ActivePassive Intermediate Municipal Bond ETF
Schedule of Investments
May 31, 2023 (Unaudited)
	Principal
	Amount		Value
MUNICIPAL BONDS - 96.60%
Allegheny County Hospital Development Authority
5.000%, 07/15/2028	$	345,000	$	371,334
5.000%, 07/15/2031		200,000		219,167
Anaheim Public Financing Authority
0.000%, 09/01/2031		170,000		125,746
Bartow County Development Authority
2.875%, 08/01/2043 (a)		135,000		130,668
Bay Area Toll Authority
4.000%, 04/01/2032		145,000		150,011
Black Belt Energy Gas District
4.000%, 07/01/2052 (a)		20,000		19,923
Board of Regents of the University of Texas System
5.000%, 08/15/2025		85,000		88,350
California State Public Works Board
5.000%, 12/01/2024		320,000		327,878
Canadian County Educational Facilities Authority
3.000%, 09/01/2029		175,000		173,171
Central Florida Expressway Authority
5.000%, 07/01/2028		170,000		186,946
Central Puget Sound Regional Transit Authority
5.000%, 11/01/2024		170,000		174,349
5.000%, 11/01/2030		245,000		281,739
City & County of Honolulu HI
5.000%, 03/01/2031		95,000		108,213
City of Dallas TX
5.000%, 02/15/2031		200,000		228,486
City of Houston TX Airport System Revenue
5.000%, 07/01/2029		220,000		240,248
City of New York NY
5.000%, 08/01/2029		265,000		279,935
5.000%, 08/01/2030		150,000		169,708
5.000%, 12/01/2032		90,000		95,634
City of San Antonio TX Electric & Gas Systems Revenue
5.000%, 02/01/2025		225,000		231,225
5.000%, 02/01/2032		95,000		99,707
Cleveland County Independent School District No 2 Moore
3.000%, 03/01/2025		115,000		114,150
Commonwealth of Massachusetts
5.250%, 09/01/2024		280,000		287,191
Commonwealth of Pennsylvania
5.000%, 10/01/2024		370,000		378,558
3.000%, 03/15/2030		70,000		69,137
5.000%, 08/15/2032		420,000		436,281
Connecticut State Health & Educational Facilities Authority
5.000%, 07/01/2029		160,000		181,262
County of Clark NV
5.000%, 07/01/2026		120,000		126,742
County of Harris TX
5.000%, 08/15/2030		410,000		433,946
County of Harris TX Toll Road Revenue
5.000%, 08/15/2027		220,000		237,139
County of King WA Sewer Revenue
5.000%, 07/01/2024		200,000		203,733
4.000%, 07/01/2030		290,000		297,678
County of Manatee FL Public Utilities Revenue
5.000%, 10/01/2032		200,000		235,599
County of Montgomery MD
5.000%, 11/01/2028		105,000		107,584
County of Prince George's MD
5.000%, 09/15/2029		95,000		107,570
County of Wake NC
5.000%, 05/01/2030		95,000		108,929
Curators of the University of Missouri
5.000%, 11/01/2030		250,000		287,670
Dallas College
5.000%, 02/15/2030		35,000		39,679
Dallas Fort Worth International Airport
5.000%, 11/01/2031		55,000		63,595
District of Columbia
5.000%, 10/15/2025		290,000		302,843
5.000%, 06/01/2026		150,000		155,321
5.000%, 10/15/2028		250,000		277,283
Energy Northwest
5.000%, 07/01/2026		150,000		152,687
Ernest N Morial New Orleans Exhibition Hall Authority
5.000%, 07/15/2029		200,000		222,555
Florida Department of Management Services
5.000%, 11/01/2028		295,000		326,085
Georgia State Road & Tollway Authority
5.000%, 06/01/2030		165,000		188,011
Hillsborough County School Board
5.000%, 07/01/2029		355,000		391,466
Houston County Health Care Authority
5.000%, 10/01/2030		135,000		137,304
Illinois Finance Authority
5.000%, 07/01/2027		225,000		240,844
Illinois State Toll Highway Authority
5.000%, 01/01/2030		150,000		168,356
Indiana Finance Authority
5.000%, 06/01/2028		125,000		133,552
Intermountain Power Agency
5.000%, 07/01/2031		320,000		371,126
Iowa Finance Authority
5.000%, 08/01/2032		250,000		290,180
JEA Water & Sewer System Revenue
5.000%, 10/01/2028		160,000		173,921
Johnson County Unified School District No 233 Olathe
2.250%, 09/01/2026		405,000		386,828
Kendall Kane & Will Counties Community Unit School District No 308
5.000%, 02/01/2029		125,000		137,819
Kentucky Asset Liability Commission
5.000%, 09/01/2026		410,000		417,017
Los Angeles Department of Water & Power
5.000%, 07/01/2026		200,000		212,691
Louisville/Jefferson County Metropolitan Government
5.000%, 10/01/2047 (a)		110,000		117,322
Lower Colorado River Authority
5.000%, 05/15/2028		200,000		218,795
Maricopa County Industrial Development Authority
5.000%, 01/01/2033		190,000		199,836
Maryland Stadium Authority Built to Learn Revenue
5.000%, 06/01/2025		175,000		180,420
Massachusetts Development Finance Agency
5.000%, 07/01/2050 (a)		70,000		77,377
Massachusetts Housing Finance Agency
3.350%, 06/01/2027		265,000		262,824
3.050%, 12/01/2027		520,000		511,995
Metropolitan Atlanta Rapid Transit Authority
5.000%, 07/01/2026		200,000		212,023
Michigan Finance Authority
5.000%, 07/01/2031		50,000		50,672
Michigan State Building Authority
5.000%, 10/15/2030		200,000		213,448
Municipal Improvement Corp. of Los Angeles
5.000%, 11/01/2028		190,000		204,328
New Jersey Economic Development Authority
3.125%, 07/01/2031		255,000		248,868
New Jersey Educational Facilities Authority
4.000%, 07/01/2028		790,000		797,344
New Jersey Transportation Trust Fund Authority
5.000%, 12/15/2031		100,000		109,270
5.000%, 06/15/2032		200,000		226,152
New Jersey Turnpike Authority
5.000%, 01/01/2027		145,000		154,781
5.000%, 01/01/2031		475,000		516,442
5.000%, 01/01/2033		90,000		97,689
New York City Housing Development Corp.
0.600%, 05/01/2061 (a)		80,000		73,569
New York City Transitional Finance Authority Building Aid Revenue
5.000%, 07/15/2027		230,000		248,436
New York City Transitional Finance Authority Future Tax Secured Revenue
5.000%, 08/01/2024		385,000		392,781
5.000%, 08/01/2024		390,000		397,883
New York State Dormitory Authority
5.000%, 02/15/2032		235,000		254,400
5.000%, 03/15/2032		165,000		187,839
New York State Thruway Authority
5.000%, 01/01/2028		425,000		435,907
New York State Urban Development Corp.
5.000%, 03/15/2029		155,000		173,204
North East Independent School District/TX
2.200%, 08/01/2049 (a)		255,000		250,213
Ohio Water Development Authority
5.000%, 06/01/2027		175,000		188,967
Oklahoma Water Resources Board
5.000%, 04/01/2026		100,000		105,391
Parish of St John the Baptist LA
2.375%, 06/01/2037 (a)		25,000		23,646
School Board of Miami-Dade County
3.250%, 02/01/2033		235,000		230,598
Seattle Housing Authority
1.000%, 06/01/2026		225,000		204,726
State of California
5.000%, 11/01/2028		155,000		172,814
3.500%, 09/01/2032		100,000		99,859
5.000%, 11/01/2032		210,000		211,181
State of Connecticut Special Tax Revenue
5.000%, 07/01/2027		125,000		134,912
5.000%, 05/01/2031		65,000		73,635
State of Florida
5.000%, 06/01/2027		245,000		265,132
5.000%, 06/01/2030		105,000		120,723
5.000%, 06/01/2031		15,000		17,493
State of Georgia
3.000%, 02/01/2030		35,000		34,646
5.000%, 07/01/2031		225,000		247,966
2.500%, 02/01/2033		10,000		9,140
State of Hawaii
4.000%, 10/01/2031		55,000		56,224
State of Illinois
5.000%, 11/01/2025		50,000		51,623
5.000%, 11/01/2028		45,000		47,951
5.000%, 03/01/2031		45,000		49,951
State of Kansas Department of Transportation
5.000%, 09/01/2026		355,000		369,472
State of Maryland
5.000%, 08/01/2025		175,000		182,056
5.000%, 08/01/2029		210,000		237,257
5.000%, 08/01/2031		245,000		286,424
State of Maryland Department of Transportation
4.000%, 10/01/2030		735,000		784,482
State of Michigan
5.000%, 03/15/2026		190,000		200,106
State of Michigan Trunk Line Revenue
5.000%, 11/15/2031		140,000		163,446
State of Nevada Highway Improvement Revenue
3.000%, 12/01/2029		780,000		781,358
State of New Mexico
5.000%, 03/01/2025		35,000		36,108
State of New Mexico Severance Tax Permanent Fund
4.000%, 07/01/2024		260,000		261,839
State of North Carolina
5.000%, 03/01/2028		620,000		637,751
5.000%, 05/01/2031		125,000		144,612
State of Ohio
5.000%, 08/01/2025		120,000		124,711
State of Oregon
5.000%, 05/01/2028		265,000		291,195
State of Washington
5.000%, 06/01/2029		200,000		224,690
State of Wisconsin
5.000%, 05/01/2031		105,000		121,797
Tennessee Energy Acquisition Corp.
4.000%, 11/01/2049 (a)		20,000		19,918
Triborough Bridge & Tunnel Authority
0.000%, 11/15/2030		135,000		102,951
Trinity River Authority Central Regional Wastewater System Revenue
5.000%, 08/01/2029		315,000		350,963
Trust for Cultural Resources of The City of New York
5.000%, 07/01/2031		50,000		58,146
Utility Debt Securitization Authority
5.000%, 06/15/2027		145,000		150,374
Virginia College Building Authority
5.000%, 02/01/2025		210,000		216,327
5.000%, 02/01/2031		275,000		318,688
Virginia Public School Authority
5.000%, 08/01/2028		280,000		290,991
West Virginia Commissioner of Highways
5.000%, 09/01/2025		200,000		207,316
TOTAL MUNICIPAL BONDS (Cost $28,403,134)				27,828,144
	Shares
EXCHANGE TRADED FUNDS - 1.01%
iShares National Muni Bond ETF		2,725		289,858
TOTAL EXCHANGE TRADED FUNDS (Cost $292,369)				289,858
SHORT-TERM INVESTMENTS - 3.87%
First American Government Obligations Fund, Class X, 4.965% (b)		1,115,253		1,115,253
TOTAL SHORT-TERM INVESTMENTS (Cost $1,115,253)				1,115,253
Total Investments (Cost $29,810,756) - 101.48%				29,233,255
Liabilities in Excess of Other Assets - (1.48)%				(425,915	)
TOTAL NET ASSETS - 100.00%			$	28,807,340

Percentages are stated as a percent of net assets.

(a)	Variable rate security; the rate shown represents the rate at May 31, 2023.
(b)	The rate shown represents the seven day yield at May 31, 2023.

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:
Municipal Bonds	$	-	$	27,828,144	$	-	$	27,828,144
Total Fixed Income Securities		-		27,828,144		-		27,828,144
Exchange-Traded Funds		289,858		-		-		289,858
Money Market Funds		1,115,253		-		-		1,115,253
Total Investments in Securities	$	1,405,111	$	27,828,144	$	-	$	29,233,255

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