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. |