Sound Enhanced Fixed Income ETF


2		The accompanying notes are an integral part of these financial statements.

Schedule of Investments at May 31, 2022 (Unaudited)


	Shares	Value
Closed-End Funds — 2.9%
AllianceBernstein Global High Income Fund, Inc.	62,525	$645,883
Total Closed-End Funds
(Cost $748,050)		645,883

Common Stocks — 28.8%

Investment Companies — 14.5%
Ares Capital Corp.	36,751	712,235
Golub Capital BDC, Inc.	44,150	624,281
PennantPark Floating Rate Capital Ltd.	58,556	688,033
Sixth Street Specialty Lending, Inc.	29,499	610,334
WhiteHorse Finance, Inc.	45,718	647,824
		3,282,707
Private Equity — 2.7%
Hercules Capital, Inc.	42,778	602,314

Real Estate Investment Trusts (REITs) — 11.6%
Alpine Income Property Trust, Inc.	13,288	251,808
Brandywine Realty Trust	21,021	234,384
Gaming and Leisure Properties, Inc.	1,607	75,240
Global Medical REIT, Inc.	18,767	243,971
Global Net Lease, Inc.	14,358	207,760
Medical Properties Trust, Inc.	11,532	214,265
Omega Healthcare Investors, Inc.	6,616	196,958
Plymouth Industrial REIT, Inc.	13,599	276,196
Simon Property Group, Inc.	2,892	331,568
Spirit Realty Capital, Inc.	6,076	255,131
VICI Properties, Inc.	10,643	328,336
		2,615,617
Total Common Stocks
(Cost $7,195,379)		6,500,638

	Principal Amount
Corporate Bonds — 24.7%

Auto Parts & Equipment — 1.8%
American Axle & Manufacturing, Inc.
5.000%, 10/01/2029	$447,000	398,051

Chemicals — 2.2%
Olin Corp.
5.125%, 09/15/2027	489,000	490,059


	Principal Amount	Value
Corporate Bonds — 24.7% (Continued)

Computers — 1.8%
Dell, Inc.
6.500%, 04/15/2038	$376,000	$397,148

Gas — 2.1%
National Fuel Gas Co.
4.750%, 09/01/2028	489,000	487,033

Insurance — 2.1%
Radian Group, Inc.
4.875%, 03/15/2027	489,000	475,814

Lodging — 2.1%
Hilton Domestic Operating Co., Inc.
4.875%, 01/15/2030	482,000	473,710

Media — 2.1%
AMC Networks, Inc.
4.750%, 08/01/2025	490,000	483,564

Miscellaneous Manufacturers — 2.1%
Trinity Industries, Inc.
4.550%, 10/01/2024	489,000	486,905

Oil & Gas — 4.4%
Apache Corp.
5.100%, 09/01/2040	489,000	457,166
Murphy Oil Corp.
5.875%, 12/01/2027	538,000	545,785
		1,002,951
Pipelines — 4.0%
EQM Midstream Partners L.P.
5.500%, 07/15/2028	441,000	418,269
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
5.000%, 01/15/2028	489,000	479,205
		897,474
Total Corporate Bonds
(Cost $6,006,474)		5,592,709

Sound Enhanced Fixed Income ETF


The accompanying notes are an integral part of these financial statements.		3

SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited) (Continued)


	Shares	Value
Exchange Traded Funds — 10.6%
Invesco Emerging Markets Sovereign Debt ETF	25,529	$523,600
iShares 0-5 Year High Yield Corporate Bond ETF	16,170	694,340
iShares J.P. Morgan EM High Yield Bond ETF	15,827	590,822
VanEck Emerging Markets High Yield Bond ETF	30,773	584,995
Total Exchange Traded Funds
(Cost $2,791,724)		2,393,757

Preferred Stocks — 31.6%

Banks — 13.7%
Associated Banc-Corp
5.625%, 9/15/25 ⁽¹⁾	21,315	506,871
Bank of America Corp.
5.375%, 6/25/24 ⁽¹⁾	22,442	523,572
JPMorgan Chase & Co.
6.000%, 3/01/24 ⁽¹⁾	21,511	559,716
Morgan Stanley
4.875%, 1/15/25 ⁽¹⁾	23,080	517,684
Truist Financial Corp.
5.250%, 6/01/25 ⁽¹⁾	22,051	512,906
Wells Fargo & Co.
4.700%, 12/15/25 ⁽¹⁾	23,472	479,768
		3,100,517
Diversified Financial Services — 2.1%
Capital One Financial Corp.
4.800%, 6/01/25 ⁽¹⁾	23,619	482,772

Electric — 4.7%
CMS Energy Corp.
5.875%, 3/01/79	21,904	557,019
The Southern Co.
4.950%, 1/30/80	22,345	510,360
		1,067,379
Insurance — 7.0%
AEGON Funding Co., LLC
5.100%, 12/15/49	22,589	522,031
The Allstate Corp.
5.100%, 10/15/24 ⁽¹⁾	21,952	530,580
MetLife, Inc.
4.750%, 3/15/25 ⁽¹⁾	22,491	525,165
		1,577,776


	Shares	Value
Preferred Stocks — 31.6% (Continued)

Real Estate Investment Trusts (REITs) — 2.0%
UMH Properties, Inc.
6.75%, 7/26/22 ⁽¹⁾	17,936	$451,987

Telecommunications — 2.1%
AT&T, Inc.
4.750%, 2/18/25 ⁽¹⁾	22,786	465,746
Total Preferred Stocks
(Cost $8,158,343)		7,146,177

Short-Term Investments — 0.7%
Monet Market Fund — 0.7%
First American Government Obligations Fund, Class X, 0.658% ⁽²⁾	167,053	167,053
Total Short-Term Investments
(Cost $167,053)		167,053

Total Investments in Securities — 99.3%
(Cost $25,067,023)		22,446,217
Other Assets in Excess of Liabilities — 0.7%		154,526
Total Net Assets — 100.0%		$22,600,743

⁽¹⁾Perpetual call date security. Date shown is next call date.

⁽²⁾The rate quoted is the annualized seven-day effective yield as of May 31, 2022.

Sound Equity Income ETF


4		The accompanying notes are an integral part of these financial statements.

Schedule of Investments at May 31, 2022 (Unaudited)


	Shares	Value
Common Stocks — 99.3%

Advertising — 3.7%
Omnicom Group, Inc.	9,502	$708,944

Apparel — 2.9%
Hanesbrands, Inc.	46,319	549,807

Banks — 6.0%
First Horizon Corp.	23,212	529,930
M&T Bank Corp.	3,449	620,716
		1,150,646
Chemicals — 7.6%
Dow, Inc.	6,863	466,547
LyondellBasell Industries NV	8,682	991,918
		1,458,465
Commercial Services — 6.4%
H&R Block, Inc.	34,832	1,227,480

Computers — 8.2%
HP, Inc.	14,091	547,294
International Business Machines Corp.	4,500	624,780
Seagate Technology Holdings PLC	4,771	403,961
		1,576,035
Cosmetics & Personal Care — 2.1%
Unilever PLC - ADR	8,137	393,261

Diversified Financial Services — 3.0%
Franklin Resources, Inc.	21,143	572,552

Electric — 3.1%
Entergy Corp.	2,577	310,065
NorthWestern Corp.	4,706	288,336
		598,401
Healthcare — Products — 2.1%
Patterson Companies, Inc.	12,829	405,268

Housewares — 1.8%
Newell Brands, Inc.	16,006	343,169

Insurance — 5.2%
Principal Financial Group, Inc.	13,720	1,000,600

Office & Business Equipment — 2.2%
Xerox Holdings Corp.	22,554	424,466

Oil & Gas — 8.1%
TotalEnergies SE - ADR	10,476	615,989
Valero Energy Corp.	7,148	926,381
		1,542,370


	Shares	Value
Common Stocks — 99.3% (Continued)

Packaging & Containers — 3.7%
Greif, Inc. - Class B	11,819	$699,803

Pharmaceuticals — 13.5%
AbbVie, Inc.	6,155	907,062
GSK PLC - ADR	8,215	360,639
Johnson & Johnson	2,380	427,281
Pfizer, Inc.	16,864	894,467
		2,589,449
Pipelines — 7.2%
Enbridge, Inc.	19,068	879,988
ONEOK, Inc.	7,396	487,027
		1,367,015
Retail — 3.8%
MSC Industrial Direct Co., Inc. - Class A	3,640	309,145
Walgreens Boots Alliance, Inc.	9,548	418,489
		727,634
Savings & Loans — 3.5%
New York Community Bancorp, Inc.	66,228	660,955

Telecommunications — 5.2%
AT&T, Inc.	27,850	592,927
Cisco Systems, Inc.	8,723	392,971
		985,898
Total Common Stocks
(Cost $17,254,686)		18,982,218

Short-Term Investments — 0.4%

Monet Market Fund — 0.4%
First American Government Obligations Fund, Class X, 0.658% ⁽¹⁾	82,209	82,209
Total Short-Term Investments
(Cost $82,209)		82,209

Total Investments in Securities — 99.7%
(Cost $17,336,895)		19,064,427
Other Assets Less Liabilities — 0.3%		57,705
Net Assets — 100.0%		$19,122,132

ADRAmerican Depositary Receipt.

⁽¹⁾The rate shown is the annualized seven-day effective yield as of May 31, 2022.

Sound Income ETFs


The accompanying notes are an integral part of these financial statements.		5

STATEMENTS OF ASSETS AND LIABILITIES at May 31, 2022 (Unaudited)


	Sound Enhanced Fixed Income ETF		Sound Equity Income ETF

Assets:
Investments in securities, at value (Note 2)	$22,446,217		$19,064,427
Receivables:
Dividends and interest	163,635		64,668
Total assets	22,609,852		19,129,095

Liabilities:
Payables:
Management fees (Note 4)	9,109		6,963
Total liabilities	9,109		6,963
Net Assets	$22,600,743		$19,122,132

Components of Net Assets:
Paid-in capital	$25,232,705		$17,385,013
Total distributable (accumulated) earnings (losses)	(2,631,962	)	1,737,119
Net assets	$22,600,743		$19,122,132

Net Asset Value (unlimited shares authorized):
Net assets	$22,600,743		$19,122,132
Shares of beneficial interest issued and outstanding	1,225,000		700,000
Net asset value	$18.45		$27.32

Cost of investments	$25,067,023		$17,336,895

Sound Enhanced Fixed Income ETF


The accompanying notes are an integral part of these financial statements.		7

STATEMENT OF CHANGES IN NET ASSETS


	Six-Months Ended May 31, 2022 (Unaudited)		Period Ended November 30, 2021 ⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$565,619		$213,500
Net realized gain (loss) on investments	(14,814	)	(17,961	)
Change in net unrealized appreciation/depreciation on investments	(2,451,606	)	(169,200	)
Net increase (decrease) in net assets resulting from operations	(1,900,801	)	26,339

Distributions to Shareholders:
Net distributions to shareholders	(544,000	)	(226,382	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net changes in outstanding shares ⁽²⁾	11,698,485		13,547,102
Total increase (decrease) in net assets	9,253,684		13,347,059

Net Assets:
Beginning of period	13,347,059		—
End of period	$22,600,743		$13,347,059

⁽¹⁾The Fund commenced operations on December 30, 2020. The information presented is from December 30, 2020 to November 30, 2021. ⁽²⁾Summary of share transactions is as follows:


	Six-Months Ended May 31, 2022 (Unaudited)		Period Ended November 30, 2021 ⁽¹⁾
	Shares	Value	Shares	Value
Shares sold	575,000	$11,697,440	650,000	$13,544,572
Shares redeemed	—	—	—	—
Variable fees	—	1,045	—	2,530
Net increase (decrease)	575,000	$11,698,485	650,000	$13,547,102

Sound Equity Income ETF


8		The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Six-Months Ended May 31, 2022 (Unaudited)		Period Ended November 30, 2021 ⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$264,562		$240,214
Net realized gain (loss) on investments	768		17,040
Change in net unrealized appreciation/depreciation on investments	1,790,769		(63,006	)
Net increase (decrease) in net assets resulting from operations	2,056,099		194,248

Distributions to Shareholders:
Net distributions to shareholders	(290,850	)	(222,378	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net changes in outstanding shares ⁽²⁾	5,206,478		12,178,535
Total increase (decrease) in net assets	6,971,727		12,150,405

Net Assets:
Beginning of period	12,150,405		—
End of period	$19,122,132		$12,150,405

⁽¹⁾The Fund commenced operations on December 30, 2020. The information presented is from December 30, 2020 to November 30, 2021. ⁽²⁾Summary of share transactions is as follows:


	Six-Months Ended May 31, 2022 (Unaudited)		Period Ended November 30, 2021 ⁽¹⁾
	Shares	Value	Shares	Value
Shares sold	200,000	$5,206,478	500,000	$12,178,535
Shares redeemed	—	—	—	—
Net increase (decrease)	200,000	$5,206,478	500,000	$12,178,535


Portfolio Allocation		1
Schedules of Investments		2
Statements of Assets and Liabilities		5
Statements of Operations		6
Statements of Changes in Net Assets		7
Financial Highlights		9
Notes to Financial Statements		11
Expense Examples		20
Additional Information		21


Sector/Security Type	% of Net Assets
Financials	55.6%
Exchange Traded Funds	10.5
Energy	8.4
Utilities	6.9
Communications	4.2
Consumer, Cyclical	3.9
Closed-End Funds	2.9
Basic Materials	2.2
Industrial	2.2
Technology	1.8
Cash & Cash Equivalents ⁽¹⁾	1.4
Total	100.0%


Sector	% of Net Assets
Consumer, Non-Cyclical	24.1%
Financials	17.7
Energy	15.2
Technology	10.5
Communications	8.9
Consumer, Cyclical	8.5
Basic Materials	7.6
Industrial	3.7
Utilities	3.1
Cash & Cash Equivalents ⁽¹⁾	0.7
Total	100.0%


	Sound Enhanced Fixed Income ETF		Sound Equity Income ETF

Investment Income:
Dividend income (net of foreign withholding tax of $- and $7,916, respectively)	$518,542		$300,064
Interest income	97,214		77
Total investment income	615,756		300,141

Expenses:
Management fees (Note 4)	50,137		35,579
Total expenses	50,137		35,579
Net investment income (loss)	565,619		264,562

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments	(14,814	)	768
Change in net unrealized appreciation/depreciation on investments	(2,451,606	)	1,790,769
Net realized and unrealized gain (loss) on investments	(2,466,420	)	1,791,537
Net increase (decrease) in net assets resulting from operations	$(1,900,801	)	$2,056,099


	Six-Months Ended May 31, 2022 (Unaudited)	Period Ended November 30, 2021 ⁽¹⁾

Net asset value, beginning of period	$20.53	$20.00

Incom