ActivePassive Intermediate Municipal Bond ETF
Schedule of Investments
November 30, 2023 (Unaudited)
	Principal
	Amount		Value
MUNICIPAL BONDS - 92.52%
Alabama Federal Aid Highway Finance Authority
5.000%, 09/01/2036	$	20,000	$	21,186
Allegheny County Hospital Development Authority
5.000%, 07/15/2028		345,000		372,566
5.000%, 07/15/2031		200,000		217,300
Anaheim Public Financing Authority
0.000%, 09/01/2031		170,000		128,362
Bartow County Development Authority
2.875%, 08/01/2043 (a)		135,000		131,454
Bay Area Toll Authority
4.000%, 04/01/2032		145,000		149,382
Black Belt Energy Gas District
4.000%, 07/01/2052 (a)		20,000		19,913
Board of Regents of the University of Texas System
5.000%, 08/15/2025		85,000		87,919
Buckeye Tobacco Settlement Financing Authority
5.000%, 06/01/2033		25,000		26,653
California State Public Works Board
5.000%, 12/01/2024		320,000		325,945
Canadian County Educational Facilities Authority
3.000%, 09/01/2029		175,000		167,986
Central Florida Expressway Authority
5.000%, 07/01/2028		170,000		186,131
Central Puget Sound Regional Transit Authority
5.000%, 11/01/2024		170,000		172,906
5.000%, 11/01/2030		245,000		280,028
City & County of Denver CO Airport System Revenue
5.000%, 11/15/2032		250,000		291,859
City & County of Honolulu HI
5.000%, 03/01/2031		95,000		106,797
City of Dallas TX
5.000%, 02/15/2031		200,000		226,124
City of Houston TX Airport System Revenue
5.000%, 07/01/2029		220,000		238,523
City of Houston TX Combined Utility System Revenue
0.000%, 12/01/2028		35,000		29,987
City of Jacksonville FL
5.000%, 10/01/2026		90,000		95,329
City of New York NY
5.000%, 08/01/2029		265,000		277,865
5.000%, 08/01/2030		150,000		170,379
5.000%, 12/01/2032		90,000		94,728
City of Raleigh NC Combined Enterprise System Revenue
5.000%, 09/01/2027		20,000		21,676
City of San Antonio TX Electric & Gas Systems Revenue
5.000%, 02/01/2025		225,000		229,719
5.000%, 02/01/2032		95,000		98,540
Cleveland County Independent School District No 2 Moore
3.000%, 03/01/2025		115,000		114,794
Commonwealth of Massachusetts
5.250%, 09/01/2024		280,000		284,638
Commonwealth of Pennsylvania
5.000%, 10/01/2024		370,000		375,879
3.000%, 03/15/2030		70,000		68,079
5.000%, 08/15/2032		420,000		430,440
Connecticut State Health & Educational Facilities Authority
5.000%, 07/01/2029		160,000		179,670
County of Bexar TX
5.000%, 06/15/2030		60,000		62,947
County of Clark NV
5.000%, 07/01/2026		120,000		126,156
County of Harris TX
5.000%, 08/15/2025		255,000		263,415
5.000%, 08/15/2030		410,000		428,185
County of Harris TX Toll Road Revenue
5.000%, 08/15/2027		220,000		236,997
County of King WA Sewer Revenue
5.000%, 07/01/2024		200,000		202,022
4.000%, 07/01/2030		290,000		295,827
County of Manatee FL Public Utilities Revenue
5.000%, 10/01/2032		200,000		233,279
County of Montgomery MD
5.000%, 11/01/2028		105,000		106,757
County of Prince George's MD
5.000%, 09/15/2029		95,000		106,975
County of Wake NC
5.000%, 05/01/2030		95,000		108,024
Curators of the University of Missouri
5.000%, 11/01/2030		250,000		286,760
Dallas College
5.000%, 02/15/2030		35,000		39,509
Dallas Fort Worth International Airport
5.000%, 11/01/2031		55,000		63,232
Denton Independent School District
5.000%, 08/15/2032		25,000		29,110
District of Columbia
5.000%, 10/15/2025		290,000		300,779
5.000%, 06/01/2026		150,000		154,268
5.000%, 10/15/2028		250,000		276,966
Energy Northwest
5.000%, 07/01/2026		150,000		151,440
Ernest N Morial New Orleans Exhibition Hall Authority
5.000%, 07/15/2029		200,000		220,877
Florida Department of Management Services
5.000%, 11/01/2028		295,000		325,101
Florida Municipal Power Agency
5.000%, 10/01/2027		50,000		52,251
Georgia State Road & Tollway Authority
5.000%, 06/01/2030		165,000		186,307
Hillsborough County School Board
5.000%, 07/01/2029		355,000		388,037
Houston County Health Care Authority
5.000%, 10/01/2030		135,000		137,467
Illinois Finance Authority
5.000%, 07/01/2027		285,000		302,912
Illinois State Toll Highway Authority
5.000%, 01/01/2030		150,000		168,726
Indiana Finance Authority
5.000%, 06/01/2027		165,000		175,074
5.000%, 06/01/2028		125,000		132,632
Industrial Development Authority of the County of Pima/The
5.000%, 04/01/2031		250,000		273,156
Intermountain Power Agency
5.000%, 07/01/2026		200,000		210,515
5.000%, 07/01/2031		320,000		367,142
Iowa Finance Authority
5.000%, 08/01/2032		250,000		287,523
JEA Water & Sewer System Revenue
5.000%, 10/01/2028		160,000		173,040
Johnson County Unified School District No 233 Olathe
2.250%, 09/01/2026		405,000		390,425
Kendall Kane & Will Counties Community Unit School District No 308
5.000%, 02/01/2029		125,000		135,010
Kentucky Asset Liability Commission
5.000%, 09/01/2026		410,000		413,740
Kentucky State Property & Building Commission
5.000%, 11/01/2027		40,000		42,250
Los Angeles Department of Water & Power
5.000%, 07/01/2026		200,000		211,690
Louisville/Jefferson County Metropolitan Government
5.000%, 10/01/2047 (a)		110,000		117,451
Lower Colorado River Authority
5.000%, 05/15/2028		200,000		217,766
Maricopa County Industrial Development Authority
5.000%, 01/01/2033		190,000		198,642
Maryland Stadium Authority Built to Learn Revenue
5.000%, 06/01/2025		175,000		179,683
Massachusetts Development Finance Agency
5.000%, 07/01/2050 (a)		70,000		77,878
Massachusetts Housing Finance Agency
3.350%, 06/01/2027		265,000		263,743
3.050%, 12/01/2027		520,000		513,169
Metropolitan Atlanta Rapid Transit Authority
5.000%, 07/01/2026		200,000		210,923
Metropolitan Government of Nashville & Davidson County TN
5.000%, 07/01/2029		25,000		27,430
5.000%, 07/01/2032		90,000		98,527
Michigan Finance Authority
5.000%, 07/01/2031		50,000		50,272
Michigan State Building Authority
5.000%, 10/15/2030		200,000		209,425
Municipal Improvement Corp. of Los Angeles
5.000%, 11/01/2028		190,000		201,813
New Jersey Economic Development Authority
3.125%, 07/01/2031		255,000		252,163
New Jersey Educational Facilities Authority
4.000%, 07/01/2028		790,000		791,422
New Jersey Transportation Trust Fund Authority
5.000%, 12/15/2031		100,000		110,015
5.000%, 06/15/2032		200,000		228,372
New Jersey Turnpike Authority
5.000%, 01/01/2027		145,000		154,157
5.000%, 01/01/2031		475,000		512,309
5.000%, 01/01/2033		90,000		96,754
New York City Housing Development Corp.
0.600%, 05/01/2061 (a)		80,000		75,218
New York City Transitional Finance Authority Building Aid Revenue
5.000%, 07/15/2027		230,000		248,164
New York City Transitional Finance Authority Future Tax Secured Revenue
5.000%, 08/01/2024		385,000		389,671
5.000%, 08/01/2024		390,000		394,731
New York State Dormitory Authority
5.000%, 02/15/2032		235,000		250,688
5.000%, 03/15/2032		165,000		187,971
New York State Thruway Authority
5.000%, 01/01/2028		425,000		433,255
New York State Urban Development Corp.
5.000%, 03/15/2029		155,000		172,483
North East Independent School District/TX
2.200%, 08/01/2049 (a)		255,000		250,075
Ohio Water Development Authority
5.000%, 06/01/2027		175,000		188,265
Oklahoma Water Resources Board
5.000%, 04/01/2026		100,000		104,802
Parish of St John the Baptist LA
2.375%, 06/01/2037 (a)		25,000		23,762
Regional Transportation District Sales Tax Revenue
5.000%, 11/01/2026		25,000		26,554
Sales Tax Securitization Corp.
5.000%, 01/01/2033		20,000		22,619
School Board of Miami-Dade County
3.250%, 02/01/2033		235,000		230,088
School District of Philadelphia/The
5.000%, 09/01/2026		20,000		20,965
Seattle Housing Authority
1.000%, 06/01/2026		225,000		208,735
State of California
5.000%, 11/01/2028		155,000		172,320
5.000%, 11/01/2031		130,000		139,913
3.500%, 09/01/2032		100,000		100,008
5.000%, 11/01/2032		210,000		210,678
State of Connecticut Special Tax Revenue
5.000%, 07/01/2027		125,000		134,714
5.000%, 05/01/2031		65,000		73,443
State of Florida
5.000%, 06/01/2027		245,000		264,079
5.000%, 06/01/2030		105,000		119,494
5.000%, 06/01/2031		30,000		34,686
State of Georgia
3.000%, 02/01/2030		35,000		34,833
5.000%, 07/01/2031		225,000		246,867
2.500%, 02/01/2033		10,000		9,217
State of Hawaii
4.000%, 10/01/2031		55,000		56,071
State of Illinois
5.000%, 11/01/2025		50,000		51,349
5.000%, 11/01/2028		45,000		47,669
5.000%, 03/01/2031		45,000		49,502
State of Kansas Department of Transportation
5.000%, 09/01/2025		120,000		123,991
5.000%, 09/01/2026		355,000		367,068
State of Maryland
5.000%, 08/01/2025		175,000		181,263
5.000%, 08/01/2029		210,000		236,013
5.000%, 03/15/2031		115,000		132,607
5.000%, 08/01/2031		245,000		284,167
State of Maryland Department of Transportation
4.000%, 10/01/2030		735,000		779,453
State of Michigan
5.000%, 03/15/2026		190,000		198,666
State of Michigan Trunk Line Revenue
5.000%, 11/15/2031		140,000		163,532
State of Nevada Highway Improvement Revenue
3.000%, 12/01/2029		780,000		773,534
State of New Mexico
5.000%, 03/01/2025		35,000		35,856
State of New Mexico Severance Tax Permanent Fund
4.000%, 07/01/2024		260,000		261,383
State of North Carolina
5.000%, 03/01/2028		620,000		633,670
5.000%, 05/01/2031		125,000		143,522
State of Ohio
5.000%, 08/01/2025		120,000		124,077
5.000%, 09/15/2027		60,000		64,950
State of Oregon
5.000%, 05/01/2028		265,000		291,104
State of Washington
5.000%, 06/01/2029		200,000		223,527
5.000%, 07/01/2029		190,000		197,421
5.000%, 08/01/2029		50,000		56,026
State of Wisconsin
5.000%, 11/01/2030		185,000		198,169
5.000%, 05/01/2031		105,000		121,625
Tennessee Energy Acquisition Corp.
4.000%, 11/01/2049 (a)		20,000		19,875
Triborough Bridge & Tunnel Authority
0.000%, 11/15/2030		135,000		104,742
Trinity River Authority Central Regional Wastewater System Revenue
5.000%, 08/01/2026		35,000		36,947
5.000%, 08/01/2029		315,000		350,864
Trust for Cultural Resources of The City of New York
5.000%, 07/01/2031		50,000		57,256
Utility Debt Securitization Authority
5.000%, 06/15/2027		145,000		149,616
Virginia College Building Authority
5.000%, 02/01/2025		210,000		215,032
5.000%, 02/01/2031		275,000		315,149
Virginia Public Building Authority
5.000%, 08/01/2030		100,000		114,174
Virginia Public School Authority
5.000%, 08/01/2028		280,000		288,334
Washington Health Care Facilities Authority
5.000%, 01/01/2047		120,000		127,251
West Virginia Commissioner of Highways
5.000%, 09/01/2025		225,000		232,367
TOTAL MUNICIPAL BONDS (Cost $31,154,791)				30,777,314
	Shares
EXCHANGE TRADED FUNDS - 5.22%
iShares National Muni Bond ETF		16,308		1,737,128
TOTAL EXCHANGE TRADED FUNDS (Cost $1,682,286)				1,737,128
MONEY MARKET FUNDS - 1.03%
First American Government Obligations Fund, Class X, 5.285% (b)		340,838		340,838
TOTAL MONEY MARKET FUNDS (Cost $340,838)				340,838
Total Investments (Cost $33,177,915) - 98.77%				32,855,280
Other Assets in Excess of Liabilities - 1.23%				409,672
TOTAL NET ASSETS - 100.00%			$	33,264,952

Percentages are stated as a percent of net assets.
(a)	Variable rate security; the rate shown represents the rate at November 30, 2023.
(b)	The rate shown represents the seven day yield at November 30, 2023.
The accompanying notes are an integral part of these schedule of investments.

Summary of Fair Value Exposure at November 30, 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 November 30, 2023.

	Level 1		Level 2		Level 3		Total
Assets:
Fixed Income Securities:
Municipal Bonds	$	-	$	30,777,314	$	-	$	30,777,314
Total Fixed Income Securities		-		30,777,314		-		30,777,314
Exchange-Traded Funds		1,737,128		-		-		1,737,128
Money Market Funds		340,838		-		-		340,838
Total Investments in Securities	$	2,077,966	$	30,777,314	$	-	$	32,855,280
The Fund did not hold any Level 3 securities during the period ended November 30, 2023.