Core Alternative ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 98.8%

Shares  

Value  
Basic Materials - 4.9%

Air Products & Chemicals, Inc.

            3,315

    $        977,560
Mosaic Co.

            18,032

             398,868




             1,376,428






Communications - 12.1%

Alphabet, Inc. - Class A

            4,239

             1,509,635
Amazon.com, Inc. (a)

            3,287

             892,683
FactSet Research Systems, Inc.

            1,458

             383,746
Meta Platforms, Inc. - Class A

            1,063

             591,783




             3,377,847






Consumer, Cyclical - 9.6%

Genuine Parts Co.

            4,828

             600,458
Home Depot, Inc.

            1,479

             490,969
McDonald's Corp.

            2,452

             663,609
Walmart, Inc.

            8,198

             911,618




             2,666,654






Consumer, Non-cyclical - 15.7%

Amgen, Inc.

            2,281

             878,550
Diageo PLC - ADR

            2,656

             233,887
Eli Lilly & Co.

            668

             767,425
Johnson & Johnson

            4,942

             1,266,882
Merck & Co., Inc.

            4,665

             607,383
Procter & Gamble Co.

            4,357

             629,543




             4,383,670






Energy - 6.9%

Chevron Corp.

            4,402

             866,445
ExxonMobil Holdings Corp.

            6,838

             1,062,899




             1,929,344






Financial - 17.2%

Aflac, Inc.

            5,232

             666,975
Chubb Ltd.

            2,845

             997,685
CME Group, Inc.

            3,094

             828,542
JPMorgan Chase & Co.

            2,973

             1,045,872
Morgan Stanley

            6,028

             1,268,412




             4,807,486






Industrial - 9.8%

Emerson Electric Co.

            6,630

             993,307
Lockheed Martin Corp.

            1,487

             866,534
Waste Management, Inc.

            3,819

             865,194




             2,725,035






Technology - 16.5%

Accenture PLC - Class A

            1,911

             317,073
Adobe, Inc. (a)

            1,290

             323,029
Advanced Micro Devices, Inc. (a)

            1,448

             689,465
Apple, Inc.

            2,567

             792,972


Broadridge Financial Solutions, Inc.

            3,396

             522,814
Fiserv, Inc. (a)

            4,269

             230,270
Microsoft Corp.

            2,348

             1,091,163
Paychex, Inc.

            5,375

             628,015




             4,594,801






Utilities - 6.1%

NextEra Energy, Inc.

            9,649

             838,691
Southern Co.

            9,068

             857,289




             1,695,980
TOTAL COMMON STOCKS (Cost $22,894,311)

             27,557,245






REAL ESTATE INVESTMENT TRUSTS - 2.8%

Shares  

Value  
Financial - 2.8%

Realty Income Corp.

            12,297

             785,409
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $708,246)

             785,409






PURCHASED OPTIONS - 0.1% (a)
Notional Amount  

Contracts  

Value  
Call Options - 0.0% (b)




S&P 500 Index, Expiration: 08/03/2026; Exercise Price: $7,590.00 (c)(d)
             11,234,580

            15

             225






Put Options - 0.1%




S&P 500 Index (c)(d)




Expiration: 08/03/2026; Exercise Price: $7,360.00
             18,724,300

            25

             3,938
Expiration: 08/06/2026; Exercise Price: $7,390.00
             7,489,720

            10

             14,600
Expiration: 08/07/2026; Exercise Price: $7,345.00
             11,234,580

            15

             18,075
Total Put Options




             36,613
TOTAL PURCHASED OPTIONS (Cost $158,377)

             36,838






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.5%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.58% (e)

            128,173

             128,173
TOTAL MONEY MARKET FUNDS (Cost $128,173)

             128,173






TOTAL INVESTMENTS - 102.2% (Cost $23,889,107)

             28,507,665
Liabilities in Excess of Other Assets - (2.2)%
(0.02157)
            (601,851)
TOTAL NET ASSETS - 100.0%




    $        27,905,814


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt



(a)

Non-income producing security.
(b)

Represents less than 0.05% of net assets.
(c)

Exchange-traded.
(d)

100 shares per contract.
(e)

The rate shown represents the 7-day annualized yield as of July 31, 2026.






Core Alternative ETF
Schedule of Written Options
July 31, 2026 (Unaudited)

WRITTEN OPTIONS - (0.4)%
Notional Amount

Contracts

Value
Call Options - (0.4)%
S&P 500 Index, Expiration: 08/03/2026; Exercise Price: $7,425.00 (a)(b)
    $        (11,234,580)

(15)

    $        (109,650)
TOTAL WRITTEN OPTIONS (Premiums received $41,969)




    $        (109,650)

Percentages are stated as a percent of net assets.



(a)

Exchange-traded.
(b)

100 shares per contract.













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

Core Alternative 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 July 31, 2026:



Level 1

Level 2

Level 3

Total
Assets:







Investments:







  Common Stocks
    $        27,557,245

    $        –

    $        –

    $        27,557,245
  Real Estate Investment Trusts
            785,409

            –

            –

            785,409
  Purchased Options
            –

            36,838

            –

            36,838
  Money Market Funds
            128,173

            –

            –

            128,173
Total Investments
    $        28,470,827

    $        36,838

    $        –

    $        28,507,665








Liabilities:







Investments:







  Written Options
    $        –

    $        (109,650)

    $        –

    $        (109,650)
Total Investments
    $        –

    $        (109,650)

    $        –

    $        (109,650)





 

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