SWP Growth & Income ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 84.2%
  
Shares
    
Value
 
COMMUNICATION SERVICES - 4.6%
        
Interactive Media & Services - 4.6%
            
Alphabet, Inc. - Class A
    
16,012
    
$
2,749,901
  
Match Group, Inc.
    
41,907
      
1,254,695
  
TOTAL COMMUNICATION SERVICES
      
4,004,596
  
                 
CONSUMER DISCRETIONARY - 5.1%
          
Specialty Retail - 5.1%
                
Dick's Sporting Goods, Inc.
    
6,091
      
1,092,360
  
Home Depot, Inc.
    
4,213
      
1,551,606
  
TJX Cos., Inc.
    
14,391
      
1,826,218
  
TOTAL CONSUMER DISCRETIONARY
      
4,470,184
  
                 
CONSUMER STAPLES - 4.9%
          
Consumer Staples Distribution & Retail - 1.8%
                
Target Corp.
    
16,319
      
1,534,149
  
           
$
–
  
Tobacco - 3.1%
                
Philip Morris International, Inc.
    
15,093
      
2,725,645
  
TOTAL CONSUMER STAPLES
      
4,259,794
  
                 
ENERGY - 4.9%
          
Energy Equipment & Services - 2.1%
                
Baker Hughes Co.
    
49,842
      
1,846,646
  
           
$
–
  
Oil, Gas & Consumable Fuels - 2.8%
                
Cameco Corp.
    
5,853
      
342,576
  
Kinder Morgan, Inc.
    
75,816
      
2,125,881
  
             
2,468,457
  
TOTAL ENERGY
      
4,315,103
  
                 
FINANCIALS - 14.7%
          
Banks - 6.4%
                
Citigroup, Inc.
    
23,517
      
1,771,300
  
JPMorgan Chase & Co.
    
8,073
      
2,131,272
  
PNC Financial Services Group, Inc.
    
9,731
      
1,691,345
  
             
5,593,917
  
Capital Markets - 6.4%
                
Blackrock, Inc.
    
1,998
      
1,957,820
  
Blackstone, Inc.
    
13,839
      
1,920,300
  
Goldman Sachs Group, Inc.
    
2,935
      
1,762,321
  
             
5,640,441
  
Financial Services - 1.9%
                
Visa, Inc. - Class A
    
4,563
      
1,666,362
  
TOTAL FINANCIALS
      
12,900,720
  
                 
HEALTH CARE - 13.6%
          
Biotechnology - 1.9%
                
AbbVie, Inc.
    
8,963
      
1,668,104
  
           
$
–
  
Health Care Equipment & Supplies - 4.0%
                
Medtronic PLC
    
22,815
      
1,893,189
  
Stryker Corp.
    
4,212
      
1,611,679
  
             
3,504,868
  
Health Care Providers & Services - 3.2%
                
Cencora, Inc.
    
6,669
      
1,942,280
  
UnitedHealth Group, Inc.
    
2,942
      
888,219
  
             
2,830,499
  
Pharmaceuticals - 4.5%
                
AstraZeneca PLC - ADR
    
27,133
      
1,976,097
  
Eli Lilly & Co.
    
2,672
      
1,971,054
  
             
3,947,151
  
TOTAL HEALTH CARE
      
11,950,622
  
                 
INDUSTRIALS - 9.7%
          
Aerospace & Defense - 2.0%
                
RTX Corp.
    
12,754
      
1,740,666
  
           
$
–
  
Electrical Equipment - 3.9%
                
Eaton Corp. PLC
    
5,007
      
1,603,241
  
Emerson Electric Co.
    
15,444
      
1,843,705
  
             
3,446,946
  
Ground Transportation - 1.7%
                
Union Pacific Corp.
    
6,811
      
1,509,726
  
           
$
–
  
Trading Companies & Distributors - 2.1%
                
Applied Industrial Technologies, Inc.
    
8,055
      
1,824,619
  
TOTAL INDUSTRIALS
      
8,521,957
  
                 
INFORMATION TECHNOLOGY - 20.7%
          
IT Services - 2.1%
                
International Business Machines Corp.
    
7,116
      
1,843,471
  
           
$
–
  
Semiconductors & Semiconductor Equipment - 1.8%
                
Broadcom, Inc.
    
2,640
      
639,065
  
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
4,692
      
907,057
  
             
1,546,122
  
Software - 12.6%
                
Microsoft Corp.
    
13,055
      
6,010,000
  
Oracle Corp.
    
7,905
      
1,308,515
  
Roper Technologies, Inc.
    
2,808
      
1,601,318
  
Salesforce, Inc.
    
8,147
      
2,161,969
  
             
11,081,802
  
Technology Hardware, Storage & Peripherals - 4.2%
                
Apple, Inc.
    
18,139
      
3,643,218
  
TOTAL INFORMATION TECHNOLOGY
      
18,114,613
  
                 
MATERIALS - 2.2%
          
Construction Materials - 1.2%
                
Vulcan Materials Co.
    
3,861
      
1,023,435
  
           
$
–
  
Metals & Mining - 1.0%
                
Freeport-McMoRan, Inc.
    
23,085
      
888,311
  
TOTAL MATERIALS
      
1,911,746
  
                 
UTILITIES - 3.8%
          
Electric Utilities - 3.8%
                
Duke Energy Corp.
    
14,391
      
1,694,108
  
NextEra Energy, Inc.
    
23,868
      
1,686,036
  
TOTAL UTILITIES
      
3,380,144
  
TOTAL COMMON STOCKS (Cost $72,309,675)
      
73,829,479
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.1%
  
Shares
    
Value
 
Industrial REITs - 1.9%
                
Prologis, Inc.
    
15,093
      
1,639,100
  
           
$
–
  
Specialized REITs - 2.2%
                
Digital Realty Trust, Inc.
    
11,420
      
1,958,758
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $3,729,274)
      
3,597,858
  
                 
SHORT-TERM INVESTMENTS - 5.3%
  
Shares
    
Value
 
Money Market Funds - 5.3%
                
First American Treasury Obligations Fund - Class X, 4.22% (a)
    
4,643,949
      
4,643,949
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,643,949)
      
4,643,949
  
                 
TOTAL INVESTMENTS - 93.6% (Cost $80,682,898)
      
82,071,286
  
Other Assets in Excess of Liabilities - 6.4%
      
5,606,254
  
TOTAL NET ASSETS - 100.0%
          
$
87,677,540
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

ADR - American Depositary Receipt
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
SWP Growth & Income 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 May 31, 2025:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
73,829,479
    
$
–
    
$
–
    
$
73,829,479
  
  Real Estate Investment Trusts - Common
    
3,597,858
      
–
      
–
      
3,597,858
  
  Money Market Funds
    
4,643,949
      
–
      
–
      
4,643,949
  
Total Investments
  
$
82,071,286
    
$
–
    
$
–
    
$
82,071,286
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.