Trust for Professional Managers (APCB) NPORT-P/A ActivePassive International Equity ETF (Nov 2024 report)

ActivePassive International Equity ETF
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 98.4%	Shares		Value
Automobiles & Components - 2.9%
BYD Co. Ltd. - ADR		33,389	$	2,200,669
Cie Generale des Etablissements Michelin SCA - ADR		117,858		1,915,192
Dr Ing hc F Porsche AG - ADR		42,610		263,330
Geely Automobile Holdings Ltd. - ADR		27,076		968,779
Honda Motor Co. Ltd. - ADR		163,256		4,228,330
Li Auto, Inc. - ADR (a)(b)		29,895		707,914
Lotus Technology inc - ADR (a)		4,363		17,670
Mercedes-Benz Group AG - ADR		109,338		1,520,892
NIO, Inc. - ADR (a)(b)		61,868		277,169
Suzuki Motor Corp. - ADR (b)		20,459		868,689
Toyota Motor Corp. - ADR		54,549		9,307,696
Volkswagen AG - ADR		19,393		169,757
Volkswagen AG - ADR		26,996		229,061
XPeng, Inc. - ADR (a)(b)		29,605		356,740
				23,031,888
Banks - 12.1%
Agricultural Bank of China Ltd. - ADR		38,895		488,241
Banco Bilbao Vizcaya Argentaria SA - ADR (b)		405,830		3,835,094
Banco Bradesco SA - ADR		322,534		686,997
Banco de Chile - ADR		22,156		505,157
Banco do Brasil SA - ADR (b)		110,332		455,671
Banco Macro SA - ADR		1,506		127,859
Banco Santander SA - ADR		891,980		4,120,948
Bank Central Asia Tbk PT - ADR		75,829		1,198,857
Bank Mandiri Persero Tbk PT - ADR		54,314		849,471
Bank of China Ltd. - ADR		130,246		1,519,971
Bank Rakyat Indonesia Persero Tbk PT - ADR		32,488		437,288
Barclays PLC - ADR		495,465		6,678,868
BNP Paribas SA - ADR		32,151		959,386
CaixaBank SA - ADR		53,019		94,459
China Construction Bank Corp. - ADR		370,267		5,624,356
China Merchants Bank Co. Ltd. - ADR		26,780		616,877
Commonwealth Bank of Australia - ADR		75,640		7,821,176
DBS Group Holdings Ltd. - ADR		5,061		641,684
Erste Group Bank AG - ADR		15,531		424,773
Grupo Financiero Banorte SAB de CV - ADR		17,808		597,102
Grupo Financiero Galicia SA - ADR		6,660		375,890
Grupo Supervielle SA - ADR		13,840		165,111
HDFC Bank Ltd. - ADR		122,109		8,151,997
HSBC Holdings PLC - ADR (b)		207,386		9,724,330
ICICI Bank Ltd. - ADR		135,246		4,131,765
Industrial & Commercial Bank of China Ltd. - ADR		131,967		1,565,129
ING Groep NV - ADR (b)		250,566		3,871,245
Intesa Sanpaolo SpA - ADR		54,477		1,256,784
Kasikornbank PCL - ADR		10,842		194,939
KB Financial Group, Inc. - ADR		26,703		1,840,638
Lloyds Banking Group PLC - ADR		1,250,426		3,376,150
Mitsubishi UFJ Financial Group, Inc. - ADR		379,862		4,524,156
Mizuho Financial Group, Inc. - ADR		673,560		3,421,685
National Australia Bank Ltd. - ADR		15,963		205,923
NatWest Group PLC - ADR (a)		316,904		3,276,787
Nedbank Group Ltd. - ADR		50		812
Oversea-Chinese Banking Corp. Ltd. - ADR		7,171		169,821
Shinhan Financial Group Co. Ltd. - ADR		55,657		2,147,247
Societe Generale SA - ADR		63,429		339,345
Standard Bank Group Ltd. - ADR		28,828		380,241
Standard Chartered PLC - ADR		36,648		912,169
Sumitomo Mitsui Financial Group, Inc. - ADR		324,775		4,809,918
UniCredit SpA - ADR (b)		153,538		2,935,647
United Overseas Bank Ltd. - ADR		18,033		981,969
Woori Financial Group, Inc. - ADR		28,765		1,028,061
				97,471,994
Capital Goods - 9.1%
ABB Ltd. - ADR		51,570		2,944,647
Airbus SE - ADR		84,952		3,313,128
Alstom SA - ADR		1,663,343		3,675,988
Ashtead Group PLC - ADR		3,293		1,074,967
Assa Abloy AB - ADR		267,623		4,108,816
Astra International Tbk PT - ADR		76,263		484,270
Atlas Copco AB - ADR		84,714		1,348,647
Atlas Copco AB - ADR		14,895		209,483
Cie de Saint-Gobain SA - ADR		276,328		5,051,276
CK Hutchison Holdings Ltd. - ADR		208,372		1,079,367
Daikin Industries Ltd. - ADR		52,762		636,837
Daimler Truck Holding AG - ADR		40,745		772,525
Diploma PLC - ADR		8,006		1,917,437
EHang Holdings Ltd. - ADR (a)		1,765		27,393
Embraer SA - ADR (a)(b)		27,123		1,036,912
FANUC Corp. - ADR		185,161		2,401,538
Geberit AG - ADR		5,988		360,298
Hitachi Ltd. - ADR		98,343		4,944,686
IMCD NV - ADR		16,717		1,241,070
ITOCHU Corp. - ADR		18,166		1,797,707
Kingspan Group PLC - ADR		6,528		491,820
Komatsu Ltd. - ADR		33,174		898,020
Kone Oyj - ADR		17,239		447,525
Mitsubishi Electric Corp. - ADR		29,631		1,011,010
Mitsui & Co. Ltd. - ADR		3,702		1,554,100
Nano Dimension Ltd. - ADR (a)		205,927		444,802
NIDEC CORP - ADR		87,555		400,126
Rheinmetall AG - ADR		5,634		739,970
Rolls-Royce Holdings PLC - ADR (a)(b)		704,725		4,996,500
Schneider Electric SE - ADR		154,740		7,979,942
Siemens AG - ADR		77,032		7,474,415
Siemens Energy AG - ADR (a)		11,188		605,047
SMC Corp. - ADR		70,130		1,496,574
Sumitomo Corp. - ADR		9,398		201,681
Techtronic Industries Co. Ltd. - ADR		17,090		1,213,048
Toyota Industries Corp. - ADR		1,219		90,870
VAT Group AG - ADR		28,740		1,149,313
Vestas Wind Systems AS - ADR (a)		40,943		210,447
Volvo AB - ADR		95,219		2,365,240
WEG SA - ADR		47,243		421,880
				72,619,322
Commercial & Professional Services - 3.7%
Brambles Ltd. - ADR		19,216		479,631
Bureau Veritas SA - ADR		2		122
Computershare Ltd. - ADR (b)		69,307		1,442,972
Experian PLC - ADR		83,686		4,002,693
Recruit Holdings Co. Ltd. - ADR		440,097		6,104,145
RELX PLC - ADR		265,271		12,488,959
Rentokil Initial PLC - ADR		81,787		2,088,840
SGS SA - ADR		75,973		749,853
Wolters Kluwer NV - ADR		13,748		2,293,689
				29,650,904
Consumer Discretionary Distribution & Retail - 4.1%
Alibaba Group Holding Ltd. - ADR		104,177		9,101,944
ATRenew, Inc. - ADR (a)		37,197		122,378
Baozun, Inc. - ADR (a)		27,171		69,286
Cango, Inc./KY - ADR (a)		49,741		205,928
D-MARKET Elektronik Hizmetler ve Ticaret AS - ADR (a)		4,378		13,003
Fast Retailing Co. Ltd. - ADR		56,962		1,942,404
H & M Hennes & Mauritz AB - ADR		23,846		65,338
Industria de Diseno Textil SA - ADR		289,521		7,986,437
JD.com, Inc. - ADR (b)		91,118		3,405,991
Jumia Technologies AG - ADR (a)		11,961		46,648
Kingfisher PLC - ADR		114,115		720,066
MINISO Group Holding Ltd. - ADR		3,979		79,620
MYT Netherlands Parent BV - ADR (a)		29,382		196,859
Naspers Ltd. - ADR		46,746		2,136,760
Nitori Holdings Co. Ltd. - ADR		43,778		558,169
PDD Holdings, Inc. - ADR (a)		35,302		3,408,761
Prosus NV - ADR		188,834		1,540,885
Vipshop Holdings Ltd. - ADR		34,123		471,239
Wesfarmers Ltd. - ADR		23,249		545,305
				32,617,021
Consumer Durables & Apparel - 3.8%
adidas AG - ADR		8,981		1,058,321
ANTA Sports Products Ltd. - ADR		2,044		513,044
Berkeley Group Holdings PLC - ADR (b)		54,228		579,155
BRP, Inc.		20,877		1,017,336
Cie Financiere Richemont SA - ADR		165,799		2,304,606
Haier Smart Home Co. Ltd. - ADR		62,446		830,532
Hermes International SCA - ADR		24,752		5,400,886
Kering SA - ADR		130,369		3,040,205
Li Ning Co. Ltd. - ADR		4,035		212,189
LVMH Moet Hennessy Louis Vuitton SE - ADR		67,451		8,384,159
Sekisui House Ltd. - ADR		14,890		353,191
Shenzhou International Group Holdings Ltd. - ADR		15,590		119,264
Shimano, Inc. - ADR		67,590		937,473
Sony Group Corp. - ADR		295,884		5,932,474
				30,682,835
Consumer Services - 2.2%
Amadeus IT Group SA - ADR		5,565		390,607
Atour Lifestyle Holdings Ltd. - ADR		4,997		125,675
Carnival PLC - ADR (a)		42,728		982,317
Compass Group PLC - ADR		13,743		474,271
H World Group Ltd. - ADR		7,930		255,108
InterContinental Hotels Group PLC - ADR (b)		25,686		3,242,858
Meituan - ADR (a)		137,929		5,751,639
New Oriental Education & Technology Group, Inc. - ADR		4,310		251,359
Oriental Land Co. Ltd./Japan - ADR (b)		13,288		314,128
Pearson PLC - ADR		173,647		2,714,103
Sodexo SA - ADR		33,690		561,612
TAL Education Group - ADR (a)		19,455		193,188
Trip.com Group Ltd. - ADR (a)		38,427		2,484,306
Tuniu Corp. - ADR (a)		18,235		20,788
Youdao, Inc. - ADR (a)		14,163		95,175
				17,857,134
Consumer Staples Distribution & Retail - 0.8%
Carrefour SA - ADR		234,984		719,051
Clicks Group Ltd. - ADR		64,611		2,819,624
Dada Nexus Ltd. - ADR (a)		13,085		19,104
DingDong Cayman Ltd. - ADR (a)		6,624		28,351
Sendas Distribuidora S/A - ADR (a)		22,469		118,187
Tesco PLC - ADR		119,124		1,661,780
Wal-Mart de Mexico SAB de CV - ADR		24,083		637,236
				6,003,333
Energy - 3.3%
BP PLC - ADR		187,177		5,486,158
China Shenhua Energy Co. Ltd. - ADR		14,996		248,334
Eni SpA - ADR (b)		82,949		2,337,503
Equinor ASA - ADR (b)		64,302		1,554,822
Inpex Corp. - ADR		28,146		368,713
Petroleo Brasileiro SA - ADR		93,799		1,339,450
Shell PLC - ADR		137,030		8,871,322
Tenaris SA - ADR (b)		17,425		667,900
TotalEnergies SE - ADR (b)		78,101		4,529,077
Ultrapar Participacoes SA - ADR		41,380		122,071
Vista Energy SAB de CV - ADR (a)		5,126		272,857
Woodside Energy Group Ltd. - ADR		41,160		660,206
YPF SA - ADR (a)(b)		7,153		288,266
				26,746,679
Financial Services - 3.4%
3i Group PLC - ADR		86,088		2,068,695
Adyen NV - ADR (a)		115,752		1,680,719
AMTD IDEA Group - ADR (a)		207,077		254,705
B3 SA - Brasil Bolsa Balcao - ADR (b)		28,429		129,517
CNFinance Holdings Ltd. - ADR (a)		982		933
Deutsche Bank AG		95,346		1,621,835
FinVolution Group - ADR		155,236		1,083,547
Futu Holdings Ltd. - ADR (a)		7,333		639,658
Hong Kong Exchanges & Clearing Ltd. - ADR (b)		75,456		2,840,164
Jiayin Group, Inc. - ADR		13,773		88,147
Julius Baer Group Ltd. - ADR		59,692		787,337
Kaspi.KZ JSC - ADR		372		39,581
London Stock Exchange Group PLC - ADR		87,368		3,180,195
Lufax Holding Ltd. - ADR		7,524		18,434
Nomura Holdings, Inc. - ADR		408,465		2,483,467
ORIX Corp. - ADR		47,896		5,403,627
Qifu Technology, Inc. - ADR		18,801		716,506
UBS Group AG		130,685		4,226,353
X Financial - ADR		28,032		212,482
Yiren Digital Ltd. - ADR		4,420		22,233
				27,498,135
Food, Beverage & Tobacco - 4.4%
Ambev SA - ADR		412,581		874,672
Anheuser-Busch InBev SA/NV - ADR		94,000		5,057,200
Associated British Foods PLC - ADR		8,403		239,444
BRF SA - ADR		39,580		163,465
British American Tobacco PLC - ADR		191,945		7,282,393
China Resources Beer Holdings Co. Ltd. - ADR		19,027		128,432
Cia Cervecerias Unidas SA - ADR		41,297		473,264
Coca-Cola Femsa SAB de CV - ADR		6,086		484,628
Cresud SACIF y A - ADR		20,507		265,156
Danone SA - ADR		62,418		856,375
Diageo PLC - ADR		47,356		5,652,412
Embotelladora Andina SA - ADR		27,185		480,359
Embotelladora Andina SA - ADR		31,831		423,352
Fomento Economico Mexicano SAB de CV - ADR		4,182		373,829
Heineken NV - ADR		26,603		988,302
JBS S/A - ADR		48,761		599,760
Nestle SA - ADR		102,475		8,892,781
Oatly Group AB - ADR (a)		141,228		98,747
Pernod Ricard SA - ADR (b)		41,272		928,207
RLX Technology, Inc. - ADR		11,030		21,839
WH Group Ltd. - ADR		68,584		1,087,742
				35,372,359
Health Care Equipment & Services - 1.9%
Brainsway Ltd. - ADR (a)		34,679		342,282
Coloplast AS - ADR		118,273		1,494,971
EDAP TMS SA - ADR (a)		17,399		42,454
EssilorLuxottica SA - ADR		19,609		2,384,062
Fresenius Medical Care AG - ADR (b)		70,701		1,556,836
Hoya Corp. - ADR		11,994		1,548,186
Koninklijke Philips NV (a)		141,866		3,864,430
M3, Inc. - ADR		211,118		1,013,366
Sinopharm Group Co. Ltd. - ADR		4,153		56,194
Smith & Nephew PLC - ADR (b)		81,875		2,110,737
Sonova Holding AG - ADR		4,091		279,266
Terumo Corp. - ADR		13,753		280,424
				14,973,208
Household & Personal Products - 2.9%
Haleon PLC - ADR		245,926		2,375,645
Henkel AG & Co. KGaA - ADR		97,613		1,851,719
Henkel AG & Co. KGaA - ADR		5,626		120,115
Kao Corp. - ADR		37,924		328,422
L'Oreal SA - ADR		77,524		5,403,423
Reckitt Benckiser Group PLC - ADR		234,833		2,917,330
Unilever PLC - ADR		176,437		10,557,990
				23,554,644
Insurance - 3.5%
AIA Group Ltd. - ADR		102,999		3,100,270
Allianz SE - ADR		200,009		6,178,278
Aon PLC - Class A		7,147		2,798,336
Aviva PLC - ADR		6,790		84,468
AXA SA - ADR		27,850		972,801
Gjensidige Forsikring ASA - ADR		77,143		1,344,988
Legal & General Group PLC - ADR		55,272		780,993
MS&AD Insurance Group Holdings, Inc. - ADR		40,128		890,842
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen - ADR		129,712		1,351,599
Ping An Insurance Group Co. of China Ltd. - ADR		135,197		1,580,453
Prudential PLC - ADR		160,069		2,617,128
Sanlam Ltd. - ADR		31,160		310,042
Sompo Holdings, Inc. - ADR		78,568		1,038,669
Swiss Re AG - ADR		42,565		1,574,479
Tokio Marine Holdings, Inc. - ADR (b)		59,916		2,231,272
Zurich Insurance Group AG - ADR		29,708		942,635
				27,797,253
Materials - 5.4%
Air Liquide SA - ADR		173,153		5,757,337
Akzo Nobel NV - ADR		107,049		2,081,033
Anglo American Platinum Ltd. - ADR (b)		30,610		174,783
Anglo American PLC - ADR		43,938		705,820
Anhui Conch Cement Co. Ltd. - ADR		30,403		393,631
ArcelorMittal SA (b)		111,799		2,826,279
Barrick Gold Corp. (b)		22,708		397,163
BHP Group Ltd. - ADR (b)		114,047		6,004,574
Cemex SAB de CV - ADR		76,801		427,782
Cia de Minas Buenaventura SAA - ADR		8,035		97,223
DRDGOLD Ltd. - ADR		30,022		292,414
Fortescue Ltd. - ADR		43,424		1,071,704
Givaudan SA - ADR		20,654		1,816,519
Glencore PLC - ADR		99,390		955,168
Gold Fields Ltd. - ADR		39,678		574,934
Harmony Gold Mining Co. Ltd. - ADR		55,425		509,356
Heidelberg Materials AG - ADR		49,454		1,246,241
Holcim AG (a)		127,399		2,593,844
IperionX Ltd. - ADR (a)		8,557		248,324
James Hardie Industries PLC - ADR (a)		48,132		1,788,104
Nippon Steel Corp. - ADR		56,207		387,266
Novonesis (Novozymes) B - ADR		9,567		562,061
POSCO Holdings, Inc. - ADR		13,895		717,260
Rio Tinto PLC - ADR		89,327		5,613,309
Sasol Ltd. - ADR		191		957
Shin-Etsu Chemical Co. Ltd. - ADR		129,977		2,410,033
Sibanye Stillwater Ltd. - ADR (a)		7,677		31,399
Sika AG - ADR		29,081		752,180
Smurfit WestRock PLC (b)		9,191		505,689
Sociedad Quimica y Minera de Chile SA - ADR (b)		2,888		111,072
Suzano SA - ADR		16,462		170,382
Ternium SA - ADR		6,989		231,825
Vale SA - ADR		183,144		1,805,800
				43,261,466
Media & Entertainment - 4.1%
Auto Trader Group PLC - ADR		739,973		1,938,729
Autohome, Inc. - ADR		7,316		201,263
Baidu, Inc. - ADR (a)(b)		5,116		435,116
Bilibili, Inc. - ADR (a)		12,014		230,308
Criteo SA - ADR (a)		24,254		989,078
DouYu International Holdings Ltd. - ADR		5,643		64,556
Gravity Co. Ltd. - ADR (a)		1,292		87,223
Grupo Televisa SAB - ADR		39,721		79,839
Hello Group, Inc. - ADR		27,060		182,114
HUYA, Inc. - ADR		24,596		79,199
iQIYI, Inc. - ADR (a)		7,167		15,481
JOYY, Inc. - ADR (a)		13,520		525,252
Kanzhun Ltd. - ADR		9,562		129,087
NetEase, Inc. - ADR (b)		11,012		963,330
Nintendo Co. Ltd. - ADR		222,543		3,260,255
Sea Ltd. - ADR (a)		11,736		1,335,557
Sohu.com Ltd. - ADR (a)		29,579		384,823
Tencent Holdings Ltd. - ADR		359,703		18,560,675
Tencent Music Entertainment Group - ADR		30,828		351,748
Trivago NV - ADR (a)		111,489		241,931
Universal Music Group NV - ADR		143,339		1,721,501
WPP PLC - ADR (b)		22,979		1,256,262
Yalla Group Ltd. - ADR (a)		11,882		52,043
				33,085,370
Pharmaceuticals, Biotechnology & Life Sciences - 9.6%
Adaptimmune Therapeutics PLC - ADR (a)		6		4
Argenx SE - ADR (a)		1,307		805,831
Ascendis Pharma AS - ADR (a)		1,160		157,853
AstraZeneca PLC - ADR (b)		154,142		10,423,082
AstraZeneca PLC (a)		14,065		2,813
BeiGene Ltd. - ADR (a)		4,217		906,655
Belite Bio, Inc. - ADR (a)		2,410		152,457
BioNTech SE - ADR (a)		4,056		480,190
Cellectis SA - ADR (a)		39,902		83,794
CSL Ltd. - ADR		29,865		2,743,996
Daiichi Sankyo Co. Ltd. - ADR		56,514		1,794,319
Dr Reddy's Laboratories Ltd. - ADR		148,233		2,096,015
Evotec SE - ADR (a)		4		19
Galapagos NV - ADR (a)(b)		55,888		1,544,744
Genfit SA - ADR (a)		27,086		114,845
Genmab AS - ADR (a)		19,927		428,430
Grifols SA - ADR (a)		62,921		439,818
GSK PLC - ADR (b)		153,930		5,253,631
HUTCHMED China Ltd. - ADR (a)		16		271
Immutep Ltd. - ADR (a)		95,706		194,283
Innate Pharma SA - ADR (a)		66,564		102,509
Legend Biotech Corp. - ADR (a)		2,094		88,095
Lonza Group AG - ADR		23,447		1,404,006
Merck KGaA - ADR		5,397		161,316
Mereo Biopharma Group PLC - ADR (a)		31,195		112,458
Mesoblast Ltd. - ADR (a)		27,782		324,772
Novartis AG - ADR		101,601		10,746,338
Novo Nordisk AS - ADR		109,231		11,665,871
Roche Holding AG - ADR		290,679		10,534,207
Sanofi SA - ADR		126,329		6,125,693
Sartorius AG - ADR		19,321		884,322
Structure Therapeutics, Inc. - ADR (a)		1,423		47,172
Takeda Pharmaceutical Co. Ltd. - ADR		449,020		6,115,652
Teva Pharmaceutical Industries Ltd. - ADR (a)		66,705		1,119,310
Wuxi Biologics Cayman, Inc. - ADR (a)		23,431		88,101
Zai Lab Ltd. - ADR (a)		4,518		130,344
				77,273,216
Real Estate Management & Development - 0.5%
Corp. Inmobiliaria Vesta SAB de CV - ADR		739		17,810
Daiwa House Industry Co. Ltd. - ADR		39,296		1,236,645
IRSA Inversiones y Representaciones SA - ADR		24,785		424,559
KE Holdings, Inc. - ADR		25,537		481,373
Longfor Group Holdings Ltd. - ADR		3,003		42,913
Mitsui Fudosan Co. Ltd. - ADR		8,505		214,156
Sun Hung Kai Properties Ltd. - ADR		84,490		854,194
Vonovia SE - ADR		60,126		994,484
				4,266,134
Semiconductors & Semiconductor Equipment - 8.4%
Advantest Corp. - ADR		9,366		518,033
ARM Holdings PLC - ADR (a)(b)		2,699		362,449
ASE Technology Holding Co. Ltd. - ADR		133,642		1,299,000
ASM International NV		317		171,139
ASML Holding NV		13,973		9,594,001
ChipMOS Technologies, Inc. - ADR		18,127		355,652
Disco Corp. - ADR		29,173		795,256
Himax Technologies, Inc. - ADR		27,373		147,814
Infineon Technologies AG - ADR		59,126		1,921,595
JinkoSolar Holding Co. Ltd. - ADR		3,866		85,787
Lasertec Corp. - ADR		18		396
Renesas Electronics Corp. - ADR		354,403		2,314,252
Silicon Motion Technology Corp. - ADR		377		20,007
STMicroelectronics NV (b)		12,798		326,349
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		249,908		46,148,011
Tokyo Electron Ltd. - ADR		30,785		2,407,889
United Microelectronics Corp. - ADR (b)		149,396		1,008,423
				67,476,053
Software & Services - 4.0%
Accenture PLC - Class A		6,789		2,460,130
AMTD Digital, Inc. - ADR (a)		42,423		128,542
Capgemini SE - ADR		6,465		207,591
Check Point Software Technologies Ltd. (a)		14,265		2,596,230
Endava PLC - ADR (a)		9,766		276,476
Fujitsu Ltd. - ADR		123,637		2,360,230
GDS Holdings Ltd. - ADR (a)(b)		6,716		132,238
Infosys Ltd. - ADR (b)		193,043		4,260,459
Kingsoft Cloud Holdings Ltd. - ADR (a)		7,914		52,945
Materialise NV - ADR (a)		52,209		398,355
Nice Ltd. - ADR (a)		3,290		600,228
Opera Ltd. - ADR (b)		17,829		356,758
SAP SE - ADR (b)		67,504		16,038,950
TOTVS SA - ADR		103,620		934,652
Wipro Ltd. - ADR		163,288		1,141,383
				31,945,167
Technology Hardware & Equipment - 1.7%
FUJIFILM Holdings Corp. - ADR		27,406		308,591
Halma PLC - ADR (b)		37,623		2,644,521
Hexagon AB - ADR		142,659		1,208,322
Lenovo Group Ltd. - ADR		25,766		609,366
LG Display Co. Ltd. - ADR (a)		36,954		124,904
Logitech International SA		25,142		2,033,736
Murata Manufacturing Co. Ltd. - ADR		92,678		774,788
Nokia Oyj - ADR (b)		565,020		2,373,084
TDK Corp. - ADR		75,920		981,646
Telefonaktiebolaget LM Ericsson - ADR		332,277		2,704,735
				13,763,693
Telecommunication Services - 3.1%
America Movil SAB de CV - ADR		15,397		228,337
Chunghwa Telecom Co. Ltd. - ADR		17,596		670,232
Deutsche Telekom AG - ADR		204,542		6,557,616
KT Corp. - ADR (b)		129,646		2,353,075
MTN Group Ltd. - ADR		26,716		121,023
Nippon Telegraph & Telephone Corp. - ADR (b)		157,279		4,034,206
Orange SA - ADR		972		10,362
PLDT, Inc. - ADR		15,889		352,577
Sify Technologies Ltd. - ADR (a)		5,366		18,566
SK Telecom Co. Ltd. - ADR		103,945		2,517,548
SoftBank Group Corp. - ADR		45,807		1,371,920
Telecom Argentina SA - ADR (b)		7,050		95,598
Telefonica Brasil SA - ADR		12,673		104,045
Telefonica SA - ADR		682,791		3,065,732
Telkom Indonesia Persero Tbk PT - ADR		13,251		226,327
TIM SA/Brazil - ADR		20,369		262,760
Turkcell Iletisim Hizmetleri AS - ADR		43,597		289,048
VEON Ltd. - ADR (a)		4,740		160,781
Vodacom Group Ltd. - ADR		30,290		169,473
Vodafone Group PLC - ADR		272,261		2,442,181
				25,051,407
Transportation - 1.5%
Aena SME SA - ADR (b)		58,633		1,269,404
AP Moller - Maersk AS - ADR		56,777		480,333
Azul SA - ADR (a)		5,839		13,722
Canadian Pacific Kansas City Ltd.		19,989		1,530,958
Central Japan Railway Co. - ADR		17,942		183,906
Controladora Vuela Cia de Aviacion SAB de CV - ADR (a)		25,332		195,056
Deutsche Post AG - ADR		25,314		932,568
DiDi Global, Inc. - ADR (a)		121,121		571,691
DSV AS - ADR		12,440		1,325,731
Full Truck Alliance Co. Ltd. - ADR		35,235		352,702
Grupo Aeroportuario del Centro Norte SAB de CV - ADR		3,716		242,395
Grupo Aeroportuario del Pacifico SAB de CV - ADR		2,567		482,545
Grupo Aeroportuario del Sureste SAB de CV - ADR		1,789		465,390
Kuehne + Nagel International AG - ADR		12,470		594,196
Localiza Rent a Car SA - ADR		33		201
Nippon Yusen KK - ADR		67,569		417,171
Ryanair Holdings PLC - ADR		42,557		1,874,210
Singapore Airlines Ltd. - ADR (b)		37,532		352,050
ZTO Express Cayman, Inc. - ADR		37,838		718,922
				12,003,151
Utilities - 2.0%
Centrais Eletricas Brasileiras SA - ADR (b)		37,149		212,121
Central Puerto SA - ADR		5,730		78,100
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR (b)		41,147		627,903
Cia Energetica de Minas Gerais - ADR		43,030		104,133
Cia Paranaense de Energia - Copel - ADR		18,173		117,579
CLP Holdings Ltd. - ADR		112,048		956,890
Enel Chile SA - ADR		70,084		190,628
Enel SpA - ADR		573,535		4,106,511
Engie SA - ADR		46,415		741,248
Iberdrola SA - ADR		54,234		3,108,150
National Grid PLC - ADR		62,349		3,970,384
Pampa Energia SA - ADR (a)		5,004		428,292
RWE AG - ADR		17,282		584,132
SSE PLC - ADR		50,333		1,136,519
				16,362,590
TOTAL COMMON STOCKS (Cost $755,407,409)				790,364,956
PREFERRED STOCKS - 0.5%	Shares		Value
Banks - 0.2%
Bancolombia SA 10.329%, Perpetual		18,112		592,263
Itau Unibanco Holding SA 7.829%, Perpetual   (b)		216,690		1,161,458
				1,753,721
Energy - 0.2%
Petroleo Brasileiro SA 8.367%, Perpetual		103,050		1,343,772
Materials - 0.0%(c)
Gerdau SA Series 0, 4.272%, Perpetual		69,804		234,541
Utilities - 0.1%
Cia Energetica de Minas Gerais 14.759%, Perpetual		322,521		628,916
TOTAL PREFERRED STOCKS (Cost $4,276,916)				3,960,950
EXCHANGE TRADED FUNDS - 0.2%	Shares		Value
Vanguard FTSE Developed Markets ETF		17,260		868,178
Vanguard FTSE Emerging Markets ETF		3,940		179,546
TOTAL EXCHANGE TRADED FUNDS (Cost $1,056,708)				1,047,724
SHORT-TERM INVESTMENTS - 9.9%			Value
Investments Purchased with Proceeds from Securities Lending - 9.2%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (d)		74,235,250		74,235,250
Money Market Funds - 0.7%	Shares
First American Government Obligations Fund - Class X, 4.56% (d)		5,672,520		5,672,520
TOTAL SHORT-TERM INVESTMENTS (Cost $79,907,770)				79,907,770
TOTAL INVESTMENTS - 109.0% (Cost $840,648,803)				875,281,400
Liabilities in Excess of Other Assets - (9.0)%				(72,106,037	)
TOTAL NET ASSETS - 100.0%			$	803,175,363
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

AB - Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

AS - Aksjeselskap

ASA - Advanced Subscription Agreement

KGaA - Kommanditgesellschaft auf Aktien

NV - Naamloze Vennootschap

OYJ - Julkinen Asakeyhtio

PCL - Public Company Limited

PLC - Public Limited Company

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

SAA - Sociedad Anomina Abierta

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SE - Societas Europeae

SpA - Societa per Azioni

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $72,902,437 which represented 9.1% of net assets.
(c)	Represents less than 0.05% of net assets.
(d)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

ActivePassive International Equity ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3^		Total
Investments:
Common Stocks	$	786,197,531	$	4,164,612	$	2,813	$	790,364,956
Preferred Stocks		3,960,950		–		–		3,960,950
Exchange Traded Funds		1,047,724		–		–		1,047,724
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		74,235,250
Money Market Funds		5,672,520		–		–		5,672,520
Total Investments	$	796,878,455	$	4,164,612	$	2,813	$	875,281,400
Refer to the Schedule of Investments for further disaggregation of investment categories.

(a)	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $74,235,250 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amount listed in the Schedule of Investments.
^	The fund measures Level 3 activity as of the end of each financial reporting period.

As of November 30, 2024, the Fund held a Level 3 investment that was valued at the most recent trade price in an inactive market.  The Level 3 investment in securities represented less than 1% of the Fund’s net assets and was not considered a significant portion of the Fund’s portfolio.  As the Level 3 investment was not considered significant to the financial statements, a reconciliation of Level 3 investments for the year ended November 30, 2024 is not presented.