1
QUARTERLY REPORT
ALPHA DOG ETF
Schedule of InvestmentsJune 30, 2023 (unaudited)
| | | | Shares |
| Fair Value |
98.76% | | COMMON STOCKS | | | | |
| | | | | | |
15.55% | | COMMUNICATIONS SERVICES | | | | |
| | Alphabet Inc.(A) | | 12,634 | | $ 1,512,290 |
| | Meta Platforms, Inc.(A) | | 9,527 | | 2,734,058 |
| | Netflix.com, Inc.(A) | | 3,052 | | 1,344,376 |
| | Rolox Corp.(A) | | 36,720 | | 1,479,816 |
| | T-Mobile US, Inc.(A) | | 7,772 | | 1,079,531 |
| | | | | | 8,150,071 |
| | | | | | |
21.57% | | CONSUMER DISCRETIONARY | | | | |
| | Amazon.Com, Inc.(A) | | 17,563 | | 2,289,513 |
| | Expedia Group, Inc.(A) | | 9,282 | | 1,015,358 |
| | Starbucks Corp. | | 17,561 | | 1,739,593 |
| | Tesla, Inc.(A) | | 10,056 | | 2,632,359 |
| | The Home Depot Inc. | | 3,160 | | 981,622 |
| | Ulta Beauty, Inc.(A) | | 2,313 | | 1,088,486 |
| | Wynn Resorts, Ltd. | | 14,774 | | 1,560,282 |
| | | | | | 11,307,213 |
| | | | | | |
4.37% | | CONSUMER STAPLES | | | | |
| | PepsiCo, Inc. | | 12,363 | | 2,289,875 |
| | | | | | |
3.10% | | FINANCIAL | | | | |
| | Brown & Brown, Inc. | | 23,575 | | 1,622,903 |
| | | | | | |
10.63% | | HEALTH CARE | | | | |
| | Amgen Inc. | | 6,993 | | 1,552,586 |
| | Intuitive Surgical Inc.(A) | | 3,577 | | 1,223,119 |
| | Merck & Company, Inc. | | 24,221 | | 2,794,861 |
| | | | | | 5,570,566 |
| | | | | | |
2
QUARTERLY REPORT
ALPHA DOG ETF
Schedule of Investments - continuedJune 30, 2023 (unaudited)
| | | | Shares |
| Fair Value |
11.81% | | INDUSTRIALS | | | | |
| | Caterpillar Inc. | | 6,249 | | $ 1,537,566 |
| | Deere & Co. | | 2,487 | | 1,007,708 |
| | Generac Holdings Inc.(A) | | 7,237 | | 1,079,254 |
| | The Boeing Co.(A) | | 7,194 | | 1,519,085 |
| | Uber Technologies, Inc.(A) | | 24,234 | | 1,046,182 |
| | | | | | 6,189,795 |
| | | | | | |
15.65% | | INFORMATION TECHNOLOGY | | | | |
| | Apple Inc. | | 9,963 | | 1,932,523 |
| | Cisco Systems, Inc. | | 14,590 | | 754,887 |
| | Crowdstrike Holdings, Inc.(A) | | 12,915 | | 1,896,826 |
| | Oracle Corp. | | 15,399 | | 1,833,867 |
| | Palo Alto Networks, Inc. (A) | | 6,977 | | 1,782,693 |
| | | | | | 8,200,796 |
| | | | | | |
8.69% | | SEMICONDUCTOR | | | | |
| | Broadcom Inc. | | 2,222 | | 1,927,430 |
| | Nvidia Corp. | | 6,217 | | 2,629,915 |
| | | | | | 4,557,345 |
| | | | | | |
7.39% | | SOFTWARE & SERVICES | | | | |
| | Adobe, Inc.(A) | | 4,277 | | 2,091,410 |
| | Microsoft Corp. | | 5,235 | | 1,782,727 |
| | | | | | 3,874,137 |
| | | | | | |
98.76% | | TOTAL COMMON STOCKS | | 51,762,701 | ||
| | | | | | |
0.00% | | MONEY MARKET FUNDS | | | | |
| | Dreyfus Treasury Securities Cash Management-Service Shares 4.17%(B) | | 133 | | 133 |
| | | | | | |
98.76% | | TOTAL INVESTMENTS | | 51,762,834 | ||
1.24% | | Other assets, net of liabilities | | 649,116 | ||
100.00% | | NET ASSETS | | $52,411,950 |
(A)Non-Income Producing
(B)Effective 7 day yield as of June 30, 2023
3
QUARTERLY REPORT
ALPHA DOG ETF
Schedule of Investments - continuedJune 30, 2023 (unaudited)
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining 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 as of June 30, 2023:
| | Level 1 | | Level 2 | | Level 3 | | |
| | Quoted |
| Other |
| Significant |
| Total |
Common Stocks | | $51,762,701 | | $— | | $— | | $51,762,701 |
Money Market Funds | | 133 |
|
|
|
|
| 133 |
Total Investments | | $51,762,834 |
| $— |
| $— |
| $51,762,834 |
The Fund held no Level 3 securities at any time during the period.
There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2023.
At June 30, 2023 the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $42,530,310 and the related tax-based net unrealized appreciation (depreciation) consists of:
| Gross unrealized appreciation | | $9,504,894 | |
| Gross unrealized depreciation | | (272,370 | ) |
| Net unrealized appreciation | | $9,232,524 | |