UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08255
(Exact name of registrant as specified in charter)
8730 Stony Point Parkway, Suite 205
Richmond, VA 23235
(Address of principal executive offices) (Zip code)
Karen M. Shupe, Treasurer/Principal Executive Officer
Yorkville America Investment Trust
8730 Stony Point Parkway, Suite 205
Richmond, VA 23235
(Name and address of agent for service)
804-267-7400
Registrant’s telephone number, including area code
Date of fiscal year end: September 30, 2026
Date of reporting period:
Item 1. Reports to Stockholders.
| (a) |
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Semi-Annual Shareholder Report |
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Fund Name
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Costs of a $10,000 investment1
|
Costs paid as a percentage of a $10,000 investment**
|
|
Truth Social American Energy Security ETF
|
$
|
|
| ** | Annualized |
| 1 | Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report. |
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Net Assets
|
$
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Number of Holdings
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Portfolio Turnover
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Top Sectors
|
(%)
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Utilities
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Mining, Quarrying, and Oil and Gas Extraction
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Manufacturing
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Professional, Scientific, and Technical Services
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Construction
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Transportation and Warehousing
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Administrative and Support and Waste Management and Remediation Services
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Finance and Insurance
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Cash & Other
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Top 10 Issuers
|
(%)
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Exxon Mobil Corp.
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Chevron Corp.
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ConocoPhillips
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Eaton Corp. PLC
|
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GE Vernova, Inc.
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Southern Co.
|
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Duke Energy Corp.
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NextEra Energy, Inc.
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Williams Cos., Inc.
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Quanta Services, Inc.
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| * | Expressed as a percentage of net assets. |
| Truth Social American Energy Security ETF | PAGE 1 | TSR-SAR-89844T406 |
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Semi-Annual Shareholder Report |
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Fund Name
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Costs of a $10,000 investment1
|
Costs paid as a percentage of a $10,000 investment**
|
|
Truth Social American Icons ETF
|
$
|
|
| ** | Annualized |
| 1 | Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report. |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(%)
|
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Manufacturing
|
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Retail Trade
|
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Accommodation and Food Services
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Information
|
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Administrative and Support and Waste Management and Remediation Services
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Transportation and Warehousing
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Wholesale Trade
|
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Cash & Other
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Top 10 Issuers
|
(%)
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Netflix, Inc.
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Walmart, Inc.
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Home Depot, Inc.
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Costco Wholesale Corp.
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PepsiCo, Inc.
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McDonald’s Corp.
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Altria Group, Inc.
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Procter & Gamble Co.
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Lowe’s Cos., Inc.
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Uber Technologies, Inc.
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| * | Expressed as a percentage of net assets. |
| Truth Social American Icons ETF | PAGE 1 | TSR-SAR-89844T307 |
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Semi-Annual Shareholder Report |
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Fund Name
|
Costs of a $10,000 investment1
|
Costs paid as a percentage of a $10,000 investment**
|
|
Truth Social American Next Frontiers ETF
|
$
|
|
| ** | Annualized |
| 1 | Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report. |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(%)
|
|
Manufacturing
|
|
|
Information
|
|
|
Finance and Insurance
|
|
|
Professional, Scientific, and Technical Services
|
|
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Real Estate and Rental and Leasing
|
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|
Health Care and Social Assistance
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Wholesale Trade
|
|
|
Mining, Quarrying, and Oil and Gas Extraction
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(%)
|
|
Planet Labs PBC
|
|
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Marvell Technology, Inc.
|
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Intuitive Machines, Inc.
|
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Teradyne, Inc.
|
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KLA Corp.
|
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Equinix, Inc.
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Iridium Communications, Inc.
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MKS, Inc.
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Northrop Grumman Corp.
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Uniti Group, Inc.
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| * | Expressed as a percentage of net assets. |
| Truth Social American Next Frontiers ETF | PAGE 1 | TSR-SAR-89844T208 |
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Semi-Annual Shareholder Report |
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Fund Name
|
Costs of a $10,000 investment1
|
Costs paid as a percentage of a $10,000 investment**
|
|
Truth Social American Red State REITs ETF
|
$
|
|
| ** | Annualized |
| 1 | Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report. |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(%)
|
|
Real Estate and Rental and Leasing
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(%)
|
|
NNN REIT, Inc.
|
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|
Broadstone Net Lease, Inc.
|
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VICI Properties, Inc.
|
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Realty Income Corp.
|
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Four Corners Property Trust, Inc.
|
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NETSTREIT Corp.
|
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Lamar Advertising Co.
|
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National Health Investors, Inc.
|
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Kite Realty Group Trust
|
|
|
Mid-America Apartment Communities, Inc.
|
|
| * | Expressed as a percentage of net assets. |
| Truth Social American Red State REITs ETF | PAGE 1 | TSR-SAR-89844T505 |
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|
Semi-Annual Shareholder Report |
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|
Fund Name
|
Costs of a $10,000 investment1
|
Costs paid as a percentage of a $10,000 investment**
|
|
Truth Social American Security & Defense ETF
|
$
|
|
| ** | Annualized |
| 1 | Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report. |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Top Sectors
|
(%)
|
|
Manufacturing
|
|
|
Information
|
|
|
Professional, Scientific, and Technical Services
|
|
|
Management of Companies and Enterprises
|
|
|
Administrative and Support and Waste Management and Remediation Services
|
|
|
Finance and Insurance
|
|
|
Construction
|
|
|
Cash & Other
|
|
|
Top 10 Issuers
|
(%)
|
|
RTX Corp.
|
|
|
Lockheed Martin Corp.
|
|
|
Palantir Technologies, Inc.
|
|
|
Northrop Grumman Corp.
|
|
|
Palo Alto Networks, Inc.
|
|
|
L3Harris Technologies, Inc.
|
|
|
General Dynamics Corp.
|
|
|
Crowdstrike Holdings, Inc.
|
|
|
Fortinet, Inc.
|
|
|
Cloudflare, Inc.
|
|
| * | Expressed as a percentage of net assets. |
| Truth Social American Security & Defense ETF | PAGE 1 | TSR-SAR-89844T109 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
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Page
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Shares |
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Value
|
|
COMMON
STOCKS - 99.1% |
|
|
|
|
||
|
Architectural
and Structural Metals Manufacturing - 0.3% |
|
|
|
|
||
|
Valmont
Industries, Inc. |
|
|
64 |
|
|
$25,573
|
|
Building
Equipment Contractors - 2.9% |
|
|
||||
|
Quanta
Services, Inc. |
|
|
512 |
|
|
281,098
|
|
Computer
Systems Design and Related Services - 0.0%(a) |
|
|
|
|
||
|
Power
Solutions International, Inc.(b) |
|
|
32 |
|
|
1,948
|
|
Electric
Power Generation, Transmission and Distribution - 32.8%(c) |
|
|
|
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|
American
Electric Power Co., Inc. |
|
|
1,888 |
|
|
247,479
|
|
Consolidated
Edison, Inc. |
|
|
1,184 |
|
|
134,005
|
|
Constellation
Energy Corp. |
|
|
800 |
|
|
223,400
|
|
Dominion
Energy, Inc. |
|
|
2,624 |
|
|
162,216
|
|
Duke
Energy Corp. |
|
|
2,496 |
|
|
326,826
|
|
Edison
International |
|
|
1,184 |
|
|
86,645
|
|
Entergy
Corp. |
|
|
1,344 |
|
|
151,012
|
|
Exelon
Corp. |
|
|
3,104 |
|
|
152,158
|
|
GE
Vernova, Inc. |
|
|
384 |
|
|
335,194
|
|
NANO
Nuclear Energy, Inc.(b) |
|
|
160 |
|
|
3,277
|
|
NextEra
Energy, Inc. |
|
|
3,488 |
|
|
323,965
|
|
NRG
Energy, Inc. |
|
|
608 |
|
|
88,853
|
|
PG&E
Corp. |
|
|
6,048 |
|
|
106,263
|
|
Public
Service Enterprise Group, Inc. |
|
|
1,568 |
|
|
126,930
|
|
Southern
Co. |
|
|
3,392 |
|
|
327,396
|
|
Vistra
Corp. |
|
|
1,024 |
|
|
153,938
|
|
WEC
Energy Group, Inc. |
|
|
1,056 |
|
|
122,253
|
|
Xcel
Energy, Inc. |
|
|
1,760 |
|
|
139,814
|
|
|
|
|
|
3,211,624
| ||
|
Electrical
Equipment Manufacturing - 0.5% |
|
|
||||
|
American
Superconductor Corp.(b) |
|
|
192 |
|
|
6,499
|
|
Generac
Holdings, Inc.(b) |
|
|
224 |
|
|
43,754
|
|
|
|
|
|
50,253
| ||
|
Engine,
Turbine, and Power Transmission
Equipment
Manufacturing - 0.6% |
|
|
||||
|
BWX
Technologies, Inc. |
|
|
288 |
|
|
58,893
|
|
Highway,
Street, and Bridge Construction - 0.4% |
|
|
||||
|
Sterling
Infrastructure, Inc.(b) |
|
|
96 |
|
|
39,098
|
|
Management,
Scientific, and Technical Consulting Services - 4.9% |
|
|
|
|
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|
Eaton
Corp. PLC |
|
|
1,344 |
|
|
480,708
|
|
Lightbridge
Corp.(b) |
|
|
128 |
|
|
1,365
|
|
|
|
|
|
482,073
| ||
|
Metal
Ore Mining - 0.2% |
|
|
|
|
||
|
Uranium
Energy Corp.(b) |
|
|
1,408 |
|
|
19,008
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Shares |
|
|
Value
|
|
Natural
Gas Distribution - 7.3% |
|
|
|
|
||
|
Cheniere
Energy, Inc. |
|
|
800 |
|
|
$227,008
|
|
Eversource
Energy |
|
|
1,248 |
|
|
86,461
|
|
Kinder
Morgan, Inc. |
|
|
6,528 |
|
|
218,884
|
|
ONEOK,
Inc. |
|
|
2,048 |
|
|
185,119
|
|
|
|
|
|
717,472
| ||
|
Navigational,
Measuring, Electromedical, and
Control
Instruments Manufacturing - 0.1% |
|
|
||||
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Itron,
Inc.(b) |
|
|
128 |
|
|
11,473
|
|
Office
Administrative Services - 1.5% |
|
|
|
|
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|
Baker
Hughes Co. |
|
|
2,368 |
|
|
144,566
|
|
Oil
and Gas Extraction - 15.7% |
|
|
|
|
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|
Diamondback
Energy, Inc. |
|
|
640 |
|
|
126,586
|
|
Energy
Fuels, Inc.(b) |
|
|
864 |
|
|
15,768
|
|
EOG
Resources, Inc. |
|
|
1,344 |
|
|
194,302
|
|
EQT
Corp. |
|
|
1,888 |
|
|
120,152
|
|
Exxon
Mobil Corp. |
|
|
5,440 |
|
|
922,951
|
|
Occidental
Petroleum Corp. |
|
|
2,464 |
|
|
160,160
|
|
|
|
|
|
1,539,919
| ||
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Other
Electrical Equipment and Component Manufacturing - 1.5% |
|
|
|
|
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|
Energy
Vault Holdings, Inc.(b) |
|
|
544 |
|
|
1,795
|
|
EnerSys |
|
|
128 |
|
|
22,236
|
|
Eos
Energy Enterprises, Inc.(b) |
|
|
1,280 |
|
|
6,349
|
|
Fluence
Energy, Inc.(b) |
|
|
224 |
|
|
3,082
|
|
FuelCell
Energy, Inc.(b) |
|
|
224 |
|
|
1,463
|
|
Hubbell,
Inc. |
|
|
192 |
|
|
94,222
|
|
Plug
Power, Inc.(b) |
|
|
5,184 |
|
|
11,716
|
|
Preformed
Line Products Co. |
|
|
32 |
|
|
8,664
|
|
|
|
|
|
149,527
| ||
|
Other
Financial Investment Activities - 0.9% |
|
|
||||
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Net
Power, Inc.(b) |
|
|
160 |
|
|
250
|
|
nVent
Electric PLC |
|
|
512 |
|
|
60,559
|
|
Oklo,
Inc.(b) |
|
|
544 |
|
|
26,977
|
|
|
|
|
|
87,786
| ||
|
Other
Specialty Trade Contractors - 0.5% |
|
|
|
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|
Argan,
Inc. |
|
|
64 |
|
|
34,857
|
|
Centrus
Energy Corp. - Class A(b) |
|
|
64 |
|
|
11,110
|
|
|
|
|
|
45,967
| ||
|
Petroleum
and Coal Products Manufacturing - 16.5% |
|
|
|
|
||
|
Chevron
Corp. |
|
|
4,288 |
|
|
887,187
|
|
Marathon
Petroleum Corp. |
|
|
960 |
|
|
234,413
|
|
Phillips
66 |
|
|
1,344 |
|
|
244,850
|
|
Valero
Energy Corp. |
|
|
992 |
|
|
245,103
|
|
|
|
|
|
1,611,553
| ||
|
|
|
|
|
|
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|
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|
|
1 |
|
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|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) | ||||||
|
Pipeline
Transportation of Natural Gas - 4.6% |
|
|
||||
|
Targa
Resources Corp. |
|
|
608 |
|
|
$152,444
|
|
Williams
Cos., Inc. |
|
|
4,064 |
|
|
295,778
|
|
|
|
|
|
448,222
| ||
|
Semiconductor
and Other Electronic Component Manufacturing - 0.9% |
|
|
|
|
||
|
Bloom
Energy Corp. - Class A(b) |
|
|
640 |
|
|
86,714
|
|
Shoals
Technologies Group, Inc. - Class A(b) |
|
|
544 |
|
|
3,579
|
|
|
|
|
|
90,293
| ||
|
Support
Activities for Mining - 5.8% |
|
|
|
|
||
|
ConocoPhillips |
|
|
4,288 |
|
|
566,016
|
|
Utility
System Construction - 1.1% |
|
|
|
|
||
|
Dycom
Industries, Inc.(b) |
|
|
64 |
|
|
21,684
|
|
MasTec,
Inc.(b) |
|
|
224 |
|
|
72,070
|
|
MYR
Group, Inc.(b) |
|
|
64 |
|
|
18,069
|
|
|
|
|
|
111,823
| ||
|
Ventilation,
Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing - 0.1% |
|
|
|
|
||
|
NuScale
Power Corp.(b) |
|
|
768 |
|
|
8,325
|
|
TOTAL
COMMON STOCKS
(Cost
$8,121,223) |
|
|
|
|
9,702,510
| |
|
TOTAL
INVESTMENTS - 99.1%
(Cost
$8,121,223) |
|
|
|
|
$9,702,510
| |
|
Money
Market Deposit Account - 1.0%(d) |
|
|
|
|
93,687
| |
|
Liabilities
in Excess of Other
Assets
- (0.0)%(a) |
|
|
|
|
(2,999)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$9,793,198 | |
|
|
|
|
|
|
|
|
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was
2.56%. |
|
|
|
2 |
|
|
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|
|
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|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - 98.2% |
|
|
|
|
||
|
Animal
Slaughtering and Processing - 0.9% |
|
|
||||
|
Hormel
Foods Corp. |
|
|
243 |
|
|
$5,504
|
|
Tyson
Foods, Inc. - Class A |
|
|
216 |
|
|
13,839
|
|
|
|
|
|
19,343
| ||
|
Beverage
Manufacturing - 9.1% |
|
|
|
|
||
|
Constellation
Brands, Inc. - Class A |
|
|
99 |
|
|
14,850
|
|
Keurig
Dr Pepper, Inc. |
|
|
594 |
|
|
15,640
|
|
Monster
Beverage Corp.(a) |
|
|
531 |
|
|
38,476
|
|
PepsiCo,
Inc. |
|
|
882 |
|
|
136,966
|
|
|
|
|
|
205,932
| ||
|
Building
Material and Supplies Dealers - 11.5% |
|
|
||||
|
Home
Depot, Inc. |
|
|
504 |
|
|
165,761
|
|
Lowe’s
Cos., Inc. |
|
|
405 |
|
|
95,693
|
|
|
|
|
|
261,454
| ||
|
Business
Support Services - 4.1% |
|
|
|
|
||
|
Uber
Technologies, Inc.(a) |
|
|
1,305 |
|
|
93,869
|
|
Clothing
and Clothing Accessories Retailers - 1.8% |
|
|
|
|
||
|
Ross
Stores, Inc. |
|
|
189 |
|
|
40,943
|
|
Converted
Paper Product Manufacturing - 1.3% |
|
|
||||
|
Kimberly-Clark
Corp. |
|
|
315 |
|
|
30,388
|
|
Dairy
Product Manufacturing - 1.1% |
|
|
|
|
||
|
Kraft
Heinz Co. |
|
|
1,107 |
|
|
24,897
|
|
Department
Stores - 0.1% |
|
|
|
|
||
|
Burlington
Stores, Inc.(a) |
|
|
9 |
|
|
2,928
|
|
Fruit
and Vegetable Preserving and Specialty Food Manufacturing - 1.0% |
|
|
|
|
||
|
Conagra
Brands, Inc. |
|
|
693 |
|
|
10,894
|
|
J
M Smucker Co. |
|
|
72 |
|
|
6,944
|
|
Lamb
Weston Holdings, Inc. |
|
|
90 |
|
|
3,803
|
|
|
|
|
|
21,641
| ||
|
Grain
and Oilseed Milling - 1.4% |
|
|
|
|
||
|
Archer-Daniels-Midland
Co. |
|
|
441 |
|
|
32,056
|
|
Grocery
and Convenience Retailers - 0.9% |
|
|
||||
|
Albertsons
Cos., Inc. - Class A |
|
|
252 |
|
|
4,294
|
|
Casey’s
General Stores, Inc. |
|
|
18 |
|
|
13,102
|
|
Sprouts
Farmers Market, Inc.(a) |
|
|
54 |
|
|
4,165
|
|
|
|
|
|
21,561
| ||
|
Grocery
and Related Product Merchant Wholesalers - 2.0% |
|
|
|
|
||
|
Domino’s
Pizza, Inc. |
|
|
36 |
|
|
12,916
|
|
Performance
Food Group Co.(a) |
|
|
45 |
|
|
3,855
|
|
Sysco
Corp. |
|
|
270 |
|
|
19,259
|
|
US
Foods Holding Corp.(a) |
|
|
90 |
|
|
8,299
|
|
|
|
|
|
44,329
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Media
Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 9.6% |
|
|
|
|
||
|
Netflix,
Inc.(a) |
|
|
1,899 |
|
|
$182,589
|
|
Warner
Bros Discovery, Inc.(a) |
|
|
1,251 |
|
|
34,352
|
|
|
|
|
|
216,941
| ||
|
Motor
Vehicle Manufacturing - 4.0% |
|
|
|
|
||
|
Ford
Motor Co. |
|
|
6,111 |
|
|
70,521
|
|
General
Motors Co. |
|
|
261 |
|
|
19,445
|
|
|
|
|
|
89,966
| ||
|
Other
Food Manufacturing - 1.1% |
|
|
|
|
||
|
General
Mills, Inc. |
|
|
513 |
|
|
19,094
|
|
McCormick
& Co., Inc. |
|
|
117 |
|
|
5,901
|
|
|
|
|
|
24,995
| ||
|
Other
Leather and Allied Product Manufacturing - 0.9% |
|
|
|
|
||
|
Tapestry,
Inc. |
|
|
153 |
|
|
21,590
|
|
Other
Miscellaneous Retailers - 1.2% |
|
|
|
|
||
|
DoorDash,
Inc. - Class A(a) |
|
|
180 |
|
|
27,027
|
|
Restaurants
and Other Eating Places - 8.2% |
|
|
||||
|
Chipotle
Mexican Grill, Inc.(a) |
|
|
729 |
|
|
23,335
|
|
Darden
Restaurants, Inc. |
|
|
63 |
|
|
12,351
|
|
McDonald’s
Corp. |
|
|
387 |
|
|
120,276
|
|
Yum!
Brands, Inc. |
|
|
198 |
|
|
30,785
|
|
|
|
|
|
186,747
| ||
|
Scheduled
Air Transportation - 2.0% |
|
|
|
|
||
|
Delta
Air Lines, Inc. |
|
|
369 |
|
|
24,531
|
|
United
Airlines Holdings, Inc.(a) |
|
|
216 |
|
|
19,887
|
|
|
|
|
|
44,418
| ||
|
Soap,
Cleaning Compound, and Toilet Preparation Manufacturing - 10.1% |
|
|
|
|
||
|
Church
& Dwight Co., Inc. |
|
|
135 |
|
|
12,598
|
|
Clorox
Co. |
|
|
117 |
|
|
12,125
|
|
Colgate-Palmolive
Co. |
|
|
963 |
|
|
82,076
|
|
Kenvue,
Inc. |
|
|
1,188 |
|
|
20,481
|
|
Procter
& Gamble Co. |
|
|
711 |
|
|
102,697
|
|
|
|
|
|
229,977
| ||
|
Sugar
and Confectionery Product Manufacturing - 1.1% |
|
|
|
|
||
|
Hershey
Co. |
|
|
117 |
|
|
24,323
|
|
Tobacco
Manufacturing - 4.9% |
|
|
|
|
||
|
Altria
Group, Inc. |
|
|
1,692 |
|
|
111,655
|
|
Traveler
Accommodation - 1.8% |
|
|
|
|
||
|
Marriott
International, Inc. - Class A |
|
|
126 |
|
|
41,211
|
|
Warehouse
Clubs, Supercenters, and Other General Merchandise Retailers - 17.9% |
|
|
|
|
||
|
Costco
Wholesale Corp. |
|
|
162 |
|
|
161,422
|
|
Dollar
General Corp. |
|
|
135 |
|
|
16,029
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) | ||||||
|
Warehouse
Clubs, Supercenters, and Other
General
Merchandise Retailers - (Continued) | ||||||
|
Dollar
Tree, Inc.(a) |
|
|
108 |
|
|
$11,827
|
|
Target
Corp. |
|
|
396 |
|
|
47,995
|
|
Walmart,
Inc. |
|
|
1,359 |
|
|
168,896
|
|
|
|
|
|
406,169
| ||
|
Web
Search Portals, Libraries, Archives, and Other Information Services - 0.2% |
|
|
|
|
||
|
CoStar
Group, Inc.(a) |
|
|
126 |
|
|
5,083
|
|
TOTALCOMMON
STOCKS
(Cost
$2,287,031) |
|
|
|
|
2,229,443
| |
|
TOTAL
INVESTMENTS - 98.2%
(Cost
$2,287,031) |
|
|
|
|
$2,229,443
| |
|
Money
Market Deposit Account - 1.7%(b) |
|
|
|
|
39,644
| |
|
Other
Assets in Excess of
Liabilities
- 0.1% |
|
|
|
|
1,255
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$2,270,342 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was
2.56%. |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - 92.9% |
|
|
|
|
||
|
Activities
Related to Credit Intermediation - 2.0% |
|
|
|
|
||
|
Coinbase
Global, Inc. - Class A(a) |
|
|
336 |
|
|
$58,669
|
|
Figure
Technology Solutions, Inc. - Class A(a) |
|
|
2,352 |
|
|
79,851
|
|
Terawulf,
Inc.(a) |
|
|
5,952 |
|
|
85,887
|
|
|
|
|
|
224,407
| ||
|
Advertising,
Public Relations, and Related Services - 0.5% |
|
|
|
|
||
|
AppLovin
Corp. - Class A(a) |
|
|
144 |
|
|
57,312
|
|
Aerospace
Product and Parts Manufacturing - 5.3% |
|
|
|
|
||
|
AeroVironment,
Inc.(a) |
|
|
384 |
|
|
70,291
|
|
Ducommun,
Inc.(a) |
|
|
1,008 |
|
|
122,976
|
|
Firefly
Aerospace, Inc.(a) |
|
|
4,416 |
|
|
125,723
|
|
Hexcel
Corp. |
|
|
1,248 |
|
|
101,001
|
|
Rocket
Lab Corp.(a) |
|
|
1,632 |
|
|
104,807
|
|
Voyager
Technologies, Inc. - Class A(a) |
|
|
3,408 |
|
|
79,713
|
|
|
|
|
|
604,511
| ||
|
All
Other Telecommunications - 2.2% |
|
|
|
|
||
|
AST
SpaceMobile, Inc.(a) |
|
|
1,200 |
|
|
99,444
|
|
Globalstar,
Inc.(a) |
|
|
1,344 |
|
|
89,269
|
|
Gogo,
Inc.(a) |
|
|
16,704 |
|
|
67,150
|
|
|
|
|
|
255,863
| ||
|
Architectural,
Engineering, and Related Services - 0.7% |
|
|
|
|
||
|
Charles
River Laboratories International, Inc.(a) |
|
|
480 |
|
|
82,800
|
|
Business
Support Services - 1.7% |
|
|
|
|
||
|
Circle
Internet Group, Inc.(a) |
|
|
1,056 |
|
|
100,753
|
|
Hut
8 Corp.(a) |
|
|
2,016 |
|
|
94,570
|
|
|
|
|
|
195,323
| ||
|
Commercial
and Service Industry Machinery Manufacturing - 1.2% |
|
|
|
|
||
|
KLA
Corp. |
|
|
96 |
|
|
141,351
|
|
Communications
Equipment Manufacturing - 3.8% |
|
|
|
|
||
|
EchoStar
Corp. - Class A(a) |
|
|
912 |
|
|
106,768
|
|
Iridium
Communications, Inc. |
|
|
4,992 |
|
|
138,478
|
|
QUALCOMM,
Inc. |
|
|
528 |
|
|
67,996
|
|
Viasat,
Inc.(a) |
|
|
2,496 |
|
|
114,317
|
|
|
|
|
|
427,559
| ||
|
Computer
and Peripheral Equipment Manufacturing - 0.7% |
|
|
|
|
||
|
Teradata
Corp.(a) |
|
|
2,976 |
|
|
76,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Computer
Systems Design and Related Services - 2.8% |
|
|
|
|
||
|
Cleanspark,
Inc.(a) |
|
|
6,432 |
|
|
$54,736
|
|
Elastic
NV(a) |
|
|
1,200 |
|
|
59,988
|
|
Oracle
Corp. |
|
|
432 |
|
|
63,552
|
|
Snowflake,
Inc.(a) |
|
|
432 |
|
|
65,154
|
|
Waystar
Holding Corp.(a) |
|
|
3,072 |
|
|
74,066
|
|
|
|
|
|
317,496
| ||
|
Computing
Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 3.0% |
|
|
|
|
||
|
Cipher
Digital, Inc.(a) |
|
|
5,088 |
|
|
65,483
|
|
Core
Scientific, Inc.(a) |
|
|
5,424 |
|
|
81,143
|
|
Innodata,
Inc.(a) |
|
|
1,728 |
|
|
66,735
|
|
Riot
Platforms, Inc.(a) |
|
|
6,000 |
|
|
74,160
|
|
Tempus
AI, Inc. - Class A(a) |
|
|
1,248 |
|
|
56,435
|
|
|
|
|
|
343,956
| ||
|
Electric
Power Generation,
Transmission
and Distribution - 0.5% |
|
|
||||
|
NANO
Nuclear Energy, Inc.(a) |
|
|
2,592 |
|
|
53,084
|
|
Electrical
Equipment Manufacturing - 0.8% |
|
|
||||
|
Rockwell
Automation, Inc. |
|
|
240 |
|
|
86,131
|
|
Electronics
and Appliance Retailers - 0.7% |
|
|
||||
|
CoreWeave,
Inc. - Class A(a) |
|
|
1,056 |
|
|
81,808
|
|
Engine,
Turbine, and Power Transmission
Equipment
Manufacturing - 1.0% |
|
|
||||
|
BWX
Technologies, Inc. |
|
|
528 |
|
|
107,971
|
|
Grocery
and Related Product Merchant Wholesalers - 0.5% |
|
|
|
|
||
|
Quantum
Computing, Inc.(a) |
|
|
7,488 |
|
|
51,293
|
|
Lessors
of Nonfinancial Intangible Assets
(except
Copyrighted Works) - 0.6% |
|
|
||||
|
MARA
Holdings, Inc.(a) |
|
|
7,872 |
|
|
64,236
|
|
Lessors
of Real Estate - 1.1% |
|
|
|
|
||
|
Uniti
Group, Inc.(a) |
|
|
13,872 |
|
|
130,119
|
|
Machinery,
Equipment, and Supplies Merchant Wholesalers - 0.7% |
|
|
|
|
||
|
Symbotic,
Inc.(a) |
|
|
1,536 |
|
|
81,715
|
|
Management
of Companies and Enterprises - 0.6% |
|
|
|
|
||
|
Bullish(a) |
|
|
2,016 |
|
|
72,032
|
|
Medical
and Diagnostic Laboratories - 3.1% |
|
|
||||
|
Guardant
Health, Inc.(a) |
|
|
912 |
|
|
84,241
|
|
Labcorp
Holdings, Inc. |
|
|
336 |
|
|
89,648
|
|
Natera,
Inc.(a) |
|
|
384 |
|
|
76,796
|
|
Quest
Diagnostics, Inc. |
|
|
528 |
|
|
103,478
|
|
|
|
|
|
354,163
| ||
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) | ||||||
|
Medical
Equipment and Supplies Manufacturing - 1.4% |
|
|
|
|
||
|
Intuitive
Surgical, Inc.(a) |
|
|
192 |
|
|
$88,510
|
|
PROCEPT
BioRobotics Corp.(a) |
|
|
2,640 |
|
|
66,026
|
|
|
|
|
|
154,536
| ||
|
Navigational,
Measuring, Electromedical, and Control Instruments Manufacturing - 13.7% |
|
|
|
|
||
|
Agilent
Technologies, Inc. |
|
|
672 |
|
|
76,595
|
|
Avantor,
Inc.(a) |
|
|
8,160 |
|
|
63,975
|
|
Bio-Rad
Laboratories, Inc. - Class A(a) |
|
|
288 |
|
|
80,280
|
|
Bruker
Corp. |
|
|
2,016 |
|
|
72,818
|
|
Cognex
Corp. |
|
|
2,496 |
|
|
122,279
|
|
Danaher
Corp. |
|
|
384 |
|
|
72,806
|
|
Hologic,
Inc.(a) |
|
|
1,248 |
|
|
94,336
|
|
Illumina,
Inc.(a) |
|
|
672 |
|
|
82,831
|
|
Intuitive
Machines, Inc.(a) |
|
|
7,920 |
|
|
146,995
|
|
MKS,
Inc. |
|
|
576 |
|
|
132,371
|
|
Northrop
Grumman Corp. |
|
|
192 |
|
|
130,990
|
|
Onto
Innovation, Inc.(a) |
|
|
576 |
|
|
118,120
|
|
Revvity,
Inc. |
|
|
912 |
|
|
79,900
|
|
Teradyne,
Inc. |
|
|
480 |
|
|
142,301
|
|
Thermo
Fisher Scientific, Inc. |
|
|
144 |
|
|
70,780
|
|
Waters
Corp.(a) |
|
|
240 |
|
|
71,472
|
|
|
|
|
|
1,558,849
| ||
|
Office
Administrative Services - 1.5% |
|
|
|
|
||
|
CorVel
Corp.(a) |
|
|
1,344 |
|
|
73,450
|
|
DigitalBridge
Group, Inc. |
|
|
6,336 |
|
|
97,701
|
|
|
|
|
|
171,151
| ||
|
Other
Ambulatory Health Care Services - 0.6% |
|
|
||||
|
Hinge
Health, Inc. - Class A(a) |
|
|
1,872 |
|
|
72,184
|
|
Other
Electrical Equipment and Component Manufacturing - 0.8% |
|
|
|
|
||
|
Novanta,
Inc.(a) |
|
|
768 |
|
|
90,708
|
|
Other
Financial Investment Activities - 6.4% |
|
|
||||
|
Aurora
Innovation, Inc.(a) |
|
|
20,832 |
|
|
85,828
|
|
D-Wave
Quantum, Inc.(a) |
|
|
3,504 |
|
|
50,563
|
|
Evolv
Technologies Holdings, Inc.(a) |
|
|
13,872 |
|
|
83,926
|
|
IonQ,
Inc.(a) |
|
|
1,824 |
|
|
52,586
|
|
NextNav,
Inc.(a) |
|
|
5,616 |
|
|
89,968
|
|
NIQ
Global Intelligence PLC(a) |
|
|
5,904 |
|
|
67,128
|
|
Oklo,
Inc.(a) |
|
|
912 |
|
|
45,226
|
|
Planet
Labs PBC(a) |
|
|
7,248 |
|
|
202,582
|
|
Rigetti
Computing, Inc.(a) |
|
|
3,600 |
|
|
50,544
|
|
|
|
|
|
728,351
| ||
|
Other
General Purpose Machinery Manufacturing - 1.1% |
|
|
|
|
||
|
Mettler-Toledo
International, Inc.(a) |
|
|
48 |
|
|
60,538
|
|
Xometry,
Inc. - Class A(a) |
|
|
1,536 |
|
|
62,730
|
|
|
|
|
|
123,268
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Other
Specialty Trade Contractors - 0.5% |
|
|
||||
|
Centrus
Energy Corp. - Class A(a) |
|
|
336 |
|
|
$58,326
|
|
Pharmaceutical
and Medicine Manufacturing - 1.3% |
|
|
|
|
||
|
Bio-Techne
Corp. |
|
|
1,536 |
|
|
80,272
|
|
Repligen
Corp.(a) |
|
|
576 |
|
|
67,864
|
|
|
|
|
|
148,136
| ||
|
Plastics
Product Manufacturing - 1.0% |
|
|
|
|
||
|
Entegris,
Inc. |
|
|
1,008 |
|
|
118,178
|
|
Professional
and Commercial Equipment and Supplies Merchant Wholesalers - 0.6% |
|
|
|
|
||
|
Samsara,
Inc. - Class A(a) |
|
|
2,064 |
|
|
65,408
|
|
Rubber
Product Manufacturing - 0.7% |
|
|
|
|
||
|
West
Pharmaceutical Services, Inc. |
|
|
336 |
|
|
84,215
|
|
Scientific
Research and Development Services - 2.6% |
|
|
|
|
||
|
IQVIA
Holdings, Inc.(a) |
|
|
432 |
|
|
73,673
|
|
Marvell
Technology, Inc. |
|
|
1,488 |
|
|
147,387
|
|
Medpace
Holdings, Inc.(a) |
|
|
144 |
|
|
69,147
|
|
|
|
|
|
290,207
| ||
|
Semiconductor
and Other Electronic Component Manufacturing - 16.8% |
|
|
|
|
||
|
Advanced
Micro Devices, Inc.(a) |
|
|
432 |
|
|
87,882
|
|
Analog
Devices, Inc. |
|
|
336 |
|
|
106,895
|
|
Applied
Materials, Inc. |
|
|
336 |
|
|
114,841
|
|
Astera
Labs, Inc.(a) |
|
|
576 |
|
|
63,130
|
|
Broadcom,
Inc. |
|
|
240 |
|
|
74,282
|
|
GLOBALFOUNDRIES,
Inc.(a) |
|
|
2,304 |
|
|
102,482
|
|
Intel
Corp.(a) |
|
|
2,304 |
|
|
101,676
|
|
Lam
Research Corp. |
|
|
576 |
|
|
123,068
|
|
Lattice
Semiconductor Corp.(a) |
|
|
1,200 |
|
|
111,312
|
|
MACOM
Technology Solutions Holdings, Inc.(a) |
|
|
480 |
|
|
106,594
|
|
Microchip
Technology, Inc. |
|
|
1,392 |
|
|
89,937
|
|
Micron
Technology, Inc. |
|
|
336 |
|
|
113,514
|
|
Monolithic
Power Systems, Inc. |
|
|
48 |
|
|
52,481
|
|
NVIDIA
Corp. |
|
|
528 |
|
|
92,083
|
|
ON
Semiconductor Corp.(a) |
|
|
1,680 |
|
|
104,026
|
|
Ouster,
Inc.(a) |
|
|
3,648 |
|
|
67,014
|
|
Qorvo,
Inc.(a) |
|
|
1,056 |
|
|
81,734
|
|
Rambus,
Inc.(a) |
|
|
864 |
|
|
74,330
|
|
Skyworks
Solutions, Inc. |
|
|
1,344 |
|
|
71,971
|
|
Texas
Instruments, Inc. |
|
|
528 |
|
|
102,506
|
|
Universal
Display Corp. |
|
|
720 |
|
|
65,995
|
|
|
|
|
|
1,907,753
| ||
|
Software
Publishers - 8.9% |
|
|
|
|
||
|
Appian
Corp. - Class A(a) |
|
|
2,304 |
|
|
55,549
|
|
Applied
Digital Corp.(a) |
|
|
3,024 |
|
|
71,790
|
|
BigBear.ai
Holdings, Inc.(a) |
|
|
14,208 |
|
|
50,012
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) | ||||||
|
Software
Publishers - (Continued) | ||||||
|
Block,
Inc.(a) |
|
|
1,488 |
|
|
$89,548
|
|
C3.ai,
Inc. - Class A(a) |
|
|
5,952 |
|
|
50,116
|
|
Cadence
Design Systems, Inc.(a) |
|
|
288 |
|
|
80,027
|
|
Dynatrace,
Inc.(a) |
|
|
2,064 |
|
|
76,327
|
|
Grid
Dynamics Holdings, Inc.(a) |
|
|
9,312 |
|
|
53,078
|
|
Mobileye
Global, Inc. - Class A(a) |
|
|
7,920 |
|
|
54,410
|
|
MongoDB,
Inc.(a) |
|
|
240 |
|
|
58,745
|
|
Onestream,
Inc.(a) |
|
|
5,088 |
|
|
122,112
|
|
Palantir
Technologies, Inc. - Class A(a) |
|
|
480 |
|
|
70,214
|
|
SoundHound
AI, Inc. - Class A(a) |
|
|
7,680 |
|
|
52,762
|
|
Synopsys,
Inc.(a) |
|
|
192 |
|
|
76,124
|
|
UiPath,
Inc. - Class A(a) |
|
|
5,040 |
|
|
55,944
|
|
|
|
|
|
1,016,758
| ||
|
Support
Activities for Mining - 1.1% |
|
|
|
|
||
|
Oceaneering
International, Inc.(a) |
|
|
3,456 |
|
|
122,584
|
|
Ventilation,
Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing - 0.4% |
|
|
|
|
||
|
NuScale
Power Corp.(a) |
|
|
4,608 |
|
|
49,951
|
|
TOTALCOMMON
STOCKS
(Cost
$12,170,563) |
|
|
|
|
10,569,968
| |
|
REAL
ESTATE INVESTMENT TRUSTS - 3.7% |
|
|
||||
|
Lessors
of Real Estate - 3.7% |
|
|
|
|
||
|
American
Tower Corp. |
|
|
528 |
|
|
91,122
|
|
Crown
Castle, Inc. |
|
|
1,056 |
|
|
85,863
|
|
Digital
Realty Trust, Inc. |
|
|
576 |
|
|
103,801
|
|
Equinix,
Inc. |
|
|
144 |
|
|
141,155
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$385,384) |
|
|
|
|
421,941
| |
|
TOTAL
INVESTMENTS - 96.6%
(Cost
$12,555,947) |
|
|
|
|
$10,991,909
| |
|
Money
Market Deposit Account - 3.5%(b) |
|
|
|
|
395,762
| |
|
Liabilities
in Excess of Other
Assets
- (0.0)%(c) |
|
|
|
|
(4,947)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$11,382,724 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was
2.56%. |
|
(c) |
Represents less than
0.05% of net assets. |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Shares |
|
|
Value
|
| ||
|
REAL
ESTATE INVESTMENT TRUSTS - 97.8% |
|
|
| ||||||
|
Activities
Related to Real Estate - 1.5% |
|
|
| ||||||
|
Curbline
Properties Corp. |
|
|
1,470 |
|
|
$37,911
|
| ||
|
Lessors
of Real Estate - 78.9%(a) |
|
|
|
|
| ||||
|
Agree
Realty Corp. |
|
|
1,190 |
|
|
89,702
|
| ||
|
American
Healthcare REIT, Inc. |
|
|
710 |
|
|
33,484
|
| ||
|
American
Homes 4 Rent - Class A |
|
|
2,010 |
|
|
56,119
|
| ||
|
Camden
Property Trust |
|
|
640 |
|
|
62,502
|
| ||
|
EastGroup
Properties, Inc. |
|
|
270 |
|
|
49,974
|
| ||
|
Equity
LifeStyle Properties, Inc. |
|
|
850 |
|
|
53,057
|
| ||
|
Essential
Properties Realty Trust, Inc. |
|
|
2,360 |
|
|
71,650
|
| ||
|
Farmland
Partners, Inc. |
|
|
3,780 |
|
|
42,449
|
| ||
|
FrontView
REIT, Inc. |
|
|
1,370 |
|
|
21,194
|
| ||
|
Independence
Realty Trust, Inc. |
|
|
4,010 |
|
|
59,709
|
| ||
|
InvenTrust
Properties Corp. |
|
|
1,820 |
|
|
55,437
|
| ||
|
Kite
Realty Group Trust |
|
|
4,640 |
|
|
113,912
|
| ||
|
Lamar
Advertising Co. - Class A |
|
|
970 |
|
|
122,860
|
| ||
|
Mid-America
Apartment Communities, Inc. |
|
|
750 |
|
|
91,590
|
| ||
|
National
Health Investors, Inc. |
|
|
1,420 |
|
|
114,821
|
| ||
|
NETSTREIT
Corp. |
|
|
7,380 |
|
|
138,965
|
| ||
|
NNN
REIT, Inc. |
|
|
4,920 |
|
|
206,788
|
| ||
|
Realty
Income Corp. |
|
|
2,950 |
|
|
180,481
|
| ||
|
Sila
Realty Trust, Inc. |
|
|
3,360 |
|
|
79,565
|
| ||
|
STAG
Industrial, Inc. |
|
|
2,010 |
|
|
72,481
|
| ||
|
UMH
Properties, Inc. |
|
|
5,850 |
|
|
84,416
|
| ||
|
VICI
Properties, Inc. |
|
|
7,080 |
|
|
193,426
|
| ||
|
|
|
|
|
1,994,582
|
| ||||
|
Offices
of Real Estate Agents and Brokers - 17.4% |
|
|
|
|
|||||
|
Broadstone
Net Lease, Inc. |
|
|
11,190 |
|
|
204,441
|
| ||
|
Four
Corners Property Trust, Inc. |
|
|
6,590 |
|
|
155,854
|
| ||
|
Invitation
Homes, Inc. |
|
|
3,220 |
|
|
80,017
|
| ||
|
|
|
|
|
440,312
|
| ||||
|
TOTALREAL
ESTATE INVESTMENT TRUSTS
(Cost
$2,486,913) |
|
|
|
|
2,472,805
|
| |||
|
TOTAL
INVESTMENTS - 97.8%
(Cost
$2,486,913) |
|
|
|
|
$2,472,805
|
| |||
|
Money
Market Deposit Account - 1.6%(b) |
|
|
|
|
40,485
|
| |||
|
Other
Assets in Excess of
Liabilities
- 0.6% |
|
|
|
|
15,650
|
| |||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$2,528,940 |
| |||
|
|
|
|
|
|
|
|
| ||
|
(a) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(b) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was
2.56%. |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - 97.6% |
|
|
|
|
||
|
Aerospace
Product and Parts Manufacturing - 23.0% |
|
|
|
|
||
|
AeroVironment,
Inc.(a) |
|
|
340 |
|
|
$62,237
|
|
Ducommun,
Inc.(a) |
|
|
102 |
|
|
12,444
|
|
General
Dynamics Corp. |
|
|
1,326 |
|
|
455,110
|
|
Lockheed
Martin Corp. |
|
|
1,054 |
|
|
637,027
|
|
RTX
Corp. |
|
|
3,808 |
|
|
734,563
|
|
Voyager
Technologies, Inc. - Class A(a) |
|
|
578 |
|
|
13,519
|
|
|
|
|
|
1,914,900
| ||
|
Business
Support Services - 0.4% |
|
|
|
|
||
|
Amentum
Holdings, Inc.(a) |
|
|
1,122 |
|
|
29,262
|
|
Communications
Equipment Manufacturing - 1.6% |
|
|
|
|
||
|
Kratos
Defense & Security Solutions,
Inc.(a) |
|
|
1,292 |
|
|
91,099
|
|
Napco
Security Technologies, Inc. |
|
|
306 |
|
|
12,053
|
|
Ondas,
Inc.(a) |
|
|
3,672 |
|
|
33,195
|
|
|
|
|
|
136,347
| ||
|
Computer
and Peripheral Equipment
Manufacturing
- 10.4% |
|
|
||||
|
Fortinet,
Inc.(a) |
|
|
4,590 |
|
|
375,095
|
|
Palo
Alto Networks, Inc.(a) |
|
|
3,026 |
|
|
485,128
|
|
|
|
|
|
860,223
| ||
|
Computer
Systems Design and Related Services - 10.8% |
|
|
|
|
||
|
A10
Networks, Inc. |
|
|
544 |
|
|
12,577
|
|
CACI
International, Inc. - Class A(a) |
|
|
170 |
|
|
92,458
|
|
F5,
Inc.(a) |
|
|
408 |
|
|
118,047
|
|
Gen
Digital, Inc. |
|
|
4,556 |
|
|
85,789
|
|
Leidos
Holdings, Inc. |
|
|
1,156 |
|
|
179,781
|
|
NetScout
Systems, Inc.(a) |
|
|
476 |
|
|
15,132
|
|
Parsons
Corp.(a) |
|
|
612 |
|
|
33,152
|
|
Science
Applications International Corp. |
|
|
408 |
|
|
38,727
|
|
VeriSign,
Inc. |
|
|
714 |
|
|
177,329
|
|
Zscaler,
Inc.(a) |
|
|
1,054 |
|
|
147,866
|
|
|
|
|
|
900,858
| ||
|
Engine,
Turbine, and Power Transmission Equipment Manufacturing - 1.8% |
|
|
|
|
||
|
BWX
Technologies, Inc. |
|
|
748 |
|
|
152,958
|
|
Facilities
Support Services - 0.2% |
|
|
|
|
||
|
V2X,
Inc.(a) |
|
|
204 |
|
|
13,974
|
|
Investigation
and Security Services - 0.5% |
|
|
||||
|
SentinelOne,
Inc. - Class A(a) |
|
|
3,128 |
|
|
40,289
|
|
Management
of Companies and Enterprises - 1.4% |
|
|
|
|
||
|
Karman
Holdings, Inc.(a) |
|
|
1,496 |
|
|
119,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Management,
Scientific, and Technical Consulting Services - 1.0% |
|
|
|
|
||
|
Booz
Allen Hamilton Holding Corp. |
|
|
1,020 |
|
|
$79,591
|
|
Medical
Equipment and Supplies Manufacturing - 0.8% |
|
|
|
|
||
|
Cadre
Holdings, Inc. |
|
|
204 |
|
|
6,259
|
|
MSA
Safety, Inc. |
|
|
340 |
|
|
55,743
|
|
|
|
|
|
62,002
| ||
|
Navigational,
Measuring, Electromedical, and Control Instruments Manufacturing - 12.8% |
|
|
|
|
||
|
L3Harris
Technologies, Inc. |
|
|
1,326 |
|
|
457,669
|
|
Leonardo
DRS, Inc. |
|
|
884 |
|
|
39,356
|
|
Moog,
Inc. - Class A |
|
|
204 |
|
|
59,699
|
|
Northrop
Grumman Corp. |
|
|
748 |
|
|
510,315
|
|
|
|
|
|
1,067,039
| ||
|
Other
Fabricated Metal Product Manufacturing - 6.1% |
|
|
|
|
||
|
Axon
Enterprise, Inc.(a) |
|
|
646 |
|
|
274,349
|
|
Curtiss-Wright
Corp. |
|
|
340 |
|
|
231,581
|
|
|
|
|
|
505,930
| ||
|
Other
Financial Investment Activities - 1.0% |
|
|
||||
|
Evolv
Technologies Holdings, Inc.(a) |
|
|
1,768 |
|
|
10,696
|
|
Planet
Labs PBC(a) |
|
|
2,550 |
|
|
71,273
|
|
|
|
|
|
81,969
| ||
|
Other
Heavy and Civil Engineering Construction - 0.4% |
|
|
|
|
||
|
KBR,
Inc. |
|
|
952 |
|
|
35,091
|
|
Semiconductor
and Other Electronic Component Manufacturing - 3.7% |
|
|
|
|
||
|
Mercury
Systems, Inc.(a) |
|
|
374 |
|
|
27,268
|
|
nLight,
Inc.(a) |
|
|
476 |
|
|
27,142
|
|
OSI
Systems, Inc.(a) |
|
|
102 |
|
|
27,082
|
|
Teledyne
Technologies, Inc.(a) |
|
|
374 |
|
|
226,274
|
|
|
|
|
|
307,766
| ||
|
Ship
and Boat Building - 1.2% |
|
|
|
|
||
|
Huntington
Ingalls Industries, Inc. |
|
|
272 |
|
|
103,333
|
|
Software
Publishers - 20.5% |
|
|
|
|
||
|
Akamai
Technologies, Inc.(a) |
|
|
1,258 |
|
|
144,481
|
|
BigBear.ai
Holdings, Inc.(a) |
|
|
4,352 |
|
|
15,319
|
|
Clear
Secure, Inc. - Class A |
|
|
646 |
|
|
31,273
|
|
Cloudflare,
Inc. - Class A(a) |
|
|
1,768 |
|
|
364,809
|
|
Commvault
Systems, Inc.(a) |
|
|
374 |
|
|
29,131
|
|
Crowdstrike
Holdings, Inc. - Class A(a) |
|
|
1,054 |
|
|
411,492
|
|
Okta,
Inc.(a) |
|
|
1,360 |
|
|
107,046
|
|
Palantir
Technologies, Inc. - Class A(a) |
|
|
3,536 |
|
|
517,246
|
|
Qualys,
Inc.(a) |
|
|
306 |
|
|
26,882
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) | ||||||
|
Software
Publishers - (Continued) | ||||||
|
Rapid7,
Inc.(a) |
|
|
476 |
|
|
$2,623
|
|
SailPoint,
Inc.(a) |
|
|
884 |
|
|
11,704
|
|
Tenable
Holdings, Inc.(a) |
|
|
918 |
|
|
15,528
|
|
Varonis
Systems, Inc.(a) |
|
|
1,054 |
|
|
22,629
|
|
|
|
|
|
1,700,163
| ||
|
TOTALCOMMON
STOCKS
(Cost
$8,789,507) |
|
|
|
|
8,111,450
| |
|
TOTAL
INVESTMENTS - 97.6%
(Cost
$8,789,507) |
|
|
|
|
$8,111,450
| |
|
Money
Market Deposit Account - 2.4%(b) |
|
|
|
|
202,593
| |
|
Liabilities
in Excess of Other
Assets
- 0.0% |
|
|
|
|
(4,212)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$8,309,831 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
The U.S. Bank Money
Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest
at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was
2.56%. |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truth
Social
American
Energy
Security
ETF |
|
|
Truth
Social
American
Icons
ETF |
|
|
Truth
Social
American
Next
Frontiers
ETF |
|
|
Truth
Social
American
Red
State
REITs
ETF |
|
|
Truth
Social
American
Security
&
Defense
ETF |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at value |
|
|
$9,702,510 |
|
|
$2,229,443 |
|
|
$10,991,909 |
|
|
$2,472,805 |
|
|
$8,111,450
|
|
Cash
- interest bearing deposit account |
|
|
93,687 |
|
|
39,644 |
|
|
395,762 |
|
|
40,485 |
|
|
202,593
|
|
Dividends
receivable |
|
|
2,438 |
|
|
2,670 |
|
|
855 |
|
|
17,183 |
|
|
1,081
|
|
Interest
receivable |
|
|
198 |
|
|
94 |
|
|
577 |
|
|
104 |
|
|
513
|
|
Total
assets |
|
|
9,798,833 |
|
|
2,271,851 |
|
|
11,389,103 |
|
|
2,530,577 |
|
|
8,315,637
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
to Adviser |
|
|
5,635 |
|
|
1,509 |
|
|
6,379 |
|
|
1,637 |
|
|
5,806
|
|
Total
liabilities |
|
|
5,635 |
|
|
1,509 |
|
|
6,379 |
|
|
1,637 |
|
|
5,806
|
|
NET
ASSETS |
|
|
$
9,793,198 |
|
|
$2,270,342 |
|
|
$11,382,724 |
|
|
$2,528,940 |
|
|
$8,309,831
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Paid-in
capital |
|
|
$7,931,833 |
|
|
$2,221,454 |
|
|
$12,969,934 |
|
|
$2,428,872 |
|
|
$8,826,557
|
|
Total
distributable earnings/(accumulated losses) |
|
|
1,861,365 |
|
|
48,888 |
|
|
(1,587,210) |
|
|
100,068 |
|
|
(516,726)
|
|
Total
net assets |
|
|
$
9,793,198 |
|
|
$2,270,342 |
|
|
$11,382,724 |
|
|
$2,528,940 |
|
|
$8,309,831
|
|
Net
assets |
|
|
$9,793,198 |
|
|
$2,270,342 |
|
|
$11,382,724 |
|
|
$2,528,940 |
|
|
$8,309,831
|
|
Shares
issued and outstanding(a) |
|
|
320,000 |
|
|
90,000 |
|
|
480,000 |
|
|
100,000 |
|
|
340,000
|
|
Net
asset value per share |
|
|
$30.60 |
|
|
$25.23 |
|
|
$23.71 |
|
|
$25.29 |
|
|
$24.44
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at cost |
|
|
$8,121,223 |
|
|
$2,287,031 |
|
|
$12,555,947 |
|
|
$2,486,913 |
|
|
$8,789,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truth
Social
American
Energy
Security
ETF(a) |
|
|
Truth
Social
American
Icons
ETF(a) |
|
|
Truth
Social
American
Next
Frontiers
ETF(a) |
|
|
Truth
Social
American
Red
State
REITs
ETF(a) |
|
|
Truth
Social
American
Security
&
Defense
ETF(a) |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$58,394 |
|
|
$15,977 |
|
|
$11,858 |
|
|
$37,377 |
|
|
$21,718
|
|
Interest
income |
|
|
574 |
|
|
323 |
|
|
1,406 |
|
|
334 |
|
|
1,552
|
|
Total
investment income |
|
|
58,968 |
|
|
16,300 |
|
|
13,264 |
|
|
37,711 |
|
|
23,270
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
14,496 |
|
|
4,829 |
|
|
19,019 |
|
|
4,991 |
|
|
16,794
|
|
Total
expenses |
|
|
14,496 |
|
|
4,829 |
|
|
19,019 |
|
|
4,991 |
|
|
16,794
|
|
NET
INVESTMENT INCOME (LOSS) |
|
|
44,472 |
|
|
11,471 |
|
|
(5,755) |
|
|
32,720 |
|
|
6,476
|
|
REALIZED
AND UNREALIZED
GAIN
(LOSS) |
|
|
|
|
|
|
|
|
|||||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
— |
|
|
— |
|
|
4,979 |
|
|
— |
|
|
—
|
|
In-kind
redemptions |
|
|
281,064 |
|
|
104,843 |
|
|
(22,396) |
|
|
100,764 |
|
|
162,385
|
|
Net
realized gain (loss) |
|
|
281,064 |
|
|
104,843 |
|
|
(17,417) |
|
|
100,764 |
|
|
162,385
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
1,581,287 |
|
|
(57,588) |
|
|
(1,564,038) |
|
|
(14,108) |
|
|
(678,057)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
1,581,287 |
|
|
(57,588) |
|
|
(1,564,038) |
|
|
(14,108) |
|
|
(678,057)
|
|
Net
realized and unrealized gain (loss) |
|
|
1,862,351 |
|
|
47,255 |
|
|
(1,581,455) |
|
|
86,656 |
|
|
(515,672)
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
1,906,823 |
|
|
$58,726 |
|
|
$(1,587,210) |
|
|
$119,376 |
|
|
$(509,196) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truth
Social
American
Energy
Security
ETF |
|
|
Truth
Social
American
Icons
ETF |
|
|
Truth
Social
American
Next
Frontiers
ETF |
|
|
Truth
Social
American
Red
State
REITs ETF |
|
|
|
|
Period
Ended
March 31,
2026(a)
(Unaudited) |
|
|
Period
Ended
March 31,
2026(a)
(Unaudited) |
|
|
Period
Ended
March 31,
2026(a)
(Unaudited) |
|
|
Period
Ended
March 31,
2026(a)
(Unaudited)
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$44,472 |
|
|
$11,471 |
|
|
$(5,755) |
|
|
$32,720
|
|
Net
realized gain (loss) |
|
|
281,064 |
|
|
104,843 |
|
|
(17,417) |
|
|
100,764
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
1,581,287 |
|
|
(57,588) |
|
|
(1,564,038) |
|
|
(14,108)
|
|
Net
increase (decrease) in net assets from operations |
|
|
1,906,823 |
|
|
58,726 |
|
|
(1,587,210) |
|
|
119,376
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
earnings |
|
|
(45,458) |
|
|
(9,838) |
|
|
— |
|
|
(19,308)
|
|
Total
distributions to shareholders |
|
|
(45,458) |
|
|
(9,838) |
|
|
— |
|
|
(19,308)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
9,943,137 |
|
|
3,803,606 |
|
|
15,001,078 |
|
|
3,774,737
|
|
Shares
redeemed |
|
|
(2,011,304) |
|
|
(1,582,152) |
|
|
(2,031,144) |
|
|
(1,345,865)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
7,931,833 |
|
|
2,221,454 |
|
|
12,969,934 |
|
|
2,428,872
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
9,793,198 |
|
|
2,270,342 |
|
|
11,382,724 |
|
|
2,528,940
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the period |
|
|
—
|
|
|
— |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$9,793,198 |
|
|
$2,270,342 |
|
|
$11,382,724 |
|
|
$2,528,940
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Shares
sold |
|
|
390,000 |
|
|
150,000 |
|
|
560,000 |
|
|
150,000
|
|
Shares
redeemed |
|
|
(70,000) |
|
|
(60,000) |
|
|
(80,000) |
|
|
(50,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
320,000 |
|
|
90,000 |
|
|
480,000 |
|
|
100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
Truth
Social
American
Security &
Defense
ETF |
|
|
|
|
Period
Ended
March 31,
2026(a)
(Unaudited)
|
|
OPERATIONS: |
|
|
|
|
Net
investment income (loss) |
|
|
$6,476
|
|
Net
realized gain (loss) |
|
|
162,385
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(678,057)
|
|
Net
increase (decrease) in net assets from operations |
|
|
(509,196)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
From
earnings |
|
|
(7,530)
|
|
Total
distributions to shareholders |
|
|
(7,530)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
Shares
sold |
|
|
13,738,087
|
|
Shares
redeemed |
|
|
(4,911,530)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
8,826,557
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
8,309,831
|
|
NET
ASSETS: |
|
|
|
|
Beginning
of the period |
|
|
—
|
|
End
of the period |
|
|
$8,309,831
|
|
SHARES
TRANSACTIONS |
|
|
|
|
Shares
sold |
|
|
530,000
|
|
Shares
redeemed |
|
|
(190,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
340,000 |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
||
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income (loss)(b) |
|
|
0.14
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
5.59
|
|
Total
from investment operations |
|
|
5.73
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.13)
|
|
Total
distributions |
|
|
(0.13)
|
|
Net
asset value, end of period |
|
|
$30.60
|
|
Total
return(d) |
|
|
22.96%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$9,793
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.99%
|
|
Portfolio
turnover rate(d)(f) |
|
|
0% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
Period
Ended
March 31,
2026(a)
(Unaudited)
|
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income (loss)(b) |
|
|
0.10
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
0.21
|
|
Total
from investment operations |
|
|
0.31
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.08)
|
|
Total
distributions |
|
|
(0.08)
|
|
Net
asset value, end of period |
|
|
$25.23
|
|
Total
return(d) |
|
|
1.23%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$2,270
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.54%
|
|
Portfolio
turnover rate(d)(f) |
|
|
0% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
Period
Ended
March 31,
2026(a)
(Unaudited)
|
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income (loss)(b) |
|
|
(0.01)
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(1.28)
|
|
Total
from investment operations |
|
|
(1.29)
|
|
Net
asset value, end of period |
|
|
$23.71
|
|
Total
return(d) |
|
|
−5.14%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$11,383
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
(0.20)%
|
|
Portfolio
turnover rate(d)(f) |
|
|
0% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
Period
Ended
March 31,
2026(a)
(Unaudited)
|
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income (loss)(b) |
|
|
0.28
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
0.17
|
|
Total
from investment operations |
|
|
0.45
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.16)
|
|
Total
distributions |
|
|
(0.16)
|
|
Net
asset value, end of period |
|
|
$25.29
|
|
Total
return(d) |
|
|
1.79%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$2,529
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
4.26%
|
|
Portfolio
turnover rate(d)(f) |
|
|
0% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
Period
Ended
March 31,
2026(a)
(Unaudited)
|
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income (loss)(b) |
|
|
0.02
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(0.56)
|
|
Total
from investment operations |
|
|
(0.54)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.02)
|
|
Total
distributions |
|
|
(0.02)
|
|
Net
asset value, end of period |
|
|
$24.44
|
|
Total
return(d) |
|
|
−2.16%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$8,310
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
0.25%
|
|
Portfolio
turnover rate(d)(f) |
|
|
0% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 29, 2025. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
|
|
19 |
|
|
|
|
|
20 |
|
|
|
|
|
21 |
|
|
|
|
|
22 |
|
|
|
Level 1 – |
Unadjusted quoted prices in active markets for
identical assets or liabilities. |
|
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 securities, 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 assumptions about the assumptions a market
participant would use in valuing the asset or liability and would be based on the best information available. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$9,702,510 |
|
|
$— |
|
|
$— |
|
|
$9,702,510
|
|
Total
Investments |
|
|
$9,702,510 |
|
|
$— |
|
|
$— |
|
|
$9,702,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$2,229,443 |
|
|
$— |
|
|
$— |
|
|
$2,229,443
|
|
Total
Investments |
|
|
$2,229,443 |
|
|
$— |
|
|
$— |
|
|
$2,229,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$10,569,968 |
|
|
$— |
|
|
$— |
|
|
$10,569,968
|
|
Real
Estate Investment Trusts |
|
|
421,941 |
|
|
— |
|
|
— |
|
|
421,941
|
|
Total
Investments |
|
|
$10,991,909 |
|
|
$— |
|
|
$— |
|
|
$10,991,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Real
Estate Investment Trusts |
|
|
$2,472,805 |
|
|
$— |
|
|
$— |
|
|
$2,472,805
|
|
Total
Investments |
|
|
$2,472,805 |
|
|
$— |
|
|
$— |
|
|
$2,472,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$8,111,450 |
|
|
$— |
|
|
$— |
|
|
$8,111,450
|
|
Total
Investments |
|
|
$8,111,450 |
|
|
$— |
|
|
$— |
|
|
$8,111,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Purchases |
|
|
Sales
|
|
TSES |
|
|
$9,830,476 |
|
|
$1,989,861
|
|
TSIC |
|
|
$3,737,528 |
|
|
$1,555,341
|
|
TSNF |
|
|
$14,763,733 |
|
|
$2,190,368
|
|
TSRS |
|
|
$3,709,261 |
|
|
$1,323,113
|
|
TSSD |
|
|
$13,425,239 |
|
|
$4,798,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Purchases |
|
|
Sales
|
|
TSES |
|
|
$9,830,476 |
|
|
$1,989,861
|
|
TSIC |
|
|
$3,737,528 |
|
|
$1,555,341
|
|
TSNF |
|
|
$14,763,733 |
|
|
$1,997,888
|
|
TSRS |
|
|
$3,709,261 |
|
|
$1,323,113
|
|
TSSD |
|
|
$13,425,239 |
|
|
$4,798,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Realized
Gains
(Losses)
from In-Kind
Redemptions
|
|
TSES |
|
|
$
281,064 |
|
TSIC |
|
|
$
104,843 |
|
TSNF |
|
|
$(22,396)
|
|
TSRS |
|
|
$
100,764 |
|
TSSD |
|
|
$
162,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
Fund
|
|
|
Period
Ended
March
31, 2026 |
|
TSES |
|
|
$45,458
|
|
TSIC |
|
|
$9,838
|
|
TSNF |
|
|
$—
|
|
TSRS |
|
|
$19,308
|
|
TSSD |
|
|
$7,530 |
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
26 |
|
|
|
|
|
27 |
|
|
|
• |
Energy Sector
Risk. The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the energy
sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand,
political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest
rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing
the specific utility services and other factors that they cannot control. |
|
• |
Oil and Gas
Companies Risk. The profitability of oil and gas companies is related to worldwide energy prices, including all sources of energy,
and exploration and production costs. The price of oil and gas, the earnings of oil and gas companies, and the value of such companies’
securities can be extremely volatile. Such companies are also subject to risks of changes in commodity prices, changes in the global supply
of and |
|
|
|
28 |
|
|
|
• |
Renewable
Energy Companies Risk. Renewable energy companies can be significantly affected by the following factors: obsolescence of existing
technology, short product cycles, legislation resulting in more strict government regulations and enforcement policies, fluctuations in
energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, the supply
of and demand for oil and gas, world events and economic conditions. In addition, shares of renewable energy companies have been significantly
more volatile than shares of companies operating in other more established industries and such securities may be subject to sharp price
declines. The renewable energy industry is relatively nascent in comparison to more established and mature sectors, and should therefore
be regarded as having greater investment risk. |
|
• |
Utility Companies
Risk. Utilities companies include companies that produce or distribute gas, electricity or water. These companies are subject to
the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on
invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable
to environmental considerations and the capital markets’ ability to absorb utility debt. In addition, taxes, government regulation,
international politics, price and supply fluctuations, volatile interest rates and energy conservation may negatively affect utilities
companies. |
|
• |
Alternative
Energy Companies Risk. The alternative energy and clean technology industries can be significantly affected by obsolescence of
existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.
Further, these industries can be significantly affected by intense competition and legislation resulting in more strict government regulations
and enforcement policies. They can also be significantly affected by fluctuations in energy prices and the change in alternative energy
needs, energy conservation efforts, the success of exploration projects, tax incentives, subsidies and other government regulations, as
well as world events and economic conditions. |
|
• |
Nuclear Energy
Companies Risk. Nuclear energy companies may face considerable risk as a result of incidents and accidents, breaches of security,
ill-intentioned acts of terrorism, natural disasters (such as floods or earthquakes), equipment malfunctions or mishandling in storage,
handling, transportation, treatment or |
|
|
|
29 |
|
|
|
• |
Consumer Discretionary
Sector Risk. Because companies in the consumer discretionary sector manufacture products and provide discretionary services directly
to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy,
including the functioning of the global supply chain, interest rates, competition and consumer confidence. Success depends heavily on
disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies
in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on a company’s profitability.
Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace.
|
|
• |
Retail Industry
Risk. Companies in the retail industry are highly sensitive to changes in consumer spending patterns, competitive pricing pressure,
supply chain and inventory management challenges, labor availability and costs, and risks related to online fulfillment and digital platforms.
Adverse macroeconomic conditions, inflationary pressures, or disruptions in supply and logistics can significantly impact retail sales
and profitability. |
|
• |
Automotive
Industry Risk. Companies in the automotive industry face cyclical demand that is affected by consumer confidence, interest rates,
and fuel prices. The industry also requires large ongoing investments in new technologies such as electrification and autonomous driving.
Participants are subject to risks related to raw material and supply shortages, product recalls, stringent environmental and safety regulations,
and global geopolitical conditions that can disrupt production and sales. |
|
• |
Food and Beverage
Industry Risk. Companies in the food and beverage industry are exposed to volatility in the prices of agricultural commodities,
packaging, transportation, and labor. Consumer preferences are changing rapidly, including growing demand for healthier products and reduced
sugar content, while governments increasingly impose regulations such as sugar taxes and marketing restrictions. Companies must also manage
risks related to water scarcity and environmental sustainability, which can affect production and brand reputation. |
|
• |
Apparel and
Consumer Goods Industry Risk. Companies in the apparel and consumer goods industry depend heavily on brand reputation, product
innovation, and the ability to anticipate consumer fashion and lifestyle |
|
|
|
30 |
|
|
|
• |
Information
Technology Sector Risk. The value of stocks of information technology companies and companies that rely heavily on technology is
particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition,
both domestically and internationally, including competition from competitors with lower production costs. In addition, many information
technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies
and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less
liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the
loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face
dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. |
|
• |
Model, Data
and Machine Learning Investing Risk. The Adviser relies heavily on data and models which uses machine-learning/artificial Intelligence
("AI") technology and quantitative techniques to develop asset and stock weightings and trend analysis. AI technology is generally highly
reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data
into the model that such AI utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error
– potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness
of the AI technology and the Adviser’s ability use it in its investment decision-making process. If the models and data relied on
by the Adviser include data that is stale, missing or unavailable, investment decisions made on such data could be flawed and not produce
the intended result thereby exposing the Fund to a risk of loss. |
|
• |
Digital Asset
Sector Risk. The trading prices of many digital assets, including cryptocurrencies, have experienced extreme volatility in recent
periods and may continue to do so. Such volatility could materially and adversely affect the value of the Fund’s investments, and
the Fund’s shares could lose all or substantially all of their value. |
|
|
|
31 |
|
|
|
• |
Nuclear Energy
Companies Risk. Nuclear energy companies may face considerable risk as a result of incidents and accidents, breaches of security,
ill-intentioned acts of terrorism, natural disasters (such as floods or earthquakes), equipment malfunctions or mishandling in storage,
handling, transportation, treatment or conditioning of substances and nuclear materials. Such events could have serious consequences,
especially in case of radioactive contamination and irradiation of the environment, for the general population, as well as a material,
negative impact on the Fund’s portfolio companies and thus the Fund’s financial situation. In addition, nuclear energy companies
are subject to competitive risk associated |
|
• |
Real Estate
Sector Risk. The real estate sector contains companies operating in real estate development and operation, as well as companies
related to the real estate sector, including REITs. Investments in securities of these companies are subject to risks such as: fluctuations
in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic
conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition,
property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact
of changes in environmental laws. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.
|
|
• |
REITs Industry
Risk. The Fund invests primarily in Real Estate Investment Trusts ("REITs"). REITs are subject to the risks of the real estate
market in general, including declines in property values, fluctuations in rental income, changes in interest rates, increased competition,
and the costs and potential liabilities associated with owning, operating, and financing properties. The value of REIT securities may
also be affected by changes in tax and regulatory requirements, including those applicable to the favorable tax treatment that REITs receive
under the Internal Revenue Code. REITs may be affected by their failure to qualify for such treatment, or by changes in laws or regulations
affecting their operations. In addition, REITs |
|
|
|
32 |
|
|
|
• |
Security Intelligence
Sector Risk. Companies that develop and provide security intelligence products and services, including security software, surveillance
technologies, biometric identification systems, and related security solutions, are subject to unique risks. These companies face rapid
technological change, evolving regulatory frameworks, and heightened public and governmental scrutiny regarding data privacy and civil
liberties. Demand for their products may be influenced by government policies, national security concerns, or responses to specific events,
which can be unpredictable. In addition, such companies may be vulnerable to reputational risks if their products are associated with
misuse, surveillance controversies, or security failures. These factors could adversely affect the business operations and profitability
of companies in the Index and, in turn, the Fund’s performance. |
|
• |
Aerospace
and Defense Industry Risk. Companies in the aerospace and defense industry may be significantly affected by government spending
priorities, procurement policies, and the availability of defense contracts. Their revenues are often heavily dependent on a limited number
of customers, primarily the U.S. government and its agencies. Reductions in defense budgets, cancellations or delays of government projects,
or changes in defense policy could negatively impact such companies. In addition, these companies may be affected by cost overruns, product
liability claims, supply chain disruptions, and intense global competition. Geopolitical developments, including military conflicts, terrorism,
and shifts in international relations, can also create volatility in the industry. Environmental and safety regulations, export restrictions,
and reputational risks associated with the use of defense products may further adversely affect the operations and profitability of |
|
|
|
33 |
|
|
|
|
|
34 |
|
|
|
|
|
35 |
|
|
|
|
|
36 |
|
|
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds’ Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Yorkville America Investment Trust |
| By (Signature and Title)* | /s/ Karen M. Shupe | ||
| Karen M. Shupe, Treasurer/Principal Executive Officer |
| Date | 6/08/2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Karen M. Shupe | ||
| Karen M. Shupe, Treasurer/Principal Executive Officer |
| Date | 6/08/2026 |
| By (Signature and Title)* | /s/ Ann T. MacDonald | ||
| Ann T. MacDonald, Assistant Treasurer/Principal Financial Officer |
| Date | 6/08/2026 |
* Print the name and title of each signing officer under his or her signature.
ATTACHMENTS / EXHIBITS
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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