital, Inc. - Class A

14,886 

275,838 
Carlyle Group, Inc.

4,587 

177,242 
GCM Grosvenor, Inc. - Class A

3,151 

39,513 
Hamilton Lane, Inc. - Class A

818 

126,373 
KKR & Co., Inc.

4,060 

463,936 
P10, Inc. - Class A

5,808 

64,295 
StepStone Group, Inc. - Class A

1,544 

77,215 
TPG, Inc.

3,801 

176,556 




2,803,681 





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WHITEWOLF PUBLICLY LISTED PRIVATE EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)
COMMON STOCKS - 45.5% (Continued)

Shares

Value  
Diversified Financial Services - 4.9%

Apollo Global Management, Inc.

2,480 

$338,470 





Multi-Sector Holdings - 0.4%

Compass Diversified Holdings

1,711 

29,412 
TOTAL COMMON STOCKS (Cost $3,831,999)

3,171,563 





SHORT-TERM INVESTMENTS - 7.3%


Investments Purchased with Proceeds from Securities Lending - 5.6%


 
First American Government Obligations Fund - Class X, 4.25% (c)

390,662 

390,662 





Money Market Funds - 1.7%


 
First American Government Obligations Fund - Class X, 4.25% (c)

116,801 

116,801 
TOTAL SHORT-TERM INVESTMENTS (Cost $507,463)

507,463 





TOTAL INVESTMENTS - 105.5% (Cost $8,515,916)

$7,350,046 
Liabilities in Excess of Other Assets - (5.5)%

(385,727)
TOTAL NET ASSETS - 100.0%

 

$6,964,319 

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $375,431, which represented 5.4% of net assets.
(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)

The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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WHITEWOLF PUBLICLY LISTED PRIVATE EQUITY ETF



Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)
 
WHITEWOLF Publicly Listed Private Equity ETF (“the Fund”) has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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 speeds, 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 fair valuation hierarchy of the Fund’s securities as of April 30, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Assets
  Common Stocks$3,671,020 

$— 

$— 

$3,671,020 
Closed End Funds3,171,563 

— 

— 

3,171,563 
Investments Purchased with Proceeds from Securities Lending390,662 

— 

— 

390,662 
  Money Market Funds116,801 

— 

— 

116,801 
Total Investments$7,350,046 

$— 

$— 

$7,350,046 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended April 30, 2025, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

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