RJ Eagle Municipal Income ETF
Schedule of Investments
March 31, 2026 (Unaudited)

MUNICIPAL BONDS - 98.6%	Par		Value
Alabama - 7.4%
Albertville Board of Education, 4.40%, 02/01/2045	$	130,000	$	129,042
Black Belt Energy Gas District, 5.00%, 10/01/2055 ^(a)		765,000		807,046
Mobile County Industrial Development Authority, 5.00%, 06/01/2054 ^(b)		500,000		475,944
Southeast Energy Authority A Cooperative District, 5.25%, 11/01/2055 ^(a)		590,000		636,847
				2,048,879

Arizona - 2.9%
City of Phoenix Civic Improvement Corp., 4.00%, 07/01/2038 ^(b)		395,000		382,841
Industrial Development Authority of the County of Pima, 5.00%, 07/01/2037 (Obligor: Ctr For Academic Success)		430,000		433,550
				816,391

Arkansas - 0.7%
Arkansas Development Finance Authority, 5.00%, 09/01/2037 (Obligor: Baptist Mem Hlth Oblg Grp)		75,000		76,556
University of Arkansas, 5.00%, 11/01/2037 (Obligor: Univ Of Ar Fayetteville)		100,000		110,242
				186,798

California - 3.4%
California Municipal Finance Authority, 5.00%, 01/01/2036 (Obligor: Northern Calif Ret Ofcrs)		270,000		278,656
California Statewide Communities Development Authority, 5.00%, 09/02/2038		515,000		542,297
El Dorado Irrigation District, 4.00%, 03/01/2046		145,000		138,896
				959,849

Colorado - 3.6%
City of Colorado Springs CO Utilities System Revenue, 5.00%, 11/15/2048		450,000		456,593
City of Fort Collins CO Electric Utility Enterprise Revenue, 5.00%, 12/01/2039		95,000		97,947
Colorado Health Facilities Authority
4.00%, 08/01/2038 (Obligor: Commonspirit Hlth Oblig)		240,000		235,079
5.00%, 12/01/2043 (Obligor: Craig Hospital Oblig Grp)		95,000		98,950
Park Creek Metropolitan District, 5.00%, 12/01/2038		95,000		102,095
				990,664

Florida - 10.5%
City of Jacksonville FL, 5.00%, 08/15/2033 (Obligor: Baptist Hlth Sys Oblg Grp)		105,000		107,084
City of Pensacola FL Airport Revenue, 5.25%, 10/01/2041 ^(b)		275,000		297,979
City of Sunrise FL, 3.00%, 10/01/2050		495,000		350,555
County of Lee FL Airport Revenue, 5.00%, 10/01/2032 ^(b)		70,000		75,804
County of Miami-Dade Seaport Department, 5.00%, 10/01/2034 ^(b)		85,000		90,827
Florida Development Finance Corp., 5.00%, 02/01/2037 (Obligor: Shands Jacksonville Oblig)		465,000		480,889
Florida Higher Educational Facilities Financing Authority, 5.00%, 10/01/2036 (Obligor: Florida Institute Of Tech)		110,000		112,103
Greater Orlando Aviation Authority
5.25%, 11/01/2034 (Obligor: United Airlines Inc) ^(b)		500,000		521,628
5.25%, 10/01/2045 ^(b)		180,000		189,854
School District of Broward County/FL, 5.00%, 07/01/2034		210,000		214,378
State of Florida Department of Transportation Turnpike System Revenue, 4.00%, 07/01/2044		475,000		467,658
				2,908,759

Georgia - 3.3%
Atlanta Urban Residential Finance Authority, 4.95%, 06/01/2046 (Obligor: Ccp Residential I Llc)		100,000		100,487
City of Atlanta GA Airport Passenger Facility Charge, 5.25%, 07/01/2043 ^(b)		315,000		335,578
Main Street Natural Gas, Inc., 5.00%, 12/01/2054 ^(a)		455,000		480,155
				916,220

Illinois - 7.1%
Chicago Board of Education, 5.00%, 12/01/2034		100,000		100,903
City of Chicago IL, 5.00%, 01/01/2033		135,000		140,662
City of Chicago IL Wastewater Transmission Revenue, 5.00%, 01/01/2037		435,000		440,079
County of Cook IL Sales Tax Revenue, 5.00%, 11/15/2034		100,000		102,793
Illinois Finance Authority, 5.00%, 07/01/2043		90,000		97,522
Illinois State Toll Highway Authority
5.00%, 01/01/2042		455,000		464,775
5.00%, 01/01/2044		175,000		185,487
Will County Township High School District No 204 Joliet, 5.00%, 01/01/2036		435,000		440,553
				1,972,774

Indiana - 3.4%
Concord Community Schools Building Corp., 5.00%, 07/15/2039		300,000		325,979
Greater Clark Building Corp., 5.00%, 07/15/2040		340,000		363,425
Noblesville Community Development Corp., 5.00%, 08/01/2041		105,000		111,826
Wayne Township School Building Corp./Marion County IN, 5.00%, 07/15/2041		140,000		146,641
				947,871

Kansas - 0.4%
City of Lawrence KS, 5.00%, 07/01/2043 (Obligor: Lawrence Memorial Hosp)		100,000		100,708

Kentucky - 2.3%
Kentucky Public Energy Authority, 5.25%, 04/01/2054 ^(a)		265,000		283,753
Kentucky Rural Water Finance Corp., 2.00%, 02/01/2034		300,000		254,403
Kentucky State Property & Building Commission, 5.00%, 10/01/2032		110,000		111,273
				649,429

Louisiana - 2.1%
Louisiana Public Facilities Authority, 5.00%, 01/01/2038 (Obligor: South Quad L3c)		90,000		99,331
New Orleans Aviation Board
5.25%, 01/01/2041 ^(b)		270,000		287,185
5.00%, 01/01/2044		205,000		213,652
				600,168

Massachusetts - 0.4%
Massachusetts Development Finance Agency, 5.00%, 10/01/2035 (Obligor: Simmons University)		105,000		100,235

Michigan - 0.7%
Chippewa Valley Schools, 5.00%, 05/01/2039		125,000		135,392
Dexter Community Schools, 6.00%, 05/01/2026		70,000		70,197
				205,589

Minnesota - 2.2%
City of Minneapolis MN, 5.00%, 11/15/2034 (Obligor: Fairview Hlth Svcs Oblig)		205,000		210,412
Minnesota Agricultural & Economic Development Board, 4.00%, 01/01/2049 (Obligor: Healthpartners Oblig Grp)		180,000		158,025
Warroad Independent School District No 690, 5.00%, 02/01/2035		235,000		246,933
				615,370

Missouri - 0.4%
City of Smithville MO, 5.00%, 09/01/2036		95,000		104,759

Nebraska - 1.6%
Central Plains Energy Project, 5.00%, 05/01/2053 ^(a)		425,000		443,866

New Hampshire - 1.0%
New Hampshire Housing Finance Authority, 4.00%, 07/01/2039		280,000		276,238

New Jersey - 1.3%
New Jersey Higher Education Student Assistance Authority, 5.00%, 12/01/2028 ^(b)		225,000		234,965
Tobacco Settlement Financing Corp., 5.00%, 06/01/2031		120,000		124,301
				359,266

New York - 4.8%
City of New York NY, 5.00%, 12/01/2039		180,000		186,517
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 05/01/2044		725,000		772,731
New York State Housing Finance Agency, 2.10%, 11/01/2035		205,000		168,744
New York Transportation Development Corp., 4.00%, 10/31/2034 (Obligor: Empire St Thruway Partnrs) ^(b)		200,000		200,719
				1,328,711

North Carolina - 1.6%
North Carolina Medical Care Commission, 5.00%, 12/01/2034 (Obligor: Chapel Hill Resdl Ret Obl)		415,000		455,341

Ohio - 7.7%
County of Cuyahoga OH
5.00%, 01/01/2034 (Obligor: Musical Arts Association)		100,000		104,947
5.00%, 01/01/2041 (Obligor: Musical Arts Association)		600,000		615,970
County of Montgomery OH, 5.00%, 08/01/2039 (Obligor: Kettering Health Network)		530,000		553,143
Ohio Higher Educational Facility Commission
4.00%, 07/01/2039 (Obligor: Otterbein Homes Oblig Grp)		620,000		606,252
5.00%, 02/01/2041 (Obligor: University Of Dayton)		260,000		273,815
				2,154,127

Oklahoma - 2.8%
Mcintosh County Educational Facilities Authority, 5.00%, 09/01/2041		425,000		432,509
Oklahoma City Airport Trust, 5.00%, 07/01/2034 ^(b)		335,000		345,557
				778,066

Pennsylvania - 3.9%
Dallastown Area School District, 5.00%, 03/15/2044		460,000		486,461
Pennsylvania Housing Finance Agency, 4.95%, 10/01/2038		435,000		454,080
Philadelphia Authority for Industrial Development, 5.00%, 12/01/2034		135,000		137,375
				1,077,916

South Carolina - 1.4%
South Carolina Jobs-Economic Development Authority, 5.00%, 12/01/2039 (Obligor: Lowcountry Leadership Chr) ^(c)		290,000		283,198
South Carolina State Housing Finance & Development Authority, 5.00%, 01/01/2034		100,000		110,670
				393,868

Tennessee - 2.7%
Johnson City Health & Educational Facilities Board, 5.00%, 07/01/2034 (Obligor: Ballad Health Oblig Group)		120,000		130,380
Knox County Health Educational & Housing Facility Board, 5.00%, 01/01/2036 (Obligor: Covenant Hlth Oblig Grp)		100,000		101,077
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.00%, 10/01/2034 (Obligor: Trevecca Nazerene Univ)		395,000		400,212
Metropolitan Nashville Airport Authority, 5.00%, 07/01/2037 ^(b)		105,000		109,462
				741,131

Texas - 9.5%
City of Bryan TX Electric System Revenue, 3.00%, 07/01/2038		280,000		248,342
City of Celina TX, 4.00%, 09/01/2043		230,000		218,986
City of Houston TX Airport System Revenue, 5.00%, 07/01/2030 ^(b)		585,000		608,151
City of Laredo TX, 5.00%, 02/15/2043		200,000		215,887
County of Midland TX, 5.00%, 02/15/2044		215,000		226,009
El Paso County Hospital District, 5.00%, 08/15/2037		150,000		151,244
Galveston Independent School District, 4.00%, 02/01/2048		165,000		150,598
Harris County Municipal Utility District No 171, 4.13%, 12/01/2040		100,000		98,378
Lamar Consolidated Independent School District, 5.00%, 02/15/2041		155,000		164,744
Riceland Management District, 4.50%, 09/01/2047		80,000		75,522
Sunfield Municipal Utility District No 1, 4.00%, 09/01/2033		100,000		101,156
Town of Pantego TX, 4.00%, 08/15/2042		130,000		126,751
Washington County Junior College District, 2.25%, 10/01/2038		355,000		262,543
				2,648,311

Utah - 3.4%
City of Salt Lake City UT Airport Revenue
5.00%, 07/01/2031 ^(b)		305,000		311,506
5.00%, 07/01/2031 ^(b)		605,000		627,886
				939,392

Virginia - 0.6%
Virginia Housing Development Authority, 3.00%, 03/01/2042		190,000		159,141

Washington - 4.7%
City of Poulsbo WA, 5.00%, 12/01/2044		500,000		533,962
Clark County Public Utility District No 1 Electric Revenue, 5.00%, 01/01/2042		145,000		151,728
King County Public Hospital District No 1, 5.00%, 12/01/2035		275,000		284,623
Port of Seattle WA, 5.00%, 07/01/2037 ^(b)		115,000		124,319
State of Washington, 5.00%, 02/01/2038		195,000		208,399
				1,303,031

Wisconsin - 0.8%
Public Finance Authority, 5.00%, 06/15/2039 (Obligor: Piedmont Cmnty Chtr Sch)		225,000		226,803
TOTAL MUNICIPAL BONDS (Cost $27,667,539)				27,409,671

TOTAL INVESTMENTS - 98.6% (Cost $27,667,539)				27,409,671
Other Assets in Excess of Liabilities - 1.4%				391,472
TOTAL NET ASSETS - 100.0%			$	27,801,143

Percentages are stated as a percent of net assets.

(a)	Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of March 31, 2026.
(b)	Security subject to the Alternative Minimum Tax ("AMT"). As of March 31, 2026, the total value of securities subject to the AMT was $5,220,205 or 18.8% of net assets.
(c)	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.

Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

RJ Eagle Municipal 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 March 31, 2026:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	–	$	27,409,671	$	–	$	27,409,671
Total Investments	$	–	$	27,409,671	$	–	$	27,409,671

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