TrimTabs All Cap U.S. Free-Cash-Flow ETF
           
Schedule of Investments
           
April 30, 2020 (Unaudited)
           
   
Shares
   
Value
 
             
COMMON STOCKS - 94.8%
           
Communication Services - 5.5%
           
Alphabet, Inc. - Class A (a)
   
1,477
   
$
1,989,076
 
AT&T, Inc.
   
28,139
     
857,395
 
Facebook, Inc. - Class A (a)
   
8,475
     
1,734,917
 
The Walt Disney Co.
   
7,656
     
827,997
 
             
5,409,385
 
Consumer Discretionary - 13.7%
               
Alibaba Group Holding Ltd. - ADR (a)
   
8,888
     
1,801,331
 
Amazon.com, Inc. (a)
   
1,233
     
3,050,442
 
Deckers Outdoor Corp. (a)
   
5,835
     
868,015
 
Lululemon Athletica, Inc. (a)
   
6,967
     
1,556,985
 
NIKE, Inc. - Class B
   
18,074
     
1,575,691
 
Starbucks Corp.
   
22,069
     
1,693,355
 
The Home Depot, Inc.
   
5,451
     
1,198,293
 
Yum China Holdings, Inc.
   
34,859
     
1,689,267
 
             
13,433,379
 
Consumer Staples - 10.5%
               
Brown-Forman Corp. - Class B
   
16,898
     
1,051,056
 
Colgate-Palmolive Co.
   
13,977
     
982,164
 
Costco Wholesale Corp.
   
4,756
     
1,441,068
 
Monster Beverage Corp. (a)
   
16,420
     
1,014,920
 
Sanderson Farms, Inc.
   
6,620
     
901,247
 
The Boston Beer Co., Inc. - Class A (a)
   
3,285
     
1,532,485
 
The Estee Lauder Companies, Inc.
   
5,458
     
962,791
 
The Hershey Co.
   
6,658
     
881,719
 
Walmart, Inc.
   
12,547
     
1,525,088
 
             
10,292,538
 
Energy - 1.6%
               
Exxon Mobil Corp.
   
33,339
     
1,549,263
 
Financials - 13.2%
               
Aon PLC
   
5,778
     
997,687
 
Berkshire Hathaway, Inc. - Class B (a)
   
8,110
     
1,519,489
 
JPMorgan Chase & Co.
   
28,067
     
2,687,696
 
MarketAxess Holdings, Inc.
   
2,966
     
1,349,560
 
Moody's Corp.
   
4,183
     
1,020,234
 
Morgan Stanley
   
20,885
     
823,495
 
Morningstar, Inc.
   
7,131
     
1,112,151
 
MSCI, Inc.
   
3,517
     
1,150,059
 
S&P Global, Inc.
   
3,844
     
1,125,831
 
The Progressive Corp.
   
14,299
     
1,105,313
 
             
12,891,515
 
Health Care - 14.8%
               
Abbott Laboratories
   
18,923
     
1,742,619
 
AbbVie, Inc.
   
14,088
     
1,158,034
 
Edwards Lifesciences Corp. (a)
   
4,495
     
977,662
 
Gilead Sciences, Inc.
   
17,485
     
1,468,740
 
Humana, Inc.
   
3,390
     
1,294,370
 
Illumina, Inc. (a)
   
3,998
     
1,275,482
 
Intuitive Surgical, Inc. (a)
   
1,055
     
538,978
 
Medtronic PLC
   
11,300
     
1,103,219
 
Merck & Co, Inc.
   
12,274
     
973,819
 
Regeneron Pharmaceuticals, Inc. (a)
   
1,032
     
542,708
 
UnitedHealth Group, Inc.
   
7,028
     
2,055,479
 
Zoetis, Inc.
   
10,189
     
1,317,540
 
             
14,448,650
 
Industrials - 6.6%
               
CoStar Group, Inc. (a)
   
1,756
     
1,138,344
 
Lockheed Martin Corp.
   
2,766
     
1,076,140
 
Old Dominion Freight Line, Inc.
   
9,156
     
1,330,275
 



Rockwell Automation, Inc.
   
5,604
     
1,061,846
 
Trane Technologies PLC
   
7,716
     
674,533
 
Trex Co., Inc. (a)
   
11,986
     
1,141,307
 
             
6,422,445
 
Information Technology - 28.9%
               
Accenture PLC - Class A
   
6,364
     
1,178,549
 
ANSYS, Inc. (a)
   
4,770
     
1,248,929
 
Apple, Inc.
   
5,326
     
1,564,779
 
Cadence Design Systems, Inc. (a)
   
17,447
     
1,415,475
 
FLIR Systems, Inc.
   
20,458
     
887,877
 
Fortinet, Inc. (a)
   
13,418
     
1,445,655
 
HP, Inc.
   
61,832
     
959,014
 
Intel Corp.
   
24,860
     
1,491,103
 
Jack Henry & Associates, Inc.
   
6,848
     
1,119,990
 
Keysight Technologies, Inc. (a)
   
10,795
     
1,044,632
 
Leidos Holdings, Inc.
   
10,778
     
1,064,974
 
Mastercard, Inc. - Class A
   
3,879
     
1,066,609
 
Maxim Integrated Products, Inc.
   
17,102
     
940,268
 
Microsoft Corp.
   
13,854
     
2,482,775
 
Nice Ltd. - ADR (a)
   
8,817
     
1,448,633
 
NVIDIA Corp.
   
6,770
     
1,978,736
 
Qualys, Inc. (a)
   
13,183
     
1,390,016
 
Teradyne, Inc.
   
16,523
     
1,033,349
 
Texas Instruments, Inc.
   
9,306
     
1,080,148
 
VeriSign, Inc. (a)
   
5,537
     
1,159,946
 
Visa, Inc. - Class A
   
7,846
     
1,402,237
 
Zoom Video Communications, Inc. - Class A (a)
   
6,618
     
894,555
 
             
28,298,249
 
TOTAL COMMON STOCKS (Cost $81,982,744)
           
92,745,424
 
                 
EXCHANGE TRADED FUNDS - 1.5%
               
SPDR S&P MidCap 400 ETF Trust
   
4,902
     
1,469,668
 
EXCHANGE TRADED FUNDS (Cost $1,370,269)
           
1,469,668
 
                 
SHORT-TERM INVESTMENTS - 3.9%
               
Money Market Funds - 3.9%
               
Fidelity Institutional Money Market Funds - Government Portfolio, Institutional Class, 0.160% (b)
   
3,833,145
     
3,833,145
 
TOTAL SHORT-TERM INVESTMENTS (Cost $3,833,145)
           
3,833,145
 
                 
Total Investments (Cost $87,186,158) - 100.2%
           
98,048,237
 
Liabilities in Excess of Other Assets - (0.2)%
           
(244,348
)
TOTAL NET ASSETS - 100.0%
         
$
97,803,889
 

Percentages are stated as a percent of net assets.
   
ADR
American Depositary Receipt
       
(a)
Non-income producing security.
       
(b)
Rate disclosed is the seven day yield as of April 30, 2020.
       
     
For Fund compliance purposes, the Fund's industry classifications refers to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
 
           
Fair Valuation Measurements

       
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
           
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.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
 



The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The following is a summary of the inputs used to value the Fund's investments as of April 30, 2020:
       
                         
 Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
 Common Stocks
 
$
92,745,424
   
$
-
   
$
-
   
$
92,745,424
 
 Exchange Traded Funds
   
1,469,668
     
-
     
-
   
$
1,469,668
 
 Short-Term Investments
   
3,833,145
     
-
     
-
   
$
3,833,145
 
 Total Investments in Securities
 
$
98,048,237
   
$
-
   
$
-
   
$
98,048,237
 
                                 
The Fund did not invest in any Level 3 securities during the period.
 
 

TrimTabs U.S. Free Cash Flow Quality ETF
           
(formerly, TrimTabs All Cap U.S. Free-Cash-Flow ETF)
           
Schedule of Investments
           
October 31, 2020 (Unaudited)
           
      
Shares
   
Value
 
               
COMMON STOCKS - 99.9%
           
Communications - 5.9%
           
Activision Blizzard, Inc.
   
13,620
   
$
1,031,443
 
Alphabet, Inc. - Class A (a)
   
1,211
     
1,957,109
 
Facebook, Inc. - Class A (a)
   
12,750
     
3,354,653
 
The Walt Disney Co.
   
15,878
     
1,925,207
 
Zillow Group, Inc. - Class C (a)
   
19,942
     
1,767,260
 
               
10,035,672
 
Consumer Discretionary - 18.7%
               
Alibaba Group Holding Ltd. - ADR (a)
   
8,739
     
2,662,686
 
Amazon.com, Inc. (a)
   
1,450
     
4,402,417
 
AutoNation, Inc. (a)
   
31,491
     
1,786,484
 
CarMax, Inc. (a)
   
16,743
     
1,447,265
 
Etsy, Inc. (a)
   
16,197
     
1,969,393
 
Lennar Corp. - Class A
   
23,671
     
1,662,414
 
Lowe's Cos., Inc.
   
10,927
     
1,727,559
 
Lululemon Athletica, Inc. (a)
   
5,119
     
1,634,445
 
Marriott International, Inc.
   
20,061
     
1,863,266
 
NIKE, Inc. - Class B
   
20,574
     
2,470,526
 
Peloton Interactive, Inc. - Class A (a)
   
12,162
     
1,340,374
 
Starbucks Corp.
   
21,629
     
1,880,858
 
The Home Depot, Inc.
   
8,187
     
2,183,555
 
Thor Industries, Inc.
   
14,494
     
1,225,903
 
Wayfair, Inc. - Class A (a)
   
6,052
     
1,501,078
 
Yum China Holdings, Inc.
   
39,265
     
2,090,076
 
               
31,848,299
 
Consumer Staples - 9.8%
               
Brown-Forman Corp. - Class B
   
25,391
     
1,770,007
 
Colgate-Palmolive Co.
   
20,988
     
1,655,743
 
Costco Wholesale Corp.
   
5,226
     
1,868,922
 
Monster Beverage Corp. (a)
   
24,685
     
1,890,130
 
The Boston Beer Co., Inc. - Class A (a)
   
2,575
     
2,675,889
 
The Clorox Co.
   
7,051
     
1,461,320
 
The Estee Lauder Companies, Inc.
   
8,194
     
1,799,894
 
The Hershey Co.
   
9,964
     
1,369,651
 
Walmart, Inc.
   
16,179
     
2,244,836
 
               
16,736,392
 
Energy - 0.8%
               
Halliburton Co.
   
112,452
     
1,356,171
 
Financials - 7.4%
               
Aon PLC
     
8,685
     
1,598,127
 
Bank of America Corp.
   
74,682
     
1,769,964
 
Berkshire Hathaway, Inc. - Class B (a)
   
12,157
     
2,454,498
 
JPMorgan Chase & Co.
   
31,777
     
3,115,417
 
Morgan Stanley
   
36,936
     
1,778,468
 
The Progressive Corp.
   
21,481
     
1,974,104
 
               
12,690,578
 
Health Care - 13.1%
               
Abbott Laboratories
   
18,218
     
1,914,894
 
AbbVie, Inc.
   
21,156
     
1,800,376
 
Edwards Lifesciences Corp. (a)
   
20,262
     
1,452,583
 
Gilead Sciences, Inc.
   
26,263
     
1,527,194
 
Humana, Inc.
   
5,100
     
2,036,328
 
Illumina, Inc. (a)
   
4,646
     
1,359,884
 
Intuitive Surgical, Inc. (a)
   
2,823
     
1,883,167
 
Medtronic PLC
   
17,192
     
1,728,999
 
Regeneron Pharmaceuticals, Inc. (a)
   
2,550
     
1,386,078
 
UnitedHealth Group, Inc.
   
7,254
     
2,213,486
 
Vertex Pharmaceuticals, Inc. (a)
   
5,287
     
1,101,599
 
Zimmer Biomet Holdings, Inc.
   
12,249
     
1,618,093
 
Zoetis, Inc.
     
15,319
     
2,428,827
 
               
22,451,508
 
Industrials - 10.1%
               
Keysight Technologies, Inc. (a)
   
16,210
     
1,699,943
 
Lockheed Martin Corp.
   
4,134
     
1,447,437
 
Norfolk Southern Corp.
   
8,851
     
1,850,921
 
Old Dominion Freight Line, Inc.
   
13,773
     
2,621,966
 
Proto Labs, Inc. (a)
   
16,870
     
1,992,010
 
Rockwell Automation, Inc.
   
8,397
     
1,991,097
 
Trane Technologies PLC
   
16,376
     
2,173,914
 
United Parcel Service, Inc. - Class B
   
10,569
     
1,660,495
 
United Rentals, Inc. (a)
   
10,097
     
1,800,194
 
               
17,237,977
 
Materials - 3.8%
               
Linde PLC
     
5,417
     
1,193,582
 
Louisiana-Pacific Corp.
   
67,708
     
1,935,095
 
Newmont Corp.
   
26,163
     
1,644,083
 
Trex Co., Inc. (a)
   
23,812
     
1,655,886
 
               
6,428,646
 
Technology - 30.3% (c)
               
Accenture PLC - Class A
   
9,556
     
2,072,792
 
Advanced Micro Devices, Inc. (a)
   
18,312
     
1,378,710
 
ANSYS, Inc. (a)
   
7,164
     
2,180,507
 
Apple, Inc.
     
27,507
     
2,994,412
 
Cadence Design Systems, Inc. (a)
   
16,511
     
1,805,808
 
CoStar Group, Inc. (a)
   
2,611
     
2,150,446
 
FLIR Systems, Inc.
   
40,317
     
1,398,597
 
Fortinet, Inc. (a)
   
12,580
     
1,388,455
 
HP, Inc.
     
93,011
     
1,670,477
 
Jack Henry & Associates, Inc.
   
8,283
     
1,227,955
 
Leidos Holdings, Inc.
   
16,193
     
1,344,019
 
MarketAxess Holdings, Inc.
   
3,731
     
2,010,449
 
Mastercard, Inc. - Class A
   
5,817
     
1,679,019
 
Maxim Integrated Products, Inc.
   
25,709
     
1,790,632
 
Microsoft Corp.
   
20,808
     
4,212,996
 
Moody's Corp.
   
6,292
     
1,654,167
 
Morningstar, Inc.
   
7,021
     
1,336,658
 
MSCI, Inc.
     
5,284
     
1,848,555
 
Nice Ltd. - ADR (a)
   
9,728
     
2,220,513
 
NVIDIA Corp.
   
6,470
     
3,243,799
 
S&P Global, Inc.
   
5,782
     
1,866,025
 
ServiceNow, Inc. (a)
   
3,802
     
1,891,761
 
Teradyne, Inc.
   
15,820
     
1,389,787
 
Texas Instruments, Inc.
   
13,980
     
2,021,368
 
Visa, Inc. - Class A
   
8,530
     
1,549,986
 
Workday, Inc. - Class A (a)
   
7,991
     
1,679,069
 
Zoom Video Communications, Inc. - Class A (a)
   
3,610
     
1,663,885
 
               
51,670,847
 
TOTAL COMMON STOCKS (Cost $152,542,431)
           
170,456,090
 
                   
SHORT-TERM INVESTMENTS - 0.1%
               
Money Market Funds - 0.1%
               
Fidelity Institutional Money Market Funds - Government Portfolio, Institutional Class, 0.010% (b)
   
177,143
     
177,143
 
TOTAL SHORT-TERM INVESTMENTS (Cost $177,143)
           
177,143
 
                   
                   
Total Investments (Cost $152,719,574) - 100.0%
           
170,633,233
 
Other Assets in Excess of Liabilities - 0.0% (d)
           
42,653
 
TOTAL NET ASSETS - 100.0%
         
$
170,675,886
 

Percentages are stated as a percent of net assets.
               
ADR -
American Depositary Receipt
               
(a)
Non-income producing security.
               
(b)
Rate disclosed is the seven day yield as of October 31, 2020.
               
(c)
Amount represents investments in a particular sector. No industry within this sector represented more than 25% of the Fund's total assets at the time of investment.
 
(d)
Less than 0.05%.
               
                   
For Fund compliance purposes, the Fund's sector classifications refers to any one or more of the sector classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
 



Fair Valuation Measurements
 
       
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
           
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.
 
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
 
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
The following is a summary of the inputs used to value the Fund's investments as of October 31, 2020:
   

 Description^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
 Common Stocks
 
$
170,456,090
   
$
-
   
$
-
   
$
170,456,090
 
 Short-Term Investments
   
177,143
     
-
     
-
   
$
177,143
 
 Total Investments in Securities
 
$
170,633,233
   
$
-
   
$
-
   
$
170,633,233
 
                                 
 ^ See Schedule of Investments for sector breakouts.
                               
The Fund did not invest in any Level 3 securities during the period.
                         
                                 



TrimTabs All Cap International Free-Cash-Flow ETF
           
Schedule of Investments
           
April 30, 2020 (Unaudited)
           
   
Shares
   
Value
 
             
COMMON STOCKS - 91.5%
           
Communication Services - 6.6%
           
Capcom Co. Ltd.
   
4,296
   
$
131,904
 
Kakaku.com, Inc.
   
5,361
     
109,903
 
Nintendo Co. Ltd.
   
300
     
124,820
 
Rightmove PLC
   
19,207
     
120,375
 
Tencent Holdings Ltd.
   
2,620
     
140,927
 
             
627,929
 
Consumer Discretionary - 10.4%
               
adidas AG
   
510
     
116,919
 
Alibaba Group Holding Ltd. - ADR (a)
   
652
     
132,141
 
Lululemon Athletica, Inc. (a)
   
873
     
195,098
 
Oriental Land Co. Ltd.
   
986
     
125,690
 
Puma SE
   
1,772
     
111,424
 
Toyota Motor Corp.
   
2,008
     
124,729
 
Yum China Holdings, Inc.
   
3,943
     
191,078
 
             
997,079
 
Consumer Staples - 11.5%
               
Alimentation Couche-Tard, Inc. - Class B
   
3,966
     
110,664
 
Diageo PLC
   
5,571
     
192,958
 
Ebro Foods SA
   
8,330
     
177,092
 
Kao Corp.
   
1,500
     
116,237
 
L'Oreal SA
   
459
     
133,445
 
Nestle SA
   
1,190
     
125,627
 
Shiseido Co. Ltd.
   
1,960
     
116,488
 
Strauss Group Ltd.
   
4,487
     
127,170
 
             
1,099,681
 
Energy - 2.1%
               
Neste Oyj
   
3,111
     
110,220
 
TOTAL SA
   
2,415
     
86,937
 
             
197,157
 
Financials - 7.5%
               
BNP Paribas SA
   
2,346
     
73,720
 
DNB ASA
   
6,039
     
73,211
 
Partners Group Holding AG
   
119
     
93,671
 
Tokio Marine Holdings, Inc.
   
2,437
     
115,497
 
UBS Group AG
   
9,283
     
99,885
 
United Overseas Bank Ltd.
   
6,071
     
87,568
 
Zurich Insurance Group AG
   
559
     
177,965
 
             
721,517
 
Health Care - 11.6%
               
Cochlear Ltd.
   
841
     
101,113
 
CSL Ltd.
   
897
     
180,877
 
ICON PLC (a)
   
868
     
139,288
 
Novartis AG
   
2,652
     
226,007
 
Novo Nordisk A/S - Class B
   
2,059
     
131,325
 
Roche Holding AG
   
670
     
232,843
 
Shionogi & Co. Ltd.
   
1,800
     
99,447
 
             
1,110,900
 
Industrials - 14.7%
               
Ashtead Group PLC
   
4,386
     
120,150
 
Canadian Pacific Railway Ltd.
   
577
     
131,169
 
Daikin Industries Ltd.
   
1,000
     
130,504
 
FANUC Corp.
   
600
     
99,688
 
GEA Group AG
   
4,065
     
93,458
 
Howden Joinery Group PLC
   
17,214
     
113,868
 
Intertek Group PLC
   
1,808
     
108,165
 
Legrand SA
   
1,583
     
106,721
 
Recruit Holdings Co. Ltd.
   
3,775
     
111,933
 
Siemens AG
   
1,566
     
145,320
 



TOMRA Systems ASA
   
4,006
     
133,103
 
Vestas Wind Systems A/S
   
1,377
     
118,544
 
             
1,412,623
 
Information Technology - 19.2%
               
ASML Holding NV
   
567
     
168,168
 
Atlassian Corp PLC - Class A (a)
   
1,054
     
163,887
 
Dassault Systemes SE
   
986
     
144,302
 
Halma PLC
   
5,397
     
142,068
 
Logitech International SA
   
2,906
     
140,024
 
Nice Ltd. - ADR (a)
   
1,378
     
226,405
 
Nomura Research Institute Ltd.
   
6,712
     
164,743
 
Omron Corp.
   
3,221
     
190,892
 
Samsung Electronics Co. Ltd. - GDR
   
173
     
180,439
 
SCSK Corp.
   
2,238
     
101,353
 
Tokyo Electron Ltd.
   
565
     
120,776
 
Yaskawa Electric Corp.
   
3,004
     
99,793
 
             
1,842,850
 
Materials - 5.4%
               
Air Liquide SA
   
1,095
     
139,315
 
Fortescue Metals Group Ltd.
   
17,738
     
138,245
 
Givaudan SA
   
39
     
130,626
 
Sika AG
   
676
     
111,844
 
             
520,030
 
Real Estate - 2.5%
               
Goodman Group (b)
   
12,656
     
108,451
 
Japan Logistics Fund, Inc. (b)
   
55
     
130,126
 
             
238,577
 
TOTAL COMMON STOCKS (Cost $8,320,267)
           
8,768,343
 
                 
EXCHANGE TRADED FUNDS - 3.1%
               
iShares MSCI South Korea ETF
   
5,834
     
301,151
 
EXCHANGE TRADED FUNDS (Cost $407,448)
           
301,151
 
                   
SHORT-TERM INVESTMENTS - 5.0%
               
Money Market Funds - 5.0%
               
Fidelity Institutional Money Market Funds - Government Portfolio, Institutional Class, 0.160% (c)
   
476,417
     
476,417
 
TOTAL SHORT-TERM INVESTMENTS (Cost $476,417)
           
476,417
 
                   
Total Investments (Cost $9,204,132) - 99.6%
           
9,545,911
 
Other Assets in Excess of Liabilities - 0.4%
           
35,838
 
TOTAL NET ASSETS - 100.0%
         
$
9,581,749
 

Percentages are stated as a percent of net assets.
         
ADR
American Depositary Receipt
               
GDR
Global Depositary Receipt
               
(a)
Non-income producing security.
               
(b)
Real Estate Investment Trust.
               
(c)
Rate disclosed is the seven day yield as of April 30, 2020.
               
           
For Fund compliance purposes, the Fund's industry classifications refers to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
 
                   
Fair Valuation Measurements

               
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
 
                   
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.
 


A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

 
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 

The following is a summary of the inputs used to value the Fund's investments as of April 30, 2020:
       
                         
 Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
 Common Stocks
                       
 Australia
   
$
528,686
   
$
-
   
$
-
   
$
528,686
 
 Canada
     
436,932
     
-
     
-
   
$
436,932
 
 China
     
464,146
     
-
     
-
   
$
464,146
 
 Denmark
     
249,869
     
-
     
-
   
$
249,869
 
 Finland
     
110,219
     
-
     
-
   
$
110,219
 
 France
     
684,441
     
-
     
-
   
$
684,441
 
 Germany
     
467,121
     
-
     
-
   
$
467,121
 
 Israel
     
353,576
     
-
     
-
   
$
353,576
 
 Japan
     
2,214,523
     
-
     
-
   
$
2,214,523
 
 Netherlands
     
168,168
     
-
     
-
   
$
168,168
 
 Norway
     
206,313
     
-
     
-
   
$
206,313
 
 Republic of Korea
     
180,439
     
-
     
-
   
$
180,439
 
 Singapore
     
87,568
     
-
     
-
   
$
87,568
 
 Spain
     
177,092
     
-
     
-
   
$
177,092
 
 Switzerland
     
1,338,492
     
-
     
-
   
$
1,338,492
 
 United Kingdom
     
1,100,758
     
-
     
-
   
$
1,100,758
 
 Total Common Stocks
 
$
8,768,343
   
$
-
   
$
-
   
$
8,768,343
 
 Exchange Traded Funds
 
$
301,151
     
-
     
-
   
$
301,151
 
 Short-Term Investments
 
$
476,417
     
-
     
-
   
$
476,417
 
 Total Investments in Securities
 
$
9,545,911
   
$
-
   
$
-
   
$
9,545,911
 
                                 
The Fund did not invest in any Level 3 securities during the period.
 
                                 

 

TrimTabs All Cap International Free-Cash-Flow ETF
           
(formerly, TrimTabs All Cap International Free-Cash-Flow ETF)
 
Schedule of Investments
           
October 31, 2020 (Unaudited)
           
   
Shares
   
Value
 
COMMON STOCKS - 96.1%
           
Communication Services - 7.1%
           
Capcom Co. Ltd.
   
4,296
   
$
235,942
 
Kakaku.com, Inc.
   
5,361
     
141,892
 
Rightmove PLC (a)
   
19,207
     
153,775
 
Square Enix Holdings Co. Ltd.
   
1,400
     
81,838
 
Tencent Holdings Ltd.
   
2,620
     
199,732
 
             
813,179
 
Consumer Discretionary - 15.9%
               
adidas AG (a)
   
510
     
151,462
 
Alibaba Group Holding Ltd. - ADR (a)
   
652
     
198,658
 
Bayerische Motoren Werke AG
   
1,952
     
133,403
 
Daimler AG
   
2,724
     
140,859
 
Domino's Pizza Enterprises Ltd.
   
2,501
     
148,951
 
Howden Joinery Group PLC (a)
   
17,214
     
142,012
 
Lululemon Athletica, Inc. (a)
   
374
     
119,414
 
Oriental Land Co. Ltd.
   
986
     
137,359
 
Puma SE (a)
   
1,772
     
154,864
 
Rakuten, Inc.
   
13,300
     
128,941
 
Toyota Motor Corp.
   
1,108
     
71,997
 
Yum China Holdings, Inc.
   
2,846
     
151,493
 
ZOZO, Inc.
   
5,500
     
139,266
 
             
1,818,679
 
Consumer staples - 1.0%
               
Reckitt Benckiser Group PLC
   
1,340
     
118,047
 
Consumer Staples - 8.7%
               
Alimentation Couche-Tard, Inc. - Class B
   
3,966
     
122,138
 
Diageo PLC
   
4,336
     
140,377
 
Ebro Foods SA
   
6,144
     
137,530
 
Kao Corp.
   
1,500
     
106,309
 
L'Oreal SA
   
459
     
148,451
 
Nestle SA
   
1,190
     
133,801
 
Shiseido Co. Ltd.
   
1,260
     
77,626
 
Strauss Group Ltd.
   
4,487
     
129,742
 
             
995,974
 
Energy - 4.1%
               
Neste Oyj
   
3,111
     
161,885
 
TOTAL SE
   
2,415
     
72,622
 
Vestas Wind Systems A/S
   
1,377
     
235,029
 
             
469,536
 
Financials - 9.0%
               
BNP Paribas SA (a)
   
4,564
     
158,693
 
DNB ASA (a)
   
12,644
     
170,456
 
Partners Group Holding AG
   
119
     
107,275
 
Royal Bank of Canada
   
1,998
     
139,840
 
Tokio Marine Holdings, Inc.
   
2,437
     
108,448
 
UBS Group AG
   
13,283
     
155,278
 
Zurich Insurance Group AG
   
559
     
185,327
 
             
1,025,317
 
Health Care - 7.5%
               
CSL Ltd.
   
897
     
181,307
 
ICON PLC (a)
   
868
     
156,500
 
Novartis AG
   
1,948
     
151,876
 
Novo Nordisk A/S - Class B
   
2,059
     
132,247
 
Roche Holding AG
   
482
     
154,937
 
Shionogi & Co. Ltd.
   
1,800
     
84,657
 
             
861,524
 
Industrials - 19.6%
               
Ashtead Group PLC
   
4,386
     
159,098
 
Canadian Pacific Railway Ltd.
   
577
     
172,598
 
Daikin Industries Ltd.
   
1,000
     
186,064
 
Deutsche Post AG
   
1,659
     
73,499
 
FANUC Corp.
   
600
     
126,367
 
GEA Group AG
   
4,065
     
135,259
 
Halma PLC
   
5,397
     
165,567
 
Intertek Group PLC
   
1,808
     
130,511
 
Keyence Corp.
   
300
     
135,393
 
Legrand SA
   
1,583
     
117,034
 
Omron Corp.
   
3,221
     
230,742
 
Recruit Holdings Co. Ltd.
   
3,775
     
143,147
 
Siemens AG
   
1,566
     
183,660
 
TOMRA Systems ASA
   
4,006
     
161,429
 
Yaskawa Electric Corp.
   
3,004
     
115,776
 
             
2,236,144
 
Materials - 7.7%
               
Air Liquide SA
   
1,095
     
160,048
 
Fortescue Metals Group Ltd.
   
13,793
     
168,404
 
Givaudan SA
   
39
     
158,901
 
Linde PLC
   
472
     
104,000
 
Sika AG
   
676
     
166,392
 
West Fraser Timber Co. Ltd.
   
2,732
     
126,706
 
             
884,451
 
Real Estate - 1.4%
               
Goodman Group (b)
   
12,656
     
163,684
 
Technology - 14.1%
               
ASML Holding NV
   
401
     
145,711
 
Atlassian Corp PLC - Class A (a)
   
876
     
167,859
 
Dassault Systemes SE
   
793
     
135,348
 
Logitech International SA
   
2,090
     
175,962
 
Nice Ltd. - ADR (a)
   
828
     
188,999
 
Nintendo Co. Ltd.
   
300
     
163,274
 
Nomura Research Institute Ltd.
   
5,412
     
159,990
 
Samsung Electronics Co. Ltd. - GDR (c)
   
173
     
218,499
 
SCSK Corp.
   
2,238
     
110,944
 
Tokyo Electron Ltd.
   
565
     
150,566
 
             
1,617,152
 
TOTAL COMMON STOCKS (Cost $9,057,354)
           
11,003,687
 
                 
EXCHANGE TRADED FUNDS - 3.3%
               
iShares MSCI South Korea ETF
   
5,834
     
378,626
 
EXCHANGE TRADED FUNDS (Cost $407,448)
           
378,626
 
                 
SHORT-TERM INVESTMENTS - 0.3%
               
Money Market Funds - 0.3%
               
Fidelity Institutional Money Market Funds - Government Portfolio, Institutional Class, 0.010% (d)
   
32,798
     
32,798
 
TOTAL SHORT-TERM INVESTMENTS (Cost $32,798)
           
32,798
 
                 
                 
Total Investments (Cost $9,497,600) - 99.7%
           
11,415,111
 
Other Assets in Excess of Liabilities - 0.3%
           
32,408
 
TOTAL NET ASSETS - 100.0%
         
$
11,447,519
 

Percentages are stated as a percent of net assets.
     
ADR -
American Depositary Receipt
     
GDR -
Global Depositary Receipt
     
(a)
Non-income producing security.
     
(b)
Real Estate Investment Trust.
     
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933. Such securities are treated as liquid according to the Fund's liquidity guidelines. At October 31, 2020, the value of this security amounted to $218,499 or 1.9% of net assets.
(d)
Rate disclosed is the seven day yield as of October 31, 2020.
   
         
For Fund compliance purposes, the Fund's sector classifications refers to any one or more of the sector classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.



Fair Valuation Measurements

       
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
           
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.
 
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
 
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
The following is a summary of the inputs used to value the Fund's investments as of October 31, 2020:
 

 Description^
   
Level 1
   
Level 2
   
Level 3
   
Total
 
 Common Stocks
                         
 Australia
   
$
662,346
   
$
-
   
$
-
   
$
662,346
 
 Canada
     
680,697
     
-
     
-
   
$
680,697
 
 China
     
549,882
     
-
     
-
   
$
549,882
 
 Denmark
     
367,276
     
-
     
-
   
$
367,276
 
 Finland
     
161,885
     
-
     
-
   
$
161,885
 
 France
     
792,196
     
-
     
-
   
$
792,196
 
 Germany
     
973,005
     
-
     
-
   
$
973,005
 
 Ireland
     
260,501
     
-
     
-
   
$
260,501
 
 Israel
     
318,742
     
-
     
-
   
$
318,742
 
 Japan
     
2,836,537
     
-
     
-
   
$
2,836,537
 
 Netherlands
     
145,711
     
-
     
-
   
$
145,711
 
 Norway
     
331,885
     
-
     
-
   
$
331,885
 
 Republic of Korea
     
218,499
     
-
     
-
   
$
218,499
 
 Spain
     
137,530
     
-
     
-
   
$
137,530
 
 Switzerland
     
1,389,749
     
-
     
-
   
$
1,389,749
 
 United Kingdom
     
1,177,246
     
-
     
-
   
$
1,177,246
 
 Total Common Stocks
 
$
11,003,687
   
$
-
   
$
-
   
$
11,003,687
 
 Exchange Traded Funds
 
$
378,626
     
-
     
-
   
$
378,626
 
 Short-Term Investments
 
$
32,798
     
-
     
-
   
$
32,798
 
 Total Investments in Securities
 
$
11,415,111
   
$
-
   
$
-
   
$
11,415,111
 
                                   
The Fund did not invest in any Level 3 securities during the period.
                 
^See Schedule of Investments for sector breakouts.