TOWLE VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)

						Shares						Value
COMMON STOCKS - 99.1%
Communication Services - 2.0%
Publishing - 2.0%
Scholastic Corp.						105,648						$	4,056,883
Consumer Discretionary - 22.5%
Apparel, Accessories & Luxury Goods - 3.2%
Lululemon Athletica, Inc. (a)						21,970						2,642,112
PVH Corp.						52,665						3,905,637
												6,547,749
Automobile Manufacturers - 1.2%
Stellantis NV (a)						437,345						2,401,024
Automotive Parts & Equipment - 9.8%
BorgWarner, Inc.						76,407						4,902,273
Fox Factory Holding Corp. (a)						230,177						4,702,516
Lear Corp.						38,043						4,754,995
Magna International, Inc.						89,150						5,845,565
												20,205,349
Distributors - 2.8%
Gold.com, Inc.						126,205						5,675,439
Household Appliances - 1.4%
Helen of Troy Ltd. (a)						96,743						2,911,964
Motorcycle Manufacturers - 2.8%
Harley-Davidson, Inc.						206,119						5,688,885
Restaurants - 1.3%
Cracker Barrel Old Country Store, Inc.						49,543						2,736,755
Total Consumer Discretionary												46,167,165
Consumer Staples - 7.1%
Food Distributors - 2.7%
United Natural Foods, Inc. (a)						126,601						5,552,720
Food Retail - 3.3%
Grocery Outlet Holding Corp. (a)						238,071						2,844,948
Ingles Markets, Inc. - Class A						47,771						3,907,668
												6,752,616

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TOWLE VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)

						Shares						Value
Personal Care Products - 1.1%
BellRing Brands, Inc. (a)						215,278						$	2,318,544
Total Consumer Staples												14,623,880
Energy - 7.4%
Oil & Gas Equipment & Services - 2.2%
NOV, Inc.						214,076						4,557,678
Oil & Gas Refining & Marketing - 5.2%
Par Pacific Holdings, Inc. (a)						49,116						3,925,351
PBF Energy, Inc. - Class A						61,073						4,457,718
World Kinect Corp.						65,774						2,351,421
												10,734,490
Total Energy												15,292,168
Financials - 11.1%
Asset Management & Custody Banks - 2.5%
Artisan Partners Asset Management, Inc. - Class A						120,949						5,148,799
Life & Health Insurance - 2.4%
Oscar Health, Inc. - Class A (a)						165,770						4,966,469
Regional Banks - 5.0%
Capitol Federal Financial, Inc.						327,800						2,822,358
Eastern Bankshares, Inc.						111,242						2,442,875
First Busey Corp.						87,840						2,643,984
Prosperity Bancshares, Inc.						31,329						2,241,903
												10,151,120
Transaction & Payment Processing Services - 1.2%
Shift4 Payments, Inc. - Class A (a)						59,468						2,514,307
Total Financials												22,780,695
Health Care - 8.8%
Health Care Services - 3.7%
AMN Healthcare Services, Inc. (a)						78,055						2,675,725
Astrana Health, Inc. (a)						128,245						4,887,417
												7,563,142
Managed Health Care - 5.1%
Molina Healthcare, Inc. (a)						26,618						5,290,860

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TOWLE VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)

						Shares						Value
Progyny, Inc. (a)						203,493						$	5,207,386
												10,498,246
Total Health Care												18,061,388
Industrials - 13.7%
Cargo Ground Transportation - 2.2%
ArcBest Corp.						32,514						4,485,957
Commercial Printing - 2.2%
Deluxe Corp.						197,513						4,562,550
Construction & Engineering - 2.3%
Fluor Corp. (a)						84,751						4,619,777
Human Resource & Employment Services - 7.0%
Insperity, Inc.						102,485						5,467,575
Kforce, Inc.						45,991						2,648,162
ManpowerGroup, Inc.						50,515						3,179,919
TriNet Group, Inc.						44,178						3,105,271
												14,400,927
Total Industrials												28,069,211
Information Technology - 20.1%
Application Software - 5.8%
Five9, Inc. (a)						224,215						7,748,870
PagerDuty, Inc. (a)						291,446						4,121,047
												11,869,917
Electronic Manufacturing Services - 3.0%
Methode Electronics, Inc.						340,274						6,203,195
IT Consulting & Other Services - 1.3%
DXC Technology Co. (a)						243,176						2,747,889
Systems Software - 1.6%
Rapid7, Inc. (a)						243,163						3,272,974
Technology Distributors - 8.4%
Arrow Electronics, Inc. (a)						29,925						6,117,568
Ingram Micro Holding Corp.						169,296						4,769,068
TD SYNNEX Corp.						25,100						6,346,535
												17,233,171
Total Information Technology												41,327,146

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TOWLE VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)

						Shares						Value
Materials - 3.5%
Commodity Chemicals - 1.0%
AdvanSix, Inc.						123,288						$	2,072,471
Specialty Chemicals - 1.4%
Innospec, Inc.						30,368						2,850,340
Steel - 1.1%
Ryerson Holding Corp.						86,879						2,177,188
Total Materials												7,099,999
Real Estate - 2.9%
Real Estate Services - 2.9%
Compass, Inc. - Class A (a)						554,815						5,858,846
TOTAL COMMON STOCKS (Cost $162,591,356)												203,337,381
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.9%
First American Government Obligations Fund - Class X, 3.59% (b)						1,750,703						1,750,703
TOTAL MONEY MARKET FUNDS (Cost $1,750,703)												1,750,703
TOTAL INVESTMENTS - 100.0% (Cost $164,342,059)												$	205,088,084
Other Assets in Excess of Liabilities - 0.0% (c)												1,820
TOTAL NET ASSETS - 100.0%												$	205,089,904

Percentages are stated as a percent of net assets.

(a)			Non-income producing security.
(b)			The rate shown represents the 7-day annualized yield as of August 31, 2026.
(c)			Represents less than 0.05% of net assets.

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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TOWLE VALUE ETF

Summary of Fair Value Disclosures as of August 31, 2026 (Unaudited)

Towle Value 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 August 31, 2026:

DESCRIPTION						LEVEL 1						LEVEL 2						LEVEL 3						TOTAL
Investments
Common Stocks						$	203,337,381					$	—					$	—					$	203,337,381
Money Market Funds						1,750,703						—						—						1,750,703
Total Investments						$	205,088,084					$	—					$	—					$	205,088,084

 

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

During the fiscal period ended August 31, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

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