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. |