Elm Market Navigator ETF
Schedule of Investments
June 30, 2026 (Unaudited)

EXCHANGE TRADED FUNDS - 99.6%

Shares  

Value  
iShares Core MSCI Emerging Markets ETF

            102,269

    $        8,471,964
iShares Core MSCI Europe ETF (a)

            347,865

             26,149,012
iShares Core MSCI Pacific ETF

            18,404

             1,507,840
iShares Core U.S. Aggregate Bond ETF

            133,304

             13,194,430
JPMorgan BetaBuilders Canada ETF

            102,026

             10,141,384
JPMorgan BetaBuilders Europe ETF (a)

            394,057

             30,645,813
Schwab U.S. REIT ETF

            130,845

             3,098,410
Schwab U.S. Broad Market ETF

            185,521

             5,372,688
Schwab U.S. TIPS ETF

            1,554,804

             41,202,306
Vanguard 0-3 Month Treasury Bill ETF

            1,838,707

             139,153,346
Vanguard FTSE Emerging Markets ETF (a)

            1,316,409

             78,576,453
Vanguard FTSE Europe ETF (a)

            132,740

             11,752,800
Vanguard FTSE Pacific ETF (a)

            279,443

             32,328,761
Vanguard Real Estate ETF (a)

            156,043

             15,047,226
Vanguard Small-Cap ETF

            30,820

             9,342,158
Vanguard Total Bond Market ETF

            110,578

             8,117,531
Vanguard Total Stock Market ETF

            359,028

             132,854,721
Vanguard Value ETF

            42,327

             9,224,323
TOTAL EXCHANGE TRADED FUNDS (Cost $532,787,200)

             576,181,166






SHORT-TERM INVESTMENTS - 0.8%
Shares  

Value  
MONEY MARKET FUNDS – 0.8%




First American Government Obligations Fund - Class X, 3.57% (b)

            4,592,430

             4,592,430
TOTAL SHORT-TERM INVESTMENTS (Cost $4,592,430)

             4,592,430






INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 16.2%
Shares  

Value  
MONEY MARKET FUNDS – 16.2%




First American Government Obligations Fund - Class X, 3.57% (b)

            93,982,341

             93,982,341
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $93,982,341)

             93,982,341






TOTAL INVESTMENTS - 116.6% (Cost $631,361,971)

             674,755,937
Liabilities in Excess of Other Assets - (16.6)%
(0.16622)
            (96,174,352)
TOTAL NET ASSETS - 100.0%




    $        578,581,585


Percentages are stated as a percent of net assets.




ETF – Exchange Traded Fund
FTSE – Financial Times Stock Exchange
MSCI – Morgan Stanley Capital International
REIT - Real Estate Investment Trust
TIPS – Treasury Inflation-Protected Services



(a)

All or a portion of this security is on loan as of June 30, 2026. The fair value of these securities was $92,218,143.
(b)

The rate shown represents the 7-day annualized yield as of June 30, 2026.








Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Elm Market Navigator ETF 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 June 30, 2026:



Level 1

Level 2

Level 3

Total
Investments at Fair Value:







  Exchange Traded Funds
    $        576,181,166

    $        –

    $        –

    $        576,181,166
  Money Market Funds
            4,592,430

            –

            –

            4,592,430
  Investments Purchased with Proceeds from Securities Lending
            93,982,341

            –

            –

            93,982,341
Total Investments in Securities
    $        674,755,937

    $        –

    $        –

    $        674,755,937








As of the period ended June 30, 2026, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund’s Schedule of Investments for further information on the classification of investments