NPORT-EX 2 convergence.htm NPORT-EX

Convergence Long/Short Equity ETF
Schedule of Investments
as of February 29, 2024 (Unaudited)

COMMON STOCKS - 112.1%
  
Shares
    
Value
Administrative and Support Services - 2.0%
    
Alarm.com Holdings, Inc.(a)(b)
  
2,946
   $
 222,983
Coinbase Global, Inc. - Class A(a)(b)
  
3,128
    
   636,737
Duolingo, Inc.(a)(b)
  
1,040
    
   248,560
         
   1,108,280
             
Ambulatory Health Care Services - 1.0%
    
DaVita, Inc.(a)
  
740
    
   93,958
Molina Healthcare, Inc.(a)
  
1,144
    
   450,633
         
   544,591
             
Apparel Manufacturing - 0.2%
    
Deckers Outdoor Corp.(a)(b)
  
164
    
   146,876
             
Beverage and Tobacco Product Manufacturing - 1.4%
    
Coca-Cola Consolidated, Inc.(b)
  
420
    
   353,136
Molson Coors Beverage Co. - Class B(b)
  
4,535
    
   283,075
National Beverage Corp.(a)(b)
  
2,589
    
   136,285
         
   772,496
             
Broadcasting (except Internet) - 1.8%
    
Spotify Technology SA(a)(b)
  
4,158
    
   1,066,154
             
Building Material and Garden Equipment and Supplies Dealers - 1.2%
    
Home Depot, Inc.(b)
  
1,586
    
   603,647
Masterbrand, Inc.(a)
  
3,806
    
   65,882
         
   669,529
             
Chemical Manufacturing - 8.5%
    
AbbVie, Inc.(b)
  
3,052
    
   537,304
Alkermes PLC(a)(b)
  
8,580
    
   254,740
Amgen, Inc.(b)
  
1,561
    
   427,449
elf Beauty, Inc.(a)(b)
  
2
    
   417
Eli Lilly & Co.(b)
  
989
    
   745,389
Gilead Sciences, Inc.(b)
  
3,625
    
   261,363
Ironwood Pharmaceuticals, Inc.(a)(b)
  
17,307
    
   163,205
Jazz Pharmaceuticals PLC(a)(b)
  
2,918
    
   346,951
Merck & Co., Inc.(b)
  
5,732
    
   728,823
NewMarket Corp.(b)
  
186
    
   119,351
Procter & Gamble Co.(b)
  
2,366
    
   376,052
Vertex Pharmaceuticals, Inc.(a)(b)
  
587
    
   246,974
Viatris, Inc.(b)
  
36,296
    
   448,981
         
   4,656,999
             
Clothing, Clothing Accessories, Shoe and Jewelry Retailers - 1.2%
    
Abercrombie & Fitch Co. - Class A(a)(b)
  
1,430
    
   182,697
American Eagle Outfitters, Inc.(b)
  
18,255
    
   433,556
Gap, Inc.(b)
  
3,730
    
   70,646
         
   686,899
             
Computer and Electronic Product Manufacturing - 19.6%
    
Apple, Inc.
  
3,993
    
   721,735
Arista Networks, Inc.(a)(b)
  
3,331
    
   924,486
Broadcom, Inc.(b)
  
894
    
   1,162,638
IDEXX Laboratories, Inc.(a)(b)
  
292
    
   167,967
International Business Machines Corp.(b)
  
4,498
    
   832,265
Itron, Inc.(a)(b)
  
821
    
   76,090
Micron Technology, Inc.(b)
  
14,425
    
   1,307,049
NetApp, Inc.(b)
  
6,657
    
   593,272
NVIDIA Corp.(b)
  
2,427
    
   1,920,049
Pure Storage, Inc. - Class A(a)(b)
  
18,355
    
   966,391
QUALCOMM, Inc.(b)
  
7,248
    
   1,143,662
Super Micro Computer, Inc.(a)(b)
  
506
    
   438,257
Vertiv Holdings Co. - Class A(b)
  
4,101
    
   277,310
Xerox Holdings Corp.(b)
  
26,189
    
   488,425
         
   11,019,596
             
Construction of Buildings - 0.3%
    
Toll Brothers, Inc.
  
1,240
    
   142,154
             
Couriers and Messengers - 0.2%
    
FedEx Corp.(b)
  
514
    
   127,971
             
Credit Intermediation and Related Activities - 4.9%
    
Bank of America Corp.(b)
  
8,390
    
   289,623
Bank OZK(b)
  
6,406
    
   280,583
JPMorgan Chase & Co.(b)
  
3,946
    
   734,192
PNC Financial Services Group, Inc.
  
1,831
    
   269,523
Regions Financial Corp.(b)
  
102
    
   1,900
Synchrony Financial(b)
  
13,133
    
   542,393
Truist Financial Corp.(b)
  
8,049
    
   281,554
Wells Fargo & Co.(b)
  
5,702
    
   316,974
         
   2,716,742
             
Data Processing, Hosting & Related Services - 1.7%
    
Pagseguro Digital Ltd. - Class A(a)(b)
  
31,355
    
   436,462
Pegasystems, Inc.(b)
  
3,887
    
   252,810
Verisk Analytics, Inc.(b)
  
938
    
   226,902
         
   916,174
             
Electrical Equipment, Appliance, and Component Manufacturing - 1.5%
    
Lennox International, Inc.(b)
  
576
    
   271,417
Powell Industries, Inc.
  
1,519
    
   281,380
Resideo Technologies, Inc.(a)(b)
  
11,871
    
   265,079
         
   817,876
             
Fabricated Metal Product Manufacturing - 1.3%
    
Griffon Corp.(b)
  
5,362
    
   382,847
Mueller Industries, Inc.(b)
  
5,725
    
   294,151
         
   676,998
             
Food Manufacturing - 1.3%
    
BellRing Brands, Inc.(a)(b)
  
6,170
    
   351,382
Tyson Foods, Inc. - Class A(b)
  
6,518
    
   353,536
         
   704,918
             
Food Services and Drinking Places - 2.1%
    
Dave & Buster's Entertainment, Inc.(a)(b)
  
3,846
    
   237,452
Domino's Pizza, Inc.(b)
  
460
    
   206,241
Manhattan Associates, Inc.(a)(b)
  
2,853
    
   722,750
         
   1,166,443
             
Funds, Trusts, and Other Financial Vehicles - 0.2%
    
Garmin Ltd.(b)
  
1,021
    
   140,234
             
General Merchandise Stores - 1.3%
    
Costco Wholesale Corp.(b)
  
226
    
   168,119
Walmart, Inc.(b)
  
9,654
    
   565,821
         
   733,940
             
Health and Personal Care Retailers - 0.2%
    
Walgreens Boots Alliance, Inc.(b)
  
6,433
    
   136,766
             
Heavy and Civil Engineering Construction - 0.6%
    
Fluor Corp.(a)(b)
  
26
    
   957
Sterling Infrastructure, Inc.(a)(b)
  
3,033
    
   323,439
         
   324,396
             
Insurance Carriers and Related Activities - 5.0%
    
Assured Guaranty Ltd.
  
3,885
    
   355,866
Centene Corp.(a)(b)
  
5,127
    
   402,111
Cigna Group/The(b)
  
603
    
   202,692
CNA Financial Corp.(b)
  
4,906
    
   215,619
Frontdoor, Inc.(a)(b)
  
9,823
    
   308,049
Hartford Financial Services Group, Inc.(b)
  
2,502
    
   239,792
MGIC Investment Corp.(b)
  
22,035
    
   438,276
Oscar Health, Inc. - Class A(a)(b)
  
9,017
    
   146,616
Progressive Corp.(b)
  
1,250
    
   236,950
Reinsurance Group of America, Inc.(b)
  
1,400
    
   247,590
UnitedHealth Group, Inc.(b)
  
4
    
   1,974
         
   2,795,535
             
Machinery Manufacturing - 0.1%
    
Graco, Inc.(b)
  
322
    
   29,386
             
Management of Companies and Enterprises - 1.1%
    
StoneCo Ltd. - Class A(a)(b)
  
32,110
    
   552,613
             
Merchant Wholesalers, Durable Goods - 3.3%
    
Core & Main, Inc. - Class A(a)(b)
  
7,256
    
   346,329
Fastenal Co.(b)
  
3,610
    
   263,566
Gibraltar Industries, Inc.(a)(b)
  
20
    
   1,549
GMS, Inc.(a)(b)
  
4,780
    
   426,902
Reliance Steel & Aluminum Co.(b)
  
544
    
   174,744
TD SYNNEX Corp.(b)
  
4,659
    
   484,069
WW Grainger, Inc.
  
143
    
   139,205
         
   1,836,364
             
Merchant Wholesalers, Nondurable Goods - 2.9%
    
Cardinal Health, Inc.(b)
  
4,963
    
   555,757
Cencora, Inc.(b)
  
2,747
    
   647,193
McKesson Corp.(b)
  
809
    
   421,821
         
   1,624,771
             
Mining (except Oil and Gas) - 1.1%
    
Alpha Metallurgical Resources, Inc.(b)
  
673
    
   253,888
Knife River Corp.(a)(b)
  
2,952
    
   218,714
Warrior Met Coal, Inc.
  
2,752
    
   156,781
         
   629,383
             
Miscellaneous Manufacturing - 1.4%
    
Intuitive Surgical, Inc.(a)(b)
  
272
    
   104,883
Johnson & Johnson(b)
  
2,928
    
   472,521
MSA Safety, Inc.(b)
  
1,614
    
   297,218
         
   874,622
             
Motor Vehicle and Parts Dealers - 1.2%
    
Murphy USA, Inc.(b)
  
1,476
    
   615,507
             
Nonmetallic Mineral Product Manufacturing - 0.7%
    
Eagle Materials, Inc.(b)
  
1,509
    
   382,607
             
Nonstore Retailers - 3.1%
    
Amazon.com, Inc.(a)(b)
  
9,697
    
   1,714,042
             
Oil and Gas Extraction - 0.6%
    
Par Pacific Holdings, Inc.(a)(b)
  
10,604
    
   383,016
             
Other Information Services - 2.7%
    
Meta Platforms, Inc. - Class A(b)
  
3,103
    
   1,520,873
             
Paper Manufacturing - 0.5%
    
Boise Cascade Co.(b)
  
2,221
    
   301,856
             
Petroleum and Coal Products Manufacturing - 3.1%
    
CVR Energy, Inc.
  
5,394
    
   178,973
Marathon Petroleum Corp.(b)
  
2,237
    
   378,568
PBF Energy, Inc. - Class A
  
8,481
    
   396,062
Phillips 66(b)
  
2,415
    
   344,162
Valero Energy Corp.(b)
  
2,506
    
   354,499
WD-40 Co.
  
288
    
   77,296
         
   1,729,560
             
Pipeline Transportation - 0.6%
    
Equitrans Midstream Corp.(b)
  
32,788
    
   350,504
             
Primary Metal Manufacturing - 0.3%
    
Steel Dynamics, Inc.(b)
  
1,536
    
   205,548
             
Professional, Scientific, and Technical Services - 10.8%
    
Alphabet, Inc. - Class A(a)(b)
  
7,796
    
   1,079,434
Alphabet, Inc. - Class C(a)(b)
  
7,736
    
   1,081,338
AppLovin Corp. - Class A(a)(b)
  
16,985
    
   1,014,344
Booz Allen Hamilton Holding Corp.(b)
  
1,228
    
   181,388
H&R Block, Inc.(b)
  
6,078
    
   297,518
Insight Enterprises, Inc.(a)(b)
  
943
    
   177,284
Nutanix, Inc. - Class A(a)(b)
  
19,760
    
   1,248,041
Palantir Technologies, Inc. - Class A(a)(b)
  
8,712
    
   218,497
Parsons Corp.(a)(b)
  
2,756
    
   222,161
Science Applications International Corp.(b)
  
961
    
   134,502
Zscaler, Inc.(a)(b)
  
1,171
    
   283,347
         
   5,937,854
             
Publishing Industries - 6.3%
    
Adobe, Inc.(a)(b)
  
1,090
    
   610,705
AvidXchange Holdings, Inc.(a)
  
4,507
    
   59,898
Crowdstrike Holdings, Inc. - Class A(a)(b)
  
2,147
    
   695,950
Dropbox, Inc. - Class A(a)(b)
  
4,926
    
   117,978
Microsoft Corp.
  
2,707
    
   1,119,723
Salesforce, Inc.(a)(b)
  
2,247
    
   693,919
Veeva Systems, Inc. - Class A(a)
  
1,151
    
   259,562
         
   3,557,735
             
Rental and Leasing Services - 0.2%
    
Netflix, Inc.(a)(b)
  
245
    
   147,715
             
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.1%
    
Affiliated Managers Group, Inc.(b)
  
3,392
    
   530,204
Ameriprise Financial, Inc.(b)
  
904
    
   368,253
DraftKings, Inc. - Class A(a)(b)
  
5,438
    
   235,574
PJT Partners, Inc. - Class A(b)
  
1,963
    
   206,900
SEI Investments Co.(b)
  
2,567
    
   172,631
T Rowe Price Group, Inc.(b)
  
1,644
    
   186,347
Tradeweb Markets, Inc. - Class A(b)
  
4,926
    
   521,269
Victory Capital Holdings, Inc. - Class A
  
1,350
    
   51,881
         
   2,273,059
             
Software - 0.3%
    
Qualys, Inc.(a)
  
938
    
   161,205
             
Specialty Trade Contractors - 2.2%
    
EMCOR Group, Inc.(b)
  
1,468
    
   460,247
IES Holdings, Inc.(a)
  
2,171
    
   238,636
Installed Building Products, Inc.(b)
  
1,353
    
   323,272
TopBuild Corp.(a)(b)
  
487
    
   195,959
         
   1,218,114
             
Support Activities for Mining - 0.3%
    
Cleveland-Cliffs, Inc.(a)(b)
  
9,467
    
   196,914
             
Support Activities for Transportation - 0.6%
    
XPO, Inc.(a)(b)
  
2,451
    
   294,904
             
Telecommunications - 0.8%
    
AT&T, Inc.(b)
  
28,184
    
   477,155
             
Transit and Ground Passenger Transportation - 0.9%
    
Uber Technologies, Inc.(a)(b)
  
6,292
    
   500,214
             
Transportation Equipment Manufacturing - 2.1%
    
Ford Motor Co.(b)
  
11,156
    
   138,781
Modine Manufacturing Co.(a)(b)
  
5,182
    
   464,877
Oshkosh Corp.(b)
  
16
    
   1,774
PACCAR, Inc.(b)
  
2,496
    
   276,781
Thor Industries, Inc.(b)
  
2,605
    
   333,909
         
   1,216,122
             
Utilities - 2.0%
    
ALLETE, Inc.(b)
  
4,212
    
   238,568
Exelon Corp.(b)
  
6,613
    
   237,010
Public Service Enterprise Group, Inc.(b)
  
3,529
    
   220,210
Vistra Corp.(b)
  
8,049
    
   438,992
         
   1,134,780
             
Warehousing and Storage - 0.4%
    
Landstar System, Inc.(b)
  
1,218
    
   231,664
             
Wood Product Manufacturing - 0.9%
    
Builders FirstSource, Inc.(a)(b)
  
1,237
    
   241,438
Owens Corning(b)
  
1,998
    
   299,260
         
   540,698
TOTAL COMMON STOCKS (Cost $53,397,974)
    
   62,710,352
             
REAL ESTATE INVESTMENT TRUSTS - 2.8%
  
Shares
    
Value
Real Estate - 2.2%
    
Digital Realty Trust, Inc.(b)
  
571
    
   83,828
Gaming and Leisure Properties, Inc.(b)
  
4,214
    
   191,653
Rithm Capital Corp.(b)
  
27,189
    
   294,729
Sabra Health Care REIT, Inc.(b)
  
120
    
   1,666
STAG Industrial, Inc.(b)
  
5,290
    
   196,471
Tanger Factory Outlet Centers, Inc.(b)
  
9,317
    
   268,423
Urban Edge Properties
  
7,243
    
   123,203
Welltower, Inc.(b)
  
2,022
    
   186,347
         
   1,346,320
             
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6%
    
Innovative Industrial Properties, Inc.(b)
  
3,652
    
   357,859
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,542,731)
    
   1,704,179
             
SHORT-TERM INVESTMENTS - 0.7%
        
Money Market Funds - 0.7%
  
Shares
    
 
First American Government Obligations Fund - Class X, 5.23%(c)
  
399,378
    
   399,378
             
TOTAL SHORT-TERM INVESTMENTS (Cost $399,378)
    
   399,378
             
TOTAL INVESTMENTS - 115.6% (Cost $55,340,083)
   $
 64,813,909
Liabilities in Excess of Other Assets - (15.6)%
    
(8,696,040)
TOTAL NET ASSETS - 100.0%
    
 
   $
 56,117,869
     
Percentages are stated as a percent of net assets.
    

PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Non-income producing security.
(b)
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of February 29, 2024 is $57,888,974.
(c)
The rate shown represents the 7-day effective yield as of February 29, 2024.
Convergence Long/Short Equity ETF
    
Schedule of Securities Sold Short
    
as of February 29, 2024 (Unaudited)
    
         
COMMON STOCKS - (46.6)%
  
Shares
    
Value
Accommodation - (0.6)%
    
Caesars Entertainment, Inc.
  
(2,531)
   $
 (110,023)
Hilton Grand Vacations, Inc.
  
(2,188)
    
   (98,197)
Penn Entertainment, Inc.
  
(5,611)
    
   (102,681)
         
   (310,901)
           
Administrative and Support Services - (2.5)%
    
ACV Auctions, Inc. - Class A
  
(3,298)
    
   (58,539)
Cloudflare, Inc. - Class A
  
(1,340)
    
   (132,044)
Live Nation Entertainment, Inc.
  
(2,129)
    
   (206,470)
RB Global, Inc.
  
(727)
    
   (55,187)
Remitly Global, Inc.
  
(6,196)
    
   (127,761)
SentinelOne, Inc. - Class A
  
(7,918)
    
   (223,050)
Shift4 Payments, Inc. - Class A
  
(1,840)
    
   (151,285)
Sprout Social, Inc. - Class A
  
(3,467)
    
   (214,330)
TripAdvisor, Inc.
  
(6,674)
    
   (178,997)
WEX, Inc.
  
(296)
    
   (65,040)
         
 (1,412,703)
           
Air Transportation - (0.4)%
    
Alaska Air Group, Inc.
  
(2,689)
    
   (100,542)
Southwest Airlines Co.
  
(2,879)
    
   (98,663)
         
   (199,205)
           
Ambulatory Health Care Services - (0.2)%
    
LifeStance Health Group, Inc.
  
(12,273)
    
   (102,479)
           
Animal Production and Aquaculture - (0.5)%
    
Cal-Maine Foods, Inc.
  
(4,683)
    
   (269,226)
           
Apparel Manufacturing - (0.1)%
    
VF Corp.
  
(4,872)
    
   (79,608)
           
Beverage and Tobacco Product Manufacturing - (0.5)%
    
Brown-Forman Corp. - Class B
  
(2,344)
    
   (141,179)
Primo Water Corp.
  
(8,422)
    
   (136,521)
         
   (277,700)
           
Broadcasting (except Internet) - (1.4)%
    
Liberty Broadband Corp. - Class C
  
(1,906)
    
   (114,703)
Madison Square Garden Sports Corp.
  
(1,081)
    
   (203,433)
Walt Disney Co.
  
(932)
    
   (103,993)
Warner Bros Discovery, Inc.
  
(42,938)
    
   (377,425)
         
   (799,554)
           
Chemical Manufacturing - (3.4)%
    
10X Genomics, Inc. - Class A
  
(2,046)
    
   (95,425)
Air Products and Chemicals, Inc.
  
(261)
    
   (61,084)
Albemarle Corp.
  
(1,076)
    
   (148,327)
Bio-Techne Corp.
  
(2,543)
    
   (187,089)
Denali Therapeutics, Inc.
  
(5,816)
    
   (115,040)
Estee Lauder Cos., Inc. - Class A
  
(946)
    
   (140,557)
FMC Corp.
  
(1,276)
    
   (71,954)
Huntsman Corp.
  
(1,499)
    
   (38,374)
Intellia Therapeutics, Inc.
  
(3,614)
    
   (116,082)
Kenvue, Inc.
  
(7,444)
    
   (141,436)
Moderna, Inc.
  
(2,538)
    
   (234,105)
Pfizer, Inc.
  
(10,303)
    
   (273,648)
PTC Therapeutics, Inc.
  
(1,776)
    
   (50,065)
QuidelOrtho Corp.
  
(2,122)
    
   (96,763)
Tronox Holdings PLC
  
(4,123)
    
   (60,608)
         
 (1,830,557)
           
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - (0.4)%
    
Foot Locker, Inc.
  
(5,885)
    
   (202,621)
           
Computer and Electronic Product Manufacturing - (6.6)%
    
Allegro MicroSystems, Inc.
  
(7,373)
    
   (232,176)
Bio-Rad Laboratories, Inc. - Class A
  
(395)
    
   (128,723)
Bloom Energy Corp. - Class A
  
(10,584)
    
   (92,822)
Cognex Corp.
  
(7,175)
    
   (283,054)
Enphase Energy, Inc.
  
(1,217)
    
   (154,571)
GLOBALFOUNDRIES, Inc.
  
(4,553)
    
   (248,912)
Intel Corp.
  
(8,296)
    
   (357,143)
Masimo Corp.
  
(1,216)
    
   (156,305)
Microchip Technology, Inc.
  
(3,684)
    
   (309,972)
Revvity, Inc.
  
(2,273)
    
   (249,098)
SiTime Corp.
  
(2,438)
    
   (225,515)
Texas Instruments, Inc.
  
(2,142)
    
   (358,421)
TransMedics Group, Inc.
  
(996)
    
   (81,273)
Viasat, Inc.
  
(15,429)
    
   (301,945)
Wolfspeed, Inc.
  
(12,588)
    
   (327,540)
Zebra Technologies Corp. - Class A
  
(996)
    
   (278,362)
         
 (3,785,832)
           
Construction of Buildings - (0.1)%
    
Green Brick Partners, Inc.
  
(508)
    
   (29,718)
           
Credit Intermediation and Related Activities - (2.5)%
    
American Express Co.
  
(709)
    
   (155,569)
Associated Banc-Corp.
  
(4,273)
    
   (89,049)
Banc of California, Inc.
  
(6,309)
    
   (92,301)
Cadence Bank
  
(4,076)
    
   (112,824)
Citigroup, Inc.
  
(1,454)
    
   (80,682)
Columbia Banking System, Inc.
  
(6,384)
    
   (115,550)
Eastern Bankshares, Inc.
  
(7,190)
    
   (92,895)
First Citizens BancShares, Inc./NC - Class A
  
(99)
    
   (155,807)
Flywire Corp.
  
(5,478)
    
   (155,520)
Pacific Premier Bancorp, Inc.
  
(3,070)
    
   (70,180)
PennyMac Financial Services, Inc.
  
(1,570)
    
   (133,340)
Seacoast Banking Corp. of Florida
  
(3,487)
    
   (84,176)
Western Alliance Bancorp
  
(1,026)
    
   (59,231)
         
 (1,397,124)
           
Data Processing, Hosting & Related Services - (0.2)%
    
Alight, Inc. - Class A
  
(9,501)
    
   (85,604)
           
Electrical Equipment, Appliance, and Component Manufacturing - (0.3)%
    
Regal Rexnord Corp.
  
(977)
    
   (167,546)
           
Fabricated Metal Product Manufacturing - (0.7)%
    
Axon Enterprise, Inc.
  
(342)
    
   (105,121)
Chart Industries, Inc.
  
(1,033)
    
   (147,574)
Zurn Elkay Water Solutions Corp.
  
(2,717)
    
   (86,265)
         
   (338,960)
           
Food Manufacturing - (0.6)%
    
Archer-Daniels-Midland Co.
  
(849)
    
   (45,090)
Darling Ingredients, Inc.
  
(3,370)
    
   (142,585)
Krispy Kreme, Inc.
  
(8,802)
    
   (113,898)
         
   (301,573)
           
Furniture, Home Furnishings, Electronics, and Appliance Retailers - (0.7)%
    
Floor & Decor Holdings, Inc. - Class A
  
(1,328)
    
   (160,847)
RH
  
(802)
    
   (220,069)
         
   (380,916)
           
General Merchandise Stores - (1.0)%
    
Dollar General Corp.
  
(1,381)
    
   (200,673)
Dollar Tree, Inc.
  
(1,334)
    
   (195,671)
Five Below, Inc.
  
(953)
    
   (191,248)
         
   (587,592)
           
Heavy and Civil Engineering Construction - (0.3)%
    
MasTec, Inc.
  
(1,628)
    
   (122,849)
St Joe Co.
  
(860)
    
   (46,328)
         
   (169,177)
           
Insurance Carriers and Related Activities - (1.1)%
    
agilon health, Inc.
  
(12,852)
    
   (78,783)
American International Group, Inc.
  
(690)
    
   (50,294)
Arthur J Gallagher & Co.
  
(435)
    
   (106,110)
Brighthouse Financial, Inc.
  
(1,527)
    
   (71,082)
Kemper Corp.
  
(1,714)
    
   (98,264)
Lincoln National Corp.
  
(3,602)
    
   (99,199)
RenaissanceRe Holdings Ltd.
  
(304)
    
   (68,345)
Ryan Specialty Holdings, Inc.
  
(985)
    
   (51,594)
         
   (623,671)
           
Leather and Allied Product Manufacturing - (0.1)%
    
Columbia Sportswear Co.
  
(588)
    
   (48,622)
           
Machinery Manufacturing - (1.3)%
    
Coherent Corp.
  
(4,392)
    
   (261,236)
Hayward Holdings, Inc.
  
(7,082)
    
   (104,743)
Mettler-Toledo International, Inc.
  
(186)
    
   (231,983)
Xylem, Inc./NY
  
(715)
    
   (90,841)
         
   (688,803)
           
Management of Companies and Enterprises - (0.6)%
    
Noble Corp. PLC
  
(2,018)
    
   (84,372)
Rivian Automotive, Inc. - Class A
  
(9,677)
    
   (109,544)
White Mountains Insurance Group Ltd.
  
(48)
    
   (84,741)
         
   (278,657)
           
Mining (except Oil and Gas) - (0.4)%
    
CNX Resources Corp.
  
(5,972)
    
   (125,113)
Royal Gold, Inc.
  
(496)
    
   (50,904)
Uranium Energy Corp.
  
(10,596)
    
   (68,662)
         
   (244,679)
           
Miscellaneous Manufacturing - (1.6)%
    
Hasbro, Inc.
  
(1,223)
    
   (61,505)
ICU Medical, Inc.
  
(1,675)
    
   (182,960)
Inspire Medical Systems, Inc.
  
(938)
    
   (167,939)
Neogen Corp.
  
(11,124)
    
   (191,222)
PROCEPT BioRobotics Corp.
  
(1,527)
    
   (73,815)
Shockwave Medical, Inc.
  
(964)
    
   (251,479)
Topgolf Callaway Brands Corp.
  
(4,723)
    
   (67,255)
         
   (996,175)
           
Motion Picture and Sound Recording Industries - (0.3)%
    
Take-Two Interactive Software, Inc.
  
(1,100)
    
   (161,623)
           
Motor Vehicle and Parts Dealers - (1.3)%
    
Advance Auto Parts, Inc.
  
(3,081)
    
   (208,091)
AutoZone, Inc.
  
(66)
    
   (198,397)
Group 1 Automotive, Inc.
  
(413)
    
   (111,778)
Lithia Motors, Inc.
  
(493)
    
   (147,437)
         
   (665,703)
           
Nonmetallic Mineral Product Manufacturing - (0.7)%
    
Corning, Inc.
  
(10,461)
    
   (337,263)
Stepan Co.
  
(766)
    
   (68,327)
         
   (405,590)
           
Oil and Gas Extraction - (1.2)%
    
Antero Resources Corp.
  
(3,751)
    
   (96,401)
Dominion Energy, Inc.
  
(4,016)
    
   (192,085)
EQT Corp.
  
(7,989)
    
   (296,791)
Northern Oil and Gas, Inc.
  
(3,165)
    
   (113,085)
         
   (698,362)
           
Other Information Services - (0.4)%
    
VeriSign, Inc.
  
(1,157)
    
   (225,951)
           
Personal and Laundry Services - (0.4)%
    
IAC, Inc.
  
(3,641)
    
   (206,809)
           
Plastics and Rubber Products Manufacturing - (0.1)%
    
Newell Brands, Inc.
  
(9,720)
    
   (72,900)
           
Primary Metal Manufacturing - (0.1)%
    
Alcoa Corp.
  
(2,838)
    
   (77,222)
           
Printing and Related Support Activities - (0.2)%
    
Permian Resources Corp.
  
(6,069)
    
   (94,434)
           
Professional, Scientific, and Technical Services - (3.7)%
    
Asana, Inc. - Class A
  
(10,576)
    
   (208,347)
Aspen Technology, Inc.
  
(2,266)
    
   (439,355)
Charles River Laboratories International, Inc.
  
(806)
    
   (204,877)
Concentrix Corp.
  
(607)
    
   (43,977)
DoubleVerify Holdings, Inc.
  
(3,350)
    
   (103,482)
HashiCorp, Inc. - Class A
  
(5,009)
    
   (130,585)
Integral Ad Science Holding Corp.
  
(10,178)
    
   (105,444)
REVOLUTION Medicines, Inc.
  
(3,189)
    
   (94,012)
Riot Platforms, Inc.
  
(12,202)
    
   (172,292)
Trade Desk, Inc. - Class A
  
(1,201)
    
   (102,601)
Ubiquiti, Inc.
  
(1,902)
    
   (222,876)
Unity Software, Inc.
  
(6,787)
    
   (198,995)
         
 (2,026,843)
           
Publishing Industries - (2.7)%
    
BILL Holdings, Inc.
  
(2,752)
    
   (174,284)
Braze, Inc. - Class A
  
(3,697)
    
   (210,359)
Confluent, Inc. - Class A
  
(7,217)
    
   (244,440)
Gitlab, Inc. - Class A
  
(2,331)
    
   (168,112)
HubSpot, Inc.
  
(287)
    
   (177,598)
Paycor HCM, Inc.
  
(3,071)
    
   (64,860)
PTC, Inc.
  
(1,205)
    
   (220,527)
ZoomInfo Technologies, Inc.
  
(17,975)
    
   (301,261)
         
 (1,561,441)
           
Real Estate - (0.3)%
    
Marriott Vacations Worldwide Corp.
  
(798)
    
   (74,366)
MP Materials Corp.
  
(5,524)
    
   (84,020)
         
   (158,386)
           
Rental and Leasing Services - (0.6)%
    
Air Lease Corp.
  
(2,497)
    
   (100,130)
Avis Budget Group, Inc.
  
(1,219)
    
   (131,701)
Hertz Global Holdings, Inc.
  
(14,862)
    
   (116,667)
         
   (348,498)
           
Repair and Maintenance - (0.3)%
    
Driven Brands Holdings, Inc.
  
(6,383)
    
   (88,021)
Mister Car Wash, Inc.
  
(6,379)
    
   (52,882)
         
   (140,903)
           
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - (2.8)%
    
Apollo Global Management, Inc.
  
(1,250)
    
   (139,750)
Blackstone, Inc.
  
(1,170)
    
   (149,549)
Carlyle Group, Inc.
  
(3,349)
    
   (153,552)
Goldman Sachs Group, Inc.
  
(1,156)
    
   (449,742)
Interactive Brokers Group, Inc. - Class A
  
(1,328)
    
   (144,380)
IonQ, Inc.
  
(21,254)
    
   (220,191)
Jefferies Financial Group, Inc.
  
(3,635)
    
   (152,016)
Joby Aviation, Inc.
  
(9,542)
    
   (53,626)
nVent Electric PLC
  
(1,210)
    
   (81,457)
         
 (1,544,263)
           
Specialty Trade Contractors - (0.2)%
    
Sunrun, Inc.
  
(7,372)
    
   (88,759)
           
Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - (0.2)%
    
Tractor Supply Co.
  
(500)
    
   (127,160)
           
Support Activities for Mining - (0.3)%
    
Civitas Resources, Inc.
  
(1,447)
    
   (99,380)
Ovintiv, Inc.
  
(1,421)
    
   (70,212)
         
   (169,592)
           
Support Activities for Transportation - (0.4)%
    
FTAI Aviation Ltd.
  
(1,588)
    
   (89,389)
GATX Corp.
  
(710)
    
   (90,056)
         
   (179,445)
           
Telecommunications - (0.3)%
    
Frontier Communications Parent, Inc.
  
(8,107)
    
   (191,974)
           
Transportation Equipment Manufacturing - (1.0)%
    
Boeing Co.
  
(905)
    
   (184,367)
Fox Factory Holding Corp.
  
(2,129)
    
   (107,706)
Shoals Technologies Group, Inc. - Class A
  
(5,884)
    
   (75,492)
Spirit AeroSystems Holdings, Inc. - Class A
  
(3,867)
    
   (110,596)
Tesla, Inc.
  
(626)
    
   (126,377)
         
   (604,538)
           
Utilities - (0.8)%
    
Atmos Energy Corp.
  
(1,179)
    
   (133,121)
DTE Energy Co.
  
(1,209)
    
   (130,995)
First Solar, Inc.
  
(648)
    
   (99,721)
New Jersey Resources Corp.
  
(2,012)
    
   (83,719)
Ormat Technologies, Inc.
  
(637)
    
   (41,501)
         
   (489,057)
           
Waste Management and Remediation Services - (0.1)%
    
Casella Waste Systems, Inc. - Class A
  
(622)
    
   (56,042)
           
Wood Product Manufacturing - (0.1)%
    
Louisiana-Pacific Corp.
  
(862)
    
   (63,762)
TOTAL COMMON STOCKS (Proceeds $26,270,955)
    
 (25,968,460)
           
REAL ESTATE INVESTMENT TRUSTS - (1.4)%
  
Shares
    
Value
Real Estate - (1.4)%
    
AGNC Investment Corp.
  
(13,896)
    
   (132,846)
Agree Realty Corp.
  
(2,228)
    
   (122,429)
Extra Space Storage, Inc.
  
(441)
    
   (62,168)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  
(2,973)
    
   (74,830)
Healthcare Realty Trust, Inc.
  
(5,940)
    
   (81,853)
Independence Realty Trust, Inc.
  
(8,040)
    
   (117,706)
PotlatchDeltic Corp.
  
(1,682)
    
   (76,043)
Realty Income Corp.
  
(1,444)
    
   (75,247)
Sun Communities, Inc.
  
(292)
    
   (39,058)
Ventas, Inc.
  
(1,288)
    
   (54,469)
VICI Properties, Inc.
  
(2,029)
    
   (60,728)
         
   (897,377)
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $934,201)
    
   (897,377)
           
EXCHANGE TRADED FUNDS - (0.6)%
  
Shares
    
Value
Invesco QQQ Trust Series 1
  
(817)
    
   (358,663)
iShares Core S&P 500 ETF
  
(3)
    
   (1,531)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $355,569)
    
   (360,194)
           
TOTAL SECURITIES SOLD SHORT - (48.6)% (Proceeds $27,560,725)
        
 (27,226,031)
           
Percentages are stated as a percent of net assets.
          
PLC - Public Limited Company
          

Investment Valuation
 
Each equity security owned by the Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Fund will use the price on the exchange that the Fund generally considers to be the principal exchange on which the security is traded.
 
Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. “Composite Market” means a consolidation of the trade information provided by national securities and foreign exchanges and over-the counter markets as published by a pricing service.
 
If market quotations are not readily available, any security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value procedures, subject to oversight by the Board of Trustees. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Adviser will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application of such procedures.
 
In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair value, taking into account such events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund's NAV in advance of the time the NAV is calculated.
 
Redeemable securities issued by open-end, registered investment companies, including money market mutual funds, are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined. Money market mutual funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
 
The Trust has adopted Statement of Financial Accounting Standards, “Fair Value Measurements and Disclosures,” which requires the Fund to classify its securities based on a valuation method. These inputs are summarized in the three broad levels listed below:
 
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's investments carried at fair value as of February 29, 2024: 
 
Convergence Long/Short Equity ETF
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
    
62,710,352
      
–
      
–
      
62,710,352
  
  Real Estate Investment Trusts
    
1,704,179
      
–
      
–
      
1,704,179
  
  Money Market Funds
    
399,378
      
–
      
–
      
399,378
  
Total Assets
    
64,813,909
      
–
      
–
      
64,813,909
  
                                 
Liabilities:
                                
  Common Stocks
    
(25,968,460
)
    
–
      
–
      
(25,968,460
)
  Real Estate Investment Trusts
    
(897,377
)
    
–
      
–
      
(897,377
)
  Exchange Traded Funds
    
(360,194
)
    
–
      
–
      
(360,194
)
Total Liabilities
    
(27,226,031
)
    
–
      
–
      
(27,226,031
)
                                 
   
Refer to the Schedule of Investments for industry classifications.