FM COMPOUNDERS EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 94.2%      
    APPAREL & TEXTILE PRODUCTS - 1.4%      
14,423   NIKE, Inc., Class B       $ 873,890
             
    ASSET MANAGEMENT - 3.0%      
15,119   KKR & Company, Inc.         1,836,354
             
    BANKING - 5.3%      
7,966   M&T Bank Corporation         1,454,909
30,512   US Bancorp         1,330,018
6,552   Wells Fargo & Company         489,959
             

3,274,886

    BIOTECH & PHARMA - 1.3%      
1,094   Eli Lilly & Company         807,011
             
    CHEMICALS - 2.5%      
3,324   Linde PLC         1,554,236
             
    DIVERSIFIED INDUSTRIALS - 2.1%      
4,339   General Electric Company         1,067,004
878   Honeywell International, Inc.         199,016
             

1,266,020

    E-COMMERCE DISCRETIONARY - 2.4%      
7,133   Amazon.com, Inc.(a)         1,462,336
             
    ELECTRICAL EQUIPMENT - 1.5%      
1,881   GE Vernova, LLC         889,675
             
    ENTERTAINMENT CONTENT - 1.9%      
2,721   Take-Two Interactive Software, Inc.(a)         615,708
4,999   Walt Disney Company (The)         565,087
             

1,180,795

    FOOD - 1.7%      
15,775   Mondelez International, Inc., Class A         1,064,655
             
 
 

 

FM COMPOUNDERS EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 94.2% (Continued)      
    HOUSEHOLD PRODUCTS - 1.7%      
6,297   Procter & Gamble Company (The)       $ 1,069,797
             
    INSTITUTIONAL FINANCIAL SERVICES - 0.9%      
870   Goldman Sachs Group, Inc. (The)         522,392
             
    INSURANCE - 15.8%      
9,127   Berkshire Hathaway, Inc., Class B(a)         4,599,643
4,547   Brown & Brown, Inc.         513,356
1,435   Enstar Group Ltd.(a)         480,739
12,454   Progressive Corp./The         3,548,518
310   White Mountains Insurance Group Ltd.         553,288
             

9,695,544

    INTERNET MEDIA & SERVICES - 3.2%      
2,848   Alphabet, Inc., Class C         492,277
2,271   Meta Platforms, Inc., Class A         1,470,449
             

1,962,726

    LEISURE FACILITIES & SERVICES - 1.3%      
1,160   McDonald's Corporation         364,066
5,324   Starbucks Corporation         446,950
             

811,016

    MACHINERY - 2.0%      
12,360   Veralto Corporation         1,248,731
             
    MEDICAL EQUIPMENT & DEVICES – 4.9%      
3,944   Abbott Laboratories         526,840
11,809   Danaher Corporation         2,242,529
1,273   West Pharmaceutical Services, Inc.         268,412
             

3,037,781

    OIL & GAS PRODUCERS - 2.0%      
10,728   Phillips 66         1,217,413
             
    RETAIL - CONSUMER STAPLES - 0.7%      
4,301   Walmart, Inc.         424,595
             
 
 

 

FM COMPOUNDERS EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 94.2% (Continued)      
    RETAIL - DISCRETIONARY - 4.0%      
410   AutoZone, Inc.(a)       $ 1,530,546
4,049   Lowe's Companies, Inc.         913,981
             

2,444,527

    SEMICONDUCTORS - 5.3%      
10,146   Applied Materials, Inc.         1,590,385
445   ASML Holding N.V. - ADR         327,863
69,652   Intel Corporation         1,361,697
             

3,279,945

    SOFTWARE - 9.1%      
1,859   ANSYS, Inc.(a)         614,994
30,685   Blackline, Inc.(a)         1,716,212
2,705   Microsoft Corporation         1,245,274
7,512   Salesforce, Inc.         1,993,459
             

5,569,939

    SPECIALTY FINANCE - 5.2%      
10,876   American Express Company         3,198,088
             
    TECHNOLOGY SERVICES - 8.4%      
3,943   Mastercard, Inc., Class A         2,309,021
7,863   Visa, Inc., Class A         2,871,489
             

5,180,510

    TOBACCO & CANNABIS - 3.3%      
11,234   Philip Morris International, Inc.         2,028,748
             
    TRANSPORTATION & LOGISTICS - 1.6%      
3,518   Expeditors International of Washington, Inc.         396,584
2,731   Union Pacific Corporation         605,354
             

1,001,938

    TRANSPORTATION EQUIPMENT - 1.1%      
6,552   Allison Transmission Holdings, Inc.         678,263
             
             
 
 

 

FM COMPOUNDERS EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 94.2% (Continued)      
    WHOLESALE - CONSUMER STAPLES - 0.6%      
          4,812   Sysco Corporation           $ 351,276    
               
    TOTAL COMMON STOCKS (Cost $35,150,147)    

57,933,087

               
    SHORT-TERM INVESTMENT — 5.9%      
    MONEY MARKET FUND - 5.9%      
3,595,564   Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.20% (Cost $3,595,564)(b)     3,595,564
             
    TOTAL INVESTMENTS - 100.1% (Cost $38,745,711)     $ 61,528,651
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(44,062)

    NET ASSETS - 100.0%        

$ 61,484,589

           
               
 

 

 

 

ADR  - American Depositary Receipt
LLC  - Limited Liability Company
LTD  - Limited Company
N.V.  - Naamioze Vennootschap
PLC  - Public Limited Company
(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of May 31, 2025.