# EDGAR Filing Document

**Accession Number:** 0001572661
**File Stem:** 0001410368-25-021679
**Filing Date:** 2025-11
**Character Count:** 332049
**Document Hash:** f4ab7c94fc28133d5dbe2ff0103c6ecf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-021679.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001410368-25-021679

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Exchange-Traded Funds
- **CENTRAL INDEX KEY:** 0001572661

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23029
- **FILM NUMBER:** 251470443

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

## Series and Classes Contracts Data

### Principal U.S. Small-Cap ETF (Series ID: S000055159)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000173454 | Principal U.S. Small-Cap ETF | PSC             |

## Nport-Ex

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.65

%

Shares

Held

Value

Money

Market

Funds

-

.65

%

-

—

Principal

Government

Money

Market

Fund,

Class

4.04%

(a),(b),(c)

24,406,480

$

24,406,480

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(a) 15,050,166

15,050,166

TOTAL

INVESTMENT

COMPANIES

a

$

39,456,646

BONDS

-

.47

%

Principal

Amount

Value

Aerospace

&

Defense

-

.43

%

—

—

Bombardier,

Inc.

7.50%,

02/01/2029

(d) $

1,727,000

$

1,799,506

TransDigm,

Inc.

6.75%,

01/31/2034

(d) 3,928,000

4,061,391

$

5,860,897

Airlines

-

.72

%

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.75%,

04/20/2029

(d) 2,068,224

2,076,136

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(d) 732,000

731,012

United

Airlines

Pass-Through

Trust

,

Class

B

3.65%,

07/07/2027

127,678

126,993

$

2,934,141

Banks

-

.82

%

Barclays

PLC

(USD

Swap

Rate

NY

Year

+

3.69%),

7.63%,

03/15/2035

(e),(f),(g),(h)

2,025,000

2,145,860

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%),

8.00%,

03/15/2029

(e),(f)

3,432,000

3,632,933

UBS

Group

AG

(USD

Swap

Rate

NY

Year

+

3.08%),

7.00%,

02/10/2030

(d),(e),(f),(g)

5,623,000

5,762,169

$

11,540,962

Building

Materials

-

.49

%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(d) 4,156,000

4,325,517

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(d) 5,878,000

5,879,869

$

10,205,386

Chemicals

-

.32

%

Advancion

Sciences,

Inc.

9.25%,

PIK

10.00%,

11/01/2026

(d),(i)

2,653,414

2,348,272

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(d) 3,785,000

3,152,872

12.00%,

02/15/2031

(d),(h)

2,005,000

1,834,588

Inversion

Escrow

Issuer

LLC

6.75%,

08/01/2032

(d) 459,000

452,167

Olympus

Water

U.S.

Holding

Corp.

6.25%,

10/01/2029

(d),(h)

6,330,000

6,146,404

Vibrantz

Technologies,

Inc.

9.00%,

02/15/2030

(d),(h)

6,617,000

3,738,605

$

17,672,908

Commercial

Services

-

.97

%

Block,

Inc.

6.00%,

08/15/2033

(d) 3,976,000

4,071,583

EquipmentShare.com,

Inc.

8.00%,

03/15/2033

(d) 4,961,000

5,302,029

8.63%,

05/15/2032

(d) 529,000

571,132

Garda

World

Security

Corp.

6.00%,

06/01/2029

(d),(h)

2,805,000

2,780,944

8.38%,

11/15/2032

(d) 3,457,000

3,588,458

Veritiv

Operating

Co.

10.50%,

11/30/2030

(d) 3,741,000

4,014,946

$

20,329,092

Computers

-

.35

%

McAfee

Corp.

7.38%,

02/15/2030

(d),(h)

6,372,000

5,910,612

NCR

Atleos

Corp.

9.50%,

04/01/2029

(d) 3,413,000

3,694,648

$

9,605,260

BONDS

(continued)

Principal

Amount

Value

Diversified

Financial

Services

-

.85

%

Credit

Acceptance

Corp.

9.25%,

12/15/2028

(d) $

5,433,000

$

5,708,078

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(d) 851,000

876,680

9.13%,

05/15/2031

(d) 5,817,000

6,186,682

Global

Aircraft

Leasing

Co.

Ltd.

8.75%,

09/01/2027

(d) 5,867,000

6,061,421

Jane

Street

Group/JSG

Finance,

Inc.

6.75%,

05/01/2033

(d) 5,145,000

5,343,773

OneMain

Finance

Corp.

3.50%,

01/15/2027

420,000

410,475

4.00%,

09/15/2030

5,374,000

4,995,435

6.63%,

01/15/2028

824,000

843,806

Rfna

LP

7.88%,

02/15/2030

(d) 1,395,000

1,421,316

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(d) 4,104,000

4,360,496

$

36,208,162

Electric

-

.07

%

California

Buyer

Ltd./Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(d) 6,068,000

6,219,281

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(d) 5,977,000

5,486,845

GenOn

Energy,

Inc.

0.00%,

10/15/2020

(j),(k),(l)

3,100,000

—

Lightning

Power

LLC

7.25%,

08/15/2032

(d) 5,595,000

5,923,516

NRG

Energy,

Inc.

5.75%,

01/15/2034

(d),(m)

2,720,000

2,717,224

6.00%,

01/15/2036

(d),(m)

2,725,000

2,725,391

Vistra

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%),

7.00%,

12/15/2026

(d),(e),(f)

2,425,000

2,462,030

Vistra

Operations

Co.

LLC

4.38%,

05/01/2029

(d) 3,465,000

3,392,446

$

28,926,733

Entertainment

-

.46

%

Caesars

Entertainment,

Inc.

6.50%,

02/15/2032

(d) 4,957,000

5,056,081

Cinemark

USA,

Inc.

5.25%,

07/15/2028

(d) 4,241,000

4,217,597

7.00%,

08/01/2032

(d) 1,681,000

1,747,152

Warnermedia

Holdings,

Inc.

5.05%,

03/15/2042

1,398,000

1,116,051

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

6.25%,

03/15/2033

(d) 1,980,000

2,010,650

$

14,147,531

Food

-

.96

%

B&G

Foods,

Inc.

8.00%,

09/15/2028

(d) 4,165,000

4,035,518

Chobani

LLC/Chobani

Finance

Corp.,

Inc.

7.63%,

07/01/2029

(d) 4,939,000

5,150,127

Fiesta

Purchaser,

Inc.

7.88%,

03/01/2031

(d) 1,630,000

1,720,193

9.63%,

09/15/2032

(d),(h)

1,119,000

1,208,063

$

12,113,901

Forest

Products

&

Paper

-

.52

%

Mercer

International,

Inc.

5.13%,

02/01/2029

1,334,000

983,312

12.88%,

10/01/2028

(d) 1,268,000

1,153,951

$

2,137,263

Healthcare

-

Services

-

.83

%

Acadia

Healthcare

Co.,

Inc.

5.00%,

04/15/2029

(d) 6,007,000

5,880,743

Concentra

Health

Services,

Inc.

6.88%,

07/15/2032

(d) 4,365,000

4,532,537

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Healthcare

-

Services

(continued)

Global

Medical

Response,

Inc.

7.38%,

10/01/2032

(d) $

1,847,000

$

1,901,136

LifePoint

Health,

Inc.

8.38%,

02/15/2032

(d) 3,141,000

3,347,389

$

15,661,805

Home

Builders

-

.43

%

Adams

Homes,

Inc.

9.25%,

10/15/2028

(d) 3,811,000

3,976,321

K

Hovnanian

Enterprises,

Inc.

8.38%,

10/01/2033

(d) 1,825,000

1,871,085

$

5,847,406

Household

Products

&

Wares

-

.22

%

Kronos

Acquisition

Holdings,

Inc.

10.75%,

06/30/2032

(d) 1,655,000

902,523

Investment

Companies

-

.63

%

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

4.38%,

02/01/2029

6,861,000

5,922,480

10.00%,

11/15/2029

(d) 727,000

730,212

$

6,652,692

Lodging

-

.65

%

Wynn

Macau

Ltd.

5.63%,

08/26/2028

(d) 2,663,000

2,660,294

Machinery

-

Diversified

-

.20

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(d) 4,631,000

4,908,217

Media

-

.65

%

Directv

Financing

LLC

8.88%,

02/01/2030

(d) 839,000

832,045

Directv

Financing

LLC/Directv

Financing

Co-

Obligor,

Inc.

5.88%,

08/15/2027

(d) 1,417,000

1,415,410

10.00%,

02/15/2031

(d) 2,690,000

2,686,051

Discovery

Communications

LLC

4.13%,

05/15/2029

2,173,000

2,091,512

DISH

Network

Corp.

11.75%,

11/15/2027

(d) 2,117,000

2,240,330

iHeartCommunications,

Inc.

4.75%,

01/15/2028

(d),(h)

879,000

760,335

Sinclair

Television

Group,

Inc.

8.13%,

02/15/2033

(d) 4,774,000

4,899,413

$

14,925,096

Metal

Fabrication

&

Hardware

-

.08

%

TMS

International

Corp.

6.25%,

04/15/2029

(d) 4,541,000

4,403,508

Mining

-

.88

%

First

Quantum

Minerals

Ltd.

8.00%,

03/01/2033

(d) 5,264,000

5,558,031

Taseko

Mines

Ltd.

8.25%,

05/01/2030

(d) 5,856,000

6,202,347

$

11,760,378

Oil

&

Gas

-

.67

%

Aethon

United

BR

LP/Aethon

United

Finance

Corp.

7.50%,

10/01/2029

(d) 5,845,000

6,095,727

Matador

Resources

Co.

6.25%,

04/15/2033

(d) 7,941,000

7,978,315

Sunoco

LP

5.88%,

03/15/2034

(d) 5,092,000

5,047,913

$

19,121,955

Packaging

&

Containers

-

.12

%

Clydesdale

Acquisition

Holdings,

Inc.

6.75%,

04/15/2032

(d) 2,231,000

2,288,694

8.75%,

04/15/2030

(d) 1,681,000

1,726,795

LABL,

Inc.

5.88%,

11/01/2028

(d) 1,571,000

1,217,219

8.63%,

10/01/2031

(d),(h)

1,173,000

861,726

9.50%,

11/01/2028

(d) 1,190,000

1,010,950

BONDS

(continued)

Principal

Amount

Value

Packaging

&

Containers

(continued)

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

04/15/2027

(d) $

1,832,000

$

1,849,959

9.25%,

04/15/2027

(d) 3,798,000

3,806,690

$

12,762,033

Pharmaceuticals

-

.45

%

1261229

BC

Ltd.

10.00%,

04/15/2032

(d) 2,995,000

3,070,031

Endo

Finance

Holdings,

Inc.

8.50%,

04/15/2031

(d),(h)

4,637,000

4,974,894

Jazz

Securities

DAC

4.38%,

01/15/2029

(d) 6,239,000

6,078,260

$

14,123,185

Pipelines

-

.95

%

Energy

Transfer

LP

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.50%,

02/15/2056

(f) 8,146,000

8,107,817

Venture

Global

LNG,

Inc.

8.38%,

06/01/2031

(d) 383,000

402,139

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.44%),

9.00%,

09/30/2029

(d),(e),(f)

2,002,000

1,984,141

9.50%,

02/01/2029

(d) 5,146,000

5,671,021

$

16,165,118

REITs

-

.45

%

Arbor

Realty

SR,

Inc.

7.88%,

07/15/2030

(d) 5,394,000

5,671,464

CBL

&

Associates

LP

0.00%,

12/15/2026

(j),(k),(l)

6,000,000

—

EF

Holdco/EF

Cayman

Holdings/Ellington

Fin

REIT

Cayman/TRS/EF

Cayman

Non-MTM

7.38%,

09/30/2030

(d),(m)

4,020,000

4,030,227

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

4.75%,

06/15/2029

(d) 7,181,000

7,046,651

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC

6.00%,

01/15/2030

(d) 5,061,000

4,582,258

Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./

CSL

Capital

LLC

8.63%,

06/15/2032

(d),(h)

993,000

948,665

$

22,279,265

Retail

-

.16

%

Bath

&

Body

Works,

Inc.

6.63%,

10/01/2030

(d) 567,000

579,642

6.75%,

07/01/2036

2,142,000

2,204,229

6.95%,

03/01/2033

1,137,000

1,187,107

Carvana

Co.

11.00%,

PIK

13.00%,

06/01/2030

(d),(i)

5,633,000

5,893,340

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

4.63%,

01/15/2029

(d) 2,435,000

2,317,482

6.75%,

01/15/2030

(d) 1,275,000

1,196,502

Park

River

Holdings,

Inc.

5.63%,

02/01/2029

(d) 1,900,000

1,861,927

8.00%,

03/15/2031

(d),(m)

3,028,000

3,066,378

Specialty

Building

Products

Holdings

LLC/SBP

Finance

Corp.

7.75%,

10/15/2029

(d) 2,884,000

2,929,562

Victra

Holdings

LLC/Victra

Finance

Corp.

8.75%,

09/15/2029

(d),(h)

3,757,000

3,938,737

$

25,174,906

Semiconductors

-

.40

%

Kioxia

Holdings

Corp.

6.25%,

07/24/2030

(d) 754,000

769,083

6.63%,

07/24/2033

(d) 4,823,000

4,958,189

$

5,727,272

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Telecommunications

-

.80

%

Digicel

International

Finance

Ltd./Difl

U.S.

LLC

8.63%,

08/01/2032

(d) $

4,913,000

$

5,051,464

EchoStar

Corp.

10.75%,

11/30/2029

3,725,731

4,098,938

Viasat,

Inc.

7.50%,

05/30/2031

(d),(h)

6,071,000

5,697,025

Windstream

Services

LLC

7.50%,

10/15/2033

(d),(m)

436,000

435,882

Zayo

Group

Holdings,

Inc.

9.25%,

03/09/2030

(d) 258,823

247,823

$

15,531,132

Transportation

-

.94

%

Watco

Cos.

LLC/Watco

Finance

Corp.

7.13%,

08/01/2032

(d) 3,713,000

3,843,215

TOTAL

BONDS

a

$

374,132,236

SENIOR

FLOATING

RATE

INTERESTS

-

.49

%

Principal

Amount

Value

Airlines

-

.47

%

–

—

American

Airlines,

Inc.,

2025

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%),

6.58%,

04/20/2028

$

1,911,896

$

1,907,919

Commercial

Services

-

.07

%

Veritiv

Corp.,

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%),

8.00%,

11/30/2030

302,707

299,259

Food

-

.66

%

Fiesta

Purchaser,

Inc.,

2024

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%),

6.91%,

02/12/2031

2,720,683

2,713,609

Forest

Products

&

Paper

-

.10

%

Spectrum

Group

Buyer,

Inc.,

2022

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%),

10.81%,

05/19/2028

458,034

405,552

Healthcare

-

Services

-

.61

%

LifePoint

Health,

Inc.,

2024

1st

Lien

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%),

8.07%,

05/19/2031

2,517,017

2,510,473

Household

Products

&

Wares

-

.19

%

Kronos

Acquisition

Holdings,

Inc.,

2024

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%),

8.00%,

07/08/2031

1,054,350

772,638

Insurance

-

.48

%

Asurion

LLC,

2021

2nd

Lien

Term

Loan

B4

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%),

9.53%,

01/20/2029

6,344,727

6,060,103

Media

-

.29

%

iHeartCommunications,

Inc.,

2024

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%),

10.05%,

05/01/2029

1,354,763

1,180,757

Pharmaceuticals

-

.24

%

Endo

Luxembourg

Finance

Co.

I

SARL,

2024

1st

Lien

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%),

8.16%,

04/23/2031

955,350

956,745

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

Value

Telecommunications

-

.38

%

Zayo

Group

Holdings,

Inc.,

USD

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%),

7.28%,

03/09/2027

$

1,588,218

$

1,563,410

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

a

$

18,370,465

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.72

%

Principal

Amount

Value

U.S.

Treasury

Notes

-

.72

%

–

–

3.88%,

04/30/2030

$

6,986,500

$

7,030,711

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

a

$

7,030,711

Total

Investments

107.33%

$

438,990,058

Other

Assets

and

Liabilities

-

(7.33%)

(30,007,121)

TOTAL

NET

ASSETS

-

100.00%

$

408,982,937

(a) 1-day

yield

shown

as

of

period

end.

(b) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$24,406,480

or

5.97%

of

net

assets.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$336,265,288

or

82.22%

of

net

assets.

(e) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,908,029

or

1.93%

of

net

assets.

(h) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$23,856,285

or

5.83%

of

net

assets.

(i) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(j) Security

is

defaulted.

(k) Non-income

producing

security.

(l) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Advisor,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Trustees.

(m) Securities

purchased

on

a

when-issued

basis.

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2025

(unaudited)

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

September

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

4.04%

$

14,446,840

$

30,750,483

$

20,790,843

$

24,406,480

$

14,446,840

$

30,750,483

$

20,790,843

$

24,406,480

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

4.04%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Capital

Appreciation

Select

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.57

%

Shares

Held

Value

Aerospace

&

Defense

-

.93

%

-

—

Boeing

Co.

(a) 1,592

$

343,601

Auto

Manufacturers

-

.99

%

Tesla,

Inc.

(a) 1,662

739,125

Banks

-

.49

%

JPMorgan

Chase

&

Co.

4,104

1,294,525

Building

Materials

-

.43

%

CRH

PLC

4,416

529,479

Modine

Manufacturing

Co.

(a) 1,817

371,606

$

901,085

Chemicals

-

.65

%

Linde

PLC

1,289

612,275

Commercial

Services

-

.73

%

Service

Corp.

International

3,274

272,462

Computers

-

.50

%

Apple,

Inc.

8,640

2,200,003

Western

Digital

Corp.

1,786

214,427

$

2,414,430

Cosmetics

&

Personal

Care

-

.04

%

Procter

&

Gamble

Co.

2,510

385,661

Diversified

Financial

Services

-

.11

%

Ameriprise

Financial,

Inc.

639

313,909

Nasdaq,

Inc.

9,078

802,949

Visa,

Inc.,

Class

A

3,373

1,151,475

$

2,268,333

Electric

-

.28

%

Constellation

Energy

Corp.

1,724

567,317

NRG

Energy,

Inc.

1,735

280,983

$

848,300

Electrical

Components

&

Equipment

-

.93

%

Eaton

Corp.

PLC

1,913

715,940

Environmental

Control

-

.29

%

Republic

Services,

Inc.

3,703

849,764

Healthcare

-

Products

-

.11

%

Thermo

Fisher

Scientific,

Inc.

1,615

783,307

Healthcare

-

Services

-

.49

%

HCA

Healthcare,

Inc.

183,692

Insurance

-

.30

%

Berkshire

Hathaway,

Inc.,

Class

B

(a) 947

476,095

Progressive

Corp.

1,537

379,562

$

855,657

Internet

-

.91

%

Alphabet,

Inc.,

Class

A

7,890

1,918,059

Amazon.com,

Inc.

(a) 6,516

1,430,718

Meta

Platforms,

Inc.,

Class

A

1,516

1,113,320

Palo

Alto

Networks,

Inc.

(a) 4,455

907,127

Reddit,

Inc.,

Class

A

(a) 717

164,903

$

5,534,127

Investment

Companies

-

.53

%

Riot

Platforms,

Inc.

(a) 10,396

197,836

Machinery

-

Construction

&

Mining

-

.05

%

BWX

Technologies,

Inc.

2,106

388,283

Mining

-

.53

%

Cameco

Corp.

2,345

196,652

Miscellaneous

Manufacturers

-

.44

%

Parker-Hannifin

Corp.

704

533,738

Oil

&

Gas

-

.40

%

Exxon

Mobil

Corp.

4,226

476,481

Marathon

Petroleum

Corp.

3,901

751,879

Permian

Resources

Corp.

2,687

34,394

$

1,262,754

Pharmaceuticals

-

.51

%

AbbVie,

Inc.

2,304

533,468

Eli

Lilly

&

Co.

558

425,754

McKesson

Corp.

1,216

939,408

Novartis

AG,

ADR

4,032

517,064

$

2,415,694

REITs

-

.27

%

Equinix,

Inc.

321,128

Extra

Space

Storage,

Inc.

1,075

151,511

$

472,639

COMMON

STOCKS

(continued)

Shares

Held

Value

Retail

-

.24

%

Casey's

General

Stores,

Inc.

1,718

$

971,220

Costco

Wholesale

Corp.

510

472,071

O'Reilly

Automotive,

Inc.

(a) 3,651

393,614

TJX

Cos.,

Inc.

5,890

851,341

$

2,688,246

Semiconductors

-

.59

%

Broadcom,

Inc.

3,823

1,261,246

Lam

Research

Corp.

8,595

1,150,871

NVIDIA

Corp.

14,102

2,631,151

$

5,043,268

Software

-

.81

%

Broadridge

Financial

Solutions,

Inc.

2,266

539,693

Microsoft

Corp.

4,668

2,417,791

Salesforce,

Inc.

89,112

ServiceNow,

Inc.

(a) 242

222,708

$

3,269,304

Telecommunications

-

.02

%

Motorola

Solutions,

Inc.

1,344

614,598

T-Mobile

U.S.,

Inc.

2,118

507,007

$

1,121,605

TOTAL

COMMON

STOCKS

a

$

36,592,303

INVESTMENT

COMPANIES

-

.93

%

Shares

Held

Value

Money

Market

Funds

-

.93

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(b) 716,537

$

716,537

TOTAL

INVESTMENT

COMPANIES

a

$

716,537

Total

Investments

100.50%

$

37,308,840

Other

Assets

and

Liabilities

-

(0.50%)

(185,385)

TOTAL

NET

ASSETS

-

100.00%

$

37,123,455

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Focused

Blue

Chip

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.84

%

Shares

Held

Value

Aerospace

&

Defense

-

.40

%

-

—

TransDigm

Group,

Inc.

7,970

$

10,504,619

Distribution

&

Wholesale

-

.65

%

Copart,

Inc.

(a) 60,094

2,702,427

Diversified

Financial

Services

-

.51

%

Charles

Schwab

Corp.

40,361

3,853,265

Mastercard,

Inc.,

Class

A

13,503

7,680,641

Visa,

Inc.,

Class

A

21,529

7,349,570

$

18,883,476

Electronics

-

.00

%

Amphenol

Corp.,

Class

A

2,846

Healthcare

-

Products

-

.57

%

Danaher

Corp.

29,581

5,864,729

Internet

-

.64

%

Airbnb,

Inc.,

Class

A

(a) 29,192

3,544,493

Alphabet,

Inc.,

Class

C

28,118

6,848,139

Amazon.com,

Inc.

(a) 104,840

23,019,719

Meta

Platforms,

Inc.,

Class

A

8,501

6,242,964

Netflix,

Inc.

(a) 4,748

5,692,472

$

45,347,787

Lodging

-

.86

%

Hilton

Worldwide

Holdings,

Inc.

18,056

4,684,449

Pharmaceuticals

-

.96

%

Zoetis,

Inc.

22,011

3,220,649

Private

Equity

-

.92

%

Brookfield

Corp.

(b) 237,308

16,274,583

Real

Estate

-

.23

%

CoStar

Group,

Inc.

(a) 43,432

3,664,358

Retail

-

.10

%

O'Reilly

Automotive,

Inc.

(a) 31,898

3,438,923

Semiconductors

-

.26

%

Broadcom,

Inc.

17,396

5,739,115

NVIDIA

Corp.

41,871

7,812,291

$

13,551,406

Software

-

.74

%

Cadence

Design

Systems,

Inc.

(a) 21,527

7,561,574

Microsoft

Corp.

47,942

24,831,559

Roper

Technologies,

Inc.

6,562

3,272,404

$

35,665,537

TOTAL

COMMON

STOCKS

a

$

163,805,789

INVESTMENT

COMPANIES

-

.06

%

Shares

Held

Value

Money

Market

Funds

-

.06

%

-

—

Principal

Government

Money

Market

Fund,

Class

4.04%

(c),(d),(e)

4,528,000

$

4,528,000

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(c) 488,417

488,417

TOTAL

INVESTMENT

COMPANIES

a

$

5,016,417

Total

Investments

102.90%

$

168,822,206

Other

Assets

and

Liabilities

-

(2.90%)

(4,758,466)

TOTAL

NET

ASSETS

-

100.00%

$

164,063,740

(a) Non-income

producing

security.

(b) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,389,120

or

2.68%

of

net

assets.

(c) 1-day

yield

shown

as

of

period

end.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,528,000

or

2.76%

of

net

assets.

Schedule

of

Investments

Principal

Focused

Blue

Chip

ETF

September

30,

2025

(unaudited)

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

September

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

4.04%

$

—

$

4,896,000

$

368,000

$

4,528,000

$

—

$

4,896,000

$

368,000

$

4,528,000

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

4.04%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

International

Equity

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.45

%

Shares

Held

Value

Aerospace

&

Defense

-

.18

%

-

—

Airbus

SE

137,872

$

31,952,884

BAE

Systems

PLC

1,094,109

30,297,498

$

62,250,382

Apparel

-

.00

%

PRADA

SpA

2,371,600

14,262,605

Samsonite

Group

SA

(a) 5,499,900

11,774,470

$

26,037,075

Banks

-

.04

%

AIB

Group

PLC

4,104,466

37,177,435

Erste

Group

Bank

AG

316,693

30,934,894

National

Bank

of

Greece

SA

1,895,167

27,512,398

$

95,624,727

Building

Materials

-

.92

%

CRH

PLC

211,454

25,264,708

Cosmetics

&

Personal

Care

-

.61

%

Haleon

PLC

6,987,750

31,238,358

Distribution

&

Wholesale

-

.46

%

Rexel

SA

651,504

21,294,780

Electronics

-

.51

%

Hoya

Corp.

94,400

13,069,885

Engineering

&

Construction

-

.95

%

Technip

Energies

NV

175,300

8,248,908

Entertainment

-

.54

%

Entain

PLC

1,874,145

22,024,449

Healthcare

-

Products

-

.35

%

Smith

&

Nephew

PLC

1,611,498

28,987,675

Healthcare

-

Services

-

.12

%

ICON

PLC

(b) 105,195

18,409,125

Insurance

-

.21

%

AIA

Group

Ltd.

2,600,000

24,941,049

Hannover

Rueck

SE

98,443

29,657,076

Sompo

Holdings,

Inc.

813,300

25,160,412

$

79,758,537

Internet

-

.51

%

Spotify

Technology

SA

(b) 20,154

14,067,492

Tencent

Holdings

Ltd.

319,973

27,260,789

Tencent

Holdings

Ltd.,

ADR

125,299

10,669,210

Trip.com

Group

Ltd.

283,600

21,720,212

$

73,717,703

Machinery

-

Construction

&

Mining

-

.18

%

Weir

Group

PLC

513,086

18,852,141

Mining

-

.72

%

Teck

Resources

Ltd.,

Class

B

536,775

23,546,823

Oil

&

Gas

-

.57

%

ARC

Resources

Ltd.

424,940

7,749,499

Suncor

Energy,

Inc.

761,926

31,885,155

$

39,634,654

Pharmaceuticals

-

.31

%

AstraZeneca

PLC

190,683

28,676,179

Retail

-

.85

%

Dollarama,

Inc.

129,733

17,109,431

Yum

China

Holdings,

Inc.

568,250

24,900,346

$

42,009,777

Semiconductors

-

.66

%

ASML

Holding

NV

42,842

41,652,335

Samsung

Electronics

Co.

Ltd.

665,431

39,791,640

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

132,204

36,923,255

$

118,367,230

Software

-

.93

%

Nemetschek

SE

128,714

16,743,737

Telecommunications

-

.75

%

Deutsche

Telekom

AG

953,389

32,471,676

Toys,

Games

&

Hobbies

-

.08

%

Nintendo

Co.

Ltd.

308,600

26,720,918

TOTAL

COMMON

STOCKS

a

$

852,949,447

INVESTMENT

COMPANIES

-

.60

%

Shares

Held

Value

Money

Market

Funds

-

.60

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(c) 13,837,813

$

13,837,813

TOTAL

INVESTMENT

COMPANIES

a

$

13,837,813

Total

Investments

100.05%

$

866,787,260

Other

Assets

and

Liabilities

-

(0.05%)

(456,997)

TOTAL

NET

ASSETS

-

100.00%

$

866,330,263

(a) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,774,470

or

1.36%

of

net

assets.

(b) Non-income

producing

security.

(c) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.52

%

Shares

Held

Value

Money

Market

Funds

-

.52

%

-

—

Principal

Government

Money

Market

Fund,

Class

4.04%

(a),(b),(c)

976,845

$

976,845

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(a) 940,312

940,312

TOTAL

INVESTMENT

COMPANIES

a

$

1,917,157

BONDS

-

.46

%

Principal

Amount

Value

Aerospace

&

Defense

-

.19

%

—

—

Boeing

Co.

5.15%,

05/01/2030

$

290,000

$

297,585

5.81%,

05/01/2050

1,396,000

1,394,693

7.01%,

05/01/2064

298,000

344,981

Northrop

Grumman

Corp.

4.95%,

03/15/2053

230,000

211,113

5.25%,

07/15/2035

375,000

388,173

RTX

Corp.

3.03%,

03/15/2052

809,000

533,316

6.10%,

03/15/2034

616,000

674,516

6.40%,

03/15/2054

158,000

176,772

$

4,021,149

Agriculture

-

.51

%

BAT

Capital

Corp.

4.54%,

08/15/2047

595,000

498,931

4.63%,

03/22/2033

600,000

593,743

4.76%,

09/06/2049

823,000

700,393

5.83%,

02/20/2031

335,000

354,316

JBS

USA

LUX

SARL/JBS

USA

Food

Co./JBS

USA

Foods

Group

5.95%,

04/20/2035

(d) 485,000

509,494

Philip

Morris

International,

Inc.

4.88%,

04/30/2035

(e) 510,000

510,292

$

3,167,169

Airlines

-

.88

%

AS

Mileage

Plan

IP

Ltd.

5.02%,

10/20/2029

(d) 867,000

867,453

5.31%,

10/20/2031

(d) 454,000

451,900

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.75%,

10/20/2028

(d) 1,617,250

1,626,344

United

Airlines

Pass-Through

Trust

,

Class

A

5.88%,

08/15/2038

672,968

686,495

$

3,632,192

Apparel

-

.27

%

Gildan

Activewear,

Inc.

4.70%,

10/07/2030

(d),(f)

340,000

339,487

Auto

Manufacturers

-

.14

%

Ford

Motor

Credit

Co.

LLC

5.80%,

03/08/2029

600,000

608,875

6.13%,

03/08/2034

339,000

340,686

Hyundai

Capital

America

4.50%,

09/18/2030

(d) 520,000

517,524

5.30%,

06/24/2029

(d) 338,000

346,817

6.50%,

01/16/2029

(d) 836,000

886,166

$

2,700,068

Banks

-

.78

%

AIB

Group

PLC

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.65%),

5.32%,

05/15/2031

(d),(g)

600,000

617,743

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%),

5.87%,

03/28/2035

(d),(g)

695,000

731,130

Bank

of

America

Corp.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.32%),

2.69%,

04/22/2032

(g) 3,114,000

2,836,792

Barclays

PLC

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%),

5.34%,

09/10/2035

(g) 514,000

521,421

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

CaixaBank

SA

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.79%),

5.58%,

07/03/2036

(d),(g)

$

500,000

$

512,115

Citigroup,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.94%),

3.79%,

03/17/2033

(g) 1,308,000

1,242,578

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.49%),

5.17%,

09/11/2036

(g) 273,000

275,770

Cooperatieve

Rabobank

UA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%),

4.99%,

05/27/2031

(d),(g)

290,000

296,125

Danske

Bank

AS

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%),

4.61%,

10/02/2030

(d),(g)

378,000

379,976

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%),

5.02%,

03/04/2031

(d),(g)

545,000

555,299

Deutsche

Bank

AG

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.30%),

4.95%,

08/04/2031

(g) 307,000

309,903

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.72%),

5.30%,

05/09/2031

(g) 385,000

394,380

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.59%),

5.71%,

02/08/2028

(g) 485,000

493,812

Goldman

Sachs

Group,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.42%),

5.02%,

10/23/2035

(g) 851,000

856,658

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.58%),

5.22%,

04/23/2031

(g) 1,300,000

1,344,337

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.38%),

5.54%,

01/28/2036

(g) 565,000

589,772

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.58%),

5.56%,

11/19/2045

(g) 384,000

389,925

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.70%),

5.73%,

01/28/2056

(g) 400,000

414,708

HSBC

Holdings

PLC

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.57%),

5.24%,

05/13/2031

(g) 314,000

323,122

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.06%),

5.60%,

05/17/2028

(g) 1,311,000

1,338,532

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.96%),

5.74%,

09/10/2036

(g) 268,000

273,443

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.88%),

5.79%,

05/13/2036

(g) 726,000

765,944

Huntington

Bancshares,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.87%),

5.71%,

02/02/2035

(g) 1,414,000

1,473,777

JPMorgan

Chase

&

Co.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.64%),

5.58%,

07/23/2036

(g) 585,000

606,459

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

JPMorgan

Chase

&

Co.

(continued)

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.81%),

6.25%,

10/23/2034

(g) $

1,726,000

$

1,901,922

KeyBank

NA

5.00%,

01/26/2033

1,335,000

1,343,602

Morgan

Stanley

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.51%),

5.19%,

04/17/2031

(g) 1,105,000

1,141,015

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.56%),

5.32%,

07/19/2035

(g) 3,242,000

3,345,253

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.71%),

5.52%,

11/19/2055

(g) 281,000

284,043

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.76%),

5.66%,

04/17/2036

(g) 260,000

274,316

Morgan

Stanley

Private

Bank

NA

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.08%),

4.73%,

07/18/2031

(g) 447,000

453,675

NatWest

Group

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%),

5.12%,

05/23/2031

(g) 240,000

246,093

PNC

Financial

Services

Group,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.42%),

5.37%,

07/21/2036

(g) 314,000

323,127

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.60%),

5.40%,

07/23/2035

(g) 388,000

401,634

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.39%),

5.58%,

01/29/2036

(g) 325,000

339,106

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.90%),

5.68%,

01/22/2035

(g) 1,770,000

1,866,528

(180

Day

Average

Secured

Overnight

Financing

Rate

+

2.28%),

6.88%,

10/20/2034

(g) 236,000

267,377

Royal

Bank

of

Canada

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.50%,

11/24/2085

(g) 880,000

871,484

Truist

Financial

Corp.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

2.45%),

7.16%,

10/30/2029

(g) 575,000

622,783

U.S.

Bancorp

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.30%),

5.08%,

05/15/2031

(g) 635,000

652,988

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.41%),

5.42%,

02/12/2036

(e),(g)

375,000

388,291

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.86%),

5.68%,

01/23/2035

(g) 954,000

1,004,458

UBS

Group

AG

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%),

4.75%,

05/12/2028

(d),(g)

853,000

860,297

Westpac

Banking

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%),

4.11%,

07/24/2034

(g) 580,000

567,980

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Zions

Bancorp

NA

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.16%),

4.70%,

08/18/2028

(g) $

347,000

$

348,078

$

35,047,771

Biotechnology

-

.57

%

Amgen,

Inc.

5.60%,

03/02/2043

710,000

719,409

Chemicals

-

.32

%

International

Flavors

&

Fragrances,

Inc.

1.83%,

10/15/2027

(d) 326,000

310,150

3.47%,

12/01/2050

(d) 133,000

92,094

$

402,244

Computers

-

.06

%

Hewlett

Packard

Enterprise

Co.

4.55%,

10/15/2029

852,000

856,613

5.00%,

10/15/2034

833,000

826,523

5.60%,

10/15/2054

753,000

720,142

International

Business

Machines

Corp.

5.70%,

02/10/2055

200,000

202,759

$

2,606,037

Diversified

Financial

Services

-

.33

%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

3.85%,

10/29/2041

790

649

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%),

6.95%,

03/10/2055

(g) 257,000

269,001

Aircastle

Ltd.

5.95%,

02/15/2029

(d) 207,000

215,881

Aircastle

Ltd./Aircastle

Ireland

DAC

5.00%,

09/15/2030

(d) 507,000

510,796

5.75%,

10/01/2031

(d) 865,000

901,096

Atlas

Warehouse

Lending

Co.

LP

6.05%,

01/15/2028

(d) 349,000

356,994

Blackstone

Holdings

Finance

Co.

LLC

2.85%,

08/05/2051

(d) 342

Charles

Schwab

Corp.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

2.50%),

5.85%,

05/19/2034

(g) 317,000

339,264

Citadel

Finance

LLC

5.90%,

02/10/2030

(d) 1,330,000

1,349,405

Citadel

Securities

Global

Holdings

LLC

5.50%,

06/18/2030

(d) 1,195,000

1,226,498

6.20%,

06/18/2035

(d) 276,000

289,931

Jane

Street

Group/JSG

Finance,

Inc.

6.13%,

11/01/2032

(d) 443,000

449,007

6.75%,

05/01/2033

(d) 789,000

819,482

$

6,728,220

Electric

-

.93

%

AEP

Transmission

Co.

LLC

5.38%,

06/15/2035

196,000

202,787

Alliant

Energy

Finance

LLC

5.95%,

03/30/2029

(d) 207,000

216,599

Berkshire

Hathaway

Energy

Co.

4.60%,

05/01/2053

500,000

429,789

Black

Hills

Corp.

4.55%,

01/31/2031

(f) 315,000

314,985

CMS

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%),

6.50%,

06/01/2055

(g) 971,000

1,005,324

Commonwealth

Edison

Co.

4.00%,

03/01/2049

924,000

737,218

Consolidated

Edison

Co.

of

New

York,

Inc.

5.90%,

11/15/2053

156,000

162,746

Consumers

Energy

Co.

5.05%,

05/15/2035

340,000

345,897

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

DTE

Energy

Co.

5.20%,

04/01/2030

$

500,000

$

515,202

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

924,000

733,401

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

252,000

275,401

Exelon

Corp.

5.60%,

03/15/2053

227,000

221,912

Indianapolis

Power

&

Light

Co.

5.70%,

04/01/2054

(d) 307,000

308,908

Interstate

Power

&

Light

Co.

5.60%,

06/29/2035

1,122,000

1,165,687

Louisville

Gas

&

Electric

Co.

5.85%,

08/15/2055

173,000

177,830

MidAmerican

Energy

Co.

4.40%,

10/15/2044

924,000

809,453

NextEra

Energy

Capital

Holdings,

Inc.

5.45%,

03/15/2035

362,000

374,414

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%),

6.38%,

08/15/2055

(g) 580,000

602,249

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%),

6.70%,

09/01/2054

(g) 827,000

855,526

NRG

Energy,

Inc.

2.00%,

12/02/2025

(d) 930,000

925,090

5.41%,

10/15/2035

(d),(f)

225,000

225,765

Pacific

Gas

&

Electric

Co.

3.25%,

06/01/2031

130,000

119,541

5.55%,

05/15/2029

394,000

405,560

Pinnacle

West

Capital

Corp.

4.90%,

05/15/2028

590,000

599,383

Public

Service

Co.

of

Colorado

5.25%,

04/01/2053

211,000

199,790

Puget

Sound

Energy,

Inc.

5.60%,

09/15/2055

200,000

198,758

Southern

Power

Co.

4.90%,

10/01/2035

435,000

428,997

Trans-Allegheny

Interstate

Line

Co.

5.00%,

01/15/2031

(d) 125,000

128,163

Xcel

Energy,

Inc.

5.45%,

08/15/2033

1,063,000

1,099,726

$

13,786,101

Environmental

Control

-

.18

%

Waste

Connections,

Inc.

5.25%,

09/01/2035

220,000

226,682

Food

-

.27

%

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

4.38%,

02/02/2052

746,400

586,832

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

6.38%,

04/15/2066

(d) 713,000

732,993

JBS

USA

LUX

SARL/JBS

USA

Food

Co./JBS

USA

Foods

Group

6.38%,

02/25/2055

(d) 571,000

594,522

Mars,

Inc.

5.20%,

03/01/2035

(d) 1,235,000

1,262,338

5.70%,

05/01/2055

(d) 933,000

945,079

Sysco

Corp.

3.15%,

12/14/2051

736

$

4,122,257

Gas

-

.61

%

Boston

Gas

Co.

5.84%,

01/10/2035

(d) 240,000

253,147

NiSource,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%),

6.95%,

11/30/2054

(g) 758,000

788,801

BONDS

(continued)

Principal

Amount

Value

Gas

(continued)

Southern

California

Gas

Co.

5.05%,

09/01/2034

$

372,000

$

378,401

6.00%,

06/15/2055

590,000

617,768

$

2,038,117

Healthcare

-

Services

-

.14

%

Centene

Corp.

2.45%,

07/15/2028

557,000

517,583

UnitedHealth

Group,

Inc.

2.75%,

05/15/2040

940,000

700,420

5.75%,

07/15/2064

220,000

219,034

$

1,437,037

Insurance

-

.00

%

Allianz

SE

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%),

6.55%,

10/30/2033

(d),(e),(g),(h),(i)

400,000

412,960

American

International

Group,

Inc.

5.45%,

05/07/2035

423,000

440,642

Aon

North

America,

Inc.

5.75%,

03/01/2054

640,000

644,532

Arthur

J

Gallagher

&

Co.

2.40%,

11/09/2031

646,000

573,512

5.15%,

02/15/2035

150,000

151,773

Brown

&

Brown,

Inc.

4.70%,

06/23/2028

221,000

223,110

5.55%,

06/23/2035

216,000

222,189

Corebridge

Financial,

Inc.

5.75%,

01/15/2034

231,000

242,983

Equitable

America

Global

Funding

4.95%,

06/09/2030

(d) 225,000

229,496

Markel

Group,

Inc.

6.00%,

05/16/2054

204,000

208,154

MetLife,

Inc.

5.00%,

07/15/2052

155,000

144,839

Northwestern

Mutual

Life

Insurance

Co.

6.17%,

05/29/2055

(d) 270,000

290,453

$

3,784,643

Media

-

.98

%

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

3.90%,

06/01/2052

513,000

347,451

5.85%,

12/01/2035

625,000

630,970

6.10%,

06/01/2029

1,330,000

1,395,693

6.48%,

10/23/2045

404,000

399,115

6.55%,

06/01/2034

859,000

915,450

6.70%,

12/01/2055

342,000

346,087

Comcast

Corp.

5.35%,

05/15/2053

605,000

567,305

Paramount

Global

4.20%,

05/19/2032

454,000

422,936

$

5,025,007

Mining

-

.86

%

Glencore

Funding

LLC

5.19%,

04/01/2030

(d) 509,000

524,417

5.37%,

04/04/2029

(d) 1,415,000

1,458,011

6.13%,

10/06/2028

(d) 351,000

368,439

$

2,350,867

Oil

&

Gas

-

.35

%

ConocoPhillips

Co.

5.50%,

01/15/2055

409,000

400,676

Diamondback

Energy,

Inc.

5.75%,

04/18/2054

721,000

694,028

Occidental

Petroleum

Corp.

5.20%,

08/01/2029

606,000

614,907

$

1,709,611

Packaging

&

Containers

-

.87

%

Packaging

Corp.

of

America

5.20%,

08/15/2035

669,000

682,141

5.70%,

12/01/2033

836,000

885,214

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Packaging

&

Containers

(continued)

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

$

770,000

$

791,548

$

2,358,903

Pharmaceuticals

-

.96

%

AbbVie,

Inc.

4.25%,

11/21/2049

333,000

280,546

5.50%,

03/15/2064

468,000

467,753

CVS

Health

Corp.

5.45%,

09/15/2035

412,000

419,252

Eli

Lilly

&

Co.

5.50%,

02/12/2055

285,000

291,107

5.65%,

10/15/2065

372,000

384,105

Zoetis,

Inc.

5.00%,

08/17/2035

620,000

626,188

$

2,468,951

Pipelines

-

.64

%

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

(d) 329,000

336,112

Cheniere

Energy,

Inc.

5.65%,

04/15/2034

240,000

247,400

DT

Midstream,

Inc.

4.13%,

06/15/2029

(d) 1,528,000

1,490,815

Eastern

Energy

Gas

Holdings

LLC

5.65%,

10/15/2054

121,000

119,210

Energy

Transfer

LP

3.75%,

05/15/2030

1,179,000

1,144,892

5.15%,

03/15/2045

390,000

349,989

5.25%,

07/01/2029

141,000

145,090

Kinder

Morgan,

Inc.

5.15%,

06/01/2030

320,000

330,105

5.40%,

02/01/2034

960,000

989,750

ONEOK,

Inc.

4.40%,

10/15/2029

370,000

369,735

4.75%,

10/15/2031

698,000

698,223

5.70%,

11/01/2054

943,000

890,258

$

7,111,579

Real

Estate

-

.72

%

CoStar

Group,

Inc.

2.80%,

07/15/2030

(d) 986,000

902,662

REITs

-

.61

%

American

Homes

Rent

LP

2.38%,

07/15/2031

580,000

513,797

4.25%,

02/15/2028

119,000

118,711

5.50%,

07/15/2034

1,219,000

1,256,136

Broadstone

Net

Lease

LLC

5.00%,

11/01/2032

150,000

149,104

Realty

Income

Corp.

3.10%,

12/15/2029

$

2,037,815

Retail

-

.31

%

Lowe's

Cos.,

Inc.

4.25%,

03/15/2031

400,000

397,411

Semiconductors

-

.53

%

Broadcom,

Inc.

3.42%,

04/15/2033

(d) 395,000

365,562

4.35%,

02/15/2030

479,000

481,354

4.55%,

02/15/2032

232,000

233,612

4.90%,

02/15/2038

900,000

895,178

5.15%,

11/15/2031

343,000

356,394

5.20%,

07/15/2035

590,000

608,055

Intel

Corp.

4.75%,

03/25/2050

557,000

471,847

Marvell

Technology,

Inc.

2.95%,

04/15/2031

466,000

430,372

5.45%,

07/15/2035

329,000

339,177

5.95%,

09/15/2033

591,000

634,090

Micron

Technology,

Inc.

5.80%,

01/15/2035

855,000

899,492

$

5,715,133

BONDS

(continued)

Principal

Amount

Value

Shipbuilding

-

.18

%

Huntington

Ingalls

Industries,

Inc.

5.75%,

01/15/2035

$

218,000

$

228,681

Software

-

.66

%

Oracle

Corp.

3.95%,

03/25/2051

635,000

472,128

4.00%,

07/15/2046

456,000

355,212

4.80%,

09/26/2032

145,000

145,174

5.20%,

09/26/2035

360,000

361,982

5.95%,

09/26/2055

475,000

473,539

Synopsys,

Inc.

5.70%,

04/01/2055

287,000

289,649

$

2,097,684

Telecommunications

-

.11

%

AT&T,

Inc.

3.50%,

09/15/2053

2,776,000

1,920,167

3.55%,

09/15/2055

331,000

228,098

T-Mobile

USA,

Inc.

2.55%,

02/15/2031

827,000

751,429

2.88%,

02/15/2031

1,155,000

1,064,876

5.13%,

05/15/2032

208,000

214,065

5.88%,

11/15/2055

489,000

499,496

Verizon

Communications,

Inc.

2.65%,

11/20/2040

698,000

504,833

$

5,182,964

Transportation

-

.63

%

Norfolk

Southern

Corp.

5.10%,

05/01/2035

215,000

219,516

5.35%,

08/01/2054

(e) 585,000

576,072

$

795,588

Water

-

.87

%

Essential

Utilities,

Inc.

2.40%,

05/01/2031

1,234,000

1,102,023

TOTAL

BONDS

a

$

124,243,462

Total

Investments

99.98%

$

126,160,619

Other

Assets

and

Liabilities

-

0.02%

17,442

TOTAL

NET

ASSETS

-

100.00%

$

126,178,061

(a) 1-day

yield

shown

as

of

period

end.

(b) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$976,845

or

0.77%

of

net

assets.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$27,990,951

or

22.18%

of

net

assets.

(e) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$955,881

or

0.76%

of

net

assets.

(f) Securities

purchased

on

a

when-issued

basis.

(g) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(h) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(i) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$412,960

or

0.33%

of

net

assets.

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2025

(unaudited)

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

September

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

4.04%

$

562,295

$

3,817,318

$

3,402,768

$

976,845

$

562,295

$

3,817,318

$

3,402,768

$

976,845

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

4.04%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

U.S.

Year

Treasury

Notes;

December

2025

Long

$

4,376,367

$

(815)

U.S.

Year

Treasury

Notes;

December

2025

Short

1,310,344

(398)

U.S.

Year

Treasury

Notes;

December

2025

Short

3,487,500

(878)

U.S.

Year

Ultra

Treasury

Notes;

December

2025

Short

5,984,062

(42,376)

U.S.

Long

Bonds;

December

2025

Long

3,264,625

70,454

U.S.

Ultra

Treasury

Bonds;

December

2025

Long

240,125

Total

$

26,107

Schedule

of

Investments

Principal

Quality

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.70

%

Shares

Held

Value

Aerospace

&

Defense

-

.89

%

-

—

General

Electric

Co.

2,934

$

882,606

Howmet

Aerospace,

Inc.

3,344

656,193

$

1,538,799

Apparel

-

.96

%

Deckers

Outdoor

Corp.

(a) 5,066

513,540

Auto

Manufacturers

-

.26

%

Tesla,

Inc.

(a) 308

136,974

Banks

-

.06

%

Northern

Trust

Corp.

4,206

566,128

Biotechnology

-

.18

%

Amgen,

Inc.

2,223

627,331

Building

Materials

-

.08

%

Lennox

International,

Inc.

887

469,542

Trane

Technologies

PLC

1,410

594,964

Vulcan

Materials

Co.

1,864

573,404

$

1,637,910

Chemicals

-

.05

%

Ecolab,

Inc.

2,045

560,044

Commercial

Services

-

.87

%

Cintas

Corp.

2,667

547,428

Corpay,

Inc.

(a) 1,662

478,756

Global

Payments,

Inc.

6,070

504,296

$

1,530,480

Computers

-

.38

%

Apple,

Inc.

10,961

2,790,999

Gartner,

Inc.

(a) 2,196

577,263

Leidos

Holdings,

Inc.

2,975

562,156

$

3,930,418

Cosmetics

&

Personal

Care

-

.01

%

Colgate-Palmolive

Co.

6,730

537,996

Diversified

Financial

Services

-

.81

%

Ameriprise

Financial,

Inc.

1,098

539,392

Mastercard,

Inc.,

Class

A

1,658

943,087

Nasdaq,

Inc.

5,746

508,234

Raymond

James

Financial,

Inc.

3,276

565,438

Visa,

Inc.,

Class

A

3,129

1,068,178

$

3,624,329

Electrical

Components

&

Equipment

-

.06

%

AMETEK,

Inc.

3,014

566,632

Electronics

-

.93

%

Hubbell,

Inc.

1,235

531,433

Mettler-Toledo

International,

Inc.

(a) 406

498,409

$

1,029,842

Environmental

Control

-

.03

%

Pentair

PLC

4,983

551,917

Veralto

Corp.

4,959

528,679

$

1,080,596

Hand

&

Machine

Tools

-

.04

%

Snap-on,

Inc.

1,604

555,834

Healthcare

-

Products

-

.79

%

Agilent

Technologies,

Inc.

4,523

580,527

Boston

Scientific

Corp.

(a) 6,325

617,510

Intuitive

Surgical,

Inc.

(a) 1,398

625,228

ResMed,

Inc.

1,918

525,014

Stryker

Corp.

1,655

611,804

Thermo

Fisher

Scientific,

Inc.

1,397

677,573

Waters

Corp.

(a) 1,795

538,159

Zimmer

Biomet

Holdings,

Inc.

5,119

504,221

$

4,680,036

Healthcare

-

Services

-

.96

%

Charles

River

Laboratories

International,

Inc.

(a) 3,280

513,189

Household

Products

&

Wares

-

.94

%

Church

&

Dwight

Co.,

Inc.

5,714

500,718

Insurance

-

.29

%

Berkshire

Hathaway,

Inc.,

Class

B

(a) 110

55,301

Brown

&

Brown,

Inc.

5,582

523,536

Globe

Life,

Inc.

3,820

546,145

Marsh

&

McLennan

Cos.,

Inc.

2,916

587,662

W.R.

Berkley

Corp.

7,443

570,283

$

2,282,927

COMMON

STOCKS

(continued)

Shares

Held

Value

Internet

-

.48

%

Alphabet,

Inc.,

Class

A

1,720

$

418,132

Alphabet,

Inc.,

Class

C

4,524

1,101,820

Amazon.com,

Inc.

(a) 5,680

1,247,157

F5,

Inc.

(a) 1,662

537,142

GoDaddy,

Inc.,

Class

A

(a) 3,607

493,546

Meta

Platforms,

Inc.,

Class

A

1,086

797,537

Netflix,

Inc.

(a) 821

984,313

$

5,579,647

Machinery

-

Diversified

-

.12

%

Otis

Worldwide

Corp.

6,172

564,306

Xylem,

Inc.

3,831

565,072

$

1,129,378

Media

-

.76

%

FactSet

Research

Systems,

Inc.

1,407

403,091

Miscellaneous

Manufacturers

-

.16

%

Parker-Hannifin

Corp.

816

618,650

Oil

&

Gas

Services

-

.08

%

Schlumberger

NV

16,791

577,107

Pharmaceuticals

-

.02

%

Zoetis,

Inc.

3,713

543,286

Retail

-

.94

%

Chipotle

Mexican

Grill,

Inc.

(a) 12,792

501,318

Semiconductors

-

.35

%

Applied

Materials,

Inc.

3,909

800,329

Broadcom,

Inc.

6,188

2,041,483

NVIDIA

Corp.

19,082

3,560,320

QUALCOMM,

Inc.

4,259

708,527

$

7,110,659

Software

-

.82

%

Adobe,

Inc.

(a) 1,835

647,296

Broadridge

Financial

Solutions,

Inc.

2,056

489,677

Cadence

Design

Systems,

Inc.

(a) 1,709

600,303

Fair

Isaac

Corp.

(a) 401

600,109

Fiserv,

Inc.

(a) 4,236

546,147

Intuit,

Inc.

983

671,301

Microsoft

Corp.

5,632

2,917,094

PTC,

Inc.

(a) 2,576

522,980

Roper

Technologies,

Inc.

1,059

528,113

Salesforce,

Inc.

3,032

718,584

ServiceNow,

Inc.

(a) 782

719,659

$

8,961,263

Telecommunications

-

.31

%

AT&T,

Inc.

24,630

695,551

Transportation

-

.07

%

CH

Robinson

Worldwide,

Inc.

4,292

568,261

TOTAL

COMMON

STOCKS

a

$

53,101,934

INVESTMENT

COMPANIES

-

.27

%

Shares

Held

Value

Money

Market

Funds

-

.27

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(b) 145,196

$

145,196

TOTAL

INVESTMENT

COMPANIES

a

$

145,196

Total

Investments

99.97%

$

53,247,130

Other

Assets

and

Liabilities

-

0.03%

16,567

TOTAL

NET

ASSETS

-

100.00%

$

53,263,697

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Real

Estate

Active

Opportunities

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.49

%

Shares

Held

Value

Lodging

-

.54

%

-

—

Hyatt

Hotels

Corp.,

Class

A

3,348

$

475,182

REITs

-

.95

%

American

Healthcare

REIT,

Inc.

15,504

651,323

American

Homes

Rent,

Class

A

28,773

956,702

American

Tower

Corp.

7,474

1,437,400

Americold

Realty

Trust,

Inc.

30,022

367,469

Crown

Castle,

Inc.

3,159

304,812

Digital

Realty

Trust,

Inc.

4,165

720,045

EastGroup

Properties,

Inc.

3,892

658,760

Equinix,

Inc.

1,886

1,477,191

Equity

LifeStyle

Properties,

Inc.

10,422

632,615

Extra

Space

Storage,

Inc.

7,430

1,047,184

FrontView

REIT,

Inc.

13,504

185,140

Gaming

&

Leisure

Properties,

Inc.

15,523

723,527

Healthpeak

Properties,

Inc.

34,853

667,435

Invitation

Homes,

Inc.

25,526

748,678

Iron

Mountain,

Inc.

5,710

582,077

National

Health

Investors,

Inc.

7,779

618,431

Rexford

Industrial

Realty,

Inc.

18,713

769,291

Ryman

Hospitality

Properties,

Inc.

5,265

471,691

Sabra

Health

Care

REIT,

Inc.

51,926

967,901

SBA

Communications

Corp.

3,335

644,822

Ventas,

Inc.

22,563

1,579,184

VICI

Properties,

Inc.

24,039

783,912

Welltower,

Inc.

5,297

943,608

$

17,939,198

TOTAL

COMMON

STOCKS

a

$

18,414,380

INVESTMENT

COMPANIES

-

.06

%

Shares

Held

Value

Money

Market

Funds

-

.06

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(a) 197,667

$

197,667

TOTAL

INVESTMENT

COMPANIES

a

$

197,667

Total

Investments

99.55%

$

18,612,047

Other

Assets

and

Liabilities

-

0.45%

83,399

TOTAL

NET

ASSETS

-

100.00%

$

18,695,446

(a) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.13

%

Shares

Held

Value

Money

Market

Funds

-

.13

%

-

—

Principal

Government

Money

Market

Fund,

Class

4.04%

(a),(b),(c)

16,961,000

$

16,961,000

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(a) 24,349,557

24,349,557

TOTAL

INVESTMENT

COMPANIES

a

$

41,310,557

BONDS

-

.34

%

Principal

Amount

Value

Banks

-

.44

%

—

—

Bank

of

America

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%),

4.38%,

01/27/2027

(d),(e)

$

18,925,000

$

18,614,424

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%),

6.13%,

04/27/2027

(d),(e)

10,308,000

10,424,852

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%),

6.25%,

07/26/2030

(d),(e)

13,550,000

13,723,122

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.63%,

05/01/2030

(d),(e),(f)

18,692,000

19,448,820

Bank

of

Montreal

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

6.71%,

02/25/2026

(d),(e)

4,362,000

4,355,791

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

6.88%,

11/26/2085

(e) 11,400,000

11,602,168

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%),

7.30%,

11/26/2084

(e) 18,900,000

20,056,208

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%),

7.70%,

05/26/2084

(e) 6,160,000

6,527,807

Bank

of

New

York

Mellon

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.35%),

3.70%,

03/20/2026

(d),(e)

11,600,000

11,481,896

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

3.75%,

12/20/2026

(d),(e)

13,746,000

13,471,470

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.39%),

4.63%,

09/20/2026

(d),(e)

1,404,000

1,394,260

Bank

of

Nova

Scotia

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%),

6.88%,

10/27/2085

(e),(g)

3,400,000

3,389,865

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%),

7.35%,

04/27/2085

(e) 6,350,000

6,625,062

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%),

8.00%,

01/27/2084

(e) 4,506,000

4,835,767

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%),

8.63%,

10/27/2082

(e) 34,728,000

36,902,389

Canadian

Imperial

Bank

of

Commerce

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%),

6.95%,

01/28/2085

(e) 14,746,000

14,953,686

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

7.00%,

10/28/2085

(e) 11,890,000

12,209,782

Citigroup,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.42%),

3.88%,

02/18/2026

(d),(e)

7,214,000

7,147,356

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Citigroup,

Inc.

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.57%),

6.75%,

02/15/2030

(d),(e)

$

11,650,000

$

11,827,850

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

6.88%,

08/15/2030

(d),(e)

1,100,000

1,133,613

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%),

6.95%,

02/15/2030

(d),(e),(f)

8,250,000

8,472,808

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%),

7.00%,

08/15/2034

(d),(e)

14,080,000

14,955,072

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%),

7.13%,

08/15/2029

(d),(e)

500,000

516,561

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%),

7.38%,

05/15/2028

(d),(e)

11,302,000

11,775,972

Citizens

Financial

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%),

4.00%,

10/06/2026

(d),(e)

13,448,000

13,178,557

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%),

5.65%,

10/06/2025

(d),(e),(h)

18,741,000

18,736,706

Goldman

Sachs

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%),

3.65%,

08/10/2026

(d),(e)

2,221,000

2,175,378

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.95%),

4.13%,

11/10/2026

(d),(e)

9,414,000

9,257,171

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%),

6.13%,

11/10/2034

(d),(e),(h)

13,149,000

13,345,091

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.85%,

02/10/2030

(d),(e)

4,105,000

4,263,979

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.62%),

7.38%,

02/10/2026

(d),(e)

2,754,000

2,780,898

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%),

7.50%,

05/10/2029

(d),(e)

8,534,000

9,009,685

Huntington

Bancshares,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%),

4.45%,

10/15/2027

(d),(e),(h)

5,132,000

5,055,850

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%),

5.63%,

07/15/2030

(d),(e)

20,103,000

20,322,625

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

6.25%,

10/15/2030

(d),(e)

5,910,000

5,894,433

JPMorgan

Chase

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%),

3.65%,

06/01/2026

(d),(e)

15,105,000

14,939,370

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%),

6.50%,

04/01/2030

(d),(e)

18,342,000

18,986,428

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%),

6.88%,

06/01/2029

(d),(e)

6,427,000

6,769,283

KeyCorp

Capital

I

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%),

5.29%,

07/01/2028

7,704,000

7,519,354

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

KeyCorp

Capital

III

7.75%,

07/15/2029

$

9,010,000

$

9,609,764

M&T

Bank

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

3.50%,

09/01/2026

(d),(e)

20,172,000

19,436,953

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%),

7.30%,

02/01/2026

(d),(e)

5,000,000

5,037,475

Northern

Trust

Corp.

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.46%),

4.60%,

10/01/2026

(d),(e),(h)

2,899,000

2,883,643

PNC

Financial

Services

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%),

3.40%,

09/15/2026

(d),(e)

3,718,000

3,603,589

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.00%,

05/15/2027

(d),(e)

6,069,000

6,113,947

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%),

6.20%,

09/15/2027

(d),(e)

15,003,000

15,252,110

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%),

6.25%,

03/15/2030

(d),(e)

28,250,000

28,987,353

Royal

Bank

of

Canada

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%),

6.35%,

11/24/2084

(e) 13,894,000

13,703,895

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.50%,

11/24/2085

(e) 10,900,000

10,794,520

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%),

6.75%,

08/24/2085

(e) 8,200,000

8,458,280

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

7.50%,

05/02/2084

(e) 12,500,000

13,172,050

State

Street

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%),

6.45%,

09/15/2030

(d),(e)

5,970,000

6,159,649

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%),

6.70%,

03/15/2029

(d),(e)

8,876,000

9,231,785

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

6.70%,

09/15/2029

(d),(e),(h)

10,850,000

11,328,789

Toronto-Dominion

Bank

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

7.25%,

07/31/2084

(e) 7,602,000

8,001,029

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%),

8.13%,

10/31/2082

(e) 33,465,000

35,370,188

Truist

Financial

Corp.

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%),

4.95%,

03/15/2028

1,250,000

1,225,190

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.61%),

4.95%,

10/06/2025

(d),(e)

10,517,000

10,473,714

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%),

5.10%,

03/01/2030

(d),(e)

6,128,000

6,117,631

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%),

5.14%,

05/15/2027

4,800,000

4,764,191

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Truist

Financial

Corp.

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.67%,

03/01/2026

(d),(e)

$

9,481,400

$

9,524,474

U.S.

Bancorp

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%),

3.70%,

01/15/2027

(d),(e)

21,725,000

21,006,661

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%),

5.30%,

04/15/2027

(d),(e),(h)

4,796,000

4,781,816

Wells

Fargo

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.85%,

09/15/2029

(d),(e)

18,895,000

19,856,566

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%),

7.63%,

09/15/2028

(d),(e),(h)

14,730,000

15,767,287

$

718,743,958

Diversified

Financial

Services

-

.02

%

American

Express

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%),

3.55%,

09/15/2026

(d),(e)

28,669,000

28,121,055

Capital

One

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%),

3.95%,

09/01/2026

(d),(e)

20,865,000

20,482,654

Charles

Schwab

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%),

4.00%,

06/01/2026

(d),(e)

25,440,000

25,153,825

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%),

4.00%,

12/01/2030

(d),(e)

2,000,000

1,876,726

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.26%),

5.00%,

06/01/2027

(d),(e)

1,500,000

1,492,973

Voya

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%),

7.76%,

09/15/2028

(d),(e)

14,719,000

15,635,905

$

92,763,138

Electric

-

.34

%

Algonquin

Power

&

Utilities

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%),

4.75%,

01/18/2082

(e) 6,444,000

6,287,731

Alliant

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%),

5.75%,

04/01/2056

(e) 1,500,000

1,501,877

American

Electric

Power

Co.,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

3.88%,

02/15/2062

(e) 14,742,000

14,262,031

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%),

5.80%,

03/15/2056

(e) 1,200,000

1,195,795

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%),

6.05%,

03/15/2056

(e) 1,900,000

1,902,672

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.95%,

12/15/2054

(e) 4,647,000

5,029,229

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%),

7.05%,

12/15/2054

(e) 3,460,000

3,617,783

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

CMS

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.12%),

4.75%,

06/01/2050

(e) $

3,390,000

$

3,306,153

Dominion

Energy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%),

4.35%,

01/15/2027

(d),(e)

2,105,000

2,073,469

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%),

6.20%,

02/15/2056

(e) 7,320,000

7,367,900

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%),

6.63%,

05/15/2055

(e) 7,747,000

8,017,587

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%),

6.88%,

02/01/2055

(e) 8,967,000

9,385,527

Duke

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%),

3.25%,

01/15/2082

(e) 17,285,000

16,680,328

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%),

6.45%,

09/01/2054

(e) 4,239,000

4,477,562

Electricite

de

France

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%),

9.13%,

03/15/2033

(d),(e),(f),(i)

13,550,000

15,700,697

Emera,

Inc.

(3

Month

USD

LIBOR

+

5.44%),

6.75%,

06/15/2076

(e) 9,334,000

9,381,837

EUSHI

Finance,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%),

7.63%,

12/15/2054

(e) 3,281,000

3,439,827

Evergy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%),

6.65%,

06/01/2055

(e) 3,836,000

3,928,448

Exelon

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%),

6.50%,

03/15/2055

(e) 4,841,000

5,059,802

NextEra

Energy

Capital

Holdings,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.55%),

3.80%,

03/15/2082

(e) 18,549,000

18,088,248

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%),

6.70%,

09/01/2054

(e) 7,754,000

8,021,459

Sempra

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

6.40%,

10/01/2054

(e) 6,000,000

6,130,740

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%),

6.55%,

04/01/2055

(e) 600,000

613,118

Southern

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.73%),

4.00%,

01/15/2051

(e) 18,545,000

18,477,661

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%),

6.38%,

03/15/2055

(e) 2,000,000

2,131,204

$

176,078,685

BONDS

(continued)

Principal

Amount

Value

Gas

-

.49

%

NiSource,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%),

6.95%,

11/30/2054

(e) $

6,207,000

$

6,459,215

Insurance

-

.52

%

Allianz

SE

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%),

6.35%,

09/06/2053

(e),(i)

5,000,000

5,362,055

Argentum

Netherlands

BV

for

Swiss

Re

Ltd.

(3

Month

USD

LIBOR

+

3.78%),

5.63%,

08/15/2052

(e) 6,500,000

6,565,768

Corebridge

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

6.38%,

09/15/2054

(e) 4,700,000

4,824,075

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.85%),

6.88%,

12/15/2052

(e) 12,778,000

13,103,431

Dai-ichi

Life

Insurance

Co.

Ltd.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%),

6.20%,

01/16/2035

(d),(e),(i)

12,450,000

12,941,302

Equitable

Holdings,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%),

6.70%,

03/28/2055

(e) 1,591,000

1,658,242

Liberty

Mutual

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%),

4.13%,

12/15/2051

(e),(i)

23,152,000

22,739,737

Meiji

Yasuda

Life

Insurance

Co.

(USD

Swap

Rate

NY

Year

+

4.23%),

5.20%,

10/20/2045

(e),(i)

1,415,000

1,414,422

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%),

5.80%,

09/11/2054

(e),(i)

6,041,000

6,167,360

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%),

6.10%,

06/11/2055

(e),(i)

13,450,000

13,994,241

MetLife,

Inc.

9.25%,

04/08/2068

(i) 5,035,000

6,042,871

Nippon

Life

Insurance

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

2.75%,

01/21/2051

(e),(i)

13,694,000

12,322,376

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%),

2.90%,

09/16/2051

(e),(i)

4,704,000

4,207,000

Prudential

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%),

3.70%,

10/01/2050

(e) 21,487,000

20,070,751

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%),

5.13%,

03/01/2052

(e) 6,197,000

6,219,446

Reinsurance

Group

of

America,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%),

6.65%,

09/15/2055

(e) 7,895,000

8,287,310

Sumitomo

Life

Insurance

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%),

3.38%,

04/15/2081

(e),(h),(i)

4,740,000

4,390,391

Swiss

RE

Subordinated

Finance

PLC

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%),

5.70%,

04/05/2035

(e),(i)

1,000,000

1,036,038

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Insurance

(continued)

Swiss

RE

Subordinated

Finance

PLC

(continued)

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%),

6.19%,

04/01/2046

(e),(i)

$

3,600,000

$

3,735,116

Willow

No.

Ireland

PLC

for

Zurich

Insurance

Co.

Ltd.

(3

Month

USD

LIBOR

+

3.18%),

4.25%,

10/01/2045

3,000,000

3,000,000

Zurich

Finance

Ireland

Designated

Activity

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%),

3.00%,

04/19/2051

(e) 8,000,000

7,236,175

$

165,318,107

Oil

&

Gas

-

.16

%

BP

Capital

Markets

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%),

4.88%,

03/22/2030

(d),(e)

6,384,000

6,338,878

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.92%),

6.13%,

03/18/2035

(d),(e)

6,188,000

6,409,227

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%),

6.45%,

12/01/2033

(d),(e)

9,600,000

10,250,486

Phillips

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.28%),

5.88%,

03/15/2056

(e) 3,300,000

3,274,029

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%),

6.20%,

03/15/2056

(e) 2,200,000

2,205,885

$

28,478,505

Pipelines

-

.03

%

Enbridge,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%),

5.75%,

07/15/2080

(e),(h)

3,524,000

3,557,876

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%),

6.00%,

01/15/2077

(e) 10,516,000

10,545,466

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.42%),

7.63%,

01/15/2083

(e) 8,766,000

9,499,846

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%),

8.50%,

01/15/2084

(e) 13,024,000

14,895,744

Energy

Transfer

LP

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.50%,

02/15/2056

(e) 1,450,000

1,443,203

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%),

6.75%,

02/15/2056

(e) 7,300,000

7,286,842

Enterprise

Products

Operating

LLC

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%),

5.25%,

08/16/2077

(e) 6,733,000

6,725,761

TransCanada

PipeLines

Ltd.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%),

7.00%,

06/01/2065

(e) 3,850,000

3,956,129

Transcanada

Trust

(180

Day

Average

Secured

Overnight

Financing

Rate

+

4.42%),

5.50%,

09/15/2079

(e) 5,233,000

5,184,406

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%),

5.60%,

03/07/2082

(e) 16,712,000

16,559,899

$

79,655,172

BONDS

(continued)

Principal

Amount

Value

REITs

-

.18

%

Scentre

Group

Trust

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%),

5.13%,

09/24/2080

(e),(i)

$

2,449,000

$

2,459,587

Sovereign

-

.56

%

CoBank

ACB

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.05%),

4.25%,

01/01/2027

(d),(e)

2,300,000

2,239,810

Farm

Credit

Bank

of

Texas

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%),

7.00%,

09/15/2030

(d),(e)

4,895,000

5,131,340

$

7,371,150

Telecommunications

-

.60

%

TELUS

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.63%,

10/15/2055

(e) 3,450,000

3,551,810

Vodafone

Group

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.07%),

5.13%,

06/04/2081

(e) 5,500,000

4,334,753

$

7,886,563

TOTAL

BONDS

a

$

1,285,214,080

Total

Investments

100.47%

$

1,326,524,637

Other

Assets

and

Liabilities

-

(0.47%)

(6,239,730)

TOTAL

NET

ASSETS

-

100.00%

$

1,320,284,907

(a) 1-day

yield

shown

as

of

period

end.

(b) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$16,961,000

or

1.28%

of

net

assets.

(d) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$43,622,325

or

3.30%

of

net

assets.

(g) Securities

purchased

on

a

when-issued

basis.

(h) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$16,626,578

or

1.26%

of

net

assets.

(i) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$112,513,193

or

8.52%

of

net

assets.

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2025

(unaudited)

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

September

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

4.04%

$

5,650,835

$

45,069,720

$

33,759,555

$

16,961,000

$

5,650,835

$

45,069,720

$

33,759,555

$

16,961,000

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

4.04%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

September

30,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.81

%

Shares

Held

Value

Money

Market

Funds

-

.81

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(a) 486,011

$

486,011

TOTAL

INVESTMENT

COMPANIES

a

$

486,011

PREFERRED

STOCKS

-

.45

%

Shares

Held

Value

Banks

-

.68

%

—

Bank

of

America

Corp.,

Series

NN

4.38%,

11/03/2025

(b) 5,380

$

99,960

Bank

of

America

Corp.,

Series

QQ

4.25%,

11/17/2026

(b) 29,540

533,788

Citizens

Financial

Group,

Inc.,

Series

I

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

6.50%,

10/06/2030

(b) 15,000

378,750

Huntington

Bancshares,

Inc.,

Series

J

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.70%),

6.88%,

04/15/2028

(b) 11,456

292,815

KeyCorp,

Series

E

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%),

6.13%,

12/15/2026

(b) 40,000

1,006,800

KeyCorp,

Series

H

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%),

6.20%,

12/15/2027

(b) 13,963

352,426

Morgan

Stanley,

Series

I

6.38%,

01/15/2026

(b) 17,030

426,261

Morgan

Stanley,

Series

K

5.85%,

04/15/2027

(b) 40,000

979,600

Morgan

Stanley,

Series

P

6.50%,

10/15/2027

(b) 4,000

102,000

Morgan

Stanley,

Series

Q

6.63%,

10/15/2029

(b) 12,000

310,920

Regions

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.95%,

09/15/2029

(b) 29,350

756,056

UMB

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%),

7.75%,

07/15/2030

(b) 11,400

316,806

Western

Alliance

Bancorp,

Series

A

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%),

4.25%,

09/30/2026

(b) 3,796

85,980

Wintrust

Financial

Corp.,

Series

F

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%),

7.88%,

07/15/2030

(b) 5,000

135,800

$

5,777,962

Diversified

Financial

Services

-

.93

%

Capital

One

Financial

Corp.,

Series

J

4.80%,

12/01/2025

(b) 28,900

556,903

Insurance

-

.93

%

Allstate

Corp.,

Series

H

5.10%,

01/15/2026

(b) 20,318

451,872

Equitable

Holdings,

Inc.,

Series

A

5.25%,

12/15/2025

(b) 1,438

31,133

Equitable

Holdings,

Inc.,

Series

C

4.30%,

03/15/2026

(b) 17,500

307,650

MetLife,

Inc.,

Series

F

4.75%,

12/15/2025

(b) 17,250

359,835

$

1,150,490

Telecommunications

-

.91

%

AT&T,

Inc.,

Series

A

5.00%,

10/30/2025

(b) 11,381

238,432

AT&T,

Inc.,

Series

C

4.75%,

10/30/2025

(b) 15,395

306,668

$

545,100

TOTAL

PREFERRED

STOCKS

a

$

8,030,455

BONDS

-

.86

%

Principal

Amount

Value

Banks

-

.26

%

—

—

Banco

Bilbao

Vizcaya

Argentaria

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%),

9.38%,

03/19/2029

(b),(c),(d)

$

600,000

$

669,465

Banco

Santander

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%),

8.00%,

02/01/2034

(b),(c),(d)

1,000,000

1,099,676

Bank

of

America

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%),

6.25%,

07/26/2030

(b),(c)

600,000

607,666

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.63%,

05/01/2030

(b),(c),(d)

1,600,000

1,664,782

Bank

of

Montreal

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

6.88%,

11/26/2085

(c) 200,000

203,547

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%),

7.30%,

11/26/2084

(c) 1,600,000

1,697,880

Bank

of

New

York

Mellon

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

3.75%,

12/20/2026

(b),(c)

300,000

294,008

Bank

of

Nova

Scotia

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%),

8.63%,

10/27/2082

(c) 1,400,000

1,487,657

Barclays

PLC

(USD

Swap

Rate

NY

Year

+

3.69%),

7.63%,

03/15/2035

(b),(c),(d)

900,000

953,716

(USD

Swap

Rate

NY

Year

+

5.78%),

9.63%,

12/15/2029

(b),(c),(d)

219,000

248,622

BNP

Paribas

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%),

4.63%,

02/25/2031

(b),(c),(d),(e)

1,000,000

913,002

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%),

7.45%,

06/27/2035

(b),(c),(d),(e)

200,000

208,750

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%),

7.75%,

08/16/2029

(b),(c),(d),(e)

200,000

211,778

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.73%),

8.00%,

08/22/2031

(b),(c),(d),(e)

1,000,000

1,077,000

Canadian

Imperial

Bank

of

Commerce

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

7.00%,

10/28/2085

(c) 800,000

821,516

Citigroup,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

6.88%,

08/15/2030

(b),(c)

900,000

927,501

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%),

7.00%,

08/15/2034

(b),(c)

1,300,000

1,380,795

Citizens

Financial

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%),

4.00%,

10/06/2026

(b),(c)

1,135,000

1,112,259

Credit

Agricole

SA

(USD

Swap

Rate

NY

Year

+

3.60%),

6.70%,

09/23/2034

(b),(c),(d),(e)

500,000

501,955

(USD

Swap

Rate

NY

Year

+

3.58%),

7.13%,

09/23/2035

(b),(c),(d),(e)

1,300,000

1,327,556

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Credit

Agricole

SA

(continued)

(USD

Swap

Rate

NY

Year

+

6.19%),

8.13%,

12/23/2025

(b),(c),(d),(e)

$

250,000

$

251,664

Deutsche

Bank

AG

(USD

Swap

Rate

NY

Year

+

4.36%),

8.13%,

04/30/2030

(b),(c),(d)

400,000

423,995

Goldman

Sachs

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%),

6.13%,

11/10/2034

(b),(c)

1,300,000

1,319,387

HSBC

Holdings

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%),

6.95%,

03/11/2034

(b),(c),(d)

1,430,000

1,502,814

Huntington

Bancshares,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%),

4.45%,

10/15/2027

(b),(c)

187,000

184,225

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%),

5.63%,

07/15/2030

(b),(c)

1,068,000

1,079,668

ING

Groep

NV

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.86%),

4.25%,

05/16/2031

(b),(c),(d)

600,000

534,906

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%),

5.75%,

11/16/2026

(b),(c),(d)

1,110,000

1,111,798

JPMorgan

Chase

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%),

6.88%,

06/01/2029

(b),(c)

1,400,000

1,474,560

Lloyds

Banking

Group

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%),

6.75%,

09/27/2031

(b),(c),(d)

1,100,000

1,125,857

M&T

Bank

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

3.50%,

09/01/2026

(b),(c)

550,000

529,959

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.78%),

5.13%,

11/01/2026

(b),(c)

247,000

245,919

Nordea

Bank

Abp

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%),

6.30%,

09/25/2031

(b),(c),(d),(e)

400,000

404,142

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.11%),

6.63%,

03/26/2026

(b),(c),(d),(e)

661,000

664,431

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%),

6.75%,

11/10/2033

(b),(c),(d),(e)

1,400,000

1,420,292

PNC

Financial

Services

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.00%,

05/15/2027

(b),(c)

1,077,000

1,084,976

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%),

6.20%,

09/15/2027

(b),(c)

100,000

101,661

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%),

6.25%,

03/15/2030

(b),(c)

1,259,000

1,291,861

Royal

Bank

of

Canada

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%),

6.35%,

11/24/2084

(c) 300,000

295,895

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Royal

Bank

of

Canada

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.50%,

11/24/2085

(c) $

700,000

$

693,226

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%),

6.75%,

08/24/2085

(c) 817,000

842,734

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

7.50%,

05/02/2084

(c) 600,000

632,258

Societe

Generale

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%),

8.50%,

03/25/2034

(b),(c),(d),(e)

500,000

540,601

Standard

Chartered

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%),

7.88%,

03/08/2030

(b),(c),(d),(e)

700,000

750,510

State

Street

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%),

6.70%,

03/15/2029

(b),(c)

2,300,000

2,392,193

Toronto-Dominion

Bank

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%),

6.35%,

10/31/2085

(c) 400,000

401,000

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%),

8.13%,

10/31/2082

(c) 1,001,000

1,057,988

U.S.

Bancorp

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%),

3.70%,

01/15/2027

(b),(c)

390,000

377,105

UBS

Group

AG

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%),

4.38%,

02/10/2031

(b),(c),(d),(e)

300,000

272,874

(USD

Swap

Rate

NY

Year

+

3.12%),

6.60%,

08/05/2030

(b),(c),(d),(e)

700,000

703,746

(USD

Swap

Rate

NY

Year

+

3.30%),

7.00%,

02/05/2035

(b),(c),(d),(e)

500,000

509,714

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%),

9.25%,

11/13/2028

(b),(c),(e)

800,000

881,212

Wells

Fargo

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.85%,

09/15/2029

(b),(c)

200,000

210,178

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%),

7.63%,

09/15/2028

(b),(c)

400,000

428,167

$

43,150,647

Diversified

Financial

Services

-

.25

%

American

Express

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%),

3.55%,

09/15/2026

(b),(c)

363,000

356,062

Capital

One

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%),

3.95%,

09/01/2026

(b),(c)

739,000

725,458

Charles

Schwab

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%),

4.00%,

06/01/2026

(b),(c)

433,000

428,129

Nomura

Holdings,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%),

7.00%,

07/15/2030

(b),(c),(d)

400,000

414,039

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

September

30,

2025

(unaudited)

BONDS

(continued)

Principal

Amount

Value

Diversified

Financial

Services

(continued)

Voya

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%),

7.76%,

09/15/2028

(b),(c)

$

578,000

$

614,006

$

2,537,694

Electric

-

.47

%

Dominion

Energy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%),

4.35%,

01/15/2027

(b),(c)

2,100,000

2,068,544

Insurance

-

.33

%

Allianz

SE

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%),

3.50%,

11/17/2025

(b),(c),(d),(e)

200,000

198,494

Oil

&

Gas

-

.72

%

BP

Capital

Markets

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%),

6.45%,

12/01/2033

(b),(c)

400,000

427,104

Pipelines

-

.83

%

Enbridge,

Inc.

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%),

6.00%,

01/15/2077

(c) 2,283,000

2,289,397

TOTAL

BONDS

a

$

50,671,880

Total

Investments

99.12%

$

59,188,346

Other

Assets

and

Liabilities

-

0.88%

524,233

TOTAL

NET

ASSETS

-

100.00%

$

59,712,579

(a) 1-day

yield

shown

as

of

period

end.

(b) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(c) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(d) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$19,706,179

or

33.00%

of

net

assets.

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,837,721

or

18.15%

of

net

assets.

Schedule

of

Investments

Principal

U.S.

Mega-Cap

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.64

%

Shares

Held

Value

Auto

Manufacturers

-

.64

%

-

—

Tesla,

Inc.

(a) 378,137

$

168,165,087

Banks

-

.49

%

Bank

of

America

Corp.

1,904,020

98,228,392

JPMorgan

Chase

&

Co.

550,004

173,487,762

$

271,716,154

Computers

-

.60

%

Apple,

Inc.

939,329

239,181,343

Cosmetics

&

Personal

Care

-

.43

%

Procter

&

Gamble

Co.

810,314

124,504,746

Diversified

Financial

Services

-

.65

%

Mastercard,

Inc.,

Class

A

272,019

154,727,127

Visa,

Inc.,

Class

A

465,466

158,900,783

$

313,627,910

Insurance

-

.65

%

Berkshire

Hathaway,

Inc.,

Class

B

(a) 262,932

132,186,434

Internet

-

.86

%

Alphabet,

Inc.,

Class

A

660,006

160,447,458

Amazon.com,

Inc.

(a) 592,282

130,047,359

Meta

Platforms,

Inc.,

Class

A

215,860

158,523,267

Netflix,

Inc.

(a) 135,255

162,159,925

$

611,178,009

Oil

&

Gas

-

.59

%

Exxon

Mobil

Corp.

1,155,380

130,269,095

Pharmaceuticals

-

.37

%

AbbVie,

Inc.

610,509

141,357,254

Eli

Lilly

&

Co.

132,381

101,006,703

Johnson

&

Johnson

525,476

97,433,760

$

339,797,717

Retail

-

.65

%

Costco

Wholesale

Corp.

169,980

157,338,588

Home

Depot,

Inc.

228,232

92,477,324

Walmart,

Inc.

972,956

100,272,845

$

350,088,757

Semiconductors

-

.87

%

Broadcom,

Inc.

437,310

144,272,942

NVIDIA

Corp.

1,533,769

286,170,620

$

430,443,562

Software

-

.84

%

Microsoft

Corp.

467,446

242,113,656

Oracle

Corp.

398,579

112,096,358

Palantir

Technologies,

Inc.,

Class

A

(a) 809,939

147,749,072

$

501,959,086

TOTAL

COMMON

STOCKS

a

$

3,613,117,900

INVESTMENT

COMPANIES

-

.37

%

Shares

Held

Value

Money

Market

Funds

-

.37

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(b) 13,276,439

$

13,276,439

TOTAL

INVESTMENT

COMPANIES

a

$

13,276,439

Total

Investments

100.01%

$

3,626,394,339

Other

Assets

and

Liabilities

-

(0.01%)

(296,050)

TOTAL

NET

ASSETS

-

100.00%

$

3,626,098,289

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.68

%

Shares

Held

Value

Advertising

-

.03

%

-

—

Nexxen

International

Ltd.

(a) 28,066

$

259,610

Aerospace

&

Defense

-

.32

%

Astronics

Corp.

(a) 46,025

2,099,200

Ducommun,

Inc.

(a) 11,158

1,072,619

$

3,171,819

Agriculture

-

.38

%

Fresh

Del

Monte

Produce,

Inc.

21,720

754,118

Turning

Point

Brands,

Inc.

14,639

1,447,212

Vital

Farms,

Inc.

(a) 38,483

1,583,575

$

3,784,905

Airlines

-

.11

%

Sun

Country

Airlines

Holdings,

Inc.

(a) 92,857

1,096,641

Apparel

-

.84

%

Carter's,

Inc.

93,823

2,647,685

Kontoor

Brands,

Inc.

39,419

3,144,454

Steven

Madden

Ltd.

80,211

2,685,464

$

8,477,603

Auto

Manufacturers

-

.45

%

Blue

Bird

Corp.

(a) 26,221

1,509,019

REV

Group,

Inc.

52,321

2,965,031

$

4,474,050

Auto

Parts

&

Equipment

-

.11

%

Cooper-Standard

Holdings,

Inc.

(a) 16,945

625,779

Dorman

Products,

Inc.

(a) 9,216

1,436,590

Douglas

Dynamics,

Inc.

17,980

562,055

Fox

Factory

Holding

Corp.

(a) 40,535

984,595

Garrett

Motion,

Inc.

114,426

1,558,482

Gentherm,

Inc.

(a) 18,434

627,862

Phinia,

Inc.

25,393

1,459,590

Standard

Motor

Products,

Inc.

12,387

505,637

Strattec

Security

Corp.

(a) 6,009

408,973

Visteon

Corp.

20,513

2,458,688

XPEL,

Inc.

(a) 15,236

503,854

$

11,132,105

Banks

-

.14

%

Amalgamated

Financial

Corp.

27,316

741,629

BancFirst

Corp.

13,469

1,703,155

Bancorp,

Inc.

(a) 74,821

5,603,345

Bank

First

Corp.

19,928

2,417,466

Bank

of

NT

Butterfield

&

Son

Ltd.

21,689

930,892

Banner

Corp.

27,365

1,792,407

Cadence

Bank

192,574

7,229,228

Coastal

Financial

Corp.

(a) 15,164

1,640,290

Customers

Bancorp,

Inc.

(a) 37,716

2,465,495

CVB

Financial

Corp.

105,883

2,002,248

Enterprise

Financial

Services

Corp.

22,972

1,331,917

Esquire

Financial

Holdings,

Inc.

15,559

1,587,874

First

BanCorp

140,388

3,095,555

First

Business

Financial

Services,

Inc.

7,429

380,811

First

Financial

Corp.

7,641

431,258

First

Merchants

Corp.

38,310

1,444,287

Hancock

Whitney

Corp.

92,597

5,797,498

Heritage

Financial

Corp.

24,739

598,436

Metropolitan

Bank

Holding

Corp.

11,267

842,997

NB

Bancorp,

Inc.

41,649

735,105

Nicolet

Bankshares,

Inc.

10,048

1,351,456

OFG

Bancorp

33,369

1,451,218

Old

Second

Bancorp,

Inc.

31,447

543,561

Preferred

Bank

10,508

949,818

Republic

Bancorp,

Inc.,

Class

A

6,288

454,308

Stock

Yards

Bancorp,

Inc.

16,782

1,174,572

Trustmark

Corp.

37,712

1,493,395

Unity

Bancorp,

Inc.

10,696

522,714

Westamerica

BanCorp

17,753

887,472

$

51,600,407

Beverages

-

.23

%

MGP

Ingredients,

Inc.

19,379

468,778

Vita

Coco

Co.,

Inc.

(a) 43,493

1,847,148

$

2,315,926

COMMON

STOCKS

(continued)

Shares

Held

Value

Biotechnology

-

.38

%

ACADIA

Pharmaceuticals,

Inc.

(a) 92,943

$

1,983,404

ADMA

Biologics,

Inc.

(a) 169,684

2,487,567

Amicus

Therapeutics,

Inc.

(a) 242,012

1,907,055

ANI

Pharmaceuticals,

Inc.

(a) 14,846

1,359,894

ARS

Pharmaceuticals,

Inc.

(a),(b)

72,464

728,263

Aurinia

Pharmaceuticals,

Inc.

(a) 71,826

793,677

BioCryst

Pharmaceuticals,

Inc.

(a) 228,375

1,733,366

Bridgebio

Pharma,

Inc.

(a) 127,321

6,613,053

Chinook

Therapeutics,

Inc.

-

Rights

(a),(c)

9,658

1,932

Cytek

Biosciences,

Inc.

(a) 94,535

328,036

Esperion

Therapeutics,

Inc.

(a) 175,676

465,541

Krystal

Biotech,

Inc.

(a) 18,353

3,239,855

Niagen

Bioscience,

Inc.

(a) 76,452

713,297

PTC

Therapeutics,

Inc.

(a) 61,843

3,795,305

Rigel

Pharmaceuticals,

Inc.

(a) 13,027

369,055

Stoke

Therapeutics,

Inc.

(a),(b)

41,772

981,642

TG

Therapeutics,

Inc.

(a) 127,357

4,600,772

Veracyte,

Inc.

(a) 55,371

1,900,886

$

34,002,600

Building

Materials

-

.21

%

Gibraltar

Industries,

Inc.

(a) 20,524

1,288,907

Griffon

Corp.

28,531

2,172,636

Knife

River

Corp.

(a) 52,762

4,055,815

SPX

Technologies,

Inc.

(a) 15,105

2,821,312

Tecnoglass,

Inc.

27,590

1,846,047

$

12,184,717

Chemicals

-

.61

%

Balchem

Corp.

13,527

2,029,862

Cabot

Corp.

32,145

2,444,627

Hawkins,

Inc.

12,524

2,288,385

Intrepid

Potash,

Inc.

(a) 20,826

636,859

Koppers

Holdings,

Inc.

15,391

430,948

Minerals

Technologies,

Inc.

22,690

1,409,503

Oil-Dri

Corp.

of

America

3,464

211,442

Perimeter

Solutions,

Inc.

(a) 74,749

1,673,630

Quaker

Chemical

Corp.

15,144

1,995,222

Sensient

Technologies

Corp.

26,334

2,471,446

Stepan

Co.

11,161

532,380

$

16,124,304

Coal

-

.16

%

Ramaco

Resources,

Inc.,

Class

A

(a) 22,605

750,260

SunCoke

Energy,

Inc.

99,092

808,591

$

1,558,851

Commercial

Services

-

.44

%

Adtalem

Global

Education,

Inc.

(a) 23,736

3,666,025

Alarm.com

Holdings,

Inc.

(a) 29,057

1,542,346

American

Public

Education,

Inc.

(a) 21,864

862,972

AMN

Healthcare

Services,

Inc.

(a) 54,039

1,046,195

Barrett

Business

Services,

Inc.

13,966

618,973

Carriage

Services,

Inc.

8,000

356,320

Cimpress

PLC

(a) 19,421

1,224,300

CompoSecure,

Inc.,

Class

A

(a) 59,076

1,229,962

CoreCivic,

Inc.

(a) 85,844

1,746,925

Coursera,

Inc.

(a) 53,328

624,471

Cross

Country

Healthcare,

Inc.

(a) 30,742

436,536

EVERTEC,

Inc.

40,506

1,368,293

Flywire

Corp.

(a) 322,330

4,364,348

Graham

Holdings

Co.,

Class

B

2,497

2,939,743

Hackett

Group,

Inc.

36,456

693,029

Healthcare

Services

Group,

Inc.

(a) 68,055

1,145,366

Huron

Consulting

Group,

Inc.

(a) 15,850

2,326,304

ICF

International,

Inc.

12,925

1,199,440

Korn

Ferry

30,565

2,138,939

Laureate

Education,

Inc.

(a) 50,212

1,583,686

Legalzoom.com,

Inc.

(a) 93,753

973,156

Marqeta,

Inc.,

Class

A

(a) 691,157

3,649,309

Monro,

Inc.

31,700

569,649

NPK

International,

Inc.

(a) 74,495

842,538

Payoneer

Global,

Inc.

(a) 344,158

2,082,156

Paysafe

Ltd.

(a) 66,054

853,418

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

Commercial

Services

(continued)

Perdoceo

Education

Corp.

42,907

$

1,615,878

PROG

Holdings,

Inc.

53,752

1,739,415

Progyny,

Inc.

(a) 58,103

1,250,377

Remitly

Global,

Inc.

(a) 347,636

5,666,467

Repay

Holdings

Corp.

(a) 159,552

834,457

Sezzle,

Inc.

(a) 60,084

4,778,480

Strategic

Education,

Inc.

12,463

1,071,943

Stride,

Inc.

(a) 32,930

4,904,594

Universal

Technical

Institute,

Inc.

(a) 48,850

1,590,067

Willdan

Group,

Inc.

(a) 12,052

1,165,308

$

64,701,385

Computers

-

.25

%

ASGN,

Inc.

(a) 43,227

2,046,799

Cantaloupe,

Inc.

(a) 182,609

1,930,177

Cricut,

Inc.,

Class

A

62,667

394,175

Diebold

Nixdorf,

Inc.

(a) 17,860

1,018,556

Integral

Ad

Science

Holding

Corp.

(a) 49,178

500,140

Maximus,

Inc.

31,998

2,923,657

Mitek

Systems,

Inc.

(a) 65,725

642,133

OneSpan,

Inc.

61,558

978,157

Qualys,

Inc.

(a) 25,333

3,352,316

Rapid7,

Inc.

(a) 84,976

1,593,300

Unisys

Corp.

(a) 155,999

608,396

V2X,

Inc.

(a) 20,360

1,182,712

WNS

Holdings

Ltd.

(a) 71,635

5,463,602

$

22,634,120

Cosmetics

&

Personal

Care

-

.17

%

Prestige

Consumer

Healthcare,

Inc.

(a) 26,714

1,666,954

Distribution

&

Wholesale

-

.15

%

G-III

Apparel

Group

Ltd.

(a) 44,236

1,177,120

Hudson

Technologies,

Inc.

(a) 38,158

378,909

$

1,556,029

Diversified

Financial

Services

-

.19

%

Acadian

Asset

Management,

Inc.

25,292

1,218,063

Artisan

Partners

Asset

Management,

Inc.,

Class

A

73,424

3,186,602

Atlanticus

Holdings

Corp.

(a) 6,920

405,374

Dave,

Inc.

(a) 36,084

7,193,345

Enact

Holdings,

Inc.

48,701

1,867,196

Enova

International,

Inc.

(a) 36,706

4,224,494

International

Money

Express,

Inc.

(a) 47,639

665,517

Marex

Group

PLC

154,747

5,202,594

Oportun

Financial

Corp.

(a) 60,431

372,859

OppFi,

Inc.

166,898

1,890,954

Pagseguro

Digital

Ltd.,

Class

A

775,596

7,755,960

Paysign,

Inc.

(a) 65,527

412,165

PJT

Partners,

Inc.,

Class

A

31,227

5,549,975

StoneX

Group,

Inc.

(a) 45,016

4,543,015

Victory

Capital

Holdings,

Inc.,

Class

A

42,077

2,724,906

WisdomTree,

Inc.

(b) 273,048

3,795,367

World

Acceptance

Corp.

(a) 6,696

1,132,561

$

52,140,947

Electric

-

.71

%

ALLETE,

Inc.

87,045

5,779,788

Avista

Corp.

128,326

4,852,006

TXNM

Energy,

Inc.

116,394

6,582,081

$

17,213,875

Electrical

Components

&

Equipment

-

.64

%

American

Superconductor

Corp.

(a) 36,058

2,141,485

EnerSys

31,952

3,609,298

Graham

Corp.

(a) 11,794

647,490

$

6,398,273

Electronics

-

.91

%

Allient,

Inc.

13,455

602,111

Atmus

Filtration

Technologies,

Inc.

47,513

2,142,361

Badger

Meter,

Inc.

22,488

4,015,907

ESCO

Technologies,

Inc.

14,015

2,958,707

Itron,

Inc.

(a) 40,203

5,007,686

Kimball

Electronics,

Inc.

(a) 28,884

862,476

Mesa

Laboratories,

Inc.

9,647

646,445

COMMON

STOCKS

(continued)

Shares

Held

Value

Electronics

(continued)

Mirion

Technologies,

Inc.

(a) 216,672

$

5,039,791

Napco

Security

Technologies,

Inc.

32,777

1,407,772

OSI

Systems,

Inc.

(a) 12,417

3,094,813

Plexus

Corp.

(a) 13,165

1,904,844

Sanmina

Corp.

(a) 34,079

3,922,834

TTM

Technologies,

Inc.

(a) 133,566

7,693,402

$

39,299,149

Energy

-

Alternate

Sources

-

.10

%

NEXTracker,

Inc.,

Class

A

(a) 117,356

8,683,170

REX

American

Resources

Corp.

(a) 17,460

534,625

Shoals

Technologies

Group,

Inc.,

Class

A

(a) 245,797

1,821,356

$

11,039,151

Engineering

&

Construction

-

.24

%

Bowman

Consulting

Group

Ltd.

(a) 9,693

410,595

Construction

Partners,

Inc.,

Class

A

(a) 37,985

4,824,095

Dycom

Industries,

Inc.

(a) 23,626

6,893,122

Exponent,

Inc.

25,427

1,766,668

Frontdoor,

Inc.

(a) 33,734

2,269,961

Granite

Construction,

Inc.

37,629

4,126,020

Great

Lakes

Dredge

&

Dock

Corp.

(a) 50,654

607,341

IES

Holdings,

Inc.

(a) 10,632

4,227,815

MYR

Group,

Inc.

(a) 14,437

3,003,329

Primoris

Services

Corp.

51,108

7,018,662

Sterling

Infrastructure,

Inc.

(a) 21,845

7,420,310

$

42,567,918

Entertainment

-

.59

%

Accel

Entertainment,

Inc.

(a) 33,687

372,915

IMAX

Corp.

(a) 67,606

2,214,097

Monarch

Casino

&

Resort,

Inc.

7,359

778,877

Rush

Street

Interactive,

Inc.

(a) 59,938

1,227,530

Super

Group

SGHC

Ltd.

99,477

1,313,096

$

5,906,515

Environmental

Control

-

.15

%

CECO

Environmental

Corp.

(a) 17,489

895,437

Energy

Recovery,

Inc.

(a) 39,775

613,330

$

1,508,767

Food

-

.36

%

Cal-Maine

Foods,

Inc.

47,565

4,475,866

Chefs'

Warehouse,

Inc.

(a) 26,236

1,530,346

Marzetti

Co.

8,491

1,467,160

Mission

Produce,

Inc.

(a) 17,284

207,754

Nathan's

Famous,

Inc.

5,246

580,942

Seneca

Foods

Corp.,

Class

A

(a) 4,117

444,389

Simply

Good

Foods

Co.

(a) 77,555

1,924,915

Tootsie

Roll

Industries,

Inc.

(b) 11,641

487,991

United

Natural

Foods,

Inc.

(a) 66,294

2,493,980

$

13,613,343

Forest

Products

&

Paper

-

.14

%

Sylvamo

Corp.

32,592

1,441,218

Gas

-

.01

%

Northwest

Natural

Holding

Co.

68,858

3,093,790

Spire,

Inc.

86,865

7,081,235

$

10,175,025

Hand

&

Machine

Tools

-

.38

%

Franklin

Electric

Co.,

Inc.

19,464

1,852,973

Kennametal,

Inc.

92,994

1,946,364

$

3,799,337

Healthcare

-

Products

-

.16

%

10X

Genomics,

Inc.,

Class

A

(a) 154,463

1,805,672

Adaptive

Biotechnologies

Corp.

(a) 85,101

1,273,111

Alphatec

Holdings,

Inc.

(a) 56,016

814,473

Artivion,

Inc.

(a) 17,642

746,962

AtriCure,

Inc.

(a) 27,362

964,511

Avanos

Medical,

Inc.

(a) 47,385

547,771

Axogen,

Inc.

(a) 47,762

852,074

Bioventus,

Inc.,

Class

A

(a) 52,096

348,522

CareDx,

Inc.

(a) 49,954

726,331

Castle

Biosciences,

Inc.

(a) 22,947

522,503

CONMED

Corp.

24,604

1,157,126

Embecta

Corp.

38,074

537,224

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

Healthcare

-

Products

(continued)

Guardant

Health,

Inc.

(a) 95,036

$

5,937,849

Haemonetics

Corp.

(a) 39,372

1,918,991

ICU

Medical,

Inc.

(a) 14,038

1,683,999

Integer

Holdings

Corp.

(a) 24,356

2,516,706

Integra

LifeSciences

Holdings

Corp.

(a) 78,679

1,127,470

iRadimed

Corp.

5,307

377,646

iRhythm

Technologies,

Inc.

(a) 22,917

3,941,495

Lantheus

Holdings,

Inc.

(a) 52,743

2,705,188

LeMaitre

Vascular,

Inc.

8,670

758,712

LivaNova

PLC

(a) 34,202

1,791,501

Merit

Medical

Systems,

Inc.

(a) 30,829

2,565,898

MiMedx

Group,

Inc.

(a) 65,463

456,932

NeuroPace,

Inc.

(a) 37,664

388,316

OmniAb,

Inc.,

Earnout

Shares

(a) 1,130

—

OmniAb,

Inc.,

Earnout

Shares

(a) 1,130

—

Omnicell,

Inc.

(a) 31,723

965,965

Semler

Scientific,

Inc.

(a) 29,768

893,040

SI-BONE,

Inc.

(a) 36,462

536,721

STAAR

Surgical

Co.

(a) 16,943

455,258

Tactile

Systems

Technology,

Inc.

(a) 27,729

383,769

UFP

Technologies,

Inc.

(a) 7,935

1,583,826

Varex

Imaging

Corp.

(a) 37,402

463,785

$

41,749,347

Healthcare

-

Services

-

.92

%

Addus

HomeCare

Corp.

(a) 9,979

1,177,422

Astrana

Health,

Inc.

(a) 15,515

439,850

BrightSpring

Health

Services,

Inc.

(a) 123,125

3,639,575

Brookdale

Senior

Living,

Inc.

(a) 160,199

1,356,886

Clover

Health

Investments

Corp.

(a),(b)

454,192

1,389,827

CorVel

Corp.

(a) 10,910

844,652

Ensign

Group,

Inc.

18,402

3,179,314

GeneDx

Holdings

Corp.

(a) 18,269

1,968,302

HealthEquity,

Inc.

(a) 58,369

5,531,630

LifeStance

Health

Group,

Inc.

(a) 168,316

925,738

National

HealthCare

Corp.

5,119

622,010

Pediatrix

Medical

Group,

Inc.

(a) 48,445

811,454

Pennant

Group,

Inc.

(a) 21,036

530,528

Privia

Health

Group,

Inc.

(a) 57,948

1,442,905

Surgery

Partners,

Inc.

(a) 78,218

1,692,637

Teladoc

Health,

Inc.

(a) 372,400

2,878,652

U.S.

Physical

Therapy,

Inc.

10,585

899,196

$

29,330,578

Home

Builders

-

.45

%

Cavco

Industries,

Inc.

(a) 9,301

5,401,370

Green

Brick

Partners,

Inc.

(a) 15,611

1,153,028

Installed

Building

Products,

Inc.

17,028

4,200,127

LCI

Industries

19,387

1,805,899

M/I

Homes,

Inc.

(a) 14,162

2,045,559

$

14,605,983

Household

Products

&

Wares

-

.21

%

ACCO

Brands

Corp.

99,745

397,983

Central

Garden

&

Pet

Co.

(a) 5,190

169,453

Central

Garden

&

Pet

Co.,

Class

A

(a) 24,998

738,191

Helen

of

Troy

Ltd.

(a) 30,746

774,799

$

2,080,426

Insurance

-

.39

%

Bowhead

Specialty

Holdings,

Inc.

(a) 31,475

851,084

Donegal

Group,

Inc.,

Class

A

22,167

429,818

Goosehead

Insurance,

Inc.,

Class

A

37,907

2,821,039

Hamilton

Insurance

Group

Ltd.,

Class

B

(a) 61,129

1,515,999

HCI

Group,

Inc.

21,783

4,180,811

Heritage

Insurance

Holdings,

Inc.

(a) 62,811

1,581,581

Hippo

Holdings,

Inc.

(a) 29,843

1,079,123

Horace

Mann

Educators

Corp.

36,010

1,626,572

NMI

Holdings,

Inc.

(a) 72,608

2,783,791

Palomar

Holdings,

Inc.

(a) 52,777

6,161,715

Root,

Inc.,

Class

A

(a) 42,700

3,822,077

Skyward

Specialty

Insurance

Group,

Inc.

(a) 56,585

2,691,183

Trupanion,

Inc.

(a) 68,543

2,966,541

United

Fire

Group,

Inc.

16,148

491,222

COMMON

STOCKS

(continued)

Shares

Held

Value

Insurance

(continued)

Universal

Insurance

Holdings,

Inc.

38,175

$

1,004,002

$

34,006,558

Internet

-

.30

%

Angi,

Inc.

(a) 50,866

827,081

Bumble,

Inc.,

Class

A

(a) 95,153

579,482

Cargurus,

Inc.

(a) 59,092

2,199,995

ePlus,

Inc.

16,279

1,155,972

EverQuote,

Inc.,

Class

A

(a) 27,472

628,285

fuboTV,

Inc.

(a) 554,206

2,299,955

Gambling.com

Group

Ltd.

(a) 28,617

234,087

Grindr,

Inc.

(a) 151,790

2,279,886

HealthStream,

Inc.

19,068

538,480

Hims

&

Hers

Health,

Inc.

(a),(b)

127,252

7,217,733

LifeMD,

Inc.

(a) 69,604

472,611

Magnite,

Inc.

(a) 151,720

3,304,462

MediaAlpha,

Inc.,

Class

A

(a) 22,171

252,306

OptimizeRx

Corp.

(a) 17,617

361,148

Revolve

Group,

Inc.

(a) 81,963

1,745,812

Shutterstock,

Inc.

14,842

309,456

Sprinklr,

Inc.,

Class

A

(a) 205,466

1,586,198

Upwork,

Inc.

(a) 220,932

4,102,707

Yelp,

Inc.

(a) 59,761

1,864,543

Ziff

Davis,

Inc.

(a) 30,384

1,157,630

$

33,117,829

Leisure

Time

-

.76

%

Acushnet

Holdings

Corp.

22,407

1,758,726

Life

Time

Group

Holdings,

Inc.

(a) 172,172

4,751,947

Lindblad

Expeditions

Holdings,

Inc.

(a) 30,206

386,637

OneSpaWorld

Holdings

Ltd.

35,153

743,134

$

7,640,444

Machinery

-

Construction

&

Mining

-

.85

%

Argan,

Inc.

27,651

7,467,152

Astec

Industries,

Inc.

15,130

728,207

Manitowoc

Co.,

Inc.

(a) 36,503

365,395

$

8,560,754

Machinery

-

Diversified

-

.49

%

Alamo

Group,

Inc.

8,732

1,666,939

Cactus,

Inc.,

Class

A

52,761

2,082,477

Chart

Industries,

Inc.

(a) 33,269

6,658,790

Columbus

McKinnon

Corp.

42,038

602,825

DXP

Enterprises,

Inc.

(a) 10,311

1,227,731

Lindsay

Corp.

9,537

1,340,521

Mueller

Water

Products,

Inc.,

Class

A

102,252

2,609,471

Power

Solutions

International,

Inc.

(a) 15,691

1,541,170

Thermon

Group

Holdings,

Inc.

(a) 22,160

592,115

Watts

Water

Technologies,

Inc.,

Class

A

14,241

3,977,226

Zurn

Elkay

Water

Solutions

Corp.

57,967

2,726,188

$

25,025,453

Media

-

.49

%

AMC

Networks,

Inc.,

Class

A

(a) 30,542

251,666

Cable

One,

Inc.

12,123

2,146,377

CuriosityStream,

Inc.

34,497

182,834

Gray

Media,

Inc.

90,728

524,408

TEGNA,

Inc.

91,104

1,852,144

$

4,957,429

Metal

Fabrication

&

Hardware

-

.35

%

AZZ,

Inc.

17,693

1,930,837

Janus

International

Group,

Inc.

(a) 84,562

834,627

Proto

Labs,

Inc.

(a) 15,730

786,972

$

3,552,436

Mining

-

.50

%

Caledonia

Mining

Corp.

PLC

14,760

534,459

Centrus

Energy

Corp.,

Class

A

(a) 29,643

9,191,405

Century

Aluminum

Co.

(a) 93,652

2,749,623

Coeur

Mining,

Inc.

(a) 566,164

10,621,237

Idaho

Strategic

Resources,

Inc.

(a) 13,848

467,924

U.S.

Lime

&

Minerals,

Inc.

11,615

1,527,953

$

25,092,601

Miscellaneous

Manufacturers

-

.25

%

Byrna

Technologies,

Inc.

(a) 34,935

774,160

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

Miscellaneous

Manufacturers

(continued)

Fabrinet

(a) 19,205

$

7,002,527

Federal

Signal

Corp.

36,576

4,352,178

Myers

Industries,

Inc.

23,490

397,921

$

12,526,786

Office

&

Business

Equipment

-

.24

%

Pitney

Bowes,

Inc.

215,485

2,458,684

Office

Furnishings

-

.22

%

HNI

Corp.

28,901

1,354,012

Interface,

Inc.

29,261

846,813

$

2,200,825

Oil

&

Gas

-

.17

%

California

Resources

Corp.

67,689

3,599,701

HighPeak

Energy,

Inc.

36,168

255,708

Par

Pacific

Holdings,

Inc.

(a) 108,984

3,860,213

PrimeEnergy

Resources

Corp.

(a),(b)

5,458

911,650

Riley

Exploration

Permian,

Inc.

12,396

336,056

Talos

Energy,

Inc.

(a) 234,985

2,253,506

Vitesse

Energy,

Inc.

(b) 25,283

587,324

$

11,804,158

Oil

&

Gas

Services

-

.81

%

Aris

Water

Solutions,

Inc.,

Class

A

50,359

1,241,853

Core

Laboratories,

Inc.

47,297

584,591

Expro

Group

Holdings

NV

(a) 43,557

517,457

Flotek

Industries,

Inc.

(a) 48,016

701,034

Helix

Energy

Solutions

Group,

Inc.

(a) 134,118

879,814

Innovex

International,

Inc.

(a) 34,381

637,424

Kodiak

Gas

Services,

Inc.

80,648

2,981,556

Liberty

Energy,

Inc.

239,144

2,951,037

National

Energy

Services

Reunited

Corp.

(a) 54,835

562,607

Oceaneering

International,

Inc.

(a) 62,652

1,552,517

Oil

States

International,

Inc.

(a) 77,021

466,747

Ranger

Energy

Services,

Inc.,

Class

A

22,072

309,891

Solaris

Energy

Infrastructure,

Inc.

63,237

2,527,583

TETRA

Technologies,

Inc.

(a) 89,851

516,643

Tidewater,

Inc.

(a) 33,290

1,775,356

$

18,206,110

Packaging

&

Containers

-

.30

%

Ardagh

Metal

Packaging

SA

189,523

756,197

Greif,

Inc.,

Class

A

19,339

1,155,698

TriMas

Corp.

28,584

1,104,486

$

3,016,381

Pharmaceuticals

-

.69

%

AdaptHealth

Corp.

(a) 79,802

714,228

Akebia

Therapeutics,

Inc.

(a) 208,765

569,928

Alkermes

PLC

(a) 102,646

3,079,380

Amneal

Pharmaceuticals,

Inc.

(a) 96,933

970,299

Amphastar

Pharmaceuticals,

Inc.

(a) 32,665

870,522

Catalyst

Pharmaceuticals,

Inc.

(a) 82,764

1,630,451

Collegium

Pharmaceutical,

Inc.

(a) 18,633

651,969

CorMedix,

Inc.

(a),(b)

81,047

942,577

Fulcrum

Therapeutics,

Inc.

(a) 63,485

584,062

Harmony

Biosciences

Holdings,

Inc.

(a) 38,658

1,065,415

Indivior

PLC

(a) 61,229

1,476,231

MannKind

Corp.

(a) 209,533

1,125,192

Mirum

Pharmaceuticals,

Inc.

(a) 19,350

1,418,549

Option

Care

Health,

Inc.

(a) 83,104

2,306,967

Pacira

BioSciences,

Inc.

(a) 37,378

963,231

Phibro

Animal

Health

Corp.,

Class

A

21,027

850,752

Premier,

Inc.,

Class

A

81,414

2,263,309

Protagonist

Therapeutics,

Inc.

(a) 43,341

2,879,143

SIGA

Technologies,

Inc.

40,720

372,588

Supernus

Pharmaceuticals,

Inc.

(a) 32,775

1,566,317

Xeris

Biopharma

Holdings,

Inc.

(a) 93,897

764,322

$

27,065,432

Pipelines

-

.10

%

Excelerate

Energy,

Inc.,

Class

A

39,879

1,004,552

Private

Equity

-

.19

%

P10,

Inc.,

Class

A

79,642

866,505

Patria

Investments

Ltd.,

Class

A

70,666

1,031,724

$

1,898,229

COMMON

STOCKS

(continued)

Shares

Held

Value

Real

Estate

-

.99

%

Compass,

Inc.,

Class

A

(a) 601,218

$

4,827,780

Cushman

&

Wakefield

PLC

(a) 164,994

2,626,704

eXp

World

Holdings,

Inc.

(b) 104,310

1,111,945

McGrath

RentCorp

12,046

1,412,996

$

9,979,425

REITs

-

.17

%

American

Assets

Trust,

Inc.

47,609

967,415

American

Healthcare

REIT,

Inc.

140,376

5,897,196

Apollo

Commercial

Real

Estate

Finance,

Inc.

142,297

1,441,469

Broadstone

Net

Lease,

Inc.

163,123

2,915,008

CareTrust

REIT,

Inc.

172,179

5,971,168

CBL

&

Associates

Properties,

Inc.

12,724

389,100

Community

Healthcare

Trust,

Inc.

26,348

403,124

COPT

Defense

Properties

91,819

2,668,260

Easterly

Government

Properties,

Inc.

53,194

1,219,738

Elme

Communities

65,716

1,107,972

Farmland

Partners,

Inc.

50,362

547,939

Four

Corners

Property

Trust,

Inc.

64,143

1,565,089

Getty

Realty

Corp.

39,552

1,061,180

Innovative

Industrial

Properties,

Inc.

31,499

1,687,716

InvenTrust

Properties

Corp.

41,429

1,185,698

LTC

Properties,

Inc.

37,444

1,380,186

NETSTREIT

Corp.

101,448

1,832,151

Outfront

Media,

Inc.

157,191

2,879,739

Plymouth

Industrial

REIT,

Inc.

44,214

987,299

RLJ

Lodging

Trust

191,341

1,377,655

Ryman

Hospitality

Properties,

Inc.

71,447

6,400,937

Safehold,

Inc.

41,690

645,778

Sila

Realty

Trust,

Inc.

39,200

983,920

Summit

Hotel

Properties,

Inc.

123,323

677,043

Terreno

Realty

Corp.

96,802

5,493,513

Universal

Health

Realty

Income

Trust

7,311

286,372

$

51,972,665

Retail

-

.63

%

Abercrombie

&

Fitch

Co.,

Class

A

(a) 64,123

5,485,723

Brinker

International,

Inc.

(a) 43,446

5,503,739

Build-A-Bear

Workshop,

Inc.

15,533

1,012,907

Cheesecake

Factory,

Inc.

77,901

4,256,511

FirstCash

Holdings,

Inc.

35,500

5,623,910

Jack

in

the

Box,

Inc.

(b) 53,803

1,063,685

La-Z-Boy,

Inc.

32,041

1,099,647

Patrick

Industries,

Inc.

16,399

1,696,149

Potbelly

Corp.

(a) 28,104

478,892

PriceSmart,

Inc.

12,124

1,469,308

Sally

Beauty

Holdings,

Inc.

(a) 92,884

1,512,151

Sonic

Automotive,

Inc.,

Class

A

14,088

1,071,956

Urban

Outfitters,

Inc.

(a) 86,517

6,179,909

$

36,454,487

Savings

&

Loans

-

.56

%

Axos

Financial,

Inc.

(a) 43,490

3,681,428

Home

Bancorp,

Inc.

7,932

430,906

Provident

Financial

Services,

Inc.

77,321

1,490,749

$

5,603,083

Semiconductors

-

.50

%

ACM

Research,

Inc.,

Class

A

(a) 83,032

3,249,042

Axcelis

Technologies,

Inc.

(a) 33,491

3,270,061

Photronics,

Inc.

(a) 52,065

1,194,892

Rambus,

Inc.

(a) 63,889

6,657,234

SkyWater

Technology,

Inc.

(a) 38,299

714,659

$

15,085,888

Software

-

.42

%

ACI

Worldwide,

Inc.

(a) 56,537

2,983,457

Alignment

Healthcare,

Inc.

(a) 156,188

2,725,481

AvidXchange

Holdings,

Inc.

(a) 271,463

2,701,057

Bandwidth,

Inc.,

Class

A

(a) 17,482

291,425

BlackLine,

Inc.

(a) 57,498

3,053,144

Box,

Inc.,

Class

A

(a) 145,527

4,696,156

Clear

Secure,

Inc.,

Class

A

99,365

3,316,804

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a) 290,608

5,236,756

Climb

Global

Solutions,

Inc.

8,242

1,111,351

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

Software

(continued)

Commerce.com,

Inc.

(a) 156,045

$

778,665

Commvault

Systems,

Inc.

(a) 31,673

5,979,229

CSG

Systems

International,

Inc.

17,636

1,135,406

Digi

International,

Inc.

(a) 23,783

867,128

DigitalOcean

Holdings,

Inc.

(a) 67,877

2,318,678

Five9,

Inc.

(a) 159,584

3,861,933

Freshworks,

Inc.,

Class

A

(a) 272,916

3,212,221

GigaCloud

Technology,

Inc.,

Class

A

(a) 18,781

533,380

IBEX

Holdings

Ltd.

(a) 15,017

608,489

Innodata,

Inc.

(a) 86,172

6,641,276

Life360,

Inc.

(a),(b)

52,972

5,630,924

LiveRamp

Holdings,

Inc.

(a) 49,950

1,355,643

N-able,

Inc.

(a) 125,104

975,811

Nutex

Health,

Inc.

(a),(b)

9,051

935,149

Pagaya

Technologies

Ltd.,

Class

A

(a) 75,023

2,227,433

PagerDuty,

Inc.

(a) 128,563

2,123,861

Phreesia,

Inc.

(a) 32,663

768,234

Planet

Labs

PBC

(a) 156,358

2,029,527

PROS

Holdings,

Inc.

(a) 82,880

1,898,781

Red

Violet,

Inc.

16,932

884,697

Sapiens

International

Corp.

NV

27,674

1,189,982

Simulations

Plus,

Inc.

(a) 31,121

468,993

SPS

Commerce,

Inc.

(a) 30,663

3,193,245

Talkspace,

Inc.

(a) 180,833

499,099

TruBridge,

Inc.

(a) 21,174

427,080

Verint

Systems,

Inc.

(a) 95,529

1,934,462

Viant

Technology,

Inc.,

Class

A

(a) 46,923

404,945

Vimeo,

Inc.

(a) 85,739

664,477

VTEX,

Class

A

(a) 163,289

715,206

Waystar

Holding

Corp.

(a) 91,221

3,459,100

Yext,

Inc.

(a) 86,032

732,993

$

84,571,678

Telecommunications

-

.08

%

A10

Networks,

Inc.

72,526

1,316,347

BlackSky

Technology,

Inc.

(a),(b)

62,620

1,261,793

Clearfield,

Inc.

(a) 22,422

770,868

Credo

Technology

Group

Holding

Ltd.

(a) 54,800

7,979,428

Frequency

Electronics,

Inc.

(a) 23,136

784,542

IDT

Corp.,

Class

B

13,241

692,637

InterDigital,

Inc.

15,052

5,196,402

NETGEAR,

Inc.

(a) 48,714

1,577,846

Preformed

Line

Products

Co.

6,801

1,334,016

$

20,913,879

Textiles

-

.18

%

UniFirst

Corp.

10,729

1,793,782

Transportation

-

.40

%

Ardmore

Shipping

Corp.

51,526

611,613

Costamare,

Inc.

50,554

602,098

DHT

Holdings,

Inc.

115,937

1,385,447

Matson,

Inc.

31,442

3,099,867

Navigator

Holdings

Ltd.

(b) 36,243

561,404

Scorpio

Tankers,

Inc.

74,096

4,153,081

Teekay

Corp.

Ltd.

79,628

651,357

Teekay

Tankers

Ltd.,

Class

A

34,127

1,725,120

World

Kinect

Corp.

49,379

1,281,385

$

14,071,372

Water

-

.51

%

Consolidated

Water

Co.

Ltd.

46,793

1,650,857

Middlesex

Water

Co.

39,357

2,130,001

York

Water

Co.

42,904

1,305,140

$

5,085,998

TOTAL

COMMON

STOCKS

a

$

1,001,278,796

INVESTMENT

COMPANIES

-

.43

%

Shares

Held

Value

Money

Market

Funds

-

.43

%

-

—

Principal

Government

Money

Market

Fund,

Class

4.04%

(d),(e),(f)

11,656,960

$

11,656,960

INVESTMENT

COMPANIES

(continued)

Shares

Held

Value

Money

Market

Funds

(continued)

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(d) 2,739,286

$

2,739,286

TOTAL

INVESTMENT

COMPANIES

a

$

14,396,246

Total

Investments

101.11%

$

1,015,675,042

Other

Assets

and

Liabilities

-

(1.11%)

(11,174,389)

TOTAL

NET

ASSETS

-

100.00%

$

1,004,500,653

(a) Non-income

producing

security.

(b) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,376,241

or

1.13%

of

net

assets.

(c) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Advisor,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Trustees.

(d) 1-day

yield

shown

as

of

period

end.

(e) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(f) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,656,960

or

1.16%

of

net

assets.

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2025

(unaudited)

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

September

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

4.04%

$

4,091,677

$

48,519,391

$

40,954,108

$

11,656,960

$

4,091,677

$

48,519,391

$

40,954,108

$

11,656,960

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

4.04%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Value

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

-

.38

%

Shares

Held

Value

Advertising

-

.34

%

-

—

Interpublic

Group

of

Cos.,

Inc.

35,305

$

985,362

Omnicom

Group,

Inc.

11,786

960,913

$

1,946,275

Aerospace

&

Defense

-

.79

%

General

Dynamics

Corp.

4,050

1,381,050

L3Harris

Technologies,

Inc.

4,945

1,510,253

Lockheed

Martin

Corp.

2,621

1,308,429

Northrop

Grumman

Corp.

2,156

1,313,694

$

5,513,426

Agriculture

-

.76

%

Altria

Group,

Inc.

20,445

1,350,596

Archer-Daniels-Midland

Co.

20,178

1,205,434

$

2,556,030

Apparel

-

.93

%

Ralph

Lauren

Corp.

4,284

1,343,291

Banks

-

.90

%

Bank

of

America

Corp.

40,794

2,104,562

Citizens

Financial

Group,

Inc.

23,596

1,254,363

Fifth

Third

Bancorp

25,121

1,119,141

PNC

Financial

Services

Group,

Inc.

6,330

1,271,887

Regions

Financial

Corp.

44,624

1,176,735

U.S.

Bancorp

26,044

1,258,706

Wells

Fargo

&

Co.

21,946

1,839,514

$

10,024,908

Beverages

-

.98

%

Constellation

Brands,

Inc.,

Class

A

5,368

722,909

Molson

Coors

Beverage

Co.,

Class

B

15,358

694,949

$

1,417,858

Biotechnology

-

.78

%

Corteva,

Inc.

16,683

1,128,271

Building

Materials

-

.66

%

Masco

Corp.

13,716

965,469

Chemicals

-

.46

%

Eastman

Chemical

Co.

10,681

673,437

Commercial

Services

-

.35

%

Automatic

Data

Processing,

Inc.

4,195

1,231,233

MarketAxess

Holdings,

Inc.

4,214

734,289

$

1,965,522

Computers

-

.10

%

Accenture

PLC,

Class

A

4,714

1,162,472

Apple,

Inc.

24,013

6,114,430

Cognizant

Technology

Solutions

Corp.,

Class

A

13,202

885,458

Hewlett

Packard

Enterprise

Co.

60,750

1,492,020

HP,

Inc.

34,944

951,525

Leidos

Holdings,

Inc.

7,158

1,352,576

NetApp,

Inc.

10,702

1,267,759

$

13,226,240

Cosmetics

&

Personal

Care

-

.27

%

Procter

&

Gamble

Co.

12,043

1,850,407

Distribution

&

Wholesale

-

.64

%

Pool

Corp.

3,015

934,861

Diversified

Financial

Services

-

.60

%

Ameriprise

Financial,

Inc.

2,154

1,058,152

Capital

One

Financial

Corp.

6,296

1,338,404

Cboe

Global

Markets,

Inc.

4,403

1,079,836

Franklin

Resources,

Inc.

47,532

1,099,415

Intercontinental

Exchange,

Inc.

6,867

1,156,952

Invesco

Ltd.

60,623

1,390,692

Nasdaq,

Inc.

13,233

1,170,459

Synchrony

Financial

18,264

1,297,657

$

9,591,567

Electronics

-

.74

%

Allegion

PLC

7,257

1,287,029

Hubbell,

Inc.

2,896

1,246,178

$

2,533,207

Food

-

.00

%

Hershey

Co.

5,774

1,080,027

Hormel

Foods

Corp.

30,513

754,891

Mondelez

International,

Inc.,

Class

A

17,113

1,069,049

$

2,903,967

COMMON

STOCKS

(continued)

Shares

Held

Value

Hand

&

Machine

Tools

-

.69

%

Snap-on,

Inc.

2,899

$

1,004,591

Healthcare

-

Products

-

.92

%

Medtronic

PLC

14,096

1,342,503

Healthcare

-

Services

-

.32

%

Elevance

Health,

Inc.

2,762

892,457

Humana,

Inc.

3,746

974,597

UnitedHealth

Group,

Inc.

4,343

1,499,638

$

3,366,692

Home

Builders

-

.75

%

Lennar

Corp.,

Class

A

8,688

1,095,036

Household

Products

&

Wares

-

.23

%

Avery

Dennison

Corp.

5,377

871,988

Kimberly-Clark

Corp.

7,325

910,791

$

1,782,779

Insurance

-

.62

%

Allstate

Corp.

5,084

1,091,281

American

International

Group,

Inc.

12,406

974,367

Assurant,

Inc.

4,595

995,277

Chubb

Ltd.

4,099

1,156,943

Cincinnati

Financial

Corp.

6,606

1,044,409

Everest

Group

Ltd.

2,624

919,004

Hartford

Insurance

Group,

Inc.

8,187

1,092,064

Marsh

&

McLennan

Cos.,

Inc.

5,184

1,044,731

MetLife,

Inc.

12,966

1,068,009

Prudential

Financial,

Inc.

9,233

957,831

Travelers

Cos.,

Inc.

4,100

1,144,802

Willis

Towers

Watson

PLC

3,014

1,041,186

$

12,529,904

Internet

-

.58

%

CDW

Corp.

5,947

947,238

eBay,

Inc.

14,773

1,343,605

$

2,290,843

Lodging

-

.91

%

Las

Vegas

Sands

Corp.

24,623

1,324,471

Machinery

-

Construction

&

Mining

-

.34

%

Caterpillar,

Inc.

4,065

1,939,615

Machinery

-

Diversified

-

.16

%

Deere

&

Co.

2,653

1,213,111

IDEX

Corp.

5,283

859,861

Nordson

Corp.

4,684

1,063,034

$

3,136,006

Media

-

.77

%

Comcast

Corp.,

Class

A

35,539

1,116,635

Miscellaneous

Manufacturers

-

.48

%

A.O.

Smith

Corp.

14,072

1,033,026

Illinois

Tool

Works,

Inc.

4,429

1,154,906

Parker-Hannifin

Corp.

1,874

1,420,773

$

3,608,705

Oil

&

Gas

-

.45

%

Chevron

Corp.

10,164

1,578,368

ConocoPhillips

12,547

1,186,821

EOG

Resources,

Inc.

8,828

989,795

Exxon

Mobil

Corp.

19,976

2,252,294

Marathon

Petroleum

Corp.

7,178

1,383,488

Occidental

Petroleum

Corp.

20,325

960,356

Phillips

8,522

1,159,162

Valero

Energy

Corp.

7,721

1,314,578

$

10,824,862

Oil

&

Gas

Services

-

.04

%

Baker

Hughes

Co.

23,699

1,154,615

Halliburton

Co.

38,378

944,099

Schlumberger

NV

25,294

869,355

$

2,968,069

Pharmaceuticals

-

.84

%

Becton

Dickinson

&

Co.

4,744

887,934

Bristol-Myers

Squibb

Co.

20,960

945,296

Johnson

&

Johnson

12,326

2,285,487

Merck

&

Co.,

Inc.

17,348

1,456,018

$

5,574,735

Schedule

of

Investments

Principal

Value

ETF

September

30,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

REITs

-

.23

%

Alexandria

Real

Estate

Equities,

Inc.

9,882

$

823,566

AvalonBay

Communities,

Inc.

4,683

904,615

Healthpeak

Properties,

Inc.

46,649

893,328

Mid-America

Apartment

Communities,

Inc.

5,776

807,081

Prologis,

Inc.

10,834

1,240,710

Public

Storage

3,572

1,031,772

SBA

Communications

Corp.

4,532

876,262

VICI

Properties,

Inc.

31,116

1,014,693

$

7,592,027

Retail

-

.43

%

Best

Buy

Co.,

Inc.

12,924

977,313

Lowe's

Cos.,

Inc.

5,509

1,384,467

Williams-Sonoma,

Inc.

5,992

1,171,136

$

3,532,916

Semiconductors

-

.89

%

Microchip

Technology,

Inc.

19,996

1,284,143

NVIDIA

Corp.

32,736

6,107,883

QUALCOMM,

Inc.

9,045

1,504,726

Skyworks

Solutions,

Inc.

14,440

1,111,591

$

10,008,343

Software

-

.02

%

Broadridge

Financial

Solutions,

Inc.

4,145

987,215

Microsoft

Corp.

10,452

5,413,613

Paychex,

Inc.

7,004

887,827

$

7,288,655

Telecommunications

-

.80

%

T-Mobile

U.S.,

Inc.

4,827

1,155,487

Transportation

-

.61

%

FedEx

Corp.

4,327

1,020,350

Union

Pacific

Corp.

5,578

1,318,472

$

2,338,822

TOTAL

COMMON

STOCKS

a

$

144,396,432

INVESTMENT

COMPANIES

-

.45

%

Shares

Held

Value

Money

Market

Funds

-

.45

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.10%

(a) 656,548

$

656,548

TOTAL

INVESTMENT

COMPANIES

a

$

656,548

Total

Investments

99.83%

$

145,052,980

Other

Assets

and

Liabilities

-

0.17%

250,682

TOTAL

NET

ASSETS

-

100.00%

$

145,303,662

(a) 1-day

yield

shown

as

of

period

end.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Exchange-Traded Funds

- **b. Investment Company Act file number:** 811-23029

- **c. CIK number of Registrant:** 0001572661

- **d. LEI of Registrant:** 549300AG76V5U32HWF10

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 801 Grand Avenue

  - **City:** DES MOINES

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Principal U.S. Small-Cap ETF

- **b. EDGAR series identifier (if any):** S000055159

- **c. LEI of Series:** 5493008MXNTNT2RRXN18

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1013045536.57

**Total Liabilities:** $11958379.84

**Net Assets:** $1001087156.73

**Cash Not Reported:** $1.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173454 | -0.34%               | 5.01%                | 2.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $130435.86               | $-3058031.71                               |
| Month 2  | $11716569.98             | $29532827.77                               |
| Month 3  | $936898.21               | $19931963.21                               |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Revolve Group Inc                                          | Revolve Group, Inc.                                                        | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81684 | NS      | $1739869.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc                                 | Thermon Group Holdings, Inc.                                               | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |     22085 | NS      | $590111.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group Inc                                           | MiMedx Group, Inc.                                                         | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65241 | NS      | $455382.18    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Astronics Corp                                             | Astronics Corp.                                                            | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |     45869 | NS      | $2092085.09   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc                                    | Stock Yards Bancorp, Inc.                                                  | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |     16725 | NS      | $1170582.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                                    | U.S. Physical Therapy, Inc.                                                | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     10549 | NS      | $896137.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                                  | First BanCorp                                                              | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |    139911 | NS      | $3085037.55   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                                           | A10 Networks, Inc.                                                         | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     72280 | NS      | $1311882.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                                     | Primoris Services Corp.                                                    | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     50934 | NS      | $6994766.22   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp                                 | Sensient Technologies Corp.                                                | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     26244 | NS      | $2462999.40   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                                             | BancFirst Corp.                                                            | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |     13424 | NS      | $1697464.80   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                                                | Plexus Corp.                                                               | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |     13120 | NS      | $1898332.80   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X Genomics Inc                                           | 10X Genomics, Inc.                                                         | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |    153938 | NS      | $1799535.22   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc                                  | Rigel Pharmaceuticals, Inc.                                                | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |     12982 | NS      | $367780.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc                                     | Laureate Education, Inc.                                                   | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |     50041 | NS      | $1578293.14   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                                       | TTM Technologies, Inc.                                                     | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    133113 | NS      | $7667308.80   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                                          | Donegal Group, Inc.                                                        | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22092 | NS      | $428363.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Upwork Inc                                                 | Upwork, Inc.                                                               | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |    220182 | NS      | $4088779.74   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardagh Metal Packaging SA                                  | Ardagh Metal Packaging SA                                                  | CUSIP: 000000000<br>LEI: 5493009WKQTU4FN9G032 | Long             | EC               | CORP              | LU        |    188878 | NS      | $753623.22    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc                                  | DigitalOcean Holdings, Inc.                                                | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     67646 | NS      | $2310787.36   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc                               | Protagonist Therapeutics, Inc.                                             | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43194 | NS      | $2869377.42   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OppFi Inc                                                  | OppFi, Inc.                                                                | CUSIP: 68386H103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166331 | NS      | $1884530.23   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Idaho Strategic Resources Inc                              | Idaho Strategic Resources, Inc.                                            | CUSIP: 645827205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13800 | NS      | $466302.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                                       | Waystar Holding Corp.                                                      | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90912 | NS      | $3447383.04   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                                                 | Cabot Corp.                                                                | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     32037 | NS      | $2436413.85   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc                             | Tactile Systems Technology, Inc.                                           | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |     27636 | NS      | $382482.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc/TX                                     | DXP Enterprises, Inc.                                                      | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10275 | NS      | $1223444.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ACM Research Inc                                           | ACM Research, Inc.                                                         | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |     82750 | NS      | $3238007.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc                             | Esquire Financial Holdings, Inc.                                           | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15505 | NS      | $1582362.78   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                                    | Mirion Technologies, Inc.                                                  | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    215937 | NS      | $5022694.62   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The                                       | Marzetti Co.                                                               | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      8461 | NS      | $1461976.19   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc                                           | DHT Holdings, Inc.                                                         | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | MH        |    115544 | NS      | $1380750.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc                                | AMN Healthcare Services, Inc.                                              | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     53856 | NS      | $1042652.16   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Akebia Therapeutics Inc                                    | Akebia Therapeutics, Inc.                                                  | CUSIP: 00972D105<br>LEI: 549300CBQEHMKEEGNX42 | Long             | EC               | CORP              | US        |    208057 | NS      | $567995.61    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc                              | Janus International Group, Inc.                                            | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84274 | NS      | $831784.38    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS NV                                    | Expro Group Holdings NV                                                    | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |     43410 | NS      | $515710.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                                    | V2X, Inc.                                                                  | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20291 | NS      | $1178704.19   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                                       | Simulations Plus, Inc.                                                     | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31016 | NS      | $467411.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                                        | Payoneer Global, Inc.                                                      | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |    342988 | NS      | $2075077.40   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| P10 Inc                                                    | P10, Inc.                                                                  | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79372 | NS      | $863567.36    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Services Inc                      | First Business Financial Services, Inc.                                    | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |      7405 | NS      | $379580.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumble Inc                                                 | Bumble, Inc.                                                               | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94829 | NS      | $577508.61    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper-Standard Holdings Inc                               | Cooper-Standard Holdings, Inc.                                             | CUSIP: 21676P103<br>LEI: 549300VVOH2RQP5YMB08 | Long             | EC               | CORP              | US        |     16888 | NS      | $623673.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc                                | Rush Street Interactive, Inc.                                              | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59734 | NS      | $1223352.32   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp                                | REX American Resources Corp.                                               | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17400 | NS      | $532788.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co                                    | Central Garden & Pet Co.                                                   | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     24914 | NS      | $735710.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                                         | Kontoor Brands, Inc.                                                       | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     39284 | NS      | $3133684.68   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                                    | EnerSys                                                                    | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     31844 | NS      | $3597098.24   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                                | SI-BONE, Inc.                                                              | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |     36339 | NS      | $534910.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Recovery Inc                                        | Energy Recovery, Inc.                                                      | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               | CORP              | US        |     39640 | NS      | $611248.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc                               | Acadian Asset Management, Inc.                                             | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     25205 | NS      | $1213872.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeMD Inc                                                 | LifeMD, Inc.                                                               | CUSIP: 53216B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69367 | NS      | $471001.93    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc                               | BioCryst Pharmaceuticals, Inc.                                             | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |    227598 | NS      | $1727468.82   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc                                      | Excelerate Energy, Inc.                                                    | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39744 | NS      | $1001151.36   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackSky Technology Inc                                    | BlackSky Technology, Inc.                                                  | CUSIP: 09263B207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62407 | NS      | $1257501.05   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Preformed Line Products Co                                 | Preformed Line Products Co.                                                | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |      6777 | NS      | $1329308.55   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                               | Omnicell, Inc.                                                             | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |     31615 | NS      | $962676.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Networks Inc                                           | AMC Networks, Inc.                                                         | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |     30437 | NS      | $250800.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares Inc                                     | Nicolet Bankshares, Inc.                                                   | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10015 | NS      | $1347017.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc                           | Prestige Consumer Healthcare, Inc.                                         | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26624 | NS      | $1661337.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services Inc                           | BrightSpring Health Services, Inc.                                         | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122708 | NS      | $3627248.48   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc                                   | Gibraltar Industries, Inc.                                                 | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20455 | NS      | $1284574.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc                              | Oceaneering International, Inc.                                            | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |     62439 | NS      | $1547238.42   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                                             | Tecnoglass, Inc.                                                           | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |     27497 | NS      | $1839824.27   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                                         | Outfront Media, Inc.                                                       | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               |  | US        |    156657 | NS      | $2869956.24   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWater Technology Inc                                    | SkyWater Technology, Inc.                                                  | CUSIP: 83089J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38170 | NS      | $712252.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc                                        | Scorpio Tankers, Inc.                                                      | CUSIP: 000000000<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MH        |     73844 | NS      | $4138956.20   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                                   | Yelp, Inc.                                                                 | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     59557 | NS      | $1858178.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                                     | FirstCash Holdings, Inc.                                                   | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35380 | NS      | $5604899.60   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd                                | Bowman Consulting Group Ltd.                                               | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9660 | NS      | $409197.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Marex Group PLC                                            | Marex Group PLC                                                            | CUSIP: 000000000<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |    154222 | NS      | $5184943.64   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                                     | Pacira BioSciences, Inc.                                                   | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37252 | NS      | $959984.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                            | Four Corners Property Trust, Inc.                                          | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |     63924 | NS      | $1559745.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                                       | First Merchants Corp.                                                      | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |     38181 | NS      | $1439423.70   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Flotek Industries Inc                                      | Flotek Industries, Inc.                                                    | CUSIP: 343389409<br>LEI: 549300TF60OEK4FPPC44 | Long             | EC               | CORP              | US        |     47854 | NS      | $698668.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                               | Catalyst Pharmaceuticals, Inc.                                             | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     82482 | NS      | $1624895.40   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living Inc                                | Brookdale Senior Living, Inc.                                              | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    159656 | NS      | $1352286.32   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc                                       | UFP Technologies, Inc.                                                     | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      7908 | NS      | $1578436.80   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                                           | IES Holdings, Inc.                                                         | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |     10596 | NS      | $4213499.40   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                                           | Talos Energy, Inc.                                                         | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |    234187 | NS      | $2245853.33   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                                      | Sila Realty Trust, Inc.                                                    | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               |  | US        |     39068 | NS      | $980606.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysafe Ltd                                                | Paysafe Ltd.                                                               | CUSIP: 000000000<br>LEI: 2138003K6PVDCI5TBN11 | Long             | EC               | CORP              | BM        |     65829 | NS      | $850510.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagaya Technologies Ltd                                    | Pagaya Technologies Ltd.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     74768 | NS      | $2219861.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                                      | Customers Bancorp, Inc.                                                    | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     37587 | NS      | $2457062.19   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                                               | AtriCure, Inc.                                                             | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |     27269 | NS      | $961232.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc                                        | Jack in the Box, Inc.                                                      | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |     53620 | NS      | $1060067.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| OFG Bancorp                                                | OFG Bancorp                                                                | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     33255 | NS      | $1446259.95   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc                                 | Climb Global Solutions, Inc.                                               | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |      8215 | NS      | $1107710.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                                    | Cushman & Wakefield PLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    164433 | NS      | $2617773.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc                      | Artisan Partners Asset Management, Inc.                                    | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     73175 | NS      | $3175795.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc                                      | LiveRamp Holdings, Inc.                                                    | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |     49779 | NS      | $1351002.06   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp                               | American Superconductor Corp.                                              | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |     35935 | NS      | $2134179.65   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Legalzoom.com Inc                                          | Legalzoom.com, Inc.                                                        | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |     93435 | NS      | $969855.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Water Co Ltd                                  | Consolidated Water Co. Ltd.                                                | CUSIP: 000000000<br>LEI: 5299001BMEW8X9VIJA73 | Long             | EC               | CORP              | KY        |     46634 | NS      | $1645247.52   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc                               | Oil States International, Inc.                                             | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |     76760 | NS      | $465165.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Axogen Inc                                                 | Axogen, Inc.                                                               | CUSIP: 05463X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47600 | NS      | $849184.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc                                      | Mesa Laboratories, Inc.                                                    | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |      9614 | NS      | $644234.14    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA CHINOOK THERAPE                                     | Chinook Therapeutics, Inc. - Rights                                        | CUSIP: 169CVR016<br>LEI: 549300X0O3003W5QYQ48 | Long             | EC               | CORP              | US        |      9658 | NS      | $1931.60      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Universal Insurance Holdings Inc                           | Universal Insurance Holdings, Inc.                                         | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |     38046 | NS      | $1000609.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc                          | Atmus Filtration Technologies, Inc.                                        | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47351 | NS      | $2135056.59   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagseguro Digital Ltd                                      | Pagseguro Digital Ltd.                                                     | CUSIP: 000000000<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |    772962 | NS      | $7729620.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Teladoc Health Inc                                         | Teladoc Health, Inc.                                                       | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |    371134 | NS      | $2868865.82   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                         | Easterly Government Properties, Inc.                                       | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               |  | US        |     53014 | NS      | $1215611.02   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Marqeta Inc                                                | Marqeta, Inc.                                                              | CUSIP: 57142B104<br>LEI: 254900UZARK0FMZGZE18 | Long             | EC               | CORP              | US        |    688808 | NS      | $3636906.24   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OptimizeRx Corp                                            | OptimizeRx Corp.                                                           | CUSIP: 68401U204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17557 | NS      | $359918.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                                             | Cantaloupe, Inc.                                                           | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |    181988 | NS      | $1923613.16   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                                  | Merit Medical Systems, Inc.                                                | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     30724 | NS      | $2557158.52   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc                                   | Alignment Healthcare, Inc.                                                 | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155657 | NS      | $2716214.65   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc                                   | iRhythm Technologies, Inc.                                                 | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     22839 | NS      | $3928079.61   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group Inc                                | LifeStance Health Group, Inc.                                              | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    167743 | NS      | $922586.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                                                | Hawkins, Inc.                                                              | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |     12482 | NS      | $2280711.04   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc                                  | Build-A-Bear Workshop, Inc.                                                | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     15479 | NS      | $1009385.59   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                                               | Gentherm, Inc.                                                             | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |     18371 | NS      | $625716.26    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB INC                                                 | OmniAb, Inc.                                                               | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1130 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Blue Bird Corp                                             | Blue Bird Corp.                                                            | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     26131 | NS      | $1503839.05   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd                                          | Helen of Troy Ltd.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     30641 | NS      | $772153.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc                                   | Franklin Electric Co., Inc.                                                | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |     19398 | NS      | $1846689.60   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Corp Ltd                                            | Teekay Corp. Ltd.                                                          | CUSIP: 000000000<br>LEI: YHKQM2RIPKZYOZ6RVZ46 | Long             | EC               | CORP              | BM        |     79358 | NS      | $649148.44    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                              | Adaptive Biotechnologies Corp.                                             | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     84813 | NS      | $1268802.48   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Frequency Electronics Inc                                  | Frequency Electronics, Inc.                                                | CUSIP: 358010106<br>LEI: 549300S56SO2JB5JBE31 | Long             | EC               | CORP              | US        |     23058 | NS      | $781896.78    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc                                          | Willdan Group, Inc.                                                        | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |     12010 | NS      | $1161246.90   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc                                | Tootsie Roll Industries, Inc.                                              | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |     11602 | NS      | $486355.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| IDT Corp                                                   | IDT Corp.                                                                  | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |     13196 | NS      | $690282.76    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                                   | Granite Construction, Inc.                                                 | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     37500 | NS      | $4111875.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                                               | Sprinklr, Inc.                                                             | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |    204767 | NS      | $1580801.24   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Byrna Technologies Inc                                     | Byrna Technologies, Inc.                                                   | CUSIP: 12448X201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34815 | NS      | $771500.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                               | Balchem Corp.                                                              | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     13482 | NS      | $2023108.92   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust                       | Universal Health Realty Income Trust                                       | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               |  | US        |      7287 | NS      | $285431.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                                           | InterDigital, Inc.                                                         | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15001 | NS      | $5178795.23   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc                               | Collegium Pharmaceutical, Inc.                                             | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     18570 | NS      | $649764.30    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                               | Supernus Pharmaceuticals, Inc.                                             | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     32664 | NS      | $1561012.56   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                                             | Clearfield, Inc.                                                           | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |     22347 | NS      | $768289.86    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                                      | Farmland Partners, Inc.                                                    | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               |  | US        |     50191 | NS      | $546078.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                                          | RLJ Lodging Trust                                                          | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               |  | US        |    190690 | NS      | $1372968.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                               | Exponent, Inc.                                                             | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |     25340 | NS      | $1760623.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp                                  | California Resources Corp.                                                 | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     67458 | NS      | $3587416.44   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp                                 | Amalgamated Financial Corp.                                                | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27223 | NS      | $739104.45    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Energy Services Reunited Corp                     | National Energy Services Reunited Corp.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     54649 | NS      | $560698.74    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CorMedix Inc                                               | CorMedix, Inc.                                                             | CUSIP: 21900C308<br>LEI: 5299006YIA3L0MBW8358 | Long             | EC               | CORP              | US        |     80771 | NS      | $939366.73    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Qualys Inc                                                 | Qualys, Inc.                                                               | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |     25246 | NS      | $3340803.18   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                                              | Frontdoor, Inc.                                                            | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     33620 | NS      | $2262289.80   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AvidXchange Holdings Inc                                   | AvidXchange Holdings, Inc.                                                 | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    270542 | NS      | $2691892.90   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp                                      | World Acceptance Corp.                                                     | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6672 | NS      | $1128502.08   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc                                         | Remitly Global, Inc.                                                       | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    346454 | NS      | $5647200.20   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Esperion Therapeutics Inc                                  | Esperion Therapeutics, Inc.                                                | CUSIP: 29664W105<br>LEI: 549300OFU56UKEWVUS92 | Long             | EC               | CORP              | US        |    175079 | NS      | $463959.35    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NB Bancorp Inc                                             | NB Bancorp, Inc.                                                           | CUSIP: 63945M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41508 | NS      | $732616.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc                               | Victory Capital Holdings, Inc.                                             | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |     41933 | NS      | $2715581.08   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                                | Maximus, Inc.                                                              | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     31890 | NS      | $2913789.30   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp                                   | Fox Factory Holding Corp.                                                  | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |     40397 | NS      | $981243.13    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                                        | MGP Ingredients, Inc.                                                      | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     19313 | NS      | $467181.47    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                                             | Trustmark Corp.                                                            | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     37583 | NS      | $1488286.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                                                | Allient, Inc.                                                              | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     13410 | NS      | $600097.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PagerDuty Inc                                              | PagerDuty, Inc.                                                            | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |    128125 | NS      | $2116625.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                                | Premier, Inc.                                                              | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81138 | NS      | $2255636.40   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                                         | Axos Financial, Inc.                                                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     43343 | NS      | $3668984.95   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexxen International Ltd                                   | Nexxen International Ltd.                                                  | CUSIP: 000000000<br>LEI: 213800ZNSR7AIJZ2J557 | Long             | EC               | CORP              | IL        |     27970 | NS      | $258722.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The                                 | Cheesecake Factory, Inc.                                                   | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     77637 | NS      | $4242085.68   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED Corp                                                | CONMED Corp.                                                               | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     24520 | NS      | $1153175.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                                | Pediatrix Medical Group, Inc.                                              | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48280 | NS      | $808690.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc                       | Innovative Industrial Properties, Inc.                                     | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               |  | US        |     31391 | NS      | $1681929.78   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                                           | Knife River Corp.                                                          | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52582 | NS      | $4041978.34   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                                           | StoneX Group, Inc.                                                         | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     44863 | NS      | $4527573.96   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CompoSecure Inc                                            | CompoSecure, Inc.                                                          | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58875 | NS      | $1225777.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                                        | Dorman Products, Inc.                                                      | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |      9186 | NS      | $1431913.68   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                                               | Lindsay Corp.                                                              | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |      9504 | NS      | $1335882.24   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc                              | Barrett Business Services, Inc.                                            | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |     13918 | NS      | $616845.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                                        | Terreno Realty Corp.                                                       | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     96472 | NS      | $5474786.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Energy Services Inc                                 | Ranger Energy Services, Inc.                                               | CUSIP: 75282U104<br>LEI: 549300J7RIVGVAN0RE23 | Long             | EC               | CORP              | US        |     21997 | NS      | $308837.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                                          | PROS Holdings, Inc.                                                        | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |     82598 | NS      | $1892320.18   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp                                   | Atlanticus Holdings Corp.                                                  | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6896 | NS      | $403967.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc                          | U.S. Lime & Minerals, Inc.                                                 | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |     11576 | NS      | $1522822.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc                          | Solaris Energy Infrastructure, Inc.                                        | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     63021 | NS      | $2518949.37   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corp                                           | AdaptHealth Corp.                                                          | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79532 | NS      | $711811.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                               | Safehold, Inc.                                                             | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               |  | US        |     41549 | NS      | $643594.01    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc                                   | Green Brick Partners, Inc.                                                 | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     15557 | NS      | $1149040.02   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                                 | InvenTrust Properties Corp.                                                | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               |  | US        |     41288 | NS      | $1181662.56   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc                                 | ACADIA Pharmaceuticals, Inc.                                               | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     92628 | NS      | $1976681.52   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd                                          | IBEX Holdings Ltd.                                                         | CUSIP: 000000000<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | BM        |     14966 | NS      | $606422.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                                    | AZZ, Inc.                                                                  | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     17633 | NS      | $1924289.29   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutex Health Inc                                           | Nutex Health, Inc.                                                         | CUSIP: 67079U306<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9021 | NS      | $932049.72    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Phinia Inc                                                 | Phinia, Inc.                                                               | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     25306 | NS      | $1454588.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                                   | Chefs' Warehouse, Inc.                                                     | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     26146 | NS      | $1525096.18   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc                                        | Mission Produce, Inc.                                                      | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |     17224 | NS      | $207032.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                                        | Addus HomeCare Corp.                                                       | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      9946 | NS      | $1173528.54   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N-able Inc/US                                              | N-able, Inc.                                                               | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124678 | NS      | $972488.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd                               | Hamilton Insurance Group Ltd.                                              | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |     60922 | NS      | $1510865.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc                                    | ANI Pharmaceuticals, Inc.                                                  | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |     14795 | NS      | $1355222.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TruBridge Inc                                              | TruBridge, Inc.                                                            | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |     21102 | NS      | $425627.34    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Solutions International Inc                          | Power Solutions International, Inc.                                        | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |     15637 | NS      | $1535866.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                                 | Cactus, Inc.                                                               | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     52581 | NS      | $2075372.07   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc                               | Watts Water Technologies, Inc.                                             | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |     14193 | NS      | $3963821.04   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Strattec Security Corp                                     | Strattec Security Corp.                                                    | CUSIP: 863111100<br>LEI: 549300Z394OP8S8TSR40 | Long             | EC               | CORP              | US        |      5988 | NS      | $407543.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce.com Inc                                           | Commerce.com, Inc.                                                         | CUSIP: 08975P108<br>LEI: 549300MOVEFQ78DMPG58 | Long             | EC               | CORP              | US        |    155514 | NS      | $776014.86    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc                                 | Huron Consulting Group, Inc.                                               | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     15796 | NS      | $2318378.92   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The                                       | Vita Coco Co., Inc.                                                        | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     43346 | NS      | $1840904.62   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc                              | Amphastar Pharmaceuticals, Inc.                                            | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |     32554 | NS      | $867564.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Costamare Inc                                              | Costamare, Inc.                                                            | CUSIP: 000000000<br>LEI: 5299003L6NPTZ25LN818 | Long             | EC               | CORP              | MH        |     50383 | NS      | $600061.53    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                                      | Alphatec Holdings, Inc.                                                    | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |     55827 | NS      | $811724.58    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                           | Ryman Hospitality Properties, Inc.                                         | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |     71204 | NS      | $6379166.36   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co                                          | STAAR Surgical Co.                                                         | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |     16886 | NS      | $453726.82    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                                               | Coursera, Inc.                                                             | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |     53148 | NS      | $622363.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                               | La-Z-Boy, Inc.                                                             | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     31933 | NS      | $1095940.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                                  | Spire, Inc.                                                                | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     86571 | NS      | $7057267.92   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                                         | Avanos Medical, Inc.                                                       | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     47223 | NS      | $545897.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amneal Pharmaceuticals Inc                                 | Amneal Pharmaceuticals, Inc.                                               | CUSIP: 03168L105<br>LEI: 549300VV176ZO5WQHZ61 | Long             | EC               | CORP              | US        |     96603 | NS      | $966996.03    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The                                   | Simply Good Foods Co.                                                      | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77291 | NS      | $1918362.62   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance Inc                  | Apollo Commercial Real Estate Finance, Inc.                                | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               |  | US        |    141814 | NS      | $1436575.82   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc                                      | ICF International, Inc.                                                    | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     12880 | NS      | $1195264.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                                             | Kennametal, Inc.                                                           | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     92679 | NS      | $1939771.47   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackLine Inc                                              | BlackLine, Inc.                                                            | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |     57303 | NS      | $3042789.30   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                                           | WNS Holdings Ltd.                                                          | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |     71392 | NS      | $5445067.84   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                                  | American Assets Trust, Inc.                                                | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               |  | US        |     47447 | NS      | $964123.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                                   | Aris Water Solutions, Inc.                                                 | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50188 | NS      | $1237636.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlesex Water Co                                         | Middlesex Water Co.                                                        | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39222 | NS      | $2122694.64   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc                                       | Cavco Industries, Inc.                                                     | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9268 | NS      | $5382205.64   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings Corp                         | Integra LifeSciences Holdings Corp.                                        | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |     78412 | NS      | $1123643.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GigaCloud Technology Inc                                   | GigaCloud Technology, Inc.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     18718 | NS      | $531591.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc                                  | Innovex International, Inc.                                                | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     34264 | NS      | $635254.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc                                     | Patrick Industries, Inc.                                                   | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     16342 | NS      | $1690253.06   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corp                            | Zurn Elkay Water Solutions Corp.                                           | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     57769 | NS      | $2716876.07   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp                                 | Horace Mann Educators Corp.                                                | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     35887 | NS      | $1621015.79   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc                              | CSG Systems International, Inc.                                            | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     17576 | NS      | $1131542.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                                            | Bank First Corp.                                                           | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19859 | NS      | $2409095.29   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                                                  | Greif, Inc.                                                                | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |     19273 | NS      | $1151754.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytek Biosciences Inc                                      | Cytek Biosciences, Inc.                                                    | CUSIP: 23285D109<br>LEI: 549300K2J28BOC6FBO89 | Long             | EC               | CORP              | US        |     94214 | NS      | $326922.58    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpan Inc                                                | OneSpan, Inc.                                                              | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               | CORP              | US        |     61348 | NS      | $974819.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                                            | Bancorp, Inc.                                                              | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     74566 | NS      | $5584247.74   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute Inc                          | Universal Technical Institute, Inc.                                        | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     48685 | NS      | $1584696.75   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                               | LivaNova PLC                                                               | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     34085 | NS      | $1785372.30   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                                                    | Box, Inc.                                                                  | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    145032 | NS      | $4680182.64   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                         | LTC Properties, Inc.                                                       | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               |  | US        |     37318 | NS      | $1375541.48   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                                             | WisdomTree, Inc.                                                           | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    272121 | NS      | $3782481.90   | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Bandwidth Inc                                              | Bandwidth, Inc.                                                            | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Long             | EC               | CORP              | US        |     17422 | NS      | $290424.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                                    | COPT Defense Properties                                                    | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               |  | US        |     91507 | NS      | $2659193.42   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc                            | CBL & Associates Properties, Inc.                                          | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               |  | US        |     12682 | NS      | $387815.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                                  | IMAX Corp.                                                                 | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |     67375 | NS      | $2206531.25   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                               | Adtalem Global Education, Inc.                                             | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |     23655 | NS      | $3653514.75   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                                              | MYR Group, Inc.                                                            | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     14389 | NS      | $2993343.67   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                               | American Healthcare REIT, Inc.                                             | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    139899 | NS      | $5877156.99   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                                              | REV Group, Inc.                                                            | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |     52144 | NS      | $2955000.48   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp/NY                                  | Columbus McKinnon Corp.                                                    | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |     41894 | NS      | $600759.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                                         | Verint Systems, Inc.                                                       | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |     95205 | NS      | $1927901.25   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                                   | ASGN, Inc.                                                                 | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     43080 | NS      | $2039838.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                               | Sanmina Corp.                                                              | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     33962 | NS      | $3909365.82   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                                        | Guardant Health, Inc.                                                      | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     94712 | NS      | $5917605.76   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Manitowoc Co Inc/The                                       | Manitowoc Co., Inc.                                                        | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |     36380 | NS      | $364163.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                                            | Planet Labs PBC                                                            | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               | CORP              | US        |    155827 | NS      | $2022634.46   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EverQuote Inc                                              | EverQuote, Inc.                                                            | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27379 | NS      | $626157.73    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                                                | Magnite, Inc.                                                              | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |    151204 | NS      | $3293223.12   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                                           | PJT Partners, Inc.                                                         | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     31122 | NS      | $5531313.06   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                                          | Mitek Systems, Inc.                                                        | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     65503 | NS      | $639964.31    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HighPeak Energy Inc                                        | HighPeak Energy, Inc.                                                      | CUSIP: 43114Q105<br>LEI: 549300J4RNCV140DUY76 | Long             | EC               | CORP              | US        |     36045 | NS      | $254838.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                               | Plymouth Industrial REIT, Inc.                                             | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               |  | US        |     44064 | NS      | $983949.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                                                  | ePlus, Inc.                                                                | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |     16225 | NS      | $1152137.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                                   | Broadstone Net Lease, Inc.                                                 | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               |  | US        |    162568 | NS      | $2905090.16   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings Inc                          | Sun Country Airlines Holdings, Inc.                                        | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     92542 | NS      | $1092921.02   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Indivior PLC                                               | Indivior PLC                                                               | CUSIP: 000000000<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |     61022 | NS      | $1471240.42   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowhead Specialty Holdings Inc                             | Bowhead Specialty Holdings, Inc.                                           | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31367 | NS      | $848163.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                                 | Rambus, Inc.                                                               | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     63673 | NS      | $6634726.60   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                                              | HCI Group, Inc.                                                            | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |     21708 | NS      | $4166416.44   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc                                      | NPK International, Inc.                                                    | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     74243 | NS      | $839688.33    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                                                | NETGEAR, Inc.                                                              | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |     48549 | NS      | $1572502.11   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                           | Elme Communities                                                           | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |     65494 | NS      | $1104228.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                                       | GeneDx Holdings Corp.                                                      | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18206 | NS      | $1961514.44   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                                        | Krystal Biotech, Inc.                                                      | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     18290 | NS      | $3228733.70   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc                                     | Old Second Bancorp, Inc.                                                   | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     31339 | NS      | $541694.62    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                                      | ESCO Technologies, Inc.                                                    | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     13967 | NS      | $2948573.37   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                                  | Construction Partners, Inc.                                                | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     37856 | NS      | $4807712.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshworks Inc                                             | Freshworks, Inc.                                                           | CUSIP: 358054104<br>LEI: 254900ULRGCUEIK0K191 | Long             | EC               | CORP              | US        |    271989 | NS      | $3201310.53   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co                               | Northwest Natural Holding Co.                                              | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     68624 | NS      | $3083276.32   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennant Group Inc/The                                      | Pennant Group, Inc.                                                        | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               | CORP              | US        |     20964 | NS      | $528712.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Diebold Nixdorf Inc                                        | Diebold Nixdorf, Inc.                                                      | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |     17800 | NS      | $1015134.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                                           | Coeur Mining, Inc.                                                         | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    564241 | NS      | $10585161.16  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                                       | SPX Technologies, Inc.                                                     | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     15054 | NS      | $2811786.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc                                                 | Sezzle, Inc.                                                               | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |     59880 | NS      | $4762256.40   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc                                        | Nathan's Famous, Inc.                                                      | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      5228 | NS      | $578948.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gambling.com Group Ltd                                     | Gambling.com Group Ltd.                                                    | CUSIP: 000000000<br>LEI: 254900PUNXQ3N26IMU63 | Long             | EC               | CORP              | JE        |     28521 | NS      | $233301.78    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                                           | Badger Meter, Inc.                                                         | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     22413 | NS      | $4002513.54   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc                                         | ADMA Biologics, Inc.                                                       | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169108 | NS      | $2479123.28   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                             | Community Healthcare Trust, Inc.                                           | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               |  | US        |     26258 | NS      | $401747.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands Inc                                   | Turning Point Brands, Inc.                                                 | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |     14588 | NS      | $1442169.68   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc                                    | Accel Entertainment, Inc.                                                  | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33573 | NS      | $371653.11    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                                     | Hims & Hers Health, Inc.                                                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |    126820 | NS      | $7193230.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Dycom Industries Inc                                       | Dycom Industries, Inc.                                                     | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |     23545 | NS      | $6869489.20   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc                                       | Douglas Dynamics, Inc.                                                     | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     17920 | NS      | $560179.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc                                   | Axcelis Technologies, Inc.                                                 | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |     33377 | NS      | $3258930.28   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                                 | Matson, Inc.                                                               | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     31334 | NS      | $3089219.06   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc                                      | Core Laboratories, Inc.                                                    | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47135 | NS      | $582588.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                                               | Cargurus, Inc.                                                             | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     58891 | NS      | $2192511.93   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Riley Exploration Permian Inc                              | Riley Exploration Permian, Inc.                                            | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |     12354 | NS      | $334916.94    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                                              | Tidewater, Inc.                                                            | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     33176 | NS      | $1769276.08   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaAlpha Inc                                             | MediaAlpha, Inc.                                                           | CUSIP: 58450V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22096 | NS      | $251452.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA                                 | Heritage Financial Corp.                                                   | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24655 | NS      | $596404.45    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                           | NMI Holdings, Inc.                                                         | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     72362 | NS      | $2774359.08   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                                 | Mueller Water Products, Inc.                                               | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    101904 | NS      | $2600590.08   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| York Water Co/The                                          | York Water Co.                                                             | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42757 | NS      | $1300667.94   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp                                   | National HealthCare Corp.                                                  | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |      5101 | NS      | $619822.51    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp                                                | Graham Corp.                                                               | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |     11755 | NS      | $645349.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                                               | Griffon Corp.                                                              | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     28435 | NS      | $2165325.25   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                               | Phreesia, Inc.                                                             | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     32552 | NS      | $765623.04    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                                            | OSI Systems, Inc.                                                          | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |     12375 | NS      | $3084345.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp                         | Enterprise Financial Services Corp.                                        | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     22894 | NS      | $1327394.12   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgery Partners Inc                                       | Surgery Partners, Inc.                                                     | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |     77951 | NS      | $1686859.64   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                                                   | Yext, Inc.                                                                 | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     85741 | NS      | $730513.32    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group Inc                           | Helix Energy Solutions Group, Inc.                                         | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |    133662 | NS      | $876822.72    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                                            | Vital Farms, Inc.                                                          | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |     38351 | NS      | $1578143.65   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                                                | Banner Corp.                                                               | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27272 | NS      | $1786316.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CorVel Corp                                                | CorVel Corp.                                                               | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10874 | NS      | $841865.08    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co                                    | Central Garden & Pet Co.                                                   | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      5172 | NS      | $168865.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                                               | Veracyte, Inc.                                                             | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     55182 | NS      | $1894398.06   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                                       | Ensign Group, Inc.                                                         | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     18339 | NS      | $3168429.03   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc                          | Lindblad Expeditions Holdings, Inc.                                        | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |     30104 | NS      | $385331.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc                                    | Privia Health Group, Inc.                                                  | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57750 | NS      | $1437975.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                             | Ziff Davis, Inc.                                                           | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |     30282 | NS      | $1153744.20   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                                            | TXNM Energy, Inc.                                                          | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    115998 | NS      | $6559686.90   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                                | Compass, Inc.                                                              | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |    599175 | NS      | $4811375.25   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CuriosityStream Inc                                        | CuriosityStream, Inc.                                                      | CUSIP: 23130Q107<br>LEI: 549300MSP5P41EYSIZ09 | Long             | EC               | CORP              | US        |     34380 | NS      | $182214.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp                                    | CECO Environmental Corp.                                                   | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     17429 | NS      | $892364.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America                                    | Oil-Dri Corp. of America                                                   | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |      3452 | NS      | $210710.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Talkspace Inc                                              | Talkspace, Inc.                                                            | CUSIP: 87427V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180218 | NS      | $497401.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                                | Summit Hotel Properties, Inc.                                              | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               |  | US        |    122903 | NS      | $674737.47    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                                              | iRadimed Corp.                                                             | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      5289 | NS      | $376365.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc                                | Sterling Infrastructure, Inc.                                              | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     21770 | NS      | $7394833.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                                 | CareDx, Inc.                                                               | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     49783 | NS      | $723844.82    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                                       | Bridgebio Pharma, Inc.                                                     | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    126889 | NS      | $6590614.66   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                                        | Cal-Maine Foods, Inc.                                                      | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     47403 | NS      | $4460622.30   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Tankers Ltd                                         | Teekay Tankers Ltd.                                                        | CUSIP: 000000000<br>LEI: 549300DE8ZAIYS2T6Q22 | Long             | EC               | CORP              | BM        |     34010 | NS      | $1719205.50   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                                                 | Korn Ferry                                                                 | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     30460 | NS      | $2131590.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                                   | OneSpaWorld Holdings Ltd.                                                  | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |     35033 | NS      | $740597.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                                              | Cable One, Inc.                                                            | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |     12081 | NS      | $2138941.05   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA                              | Preferred Bank                                                             | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |     10472 | NS      | $946564.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc                                     | Stoke Therapeutics, Inc.                                                   | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |     41631 | NS      | $978328.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Ducommun Inc                                               | Ducommun, Inc.                                                             | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     11119 | NS      | $1068869.47   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                                    | Goosehead Insurance, Inc.                                                  | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |     37778 | NS      | $2811438.76   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                          | Getty Realty Corp.                                                         | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               |  | US        |     39417 | NS      | $1057558.11   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                                     | eXp World Holdings, Inc.                                                   | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |    103956 | NS      | $1108170.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Photronics Inc                                             | Photronics, Inc.                                                           | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     51888 | NS      | $1190829.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc                      | Skyward Specialty Insurance Group, Inc.                                    | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     56393 | NS      | $2682051.08   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Flywire Corp                                               | Flywire Corp.                                                              | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |    321235 | NS      | $4349521.90   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                                   | Fabrinet                                                                   | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |     19139 | NS      | $6978462.18   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd                                    | G-III Apparel Group Ltd.                                                   | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     44086 | NS      | $1173128.46   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic Inc                                              | CoreCivic, Inc.                                                            | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |     85553 | NS      | $1741003.55   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc                                    | Kimball Electronics, Inc.                                                  | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     28785 | NS      | $859520.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp                                        | Centrus Energy Corp.                                                       | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |     29541 | NS      | $9159777.87   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc                                       | Sonic Automotive, Inc.                                                     | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |     14040 | NS      | $1068303.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Corp                           | Integral Ad Science Holding Corp.                                          | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49010 | NS      | $498431.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                                                | TriMas Corp.                                                               | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     28488 | NS      | $1100776.32   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Potbelly Corp                                              | Potbelly Corp.                                                             | CUSIP: 73754Y100<br>LEI: 54930027NUULUR2P5W11 | Long             | EC               | CORP              | US        |     28008 | NS      | $477256.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                                         | Graham Holdings Co.                                                        | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |      2488 | NS      | $2929147.28   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd                         | Credo Technology Group Holding Ltd.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     54614 | NS      | $7952344.54   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesse Energy Inc                                         | Vitesse Energy, Inc.                                                       | CUSIP: 92852X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25196 | NS      | $585303.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Perdoceo Education Corp                                    | Perdoceo Education Corp.                                                   | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     42760 | NS      | $1610341.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc                                   | Par Pacific Holdings, Inc.                                                 | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |    108615 | NS      | $3847143.30   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                                        | TG Therapeutics, Inc.                                                      | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |    126925 | NS      | $4585165.63   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PrimeEnergy Resources Corp                                 | PrimeEnergy Resources Corp.                                                | CUSIP: 74158E104<br>LEI: 9QMD37QNHRX1B7685Y44 | Long             | EC               | CORP              | US        |      5440 | NS      | $908643.20    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Carter's Inc                                               | Carter's, Inc.                                                             | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     93505 | NS      | $2638711.10   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies Inc                            | Napco Security Technologies, Inc.                                          | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     32666 | NS      | $1403004.70   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                                    | Perimeter Solutions, Inc.                                                  | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74494 | NS      | $1667920.66   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                                             | LCI Industries                                                             | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     19321 | NS      | $1799751.15   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                                       | Hancock Whitney Corp.                                                      | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     92282 | NS      | $5777776.02   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysign Inc                                                | Paysign, Inc.                                                              | CUSIP: 70451A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65305 | NS      | $410768.45    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc                              | American Public Education, Inc.                                            | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |     21789 | NS      | $860011.83    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co                                        | Century Aluminum Co.                                                       | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     93334 | NS      | $2740286.24   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs Inc                                             | Proto Labs, Inc.                                                           | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |     15676 | NS      | $784270.28    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                                                | Progyny, Inc.                                                              | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57905 | NS      | $1246115.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc                                     | TETRA Technologies, Inc.                                                   | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |     89545 | NS      | $514883.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                                       | Palomar Holdings, Inc.                                                     | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     52597 | NS      | $6140699.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Viant Technology Inc                                       | Viant Technology, Inc.                                                     | CUSIP: 92557A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46764 | NS      | $403573.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Oportun Financial Corp                                     | Oportun Financial Corp.                                                    | CUSIP: 68376D104<br>LEI: 549300351Y4J4FKIOR78 | Long             | EC               | CORP              | US        |     60227 | NS      | $371600.59    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Xeris Biopharma Holdings Inc                               | Xeris Biopharma Holdings, Inc.                                             | CUSIP: 98422E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93579 | NS      | $761733.06    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                                     | Option Care Health, Inc.                                                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     82822 | NS      | $2299138.72   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                                      | LeMaitre Vascular, Inc.                                                    | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      8640 | NS      | $756086.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp                                               | Embecta Corp.                                                              | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     37945 | NS      | $535403.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB INC                                                 | OmniAb, Inc.                                                               | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1130 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Unisys Corp                                                | Unisys Corp.                                                               | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |    155468 | NS      | $606325.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc                                           | Pitney Bowes, Inc.                                                         | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    214753 | NS      | $2450331.73   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                                            | Alamo Group, Inc.                                                          | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      8702 | NS      | $1661211.80   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                                                  | Itron, Inc.                                                                | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     40065 | NS      | $4990496.40   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                             | NETSTREIT Corp.                                                            | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |    101103 | NS      | $1825920.18   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Group SGHC Ltd                                       | Super Group SGHC Ltd.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     99138 | NS      | $1308621.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc                                           | Home Bancorp, Inc.                                                         | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7905 | NS      | $429439.13    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods Inc                                   | United Natural Foods, Inc.                                                 | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     66069 | NS      | $2485515.78   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                                          | ACI Worldwide, Inc.                                                        | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     56345 | NS      | $2973325.65   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Life360 Inc                                                | Life360, Inc.                                                              | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |     52792 | NS      | $5611789.60   | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Seneca Foods Corp                                          | Seneca Foods Corp.                                                         | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4102 | NS      | $442769.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc                                         | Garrett Motion, Inc.                                                       | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |    114036 | NS      | $1553170.32   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services Inc                                      | Carriage Services, Inc.                                                    | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7973 | NS      | $355117.42    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                                     | Abercrombie & Fitch Co.                                                    | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     63904 | NS      | $5466987.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Navigator Holdings Ltd                                     | Navigator Holdings Ltd.                                                    | CUSIP: 000000000<br>LEI: 213800H7RVOFYARK2W19 | Long             | EC               | CORP              | MH        |     36120 | NS      | $559498.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Intrepid Potash Inc                                        | Intrepid Potash, Inc.                                                      | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |     20754 | NS      | $634657.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc                          | Clearwater Analytics Holdings, Inc.                                        | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    289621 | NS      | $5218970.42   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc                           | Harmony Biosciences Holdings, Inc.                                         | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38526 | NS      | $1061776.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc                                  | Sally Beauty Holdings, Inc.                                                | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     92569 | NS      | $1507023.32   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cimpress PLC                                               | Cimpress PLC                                                               | CUSIP: 000000000<br>LEI: 549300X1IFD75XISOR81 | Long             | EC               | CORP              | IE        |     19355 | NS      | $1220139.20   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                                          | PROG Holdings, Inc.                                                        | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     53569 | NS      | $1733492.84   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Government Money Market Fund                     | Principal Government Money Market Fund                                     | CUSIP: 742537228<br>LEI: 549300WWK3YB7DNN4U34 | Long             | STIV             | RF                | US        |  11656960 | NS      | $11656959.75  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Bancorp Inc/KY                                    | Republic Bancorp, Inc.                                                     | CUSIP: 760281204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6267 | NS      | $452790.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA                                  | Coastal Financial Corp.                                                    | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     15113 | NS      | $1634773.21   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                                           | HealthStream, Inc.                                                         | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |     19002 | NS      | $536616.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Angi Inc                                                   | Angi, Inc.                                                                 | CUSIP: 00183L201<br>LEI: 5493003ENY577E6SZL06 | Long             | EC               | CORP              | US        |     50692 | NS      | $824251.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                                           | Shutterstock, Inc.                                                         | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |     14791 | NS      | $308392.35    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc                                | Fresh Del Monte Produce, Inc.                                              | CUSIP: 000000000<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |     21645 | NS      | $751514.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                                       | Quaker Chemical Corp.                                                      | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     15093 | NS      | $1988502.75   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                                                 | ALLETE, Inc.                                                               | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     86748 | NS      | $5760067.20   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                                             | NEXTracker, Inc.                                                           | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116957 | NS      | $8653648.43   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc                                    | Kodiak Gas Services, Inc.                                                  | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80375 | NS      | $2971463.75   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                                           | HealthEquity, Inc.                                                         | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     58171 | NS      | $5512865.67   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The                                      | Hackett Group, Inc.                                                        | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     36333 | NS      | $690690.33    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp                                      | Ardmore Shipping Corp.                                                     | CUSIP: 000000000<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     51352 | NS      | $609548.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                                         | Hippo Holdings, Inc.                                                       | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29741 | NS      | $1075434.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                                               | Cadence Bank                                                               | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    191920 | NS      | $7204676.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                                          | Unity Bancorp, Inc.                                                        | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |     10660 | NS      | $520954.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Media Inc                                             | Gray Media, Inc.                                                           | CUSIP: 389375106<br>LEI: 529900TM5726KDN7UU35 | Long             | EC               | CORP              | US        |     90419 | NS      | $522621.82    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc                                       | Koppers Holdings, Inc.                                                     | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15340 | NS      | $429520.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express Inc                            | International Money Express, Inc.                                          | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47477 | NS      | $663253.69    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                               | Life Time Group Holdings, Inc.                                             | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171587 | NS      | $4735801.20   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                                                 | Rapid7, Inc.                                                               | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |     84688 | NS      | $1587900.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                                      | Lantheus Holdings, Inc.                                                    | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     52563 | NS      | $2695956.27   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                                             | PriceSmart, Inc.                                                           | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     12082 | NS      | $1464217.58   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                                                | EVERTEC, Inc.                                                              | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     40368 | NS      | $1363631.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                                     | Digi International, Inc.                                                   | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     23702 | NS      | $864174.92    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Astrana Health Inc                                         | Astrana Health, Inc.                                                       | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |     15461 | NS      | $438319.35    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                                | Monarch Casino & Resort, Inc.                                              | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      7335 | NS      | $776336.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc                                  | Minerals Technologies, Inc.                                                | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     22612 | NS      | $1404657.44   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                                           | Haemonetics Corp.                                                          | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     39237 | NS      | $1912411.38   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                                                  | TEGNA, Inc.                                                                | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     90795 | NS      | $1845862.35   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                                    | Strategic Education, Inc.                                                  | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |     12421 | NS      | $1068330.21   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                                           | UniFirst Corp.                                                             | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     10693 | NS      | $1787762.67   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                                              | Interface, Inc.                                                            | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     29162 | NS      | $843948.28    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Grindr Inc                                                 | Grindr, Inc.                                                               | CUSIP: 39854F101<br>LEI: 254900J9EDQSYT0ERQ67 | Long             | EC               | CORP              | US        |    151274 | NS      | $2272135.48   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vimeo Inc                                                  | Vimeo, Inc.                                                                | CUSIP: 92719V100<br>LEI: 25490061AWYWC90UIJ68 | Long             | EC               | CORP              | US        |     85448 | NS      | $662222.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                                            | ICU Medical, Inc.                                                          | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     13990 | NS      | $1678240.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                                      | Integer Holdings Corp.                                                     | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     24272 | NS      | $2508025.76   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                                       | First Financial Corp.                                                      | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7614 | NS      | $429734.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc                              | Healthcare Services Group, Inc.                                            | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     67824 | NS      | $1141477.92   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| fuboTV Inc                                                 | fuboTV, Inc.                                                               | CUSIP: 35953D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    552322 | NS      | $2292136.30   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc                               | Cross Country Healthcare, Inc.                                             | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |     30637 | NS      | $435045.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                                                | Avista Corp.                                                               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |    127891 | NS      | $4835558.71   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corp                             | Great Lakes Dredge & Dock Corp.                                            | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     50483 | NS      | $605291.17    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                                    | Enova International, Inc.                                                  | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     36580 | NS      | $4209992.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp                             | Metropolitan Bank Holding Corp.                                            | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11228 | NS      | $840078.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                                      | Semler Scientific, Inc.                                                    | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |     29666 | NS      | $889980.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                                      | Commvault Systems, Inc.                                                    | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     31565 | NS      | $5958840.70   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                                        | Federal Signal Corp.                                                       | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     36453 | NS      | $4337542.47   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NeuroPace Inc                                              | NeuroPace, Inc.                                                            | CUSIP: 641288105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37535 | NS      | $386985.85    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                                               | Visteon Corp.                                                              | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     20444 | NS      | $2450417.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica BanCorp                                        | Westamerica BanCorp                                                        | CUSIP: 957090103<br>LEI: 984500CF4F8115C11D96 | Long             | EC               | CORP              | US        |     17693 | NS      | $884473.07    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                                              | Trupanion, Inc.                                                            | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |     68309 | NS      | $2956413.52   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc                                       | Urban Outfitters, Inc.                                                     | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     86223 | NS      | $6158908.89   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc                            | Installed Building Products, Inc.                                          | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     16971 | NS      | $4186066.86   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                               | Artivion, Inc.                                                             | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     17582 | NS      | $744421.88    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Insurance Holdings Inc                            | Heritage Insurance Holdings, Inc.                                          | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     62598 | NS      | $1576217.64   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                                         | Enact Holdings, Inc.                                                       | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     48536 | NS      | $1860870.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                                   | Dave, Inc.                                                                 | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35961 | NS      | $7168825.35   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc                                       | Ramaco Resources, Inc.                                                     | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     22527 | NS      | $747671.13    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc                                       | Astec Industries, Inc.                                                     | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |     15079 | NS      | $725752.27    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurinia Pharmaceuticals Inc                                | Aurinia Pharmaceuticals, Inc.                                              | CUSIP: 05156V102<br>LEI: 5299008YP2BW4570ML28 | Long             | EC               | CORP              | CA        |     71583 | NS      | $790992.15    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                                               | Sylvamo Corp.                                                              | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     32481 | NS      | $1436309.82   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Violet Inc                                             | Red Violet, Inc.                                                           | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |     16875 | NS      | $881718.75    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                                                  | Five9, Inc.                                                                | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |    159041 | NS      | $3848792.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                                  | Phibro Animal Health Corp.                                                 | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     20955 | NS      | $847839.30    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                                         | Liberty Energy, Inc.                                                       | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    238331 | NS      | $2941004.54   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc                              | Shoals Technologies Group, Inc.                                            | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    244963 | NS      | $1815175.83   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Root Inc/OH                                                | Root, Inc.                                                                 | CUSIP: 77664L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42556 | NS      | $3809187.56   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                                         | SunCoke Energy, Inc.                                                       | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     98756 | NS      | $805848.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                               | Alkermes PLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    102298 | NS      | $3068940.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc                                | Standard Motor Products, Inc.                                              | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     12345 | NS      | $503922.90    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sapiens International Corp NV                              | Sapiens International Corp. NV                                             | CUSIP: 000000000<br>LEI: 2549009P4ZS02GC5QV68 | Long             | EC               | CORP              | KY        |     27581 | NS      | $1185983.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc                                      | United Fire Group, Inc.                                                    | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16094 | NS      | $489579.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp                                     | Acushnet Holdings Corp.                                                    | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |     22332 | NS      | $1752838.68   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                                           | McGrath RentCorp                                                           | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     12004 | NS      | $1408069.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                                                   | XPEL, Inc.                                                                 | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |     15185 | NS      | $502167.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc                                    | Amicus Therapeutics, Inc.                                                  | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |    241190 | NS      | $1900577.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                                       | Chart Industries, Inc.                                                     | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     33155 | NS      | $6635973.25   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                                          | Steven Madden Ltd.                                                         | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     79938 | NS      | $2676324.24   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc                                      | SIGA Technologies, Inc.                                                    | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40582 | NS      | $371325.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Caledonia Mining Corp PLC                                  | Caledonia Mining Corp. PLC                                                 | CUSIP: 000000000<br>LEI: 21380093ZBI4BFM75Y51 | Long             | EC               | CORP              | JE        |     14709 | NS      | $532612.89    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience Inc                                      | Niagen Bioscience, Inc.                                                    | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |     76191 | NS      | $710862.03    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Clover Health Investments Corp                             | Clover Health Investments Corp.                                            | CUSIP: 18914F103<br>LEI: 5493000HLYOYQU6LK133 | Long             | EC               | CORP              | US        |    452650 | NS      | $1385109.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Varex Imaging Corp                                         | Varex Imaging Corp.                                                        | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |     37276 | NS      | $462222.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                                       | PTC Therapeutics, Inc.                                                     | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     61633 | NS      | $3782417.21   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VTEX                                                       | VTEX                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    162734 | NS      | $712774.92    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cricut Inc                                                 | Cricut, Inc.                                                               | CUSIP: 22658D100<br>LEI: 254900R3DKAJ28MC0Q39 | Long             | EC               | CORP              | US        |     62454 | NS      | $392835.66    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                                       | Myers Industries, Inc.                                                     | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |     23409 | NS      | $396548.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                                          | World Kinect Corp.                                                         | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     49211 | NS      | $1277025.45   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                         | CareTrust REIT, Inc.                                                       | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |    171594 | NS      | $5950879.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corp                                           | ACCO Brands Corp.                                                          | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |     99406 | NS      | $396629.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Innodata Inc                                               | Innodata, Inc.                                                             | CUSIP: 457642205<br>LEI: L9O7MPYIT56T6KBE0R95 | Long             | EC               | CORP              | US        |     85878 | NS      | $6618617.46   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                                  | Mirum Pharmaceuticals, Inc.                                                | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |     19284 | NS      | $1413710.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc                                     | Castle Biosciences, Inc.                                                   | CUSIP: 14843C105<br>LEI: 2549007M2Q4HLR1XD252 | Long             | EC               | CORP              | US        |     22869 | NS      | $520727.13    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                                   | HNI Corp.                                                                  | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |     28802 | NS      | $1349373.70   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                                              | M/I Homes, Inc.                                                            | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     14114 | NS      | $2038626.16   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc                                    | Hudson Technologies, Inc.                                                  | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38029 | NS      | $377627.97    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son Ltd/The                       | Bank of NT Butterfield & Son Ltd.                                          | CUSIP: 000000000<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |     21614 | NS      | $927672.88    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional U.S. Government Money Market Fund Premier Class | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   2739286 | NS      | $2739285.65   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                                 | Stride, Inc.                                                               | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     32819 | NS      | $4888061.86   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc                                     | Alarm.com Holdings, Inc.                                                   | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |     28958 | NS      | $1537090.64   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bioventus Inc                                              | Bioventus, Inc.                                                            | CUSIP: 09075A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51919 | NS      | $347338.11    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                                                  | Stepan Co.                                                                 | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |     11122 | NS      | $530519.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulcrum Therapeutics Inc                                   | Fulcrum Therapeutics, Inc.                                                 | CUSIP: 359616109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63269 | NS      | $582074.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                                    | ARS Pharmaceuticals, Inc.                                                  | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72218 | NS      | $725790.90    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Monro Inc                                                  | Monro, Inc.                                                                | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31592 | NS      | $567708.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc                                           | Clear Secure, Inc.                                                         | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99026 | NS      | $3305487.88   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                                                  | Argan, Inc.                                                                | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |     27558 | NS      | $7442037.90   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Patria Investments Ltd                                     | Patria Investments Ltd.                                                    | CUSIP: 000000000<br>LEI: 254900MZMZN2NNVXYO82 | Long             | EC               | CORP              | KY        |     70426 | NS      | $1028219.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                                         | CVB Financial Corp.                                                        | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105523 | NS      | $1995439.93   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc                           | Provident Financial Services, Inc.                                         | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     77057 | NS      | $1485658.96   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MannKind Corp                                              | MannKind Corp.                                                             | CUSIP: 56400P706<br>LEI: 213800GFBCNY1ZFST722 | Long             | EC               | CORP              | US        |    208822 | NS      | $1121374.14   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                                           | SPS Commerce, Inc.                                                         | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     30558 | NS      | $3182310.12   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Repay Holdings Corp                                        | Repay Holdings Corp.                                                       | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |    159009 | NS      | $831617.07    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                                  | Brinker International, Inc.                                                | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     43299 | NS      | $5485117.32   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-24

**Name of Applicant:** Principal Exchange-Traded Funds

**Signature:** Megan Hoffmann

**Name of Signer:** Megan Hoffmann

**Title:** Vice President and Treasurer