Ballast
Small/Mid
Cap
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
COMMON
STOCKS
—
98.53%
Shares
Fair
Value
Communications
—
4.18%
ATN
International,
Inc.
95,225
$
2,522,510
Criteo
S.A.
-
ADR
(a)
178,570
3,264,260
TripAdvisor,
Inc.
(a)
124,573
1,707,896
7,494,666
Consumer
Discretionary
—
10.61%
Barnes
&
Noble
Education,
Inc.
209,811
2,635,226
Cavco
Industries,
Inc.
(a)
8,657
5,318,687
Climb
Global
Solutions,
Inc.
240,990
5,593,378
Patrick
Industries,
Inc.
34,211
3,071,464
Phinia,
Inc.
28,968
2,386,094
19,004,849
Consumer
Staples
—
3.28%
Ingles
Markets,
Inc.,
Class
A
21,864
1,936,713
Turning
Point
Brands,
Inc.
46,348
3,930,774
5,867,487
Energy
—
6.65%
Epsilon
Energy
Ltd.
564,052
3,051,521
Kosmos
Energy
Ltd.
(a)
1,403,350
2,961,069
Solaris
Energy
Infrastructure,
Inc.,
Class
A
53,573
4,310,484
Unit
Corp.
50,722
1,587,091
11,910,165
Financials
—
13.89%
Bank
OZK
45,089
2,348,686
Capital
Bancorp,
Inc.
139,966
4,915,606
Federal
Agricultural
Mortgage
Corp.,
Class
C
25,853
5,151,728
Merchants
Bancorp
92,817
4,640,850
MGIC
Investment
Corp.
102,962
2,903,528
Paysign,
Inc.
(a)
325,376
2,664,829
Third
Coast
Bancshares,
Inc.
(a)
55,750
2,252,300
24,877,527
Health
Care
—
5.95%
Bausch
+
Lomb
Corp.
(a)
147,837
2,448,181
Bruker
Corp.
59,891
3,604,241
Collegium
Pharmaceutical,
Inc.
(a)
78,452
2,839,962
QuidelOrtho
Corp.
(a)
101,008
1,769,155
10,661,539
Industrials
—
18.83%
AZZ,
Inc.
38,414
5,956,092
Bel
Fuse,
Inc.,
Class
B
16,464
5,483,170
Brink's
Co.
(The)
35,760
3,378,962
Capstone
Green
Energy
Holdings,
Inc.
(a)
103,834
955,273
Donaldson
Company,
Inc.
24,385
2,189,041
Hillman
Solutions
Corp.
(a)
412,459
3,481,154
Landstar
System,
Inc.
23,327
4,824,257
Mueller
Industries,
Inc.
25,909
3,184,993
Terex
Corp.
58,883
4,262,541
33,715,483
Ballast
Small/Mid
Cap
ETF
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
COMMON
STOCKS
—
98.53%
-
continued
Shares
Fair
Value
Materials
—
16.90%
AdvanSix,
Inc.
75,848
$
1,507,858
Cabot
Corp.
36,569
3,321,197
Core
Natural
Resources,
Inc.
34,477
2,758,850
Eagle
Materials,
Inc.
14,290
3,215,250
Ecovyst,
Inc.
(a)
388,563
4,837,609
Ferroglobe
plc
436,167
1,387,011
Natural
Resource
Partners,
L.P.
74,806
7,256,182
Royal
Gold,
Inc.
11,320
2,259,585
TimkenSteel
Corp.
(a)
199,576
3,730,075
30,273,617
Real
Estate
—
3.96%
EPR
Properties
51,135
2,966,341
GEO
Group,
Inc.
(The)
(a)
139,531
4,123,141
7,089,482
Technology
—
14.28%
Cass
Information
Systems,
Inc.
53,894
2,765,839
CompoSecure,
Inc.
260,023
4,121,364
Consensus
Cloud
Solutions,
Inc.
(a)
114,824
4,380,536
Extreme
Networks,
Inc.
(a)
94,505
3,059,127
Genpact
Ltd.
83,003
2,282,583
IPG
Photonics
Corp.
(a)
17,236
2,022,128
Knowles
Corp.
(a)
47,898
1,986,809
RCM
Technologies,
Inc.
(a)
96,195
2,715,585
SPS
Commerce,
Inc.
(a)
39,149
2,238,148
25,572,119
Total
Common
Stocks
(Cost $135,305,220)
176,466,934
Total
Investments
—
98.53%
(Cost
$135,305,220)
176,466,934
Other
Assets
in
Excess
of
Liabilities — 1.47%
2,637,478
NET
ASSETS
—
100.00%
$
179,104,412
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt