NPORT-EX 2 swp.htm

 SWP Growth & Income ETF
Schedule of Investments
November 30, 2024 (Unaudited)

COMMON STOCKS - 94.0%
  
Shares
    
Value
  
COMMUNICATION SERVICES - 1.5%
            
Diversified Telecommunication Services - 1.5%
            
Verizon Communications, Inc.
    
28,688
    
$
1,272,026
  
 
CONSUMER DISCRETIONARY - 8.8%
                
Hotels, Restaurants & Leisure - 5.0%
                
Aramark
    
53,460
      
2,175,287
  
Starbucks Corp.
    
20,130
      
2,062,520
  
             
4,237,807
  
Specialty Retail - 3.8%
                
Home Depot, Inc.
    
3,961
      
1,699,784
  
TJX Cos., Inc.
    
13,530
      
1,700,586
  
             
3,400,370
  
TOTAL CONSUMER DISCRETIONARY
            
7,638,177
  
 
COMSUMER STAPLES - 5.7%
                
Beverages - 1.5%
                
Constellation Brands, Inc. - Class A
    
5,610
      
1,351,730
  
 
Consumer Staples Distribution & Retail - 2.0%
                
Sysco Corp.
    
22,110
      
1,704,902
  
 
Tobacco - 2.2%
                
Philip Morris International, Inc.
    
14,190
      
1,888,121
  
TOTAL CONSUMER STAPLES
            
4,944,753
  
 
ENERGY - 7.7%
                
Energy Equipment & Services - 2.4%
                
Baker Hughes Co.
    
46,860
      
2,059,496
  
 
Oil, Gas & Consumable Fuels - 5.3%
                
Cameco Corp.
    
29,484
      
1,752,824
  
Diamondback Energy, Inc.
    
4,950
      
879,071
  
Kinder Morgan, Inc.
    
71,280
      
2,015,086
  
             
4,646,981
  
TOTAL ENERGY
            
6,706,477
  
 
FINANCIALS - 15.8%
                
Banks - 7.1%
                
Citigroup, Inc.
    
22,110
      
1,566,936
  
JPMorgan Chase & Co.
    
7,590
      
1,895,375
  
PNC Financial Services Group, Inc.
    
12,870
      
2,763,446
  
             
6,225,757
  
Capital Markets - 7.2%
                
Blackrock, Inc.
    
990
      
1,012,572
  
Goldman Sachs Group, Inc.
    
4,290
      
2,610,765
  
Lazard, Inc.
    
44,550
      
2,587,019
  
             
6,210,356
  
Financial Services - 1.5%
                
Visa, Inc. - Class A
    
4,290
      
1,351,693
  
TOTAL FINANCIALS
            
13,787,806
  
 
HEALTH CARE - 14.6%
                
Biotechnology - 1.7%
                
AbbVie, Inc.
    
7,920
      
1,448,806
  
 
Health Care Equipment & Supplies - 5.5%
                
Medtronic PLC
    
21,450
      
1,856,282
  
STERIS PLC
    
6,600
      
1,445,796
  
Stryker Corp.
    
3,960
      
1,552,914
  
             
4,854,992
  
Health Care Providers & Services - 1.8%
            
Cencora, Inc.
    
6,270
      
1,577,219
  
 
Pharmaceuticals - 5.6%
                
AstraZeneca PLC - ADR
    
27,256
      
1,843,050
  
Eli Lilly & Co.
    
1,980
      
1,574,793
  
Zoetis, Inc.
    
8,250
      
1,445,813
  
             
4,863,656
  
TOTAL HEALTH CARE
            
12,744,673
  
 
INDUSTRIALS - 9.2%
                
Aerospace & Defense - 1.7%
                
RTX Corp.
    
11,998
      
1,461,716
  
 
Electrical Equipment - 2.2%
                
Emerson Electric Co.
    
14,520
      
1,925,352
  
 
Ground Transportation - 1.8%
                
Union Pacific Corp.
    
6,412
      
1,568,760
  
 
Industrial Conglomerates - 1.9%
                
Honeywell International, Inc.
    
7,260
      
1,691,072
  
 
Trading Companies & Distributors - 1.6%
                
Applied Industrial Technologies, Inc.
    
5,010
      
1,376,347
  
TOTAL INDUSTRIALS
            
8,023,247
  
 
INFORMATION TECHNOLOGY - 25.7%(a)
                
IT Services - 4.5%
                
Accenture PLC - Class A
    
4,950
      
1,793,732
  
International Business Machines Corp.
    
9,240
      
2,101,268
  
             
3,895,000
  
Semiconductors & Semiconductor Equipment - 2.5%
                
Broadcom, Inc.
    
13,200
      
2,139,456
  
 
Software - 13.5%
                
Intuit, Inc.
    
2,310
      
1,482,396
  
Microsoft Corp.
    
10,890
      
4,611,480
  
Oracle Corp.
    
11,550
      
2,134,902
  
Roper Technologies, Inc.
    
2,640
      
1,495,402
  
Salesforce, Inc.
    
6,600
      
2,177,934
  
             
11,902,114
  
Technology Hardware, Storage & Peripherals - 5.2%
                
Apple, Inc.
    
12,870
      
3,054,437
  
Seagate Technology Holdings PLC
    
14,860
      
1,505,764
  
             
4,560,201
  
TOTAL INFORMATION TECHNOLOGY
            
22,496,771
  
 
MATERIALS - 1.2%
                
Construction Materials - 1.2%
                
Vulcan Materials Co.
    
3,630
      
1,045,912
  
 
UTILITIES - 3.8%
                
Electric Utilities - 3.8%
                
Duke Energy Corp.
    
13,530
      
1,583,687
  
NextEra Energy, Inc.
    
22,440
      
1,765,354
  
             
3,349,041
  
TOTAL UTILITIES
            
3,349,041
  
TOTAL COMMON STOCKS (Cost $77,199,309)
            
82,008,883
  
                 
REAL ESTATE INVESTMENT TRUSTS - 3.1%
  
Shares
    
Value
  
Industrial REITs - 1.9%
                
Prologis, Inc.
    
14,190
      
1,657,108
  
 
Specialized REITs - 1.2%
                
Digital Realty Trust, Inc.
    
5,280
      
1,033,243
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,640,241)
          
2,690,351
  
               
SHORT-TERM INVESTMENTS - 2.8%
  
Shares
    
Value
  
Money Market Funds - 2.8%
  
First American Treasury Obligations Fund - Class X, 4.40% (b)
    
2,484,967
      
2,484,967
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,484,967)
            
2,484,967
  
 
TOTAL INVESTMENTS - 99.9% (Cost $82,324,517)
            
87,184,201
  
Other Assets in Excess of Liabilities - 0.1%
            
44,960
  
TOTAL NET ASSETS - 100.0%
           $
87,229,161
 
                 
Percentages are stated as a percent of net assets.
  

The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
 
ADR - American Depositary Receipt
  
PLC - Public Limited Company
  
REIT - Real Estate Investment Trust
  

(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
  
(b)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
                


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
SWP Growth & Income ETF has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
Common Stocks
  
$
82,008,883
    
$
–
    
$
–
    
$
82,008,883
  
Real Estate Investment Trusts
    
2,690,351
      
–
      
–
      
2,690,351
  
Money Market Funds
    
2,484,967
      
–
      
–
      
2,484,967
  
Total Investments
  
$
87,184,201
    
$
–
    
$
–
    
$
87,184,201
  

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