ActivePassive Core Bond ETF
Schedule of Investments
May 31, 2023 (Unaudited)
	Principal
	Amount		Value
ASSET BACKED SECURITIES - 1.39%
Aqua Finance Trust
2021-A, 1.540%, 07/17/2046 (b)	$	56,905	$	50,706
Avis Budget Rental Car Funding AESOP LLC
2023-2, 6.030%, 10/20/2027 (b)		100,000		99,506
2021-2, 1.660%, 02/20/2028 (b)		100,000		88,215
CCG Receivables Trust
2023-1, 5.820%, 09/16/2030 (b)		100,000		100,744
Ellington Financial Mortgage Trust
2022-1, 2.206%, 01/25/2067 (b)(d)		87,328		73,900
MVW LLC
2023-1, 5.420%, 10/22/2040 (b)		98,277		97,496
PFS Financing Corp.
2021-B, 0.770%, 08/17/2026 (b)		100,000		94,101
Sierra Timeshare Receivables Funding LLC
2021-2 A, 1.350%, 09/20/2038 (b)		74,988		69,402
2021-2 B, 1.800%, 09/20/2038 (b)		37,494		34,461
Sofi Professional Loan Program LLC
2019-B, 3.090%, 08/17/2048 (b)		35,185		33,358
SOFI Professional Loan Program Trust
2021-A, 1.030%, 08/17/2043 (b)		183,627		156,095
Towd Point Mortgage Trust
2017-5, 5.738% (1 Month LIBOR USD + 0.600%), 02/26/2057 (b)(c)		55,797		55,664
2022-4, 3.750%, 09/25/2062 (b)		122,062		114,059
United Airlines Class B Pass Through Trust
2020-1, 4.875%, 07/15/2027		61,650		58,895
Vantage Data Centers Issuer LLC
2021-1, 2.165%, 10/15/2046 (b)		100,000		88,809
Verus Securitization Trust
2021-3, 1.046%, 06/25/2066 (b)(d)		107,454		90,011
TOTAL ASSET BACKED SECURITIES (Cost $1,318,034)				1,305,422
CORPORATE BONDS - 21.01%
Automobiles & Components - 0.72%
American Honda Finance Corp.
4.600%, 04/17/2030		55,000		54,208
General Motors Co.
6.800%, 10/01/2027		50,000		52,474
General Motors Financial Co, Inc.
4.000%, 01/15/2025		370,000		360,920
4.300%, 07/13/2025		5,000		4,873
6.050%, 10/10/2025		81,000		81,558
2.700%, 08/20/2027		60,000		53,514
5.850%, 04/06/2030		45,000		44,586
Goodyear Tire & Rubber Co.
5.250%, 04/30/2031		25,000		21,993
				674,126
Banks - 2.48%
Bank of America Corp.
2.456% to 10/22/2024, then TSFR3M + 1.132%, 10/22/2025 (a)		5,000		4,772
4.450%, 03/03/2026		55,000		53,811
1.734% to 07/22/2026, then SOFR + 0.960%, 07/22/2027		92,000		82,085
3.824% to 01/20/2027, then TSFR3M + 1.837%, 01/20/2028 (a)		195,000		184,750
3.705% to 04/24/2027, then TSFR3M + 1.512%, 04/24/2028 (a)		40,000		37,634
5.202% to 04/25/2028, then SOFR + 1.630%, 04/25/2029 (a)		264,000		263,268
1.922% to 10/24/2030, then SOFR + 1.370%, 10/24/2031		80,000		63,247
2.299% to 07/21/2031, then SOFR + 1.220%, 07/21/2032 (a)		51,000		40,681
4.571% to 04/27/2032, then SOFR + 1.830%, 04/27/2033 (a)		40,000		37,609
5.288% to 04/25/2033, then SOFR + 1.910%, 04/25/2034 (a)		19,000		18,891
2.482% to 09/21/2031, then 5 Year CMT Rate + 1.200%, 09/21/2036 (a)		115,000		87,372
4.300% to 01/28/2025, then TSFR3M + 2.926% (a)(f)		40,000		35,111
Citigroup, Inc.
3.352% to 04/24/2024, then TSFR3M + 1.158%, 04/24/2025 (a)		70,000		68,435
4.600%, 03/09/2026		105,000		102,499
1.122% to 01/28/2026, then SOFR + 0.765%, 01/28/2027 (a)		110,000		98,390
3.887% to 01/10/2027, then TSFR3M + 1.825%, 01/10/2028 (a)		37,000		35,242
4.075% to 04/23/2028, then TSFR3M + 1.454%, 04/23/2029 (a)		80,000		75,662
2.572% to 06/03/2030, then SOFR + 2.107%, 06/03/2031 (a)		110,000		92,182
6.174% to 05/25/2033, then SOFR + 2.661%, 05/25/2034 (a)		75,000		76,106
First-Citizens Bank & Trust Co.
6.125%, 03/09/2028		65,000		64,602
JPMorgan Chase & Co.
3.220% to 03/01/2024, then TSFR3M + 1.417%, 03/01/2025 (a)		170,000		166,784
1.045% to 11/19/2025, then SOFR + 0.800%, 11/19/2026 (a)		60,000		54,063
3.540% to 05/01/2027, then TSFR3M + 1.642%, 05/01/2028 (a)		60,000		56,685
5.717% to 09/14/2032, then SOFR + 2.580%, 09/14/2033 (a)		60,000		60,766
4.000% to 04/01/2025, then TSFR3M + 2.745% (a)(f)		47,000		42,539
Truist Financial Corp.
4.260% to 07/28/2025, then SOFR + 1.456%, 07/28/2026 (a)		80,000		76,949
Wells Fargo & Co.
2.164% to 02/11/2025, then TSFR3M + 1.012%, 02/11/2026 (a)		80,000		75,582
3.908% to 04/24/2025, then SOFR + 1.320%, 04/25/2026 (a)		7,000		6,816
2.188% to 04/30/2025, then SOFR + 2.000%, 04/30/2026 (a)		110,000		103,546
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028 (a)		70,000		62,634
5.389% to 04/24/2033, then SOFR + 2.020%, 04/24/2034 (a)		108,000		108,206
				2,336,919
Capital Goods - 0.57%
Air Lease Corp.
3.250%, 10/01/2029		60,000		51,346
Boeing Co.
2.196%, 02/04/2026		80,000		74,469
5.040%, 05/01/2027		75,000		74,495
5.150%, 05/01/2030		50,000		49,613
5.705%, 05/01/2040		15,000		14,791
5.805%, 05/01/2050		25,000		24,503
CNH Industrial Capital LLC
1.450%, 07/15/2026		55,000		48,860
4.550%, 04/10/2028		192,000		186,976
Regal Rexnord Corp.
6.050%, 04/15/2028 (b)		15,000		14,837
				539,890
Commercial  & Professional Services - 0.43%
ASGN, Inc.
4.625%, 05/15/2028 (b)		25,000		22,560
Equifax, Inc.
5.100%, 12/15/2027		40,000		39,957
Republic Services, Inc.
5.000%, 04/01/2034		212,000		212,438
5.700%, 05/15/2041		129,000		134,169
				409,124
Consumer Discretionary Distribution & Retail - 0.22%
Arko Corp.
5.125%, 11/15/2029 (b)		60,000		47,310
Lowe's Cos, Inc.
5.750%, 07/01/2053		119,000		118,041
Macy's Retail Holdings LLC
5.875%, 03/15/2030 (b)		45,000		39,060
				204,411
Consumer Durables & Apparel - 0.14%
Whirlpool Corp.
5.500%, 03/01/2033		132,000		132,162
Consumer Services - 0.27%
Churchill Downs, Inc.
6.750%, 05/01/2031 (b)		25,000		24,688
Marriott International, Inc.
5.000%, 10/15/2027		103,000		103,229
Prime Security Services Borrower LLC / Prime Finance, Inc.
6.250%, 01/15/2028 (b)		30,000		27,585
University of Chicago
2.761%, 04/01/2045		87,000		67,588
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.500%, 03/01/2025 (b)		30,000		29,440
				252,530
Consumer Staples Distribution & Retail - 0.44%
Walmart, Inc.
4.000%, 04/15/2026		160,000		159,043
3.900%, 04/15/2028		150,000		148,422
4.000%, 04/15/2030		69,000		67,792
4.500%, 04/15/2053		45,000		43,165
				418,422
Energy - 1.47%
Antero Resources Corp.
7.625%, 02/01/2029 (b)		35,000		35,651
BP Capital Markets America, Inc.
4.812%, 02/13/2033		120,000		118,730
4.893%, 09/11/2033		45,000		44,724
Cheniere Corpus Christi Holdings LLC
5.875%, 03/31/2025		4,000		4,005
Comstock Resources, Inc.
6.750%, 03/01/2029 (b)		25,000		21,880
Diamondback Energy, Inc.
3.125%, 03/24/2031		70,000		59,710
6.250%, 03/15/2033		40,000		41,555
DT Midstream, Inc.
4.125%, 06/15/2029 (b)		25,000		21,713
Energy Transfer LP
2.900%, 05/15/2025		40,000		38,018
5.250%, 04/15/2029		120,000		118,548
EQM Midstream Partners LP
4.125%, 12/01/2026		45,000		41,461
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028 (b)		30,000		28,070
Kinder Morgan, Inc.
5.200%, 06/01/2033		70,000		67,640
5.550%, 06/01/2045		45,000		40,883
Marathon Petroleum Corp.
4.700%, 05/01/2025		130,000		128,378
MPLX LP
5.650%, 03/01/2053		30,000		27,418
New Fortress Energy, Inc.
6.500%, 09/30/2026 (b)		30,000		26,616
Ovintiv, Inc.
7.100%, 07/15/2053		40,000		40,296
Phillips 66
1.300%, 02/15/2026		35,000		31,798
Pioneer Natural Resources Co.
2.150%, 01/15/2031		40,000		32,723
Sabine Pass Liquefaction LLC
4.500%, 05/15/2030		50,000		47,304
Targa Resources Corp.
5.200%, 07/01/2027		45,000		44,446
Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/2028		341,000		324,083
				1,385,650
Equity Real Estate Investment Trusts (REITs) - 0.32%
Crown Castle, Inc.
3.200%, 09/01/2024		70,000		67,983
1.050%, 07/15/2026		25,000		22,014
EPR Properties
4.500%, 04/01/2025		25,000		24,081
Iron Mountain, Inc.
5.250%, 07/15/2030 (b)		45,000		40,357
Kimco Realty OP LLC
4.600%, 02/01/2033		55,000		50,969
Realty Income Corp.
4.700%, 12/15/2028		103,000		100,638
				306,042
Financial Services - 2.10%
Ares Capital Corp.
4.200%, 06/10/2024		499,000		486,743
Blackstone Private Credit Fund
4.700%, 03/24/2025		197,000		190,206
Capital One Financial Corp.
4.200%, 10/29/2025		5,000		4,750
4.985% to 07/24/2025, then SOFR + 2.160%, 07/24/2026 (a)		45,000		44,049
1.878% to 11/02/2026, then SOFR + 0.855%, 11/02/2027 (a)		90,000		77,758
5.817% to 02/01/2033, then SOFR + 2.600%, 02/01/2034 (a)		70,000		68,038
Goldman Sachs Group, Inc.
3.272% to 09/29/2024, then TSFR3M + 1.463%, 09/29/2025 (a)		100,000		96,748
1.093% to 12/09/2025, then SOFR + 0.789%, 12/09/2026 (a)		5,000		4,471
1.431% to 03/09/2026, then SOFR + 0.798%, 03/09/2027 (a)		155,000		139,318
1.948% to 10/21/2026, then SOFR + 0.913%, 10/21/2027 (a)		110,000		98,019
3.814% to 04/23/2028, then TSFR3M + 1.420%, 04/23/2029 (a)		105,000		97,965
Jane Street Group / JSG Finance, Inc.
4.500%, 11/15/2029 (b)		45,000		38,426
Legg Mason, Inc.
3.950%, 07/15/2024		7,000		6,863
Morgan Stanley
2.720% to 07/22/2024, then SOFR + 1.152%, 07/22/2025 (a)		50,000		48,241
3.625%, 01/20/2027		50,000		47,943
5.164% to 04/20/2028, then SOFR + 1.590%, 04/20/2029 (a)		133,000		132,665
5.250% to 04/21/2033, then SOFR + 1.870%, 04/21/2034 (a)		75,000		74,517
5.948% to 01/19/2033, then 5 Year CMT Rate + 2.430%, 01/19/2038 (a)		50,000		49,432
Northern Trust Corp.
6.125%, 11/02/2032		4,000		4,199
OneMain Finance Corp.
3.500%, 01/15/2027		25,000		20,845
S&P Global, Inc.
3.700%, 03/01/2052		185,000		149,304
3.900%, 03/01/2062		119,000		96,018
				1,976,518
Food, Beverage & Tobacco - 0.52%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.
4.700%, 02/01/2036		130,000		127,418
Aramark Services, Inc.
5.000%, 02/01/2028 (b)		45,000		42,576
Constellation Brands, Inc.
5.000%, 02/02/2026		55,000		55,020
Mars, Inc.
4.750%, 04/20/2033 (b)		80,000		79,483
Molson Coors Beverage Co.
4.200%, 07/15/2046		40,000		32,351
Performance Food Group, Inc.
5.500%, 10/15/2027 (b)		15,000		14,448
Philip Morris International, Inc.
5.125%, 02/15/2030		80,000		79,228
5.750%, 11/17/2032		60,000		61,556
				492,080
Health Care Equipment & Services - 1.54%
Acadia Healthcare Co, Inc.
5.000%, 04/15/2029 (b)		20,000		18,364
Centene Corp.
4.625%, 12/15/2029		70,000		64,981
CVS Health Corp.
3.000%, 08/15/2026		45,000		42,430
5.125%, 02/21/2030		225,000		224,379
5.625%, 02/21/2053		57,000		55,632
HCA, Inc.
5.375%, 09/01/2026		55,000		54,789
4.500%, 02/15/2027		70,000		68,280
Humana, Inc.
5.500%, 03/15/2053		102,000		99,952
SSM Health Care Corp.
4.894%, 06/01/2028		156,000		154,793
Tenet Healthcare Corp.
4.625%, 06/15/2028		45,000		41,890
UnitedHealth Group, Inc.
4.250%, 01/15/2029		631,000		621,911
Zimmer Biomet Holdings, Inc.
1.450%, 11/22/2024		5,000		4,720
				1,452,121
Household & Personal Products - 0.26%
Energizer Holdings, Inc.
4.750%, 06/15/2028 (b)		30,000		26,732
Kenvue, Inc.
5.050%, 03/22/2053 (b)		177,000		178,306
5.200%, 03/22/2063 (b)		41,000		41,213
				246,251
Insurance - 0.91%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750%, 04/15/2028 (b)		15,000		14,734
Aon Corp. / Aon Global Holdings PLC
5.350%, 02/28/2033		211,000		214,341
Arthur J Gallagher & Co.
5.750%, 03/02/2053		4,000		3,993
CNA Financial Corp.
4.500%, 03/01/2026		85,000		83,296
CNO Financial Group, Inc.
5.250%, 05/30/2029		70,000		66,366
Marsh & McLennan Cos, Inc.
5.450%, 03/15/2053		47,000		47,058
Metropolitan Life Global Funding I
5.150%, 03/28/2033 (b)		233,000		232,661
Primerica, Inc.
2.800%, 11/19/2031		75,000		62,249
Principal Financial Group, Inc.
5.500%, 03/15/2053		77,000		72,126
Prudential Financial, Inc.
5.700% to 09/15/2028, then 3 Month LIBOR USD + 2.665%, 09/15/2048 (a)		42,000		40,812
Travelers Cos, Inc.
5.450%, 05/25/2053		20,000		20,606
				858,242
Materials - 0.15%
Cleveland-Cliffs, Inc.
6.750%, 04/15/2030 (b)		35,000		33,101
Georgia-Pacific LLC
0.625%, 05/15/2024 (b)		8,000		7,632
Packaging Corp of America
4.050%, 12/15/2049		92,000		72,518
Standard Industries, Inc.
4.750%, 01/15/2028 (b)		30,000		27,554
				140,805
Media & Entertainment - 1.13%
Alphabet, Inc.
2.250%, 08/15/2060		60,000		35,860
CCO Holdings LLC / CCO Holdings Capital Corp.
4.500%, 05/01/2032		40,000		31,345
Charter Communications Operating LLC / Charter Communications Operating Capital
5.500%, 04/01/2063		45,000		34,846
Cinemark USA, Inc.
5.875%, 03/15/2026 (b)		60,000		57,095
Comcast Corp.
2.350%, 01/15/2027		45,000		41,664
5.350%, 05/15/2053		75,000		74,690
DISH DBS Corp.
5.875%, 11/15/2024		60,000		51,466
Meta Platforms, Inc.
4.950%, 05/15/2033		90,000		89,820
5.600%, 05/15/2053		20,000		20,003
5.750%, 05/15/2063		55,000		54,799
Paramount Global
4.200%, 05/19/2032		55,000		46,138
4.950%, 05/19/2050		55,000		40,963
6.375% to 03/30/2032, then 5 Year CMT Rate + 3.999%, 03/30/2062 (a)		50,000		40,109
Take-Two Interactive Software, Inc.
4.950%, 03/28/2028		214,000		212,521
Walt Disney Co.
3.800%, 05/13/2060		121,000		94,078
Warnermedia Holdings, Inc.
5.050%, 03/15/2042		30,000		24,290
5.141%, 03/15/2052		105,000		82,024
Ziff Davis, Inc.
4.625%, 10/15/2030 (b)		35,000		29,872
				1,061,583
Pharmaceuticals, Biotechnology & Life Sciences - 1.54%
AbbVie, Inc.
2.950%, 11/21/2026		160,000		150,975
Amgen, Inc.
5.507%, 03/02/2026		65,000		65,018
5.600%, 03/02/2043		105,000		104,098
5.650%, 03/02/2053		22,000		22,024
5.750%, 03/02/2063		426,000		423,854
Eli Lilly & Co.
5.000%, 02/27/2026		228,000		228,661
4.950%, 02/27/2063		147,000		146,126
Johnson & Johnson
3.400%, 01/15/2038		246,000		216,147
Merck & Co, Inc.
3.900%, 03/07/2039		25,000		22,235
Regeneron Pharmaceuticals, Inc.
2.800%, 09/15/2050		76,000		48,500
Viatris, Inc.
2.700%, 06/22/2030		30,000		24,125
				1,451,763
Real Estate Management & Development - 1.43%
Corporate Office Properties LP
2.750%, 04/15/2031		90,000		67,216
2.900%, 12/01/2033		70,000		48,676
Essex Portfolio LP
3.875%, 05/01/2024		489,000		479,029
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875%, 10/01/2028 (b)		25,000		22,875
Prologis LP
4.750%, 06/15/2033		583,000		570,545
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027		15,000		13,916
Simon Property Group LP
5.850%, 03/08/2053		84,000		83,335
Spirit Realty LP
4.000%, 07/15/2029		40,000		35,771
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
10.500%, 02/15/2028 (b)		25,000		24,278
				1,345,641
Semiconductors & Semiconductor Equipment - 0.28%
Marvell Technology, Inc.
2.950%, 04/15/2031		25,000		20,972
Micron Technology, Inc.
5.375%, 04/15/2028		139,000		137,231
5.875%, 09/15/2033		38,000		37,416
Texas Instruments, Inc.
5.050%, 05/18/2063		65,000		63,618
				259,237
Software & Services - 0.28%
CommScope, Inc.
4.750%, 09/01/2029 (b)		35,000		27,611
Oracle Corp.
6.250%, 11/09/2032		95,000		100,523
5.550%, 02/06/2053		40,000		37,395
VMware, Inc.
3.900%, 08/21/2027		100,000		95,202
				260,731
Technology Hardware & Equipment - 0.67%
Apple, Inc.
3.350%, 02/09/2027		35,000		34,101
Avnet, Inc.
6.250%, 03/15/2028		305,000		308,484
CDW LLC / CDW Finance Corp.
2.670%, 12/01/2026		20,000		17,916
3.569%, 12/01/2031		45,000		37,651
Dell International LLC / EMC Corp.
6.020%, 06/15/2026		25,000		25,596
5.300%, 10/01/2029		30,000		29,903
Hewlett Packard Enterprise Co.
4.900%, 10/15/2025		69,000		68,573
Jabil, Inc.
5.450%, 02/01/2029		107,000		105,540
				627,764
Telecommunication Services - 0.48%
AT&T, Inc.
3.500%, 09/15/2053		125,000		86,850
Frontier Communications Holdings LLC
5.875%, 10/15/2027 (b)		45,000		40,150
T-Mobile USA, Inc.
2.050%, 02/15/2028		40,000		34,884
3.375%, 04/15/2029		65,000		58,893
2.550%, 02/15/2031		55,000		46,036
2.875%, 02/15/2031		55,000		47,044
4.375%, 04/15/2040		40,000		35,147
3.300%, 02/15/2051		20,000		13,841
Verizon Communications, Inc.
2.355%, 03/15/2032		70,000		56,489
5.050%, 05/09/2033		35,000		34,659
				453,993
Transportation - 0.15%
American Axle & Manufacturing, Inc.
6.875%, 07/01/2028		40,000		35,822
Southwest Airlines Co.
5.250%, 05/04/2025		60,000		59,729
TransDigm, Inc.
6.750%, 08/15/2028 (b)		45,000		45,108
				140,659
Utilities - 2.51%
American Electric Power Co, Inc.
5.625%, 03/01/2033		4,000		4,083
Arizona Public Service Co.
2.950%, 09/15/2027		92,000		84,808
Calpine Corp.
5.000%, 02/01/2031 (b)		45,000		36,374
CenterPoint Energy Houston Electric LLC
4.950%, 04/01/2033		249,000		250,173
5.300%, 04/01/2053		122,000		123,996
Dominion Energy, Inc.
5.375%, 11/15/2032		125,000		125,533
DTE Energy Co.
1.050%, 06/01/2025		40,000		36,799
Duke Energy Corp.
5.000%, 08/15/2052		55,000		49,165
Duke Energy Indiana LLC
5.400%, 04/01/2053		113,000		112,395
Edison International
5.750%, 06/15/2027		47,000		47,412
6.950%, 11/15/2029		15,000		15,952
5.000% to 03/15/2027, then 5 Year CMT Rate + 3.901% (a)(f)		65,000		55,791
Evergy Kansas Central, Inc.
5.700%, 03/15/2053		62,000		62,785
Evergy, Inc.
2.450%, 09/15/2024		20,000		19,193
Evergy Metro, Inc.
4.950%, 04/15/2033		60,000		59,182
Exelon Corp.
5.300%, 03/15/2033		90,000		90,699
5.600%, 03/15/2053		139,000		137,562
Ferrellgas LP / Ferrellgas Finance Corp.
5.875%, 04/01/2029 (b)		40,000		33,357
Interstate Power and Light Co.
2.300%, 06/01/2030		25,000		20,899
NextEra Energy Capital Holdings, Inc.
4.900%, 02/28/2028		35,000		34,873
5.250%, 02/28/2053		40,000		37,887
Pacific Gas and Electric Co.
1.700%, 11/15/2023		85,000		83,271
Public Service Co. of Colorado
5.250%, 04/01/2053		104,000		102,971
Public Service Electric and Gas Co.
5.125%, 03/15/2053		117,000		116,169
San Diego Gas & Electric Co.
5.350%, 04/01/2053		48,000		47,494
Southern Co.
3.250%, 07/01/2026		85,000		80,844
5.200%, 06/15/2033		70,000		69,296
Southern Co. Gas Capital Corp.
1.750%, 01/15/2031		40,000		31,530
Union Electric Co.
5.450%, 03/15/2053		60,000		60,368
Virginia Electric and Power Co.
5.450%, 04/01/2053		164,000		161,084
Vistra Operations Co. LLC
4.375%, 05/01/2029 (b)		30,000		26,175
WEC Energy Group, Inc.
5.150%, 10/01/2027		95,000		95,835
Wisconsin Electric Power Co.
4.750%, 09/30/2032		50,000		49,318
				2,363,273
TOTAL CORPORATE BONDS (Cost $20,015,721)				19,789,937
FOREIGN CORPORATE BONDS - 4.04%
Banks - 1.90%
Banco Bilbao Vizcaya Argentaria SA
6.138% to 09/14/2027, then 1 Year CMT  Rate + 2.700%, 09/14/2028 (a)		167,000		169,377
Bancolombia SA
3.000%, 01/29/2025		203,000		192,350
Bank of Nova Scotia
1.450%, 01/10/2025		788,000		739,679
4.500%, 12/16/2025		70,000		68,206
Mitsubishi UFJ Financial Group, Inc.
5.719% to 02/20/2025, then 1 Year CMT  Rate + 1.080%, 02/20/2026 (a)		200,000		199,975
5.475% to 02/22/2030, then 1 Year CMT  Rate + 1.530%, 02/22/2031 (a)		238,000		240,479
Societe Generale SA
1.488% to 12/14/2025, then 1 Year CMT  Rate + 1.100%, 12/14/2026 (a)(b)		200,000		176,383
Toronto-Dominion Bank
5.103%, 01/09/2026		4,000		3,998
				1,790,447
Capital Goods - 0.27%
Weir Group PLC
2.200%, 05/13/2026 (b)		281,000		252,637
Consumer Services - 0.05%
Carnival Corp.
7.625%, 03/01/2026 (b)		45,000		42,707
Energy - 0.41%
BP Capital Markets PLC
4.375% to 09/22/2025, then 5 Year CMT Rate + 4.036% (a)(f)		19,000		18,287
Ecopetrol SA
4.625%, 11/02/2031		65,000		49,456
Enbridge, Inc.
5.700%, 03/08/2033		309,000		314,384
				382,127
Financial Services - 0.02%
Credit Suisse Group AG
2.193% to 06/05/2025, then SOFR + 2.044%, 06/05/2026 (b)		8,000		7,267
1.305% to 02/02/2026, then SOFRINDX + 0.980%, 02/02/2027 (a)(b)		13,000		11,266
				18,533
Health Care Equipment & Services - 0.08%
Utah Acquisition Sub, Inc.
3.950%, 06/15/2026		75,000		71,331
Insurance - 0.23%
Fairfax Financial Holdings Ltd.
3.375%, 03/03/2031		253,000		214,320
Materials - 0.64%
BHP Billiton Finance USA Ltd.
4.900%, 02/28/2033		328,000		329,469
Hudbay Minerals, Inc.
6.125%, 04/01/2029 (b)		25,000		22,485
NOVA Chemicals Corp.
4.875%, 06/01/2024 (b)		35,000		34,219
OCI NV
6.700%, 03/16/2033 (b)		218,000		213,762
UPM-Kymmene Oyj
7.450%, 11/26/2027 (b)		6,000		6,373
				606,308
Pharmaceuticals, Biotechnology & Life Sciences -0.11%
Pfizer Investment Enterprises Pte Ltd.
5.340%, 05/19/2063		105,000		105,225
Transportation - 0.33%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.500%, 01/15/2025		150,000		143,483
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026 (b)		85,000		83,496
Canadian Pacific Railway Co.
2.875%, 11/15/2029		33,000		29,567
Delta Air Lines Inc / SkyMiles IP Ltd.
4.750%, 10/20/2028 (b)		57,000		55,094
				311,640
TOTAL FOREIGN CORPORATE BONDS (Cost $3,826,213)				3,795,275
NON-AGENCY MORTGAGE BACKED SECURITIES - 1.84%
American Tower Trust #1
2018-1, 3.652%, 03/15/2048 (b)		54,000		50,517
BANK
2022-BNK39, 2.928%, 02/18/2055		100,000		84,730
Benchmark Mortgage Trust
2020-B21, 1.978%, 12/17/2053		65,000		52,020
2021-B29, 2.388%, 09/17/2054		100,000		81,343
2022-B34, 3.786%, 04/16/2055 (d)		100,000		88,363
2019-B15, 3.231%, 12/16/2072		25,000		20,764
BMO Mortgage Trust
2023-C5, 6.627%, 06/16/2056 (d)		10,000		9,552
BX Commercial Mortgage Trust
2021-VOLT, 6.207% (1 Month LIBOR USD + 1.100%), 09/15/2036 (b)(c)		100,000		94,796
BX Trust
2019-OC11, 3.202%, 12/11/2041 (b)		50,000		43,645
Citigroup Commercial Mortgage Trust
2014-GC19, 4.023%, 03/12/2047		103,000		101,221
2022-GC48, 4.580%, 05/15/2054 (d)		55,000		53,016
COMM Mortgage Trust
2014-CCRE21, 3.987%, 12/12/2047		20,000		19,065
Connecticut Avenue Securities Trust
2021-R03, 6.623% (SOFR30A + 1.650%), 12/26/2041 (b)(c)		55,000		53,354
2022-R02, 6.173% (SOFR30A + 1.200%), 01/27/2042 (b)(c)		59,551		59,147
2022-R04, 8.073% (SOFR30A + 3.100%), 03/25/2042 (b)(c)		55,000		55,614
2022-R03, 8.473% (SOFR30A + 3.500%), 03/25/2042 (b)(c)		60,000		61,340
2022-R07, 9.631% (SOFR30A + 4.650%), 06/25/2042 (b)(c)		55,000		57,968
2022-R08, 7.523% (SOFR30A + 2.550%), 07/25/2042 (b)(c)		96,560		97,712
2023-R02, 7.273% (SOFR30A + 2.300%), 01/26/2043 (b)(c)		95,912		96,592
FIVE Mortgage Trust
2023-V1, 5.668%, 02/11/2056 (d)		100,000		101,425
JPMBB Commercial Mortgage Securities Trust
2015-C33, 3.504%, 12/17/2048		78,971		75,158
FIVE Mortgage Trust
2015-MS1, 3.779%, 05/15/2048 (d)		60,000		57,290
2018-H4, 5.070%, 12/15/2051 (d)		25,000		21,270
2020-HR8, 2.041%, 07/17/2053		55,000		44,589
SG Residential Mortgage Trust
2021-2, 1.737%, 12/25/2061 (b)(d)		83,120		67,426
Taubman Centers Commercial Mortgage Trust
2022-DPM, 7.245% (TSFR1M + 2.186%), 05/15/2037 (b)(c)		100,000		97,263
Wells Fargo Commercial Mortgage Trust
2019-C54, 3.146%, 12/17/2052		100,000		88,168
TOTAL NON-AGENCY MORTGAGE BACKED SECURITIES (Cost $1,748,346)				1,733,348
AGENCY MORTGAGE BACKED SECURITIES - 8.06%
Fannie Mae Connecticut Avenue Securities
2014-C02, 7.738% (1 Month LIBOR USD + 2.600%), 05/28/2024 (c)		145,120		146,432
Fannie Mae or Freddie Mac
000TBA, 5.500%, 06/01/2037		60,000		59,967
Fannie Mae Pool
CB1149, 3.000%, 07/01/2051		299,454		266,676
BT6823, 2.500%, 10/01/2051		187,775		160,721
FM9540, 2.000%, 11/01/2051		228,604		188,872
FS0288, 2.000%, 01/01/2052		87,317		72,113
FS0176, 2.500%, 01/01/2052		437,169		374,599
MA4512, 2.500%, 01/01/2052		49,407		42,319
FS2040, 2.000%, 02/01/2052		94,529		77,872
MA4579, 3.000%, 04/01/2052		53,520		47,592
CB3586, 3.000%, 05/01/2052		197,401		175,514
MA4600, 3.500%, 05/01/2052		256,418		235,764
FS2512, 3.500%, 07/01/2052		336,030		310,524
CB4121, 4.000%, 07/01/2052		295,975		279,953
FS3497, 3.500%, 08/01/2052		221,198		203,496
MA4700, 4.000%, 08/01/2052		288,044		272,303
FS2805, 2.500%, 09/01/2052		359,584		308,034
MA4805, 4.500%, 11/01/2052		193,625		187,624
MA4918, 5.000%, 02/01/2053		175,875		173,405
MA5009, 5.000%, 05/01/2053		174,258		171,732
MA5039, 5.500%, 06/01/2053		225,000		224,962
Freddie Mac Pool
RA-3661, 2.500%, 10/01/2050		126,574		109,046
SD-8157, 3.000%, 07/01/2051		71,421		63,595
SD-0781, 3.000%, 11/01/2051		85,067		75,687
SD-8188, 2.000%, 01/01/2052		108,596		89,584
SD-8205, 2.500%, 04/01/2052		207,456		177,586
SD-8214, 3.500%, 05/01/2052		232,966		214,201
RA-7587, 3.500%, 06/01/2052		211,553		194,594
SD-8222, 4.000%, 06/01/2052		92,611		87,588
QE-6074, 4.000%, 07/01/2052		35,342		33,415
SD-1505, 4.500%, 08/01/2052		94,499		91,658
SD-8244, 4.000%, 09/01/2052		168,877		159,648
SD-2253, 3.500%, 12/01/2052		172,262		158,387
QF-7085, 5.500%, 02/01/2053		73,358		73,366
SD-8315, 5.000%, 04/01/2053		173,447		170,983
SD-8316, 5.500%, 04/01/2053		615,425		616,347
SD-8324, 5.500%, 05/01/2053		54,693		54,684
SD-8325, 6.000%, 05/01/2053		134,509		136,134
Freddie Mac STACR REMIC Trust
2021-DNA6, 5.773% (SOFR30A + 0.800%), 10/25/2041 (b)(c)		53,748		53,524
2021-HQA4, 5.923% (SOFR30A + 0.950%), 12/26/2041 (b)(c)		89,683		86,664
2022-DNA2, 7.373% (SOFR30A + 2.400%), 02/25/2042 (b)(c)		60,000		59,296
2022-HQA1, 8.473% (SOFR30A + 3.500%), 03/25/2042 (b)(c)		55,000		55,679
2022-DNA3, 7.873% (SOFR30A + 2.900%), 04/25/2042 (b)(c)		55,000		54,893
2022-DNA4, 8.323% (SOFR30A + 3.350%), 05/27/2042 (b)(c)		55,000		55,617
Ginnie Mae
5.000%, 06/15/2041		135,000		133,331
5.500%, 06/15/2053		115,000		114,937
Ginnie Mae II Pool
2.000%, 03/20/2052		93,574		79,384
2.500%, 03/20/2052		184,990		161,960
3.500%, 07/20/2052		39,519		36,675
4.500%, 07/20/2052		168,851		164,260
4.000%, 09/20/2052		48,986		46,565
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $7,664,708)				7,589,762
U.S. GOVERNMENT NOTES/BONDS - 38.42%
United States Treasury Inflation Indexed Bonds
1.625%, 10/15/2027		575,695		574,627
1.125%, 01/15/2033		280,681		272,401
1.000%, 02/15/2049		119,950		103,045
United States Treasury Note/Bond
2.750%, 11/15/2023		834,000		824,473
0.250%, 06/15/2024		69,000		65,596
0.375%, 08/15/2024		439,000		415,550
1.125%, 02/28/2025		12,000		11,313
4.625%, 02/28/2025		1,809,000		1,810,237
1.750%, 03/15/2025		103,000		98,075
3.875%, 03/31/2025		2,285,000		2,258,757
3.875%, 04/30/2025		279,000		275,981
0.250%, 08/31/2025		32,000		29,262
4.250%, 10/15/2025		68,000		68,001
4.000%, 12/15/2025		66,000		65,746
4.000%, 02/15/2026		847,000		844,304
0.500%, 02/28/2026		384,000		348,428
4.625%, 03/15/2026		1,657,000		1,680,690
3.750%, 04/15/2026		557,000		552,170
1.875%, 07/31/2026		345,000		323,370
1.500%, 08/15/2026		158,000		146,159
6.750%, 08/15/2026		1,637,000		1,769,559
1.125%, 10/31/2026		9,000		8,190
1.250%, 12/31/2026		518,000		471,997
2.500%, 03/31/2027		544,000		516,811
2.625%, 05/31/2027		149,000		142,001
2.750%, 07/31/2027		173,000		165,496
4.125%, 10/31/2027		791,000		799,312
6.125%, 11/15/2027		1,666,000		1,822,056
4.000%, 02/29/2028		646,000		651,791
3.625%, 03/31/2028		3,205,000		3,180,836
3.500%, 04/30/2028		140,000		138,228
5.250%, 11/15/2028		1,659,000		1,774,871
3.250%, 06/30/2029		187,000		181,828
4.000%, 02/28/2030		1,610,000		1,636,037
3.625%, 03/31/2030		658,000		654,710
3.500%, 04/30/2030		115,000		113,563
1.375%, 11/15/2031		11,000		9,199
1.875%, 02/15/2032		2,359,000		2,050,670
2.750%, 08/15/2032		1,592,000		1,480,684
3.500%, 02/15/2033		617,000		609,770
3.375%, 05/15/2033		365,000		357,215
4.750%, 02/15/2037		587,000		657,429
1.125%, 05/15/2040		589,000		383,207
1.125%, 08/15/2040		98,000		63,212
1.375%, 11/15/2040		638,000		428,258
1.875%, 02/15/2041		640,000		466,863
1.750%, 08/15/2041		637,000		449,695
2.000%, 11/15/2041		615,000		452,397
2.375%, 02/15/2042		587,000		459,396
3.875%, 02/15/2043		475,000		466,391
2.875%, 05/15/2043		200,000		168,461
3.375%, 05/15/2044		165,000		149,725
2.500%, 02/15/2045		255,000		198,183
3.125%, 05/15/2048		190,000		164,424
2.250%, 08/15/2049		357,000		259,564
2.000%, 02/15/2050		338,000		231,517
1.375%, 08/15/2050		388,000		224,949
1.625%, 11/15/2050		364,000		225,652
1.875%, 02/15/2051		370,000		244,576
2.375%, 05/15/2051		376,000		279,547
2.000%, 08/15/2051		359,000		244,295
1.875%, 11/15/2051		89,000		58,596
2.250%, 02/15/2052		335,000		241,710
2.875%, 05/15/2052		95,000		78,694
3.000%, 08/15/2052		306,000		260,166
3.625%, 02/15/2053		25,000		24,020
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $36,733,449)				36,183,936
	Shares
EXCHANGE TRADED FUNDS - 24.53%
iShares Core U.S. Aggregate Bond ETF		7,337		723,208
iShares MBS ETF		136,772		12,853,833
Vanguard Total International Bond ETF		194,574		9,524,397
TOTAL EXCHANGE TRADED FUNDS (Cost $23,182,107)				23,101,438
MONEY MARKET FUNDS - 0.81%
First American Government Obligations Fund, Class X, 4.965% (e)		766,578		766,578
TOTAL MONEY MARKET FUNDS (Cost $766,578)				766,578
Total Investments (Cost $95,255,156) - 100.10%				94,265,696
Liabilities in Excess of Other Assets - (0.10)%				(92,908	)
TOTAL NET ASSETS - 100.00%			$	94,172,788

Percentages are stated as a percent of net assets.

(a)	Variable rate security; the rate shown represents the rate at May 31, 2023.
(b)	Securities issued under Rule 144A under the Securities Act of 1933.  Such securities are deemed to be liquid.
(c)	Floating rate security; the rate shown represents the rate at May 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.
(d)	Variable rate security; the rate shown represents the rate at May 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.
(e)	The rate shown represents the seven day yield at May 31, 2023.
(f)	Perpetual maturity. The date referenced is the next call date.
Abbreviations
#TBA	Pool number to be announced

The Global Industry Classification Standard  (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc.

and Standard & Poors Financial Services LLC ("S&P").  GICS is a service mark of MSCI and S&P and has been

licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these schedule of investments.

Summary of Fair Value Exposure at May 31, 2023

The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures” (“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions that are not Orderly” (“Determining Fair Value”).  Determining Fair Value clarifies Fair Value Measurements and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  Determining Fair Value also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  Fair Value Measurements requires the Fund to classify securities based on valuation method.  These inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Funds' investments carried at fair value as of May 31, 2023.

	Level 1		Level 2		Level 3		Total
Assets:
Fixed Income Securities:
Asset Backed Securities	$	-	$	1,305,422	$	-	$	1,305,422
Corporate Bonds*		-		19,789,937		-		19,789,937
Foreign Corporate Bonds*		-		3,795,275		-		3,795,275
Non-Agency Mortgage Backed Securities		-		1,733,348		-		1,733,348
Agency Mortgage Backed Securities		-		7,589,762		-		7,589,762
U.S. Government Notes/Bonds		-		36,183,936		-		36,183,936
Total Fixed Income Securities		-		70,397,680		-		70,397,680
Exchange-Traded Funds		23,101,438		-		-		23,101,438
Money Market Funds		766,578		-		-		766,578
Total Investments in Securities	$	23,868,016	$	70,397,680	$	-	$	94,265,696

* For further breakdown by industry, please refer to the Schedule of Investments.

The Fund did not hold any Level 3 securities during the period ended May 31, 2023.