Hilton BDC Corporate Bond ETF
Schedule of Investments
July 31, 2025 (Unaudited)

CORPORATE BONDS - 92.8%	Par		Value
Investment Companies - 91.4%^(a)
Apollo Debt Solutions BDC
6.90%, 04/13/2029	$	541,000	$	565,267
6.70%, 07/29/2031		561,000		584,354
6.55%, 03/15/2032 ^(b)		282,000		289,383
Ares Capital Corp.
3.88%, 01/15/2026		326,000		324,667
2.15%, 07/15/2026		278,000		271,454
7.00%, 01/15/2027		260,000		267,714
2.88%, 06/15/2027		126,000		121,936
2.88%, 06/15/2028		369,000		348,742
5.88%, 03/01/2029		302,000		308,463
5.95%, 07/15/2029		251,000		257,175
3.20%, 11/15/2031		200,000		174,732
5.80%, 03/08/2032		304,000		303,441
Bain Capital Specialty Finance, Inc.
2.95%, 03/10/2026		183,000		180,350
2.55%, 10/13/2026		182,000		176,563
5.95%, 03/15/2030		203,000		201,951
Barings BDC, Inc.
3.30%, 11/23/2026		201,000		196,078
7.00%, 02/15/2029		194,000		201,301
BlackRock TCP Capital Corp.
2.85%, 02/09/2026		202,000		198,924
6.95%, 05/30/2029		202,000		208,811
Blackstone Private Credit Fund
7.05%, 09/29/2025		268,000		268,869
2.63%, 12/15/2026		427,000		412,823
3.25%, 03/15/2027		352,000		342,589
4.95%, 09/26/2027		125,000		124,568
7.30%, 11/27/2028		214,000		227,081
4.00%, 01/15/2029		215,000		207,616
5.95%, 07/16/2029		164,000		167,297
5.60%, 11/22/2029		123,000		123,939
5.25%, 04/01/2030		125,000		123,890
6.25%, 01/25/2031		162,000		167,066
6.00%, 01/29/2032		359,000		363,762
6.00%, 11/22/2034		268,000		266,333
Blackstone Secured Lending Fund
3.63%, 01/15/2026		385,000		382,532
2.75%, 09/16/2026		338,000		329,773
2.13%, 02/15/2027		291,000		278,452
5.88%, 11/15/2027		168,000		170,994
5.35%, 04/13/2028		343,000		345,816
2.85%, 09/30/2028		299,000		280,271
5.30%, 06/30/2030		217,000		215,965
Blue Owl Capital Corp.
4.25%, 01/15/2026		218,000		217,473
3.40%, 07/15/2026		484,000		477,078
2.63%, 01/15/2027		216,000		208,228
3.13%, 04/13/2027		220,000		212,382
2.88%, 06/11/2028		404,000		377,038
5.95%, 03/15/2029		496,000		497,202
6.20%, 07/15/2030		216,000		218,205
Blue Owl Capital Corp. II, 8.45%, 11/15/2026		274,000		283,750
Blue Owl Credit Income Corp.
3.13%, 09/23/2026		155,000		151,226
4.70%, 02/08/2027		221,000		219,402
7.75%, 09/16/2027		298,000		311,534
7.95%, 06/13/2028		311,000		329,265
7.75%, 01/15/2029		259,000		275,589
6.60%, 09/15/2029		449,000		461,979
5.80%, 03/15/2030		498,000		499,046
6.65%, 03/15/2031		366,000		376,669
Blue Owl Technology Finance Corp.
4.75%, 12/15/2025 ^(b)		299,000		297,910
3.75%, 06/17/2026 ^(b)		152,000		149,246
2.50%, 01/15/2027		110,000		105,753
6.10%, 03/15/2028 ^(b)		327,000		328,950
6.75%, 04/04/2029		422,000		432,209
Franklin BSP Capital Corp., 7.20%, 06/15/2029		290,000		301,112
FS KKR Capital Corp.
3.40%, 01/15/2026		487,000		483,472
2.63%, 01/15/2027		167,000		160,508
3.25%, 07/15/2027		218,000		209,451
3.13%, 10/12/2028		359,000		331,024
7.88%, 01/15/2029		169,000		179,042
6.88%, 08/15/2029		292,000		301,411
6.13%, 01/15/2030		337,000		338,139
Goldman Sachs BDC, Inc.
2.88%, 01/15/2026		296,000		293,261
6.38%, 03/11/2027		240,000		244,756
Golub Capital BDC, Inc.
2.50%, 08/24/2026		326,000		317,570
2.05%, 02/15/2027		188,000		179,321
7.05%, 12/05/2028		239,000		250,887
6.00%, 07/15/2029		399,000		405,272
Golub Capital Private Credit Fund
5.80%, 09/12/2029		294,000		294,858
5.88%, 05/01/2030		299,000		300,229
HPS Corporate Lending Fund
5.45%, 01/14/2028		398,000		399,085
6.75%, 01/30/2029		299,000		309,698
6.25%, 09/30/2029		206,000		210,661
5.95%, 04/14/2032		275,000		272,954
Main Street Capital Corp.
3.00%, 07/14/2026		285,000		279,701
6.50%, 06/04/2027		230,000		234,730
6.95%, 03/01/2029		197,000		204,886
Morgan Stanley Direct Lending Fund
4.50%, 02/11/2027		206,000		204,557
6.15%, 05/17/2029		198,000		202,847
6.00%, 05/19/2030		199,000		200,250
MSD Investment Corp., 6.25%, 05/31/2030 ^(b)		343,000		343,041
New Mountain Finance Corp.
6.20%, 10/15/2027		194,000		196,399
6.88%, 02/01/2029		196,000		200,775
North Haven Private Income Fund LLC, 5.75%, 02/01/2030		245,000		242,583
Nuveen Churchill Direct Lending Corp., 6.65%, 03/15/2030		244,000		250,809
Oaktree Specialty Lending Corp.
2.70%, 01/15/2027		202,000		194,353
7.10%, 02/15/2029		185,000		190,526
6.34%, 02/27/2030		184,000		183,585
Oaktree Strategic Credit Fund
8.40%, 11/14/2028		207,000		223,030
6.50%, 07/23/2029		246,000		252,246
Prospect Capital Corp.
3.36%, 11/15/2026		197,000		189,051
3.44%, 10/15/2028		198,000		178,977
Sixth Street Lending Partners
6.50%, 03/11/2029		424,000		437,035
5.75%, 01/15/2030		330,000		330,417
6.13%, 07/15/2030 ^(b)		399,000		406,897
				27,340,482

Private Equity - 1.4%
Hercules Capital, Inc.
2.63%, 09/16/2026		202,000		196,055
3.38%, 01/20/2027		230,000		223,615
				419,670
TOTAL CORPORATE BONDS (Cost $27,700,841)				27,760,152

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 6.1%	Shares
First American Government Obligations Fund - Class X, 4.23%^(c)		1,817,694		1,817,694
TOTAL MONEY MARKET FUNDS (Cost $1,817,694)				1,817,694

TOTAL INVESTMENTS - 98.9% (Cost $29,518,535)				29,577,846
Other Assets in Excess of Liabilities - 1.1%				343,849
TOTAL NET ASSETS - 100.0%			$	29,921,695
two				–	%
Par amount is in USD unless otherwise indicated
Percentages are stated as a percent of net assets.				–	%

LLC - Limited Liability Company

(a)	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.
(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 July 31, 2025, the value of these securities total $1,815,427 or 6.1% of the Fund’s net assets.
(c)	The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)

Hilton BDC Corporate Bond 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 July 31, 2025:

	Level 1		Level 2		Level 3		Total

Investments:
Corporate Bonds	$	–	$	27,760,152	$	–	$	27,760,152
Money Market Funds		1,817,694		–		–		1,817,694
Total Investments	$	1,817,694	$	27,760,152	$	–	$	29,577,846

Refer to the Schedule of Investments for further disaggregation of investment categories.