# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001133228-25-011718
**Filing Date:** 2025-11
**Character Count:** 515111
**Document Hash:** c5a31935b0f0dfb091182731cfaef504
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011718.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001133228-25-011718

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251449063

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### ActivePassive U.S. Equity ETF (Series ID: S000075229)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000234091 | ActivePassive U.S. Equity ETF | APUE            |

### ActivePassive International Equity ETF (Series ID: S000075230)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000234092 | ActivePassive International Equity ETF | APIE            |

### ActivePassive Intermediate Municipal Bond ETF (Series ID: S000075231)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000234093 | ActivePassive Intermediate Municipal Bond ETF | APMU            |

### ActivePassive Core Bond ETF (Series ID: S000075232)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000234094 | ActivePassive Core Bond ETF | APCB            |

?xml version='1.0' encoding='ASCII'? 2025-07-30192080_ActivePassiveCoreBondETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-10401

**Trust for Professional Managers**

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

(513)-520-5925

Registrant's telephone number, including area code

Date of fiscal year end: **<u>August 31, 2025</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img172216_202410091510425.jpg) | **ActivePassive Core Bond ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172216_202410091510425.jpg) | APCB (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172216_202410091510425.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img124778_202409091649485.jpg) |

---

This annual shareholder report contains important information about the ActivePassive Core Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.activepassive.com/apcb. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| ActivePassive Core Bond ETF | $36 | 0.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The ActivePassive Core Bond ETF outperformed the Bloomberg U.S. Aggregate Bond Total Return Index by 14 basis points during the trailing 1-year fiscal year ended August 31, 2025, with a return of 3.28% compared with 3.14% for the Index. The curve steepened with treasury yields at the long end of the curve moving up over 70 basis points, while short term yields ended lower than they started. Inflation has remained stubbornly above the Federal Reserve's target, keeping policymakers and investors in a cautious stance, but there are expectations for a few interest rate cuts as we move toward the end of 2025. The primary detractors for the Fund during the fiscal year were the weak relative performance in the passive sleeve, longer duration and treasury debt exposure. The primary contributors during the fiscal year were the strong relative performance from the active sub-adviser sleeves, mortgage-backed securities exposure, and corporate bond exposure.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (May 2, 2023 - August 31, 2025. Initial Investment of $10,000)

![image](ts5222img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/02/2023)** |
| **ActivePassive Core Bond ETF NAV**  | 3.28 | 3.50 |
| **Bloomberg U.S. Aggregate Bond Total Return Index**  | 3.14 | 3.49 |

---

Visit https://www.activepassive.com/apcb for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

ActivePassive Core Bond ETF PAGE 1 TSR-AR-89834G752

------

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $879629003 |
| **Number of Holdings** | 1772 |
| **Net Advisory Fee** | $2748582 |
| **Portfolio Turnover** | 47% |
| **Effective Duration** | 5.88 years |
| **Weighted Average Maturity** | 8.10 years |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 27.1% |
|  iShares MBS ETF  | 12.9% |
|  Vanguard Total International Bond ETF  | 9.8% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 6.2% |
|  Federal National Mortgage Association  | 5.1% |
|  Federal Home Loan Mortgage Corp.  | 3.2% |
|  iShares Core U.S. Aggregate Bond ETF  | 2.7% |
|  First American Government Obligations Fund  | 1.0% |
|  Citigroup, Inc.  | 0.7% |
|  Federal Farm Credit Banks Funding Corp  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Government  | 30.2% |
|  Mortgage Securities  | 11.5% |
|  Financials \*\* | 9.6% |
|  Asset Backed Securities  | 3.5% |
|  Utilities \*\* | 2.5% |
|  Industrials \*\* | 2.1% |
|  Health Care \*\* | 2.2% |
|  Consumer Staples \*\* | 2.0% |
|  Energy \*\* | 2.1% |
|  Cash & Other  | 34.3% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)** **\*** |
|  AAA  | 3.5% |
|  AA  | 54.7% |
|  A  | 10.8% |
|  BBB  | 16.9% |
|  BB  | 2.2% |
|  B  | 1.1% |
|  NR  | 10.8% |

---

\* Credit quality ratings shown above reflect the ratings assigned by S&P Global Ratings. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower.

\*\* 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.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.activepassive.com/apcb.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

ActivePassive Core Bond ETF PAGE 2 TSR-AR-89834G752

------

---

| | | |
|:---|:---|:---|
| ![image](img172218_202410141545903.jpg) | **ActivePassive Intermediate Municipal Bond** **ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172218_202410141545903.jpg) | APMU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172218_202410141545903.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img124778_202409091649485.jpg) |

---

This annual shareholder report contains important information about the ActivePassive Intermediate Municipal Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.activepassive.com/apmu. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| ActivePassive Intermediate Municipal Bond ETF | $35 | 0.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The ActivePassive Intermediate Municipal Bond ETF underperformed the Bloomberg Muni 1-10 Year Blend Total Return Index by 27 basis points during the trailing 1-year fiscal year ended August 31, 2025, with a return of 2.57% compared with 2.84% for the Index. Yields in the municipal markets followed similar patterns to the taxable markets, with long-term yields pushing higher while short-term yields moved lower. The recent move lower for short term yields was driven by expectations for interest rate cuts by the Federal Reserve before the end of 2025. Long duration municipal bonds underperformed due to the steepening yield curve. The primary detractors for the Fund during the fiscal year were the weak relative performance in the passive sleeve and longer duration bonds underperforming shorter duration bonds. The primary contributors during the fiscal year were the strong relative performance from the active sub-adviser sleeve and higher-quality bonds generally outperforming lower-quality bonds.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (May 2, 2023 - August 31, 2025. Initial Investment of $10,000)

![image](ts5223img003.jpg)

ActivePassive Intermediate Municipal Bond ETF PAGE 1 TSR-AR-89834G745

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/02/2023)** |
| **ActivePassive Intermediate Municipal Bond ETF NAV**  | 2.57 | 2.15 |
| **Bloomberg Municipal Bond Index**  | 0.08 | 2.18 |
| **Bloomberg Muni 1-10 Year Blend Total Return Index**  | 2.84 | 2.95 |

---

Visit https://www.activepassive.com/apmu for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $186884468 |
| **Number of Holdings** | 1240 |
| **Net Advisory Fee** | $558192 |
| **Portfolio Turnover** | 23% |
| **Effective Duration** | 3.99 years |
| **Weighted Average Maturity** | 5.40 years |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  iShares National Muni Bond ETF  | 4.1% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 4.0% |
|  State of Illinois  | 3.5% |
|  Commonwealth of Pennsylvania  | 2.3% |
|  New Jersey Transportation Trust Fund Authority  | 1.9% |
|  First American Government Obligations Fund  | 1.9% |
|  Illinois Finance Authority  | 1.5% |
|  State of Ohio  | 1.5% |
|  Kentucky State Property & Building Commission  | 1.4% |
|  City of San Antonio TX Electric & Gas Systems Revenue  | 1.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  US Municipal  | 93.6% |
|  Cash & Other  | 6.4% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)** **\*** |
|  AAA  | 16.4% |
|  AA  | 45.0% |
|  A  | 22.3% |
|  BBB  | 2.5% |
|  BB  | 0.4% |
|  NR  | 13.4% |

---

\* Credit quality ratings shown above reflect the ratings assigned by S&P Global Ratings. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.activepassive.com/apmu.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

ActivePassive Intermediate Municipal Bond ETF PAGE 2 TSR-AR-89834G745

------

---

| | | |
|:---|:---|:---|
| ![image](img172219_202410141555593.jpg) | **ActivePassive International Equity ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172219_202410141555593.jpg) | APIE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172219_202410141555593.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img124778_202409091649485.jpg) |

---

This annual shareholder report contains important information about the ActivePassive International Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.activepassive.com/apie. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| ActivePassive International Equity ETF | $49 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The ActivePassive International Equity ETF outperformed the S&P Classic ADR Composite Index (USD) NTR by 13 basis points during the trailing 1-year fiscal year ended August 31, 2025, with a return of 16.47% compared with 16.34% for the Index. While international markets saw some correlation with U.S. equities downturn earlier in 2025, most held up better than U.S. markets. Overall, emerging market countries were slightly ahead of developed markets, with strength in China and emerging European countries and relative weakness in the European Union and Japan. The primary detractors for the Fund during the fiscal year were the foreign large growth sleeve, the quality and momentum factors within the V+M+Q (value, momentum, and quality style factors) developed international sleeve, and stock selection within Japan, France, and Israel. The primary contributors during the fiscal year were the emerging markets equity exposure, the foreign large value sleeve, the passive sleeve exposure within the market series sleeve, and stock selection within the Germany, the U.K., and Taiwan.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Taiwan Semiconductor Manufacturing Co Ltd ADR |
| ↑ | Tencent Holdings Ltd ADR |
| ↑ | Alibaba Group Holding Ltd ADR |
| ↑ | British American Tobacco PLC ADR |
| ↑ | SoftBank Group Corp ADR |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | SAP SE ADR |
| ↓ | Novo Nordisk AS ADR |
| ↓ | RELX PLC ADR |
| ↓ | Nestle SA ADR |
| ↓ | Meituan ADR |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

ActivePassive International Equity ETF PAGE 1 TSR-AR-89834G737

------

**CUMULATIVE PERFORMANCE** (May 2, 2023 - August 31, 2025. Initial Investment of $10,000)

![image](ts5224img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/02/2023)** |
| **ActivePassive International Equity ETF NAV**  | 16.47 | 16.02 |
| **S&P Global BMI TR**  | 16.15 | 19.80 |
| **S&P Classic ADR Composite Index (USD) NTR**  | 16.34 | 15.38 |

---

Visit https://www.activepassive.com/apie for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $884057604 |
| **Number of Holdings** | 517 |
| **Net Advisory Fee** | $3827692 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 17.9% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 7.9% |
|  Tencent Holdings Ltd.  | 2.9% |
|  Alibaba Group Holding Ltd.  | 2.1% |
|  AstraZeneca PLC  | 1.3% |
|  Roche Holding AG  | 1.2% |
|  HDFC Bank Ltd.  | 1.2% |
|  SAP SE  | 1.2% |
|  ASML Holding NV  | 1.2% |
|  Toyota Motor Corp.  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*** |
|  Financials  | 20.1% |
|  Information Technology  | 15.9% |
|  Industrials  | 14.1% |
|  Consumer Discretionary  | 13.9% |
|  Health Care  | 10.1% |
|  Communication Services  | 7.6% |
|  Consumer Staples  | 6.1% |
|  Materials  | 4.8% |
|  Energy  | 3.4% |
|  Cash & Other  | 4.0% |

---

\* 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.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.activepassive.com/apie.

ActivePassive International Equity ETF PAGE 2 TSR-AR-89834G737

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

ActivePassive International Equity ETF PAGE 3 TSR-AR-89834G737

------

---

| | | |
|:---|:---|:---|
| ![image](img172220_202410141606309.jpg) | **ActivePassive U.S. Equity ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172220_202410141606309.jpg) | APUE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172220_202410141606309.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img124778_202409091649485.jpg) |

---

This annual shareholder report contains important information about the ActivePassive U.S. Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.activepassive.com/apue. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| ActivePassive U.S. Equity ETF | $32 | 0.30% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The ActivePassive U.S. Equity ETF underperformed the CRSP US Total Market Total Return Index (NR) by 124 basis points during the trailing 1-year fiscal year ended August 31, 2025, with a return of 14.52% compared with 15.76% for the Index. After a steep drop from February through mid-April 2025 due to the announcement of large, broad U.S. tariffs, the U.S. markets rebounded and preceded to push steadily higher. The market environment has been marked by heightened political rhetoric, inflation still at levels higher than desired, and percolating geopolitical tensions. The U.S. economy continues to grow, but the labor markets have shown signs of weakness. Despite the concerns, investor sentiment has mostly won out with several broad equity indices reaching record high levels. Within the U.S. markets, large-cap led small-cap stocks while growth investing out-performed value investing. The primary detractors for the Fund during the fiscal year were the small and mid-cap equity sleeves, quality and value factors within the V+M+Q (value, momentum, and quality style factors) large cap sleeve, and stock selection within the information technology, consumer cyclical, and industrial sectors. The primary contributors during the fiscal year were the momentum factor within the V+M+Q large cap sleeve, the passive sleeve exposure within the market series sleeve, and stock selection within the financial services, materials, and consumer defensive sectors.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corp |
| ↑ | Apple Inc |
| ↑ | Microsoft Corp |
| ↑ | Dimensional US Small Cap ETF |
| ↑ | Broadcom Inc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Accenture PLC Class A |
| ↓ | Costco Wholesale Corp |
| ↓ | Intuitive Surgical Inc |
| ↓ | Tesla Inc |
| ↓ | Intuit Inc |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

ActivePassive U.S. Equity ETF PAGE 1 TSR-AR-89834G729

------

**CUMULATIVE PERFORMANCE** (May 2, 2023 - August 31, 2025. Initial Investment of $10,000)

![image](ts5225img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/02/2023)** |
| **ActivePassive U.S. Equity ETF NAV**  | 14.52 | 22.74 |
| **CRSP US Total Market Total Return Index**  | 15.76 | 22.73 |

---

Visit https://www.activepassive.com/apue for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2023038780 |
| **Number of Holdings** | 407 |
| **Net Advisory Fee** | $5192617 |
| **Portfolio Turnover** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 6.7% |
|  Microsoft Corp.  | 6.1% |
|  Apple, Inc.  | 5.4% |
|  Dimensional US Small Cap ETF  | 4.6% |
|  Alphabet, Inc.  | 3.6% |
|  Amazon.com, Inc.  | 3.5% |
|  Meta Platforms, Inc.  | 2.7% |
|  Broadcom, Inc.  | 2.4% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 2.1% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*** |
|  Information Technology  | 31.2% |
|  Financials  | 12.3% |
|  Consumer Discretionary  | 10.1% |
|  Industrials  | 9.6% |
|  Communication Services  | 9.5% |
|  Health Care  | 8.3% |
|  Consumer Staples  | 4.6% |
|  Energy  | 2.9% |
|  Materials  | 2.4% |
|  Cash & Other  | 9.1% |

---

\* 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.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.activepassive.com/apue.

ActivePassive U.S. Equity ETF PAGE 2 TSR-AR-89834G729

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

ActivePassive U.S. Equity ETF PAGE 3 TSR-AR-89834G729

------

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is incorporated by reference to the Registrant's Form N-CSR filed on November 4, 2024.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers and Lisa Zúñiga Ramírez are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 8/31/2025 | FYE 8/31/2024 |
| (a) Audit Fees | $67175 | $65000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $13000 | $13000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 8/31/2025 | FYE 8/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 8/31/2025 | FYE 8/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the entire Board.

(b) Not Applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](activepassiveetfs_cover-logo.jpg)

**ActivePassive ETFs**

**ActivePassive Core Bond ETF (APCB)** 

**ActivePassive Intermediate Municipal Bond ETF (APMU)** 

**ActivePassive International Equity ETF (APIE)** 

**ActivePassive U.S. Equity ETF (APUE)** 

Annual Financial Statements and Additional Information

August 31, 2025

------

---

| | |
|:---|:---|
| **What's Inside**  | **What's Inside**  |
| [Schedule of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [ActivePassive Core Bond ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive Intermediate Municipal Bond ETF](#soi2) | [59](#soi2) |
| &nbsp;&nbsp;&nbsp; [ActivePassive International Equity ETF](#soi3) | [95](#soi3) |
| &nbsp;&nbsp;&nbsp; [ActivePassive U.S. Equity ETF](#soi4) | [110](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [122](#sal) |
| [Statements of Operations](#sop) | [123](#sop) |
| [Statements of Changes in Net Assets](#scna1) |  |
| &nbsp;&nbsp;&nbsp; [ActivePassive Core Bond ETF](#scna1) | [124](#scna1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive Intermediate Municipal Bond ETF](#scna1) | [124](#scna1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive International Equity ETF](#scna2) | [125](#scna2) |
| &nbsp;&nbsp;&nbsp; [ActivePassive U.S. Equity ETF](#scna2) | [125](#scna2) |
| [Financial Highlights](#fihi1) |  |
| &nbsp;&nbsp;&nbsp; [ActivePassive Core Bond ETF](#fihi1) | [126](#fihi1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive Intermediate Municipal Bond ETF](#fihi2) | [127](#fihi2) |
| &nbsp;&nbsp;&nbsp; [ActivePassive International Equity ETF](#fihi3) | [128](#fihi3) |
| &nbsp;&nbsp;&nbsp; [ActivePassive U.S. Equity ETF](#fihi4) | [129](#fihi4) |
| [Notes to Financial Statements](#notes) | [130](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rept) | [141](#rept) |
| [Additional Information](#add) | [142](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES — 27.1%** | **U.S. TREASURY SECURITIES — 27.1%** | **U.S. TREASURY SECURITIES — 27.1%** |
| **United States Treasury Note/Bond**  | **United States Treasury Note/Bond**  | **United States Treasury Note/Bond**  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025  | $11000 | $10972  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2025  | 683000 | 683255  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2026  | 276000 | 276140  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2026  | 380000 | 379845  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/28/2026  | 300000 | 300818  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2026  | 1674000 | 1680026  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/31/2026  | 7772000 | 7793692  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2026  | 1455000 | 1452974  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026  | 829000 | 833678  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/31/2026  | 902000 | 907929  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/30/2026  | 36000 | 35316  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026  | 884000 | 888975  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026  | 56000 | 56137  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/31/2026  | 373000 | 366336  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/2026  | 900000 | 903771  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2026  | 1661000 | 1708132  |
| &nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026  | 186000 | 179952  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026  | 1485000 | 1483357  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026  | 673000 | 658922  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/30/2026  | 205000 | 199192  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/30/2026  | 894000 | 898889  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/2026  | 864000 | 870463  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2027  | 3055000 | 3064845  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/2027  | 803000 | 807078  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/2027  | 548000 | 552367  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/31/2027  | 910000 | 912470  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2027  | 1496000 | 1514817  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027  | 720000 | 731869  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027  | 50000 | 49532  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027  | 545000 | 546171  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2027  | 2109000 | 2099402  |
| &nbsp;&nbsp;&nbsp; 0.38%, 09/30/2027  | 41000 | 38273  |
| &nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027  | 1136000 | 1063203  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2027  | 2935000 | 2966586  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027  | 1666000 | 1755482  |
| &nbsp;&nbsp;&nbsp; 0.63%, 11/30/2027  | 36000 | 33633  |
| &nbsp;&nbsp;&nbsp; 0.63%, 12/31/2027  | 1422000 | 1328348  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028  | 2800000 | 2840906  |
| &nbsp;&nbsp;&nbsp; 0.75%, 01/31/2028  | 45000 | 41961  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028  | 537000 | 542223  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028  | 3826000 | 3853798  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** |
| **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2028  | $1561000 | $1562524  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028  | 5705000 | 5714523  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028  | 87000 | 81523  |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/30/2028  | 121000 | 113187  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028  | 3855000 | 3581912  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2028  | 336000 | 340974  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028  | 1327000 | 1300771  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028  | 2175000 | 2177974  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028  | 11000 | 10211  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/31/2028  | 63000 | 64239  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028  | 5000 | 4650  |
| &nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028  | 5000 | 4660  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028  | 1659000 | 1740784  |
| &nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028  | 1334000 | 1249166  |
| &nbsp;&nbsp;&nbsp; 1.38%, 12/31/2028  | 1311000 | 1220613  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028  | 702000 | 705277  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/31/2029  | 10000 | 9387  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029  | 273000 | 276471  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029  | 15000 | 14120  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029  | 311000 | 317554  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029  | 10000 | 9565  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029  | 1638000 | 1694210  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/2029  | 5000 | 4775  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029  | 894000 | 921187  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029  | 2911000 | 2975303  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029  | 3378000 | 3423194  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/15/2029  | 10000 | 9262  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029  | 10000 | 9260  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029  | 5000 | 5031  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/2030  | 71000 | 70358  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030  | 10000 | 9102  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030  | 1661000 | 1684552  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030  | 658000 | 656638  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030  | 913000 | 925661  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2030  | 606000 | 601419  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030  | 3436000 | 2986636  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/31/2030  | 1445000 | 1449064  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2030  | 1324000 | 1327698  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030  | 2250000 | 2268721  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030  | 2641000 | 2662664  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2030  | 1582000 | 1603011  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** |
| **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  |
| &nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030  | $6524000 | $5622872  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/31/2030  | 15000 | 15245  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/2030  | 323000 | 336488  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/2030  | 627000 | 660616  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030  | 4518000 | 3916894  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030  | 893000 | 920069  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2030  | 3461000 | 3462825  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2031  | 1256000 | 1271185  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031  | 4296000 | 3752707  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2031  | 6276000 | 6428610  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031  | 9783000 | 9957833  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031  | 525000 | 547446  |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/15/2031  | 15000 | 13321  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/31/2031  | 222000 | 230878  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2031  | 4153000 | 4249768  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031  | 560000 | 569286  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031  | 4666000 | 4032900  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031  | 1215000 | 1210444  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031  | 3500000 | 3024971  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032  | 1623000 | 1668710  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032  | 2685000 | 2379319  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032  | 185000 | 187129  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2032  | 370000 | 375051  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032  | 1268000 | 1191227  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032  | 1377000 | 1278700  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033  | 1414000 | 1370751  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033  | 45000 | 43034  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033  | 8206000 | 8122017  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033  | 796000 | 820999  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034  | 6433000 | 6396689  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034  | 14219000 | 14499770  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034  | 2992000 | 2933738  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035  | 4242000 | 4387819  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035  | 335000 | 335707  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037  | 587000 | 611053  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2038  | 2512000 | 2539279  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039  | 24000 | 23395  |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040  | 589000 | 366745  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040  | 98000 | 60207  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040  | 638000 | 406787  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041  | 640000 | 440075  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** |
| **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041  | $147000 | $106309  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041  | 24000 | 23086  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041  | 637000 | 422162  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041  | 615000 | 421876  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041  | 19000 | 15456  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042  | 587000 | 425036  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042  | 971000 | 785868  |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042  | 623000 | 512515  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043  | 160000 | 141863  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043  | 2170000 | 1660220  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043  | 51000 | 45116  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043  | 413000 | 390640  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043  | 248000 | 214264  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043  | 2263000 | 2242757  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044  | 502000 | 481332  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044  | 4833000 | 4702736  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044  | 690000 | 539440  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044  | 1851000 | 1682024  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045  | 184000 | 186652  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045  | 200000 | 147587  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046  | 311000 | 201591  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047  | 626000 | 465196  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047  | 194000 | 136360  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047  | 298000 | 209357  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048  | 714000 | 534831  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048  | 515000 | 375970  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/15/2048  | 802000 | 626077  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049  | 660000 | 479596  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049  | 794000 | 561708  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049  | 1047000 | 646379  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049  | 795000 | 503365  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050  | 338000 | 195208  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050  | 875000 | 412549  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050  | 2028000 | 980372  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050  | 364000 | 187915  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051  | 1403000 | 772198  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051  | 1372000 | 852891  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051  | 2155000 | 1216859  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051  | 2493000 | 1357614  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052  | 2113000 | 1263714  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052  | 2005000 | 1383215  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** | **U.S. TREASURY SECURITIES — continued** |
| **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  | **United States Treasury Note/Bond — continued**  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052  | $609000 | $430856  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053  | 686000 | 549242  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053  | 605000 | 483894  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053  | 499000 | 437190  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053  | 2948000 | 2866642  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054  | 400000 | 357984  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054  | 1340000 | 1276952  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054  | 769000 | 688195  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054  | 961000 | 897296  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055  | 3666000 | 3495302  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055  | 3407000 | 3315437  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055  | 1400000 | 1359187  |
| **TOTAL U.S. TREASURY SECURITIES (Cost $238,846,098)** |  | **238430206** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS — 25.5%** | **EXCHANGE TRADED FUNDS — 25.5%** | **EXCHANGE TRADED FUNDS — 25.5%** |
| iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> | 240115 | 23881838  |
| iShares MBS ETF | 1202321 | 113438987  |
| Vanguard Total International Bond ETF<sup>(a)</sup> | 1754443 | 86511584  |
| **TOTAL EXCHANGE TRADED FUNDS (Cost $220,139,896)** |  | **223832409** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CORPORATE BONDS — 23.5%** | **CORPORATE BONDS — 23.5%** | **CORPORATE BONDS — 23.5%** |
| **Advertising & Marketing — 0.0%<sup>(b)</sup>** | **Advertising & Marketing — 0.0%<sup>(b)</sup>** | **Advertising & Marketing — 0.0%<sup>(b)</sup>** |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029<sup>(c)</sup> | $12000 | 11911  |
| Stagwell Global LLC, 5.63%, 08/15/2029<sup>(c)</sup> | 14000 | 13481  |
|  |  | 25392  |
| **Aerospace & Defense — 0.1%**  | **Aerospace & Defense — 0.1%**  | **Aerospace & Defense — 0.1%**  |
| AAR Escrow Issuer LLC, 6.75%, 03/15/2029<sup>(c)</sup> | 14000 | 14381  |
| Embraer Netherlands Finance BV, 5.98%, 02/11/2035<sup>(a)</sup> | 121000 | 125299  |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(c)</sup> | 203000 | 206149  |
| Spirit AeroSystems, Inc., 9.75%, 11/15/2030<sup>(c)</sup> | 8000 | 8799  |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(c)</sup> | 120000 | 123206  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029  | 10000 | 9768  |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030<sup>(c)</sup> | 70000 | 72458  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031<sup>(c)</sup> | 115000 | 119715  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(c)</sup> | 165000 | 166553  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034<sup>(c)</sup> | 32000 | 32776  |
|  |  | 879104 |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — 23.5%**  | **CORPORATE BONDS — 23.5%**  | **CORPORATE BONDS — 23.5%**  |
| **Airlines — 0.1%**  | **Airlines — 0.1%**  | **Airlines — 0.1%**  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029<sup>(c)</sup> | $427000 | $428550  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(c)</sup> | 7000 | 7343  |
| United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026  | 415497 | 410616  |
|  United Airlines 2020-1 Class A Pass Through Trust, Series 2020-1, 5.88%, 10/15/2027  | 119853 | 122481  |
| United Airlines Class B Pass Through Trust, Series 2020-1, 4.88%, 01/15/2026  | 199333 | 198792  |
| United Airlines, Inc., 4.63%, 04/15/2029<sup>(c)</sup> | 9000 | 8841  |
|  |  | 1176623  |
| **Apparel & Textile Products — 0.0%<sup>(b)</sup>** | **Apparel & Textile Products — 0.0%<sup>(b)</sup>** | **Apparel & Textile Products — 0.0%<sup>(b)</sup>** |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(c)</sup> | 20000 | 21257  |
| **Automobiles & Components — 0.1%**  | **Automobiles & Components — 0.1%**  | **Automobiles & Components — 0.1%**  |
| General Motors Co., 6.80%, 10/01/2027  | 400000 | 416656  |
| Goodyear Tire & Rubber Co., 5.25%, 04/30/2031  | 445000 | 421592  |
| Phinia, Inc., 6.75%, 04/15/2029<sup>(c)</sup> | 7000 | 7216  |
|  |  | 845464  |
| **Automobiles Manufacturing — 0.7%**  | **Automobiles Manufacturing — 0.7%**  | **Automobiles Manufacturing — 0.7%**  |
| American Honda Finance Corp., 4.60%, 04/17/2030  | 55000 | 55395  |
| BMW US Capital LLC  | BMW US Capital LLC  | BMW US Capital LLC  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/02/2029<sup>(c)</sup> | 379000 | 385964  |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/09/2030<sup>(c)</sup> | 164000 | 162961  |
| &nbsp;&nbsp;&nbsp; 2.55%, 04/01/2031<sup>(c)</sup> | 284000 | 255007  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/11/2033<sup>(c)</sup> | 82000 | 83161  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/11/2035<sup>(c)</sup> | 550000 | 547255  |
| General Motors Financial Co., Inc., 5.85%, 04/06/2030  | 45000 | 46949  |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| &nbsp;&nbsp;&nbsp; 1.80%, 10/15/2025<sup>(c)</sup> | 401000 | 398531  |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/15/2026<sup>(c)</sup> | 233000 | 227373  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/24/2026<sup>(c)</sup> | 11000 | 11060  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/02/2026<sup>(c)</sup> | 94000 | 92825  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(c)</sup> | 10000 | 10113  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/24/2029<sup>(c)</sup> | 9000 | 9222  |
| Mercedes-Benz Finance North America LLC  | Mercedes-Benz Finance North America LLC  | Mercedes-Benz Finance North America LLC  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/30/2026<sup>(c)</sup> | 436000 | 435980  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/22/2028<sup>(c)</sup> | 1071000 | 1063586  |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/03/2028<sup>(c)</sup> | 312000 | 319401  |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/10/2030<sup>(c)</sup> | 857000 | 798856  |
| Volkswagen Group of America Finance LLC  | Volkswagen Group of America Finance LLC  | Volkswagen Group of America Finance LLC  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/24/2027<sup>(c)</sup> | 332000 | 312223  |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/16/2028<sup>(c)</sup> | 344000 | 359614  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Automobiles Manufacturing — continued**  | **Automobiles Manufacturing — continued**  | **Automobiles Manufacturing — continued**  |
| &nbsp;&nbsp;&nbsp; 6.45%, 11/16/2030<sup>(c)</sup> | $200000 | $214716  |
|  |  | 5790192  |
| **Banks — 3.7%**  | **Banks — 3.7%**  | **Banks — 3.7%**  |
| AIB Group PLC, 5.32% to 05/15/2030 then SOFR + 1.65%, 05/15/2031<sup>(c)</sup> | 260000 | 266422  |
| Australia & New Zealand Banking Group Ltd., 6.74%, 12/08/2032<sup>(c)</sup> | 206000 | 226014  |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp; 3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028  | 1452000 | 1444023  |
| &nbsp;&nbsp;&nbsp; 3.97% to 03/05/2028 then 3 mo. Term SOFR + 1.33%, 03/05/2029  | 800000 | 795300  |
| &nbsp;&nbsp;&nbsp; 5.20% to 04/25/2028 then SOFR + 1.63%, 04/25/2029  | 264000 | 270063  |
| &nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + 1.33%, 02/04/2033  | 34000 | 30641  |
| &nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034  | 19000 | 19447  |
| &nbsp;&nbsp;&nbsp; 5.43% to 08/15/2034 then SOFR + 1.91%, 08/15/2035  | 25000 | 25110  |
| &nbsp;&nbsp;&nbsp; 5.51% to 01/24/2035 then SOFR + 1.31%, 01/24/2036  | 1400000 | 1442945  |
| Bank of Nova Scotia, 4.93% to 02/14/2028 then SOFR + 0.89%, 02/14/2029  | 370000 | 375471  |
| Barclays PLC  | Barclays PLC  | Barclays PLC  |
| &nbsp;&nbsp;&nbsp; 7.12% to 06/27/2033 then SOFR + 3.57%, 06/27/2034  | 700000 | 774369  |
| &nbsp;&nbsp;&nbsp; 5.86% to 08/11/2045 then SOFR + 1.83%, 08/11/2046  | 410000 | 406544  |
| &nbsp;&nbsp;&nbsp; 6.04% to 03/12/2054 then SOFR + 2.42%, 03/12/2055  | 859000 | 879276  |
| BNP Paribas SA, 5.18% to 01/09/2029 then SOFR + 1.52%, 01/09/2030<sup>(c)</sup> | 369000 | 377353  |
| BPCE SA  | BPCE SA  | BPCE SA  |
| &nbsp;&nbsp;&nbsp; 3.12% to 10/19/2031 then SOFR + 1.73%, 10/19/2032<sup>(c)</sup> | 260000 | 229247  |
| &nbsp;&nbsp;&nbsp; 6.92% to 01/14/2045 then SOFR + 2.61%, 01/14/2046<sup>(c)</sup> | 957000 | 996224  |
| CaixaBank SA, 6.84% to 09/13/2033 then SOFR + 2.77%, 09/13/2034<sup>(c)</sup> | 532000 | 589556  |
| Citibank NA, 5.80%, 09/29/2028  | 500000 | 524171  |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.88% to 02/18/2026 then 5 yr. CMT Rate + 3.42%, Perpetual  | 220000 | 217164  |
| &nbsp;&nbsp;&nbsp; 3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028  | 235000 | 233058  |
| &nbsp;&nbsp;&nbsp; 5.17% to 02/13/2029 then SOFR + 1.36%, 02/13/2030  | 840000 | 862146  |
| &nbsp;&nbsp;&nbsp; 3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030<sup>(a)</sup> | 620000 | 612371  |
| &nbsp;&nbsp;&nbsp; 4.41% to 03/31/2030 then SOFR + 3.91%, 03/31/2031  | 122000 | 121462  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031  | 790000 | 805111  |
| &nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034  | 1066000 | 1123434  |
| &nbsp;&nbsp;&nbsp; 6.02% to 01/24/2035 then SOFR + 1.83%, 01/24/2036  | 615000 | 635720  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/25/2036  | 657000 | 690139  |
| &nbsp;&nbsp;&nbsp; 5.32% to 03/26/2040 then SOFR + 4.55%, 03/26/2041  | 732000 | 715011  |
| Comerica Bank, 5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033<sup>(a)</sup> | 468000 | 460178  |
| Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030  | 27000 | 27948  |
| Credit Agricole SA, 5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(c)</sup> | 343000 | 350155  |
|  Deutsche Bank AG/New York NY, 4.95% to 08/04/2030 then SOFR + 1.30%, 08/04/2031  | 405000 | 407405  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Banks — continued**  | **Banks — continued**  | **Banks — continued**  |
|  Huntington Bancshares, Inc., 6.14% to 11/18/2034 then 5 yr. CMT Rate + 1.70%, 11/18/2039  | $405000 | $416008  |
| JPMorgan Chase & Co.  | JPMorgan Chase & Co.  | JPMorgan Chase & Co.  |
| &nbsp;&nbsp;&nbsp; 3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028  | 447000 | 441157  |
| &nbsp;&nbsp;&nbsp; 5.01% to 01/23/2029 then SOFR + 1.31%, 01/23/2030  | 385000 | 393436  |
| &nbsp;&nbsp;&nbsp; 2.96% to 05/13/2030 then 3 mo. Term SOFR + 2.52%, 05/13/2031  | 260000 | 242179  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/24/2035 then SOFR + 1.32%, 01/24/2036  | 2040000 | 2107317  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036  | 450000 | 466855  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036  | 380000 | 387581  |
| &nbsp;&nbsp;&nbsp; 3.88% to 07/24/2037 then 3 mo. Term SOFR + 1.62%, 07/24/2038  | 44000 | 38827  |
| &nbsp;&nbsp;&nbsp; 4.26% to 02/22/2047 then 3 mo. Term SOFR + 1.84%, 02/22/2048  | 210000 | 175099  |
| Lloyds Banking Group PLC  | Lloyds Banking Group PLC  | Lloyds Banking Group PLC  |
| &nbsp;&nbsp;&nbsp; 5.59% to 11/26/2034 then 1 yr. CMT Rate + 1.20%, 11/26/2035  | 545000 | 560477  |
| &nbsp;&nbsp;&nbsp; 6.07% to 06/13/2035 then 1 yr. CMT Rate + 1.60%, 06/13/2036  | 480000 | 495132  |
|  M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035  | 550000 | 554758  |
| Mizuho Financial Group, Inc.  | Mizuho Financial Group, Inc.  | Mizuho Financial Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.26% to 05/22/2029 then 1 yr. CMT Rate + 1.25%, 05/22/2030  | 624000 | 602017  |
| &nbsp;&nbsp;&nbsp; 1.98% to 09/08/2030 then 3 mo. Term SOFR + 1.53%, 09/08/2031  | 307000 | 272278  |
| National Australia Bank Ltd.  | National Australia Bank Ltd.  | National Australia Bank Ltd.  |
| &nbsp;&nbsp;&nbsp; 2.33%, 08/21/2030<sup>(c)</sup> | 250000 | 224502  |
| &nbsp;&nbsp;&nbsp; 2.99%, 05/21/2031<sup>(c)</sup> | 250000 | 227315  |
|  NatWest Group PLC, 5.12% to 05/23/2030 then 1 yr. CMT Rate + 1.05%, 05/23/2031  | 630000 | 645659  |
| PNC Financial Services Group, Inc.  | PNC Financial Services Group, Inc.  | PNC Financial Services Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.40% to 09/15/2026 then 5 yr. CMT Rate + 2.60%, Perpetual  | 332000 | 320694  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035  | 5000 | 5202  |
| &nbsp;&nbsp;&nbsp; 5.58% to 01/29/2035 then SOFR + 1.39%, 01/29/2036  | 330000 | 339952  |
| &nbsp;&nbsp;&nbsp; 5.37% to 07/21/2035 then SOFR + 1.42%, 07/21/2036  | 170000 | 172390  |
| Regions Financial Corp., 5.72% to 06/06/2029 then SOFR + 1.49%, 06/06/2030  | 413000 | 428959  |
|  Santander Holdings USA, Inc., 6.12% to 05/31/2026 then SOFR + 1.23%, 05/31/2027  | 120000 | 121077  |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| &nbsp;&nbsp;&nbsp; 7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029  | 637000 | 691505  |
| &nbsp;&nbsp;&nbsp; 5.44% to 01/24/2029 then SOFR + 1.62%, 01/24/2030  | 445000 | 460253  |
| US Bancorp  | US Bancorp  | US Bancorp  |
| &nbsp;&nbsp;&nbsp; 3.70% to 01/15/2027 then 5 yr. CMT Rate + 2.54%, Perpetual  | 290000 | 279308  |
| &nbsp;&nbsp;&nbsp; 6.79% to 10/26/2026 then SOFR + 1.88%, 10/26/2027  | 226000 | 231765  |
| &nbsp;&nbsp;&nbsp; 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034  | 305000 | 320966  |
| &nbsp;&nbsp;&nbsp; 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036  | 148000 | 127092  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Banks — continued**  | **Banks — continued**  | **Banks — continued**  |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp; 2.39% to 06/02/2027 then SOFR + 2.10%, 06/02/2028  | $506000 | $490470  |
| &nbsp;&nbsp;&nbsp; 4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028  | 597000 | 603488  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029  | 709000 | 735132  |
| &nbsp;&nbsp;&nbsp; 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031  | 530000 | 546012  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034  | 28000 | 28752  |
| &nbsp;&nbsp;&nbsp; 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034  | 107000 | 110859  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035  | 470000 | 483984  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/02/2043  | 175000 | 166570  |
| Wells Fargo Bank NA, 5.85%, 02/01/2037  | 278000 | 290606  |
|  |  | 32139111  |
| **Biotechnology — 0.0%<sup>(b)</sup>**  | **Biotechnology — 0.0%<sup>(b)</sup>**  | **Biotechnology — 0.0%<sup>(b)</sup>**  |
| CSL Finance PLC, 4.95%, 04/27/2062<sup>(c)</sup> | 6000 | 5159  |
| **Cable & Satellite — 0.3%**  | **Cable & Satellite — 0.3%**  | **Cable & Satellite — 0.3%**  |
| CCO Holdings LLC / CCO Holdings Capital Corp.  | CCO Holdings LLC / CCO Holdings Capital Corp.  | CCO Holdings LLC / CCO Holdings Capital Corp.  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(c)</sup> | 88000 | 84417  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032  | 370000 | 337733  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(a)(c)</sup> | 250000 | 222632  |
| Charter Communications Operating LLC / Charter Communications Operating Capital  | Charter Communications Operating LLC / Charter Communications Operating Capital  | Charter Communications Operating LLC / Charter Communications Operating Capital  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035  | 255000 | 254909  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041  | 290000 | 208130  |
| Cox Communications, Inc., 3.50%, 08/15/2027<sup>(c)</sup> | 1029000 | 1012126  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031<sup>(c)</sup> | 10000 | 9923  |
| Sirius XM Radio LLC, 4.13%, 07/01/2030<sup>(c)</sup> | 31000 | 28772  |
| Sky Group Finance Ltd., 6.50%, 10/15/2035<sup>(c)</sup> | 227000 | 249376  |
| Videotron Ltd., 5.13%, 04/15/2027<sup>(c)</sup> | 138000 | 138039  |
|  |  | 2546057  |
| **Capital Goods — 1.1%**  | **Capital Goods — 1.1%**  | **Capital Goods — 1.1%**  |
| AGCO Corp., 5.45%, 03/21/2027  | 10000 | 10110  |
| Air Lease Corp.  | Air Lease Corp.  | Air Lease Corp.  |
| &nbsp;&nbsp;&nbsp; 4.65% to 06/15/2026 then 5 yr. CMT Rate + 4.08%, Perpetual  | 217000 | 214624  |
| &nbsp;&nbsp;&nbsp; 1.88%, 08/15/2026  | 394000 | 384026  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2031  | 545000 | 561407  |
| ATI, Inc.  | ATI, Inc.  | ATI, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2029  | 280000 | 273836  |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/2030  | 8000 | 8412  |
| Atkore, Inc., 4.25%, 06/01/2031<sup>(c)</sup> | 16000 | 14834  |
| Axon Enterprise, Inc., 6.13%, 03/15/2030<sup>(c)</sup> | 4000 | 4109  |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(c)</sup> | 16000 | 15652  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Capital Goods — continued**  | **Capital Goods — continued**  | **Capital Goods — continued**  |
| Boeing Co.  | Boeing Co.  | Boeing Co.  |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027  | $675000 | $681545  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030  | 590000 | 605395  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/01/2049  | 245000 | 177976  |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050  | 1438000 | 1383799  |
| Bombardier, Inc.  | Bombardier, Inc.  | Bombardier, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(c)</sup> | 89000 | 93708  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/2032<sup>(c)</sup> | 165000 | 172063  |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/2032<sup>(c)</sup> | 150000 | 154398  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035<sup>(c)</sup> | 15000 | 15622  |
| Caterpillar, Inc., 5.20%, 05/15/2035  | 220000 | 224968  |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/2029<sup>(c)</sup> | 5000 | 4805  |
| Esab Corp., 6.25%, 04/15/2029<sup>(c)</sup> | 6000 | 6161  |
| Fortive Corp., 4.30%, 06/15/2046  | 349000 | 284789  |
| FTAI Aviation Investors LLC, 7.88%, 12/01/2030<sup>(c)</sup> | 18000 | 19098  |
| General Dynamics Corp., 4.95%, 08/15/2035  | 325000 | 327760  |
| Hexcel Corp., 5.88%, 02/26/2035  | 76000 | 77350  |
| Hillenbrand, Inc., 3.75%, 03/01/2031  | 65000 | 59660  |
| Howmet Aerospace, Inc.  | Howmet Aerospace, Inc.  | Howmet Aerospace, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2028  | 364000 | 382392  |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/01/2037  | 250000 | 265466  |
| Illinois Tool Works, Inc., 3.90%, 09/01/2042  | 348000 | 288383  |
| Nordson Corp., 5.80%, 09/15/2033  | 97000 | 102816  |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/15/2030  | 150000 | 152265  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2035  | 110000 | 112247  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2053  | 703000 | 626203  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2054  | 347000 | 318725  |
| Otis Worldwide Corp., 5.13%, 11/19/2031  | 130000 | 134310  |
| Quanta Services, Inc., 4.50%, 01/15/2031  | 525000 | 524645  |
| QXO Building Products, Inc., 6.75%, 04/30/2032<sup>(c)</sup> | 12000 | 12393  |
| Rockwell Automation, Inc., 6.70%, 01/15/2028  | 339000 | 358196  |
| RTX Corp., 3.03%, 03/15/2052  | 125000 | 79111  |
| Terex Corp., 6.25%, 10/15/2032<sup>(c)</sup> | 160000 | 161668  |
|  |  | 9294927  |
| **Casinos & Gaming — 0.0%<sup>(b)</sup>**  | **Casinos & Gaming — 0.0%<sup>(b)</sup>**  | **Casinos & Gaming — 0.0%<sup>(b)</sup>**  |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, 8.25%, 04/15/2030<sup>(c)</sup> | 10000 | 10315  |
| Ontario Gaming GTA LP/OTG Co.-Issuer, Inc., 8.00%, 08/01/2030<sup>(c)</sup> | 4000 | 4022  |
|  |  | 14337  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Chemicals — 0.2%**  | **Chemicals — 0.2%**  | **Chemicals — 0.2%**  |
| Air Liquide Finance SA, 3.50%, 09/27/2046<sup>(c)</sup> | $238000 | $180635  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(c)</sup> | 130000 | 137404  |
| Celanese US Holdings LLC  | Celanese US Holdings LLC  | Celanese US Holdings LLC  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033<sup>(a)</sup> | 70000 | 70369  |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/15/2033<sup>(d)</sup> | 205000 | 212903  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(c)</sup> | 6000 | 5982  |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(c)</sup> | 14000 | 14100  |
| Olympus Water US Holding Corp., 9.75%, 11/15/2028<sup>(c)</sup> | 195000 | 204161  |
| Qnity Electronics, Inc., 5.75%, 08/15/2032<sup>(c)</sup> | 5000 | 5077  |
| Windsor Holdings III LLC, 8.50%, 06/15/2030<sup>(c)</sup> | 367000 | 389486  |
| WR Grace Holdings LLC, 7.38%, 03/01/2031<sup>(c)</sup> | 115000 | 116872  |
|  |  | 1336989  |
| **Commercial & Professional Services — 0.1%**  | **Commercial & Professional Services — 0.1%**  | **Commercial & Professional Services — 0.1%**  |
| Brink's Co., 6.50%, 06/15/2029<sup>(c)</sup> | 8000 | 8212  |
| CoreLogic, Inc., 4.50%, 05/01/2028<sup>(c)</sup> | 4000 | 3831  |
| Equifax, Inc.  | Equifax, Inc.  | Equifax, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027  | 275000 | 279626  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/15/2030  | 60000 | 56587  |
| Republic Services, Inc.  | Republic Services, Inc.  | Republic Services, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034  | 212000 | 215319  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2041  | 129000 | 132513  |
| Thomson Reuters Corp., 5.65%, 11/23/2043  | 96000 | 91901  |
| Waste Management, Inc., 3.90%, 03/01/2035  | 65000 | 59671  |
|  |  | 847660  |
| **Commercial Finance — 0.2%**  | **Commercial Finance — 0.2%**  | **Commercial Finance — 0.2%**  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust <br>5.38%, 12/15/2031  | 455000 | 468770  |
| &nbsp;&nbsp;&nbsp; 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056  | 240000 | 246872  |
| Avolon Holdings Funding Ltd., 4.38%, 05/01/2026<sup>(c)</sup> | 609000 | 608104  |
| Azorra Finance Ltd.  | Azorra Finance Ltd.  | Azorra Finance Ltd.  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030<sup>(c)</sup> | 14000 | 14671  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031<sup>(c)</sup> | 3000 | 3098  |
| GGAM Finance Ltd., 8.00%, 06/15/2028<sup>(c)</sup> | 17000 | 18004  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(c)</sup> | 8000 | 8221  |
| Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.20%, 11/15/2025<sup>(c)</sup> | 200000 | 198164  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(c)</sup> | 6000 | 6349  |
|  |  | 1572253  |
| **Communications Equipment — 0.0%<sup>(b)</sup>**  | **Communications Equipment — 0.0%<sup>(b)</sup>**  | **Communications Equipment — 0.0%<sup>(b)</sup>**  |
| CommScope LLC, 9.50%, 12/15/2031<sup>(c)</sup> | 10000 | 10322  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Construction Materials Manufacturing — 0.2%**  | **Construction Materials Manufacturing — 0.2%**  | **Construction Materials Manufacturing — 0.2%**  |
| Amrize Finance US LLC  | Amrize Finance US LLC  | Amrize Finance US LLC  |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/07/2030<sup>(c)</sup> | $180000 | $183331  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/07/2035<sup>(c)</sup> | 265000 | 268340  |
| Holcim US Finance Luxembourg SA  | Holcim US Finance Luxembourg SA  | Holcim US Finance Luxembourg SA  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/22/2026<sup>(a)(c)</sup> | 345000 | 340879  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/29/2039<sup>(c)</sup> | 70000 | 76766  |
| Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(c)</sup> | 480000 | 494110  |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(c)</sup> | 75000 | 77268  |
| Standard Industries, Inc., 4.75%, 01/15/2028<sup>(c)</sup> | 180000 | 177990  |
|  |  | 1618684  |
| **Consumer Discretionary Distribution & Retail — 0.1%**  | **Consumer Discretionary Distribution & Retail — 0.1%**  | **Consumer Discretionary Distribution & Retail — 0.1%**  |
| Advance Auto Parts, Inc., 7.38%, 08/01/2033<sup>(c)</sup> | 7000 | 7163  |
| Bath & Body Works, Inc., 6.63%, 10/01/2030<sup>(c)</sup> | 50000 | 51252  |
| Genuine Parts Co., 6.88%, 11/01/2033  | 117000 | 131132  |
| Home Depot, Inc., 4.88%, 06/25/2027  | 12000 | 12167  |
| Lowe's Cos., Inc.  | Lowe's Cos., Inc.  | Lowe's Cos., Inc.  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/15/2046  | 348000 | 257928  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2053  | 119000 | 114965  |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(c)</sup> | 5000 | 4895  |
| Valvoline, Inc., 3.63%, 06/15/2031<sup>(c)</sup> | 13000 | 11838  |
|  |  | 591340  |
| **Consumer Durables & Apparel — 0.2%**  | **Consumer Durables & Apparel — 0.2%**  | **Consumer Durables & Apparel — 0.2%**  |
| Beazer Homes USA, Inc., 7.50%, 03/15/2031<sup>(c)</sup> | 7000 | 7105  |
| Crocs, Inc., 4.25%, 03/15/2029<sup>(c)</sup> | 5000 | 4756  |
| Dream Finders Homes, Inc., 8.25%, 08/15/2028<sup>(c)</sup> | 11000 | 11403  |
| LGI Homes, Inc., 7.00%, 11/15/2032<sup>(c)</sup> | 382000 | 372056  |
| Mattel, Inc., 3.75%, 04/01/2029<sup>(c)</sup> | 315000 | 303811  |
| MDC Holdings, Inc., 3.97%, 08/06/2061  | 211000 | 134533  |
| Meritage Homes Corp., 5.65%, 03/15/2035<sup>(a)</sup> | 482000 | 485718  |
| Tapestry, Inc., 5.50%, 03/11/2035  | 315000 | 317779  |
| Under Armour, Inc., 7.25%, 07/15/2030<sup>(c)</sup> | 5000 | 4992  |
| Whirlpool Corp., 5.50%, 03/01/2033  | 132000 | 127013  |
|  |  | 1769166  |
| **Consumer Finance — 0.1%**  | **Consumer Finance — 0.1%**  | **Consumer Finance — 0.1%**  |
| Arbor Realty SR, Inc., 7.88%, 07/15/2030<sup>(c)</sup> | 7000 | 7273  |
| Freedom Mortgage Corp., 12.25%, 10/01/2030<sup>(c)</sup> | 12000 | 13284  |
| Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032<sup>(c)</sup> | 14000 | 14413  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.  | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.  | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2030  | 9000 | 9153  |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/15/2031<sup>(c)</sup> | 90000 | 94457  |
| Nationstar Mortgage Holdings, Inc., 6.50%, 08/01/2029<sup>(c)</sup> | 110000 | 112675  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Consumer Finance — continued**  | **Consumer Finance — continued**  | **Consumer Finance — continued**  |
| PHH Escrow Issuer LLC/PHH Corp., 9.88%, 11/01/2029<sup>(c)</sup> | $10000 | $10015  |
| Planet Financial Group LLC, 10.50%, 12/15/2029<sup>(c)</sup> | 9000 | 9295  |
| Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(c)</sup> | 10000 | 10493  |
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 3.88%, 03/01/2031<sup>(c)</sup> | 339000 | 316204  |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032<sup>(c)</sup> | 105000 | 108664  |
| United Wholesale Mortgage LLC, 5.50%, 04/15/2029<sup>(c)</sup> | 3000 | 2949  |
| UWM Holdings LLC, 6.63%, 02/01/2030<sup>(c)</sup> | 114000 | 115594  |
|  |  | 824469  |
| **Consumer Products — 0.1%**  | **Consumer Products — 0.1%**  | **Consumer Products — 0.1%**  |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029<sup>(c)</sup> | 6000 | 5863  |
| Haleon US Capital LLC, 3.63%, 03/24/2032  | 260000 | 244671  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032  | 390000 | 391800  |
|  |  | 642334  |
| **Consumer Services — 0.3%**  | **Consumer Services — 0.3%**  | **Consumer Services — 0.3%**  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(c)</sup> | 185000 | 194070  |
| Aramark Services, Inc., 5.00%, 02/01/2028<sup>(c)</sup> | 6000 | 5946  |
| Brinker International, Inc., 8.25%, 07/15/2030<sup>(c)</sup> | 12000 | 12736  |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2030<sup>(c)</sup> | 125000 | 129019  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032<sup>(c)</sup> | 15000 | 15349  |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031<sup>(c)</sup> | 24000 | 24557  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033<sup>(c)</sup> | 355000 | 363861  |
| Churchill Downs, Inc.  | Churchill Downs, Inc.  | Churchill Downs, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2030<sup>(c)</sup> | 11000 | 10981  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2031<sup>(c)</sup> | 280000 | 287407  |
| Life Time, Inc., 6.00%, 11/15/2031<sup>(c)</sup> | 21000 | 21183  |
| Marriott International, Inc., 5.00%, 10/15/2027  | 103000 | 104419  |
|  Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/2028<sup>(c)</sup> | 285000 | 284464  |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(c)</sup> | 8000 | 8149  |
| Six Flags Entertainment Corp., 7.25%, 05/15/2031<sup>(c)</sup> | 145000 | 145440  |
| Sodexo, Inc.  | Sodexo, Inc.  | Sodexo, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/15/2030<sup>(c)</sup> | 205000 | 210048  |
| &nbsp;&nbsp;&nbsp; 5.80%, 08/15/2035<sup>(c)</sup> | 210000 | 217174  |
| Starbucks Corp., 3.00%, 02/14/2032  | 349000 | 318515  |
| Williams Scotsman, Inc., 6.63%, 06/15/2029<sup>(c)</sup> | 175000 | 178969  |
|  |  | 2532287  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Consumer Staples Distribution & Retail — 0.2%**  | **Consumer Staples Distribution & Retail — 0.2%**  | **Consumer Staples Distribution & Retail — 0.2%**  |
| Alimentation Couche-Tard, Inc., 4.50%, 07/26/2047<sup>(c)</sup> | $573000 | $478408  |
| Sysco Corp., 4.45%, 03/15/2048  | 164000 | 136101  |
| Walmart, Inc.  | Walmart, Inc.  | Walmart, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2026  | 160000 | 159535  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2028  | 150000 | 150272  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2030  | 69000 | 69408  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/28/2035  | 690000 | 701200  |
|  |  | 1694924  |
| **Containers & Packaging — 0.0%<sup>(b)</sup>**  | **Containers & Packaging — 0.0%<sup>(b)</sup>**  | **Containers & Packaging — 0.0%<sup>(b)</sup>**  |
| Berry Global, Inc.  | Berry Global, Inc.  | Berry Global, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026<sup>(c)</sup> | 256000 | 255194  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2034  | 3000 | 3111  |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030<sup>(c)</sup> | 7000 | 7099  |
| Clydesdale Acquisition Holdings, Inc.  | Clydesdale Acquisition Holdings, Inc.  | Clydesdale Acquisition Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030<sup>(c)</sup> | 6000 | 6173  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2032<sup>(c)</sup> | 8000 | 8205  |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027<sup>(c)</sup> | 120000 | 121274  |
| Owens-Brockway Glass Container, Inc., 7.38%, 06/01/2032<sup>(c)</sup> | 8000 | 8055  |
|  |  | 409111  |
| **Department Stores — 0.0%<sup>(b)</sup>**  | **Department Stores — 0.0%<sup>(b)</sup>**  | **Department Stores — 0.0%<sup>(b)</sup>**  |
| Macy's Retail Holdings LLC, 7.38%, 08/01/2033<sup>(c)</sup> | 7000 | 7178  |
| **Design, Manufacturing & Distribution — 0.0%<sup>(b)</sup>**  | **Design, Manufacturing & Distribution — 0.0%<sup>(b)</sup>**  | **Design, Manufacturing & Distribution — 0.0%<sup>(b)</sup>**  |
| Imola Merger Corp., 4.75%, 05/15/2029<sup>(c)</sup> | 185000 | 180025  |
| **Educational Services — 0.0%<sup>(b)</sup>**  | **Educational Services — 0.0%<sup>(b)</sup>**  | **Educational Services — 0.0%<sup>(b)</sup>**  |
| American University, 3.67%, 04/01/2049  | 327000 | 243756  |
| George Washington University, 4.30%, 09/15/2044  | 10000 | 8484  |
| University of Chicago, 2.76%, 04/01/2045  | 87000 | 67917  |
|  |  | 320157  |
| **Electrical Equipment Manufacturing — 0.0%<sup>(b)</sup>** | **Electrical Equipment Manufacturing — 0.0%<sup>(b)</sup>** | **Electrical Equipment Manufacturing — 0.0%<sup>(b)</sup>** |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030<sup>(c)</sup> | 23000 | 23591  |
| Vertiv Group Corp., 4.13%, 11/15/2028<sup>(c)</sup> | 11000 | 10719  |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032<sup>(c)</sup> | 125000 | 129442  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2033<sup>(c)</sup> | 65000 | 67291  |
|  |  | 231043  |
| **Energy — 1.0%**  | **Energy — 1.0%**  | **Energy — 1.0%**  |
| Aker BP ASA, 5.80%, 10/01/2054<sup>(c)</sup> | 436000 | 388661  |
| Buckeye Partners LP, 6.75%, 02/01/2030<sup>(c)</sup> | 145000 | 150322  |
| Cheniere Energy Partners LP, 4.00%, 03/01/2031  | 706000 | 680592  |
| Civitas Resources, Inc., 8.75%, 07/01/2031<sup>(c)</sup> | 9000 | 9247  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Energy — continued**  | **Energy — continued**  | **Energy — continued**  |
| CNX Midstream Partners LP, 4.75%, 04/15/2030<sup>(c)</sup> | $8000 | $7575  |
| Comstock Resources, Inc., 6.75%, 03/01/2029<sup>(c)</sup> | 434000 | 427147  |
| CVR Energy, Inc., 8.50%, 01/15/2029<sup>(c)</sup> | 3000 | 3027  |
| Diamondback Energy, Inc., 5.20%, 04/18/2027  | 150000 | 151942  |
| Enbridge, Inc., 4.90%, 06/20/2030<sup>(a)</sup> | 450000 | 458453  |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027<sup>(c)</sup> | 454000 | 452907  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029<sup>(c)</sup> | 703000 | 713046  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029  | 822000 | 845772  |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030  | 295000 | 318519  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/2045  | 120000 | 117897  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050  | 90000 | 74594  |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029<sup>(c)</sup> | 12000 | 11940  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2034  | 3000 | 3099  |
| Expand Energy Corp., 4.75%, 02/01/2032  | 510000 | 496719  |
| Hess Corp.  | Hess Corp.  | Hess Corp.  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2033  | 172000 | 197606  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2040  | 326000 | 348457  |
| KazMunayGas National Co. JSC, 6.38%, 10/24/2048<sup>(c)</sup> | 435000 | 416893  |
| Marathon Oil Corp., 6.60%, 10/01/2037  | 43000 | 45114  |
| MPLX LP, 4.70%, 04/15/2048  | 71000 | 57497  |
| Northern Oil & Gas, Inc., 8.75%, 06/15/2031<sup>(c)</sup> | 10000 | 10260  |
| Occidental Petroleum Corp.  | Occidental Petroleum Corp.  | Occidental Petroleum Corp.  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2029  | 72000 | 68005  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2031  | 109000 | 122800  |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/15/2047  | 82000 | 57606  |
| ONEOK, Inc., 6.25%, 10/15/2055  | 245000 | 238971  |
| Phillips 66, 1.30%, 02/15/2026  | 280000 | 275179  |
| Saudi Arabian Oil Co., 5.75%, 07/17/2054<sup>(c)</sup> | 420000 | 400430  |
| SM Energy Co., 6.75%, 08/01/2029<sup>(c)</sup> | 6000 | 6049  |
| TransCanada PipeLines Ltd.  | TransCanada PipeLines Ltd.  | TransCanada PipeLines Ltd.  |
| &nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037  | 80000 | 84206  |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/2040  | 33000 | 34028  |
| Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/2028  | 341000 | 339620  |
| Valero Energy Corp., 6.63%, 06/15/2037  | 300000 | 326608  |
| Williams Cos., Inc., 5.30%, 08/15/2028  | 89000 | 91618  |
|  |  | 8432406  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Entertainment Content — 0.2%**  | **Entertainment Content — 0.2%**  | **Entertainment Content — 0.2%**  |
| Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2043  | $5000 | $2760  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/20/2047  | 139000 | 76190  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049  | 89000 | 42857  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2055  | 244000 | 113663  |
| Univision Communications, Inc., 8.50%, 07/31/2031<sup>(c)</sup> | 21000 | 21604  |
| Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032<sup>(a)</sup> | 21000 | 18091  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042  | 2831000 | 1909693  |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052  | 40000 | 24880  |
|  |  | 2209738  |
| **Entertainment Resources — 0.0%<sup>(b)</sup>**  | **Entertainment Resources — 0.0%<sup>(b)</sup>**  | **Entertainment Resources — 0.0%<sup>(b)</sup>**  |
| Cinemark USA, Inc., 5.25%, 07/15/2028<sup>(c)</sup> | 20000 | 19841  |
| Sabre GLBL, Inc., 8.63%, 06/01/2027<sup>(c)</sup> | 7000 | 7072  |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.25%, 07/15/2029  | 280000 | 270615  |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co., 6.63%, 05/01/2032<sup>(c)</sup> | 8000 | 8115  |
| Speedway Motorsports LLC / Speedway Funding II, Inc., 4.88%, 11/01/2027<sup>(c)</sup> | 14000 | 13868  |
|  |  | 319511  |
| **Equity Real Estate Investment Trusts (REITs) — 0.2%**  | **Equity Real Estate Investment Trusts (REITs) — 0.2%**  | **Equity Real Estate Investment Trusts (REITs) — 0.2%**  |
| Crown Castle, Inc., 1.05%, 07/15/2026  | 165000 | 159977  |
| EPR Properties, 3.75%, 08/15/2029  | 343000 | 328771  |
| Iron Mountain, Inc., 4.88%, 09/15/2029<sup>(c)</sup> | 42000 | 41207  |
| Kimco Realty OP LLC, 2.25%, 12/01/2031  | 195000 | 171123  |
| Realty Income Corp.  | Realty Income Corp.  | Realty Income Corp.  |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/15/2028  | 103000 | 104472  |
| &nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029  | 161000 | 153760  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2030  | 500000 | 513179  |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/15/2032  | 256000 | 227150  |
| Service Properties Trust, 8.38%, 06/15/2029  | 70000 | 72103  |
|  |  | 1771742  |
| **Exploration & Production — 0.1%**  | **Exploration & Production — 0.1%**  | **Exploration & Production — 0.1%**  |
| Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(c)</sup> | 11000 | 11453  |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.  | Ascent Resources Utica Holdings LLC / ARU Finance Corp.  | Ascent Resources Utica Holdings LLC / ARU Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029<sup>(c)</sup> | 8000 | 7966  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(c)</sup> | 445000 | 452216  |
| Caturus Energy LLC, 8.50%, 02/15/2030<sup>(c)</sup> | 8000 | 8286  |
| Crescent Energy Finance LLC, 7.63%, 04/01/2032<sup>(c)</sup> | 8000 | 7953  |
| Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031<sup>(c)</sup> | 20000 | 19271  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Exploration & Production — continued**  | **Exploration & Production — continued**  | **Exploration & Production — continued**  |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/01/2029<sup>(c)</sup> | $12000 | $11981  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2032<sup>(c)</sup> | 286000 | 295965  |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029<sup>(c)</sup> | 8000 | 7796  |
|  |  | 822887  |
| **Financial Services — 2.2%**  | **Financial Services — 2.2%**  | **Financial Services — 2.2%**  |
| Bank of New York Mellon Corp.  | Bank of New York Mellon Corp.  | Bank of New York Mellon Corp.  |
| &nbsp;&nbsp;&nbsp; 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual  | 320000 | 310211  |
| &nbsp;&nbsp;&nbsp; 5.06% to 07/22/2031 then SOFR + 1.23%, 07/22/2032  | 331000 | 340232  |
| &nbsp;&nbsp;&nbsp; 6.47% to 10/25/2033 then SOFR + 1.85%, 10/25/2034  | 177000 | 195195  |
| BGC Group, Inc., 6.15%, 04/02/2030<sup>(c)</sup> | 14000 | 14275  |
| Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/2027<sup>(c)</sup> | 35000 | 34113  |
| Blackstone Mortgage Trust, Inc.  | Blackstone Mortgage Trust, Inc.  | Blackstone Mortgage Trust, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2027<sup>(c)</sup> | 100000 | 97603  |
| &nbsp;&nbsp;&nbsp; 7.75%, 12/01/2029<sup>(c)</sup> | 90000 | 95798  |
| Blackstone Private Credit Fund  | Blackstone Private Credit Fund  | Blackstone Private Credit Fund  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/29/2032  | 260000 | 266389  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/22/2034  | 696000 | 701353  |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2032  | 140000 | 144783  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/2033<sup>(c)</sup> | 5000 | 5124  |
| Cantor Fitzgerald LP, 7.20%, 12/12/2028<sup>(c)</sup> | 13000 | 13904  |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| &nbsp;&nbsp;&nbsp; 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029  | 656000 | 688657  |
| &nbsp;&nbsp;&nbsp; 5.46% to 07/26/2029 then SOFR + 1.56%, 07/26/2030  | 355000 | 366670  |
| &nbsp;&nbsp;&nbsp; 5.82% to 02/01/2033 then SOFR + 2.60%, 02/01/2034  | 902000 | 939218  |
| &nbsp;&nbsp;&nbsp; 5.88% to 07/26/2034 then SOFR + 1.99%, 07/26/2035  | 190000 | 197287  |
| &nbsp;&nbsp;&nbsp; 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036  | 1075000 | 1109391  |
| Carlyle Finance LLC, 5.65%, 09/15/2048<sup>(c)</sup> | 51000 | 49229  |
|  Charles Schwab Corp., 4.00% to 06/01/2026 then 5 yr. CMT Rate + 3.17%, Perpetual  | 353000 | 347253  |
| Citadel LP, 6.38%, 01/23/2032<sup>(c)</sup> | 304000 | 319498  |
| Coinbase Global, Inc., 3.38%, 10/01/2028<sup>(c)</sup> | 14000 | 13260  |
| Enova International, Inc., 9.13%, 08/01/2029<sup>(c)</sup> | 6000 | 6316  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(c)</sup> | 11000 | 11597  |
| FirstCash, Inc.  | FirstCash, Inc.  | FirstCash, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/2030<sup>(c)</sup> | 25000 | 24914  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2032<sup>(c)</sup> | 34000 | 35235  |
| goeasy Ltd., 6.88%, 02/15/2031<sup>(c)</sup> | 6000 | 5989  |
| Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.95% to 10/21/2026 then SOFR + 0.91%, 10/21/2027  | 833000 | 811332  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Financial Services — continued**  | **Financial Services — continued**  | **Financial Services — continued**  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029  | $892000 | $882871  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030  | 369000 | 344292  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033  | 211000 | 230684  |
| &nbsp;&nbsp;&nbsp; 3.10% to 02/24/2032 then SOFR + 1.41%, 02/24/2033  | 995000 | 905047  |
| &nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036<sup>(a)</sup> | 1840000 | 1898094  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/22/2045  | 245000 | 223798  |
| Goldman Sachs Private Credit Corp., 6.25%, 05/06/2030<sup>(c)</sup> | 195000 | 199291  |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.00%, 06/15/2027<sup>(c)</sup> | 8000 | 8287  |
| Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031<sup>(c)</sup> | 419000 | 436939  |
| Jefferson Capital Holdings LLC, 9.50%, 02/15/2029<sup>(c)</sup> | 13000 | 13786  |
| LPL Holdings, Inc.  | LPL Holdings, Inc.  | LPL Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027  | 256000 | 260401  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029<sup>(c)</sup> | 5000 | 4877  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030  | 405000 | 413552  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2031<sup>(a)(c)</sup> | 261000 | 251622  |
| Macquarie Group Ltd., 5.49% to 11/09/2032 then SOFR + 2.87%, 11/09/2033<sup>(c)</sup> | 347000 | 360943  |
| Mastercard, Inc., 4.88%, 05/09/2034  | 208000 | 211451  |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/20/2027  | 395000 | 392019  |
| &nbsp;&nbsp;&nbsp; 2.48% to 01/21/2027 then SOFR + 1.00%, 01/21/2028  | 160000 | 155837  |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/2028<sup>(e)</sup> | 208000 | 204980  |
| &nbsp;&nbsp;&nbsp; 5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029  | 133000 | 135657  |
| &nbsp;&nbsp;&nbsp; 5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034  | 210000 | 216341  |
| &nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035  | 275000 | 289621  |
| Nationwide Building Society  | Nationwide Building Society  | Nationwide Building Society  |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/27/2027<sup>(c)</sup> | 343000 | 347113  |
| &nbsp;&nbsp;&nbsp; 4.65% to 07/14/2028 then SOFR + 1.06%, 07/14/2029<sup>(c)</sup> | 467000 | 469856  |
| Nuveen LLC, 5.55%, 01/15/2030<sup>(c)</sup> | 418000 | 437074  |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027  | 80000 | 78147  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031  | 105000 | 108867  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032  | 16000 | 16359  |
| PennyMac Financial Services, Inc.  | PennyMac Financial Services, Inc.  | PennyMac Financial Services, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2030<sup>(c)</sup> | 295000 | 305018  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2032<sup>(c)</sup> | 31000 | 31679  |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(c)</sup> | 11000 | 10320  |
| PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(c)</sup> | 7000 | 6787  |
| Radian Group, Inc., 6.20%, 05/15/2029  | 370000 | 386801  |
| Rithm Capital Corp., 8.00%, 07/15/2030<sup>(c)</sup> | 14000 | 14269  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Financial Services — continued**  | **Financial Services — continued**  | **Financial Services — continued**  |
| S&P Global, Inc.  | S&P Global, Inc.  | S&P Global, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/01/2052  | $185000 | $138174  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/01/2062  | 119000 | 88175  |
| Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(c)</sup> | 9000 | 9419  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2030<sup>(c)</sup> | 420000 | 435108  |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| &nbsp;&nbsp;&nbsp; 6.45% to 09/15/2030 then 5 yr. CMT Rate + 2.14%, Perpetual  | 300000 | 305096  |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/03/2031  | 303000 | 269656  |
| &nbsp;&nbsp;&nbsp; 6.12% to 11/21/2033 then SOFR + 1.96%, 11/21/2034  | 354000 | 379326  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(c)</sup> | 28000 | 28728  |
| VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 06/15/2031<sup>(c)</sup> | 27000 | 28363  |
|  |  | 19079551  |
| **Food & Beverage — 0.4%**  | **Food & Beverage — 0.4%**  | **Food & Beverage — 0.4%**  |
| Anheuser-Busch InBev Finance, Inc.  | Anheuser-Busch InBev Finance, Inc.  | Anheuser-Busch InBev Finance, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036  | 562000 | 548767  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046  | 182000 | 165310  |
| Anheuser-Busch InBev Worldwide, Inc., 8.20%, 01/15/2039  | 355000 | 451861  |
| Cargill, Inc.  | Cargill, Inc.  | Cargill, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/11/2032<sup>(c)</sup> | 222000 | 229261  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/24/2033<sup>(c)</sup> | 84000 | 84362  |
| HLF Financing Sarl LLC / Herbalife International, Inc., 12.25%, 04/15/2029<sup>(c)</sup> | 8000 | 8698  |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl  | JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl  | JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032  | 340000 | 312987  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034  | 279000 | 305371  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/2052  | 801000 | 819415  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035<sup>(c)</sup> | 140000 | 145323  |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/20/2028<sup>(c)</sup> | 496000 | 501490  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2059<sup>(c)</sup> | 350000 | 264832  |
|  |  | 3837677  |
| **Food, Beverage & Tobacco — 0.3%**  | **Food, Beverage & Tobacco — 0.3%**  | **Food, Beverage & Tobacco — 0.3%**  |
| Hormel Foods Corp., 3.05%, 06/03/2051  | 93000 | 59853  |
| J M Smucker Co.  | J M Smucker Co.  | J M Smucker Co.  |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/15/2033  | 355000 | 381011  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/15/2050  | 40000 | 27092  |
| Kellanova, 5.75%, 05/16/2054  | 37000 | 36084  |
| Molson Coors Beverage Co.  | Molson Coors Beverage Co.  | Molson Coors Beverage Co.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042  | 90000 | 81947  |
| &nbsp;&nbsp;&nbsp; 4.20%, 07/15/2046  | 235000 | 185778  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Food, Beverage & Tobacco — continued**  | **Food, Beverage & Tobacco — continued**  | **Food, Beverage & Tobacco — continued**  |
| PepsiCo, Inc.  | PepsiCo, Inc.  | PepsiCo, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/23/2032  | $335000 | $338130  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/23/2035  | 540000 | 545289  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/19/2060  | 130000 | 96954  |
| Philip Morris International, Inc., 5.63%, 09/07/2033  | 356000 | 372914  |
| The Campbell's Co.  | The Campbell's Co.  | The Campbell's Co.  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/20/2026  | 10000 | 10021  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/23/2035  | 220000 | 210246  |
| Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(c)</sup> | 9000 | 9408  |
| Tyson Foods, Inc., 4.35%, 03/01/2029  | 349000 | 348428  |
|  |  | 2703155  |
| **Forest & Paper Products Manufacturing — 0.0%<sup>(b)</sup>**  | **Forest & Paper Products Manufacturing — 0.0%<sup>(b)</sup>**  | **Forest & Paper Products Manufacturing — 0.0%<sup>(b)</sup>**  |
| Georgia-Pacific LLC, 7.25%, 06/01/2028  | 13000 | 14011  |
| **Hardware — 0.1%**  | **Hardware — 0.1%**  | **Hardware — 0.1%**  |
| CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026  | 160000 | 156240  |
| Dell International LLC / EMC Corp., 5.50%, 04/01/2035<sup>(a)</sup> | 435000 | 442184  |
| Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/2030<sup>(c)</sup> | 14000 | 14167  |
|  |  | 612591  |
| **Health Care Equipment & Services — 0.7%**  | **Health Care Equipment & Services — 0.7%**  | **Health Care Equipment & Services — 0.7%**  |
| Bausch + Lomb Corp., 8.38%, 10/01/2028<sup>(c)</sup> | 445000 | 462930  |
| Centene Corp.  | Centene Corp.  | Centene Corp.  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029<sup>(a)</sup> | 508000 | 489582  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031  | 17000 | 14460  |
| Cigna Group  | Cigna Group  | Cigna Group  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050  | 123000 | 82430  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/2054  | 420000 | 396669  |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2026  | 350000 | 344745  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/21/2030  | 225000 | 230020  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/21/2053  | 228000 | 207944  |
| DaVita, Inc., 4.63%, 06/01/2030<sup>(c)</sup> | 30000 | 28832  |
| GE HealthCare Technologies, Inc., 4.80%, 08/14/2029  | 75000 | 76400  |
| Humana, Inc.  | Humana, Inc.  | Humana, Inc.  |
| &nbsp;&nbsp;&nbsp; 8.15%, 06/15/2038  | 135000 | 163503  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2053  | 102000 | 91482  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(c)</sup> | 412000 | 414168  |
| Pediatrix Medical Group, Inc., 5.38%, 02/15/2030<sup>(c)</sup> | 9000 | 8887  |
| Stryker Corp., 4.38%, 05/15/2044  | 354000 | 304705  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Health Care Equipment & Services — continued**  | **Health Care Equipment & Services — continued**  | **Health Care Equipment & Services — continued**  |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028  | $235000 | $231937  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/15/2031  | 75000 | 80383  |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/15/2027  | 10000 | 10061  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/15/2028  | 285000 | 287102  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029  | 631000 | 633679  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/15/2031  | 480000 | 485420  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2052  | 272000 | 228384  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/15/2055  | 455000 | 453866  |
| Universal Health Services, Inc., 2.65%, 01/15/2032  | 36000 | 30925  |
| Zimmer Biomet Holdings, Inc., 3.55%, 03/20/2030  | 248000 | 238643  |
|  |  | 5997157  |
| **Health Care Facilities & Services — 0.8%**  | **Health Care Facilities & Services — 0.8%**  | **Health Care Facilities & Services — 0.8%**  |
| Adventist Health System  | Adventist Health System  | Adventist Health System  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/01/2029  | 6000 | 5646  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2049  | 33000 | 22072  |
| Allina Health System, 4.81%, 11/15/2045  | 582000 | 513210  |
| Banner Health, 2.91%, 01/01/2051  | 1117000 | 707407  |
| Baptist Health South Florida, Inc., 4.34%, 11/15/2041  | 370000 | 317347  |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/2030<sup>(c)</sup> | 21000 | 18796  |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| &nbsp;&nbsp;&nbsp; 6.07%, 11/01/2027  | 63000 | 65075  |
| &nbsp;&nbsp;&nbsp; 5.21%, 12/01/2031  | 15000 | 15477  |
| &nbsp;&nbsp;&nbsp; 4.35%, 11/01/2042  | 45000 | 37975  |
| &nbsp;&nbsp;&nbsp; 6.46%, 11/01/2052  | 37000 | 39183  |
| &nbsp;&nbsp;&nbsp; 5.55%, 12/01/2054  | 777000 | 736326  |
| Dignity Health, 4.50%, 11/01/2042  | 414000 | 350113  |
| Hartford HealthCare Corp., 3.45%, 07/01/2054  | 465000 | 328427  |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026  | 55000 | 55075  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029  | 215000 | 223586  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029  | 265000 | 255960  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2031  | 160000 | 165709  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/2051  | 720000 | 473066  |
| Integris Baptist Medical Center, Inc., 3.88%, 08/15/2050  | 100000 | 70512  |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2028  | 559000 | 577251  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2029  | 196000 | 205942  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/2032<sup>(c)</sup> | 10000 | 10295  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Health Care Facilities & Services — continued**  | **Health Care Facilities & Services — continued**  | **Health Care Facilities & Services — continued**  |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(c)</sup> | $10000 | $11009  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032<sup>(c)</sup> | 13000 | 13753  |
| Montefiore Obligated Group, 4.29%, 09/01/2050  | 10000 | 6464  |
| Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/2052  | 768000 | 563686  |
| Mount Sinai Hospital, 3.98%, 07/01/2048  | 33000 | 24447  |
| MultiCare Health System, 2.80%, 08/15/2050  | 82000 | 48290  |
| Novant Health, Inc., 3.17%, 11/01/2051  | 52000 | 33956  |
| NYU Langone Hospitals, 4.37%, 07/01/2047  | 17000 | 14433  |
| Piedmont Healthcare, Inc., 2.04%, 01/01/2032  | 7000 | 5964  |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(c)</sup> | 8000 | 8242  |
| Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(c)</sup> | 5000 | 5098  |
| SSM Health Care Corp., 4.89%, 06/01/2028  | 365000 | 370756  |
| Star Parent, Inc., 9.00%, 10/01/2030<sup>(c)</sup> | 11000 | 11630  |
| Sutter Health  | Sutter Health  | Sutter Health  |
| &nbsp;&nbsp;&nbsp; 2.29%, 08/15/2030  | 28000 | 25538  |
| &nbsp;&nbsp;&nbsp; 5.16%, 08/15/2033  | 49000 | 49853  |
| &nbsp;&nbsp;&nbsp; 4.09%, 08/15/2048  | 182000 | 144422  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2053  | 67000 | 65366  |
| Toledo Hospital, 5.75%, 11/15/2038  | 135000 | 135158  |
| Trinity Health Corp., 2.63%, 12/01/2040  | 658000 | 462326  |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(c)</sup> | 11000 | 11274  |
| Willis-Knighton Medical Center, 4.81%, 09/01/2048  | 21000 | 18027  |
|  |  | 7224142  |
| **Home Improvement — 0.0%<sup>(b)</sup>**  | **Home Improvement — 0.0%<sup>(b)</sup>**  | **Home Improvement — 0.0%<sup>(b)</sup>**  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(c)</sup> | 9000 | 8848  |
| **Homebuilders — 0.0%<sup>(b)</sup>**  | **Homebuilders — 0.0%<sup>(b)</sup>**  | **Homebuilders — 0.0%<sup>(b)</sup>**  |
| Adams Homes, Inc., 9.25%, 10/15/2028<sup>(c)</sup> | 8000 | 8306  |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 6.88%, 08/01/2033<sup>(c)</sup> | 9000 | 9002  |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030<sup>(c)</sup> | 8000 | 7327  |
| Shea Homes LP / Shea Homes Funding Corp., 4.75%, 04/01/2029  | 6000 | 5848  |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/2028<sup>(c)</sup> | 8000 | 7797  |
|  |  | 38280  |
| **Household & Personal Products — 0.2%**  | **Household & Personal Products — 0.2%**  | **Household & Personal Products — 0.2%**  |
| Clorox Co., 4.60%, 05/01/2032  | 314000 | 314404  |
| Edgewell Personal Care Co., 4.13%, 04/01/2029<sup>(c)</sup> | 20000 | 19006  |
| Estee Lauder Cos., Inc., 6.00%, 05/15/2037  | 136000 | 145375  |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Household & Personal Products — continued**  | **Household & Personal Products — continued**  | **Household & Personal Products — continued**  |
| Kenvue, Inc.  | Kenvue, Inc.  | Kenvue, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/22/2053  | $177000 | $161423  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/22/2063  | 41000 | 37278  |
| L'Oreal SA, 5.00%, 05/20/2035<sup>(c)</sup> | 430000 | 437369  |
| Procter & Gamble Co., 3.55%, 03/25/2040  | 348000 | 298785  |
|  |  | 1413640  |
| **Industrial Other — 0.1%**  | **Industrial Other — 0.1%**  | **Industrial Other — 0.1%**  |
| Ashtead Capital, Inc.  | Ashtead Capital, Inc.  | Ashtead Capital, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/30/2033<sup>(c)</sup> | 232000 | 235941  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/15/2033<sup>(c)</sup> | 349000 | 364409  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(c)</sup> | 5000 | 4980  |
| Global Infrastructure Solutions, Inc., 7.50%, 04/15/2032<sup>(c)</sup> | 5000 | 5195  |
| Resideo Funding, Inc., 4.00%, 09/01/2029<sup>(c)</sup> | 111000 | 106258  |
| Siemens Funding BV  | Siemens Funding BV  | Siemens Funding BV  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/28/2032<sup>(c)</sup> | 290000 | 296092  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/28/2035<sup>(c)</sup> | 290000 | 297922  |
|  |  | 1310797  |
| **Insurance — 0.5%**  | **Insurance — 0.5%**  | **Insurance — 0.5%**  |
| Arthur J Gallagher & Co.  | Arthur J Gallagher & Co.  | Arthur J Gallagher & Co.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/2029  | 55000 | 55955  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/2035  | 380000 | 380333  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2053  | 4000 | 3861  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2054  | 84000 | 91644  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2055  | 140000 | 131736  |
| CNA Financial Corp., 4.50%, 03/01/2026  | 625000 | 624846  |
| CNO Financial Group, Inc.  | CNO Financial Group, Inc.  | CNO Financial Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/30/2029  | 246000 | 250460  |
| &nbsp;&nbsp;&nbsp; 6.45%, 06/15/2034  | 204000 | 214335  |
| F&G Annuities & Life, Inc., 6.50%, 06/04/2029  | 500000 | 521522  |
| Marsh & McLennan Cos., Inc., 5.45%, 03/15/2053  | 47000 | 44984  |
| MetLife, Inc.  | MetLife, Inc.  | MetLife, Inc.  |
| &nbsp;&nbsp;&nbsp; 10.75%, 08/01/2039  | 103000 | 137501  |
| &nbsp;&nbsp;&nbsp; 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055  | 329000 | 342243  |
| Primerica, Inc., 2.80%, 11/19/2031  | 503000 | 454285  |
| Principal Financial Group, Inc., 5.50%, 03/15/2053  | 77000 | 73724  |
|  Prudential Financial, Inc., 5.70% to 09/15/2028 then 3 mo. LIBOR US + 2.67%, 09/15/2048<sup>(f)</sup> | 343000 | 347859  |
| Travelers Cos., Inc.  | Travelers Cos., Inc.  | Travelers Cos., Inc.  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/24/2035  | 115000 | 115524  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/24/2055  | 305000 | 305044  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Insurance — continued**  | **Insurance — continued**  | **Insurance — continued**  |
| W R Berkley Corp., 4.75%, 08/01/2044  | $177000 | $156121  |
|  |  | 4251977  |
| **Integrated Oils — 0.1%**  | **Integrated Oils — 0.1%**  | **Integrated Oils — 0.1%**  |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/10/2030  | 484000 | 429156  |
| &nbsp;&nbsp;&nbsp; 4.99%, 04/10/2034  | 181000 | 182411  |
| Chevron USA, Inc., 4.69%, 04/15/2030  | 145000 | 147895  |
|  |  | 759462  |
| **Internet Media — 0.0%<sup>(b)</sup>**  | **Internet Media — 0.0%<sup>(b)</sup>**  | **Internet Media — 0.0%<sup>(b)</sup>**  |
| ANGI Group LLC, 3.88%, 08/15/2028<sup>(c)</sup> | 7000 | 6581  |
| Match Group Holdings II LLC  | Match Group Holdings II LLC  | Match Group Holdings II LLC  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2029<sup>(c)</sup> | 24000 | 23979  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2033<sup>(c)</sup> | 14000 | 14128  |
|  |  | 44688  |
| **Leisure Products Manufacturing — 0.0%<sup>(b)</sup>**  | **Leisure Products Manufacturing — 0.0%<sup>(b)</sup>**  | **Leisure Products Manufacturing — 0.0%<sup>(b)</sup>**  |
| Amer Sports Co., 6.75%, 02/16/2031<sup>(c)</sup> | 6000 | 6244  |
| **Life Insurance — 0.1%**  | **Life Insurance — 0.1%**  | **Life Insurance — 0.1%**  |
| Corebridge Global Funding, 5.20%, 01/12/2029<sup>(c)</sup> | 147000 | 150867  |
| Global Atlantic Fin Co., 6.75%, 03/15/2054<sup>(c)</sup> | 13000 | 13264  |
| Guardian Life Global Funding, 3.25%, 03/29/2027<sup>(c)</sup> | 66000 | 65042  |
| Massachusetts Mutual Life Insurance Co., 3.38%, 04/15/2050<sup>(c)</sup> | 85000 | 57330  |
| Metropolitan Life Global Funding I, 5.15%, 03/28/2033<sup>(c)</sup> | 233000 | 239094  |
|  Mutual of Omaha Insurance Co., 6.14% to 01/16/2054 then 10 yr. CMT Rate + 2.95%, 01/16/2064<sup>(c)</sup> | 400000 | 400298  |
| RGA Global Funding, 5.45%, 05/24/2029<sup>(c)</sup> | 8000 | 8290  |
| Western And Southern Life Insurance Co., 3.75%, 04/28/2061<sup>(c)</sup> | 244000 | 163495  |
|  |  | 1097680  |
| **Machinery Manufacturing — 0.1%**  | **Machinery Manufacturing — 0.1%**  | **Machinery Manufacturing — 0.1%**  |
| Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(c)</sup> | 200000 | 204494  |
| CNH Industrial Capital LLC  | CNH Industrial Capital LLC  | CNH Industrial Capital LLC  |
| &nbsp;&nbsp;&nbsp; 1.45%, 07/15/2026  | 370000 | 360006  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/10/2028  | 192000 | 193340  |
|  |  | 757840  |
| **Managed Care — 0.0%<sup>(b)</sup>**  | **Managed Care — 0.0%<sup>(b)</sup>**  | **Managed Care — 0.0%<sup>(b)</sup>**  |
| Health Care Service Corp. A Mutual Legal Reserve Co.  | Health Care Service Corp. A Mutual Legal Reserve Co.  | Health Care Service Corp. A Mutual Legal Reserve Co.  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/2029<sup>(c)</sup> | 11000 | 11295  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2054<sup>(c)</sup> | 334000 | 318212  |
|  |  | 329507  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Materials — 0.3%**  | **Materials — 0.3%**  | **Materials — 0.3%**  |
| Capstone Copper Corp., 6.75%, 03/31/2033<sup>(c)</sup> | $65000 | $66637  |
| Century Aluminum Co., 6.88%, 08/01/2032<sup>(c)</sup> | 8000 | 8166  |
| Cleveland-Cliffs, Inc., 7.50%, 09/15/2031<sup>(c)</sup> | 11000 | 11134  |
| Eastman Chemical Co., 4.65%, 10/15/2044  | 348000 | 290038  |
| Eldorado Gold Corp., 6.25%, 09/01/2029<sup>(c)</sup> | 8000 | 8006  |
| ERO Copper Corp., 6.50%, 02/15/2030<sup>(c)</sup> | 11000 | 10698  |
| FMC Corp., 6.38%, 05/18/2053  | 147000 | 141098  |
| International Paper Co., 6.00%, 11/15/2041  | 177000 | 179993  |
| Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(c)</sup> | 7000 | 6556  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(c)</sup> | 10000 | 9449  |
| Mosaic Co., 5.45%, 11/15/2033<sup>(a)</sup> | 508000 | 522225  |
| New Gold, Inc., 6.88%, 04/01/2032<sup>(c)</sup> | 9000 | 9364  |
| Northern Star Resources Ltd., 6.13%, 04/11/2033<sup>(c)</sup> | 161000 | 168205  |
| Packaging Corp. of America, 4.05%, 12/15/2049  | 92000 | 70142  |
| Sealed Air Corp.  | Sealed Air Corp.  | Sealed Air Corp.  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/2032<sup>(c)</sup> | 30000 | 30977  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/2033<sup>(c)</sup> | 125000 | 134775  |
| Sherwin-Williams Co., 4.55%, 08/01/2045  | 6000 | 5102  |
| TriMas Corp., 4.13%, 04/15/2029<sup>(c)</sup> | 6000 | 5764  |
| Vale SA, 5.63%, 09/11/2042  | 157000 | 156699  |
| Yamana Gold, Inc., 2.63%, 08/15/2031  | 464000 | 412079  |
|  |  | 2247107  |
| **Media & Entertainment — 0.2%**  | **Media & Entertainment — 0.2%**  | **Media & Entertainment — 0.2%**  |
| Alphabet, Inc.  | Alphabet, Inc.  | Alphabet, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2055  | 440000 | 427900  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2060  | 60000 | 31065  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065  | 125000 | 120027  |
| AMC Networks, Inc., 10.50%, 07/15/2032<sup>(c)</sup> | 5000 | 5154  |
| Comcast Corp., 3.30%, 02/01/2027  | 100000 | 98668  |
| Meta Platforms, Inc., 5.55%, 08/15/2064  | 205000 | 198044  |
| Paramount Global, 6.88%, 04/30/2036  | 210000 | 222403  |
| Playtika Holding Corp., 4.25%, 03/15/2029<sup>(c)</sup> | 8000 | 7352  |
| Snap, Inc., 6.88%, 03/15/2034<sup>(c)</sup> | 5000 | 5013  |
| Take-Two Interactive Software, Inc., 4.95%, 03/28/2028  | 214000 | 217672  |
| TEGNA, Inc., 5.00%, 09/15/2029  | 19000 | 18984  |
| Walt Disney Co., 3.80%, 05/13/2060  | 337000 | 244503  |
| Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(c)</sup> | 6000 | 5648  |
|  |  | 1602433  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Medical Equipment & Devices Manufacturing — 0.0%<sup>(b)</sup>**  | **Medical Equipment & Devices Manufacturing — 0.0%<sup>(b)</sup>**  | **Medical Equipment & Devices Manufacturing — 0.0%<sup>(b)</sup>**  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(c)</sup> | $21000 | $20758  |
| Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(c)</sup> | 13000 | 13647  |
|  |  | 34405  |
| **Metals & Mining — 0.2%**  | **Metals & Mining — 0.2%**  | **Metals & Mining — 0.2%**  |
| Glencore Funding LLC  | Glencore Funding LLC  | Glencore Funding LLC  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/2030<sup>(c)</sup> | 105000 | 95667  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/06/2030<sup>(c)</sup> | 348000 | 374741  |
| Newmont Corp. / Newcrest Finance Pty Ltd., 5.35%, 03/15/2034  | 133000 | 136840  |
| Novelis Corp.  | Novelis Corp.  | Novelis Corp.  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030<sup>(c)</sup> | 5000 | 4799  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/2030<sup>(c)</sup> | 245000 | 253736  |
| Rio Tinto Finance USA PLC  | Rio Tinto Finance USA PLC  | Rio Tinto Finance USA PLC  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032  | 210000 | 214850  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035  | 500000 | 509722  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/14/2055  | 560000 | 561007  |
|  |  | 2151362  |
| **Oil & Gas Services & Equipment — 0.1%**  | **Oil & Gas Services & Equipment — 0.1%**  | **Oil & Gas Services & Equipment — 0.1%**  |
| Archrock Partners LP / Archrock Partners Finance Corp.  | Archrock Partners LP / Archrock Partners Finance Corp.  | Archrock Partners LP / Archrock Partners Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2028<sup>(c)</sup> | 8000 | 8012  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2032<sup>(c)</sup> | 11000 | 11255  |
| Aris Water Holdings LLC, 7.25%, 04/01/2030<sup>(c)</sup> | 275000 | 289640  |
| Guara Norte Sarl, 5.20%, 06/15/2034<sup>(c)</sup> | 185158 | 179095  |
| Kodiak Gas Services LLC, 7.25%, 02/15/2029<sup>(c)</sup> | 20000 | 20648  |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP / USA Compression Finance Corp., <br>7.13%, 03/15/2029<sup>(c)</sup> | 18000 | 18417  |
| Weatherford International Ltd., 8.63%, 04/30/2030<sup>(c)</sup> | 3000 | 3069  |
|  |  | 530136  |
| **Pharmaceuticals — 0.1%**  | **Pharmaceuticals — 0.1%**  | **Pharmaceuticals — 0.1%**  |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(c)</sup> | 12000 | 12331  |
| Bayer US Finance II LLC  | Bayer US Finance II LLC  | Bayer US Finance II LLC  |
| &nbsp;&nbsp;&nbsp; 4.20%, 07/15/2034<sup>(c)</sup> | 113000 | 103479  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/30/2035<sup>(c)</sup> | 30000 | 30168  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/15/2044<sup>(c)</sup> | 100000 | 78513  |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026  | 11000 | 10762  |
| Utah Acquisition Sub, Inc., 3.95%, 06/15/2026  | 299000 | 296579  |
|  |  | 531832  |
| **Pharmaceuticals, Biotechnology & Life Sciences — 0.6%**  | **Pharmaceuticals, Biotechnology & Life Sciences — 0.6%**  | **Pharmaceuticals, Biotechnology & Life Sciences — 0.6%**  |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026  | 1255000 | 1235776  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031  | 280000 | 288474  |
| &nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039  | 125000 | 109794  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Pharmaceuticals, Biotechnology & Life Sciences — continued**  | **Pharmaceuticals, Biotechnology & Life Sciences — continued**  | **Pharmaceuticals, Biotechnology & Life Sciences — continued**  |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.80%, 08/15/2041  | $348000 | $250388  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2041  | 30000 | 28301  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/2043  | 60000 | 59196  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053  | 22000 | 21240  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2063  | 376000 | 360756  |
| Eli Lilly & Co.  | Eli Lilly & Co.  | Eli Lilly & Co.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/27/2026  | 228000 | 227458  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/12/2032  | 495000 | 510068  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/15/2035  | 315000 | 316098  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/15/2055  | 100000 | 99043  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/27/2063  | 147000 | 130511  |
| &nbsp;&nbsp;&nbsp; 5.65%, 10/15/2065  | 295000 | 292032  |
| Fortrea Holdings, Inc., 7.50%, 07/01/2030<sup>(c)</sup> | 8000 | 7613  |
| Gilead Sciences, Inc., 4.75%, 03/01/2046<sup>(a)</sup> | 395000 | 353548  |
| Johnson & Johnson, 3.40%, 01/15/2038  | 256000 | 221321  |
| Pfizer, Inc., 4.30%, 06/15/2043  | 226000 | 193442  |
| Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050  | 76000 | 45051  |
| Viatris, Inc., 2.70%, 06/22/2030  | 631000 | 567546  |
|  |  | 5317656  |
| **Pipeline — 0.7%**  | **Pipeline — 0.7%**  | **Pipeline — 0.7%**  |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029<sup>(c)</sup> | 5000 | 5207  |
| Cameron LNG LLC  | Cameron LNG LLC  | Cameron LNG LLC  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/2035<sup>(c)</sup> | 298000 | 255939  |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/2038<sup>(c)</sup> | 688000 | 592208  |
| DCP Midstream Operating LP  | DCP Midstream Operating LP  | DCP Midstream Operating LP  |
| &nbsp;&nbsp;&nbsp; 6.45%, 11/03/2036<sup>(c)</sup> | 838000 | 877650  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2037<sup>(c)</sup> | 348000 | 369052  |
| Eastern Energy Gas Holdings LLC, 6.20%, 01/15/2055  | 40000 | 40869  |
| El Paso Natural Gas Co. LLC, 3.50%, 02/15/2032<sup>(c)</sup> | 174000 | 158633  |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/2035  | 200000 | 199194  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2046  | 346000 | 308754  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051  | 69000 | 49306  |
| Florida Gas Transmission Co. LLC, 2.55%, 07/01/2030<sup>(c)</sup> | 7000 | 6423  |
| Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/2028  | 235000 | 237134  |
| Global Partners LP / GLP Finance Corp., 8.25%, 01/15/2032<sup>(c)</sup> | 8000 | 8394  |
| Gulfstream Natural Gas System LLC, 6.19%, 11/01/2025<sup>(c)</sup> | 293000 | 292895  |
| Harvest Midstream I LP, 7.50%, 09/01/2028<sup>(c)</sup> | 315000 | 317784  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Pipeline — continued**  | **Pipeline — continued**  | **Pipeline — continued**  |
| Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  |
| &nbsp;&nbsp;&nbsp; 7.38%, 07/15/2032<sup>(c)</sup> | $125000 | $130111  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2034<sup>(c)</sup> | 5000 | 5072  |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(c)</sup> | 6000 | 5873  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(c)</sup> | 214000 | 215427  |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028<sup>(c)</sup> | 7000 | 7391  |
| NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029<sup>(c)</sup> | 60000 | 61101  |
| NGPL PipeCo LLC, 4.88%, 08/15/2027<sup>(c)</sup> | 129000 | 128908  |
| Northern Natural Gas Co., 3.40%, 10/16/2051<sup>(c)</sup> | 88000 | 57986  |
| NuStar Logistics LP, 6.38%, 10/01/2030  | 11000 | 11368  |
| Rockies Express Pipeline LLC, 6.88%, 04/15/2040<sup>(c)</sup> | 210000 | 211046  |
| South Bow USA Infrastructure Holdings LLC, 6.18%, 10/01/2054<sup>(c)</sup> | 266000 | 252496  |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(c)</sup> | 7000 | 6969  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(c)</sup> | 176000 | 173071  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 02/01/2031  | 243000 | 241574  |
| Texas Eastern Transmission LP, 3.50%, 01/15/2028<sup>(c)</sup> | 297000 | 291563  |
| Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029<sup>(c)</sup> | 22000 | 21052  |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2030<sup>(a)(c)</sup> | 155000 | 159423  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(c)</sup> | 20000 | 20943  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(c)</sup> | 40000 | 43471  |
|  |  | 5764287  |
| **Power Generation — 0.1%**  | **Power Generation — 0.1%**  | **Power Generation — 0.1%**  |
| Alpha Generation LLC, 6.75%, 10/15/2032<sup>(c)</sup> | 410000 | 421948  |
| Clearway Energy Operating LLC, 3.75%, 01/15/2032<sup>(c)</sup> | 22000 | 19769  |
| Constellation Energy Generation LLC, 6.25%, 10/01/2039  | 178000 | 190848  |
| Long Ridge Energy LLC, 8.75%, 02/15/2032<sup>(c)</sup> | 11000 | 11373  |
| TerraForm Power Operating LLC, 4.75%, 01/15/2030<sup>(c)</sup> | 27000 | 26005  |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027<sup>(c)</sup> | 173000 | 170959  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029<sup>(c)</sup> | 129000 | 125851  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(c)</sup> | 155000 | 162363  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(c)</sup> | 115000 | 126802  |
|  |  | 1255918  |
| **Property & Casualty Insurance — 0.2%**  | **Property & Casualty Insurance — 0.2%**  | **Property & Casualty Insurance — 0.2%**  |
| Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030<sup>(c)</sup> | 7000 | 7241  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028<sup>(c)</sup> | 430000 | 437859  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Property & Casualty Insurance — continued**  | **Property & Casualty Insurance — continued**  | **Property & Casualty Insurance — continued**  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2031<sup>(c)</sup> | $15000 | $15487  |
| AmWINS Group, Inc., 4.88%, 06/30/2029<sup>(c)</sup> | 4000 | 3895  |
| Aon Corp. / Aon Global Holdings PLC, 5.35%, 02/28/2033  | 211000 | 218240  |
| Aon North America, Inc., 5.15%, 03/01/2029  | 421000 | 432439  |
|  Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031<sup>(c)</sup> | 9000 | 9325  |
| Berkshire Hathaway Finance Corp., 3.85%, 03/15/2052<sup>(a)</sup> | 348000 | 263880  |
|  Farmers Insurance Exchange, 4.75% to 11/01/2037 then 3 mo. LIBOR US + 3.23%, 11/01/2057<sup>(c)(f)</sup> | 197000 | 163717  |
| HUB International Ltd., 7.25%, 06/15/2030<sup>(c)</sup> | 351000 | 366448  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(c)</sup> | 16000 | 16573  |
|  |  | 1935104  |
| **Publishing & Broadcasting — 0.0%<sup>(b)</sup>**  | **Publishing & Broadcasting — 0.0%<sup>(b)</sup>**  | **Publishing & Broadcasting — 0.0%<sup>(b)</sup>**  |
| McGraw-Hill Education, Inc., 7.38%, 09/01/2031<sup>(c)</sup> | 9000 | 9432  |
| Nexstar Media, Inc., 4.75%, 11/01/2028<sup>(a)(c)</sup> | 6000 | 5879  |
|  |  | 15311  |
| **Railroad — 0.0%<sup>(b)</sup>**  | **Railroad — 0.0%<sup>(b)</sup>**  | **Railroad — 0.0%<sup>(b)</sup>**  |
| Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2043  | 109000 | 95501  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/01/2044  | 219000 | 192818  |
|  |  | 288319  |
| **Real Estate — 0.5%**  | **Real Estate — 0.5%**  | **Real Estate — 0.5%**  |
| Brixmor Operating Partnership LP, 5.50%, 02/15/2034  | 2000 | 2035  |
| COPT Defense Properties LP, 2.75%, 04/15/2031  | 361000 | 325055  |
| Digital Realty Trust LP, 5.55%, 01/15/2028  | 625000 | 644046  |
| Extra Space Storage LP, 4.95%, 01/15/2033<sup>(a)</sup> | 530000 | 530601  |
| Greystar Real Estate Partners LLC, 7.75%, 09/01/2030<sup>(c)</sup> | 9000 | 9513  |
| Kilroy Realty LP, 2.50%, 11/15/2032  | 261000 | 213825  |
| Kite Realty Group LP, 5.20%, 08/15/2032  | 360000 | 365127  |
| MPT Operating Partnership LP / MPT Finance Corp., 8.50%, 02/15/2032<sup>(c)</sup> | 11000 | 11512  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2028<sup>(c)</sup> | 270000 | 269258  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030<sup>(c)</sup> | 5000 | 5154  |
| Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029<sup>(c)</sup> | 6000 | 6068  |
| Phillips Edison Grocery Center Operating Partnership I LP, 5.25%, 08/15/2032  | 215000 | 219017  |
| Prologis LP  | Prologis LP  | Prologis LP  |
| &nbsp;&nbsp;&nbsp; 1.63%, 03/15/2031  | 28000 | 24317  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2033  | 583000 | 584708  |
| Regency Centers LP, 4.65%, 03/15/2049  | 219000 | 185999  |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/2032<sup>(c)</sup> | 100000 | 102586  |
| RLJ Lodging Trust LP, 4.00%, 09/15/2029<sup>(c)</sup> | 8000 | 7494  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Real Estate — continued**  | **Real Estate — continued**  | **Real Estate — continued**  |
| Simon Property Group LP  | Simon Property Group LP  | Simon Property Group LP  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/2040  | $227000 | $257621  |
| &nbsp;&nbsp;&nbsp; 5.85%, 03/08/2053  | 84000 | 83788  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028<sup>(c)</sup> | 173000 | 181695  |
| Ventas Realty LP, 3.00%, 01/15/2030  | 195000 | 184109  |
| VICI Properties LP / VICI Note Co., Inc., 5.75%, 02/01/2027<sup>(c)</sup> | 183000 | 184951  |
| WEA Finance LLC / Westfield UK & Europe Finance PLC, 4.75%, 09/17/2044<sup>(a)(c)</sup> | 200000 | 167392  |
| XHR LP, 4.88%, 06/01/2029<sup>(c)</sup> | 6000 | 5836  |
|  |  | 4571707  |
| **Refining & Marketing — 0.0%<sup>(b)</sup>**  | **Refining & Marketing — 0.0%<sup>(b)</sup>**  | **Refining & Marketing — 0.0%<sup>(b)</sup>**  |
| Motiva Enterprises LLC, 6.85%, 01/15/2040<sup>(c)</sup> | 36000 | 38964  |
| Sunoco LP / Sunoco Finance Corp., 4.50%, 05/15/2029  | 14000 | 13621  |
|  |  | 52585  |
| **Restaurants — 0.0%<sup>(b)</sup>**  | **Restaurants — 0.0%<sup>(b)</sup>**  | **Restaurants — 0.0%<sup>(b)</sup>**  |
|  BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., 9.50%, 07/01/2032<sup>(c)</sup> | 6000 | 6213  |
| **Retail - Consumer Discretionary — 0.0%<sup>(b)</sup>**  | **Retail - Consumer Discretionary — 0.0%<sup>(b)</sup>**  | **Retail - Consumer Discretionary — 0.0%<sup>(b)</sup>**  |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/2032<sup>(c)</sup> | 230000 | 243405  |
| Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029<sup>(c)</sup> | 5000 | 5230  |
| Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(a)(c)</sup> | 185000 | 195721  |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(c)</sup> | 3000 | 3059  |
|  |  | 447415  |
| **Retail - Consumer Staples — 0.1%**  | **Retail - Consumer Staples — 0.1%**  | **Retail - Consumer Staples — 0.1%**  |
| Bunge Ltd. Finance Corp., 5.15%, 08/04/2035  | 470000 | 470262  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(c)</sup> | 6000 | 6308  |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027<sup>(c)</sup> | 50000 | 49839  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(c)</sup> | 10000 | 9667  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032<sup>(c)</sup> | 115000 | 117553  |
| US Foods, Inc.  | US Foods, Inc.  | US Foods, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2029<sup>(c)</sup> | 8000 | 7866  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/15/2033<sup>(c)</sup> | 65000 | 65211  |
|  |  | 726706  |
| **Semiconductors — 0.2%**  | **Semiconductors — 0.2%**  | **Semiconductors — 0.2%**  |
| Foundry JV Holdco LLC  | Foundry JV Holdco LLC  | Foundry JV Holdco LLC  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031<sup>(c)</sup> | 485000 | 502715  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/2035<sup>(c)</sup> | 220000 | 232484  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Semiconductors — continued**  | **Semiconductors — continued**  | **Semiconductors — continued**  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/2036<sup>(c)</sup> | $670000 | $701792  |
| &nbsp;&nbsp;&nbsp; 6.20%, 01/25/2037<sup>(c)</sup> | 345000 | 362305  |
|  |  | 1799296  |
| **Semiconductors & Semiconductor Equipment — 0.6%**  | **Semiconductors & Semiconductor Equipment — 0.6%**  | **Semiconductors & Semiconductor Equipment — 0.6%**  |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/15/2025  | 75000 | 74628  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029  | 305000 | 312897  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/15/2030  | 560000 | 561737  |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/15/2030  | 275000 | 277032  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031  | 265000 | 273401  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2035  | 870000 | 878263  |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/05/2029  | 395000 | 388122  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/25/2050  | 240000 | 191825  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/21/2054<sup>(a)</sup> | 750000 | 682604  |
| Micron Technology, Inc.  | Micron Technology, Inc.  | Micron Technology, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/2028  | 139000 | 142991  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/01/2029  | 305000 | 330418  |
| &nbsp;&nbsp;&nbsp; 5.65%, 11/01/2032  | 115000 | 119990  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/15/2033  | 38000 | 39879  |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/01/2035  | 910000 | 956533  |
|  |  | 5230320  |
| **Software & Services — 0.8%**  | **Software & Services — 0.8%**  | **Software & Services — 0.8%**  |
| AppLovin Corp.  | AppLovin Corp.  | AppLovin Corp.  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/2029  | 500000 | 511527  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/2031  | 315000 | 323889  |
| Cloud Software Group, Inc.  | Cloud Software Group, Inc.  | Cloud Software Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032<sup>(c)</sup> | 180000 | 192098  |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/2033<sup>(c)</sup> | 30000 | 30364  |
| CoreWeave, Inc., 9.25%, 06/01/2030<sup>(c)</sup> | 9000 | 9019  |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(c)</sup> | 201000 | 211120  |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(c)</sup> | 225000 | 231351  |
| Genpact Luxembourg SARL/Genpact USA, Inc., 1.75%, 04/10/2026  | 611000 | 600652  |
| International Business Machines Corp.  | International Business Machines Corp.  | International Business Machines Corp.  |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/30/2039  | 457000 | 470638  |
| &nbsp;&nbsp;&nbsp; 2.85%, 05/15/2040  | 365000 | 269730  |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/27/2052  | 808000 | 711717  |
| Kyndryl Holdings, Inc., 3.15%, 10/15/2031  | 292000 | 264275  |
| Open Text Holdings, Inc., 4.13%, 02/15/2030<sup>(c)</sup> | 46000 | 43354  |
| Oracle Corp., 2.30%, 03/25/2028  | 265000 | 252681  |
| Roper Technologies, Inc., 5.10%, 09/15/2035  | 345000 | 343434  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Software & Services — continued**  | **Software & Services — continued**  | **Software & Services — continued**  |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/01/2035  | $1285000 | $1296694  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2055  | 760000 | 746901  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(c)</sup> | 150000 | 154822  |
| VMware LLC, 3.90%, 08/21/2027  | 714000 | 710331  |
|  |  | 7374597  |
| **Supermarkets & Pharmacies — 0.1%**  | **Supermarkets & Pharmacies — 0.1%**  | **Supermarkets & Pharmacies — 0.1%**  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.88%, 02/15/2028<sup>(c)</sup> | 60000 | 59881  |
| Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033<sup>(c)</sup> | 920000 | 1080681  |
|  |  | 1140562  |
| **Supranationals — 0.0%<sup>(b)</sup>**  | **Supranationals — 0.0%<sup>(b)</sup>**  | **Supranationals — 0.0%<sup>(b)</sup>**  |
| International Bank for Reconstruction & Development, 0.65%, 02/10/2026  | 50000 | 49109  |
| **Technology Hardware & Equipment — 0.2%**  | **Technology Hardware & Equipment — 0.2%**  | **Technology Hardware & Equipment — 0.2%**  |
| Avnet, Inc., 6.25%, 03/15/2028  | 305000 | 317104  |
| Coherent Corp., 5.00%, 12/15/2029<sup>(c)</sup> | 9000 | 8830  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029  | 700000 | 704434  |
| Jabil, Inc., 5.45%, 02/01/2029  | 107000 | 109830  |
| Juniper Networks, Inc., 2.00%, 12/10/2030  | 549000 | 481646  |
| TTM Technologies, Inc., 4.00%, 03/01/2029<sup>(c)</sup> | 29000 | 27702  |
| Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(c)</sup> | 15000 | 13997  |
| Vontier Corp., 2.40%, 04/01/2028  | 374000 | 354857  |
|  |  | 2018400  |
| **Telecommunication Services — 0.4%**  | **Telecommunication Services — 0.4%**  | **Telecommunication Services — 0.4%**  |
| America Movil SAB de CV, 4.70%, 07/21/2032  | 277000 | 274282  |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.65%, 02/01/2028  | 349000 | 328595  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2041  | 367000 | 389817  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2042  | 244000 | 230163  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051  | 255000 | 178146  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053  | 450000 | 300754  |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055  | 702000 | 467243  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057  | 220000 | 151188  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060  | 150000 | 102857  |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.05%, 05/09/2033  | 290000 | 294688  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035  | 197000 | 198449  |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/21/2046  | 235000 | 208932  |
| &nbsp;&nbsp;&nbsp; 4.67%, 03/15/2055  | 44000 | 37075  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Telecommunication Services — continued**  | **Telecommunication Services — continued**  | **Telecommunication Services — continued**  |
| Zayo Group Holdings, Inc., 4.00%, 03/01/2027<sup>(c)</sup> | $50000 | $48286  |
|  |  | 3210475  |
| **Tobacco — 0.3%**  | **Tobacco — 0.3%**  | **Tobacco — 0.3%**  |
| BAT Capital Corp.  | BAT Capital Corp.  | BAT Capital Corp.  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2035  | 485000 | 496611  |
| &nbsp;&nbsp;&nbsp; 7.08%, 08/02/2053  | 318000 | 352795  |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/15/2055  | 295000 | 297174  |
| Imperial Brands Finance PLC  | Imperial Brands Finance PLC  | Imperial Brands Finance PLC  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2030<sup>(c)</sup> | 370000 | 382466  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/2035<sup>(c)</sup> | 580000 | 586132  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/01/2055<sup>(c)</sup> | 665000 | 667975  |
|  |  | 2783153  |
| **Transportation — 0.3%**  | **Transportation — 0.3%**  | **Transportation — 0.3%**  |
| CSX Corp., 6.22%, 04/30/2040  | 121000 | 130713  |
| DP World Ltd./United Arab Emirates, 6.85%, 07/02/2037<sup>(c)</sup> | 119000 | 134934  |
| FedEx Corp., 4.05%, 02/15/2048  | 147000 | 108822  |
| GXO Logistics, Inc., 1.65%, 07/15/2026  | 711000 | 693684  |
| Latam Airlines Group SA, 7.63%, 01/07/2031<sup>(c)</sup> | 12000 | 12331  |
| Uber Technologies, Inc.  | Uber Technologies, Inc.  | Uber Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/2027<sup>(c)</sup> | 819000 | 819352  |
| &nbsp;&nbsp;&nbsp; 5.35%, 09/15/2054  | 95000 | 89036  |
| Union Pacific Corp.  | Union Pacific Corp.  | Union Pacific Corp.  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/09/2052  | 327000 | 294141  |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/20/2063  | 40000 | 36181  |
| United Parcel Service, Inc., 3.40%, 11/15/2046  | 105000 | 75606  |
| XPO, Inc., 7.13%, 02/01/2032<sup>(c)</sup> | 195000 | 204152  |
|  |  | 2598952  |
| **Transportation & Logistics — 0.1%**  | **Transportation & Logistics — 0.1%**  | **Transportation & Logistics — 0.1%**  |
| Daimler Truck Finance North America LLC  | Daimler Truck Finance North America LLC  | Daimler Truck Finance North America LLC  |
| &nbsp;&nbsp;&nbsp; 2.38%, 12/14/2028<sup>(c)</sup> | 458000 | 431131  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/20/2033<sup>(c)</sup> | 230000 | 235477  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/18/2034<sup>(c)</sup> | 342000 | 346813  |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/2032<sup>(c)</sup> | 11000 | 11526  |
| TTX Co., 4.60%, 02/01/2049<sup>(c)</sup> | 358000 | 305887  |
|  |  | 1330834  |
| **Travel & Lodging — 0.0%<sup>(b)</sup>**  | **Travel & Lodging — 0.0%<sup>(b)</sup>**  | **Travel & Lodging — 0.0%<sup>(b)</sup>**  |
| NCL Corp. Ltd., 6.75%, 02/01/2032<sup>(c)</sup> | 95000 | 97789  |
| Viking Cruises Ltd., 7.00%, 02/15/2029<sup>(c)</sup> | 133000 | 133655  |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029<sup>(c)</sup> | 115000 | 114888  |
|  |  | 346332  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Utilities — 2.0%**  | **Utilities — 2.0%**  | **Utilities — 2.0%**  |
| AEP Texas, Inc., 3.85%, 10/01/2025<sup>(c)</sup> | $179000 | $178434  |
| Ameren Corp., 5.38%, 03/15/2035  | 380000 | 385437  |
| American Transmission Systems, Inc., 5.00%, 09/01/2044<sup>(c)</sup> | 108000 | 98615  |
| American Water Capital Corp., 5.70%, 09/01/2055  | 175000 | 172022  |
| Appalachian Power Co., 5.65%, 04/01/2034  | 113000 | 116795  |
| Arizona Public Service Co., 2.95%, 09/15/2027  | 92000 | 89534  |
| Boston Gas Co., 6.12%, 07/20/2053<sup>(c)</sup> | 19000 | 18861  |
| Brooklyn Union Gas Co., 6.39%, 09/15/2033<sup>(c)</sup> | 548000 | 584617  |
| CenterPoint Energy Houston Electric LLC  | CenterPoint Energy Houston Electric LLC  | CenterPoint Energy Houston Electric LLC  |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/01/2033  | 249000 | 251548  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2053  | 122000 | 115821  |
| CenterPoint Energy Resources Corp., 4.10%, 09/01/2047  | 76000 | 60643  |
| Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/15/2046  | 208000 | 161624  |
| &nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051  | 635000 | 418725  |
| Dominion Energy, Inc., 5.00%, 06/15/2030  | 210000 | 215275  |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/01/2046  | 400000 | 303279  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/01/2052  | 19000 | 13795  |
| DTE Energy Co., 4.95%, 07/01/2027  | 211000 | 213415  |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/15/2029  | 590000 | 573048  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033  | 177000 | 186395  |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/15/2049  | 211000 | 162949  |
| Duke Energy Indiana LLC, 5.40%, 04/01/2053  | 113000 | 107422  |
| Edison International  | Edison International  | Edison International  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027<sup>(a)</sup> | 332000 | 337321  |
| &nbsp;&nbsp;&nbsp; 6.95%, 11/15/2029  | 15000 | 15888  |
| Electricite de France SA, 5.25%, 10/13/2055<sup>(c)</sup> | 209000 | 179656  |
| Enel Finance International NV, 6.80%, 09/15/2037<sup>(c)</sup> | 100000 | 111158  |
| Engie SA, 5.25%, 04/10/2029<sup>(c)</sup> | 311000 | 319455  |
| Evergy Kansas Central, Inc., 5.70%, 03/15/2053  | 62000 | 60943  |
| Evergy Metro, Inc., 4.95%, 04/15/2033  | 60000 | 60591  |
| Exelon Corp., 5.60%, 03/15/2053  | 139000 | 131553  |
| FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028<sup>(c)</sup> | 349000 | 356435  |
| Florida Power & Light Co.  | Florida Power & Light Co.  | Florida Power & Light Co.  |
| &nbsp;&nbsp;&nbsp; 5.96%, 04/01/2039  | 244000 | 259207  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/01/2048  | 226000 | 182117  |
| Indiana Michigan Power Co.  | Indiana Michigan Power Co.  | Indiana Michigan Power Co.  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2047  | 361000 | 270309  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2048  | 348000 | 278118  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Utilities — continued**  | **Utilities — continued**  | **Utilities — continued**  |
| Interstate Power and Light Co., 5.70%, 10/15/2033  | $140000 | $144878  |
| IPALCO Enterprises, Inc., 5.75%, 04/01/2034  | 165000 | 166199  |
| Jersey Central Power & Light Co., 5.10%, 01/15/2035  | 120000 | 119679  |
| Kentucky Utilities Co., 5.85%, 08/15/2055  | 100000 | 99181  |
| Louisville Gas and Electric Co., 5.85%, 08/15/2055  | 100000 | 99130  |
| MidAmerican Energy Co., 5.75%, 11/01/2035  | 474000 | 502437  |
| Narragansett Electric Co., 5.35%, 05/01/2034<sup>(c)</sup> | 132000 | 135086  |
| National Fuel Gas Co., 5.50%, 10/01/2026  | 77000 | 77633  |
| New England Power Co., 2.81%, 10/06/2050<sup>(c)</sup> | 70000 | 42688  |
| New York State Electric & Gas Corp., 5.85%, 08/15/2033<sup>(c)</sup> | 20000 | 21131  |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/28/2028  | 255000 | 258799  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2029  | 665000 | 679593  |
| &nbsp;&nbsp;&nbsp; 5.11%, 09/29/2057<sup>(c)</sup> | 446000 | 383533  |
| Northern States Power Co., 2.90%, 03/01/2050  | 156000 | 100733  |
| Northern States Power Co./MN, 5.10%, 05/15/2053  | 110000 | 100848  |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031<sup>(c)</sup> | 31000 | 28543  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033<sup>(c)</sup> | 300000 | 303466  |
| NYSEG Storm Funding LLC, 4.71%, 05/01/2029  | 388000 | 389371  |
| Oglethorpe Power Corp.  | Oglethorpe Power Corp.  | Oglethorpe Power Corp.  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/01/2040  | 34000 | 33115  |
| &nbsp;&nbsp;&nbsp; 4.55%, 06/01/2044  | 27000 | 22546  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2047  | 9000 | 7376  |
| Ohio Power Co., 2.90%, 10/01/2051  | 186000 | 111784  |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/15/2033  | 235000 | 249192  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/2034  | 315000 | 344421  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/2035  | 190000 | 192239  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050  | 455000 | 376264  |
| PECO Energy Co., 4.60%, 05/15/2052  | 73000 | 62708  |
| Piedmont Natural Gas Co., Inc., 3.64%, 11/01/2046  | 64000 | 46631  |
| Pinnacle West Capital Corp.  | Pinnacle West Capital Corp.  | Pinnacle West Capital Corp.  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2028  | 266000 | 269430  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030  | 150000 | 154029  |
| PPL Electric Utilities Corp., 5.55%, 08/15/2055  | 370000 | 361204  |
| Public Service Co. of Colorado  | Public Service Co. of Colorado  | Public Service Co. of Colorado  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/01/2050  | 105000 | 68949  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053  | 104000 | 94503  |
| Public Service Co. of Oklahoma, 5.20%, 01/15/2035  | 521000 | 522888  |
| Public Service Electric and Gas Co., 5.13%, 03/15/2053  | 117000 | 108077  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Utilities — continued**  | **Utilities — continued**  | **Utilities — continued**  |
| Public Service Enterprise Group, Inc., 4.90%, 03/15/2030  | $125000 | $127560  |
| Puget Sound Energy, Inc., 4.43%, 11/15/2041  | 70000 | 59524  |
| Rochester Gas and Electric Corp., 3.10%, 06/01/2027<sup>(c)</sup> | 698000 | 688059  |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/15/2035  | 370000 | 378538  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/01/2047  | 210000 | 156608  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2053  | 48000 | 44690  |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/2031  | 110000 | 97176  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032  | 129000 | 113120  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051  | 140000 | 95160  |
| Southern Co., 5.70%, 03/15/2034  | 79000 | 82566  |
| Southern Co. Gas Capital Corp., 1.75%, 01/15/2031  | 315000 | 273631  |
| SP PowerAssets Ltd., 3.00%, 09/26/2027<sup>(c)</sup> | 605000 | 593406  |
| Spire, Inc., 4.70%, 08/15/2044  | 187000 | 156551  |
| Talen Energy Supply LLC, 8.63%, 06/01/2030<sup>(c)</sup> | 8000 | 8527  |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| &nbsp;&nbsp;&nbsp; 2.15%, 03/15/2032  | 241000 | 208312  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2034  | 131000 | 133898  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2053  | 60000 | 57440  |
| Virginia Electric and Power Co.  | Virginia Electric and Power Co.  | Virginia Electric and Power Co.  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036  | 95000 | 100840  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2053  | 164000 | 155339  |
|  |  | 17200234  |
| **Wireless Telecommunications Services — 0.3%**  | **Wireless Telecommunications Services — 0.3%**  | **Wireless Telecommunications Services — 0.3%**  |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2027  | 428000 | 424364  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2028  | 315000 | 314922  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029  | 832000 | 804186  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030  | 340000 | 332264  |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/15/2031  | 335000 | 302738  |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/15/2031  | 413000 | 378463  |
|  |  | 2556937  |
| **Wireline Telecommunications Services — 0.2%**  | **Wireline Telecommunications Services — 0.2%**  | **Wireline Telecommunications Services — 0.2%**  |
| British Telecommunications PLC, 4.25%, 11/08/2049<sup>(c)</sup> | 204000 | 159287  |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2030<sup>(c)</sup> | 10000 | 9002  |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/2030<sup>(c)</sup> | 2748 | 3101  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  | **CORPORATE BONDS — continued**  |
| **Wireline Telecommunications Services — continued**  | **Wireline Telecommunications Services — continued**  | **Wireline Telecommunications Services — continued**  |
| NTT Finance Corp.  | NTT Finance Corp.  | NTT Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 2.07%, 04/03/2031<sup>(c)</sup> | $209000 | $182994  |
| &nbsp;&nbsp;&nbsp; 5.17%, 07/16/2032<sup>(c)</sup> | 710000 | 723642  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/16/2035<sup>(c)</sup> | 445000 | 454972  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(c)</sup> | 18000 | 18692  |
|  |  | 1551690  |
| **TOTAL CORPORATE BONDS (Cost $204,551,891)** | **TOTAL CORPORATE BONDS (Cost $204,551,891)** | **207038483**  |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 8.7%** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 8.7%** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 8.7%** |
| Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
| &nbsp;&nbsp;&nbsp; 0.90%, 10/13/2027  | 38000 | 35781  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/11/2028  | 771000 | 771233  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/14/2029<sup>(g)</sup> | 353000 | 300605  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/17/2029<sup>(g)</sup> | 535000 | 455248  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/12/2030  | 522000 | 522119  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2038<sup>(g)</sup> | 2042000 | 1089922  |
| &nbsp;&nbsp;&nbsp; Pool QB8934, 2.50%, 02/01/2051  | 23409 | 19455  |
| &nbsp;&nbsp;&nbsp; Pool QF7085, 5.50%, 02/01/2053  | 59541 | 59976  |
| &nbsp;&nbsp;&nbsp; Pool RA3661, 2.50%, 10/01/2050  | 102771 | 86066  |
| &nbsp;&nbsp;&nbsp; Pool RA5794, 4.00%, 09/01/2051  | 33537 | 31267  |
| &nbsp;&nbsp;&nbsp; Pool RA6614, 2.50%, 01/01/2052  | 283470 | 236012  |
| &nbsp;&nbsp;&nbsp; Pool RA6815, 2.50%, 02/01/2052  | 224884 | 188368  |
| &nbsp;&nbsp;&nbsp; Pool RA9475, 5.00%, 07/01/2053  | 180003 | 177706  |
| &nbsp;&nbsp;&nbsp; Pool RJ1854, 5.00%, 06/01/2054  | 138701 | 136907  |
| &nbsp;&nbsp;&nbsp; Pool RQ0048, 5.00%, 09/01/2055  | 85000 | 83668  |
| &nbsp;&nbsp;&nbsp; Pool SD0781, 3.00%, 11/01/2051  | 65531 | 57036  |
| &nbsp;&nbsp;&nbsp; Pool SD1377, 3.50%, 07/01/2052  | 367272 | 334173  |
| &nbsp;&nbsp;&nbsp; Pool SD1505, 4.50%, 08/01/2052  | 76964 | 74443  |
| &nbsp;&nbsp;&nbsp; Pool SD2253, 3.50%, 12/01/2052  | 148165 | 133739  |
| &nbsp;&nbsp;&nbsp; Pool SD2862, 6.00%, 05/01/2053  | 19079 | 19528  |
| &nbsp;&nbsp;&nbsp; Pool SD3218, 5.00%, 05/01/2053  | 20968 | 20808  |
| &nbsp;&nbsp;&nbsp; Pool SD3611, 3.00%, 03/01/2052  | 20296 | 17653  |
| &nbsp;&nbsp;&nbsp; Pool SD3770, 2.50%, 03/01/2052  | 238603 | 200234  |
| &nbsp;&nbsp;&nbsp; Pool SD3977, 5.00%, 04/01/2053  | 725730 | 718296  |
| &nbsp;&nbsp;&nbsp; Pool SD3983, 5.50%, 09/01/2053  | 22178 | 22384  |
| &nbsp;&nbsp;&nbsp; Pool SD4428, 2.50%, 05/01/2052  | 21137 | 17676  |
| &nbsp;&nbsp;&nbsp; Pool SD4553, 3.00%, 09/01/2053  | 599883 | 520885  |
| &nbsp;&nbsp;&nbsp; Pool SD4835, 2.50%, 02/01/2051  | 474198 | 397569  |
| &nbsp;&nbsp;&nbsp; Pool SD4977, 5.00%, 11/01/2053  | 1189481 | 1172835  |
| &nbsp;&nbsp;&nbsp; Pool SD4997, 5.00%, 10/01/2053  | 1572649 | 1557933  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** |
| &nbsp;&nbsp;&nbsp; Pool SD5314, 3.00%, 01/01/2053  | $115307 | $99827  |
| &nbsp;&nbsp;&nbsp; Pool SD6592, 5.00%, 10/01/2054  | 358890 | 354233  |
| &nbsp;&nbsp;&nbsp; Pool SD6686, 6.00%, 10/01/2054  | 196878 | 200949  |
| &nbsp;&nbsp;&nbsp; Pool SD6706, 4.50%, 01/01/2054  | 118305 | 113780  |
| &nbsp;&nbsp;&nbsp; Pool SD7190, 5.00%, 12/01/2054  | 1031610 | 1019110  |
| &nbsp;&nbsp;&nbsp; Pool SD7380, 5.00%, 01/01/2055  | 67879 | 66831  |
| &nbsp;&nbsp;&nbsp; Pool SD8114, 2.50%, 12/01/2050  | 919535 | 771809  |
| &nbsp;&nbsp;&nbsp; Pool SD8135, 2.50%, 03/01/2051  | 25708 | 21398  |
| &nbsp;&nbsp;&nbsp; Pool SD8150, 2.00%, 06/01/2051  | 562767 | 450694  |
| &nbsp;&nbsp;&nbsp; Pool SD8157, 3.00%, 07/01/2051  | 173140 | 150537  |
| &nbsp;&nbsp;&nbsp; Pool SD8167, 2.50%, 09/01/2051  | 80436 | 66800  |
| &nbsp;&nbsp;&nbsp; Pool SD8189, 2.50%, 01/01/2052  | 208148 | 173369  |
| &nbsp;&nbsp;&nbsp; Pool SD8205, 2.50%, 04/01/2052  | 178351 | 148425  |
| &nbsp;&nbsp;&nbsp; Pool SD8214, 3.50%, 05/01/2052  | 1730009 | 1566428  |
| &nbsp;&nbsp;&nbsp; Pool SD8215, 4.00%, 05/01/2052  | 197692 | 184472  |
| &nbsp;&nbsp;&nbsp; Pool SD8221, 3.50%, 06/01/2052  | 427774 | 387324  |
| &nbsp;&nbsp;&nbsp; Pool SD8222, 4.00%, 06/01/2052  | 78602 | 73350  |
| &nbsp;&nbsp;&nbsp; Pool SD8225, 3.00%, 07/01/2052  | 203509 | 176342  |
| &nbsp;&nbsp;&nbsp; Pool SD8227, 4.00%, 07/01/2052  | 917538 | 858374  |
| &nbsp;&nbsp;&nbsp; Pool SD8234, 2.50%, 08/01/2052  | 1416225 | 1178077  |
| &nbsp;&nbsp;&nbsp; Pool SD8242, 3.00%, 09/01/2052  | 214749 | 186119  |
| &nbsp;&nbsp;&nbsp; Pool SD8243, 3.50%, 09/01/2052  | 345640 | 312938  |
| &nbsp;&nbsp;&nbsp; Pool SD8244, 4.00%, 09/01/2052  | 475891 | 444066  |
| &nbsp;&nbsp;&nbsp; Pool SD8245, 4.50%, 09/01/2052  | 81180 | 78391  |
| &nbsp;&nbsp;&nbsp; Pool SD8256, 4.00%, 10/01/2052  | 134707 | 125685  |
| &nbsp;&nbsp;&nbsp; Pool SD8258, 5.00%, 10/01/2052  | 166655 | 164829  |
| &nbsp;&nbsp;&nbsp; Pool SD8265, 4.00%, 11/01/2052  | 628448 | 586357  |
| &nbsp;&nbsp;&nbsp; Pool SD8288, 5.00%, 01/01/2053  | 20613 | 20385  |
| &nbsp;&nbsp;&nbsp; Pool SD8315, 5.00%, 04/01/2053  | 168726 | 166365  |
| &nbsp;&nbsp;&nbsp; Pool SD8316, 5.50%, 04/01/2053  | 311252 | 314433  |
| &nbsp;&nbsp;&nbsp; Pool SD8324, 5.50%, 05/01/2053  | 606750 | 612951  |
| &nbsp;&nbsp;&nbsp; Pool SD8325, 6.00%, 05/01/2053  | 100208 | 102562  |
| &nbsp;&nbsp;&nbsp; Pool SD8331, 5.50%, 06/01/2053  | 850503 | 858211  |
| &nbsp;&nbsp;&nbsp; Pool SD8342, 5.50%, 07/01/2053  | 949187 | 956836  |
| &nbsp;&nbsp;&nbsp; Pool SD8363, 6.00%, 09/01/2053  | 273552 | 280615  |
| &nbsp;&nbsp;&nbsp; Pool SD8368, 6.00%, 10/01/2053  | 104915 | 107121  |
| &nbsp;&nbsp;&nbsp; Pool SD8373, 6.00%, 11/01/2053  | 23403 | 23928  |
| &nbsp;&nbsp;&nbsp; Pool SD8382, 5.00%, 12/01/2053  | 320999 | 317531  |
| &nbsp;&nbsp;&nbsp; Pool SD8383, 5.50%, 12/01/2053  | 82222 | 82722  |
| &nbsp;&nbsp;&nbsp; Pool SD8397, 6.50%, 01/01/2054  | 36026 | 37263  |
| &nbsp;&nbsp;&nbsp; Pool SD8401, 5.50%, 02/01/2054  | 160208 | 161071  |
| &nbsp;&nbsp;&nbsp; Pool SD8402, 6.00%, 02/01/2054  | 123383 | 125846  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** |
| &nbsp;&nbsp;&nbsp; Pool SD8417, 4.50%, 03/01/2054  | $54484 | $52329  |
| &nbsp;&nbsp;&nbsp; Pool SD8420, 5.50%, 04/01/2054  | 138040 | 138744  |
| &nbsp;&nbsp;&nbsp; Pool SD8432, 6.00%, 05/01/2054  | 197078 | 200982  |
| &nbsp;&nbsp;&nbsp; Pool SD8438, 5.50%, 06/01/2054  | 35126 | 35303  |
| &nbsp;&nbsp;&nbsp; Pool SD8446, 5.50%, 07/01/2054  | 261853 | 263808  |
| &nbsp;&nbsp;&nbsp; Pool SD8447, 6.00%, 07/01/2054  | 149303 | 152435  |
| &nbsp;&nbsp;&nbsp; Pool SD8463, 6.00%, 09/01/2054  | 60269 | 61488  |
| &nbsp;&nbsp;&nbsp; Pool SD8469, 5.50%, 10/01/2054  | 434182 | 437067  |
| &nbsp;&nbsp;&nbsp; Pool SD8470, 6.00%, 10/01/2054  | 174844 | 178434  |
| &nbsp;&nbsp;&nbsp; Pool SD8475, 5.50%, 11/01/2054  | 503700 | 507009  |
| &nbsp;&nbsp;&nbsp; Pool SD8491, 5.00%, 12/01/2054  | 246267 | 242466  |
| &nbsp;&nbsp;&nbsp; Pool SD8492, 5.00%, 01/01/2055  | 66907 | 65874  |
| &nbsp;&nbsp;&nbsp; Pool SD8494, 5.50%, 01/01/2055  | 93854 | 94235  |
| &nbsp;&nbsp;&nbsp; Pool SD8507, 6.00%, 02/01/2055  | 147157 | 150072  |
| &nbsp;&nbsp;&nbsp; Pool SD8508, 6.50%, 02/01/2055  | 43610 | 45106  |
| &nbsp;&nbsp;&nbsp; Pool SD8533, 5.50%, 05/01/2055  | 295970 | 297845  |
| &nbsp;&nbsp;&nbsp; Pool SL0107, 4.50%, 05/01/2053  | 361628 | 349037  |
| &nbsp;&nbsp;&nbsp; Pool SL0336, 6.00%, 08/01/2054  | 63885 | 65149  |
| &nbsp;&nbsp;&nbsp; Pool SL0628, 6.00%, 04/01/2055  | 217219 | 221466  |
| &nbsp;&nbsp;&nbsp; Pool SL0707, 3.50%, 08/01/2053  | 173447 | 156541  |
| &nbsp;&nbsp;&nbsp; Pool SL0875, 6.00%, 04/01/2055  | 298716 | 305389  |
| &nbsp;&nbsp;&nbsp; Pool SL1194, 6.00%, 05/01/2055  | 139098 | 142013  |
| &nbsp;&nbsp;&nbsp; Pool SL1338, 6.00%, 06/01/2055  | 148798 | 151734  |
| Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
| &nbsp;&nbsp;&nbsp; Series K140, Class A2, 2.25%, 01/25/2032  | 230000 | 204263  |
| &nbsp;&nbsp;&nbsp; Series K-171, Class A2, 4.40%, 06/25/2035<sup>(e)</sup> | 448000 | 441954  |
| Federal National Mortgage Association  | Federal National Mortgage Association  | Federal National Mortgage Association  |
| &nbsp;&nbsp;&nbsp; Pool BT6823, 2.50%, 10/01/2051  | 159744 | 133206  |
| &nbsp;&nbsp;&nbsp; Pool BT9030, 2.00%, 08/01/2051  | 24020 | 19161  |
| &nbsp;&nbsp;&nbsp; Pool BU7102, 2.50%, 12/01/2051  | 89701 | 74712  |
| &nbsp;&nbsp;&nbsp; Pool BX5065, 5.50%, 01/01/2053  | 20664 | 20812  |
| &nbsp;&nbsp;&nbsp; Pool CA5354, 3.50%, 03/01/2050  | 42217 | 38084  |
| &nbsp;&nbsp;&nbsp; Pool CA6435, 3.50%, 07/01/2050  | 860847 | 778768  |
| &nbsp;&nbsp;&nbsp; Pool CA8026, 2.50%, 12/01/2050  | 1236885 | 1032804  |
| &nbsp;&nbsp;&nbsp; Pool CB0517, 2.50%, 05/01/2051  | 183334 | 152142  |
| &nbsp;&nbsp;&nbsp; Pool CB1066, 2.50%, 07/01/2051  | 257177 | 215023  |
| &nbsp;&nbsp;&nbsp; Pool CB1149, 3.00%, 07/01/2051  | 234987 | 204164  |
| &nbsp;&nbsp;&nbsp; Pool CB1332, 2.50%, 08/01/2051  | 189184 | 157368  |
| &nbsp;&nbsp;&nbsp; Pool CB2400, 2.50%, 12/01/2051  | 104011 | 86248  |
| &nbsp;&nbsp;&nbsp; Pool CB3600, 3.50%, 05/01/2052  | 150559 | 136766  |
| &nbsp;&nbsp;&nbsp; Pool CB4020, 4.00%, 07/01/2052  | 33106 | 30881  |
| &nbsp;&nbsp;&nbsp; Pool CB4121, 4.00%, 07/01/2052  | 114827 | 106990  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** |
| &nbsp;&nbsp;&nbsp; Pool CB4852, 4.50%, 10/01/2052  | $243725 | $234680  |
| &nbsp;&nbsp;&nbsp; Pool CB5384, 4.50%, 12/01/2052  | 126445 | 121739  |
| &nbsp;&nbsp;&nbsp; Pool CB5906, 5.50%, 03/01/2053  | 20279 | 20445  |
| &nbsp;&nbsp;&nbsp; Pool CB6031, 5.00%, 04/01/2053  | 45412 | 44987  |
| &nbsp;&nbsp;&nbsp; Pool CB6201, 6.00%, 05/01/2053  | 40915 | 41896  |
| &nbsp;&nbsp;&nbsp; Pool CB6308, 4.50%, 05/01/2053  | 833856 | 807118  |
| &nbsp;&nbsp;&nbsp; Pool CB6475, 5.00%, 06/01/2053  | 773183 | 765997  |
| &nbsp;&nbsp;&nbsp; Pool CB6619, 5.50%, 06/01/2053  | 58666 | 59118  |
| &nbsp;&nbsp;&nbsp; Pool CB7867, 6.50%, 01/01/2054  | 124317 | 128815  |
| &nbsp;&nbsp;&nbsp; Pool CB9207, 5.00%, 09/01/2054  | 342849 | 338747  |
| &nbsp;&nbsp;&nbsp; Pool DC3150, 5.00%, 10/01/2054  | 280870 | 277300  |
| &nbsp;&nbsp;&nbsp; Pool FA1099, 3.00%, 07/01/2052  | 369616 | 321146  |
| &nbsp;&nbsp;&nbsp; Pool FA1382, 4.00%, 02/01/2053  | 350602 | 328103  |
| &nbsp;&nbsp;&nbsp; Pool FA1633, 5.50%, 12/01/2054  | 945938 | 953099  |
| &nbsp;&nbsp;&nbsp; Pool FM9067, 2.50%, 10/01/2051  | 461880 | 384201  |
| &nbsp;&nbsp;&nbsp; Pool FM9540, 2.00%, 11/01/2051  | 221957 | 177691  |
| &nbsp;&nbsp;&nbsp; Pool FS0176, 2.50%, 01/01/2052  | 358388 | 299254  |
| &nbsp;&nbsp;&nbsp; Pool FS0288, 2.00%, 01/01/2052  | 75085 | 60109  |
| &nbsp;&nbsp;&nbsp; Pool FS0631, 3.00%, 02/01/2052  | 28424 | 24808  |
| &nbsp;&nbsp;&nbsp; Pool FS2321, 2.50%, 02/01/2052  | 444304 | 371241  |
| &nbsp;&nbsp;&nbsp; Pool FS2512, 3.50%, 07/01/2052  | 280858 | 255499  |
| &nbsp;&nbsp;&nbsp; Pool FS2805, 2.50%, 09/01/2052  | 1041852 | 866639  |
| &nbsp;&nbsp;&nbsp; Pool FS3251, 6.00%, 11/01/2052  | 52312 | 53691  |
| &nbsp;&nbsp;&nbsp; Pool FS3497, 3.50%, 08/01/2052  | 191008 | 172800  |
| &nbsp;&nbsp;&nbsp; Pool FS3569, 3.00%, 02/01/2052  | 173028 | 150087  |
| &nbsp;&nbsp;&nbsp; Pool FS4035, 5.00%, 03/01/2053  | 636160 | 632566  |
| &nbsp;&nbsp;&nbsp; Pool FS4110, 2.50%, 03/01/2052  | 49742 | 41264  |
| &nbsp;&nbsp;&nbsp; Pool FS4377, 3.00%, 04/01/2052  | 1444066 | 1254905  |
| &nbsp;&nbsp;&nbsp; Pool FS4874, 5.50%, 06/01/2053  | 20459 | 20751  |
| &nbsp;&nbsp;&nbsp; Pool FS5235, 5.50%, 07/01/2053  | 183112 | 184559  |
| &nbsp;&nbsp;&nbsp; Pool FS5846, 2.50%, 09/01/2052  | 73292 | 60885  |
| &nbsp;&nbsp;&nbsp; Pool FS6288, 5.50%, 10/01/2053  | 21737 | 21963  |
| &nbsp;&nbsp;&nbsp; Pool FS6633, 3.00%, 06/01/2052  | 413892 | 359434  |
| &nbsp;&nbsp;&nbsp; Pool FS6668, 5.50%, 12/01/2053  | 564210 | 569584  |
| &nbsp;&nbsp;&nbsp; Pool FS6838, 5.50%, 11/01/2053  | 56943 | 57342  |
| &nbsp;&nbsp;&nbsp; Pool FS6866, 5.00%, 10/01/2053  | 281466 | 278716  |
| &nbsp;&nbsp;&nbsp; Pool FS7252, 5.00%, 11/01/2053  | 156617 | 154739  |
| &nbsp;&nbsp;&nbsp; Pool FS7278, 5.00%, 11/01/2053  | 55440 | 54715  |
| &nbsp;&nbsp;&nbsp; Pool FS9853, 5.50%, 11/01/2054  | 436461 | 440343  |
| &nbsp;&nbsp;&nbsp; Pool MA4078, 2.50%, 07/01/2050  | 219545 | 183951  |
| &nbsp;&nbsp;&nbsp; Pool MA4211, 3.00%, 12/01/2050  | 22838 | 19945  |
| &nbsp;&nbsp;&nbsp; Pool MA4305, 2.00%, 04/01/2051  | 181329 | 144913  |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** |
| &nbsp;&nbsp;&nbsp; Pool MA4493, 2.50%, 12/01/2051  | $22122 | $18431  |
| &nbsp;&nbsp;&nbsp; Pool MA4548, 2.50%, 02/01/2052  | 121342 | 101132  |
| &nbsp;&nbsp;&nbsp; Pool MA4565, 3.50%, 03/01/2052  | 32013 | 28971  |
| &nbsp;&nbsp;&nbsp; Pool MA4580, 3.50%, 04/01/2052  | 296722 | 268664  |
| &nbsp;&nbsp;&nbsp; Pool MA4599, 3.00%, 05/01/2052  | 123148 | 106730  |
| &nbsp;&nbsp;&nbsp; Pool MA4600, 3.50%, 05/01/2052  | 2669504 | 2407962  |
| &nbsp;&nbsp;&nbsp; Pool MA4624, 3.00%, 06/01/2052  | 200982 | 174190  |
| &nbsp;&nbsp;&nbsp; Pool MA4625, 3.50%, 06/01/2052  | 434978 | 393849  |
| &nbsp;&nbsp;&nbsp; Pool MA4626, 4.00%, 06/01/2052  | 143947 | 134328  |
| &nbsp;&nbsp;&nbsp; Pool MA4653, 3.00%, 07/01/2052  | 725950 | 630619  |
| &nbsp;&nbsp;&nbsp; Pool MA4654, 3.50%, 07/01/2052  | 78602 | 70991  |
| &nbsp;&nbsp;&nbsp; Pool MA4655, 4.00%, 07/01/2052  | 771274 | 721541  |
| &nbsp;&nbsp;&nbsp; Pool MA4684, 4.50%, 06/01/2052  | 64690 | 62310  |
| &nbsp;&nbsp;&nbsp; Pool MA4698, 3.00%, 08/01/2052  | 442972 | 384722  |
| &nbsp;&nbsp;&nbsp; Pool MA4700, 4.00%, 08/01/2052  | 1512016 | 1414439  |
| &nbsp;&nbsp;&nbsp; Pool MA4732, 4.00%, 09/01/2052  | 258979 | 242266  |
| &nbsp;&nbsp;&nbsp; Pool MA4733, 4.50%, 09/01/2052  | 76333 | 73523  |
| &nbsp;&nbsp;&nbsp; Pool MA4782, 3.50%, 10/01/2052  | 297922 | 269704  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052  | 112890 | 105374  |
| &nbsp;&nbsp;&nbsp; Pool MA4784, 4.50%, 10/01/2052  | 207989 | 200826  |
| &nbsp;&nbsp;&nbsp; Pool MA4786, 5.50%, 10/01/2052  | 24877 | 25065  |
| &nbsp;&nbsp;&nbsp; Pool MA4805, 4.50%, 11/01/2052  | 128449 | 123682  |
| &nbsp;&nbsp;&nbsp; Pool MA4841, 5.00%, 12/01/2052  | 145743 | 144071  |
| &nbsp;&nbsp;&nbsp; Pool MA4868, 5.00%, 01/01/2053  | 24633 | 24372  |
| &nbsp;&nbsp;&nbsp; Pool MA4918, 5.00%, 02/01/2053  | 281083 | 278656  |
| &nbsp;&nbsp;&nbsp; Pool MA4940, 5.00%, 03/01/2053  | 24528 | 24248  |
| &nbsp;&nbsp;&nbsp; Pool MA4978, 5.00%, 04/01/2053  | 373384 | 370011  |
| &nbsp;&nbsp;&nbsp; Pool MA5008, 4.50%, 05/01/2053  | 184549 | 177651  |
| &nbsp;&nbsp;&nbsp; Pool MA5009, 5.00%, 05/01/2053  | 522073 | 517376  |
| &nbsp;&nbsp;&nbsp; Pool MA5010, 5.50%, 05/01/2053  | 27103 | 27339  |
| &nbsp;&nbsp;&nbsp; Pool MA5038, 5.00%, 06/01/2053  | 1883751 | 1866804  |
| &nbsp;&nbsp;&nbsp; Pool MA5054, 4.00%, 06/01/2053  | 110636 | 103191  |
| &nbsp;&nbsp;&nbsp; Pool MA5071, 5.00%, 07/01/2053  | 344615 | 341016  |
| &nbsp;&nbsp;&nbsp; Pool MA5073, 6.00%, 07/01/2053  | 209812 | 214352  |
| &nbsp;&nbsp;&nbsp; Pool MA5106, 5.00%, 08/01/2053  | 410591 | 406579  |
| &nbsp;&nbsp;&nbsp; Pool MA5107, 5.50%, 08/01/2053  | 287616 | 290089  |
| &nbsp;&nbsp;&nbsp; Pool MA5108, 6.00%, 08/01/2053  | 60724 | 62020  |
| &nbsp;&nbsp;&nbsp; Pool MA5135, 4.00%, 09/01/2053  | 22362 | 20834  |
| &nbsp;&nbsp;&nbsp; Pool MA5138, 5.50%, 09/01/2053  | 728942 | 735944  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053  | 966204 | 989142  |
| &nbsp;&nbsp;&nbsp; Pool MA5165, 5.50%, 10/01/2053  | 20894 | 21042  |
| &nbsp;&nbsp;&nbsp; Pool MA5166, 6.00%, 10/01/2053  | 301784 | 309388  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** |
| &nbsp;&nbsp;&nbsp; Pool MA5192, 6.50%, 11/01/2053  | $156251 | $161618  |
| &nbsp;&nbsp;&nbsp; Pool MA5215, 5.50%, 12/01/2053  | 1592919 | 1606986  |
| &nbsp;&nbsp;&nbsp; Pool MA5216, 6.00%, 12/01/2053  | 375872 | 385736  |
| &nbsp;&nbsp;&nbsp; Pool MA5245, 5.00%, 01/01/2054  | 3254177 | 3214647  |
| &nbsp;&nbsp;&nbsp; Pool MA5247, 6.00%, 01/01/2054  | 19077 | 19466  |
| &nbsp;&nbsp;&nbsp; Pool MA5271, 5.50%, 02/01/2054  | 345970 | 347833  |
| &nbsp;&nbsp;&nbsp; Pool MA5294, 5.00%, 03/01/2054  | 1444295 | 1425556  |
| &nbsp;&nbsp;&nbsp; Pool MA5296, 5.50%, 03/01/2054  | 2827254 | 2848949  |
| &nbsp;&nbsp;&nbsp; Pool MA5327, 5.00%, 04/01/2054  | 300943 | 297367  |
| &nbsp;&nbsp;&nbsp; Pool MA5331, 5.50%, 04/01/2054  | 694725 | 700020  |
| &nbsp;&nbsp;&nbsp; Pool MA5352, 5.00%, 05/01/2054  | 629060 | 620898  |
| &nbsp;&nbsp;&nbsp; Pool MA5388, 5.50%, 06/01/2054  | 319928 | 322350  |
| &nbsp;&nbsp;&nbsp; Pool MA5389, 6.00%, 06/01/2054  | 114656 | 117028  |
| &nbsp;&nbsp;&nbsp; Pool MA5444, 5.50%, 08/01/2054  | 123617 | 124216  |
| &nbsp;&nbsp;&nbsp; Pool MA5445, 6.00%, 08/01/2054  | 51063 | 52074  |
| &nbsp;&nbsp;&nbsp; Pool MA5498, 6.00%, 10/01/2054  | 346824 | 354621  |
| &nbsp;&nbsp;&nbsp; Pool MA5530, 5.00%, 11/01/2054  | 883474 | 872012  |
| &nbsp;&nbsp;&nbsp; Pool MA5531, 5.50%, 11/01/2054  | 101716 | 102128  |
| &nbsp;&nbsp;&nbsp; Pool MA5584, 4.50%, 01/01/2055  | 289148 | 278408  |
| &nbsp;&nbsp;&nbsp; Pool MA5586, 5.50%, 01/01/2055  | 251115 | 252765  |
| &nbsp;&nbsp;&nbsp; Pool MA5644, 4.50%, 03/01/2055  | 268036 | 258017  |
| &nbsp;&nbsp;&nbsp; Pool MA5760, 5.50%, 07/01/2055  | 296251 | 298128  |
| Ginnie Mae II Pool  | Ginnie Mae II Pool  | Ginnie Mae II Pool  |
| &nbsp;&nbsp;&nbsp; Pool MA8151, 4.50%, 07/20/2052  | 136063 | 131830  |
| &nbsp;&nbsp;&nbsp; Pool MA8201, 4.50%, 08/20/2052  | 23434 | 22762  |
| &nbsp;&nbsp;&nbsp; Pool MA8800, 5.00%, 04/20/2053  | 487998 | 486045  |
| &nbsp;&nbsp;&nbsp; Pool MA8801, 5.50%, 04/20/2053  | 480951 | 487610  |
| &nbsp;&nbsp;&nbsp; Pool MA8877, 4.50%, 05/20/2053  | 268493 | 260124  |
| &nbsp;&nbsp;&nbsp; Pool MA8947, 5.00%, 06/20/2053  | 192073 | 190639  |
| &nbsp;&nbsp;&nbsp; Pool MA8948, 5.50%, 06/20/2053  | 39239 | 39637  |
| &nbsp;&nbsp;&nbsp; Pool MA9016, 5.00%, 07/20/2053  | 43125 | 42708  |
| &nbsp;&nbsp;&nbsp; Pool MA9018, 6.00%, 07/20/2053  | 49171 | 50331  |
| &nbsp;&nbsp;&nbsp; Pool MA9240, 5.00%, 10/20/2053  | 49709 | 49325  |
| &nbsp;&nbsp;&nbsp; Pool MA9241, 5.50%, 10/20/2053  | 80400 | 81262  |
| &nbsp;&nbsp;&nbsp; Pool MA9304, 5.00%, 11/20/2053  | 122411 | 121429  |
| &nbsp;&nbsp;&nbsp; Pool MA9361, 5.00%, 12/20/2053  | 156906 | 155165  |
| &nbsp;&nbsp;&nbsp; Pool MA9539, 4.50%, 03/20/2054  | 47310 | 45521  |
| &nbsp;&nbsp;&nbsp; Pool MA9541, 5.50%, 03/20/2054  | 75743 | 76369  |
| &nbsp;&nbsp;&nbsp; Pool MA9603, 4.50%, 04/20/2054  | 163113 | 156913  |
| &nbsp;&nbsp;&nbsp; Pool MA9605, 5.50%, 04/20/2054  | 35424 | 35696  |
| &nbsp;&nbsp;&nbsp; Pool MA9726, 6.00%, 06/20/2054  | 84696 | 86446  |
| &nbsp;&nbsp;&nbsp; Pool MA9780, 6.00%, 07/20/2054  | 113228 | 115523  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — continued** |
| &nbsp;&nbsp;&nbsp; Pool MA9906, 5.50%, 09/20/2054  | $70556 | $70987  |
| &nbsp;&nbsp;&nbsp; Pool MA9963, 4.50%, 10/20/2054  | 38629 | 37141  |
| &nbsp;&nbsp;&nbsp; Pool MA9964, 5.00%, 10/20/2054  | 24078 | 23809  |
| &nbsp;&nbsp;&nbsp; Pool MB0092, 5.50%, 12/20/2054  | 43824 | 44101  |
| &nbsp;&nbsp;&nbsp; Pool MB0204, 5.00%, 02/20/2055  | 29546 | 29204  |
| &nbsp;&nbsp;&nbsp; Pool MB0206, 6.00%, 02/20/2055  | 92854 | 94546  |
| &nbsp;&nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055  | 187564 | 188647  |
| &nbsp;&nbsp;&nbsp; Pool MB0308, 5.50%, 04/20/2055  | 108689 | 109317  |
| &nbsp;&nbsp;&nbsp; Pool MB0556, 5.50%, 08/20/2055  | 145000 | 145838  |
| &nbsp;&nbsp;&nbsp; Pool MB0557, 6.00%, 08/20/2055  | 95000 | 96776  |
|  Government National Mortgage Association, Series 2021-103, Class HE, 2.00%, 06/20/2051  | 31488 | 26266  |
| **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $75,976,588)** |  | **76521770**  |
| **ASSET-BACKED SECURITIES — 4.1%** | **ASSET-BACKED SECURITIES — 4.1%** | **ASSET-BACKED SECURITIES — 4.1%** |
| American Airlines Group, Inc.  | American Airlines Group, Inc.  | American Airlines Group, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2015-1, 3.38%, 05/01/2027  | 61441 | 60182  |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 3.20%, 06/15/2028  | 501382 | 485099  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.00%, 10/15/2028  | 59829 | 57305  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, 3.15%, 02/15/2032  | 162764 | 150780  |
| American Express Travel Related Services Co., Inc.  | American Express Travel Related Services Co., Inc.  | American Express Travel Related Services Co., Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.24%, 04/15/2031  | 885000 | 924819  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, 4.28%, 04/15/2030  | 700000 | 708231  |
|  Amur Equipment Finance Receivables LLC, Series 2025-1A, Class D, 5.68%, 08/20/2032<sup>(c)</sup> | 214000 | 217959  |
| Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/2046<sup>(c)</sup> | 24339 | 22568  |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class B, 2.96%, 02/20/2027<sup>(c)</sup> | 159000 | 157779  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, 6.03%, 10/20/2027<sup>(c)</sup> | 100000 | 100867  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.85%, 06/20/2030<sup>(c)</sup> | 100000 | 103514  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.13%, 10/20/2028<sup>(c)</sup> | 310000 | 315005  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.87%, 08/20/2029<sup>(c)</sup> | 184000 | 187064  |
| BA Credit Card Trust, Series 2024-A1, Class A, 4.93%, 05/15/2029  | 920000 | 935545  |
|  Blue Stream Communications LLC, Series 2024-1A, Class A2, 5.41%, 11/20/2054<sup>(c)</sup> | 176000 | 178147  |
| Business Jet Securities LLC  | Business Jet Securities LLC  | Business Jet Securities LLC  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.20%, 05/15/2039<sup>(c)</sup> | 223753 | 230774  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.36%, 09/15/2039<sup>(c)</sup> | 86339 | 86742  |
| Capital One Financial Corp., Series 2024-A1, Class A, 3.92%, 09/15/2029  | 1805000 | 1805617  |
|  Castlelake Aircraft Securitization Trust, Series 2025-1A, Class B, 6.50%, 02/15/2050<sup>(c)</sup> | 280542 | 284309  |
| CC Towers Guarantor LLC, Series 4.24100, 4.24%, 07/15/2028<sup>(c)</sup> | 150000 | 147900  |
| CCG Receivables Trust, Series 2025-1, Class B, 4.69%, 10/14/2032<sup>(c)</sup> | 233000 | 234536  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
| Cloud Capital Holdco LP  | Cloud Capital Holdco LP  | Cloud Capital Holdco LP  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.78%, 11/22/2049<sup>(c)</sup> | $518000 | $528701  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.92%, 11/22/2049<sup>(c)</sup> | 135000 | 138150  |
|  Consolidated Communications LLC, Series 2025-1A, Class B, 6.51%, 05/20/2055<sup>(c)</sup> | 308000 | 317693  |
| Crockett Partners Equipment Co. II LLC  | Crockett Partners Equipment Co. II LLC  | Crockett Partners Equipment Co. II LLC  |
| &nbsp;&nbsp;&nbsp; Series 2024-1C, Class A, 6.05%, 01/20/2031<sup>(c)</sup> | 93152 | 94352  |
| &nbsp;&nbsp;&nbsp; Series 2024-1C, Class B, 6.78%, 01/20/2031<sup>(c)</sup> | 80303 | 81905  |
| &nbsp;&nbsp;&nbsp; Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(c)</sup> | 275268 | 280399  |
| Cyrusone Holdco LLC  | Cyrusone Holdco LLC  | Cyrusone Holdco LLC  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 4.30%, 04/20/2048<sup>(c)</sup> | 325000 | 318998  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 4.76%, 03/22/2049<sup>(c)</sup> | 77000 | 76043  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.91%, 02/20/2050<sup>(c)</sup> | 405000 | 415067  |
| Dell Equipment Finance Trust, Series 2024-1, Class A3, 5.39%, 03/22/2030<sup>(c)</sup> | 250000 | 252265  |
| DigitalBridge Group, Inc., Series 2024-1A, Class A2, 4.99%, 09/15/2049<sup>(c)</sup> | 455000 | 456323  |
| Domino's SPV Guarantor LLC, Series 2025-1A, Class A2I, 4.93%, 07/25/2055<sup>(c)</sup> | 305000 | 307342  |
| Driven Brands Holdings, Inc., Series 2024-1A, Class A2, 6.37%, 10/20/2054<sup>(c)</sup> | 311850 | 323997  |
| Elara Depositor LLC, Series 2023-A, Class A, 6.16%, 02/25/2038<sup>(c)</sup> | 170802 | 176157  |
| ELFI Graduate Loan Program, Series 2024-A, Class A, 5.56%, 08/25/2049<sup>(c)</sup> | 123377 | 125998  |
|  Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, 01/25/2067<sup>(c)(h)</sup> | 159299 | 140679  |
| Enterprise Fleet Financing, Series 2025-2, Class A3, 4.41%, 06/20/2029<sup>(c)</sup> | 295000 | 297812  |
|  Exeter Automobile Receivables Trust 2025-1, Series 2025-1A, Class D, 5.49%, 05/15/2031  | 370000 | 377600  |
| Financial Holding Corp.  | Financial Holding Corp.  | Financial Holding Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A, 5.34%, 04/15/2029<sup>(c)</sup> | 104000 | 105657  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 4.85%, 02/15/2030<sup>(c)</sup> | 652000 | 663911  |
| Ford Credit Auto Owner Trust, Series 2024-A, Class B, 5.26%, 11/15/2029  | 155000 | 157955  |
|  Ford Credit Auto Receivables Six LLC, Series 2025-1, Class A, 4.86%, 08/15/2037<sup>(c)(d)</sup> | 360000 | 369921  |
| Ford Credit Floorplan LLC, Series 2024-1, Class A1, 5.29%, 04/15/2029<sup>(c)</sup> | 265000 | 270071  |
| Foundation Finance Trust  | Foundation Finance Trust  | Foundation Finance Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.60%, 03/15/2050<sup>(c)</sup> | 215347 | 215409  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 6.59%, 03/15/2050<sup>(c)</sup> | 93644 | 94713  |
| Frontier Communications Parent, Inc.  | Frontier Communications Parent, Inc.  | Frontier Communications Parent, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A2, 6.60%, 08/20/2053<sup>(c)</sup> | 290000 | 294794  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 7.02%, 06/20/2054<sup>(c)</sup> | 75000 | 78346  |
| GCAT, Series 2021-NQM5, Class A1, 1.26%, 07/25/2066<sup>(c)(h)</sup> | 197605 | 167687  |
| General Motors Co., Series 2024-1A, Class A1, 5.13%, 03/15/2029<sup>(c)</sup> | 310000 | 315050  |
| GLS Auto Receivables Trust, Series 2025-2A, Class D, 5.59%, 01/15/2031<sup>(c)</sup> | 199000 | 202406  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
| GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.04%, 02/15/2031<sup>(c)</sup> | $50000 | $50822  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.26%, 03/15/2031<sup>(c)</sup> | 67000 | 68170  |
|  GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A3, 4.85%, 12/18/2028  | 635000 | 638629  |
| Goodgreen Trust, Series 2021-1A, Class A, 2.66%, 10/15/2056<sup>(c)</sup> | 174343 | 143747  |
| GreenSky LLC  | GreenSky LLC  | GreenSky LLC  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 7.33%, 06/25/2059<sup>(c)</sup> | 96028 | 99432  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.39%, 03/25/2060<sup>(c)</sup> | 186000 | 188535  |
| Hilton Grand Vacations, Inc.  | Hilton Grand Vacations, Inc.  | Hilton Grand Vacations, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.30%, 01/25/2037<sup>(c)</sup> | 36181 | 35926  |
| &nbsp;&nbsp;&nbsp; Series 2024-1B, Class A, 5.75%, 09/15/2039<sup>(c)</sup> | 35266 | 35833  |
| &nbsp;&nbsp;&nbsp; Series 2024-1B, Class B, 5.99%, 09/15/2039<sup>(c)</sup> | 51092 | 51864  |
|  Huntington Bank Auto Credit-Linked Notes Series 2024-1, Series 2024-1, Class B1, 6.15%, 05/20/2032<sup>(c)</sup> | 155933 | 157886  |
| Island Finance Trust, Series 2025-1A, Class A, 6.54%, 03/19/2035<sup>(c)</sup> | 107000 | 108845  |
| Jersey Mike's Funding, Series 2024-1A, Class A2, 5.64%, 02/15/2055<sup>(c)</sup> | 323375 | 330231  |
|  JP Morgan Mortgage Trust, Series 2024-HE1, Class A1, 5.85% (30 day avg SOFR US + 1.50%), 08/25/2054<sup>(c)</sup> | 122293 | 122560  |
| Kubota Credit Owner Trust  | Kubota Credit Owner Trust  | Kubota Credit Owner Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A4, 5.19%, 05/15/2030<sup>(c)</sup> | 171000 | 175710  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3, 4.67%, 06/15/2029<sup>(c)</sup> | 393000 | 399448  |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, 09/20/2065<sup>(c)</sup> | 404000 | 409314  |
|  M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, 06/17/2030<sup>(c)</sup> | 137000 | 138586  |
| Marriott Vacations Worldwide Corp.  | Marriott Vacations Worldwide Corp.  | Marriott Vacations Worldwide Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.83%, 05/20/2039<sup>(c)</sup> | 123799 | 117897  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 4.93%, 10/20/2040<sup>(c)</sup> | 42470 | 42864  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 5.42%, 10/20/2040<sup>(c)</sup> | 212349 | 214859  |
| &nbsp;&nbsp;&nbsp; Metronet Systems Holdings LLC, Series 2025-2A, Class A2, <br>5.40%, 08/20/2055<sup>(c)</sup> | 362000 | 366231  |
| MMAF Equipment Finance LLC, Series 2025-A, Class A3, 4.82%, 08/13/2032<sup>(c)</sup> | 385000 | 394137  |
| MVW Owner Trust  | MVW Owner Trust  | MVW Owner Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.58%, 03/20/2042<sup>(c)</sup> | 179690 | 178673  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 4.92%, 03/20/2042<sup>(c)</sup> | 115627 | 113841  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.21%, 09/22/2042<sup>(c)</sup> | 114886 | 116230  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.75%, 09/22/2042<sup>(c)</sup> | 92828 | 93594  |
| Navient Student Loan Trust  | Navient Student Loan Trust  | Navient Student Loan Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, 0.97%, 12/16/2069<sup>(c)</sup> | 286279 | 258243  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(c)</sup> | 264811 | 272713  |
| NextGear Floorplan Master Trust, Series 2025-1A, Class A, 4.55%, 02/15/2030<sup>(c)</sup> | 285000 | 287916  |

---

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  NextGear Floorplan Master Trust, Series 2024-1A, Class A2, 5.12%, 03/15/2029<sup>(c)</sup> | $340000 | $344882  |
|  OneMain Financial Issuance Trust, Series 2023-2A, Class A1, 5.84%, 09/15/2036<sup>(c)</sup> | 200000 | 204202  |
| PHH Arval, Series 2024-1A, Class A1, 5.52%, 05/15/2036<sup>(c)</sup> | 192592 | 194580  |
| Progress Residential Trust, Series 2024-SFR3, Class C, 3.50%, 06/17/2041<sup>(c)</sup> | 250000 | 237590  |
| QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055<sup>(c)</sup> | 300000 | 305430  |
| RCKT Mortgage Trust,  | RCKT Mortgage Trust,  | RCKT Mortgage Trust,  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1A, 6.14%, 04/25/2044<sup>(c)(h)</sup> | 65308 | 65941  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES5, Class A1A, 5.69%, 05/25/2055<sup>(c)(d)</sup> | 264789 | 268494  |
| Santander Consumer USA Holdings, Inc.  | Santander Consumer USA Holdings, Inc.  | Santander Consumer USA Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.45%, 03/15/2030  | 22000 | 22295  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.43%, 03/17/2031  | 410000 | 417956  |
| SBA Depositor LLC, Series 2020-1-2, 2.33%, 01/15/2028<sup>(c)</sup> | 150000 | 142433  |
|  SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, 5.51%, 01/20/2032<sup>(c)</sup> | 325000 | 333461  |
| Sierra Timeshare Conduit Receivables Funding LLC  | Sierra Timeshare Conduit Receivables Funding LLC  | Sierra Timeshare Conduit Receivables Funding LLC  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.80%, 09/20/2038<sup>(c)</sup> | 11635 | 11436  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.94%, 01/20/2043<sup>(c)</sup> | 88024 | 89106  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.29%, 06/20/2041<sup>(c)</sup> | 143882 | 144974  |
|  SoFi Professional Loan Program LLC, Series 2019-B, Class A2FX, 3.09%, 08/17/2048<sup>(c)</sup> | 31535 | 30814  |
| Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, 12/22/2031<sup>(c)</sup> | 382000 | 384815  |
| Stack Infrastructure Issuer LLC  | Stack Infrastructure Issuer LLC  | Stack Infrastructure Issuer LLC  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2, 5.90%, 10/25/2048<sup>(c)</sup> | 196139 | 197372  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.90%, 03/25/2049<sup>(c)</sup> | 152000 | 155189  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.00%, 05/25/2050<sup>(c)</sup> | 340000 | 339465  |
| Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/2054<sup>(c)</sup> | 248125 | 251661  |
| Taco Bell Corp.  | Taco Bell Corp.  | Taco Bell Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 1.95%, 08/25/2051<sup>(c)</sup> | 245625 | 235456  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, 2.29%, 08/25/2051<sup>(c)</sup> | 89408 | 82479  |
| Towd Point Mortgage Trust  | Towd Point Mortgage Trust  | Towd Point Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class A2, 3.50%, 03/25/2058<sup>(c)(h)</sup> | 100000 | 97260  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 3.75%, 09/25/2062<sup>(c)</sup> | 89078 | 85574  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.85%, 01/25/2064<sup>(c)(h)</sup> | 195294 | 195972  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1A, 6.13%, 02/25/2064<sup>(c)(h)</sup> | 205971 | 207367  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES4, Class A1, 5.12%, 09/25/2064<sup>(c)(d)</sup> | 208098 | 207710  |
|  Trafigura Securitisation Finance PLC, Series 2024-1A, Class A2, 5.98%, 11/15/2027<sup>(c)</sup> | 332000 | 338012  |
| United Airlines, Inc.  | United Airlines, Inc.  | United Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2037  | 637244 | 655202  |
| &nbsp;&nbsp;&nbsp; Series 2014-1, 4.00%, 04/11/2026  | 65108 | 64832  |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 2.88%, 10/07/2028  | $24945 | $23662  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, 2.70%, 05/01/2032  | 155919 | 142379  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, 5.80%, 01/15/2036  | 421703 | 435177  |
| Uniti Group LP, Series 2025-1A, Class A2, 5.88%, 04/20/2055<sup>(c)</sup> | 718000 | 738608  |
|  US Bancorp, Series 2025-SUP1, Class C, 6.25% (30 day avg SOFR US + 1.90%), 02/25/2032<sup>(c)</sup> | 232163 | 231150  |
| Vantage Data Centers Guarantor LLC  | Vantage Data Centers Guarantor LLC  | Vantage Data Centers Guarantor LLC  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2, 1.65%, 09/15/2045<sup>(c)</sup> | 110000 | 109725  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, 2.17%, 10/15/2046<sup>(c)</sup> | 125000 | 120784  |
|  Vantage Data Centers Holding LLC, Series 2025-1A, Class A2, 5.13%, 08/15/2055<sup>(c)</sup> | 841000 | 845805  |
| Verizon Master Trust  | Verizon Master Trust  | Verizon Master Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A1A, 5.34%, 04/22/2030  | 1695000 | 1730727  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1A, 4.62%, 11/20/2030  | 806000 | 818506  |
| Verus Securitization Trust  | Verus Securitization Trust  | Verus Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.05%, 06/25/2066<sup>(c)(h)</sup> | 212297 | 187314  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.15%, 07/25/2067<sup>(c)(d)</sup> | 243918 | 242602  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A3, 5.93%, 05/25/2070<sup>(c)(d)</sup> | 271491 | 273963  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A3, 5.72%, 07/25/2070<sup>(c)(d)</sup> | 435528 | 438213  |
|  Volofin Finance Designated Activity Co., Series 2024-1A, Class A, 5.94%, 06/15/2037<sup>(c)</sup> | 223005 | 226120  |
| Westlake Automobile Receivables Trust  | Westlake Automobile Receivables Trust  | Westlake Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, 11/15/2030<sup>(c)</sup> | 205000 | 208787  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 4.85%, 01/15/2031<sup>(c)</sup> | 262000 | 264356  |
| WF Card Issuance Trust, Series 2025-A1, Class A, 4.34%, 05/15/2030  | 1280000 | 1297160  |
|  Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, 09/19/2039<sup>(c)</sup> | 275000 | 277427  |
| Willis Lease Finance Corp., Series 2025-A, Class A, 5.58%, 06/15/2050<sup>(c)</sup> | 248628 | 252437  |
| Wireless PropCo Funding Parent LLC  | Wireless PropCo Funding Parent LLC  | Wireless PropCo Funding Parent LLC  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.07%, 06/25/2055<sup>(c)</sup> | 88000 | 85121  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.30%, 06/25/2055<sup>(c)</sup> | 85000 | 81119  |
| Zayo Group LLC, Series 2025-1A, Class A2, 5.65%, 03/20/2055<sup>(c)</sup> | 275000 | 281573  |
| **TOTAL ASSET-BACKED SECURITIES (Cost $35,710,851)** |  | **36277554**  |
| **FOREIGN CORPORATE BONDS — 3.2%** | **FOREIGN CORPORATE BONDS — 3.2%** | **FOREIGN CORPORATE BONDS — 3.2%** |
| **Airlines — 0.1%**  | **Airlines — 0.1%**  | **Airlines — 0.1%**  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(c)</sup> | 27500 | 27503  |
| Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028<sup>(c)</sup> | 337000 | 338142  |
|  |  | 365645  |
| **Automobiles & Components — 0.0%<sup>(b)</sup>**  | **Automobiles & Components — 0.0%<sup>(b)</sup>**  | **Automobiles & Components — 0.0%<sup>(b)</sup>**  |
| Toyota Motor Corp., 2.36%, 03/25/2031  | 108000 | 97794  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** |
| **Banks — 1.4%**  | **Banks — 1.4%**  | **Banks — 1.4%**  |
| ASB Bank Ltd.  | ASB Bank Ltd.  | ASB Bank Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/15/2026<sup>(c)</sup> | $323000 | $325221  |
| &nbsp;&nbsp;&nbsp; 5.28% to 06/17/2027 then 5 yr. CMT Rate + 2.25%, 06/17/2032<sup>(c)</sup> | 461000 | 465327  |
| Australia & New Zealand Banking Group Ltd., 4.75%, 01/18/2027  | 361000 | 364004  |
|  Banco Bilbao Vizcaya Argentaria SA, 6.14% to 09/14/2027 then 1 yr. CMT Rate + 2.70%, 09/14/2028  | 167000 | 172522  |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.38%, 04/11/2027<sup>(c)</sup> | 349000 | 346658  |
| Banco Santander SA, 6.92%, 08/08/2033  | 600000 | 661454  |
|  Bank of Ireland Group PLC, 6.25% to 09/16/2025 then 1 yr. CMT Rate + 2.65%, 09/16/2026<sup>(c)</sup> | 452000 | 451077  |
| Bank of Nova Scotia, 4.50%, 12/16/2025  | 142000 | 141692  |
| Barclays PLC, 6.50% to 09/13/2026 then SOFR + 1.88%, 09/13/2027  | 400000 | 407388  |
| BNP Paribas SA  | BNP Paribas SA  | BNP Paribas SA  |
| &nbsp;&nbsp;&nbsp; 1.90% to 09/30/2027 then SOFR + 1.61%, 09/30/2028<sup>(c)</sup> | 349000 | 330794  |
| &nbsp;&nbsp;&nbsp; 5.50% to 05/20/2029 then SOFR + 1.59%, 05/20/2030<sup>(c)</sup> | 352000 | 362721  |
| &nbsp;&nbsp;&nbsp; 5.89% to 12/05/2033 then SOFR + 1.87%, 12/05/2034<sup>(c)</sup> | 207000 | 217657  |
| Commonwealth Bank of Australia, 5.84%, 03/13/2034<sup>(a)(c)</sup> | 892000 | 933467  |
| Credit Agricole SA  | Credit Agricole SA  | Credit Agricole SA  |
| &nbsp;&nbsp;&nbsp; 5.59%, 07/05/2026<sup>(c)</sup> | 558000 | 563900  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/11/2027<sup>(c)</sup> | 254000 | 257452  |
| Federation des Caisses Desjardins du Quebec, 4.55%, 08/23/2027<sup>(c)</sup> | 4000 | 4029  |
| HSBC Holdings PLC, 6.33% to 03/09/2043 then SOFR + 2.65%, 03/09/2044  | 1393000 | 1495460  |
|  KBC Group NV, 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029<sup>(c)</sup> | 245000 | 252664  |
| Macquarie Bank Ltd., 3.62%, 06/03/2030<sup>(c)</sup> | 863000 | 823625  |
|  Mitsubishi UFJ Financial Group, Inc., 5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031  | 238000 | 247934  |
|  NatWest Group PLC, 3.07% to 05/22/2027 then 1 yr. CMT Rate + 2.55%, 05/22/2028  | 200000 | 195823  |
|  Societe Generale SA, 1.49% to 12/14/2025 then 1 yr. CMT Rate + 1.10%, 12/14/2026<sup>(c)</sup> | 805000 | 797726  |
|  Standard Chartered PLC, 6.19% to 07/06/2026 then 1 yr. CMT Rate + 1.85%, 07/06/2027<sup>(c)</sup> | 200000 | 202396  |
| Sumitomo Mitsui Financial Group, Inc.  | Sumitomo Mitsui Financial Group, Inc.  | Sumitomo Mitsui Financial Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.52%, 01/13/2028  | 200000 | 206208  |
| &nbsp;&nbsp;&nbsp; 5.80%, 07/13/2028  | 540000 | 564782  |
| &nbsp;&nbsp;&nbsp; 5.71%, 01/13/2030  | 253000 | 266389  |
| &nbsp;&nbsp;&nbsp; 1.71%, 01/12/2031  | 280000 | 243768  |
| &nbsp;&nbsp;&nbsp; 5.77%, 01/13/2033  | 351000 | 371771  |
| Westpac Banking Corp., 5.51%, 11/17/2025  | 235000 | 235001  |
|  |  | 11908910  |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** |
| **Capital Goods — 0.1%**  | **Capital Goods — 0.1%**  | **Capital Goods — 0.1%**  |
| Vinci SA, 3.75%, 04/10/2029<sup>(c)</sup> | $637000 | $625657  |
| Weir Group PLC, 2.20%, 05/13/2026<sup>(c)</sup> | 281000 | 274809  |
|  |  | 900466  |
| **Commercial Finance — 0.1%**  | **Commercial Finance — 0.1%**  | **Commercial Finance — 0.1%**  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/2026  | 568000 | 556517  |
| SMBC Aviation Capital Finance DAC, 2.30%, 06/15/2028<sup>(c)</sup> | 213000 | 201080  |
|  |  | 757597  |
| **Consumer Staples Distribution & Retail — 0.0%<sup>(b)</sup>**  | **Consumer Staples Distribution & Retail — 0.0%<sup>(b)</sup>**  | **Consumer Staples Distribution & Retail — 0.0%<sup>(b)</sup>**  |
| Alimentation Couche-Tard, Inc., 3.55%, 07/26/2027<sup>(c)</sup> | 202000 | 199372  |
| **Energy — 0.1%**  | **Energy — 0.1%**  | **Energy — 0.1%**  |
| Aker BP ASA, 6.00%, 06/13/2033<sup>(c)</sup> | 192000 | 198812  |
| Enbridge, Inc.  | Enbridge, Inc.  | Enbridge, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/05/2029  | 40000 | 41203  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/08/2033  | 234000 | 243588  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/05/2034  | 305000 | 314284  |
|  |  | 797887  |
| **Exploration & Production — 0.0%<sup>(b)</sup>**  | **Exploration & Production — 0.0%<sup>(b)</sup>**  | **Exploration & Production — 0.0%<sup>(b)</sup>**  |
| CNOOC Petroleum North America ULC, 7.88%, 03/15/2032  | 38000 | 45222  |
| **Financial Services — 0.1%**  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  |
| Sumitomo Mitsui Trust Bank Ltd., 5.50%, 03/09/2028<sup>(a)(c)</sup> | 200000 | 206272  |
| UBS AG, 5.65%, 09/11/2028  | 250000 | 260656  |
| UBS Group AG  | UBS Group AG  | UBS Group AG  |
| &nbsp;&nbsp;&nbsp; 1.31% to 02/02/2026 then SOFR + 0.98%, 02/02/2027<sup>(c)</sup> | 13000 | 12806  |
| &nbsp;&nbsp;&nbsp; 4.19% to 04/01/2030 then SOFR + 3.73%, 04/01/2031<sup>(c)</sup> | 366000 | 360895  |
|  |  | 840629  |
| **Food & Beverage — 0.1%**  | **Food & Beverage — 0.1%**  | **Food & Beverage — 0.1%**  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 2.50%, 01/15/2027  | 699000 | 680333  |
| **Food, Beverage & Tobacco — 0.1%**  | **Food, Beverage & Tobacco — 0.1%**  | **Food, Beverage & Tobacco — 0.1%**  |
| Heineken NV, 3.50%, 01/29/2028<sup>(c)</sup> | 882000 | 871191  |
| **Industrial Other — 0.0%<sup>(b)</sup>**  | **Industrial Other — 0.0%<sup>(b)</sup>**  | **Industrial Other — 0.0%<sup>(b)</sup>**  |
| Triton Container International Ltd., 3.15%, 06/15/2031<sup>(c)</sup> | 216000 | 191587  |
| **Insurance — 0.1%**  | **Insurance — 0.1%**  | **Insurance — 0.1%**  |
| AIA Group Ltd., 3.20%, 09/16/2040<sup>(c)</sup> | 213000 | 165727  |
| Fairfax Financial Holdings Ltd., 3.38%, 03/03/2031  | 253000 | 237352  |
|  |  | 403079  |
| **Integrated Oils — 0.0%<sup>(b)</sup>**  | **Integrated Oils — 0.0%<sup>(b)</sup>**  | **Integrated Oils — 0.0%<sup>(b)</sup>**  |
|  BP Capital Markets PLC, 4.38% to 09/22/2025 then 5 yr. CMT Rate + 4.04%, Perpetual  | 19000 | 18939  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** |
| **Materials — 0.0%<sup>(b)</sup>**  | **Materials — 0.0%<sup>(b)</sup>**  | **Materials — 0.0%<sup>(b)</sup>**  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(c)</sup> | $14000 | $14700  |
| UPM-Kymmene Oyj, 7.45%, 11/26/2027<sup>(c)</sup> | 6000 | 6341  |
| Yara International ASA, 3.80%, 06/06/2026<sup>(c)</sup> | 22000 | 21774  |
|  |  | 42815  |
| **Media & Entertainment — 0.0%<sup>(b)</sup>**  | **Media & Entertainment — 0.0%<sup>(b)</sup>**  | **Media & Entertainment — 0.0%<sup>(b)</sup>**  |
| Tencent Holdings Ltd., 3.98%, 04/11/2029<sup>(c)</sup> | 353000 | 351011  |
| **Metals & Mining — 0.1%**  | **Metals & Mining — 0.1%**  | **Metals & Mining — 0.1%**  |
| BHP Billiton Finance USA Ltd., 4.90%, 02/28/2033  | 328000 | 331211  |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/2030<sup>(c)</sup> | 21000 | 21408  |
| Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027<sup>(c)</sup> | 31098 | 30863  |
|  |  | 383482  |
| **Railroad — 0.0%<sup>(b)</sup>**  | **Railroad — 0.0%<sup>(b)</sup>**  | **Railroad — 0.0%<sup>(b)</sup>**  |
| Canadian Pacific Railway Co., 2.88%, 11/15/2029  | 33000 | 31300  |
| **Real Estate Management & Development — 0.0%<sup>(b)</sup>**  | **Real Estate Management & Development — 0.0%<sup>(b)</sup>**  | **Real Estate Management & Development — 0.0%<sup>(b)</sup>**  |
| Mitsui Fudosan Co. Ltd., 3.65%, 07/20/2027<sup>(a)(c)</sup> | 347000 | 342177  |
| **Retail - Consumer Staples — 0.0%<sup>(b)</sup>**  | **Retail - Consumer Staples — 0.0%<sup>(b)</sup>**  | **Retail - Consumer Staples — 0.0%<sup>(b)</sup>**  |
| Viterra Finance BV, 2.00%, 04/21/2026<sup>(c)</sup> | 201000 | 196974  |
| **Semiconductors & Semiconductor Equipment — 0.3%**  | **Semiconductors & Semiconductor Equipment — 0.3%**  | **Semiconductors & Semiconductor Equipment — 0.3%**  |
| Renesas Electronics Corp., 2.17%, 11/25/2026<sup>(c)</sup> | 376000 | 365079  |
| SK Hynix, Inc.  | SK Hynix, Inc.  | SK Hynix, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/17/2028<sup>(c)</sup> | 1290000 | 1347354  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/16/2029<sup>(c)</sup> | 1156000 | 1195793  |
|  |  | 2908226  |
| **Supermarkets & Pharmacies — 0.1%**  | **Supermarkets & Pharmacies — 0.1%**  | **Supermarkets & Pharmacies — 0.1%**  |
| CK Hutchison International 17 Ltd., 3.50%, 04/05/2027<sup>(c)</sup> | 290000 | 286421  |
| CK Hutchison International 19 Ltd., 3.63%, 04/11/2029<sup>(a)(c)</sup> | 280000 | 274303  |
|  |  | 560724  |
| **Telecommunication Services — 0.0%<sup>(b)</sup>**  | **Telecommunication Services — 0.0%<sup>(b)</sup>**  | **Telecommunication Services — 0.0%<sup>(b)</sup>**  |
| Rogers Communications, Inc., 7.50%, 08/15/2038  | 198000 | 229035  |
| Vodafone Group PLC, 5.75%, 02/10/2063  | 87000 | 81880  |
|  |  | 310915  |
| **Transportation — 0.1%**  | **Transportation — 0.1%**  | **Transportation — 0.1%**  |
| AP Moller - Maersk AS, 5.88%, 09/14/2033<sup>(c)</sup> | 1011000 | 1069520  |
| **Utilities — 0.3%**  | **Utilities — 0.3%**  | **Utilities — 0.3%**  |
| E.ON International Finance BV, 6.65%, 04/30/2038<sup>(c)</sup> | 161000 | 177938  |
| Electricite de France SA  | Electricite de France SA  | Electricite de France SA  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/13/2025<sup>(c)</sup> | 296000 | 294936  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/23/2028<sup>(c)</sup> | 349000 | 360359  |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** | **FOREIGN CORPORATE BONDS — continued** |
| **Utilities — continued**  | **Utilities — continued**  | **Utilities — continued**  |
| &nbsp;&nbsp;&nbsp; 6.95%, 01/26/2039<sup>(c)</sup> | $243000 | $269989  |
| &nbsp;&nbsp;&nbsp; 6.90%, 05/23/2053<sup>(c)</sup> | 236000 | 252363  |
| Enel Finance International NV, 1.63%, 07/12/2026<sup>(c)(d)</sup> | 577000 | 563634  |
| Korea Electric Power Corp., 4.00%, 06/14/2027<sup>(c)</sup> | 703000 | 701747  |
| National Grid PLC, 5.42%, 01/11/2034  | 315000 | 323603  |
|  |  | 2944569  |
| **Wireline Telecommunications Services — 0.1%**<br>|  |  |
| British Telecommunications PLC, 5.13%, 12/04/2028  | 658000 | 674694  |
| **TOTAL FOREIGN CORPORATE BONDS (Cost $27,257,829)** |  | **27895058**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.8%** |
| Avenue of Americas, Series 2025-1301, Class D, 6.43%, 08/11/2042<sup>(c)(h)</sup> | 188000 | 189277  |
| BANK-2019, Series 2019-BN17, Class C, 4.66%, 04/15/2052<sup>(h)</sup> | 235000 | 221183  |
| BANK-2024, Series 2024-BNK47, Class A5, 5.72%, 06/15/2057  | 745000 | 793617  |
| BANK-2025, Series 2025-BNK50, Class A5, 5.65%, 05/15/2068<sup>(h)</sup> | 245000 | 258380  |
| BANK5 Trust  | BANK5 Trust  | BANK5 Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR2, Class C, 7.40%, 07/15/2056<sup>(h)</sup> | 85000 | 87919  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR12, Class C, 6.50%, 12/15/2057<sup>(h)</sup> | 255000 | 263518  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR5, Class B, 6.54%, 02/15/2029<sup>(h)</sup> | 69000 | 71684  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class B, 6.94%, 06/15/2057  | 201000 | 211857  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class A3, 5.88%, 08/15/2057  | 1230000 | 1295261  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR13, Class A3, 5.75%, 01/15/2058  | 350000 | 368391  |
| BBCMS Trust  | BBCMS Trust  | BBCMS Trust  |
| &nbsp;&nbsp;&nbsp; Series 2018-TALL, Class B, 5.53% (1 mo. Term SOFR + 1.17%), 03/15/2037<sup>(c)</sup> | 100000 | 92994  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class C, 5.76%, 12/15/2057<sup>(h)</sup> | 59000 | 59427  |
| &nbsp;&nbsp;&nbsp; Series 2024-C24, Class C, 6.00%, 02/15/2057  | 225000 | 224810  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A4, 5.84%, 03/15/2058  | 1190000 | 1258652  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3, 5.66%, 05/15/2058  | 1035000 | 1090138  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C36, Class A3, 5.52%, 08/15/2058  | 470000 | 492391  |
| Benchmark Mortgage Trust  | Benchmark Mortgage Trust  | Benchmark Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-B40, Class C, 7.66%, 12/15/2056<sup>(h)</sup> | 111000 | 115596  |
| &nbsp;&nbsp;&nbsp; Series 2023-V2, Class C, 7.00%, 05/15/2055<sup>(h)</sup> | 178000 | 182125  |
| &nbsp;&nbsp;&nbsp; Series 2023-V3, Class C, 7.41%, 07/15/2056<sup>(h)</sup> | 131000 | 134144  |
| &nbsp;&nbsp;&nbsp; Series 2024-V6, Class C, 6.67%, 03/15/2057  | 140000 | 144121  |
| &nbsp;&nbsp;&nbsp; Series 2024-V6, Class D, 4.00%, 03/15/2057  | 48000 | 43216  |
| &nbsp;&nbsp;&nbsp; Series 2024-V7, Class B, 7.08%, 05/15/2056<sup>(h)</sup> | 135000 | 142261  |
| &nbsp;&nbsp;&nbsp; Series 2024-V8, Class A3, 6.19%, 07/15/2057<sup>(h)</sup> | 755000 | 801700  |
| &nbsp;&nbsp;&nbsp; Series 2025-V13, Class A4, 5.82%, 02/15/2058<sup>(h)</sup> | 290000 | 305734  |
| &nbsp;&nbsp;&nbsp; Series 2025-V15, Class A3, 5.80%, 06/15/2058  | 1050000 | 1109851  |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| &nbsp;&nbsp;&nbsp; Series 2024-5C3, Class B, 6.56%, 02/15/2057<sup>(h)</sup> | 68000 | 70317  |

---

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** | **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** | **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp; Series 2024-5C4, Class A3, 6.53%, 05/15/2057<sup>(h)</sup> | $850000 | $907642  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C8, Class C, 5.74%, 12/15/2057<sup>(h)</sup> | 36000 | 35943  |
| &nbsp;&nbsp;&nbsp; Series 2024-C8, Class C, 6.23%, 03/15/2057<sup>(h)</sup> | 265000 | 271441  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C10, Class C, 6.49%, 05/15/2058<sup>(h)</sup> | 84000 | 86332  |
| &nbsp;&nbsp;&nbsp; Series 2025-C12, Class A5, 5.87%, 06/15/2058<sup>(h)</sup> | 352000 | 376137  |
| &nbsp;&nbsp;&nbsp; Brookfield Properties Retail Holding LLC, Series 2024-SHOW, Class C, <br>6.28%, 10/10/2041<sup>(c)(h)</sup> | 170000 | 171167  |
| Chase Mortgage Finance Corp.  | Chase Mortgage Finance Corp.  | Chase Mortgage Finance Corp.  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A4, 6.00%, 11/25/2055<sup>(c)(h)</sup> | 317991 | 323655  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A6A, 6.00%, 02/25/2055<sup>(c)(h)</sup> | 56691 | 56869  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A6, 6.00%, 03/25/2055<sup>(c)(h)</sup> | 210494 | 211650  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A4, 6.00%, 11/25/2055<sup>(c)(h)</sup> | 325026 | 329262  |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class C, <br>6.57%, 07/10/2028<sup>(c)(h)</sup> | 200000 | 205361  |
| Commercial Mortgage Pass Through Certificates  | Commercial Mortgage Pass Through Certificates  | Commercial Mortgage Pass Through Certificates  |
| &nbsp;&nbsp;&nbsp; Series 2024-277P, Class B, 7.23%, 08/10/2044<sup>(c)(h)</sup> | 213000 | 227254  |
| &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class D, 8.19%, 12/10/2041<sup>(c)(h)</sup> | 100000 | 102623  |
| &nbsp;&nbsp;&nbsp; Series 2025-SBX, Class B, 5.73%, 08/10/2041<sup>(c)(h)</sup> | 330000 | 333048  |
| &nbsp;&nbsp;&nbsp; Computershare Corporate Trust, Series 2024-1CHI, Class C, <br>6.43%, 07/15/2035<sup>(c)(h)</sup> | 205000 | 206977  |
| CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 08/15/2048  | 9885 | 9827  |
| Ellington Financial Mortgage Trust  | Ellington Financial Mortgage Trust  | Ellington Financial Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A1, 5.04%, 10/25/2069<sup>(c)(d)</sup> | 167338 | 166385  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A3, 5.44%, 10/25/2069<sup>(c)(d)</sup> | 95755 | 95440  |
| ELM Trust  | ELM Trust  | ELM Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class D10, 6.85%, 06/10/2039<sup>(c)(h)</sup> | 180000 | 180682  |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class D15, 6.90%, 06/10/2039<sup>(c)(h)</sup> | 123000 | 123487  |
| Fannie Mae Connecticut Avenue Securities  | Fannie Mae Connecticut Avenue Securities  | Fannie Mae Connecticut Avenue Securities  |
| &nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1B1, 7.10% (30 day avg SOFR US + 2.75%), 12/25/2041<sup>(c)</sup> | 100000 | 101700  |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1, 5.55% (30 day avg SOFR US + 1.20%), 01/25/2042<sup>(c)</sup> | 9012 | 8993  |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 7.35% (30 day avg SOFR US + 3.00%), 01/25/2042<sup>(c)</sup> | 500000 | 512027  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, 9.00% (30 day avg SOFR US + 4.65%), 06/25/2042<sup>(c)</sup> | 55000 | 58246  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 7.05% (30 day avg SOFR US + 2.70%), 07/25/2043<sup>(c)</sup> | 500000 | 517195  |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M2, 6.30% (30 day avg SOFR US + 1.95%), 03/25/2044<sup>(c)</sup> | 420000 | 425540  |
| &nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M2, 6.00% (30 day avg SOFR US + 1.65%), 05/25/2044<sup>(c)</sup> | 99000 | 99475  |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** | **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** | **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, 5.95% (30 day avg SOFR US + 1.60%), 02/25/2045<sup>(c)</sup> | $145000 | $145377  |
| FIVE 2023-V1 Mortgage Trust  | FIVE 2023-V1 Mortgage Trust  | FIVE 2023-V1 Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-V1, Class B, 6.51%, 02/10/2056<sup>(h)</sup> | 65000 | 66785  |
| &nbsp;&nbsp;&nbsp; Series 2023-V1, Class C, 6.51%, 02/10/2056<sup>(h)</sup> | 62909 | 63665  |
| Freddie Mac Structured Agency Credit Risk Debt Notes  | Freddie Mac Structured Agency Credit Risk Debt Notes  | Freddie Mac Structured Agency Credit Risk Debt Notes  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B1, 8.00% (30 day avg SOFR US + 3.65%), 11/25/2041<sup>(c)</sup> | 500000 | 514616  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2, 6.85% (30 day avg SOFR US + 2.50%), 01/25/2042<sup>(c)</sup> | 100000 | 101635  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2, 8.70% (30 day avg SOFR US + 4.35%), 04/25/2042<sup>(c)</sup> | 562000 | 590869  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B, 8.85% (30 day avg SOFR US + 4.50%), 06/25/2042<sup>(c)</sup> | 150000 | 158876  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1B, 8.35% (30 day avg SOFR US + 4.00%), 07/25/2042<sup>(c)</sup> | 100000 | 105158  |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M2, 6.30% (30 day avg SOFR US + 1.95%), 02/25/2044<sup>(c)</sup> | 500000 | 507278  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2, 6.00% (30 day avg SOFR US + 1.65%), 02/25/2045<sup>(c)</sup> | 214000 | 214294  |
|  Great Wolf Trust 2024-WOLF, Series 2024-WOLF, Class D, 7.25% (1 mo. Term SOFR + 2.89%), 03/15/2039<sup>(c)</sup> | 200000 | 200982  |
| Hudson Yards Mortgage Trust  | Hudson Yards Mortgage Trust  | Hudson Yards Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class C, 6.15%, 01/13/2040<sup>(c)(h)</sup> | 100000 | 103659  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class D, 6.55%, 01/13/2040<sup>(c)(h)</sup> | 100000 | 104113  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 6.90%, 01/13/2040<sup>(c)(h)</sup> | 100000 | 103767  |
| IRV Trust, Series 2025-200P, Class C, 5.92%, 03/14/2047<sup>(c)(h)</sup> | 234000 | 231449  |
| JP Morgan Chase Commercial Mortgage Securities  | JP Morgan Chase Commercial Mortgage Securities  | JP Morgan Chase Commercial Mortgage Securities  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP5, Class ASB, 3.55%, 03/15/2050  | 517360 | 513111  |
| &nbsp;&nbsp;&nbsp; Series 2022-OPO, Class B, 3.38%, 01/05/2039<sup>(c)</sup> | 150000 | 133545  |
| Madison Avenue Trust, Series 2015-11MD, Class D, 3.67%, 09/10/2035<sup>(c)(h)</sup> | 129000 | 124181  |
| Manhattan West, Series 2020-1MW, Class D, 2.41%, 09/10/2039<sup>(c)(h)</sup> | 249000 | 231998  |
| Morgan Stanley Capital I, Inc., Series 2018-H4, Class C, 5.22%, 12/15/2051<sup>(h)</sup> | 25000 | 23063  |
|  New Residential Mortgage Loan Trust 2023-NQM1, Series 2025-NQM3, Class A3, 5.99%, 05/25/2065<sup>(c)(d)</sup> | 343198 | 347507  |
| &nbsp;&nbsp;&nbsp; NY Commercial Mortgage Trust, Series 2025-299P, Class C, <br>6.38%, 02/10/2047<sup>(c)(h)</sup> | 100000 | 102273  |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-300P, Class D, <br>6.16%, 07/13/2042<sup>(c)(h)</sup> | 209000 | 210824  |
| ONNI Commerical Mortgage Trust  | ONNI Commerical Mortgage Trust  | ONNI Commerical Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-APT, Class C, 6.64%, 07/15/2039<sup>(c)(h)</sup> | 215000 | 220704  |
| &nbsp;&nbsp;&nbsp; Series 2024-APT, Class D, 7.24%, 07/15/2039<sup>(c)(h)</sup> | 160000 | 165543  |

---

The accompanying notes are an integral part of these financial statements.

53<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** | **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** | **COLLATERALIZED MORTGAGE OBLIGATIONS — continued** |
| Onslow Bay Mortgage Loan Trust  | Onslow Bay Mortgage Loan Trust  | Onslow Bay Mortgage Loan Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.05%, 07/25/2061<sup>(c)(h)</sup> | $281675 | $232568  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM7, Class A1, 6.84%, 04/25/2063<sup>(c)(d)</sup> | 173405 | 175079  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A1, 4.94%, 09/25/2064<sup>(c)(d)</sup> | 431451 | 429891  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A3, 5.35%, 09/25/2064<sup>(c)(d)</sup> | 122124 | 121657  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1, 6.07%, 01/25/2064<sup>(c)(d)</sup> | 175998 | 177389  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 5.95% (30 day avg SOFR US + 1.60%), 02/25/2055<sup>(c)</sup> | 359028 | 361023  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A2, 5.76%, 05/25/2055<sup>(c)(d)</sup> | 152943 | 154032  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A3, 5.86%, 05/25/2055<sup>(c)(d)</sup> | 154820 | 155789  |
| PRM Trust 2025-PRM6, Series 2025-PRM6, Class D, 5.87%, 07/05/2033<sup>(c)(h)</sup> | 100000 | 99809  |
| RCKT Mortgage Trust, Series 2023-CES3, Class A1A, 7.11%, 11/25/2043<sup>(c)(h)</sup> | 285010 | 289749  |
| RFR Trust, Series 2025-SGRM, Class A, 5.56%, 03/11/2041<sup>(c)(h)</sup> | 158000 | 161561  |
| ROCK Trust 2024-CNTR, Series 2024-CNTR, Class D, 7.11%, 11/13/2041<sup>(c)</sup> | 112000 | 116823  |
| Sequoia Mortgage Trust, Series 2024-7, Class A12, 5.50%, 08/25/2054<sup>(c)(h)</sup> | 99880 | 99566  |
| &nbsp;&nbsp;&nbsp; SGR Residential Mortgage Trust, Series 2021-2, Class A1, <br>1.74%, 12/25/2061<sup>(c)(h)</sup> | 68269 | 58982  |
| Stellar Management  | Stellar Management  | Stellar Management  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class A, 5.42%, 06/10/2042<sup>(c)(h)</sup> | 80000 | 81469  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class D, 6.53%, 06/10/2042<sup>(c)(h)</sup> | 106000 | 107784  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class E, 7.07%, 06/10/2042<sup>(c)(h)</sup> | 60000 | 61142  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI, Series 2025-C64, Class A5, 5.65%, 02/15/2058  | 645000 | 681750  |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $24,728,003)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $24,728,003)** | **25024257**  |
| **FOREIGN GOVERNMENT AGENCY ISSUES — 1.1%** | **FOREIGN GOVERNMENT AGENCY ISSUES — 1.1%** | **FOREIGN GOVERNMENT AGENCY ISSUES — 1.1%** |
| Asian Development Bank  | Asian Development Bank  | Asian Development Bank  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/20/2027  | 330000 | 319908  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/25/2028  | 135000 | 135101  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/28/2030  | 455000 | 455175  |
| Corp. Andina de Fomento, 5.00%, 01/22/2030  | 360000 | 373661  |
| European Investment Bank, 3.88%, 10/15/2030  | 450000 | 453270  |
| Indonesia Government International Bond, 5.25%, 01/15/2030  | 274000 | 285364  |
| Inter-American Development Bank  | Inter-American Development Bank  | Inter-American Development Bank  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/13/2027  | 411000 | 398582  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2029  | 208000 | 210658  |
| Inter-American Investment Corp., 4.25%, 04/01/2030  | 870000 | 885243  |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| &nbsp;&nbsp;&nbsp; 0.88%, 07/15/2026  | 402000 | 391712  |
| &nbsp;&nbsp;&nbsp; 1.38%, 04/20/2028  | 93000 | 87569  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/26/2028  | 747000 | 748481  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/02/2034  | 3260000 | 3283903  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/27/2035  | 415000 | 418241  |

---

The accompanying notes are an integral part of these financial statements.

54<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FOREIGN GOVERNMENT AGENCY ISSUES — continued** | **FOREIGN GOVERNMENT AGENCY ISSUES — continued** | **FOREIGN GOVERNMENT AGENCY ISSUES — continued** |
| International Finance Corp., 4.38%, 01/15/2027  | $56000 | $56289  |
| Province of British Columbia Canada  | Province of British Columbia Canada  | Province of British Columbia Canada  |
| &nbsp;&nbsp;&nbsp; 3.90%, 08/27/2030  | 395000 | 396008  |
| &nbsp;&nbsp;&nbsp; 4.80%, 06/11/2035  | 305000 | 310276  |
| Province of Ontario Canada  | Province of Ontario Canada  | Province of Ontario Canada  |
| &nbsp;&nbsp;&nbsp; 3.90%, 09/04/2030  | 570000 | 571540  |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/11/2035  | 245000 | 249928  |
| **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $9,928,880)** | **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $9,928,880)** | **10030909**  |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS — 1.1%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS — 1.1%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS — 1.1%** |
| Brazilian Government International Bond, 6.13%, 03/15/2034  | 420000 | 424406  |
| Chile Government International Bond, 5.65%, 01/13/2037<sup>(a)</sup> | 585000 | 608897  |
| Colombia Government International Bond, 3.00%, 01/30/2030  | 250000 | 224280  |
| Costa Rica Government International Bond, 7.16%, 03/12/2045  | 420000 | 441000  |
| Guatemala Government Bond, 6.55%, 02/06/2037<sup>(c)</sup> | 415000 | 431393  |
| Indonesia Government International Bond  | Indonesia Government International Bond  | Indonesia Government International Bond  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/17/2042<sup>(c)</sup> | 200000 | 198635  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/31/2052  | 400000 | 326441  |
| &nbsp;&nbsp;&nbsp; 4.45%, 04/15/2070  | 207000 | 165280  |
| Mexico Government International Bond  | Mexico Government International Bond  | Mexico Government International Bond  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/13/2030  | 205000 | 214047  |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/02/2032  | 235000 | 239324  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036  | 349000 | 349733  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/29/2038  | 240000 | 244451  |
| &nbsp;&nbsp;&nbsp; 5.55%, 01/21/2045  | 140000 | 124840  |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/2053  | 403000 | 373218  |
| &nbsp;&nbsp;&nbsp; 6.40%, 05/07/2054<sup>(a)</sup> | 333000 | 309757  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/13/2055  | 599000 | 628274  |
| Oman Government International Bond, 6.50%, 03/08/2047<sup>(c)</sup> | 405000 | 426146  |
| Panama Government International Bond, 2.25%, 09/29/2032  | 200000 | 158411  |
| Paraguay Government International Bond, 5.40%, 03/30/2050<sup>(c)</sup> | 460000 | 406649  |
| Peruvian Government International Bond  | Peruvian Government International Bond  | Peruvian Government International Bond  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034  | 157000 | 134684  |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/11/2041  | 141000 | 106941  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/10/2051  | 140000 | 95859  |
| Philippine Government International Bond  | Philippine Government International Bond  | Philippine Government International Bond  |
| &nbsp;&nbsp;&nbsp; 7.75%, 01/14/2031  | 211000 | 244928  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2034  | 394000 | 439821  |
| Province of Quebec Canada, 4.63%, 08/28/2035  | 410000 | 411816  |
| Republic of Poland Government International Bond  | Republic of Poland Government International Bond  | Republic of Poland Government International Bond  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/18/2029  | 15000 | 15226  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/18/2054  | 946000 | 890155  |

---

The accompanying notes are an integral part of these financial statements.

55<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS — continued** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS — continued** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS — continued** |
| Republic of South Africa Government International Bond, 5.00%, 10/12/2046  | $200000 | $142230  |
| Romanian Government International Bond, 6.13%, 01/22/2044<sup>(c)</sup> | 100000 | 91437  |
| Uruguay Government International Bond  | Uruguay Government International Bond  | Uruguay Government International Bond  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/23/2031  | 104000 | 104280  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/20/2045  | 138000 | 118843  |
| &nbsp;&nbsp;&nbsp; 4.98%, 04/20/2055  | 324000 | 288564  |
| **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $9,271,483)** | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $9,271,483)** | **9379966**  |
| **U.S. GOVERNMENT AGENCY ISSUES — 1.0%** | **U.S. GOVERNMENT AGENCY ISSUES — 1.0%** | **U.S. GOVERNMENT AGENCY ISSUES — 1.0%** |
| Federal Farm Credit Banks Funding Corp  | Federal Farm Credit Banks Funding Corp  | Federal Farm Credit Banks Funding Corp  |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/28/2026  | 5000 | 5036  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/26/2027  | 20000 | 20172  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/03/2027  | 25000 | 23702  |
| &nbsp;&nbsp;&nbsp; 0.86%, 10/05/2027  | 44000 | 41427  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2028  | 63000 | 64089  |
| &nbsp;&nbsp;&nbsp; 1.55%, 03/15/2029  | 8000 | 7422  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/20/2029  | 10000 | 10126  |
| &nbsp;&nbsp;&nbsp; 4.97%, 03/27/2029  | 385000 | 386951  |
| &nbsp;&nbsp;&nbsp; 1.19%, 07/16/2029  | 7000 | 6346  |
| &nbsp;&nbsp;&nbsp; 1.14%, 08/20/2029  | 30000 | 26999  |
| &nbsp;&nbsp;&nbsp; 1.23%, 09/10/2029  | 71000 | 63923  |
| &nbsp;&nbsp;&nbsp; 1.74%, 06/03/2030  | 1280000 | 1162624  |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/24/2030  | 21000 | 18605  |
| &nbsp;&nbsp;&nbsp; 1.60%, 07/15/2030  | 33000 | 29614  |
| &nbsp;&nbsp;&nbsp; 1.55%, 07/26/2030  | 134000 | 120368  |
| &nbsp;&nbsp;&nbsp; 1.15%, 08/12/2030  | 25000 | 22038  |
| &nbsp;&nbsp;&nbsp; 1.24%, 09/03/2030  | 671000 | 592279  |
| &nbsp;&nbsp;&nbsp; 1.32%, 09/09/2030  | 22000 | 19464  |
| &nbsp;&nbsp;&nbsp; 1.22%, 09/23/2030  | 1201000 | 1057145  |
| &nbsp;&nbsp;&nbsp; 1.30%, 02/03/2031  | 35000 | 30453  |
| &nbsp;&nbsp;&nbsp; 1.67%, 03/03/2031  | 31000 | 27434  |
| &nbsp;&nbsp;&nbsp; 1.99%, 03/17/2031  | 367000 | 327943  |
| &nbsp;&nbsp;&nbsp; 2.02%, 04/01/2031  | 72000 | 64652  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/02/2031  | 257000 | 267686  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/16/2031  | 22000 | 19597  |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/23/2032  | 474000 | 447125  |
| &nbsp;&nbsp;&nbsp; 1.69%, 08/20/2035  | 196000 | 148646  |
| &nbsp;&nbsp;&nbsp; 1.68%, 09/17/2035  | 55000 | 41779  |
| &nbsp;&nbsp;&nbsp; 2.10%, 02/25/2036  | 21000 | 16516  |
| &nbsp;&nbsp;&nbsp; 5.67%, 09/12/2044  | 362000 | 361448  |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/10/2027  | 140000 | 136096  |

---

The accompanying notes are an integral part of these financial statements.

56<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY ISSUES — continued** | **U.S. GOVERNMENT AGENCY ISSUES — continued** | **U.S. GOVERNMENT AGENCY ISSUES — continued** |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/10/2028  | $10000 | $9837  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/09/2028  | 140000 | 138459  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/09/2029  | 250000 | 257401  |
| &nbsp;&nbsp;&nbsp; 2.13%, 12/14/2029  | 150000 | 139985  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/14/2031  | 1760000 | 1554214  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/10/2034  | 165000 | 170188  |
| Tennessee Valley Authority  | Tennessee Valley Authority  | Tennessee Valley Authority  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/2048  | 716000 | 675021  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2055  | 235000 | 227354  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2065  | 229000 | 181939  |
| **TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $8,819,680)** | **TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $8,819,680)** | **8922103**  |
| **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 0.5%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 0.5%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES — 0.5%** |
|  Banc of America Re-Remic Trust, Series 2024-BHP, Class B, 7.26% (1 mo. Term SOFR + 2.90%), 08/15/2039<sup>(c)</sup> | 100000 | 100307  |
|  BLP Commercial Mortgage Trust, Series 2025-IND, Class D, 6.61% (1 mo. Term SOFR + 2.25%), 03/15/2042<sup>(c)</sup> | 216000 | 214883  |
| BX Trust  | BX Trust  | BX Trust  |
| &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class C, 3.86%, 12/09/2041<sup>(c)</sup> | 285000 | 271588  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 6.13% (1 mo. Term SOFR + 1.76%), 09/15/2036<sup>(c)</sup> | 191828 | 190865  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class F, 6.88% (1 mo. Term SOFR + 2.51%), 09/15/2036<sup>(c)</sup> | 169545 | 168554  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, 7.25% (1 mo. Term SOFR + 2.89%), 07/15/2029<sup>(c)</sup> | 213000 | 212319  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL5, Class D, 7.05% (1 mo. Term SOFR + 2.69%), 03/15/2041<sup>(c)</sup> | 190509 | 190835  |
| &nbsp;&nbsp;&nbsp; Series 2025-GW, Class D, 7.11% (1 mo. Term SOFR + 2.75%), 07/15/2042<sup>(c)</sup> | 192000 | 192588  |
| &nbsp;&nbsp;&nbsp; Series 2025-LIFE, Class A, 6.08%, 06/13/2047<sup>(c)(e)</sup> | 325000 | 332851  |
| &nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, 6.36% (1 mo. Term SOFR + 1.99%), 03/15/2030<sup>(c)</sup> | 350632 | 349167  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, 7.61% (1 mo. Term SOFR + 3.25%), 07/15/2044<sup>(c)</sup> | 255000 | 256513  |
|  CONE Trust, Series 2024-DFW1, Class D, 7.40% (1 mo. Term SOFR + 3.04%), 08/15/2041<sup>(c)</sup> | 92000 | 91621  |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class C, 6.61% (1 mo. Term SOFR + 2.25%), 03/15/2042<sup>(c)</sup> | 366000 | 365896  |
|  NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, 6.80% (1 mo. Term SOFR + 2.44%), 02/15/2042(c) | 100000 | 99376  |
|  ORL Trust, Series 2024-GLKS, Class C, 6.65% (1 mo. Term SOFR + 2.29%), 12/15/2039<sup>(c)</sup> | 408000 | 409251  |
|  SDAL Trust, Series 2025-DAL, Class C, 8.30% (1 mo. Term SOFR + 3.94%), 04/15/2042<sup>(c)</sup> | 247000 | 248338  |
|  SFO Commercial Mortgage Trust, Series 2021-555, Class D, 6.88% (1 mo. Term SOFR + 2.51%), 05/15/2038(c) | 124000 | 122689  |
|  SREIT Trust, Series 2021-PALM, Class A, 5.07% (1 mo. Term SOFR + 0.70%), 10/15/2034<sup>(c)</sup> | 175000 | 174064  |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $3,970,672)** | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $3,970,672)** | **3991705** |

---

The accompanying notes are an integral part of these financial statements.

57<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **Short-Term Investments — 7.2%**  | **Short-Term Investments — 7.2%**  | **Short-Term Investments — 7.2%**  |
| **INVESTMENTS PURCHASED WITH Collateral FROM SECURITIES LENDING — 6.2%**  | **INVESTMENTS PURCHASED WITH Collateral FROM SECURITIES LENDING — 6.2%**  | **INVESTMENTS PURCHASED WITH Collateral FROM SECURITIES LENDING — 6.2%**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(i)</sup> | 54336501 | $54336501  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| First American Government Obligations Fund - Class X, 4.22%<sup>(i)</sup> | 8794831 | 8794831  |
| **Total Short-Term Investments (Cost $63,131,332)** | **Total Short-Term Investments (Cost $63,131,332)** | **63131332**  |
| **TOTAL INVESTMENTS — 105.8% (Cost $922,333,203)** | **TOTAL INVESTMENTS — 105.8% (Cost $922,333,203)** | **930475752**  |
| Liabilities in Excess of Other Assets — (5.8)%  | Liabilities in Excess of Other Assets — (5.8)%  | (50846749)  |
| **TOTAL NET ASSETS — 100.0%** |  | **$879629003** |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

JSC - Public Joint Stock Company

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $53,061,559.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $120,337,990 or 13.7% of the Fund's net assets.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

<sup>(e)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.

<sup>(f)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(g)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(h)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of August 31, 2025.

<sup>(i)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

The accompanying notes are an integral part of these financial statements.

58<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — 93.6%**  | **Municipal Bonds — 93.6%**  | **Municipal Bonds — 93.6%**  |
| **Alabama — 1.3%**  | **Alabama — 1.3%**  | **Alabama — 1.3%**  |
| Alabama Economic Settlement Authority, 4.00%, 09/15/2033 | $65000 | $64091  |
| Alabama Federal Aid Highway Finance Authority, 5.00%, 09/01/2036 | 50000 | 51121  |
| Alabama Public School and College Authority, 5.00%, 11/01/2027 | 35000 | 36888  |
| Black Belt Energy Gas District  | Black Belt Energy Gas District  | Black Belt Energy Gas District  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2049<sup>(a)</sup> | 20000 | 21179  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2049<sup>(a)</sup> | 215000 | 215993  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2049<sup>(a)</sup> | 310000 | 309738  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051<sup>(a)</sup> | 125000 | 126359  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052<sup>(a)</sup> | 20000 | 20178  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052<sup>(a)</sup> | 80000 | 80632  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2052<sup>(a)</sup> | 510000 | 509821  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2053<sup>(a)</sup> | 30000 | 31639  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054<sup>(a)</sup> | 40000 | 42768  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2054<sup>(a)</sup> | 30000 | 32446  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2055<sup>(a)</sup> | 100000 | 105219  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2055<sup>(a)</sup> | 20000 | 21117  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055<sup>(a)</sup> | 140000 | 148799  |
| County of Jefferson AL Sewer Revenue  | County of Jefferson AL Sewer Revenue  | County of Jefferson AL Sewer Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 85000 | 92854  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 175000 | 192057  |
| Houston County Health Care Authority, 5.00%, 10/01/2030 | 135000 | 135473  |
| Southeast Energy Authority A Cooperative District, 5.00%, 05/01/2053<sup>(a)</sup> | 180000 | 187131  |
| Tuscaloosa City Board of Education, 5.00%, 08/01/2041 | 15000 | 15311  |
|  |  | 2440814  |
| **Alaska — 0.0%<sup>(b)</sup>**  | **Alaska — 0.0%<sup>(b)</sup>**  | **Alaska — 0.0%<sup>(b)</sup>**  |
| State of Alaska, 5.00%, 08/01/2029 | 10000 | 10947  |
| **Arizona — 0.7%**  | **Arizona — 0.7%**  | **Arizona — 0.7%**  |
| Chandler Industrial Development Authority, 3.80%, 12/01/2035<sup>(a)</sup> | 135000 | 136030  |
| City of Glendale AZ Excise Tax Revenue, 5.00%, 07/01/2026 | 15000 | 15286  |
| City of Mesa AZ Utility System Revenue, 4.00%, 07/01/2034 | 75000 | 76495  |
| Gilbert Water Resource Municipal Property Corp., 5.00%, 07/15/2031 | 20000 | 22507  |
| Industrial Development Authority of the County of Pima, 5.00%, 04/01/2031 | 270000 | 291679  |
| Maricopa County Industrial Development Authority  | Maricopa County Industrial Development Authority  | Maricopa County Industrial Development Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 190000 | 193856  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 75000 | 82759  |
| Maricopa County Special Health Care District, 5.00%, 07/01/2030 | 40000 | 43802  |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No 210-Phoenix, <br>5.00%, 07/01/2027 | 20000 | 20921  |
| Salt River Project Agricultural Improvement & Power District | Salt River Project Agricultural Improvement & Power District | Salt River Project Agricultural Improvement & Power District |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 45000 | 47523  |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Arizona — continued**  | **Arizona — continued**  | **Arizona — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | $20000 | $21014  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 195000 | 220509  |
| Salt Verde Financial Corp., 5.00%, 12/01/2032 | 90000 | 96939  |
| State of Arizona, 5.00%, 10/01/2028 | 30000 | 32346  |
|  |  | 1301666  |
| **Arkansas — 0.2%**  | **Arkansas — 0.2%**  | **Arkansas — 0.2%**  |
| City of Fayetteville AR Sales & Use Tax Revenue, 2.88%, 11/01/2032 | 315000 | 311439  |
| **California — 7.6%**  | **California — 7.6%**  | **California — 7.6%**  |
| Alameda Corridor Transportation Authority, 0.00%, 10/01/2034<sup>(c)</sup> | 20000 | 14263  |
| Alameda County Joint Powers Authority, 5.00%, 12/01/2032 | 20000 | 23062  |
| Anaheim Housing & Public Improvements Authority, 5.00%, 10/01/2033 | 20000 | 21712  |
| Anaheim Public Financing Authority  | Anaheim Public Financing Authority  | Anaheim Public Financing Authority  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2027<sup>(c)</sup> | 20000 | 18955  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2028<sup>(c)</sup> | 85000 | 78381  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2031<sup>(c)</sup> | 210000 | 173916  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2032<sup>(c)</sup> | 150000 | 118995  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2033<sup>(c)</sup> | 20000 | 15142  |
| Bay Area Toll Authority  | Bay Area Toll Authority  | Bay Area Toll Authority  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2029 | 35000 | 35747  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2032 | 185000 | 187748  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 20000 | 23240  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 60000 | 68804  |
| Bay Area Water Supply & Conservation Agency, 5.00%, 10/01/2027 | 15000 | 15841  |
| Beverly Hills Unified School District CA, 0.00%, 08/01/2033<sup>(c)</sup> | 130000 | 102426  |
| California Community Choice Financing Authority  | California Community Choice Financing Authority  | California Community Choice Financing Authority  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2052<sup>(a)</sup> | 115000 | 115263  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052<sup>(a)</sup> | 85000 | 86156  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053<sup>(a)</sup> | 40000 | 42104  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2053<sup>(a)</sup> | 255000 | 267977  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2055<sup>(a)</sup> | 50000 | 53728  |
| California Health Facilities Financing Authority  | California Health Facilities Financing Authority  | California Health Facilities Financing Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 65000 | 68785  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 110000 | 119479  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 20000 | 20299  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2033 | 185000 | 183128  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 20000 | 22938  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 20000 | 21460  |
| California Housing Finance Agency, 3.75%, 03/25/2035 | 331415 | 330566  |
| California Infrastructure & Economic Development Bank  | California Infrastructure & Economic Development Bank  | California Infrastructure & Economic Development Bank  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 85000 | 87496  |

---

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **California — continued**  | **California — continued**  | **California — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | $15000 | $15809  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 75000 | 80660  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 265000 | 278755  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 20000 | 22998  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 80000 | 93306  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2045 | 35000 | 35630  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2047<sup>(a)</sup> | 200000 | 200513  |
| California State Public Works Board  | California State Public Works Board  | California State Public Works Board  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 20000 | 21061  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 25000 | 27896  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 135000 | 155615  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 40000 | 45695  |
| California State University  | California State University  | California State University  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 20000 | 20886  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2033 | 60000 | 57923  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/01/2051<sup>(a)</sup> | 150000 | 149941  |
| California Statewide Communities Development Authority  | California Statewide Communities Development Authority  | California Statewide Communities Development Authority  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2034 | 610000 | 606715  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036<sup>(a)</sup> | 40000 | 43795  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038<sup>(a)</sup> | 40000 | 43795  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2045<sup>(a)</sup> | 45000 | 49269  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2046<sup>(a)</sup> | 70000 | 76641  |
| City & County of San Francisco CA  | City & County of San Francisco CA  | City & County of San Francisco CA  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 20000 | 21009  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 70000 | 75555  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 20000 | 21836  |
| City of Los Angeles Department of Airports, 5.00%, 05/15/2031 | 25000 | 27653  |
| &nbsp;&nbsp;&nbsp; City of San Francisco CA Public Utilities Commission Water Revenue, <br>5.00%, 11/01/2032 | 95000 | 97107  |
| Coast Community College District  | Coast Community College District  | Coast Community College District  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2028<sup>(c)</sup> | 20000 | 18625  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/01/2039 | 100000 | 104457  |
| County of San Bernardino CA, 5.00%, 10/01/2027 | 35000 | 36961  |
| East Side Union High School District, 5.00%, 08/01/2031 | 70000 | 80249  |
| Foothill-Eastern Transportation Corridor Agency, 0.00%, 01/01/2028<sup>(c)</sup> | 45000 | 42593  |
| Glendale Community College District, 5.25%, 08/01/2041 | 40000 | 42342  |
| Golden State Tobacco Securitization Corp., 0.00%, 06/01/2028<sup>(c)</sup> | 100000 | 93554  |
| Grossmont Union High School District, 0.00%, 08/01/2032<sup>(c)</sup> | 120000 | 95551  |
| Kern High School District, 5.00%, 08/01/2033 | 20000 | 23383  |
| Long Beach Bond Finance Authority, 5.00%, 11/15/2029 | 70000 | 74613  |
| Los Angeles Community College District, 5.00%, 08/01/2029 | 40000 | 44466  |

---

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **California — continued**  | **California — continued**  | **California — continued**  |
| Los Angeles County Development Authority, 3.38%, 01/01/2046<sup>(a)</sup> | $25000 | $24956  |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 180000 | 183605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 155000 | 175942  |
| Los Angeles Department of Water & Power  | Los Angeles Department of Water & Power  | Los Angeles Department of Water & Power  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 200000 | 203407  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 30000 | 31233  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 45000 | 48784  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1250000 | 1391863  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 150000 | 159083  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 30000 | 33499  |
| Los Angeles Department of Water & Power Water System Revenue  | Los Angeles Department of Water & Power Water System Revenue  | Los Angeles Department of Water & Power Water System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 65000 | 69131  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 25000 | 27121  |
| Los Angeles Unified School District  | Los Angeles Unified School District  | Los Angeles Unified School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 30000 | 30668  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 20000 | 21624  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 15000 | 15939  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 25000 | 28280  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2031 | 200000 | 199480  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 20000 | 23262  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 20000 | 22968  |
| Marin Community College District  | Marin Community College District  | Marin Community College District  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2041 | 35000 | 35882  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2041 | 20000 | 20475  |
| Metropolitan Water District of Southern California  | Metropolitan Water District of Southern California  | Metropolitan Water District of Southern California  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 45000 | 47379  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 70000 | 77638  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 95000 | 107964  |
| M-S-R Energy Authority, 7.00%, 11/01/2034 | 565000 | 675518  |
| Municipal Improvement Corp. of Los Angeles  | Municipal Improvement Corp. of Los Angeles  | Municipal Improvement Corp. of Los Angeles  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 105000 | 109646  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 190000 | 195250  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 140000 | 143218  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 35000 | 34948  |
| New Haven Unified School District  | New Haven Unified School District  | New Haven Unified School District  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2033<sup>(c)</sup> | 175000 | 135644  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2034<sup>(c)</sup> | 85000 | 62776  |
| Northern California Power Agency, 5.00%, 07/01/2030 | 170000 | 191887  |
| Northern California Sanitation Agencies Financing Authority  | Northern California Sanitation Agencies Financing Authority  | Northern California Sanitation Agencies Financing Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 85000 | 94888  |

---

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **California — continued**  | **California — continued**  | **California — continued**  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2034 | $35000 | $33841  |
| Poway Unified School District, 0.00%, 08/01/2032<sup>(c)</sup> | 25000 | 20169  |
| Rancho Santiago Community College District, 0.00%, 09/01/2030<sup>(c)</sup> | 50000 | 43551  |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, <br>5.00%, 05/15/2033 | 45000 | 50540  |
| Sacramento Municipal Utility District, 5.00%, 08/15/2026 | 20000 | 20513  |
| San Diego Community College District  | San Diego Community College District  | San Diego Community College District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 20000 | 20488  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 60000 | 61424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 20000 | 20475  |
| San Diego County Regional Transportation Commission  | San Diego County Regional Transportation Commission  | San Diego County Regional Transportation Commission  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 15000 | 16905  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 20000 | 23121  |
| San Diego County Water Authority  | San Diego County Water Authority  | San Diego County Water Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 20000 | 21368  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 250000 | 282783  |
| San Francisco Bay Area Rapid Transit District, 4.00%, 08/01/2034 | 25000 | 24945  |
| San Francisco City & County Public Utilities Commission Wastewater Revenue  | San Francisco City & County Public Utilities Commission Wastewater Revenue  | San Francisco City & County Public Utilities Commission Wastewater Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 65000 | 72707  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 20000 | 23059  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 20000 | 22791  |
| San Joaquin Hills Transportation Corridor Agency  | San Joaquin Hills Transportation Corridor Agency  | San Joaquin Hills Transportation Corridor Agency  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2032<sup>(c)</sup> | 20000 | 15959  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2034 | 30000 | 30748  |
| San Jose Redevelopment Agency Successor Agency, 5.00%, 08/01/2034 | 70000 | 72276  |
| San Mateo County Community College District, 0.00%, 09/01/2033<sup>(c)</sup> | 25000 | 19549  |
| Santa Clara Unified School District, 5.00%, 07/01/2031 | 20000 | 22930  |
| Santa Clara Valley Transportation Authority, 5.00%, 04/01/2034 | 35000 | 40462  |
| Santa Clara Valley Water District Safe Clean Water Revenue, 5.00%, 12/01/2026 | 160000 | 164914  |
| Southern California Public Power Authority  | Southern California Public Power Authority  | Southern California Public Power Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 15000 | 15598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 20000 | 21697  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 40000 | 44428  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 90000 | 95481  |
| State of California  | State of California  | State of California  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 30000 | 32424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 155000 | 168160  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2029 | 85000 | 84802  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 20000 | 22123  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2031 | 20000 | 19950  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 130000 | 136275  |

---

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **California — continued**  | **California — continued**  | **California — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | $1000000 | $1142421  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2032 | 150000 | 149633  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2033 | 105000 | 103170  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 20000 | 23055  |
| &nbsp;&nbsp;&nbsp; 3.13%, 04/01/2035 | 20000 | 19459  |
| State of California Department of Water Resources  | State of California Department of Water Resources  | State of California Department of Water Resources  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 185000 | 202487  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 210000 | 240109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 305000 | 345139  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 35000 | 39243  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 30000 | 31871  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 40000 | 45706  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 20000 | 22018  |
| University of California  | University of California  | University of California  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 80000 | 86268  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 20000 | 22837  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2033 | 50000 | 50562  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 20000 | 23187  |
| Ventura County Community College District, 3.13%, 08/01/2031 | 35000 | 34915  |
| Yosemite Community College District, 0.00%, 08/01/2031<sup>(c)</sup> | 40000 | 34089  |
|  |  | 14251051  |
| **Colorado — 1.6%**  | **Colorado — 1.6%**  | **Colorado — 1.6%**  |
| Adams & Arapahoe Counties Joint School District 28J Aurora  | Adams & Arapahoe Counties Joint School District 28J Aurora  | Adams & Arapahoe Counties Joint School District 28J Aurora  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 60000 | 61440  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 70000 | 71576  |
| City & County of Denver CO, 5.00%, 12/01/2032 | 35000 | 39399  |
| City & County of Denver CO Airport System Revenue  | City & County of Denver CO Airport System Revenue  | City & County of Denver CO Airport System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 35000 | 36899  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 585000 | 623035  |
| City of Aurora CO Water Revenue  | City of Aurora CO Water Revenue  | City of Aurora CO Water Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 115000 | 117435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 70000 | 71482  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 | 20000 | 20423  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2041 | 220000 | 224658  |
| Colorado Bridge & Tunnel Enterprise  | Colorado Bridge & Tunnel Enterprise  | Colorado Bridge & Tunnel Enterprise  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 20000 | 22444  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 150000 | 171253  |
| Colorado Health Facilities Authority  | Colorado Health Facilities Authority  | Colorado Health Facilities Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 205000 | 208537  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 35000 | 36069  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 75000 | 79473  |

---

The accompanying notes are an integral part of these financial statements.

64<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Colorado — continued**  | **Colorado — continued**  | **Colorado — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | $20000 | $22403  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/2042 | 105000 | 105297  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2049<sup>(a)</sup> | 65000 | 66456  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2057<sup>(a)</sup> | 20000 | 22019  |
| Denver City & County School District No 1  | Denver City & County School District No 1  | Denver City & County School District No 1  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 | 130000 | 134608  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 20000 | 22982  |
| Douglas County School District No Re-1 Douglas & Elbert Counties  | Douglas County School District No Re-1 Douglas & Elbert Counties  | Douglas County School District No Re-1 Douglas & Elbert Counties  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 40000 | 41290  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 | 35000 | 37845  |
| E-470 Public Highway Authority, 0.00%, 09/01/2032<sup>(c)</sup> | 20000 | 15938  |
| Regional Transportation District, 4.00%, 07/15/2034 | 20000 | 19958  |
| Regional Transportation District Sales Tax Revenue  | Regional Transportation District Sales Tax Revenue  | Regional Transportation District Sales Tax Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 45000 | 46301  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 85000 | 89678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 25000 | 27548  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 40000 | 45113  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 10000 | 10401  |
| State of Colorado  | State of Colorado  | State of Colorado  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2025 | 95000 | 95400  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 280000 | 288092  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 | 40000 | 42235  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2031 | 20000 | 22435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2032 | 95000 | 97659  |
|  |  | 3037781  |
| **Connecticut — 1.2%**  | **Connecticut — 1.2%**  | **Connecticut — 1.2%**  |
| Connecticut State Health & Educational Facilities Authority  | Connecticut State Health & Educational Facilities Authority  | Connecticut State Health & Educational Facilities Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 160000 | 175043  |
| &nbsp;&nbsp;&nbsp; 2.80%, 07/01/2057<sup>(a)</sup> | 20000 | 19962  |
| State of Connecticut  | State of Connecticut  | State of Connecticut  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 420000 | 430258  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2033 | 20000 | 20719  |
| State of Connecticut Special Tax Revenue  | State of Connecticut Special Tax Revenue  | State of Connecticut Special Tax Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 20000 | 20835  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 125000 | 130733  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 65000 | 71305  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1200000 | 1368224  |
|  |  | 2237079  |
| **Delaware — 0.5%**  | **Delaware — 0.5%**  | **Delaware — 0.5%**  |
| Delaware Transportation Authority, 5.00%, 07/01/2028 | 140000 | 150285  |

---

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Delaware — continued**  | **Delaware — continued**  | **Delaware — continued**  |
| State of Delaware | State of Delaware | State of Delaware |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | $81000 | $83753  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 105000 | 108738  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 150000 | 159144  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 70000 | 74879  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 105000 | 114062  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 55000 | 60173  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 30000 | 33729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 35000 | 39387  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 40000 | 45844  |
|  |  | 869994  |
| **District of Columbia — 1.9%**  | **District of Columbia — 1.9%**  | **District of Columbia — 1.9%**  |
| District of Columbia  | District of Columbia  | District of Columbia  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2025 | 290000 | 290165  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 35000 | 36138  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 45000 | 46964  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 1015000 | 1066501  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2028 | 250000 | 269616  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 20000 | 21530  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 45000 | 48748  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | 90000 | 97583  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 55000 | 60680  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 90000 | 101875  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 10000 | 10287  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2033 | 285000 | 302107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 45000 | 51025  |
| District of Columbia Income Tax Revenue  | District of Columbia Income Tax Revenue  | District of Columbia Income Tax Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 105000 | 107720  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 40000 | 41480  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 195000 | 210127  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 20000 | 21742  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 30000 | 32987  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 25000 | 27566  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 80000 | 88497  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 55000 | 61351  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 60000 | 65041  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 50000 | 56227  |
| District of Columbia Water & Sewer Authority, 5.00%, 10/01/2034 | 100000 | 114298  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, <br>0.00%, 10/01/2032<sup>(c)</sup> | 30000 | 23443  |

---

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **District of Columbia — continued**  | **District of Columbia — continued**  | **District of Columbia — continued**  |
| Washington Metropolitan Area Transit Authority Dedicated Revenue  | Washington Metropolitan Area Transit Authority Dedicated Revenue  | Washington Metropolitan Area Transit Authority Dedicated Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | $20000 | $20905  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 155000 | 165744  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 50000 | 55864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 20000 | 22480  |
|  |  | 3518691  |
| **Florida — 6.1%**  | **Florida — 6.1%**  | **Florida — 6.1%**  |
| Brevard County School District, 5.00%, 07/01/2029 | 110000 | 120005  |
| Capital Trust Authority, 5.00%, 12/01/2030 | 1300000 | 1416351  |
| Central Florida Expressway Authority  | Central Florida Expressway Authority  | Central Florida Expressway Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 770000 | 806629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 20000 | 22206  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 40000 | 44519  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 70000 | 77480  |
| City of Jacksonville FL, 5.00%, 10/01/2026 | 90000 | 92360  |
| County of Miami-Dade FL Water & Sewer System Revenue  | County of Miami-Dade FL Water & Sewer System Revenue  | County of Miami-Dade FL Water & Sewer System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 110000 | 115347  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 15000 | 15655  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 40000 | 45289  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 40000 | 45511  |
| Florida Department of Management Services  | Florida Department of Management Services  | Florida Department of Management Services  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 45000 | 47447  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 365000 | 393781  |
| Florida Municipal Power Agency, 5.00%, 10/01/2027 | 85000 | 87052  |
| Hillsborough County School Board  | Hillsborough County School Board  | Hillsborough County School Board  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 15000 | 15656  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 355000 | 384716  |
| JEA Electric System Revenue, 5.00%, 10/01/2027 | 725000 | 763144  |
| JEA Water & Sewer System Revenue  | JEA Water & Sewer System Revenue  | JEA Water & Sewer System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 65000 | 66719  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 220000 | 231198  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 20000 | 22249  |
| Lee County Industrial Development Authority, 5.00%, 04/01/2029 | 20000 | 21458  |
| Miami Beach Redevelopment Agency, 5.00%, 02/01/2034 | 1000000 | 1123224  |
| Orlando Utilities Commission  | Orlando Utilities Commission  | Orlando Utilities Commission  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 30000 | 30771  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 30000 | 34340  |
| Polk County Housing Finance Authority, 4.15%, 12/01/2040<sup>(a)</sup> | 65000 | 65403  |
| Sarasota County School Board  | Sarasota County School Board  | Sarasota County School Board  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 15000 | 15279  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 45000 | 48076  |

---

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Florida — continued**  | **Florida — continued**  | **Florida — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | $45000 | $50712  |
| School Board of Miami-Dade County  | School Board of Miami-Dade County  | School Board of Miami-Dade County  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2029 | 50000 | 49925  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 20000 | 20125  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/01/2033 | 290000 | 285283  |
| School District of Broward County  | School District of Broward County  | School District of Broward County  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 30000 | 31966  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 20000 | 21587  |
| School District of Broward County/FL, 5.00%, 07/01/2035 | 75000 | 82232  |
| Seminole County School District Sales Tax Revenue, 5.00%, 10/01/2033 | 180000 | 204110  |
| State of Florida  | State of Florida  | State of Florida  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 70000 | 71229  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1190000 | 1215637  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 20000 | 21897  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 105000 | 116690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 105000 | 116886  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 60000 | 67584  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 715000 | 819152  |
| State of Florida Department of Transportation Turnpike System Revenue  | State of Florida Department of Transportation Turnpike System Revenue  | State of Florida Department of Transportation Turnpike System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 20000 | 21429  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 25000 | 28519  |
| State of Florida Lottery Revenue, 5.00%, 07/01/2028 | 100000 | 106949  |
| Tampa Bay Water, 6.00%, 10/01/2029 | 300000 | 335535  |
| Volusia County Educational Facility Authority, 5.00%, 10/15/2030 | 1500000 | 1669729  |
|  |  | 11489041  |
| **Georgia — 2.1%**  | **Georgia — 2.1%**  | **Georgia — 2.1%**  |
| Bartow County Development Authority, 3.95%, 12/01/2032<sup>(a)</sup> | 90000 | 91924  |
| City of Atlanta GA Water & Wastewater Revenue, 5.00%, 11/01/2033 | 20000 | 21101  |
| Columbus Medical Center Hospital Authority, 5.00%, 07/01/2054<sup>(a)</sup> | 105000 | 108246  |
| Development Authority of Burke County, 3.80%, 10/01/2032<sup>(a)</sup> | 185000 | 185521  |
| Development Authority of Monroe County, 3.88%, 10/01/2048<sup>(a)</sup> | 30000 | 30047  |
| Georgia Ports Authority, 5.00%, 07/01/2031 | 20000 | 22465  |
| Georgia State Road & Tollway Authority, 5.00%, 06/01/2030 | 165000 | 182668  |
| Griffin-Spalding County School System  | Griffin-Spalding County School System  | Griffin-Spalding County School System  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 15000 | 15750  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 160000 | 172009  |
| Gwinnett County Water & Sewerage Authority, 5.00%, 08/01/2029 | 60000 | 65891  |
| Main Street Natural Gas, Inc.  | Main Street Natural Gas, Inc.  | Main Street Natural Gas, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2027 | 55000 | 57395  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2050<sup>(a)</sup> | 60000 | 60196  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052<sup>(a)</sup> | 20000 | 20249  |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Georgia — continued**  | **Georgia — continued**  | **Georgia — continued**  |
| Municipal Electric Authority of Georgia, 5.00%, 01/01/2034 | $30000 | $32686  |
| Private Colleges & Universities Authority, 5.00%, 09/01/2032 | 1645000 | 1850710  |
| State of Georgia  | State of Georgia  | State of Georgia  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 455000 | 471958  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 40000 | 43884  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2030 | 80000 | 79826  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 40000 | 42745  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 40000 | 41239  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 275000 | 295796  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/2033 | 25000 | 23463  |
|  |  | 3915769  |
| **Hawaii — 1.0%**  | **Hawaii — 1.0%**  | **Hawaii — 1.0%**  |
| City & County Honolulu HI Wastewater System Revenue, 5.00%, 07/01/2030 | 1000000 | 1017160  |
| City & County of Honolulu HI  | City & County of Honolulu HI  | City & County of Honolulu HI  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 165000 | 175496  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 30000 | 32288  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 55000 | 59407  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 55000 | 59751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 20000 | 21415  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 115000 | 126548  |
| State of Hawaii  | State of Hawaii  | State of Hawaii  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 150000 | 157604  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031 | 20000 | 20293  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2031 | 55000 | 55331  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2032 | 85000 | 83744  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/01/2035 | 60000 | 57970  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2035 | 90000 | 84267  |
|  |  | 1951274  |
| **Idaho — 0.0%<sup>(b)</sup>**  | **Idaho — 0.0%<sup>(b)</sup>**  | **Idaho — 0.0%<sup>(b)</sup>**  |
| Idaho State Building Authority, 5.00%, 06/01/2026 | 80000 | 81398  |
| **Illinois — 10.2%**  | **Illinois — 10.2%**  | **Illinois — 10.2%**  |
| Chicago Board of Education  | Chicago Board of Education  | Chicago Board of Education  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2026 | 10000 | 10146  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(c)</sup> | 225000 | 199971  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2029<sup>(c)</sup> | 170000 | 145028  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2030<sup>(c)</sup> | 290000 | 236135  |
| Chicago Midway International Airport  | Chicago Midway International Airport  | Chicago Midway International Airport  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 15000 | 15484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 20000 | 21130  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 70000 | 78683  |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Illinois — continued**  | **Illinois — continued**  | **Illinois — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | $15000 | $16711  |
| Chicago O'Hare International Airport, 5.00%, 01/01/2034 | 50000 | 53354  |
| Chicago Transit Authority Capital Grant Receipts Revenue  | Chicago Transit Authority Capital Grant Receipts Revenue  | Chicago Transit Authority Capital Grant Receipts Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 20000 | 20616  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 70000 | 75075  |
| Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/01/2029 | 940000 | 1028313  |
| City of Chicago IL  | City of Chicago IL  | City of Chicago IL  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 270000 | 282757  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 140000 | 146748  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 115000 | 121648  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 | 235000 | 223720  |
| City of Chicago IL Wastewater Transmission Revenue  | City of Chicago IL Wastewater Transmission Revenue  | City of Chicago IL Wastewater Transmission Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 180000 | 196574  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 560000 | 618813  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 155000 | 171663  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 140000 | 153895  |
| City of Chicago IL Waterworks Revenue  | City of Chicago IL Waterworks Revenue  | City of Chicago IL Waterworks Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 20000 | 20449  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 510000 | 566832  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 280000 | 308159  |
| City of Springfield IL Electric Revenue, 5.00%, 03/01/2035 | 20000 | 22017  |
|  Cook Kane Lake & McHenry Counties Community College District No 512, 4.00%, 12/15/2029 | 20000 | 20734  |
| County of Will IL, 5.00%, 11/15/2041 | 20000 | 20053  |
| Illinois Finance Authority  | Illinois Finance Authority  | Illinois Finance Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 30000 | 30944  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 110000 | 113554  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 30000 | 30923  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 1000000 | 1102181  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 110000 | 112828  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 50000 | 55900  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1170000 | 1309812  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2034 | 65000 | 66025  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 | 25000 | 25445  |
| Illinois Municipal Electric Agency  | Illinois Municipal Electric Agency  | Illinois Municipal Electric Agency  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2033 | 85000 | 84811  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2034 | 80000 | 79822  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2035 | 20000 | 19956  |
| Illinois Sports Facilities Authority, 5.00%, 06/15/2029 | 20000 | 21396  |
| Illinois State Toll Highway Authority  | Illinois State Toll Highway Authority  | Illinois State Toll Highway Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 85000 | 87833  |

---

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Illinois — continued**  | **Illinois — continued**  | **Illinois — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | $30000 | $32369  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 265000 | 291107  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | 20000 | 19986  |
| &nbsp;&nbsp;&nbsp; Kendall Kane & Will Counties Community Unit School District No 308, <br>5.00%, 02/01/2029 | 125000 | 133780  |
| Metropolitan Pier & Exposition Authority  | Metropolitan Pier & Exposition Authority  | Metropolitan Pier & Exposition Authority  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2030<sup>(c)</sup> | 70000 | 59549  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2030<sup>(c)</sup> | 70000 | 58326  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2031<sup>(c)</sup> | 140000 | 114094  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2031<sup>(c)</sup> | 20000 | 15939  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2032<sup>(c)</sup> | 80000 | 62285  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2032<sup>(c)</sup> | 35000 | 26617  |
| Metropolitan Water Reclamation District of Greater Chicago  | Metropolitan Water Reclamation District of Greater Chicago  | Metropolitan Water Reclamation District of Greater Chicago  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 110000 | 112639  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2033 | 100000 | 115662  |
| Regional Transportation Authority  | Regional Transportation Authority  | Regional Transportation Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 20000 | 20354  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2029 | 90000 | 98358  |
| Sales Tax Securitization Corp.  | Sales Tax Securitization Corp.  | Sales Tax Securitization Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 115000 | 117947  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 125000 | 131276  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 15000 | 16045  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 345000 | 374415  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 285000 | 314089  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 175000 | 194366  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 90000 | 98369  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 70000 | 75963  |
| State of Illinois  | State of Illinois  | State of Illinois  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 15000 | 14990  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | 50000 | 50065  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 15000 | 15049  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026 | 490000 | 497964  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1045000 | 1071307  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 20000 | 20639  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 770000 | 797579  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 185000 | 193343  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 75000 | 78518  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 20000 | 20974  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 20000 | 21044  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2028 | 20000 | 20609  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 20000 | 21093  |

---

The accompanying notes are an integral part of these financial statements.

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Illinois — continued**  | **Illinois — continued**  | **Illinois — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | $105000 | $111517  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 70000 | 74644  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 385000 | 404062  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 15000 | 15452  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 40000 | 42966  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 15000 | 16270  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 | 75000 | 82339  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 40000 | 43564  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2030 | 40000 | 40348  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 75000 | 81793  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 115000 | 125856  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2030 | 130000 | 140149  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 55000 | 60309  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 20000 | 21936  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 20000 | 21995  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 415000 | 456002  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 45000 | 49533  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 40000 | 44134  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 340000 | 375427  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 170000 | 187772  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 15000 | 16572  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 65000 | 69970  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 200000 | 216588  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 155000 | 169368  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 120000 | 131143  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 125000 | 136610  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 20000 | 22081  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | 280000 | 300648  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 160000 | 174871  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 65000 | 70246  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 45000 | 48110  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 35000 | 38035  |
| State of Illinois Sales Tax Revenue, 5.00%, 06/15/2032 | 1285000 | 1427163  |
| University of Illinois, 5.50%, 04/01/2034 | 120000 | 131353  |
| &nbsp;&nbsp;&nbsp; Winnebago & Boone Counties School District No 205 Rockford, <br>4.00%, 02/01/2035 | 525000 | 525063  |
|  |  | 19096736  |
| **Indiana — 0.6%**  | **Indiana — 0.6%**  | **Indiana — 0.6%**  |
| &nbsp;&nbsp;&nbsp; City of Indianapolis Department of Public Utilities Gas Utility Revenue, <br>5.00%, 08/15/2026 | 135000 | 138077  |

---

The accompanying notes are an integral part of these financial statements.

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Indiana — continued**  | **Indiana — continued**  | **Indiana — continued**  |
| Indiana Finance Authority | Indiana Finance Authority | Indiana Finance Authority |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | $40000 | $41014  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 165000 | 170501  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 355000 | 363613  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 125000 | 127968  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 70000 | 76480  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 20000 | 21967  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 90000 | 94979  |
| &nbsp;&nbsp;&nbsp; 0.70%, 12/01/2046<sup>(a)</sup> | 30000 | 29686  |
| &nbsp;&nbsp;&nbsp; 2.10%, 11/01/2049<sup>(a)</sup> | 20000 | 19509  |
| Indianapolis Local Public Improvement Bond Bank, 5.00%, 06/01/2026 | 30000 | 30491  |
|  |  | 1114285  |
| **Iowa — 0.6%**  | **Iowa — 0.6%**  | **Iowa — 0.6%**  |
| Iowa Finance Authority  | Iowa Finance Authority  | Iowa Finance Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 45000 | 45982  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 280000 | 293311  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 15000 | 15672  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 30000 | 33669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 400000 | 446227  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 25000 | 28063  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050<sup>(a)</sup> | 210000 | 237854  |
|  |  | 1100778  |
| **Kansas — 0.7%**  | **Kansas — 0.7%**  | **Kansas — 0.7%**  |
| State of Kansas Department of Transportation  | State of Kansas Department of Transportation  | State of Kansas Department of Transportation  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 355000 | 354113  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 775000 | 851420  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 15000 | 16873  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 20000 | 22647  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 20000 | 22724  |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No 500 Kansas City, <br>4.00%, 09/01/2034 | 30000 | 30409  |
|  |  | 1298186  |
| **Kentucky — 1.7%**  | **Kentucky — 1.7%**  | **Kentucky — 1.7%**  |
| Kentucky Public Energy Authority  | Kentucky Public Energy Authority  | Kentucky Public Energy Authority  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052<sup>(a)</sup> | 15000 | 15083  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2055<sup>(a)</sup> | 120000 | 126581  |
| Kentucky State Property & Building Commission  | Kentucky State Property & Building Commission  | Kentucky State Property & Building Commission  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 1010000 | 1040982  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 60000 | 62169  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 20000 | 22187  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 1250000 | 1410419  |

---

The accompanying notes are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Kentucky — continued**  | **Kentucky — continued**  | **Kentucky — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | $65000 | $73201  |
| Kentucky Turnpike Authority, 5.00%, 07/01/2028 | 45000 | 48178  |
| Louisville/Jefferson County Metropolitan Government  | Louisville/Jefferson County Metropolitan Government  | Louisville/Jefferson County Metropolitan Government  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2033 | 65000 | 54488  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/01/2035<sup>(a)</sup> | 130000 | 127855  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047<sup>(a)</sup> | 110000 | 118202  |
|  |  | 3099345  |
| **Louisiana — 2.3%**  | **Louisiana — 2.3%**  | **Louisiana — 2.3%**  |
| Ernest N Morial New Orleans Exhibition Hall Authority, 5.00%, 07/15/2029 | 200000 | 217196  |
| Louisiana Public Facilities Authority, 5.00%, 05/15/2030 | 600000 | 655793  |
| Parish of St John the Baptist LA, 2.38%, 06/01/2037<sup>(a)</sup> | 320000 | 317592  |
| State of Louisiana  | State of Louisiana  | State of Louisiana  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 870000 | 926913  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 20000 | 21453  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 35000 | 37874  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 40000 | 43697  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 55000 | 61021  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 35000 | 39569  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 | 25000 | 28304  |
| State of Louisiana Gasoline & Fuels Tax Revenue  | State of Louisiana Gasoline & Fuels Tax Revenue  | State of Louisiana Gasoline & Fuels Tax Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 30000 | 32514  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 750000 | 835372  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 1000000 | 1135763  |
|  |  | 4353061  |
| **Maine — 0.8%**  | **Maine — 0.8%**  | **Maine — 0.8%**  |
| Finance Authority of Maine, 5.00%, 07/01/2027 | 20000 | 20877  |
| Maine Municipal Bond Bank, 5.00%, 11/01/2028 | 1275000 | 1376551  |
|  |  | 1397428  |
| **Maryland — 3.4%**  | **Maryland — 3.4%**  | **Maryland — 3.4%**  |
| County of Prince George's MD  | County of Prince George's MD  | County of Prince George's MD  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 | 105000 | 115622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 80000 | 90090  |
| Maryland Health & Higher Educational Facilities Authority, 5.00%, 07/01/2033 | 750000 | 837374  |
| Maryland Stadium Authority  | Maryland Stadium Authority  | Maryland Stadium Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 265000 | 276424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 750000 | 817823  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 150000 | 167169  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 155000 | 174357  |
| State of Maryland  | State of Maryland  | State of Maryland  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 65000 | 68215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2028 | 45000 | 47930  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Maryland — continued**  | **Maryland — continued**  | **Maryland — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | $210000 | $230371  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030 | 20000 | 22174  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2031 | 115000 | 129147  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 245000 | 276106  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1140000 | 1296248  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/01/2032 | 60000 | 54067  |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/01/2033 | 25000 | 22224  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 225000 | 250145  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/01/2034 | 50000 | 43145  |
| State of Maryland Department of Transportation  | State of Maryland Department of Transportation  | State of Maryland Department of Transportation  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 20000 | 21066  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2030 | 735000 | 773251  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2030 | 85000 | 84791  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2031 | 20000 | 19916  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/01/2031 | 105000 | 96950  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/2033 | 415000 | 379267  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2033 | 65000 | 62207  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2033 | 70000 | 69702  |
|  |  | 6425781  |
| **Massachusetts — 1.1%**  | **Massachusetts — 1.1%**  | **Massachusetts — 1.1%**  |
| Commonwealth of Massachusetts  | Commonwealth of Massachusetts  | Commonwealth of Massachusetts  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 40000 | 45186  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 100000 | 104423  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2034 | 50000 | 48103  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/2035 | 1000000 | 957266  |
| Massachusetts Development Finance Agency  | Massachusetts Development Finance Agency  | Massachusetts Development Finance Agency  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 25000 | 26364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050<sup>(a)</sup> | 70000 | 76045  |
| Massachusetts Housing Finance Agency  | Massachusetts Housing Finance Agency  | Massachusetts Housing Finance Agency  |
| &nbsp;&nbsp;&nbsp; 3.35%, 06/01/2027 | 265000 | 264764  |
| &nbsp;&nbsp;&nbsp; 3.05%, 12/01/2027 | 590000 | 592781  |
|  |  | 2114932  |
| **Michigan — 2.8%**  | **Michigan — 2.8%**  | **Michigan — 2.8%**  |
| Detroit Regional Convention Facility Authority, 5.00%, 10/01/2032 | 600000 | 668031  |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, <br>5.00%, 07/01/2031 | 1750000 | 1955581  |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, <br>5.00%, 07/01/2029 | 20000 | 21827  |
| Michigan Finance Authority  | Michigan Finance Authority  | Michigan Finance Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 | 30000 | 33069  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2033 | 600000 | 566276  |

---

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Michigan — continued**  | **Michigan — continued**  | **Michigan — continued**  |
| Michigan State Building Authority  | Michigan State Building Authority  | Michigan State Building Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | $215000 | $219702  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | 235000 | 235117  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 | 500000 | 566627  |
| Michigan State Housing Development Authority  | Michigan State Housing Development Authority  | Michigan State Housing Development Authority  |
| &nbsp;&nbsp;&nbsp; 3.10%, 12/01/2031 | 375000 | 365948  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2042<sup>(a)</sup> | 25000 | 25144  |
| Michigan State University, 5.00%, 08/15/2029 | 40000 | 43771  |
| State of Michigan  | State of Michigan  | State of Michigan  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2026 | 190000 | 192178  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 15000 | 15639  |
| State of Michigan Trunk Line Revenue  | State of Michigan Trunk Line Revenue  | State of Michigan Trunk Line Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 | 20000 | 22432  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 140000 | 158634  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 100000 | 111679  |
| Utica Community Schools, 5.00%, 05/01/2026 | 55000 | 55814  |
|  |  | 5257469  |
| **Minnesota — 1.4%**  | **Minnesota — 1.4%**  | **Minnesota — 1.4%**  |
| City of Rochester MN, 5.00%, 11/15/2034 | 90000 | 102408  |
| Farmington Independent School District No 192, 5.00%, 02/01/2027 | 20000 | 20709  |
| Minnesota Public Facilities Authority State Revolving Fund, 5.00%, 03/01/2033 | 20000 | 22857  |
| Osseo Independent School District No 279, 5.00%, 02/01/2034 | 95000 | 104682  |
| &nbsp;&nbsp;&nbsp; South Washington County Independent School District No 833, <br>5.00%, 02/01/2028 | 150000 | 159220  |
| State of Minnesota  | State of Minnesota  | State of Minnesota  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 65000 | 66448  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 1045000 | 1126106  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 95000 | 102216  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 420000 | 461237  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 115000 | 126343  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 20000 | 22378  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 20000 | 22598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 105000 | 117788  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 100000 | 114227  |
|  |  | 2569217  |
| **Mississippi — 1.1%**  | **Mississippi — 1.1%**  | **Mississippi — 1.1%**  |
| State of Mississippi  | State of Mississippi  | State of Mississippi  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 10000 | 10516  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 175000 | 177911  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2034 | 20000 | 20004  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 50000 | 51387  |

---

The accompanying notes are an integral part of these financial statements.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Mississippi — continued**  | **Mississippi — continued**  | **Mississippi — continued**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 | $1630000 | $1634404  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 | 20000 | 20555  |
| West Rankin Utility Authority, 5.00%, 01/01/2048 | 150000 | 158898  |
|  |  | 2073675  |
| **Missouri — 0.2%**  | **Missouri — 0.2%**  | **Missouri — 0.2%**  |
| Health & Educational Facilities Authority of the State of Missouri  | Health & Educational Facilities Authority of the State of Missouri  | Health & Educational Facilities Authority of the State of Missouri  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 220000 | 232672  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 20000 | 21946  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2051<sup>(a)</sup> | 70000 | 70371  |
|  Missouri State Environmental Improvement & Energy Resources Authority, 2.75%, 09/01/2033 | 20000 | 18062  |
|  |  | 343051  |
| **Montana — 0.0%<sup>(b)</sup>**  | **Montana — 0.0%<sup>(b)</sup>**  | **Montana — 0.0%<sup>(b)</sup>**  |
| City of Forsyth MT, 3.90%, 03/01/2031<sup>(a)</sup> | 85000 | 84794  |
| **Nebraska — 0.0%<sup>(b)</sup>**  | **Nebraska — 0.0%<sup>(b)</sup>**  | **Nebraska — 0.0%<sup>(b)</sup>**  |
| Omaha Public Power District, 5.00%, 02/01/2027 | 20000 | 20704  |
| **Nevada — 0.8%**  | **Nevada — 0.8%**  | **Nevada — 0.8%**  |
| County of Clark Department of Aviation, 5.00%, 07/01/2032 | 100000 | 106799  |
| County of Clark NV  | County of Clark NV  | County of Clark NV  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 80000 | 88863  |
| &nbsp;&nbsp;&nbsp; 2.10%, 06/01/2031 | 105000 | 94361  |
| Las Vegas Valley Water District  | Las Vegas Valley Water District  | Las Vegas Valley Water District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 105000 | 109526  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 15000 | 16049  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 20000 | 21889  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 35000 | 39583  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 20000 | 22753  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 25000 | 28492  |
| State of Nevada, 5.00%, 05/01/2032 | 25000 | 28288  |
| State of Nevada Highway Improvement Revenue  | State of Nevada Highway Improvement Revenue  | State of Nevada Highway Improvement Revenue  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2029 | 780000 | 780904  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 50000 | 51846  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 | 80000 | 80258  |
| Truckee Meadows Water Authority, 5.00%, 07/01/2033 | 20000 | 22792  |
|  |  | 1492403  |
| **New Hampshire — 0.1%**  | **New Hampshire — 0.1%**  | **New Hampshire — 0.1%**  |
| New Hampshire Municipal Bond Bank, 5.00%, 02/15/2034 | 85000 | 96917  |
| **New Jersey — 3.1%**  | **New Jersey — 3.1%**  | **New Jersey — 3.1%**  |
| New Jersey Economic Development Authority  | New Jersey Economic Development Authority  | New Jersey Economic Development Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 25000 | 25905  |

---

The accompanying notes are an integral part of these financial statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **New Jersey — continued**  | **New Jersey — continued**  | **New Jersey — continued**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2029 | $55000 | $57046  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 90000 | 98596  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2030 | 65000 | 67419  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031 | 140000 | 145209  |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/01/2031 | 335000 | 328043  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 | 90000 | 88275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2036 | 175000 | 180413  |
| New Jersey Health Care Facilities Financing Authority, 4.00%, 07/01/2035 | 190000 | 190083  |
| New Jersey Transportation Trust Fund Authority  | New Jersey Transportation Trust Fund Authority  | New Jersey Transportation Trust Fund Authority  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2026<sup>(c)</sup> | 195000 | 187977  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(c)</sup> | 40000 | 37490  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 160000 | 170593  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(c)</sup> | 200000 | 181968  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 | 20000 | 21551  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(c)</sup> | 290000 | 255143  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 650000 | 719938  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2030<sup>(c)</sup> | 25000 | 21158  |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/15/2031 | 60000 | 60315  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2031<sup>(c)</sup> | 20000 | 16207  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2031 | 100000 | 108186  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 | 435000 | 484878  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2032 | 95000 | 107939  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2032<sup>(c)</sup> | 920000 | 718701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2032 | 20000 | 21457  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2033<sup>(c)</sup> | 165000 | 121739  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 | 230000 | 241127  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2034 | 40000 | 43413  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034<sup>(c)</sup> | 80000 | 56551  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2035 | 35000 | 38663  |
| New Jersey Turnpike Authority  | New Jersey Turnpike Authority  | New Jersey Turnpike Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 145000 | 149504  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 555000 | 579260  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 90000 | 93513  |
| Tobacco Settlement Financing Corp.  | Tobacco Settlement Financing Corp.  | Tobacco Settlement Financing Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 30000 | 30394  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 110000 | 114816  |
|  |  | 5763470  |
| **New Mexico — 0.4%**  | **New Mexico — 0.4%**  | **New Mexico — 0.4%**  |
| City of Farmington NM, 3.90%, 06/01/2040<sup>(a)</sup> | 20000 | 20310  |
| New Mexico Finance Authority, 5.00%, 06/15/2028 | 30000 | 32153  |

---

The accompanying notes are an integral part of these financial statements.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **New Mexico — continued**  | **New Mexico — continued**  | **New Mexico — continued**  |
| State of New Mexico | State of New Mexico | State of New Mexico |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | $15000 | $15573  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 15000 | 15935  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2028 | 100000 | 107440  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 205000 | 222995  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 20000 | 22115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 20000 | 22398  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 20000 | 22600  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 155000 | 168092  |
| State of New Mexico Severance Tax Permanent Fund  | State of New Mexico Severance Tax Permanent Fund  | State of New Mexico Severance Tax Permanent Fund  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 50000 | 53488  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 45000 | 49144  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 50000 | 55467  |
|  |  | 807710  |
| **New York — 6.3%**  | **New York — 6.3%**  | **New York — 6.3%**  |
| City of New York NY  | City of New York NY  | City of New York NY  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 25000 | 26208  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 265000 | 270002  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 40000 | 44437  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2032 | 120000 | 120153  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 1250000 | 1399803  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 90000 | 91948  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2034 | 180000 | 169172  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 20000 | 22153  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2034 | 120000 | 112699  |
| County of Westchester NY, 4.00%, 12/01/2027 | 20000 | 20458  |
| Empire State Development Corp.  | Empire State Development Corp.  | Empire State Development Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2029 | 155000 | 169637  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030 | 60000 | 66548  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2033 | 90000 | 96482  |
| Hudson Yards Infrastructure Corp.  | Hudson Yards Infrastructure Corp.  | Hudson Yards Infrastructure Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 20000 | 20789  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 20000 | 22560  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 95000 | 97562  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 60000 | 61535  |
| Long Island Power Authority  | Long Island Power Authority  | Long Island Power Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 20000 | 22358  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 35000 | 39888  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2049 | 35000 | 34860  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2051<sup>(a)</sup> | 25000 | 24563  |

---

The accompanying notes are an integral part of these financial statements.

79<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **New York — continued**  | **New York — continued**  | **New York — continued**  |
| Metropolitan Transportation Authority | Metropolitan Transportation Authority | Metropolitan Transportation Authority |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | $35000 | $36655  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2032<sup>(c)</sup> | 40000 | 30932  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2032 | 100000 | 91993  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2032 | 85000 | 85184  |
| Metropolitan Transportation Authority Dedicated Tax Fund  | Metropolitan Transportation Authority Dedicated Tax Fund  | Metropolitan Transportation Authority Dedicated Tax Fund  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2028 | 120000 | 119711  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2032<sup>(c)</sup> | 70000 | 54631  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2033 | 35000 | 33046  |
| Nassau County Local Economic Assistance Corp., 5.00%, 01/01/2032 | 120000 | 136521  |
| New York City Housing Development Corp.  | New York City Housing Development Corp.  | New York City Housing Development Corp.  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/01/2062<sup>(a)</sup> | 50000 | 49884  |
| &nbsp;&nbsp;&nbsp; 3.70%, 05/01/2063<sup>(a)</sup> | 15000 | 14989  |
| &nbsp;&nbsp;&nbsp; 3.73%, 05/01/2063<sup>(a)</sup> | 20000 | 20053  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/01/2063<sup>(a)</sup> | 20000 | 20210  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/2063<sup>(a)</sup> | 35000 | 35456  |
| New York City Municipal Water Finance Authority, 5.00%, 06/15/2029 | 35000 | 38470  |
| New York City Transitional Finance Authority  | New York City Transitional Finance Authority  | New York City Transitional Finance Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 20000 | 21319  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 20000 | 22289  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 20000 | 22372  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 10000 | 11337  |
| New York City Transitional Finance Authority Building Aid Revenue  | New York City Transitional Finance Authority Building Aid Revenue  | New York City Transitional Finance Authority Building Aid Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 230000 | 240317  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 20000 | 21812  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2030 | 30000 | 33197  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 45000 | 48036  |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/15/2032 | 85000 | 84386  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 | 1020000 | 1152310  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2035 | 20000 | 20219  |
| New York City Transitional Finance Authority Future Tax Secured Revenue  | New York City Transitional Finance Authority Future Tax Secured Revenue  | New York City Transitional Finance Authority Future Tax Secured Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 255000 | 268702  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 155000 | 167468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 60000 | 62279  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2030 | 35000 | 34915  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 35000 | 39006  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2033 | 225000 | 223676  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2035 | 495000 | 461112  |
| New York Liberty Development Corp., 2.10%, 11/15/2032 | 30000 | 25805  |
| New York State Dormitory Authority  | New York State Dormitory Authority  | New York State Dormitory Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2026 | 255000 | 257986  |

---

The accompanying notes are an integral part of these financial statements.

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **New York — continued**  | **New York — continued**  | **New York — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 | $105000 | $109199  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 130000 | 134991  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 40000 | 43773  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 310000 | 321572  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2032 | 165000 | 180556  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/01/2033 | 365000 | 316682  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2034 | 20000 | 20160  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 20000 | 22301  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 20000 | 21756  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 35000 | 38326  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 65000 | 64874  |
| New York State Housing Finance Agency  | New York State Housing Finance Agency  | New York State Housing Finance Agency  |
| &nbsp;&nbsp;&nbsp; 0.65%, 11/01/2056<sup>(a)</sup> | 15000 | 14890  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/2060<sup>(a)</sup> | 115000 | 114097  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/01/2062<sup>(a)</sup> | 235000 | 234412  |
| &nbsp;&nbsp;&nbsp; 3.45%, 05/01/2062<sup>(a)</sup> | 35000 | 34919  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2062<sup>(a)</sup> | 455000 | 453955  |
| &nbsp;&nbsp;&nbsp; 3.65%, 11/01/2062<sup>(a)</sup> | 65000 | 64861  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/01/2062<sup>(a)</sup> | 20000 | 20116  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/2062<sup>(a)</sup> | 125000 | 124736  |
| &nbsp;&nbsp;&nbsp; 3.45%, 11/01/2063<sup>(a)</sup> | 90000 | 90159  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2063<sup>(a)</sup> | 20000 | 20124  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/2063<sup>(a)</sup> | 45000 | 45036  |
| New York State Thruway Authority  | New York State Thruway Authority  | New York State Thruway Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 70000 | 79288  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 25000 | 28506  |
| New York Transportation Development Corp., 5.00%, 12/01/2033 | 35000 | 37371  |
| Port Authority of New York & New Jersey  | Port Authority of New York & New Jersey  | Port Authority of New York & New Jersey  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027<sup>(d)</sup> | 55000 | 57337  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 | 15000 | 15532  |
| Suffolk County Water Authority  | Suffolk County Water Authority  | Suffolk County Water Authority  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2028 | 130000 | 129705  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2032 | 305000 | 304244  |
| Triborough Bridge & Tunnel Authority  | Triborough Bridge & Tunnel Authority  | Triborough Bridge & Tunnel Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 1035000 | 1145407  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2030<sup>(c)</sup> | 135000 | 114933  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 20000 | 22637  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2032<sup>(c)</sup> | 25000 | 19636  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 | 20000 | 22308  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050<sup>(a)</sup> | 175000 | 177366  |

---

The accompanying notes are an integral part of these financial statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **New York — continued**  | **New York — continued**  | **New York — continued**  |
| Trust for Cultural Resources of The City of New York  | Trust for Cultural Resources of The City of New York  | Trust for Cultural Resources of The City of New York  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | $50000 | $56105  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 | 30000 | 30556  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 | 20000 | 20240  |
| Utility Debt Securitization Authority  | Utility Debt Securitization Authority  | Utility Debt Securitization Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 | 20000 | 21691  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/2032 | 20000 | 19716  |
|  |  | 11714166  |
| **North Carolina — 1.0%**  | **North Carolina — 1.0%**  | **North Carolina — 1.0%**  |
| Charlotte-Mecklenburg Hospital Authority  | Charlotte-Mecklenburg Hospital Authority  | Charlotte-Mecklenburg Hospital Authority  |
| &nbsp;&nbsp;&nbsp; 1.95%, 01/15/2048<sup>(a)</sup> | 20000 | 18691  |
| &nbsp;&nbsp;&nbsp; 3.45%, 01/15/2048<sup>(a)</sup> | 20000 | 19970  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2050<sup>(a)</sup> | 25000 | 25079  |
| City of Charlotte NC Water & Sewer System Revenue, 5.00%, 07/01/2027 | 30000 | 31415  |
| City of Raleigh NC Combined Enterprise System Revenue, 5.00%, 09/01/2027 | 90000 | 94677  |
| County of Guilford NC, 5.00%, 03/01/2035 | 640000 | 735091  |
| County of Mecklenburg NC, 5.00%, 09/01/2030 | 20000 | 22378  |
| County of Wake NC, 5.00%, 05/01/2030 | 95000 | 105754  |
| Nash Health Care Systems, 5.00%, 02/01/2032 | 20000 | 21822  |
| State of North Carolina  | State of North Carolina  | State of North Carolina  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 | 50000 | 50532  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 230000 | 239947  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 110000 | 120063  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2031 | 20000 | 19814  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 125000 | 140201  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2033 | 25000 | 24304  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2034 | 115000 | 109597  |
|  |  | 1779335  |
| **Ohio — 2.5%**  | **Ohio — 2.5%**  | **Ohio — 2.5%**  |
| American Municipal Power, Inc., 4.00%, 02/15/2034 | 20000 | 20251  |
| Buckeye Tobacco Settlement Financing Authority  | Buckeye Tobacco Settlement Financing Authority  | Buckeye Tobacco Settlement Financing Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 235000 | 249275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 20000 | 21401  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 25000 | 26336  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 115000 | 120278  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 125000 | 129858  |
| City of Columbus OH  | City of Columbus OH  | City of Columbus OH  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 30000 | 31209  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 40000 | 42013  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 75000 | 80724  |
| City of Columbus OH Sewerage Revenue, 5.00%, 06/01/2032 | 20000 | 20258  |

---

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Ohio — continued**  | **Ohio — continued**  | **Ohio — continued**  |
| County of Cuyahoga OH, 5.00%, 12/01/2026 | $60000 | $61669  |
| County of Hamilton OH Sales Tax Revenue  | County of Hamilton OH Sales Tax Revenue  | County of Hamilton OH Sales Tax Revenue  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | 60000 | 60509  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2032 | 135000 | 135894  |
| Northeast Ohio Regional Sewer District, 5.00%, 11/15/2032 | 20000 | 22702  |
| Ohio State University, 5.00%, 12/01/2029 | 45000 | 49618  |
| Ohio Water Development Authority  | Ohio Water Development Authority  | Ohio Water Development Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 110000 | 113457  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 80000 | 83603  |
| Ohio Water Development Authority Water Pollution Control Loan Fund  | Ohio Water Development Authority Water Pollution Control Loan Fund  | Ohio Water Development Authority Water Pollution Control Loan Fund  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 45000 | 47027  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 195000 | 204389  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 20000 | 22087  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 70000 | 72694  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 20000 | 22793  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 105000 | 113832  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 30000 | 34274  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2034 | 60000 | 56541  |
| Rickenbacker Port Authority, 5.38%, 01/01/2032 | 20000 | 22022  |
| State of Ohio  | State of Ohio  | State of Ohio  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2025 | 165000 | 165771  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 100000 | 103095  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 150000 | 154579  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 35000 | 36201  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 95000 | 99045  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2027 | 20000 | 20636  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 60000 | 63118  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 | 20000 | 21163  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 10000 | 10684  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 | 40000 | 43317  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 120000 | 133971  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 1240000 | 1401641  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 20000 | 22728  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/01/2035 | 475000 | 451693  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 | 40000 | 41696  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2054<sup>(a)</sup> | 25000 | 27463  |
|  |  | 4661515  |
| **Oklahoma — 0.9%**  | **Oklahoma — 0.9%**  | **Oklahoma — 0.9%**  |
| Canadian County Educational Facilities Authority, 3.00%, 09/01/2029 | 185000 | 184547  |
| Cleveland County Independent School District No 2 Moore, 4.00%, 03/01/2027 | 135000 | 137683  |

---

The accompanying notes are an integral part of these financial statements.

83<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Oklahoma — continued**  | **Oklahoma — continued**  | **Oklahoma — continued**  |
| &nbsp;&nbsp;&nbsp; Cleveland County Independent School District No 29 Norman, <br>4.00%, 03/01/2027 | $30000 | $30632  |
| Oklahoma Capitol Improvement Authority  | Oklahoma Capitol Improvement Authority  | Oklahoma Capitol Improvement Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 30000 | 31338  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1010000 | 1106172  |
| &nbsp;&nbsp;&nbsp; Oklahoma County Independent School District No 89 Oklahoma City, <br>3.00%, 07/01/2027 | 20000 | 20160  |
| Oklahoma Industries Authority, 5.00%, 04/01/2027 | 25000 | 25885  |
| Tulsa County Industrial Authority, 5.00%, 09/01/2027 | 60000 | 62746  |
|  |  | 1599163  |
| **Oregon — 0.2%**  | **Oregon — 0.2%**  | **Oregon — 0.2%**  |
| City of Portland OR Sewer System Revenue  | City of Portland OR Sewer System Revenue  | City of Portland OR Sewer System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 45000 | 50265  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 20000 | 22667  |
| Oregon State Business Development Commission, 3.80%, 12/01/2040<sup>(a)</sup> | 55000 | 55687  |
| Oregon State Facilities Authority, 5.00%, 07/01/2047 | 20000 | 20888  |
| State of Oregon  | State of Oregon  | State of Oregon  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 60000 | 62555  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 80000 | 85468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 35000 | 38228  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 20000 | 22556  |
| State of Oregon Department of Transportation, 5.00%, 05/15/2028 | 15000 | 16032  |
| Tri-County Metropolitan Transportation District of Oregon, 5.00%, 09/01/2041 | 15000 | 15358  |
|  |  | 389704  |
| **Pennsylvania — 5.6%**  | **Pennsylvania — 5.6%**  | **Pennsylvania — 5.6%**  |
| Allegheny County Hospital Development Authority  | Allegheny County Hospital Development Authority  | Allegheny County Hospital Development Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 345000 | 365165  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 200000 | 212538  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 | 10000 | 10508  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 | 20000 | 20907  |
| City of Philadelphia PA, 5.00%, 08/01/2033 | 1000000 | 1135309  |
| City of Philadelphia PA Water & Wastewater Revenue, 5.00%, 09/01/2027 | 20000 | 20947  |
| Commonwealth of Pennsylvania  | Commonwealth of Pennsylvania  | Commonwealth of Pennsylvania  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 20000 | 20835  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 470000 | 484569  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 15000 | 16121  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/15/2030 | 70000 | 69833  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 20000 | 22269  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 80000 | 90342  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1350000 | 1528831  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/2033 | 55000 | 52471  |

---

The accompanying notes are an integral part of these financial statements.

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Pennsylvania — continued**  | **Pennsylvania — continued**  | **Pennsylvania — continued**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2034 | $575000 | $585525  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 750000 | 852961  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2035 | 295000 | 278529  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2035 | 50000 | 49893  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2035 | 215000 | 196067  |
| Delaware Valley Regional Finance Authority  | Delaware Valley Regional Finance Authority  | Delaware Valley Regional Finance Authority  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2028 | 30000 | 32433  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 | 70000 | 72142  |
| Erie City Water Authority, 5.00%, 12/01/2043 | 25000 | 25717  |
| General Authority of Southcentral Pennsylvania, 5.00%, 06/01/2034 | 50000 | 56009  |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, <br>5.00%, 09/01/2033 | 95000 | 100771  |
| Northampton County General Purpose Authority, 5.00%, 08/15/2034 | 45000 | 49155  |
| Pennsylvania Economic Development Financing Authority, 5.00%, 03/15/2060<sup>(a)</sup> | 30000 | 32058  |
| Pennsylvania Housing Finance Agency  | Pennsylvania Housing Finance Agency  | Pennsylvania Housing Finance Agency  |
| &nbsp;&nbsp;&nbsp; 2.80%, 10/01/2031 | 215000 | 205549  |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/01/2031 | 50000 | 49556  |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/01/2032 | 30000 | 29476  |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/01/2032 | 40000 | 39941  |
| Pennsylvania Turnpike Commission  | Pennsylvania Turnpike Commission  | Pennsylvania Turnpike Commission  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2033 | 355000 | 355199  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000000 | 1136146  |
| Philadelphia Authority for Industrial Development, 5.00%, 07/01/2027 | 45000 | 46998  |
| Pittsburgh Water & Sewer Authority, 4.00%, 09/01/2034 | 560000 | 571864  |
| School District of Philadelphia  | School District of Philadelphia  | School District of Philadelphia  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 60000 | 61321  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 55000 | 57150  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 80000 | 88911  |
| State Public School Building Authority, 5.00%, 06/01/2031 | 35000 | 35727  |
| &nbsp;&nbsp;&nbsp; Temple University-of The Commonwealth System of Higher Education, <br>5.00%, 04/01/2030 | 1250000 | 1378863  |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, 5.00%, 02/15/2029 | 25000 | 27024  |
|  |  | 10465630  |
| **Rhode Island — 0.0%<sup>(b)</sup>**  | **Rhode Island — 0.0%<sup>(b)</sup>**  | **Rhode Island — 0.0%<sup>(b)</sup>**  |
| Rhode Island Health and Educational Building Corp.  | Rhode Island Health and Educational Building Corp.  | Rhode Island Health and Educational Building Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 20000 | 20866  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 40000 | 43422  |
|  |  | 64288  |
| **South Carolina — 1.3%**  | **South Carolina — 1.3%**  | **South Carolina — 1.3%**  |
| County of Florence SC, 5.00%, 06/01/2028 | 20000 | 21366  |

---

The accompanying notes are an integral part of these financial statements.

85<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **South Carolina — continued**  | **South Carolina — continued**  | **South Carolina — continued**  |
| Greenville County School District, 5.00%, 12/01/2027 | $15000 | $15858  |
| Patriots Energy Group Financing Agency, 5.25%, 02/01/2054<sup>(a)</sup> | 650000 | 702892  |
| South Carolina Jobs-Economic Development Authority  | South Carolina Jobs-Economic Development Authority  | South Carolina Jobs-Economic Development Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 750000 | 830018  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 30000 | 33158  |
| South Carolina Public Service Authority, 5.00%, 12/01/2028 | 750000 | 809653  |
| South Carolina Transportation Infrastructure Bank, 4.00%, 10/01/2033 | 40000 | 41684  |
|  |  | 2454629  |
| **South Dakota — 0.4%**  | **South Dakota — 0.4%**  | **South Dakota — 0.4%**  |
| South Dakota Health & Educational Facilities Authority, 5.00%, 07/01/2031 | 750000 | 822776  |
| **Tennessee — 0.9%**  | **Tennessee — 0.9%**  | **Tennessee — 0.9%**  |
| Johnson City Health & Educational Facilities Board  | Johnson City Health & Educational Facilities Board  | Johnson City Health & Educational Facilities Board  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 40000 | 43643  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 130000 | 142091  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 20000 | 21598  |
| Knox County Health Educational & Housing Facility Board, 3.95%, 12/01/2027<sup>(a)</sup> | 20000 | 19990  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational <br>Facs Bd  | &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational <br>Facs Bd  | &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational <br>Facs Bd  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 25000 | 26484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 365000 | 402533  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 85000 | 96364  |
| Metropolitan Government of Nashville & Davidson County TN  | Metropolitan Government of Nashville & Davidson County TN  | Metropolitan Government of Nashville & Davidson County TN  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 95000 | 100547  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 25000 | 26713  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 90000 | 94681  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2034 | 40000 | 38116  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2035 | 65000 | 60818  |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue, 5.00%, 05/15/2028 | 35000 | 37380  |
| State of Tennessee  | State of Tennessee  | State of Tennessee  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 70000 | 74841  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 90000 | 98399  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 20000 | 22264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 20000 | 22761  |
| Tennessee Energy Acquisition Corp.  | Tennessee Energy Acquisition Corp.  | Tennessee Energy Acquisition Corp.  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2049<sup>(a)</sup> | 70000 | 69996  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2052<sup>(a)</sup> | 180000 | 190393  |
|  |  | 1589612  |
| **Texas — 10.1%**  | **Texas — 10.1%**  | **Texas — 10.1%**  |
| Board of Regents of the University of Texas System  | Board of Regents of the University of Texas System  | Board of Regents of the University of Texas System  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 10000 | 10227  |

---

The accompanying notes are an integral part of these financial statements.

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Texas — continued**  | **Texas — continued**  | **Texas — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | $75000 | $78643  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 1065000 | 1146135  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 25000 | 27806  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 20000 | 22667  |
| Central Texas Turnpike System | Central Texas Turnpike System | Central Texas Turnpike System |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1020000 | 1142879  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 20000 | 22343  |
| City of Austin TX, 5.00%, 09/01/2033 | 70000 | 79191  |
| City of Austin TX Electric Utility Revenue, 5.00%, 11/15/2028 | 35000 | 37656  |
| City of Austin TX Water & Wastewater System Revenue  | City of Austin TX Water & Wastewater System Revenue  | City of Austin TX Water & Wastewater System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 160000 | 164718  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 40000 | 43938  |
| City of Dallas TX  | City of Dallas TX  | City of Dallas TX  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 45000 | 45392  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 35000 | 37109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 10000 | 11170  |
| City of Dallas TX Hotel Occupancy Tax Revenue, 5.00%, 08/15/2026 | 25000 | 25484  |
| City of Houston TX, 5.00%, 03/01/2028 | 15000 | 15503  |
| City of Houston TX Airport System Revenue, 5.00%, 07/01/2029 | 285000 | 303155  |
| City of Houston TX Combined Utility System Revenue  | City of Houston TX Combined Utility System Revenue  | City of Houston TX Combined Utility System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 1150000 | 1183776  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 20000 | 21081  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(c)</sup> | 35000 | 31953  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2032 | 215000 | 254727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 | 120000 | 134782  |
| City of San Antonio TX, 5.00%, 08/01/2027 | 650000 | 682356  |
| City of San Antonio TX Electric & Gas Systems Revenue  | City of San Antonio TX Electric & Gas Systems Revenue  | City of San Antonio TX Electric & Gas Systems Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 455000 | 480877  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 30000 | 30604  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2030 | 1515000 | 1520789  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 10000 | 10977  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 220000 | 221260  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/2049<sup>(a)</sup> | 20000 | 19261  |
| &nbsp;&nbsp;&nbsp; 3.65%, 02/01/2053<sup>(a)</sup> | 225000 | 224628  |
| Clear Creek Independent School District, 5.00%, 02/15/2031 | 55000 | 61208  |
| Clifton Higher Education Finance Corp., 5.00%, 02/15/2035 | 215000 | 235122  |
| Comal Independent School District  | Comal Independent School District  | Comal Independent School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21220  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 | 70000 | 78981  |
| Conroe Independent School District  | Conroe Independent School District  | Conroe Independent School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 90000 | 93222  |

---

The accompanying notes are an integral part of these financial statements.

87<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Texas — continued**  | **Texas — continued**  | **Texas — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | $30000 | $32540  |
| County of Bexar TX, 5.00%, 06/15/2030 | 60000 | 61040  |
| County of Harris TX  | County of Harris TX  | County of Harris TX  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 35000 | 35906  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 20000 | 21045  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 415000 | 421875  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2032 | 75000 | 84435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 20000 | 20260  |
| County of Williamson TX, 5.00%, 02/15/2028 | 20000 | 21210  |
| Cypress-Fairbanks Independent School District  | Cypress-Fairbanks Independent School District  | Cypress-Fairbanks Independent School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 20000 | 20189  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 85000 | 88031  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21225  |
| Dallas Area Rapid Transit  | Dallas Area Rapid Transit  | Dallas Area Rapid Transit  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 20000 | 20589  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 110000 | 116017  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 75000 | 80836  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2030 | 30000 | 33656  |
| Dallas College  | Dallas College  | Dallas College  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 15000 | 15136  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 35000 | 38518  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 265000 | 295195  |
| Dallas Fort Worth International Airport  | Dallas Fort Worth International Airport  | Dallas Fort Worth International Airport  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 50000 | 53879  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 55000 | 61600  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2034 | 20000 | 20319  |
| Dallas Independent School District  | Dallas Independent School District  | Dallas Independent School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 90000 | 93222  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21251  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2035 | 445000 | 411848  |
| Denton Independent School District, 5.00%, 08/15/2032 | 25000 | 28081  |
| Fort Bend Independent School District, 0.72%, 08/01/2051<sup>(a)</sup> | 240000 | 233406  |
| Garland Independent School District, 5.00%, 02/15/2034 | 70000 | 78150  |
| Harris County Cultural Education Facilities Finance Corp.  | Harris County Cultural Education Facilities Finance Corp.  | Harris County Cultural Education Facilities Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 30000 | 32088  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 90000 | 101224  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2051<sup>(a)</sup> | 55000 | 60651  |
| Harris County Industrial Development Corp., 4.05%, 11/01/2050<sup>(a)</sup> | 25000 | 25061  |
| Harris County-Houston Sports Authority, 5.00%, 11/15/2027 | 1000000 | 1052497  |
| Hurst-Euless-Bedford Independent School District, 5.00%, 08/15/2033 | 20000 | 22652  |
| Irving Independent School District, 5.00%, 02/15/2033 | 20000 | 22346  |

---

The accompanying notes are an integral part of these financial statements.

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Texas — continued**  | **Texas — continued**  | **Texas — continued**  |
| Katy Independent School District, 5.00%, 02/15/2029 | $20000 | $21652  |
| Leander Independent School District, 5.00%, 02/15/2028 | 50000 | 52853  |
| Lewisville Independent School District  | Lewisville Independent School District  | Lewisville Independent School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 20000 | 21455  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 40000 | 45091  |
| Lower Colorado River Authority  | Lower Colorado River Authority  | Lower Colorado River Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 70000 | 72852  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 210000 | 223539  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 225000 | 244360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 | 10000 | 11026  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 1000000 | 1113582  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 55000 | 61871  |
| Matagorda County Navigation District No 1  | Matagorda County Navigation District No 1  | Matagorda County Navigation District No 1  |
| &nbsp;&nbsp;&nbsp; 2.60%, 11/01/2029 | 450000 | 435335  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2030 | 95000 | 99628  |
| Midland Independent School District  | Midland Independent School District  | Midland Independent School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 25000 | 25921  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21220  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 50000 | 55115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 20000 | 22535  |
| North East Independent School District, 3.75%, 08/01/2049<sup>(a)</sup> | 20000 | 20277  |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Revenue, <br>5.00%, 09/01/2028 | 20000 | 21483  |
| North Texas Tollway Authority  | North Texas Tollway Authority  | North Texas Tollway Authority  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2032<sup>(c)</sup> | 20000 | 16137  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 85000 | 86814  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2034<sup>(c)</sup> | 20000 | 14737  |
| Northside Independent School District, 2.00%, 06/01/2052<sup>(a)</sup> | 30000 | 29452  |
| Northwest Independent School District, 5.00%, 02/15/2042 | 50000 | 50449  |
| Permanent University Fund - Texas A&M University System, 5.00%, 07/01/2033 | 25000 | 28396  |
| Permanent University Fund - University of Texas System  | Permanent University Fund - University of Texas System  | Permanent University Fund - University of Texas System  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 25000 | 28340  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 15000 | 16631  |
| Pflugerville Independent School District, 5.00%, 02/15/2033 | 15000 | 16643  |
| Plano Independent School District  | Plano Independent School District  | Plano Independent School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 55000 | 56865  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 110000 | 121009  |
| Round Rock Independent School District, 4.00%, 08/01/2032 | 60000 | 61842  |
| San Antonio Water System  | San Antonio Water System  | San Antonio Water System  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 55000 | 57213  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 25000 | 28349  |

---

The accompanying notes are an integral part of these financial statements.

89<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Texas — continued**  | **Texas — continued**  | **Texas — continued**  |
| Tarrant County Cultural Education Facilities Finance Corp.  | Tarrant County Cultural Education Facilities Finance Corp.  | Tarrant County Cultural Education Facilities Finance Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | $365000 | $398819  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053<sup>(a)</sup> | 490000 | 528997  |
| &nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Revenue, <br>5.00%, 03/01/2030 | 115000 | 126699  |
| Texas A&M University  | Texas A&M University  | Texas A&M University  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 70000 | 73055  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 20000 | 20758  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 535000 | 605306  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 45000 | 51205  |
| Texas Private Activity Bond Surface Transportation Corp., 5.00%, 12/31/2032 | 20000 | 21121  |
| Texas State University System, 5.00%, 03/15/2029 | 80000 | 82682  |
| Texas Tech University System, 5.00%, 02/15/2033 | 20000 | 22520  |
| Texas Transportation Commission  | Texas Transportation Commission  | Texas Transportation Commission  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 | 20000 | 20255  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 20000 | 22283  |
| Texas Water Development Board  | Texas Water Development Board  | Texas Water Development Board  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 30000 | 30663  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 | 25000 | 25693  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 10000 | 10489  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 40000 | 42955  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 125000 | 137027  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | 55000 | 61265  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 | 40000 | 44878  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2032 | 95000 | 96112  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2032 | 10000 | 11284  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2033 | 165000 | 156282  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 | 65000 | 65526  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2034 | 90000 | 83794  |
| Trinity River Authority Central Regional Wastewater System Revenue  | Trinity River Authority Central Regional Wastewater System Revenue  | Trinity River Authority Central Regional Wastewater System Revenue  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 65000 | 66376  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 325000 | 354365  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2031 | 40000 | 39726  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2032 | 80000 | 78666  |
| University of North Texas System, 5.00%, 04/15/2033 | 85000 | 95778  |
|  |  | 18824069  |
| **Utah — 1.2%**  | **Utah — 1.2%**  | **Utah — 1.2%**  |
| County of Utah UT, 5.00%, 05/15/2060<sup>(a)</sup> | 135000 | 137199  |
| Downtown Revitalization Public Infrastructure District, 5.00%, 06/01/2033 | 1000000 | 1121387  |
| Intermountain Power Agency  | Intermountain Power Agency  | Intermountain Power Agency  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 320000 | 325477  |

---

The accompanying notes are an integral part of these financial statements.

90<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Utah — continued**  | **Utah — continued**  | **Utah — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | $35000 | $36445  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 320000 | 353979  |
| Nebo School District  | Nebo School District  | Nebo School District  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 50000 | 50964  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 15000 | 15691  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 50000 | 53588  |
| State of Utah, 5.00%, 07/01/2027 | 25000 | 26156  |
| University of Utah  | University of Utah  | University of Utah  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 20000 | 20955  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 20000 | 21838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 40000 | 44290  |
|  |  | 2207969  |
| **Virginia — 1.0%**  | **Virginia — 1.0%**  | **Virginia — 1.0%**  |
| County of Fairfax VA  | County of Fairfax VA  | County of Fairfax VA  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 100000 | 102579  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 25000 | 26994  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 20000 | 22598  |
| Fairfax County Industrial Development Authority  | Fairfax County Industrial Development Authority  | Fairfax County Industrial Development Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 35000 | 35414  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 70000 | 78457  |
| Virginia College Building Authority  | Virginia College Building Authority  | Virginia College Building Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026 | 20000 | 20169  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 160000 | 165742  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 15000 | 15904  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2029 | 315000 | 320115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 90000 | 92562  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 | 50000 | 49563  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2035 | 295000 | 276290  |
| Virginia Commonwealth Transportation Board  | Virginia Commonwealth Transportation Board  | Virginia Commonwealth Transportation Board  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 15000 | 15368  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 125000 | 130263  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 285000 | 310894  |
| Virginia Housing Development Authority, 3.63%, 07/01/2055<sup>(a)</sup> | 5000 | 4988  |
| Virginia Public Building Authority  | Virginia Public Building Authority  | Virginia Public Building Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 100000 | 111605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 35000 | 39423  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 20000 | 22119  |
| Virginia Public School Authority, 5.00%, 04/15/2027 | 55000 | 57248  |
|  |  | 1898295  |

---

The accompanying notes are an integral part of these financial statements.

91<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Washington — 5.4%**  | **Washington — 5.4%**  | **Washington — 5.4%**  |
| Benton County School District No 400 Richland, 5.00%, 12/01/2027 | $25000 | $26373  |
| Central Puget Sound Regional Transit Authority  | Central Puget Sound Regional Transit Authority  | Central Puget Sound Regional Transit Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 270000 | 299725  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 45000 | 45085  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 | 95000 | 95180  |
| City of Seattle WA Municipal Light & Power Revenue, 5.00%, 09/01/2031 | 165000 | 173211  |
| County of King WA, 5.00%, 07/01/2033 | 30000 | 34233  |
| County of King WA Sewer Revenue  | County of King WA Sewer Revenue  | County of King WA Sewer Revenue  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2030 | 310000 | 312085  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 35000 | 39470  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2032 | 20000 | 20085  |
| Energy Northwest  | Energy Northwest  | Energy Northwest  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 20000 | 20386  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 50000 | 52293  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 70000 | 74963  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 365000 | 388153  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 90000 | 95316  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 35000 | 39274  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 20000 | 21081  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 65000 | 73733  |
| Franklin County School District No 1 Pasco, 4.00%, 12/01/2027 | 20000 | 20664  |
| Grant County Public Utility District No 2 Electric Revenue, 4.00%, 01/01/2026 | 1560000 | 1566416  |
| King County School District No 401 Highline, 5.00%, 12/01/2026 | 55000 | 55204  |
| King County School District No 411 Issaquah  | King County School District No 411 Issaquah  | King County School District No 411 Issaquah  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 35000 | 36673  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2030 | 30000 | 29932  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 90000 | 94027  |
| King County School District No 414 Lake Washington, 5.00%, 12/01/2028 | 20000 | 21641  |
| Port of Seattle WA, 5.00%, 03/01/2034 | 30000 | 34166  |
| Seattle Housing Authority, 1.00%, 06/01/2026 | 225000 | 220274  |
| Snohomish County Housing Authority, 4.00%, 04/01/2033 | 1810000 | 1850371  |
| Snohomish County School District No 15 Edmonds  | Snohomish County School District No 15 Edmonds  | Snohomish County School District No 15 Edmonds  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 20000 | 22361  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 20000 | 22550  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 55000 | 62621  |
| Snohomish County School District No 201 Snohomish, 5.00%, 12/01/2028 | 170000 | 184114  |
| State of Washington  | State of Washington  | State of Washington  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026 | 20000 | 20167  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 90000 | 93204  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 25000 | 26095  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 45000 | 47182  |

---

The accompanying notes are an integral part of these financial statements.

92<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Washington — continued**  | **Washington — continued**  | **Washington — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | $25000 | $26537  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 20000 | 21441  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 350000 | 375954  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 105000 | 114016  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 60000 | 65600  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 220000 | 221322  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 105000 | 115185  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 160000 | 177042  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2030 | 20000 | 21323  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 70000 | 78055  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 185000 | 207003  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 370000 | 401823  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 70000 | 79694  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 30000 | 34231  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 | 85000 | 92048  |
| University of Washington, 5.00%, 04/01/2033 | 1020000 | 1157188  |
| Washington Health Care Facilities Authority  | Washington Health Care Facilities Authority  | Washington Health Care Facilities Authority  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 | 420000 | 418952  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2047 | 120000 | 123456  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049<sup>(a)</sup> | 120000 | 120473  |
|  |  | 10069651  |
| **West Virginia — 0.3%**  | **West Virginia — 0.3%**  | **West Virginia — 0.3%**  |
| West Virginia Economic Development Authority, 3.38%, 03/01/2040<sup>(a)</sup> | 545000 | 550155  |
| **Wisconsin — 1.0%**  | **Wisconsin — 1.0%**  | **Wisconsin — 1.0%**  |
| State of Wisconsin  | State of Wisconsin  | State of Wisconsin  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 220000 | 226361  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 25000 | 26064  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 275000 | 293578  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 95000 | 101929  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 385000 | 427327  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 185000 | 191797  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 165000 | 185249  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 100000 | 113216  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 80000 | 91097  |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Environmental Improvement Fund Revenue, <br>5.00%, 06/01/2033 | 55000 | 62559  |
| Wisconsin Department of Transportation  | Wisconsin Department of Transportation  | Wisconsin Department of Transportation  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 30000 | 33410  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 25000 | 28153  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 25000 | 28374  |

---

The accompanying notes are an integral part of these financial statements.

93<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued**  | **Municipal Bonds — continued**  | **Municipal Bonds — continued**  |
| **Wisconsin — continued**  | **Wisconsin — continued**  | **Wisconsin — continued**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | $70000 | $79928  |
|  Wisconsin Housing & Economic Development Authority Housing Revenue, 3.75%, 05/01/2054<sup>(a)</sup> | 30000 | 29937  |
|  |  | 1918979  |
| **Total Municipal Bonds (Cost $174,153,585)** | **Total Municipal Bonds (Cost $174,153,585)** | **174936822**  |
|  | **Shares** |  |
| **Exchange Traded Funds — 4.1%** <br>|  |  |
| iShares National Muni Bond ETF<sup>(e)</sup> | 73287 | 7655560  |
| **Total Exchange Traded Funds (Cost $7,644,314)** | **Total Exchange Traded Funds (Cost $7,644,314)** | **7655560**  |
|  | **Units** |  |
| **Short-Term Investments — 5.8%**  | **Short-Term Investments — 5.8%**  | **Short-Term Investments — 5.8%**  |
| **Investments Purchased with Collateral from Securities Lending — 3.9%**  | **Investments Purchased with Collateral from Securities Lending — 3.9%**  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(f)</sup> | 7397775 | 7397775  |
|  | **Shares** |  |
| **Money Market Funds — 1.9%** <br>|  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(f)</sup> | 3509004 | 3509004  |
| **Total Short-Term Investments (Cost $10,906,779)** | **Total Short-Term Investments (Cost $10,906,779)** | **10906779**  |
| **Total Investments — 103.5% (Cost $192,704,678)** | **Total Investments — 103.5% (Cost $192,704,678)** | **193499161**  |
| Liabilities in Excess of Other Assets — (3.5)% | Liabilities in Excess of Other Assets — (3.5)% | (6614693)  |
| **TOTAL NET ASSETS — 100.0%**  |  | **$186884468** |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(d)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of August 31, 2025, the total value of securities subject to the AMT was $57,337 or 0.0% of net assets.

<sup>(e)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $7,239,078.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

The accompanying notes are an integral part of these financial statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — 98.5%** |  |  |
| **Automobiles & Components — 3.3%** |  |  |
| Bridgestone Corp. - ADR | 2589 | $58460  |
| BYD Co. Ltd. - ADR | 293744 | 4009606  |
| Cie Generale des Etablissements Michelin SCA - ADR | 157940 | 2852396  |
| Denso Corp. - ADR | 16775 | 239882  |
| Dr Ing hc F Porsche AG - ADR | 8270 | 43604  |
| Geely Automobile Holdings Ltd. - ADR<sup>(a)</sup> | 27934 | 1418768  |
| Hesai Group - ADR<sup>(a)</sup> | 4341 | 111868  |
| Honda Motor Co. Ltd. - ADR<sup>(b)</sup> | 106013 | 3540834  |
| Isuzu Motors Ltd. - ADR | 3275 | 42935  |
| Li Auto, Inc. - ADR<sup>(a)(b)</sup> | 56543 | 1320279  |
| Mercedes-Benz Group AG - ADR | 170711 | 2659677  |
| NIO, Inc. - ADR<sup>(a)(b)</sup> | 64916 | 414164  |
| Niu Technologies - ADR<sup>(a)</sup> | 6645 | 29039  |
| Subaru Corp. - ADR<sup>(b)</sup> | 27687 | 272440  |
| Sumitomo Electric Industries Ltd. - ADR | 10882 | 305240  |
| Suzuki Motor Corp. - ADR | 20083 | 1066106  |
| Toyota Motor Corp. - ADR<sup>(b)</sup> | 49071 | 9547744  |
| Volkswagen AG - ADR | 26193 | 311959  |
| Volkswagen AG - ADR | 14064 | 163002  |
| XPeng, Inc. - ADR<sup>(a)(b)</sup> | 42184 | 886708  |
|  |  | 29294711  |
| **Banks — 13.0%** |  |  |
| Agricultural Bank of China Ltd. - ADR | 39716 | 665640  |
| AIB Group PLC - ADR | 3045 | 49390  |
| ANZ Group Holdings Ltd. - ADR<sup>(b)</sup> | 5693 | 125645  |
| Banco BBVA Argentina SA - ADR<sup>(b)</sup> | 17758 | 217536  |
| Banco Bilbao Vizcaya Argentaria SA - ADR | 213029 | 3862216  |
| Banco Bradesco SA - ADR | 305215 | 949219  |
| Banco de Chile - ADR | 14900 | 428077  |
| Banco do Brasil SA - ADR | 131579 | 517105  |
| Banco Santander Chile - ADR | 28000 | 673120  |
| Banco Santander SA - ADR | 813529 | 7752931  |
| Bank Central Asia Tbk PT - ADR | 6763 | 82712  |
| Bank Mandiri Persero Tbk PT - ADR | 8143 | 92912  |
| Bank of China Ltd. - ADR | 141503 | 1936469  |
| Bank Rakyat Indonesia Persero Tbk PT - ADR | 11765 | 143062  |
| Barclays PLC - ADR | 341239 | 6698522  |
| BNP Paribas SA - ADR | 125211 | 5635747  |
| CaixaBank SA - ADR | 107226 | 352666  |
| China Construction Bank Corp. - ADR | 264380 | 5105178  |
| China Merchants Bank Co. Ltd. - ADR<sup>(b)</sup> | 19687 | 607935  |

---

The accompanying notes are an integral part of these financial statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Commerzbank AG - ADR | 2444 | $93288  |
| Commonwealth Bank of Australia - ADR | 31301 | 3486305  |
| Credit Agricole SA - ADR | 24583 | 223705  |
| DBS Group Holdings Ltd. - ADR | 20219 | 3181257  |
| DNB Bank ASA - ADR | 905 | 23738  |
| Erste Group Bank AG - ADR | 18108 | 862394  |
| Eurobank Ergasias Services and Holdings SA - ADR | 138671 | 247666  |
| Grupo Cibest SA - ADR | 41588 | 2098531  |
| Grupo Financiero Banorte SAB de CV - ADR | 5886 | 268872  |
| Grupo Financiero Galicia SA - ADR<sup>(b)</sup> | 16333 | 641560  |
| HDFC Bank Ltd. - ADR | 152955 | 10884278  |
| HSBC Holdings PLC - ADR<sup>(b)</sup> | 84572 | 5452357  |
| ICICI Bank Ltd. - ADR | 215606 | 6843334  |
| Industrial & Commercial Bank of China Ltd. - ADR | 141225 | 2068381  |
| ING Groep NV - ADR | 150757 | 3592539  |
| Intesa Sanpaolo SpA - ADR | 117028 | 4422488  |
| Itau Unibanco Holding SA - ADR | 381738 | 2725609  |
| Kasikornbank PCL - ADR | 8836 | 181668  |
| KB Financial Group, Inc. - ADR | 24844 | 1954229  |
| Lloyds Banking Group PLC - ADR | 541859 | 2340831  |
| Mitsubishi UFJ Financial Group, Inc. - ADR<sup>(b)</sup> | 326673 | 4994830  |
| Mizuho Financial Group, Inc. - ADR | 498794 | 3292040  |
| National Australia Bank Ltd. - ADR<sup>(b)</sup> | 29349 | 410593  |
| NatWest Group PLC - ADR<sup>(a)</sup> | 192518 | 2687551  |
| Nordea Bank Abp - ADR | 17751 | 272300  |
| Oversea-Chinese Banking Corp. Ltd. - ADR | 4816 | 125168  |
| Shinhan Financial Group Co. Ltd. - ADR | 44962 | 2123555  |
| Societe Generale SA - ADR | 222940 | 2759997  |
| Standard Bank Group Ltd. - ADR | 32356 | 460814  |
| Standard Chartered PLC - ADR<sup>(b)</sup> | 71281 | 2690145  |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 171009 | 2807968  |
| Svenska Handelsbanken AB - ADR | 6812 | 43454  |
| Swedbank AB - ADR | 1071 | 30192  |
| UniCredit SpA - ADR | 49159 | 1899995  |
| United Overseas Bank Ltd. - ADR | 26002 | 1426210  |
| Woori Financial Group, Inc. - ADR | 29377 | 1579601  |
|  |  | 115093525  |
| **Capital Goods — 9.8%** |  |  |
| ABB Ltd. - ADR | 60216 | 4040494  |
| Airbus SE - ADR | 71411 | 3724084  |
| Alfa Laval AB - ADR | 380 | 17294  |

---

The accompanying notes are an integral part of these financial statements.

96<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Goods — continued** | **Capital Goods — continued** | **Capital Goods — continued** |
| Alstom SA - ADR<sup>(a)</sup> | 1633848 | $3839543  |
| Ashtead Group PLC - ADR | 2402 | 715438  |
| Assa Abloy AB - ADR | 227212 | 3998931  |
| Astra International Tbk PT - ADR<sup>(b)</sup> | 57576 | 389214  |
| Atlas Copco AB - ADR | 37656 | 600990  |
| Atlas Copco AB - ADR | 14814 | 209707  |
| BAE Systems PLC - ADR | 18227 | 1717712  |
| Bunzl PLC - ADR | 5635 | 95401  |
| Cie de Saint-Gobain SA - ADR | 171594 | 3711578  |
| CK Hutchison Holdings Ltd. - ADR | 256006 | 1692200  |
| Daifuku Co. Ltd. - ADR | 3163 | 49691  |
| Daikin Industries Ltd. - ADR | 130985 | 1634693  |
| Daimler Truck Holding AG - ADR | 52991 | 1244759  |
| Diploma PLC - ADR | 8351 | 2468514  |
| Embraer SA - ADR<sup>(b)</sup> | 21886 | 1232838  |
| Epiroc AB - ADR | 2066 | 43179  |
| FANUC Corp. - ADR | 254001 | 3549664  |
| Geberit AG - ADR | 4227 | 310135  |
| Hitachi Ltd. - ADR | 120920 | 3286606  |
| IMCD NV - ADR | 17285 | 970898  |
| ITOCHU Corp. - ADR | 19788 | 2239012  |
| Jardine Matheson Holdings Ltd. - ADR | 665 | 40226  |
| Kawasaki Heavy Industries Ltd. - ADR | 1600 | 38784  |
| Kingspan Group PLC - ADR | 878 | 67738  |
| Komatsu Ltd. - ADR | 44451 | 1508222  |
| Kone Oyj - ADR | 27031 | 848503  |
| Kubota Corp. - ADR | 4827 | 279966  |
| Legrand SA - ADR | 17341 | 527860  |
| Leonardo SpA - ADR | 16253 | 459310  |
| Marubeni Corp. - ADR | 1712 | 389343  |
| Mitsubishi Corp. - ADR | 23272 | 525482  |
| Mitsubishi Electric Corp. - ADR | 44498 | 2127894  |
| Mitsubishi Heavy Industries Ltd. - ADR | 61230 | 1542078  |
| Mitsui & Co. Ltd. - ADR | 3925 | 1809464  |
| MonotaRO Co. Ltd. - ADR | 2562 | 44092  |
| NIDEC CORP - ADR | 106836 | 582256  |
| Prysmian SpA - ADR | 6265 | 274407  |
| Rheinmetall AG - ADR | 6564 | 2518016  |
| Rolls-Royce Holdings PLC - ADR | 451796 | 6528452  |
| Saab AB - ADR | 9849 | 278628  |
| Safran SA - ADR | 21239 | 1757527  |

---

The accompanying notes are an integral part of these financial statements.

97<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Goods — continued** | **Capital Goods — continued** | **Capital Goods — continued** |
| Sandvik AB - ADR | 1780 | $45025  |
| Schneider Electric SE - ADR | 79101 | 3886825  |
| Siemens AG - ADR | 65023 | 9030394  |
| Siemens Energy AG - ADR<sup>(a)</sup> | 16015 | 1699191  |
| SMC Corp. - ADR | 158962 | 2430529  |
| Smiths Group PLC - ADR<sup>(b)</sup> | 5229 | 170518  |
| Sumitomo Corp. - ADR | 23163 | 649259  |
| Techtronic Industries Co. Ltd. - ADR | 3101 | 201844  |
| Thales SA - ADR | 4029 | 211442  |
| VAT Group AG - ADR | 29704 | 970875  |
| Vestas Wind Systems AS - ADR | 26013 | 171166  |
| Vinci SA - ADR | 28733 | 975198  |
| Volvo AB - ADR | 70747 | 2173631  |
|  |  | 86546720  |
| **Commercial & Professional Services — 2.2%** |  |  |
| Brambles Ltd. - ADR | 52041 | 1766272  |
| Bureau Veritas SA - ADR | 641 | 38672  |
| Computershare Ltd. - ADR | 72464 | 1807977  |
| Experian PLC - ADR | 66298 | 3426944  |
| Kanzhun Ltd. - ADR<sup>(a)</sup> | 12954 | 305973  |
| Recruit Holdings Co. Ltd. - ADR | 318884 | 3644844  |
| RELX PLC - ADR<sup>(b)</sup> | 111254 | 5192224  |
| Rentokil Initial PLC - ADR<sup>(b)</sup> | 53826 | 1328964  |
| Secom Co. Ltd. - ADR | 4714 | 43237  |
| SGS SA - ADR | 7884 | 79967  |
| Wolters Kluwer NV - ADR | 16213 | 2039271  |
|  |  | 19674345  |
| **Consumer Discretionary Distribution & Retail — 4.8%** |  |  |
| Alibaba Group Holding Ltd. - ADR | 134511 | 18158985  |
| ATRenew, Inc. - ADR<sup>(a)</sup> | 55213 | 260605  |
| Baozun, Inc. - ADR<sup>(a)</sup> | 16158 | 54776  |
| Cango, Inc. - ADR<sup>(a)</sup> | 5699 | 27184  |
| D-MARKET Elektronik Hizmetler ve Ticaret AS - ADR<sup>(a)</sup> | 9309 | 25693  |
| Fast Retailing Co. Ltd. - ADR | 73927 | 2305413  |
| Industria de Diseno Textil SA - ADR | 329092 | 4077450  |
| JD.com, Inc. - ADR | 123456 | 3835778  |
| Kingfisher PLC - ADR | 37529 | 260826  |
| MINISO Group Holding Ltd. - ADR<sup>(b)</sup> | 1255 | 31187  |
| Naspers Ltd. - ADR | 3849 | 253264  |
| Nitori Holdings Co. Ltd. - ADR | 5518 | 50600  |
| Pan Pacific International Holdings Corp. - ADR | 1843 | 66293  |

---

The accompanying notes are an integral part of these financial statements.

98<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Discretionary Distribution & Retail — continued** | **Consumer Discretionary Distribution & Retail — continued** | **Consumer Discretionary Distribution & Retail — continued** |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 42559 | $5116443  |
| Prosus NV - ADR | 327831 | 4038878  |
| Sea Ltd. - ADR<sup>(a)</sup> | 11116 | 2073579  |
| Vipshop Holdings Ltd. - ADR | 84242 | 1410211  |
| Wesfarmers Ltd. - ADR<sup>(b)</sup> | 1272 | 38160  |
|  |  | 42085325  |
| **Consumer Durables & Apparel — 3.5%** |  |  |
| adidas AG - ADR | 7061 | 687035  |
| ANTA Sports Products Ltd. - ADR | 2035 | 653072  |
| Asics Corp. - ADR | 2551 | 68673  |
| Berkeley Group Holdings PLC - ADR | 70620 | 690664  |
| Cie Financiere Richemont SA - ADR | 206103 | 3602680  |
| Haier Smart Home Co. Ltd. - ADR | 47761 | 650027  |
| Hermes International SCA - ADR | 8662 | 2121324  |
| Kering SA - ADR<sup>(b)</sup> | 192084 | 5159376  |
| LVMH Moet Hennessy Louis Vuitton SE - ADR<sup>(b)</sup> | 59743 | 7053856  |
| Panasonic Holdings Corp. - ADR | 39862 | 404201  |
| Sekisui House Ltd. - ADR | 41486 | 936339  |
| Shimano, Inc. - ADR | 78140 | 866026  |
| Sony Group Corp. - ADR<sup>(b)</sup> | 276964 | 7622049  |
|  |  | 30515322  |
| **Consumer Services — 2.3%** |  |  |
| Amadeus IT Group SA - ADR<sup>(b)</sup> | 5375 | 450909  |
| Atour Lifestyle Holdings Ltd. - ADR | 19660 | 765167  |
| Carnival Corp.<sup>(a)</sup> | 68136 | 2172857  |
| Carnival PLC - ADR<sup>(a)</sup> | 38205 | 1110619  |
| Compass Group PLC - ADR | 53533 | 1819587  |
| Evolution AB - ADR | 3175 | 274892  |
| Galaxy Entertainment Group Ltd. - ADR | 686 | 18138  |
| InterContinental Hotels Group PLC - ADR<sup>(b)</sup> | 26905 | 3299629  |
| Luckin Coffee, Inc. - ADR<sup>(a)</sup> | 21042 | 782762  |
| Meituan - ADR<sup>(a)(b)</sup> | 134843 | 3586824  |
| Melco Resorts & Entertainment Ltd. - ADR<sup>(a)</sup> | 16870 | 167688  |
| New Oriental Education & Technology Group, Inc. - ADR | 6280 | 301314  |
| Oriental Land Co. Ltd. - ADR | 19732 | 468832  |
| Pearson PLC - ADR<sup>(b)</sup> | 104904 | 1528451  |
| Quantasing Group Ltd. - ADR | 11164 | 90540  |
| TAL Education Group - ADR<sup>(a)</sup> | 43865 | 465846  |
| Trip.com Group Ltd. - ADR | 42218 | 3113578  |
| Youdao, Inc. - ADR<sup>(a)</sup> | 6908 | 61965  |
|  |  | 20479598  |

---

The accompanying notes are an integral part of these financial statements.

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Staples Distribution & Retail — 0.7%** |  |  |
| Carrefour SA - ADR | 5197 | $15331  |
| Clicks Group Ltd. - ADR | 49430 | 2094843  |
| DingDong Cayman Ltd. - ADR<sup>(a)</sup> | 55664 | 114668  |
| J Sainsbury PLC - ADR | 1790 | 29786  |
| Koninklijke Ahold Delhaize NV - ADR | 28915 | 1158046  |
| Marks & Spencer Group PLC - ADR | 2722 | 25396  |
| Seven & i Holdings Co. Ltd. - ADR | 23712 | 306596  |
| Tesco PLC - ADR | 140064 | 2430811  |
| Wal-Mart de Mexico SAB de CV - ADR | 5329 | 159230  |
|  |  | 6334707  |
| **Energy — 3.4%** |  |  |
| BP PLC - ADR | 117249 | 4130682  |
| Ecopetrol SA - ADR<sup>(b)</sup> | 131409 | 1235245  |
| Eni SpA - ADR<sup>(b)</sup> | 102380 | 3662133  |
| Equinor ASA - ADR | 56381 | 1387536  |
| Inpex Corp. - ADR<sup>(b)</sup> | 78713 | 1329463  |
| Petroleo Brasileiro SA - Petrobras - ADR | 148862 | 1845889  |
| Petroleo Brasileiro SA - Petrobras - ADR<sup>(b)</sup> | 259861 | 2980606  |
| Repsol SA - ADR | 5941 | 97789  |
| Shell PLC - ADR | 77760 | 5744909  |
| Tenaris SA - ADR<sup>(b)</sup> | 23432 | 848004  |
| TotalEnergies SE - ADR<sup>(b)</sup> | 70226 | 4406681  |
| Transportadora de Gas del Sur SA - ADR | 6189 | 168093  |
| Ultrapar Participacoes SA - ADR | 15725 | 57396  |
| Vista Energy SAB de CV - ADR<sup>(a)(b)</sup> | 6384 | 248848  |
| Woodside Energy Group Ltd. - ADR<sup>(b)</sup> | 82260 | 1413227  |
| YPF SA - ADR<sup>(a)(b)</sup> | 23227 | 707727  |
|  |  | 30264228  |
| **Financial Services — 3.1%** |  |  |
| 3i Group PLC - ADR | 190934 | 2619615  |
| Adyen NV - ADR<sup>(a)</sup> | 82563 | 1385407  |
| AMTD IDEA Group - ADR<sup>(a)</sup> | 25045 | 26047  |
| Deutsche Bank AG<sup>(b)</sup> | 107972 | 3793056  |
| Deutsche Boerse AG - ADR<sup>(b)</sup> | 34012 | 1001653  |
| FinVolution Group - ADR | 69784 | 575718  |
| Futu Holdings Ltd. - ADR | 2477 | 459731  |
| Hong Kong Exchanges & Clearing Ltd. - ADR<sup>(b)</sup> | 75858 | 4443762  |
| Kaspi.KZ JSC - ADR | 4859 | 456552  |
| LexinFintech Holdings Ltd. - ADR | 81323 | 513961  |
| London Stock Exchange Group PLC - ADR<sup>(b)</sup> | 93184 | 2926910  |
| Lufax Holding Ltd. - ADR<sup>(a)</sup> | 73413 | 215834  |

---

The accompanying notes are an integral part of these financial statements.

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Macquarie Group Ltd. - ADR | 1336 | $196713  |
| Noah Holdings Ltd. - ADR | 18653 | 232230  |
| Nomura Holdings, Inc. - ADR | 195133 | 1403006  |
| ORIX Corp. - ADR | 108273 | 2806436  |
| Qfin Holdings, Inc. - ADR | 44877 | 1306818  |
| Qudian, Inc. - ADR<sup>(a)</sup> | 14263 | 65039  |
| UBS Group AG | 60716 | 2460212  |
| Up Fintech Holding Ltd. - ADR<sup>(a)</sup> | 20096 | 251200  |
| X Financial - ADR | 11290 | 171608  |
|  |  | 27311508  |
| **Food, Beverage & Tobacco — 3.7%** |  |  |
| Ambev SA - ADR | 1153126 | 2583002  |
| Anheuser-Busch InBev SA/NV - ADR<sup>(b)</sup> | 47448 | 2973566  |
| Associated British Foods PLC - ADR | 10906 | 323254  |
| BRF SA - ADR<sup>(b)</sup> | 123208 | 470655  |
| British American Tobacco PLC - ADR | 66714 | 3795359  |
| Carlsberg AS - ADR<sup>(b)</sup> | 1321 | 32219  |
| Cia Cervecerias Unidas SA - ADR<sup>(b)</sup> | 53429 | 660917  |
| Coca-Cola Femsa SAB de CV - ADR | 15555 | 1322019  |
| Cresud SACIF y A - ADR | 22142 | 224077  |
| Danone SA - ADR | 67566 | 1132136  |
| Diageo PLC - ADR<sup>(b)</sup> | 40702 | 4551705  |
| Embotelladora Andina SA - ADR | 1371 | 26734  |
| Embotelladora Andina SA - ADR | 17778 | 424539  |
| Fomento Economico Mexicano SAB de CV - ADR | 5255 | 455293  |
| Heineken NV - ADR<sup>(b)</sup> | 59061 | 2384470  |
| Imperial Brands PLC - ADR | 37342 | 1579193  |
| Japan Tobacco, Inc. - ADR | 1791 | 28405  |
| Nestle SA - ADR | 78232 | 7363196  |
| Orkla ASA - ADR | 2624 | 29467  |
| Pernod Ricard SA - ADR<sup>(b)</sup> | 58597 | 1341403  |
| RLX Technology, Inc. - ADR | 21266 | 54016  |
| Suntory Beverage & Food Ltd. - ADR | 835 | 12876  |
| WH Group Ltd. - ADR | 41131 | 886784  |
| Wilmar International Ltd. - ADR | 1936 | 44354  |
|  |  | 32699639  |
| **Health Care Equipment & Services — 2.1%** |  |  |
| Brainsway Ltd. - ADR<sup>(a)</sup> | 20113 | 312958  |
| Coloplast AS - ADR | 122109 | 1177131  |
| EssilorLuxottica SA - ADR | 34474 | 5257285  |
| Fresenius Medical Care AG - ADR<sup>(b)</sup> | 71201 | 1829866  |

---

The accompanying notes are an integral part of these financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Services — continued** | **Health Care Equipment & Services — continued** | **Health Care Equipment & Services — continued** |
| Fresenius SE & Co. KGaA - ADR | 2034 | $27778  |
| Hoya Corp. - ADR | 21417 | 2773502  |
| Koninklijke Philips NV<sup>(b)</sup> | 76401 | 2107139  |
| M3, Inc. - ADR | 217995 | 1600083  |
| Siemens Healthineers AG - ADR | 2120 | 58618  |
| Smith & Nephew PLC - ADR<sup>(b)</sup> | 61590 | 2306545  |
| Sonic Healthcare Ltd. - ADR<sup>(b)</sup> | 1432 | 22454  |
| Sonova Holding AG - ADR | 6025 | 351619  |
| Sysmex Corp. - ADR | 15 | 189  |
| Terumo Corp. - ADR | 57649 | 1035953  |
|  |  | 18861120  |
| **Household & Personal Products — 1.7%** |  |  |
| Henkel AG & Co. KGaA - ADR | 111556 | 2145780  |
| Henkel AG & Co. KGaA - ADR<sup>(b)</sup> | 9872 | 209188  |
| Kao Corp. - ADR | 63076 | 569576  |
| L'Oreal SA - ADR<sup>(b)</sup> | 35220 | 3277925  |
| Reckitt Benckiser Group PLC - ADR | 282628 | 4253551  |
| Unicharm Corp. - ADR | 18895 | 62165  |
| Unilever PLC - ADR<sup>(b)</sup> | 71885 | 4543132  |
| Yatsen Holding Ltd. - ADR<sup>(a)</sup> | 9308 | 86937  |
|  |  | 15148254  |
| **Insurance — 4.0%** |  |  |
| AIA Group Ltd. - ADR<sup>(b)</sup> | 122787 | 4663450  |
| Allianz SE - ADR | 176473 | 7463396  |
| Aon PLC - Class A | 7375 | 2706625  |
| Aviva PLC - ADR<sup>(b)</sup> | 912 | 16416  |
| AXA SA - ADR | 13638 | 636281  |
| Generali - ADR | 704 | 13763  |
| Gjensidige Forsikring ASA - ADR | 79689 | 2210573  |
| MS&AD Insurance Group Holdings, Inc. - ADR<sup>(b)</sup> | 59763 | 1390087  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen - ADR<sup>(b)</sup> | 113445 | 1445289  |
| NN Group NV - ADR | 1368 | 47046  |
| Ping An Insurance Group Co. of China Ltd. - ADR | 146763 | 2128064  |
| Prudential PLC - ADR | 107674 | 2864129  |
| Sanlam Ltd. - ADR | 35292 | 370566  |
| Sompo Holdings, Inc. - ADR | 125996 | 2010896  |
| Swiss Re AG - ADR<sup>(b)</sup> | 25571 | 1160156  |
| Tokio Marine Holdings, Inc. - ADR | 66934 | 2878162  |
| Zurich Insurance Group AG - ADR | 78825 | 2879477  |
|  |  | 34884376  |

---

The accompanying notes are an integral part of these financial statements.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Materials — 4.8%** |  |  |
| Air Liquide SA - ADR | 117344 | $4851001  |
| Akzo Nobel NV - ADR<sup>(b)</sup> | 106688 | 2467693  |
| Anglo American PLC - ADR | 52940 | 812629  |
| Anhui Conch Cement Co. Ltd. - ADR | 29387 | 463139  |
| ArcelorMittal SA<sup>(b)</sup> | 56784 | 1894314  |
| Barrick Mining Corp.<sup>(b)</sup> | 39677 | 1056599  |
| BASF SE - ADR<sup>(b)</sup> | 83093 | 1104306  |
| BHP Group Ltd. - ADR<sup>(b)</sup> | 64760 | 3611665  |
| Cemex SAB de CV - ADR | 246470 | 2240412  |
| Cia de Minas Buenaventura SAA - ADR | 44013 | 842409  |
| DRDGOLD Ltd. - ADR | 29624 | 547452  |
| Fortescue Ltd. - ADR<sup>(b)</sup> | 31022 | 781754  |
| Gerdau SA - ADR | 124668 | 383977  |
| Givaudan SA - ADR | 13896 | 1172822  |
| Glencore PLC - ADR | 202544 | 1591996  |
| Gold Fields Ltd. - ADR | 65198 | 2182829  |
| Harmony Gold Mining Co. Ltd. - ADR | 48308 | 641530  |
| Heidelberg Materials AG - ADR<sup>(b)</sup> | 43942 | 2073623  |
| Holcim AG<sup>(a)</sup> | 98284 | 1641343  |
| Impala Platinum Holdings Ltd. - ADR<sup>(a)</sup> | 27308 | 247547  |
| Loma Negra Cia Industrial Argentina SA - ADR<sup>(a)</sup> | 16124 | 150114  |
| Nippon Steel Corp. - ADR | 73667 | 520826  |
| Nitto Denko Corp. - ADR | 1544 | 34740  |
| Norsk Hydro ASA - ADR | 4991 | 32467  |
| Novonesis Novozymes B - ADR | 416 | 26707  |
| POSCO Holdings, Inc. - ADR<sup>(b)</sup> | 10944 | 564601  |
| Rio Tinto PLC - ADR | 31547 | 1978628  |
| Sasol Ltd. - ADR<sup>(a)(b)</sup> | 49562 | 334048  |
| Shin-Etsu Chemical Co. Ltd. - ADR | 138452 | 2111393  |
| Sibanye Stillwater Ltd. - ADR<sup>(a)(b)</sup> | 35128 | 265919  |
| Sika AG - ADR | 3031 | 70016  |
| Smurfit WestRock PLC | 16408 | 777083  |
| Sociedad Quimica y Minera de Chile SA - ADR<sup>(a)(b)</sup> | 8340 | 379553  |
| South32 Ltd. - ADR | 15 | 133  |
| Symrise AG - ADR | 1360 | 32858  |
| Ternium SA - ADR | 7755 | 257156  |
| UPM-Kymmene Oyj - ADR<sup>(b)</sup> | 5069 | 144365  |
| Vale SA - ADR<sup>(b)</sup> | 413256 | 4248272  |
| Valterra Platinum Ltd. - ADR | 24997 | 191352  |
|  |  | 42729271  |

---

The accompanying notes are an integral part of these financial statements.

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media & Entertainment — 5.2%** |  |  |
| Auto Trader Group PLC - ADR | 763829 | $2039423  |
| Autohome, Inc. - ADR | 6615 | 191041  |
| Baidu, Inc. - ADR<sup>(a)(b)</sup> | 11247 | 1071839  |
| Bilibili, Inc. - ADR<sup>(a)(b)</sup> | 17100 | 397746  |
| Criteo SA - ADR<sup>(a)</sup> | 24740 | 614294  |
| DouYu International Holdings Ltd. - ADR | 8487 | 65520  |
| Grupo Televisa SAB - ADR | 82442 | 230013  |
| Hello Group, Inc. - ADR | 73636 | 611179  |
| iQIYI, Inc. - ADR<sup>(a)</sup> | 11373 | 30138  |
| JOYY, Inc. - ADR | 28029 | 1515248  |
| LY Corp. - ADR | 2753 | 17344  |
| NetEase, Inc. - ADR | 27671 | 3768513  |
| Nintendo Co. Ltd. - ADR | 175304 | 3916291  |
| Publicis Groupe SA - ADR<sup>(b)</sup> | 12996 | 299818  |
| Sohu.com Ltd. - ADR<sup>(a)</sup> | 5234 | 84137  |
| Tencent Holdings Ltd. - ADR | 330902 | 25674686  |
| Tencent Music Entertainment Group - ADR | 53657 | 1315670  |
| Trivago NV - ADR<sup>(a)</sup> | 158 | 531  |
| Universal Music Group NV - ADR | 147998 | 2086772  |
| Weibo Corp. - ADR<sup>(b)</sup> | 93597 | 1072622  |
| WPP PLC - ADR | 3691 | 97959  |
| Yalla Group Ltd. - ADR<sup>(a)</sup> | 29207 | 228691  |
| Zhihu, Inc. - ADR<sup>(a)</sup> | 16563 | 79502  |
|  |  | 45408977  |
| **Pharmaceuticals, Biotechnology & Life Sciences — 8.0%** |  |  |
| Argenx SE - ADR<sup>(a)</sup> | 1943 | 1383805  |
| Ascendis Pharma AS - ADR<sup>(a)</sup> | 2100 | 407967  |
| Astellas Pharma, Inc. - ADR | 15393 | 168553  |
| AstraZeneca PLC - ADR | 141353 | 11294105  |
| AstraZeneca PLC<sup>(a)(c)</sup> | 14065 | 2813  |
| Bayer AG - ADR | 82173 | 675462  |
| Belite Bio, Inc. - ADR<sup>(a)</sup> | 1778 | 112067  |
| BeOne Medicines Ltd. - ADR<sup>(a)(b)</sup> | 6842 | 2093994  |
| BioNTech SE - ADR<sup>(a)</sup> | 693 | 69300  |
| Chugai Pharmaceutical Co. Ltd. - ADR | 42910 | 939300  |
| CSL Ltd. - ADR | 32408 | 2246847  |
| Daiichi Sankyo Co. Ltd. - ADR | 38378 | 916850  |
| Dr Reddy's Laboratories Ltd. - ADR<sup>(b)</sup> | 118369 | 1680840  |
| Galapagos NV - ADR<sup>(a)(b)</sup> | 13741 | 432017  |
| Genmab AS - ADR<sup>(a)</sup> | 26712 | 664327  |
| Grifols SA - ADR<sup>(b)</sup> | 74310 | 740871  |

---

The accompanying notes are an integral part of these financial statements.

104<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals, Biotechnology & Life Sciences — continued** | **Pharmaceuticals, Biotechnology & Life Sciences — continued** | **Pharmaceuticals, Biotechnology & Life Sciences — continued** |
| GSK PLC - ADR<sup>(b)</sup> | 126265 | $5008933  |
| Haleon PLC - ADR<sup>(b)</sup> | 320019 | 3136186  |
| I-Mab - ADR<sup>(a)</sup> | 8116 | 33763  |
| Legend Biotech Corp. - ADR<sup>(a)</sup> | 1079 | 37474  |
| Lonza Group AG - ADR | 17291 | 1224894  |
| Merck KGaA - ADR<sup>(b)</sup> | 20987 | 533489  |
| Mereo Biopharma Group PLC - ADR<sup>(a)</sup> | 27653 | 47287  |
| Mesoblast Ltd. - ADR<sup>(a)(b)</sup> | 4994 | 69067  |
| Novartis AG - ADR<sup>(b)</sup> | 48987 | 6199305  |
| Novo Nordisk AS - ADR<sup>(b)</sup> | 121141 | 6839621  |
| Otsuka Holdings Co. Ltd. - ADR | 2983 | 78125  |
| Roche Holding AG - ADR<sup>(b)</sup> | 269651 | 10993671  |
| Sandoz Group AG - ADR | 13086 | 822978  |
| Sanofi SA - ADR | 125753 | 6222258  |
| Sartorius AG - ADR | 19960 | 932332  |
| Shionogi & Co. Ltd. - ADR | 2054 | 17685  |
| Takeda Pharmaceutical Co. Ltd. - ADR<sup>(b)</sup> | 203140 | 3045069  |
| Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 39367 | 723565  |
| UCB SA - ADR | 3343 | 391566  |
| Wuxi Biologics Cayman, Inc. - ADR<sup>(a)</sup> | 25731 | 218662  |
| Zai Lab Ltd. - ADR<sup>(a)(b)</sup> | 9595 | 317594  |
|  |  | 70722642  |
| **Real Estate Management & Development — 0.5%** |  |  |
| Daiwa House Industry Co. Ltd. - ADR | 44201 | 1563389  |
| IRSA Inversiones y Representaciones SA - ADR | 22640 | 332808  |
| KE Holdings, Inc. - ADR<sup>(b)</sup> | 69140 | 1215481  |
| Longfor Group Holdings Ltd. - ADR | 1933 | 26289  |
| Mitsubishi Estate Co. Ltd. - ADR<sup>(b)</sup> | 1323 | 28114  |
| Mitsui Fudosan Co. Ltd. - ADR | 1520 | 48382  |
| Sun Hung Kai Properties Ltd. - ADR | 103692 | 1225639  |
| Vonovia SE - ADR | 2590 | 41829  |
|  |  | 4481931  |
| **Semiconductors & Semiconductor Equipment — 10.9%** |  |  |
| Advantest Corp. - ADR | 26755 | 2051306  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 2765 | 382427  |
| ASE Technology Holding Co. Ltd. - ADR<sup>(b)</sup> | 145756 | 1444442  |
| ASM International NV | 562 | 269760  |
| ASML Holding NV<sup>(b)</sup> | 13939 | 10351380  |
| Disco Corp. - ADR<sup>(b)</sup> | 24021 | 658656  |
| Himax Technologies, Inc. - ADR | 72775 | 592388  |
| Infineon Technologies AG - ADR | 92301 | 3785264  |

---

The accompanying notes are an integral part of these financial statements.

105<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| JinkoSolar Holding Co. Ltd. - ADR<sup>(b)</sup> | 6158 | $142065  |
| Lasertec Corp. - ADR | 5949 | 123918  |
| Renesas Electronics Corp. - ADR | 526374 | 3079288  |
| Sequans Communications SA - ADR<sup>(a)</sup> | 51199 | 45977  |
| Silicon Motion Technology Corp. - ADR | 4299 | 342544  |
| STMicroelectronics NV | 10757 | 290331  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 302073 | 69739594  |
| Tokyo Electron Ltd. - ADR | 28109 | 1917315  |
| United Microelectronics Corp. - ADR<sup>(b)</sup> | 211592 | 1392275  |
|  |  | 96608930  |
| **Software & Services — 3.0%** |  |  |
| Accenture PLC - Class A | 7076 | 1839548  |
| Agora, Inc. - ADR<sup>(a)</sup> | 25432 | 87740  |
| Capgemini SE - ADR | 82336 | 2335872  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 10803 | 2086491  |
| Dassault Systemes SE - ADR | 10687 | 332045  |
| Endava PLC - ADR<sup>(a)</sup> | 2784 | 40869  |
| Fujitsu Ltd. - ADR | 66023 | 1588051  |
| GDS Holdings Ltd. - ADR<sup>(a)(b)</sup> | 18043 | 623566  |
| Infosys Ltd. - ADR<sup>(b)</sup> | 143012 | 2405462  |
| Kingsoft Cloud Holdings Ltd. - ADR<sup>(a)(b)</sup> | 9179 | 135574  |
| Materialise NV - ADR<sup>(a)</sup> | 59116 | 302083  |
| Nice Ltd. - ADR<sup>(a)(b)</sup> | 3592 | 507729  |
| Nomura Research Institute Ltd. - ADR | 5060 | 197897  |
| Opera Ltd. - ADR | 18704 | 303940  |
| SAP SE - ADR<sup>(b)</sup> | 38930 | 10595189  |
| TOTVS SA - ADR | 107023 | 1712368  |
| Tuya, Inc. - ADR | 98517 | 262055  |
| Vnet Group, Inc. - ADR<sup>(a)(b)</sup> | 36639 | 317294  |
| Wipro Ltd. - ADR<sup>(b)</sup> | 224483 | 619573  |
| Xunlei Ltd. - ADR<sup>(a)</sup> | 42398 | 306538  |
|  |  | 26599884  |
| **Technology Hardware & Equipment — 2.0%** |  |  |
| Canon, Inc. - ADR | 10730 | 314496  |
| FUJIFILM Holdings Corp. - ADR | 65117 | 767078  |
| Halma PLC - ADR<sup>(b)</sup> | 34528 | 3072992  |
| Hexagon AB - ADR<sup>(b)</sup> | 254442 | 2819217  |
| Lenovo Group Ltd. - ADR<sup>(b)</sup> | 28500 | 816810  |
| LG Display Co. Ltd. - ADR<sup>(a)</sup> | 8655 | 38169  |
| Logitech International SA | 11661 | 1207380  |
| Murata Manufacturing Co. Ltd. - ADR | 254955 | 2062586  |

---

The accompanying notes are an integral part of these financial statements.

106<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** |
| Nokia Oyj - ADR<sup>(b)</sup> | 463908 | $1994805  |
| TDK Corp. - ADR | 66571 | 858766  |
| Telefonaktiebolaget LM Ericsson - ADR<sup>(b)</sup> | 228168 | 1795682  |
| Xiaomi Corp. - ADR<sup>(a)(b)</sup> | 57733 | 1973314  |
|  |  | 17721295  |
| **Telecommunication Services — 2.4%** |  |  |
| America Movil SAB de CV - ADR<sup>(b)</sup> | 16465 | 329135  |
| Cellnex Telecom SA - ADR | 3357 | 59419  |
| Chunghwa Telecom Co. Ltd. - ADR | 11441 | 497798  |
| Deutsche Telekom AG - ADR<sup>(b)</sup> | 138885 | 5091385  |
| KDDI Corp. - ADR | 35294 | 608822  |
| KT Corp. - ADR | 144937 | 2934974  |
| NTT, Inc. - ADR<sup>(b)</sup> | 85034 | 2244898  |
| Singapore Telecommunications Ltd. - ADR | 6428 | 215852  |
| SK Telecom Co. Ltd. - ADR | 73851 | 1590751  |
| SoftBank Corp. - ADR | 3050 | 47153  |
| SoftBank Group Corp. - ADR<sup>(b)</sup> | 70759 | 3801173  |
| Telecom Argentina SA - ADR | 8426 | 75834  |
| Telefonica SA - ADR | 247082 | 1321889  |
| Telia Co. AB - ADR | 2011 | 14912  |
| Telkom Indonesia Persero Tbk PT - ADR<sup>(b)</sup> | 16480 | 319547  |
| Telstra Group Ltd. - ADR<sup>(b)</sup> | 1808 | 29018  |
| TIM SA/Brazil - ADR<sup>(b)</sup> | 33994 | 718973  |
| Turkcell Iletisim Hizmetleri AS - ADR | 31752 | 186702  |
| VEON Ltd. - ADR<sup>(a)</sup> | 3387 | 198241  |
| Vodafone Group PLC - ADR | 99729 | 1192759  |
|  |  | 21479235  |
| **Transportation — 2.1%** |  |  |
| Aena SME SA - ADR<sup>(b)</sup> | 90256 | 1297881  |
| AP Moller - Maersk AS - ADR | 90140 | 923484  |
| Canadian Pacific Kansas City Ltd. | 30629 | 2333624  |
| Central Japan Railway Co. - ADR | 3622 | 48028  |
| Deutsche Post AG - ADR<sup>(b)</sup> | 51734 | 2355966  |
| DiDi Global, Inc. - ADR<sup>(a)</sup> | 155676 | 910705  |
| DSV AS - ADR | 12551 | 1392031  |
| East Japan Railway Co. - ADR | 2726 | 33339  |
| Full Truck Alliance Co. Ltd. - ADR | 101832 | 1328908  |
| Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 8765 | 895871  |
| Grupo Aeroportuario del Pacifico SAB de CV - ADR | 4336 | 1044976  |
| Grupo Aeroportuario del Sureste SAB de CV - ADR | 4027 | 1311634  |
| International Consolidated Airlines Group SA - ADR | 5494 | 56533  |

---

The accompanying notes are an integral part of these financial statements.

107<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| Kuehne + Nagel International AG - ADR | 10391 | $422290  |
| Latam Airlines Group SA - ADR | 18988 | 954337  |
| Nippon Yusen KK - ADR | 51425 | 371288  |
| Ryanair Holdings PLC - ADR | 24825 | 1575643  |
| ZTO Express Cayman, Inc. - ADR | 54268 | 987678  |
|  |  | 18244216  |
| **Utilities — 2.0%** |  |  |
| Centrais Eletricas Brasileiras SA - ADR<sup>(b)</sup> | 4371 | 36017  |
| Central Puerto SA - ADR | 5359 | 57234  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | 96996 | 2196959  |
| Cia Energetica de Minas Gerais - ADR | 429619 | 872127  |
| Cia Energetica de Minas Gerais - ADR | 32292 | 87805  |
| Cia Paranaense de Energia - Copel - ADR | 8198 | 74274  |
| CLP Holdings Ltd. - ADR | 133 | 1113  |
| E.ON SE - ADR<sup>(b)</sup> | 47516 | 851487  |
| Empresa Distribuidora Y Comercializadora Norte - ADR<sup>(a)(b)</sup> | 7376 | 158363  |
| Enel Chile SA - ADR | 125476 | 437911  |
| Enel SpA - ADR | 562626 | 5164907  |
| Iberdrola SA - ADR | 47879 | 3608640  |
| Korea Electric Power Corp. - ADR | 7206 | 95191  |
| National Grid PLC - ADR | 42378 | 2990615  |
| Orsted AS - ADR<sup>(a)</sup> | 856 | 8654  |
| Pampa Energia SA - ADR<sup>(a)</sup> | 7477 | 504922  |
| RWE AG - ADR | 7282 | 291644  |
| SSE PLC - ADR | 4023 | 94943  |
| Veolia Environnement SA - ADR | 4614 | 76085  |
|  |  | 17608891  |
| **Total Common Stocks (Cost $764,397,992)** | **Total Common Stocks (Cost $764,397,992)** | **870798650**  |
| **Exchange Traded Funds — 0.5%** |  |  |
| Vanguard FTSE Emerging Markets ETF<sup>(b)</sup> | 84900 | 4374897  |
| **Total Exchange Traded Funds(Cost $4,389,452)** | **Total Exchange Traded Funds(Cost $4,389,452)** | **4374897**  |
|  | **Units** |  |
| **Short-Term Investments — 18.0%** |  |  |
| **Investments Purchased with Collateral from Securities Lending — 17.9%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup> | 157816247 | 157816247  |

---

The accompanying notes are an integral part of these financial statements.

108<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Money Market Funds — 0.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(d)</sup> | 6513801 | $6513801  |
| **Total Short-Term Investments (Cost $164,330,048)** |  | **164330048**  |
| **Total Investments — 117.6% (Cost $933,117,492)** |  | **$1039503595**  |
| Liabilities in Excess of Other Assets — (17.6)% |  | (155445991)  |
| **TOTAL NET ASSETS — 100.0%** |  | **$884057604** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

JSC - Public Joint Stock Company

LLC - Limited Liability Company

PCL - Public Company Limited

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $153,379,666.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,813 or 0.0% of net assets as of August 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

The accompanying notes are an integral part of these financial statements.

109<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 92.9%**  | **COMMON STOCKS — 92.9%**  | **COMMON STOCKS — 92.9%**  |
| **Automobiles & Components — 1.6%**  | **Automobiles & Components — 1.6%**  | **Automobiles & Components — 1.6%**  |
| General Motors Co. | 35596 | $2085570  |
| Tesla, Inc.<sup>(a)</sup> | 91011 | 30385842  |
|  |  | 32471412  |
| **Banks — 2.9%**  | **Banks — 2.9%**  | **Banks — 2.9%**  |
| Bank of America Corp. | 113327 | 5750212  |
| Citigroup, Inc. | 104686 | 10109527  |
| Citizens Financial Group, Inc. | 10887 | 569172  |
| Huntington Bancshares, Inc./OH | 17965 | 319957  |
| JPMorgan Chase & Co. | 99753 | 30067549  |
| M&T Bank Corp. | 8828 | 1780254  |
| PNC Financial Services Group, Inc. | 6224 | 1291107  |
| Regions Financial Corp. | 19548 | 535420  |
| US Bancorp | 14428 | 704519  |
| Wells Fargo & Co. | 98717 | 8112563  |
|  |  | 59240280  |
| **Capital Goods — 7.0%**  | **Capital Goods — 7.0%**  | **Capital Goods — 7.0%**  |
| 3M Co. | 21925 | 3409995  |
| AerCap Holdings NV | 68754 | 8491119  |
| Armstrong World Industries, Inc. | 35245 | 6899914  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1404 | 1049195  |
| Boeing Co.<sup>(a)</sup> | 14758 | 3463407  |
| Carrier Global Corp. | 20724 | 1351205  |
| Caterpillar, Inc. | 17215 | 7213774  |
| Cummins, Inc. | 24067 | 9589255  |
| Deere & Co. | 7631 | 3652502  |
| Dover Corp. | 28293 | 5060486  |
| Eaton Corp. PLC | 7557 | 2638451  |
| Emerson Electric Co. | 33514 | 4423848  |
| Fastenal Co. | 33367 | 1657005  |
| Ferguson Enterprises, Inc. | 2764 | 638899  |
| GE Vernova, Inc. | 6666 | 4086058  |
| General Dynamics Corp. | 8297 | 2692957  |
| General Electric Co. | 20311 | 5589587  |
| Honeywell International, Inc. | 14551 | 3193944  |
| Howmet Aerospace, Inc. | 11096 | 1931814  |
| Johnson Controls International PLC | 49533 | 5294582  |
| L3Harris Technologies, Inc. | 28374 | 7877190  |
| Lockheed Martin Corp. | 3108 | 1416098  |
| Masco Corp. | 46467 | 3410213  |
| Northrop Grumman Corp. | 4141 | 2443356  |
| Otis Worldwide Corp. | 9641 | 832790  |

---

The accompanying notes are an integral part of these financial statements.

110<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Capital Goods — continued**  | **Capital Goods — continued**  | **Capital Goods — continued**  |
| PACCAR, Inc. | 10889 | $1088682  |
| Parker-Hannifin Corp. | 7952 | 6038351  |
| Quanta Services, Inc. | 2739 | 1035232  |
| Raytheon Technologies Corp. | 48051 | 7620889  |
| Rockwell Automation, Inc. | 1150 | 394944  |
| Snap-on, Inc. | 12545 | 4080136  |
| Toro Co. | 43282 | 3508439  |
| Trane Technologies PLC | 9826 | 4083686  |
| TransDigm Group, Inc. | 859 | 1201638  |
| Trex Co., Inc.<sup>(a)(b)</sup> | 40686 | 2507478  |
| United Rentals, Inc. | 2802 | 2679665  |
| Vertiv Holdings Co. - Class A | 7976 | 1017339  |
| Westinghouse Air Brake Technologies Corp. | 25975 | 5026163  |
| WW Grainger, Inc. | 2115 | 2143552  |
|  |  | 140733838  |
| **Commercial & Professional Services — 1.4%**  | **Commercial & Professional Services — 1.4%**  | **Commercial & Professional Services — 1.4%**  |
| Automatic Data Processing, Inc. | 9112 | 2770504  |
| Broadridge Financial Solutions, Inc. | 8400 | 2147208  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 37365 | 3682694  |
| Cintas Corp. | 7626 | 1601689  |
| Copart, Inc.<sup>(a)</sup> | 4 | 195  |
| Equifax, Inc. | 1305 | 321422  |
| Leidos Holdings, Inc. | 21249 | 3844369  |
| Paychex, Inc. | 3571 | 497994  |
| Republic Services, Inc. | 20111 | 4705371  |
| SS&C Technologies Holdings, Inc. | 52623 | 4665555  |
| TransUnion | 3580 | 316472  |
| UniFirst Corp. | 13314 | 2367495  |
| Waste Management, Inc. | 6938 | 1570694  |
|  |  | 28491662  |
| **Consumer Discretionary Distribution & Retail — 5.3%**  | **Consumer Discretionary Distribution & Retail — 5.3%**  | **Consumer Discretionary Distribution & Retail — 5.3%**  |
| Amazon.com, Inc.<sup>(a)</sup> | 311854 | 71414566  |
| Best Buy Co., Inc. | 5240 | 385874  |
| Burlington Stores, Inc.<sup>(a)</sup> | 1527 | 443868  |
| Carvana Co.<sup>(a)</sup> | 2686 | 998977  |
| eBay, Inc. | 13924 | 1261654  |
| Home Depot, Inc. | 19729 | 8025165  |
| Lowe's Cos., Inc. | 24624 | 6354469  |
| Murphy USA, Inc. | 13730 | 5169345  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 9238 | 957796  |
| Ross Stores, Inc. | 18286 | 2690968  |

---

The accompanying notes are an integral part of these financial statements.

111<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Consumer Discretionary Distribution & Retail — continued**  | **Consumer Discretionary Distribution & Retail — continued**  | **Consumer Discretionary Distribution & Retail — continued**  |
| TJX Cos., Inc. | 33720 | $4606489  |
| Tractor Supply Co. | 6316 | 390076  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 10486 | 5166767  |
|  |  | 107866014  |
| **Consumer Durables & Apparel — 1.1%**  | **Consumer Durables & Apparel — 1.1%**  | **Consumer Durables & Apparel — 1.1%**  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 51792 | 6195877  |
| DR Horton, Inc. | 6842 | 1159582  |
| Garmin Ltd. | 10661 | 2578043  |
| Lennar Corp. - Class A | 2749 | 366002  |
| Lennar Corp. - Class B<sup>(b)</sup> | 6315 | 803142  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 16004 | 3236009  |
| NIKE, Inc. - Class B | 22010 | 1702913  |
| PulteGroup, Inc. | 10439 | 1378157  |
| Somnigroup International, Inc.<sup>(b)</sup> | 60123 | 5047326  |
|  |  | 22467051  |
| **Consumer Services — 2.1%**  | **Consumer Services — 2.1%**  | **Consumer Services — 2.1%**  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 4579 | 597697  |
| Booking Holdings, Inc. | 832 | 4658410  |
| Carnival Corp.<sup>(a)</sup> | 130580 | 4164196  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 22828 | 961972  |
| Churchill Downs, Inc.<sup>(b)</sup> | 51375 | 5329129  |
| Darden Restaurants, Inc. | 27646 | 5721063  |
| Domino's Pizza, Inc. | 2400 | 1099920  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 7641 | 1873955  |
| Expedia Group, Inc. | 8681 | 1864679  |
| Flutter Entertainment PLC<sup>(a)</sup> | 2572 | 790041  |
| Las Vegas Sands Corp. | 25836 | 1488929  |
| McDonald's Corp. | 13596 | 4262890  |
| Royal Caribbean Cruises Ltd. | 16410 | 5960440  |
| Starbucks Corp. | 15608 | 1376469  |
| Vail Resorts, Inc.<sup>(b)</sup> | 14716 | 2410481  |
| Yum! Brands, Inc. | 4100 | 602577  |
|  |  | 43162848  |
| **Consumer Staples Distribution & Retail — 1.7%**  | **Consumer Staples Distribution & Retail — 1.7%**  | **Consumer Staples Distribution & Retail — 1.7%**  |
| Costco Wholesale Corp. | 10010 | 9442633  |
| Dollar General Corp. | 3758 | 408720  |
| Dollar Tree, Inc.<sup>(a)</sup> | 2253 | 245960  |
| Kroger Co. | 47085 | 3194246  |
| Sysco Corp. | 42513 | 3421021  |

---

The accompanying notes are an integral part of these financial statements.

112<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Consumer Staples Distribution & Retail — continued**  | **Consumer Staples Distribution & Retail — continued**  | **Consumer Staples Distribution & Retail — continued**  |
| Target Corp. | 9759 | $936669  |
| Walmart, Inc. | 167920 | 16284882  |
|  |  | 33934131  |
| **Energy — 2.9%**  | **Energy — 2.9%**  | **Energy — 2.9%**  |
| Baker Hughes Co. | 43910 | 1993514  |
| Cheniere Energy, Inc. | 6253 | 1512100  |
| Chevron Corp. | 89413 | 14359728  |
| ConocoPhillips | 40381 | 3996508  |
| Coterra Energy, Inc. | 99509 | 2432000  |
| Devon Energy Corp. | 59213 | 2137589  |
| EOG Resources, Inc. | 48762 | 6086473  |
| EQT Corp. | 4191 | 217261  |
| Exxon Mobil Corp. | 179810 | 20550485  |
| Halliburton Co. | 29468 | 669808  |
| Kinder Morgan, Inc. | 43747 | 1180294  |
| Marathon Petroleum Corp. | 4135 | 743101  |
| ONEOK, Inc. | 4603 | 351577  |
| Schlumberger NV | 25314 | 932568  |
| Targa Resources Corp. | 1789 | 300123  |
| Valero Energy Corp. | 2913 | 442805  |
| Williams Cos., Inc. | 17149 | 992584  |
|  |  | 58898518  |
| **Financial Services — 7.3%**  | **Financial Services — 7.3%**  | **Financial Services — 7.3%**  |
| American Express Co. | 12531 | 4151270  |
| Apollo Global Management, Inc. | 5194 | 707579  |
| Bank of New York Mellon Corp. | 108260 | 11432256  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 32852 | 16523899  |
| Blackrock, Inc. | 3959 | 4462347  |
| Blackstone, Inc. | 16013 | 2744628  |
| Block, Inc.<sup>(a)</sup> | 11795 | 939354  |
| Capital One Financial Corp. | 17461 | 3967488  |
| Cboe Global Markets, Inc. | 1186 | 279837  |
| Charles Schwab Corp. | 61760 | 5919078  |
| CME Group, Inc. | 7428 | 1979636  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 6060 | 1845512  |
| Credit Acceptance Corp.<sup>(a)(b)</sup> | 9840 | 5064943  |
| Fidelity National Information Services, Inc. | 1861 | 129916  |
| Fiserv, Inc.<sup>(a)</sup> | 11645 | 1609106  |
| Global Payments, Inc. | 6729 | 597670  |
| Goldman Sachs Group, Inc. | 10773 | 8028578  |
| Interactive Brokers Group, Inc. - Class A | 15752 | 980405  |

---

The accompanying notes are an integral part of these financial statements.

113<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Financial Services — continued**  | **Financial Services — continued**  | **Financial Services — continued**  |
| Intercontinental Exchange, Inc. | 8823 | $1558142  |
| Jack Henry & Associates, Inc. | 25134 | 4103377  |
| KKR & Co., Inc. | 11018 | 1536901  |
| LPL Financial Holdings, Inc. | 992 | 361564  |
| Mastercard, Inc. - Class A | 21519 | 12810046  |
| Morgan Stanley | 39430 | 5933426  |
| Nasdaq, Inc. | 32233 | 3053754  |
| Northern Trust Corp. | 19583 | 2570856  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 45649 | 3204103  |
| Raymond James Financial, Inc. | 26200 | 4439328  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 30583 | 3181550  |
| S&P Global, Inc. | 3949 | 2165790  |
| State Street Corp. | 39318 | 4520391  |
| Synchrony Financial | 76974 | 5876195  |
| Tradeweb Markets, Inc. - Class A | 8698 | 1072985  |
| Visa, Inc. - Class A<sup>(b)</sup> | 56300 | 19805214  |
|  |  | 147557124  |
| **Food, Beverage & Tobacco — 2.1%**  | **Food, Beverage & Tobacco — 2.1%**  | **Food, Beverage & Tobacco — 2.1%**  |
| Altria Group, Inc. | 140351 | 9432991  |
| Coca-Cola Co. | 58100 | 4008319  |
| General Mills, Inc. | 12585 | 620818  |
| Hormel Foods Corp. | 79596 | 2024922  |
| Kraft Heinz Co.<sup>(b)</sup> | 11243 | 314467  |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> | 61853 | 3558403  |
| Marzetti Co. | 28004 | 5113530  |
| Mondelez International, Inc. - Class A | 34743 | 2134610  |
| Monster Beverage Corp.<sup>(a)</sup> | 11360 | 708978  |
| PepsiCo, Inc. | 22702 | 3374652  |
| Philip Morris International, Inc. | 31719 | 5301196  |
| Post Holdings, Inc.<sup>(a)</sup> | 45191 | 5113362  |
| Tyson Foods, Inc. - Class A | 19772 | 1122654  |
|  |  | 42828902  |
| **Health Care Equipment & Services — 3.7%**  | **Health Care Equipment & Services — 3.7%**  | **Health Care Equipment & Services — 3.7%**  |
| Abbott Laboratories | 69143 | 9172510  |
| Baxter International, Inc. | 1 | 25  |
| Becton Dickinson & Co. | 3497 | 674851  |
| Boston Scientific Corp.<sup>(a)</sup> | 54676 | 5768318  |
| Cardinal Health, Inc. | 31441 | 4677792  |
| Cencora, Inc. | 2262 | 659622  |
| Centene Corp.<sup>(a)</sup> | 9114 | 264671  |
| Cigna Group | 7199 | 2165963  |

---

The accompanying notes are an integral part of these financial statements.

114<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Health Care Equipment & Services — continued**  | **Health Care Equipment & Services — continued**  | **Health Care Equipment & Services — continued**  |
| CVS Health Corp. | 46746 | $3419470  |
| Dexcom, Inc.<sup>(a)</sup> | 7153 | 538907  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 27928 | 2271663  |
| Elevance Health, Inc. | 5310 | 1692031  |
| GE HealthCare Technologies, Inc. | 14667 | 1081398  |
| HCA Healthcare, Inc. | 10530 | 4253699  |
| Humana, Inc. | 1928 | 585456  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2411 | 1560134  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 7369 | 3487711  |
| Labcorp Holdings, Inc. | 5441 | 1512544  |
| McKesson Corp. | 4610 | 3165410  |
| Medtronic PLC | 84185 | 7813210  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 3173 | 573774  |
| Quest Diagnostics, Inc. | 13476 | 2447781  |
| ResMed, Inc. | 11863 | 3256512  |
| STERIS PLC | 1569 | 384499  |
| Stryker Corp. | 7024 | 2749264  |
| UnitedHealth Group, Inc. | 28746 | 8907523  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 6847 | 1843212  |
| Zimmer Biomet Holdings, Inc. | 5049 | 535699  |
|  |  | 75463649  |
| **Household & Personal Products — 0.8%**  | **Household & Personal Products — 0.8%**  | **Household & Personal Products — 0.8%**  |
| Clorox Co. | 1883 | 222571  |
| Colgate-Palmolive Co. | 1510 | 126946  |
| Kenvue, Inc. | 98395 | 2037760  |
| Kimberly-Clark Corp. | 33095 | 4273888  |
| Procter & Gamble Co. | 60543 | 9507673  |
|  |  | 16168838  |
| **Insurance — 2.1%**  | **Insurance — 2.1%**  | **Insurance — 2.1%**  |
| Aflac, Inc. | 10 | 1069  |
| Allstate Corp. | 11128 | 2263992  |
| American International Group, Inc. | 11905 | 968115  |
| Aon PLC - Class A | 1951 | 716017  |
| Arch Capital Group Ltd. | 15790 | 1445259  |
| Arthur J Gallagher & Co. | 2060 | 623665  |
| Brown & Brown, Inc. | 4 | 388  |
| Chubb Ltd. | 3953 | 1087352  |
| Cincinnati Financial Corp. | 6426 | 987033  |
| Fidelity National Financial, Inc. | 4 | 239  |
| Hanover Insurance Group, Inc. | 28945 | 5021379  |
| Hartford Insurance Group, Inc. | 31395 | 4153872  |

---

The accompanying notes are an integral part of these financial statements.

115<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Insurance — continued**  | **Insurance — continued**  | **Insurance — continued**  |
| Loews Corp. | 27178 | $2630830  |
| Markel Group, Inc.<sup>(a)</sup> | 2536 | 4968176  |
| Marsh & McLennan Cos., Inc. | 1746 | 359344  |
| Progressive Corp. | 20760 | 5128966  |
| Travelers Cos., Inc. | 13674 | 3712628  |
| W R Berkley Corp. | 11731 | 840995  |
| White Mountains Insurance Group Ltd. | 3814 | 6980306  |
|  |  | 41889625  |
| **Materials — 2.4%**  | **Materials — 2.4%**  | **Materials — 2.4%**  |
| Air Products and Chemicals, Inc. | 1284 | 377637  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 130074 | 4066113  |
| Ball Corp. | 2751 | 144813  |
| CF Industries Holdings, Inc. | 16786 | 1454171  |
| Corteva, Inc. | 29043 | 2154700  |
| CRH PLC | 28458 | 3214331  |
| Dow, Inc. | 20494 | 504767  |
| DuPont de Nemours, Inc. | 2 | 154  |
| Ecolab, Inc. | 17441 | 4831855  |
| Element Solutions, Inc. | 129051 | 3319192  |
| Freeport-McMoRan, Inc. | 27223 | 1208701  |
| International Paper Co. | 27762 | 1379216  |
| Linde PLC | 11084 | 5301366  |
| NewMarket Corp. | 7064 | 5841646  |
| Newmont Corp. | 52988 | 3942307  |
| Nucor Corp. | 10696 | 1590816  |
| Packaging Corp. of America | 20296 | 4423716  |
| PPG Industries, Inc. | 4553 | 506430  |
| Sherwin-Williams Co. | 1432 | 523869  |
| Steel Dynamics, Inc. | 17828 | 2334042  |
| Vulcan Materials Co. | 1629 | 474300  |
|  |  | 47594142  |
| **Media & Entertainment — 8.5%**  | **Media & Entertainment — 8.5%**  | **Media & Entertainment — 8.5%**  |
| Alphabet, Inc. - Class A | 193194 | 41132935  |
| Alphabet, Inc. - Class C | 150926 | 32227229  |
| Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 1692 | 449361  |
| Comcast Corp. - Class A | 140900 | 4786373  |
| Electronic Arts, Inc. | 822 | 141343  |
| Fox Corp. - Class A | 50222 | 2998253  |
| Fox Corp. - Class B | 80019 | 4365036  |
| Meta Platforms, Inc. - Class A | 73352 | 54185122  |
| Netflix, Inc.<sup>(a)</sup> | 15055 | 18190204  |

---

The accompanying notes are an integral part of these financial statements.

116<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Media & Entertainment — continued**  | **Media & Entertainment — continued**  | **Media & Entertainment — continued**  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 12388 | $453772  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 11884 | 1480628  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2528 | 589707  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 16103 | 880190  |
| Walt Disney Co. | 68903 | 8156737  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 191111 | 2224532  |
|  |  | 172261422  |
| **Pharmaceuticals, Biotechnology & Life Sciences — 4.6%**  | **Pharmaceuticals, Biotechnology & Life Sciences — 4.6%**  | **Pharmaceuticals, Biotechnology & Life Sciences — 4.6%**  |
| AbbVie, Inc. | 45229 | 9516182  |
| Agilent Technologies, Inc. | 4063 | 510557  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 2483 | 1108684  |
| Amgen, Inc. | 11685 | 3361891  |
| Bristol-Myers Squibb Co. | 100308 | 4732532  |
| Bruker Corp.<sup>(b)</sup> | 45837 | 1557541  |
| Danaher Corp. | 9650 | 1986163  |
| Eli Lilly & Co. | 26492 | 19407509  |
| Gilead Sciences, Inc. | 57214 | 6463466  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2254 | 430086  |
| Johnson & Johnson | 86679 | 15356918  |
| Merck & Co., Inc. | 89530 | 7531264  |
| Pfizer, Inc. | 139986 | 3466053  |
| Regeneron Pharmaceuticals, Inc. | 3127 | 1815849  |
| Royalty Pharma PLC - Class A | 106756 | 3841081  |
| Thermo Fisher Scientific, Inc. | 7476 | 3683575  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 6260 | 2447785  |
| Waters Corp.<sup>(a)</sup> | 15076 | 4549937  |
| West Pharmaceutical Services, Inc. | 957 | 236331  |
| Zoetis, Inc. | 8703 | 1361149  |
|  |  | 93364553  |
| **Real Estate Management & Development — 0.1%**  | **Real Estate Management & Development — 0.1%**  | **Real Estate Management & Development — 0.1%**  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 9117 | 1478048  |
| **Semiconductors & Semiconductor Equipment — 11.7%**  | **Semiconductors & Semiconductor Equipment — 11.7%**  | **Semiconductors & Semiconductor Equipment — 11.7%**  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 48606 | 7904794  |
| Analog Devices, Inc. | 11058 | 2778986  |
| Applied Materials, Inc. | 29807 | 4791773  |
| Broadcom, Inc. | 163039 | 48486168  |
| Entegris, Inc.<sup>(b)</sup> | 57482 | 4813543  |
| First Solar, Inc.<sup>(a)</sup> | 885 | 172743  |
| Intel Corp. | 72904 | 1775212  |
| KLA Corp. | 5648 | 4925056  |

---

The accompanying notes are an integral part of these financial statements.

117<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Semiconductors & Semiconductor Equipment — continued**  | **Semiconductors & Semiconductor Equipment — continued**  | **Semiconductors & Semiconductor Equipment — continued**  |
| Lam Research Corp. | 53999 | $5408000  |
| Marvell Technology, Inc. | 15151 | 952468  |
| Microchip Technology, Inc. | 9073 | 589745  |
| Micron Technology, Inc. | 33248 | 3956844  |
| Monolithic Power Systems, Inc. | 2272 | 1898847  |
| NVIDIA Corp. | 778593 | 135615329  |
| ON Semiconductor Corp.<sup>(a)</sup> | 7350 | 364487  |
| QUALCOMM, Inc. | 45186 | 7262746  |
| Teradyne, Inc. | 1254 | 148273  |
| Texas Instruments, Inc. | 24588 | 4978578  |
|  |  | 236823592  |
| **Software & Services — 11.6%**  | **Software & Services — 11.6%**  | **Software & Services — 11.6%**  |
| Accenture PLC - Class A | 25588 | 6652112  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 83858 | 4138392  |
| Adobe, Inc.<sup>(a)</sup> | 12024 | 4288961  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 8395 | 4017763  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 2966 | 527296  |
| Autodesk, Inc.<sup>(a)</sup> | 2836 | 892489  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 5341 | 1871647  |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | 325591 | 3223351  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 5597 | 1168150  |
| Cognizant Technology Solutions Corp. - Class A | 37378 | 2700561  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 3693 | 1564724  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 4797 | 655654  |
| Fortinet, Inc.<sup>(a)</sup> | 27540 | 2169326  |
| Gartner, Inc.<sup>(a)</sup> | 2580 | 648070  |
| Gen Digital, Inc. | 98689 | 2980408  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 5493 | 814667  |
| International Business Machines Corp. | 34024 | 8284504  |
| Intuit, Inc. | 11110 | 7410370  |
| Microsoft Corp. | 244838 | 124056966  |
| Okta, Inc.<sup>(a)</sup> | 5564 | 516172  |
| Oracle Corp. | 59773 | 13516469  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 75585 | 11844925  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 13149 | 2505148  |
| Qualys, Inc.<sup>(a)</sup> | 28587 | 3882400  |
| Roper Technologies, Inc. | 2530 | 1331564  |
| Salesforce, Inc. | 32311 | 8279694  |
| ServiceNow, Inc.<sup>(a)</sup> | 6400 | 5871744  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 4417 | 1054161  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 8796 | 2941470  |

---

The accompanying notes are an integral part of these financial statements.

118<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Software & Services — continued**  | **Software & Services — continued**  | **Software & Services — continued**  |
| Synopsys, Inc.<sup>(a)</sup> | 3050 | $1840736  |
| VeriSign, Inc. | 3847 | 1051654  |
| Workday, Inc. - Class A<sup>(a)</sup> | 2382 | 549813  |
| Zoom Communications, Inc.<sup>(a)</sup> | 20019 | 1629947  |
| Zscaler, Inc.<sup>(a)</sup> | 786 | 217761  |
|  |  | 235099069  |
| **Technology Hardware & Equipment — 7.9%**  | **Technology Hardware & Equipment — 7.9%**  | **Technology Hardware & Equipment — 7.9%**  |
| Amphenol Corp. - Class A | 65119 | 7088854  |
| Apple, Inc. | 469006 | 108875053  |
| Arista Networks, Inc.<sup>(a)</sup> | 37410 | 5108336  |
| Cisco Systems, Inc. | 206985 | 14300594  |
| Corning, Inc. | 17232 | 1155061  |
| Dell Technologies, Inc. - Class C | 7107 | 868120  |
| Hewlett Packard Enterprise Co. | 25470 | 574858  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 2303 | 376379  |
| Motorola Solutions, Inc. | 5603 | 2647193  |
| NetApp, Inc. | 1143 | 128919  |
| Seagate Technology Holdings PLC | 9203 | 1540582  |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 18262 | 758604  |
| TE Connectivity PLC | 10104 | 2086476  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 3579 | 1926110  |
| Trimble, Inc.<sup>(a)</sup> | 58840 | 4755449  |
| Western Digital Corp. | 9580 | 769657  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 18001 | 5707937  |
|  |  | 158668182  |
| **Telecommunication Services — 1.0%**  | **Telecommunication Services — 1.0%**  | **Telecommunication Services — 1.0%**  |
| AT&T, Inc. | 329586 | 9653574  |
| T-Mobile US, Inc. | 14891 | 3752383  |
| Verizon Communications, Inc. | 147770 | 6535867  |
|  |  | 19941824  |
| **Transportation — 1.2%**  | **Transportation — 1.2%**  | **Transportation — 1.2%**  |
| Delta Air Lines, Inc. | 33544 | 2072348  |
| Expeditors International of Washington, Inc. | 5612 | 676471  |
| FedEx Corp. | 3505 | 809900  |
| JB Hunt Transport Services, Inc. | 1837 | 266347  |
| Norfolk Southern Corp. | 9579 | 2681928  |
| Old Dominion Freight Line, Inc. | 1727 | 260725  |
| Saia, Inc.<sup>(a)</sup> | 10676 | 3165007  |
| Southwest Airlines Co.<sup>(b)</sup> | 54301 | 1786503  |
| Uber Technologies, Inc.<sup>(a)</sup> | 60674 | 5688188  |
| Union Pacific Corp. | 12679 | 2834644  |

---

The accompanying notes are an integral part of these financial statements.

119<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  | **COMMON STOCKS — continued**  |
| **Transportation — continued**  | **Transportation — continued**  | **Transportation — continued**  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 24087 | $2529135  |
| United Parcel Service, Inc. - Class B | 15193 | 1328476  |
|  |  | 24099672  |
| **Utilities — 1.9%**  | **Utilities — 1.9%**  | **Utilities — 1.9%**  |
| Ameren Corp. | 7626 | 760922  |
| American Electric Power Co., Inc. | 54088 | 6004850  |
| Consolidated Edison, Inc. | 14310 | 1405671  |
| Constellation Energy Corp. | 5648 | 1739471  |
| Dominion Energy, Inc. | 19833 | 1187997  |
| DTE Energy Co. | 4 | 547  |
| Duke Energy Corp.<sup>(b)</sup> | 63118 | 7731324  |
| Entergy Corp. | 12854 | 1132309  |
| Evergy, Inc. | 60923 | 4341373  |
| Exelon Corp. | 23212 | 1013900  |
| FirstEnergy Corp. | 6950 | 303159  |
| NextEra Energy, Inc. | 33308 | 2399841  |
| NiSource, Inc. | 66251 | 2800430  |
| PPL Corp.<sup>(b)</sup> | 41582 | 1516496  |
| Southern Co. | 13700 | 1264510  |
| Vistra Corp. | 14129 | 2671935  |
| WEC Energy Group, Inc.<sup>(b)</sup> | 7361 | 784020  |
| Xcel Energy, Inc. | 30393 | 2200149  |
|  |  | 39258904  |
| **TOTAL COMMON STOCKS (Cost $1,561,731,309)** |  | **1879763300**  |
| **EXCHANGE TRADED FUNDS — 4.6%**  | **EXCHANGE TRADED FUNDS — 4.6%**  | **EXCHANGE TRADED FUNDS — 4.6%**  |
| Dimensional US Small Cap ETF<sup>(b)</sup> | 1348151 | 92119158  |
| Vanguard Large-Cap ETF | 5443 | 1622667  |
| **TOTAL EXCHANGE TRADED FUNDS (Cost $84,468,469)** |  | **93741825**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON — 2.0%**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON — 2.0%**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON — 2.0%**  |
| **Equity Real Estate Investment Trusts (REITs) — 2.0%**  | **Equity Real Estate Investment Trusts (REITs) — 2.0%**  | **Equity Real Estate Investment Trusts (REITs) — 2.0%**  |
| American Tower Corp. | 8337 | 1699497  |
| AvalonBay Communities, Inc. | 10461 | 2048787  |
| Crown Castle, Inc. | 1805 | 178948  |
| Equinix, Inc. | 1385 | 1088873  |
| Equity Residential | 70944 | 4690817  |
| Essex Property Trust, Inc. | 2586 | 698763  |
| Extra Space Storage, Inc. | 3052 | 438206  |
| First Industrial Realty Trust, Inc. | 62382 | 3281293  |
| Invitation Homes, Inc. | 22480 | 703399  |
| Mid-America Apartment Communities, Inc. | 24939 | 3636605  |

---

The accompanying notes are an integral part of these financial statements.

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON — continued**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON — continued**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON — continued**  |
| **Equity Real Estate Investment Trusts (REITs) — continued**  | **Equity Real Estate Investment Trusts (REITs) — continued**  | **Equity Real Estate Investment Trusts (REITs) — continued**  |
| Prologis, Inc. | 13225 | $1504741  |
| Public Storage | 1574 | 463685  |
| Realty Income Corp.<sup>(b)</sup> | 44848 | 2635268  |
| SBA Communications Corp. | 8922 | 1827672  |
| Simon Property Group, Inc. | 24942 | 4506022  |
| Sun Communities, Inc. | 7863 | 997579  |
| Ventas, Inc. | 6817 | 464101  |
| VICI Properties, Inc. | 176523 | 5962947  |
| Welltower, Inc. | 14504 | 2440733  |
|  |  | 39267936  |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $37,981,912)** |  | **39267936** |

---

---

| | |
|:---|:---|
|  | **Units** |
| **Short-Term Investments — 2.6%**  | **Short-Term Investments — 2.6%**  |
| **INVESTMENTS PURCHASED WITH Collateral FROM SECURITIES LENDING — 2.1%**  | **INVESTMENTS PURCHASED WITH Collateral FROM SECURITIES LENDING — 2.1%**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(c)</sup> | 42965240 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 0.5%**  | **MONEY MARKET FUNDS — 0.5%**  | **MONEY MARKET FUNDS — 0.5%**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 9012671 | 9012671  |
| **Total Short-Term Investments (Cost $51,977,911)** |  | **51977911**  |
| **TOTAL INVESTMENTS — 102.1% (Cost $1,736,159,601)** |  | **$2064750972**  |
| Liabilities in Excess of Other Assets — (2.1)% |  | (41712192)  |
| **TOTAL NET ASSETS — 100.0%** |  | **$2023038780** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $42,083,537.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

The accompanying notes are an integral part of these financial statements.

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ActivePassive ETFs

Statements of Assets and Liabilities

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Intermediate** <br>**Municipal Bond** <br>**ETF** | **ActivePassive** <br>**International** <br>**Equity ETF** | **ActivePassive** <br>**U.S. Equity ETF**  |
| **ASSETS:** |  |  |  |  |
| Investments, at value | $930475752 | $193499161 | $1039503595 | $2064750972  |
| Interest receivable | 5988766 | 1942199 |  | —  |
| Receivable for investments sold | 883665 |  | 18858 | —  |
| Dividends receivable | 23703 | 19575 | 1900594 | 1673867  |
| Security lending income receivable | 8264 | 2087 | 280866 | 8968  |
| Receivable for fund shares sold |  |  |  | 985885  |
| Dividend tax reclaims receivable |  |  | 596780 | —  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | **937380150** | **195463022** | **1042300693** | **2067419692**  |
| **LIABILITIES:** |  |  |  |  |
| Payable upon return of securities loaned | 54336501 | 7397775 | 157816247 | 42965240  |
| Payable for investments purchased | 3162642 | 1134170 | 97499 | 912230  |
| Payable to adviser | 252004 | 46609 | 329343 | 500537  |
| Dividend tax reclaims payable |  |  |  | 2905  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **57751147** | **8578554** | **158243089** | **44380912**  |
| **NET ASSETS** | $879629003 | $186884468 | $884057604 | $2023038780  |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| Paid-in capital | $869996561 | $185882807 | $773640382 | $1717048896  |
| Total distributable earnings | 9632442 | 1001661 | 110417222 | 305989884  |
| &nbsp;&nbsp;&nbsp; **Total Net Assets** | **$879629003** | **$186884468** | **$884057604** | **$2023038780**  |
| Net assets | $879629003 | $186884468 | $884057604 | $2023038780  |
| Shares issued and outstanding<sup>(a)</sup> | 29675000 | 7500000 | 25975000 | 51300000  |
| **Net asset value per share** | **$29.64** | **$24.92** | **$34.03** | **$39.44**  |
| **COST:** |  |  |  |  |
| Investments, at cost | $922333203 | $192704678 | $933117492 | $1736159601  |
| **LOANED SECURITIES:** |  |  |  |  |
| at value (included in investments) | $53061559 | $7239078 | $153379666 | $42083537 |

---

<sup>(a)</sup> Unlimited shares of $0.001 par value authorized.

The accompanying notes are an integral part of these financial statements.

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ActivePassive ETFs

Statements of Operations

For the Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Intermediate** <br>**Municipal Bond** <br>**ETF** | **ActivePassive** <br>**International** <br>**Equity ETF** | **ActivePassive** <br>**U.S. Equity ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | $28138586 | $4461640 | $— | $39  |
| Less: Interest withholding taxes | (52) |  |  | —  |
| Dividend income | 8756162 | 263712 | 25678232 | 22431433  |
| Less: Dividend withholding taxes |  |  | (2289437) | (13733)  |
| Less: Issuance fees |  |  | (1381177) | (464)  |
| Securities lending income | 47911 | 39689 | 2854714 | 75250  |
| Other income | 1410 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **36944017** | **4765041** | **24862332** | **22492525**  |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fee | 2748582 | 558192 | 3827692 | 5192617  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | **2748582** | **558192** | **3827692** | **5192617**  |
| **NET INVESTMENT INCOME** | **34195435** | **4206849** | **21034640** | **17299908**  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| **Net Realized Gain (Loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (197541) | (133082) | (10669756) | (28239488)  |
| &nbsp;&nbsp;&nbsp; Redemptions in-kind (See Note 7)  | 70813  | —  | 82262894  | 107903136  |
| &nbsp;&nbsp;&nbsp; Other investments | 332643 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | (50) | —  |
| Net realized gain (loss) | 205915 | (133082) | 71593088 | 79663648  |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (7546701) | 292659 | 43169371 | 150372590  |
|  Net change in unrealized appreciation (depreciation) | (7546701) | 292659 | 43169371 | 150372590  |
| **Net Realized and Unrealized Gain (Loss)** | **(7340786)** | **159577** | **114762459** | **230036238**  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | **$26854649** | **$4366426** | **$135797099** | **$247336146** |

---

The accompanying notes are an integral part of these financial statements.

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ActivePassive ETFs

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Intermediate Municipal Bond ETF**  | **ActivePassive** <br>**Intermediate Municipal Bond ETF**  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $34195435 | $14975611 | $4206849 | $1957248  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 205915 | 874120 | (133082) | 92953  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7546701) | 18153989 | 292659 | 1249004  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | **26854649** | **34003720** | **4366426** | **3299205**  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (36015902) | (12746578) | (4110677) | (1696343)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | **(36015902)** | **(12746578)** | **(4110677)** | **(1696343)**  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 152825055 | 616176993 | 46951812 | 121081078  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2168588) |  |  | (13651770)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | 150630 | 616177 | 46952 | 107422  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | **150807097** | **616793170** | **46998764** | **107536730**  |
| **NET INCREASE IN NET ASSETS** | **141645844** | **638050312** | **47254513** | **109139592**  |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 737983159 | 99932847 | 139629955 | 30490363  |
| &nbsp;&nbsp;&nbsp; **End of the year** | **$879629003** | **$737983159** | **$186884468** | **$139629955**  |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5200000 | 21125000 | 1900000 | 4900000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (75000) |  |  | (550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | **5125000** | **21125000** | **1900000** | **4350000** |

---

The accompanying notes are an integral part of these financial statements.

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ActivePassive ETFs

Statements of Changes in Net Assets (Cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**International Equity ETF** | **ActivePassive** <br>**International Equity ETF** | **ActivePassive** <br>**U.S. Equity ETF**  | **ActivePassive** <br>**U.S. Equity ETF**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $21034640 | $10800832 | $17299908 | $8087659  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 71593088 | (3493420) | 79663648 | 24486602  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 43169371 | 62799597 | 150372590 | 162690651  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | **135797099** | **70107009** | **247336146** | **195264912**  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (16885375) | (1177040) | (13202075) | (1586453)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | **(16885375)** | **(1177040)** | **(13202075)** | **(1586453)**  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 332272810 | 719887875 | 698116750 | 1381190358  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (368262435) | (64704728) | (496878105) | (167483187)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | **(35989625)** | **655183147** | **201238645** | **1213707171**  |
| **NET INCREASE IN NET ASSETS** | **82922099** | **724113116** | **435372716** | **1407385630**  |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 801135505 | 77022389 | 1587666064 | 180280434  |
| &nbsp;&nbsp;&nbsp; **End of the year** | **$884057604** | **$801135505** | **$2023038780** | **$1587666064**  |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10700000 | 25975000 | 19200000 | 44150000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (11575000) | (2175000) | (13650000) | (4975000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | **(875000)** | **23800000** | **5550000** | **39175000** |

---

The accompanying notes are an integral part of these financial statements.

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ActivePassive Core Bond ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $30.06 | $29.18 | &nbsp;&nbsp;&nbsp;&nbsp; $30.00  |
| **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 1.28 | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.35) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | 0.93 | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; **(0.58)**  |
| **Less distributions from:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (1.27) | (1.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)  |
| &nbsp;&nbsp;&nbsp; Net realized gains | (0.09) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(1.36)** | **(1.11)** | &nbsp;&nbsp;&nbsp;&nbsp; **(0.24)**  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees per share | 0.01 |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $29.64 | $30.06 | &nbsp;&nbsp;&nbsp;&nbsp; $29.18  |
| **Total return<sup>(e)</sup>** | **3.28%** | **7.02%** | &nbsp;&nbsp;&nbsp;&nbsp; **-1.96%**  |
| **Supplemental data and ratios:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $879629 | $737983 | &nbsp;&nbsp;&nbsp;&nbsp; $99933  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.35% | 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 4.35% | 4.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(h)</sup> | 47% | 125% | &nbsp;&nbsp;&nbsp;&nbsp; 13% |

---

<sup>(a)</sup> Inception date of the Fund was May 2, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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ActivePassive Intermediate Municipal Bond ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $24.93 | $24.39 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 0.65 | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.02) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations**  | 0.63  | 1.07  | &nbsp;&nbsp;&nbsp;&nbsp; **(0.49)**  |
| **Less distributions from:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.64) | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(0.64)** | **(0.53)** | &nbsp;&nbsp;&nbsp;&nbsp; **(0.12)**  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees per share | 0.00<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $24.92 | $24.93 | &nbsp;&nbsp;&nbsp;&nbsp; $24.39  |
| **Total return<sup>(f)</sup>** | **2.57%** | **4.47%** | &nbsp;&nbsp;&nbsp;&nbsp; **-1.94%**  |
| **Supplemental data and ratios:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $186884 | $139630 | &nbsp;&nbsp;&nbsp;&nbsp; $30490  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(g)(h)</sup> | 0.35% | 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(g)(h)</sup> | 2.64% | 2.45% | &nbsp;&nbsp;&nbsp;&nbsp; 2.14%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(i)</sup> | 23% | 104% | &nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was May 2, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Amount represents less than $0.005 per share.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive International Equity ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $29.84 | $25.25 | &nbsp;&nbsp;&nbsp;&nbsp; $24.73  |
| **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 0.76 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.20  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 4.03 | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.32  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | 4.79 | 4.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.52  |
| **Less distributions from:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.60) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(0.60)** | **(0.17)** | &nbsp;&nbsp;&nbsp;&nbsp; **—**  |
| **Net asset value, end of period** | $34.03 | $29.84 | &nbsp;&nbsp;&nbsp;&nbsp; $25.25  |
| **Total return<sup>(e)</sup>** | **16.47%** | **18.90%** | &nbsp;&nbsp;&nbsp;&nbsp; **2.12%**  |
| **Supplemental data and ratios:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $884058 | $801136 | &nbsp;&nbsp;&nbsp;&nbsp; $77022  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.45% | 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 2.47% | 2.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.39%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(h)</sup> | 33% | 63% | &nbsp;&nbsp;&nbsp;&nbsp; 15% |

---

<sup>(a)</sup> Inception date of the Fund was May 2, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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ActivePassive U.S. Equity ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $34.70 | $27.42 | &nbsp;&nbsp;&nbsp;&nbsp; $24.75  |
| **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 0.36 | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.12  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 4.66 | 7.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.55  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | 5.02 | 7.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.67  |
| **Less distributions from:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.28) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(0.28)** | **(0.12)** | &nbsp;&nbsp;&nbsp;&nbsp; **—**  |
| **Net asset value, end of period** | $39.44 | $34.70 | &nbsp;&nbsp;&nbsp;&nbsp; $27.42  |
| **Total return<sup>(e)</sup>** | **14.52%** | **27.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **10.78%**  |
| **Supplemental data and ratios:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $2023039 | $1587666 | &nbsp;&nbsp;&nbsp;&nbsp; $180280  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.30% | 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 1.02% | 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(h)</sup> | 19% | 55% | &nbsp;&nbsp;&nbsp;&nbsp; 9% |

---

<sup>(a)</sup> Inception date of the Fund was May 2, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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ActivePassive ETFs

Notes to Financial Statements

August 31, 2025

(1) Organization

Trust for Professional Managers (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each of the ActivePassive ETFs (each, a "Fund" and together, the "Funds") represents a distinct series with its own investment objective and policies within the Trust. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value.

The investment objective of the ActivePassive Core Bond ETF ("Core Bond ETF") is to provide current income consistent with low volatility of principal. The investment objective of the ActivePassive Intermediate Municipal Bond ETF ("Intermediate Municipal Bond ETF") is to provide current income that is exempt from federal income taxes consistent with low volatility of principal. The investment objective of each of the ActivePassive International Equity ETF ("International Equity ETF") and the ActivePassive U.S. Equity ETF ("U.S. Equity ETF") is to provide long-term capital appreciation. The ActivePassive ETFs commenced operations on May 2, 2023.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services-Investment Companies".

(2) Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

(a) Investment Valuation. Each security owned by the Funds that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market, LLC ("NASDAQ"), is valued at its last sale price on that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the stock is traded.

Fund securities listed on the NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the bid and asked prices on such day or at the latest sale price on the Composite Market (defined as the consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved pricing service ("Pricing Service")).

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. Odd lots may trade at lower prices than institutional round lots.

Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset values ("NAVs") of such companies for purchase and/or redemption orders placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.

Futures contracts are valued at the last settlement price at the close of trading on the relevant exchange or board of trade. Futures contracts for which reliable market quotations are not readily available shall each be valued at a price, supplied by a Pricing Service approved by the Trust's Board of Trustees (the "Board") which is in the opinion of such Pricing Service representative of the market value of such positions at the time of determination of the NAV, it being the opinion of the Board that the valuations supplied by such Pricing Service accurately reflect the fair value of such position.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

Forward foreign currency contracts are valued at the mean between the bid and asked prices.

If market quotations are not readily available, any security or other financial instrument is valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Board. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of each Fund and the quality of prices obtained through application of such procedures.

FASB Accounting Standards Codification, "Fair Value Measurement" Topic 820 ("ASC 820"), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 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. ASC 820 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. These inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Quoted prices in active markets
 for identical securities.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Other significant observable
 inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Significant unobservable
 inputs (including the Funds' 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 August 31, 2025:

**ActivePassive Core Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2**  | **Level 3**  | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $238430206 | $— | $238430206  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 223832409 |  |  | 223832409  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds\* |  | 207038483 |  | 207038483  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage Backed Securities |  | 76521770 |  | 76521770  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 36277554 |  | 36277554  |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds\* |  | 27895058 |  | 27895058  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 25024257 |  | 25024257  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 10030909 |  | 10030909  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 9379966 |  | 9379966  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 8922103 |  | 8922103  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Securities |  | 3991705 |  | 3991705  |

---

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2**  | **Level 3**  | **Total**  |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> | $— | $— | $— | $54336501  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 8794831 |  |  | 8794831  |
| **Total Investments** | **$232627240** | **$643512011** | **$—** | **$930475752** |

---

The Fund held Level 3 securities during the year ended August 31, 2025 but did not hold any Level 3 securities as of August 31, 2025.

<sup>\*</sup> For further breakdown by industry, please refer to the Schedule of Investments.

<sup>(a)</sup> 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 $54,336,501 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. See Note 8 for additional information regarding securities lending activity. 

**ActivePassive Intermediate Municipal Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3** | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $174936822 | $— | $174936822  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 7655560 |  |  | 7655560  |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 7397775  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3509004 |  |  | 3509004  |
| **Total Investments** | **$11164564** | **$174936822** | **$—** | **$193499161** |

---

The Fund did not hold any Level 3 securities during the year ended August 31, 2025.

<sup>(a)</sup> 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 $7,397,775 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. See Note 8 for additional information regarding securities lending activity. 

**ActivePassive International Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2** | **Level 3<sup>^</sup>** | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $870795837 | $— | $2813 | $870798650  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 4374897 |  |  | 4374897  |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 157816247  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6513801 |  |  | 6513801  |
| **Total Investments** | **$881684535** | **$—** | **$2813** | **$1039503595** |

---

<sup>\*</sup> For further breakdown by industry, please refer to the Schedule of Investments.

<sup>(a)</sup> 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 $157,816,247 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. See Note 8 for additional information regarding securities lending activity.

<sup>^</sup> The Fund measures Level 3 activity as of the end of each financial reporting period.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

As of August 31, 2025, 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 or other Level 3 disclosures for the year ended August 31, 2025 is not presented.

**ActivePassive U.S. Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $1879763300 | $— | $— | $1879763300  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 93741825 |  |  | 93741825  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts\* | 39267936 |  |  | 39267936  |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 42965240  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9012671 |  |  | 9012671  |
| **Total Investments** | **$2021785732** | **$—** | **$—** | **$2064750972** |

---

The Fund did not hold any Level 3 securities during the year ended August 31, 2025.

<sup>\*</sup> For further breakdown by industry, please refer to the Schedule of Investments.

<sup>(a)</sup> 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 $42,965,240 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. See Note 8 for additional information regarding securities lending activity. 

The Funds may use certain options, futures and forward foreign currency contracts (collectively, "derivative instruments") as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of a Fund's position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions.

Options and futures prices can diverge from the prices of their underlying instruments. Options and futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts.

The Funds did not hold derivative instruments during the year ended August 31, 2025.

(b) Foreign Securities and Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds isolate the portion of the results of operations from changes in foreign exchange rates on investments from those resulting from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds' investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Funds' assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

(c) Forward Foreign Currency Contracts. The Core Bond ETF and International Equity ETF might purchase a particular currency or enter into a forward foreign currency contract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase. Alternatively, a Fund might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain from an increase in the value of the currency. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. A Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Funds did not enter into any forward foreign currency contracts during the year ended August 31, 2025.

(d) Federal Income Taxes. The Funds comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), necessary to qualify as a regulated investment company and make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

As of and during the year ended August 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the year ended August 31, 2025, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. taxing authorities for the tax periods prior to the period ended August 31, 2023.

(e) Distributions to Shareholders. The Funds will distribute net investment income and net realized capital gains, if any, at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.

(f) Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(g) Share Valuation. The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE is closed for trading. The Funds do not charge a redemption fee, therefore the offering and redemption price per share are equal to a Fund's net asset value per share.

(h) Allocation of Income, Expenses and Gains/Losses. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typically allocated evenly between the funds of the Trust or other equitable means.

(i) Other. Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on the identified cost basis by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts, premiums and interest-only strips are accreted or amortized over the expected life of the respective securities using the constant yield method. Gains and losses on principal payments and short-falls of mortgage backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statements of Operations.

(3) Federal Tax Matters

The tax character of distributions paid to shareholders were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary**<br>**Income**  | **Tax Exempt**<br>**Income**  | **Long-Term**<br>**Capital Gains** | **Total** <br>**Distributions**  |
| **ActivePassive Core Bond ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2025 | $35991838  | $—  | &nbsp;&nbsp; $24064 | $36015902  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2024  | $12746578  | $— | &nbsp;&nbsp; $— | $12746578  |
| **ActivePassive Intermediate Municipal Bond ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2025 | $229049 | $3881628 | &nbsp;&nbsp; $— | $4110677  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2024  | $462948  | $1233395  | &nbsp;&nbsp; $— | $1696343  |
| **ActivePassive International Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2025 | $16885375 | $— | &nbsp;&nbsp; $— | $16885375  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2024  | $1177040  | $—  | &nbsp;&nbsp; $— | $1177040  |
| **ActivePassive U.S. Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2025 | $13202075 | $— | &nbsp;&nbsp; $— | $13202075  |
| &nbsp;&nbsp;&nbsp; Year Ended August 31, 2024  | $1586453  | $—  | &nbsp;&nbsp; $— | $1586453 |

---

As of August 31, 2025, the components of distributable earnings (deficit) for income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive**<br>**Core Bond**<br>**ETF**  | **ActivePassive**<br>**Intermediate**<br>**Municipal**<br>**Bond ETF**  | **ActivePassive**<br>**International**<br>**Equity ETF**  | **ActivePassive**<br>**U.S. Equity**<br>**ETF**  |
|  Cost basis of investments for federal income tax purposes | $922080106  | $192643225  | $935314515  | $1738419399  |
| Gross tax unrealized appreciation | $14368455 | $1392494 | $148218723 | $376261248  |
| Gross tax unrealized depreciation | (5972809) | (536558) | (44029643) | (49929675)  |
| Net tax unrealized appreciation | $8395646 | $855936 | $104189080 | $326331573  |
| Undistributed ordinary income | $1060517 | $— | $18566835 | $9524614  |
| Undistributed Tax Exempt Income  | $—  | $323151  | $—  | $— |
| Undistributed long-term capital gain | 176279 |  |  | —  |
| Total distributable earnings | $1236796  | $323151  | $18566835  | $9524614  |
| Other accumulated loss |  | (177426) | (12338693) | (29886303)  |
| **Total accumulated earnings** | **$9632442** | **$1001661** | **$110417222** | **$305989884** |

---

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**ActivePassive ETFs** 

**Notes to Financial Statements(Cont'd)** 

**August 31, 2025** 

The difference between book-basis and tax-basis cost is attributable primarily to the tax deferral of losses on wash sale adjustments, partnership adjustments, and PFIC mark-to-market adjustments.

At August 31, 2025, the Funds had capital loss carryovers as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **CLCO**<br>**Utilized in** <br>**Current Year** | **CLCO** <br>**Outstanding** <br>**Current Year**  | **Character**  |
| ActivePassive Core Bond ETF | $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp; ST  |
|  | —  | —  | &nbsp;&nbsp;&nbsp;&nbsp; LT  |
| ActivePassive Intermediate Municipal Bond ETF |  | (177426)  | &nbsp;&nbsp;&nbsp;&nbsp; ST  |
|  | —  | —  | &nbsp;&nbsp;&nbsp;&nbsp; LT  |
| ActivePassive International Equity ETF |  | (11322276)  | &nbsp;&nbsp;&nbsp;&nbsp; ST  |
|  | —  | (1016417) | &nbsp;&nbsp;&nbsp;&nbsp; LT  |
| ActivePassive U.S. Equity ETF |  | (25324182)  | &nbsp;&nbsp;&nbsp;&nbsp; ST  |
|  | —  | (4542121)  | &nbsp;&nbsp;&nbsp;&nbsp; LT |

---

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2025, the following reclassifications were made for permanent tax differences due to in-kind transactions on the Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive**<br>**Core Bond ETF**  | **ActivePassive**<br>**Intermediate**<br>**Municipal**<br>**Bond ETF**  | **ActivePassive**<br>**International**<br>**Equity ETF**  | **ActivePassive**<br>**U.S.**<br>**Equity ETF**  |
| Total distributable earnings | $(70813)  | $—  | $(73016299)  | $(106146041)  |
| Paid-in capital | $70813 | $— | $73016299 | $106146041 |

---

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2025. Also, the Funds recognized no interest and penalties related to uncertain tax benefits in fiscal year 2024. At August 31, 2025, the fiscal years 2023 through 2024 remain open to examination in the Funds' major tax jurisdictions.

(4) Investment Adviser

The Trust, on behalf of the ActivePassive ETFs ("ETFs"), has entered into an investment advisory agreement (the "ETF Agreement") with the Adviser to furnish investment advisory services to the ETFs. Pursuant to the ETF Agreement, the Core Bond ETF, Intermediate Municipal Bond ETF, International Equity ETF and U.S. Equity ETF pay a unitary management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.35%, 0.35%, 0.45% and 0.30%, respectively, of each ETF's average daily net assets. Pursuant to the ETF Agreement, the Adviser has agreed to pay all expenses of the ETFs except the unitary management fee paid to the Adviser under the ETF Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the ETFs under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

Sub-advisory services are provided to the ETFs, pursuant to agreements between the Adviser and the below listed sub-advisers. Under the terms of these sub-advisory agreements, the Adviser compensates the subadvisers based on each ETF's average daily net assets.

136<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

**<u>ActivePassive Core Bond ETF</u>** 

**Neuberger Berman Investment Advisers LLC** 

**Sage Advisory Services, Ltd Co.** 

**<u>ActivePassive Intermediate Municipal Bond ETF</u>** 

**GW&K Investment Management, LLC** 

**<u>ActivePassive International Equity ETF</u>** 

**Causeway Capital Management LLC** 

**Lazard Asset Management LLC** 

**<u>ActivePassive U.S. Equity ETF</u>** 

**The London Company of Virginia, LLC** 

(5) Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services ("Fund Services")) acts as the Funds' administrator under an agreement with the ActivePassive ETFs. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds' expenses and reviews the Funds' expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. ("U.S. Bank"), an affiliate of Fund Services, serves as each Fund's custodian. U.S. Bank also serves as each Fund's securities lending agent. The Trust's Chief Compliance Officer is also an employee of Fund Services. Fees incurred for these services are paid by the Adviser.

(6) Creation and Redemption Transactions

Shares of the ActivePassive ETFs are listed and traded on the NYSE Arca, Inc. The ActivePassive ETFs issue and redeem shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each ActivePassive ETF will be equal to the ActivePassive ETF's total assets minus the ActivePassive ETF's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places.

Only "Authorized Participants" may purchase or redeem shares directly from the ActivePassive ETFs. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the ActivePassive ETFs. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

<u>Creation Unit Transaction Fee</u>

Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Transaction Fee") in connection with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for each ActivePassive ETF is $500.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

An additional variable fee of up to a maximum of 3% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial purchase of Creation Units. For orders comprised entirely of cash, a variable fee of 0.25% of the value of the order will be charged by each ActivePassive ETF. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. Each ActivePassive ETF may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of the ActivePassive ETF's shareholders.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the ActivePassive ETFs and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of each ActivePassive ETF will be issued to such authorized participant notwithstanding the fact that the ActivePassive ETF's deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the ActivePassive ETFs or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the ActivePassive ETFs for losses, if any.

(7) Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the year ended August 31, 2025 are summarized below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive**<br>**Core Bond ETF**  | **ActivePassive**<br>**Intermediate**<br>**Municipal**<br>**Bond ETF**  | **ActivePassive**<br>**International**<br>**Equity ETF**  | **ActivePassive**<br>**U.S. Equity**<br>**ETF**  |
| Purchases: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government | $213012728 | $—  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Other | 292640764 | 84369690 | 521471833 | 797782694  |
| **Total Purchases** | **$505653492** | **$84369690** | **$521471833** | **$797782694**  |
| Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government | $220708400 | $— | $— | $—  |
| &nbsp;&nbsp;&nbsp; Other | 141389578 | 35894197 | 280089207 | 328142214  |
| **Total Sales** | **$362097978** | **$35894197** | **$280089207** | **$328142214** |

---

The above ActivePassive Core Bond ETF, ActivePassive International Equity ETF and ActivePassive U.S. Equity ETF purchases and sales exclude any in-kind transactions associated with creations and redemptions. During the year ended August 31, 2025, the Core Bond ETF had $2,197,647 redemptions in-kind, the International Equity ETF had $90,175,583 creations in-kind and $364,148,433 redemptions in-kind, and U.S. Equity ETF had $230,868,706 creations in-kind and $492,369,614 redemptions in-kind.

(8) Securities Lending

Pursuant to the terms of a securities lending agreement with U.S. Bank, each Fund may lend securities from its portfolio to brokers, dealers and financial institutions in order to increase the return on its portfolio, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. During the time securities are on loan, the borrower will pay the applicable Funds any accrued income on those securities, and the Funds may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Adviser considers all relevant facts and circumstances, including the size, creditworthiness and reputation of the broker, dealer or financial institution.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that the Funds may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Funds.

As of August 31, 2025, the value of the securities on loan and value of collateral received for securities lending were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Loaned Securities** <br>**Market Value** | **Value of** <br>**Cash Collateral** | **% of**<br>**Net Assets**  |
| ActivePassive Core Bond ETF  | 53061559 | 54336501 | &nbsp;&nbsp; 6.03%  |
| ActivePassive Intermediate Municipal Bond ETF  | 7239078 | 7397775 | &nbsp;&nbsp; 3.87%  |
| ActivePassive International Equity ETF  | 153379666 | 157816247 | &nbsp;&nbsp; 17.35%  |
| ActivePassive U.S. Equity ETF | 42083537 | 42965240 | &nbsp;&nbsp; 2.08% |

---

The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC as noted on the Schedules of Investments. The investment objective is to seek to maximize current income with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. The remaining contractual maturity of all securities lending transactions is overnight and continuous.

The Funds are not subject to a master netting agreement with respect to securities lending; therefore, no additional disclosures regarding netting arrangements are required.

The net fee and interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds' Statements of Operations.

(9) Recent Market Events

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions, and tariffs, political events and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the performance of the Funds.

(10) New Accounting Pronouncement

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by Gregory Classen, Principal Director, Portfolio Management & Co-Lead at Envestnet Management, Inc. who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

August 31, 2025

(11) Subsequent Events

The ActivePassive Core Bond ETF paid distributions to shareholders as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date**  | **Payable Date**  | **Ordinary** <br>**Income Rate**  | **Ordinary Income**<br>**Distribution Paid**  |
| 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.10006842 | &nbsp;&nbsp; $2969530  |
| 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.07054378 | &nbsp;&nbsp; $2096914 |

---

The ActivePassive Intermediate Municipal Bond ETF paid distributions to shareholders as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date**  | **Payable Date**  | **Ordinary** <br>**Income Rate**  | **Ordinary Income**<br>**Distribution Paid**  |
| 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.05185008 | &nbsp;&nbsp;&nbsp; $388876  |
| 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.05661162 | &nbsp;&nbsp;&nbsp; $434494 |

---

The Funds have evaluated events and transactions that have occurred subsequent to August 31, 2025 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements.

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ActivePassive ETFs

Report of Independent Registered Public Accounting Firm

To the Shareholders of ActivePassive ETFs and

Board of Trustees of Trust for Professional Managers

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ActivePassive ETFs comprising the funds listed below (the "Funds"), each a series of Trust for Professional Mangers, as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations, the changes in net assets and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial** <br>**Highlights**  |
| ActivePassive Core Bond ETF, ActivePassive Intermediate Municipal Bond ETF, ActivePassive International Equity ETF, and ActivePassive U.S. Equity ETF | For the year ended <br>August 31, 2025 | For the years ended <br>August 31, 2025 <br>and 2024 | For the years ended August 31, 2025, 2024, and for the period from May 2, 2023 (commencement of operations) through August 31, 2023 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](cckempf_new.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

October 29, 2025

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ActivePassive ETFs

Additional Information (Unaudited)

**Tax Information** 

For the fiscal year ended August 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| ActivePassive Core Bond ETF | 0.00%  |
| ActivePassive Intermediate Bond ETF | 0.00%  |
| ActivePassive International Equity ETF | 95.83%  |
| ActivePassive U.S. Equity ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
| ActivePassive Core Bond ETF | 0.00%  |
| ActivePassive Intermediate Bond ETF | 0.00%  |
| ActivePassive International Equity ETF | 0.00%  |
| ActivePassive U.S. Equity ETF | 100% |

---

For the fiscal year ended August 31, 2025, taxable ordinary income distributions are designated as short-term capital gain distributions under Section 871(k)(2)(c) of the Code for the Funds as follows:

---

| | |
|:---|:---|
| ActivePassive Core Bond ETF | 3.60%  |
| ActivePassive Intermediate Bond ETF | 0.00%  |
| ActivePassive International Equity ETF | 0.00%  |
| ActivePassive U.S. Equity ETF | 0.00% |

---

---

| | | |
|:---|:---|:---|
|  | **Gross Foreign** <br>**Income**  | **Foreign Tax** <br>**Paid**  |
| ActivePassive International Equity ETF  | $25335118  | $(2289032) |

---

142<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Investment Adviser** 

**Envestnet Asset Management, Inc.** 

**222 North LaSalle St. Suite 625** 

**Chicago, Illinois 60601** 

**Legal Counsel** 

**Godfrey & Kahn, S.C.** 

**833 East Michigan Street, Suite 1800** 

**Milwaukee, Wisconsin 53202** 

**Independent Registered Public Accounting Firm** 

**Cohen & Company, Ltd.** 

**324 North Water Street, Suite 830** 

**Milwaukee, Wisconsin 53202** 

**Transfer Agent, Fund Accountant and Fund Administrator** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, Wisconsin 53202** 

**Custodian** 

**U.S. Bank, N.A.** 

**Custody Operations** 

**1555 North RiverCenter Drive, Suite 302** 

**Milwaukee, Wisconsin 53212** 

**Distributor** 

**Foreside Fund Services, LLC** 

**190 Middle Street, Suite 301** 

**Portland, Maine 04101** 

This report is intended for shareholders of the Funds and may not be used as sales

literature unless preceded or accompanied by a current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

This information is included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed November 4, 2024.](https://www.sec.gov/Archives/edgar/data/1141819/000113322824010060/ape-efp10197_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-29(a)).* Filed herewith.](tape-efp18015_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308).* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tape-efp18015_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Trust for Professional Managers

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>11/4/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>11/4/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kelly Strauss |
|  | Kelly Strauss, Principal Financial Officer |

---

Date <u>11/4/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jennifer Lima, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Professional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/4/2025 | /s/ Jennifer Lima |
|  |  | Jennifer Lima, Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kelly Strauss, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Professional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 11/4/2025 | /s/ Kelly Strauss |
|  |  | Kelly Strauss |
|  |  | Principal Financial Officer |

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## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Professional Managers, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for Professional Managers for the year ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for Professional Managers for the stated period.

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| | |
|:---|:---|
| /s/ Jennifer Lima | /s/ Kelly Strauss |
| Jennifer Lima | Kelly Strauss |
| Principal Executive Officer, Trust for Professional Managers | Principal Financial Officer, Trust for Professional Managers |

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Dated: <u>11/4/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Trust for Professional Managers for purposes of Section 18 of the Securities Exchange Act of 1934.