F/m Opportunistic ETF
|
||||||||
Schedule of Investments
|
||||||||
as of May 31, 2024 (Unaudited)
|
||||||||
CORPORATE BONDS - 97.6%
|
Par
|
Value
|
||||||
Administrative and Support and Waste Management and Remediation Services - 4.8%
|
||||||||
Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042
|
1,406,000
|
$
|
1,372,005
|
|||||
Communication Services - 5.0%
|
||||||||
Paramount Global, 4.95%, 01/15/2031 (a)
|
1,610,000
|
1,441,625
|
||||||
Consumer Discretionary - 9.7%
|
||||||||
Ford Motor Co., 3.25%, 02/12/2032
|
1,753,000
|
1,440,821
|
||||||
VF Corp., 2.95%, 04/23/2030 (a)
|
1,675,000
|
1,353,903
|
||||||
2,794,724
|
||||||||
Energy - 12.6%
|
||||||||
Cheniere Energy Partners LP, 4.50%, 10/01/2029
|
1,461,000
|
1,388,423
|
||||||
Kinder Morgan, Inc., 5.55%, 06/01/2045
|
1,531,000
|
1,436,949
|
||||||
Phillips 66 Partners LP
|
||||||||
3.61%, 02/15/2025
|
65,000
|
63,996
|
||||||
3.75%, 03/01/2028
|
500,000
|
455,092
|
||||||
3.15%, 12/15/2029
|
325,000
|
270,695
|
||||||
3,615,155
|
||||||||
Finance and Insurance - 4.8%
|
||||||||
Nationwide Financial Services, Inc., 6.75%, 05/15/2037
|
1,396,000
|
1,382,969
|
||||||
Financials - 9.9%
|
||||||||
Bank of America Corp., 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.19%, Perpetual
|
1,446,000
|
1,419,650
|
||||||
JPMorgan Chase & Co., 4.60% to 02/01/2025 then 3 mo. Term SOFR + 3.13%, Perpetual
|
1,453,000
|
1,426,051
|
||||||
2,845,701
|
||||||||
Health Care - 5.0%
|
||||||||
Viatris, Inc., 3.85%, 06/22/2040
|
1,980,000
|
1,445,351
|
||||||
Industrials - 9.2%
|
||||||||
Concentrix Corp., 6.60%, 08/02/2028
|
1,396,000
|
1,406,855
|
||||||
Howmet Aerospace, Inc., 6.88%, 05/01/2025
|
1,225,000
|
1,236,571
|
||||||
2,643,426
|
||||||||
Information Technology - 10.2%
|
||||||||
Autodesk, Inc., 2.40%, 12/15/2031
|
1,197,000
|
981,243
|
||||||
Kyndryl Holdings, Inc., 6.35%, 02/20/2034 (a)
|
1,437,000
|
1,477,882
|
||||||
VeriSign, Inc., 4.75%, 07/15/2027
|
479,000
|
469,785
|
||||||
2,928,910
|
||||||||
Manufacturing - 9.8%
|
||||||||
Celanese US Holdings LLC, 6.33%, 07/15/2029
|
1,373,000
|
1,409,381
|
||||||
Dell, Inc., 6.50%, 04/15/2038
|
1,329,000
|
1,398,851
|
||||||
2,808,232
|
||||||||
Mining, Quarrying, and Oil and Gas Extraction - 4.1%
|
||||||||
Freeport Minerals Corp., 9.50%, 06/01/2031
|
988,000
|
1,174,485
|
||||||
Professional, Scientific, and Technical Services - 4.8%
|
||||||||
Leidos, Inc., 5.75%, 03/15/2033
|
1,357,000
|
1,371,020
|
||||||
Utilities - 4.8%
|
||||||||
Florida Power & Light Co., 3.80%, 12/15/2042
|
1,696,000
|
1,361,109
|
||||||
Wholesale Trade - 2.9%
|
||||||||
Ricoh USA, Inc., 6.75%, 12/01/2025
|
860,000
|
824,429
|
||||||
TOTAL CORPORATE BONDS (Cost $27,223,929)
|
28,009,141
|
|||||||
MUNICIPAL BONDS - 0.5%
|
Par
|
Value
|
||||||
New Hampshire Business Finance Authority
|
||||||||
3.25%, 04/01/2028
|
130,000
|
102,603
|
||||||
3.96%, 10/01/2031
|
40,000
|
34,490
|
||||||
TOTAL MUNICIPAL BONDS (Cost $144,296)
|
137,093
|
|||||||
EXCHANGE TRADED FUNDS - 0.2%
|
Shares
|
Value
|
||||||
F/m 3-Year Investment Grade Corporate Bond ETF(b)
|
1,500
|
74,822
|
||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $74,850)
|
74,822
|
|||||||
SHORT-TERM INVESTMENTS - 9.7%
|
||||||||
Investments Purchased with Proceeds from Securities Lending - 9.7%
|
Units
|
|||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.52%(c)
|
2,802,575
|
2,802,575
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,802,575)
|
2,802,575
|
|||||||
TOTAL INVESTMENTS - 108.0% (Cost $30,245,650)
|
$
|
31,023,631
|
||||||
Money Market Deposit Account - 0.1%(d)
|
19,139
|
|||||||
Liabilities in Excess of Other Assets - (8.1)%
|
(2,336,266
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
28,706,504
|
||||||
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.
|
CMT - Constant Maturity Treasury Rate
|
SOFR - Secured Overnight Financing Rate
|
(a)
|
All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $2,744,032 which represented 9.6% of net assets.
|
(b)
|
Affiliated company as defined by the Investment Company Act of 1940.
|
(c)
|
The rate shown represents the 7-day effective yield as of May 31, 2024.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.
|
Level 1 -
|
Prices are determined using quoted prices in active markets for identical securities.
|
Level 2 -
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3 -
|
Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investments:
|
||||||||||||||||
Corporate Bonds
|
–
|
28,009,141
|
–
|
28,009,141
|
||||||||||||
Municipal Bonds
|
–
|
137,093
|
–
|
137,093
|
||||||||||||
Exchange Traded Funds
|
74,822
|
–
|
–
|
74,822
|
||||||||||||
Investments Purchased with Proceeds from Securities Lending(a)
|
–
|
–
|
–
|
2,802,575
|
||||||||||||
Total Investments
|
74,822
|
28,146,234
|
–
|
31,023,631
|
||||||||||||
Refer to the Schedule of Investments for additional information.
|
(a)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
|