TBG DIVIDEND FOCUS ETF
SCHEDULE OF INVESTMENTS
April 30, 2025 (Unaudited)

COMMON STOCKS - 90.2%						Shares						Value
Aerospace & Defense - 2.8%
Lockheed Martin Corp.						7,301						$	3,488,053
Asset Management & Custody Banks - 5.1%
Blackstone, Inc.						28,314						3,729,237
Blue Owl Capital, Inc. - Class A						133,562						2,474,904
												6,204,141
Biotechnology - 5.7%
Amgen, Inc.						10,024						2,916,182
Gilead Sciences, Inc.						38,672						4,120,115
												7,036,297
Commodity Chemicals - 4.0%
LyondellBasell Industries NV - Class A						83,968						4,887,777
Communications Equipment - 3.5%
Cisco Systems, Inc.						74,154						4,280,910
Construction Machinery & Heavy Transportation Equipment - 1.7%
Cummins, Inc.						7,148						2,100,368
Diversified Banks - 2.0%
JPMorgan Chase & Co.						9,780						2,392,384
Electric Utilities - 3.0%
American Electric Power Co., Inc.						34,096						3,693,961
Gas Utilities - 1.9%
Brookfield Infrastructure Corp. - Class A						62,544						2,341,647
Household Products - 5.2%
Clorox Co.						17,976						2,557,985
Procter & Gamble Co.						23,577						3,832,913
												6,390,898
Integrated Oil & Gas - 5.9%
Chevron Corp.						34,466						4,689,444
Exxon Mobil Corp.						24,106						2,546,317
												7,235,761

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TBG DIVIDEND FOCUS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)

COMMON STOCKS - 90.2% (CONTINUED)						Shares						Value
Integrated Telecommunication Services - 4.8%
Verizon Communications, Inc.						132,614						$	5,842,973
Investment Banking & Brokerage - 3.7%
Moelis & Co. - Class A						42,479						2,276,025
Morgan Stanley						19,166						2,212,140
												4,488,165
IT Consulting & Other Services - 3.0%
International Business Machines Corp.						14,987						3,624,156
Oil & Gas Storage & Transportation - 7.3%
Energy Transfer LP						251,518						4,160,107
Enterprise Products Partners LP						160,072						4,786,153
												8,946,260
Packaged Foods & Meats - 3.1%
General Mills, Inc.						66,738						3,786,714
Personal Care Products - 3.7%
Kenvue, Inc.						191,449						4,518,196
Pharmaceuticals - 7.7%
Johnson & Johnson						25,799						4,032,642
Merck & Co., Inc.						64,316						5,479,723
												9,512,365
Regional Banks - 3.6%
Truist Financial Corp.						116,368						4,461,549
Restaurants - 2.9%
McDonald's Corp.						6,845						2,188,004
Starbucks Corp.						17,681						1,415,364
												3,603,368
Semiconductors - 3.9%
Broadcom, Inc.						8,399						1,616,556
Texas Instruments, Inc.						20,140						3,223,407
												4,839,963

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TBG DIVIDEND FOCUS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)

COMMON STOCKS - 90.2% (CONTINUED)						Shares						Value
Soft Drinks & Non-alcoholic Beverages - 3.5%
PepsiCo, Inc.						32,028						$	4,342,356
Tobacco - 2.2%
Altria Group, Inc.						46,053						2,724,035
TOTAL COMMON STOCKS (Cost $109,647,793)												110,742,297
REAL ESTATE INVESTMENT TRUSTS - 9.4%
Other Specialized REITs - 4.7%
Lamar Advertising Co. - Class A						26,253						2,987,854
VICI Properties, Inc.						88,617						2,837,516
												5,825,370
Retail REITs - 4.7%
Simon Property Group, Inc.						36,586						5,757,905
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,810,141)												11,583,275
SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%
First American Government Obligations Fund - Class X, 4.25% (a)						239,414						239,414
TOTAL SHORT-TERM INVESTMENTS (Cost $239,414)												239,414
TOTAL INVESTMENTS - 99.8% (Cost $120,697,348)												$	122,564,986
Other Assets in Excess of Liabilities - 0.2%												278,019
TOTAL NET ASSETS - 100.0%												$	122,843,005

Percentages are stated as a percent of net assets.

LP - Limited Partnership
REIT - Real Estate Investment Trust

(a)						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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TBG DIVIDEND FOCUS ETF

Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)

 

TBG Dividend Focus ETF (“the Fund”) has adopted fair value accounting standards which establish a 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 valuation 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 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:

DESCRIPTION						LEVEL 1						LEVEL 2						LEVEL 3						TOTAL
Assets
Common Stocks						$	110,742,297					$	—					$	—					$	110,742,297
Real Estate Investment Trusts						11,583,275						—						—						11,583,275
Money Market Funds						239,414						—						—						239,414
Total Investments						$	122,564,986					$	—					$	—					$	122,564,986

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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