The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM NPORT-P
Monthly Portfolio Investments Report

NPORT-P: Filer Information

Confidential ☐
Filer CIK
0001572661
Filer CCC
********
Filer Investment Company Type
Is this a LIVE or TEST Filing? ☐ LIVE ☐ TEST
Would you like a Return Copy? ☐
Is this an electronic copy of an official filing submitted in paper format? ☐

Submission Contact Information

Name
Phone
E-Mail Address

Notification Information

Notify via Filing Website only? ☐
Notification E-mail Address
Series ID
S000091386
Class (Contract) ID
C000259043

NPORT-P: Part A: General Information

Item A.1. Information about the Registrant.

a. Name of Registrant
Principal Exchange-Traded Funds
b. Investment Company Act file number for Registrant: (e.g., 811-______)
811-23029
c. CIK number of Registrant
0001572661
d. LEI of Registrant
549300AG76V5U32HWF10
e. Address and telephone number of Registrant:
i. Street Address 1
801 Grand Avenue
ii. Street Address 2
iii. City
DES MOINES
iv. State, if applicable
v. Foreign country, if applicable
vi. Zip / Postal Code
50309
vii. Telephone number
515-235-1719

Item A.2. Information about the Series.

a. Name of Series.
Principal Capital Appreciation Select ETF
b. EDGAR series identifier (if any).
S000091386
c. LEI of Series.
254900OHXT2C1UWP3087

Item A.3. Reporting period.

a. Date of fiscal year-end.
2026-06-30
b. Date as of which information is reported.
2025-09-30

Item A.4. Final filing

a. Does the Fund anticipate that this will be its final filing on Form N PORT? ☐ Yes ☒ No

NPORT-P: Part B: Information About the Fund

Report the following information for the Fund and its consolidated subsidiaries.

Item B.1. Assets and liabilities. Report amounts in U.S. dollars.

a. Total assets, including assets attributable to miscellaneous securities reported in Part D.
37130165.16
b. Total liabilities.
8134.27
c. Net assets.
37122030.89

Item B.2. Certain assets and liabilities. Report amounts in U.S. dollars.

a. Assets attributable to miscellaneous securities reported in Part D.
0.00000000
b. Assets invested in a Controlled Foreign Corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities.
0.00000000
c. Borrowings attributable to amounts payable for notes payable, bonds, and similar debt, as reported pursuant to rule 6-04(13)(a) of Regulation S-X [17 CFR 210.6-04(13)(a)].
Amounts payable within one year.
Banks or other financial institutions for borrowings.
0.00000000
Controlled companies.
0.00000000
Other affiliates.
0.00000000
Others.
0.00000000
Amounts payable after one year.
Banks or other financial institutions for borrowings.
0.00000000
Controlled companies.
0.00000000
Other affiliates.
0.00000000
Others.
0.00000000
d. Payables for investments purchased either (i) on a delayed delivery, when-issued, or other firm commitment basis, or (ii) on a standby commitment basis.
(i) On a delayed delivery, when-issued, or other firm commitment basis:
0.00000000
(ii) On a standby commitment basis:
0.00000000
e. Liquidation preference of outstanding preferred stock issued by the Fund.
0.00000000
f. Cash and cash equivalents not reported in Parts C and D.
0.00000000

Item B.3. Portfolio level risk metrics.

If the average value of the Fund's debt securities positions for the previous three months, in the aggregate, exceeds 25% or more of the Fund's net asset value, provide:
a. Interest Rate Risk (DV01). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 1 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.
b. Interest Rate Risk (DV100). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 100 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.

Currency Metric RecordISO Currency code3 month1 year5 years10 years30 years
— — — — — — —

c. Credit Spread Risk (SDV01, CR01 or CS01). Provide the change in value of the portfolio resulting from a 1 basis point change in credit spreads where the shift is applied to the option adjusted spread, aggregated by investment grade and non-investment grade exposures, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.

Credit Spread Risk3 month1 year5 years10 years30 years
— — — — — —

For purposes of Item B.3., calculate value as the sum of the absolute values of:
(i) the value of each debt security,
(ii) the notional value of each swap, including, but not limited to, total return swaps, interest rate swaps, and credit default swaps, for which the underlying reference asset or assets are debt securities or an interest rate;
(iii) the notional value of each futures contract for which the underlying reference asset or assets are debt securities or an interest rate; and
(iv) the delta-adjusted notional value of any option for which the underlying reference asset is an asset described in clause (i),(ii), or (iii).

Report zero for maturities to which the Fund has no exposure. For exposures that fall between any of the listed maturities in (a) and (b), use linear interpolation to approximate exposure to each maturity listed above. For exposures outside of the range of maturities listed above, include those exposures in the nearest maturity.

Item B.4. Securities lending.

a. For each borrower in any securities lending transaction, provide the following information:

Borrower Information RecordName of borrowerLEI (if any) of borrowerAggregate value of all securities on loan to the borrower
— — — —

b. Did any securities lending counterparty provide any non-cash collateral? ☐ Yes ☒ No

Item B.5. Return information.

a. Monthly total returns of the Fund for each of the preceding three months. If the Fund is a Multiple Class Fund, report returns for each class. Such returns shall be calculated in accordance with the methodologies outlined in Item 26(b) (1) of Form N-1A, Instruction 13 to sub-Item 1 of Item 4 of Form N-2, or Item 26(b) (i) of Form N-3, as applicable.

Monthly Total Return Record Monthly total returns of the Fund for each of the preceding three months Class identification number(s) (if any) of the Class(es) for which returns are reported
Month 1 Month 2 Month 3
#11.740000002.000000004.22000000C000259043

b. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to derivatives for each of the following categories: commodity contracts, credit contracts, equity contracts, foreign exchange contracts, interest rate contracts, and other contracts. Within each such asset category, further report the same information for each of the following types of derivatives instrument: forward, future, option, swaption, swap, warrant, and other. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers.
i. Asset category.
c. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to investment other than derivatives. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers.

MonthMonthly net realized gain(loss)Monthly net change in unrealized appreciation (or depreciation)
Month 1 -166449.63000000559535.29000000
Month 2 -68589.79000000652361.86000000
Month 3 -71954.400000001475156.79000000

Item B.6. Flow information.

a. Provide the aggregate dollar amounts for sales and redemptions/repurchases of Fund shares during each of the preceding three months. If shares of the Fund are held in omnibus accounts, for purposes of calculating the Fund's sales, redemptions, and repurchases, use net sales or redemptions/repurchases from such omnibus accounts. The amounts to be reported under this Item should be after any front-end sales load has been deducted and before any deferred or contingent deferred sales load or charge has been deducted. Shares sold shall include shares sold by the Fund to a registered unit investment trust. For mergers and other acquisitions, include in the value of shares sold any transaction in which the Fund acquired the assets of another investment company or of a personal holding company in exchange for its own shares. For liquidations, include in the value of shares redeemed any transaction in which the Fund liquidated all or part of its assets. Exchanges are defined as the redemption or repurchase of shares of one Fund or series and the investment of all or part of the proceeds in shares of another Fund or series in the same family of investment companies.

MonthTotal net asset value of shares sold (including exchanges but excluding reinvestment of dividends and distributions)Total net asset value of shares sold in connection with reinvestments of dividends and distributionsTotal net asset value of shares redeemed or repurchased, including exchanges
Month 1 3276219.920000000.000000000.00000000
Month 2 4384085.260000000.000000000.00000000
Month 3 3978002.960000000.000000000.00000000

Item B.7. Highly Liquid Investment Minimum information.

a. If applicable, provide the Fund's current Highly Liquid Investment Minimum.
—
b. If applicable, provide the number of days that the Fund's holdings in Highly Liquid Investments fell below the Fund's Highly Liquid Investment Minimum during the reporting period.
—
c. Did the Fund's Highly Liquid Investment Minimum change during the reporting period? ☐ Yes ☐ No ☐ N/A

Item B.8. Derivatives Transactions.

For portfolio investments of open-end management investment companies, provide the percentage of the Fund's Highly Liquid Investments that it has pledged as margin or collateral in connection with derivatives transactions that are classified among the following categories as specified in rule 22e-4 [17 CFR 270.22e-4]:
(1) Moderately Liquid Investments
(2) Less Liquid Investments
(3) Illiquid Investments
For purposes of Item B.8, when computing the required percentage, the denominator should only include assets (and exclude liabilities) that are categorized by the Fund as Highly Liquid Investments.
Classification
—

Item B.9. Derivatives Exposure for limited derivatives users.

If the Fund is excepted from the rule 18f-4 [17 CFR 270.18f-4] program requirement and limit on fund leverage risk under rule 18f-4(c)(4) [17 CFR 270.18f-4(c)(4)], provide the following information:
a. Derivatives exposure (as defined in rule 18f-4(a) [17 CFR 270.18f-4(a)]), reported as a percentage of the Fund’s net asset value.
—
b. Exposure from currency derivatives that hedge currency risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value.
—
c. Exposure from interest rate derivatives that hedge interest rate risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value.
—
d. The number of business days, if any, in excess of the five-business-day period described in rule 18f-4(c)(4)(ii) [17 CFR 270.18f-4(c)(4)(ii)], that the Fund’s derivatives exposure exceeded 10 percent of its net assets during the reporting period.
—

Item B.10. VaR information.

For Funds subject to the limit on fund leverage risk described in rule 18f-4(c)(2) [17 CFR 270.18f-4(c)(2)], provide the following information, as determined in accordance with the requirement under rule 18f-4(c)(2)(ii) to determine the fund’s compliance with the applicable VaR test at least once each business day:
a. Median daily VaR during the reporting period, reported as a percentage of the Fund's net asset value.
—
b. For Funds that were subject to the Relative VaR Test during the reporting period, provide:
i. As applicable, the name of the Fund’s Designated Index, or a statement that the Fund's Designated Reference Portfolio is the Fund’s Securities Portfolio.
—
ii. As applicable, the index identifier for the Fund’s Designated Index.
—
iii. Median VaR Ratio during the reporting period, reported as a percentage of the VaRof the Fund's Designated Reference Portfolio.
—
c. Backtesting Results. Number of exceptions that the Fund identified as a result of its backtesting of its VaR calculation model (as described in rule 18f-4(c)(1)(iv) [17 CFR 270.18f-4(c)(1)(iv)] during the reporting period.
—

NPORT-P: Part C: Schedule of Portfolio Investments

For each investment held by the Fund and its consolidated subsidiaries, disclose the information requested in Part C. A Fund may report information for securities in an aggregate amount not exceeding five percent of its total assets as miscellaneous securities in Part D in lieu of reporting those securities in Part C, provided that the securities so listed are not restricted, have been held for not more than one year prior to the end of the reporting period covered by this report, and have not been previously reported by name to the shareholders of the Fund or to any exchange, or set forth in any registration statement, application, or report to shareholders or otherwise made available to the public.
Schedule of Portfolio Investments Record: 1

Item C.1. Identification of investment.

a. Name of issuer (if any).
Salesforce Inc
b. LEI (if any) of issuer. (1)
RCGZFPDMRW58VJ54VR07
c. Title of the issue or description of the investment.
Salesforce, Inc.
d. CUSIP (if any).
79466L302
At least one of the following other identifiers:
- ISIN
US79466L3024

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
699.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
165663.00000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.446265993611

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 2

Item C.1. Identification of investment.

a. Name of issuer (if any).
Western Digital Corp
b. LEI (if any) of issuer. (1)
549300QQXOOYEF89IC56
c. Title of the issue or description of the investment.
Western Digital Corp.
d. CUSIP (if any).
958102105
At least one of the following other identifiers:
- ISIN
US9581021055

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1786.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
214427.16000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.577627772131

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 3

Item C.1. Identification of investment.

a. Name of issuer (if any).
Progressive Corp/The
b. LEI (if any) of issuer. (1)
529900TACNVLY9DCR586
c. Title of the issue or description of the investment.
Progressive Corp.
d. CUSIP (if any).
743315103
At least one of the following other identifiers:
- ISIN
US7433151039

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1537.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
379562.15000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.022471402830

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 4

Item C.1. Identification of investment.

a. Name of issuer (if any).
Marathon Petroleum Corp
b. LEI (if any) of issuer. (1)
3BNYRYQHD39K4LCKQF12
c. Title of the issue or description of the investment.
Marathon Petroleum Corp.
d. CUSIP (if any).
56585A102
At least one of the following other identifiers:
- ISIN
US56585A1025

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
3901.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
751878.74000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.025424584737

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 5

Item C.1. Identification of investment.

a. Name of issuer (if any).
AbbVie Inc
b. LEI (if any) of issuer. (1)
FR5LCKFTG8054YNNRU85
c. Title of the issue or description of the investment.
AbbVie, Inc.
d. CUSIP (if any).
00287Y109
At least one of the following other identifiers:
- ISIN
US00287Y1091

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2304.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
533468.16000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.437066203572

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 6

Item C.1. Identification of investment.

a. Name of issuer (if any).
Permian Resources Corp
b. LEI (if any) of issuer. (1)
529900NXUJPOKU7OJ511
c. Title of the issue or description of the investment.
Permian Resources Corp.
d. CUSIP (if any).
71424F105
At least one of the following other identifiers:
- ISIN
US71424F1057

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2687.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
34393.60000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.092650103389

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 7

Item C.1. Identification of investment.

a. Name of issuer (if any).
Thermo Fisher Scientific Inc
b. LEI (if any) of issuer. (1)
HCHV7422L5HDJZCRFL38
c. Title of the issue or description of the investment.
Thermo Fisher Scientific, Inc.
d. CUSIP (if any).
883556102
At least one of the following other identifiers:
- ISIN
US8835561023

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1615.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
783307.30000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.110087409606

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 8

Item C.1. Identification of investment.

a. Name of issuer (if any).
Costco Wholesale Corp
b. LEI (if any) of issuer. (1)
29DX7H14B9S6O3FD6V18
c. Title of the issue or description of the investment.
Costco Wholesale Corp.
d. CUSIP (if any).
22160K105
At least one of the following other identifiers:
- ISIN
US22160K1051

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
510.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
472071.30000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.271674228704

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 9

Item C.1. Identification of investment.

a. Name of issuer (if any).
Casey's General Stores Inc
b. LEI (if any) of issuer. (1)
549300CAFWSI86V66Q65
c. Title of the issue or description of the investment.
Casey's General Stores, Inc.
d. CUSIP (if any).
147528103
At least one of the following other identifiers:
- ISIN
US1475281036

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1718.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
971219.76000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.616289402047

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 10

Item C.1. Identification of investment.

a. Name of issuer (if any).
Alphabet Inc
b. LEI (if any) of issuer. (1)
5493006MHB84DD0ZWV18
c. Title of the issue or description of the investment.
Alphabet, Inc.
d. CUSIP (if any).
02079K305
At least one of the following other identifiers:
- ISIN
US02079K3059

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
7890.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1918059.00000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
5.166902117191

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 11

Item C.1. Identification of investment.

a. Name of issuer (if any).
Visa Inc
b. LEI (if any) of issuer. (1)
549300JZ4OKEHW3DPJ59
c. Title of the issue or description of the investment.
Visa, Inc.
d. CUSIP (if any).
92826C839
At least one of the following other identifiers:
- ISIN
US92826C8394

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
3373.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1151474.74000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
3.101863536001

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 12

Item C.1. Identification of investment.

a. Name of issuer (if any).
NRG Energy Inc
b. LEI (if any) of issuer. (1)
5E2UPK5SW04M13XY7I38
c. Title of the issue or description of the investment.
NRG Energy, Inc.
d. CUSIP (if any).
629377508
At least one of the following other identifiers:
- ISIN
US6293775085

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1735.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
280983.25000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.756917774333

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 13

Item C.1. Identification of investment.

a. Name of issuer (if any).
Lam Research Corp
b. LEI (if any) of issuer. (1)
549300I4GMO6D34U1T02
c. Title of the issue or description of the investment.
Lam Research Corp.
d. CUSIP (if any).
512807306
At least one of the following other identifiers:
- ISIN
US5128073062

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
8595.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1150870.50000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
3.100235823331

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 14

Item C.1. Identification of investment.

a. Name of issuer (if any).
Procter & Gamble Co/The
b. LEI (if any) of issuer. (1)
2572IBTT8CCZW6AU4141
c. Title of the issue or description of the investment.
Procter & Gamble Co.
d. CUSIP (if any).
742718109
At least one of the following other identifiers:
- ISIN
US7427181091

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2510.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
385661.50000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.038901942468

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 15

Item C.1. Identification of investment.

a. Name of issuer (if any).
Microsoft Corp
b. LEI (if any) of issuer. (1)
INR2EJN1ERAN0W5ZP974
c. Title of the issue or description of the investment.
Microsoft Corp.
d. CUSIP (if any).
594918104
At least one of the following other identifiers:
- ISIN
US5949181045

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
4668.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
2417790.60000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
6.513088163641

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 16

Item C.1. Identification of investment.

a. Name of issuer (if any).
Service Corp International/US
b. LEI (if any) of issuer. (1)
549300RKVM2ME20JHZ15
c. Title of the issue or description of the investment.
Service Corp. International
d. CUSIP (if any).
817565104
At least one of the following other identifiers:
- ISIN
US8175651046

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
3274.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
272462.28000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.733963830824

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 17

Item C.1. Identification of investment.

a. Name of issuer (if any).
Constellation Energy Corp
b. LEI (if any) of issuer. (1)
549300F8Y20RYGNGV346
c. Title of the issue or description of the investment.
Constellation Energy Corp.
d. CUSIP (if any).
21037T109
At least one of the following other identifiers:
- ISIN
US21037T1097

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1724.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
567316.68000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.528247960573

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 18

Item C.1. Identification of investment.

a. Name of issuer (if any).
NVIDIA Corp
b. LEI (if any) of issuer. (1)
549300S4KLFTLO7GSQ80
c. Title of the issue or description of the investment.
NVIDIA Corp.
d. CUSIP (if any).
67066G104
At least one of the following other identifiers:
- ISIN
US67066G1040

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
14102.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
2631151.16000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
7.087842709351

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 19

Item C.1. Identification of investment.

a. Name of issuer (if any).
O'Reilly Automotive Inc
b. LEI (if any) of issuer. (1)
549300K2RLMQL149Q332
c. Title of the issue or description of the investment.
O'Reilly Automotive, Inc.
d. CUSIP (if any).
67103H107
At least one of the following other identifiers:
- ISIN
US67103H1077

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
3651.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
393614.31000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.060325366266

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 20

Item C.1. Identification of investment.

a. Name of issuer (if any).
Linde PLC
b. LEI (if any) of issuer. (1)
5299003QR1WT0EF88V51
c. Title of the issue or description of the investment.
Linde PLC
d. CUSIP (if any).
000000000
At least one of the following other identifiers:
- ISIN
IE000S9YS762

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1289.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
612275.00000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.649357498285

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
IRELAND
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 21

Item C.1. Identification of investment.

a. Name of issuer (if any).
Exxon Mobil Corp
b. LEI (if any) of issuer. (1)
J3WHBG0MTS7O8ZVMDC91
c. Title of the issue or description of the investment.
Exxon Mobil Corp.
d. CUSIP (if any).
30231G102
At least one of the following other identifiers:
- ISIN
US30231G1022

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
4226.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
476481.50000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.283554505441

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 22

Item C.1. Identification of investment.

a. Name of issuer (if any).
Riot Platforms Inc
b. LEI (if any) of issuer. (1)
5299005LKZAJQDQZDF73
c. Title of the issue or description of the investment.
Riot Platforms, Inc.
d. CUSIP (if any).
767292105
At least one of the following other identifiers:
- ISIN
US7672921050

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
10396.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
197835.88000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.532933881193

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 23

Item C.1. Identification of investment.

a. Name of issuer (if any).
TJX Cos Inc/The
b. LEI (if any) of issuer. (1)
V167QI9I69W364E2DY52
c. Title of the issue or description of the investment.
TJX Cos., Inc.
d. CUSIP (if any).
872540109
At least one of the following other identifiers:
- ISIN
US8725401090

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
5890.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
851340.60000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.293356746894

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 24

Item C.1. Identification of investment.

a. Name of issuer (if any).
BWX Technologies Inc
b. LEI (if any) of issuer. (1)
549300NP85N265KWMS58
c. Title of the issue or description of the investment.
BWX Technologies, Inc.
d. CUSIP (if any).
05605H100
At least one of the following other identifiers:
- ISIN
US05605H1005

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2106.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
388283.22000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.045964379348

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 25

Item C.1. Identification of investment.

a. Name of issuer (if any).
Berkshire Hathaway Inc
b. LEI (if any) of issuer. (1)
5493000C01ZX7D35SD85
c. Title of the issue or description of the investment.
Berkshire Hathaway, Inc.
d. CUSIP (if any).
084670702
At least one of the following other identifiers:
- ISIN
US0846707026

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
947.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
476094.78000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.282512752092

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 26

Item C.1. Identification of investment.

a. Name of issuer (if any).
Republic Services Inc
b. LEI (if any) of issuer. (1)
NKNQHM6BLECKVOQP7O46
c. Title of the issue or description of the investment.
Republic Services, Inc.
d. CUSIP (if any).
760759100
At least one of the following other identifiers:
- ISIN
US7607591002

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
3703.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
849764.44000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.289110858503

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 27

Item C.1. Identification of investment.

a. Name of issuer (if any).
Broadcom Inc
b. LEI (if any) of issuer. (1)
549300WV6GIDOZJTV909
c. Title of the issue or description of the investment.
Broadcom, Inc.
d. CUSIP (if any).
11135F101
At least one of the following other identifiers:
- ISIN
US11135F1012

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
3823.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1261245.93000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
3.397567158266

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 28

Item C.1. Identification of investment.

a. Name of issuer (if any).
Cameco Corp
b. LEI (if any) of issuer. (1)
N4BHALMXL3GMZKCUON55
c. Title of the issue or description of the investment.
Cameco Corp.
d. CUSIP (if any).
13321L108
At least one of the following other identifiers:
- ISIN
CA13321L1085

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2345.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
196651.70000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.529743915635

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
CANADA (FEDERAL LEVEL)
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 29

Item C.1. Identification of investment.

a. Name of issuer (if any).
Tesla Inc
b. LEI (if any) of issuer. (1)
54930043XZGB27CTOV49
c. Title of the issue or description of the investment.
Tesla, Inc.
d. CUSIP (if any).
88160R101
At least one of the following other identifiers:
- ISIN
US88160R1014

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1662.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
739124.64000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.991067358868

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 30

Item C.1. Identification of investment.

a. Name of issuer (if any).
Reddit Inc
b. LEI (if any) of issuer. (1)
529900APN1YHPBHPI679
c. Title of the issue or description of the investment.
Reddit, Inc.
d. CUSIP (if any).
75734B100
At least one of the following other identifiers:
- ISIN
US75734B1008

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
717.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
164902.83000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.444218233880

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 31

Item C.1. Identification of investment.

a. Name of issuer (if any).
Parker-Hannifin Corp
b. LEI (if any) of issuer. (1)
5493002CONDB4N2HKI23
c. Title of the issue or description of the investment.
Parker-Hannifin Corp.
d. CUSIP (if any).
701094104
At least one of the following other identifiers:
- ISIN
US7010941042

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
704.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
533737.60000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.437792025930

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 32

Item C.1. Identification of investment.

a. Name of issuer (if any).
ServiceNow Inc
b. LEI (if any) of issuer. (1)
549300HJTQM36M0E1G39
c. Title of the issue or description of the investment.
ServiceNow, Inc.
d. CUSIP (if any).
81762P102
At least one of the following other identifiers:
- ISIN
US81762P1021

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
242.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
222707.76000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.599934202576

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 33

Item C.1. Identification of investment.

a. Name of issuer (if any).
Meta Platforms Inc
b. LEI (if any) of issuer. (1)
BQ4BKCS1HXDV9HN80Z93
c. Title of the issue or description of the investment.
Meta Platforms, Inc.
d. CUSIP (if any).
30303M102
At least one of the following other identifiers:
- ISIN
US30303M1027

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1516.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1113320.08000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.999081820978

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 34

Item C.1. Identification of investment.

a. Name of issuer (if any).
Boeing Co/The
b. LEI (if any) of issuer. (1)
RVHJWBXLJ1RFUBSY1F30
c. Title of the issue or description of the investment.
Boeing Co.
d. CUSIP (if any).
097023105
At least one of the following other identifiers:
- ISIN
US0970231058

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1592.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
343601.36000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.925599574598

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 35

Item C.1. Identification of investment.

a. Name of issuer (if any).
Palo Alto Networks Inc
b. LEI (if any) of issuer. (1)
549300QXR2YVZV231H43
c. Title of the issue or description of the investment.
Palo Alto Networks, Inc.
d. CUSIP (if any).
697435105
At least one of the following other identifiers:
- ISIN
US6974351057

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
4455.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
907127.10000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.443635432253

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 36

Item C.1. Identification of investment.

a. Name of issuer (if any).
Ameriprise Financial Inc
b. LEI (if any) of issuer. (1)
6ZLKQF7QB6JAEKQS5388
c. Title of the issue or description of the investment.
Ameriprise Financial, Inc.
d. CUSIP (if any).
03076C106
At least one of the following other identifiers:
- ISIN
US03076C1062

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
639.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
313908.75000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.845613083320

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 37

Item C.1. Identification of investment.

a. Name of issuer (if any).
HCA Healthcare Inc
b. LEI (if any) of issuer. (1)
529900PH4ZGUH2MNEU89
c. Title of the issue or description of the investment.
HCA Healthcare, Inc.
d. CUSIP (if any).
40412C101
At least one of the following other identifiers:
- ISIN
US40412C1018

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
431.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
183692.20000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.494833379521

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 38

Item C.1. Identification of investment.

a. Name of issuer (if any).
McKesson Corp
b. LEI (if any) of issuer. (1)
549300WZWOM80UCFSF54
c. Title of the issue or description of the investment.
McKesson Corp.
d. CUSIP (if any).
58155Q103
At least one of the following other identifiers:
- ISIN
US58155Q1031

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1216.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
939408.64000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.530596030113

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 39

Item C.1. Identification of investment.

a. Name of issuer (if any).
Apple Inc
b. LEI (if any) of issuer. (1)
HWUPKR0MPOU8FGXBT394
c. Title of the issue or description of the investment.
Apple, Inc.
d. CUSIP (if any).
037833100
At least one of the following other identifiers:
- ISIN
US0378331005

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
8640.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
2200003.20000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
5.926408516061

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 40

Item C.1. Identification of investment.

a. Name of issuer (if any).
Nasdaq Inc
b. LEI (if any) of issuer. (1)
549300L8X1Q78ERXFD06
c. Title of the issue or description of the investment.
Nasdaq, Inc.
d. CUSIP (if any).
631103108
At least one of the following other identifiers:
- ISIN
US6311031081

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
9078.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
802949.10000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
2.162998846639

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 41

Item C.1. Identification of investment.

a. Name of issuer (if any).
T-Mobile US Inc
b. LEI (if any) of issuer. (1)
549300QHIJYOHPACPG31
c. Title of the issue or description of the investment.
T-Mobile U.S., Inc.
d. CUSIP (if any).
872590104
At least one of the following other identifiers:
- ISIN
US8725901040

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2118.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
507006.84000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.365784219894

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 42

Item C.1. Identification of investment.

a. Name of issuer (if any).
Deckers Outdoor Corp
b. LEI (if any) of issuer. (1)
5493008LG4W3I6K8J118
c. Title of the issue or description of the investment.
Deckers Outdoor Corp.
d. CUSIP (if any).
243537107
At least one of the following other identifiers:
- ISIN
US2435371073

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1042.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
105627.54000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.284541382751

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 43

Item C.1. Identification of investment.

a. Name of issuer (if any).
Extra Space Storage Inc
b. LEI (if any) of issuer. (1)
N/A
c. Title of the issue or description of the investment.
Extra Space Storage, Inc.
d. CUSIP (if any).
30225T102
At least one of the following other identifiers:
- ISIN
US30225T1025

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1075.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
151510.50000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.408141732463

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 44

Item C.1. Identification of investment.

a. Name of issuer (if any).
Novartis AG
b. LEI (if any) of issuer. (1)
5493007HIVTX6SY6XD66
c. Title of the issue or description of the investment.
Novartis AG
d. CUSIP (if any).
66987V109
At least one of the following other identifiers:
- ISIN
US66987V1098

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
4032.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
517063.68000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.392875517862

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
SWITZERLAND
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 45

Item C.1. Identification of investment.

a. Name of issuer (if any).
Equinix Inc
b. LEI (if any) of issuer. (1)
549300EVUN2BTLJ3GT74
c. Title of the issue or description of the investment.
Equinix, Inc.
d. CUSIP (if any).
29444U700
At least one of the following other identifiers:
- ISIN
US29444U7000

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
410.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
321128.40000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
0.865061507414

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 46

Item C.1. Identification of investment.

a. Name of issuer (if any).
Broadridge Financial Solutions Inc
b. LEI (if any) of issuer. (1)
549300KZDJZQ2YIHRC28
c. Title of the issue or description of the investment.
Broadridge Financial Solutions, Inc.
d. CUSIP (if any).
11133T103
At least one of the following other identifiers:
- ISIN
US11133T1034

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
2266.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
539693.22000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.453835383088

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 47

Item C.1. Identification of investment.

a. Name of issuer (if any).
CRH PLC
b. LEI (if any) of issuer. (1)
549300MIDJNNTH068E74
c. Title of the issue or description of the investment.
CRH PLC
d. CUSIP (if any).
000000000
At least one of the following other identifiers:
- ISIN
IE0001827041

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
4416.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
529478.40000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.426318515732

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
IRELAND
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 48

Item C.1. Identification of investment.

a. Name of issuer (if any).
Eli Lilly & Co
b. LEI (if any) of issuer. (1)
FRDRIPF3EKNDJ2CQJL29
c. Title of the issue or description of the investment.
Eli Lilly & Co.
d. CUSIP (if any).
532457108
At least one of the following other identifiers:
- ISIN
US5324571083

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
558.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
425754.00000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.146903846025

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 49

Item C.1. Identification of investment.

a. Name of issuer (if any).
JPMorgan Chase & Co
b. LEI (if any) of issuer. (1)
8I5DZWZKVSZI1NUHU748
c. Title of the issue or description of the investment.
JPMorgan Chase & Co.
d. CUSIP (if any).
46625H100
At least one of the following other identifiers:
- ISIN
US46625H1005

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
4104.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1294524.72000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
3.487214166261

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 50

Item C.1. Identification of investment.

a. Name of issuer (if any).
Amazon.com Inc
b. LEI (if any) of issuer. (1)
ZXTILKJKG63JELOEG630
c. Title of the issue or description of the investment.
Amazon.com, Inc.
d. CUSIP (if any).
023135106
At least one of the following other identifiers:
- ISIN
US0231351067

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
6516.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1430718.12000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
3.854094416977

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 51

Item C.1. Identification of investment.

a. Name of issuer (if any).
Motorola Solutions Inc
b. LEI (if any) of issuer. (1)
6S552MUG6KGJVEBSEC55
c. Title of the issue or description of the investment.
Motorola Solutions, Inc.
d. CUSIP (if any).
620076307
At least one of the following other identifiers:
- ISIN
US6200763075

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1344.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
614597.76000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.655614591295

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 52

Item C.1. Identification of investment.

a. Name of issuer (if any).
State Street Institutional US Government Money Market Fund
b. LEI (if any) of issuer. (1)
549300BZ5TGIFZUZDZ37
c. Title of the issue or description of the investment.
State Street Institutional U.S. Government Money Market Fund
d. CUSIP (if any).
857492706
At least one of the following other identifiers:
- ISIN
US8574927062

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
716537.35000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
716537.35000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.930221307458

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Short-term investment vehicle (e.g., money market fund, liquidity pool, or other cash management vehicle)
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 53

Item C.1. Identification of investment.

a. Name of issuer (if any).
Eaton Corp PLC
b. LEI (if any) of issuer. (1)
549300VDIGTMXUNT7H71
c. Title of the issue or description of the investment.
Eaton Corp. PLC
d. CUSIP (if any).
000000000
At least one of the following other identifiers:
- ISIN
IE00B8KQN827

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
1913.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
715940.25000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
1.928612828650

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Corporate

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
IRELAND
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No

NPORT-P: Part E: Explanatory Notes (if any)

The Fund may provide any information it believes would be helpful in understanding the information reported in response to any Item of this Form. The Fund may also explain any assumptions that it made in responding to any Item of this Form. To the extent responses relate to a particular Item, provide the Item number(s), as applicable.

Explanatory Note RecordNote ItemExplanatory Notes
#1B.5.aMonthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees.

NPORT-P: Additional notes

IdentifierNote
(1) LEI (if any) of issuer. In the case of a holding in a fund that is a series of a series trust, report the LEI of the series.
(2) Balance. Indicate whether amount is expressed in number of shares, principal amount, or other units. For derivatives contracts, as applicable, provide the number of contracts.
(3) Currency. Indicate the currency in which the investment is denominated.
(4) Value. Report values in U.S. dollars. If currency of investment is not denominated in U.S. dollars, provide the exchange rate used to calculate value.
(5) Indicate payoff profile among the following categories (long, short, N/A). For derivatives, respond N/A to this Item and respond to the relevant payoff profile question in Item [C/D].11.
(6) Asset type (short-term investment vehicle (e.g., money market fund, liquidity pool, or other cash management vehicle), repurchase agreement, equity-common, equity-preferred, debt, derivative-commodity, derivative-credit, derivative-equity, derivative-foreign exchange, derivative-interest rate, derivatives-other, structured note, loan, ABS-mortgage backed security, ABS-asset backed commercial paper, ABS-collateralized bond/debt obligation, ABS-other, commodity, real estate, other). If “other” provide a brief description.
(7) Issuer type (corporate, U.S. Treasury, U.S. government agency, U.S. government sponsored entity, municipal, non-U.S. sovereign, private fund, registered fund, other). If “other” provide a brief description.
(8) Report the ISO country code that corresponds to the country where the issuer is organized.
(9) If different from the country where the issuer is organized, also report the ISO country code that corresponds to the country of investment or issuer based on the concentrations of the risk and economic exposure of the investments.
(10) Liquidity classification information. For portfolio investments of open-end management investment companies, provide the liquidity classification(s) for each portfolio investment among the following categories as specified in rule 22e-4 [17 CFR 270.22e-4]: Highly Liquid Investments, Moderately Liquid Investments, Less Liquid Investments, Illiquid Investments. For portfolio investments with multiple liquidity classifications, indicate the percentage amount attributable to each classification.
(11) Funds may choose to indicate the percentage amount of a holding attributable to multiple classification categories only in the following circumstances:
(1) if portions of the position have differing liquidity features that justify treating the portions separately;
(2) if a fund has multiple sub-advisers with differing liquidity views; or
(3) if the fund chooses to classify the position through evaluation of how long it would take to liquidate the entire position (rather than basing it on the sizes it would reasonably anticipated trading).
In (1) and (2), a fund would classify using the reasonably anticipated trade size for each portion of the position.
(12) Indicate the level within the fair value hierarchy in which the fair value measurements fall pursuant to U.S. Generally Accepted Accounting Principles 7 (ASC 820, Fair Value Measurement). [1/2/3] Report "N/A" if the investment does not have a level associated with it (i.e., net asset value used as the practical expedient).
(13) Select the category that most closely reflects the coupon type among the following (fixed, floating, variable, none).
(14) Are there any interest payments in arrears or have any coupon payments been legally deferred by the issuer? [Y/N]
(15) Enter "N" if the interest may be paid in kind but is not actually paid in kind or if the Fund has the option of electing in-kind payment and has elected to be paid in-kind.
(16) Description of the reference instrument, including the name of issuer, title of issue, and currency in which denominated, as well as CUSIP of reference instrument, ISIN (if CUSIP is not available), ticker (if CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available).
If other identifier provided, indicate the type of identifier used.
(17) Conversion ratio per US$1000 notional, or, if bond currency is not in U.S. dollars, per 1000 units of the relevant currency, indicating the relevant currency. If there is more than one conversion ratio, provide each conversion ratio.
(18) Select the category that reflects the transaction (repurchase, reverse repurchase). Select "repurchase agreement" if the Fund is the cash lender and receives collateral. Select "reverse repurchase agreement" if the Fund is the cash borrower and posts collateral.
(19) If multiple securities of an issuer are subject to the repurchase agreement, those securities may be aggregated.
(20) Category of investments that most closely represents the collateral, selected from among the following (asset-backed securities; agency collateralized mortgage obligations; agency debentures and agency strips; agency mortgage-backed securities; private label collateralized mortgage obligations; corporate debt securities; equities; money market; U.S. Treasuries (including strips); other instrument). If "other instrument", include a brief description, including, if applicable, whether it is a collateralized debt obligation, municipal debt, whole loan, or international debt
(21) Type of derivative instrument that most closely represents the investment, selected from among the following (forward, future, option, swaption, swap (including but not limited to total return swaps, credit default swaps, and interest rate swaps), warrant, other).
(22) In the case of a holding in a fund that is a series of a series trust, report the LEI of the series.
(23) Description and terms of payments necessary for a user of financial information to understand the terms of payments to be paid and received, including, as applicable, description of the reference instrument, obligation, or index, financing rate, floating coupon rate, fixed coupon rate, and payment frequency.
(24) Depreciation shall be reported as a negative number.
(25) If the reference instrument is a derivative, indicate the category of derivative from among the categories listed in sub-Item C.11.a. and provide all information required to be reported on this Form for that category.
(26) If the reference instrument is an index or custom basket, and if the index’s or custom basket’s components are publicly available on a website and are updated on that website no less frequently than quarterly, identify the index and provide the index identifier, if any. If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents 1% or less of the net asset value of the Fund, provide a narrative description of the index. If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents more than 5% of the net asset value of the Fund, provide the (i) name, (ii) identifier, (iii) number of shares or notional amount or contract value as of the trade date (all of which would be reported as negative for short positions), and (iv) value of every component in the index or custom basket. The identifier shall include CUSIP of the index’s or custom basket’s components, ISIN (if CUSIP is not available), ticker (if CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available). If other identifier provided, indicate the type of identifier used.

If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents greater than 1%, but 5% or less, of the net asset value of the Fund, Funds shall report the required component information described above, but may limit reporting to the (i) 50 largest components in the index and (ii) any other components where the notional value for that components is over 1% of the notional value of the index or custom basket.
An index or custom basket, where the components are publicly available on a website and are updated on that website no less frequently than quarterly.
(27) If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents 1% or less of the net asset value of the Fund, provide a narrative description of the index.
(28) If the reference instrument is neither a derivative or an index, the description of the reference instrument shall include the name of issuer and title of issue, as well as CUSIP of the reference instrument, ISIN (if CUSIP is not available), ticker if (CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available).
(29) If the Fund is required to adopt a policy as described in rule 35d-1(a)(2)(i) or (a)(3)(i) [17 CFR 270.35d-1(a)(2)(i) or (3)(i)], is the investment included in the Fund’s 80% basket, as defined in rule 35d-1(g), as applicable?

NPORT-P: Signatures

The Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Registrant:
Principal Exchange-Traded Funds
By (Signature):
Megan Hoffmann
Name:
Megan Hoffmann
Title:
Vice President and Treasurer
Date:
2025-10-24
1
Schedule
of
Investments
Principal
Active
High
Yield
ETF
September
30,
2025
(unaudited)
INVESTMENT
COMPANIES
-
9
.65
%
Shares
Held
Value
Money
Market
Funds
-
9
.65
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
(a),(b),(c)
24,406,480‌
$
24,406,480‌
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(a)
15,050,166‌
15,050,166‌
TOTAL
INVESTMENT
COMPANIES
a
$
39,456,646‌
BONDS
-
91
.47
%
Principal
Amount
Value
Aerospace
&
Defense
-
1
.43
%
—
—
Bombardier,
Inc.
7.50%,
02/01/2029
(d)
$
1,727,000‌
$
1,799,506‌
TransDigm,
Inc.
6.75%,
01/31/2034
(d)
3,928,000‌
4,061,391‌
$
5,860,897‌
Airlines
-
0
.72
%
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.75%,
04/20/2029
(d)
2,068,224‌
2,076,136‌
Grupo
Aeromexico
SAB
de
CV
8.63%,
11/15/2031
(d)
732,000‌
731,012‌
United
Airlines
Pass-Through
Trust
,
Class
B
3.65%,
07/07/2027
127,678‌
126,993‌
$
2,934,141‌
Banks
-
2
.82
%
Barclays
PLC
(USD
Swap
Rate
NY
5
Year
+
3.69%),
7.63%,
03/15/2035
(e),(f),(g),(h)
2,025,000‌
2,145,860‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%),
8.00%,
03/15/2029
(e),(f)
3,432,000‌
3,632,933‌
UBS
Group
AG
(USD
Swap
Rate
NY
5
Year
+
3.08%),
7.00%,
02/10/2030
(d),(e),(f),(g)
5,623,000‌
5,762,169‌
$
11,540,962‌
Building
Materials
-
2
.49
%
AmeriTex
HoldCo
Intermediate
LLC
7.63%,
08/15/2033
(d)
4,156,000‌
4,325,517‌
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(d)
5,878,000‌
5,879,869‌
$
10,205,386‌
Chemicals
-
4
.32
%
Advancion
Sciences,
Inc.
9.25%,
PIK
10.00%,
11/01/2026
(d),(i)
2,653,414‌
2,348,272‌
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028
(d)
3,785,000‌
3,152,872‌
12.00%,
02/15/2031
(d),(h)
2,005,000‌
1,834,588‌
Inversion
Escrow
Issuer
LLC
6.75%,
08/01/2032
(d)
459,000‌
452,167‌
Olympus
Water
U.S.
Holding
Corp.
6.25%,
10/01/2029
(d),(h)
6,330,000‌
6,146,404‌
Vibrantz
Technologies,
Inc.
9.00%,
02/15/2030
(d),(h)
6,617,000‌
3,738,605‌
$
17,672,908‌
Commercial
Services
-
4
.97
%
Block,
Inc.
6.00%,
08/15/2033
(d)
3,976,000‌
4,071,583‌
EquipmentShare.com,
Inc.
8.00%,
03/15/2033
(d)
4,961,000‌
5,302,029‌
8.63%,
05/15/2032
(d)
529,000‌
571,132‌
Garda
World
Security
Corp.
6.00%,
06/01/2029
(d),(h)
2,805,000‌
2,780,944‌
8.38%,
11/15/2032
(d)
3,457,000‌
3,588,458‌
Veritiv
Operating
Co.
10.50%,
11/30/2030
(d)
3,741,000‌
4,014,946‌
$
20,329,092‌
Computers
-
2
.35
%
McAfee
Corp.
7.38%,
02/15/2030
(d),(h)
6,372,000‌
5,910,612‌
NCR
Atleos
Corp.
9.50%,
04/01/2029
(d)
3,413,000‌
3,694,648‌
$
9,605,260‌
BONDS
(continued)
Principal
Amount
Value
Diversified
Financial
Services
-
8
.85
%
Credit
Acceptance
Corp.
9.25%,
12/15/2028
(d)
$
5,433,000‌
$
5,708,078‌
Freedom
Mortgage
Holdings
LLC
7.88%,
04/01/2033
(d)
851,000‌
876,680‌
9.13%,
05/15/2031
(d)
5,817,000‌
6,186,682‌
Global
Aircraft
Leasing
Co.
Ltd.
8.75%,
09/01/2027
(d)
5,867,000‌
6,061,421‌
Jane
Street
Group/JSG
Finance,
Inc.
6.75%,
05/01/2033
(d)
5,145,000‌
5,343,773‌
OneMain
Finance
Corp.
3.50%,
01/15/2027
420,000‌
410,475‌
4.00%,
09/15/2030
5,374,000‌
4,995,435‌
6.63%,
01/15/2028
824,000‌
843,806‌
Rfna
LP
7.88%,
02/15/2030
(d)
1,395,000‌
1,421,316‌
TrueNoord
Capital
DAC
8.75%,
03/01/2030
(d)
4,104,000‌
4,360,496‌
$
36,208,162‌
Electric
-
7
.07
%
California
Buyer
Ltd./Atlantica
Sustainable
Infrastructure
PLC
6.38%,
02/15/2032
(d)
6,068,000‌
6,219,281‌
Clearway
Energy
Operating
LLC
3.75%,
02/15/2031
(d)
5,977,000‌
5,486,845‌
GenOn
Energy,
Inc.
0.00%,
10/15/2020
(j),(k),(l)
3,100,000‌
—‌
Lightning
Power
LLC
7.25%,
08/15/2032
(d)
5,595,000‌
5,923,516‌
NRG
Energy,
Inc.
5.75%,
01/15/2034
(d),(m)
2,720,000‌
2,717,224‌
6.00%,
01/15/2036
(d),(m)
2,725,000‌
2,725,391‌
Vistra
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%,
12/15/2026
(d),(e),(f)
2,425,000‌
2,462,030‌
Vistra
Operations
Co.
LLC
4.38%,
05/01/2029
(d)
3,465,000‌
3,392,446‌
$
28,926,733‌
Entertainment
-
3
.46
%
Caesars
Entertainment,
Inc.
6.50%,
02/15/2032
(d)
4,957,000‌
5,056,081‌
Cinemark
USA,
Inc.
5.25%,
07/15/2028
(d)
4,241,000‌
4,217,597‌
7.00%,
08/01/2032
(d)
1,681,000‌
1,747,152‌
Warnermedia
Holdings,
Inc.
5.05%,
03/15/2042
1,398,000‌
1,116,051‌
Wynn
Resorts
Finance
LLC/Wynn
Resorts
Capital
Corp.
6.25%,
03/15/2033
(d)
1,980,000‌
2,010,650‌
$
14,147,531‌
Food
-
2
.96
%
B&G
Foods,
Inc.
8.00%,
09/15/2028
(d)
4,165,000‌
4,035,518‌
Chobani
LLC/Chobani
Finance
Corp.,
Inc.
7.63%,
07/01/2029
(d)
4,939,000‌
5,150,127‌
Fiesta
Purchaser,
Inc.
7.88%,
03/01/2031
(d)
1,630,000‌
1,720,193‌
9.63%,
09/15/2032
(d),(h)
1,119,000‌
1,208,063‌
$
12,113,901‌
Forest
Products
&
Paper
-
0
.52
%
Mercer
International,
Inc.
5.13%,
02/01/2029
1,334,000‌
983,312‌
12.88%,
10/01/2028
(d)
1,268,000‌
1,153,951‌
$
2,137,263‌
Healthcare
-
Services
-
3
.83
%
Acadia
Healthcare
Co.,
Inc.
5.00%,
04/15/2029
(d)
6,007,000‌
5,880,743‌
Concentra
Health
Services,
Inc.
6.88%,
07/15/2032
(d)
4,365,000‌
4,532,537‌
2
Schedule
of
Investments
Principal
Active
High
Yield
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Healthcare
-
Services
(continued)
Global
Medical
Response,
Inc.
7.38%,
10/01/2032
(d)
$
1,847,000‌
$
1,901,136‌
LifePoint
Health,
Inc.
8.38%,
02/15/2032
(d)
3,141,000‌
3,347,389‌
$
15,661,805‌
Home
Builders
-
1
.43
%
Adams
Homes,
Inc.
9.25%,
10/15/2028
(d)
3,811,000‌
3,976,321‌
K
Hovnanian
Enterprises,
Inc.
8.38%,
10/01/2033
(d)
1,825,000‌
1,871,085‌
$
5,847,406‌
Household
Products
&
Wares
-
0
.22
%
Kronos
Acquisition
Holdings,
Inc.
10.75%,
06/30/2032
(d)
1,655,000‌
902,523‌
Investment
Companies
-
1
.63
%
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%,
02/01/2029
6,861,000‌
5,922,480‌
10.00%,
11/15/2029
(d)
727,000‌
730,212‌
$
6,652,692‌
Lodging
-
0
.65
%
Wynn
Macau
Ltd.
5.63%,
08/26/2028
(d)
2,663,000‌
2,660,294‌
Machinery
-
Diversified
-
1
.20
%
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
09/01/2028
(d)
4,631,000‌
4,908,217‌
Media
-
3
.65
%
Directv
Financing
LLC
8.88%,
02/01/2030
(d)
839,000‌
832,045‌
Directv
Financing
LLC/Directv
Financing
Co-
Obligor,
Inc.
5.88%,
08/15/2027
(d)
1,417,000‌
1,415,410‌
10.00%,
02/15/2031
(d)
2,690,000‌
2,686,051‌
Discovery
Communications
LLC
4.13%,
05/15/2029
2,173,000‌
2,091,512‌
DISH
Network
Corp.
11.75%,
11/15/2027
(d)
2,117,000‌
2,240,330‌
iHeartCommunications,
Inc.
4.75%,
01/15/2028
(d),(h)
879,000‌
760,335‌
Sinclair
Television
Group,
Inc.
8.13%,
02/15/2033
(d)
4,774,000‌
4,899,413‌
$
14,925,096‌
Metal
Fabrication
&
Hardware
-
1
.08
%
TMS
International
Corp.
6.25%,
04/15/2029
(d)
4,541,000‌
4,403,508‌
Mining
-
2
.88
%
First
Quantum
Minerals
Ltd.
8.00%,
03/01/2033
(d)
5,264,000‌
5,558,031‌
Taseko
Mines
Ltd.
8.25%,
05/01/2030
(d)
5,856,000‌
6,202,347‌
$
11,760,378‌
Oil
&
Gas
-
4
.67
%
Aethon
United
BR
LP/Aethon
United
Finance
Corp.
7.50%,
10/01/2029
(d)
5,845,000‌
6,095,727‌
Matador
Resources
Co.
6.25%,
04/15/2033
(d)
7,941,000‌
7,978,315‌
Sunoco
LP
5.88%,
03/15/2034
(d)
5,092,000‌
5,047,913‌
$
19,121,955‌
Packaging
&
Containers
-
3
.12
%
Clydesdale
Acquisition
Holdings,
Inc.
6.75%,
04/15/2032
(d)
2,231,000‌
2,288,694‌
8.75%,
04/15/2030
(d)
1,681,000‌
1,726,795‌
LABL,
Inc.
5.88%,
11/01/2028
(d)
1,571,000‌
1,217,219‌
8.63%,
10/01/2031
(d),(h)
1,173,000‌
861,726‌
9.50%,
11/01/2028
(d)
1,190,000‌
1,010,950‌
BONDS
(continued)
Principal
Amount
Value
Packaging
&
Containers
(continued)
Mauser
Packaging
Solutions
Holding
Co.
7.88%,
04/15/2027
(d)
$
1,832,000‌
$
1,849,959‌
9.25%,
04/15/2027
(d)
3,798,000‌
3,806,690‌
$
12,762,033‌
Pharmaceuticals
-
3
.45
%
1261229
BC
Ltd.
10.00%,
04/15/2032
(d)
2,995,000‌
3,070,031‌
Endo
Finance
Holdings,
Inc.
8.50%,
04/15/2031
(d),(h)
4,637,000‌
4,974,894‌
Jazz
Securities
DAC
4.38%,
01/15/2029
(d)
6,239,000‌
6,078,260‌
$
14,123,185‌
Pipelines
-
3
.95
%
Energy
Transfer
LP
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
6.50%,
02/15/2056
(f)
8,146,000‌
8,107,817‌
Venture
Global
LNG,
Inc.
8.38%,
06/01/2031
(d)
383,000‌
402,139‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.44%),
9.00%,
09/30/2029
(d),(e),(f)
2,002,000‌
1,984,141‌
9.50%,
02/01/2029
(d)
5,146,000‌
5,671,021‌
$
16,165,118‌
REITs
-
5
.45
%
Arbor
Realty
SR,
Inc.
7.88%,
07/15/2030
(d)
5,394,000‌
5,671,464‌
CBL
&
Associates
LP
0.00%,
12/15/2026
(j),(k),(l)
6,000,000‌
—‌
EF
Holdco/EF
Cayman
Holdings/Ellington
Fin
REIT
Cayman/TRS/EF
Cayman
Non-MTM
7.38%,
09/30/2030
(d),(m)
4,020,000‌
4,030,227‌
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4.75%,
06/15/2029
(d)
7,181,000‌
7,046,651‌
Uniti
Group
LP/Uniti
Fiber
Holdings,
Inc./CSL
Capital
LLC
6.00%,
01/15/2030
(d)
5,061,000‌
4,582,258‌
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./
CSL
Capital
LLC
8.63%,
06/15/2032
(d),(h)
993,000‌
948,665‌
$
22,279,265‌
Retail
-
6
.16
%
Bath
&
Body
Works,
Inc.
6.63%,
10/01/2030
(d)
567,000‌
579,642‌
6.75%,
07/01/2036
2,142,000‌
2,204,229‌
6.95%,
03/01/2033
1,137,000‌
1,187,107‌
Carvana
Co.
11.00%,
PIK
13.00%,
06/01/2030
(d),(i)
5,633,000‌
5,893,340‌
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
4.63%,
01/15/2029
(d)
2,435,000‌
2,317,482‌
6.75%,
01/15/2030
(d)
1,275,000‌
1,196,502‌
Park
River
Holdings,
Inc.
5.63%,
02/01/2029
(d)
1,900,000‌
1,861,927‌
8.00%,
03/15/2031
(d),(m)
3,028,000‌
3,066,378‌
Specialty
Building
Products
Holdings
LLC/SBP
Finance
Corp.
7.75%,
10/15/2029
(d)
2,884,000‌
2,929,562‌
Victra
Holdings
LLC/Victra
Finance
Corp.
8.75%,
09/15/2029
(d),(h)
3,757,000‌
3,938,737‌
$
25,174,906‌
Semiconductors
-
1
.40
%
Kioxia
Holdings
Corp.
6.25%,
07/24/2030
(d)
754,000‌
769,083‌
6.63%,
07/24/2033
(d)
4,823,000‌
4,958,189‌
$
5,727,272‌
3
Schedule
of
Investments
Principal
Active
High
Yield
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Telecommunications
-
3
.80
%
Digicel
International
Finance
Ltd./Difl
U.S.
LLC
8.63%,
08/01/2032
(d)
$
4,913,000‌
$
5,051,464‌
EchoStar
Corp.
10.75%,
11/30/2029
3,725,731‌
4,098,938‌
Viasat,
Inc.
7.50%,
05/30/2031
(d),(h)
6,071,000‌
5,697,025‌
Windstream
Services
LLC
7.50%,
10/15/2033
(d),(m)
436,000‌
435,882‌
Zayo
Group
Holdings,
Inc.
9.25%,
03/09/2030
(d)
258,823‌
247,823‌
$
15,531,132‌
Transportation
-
0
.94
%
Watco
Cos.
LLC/Watco
Finance
Corp.
7.13%,
08/01/2032
(d)
3,713,000‌
3,843,215‌
TOTAL
BONDS
a
$
374,132,236‌
SENIOR
FLOATING
RATE
INTERESTS
-
4
.49
%
Principal
Amount
Value
Airlines
-
0
.47
%
–
—
American
Airlines,
Inc.,
2025
Term
Loan
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%),
6.58%,
04/20/2028
$
1,911,896‌
$
1,907,919‌
Commercial
Services
-
0
.07
%
Veritiv
Corp.,
Term
Loan
B
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%),
8.00%,
11/30/2030
302,707‌
299,259‌
Food
-
0
.66
%
Fiesta
Purchaser,
Inc.,
2024
Term
Loan
B
(CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%),
6.91%,
02/12/2031
2,720,683‌
2,713,609‌
Forest
Products
&
Paper
-
0
.10
%
Spectrum
Group
Buyer,
Inc.,
2022
Term
Loan
B
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%),
10.81%,
05/19/2028
458,034‌
405,552‌
Healthcare
-
Services
-
0
.61
%
LifePoint
Health,
Inc.,
2024
1st
Lien
Term
Loan
B
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%),
8.07%,
05/19/2031
2,517,017‌
2,510,473‌
Household
Products
&
Wares
-
0
.19
%
Kronos
Acquisition
Holdings,
Inc.,
2024
Term
Loan
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%),
8.00%,
07/08/2031
1,054,350‌
772,638‌
Insurance
-
1
.48
%
Asurion
LLC,
2021
2nd
Lien
Term
Loan
B4
(CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%),
9.53%,
01/20/2029
6,344,727‌
6,060,103‌
Media
-
0
.29
%
iHeartCommunications,
Inc.,
2024
Term
Loan
(CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.78%),
10.05%,
05/01/2029
1,354,763‌
1,180,757‌
Pharmaceuticals
-
0
.24
%
Endo
Luxembourg
Finance
Co.
I
SARL,
2024
1st
Lien
Term
Loan
(CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%),
8.16%,
04/23/2031
955,350‌
956,745‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
Value
Telecommunications
-
0
.38
%
Zayo
Group
Holdings,
Inc.,
USD
Term
Loan
(CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%),
7.28%,
03/09/2027
$
1,588,218‌
$
1,563,410‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
a
$
18,370,465‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
1
.72
%
Principal
Amount
Value
U.S.
Treasury
Notes
-
1
.72
%
–
–
3.88%,
04/30/2030
$
6,986,500‌
$
7,030,711‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
a
$
7,030,711‌
Total
Investments
107.33%
$
438,990,058‌
Other
Assets
and
Liabilities
-
(7.33%)
(
30,007,121‌
)
TOTAL
NET
ASSETS
-
100.00%
$
408,982,937‌
(a)
1-day
yield
shown
as
of
period
end.
(b)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$24,406,480
or
5.97%
of
net
assets.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$336,265,288
or
82.22%
of
net
assets.
(e)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(f)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(g)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,908,029
or
1.93%
of
net
assets.
(h)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$23,856,285
or
5.83%
of
net
assets.
(i)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(j)
Security
is
defaulted.
(k)
Non-income
producing
security.
(l)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Advisor,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Trustees.
(m)
Securities
purchased
on
a
when-issued
basis.
4
Schedule
of
Investments
Principal
Active
High
Yield
ETF
September
30,
2025
(unaudited)
Affiliated
Securities
June
30,
2025
Value
Purchases
Cost
Sales
Proceeds
September
30,
2025
Value
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
14,446,840‌
$
30,750,483‌
$
20,790,843‌
$
24,406,480‌
$
14,446,840‌
$
30,750,483‌
$
20,790,843‌
$
24,406,480‌
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
5
Schedule
of
Investments
Principal
Capital
Appreciation
Select
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
98
.57
%
Shares
Held
Value
Aerospace
&
Defense
-
0
.93
%
-
—
Boeing
Co.
(a)
1,592‌
$
343,601‌
Auto
Manufacturers
-
1
.99
%
Tesla,
Inc.
(a)
1,662‌
739,125‌
Banks
-
3
.49
%
JPMorgan
Chase
&
Co.
4,104‌
1,294,525‌
Building
Materials
-
2
.43
%
CRH
PLC
4,416‌
529,479‌
Modine
Manufacturing
Co.
(a)
1,817‌
371,606‌
$
901,085‌
Chemicals
-
1
.65
%
Linde
PLC
1,289‌
612,275‌
Commercial
Services
-
0
.73
%
Service
Corp.
International
3,274‌
272,462‌
Computers
-
6
.50
%
Apple,
Inc.
8,640‌
2,200,003‌
Western
Digital
Corp.
1,786‌
214,427‌
$
2,414,430‌
Cosmetics
&
Personal
Care
-
1
.04
%
Procter
&
Gamble
Co.
2,510‌
385,661‌
Diversified
Financial
Services
-
6
.11
%
Ameriprise
Financial,
Inc.
639‌
313,909‌
Nasdaq,
Inc.
9,078‌
802,949‌
Visa,
Inc.,
Class
A
3,373‌
1,151,475‌
$
2,268,333‌
Electric
-
2
.28
%
Constellation
Energy
Corp.
1,724‌
567,317‌
NRG
Energy,
Inc.
1,735‌
280,983‌
$
848,300‌
Electrical
Components
&
Equipment
-
1
.93
%
Eaton
Corp.
PLC
1,913‌
715,940‌
Environmental
Control
-
2
.29
%
Republic
Services,
Inc.
3,703‌
849,764‌
Healthcare
-
Products
-
2
.11
%
Thermo
Fisher
Scientific,
Inc.
1,615‌
783,307‌
Healthcare
-
Services
-
0
.49
%
HCA
Healthcare,
Inc.
431‌
183,692‌
Insurance
-
2
.30
%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
947‌
476,095‌
Progressive
Corp.
1,537‌
379,562‌
$
855,657‌
Internet
-
14
.91
%
Alphabet,
Inc.,
Class
A
7,890‌
1,918,059‌
Amazon.com,
Inc.
(a)
6,516‌
1,430,718‌
Meta
Platforms,
Inc.,
Class
A
1,516‌
1,113,320‌
Palo
Alto
Networks,
Inc.
(a)
4,455‌
907,127‌
Reddit,
Inc.,
Class
A
(a)
717‌
164,903‌
$
5,534,127‌
Investment
Companies
-
0
.53
%
Riot
Platforms,
Inc.
(a)
10,396‌
197,836‌
Machinery
-
Construction
&
Mining
-
1
.05
%
BWX
Technologies,
Inc.
2,106‌
388,283‌
Mining
-
0
.53
%
Cameco
Corp.
2,345‌
196,652‌
Miscellaneous
Manufacturers
-
1
.44
%
Parker-Hannifin
Corp.
704‌
533,738‌
Oil
&
Gas
-
3
.40
%
Exxon
Mobil
Corp.
4,226‌
476,481‌
Marathon
Petroleum
Corp.
3,901‌
751,879‌
Permian
Resources
Corp.
2,687‌
34,394‌
$
1,262,754‌
Pharmaceuticals
-
6
.51
%
AbbVie,
Inc.
2,304‌
533,468‌
Eli
Lilly
&
Co.
558‌
425,754‌
McKesson
Corp.
1,216‌
939,408‌
Novartis
AG,
ADR
4,032‌
517,064‌
$
2,415,694‌
REITs
-
1
.27
%
Equinix,
Inc.
410‌
321,128‌
Extra
Space
Storage,
Inc.
1,075‌
151,511‌
$
472,639‌
COMMON
STOCKS
(continued)
Shares
Held
Value
Retail
-
7
.24
%
Casey's
General
Stores,
Inc.
1,718‌
$
971,220‌
Costco
Wholesale
Corp.
510‌
472,071‌
O'Reilly
Automotive,
Inc.
(a)
3,651‌
393,614‌
TJX
Cos.,
Inc.
5,890‌
851,341‌
$
2,688,246‌
Semiconductors
-
13
.59
%
Broadcom,
Inc.
3,823‌
1,261,246‌
Lam
Research
Corp.
8,595‌
1,150,871‌
NVIDIA
Corp.
14,102‌
2,631,151‌
$
5,043,268‌
Software
-
8
.81
%
Broadridge
Financial
Solutions,
Inc.
2,266‌
539,693‌
Microsoft
Corp.
4,668‌
2,417,791‌
Salesforce,
Inc.
376‌
89,112‌
ServiceNow,
Inc.
(a)
242‌
222,708‌
$
3,269,304‌
Telecommunications
-
3
.02
%
Motorola
Solutions,
Inc.
1,344‌
614,598‌
T-Mobile
U.S.,
Inc.
2,118‌
507,007‌
$
1,121,605‌
TOTAL
COMMON
STOCKS
a
$
36,592,303‌
INVESTMENT
COMPANIES
-
1
.93
%
Shares
Held
Value
Money
Market
Funds
-
1
.93
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(b)
716,537‌
$
716,537‌
TOTAL
INVESTMENT
COMPANIES
a
$
716,537‌
Total
Investments
100.50%
$
37,308,840‌
Other
Assets
and
Liabilities
-
(0.50%)
(
185,385‌
)
TOTAL
NET
ASSETS
-
100.00%
$
37,123,455‌
(a)
Non-income
producing
security.
(b)
1-day
yield
shown
as
of
period
end.
6
Schedule
of
Investments
Principal
Focused
Blue
Chip
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
99
.84
%
Shares
Held
Value
Aerospace
&
Defense
-
6
.40
%
-
—
TransDigm
Group,
Inc.
7,970‌
$
10,504,619‌
Distribution
&
Wholesale
-
1
.65
%
Copart,
Inc.
(a)
60,094‌
2,702,427‌
Diversified
Financial
Services
-
11
.51
%
Charles
Schwab
Corp.
40,361‌
3,853,265‌
Mastercard,
Inc.,
Class
A
13,503‌
7,680,641‌
Visa,
Inc.,
Class
A
21,529‌
7,349,570‌
$
18,883,476‌
Electronics
-
0
.00
%
Amphenol
Corp.,
Class
A
23‌
2,846‌
Healthcare
-
Products
-
3
.57
%
Danaher
Corp.
29,581‌
5,864,729‌
Internet
-
27
.64
%
Airbnb,
Inc.,
Class
A
(a)
29,192‌
3,544,493‌
Alphabet,
Inc.,
Class
C
28,118‌
6,848,139‌
Amazon.com,
Inc.
(a)
104,840‌
23,019,719‌
Meta
Platforms,
Inc.,
Class
A
8,501‌
6,242,964‌
Netflix,
Inc.
(a)
4,748‌
5,692,472‌
$
45,347,787‌
Lodging
-
2
.86
%
Hilton
Worldwide
Holdings,
Inc.
18,056‌
4,684,449‌
Pharmaceuticals
-
1
.96
%
Zoetis,
Inc.
22,011‌
3,220,649‌
Private
Equity
-
9
.92
%
Brookfield
Corp.
(b)
237,308‌
16,274,583‌
Real
Estate
-
2
.23
%
CoStar
Group,
Inc.
(a)
43,432‌
3,664,358‌
Retail
-
2
.10
%
O'Reilly
Automotive,
Inc.
(a)
31,898‌
3,438,923‌
Semiconductors
-
8
.26
%
Broadcom,
Inc.
17,396‌
5,739,115‌
NVIDIA
Corp.
41,871‌
7,812,291‌
$
13,551,406‌
Software
-
21
.74
%
Cadence
Design
Systems,
Inc.
(a)
21,527‌
7,561,574‌
Microsoft
Corp.
47,942‌
24,831,559‌
Roper
Technologies,
Inc.
6,562‌
3,272,404‌
$
35,665,537‌
TOTAL
COMMON
STOCKS
a
$
163,805,789‌
INVESTMENT
COMPANIES
-
3
.06
%
Shares
Held
Value
Money
Market
Funds
-
3
.06
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
(c),(d),(e)
4,528,000‌
$
4,528,000‌
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(c)
488,417‌
488,417‌
TOTAL
INVESTMENT
COMPANIES
a
$
5,016,417‌
Total
Investments
102.90%
$
168,822,206‌
Other
Assets
and
Liabilities
-
(2.90%)
(
4,758,466‌
)
TOTAL
NET
ASSETS
-
100.00%
$
164,063,740‌
(a)
Non-income
producing
security.
(b)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$4,389,120
or
2.68%
of
net
assets.
(c)
1-day
yield
shown
as
of
period
end.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$4,528,000
or
2.76%
of
net
assets.
7
Schedule
of
Investments
Principal
Focused
Blue
Chip
ETF
September
30,
2025
(unaudited)
Affiliated
Securities
June
30,
2025
Value
Purchases
Cost
Sales
Proceeds
September
30,
2025
Value
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
—‌
$
4,896,000‌
$
368,000‌
$
4,528,000‌
$
—‌
$
4,896,000‌
$
368,000‌
$
4,528,000‌
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
8
Schedule
of
Investments
Principal
International
Equity
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
98
.45
%
Shares
Held
Value
Aerospace
&
Defense
-
7
.18
%
-
—
Airbus
SE
137,872‌
$
31,952,884‌
BAE
Systems
PLC
1,094,109‌
30,297,498‌
$
62,250,382‌
Apparel
-
3
.00
%
PRADA
SpA
2,371,600‌
14,262,605‌
Samsonite
Group
SA
(a)
5,499,900‌
11,774,470‌
$
26,037,075‌
Banks
-
11
.04
%
AIB
Group
PLC
4,104,466‌
37,177,435‌
Erste
Group
Bank
AG
316,693‌
30,934,894‌
National
Bank
of
Greece
SA
1,895,167‌
27,512,398‌
$
95,624,727‌
Building
Materials
-
2
.92
%
CRH
PLC
211,454‌
25,264,708‌
Cosmetics
&
Personal
Care
-
3
.61
%
Haleon
PLC
6,987,750‌
31,238,358‌
Distribution
&
Wholesale
-
2
.46
%
Rexel
SA
651,504‌
21,294,780‌
Electronics
-
1
.51
%
Hoya
Corp.
94,400‌
13,069,885‌
Engineering
&
Construction
-
0
.95
%
Technip
Energies
NV
175,300‌
8,248,908‌
Entertainment
-
2
.54
%
Entain
PLC
1,874,145‌
22,024,449‌
Healthcare
-
Products
-
3
.35
%
Smith
&
Nephew
PLC
1,611,498‌
28,987,675‌
Healthcare
-
Services
-
2
.12
%
ICON
PLC
(b)
105,195‌
18,409,125‌
Insurance
-
9
.21
%
AIA
Group
Ltd.
2,600,000‌
24,941,049‌
Hannover
Rueck
SE
98,443‌
29,657,076‌
Sompo
Holdings,
Inc.
813,300‌
25,160,412‌
$
79,758,537‌
Internet
-
8
.51
%
Spotify
Technology
SA
(b)
20,154‌
14,067,492‌
Tencent
Holdings
Ltd.
319,973‌
27,260,789‌
Tencent
Holdings
Ltd.,
ADR
125,299‌
10,669,210‌
Trip.com
Group
Ltd.
283,600‌
21,720,212‌
$
73,717,703‌
Machinery
-
Construction
&
Mining
-
2
.18
%
Weir
Group
PLC
513,086‌
18,852,141‌
Mining
-
2
.72
%
Teck
Resources
Ltd.,
Class
B
536,775‌
23,546,823‌
Oil
&
Gas
-
4
.57
%
ARC
Resources
Ltd.
424,940‌
7,749,499‌
Suncor
Energy,
Inc.
761,926‌
31,885,155‌
$
39,634,654‌
Pharmaceuticals
-
3
.31
%
AstraZeneca
PLC
190,683‌
28,676,179‌
Retail
-
4
.85
%
Dollarama,
Inc.
129,733‌
17,109,431‌
Yum
China
Holdings,
Inc.
568,250‌
24,900,346‌
$
42,009,777‌
Semiconductors
-
13
.66
%
ASML
Holding
NV
42,842‌
41,652,335‌
Samsung
Electronics
Co.
Ltd.
665,431‌
39,791,640‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
132,204‌
36,923,255‌
$
118,367,230‌
Software
-
1
.93
%
Nemetschek
SE
128,714‌
16,743,737‌
Telecommunications
-
3
.75
%
Deutsche
Telekom
AG
953,389‌
32,471,676‌
Toys,
Games
&
Hobbies
-
3
.08
%
Nintendo
Co.
Ltd.
308,600‌
26,720,918‌
TOTAL
COMMON
STOCKS
a
$
852,949,447‌
INVESTMENT
COMPANIES
-
1
.60
%
Shares
Held
Value
Money
Market
Funds
-
1
.60
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(c)
13,837,813‌
$
13,837,813‌
TOTAL
INVESTMENT
COMPANIES
a
$
13,837,813‌
Total
Investments
100.05%
$
866,787,260‌
Other
Assets
and
Liabilities
-
(0.05%)
(
456,997‌
)
TOTAL
NET
ASSETS
-
100.00%
$
866,330,263‌
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,774,470
or
1.36%
of
net
assets.
(b)
Non-income
producing
security.
(c)
1-day
yield
shown
as
of
period
end.
9
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
September
30,
2025
(unaudited)
INVESTMENT
COMPANIES
-
1
.52
%
Shares
Held
Value
Money
Market
Funds
-
1
.52
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
(a),(b),(c)
976,845‌
$
976,845‌
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(a)
940,312‌
940,312‌
TOTAL
INVESTMENT
COMPANIES
a
$
1,917,157‌
BONDS
-
98
.46
%
Principal
Amount
Value
Aerospace
&
Defense
-
3
.19
%
—
—
Boeing
Co.
5.15%,
05/01/2030
$
290,000‌
$
297,585‌
5.81%,
05/01/2050
1,396,000‌
1,394,693‌
7.01%,
05/01/2064
298,000‌
344,981‌
Northrop
Grumman
Corp.
4.95%,
03/15/2053
230,000‌
211,113‌
5.25%,
07/15/2035
375,000‌
388,173‌
RTX
Corp.
3.03%,
03/15/2052
809,000‌
533,316‌
6.10%,
03/15/2034
616,000‌
674,516‌
6.40%,
03/15/2054
158,000‌
176,772‌
$
4,021,149‌
Agriculture
-
2
.51
%
BAT
Capital
Corp.
4.54%,
08/15/2047
595,000‌
498,931‌
4.63%,
03/22/2033
600,000‌
593,743‌
4.76%,
09/06/2049
823,000‌
700,393‌
5.83%,
02/20/2031
335,000‌
354,316‌
JBS
USA
LUX
SARL/JBS
USA
Food
Co./JBS
USA
Foods
Group
5.95%,
04/20/2035
(d)
485,000‌
509,494‌
Philip
Morris
International,
Inc.
4.88%,
04/30/2035
(e)
510,000‌
510,292‌
$
3,167,169‌
Airlines
-
2
.88
%
AS
Mileage
Plan
IP
Ltd.
5.02%,
10/20/2029
(d)
867,000‌
867,453‌
5.31%,
10/20/2031
(d)
454,000‌
451,900‌
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.75%,
10/20/2028
(d)
1,617,250‌
1,626,344‌
United
Airlines
Pass-Through
Trust
,
Class
A
5.88%,
08/15/2038
672,968‌
686,495‌
$
3,632,192‌
Apparel
-
0
.27
%
Gildan
Activewear,
Inc.
4.70%,
10/07/2030
(d),(f)
340,000‌
339,487‌
Auto
Manufacturers
-
2
.14
%
Ford
Motor
Credit
Co.
LLC
5.80%,
03/08/2029
600,000‌
608,875‌
6.13%,
03/08/2034
339,000‌
340,686‌
Hyundai
Capital
America
4.50%,
09/18/2030
(d)
520,000‌
517,524‌
5.30%,
06/24/2029
(d)
338,000‌
346,817‌
6.50%,
01/16/2029
(d)
836,000‌
886,166‌
$
2,700,068‌
Banks
-
27
.78
%
AIB
Group
PLC
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.65%),
5.32%,
05/15/2031
(d),(g)
600,000‌
617,743‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.91%),
5.87%,
03/28/2035
(d),(g)
695,000‌
731,130‌
Bank
of
America
Corp.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.32%),
2.69%,
04/22/2032
(g)
3,114,000‌
2,836,792‌
Barclays
PLC
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.91%),
5.34%,
09/10/2035
(g)
514,000‌
521,421‌
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
CaixaBank
SA
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.79%),
5.58%,
07/03/2036
(d),(g)
$
500,000‌
$
512,115‌
Citigroup,
Inc.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.94%),
3.79%,
03/17/2033
(g)
1,308,000‌
1,242,578‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.49%),
5.17%,
09/11/2036
(g)
273,000‌
275,770‌
Cooperatieve
Rabobank
UA
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%),
4.99%,
05/27/2031
(d),(g)
290,000‌
296,125‌
Danske
Bank
AS
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
4.61%,
10/02/2030
(d),(g)
378,000‌
379,976‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.93%),
5.02%,
03/04/2031
(d),(g)
545,000‌
555,299‌
Deutsche
Bank
AG
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.30%),
4.95%,
08/04/2031
(g)
307,000‌
309,903‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.72%),
5.30%,
05/09/2031
(g)
385,000‌
394,380‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.59%),
5.71%,
02/08/2028
(g)
485,000‌
493,812‌
Goldman
Sachs
Group,
Inc.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.42%),
5.02%,
10/23/2035
(g)
851,000‌
856,658‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.58%),
5.22%,
04/23/2031
(g)
1,300,000‌
1,344,337‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.38%),
5.54%,
01/28/2036
(g)
565,000‌
589,772‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.58%),
5.56%,
11/19/2045
(g)
384,000‌
389,925‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.70%),
5.73%,
01/28/2056
(g)
400,000‌
414,708‌
HSBC
Holdings
PLC
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.57%),
5.24%,
05/13/2031
(g)
314,000‌
323,122‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.06%),
5.60%,
05/17/2028
(g)
1,311,000‌
1,338,532‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.96%),
5.74%,
09/10/2036
(g)
268,000‌
273,443‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.88%),
5.79%,
05/13/2036
(g)
726,000‌
765,944‌
Huntington
Bancshares,
Inc.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.87%),
5.71%,
02/02/2035
(g)
1,414,000‌
1,473,777‌
JPMorgan
Chase
&
Co.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.64%),
5.58%,
07/23/2036
(g)
585,000‌
606,459‌
10
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
JPMorgan
Chase
&
Co.
(continued)
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.81%),
6.25%,
10/23/2034
(g)
$
1,726,000‌
$
1,901,922‌
KeyBank
NA
5.00%,
01/26/2033
1,335,000‌
1,343,602‌
Morgan
Stanley
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.51%),
5.19%,
04/17/2031
(g)
1,105,000‌
1,141,015‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.56%),
5.32%,
07/19/2035
(g)
3,242,000‌
3,345,253‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.71%),
5.52%,
11/19/2055
(g)
281,000‌
284,043‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.76%),
5.66%,
04/17/2036
(g)
260,000‌
274,316‌
Morgan
Stanley
Private
Bank
NA
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.08%),
4.73%,
07/18/2031
(g)
447,000‌
453,675‌
NatWest
Group
PLC
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%),
5.12%,
05/23/2031
(g)
240,000‌
246,093‌
PNC
Financial
Services
Group,
Inc.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.42%),
5.37%,
07/21/2036
(g)
314,000‌
323,127‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.60%),
5.40%,
07/23/2035
(g)
388,000‌
401,634‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.39%),
5.58%,
01/29/2036
(g)
325,000‌
339,106‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.90%),
5.68%,
01/22/2035
(g)
1,770,000‌
1,866,528‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
2.28%),
6.88%,
10/20/2034
(g)
236,000‌
267,377‌
Royal
Bank
of
Canada
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%),
6.50%,
11/24/2085
(g)
880,000‌
871,484‌
Truist
Financial
Corp.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
2.45%),
7.16%,
10/30/2029
(g)
575,000‌
622,783‌
U.S.
Bancorp
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.30%),
5.08%,
05/15/2031
(g)
635,000‌
652,988‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.41%),
5.42%,
02/12/2036
(e),(g)
375,000‌
388,291‌
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.86%),
5.68%,
01/23/2035
(g)
954,000‌
1,004,458‌
UBS
Group
AG
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%),
4.75%,
05/12/2028
(d),(g)
853,000‌
860,297‌
Westpac
Banking
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%),
4.11%,
07/24/2034
(g)
580,000‌
567,980‌
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
Zions
Bancorp
NA
(180
Day
Average
Secured
Overnight
Financing
Rate
+
1.16%),
4.70%,
08/18/2028
(g)
$
347,000‌
$
348,078‌
$
35,047,771‌
Biotechnology
-
0
.57
%
Amgen,
Inc.
5.60%,
03/02/2043
710,000‌
719,409‌
Chemicals
-
0
.32
%
International
Flavors
&
Fragrances,
Inc.
1.83%,
10/15/2027
(d)
326,000‌
310,150‌
3.47%,
12/01/2050
(d)
133,000‌
92,094‌
$
402,244‌
Computers
-
2
.06
%
Hewlett
Packard
Enterprise
Co.
4.55%,
10/15/2029
852,000‌
856,613‌
5.00%,
10/15/2034
833,000‌
826,523‌
5.60%,
10/15/2054
753,000‌
720,142‌
International
Business
Machines
Corp.
5.70%,
02/10/2055
200,000‌
202,759‌
$
2,606,037‌
Diversified
Financial
Services
-
5
.33
%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
3.85%,
10/29/2041
790‌
649‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%),
6.95%,
03/10/2055
(g)
257,000‌
269,001‌
Aircastle
Ltd.
5.95%,
02/15/2029
(d)
207,000‌
215,881‌
Aircastle
Ltd./Aircastle
Ireland
DAC
5.00%,
09/15/2030
(d)
507,000‌
510,796‌
5.75%,
10/01/2031
(d)
865,000‌
901,096‌
Atlas
Warehouse
Lending
Co.
LP
6.05%,
01/15/2028
(d)
349,000‌
356,994‌
Blackstone
Holdings
Finance
Co.
LLC
2.85%,
08/05/2051
(d)
342‌
216‌
Charles
Schwab
Corp.
(180
Day
Average
Secured
Overnight
Financing
Rate
+
2.50%),
5.85%,
05/19/2034
(g)
317,000‌
339,264‌
Citadel
Finance
LLC
5.90%,
02/10/2030
(d)
1,330,000‌
1,349,405‌
Citadel
Securities
Global
Holdings
LLC
5.50%,
06/18/2030
(d)
1,195,000‌
1,226,498‌
6.20%,
06/18/2035
(d)
276,000‌
289,931‌
Jane
Street
Group/JSG
Finance,
Inc.
6.13%,
11/01/2032
(d)
443,000‌
449,007‌
6.75%,
05/01/2033
(d)
789,000‌
819,482‌
$
6,728,220‌
Electric
-
10
.93
%
AEP
Transmission
Co.
LLC
5.38%,
06/15/2035
196,000‌
202,787‌
Alliant
Energy
Finance
LLC
5.95%,
03/30/2029
(d)
207,000‌
216,599‌
Berkshire
Hathaway
Energy
Co.
4.60%,
05/01/2053
500,000‌
429,789‌
Black
Hills
Corp.
4.55%,
01/31/2031
(f)
315,000‌
314,985‌
CMS
Energy
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.96%),
6.50%,
06/01/2055
(g)
971,000‌
1,005,324‌
Commonwealth
Edison
Co.
4.00%,
03/01/2049
924,000‌
737,218‌
Consolidated
Edison
Co.
of
New
York,
Inc.
5.90%,
11/15/2053
156,000‌
162,746‌
Consumers
Energy
Co.
5.05%,
05/15/2035
340,000‌
345,897‌
11
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Electric
(continued)
DTE
Energy
Co.
5.20%,
04/01/2030
$
500,000‌
$
515,202‌
Duke
Energy
Carolinas
LLC
3.75%,
06/01/2045
924,000‌
733,401‌
Duke
Energy
Florida
LLC
6.20%,
11/15/2053
252,000‌
275,401‌
Exelon
Corp.
5.60%,
03/15/2053
227,000‌
221,912‌
Indianapolis
Power
&
Light
Co.
5.70%,
04/01/2054
(d)
307,000‌
308,908‌
Interstate
Power
&
Light
Co.
5.60%,
06/29/2035
1,122,000‌
1,165,687‌
Louisville
Gas
&
Electric
Co.
5.85%,
08/15/2055
173,000‌
177,830‌
MidAmerican
Energy
Co.
4.40%,
10/15/2044
924,000‌
809,453‌
NextEra
Energy
Capital
Holdings,
Inc.
5.45%,
03/15/2035
362,000‌
374,414‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.05%),
6.38%,
08/15/2055
(g)
580,000‌
602,249‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%),
6.70%,
09/01/2054
(g)
827,000‌
855,526‌
NRG
Energy,
Inc.
2.00%,
12/02/2025
(d)
930,000‌
925,090‌
5.41%,
10/15/2035
(d),(f)
225,000‌
225,765‌
Pacific
Gas
&
Electric
Co.
3.25%,
06/01/2031
130,000‌
119,541‌
5.55%,
05/15/2029
394,000‌
405,560‌
Pinnacle
West
Capital
Corp.
4.90%,
05/15/2028
590,000‌
599,383‌
Public
Service
Co.
of
Colorado
5.25%,
04/01/2053
211,000‌
199,790‌
Puget
Sound
Energy,
Inc.
5.60%,
09/15/2055
200,000‌
198,758‌
Southern
Power
Co.
4.90%,
10/01/2035
435,000‌
428,997‌
Trans-Allegheny
Interstate
Line
Co.
5.00%,
01/15/2031
(d)
125,000‌
128,163‌
Xcel
Energy,
Inc.
5.45%,
08/15/2033
1,063,000‌
1,099,726‌
$
13,786,101‌
Environmental
Control
-
0
.18
%
Waste
Connections,
Inc.
5.25%,
09/01/2035
220,000‌
226,682‌
Food
-
3
.27
%
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Co./JBS
Lux
Co.
SARL
4.38%,
02/02/2052
746,400‌
586,832‌
JBS
USA
Holding
Lux
SARL/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
6.38%,
04/15/2066
(d)
713,000‌
732,993‌
JBS
USA
LUX
SARL/JBS
USA
Food
Co./JBS
USA
Foods
Group
6.38%,
02/25/2055
(d)
571,000‌
594,522‌
Mars,
Inc.
5.20%,
03/01/2035
(d)
1,235,000‌
1,262,338‌
5.70%,
05/01/2055
(d)
933,000‌
945,079‌
Sysco
Corp.
3.15%,
12/14/2051
736‌
493‌
$
4,122,257‌
Gas
-
1
.61
%
Boston
Gas
Co.
5.84%,
01/10/2035
(d)
240,000‌
253,147‌
NiSource,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
6.95%,
11/30/2054
(g)
758,000‌
788,801‌
BONDS
(continued)
Principal
Amount
Value
Gas
(continued)
Southern
California
Gas
Co.
5.05%,
09/01/2034
$
372,000‌
$
378,401‌
6.00%,
06/15/2055
590,000‌
617,768‌
$
2,038,117‌
Healthcare
-
Services
-
1
.14
%
Centene
Corp.
2.45%,
07/15/2028
557,000‌
517,583‌
UnitedHealth
Group,
Inc.
2.75%,
05/15/2040
940,000‌
700,420‌
5.75%,
07/15/2064
220,000‌
219,034‌
$
1,437,037‌
Insurance
-
3
.00
%
Allianz
SE
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%),
6.55%,
10/30/2033
(d),(e),(g),(h),(i)
400,000‌
412,960‌
American
International
Group,
Inc.
5.45%,
05/07/2035
423,000‌
440,642‌
Aon
North
America,
Inc.
5.75%,
03/01/2054
640,000‌
644,532‌
Arthur
J
Gallagher
&
Co.
2.40%,
11/09/2031
646,000‌
573,512‌
5.15%,
02/15/2035
150,000‌
151,773‌
Brown
&
Brown,
Inc.
4.70%,
06/23/2028
221,000‌
223,110‌
5.55%,
06/23/2035
216,000‌
222,189‌
Corebridge
Financial,
Inc.
5.75%,
01/15/2034
231,000‌
242,983‌
Equitable
America
Global
Funding
4.95%,
06/09/2030
(d)
225,000‌
229,496‌
Markel
Group,
Inc.
6.00%,
05/16/2054
204,000‌
208,154‌
MetLife,
Inc.
5.00%,
07/15/2052
155,000‌
144,839‌
Northwestern
Mutual
Life
Insurance
Co.
6.17%,
05/29/2055
(d)
270,000‌
290,453‌
$
3,784,643‌
Media
-
3
.98
%
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3.90%,
06/01/2052
513,000‌
347,451‌
5.85%,
12/01/2035
625,000‌
630,970‌
6.10%,
06/01/2029
1,330,000‌
1,395,693‌
6.48%,
10/23/2045
404,000‌
399,115‌
6.55%,
06/01/2034
859,000‌
915,450‌
6.70%,
12/01/2055
342,000‌
346,087‌
Comcast
Corp.
5.35%,
05/15/2053
605,000‌
567,305‌
Paramount
Global
4.20%,
05/19/2032
454,000‌
422,936‌
$
5,025,007‌
Mining
-
1
.86
%
Glencore
Funding
LLC
5.19%,
04/01/2030
(d)
509,000‌
524,417‌
5.37%,
04/04/2029
(d)
1,415,000‌
1,458,011‌
6.13%,
10/06/2028
(d)
351,000‌
368,439‌
$
2,350,867‌
Oil
&
Gas
-
1
.35
%
ConocoPhillips
Co.
5.50%,
01/15/2055
409,000‌
400,676‌
Diamondback
Energy,
Inc.
5.75%,
04/18/2054
721,000‌
694,028‌
Occidental
Petroleum
Corp.
5.20%,
08/01/2029
606,000‌
614,907‌
$
1,709,611‌
Packaging
&
Containers
-
1
.87
%
Packaging
Corp.
of
America
5.20%,
08/15/2035
669,000‌
682,141‌
5.70%,
12/01/2033
836,000‌
885,214‌
12
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Packaging
&
Containers
(continued)
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
$
770,000‌
$
791,548‌
$
2,358,903‌
Pharmaceuticals
-
1
.96
%
AbbVie,
Inc.
4.25%,
11/21/2049
333,000‌
280,546‌
5.50%,
03/15/2064
468,000‌
467,753‌
CVS
Health
Corp.
5.45%,
09/15/2035
412,000‌
419,252‌
Eli
Lilly
&
Co.
5.50%,
02/12/2055
285,000‌
291,107‌
5.65%,
10/15/2065
372,000‌
384,105‌
Zoetis,
Inc.
5.00%,
08/17/2035
620,000‌
626,188‌
$
2,468,951‌
Pipelines
-
5
.64
%
Cheniere
Energy
Partners
LP
5.55%,
10/30/2035
(d)
329,000‌
336,112‌
Cheniere
Energy,
Inc.
5.65%,
04/15/2034
240,000‌
247,400‌
DT
Midstream,
Inc.
4.13%,
06/15/2029
(d)
1,528,000‌
1,490,815‌
Eastern
Energy
Gas
Holdings
LLC
5.65%,
10/15/2054
121,000‌
119,210‌
Energy
Transfer
LP
3.75%,
05/15/2030
1,179,000‌
1,144,892‌
5.15%,
03/15/2045
390,000‌
349,989‌
5.25%,
07/01/2029
141,000‌
145,090‌
Kinder
Morgan,
Inc.
5.15%,
06/01/2030
320,000‌
330,105‌
5.40%,
02/01/2034
960,000‌
989,750‌
ONEOK,
Inc.
4.40%,
10/15/2029
370,000‌
369,735‌
4.75%,
10/15/2031
698,000‌
698,223‌
5.70%,
11/01/2054
943,000‌
890,258‌
$
7,111,579‌
Real
Estate
-
0
.72
%
CoStar
Group,
Inc.
2.80%,
07/15/2030
(d)
986,000‌
902,662‌
REITs
-
1
.61
%
American
Homes
4
Rent
LP
2.38%,
07/15/2031
580,000‌
513,797‌
4.25%,
02/15/2028
119,000‌
118,711‌
5.50%,
07/15/2034
1,219,000‌
1,256,136‌
Broadstone
Net
Lease
LLC
5.00%,
11/01/2032
150,000‌
149,104‌
Realty
Income
Corp.
3.10%,
12/15/2029
70‌
67‌
$
2,037,815‌
Retail
-
0
.31
%
Lowe's
Cos.,
Inc.
4.25%,
03/15/2031
400,000‌
397,411‌
Semiconductors
-
4
.53
%
Broadcom,
Inc.
3.42%,
04/15/2033
(d)
395,000‌
365,562‌
4.35%,
02/15/2030
479,000‌
481,354‌
4.55%,
02/15/2032
232,000‌
233,612‌
4.90%,
02/15/2038
900,000‌
895,178‌
5.15%,
11/15/2031
343,000‌
356,394‌
5.20%,
07/15/2035
590,000‌
608,055‌
Intel
Corp.
4.75%,
03/25/2050
557,000‌
471,847‌
Marvell
Technology,
Inc.
2.95%,
04/15/2031
466,000‌
430,372‌
5.45%,
07/15/2035
329,000‌
339,177‌
5.95%,
09/15/2033
591,000‌
634,090‌
Micron
Technology,
Inc.
5.80%,
01/15/2035
855,000‌
899,492‌
$
5,715,133‌
BONDS
(continued)
Principal
Amount
Value
Shipbuilding
-
0
.18
%
Huntington
Ingalls
Industries,
Inc.
5.75%,
01/15/2035
$
218,000‌
$
228,681‌
Software
-
1
.66
%
Oracle
Corp.
3.95%,
03/25/2051
635,000‌
472,128‌
4.00%,
07/15/2046
456,000‌
355,212‌
4.80%,
09/26/2032
145,000‌
145,174‌
5.20%,
09/26/2035
360,000‌
361,982‌
5.95%,
09/26/2055
475,000‌
473,539‌
Synopsys,
Inc.
5.70%,
04/01/2055
287,000‌
289,649‌
$
2,097,684‌
Telecommunications
-
4
.11
%
AT&T,
Inc.
3.50%,
09/15/2053
2,776,000‌
1,920,167‌
3.55%,
09/15/2055
331,000‌
228,098‌
T-Mobile
USA,
Inc.
2.55%,
02/15/2031
827,000‌
751,429‌
2.88%,
02/15/2031
1,155,000‌
1,064,876‌
5.13%,
05/15/2032
208,000‌
214,065‌
5.88%,
11/15/2055
489,000‌
499,496‌
Verizon
Communications,
Inc.
2.65%,
11/20/2040
698,000‌
504,833‌
$
5,182,964‌
Transportation
-
0
.63
%
Norfolk
Southern
Corp.
5.10%,
05/01/2035
215,000‌
219,516‌
5.35%,
08/01/2054
(e)
585,000‌
576,072‌
$
795,588‌
Water
-
0
.87
%
Essential
Utilities,
Inc.
2.40%,
05/01/2031
1,234,000‌
1,102,023‌
TOTAL
BONDS
a
$
124,243,462‌
Total
Investments
99.98%
$
126,160,619‌
Other
Assets
and
Liabilities
-
0.02%
17,442‌
TOTAL
NET
ASSETS
-
100.00%
$
126,178,061‌
(a)
1-day
yield
shown
as
of
period
end.
(b)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$976,845
or
0.77%
of
net
assets.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$27,990,951
or
22.18%
of
net
assets.
(e)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$955,881
or
0.76%
of
net
assets.
(f)
Securities
purchased
on
a
when-issued
basis.
(g)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(h)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(i)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$412,960
or
0.33%
of
net
assets.
13
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
September
30,
2025
(unaudited)
Affiliated
Securities
June
30,
2025
Value
Purchases
Cost
Sales
Proceeds
September
30,
2025
Value
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
562,295‌
$
3,817,318‌
$
3,402,768‌
$
976,845‌
$
562,295‌
$
3,817,318‌
$
3,402,768‌
$
976,845‌
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type  
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
U.S.
2
Year
Treasury
Notes;
December
2025
Long
21‌
$
4,376,367‌
$
(
815‌
)
U.S.
5
Year
Treasury
Notes;
December
2025
Short
12‌
1,310,344‌
(
398‌
)
U.S.
10
Year
Treasury
Notes;
December
2025
Short
31‌
3,487,500‌
(
878‌
)
U.S.
10
Year
Ultra
Treasury
Notes;
December
2025
Short
52‌
5,984,062‌
(
42,376‌
)
U.S.
Long
Bonds;
December
2025
Long
28‌
3,264,625‌
70,454‌
U.S.
Ultra
Treasury
Bonds;
December
2025
Long
2‌
240,125‌
120‌
Total
$
26,107‌
14
Schedule
of
Investments
Principal
Quality
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
99
.70
%
Shares
Held
Value
Aerospace
&
Defense
-
2
.89
%
-
—
General
Electric
Co.
2,934‌
$
882,606‌
Howmet
Aerospace,
Inc.
3,344‌
656,193‌
$
1,538,799‌
Apparel
-
0
.96
%
Deckers
Outdoor
Corp.
(a)
5,066‌
513,540‌
Auto
Manufacturers
-
0
.26
%
Tesla,
Inc.
(a)
308‌
136,974‌
Banks
-
1
.06
%
Northern
Trust
Corp.
4,206‌
566,128‌
Biotechnology
-
1
.18
%
Amgen,
Inc.
2,223‌
627,331‌
Building
Materials
-
3
.08
%
Lennox
International,
Inc.
887‌
469,542‌
Trane
Technologies
PLC
1,410‌
594,964‌
Vulcan
Materials
Co.
1,864‌
573,404‌
$
1,637,910‌
Chemicals
-
1
.05
%
Ecolab,
Inc.
2,045‌
560,044‌
Commercial
Services
-
2
.87
%
Cintas
Corp.
2,667‌
547,428‌
Corpay,
Inc.
(a)
1,662‌
478,756‌
Global
Payments,
Inc.
6,070‌
504,296‌
$
1,530,480‌
Computers
-
7
.38
%
Apple,
Inc.
10,961‌
2,790,999‌
Gartner,
Inc.
(a)
2,196‌
577,263‌
Leidos
Holdings,
Inc.
2,975‌
562,156‌
$
3,930,418‌
Cosmetics
&
Personal
Care
-
1
.01
%
Colgate-Palmolive
Co.
6,730‌
537,996‌
Diversified
Financial
Services
-
6
.81
%
Ameriprise
Financial,
Inc.
1,098‌
539,392‌
Mastercard,
Inc.,
Class
A
1,658‌
943,087‌
Nasdaq,
Inc.
5,746‌
508,234‌
Raymond
James
Financial,
Inc.
3,276‌
565,438‌
Visa,
Inc.,
Class
A
3,129‌
1,068,178‌
$
3,624,329‌
Electrical
Components
&
Equipment
-
1
.06
%
AMETEK,
Inc.
3,014‌
566,632‌
Electronics
-
1
.93
%
Hubbell,
Inc.
1,235‌
531,433‌
Mettler-Toledo
International,
Inc.
(a)
406‌
498,409‌
$
1,029,842‌
Environmental
Control
-
2
.03
%
Pentair
PLC
4,983‌
551,917‌
Veralto
Corp.
4,959‌
528,679‌
$
1,080,596‌
Hand
&
Machine
Tools
-
1
.04
%
Snap-on,
Inc.
1,604‌
555,834‌
Healthcare
-
Products
-
8
.79
%
Agilent
Technologies,
Inc.
4,523‌
580,527‌
Boston
Scientific
Corp.
(a)
6,325‌
617,510‌
Intuitive
Surgical,
Inc.
(a)
1,398‌
625,228‌
ResMed,
Inc.
1,918‌
525,014‌
Stryker
Corp.
1,655‌
611,804‌
Thermo
Fisher
Scientific,
Inc.
1,397‌
677,573‌
Waters
Corp.
(a)
1,795‌
538,159‌
Zimmer
Biomet
Holdings,
Inc.
5,119‌
504,221‌
$
4,680,036‌
Healthcare
-
Services
-
0
.96
%
Charles
River
Laboratories
International,
Inc.
(a)
3,280‌
513,189‌
Household
Products
&
Wares
-
0
.94
%
Church
&
Dwight
Co.,
Inc.
5,714‌
500,718‌
Insurance
-
4
.29
%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
110‌
55,301‌
Brown
&
Brown,
Inc.
5,582‌
523,536‌
Globe
Life,
Inc.
3,820‌
546,145‌
Marsh
&
McLennan
Cos.,
Inc.
2,916‌
587,662‌
W.R.
Berkley
Corp.
7,443‌
570,283‌
$
2,282,927‌
COMMON
STOCKS
(continued)
Shares
Held
Value
Internet
-
10
.48
%
Alphabet,
Inc.,
Class
A
1,720‌
$
418,132‌
Alphabet,
Inc.,
Class
C
4,524‌
1,101,820‌
Amazon.com,
Inc.
(a)
5,680‌
1,247,157‌
F5,
Inc.
(a)
1,662‌
537,142‌
GoDaddy,
Inc.,
Class
A
(a)
3,607‌
493,546‌
Meta
Platforms,
Inc.,
Class
A
1,086‌
797,537‌
Netflix,
Inc.
(a)
821‌
984,313‌
$
5,579,647‌
Machinery
-
Diversified
-
2
.12
%
Otis
Worldwide
Corp.
6,172‌
564,306‌
Xylem,
Inc.
3,831‌
565,072‌
$
1,129,378‌
Media
-
0
.76
%
FactSet
Research
Systems,
Inc.
1,407‌
403,091‌
Miscellaneous
Manufacturers
-
1
.16
%
Parker-Hannifin
Corp.
816‌
618,650‌
Oil
&
Gas
Services
-
1
.08
%
Schlumberger
NV
16,791‌
577,107‌
Pharmaceuticals
-
1
.02
%
Zoetis,
Inc.
3,713‌
543,286‌
Retail
-
0
.94
%
Chipotle
Mexican
Grill,
Inc.
(a)
12,792‌
501,318‌
Semiconductors
-
13
.35
%
Applied
Materials,
Inc.
3,909‌
800,329‌
Broadcom,
Inc.
6,188‌
2,041,483‌
NVIDIA
Corp.
19,082‌
3,560,320‌
QUALCOMM,
Inc.
4,259‌
708,527‌
$
7,110,659‌
Software
-
16
.82
%
Adobe,
Inc.
(a)
1,835‌
647,296‌
Broadridge
Financial
Solutions,
Inc.
2,056‌
489,677‌
Cadence
Design
Systems,
Inc.
(a)
1,709‌
600,303‌
Fair
Isaac
Corp.
(a)
401‌
600,109‌
Fiserv,
Inc.
(a)
4,236‌
546,147‌
Intuit,
Inc.
983‌
671,301‌
Microsoft
Corp.
5,632‌
2,917,094‌
PTC,
Inc.
(a)
2,576‌
522,980‌
Roper
Technologies,
Inc.
1,059‌
528,113‌
Salesforce,
Inc.
3,032‌
718,584‌
ServiceNow,
Inc.
(a)
782‌
719,659‌
$
8,961,263‌
Telecommunications
-
1
.31
%
AT&T,
Inc.
24,630‌
695,551‌
Transportation
-
1
.07
%
CH
Robinson
Worldwide,
Inc.
4,292‌
568,261‌
TOTAL
COMMON
STOCKS
a
$
53,101,934‌
INVESTMENT
COMPANIES
-
0
.27
%
Shares
Held
Value
Money
Market
Funds
-
0
.27
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(b)
145,196‌
$
145,196‌
TOTAL
INVESTMENT
COMPANIES
a
$
145,196‌
Total
Investments
99.97%
$
53,247,130‌
Other
Assets
and
Liabilities
-
0.03%
16,567‌
TOTAL
NET
ASSETS
-
100.00%
$
53,263,697‌
(a)
Non-income
producing
security.
(b)
1-day
yield
shown
as
of
period
end.
15
Schedule
of
Investments
Principal
Real
Estate
Active
Opportunities
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
98
.49
%
Shares
Held
Value
Lodging
-
2
.54
%
-
—
Hyatt
Hotels
Corp.,
Class
A
3,348‌
$
475,182‌
REITs
-
95
.95
%
American
Healthcare
REIT,
Inc.
15,504‌
651,323‌
American
Homes
4
Rent,
Class
A
28,773‌
956,702‌
American
Tower
Corp.
7,474‌
1,437,400‌
Americold
Realty
Trust,
Inc.
30,022‌
367,469‌
Crown
Castle,
Inc.
3,159‌
304,812‌
Digital
Realty
Trust,
Inc.
4,165‌
720,045‌
EastGroup
Properties,
Inc.
3,892‌
658,760‌
Equinix,
Inc.
1,886‌
1,477,191‌
Equity
LifeStyle
Properties,
Inc.
10,422‌
632,615‌
Extra
Space
Storage,
Inc.
7,430‌
1,047,184‌
FrontView
REIT,
Inc.
13,504‌
185,140‌
Gaming
&
Leisure
Properties,
Inc.
15,523‌
723,527‌
Healthpeak
Properties,
Inc.
34,853‌
667,435‌
Invitation
Homes,
Inc.
25,526‌
748,678‌
Iron
Mountain,
Inc.
5,710‌
582,077‌
National
Health
Investors,
Inc.
7,779‌
618,431‌
Rexford
Industrial
Realty,
Inc.
18,713‌
769,291‌
Ryman
Hospitality
Properties,
Inc.
5,265‌
471,691‌
Sabra
Health
Care
REIT,
Inc.
51,926‌
967,901‌
SBA
Communications
Corp.
3,335‌
644,822‌
Ventas,
Inc.
22,563‌
1,579,184‌
VICI
Properties,
Inc.
24,039‌
783,912‌
Welltower,
Inc.
5,297‌
943,608‌
$
17,939,198‌
TOTAL
COMMON
STOCKS
a
$
18,414,380‌
INVESTMENT
COMPANIES
-
1
.06
%
Shares
Held
Value
Money
Market
Funds
-
1
.06
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(a)
197,667‌
$
197,667‌
TOTAL
INVESTMENT
COMPANIES
a
$
197,667‌
Total
Investments
99.55%
$
18,612,047‌
Other
Assets
and
Liabilities
-
0.45%
83,399‌
TOTAL
NET
ASSETS
-
100.00%
$
18,695,446‌
(a)
1-day
yield
shown
as
of
period
end.
16
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
September
30,
2025
(unaudited)
INVESTMENT
COMPANIES
-
3
.13
%
Shares
Held
Value
Money
Market
Funds
-
3
.13
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
(a),(b),(c)
16,961,000‌
$
16,961,000‌
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(a)
24,349,557‌
24,349,557‌
TOTAL
INVESTMENT
COMPANIES
a
$
41,310,557‌
BONDS
-
97
.34
%
Principal
Amount
Value
Banks
-
54
.44
%
—
—
Bank
of
America
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%),
4.38%,
01/27/2027
(d),(e)
$
18,925,000‌
$
18,614,424‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%),
6.13%,
04/27/2027
(d),(e)
10,308,000‌
10,424,852‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%),
6.25%,
07/26/2030
(d),(e)
13,550,000‌
13,723,122‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
6.63%,
05/01/2030
(d),(e),(f)
18,692,000‌
19,448,820‌
Bank
of
Montreal
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%),
6.71%,
02/25/2026
(d),(e)
4,362,000‌
4,355,791‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%),
6.88%,
11/26/2085
(e)
11,400,000‌
11,602,168‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%),
7.30%,
11/26/2084
(e)
18,900,000‌
20,056,208‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
7.70%,
05/26/2084
(e)
6,160,000‌
6,527,807‌
Bank
of
New
York
Mellon
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.70%,
03/20/2026
(d),(e)
11,600,000‌
11,481,896‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%),
3.75%,
12/20/2026
(d),(e)
13,746,000‌
13,471,470‌
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.39%),
4.63%,
09/20/2026
(d),(e)
1,404,000‌
1,394,260‌
Bank
of
Nova
Scotia
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.73%),
6.88%,
10/27/2085
(e),(g)
3,400,000‌
3,389,865‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%),
7.35%,
04/27/2085
(e)
6,350,000‌
6,625,062‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.02%),
8.00%,
01/27/2084
(e)
4,506,000‌
4,835,767‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%),
8.63%,
10/27/2082
(e)
34,728,000‌
36,902,389‌
Canadian
Imperial
Bank
of
Commerce
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.83%),
6.95%,
01/28/2085
(e)
14,746,000‌
14,953,686‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
7.00%,
10/28/2085
(e)
11,890,000‌
12,209,782‌
Citigroup,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%,
02/18/2026
(d),(e)
7,214,000‌
7,147,356‌
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
Citigroup,
Inc.
(continued)
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.57%),
6.75%,
02/15/2030
(d),(e)
$
11,650,000‌
$
11,827,850‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
6.88%,
08/15/2030
(d),(e)
1,100,000‌
1,133,613‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.73%),
6.95%,
02/15/2030
(d),(e),(f)
8,250,000‌
8,472,808‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.76%),
7.00%,
08/15/2034
(d),(e)
14,080,000‌
14,955,072‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.69%),
7.13%,
08/15/2029
(d),(e)
500,000‌
516,561‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%),
7.38%,
05/15/2028
(d),(e)
11,302,000‌
11,775,972‌
Citizens
Financial
Group,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.00%,
10/06/2026
(d),(e)
13,448,000‌
13,178,557‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
5.65%,
10/06/2025
(d),(e),(h)
18,741,000‌
18,736,706‌
Goldman
Sachs
Group,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%),
3.65%,
08/10/2026
(d),(e)
2,221,000‌
2,175,378‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%),
4.13%,
11/10/2026
(d),(e)
9,414,000‌
9,257,171‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.40%),
6.13%,
11/10/2034
(d),(e),(h)
13,149,000‌
13,345,091‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%),
6.85%,
02/10/2030
(d),(e)
4,105,000‌
4,263,979‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%),
7.38%,
02/10/2026
(d),(e)
2,754,000‌
2,780,898‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.81%),
7.50%,
05/10/2029
(d),(e)
8,534,000‌
9,009,685‌
Huntington
Bancshares,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%),
4.45%,
10/15/2027
(d),(e),(h)
5,132,000‌
5,055,850‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%),
5.63%,
07/15/2030
(d),(e)
20,103,000‌
20,322,625‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%),
6.25%,
10/15/2030
(d),(e)
5,910,000‌
5,894,433‌
JPMorgan
Chase
&
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.65%,
06/01/2026
(d),(e)
15,105,000‌
14,939,370‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%),
6.50%,
04/01/2030
(d),(e)
18,342,000‌
18,986,428‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.74%),
6.88%,
06/01/2029
(d),(e)
6,427,000‌
6,769,283‌
KeyCorp
Capital
I
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%),
5.29%,
07/01/2028
7,704,000‌
7,519,354‌
17
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
KeyCorp
Capital
III
7.75%,
07/15/2029
$
9,010,000‌
$
9,609,764‌
M&T
Bank
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
3.50%,
09/01/2026
(d),(e)
20,172,000‌
19,436,953‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
7.30%,
02/01/2026
(d),(e)
5,000,000‌
5,037,475‌
Northern
Trust
Corp.
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.46%),
4.60%,
10/01/2026
(d),(e),(h)
2,899,000‌
2,883,643‌
PNC
Financial
Services
Group,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%),
3.40%,
09/15/2026
(d),(e)
3,718,000‌
3,603,589‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
6.00%,
05/15/2027
(d),(e)
6,069,000‌
6,113,947‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
6.20%,
09/15/2027
(d),(e)
15,003,000‌
15,252,110‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%),
6.25%,
03/15/2030
(d),(e)
28,250,000‌
28,987,353‌
Royal
Bank
of
Canada
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.26%),
6.35%,
11/24/2084
(e)
13,894,000‌
13,703,895‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%),
6.50%,
11/24/2085
(e)
10,900,000‌
10,794,520‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.82%),
6.75%,
08/24/2085
(e)
8,200,000‌
8,458,280‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
7.50%,
05/02/2084
(e)
12,500,000‌
13,172,050‌
State
Street
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%),
6.45%,
09/15/2030
(d),(e)
5,970,000‌
6,159,649‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%),
6.70%,
03/15/2029
(d),(e)
8,876,000‌
9,231,785‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%),
6.70%,
09/15/2029
(d),(e),(h)
10,850,000‌
11,328,789‌
Toronto-Dominion
Bank
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%),
7.25%,
07/31/2084
(e)
7,602,000‌
8,001,029‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%),
8.13%,
10/31/2082
(e)
33,465,000‌
35,370,188‌
Truist
Financial
Corp.
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.91%),
4.95%,
03/15/2028
1,250,000‌
1,225,190‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%),
4.95%,
10/06/2025
(d),(e)
10,517,000‌
10,473,714‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.35%),
5.10%,
03/01/2030
(d),(e)
6,128,000‌
6,117,631‌
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.93%),
5.14%,
05/15/2027
4,800,000‌
4,764,191‌
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
Truist
Financial
Corp.
(continued)
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
6.67%,
03/01/2026
(d),(e)
$
9,481,400‌
$
9,524,474‌
U.S.
Bancorp
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%),
3.70%,
01/15/2027
(d),(e)
21,725,000‌
21,006,661‌
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.18%),
5.30%,
04/15/2027
(d),(e),(h)
4,796,000‌
4,781,816‌
Wells
Fargo
&
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
6.85%,
09/15/2029
(d),(e)
18,895,000‌
19,856,566‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.61%),
7.63%,
09/15/2028
(d),(e),(h)
14,730,000‌
15,767,287‌
$
718,743,958‌
Diversified
Financial
Services
-
7
.02
%
American
Express
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%,
09/15/2026
(d),(e)
28,669,000‌
28,121,055‌
Capital
One
Financial
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%),
3.95%,
09/01/2026
(d),(e)
20,865,000‌
20,482,654‌
Charles
Schwab
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%,
06/01/2026
(d),(e)
25,440,000‌
25,153,825‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%,
12/01/2030
(d),(e)
2,000,000‌
1,876,726‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.26%),
5.00%,
06/01/2027
(d),(e)
1,500,000‌
1,492,973‌
Voya
Financial,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%),
7.76%,
09/15/2028
(d),(e)
14,719,000‌
15,635,905‌
$
92,763,138‌
Electric
-
13
.34
%
Algonquin
Power
&
Utilities
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.75%,
01/18/2082
(e)
6,444,000‌
6,287,731‌
Alliant
Energy
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%),
5.75%,
04/01/2056
(e)
1,500,000‌
1,501,877‌
American
Electric
Power
Co.,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
3.88%,
02/15/2062
(e)
14,742,000‌
14,262,031‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.13%),
5.80%,
03/15/2056
(e)
1,200,000‌
1,195,795‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.94%),
6.05%,
03/15/2056
(e)
1,900,000‌
1,902,672‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
6.95%,
12/15/2054
(e)
4,647,000‌
5,029,229‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%),
7.05%,
12/15/2054
(e)
3,460,000‌
3,617,783‌
18
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Electric
(continued)
CMS
Energy
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.12%),
4.75%,
06/01/2050
(e)
$
3,390,000‌
$
3,306,153‌
Dominion
Energy,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%),
4.35%,
01/15/2027
(d),(e)
2,105,000‌
2,073,469‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.01%),
6.20%,
02/15/2056
(e)
7,320,000‌
7,367,900‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.21%),
6.63%,
05/15/2055
(e)
7,747,000‌
8,017,587‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%),
6.88%,
02/01/2055
(e)
8,967,000‌
9,385,527‌
Duke
Energy
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%),
3.25%,
01/15/2082
(e)
17,285,000‌
16,680,328‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%),
6.45%,
09/01/2054
(e)
4,239,000‌
4,477,562‌
Electricite
de
France
SA
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.41%),
9.13%,
03/15/2033
(d),(e),(f),(i)
13,550,000‌
15,700,697‌
Emera,
Inc.
(3
Month
USD
LIBOR
+
5.44%),
6.75%,
06/15/2076
(e)
9,334,000‌
9,381,837‌
EUSHI
Finance,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%),
7.63%,
12/15/2054
(e)
3,281,000‌
3,439,827‌
Evergy,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.56%),
6.65%,
06/01/2055
(e)
3,836,000‌
3,928,448‌
Exelon
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%),
6.50%,
03/15/2055
(e)
4,841,000‌
5,059,802‌
NextEra
Energy
Capital
Holdings,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%),
3.80%,
03/15/2082
(e)
18,549,000‌
18,088,248‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%),
6.70%,
09/01/2054
(e)
7,754,000‌
8,021,459‌
Sempra
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%),
6.40%,
10/01/2054
(e)
6,000,000‌
6,130,740‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%),
6.55%,
04/01/2055
(e)
600,000‌
613,118‌
Southern
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%),
4.00%,
01/15/2051
(e)
18,545,000‌
18,477,661‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%),
6.38%,
03/15/2055
(e)
2,000,000‌
2,131,204‌
$
176,078,685‌
BONDS
(continued)
Principal
Amount
Value
Gas
-
0
.49
%
NiSource,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
6.95%,
11/30/2054
(e)
$
6,207,000‌
$
6,459,215‌
Insurance
-
12
.52
%
Allianz
SE
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%),
6.35%,
09/06/2053
(e),(i)
5,000,000‌
5,362,055‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd.
(3
Month
USD
LIBOR
+
3.78%),
5.63%,
08/15/2052
(e)
6,500,000‌
6,565,768‌
Corebridge
Financial,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%),
6.38%,
09/15/2054
(e)
4,700,000‌
4,824,075‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%),
6.88%,
12/15/2052
(e)
12,778,000‌
13,103,431‌
Dai-ichi
Life
Insurance
Co.
Ltd.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.52%),
6.20%,
01/16/2035
(d),(e),(i)
12,450,000‌
12,941,302‌
Equitable
Holdings,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%),
6.70%,
03/28/2055
(e)
1,591,000‌
1,658,242‌
Liberty
Mutual
Group,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%),
4.13%,
12/15/2051
(e),(i)
23,152,000‌
22,739,737‌
Meiji
Yasuda
Life
Insurance
Co.
(USD
Swap
Rate
NY
5
Year
+
4.23%),
5.20%,
10/20/2045
(e),(i)
1,415,000‌
1,414,422‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.03%),
5.80%,
09/11/2054
(e),(i)
6,041,000‌
6,167,360‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.91%),
6.10%,
06/11/2055
(e),(i)
13,450,000‌
13,994,241‌
MetLife,
Inc.
9.25%,
04/08/2068
(i)
5,035,000‌
6,042,871‌
Nippon
Life
Insurance
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%),
2.75%,
01/21/2051
(e),(i)
13,694,000‌
12,322,376‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%),
2.90%,
09/16/2051
(e),(i)
4,704,000‌
4,207,000‌
Prudential
Financial,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%),
3.70%,
10/01/2050
(e)
21,487,000‌
20,070,751‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%),
5.13%,
03/01/2052
(e)
6,197,000‌
6,219,446‌
Reinsurance
Group
of
America,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%),
6.65%,
09/15/2055
(e)
7,895,000‌
8,287,310‌
Sumitomo
Life
Insurance
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%),
3.38%,
04/15/2081
(e),(h),(i)
4,740,000‌
4,390,391‌
Swiss
RE
Subordinated
Finance
PLC
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%),
5.70%,
04/05/2035
(e),(i)
1,000,000‌
1,036,038‌
19
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Insurance
(continued)
Swiss
RE
Subordinated
Finance
PLC
(continued)
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.13%),
6.19%,
04/01/2046
(e),(i)
$
3,600,000‌
$
3,735,116‌
Willow
No.
2
Ireland
PLC
for
Zurich
Insurance
Co.
Ltd.
(3
Month
USD
LIBOR
+
3.18%),
4.25%,
10/01/2045
3,000,000‌
3,000,000‌
Zurich
Finance
Ireland
Designated
Activity
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%),
3.00%,
04/19/2051
(e)
8,000,000‌
7,236,175‌
$
165,318,107‌
Oil
&
Gas
-
2
.16
%
BP
Capital
Markets
PLC
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%),
4.88%,
03/22/2030
(d),(e)
6,384,000‌
6,338,878‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.92%),
6.13%,
03/18/2035
(d),(e)
6,188,000‌
6,409,227‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%),
6.45%,
12/01/2033
(d),(e)
9,600,000‌
10,250,486‌
Phillips
66
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.28%),
5.88%,
03/15/2056
(e)
3,300,000‌
3,274,029‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%),
6.20%,
03/15/2056
(e)
2,200,000‌
2,205,885‌
$
28,478,505‌
Pipelines
-
6
.03
%
Enbridge,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
5.75%,
07/15/2080
(e),(h)
3,524,000‌
3,557,876‌
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%),
6.00%,
01/15/2077
(e)
10,516,000‌
10,545,466‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.42%),
7.63%,
01/15/2083
(e)
8,766,000‌
9,499,846‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%),
8.50%,
01/15/2084
(e)
13,024,000‌
14,895,744‌
Energy
Transfer
LP
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
6.50%,
02/15/2056
(e)
1,450,000‌
1,443,203‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.48%),
6.75%,
02/15/2056
(e)
7,300,000‌
7,286,842‌
Enterprise
Products
Operating
LLC
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.29%),
5.25%,
08/16/2077
(e)
6,733,000‌
6,725,761‌
TransCanada
PipeLines
Ltd.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%),
7.00%,
06/01/2065
(e)
3,850,000‌
3,956,129‌
Transcanada
Trust
(180
Day
Average
Secured
Overnight
Financing
Rate
+
4.42%),
5.50%,
09/15/2079
(e)
5,233,000‌
5,184,406‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.99%),
5.60%,
03/07/2082
(e)
16,712,000‌
16,559,899‌
$
79,655,172‌
BONDS
(continued)
Principal
Amount
Value
REITs
-
0
.18
%
Scentre
Group
Trust
2
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%),
5.13%,
09/24/2080
(e),(i)
$
2,449,000‌
$
2,459,587‌
Sovereign
-
0
.56
%
CoBank
ACB
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%),
4.25%,
01/01/2027
(d),(e)
2,300,000‌
2,239,810‌
Farm
Credit
Bank
of
Texas
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%),
7.00%,
09/15/2030
(d),(e)
4,895,000‌
5,131,340‌
$
7,371,150‌
Telecommunications
-
0
.60
%
TELUS
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
6.63%,
10/15/2055
(e)
3,450,000‌
3,551,810‌
Vodafone
Group
PLC
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.07%),
5.13%,
06/04/2081
(e)
5,500,000‌
4,334,753‌
$
7,886,563‌
TOTAL
BONDS
a
$
1,285,214,080‌
Total
Investments
100.47%
$
1,326,524,637‌
Other
Assets
and
Liabilities
-
(0.47%)
(
6,239,730‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,320,284,907‌
(a)
1-day
yield
shown
as
of
period
end.
(b)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$16,961,000
or
1.28%
of
net
assets.
(d)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$43,622,325
or
3.30%
of
net
assets.
(g)
Securities
purchased
on
a
when-issued
basis.
(h)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$16,626,578
or
1.26%
of
net
assets.
(i)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$112,513,193
or
8.52%
of
net
assets.
20
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
September
30,
2025
(unaudited)
Affiliated
Securities
June
30,
2025
Value
Purchases
Cost
Sales
Proceeds
September
30,
2025
Value
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
5,650,835‌
$
45,069,720‌
$
33,759,555‌
$
16,961,000‌
$
5,650,835‌
$
45,069,720‌
$
33,759,555‌
$
16,961,000‌
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
21
Schedule
of
Investments
Principal
Spectrum
Tax-Advantaged
Dividend
Active
ETF
September
30,
2025
(unaudited)
INVESTMENT
COMPANIES
-
0
.81
%
Shares
Held
Value
Money
Market
Funds
-
0
.81
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(a)
486,011‌
$
486,011‌
TOTAL
INVESTMENT
COMPANIES
a
$
486,011‌
PREFERRED
STOCKS
-
13
.45
%
Shares
Held
Value
Banks
-
9
.68
%
—
Bank
of
America
Corp.,
Series
NN
4.38%,
11/03/2025
(b)
5,380‌
$
99,960‌
Bank
of
America
Corp.,
Series
QQ
4.25%,
11/17/2026
(b)
29,540‌
533,788‌
Citizens
Financial
Group,
Inc.,
Series
I
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%),
6.50%,
10/06/2030
(b)
15,000‌
378,750‌
Huntington
Bancshares,
Inc.,
Series
J
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.70%),
6.88%,
04/15/2028
(b)
11,456‌
292,815‌
KeyCorp,
Series
E
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%),
6.13%,
12/15/2026
(b)
40,000‌
1,006,800‌
KeyCorp,
Series
H
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%),
6.20%,
12/15/2027
(b)
13,963‌
352,426‌
Morgan
Stanley,
Series
I
6.38%,
01/15/2026
(b)
17,030‌
426,261‌
Morgan
Stanley,
Series
K
5.85%,
04/15/2027
(b)
40,000‌
979,600‌
Morgan
Stanley,
Series
P
6.50%,
10/15/2027
(b)
4,000‌
102,000‌
Morgan
Stanley,
Series
Q
6.63%,
10/15/2029
(b)
12,000‌
310,920‌
Regions
Financial
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
6.95%,
09/15/2029
(b)
29,350‌
756,056‌
UMB
Financial
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.74%),
7.75%,
07/15/2030
(b)
11,400‌
316,806‌
Western
Alliance
Bancorp,
Series
A
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
4.25%,
09/30/2026
(b)
3,796‌
85,980‌
Wintrust
Financial
Corp.,
Series
F
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.88%),
7.88%,
07/15/2030
(b)
5,000‌
135,800‌
$
5,777,962‌
Diversified
Financial
Services
-
0
.93
%
Capital
One
Financial
Corp.,
Series
J
4.80%,
12/01/2025
(b)
28,900‌
556,903‌
Insurance
-
1
.93
%
Allstate
Corp.,
Series
H
5.10%,
01/15/2026
(b)
20,318‌
451,872‌
Equitable
Holdings,
Inc.,
Series
A
5.25%,
12/15/2025
(b)
1,438‌
31,133‌
Equitable
Holdings,
Inc.,
Series
C
4.30%,
03/15/2026
(b)
17,500‌
307,650‌
MetLife,
Inc.,
Series
F
4.75%,
12/15/2025
(b)
17,250‌
359,835‌
$
1,150,490‌
Telecommunications
-
0
.91
%
AT&T,
Inc.,
Series
A
5.00%,
10/30/2025
(b)
11,381‌
238,432‌
AT&T,
Inc.,
Series
C
4.75%,
10/30/2025
(b)
15,395‌
306,668‌
$
545,100‌
TOTAL
PREFERRED
STOCKS
a
$
8,030,455‌
BONDS
-
84
.86
%
Principal
Amount
Value
Banks
-
72
.26
%
—
—
Banco
Bilbao
Vizcaya
Argentaria
SA
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.10%),
9.38%,
03/19/2029
(b),(c),(d)
$
600,000‌
$
669,465‌
Banco
Santander
SA
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%),
8.00%,
02/01/2034
(b),(c),(d)
1,000,000‌
1,099,676‌
Bank
of
America
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%),
6.25%,
07/26/2030
(b),(c)
600,000‌
607,666‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
6.63%,
05/01/2030
(b),(c),(d)
1,600,000‌
1,664,782‌
Bank
of
Montreal
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%),
6.88%,
11/26/2085
(c)
200,000‌
203,547‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.01%),
7.30%,
11/26/2084
(c)
1,600,000‌
1,697,880‌
Bank
of
New
York
Mellon
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%),
3.75%,
12/20/2026
(b),(c)
300,000‌
294,008‌
Bank
of
Nova
Scotia
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%),
8.63%,
10/27/2082
(c)
1,400,000‌
1,487,657‌
Barclays
PLC
(USD
Swap
Rate
NY
5
Year
+
3.69%),
7.63%,
03/15/2035
(b),(c),(d)
900,000‌
953,716‌
(USD
Swap
Rate
NY
5
Year
+
5.78%),
9.63%,
12/15/2029
(b),(c),(d)
219,000‌
248,622‌
BNP
Paribas
SA
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%),
4.63%,
02/25/2031
(b),(c),(d),(e)
1,000,000‌
913,002‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%),
7.45%,
06/27/2035
(b),(c),(d),(e)
200,000‌
208,750‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%),
7.75%,
08/16/2029
(b),(c),(d),(e)
200,000‌
211,778‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%),
8.00%,
08/22/2031
(b),(c),(d),(e)
1,000,000‌
1,077,000‌
Canadian
Imperial
Bank
of
Commerce
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
7.00%,
10/28/2085
(c)
800,000‌
821,516‌
Citigroup,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
6.88%,
08/15/2030
(b),(c)
900,000‌
927,501‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.76%),
7.00%,
08/15/2034
(b),(c)
1,300,000‌
1,380,795‌
Citizens
Financial
Group,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.00%,
10/06/2026
(b),(c)
1,135,000‌
1,112,259‌
Credit
Agricole
SA
(USD
Swap
Rate
NY
5
Year
+
3.60%),
6.70%,
09/23/2034
(b),(c),(d),(e)
500,000‌
501,955‌
(USD
Swap
Rate
NY
5
Year
+
3.58%),
7.13%,
09/23/2035
(b),(c),(d),(e)
1,300,000‌
1,327,556‌
22
Schedule
of
Investments
Principal
Spectrum
Tax-Advantaged
Dividend
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
Credit
Agricole
SA
(continued)
(USD
Swap
Rate
NY
5
Year
+
6.19%),
8.13%,
12/23/2025
(b),(c),(d),(e)
$
250,000‌
$
251,664‌
Deutsche
Bank
AG
(USD
Swap
Rate
NY
5
Year
+
4.36%),
8.13%,
04/30/2030
(b),(c),(d)
400,000‌
423,995‌
Goldman
Sachs
Group,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
2.40%),
6.13%,
11/10/2034
(b),(c)
1,300,000‌
1,319,387‌
HSBC
Holdings
PLC
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.19%),
6.95%,
03/11/2034
(b),(c),(d)
1,430,000‌
1,502,814‌
Huntington
Bancshares,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%),
4.45%,
10/15/2027
(b),(c)
187,000‌
184,225‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%),
5.63%,
07/15/2030
(b),(c)
1,068,000‌
1,079,668‌
ING
Groep
NV
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%),
4.25%,
05/16/2031
(b),(c),(d)
600,000‌
534,906‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%),
5.75%,
11/16/2026
(b),(c),(d)
1,110,000‌
1,111,798‌
JPMorgan
Chase
&
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.74%),
6.88%,
06/01/2029
(b),(c)
1,400,000‌
1,474,560‌
Lloyds
Banking
Group
PLC
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.15%),
6.75%,
09/27/2031
(b),(c),(d)
1,100,000‌
1,125,857‌
M&T
Bank
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
3.50%,
09/01/2026
(b),(c)
550,000‌
529,959‌
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.78%),
5.13%,
11/01/2026
(b),(c)
247,000‌
245,919‌
Nordea
Bank
Abp
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%),
6.30%,
09/25/2031
(b),(c),(d),(e)
400,000‌
404,142‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%),
6.63%,
03/26/2026
(b),(c),(d),(e)
661,000‌
664,431‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%),
6.75%,
11/10/2033
(b),(c),(d),(e)
1,400,000‌
1,420,292‌
PNC
Financial
Services
Group,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
6.00%,
05/15/2027
(b),(c)
1,077,000‌
1,084,976‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
6.20%,
09/15/2027
(b),(c)
100,000‌
101,661‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%),
6.25%,
03/15/2030
(b),(c)
1,259,000‌
1,291,861‌
Royal
Bank
of
Canada
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.26%),
6.35%,
11/24/2084
(c)
300,000‌
295,895‌
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
Royal
Bank
of
Canada
(continued)
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%),
6.50%,
11/24/2085
(c)
$
700,000‌
$
693,226‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.82%),
6.75%,
08/24/2085
(c)
817,000‌
842,734‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
7.50%,
05/02/2084
(c)
600,000‌
632,258‌
Societe
Generale
SA
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.15%),
8.50%,
03/25/2034
(b),(c),(d),(e)
500,000‌
540,601‌
Standard
Chartered
PLC
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.57%),
7.88%,
03/08/2030
(b),(c),(d),(e)
700,000‌
750,510‌
State
Street
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%),
6.70%,
03/15/2029
(b),(c)
2,300,000‌
2,392,193‌
Toronto-Dominion
Bank
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%),
6.35%,
10/31/2085
(c)
400,000‌
401,000‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%),
8.13%,
10/31/2082
(c)
1,001,000‌
1,057,988‌
U.S.
Bancorp
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%),
3.70%,
01/15/2027
(b),(c)
390,000‌
377,105‌
UBS
Group
AG
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%,
02/10/2031
(b),(c),(d),(e)
300,000‌
272,874‌
(USD
Swap
Rate
NY
5
Year
+
3.12%),
6.60%,
08/05/2030
(b),(c),(d),(e)
700,000‌
703,746‌
(USD
Swap
Rate
NY
5
Year
+
3.30%),
7.00%,
02/05/2035
(b),(c),(d),(e)
500,000‌
509,714‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.75%),
9.25%,
11/13/2028
(b),(c),(e)
800,000‌
881,212‌
Wells
Fargo
&
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
6.85%,
09/15/2029
(b),(c)
200,000‌
210,178‌
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.61%),
7.63%,
09/15/2028
(b),(c)
400,000‌
428,167‌
$
43,150,647‌
Diversified
Financial
Services
-
4
.25
%
American
Express
Co.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%,
09/15/2026
(b),(c)
363,000‌
356,062‌
Capital
One
Financial
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%),
3.95%,
09/01/2026
(b),(c)
739,000‌
725,458‌
Charles
Schwab
Corp.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%,
06/01/2026
(b),(c)
433,000‌
428,129‌
Nomura
Holdings,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.08%),
7.00%,
07/15/2030
(b),(c),(d)
400,000‌
414,039‌
23
Schedule
of
Investments
Principal
Spectrum
Tax-Advantaged
Dividend
Active
ETF
September
30,
2025
(unaudited)
BONDS
(continued)
Principal
Amount
Value
Diversified
Financial
Services
(continued)
Voya
Financial,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%),
7.76%,
09/15/2028
(b),(c)
$
578,000‌
$
614,006‌
$
2,537,694‌
Electric
-
3
.47
%
Dominion
Energy,
Inc.
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%),
4.35%,
01/15/2027
(b),(c)
2,100,000‌
2,068,544‌
Insurance
-
0
.33
%
Allianz
SE
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%),
3.50%,
11/17/2025
(b),(c),(d),(e)
200,000‌
198,494‌
Oil
&
Gas
-
0
.72
%
BP
Capital
Markets
PLC
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%),
6.45%,
12/01/2033
(b),(c)
400,000‌
427,104‌
Pipelines
-
3
.83
%
Enbridge,
Inc.
(CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%),
6.00%,
01/15/2077
(c)
2,283,000‌
2,289,397‌
TOTAL
BONDS
a
$
50,671,880‌
Total
Investments
99.12%
$
59,188,346‌
Other
Assets
and
Liabilities
-
0.88%
524,233‌
TOTAL
NET
ASSETS
-
100.00%
$
59,712,579‌
(a)
1-day
yield
shown
as
of
period
end.
(b)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(c)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(d)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$19,706,179
or
33.00%
of
net
assets.
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,837,721
or
18.15%
of
net
assets.
24
Schedule
of
Investments
Principal
U.S.
Mega-Cap
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
99
.64
%
Shares
Held
Value
Auto
Manufacturers
-
4
.64
%
-
—
Tesla,
Inc.
(a)
378,137‌
$
168,165,087‌
Banks
-
7
.49
%
Bank
of
America
Corp.
1,904,020‌
98,228,392‌
JPMorgan
Chase
&
Co.
550,004‌
173,487,762‌
$
271,716,154‌
Computers
-
6
.60
%
Apple,
Inc.
939,329‌
239,181,343‌
Cosmetics
&
Personal
Care
-
3
.43
%
Procter
&
Gamble
Co.
810,314‌
124,504,746‌
Diversified
Financial
Services
-
8
.65
%
Mastercard,
Inc.,
Class
A
272,019‌
154,727,127‌
Visa,
Inc.,
Class
A
465,466‌
158,900,783‌
$
313,627,910‌
Insurance
-
3
.65
%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
262,932‌
132,186,434‌
Internet
-
16
.86
%
Alphabet,
Inc.,
Class
A
660,006‌
160,447,458‌
Amazon.com,
Inc.
(a)
592,282‌
130,047,359‌
Meta
Platforms,
Inc.,
Class
A
215,860‌
158,523,267‌
Netflix,
Inc.
(a)
135,255‌
162,159,925‌
$
611,178,009‌
Oil
&
Gas
-
3
.59
%
Exxon
Mobil
Corp.
1,155,380‌
130,269,095‌
Pharmaceuticals
-
9
.37
%
AbbVie,
Inc.
610,509‌
141,357,254‌
Eli
Lilly
&
Co.
132,381‌
101,006,703‌
Johnson
&
Johnson
525,476‌
97,433,760‌
$
339,797,717‌
Retail
-
9
.65
%
Costco
Wholesale
Corp.
169,980‌
157,338,588‌
Home
Depot,
Inc.
228,232‌
92,477,324‌
Walmart,
Inc.
972,956‌
100,272,845‌
$
350,088,757‌
Semiconductors
-
11
.87
%
Broadcom,
Inc.
437,310‌
144,272,942‌
NVIDIA
Corp.
1,533,769‌
286,170,620‌
$
430,443,562‌
Software
-
13
.84
%
Microsoft
Corp.
467,446‌
242,113,656‌
Oracle
Corp.
398,579‌
112,096,358‌
Palantir
Technologies,
Inc.,
Class
A
(a)
809,939‌
147,749,072‌
$
501,959,086‌
TOTAL
COMMON
STOCKS
a
$
3,613,117,900‌
INVESTMENT
COMPANIES
-
0
.37
%
Shares
Held
Value
Money
Market
Funds
-
0
.37
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(b)
13,276,439‌
$
13,276,439‌
TOTAL
INVESTMENT
COMPANIES
a
$
13,276,439‌
Total
Investments
100.01%
$
3,626,394,339‌
Other
Assets
and
Liabilities
-
(0.01%)
(
296,050‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,626,098,289‌
(a)
Non-income
producing
security.
(b)
1-day
yield
shown
as
of
period
end.
25
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
99
.68
%
Shares
Held
Value
Advertising
-
0
.03
%
-
—
Nexxen
International
Ltd.
(a)
28,066‌
$
259,610‌
Aerospace
&
Defense
-
0
.32
%
Astronics
Corp.
(a)
46,025‌
2,099,200‌
Ducommun,
Inc.
(a)
11,158‌
1,072,619‌
$
3,171,819‌
Agriculture
-
0
.38
%
Fresh
Del
Monte
Produce,
Inc.
21,720‌
754,118‌
Turning
Point
Brands,
Inc.
14,639‌
1,447,212‌
Vital
Farms,
Inc.
(a)
38,483‌
1,583,575‌
$
3,784,905‌
Airlines
-
0
.11
%
Sun
Country
Airlines
Holdings,
Inc.
(a)
92,857‌
1,096,641‌
Apparel
-
0
.84
%
Carter's,
Inc.
93,823‌
2,647,685‌
Kontoor
Brands,
Inc.
39,419‌
3,144,454‌
Steven
Madden
Ltd.
80,211‌
2,685,464‌
$
8,477,603‌
Auto
Manufacturers
-
0
.45
%
Blue
Bird
Corp.
(a)
26,221‌
1,509,019‌
REV
Group,
Inc.
52,321‌
2,965,031‌
$
4,474,050‌
Auto
Parts
&
Equipment
-
1
.11
%
Cooper-Standard
Holdings,
Inc.
(a)
16,945‌
625,779‌
Dorman
Products,
Inc.
(a)
9,216‌
1,436,590‌
Douglas
Dynamics,
Inc.
17,980‌
562,055‌
Fox
Factory
Holding
Corp.
(a)
40,535‌
984,595‌
Garrett
Motion,
Inc.
114,426‌
1,558,482‌
Gentherm,
Inc.
(a)
18,434‌
627,862‌
Phinia,
Inc.
25,393‌
1,459,590‌
Standard
Motor
Products,
Inc.
12,387‌
505,637‌
Strattec
Security
Corp.
(a)
6,009‌
408,973‌
Visteon
Corp.
20,513‌
2,458,688‌
XPEL,
Inc.
(a)
15,236‌
503,854‌
$
11,132,105‌
Banks
-
5
.14
%
Amalgamated
Financial
Corp.
27,316‌
741,629‌
BancFirst
Corp.
13,469‌
1,703,155‌
Bancorp,
Inc.
(a)
74,821‌
5,603,345‌
Bank
First
Corp.
19,928‌
2,417,466‌
Bank
of
NT
Butterfield
&
Son
Ltd.
21,689‌
930,892‌
Banner
Corp.
27,365‌
1,792,407‌
Cadence
Bank
192,574‌
7,229,228‌
Coastal
Financial
Corp.
(a)
15,164‌
1,640,290‌
Customers
Bancorp,
Inc.
(a)
37,716‌
2,465,495‌
CVB
Financial
Corp.
105,883‌
2,002,248‌
Enterprise
Financial
Services
Corp.
22,972‌
1,331,917‌
Esquire
Financial
Holdings,
Inc.
15,559‌
1,587,874‌
First
BanCorp
140,388‌
3,095,555‌
First
Business
Financial
Services,
Inc.
7,429‌
380,811‌
First
Financial
Corp.
7,641‌
431,258‌
First
Merchants
Corp.
38,310‌
1,444,287‌
Hancock
Whitney
Corp.
92,597‌
5,797,498‌
Heritage
Financial
Corp.
24,739‌
598,436‌
Metropolitan
Bank
Holding
Corp.
11,267‌
842,997‌
NB
Bancorp,
Inc.
41,649‌
735,105‌
Nicolet
Bankshares,
Inc.
10,048‌
1,351,456‌
OFG
Bancorp
33,369‌
1,451,218‌
Old
Second
Bancorp,
Inc.
31,447‌
543,561‌
Preferred
Bank
10,508‌
949,818‌
Republic
Bancorp,
Inc.,
Class
A
6,288‌
454,308‌
Stock
Yards
Bancorp,
Inc.
16,782‌
1,174,572‌
Trustmark
Corp.
37,712‌
1,493,395‌
Unity
Bancorp,
Inc.
10,696‌
522,714‌
Westamerica
BanCorp
17,753‌
887,472‌
$
51,600,407‌
Beverages
-
0
.23
%
MGP
Ingredients,
Inc.
19,379‌
468,778‌
Vita
Coco
Co.,
Inc.
(a)
43,493‌
1,847,148‌
$
2,315,926‌
COMMON
STOCKS
(continued)
Shares
Held
Value
Biotechnology
-
3
.38
%
ACADIA
Pharmaceuticals,
Inc.
(a)
92,943‌
$
1,983,404‌
ADMA
Biologics,
Inc.
(a)
169,684‌
2,487,567‌
Amicus
Therapeutics,
Inc.
(a)
242,012‌
1,907,055‌
ANI
Pharmaceuticals,
Inc.
(a)
14,846‌
1,359,894‌
ARS
Pharmaceuticals,
Inc.
(a),(b)
72,464‌
728,263‌
Aurinia
Pharmaceuticals,
Inc.
(a)
71,826‌
793,677‌
BioCryst
Pharmaceuticals,
Inc.
(a)
228,375‌
1,733,366‌
Bridgebio
Pharma,
Inc.
(a)
127,321‌
6,613,053‌
Chinook
Therapeutics,
Inc.
-
Rights
(a),(c)
9,658‌
1,932‌
Cytek
Biosciences,
Inc.
(a)
94,535‌
328,036‌
Esperion
Therapeutics,
Inc.
(a)
175,676‌
465,541‌
Krystal
Biotech,
Inc.
(a)
18,353‌
3,239,855‌
Niagen
Bioscience,
Inc.
(a)
76,452‌
713,297‌
PTC
Therapeutics,
Inc.
(a)
61,843‌
3,795,305‌
Rigel
Pharmaceuticals,
Inc.
(a)
13,027‌
369,055‌
Stoke
Therapeutics,
Inc.
(a),(b)
41,772‌
981,642‌
TG
Therapeutics,
Inc.
(a)
127,357‌
4,600,772‌
Veracyte,
Inc.
(a)
55,371‌
1,900,886‌
$
34,002,600‌
Building
Materials
-
1
.21
%
Gibraltar
Industries,
Inc.
(a)
20,524‌
1,288,907‌
Griffon
Corp.
28,531‌
2,172,636‌
Knife
River
Corp.
(a)
52,762‌
4,055,815‌
SPX
Technologies,
Inc.
(a)
15,105‌
2,821,312‌
Tecnoglass,
Inc.
27,590‌
1,846,047‌
$
12,184,717‌
Chemicals
-
1
.61
%
Balchem
Corp.
13,527‌
2,029,862‌
Cabot
Corp.
32,145‌
2,444,627‌
Hawkins,
Inc.
12,524‌
2,288,385‌
Intrepid
Potash,
Inc.
(a)
20,826‌
636,859‌
Koppers
Holdings,
Inc.
15,391‌
430,948‌
Minerals
Technologies,
Inc.
22,690‌
1,409,503‌
Oil-Dri
Corp.
of
America
3,464‌
211,442‌
Perimeter
Solutions,
Inc.
(a)
74,749‌
1,673,630‌
Quaker
Chemical
Corp.
15,144‌
1,995,222‌
Sensient
Technologies
Corp.
26,334‌
2,471,446‌
Stepan
Co.
11,161‌
532,380‌
$
16,124,304‌
Coal
-
0
.16
%
Ramaco
Resources,
Inc.,
Class
A
(a)
22,605‌
750,260‌
SunCoke
Energy,
Inc.
99,092‌
808,591‌
$
1,558,851‌
Commercial
Services
-
6
.44
%
Adtalem
Global
Education,
Inc.
(a)
23,736‌
3,666,025‌
Alarm.com
Holdings,
Inc.
(a)
29,057‌
1,542,346‌
American
Public
Education,
Inc.
(a)
21,864‌
862,972‌
AMN
Healthcare
Services,
Inc.
(a)
54,039‌
1,046,195‌
Barrett
Business
Services,
Inc.
13,966‌
618,973‌
Carriage
Services,
Inc.
8,000‌
356,320‌
Cimpress
PLC
(a)
19,421‌
1,224,300‌
CompoSecure,
Inc.,
Class
A
(a)
59,076‌
1,229,962‌
CoreCivic,
Inc.
(a)
85,844‌
1,746,925‌
Coursera,
Inc.
(a)
53,328‌
624,471‌
Cross
Country
Healthcare,
Inc.
(a)
30,742‌
436,536‌
EVERTEC,
Inc.
40,506‌
1,368,293‌
Flywire
Corp.
(a)
322,330‌
4,364,348‌
Graham
Holdings
Co.,
Class
B
2,497‌
2,939,743‌
Hackett
Group,
Inc.
36,456‌
693,029‌
Healthcare
Services
Group,
Inc.
(a)
68,055‌
1,145,366‌
Huron
Consulting
Group,
Inc.
(a)
15,850‌
2,326,304‌
ICF
International,
Inc.
12,925‌
1,199,440‌
Korn
Ferry
30,565‌
2,138,939‌
Laureate
Education,
Inc.
(a)
50,212‌
1,583,686‌
Legalzoom.com,
Inc.
(a)
93,753‌
973,156‌
Marqeta,
Inc.,
Class
A
(a)
691,157‌
3,649,309‌
Monro,
Inc.
31,700‌
569,649‌
NPK
International,
Inc.
(a)
74,495‌
842,538‌
Payoneer
Global,
Inc.
(a)
344,158‌
2,082,156‌
Paysafe
Ltd.
(a)
66,054‌
853,418‌
26
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
(continued)
Shares
Held
Value
Commercial
Services
(continued)
Perdoceo
Education
Corp.
42,907‌
$
1,615,878‌
PROG
Holdings,
Inc.
53,752‌
1,739,415‌
Progyny,
Inc.
(a)
58,103‌
1,250,377‌
Remitly
Global,
Inc.
(a)
347,636‌
5,666,467‌
Repay
Holdings
Corp.
(a)
159,552‌
834,457‌
Sezzle,
Inc.
(a)
60,084‌
4,778,480‌
Strategic
Education,
Inc.
12,463‌
1,071,943‌
Stride,
Inc.
(a)
32,930‌
4,904,594‌
Universal
Technical
Institute,
Inc.
(a)
48,850‌
1,590,067‌
Willdan
Group,
Inc.
(a)
12,052‌
1,165,308‌
$
64,701,385‌
Computers
-
2
.25
%
ASGN,
Inc.
(a)
43,227‌
2,046,799‌
Cantaloupe,
Inc.
(a)
182,609‌
1,930,177‌
Cricut,
Inc.,
Class
A
62,667‌
394,175‌
Diebold
Nixdorf,
Inc.
(a)
17,860‌
1,018,556‌
Integral
Ad
Science
Holding
Corp.
(a)
49,178‌
500,140‌
Maximus,
Inc.
31,998‌
2,923,657‌
Mitek
Systems,
Inc.
(a)
65,725‌
642,133‌
OneSpan,
Inc.
61,558‌
978,157‌
Qualys,
Inc.
(a)
25,333‌
3,352,316‌
Rapid7,
Inc.
(a)
84,976‌
1,593,300‌
Unisys
Corp.
(a)
155,999‌
608,396‌
V2X,
Inc.
(a)
20,360‌
1,182,712‌
WNS
Holdings
Ltd.
(a)
71,635‌
5,463,602‌
$
22,634,120‌
Cosmetics
&
Personal
Care
-
0
.17
%
Prestige
Consumer
Healthcare,
Inc.
(a)
26,714‌
1,666,954‌
Distribution
&
Wholesale
-
0
.15
%
G-III
Apparel
Group
Ltd.
(a)
44,236‌
1,177,120‌
Hudson
Technologies,
Inc.
(a)
38,158‌
378,909‌
$
1,556,029‌
Diversified
Financial
Services
-
5
.19
%
Acadian
Asset
Management,
Inc.
25,292‌
1,218,063‌
Artisan
Partners
Asset
Management,
Inc.,
Class
A
73,424‌
3,186,602‌
Atlanticus
Holdings
Corp.
(a)
6,920‌
405,374‌
Dave,
Inc.
(a)
36,084‌
7,193,345‌
Enact
Holdings,
Inc.
48,701‌
1,867,196‌
Enova
International,
Inc.
(a)
36,706‌
4,224,494‌
International
Money
Express,
Inc.
(a)
47,639‌
665,517‌
Marex
Group
PLC
154,747‌
5,202,594‌
Oportun
Financial
Corp.
(a)
60,431‌
372,859‌
OppFi,
Inc.
166,898‌
1,890,954‌
Pagseguro
Digital
Ltd.,
Class
A
775,596‌
7,755,960‌
Paysign,
Inc.
(a)
65,527‌
412,165‌
PJT
Partners,
Inc.,
Class
A
31,227‌
5,549,975‌
StoneX
Group,
Inc.
(a)
45,016‌
4,543,015‌
Victory
Capital
Holdings,
Inc.,
Class
A
42,077‌
2,724,906‌
WisdomTree,
Inc.
(b)
273,048‌
3,795,367‌
World
Acceptance
Corp.
(a)
6,696‌
1,132,561‌
$
52,140,947‌
Electric
-
1
.71
%
ALLETE,
Inc.
87,045‌
5,779,788‌
Avista
Corp.
128,326‌
4,852,006‌
TXNM
Energy,
Inc.
116,394‌
6,582,081‌
$
17,213,875‌
Electrical
Components
&
Equipment
-
0
.64
%
American
Superconductor
Corp.
(a)
36,058‌
2,141,485‌
EnerSys
31,952‌
3,609,298‌
Graham
Corp.
(a)
11,794‌
647,490‌
$
6,398,273‌
Electronics
-
3
.91
%
Allient,
Inc.
13,455‌
602,111‌
Atmus
Filtration
Technologies,
Inc.
47,513‌
2,142,361‌
Badger
Meter,
Inc.
22,488‌
4,015,907‌
ESCO
Technologies,
Inc.
14,015‌
2,958,707‌
Itron,
Inc.
(a)
40,203‌
5,007,686‌
Kimball
Electronics,
Inc.
(a)
28,884‌
862,476‌
Mesa
Laboratories,
Inc.
9,647‌
646,445‌
COMMON
STOCKS
(continued)
Shares
Held
Value
Electronics
(continued)
Mirion
Technologies,
Inc.
(a)
216,672‌
$
5,039,791‌
Napco
Security
Technologies,
Inc.
32,777‌
1,407,772‌
OSI
Systems,
Inc.
(a)
12,417‌
3,094,813‌
Plexus
Corp.
(a)
13,165‌
1,904,844‌
Sanmina
Corp.
(a)
34,079‌
3,922,834‌
TTM
Technologies,
Inc.
(a)
133,566‌
7,693,402‌
$
39,299,149‌
Energy
-
Alternate
Sources
-
1
.10
%
NEXTracker,
Inc.,
Class
A
(a)
117,356‌
8,683,170‌
REX
American
Resources
Corp.
(a)
17,460‌
534,625‌
Shoals
Technologies
Group,
Inc.,
Class
A
(a)
245,797‌
1,821,356‌
$
11,039,151‌
Engineering
&
Construction
-
4
.24
%
Bowman
Consulting
Group
Ltd.
(a)
9,693‌
410,595‌
Construction
Partners,
Inc.,
Class
A
(a)
37,985‌
4,824,095‌
Dycom
Industries,
Inc.
(a)
23,626‌
6,893,122‌
Exponent,
Inc.
25,427‌
1,766,668‌
Frontdoor,
Inc.
(a)
33,734‌
2,269,961‌
Granite
Construction,
Inc.
37,629‌
4,126,020‌
Great
Lakes
Dredge
&
Dock
Corp.
(a)
50,654‌
607,341‌
IES
Holdings,
Inc.
(a)
10,632‌
4,227,815‌
MYR
Group,
Inc.
(a)
14,437‌
3,003,329‌
Primoris
Services
Corp.
51,108‌
7,018,662‌
Sterling
Infrastructure,
Inc.
(a)
21,845‌
7,420,310‌
$
42,567,918‌
Entertainment
-
0
.59
%
Accel
Entertainment,
Inc.
(a)
33,687‌
372,915‌
IMAX
Corp.
(a)
67,606‌
2,214,097‌
Monarch
Casino
&
Resort,
Inc.
7,359‌
778,877‌
Rush
Street
Interactive,
Inc.
(a)
59,938‌
1,227,530‌
Super
Group
SGHC
Ltd.
99,477‌
1,313,096‌
$
5,906,515‌
Environmental
Control
-
0
.15
%
CECO
Environmental
Corp.
(a)
17,489‌
895,437‌
Energy
Recovery,
Inc.
(a)
39,775‌
613,330‌
$
1,508,767‌
Food
-
1
.36
%
Cal-Maine
Foods,
Inc.
47,565‌
4,475,866‌
Chefs'
Warehouse,
Inc.
(a)
26,236‌
1,530,346‌
Marzetti
Co.
8,491‌
1,467,160‌
Mission
Produce,
Inc.
(a)
17,284‌
207,754‌
Nathan's
Famous,
Inc.
5,246‌
580,942‌
Seneca
Foods
Corp.,
Class
A
(a)
4,117‌
444,389‌
Simply
Good
Foods
Co.
(a)
77,555‌
1,924,915‌
Tootsie
Roll
Industries,
Inc.
(b)
11,641‌
487,991‌
United
Natural
Foods,
Inc.
(a)
66,294‌
2,493,980‌
$
13,613,343‌
Forest
Products
&
Paper
-
0
.14
%
Sylvamo
Corp.
32,592‌
1,441,218‌
Gas
-
1
.01
%
Northwest
Natural
Holding
Co.
68,858‌
3,093,790‌
Spire,
Inc.
86,865‌
7,081,235‌
$
10,175,025‌
Hand
&
Machine
Tools
-
0
.38
%
Franklin
Electric
Co.,
Inc.
19,464‌
1,852,973‌
Kennametal,
Inc.
92,994‌
1,946,364‌
$
3,799,337‌
Healthcare
-
Products
-
4
.16
%
10X
Genomics,
Inc.,
Class
A
(a)
154,463‌
1,805,672‌
Adaptive
Biotechnologies
Corp.
(a)
85,101‌
1,273,111‌
Alphatec
Holdings,
Inc.
(a)
56,016‌
814,473‌
Artivion,
Inc.
(a)
17,642‌
746,962‌
AtriCure,
Inc.
(a)
27,362‌
964,511‌
Avanos
Medical,
Inc.
(a)
47,385‌
547,771‌
Axogen,
Inc.
(a)
47,762‌
852,074‌
Bioventus,
Inc.,
Class
A
(a)
52,096‌
348,522‌
CareDx,
Inc.
(a)
49,954‌
726,331‌
Castle
Biosciences,
Inc.
(a)
22,947‌
522,503‌
CONMED
Corp.
24,604‌
1,157,126‌
Embecta
Corp.
38,074‌
537,224‌
27
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
(continued)
Shares
Held
Value
Healthcare
-
Products
(continued)
Guardant
Health,
Inc.
(a)
95,036‌
$
5,937,849‌
Haemonetics
Corp.
(a)
39,372‌
1,918,991‌
ICU
Medical,
Inc.
(a)
14,038‌
1,683,999‌
Integer
Holdings
Corp.
(a)
24,356‌
2,516,706‌
Integra
LifeSciences
Holdings
Corp.
(a)
78,679‌
1,127,470‌
iRadimed
Corp.
5,307‌
377,646‌
iRhythm
Technologies,
Inc.
(a)
22,917‌
3,941,495‌
Lantheus
Holdings,
Inc.
(a)
52,743‌
2,705,188‌
LeMaitre
Vascular,
Inc.
8,670‌
758,712‌
LivaNova
PLC
(a)
34,202‌
1,791,501‌
Merit
Medical
Systems,
Inc.
(a)
30,829‌
2,565,898‌
MiMedx
Group,
Inc.
(a)
65,463‌
456,932‌
NeuroPace,
Inc.
(a)
37,664‌
388,316‌
OmniAb,
Inc.,
Earnout
Shares
(a)
1,130‌
—‌
OmniAb,
Inc.,
Earnout
Shares
(a)
1,130‌
—‌
Omnicell,
Inc.
(a)
31,723‌
965,965‌
Semler
Scientific,
Inc.
(a)
29,768‌
893,040‌
SI-BONE,
Inc.
(a)
36,462‌
536,721‌
STAAR
Surgical
Co.
(a)
16,943‌
455,258‌
Tactile
Systems
Technology,
Inc.
(a)
27,729‌
383,769‌
UFP
Technologies,
Inc.
(a)
7,935‌
1,583,826‌
Varex
Imaging
Corp.
(a)
37,402‌
463,785‌
$
41,749,347‌
Healthcare
-
Services
-
2
.92
%
Addus
HomeCare
Corp.
(a)
9,979‌
1,177,422‌
Astrana
Health,
Inc.
(a)
15,515‌
439,850‌
BrightSpring
Health
Services,
Inc.
(a)
123,125‌
3,639,575‌
Brookdale
Senior
Living,
Inc.
(a)
160,199‌
1,356,886‌
Clover
Health
Investments
Corp.
(a),(b)
454,192‌
1,389,827‌
CorVel
Corp.
(a)
10,910‌
844,652‌
Ensign
Group,
Inc.
18,402‌
3,179,314‌
GeneDx
Holdings
Corp.
(a)
18,269‌
1,968,302‌
HealthEquity,
Inc.
(a)
58,369‌
5,531,630‌
LifeStance
Health
Group,
Inc.
(a)
168,316‌
925,738‌
National
HealthCare
Corp.
5,119‌
622,010‌
Pediatrix
Medical
Group,
Inc.
(a)
48,445‌
811,454‌
Pennant
Group,
Inc.
(a)
21,036‌
530,528‌
Privia
Health
Group,
Inc.
(a)
57,948‌
1,442,905‌
Surgery
Partners,
Inc.
(a)
78,218‌
1,692,637‌
Teladoc
Health,
Inc.
(a)
372,400‌
2,878,652‌
U.S.
Physical
Therapy,
Inc.
10,585‌
899,196‌
$
29,330,578‌
Home
Builders
-
1
.45
%
Cavco
Industries,
Inc.
(a)
9,301‌
5,401,370‌
Green
Brick
Partners,
Inc.
(a)
15,611‌
1,153,028‌
Installed
Building
Products,
Inc.
17,028‌
4,200,127‌
LCI
Industries
19,387‌
1,805,899‌
M/I
Homes,
Inc.
(a)
14,162‌
2,045,559‌
$
14,605,983‌
Household
Products
&
Wares
-
0
.21
%
ACCO
Brands
Corp.
99,745‌
397,983‌
Central
Garden
&
Pet
Co.
(a)
5,190‌
169,453‌
Central
Garden
&
Pet
Co.,
Class
A
(a)
24,998‌
738,191‌
Helen
of
Troy
Ltd.
(a)
30,746‌
774,799‌
$
2,080,426‌
Insurance
-
3
.39
%
Bowhead
Specialty
Holdings,
Inc.
(a)
31,475‌
851,084‌
Donegal
Group,
Inc.,
Class
A
22,167‌
429,818‌
Goosehead
Insurance,
Inc.,
Class
A
37,907‌
2,821,039‌
Hamilton
Insurance
Group
Ltd.,
Class
B
(a)
61,129‌
1,515,999‌
HCI
Group,
Inc.
21,783‌
4,180,811‌
Heritage
Insurance
Holdings,
Inc.
(a)
62,811‌
1,581,581‌
Hippo
Holdings,
Inc.
(a)
29,843‌
1,079,123‌
Horace
Mann
Educators
Corp.
36,010‌
1,626,572‌
NMI
Holdings,
Inc.
(a)
72,608‌
2,783,791‌
Palomar
Holdings,
Inc.
(a)
52,777‌
6,161,715‌
Root,
Inc.,
Class
A
(a)
42,700‌
3,822,077‌
Skyward
Specialty
Insurance
Group,
Inc.
(a)
56,585‌
2,691,183‌
Trupanion,
Inc.
(a)
68,543‌
2,966,541‌
United
Fire
Group,
Inc.
16,148‌
491,222‌
COMMON
STOCKS
(continued)
Shares
Held
Value
Insurance
(continued)
Universal
Insurance
Holdings,
Inc.
38,175‌
$
1,004,002‌
$
34,006,558‌
Internet
-
3
.30
%
Angi,
Inc.
(a)
50,866‌
827,081‌
Bumble,
Inc.,
Class
A
(a)
95,153‌
579,482‌
Cargurus,
Inc.
(a)
59,092‌
2,199,995‌
ePlus,
Inc.
16,279‌
1,155,972‌
EverQuote,
Inc.,
Class
A
(a)
27,472‌
628,285‌
fuboTV,
Inc.
(a)
554,206‌
2,299,955‌
Gambling.com
Group
Ltd.
(a)
28,617‌
234,087‌
Grindr,
Inc.
(a)
151,790‌
2,279,886‌
HealthStream,
Inc.
19,068‌
538,480‌
Hims
&
Hers
Health,
Inc.
(a),(b)
127,252‌
7,217,733‌
LifeMD,
Inc.
(a)
69,604‌
472,611‌
Magnite,
Inc.
(a)
151,720‌
3,304,462‌
MediaAlpha,
Inc.,
Class
A
(a)
22,171‌
252,306‌
OptimizeRx
Corp.
(a)
17,617‌
361,148‌
Revolve
Group,
Inc.
(a)
81,963‌
1,745,812‌
Shutterstock,
Inc.
14,842‌
309,456‌
Sprinklr,
Inc.,
Class
A
(a)
205,466‌
1,586,198‌
Upwork,
Inc.
(a)
220,932‌
4,102,707‌
Yelp,
Inc.
(a)
59,761‌
1,864,543‌
Ziff
Davis,
Inc.
(a)
30,384‌
1,157,630‌
$
33,117,829‌
Leisure
Time
-
0
.76
%
Acushnet
Holdings
Corp.
22,407‌
1,758,726‌
Life
Time
Group
Holdings,
Inc.
(a)
172,172‌
4,751,947‌
Lindblad
Expeditions
Holdings,
Inc.
(a)
30,206‌
386,637‌
OneSpaWorld
Holdings
Ltd.
35,153‌
743,134‌
$
7,640,444‌
Machinery
-
Construction
&
Mining
-
0
.85
%
Argan,
Inc.
27,651‌
7,467,152‌
Astec
Industries,
Inc.
15,130‌
728,207‌
Manitowoc
Co.,
Inc.
(a)
36,503‌
365,395‌
$
8,560,754‌
Machinery
-
Diversified
-
2
.49
%
Alamo
Group,
Inc.
8,732‌
1,666,939‌
Cactus,
Inc.,
Class
A
52,761‌
2,082,477‌
Chart
Industries,
Inc.
(a)
33,269‌
6,658,790‌
Columbus
McKinnon
Corp.
42,038‌
602,825‌
DXP
Enterprises,
Inc.
(a)
10,311‌
1,227,731‌
Lindsay
Corp.
9,537‌
1,340,521‌
Mueller
Water
Products,
Inc.,
Class
A
102,252‌
2,609,471‌
Power
Solutions
International,
Inc.
(a)
15,691‌
1,541,170‌
Thermon
Group
Holdings,
Inc.
(a)
22,160‌
592,115‌
Watts
Water
Technologies,
Inc.,
Class
A
14,241‌
3,977,226‌
Zurn
Elkay
Water
Solutions
Corp.
57,967‌
2,726,188‌
$
25,025,453‌
Media
-
0
.49
%
AMC
Networks,
Inc.,
Class
A
(a)
30,542‌
251,666‌
Cable
One,
Inc.
12,123‌
2,146,377‌
CuriosityStream,
Inc.
34,497‌
182,834‌
Gray
Media,
Inc.
90,728‌
524,408‌
TEGNA,
Inc.
91,104‌
1,852,144‌
$
4,957,429‌
Metal
Fabrication
&
Hardware
-
0
.35
%
AZZ,
Inc.
17,693‌
1,930,837‌
Janus
International
Group,
Inc.
(a)
84,562‌
834,627‌
Proto
Labs,
Inc.
(a)
15,730‌
786,972‌
$
3,552,436‌
Mining
-
2
.50
%
Caledonia
Mining
Corp.
PLC
14,760‌
534,459‌
Centrus
Energy
Corp.,
Class
A
(a)
29,643‌
9,191,405‌
Century
Aluminum
Co.
(a)
93,652‌
2,749,623‌
Coeur
Mining,
Inc.
(a)
566,164‌
10,621,237‌
Idaho
Strategic
Resources,
Inc.
(a)
13,848‌
467,924‌
U.S.
Lime
&
Minerals,
Inc.
11,615‌
1,527,953‌
$
25,092,601‌
Miscellaneous
Manufacturers
-
1
.25
%
Byrna
Technologies,
Inc.
(a)
34,935‌
774,160‌
28
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
(continued)
Shares
Held
Value
Miscellaneous
Manufacturers
(continued)
Fabrinet
(a)
19,205‌
$
7,002,527‌
Federal
Signal
Corp.
36,576‌
4,352,178‌
Myers
Industries,
Inc.
23,490‌
397,921‌
$
12,526,786‌
Office
&
Business
Equipment
-
0
.24
%
Pitney
Bowes,
Inc.
215,485‌
2,458,684‌
Office
Furnishings
-
0
.22
%
HNI
Corp.
28,901‌
1,354,012‌
Interface,
Inc.
29,261‌
846,813‌
$
2,200,825‌
Oil
&
Gas
-
1
.17
%
California
Resources
Corp.
67,689‌
3,599,701‌
HighPeak
Energy,
Inc.
36,168‌
255,708‌
Par
Pacific
Holdings,
Inc.
(a)
108,984‌
3,860,213‌
PrimeEnergy
Resources
Corp.
(a),(b)
5,458‌
911,650‌
Riley
Exploration
Permian,
Inc.
12,396‌
336,056‌
Talos
Energy,
Inc.
(a)
234,985‌
2,253,506‌
Vitesse
Energy,
Inc.
(b)
25,283‌
587,324‌
$
11,804,158‌
Oil
&
Gas
Services
-
1
.81
%
Aris
Water
Solutions,
Inc.,
Class
A
50,359‌
1,241,853‌
Core
Laboratories,
Inc.
47,297‌
584,591‌
Expro
Group
Holdings
NV
(a)
43,557‌
517,457‌
Flotek
Industries,
Inc.
(a)
48,016‌
701,034‌
Helix
Energy
Solutions
Group,
Inc.
(a)
134,118‌
879,814‌
Innovex
International,
Inc.
(a)
34,381‌
637,424‌
Kodiak
Gas
Services,
Inc.
80,648‌
2,981,556‌
Liberty
Energy,
Inc.
239,144‌
2,951,037‌
National
Energy
Services
Reunited
Corp.
(a)
54,835‌
562,607‌
Oceaneering
International,
Inc.
(a)
62,652‌
1,552,517‌
Oil
States
International,
Inc.
(a)
77,021‌
466,747‌
Ranger
Energy
Services,
Inc.,
Class
A
22,072‌
309,891‌
Solaris
Energy
Infrastructure,
Inc.
63,237‌
2,527,583‌
TETRA
Technologies,
Inc.
(a)
89,851‌
516,643‌
Tidewater,
Inc.
(a)
33,290‌
1,775,356‌
$
18,206,110‌
Packaging
&
Containers
-
0
.30
%
Ardagh
Metal
Packaging
SA
189,523‌
756,197‌
Greif,
Inc.,
Class
A
19,339‌
1,155,698‌
TriMas
Corp.
28,584‌
1,104,486‌
$
3,016,381‌
Pharmaceuticals
-
2
.69
%
AdaptHealth
Corp.
(a)
79,802‌
714,228‌
Akebia
Therapeutics,
Inc.
(a)
208,765‌
569,928‌
Alkermes
PLC
(a)
102,646‌
3,079,380‌
Amneal
Pharmaceuticals,
Inc.
(a)
96,933‌
970,299‌
Amphastar
Pharmaceuticals,
Inc.
(a)
32,665‌
870,522‌
Catalyst
Pharmaceuticals,
Inc.
(a)
82,764‌
1,630,451‌
Collegium
Pharmaceutical,
Inc.
(a)
18,633‌
651,969‌
CorMedix,
Inc.
(a),(b)
81,047‌
942,577‌
Fulcrum
Therapeutics,
Inc.
(a)
63,485‌
584,062‌
Harmony
Biosciences
Holdings,
Inc.
(a)
38,658‌
1,065,415‌
Indivior
PLC
(a)
61,229‌
1,476,231‌
MannKind
Corp.
(a)
209,533‌
1,125,192‌
Mirum
Pharmaceuticals,
Inc.
(a)
19,350‌
1,418,549‌
Option
Care
Health,
Inc.
(a)
83,104‌
2,306,967‌
Pacira
BioSciences,
Inc.
(a)
37,378‌
963,231‌
Phibro
Animal
Health
Corp.,
Class
A
21,027‌
850,752‌
Premier,
Inc.,
Class
A
81,414‌
2,263,309‌
Protagonist
Therapeutics,
Inc.
(a)
43,341‌
2,879,143‌
SIGA
Technologies,
Inc.
40,720‌
372,588‌
Supernus
Pharmaceuticals,
Inc.
(a)
32,775‌
1,566,317‌
Xeris
Biopharma
Holdings,
Inc.
(a)
93,897‌
764,322‌
$
27,065,432‌
Pipelines
-
0
.10
%
Excelerate
Energy,
Inc.,
Class
A
39,879‌
1,004,552‌
Private
Equity
-
0
.19
%
P10,
Inc.,
Class
A
79,642‌
866,505‌
Patria
Investments
Ltd.,
Class
A
70,666‌
1,031,724‌
$
1,898,229‌
COMMON
STOCKS
(continued)
Shares
Held
Value
Real
Estate
-
0
.99
%
Compass,
Inc.,
Class
A
(a)
601,218‌
$
4,827,780‌
Cushman
&
Wakefield
PLC
(a)
164,994‌
2,626,704‌
eXp
World
Holdings,
Inc.
(b)
104,310‌
1,111,945‌
McGrath
RentCorp
12,046‌
1,412,996‌
$
9,979,425‌
REITs
-
5
.17
%
American
Assets
Trust,
Inc.
47,609‌
967,415‌
American
Healthcare
REIT,
Inc.
140,376‌
5,897,196‌
Apollo
Commercial
Real
Estate
Finance,
Inc.
142,297‌
1,441,469‌
Broadstone
Net
Lease,
Inc.
163,123‌
2,915,008‌
CareTrust
REIT,
Inc.
172,179‌
5,971,168‌
CBL
&
Associates
Properties,
Inc.
12,724‌
389,100‌
Community
Healthcare
Trust,
Inc.
26,348‌
403,124‌
COPT
Defense
Properties
91,819‌
2,668,260‌
Easterly
Government
Properties,
Inc.
53,194‌
1,219,738‌
Elme
Communities
65,716‌
1,107,972‌
Farmland
Partners,
Inc.
50,362‌
547,939‌
Four
Corners
Property
Trust,
Inc.
64,143‌
1,565,089‌
Getty
Realty
Corp.
39,552‌
1,061,180‌
Innovative
Industrial
Properties,
Inc.
31,499‌
1,687,716‌
InvenTrust
Properties
Corp.
41,429‌
1,185,698‌
LTC
Properties,
Inc.
37,444‌
1,380,186‌
NETSTREIT
Corp.
101,448‌
1,832,151‌
Outfront
Media,
Inc.
157,191‌
2,879,739‌
Plymouth
Industrial
REIT,
Inc.
44,214‌
987,299‌
RLJ
Lodging
Trust
191,341‌
1,377,655‌
Ryman
Hospitality
Properties,
Inc.
71,447‌
6,400,937‌
Safehold,
Inc.
41,690‌
645,778‌
Sila
Realty
Trust,
Inc.
39,200‌
983,920‌
Summit
Hotel
Properties,
Inc.
123,323‌
677,043‌
Terreno
Realty
Corp.
96,802‌
5,493,513‌
Universal
Health
Realty
Income
Trust
7,311‌
286,372‌
$
51,972,665‌
Retail
-
3
.63
%
Abercrombie
&
Fitch
Co.,
Class
A
(a)
64,123‌
5,485,723‌
Brinker
International,
Inc.
(a)
43,446‌
5,503,739‌
Build-A-Bear
Workshop,
Inc.
15,533‌
1,012,907‌
Cheesecake
Factory,
Inc.
77,901‌
4,256,511‌
FirstCash
Holdings,
Inc.
35,500‌
5,623,910‌
Jack
in
the
Box,
Inc.
(b)
53,803‌
1,063,685‌
La-Z-Boy,
Inc.
32,041‌
1,099,647‌
Patrick
Industries,
Inc.
16,399‌
1,696,149‌
Potbelly
Corp.
(a)
28,104‌
478,892‌
PriceSmart,
Inc.
12,124‌
1,469,308‌
Sally
Beauty
Holdings,
Inc.
(a)
92,884‌
1,512,151‌
Sonic
Automotive,
Inc.,
Class
A
14,088‌
1,071,956‌
Urban
Outfitters,
Inc.
(a)
86,517‌
6,179,909‌
$
36,454,487‌
Savings
&
Loans
-
0
.56
%
Axos
Financial,
Inc.
(a)
43,490‌
3,681,428‌
Home
Bancorp,
Inc.
7,932‌
430,906‌
Provident
Financial
Services,
Inc.
77,321‌
1,490,749‌
$
5,603,083‌
Semiconductors
-
1
.50
%
ACM
Research,
Inc.,
Class
A
(a)
83,032‌
3,249,042‌
Axcelis
Technologies,
Inc.
(a)
33,491‌
3,270,061‌
Photronics,
Inc.
(a)
52,065‌
1,194,892‌
Rambus,
Inc.
(a)
63,889‌
6,657,234‌
SkyWater
Technology,
Inc.
(a)
38,299‌
714,659‌
$
15,085,888‌
Software
-
8
.42
%
ACI
Worldwide,
Inc.
(a)
56,537‌
2,983,457‌
Alignment
Healthcare,
Inc.
(a)
156,188‌
2,725,481‌
AvidXchange
Holdings,
Inc.
(a)
271,463‌
2,701,057‌
Bandwidth,
Inc.,
Class
A
(a)
17,482‌
291,425‌
BlackLine,
Inc.
(a)
57,498‌
3,053,144‌
Box,
Inc.,
Class
A
(a)
145,527‌
4,696,156‌
Clear
Secure,
Inc.,
Class
A
99,365‌
3,316,804‌
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)
290,608‌
5,236,756‌
Climb
Global
Solutions,
Inc.
8,242‌
1,111,351‌
29
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
(continued)
Shares
Held
Value
Software
(continued)
Commerce.com,
Inc.
(a)
156,045‌
$
778,665‌
Commvault
Systems,
Inc.
(a)
31,673‌
5,979,229‌
CSG
Systems
International,
Inc.
17,636‌
1,135,406‌
Digi
International,
Inc.
(a)
23,783‌
867,128‌
DigitalOcean
Holdings,
Inc.
(a)
67,877‌
2,318,678‌
Five9,
Inc.
(a)
159,584‌
3,861,933‌
Freshworks,
Inc.,
Class
A
(a)
272,916‌
3,212,221‌
GigaCloud
Technology,
Inc.,
Class
A
(a)
18,781‌
533,380‌
IBEX
Holdings
Ltd.
(a)
15,017‌
608,489‌
Innodata,
Inc.
(a)
86,172‌
6,641,276‌
Life360,
Inc.
(a),(b)
52,972‌
5,630,924‌
LiveRamp
Holdings,
Inc.
(a)
49,950‌
1,355,643‌
N-able,
Inc.
(a)
125,104‌
975,811‌
Nutex
Health,
Inc.
(a),(b)
9,051‌
935,149‌
Pagaya
Technologies
Ltd.,
Class
A
(a)
75,023‌
2,227,433‌
PagerDuty,
Inc.
(a)
128,563‌
2,123,861‌
Phreesia,
Inc.
(a)
32,663‌
768,234‌
Planet
Labs
PBC
(a)
156,358‌
2,029,527‌
PROS
Holdings,
Inc.
(a)
82,880‌
1,898,781‌
Red
Violet,
Inc.
16,932‌
884,697‌
Sapiens
International
Corp.
NV
27,674‌
1,189,982‌
Simulations
Plus,
Inc.
(a)
31,121‌
468,993‌
SPS
Commerce,
Inc.
(a)
30,663‌
3,193,245‌
Talkspace,
Inc.
(a)
180,833‌
499,099‌
TruBridge,
Inc.
(a)
21,174‌
427,080‌
Verint
Systems,
Inc.
(a)
95,529‌
1,934,462‌
Viant
Technology,
Inc.,
Class
A
(a)
46,923‌
404,945‌
Vimeo,
Inc.
(a)
85,739‌
664,477‌
VTEX,
Class
A
(a)
163,289‌
715,206‌
Waystar
Holding
Corp.
(a)
91,221‌
3,459,100‌
Yext,
Inc.
(a)
86,032‌
732,993‌
$
84,571,678‌
Telecommunications
-
2
.08
%
A10
Networks,
Inc.
72,526‌
1,316,347‌
BlackSky
Technology,
Inc.
(a),(b)
62,620‌
1,261,793‌
Clearfield,
Inc.
(a)
22,422‌
770,868‌
Credo
Technology
Group
Holding
Ltd.
(a)
54,800‌
7,979,428‌
Frequency
Electronics,
Inc.
(a)
23,136‌
784,542‌
IDT
Corp.,
Class
B
13,241‌
692,637‌
InterDigital,
Inc.
15,052‌
5,196,402‌
NETGEAR,
Inc.
(a)
48,714‌
1,577,846‌
Preformed
Line
Products
Co.
6,801‌
1,334,016‌
$
20,913,879‌
Textiles
-
0
.18
%
UniFirst
Corp.
10,729‌
1,793,782‌
Transportation
-
1
.40
%
Ardmore
Shipping
Corp.
51,526‌
611,613‌
Costamare,
Inc.
50,554‌
602,098‌
DHT
Holdings,
Inc.
115,937‌
1,385,447‌
Matson,
Inc.
31,442‌
3,099,867‌
Navigator
Holdings
Ltd.
(b)
36,243‌
561,404‌
Scorpio
Tankers,
Inc.
74,096‌
4,153,081‌
Teekay
Corp.
Ltd.
79,628‌
651,357‌
Teekay
Tankers
Ltd.,
Class
A
34,127‌
1,725,120‌
World
Kinect
Corp.
49,379‌
1,281,385‌
$
14,071,372‌
Water
-
0
.51
%
Consolidated
Water
Co.
Ltd.
46,793‌
1,650,857‌
Middlesex
Water
Co.
39,357‌
2,130,001‌
York
Water
Co.
42,904‌
1,305,140‌
$
5,085,998‌
TOTAL
COMMON
STOCKS
a
$
1,001,278,796‌
INVESTMENT
COMPANIES
-
1
.43
%
Shares
Held
Value
Money
Market
Funds
-
1
.43
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
(d),(e),(f)
11,656,960‌
$
11,656,960‌
INVESTMENT
COMPANIES
(continued)
Shares
Held
Value
Money
Market
Funds
(continued)
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(d)
2,739,286‌
$
2,739,286‌
TOTAL
INVESTMENT
COMPANIES
a
$
14,396,246‌
Total
Investments
101.11%
$
1,015,675,042‌
Other
Assets
and
Liabilities
-
(1.11%)
(
11,174,389‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,004,500,653‌
(a)
Non-income
producing
security.
(b)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,376,241
or
1.13%
of
net
assets.
(c)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Advisor,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Trustees.
(d)
1-day
yield
shown
as
of
period
end.
(e)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(f)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,656,960
or
1.16%
of
net
assets.
30
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
September
30,
2025
(unaudited)
Affiliated
Securities
June
30,
2025
Value
Purchases
Cost
Sales
Proceeds
September
30,
2025
Value
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
4,091,677‌
$
48,519,391‌
$
40,954,108‌
$
11,656,960‌
$
4,091,677‌
$
48,519,391‌
$
40,954,108‌
$
11,656,960‌
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
4.04%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
31
Schedule
of
Investments
Principal
Value
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
-
99
.38
%
Shares
Held
Value
Advertising
-
1
.34
%
-
—
Interpublic
Group
of
Cos.,
Inc.
35,305‌
$
985,362‌
Omnicom
Group,
Inc.
11,786‌
960,913‌
$
1,946,275‌
Aerospace
&
Defense
-
3
.79
%
General
Dynamics
Corp.
4,050‌
1,381,050‌
L3Harris
Technologies,
Inc.
4,945‌
1,510,253‌
Lockheed
Martin
Corp.
2,621‌
1,308,429‌
Northrop
Grumman
Corp.
2,156‌
1,313,694‌
$
5,513,426‌
Agriculture
-
1
.76
%
Altria
Group,
Inc.
20,445‌
1,350,596‌
Archer-Daniels-Midland
Co.
20,178‌
1,205,434‌
$
2,556,030‌
Apparel
-
0
.93
%
Ralph
Lauren
Corp.
4,284‌
1,343,291‌
Banks
-
6
.90
%
Bank
of
America
Corp.
40,794‌
2,104,562‌
Citizens
Financial
Group,
Inc.
23,596‌
1,254,363‌
Fifth
Third
Bancorp
25,121‌
1,119,141‌
PNC
Financial
Services
Group,
Inc.
6,330‌
1,271,887‌
Regions
Financial
Corp.
44,624‌
1,176,735‌
U.S.
Bancorp
26,044‌
1,258,706‌
Wells
Fargo
&
Co.
21,946‌
1,839,514‌
$
10,024,908‌
Beverages
-
0
.98
%
Constellation
Brands,
Inc.,
Class
A
5,368‌
722,909‌
Molson
Coors
Beverage
Co.,
Class
B
15,358‌
694,949‌
$
1,417,858‌
Biotechnology
-
0
.78
%
Corteva,
Inc.
16,683‌
1,128,271‌
Building
Materials
-
0
.66
%
Masco
Corp.
13,716‌
965,469‌
Chemicals
-
0
.46
%
Eastman
Chemical
Co.
10,681‌
673,437‌
Commercial
Services
-
1
.35
%
Automatic
Data
Processing,
Inc.
4,195‌
1,231,233‌
MarketAxess
Holdings,
Inc.
4,214‌
734,289‌
$
1,965,522‌
Computers
-
9
.10
%
Accenture
PLC,
Class
A
4,714‌
1,162,472‌
Apple,
Inc.
24,013‌
6,114,430‌
Cognizant
Technology
Solutions
Corp.,
Class
A
13,202‌
885,458‌
Hewlett
Packard
Enterprise
Co.
60,750‌
1,492,020‌
HP,
Inc.
34,944‌
951,525‌
Leidos
Holdings,
Inc.
7,158‌
1,352,576‌
NetApp,
Inc.
10,702‌
1,267,759‌
$
13,226,240‌
Cosmetics
&
Personal
Care
-
1
.27
%
Procter
&
Gamble
Co.
12,043‌
1,850,407‌
Distribution
&
Wholesale
-
0
.64
%
Pool
Corp.
3,015‌
934,861‌
Diversified
Financial
Services
-
6
.60
%
Ameriprise
Financial,
Inc.
2,154‌
1,058,152‌
Capital
One
Financial
Corp.
6,296‌
1,338,404‌
Cboe
Global
Markets,
Inc.
4,403‌
1,079,836‌
Franklin
Resources,
Inc.
47,532‌
1,099,415‌
Intercontinental
Exchange,
Inc.
6,867‌
1,156,952‌
Invesco
Ltd.
60,623‌
1,390,692‌
Nasdaq,
Inc.
13,233‌
1,170,459‌
Synchrony
Financial
18,264‌
1,297,657‌
$
9,591,567‌
Electronics
-
1
.74
%
Allegion
PLC
7,257‌
1,287,029‌
Hubbell,
Inc.
2,896‌
1,246,178‌
$
2,533,207‌
Food
-
2
.00
%
Hershey
Co.
5,774‌
1,080,027‌
Hormel
Foods
Corp.
30,513‌
754,891‌
Mondelez
International,
Inc.,
Class
A
17,113‌
1,069,049‌
$
2,903,967‌
COMMON
STOCKS
(continued)
Shares
Held
Value
Hand
&
Machine
Tools
-
0
.69
%
Snap-on,
Inc.
2,899‌
$
1,004,591‌
Healthcare
-
Products
-
0
.92
%
Medtronic
PLC
14,096‌
1,342,503‌
Healthcare
-
Services
-
2
.32
%
Elevance
Health,
Inc.
2,762‌
892,457‌
Humana,
Inc.
3,746‌
974,597‌
UnitedHealth
Group,
Inc.
4,343‌
1,499,638‌
$
3,366,692‌
Home
Builders
-
0
.75
%
Lennar
Corp.,
Class
A
8,688‌
1,095,036‌
Household
Products
&
Wares
-
1
.23
%
Avery
Dennison
Corp.
5,377‌
871,988‌
Kimberly-Clark
Corp.
7,325‌
910,791‌
$
1,782,779‌
Insurance
-
8
.62
%
Allstate
Corp.
5,084‌
1,091,281‌
American
International
Group,
Inc.
12,406‌
974,367‌
Assurant,
Inc.
4,595‌
995,277‌
Chubb
Ltd.
4,099‌
1,156,943‌
Cincinnati
Financial
Corp.
6,606‌
1,044,409‌
Everest
Group
Ltd.
2,624‌
919,004‌
Hartford
Insurance
Group,
Inc.
8,187‌
1,092,064‌
Marsh
&
McLennan
Cos.,
Inc.
5,184‌
1,044,731‌
MetLife,
Inc.
12,966‌
1,068,009‌
Prudential
Financial,
Inc.
9,233‌
957,831‌
Travelers
Cos.,
Inc.
4,100‌
1,144,802‌
Willis
Towers
Watson
PLC
3,014‌
1,041,186‌
$
12,529,904‌
Internet
-
1
.58
%
CDW
Corp.
5,947‌
947,238‌
eBay,
Inc.
14,773‌
1,343,605‌
$
2,290,843‌
Lodging
-
0
.91
%
Las
Vegas
Sands
Corp.
24,623‌
1,324,471‌
Machinery
-
Construction
&
Mining
-
1
.34
%
Caterpillar,
Inc.
4,065‌
1,939,615‌
Machinery
-
Diversified
-
2
.16
%
Deere
&
Co.
2,653‌
1,213,111‌
IDEX
Corp.
5,283‌
859,861‌
Nordson
Corp.
4,684‌
1,063,034‌
$
3,136,006‌
Media
-
0
.77
%
Comcast
Corp.,
Class
A
35,539‌
1,116,635‌
Miscellaneous
Manufacturers
-
2
.48
%
A.O.
Smith
Corp.
14,072‌
1,033,026‌
Illinois
Tool
Works,
Inc.
4,429‌
1,154,906‌
Parker-Hannifin
Corp.
1,874‌
1,420,773‌
$
3,608,705‌
Oil
&
Gas
-
7
.45
%
Chevron
Corp.
10,164‌
1,578,368‌
ConocoPhillips
12,547‌
1,186,821‌
EOG
Resources,
Inc.
8,828‌
989,795‌
Exxon
Mobil
Corp.
19,976‌
2,252,294‌
Marathon
Petroleum
Corp.
7,178‌
1,383,488‌
Occidental
Petroleum
Corp.
20,325‌
960,356‌
Phillips
66
8,522‌
1,159,162‌
Valero
Energy
Corp.
7,721‌
1,314,578‌
$
10,824,862‌
Oil
&
Gas
Services
-
2
.04
%
Baker
Hughes
Co.
23,699‌
1,154,615‌
Halliburton
Co.
38,378‌
944,099‌
Schlumberger
NV
25,294‌
869,355‌
$
2,968,069‌
Pharmaceuticals
-
3
.84
%
Becton
Dickinson
&
Co.
4,744‌
887,934‌
Bristol-Myers
Squibb
Co.
20,960‌
945,296‌
Johnson
&
Johnson
12,326‌
2,285,487‌
Merck
&
Co.,
Inc.
17,348‌
1,456,018‌
$
5,574,735‌
32
Schedule
of
Investments
Principal
Value
ETF
September
30,
2025
(unaudited)
COMMON
STOCKS
(continued)
Shares
Held
Value
REITs
-
5
.23
%
Alexandria
Real
Estate
Equities,
Inc.
9,882‌
$
823,566‌
AvalonBay
Communities,
Inc.
4,683‌
904,615‌
Healthpeak
Properties,
Inc.
46,649‌
893,328‌
Mid-America
Apartment
Communities,
Inc.
5,776‌
807,081‌
Prologis,
Inc.
10,834‌
1,240,710‌
Public
Storage
3,572‌
1,031,772‌
SBA
Communications
Corp.
4,532‌
876,262‌
VICI
Properties,
Inc.
31,116‌
1,014,693‌
$
7,592,027‌
Retail
-
2
.43
%
Best
Buy
Co.,
Inc.
12,924‌
977,313‌
Lowe's
Cos.,
Inc.
5,509‌
1,384,467‌
Williams-Sonoma,
Inc.
5,992‌
1,171,136‌
$
3,532,916‌
Semiconductors
-
6
.89
%
Microchip
Technology,
Inc.
19,996‌
1,284,143‌
NVIDIA
Corp.
32,736‌
6,107,883‌
QUALCOMM,
Inc.
9,045‌
1,504,726‌
Skyworks
Solutions,
Inc.
14,440‌
1,111,591‌
$
10,008,343‌
Software
-
5
.02
%
Broadridge
Financial
Solutions,
Inc.
4,145‌
987,215‌
Microsoft
Corp.
10,452‌
5,413,613‌
Paychex,
Inc.
7,004‌
887,827‌
$
7,288,655‌
Telecommunications
-
0
.80
%
T-Mobile
U.S.,
Inc.
4,827‌
1,155,487‌
Transportation
-
1
.61
%
FedEx
Corp.
4,327‌
1,020,350‌
Union
Pacific
Corp.
5,578‌
1,318,472‌
$
2,338,822‌
TOTAL
COMMON
STOCKS
a
$
144,396,432‌
INVESTMENT
COMPANIES
-
0
.45
%
Shares
Held
Value
Money
Market
Funds
-
0
.45
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
4.10%
(a)
656,548‌
$
656,548‌
TOTAL
INVESTMENT
COMPANIES
a
$
656,548‌
Total
Investments
99.83%
$
145,052,980‌
Other
Assets
and
Liabilities
-
0.17%
250,682‌
TOTAL
NET
ASSETS
-
100.00%
$
145,303,662‌
(a)
1-day
yield
shown
as
of
period
end.