# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001133228-26-008046
**Filing Date:** 2026-5
**Character Count:** 478476
**Document Hash:** aab46570c13171576d2da015cfea2030
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008046.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001133228-26-008046

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**EFFECTIVENESS DATE**: 20260506

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 26947175

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-12-29192080_ActivePassiveCoreBondETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-10401

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trust for Professional Managers**

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

(513)-520-5925

Registrant's telephone number, including area code

Date of fiscal year end: **<u>August 31, 2026</u>**

Date of reporting period: **<u>February 28, 2026</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img172216_202410091510425.jpg) | **ActivePassive Core Bond ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172216_202410091510425.jpg) | APCB (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172216_202410091510425.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img124778_202409091649485.jpg) |

---

This semi-annual shareholder report contains important information about the ActivePassive Core Bond ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at http://www.activepassive.com/apcb. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| ActivePassive Core Bond ETF | $18 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $924464791 |
| **Number of Holdings** | 1794 |
| **Net Advisory Fee** | $1556323 |
| **Portfolio Turnover** | 23% |
| **Effective Duration** | 5.54 years |
| **Weighted Average Maturity** | 7.80 years |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 30.0% |
|  iShares MBS ETF  | 13.7% |
|  Vanguard Total International Bond ETF  | 9.7% |
|  Federal National Mortgage Association  | 4.5% |
|  Federal Home Loan Mortgage Corp.  | 3.1% |
|  iShares Core U.S. Aggregate Bond ETF  | 2.6% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 1.4% |
|  First American Government Obligations Fund  | 1.2% |
|  Federal Farm Credit Banks Funding Corp  | 0.6% |
|  Goldman Sachs Group, Inc.  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Government  | 33.2% |
|  Mortgage Securities  | 11.2% |
|  Financials \*\* | 7.9% |
|  Asset Backed Securities  | 3.4% |
|  Utilities \*\*  | 2.4% |
|  Energy \*\*  | 2.0% |
|  Information Technology \*\*  | 1.9% |
|  Health Care \*\*  | 1.9% |
|  Industrials \*\*  | 1.9% |
|  Cash & Other  | 34.2% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)** **\*** |
|  AAA  | 4.5% |
|  AA  | 57.5% |
|  A  | 9.7% |
|  BBB  | 15.3% |
|  BB  | 1.6% |
|  B  | 0.7% |
|  NR  | 10.7% |

---

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

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

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

------

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img172218_202410141545903.jpg) | **ActivePassive Intermediate Municipal Bond** **ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172218_202410141545903.jpg) | APMU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172218_202410141545903.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img124778_202409091649485.jpg) |

---

This semi-annual shareholder report contains important information about the ActivePassive Intermediate Municipal Bond ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.activepassive.com/apmu. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| ActivePassive Intermediate Municipal Bond ETF | $18 | 0.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $222686422 |
| **Number of Holdings** | 1269 |
| **Net Advisory Fee** | $350281 |
| **Portfolio Turnover** | 7% |
| **Effective Duration** | 3.84 years |
| **Weighted Average Maturity** | 5.50 years |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  iShares National Muni Bond ETF  | 4.1% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 3.9% |
|  New Jersey Transportation Trust Fund Authority  | 3.1% |
|  State of Illinois  | 3.0% |
|  Commonwealth of Pennsylvania  | 2.1% |
|  State of California  | 1.8% |
|  New York State Dormitory Authority  | 1.6% |
|  District of Columbia  | 1.6% |
|  California Community Choice Financing Authority  | 1.6% |
|  Pennsylvania Turnpike Commission  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  US Municipal  | 94.4% |
|  Cash & Other  | 5.6% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)** **\*** |
|  AAA  | 16.3% |
|  AA  | 40.8% |
|  A  | 23.3% |
|  BBB  | 3.2% |
|  BB  | 0.3% |
|  NR  | 16.1% |

---

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

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

------

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img172219_202410141555593.jpg) | **ActivePassive International Equity ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172219_202410141555593.jpg) | APIE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172219_202410141555593.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img124778_202409091649485.jpg) |

---

This semi-annual shareholder report contains important information about the ActivePassive International Equity ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.activepassive.com/apie. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| ActivePassive International Equity ETF | $24 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1029790063 |
| **Number of Holdings** | 535 |
| **Net Advisory Fee** | $2132591 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 28.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 10.1% |
|  Tencent Holdings Ltd.  | 2.7% |
|  Alibaba Group Holding Ltd.  | 1.9% |
|  ASML Holding NV  | 1.7% |
|  AstraZeneca PLC  | 1.5% |
|  Roche Holding AG  | 1.4% |
|  SAP SE  | 1.1% |
|  Toyota Motor Corp.  | 0.9% |
|  Novartis AG  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 19.6% |
|  Information Technology  | 18.9% |
|  Industrials  | 14.6% |
|  Consumer Discretionary  | 11.5% |
|  Health Care  | 9.7% |
|  Consumer Staples  | 6.5% |
|  Communication Services  | 6.5% |
|  Materials  | 5.6% |
|  Energy  | 2.9% |
|  Cash & Other  | 4.2% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img172220_202410141606309.jpg) | **ActivePassive U.S. Equity ETF**  | ![image](img124778_202409091649485.jpg) |
| ![image](img172220_202410141606309.jpg) | APUE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img124778_202409091649485.jpg) |
| ![image](img172220_202410141606309.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img124778_202409091649485.jpg) |

---

This semi-annual shareholder report contains important information about the ActivePassive U.S. Equity ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.activepassive.com/apue. You can also request this information by contacting us at 1-800-617-0004 or by sending an email request to ClientServices@envestnetpmc.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| ActivePassive U.S. Equity ETF | $15 | 0.30% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $2251070439 |
| **Number of Holdings** | 402 |
| **Net Advisory Fee** | $3204005 |
| **Portfolio Turnover** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 6.2% |
|  Apple, Inc.  | 5.9% |
|  Alphabet, Inc.  | 5.3% |
|  Dimensional US Small Cap ETF  | 4.7% |
|  Microsoft Corp.  | 4.5% |
|  Amazon.com, Inc.  | 3.0% |
|  Broadcom, Inc.  | 2.3% |
|  Meta Platforms, Inc.  | 2.1% |
|  Tesla, Inc.  | 1.7% |
|  Eli Lilly & Co.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)**  |
|  Information Technology  | 30.9% |
|  Financials  | 11.6% |
|  Industrials  | 9.9% |
|  Communication Services  | 9.7% |
|  Health Care  | 9.6% |
|  Consumer Discretionary  | 9.5% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.6% |
|  Materials  | 2.1% |
|  Cash & Other  | 9.2% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

(b) Not applicable.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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

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

**ActivePassive ETFs**

**ActivePassive Core Bond ETF (APCB)** 

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

**ActivePassive International Equity ETF (APIE)** 

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

Semi-Annual Financial Statements and Additional Information

February 28, 2026 (Unaudited)

------

---

| | |
|:---|:---|
| **What's Inside**  | **What's Inside**  |
| [Schedule of Investments](#a_001) |  |
| &nbsp;&nbsp;&nbsp; [ActivePassive Core Bond ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive Intermediate Municipal Bond ETF](#soi2) | [60](#soi2) |
| &nbsp;&nbsp;&nbsp; [ActivePassive International Equity ETF](#soi3) | [100](#soi3) |
| &nbsp;&nbsp;&nbsp; [ActivePassive U.S. Equity ETF](#soi4) | [115](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [127](#sal) |
| [Statements of Operations](#sop) | [128](#sop) |
| [Statements of Changes in Net Assets](#a_002) |  |
| &nbsp;&nbsp;&nbsp; [ActivePassive Core Bond ETF](#scna1) | [129](#scna1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive Intermediate Municipal Bond ETF](#scna1) | [129](#scna1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive International Equity ETF](#scna2) | [130](#scna2) |
| &nbsp;&nbsp;&nbsp; [ActivePassive U.S. Equity ETF](#scna2) | [130](#scna2) |
| [Financial Highlights](#a_003) |  |
| &nbsp;&nbsp;&nbsp; [ActivePassive Core Bond ETF](#fihi1) | [131](#fihi1) |
| &nbsp;&nbsp;&nbsp; [ActivePassive Intermediate Municipal Bond ETF](#fihi2) | [132](#fihi2) |
| &nbsp;&nbsp;&nbsp; [ActivePassive International Equity ETF](#fihi3) | [133](#fihi3) |
| &nbsp;&nbsp;&nbsp; [ActivePassive U.S. Equity ETF](#fihi4) | [134](#fihi4) |
| [Notes to Financial Statements](#notes) | [135](#notes) |
| [Additional Information](#add) | [146](#add) |

---

------

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

ActivePassive Core Bond ETF

Schedule of Investments

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **United States Treasury Inflation Indexed Bond — 0.2%**  | **United States Treasury Inflation Indexed Bond — 0.2%**  | **United States Treasury Inflation Indexed Bond — 0.2%**  |
| United States Treasury Inflation Indexed Bonds, 1.88%, 07/15/2035 | $1291789 | $1319311  |
| **United States Treasury Note/Bond — 30.0%** | **United States Treasury Note/Bond — 30.0%** | **United States Treasury Note/Bond — 30.0%** |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2026 | 1674000 | 1674493  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/31/2026 | 7772000 | 7776452  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2026 | 1455000 | 1455092  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | 829000 | 830556  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/31/2026 | 902000 | 904514  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/30/2026 | 36000 | 35702  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 884000 | 886801  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 | 56000 | 56038  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/31/2026 | 373000 | 370316  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/2026 | 900000 | 902737  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2026 | 1661000 | 1684072  |
| &nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 | 186000 | 182917  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026 | 1485000 | 1485617  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 | 673000 | 665498  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/30/2026 | 205000 | 201572  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/30/2026 | 894000 | 898277  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/2026 | 864000 | 869474  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2027 | 3055000 | 3067076  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/2027 | 803000 | 807219  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/2027 | 548000 | 552148  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/31/2027 | 910000 | 913590  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2027 | 1496000 | 1512479  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 720000 | 730434  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 50000 | 49746  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 545000 | 547406  |
| &nbsp;&nbsp;&nbsp; 0.38%, 09/30/2027 | 41000 | 39004  |
| &nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027 | 1136000 | 1082972  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027 | 1666000 | 1740449  |
| &nbsp;&nbsp;&nbsp; 0.63%, 11/30/2027 | 36000 | 34235  |
| &nbsp;&nbsp;&nbsp; 0.63%, 12/31/2027 | 1422000 | 1352733  |
| &nbsp;&nbsp;&nbsp; 0.75%, 01/31/2028 | 45000 | 42712  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 | 537000 | 543251  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 831000 | 839034  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2028 | 1561000 | 1568470  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 1310000 | 1316755  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 87000 | 82813  |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/30/2028 | 121000 | 114995  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 3850000 | 3892786  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028 | 3855000 | 3644481  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2028 | 336000 | 341821  |

---

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

1<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 | $1327000 | $1311397  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028 | 4180000 | 4204329  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 11000 | 10385  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/31/2028 | 63000 | 64323  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 2960000 | 2959306  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028 | 5000 | 4727  |
| &nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 | 5000 | 4735  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 | 1659000 | 1739034  |
| &nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028 | 1334000 | 1268551  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/15/2028 | 3485000 | 3495755  |
| &nbsp;&nbsp;&nbsp; 1.38%, 12/31/2028 | 1311000 | 1240508  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 702000 | 708869  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2029 | 3625000 | 3636470  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/31/2029 | 10000 | 9524  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 | 273000 | 277602  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029 | 15000 | 14319  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 311000 | 318532  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 10000 | 9678  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 1638000 | 1697473  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/2029 | 5000 | 4833  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 | 894000 | 923771  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 | 2911000 | 2987129  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 | 3378000 | 3441074  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/15/2029 | 10000 | 9402  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029 | 10000 | 9399  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029 | 5000 | 5063  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/2030 | 71000 | 70939  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030 | 10000 | 9264  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 1661000 | 1694090  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 658000 | 661945  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 913000 | 931403  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2030 | 606000 | 606604  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 3436000 | 3056362  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/31/2030 | 1080000 | 1091433  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/31/2030 | 66000 | 67183  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2030 | 1324000 | 1338042  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 3330000 | 3382161  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030 | 2896000 | 2941759  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2030 | 1582000 | 1614876  |
| &nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030 | 6524000 | 5759214  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/31/2030 | 15000 | 15348  |

---

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

2<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/2030 | $323000 | $338223  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/2030 | 627000 | 663665  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 4518000 | 4006284  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 893000 | 926331  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2030 | 3461000 | 3496016  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/31/2031 | 2965000 | 2995577  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2031 | 1256000 | 1282641  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 4296000 | 3835019  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2031 | 6276000 | 6480828  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 9783000 | 10046874  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 525000 | 551547  |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/15/2031 | 15000 | 13600  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/31/2031 | 222000 | 232686  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2031 | 4153000 | 4290730  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031 | 560000 | 575280  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031 | 4666000 | 4130959  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 2600000 | 2621836  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 3500000 | 3099346  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 | 1623000 | 1687508  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 2685000 | 2433596  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032 | 185000 | 189410  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2032 | 370000 | 379770  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 1471000 | 1407276  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 1377000 | 1303766  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2032 | 484000 | 488840  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2033 | 12010000 | 12218298  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 1414000 | 1394778  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 45000 | 43850  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 7491000 | 7546305  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 796000 | 833997  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 2695000 | 2730846  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 14219000 | 14764987  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 2992000 | 2996850  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 8817000 | 9303140  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 6867000 | 7038675  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2036 | 4690000 | 4752656  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 587000 | 627219  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2038 | 2512000 | 2615129  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039 | 24000 | 24224  |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 589000 | 386830  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 | 360000 | 234148  |

---

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

3<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | $638000 | $428694  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 | 640000 | 462263  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 | 147000 | 111441  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 | 24000 | 23967  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 637000 | 444967  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 615000 | 444013  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 | 325000 | 277101  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 587000 | 446521  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 | 2715000 | 2298913  |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 623000 | 535780  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 160000 | 147917  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 51000 | 47037  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | 2103000 | 2069237  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 248000 | 223676  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 2263000 | 2330006  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 502000 | 500569  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 2663000 | 2694103  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 1851000 | 1753533  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 184000 | 194072  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 | 200000 | 155150  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 531000 | 363434  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047 | 626000 | 488940  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047 | 194000 | 143556  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 605000 | 447511  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048 | 714000 | 562638  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 | 515000 | 395725  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/15/2048 | 802000 | 657828  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 | 660000 | 504745  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 | 794000 | 591623  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 | 1047000 | 683495  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 795000 | 531749  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 338000 | 206814  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 875000 | 438679  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 2028000 | 1044499  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 12200000 | 6698563  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 1403000 | 819111  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 | 1372000 | 901072  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 540000 | 323135  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 2493000 | 1439805  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 2113000 | 1337463  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 2005000 | 1457463  |

---

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

4<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** | **United States Treasury Note/Bond — continued** |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | $609000 | $453824  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 686000 | 576106  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053 | 698000 | 585802  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 783000 | 718586  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 2948000 | 2996596  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 400000 | 374852  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 1340000 | 1336127  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 769000 | 720697  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 961000 | 939058  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 2008000 | 2003019  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 | 2187000 | 2226383  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2055 | 4369000 | 4362515  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2056 | 320000 | 326125  |
| **Total United States Treasury Note/Bond (Cost $275,566,639)** |  | **278848897** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Exchange Traded Funds — 26.0%**<br>|  |  |
| iShares Core U.S. Aggregate Bond ETF | 240115 | 24347661  |
| iShares MBS ETF | 1303626 | 126334396  |
| Vanguard Total International Bond ETF<sup>(a)</sup> | 1828253 | 89950047  |
| **Total Exchange Traded Funds (Cost $233,362,260)** |  | **240632104** |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **Corporate Bonds — 21.2%**<br>|  |  |
| **Advertising & Marketing — 0.0%<sup>(b)</sup>**<br>|  |  |
| Neptune Bidco US, Inc., 10.38%, 05/15/2031<sup>(c)</sup> | $13000 | 13099  |
| **Aerospace & Defense — 0.1%**<br>|  |  |
| AAR Escrow Issuer LLC, 6.75%, 03/15/2029<sup>(c)</sup> | 14000 | 14405  |
| Embraer Netherlands Finance BV, 5.98%, 02/11/2035 | 121000 | 129674  |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(c)</sup> | 193000 | 199094  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(c)</sup> | 70000 | 71156  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 | 10000 | 9951  |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030<sup>(c)</sup> | 40000 | 41550  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031<sup>(c)</sup> | 65000 | 68037  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(c)</sup> | 95000 | 96509  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034<sup>(c)</sup> | 32000 | 33041  |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/2034<sup>(c)</sup> | 15000 | 15217  |
|  |  | 678634 |

---

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

5<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Airlines — 0.1%**<br>|  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029<sup>(c)</sup> | $207000 | $208958  |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(c)</sup> | 7000 | 7436  |
| United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026 | 391876 | 390191  |
|  United Airlines 2020-1 Class A Pass Through Trust, Series 2020-1, 5.88%, 10/15/2027 | 105822 | 108166  |
|  |  | 714751  |
| **Apparel & Textile Products — 0.0%<sup>(b)</sup>**<br>|  |  |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(c)</sup> | 20000 | 21265  |
| **Auto Parts Manufacturing — 0.0%<sup>(b)</sup>**<br>|  |  |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033<sup>(c)</sup> | 22000 | 22318  |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032<sup>(c)</sup> | 5000 | 5275  |
|  |  | 27593  |
| **Automobiles & Components — 0.1%**<br>|  |  |
| General Motors Co., 6.80%, 10/01/2027 | 410000 | 424376  |
| Goodyear Tire & Rubber Co., 5.25%, 04/30/2031 | 155000 | 148346  |
| Phinia, Inc., 6.75%, 04/15/2029<sup>(c)</sup> | 7000 | 7225  |
|  |  | 579947  |
| **Automobiles Manufacturing — 0.7%**<br>|  |  |
| American Honda Finance Corp., 4.60%, 04/17/2030 | 55000 | 55852  |
| BMW US Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/02/2029<sup>(c)</sup> | 379000 | 387754  |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/09/2030<sup>(c)</sup> | 164000 | 163574  |
| &nbsp;&nbsp;&nbsp; 2.55%, 04/01/2031<sup>(c)</sup> | 284000 | 261636  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/11/2033<sup>(c)</sup> | 82000 | 84850  |
| General Motors Financial Co., Inc., 5.85%, 04/06/2030 | 45000 | 47486  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/15/2026<sup>(c)</sup> | 233000 | 230700  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/24/2026<sup>(c)</sup> | 11000 | 11018  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/02/2026<sup>(c)</sup> | 94000 | 93435  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(c)</sup> | 10000 | 10114  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/24/2029<sup>(c)</sup> | 9000 | 9296  |
| Mercedes-Benz Finance North America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/30/2026<sup>(c)</sup> | 436000 | 435292  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/22/2028<sup>(c)</sup> | 1071000 | 1069568  |
| &nbsp;&nbsp;&nbsp; 5.10%, 08/03/2028<sup>(c)</sup> | 312000 | 319495  |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/10/2030<sup>(c)</sup> | 857000 | 810918  |
| Stellantis Finance US, Inc., 6.45%, 03/18/2035<sup>(c)</sup> | 205000 | 211472  |
| Stellantis Financial Services US Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/15/2028<sup>(c)</sup> | 395000 | 397367  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2030<sup>(c)</sup> | 580000 | 586690  |

---

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

6<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobiles Manufacturing — continued** | **Automobiles Manufacturing — continued** | **Automobiles Manufacturing — continued** |
| Volkswagen Group of America Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/24/2027<sup>(c)</sup> | $332000 | $317849  |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/16/2028<sup>(c)</sup> | 344000 | 360072  |
| &nbsp;&nbsp;&nbsp; 6.45%, 11/16/2030<sup>(c)</sup> | 200000 | 215618  |
|  |  | 6080056  |
| **Banks — 2.9%**<br>|  |  |
| Australia & New Zealand Banking Group Ltd., 6.74%, 12/08/2032<sup>(c)</sup> | 206000 | 230001  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028 | 707000 | 706222  |
| &nbsp;&nbsp;&nbsp; 3.97% to 03/05/2028 then 3 mo. Term SOFR + 1.33%, 03/05/2029 | 975000 | 974392  |
| &nbsp;&nbsp;&nbsp; 5.20% to 04/25/2028 then SOFR + 1.63%, 04/25/2029 | 264000 | 269831  |
| &nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + 1.33%, 02/04/2033 | 111000 | 102383  |
| &nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 | 19000 | 19676  |
| &nbsp;&nbsp;&nbsp; 5.51% to 01/24/2035 then SOFR + 1.31%, 01/24/2036 | 495000 | 518431  |
| Bank of Nova Scotia, 4.93% to 02/14/2028 then SOFR + 0.89%, 02/14/2029 | 370000 | 375918  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.52% to 02/24/2031 then SOFR + 1.14%, 02/24/2032 | 355000 | 355131  |
| &nbsp;&nbsp;&nbsp; 7.12% to 06/27/2033 then SOFR + 3.57%, 06/27/2034 | 700000 | 786353  |
| &nbsp;&nbsp;&nbsp; 5.21% to 02/24/2036 then SOFR + 1.51%, 02/24/2037 | 350000 | 349199  |
| &nbsp;&nbsp;&nbsp; 6.04% to 03/12/2054 then SOFR + 2.42%, 03/12/2055<sup>(a)</sup> | 859000 | 926773  |
| BNP Paribas SA, 5.18% to 01/09/2029 then SOFR + 1.52%, 01/09/2030<sup>(c)</sup> | 369000 | 378825  |
| BOKF NA, 6.11% to 11/06/2035 then 5 yr. CMT Rate + 2.00%, 11/06/2040 | 250000 | 261373  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.12% to 10/19/2031 then SOFR + 1.73%, 10/19/2032<sup>(c)</sup> | 260000 | 235742  |
| &nbsp;&nbsp;&nbsp; 6.92% to 01/14/2045 then SOFR + 2.61%, 01/14/2046<sup>(c)</sup> | 697000 | 751993  |
| CaixaBank SA, 6.84% to 09/13/2033 then SOFR + 2.77%, 09/13/2034<sup>(c)</sup> | 532000 | 597446  |
| Citibank NA, 5.80%, 09/29/2028 | 500000 | 523740  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 | 235000 | 234129  |
| &nbsp;&nbsp;&nbsp; 3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030 | 395000 | 392730  |
| &nbsp;&nbsp;&nbsp; 4.41% to 03/31/2030 then SOFR + 3.91%, 03/31/2031 | 174000 | 174502  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 | 450000 | 460502  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 | 860000 | 866741  |
| &nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034 | 1094000 | 1168223  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/25/2036 | 657000 | 706360  |
| &nbsp;&nbsp;&nbsp; 5.32% to 03/26/2040 then SOFR + 4.55%, 03/26/2041 | 732000 | 735203  |
|  Citizens Financial Group, Inc., 5.30% to 01/29/2031 then 5 yr. CMT Rate + 1.45%, 01/29/2036 | 10000 | 10115  |
| Credit Agricole SA, 5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(c)</sup> | 343000 | 353917  |

---

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

7<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Fifth Third Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.57% to 04/29/2031 then SOFR + 0.95%, 04/29/2032 | $420000 | $421528  |
| &nbsp;&nbsp;&nbsp; 5.14% (SOFR + 1.24%), 01/29/2037 | 265000 | 265254  |
| Fifth Third Bank NA, 5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033 | 468000 | 480990  |
|  First Citizens BancShares, Inc., 5.60% to 09/05/2030 then 5 yr. CMT Rate + 1.85%, 09/05/2035 | 23000 | 23048  |
| FNB Corp., 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030 | 9000 | 9235  |
|  Huntington Bancshares, Inc., 6.14% to 11/18/2034 then 5 yr. CMT Rate + 1.70%, 11/18/2039 | 405000 | 424404  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028 | 447000 | 443519  |
| &nbsp;&nbsp;&nbsp; 5.01% to 01/23/2029 then SOFR + 1.31%, 01/23/2030 | 385000 | 394590  |
| &nbsp;&nbsp;&nbsp; 4.26% to 10/22/2030 then SOFR + 0.93%, 10/22/2031 | 175000 | 175121  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/24/2035 then SOFR + 1.32%, 01/24/2036 | 741000 | 779694  |
| &nbsp;&nbsp;&nbsp; 3.88% to 07/24/2037 then 3 mo. Term SOFR + 1.62%, 07/24/2038 | 73000 | 65986  |
| &nbsp;&nbsp;&nbsp; 4.26% to 02/22/2047 then 3 mo. Term SOFR + 1.84%, 02/22/2048 | 235000 | 201641  |
|  Lloyds Banking Group PLC, 5.67% to 02/10/2046 then 1 yr. CMT Rate + 0.82%, 02/10/2047 | 205000 | 206714  |
|  M&T Bank Corp., 5.40% to 07/30/2030 then 5 yr. CMT Rate + 1.43%, 07/30/2035 | 565000 | 573313  |
| Mizuho Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.26% to 05/22/2029 then 1 yr. CMT Rate + 1.25%, 05/22/2030 | 624000 | 609172  |
| &nbsp;&nbsp;&nbsp; 1.98% to 09/08/2030 then 3 mo. Term SOFR + 1.53%, 09/08/2031 | 307000 | 278588  |
| National Australia Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.33%, 08/21/2030<sup>(c)</sup> | 250000 | 229333  |
| &nbsp;&nbsp;&nbsp; 2.99%, 05/21/2031<sup>(c)</sup> | 250000 | 232139  |
|  NatWest Group PLC, 5.12% to 05/23/2030 then 1 yr. CMT Rate + 1.05%, 05/23/2031 | 321000 | 330323  |
| PNC Financial Services Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40% to 09/15/2026 then 5 yr. CMT Rate + 2.60%, Perpetual | 332000 | 327517  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 5000 | 5295  |
| &nbsp;&nbsp;&nbsp; 5.58% to 01/29/2035 then SOFR + 1.39%, 01/29/2036 | 340000 | 357071  |
| &nbsp;&nbsp;&nbsp; 5.37% to 07/21/2035 then SOFR + 1.42%, 07/21/2036 | 170000 | 175877  |
| &nbsp;&nbsp;&nbsp; 5.42% (5 yr. CMT Rate + 1.17%), 01/25/2041 | 560000 | 566353  |
| Regions Financial Corp., 5.72% to 06/06/2029 then SOFR + 1.49%, 06/06/2030 | 413000 | 431690  |
|  Santander Holdings USA, Inc., 6.12% to 05/31/2026 then SOFR + 1.23%, 05/31/2027 | 120000 | 120199  |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 200000 | 203507  |

---

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

8<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Truist Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029 | $637000 | $685840  |
| &nbsp;&nbsp;&nbsp; 4.60% to 01/27/2031 then SOFR + 0.97%, 01/27/2032 | 460000 | 463805  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70% to 01/15/2027 then 5 yr. CMT Rate + 2.54%, Perpetual<sup>(a)</sup> | 290000 | 286813  |
| &nbsp;&nbsp;&nbsp; 6.79% to 10/26/2026 then SOFR + 1.88%, 10/26/2027 | 226000 | 229678  |
| &nbsp;&nbsp;&nbsp; 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036 | 148000 | 130771  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.39% to 06/02/2027 then SOFR + 2.10%, 06/02/2028 | 506000 | 496159  |
| &nbsp;&nbsp;&nbsp; 4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028 | 597000 | 603676  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 | 709000 | 733579  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 | 96000 | 99821  |
| &nbsp;&nbsp;&nbsp; 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 | 107000 | 112346  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 | 470000 | 491286  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/02/2043 | 175000 | 170474  |
| Wells Fargo Bank NA, 5.85%, 02/01/2037 | 278000 | 295349  |
|  |  | 26597549  |
| **Biotechnology — 0.0%<sup>(b)</sup>**<br>|  |  |
| CSL Finance PLC, 4.95%, 04/27/2062<sup>(c)</sup> | 6000 | 5340  |
| **Cable & Satellite — 0.3%**<br>|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(c)</sup> | 31000 | 29916  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(c)</sup> | 32000 | 29707  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 | 330000 | 301473  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/2033<sup>(c)</sup> | 24000 | 24496  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(c)</sup> | 210000 | 187244  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035 | 275000 | 276191  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 | 290000 | 208589  |
| &nbsp;&nbsp;&nbsp; 6.70%, 12/01/2055 | 152000 | 147998  |
| Cox Communications, Inc., 3.50%, 08/15/2027<sup>(c)</sup> | 1029000 | 1019732  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031<sup>(c)</sup> | 12000 | 12252  |
| Sirius XM Radio LLC, 4.13%, 07/01/2030<sup>(c)</sup> | 31000 | 29168  |
| Sky Group Finance Ltd., 6.50%, 10/15/2035<sup>(c)</sup> | 227000 | 252888  |
|  |  | 2519654  |

---

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

9<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Goods — 0.8%**<br>|  |  |
| AGCO Corp., 5.45%, 03/21/2027 | $10000 | $10102  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65% to 06/15/2026 then 5 yr. CMT Rate + 4.08%, Perpetual | 217000 | 216344  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2031 | 545000 | 559630  |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(c)</sup> | 5000 | 4714  |
| ATI, Inc., 7.25%, 08/15/2030 | 8000 | 8364  |
| Atkore, Inc., 4.25%, 06/01/2031<sup>(c)</sup> | 11000 | 10536  |
| Axon Enterprise, Inc., 6.13%, 03/15/2030<sup>(c)</sup> | 4000 | 4122  |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(c)</sup> | 16000 | 15753  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027 | 685000 | 692424  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 590000 | 611194  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/01/2049 | 245000 | 187202  |
| Bombardier, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(c)</sup> | 89000 | 94563  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/2032<sup>(c)</sup> | 165000 | 173581  |
| Builders FirstSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/2032<sup>(c)</sup> | 150000 | 153877  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035<sup>(c)</sup> | 15000 | 15633  |
| Fortive Corp., 4.30%, 06/15/2046 | 349000 | 294172  |
| FTAI Aviation Investors LLC, 7.88%, 12/01/2030<sup>(c)</sup> | 18000 | 19010  |
| GE Vernova, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/04/2031 | 165000 | 165784  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/04/2036 | 130000 | 131366  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/04/2056 | 305000 | 302064  |
| Herc Holdings, Inc., 6.00%, 03/15/2034<sup>(c)</sup> | 30000 | 30113  |
| Hexcel Corp., 5.88%, 02/26/2035 | 76000 | 80869  |
| Howmet Aerospace, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2028 | 364000 | 382037  |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/01/2037 | 250000 | 272749  |
| Illinois Tool Works, Inc., 3.90%, 09/01/2042 | 348000 | 301169  |
| Masterbrand, Inc., 7.00%, 07/15/2032<sup>(c)</sup> | 8000 | 8038  |
| Nordson Corp., 5.80%, 09/15/2033 | 97000 | 103496  |
| Northrop Grumman Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2053 | 703000 | 647730  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2054 | 347000 | 330608  |
| Quanta Services, Inc., 4.50%, 01/15/2031 | 525000 | 531408  |
| QXO Building Products, Inc., 6.75%, 04/30/2032<sup>(c)</sup> | 18000 | 18612  |
| Rockwell Automation, Inc., 6.70%, 01/15/2028 | 339000 | 356036  |

---

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

10<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Goods — continued** | **Capital Goods — continued** | **Capital Goods — continued** |
| RTX Corp., 3.03%, 03/15/2052 | $125000 | $82991  |
| Terex Corp., 6.25%, 10/15/2032<sup>(c)</sup> | 160000 | 164483  |
|  |  | 6980774  |
| **Casinos & Gaming — 0.0%<sup>(b)</sup>**<br>|  |  |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, 8.25%, 04/15/2030<sup>(c)</sup> | 12000 | 12482  |
| Rivers Enterprise Borrower LLC, 6.25%, 10/15/2030<sup>(c)</sup> | 22000 | 22433  |
|  |  | 34915  |
| **Chemicals — 0.2%**<br>|  |  |
| Air Liquide Finance SA, 3.50%, 09/27/2046<sup>(c)</sup> | 238000 | 184139  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(c)</sup> | 130000 | 134851  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2031 | 10000 | 10280  |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/15/2033<sup>(a)(d)</sup> | 205000 | 219841  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/15/2034 | 9000 | 9229  |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(c)</sup> | 6000 | 5977  |
| LYB International Finance III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2036 | 265000 | 267341  |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/15/2049 | 135000 | 97775  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2051 | 265000 | 172755  |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(a)(c)</sup> | 10000 | 10330  |
| Tronox, Inc., 9.13%, 09/30/2030<sup>(c)</sup> | 3000 | 2941  |
| Windsor Holdings III LLC, 8.50%, 06/15/2030<sup>(c)</sup> | 347000 | 363402  |
| WR Grace Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031<sup>(c)</sup> | 115000 | 117843  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/2033<sup>(c)</sup> | 13000 | 13211  |
|  |  | 1609915  |
| **Commercial & Professional Services — 0.1%**<br>|  |  |
| ADT Security Corp., 5.88%, 10/15/2033<sup>(c)</sup> | 7000 | 7100  |
| Brink's Co., 6.50%, 06/15/2029<sup>(c)</sup> | 8000 | 8224  |
| Equifax, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 275000 | 279467  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/15/2030 | 60000 | 57154  |
| Jacobs Solutions, Inc., 4.75%, 03/03/2031 | 445000 | 444727  |
| Republic Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 212000 | 219417  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2041 | 129000 | 138525  |
| Science Applications International Corp., 5.88%, 11/01/2033<sup>(c)</sup> | 7000 | 6944  |
| Thomson Reuters Corp., 5.65%, 11/23/2043 | 96000 | 93588  |
| Waste Management, Inc., 3.90%, 03/01/2035 | 65000 | 62042  |
|  |  | 1317188  |

---

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

11<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Finance — 0.2%**<br>|  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/2031 | $455000 | $473895  |
| &nbsp;&nbsp;&nbsp; 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 | 240000 | 248347  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2026<sup>(c)</sup> | 609000 | 609081  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/15/2029<sup>(c)</sup> | 380000 | 378102  |
| Azorra Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030<sup>(c)</sup> | 14000 | 14678  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031<sup>(c)</sup> | 3000 | 3125  |
| GGAM Finance Ltd., 8.00%, 06/15/2028<sup>(c)</sup> | 8000 | 8396  |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027<sup>(c)</sup> | 8000 | 8235  |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(c)</sup> | 18000 | 18826  |
| Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030<sup>(c)</sup> | 9000 | 9445  |
|  |  | 1772130  |
| **Construction Materials Manufacturing — 0.1%**<br>|  |  |
| Holcim US Finance Luxembourg SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/22/2026<sup>(c)</sup> | 345000 | 342405  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/29/2039<sup>(c)</sup> | 70000 | 79104  |
| JH North America Holdings, Inc., 6.13%, 07/31/2032<sup>(c)</sup> | 9000 | 9220  |
| Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(c)</sup> | 400000 | 414939  |
| Standard Building Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2032<sup>(c)</sup> | 75000 | 77118  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(c)</sup> | 18000 | 17924  |
| Standard Industries, Inc., 4.75%, 01/15/2028<sup>(c)</sup> | 180000 | 179111  |
|  |  | 1119821  |
| **Consumer Discretionary Distribution & Retail — 0.1%**<br>|  |  |
| Advance Auto Parts, Inc., 7.38%, 08/01/2033<sup>(c)</sup> | 12000 | 12275  |
| Gap, Inc., 3.88%, 10/01/2031<sup>(c)</sup> | 9000 | 8361  |
| Genuine Parts Co., 6.88%, 11/01/2033 | 117000 | 129165  |
| Home Depot, Inc., 4.88%, 06/25/2027 | 12000 | 12151  |
| Lowe's Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/15/2046 | 348000 | 268856  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2053 | 119000 | 119341  |
| Men's Wearhouse LLC, 9.00%, 02/01/2031<sup>(c)</sup> | 5000 | 5138  |
| Petco Health & Wellness Co., Inc., 8.25%, 02/01/2031<sup>(c)</sup> | 7000 | 6824  |
|  |  | 562111  |
| **Consumer Durables & Apparel — 0.2%**<br>|  |  |
| Crocs, Inc., 4.25%, 03/15/2029<sup>(c)</sup> | 5000 | 4863  |
| Dream Finders Homes, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/15/2028<sup>(c)</sup> | 7000 | 7219  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/2030<sup>(c)</sup> | 7000 | 7145  |

---

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

12<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Durables & Apparel — continued** | **Consumer Durables & Apparel — continued** | **Consumer Durables & Apparel — continued** |
| Installed Building Products, Inc., 5.63%, 02/01/2034<sup>(c)</sup> | $9000 | $9119  |
| LGI Homes, Inc., 7.00%, 11/15/2032<sup>(a)(c)</sup> | 375000 | 367146  |
| Mattel, Inc., 3.75%, 04/01/2029<sup>(c)</sup> | 315000 | 308173  |
| Meritage Homes Corp., 5.65%, 03/15/2035 | 482000 | 496244  |
| Newell Brands, Inc., 6.38%, 05/15/2030 | 11000 | 11015  |
| Sekisui House US, Inc., 3.97%, 08/06/2061 | 211000 | 142604  |
| TopBuild Corp., 5.63%, 01/31/2034<sup>(c)</sup> | 10000 | 10067  |
| Under Armour, Inc., 7.25%, 07/15/2030<sup>(c)</sup> | 5000 | 5164  |
| Whirlpool Corp., 5.50%, 03/01/2033 | 132000 | 125872  |
|  |  | 1494631  |
| **Consumer Finance — 0.1%**<br>|  |  |
| CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032<sup>(c)</sup> | 16000 | 15808  |
|  EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM, 7.38%, 09/30/2030<sup>(c)</sup> | 7000 | 7061  |
| Freedom Mortgage Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/2031<sup>(c)</sup> | 10000 | 10338  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032<sup>(c)</sup> | 14000 | 14081  |
| PHH Escrow Issuer LLC/PHH Corp., 9.88%, 11/01/2029<sup>(c)</sup> | 10000 | 10024  |
| Planet Financial Group LLC, 10.50%, 12/15/2029<sup>(c)</sup> | 5000 | 4820  |
| Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029<sup>(c)</sup> | 7000 | 7260  |
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 3.88%, 03/01/2031<sup>(c)</sup> | 333000 | 312447  |
| UWM Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/2030<sup>(c)</sup> | 114000 | 112949  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2031<sup>(c)</sup> | 6000 | 5787  |
|  |  | 500575  |
| **Consumer Products — 0.0%<sup>(b)</sup>**<br>|  |  |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2029<sup>(c)</sup> | 6000 | 5891  |
| &nbsp;&nbsp;&nbsp; 5.60%, 01/15/2031<sup>(c)</sup> | 9000 | 9011  |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032<sup>(a)</sup> | 12000 | 11724  |
|  |  | 26626  |
| **Consumer Services — 0.2%**<br>|  |  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(c)</sup> | 185000 | 195070  |
| Brinker International, Inc., 8.25%, 07/15/2030<sup>(c)</sup> | 8000 | 8437  |
| Caesars Entertainment, Inc., 6.50%, 02/15/2032<sup>(c)</sup> | 29000 | 29417  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(a)(c)</sup> | 215000 | 222154  |
| Churchill Downs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2030<sup>(c)</sup> | 6000 | 6036  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2031<sup>(c)</sup> | 280000 | 288058  |
| CompoSecure Holdings LLC, 5.63%, 02/01/2033<sup>(c)</sup> | 10000 | 9931  |
| Life Time, Inc., 6.00%, 11/15/2031<sup>(c)</sup> | 21000 | 21600  |

---

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

13<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Services — continued** | **Consumer Services — continued** | **Consumer Services — continued** |
| Marriott International, Inc./MD, 5.00%, 10/15/2027 | $103000 | $104411  |
| Royal Caribbean Cruises Ltd., 4.75%, 05/15/2033 | 335000 | 336574  |
| Six Flags Entertainment Corp., 7.25%, 05/15/2031<sup>(c)</sup> | 95000 | 93098  |
| Starbucks Corp., 3.00%, 02/14/2032 | 349000 | 325151  |
| Williams Scotsman, Inc., 6.63%, 06/15/2029<sup>(c)</sup> | 175000 | 180447  |
|  |  | 1820384  |
| **Consumer Staples Distribution & Retail — 0.1%**<br>|  |  |
| Alimentation Couche-Tard, Inc., 4.50%, 07/26/2047<sup>(c)</sup> | 573000 | 497481  |
| Sysco Corp., 4.45%, 03/15/2048 | 164000 | 140974  |
| Walmart, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2026 | 160000 | 159611  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2028 | 150000 | 150603  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2030 | 69000 | 69819  |
|  |  | 1018488  |
| **Containers & Packaging — 0.1%**<br>|  |  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026<sup>(c)</sup> | 256000 | 255414  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2034 | 152000 | 160236  |
| Cascades, Inc., 6.75%, 07/15/2030<sup>(c)</sup> | 7000 | 7169  |
| Clydesdale Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030<sup>(a)(c)</sup> | 19000 | 18885  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2032<sup>(c)</sup> | 8000 | 8046  |
| Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(c)</sup> | 10000 | 10117  |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030<sup>(c)</sup> | 120000 | 122606  |
| Owens-Brockway Glass Container, Inc., 7.38%, 06/01/2032<sup>(c)</sup> | 8000 | 8075  |
|  |  | 590548  |
| **Department Stores — 0.0%<sup>(b)</sup>**<br>|  |  |
| Macy's Retail Holdings LLC, 7.38%, 08/01/2033<sup>(c)</sup> | 17000 | 17786  |
| **Design, Manufacturing & Distribution — 0.0%<sup>(b)</sup>**<br>|  |  |
| Imola Merger Corp., 4.75%, 05/15/2029<sup>(c)</sup> | 165000 | 161918  |
| **Educational Services — 0.1%**<br>|  |  |
| American University, 3.67%, 04/01/2049 | 327000 | 257552  |
| Emory University, 2.97%, 09/01/2050 | 651000 | 440804  |
| George Washington University, 4.30%, 09/15/2044 | 10000 | 8839  |
| University of Chicago, 2.76%, 04/01/2045 | 87000 | 70591  |
|  |  | 777786  |
| **Electrical Equipment Manufacturing — 0.0%<sup>(b)</sup>**<br>|  |  |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030<sup>(c)</sup> | 16000 | 16539  |
| Vertiv Group Corp., 4.13%, 11/15/2028<sup>(c)</sup> | 11000 | 10936  |

---

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

14<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electrical Equipment Manufacturing — continued<sup>(b)</sup>** | **Electrical Equipment Manufacturing — continued<sup>(b)</sup>** | **Electrical Equipment Manufacturing — continued<sup>(b)</sup>** |
| WESCO Distribution, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032<sup>(c)</sup> | $125000 | $129864  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2033<sup>(c)</sup> | 65000 | 67644  |
|  |  | 224983  |
| **Energy — 1.0%**<br>|  |  |
| Aker BP ASA, 5.80%, 10/01/2054<sup>(c)</sup> | 436000 | 408776  |
| Cheniere Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2031 | 821000 | 804978  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2034 | 345000 | 363877  |
| CNX Midstream Partners LP, 4.75%, 04/15/2030<sup>(c)</sup> | 8000 | 7788  |
| CNX Resources Corp., 7.25%, 03/01/2032<sup>(c)</sup> | 9000 | 9420  |
| Comstock Resources, Inc., 6.75%, 03/01/2029<sup>(c)</sup> | 12000 | 11933  |
| Coterra Energy, Inc., 5.40%, 02/15/2035 | 140000 | 144228  |
| Devon Energy Corp., 5.75%, 09/15/2054<sup>(a)</sup> | 126000 | 122563  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/18/2027 | 165000 | 166735  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/01/2035 | 600000 | 628056  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/2054 | 340000 | 331233  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029<sup>(c)</sup> | 703000 | 710473  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 | 382000 | 393635  |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 | 295000 | 320557  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031<sup>(c)</sup> | 342000 | 354116  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/2045 | 120000 | 121107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 | 90000 | 76803  |
| EOG Resources, Inc., 5.65%, 12/01/2054<sup>(a)</sup> | 243000 | 242729  |
| EQT Corp., 5.75%, 02/01/2034 | 3000 | 3171  |
| Expand Energy Corp., 4.75%, 02/01/2032 | 510000 | 509335  |
| Hess Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2033 | 172000 | 200595  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2040 | 326000 | 356593  |
| Marathon Oil Corp., 6.60%, 10/01/2037 | 43000 | 46279  |
| MPLX LP, 4.70%, 04/15/2048 | 71000 | 59801  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2029 | 72000 | 70305  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2031 | 109000 | 126284  |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/15/2047 | 82000 | 61921  |
| &nbsp;&nbsp;&nbsp; 6.05%, 10/01/2054 | 750000 | 746961  |
| ONEOK, Inc., 6.25%, 10/15/2055 | 245000 | 247828  |
| Saudi Arabian Oil Co., 5.75%, 07/17/2054<sup>(c)</sup> | 200000 | 194637  |

---

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

15<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Energy — continued** | **Energy — continued** | **Energy — continued** |
| SM Energy Co., 8.75%, 07/01/2031<sup>(c)</sup> | $5000 | $5239  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual<sup>(c)</sup> | 3000 | 3096  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(c)</sup> | 9000 | 9018  |
| Targa Resources Corp., 4.35%, 01/15/2029 | 180000 | 181063  |
| TransCanada PipeLines Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037 | 80000 | 87020  |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/2040 | 33000 | 35502  |
| Transcontinental Gas Pipe Line Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2028 | 341000 | 341016  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/15/2036<sup>(c)</sup> | 90000 | 91567  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2056<sup>(c)</sup> | 145000 | 145687  |
| Valero Energy Corp., 6.63%, 06/15/2037 | 300000 | 336687  |
| Western Midstream Operating LP, 4.80%, 03/01/2031 | 155000 | 155975  |
| Williams Cos., Inc., 5.30%, 08/15/2028 | 89000 | 91675  |
|  |  | 9326262  |
| **Entertainment Content — 0.0%<sup>(b)</sup>**<br>|  |  |
| Discovery Communications LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2043 | 5000 | 3053  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/20/2047 | 139000 | 84578  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 | 89000 | 56037  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2055 | 244000 | 119748  |
| Univision Communications, Inc., 9.38%, 08/01/2032<sup>(c)</sup> | 28000 | 29578  |
|  |  | 292994  |
| **Entertainment Resources — 0.0%<sup>(b)</sup>**<br>|  |  |
| Cinemark USA, Inc., 5.25%, 07/15/2028<sup>(c)</sup> | 20000 | 19970  |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032<sup>(c)</sup> | 6000 | 5570  |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.25%, 07/15/2029 | 210000 | 201626  |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 01/15/2032<sup>(c)</sup> | 9000 | 9096  |
| Speedway Motorsports LLC / Speedway Funding II, Inc., 4.88%, 11/01/2027<sup>(c)</sup> | 12000 | 11966  |
|  |  | 248228  |
| **Equity Real Estate Investment Trusts (REITs) — 0.2%**<br>|  |  |
| Crown Castle, Inc., 1.05%, 07/15/2026 | 165000 | 162815  |
| EPR Properties, 4.75%, 11/15/2030 | 445000 | 445386  |
| Iron Mountain, Inc., 4.88%, 09/15/2029<sup>(c)</sup> | 22000 | 21764  |
| Realty Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/15/2028 | 103000 | 104851  |
| &nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029 | 161000 | 155939  |

---

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

16<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2030 | $500000 | $516206  |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/15/2032 | 256000 | 233996  |
|  |  | 1640957  |
| **Exploration & Production — 0.1%**<br>|  |  |
| Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(c)</sup> | 11000 | 11548  |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029<sup>(c)</sup> | 8000 | 8009  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032<sup>(c)</sup> | 355000 | 368134  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2033<sup>(c)</sup> | 5000 | 5179  |
| Caturus Energy LLC, 8.50%, 02/15/2030<sup>(c)</sup> | 5000 | 5215  |
| Permian Resources Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/01/2029<sup>(c)</sup> | 12000 | 12017  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2032<sup>(c)</sup> | 425000 | 445173  |
|  |  | 855275  |
| **Financial Services — 1.9%**<br>|  |  |
| Ally Financial, Inc., 6.70%, 02/14/2033<sup>(a)</sup> | 11000 | 11447  |
|  Apollo Global Management, Inc., 6.00% to 12/15/2034 then 5 yr. CMT Rate + 2.17%, 12/15/2054 | 174000 | 166818  |
| Bank of New York Mellon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual | 320000 | 314653  |
| &nbsp;&nbsp;&nbsp; 5.06% to 07/22/2031 then SOFR + 1.23%, 07/22/2032 | 358000 | 371670  |
| &nbsp;&nbsp;&nbsp; 6.47% to 10/25/2033 then SOFR + 1.85%, 10/25/2034 | 205000 | 229308  |
| BGC Group, Inc., 6.15%, 04/02/2030 | 14000 | 14552  |
| Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/2027<sup>(c)</sup> | 35000 | 34499  |
| Blackstone Mortgage Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2027<sup>(c)</sup> | 100000 | 98247  |
| &nbsp;&nbsp;&nbsp; 7.75%, 12/01/2029<sup>(c)</sup> | 90000 | 95763  |
| Blackstone Private Credit Fund, 6.00%, 11/22/2034 | 696000 | 673727  |
| Block, Inc., 6.50%, 05/15/2032 | 140000 | 143752  |
| Bread Financial Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2031<sup>(c)</sup> | 10000 | 10175  |
| &nbsp;&nbsp;&nbsp; 8.38% to 06/15/2030 then 5 yr. CMT Rate + 4.30%, 06/15/2035<sup>(c)</sup> | 4000 | 4071  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 | 656000 | 686709  |
| &nbsp;&nbsp;&nbsp; 5.82% to 02/01/2033 then SOFR + 2.60%, 02/01/2034 | 902000 | 952063  |
| Carlyle Finance LLC, 5.65%, 09/15/2048<sup>(c)</sup> | 51000 | 50028  |
|  Charles Schwab Corp., 4.00% to 06/01/2026 then 5 yr. CMT Rate + 3.17%, Perpetual | 353000 | 351130  |
| Citadel LP, 6.38%, 01/23/2032<sup>(c)</sup> | 270000 | 285158  |
| Coinbase Global, Inc., 3.38%, 10/01/2028<sup>(c)</sup> | 11000 | 10474  |
| Enova International, Inc., 9.13%, 08/01/2029<sup>(c)</sup> | 9000 | 9437  |

---

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

17<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(c)</sup> | $11000 | $11778  |
| FirstCash, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/2030<sup>(c)</sup> | 25000 | 24830  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2032<sup>(c)</sup> | 28000 | 28859  |
| goeasy Ltd., 6.88%, 02/15/2031<sup>(c)</sup> | 5000 | 4305  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 892000 | 886929  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 | 1036000 | 980026  |
| &nbsp;&nbsp;&nbsp; 5.73% to 04/25/2029 then SOFR + 1.27%, 04/25/2030 | 785000 | 820278  |
| &nbsp;&nbsp;&nbsp; 4.37% to 10/21/2030 then SOFR + 1.06%, 10/21/2031 | 530000 | 530453  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033 | 211000 | 230916  |
| &nbsp;&nbsp;&nbsp; 3.10% to 02/24/2032 then SOFR + 1.41%, 02/24/2033 | 715000 | 663609  |
| &nbsp;&nbsp;&nbsp; 5.39% (5 yr. CMT Rate + 1.18%), 02/02/2041 | 580000 | 575846  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/22/2045 | 245000 | 230904  |
| &nbsp;&nbsp;&nbsp; 5.54% to 01/21/2046 then SOFR + 1.32%, 01/21/2047 | 220000 | 218552  |
| Goldman Sachs Private Credit Corp., 6.25%, 05/06/2030<sup>(c)</sup> | 195000 | 194862  |
| Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031<sup>(c)</sup> | 382000 | 396672  |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(c)</sup> | 13000 | 13596  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 | 256000 | 259648  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029<sup>(c)</sup> | 5000 | 4921  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030 | 405000 | 412746  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2031<sup>(c)</sup> | 261000 | 254873  |
| Macquarie Group Ltd., 5.49% to 11/09/2032 then SOFR + 2.87%, 11/09/2033<sup>(c)</sup> | 347000 | 365755  |
| Marex Group PLC, 6.40%, 11/04/2029 | 16000 | 16715  |
| Mastercard, Inc., 4.88%, 05/09/2034 | 208000 | 214153  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/20/2027 | 395000 | 393424  |
| &nbsp;&nbsp;&nbsp; 2.48% to 01/21/2027 then SOFR + 1.00%, 01/21/2028 | 160000 | 157495  |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/2028<sup>(e)</sup> | 208000 | 206239  |
| &nbsp;&nbsp;&nbsp; 5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029 | 133000 | 135693  |
| &nbsp;&nbsp;&nbsp; 5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034 | 210000 | 218848  |
| &nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 | 285000 | 303892  |
| &nbsp;&nbsp;&nbsp; 4.89% to 10/22/2035 then SOFR + 1.31%, 10/22/2036 | 255000 | 253153  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/27/2045 | 304000 | 264747  |
| Nationwide Building Society<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/27/2027<sup>(c)</sup> | 343000 | 347192  |
| &nbsp;&nbsp;&nbsp; 4.65% to 07/14/2028 then SOFR + 1.06%, 07/14/2029<sup>(c)</sup> | 467000 | 471427  |
| Nuveen LLC, 5.55%, 01/15/2030<sup>(c)</sup> | 418000 | 435671  |

---

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

18<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 | $80000 | $78918  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 | 105000 | 107153  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032 | 22000 | 22143  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2033 | 7000 | 6939  |
| PennyMac Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/2030<sup>(c)</sup> | 295000 | 302719  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2032<sup>(c)</sup> | 26000 | 26118  |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(c)</sup> | 10000 | 9216  |
| PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(c)</sup> | 7000 | 6861  |
| Radian Group, Inc., 6.20%, 05/15/2029 | 370000 | 387669  |
| Rithm Capital Corp., 8.00%, 07/15/2030<sup>(c)</sup> | 4000 | 4012  |
| S&P Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/01/2052 | 185000 | 140487  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/01/2062 | 119000 | 89882  |
| Starwood Property Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(c)</sup> | 5000 | 5232  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2030<sup>(c)</sup> | 290000 | 301024  |
| State Street Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45% to 09/15/2030 then 5 yr. CMT Rate + 2.14%, Perpetual<sup>(a)</sup> | 300000 | 312758  |
| &nbsp;&nbsp;&nbsp; 2.20%, 03/03/2031 | 303000 | 275275  |
| &nbsp;&nbsp;&nbsp; 6.12% to 11/21/2033 then SOFR + 1.96%, 11/21/2034 | 354000 | 383878  |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(c)</sup> | 28000 | 29005  |
| Synchrony Financial, 7.25%, 02/02/2033 | 14000 | 14734  |
| VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 06/15/2031<sup>(c)</sup> | 27000 | 28110  |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(c)</sup> | 12000 | 11843  |
|  |  | 17586664  |
| **Food & Beverage — 0.4%**<br>|  |  |
| Anheuser-Busch InBev Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036 | 609000 | 610803  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046 | 182000 | 170339  |
| Anheuser-Busch InBev Worldwide, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.20%, 01/15/2039 | 355000 | 462521  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2042 | 145000 | 140513  |
| Cargill, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/11/2032<sup>(c)</sup> | 222000 | 232831  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/24/2033<sup>(c)</sup> | 84000 | 85309  |
| Fiesta Purchaser, Inc., 7.88%, 03/01/2031<sup>(c)</sup> | 5000 | 5141  |
| HLF Financing Sarl LLC / Herbalife International, Inc., 12.25%, 04/15/2029<sup>(c)</sup> | 8000 | 8530  |
| Industrial F&B Investments III, Inc., 7.75%, 02/11/2033<sup>(c)</sup> | 7000 | 7172  |

---

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

19<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food & Beverage — continued** | **Food & Beverage — continued** | **Food & Beverage — continued** |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032 | $340000 | $321375  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 | 279000 | 310444  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/20/2035 | 140000 | 148206  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/2052 | 801000 | 847178  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/20/2028<sup>(c)</sup> | 496000 | 501730  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2059<sup>(c)</sup> | 350000 | 284772  |
| Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(c)</sup> | 6000 | 6074  |
|  |  | 4142938  |
| **Food, Beverage & Tobacco — 0.3%**<br>|  |  |
| Campbell's Co., 5.30%, 03/20/2026 | 10000 | 9980  |
| Hormel Foods Corp., 3.05%, 06/03/2051 | 93000 | 62176  |
| J M Smucker Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/15/2033 | 355000 | 388696  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/15/2050 | 40000 | 28390  |
| Kellanova, 5.75%, 05/16/2054 | 37000 | 37796  |
| Molson Coors Beverage Co., 5.00%, 05/01/2042 | 90000 | 84041  |
| PepsiCo, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/23/2032 | 250000 | 256895  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/19/2060 | 130000 | 100587  |
| Philip Morris International, Inc., 5.63%, 09/07/2033 | 998000 | 1070333  |
| Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(c)</sup> | 9000 | 9649  |
| Tyson Foods, Inc., 4.35%, 03/01/2029 | 349000 | 351508  |
|  |  | 2400051  |
| **Forest & Paper Products Manufacturing — 0.0%<sup>(b)</sup>**<br>|  |  |
| Georgia-Pacific LLC, 7.25%, 06/01/2028 | 13000 | 13898  |
| **Government Development Banks — 0.0%<sup>(b)</sup>**<br>|  |  |
| Oesterreichische Kontrollbank AG, 3.75%, 01/15/2031 | 295000 | 297140  |
| **Hardware — 0.0%<sup>(b)</sup>**<br>|  |  |
| CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026 | 160000 | 157967  |
| **Health Care Equipment & Services — 0.6%**<br>|  |  |
| Abbott Laboratories<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/15/2036 | 330000 | 329405  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2056 | 155000 | 155257  |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(c)</sup> | 10000 | 10310  |
| Bausch + Lomb Corp., 8.38%, 10/01/2028<sup>(c)</sup> | 415000 | 429486  |
| Boston Scientific Corp., 7.38%, 01/15/2040 | 350000 | 428947  |

---

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

20<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Equipment & Services — continued** | **Health Care Equipment & Services — continued** | **Health Care Equipment & Services — continued** |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | $508000 | $496032  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 | 34000 | 29457  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050 | 123000 | 87045  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/2054 | 420000 | 410469  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2026 | 350000 | 347622  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/21/2030 | 225000 | 231530  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 | 80000 | 73080  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/21/2053 | 161000 | 152994  |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 | 67000 | 68557  |
| DaVita, Inc., 4.63%, 06/01/2030<sup>(c)</sup> | 24000 | 23451  |
| GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 | 85000 | 86968  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.15%, 06/15/2038 | 135000 | 165507  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2053 | 102000 | 91808  |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(c)</sup> | 339000 | 332905  |
| Pediatrix Medical Group, Inc., 5.38%, 02/15/2030<sup>(c)</sup> | 9000 | 8926  |
| Stryker Corp., 4.38%, 05/15/2044 | 354000 | 312789  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 | 235000 | 234220  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/15/2031 | 75000 | 81865  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/2033<sup>(a)(c)</sup> | 16000 | 16503  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/15/2027 | 10000 | 10056  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 | 631000 | 637958  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2052 | 272000 | 236455  |
| Universal Health Services, Inc., 2.65%, 01/15/2032 | 36000 | 32146  |
| Zimmer Biomet Holdings, Inc., 3.55%, 03/20/2030 | 248000 | 242161  |
|  |  | 5763909  |
| **Health Care Facilities & Services — 0.8%**<br>|  |  |
| Adventist Health System/West<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/01/2029 | 6000 | 5779  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2049 | 33000 | 23169  |
| Allina Health System, 4.81%, 11/15/2045 | 582000 | 536679  |
| Banner Health, 2.91%, 01/01/2051 | 1117000 | 737244  |
| Baptist Health South Florida, Inc., 4.34%, 11/15/2041 | 370000 | 334032  |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/2030<sup>(c)</sup> | 21000 | 20142  |

---

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

21<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Facilities & Services — continued** | **Health Care Facilities & Services — continued** | **Health Care Facilities & Services — continued** |
| CommonSpirit Health<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.07%, 11/01/2027 | $63000 | $64850  |
| &nbsp;&nbsp;&nbsp; 5.21%, 12/01/2031 | 15000 | 15607  |
| &nbsp;&nbsp;&nbsp; 4.35%, 11/01/2042 | 45000 | 40263  |
| &nbsp;&nbsp;&nbsp; 6.46%, 11/01/2052 | 37000 | 40980  |
| &nbsp;&nbsp;&nbsp; 5.55%, 12/01/2054 | 777000 | 764753  |
| Dignity Health, 4.50%, 11/01/2042 | 414000 | 371323  |
| Global Medical Response, Inc., 7.38%, 10/01/2032<sup>(c)</sup> | 4000 | 4180  |
| Hartford HealthCare Corp., 3.45%, 07/01/2054 | 465000 | 344022  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 | 215000 | 223579  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029 | 265000 | 259818  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2031 | 160000 | 167168  |
| Integris Baptist Medical Center, Inc., 3.88%, 08/15/2050 | 100000 | 76179  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2028 | 559000 | 576522  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2029 | 196000 | 205599  |
| LifePoint Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(c)</sup> | 10000 | 10846  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032<sup>(c)</sup> | 13000 | 14048  |
| Methodist Hospital, 2.71%, 12/01/2050 | 408000 | 261446  |
| Montefiore Obligated Group, 4.29%, 09/01/2050 | 10000 | 7312  |
| Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/2052 | 768000 | 591311  |
| Mount Sinai Hospital, 3.98%, 07/01/2048 | 33000 | 25570  |
| MultiCare Health System, 2.80%, 08/15/2050 | 82000 | 49801  |
| Novant Health, Inc., 3.17%, 11/01/2051 | 52000 | 35629  |
| NYU Langone Hospitals, 4.37%, 07/01/2047 | 17000 | 15053  |
| Piedmont Healthcare, Inc., 2.04%, 01/01/2032 | 7000 | 6217  |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(c)</sup> | 8000 | 8342  |
| Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(c)</sup> | 13000 | 13661  |
| SSM Health Care Corp., 4.89%, 06/01/2028 | 365000 | 370865  |
| Sutter Health<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.29%, 08/15/2030 | 28000 | 25967  |
| &nbsp;&nbsp;&nbsp; 5.16%, 08/15/2033 | 49000 | 51000  |
| &nbsp;&nbsp;&nbsp; 4.09%, 08/15/2048 | 182000 | 150850  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2053 | 67000 | 68638  |
| Toledo Hospital, 5.75%, 11/15/2038 | 135000 | 136805  |
| Trinity Health Corp., 2.63%, 12/01/2040 | 658000 | 493964  |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(c)</sup> | 11000 | 10990  |
| Willis-Knighton Medical Center, 4.81%, 09/01/2048 | 21000 | 18953  |
|  |  | 7179156  |

---

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

22<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Homebuilders — 0.0%<sup>(b)</sup>**<br>|  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 6.88%, 08/01/2033<sup>(c)</sup> | $9000 | $9069  |
| K Hovnanian Enterprises, Inc., 8.38%, 10/01/2033<sup>(c)</sup> | 7000 | 7167  |
| Weekley Homes LLC / Weekley Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/2028<sup>(c)</sup> | 8000 | 7906  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2034<sup>(c)</sup> | 5000 | 5023  |
|  |  | 29165  |
| **Household & Personal Products — 0.1%**<br>|  |  |
| BellRing Brands, Inc., 7.00%, 03/15/2030<sup>(c)</sup> | 6000 | 6111  |
| Clorox Co., 4.60%, 05/01/2032 | 314000 | 318234  |
| Edgewell Personal Care Co., 4.13%, 04/01/2029<sup>(c)</sup> | 20000 | 19266  |
| Estee Lauder Cos., Inc., 6.00%, 05/15/2037 | 136000 | 149910  |
| Kenvue, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/22/2053 | 177000 | 164772  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/22/2063 | 41000 | 38036  |
| Procter & Gamble Co., 3.55%, 03/25/2040 | 348000 | 307678  |
|  |  | 1004007  |
| **Industrial Other — 0.1%**<br>|  |  |
| Ashtead Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/30/2033<sup>(c)</sup> | 232000 | 242379  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/15/2033<sup>(c)</sup> | 349000 | 371628  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(c)</sup> | 11000 | 11186  |
| Resideo Funding, Inc., 4.00%, 09/01/2029<sup>(c)</sup> | 105000 | 102191  |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030<sup>(c)</sup> | 10000 | 10416  |
| United Rentals North America, Inc., 5.38%, 11/15/2033<sup>(c)</sup> | 9000 | 9057  |
|  |  | 746857  |
| **Insurance — 0.3%**<br>|  |  |
| Arthur J Gallagher & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2053 | 4000 | 3883  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2054 | 84000 | 91737  |
| CNO Financial Group, Inc., 6.45%, 06/15/2034 | 204000 | 212307  |
| F&G Annuities & Life, Inc., 6.50%, 06/04/2029 | 500000 | 515005  |
| Marsh & McLennan Cos., Inc., 5.45%, 03/15/2053 | 47000 | 45161  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 08/01/2039 | 103000 | 136150  |
| &nbsp;&nbsp;&nbsp; 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 329000 | 341015  |
| Primerica, Inc., 2.80%, 11/19/2031 | 503000 | 461040  |
| Principal Financial Group, Inc., 5.50%, 03/15/2053 | 77000 | 74328  |

---

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

23<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Prudential Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/10/2040 | $452000 | $352362  |
| &nbsp;&nbsp;&nbsp; 5.70% to 09/15/2028 then 3 mo. LIBOR USD + 2.67%, 09/15/2048<sup>(f)</sup> | 343000 | 344823  |
| W R Berkley Corp., 4.75%, 08/01/2044 | 177000 | 161961  |
|  |  | 2739772  |
| **Integrated Oils — 0.2%**<br>|  |  |
| BP Capital Markets America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/10/2030 | 484000 | 439119  |
| &nbsp;&nbsp;&nbsp; 4.99%, 04/10/2034 | 525000 | 540751  |
| Shell Finance US, Inc., 6.38%, 12/15/2038<sup>(c)</sup> | 553000 | 627565  |
|  |  | 1607435  |
| **Internet Media — 0.1%**<br>|  |  |
| Beignet Investor LLC, 6.58%, 05/30/2049<sup>(c)</sup> | 820000 | 871376  |
| Match Group Holdings II LLC, 5.63%, 02/15/2029<sup>(c)</sup> | 11000 | 10963  |
|  |  | 882339  |
| **Leisure Products Manufacturing — 0.0%<sup>(b)</sup>**<br>|  |  |
| Acushnet Co., 5.63%, 12/01/2033<sup>(c)</sup> | 10000 | 10177  |
| Amer Sports Co., 6.75%, 02/16/2031<sup>(c)</sup> | 6000 | 6248  |
|  |  | 16425  |
| **Life Insurance — 0.1%**<br>|  |  |
| Corebridge Global Funding, 5.20%, 01/12/2029<sup>(c)</sup> | 147000 | 151029  |
| Global Atlantic Fin Co., 6.75%, 03/15/2054<sup>(c)</sup> | 141000 | 132404  |
| Guardian Life Global Funding, 3.25%, 03/29/2027<sup>(c)</sup> | 66000 | 65489  |
| Massachusetts Mutual Life Insurance Co., 3.38%, 04/15/2050<sup>(c)</sup> | 85000 | 58779  |
| Metropolitan Life Global Funding I, 5.15%, 03/28/2033<sup>(c)</sup> | 233000 | 242091  |
|  Mutual of Omaha Insurance Co., 6.14% to 01/16/2054 then 10 yr. CMT Rate + 2.95%, 01/16/2064<sup>(c)</sup> | 400000 | 418808  |
| RGA Global Funding, 5.45%, 05/24/2029<sup>(c)</sup> | 8000 | 8289  |
| Western And Southern Life Insurance Co., 3.75%, 04/28/2061<sup>(c)</sup> | 244000 | 169908  |
|  |  | 1246797  |
| **Machinery Manufacturing — 0.1%**<br>|  |  |
| Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(c)</sup> | 260000 | 270424  |
| CNH Industrial Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/10/2028 | 192000 | 193492  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/07/2031 | 500000 | 499788  |
|  |  | 963704  |
| **Managed Care — 0.0%<sup>(b)</sup>**<br>|  |  |
| Health Care Service Corp. A Mutual Legal Reserve Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/15/2029<sup>(c)</sup> | 11000 | 11292  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2054<sup>(c)</sup> | 334000 | 325273  |
|  |  | 336565  |

---

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

24<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Materials — 0.4%**<br>|  |  |
| Century Aluminum Co., 6.88%, 08/01/2032<sup>(c)</sup> | $4000 | $4132  |
| Chemours Co., 8.00%, 01/15/2033<sup>(c)</sup> | 6000 | 6092  |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/2034<sup>(c)</sup> | 5000 | 5122  |
| Dow Chemical Co., 5.95%, 03/15/2055 | 540000 | 489382  |
| Eastman Chemical Co., 4.65%, 10/15/2044 | 348000 | 302115  |
| Eldorado Gold Corp., 6.25%, 09/01/2029<sup>(c)</sup> | 8000 | 8034  |
| ERO Copper Corp., 6.50%, 02/15/2030<sup>(c)</sup> | 6000 | 6066  |
| FMC Corp., 6.38%, 05/18/2053 | 147000 | 109868  |
| International Paper Co., 6.00%, 11/15/2041 | 177000 | 183816  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(c)</sup> | 10000 | 9774  |
| Mineral Resources Ltd., 7.00%, 04/01/2031<sup>(c)</sup> | 5000 | 5250  |
| Mosaic Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/2030 | 260000 | 262711  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2033<sup>(a)</sup> | 508000 | 527667  |
| New Gold, Inc., 6.88%, 04/01/2032<sup>(c)</sup> | 9000 | 9574  |
| Northern Star Resources Ltd., 6.13%, 04/11/2033<sup>(c)</sup> | 161000 | 172338  |
| Olin Corp., 6.63%, 04/01/2033<sup>(c)</sup> | 8000 | 7802  |
| Orbia Advance Corp. SAB de CV, 5.50%, 01/15/2048<sup>(c)</sup> | 275000 | 205103  |
| Packaging Corp. of America, 4.05%, 12/15/2049 | 92000 | 74470  |
| Sealed Air Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/2032<sup>(c)</sup> | 30000 | 30845  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/15/2033<sup>(c)</sup> | 125000 | 128987  |
| Sherwin-Williams Co., 4.55%, 08/01/2045 | 6000 | 5253  |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/2033<sup>(c)</sup> | 16000 | 16142  |
| Vale SA, 5.63%, 09/11/2042 | 157000 | 159705  |
| Westlake Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/15/2035 | 150000 | 152005  |
| &nbsp;&nbsp;&nbsp; 6.38%, 11/15/2055 | 335000 | 335033  |
| Yamana Gold, Inc., 2.63%, 08/15/2031 | 464000 | 424053  |
|  |  | 3641339  |
| **Media & Entertainment — 0.6%**<br>|  |  |
| Alphabet, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 11/15/2030 | 390000 | 392636  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2032 | 125000 | 126425  |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/15/2033 | 100000 | 100659  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/15/2035 | 195000 | 197030  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2036 | 155000 | 157213  |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2045 | 210000 | 210509  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2055 | 440000 | 427526  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2055 | 445000 | 441540  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2056 | 255000 | 260467  |

---

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

25<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media & Entertainment — continued** | **Media & Entertainment — continued** | **Media & Entertainment — continued** |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2060 | $60000 | $31497  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 | 125000 | 118358  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/2075 | 325000 | 324252  |
| AMC Networks, Inc., 10.50%, 07/15/2032<sup>(c)</sup> | 7000 | 7159  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/15/2032 | 275000 | 278992  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 | 615000 | 607957  |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/15/2055 | 555000 | 543676  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 | 340000 | 330650  |
| Paramount Global, 6.88%, 04/30/2036 | 210000 | 190467  |
| Snap, Inc., 6.88%, 03/15/2034<sup>(c)</sup> | 10000 | 9951  |
| Take-Two Interactive Software, Inc., 4.95%, 03/28/2028 | 214000 | 217155  |
| TEGNA, Inc., 5.00%, 09/15/2029 | 15000 | 14958  |
| Versant Media Group, Inc., 7.25%, 01/30/2031<sup>(c)</sup> | 12000 | 12258  |
| Walt Disney Co., 3.80%, 05/13/2060 | 337000 | 249286  |
|  |  | 5250621  |
| **Medical Equipment & Devices Manufacturing — 0.0%<sup>(b)</sup>**<br>|  |  |
| Medline Borrower LP, 5.25%, 10/01/2029<sup>(c)</sup> | 12000 | 11977  |
| **Metals & Mining — 0.1%**<br>|  |  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/2030<sup>(c)</sup> | 105000 | 97147  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/06/2030<sup>(c)</sup> | 692000 | 749365  |
| Newmont Corp. / Newcrest Finance Pty Ltd., 5.35%, 03/15/2034 | 133000 | 140233  |
| Novelis Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030<sup>(c)</sup> | 5000 | 4837  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/2030<sup>(c)</sup> | 275000 | 283315  |
|  |  | 1274897  |
| **Oil & Gas Services & Equipment — 0.0%<sup>(b)</sup>**<br>|  |  |
| Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(c)</sup> | 11000 | 11426  |
| Archrock Services LP / Archrock Partners Finance Corp., 6.00%, 02/01/2034<sup>(c)</sup> | 6000 | 6063  |
| Enerflex, Inc., 6.88%, 01/15/2031<sup>(c)</sup> | 5000 | 5171  |
| Guara Norte Sarl, 5.20%, 06/15/2034<sup>(c)</sup> | 177533 | 174553  |
| Kodiak Gas Services LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2029<sup>(c)</sup> | 20000 | 20700  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/2035<sup>(c)</sup> | 5000 | 5214  |
| USA Compression Partners LP / USA Compression Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2029<sup>(c)</sup> | 18000 | 18562  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2033<sup>(c)</sup> | 5000 | 5075  |
|  |  | 246764  |

---

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

26<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — 0.1%**<br>|  |  |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(c)</sup> | $12000 | $12599  |
| Bayer US Finance II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 07/15/2034<sup>(c)</sup> | 113000 | 106856  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/30/2035<sup>(c)</sup> | 30000 | 30780  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/15/2044<sup>(c)</sup> | 100000 | 82195  |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026 | 11000 | 10899  |
| Utah Acquisition Sub, Inc., 3.95%, 06/15/2026 | 299000 | 297941  |
|  |  | 541270  |
| **Pharmaceuticals, Biotechnology & Life Sciences — 0.4%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | 1255000 | 1244168  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2036 | 145000 | 145452  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2056 | 275000 | 276238  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 08/15/2041 | 348000 | 260956  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2041 | 30000 | 29430  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/2043 | 60000 | 61201  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 | 22000 | 21921  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2063 | 376000 | 372042  |
| Eli Lilly & Co., 4.95%, 02/27/2063 | 147000 | 133912  |
| Johnson & Johnson, 3.40%, 01/15/2038 | 256000 | 227823  |
| Merck & Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 12/04/2032 | 265000 | 267980  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2046 | 205000 | 207026  |
| Pfizer, Inc., 4.30%, 06/15/2043 | 226000 | 201509  |
| Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050 | 76000 | 47166  |
| Viatris, Inc., 2.70%, 06/22/2030 | 631000 | 582868  |
|  |  | 4079692  |
| **Pipeline — 0.6%**<br>|  |  |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029<sup>(c)</sup> | 5000 | 5209  |
| Cameron LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/2035<sup>(c)</sup> | 298000 | 265345  |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/2038<sup>(c)</sup> | 688000 | 613079  |
| DCP Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 11/03/2036<sup>(c)</sup> | 838000 | 916576  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2037<sup>(c)</sup> | 348000 | 388193  |
| Eastern Energy Gas Holdings LLC, 6.20%, 01/15/2055 | 40000 | 42613  |
| El Paso Natural Gas Co. LLC, 3.50%, 02/15/2032<sup>(c)</sup> | 174000 | 164214  |

---

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

27<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pipeline — continued** | **Pipeline — continued** | **Pipeline — continued** |
| Enterprise Products Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/2035 | $200000 | $204449  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2046 | 346000 | 320252  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051 | 69000 | 51738  |
| Florida Gas Transmission Co. LLC, 2.55%, 07/01/2030<sup>(c)</sup> | 7000 | 6551  |
| Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/2028 | 235000 | 234907  |
| Harvest Midstream I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/01/2028<sup>(c)</sup> | 325000 | 328013  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/2032<sup>(c)</sup> | 7000 | 7252  |
| Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034<sup>(c)</sup> | 5000 | 5157  |
| Kinetik Holdings LP, 5.88%, 06/15/2030<sup>(c)</sup> | 14000 | 14159  |
| NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029<sup>(c)</sup> | 60000 | 62110  |
| NGPL PipeCo LLC, 4.88%, 08/15/2027<sup>(c)</sup> | 129000 | 129629  |
| Northern Natural Gas Co., 3.40%, 10/16/2051<sup>(c)</sup> | 88000 | 61129  |
| Rockies Express Pipeline LLC, 6.88%, 04/15/2040<sup>(c)</sup> | 210000 | 215887  |
| South Bow USA Infrastructure Holdings LLC, 6.18%, 10/01/2054<sup>(c)</sup> | 266000 | 260177  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(c)</sup> | 345000 | 348983  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 02/01/2031 | 243000 | 245573  |
| Texas Eastern Transmission LP, 3.50%, 01/15/2028<sup>(c)</sup> | 297000 | 293739  |
| Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030<sup>(c)</sup> | 12000 | 12369  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2030<sup>(c)</sup> | 115000 | 116431  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031<sup>(a)(c)</sup> | 260000 | 265760  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(c)</sup> | 40000 | 42301  |
| Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/2030<sup>(c)</sup> | 10000 | 10367  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/2034<sup>(c)</sup> | 17000 | 17813  |
|  |  | 5649975  |
| **Power Generation — 0.2%**<br>|  |  |
| Alpha Generation LLC, 6.75%, 10/15/2032<sup>(c)</sup> | 230000 | 238836  |
| Basin Electric Power Cooperative, 5.85%, 10/15/2055<sup>(c)</sup> | 165000 | 165790  |
| Clearway Energy Operating LLC, 3.75%, 01/15/2032<sup>(c)</sup> | 16000 | 14853  |
| Constellation Energy Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2039 | 178000 | 195362  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2066 | 390000 | 388613  |
| Long Ridge Energy LLC, 8.75%, 02/15/2032<sup>(c)</sup> | 11000 | 11783  |
| TerraForm Power Operating LLC, 4.75%, 01/15/2030<sup>(c)</sup> | 19000 | 18574  |

---

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

28<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Power Generation — continued** | **Power Generation — continued** | **Power Generation — continued** |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027<sup>(c)</sup> | $173000 | $171986  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029<sup>(c)</sup> | 115000 | 113544  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(c)</sup> | 155000 | 162728  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(c)</sup> | 115000 | 128672  |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(c)</sup> | 11000 | 11463  |
|  |  | 1622204  |
| **Property & Casualty Insurance — 0.2%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030<sup>(c)</sup> | 7000 | 7110  |
| Aon Corp. / Aon Global Holdings PLC, 5.35%, 02/28/2033 | 244000 | 254777  |
| Aon North America, Inc., 5.15%, 03/01/2029 | 421000 | 433166  |
| Asurion LLC and Asurion Co.-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 12/31/2032<sup>(c)</sup> | 9000 | 9437  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2034<sup>(c)</sup> | 11000 | 10926  |
| Berkshire Hathaway Finance Corp., 3.85%, 03/15/2052 | 348000 | 269983  |
|  Farmers Insurance Exchange, 4.75% to 11/01/2037 then 3 mo. LIBOR USD + 3.23%, 11/01/2057<sup>(c)(f)</sup> | 197000 | 167523  |
| HUB International Ltd., 7.25%, 06/15/2030<sup>(c)</sup> | 317000 | 326335  |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(c)</sup> | 22000 | 22342  |
| Willis North America, Inc., 4.55%, 03/15/2031 | 525000 | 525620  |
|  |  | 2027219  |
| **Publishing & Broadcasting — 0.0%<sup>(b)</sup>**<br>|  |  |
| Nexstar Media, Inc., 4.75%, 11/01/2028<sup>(c)</sup> | 6000 | 5959  |
| **Railroad — 0.0%<sup>(b)</sup>**<br>|  |  |
| Burlington Northern Santa Fe LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2043 | 109000 | 98570  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/01/2044 | 219000 | 197682  |
|  |  | 296252  |
| **Real Estate — 0.6%**<br>|  |  |
| Brixmor Operating Partnership LP, 5.50%, 02/15/2034 | 2000 | 2078  |
| CBRE Services, Inc., 4.90%, 01/15/2033 | 220000 | 222279  |
| COPT Defense Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2030 | 475000 | 476016  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/15/2031 | 361000 | 332828  |
| Digital Realty Trust LP, 5.55%, 01/15/2028 | 625000 | 643418  |
| Extra Space Storage LP, 4.95%, 01/15/2033 | 365000 | 370008  |
| Greystar Real Estate Partners LLC, 7.75%, 09/01/2030<sup>(c)</sup> | 9000 | 9410  |
| Kilroy Realty LP, 2.50%, 11/15/2032 | 261000 | 218426  |
| Kite Realty Group LP, 5.20%, 08/15/2032 | 360000 | 370407  |
| MPT Operating Partnership LP / MPT Finance Corp., 8.50%, 02/15/2032<sup>(c)</sup> | 11000 | 11752  |

---

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

29<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Real Estate — continued** | **Real Estate — continued** | **Real Estate — continued** |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2028<sup>(c)</sup> | $270000 | $269480  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030<sup>(c)</sup> | 5000 | 5168  |
| Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029<sup>(c)</sup> | 6000 | 6107  |
| Phillips Edison Grocery Center Operating Partnership I LP, 5.25%, 08/15/2032 | 215000 | 222083  |
| Prologis LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 03/15/2031 | 28000 | 24877  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2033 | 583000 | 595741  |
| Prologis Targeted US Logistics Fund LP, 4.75%, 01/15/2036<sup>(c)</sup> | 520000 | 514551  |
| Regency Centers LP, 4.65%, 03/15/2049 | 219000 | 194306  |
| RHP Hotel Properties LP / RHP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/2032<sup>(c)</sup> | 180000 | 185906  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2034<sup>(c)</sup> | 10000 | 10056  |
| RLJ Lodging Trust LP, 4.00%, 09/15/2029<sup>(c)</sup> | 8000 | 7640  |
| Simon Property Group LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/2040 | 227000 | 264191  |
| &nbsp;&nbsp;&nbsp; 5.85%, 03/08/2053 | 84000 | 87109  |
| Ventas Realty LP, 3.00%, 01/15/2030 | 195000 | 186550  |
| VICI Properties LP / VICI Note Co., Inc., 5.75%, 02/01/2027<sup>(c)</sup> | 183000 | 184255  |
| WEA Finance LLC / Westfield UK & Europe Finance PLC, 4.75%, 09/17/2044<sup>(c)</sup> | 200000 | 176483  |
| XHR LP, 4.88%, 06/01/2029<sup>(c)</sup> | 6000 | 5908  |
|  |  | 5597033  |
| **Refining & Marketing — 0.0%<sup>(b)</sup>**<br>|  |  |
| Motiva Enterprises LLC, 6.85%, 01/15/2040<sup>(c)</sup> | 36000 | 40068  |
| **Restaurants — 0.0%<sup>(b)</sup>**<br>|  |  |
|  BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., 9.50%, 07/01/2032<sup>(c)</sup> | 4000 | 3678  |
| Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029<sup>(c)</sup> | 4000 | 3532  |
|  |  | 7210  |
| **Retail - Consumer Discretionary — 0.1%**<br>|  |  |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/2032<sup>(c)</sup> | 250000 | 265757  |
| Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029<sup>(c)</sup> | 5000 | 5245  |
| Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(c)</sup> | 365000 | 380113  |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(c)</sup> | 3000 | 3095  |
|  |  | 654210  |
| **Retail - Consumer Staples — 0.0%<sup>(b)</sup>**<br>|  |  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029<sup>(c)</sup> | 10000 | 9795  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032<sup>(c)</sup> | 115000 | 117895  |
|  |  | 127690  |

---

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

30<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors - 0.2%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031<sup>(c)</sup> | $485000 | $505165  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/2035<sup>(c)</sup> | 220000 | 236517  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/25/2036<sup>(c)</sup> | 670000 | 716099  |
| &nbsp;&nbsp;&nbsp; 6.20%, 01/25/2037<sup>(c)</sup> | 345000 | 368968  |
|  |  | 1826749  |
| **Semiconductors & Semiconductor Equipment — 0.4%**<br>|  |  |
| Amkor Technology, Inc., 5.88%, 10/01/2033<sup>(c)</sup> | 6000 | 6115  |
| Applied Materials, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 | 255000 | 254671  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2036 | 145000 | 144049  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 | 325000 | 335483  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/15/2030 | 560000 | 567112  |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/15/2030 | 275000 | 280531  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 | 265000 | 276854  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/05/2029 | 395000 | 393299  |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/01/2041 | 395000 | 356039  |
| &nbsp;&nbsp;&nbsp; 3.73%, 12/08/2047 | 150000 | 108423  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2049 | 220000 | 143951  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/25/2050 | 155000 | 129267  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/05/2052 | 90000 | 75822  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/21/2054<sup>(a)</sup> | 695000 | 656808  |
| Micron Technology, Inc., 5.88%, 09/15/2033 | 38000 | 40790  |
| Qnity Electronics, Inc., 5.75%, 08/15/2032<sup>(c)</sup> | 5000 | 5109  |
|  |  | 3774323  |
| **Software & Services — 1.0%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/2029 | 380000 | 387169  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/2031 | 157000 | 161458  |
| Cloud Software Group, Inc., 8.25%, 06/30/2032<sup>(c)</sup> | 213000 | 212827  |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(c)</sup> | 185000 | 180646  |
| Gartner, Inc., 4.95%, 03/20/2031 | 517000 | 510000  |
| Genpact Luxembourg SARL/Genpact USA, Inc., 1.75%, 04/10/2026 | 611000 | 609107  |
| International Business Machines Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/30/2039 | 588000 | 612423  |
| &nbsp;&nbsp;&nbsp; 2.85%, 05/15/2040 | 365000 | 275631  |
| &nbsp;&nbsp;&nbsp; 4.90%, 07/27/2052 | 808000 | 714312  |
| Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 292000 | 247492  |

---

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

31<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software & Services — continued** | **Software & Services — continued** | **Software & Services — continued** |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 | $265000 | $253433  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/04/2031 | 30000 | 29873  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 | 400000 | 390029  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 | 15000 | 15804  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/04/2033 | 50000 | 50058  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 | 265000 | 255538  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/04/2036 | 50000 | 49922  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/27/2054 | 285000 | 230636  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/03/2055 | 560000 | 493624  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 | 1755000 | 1545523  |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/04/2056 | 725000 | 703520  |
| &nbsp;&nbsp;&nbsp; 6.85%, 02/04/2066 | 110000 | 105187  |
| Synopsys, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 04/01/2035 | 980000 | 1004078  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2055 | 180000 | 179573  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(c)</sup> | 150000 | 145263  |
|  |  | 9363126  |
| **Supermarkets & Pharmacies — 0.1%**<br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 03/31/2034<sup>(c)</sup> | 15000 | 14907  |
| Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033<sup>(c)</sup> | 920000 | 1089919  |
|  |  | 1104826  |
| **Supranationals — 0.2%**<br>|  |  |
| African Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/03/2031 | 385000 | 385229  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/22/2036 | 225000 | 226523  |
| Asian Infrastructure Investment Bank, 4.13%, 01/14/2036 | 135000 | 136509  |
| Corp. Andina de Fomento, 4.63%, 01/15/2036 | 300000 | 304428  |
| Inter-American Development Bank, 4.13%, 01/23/2036 | 200000 | 201354  |
| Nordic Investment Bank, 3.75%, 01/23/2031 | 825000 | 832679  |
|  |  | 2086722  |
| **Technology Hardware & Equipment — 0.3%**<br>|  |  |
| Amphenol Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 02/15/2033 | 485000 | 485119  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/15/2055 | 200000 | 193367  |
| Avnet, Inc., 6.25%, 03/15/2028 | 305000 | 315733  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 700000 | 708528  |
| Jabil, Inc., 5.45%, 02/01/2029 | 107000 | 110601  |
| Juniper Networks, Inc., 2.00%, 12/10/2030 | 549000 | 493316  |
| TTM Technologies, Inc., 4.00%, 03/01/2029<sup>(c)</sup> | 21000 | 20347  |

---

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

32<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** | **Technology Hardware & Equipment — continued** |
| Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(c)</sup> | $11000 | $10435  |
| Vontier Corp., 2.40%, 04/01/2028 | 374000 | 360402  |
|  |  | 2697848  |
| **Telecommunication Services — 0.3%**<br>|  |  |
| America Movil SAB de CV, 4.70%, 07/21/2032 | 277000 | 281139  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 02/01/2028 | 349000 | 334020  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2041 | 367000 | 398806  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2042 | 244000 | 234673  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051 | 255000 | 182446  |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055<sup>(a)</sup> | 702000 | 475804  |
| Comcast Corp., 3.30%, 02/01/2027 | 100000 | 99374  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, 09/21/2028 | 390000 | 393259  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2033 | 460000 | 465478  |
| &nbsp;&nbsp;&nbsp; 4.67%, 03/15/2055 | 44000 | 37216  |
| Zayo Group Holdings, Inc., 9.25% (or .50% PIK), 03/09/2030<sup>(c)</sup> | 197623 | 192371  |
|  |  | 3094586  |
| **Tobacco — 0.1%**<br>|  |  |
| BAT Capital Corp., 7.08%, 08/02/2053 | 318000 | 363890  |
| Imperial Brands Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2030<sup>(c)</sup> | 370000 | 385778  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/01/2055<sup>(c)</sup> | 268000 | 278123  |
|  |  | 1027791  |
| **Transportation — 0.3%**<br>|  |  |
| CSX Corp., 6.22%, 04/30/2040 | 121000 | 134422  |
| DP World Ltd./United Arab Emirates, 6.85%, 07/02/2037<sup>(c)</sup> | 119000 | 133540  |
| FedEx Corp., 4.05%, 02/15/2048 | 147000 | 116398  |
| GXO Logistics, Inc., 1.65%, 07/15/2026 | 711000 | 703436  |
| Latam Airlines Group SA, 7.63%, 01/07/2031<sup>(c)</sup> | 12000 | 12565  |
| Southwest Airlines Co., 4.38%, 11/15/2028 | 440000 | 442772  |
| Uber Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/15/2035 | 250000 | 248361  |
| &nbsp;&nbsp;&nbsp; 5.35%, 09/15/2054<sup>(a)</sup> | 95000 | 90421  |
| Union Pacific Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/09/2052 | 327000 | 304246  |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/20/2063 | 40000 | 37206  |
| United Airlines Holdings, Inc., 5.38%, 03/01/2031 | 12000 | 12219  |
| United Parcel Service, Inc., 3.40%, 11/15/2046 | 105000 | 79291  |
| XPO, Inc., 7.13%, 02/01/2032<sup>(c)</sup> | 165000 | 172637  |
|  |  | 2487514  |

---

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

33<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Transportation & Logistics — 0.2%**<br>|  |  |
| Daimler Truck Finance North America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 12/14/2028<sup>(c)</sup> | $458000 | $437525  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/20/2033<sup>(c)</sup> | 230000 | 241144  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/18/2034<sup>(c)</sup> | 342000 | 353897  |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(c)</sup> | 12000 | 12497  |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/2032<sup>(c)</sup> | 6000 | 6355  |
| TTX Co., 4.60%, 02/01/2049<sup>(c)</sup> | 358000 | 321489  |
|  |  | 1372907  |
| **Travel & Lodging — 0.0%<sup>(b)</sup>**<br>|  |  |
| Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033<sup>(c)</sup> | 7000 | 6775  |
| Viking Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(c)</sup> | 125000 | 124961  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2033<sup>(c)</sup> | 7000 | 7127  |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029<sup>(c)</sup> | 115000 | 115018  |
|  |  | 253881  |
| **Utilities — 1.8%**<br>|  |  |
| American Transmission Systems, Inc., 5.00%, 09/01/2044<sup>(c)</sup> | 108000 | 102084  |
| Appalachian Power Co., 5.65%, 04/01/2034 | 113000 | 119040  |
| Arizona Public Service Co., 2.95%, 09/15/2027 | 92000 | 90478  |
| Boston Gas Co., 6.12%, 07/20/2053<sup>(c)</sup> | 19000 | 19478  |
| Brooklyn Union Gas Co., 6.39%, 09/15/2033<sup>(c)</sup> | 548000 | 595429  |
| CenterPoint Energy Houston Electric LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/01/2033 | 249000 | 254893  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2053 | 122000 | 118439  |
| CenterPoint Energy Resources Corp., 4.10%, 09/01/2047 | 76000 | 61589  |
| Consolidated Edison Co. of New York, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/15/2046 | 208000 | 166006  |
| &nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051 | 635000 | 429242  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 220000 | 226305  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2035 | 280000 | 288696  |
| DTE Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/01/2046 | 400000 | 315711  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/01/2052 | 19000 | 14322  |
| DTE Energy Co., 5.20%, 04/01/2030 | 205000 | 212693  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/15/2029 | 590000 | 580530  |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/15/2049 | 211000 | 168240  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2055 | 445000 | 435539  |
| Duke Energy Indiana LLC, 5.40%, 04/01/2053 | 113000 | 109181  |
| Electricite de France SA, 5.25%, 10/13/2055<sup>(c)</sup> | 209000 | 193336  |

---

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

34<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Utilities — continued** | **Utilities — continued** | **Utilities — continued** |
| Enel Finance International NV, 6.80%, 09/15/2037<sup>(c)</sup> | $100000 | $113762  |
| Engie SA, 5.25%, 04/10/2029<sup>(c)</sup> | 311000 | 322165  |
| Entergy Corp., 2.40%, 06/15/2031 | 305000 | 276439  |
| Evergy Kansas Central, Inc., 5.70%, 03/15/2053 | 62000 | 63103  |
| Evergy Metro, Inc., 4.95%, 04/15/2033 | 60000 | 61457  |
| Exelon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 04/15/2030 | 140000 | 139291  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/2053 | 139000 | 134685  |
| FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028<sup>(c)</sup> | 349000 | 356217  |
| Florida Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.96%, 04/01/2039 | 244000 | 267353  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/01/2048 | 226000 | 187625  |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(c)</sup> | 3000 | 3052  |
| Indiana Michigan Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2047 | 361000 | 280365  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2048 | 348000 | 287372  |
| Interstate Power and Light Co., 5.70%, 10/15/2033 | 140000 | 148669  |
| IPALCO Enterprises, Inc., 5.75%, 04/01/2034 | 165000 | 170091  |
| Jersey Central Power & Light Co., 5.10%, 01/15/2035 | 120000 | 122981  |
| MidAmerican Energy Co., 5.75%, 11/01/2035 | 474000 | 512639  |
| Narragansett Electric Co., 5.35%, 05/01/2034<sup>(c)</sup> | 132000 | 136774  |
| National Fuel Gas Co., 5.50%, 10/01/2026 | 77000 | 77426  |
| New England Power Co., 2.81%, 10/06/2050<sup>(c)</sup> | 70000 | 43822  |
| New York State Electric & Gas Corp., 5.85%, 08/15/2033<sup>(c)</sup> | 20000 | 21424  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/28/2028 | 265000 | 269198  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 | 740000 | 686947  |
| &nbsp;&nbsp;&nbsp; 5.11%, 09/29/2057<sup>(c)</sup> | 446000 | 404033  |
| Northern States Power Co./MN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/2050 | 156000 | 104248  |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/15/2053 | 110000 | 103134  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 10/15/2030<sup>(c)</sup> | 150000 | 151117  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031<sup>(c)</sup> | 6000 | 5652  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033<sup>(c)</sup> | 430000 | 439530  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034<sup>(c)</sup> | 9000 | 9111  |
| &nbsp;&nbsp;&nbsp; 5.41%, 10/15/2035<sup>(c)</sup> | 105000 | 105915  |
| Oglethorpe Power Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/01/2040 | 34000 | 34449  |
| &nbsp;&nbsp;&nbsp; 4.55%, 06/01/2044 | 27000 | 23130  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2047 | 9000 | 7655  |

---

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

35<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Utilities — continued** | **Utilities — continued** | **Utilities — continued** |
| Ohio Power Co., 2.90%, 10/01/2051 | $186000 | $117310  |
| Pacific Gas and Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050 | 240714 | 208015  |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/2055 | 210000 | 210075  |
| PECO Energy Co., 4.60%, 05/15/2052 | 73000 | 63475  |
| PG&E Recovery Funding LLC, 5.23%, 06/01/2042 | 955000 | 985589  |
| Piedmont Natural Gas Co., Inc., 3.64%, 11/01/2046 | 64000 | 49155  |
| Pinnacle West Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2028 | 276000 | 280771  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 | 160000 | 165479  |
| Public Service Co. of Colorado<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/01/2050 | 105000 | 72319  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053 | 104000 | 97941  |
| Public Service Electric and Gas Co., 5.13%, 03/15/2053 | 117000 | 110899  |
| Public Service Enterprise Group, Inc., 4.90%, 03/15/2030 | 135000 | 138691  |
| Puget Sound Energy, Inc., 4.43%, 11/15/2041 | 70000 | 63187  |
| Rochester Gas and Electric Corp., 3.10%, 06/01/2027<sup>(c)</sup> | 698000 | 692032  |
| San Diego Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/01/2047 | 210000 | 163270  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2053 | 140000 | 133065  |
| Sempra, 5.50%, 08/01/2033 | 265000 | 278929  |
| Southern California Edison Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/2031 | 110000 | 100337  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 | 129000 | 116839  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051 | 140000 | 98439  |
| Southern Co., 5.70%, 03/15/2034 | 250000 | 265328  |
| Southern Co. Gas Capital Corp., 1.75%, 01/15/2031 | 315000 | 281068  |
| Southern Power Co., 4.25%, 10/01/2030 | 235000 | 235691  |
| SP PowerAssets Ltd., 3.00%, 09/26/2027<sup>(c)</sup> | 605000 | 599220  |
| Spire, Inc., 4.70%, 08/15/2044 | 187000 | 164297  |
| Talen Energy Supply LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/2030<sup>(c)</sup> | 8000 | 8422  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2034<sup>(c)</sup> | 15000 | 15235  |
| TransAlta Corp., 5.88%, 02/01/2034 | 22000 | 22095  |
| Union Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 03/15/2032 | 241000 | 214191  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2034 | 131000 | 136459  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2053 | 60000 | 59012  |

---

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

36<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Utilities — continued** | **Utilities — continued** | **Utilities — continued** |
| Virginia Electric and Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036 | $95000 | $102408  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2053 | 164000 | 157487  |
|  |  | 16978792  |
| **Wireless Telecommunications Services — 0.2%**<br>|  |  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2027 | 428000 | 426387  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 | 347000 | 339930  |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/15/2031 | 335000 | 309401  |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/15/2031 | 413000 | 386930  |
|  |  | 1462648  |
| **Wireline Telecommunications Services — 0.0%<sup>(b)</sup>**<br>|  |  |
| Black Pearl Compute LLC, 6.13%, 02/15/2031<sup>(c)</sup> | 5000 | 5111  |
| British Telecommunications PLC, 4.25%, 11/08/2049<sup>(c)</sup> | 204000 | 170320  |
| Cipher Compute LLC, 7.13%, 11/15/2030<sup>(c)</sup> | 8000 | 8328  |
| Level 3 Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(c)</sup> | 15000 | 15566  |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/2036<sup>(c)</sup> | 5000 | 5198  |
| NTT Finance Corp., 2.07%, 04/03/2031<sup>(c)</sup> | 209000 | 187664  |
| SV RNO Property Owner 1 LLC, 5.88%, 03/01/2031<sup>(c)</sup> | 20000 | 20053  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(c)</sup> | 18000 | 18917  |
| WULF Compute LLC, 7.75%, 10/15/2030<sup>(c)</sup> | 13000 | 13743  |
|  |  | 444900  |
| **TOTAL CORPORATE BONDS (Cost $192,468,459)** | **TOTAL CORPORATE BONDS (Cost $192,468,459)** | **195797965**  |
| **Agency Commercial Mortgage Backed Securities — 8.0%** | **Agency Commercial Mortgage Backed Securities — 8.0%** | **Agency Commercial Mortgage Backed Securities — 8.0%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.90%, 10/13/2027 | 38000 | 36357  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/14/2029<sup>(g)</sup> | 353000 | 307935  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/17/2029<sup>(g)</sup> | 535000 | 468655  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2038<sup>(g)</sup> | 2042000 | 1170306  |
| &nbsp;&nbsp;&nbsp; Pool QF7085, 5.50%, 02/01/2053 | 54110 | 55107  |
| &nbsp;&nbsp;&nbsp; Pool RA3661, 2.50%, 10/01/2050 | 97925 | 85864  |
| &nbsp;&nbsp;&nbsp; Pool RA5794, 4.00%, 09/01/2051 | 30064 | 29216  |
| &nbsp;&nbsp;&nbsp; Pool RA6614, 2.50%, 01/01/2052 | 270526 | 236284  |
| &nbsp;&nbsp;&nbsp; Pool RA6815, 2.50%, 02/01/2052 | 217447 | 190625  |
| &nbsp;&nbsp;&nbsp; Pool RA9475, 5.00%, 07/01/2053 | 173321 | 174400  |
| &nbsp;&nbsp;&nbsp; Pool RJ1854, 5.00%, 06/01/2054 | 135321 | 136479  |
| &nbsp;&nbsp;&nbsp; Pool RQ0025, 4.50%, 07/01/2055 | 1658332 | 1641802  |
| &nbsp;&nbsp;&nbsp; Pool RQ0048, 5.00%, 09/01/2055 | 82679 | 82942  |

---

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

37<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Pool RQ0076, 5.50%, 12/01/2055 | $355251 | $361350  |
| &nbsp;&nbsp;&nbsp; Pool RQ0085, 5.50%, 01/01/2056 | 2308574 | 2348149  |
| &nbsp;&nbsp;&nbsp; Pool SD0781, 3.00%, 11/01/2051 | 62857 | 57249  |
| &nbsp;&nbsp;&nbsp; Pool SD1377, 3.50%, 07/01/2052 | 350916 | 332869  |
| &nbsp;&nbsp;&nbsp; Pool SD1505, 4.50%, 08/01/2052 | 72511 | 72416  |
| &nbsp;&nbsp;&nbsp; Pool SD2862, 6.00%, 05/01/2053 | 16566 | 17088  |
| &nbsp;&nbsp;&nbsp; Pool SD3218, 5.00%, 05/01/2053 | 19758 | 19977  |
| &nbsp;&nbsp;&nbsp; Pool SD3611, 3.00%, 03/01/2052 | 19465 | 17675  |
| &nbsp;&nbsp;&nbsp; Pool SD3770, 2.50%, 03/01/2052 | 231602 | 203954  |
| &nbsp;&nbsp;&nbsp; Pool SD3977, 5.00%, 04/01/2053 | 691533 | 698752  |
| &nbsp;&nbsp;&nbsp; Pool SD3983, 5.50%, 09/01/2053 | 20985 | 21470  |
| &nbsp;&nbsp;&nbsp; Pool SD4428, 2.50%, 05/01/2052 | 20614 | 18085  |
| &nbsp;&nbsp;&nbsp; Pool SD4553, 3.00%, 09/01/2053 | 579875 | 525698  |
| &nbsp;&nbsp;&nbsp; Pool SD4835, 2.50%, 02/01/2051 | 453799 | 397143  |
| &nbsp;&nbsp;&nbsp; Pool SD4977, 5.00%, 11/01/2053 | 1130399 | 1138130  |
| &nbsp;&nbsp;&nbsp; Pool SD4997, 5.00%, 10/01/2053 | 1506995 | 1521800  |
| &nbsp;&nbsp;&nbsp; Pool SD5314, 3.00%, 01/01/2053 | 113726 | 102736  |
| &nbsp;&nbsp;&nbsp; Pool SD6592, 5.00%, 10/01/2054 | 344807 | 346762  |
| &nbsp;&nbsp;&nbsp; Pool SD6686, 6.00%, 10/01/2054 | 160572 | 164693  |
| &nbsp;&nbsp;&nbsp; Pool SD6706, 4.50%, 01/01/2054 | 113868 | 112714  |
| &nbsp;&nbsp;&nbsp; Pool SD7190, 5.00%, 12/01/2054 | 1005874 | 1011604  |
| &nbsp;&nbsp;&nbsp; Pool SD7380, 5.00%, 01/01/2055 | 65639 | 65847  |
| &nbsp;&nbsp;&nbsp; Pool SD8114, 2.50%, 12/01/2050 | 884189 | 774310  |
| &nbsp;&nbsp;&nbsp; Pool SD8135, 2.50%, 03/01/2051 | 24725 | 21608  |
| &nbsp;&nbsp;&nbsp; Pool SD8150, 2.00%, 06/01/2051 | 543990 | 454013  |
| &nbsp;&nbsp;&nbsp; Pool SD8157, 3.00%, 07/01/2051 | 164253 | 149042  |
| &nbsp;&nbsp;&nbsp; Pool SD8167, 2.50%, 09/01/2051 | 77347 | 67142  |
| &nbsp;&nbsp;&nbsp; Pool SD8189, 2.50%, 01/01/2052 | 199970 | 174162  |
| &nbsp;&nbsp;&nbsp; Pool SD8214, 3.50%, 05/01/2052 | 538537 | 508422  |
| &nbsp;&nbsp;&nbsp; Pool SD8215, 4.00%, 05/01/2052 | 188258 | 182705  |
| &nbsp;&nbsp;&nbsp; Pool SD8222, 4.00%, 06/01/2052 | 75565 | 73385  |
| &nbsp;&nbsp;&nbsp; Pool SD8225, 3.00%, 07/01/2052 | 195864 | 177172  |
| &nbsp;&nbsp;&nbsp; Pool SD8227, 4.00%, 07/01/2052 | 884208 | 860853  |
| &nbsp;&nbsp;&nbsp; Pool SD8234, 2.50%, 08/01/2052 | 1360685 | 1186351  |
| &nbsp;&nbsp;&nbsp; Pool SD8242, 3.00%, 09/01/2052 | 206039 | 186376  |
| &nbsp;&nbsp;&nbsp; Pool SD8244, 4.00%, 09/01/2052 | 457500 | 444004  |
| &nbsp;&nbsp;&nbsp; Pool SD8245, 4.50%, 09/01/2052 | 77611 | 76981  |
| &nbsp;&nbsp;&nbsp; Pool SD8256, 4.00%, 10/01/2052 | 129875 | 126187  |
| &nbsp;&nbsp;&nbsp; Pool SD8258, 5.00%, 10/01/2052 | 159023 | 160306  |
| &nbsp;&nbsp;&nbsp; Pool SD8265, 4.00%, 11/01/2052 | 600998 | 583632  |
| &nbsp;&nbsp;&nbsp; Pool SD8288, 5.00%, 01/01/2053 | 19664 | 19814  |
| &nbsp;&nbsp;&nbsp; Pool SD8315, 5.00%, 04/01/2053 | 160351 | 161499  |

---

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

38<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Pool SD8316, 5.50%, 04/01/2053 | $286061 | $291919  |
| &nbsp;&nbsp;&nbsp; Pool SD8324, 5.50%, 05/01/2053 | 555763 | 567017  |
| &nbsp;&nbsp;&nbsp; Pool SD8325, 6.00%, 05/01/2053 | 85700 | 88325  |
| &nbsp;&nbsp;&nbsp; Pool SD8331, 5.50%, 06/01/2053 | 779402 | 795185  |
| &nbsp;&nbsp;&nbsp; Pool SD8342, 5.50%, 07/01/2053 | 877155 | 892810  |
| &nbsp;&nbsp;&nbsp; Pool SD8360, 4.50%, 09/01/2053 | 112577 | 111350  |
| &nbsp;&nbsp;&nbsp; Pool SD8363, 6.00%, 09/01/2053 | 233274 | 239956  |
| &nbsp;&nbsp;&nbsp; Pool SD8368, 6.00%, 10/01/2053 | 87674 | 90024  |
| &nbsp;&nbsp;&nbsp; Pool SD8373, 6.00%, 11/01/2053 | 19492 | 19986  |
| &nbsp;&nbsp;&nbsp; Pool SD8382, 5.00%, 12/01/2053 | 305687 | 307984  |
| &nbsp;&nbsp;&nbsp; Pool SD8383, 5.50%, 12/01/2053 | 74281 | 75477  |
| &nbsp;&nbsp;&nbsp; Pool SD8397, 6.50%, 01/01/2054 | 25619 | 26549  |
| &nbsp;&nbsp;&nbsp; Pool SD8401, 5.50%, 02/01/2054 | 143652 | 145899  |
| &nbsp;&nbsp;&nbsp; Pool SD8402, 6.00%, 02/01/2054 | 98615 | 101081  |
| &nbsp;&nbsp;&nbsp; Pool SD8406, 4.00%, 01/01/2054 | 83837 | 81398  |
| &nbsp;&nbsp;&nbsp; Pool SD8417, 4.50%, 03/01/2054 | 52695 | 52104  |
| &nbsp;&nbsp;&nbsp; Pool SD8420, 5.50%, 04/01/2054 | 124074 | 125959  |
| &nbsp;&nbsp;&nbsp; Pool SD8432, 6.00%, 05/01/2054 | 159957 | 163767  |
| &nbsp;&nbsp;&nbsp; Pool SD8438, 5.50%, 06/01/2054 | 31239 | 31711  |
| &nbsp;&nbsp;&nbsp; Pool SD8446, 5.50%, 07/01/2054 | 232350 | 235843  |
| &nbsp;&nbsp;&nbsp; Pool SD8447, 6.00%, 07/01/2054 | 117505 | 120378  |
| &nbsp;&nbsp;&nbsp; Pool SD8463, 6.00%, 09/01/2054 | 47772 | 48945  |
| &nbsp;&nbsp;&nbsp; Pool SD8469, 5.50%, 10/01/2054 | 388046 | 394788  |
| &nbsp;&nbsp;&nbsp; Pool SD8470, 6.00%, 10/01/2054 | 141721 | 145143  |
| &nbsp;&nbsp;&nbsp; Pool SD8475, 5.50%, 11/01/2054 | 457662 | 465567  |
| &nbsp;&nbsp;&nbsp; Pool SD8491, 5.00%, 12/01/2054 | 235574 | 236401  |
| &nbsp;&nbsp;&nbsp; Pool SD8492, 5.00%, 01/01/2055 | 64416 | 64641  |
| &nbsp;&nbsp;&nbsp; Pool SD8494, 5.50%, 01/01/2055 | 84214 | 85446  |
| &nbsp;&nbsp;&nbsp; Pool SD8507, 6.00%, 02/01/2055 | 118312 | 121130  |
| &nbsp;&nbsp;&nbsp; Pool SD8508, 6.50%, 02/01/2055 | 31749 | 32902  |
| &nbsp;&nbsp;&nbsp; Pool SD8533, 5.50%, 05/01/2055 | 266145 | 270729  |
| &nbsp;&nbsp;&nbsp; Pool SL0107, 4.50%, 05/01/2053 | 343743 | 341698  |
| &nbsp;&nbsp;&nbsp; Pool SL0336, 6.00%, 08/01/2054 | 55332 | 56697  |
| &nbsp;&nbsp;&nbsp; Pool SL0628, 6.00%, 04/01/2055 | 179960 | 184346  |
| &nbsp;&nbsp;&nbsp; Pool SL0707, 3.50%, 08/01/2053 | 167149 | 157341  |
| &nbsp;&nbsp;&nbsp; Pool SL0875, 6.00%, 04/01/2055 | 256827 | 263908  |
| &nbsp;&nbsp;&nbsp; Pool SL1194, 6.00%, 05/01/2055 | 122003 | 124925  |
| &nbsp;&nbsp;&nbsp; Pool SL1338, 6.00%, 06/01/2055 | 120172 | 123035  |
| &nbsp;&nbsp;&nbsp; Pool SL3124, 6.00%, 09/01/2055 | 48416 | 49639  |
| &nbsp;&nbsp;&nbsp; Series K140, Class A2, 2.25%, 01/25/2032 | 230000 | 209826  |
| &nbsp;&nbsp;&nbsp; Series K-171, Class A2, 4.40%, 06/25/2035<sup>(e)</sup> | 448000 | 454501  |

---

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

39<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BT6823, 2.50%, 10/01/2051 | $153038 | $133391  |
| &nbsp;&nbsp;&nbsp; Pool BT9030, 2.00%, 08/01/2051 | 23552 | 19561  |
| &nbsp;&nbsp;&nbsp; Pool BX5065, 5.50%, 01/01/2053 | 19536 | 19875  |
| &nbsp;&nbsp;&nbsp; Pool CA5354, 3.50%, 03/01/2050 | 40953 | 38697  |
| &nbsp;&nbsp;&nbsp; Pool CA6435, 3.50%, 07/01/2050 | 821548 | 775153  |
| &nbsp;&nbsp;&nbsp; Pool CA8026, 2.50%, 12/01/2050 | 1195244 | 1041516  |
| &nbsp;&nbsp;&nbsp; Pool CB1066, 2.50%, 07/01/2051 | 247991 | 216179  |
| &nbsp;&nbsp;&nbsp; Pool CB1149, 3.00%, 07/01/2051 | 223476 | 202642  |
| &nbsp;&nbsp;&nbsp; Pool CB1332, 2.50%, 08/01/2051 | 181034 | 157417  |
| &nbsp;&nbsp;&nbsp; Pool CB3600, 3.50%, 05/01/2052 | 145292 | 137398  |
| &nbsp;&nbsp;&nbsp; Pool CB4020, 4.00%, 07/01/2052 | 31784 | 30875  |
| &nbsp;&nbsp;&nbsp; Pool CB4121, 4.00%, 07/01/2052 | 110359 | 107176  |
| &nbsp;&nbsp;&nbsp; Pool CB4852, 4.50%, 10/01/2052 | 230937 | 228871  |
| &nbsp;&nbsp;&nbsp; Pool CB5384, 4.50%, 12/01/2052 | 121753 | 120638  |
| &nbsp;&nbsp;&nbsp; Pool CB5906, 5.50%, 03/01/2053 | 18727 | 19084  |
| &nbsp;&nbsp;&nbsp; Pool CB6031, 5.00%, 04/01/2053 | 42636 | 43047  |
| &nbsp;&nbsp;&nbsp; Pool CB6201, 6.00%, 05/01/2053 | 37512 | 38673  |
| &nbsp;&nbsp;&nbsp; Pool CB6308, 4.50%, 05/01/2053 | 794655 | 791606  |
| &nbsp;&nbsp;&nbsp; Pool CB6475, 5.00%, 06/01/2053 | 744282 | 752061  |
| &nbsp;&nbsp;&nbsp; Pool CB6619, 5.50%, 06/01/2053 | 53175 | 54134  |
| &nbsp;&nbsp;&nbsp; Pool CB7867, 6.50%, 01/01/2054 | 87207 | 90479  |
| &nbsp;&nbsp;&nbsp; Pool CB9207, 5.00%, 09/01/2054 | 323859 | 326268  |
| &nbsp;&nbsp;&nbsp; Pool DC3150, 5.00%, 10/01/2054 | 272554 | 274153  |
| &nbsp;&nbsp;&nbsp; Pool FA1099, 3.00%, 07/01/2052 | 355659 | 322571  |
| &nbsp;&nbsp;&nbsp; Pool FA1164, 5.00%, 03/01/2055 | 285750 | 287378  |
| &nbsp;&nbsp;&nbsp; Pool FA1382, 4.00%, 02/01/2053 | 337569 | 328763  |
| &nbsp;&nbsp;&nbsp; Pool FA1633, 5.50%, 12/01/2054 | 846766 | 861737  |
| &nbsp;&nbsp;&nbsp; Pool FA1959, 5.50%, 06/01/2055 | 721420 | 733826  |
| &nbsp;&nbsp;&nbsp; Pool FA3865, 5.00%, 11/01/2055 | 113002 | 113399  |
| &nbsp;&nbsp;&nbsp; Pool FM9540, 2.00%, 11/01/2051 | 215247 | 180402  |
| &nbsp;&nbsp;&nbsp; Pool FS0176, 2.50%, 01/01/2052 | 341778 | 299758  |
| &nbsp;&nbsp;&nbsp; Pool FS0288, 2.00%, 01/01/2052 | 72504 | 60742  |
| &nbsp;&nbsp;&nbsp; Pool FS0631, 3.00%, 02/01/2052 | 27331 | 24744  |
| &nbsp;&nbsp;&nbsp; Pool FS2321, 2.50%, 02/01/2052 | 428395 | 374644  |
| &nbsp;&nbsp;&nbsp; Pool FS2512, 3.50%, 07/01/2052 | 274198 | 260530  |
| &nbsp;&nbsp;&nbsp; Pool FS2805, 2.50%, 09/01/2052 | 1003045 | 874575  |
| &nbsp;&nbsp;&nbsp; Pool FS3251, 6.00%, 11/01/2052 | 49149 | 51044  |
| &nbsp;&nbsp;&nbsp; Pool FS3497, 3.50%, 08/01/2052 | 185049 | 174274  |
| &nbsp;&nbsp;&nbsp; Pool FS3569, 3.00%, 02/01/2052 | 163262 | 147766  |
| &nbsp;&nbsp;&nbsp; Pool FS4035, 5.00%, 03/01/2053 | 596369 | 604183  |
| &nbsp;&nbsp;&nbsp; Pool FS4110, 2.50%, 03/01/2052 | 47763 | 41651  |

---

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

40<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Pool FS4377, 3.00%, 04/01/2052 | $1386898 | $1256619  |
| &nbsp;&nbsp;&nbsp; Pool FS4874, 5.50%, 06/01/2053 | 18461 | 18961  |
| &nbsp;&nbsp;&nbsp; Pool FS5235, 5.50%, 07/01/2053 | 168732 | 172747  |
| &nbsp;&nbsp;&nbsp; Pool FS5846, 2.50%, 09/01/2052 | 70536 | 61230  |
| &nbsp;&nbsp;&nbsp; Pool FS6288, 5.50%, 10/01/2053 | 20485 | 21038  |
| &nbsp;&nbsp;&nbsp; Pool FS6633, 3.00%, 06/01/2052 | 400946 | 363375  |
| &nbsp;&nbsp;&nbsp; Pool FS6668, 5.50%, 12/01/2053 | 536909 | 546940  |
| &nbsp;&nbsp;&nbsp; Pool FS6838, 5.50%, 11/01/2053 | 51792 | 52660  |
| &nbsp;&nbsp;&nbsp; Pool FS6866, 5.00%, 10/01/2053 | 273986 | 276382  |
| &nbsp;&nbsp;&nbsp; Pool FS7252, 5.00%, 11/01/2053 | 148165 | 149178  |
| &nbsp;&nbsp;&nbsp; Pool FS7278, 5.00%, 11/01/2053 | 52508 | 52851  |
| &nbsp;&nbsp;&nbsp; Pool FS9853, 5.50%, 11/01/2054 | 423581 | 433294  |
| &nbsp;&nbsp;&nbsp; Pool MA4078, 2.50%, 07/01/2050 | 211491 | 185051  |
| &nbsp;&nbsp;&nbsp; Pool MA4211, 3.00%, 12/01/2050 | 21577 | 19652  |
| &nbsp;&nbsp;&nbsp; Pool MA4305, 2.00%, 04/01/2051 | 175366 | 146159  |
| &nbsp;&nbsp;&nbsp; Pool MA4548, 2.50%, 02/01/2052 | 116624 | 101536  |
| &nbsp;&nbsp;&nbsp; Pool MA4565, 3.50%, 03/01/2052 | 30123 | 28440  |
| &nbsp;&nbsp;&nbsp; Pool MA4580, 3.50%, 04/01/2052 | 282723 | 266928  |
| &nbsp;&nbsp;&nbsp; Pool MA4599, 3.00%, 05/01/2052 | 118790 | 107469  |
| &nbsp;&nbsp;&nbsp; Pool MA4600, 3.50%, 05/01/2052 | 2558549 | 2409436  |
| &nbsp;&nbsp;&nbsp; Pool MA4622, 2.00%, 06/01/2052 | 45853 | 38045  |
| &nbsp;&nbsp;&nbsp; Pool MA4624, 3.00%, 06/01/2052 | 193601 | 175370  |
| &nbsp;&nbsp;&nbsp; Pool MA4626, 4.00%, 06/01/2052 | 138006 | 133977  |
| &nbsp;&nbsp;&nbsp; Pool MA4651, 2.00%, 07/01/2052 | 29093 | 24076  |
| &nbsp;&nbsp;&nbsp; Pool MA4653, 3.00%, 07/01/2052 | 704277 | 638663  |
| &nbsp;&nbsp;&nbsp; Pool MA4654, 3.50%, 07/01/2052 | 75675 | 71269  |
| &nbsp;&nbsp;&nbsp; Pool MA4655, 4.00%, 07/01/2052 | 739288 | 719761  |
| &nbsp;&nbsp;&nbsp; Pool MA4684, 4.50%, 06/01/2052 | 61772 | 61239  |
| &nbsp;&nbsp;&nbsp; Pool MA4698, 3.00%, 08/01/2052 | 426593 | 386794  |
| &nbsp;&nbsp;&nbsp; Pool MA4700, 4.00%, 08/01/2052 | 1450089 | 1410990  |
| &nbsp;&nbsp;&nbsp; Pool MA4732, 4.00%, 09/01/2052 | 249630 | 242378  |
| &nbsp;&nbsp;&nbsp; Pool MA4733, 4.50%, 09/01/2052 | 72939 | 72302  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | 108296 | 105101  |
| &nbsp;&nbsp;&nbsp; Pool MA4784, 4.50%, 10/01/2052 | 197997 | 196388  |
| &nbsp;&nbsp;&nbsp; Pool MA4786, 5.50%, 10/01/2052 | 23051 | 23476  |
| &nbsp;&nbsp;&nbsp; Pool MA4803, 3.50%, 11/01/2052 | 33644 | 31676  |
| &nbsp;&nbsp;&nbsp; Pool MA4805, 4.50%, 11/01/2052 | 122775 | 121676  |
| &nbsp;&nbsp;&nbsp; Pool MA4841, 5.00%, 12/01/2052 | 138271 | 139330  |
| &nbsp;&nbsp;&nbsp; Pool MA4868, 5.00%, 01/01/2053 | 23251 | 23439  |
| &nbsp;&nbsp;&nbsp; Pool MA4918, 5.00%, 02/01/2053 | 264782 | 267465  |
| &nbsp;&nbsp;&nbsp; Pool MA4940, 5.00%, 03/01/2053 | 23252 | 23428  |
| &nbsp;&nbsp;&nbsp; Pool MA4978, 5.00%, 04/01/2053 | 353046 | 356586  |

---

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

41<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Pool MA5008, 4.50%, 05/01/2053 | $177594 | $175932  |
| &nbsp;&nbsp;&nbsp; Pool MA5009, 5.00%, 05/01/2053 | 497031 | 500841  |
| &nbsp;&nbsp;&nbsp; Pool MA5010, 5.50%, 05/01/2053 | 24636 | 25078  |
| &nbsp;&nbsp;&nbsp; Pool MA5038, 5.00%, 06/01/2053 | 1775481 | 1793197  |
| &nbsp;&nbsp;&nbsp; Pool MA5054, 4.00%, 06/01/2053 | 106848 | 103696  |
| &nbsp;&nbsp;&nbsp; Pool MA5070, 4.50%, 07/01/2053 | 155220 | 153682  |
| &nbsp;&nbsp;&nbsp; Pool MA5071, 5.00%, 07/01/2053 | 325707 | 328856  |
| &nbsp;&nbsp;&nbsp; Pool MA5073, 6.00%, 07/01/2053 | 180829 | 186223  |
| &nbsp;&nbsp;&nbsp; Pool MA5106, 5.00%, 08/01/2053 | 387740 | 391251  |
| &nbsp;&nbsp;&nbsp; Pool MA5107, 5.50%, 08/01/2053 | 262926 | 268190  |
| &nbsp;&nbsp;&nbsp; Pool MA5108, 6.00%, 08/01/2053 | 51798 | 53283  |
| &nbsp;&nbsp;&nbsp; Pool MA5135, 4.00%, 09/01/2053 | 21487 | 20879  |
| &nbsp;&nbsp;&nbsp; Pool MA5138, 5.50%, 09/01/2053 | 654090 | 666886  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053 | 810508 | 836128  |
| &nbsp;&nbsp;&nbsp; Pool MA5165, 5.50%, 10/01/2053 | 18728 | 19047  |
| &nbsp;&nbsp;&nbsp; Pool MA5166, 6.00%, 10/01/2053 | 252039 | 259519  |
| &nbsp;&nbsp;&nbsp; Pool MA5192, 6.50%, 11/01/2053 | 118272 | 122695  |
| &nbsp;&nbsp;&nbsp; Pool MA5215, 5.50%, 12/01/2053 | 1456064 | 1483882  |
| &nbsp;&nbsp;&nbsp; Pool MA5216, 6.00%, 12/01/2053 | 305222 | 314188  |
| &nbsp;&nbsp;&nbsp; Pool MA5245, 5.00%, 01/01/2054 | 3116264 | 3138728  |
| &nbsp;&nbsp;&nbsp; Pool MA5247, 6.00%, 01/01/2054 | 15710 | 16123  |
| &nbsp;&nbsp;&nbsp; Pool MA5271, 5.50%, 02/01/2054 | 306158 | 310947  |
| &nbsp;&nbsp;&nbsp; Pool MA5294, 5.00%, 03/01/2054 | 1374114 | 1383174  |
| &nbsp;&nbsp;&nbsp; Pool MA5296, 5.50%, 03/01/2054 | 1436564 | 1462363  |
| &nbsp;&nbsp;&nbsp; Pool MA5327, 5.00%, 04/01/2054 | 284120 | 285906  |
| &nbsp;&nbsp;&nbsp; Pool MA5331, 5.50%, 04/01/2054 | 626230 | 637333  |
| &nbsp;&nbsp;&nbsp; Pool MA5352, 5.00%, 05/01/2054 | 592423 | 595840  |
| &nbsp;&nbsp;&nbsp; Pool MA5389, 6.00%, 06/01/2054 | 93395 | 95715  |
| &nbsp;&nbsp;&nbsp; Pool MA5445, 6.00%, 08/01/2054 | 40419 | 41401  |
| &nbsp;&nbsp;&nbsp; Pool MA5498, 6.00%, 10/01/2054 | 286592 | 294304  |
| &nbsp;&nbsp;&nbsp; Pool MA5528, 4.00%, 11/01/2054 | 60985 | 59185  |
| &nbsp;&nbsp;&nbsp; Pool MA5530, 5.00%, 11/01/2054 | 583248 | 585312  |
| &nbsp;&nbsp;&nbsp; Pool MA5531, 5.50%, 11/01/2054 | 92046 | 93402  |
| &nbsp;&nbsp;&nbsp; Pool MA5584, 4.50%, 01/01/2055 | 281575 | 278769  |
| &nbsp;&nbsp;&nbsp; Pool MA5586, 5.50%, 01/01/2055 | 224803 | 228091  |
| &nbsp;&nbsp;&nbsp; Pool MA5611, 4.00%, 02/01/2055 | 274924 | 267481  |
| &nbsp;&nbsp;&nbsp; Pool MA5644, 4.50%, 03/01/2055 | 260420 | 257825  |
| &nbsp;&nbsp;&nbsp; Pool MA5760, 5.50%, 07/01/2055 | 273503 | 278186  |
| &nbsp;&nbsp;&nbsp; Pool MA5853, 5.50%, 10/01/2055 | 109892 | 111469  |
| &nbsp;&nbsp;&nbsp; Pool MA5854, 6.00%, 10/01/2055 | 73934 | 75700  |
| &nbsp;&nbsp;&nbsp; Pool MA5944, 5.00%, 01/01/2056 | 173472 | 173979  |

---

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

42<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** | **Agency Commercial Mortgage Backed Securities — continued** |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA8151, 4.50%, 07/20/2052 | $129107 | $128375  |
| &nbsp;&nbsp;&nbsp; Pool MA8201, 4.50%, 08/20/2052 | 22129 | 22003  |
| &nbsp;&nbsp;&nbsp; Pool MA8800, 5.00%, 04/20/2053 | 457257 | 460980  |
| &nbsp;&nbsp;&nbsp; Pool MA8801, 5.50%, 04/20/2053 | 431858 | 441780  |
| &nbsp;&nbsp;&nbsp; Pool MA8877, 4.50%, 05/20/2053 | 257166 | 255760  |
| &nbsp;&nbsp;&nbsp; Pool MA8947, 5.00%, 06/20/2053 | 181512 | 182717  |
| &nbsp;&nbsp;&nbsp; Pool MA8948, 5.50%, 06/20/2053 | 35593 | 36181  |
| &nbsp;&nbsp;&nbsp; Pool MA9016, 5.00%, 07/20/2053 | 40794 | 41030  |
| &nbsp;&nbsp;&nbsp; Pool MA9018, 6.00%, 07/20/2053 | 41062 | 42066  |
| &nbsp;&nbsp;&nbsp; Pool MA9240, 5.00%, 10/20/2053 | 47691 | 47962  |
| &nbsp;&nbsp;&nbsp; Pool MA9241, 5.50%, 10/20/2053 | 72316 | 73652  |
| &nbsp;&nbsp;&nbsp; Pool MA9304, 5.00%, 11/20/2053 | 117020 | 117866  |
| &nbsp;&nbsp;&nbsp; Pool MA9361, 5.00%, 12/20/2053 | 151649 | 152266  |
| &nbsp;&nbsp;&nbsp; Pool MA9539, 4.50%, 03/20/2054 | 46040 | 45484  |
| &nbsp;&nbsp;&nbsp; Pool MA9541, 5.50%, 03/20/2054 | 66032 | 66806  |
| &nbsp;&nbsp;&nbsp; Pool MA9603, 4.50%, 04/20/2054 | 159792 | 157856  |
| &nbsp;&nbsp;&nbsp; Pool MA9605, 5.50%, 04/20/2054 | 30492 | 31034  |
| &nbsp;&nbsp;&nbsp; Pool MA9726, 6.00%, 06/20/2054 | 64085 | 65497  |
| &nbsp;&nbsp;&nbsp; Pool MA9780, 6.00%, 07/20/2054 | 84929 | 86653  |
| &nbsp;&nbsp;&nbsp; Pool MA9906, 5.50%, 09/20/2054 | 57720 | 58604  |
| &nbsp;&nbsp;&nbsp; Pool MA9963, 4.50%, 10/20/2054 | 37115 | 36659  |
| &nbsp;&nbsp;&nbsp; Pool MA9964, 5.00%, 10/20/2054 | 22586 | 22652  |
| &nbsp;&nbsp;&nbsp; Pool MB0092, 5.50%, 12/20/2054 | 37007 | 37539  |
| &nbsp;&nbsp;&nbsp; Pool MB0204, 5.00%, 02/20/2055 | 27831 | 27901  |
| &nbsp;&nbsp;&nbsp; Pool MB0206, 6.00%, 02/20/2055 | 59602 | 60782  |
| &nbsp;&nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055 | 149786 | 151580  |
| &nbsp;&nbsp;&nbsp; Pool MB0308, 5.50%, 04/20/2055 | 92551 | 93635  |
| &nbsp;&nbsp;&nbsp; Pool MB0365, 5.00%, 05/20/2055 | 264222 | 265536  |
| &nbsp;&nbsp;&nbsp; Pool MB0556, 5.50%, 08/20/2055 | 142629 | 144291  |
| &nbsp;&nbsp;&nbsp; Pool MB0557, 6.00%, 08/20/2055 | 93014 | 94760  |
| &nbsp;&nbsp;&nbsp; Pool MB0746, 5.50%, 11/20/2055 | 124080 | 125561  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association, Series 2021-103, Class HE, <br>2.00%, 06/20/2051 | 29787 | 25246  |
| **Total Agency Commercial Mortgage Backed Securities (Cost $72,144,695)** | **Total Agency Commercial Mortgage Backed Securities (Cost $72,144,695)** | **74226083**  |
| **Asset-Backed Securities — 4.0%** | **Asset-Backed Securities — 4.0%** | **Asset-Backed Securities — 4.0%** |
| &nbsp;&nbsp;&nbsp; American Airlines 2015-1 Class A Pass Through Trust, Series 2015-1, <br>3.38%, 05/01/2027 | 58313 | 57549  |
| &nbsp;&nbsp;&nbsp; American Airlines 2016-2 Class AA Pass Through Trust, Series 2016-2, <br>3.20%, 06/15/2028 | 482797 | 473379  |
| &nbsp;&nbsp;&nbsp; American Airlines 2016-3 Class AA Pass Through Trust, Series 2016-3, <br>3.00%, 10/15/2028 | 57368 | 55895  |

---

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

43<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; American Airlines 2019-1 Class AA Pass Through Trust, Series 2019-1, <br>3.15%, 02/15/2032 | $156466 | $149681  |
| American Express Travel Related Services Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.24%, 04/15/2031 | 885000 | 927084  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, 4.28%, 04/15/2030 | 700000 | 710142  |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC, Series 2025-1A, Class D, <br>5.68%, 08/20/2032<sup>(c)</sup> | 214000 | 219314  |
| Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/2046<sup>(c)</sup> | 19089 | 17691  |
| Avis Budget Car Rental LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.85%, 06/20/2030<sup>(c)</sup> | 100000 | 104142  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.13%, 10/20/2028<sup>(c)</sup> | 310000 | 314899  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class B, 4.46%, 02/20/2030<sup>(c)</sup> | 210000 | 210715  |
| BA Credit Card Trust, Series 2024-A1, Class A, 4.93%, 05/15/2029 | 920000 | 933916  |
| &nbsp;&nbsp;&nbsp; Blue Stream Communications LLC, Series 2024-1A, Class A2, <br>5.41%, 11/20/2054<sup>(c)</sup> | 176000 | 178248  |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, Series 2025-4, Class C, <br>4.80%, 08/15/2031 | 118000 | 119272  |
| Business Jet Securities LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.20%, 05/15/2039<sup>(c)</sup> | 161159 | 166646  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.36%, 09/15/2039<sup>(c)</sup> | 78630 | 79701  |
| Capital One Financial Corp., Series 2024-A1, Class A, 3.92%, 09/15/2029 | 1805000 | 1813124  |
| CarMax Auto Owner Trust, Series 2026-1, Class B, 4.30%, 03/15/2032 | 225000 | 227782  |
| &nbsp;&nbsp;&nbsp; Castlelake Aircraft Securitization Trust, Series 2025-1A, Class B, <br>6.50%, 02/15/2050<sup>(c)</sup> | 269182 | 274403  |
| CC Towers Guarantor LLC, Series 4.24100, 4.24%, 07/15/2028<sup>(c)</sup> | 150000 | 150097  |
| CCG Receivables Trust, Series 2025-1, Class B, 4.69%, 10/14/2032<sup>(c)</sup> | 233000 | 236297  |
| Cloud Capital Holdco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.78%, 11/22/2049<sup>(c)</sup> | 518000 | 519146  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.92%, 11/22/2049<sup>(c)</sup> | 135000 | 137311  |
| Compass Datacenters LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A22, 5.29%, 02/25/2056<sup>(c)(h)</sup> | 184000 | 184455  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A23, 5.44%, 02/25/2056<sup>(c)(h)</sup> | 139000 | 139581  |
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC, Series 2025-1A, Class B, <br>6.51%, 05/20/2055<sup>(c)</sup> | 308000 | 316969  |
| Crockett Partners Equipment Co. II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1C, Class A, 6.05%, 01/20/2031<sup>(c)</sup> | 82606 | 84268  |
| &nbsp;&nbsp;&nbsp; Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(c)</sup> | 78884 | 80412  |
| Cyrusone Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 4.30%, 04/20/2048<sup>(c)</sup> | 325000 | 321859  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 4.76%, 03/22/2049<sup>(c)</sup> | 77000 | 76084  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.91%, 02/20/2050<sup>(c)</sup> | 405000 | 413111  |
| DB Master Finance Parent LLC, Series 2025-1A, Class A2I, 4.89%, 08/20/2055<sup>(c)</sup> | 324188 | 328244  |

---

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

44<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Dell Equipment Finance Trust, Series 2024-1, Class A3, 5.39%, 03/22/2030<sup>(c)</sup> | $165274 | $165988  |
| DigitalBridge Group, Inc., Series 2024-1A, Class A2, 4.99%, 09/15/2049<sup>(c)</sup> | 455000 | 456332  |
| Domino's SPV Guarantor LLC, Series 2025-1A, Class A2I, 4.93%, 07/25/2055<sup>(c)</sup> | 330000 | 336689  |
| Driven Brands Holdings, Inc., Series 2024-1A, Class A2, 6.37%, 10/20/2054<sup>(c)</sup> | 310275 | 321516  |
| Elara Depositor LLC, Series 2023-A, Class A, 6.16%, 02/25/2038<sup>(c)</sup> | 146348 | 151867  |
| ELFI Graduate Loan Program, Series 2024-A, Class A, 5.56%, 08/25/2049<sup>(c)</sup> | 110214 | 113048  |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, Series 2022-1, Class A1, <br>2.21%, 01/25/2067<sup>(c)(i)</sup> | 148567 | 134698  |
| Enterprise Fleet Financing, Series 2025-2, Class A3, 4.41%, 06/20/2029<sup>(c)</sup> | 295000 | 298915  |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust 2025-1, Series 2025-1A, Class D, <br>5.49%, 05/15/2031 | 370000 | 378293  |
| Ford Credit Auto Owner Trust, Series 2024-A, Class B, 5.26%, 11/15/2029 | 610000 | 624554  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Receivables Six LLC, Series 2025-1, Class A, <br>4.86%, 08/15/2037<sup>(c)(d)</sup> | 360000 | 373449  |
| Ford Credit Floorplan LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.29%, 04/15/2029<sup>(c)</sup> | 265000 | 269374  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 4.06%, 09/15/2030 | 820000 | 827330  |
| Foundation Finance Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.60%, 03/15/2050<sup>(c)</sup> | 188353 | 189375  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 6.59%, 03/15/2050<sup>(c)</sup> | 81906 | 84342  |
| GCAT, Series 2021-NQM5, Class A1, 1.26%, 07/25/2066<sup>(c)(i)</sup> | 185109 | 160467  |
| General Motors Co., Series 2024-1A, Class A1, 5.13%, 03/15/2029<sup>(c)</sup> | 310000 | 314354  |
| GLS Auto Receivables Trust, Series 2025-2A, Class D, 5.59%, 01/15/2031<sup>(c)</sup> | 199000 | 204475  |
| GLS Auto Select Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.04%, 02/15/2031<sup>(c)</sup> | 50000 | 51081  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.26%, 03/15/2031<sup>(c)</sup> | 67000 | 68748  |
|  GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A3, 4.85%, 12/18/2028 | 450392 | 453269  |
| Goodgreen Trust, Series 2021-1A, Class A, 2.66%, 10/15/2056<sup>(c)</sup> | 160296 | 138793  |
| GreenSky LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 7.33%, 06/25/2059<sup>(c)</sup> | 77146 | 80204  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.39%, 03/25/2060<sup>(c)</sup> | 186000 | 188798  |
| Hilton Grand Vacations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.30%, 01/25/2037<sup>(c)</sup> | 29420 | 29333  |
| &nbsp;&nbsp;&nbsp; Series 2024-1B, Class A, 5.75%, 09/15/2039<sup>(c)</sup> | 25531 | 26113  |
| &nbsp;&nbsp;&nbsp; Series 2024-1B, Class B, 5.99%, 09/15/2039<sup>(c)</sup> | 36988 | 37824  |
|  Huntington Bank Auto Credit-Linked Notes Series 2024-1, Series 2024-1, Class B1, 6.15%, 05/20/2032<sup>(c)</sup> | 115969 | 117690  |
| IPFS Corp., Series 2025-B, Class A, 4.85%, 02/15/2030<sup>(c)</sup> | 447000 | 455928  |
| Jersey Mike's Funding, Series 2024-1A, Class A2, 5.64%, 02/15/2055<sup>(c)</sup> | 321750 | 331357  |
|  JP Morgan Mortgage Trust, Series 2024-HE1, Class A1, 5.16% (30 day avg SOFR US + 1.50%), 08/25/2054<sup>(c)</sup> | 96933 | 97023  |

---

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

45<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Kubota Credit Owner Trust, Series 2024-2A, Class A4, 5.19%, 05/15/2030<sup>(c)</sup> | $171000 | $175729  |
| Lightpath Fiber Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 5.60%, 03/25/2056<sup>(c)(h)</sup> | 217000 | 219882  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class B, 5.89%, 03/25/2056<sup>(c)(h)</sup> | 136000 | 137441  |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, 09/20/2065<sup>(c)</sup> | 374170 | 379814  |
| Marriott Vacations Worldwide Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 1.83%, 05/20/2039<sup>(c)</sup> | 103431 | 98753  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 4.93%, 10/20/2040<sup>(c)</sup> | 35490 | 35957  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 5.42%, 10/20/2040<sup>(c)</sup> | 177451 | 180200  |
| Metronet Systems Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 5.40%, 08/20/2055<sup>(c)</sup> | 362000 | 370038  |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class B, 5.60%, 12/20/2055<sup>(c)</sup> | 101000 | 102512  |
| MMAF Equipment Finance LLC, Series 2025-A, Class A3, 4.82%, 08/13/2032<sup>(c)</sup> | 385000 | 396090  |
| MVW Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 4.58%, 03/20/2042<sup>(c)</sup> | 148988 | 149339  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 4.92%, 03/20/2042<sup>(c)</sup> | 95871 | 96206  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.21%, 09/22/2042<sup>(c)</sup> | 97704 | 99578  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.75%, 09/22/2042<sup>(c)</sup> | 78945 | 79998  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 4.97%, 10/20/2044<sup>(c)</sup> | 168729 | 169850  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, 0.97%, 12/16/2069<sup>(c)</sup> | 256706 | 234695  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(c)</sup> | 225763 | 232362  |
| NextGear Floorplan Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.12%, 03/15/2029<sup>(c)</sup> | 340000 | 344775  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.55%, 02/15/2030<sup>(c)</sup> | 285000 | 289053  |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2023-2A, Class A1, <br>5.84%, 09/15/2036<sup>(c)</sup> | 200000 | 203414  |
| PHH Arval, Series 2024-1A, Class A1, 5.52%, 05/15/2036<sup>(c)</sup> | 147801 | 149326  |
| Progress Residential Trust, Series 2024-SFR3, Class C, 3.50%, 06/17/2041<sup>(c)</sup> | 250000 | 240608  |
| QTS Issuer ABS LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055<sup>(c)</sup> | 300000 | 305830  |
| RCKT Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1A, 6.14%, 04/25/2044<sup>(c)(i)</sup> | 50143 | 50572  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES10, Class A1A, 4.89%, 11/25/2055<sup>(c)(d)</sup> | 171812 | 172539  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES10, Class A1B, 5.00%, 11/25/2055<sup>(c)(d)</sup> | 260549 | 262305  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES11, Class A1A, 4.97%, 11/25/2055<sup>(c)(d)</sup> | 312954 | 315610  |
| &nbsp;&nbsp;&nbsp; Series 2025-CES5, Class A1A, 5.69%, 05/25/2055<sup>(c)(d)</sup> | 344705 | 350459  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.45%, 03/15/2030 | 22000 | 22230  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.43%, 03/17/2031 | 410000 | 420077  |
| SBA Tower Trust, Series 2020-1-2, 2.33%, 01/15/2028<sup>(c)</sup> | 150000 | 144613  |
| &nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, <br>5.51%, 01/20/2032<sup>(c)</sup> | 325000 | 335596  |

---

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

46<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Sierra Timeshare Conduit Receivables Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.94%, 01/20/2043<sup>(c)</sup> | $68808 | $69715  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.29%, 06/20/2041<sup>(c)</sup> | 110524 | 111871  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class B, 4.64%, 08/22/2044<sup>(c)</sup> | 80369 | 80856  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 4.98%, 08/22/2044<sup>(c)</sup> | 107694 | 108139  |
|  SMRT 2022-MINI, Series 2022-MINI, Class E, 6.36% (1 mo. Term SOFR + 2.70%), 01/15/2039<sup>(c)</sup> | 125000 | 124605  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2019-B, Class A2FX, <br>3.09%, 08/17/2048<sup>(c)</sup> | 24688 | 24303  |
| Sotheby's Artfi Master Trust, Series 2026-1A, Class C, 5.00%, 06/20/2033<sup>(c)</sup> | 226000 | 226733  |
| Stack Infrastructure Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.90%, 03/25/2049<sup>(c)</sup> | 152000 | 153500  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.00%, 05/25/2050<sup>(c)</sup> | 340000 | 338547  |
| Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/2054<sup>(c)</sup> | 246875 | 249197  |
| Summit Issuer LLC, Series 2025-1A, Class A2, 5.21%, 11/20/2055<sup>(c)</sup> | 357000 | 363531  |
| Taco Bell Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 1.95%, 08/25/2051<sup>(c)</sup> | 245625 | 239731  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2II, 2.29%, 08/25/2051<sup>(c)</sup> | 89408 | 83929  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2I, 4.82%, 08/25/2055<sup>(c)</sup> | 325000 | 329369  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class A2, 3.50%, 03/25/2058<sup>(c)(i)</sup> | 100000 | 98316  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 3.75%, 09/25/2062<sup>(c)</sup> | 83173 | 80686  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.85%, 01/25/2064<sup>(c)(i)</sup> | 160167 | 160789  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES2, Class A1A, 6.13%, 02/25/2064<sup>(c)(i)</sup> | 163617 | 164726  |
| &nbsp;&nbsp;&nbsp; Series 2024-CES4, Class A1, 5.12%, 09/25/2064<sup>(c)(d)</sup> | 172739 | 172813  |
| &nbsp;&nbsp;&nbsp; Trafigura Securitisation Finance PLC, Series 2024-1A, Class A2, <br>5.98%, 11/15/2027<sup>(c)</sup> | 332000 | 335977  |
| &nbsp;&nbsp;&nbsp; United Airlines 2014-1 Class A Pass Through Trust, Series 2014-1, <br>4.00%, 04/11/2026 | 61334 | 61164  |
| &nbsp;&nbsp;&nbsp; United Airlines 2016-2 Class AA Pass Through Trust, Series 2016-2, <br>2.88%, 10/07/2028 | 24089 | 23391  |
| &nbsp;&nbsp;&nbsp; United Airlines 2019-2 Class AA Pass Through Trust, Series 2019-2, <br>2.70%, 05/01/2032 | 150661 | 141165  |
| &nbsp;&nbsp;&nbsp; United Airlines 2023-1 Class A Pass Through Trust, Series 2023-1, <br>5.80%, 01/15/2036 | 411604 | 437149  |
| United Airlines 2024-1 Class AA Pass Through Trust, 5.45%, 02/15/2037 | 620232 | 650739  |
| Uniti Group LP, Series 2025-1A, Class A2, 5.88%, 04/20/2055<sup>(c)</sup> | 718000 | 738471  |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Guarantor LLC, Series 2021-1A, Class A2, <br>2.17%, 10/15/2046<sup>(c)</sup> | 125000 | 122569  |
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Holding LLC, Series 2025-1A, Class A2, <br>5.13%, 08/15/2055<sup>(c)</sup> | 841000 | 843186  |

---

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

47<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Verizon Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A1A, 5.34%, 04/22/2030 | $1695000 | $1725908  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1A, 4.62%, 11/20/2030 | 806000 | 818922  |
| Vertical Bridge Holdings LLC, Series 2026-1A, Class D, 5.19%, 03/15/2056<sup>(c)</sup> | 154000 | 154905  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.05%, 06/25/2066<sup>(c)(i)</sup> | 191130 | 173429  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A3, 5.93%, 05/25/2070<sup>(c)(d)</sup> | 236230 | 238290  |
| &nbsp;&nbsp;&nbsp; Series 2025-6, Class A3, 5.72%, 07/25/2070<sup>(c)(d)</sup> | 388024 | 391765  |
| &nbsp;&nbsp;&nbsp; Volofin Finance Designated Activity Co., Series 2024-1A, Class A, <br>5.94%, 06/15/2037<sup>(c)</sup> | 143116 | 145601  |
| Westlake Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, 11/15/2030<sup>(c)</sup> | 205000 | 209336  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class C, 4.85%, 01/15/2031<sup>(c)</sup> | 262000 | 265661  |
| WF Card Issuance Trust, Series 2025-A1, Class A, 4.34%, 05/15/2030 | 1280000 | 1299961  |
|  Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, 09/19/2039<sup>(c)</sup> | 224473 | 226480  |
| Willis Lease Finance Corp., Series 2025-A, Class A, 5.58%, 06/15/2050<sup>(c)</sup> | 244082 | 249798  |
| Wireless PropCo Funding Parent LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.07%, 06/25/2055<sup>(c)</sup> | 88000 | 85810  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.30%, 06/25/2055<sup>(c)</sup> | 85000 | 82118  |
| Zayo Group LLC, Series 2025-1A, Class A2, 5.65%, 03/20/2055<sup>(c)</sup> | 320000 | 327700  |
| **Total Asset-Backed Securities (Cost $36,534,461)** | **Total Asset-Backed Securities (Cost $36,534,461)** | **37198946**  |
| **Collateralized Mortgage Obligations — 3.1%** | **Collateralized Mortgage Obligations — 3.1%** | **Collateralized Mortgage Obligations — 3.1%** |
| Avenue of Americas, Series 2025-1301, Class D, 6.22%, 08/11/2042<sup>(c)(i)</sup> | 188000 | 193059  |
| BANK-2019, Series 2019-BN17, Class C, 4.51%, 04/15/2052<sup>(i)</sup> | 235000 | 217745  |
| BANK-2024, Series 2024-BNK47, Class A5, 5.72%, 06/15/2057 | 745000 | 803623  |
| BANK-2025, Series 2025-BNK50, Class A5, 5.65%, 05/15/2068<sup>(i)</sup> | 245000 | 263210  |
| BANK5 Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR2, Class C, 7.16%, 07/15/2056<sup>(i)</sup> | 85000 | 87650  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR12, Class C, 6.30%, 12/15/2057<sup>(i)</sup> | 255000 | 263732  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR5, Class B, 6.54%, 02/15/2029<sup>(i)</sup> | 69000 | 72157  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class B, 6.94%, 06/15/2057 | 201000 | 213445  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class A3, 5.88%, 08/15/2057 | 1230000 | 1294667  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR13, Class A3, 5.75%, 01/15/2058 | 350000 | 369823  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR17, Class B, 5.99%, 11/15/2058<sup>(i)</sup> | 158000 | 165604  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR17, Class C, 5.89%, 11/15/2058<sup>(i)</sup> | 112000 | 115268  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-TALL, Class B, 4.83% (1 mo. Term SOFR + 1.17%), 03/15/2037<sup>(c)</sup> | 100000 | 93095  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class C, 5.76%, 12/15/2057<sup>(i)</sup> | 59000 | 59913  |
| &nbsp;&nbsp;&nbsp; Series 2024-C24, Class C, 6.00%, 02/15/2057 | 225000 | 228404  |

---

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

48<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A4, 5.84%, 03/15/2058 | $1190000 | $1260581  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3, 5.66%, 05/15/2058 | 1035000 | 1091952  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C36, Class A3, 5.52%, 08/15/2058 | 470000 | 494870  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B40, Class C, 7.41%, 12/15/2056<sup>(i)</sup> | 111000 | 116548  |
| &nbsp;&nbsp;&nbsp; Series 2023-V2, Class C, 6.77%, 05/15/2055<sup>(i)</sup> | 178000 | 181858  |
| &nbsp;&nbsp;&nbsp; Series 2023-V3, Class C, 7.17%, 07/15/2056<sup>(i)</sup> | 131000 | 133209  |
| &nbsp;&nbsp;&nbsp; Series 2024-V6, Class C, 6.67%, 03/15/2057 | 140000 | 144884  |
| &nbsp;&nbsp;&nbsp; Series 2024-V6, Class D, 4.00%, 03/15/2057 | 48000 | 43828  |
| &nbsp;&nbsp;&nbsp; Series 2024-V7, Class B, 6.85%, 05/15/2056<sup>(i)</sup> | 135000 | 142059  |
| &nbsp;&nbsp;&nbsp; Series 2024-V8, Class A3, 6.19%, 07/15/2057<sup>(i)</sup> | 755000 | 801074  |
| &nbsp;&nbsp;&nbsp; Series 2025-V13, Class A4, 5.82%, 02/15/2058<sup>(i)</sup> | 290000 | 306566  |
| &nbsp;&nbsp;&nbsp; Series 2025-V15, Class A3, 5.80%, 06/15/2058 | 1050000 | 1114808  |
| &nbsp;&nbsp;&nbsp; Series 2026-B42, Class A5, 5.10%, 03/15/2059 | 735000 | 762370  |
| BMO Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C3, Class B, 6.56%, 02/15/2057<sup>(i)</sup> | 68000 | 70303  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C4, Class A3, 6.53%, 05/15/2057<sup>(i)</sup> | 850000 | 906312  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C8, Class C, 5.74%, 12/15/2057<sup>(i)</sup> | 36000 | 36116  |
| &nbsp;&nbsp;&nbsp; Series 2024-C8, Class C, 6.23%, 03/15/2057<sup>(i)</sup> | 265000 | 272534  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C10, Class C, 6.49%, 05/15/2058<sup>(i)</sup> | 84000 | 86956  |
| &nbsp;&nbsp;&nbsp; Series 2025-C12, Class A5, 5.87%, 06/15/2058<sup>(i)</sup> | 352000 | 384798  |
| BX Trust, Series 2025-ARIA, Class C, 5.52%, 12/13/2042<sup>(c)(i)</sup> | 266000 | 272179  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class A4, 6.00%, 11/25/2055<sup>(c)(i)</sup> | 264203 | 267216  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A6A, 6.00%, 02/25/2055<sup>(c)(i)</sup> | 42832 | 42932  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A6, 6.00%, 03/25/2055<sup>(c)(i)</sup> | 160640 | 161497  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A4, 6.00%, 11/25/2055<sup>(c)(i)</sup> | 273804 | 277023  |
| CHI Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-110W, Class D, 6.63%, 12/13/2040<sup>(c)(i)</sup> | 288000 | 294618  |
| &nbsp;&nbsp;&nbsp; Series 2025-SFT, Class D, 7.57%, 04/15/2042<sup>(c)(i)</sup> | 171000 | 178524  |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class C, <br>6.36%, 07/10/2028<sup>(c)(i)</sup> | 200000 | 205697  |
| Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-277P, Class B, 7.00%, 08/10/2044<sup>(c)(i)</sup> | 213000 | 228113  |
| &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class D, 7.93%, 12/10/2041<sup>(c)(i)</sup> | 100000 | 104329  |
| &nbsp;&nbsp;&nbsp; Series 2025-SBX, Class B, 5.55%, 08/10/2041<sup>(c)(i)</sup> | 330000 | 332543  |
| &nbsp;&nbsp;&nbsp; Computershare Corporate Trust, Series 2024-1CHI, Class C, <br>6.43%, 07/15/2035<sup>(c)(i)</sup> | 205000 | 206979  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A1, 5.04%, 10/25/2069<sup>(c)(d)</sup> | 150152 | 150336  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A3, 5.44%, 10/25/2069<sup>(c)(d)</sup> | 85920 | 86070  |

---

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

49<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| ELM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class D10, 6.85%, 06/10/2039<sup>(c)(i)</sup> | $180000 | $180021  |
| &nbsp;&nbsp;&nbsp; Series 2024-ELM, Class D15, 6.90%, 06/10/2039<sup>(c)(i)</sup> | 123000 | 123000  |
| Fannie Mae Connecticut Avenue Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1B1, 6.42% (30 day avg SOFR US + 2.75%), 12/25/2041<sup>(c)</sup> | 100000 | 100916  |
| &nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 6.67% (30 day avg SOFR US + 3.00%), 01/25/2042<sup>(c)</sup> | 489456 | 497251  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, 8.32% (30 day avg SOFR US + 4.65%), 06/25/2042<sup>(c)</sup> | 55000 | 57289  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 6.37% (30 day avg SOFR US + 2.70%), 07/25/2043<sup>(c)</sup> | 500000 | 513712  |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M2, 5.62% (30 day avg SOFR US + 1.95%), 03/25/2044<sup>(c)</sup> | 420000 | 424000  |
| &nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M2, 5.32% (30 day avg SOFR US + 1.65%), 05/25/2044<sup>(c)</sup> | 99000 | 99279  |
| &nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1M2, 5.30% (30 day avg SOFR US + 1.60%), 02/25/2045<sup>(c)</sup> | 145000 | 145672  |
| FIVE 2023-V1 Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-V1, Class B, 6.35%, 02/10/2056<sup>(i)</sup> | 65000 | 66688  |
| &nbsp;&nbsp;&nbsp; Series 2023-V1, Class C, 6.35%, 02/10/2056<sup>(i)</sup> | 62909 | 63543  |
| Freddie Mac Structured Agency Credit Risk Debt Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B1, 7.32% (30 day avg SOFR US + 3.65%), 11/25/2041<sup>(c)</sup> | 500000 | 509767  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2, 6.17% (30 day avg SOFR US + 2.50%), 01/25/2042<sup>(c)</sup> | 100000 | 100674  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2, 8.02% (30 day avg SOFR US + 4.35%), 04/25/2042<sup>(c)</sup> | 562000 | 582365  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B, 8.17% (30 day avg SOFR US + 4.50%), 06/25/2042<sup>(c)</sup> | 150000 | 156416  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1B, 7.67% (30 day avg SOFR US + 4.00%), 07/25/2042<sup>(c)</sup> | 100000 | 103804  |
| &nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M2, 5.62% (30 day avg SOFR US + 1.95%), 02/25/2044<sup>(c)</sup> | 500000 | 505602  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2, 5.32% (30 day avg SOFR US + 1.65%), 02/25/2045<sup>(c)</sup> | 214000 | 214583  |
| GGP Retail LLC, Series 2024-SHOW, Class C, 6.28%, 10/10/2041<sup>(c)(i)</sup> | 170000 | 172001  |
|  Great Wolf Trust 2024-WOLF, Series 2024-WOLF, Class D, 6.55% (1 mo. Term SOFR + 2.89%), 03/15/2039<sup>(c)</sup> | 200000 | 200498  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2025-PJ8, Class A5, <br>5.50%, 02/25/2056<sup>(c)(i)</sup> | 312038 | 315101  |

---

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

50<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Hudson Yards Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class C, 5.95%, 01/13/2040<sup>(c)(i)</sup> | $100000 | $104078  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class D, 6.34%, 01/13/2040<sup>(c)(i)</sup> | 100000 | 104519  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 6.68%, 01/13/2040<sup>(c)(i)</sup> | 100000 | 105093  |
| IRV Trust, Series 2025-200P, Class C, 5.73%, 03/14/2047<sup>(c)(i)</sup> | 234000 | 241007  |
| JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP5, Class ASB, 3.55%, 03/15/2050 | 589319 | 587331  |
| &nbsp;&nbsp;&nbsp; Series 2022-OPO, Class B, 3.38%, 01/05/2039<sup>(c)</sup> | 150000 | 130080  |
| JP Morgan Mortgage Trust, Series 2025-NQM5, Class A1, 4.88%, 05/25/2066<sup>(c)(i)</sup> | 441928 | 442906  |
| Madison Avenue Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-11MD, Class C, 5.82%, 10/15/2042<sup>(c)(i)</sup> | 150000 | 153075  |
| &nbsp;&nbsp;&nbsp; Series 2025-11MD, Class D, 6.57%, 10/15/2042<sup>(c)(i)</sup> | 150000 | 153558  |
| &nbsp;&nbsp;&nbsp; Series 2025-11MD, Class E, 7.57%, 10/15/2042<sup>(c)(i)</sup> | 150000 | 150367  |
| Manhattan West, Series 2020-1MW, Class D, 2.33%, 09/10/2039<sup>(c)(i)</sup> | 249000 | 237788  |
| MFRA Trust, Series 2025-NQM5, Class A1, 5.19%, 11/25/2070<sup>(c)(i)</sup> | 436744 | 440470  |
| Morgan Stanley Capital I, Inc., Series 2018-H4, Class C, 5.05%, 12/15/2051<sup>(i)</sup> | 10000 | 9494  |
| Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.12%, 11/25/2070<sup>(c)(i)</sup> | 284480 | 286273  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.63%, 01/25/2070<sup>(c)(i)</sup> | 211253 | 212997  |
| New Residential Mortgage Loan Trust 2023-NQM1<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A3, 5.99%, 05/25/2065<sup>(c)(d)</sup> | 291629 | 296610  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.01%, 10/26/2065<sup>(c)(i)</sup> | 231052 | 231552  |
| &nbsp;&nbsp;&nbsp; NY Commercial Mortgage Trust, Series 2025-299P, Class C, <br>6.17%, 02/10/2047<sup>(c)(i)</sup> | 100000 | 105183  |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-300P, Class D, <br>6.16%, 07/13/2042<sup>(c)(i)</sup> | 209000 | 213241  |
| ONNI Commerical Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-APT, Class C, 6.64%, 07/15/2039<sup>(c)(i)</sup> | 215000 | 220409  |
| &nbsp;&nbsp;&nbsp; Series 2024-APT, Class D, 7.24%, 07/15/2039<sup>(c)(i)</sup> | 160000 | 165176  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.05%, 07/25/2061<sup>(c)(i)</sup> | 263429 | 225873  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM7, Class A1, 6.84%, 04/25/2063<sup>(c)(d)</sup> | 140675 | 141568  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A1, 4.94%, 09/25/2064<sup>(c)(d)</sup> | 346930 | 346658  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM14, Class A3, 5.35%, 09/25/2064<sup>(c)(d)</sup> | 98215 | 98199  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1, 6.07%, 01/25/2064<sup>(c)(d)</sup> | 142560 | 143633  |
| &nbsp;&nbsp;&nbsp; Series 2025-HE1, Class A1, 5.27% (30 day avg SOFR US + 1.60%), 02/25/2055<sup>(c)</sup> | 315481 | 317251  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A2, 5.76%, 05/25/2055<sup>(c)(d)</sup> | 122707 | 123750  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A3, 5.86%, 05/25/2055<sup>(c)(d)</sup> | 124213 | 125264  |
| PRKCM Trust, Series 2025-AFC1, Class A1, 5.10%, 10/25/2060<sup>(c)(i)</sup> | 386352 | 388876  |
| PRM Trust, Series 2025-PRM6, Class D, 5.68%, 07/05/2033<sup>(c)(i)</sup> | 100000 | 100652  |
| RCKT Mortgage Trust, Series 2023-CES3, Class A1A, 7.11%, 11/25/2043<sup>(c)(i)</sup> | 221288 | 223340  |

---

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

51<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| ROCK Trust 2024-CNTR, Series 2024-CNTR, Class D, 7.11%, 11/13/2041<sup>(c)</sup> | $112000 | $118156  |
| Sequoia Mortgage Trust, Series 2024-7, Class A12, 5.50%, 08/25/2054<sup>(c)(i)</sup> | 32471 | 32338  |
| SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061<sup>(c)(i)</sup> | 65058 | 57189  |
| Stellar Management<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class A, 5.25%, 06/10/2042<sup>(c)(i)</sup> | 80000 | 81962  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class D, 6.31%, 06/10/2042<sup>(c)(i)</sup> | 106000 | 108942  |
| &nbsp;&nbsp;&nbsp; Series 2025-IP, Class E, 6.85%, 06/10/2042<sup>(c)(i)</sup> | 60000 | 61386  |
| Verus Securitization Trust, Series 2025-R2, Class A1, 5.09%, 07/25/2067<sup>(c)(i)</sup> | 357215 | 361329  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI, Series 2025-C64, Class A5, 5.65%, 02/15/2058 | 645000 | 693141  |
| **Total Collateralized Mortgage Obligations (Cost $28,675,739)** | **Total Collateralized Mortgage Obligations (Cost $28,675,739)** | **29073973**  |
| **Foreign Corporate Bonds — 2.8%** | **Foreign Corporate Bonds — 2.8%** | **Foreign Corporate Bonds — 2.8%** |
| **Airlines — 0.0%<sup>(b)</sup>**<br>|  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(c)</sup> | 3472 | 3470  |
| Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028<sup>(c)</sup> | 308917 | 310916  |
|  |  | 314386  |
| **Automobiles & Components — 0.0%<sup>(b)</sup>**<br>|  |  |
| Toyota Motor Corp., 2.36%, 03/25/2031 | 108000 | 99778  |
| **Banks — 1.1%**<br>|  |  |
| ASB Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 06/15/2026<sup>(c)</sup> | 323000 | 323485  |
| &nbsp;&nbsp;&nbsp; 5.28% to 06/17/2027 then 5 yr. CMT Rate + 2.25%, 06/17/2032<sup>(c)</sup> | 461000 | 465902  |
| Australia & New Zealand Banking Group Ltd., 4.75%, 01/18/2027 | 361000 | 363354  |
|  Banco Bilbao Vizcaya Argentaria SA, 6.14% to 09/14/2027 then 1 yr. CMT Rate + 2.70%, 09/14/2028 | 167000 | 172028  |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.38%, 04/11/2027<sup>(c)</sup> | 349000 | 348642  |
| Barclays PLC, 6.50% to 09/13/2026 then SOFR + 1.88%, 09/13/2027 | 400000 | 404127  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90% to 09/30/2027 then SOFR + 1.61%, 09/30/2028<sup>(c)</sup> | 349000 | 336608  |
| &nbsp;&nbsp;&nbsp; 5.50% to 05/20/2029 then SOFR + 1.59%, 05/20/2030<sup>(c)</sup> | 352000 | 364661  |
| &nbsp;&nbsp;&nbsp; 5.89% to 12/05/2033 then SOFR + 1.87%, 12/05/2034<sup>(c)</sup> | 207000 | 221609  |
| Commonwealth Bank of Australia, 5.84%, 03/13/2034<sup>(c)</sup> | 892000 | 950127  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.59%, 07/05/2026<sup>(c)</sup> | 558000 | 561137  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/11/2027<sup>(c)</sup> | 254000 | 256855  |
| Federation des Caisses Desjardins du Quebec, 4.55%, 08/23/2027<sup>(c)</sup> | 4000 | 4037  |
| HSBC Holdings PLC, 6.33% to 03/09/2043 then SOFR + 2.65%, 03/09/2044 | 1393000 | 1539134  |
|  KBC Group NV, 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029<sup>(c)</sup> | 245000 | 252502  |
| Macquarie Bank Ltd., 3.62%, 06/03/2030<sup>(c)</sup> | 863000 | 836873  |

---

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

52<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Foreign Corporate Bonds — continued** | **Foreign Corporate Bonds — continued** | **Foreign Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
|  Mitsubishi UFJ Financial Group, Inc., 5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031 | $238000 | $249134  |
|  NatWest Group PLC, 3.07% to 05/22/2027 then 1 yr. CMT Rate + 2.55%, 05/22/2028 | 200000 | 197508  |
|  Standard Chartered PLC, 6.19% to 07/06/2026 then 1 yr. CMT Rate + 1.85%, 07/06/2027<sup>(c)</sup> | 200000 | 200917  |
| Sumitomo Mitsui Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.52%, 01/13/2028 | 200000 | 205718  |
| &nbsp;&nbsp;&nbsp; 5.80%, 07/13/2028 | 540000 | 563028  |
| &nbsp;&nbsp;&nbsp; 5.71%, 01/13/2030 | 253000 | 266860  |
| &nbsp;&nbsp;&nbsp; 1.71%, 01/12/2031 | 280000 | 249110  |
| &nbsp;&nbsp;&nbsp; 5.77%, 01/13/2033 | 351000 | 376429  |
|  |  | 9709785  |
| **Capital Goods — 0.1%**<br>|  |  |
| Vinci SA, 3.75%, 04/10/2029<sup>(c)</sup> | 637000 | 633743  |
| Weir Group PLC, 2.20%, 05/13/2026<sup>(c)</sup> | 281000 | 278840  |
|  |  | 912583  |
| **Commercial Finance — 0.1%**<br>|  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/2026 | 568000 | 562593  |
| SMBC Aviation Capital Finance DAC, 2.30%, 06/15/2028<sup>(a)(c)</sup> | 213000 | 204322  |
|  |  | 766915  |
| **Consumer Staples Distribution & Retail — 0.0%<sup>(b)</sup>**<br>|  |  |
| Alimentation Couche-Tard, Inc., 3.55%, 07/26/2027<sup>(c)</sup> | 202000 | 200605  |
| **Energy — 0.1%**<br>|  |  |
| Aker BP ASA, 6.00%, 06/13/2033<sup>(c)</sup> | 192000 | 202564  |
| Enbridge, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/05/2029 | 50000 | 51703  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/08/2033 | 333000 | 353137  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/05/2034 | 325000 | 343275  |
|  |  | 950679  |
| **Exploration & Production — 0.0%<sup>(b)</sup>**<br>|  |  |
| CNOOC Petroleum North America ULC, 7.88%, 03/15/2032 | 38000 | 45412  |
| **Financial Services — 0.1%**<br>|  |  |
| Sumitomo Mitsui Trust Bank Ltd., 5.50%, 03/09/2028<sup>(c)</sup> | 200000 | 205733  |
| UBS AG/London, 5.65%, 09/11/2028 | 250000 | 260238  |
| UBS Group AG, 4.19% to 04/01/2030 then SOFR + 3.73%, 04/01/2031<sup>(c)</sup> | 366000 | 364134  |
|  |  | 830105  |
| **Food & Beverage — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, <br>2.50%, 01/15/2027 | 699000 | 688752  |

---

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

53<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Foreign Corporate Bonds — continued** | **Foreign Corporate Bonds — continued** | **Foreign Corporate Bonds — continued** |
| **Food, Beverage & Tobacco — 0.1%**<br>|  |  |
| Heineken NV, 3.50%, 01/29/2028<sup>(c)</sup> | $882000 | $876551  |
| **Industrial Other — 0.0%<sup>(b)</sup>**<br>|  |  |
| Triton Container International Ltd., 3.15%, 06/15/2031<sup>(c)</sup> | 216000 | 199536  |
| **Insurance — 0.1%**<br>|  |  |
| AIA Group Ltd., 3.20%, 09/16/2040<sup>(c)</sup> | 213000 | 172039  |
| Fairfax Financial Holdings Ltd., 3.38%, 03/03/2031 | 253000 | 240828  |
|  |  | 412867  |
| **Materials — 0.0%<sup>(b)</sup>**<br>|  |  |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(c)</sup> | 14000 | 14801  |
| UPM-Kymmene Oyj, 7.45%, 11/26/2027<sup>(c)</sup> | 6000 | 6324  |
| Yara International ASA, 3.80%, 06/06/2026<sup>(c)</sup> | 22000 | 21901  |
|  |  | 43026  |
| **Media & Entertainment — 0.0%<sup>(b)</sup>**<br>|  |  |
| Tencent Holdings Ltd., 3.98%, 04/11/2029<sup>(c)</sup> | 353000 | 354785  |
| **Metals & Mining — 0.1%**<br>|  |  |
| BHP Billiton Finance USA Ltd., 4.90%, 02/28/2033 | 328000 | 336796  |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/2030<sup>(c)</sup> | 11000 | 11310  |
| Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027<sup>(c)</sup> | 30943 | 30889  |
|  |  | 378995  |
| **Railroad — 0.0%<sup>(b)</sup>**<br>|  |  |
| Canadian Pacific Railway Co., 2.88%, 11/15/2029 | 33000 | 31789  |
| **Real Estate Management & Development — 0.0%<sup>(b)</sup>**<br>|  |  |
| Mitsui Fudosan Co. Ltd., 3.65%, 07/20/2027<sup>(c)</sup> | 347000 | 344673  |
| **Retail - Consumer Staples — 0.0%<sup>(b)</sup>**<br>|  |  |
| Viterra Finance BV, 2.00%, 04/21/2026<sup>(c)</sup> | 201000 | 199816  |
| **Semiconductors & Semiconductor Equipment — 0.3%**<br>|  |  |
| Renesas Electronics Corp., 2.17%, 11/25/2026<sup>(c)</sup> | 376000 | 369875  |
| SK hynix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/17/2028<sup>(c)</sup> | 1290000 | 1347486  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/16/2029<sup>(c)</sup> | 1156000 | 1204572  |
|  |  | 2921933  |
| **Supermarkets & Pharmacies — 0.1%**<br>|  |  |
| CK Hutchison International 17 Ltd., 3.50%, 04/05/2027<sup>(c)</sup> | 290000 | 288102  |
| CK Hutchison International 19 Ltd., 3.63%, 04/11/2029<sup>(a)(c)</sup> | 280000 | 276706  |
|  |  | 564808  |

---

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

54<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Foreign Corporate Bonds — continued** | **Foreign Corporate Bonds — continued** | **Foreign Corporate Bonds — continued** |
| **Telecommunication Services — 0.0%<sup>(b)</sup>**<br>|  |  |
| Rogers Communications, Inc., 7.50%, 08/15/2038 | $198000 | $232015  |
| Vodafone Group PLC, 5.75%, 02/10/2063 | 87000 | 84197  |
|  |  | 316212  |
| **Transportation — 0.1%**<br>|  |  |
| AP Moller - Maersk AS, 5.88%, 09/14/2033<sup>(c)</sup> | 1011000 | 1089146  |
| **Utilities — 0.3%**<br>|  |  |
| E.ON International Finance BV, 6.65%, 04/30/2038<sup>(c)</sup> | 161000 | 182838  |
| Electricite de France SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/23/2028<sup>(c)</sup> | 349000 | 360469  |
| &nbsp;&nbsp;&nbsp; 6.95%, 01/26/2039<sup>(c)</sup> | 243000 | 278406  |
| &nbsp;&nbsp;&nbsp; 6.90%, 05/23/2053<sup>(c)</sup> | 236000 | 263980  |
| Enel Finance International NV, 1.63%, 07/12/2026<sup>(c)(d)</sup> | 577000 | 571756  |
| Korea Electric Power Corp., 4.00%, 06/14/2027<sup>(c)</sup> | 703000 | 705000  |
| National Grid PLC, 5.42%, 01/11/2034 | 315000 | 328481  |
|  |  | 2690930  |
| **Wireline Telecommunications Services — 0.1%**<br>|  |  |
| British Telecommunications PLC, 5.13%, 12/04/2028 | 658000 | 675607  |
| **Total Foreign Corporate Bonds (Cost $24,854,776)** | **Total Foreign Corporate Bonds (Cost $24,854,776)** | **25619674**  |
| **Foreign Government Debt Obligations — 1.1%** | **Foreign Government Debt Obligations — 1.1%** | **Foreign Government Debt Obligations — 1.1%** |
| Chile Government International Bond, 2.55%, 07/27/2033 | 200000 | 175440  |
| Costa Rica Government International Bond, 7.16%, 03/12/2045 | 420000 | 471841  |
| Guatemala Government Bond, 6.55%, 02/06/2037<sup>(c)</sup> | 200000 | 216755  |
| Hungary Government International Bond, 5.50%, 06/16/2034<sup>(c)</sup> | 275000 | 283030  |
| Indonesia Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/31/2052 | 400000 | 330460  |
| &nbsp;&nbsp;&nbsp; 4.45%, 04/15/2070 | 207000 | 166400  |
| Korea Development Bank, 4.00%, 01/28/2031 | 700000 | 709338  |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/13/2030 | 205000 | 214528  |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/02/2032 | 235000 | 242640  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036 | 349000 | 358249  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/2037 | 300000 | 324075  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/29/2038 | 240000 | 253525  |
| &nbsp;&nbsp;&nbsp; 5.55%, 01/21/2045 | 140000 | 130768  |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/2053 | 403000 | 392179  |
| &nbsp;&nbsp;&nbsp; 6.40%, 05/07/2054 | 333000 | 325940  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/13/2055<sup>(a)</sup> | 599000 | 656685  |
| Oman Government International Bond, 6.50%, 03/08/2047<sup>(c)</sup> | 200000 | 216636  |
| Panama Government International Bond, 2.25%, 09/29/2032 | 200000 | 168268  |
| Paraguay Government International Bond, 5.40%, 03/30/2050<sup>(c)</sup> | 260000 | 245958  |

---

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

55<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Foreign Government Debt Obligations — continued** | **Foreign Government Debt Obligations — continued** | **Foreign Government Debt Obligations — continued** |
| Peruvian Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 | $157000 | $138065  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/30/2036 | 225000 | 232023  |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/11/2041 | 141000 | 110732  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/10/2051 | 140000 | 100663  |
| Philippine Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 01/14/2031 | 211000 | 244111  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2034 | 394000 | 440921  |
| Province of Quebec Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/14/2031 | 320000 | 322995  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/28/2035 | 410000 | 422794  |
| Republic of Poland Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/18/2029 | 15000 | 15349  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/12/2035 | 140000 | 146809  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/04/2053 | 130000 | 127748  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/18/2054 | 946000 | 930527  |
| Republic of South Africa Government International Bond, 5.00%, 10/12/2046 | 200000 | 156181  |
| Uruguay Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/23/2031 | 104000 | 105623  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/28/2034 | 275000 | 296161  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/20/2045 | 138000 | 122809  |
| &nbsp;&nbsp;&nbsp; 4.98%, 04/20/2055 | 324000 | 301109  |
| **Total Foreign Government Debt Obligations (Cost $9,742,126)** | **Total Foreign Government Debt Obligations (Cost $9,742,126)** | **10097335**  |
| **U.S. Government Agency Issues — 1.0%** | **U.S. Government Agency Issues — 1.0%** | **U.S. Government Agency Issues — 1.0%** |
| Federal Farm Credit Banks Funding Corp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/28/2026 | 5000 | 5017  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/26/2027 | 20000 | 20163  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/03/2027 | 25000 | 24095  |
| &nbsp;&nbsp;&nbsp; 0.86%, 10/05/2027 | 44000 | 42069  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2028 | 63000 | 64402  |
| &nbsp;&nbsp;&nbsp; 1.55%, 03/15/2029 | 8000 | 7535  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/20/2029 | 10000 | 10170  |
| &nbsp;&nbsp;&nbsp; 4.97%, 03/27/2029 | 385000 | 384891  |
| &nbsp;&nbsp;&nbsp; 1.19%, 07/16/2029 | 7000 | 6437  |
| &nbsp;&nbsp;&nbsp; 1.14%, 08/20/2029 | 30000 | 27633  |
| &nbsp;&nbsp;&nbsp; 1.23%, 09/10/2029 | 71000 | 65515  |
| &nbsp;&nbsp;&nbsp; 1.74%, 06/03/2030 | 1280000 | 1183809  |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/24/2030 | 21000 | 19014  |
| &nbsp;&nbsp;&nbsp; 1.60%, 07/15/2030 | 33000 | 30332  |
| &nbsp;&nbsp;&nbsp; 1.55%, 07/26/2030 | 134000 | 122803  |
| &nbsp;&nbsp;&nbsp; 1.15%, 08/12/2030 | 25000 | 22452  |

---

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

56<br>

------

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Government Agency Issues — continued** | **U.S. Government Agency Issues — continued** | **U.S. Government Agency Issues — continued** |
| &nbsp;&nbsp;&nbsp; 1.24%, 09/03/2030 | $671000 | $607403  |
| &nbsp;&nbsp;&nbsp; 1.32%, 09/09/2030 | 22000 | 19909  |
| &nbsp;&nbsp;&nbsp; 1.22%, 09/23/2030 | 1201000 | 1082216  |
| &nbsp;&nbsp;&nbsp; 1.30%, 02/03/2031 | 35000 | 31351  |
| &nbsp;&nbsp;&nbsp; 1.67%, 03/03/2031 | 31000 | 28154  |
| &nbsp;&nbsp;&nbsp; 1.99%, 03/17/2031 | 367000 | 340381  |
| &nbsp;&nbsp;&nbsp; 2.02%, 04/01/2031 | 72000 | 66579  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/02/2031 | 257000 | 270890  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/16/2031 | 22000 | 20005  |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/23/2032 | 474000 | 461749  |
| &nbsp;&nbsp;&nbsp; 1.69%, 08/20/2035 | 196000 | 156604  |
| &nbsp;&nbsp;&nbsp; 1.68%, 09/17/2035 | 55000 | 44383  |
| &nbsp;&nbsp;&nbsp; 2.10%, 02/25/2036 | 21000 | 17382  |
| &nbsp;&nbsp;&nbsp; 5.54%, 09/18/2045 | 156000 | 156550  |
| Federal Home Loan Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/10/2027 | 140000 | 137473  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/10/2028 | 10000 | 9885  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/09/2028 | 140000 | 139388  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/09/2029 | 250000 | 257839  |
| &nbsp;&nbsp;&nbsp; 2.13%, 12/14/2029 | 150000 | 142589  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/14/2031 | 1760000 | 1595229  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/10/2034 | 165000 | 172734  |
| Tennessee Valley Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/2048 | 716000 | 721025  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2055 | 235000 | 241147  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2065 | 229000 | 196676  |
| **Total U.S. Government Agency Issues (Cost $8,692,297)** | **Total U.S. Government Agency Issues (Cost $8,692,297)** | **8953878**  |
| **Foreign Government Agency Issues — 0.8%** | **Foreign Government Agency Issues — 0.8%** | **Foreign Government Agency Issues — 0.8%** |
| Asian Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/20/2027 | 330000 | 323276  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/25/2028 | 135000 | 135593  |
| Export-Import Bank of Korea, 3.75%, 09/22/2030 | 490000 | 491224  |
| Indonesia Government International Bond, 5.25%, 01/15/2030 | 274000 | 283981  |
| Inter-American Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/13/2027 | 411000 | 402869  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2029 | 208000 | 211556  |
| International Bank for Reconstruction & Development<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 07/15/2026 | 402000 | 396831  |
| &nbsp;&nbsp;&nbsp; 1.38%, 04/20/2028 | 93000 | 88891  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/26/2028 | 747000 | 748330  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/02/2034 | 3260000 | 3267673  |

---

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

57<br>

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Foreign Government Agency Issues — continued** | **Foreign Government Agency Issues — continued** | **Foreign Government Agency Issues — continued** |
| International Finance Corp., 4.38%, 01/15/2027 | $56000 | $56226  |
| Province of British Columbia Canada, 4.80%, 06/11/2035 | 305000 | 318645  |
| Province of Ontario Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 09/04/2030 | 570000 | 577210  |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/11/2035 | 245000 | 257057  |
| **Total Foreign Government Agency Issues (Cost $7,490,576)** | **Total Foreign Government Agency Issues (Cost $7,490,576)** | **7559362**  |
| **Non-Agency Commercial Mortgage Backed Securities — 0.4%** | **Non-Agency Commercial Mortgage Backed Securities — 0.4%** | **Non-Agency Commercial Mortgage Backed Securities — 0.4%** |
|  Banc of America Re-Remic Trust, Series 2024-BHP, Class B, 6.56% (1 mo. Term SOFR + 2.90%), 08/15/2039<sup>(c)</sup> | 100000 | 100515  |
| BLP Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-IND, Class D, 5.91% (1 mo. Term SOFR + 2.25%), 03/15/2042<sup>(c)</sup> | 205824 | 205147  |
| &nbsp;&nbsp;&nbsp; Series 2025-IND2, Class D, 6.31% (1 mo. Term SOFR + 2.65%), 12/15/2042<sup>(c)</sup> | 199000 | 199434  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class C, 3.86%, 12/09/2041<sup>(c)</sup> | 285000 | 276725  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class E, 6.55% (1 mo. Term SOFR + 2.89%), 06/15/2041<sup>(c)</sup> | 213000 | 210699  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL5, Class D, 6.35% (1 mo. Term SOFR + 2.69%), 03/15/2041<sup>(c)</sup> | 175884 | 175871  |
| &nbsp;&nbsp;&nbsp; Series 2025-GW, Class D, 6.41% (1 mo. Term SOFR + 2.75%), 07/15/2042<sup>(c)</sup> | 192000 | 192481  |
| &nbsp;&nbsp;&nbsp; Series 2025-LIFE, Class A, 5.88%, 06/13/2047<sup>(c)(e)</sup> | 325000 | 336621  |
| &nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, 5.65% (1 mo. Term SOFR + 1.99%), 03/15/2030<sup>(c)</sup> | 343558 | 344170  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT7, Class D, 6.91% (1 mo. Term SOFR + 3.25%), 07/15/2044<sup>(c)</sup> | 255000 | 256514  |
| &nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class D, 6.41% (1 mo. Term SOFR + 2.75%), 12/15/2044<sup>(c)</sup> | 185000 | 185384  |
| &nbsp;&nbsp;&nbsp; Series 2026-XL6, Class D, 5.77% (1 mo. Term SOFR + 2.10%), 03/15/2043<sup>(c)(h)</sup> | 146000 | 146181  |
|  CONE Trust 2024-DFW1, Series 2024-DFW1, Class D, 6.70% (1 mo. Term SOFR + 3.04%), 08/15/2041<sup>(c)</sup> | 92000 | 91888  |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class C, 5.91% (1 mo. Term SOFR + 2.25%), 03/15/2042<sup>(c)</sup> | 266000 | 267016  |
|  NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, 6.10% (1 mo. Term SOFR + 2.44%), 02/15/2042<sup>(c)</sup> | 100000 | 100050  |
|  ORL Trust, Series 2024-GLKS, Class C, 5.95% (1 mo. Term SOFR + 2.29%), 12/15/2039<sup>(c)</sup> | 268000 | 268675  |
|  SDAL Trust, Series 2025-DAL, Class C, 7.60% (1 mo. Term SOFR + 3.94%), 04/15/2042<sup>(c)</sup> | 247000 | 248999  |
|  SFO Commercial Mortgage Trust, Series 2021-555, Class D, 6.17% (1 mo. Term SOFR + 2.51%), 05/15/2038<sup>(c)</sup> | 124000 | 122807  |
|  SREIT Trust, Series 2021-PALM, Class A, 4.36% (1 mo. Term SOFR + 0.70%), 10/15/2034<sup>(c)</sup> | 175000 | 174508  |
| **Total Non-Agency Commercial Mortgage Backed Securities (Cost $3,871,183)** | **Total Non-Agency Commercial Mortgage Backed Securities (Cost $3,871,183)** | **3903685** |

---

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

58<br>

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

ActivePassive Core Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| **Investments Purchased with Collateral from Securities Lending — 1.4%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(j)</sup> | 12514952 | $12514952  |
| &nbsp;&nbsp;&nbsp; **Total Investments Purchased with Collateral from Securities Lending** <br>**(Cost $12,514,952)** | &nbsp;&nbsp;&nbsp; **Total Investments Purchased with Collateral from Securities Lending** <br>**(Cost $12,514,952)** | **12514952** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Funds — 1.2%**<br>|  |  |
| First American Government Obligations Fund - Class X, 3.60%<sup>(j)</sup> | 11539609 | 11539609  |
| **Total Money Market Funds (Cost $11,539,609)** | **Total Money Market Funds (Cost $11,539,609)** | **11539609**  |
| **Total Investments — 101.2% (Cost $917,457,772)** | **Total Investments — 101.2% (Cost $917,457,772)** | **935966463**  |
| Liabilities in Excess of Other Assets — (1.2)% | Liabilities in Excess of Other Assets — (1.2)% | (11501672)  |
| **Total Net Assets — 100.0%**  | **Total Net Assets — 100.0%**  | **$924464791** |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

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

<sup>(a)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $12,256,117.

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

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $114,116,053 or 12.3% of the Fund's net assets.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of February 28, 2026.

<sup>(e)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 28, 2026.

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

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

<sup>(h)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $827,540 or 0.1% of net assets as of February 28, 2026.

<sup>(i)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 28, 2026.

<sup>(j)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

59<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — 94.6%** | **Municipal Bonds — 94.6%** | **Municipal Bonds — 94.6%** |
| **Alabama — 2.2%**  | **Alabama — 2.2%**  | **Alabama — 2.2%**  |
| Alabama Economic Settlement Authority, 4.00%, 09/15/2033 | $65000 | $65008  |
| Alabama Federal Aid Highway Finance Authority, 5.00%, 09/01/2036 | 50000 | 50583  |
| Alabama Public School and College Authority, 5.00%, 11/01/2027 | 35000 | 36536  |
| Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2049<sup>(a)</sup> | 20000 | 21386  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2049<sup>(a)</sup> | 215000 | 216154  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051<sup>(a)</sup> | 125000 | 130213  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052<sup>(a)</sup> | 20000 | 20252  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052<sup>(a)</sup> | 80000 | 80536  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2052<sup>(a)</sup> | 510000 | 523928  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2053<sup>(a)</sup> | 30000 | 31929  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054<sup>(a)</sup> | 40000 | 43243  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2054<sup>(a)</sup> | 75000 | 83496  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2055<sup>(a)</sup> | 340000 | 374398  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2055<sup>(a)</sup> | 20000 | 21661  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055<sup>(a)</sup> | 300000 | 326668  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055<sup>(a)</sup> | 290000 | 321415  |
| County of Jefferson AL Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 85000 | 93860  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 175000 | 196541  |
| Energy Southeast A Cooperative District, 5.25%, 07/01/2054<sup>(a)</sup> | 75000 | 82658  |
| Houston County Health Care Authority, 5.00%, 10/01/2030 | 135000 | 134970  |
| Southeast Alabama Gas Supply District, 5.00%, 08/01/2054<sup>(a)</sup> | 560000 | 607856  |
| Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2032 | 380000 | 425412  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051<sup>(a)</sup> | 170000 | 177454  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053<sup>(a)</sup> | 230000 | 249723  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 180000 | 188737  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055<sup>(a)</sup> | 225000 | 246650  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2055<sup>(a)</sup> | 115000 | 129213  |
| Tuscaloosa City Board of Education, 5.00%, 08/01/2041 | 15000 | 15133  |
|  |  | 4895613  |
| **Alaska — 0.0%<sup>(b)</sup>** |  |  |
| State of Alaska, 5.00%, 08/01/2029 | 10000 | 10920  |
| **Arizona — 0.6%** | **Arizona — 0.6%** | **Arizona — 0.6%** |
| Chandler Industrial Development Authority, 3.80%, 12/01/2035<sup>(a)</sup> | 135000 | 137366  |
| City of Glendale AZ Excise Tax Revenue, 5.00%, 07/01/2026 | 15000 | 15104  |
| City of Mesa AZ Utility System Revenue, 4.00%, 07/01/2034 | 75000 | 78640  |
| Gilbert Water Resource Municipal Property Corp., 5.00%, 07/15/2031 | 20000 | 22751  |
| Industrial Development Authority of the County of Pima, 5.00%, 04/01/2031 | 270000 | 295218  |

---

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

60<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | $190000 | $193765  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 75000 | 87530  |
| Maricopa County Pollution Control Corp., 2.40%, 06/01/2035 | 55000 | 49011  |
| Maricopa County Special Health Care District, 5.00%, 07/01/2030 | 65000 | 72120  |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No 210-Phoenix, <br>5.00%, 07/01/2027 | 20000 | 20721  |
| Salt River Project Agricultural Improvement & Power District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 45000 | 47252  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 20000 | 20988  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 195000 | 224229  |
| Salt Verde Financial Corp., 5.00%, 12/01/2032 | 90000 | 99429  |
| State of Arizona, 5.00%, 10/01/2028 | 30000 | 32105  |
|  |  | 1396229  |
| **Arkansas — 0.1%** |  |  |
| City of Fayetteville AR Sales & Use Tax Revenue, 2.88%, 11/01/2032 | 225000 | 224898  |
| **California — 10.4%** | **California — 10.4%** | **California — 10.4%** |
| Alameda Corridor Transportation Authority, 0.00%, 10/01/2034<sup>(c)</sup> | 20000 | 15583  |
| Alameda County Joint Powers Authority, 5.00%, 12/01/2032 | 20000 | 23788  |
| Anaheim Housing & Public Improvements Authority, 5.00%, 10/01/2033 | 20000 | 22354  |
| Anaheim Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2027<sup>(c)</sup> | 20000 | 19290  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2028<sup>(c)</sup> | 85000 | 80058  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2031<sup>(c)</sup> | 210000 | 183349  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2032<sup>(c)</sup> | 230000 | 194825  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2033<sup>(c)</sup> | 20000 | 16400  |
| Bay Area Toll Authority |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2029 | 35000 | 35657  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2032 | 265000 | 269077  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 20000 | 24475  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 60000 | 72960  |
| Bay Area Water Supply & Conservation Agency, 5.00%, 10/01/2027 | 15000 | 15689  |
| Beverly Hills Unified School District CA, 0.00%, 08/01/2033<sup>(c)</sup> | 130000 | 109108  |
| California Community Choice Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 120000 | 134936  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2052<sup>(a)</sup> | 135000 | 139980  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052<sup>(a)</sup> | 85000 | 86436  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053<sup>(a)</sup> | 40000 | 42445  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2053<sup>(a)</sup> | 255000 | 270734  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2054<sup>(a)</sup> | 235000 | 253650  |

---

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

61<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2054<sup>(a)</sup> | $390000 | $419717  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2055<sup>(a)</sup> | 70000 | 77304  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2055<sup>(a)</sup> | 70000 | 76702  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055<sup>(a)</sup> | 470000 | 499893  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056<sup>(a)</sup> | 1050000 | 1172203  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2056<sup>(a)</sup> | 295000 | 327162  |
| California Educational Facilities Authority, 5.00%, 03/01/2055<sup>(a)</sup> | 310000 | 384826  |
| California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 65000 | 68821  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 110000 | 122701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 20000 | 20205  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2033 | 310000 | 309339  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 20000 | 24086  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 20000 | 22873  |
| California Housing Finance Agency, 3.75%, 03/25/2035 | 328071 | 342255  |
| California Infrastructure & Economic Development Bank |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 65000 | 66121  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 20000 | 20345  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 15000 | 15719  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 75000 | 80324  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 45000 | 48700  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 220000 | 227094  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 95000 | 108322  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 20000 | 23439  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 80000 | 96587  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2045 | 35000 | 35338  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2047<sup>(a)</sup> | 200000 | 200047  |
| California State Public Works Board |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 20000 | 20902  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 105000 | 116334  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 25000 | 27795  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 135000 | 161321  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 40000 | 47584  |
| California State University |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 20000 | 20680  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 155000 | 155372  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2033 | 385000 | 384208  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/01/2051<sup>(a)</sup> | 150000 | 149638  |
| California Statewide Communities Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2034 | 630000 | 630268  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036<sup>(a)</sup> | 40000 | 43942  |

---

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

62<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038<sup>(a)</sup> | $70000 | $76898  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038<sup>(a)</sup> | 25000 | 27464  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2045<sup>(a)</sup> | 45000 | 49435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2046<sup>(a)</sup> | 70000 | 76898  |
| Central Valley Energy Authority, 5.00%, 12/01/2055<sup>(a)</sup> | 30000 | 33238  |
| City & County of San Francisco CA |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 20000 | 20781  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 70000 | 75056  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 20000 | 21845  |
| City of Los Angeles CA Wastewater System Revenue, 5.00%, 06/01/2035 | 25000 | 31166  |
| City of Los Angeles Department of Airports, 5.00%, 05/15/2031 | 25000 | 28246  |
| &nbsp;&nbsp;&nbsp; City of San Francisco CA Public Utilities Commission Water Revenue, <br>5.00%, 11/01/2032 | 95000 | 96441  |
| Coast Community College District |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2028<sup>(c)</sup> | 20000 | 18893  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/01/2039 | 100000 | 103478  |
| County of San Bernardino CA, 5.00%, 10/01/2027 | 35000 | 36590  |
| East Side Union High School District, 5.00%, 08/01/2031 | 70000 | 81403  |
| Foothill-Eastern Transportation Corridor Agency, 0.00%, 01/01/2028<sup>(c)</sup> | 45000 | 43260  |
| Glendale Community College District, 5.25%, 08/01/2041 | 40000 | 41807  |
| Golden State Tobacco Securitization Corp., 0.00%, 06/01/2028<sup>(c)</sup> | 100000 | 95099  |
| Grossmont Union High School District, 0.00%, 08/01/2032<sup>(c)</sup> | 120000 | 101209  |
| Kern High School District, 5.00%, 08/01/2033 | 20000 | 24233  |
| Long Beach Bond Finance Authority, 5.00%, 11/15/2029 | 70000 | 75800  |
| Los Angeles Community College District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 20000 | 22182  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 20000 | 22182  |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 180000 | 181019  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 155000 | 179674  |
| Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 200000 | 201406  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 30000 | 31049  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 45000 | 48814  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1250000 | 1414349  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 420000 | 453331  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 30000 | 34912  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 60000 | 68887  |
| Los Angeles Department of Water & Power Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 65000 | 68868  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 25000 | 27119  |

---

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

63<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Los Angeles Unified School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | $30000 | $30255  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 20000 | 21435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 15000 | 15835  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 50000 | 56579  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2031 | 255000 | 254576  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2032 | 145000 | 144726  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 20000 | 24292  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 15000 | 18088  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 5000 | 6004  |
| Marin Community College District |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2041 | 35000 | 35636  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2041 | 20000 | 20210  |
| Metropolitan Water District of Southern California |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 45000 | 46876  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 70000 | 77212  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 80000 | 93209  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 15000 | 16334  |
| M-S-R Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/01/2034 | 565000 | 702092  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/01/2034 | 75000 | 92965  |
| Municipal Improvement Corp. of Los Angeles |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 105000 | 108478  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 190000 | 192970  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 220000 | 223191  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 115000 | 115557  |
| New Haven Unified School District |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2033<sup>(c)</sup> | 175000 | 144106  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2034<sup>(c)</sup> | 85000 | 67646  |
| Northern California Power Agency, 5.00%, 07/01/2030 | 170000 | 192293  |
| Northern California Sanitation Agencies Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 85000 | 94893  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2034 | 35000 | 35667  |
| Poway Unified School District, 0.00%, 08/01/2032<sup>(c)</sup> | 25000 | 21148  |
| Rancho Santiago Community College District, 0.00%, 09/01/2030<sup>(c)</sup> | 50000 | 44611  |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, <br>5.00%, 05/15/2033 | 45000 | 52582  |
| Sacramento Municipal Utility District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 20000 | 20247  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2049<sup>(a)</sup> | 140000 | 164248  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2055<sup>(a)</sup> | 140000 | 159741  |

---

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

64<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| San Diego Community College District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | $20000 | $20224  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 60000 | 60630  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 20000 | 20210  |
| San Diego County Regional Transportation Commission |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 15000 | 16939  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 20000 | 23980  |
| San Diego County Water Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 20000 | 21263  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 75000 | 84682  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 230000 | 259692  |
| San Francisco City & County Public Utilities Commission Wastewater Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 65000 | 72381  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 20000 | 23427  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 20000 | 23708  |
| San Joaquin Hills Transportation Corridor Agency |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2032<sup>(c)</sup> | 20000 | 16716  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2034 | 30000 | 31730  |
| San Jose Redevelopment Agency Successor Agency, 5.00%, 08/01/2034 | 70000 | 72410  |
| San Mateo County Community College District, 0.00%, 09/01/2033<sup>(c)</sup> | 25000 | 20637  |
| Santa Clara Unified School District, 5.00%, 07/01/2031 | 20000 | 23280  |
| Santa Clara Valley Transportation Authority, 5.00%, 04/01/2034 | 35000 | 42068  |
| Santa Clara Valley Water District Safe Clean Water Revenue, 5.00%, 12/01/2026 | 160000 | 162970  |
| Southern California Public Power Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 15000 | 15536  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 20000 | 21695  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 40000 | 45146  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 690000 | 781767  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2055<sup>(a)</sup> | 270000 | 289904  |
| State of California |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 30000 | 32165  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 155000 | 166940  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2029 | 85000 | 84818  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 20000 | 22066  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2031 | 5000 | 4990  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 130000 | 135820  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 1000000 | 1164934  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 105000 | 122191  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 185000 | 186743  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2032 | 5000 | 4990  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2033 | 270000 | 269577  |

---

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

65<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | $20000 | $24198  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 1540000 | 1700704  |
| &nbsp;&nbsp;&nbsp; 3.13%, 04/01/2035 | 20000 | 20178  |
| State of California Department of Water Resources |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 185000 | 201152  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 210000 | 240951  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 305000 | 349536  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 35000 | 39967  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 30000 | 31570  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 40000 | 47558  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 20000 | 21963  |
| University of California |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 30000 | 32690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 15000 | 16355  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 35000 | 36169  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 20000 | 22793  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 140000 | 148446  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2033 | 50000 | 50821  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 55000 | 65816  |
| Ventura County Community College District, 3.13%, 08/01/2031 | 35000 | 34923  |
| Yosemite Community College District, 0.00%, 08/01/2031<sup>(c)</sup> | 40000 | 34858  |
|  |  | 23232572  |
| **Colorado — 1.4%** | **Colorado — 1.4%** | **Colorado — 1.4%** |
| Adams & Arapahoe Counties Joint School District 28J Aurora |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 60000 | 61150  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 115000 | 117100  |
| City & County of Denver CO, 5.00%, 12/01/2032 | 35000 | 40739  |
| City & County of Denver CO Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 35000 | 36543  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 250000 | 289286  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 335000 | 340357  |
| City of Aurora CO Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 115000 | 116041  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 70000 | 70633  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 | 20000 | 20181  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2041 | 220000 | 221991  |
| Colorado Bridge & Tunnel Enterprise |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 20000 | 22568  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 150000 | 177476  |

---

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

66<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | $205000 | $206642  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 35000 | 35692  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 55000 | 57942  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 20000 | 21070  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 20000 | 22936  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 75000 | 85009  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/2042 | 105000 | 105223  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2049<sup>(a)</sup> | 65000 | 66071  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2057<sup>(a)</sup> | 20000 | 23033  |
| Denver City & County School District No 1 |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 | 130000 | 134062  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 20000 | 24086  |
| Douglas County School District No Re-1 Douglas & Elbert Counties |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 40000 | 40828  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 | 35000 | 37604  |
| E-470 Public Highway Authority, 0.00%, 09/01/2032<sup>(c)</sup> | 20000 | 16799  |
| Regional Transportation District, 4.00%, 07/15/2034 | 20000 | 20620  |
| Regional Transportation District Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 45000 | 45768  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 85000 | 88944  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 25000 | 27482  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 40000 | 45850  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 10000 | 10422  |
| State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 200000 | 203996  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 80000 | 81598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 | 40000 | 41904  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2031 | 20000 | 22885  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2032 | 235000 | 240777  |
|  |  | 3221308  |
| **Connecticut — 1.6%** | **Connecticut — 1.6%** | **Connecticut — 1.6%** |
| Connecticut State Health & Educational Facilities Authority, 5.00%, 07/01/2029 | 160000 | 174422  |
| State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 420000 | 425500  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 1000000 | 1069823  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2033 | 20000 | 21108  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2034 | 210000 | 226396  |

---

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

67<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| State of Connecticut Special Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | $20000 | $20625  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 95000 | 98233  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 30000 | 31081  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 65000 | 72070  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1200000 | 1413182  |
|  |  | 3552440  |
| **Delaware — 0.5%** |  |  |
| Delaware Transportation Authority, 5.00%, 07/01/2028 | 140000 | 148922  |
| State of Delaware |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 81000 | 82770  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 105000 | 107553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 150000 | 157628  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 70000 | 74197  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 105000 | 113267  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 55000 | 59838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 30000 | 33986  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 35000 | 39720  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 40000 | 47134  |
| University of Delaware, 5.00%, 11/01/2035 | 275000 | 326023  |
|  |  | 1191038  |
| **District of Columbia — 2.2%** | **District of Columbia — 2.2%** | **District of Columbia — 2.2%** |
| District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 35000 | 35762  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 45000 | 46519  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 1015000 | 1056793  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2028 | 250000 | 268138  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 20000 | 21450  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 45000 | 48479  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | 115000 | 124822  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 55000 | 60637  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 90000 | 104514  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 10000 | 10289  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 100000 | 117020  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2033 | 370000 | 397231  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 45000 | 52895  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 1000000 | 1198382  |
| District of Columbia Income Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 105000 | 106516  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 25000 | 25667  |

---

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

68<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | $15000 | $15400  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 195000 | 208937  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 20000 | 21638  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 30000 | 32924  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 25000 | 27546  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 80000 | 88545  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 55000 | 61637  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 60000 | 65431  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 50000 | 57109  |
| District of Columbia Water & Sewer Authority, 5.00%, 10/01/2034 | 100000 | 118499  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, <br>0.00%, 10/01/2032<sup>(c)</sup> | 30000 | 24664  |
| Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 20000 | 20729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 85000 | 90266  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 50000 | 53098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 20000 | 21239  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 50000 | 56499  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 20000 | 22980  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2034 | 145000 | 153872  |
|  |  | 4816127  |
| **Florida — 5.6%** | **Florida — 5.6%** | **Florida — 5.6%** |
| Brevard County School District, 5.00%, 07/01/2029 | 110000 | 119545  |
| Capital Trust Authority, 5.00%, 12/01/2030 | 1300000 | 1439546  |
| Central Florida Expressway Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 830000 | 860727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 20000 | 22296  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 40000 | 45468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 70000 | 79757  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 | 110000 | 119837  |
| City of Jacksonville FL, 5.00%, 10/01/2026 | 90000 | 91310  |
| County of Miami-Dade FL Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 110000 | 114479  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 15000 | 15615  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 40000 | 46338  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 40000 | 46975  |
| Florida Department of Management Services |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 45000 | 46997  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 365000 | 391149  |
| Florida Municipal Power Agency, 5.00%, 10/01/2027 | 85000 | 86030  |

---

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

69<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Hillsborough County School Board |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | $15000 | $15517  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 355000 | 385211  |
| JEA Electric System Revenue, 5.00%, 10/01/2027 | 725000 | 756708  |
| JEA Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 40000 | 40568  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 25000 | 25355  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 310000 | 323163  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 20000 | 22377  |
| Lee County Industrial Development Authority, 5.00%, 04/01/2029 | 20000 | 21355  |
| Miami Beach Redevelopment Agency, 5.00%, 02/01/2034 | 1000000 | 1162998  |
| Orlando Utilities Commission |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 30000 | 30414  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 30000 | 35753  |
| Sarasota County School Board |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 15000 | 15098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 45000 | 47709  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 45000 | 52303  |
| School Board of Miami-Dade County |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2029 | 50000 | 49938  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 20000 | 19991  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/01/2033 | 565000 | 565157  |
| School District of Broward County |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 30000 | 31701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 90000 | 98745  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 130000 | 146456  |
| Seminole County School District Sales Tax Revenue, 5.00%, 10/01/2033 | 180000 | 210978  |
| State of Florida |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 70000 | 70317  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 60000 | 63725  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1130000 | 1137669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 20000 | 21798  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 105000 | 117069  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 105000 | 117375  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 30000 | 34109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 30000 | 34109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 910000 | 1071025  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 65000 | 76311  |
| State of Florida Department of Transportation Turnpike System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 20000 | 21275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 25000 | 29838  |

---

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

70<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| State of Florida Lottery Revenue, 5.00%, 07/01/2028 | $100000 | $106115  |
| Tampa Bay Water, 6.00%, 10/01/2029 | 315000 | 353295  |
| Volusia County Educational Facility Authority, 5.00%, 10/15/2030 | 1500000 | 1670511  |
|  |  | 12508105  |
| **Georgia — 1.0%** | **Georgia — 1.0%** | **Georgia — 1.0%** |
| Bartow County Development Authority, 3.95%, 12/01/2032<sup>(a)</sup> | 90000 | 91702  |
| City of Atlanta GA Water & Wastewater Revenue, 5.00%, 11/01/2033 | 20000 | 20908  |
| Columbus Medical Center Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054<sup>(a)</sup> | 60000 | 59971  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054<sup>(a)</sup> | 45000 | 47904  |
| Development Authority of Burke County |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 10/01/2032<sup>(a)</sup> | 165000 | 165038  |
| &nbsp;&nbsp;&nbsp; 3.80%, 10/01/2032<sup>(a)</sup> | 20000 | 20005  |
| Development Authority of Monroe County, 3.88%, 10/01/2048<sup>(a)</sup> | 30000 | 29929  |
| Georgia Ports Authority, 5.00%, 07/01/2031 | 20000 | 22788  |
| Georgia State Road & Tollway Authority, 5.00%, 06/01/2030 | 165000 | 183469  |
| Griffin-Spalding County School System |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 15000 | 15592  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 160000 | 170822  |
| Gwinnett County Water & Sewerage Authority, 5.00%, 08/01/2029 | 60000 | 65624  |
| Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2027 | 55000 | 56957  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2050<sup>(a)</sup> | 60000 | 60207  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052<sup>(a)</sup> | 20000 | 20351  |
| Municipal Electric Authority of Georgia, 5.00%, 01/01/2034 | 30000 | 33764  |
| State of Georgia |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 40000 | 42577  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 415000 | 424179  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 40000 | 43700  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2030 | 80000 | 79832  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 60000 | 63900  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 40000 | 40971  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 50000 | 57132  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 225000 | 239371  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/2033 | 115000 | 113650  |
|  |  | 2170343  |
| **Hawaii — 0.9%** | **Hawaii — 0.9%** | **Hawaii — 0.9%** |
| City & County Honolulu HI Wastewater System Revenue, 5.00%, 07/01/2030 | 1000000 | 1008888  |

---

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

71<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Hawaii — continued** | **Hawaii — continued** | **Hawaii — continued** |
| City & County of Honolulu HI |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | $145000 | $152924  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 20000 | 21093  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 30000 | 32059  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 55000 | 59029  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 55000 | 59488  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 20000 | 21343  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 20000 | 22626  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 95000 | 105152  |
| State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 170000 | 178243  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031 | 20000 | 20349  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2031 | 55000 | 55411  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2032 | 105000 | 104748  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/01/2035 | 85000 | 85017  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2035 | 90000 | 89778  |
|  |  | 2016148  |
| **Idaho — 0.0%<sup>(b)</sup>** |  |  |
| Idaho State Building Authority, 5.00%, 06/01/2026 | 80000 | 80371  |
| **Illinois — 9.0%** | **Illinois — 9.0%** | **Illinois — 9.0%** |
| Board of Trustees of the University of Illinois, 5.50%, 04/01/2034 | 120000 | 134219  |
| Chicago Board of Education |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2026 | 5000 | 5058  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(c)</sup> | 130000 | 118510  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(c)</sup> | 95000 | 86603  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2029<sup>(c)</sup> | 95000 | 83632  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2029<sup>(c)</sup> | 75000 | 66025  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2030<sup>(c)</sup> | 220000 | 186541  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2030<sup>(c)</sup> | 70000 | 59354  |
| Chicago Midway International Airport |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 15000 | 15325  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 20000 | 20943  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 100000 | 115857  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 15000 | 17234  |
| Chicago O'Hare International Airport, 5.00%, 01/01/2034 | 50000 | 54434  |
| Chicago Transit Authority Capital Grant Receipts Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 20000 | 20471  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 70000 | 75378  |
| Chicago Transit Authority Sales Tax Receipts Fund, 5.00%, 12/01/2029 | 940000 | 1030148  |

---

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

72<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| City of Chicago IL |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | $270000 | $280654  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 140000 | 148555  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 210000 | 226835  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 125000 | 131798  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 | 110000 | 110111  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 | 145000 | 145242  |
| City of Chicago IL Wastewater Transmission Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 180000 | 196646  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 560000 | 625313  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 175000 | 198363  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 140000 | 159891  |
| City of Chicago IL Waterworks Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 20000 | 20302  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 510000 | 577913  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 300000 | 342217  |
| City of Springfield IL Electric Revenue, 5.00%, 03/01/2035 | 20000 | 23176  |
|  Cook Kane Lake & McHenry Counties Community College District No 512, 4.00%, 12/15/2029 | 20000 | 20796  |
| Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 30000 | 30648  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 110000 | 112383  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 30000 | 30693  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 1000000 | 1104578  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 110000 | 112246  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 30000 | 34231  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 20000 | 22821  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1180000 | 1364428  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2034 | 65000 | 65801  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 | 25000 | 25315  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2064<sup>(a)</sup> | 45000 | 51029  |
| Illinois Sports Facilities Authority, 5.00%, 06/15/2029 | 20000 | 21359  |
| Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 85000 | 86828  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 30000 | 32251  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 265000 | 291546  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 330000 | 354080  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | 40000 | 39943  |
| &nbsp;&nbsp;&nbsp; Kendall Kane & Will Counties Community Unit School District No 308, <br>5.00%, 02/01/2029 | 125000 | 133670  |

---

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

73<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Metropolitan Pier & Exposition Authority |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2030<sup>(c)</sup> | $70000 | $61719  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2030<sup>(c)</sup> | 70000 | 60768  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2031<sup>(c)</sup> | 140000 | 119635  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2031<sup>(c)</sup> | 20000 | 16820  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2032<sup>(c)</sup> | 80000 | 66153  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2032<sup>(c)</sup> | 85000 | 69058  |
| Metropolitan Water Reclamation District of Greater Chicago |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 110000 | 112009  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2033 | 100000 | 119605  |
| Regional Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 20000 | 20119  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2029 | 90000 | 97542  |
| Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 80000 | 81594  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 35000 | 35727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 60000 | 62797  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 40000 | 41865  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 25000 | 26165  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 15000 | 16068  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 175000 | 191521  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 170000 | 186049  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 285000 | 322328  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 105000 | 120230  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 65000 | 74428  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 45000 | 51527  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 70000 | 81008  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 65000 | 74014  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 25000 | 28467  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 70000 | 79217  |
| State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026 | 490000 | 491297  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1000000 | 1015185  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 45000 | 45569  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 20000 | 20468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 780000 | 801585  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 185000 | 192118  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 75000 | 78056  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 20000 | 20851  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 20000 | 20936  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2028 | 20000 | 20535  |

---

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

74<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | $20000 | $20977  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 105000 | 110958  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 70000 | 74411  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 385000 | 400260  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 15000 | 15310  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 20000 | 21458  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 20000 | 21458  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 15000 | 16289  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 | 75000 | 82136  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 40000 | 43581  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2030 | 40000 | 40394  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 35000 | 38322  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 20000 | 21898  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 20000 | 21898  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 95000 | 104311  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 20000 | 21960  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2030 | 130000 | 139846  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 55000 | 60559  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 20000 | 22111  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 20000 | 22223  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 40000 | 44505  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 115000 | 128067  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 260000 | 289284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 45000 | 50196  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 20000 | 22490  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 20000 | 22501  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 45000 | 50803  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 295000 | 333040  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 80000 | 90497  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 90000 | 101809  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 15000 | 17001  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 40000 | 45547  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 45000 | 46604  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 120000 | 132444  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 80000 | 89816  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 20000 | 22466  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 175000 | 196652  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 120000 | 135256  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 125000 | 141291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 20000 | 23006  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | 175000 | 192262  |

---

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

75<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | $105000 | $117310  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 90000 | 103891  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 70000 | 78342  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 65000 | 72870  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 30000 | 34275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 45000 | 49993  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 35000 | 40150  |
| State of Illinois Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 | 1250000 | 1422193  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 | 35000 | 39722  |
| &nbsp;&nbsp;&nbsp; Winnebago & Boone Counties School District No 205 Rockford, <br>4.00%, 02/01/2035 | 545000 | 545430  |
|  |  | 20114500  |
| **Indiana — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp; City of Indianapolis Department of Public Utilities Gas Utility Revenue, <br>5.00%, 08/15/2026 | 135000 | 136273  |
| Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 40000 | 40550  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 165000 | 168951  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 355000 | 361301  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 125000 | 126965  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 70000 | 76040  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 20000 | 21855  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 90000 | 94522  |
| &nbsp;&nbsp;&nbsp; 2.10%, 11/01/2049<sup>(a)</sup> | 20000 | 19700  |
| Indianapolis Local Public Improvement Bond Bank, 5.00%, 06/01/2026 | 30000 | 30126  |
|  |  | 1076283  |
| **Iowa — 0.6%** |  |  |
| Iowa Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 45000 | 45430  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 280000 | 290840  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 15000 | 15567  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 30000 | 34304  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 400000 | 454271  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 25000 | 29342  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050<sup>(a)</sup> | 470000 | 547387  |
|  |  | 1417141  |

---

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

76<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — 0.1%**<br>|  |  |
| State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | $35000 | $39952  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 60000 | 69735  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 20000 | 23916  |
| Wyandotte County Unified School District No 500 Kansas City, 4.00%, 09/01/2034 | 30000 | 30209  |
|  |  | 163812  |
| **Kentucky — 2.0%** | **Kentucky — 2.0%** | **Kentucky — 2.0%** |
| Kentucky Bond Development Corp., 5.00%, 08/15/2055<sup>(a)</sup> | 340000 | 391146  |
| Kentucky Public Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052<sup>(a)</sup> | 15000 | 15508  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2054<sup>(a)</sup> | 270000 | 296423  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2055<sup>(a)</sup> | 120000 | 128306  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055<sup>(a)</sup> | 260000 | 280394  |
| Kentucky State Property & Building Commission |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 1010000 | 1029070  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 20000 | 20891  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 40000 | 40634  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 20000 | 22377  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 205000 | 237075  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 1250000 | 1478134  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 65000 | 77079  |
| Kentucky Turnpike Authority, 5.00%, 07/01/2028 | 45000 | 47741  |
| Louisville/Jefferson County Metropolitan Government |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2033 | 100000 | 89696  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/01/2035<sup>(a)</sup> | 130000 | 129382  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047<sup>(a)</sup> | 110000 | 118046  |
|  |  | 4401902  |
| **Louisiana — 2.1%** | **Louisiana — 2.1%** | **Louisiana — 2.1%** |
| Ernest N Morial New Orleans Exhibition Hall Authority, 5.00%, 07/15/2029 | 200000 | 216944  |
|  Louisiana Local Government Environmental Facilities & Community Development Auth, 3.50%, 11/01/2032 | 135000 | 134672  |
| Louisiana Public Facilities Authority, 5.00%, 05/15/2030 | 600000 | 657057  |
| Parish of St John the Baptist LA, 2.38%, 06/01/2037<sup>(a)</sup> | 320000 | 318936  |
| State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 870000 | 921593  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 20000 | 21322  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 35000 | 37776  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 40000 | 43670  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 75000 | 83667  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 35000 | 40926  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 | 25000 | 29509  |

---

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

77<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| State of Louisiana Gasoline & Fuels Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | $30000 | $32504  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 750000 | 849530  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 1000000 | 1186830  |
|  |  | 4574936  |
| **Maine — 0.6%** | **Maine — 0.6%** | **Maine — 0.6%** |
| Finance Authority of Maine, 5.00%, 07/01/2027 | 20000 | 20672  |
| Maine Municipal Bond Bank, 5.00%, 11/01/2028 | 1275000 | 1370110  |
|  |  | 1390782  |
| **Maryland — 3.0%** |  |  |
| County of Prince George's MD |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 | 105000 | 115186  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 80000 | 91238  |
| Maryland Health & Higher Educational Facilities Authority, 5.00%, 07/01/2033 | 750000 | 869547  |
| Maryland Stadium Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 265000 | 273583  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 775000 | 841694  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 150000 | 169242  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 155000 | 180646  |
| State of Maryland |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 65000 | 67544  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2028 | 45000 | 47517  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 210000 | 229684  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030 | 20000 | 22204  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2031 | 135000 | 153122  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 245000 | 280016  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1140000 | 1326584  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/01/2032 | 60000 | 56488  |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/01/2033 | 45000 | 42096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 225000 | 258558  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/01/2034 | 70000 | 65168  |
| State of Maryland Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 20000 | 20864  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2030 | 735000 | 777598  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2031 | 20000 | 20076  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/01/2031 | 275000 | 264429  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/2033 | 415000 | 402774  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2033 | 65000 | 65463  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2033 | 70000 | 70061  |
|  |  | 6711382  |

---

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

78<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |
| Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | $40000 | $46103  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 100000 | 104896  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2034 | 475000 | 561227  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2034 | 215000 | 199084  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2034 | 115000 | 115016  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/2035 | 1000000 | 1007627  |
| Massachusetts Development Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 25000 | 26092  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 95000 | 111575  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 240000 | 277443  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 20000 | 23932  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050<sup>(a)</sup> | 70000 | 76168  |
| Massachusetts Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 06/01/2027 | 265000 | 264442  |
| &nbsp;&nbsp;&nbsp; 3.05%, 12/01/2027 | 590000 | 593055  |
|  |  | 3406660  |
| **Michigan — 2.4%** |  |  |
| Detroit Regional Convention Facility Authority, 5.00%, 10/01/2032 | 600000 | 687743  |
| Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/01/2031 | 1750000 | 1990428  |
| Great Lakes Water Authority Water Supply System Revenue, 5.00%, 07/01/2029 | 20000 | 21762  |
| Michigan Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 | 30000 | 34062  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2033 | 750000 | 749111  |
| Michigan State Building Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | 215000 | 218106  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 | 500000 | 586286  |
| Michigan State Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 12/01/2031 | 375000 | 374257  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2042<sup>(a)</sup> | 25000 | 24974  |
| Michigan State University, 5.00%, 08/15/2029 | 40000 | 43749  |
| State of Michigan |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2026 | 190000 | 189715  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 15000 | 15469  |
| State of Michigan Trunk Line Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 | 20000 | 22508  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 140000 | 160755  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 10000 | 11666  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 90000 | 102671  |
| Utica Community Schools, 5.00%, 05/01/2026 | 55000 | 55110  |
|  |  | 5288372  |

---

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

79<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — 1.5%** | **Minnesota — 1.5%** | **Minnesota — 1.5%** |
| City of Rochester MN |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 | $90000 | $106929  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2055<sup>(a)</sup> | 135000 | 152235  |
| Farmington Independent School District No 192, 5.00%, 02/01/2027 | 20000 | 20462  |
| Minnesota Public Facilities Authority State Revolving Fund, 5.00%, 03/01/2033 | 20000 | 23492  |
| Osseo Independent School District No 279, 5.00%, 02/01/2034 | 95000 | 108118  |
| &nbsp;&nbsp;&nbsp; South Washington County Independent School District No 833, <br>5.00%, 02/01/2028 | 150000 | 157901  |
| State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 65000 | 65623  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 925000 | 987223  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 70000 | 74522  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 50000 | 53230  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 95000 | 101354  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 420000 | 458353  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 95000 | 103883  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 20000 | 21870  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 20000 | 22366  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 20000 | 22782  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 105000 | 120417  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 470000 | 553130  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 100000 | 117687  |
|  |  | 3271577  |
| **Mississippi — 0.2%** |  |  |
| State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 10000 | 10424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 100000 | 101693  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 50000 | 50847  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 | 20000 | 20339  |
| West Rankin Utility Authority, 5.00%, 01/01/2048 | 150000 | 157462  |
|  |  | 340765  |
| **Missouri — 0.9%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 220000 | 231821  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 20000 | 22350  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2051<sup>(a)</sup> | 70000 | 70010  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2059<sup>(a)</sup> | 515000 | 602356  |
| Missouri Highway & Transportation Commission, 5.00%, 05/01/2029 | 1000000 | 1089720  |
|  Missouri State Environmental Improvement & Energy Resources Authority, 2.75%, 09/01/2033 | 20000 | 19202  |
|  |  | 2035459  |

---

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

80<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Montana — 0.0%<sup>(b)</sup>** | **Montana — 0.0%<sup>(b)</sup>** | **Montana — 0.0%<sup>(b)</sup>** |
| City of Forsyth MT, 3.90%, 03/01/2031<sup>(a)</sup> | $105000 | $104784  |
| **Nebraska — 0.0%<sup>(b)</sup>** |  |  |
| Omaha Public Power District, 5.00%, 02/01/2027 | 20000 | 20477  |
| **Nevada — 0.8%** |  |  |
| County of Clark Department of Aviation, 5.00%, 07/01/2032 | 100000 | 108370  |
| County of Clark NV |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 80000 | 89077  |
| &nbsp;&nbsp;&nbsp; 2.10%, 06/01/2031 | 125000 | 116319  |
| Las Vegas Valley Water District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 105000 | 108532  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 15000 | 15931  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 20000 | 21772  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 35000 | 40516  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 20000 | 23509  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 25000 | 29768  |
| State of Nevada, 5.00%, 05/01/2032 | 25000 | 28854  |
| State of Nevada Highway Improvement Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2029 | 780000 | 780158  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 50000 | 51688  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 | 80000 | 81156  |
| Truckee Meadows Water Authority, 5.00%, 07/01/2033 | 145000 | 170333  |
|  |  | 1665983  |
| **New Hampshire — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, <br>5.00%, 06/01/2035 | 170000 | 203998  |
| New Hampshire Municipal Bond Bank, 5.00%, 02/15/2034 | 85000 | 100919  |
|  |  | 304917  |
| **New Jersey — 4.2%** | **New Jersey — 4.2%** | **New Jersey — 4.2%** |
| New Jersey Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 25000 | 25701  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2029 | 55000 | 56350  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 90000 | 98503  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2030 | 65000 | 66595  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031 | 140000 | 143436  |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/01/2031 | 410000 | 410553  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 | 90000 | 90408  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2036 | 175000 | 178618  |
| New Jersey Health Care Facilities Financing Authority, 4.00%, 07/01/2035 | 335000 | 334861  |

---

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

81<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| New Jersey Transportation Trust Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2026<sup>(c)</sup> | $65000 | $63662  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2026<sup>(c)</sup> | 130000 | 127325  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(c)</sup> | 40000 | 38223  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 50000 | 53008  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 110000 | 116618  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(c)</sup> | 180000 | 167707  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(c)</sup> | 20000 | 18634  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 | 20000 | 21467  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(c)</sup> | 290000 | 263276  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 650000 | 723597  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2030<sup>(c)</sup> | 25000 | 22054  |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/15/2031 | 60000 | 60097  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2031<sup>(c)</sup> | 20000 | 17130  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2031 | 100000 | 109617  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 | 1000000 | 1154239  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 | 260000 | 299239  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 | 90000 | 101519  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 | 85000 | 96859  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2032 | 95000 | 110714  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2032<sup>(c)</sup> | 135000 | 111828  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2032<sup>(c)</sup> | 785000 | 656268  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2032 | 20000 | 21852  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2033<sup>(c)</sup> | 105000 | 83964  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2033<sup>(c)</sup> | 60000 | 47979  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 | 255000 | 271741  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2034 | 20000 | 22356  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2034 | 20000 | 22776  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034<sup>(c)</sup> | 80000 | 62093  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2035 | 1720000 | 2034262  |
| New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 145000 | 148095  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 80000 | 81608  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 475000 | 497317  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 90000 | 93964  |
| Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 30000 | 30096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 220000 | 231028  |
|  |  | 9387237  |

---

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

82<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| City of Farmington NM, 3.90%, 06/01/2040<sup>(a)</sup> | $20000 | $20386  |
| New Mexico Finance Authority, 5.00%, 06/15/2028 | 30000 | 31882  |
| State of New Mexico |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 15000 | 15390  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 15000 | 15832  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2028 | 100000 | 106517  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 175000 | 189280  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 65000 | 70304  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 20000 | 22120  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 20000 | 22586  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 20000 | 23021  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 175000 | 192704  |
| State of New Mexico Severance Tax Permanent Fund |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 30000 | 31841  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 20000 | 21228  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 45000 | 48950  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 50000 | 55630  |
|  |  | 867671  |
| **New York — 8.0%** | **New York — 8.0%** | **New York — 8.0%** |
| City of New York NY |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 25000 | 25964  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 265000 | 267427  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 40000 | 45552  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2032 | 120000 | 120166  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 1250000 | 1445626  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 90000 | 91577  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2034 | 270000 | 269329  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 20000 | 23229  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2034 | 120000 | 119850  |
| County of Westchester NY, 4.00%, 12/01/2027 | 20000 | 20253  |
| Empire State Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2029 | 155000 | 168574  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030 | 40000 | 44473  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030 | 20000 | 22237  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2033 | 90000 | 99405  |
| Hudson Yards Infrastructure Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 20000 | 20523  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 20000 | 22757  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 95000 | 97286  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 60000 | 61397  |

---

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

83<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Long Island Power Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | $20000 | $22466  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 35000 | 41531  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2049 | 35000 | 35094  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2051<sup>(a)</sup> | 25000 | 24778  |
| Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 15000 | 16086  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 20000 | 20294  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 2000000 | 2200873  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2032<sup>(c)</sup> | 40000 | 32984  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2032 | 100000 | 98492  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2032 | 85000 | 85523  |
| Metropolitan Transportation Authority Dedicated Tax Fund |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2028 | 120000 | 119723  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2032<sup>(c)</sup> | 70000 | 58490  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2033 | 55000 | 54943  |
| Nassau County Local Economic Assistance Corp., 5.00%, 01/01/2032 | 150000 | 173460  |
| New York City Housing Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/01/2062<sup>(a)</sup> | 50000 | 49894  |
| &nbsp;&nbsp;&nbsp; 3.70%, 05/01/2063<sup>(a)</sup> | 15000 | 14970  |
| &nbsp;&nbsp;&nbsp; 3.73%, 05/01/2063<sup>(a)</sup> | 20000 | 20004  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/01/2063<sup>(a)</sup> | 20000 | 20195  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/2063<sup>(a)</sup> | 35000 | 35397  |
| New York City Municipal Water Finance Authority, 5.00%, 06/15/2029 | 35000 | 38253  |
| New York City Transitional Finance Authority Building Aid Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 230000 | 238450  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 20000 | 21919  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2030 | 30000 | 33684  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 25000 | 28671  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 | 1000000 | 1189482  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 | 295000 | 313131  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 | 20000 | 23217  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2035 | 20000 | 21005  |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 255000 | 266788  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 20000 | 21151  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 155000 | 166021  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 60000 | 61718  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2030 | 15000 | 14968  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 35000 | 39225  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 20000 | 22415  |

---

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

84<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | $20000 | $23021  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2033 | 300000 | 299254  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 10000 | 11741  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2035 | 495000 | 476544  |
| New York Liberty Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 11/15/2032 | 30000 | 27552  |
| &nbsp;&nbsp;&nbsp; 2.20%, 11/15/2033 | 455000 | 415704  |
| New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2026 | 160000 | 159769  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2026 | 95000 | 94856  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 | 105000 | 107941  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 130000 | 133346  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 40000 | 44151  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 310000 | 321536  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2032 | 165000 | 184107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2033 | 1750000 | 2058201  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/01/2033 | 365000 | 334665  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2034 | 20000 | 20963  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 20000 | 23259  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 40000 | 45182  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 35000 | 40575  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 65000 | 64945  |
| New York State Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/2060<sup>(a)</sup> | 60000 | 59814  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/2060<sup>(a)</sup> | 25000 | 24914  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/01/2062<sup>(a)</sup> | 110000 | 109748  |
| &nbsp;&nbsp;&nbsp; 3.10%, 05/01/2062<sup>(a)</sup> | 25000 | 24943  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2062<sup>(a)</sup> | 330000 | 329324  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2062<sup>(a)</sup> | 125000 | 124744  |
| &nbsp;&nbsp;&nbsp; 3.65%, 11/01/2062<sup>(a)</sup> | 65000 | 64871  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/01/2062<sup>(a)</sup> | 20000 | 20074  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/2062<sup>(a)</sup> | 125000 | 124756  |
| &nbsp;&nbsp;&nbsp; 3.45%, 11/01/2063<sup>(a)</sup> | 40000 | 39972  |
| &nbsp;&nbsp;&nbsp; 3.45%, 11/01/2063<sup>(a)</sup> | 50000 | 50153  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2063<sup>(a)</sup> | 20000 | 20098  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/2063<sup>(a)</sup> | 45000 | 44916  |
| New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 70000 | 81073  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 25000 | 29429  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 1000000 | 1189079  |
| New York Transportation Development Corp., 5.00%, 12/01/2033 | 35000 | 38455  |

---

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

85<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Port Authority of New York & New Jersey, 4.00%, 12/01/2027 | $15000 | $15484  |
| Suffolk County Water Authority |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2028 | 130000 | 129742  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2032 | 305000 | 304381  |
| Triborough Bridge & Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2030<sup>(c)</sup> | 135000 | 118651  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 20000 | 23011  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2032<sup>(c)</sup> | 25000 | 20711  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 | 20000 | 23469  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050<sup>(a)</sup> | 175000 | 175480  |
| Trust for Cultural Resources of The City of New York |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 50000 | 56781  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 | 30000 | 31592  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 | 20000 | 20941  |
| Utility Debt Securitization Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 | 20000 | 21817  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2034 | 800000 | 936944  |
|  |  | 17733599  |
| **North Carolina — 0.9%** |  |  |
| Charlotte-Mecklenburg Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp; 1.95%, 01/15/2048<sup>(a)</sup> | 20000 | 19033  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2050<sup>(a)</sup> | 25000 | 25185  |
| City of Charlotte NC Water & Sewer System Revenue, 5.00%, 07/01/2027 | 30000 | 31081  |
| City of Raleigh NC Combined Enterprise System Revenue, 5.00%, 09/01/2027 | 90000 | 93675  |
| County of Guilford NC, 5.00%, 03/01/2035 | 640000 | 774785  |
| County of Mecklenburg NC, 5.00%, 09/01/2030 | 20000 | 22448  |
| County of Wake NC, 5.00%, 05/01/2030 | 95000 | 105887  |
| Nash Health Care Systems, 5.00%, 02/01/2032 | 20000 | 22398  |
| State of North Carolina |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 | 50000 | 49875  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 230000 | 237161  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 110000 | 119570  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2031 | 20000 | 20008  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 125000 | 142148  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 105000 | 121180  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2033 | 25000 | 25097  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2034 | 115000 | 115383  |
|  |  | 1924914  |

---

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

86<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — 2.4%** | **Ohio — 2.4%** | **Ohio — 2.4%** |
| American Municipal Power, Inc., 4.00%, 02/15/2034 | $20000 | $20862  |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 235000 | 252017  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 20000 | 21774  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 25000 | 27117  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 115000 | 124364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 150000 | 161074  |
| City of Columbus OH |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 30000 | 30866  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 40000 | 41582  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 75000 | 80073  |
| City of Columbus OH Sewerage Revenue, 5.00%, 06/01/2032 | 20000 | 20063  |
| County of Cuyahoga OH, 5.00%, 12/01/2026 | 60000 | 61028  |
| County of Hamilton OH Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 165000 | 168138  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | 85000 | 85784  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2032 | 155000 | 156341  |
| Northeast Ohio Regional Sewer District, 5.00%, 11/15/2032 | 20000 | 23372  |
| Ohio State University, 5.00%, 12/01/2029 | 45000 | 49498  |
| Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 110000 | 112116  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 80000 | 82701  |
| Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 45000 | 46520  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 55000 | 57636  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 140000 | 144626  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 20000 | 22052  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 70000 | 72302  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 50000 | 58505  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 105000 | 116242  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 20000 | 23757  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 10000 | 11878  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2034 | 335000 | 336635  |
| Rickenbacker Port Authority, 5.38%, 01/01/2032 | 80000 | 89712  |
| State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 100000 | 101998  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 110000 | 112284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 40000 | 40837  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 35000 | 35828  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 95000 | 98013  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2027 | 20000 | 20536  |

---

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

87<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | $60000 | $62553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 | 20000 | 20966  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 10000 | 10593  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 | 40000 | 43009  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 120000 | 134359  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 1240000 | 1419844  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 40000 | 46490  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/01/2035 | 535000 | 535975  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 | 40000 | 41245  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2054<sup>(a)</sup> | 95000 | 106728  |
|  |  | 5329893  |
| **Oklahoma — 0.7%** |  |  |
| Canadian County Educational Facilities Authority, 3.00%, 09/01/2029 | 185000 | 184786  |
| Cleveland County Independent School District No 2 Moore, 4.00%, 03/01/2027 | 135000 | 136931  |
| &nbsp;&nbsp;&nbsp; Cleveland County Independent School District No 29 Norman, <br>4.00%, 03/01/2027 | 30000 | 30426  |
| Oklahoma Capitol Improvement Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 30000 | 31045  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1010000 | 1101415  |
| &nbsp;&nbsp;&nbsp; Oklahoma County Independent School District No 89 Oklahoma City, <br>3.00%, 07/01/2027 | 20000 | 20158  |
| Oklahoma Industries Authority, 5.00%, 04/01/2027 | 25000 | 25684  |
| Tulsa County Industrial Authority, 5.00%, 09/01/2027 | 60000 | 62179  |
|  |  | 1592624  |
| **Oregon — 0.2%** |  |  |
| City of Portland OR Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 45000 | 50713  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 20000 | 23388  |
| Oregon State Business Development Commission, 3.80%, 12/01/2040<sup>(a)</sup> | 55000 | 55995  |
| Oregon State Facilities Authority, 5.00%, 07/01/2047 | 20000 | 20681  |
| State of Oregon |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 60000 | 61889  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 80000 | 84779  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 35000 | 38067  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 20000 | 23443  |
| State of Oregon Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 15000 | 15896  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 50000 | 59586  |
| Tri-County Metropolitan Transportation District of Oregon, 5.00%, 09/01/2041 | 15000 | 15175  |
|  |  | 449612  |

---

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

88<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — 7.4%** | **Pennsylvania — 7.4%** | **Pennsylvania — 7.4%** |
| Allegheny County Hospital Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | $345000 | $365553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 200000 | 215291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 | 10000 | 10695  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 | 20000 | 21318  |
| City of Philadelphia PA, 5.00%, 08/01/2033 | 1000000 | 1170178  |
| City of Philadelphia PA Water & Wastewater Revenue, 5.00%, 09/01/2027 | 20000 | 20750  |
| Commonwealth Financing Authority, 5.00%, 06/01/2032 | 1000000 | 1051961  |
| Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 20000 | 20625  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 470000 | 479838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 15000 | 16011  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 20000 | 22321  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 80000 | 92084  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1350000 | 1558847  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/2033 | 365000 | 364211  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2034 | 575000 | 592552  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 750000 | 886677  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2035 | 505000 | 504758  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2035 | 215000 | 212858  |
| Delaware Valley Regional Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2028 | 30000 | 32083  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 | 70000 | 75433  |
| Erie City Water Authority, 5.00%, 12/01/2043 | 25000 | 25442  |
| General Authority of Southcentral Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 650000 | 742106  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 50000 | 58395  |
| Montgomery County Higher Education and Health Authority, 5.00%, 09/01/2033 | 95000 | 101549  |
| Northampton County General Purpose Authority, 5.00%, 08/15/2034 | 75000 | 86213  |
| Pennsylvania Economic Development Financing Authority, 5.00%, 03/15/2060<sup>(a)</sup> | 30000 | 33258  |
| Pennsylvania Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 10/01/2031 | 135000 | 134662  |
| &nbsp;&nbsp;&nbsp; 2.80%, 10/01/2031 | 185000 | 184537  |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/01/2031 | 50000 | 49881  |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/01/2032 | 60000 | 59966  |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/01/2032 | 40000 | 39965  |
| Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2033 | 375000 | 375248  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1250000 | 1481335  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000000 | 1185593  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 265000 | 274793  |

---

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

89<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Registration Fee Revenue, <br>5.00%, 07/15/2031 | $1235000 | $1404375  |
| Philadelphia Authority for Industrial Development, 5.00%, 07/01/2027 | 45000 | 46573  |
| Pittsburgh Water & Sewer Authority, 4.00%, 09/01/2034 | 560000 | 585280  |
| School District of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 60000 | 60670  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 55000 | 56747  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 240000 | 277609  |
| State Public School Building Authority, 5.00%, 06/01/2031 | 55000 | 55914  |
| &nbsp;&nbsp;&nbsp; Temple University-of The Commonwealth System of Higher Education, <br>5.00%, 04/01/2030 | 1250000 | 1385869  |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, 5.00%, 02/15/2029 | 25000 | 26918  |
|  |  | 16446942  |
| **Rhode Island — 0.4%** |  |  |
| Rhode Island Health and Educational Building Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 20000 | 20743  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 750000 | 831414  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 40000 | 45342  |
|  |  | 897499  |
| **South Carolina — 1.1%** |  |  |
| County of Florence SC, 5.00%, 06/01/2028 | 20000 | 21192  |
| Greenville County School District, 5.00%, 12/01/2027 | 15000 | 15711  |
| Patriots Energy Group Financing Agency, 5.25%, 02/01/2054<sup>(a)</sup> | 650000 | 711824  |
| South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 750000 | 846487  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 30000 | 35022  |
| South Carolina Public Service Authority, 5.00%, 12/01/2028 | 750000 | 804739  |
| South Carolina Transportation Infrastructure Bank, 4.00%, 10/01/2033 | 40000 | 42859  |
|  |  | 2477834  |
| **Tennessee — 1.1%** | **Tennessee — 1.1%** | **Tennessee — 1.1%** |
| Johnson City Health & Educational Facilities Board |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 75000 | 83182  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 130000 | 147561  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 20000 | 22673  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 20000 | 22569  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 25000 | 26493  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 365000 | 422649  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 85000 | 101446  |

---

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

90<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Metropolitan Government of Nashville & Davidson County TN |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | $95000 | $99831  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 25000 | 26580  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 90000 | 95306  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2034 | 40000 | 40037  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2035 | 65000 | 64787  |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue, 5.00%, 05/15/2028 | 35000 | 37067  |
| Metropolitan Nashville Airport Authority, 5.00%, 07/01/2033 | 750000 | 881031  |
| State of Tennessee |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 70000 | 74182  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 90000 | 97887  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 20000 | 22284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 20000 | 23208  |
| Tennessee Energy Acquisition Corp., 5.00%, 05/01/2052<sup>(a)</sup> | 180000 | 195781  |
|  |  | 2484554  |
| **Texas — 9.5%** | **Texas — 9.5%** | **Texas — 9.5%** |
| Board of Regents of the University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 10000 | 10107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 50000 | 51985  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 25000 | 25992  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 1000000 | 1068831  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 65000 | 69300  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 25000 | 27942  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 20000 | 23536  |
| Central Texas Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1935000 | 2242709  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 20000 | 23345  |
| City of Austin TX, 5.00%, 09/01/2033 | 170000 | 200302  |
| City of Austin TX Electric Utility Revenue, 5.00%, 11/15/2028 | 35000 | 37530  |
| City of Austin TX Water & Wastewater System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 145000 | 147550  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 15000 | 15241  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 40000 | 43947  |
| City of Dallas TX |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 35000 | 36807  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 10000 | 11467  |
| City of Dallas TX Hotel Occupancy Tax Revenue, 5.00%, 08/15/2026 | 25000 | 25229  |
| City of Houston TX, 5.00%, 03/01/2028 | 15000 | 15383  |
| City of Houston TX Airport System Revenue, 5.00%, 07/01/2029 | 300000 | 318615  |

---

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

91<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Houston TX Combined Utility System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | $15000 | $15261  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 20000 | 20909  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(c)</sup> | 35000 | 32561  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2032 | 215000 | 260397  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 | 120000 | 141612  |
| City of San Antonio TX, 5.00%, 08/01/2027 | 650000 | 676671  |
| City of San Antonio TX Electric & Gas Systems Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 455000 | 477652  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 30000 | 30254  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2030 | 1515000 | 1541089  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 10000 | 11051  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/2049<sup>(a)</sup> | 20000 | 19683  |
| &nbsp;&nbsp;&nbsp; 3.65%, 02/01/2053<sup>(a)</sup> | 225000 | 225349  |
| Clear Creek Independent School District, 5.00%, 02/15/2031 | 55000 | 61945  |
| Clifton Higher Education Finance Corp., 5.00%, 02/15/2035 | 215000 | 246548  |
| Comal Independent School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21064  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 | 70000 | 82832  |
| Conroe Independent School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 90000 | 92249  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 50000 | 54004  |
| County of Bexar TX, 5.00%, 06/15/2030 | 60000 | 60321  |
| County of Harris TX |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 35000 | 35453  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 20000 | 20857  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 415000 | 418882  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2032 | 75000 | 86716  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 20000 | 20168  |
| County of Williamson TX, 5.00%, 02/15/2028 | 20000 | 21064  |
| Cypress-Fairbanks Independent School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 85000 | 87140  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21072  |
| Dallas Area Rapid Transit |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 20000 | 20362  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 110000 | 114962  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 75000 | 80573  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2030 | 30000 | 34044  |
| Dallas College |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 35000 | 38601  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 265000 | 298167  |

---

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

92<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | $30000 | $32093  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 20000 | 21395  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 130000 | 148196  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2034 | 20000 | 20949  |
| Dallas Independent School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 90000 | 92275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21076  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2035 | 445000 | 443891  |
| Denton Independent School District, 5.00%, 08/15/2032 | 25000 | 28987  |
| Fort Bend Independent School District, 0.72%, 08/01/2051<sup>(a)</sup> | 240000 | 236839  |
| Garland Independent School District, 5.00%, 02/15/2034 | 110000 | 127193  |
| Harris County Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 30000 | 32016  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 1200000 | 1368610  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 90000 | 103825  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2051<sup>(a)</sup> | 55000 | 61503  |
| Harris County Industrial Development Corp., 4.05%, 11/01/2050<sup>(a)</sup> | 55000 | 57116  |
| Harris County-Houston Sports Authority, 5.00%, 11/15/2027 | 1000000 | 1044313  |
| Hurst-Euless-Bedford Independent School District, 5.00%, 08/15/2033 | 20000 | 23372  |
| Irving Independent School District, 5.00%, 02/15/2033 | 20000 | 23097  |
| Katy Independent School District, 5.00%, 02/15/2029 | 20000 | 21548  |
| Leander Independent School District, 5.00%, 02/15/2028 | 50000 | 52591  |
| Lewisville Independent School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 20000 | 21393  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 40000 | 46275  |
| Lower Colorado River Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 70000 | 72223  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 255000 | 270060  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 225000 | 244062  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 | 10000 | 11091  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 1000000 | 1130087  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 55000 | 64674  |
| Matagorda County Navigation District No 1 |  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 11/01/2029 | 450000 | 442953  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2030 | 140000 | 147529  |
| Midland Independent School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 25000 | 25629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 20000 | 21076  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 50000 | 55203  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 20000 | 23238  |

---

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

93<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| North East Independent School District, 3.75%, 08/01/2049<sup>(a)</sup> | $20000 | $20267  |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Revenue, <br>5.00%, 09/01/2028 | 20000 | 21346  |
| North Texas Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2032<sup>(c)</sup> | 20000 | 17098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 170000 | 173188  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2034<sup>(c)</sup> | 20000 | 15982  |
| Northside Independent School District, 2.00%, 06/01/2052<sup>(a)</sup> | 30000 | 29756  |
| Permanent University Fund - Texas A&M University System, 5.00%, 07/01/2033 | 25000 | 29368  |
| Permanent University Fund - University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 25000 | 29368  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 15000 | 17170  |
| Pflugerville Independent School District, 5.00%, 02/15/2033 | 120000 | 136947  |
| Plano Independent School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 55000 | 56385  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 110000 | 121318  |
| Round Rock Independent School District, 4.00%, 08/01/2032 | 80000 | 83855  |
| San Antonio Water System |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 55000 | 56780  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 25000 | 29921  |
| Tarrant County Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 365000 | 410021  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053<sup>(a)</sup> | 490000 | 541251  |
| &nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Revenue, <br>5.00%, 03/01/2030 | 115000 | 127097  |
| Texas A&M University |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 70000 | 72266  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 20000 | 20626  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 535000 | 620417  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 45000 | 53480  |
| Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054<sup>(a)</sup> | 245000 | 276499  |
| Texas Private Activity Bond Surface Transportation Corp., 5.00%, 12/31/2032 | 20000 | 21524  |
| Texas State University System, 5.00%, 03/15/2029 | 80000 | 82080  |
| Texas Tech University System, 5.00%, 02/15/2033 | 20000 | 23196  |
| Texas Transportation Commission |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 | 20000 | 19995  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 20000 | 22639  |

---

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

94<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | $30000 | $30284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 | 25000 | 25386  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 10000 | 10383  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 40000 | 42662  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 125000 | 136630  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | 55000 | 61713  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 | 40000 | 45788  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2032 | 95000 | 97089  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2032 | 10000 | 11644  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2033 | 295000 | 295736  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 | 65000 | 66321  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2034 | 115000 | 114863  |
| Trinity River Authority Central Regional Wastewater System Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 65000 | 65599  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 325000 | 354596  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2031 | 90000 | 91507  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2032 | 80000 | 81035  |
| University of North Texas System, 5.00%, 04/15/2033 | 85000 | 99056  |
|  |  | 21061841  |
| **Utah — 1.0%** |  |  |
| County of Utah UT, 5.00%, 05/15/2060<sup>(a)</sup> | 135000 | 135994  |
| Downtown Revitalization Public Infrastructure District, 5.00%, 06/01/2033 | 1000000 | 1161749  |
| Intermountain Power Agency |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 320000 | 322217  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 35000 | 36247  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 320000 | 362195  |
| Nebo School District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 50000 | 50355  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 15000 | 15545  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 50000 | 53151  |
| State of Utah, 5.00%, 07/01/2027 | 25000 | 25894  |
| University of Utah |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 20000 | 20769  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 20000 | 21785  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 40000 | 44546  |
|  |  | 2250447  |

---

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

95<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** |
| County of Fairfax VA |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | $100000 | $101438  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 25000 | 26780  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 20000 | 23100  |
| Fairfax County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 35000 | 35097  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 70000 | 80188  |
| Virginia College Building Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 70000 | 71683  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 70000 | 71683  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 20000 | 20481  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 15000 | 15778  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2029 | 315000 | 318580  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 90000 | 91977  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 | 225000 | 224870  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2035 | 450000 | 448924  |
| Virginia Commonwealth Transportation Board |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 15000 | 15194  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 125000 | 129015  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 285000 | 310000  |
| Virginia Public Building Authority |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 100000 | 111766  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 35000 | 39925  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 20000 | 22647  |
| Virginia Public School Authority, 5.00%, 04/15/2027 | 55000 | 56643  |
|  |  | 2215769  |
| **Washington — 3.3%** | **Washington — 3.3%** | **Washington — 3.3%** |
| Benton County School District No 400 Richland, 5.00%, 12/01/2027 | 25000 | 26154  |
| Central Puget Sound Regional Transit Authority, 5.00%, 11/01/2030 | 245000 | 275967  |
| City of Seattle WA Municipal Light & Power Revenue, 5.00%, 09/01/2031 | 165000 | 171489  |
| County of King WA, 5.00%, 07/01/2033 | 30000 | 35241  |
| County of King WA Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2030 | 310000 | 310798  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 35000 | 40164  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2032 | 20000 | 20048  |
| Energy Northwest |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 20000 | 20143  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 50000 | 51802  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 70000 | 74428  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 95000 | 106029  |

---

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

96<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | $540000 | $574510  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 35000 | 39841  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 115000 | 122274  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 20000 | 21251  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 65000 | 76499  |
| Franklin County School District No 1 Pasco, 4.00%, 12/01/2027 | 20000 | 20614  |
| King County School District No 401 Highline, 5.00%, 12/01/2026 | 55000 | 54936  |
| King County School District No 411 Issaquah |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 35000 | 36612  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2030 | 30000 | 29929  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 130000 | 135910  |
| King County School District No 414 Lake Washington, 5.00%, 12/01/2028 | 20000 | 21495  |
| Port of Seattle WA, 5.00%, 03/01/2034 | 30000 | 35521  |
| Snohomish County Housing Authority, 4.00%, 04/01/2033 | 1865000 | 1951192  |
| Snohomish County School District No 15 Edmonds |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 20000 | 22491  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 20000 | 22927  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 55000 | 64861  |
| Snohomish County School District No 201 Snohomish, 5.00%, 12/01/2028 | 170000 | 182092  |
| State of Washington |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 60000 | 61442  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 30000 | 30721  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 25000 | 25841  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 45000 | 46729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 25000 | 26317  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 20000 | 21275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 45000 | 47973  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 40000 | 42642  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 265000 | 282506  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 40000 | 43184  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 15000 | 16194  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 30000 | 32388  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 20000 | 21592  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 60000 | 65315  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 25000 | 27326  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 50000 | 54652  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 30000 | 32791  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 80000 | 88500  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 80000 | 88500  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2030 | 85000 | 91195  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 15000 | 16778  |

---

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

97<br>

------

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | $55000 | $61520  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 60000 | 67793  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 25000 | 28247  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 20000 | 22598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 80000 | 90390  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 20000 | 22826  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 20000 | 22826  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 330000 | 360676  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 70000 | 82329  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 30000 | 35664  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 | 35000 | 38328  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 | 50000 | 56905  |
| University of Washington, 5.00%, 04/01/2033 | 20000 | 23394  |
| Washington Health Care Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 | 590000 | 590550  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2047 | 120000 | 122242  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049<sup>(a)</sup> | 120000 | 119830  |
|  |  | 7455197  |
| **West Virginia — 0.3%** |  |  |
| West Virginia Economic Development Authority, 3.38%, 03/01/2040<sup>(a)</sup> | 545000 | 554407  |
| **Wisconsin — 0.9%** | **Wisconsin — 0.9%** | **Wisconsin — 0.9%** |
| State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 115000 | 116925  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 105000 | 106757  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 25000 | 25781  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 85000 | 89985  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 100000 | 105865  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 70000 | 74105  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 20000 | 21173  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 30000 | 32581  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 30000 | 32581  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 35000 | 36098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 30000 | 33362  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 150000 | 166810  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 205000 | 227974  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 185000 | 190565  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 40000 | 45425  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 20000 | 22712  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 105000 | 119239  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 100000 | 115541  |

---

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

98<br>

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

ActivePassive Intermediate Municipal Bond ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | $25000 | $28885  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 80000 | 93863  |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Environmental Improvement Fund Revenue, <br>5.00%, 06/01/2033 | 55000 | 64380  |
| Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 30000 | 33483  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 50000 | 56970  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 25000 | 29011  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 115000 | 135515  |
|  Wisconsin Housing & Economic Development Authority Housing Revenue, 3.75%, 05/01/2054<sup>(a)</sup> | 20000 | 19962  |
|  |  | 2025548 |
| **Total Municipal Bonds (Cost $206,393,283)** |  | **210761432**  |
|  | **Shares** |  |
| **Exchange Traded Funds — 4.1%**<br>|  |  |
| iShares National Muni Bond ETF<sup>(d)</sup> | 82905 | 9030013  |
| **Total Exchange Traded Funds (Cost $8,643,933)** |  | **9030013** |
|  | **Units**  |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| **Investments Purchased with Collateral from Securities Lending — 3.9%**  |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(e)</sup> | 8760715 | 8760715  |
| &nbsp;&nbsp;&nbsp; **Total Investments Purchased with Collateral from Securities Lending** <br>**(Cost $8,760,715)** |  | **8760715** |
|  | **Shares**  |  |
| **Money Market Funds — 1.5%**<br>|  |  |
| First American Government Obligations Fund - Class X, 3.60%<sup>(e)</sup> | 3311995 | 3311995  |
| **Total Money Market Funds (Cost $3,311,995)** |  | **3311995**  |
| **Total Investments — 104.1% (Cost $227,109,926)** |  | **231864155**  |
| Liabilities in Excess of Other Assets — (4.1)% |  | (9177733)  |
| **TOTAL NET ASSETS — 100.0%** |  | **$222686422** |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 28, 2026.

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

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

<sup>(d)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $8,577,232.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

99<br>

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

ActivePassive International Equity ETF

Schedule of Investments

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — 98.9%** |  |  |
| **Automobiles & Components — 2.7%** |  |  |
| Bridgestone Corp. - ADR | 11257 | $135197  |
| BYD Co. Ltd. - ADR<sup>(a)</sup> | 259638 | 3118252  |
| Cie Generale des Etablissements Michelin SCA - ADR<sup>(a)</sup> | 151960 | 3078710  |
| Denso Corp. - ADR | 16302 | 232793  |
| Geely Automobile Holdings Ltd. - ADR<sup>(b)</sup> | 29529 | 1210984  |
| Hesai Group - ADR<sup>(a)(b)</sup> | 6902 | 186009  |
| Honda Motor Co. Ltd. - ADR<sup>(a)</sup> | 86612 | 2612218  |
| Isuzu Motors Ltd. - ADR | 3362 | 62365  |
| Li Auto, Inc. - ADR<sup>(a)(b)</sup> | 42092 | 740398  |
| Mercedes-Benz Group AG - ADR | 139847 | 2423548  |
| NIO, Inc. - ADR<sup>(a)(b)</sup> | 69665 | 339269  |
| Niu Technologies - ADR<sup>(b)</sup> | 37479 | 135674  |
| Subaru Corp. - ADR | 29695 | 278539  |
| Sumitomo Electric Industries Ltd. - ADR<sup>(a)</sup> | 15437 | 1021621  |
| Suzuki Motor Corp. - ADR<sup>(a)</sup> | 23113 | 1392327  |
| Toyota Motor Corp. - ADR<sup>(a)</sup> | 39430 | 9557043  |
| Volkswagen AG - ADR | 21587 | 258180  |
| Volkswagen AG - ADR | 11963 | 142120  |
| WeRide, Inc. - ADR<sup>(a)(b)</sup> | 13600 | 95064  |
| XPeng, Inc. - ADR<sup>(a)(b)</sup> | 46317 | 813327  |
|  |  | 27833638  |
| **Banks — 13.3%** |  |  |
| Agricultural Bank of China Ltd. - ADR | 43703 | 736833  |
| AIB Group PLC - ADR | 3813 | 79005  |
| ANZ Group Holdings Ltd. - ADR | 7749 | 220924  |
| Banco BBVA Argentina SA - ADR | 2911 | 43636  |
| Banco Bilbao Vizcaya Argentaria SA - ADR | 210977 | 4879898  |
| Banco Bradesco SA - ADR | 508900 | 2081401  |
| Banco de Chile - ADR | 19062 | 783067  |
| Banco do Brasil SA - ADR | 178809 | 949476  |
| Banco Macro SA - ADR | 1299 | 100257  |
| Banco Santander Brasil SA - ADR<sup>(a)</sup> | 54149 | 352510  |
| Banco Santander Chile - ADR<sup>(a)</sup> | 43234 | 1466065  |
| Banco Santander SA - ADR<sup>(a)</sup> | 705099 | 8715024  |
| Bank Central Asia Tbk PT - ADR | 18337 | 194372  |
| Bank Hapoalim BM - ADR | 169 | 20971  |
| Bank Mandiri Persero Tbk PT - ADR | 33992 | 422860  |
| Bank of China Ltd. - ADR | 145796 | 2150054  |
| Bank Rakyat Indonesia Persero Tbk PT - ADR | 17791 | 204241  |
| Barclays PLC - ADR<sup>(a)</sup> | 285522 | 6932474  |
| BNP Paribas SA - ADR | 128865 | 7226749  |

---

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

100<br>

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| CaixaBank SA - ADR | 71030 | $290513  |
| China Construction Bank Corp. - ADR | 271815 | 5512408  |
| China Merchants Bank Co. Ltd. - ADR<sup>(a)</sup> | 22192 | 691503  |
| Commerzbank AG - ADR | 3059 | 124685  |
| Commonwealth Bank of Australia - ADR<sup>(a)</sup> | 34300 | 4263833  |
| Credit Agricole SA - ADR | 33604 | 370988  |
| DBS Group Holdings Ltd. - ADR<sup>(a)</sup> | 13827 | 2486095  |
| DNB Bank ASA - ADR<sup>(a)</sup> | 905 | 28580  |
| Erste Group Bank AG - ADR | 19802 | 1171288  |
| Grupo Cibest SA - ADR | 37047 | 2514750  |
| Grupo Financiero Banorte SAB de CV - ADR | 8174 | 465836  |
| Grupo Financiero Galicia SA - ADR<sup>(a)</sup> | 6972 | 312694  |
| HDFC Bank Ltd. - ADR | 297134 | 9463718  |
| HSBC Holdings PLC - ADR<sup>(a)</sup> | 90797 | 8458648  |
| ICICI Bank Ltd. - ADR | 162349 | 4953268  |
| Industrial & Commercial Bank of China Ltd. - ADR<sup>(a)</sup> | 143824 | 2352961  |
| ING Groep NV - ADR | 111179 | 3198620  |
| Intesa Sanpaolo SpA - ADR<sup>(a)</sup> | 113731 | 4668657  |
| Itau Unibanco Holding SA - ADR | 597583 | 5408126  |
| Kasikornbank PCL - ADR | 9068 | 231189  |
| KB Financial Group, Inc. - ADR | 32303 | 3553330  |
| KBC Group NV - ADR | 1519 | 102373  |
| Lloyds Banking Group PLC - ADR<sup>(a)</sup> | 553603 | 3072497  |
| Mitsubishi UFJ Financial Group, Inc. - ADR<sup>(a)</sup> | 287454 | 5358143  |
| Mizuho Financial Group, Inc. - ADR<sup>(a)</sup> | 339715 | 3013272  |
| National Australia Bank Ltd. - ADR<sup>(a)</sup> | 33905 | 593676  |
| NatWest Group PLC - ADR<sup>(b)</sup> | 261305 | 4337663  |
| Nordea Bank Abp - ADR<sup>(a)</sup> | 23189 | 450098  |
| Oversea-Chinese Banking Corp. Ltd. - ADR<sup>(a)</sup> | 4932 | 166406  |
| Shinhan Financial Group Co. Ltd. - ADR | 55646 | 3717709  |
| Societe Generale SA - ADR | 234747 | 4082250  |
| Standard Bank Group Ltd. - ADR | 36525 | 741457  |
| Standard Chartered PLC - ADR<sup>(a)</sup> | 71491 | 3568116  |
| Sumitomo Mitsui Financial Group, Inc. - ADR<sup>(a)</sup> | 166974 | 3746897  |
| Svenska Handelsbanken AB - ADR<sup>(a)</sup> | 6986 | 55539  |
| Swedbank AB - ADR | 1100 | 42460  |
| UniCredit SpA - ADR | 47623 | 2024454  |
| United Overseas Bank Ltd. - ADR | 22262 | 1294758  |
| Woori Financial Group, Inc. - ADR | 36264 | 2721976  |
|  |  | 137171251  |

---

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

101<br>

------

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Goods — 10.6%** |  |  |
| ABB Ltd. - ADR | 60761 | $5638013  |
| Airbus SE - ADR | 72809 | 3944064  |
| Alfa Laval AB - ADR | 380 | 22390  |
| Alstom SA - ADR<sup>(a)(b)</sup> | 1512746 | 4976934  |
| Assa Abloy AB - ADR<sup>(a)</sup> | 227269 | 4824921  |
| Astra International Tbk PT - ADR | 55027 | 456724  |
| Atlas Copco AB - ADR<sup>(a)</sup> | 38838 | 837347  |
| Atlas Copco AB - ADR | 15220 | 284157  |
| BAE Systems PLC - ADR | 23503 | 2726348  |
| Bouygues SA - ADR | 1050 | 12967  |
| Bunzl PLC - ADR | 7075 | 104922  |
| Cie de Saint-Gobain SA - ADR<sup>(a)</sup> | 176554 | 3585812  |
| CK Hutchison Holdings Ltd. - ADR | 266971 | 2186492  |
| Contemporary Amperex Technology Co. Ltd. - ADR | 2742 | 43132  |
| Daifuku Co. Ltd. - ADR<sup>(b)</sup> | 3838 | 78602  |
| Daikin Industries Ltd. - ADR | 133692 | 1697888  |
| Daimler Truck Holding AG - ADR<sup>(a)</sup> | 73379 | 1871165  |
| Diploma PLC - ADR | 131886 | 2504515  |
| EHang Holdings Ltd. - ADR<sup>(a)(b)</sup> | 8030 | 98528  |
| Embraer SA - ADR | 14056 | 1015124  |
| Epiroc AB - ADR | 2095 | 62682  |
| FANUC Corp. - ADR | 201344 | 4560442  |
| Geberit AG - ADR<sup>(a)</sup> | 4345 | 364980  |
| Hitachi Ltd. - ADR | 113930 | 3801844  |
| IMCD NV - ADR<sup>(a)</sup> | 17039 | 817702  |
| ITOCHU Corp. - ADR | 216988 | 3126797  |
| Jardine Matheson Holdings Ltd. - ADR | 1290 | 106167  |
| Kawasaki Heavy Industries Ltd. - ADR<sup>(a)</sup> | 1629 | 75748  |
| Kingspan Group PLC - ADR | 878 | 87537  |
| Komatsu Ltd. - ADR | 49695 | 2388839  |
| Kone Oyj - ADR<sup>(a)</sup> | 29146 | 1099096  |
| Kubota Corp. - ADR | 4943 | 502456  |
| Legrand SA - ADR | 23254 | 841795  |
| Leonardo SpA - ADR | 18796 | 629478  |
| Marubeni Corp. - ADR | 2854 | 1085519  |
| Mitsubishi Corp. - ADR<sup>(a)</sup> | 38008 | 1286191  |
| Mitsubishi Electric Corp. - ADR<sup>(a)</sup> | 44558 | 3394874  |
| Mitsubishi Heavy Industries Ltd. - ADR | 75515 | 2416480  |
| Mitsui & Co. Ltd. - ADR | 4071 | 3055448  |
| NIDEC CORP - ADR<sup>(a)</sup> | 72668 | 282679  |
| Prysmian SpA - ADR | 12131 | 728952  |

---

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

102<br>

------

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Capital Goods — continued**  | **Capital Goods — continued**  | **Capital Goods — continued**  |
| Rheinmetall AG - ADR | 5903 | $2330445  |
| Rolls-Royce Holdings PLC - ADR<sup>(a)</sup> | 368784 | 6866758  |
| Saab AB - ADR | 13715 | 497032  |
| Safran SA - ADR | 27100 | 2726260  |
| Sandvik AB - ADR<sup>(a)</sup> | 2875 | 126500  |
| Schneider Electric SE - ADR | 65341 | 4260887  |
| Siemens AG - ADR | 52603 | 7658471  |
| Siemens Energy AG - ADR | 17063 | 3324896  |
| SMC Corp. - ADR<sup>(a)</sup> | 164740 | 3943876  |
| Smiths Group PLC - ADR<sup>(a)</sup> | 17200 | 646032  |
| Sumitomo Corp. - ADR<sup>(a)</sup> | 28567 | 1216383  |
| Techtronic Industries Co. Ltd. - ADR | 29680 | 2407048  |
| Thales SA - ADR | 6635 | 404536  |
| Vestas Wind Systems AS - ADR | 43245 | 365420  |
| Vinci SA - ADR | 44714 | 1853842  |
| Volvo AB - ADR | 68290 | 2653066  |
|  |  | 108907203  |
| **Commercial & Professional Services — 1.9%** |  |  |
| Brambles Ltd. - ADR | 56995 | 2028452  |
| Bureau Veritas SA - ADR | 641 | 44735  |
| Computershare Ltd. - ADR<sup>(a)</sup> | 72164 | 1594103  |
| Experian PLC - ADR | 74318 | 2796586  |
| Kanzhun Ltd. - ADR | 41948 | 674524  |
| Recruit Holdings Co. Ltd. - ADR | 360480 | 3114547  |
| RELX PLC - ADR<sup>(a)</sup> | 169725 | 5904733  |
| Rentokil Initial PLC - ADR<sup>(a)</sup> | 53113 | 1661375  |
| Secom Co. Ltd. - ADR | 9629 | 92631  |
| SGS SA - ADR | 11984 | 150789  |
| Wolters Kluwer NV - ADR | 22681 | 1840336  |
|  |  | 19902811  |
| **Consumer Discretionary Distribution & Retail — 4.0%** |  |  |
| Alibaba Group Holding Ltd. - ADR<sup>(a)</sup> | 138977 | 20027975  |
| ATRenew, Inc. - ADR<sup>(b)</sup> | 42014 | 243261  |
| Baozun, Inc. - ADR<sup>(b)</sup> | 27578 | 69221  |
| Cosan SA - ADR<sup>(a)(b)</sup> | 45743 | 226885  |
| Fast Retailing Co. Ltd. - ADR<sup>(a)</sup> | 64827 | 2862112  |
| Industria de Diseno Textil SA - ADR | 190995 | 3193436  |
| JD.com, Inc. - ADR<sup>(a)</sup> | 101103 | 2682263  |
| LuxExperience BV - ADR<sup>(b)</sup> | 7970 | 77070  |
| MINISO Group Holding Ltd. - ADR<sup>(a)</sup> | 1284 | 23138  |
| Naspers Ltd. - ADR | 34313 | 383619  |

---

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

103<br>

------

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Consumer Discretionary Distribution & Retail — continued**  | **Consumer Discretionary Distribution & Retail — continued**  | **Consumer Discretionary Distribution & Retail — continued**  |
| Nitori Holdings Co. Ltd. - ADR<sup>(a)</sup> | 8482 | $84311  |
| Pan Pacific International Holdings Corp. - ADR<sup>(a)</sup> | 6053 | 81413  |
| PDD Holdings, Inc. - ADR<sup>(b)</sup> | 48029 | 4982048  |
| Prosus NV - ADR<sup>(a)</sup> | 300165 | 3073690  |
| Sea Ltd. - ADR<sup>(b)</sup> | 10306 | 1117686  |
| Ultrapar Participacoes SA - ADR | 99135 | 500632  |
| Vipshop Holdings Ltd. - ADR | 59792 | 1041577  |
| Wesfarmers Ltd. - ADR<sup>(a)</sup> | 8229 | 235020  |
|  |  | 40905357  |
| **Consumer Durables & Apparel — 3.0%** |  |  |
| adidas AG - ADR<sup>(a)</sup> | 7235 | 674591  |
| ANTA Sports Products Ltd. - ADR | 1976 | 535129  |
| Asics Corp. - ADR | 2902 | 88656  |
| Bandai Namco Holdings, Inc. - ADR<sup>(a)</sup> | 1040 | 14071  |
| Berkeley Group Holdings PLC - ADR<sup>(a)</sup> | 72565 | 855541  |
| Cie Financiere Richemont SA - ADR<sup>(a)</sup> | 206432 | 4190570  |
| Haier Smart Home Co. Ltd. - ADR | 50904 | 688731  |
| Here Group Ltd. - ADR<sup>(a)(b)</sup> | 15929 | 74388  |
| Hermes International SCA - ADR<sup>(a)</sup> | 8971 | 2162011  |
| Kering SA - ADR<sup>(a)</sup> | 188599 | 6327497  |
| LVMH Moet Hennessy Louis Vuitton SE - ADR<sup>(a)</sup> | 57279 | 7314528  |
| Panasonic Holdings Corp. - ADR<sup>(a)</sup> | 56712 | 913063  |
| Sekisui House Ltd. - ADR<sup>(a)</sup> | 42263 | 1035021  |
| Shimano, Inc. - ADR<sup>(a)</sup> | 73456 | 780837  |
| Sony Group Corp. - ADR<sup>(a)</sup> | 205675 | 4742866  |
|  |  | 30397500  |
| **Consumer Services — 1.8%** |  |  |
| Amadeus IT Group SA - ADR | 6465 | 401089  |
| Atour Lifestyle Holdings Ltd. - ADR | 14593 | 573067  |
| Carnival Corp. | 74671 | 2355870  |
| Carnival PLC - ADR | 28060 | 883048  |
| Chagee Holdings Ltd. - ADR | 4928 | 53863  |
| Compass Group PLC - ADR | 63653 | 1955420  |
| Evolution AB - ADR<sup>(a)</sup> | 3262 | 197286  |
| Galaxy Entertainment Group Ltd. - ADR | 1080 | 28706  |
| H World Group Ltd. - ADR | 8838 | 484322  |
| InterContinental Hotels Group PLC - ADR<sup>(a)</sup> | 19587 | 2723376  |
| Luckin Coffee, Inc. - ADR<sup>(a)(b)</sup> | 22949 | 802756  |
| Meituan - ADR<sup>(a)(b)</sup> | 157218 | 3232402  |
| Melco Resorts & Entertainment Ltd. - ADR<sup>(b)</sup> | 58554 | 347811  |
| New Oriental Education & Technology Group, Inc. - ADR | 7152 | 390857  |

---

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

104<br>

------

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Consumer Services — continued**  | **Consumer Services — continued**  | **Consumer Services — continued**  |
| Oriental Land Co. Ltd. - ADR<sup>(a)</sup> | 12326 | $221252  |
| Pearson PLC - ADR | 135844 | 1752388  |
| TAL Education Group - ADR<sup>(b)</sup> | 21663 | 228111  |
| Trip.com Group Ltd. - ADR<sup>(a)</sup> | 40093 | 2109694  |
|  |  | 18741318  |
| **Consumer Staples Distribution & Retail — 0.7%** |  |  |
| Aeon Co. Ltd. - ADR<sup>(a)</sup> | 780 | 11349  |
| Carrefour SA - ADR<sup>(a)</sup> | 5474 | 20637  |
| Clicks Group Ltd. - ADR<sup>(a)</sup> | 48778 | 1962827  |
| DingDong Cayman Ltd. - ADR<sup>(b)</sup> | 49992 | 141977  |
| J Sainsbury PLC - ADR<sup>(a)</sup> | 2873 | 54760  |
| Koninklijke Ahold Delhaize NV - ADR<sup>(a)</sup> | 34284 | 1689858  |
| Marks & Spencer Group PLC - ADR | 2780 | 30594  |
| Seven & i Holdings Co. Ltd. - ADR<sup>(a)</sup> | 33901 | 475292  |
| Tesco PLC - ADR<sup>(a)</sup> | 140864 | 2728536  |
| Wal-Mart de Mexico SAB de CV - ADR | 10031 | 325907  |
|  |  | 7441737  |
| **Energy — 2.9%** |  |  |
| BP PLC - ADR | 111463 | 4331452  |
| Ecopetrol SA - ADR<sup>(a)</sup> | 131887 | 1568136  |
| Eni SpA - ADR | 81115 | 3807538  |
| Equinor ASA - ADR<sup>(a)</sup> | 64648 | 1928450  |
| Inpex Corp. - ADR<sup>(a)</sup> | 40068 | 980304  |
| Petroleo Brasileiro SA - Petrobras - ADR | 159628 | 2654614  |
| Petroleo Brasileiro SA - Petrobras - ADR<sup>(a)</sup> | 256302 | 3947051  |
| Repsol SA - ADR | 11705 | 263128  |
| Shell PLC - ADR | 94563 | 7896956  |
| Tenaris SA - ADR | 1111 | 60438  |
| Transportadora de Gas del Sur SA - ADR | 2474 | 73280  |
| Vista Energy SAB de CV - ADR<sup>(b)</sup> | 7570 | 437092  |
| Woodside Energy Group Ltd. - ADR<sup>(a)</sup> | 67014 | 1372447  |
| YPF SA - ADR<sup>(a)(b)</sup> | 12732 | 450585  |
|  |  | 29771471  |
| **Financial Services — 2.4%** |  |  |
| 3i Group PLC - ADR<sup>(a)</sup> | 195721 | 2221433  |
| Adyen NV - ADR<sup>(a)(b)</sup> | 73846 | 858090  |
| Deutsche Bank AG<sup>(a)</sup> | 123682 | 4380816  |
| Deutsche Boerse AG - ADR<sup>(a)</sup> | 34221 | 935944  |
| FinVolution Group - ADR | 136813 | 768889  |
| Futu Holdings Ltd. - ADR<sup>(b)</sup> | 1489 | 221623  |
| High Templar Tech Ltd. - ADR<sup>(b)</sup> | 43066 | 115848  |

---

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

105<br>

------

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Financial Services — continued**  | **Financial Services — continued**  | **Financial Services — continued**  |
| Hong Kong Exchanges & Clearing Ltd. - ADR | 72821 | $3927237  |
| Kaspi.KZ JSC - ADR<sup>(b)</sup> | 4721 | 333255  |
| LexinFintech Holdings Ltd. - ADR | 34740 | 100399  |
| London Stock Exchange Group PLC - ADR<sup>(a)(b)</sup> | 104549 | 3131243  |
| Lufax Holding Ltd. - ADR<sup>(a)(b)</sup> | 93146 | 242180  |
| Macquarie Group Ltd. - ADR<sup>(a)</sup> | 1673 | 254815  |
| Noah Holdings Ltd. - ADR | 4545 | 53722  |
| Nomura Holdings, Inc. - ADR<sup>(a)</sup> | 193023 | 1737207  |
| ORIX Corp. - ADR<sup>(a)</sup> | 63022 | 2240432  |
| Qfin Holdings, Inc. - ADR | 21406 | 311671  |
| Singapore Exchange Ltd. - ADR | 369 | 10631  |
| UBS Group AG | 61034 | 2528639  |
| Up Fintech Holding Ltd. - ADR<sup>(b)</sup> | 19639 | 153577  |
| X Financial - ADR | 20434 | 101761  |
|  |  | 24629412  |
| **Food, Beverage & Tobacco — 3.9%** |  |  |
| Ambev SA - ADR<sup>(a)</sup> | 667427 | 2109069  |
| Anheuser-Busch InBev SA - ADR<sup>(a)</sup> | 55801 | 4517091  |
| Associated British Foods PLC - ADR<sup>(a)</sup> | 9785 | 260438  |
| British American Tobacco PLC - ADR | 134308 | 8414396  |
| Carlsberg AS - ADR | 1350 | 41985  |
| Cia Cervecerias Unidas SA - ADR | 11792 | 157305  |
| Coca-Cola Femsa SAB de CV - ADR | 8620 | 958113  |
| Coca-Cola HBC AG - ADR<sup>(a)</sup> | 182 | 11763  |
| Cresud SACIF y A - ADR | 6936 | 78932  |
| Danone SA - ADR | 86025 | 1475329  |
| Diageo PLC - ADR<sup>(a)</sup> | 43274 | 3873023  |
| Embotelladora Andina SA - ADR | 13394 | 382399  |
| Embotelladora Andina SA - ADR | 1400 | 34636  |
| Fomento Economico Mexicano SAB de CV - ADR | 12695 | 1425902  |
| Heineken Holding NV - ADR | 976 | 42192  |
| Heineken NV - ADR<sup>(a)</sup> | 64987 | 3003699  |
| Imperial Brands PLC - ADR | 46699 | 2093516  |
| Japan Tobacco, Inc. - ADR | 1820 | 34726  |
| Kerry Group PLC - ADR | 857 | 76059  |
| Magnum Ice Cream Co. NV<sup>(b)</sup> | 5515 | 87523  |
| MBRF Global Foods Co. SA - ADR | 81445 | 325780  |
| Nestle SA - ADR<sup>(a)</sup> | 77638 | 8465648  |
| Orkla ASA - ADR<sup>(a)</sup> | 5032 | 69089  |
| Pernod Ricard SA - ADR | 64429 | 1193869  |
| RLX Technology, Inc. - ADR | 63867 | 154558  |

---

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

106<br>

------

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Food, Beverage & Tobacco — continued**  | **Food, Beverage & Tobacco — continued**  | **Food, Beverage & Tobacco — continued**  |
| Suntory Beverage & Food Ltd. - ADR | 1573 | $24649  |
| WH Group Ltd. - ADR<sup>(a)</sup> | 43155 | 1085478  |
| Wilmar International Ltd. - ADR<sup>(a)</sup> | 1965 | 54647  |
|  |  | 40451814  |
| **Health Care Equipment & Services — 1.7%** |  |  |
| Brainsway Ltd. - ADR<sup>(b)</sup> | 16664 | 385605  |
| Coloplast AS - ADR | 156716 | 1208280  |
| EssilorLuxottica SA - ADR | 31976 | 4252808  |
| Fresenius Medical Care AG - ADR<sup>(a)</sup> | 32959 | 773218  |
| Fresenius SE & Co. KGaA - ADR | 3184 | 48078  |
| Hoya Corp. - ADR<sup>(a)</sup> | 19019 | 3426463  |
| Koninklijke Philips NV<sup>(a)</sup> | 90837 | 2906784  |
| M3, Inc. - ADR | 285682 | 1548397  |
| Siemens Healthineers AG - ADR | 2178 | 54123  |
| Smith & Nephew PLC - ADR<sup>(a)</sup> | 70631 | 2606284  |
| Sonova Holding AG - ADR | 6170 | 321334  |
| Terumo Corp. - ADR<sup>(a)</sup> | 37276 | 501362  |
|  |  | 18032736  |
| **Household & Personal Products — 1.9%** |  |  |
| Beiersdorf AG - ADR<sup>(a)</sup> | 5490 | 139171  |
| Henkel AG & Co. KGaA - ADR<sup>(a)</sup> | 108959 | 2475548  |
| Henkel AG & Co. KGaA - ADR<sup>(a)</sup> | 10133 | 249292  |
| Kao Corp. - ADR<sup>(a)</sup> | 64818 | 549657  |
| L'Oreal SA - ADR | 38695 | 3616822  |
| Reckitt Benckiser Group PLC - ADR | 258062 | 4531569  |
| Unicharm Corp. - ADR<sup>(a)</sup> | 53128 | 184885  |
| Unilever PLC - ADR | 109412 | 8069135  |
| Yatsen Holding Ltd. - ADR<sup>(b)</sup> | 13257 | 58994  |
|  |  | 19875073  |
| **Insurance — 3.9%** |  |  |
| Admiral Group PLC - ADR<sup>(a)</sup> | 371 | 14981  |
| Aegon Ltd. | 48718 | 365385  |
| AIA Group Ltd. - ADR<sup>(a)</sup> | 118986 | 5255612  |
| Allianz SE - ADR | 176790 | 7950246  |
| Aon PLC - Class A | 7269 | 2438531  |
| Aviva PLC - ADR | 1728 | 32089  |
| AXA SA - ADR | 19216 | 938317  |
| Generali - ADR | 704 | 14953  |
| Gjensidige Forsikring ASA - ADR<sup>(a)</sup> | 78646 | 2269252  |
| Hannover Rueck SE - ADR | 313 | 15799  |
| MS&AD Insurance Group Holdings, Inc. - ADR<sup>(a)</sup> | 53135 | 1473168  |

---

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

107<br>

------

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Insurance — continued**  | **Insurance — continued**  | **Insurance — continued**  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen - ADR<sup>(a)</sup> | 165953 | $2178963  |
| NN Group NV - ADR | 2845 | 115735  |
| Ping An Insurance Group Co. of China Ltd. - ADR<sup>(a)</sup> | 161059 | 2787931  |
| Prudential PLC - ADR<sup>(a)</sup> | 131413 | 4040950  |
| Sampo Oyj - ADR | 991 | 21921  |
| Sanlam Ltd. - ADR<sup>(a)</sup> | 36249 | 489724  |
| Sompo Holdings, Inc. - ADR<sup>(a)</sup> | 149421 | 2957042  |
| Swiss Re AG - ADR | 29002 | 1276958  |
| Tokio Marine Holdings, Inc. - ADR | 65751 | 2726036  |
| Zurich Insurance Group AG - ADR<sup>(a)</sup> | 69611 | 2620854  |
|  |  | 39984447  |
| **Materials — 5.6%** |  |  |
| Air Liquide SA - ADR | 129325 | 5431650  |
| Akzo Nobel NV - ADR<sup>(a)</sup> | 49285 | 1155240  |
| Anglo American PLC - ADR<sup>(a)</sup> | 51482 | 1287050  |
| Anhui Conch Cement Co. Ltd. - ADR | 30201 | 471136  |
| ArcelorMittal SA<sup>(a)</sup> | 50726 | 3305306  |
| BASF SE - ADR<sup>(a)</sup> | 88077 | 1269190  |
| BHP Group Ltd. - ADR<sup>(a)</sup> | 83109 | 6779201  |
| Cemex SAB de CV - ADR | 171558 | 2146191  |
| Cia de Minas Buenaventura SAA - ADR | 35016 | 1529149  |
| DRDGOLD Ltd. - ADR | 9236 | 359280  |
| Fortescue Ltd. - ADR<sup>(a)</sup> | 37494 | 1117696  |
| Gerdau SA - ADR | 128123 | 517617  |
| Givaudan SA - ADR | 13460 | 1081511  |
| Glencore PLC - ADR | 107185 | 1537033  |
| Gold Fields Ltd. - ADR | 57026 | 3355410  |
| Harmony Gold Mining Co. Ltd. - ADR | 42779 | 973222  |
| Heidelberg Materials AG - ADR<sup>(a)</sup> | 40477 | 1807703  |
| Holcim AG<sup>(b)</sup> | 115252 | 2111417  |
| Impala Platinum Holdings Ltd. - ADR | 47672 | 1055458  |
| Lynas Rare Earths Ltd. - ADR<sup>(b)</sup> | 12401 | 163197  |
| Nippon Steel Corp. - ADR | 36261 | 148670  |
| Nitto Denko Corp. - ADR | 2823 | 65522  |
| Norsk Hydro ASA - ADR | 9804 | 90883  |
| Nova Minerals Ltd. - ADR<sup>(a)(b)</sup> | 6755 | 51946  |
| Novonesis Novozymes B - ADR | 3023 | 178387  |
| POSCO Holdings, Inc. - ADR | 14883 | 1035708  |
| Rio Tinto PLC - ADR | 39650 | 3938831  |
| Sasol Ltd. - ADR<sup>(b)</sup> | 97944 | 873660  |
| Shin-Etsu Chemical Co. Ltd. - ADR<sup>(a)</sup> | 123598 | 2427465  |

---

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

108<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Materials — continued**  | **Materials — continued**  | **Materials — continued**  |
| Sibanye Stillwater Ltd. - ADR<sup>(b)</sup> | 44943 | $795941  |
| Sika AG - ADR<sup>(a)</sup> | 3089 | 63942  |
| Smurfit Westrock PLC | 35781 | 1682065  |
| Sociedad Quimica y Minera de Chile SA - ADR<sup>(b)</sup> | 4583 | 349683  |
| Symrise AG - ADR<sup>(a)</sup> | 5940 | 135551  |
| Ternium SA - ADR<sup>(a)</sup> | 15640 | 679871  |
| UPM-Kymmene Oyj - ADR<sup>(a)</sup> | 5185 | 164727  |
| Vale SA - ADR<sup>(a)</sup> | 339225 | 5827885  |
| Valterra Platinum Ltd. - ADR | 54124 | 1053253  |
| Zijin Mining Group Co. Ltd. - ADR | 1925 | 224455  |
|  |  | 57242102  |
| **Media & Entertainment — 4.1%** |  |  |
| Autotrader Group PLC - ADR<sup>(a)</sup> | 754031 | 1221530  |
| Baidu, Inc. - ADR<sup>(a)(b)</sup> | 18599 | 2314460  |
| Bilibili, Inc. - ADR<sup>(a)(b)</sup> | 13009 | 362951  |
| Criteo SA - ADR<sup>(b)</sup> | 32481 | 580435  |
| DouYu International Holdings Ltd. - ADR<sup>(b)</sup> | 11572 | 61100  |
| Hello Group, Inc. - ADR | 55359 | 358173  |
| JOYY, Inc. - ADR | 16422 | 979901  |
| LY Corp. - ADR | 11244 | 55096  |
| NetEase, Inc. - ADR | 23138 | 2660176  |
| Nintendo Co. Ltd. - ADR<sup>(a)</sup> | 135069 | 1899070  |
| Publicis Groupe SA - ADR | 16537 | 369106  |
| Sohu.com Ltd. - ADR<sup>(b)</sup> | 8376 | 138371  |
| Tencent Holdings Ltd. - ADR | 425789 | 27974337  |
| Tencent Music Entertainment Group - ADR | 37717 | 550668  |
| Universal Music Group NV - ADR | 153032 | 1720080  |
| Weibo Corp. - ADR<sup>(a)</sup> | 50897 | 505407  |
| WPP PLC - ADR<sup>(a)</sup> | 15393 | 286310  |
| Yalla Group Ltd. - ADR<sup>(b)</sup> | 66165 | 468448  |
| Zhihu, Inc. - ADR<sup>(b)</sup> | 27258 | 90497  |
|  |  | 42596116  |
| **Pharmaceuticals, Biotechnology & Life Sciences — 8.0%** |  |  |
| Argenx SE - ADR<sup>(a)(b)</sup> | 4023 | 3085319  |
| Ascendis Pharma AS - ADR<sup>(a)(b)</sup> | 2602 | 607567  |
| Astellas Pharma, Inc. - ADR | 20826 | 343837  |
| AstraZeneca PLC | 71821 | 14971088  |
| AstraZeneca PLC<sup>(b)(c)</sup> | 14065 | 2813  |
| Bayer AG - ADR | 100291 | 1233579  |
| Belite Bio, Inc. - ADR<sup>(a)(b)</sup> | 991 | 188587  |
| BeOne Medicines Ltd. - ADR<sup>(a)(b)</sup> | 5544 | 1757393  |

---

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

109<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Pharmaceuticals, Biotechnology & Life Sciences — continued**  | **Pharmaceuticals, Biotechnology & Life Sciences — continued**  | **Pharmaceuticals, Biotechnology & Life Sciences — continued**  |
| Chugai Pharmaceutical Co. Ltd. - ADR | 35029 | $1177325  |
| CSL Ltd. - ADR | 32620 | 1699828  |
| Daiichi Sankyo Co. Ltd. - ADR | 27543 | 537364  |
| Dr Reddy's Laboratories Ltd. - ADR<sup>(a)</sup> | 30152 | 433586  |
| Galapagos NV - ADR<sup>(a)(b)</sup> | 14120 | 475279  |
| Galderma Group AG - ADR | 958 | 36289  |
| Genmab AS - ADR<sup>(a)(b)</sup> | 42572 | 1253320  |
| Grifols SA - ADR | 44523 | 405159  |
| GSK PLC - ADR<sup>(a)</sup> | 81386 | 4812354  |
| Haleon PLC - ADR<sup>(a)</sup> | 302343 | 3346937  |
| Legend Biotech Corp. - ADR<sup>(b)</sup> | 1675 | 31825  |
| Lonza Group AG - ADR<sup>(a)</sup> | 5565 | 385821  |
| Merck KGaA - ADR<sup>(a)</sup> | 21191 | 644630  |
| Mesoblast Ltd. - ADR<sup>(b)</sup> | 3947 | 62560  |
| NovaBridge Biosciences - ADR<sup>(a)(b)</sup> | 8319 | 27286  |
| Novartis AG - ADR<sup>(a)</sup> | 56647 | 9551817  |
| Novo Nordisk AS - ADR<sup>(a)</sup> | 185094 | 6931770  |
| Otsuka Holdings Co. Ltd. - ADR | 3041 | 104033  |
| Roche Holding AG - ADR<sup>(a)</sup> | 244278 | 14546755  |
| Sandoz Group AG - ADR | 14585 | 1283772  |
| Sanofi SA - ADR | 124982 | 6081624  |
| Sartorius AG - ADR | 19696 | 1115010  |
| Shionogi & Co. Ltd. - ADR | 4282 | 49885  |
| Structure Therapeutics, Inc. - ADR<sup>(b)</sup> | 3318 | 208968  |
| Takeda Pharmaceutical Co. Ltd. - ADR<sup>(a)</sup> | 158089 | 2964169  |
| Teva Pharmaceutical Industries Ltd. - ADR<sup>(b)</sup> | 31756 | 1075258  |
| UCB SA - ADR | 4885 | 728207  |
| Wuxi Biologics Cayman, Inc. - ADR<sup>(a)(b)</sup> | 27489 | 280663  |
| Zai Lab Ltd. - ADR<sup>(b)</sup> | 8062 | 154952  |
|  |  | 82596629  |
| **Real Estate Management & Development — 0.5%** |  |  |
| Corp. Inmobiliaria Vesta SAB de CV - ADR | 7416 | 272390  |
| Daiwa House Industry Co. Ltd. - ADR | 44277 | 1591315  |
| IRSA Inversiones y Representaciones SA - ADR | 28564 | 455310  |
| KE Holdings, Inc. - ADR<sup>(a)</sup> | 38941 | 640580  |
| Mitsubishi Estate Co. Ltd. - ADR | 1935 | 65035  |
| Mitsui Fudosan Co. Ltd. - ADR | 3164 | 127224  |
| Sun Hung Kai Properties Ltd. - ADR<sup>(a)</sup> | 111527 | 2067711  |
| Vonovia SE - ADR<sup>(a)</sup> | 8883 | 149856  |
|  |  | 5369421  |

---

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

110<br>

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

ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — 14.5%** |  |  |
| Advantest Corp. - ADR | 21406 | $3703880  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 1251 | 159440  |
| ASE Technology Holding Co. Ltd. - ADR<sup>(a)</sup> | 166120 | 4035055  |
| ASM International NV | 590 | 499630  |
| ASML Holding NV | 12228 | 17737448  |
| Daqo New Energy Corp. - ADR<sup>(b)</sup> | 895 | 21587  |
| Disco Corp. - ADR<sup>(a)</sup> | 26923 | 1300381  |
| Himax Technologies, Inc. - ADR | 27210 | 198089  |
| Infineon Technologies AG - ADR | 92548 | 4999443  |
| Lasertec Corp. - ADR | 5968 | 257817  |
| Renesas Electronics Corp. - ADR<sup>(a)(b)</sup> | 579882 | 5468287  |
| Silicon Motion Technology Corp. - ADR | 4415 | 570550  |
| STMicroelectronics NV<sup>(a)</sup> | 4374 | 147010  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 277879 | 104087916  |
| Tokyo Electron Ltd. - ADR<sup>(a)</sup> | 26229 | 3707994  |
| United Microelectronics Corp. - ADR<sup>(a)</sup> | 223531 | 2333664  |
|  |  | 149228191  |
| **Software & Services — 2.6%** |  |  |
| Accenture PLC - Class A | 7659 | 1598586  |
| Agora, Inc. - ADR<sup>(b)</sup> | 7405 | 34581  |
| Capgemini SE - ADR | 102839 | 2596685  |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | 12308 | 1871678  |
| Dassault Systemes SE - ADR | 7728 | 168934  |
| Fujitsu Ltd. - ADR | 75493 | 1669905  |
| GDS Holdings Ltd. - ADR<sup>(b)</sup> | 11518 | 475809  |
| Infosys Ltd. - ADR<sup>(a)</sup> | 203768 | 2942410  |
| Kingsoft Cloud Holdings Ltd. - ADR<sup>(a)(b)</sup> | 7767 | 104699  |
| Materialise NV - ADR<sup>(b)</sup> | 25107 | 130054  |
| Nice Ltd. - ADR<sup>(a)(b)</sup> | 6680 | 776550  |
| Nomura Research Institute Ltd. - ADR | 7023 | 192852  |
| Opera Ltd. - ADR<sup>(a)</sup> | 19228 | 308417  |
| Pony AI, Inc. - ADR<sup>(a)(b)</sup> | 9543 | 136847  |
| Sage Group PLC - ADR | 2095 | 92515  |
| SAP SE - ADR<sup>(a)</sup> | 57663 | 11620824  |
| TOTVS SA - ADR | 105636 | 1563413  |
| Tuya, Inc. - ADR | 109193 | 278442  |
| Vnet Group, Inc. - ADR<sup>(a)(b)</sup> | 14181 | 152871  |
| Wipro Ltd. - ADR<sup>(a)</sup> | 205752 | 456769  |
| Xunlei Ltd. - ADR<sup>(a)(b)</sup> | 22416 | 128220  |
|  |  | 27301061  |

---

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

111<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware & Equipment — 1.8%** |  |  |
| Canon, Inc. - ADR | 15343 | $465660  |
| FUJIFILM Holdings Corp. - ADR | 74735 | 766781  |
| Halma PLC - ADR | 22120 | 2533625  |
| Hexagon AB - ADR<sup>(a)</sup> | 321168 | 3624381  |
| Lenovo Group Ltd. - ADR<sup>(a)</sup> | 32231 | 798684  |
| LG Display Co. Ltd. - ADR<sup>(a)(b)</sup> | 51586 | 261025  |
| Logitech International SA<sup>(a)</sup> | 15962 | 1467706  |
| Murata Manufacturing Co. Ltd. - ADR<sup>(a)</sup> | 74710 | 977954  |
| Nokia Oyj - ADR | 220156 | 1699604  |
| TDK Corp. - ADR | 72563 | 1125452  |
| Telefonaktiebolaget LM Ericsson - ADR<sup>(a)</sup> | 154576 | 1793082  |
| Xiaomi Corp. - ADR<sup>(b)</sup> | 127939 | 2822334  |
|  |  | 18336288  |
| **Telecommunication Services — 2.4%** |  |  |
| America Movil SAB de CV - ADR | 83755 | 2179305  |
| Cellnex Telecom SA - ADR | 8627 | 163568  |
| Chunghwa Telecom Co. Ltd. - ADR | 4070 | 175987  |
| Deutsche Telekom AG - ADR | 216374 | 8715545  |
| Grupo Televisa SAB - ADR | 13598 | 40114  |
| KDDI Corp. - ADR | 121627 | 2071308  |
| Koninklijke KPN NV - ADR<sup>(a)</sup> | 11853 | 66614  |
| KT Corp. - ADR<sup>(b)</sup> | 67204 | 1599455  |
| NTT, Inc. - ADR | 40668 | 991892  |
| Orange SA - ADR | 7623 | 163056  |
| PLDT, Inc. - ADR | 1388 | 33215  |
| Singapore Telecommunications Ltd. - ADR<sup>(a)</sup> | 10616 | 422517  |
| SK Telecom Co. Ltd. - ADR | 8441 | 256100  |
| SoftBank Corp. - ADR | 5483 | 74569  |
| SoftBank Group Corp. - ADR<sup>(a)</sup> | 200254 | 2615317  |
| Telefonica Brasil SA - ADR | 43335 | 732795  |
| Telia Co. AB - ADR | 5010 | 51352  |
| Telkom Indonesia Persero Tbk PT - ADR<sup>(a)</sup> | 13960 | 296929  |
| Telstra Group Ltd. - ADR | 3724 | 70346  |
| TIM SA/Brazil - ADR | 52006 | 1429125  |
| Turkcell Iletisim Hizmetleri AS - ADR | 6755 | 45529  |
| VEON Ltd. - ADR<sup>(a)(b)</sup> | 10085 | 563651  |
| Vodafone Group PLC - ADR | 104265 | 1601510  |
|  |  | 24359799  |
| **Transportation — 2.1%** |  |  |
| Aena SME SA - ADR | 92208 | 1470718  |
| AP Moller - Maersk AS - ADR<sup>(a)</sup> | 86905 | 1074146  |

---

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

112<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| Canadian Pacific Kansas City Ltd.<sup>(a)</sup> | 27402 | $2400141  |
| Central Japan Railway Co. - ADR<sup>(a)</sup> | 6385 | 93930  |
| Controladora Vuela Cia de Aviacion SAB de CV - ADR<sup>(b)</sup> | 13252 | 114232  |
| Deutsche Lufthansa AG - ADR | 975 | 10511  |
| Deutsche Post AG - ADR | 53157 | 3132010  |
| DiDi Global, Inc. - ADR<sup>(a)(b)</sup> | 221139 | 973012  |
| DSV AS - ADR | 8487 | 1093380  |
| East Japan Railway Co. - ADR | 5126 | 62896  |
| Full Truck Alliance Co. Ltd. - ADR | 92960 | 871965  |
| Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 11396 | 1392135  |
| Grupo Aeroportuario del Pacifico SAB de CV - ADR | 3996 | 1041997  |
| Grupo Aeroportuario del Sureste SAB de CV - ADR | 5159 | 1855538  |
| International Consolidated Airlines Group SA - ADR | 8165 | 93081  |
| Kuehne + Nagel International AG - ADR | 7879 | 366531  |
| Latam Airlines Group SA - ADR | 23255 | 1306001  |
| Nippon Yusen KK - ADR | 52848 | 361480  |
| Qantas Airways Ltd. - ADR | 356 | 12693  |
| Ryanair Holdings PLC - ADR | 27531 | 1858067  |
| Singapore Airlines Ltd. - ADR | 989 | 11135  |
| West Japan Railway Co. - ADR | 578 | 12392  |
| ZTO Express Cayman, Inc. - ADR<sup>(a)</sup> | 69342 | 1690558  |
|  |  | 21298549  |
| **Utilities — 2.6%** |  |  |
| Axia Energia - ADR<sup>(a)</sup> | 61560 | 743645  |
| Axia Energia - ADR<sup>(b)</sup> | 16180 | 189791  |
| Central Puerto SA - ADR<sup>(b)</sup> | 6252 | 98094  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR<sup>(a)</sup> | 73508 | 2205975  |
| Cia Energetica de Minas Gerais - ADR | 513526 | 1217057  |
| Cia Paranaense de Energia - Copel - ADR | 17019 | 197250  |
| CLP Holdings Ltd. - ADR | 1723 | 16403  |
| E.ON SE - ADR<sup>(a)</sup> | 61562 | 1433163  |
| Ecogas Inversiones SA<sup>(b)(c)</sup> | 2884 | 0  |
| EDP SA - ADR | 325 | 17365  |
| Empresa Distribuidora Y Comercializadora Norte - ADR<sup>(a)(b)</sup> | 849 | 21811  |
| Enel Chile SA - ADR<sup>(a)</sup> | 139233 | 580602  |
| Enel SpA - ADR | 547450 | 6563926  |
| Iberdrola SA - ADR | 54308 | 5132106  |
| National Grid PLC - ADR<sup>(a)</sup> | 71065 | 6663765  |
| Pampa Energia SA - ADR<sup>(b)</sup> | 2045 | 159060  |
| RWE AG - ADR<sup>(a)</sup> | 13078 | 840654  |
| Snam SpA - ADR | 759 | 11816  |

---

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

113<br>

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ActivePassive International Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued**  | **Common Stocks — continued**  | **Common Stocks — continued**  |
| **Utilities — continued**  | **Utilities — continued**  | **Utilities — continued**  |
| SSE PLC - ADR<sup>(a)</sup> | 11151 | $409242  |
| Terna - Rete Elettrica Nazionale - ADR | 338 | 12189  |
| Veolia Environnement SA - ADR | 4730 | 100087  |
|  |  | 26614001  |
| **Total Common Stocks (Cost $782,737,077)** |  | **1018987925**  |
| **Exchange Traded Funds — 0.2%** |  |  |
| Vanguard FTSE Developed Markets ETF<sup>(a)</sup> | 15731 | 1104946  |
| Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | 11901 | 691448  |
| **Total Exchange Traded Funds (Cost $1,727,540)** |  | **1796394**  |
|  | **Units** |  |
| **Short-Term Investments** |  |  |
| **Investments Purchased with Collateral from Securities Lending — 28.2%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(d)</sup> | 289978796 | 289978796  |
| &nbsp;&nbsp;&nbsp; **Total Investments Purchased with Collateral from Securities Lending** <br>**(Cost $289,978,796)** |  | **289978796**  |
|  | **Shares** |  |
| **Money Market Funds — 0.7%** |  |  |
| First American Government Obligations Fund - Class X, 3.60%<sup>(d)</sup> | 7336725 | 7336725  |
| **Total Money Market Funds (Cost $7,336,725)** |  | **7336725**  |
| **Total Investments — 128.0% (Cost $1,081,780,138)** |  | **1318099840**  |
| Liabilities in Excess of Other Assets — (28.0)% |  | (288309777)  |
| **TOTAL NET ASSETS — 100.0%** |  | **$1029790063** |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

JSC - Public Joint Stock Company

LLC - Limited Liability Company

PCL - Public Company Limited

PLC - Public Limited Company

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

<sup>(a)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $281,876,851.

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

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,813 or 0.0% of net assets as of February 28, 2026.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

114<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — 92.7%** | **Common Stocks — 92.7%** | **Common Stocks — 92.7%** |
| **Automobiles & Components — 2.0%** |  |  |
| Ford Motor Co. | 225518 | $3177549  |
| General Motors Co. | 52460 | 4129126  |
| Tesla, Inc.<sup>(a)</sup> | 94319 | 37964341  |
|  |  | 45271016  |
| **Banks — 2.8%** |  |  |
| Bank of America Corp. | 146533 | 7301739  |
| Citigroup, Inc. | 111982 | 12339297  |
| Citizens Financial Group, Inc. | 12966 | 780424  |
| JPMorgan Chase & Co. | 98402 | 29550121  |
| KeyCorp | 26757 | 554940  |
| M&T Bank Corp. | 4796 | 1040636  |
| PNC Financial Services Group, Inc. | 5425 | 1151999  |
| Regions Financial Corp. | 36466 | 1014849  |
| Truist Financial Corp. | 12601 | 621355  |
| US Bancorp | 40308 | 2203235  |
| Wells Fargo & Co. | 84634 | 6893439  |
|  |  | 63452034  |
| **Capital Goods — 7.3%** | **Capital Goods — 7.3%** | **Capital Goods — 7.3%** |
| 3M Co. | 15357 | 2538819  |
| AerCap Holdings NV | 71590 | 10698410  |
| AMETEK, Inc. | 5173 | 1237485  |
| Armstrong World Industries, Inc. | 36705 | 6368318  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1174 | 636778  |
| Boeing Co.<sup>(a)</sup> | 16123 | 3668466  |
| Carrier Global Corp. | 14712 | 947453  |
| Caterpillar, Inc. | 11879 | 8824078  |
| Cummins, Inc. | 14224 | 8304967  |
| Deere & Co. | 5261 | 3312904  |
| Dover Corp. | 28305 | 6382778  |
| Eaton Corp. PLC | 7815 | 2937815  |
| Emerson Electric Co. | 10007 | 1508555  |
| Fastenal Co. | 34060 | 1568122  |
| Ferguson Enterprises, Inc. | 12515 | 3263411  |
| Fortive Corp. | 15982 | 946134  |
| GE Vernova, Inc. | 8090 | 7067424  |
| General Dynamics Corp. | 26909 | 9607858  |
| General Electric Co. | 26978 | 9233490  |
| HEICO Corp.<sup>(b)</sup> | 880 | 281125  |
| Honeywell International, Inc. | 21152 | 5152416  |
| Howmet Aerospace, Inc. | 11611 | 3048236  |
| Hubbell, Inc.<sup>(b)</sup> | 916 | 468653  |

---

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

115<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Goods — continued** | **Capital Goods — continued** | **Capital Goods — continued** |
| Johnson Controls International PLC | 49231 | $7104033  |
| L3Harris Technologies, Inc. | 19496 | 7107072  |
| Lockheed Martin Corp. | 2947 | 1939362  |
| Northrop Grumman Corp. | 7368 | 5337232  |
| Otis Worldwide Corp. | 9985 | 924212  |
| PACCAR, Inc. | 7711 | 972280  |
| Parker-Hannifin Corp. | 5318 | 5366819  |
| Quanta Services, Inc. | 2825 | 1590701  |
| Raytheon Technologies Corp. | 55176 | 11179761  |
| Rockwell Automation, Inc. | 2548 | 1038183  |
| Snap-on, Inc. | 14297 | 5507490  |
| Toro Co. | 45086 | 4457202  |
| Trane Technologies PLC | 6142 | 2839569  |
| TransDigm Group, Inc. | 894 | 1164694  |
| Trex Co., Inc.<sup>(a)</sup> | 42320 | 1752894  |
| United Rentals, Inc. | 2428 | 2039520  |
| Vertiv Holdings Co. - Class A | 11653 | 2970233  |
| Westinghouse Air Brake Technologies Corp. | 4408 | 1163492  |
| WW Grainger, Inc.<sup>(b)</sup> | 866 | 991336  |
| Xylem, Inc. | 8913 | 1154768  |
|  |  | 164604548  |
| **Commercial & Professional Services — 0.9%** |  |  |
| Broadridge Financial Solutions, Inc. | 11931 | 2217615  |
| Casella Waste Systems, Inc. - Class A<sup>(a)(b)</sup> | 38911 | 3624949  |
| Equifax, Inc.<sup>(b)</sup> | 1305 | 272693  |
| Jacobs Solutions, Inc. | 6 | 827  |
| Leidos Holdings, Inc. | 20579 | 3603383  |
| Republic Services, Inc. | 7409 | 1696661  |
| Rollins, Inc. | 8387 | 510684  |
| SS&C Technologies Holdings, Inc. | 53973 | 4063627  |
| UniFirst Corp. | 13830 | 3247561  |
| Waste Management, Inc. | 4550 | 1095822  |
|  |  | 20333822  |
| **Consumer Discretionary Distribution & Retail — 5.0%** | **Consumer Discretionary Distribution & Retail — 5.0%** | **Consumer Discretionary Distribution & Retail — 5.0%** |
| Amazon.com, Inc.<sup>(a)</sup> | 325884 | 68435640  |
| AutoZone, Inc.<sup>(a)</sup> | 908 | 3410067  |
| Carvana Co.<sup>(a)</sup> | 4137 | 1382420  |
| eBay, Inc. | 37402 | 3398346  |
| Genuine Parts Co. | 5128 | 611565  |
| Home Depot, Inc. | 21302 | 8110098  |

---

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

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Discretionary Distribution & Retail — continued** | **Consumer Discretionary Distribution & Retail — continued** | **Consumer Discretionary Distribution & Retail — continued** |
| Lowe's Cos., Inc. | 12670 | $3352102  |
| Murphy USA, Inc. | 14246 | 5566482  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 12224 | 1147589  |
| Ross Stores, Inc. | 18972 | 3901402  |
| TJX Cos., Inc. | 40193 | 6497600  |
| Tractor Supply Co. | 43169 | 2237881  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 5817 | 3983423  |
|  |  | 112034615  |
| **Consumer Durables & Apparel — 0.9%** |  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 53940 | 6325544  |
| DR Horton, Inc. | 7568 | 1213831  |
| Garmin Ltd. | 3557 | 899316  |
| Lennar Corp. - Class A<sup>(b)</sup> | 2835 | 324211  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 7506 | 1389886  |
| NIKE, Inc. - Class B | 22870 | 1422056  |
| PulteGroup, Inc. | 20505 | 2813286  |
| Somnigroup International, Inc.<sup>(b)</sup> | 62615 | 5604669  |
|  |  | 19992799  |
| **Consumer Services — 1.6%** |  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 4751 | 641908  |
| Booking Holdings, Inc. | 879 | 3726389  |
| Carnival Corp. | 114900 | 3625095  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 22480 | 836706  |
| Churchill Downs, Inc.<sup>(b)</sup> | 53523 | 4920369  |
| Darden Restaurants, Inc.<sup>(b)</sup> | 15113 | 3231915  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 7181 | 1267231  |
| Expedia Group, Inc. | 9186 | 1981328  |
| Flutter Entertainment PLC<sup>(a)(b)</sup> | 1321 | 140211  |
| Las Vegas Sands Corp. | 24524 | 1391001  |
| McDonald's Corp. | 14112 | 4813039  |
| Royal Caribbean Cruises Ltd. | 15507 | 4822057  |
| Starbucks Corp. | 19047 | 1866987  |
| Vail Resorts, Inc.<sup>(b)</sup> | 15318 | 2080337  |
| Yum! Brands, Inc. | 7030 | 1182165  |
|  |  | 36526738  |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
| Costco Wholesale Corp. | 10212 | 10322187  |
| Dollar General Corp. | 15658 | 2446406  |
| Dollar Tree, Inc.<sup>(a)</sup> | 8022 | 1014622  |
| Kroger Co. | 58087 | 3963857  |

---

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

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| Sysco Corp. | 17904 | $1632129  |
| Target Corp. | 9382 | 1067578  |
| Walmart, Inc. | 170806 | 21854628  |
|  |  | 42301407  |
| **Energy — 2.6%** |  |  |
| Baker Hughes Co. | 55600 | 3628456  |
| Cheniere Energy, Inc. | 882 | 207914  |
| Chevron Corp. | 44460 | 8303350  |
| ConocoPhillips | 41757 | 4737749  |
| Coterra Energy, Inc. | 119787 | 3664284  |
| Devon Energy Corp. | 61619 | 2682275  |
| Diamondback Energy, Inc. | 1907 | 331971  |
| EOG Resources, Inc. | 30157 | 3741881  |
| EQT Corp. | 25558 | 1569772  |
| Exxon Mobil Corp. | 161088 | 24565920  |
| Halliburton Co. | 20872 | 751392  |
| Kinder Morgan, Inc. | 16761 | 557638  |
| Marathon Petroleum Corp. | 6944 | 1376370  |
| Phillips 66 | 3222 | 497251  |
| SLB Ltd. | 9887 | 507599  |
| Valero Energy Corp. | 6222 | 1273270  |
| Williams Cos., Inc. | 14165 | 1058409  |
|  |  | 59455501  |
| **Financial Services — 5.9%** | **Financial Services — 5.9%** | **Financial Services — 5.9%** |
| American Express Co. | 14532 | 4488935  |
| Bank of New York Mellon Corp. | 100732 | 11997181  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 34903 | 17624270  |
| Blackrock, Inc. | 2641 | 2807990  |
| Blackstone, Inc. | 11193 | 1268950  |
| Block, Inc.<sup>(a)</sup> | 11684 | 744271  |
| Capital One Financial Corp. | 10434 | 2041308  |
| Cboe Global Markets, Inc. | 7724 | 2315037  |
| Charles Schwab Corp. | 60735 | 5781972  |
| CME Group, Inc. | 7027 | 2245127  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 6125 | 1077081  |
| Credit Acceptance Corp.<sup>(a)(b)</sup> | 10184 | 4818865  |
| Fiserv, Inc.<sup>(a)</sup> | 25412 | 1582914  |
| Global Payments, Inc. | 5043 | 385588  |
| Goldman Sachs Group, Inc. | 10260 | 8819188  |
| Interactive Brokers Group, Inc. - Class A | 5697 | 405569  |
| Intercontinental Exchange, Inc. | 5178 | 849865  |

---

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

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Jack Henry & Associates, Inc. | 26164 | $4250603  |
| KKR & Co., Inc.<sup>(b)</sup> | 8042 | 705123  |
| LPL Financial Holdings, Inc. | 868 | 260730  |
| Mastercard, Inc. - Class A | 20585 | 10646768  |
| Moody's Corp. | 1802 | 860617  |
| Morgan Stanley | 43902 | 7310122  |
| Nasdaq, Inc. | 33437 | 2928412  |
| Northern Trust Corp. | 20357 | 2912883  |
| PayPal Holdings, Inc. | 21248 | 981870  |
| Raymond James Financial, Inc. | 2381 | 364484  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 32631 | 2475061  |
| Rocket Cos., Inc. - Class A | 11876 | 216024  |
| S&P Global, Inc. | 4435 | 1959738  |
| State Street Corp. | 43678 | 5617864  |
| Synchrony Financial | 64888 | 4484410  |
| T Rowe Price Group, Inc. | 7058 | 667899  |
| Visa, Inc. - Class A | 49435 | 15826121  |
|  |  | 131722840  |
| **Food, Beverage & Tobacco — 2.5%** |  |  |
| Altria Group, Inc. | 144344 | 9965510  |
| Archer-Daniels-Midland Co. | 11658 | 804868  |
| Coca-Cola Co. | 140115 | 11427779  |
| General Mills, Inc. | 41235 | 1865059  |
| Hershey Co. | 1131 | 267233  |
| Lamb Weston Holdings, Inc. | 64431 | 3104930  |
| Marzetti Co. | 29122 | 4785910  |
| Mondelez International, Inc. - Class A | 20618 | 1269656  |
| Monster Beverage Corp.<sup>(a)</sup> | 39194 | 3343248  |
| PepsiCo, Inc. | 31520 | 5350205  |
| Philip Morris International, Inc. | 34738 | 6490101  |
| Post Holdings, Inc.<sup>(a)(b)</sup> | 47081 | 5004710  |
| Tyson Foods, Inc. - Class A | 37575 | 2441999  |
|  |  | 56121208  |
| **Health Care Equipment & Services — 3.7%** | **Health Care Equipment & Services — 3.7%** | **Health Care Equipment & Services — 3.7%** |
| Abbott Laboratories | 73391 | 8539043  |
| Becton Dickinson & Co.<sup>(b)</sup> | 4652 | 820985  |
| Boston Scientific Corp.<sup>(a)</sup> | 26742 | 2055123  |
| Cardinal Health, Inc. | 29399 | 6739133  |
| Cencora, Inc. | 3143 | 1169636  |
| Cigna Group | 5871 | 1701533  |
| Cooper Cos., Inc.<sup>(a)</sup> | 52831 | 4420370  |

---

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

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Services — continued** | **Health Care Equipment & Services — continued** | **Health Care Equipment & Services — continued** |
| CVS Health Corp. | 35178 | $2810722  |
| Dexcom, Inc.<sup>(a)</sup> | 5100 | 374493  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 24999 | 2161663  |
| Elevance Health, Inc. | 4459 | 1426880  |
| GE HealthCare Technologies, Inc. | 9695 | 816998  |
| HCA Healthcare, Inc. | 12704 | 6729309  |
| Humana, Inc. | 2155 | 410614  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 3295 | 2163925  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 7623 | 3838257  |
| Labcorp Holdings, Inc.<sup>(b)</sup> | 10770 | 3113822  |
| McKesson Corp. | 5215 | 5149135  |
| Medtronic PLC | 87028 | 8499154  |
| Quest Diagnostics, Inc. | 23555 | 4991540  |
| ResMed, Inc.<sup>(b)</sup> | 9589 | 2457277  |
| STERIS PLC | 10296 | 2598196  |
| Stryker Corp. | 2917 | 1130221  |
| UnitedHealth Group, Inc. | 29350 | 8607474  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 3608 | 656692  |
|  |  | 83382195  |
| **Household & Personal Products — 0.5%** |  |  |
| Estee Lauder Cos., Inc. - Class A | 2505 | 274222  |
| Kenvue, Inc. | 52614 | 1005980  |
| Procter & Gamble Co. | 65985 | 11032692  |
|  |  | 12312894  |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| Aflac, Inc. | 6785 | 766230  |
| Allstate Corp. | 24113 | 5172721  |
| American International Group, Inc. | 33304 | 2680639  |
| Aon PLC - Class A | 1243 | 416989  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 25644 | 2568247  |
| Chubb Ltd. | 13094 | 4463221  |
| Cincinnati Financial Corp. | 13213 | 2166668  |
| Hanover Insurance Group, Inc. | 30147 | 5445453  |
| Hartford Insurance Group, Inc. | 44735 | 6300030  |
| Loews Corp. | 77076 | 8479901  |
| Markel Group, Inc.<sup>(a)</sup> | 2422 | 5019522  |
| Marsh & McLennan Cos., Inc. | 1060 | 197944  |
| Principal Financial Group, Inc. | 9938 | 948284  |
| Progressive Corp. | 13361 | 2854711  |
| Travelers Cos., Inc. | 16239 | 5012005  |

---

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

120<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| W R Berkley Corp. | 40228 | $2884348  |
| White Mountains Insurance Group Ltd. | 3900 | 8659989  |
| Willis Towers Watson PLC | 2976 | 908186  |
|  |  | 64945088  |
| **Materials — 2.1%** |  |  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 50165 | 1676013  |
| Corteva, Inc. | 41177 | 3299101  |
| CRH PLC | 47150 | 5657057  |
| Dow, Inc. | 9095 | 279489  |
| Ecolab, Inc. | 4661 | 1437219  |
| Element Solutions, Inc. | 134381 | 4715429  |
| Freeport-McMoRan, Inc. | 37286 | 2538431  |
| Linde PLC | 10530 | 5350083  |
| Martin Marietta Materials, Inc. | 1363 | 922165  |
| NewMarket Corp. | 7322 | 4583645  |
| Newmont Corp. | 54313 | 7060690  |
| Nucor Corp. | 14698 | 2599782  |
| Packaging Corp. of America | 9166 | 2127795  |
| PPG Industries, Inc. | 7439 | 917006  |
| Sherwin-Williams Co. | 2594 | 940559  |
| Steel Dynamics, Inc. | 18464 | 3565952  |
| Vulcan Materials Co. | 1796 | 556760  |
|  |  | 48227176  |
| **Media & Entertainment — 8.9%** |  |  |
| Alphabet, Inc. - Class A | 215773 | 67269391  |
| Alphabet, Inc. - Class C | 168213 | 52386575  |
| Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 1690 | 396525  |
| Comcast Corp. - Class A | 92942 | 2877484  |
| Electronic Arts, Inc. | 5987 | 1200813  |
| Fox Corp. - Class A | 48415 | 2727701  |
| Fox Corp. - Class B | 71890 | 3718870  |
| Meta Platforms, Inc. - Class A | 73628 | 47724197  |
| Netflix, Inc.<sup>(a)</sup> | 142368 | 13701496  |
| News Corp. - Class B<sup>(b)</sup> | 19590 | 524620  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 7972 | 136560  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 3829 | 558307  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 11896 | 816779  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 8310 | 197944  |
| Walt Disney Co. | 40854 | 4332158  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 87065 | 2452621  |
|  |  | 201022041  |

---

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

121<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals, Biotechnology & Life Sciences — 5.9%** |  |  |
| AbbVie, Inc. | 54581 | $12667158  |
| Agilent Technologies, Inc. | 4149 | 503606  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 2453 | 816653  |
| Amgen, Inc. | 20901 | 8112932  |
| Biogen, Inc.<sup>(a)</sup> | 13641 | 2616617  |
| Bristol-Myers Squibb Co. | 91461 | 5704423  |
| Bruker Corp.<sup>(b)</sup> | 47727 | 1914330  |
| Danaher Corp. | 9994 | 2105136  |
| Eli Lilly & Co. | 29866 | 31418733  |
| Gilead Sciences, Inc. | 60093 | 8950852  |
| Insmed, Inc.<sup>(a)</sup> | 1441 | 215185  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2575 | 460436  |
| Johnson & Johnson | 100893 | 25064848  |
| Merck & Co., Inc. | 98198 | 12158876  |
| Pfizer, Inc. | 223220 | 6172033  |
| Regeneron Pharmaceuticals, Inc. | 3541 | 2767893  |
| Thermo Fisher Scientific, Inc. | 7734 | 4030265  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5164 | 2565630  |
| Waters Corp.<sup>(a)</sup> | 8577 | 2739267  |
| West Pharmaceutical Services, Inc. | 1035 | 263242  |
| Zoetis, Inc. | 10321 | 1353083  |
|  |  | 132601198  |
| **Real Estate Management & Development — 0.1%** |  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 8607 | 1270910  |
| **Semiconductors & Semiconductor Equipment — 13.3%** | **Semiconductors & Semiconductor Equipment — 13.3%** | **Semiconductors & Semiconductor Equipment — 13.3%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 56631 | 11338092  |
| Analog Devices, Inc. | 17603 | 6262971  |
| Applied Materials, Inc. | 36054 | 13422904  |
| Broadcom, Inc. | 161196 | 51510182  |
| Entegris, Inc. | 59888 | 7932166  |
| First Solar, Inc.<sup>(a)</sup> | 4214 | 831001  |
| Intel Corp.<sup>(a)</sup> | 149159 | 6803142  |
| KLA Corp. | 6178 | 9418670  |
| Lam Research Corp. | 58291 | 13633682  |
| Marvell Technology, Inc. | 25450 | 2079010  |
| Microchip Technology, Inc. | 9417 | 702885  |
| Micron Technology, Inc. | 44636 | 18406547  |
| Monolithic Power Systems, Inc. | 3359 | 3838464  |
| NVIDIA Corp. | 781770 | 138521826  |
| ON Semiconductor Corp.<sup>(a)</sup> | 7608 | 505780  |

---

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

122<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Qnity Electronics, Inc. | 1384 | $175436  |
| QUALCOMM, Inc. | 53495 | 7615548  |
| Teradyne, Inc. | 4294 | 1374209  |
| Texas Instruments, Inc. | 20841 | 4420585  |
|  |  | 298793100  |
| **Software & Services — 8.6%** | **Software & Services — 8.6%** | **Software & Services — 8.6%** |
| Accenture PLC - Class A | 26633 | 5558840  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 87296 | 3463905  |
| Adobe, Inc.<sup>(a)</sup> | 14521 | 3810456  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 8543 | 3714240  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 1654 | 124265  |
| Autodesk, Inc.<sup>(a)</sup> | 3249 | 798832  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 7582 | 2285215  |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 517957 | 3019689  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 5727 | 986132  |
| Cognizant Technology Solutions Corp. - Class A | 56268 | 3625347  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 7578 | 602906  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 4891 | 1819354  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 5277 | 590813  |
| Fortinet, Inc.<sup>(a)</sup> | 12650 | 999729  |
| Gartner, Inc.<sup>(a)</sup> | 2806 | 441103  |
| Gen Digital, Inc. | 51267 | 1157096  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 3803 | 331469  |
| International Business Machines Corp. | 35737 | 8584385  |
| Intuit, Inc. | 12902 | 5277305  |
| Microsoft Corp. | 260140 | 102167384  |
| MongoDB, Inc.<sup>(a)</sup> | 2492 | 818547  |
| Oracle Corp. | 56860 | 8267444  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 75075 | 10299539  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 13665 | 2034992  |
| Qualys, Inc.<sup>(a)</sup> | 29705 | 2746821  |
| Roper Technologies, Inc. | 898 | 314058  |
| Salesforce, Inc. | 31248 | 6086798  |
| ServiceNow, Inc.<sup>(a)</sup> | 22121 | 2389289  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 6472 | 1089950  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 8860 | 1147370  |
| Synopsys, Inc.<sup>(a)</sup> | 4158 | 1721412  |
| Trimble, Inc.<sup>(a)</sup> | 18176 | 1215429  |
| VeriSign, Inc. | 13758 | 3135999  |
| Workday, Inc. - Class A<sup>(a)</sup> | 2468 | 330120  |

---

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

123<br>

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software & Services — continued** | **Software & Services — continued** | **Software & Services — continued** |
| Zoom Communications, Inc.<sup>(a)</sup> | 36061 | $2666350  |
| Zscaler, Inc.<sup>(a)</sup> | 1123 | 165070  |
|  |  | 193787653  |
| **Technology Hardware & Equipment — 9.0%** |  |  |
| Amphenol Corp. - Class A | 72664 | 10613304  |
| Apple, Inc. | 504806 | 133359649  |
| Arista Networks, Inc.<sup>(a)</sup> | 36208 | 4833768  |
| Cisco Systems, Inc. | 217740 | 17301620  |
| Corning, Inc. | 36405 | 5474584  |
| Dell Technologies, Inc. - Class C<sup>(b)</sup> | 16408 | 2429697  |
| Hewlett Packard Enterprise Co. | 26500 | 568955  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 4549 | 1398044  |
| Motorola Solutions, Inc. | 896 | 432105  |
| NetApp, Inc. | 13628 | 1349581  |
| Seagate Technology Holdings PLC | 11866 | 4839429  |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 20943 | 678344  |
| TE Connectivity PLC | 35637 | 8201856  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 1851 | 1260716  |
| Western Digital Corp. | 20528 | 5741682  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 18689 | 4185588  |
|  |  | 202668922  |
| **Telecommunication Services — 0.8%** |  |  |
| AT&T, Inc. | 299885 | 8399779  |
| T-Mobile US, Inc. | 4720 | 1024665  |
| Verizon Communications, Inc. | 157115 | 7877746  |
|  |  | 17302190  |
| **Transportation — 1.7%** |  |  |
| CSX Corp. | 110137 | 4701749  |
| Delta Air Lines, Inc. | 26513 | 1741904  |
| Expeditors International of Washington, Inc. | 24613 | 3569623  |
| FedEx Corp. | 9584 | 3709008  |
| Norfolk Southern Corp. | 12879 | 4053536  |
| Old Dominion Freight Line, Inc. | 1727 | 350667  |
| Saia, Inc.<sup>(a)</sup> | 11106 | 4502261  |
| Southwest Airlines Co. | 21704 | 1069139  |
| Uber Technologies, Inc.<sup>(a)</sup> | 91156 | 6874986  |
| Union Pacific Corp. | 13195 | 3496411  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 20153 | 2142264  |
| United Parcel Service, Inc. - Class B | 12935 | 1499943  |
|  |  | 37711491  |

---

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

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| Ameren Corp. | 4974 | $563455  |
| American Electric Power Co., Inc. | 56916 | 7616499  |
| CenterPoint Energy, Inc. | 19381 | 843073  |
| Consolidated Edison, Inc. | 19693 | 2215856  |
| Constellation Energy Corp. | 7050 | 2325654  |
| Dominion Energy, Inc. | 13875 | 876067  |
| Duke Energy Corp. | 59993 | 7850084  |
| Edison International | 6604 | 493583  |
| Entergy Corp.<sup>(b)</sup> | 11934 | 1278251  |
| Evergy, Inc. | 63035 | 5273508  |
| Eversource Energy | 16207 | 1235135  |
| Exelon Corp. | 81153 | 4014639  |
| FirstEnergy Corp. | 30392 | 1554855  |
| NextEra Energy, Inc. | 36605 | 3432451  |
| NiSource, Inc. | 12529 | 592622  |
| PPL Corp. | 4403 | 171629  |
| Vistra Corp. | 6766 | 1176540  |
| Xcel Energy, Inc. | 1845 | 153799  |
|  |  | 41667700  |
| **Total Common Stocks (Cost $1,675,392,651)** |  | **2087509086**  |
| **Exchange Traded Funds — 4.8%** |  |  |
| Dimensional US Small Cap ETF | 1411618 | 105984280  |
| Vanguard Large-Cap ETF | 2114 | 666269  |
| **Total Exchange Traded Funds (Cost $88,299,365)** |  | **106650549**  |
| **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** |
| **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** |
| American Tower Corp. | 8679 | 1665153  |
| AvalonBay Communities, Inc. | 4369 | 774318  |
| Crown Castle, Inc. | 6561 | 587472  |
| Digital Realty Trust, Inc. | 923 | 163556  |
| Equinix, Inc. | 876 | 853452  |
| Equity Residential | 73081 | 4619450  |
| Essex Property Trust, Inc. | 1653 | 421697  |
| Extra Space Storage, Inc. | 2688 | 405969  |
| First Industrial Realty Trust, Inc. | 64960 | 4101574  |
| Invitation Homes, Inc. | 103482 | 2725716  |
| Mid-America Apartment Communities, Inc. | 26819 | 3589991  |
| Prologis, Inc. | 15402 | 2195863  |
| Public Storage | 902 | 276968  |
| Realty Income Corp. | 65064 | 4359288  |

---

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

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ActivePassive U.S. Equity ETF

Schedule of Investments(Cont'd)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** | **Real Estate Investment Trusts — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| SBA Communications Corp. | 7512 | $1511114  |
| Simon Property Group, Inc. | 25383 | 5174324  |
| Ventas, Inc. | 7075 | 609582  |
| VICI Properties, Inc. | 219716 | 6637620  |
| Welltower, Inc. | 10257 | 2124430  |
| **Total Real Estate Investment Trusts (Cost $40,184,654)** |  | **42797537** |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| **Investments Purchased with Collateral from Securities Lending — 1.1%** | **Investments Purchased with Collateral from Securities Lending — 1.1%** | **Investments Purchased with Collateral from Securities Lending — 1.1%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(c)</sup> | 25336187 | 25336187  |
| &nbsp;&nbsp;&nbsp; **Total Investments Purchased with Collateral from Securities Lending** <br>**(Cost $25,336,187)** |  | **25336187** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| First American Government Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 12875591 | 12875591  |
| **Total Money Market Funds (Cost $12,875,591)** |  | **12875591**  |
| **Total Investments — 101.1% (Cost $1,842,088,448)** |  | **2275168950**  |
| Liabilities in Excess of Other Assets — (1.1)% |  | (24098511)  |
| **Total Net Assets — 100.0%** |  | **$2251070439** |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

<sup>(b)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $25,056,721.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

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ActivePassive ETFs

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Intermediate** <br>**Municipal Bond** <br>**ETF** | **ActivePassive** <br>**International** <br>**Equity ETF** | **ActivePassive** <br>**U.S. Equity ETF**  |
| **ASSETS:** |  |  |  |  |
| Investments, at value | $935966463 | $231864155 | $1318099840 | $2275168950  |
| Interest receivable | 5955324 | 2277573 |  | —  |
| Receivable for investments sold | 306537 |  |  | 974353  |
| Dividends receivable | 25848 | 15772 | 1149109 | 1831816  |
| Security lending income receivable | 6932 | 19061 | 290877 | 4164  |
| Dividend tax reclaims receivable |  |  | 603331 | 7932  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | **942261104** | **234176561** | **1320143157** | **2277987215**  |
| **LIABILITIES:** |  |  |  |  |
| Payable upon return of securities loaned | 12514952 | 8760715 | 289978796 | 25336187  |
| Payable for investments purchased | 5035642 | 2670560 | 24062 | —  |
| Payable to Adviser | 245719 | 58864 | 350236 | 515940  |
| Payable for capital shares redeemed |  |  |  | 1052885  |
| Payable to custodian |  |  |  | 11764  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **17796313** | **11490139** | **290353094** | **26916776**  |
| **NET ASSETS** | **$924464791** | $222686422 | $1029790063 | $2251070439  |
| **Net Assets Consists of:** |  |  |  |  |
| Paid-in capital | $901287061 | $217388926 | $800163517 | $1807288346  |
| Total distributable earnings | 23177730 | 5297496 | 229626546 | 443782093  |
| &nbsp;&nbsp;&nbsp; **Total Net Assets** | **$924464791** | **$222686422** | **$1029790063** | **$2251070439**  |
| Net assets | $924464791 | $222686422 | $1029790063 | $2251070439  |
| Shares issued and outstanding<sup>(a)</sup> | 30725000 | 8750000 | 26700000 | 53450000  |
| **Net asset value per share** | **$30.09** | **$25.45** | **$38.57** | **$42.12**  |
| **Cost:** |  |  |  |  |
| Investments, at cost | $917457772 | $227109926 | $1081780138 | $1842088448  |
| **Loaned Securities:** |  |  |  |  |
| at value (included in investments) | $12256117 | $8577232 | $281876851 | $25056721 |

---

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

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

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ActivePassive ETFs

Statements of Operations

For the Period Ended February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Intermediate** <br>**Municipal Bond** <br>**ETF** | **ActivePassive** <br>**International** <br>**Equity ETF** | **ActivePassive** <br>**U.S. Equity ETF**  |
| **Investment Income:** |  |  |  |  |
| Dividend income | $5880602 | $218025 | $8313919 | $12575330  |
| Less: dividend withholding taxes |  |  | (644060) | —  |
| Less: issuance fees |  |  | (620128) | (555)  |
| Interest income | 15849074 | 2839419 |  | —  |
| Interest withholding taxes | 814 |  |  | —  |
| Securities lending income | 97144 | 58258 | 1445306 | 40665  |
| Other income | 512 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **21828146** | **3115702** | **8495037** | **12615440**  |
| **Expenses:** |  |  |  |  |
| Investment advisory fee | 1556323 | 350281 | 2132591 | 3204005  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | **1556323** | **350281** | **2132591** | **3204005**  |
| **Net Investment Income** | **20271823** | **2765421** | **6362446** | **9411435**  |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| **Net Realized Gain (Loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2671123 | 128711 | 3535259 | (12073800)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 14087235 | 53910155  |
| Net realized gain (loss) | 2671123 | 128711 | 17622494 | 41836355  |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 10366142 | 3959746 | 129933599 | 104497968  |
|  Net change in unrealized appreciation (depreciation) | 10366142 | 3959746 | 129933599 | 104497968  |
| **Net Realized and Unrealized Gain (Loss)** | **13037265** | **4088457** | **147556093** | **146334323**  |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations**  | **$33309088** | **$6853878** | **$153918539** | **$155745758** |

---

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

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ActivePassive ETFs

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Core Bond ETF** | **ActivePassive** <br>**Intermediate Municipal Bond ETF**  | **ActivePassive** <br>**Intermediate Municipal Bond ETF**  |
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended** <br>**August 31, 2025** | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended** <br>**August 31, 2025**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $20271823 | $34195435 | $2765421 | $4206849  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2671123 | 205915 | 128711 | (133082)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10366142 | (7546701) | 3959746 | 292659  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | **33309088** | **26854649** | **6853878** | **4366426**  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (19763800) | (36015902) | (2558043) | (4110677)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | **(19763800)** | **(36015902)** | **(2558043)** | **(4110677)**  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 31259241 | 152825055 | 31474645 | 46951812  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (2168588) |  | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 31259 | 150630 | 31474 | 46952  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | **31290500** | **150807097** | **31506119** | **46998764**  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | **44835788** | **141645844** | **35801954** | **47254513**  |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 879629003 | 737983159 | 186884468 | 139629955  |
| &nbsp;&nbsp;&nbsp; **End of the period** | **$924464791** | **$879629003** | **$222686422** | **$186884468**  |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1050000 | 5200000 | 1250000 | 1900000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (75000) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | **1050000** | **5125000** | **1250000** | **1900000** |

---

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

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ActivePassive ETFs

Statements of Changes in Net Assets (Cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive** <br>**International Equity ETF** | **ActivePassive** <br>**International Equity ETF** | **ActivePassive** <br>**U.S. Equity ETF**  | **ActivePassive** <br>**U.S. Equity ETF**  |
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended** <br>**August 31, 2025** | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended** <br>**August 31, 2025**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6362446 | $21034640 | $9411435 | $17299908  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17622494 | 71593088 | 41836355 | 79663648  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 129933599 | 43169371 | 104497968 | 150372590  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | **153918539** | **135797099** | **155745758** | **247336146**  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (34709215) | (16885375) | (17953549) | (13202075)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | **(34709215)** | **(16885375)** | **(17953549)** | **(13202075)**  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 70727612 | 332272810 | 278192620 | 698116750  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (44204477) | (368262435) | (187953170) | (496878105)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | **26523135** | **(35989625)** | **90239450** | **201238645**  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | **145732459** | **82922099** | **228031659** | **435372716**  |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 884057604 | 801135505 | 2023038780 | 1587666064  |
| &nbsp;&nbsp;&nbsp; **End of the period** | **$1029790063** | **$884057604** | **$2251070439** | **$2023038780**  |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1950000 | 10700000 | 6700000 | 19200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1225000) | (11575000) | (4550000) | (13650000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | **725000** | **(875000)** | **2150000** | **5550000** |

---

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

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ActivePassive Core Bond ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $29.64 | $30.06 | $29.18 | &nbsp;&nbsp;&nbsp;&nbsp; $30.00  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 0.67 | 1.28 | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 0.44 | (0.35) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | 1.11 | 0.93 | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; **(0.58)**  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.61) | (1.27) | (1.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)  |
| &nbsp;&nbsp;&nbsp; Net realized gains | (0.05) | (0.09) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(0.66)** | **(1.36)** | **(1.11)** | &nbsp;&nbsp;&nbsp;&nbsp; **(0.24)**  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees per share | 0.00<sup>(e)</sup> | 0.01 |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $30.09 | $29.64 | $30.06 | &nbsp;&nbsp;&nbsp;&nbsp; $29.18  |
| **TOTAL RETURN<sup>(f)</sup>** | **3.78%** | **3.28%** | **7.02%** | &nbsp;&nbsp;&nbsp;&nbsp; **-1.96%**  |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $924465 | $879629 | $737983 | &nbsp;&nbsp;&nbsp;&nbsp; $99933  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(g)(h)</sup> | 0.35% | 0.35% | 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(g)(h)</sup> | 4.56% | 4.35% | 4.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(i)</sup> | 23% | 47% | 125% | &nbsp;&nbsp;&nbsp;&nbsp; 13% |

---

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

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

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

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

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

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

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

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

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

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

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ActivePassive Intermediate Municipal Bond ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $24.92 | $24.93 | $24.39 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 0.34 | 0.65 | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 0.51 | (0.02) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | 0.85 | 0.63 | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp; **(0.49)**  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.64) | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(0.32)** | **(0.64)** | **(0.53)** | &nbsp;&nbsp;&nbsp;&nbsp; **(0.12)**  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees per share | 0.00<sup>(e)</sup> | 0.00<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $25.45 | $24.92 | $24.93 | &nbsp;&nbsp;&nbsp;&nbsp; $24.39  |
| **TOTAL RETURN<sup>(f)</sup>** | **3.46%** | **2.57%** | **4.47%** | &nbsp;&nbsp;&nbsp;&nbsp; **-1.94%**  |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $222686 | $186884 | $139630 | &nbsp;&nbsp;&nbsp;&nbsp; $30490  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(g)(h)</sup> | 0.35% | 0.35% | 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(g)(h)</sup> | 2.76% | 2.64% | 2.45% | &nbsp;&nbsp;&nbsp;&nbsp; 2.14%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(i)</sup> | 7% | 23% | 104% | &nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

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

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

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

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

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

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

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

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

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

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

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ActivePassive International Equity ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $34.03 | $29.84 | $25.25 | &nbsp;&nbsp;&nbsp;&nbsp; $24.73  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 0.24 | 0.76 | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.20  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 5.62 | 4.03 | 3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.32  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | 5.86 | 4.79 | 4.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.52  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (1.32) | (0.60) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(1.32)** | **(0.60)** | **(0.17)** | &nbsp;&nbsp;&nbsp;&nbsp; **—**  |
| **Net asset value, end of period** | $38.57 | $34.03 | $29.84 | &nbsp;&nbsp;&nbsp;&nbsp; $25.25  |
| **TOTAL RETURN<sup>(</sup><sup>e</sup><sup>)</sup>** | **17.52%** | **16.47%** | **18.90%** | &nbsp;&nbsp;&nbsp;&nbsp; **2.12%**  |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $1029790 | $884058 | $801136 | &nbsp;&nbsp;&nbsp;&nbsp; $77022  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.45% | 0.45% | 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 1.34% | 2.47% | 2.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.39%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(h)</sup> | 11% | 33% | 63% | &nbsp;&nbsp;&nbsp;&nbsp; 15% |

---

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

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

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

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

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

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

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

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

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

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ActivePassive U.S. Equity ETF

Financial Highlights

 **Per share data:**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
|  | **Six Months Ended** <br>**February 28, 2026** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**August 31, 2023<sup>(a)</sup>**  |
| **Net asset value, beginning of period** | $39.44 | $34.70 | $27.42 | &nbsp;&nbsp;&nbsp;&nbsp; $24.75  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)(c)</sup> | 0.18 | 0.36 | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.12  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 2.85 | 4.66 | 7.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.55  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | 3.03 | 5.02 | 7.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.67  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.28) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | **(0.35)** | **(0.28)** | **(0.12)** | &nbsp;&nbsp;&nbsp;&nbsp; **—**  |
| **Net asset value, end of period** | $42.12 | $39.44 | $34.70 | &nbsp;&nbsp;&nbsp;&nbsp; $27.42  |
| **TOTAL RETURN<sup>(e)</sup>** | **7.68%** | **14.52%** | **27.08%** | &nbsp;&nbsp;&nbsp;&nbsp; **10.78%**  |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $2251070 | $2023039 | $1587666 | &nbsp;&nbsp;&nbsp;&nbsp; $180280  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.30% | 0.30% | 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 0.88% | 1.02% | 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(h)</sup> | 3% | 19% | 55% | &nbsp;&nbsp;&nbsp;&nbsp; 9% |

---

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

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

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

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

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

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

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

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

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

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ActivePassive ETFs

Notes to Financial Statements

February 28, 2026 (Unaudited)

(1) Organization

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

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

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

(2) Significant Accounting Policies

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

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

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

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

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

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

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

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

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

FASB Accounting Standards Codification, "Fair Value Measurement" Topic 820 ("ASC 820"), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Significant unobservable
 inputs (including the Funds' own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' investments carried at fair value as of February 28, 2026:

**ActivePassive Core Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2** | **Level 3^**  | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $278848897 | $— | $278848897  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 240632104 |  |  | 240632104  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds\* |  | 195797965 |  | 195797965  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage Backed Securities |  | 74226083 |  | 74226083  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 36517587 | 681359 | 37198946  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 29073973 |  | 29073973  |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds\* |  | 25619674 |  | 25619674  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 10097335 |  | 10097335  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 8953878 |  | 8953878  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 7559362 |  | 7559362  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Securities |  | 3757504 | 146181 | 3903685  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 12514952  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 11539609 |  |  | 11539609  |
| **Total Investments** | **$252171713** | **$670452258** | **$827540** | **$935966463** |

---

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

The Fund held Level 3 securities during the period ended February 28, 2026.

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

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $12,514,952 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

^ The fund measures Level 3 activity as of the end of each financial reporting period.

As of February 28, 2026, the Fund held a Level 3 investment that was valued at the most recent trade price in an inactive market. The Level 3 investment in securities represented less than 1% of the Fund's net assets and was not considered a significant portion of the Fund's portfolio. As the Level 3 investment was not considered significant to the financial statements, a reconciliation of Level 3 investments for the period ended February 28, 2026 is not presented.

**ActivePassive Intermediate Municipal Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $210761432 | $— | $210761432  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 9030013 |  |  | 9030013  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 8760715  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3311995 |  |  | 3311995  |
| **Total Investments** | **$12342008** | **$210761432** | **$—** | **$231864155** |

---

The Fund did not hold any Level 3 securities during the period ended February 28, 2026.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $8,760,715 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**ActivePassive International Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3^** | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $1018985112 | $— | $2813 | $1018987925  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1796394 |  |  | 1796394  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 289978796  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 7336725 |  |  | 7336725  |
| **Total Investments** | **$1028118231** | **$—** | **$2813** | **$1318099840** |

---

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

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $289,978,796 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

^ The fund measures Level 3 activity as of the end of each financial reporting period.

As of February 28, 2026, the Fund held a Level 3 investment that was valued at the most recent trade price in an inactive market. The Level 3 investment in securities represented less than 1% of the Fund's net assets and was not considered a significant portion of the Fund's portfolio. As the Level 3 investment was not considered significant to the financial statements, a reconciliation of Level 3 investments for the period ended February 28, 2026 is not presented.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

**ActivePassive U.S. Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $2087509086 | $— | $— | $2087509086  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 106650549 |  |  | 106650549  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts\* | 42797537 |  |  | 42797537  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 25336187  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 12875591 |  |  | 12875591  |
| **Total Investments** | **$2249832763** | **$—** | **$—** | **$2275168950** |

---

The Fund did not hold any Level 3 securities during the period ended February 28, 2026.

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

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $25,336,187 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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

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

The Funds did not hold derivative instruments during the period ended February 28, 2026.

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

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

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

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

(c) Forward Foreign Currency Contracts. The Core Bond ETF and International Equity ETF might purchase a particular currency or enter into a forward foreign currency contract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase. Alternatively, a Fund might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain from an increase in the value of the currency. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. A Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Funds did not enter into any forward foreign currency contracts during the period ended February 28, 2026.

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

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

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

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

(g) Share Valuation. The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE is closed for trading. The Funds do not charge a redemption fee, therefore the offering and redemption price per share are equal to a Fund's net asset value per share.

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

(i) Other. Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on the identified cost basis by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

basis. Discounts, premiums and interest-only strips are accreted or amortized over the expected life of the respective securities using the constant yield method. Gains and losses on principal payments and short-falls of mortgage backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statements of Operations.

(j) Segment Reporting. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Principal Director of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

(3) Federal Tax Matters

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

---

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

---

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

---

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

---

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

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

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

---

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

---

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

---

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

---

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

(4) Investment Adviser

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

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

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

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

**Neuberger Berman Investment Advisers LLC** 

**Sage Advisory Services, Ltd Co.** 

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

**GW&K Investment Management, LLC** 

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

**Causeway Capital Management LLC** 

**Lazard Asset Management LLC** 

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

**The London Company of Virginia, LLC** 

(5) Related Party Transactions

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

(6) Creation and Redemption Transactions

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

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

<u>Creation Unit Transaction Fee</u>

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

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

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

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

(7) Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the period ended February 28, 2026 are summarized below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActivePassive**<br>**Core Bond ETF**  | **ActivePassive**<br>**Intermediate**<br>**Municipal**<br>**Bond ETF**  | **ActivePassive**<br>**International**<br>**Equity ETF**  | **ActivePassive**<br>**U.S. Equity**<br>**ETF**  |
| Purchases: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government | $124368773 | $—  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Other | 105946791 | 48595047 | 146997436 | 275522403  |
| **Total Purchases** | **$230315564** | **$48595047** | **$146997436** | **$275522403**  |
| Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government | $90224048 | $— | $— | $—  |
| &nbsp;&nbsp;&nbsp; Other | 109972663 | 14323903 | 137823922 | 111870327  |
| **Total Sales** | **$200196711** | **$14323903** | **$137823922** | **$111870327** |

---

The above ActivePassive International Equity ETF and ActivePassive U.S. Equity ETF purchases and sales exclude any in-kind transactions associated with creations and redemptions. During the period ended February 28, 2026, the International Equity ETF had $32,759,762 creations in-kind and $43,877,924 redemptions in-kind, and U.S. Equity ETF had $100,741,875 creations in-kind and $186,456,231 redemptions in-kind.

(8) Securities Lending

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

Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities.

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that the Funds may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Funds.

As of February 28, 2026, the value of the securities on loan and value of collateral received for securities lending were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Loaned Securities** <br>**Market Value** | **Value of** <br>**Cash Collateral** | **% of**<br>**Net Assets**  |
| ActivePassive Core Bond ETF  | 12256117 | 12514952 | &nbsp;&nbsp; 1.33%  |
| ActivePassive Intermediate Municipal Bond ETF  | 8577232 | 8760715 | &nbsp;&nbsp; 3.85%  |
| ActivePassive International Equity ETF  | 281876851 | 289978796 | &nbsp;&nbsp; 27.37%  |
| ActivePassive U.S. Equity ETF | 25056721 | 25336187 | &nbsp;&nbsp; 1.11% |

---

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

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

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

(9) Recent Market Events

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

(10) New Accounting Pronouncement

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The Funds have adopted ASU 2023-09, with no material impact on the Funds' financial statements.

(11) Subsequent Events

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date**  | **Payable Date**  | **Ordinary** <br>**Income Rate**  | **Ordinary Income**<br>**Distribution Paid**  |
| 3/2/2026 | 3/2/2026 | 3/3/2026 | $0.09575397 | &nbsp;&nbsp; $2942041  |
| 4/1/2026 | 4/1/2026 | 4/2/2026 | $0.10894303 | &nbsp;&nbsp; $3382681 |

---

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ActivePassive ETFs

Notes to Financial Statements(Cont'd)

February 28, 2026 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date**  | **Payable Date**  | **Ordinary** <br>**Income Rate**  | **Ordinary Income**<br>**Distribution Paid**  |
| 3/2/2026 | 3/2/2026 | 3/3/2026 | $0.05108005 | &nbsp;&nbsp;&nbsp; $446950  |
| 4/1/2026 | 4/1/2026 | 4/2/2026 | $0.06859805 | &nbsp;&nbsp;&nbsp; $601948 |

---

The Funds have evaluated events and transactions that have occurred subsequent to February 28, 2026 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements.

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ActivePassive ETFs

Additional Information (Unaudited)

**THE BELOW INFORMATION IS REQUIRED DISCLOSURE FOR FORM N-CSR**

**ITEM 8. Changes in and Disagreements with Accountants for Open-End Investment Companies**

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

**ITEM 9. Proxy Disclosure for Open-End Investment Companies**

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

**ITEM 10. Remuneration Paid to Directors, Officers and Others of Open-End Investment Companies**

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**ITEM 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable.

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ActivePassive ETFs

Additional Information (Unaudited)(Cont'd)

**Tax Information** 

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

---

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

---

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

---

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

---

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

---

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

---

---

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

---

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**Investment Adviser** 

**Envestnet Asset Management, Inc.** 

**222 North LaSalle St. Suite 625** 

**Chicago, Illinois 60601** 

**Legal Counsel** 

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

**833 East Michigan Street, Suite 1800** 

**Milwaukee, Wisconsin 53202** 

**Independent Registered Public Accounting Firm** 

**Cohen & Company, Ltd.** 

**324 North Water Street, Suite 830** 

**Milwaukee, Wisconsin 53202** 

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

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

**615 East Michigan Street** 

**Milwaukee, Wisconsin 53202** 

**Custodian** 

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

**Custody Operations** 

**1555 North RiverCenter Drive, Suite 302** 

**Milwaukee, Wisconsin 53212** 

**Distributor** 

**Foreside Fund Services, LLC** 

**190 Middle Street, Suite 301** 

**Portland, Maine 04101** 

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

literature unless preceded or accompanied by a current prospectus.

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

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

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

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

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

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

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

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

Not applicable as the investment advisory contract was not approved during the reporting period.

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated
 by reference to the Registrant's Form N-CSR filed November 4, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-29(a)).* Filed herewith.](ap-efp23473_ex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ap-efp23473_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Trust
 for Professional Managers

---

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

---

Date <u>5/5/2026</u>

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

---

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

---

Date <u>5/5/2026</u>

---

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

---

Date <u>5/5/2026</u>

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Jennifer Lima, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 5/5/2026 | /s/ Jennifer Lima |
|  |  | Jennifer Lima, Principal Executive Officer |

---

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

I, Kelly Strauss, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 5/5/2026 | /s/ Kelly Strauss |
|  |  | Kelly Strauss<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Professional Managers, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for Professional Managers for the period ended February 28, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for Professional Managers for the stated period.

---

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

---

Dated: <u>5/5/2026</u>

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