SLW Short Duration Income ETF*
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
| Shares/Principal | Value | |||||||
| LONG-TERM INVESTMENTS - 98.02% | ||||||||
| CORPORATE BONDS - 74.98% | ||||||||
| Communication Services - 0.62% | ||||||||
| 2,000,000 | Orange SA, 9.000%, due 03/01/2031, France | $ | 2,351,966 | |||||
| Consumer Discretionary - 5.56% | ||||||||
| 2,000,000 | Air Canada 2020-1 Class C Pass Through Trust, 10.500%, due 07/15/2026, Canada(a) | 2,022,453 | ||||||
| 369,600 | Air Canada Series 2017-1 Class AA Pass Through Trust, 3.300%, due 01/15/2030, Canada(a) | 352,899 | ||||||
| 209,079 | American Airlines Series 2014-1 Class A Pass Through Trust, 3.700%, due 10/01/2026 | 208,502 | ||||||
| 426,677 | American Airlines Series 2015-1 Class A Pass Through Trust, 3.375%, due 05/01/2027 | 419,763 | ||||||
| 280,706 | British Airways 2019-1 Class AA Pass Through Trust, 3.300%, due 12/15/2032, United Kingdom(a) | 265,289 | ||||||
| 269,622 | Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, due 06/10/2028 | 259,026 | ||||||
| 2,083,333 | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, due 10/20/2028(a) | 2,085,422 | ||||||
| 500,000 | Toyota Motor Credit Corp. Series MTN, 5.250%, due 01/22/2030, Japan | 502,939 | ||||||
| 1,785,549 | Turkish Airlines 2015-1 Class A Pass Through Trust, 4.200%, due 03/15/2027, Turkey(a) | 1,755,087 | ||||||
| 967,318 | United Airlines 2016-1 Class A Pass Through Trust, 3.450%, due 07/07/2028 | 937,077 | ||||||
| 3,000,000 | Volkswagen Group of America Finance LLC, 5.650%, due 09/12/2028, Germany(a) | 3,061,904 | ||||||
| 1,500,000 | Volkswagen Group of America Finance LLC, 6.450%, due 11/16/2030, Germany(a) | 1,585,003 | ||||||
| 2,000,000 | Volkswagen Group of America Finance LLC, 5.250%, due 03/22/2029, Germany(a) | 2,023,965 | ||||||
| 5,500,000 | Volkswagen Group of America Finance LLC, 5.350%, due 03/27/2030, Germany(a) | 5,576,223 | ||||||
| 21,055,552 | ||||||||
| Consumer Staples - 3.28% | ||||||||
| 1,500,000 | BAT Capital Corp., 5.834%, due 02/20/2031, United Kingdom | 1,569,752 | ||||||
| 1,500,000 | Bayer US Finance LLC, 6.375%, due 11/21/2030, Germany(a) | 1,582,006 | ||||||
| 257,078 | CVS Pass-Through Trust, 5.880%, due 01/10/2028 | 257,776 | ||||||
| 3,000,000 | HCA, Inc., 4.700%, due 05/15/2031 | 2,986,591 | ||||||
| 500,000 | Roche Holdings, Inc., 4.075%, due 12/02/2030(a) | 494,035 | ||||||
| 500,000 | Roche Holdings, Inc., 4.374%, due 12/02/2032(a) | 492,396 | ||||||
| 5,000,000 | Teva Pharmaceutical Finance Netherlands III BV, 5.125%, due 05/09/2029, Israel | 5,021,445 | ||||||
| 12,404,001 | ||||||||
| Energy - 6.29% | ||||||||
| 1,090,000 | Devon OEI Operating LLC, 7.500%, due 09/15/2027 | 1,119,210 | ||||||
| 500,000 | Enbridge, Inc., 6.200%, due 11/15/2030, Canada | 529,450 | ||||||
| 500,000 | Enbridge, Inc., 4.900%, due 06/20/2030, Canada | 504,143 | ||||||
| 1,000,000 | Enbridge, Inc., 4.200%, due 11/20/2028, Canada | 994,545 | ||||||
| 500,000 | Energy Transfer LP, 5.200%, due 04/01/2030 | 510,879 | ||||||
| 3,000,000 | Energy Transfer LP, 4.550%, due 01/15/2031 | 2,974,167 | ||||||
| 7,500,000 | HF Sinclair Corp., 5.750%, due 01/15/2031 | 7,683,561 | ||||||
| 1,000,000 | HF Sinclair Corp., 5.500%, due 09/01/2032 | 1,012,909 | ||||||
| 1,000,000 | Occidental Petroleum Corp., 7.875%, due 09/15/2031 | 1,138,095 | ||||||
| 2,000,000 | Occidental Petroleum Corp., 8.875%, due 07/15/2030 | 2,278,457 | ||||||
| 1,000,000 | Occidental Petroleum Corp., 6.125%, due 01/01/2031 | 1,044,181 | ||||||
| 1,500,000 | Valero Energy Corp., 5.150%, due 02/15/2030 | 1,530,904 | ||||||
| 2,344,000 | Western Midstream Operating LP, 7.250%, due 04/01/2030(a) | 2,472,111 | ||||||
| 23,792,612 | ||||||||
| Financials - 46.96% | ||||||||
| 2,390,000 | ANZ Bank New Zealand Ltd., 5.548%, due 08/11/2032, Australia(a)(b) | 2,413,220 | ||||||
| 1,000,000 | Apollo Debt Solutions BDC, 5.200%, due 12/08/2028(a) | 989,735 | ||||||
| 3,500,000 | Apollo Debt Solutions BDC, 5.700%, due 01/23/2031(a) | 3,441,488 | ||||||
| 2,000,000 | Ares Capital Corp., 5.500%, due 09/01/2030 | 1,974,239 | ||||||
| 5,000,000 | Ares Capital Corp., 5.100%, due 01/15/2031 | 4,851,810 | ||||||
| 2,000,000 | Athene Global Funding, 5.380%, due 01/07/2030(a) | 2,010,087 | ||||||
| 1,000,000 | Atlas Warehouse Lending Co. LP, 4.950%, due 11/15/2030(a) | 983,826 | ||||||
| 5,000,000 | Atlas Warehouse Lending Co. LP, 4.625%, due 11/15/2028(a) | 4,937,718 | ||||||
| 3,000,000 | Atlas Warehouse Lending Co. LP, 5.250%, due 01/15/2033(a) | 2,934,975 | ||||||
| 1,085,000 | Australia & New Zealand Banking Group Ltd., 5.731%, due 09/18/2034, Australia(a)(b) | 1,112,466 | ||||||
| 1,500,000 | Avolon Holdings Funding Ltd., 4.200%, due 04/15/2029, China(a) | 1,473,073 | ||||||
| 2,000,000 | Avolon Holdings Funding Ltd., 5.750%, due 03/01/2029, China(a) | 2,046,148 | ||||||
| 3,000,000 | Avolon Holdings Funding Ltd., 5.150%, due 01/15/2030, China(a) | 3,016,712 | ||||||
| 4,000,000 | Avolon Holdings Funding Ltd., 5.375%, due 05/30/2030, China(a) | 4,052,324 | ||||||
| 2,000,000 | Avolon Holdings Funding Ltd., 4.700%, due 01/30/2031, China(a) | 1,965,013 | ||||||
| 2,000,000 | Bank of America Corp. Series B, 8.050%, due 06/15/2027 | 2,070,685 | ||||||
| 3,500,000 | Blackstone Private Credit Fund, 5.600%, due 11/22/2029 | 3,458,418 | ||||||
| 1,000,000 | Blackstone Private Credit Fund, 7.300%, due 11/27/2028 | 1,033,704 | ||||||
| 1 |
SLW Short Duration Income ETF*
SCHEDULE OF INVESTMENTS
April 30, 2026 (Continued) (Unaudited)
| Shares/Principal | Value | |||||||
| CORPORATE BONDS - 74.98% (continued) | ||||||||
| Financials - 46.96%(Continued) | ||||||||
| 4,000,000 | Blue Owl Capital Corp., 6.200%, due 07/15/2030 | $ | 3,974,870 | |||||
| 2,500,000 | Blue Owl Capital Corp., 5.950%, due 03/15/2029 | 2,485,916 | ||||||
| 1,000,000 | Blue Owl Credit Income Corp., 7.750%, due 01/15/2029 | 1,031,424 | ||||||
| 1,000,000 | Blue Owl Credit Income Corp., 5.800%, due 03/15/2030 | 973,272 | ||||||
| 5,000,000 | Blue Owl Technology Finance Corp., 6.100%, due 03/15/2028 | 4,981,025 | ||||||
| 2,000,000 | Citadel Finance LLC, 5.900%, due 02/10/2030(a) | 2,017,600 | ||||||
| 1,000,000 | Corebridge Global Funding, 5.200%, due 06/24/2029(a) | 1,015,601 | ||||||
| 2,000,000 | Corebridge Global Funding, 4.550%, due 01/09/2031(a) | 1,976,513 | ||||||
| 2,000,000 | Corebridge Global Funding, 4.450%, due 10/02/2030(a) | 1,967,404 | ||||||
| 3,000,000 | Credit Agricole SA, 5.222%, due 05/27/2031, France(a)(b) | 3,037,478 | ||||||
| 2,000,000 | Credit Agricole SA, 4.656%, due 01/12/2032, France(a)(b) | 1,975,312 | ||||||
| 1,500,000 | Danske Bank A/S, 5.019%, due 03/04/2031, Denmark(a)(b) | 1,511,224 | ||||||
| 1,850,000 | Deutsche Bank AG, 5.373%, due 01/10/2029, Germany(b) | 1,871,247 | ||||||
| 1,000,000 | Deutsche Bank AG Series MTN, 5.000%, due 09/10/2029, Germany | 999,763 | ||||||
| 1,000,000 | Deutsche Bank AG, 4.875%, due 12/01/2032, Germany(b) | 996,348 | ||||||
| 1,000,000 | Deutsche Bank AG, 5.297%, due 05/09/2031, Germany(b) | 1,011,104 | ||||||
| 1,000,000 | Essent Group Ltd., 6.250%, due 07/01/2029 | 1,035,178 | ||||||
| 5,000,000 | Franklin BSP Realty Trust, Inc. Series QIB, 8.250%, due 04/25/2030(a) | 5,008,075 | ||||||
| 2,000,000 | Gabx Leasing LLC, 4.625%, due 04/15/2031(a) | 1,974,749 | ||||||
| 2,000,000 | Goldman Sachs BDC, Inc., 5.100%, due 01/28/2029 | 1,961,641 | ||||||
| 2,000,000 | Goldman Sachs Private Credit Corp., 5.875%, due 01/31/2031(a) | 1,967,576 | ||||||
| 1,000,000 | Goldman Sachs Private Credit Corp., 6.250%, due 05/06/2030(a) | 999,620 | ||||||
| 1,000,000 | HPS Corporate Lending Fund, 4.900%, due 09/11/2028 | 979,071 | ||||||
| 5,000,000 | HPS Corporate Lending Fund, 5.650%, due 04/02/2031(a) | 4,876,469 | ||||||
| 5,000,000 | HPS Corporate Lending Fund, 5.150%, due 04/02/2029(a) | 4,898,197 | ||||||
| 1,382,000 | JPMorgan Chase & Co., 8.750%, due 09/01/2030 | 1,601,849 | ||||||
| 1,000,000 | JPMorgan Chase & Co., 5.140%, due 01/24/2031(b) | 1,017,987 | ||||||
| 500,000 | JPMorgan Chase & Co., 4.915%, due 01/24/2029(b) | 504,113 | ||||||
| 1,000,000 | JPMorgan Chase & Co., 6.087%, due 10/23/2029(b) | 1,036,970 | ||||||
| 1,500,000 | JPMorgan Chase & Co. Series FRN, 4.466% (1D SOFR + 0.80%), due 01/24/2029(b) | 1,503,698 | ||||||
| 1,250,000 | JPMorgan Chase & Co., 4.566% (1D SOFR + 0.92%), due 04/22/2028(b) | 1,255,097 | ||||||
| 145,000 | JPMorgan Chase & Co., 4.480% (3M SOFR + 0.81%), due 02/01/2027(b) | 144,391 | ||||||
| 1,000,000 | JPMorgan Chase & Co. Series F, 4.550% (3M SOFR + 0.89%), due 08/01/2028(b) | 987,379 | ||||||
| 1,640,000 | JPMorgan Chase & Co. Series B, 4.425% (3M SOFR + 0.76%), due 02/01/2027(b) | 1,625,221 | ||||||
| 1,780,000 | Liberty Mutual Insurance Co., 7.875%, due 10/15/2026(a) | 1,800,560 | ||||||
| 1,000,000 | Lloyds Banking Group PLC, 4.425%, due 11/04/2031, United Kingdom(b) | 984,896 | ||||||
| 2,000,000 | Lloyds Banking Group PLC, 4.241%, due 02/10/2030, United Kingdom(b) | 1,980,918 | ||||||
| 1,000,000 | Mitsubishi UFJ Financial Group, Inc., 5.146% (1D SOFR + 1.48%), due 04/24/2031, Japan(b) | 1,021,707 | ||||||
| 2,000,000 | Mizuho Financial Group, Inc., 5.098%, due 05/13/2031, Japan(b) | 2,030,056 | ||||||
| 2,000,000 | Morgan Stanley, 5.656%, due 04/18/2030(b) | 2,054,849 | ||||||
| 1,000,000 | Morgan Stanley, 4.493%, due 01/16/2032(b) | 984,193 | ||||||
| 1,000,000 | Morgan Stanley Bank NA, 5.016%, due 01/12/2029(b) | 1,009,465 | ||||||
| 900,000 | Morgan Stanley Bank NA, 4.574% (1D SOFR + 0.90%), due 01/12/2029(b) | 903,506 | ||||||
| 3,000,000 | NatWest Group PLC, 5.115%, due 05/23/2031, United Kingdom(b) | 3,034,650 | ||||||
| 1,000,000 | NatWest Group PLC, 5.076%, due 01/27/2030, United Kingdom(b) | 1,011,803 | ||||||
| 1,000,000 | NatWest Group PLC, 4.777% (1D SOFR + 1.10%), due 05/23/2029, United Kingdom(b) | 1,005,869 | ||||||
| 1,000,000 | NatWest Markets PLC, 5.022%, due 03/21/2030, United Kingdom(a) | 1,011,701 | ||||||
| 1,000,000 | Northwest Florida Timber Finance LLC, 4.750%, due 03/04/2029(a) | 972,019 | ||||||
| 1,000,000 | RGA Global Funding, 5.250%, due 01/09/2030(a) | 1,017,717 | ||||||
| 3,582,000 | Royal Bank of Canada Series GMTN, 4.969%, due 08/02/2030, Canada(b) | 3,627,405 | ||||||
| 3,000,000 | Royal Bank of Canada Series GMTN, 4.965%, due 01/24/2029, Canada(b) | 3,026,694 | ||||||
| 5,500,000 | Royal Bank of Canada Series GMTN, 5.153%, due 02/04/2031, Canada(b) | 5,592,394 | ||||||
| 2,500,000 | Royal Bank of Canada Series GMTN, 4.720% (1D SOFR + 1.03%), due 02/04/2031, Canada(b) | 2,510,575 | ||||||
| 4,000,000 | SBL Holdings, Inc., 5.000%, due 02/18/2031(a) | 3,501,270 | ||||||
| 5,000,000 | SBL Holdings, Inc., 5.900%, due 09/26/2028(a) | 4,787,243 | ||||||
| 2,000,000 | Sixth Street Lending Partners, 5.750%, due 01/15/2030 | 1,989,537 | ||||||
| 2,500,000 | Sixth Street Lending Partners, 6.125%, due 07/15/2030 | 2,512,756 | ||||||
| 1,000,000 | Sumitomo Mitsui Financial Group, Inc., 4.723% (1D SOFR + 1.05%), due 04/15/2030, Japan(b) | 1,005,309 | ||||||
| 2,000,000 | Toronto-Dominion Bank, 4.411%, due 01/13/2031, Canada | 1,984,543 | ||||||
| 1,000,000 | Toronto-Dominion Bank Series GMTN, 5.400%, due 01/31/2030, Canada | 1,006,695 | ||||||
| 1,800,000 | Toronto-Dominion Bank Series GMTN, 4.994%, due 04/05/2029, Canada | 1,828,281 | ||||||
| 2 |
SLW Short Duration Income ETF*
SCHEDULE OF INVESTMENTS
April 30, 2026 (Continued) (Unaudited)
| Shares/Principal | Value | |||||||
| CORPORATE BONDS - 74.98% (continued) | ||||||||
| Financials - 46.96%(Continued) | ||||||||
| 600,000 | Toronto-Dominion Bank Series GMTN, 5.000%, due 07/11/2030, Canada | $ | 600,470 | |||||
| 3,500,000 | Toronto-Dominion Bank Series MTN, 4.808%, due 06/03/2030, Canada | 3,530,756 | ||||||
| 5,007,000 | Unum Group, 7.250%, due 03/15/2028 | 5,173,976 | ||||||
| 2,000,000 | VCT Holdings LLC, 6.000%, due 12/30/2026(a) | 1,977,500 | ||||||
| 2,400,000 | Westpac Banking Corp., 3.020%, due 11/18/2036, Australia(b) | 2,149,645 | ||||||
| 177,597,981 | ||||||||
| Health Care - 0.13% | ||||||||
| 500,000 | Amgen, Inc., 4.200%, due 02/19/2031 | 493,338 | ||||||
| Industrials - 1.18% | ||||||||
| 2,000,000 | Avolon Holdings Funding Ltd., 4.900%, due 10/10/2030, China(a) | 1,990,292 | ||||||
| 500,000 | CRH America Finance, Inc., 4.400%, due 02/09/2031 | 493,888 | ||||||
| 500,000 | Howmet Aerospace, Inc., 4.550%, due 11/15/2032 | 491,905 | ||||||
| 1,000,000 | Howmet Aerospace, Inc., 3.900%, due 04/15/2029 | 985,827 | ||||||
| 500,000 | Verisk Analytics, Inc., 4.450%, due 03/15/2031 | 493,526 | ||||||
| 4,455,438 | ||||||||
| Information Technology - 2.49% | ||||||||
| 1,000,000 | Intel Corp., 4.650%, due 06/01/2031 | 996,381 | ||||||
| 1,500,000 | Kyndryl Holdings, Inc., 2.050%, due 10/15/2026 | 1,480,525 | ||||||
| 1,000,000 | Kyndryl Holdings, Inc., 3.150%, due 10/15/2031 | 849,010 | ||||||
| 1,500,000 | Microchip Technology, Inc., 5.050%, due 02/15/2030 | 1,516,091 | ||||||
| 3,000,000 | Oracle Corp., 6.150%, due 11/09/2029 | 3,091,742 | ||||||
| 500,000 | Oracle Corp., 4.466% (1D SOFR + 0.76%), due 08/03/2028(b) | 491,040 | ||||||
| 1,000,000 | Oracle Corp., 4.550%, due 02/04/2029 | 988,068 | ||||||
| 9,412,857 | ||||||||
| Materials - 1.57% | ||||||||
| 3,000,000 | Anglo American Capital PLC, 5.625%, due 04/01/2030, South Africa(a) | 3,095,595 | ||||||
| 1,500,000 | Eastman Chemical Co., 4.500%, due 02/20/2031 | 1,474,657 | ||||||
| 1,000,000 | NOVA Chemicals Corp., 8.500%, due 11/15/2028, United Arab Emirates(a) | 1,038,219 | ||||||
| 300,000 | Syensqo Finance America LLC, 5.650%, due 06/04/2029, Belgium(a) | 307,816 | ||||||
| 5,916,287 | ||||||||
| Utilities - 6.90% | ||||||||
| 2,000,000 | Constellation Energy Generation LLC, 5.000%, due 02/01/2031(a) | 2,005,663 | ||||||
| 5,000,000 | DTE Energy Co., 5.200%, due 04/01/2030 | 5,096,731 | ||||||
| 500,000 | Duke Energy Florida LLC, 4.200%, due 12/01/2030 | 494,316 | ||||||
| 1,000,000 | NRG Energy, Inc., 5.250%, due 06/15/2029(a) | 996,748 | ||||||
| 4,750,000 | NRG Energy, Inc., 5.750%, due 07/15/2029(a) | 4,750,376 | ||||||
| 2,275,000 | Palomino Funding Trust I, 7.233%, due 05/17/2028(a) | 2,371,246 | ||||||
| 8,000,000 | PSEG Power LLC, 5.200%, due 05/15/2030(a) | 8,127,335 | ||||||
| 1,000,000 | Public Service Electric and Gas Co., 4.200%, due 01/01/2031 | 988,886 | ||||||
| 1,250,000 | Vistra Operations Co. LLC, 5.000%, due 07/31/2027(a) | 1,250,245 | ||||||
| 26,081,546 | ||||||||
| TOTAL CORPORATE BONDS (Cost $283,999,964) | 283,561,578 | |||||||
| EXCHANGE-TRADED FUNDS - 6.29% | ||||||||
| 280,000 | Janus Henderson AAA CLO ETF | 14,145,600 | ||||||
| 410,000 | Simplify Treasury Option, Income ETF | 9,630,900 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $23,981,783) | 23,776,500 | |||||||
| GOVERNMENT-SPONSORED ENTERPRISE DEBT - 4.11% | ||||||||
| 8,000,000 | Eagle Funding Luxco S.a.r.l., 5.500%, due 08/17/2030, Netherlands(a) | 8,071,600 | ||||||
| 400,148 | Freddie Mac STACR REMIC Trust 2024-HQA1 Class A1, 4.895%, due 03/25/2044(a)(b) | 402,266 | ||||||
| 490,000 | Freddie Mac STACR REMIC Trust 2025-DNA1 Class A1, 4.595%, due 01/25/2045(a)(b) | 491,858 | ||||||
| 941,675 | Government National Mortgage Association 2019-H14 Class DF, 4.779%, due 08/20/2069(b) | 952,121 | ||||||
| 2,061,334 | Government National Mortgage Association 2019-H15 Class FJ, 4.379%, due 09/20/2069(b) | 2,063,020 | ||||||
| 941,025 | Government National Mortgage Association 2020-H17 Class BF, 4.999%, due 09/20/2070(b) | 959,794 | ||||||
| 861,939 | Government National Mortgage Association 2023-H20 Class FL, 4.740%, due 05/20/2073(b) | 874,763 | ||||||
| 3 |
SLW Short Duration Income ETF*
SCHEDULE OF INVESTMENTS
April 30, 2026 (Continued) (Unaudited)
| Shares/Principal | Value | |||||||
| GOVERNMENT-SPONSORED ENTERPRISE DEBT - 4.11% (continued) | ||||||||
| 1,750,000 | Korea National Oil Corp., 4.417% (1D SOFR + 0.77%), due 03/31/2028, South Korea(a)(b) | $ | 1,755,960 | |||||
| TOTAL GOVERNMENT-SPONSORED ENTERPRISE DEBT (Cost $15,506,251) | 15,571,382 | |||||||
| MORTGAGE-BACKED SECURITIES - 12.64% | ||||||||
| 2,683,077 | Angel Oak Mortgage Trust 2023-3 Class A1, 4.800%, due 09/26/2067(a) | 2,680,124 | ||||||
| 625,569 | BRAVO Residential Funding Trust 2021-NQM2 Class A1, 0.970%, due 03/25/2060(a)(b) | 619,431 | ||||||
| 1,500,000 | BXMT 2020-FL2 Ltd. Class B, 5.443%, due 02/15/2038(a)(b) | 1,499,222 | ||||||
| 172,041 | CFMT 2022-HB9 LLC Class A, 3.250%, due 09/25/2037(a)(b) | 170,081 | ||||||
| 456,152 | CFMT 2024-HB13 LLC Class A, 3.000%, due 05/25/2034(a)(b) | 452,002 | ||||||
| 600,537 | CHNGE Mortgage Trust 2022-NQM1 Class A1, 5.189%, due 06/25/2067(a) | 599,648 | ||||||
| 1,000,000 | CSMC 2020-SPT1 Trust Class M1, 3.388%, due 04/25/2065(a)(b) | 988,842 | ||||||
| 1,197,222 | FIGRE Trust 2025-HE4 Class A, 5.408%, due 07/25/2055(a)(b) | 1,201,030 | ||||||
| 2,486,079 | Finance of America HECM Buyout 2025-HB1 Class A, 4.500%, due 11/25/2028(a)(b) | 2,464,362 | ||||||
| 2,000,000 | Finance of America HECM Buyout 2025-HB1 Class M2, 5.250%, due 11/25/2028(a)(b) | 1,986,278 | ||||||
| 951,549 | Finance of America HECM Buyout Series 2026-HB1, 4.250%, due 03/25/2029(a)(b) | 938,900 | ||||||
| 1,900,000 | Finance of America HECM Buyout Series 2026-HB1, 4.750%, due 03/25/2029(a)(b) | 1,875,423 | ||||||
| 1,686,368 | Finance Of America Structured Securities Trust Series 2024-S2 Class A1, 3.500%, due 04/25/2074(a) | 1,662,332 | ||||||
| 4,018,935 | Finance of America Structured Securities Trust Series 2024-S4 Class A3, 3.500%, due 11/25/2074(a) | 3,908,727 | ||||||
| 2,066,485 | Finance of America Structured Securities Trust Series 2024-S4 Class AV, 5.145%, due 11/25/2074(a)(b) | 2,076,335 | ||||||
| 1,392,629 | Finance of America Structured Securities Trust Series 2025-PC2 Class AV, 4.895%, due 05/25/2075(a)(b) | 1,384,525 | ||||||
| 914,317 | Finance of America Structured Securities Trust Series 2025-S1 Class A3, 3.500%, due 02/25/2075(a) | 885,991 | ||||||
| 1,982,839 | Finance Of America Structured Securities Trust Series 2026-S1 Class A1, 3.500%, due 03/25/2056(a)(b) | 1,926,133 | ||||||
| 1,982,839 | Finance Of America Structured Securities Trust Series 2026-S1 Class AV, 4.912%, due 03/25/2056(a)(b) | 1,982,662 | ||||||
| 630,927 | GCAT 2022-NQM2 Trust Class A1, 4.210%, due 02/25/2067(a)(b) | 630,532 | ||||||
| 1,363,789 | GS Mortgage-Backed Securities Trust 2025-PJ4 Class A5, 5.500%, due 09/25/2055(a)(b) | 1,364,136 | ||||||
| 668,540 | GS Mortgage-Backed Securities Trust 2025-PJ5 Class A2, 5.500%, due 10/25/2055(a)(b) | 667,992 | ||||||
| 993,437 | GS Mortgage-Backed Securities Trust 2025-PJ6 Class A4, 6.000%, due 11/25/2055(a)(b) | 999,826 | ||||||
| 1,934,711 | Lafayette Credit Union Series 2026-HI1A, 5.375%, due 01/25/2046(a)(b) | 1,918,284 | ||||||
| 1,803,376 | MFA 2022-NQM2 Trust Class A2, 4.000%, due 05/25/2067(a)(b) | 1,719,630 | ||||||
| 956,106 | Nelnet Student Loan Trust Series 2014-6A Class A, 4.410%, due 11/25/2052(a)(b) | 955,108 | ||||||
| 1,000,000 | Onity Loan Investment Trust 2025-HB1 Class M1, 3.000%, due 06/25/2038(a)(b) | 951,892 | ||||||
| 901,514 | PRKCM 2024-HOME1 Trust Class A1, 6.431%, due 05/25/2059(a) | 911,108 | ||||||
| 651,504 | Provident Funding Mortgage Trust 2025-2 Class A2, 5.500%, due 06/25/2055(a)(b) | 650,970 | ||||||
| 1,070,678 | Provident Funding Mortgage Trust 2025-2 Class A4, 5.500%, due 06/25/2055(a)(b) | 1,070,971 | ||||||
| 1,908,566 | RMF Proprietary Issuance Trust Series 2022-3 Class A, 4.000%, due 08/25/2062(a)(b) | 1,897,691 | ||||||
| 1,000,000 | Saluda Grade Alternative Mortgage Trust 2022-SEQ2 Class A3, 4.500%, due 02/25/2052(a)(b) | 967,001 | ||||||
| 409,355 | SKY Trust 2025-LINE Class A, 6.243%, due 04/15/2042(a)(b) | 410,886 | ||||||
| 1,020,607 | Stone Street Receivables Funding 2015-1 LLC Class A, 3.570%, due 12/15/2054(a) | 923,163 | ||||||
| 2,000,000 | STWD 2021-FL2 Ltd. Class C, 5.882%, due 04/18/2038(a)(b) | 1,996,536 | ||||||
| 477,549 | VINE 2024-SFR1 Trust Class A, 4.500%, due 03/17/2041(a) | 469,641 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $47,652,758) | 47,807,415 | |||||||
| TOTAL LONG TERM-INVESTMENTS - 98.02% (Cost $371,140,756) | 370,716,875 | |||||||
| SHORT-TERM INVESTMENTS - 0.07% | ||||||||
| MONEY MARKET FUNDS - 0.07% | ||||||||
| 255,599 | Blackrock Liquidity Tempcash Institutional Class, 3.67%(c) | 255,676 | ||||||
| TOTAL SHORT TERM-INVESTMENTS - 0.07% (Cost $255,752) | 255,676 | |||||||
| TOTAL INVESTMENTS - 98.09% (Cost $371,396,508) | 370,972,551 | |||||||
| Other Assets in Excess of Liabilities - 1.91% | 7,217,136 | |||||||
| NET ASSETS - 100.00% | $ | 378,189,687 | ||||||
| (a) | All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of April 30, 2026, these securities had an aggregate value of $187,902,040 or 49.68% of net assets. |
| (b) | Variable rate security. |
| (c) | The rate shown represents the yield as of April 30, 2026. |
| 4 |
SLW Short Duration Income ETF*
SCHEDULE OF INVESTMENTS
April 30, 2026 (Continued) (Unaudited)
Investment Abbreviations:
AG - Aktiengesellschaft (German: Stock Corporation)
A/S - Aktieselskab (Danish: Joint Stock Company)
BDC – Business Development Company
BV – Besloten Vennootschap (Dutch: Private Limited Company)
LLC – Limited Liability Company
LP – Limited Partnership
Ltd. – Limited
NA - National Association
PLC - Public Limited Company
SA - Société Anonyme (French: Public Limited Company)
SOFR – Secured Overnight Financing Rate
Futures Contracts
| Description | Position | Contracts | Expiration Date | Notional Value | Value | Unrealized Appreciation | ||||||||||||
| 10-Year US Treasury Note | Long | 10 | June 19, 2026 | $ | 1,105,405 | $ | 1,105,938 | $ | 533 | |||||||||
| $ | 1,105,405 | $ | 1,105,938 | $ | 533 | |||||||||||||
| Description | Position | Contracts | Expiration Date | Notional Value | Value | Unrealized Appreciation | ||||||||||||
| 2-Year US Treasury Note | Short | (110 | ) | July 1, 2026 | $ | (22,819,226 | ) | $ | (22,783,750 | ) | $ | 35,476 | ||||||
| 5-Year US Treasury Note | Short | (1,170 | ) | July 1, 2026 | (127,979,981 | ) | (126,168,048 | ) | 1,811,933 | |||||||||
| $ | (150,799,207 | ) | $ | (148,951,798 | ) | $ | 1,847,409 | |||||||||||
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s assets carried at fair value:
SLW Short Duration Income ETF
| Investments in Securities at Value | Level 1 - Quoted Prices | Level 2 - Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
| Corporate Bonds | $ | – | $ | 292,202,980 | $ | – | $ | 292,202,980 | ||||||||
| Exchange-Traded Funds | 23,776,500 | – | – | 23,776,500 | ||||||||||||
| Government-Sponsored Enterprise Debt | – | 15,571,382 | – | 15,571,382 | ||||||||||||
| Mortgage-Backed Securities | – | 39,166,013 | – | 39,166,013 | ||||||||||||
| Money Market Funds | 255,676 | – | – | 255,676 | ||||||||||||
| Total | $ | 24,032,176 | $ | 346,940,375 | $ | – | $ | 370,972,551 | ||||||||
| Other Financial Instruments | Level 1 - Quoted Prices | Level 2 - Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
| Assets | ||||||||||||||||
| Futures | $ | 1,847,942 | $ | – | $ | – | $ | 1,847,942 | ||||||||
| Total | $ | 1,847,942 | $ | – | $ | – | $ | 1,847,942 | ||||||||
| * | Effective June 8, 2026, the name of the Fund was changed from Wisdom Short Duration Income ETF. |
| 5 |
SLW Short Term Government Fund*
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
| Shares/Principal | Value | |||||||
| LONG-TERM INVESTMENTS - 49.45% | ||||||||
| GOVERNMENT-SPONSORED ENTERPRISE DEBT - 49.45% | ||||||||
| 10,000,000 | Fannie Mae Discount Notes, due 06/01/2026 | $ | 9,968,089 | |||||
| 1,000,000 | Fannie Mae Pool AN2351, 2.150%, due 09/01/2026 | 991,524 | ||||||
| 1,223,734 | Fannie Mae Pool AN7602, 2.870%, due 01/01/2028 | 1,199,357 | ||||||
| 1,000,000 | Fannie Mae Pool BS1957, 1.410%, due 05/01/2028 | 945,134 | ||||||
| 365,568 | Fannie Mae-Aces Series 2017-M3 Class A2, 2.475%, due 12/25/2026(a) | 362,214 | ||||||
| 743,192 | Fannie Mae-Aces Series 2018-M4 Class A2, 3.067%, due 03/25/2028(a) | 733,156 | ||||||
| 1,557,606 | Fannie Mae-Aces Series 2016-M10 Class FA, 4.380%, due 08/25/2028(a) | 1,557,648 | ||||||
| 6,100,000 | Federal Home Loan Bank Discount Notes, due 05/01/2026 | 6,099,394 | ||||||
| 4,000,000 | Federal Home Loan Bank Discount Notes, due 07/01/2026 | 3,975,303 | ||||||
| 7,800,000 | Freddie Mac Discount Notes, due 05/01/2026 | 7,799,224 | ||||||
| 604,579 | Freddie Mac Multifamily Structured Pass Through Certificates Series K101 Class A1, 2.190%, due 07/25/2029 | 583,559 | ||||||
| 1,000,000 | Freddie Mac Multifamily Structured Pass Through Certificates Series K058 Class A2, 2.653%, due 08/25/2026 | 994,824 | ||||||
| 1,000,000 | Freddie Mac Multifamily Structured Pass Through Certificates Series K064 Class A2, 3.224%, due 03/25/2027 | 993,035 | ||||||
| 2,770,000 | Freddie Mac Multifamily Structured Pass Through Certificates Series K065 Class A2, 3.243%, due 04/25/2027 | 2,748,151 | ||||||
| 1,137,680 | SBA Small Business Investment Cos. Series 2017-10B, 2.518%, due 09/10/2027 | 1,114,667 | ||||||
| TOTAL GOVERNMENT-SPONSORED ENTERPRISE DEBT (Cost $40,098,883) | 40,065,279 | |||||||
| TOTAL LONG TERM-INVESTMENTS - 49.45% (Cost $40,098,883) | 40,065,279 | |||||||
| SHORT-TERM INVESTMENTS - 50.56% | ||||||||
| UNITED STATES TREASURY BILLS - 44.28%(b) | ||||||||
| 10,000,000 | 2.87%, due 05/05/2026 | 9,996,072 | ||||||
| 15,000,000 | 3.54%, due 06/02/2026 | 14,952,134 | ||||||
| 11,000,000 | 3.62%, due 07/02/2026 | 10,931,705 | ||||||
| 35,879,911 | ||||||||
| MONEY MARKET FUNDS - 6.28% | ||||||||
| 5,088,562 | Fidelity Government Portfolio Institutional Class, 3.52%(b) | 5,088,562 | ||||||
| TOTAL SHORT TERM-INVESTMENTS - 50.56% (Cost $40,968,322) | 40,968,473 | |||||||
| TOTAL INVESTMENTS - 100.01% (Cost $81,067,205) | 81,033,752 | |||||||
| Liabilities in Excess of Other Assets - (0.01)% | (10,763 | ) | ||||||
| NET ASSETS - 100.00% | $ | 81,022,989 | ||||||
| (a) | Variable rate security. |
| (b) | The rate shown represents the yield as of April 30, 2026. |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s assets carried at fair value:
SLW Short Term Government Fund
| Investments in Securities at Value | Level 1 - Quoted Prices | Level 2 - Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
| Government-Sponsored Enterprise Debt | $ | – | $ | 40,065,279 | $ | – | $ | 40,065,279 | ||||||||
| United States Treasury Bills | – | 35,879,911 | – | 35,879,911 | ||||||||||||
| Money Market Funds | 5,088,562 | – | – | 5,088,562 | ||||||||||||
| Total | $ | 5,088,562 | $ | 75,945,190 | $ | – | $ | 81,033,752 | ||||||||
| * | Effective June 8, 2026, the name of the Fund was changed from Wisdom Short Term Government Fund. |
| 6 |