Reverb ETF

(RVRB)

Listed on Cboe BZX Exchange, Inc.

SEMI-ANNUAL REPORT

October 31, 2023

Reverb ETF

TABLE OF CONTENTS

Letter to Shareholders	1
Sector Allocation of Portfolio Assets	7
Expense Example	8
Schedules of Investments	10
Statements of Assets and Liabilities	33
Statements of Operations	34
Statements of Changes in Net Assets	35
Financial Highlights	36
Notes to Financial Statements	37
Notice to Shareholders	49
Householding	50
Statement Regarding Liquidity Risk Management Program	51
Privacy Notice	52

Reverb (RVRB) Shareholder Letter No. 2

Ratings, Returns, and Incentive Reinforcements

Fund Advisor: Distribution Cognizant, LLC*

12/1/23

Dear Shareholders,

The Reverb Exchange Traded Fund (ticker: RVRB) eclipsed a year of trading on November 4, 2023. During that time, our team built and refined an effective quantitative trading platform and operational program, developed our marketing message and the AI tools that amplify our mission, and raised funds from a small but intrepid circle of investors who share a common belief in the potential of thoughtful market mechanisms to improve overall wellbeing. Most remarkable of all, we received valuable ratings from almost 20,000 users of our free Reverberate ¹app, characterizing the impacts that major corporations have had on their lives.

Why is the submission of these ratings remarkable? To the best of our knowledge, we provide a unique incentive for truthful reporting from Reverberate’s users: share your voice knowing your ratings will be put to work determining capital allocations in accordance with the average interests revealed by these ratings. From a common sense, Golden Rule-motivated standpoint, this is a fair and logical approach, and barring any fraudulent or conspiratorial strategies it is intuitive that reporting your own interests truthfully is in your own interest .

Our core belief is that markets have the potential, and, over the long run, a general tendency to improve the wellbeing of society. By investing on information related to average wellbeing, Reverb picks up the sentiment not only of customers of particular corporations but also of general citizens and stakeholders who may be future customers or catalysts of regulatory shifts. And by soliciting truthful reporting straight from this population, Reverb may gain an investment edge over time. As of October 31, 2023, RVRB had returned 14.20% at market price and 14.19% at Net Asset Value since inception, assuming dividend reinvestment, while our benchmark ²had returned 14.63% over that same period. ³Over the last six months ending October 31, 2023, RVRB returned 1.42% at market prices (1.41% at NAV) while our benchmark returned 1.39%. This is in spite of approximately 15 basis points in fees dragging on RVRB performance over that window of time. Our recent relative outperformance is detailed below, but it is worth noting that we have had both more app use and subsequently more “active share” ⁴over the last six months than we did over our first six months of existence.

_____________

*	Please address comments or questions to [email protected]; visit reverb-etf.com for full prospectus.
¹	Free, easy to use and anonymous: www.rev.vote
²	The S&P500 Index, which tracks the performance of 500 of the largest publicly traded companies listed on U.S. stock exchanges. Investors cannot invest in this index itself, only in portfolios tracking this index with some degree of inaccuracy due to things like transaction costs.
³	Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance visit reverb-etf.com.
⁴	Active share is a reference to the deviation of the holdings of a fund from those of the benchmark index.

This letter is slightly shorter than our first shareholder letter, where we elaborated on the economic logic behind Reverb. Below you will find a brief summary of our trades throughout the past year, an introduction to an exciting new application of AI that we are using to provide a richer voice to Reverberate users, and a short sign-off.

Attribution by the Numbers

Reverb has strict position limits in place to avoid significant active risk. Our preference is to be a product with measured outperformance and “active” bets taken in accordance with the strength of our signal (which is to say, the size of our app user base). As such, we only increased our overall “active share” above 3% for the first time this past month. As it turns out, this has been our best month in both absolute and benchmark-relative terms.

Our total turnover for the trading year has been around 7%. This is a relatively low number, and we are happy about that…needlessly trading back and forth is a surefire way to bleed fund money to commissions and the bid/ask spread. However, we also want our signal to be responsive to any news that we have received via Reverberate prior to its dissemination through other channels to the rest of the market. And in fact, we have traded both in and out of several names during the year.

While we hold a diversified portfolio and stand ready to take active over-or under-weights in many names should Reverberate users begin to rate them frequently, the Reverb ETF’s significant, signal-driven active positions have been concentrated in a relatively small set of very large market capitalization companies.

We have broken the most significant of these trades – Amazon, Apple, Coca-Cola, McDonald’s, Microsoft, and Walmart – into two ad hoc categories and plotted with solid lines the percent changes in our positions (driven by proportionate changes in our ratings-based signal) alongside the percentage price movements (dashed lines). When the Reverb ETF is working well with Reverberate data, the direction (slope) of the solid lines should predict the slope of the dashed lines (aka a move up in a trade slope/solid line should be followed by a move up in the price action slope/dashed line immediately to the right).

Figure 1: Active Position and Standardized Price, Consumer Tech

For example, looking at Figure 1, it is apparent that we traded Apple relatively well throughout the year. Initial overweights were followed by an extended price increase, while a subsequent underweight around August preceded an eventual price decrease. However, our final trades in Apple were ill-positioned for subsequent price action. Figure 1 also shows that our success with Microsoft was mixed, but that we traded Amazon fairly effectively until Q4.

Figure 2: Active Position and Standardized Price, Legacy Retail

Figure 2 shows that we traded Walmart poorly at times and well at others; an initial underweight was followed by a price increase, while subsequent overweights were followed by substantial price increases. We then took a series of misguided underweights before returning to an overweight and enjoying a significant November pop. Coca-Cola also was a mixed success. Our bets on McDonald’s did not pay off.

Elsewhere, we were well positioned for Meta’s large bounce, timed Tesla well more often than not, and took what turned out to be fairly inconsequential positions in Berkshire Hathaway, Netflix and Visa. As we are fundamentally market-cap skewed, our success with Apple has had the largest impact on our portfolio. ⁵

Attribution in Color

By design, Reverb takes its positions only on the basis of changes in a blend of average and median ratings that we use to measure overall preferences of our users, to avoid biasing against any particular reasons users might have for giving their ratings. ⁶We do not want to, and do not think we should, be in the business of deciding what is a “good” or “bad” basis for a person’s preferences; we proudly treat people’s opinions equally.

So, our approach to portfolio positioning is intentionally “dry.” But we also think Reverberate users have important specifics to provide, and many of them

_____________

⁵	As of 12/1/2023, Reverb net assets include 6.92% Microsoft, 6.36% Apple, 3.78% Amazon, 1.97% Meta, 1.6% Berkshire, 1.58% Tesla, 1.32% Visa, 0.86% Walmart, 0.61% Coca-Cola, and 0.43% McDonald’s. Please visit reverb-etf.com for a complete list of our latest holdings.
⁶	Average ratings are more skewed towards extreme ratings, while median ratings more precisely captures the interests of the largest possible block of Reverberate users, which is why we like to combine the two figures.

are generous enough with their time to leave comments alongside their ratings. While we will not use the comments to impact our capital allocations, we have wanted to find some other way to deploy them for the benefit of society (hopefully reinforcing positive incentives for users to engage with Reverberate in the process), and this problem has arrived at what might be a perfect time in human history – the advent of highly sophisticated language models, commonly described as “AI.” ⁷

These language models/AI are not all-knowing, and cannot be deemed free of bias just because they are not human; we must treat them with care. But they are, unequivocally, excellent at some tasks that are extremely burdensome for humans…like reading thousands and thousands of comments and summarizing them with accuracy. And that is precisely what we are doing.

Our starting point is the so-called Falcon-7b ⁸model, an industry-leading AI that has been shown to have less hidden bias than competitors. We have taken a version of this AI that has been further trained on a particular dataset developed to increase accuracy with respect to tricky linguistic problems, and cloned our own copy. This AI, which we maintain and control on our own servers (not subject to the whims of any third party), has been further trained on our comment dataset and can now answer questions like “What are the general sentiments associated with Company Z that seem likely to have caused an [increase/decrease] in its ratings on Reverberate recently?”

The answers are fascinating. A visual inspection shows that not all of the comments we receive are interesting or even pertinent. But our AI (yet to be named – we are open to suggestions!) does a remarkable job of extracting themes, some of which seem predictable or obvious (“prices are going up too fast”) but some of which seem truly surprising coming from what is, essentially, an AI modeled after the consciousness of our users (as it applies to their perceptions of corporations, anyways) – sentiment bemoaning anti-competitive behavior or planned obsolescence, for example, or a degree of frustration with shoplifting that might run contrary to media narratives.

We do not intend to monetize this product except through whatever marketing benefits RVRB may receive in the process of sharing the insights it generates (including, potentially, research we may conduct with academic coauthors). But we are truly excited about developing a “voice” that may be able to reflect, in a relatively unbiased way, the interests of society. And we are hopeful that it may provide valuable guidance for management seeking to better serve both their customers and their greater community.

A Final Word About Incentives

We never stop thinking (and rarely stop talking) about incentive alignment at Distribution Cognizant. ⁹We think our product represents a social and economic

_____________

⁷	Former colleagues and I applied an earlier generation of these models to scraping SEC filings for alpha; suffice to say these models are shockingly more sophisticated just several years later.
⁸	As in “7 billion parameters,” a de facto measure of the AI’s”brain size” (and it’s computational costs).
⁹	See our Shareholder Letter No. 1.

windfall because it puts Reverberate users and Reverb investors on the same page, with potential to bring corporate management into alignment as well by imprinting average interests on the stock price mechanism. We hope you’ll stay tuned for some additional developments we have in the works towards this end.

For our part, we are committed to running our company ethically and transparently, and we think we are highly incentivized to do so: who would place their trust – their information and/or their money – in us without believing that we walk the walk? You can visit www.disco.llc to learn more about our mission and team, and we hope it will be apparent that we see our incentives as aligned with yours. As always, please do not hesitate to reach out to us with questions or comments; we are truly honored by your belief in RVRB and will continue to work diligently on your behalf.

Thanks and Kind Regards,

Patrick Neal, CFA, PhD

Chief Investment Officer , Reverb

Managing Partner , Distribution Cognizant

Fund Performance and Expense Ratio

As of October 31, 2023, the Reverb ETF has cumulatively gained 14.20% net of fees at market prices and 14.19% at NAV since inception (11/4/2022), compared to 14.63% over the same period for our benchmark S&P 500 index. These figures include hypothetical dividend reinvestment. Performance data represents past performance and is no guarantee of, and not necessarily indicative of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.

The Reverb ETF charges a total annual expense ratio of 0.30% of fund assets, deducted incrementally from fund assets over the course of the year.

Important Information

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company and can found at reverb-etf.com. Please read carefully before investing.

Investing involves risk including possible loss of principal. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results. Other risks exist, including New Adviser Risk, Management Risk, Consumer Sentiment Risk, Research Risk, General Market Risk, Equity Securities Risk, High Portfolio Turnover Risk, general ETF Risks, New Fund Risk, and Sector Emphasis Risk, among others. Please see the detailed prospectus here for more details.

The Reverberate App is a new web-based utility and currently has limited users. The ability of the App to properly and accurately gauge public sentiment is highly dependent on its ability to attain a high level of regular usage among a broad market segment of the population. If the Adviser (Distribution Cognizant, LLC) is unable to take material active positions due to lack of sufficient data or otherwise, the Fund will likely experience performance similar to the broad large capitalization market in general. In that event, the information provided by the App may not properly

reflect sentiment regarding a company, leading the Adviser to take active positions in a company that are inconsistent with broad market sentiment. The investment strategy of relying entirely on general public sentiment as expressed on a web-based user app in order to take active positions is novel. The strategy may not work and this may have a significant negative impact on the value of your investment.

The Adviser’s strategy is to base its investment decisions on the expressions of sentiment as identified in the Reverberate App. As a result, the Fund is subject to the risks, which may be substantial, that negative developments effecting a held company, the economy, or markets in general, may not be apparent to the users of the Reverberate App. Information received from the App may be inaccurate, incomplete, misleading, duplicative or outdated, making the information ineffective for accurately gauging current sentiment. There is a possibility that users have an undisclosed agenda and attempt to manipulate a company’s stock price. These potential developments could have a negative impact on the fund’s portfolio.

Shares are bought and sold are market price, not net asset value (NAV). Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time. NAV represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day. Your returns may differ if you traded shares at other times.

Distributor: Quasar Distributors, LLC.

Reverb ETF

SECTOR ALLOCATION OF PORTFOLIO ASSETS – October 31, 2023 (Unaudited)

Percentages represent market value as a percentage of total investments.

Reverb ETF

EXPENSE EXAMPLE – October 31, 2023 (Unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (5/1/23 – 10/31/23).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. Although the Fund charges no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. The example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Reverb ETF

EXPENSE EXAMPLE – October 31, 2023 (Unaudited), Continued

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period
	5/1/23	10/31/23	5/1/23 – 10/31/23*
Actual	$1,000.00	$1,014.10	$1.52
Hypothetical (5% return
before expenses)	$1,000.00	$1,023.63	$1.53

*	Expenses are equal to the Fund’s annualized expense ratio of 0.30%, multiplied by the average account value over the period, multiplied by 184 (days in most recent fiscal half-year)/366 days to reflect the one-half year expense.

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited)

Shares		COMMON STOCKS - 97.8%	Value
		Accounting Tax Preparation
		Bookkeeping and Payroll Services - 0.1%
	30	Paychex, Inc.	$	3,332

		Advertising Public Relations
		and Related Services - 0.1%
	15	Omnicom Group, Inc.		1,124
	39	Trade Desk, Inc. - Class A (a)		2,767
				3,891
		Aerospace Product and
		Parts Manufacturing - 1.5%
	48	Boeing Co. (a)		8,967
	21	General Dynamics Corp.		5,068
	12	HEICO Corp.		1,526
	54	Honeywell International, Inc.		9,895
	21	Lockheed Martin Corp.		9,547
	120	Raytheon Technologies Corp.		9,767
	15	Textron, Inc.		1,140
	6	TransDigm Group, Inc. (a)		4,969
				50,879
		Agencies Brokerages and
		Other Insurance Related Activities - 0.6%
	18	Aon PLC		5,569
	18	Arthur J Gallagher & Co.		4,239
	24	Brown & Brown, Inc.		1,666
	39	Marsh & McLennan Cos., Inc.		7,396
	9	Willis Towers Watson PLC		2,123
				20,993
		Agriculture Construction and
		Mining Machinery - 0.5%
	42	Caterpillar, Inc.		9,494
	24	Deere & Co.		8,769
				18,263
		Alumina and Aluminum
		Production and Processing - 0.0%
	33	Howmet Aerospace, Inc.		1,455

		Animal Slaughtering and Processing - 0.1%
	45	Hormel Foods Corp.		1,464

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Animal Slaughtering and
		Processing - 0.1%, Continued
	30	Tyson Foods, Inc. - Class A	$	1,391
				2,855
		Architectural and Structural
		Metals Manufacturing - 0.1%
	21	Nucor Corp.		3,104

		Architectural Engineering
		and Related Services - 0.1%
	9	Jacobs Solutions, Inc.		1,199
	3	Teledyne Technologies, Inc. (a)		1,124
				2,323
		Automotive Parts Accessories
		and Tire Stores - 0.2%
	6	O’Reilly Automotive, Inc. (a)		5,583

		Basic Chemical Manufacturing - 0.5%
	9	FMC Corp.		479
	21	International Flavors & Fragrances, Inc.		1,435
	39	Linde PLC		14,905
				16,819
		Beverage Manufacturing - 1.7%
	39	Brown-Forman Corp. - Class B		2,190
	6	Celsius Holdings, Inc. (a)		913
	384	Coca-Cola Co.		21,691
	39	Coca-Cola Europacific Partners PLC		2,282
	15	Constellation Brands, Inc.		3,512
	114	Keurig Dr Pepper, Inc.		3,458
	87	Monster Beverage Corp. (a)		4,446
	117	PepsiCo, Inc.		19,104
				57,596
		Boiler Tank and Shipping
		Container Manufacturing - 0.0%
	27	Ball Corp.		1,300

		Building Equipment Contractors - 0.1%
	12	Quanta Services, Inc.		2,005

		Building Material and Supplies Dealers - 1.1%
	90	Home Depot, Inc.		25,622

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Building Material and
		Supplies Dealers - 1.1%, Continued
	48	Lowe’s Cos., Inc.	$	9,147
				34,769
		Business Support Services - 3.1%
	18	Coinbase Global, Inc. (a)		1,388
	9	Equifax, Inc.		1,526
	3	Fair Isaac Corp. (a)		2,538
	48	Fidelity National Information Services, Inc.		2,357
	6	FleetCor Technologies, Inc. (a)		1,351
	18	Live Nation Entertainment, Inc. (a)		1,440
	78	Mastercard, Inc. - Class A		29,355
	15	Moody’s Corp.		4,620
	6	MSCI, Inc.		2,829
	387	NU Holdings Ltd. (a)		3,174
	93	PayPal Holdings, Inc. (a)		4,817
	51	ROBLOX Corp. (a)		1,622
	27	Royalty Pharma PLC		725
	12	TransUnion		527
	186	Visa, Inc. - Class A		43,730
				101,999
		Cable and Other Subscription
		Programming - 0.6%
	339	Comcast Corp.		13,998
	18	Liberty Media Corp.-Liberty Formula One (a)		1,164
	42	Rogers Communications, Inc.		1,557
	201	Warner Bros Discovery, Inc. (a)		1,998
				18,717
		Cement and Concrete
		Product Manufacturing - 0.1%
	57	CRH PLC		3,053

		Chemical and Allied Products
		Merchant Wholesalers - 0.1%
	27	LyondellBasell Industries NV		2,436

		Clothing Stores - 0.6%
	12	Charter Communications, Inc. - Class A (a)		4,834
	69	KKR & Co., Inc.		3,823
	27	Ross Stores, Inc.		3,131

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Clothing Stores - 0.6%, Continued
	93	TJX Cos., Inc.	$	8,190
				19,978
		Commercial and Industrial
		Machinery and Equipment - 0.1%
	12	AerCap Holdings NV (a)		745
	6	United Rentals, Inc.		2,438
				3,183
		Commercial and Service Industry
		Machinery Manufacturing - 0.2%
	12	KLA Corp.		5,636

		Communications Equipment
		Manufacturing - 6.9%
	1,233	Apple, Inc.		210,560
	6	MongoDB, Inc. (a)		2,068
	15	Motorola Solutions, Inc.		4,177
	90	QUALCOMM, Inc.		9,809
				226,614
		Computer and Peripheral
		Equipment Manufacturing - 1.4%
	24	Arista Networks, Inc. (a)		4,809
	333	Cisco Systems, Inc.		17,359
	60	Dell Technologies, Inc.		4,015
	63	Fortinet, Inc. (a)		3,602
	81	HP, Inc.		2,133
	75	International Business Machines Corp.		10,848
	18	NetApp, Inc.		1,310
	3	Super Micro Computer, Inc. (a)		718
	6	Western Digital Corp. (a)		241
				45,035
		Computer Systems Design
		and Related Services - 5.5%
	1,128	Alphabet, Inc. - Class A (a)		139,962
	12	CDW Corp.		2,405
	18	CGI, Inc. (a)		1,735
	42	Cognizant Technology Solutions Corp. - Class A		2,708
	6	ICON PLC (a)		1,464

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Computer Systems Design
		and Related Services - 5.5%, Continued
	177	Palantir Technologies, Inc. (a)	$	2,620
	24	Palo Alto Networks, Inc. (a)		5,832
	6	Paycom Software, Inc.		1,470
	3	Seagate Technology Holdings PLC		205
	18	ServiceNow, Inc. (a)		10,473
	132	Snap, Inc. (a)		1,321
	27	Snowflake, Inc. (a)		3,919
	24	Unity Software, Inc. (a)		609
	21	Workday, Inc. - Class A (a)		4,446
	12	Zscaler, Inc. (a)		1,904
				181,073
		Consumer Goods Rental - 0.4%
	36	Netflix, Inc. (a)		14,821

		Converted Paper Product Manufacturing - 0.1%
	6	Avery Dennison Corp.		1,044
	27	Kimberly-Clark Corp.		3,231
				4,275
		Couriers and Express Delivery Services - 0.5%
	21	FedEx Corp.		5,042
	69	United Parcel Service, Inc. - Class B		9,746
				14,788
		Cut and Sew Apparel Manufacturing - 0.1%
	9	Lululemon Athletica, Inc. (a)		3,541

		Dairy Product Manufacturing - 0.3%
	102	Kraft Heinz Co.		3,209
	111	Mondelez International, Inc. - Class A		7,349
				10,558
		Data Processing Hosting and Related Services - 0.8%
	51	Airbnb, Inc. - Class A (a)		6,033
	33	Automatic Data Processing, Inc.		7,201
	9	Broadridge Financial Solutions, Inc.		1,536
	3	FactSet Research Systems, Inc.		1,296
	51	Fiserv, Inc. (a)		5,801
	12	Verisk Analytics, Inc.		2,728
				24,595

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Department Stores - 1.2%
	231	Walmart, Inc.	$	37,748

		Depository Credit Intermediation - 3.4%
	585	Bank of America Corp.		15,408
	60	Bank of Montreal		4,533
	63	Bank of New York Mellon Corp.		2,678
	99	Bank of Nova Scotia		4,007
	75	Canadian Imperial Bank of Commerce		2,645
	30	Capital One Financial Corp.		3,039
	156	Citigroup, Inc.		6,160
	168	Deutsche Bank AG		1,850
	21	Discover Financial Services		1,724
	90	Huntington Bancshares, Inc.		869
	225	JPMorgan Chase & Co.		31,288
	57	KeyCorp		583
	15	M&T Bank Corp.		1,691
	12	Northern Trust Corp.		791
	33	PNC Financial Services Group, Inc.		3,778
	57	Regions Financial Corp.		828
	24	State Street Corp.		1,551
	27	Synchrony Financial		757
	150	Toronto-Dominion Bank		8,376
	108	Truist Financial Corp.		3,063
	126	US Bancorp		4,017
	297	Wells Fargo & Co.		11,812
				111,448
		Direct Selling Establishments - 0.1%
	33	DoorDash, Inc. (a)		2,473

		Drinking Places (Alcoholic Beverages) - 0.1%
	9	Cintas Corp.		4,564

		Drugs and Druggists’ Sundries
		Merchant Wholesalers - 0.3%
	15	AmerisourceBergen Corp.		2,777
	21	Cardinal Health, Inc.		1,911
	12	McKesson Corp.		5,464
				10,152

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Electric Power Generation
		Transmission and Distribution - 1.8%
	42	AES Corp.	$	626
	21	Ameren Corp.		1,590
	42	American Electric Power Co., Inc.		3,173
	24	Avangrid, Inc.		717
	24	CMS Energy Corp.		1,304
	27	Consolidated Edison, Inc.		2,370
	27	Constellation Energy Corp.		3,049
	18	DTE Energy Co.		1,735
	63	Duke Energy Corp.		5,600
	30	Edison International		1,892
	18	Entergy Corp.		1,721
	81	Exelon Corp.		3,154
	9	First Solar, Inc. (a)		1,282
	48	FirstEnergy Corp.		1,709
	165	NextEra Energy, Inc.		9,619
	204	PG&E Corp. (a)		3,325
	60	PPL Corp.		1,474
	42	Public Service Enterprise Group, Inc.		2,589
	90	Southern Co.		6,057
	27	WEC Energy Group, Inc.		2,198
	45	Xcel Energy, Inc.		2,667
				57,851
		Electrical Equipment Manufacturing - 0.1%
	9	Rockwell Automation, Inc.		2,365

		Electronic Shopping and
		Mail-Order Houses - 3.9%
	927	Amazon.com, Inc. (a)		123,375
	27	Chewy, Inc. (a)		522
	147	Coupang, Inc. (a)		2,499
	45	eBay, Inc.		1,765
	9	Etsy, Inc. (a)		561
				128,722
		Engine Turbine and Power
		Transmission Equipment - 0.4%
	12	Cummins, Inc.		2,596
	90	General Electric Co.		9,776
				12,372

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Footwear Manufacturing - 0.4%
	135	NIKE, Inc. - Class A	$	13,874

		Freight Transportation Arrangement - 0.2%
	12	Expeditors International of Washington, Inc.		1,311
	9	JB Hunt Transport Services, Inc.		1,547
	18	Norfolk Southern Corp.		3,434
				6,292
		Fruit and Vegetable Preserving
		and Specialty Foods - 0.1%
	18	Campbell Soup Co.		727
	30	Conagra Brands, Inc.		821
	9	Lamb Weston Holdings, Inc.		808
				2,356
		General Freight Trucking - 0.1%
	9	Old Dominion Freight Line, Inc.		3,390

		General Medical and Surgical Hospitals - 0.1%
	21	HCA Healthcare, Inc.		4,748

		General Merchandise Stores - 0.9%
	39	Costco Wholesale Corp.		21,544
	18	Dollar General Corp.		2,143
	18	Dollar Tree, Inc. (a)		2,000
	39	Target Corp.		4,321
				30,008
		Glass and Glass Product Manufacturing - 0.1%
	69	Corning, Inc.		1,846

		Grain and Oilseed Milling - 0.2%
	45	Archer-Daniels-Midland Co.		3,220
	12	Bunge Ltd.		1,272
	27	Kellanova		1,363
				5,855
		Grocery and Related Product Wholesalers - 0.1%
	42	Sysco Corp.		2,793

		Grocery Stores - 0.1%
	60	Kroger Co.		2,722

		Hardware and Plumbing and
		Heating Equipment - 0.1%
	18	Ferguson PLC		2,704

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Health and Personal Care Stores - 0.3%
	105	CVS Health Corp.	$	7,246
	3	Ulta Beauty, Inc. (a)		1,144
	72	Walgreens Boots Alliance, Inc.		1,518
				9,908
		Household Appliances
		Electrical Electronic Goods - 0.2%
	57	Johnson Controls International PLC		2,794
	27	TE Connectivity Ltd.		3,182
				5,976
		Industrial Machinery Manufacturing - 0.3%
	69	Applied Materials, Inc.		9,132

		Insurance Carriers - 5.0%
	48	Aflac, Inc.		3,749
	21	Allstate Corp.		2,691
	57	American International Group, Inc.		3,495
	162	Berkshire Hathaway, Inc. - Class B (a)		55,295
	45	Centene Corp. (a)		3,104
	33	Chubb Ltd.		7,082
	24	Cigna Group		7,421
	12	Cincinnati Financial Corp.		1,196
	18	Elevance Health, Inc.		8,102
	3	Everest Group Ltd.		1,187
	24	Hartford Financial Services Group, Inc.		1,763
	9	Humana, Inc.		4,713
	6	Loews Corp.		384
	150	Manulife Financial Corp.		2,613
	63	MetLife, Inc.		3,781
	21	Principal Financial Group, Inc.		1,421
	48	Progressive Corp.		7,588
	30	Prudential Financial, Inc.		2,743
	48	Sun Life Financial, Inc.		2,192
	18	Travelers Cos., Inc.		3,014
	72	UnitedHealth Group, Inc.		38,560
	21	W R Berkley Corp.		1,416
				163,510
		Internet Software & Services - 0.1%
	3	MercadoLibre, Inc. (a)		3,722

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Investigation and Security Services - 0.0%
	27	Cloudflare, Inc. (a)	$	1,531

		Iron and Steel Mills and
		Ferroalloy Manufacturing - 0.1%
	69	ArcelorMittal SA		1,519

		Lessors of Nonfinancial Intangible Assets - 0.1%
	27	Restaurant Brands International, Inc.		1,815

		Machinery Equipment and Supplies
		Merchant Wholesalers - 0.1%
	48	Fastenal Co.		2,801
	3	WW Grainger, Inc.		2,189
				4,990
		Management of Companies
		and Enterprises - 0.5%
	27	Brookfield Infrastructure Partners LP		611
	108	Carnival Corp. (a)		1,238
	30	Citizens Financial Group, Inc.		703
	108	CNH Industrial NV		1,186
	24	Icahn Enterprises LP		396
	75	Koninklijke Philips NV (a)		1,422
	78	Rivian Automotive, Inc. - Class A (a)		1,265
	114	Royal Bank of Canada		9,106
				15,927
		Management Scientific and
		Technical Consulting - 0.7%
	51	Accenture PLC - Class A		15,152
	12	Booz Allen Hamilton Holding Corp.		1,439
	33	Eaton Corp. PLC		6,861
				23,452
		Media Streaming Distribution Services, Social
		Networks, and Other Media Networks - 0.0%
	315	Sirius XM Holdings, Inc.		1,348

		Medical and Diagnostic Laboratories - 0.1%
	6	Fortrea Holdings, Inc. (a)		170
	6	Laboratory Corp. of America Holdings		1,199
	9	Quest Diagnostics, Inc.		1,171
				2,540

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Medical Equipment and
		Supplies Manufacturing - 2.2%
	45	3M Co.	$	4,093
	6	Align Technology, Inc. (a)		1,108
	42	Baxter International, Inc.		1,362
	24	Becton Dickinson and Co.		6,067
	120	Boston Scientific Corp. (a)		6,143
	3	Cooper Cos., Inc.		935
	33	Dexcom, Inc. (a)		2,931
	51	Edwards Lifesciences Corp. (a)		3,250
	3	Insulet Corp. (a)		398
	30	Intuitive Surgical, Inc. (a)		7,867
	180	Johnson & Johnson		26,700
	12	ResMed, Inc.		1,695
	30	Stryker Corp.		8,107
	18	Zimmer Biomet Holdings, Inc.		1,879
				72,535
		Metal and Mineral (except Petroleum)
		Merchant Wholesalers - 0.1%
	6	Reliance Steel & Aluminum Co.		1,526

		Metal Ore Mining - 0.6%
	42	Agnico Eagle Mines Ltd.		1,970
	144	Barrick Gold Corp.		2,301
	36	Cameco Corp.		1,473
	15	Franco-Nevada Corp.		1,823
	117	Freeport-McMoRan, Inc.		3,952
	66	Newmont Corp.		2,473
	63	Southern Copper Corp.		4,467
	36	Wheaton Precious Metals Corp.		1,521
				19,980
		Motion Picture and Video Industries - 0.1%
	15	Take-Two Interactive Software, Inc. (a)		2,006

		Motor Vehicle and Motor Vehicle Parts
		and Supplies Merchant Wholesalers - 0.2%
	78	Copart, Inc. (a)		3,395
	12	Genuine Parts Co.		1,546
	15	LKQ Corp.		659
				5,600

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Motor Vehicle Manufacturing - 1.8%
	327	Ford Motor Co.	$	3,188
	114	General Motors Co.		3,215
	42	PACCAR, Inc.		3,466
	246	Tesla, Inc. (a)		49,407
				59,276
		Motor Vehicle Parts Manufacturing - 0.1%
	24	Aptiv PLC (a)		2,093
	24	Magna International, Inc.		1,154
				3,247
		Natural Gas Distribution - 0.5%
	12	Atmos Energy Corp.		1,292
	51	CenterPoint Energy, Inc.		1,371
	30	Eversource Energy		1,614
	39	Fortis, Inc.		1,549
	183	Kinder Morgan, Inc.		2,965
	48	ONEOK, Inc.		3,129
	51	Sempra Energy		3,571
				15,491
		Navigational Measuring Electromedical and
		Control Instruments Manufacturing - 2.1%
	24	Agilent Technologies, Inc.		2,481
	18	AMETEK, Inc.		2,534
	42	Avantor, Inc. (a)		732
	60	Danaher Corp.		11,521
	30	Fortive Corp.		1,958
	36	GE HealthCare Technologies, Inc.		2,397
	21	Hologic, Inc. (a)		1,390
	6	IDEXX Laboratories, Inc. (a)		2,397
	12	Illumina, Inc. (a)		1,313
	15	Keysight Technologies, Inc. (a)		1,831
	15	L3Harris Technologies, Inc.		2,691
	108	Medtronic PLC		7,621
	12	Northrop Grumman Corp.		5,657
	9	PerkinElmer, Inc.		746
	9	Roper Technologies, Inc.		4,397
	12	Teradyne, Inc.		999
	33	Thermo Fisher Scientific, Inc.		14,677

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Navigational Measuring Electromedical
		and Control Instruments
		Manufacturing - 2.1%, Continued
	18	Trane Technologies PLC	$	3,426
	15	Trimble, Inc. (a)		707
	6	Waters Corp. (a)		1,431
				70,906
		Newspaper Periodical Book
		and Directory Publishers - 0.1%
	36	Thomson Reuters Corp.		4,316

		Nondepository Credit Intermediation - 0.4%
	60	American Express Co.		8,762
	264	UBS Group AG		6,193
				14,955
		Nonmetallic Mineral Mining
		and Quarrying - 0.2%
	6	Martin Marietta Materials, Inc.		2,454
	12	Vulcan Materials Co.		2,358
				4,812
		Nonresidential Building Construction - 0.1%
	252	Stellantis NV		4,707

		Office Administrative Services - 0.1%
	84	Baker Hughes Co.		2,891

		Offices of Physicians - 0.1%
	6	Molina Healthcare, Inc. (a)		1,998

		Offices of Real Estate Agents and Brokers - 0.1%
	24	CBRE Group, Inc. (a)		1,664

		Oil and Gas Extraction - 0.9%
	90	Canadian Natural Resources Ltd.		5,718
	63	Coterra Energy, Inc.		1,733
	51	Devon Energy Corp.		2,375
	69	Dominion Energy, Inc.		2,782
	48	EOG Resources, Inc.		6,059
	33	EQT Corp.		1,399
	51	Marathon Oil Corp.		1,393
	72	Occidental Petroleum Corp.		4,450
	18	Pioneer Natural Resources Co.		4,302
				30,211

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Other Electrical Equipment and
		Component Manufacturing - 0.0%
	3	Hubbell, Inc.	$	810

		Other Fabricated Metal
		Product Manufacturing - 0.2%
	3	Axon Enterprise, Inc. (a)		613
	48	Emerson Electric Co.		4,271
				4,884
		Other Financial Investment Activities - 1.5%
	9	Ameriprise Financial, Inc.		2,831
	45	Apollo Global Management, Inc.		3,485
	15	Ares Management Corp.		1,479
	12	BlackRock, Inc.		7,347
	63	Blackstone, Inc.		5,818
	135	Brookfield Corp.		3,935
	15	Ferrari NV		4,525
	141	Lucid Group, Inc. (a)		581
	135	Morgan Stanley		9,561
	27	S&P Global, Inc.		9,431
	18	T Rowe Price Group, Inc.		1,629
	144	Vinfast Auto Ltd. (a)		782
				51,404
		Other Food Manufacturing - 0.2%
	48	General Mills, Inc.		3,131
	6	J M Smucker Co.		683
	15	McCormick & Co., Inc.		964
	21	McCormick & Co., Inc. ⁺		1,342
				6,120
		Other General Purpose
		Machinery Manufacturing - 0.5%
	6	IDEX Corp.		1,148
	24	Illinois Tool Works, Inc.		5,379
	3	Mettler-Toledo International, Inc. (a)		2,956
	12	Parker-Hannifin Corp.		4,427
	21	Xylem, Inc.		1,964
				15,874

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Other Information Services - 1.9%
	33	CoStar Group, Inc. (a)	$	2,423
	192	Meta Platforms, Inc. - Class A (a)		57,843
	54	Pinterest, Inc. (a)		1,614
	9	VeriSign, Inc. (a)		1,797
				63,677
		Other Investment Pools and Funds - 0.1%
	39	Alcon, Inc.		2,781
	15	Garmin Ltd.		1,538
	15	Incyte Corp. (a)		809
				5,128
		Other Miscellaneous Store Retailers - 0.1%
	90	Amcor PLC		800
	9	Tractor Supply Co.		1,733
				2,533
		Other Professional Scientific
		and Technical Services - 0.1%
	6	Gartner, Inc. (a)		1,992
	15	IQVIA Holdings, Inc. (a)		2,713
				4,705
		Other Telecommunications - 0.5%
	75	BCE, Inc.		2,785
	117	TELUS Corp.		1,886
	321	Verizon Communications, Inc.		11,277
				15,948
		Other Transit and Ground
		Passenger Transportation - 0.2%
	168	Uber Technologies, Inc. (a)		7,271

		Paint Coating and
		Adhesive Manufacturing - 0.2%
	18	PPG Industries, Inc.		2,210
	21	Sherwin-Williams Co.		5,002
				7,212
		Pesticide Fertilizer and Other
		Agricultural Chemical Manufacturing - 0.1%
	15	CF Industries Holdings, Inc.		1,197
	21	Mosaic Co.		682

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Pesticide Fertilizer and Other Agricultural
		Chemical Manufacturing - 0.1%, Continued
	39	NUTRIEN Ltd.	$	2,094
				3,973
		Petroleum and Coal
		Products Manufacturing - 2.2%
	156	Chevron Corp.		22,734
	300	Exxon Mobil Corp.		31,755
	24	Hess Corp.		3,466
	33	Marathon Petroleum Corp.		4,991
	36	Phillips 66		4,107
	105	Suncor Energy, Inc.		3,402
	30	Valero Energy Corp.		3,810
				74,265
		Petroleum and Petroleum Products
		Merchant Wholesalers - 0.1%
	258	Energy Transfer LP		3,393

		Pharmaceutical and Medicine
		Manufacturing - 5.3%
	141	Abbott Laboratories		13,332
	144	AbbVie, Inc.		20,330
	9	Alnylam Pharmaceuticals, Inc. (a)		1,366
	45	Amgen, Inc.		11,507
	12	Biogen, Inc. (a)		2,850
	15	BioMarin Pharmaceutical, Inc. (a)		1,222
	171	Bristol-Myers Squibb Co.		8,812
	78	Eli Lilly & Co.		43,206
	102	Gilead Sciences, Inc.		8,011
	207	Merck & Co., Inc.		21,259
	30	Moderna, Inc. (a)		2,279
	462	Pfizer, Inc.		14,119
	9	Regeneron Pharmaceuticals, Inc. (a)		7,019
	15	Seagen, Inc. (a)		3,192
	21	Vertex Pharmaceuticals, Inc. (a)		7,604
	6	West Pharmaceutical Services, Inc.		1,910
	39	Zoetis, Inc.		6,123
				174,141

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Pipeline Transportation of Crude Oil - 0.2%
	174	Enbridge, Inc.	$	5,575

		Pipeline Transportation of Natural Gas - 0.4%
	177	Enterprise Products Partners LP		4,609
	45	Pembina Pipeline Corp.		1,385
	81	TC Energy Corp.		2,791
	99	Williams Cos., Inc.		3,406
				12,191
		Plastics Product Manufacturing - 0.0%
	9	Entegris, Inc.		792

		Printing and Related Support Activities - 0.0%
	42	Warner Music Group Corp.		1,315

		Professional and Commercial Equipment - 0.1%
	33	Samsara, Inc. (a)		761
	9	STERIS PLC		1,890
				2,651
		Radio and Television Broadcasting - 0.4%
	30	Fox Corp.		837
	15	Spotify Technology SA (a)		2,471
	141	Walt Disney Co. (a)		11,504
				14,812
		Rail Transportation - 0.8%
	54	Canadian National Railway Co.		5,711
	75	Canadian Pacific Kansas City Ltd.		5,323
	162	CSX Corp.		4,836
	51	Union Pacific Corp.		10,587
				26,457
		Railroad Rolling Stock Manufacturing - 0.1%
	15	Westinghouse Air Brake Technologies Corp.		1,590

		Residential Building Construction - 0.2%
	27	DR Horton, Inc.		2,819
	24	Lennar Corp.		2,367
	18	PulteGroup, Inc.		1,325
				6,511

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Resin Synthetic Rubber
		and Artificial Synthetic - 0.2%
	9	Albemarle Corp.	$	1,141
	57	Dow, Inc.		2,755
	39	DuPont de Nemours, Inc.		2,843
	9	Westlake Corp.		1,038
				7,777
		Restaurants and Other Eating Places - 1.1%
	3	Chipotle Mexican Grill, Inc. (a)		5,827
	9	Darden Restaurants, Inc.		1,310
	54	McDonald’s Corp.		14,157
	93	Starbucks Corp.		8,578
	6	Veralto Corp. (a)		414
	33	Yum China Holdings, Inc.		1,734
	24	Yum! Brands, Inc.		2,901
				34,921
		Sawmills and Wood Preservation - 0.0%
	9	Builders FirstSource, Inc. (a)		977

		Scheduled Air Transportation - 0.1%
	39	American Airlines Group, Inc. (a)		435
	54	Delta Air Lines, Inc.		1,688
	48	Southwest Airlines Co.		1,067
	21	United Airlines Holdings, Inc. (a)		735
				3,925
		Scientific Research and
		Development Services - 0.1%
	12	Exact Sciences Corp. (a)		739
	81	MPLX LP		2,919
				3,658
		Securities and Commodity Contracts
		Intermediation and Brokerage - 0.6%
	150	Charles Schwab Corp.		7,806
	27	Goldman Sachs Group, Inc.		8,198
	18	Raymond James Financial, Inc.		1,718
	18	Tradeweb Markets, Inc.		1,620
				19,342

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Securities and Commodity Exchanges - 0.4%
	30	CME Group, Inc.	$	6,404
	48	Intercontinental Exchange, Inc.		5,157
	6	LPL Financial Holdings, Inc.		1,347
	39	Nasdaq, Inc.		1,934
				14,842
		Semiconductor and Other Electronic
		Component Manufacturing - 6.0%
	132	Advanced Micro Devices, Inc. (a)		13,002
	48	Amphenol Corp. - Class A		3,866
	42	Analog Devices, Inc.		6,608
	18	Best Buy Co., Inc.		1,203
	33	Broadcom, Inc.		27,766
	9	Enphase Energy, Inc. (a)		716
	21	Global Payments, Inc.		2,231
	45	GLOBALFOUNDRIES, Inc. (a)		2,233
	342	Intel Corp.		12,483
	3	Jabil, Inc.		368
	12	Lam Research Corp.		7,059
	72	Marvell Technology, Inc.		3,400
	45	Microchip Technology, Inc.		3,208
	90	Micron Technology, Inc.		6,018
	3	Monolithic Power Systems, Inc.		1,325
	201	NVIDIA Corp.		81,969
	21	NXP Semiconductors NV		3,620
	36	ON Semiconductor Corp. (a)		2,255
	33	Otis Worldwide Corp.		2,548
	12	Skyworks Solutions, Inc.		1,041
	75	STMicroelectronics NV		2,849
	75	Texas Instruments, Inc.		10,651
	9	Vertiv Holdings Co.		353
				196,772
		Services to Buildings and Dwellings - 0.0%
	39	Rollins, Inc.		1,467

		Soap Cleaning Compound and
		Toilet Preparation - 1.6%
	18	Air Products and Chemicals, Inc.		5,084
	21	Church & Dwight Co., Inc.		1,910

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Soap Cleaning Compound and
		Toilet Preparation - 1.6%, Continued
	9	Clorox Co.	$	1,059
	69	Colgate-Palmolive Co.		5,183
	24	Ecolab, Inc.		4,026
	30	Estee Lauder Cos., Inc.		3,866
	156	Kenvue, Inc.		2,902
	192	Procter & Gamble Co.		28,805
				52,835
		Software Publishers - 10.1%
	36	Adobe, Inc. (a)		19,154
	12	Akamai Technologies, Inc. (a)		1,240
	6	ANSYS, Inc. (a)		1,670
	21	Atlassian Corp. - Class A (a)		3,793
	18	Autodesk, Inc. (a)		3,557
	24	Bentley Systems, Inc.		1,167
	51	Block, Inc. (a)		2,053
	21	Cadence Design Systems, Inc. (a)		5,037
	9	Check Point Software Technologies Ltd. (a)		1,208
	21	Crowdstrike Holdings, Inc. - Class A (a)		3,712
	27	Datadog, Inc. - Class A (a)		2,200
	24	Dynatrace, Inc. (a)		1,073
	21	Electronic Arts, Inc.		2,600
	105	Hewlett Packard Enterprise Co.		1,615
	3	HubSpot, Inc. (a)		1,271
	24	Intuit, Inc.		11,879
	603	Microsoft Corp.		203,880
	66	Mobileye Global, Inc. (a)		2,354
	225	Oracle Corp.		23,265
	9	PTC, Inc. (a)		1,264
	81	Salesforce, Inc. (a)		16,267
	105	Shopify, Inc. (a)		4,955
	15	Splunk, Inc. (a)		2,207
	12	Synopsys, Inc. (a)		5,633
	3	Tyler Technologies, Inc. (a)		1,119
	12	Veeva Systems, Inc. - Class A (a)		2,313
	36	VMware, Inc. (a)		5,243
				331,729

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Steel Product Manufacturing
		from Purchased Steel - 0.1%
	15	Steel Dynamics, Inc.	$	1,598

		Sugar and Confectionery
		Product Manufacturing - 0.1%
	18	Hershey Co.		3,372

		Support Activities for Crop Production - 0.1%
	57	Corteva, Inc.		2,744

		Support Activities for Mining - 0.9%
	156	Cenovus Energy, Inc.		2,976
	99	ConocoPhillips		11,760
	15	Diamondback Energy, Inc.		2,405
	75	Halliburton Co.		2,951
	117	Schlumberger Ltd.		6,513
	18	Targa Resources Corp.		1,505
	42	Teck Resources Ltd.		1,484
				29,594
		Tobacco Manufacturing - 0.5%
	144	Altria Group, Inc.		5,784
	126	Philip Morris International, Inc.		11,235
				17,019
		Travel Arrangement and
		Reservation Services - 0.3%
	3	Booking Holdings, Inc. (a)		8,369
	12	Expedia Group, Inc. (a)		1,143
	21	Royal Caribbean Cruises Ltd. (a)		1,779
				11,291
		Traveler Accommodation - 0.4%
	21	Hilton Worldwide Holdings, Inc.		3,182
	63	Las Vegas Sands Corp.		2,990
	24	Marriott International, Inc. - Class A		4,526
	21	MGM Resorts International		733
				11,431
		Ventilation Heating Air-Conditioning
		and Commercial Refrigeration
		Equipment Manufacturing - 0.2%
	69	Carrier Global Corp.		3,289
	12	Dover Corp.		1,559

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		COMMON STOCKS - 97.8%, Continued	Value
		Ventilation Heating Air-Conditioning
		and Commercial Refrigeration
		Equipment Manufacturing - 0.2%, Continued
	33	Ingersoll Rand, Inc.	$	2,002
				6,850
		Waste Treatment and Disposal - 0.4%
	27	Republic Services, Inc.		4,009
	21	Waste Connections, Inc.		2,720
	33	Waste Management, Inc.		5,423
				12,152
		Water Sewage and Other Systems - 0.1%
	15	American Water Works Co., Inc.		1,765

		Wired and Wireless
		Telecommunications Carriers - 0.3%
	585	AT&T, Inc.		9,009

		Wired Telecommunications Carriers - 0.4%
	93	T-Mobile US, Inc. (a)		13,379
	24	Zoom Video Communications, Inc. - Class A (a)		1,440
				14,819
		TOTAL COMMON STOCKS
		(Cost $3,072,219)		3,214,364

		REITs - 1.9%
		Lessors of Real Estate - 1.6%
	39	American Tower Corp.		6,949
	12	AvalonBay Communities, Inc.		1,989
	36	Crown Castle, Inc.		3,347
	24	Digital Realty Trust, Inc.		2,985
	9	Equinix, Inc.		6,567
	30	Equity Residential		1,660
	9	Mid-America Apartment Communities, Inc.		1,063
	75	Prologis, Inc.		7,556
	15	Public Storage		3,581
	57	Realty Income Corp.		2,701
	9	SBA Communications Corp.		1,878
	27	Simon Property Group, Inc.		2,967
	9	Sun Communities, Inc.		1,001

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

Reverb ETF

SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited), Continued

Shares		REITs - 1.9%, Continued	Value
		Lessors of Real Estate - 1.6%, Continued
	33	Ventas, Inc.	$	1,401
	84	VICI Properties, Inc.		2,344
	42	Welltower, Inc.		3,512
	12	WP Carey, Inc.		644
				52,145
		Offices of Real Estate Agents and Brokers - 0.1%
	15	Alexandria Real Estate Equities, Inc.		1,397
	51	Invitation Homes, Inc.		1,514
				2,911
		Veneer Plywood and Engineered
		Wood Product Manufacturing - 0.1%
	60	Weyerhaeuser Co.		1,721

		Warehousing and Storage - 0.1%
	18	Extra Space Storage, Inc.		1,864
	24	Iron Mountain, Inc.		1,418
				3,282
		TOTAL REITs
		(Cost $66,192)		60,059

		MONEY MARKET FUND - 0.3%
	10,230	First American Treasury Obligations Fund,
		Class X, 5.275% (b)		10,230
		TOTAL MONEY MARKET FUND
		(Cost $10,230)		10,230
		TOTAL INVESTMENTS
		(Cost $3,148,641) - 100.0%		3,284,653
		Other Assets in Excess of Liabilities - 0.0%		1,771
		TOTAL NET ASSETS - 100.00%	$	3,286,424

AG - Aktiengesellschaft

MSCI - Morgan Stanley Capital International

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S&P - Standards & Poor’s

SA - Société Anonyme

(a)	Non-income producing security.
(b)	Rate shown represents the 7-day annualized yield as of October 31, 2023.
+	Non-voting shares.

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

Reverb ETF

STATEMENT OF ASSETS AND LIABILITIES at October 31, 2023 (Unaudited)

ASSETS
Investments in securities, at value (cost $3,148,641)	$	3,284,653
Receivables:
Dividends and interest		2,497
Dividend tax reclaim		124
Total assets		3,287,274

LIABILITIES
Payables:
Due to advisor		850
Total liabilities		850

NET ASSETS	$	3,286,424

CALCULATION OF NET ASSET VALUE PER SHARE
Net assets applicable to shares outstanding	$	3,286,424
Shares issued and outstanding [unlimited number
of shares (par value $0.01) authorized]		150,000
Net asset value per share	$	21.91

COMPONENTS OF NET ASSETS
Paid-in capital	$	3,344,028
Total accumulated deficit		(57,604	)
Net assets	$	3,286,424

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

Reverb ETF

STATEMENT OF OPERATIONS For the Six Months Ended October 31, 2023 (Unaudited)

INVESTMENT INCOME
Income
Dividends (net of foreign tax withheld of $431)	$	21,158
Interest		261
Total income		21,419
Expenses
Management fees		4,205
Total expenses		4,205
Net investment income		17,214

REALIZED AND UNREALIZED
LOSS ON INVESTMENTS
Net realized loss on transactions from:
Investments		(1,978	)
Net change in unrealized appreciation on:
Investments		(65,330	)
Net realized and unrealized loss on investments		(67,308	)
Net decrease in net assets
resulting from operations	$	(50,094	)

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

Reverb ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			November 3,
	Ended			2022*
	October 31, 2023			through
	(Unaudited)			April 30, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	17,214		$	14,137
Net realized gain/(loss) on transactions from:
Investments		(1,978	)		(2,408	)
Redemption in-kind (Note 5)		—			215,418
Foreign currency		—			(2	)
Net change in unrealized appreciation on:
Investments		(65,330	)		201,342
Net increase/(decrease) in
net assets resulting from operations		(50,094	)		428,487

DISTRIBUTIONS TO SHAREHOLDERS
Net dividends and distributions		—			(5,409	)
Total dividends and distributions		—			(5,409	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from
net change in outstanding shares (a)		1,175,960			1,737,480
Total increase in net assets		1,125,866			2,160,558

NET ASSETS
Beginning of period		2,160,558			—
End of period	$	3,286,424		$	2,160,558

(a)	A summary of share transactions is as follows:

	Six Months Ended				November 3, 2022*
	October 31, 2023				through
	(Unaudited)				April 30, 2023
	Shares		Paid-in Capital		Shares			Paid-in Capital
Shares sold		50,000	$	1,175,960		1,250,000		$	24,356,600
Shares redeemed		—		—		(1,150,000	)		(22,619,120	)
Net increase		50,000	$	1,175,960		100,000		$	1,737,480

*	Commencement of operations.

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

Reverb ETF

FINANCIAL HIGHLIGHTS – For a share outstanding throughout each period

	Six Months			November 3,
	Ended			2022*
	October 31, 2023			through
	(Unaudited)			April 30, 2023
Net asset value, beginning of period	$	21.61		$	19.24

Income from investment operations:
Net investment income		0.17			0.14
Net realized and unrealized
gain on investments		0.13			2.28
Total from investment operations		0.30			2.42

Less distributions:
From net investment income		—			(0.05	)
Total distributions		—			(0.05	)

Net asset value, end of period	$	21.91		$	21.61

Total return, at NAV		1.41	% ⁽²⁾		12.60	% ⁽²⁾
Total return, at Market		1.42	% ⁽²⁾		12.60	% ⁽²⁾

Ratios/supplemental data:
Net assets, end of period (thousands)	$	3,286		$	2,161
Ratio of expenses to average net assets		0.30	% ⁽¹⁾		0.30	% ⁽¹⁾
Ratio of net investment income
to average net assets		1.23	% ⁽¹⁾		1.27	% ⁽¹⁾
Portfolio turnover rate ⁽³⁾		7.32	% ⁽²⁾		2.37	% ⁽²⁾

(1)	Annualized.
(2)	Not Annualized.
(3)	Excludes impact of in-kind transactions.
*	Commencement of operations.

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

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited)

NOTE 1 – ORGANIZATION

The Reverb ETF (the “Fund”) is a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.” The Fund began operations on November 3, 2022. The investment objective of the Fund is to achieve long-term capital appreciation.

Shares of the Fund are listed on Cboe BZX Exchange, Inc. (the “Exchange”) and trade on the Exchange at market prices. These prices may differ from the shares’ net asset value (“NAV”). The Fund issues and redeems shares at NAV only in large blocks known as “Creation Units,” which generally consist of 50,000 shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund and/or a designated amount of U.S. cash. Once created, shares trade in the secondary market in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased directly from or redeemed directly to the Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the “Distributor”). Most retail investors do not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. The Fund charges $500 for the standard fixed creation fee, payable to the Custodian. In addition, a variable fee may be charged on cash purchases, non-standard orders, or partial cash purchases of Creation Units of up to a maximum of 2% as a percentage of the total value of the Creation Units subject to the transaction. Variable fees received by the Fund are displayed in the Capital Share Transactions section of the Statement of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with $0.01 par value per share.

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America.

	A.	Security Valuation: All investments in securities are generally valued using market valuations, as described in Note 3.

	B.	Federal Income Taxes: It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.

		The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

	C.	Security Transactions, Income and Distributions: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on a specific identification basis. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

		Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.

		The Fund distributes substantially all net investment income, if any, and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

		The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations which differ from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax treatment.

	D.	Reclassification of Capital Accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

		financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

	E.	Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

	F.	REITs: The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its annual distributions to its shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

	G.	Events Subsequent to the Fiscal Period End: In preparing the financial statements as of October 31, 2023, management considered the impact of subsequent events for potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Fund’s financial statements.

NOTE 3 – SECURITIES VALUATION

The Fund 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 in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for a majority of security types. These inputs are summarized in the three broad levels listed below:

	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

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.

The Fund calculates its net asset value per share as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”), generally 4:00 p.m. Eastern time, each day the NYSE is open for business.

Equity Securities: The Fund’s investments are carried at fair value. Equity securities, including common stocks and real estate investment trusts, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Investment Companies: Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in Level 1 of the fair value hierarchy.

Short-Term Securities: Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.

The Board of Trustees (the “Board”) has adopted a valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s net asset value (“NAV”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund’s investment adviser, Distribution Cognizant, LLC (“Adviser”), as the “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board’s oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not 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 securities as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Common Stocks
Accommodation
and Food Services	$	50,916	$	—	$	—	$	50,916
Administrative Support
and Waste Management		131,331		—		—		131,331
Agriculture, Forestry,
Fishing, and Hunting		2,744		—		—		2,744
Construction		13,223		—		—		13,223
Finance and Insurance		405,345		—		—		405,345
Health Care and
Social Assistance		9,286		—		—		9,286
Information		482,009		—		—		482,009
Management of Companies
and Enterprises		15,927		—		—		15,927
Manufacturing		1,280,142		—		—		1,280,142
Mining, Quarrying, and
Oil and Gas Extraction		84,597		—		—		84,597
Professional, Scientific,
and Technical Services		245,699		—		—		245,699
Real Estate, Rental,
and Leasing		21,483		—		—		21,483
Retail Trade		274,444		—		—		274,444
Transportation
and Warehousing		79,890		—		—		79,890
Utilities		75,107		—		—		75,107
Wholesale Trade		42,221		—		—		42,221
Total Common Stocks		3,214,364		—		—		3,214,364
REITs		60,059		—		—		60,059
Money Market Fund		10,230		—		—		10,230
Total Investments	$	3,284,653	$	—	$	—	$	3,284,653

Refer to the Fund’s schedule of investments for a detailed break-out of securities by industry classification.

Accounting Pronouncements – In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820):

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the Fund’s financial statements.

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Adviser serves as the investment adviser to the Fund. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Fund, and the Adviser, the Adviser furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, taxes and governmental fees, brokerage fees, commissions and other transaction expenses, certain foreign custodial fees and expenses, costs of borrowing money, including interest expenses, and extraordinary expenses (such as litigation and indemnification expenses and shareholder proxy). For the services it provides to the Fund, the Fund pays the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.30% of the Fund’s average daily net assets.

The Adviser has overall responsibility for overseeing the investment of the Fund’s assets, managing the Fund’s business affairs, and providing certain clerical, bookkeeping and other administrative services for the Trust. Penserra Capital Management, LLC (“Penserra” or “the Sub-Adviser”) acts as the Sub-Adviser to the Fund. The Sub-Adviser has responsibility to make day-to-day investment decisions for the Fund and selects broker-dealers for executing portfolio transactions, subject to the Sub-Adviser’s best execution obligations

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

and the Trust’s and the Sub-Adviser’s brokerage policies. Sub-Advisory fees earned by Penserra are paid by the Adviser. For the services it provides to the Fund, the Sub-Adviser is compensated by the Adviser from the management fees paid by the Fund to the Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) serves as the Fund’s administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the “Custodian”) to the Fund. The Custodian is an affiliate of Fund Services. Fund Services maintains the Fund’s books and records, calculates the Fund’s NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services.

Quasar Distributors, LLC (“Quasar”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. Quasar is a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, doing business as ACA Foreside, a division of ACA Group.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the six months ended October 31, 2023, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $1,389,754 and $200,006, respectively.

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were $1,171,351 and $0, respectively. There were no purchases or sales of U.S. Government securities during the six months ended October 31, 2023.

During the six months ended October 31, 2023, the Fund realized net capital gains of $0 resulting from in-kind redemptions in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash.

Reverb ETF

NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

As of April 30, 2023, the Fund’s most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

Cost of investments (a)	$	1,952,412
Gross unrealized appreciation		264,721
Gross unrealized depreciation		(63,103	)
Net unrealized appreciation (a)		201,618
Undistributed ordinary income		8,599
Undistributed long-term capital gain		—
Total distributable earnings		8,599
Other accumulated gain/(loss)		(2,433	)
Total accumulated gain/(loss)	$	207,784

(a)

The difference between the book-basis and tax-basis net unrealized appreciation and cost is attributable to partnership adjustments.

The tax character of distributions paid during the six months ended October 31, 2023 and the period ended April 30, 2023 was as follows:

		October 31, 2023	April 30, 2023
	Ordinary income	$ —	$5,409

As of April 30, 2023, the Fund has short-term capital loss carryforward of $2,414, which has no expiration.

NOTE 7 – PRINCIPAL RISKS

Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund’s net asset value and total return. The Fund’s most recent prospectus provides further descriptions of the Fund’s investment objective, principal investment strategies and principal risks.

	•	New Adviser Risk. The Adviser is a new entity formed in 2021 and has not previously managed an ETF. ETFs and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940, as amended (the “1940 Act”) and the Internal Revenue Code. As a result, investors do not have a long-term track record of managing a pooled investment vehicle from which to judge the newly-formed Adviser and the Adviser may not achieve the intended result in managing the Fund.

	•	Management Risk. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results. The ability of the Fund to meet its investment objective is directly related to the Adviser’s investment strategies for the Fund. If the Adviser’s investment strategies do not produce the expected results, your investment could be diminished or even lost.

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NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

	•	Consumer Sentiment Risk. Investment decisions that are based primarily on consumer sentiment involve additional risks. Information received may be inaccurate, incomplete or misleading. Information received may be outdated or could be duplicative making the information ineffective for accurately gauging current sentiment. There is a possibility that users have an undisclosed agenda with an attempt to manipulate a company’s stock price.

	•	Research Risk. The Adviser does not conduct company research on any of the positions held in the portfolio outside of analysis of the sentiment data received from the Reverberate App. The Adviser also does not consider market developments or the status of the economy in its management of the Fund. The Adviser’s strategy is to base its investment decisions entirely on the expressions of sentiment as identified in the Reverberate App. As a result, the Fund is subject to the risks, which may be substantial, that negative developments effecting a held company, the economy, or markets in general, may not be apparent to the users of the Reverberate App. These negative developments could have significant negative impact on the value of your investment and the Fund’s portfolio.

	•	Reverberate App. The Reverberate App is a new web-based utility and currently has a limited number of users. The ability of the App to properly and accurately gauge public sentiment is highly dependent on its ability to attain a high level of regular usage among a broad market segment of the population. If the App is unable to draw sufficient users to express their views on a company, the Adviser will invest in the company at a level equal to its market-capitalization proportional to that of the Investable Universe. If the Adviser is unable to take material active positions due to lack of sufficient data or otherwise, the Fund will likely experience performance similar to the broad large capitalization market in general. In addition, while the App seeks to use tools and technology to identify and limit the influence of non-human users (Bots) or multiple votes by the same user, there is no guarantee that it will be successful in doing so. In that event, the information provided by the App may not properly reflect sentiment regarding a company, leading the Adviser to take active positions in a company that are inconsistent with true market sentiment. The investment strategy of relying entirely on general public sentiment as expressed on a web-based user app in order to take active positions is novel. The strategy may not work and this may have a significant negative impact on the value of your investment.

	•	General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely

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NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

		impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

	•	Equity Securities Risk. The value of the Fund’s shares will go up or down based on the movement of the overall stock market and the value of the individual securities held by the Fund, both of which can sometimes be volatile.

	•	High Portfolio Turnover Risk. The Fund may be subject to increased trading based on the level of user responses received and this trading can lead to higher than normal portfolio turnover. The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund’s exposure to specific securities. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover may cause the Fund’s performance to be less than you expect.

	•	ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:

•

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to

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NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

		process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

	•	Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

	•	Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

	•	Trading. Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.

	•	Newer Fund Risk. The Fund is a recently organized investment company with a limited operating history. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate the Fund.

	•	Sector Emphasis Risk. The securities of companies in the same or related businesses, if comprising a significant portion of the Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio. The Adviser does not manage the Fund’s sector exposure so that at any given time the Fund may have significant exposure to individual sectors.

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NOTES TO FINANCIAL STATEMENTS at October 31, 2023 (Unaudited), Continued

NOTE 8 – TRUSTEES AND OFFICERS

At a meeting held on June 22-23, 2023, the Board of Trustees of the Trust appointed Ms. Lillian A. Kabakali as the Assistant Secretary of the Trust, effective July 10, 2023. Effective July 20, 2023, Mr. Michael L. Ceccato retired from his service as Vice President, Chief Compliance Officer and Anti-Money Laundering Officer of the Trust. At a meeting held on July 20, 2023, the Board of Trustees of the Trust appointed Mr. Joseph Kolinsky as the successor Vice President, Chief Compliance Officer and Anti-Money Laundering Officer of the Trust, effective July 20, 2023.

Effective October 18, 2023, Mr. Ray Woolson retired from his service as Trustee and Chairman of the Board of Trustees of the Trust (the “Board”) to attend to health-related matters. At the recommendation of the Nominating and Governance Committee, on October 24, 2023, the Board appointed Mr. David Mertens as the successor Chairman of the Board, and Ms. Michele Rackey was appointed as Chairman of the Nominating and Governance Committee of the Board.

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NOTICE TO SHAREHOLDERS at October 31, 2023 (Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-617-0004 or on the SEC’s website at http://www.sec.gov.

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-617-0004. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-PORT

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov. Information included in the Fund’s Form N-PORT is also available, upon request, by calling 1-800-617-0004.

Frequency Distribution of Premiums and Discounts

Information regarding how often shares of the Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Fund’s website at www.reverb-etf.com.

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HOUSEHOLDING (Unaudited)

In an effort to decrease costs, the Fund will reduce the number of duplicate prospectuses, supplements, and certain other shareholder documents that you receive by sending only one copy of each to those addresses shown by two or more accounts. Please call the Fund’s transfer agent toll free at 1-800-617-0004 to request individual copies of these documents. The Fund will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

The Fund has adopted a liquidity risk management program (the “program”). The Board has designated a committee at the Advisor to serve as the administrator of the program. The Advisor’s committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the committee.

Under the program, the Advisor’s committee manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The committee’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the committee regarding the operation and effectiveness of the program for the period November 3, 2022 through June 30, 2023. No significant liquidity events impacting the Fund were noted in the report. In addition, the committee provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

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PRIVACY NOTICE

The Fund collects non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

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Advisor

Distribution Cognizant, LLC

288 Pearl Street, #304

Monterey, California 93940

Sub-Advisor

Penserra Capital Management, LLC

4 Orinda Way, Suite 100-A

Orinda, California 94563

Distributor

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

Transfer Agent

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

(800) 617-0004

Custodian

U.S. Bank N.A.

1555 N. RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102

Legal Counsel

Sullivan & Worcester LLP

1633 Broadway, 32nd Floor

New York, New York 10019

This report is intended for shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. For a current prospectus please call 1-800-617-0004.

(b)	Not applicable.