ActivePassive U.S. Equity ETF
Schedule of Investments
May 31, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS - 86.44%
Automobiles & Components - 1.81%
BorgWarner, Inc.		4,636	$	205,514
General Motors Co.		9,028		292,597
Lear Corp.		488		59,858
Lucid Group, Inc. (a)		2,684		20,828
Rivian Automotive, Inc. (a)		4,392		64,694
Tesla, Inc. (a)		10,492		2,139,634
				2,783,125
Banks - 2.89%
Bank of America Corp.		25,376		705,199
Citigroup, Inc.		13,908		616,403
Citizens Financial Group, Inc.		4,880		125,806
Huntington Bancshares, Inc.		11,468		118,235
JPMorgan Chase & Co.		15,616		2,119,247
Regions Financial Corp.		8,052		139,058
Wells Fargo & Co.		15,860		631,387
				4,455,335
Capital Goods - 4.35%
Boeing Co. (a)		1,952		401,526
Carrier Global Corp.		7,808		319,347
Cummins, Inc.		732		149,628
Deere & Co.		732		253,257
Eaton Corp PLC (b)		3,172		557,955
Ferguson PLC (b)		976		141,432
Fortive Corp.		10,004		651,360
General Electric Co.		7,076		718,427
Honeywell International, Inc.		3,416		654,507
Howmet Aerospace, Inc.		3,172		135,603
Hubbell, Inc.		488		137,840
Illinois Tool Works, Inc.		732		160,110
Lockheed Martin Corp.		732		325,015
PACCAR, Inc.		6,832		469,905
Raytheon Technologies Corp.		5,368		494,608
Snap-on, Inc.		732		182,166
Textron, Inc.		5,612		347,214
Trane Technologies PLC (b)		1,220		199,141
United Rentals, Inc.		732		244,334
WW Grainger, Inc.		244		158,361
				6,701,736
Commercial  & Professional Services - 1.82%
Automatic Data Processing, Inc.		3,660		764,903
Cintas Corp.		1,708		806,415
Copart, Inc. (a)		10,980		961,739
CoStar Group, Inc. (a)		3,416		271,230
				2,804,287
Consumer Discretionary Distribution & Retail - 4.05%
Amazon.com, Inc. (a)		35,136		4,236,698
Chewy, Inc. (a)		2,440		71,956
Home Depot, Inc.		3,904		1,106,589
LKQ Corp.		5,124		270,291
Lowe's Cos, Inc.		732		147,227
TJX Cos, Inc.		3,904		299,788
Ulta Beauty, Inc. (a)		244		99,999
				6,232,548
Consumer Durables & Apparel - 1.18%
DR Horton, Inc.		3,660		391,034
Garmin Ltd. (b)		1,708		176,180
Lennar Corp.		3,904		418,197
Lennar Corp.		3,416		322,983
NIKE, Inc.		1,464		154,101
PulteGroup, Inc.		5,368		354,717
				1,817,212
Consumer Services - 1.33%
Caesars Entertainment, Inc. (a)		2,196		90,058
Darden Restaurants, Inc.		2,440		386,789
DoorDash, Inc. (a)		1,952		127,446
McDonald's Corp.		4,392		1,252,203
MGM Resorts International		1,708		67,107
Starbucks Corp.		1,220		119,121
				2,042,724
Consumer Staples Distribution & Retail - 0.83%
Albertsons Cos, Inc.		2,196		44,711
Kroger Co.		4,148		188,029
Walmart, Inc.		7,076		1,039,252
				1,271,992
Energy - 2.76%
Chevron Corp.		1,952		294,010
ConocoPhillips		976		96,917
Coterra Energy, Inc.		7,320		170,190
EQT Corp.		2,928		101,807
Exxon Mobil Corp.		19,520		1,994,553
Marathon Petroleum Corp.		5,368		563,157
Occidental Petroleum Corp.		4,148		239,174
Phillips 66		4,392		402,351
Valero Energy Corp.		3,660		391,766
				4,253,925
Financial Services - 7.59%
Bank of New York Mellon Corp.		10,980		441,396
Berkshire Hathaway, Inc. (a)		6,344		2,036,931
BlackRock, Inc.		1,464		962,653
Block, Inc. (a)		3,660		221,027
Cboe Global Markets, Inc.		732		96,931
Equitable Holdings, Inc.		9,272		227,535
Fiserv, Inc. (a)		3,172		355,867
Franklin Resources, Inc.		11,956		287,064
Goldman Sachs Group, Inc.		1,952		632,253
Interactive Brokers Group, Inc.		3,416		263,818
LPL Financial Holdings, Inc.		488		95,053
MarketAxess Holdings, Inc.		244		66,468
Mastercard, Inc.		4,148		1,514,103
Morgan Stanley		9,760		797,978
MSCI, Inc.		488		229,619
Nasdaq, Inc.		13,908		769,808
PayPal Holdings, Inc. (a)		1,708		105,879
Rocket Cos, Inc. (a)		15,616		125,240
State Street Corp.		6,344		431,519
Synchrony Financial		4,636		143,531
Toast, Inc. (a)		2,928		61,400
Visa, Inc.		8,296		1,833,664
				11,699,737
Food, Beverage & Tobacco - 3.54%
Altria Group, Inc.		9,028		401,024
Campbell Soup Co.		7,076		357,692
Conagra Brands, Inc.		9,272		323,315
General Mills, Inc.		7,320		616,051
Hershey Co.		732		190,100
J M Smucker Co.		2,440		357,680
Keurig Dr Pepper, Inc.		11,468		356,884
Mondelez International, Inc.		17,080		1,253,843
PepsiCo, Inc.		8,784		1,601,762
				5,458,351
Health Care Equipment & Services - 3.73%
Boston Scientific Corp. (a)		9,760		502,445
Cardinal Health, Inc.		2,196		180,731
Cigna Group		976		241,472
HCA Healthcare, Inc.		1,708		451,237
Hologic, Inc. (a)		7,808		615,972
Humana, Inc.		488		244,913
Intuitive Surgical, Inc. (a)		732		225,339
McKesson Corp.		732		286,095
Stryker Corp.		976		268,966
UnitedHealth Group, Inc.		4,392		2,139,957
Universal Health Services, Inc.		976		128,959
Veeva Systems, Inc. (a)		1,464		242,585
Zimmer Biomet Holdings, Inc.		1,708		217,497
				5,746,168
Household & Personal Products - 1.12%
Kimberly-Clark Corp.		976		131,057
Procter & Gamble Co.		11,224		1,599,420
				1,730,477
Insurance - 1.56%
Aflac, Inc.		12,444		799,030
Arch Capital Group Ltd. (a)(b)		5,612		391,156
Everest Re Group Ltd. (b)		244		82,965
Fidelity National Financial, Inc.		6,588		224,914
Globe Life, Inc.		2,196		226,583
Hartford Financial Services Group, Inc.		1,708		117,032
Principal Financial Group, Inc.		8,540		559,029
				2,400,709
Materials - 1.74%
Albemarle Corp.		1,220		236,107
CF Industries Holdings, Inc.		732		45,025
Corteva, Inc.		5,368		287,134
DuPont de Nemours, Inc.		7,564		508,225
Freeport-McMoRan, Inc.		5,612		192,716
International Paper Co.		4,392		129,300
Linde PLC (b)		3,172		1,121,811
Mosaic Co.		1,464		46,789
Nucor Corp.		244		32,223
Steel Dynamics, Inc.		976		89,694
				2,689,024
Media & Entertainment - 6.24%
Alphabet, Inc. (a)		7,076		872,966
Alphabet, Inc. (a)		30,500		3,747,536
Comcast Corp.		6,832		268,839
Fox Corp.		9,272		289,286
Fox Corp.		10,736		313,599
Meta Platforms, Inc. (a)		9,760		2,583,668
Netflix, Inc. (a)		732		289,308
Paramount Global		1,220		21,435
Pinterest, Inc. (a)		3,172		75,938
ROBLOX Corp. (a)		2,684		112,352
Roku, Inc. (a)		1,220		71,004
Snap, Inc. (a)		6,100		62,220
Trade Desk, Inc. (a)		2,440		170,995
Walt Disney Co. (a)		8,296		729,716
				9,608,862
Pharmaceuticals, Biotechnology & Life Sciences - 7.49%
AbbVie, Inc.		6,100		841,556
Agilent Technologies, Inc.		6,832		790,257
Avantor, Inc. (a)		10,492		209,210
Biogen, Inc. (a)		976		289,296
Bristol-Myers Squibb Co.		13,664		880,508
Catalent, Inc. (a)		2,928		109,009
Danaher Corp.		1,464		336,164
Eli Lilly & Co.		3,660		1,571,825
Gilead Sciences, Inc.		11,712		901,121
Johnson & Johnson		9,516		1,475,551
Merck & Co, Inc.		13,664		1,508,642
Moderna, Inc. (a)		1,952		249,290
Pfizer, Inc.		28,304		1,076,118
Regeneron Pharmaceuticals, Inc. (a)		244		179,477
Thermo Fisher Scientific, Inc.		1,708		868,450
Vertex Pharmaceuticals, Inc. (a)		488		157,902
Viatris, Inc.		11,224		102,700
				11,547,076
Real Estate Management & Development - 0.29%
CBRE Group, Inc. (a)		2,196		164,524
Zillow Group, Inc. (a)		2,928		131,145
Zillow Group, Inc. (a)		3,416		155,804
				451,473
Semiconductors & Semiconductor Equipment - 6.54%
Advanced Micro Devices, Inc. (a)		2,196		259,589
Analog Devices, Inc.		2,440		433,564
Applied Materials, Inc.		7,076		943,231
Broadcom, Inc.		2,684		2,168,565
KLA Corp.		488		216,179
Lam Research Corp.		488		300,950
Microchip Technology, Inc.		9,516		716,174
NVIDIA Corp.		10,248		3,877,227
ON Semiconductor Corp. (a)		1,708		142,789
QUALCOMM, Inc.		2,196		249,048
Skyworks Solutions, Inc.		5,368		555,642
Texas Instruments, Inc.		1,220		212,134
				10,075,092
Software & Services - 11.01%
Accenture PLC (b)		5,856		1,791,468
Adobe, Inc. (a)		3,172		1,325,230
ANSYS, Inc. (a)		732		236,868
Cloudflare, Inc. (a)		2,684		185,625
Datadog, Inc. (a)		2,684		254,738
DocuSign, Inc. (a)		2,196		123,854
Microsoft Corp.		28,792		9,455,005
Okta, Inc. (a)		1,464		133,078
Oracle Corp.		976		103,397
Palantir Technologies, Inc. (a)		14,640		215,354
Roper Technologies, Inc.		1,708		775,808
Salesforce, Inc. (a)		5,368		1,199,104
Snowflake, Inc. (a)		1,220		201,739
Synopsys, Inc. (a)		976		444,041
Twilio, Inc. (a)		2,684		186,860
UiPath, Inc. (a)		4,148		74,208
Unity Software, Inc. (a)		2,928		87,020
Zoom Video Communications, Inc. (a)		2,440		163,797
				16,957,194
Technology Hardware & Equipment - 8.81%
Amphenol Corp.		5,856		441,835
Apple, Inc.		58,072		10,293,263
Arista Networks, Inc. (a)		976		162,348
CDW Corp.		732		125,677
Cisco Systems, Inc.		25,620		1,272,545
Corning, Inc.		10,492		323,259
Hewlett Packard Enterprise Co.		15,372		221,664
Juniper Networks, Inc.		12,932		392,745
Keysight Technologies, Inc. (a)		1,708		276,354
Motorola Solutions, Inc.		244		68,788
				13,578,478
Telecommunication Services - 1.15%
AT&T, Inc.		13,664		214,935
T-Mobile US, Inc. (a)		5,368		736,758
Verizon Communications, Inc.		22,936		817,209
				1,768,902
Transportation - 1.59%
American Airlines Group, Inc. (a)		1,708		25,244
Delta Air Lines, Inc. (a)		1,708		62,052
Expeditors International of Washington, Inc.		1,708		188,409
FedEx Corp.		732		159,561
JB Hunt Transport Services, Inc.		244		40,741
Old Dominion Freight Line, Inc.		1,220		378,737
Southwest Airlines Co.		976		29,153
Uber Technologies, Inc. (a)		5,856		222,118
Union Pacific Corp.		2,684		516,724
United Airlines Holdings, Inc. (a)		1,952		92,652
United Parcel Service, Inc.		4,392		733,464
				2,448,855
Utilities - 3.02%
AES Corp.		10,736		211,929
Ameren Corp.		5,124		415,403
American Electric Power Co, Inc.		2,196		182,532
CenterPoint Energy, Inc.		18,056		509,360
Consolidated Edison, Inc.		4,392		409,774
Constellation Energy Corp.		2,684		225,510
Edison International		1,708		115,324
Evergy, Inc.		9,272		536,385
NextEra Energy, Inc.		9,272		681,120
NiSource, Inc.		20,984		564,259
PG&E Corp. (a)		22,692		384,402
PPL Corp.		13,664		357,997
Xcel Energy, Inc.		976		63,723
				4,657,718
TOTAL COMMON STOCKS (Cost $130,632,634)				133,181,000
EXCHANGE TRADED FUNDS - 9.57%
Dimensional US Small Cap ETF		292,800		14,745,408
TOTAL EXCHANGE TRADED FUNDS (Cost $14,931,936)				14,745,408
REAL ESTATE INVESTMENT TRUSTS - 2.40%
Equity Real Estate Investment Trusts (REITs) - 2.40%
American Tower Corp.		2,928		540,040
Boston Properties, Inc.		2,440		118,755
Host Hotels & Resorts, Inc.		19,276		319,982
Iron Mountain, Inc.		4,148		221,586
Prologis, Inc.		5,612		698,974
Public Storage		244		69,125
Realty Income Corp.		2,440		145,034
Regency Centers Corp.		7,808		439,356
Simon Property Group, Inc.		1,952		205,253
VICI Properties, Inc.		9,760		301,877
Weyerhaeuser Co.		11,224		321,680
WP Carey, Inc.		4,636		321,553
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,894,399)				3,703,215
SHORT-TERM INVESTMENTS - 1.48%
First American Government Obligations Fund, Class X, 4.965% (c)		2,278,396		2,278,396
TOTAL SHORT-TERM INVESTMENTS (Cost $2,278,396)				2,278,396
Total Investments (Cost $151,737,365) - 99.89%				153,908,019
Other Assets in Excess of Liabilities - 0.11%				168,270
TOTAL NET ASSETS - 100.00%			$	154,076,289

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate shown represents the seven day yield at May 31, 2023.
Abbreviations
ADR	American Depositary Receipt
PLC	Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.

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:
Equity
Common Stocks*	$	133,181,000	$	-	$	-	$	133,181,000
Exchange-Traded Funds		14,745,408		-		-		14,745,408
Real Estate Investment Trusts*		3,703,215		-		-		3,703,215
Total Equity		151,629,623		-		-		151,629,623
Money Market Funds		2,278,396		-		-		2,278,396
Total Investments in Securities	$	153,908,019	$	-	$	-	$	153,908,019

* 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.