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Principal Exchange-Traded Funds NPORT-PPrincipal Focused Blue Chip ETF (Sep 2024 report)

Filed: 14 Nov 24, 10:56am

1

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

-

89

.74

%

Principal

Amount

Value

Aerospace

&

Defense

-

1

.38

%

—

—

Bombardier,

Inc.

7.00%,

06/01/2032

(a),(b)

$

95,000‌

$

99,364‌

7.25%,

07/01/2031

(a)

402,000‌

424,988‌

7.50%,

02/01/2029

(a)

1,115,000‌

1,179,772‌

8.75%,

11/15/2030

(a)

1,390,000‌

1,526,323‌

$

3,230,447‌

Airlines

-

0

.04

%

United

Airlines

Pass-Through

Trust

,

Class

B

3.65%,

07/07/2027

107,276‌

104,920‌

Auto

Parts

&

Equipment

-

0

.98

%

Dana,

Inc.

4.25%,

09/01/2030

2,325,000‌

2,087,583‌

Phinia,

Inc.

6.75%,

04/15/2029

(a)

195,000‌

201,242‌

$

2,288,825‌

Banks

-

2

.87

%

Barclays

PLC

(5-year

Treasury

Constant

Maturity

Rate

+

5.43%),

8.00%,

03/15/2029

(c),(d)

3,199,000‌

3,368,838‌

JPMorgan

Chase

&

Co.

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.13%),

4.60%,

02/01/2025

(c),(d)

3,364,000‌

3,334,819‌

$

6,703,657‌

Building

Materials

-

2

.81

%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(a)

3,050,000‌

3,190,553‌

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(a)

3,344,000‌

3,356,343‌

$

6,546,896‌

Chemicals

-

4

.95

%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(a)

2,156,000‌

1,822,446‌

12.00%,

02/15/2031

(a)

1,100,000‌

1,106,546‌

Kobe

U.S.

Midco

2,

Inc.

9.25%,

PIK

10.00%,

11/01/2026

(a),(e)

2,329,582‌

1,942,289‌

Olympus

Water

U.S.

Holding

Corp.

6.25%,

10/01/2029

(a),(b)

3,615,000‌

3,497,926‌

7.25%,

06/15/2031

(a)

213,000‌

221,643‌

Vibrantz

Technologies,

Inc.

9.00%,

02/15/2030

(a)

3,159,000‌

2,951,105‌

$

11,541,955‌

Commercial

Services

-

3

.33

%

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

6.13%,

10/15/2026

(a)

1,866,000‌

1,872,037‌

Garda

World

Security

Corp.

6.00%,

06/01/2029

(a)

1,470,000‌

1,410,720‌

9.50%,

11/01/2027

(a)

1,921,000‌

1,923,524‌

WASH

Multifamily

Acquisition,

Inc.

5.75%,

04/15/2026

(a)

2,570,000‌

2,556,025‌

$

7,762,306‌

Computers

-

3

.20

%

McAfee

Corp.

7.38%,

02/15/2030

(a)

2,200,000‌

2,145,787‌

NCR

Atleos

Corp.

9.50%,

04/01/2029

(a)

1,965,000‌

2,163,207‌

Seagate

HDD

Cayman

5.75%,

12/01/2034

1,175,000‌

1,184,357‌

9.63%,

12/01/2032

1,694,372‌

1,967,403‌

$

7,460,754‌

Distribution

&

Wholesale

-

0

.98

%

Verde

Purchaser

LLC

10.50%,

11/30/2030

(a)

2,097,000‌

2,275,744‌

BONDS

(continued)

Principal

Amount

Value

Diversified

Financial

Services

-

9

.44

%

AerCap

Holdings

NV

(5-year

Treasury

Constant

Maturity

Rate

+

4.54%),

5.88%,

10/10/2079

(b),(d)

$

3,186,000‌

$

3,185,939‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(5-year

Treasury

Constant

Maturity

Rate

+

2.72%),

6.95%,

03/10/2055

(d)

1,814,000‌

1,880,732‌

Credit

Acceptance

Corp.

9.25%,

12/15/2028

(a)

3,080,000‌

3,293,767‌

Freedom

Mortgage

Holdings

LLC

9.13%,

05/15/2031

(a)

3,283,000‌

3,375,279‌

Global

Aircraft

Leasing

Co.

Ltd.

8.75%,

09/01/2027

(a)

3,060,000‌

3,105,147‌

Macquarie

Airfinance

Holdings

Ltd.

8.13%,

03/30/2029

(a)

1,713,000‌

1,814,241‌

8.38%,

05/01/2028

(a)

1,835,000‌

1,929,144‌

OneMain

Finance

Corp.

3.50%,

01/15/2027

239,000‌

228,441‌

4.00%,

09/15/2030

3,021,000‌

2,690,738‌

6.63%,

01/15/2028

462,000‌

470,401‌

7.50%,

05/15/2031

50,000‌

51,469‌

$

22,025,298‌

Electric

-

5

.39

%

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(a)

3,496,000‌

3,201,182‌

GenOn

Energy,

Inc.

0.00%,

10/15/2020

(f),(g),(h)

3,100,000‌

—‌

Lightning

Power

LLC

7.25%,

08/15/2032

(a)

3,377,000‌

3,551,040‌

NRG

Energy,

Inc.

3.63%,

02/15/2031

(a)

1,811,000‌

1,640,996‌

3.88%,

02/15/2032

(a)

220,000‌

200,433‌

(5-year

Treasury

Constant

Maturity

Rate

+

5.92%),

10.25%,

03/15/2028

(a),(c),(d)

441,000‌

497,432‌

Vistra

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

5.74%),

7.00%,

12/15/2026

(a),(c),(d)

1,339,000‌

1,366,857‌

Vistra

Operations

Co.

LLC

4.38%,

05/01/2029

(a)

2,172,000‌

2,102,229‌

$

12,560,169‌

Electronics

-

1

.22

%

EquipmentShare.com,

Inc.

8.00%,

03/15/2033

(a)

2,789,000‌

2,855,056‌

Entertainment

-

6

.74

%

Caesars

Entertainment,

Inc.

6.50%,

02/15/2032

(a)

3,166,000‌

3,274,955‌

CCM

Merger,

Inc.

6.38%,

05/01/2026

(a)

3,010,000‌

3,005,685‌

Churchill

Downs,

Inc.

5.75%,

04/01/2030

(a)

3,257,000‌

3,260,568‌

Cinemark

USA,

Inc.

5.25%,

07/15/2028

(a)

2,281,000‌

2,242,861‌

7.00%,

08/01/2032

(a)

957,000‌

999,069‌

Lions

Gate

Capital

Holdings

LLC

5.50%,

04/15/2029

(a)

2,234,000‌

1,637,873‌

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

7.13%,

02/15/2031

(a)

1,197,000‌

1,291,441‌

$

15,712,452‌

Food

-

1

.48

%

Chobani

LLC/Chobani

Finance

Corp.,

Inc.

7.63%,

07/01/2029

(a)

2,767,000‌

2,905,685‌

Fiesta

Purchaser,

Inc.

7.88%,

03/01/2031

(a)

508,000‌

538,920‌

$

3,444,605‌

2

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Forest

Products

&

Paper

-

0

.31

%

Mercer

International,

Inc.

5.13%,

02/01/2029

$

774,000‌

$

660,353‌

12.88%,

10/01/2028

(a)

55,000‌

57,739‌

$

718,092‌

Healthcare

-

Services

-

1

.52

%

Acadia

Healthcare

Co.,

Inc.

5.00%,

04/15/2029

(a)

3,342,000‌

3,182,554‌

Star

Parent,

Inc.

9.00%,

10/01/2030

(a)

348,000‌

373,605‌

$

3,556,159‌

Home

Builders

-

1

.96

%

Adams

Homes,

Inc.

9.25%,

10/15/2028

(a)

2,182,000‌

2,328,015‌

Forestar

Group,

Inc.

5.00%,

03/01/2028

(a)

2,307,000‌

2,247,058‌

$

4,575,073‌

Household

Products

&

Wares

-

0

.70

%

Kronos

Acquisition

Holdings,

Inc.

10.75%,

06/30/2032

(a)

1,721,000‌

1,625,036‌

Insurance

-

1

.05

%

Acrisure

LLC/Acrisure

Finance,

Inc.

6.00%,

08/01/2029

(a)

2,530,000‌

2,440,113‌

Investment

Companies

-

2

.51

%

Compass

Group

Diversified

Holdings

LLC

5.25%,

04/15/2029

(a)

2,855,000‌

2,773,646‌

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

4.38%,

02/01/2029

3,525,000‌

3,080,667‌

$

5,854,313‌

Iron

&

Steel

-

1

.04

%

TMS

International

Corp.

6.25%,

04/15/2029

(a)

2,550,000‌

2,428,264‌

Lodging

-

0

.36

%

Wynn

Macau

Ltd.

5.63%,

08/26/2028

(a)

868,000‌

842,734‌

Machinery

-

Construction,

&

Mining

-

0

.13

%

Terex

Corp.

6.25%,

10/15/2032

(a)

310,000‌

310,000‌

Machinery

-

Diversified

-

1

.20

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(a)

2,640,000‌

2,798,292‌

Media

-

3

.96

%

CSC

Holdings

LLC

4.50%,

11/15/2031

(a),(b)

3,264,000‌

2,376,164‌

Directv

Financing

LLC

8.88%,

02/01/2030

(a)

187,000‌

188,111‌

Directv

Financing

LLC/Directv

Financing

Co-

Obligor,

Inc.

5.88%,

08/15/2027

(a)

2,997,000‌

2,942,552‌

DISH

DBS

Corp.

5.25%,

12/01/2026

(a)

284‌

262‌

DISH

Network

Corp.

11.75%,

11/15/2027

(a)

2,117,000‌

2,221,855‌

Scripps

Escrow

II,

Inc.

5.38%,

01/15/2031

(a)

832,000‌

479,286‌

Sunrise

HoldCo

IV

BV

5.50%,

01/15/2028

(a)

1,025,000‌

1,020,506‌

$

9,228,736‌

Mining

-

1

.43

%

Taseko

Mines

Ltd.

8.25%,

05/01/2030

(a)

3,188,000‌

3,345,731‌

Oil

&

Gas

-

4

.84

%

Aethon

United

BR

LP/Aethon

United

Finance

Corp.

7.50%,

10/01/2029

(a)

1,011,000‌

1,024,396‌

8.25%,

02/15/2026

(a)

2,531,000‌

2,560,906‌

Civitas

Resources,

Inc.

8.63%,

11/01/2030

(a)

2,088,000‌

2,212,188‌

BONDS

(continued)

Principal

Amount

Value

Oil

&

Gas

(continued)

Transocean,

Inc.

8.50%,

05/15/2031

(a)

$

3,335,000‌

$

3,313,820‌

Vital

Energy,

Inc.

9.75%,

10/15/2030

2,030,000‌

2,169,116‌

$

11,280,426‌

Oil

&

Gas

Services

-

0

.96

%

Archrock

Partners

LP/Archrock

Partners

Finance

Corp.

6.25%,

04/01/2028

(a)

2,229,000‌

2,240,076‌

Packaging

&

Containers

-

1

.45

%

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

04/15/2029

(a)

262,000‌

264,485‌

6.88%,

01/15/2030

(a)

105,000‌

107,229‌

8.75%,

04/15/2030

(a)

957,000‌

971,779‌

LABL,

Inc.

5.88%,

11/01/2028

(a)

522,000‌

488,877‌

8.25%,

11/01/2029

(a),(b)

909,000‌

820,309‌

9.50%,

11/01/2028

(a)

695,000‌

718,129‌

$

3,370,808‌

Pharmaceuticals

-

7

.07

%

AdaptHealth

LLC

5.13%,

03/01/2030

(a)

3,813,000‌

3,569,129‌

Bausch

Health

Cos.,

Inc.

5.50%,

11/01/2025

(a),(b)

3,120,000‌

3,047,953‌

BellRing

Brands,

Inc.

7.00%,

03/15/2030

(a)

1,786,000‌

1,869,170‌

Endo

Finance

Holdings,

Inc.

8.50%,

04/15/2031

(a),(b)

1,729,000‌

1,852,681‌

Jazz

Securities

DAC

4.38%,

01/15/2029

(a)

3,040,000‌

2,940,031‌

Owens

&

Minor,

Inc.

4.50%,

03/31/2029

(a),(b)

3,539,000‌

3,200,457‌

$

16,479,421‌

Pipelines

-

3

.57

%

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(a)

3,028,000‌

2,891,282‌

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.

8.13%,

02/15/2029

(a)

468,000‌

479,862‌

8.38%,

02/15/2032

(a)

1,719,000‌

1,771,524‌

Venture

Global

LNG,

Inc.

7.00%,

01/15/2030

(a)

930,000‌

950,104‌

8.38%,

06/01/2031

(a)

202,000‌

213,297‌

9.50%,

02/01/2029

(a)

1,787,000‌

2,013,064‌

$

8,319,133‌

REITs

-

3

.43

%

CBL

&

Associates

LP

0.00%,

12/15/2026

(f),(g),(h)

6,000,000‌

—‌

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

3.38%,

06/15/2026

(a)

1,588,000‌

1,537,795‌

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

4.75%,

06/15/2029

(a)

4,104,000‌

4,008,266‌

7.00%,

07/15/2031

(a)

65,000‌

68,915‌

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC

6.00%,

01/15/2030

(a)

2,804,000‌

2,391,590‌

$

8,006,566‌

Retail

-

2

.94

%

Bath

&

Body

Works,

Inc.

5.25%,

02/01/2028

344,000‌

343,593‌

6.63%,

10/01/2030

(a)

567,000‌

578,022‌

6.75%,

07/01/2036

297,000‌

306,091‌

9.38%,

07/01/2025

(a)

30,000‌

30,794‌

Carvana

Co.

13.00%,

PIK

13.00%,

06/01/2030

(a),(e)

1,281,000‌

1,392,928‌

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

4.63%,

01/15/2029

(a)

1,349,000‌

1,288,063‌

3

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Retail

(continued)

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

(continued)

6.75%,

01/15/2030

(a)

$

967,000‌

$

900,913‌

Park

River

Holdings,

Inc.

5.63%,

02/01/2029

(a)

1,135,000‌

974,338‌

Victra

Holdings

LLC/Victra

Finance

Corp.

8.75%,

09/15/2029

(a)

998,000‌

1,047,851‌

$

6,862,593‌

Software

-

0

.94

%

Cloud

Software

Group,

Inc.

6.50%,

03/31/2029

(a)

40,000‌

39,799‌

9.00%,

09/30/2029

(a)

2,106,000‌

2,143,087‌

$

2,182,886‌

Telecommunications

-

2

.70

%

Connect

Finco

SARL/Connect

U.S.

Finco

LLC

9.00%,

09/15/2029

(a)

2,605,000‌

2,520,950‌

Frontier

Communications

Holdings

LLC

8.63%,

03/15/2031

(a)

1,718,000‌

1,852,159‌

Level

3

Financing,

Inc.

10.50%,

05/15/2030

(a)

413,000‌

444,491‌

10.75%,

12/15/2030

(a)

887,000‌

973,444‌

Zayo

Group

Holdings,

Inc.

4.00%,

03/01/2027

(a)

312,000‌

279,066‌

6.13%,

03/01/2028

(a)

262,000‌

217,460‌

$

6,287,570‌

Transportation

-

0

.86

%

Watco

Cos.

LLC/Watco

Finance

Corp.

7.13%,

08/01/2032

(a)

1,915,000‌

1,995,951‌

TOTAL

BONDS

a

$

209,261,057‌

SENIOR

FLOATING

RATE

INTERESTS

-

5

.74

%

Principal

Amount

Value

Airlines

-

2

.12

%

–

—

American

Airlines,

Inc.,

2021

Term

Loan

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.75%),

10.29%,

04/20/2028

$

2,211,563‌

$

2,271,452‌

United

Airlines,

Inc.,

2024

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

2.75%),

8.03%,

02/22/2031

1,144,405‌

1,144,759‌

WestJet

Loyalty

LP,

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.75%),

8.35%,

02/14/2031

1,552,200‌

1,534,086‌

$

4,950,297‌

Building

Materials

-

0

.64

%

MI

Windows

&

Doors

LLC,

2024

Term

Loan

B2

(1-month

Term

Secured

Overnight

Financing

Rate

+

3.50%),

8.35%,

03/28/2031

1,501,238‌

1,502,484‌

Food

-

1

.18

%

Fiesta

Purchaser,

Inc.,

2024

Term

Loan

B

(1-month

Term

Secured

Overnight

Financing

Rate

+

4.00%),

8.85%,

02/12/2031

2,748,113‌

2,747,481‌

Forest

Products

&

Paper

-

0

.48

%

Spectrum

Group

Buyer,

Inc.,

2022

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

6.50%),

11.75%,

05/19/2028

1,399,140‌

1,107,069‌

Household

Products

&

Wares

-

0

.43

%

Kronos

Acquisition

Holdings,

Inc.,

2024

Term

Loan

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.00%),

9.31%,

07/08/2031

1,065,000‌

995,775‌

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

Value

Mining

-

0

.38

%

Arsenal

AIC

Parent

LLC,

2024

1st

Lien

Term

Loan

B

(1-month

Term

Secured

Overnight

Financing

Rate

+

3.25%),

8.10%,

08/18/2030

$

895,978‌

$

894,186‌

Pharmaceuticals

-

0

.39

%

Endo

Luxembourg

Finance

Co.

I

SARL,

2024

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.50%),

9.78%,

04/23/2031

920,000‌

918,657‌

Telecommunications

-

0

.12

%

Zayo

Group

Holdings,

Inc.,

USD

Term

Loan

0.00%,

03/09/2027

(i)

315,000‌

287,242‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

a

$

13,403,191‌

INVESTMENT

COMPANIES

-

7

.53

%

Shares

Held

Value

Money

Market

Funds

-

7

.53

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

(j),(k),(l)

11,066,955‌

$

11,066,955‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(j)

6,490,617‌

6,490,617‌

TOTAL

INVESTMENT

COMPANIES

a

$

17,557,572‌

Total

Investments

$

240,221,820‌

Other

Assets

and

Liabilities

-

(3.01%)

(

7,030,990‌

)

TOTAL

NET

ASSETS

-

100.00%

$

233,190,830‌

(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

$182,145,597

or

78.11%

of

net

assets.

(b)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,795,151

or

4.63%

of

net

assets.

(c)

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.

(d)

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.

(e)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(f)

Security

is

defaulted.

(g)

Non-income

producing

security.

(h)

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.

(i)

This

Senior

Floating

Rate

Interest

will

settle

after

September

30,

2024,

at

which

time

the

interest

rate

will

be

determined.

(j)

1-day

yield

shown

as

of

period

end.

(k)

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.

(l)

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

$11,066,955

or

4.75%

of

net

assets.

4

Schedule

of

Investments

Principal

Active

High

Yield

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

September

30,

2024

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

$

7,350,220‌

$

25,071,148‌

$

21,354,413‌

$

11,066,955‌

$

7,350,220‌

$

25,071,148‌

$

21,354,413‌

$

11,066,955‌

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

4.91%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

5

Schedule

of

Investments

Principal

Focused

Blue

Chip

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

99

.70

%

Shares

Held

Value

Aerospace

&

Defense

-

4

.76

%

-

—

TransDigm

Group,

Inc.

2,734‌

$

3,901,773‌

Distribution

&

Wholesale

-

2

.31

%

Copart,

Inc.

(a)

36,066‌

1,889,858‌

Diversified

Financial

Services

-

13

.59

%

Charles

Schwab

Corp.

27,190‌

1,762,184‌

Mastercard,

Inc.,

Class

A

11,529‌

5,693,020‌

Visa,

Inc.,

Class

A

13,374‌

3,677,181‌

$

11,132,385‌

Electronics

-

0

.00

%

Amphenol

Corp.,

Class

A

23‌

1,499‌

Healthcare

-

Products

-

7

.27

%

Danaher

Corp.

13,592‌

3,778,848‌

Thermo

Fisher

Scientific,

Inc.

3,516‌

2,174,892‌

$

5,953,740‌

Insurance

-

4

.74

%

Progressive

Corp.

15,309‌

3,884,812‌

Internet

-

26

.68

%

Alphabet,

Inc.,

Class

C

56,343‌

9,419,986‌

Amazon.com,

Inc.

(a)

51,228‌

9,545,314‌

Netflix,

Inc.

(a)

4,078‌

2,892,403‌

$

21,857,703‌

Lodging

-

3

.14

%

Hilton

Worldwide

Holdings,

Inc.

11,145‌

2,568,923‌

Pharmaceuticals

-

2

.37

%

Zoetis,

Inc.

9,921‌

1,938,365‌

Private

Equity

-

5

.05

%

Brookfield

Corp.,

Class

A

77,883‌

4,139,482‌

Real

Estate

-

2

.56

%

CoStar

Group,

Inc.

(a)

27,850‌

2,101,004‌

Retail

-

2

.41

%

O'Reilly

Automotive,

Inc.

(a)

1,717‌

1,977,297‌

Software

-

24

.82

%

Adobe,

Inc.

(a)

5,045‌

2,612,200‌

Cadence

Design

Systems,

Inc.

(a)

6,794‌

1,841,378‌

Intuit,

Inc.

4,629‌

2,874,609‌

Microsoft

Corp.

25,376‌

10,919,293‌

Roper

Technologies,

Inc.

3,747‌

2,084,980‌

$

20,332,460‌

TOTAL

COMMON

STOCKS

a

$

81,679,301‌

INVESTMENT

COMPANIES

-

0

.58

%

Shares

Held

Value

Money

Market

Funds

-

0

.58

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(b)

474,050‌

$

474,050‌

TOTAL

INVESTMENT

COMPANIES

a

$

474,050‌

Total

Investments

$

82,153,351‌

Other

Assets

and

Liabilities

-

(0.28%)

(

229,039‌

)

TOTAL

NET

ASSETS

-

100.00%

$

81,924,312‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

as

of

period

end.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

September

30,

2024

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

$

—‌

$

3,029,171‌

$

3,029,171‌

$

—‌

$

—‌

$

3,029,171‌

$

3,029,171‌

$

—‌

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

4.91%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

6

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

-

98

.49

%

Principal

Amount

Value

Aerospace

&

Defense

-

3

.61

%

—

—

BAE

Systems

PLC

5.00%,

03/26/2027

(a)

$

385,000‌

$

391,218‌

Boeing

Co.

2.20%,

02/04/2026

563,000‌

542,163‌

6.26%,

05/01/2027

(a)

166,000‌

171,465‌

6.53%,

05/01/2034

(a)

450,000‌

482,969‌

L3Harris

Technologies,

Inc.

5.05%,

06/01/2029

168,000‌

173,038‌

RTX

Corp.

4.13%,

11/16/2028

1,223,000‌

1,219,923‌

6.10%,

03/15/2034

230,000‌

253,915‌

$

3,234,691‌

Agriculture

-

0

.98

%

BAT

Capital

Corp.

4.54%,

08/15/2047

415,000‌

350,536‌

4.76%,

09/06/2049

330,000‌

284,775‌

5.83%,

02/20/2031

227,000‌

240,785‌

$

876,096‌

Airlines

-

1

.82

%

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.75%,

10/20/2028

(a)

1,132,078‌

1,130,738‌

United

Airlines

Pass-Through

Trust

,

Class

A

5.88%,

08/15/2038

481,000‌

495,535‌

$

1,626,273‌

Auto

Manufacturers

-

2

.25

%

Ford

Motor

Credit

Co.

LLC

5.80%,

03/08/2029

420,000‌

426,901‌

6.13%,

03/08/2034

234,000‌

236,924‌

Hyundai

Capital

America

5.30%,

06/24/2029

(a)

230,000‌

236,811‌

5.40%,

01/08/2031

(a)

281,000‌

290,465‌

5.40%,

06/24/2031

(a)

190,000‌

197,041‌

6.50%,

01/16/2029

(a)

584,000‌

626,495‌

$

2,014,637‌

Banks

-

25

.79

%

AIB

Group

PLC

(6-month

Secured

Overnight

Financing

Rate

+

1.91%),

5.87%,

03/28/2035

(a),(b)

479,000‌

505,014‌

Bank

of

America

Corp.

(6-month

Secured

Overnight

Financing

Rate

+

1.32%),

2.69%,

04/22/2032

(b)

2,178,000‌

1,942,491‌

Bank

of

New

York

Mellon

Corp.

(6-month

Secured

Overnight

Financing

Rate

+

1.61%),

4.97%,

04/26/2034

(b)

804,000‌

823,651‌

Barclays

PLC

(6-month

Secured

Overnight

Financing

Rate

+

1.91%),

5.34%,

09/10/2035

(b)

299,000‌

302,327‌

Citigroup,

Inc.

(6-month

Secured

Overnight

Financing

Rate

+

1.54%),

5.61%,

09/29/2026

(b)

1,151,000‌

1,160,977‌

Commonwealth

Bank

of

Australia

5.84%,

03/13/2034

(a)

322,000‌

339,638‌

Danske

Bank

AS

(5-year

Treasury

Constant

Maturity

Rate

+

1.10%),

4.61%,

10/02/2030

(a),(b)

270,000‌

269,691‌

(1-year

Treasury

Constant

Maturity

Rate

+

1.40%),

5.71%,

03/01/2030

(a),(b)

428,000‌

446,079‌

Deutsche

Bank

AG

(6-month

Secured

Overnight

Financing

Rate

+

2.05%),

5.40%,

09/11/2035

(b)

349,000‌

351,252‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Deutsche

Bank

AG

(continued)

(6-month

Secured

Overnight

Financing

Rate

+

1.59%),

5.71%,

02/08/2028

(b)

$

341,000‌

$

348,375‌

Fifth

Third

Bancorp

(6-month

Secured

Overnight

Financing

Rate

+

1.84%),

5.63%,

01/29/2032

(b)

278,000‌

290,376‌

HSBC

Holdings

PLC

(6-month

Secured

Overnight

Financing

Rate

+

1.06%),

5.60%,

05/17/2028

(b)

915,000‌

940,680‌

(6-month

Secured

Overnight

Financing

Rate

+

1.52%),

5.73%,

05/17/2032

(b)

220,000‌

231,754‌

Huntington

Bancshares,

Inc.

(6-month

Secured

Overnight

Financing

Rate

+

1.87%),

5.71%,

02/02/2035

(b)

812,000‌

845,337‌

JPMorgan

Chase

&

Co.

(6-month

Secured

Overnight

Financing

Rate

+

1.81%),

6.25%,

10/23/2034

(b)

2,152,000‌

2,393,437‌

KeyBank

NA

5.00%,

01/26/2033

(c)

259,000‌

256,646‌

KeyCorp

(6-month

Secured

Overnight

Financing

Rate

+

2.42%),

6.40%,

03/06/2035

(b)

312,000‌

339,225‌

Morgan

Stanley

(6-month

Secured

Overnight

Financing

Rate

+

1.56%),

5.32%,

07/19/2035

(b)

678,000‌

704,051‌

(6-month

Secured

Overnight

Financing

Rate

+

1.73%),

5.47%,

01/18/2035

(b)

2,822,000‌

2,950,658‌

(6-month

Secured

Overnight

Financing

Rate

+

1.58%),

5.83%,

04/19/2035

(b)

136,000‌

146,084‌

PNC

Financial

Services

Group,

Inc.

(6-month

Secured

Overnight

Financing

Rate

+

1.60%),

5.40%,

07/23/2035

(b)

280,000‌

291,985‌

(6-month

Secured

Overnight

Financing

Rate

+

1.90%),

5.68%,

01/22/2035

(b)

1,230,000‌

1,303,944‌

(6-month

Secured

Overnight

Financing

Rate

+

2.28%),

6.88%,

10/20/2034

(b)

164,000‌

187,776‌

Truist

Financial

Corp.

(6-month

Secured

Overnight

Financing

Rate

+

1.62%),

5.44%,

01/24/2030

(b)

170,000‌

175,960‌

(6-month

Secured

Overnight

Financing

Rate

+

1.92%),

5.71%,

01/24/2035

(b)

195,000‌

205,430‌

(6-month

Secured

Overnight

Financing

Rate

+

1.63%),

5.90%,

10/28/2026

(b)

385,000‌

389,950‌

(6-month

Secured

Overnight

Financing

Rate

+

2.45%),

7.16%,

10/30/2029

(b)

395,000‌

432,969‌

U.S.

Bancorp

(6-month

Secured

Overnight

Financing

Rate

+

1.25%),

5.10%,

07/23/2030

(b)

270,000‌

277,914‌

(6-month

Secured

Overnight

Financing

Rate

+

1.86%),

5.68%,

01/23/2035

(b)

372,000‌

394,319‌

7

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

UBS

Group

AG

(1-year

Treasury

Constant

Maturity

Rate

+

1.75%),

4.75%,

05/12/2028

(a),(b)

$

1,372,000‌

$

1,380,764‌

(1-year

Treasury

Constant

Maturity

Rate

+

1.77%),

5.70%,

02/08/2035

(a),(b)

229,000‌

241,728‌

Wells

Fargo

&

Co.

(6-month

Secured

Overnight

Financing

Rate

+

2.10%),

2.39%,

06/02/2028

(b)

1,929,000‌

1,834,126‌

Westpac

Banking

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.00%),

4.11%,

07/24/2034

(b)

400,000‌

386,839‌

$

23,091,447‌

Beverages

-

1

.38

%

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

4.90%,

02/01/2046

352,000‌

346,665‌

Anheuser-Busch

InBev

Worldwide,

Inc.

4.38%,

04/15/2038

921,000‌

888,310‌

$

1,234,975‌

Biotechnology

-

0

.86

%

Amgen,

Inc.

5.60%,

03/02/2043

729,000‌

765,878‌

Building

Materials

-

0

.61

%

CRH

America

Finance,

Inc.

5.40%,

05/21/2034

332,000‌

346,157‌

Trane

Technologies

Financing

Ltd.

5.10%,

06/13/2034

192,000‌

200,090‌

$

546,247‌

Chemicals

-

0

.23

%

International

Flavors

&

Fragrances,

Inc.

1.83%,

10/15/2027

(a)

227,000‌

210,224‌

Commercial

Services

-

0

.26

%

Ashtead

Capital,

Inc.

5.80%,

04/15/2034

(a)

224,000‌

234,088‌

Computers

-

1

.32

%

Apple,

Inc.

3.95%,

08/08/2052

169,000‌

148,941‌

Hewlett

Packard

Enterprise

Co.

4.45%,

09/25/2026

325,000‌

325,655‌

4.55%,

10/15/2029

275,000‌

274,294‌

5.00%,

10/15/2034

350,000‌

346,507‌

5.60%,

10/15/2054

90,000‌

88,355‌

$

1,183,752‌

Diversified

Financial

Services

-

2

.66

%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

3.40%,

10/29/2033

1,088,000‌

962,612‌

3.85%,

10/29/2041

790‌

660‌

4.63%,

09/10/2029

182,000‌

182,090‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.72%),

6.95%,

03/10/2055

(b)

185,000‌

191,806‌

Aircastle

Ltd.

5.95%,

02/15/2029

(a)

135,000‌

139,834‌

Aircastle

Ltd./Aircastle

Ireland

DAC

5.75%,

10/01/2031

(a)

481,000‌

494,564‌

Blackstone

Holdings

Finance

Co.

LLC

2.85%,

08/05/2051

(a)

625,342‌

414,312‌

$

2,385,878‌

Electric

-

8

.51

%

Alliant

Energy

Finance

LLC

5.95%,

03/30/2029

(a)

135,000‌

142,545‌

Commonwealth

Edison

Co.

4.00%,

03/01/2049

636,000‌

531,007‌

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

Consolidated

Edison

Co.

of

New

York,

Inc.

5.90%,

11/15/2053

$

144,000‌

$

159,246‌

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

636,000‌

525,454‌

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

180,000‌

206,836‌

FirstEnergy

Corp.

4.85%,

07/15/2047

478,000‌

438,063‌

Florida

Power

&

Light

Co.

3.95%,

03/01/2048

478,000‌

410,667‌

Indianapolis

Power

&

Light

Co.

5.70%,

04/01/2054

(a)

338,000‌

359,969‌

Kentucky

Utilities

Co.

4.38%,

10/01/2045

687,000‌

613,147‌

MidAmerican

Energy

Co.

3.15%,

04/15/2050

250,000‌

183,078‌

4.40%,

10/15/2044

636,000‌

579,729‌

Monongahela

Power

Co.

3.55%,

05/15/2027

(a)

494,000‌

484,950‌

Northern

States

Power

Co.

5.10%,

05/15/2053

343,000‌

346,051‌

NRG

Energy,

Inc.

2.00%,

12/02/2025

(a)

642,000‌

619,426‌

Oncor

Electric

Delivery

Co.

LLC

5.55%,

06/15/2054

(a)

172,000‌

183,019‌

Pacific

Gas

&

Electric

Co.

2.95%,

03/01/2026

1,210,000‌

1,180,919‌

5.55%,

05/15/2029

420,000‌

436,268‌

Southwestern

Public

Service

Co.

6.00%,

06/01/2054

202,000‌

221,007‌

$

7,621,381‌

Engineering

&

Construction

-

0

.24

%

CIMIC

Finance

USA

Pty.

Ltd.

7.00%,

03/25/2034

(a)

198,000‌

212,567‌

Entertainment

-

1

.22

%

Warnermedia

Holdings,

Inc.

4.28%,

03/15/2032

1,225,000‌

1,088,207‌

Food

-

0

.47

%

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

4.38%,

02/02/2052

530,400‌

421,265‌

Sysco

Corp.

3.15%,

12/14/2051

736‌

515‌

$

421,780‌

Gas

-

2

.07

%

NiSource,

Inc.

0.95%,

08/15/2025

1,539,000‌

1,490,269‌

5.25%,

03/30/2028

87,000‌

89,617‌

Southern

California

Gas

Co.

5.05%,

09/01/2034

264,000‌

272,233‌

$

1,852,119‌

Healthcare

-

Products

-

1

.32

%

Boston

Scientific

Corp.

2.65%,

06/01/2030

1,286,000‌

1,182,127‌

Healthcare

-

Services

-

3

.75

%

Centene

Corp.

2.45%,

07/15/2028

(c)

1,377,000‌

1,268,114‌

HCA,

Inc.

5.45%,

04/01/2031

307,000‌

319,864‌

5.45%,

09/15/2034

468,000‌

481,543‌

6.00%,

04/01/2054

138,000‌

145,811‌

UnitedHealth

Group,

Inc.

2.75%,

05/15/2040

652,000‌

499,060‌

5.38%,

04/15/2054

106,000‌

110,193‌

5.63%,

07/15/2054

250,000‌

268,200‌

5.75%,

07/15/2064

250,000‌

269,877‌

$

3,362,662‌

8

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Insurance

-

4

.21

%

AIA

Group

Ltd.

5.40%,

09/30/2054

(a)

$

300,000‌

$

300,333‌

American

International

Group,

Inc.

5.13%,

03/27/2033

262,000‌

270,002‌

American

National

Group,

Inc.

5.75%,

10/01/2029

185,000‌

186,069‌

Aon

North

America,

Inc.

5.75%,

03/01/2054

277,000‌

293,437‌

Arthur

J

Gallagher

&

Co.

2.40%,

11/09/2031

790,000‌

675,079‌

6.75%,

02/15/2054

709,000‌

834,530‌

Athene

Holding

Ltd.

6.25%,

04/01/2054

361,000‌

384,843‌

Corebridge

Financial,

Inc.

5.75%,

01/15/2034

504,000‌

531,221‌

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

7,000‌

4,683‌

MetLife,

Inc.

5.00%,

07/15/2052

119,000‌

117,789‌

5.30%,

12/15/2034

167,000‌

175,430‌

$

3,773,416‌

Internet

-

1

.22

%

Meta

Platforms,

Inc.

5.40%,

08/15/2054

191,000‌

200,102‌

Netflix,

Inc.

5.88%,

11/15/2028

837,000‌

891,964‌

$

1,092,066‌

Iron

&

Steel

-

0

.12

%

Steel

Dynamics,

Inc.

5.38%,

08/15/2034

103,000‌

106,303‌

Media

-

1

.47

%

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

4.80%,

03/01/2050

415,000‌

317,712‌

Comcast

Corp.

3.97%,

11/01/2047

733,000‌

612,465‌

5.65%,

06/01/2054

108,000‌

115,337‌

Paramount

Global

4.20%,

05/19/2032

(c)

310,000‌

274,897‌

$

1,320,411‌

Mining

-

1

.87

%

Glencore

Funding

LLC

5.37%,

04/04/2029

(a)

983,000‌

1,016,149‌

6.13%,

10/06/2028

(a)

619,000‌

655,857‌

$

1,672,006‌

Oil

&

Gas

-

2

.10

%

Diamondback

Energy,

Inc.

5.75%,

04/18/2054

332,000‌

334,547‌

Marathon

Oil

Corp.

4.40%,

07/15/2027

148,000‌

148,179‌

5.70%,

04/01/2034

193,000‌

207,104‌

6.60%,

10/01/2037

191,000‌

218,347‌

Occidental

Petroleum

Corp.

5.20%,

08/01/2029

175,000‌

177,905‌

6.60%,

03/15/2046

489,000‌

526,158‌

Saudi

Arabian

Oil

Co.

5.75%,

07/17/2054

(a)

262,000‌

265,280‌

$

1,877,520‌

Packaging

&

Containers

-

1

.67

%

Packaging

Corp.

of

America

5.70%,

12/01/2033

584,000‌

621,273‌

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

(a)

559,000‌

577,483‌

Sonoco

Products

Co.

4.60%,

09/01/2029

156,000‌

155,210‌

5.00%,

09/01/2034

144,000‌

141,991‌

$

1,495,957‌

BONDS

(continued)

Principal

Amount

Value

Pharmaceuticals

-

4

.26

%

AbbVie,

Inc.

3.20%,

11/21/2029

$

654,000‌

$

625,422‌

4.25%,

11/21/2049

540,000‌

483,053‌

4.95%,

03/15/2031

860,000‌

894,220‌

5.40%,

03/15/2054

133,000‌

141,027‌

Becton

Dickinson

&

Co.

3.70%,

06/06/2027

1,690,000‌

1,668,810‌

$

3,812,532‌

Pipelines

-

6

.08

%

Cheniere

Energy,

Inc.

5.65%,

04/15/2034

(a)

168,000‌

173,814‌

DT

Midstream,

Inc.

4.13%,

06/15/2029

(a)

698,000‌

667,666‌

Energy

Transfer

LP

3.75%,

05/15/2030

819,000‌

782,369‌

5.15%,

03/15/2045

560,000‌

521,852‌

5.25%,

07/01/2029

105,000‌

108,143‌

6.05%,

09/01/2054

190,000‌

196,830‌

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

1,310,000‌

1,250,883‌

Kinder

Morgan,

Inc.

5.40%,

02/01/2034

672,000‌

688,639‌

MPLX

LP

4.88%,

12/01/2024

643,000‌

642,290‌

5.50%,

06/01/2034

239,000‌

245,544‌

ONEOK,

Inc.

4.40%,

10/15/2029

165,000‌

164,442‌

$

5,442,472‌

Real

Estate

-

1

.12

%

CoStar

Group,

Inc.

2.80%,

07/15/2030

(a)

1,118,000‌

1,007,218‌

REITs

-

2

.40

%

American

Homes

4

Rent

LP

2.38%,

07/15/2031

400,000‌

343,550‌

5.50%,

07/15/2034

285,000‌

294,736‌

Crown

Castle,

Inc.

5.80%,

03/01/2034

584,000‌

619,375‌

Realty

Income

Corp.

3.10%,

12/15/2029

70‌

66‌

3.20%,

02/15/2031

696,000‌

644,897‌

Simon

Property

Group

LP

4.75%,

09/26/2034

245,000‌

242,974‌

$

2,145,598‌

Semiconductors

-

3

.13

%

Broadcom,

Inc.

4.11%,

09/15/2028

574,000‌

572,502‌

4.35%,

02/15/2030

335,000‌

334,347‌

4.55%,

02/15/2032

195,000‌

194,851‌

5.05%,

07/12/2029

205,000‌

211,167‌

5.15%,

11/15/2031

235,000‌

243,872‌

Marvell

Technology,

Inc.

2.95%,

04/15/2031

322,000‌

290,827‌

5.95%,

09/15/2033

411,000‌

441,683‌

Micron

Technology,

Inc.

5.30%,

01/15/2031

220,000‌

228,595‌

6.75%,

11/01/2029

261,000‌

286,759‌

$

2,804,603‌

Software

-

3

.97

%

Oracle

Corp.

3.95%,

03/25/2051

455,000‌

366,185‌

4.00%,

07/15/2046

653,000‌

541,690‌

Take-Two

Interactive

Software,

Inc.

4.00%,

04/14/2032

(c)

735,000‌

703,888‌

4.95%,

03/28/2028

281,000‌

286,665‌

5.40%,

06/12/2029

187,000‌

193,772‌

VMware

LLC

4.65%,

05/15/2027

1,452,000‌

1,462,201‌

$

3,554,401‌

9

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Telecommunications

-

4

.21

%

AT&T,

Inc.

2.55%,

12/01/2033

$

390,000‌

$

328,726‌

3.50%,

09/15/2053

1,948,000‌

1,431,145‌

T-Mobile

USA,

Inc.

3.38%,

04/15/2029

1,543,000‌

1,480,908‌

3.50%,

04/15/2031

563,000‌

529,759‌

$

3,770,538‌

Transportation

-

0

.46

%

Norfolk

Southern

Corp.

5.35%,

08/01/2054

405,000‌

416,095‌

Water

-

0

.85

%

Essential

Utilities,

Inc.

2.40%,

05/01/2031

874,000‌

764,690‌

TOTAL

BONDS

a

$

88,200,855‌

INVESTMENT

COMPANIES

-

2

.85

%

Shares

Held

Value

Money

Market

Funds

-

2

.85

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

(d),(e),(f)

1,609,020‌

$

1,609,020‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(d)

944,562‌

944,562‌

TOTAL

INVESTMENT

COMPANIES

a

$

2,553,582‌

Total

Investments

$

90,754,437‌

Other

Assets

and

Liabilities

-

(1.34%)

(

1,204,638‌

)

TOTAL

NET

ASSETS

-

100.00%

$

89,549,799‌

(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

$14,869,414

or

16.60%

of

net

assets.

(b)

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.

(c)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,575,530

or

1.76%

of

net

assets.

(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

$1,609,020

or

1.80%

of

net

assets.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

September

30,

2024

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

$

—‌

$

3,861,308‌

$

2,252,288‌

$

1,609,020‌

$

—‌

$

3,861,308‌

$

2,252,288‌

$

1,609,020‌

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

4.91%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(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

Note

CBT;

December

2024

Long

12‌

$

2,498,906‌

$

5,008‌

U.S.

5

Year

Note

CBT;

December

2024

Long

3‌

329,648‌

(

1,311‌

)

U.S.

10

Year

Note

CBT;

December

2024

Short

2‌

228,562‌

1,152‌

U.S.

10

Year

Ultra

Note

CBT;

December

2024

Short

50‌

5,914,844‌

7,238‌

U.S.

Long

Bond

CBT;

December

2024

Long

22‌

2,732,125‌

(

14,611‌

)

U.S.

Ultra

Bond

CBT;

December

2024

Long

26‌

3,460,438‌

(

33,996‌

)

Total

$

(

36,520‌

)

10

Schedule

of

Investments

Principal

Quality

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

99

.65

%

Shares

Held

Value

Auto

Parts

&

Equipment

-

0

.93

%

-

—

Aptiv

PLC

(a)

7,345‌

$

528,913‌

Building

Materials

-

3

.36

%

Martin

Marietta

Materials,

Inc.

992‌

533,944‌

Trane

Technologies

PLC

2,135‌

829,939‌

Vulcan

Materials

Co.

2,189‌

548,191‌

$

1,912,074‌

Chemicals

-

2

.19

%

Ecolab,

Inc.

2,694‌

687,859‌

PPG

Industries,

Inc.

4,208‌

557,392‌

$

1,245,251‌

Commercial

Services

-

3

.22

%

Corpay,

Inc.

(a)

1,916‌

599,248‌

Global

Payments,

Inc.

4,480‌

458,841‌

PayPal

Holdings,

Inc.

(a)

9,922‌

774,214‌

$

1,832,303‌

Computers

-

11

.91

%

Accenture

PLC,

Class

A

2,213‌

782,251‌

Apple,

Inc.

13,386‌

3,118,938‌

Gartner,

Inc.

(a)

1,253‌

634,970‌

Hewlett

Packard

Enterprise

Co.

33,881‌

693,205‌

International

Business

Machines

Corp.

3,947‌

872,603‌

NetApp,

Inc.

5,534‌

683,505‌

$

6,785,472‌

Distribution

&

Wholesale

-

2

.08

%

Copart,

Inc.

(a)

10,698‌

560,575‌

WW

Grainger,

Inc.

599‌

622,247‌

$

1,182,822‌

Diversified

Financial

Services

-

1

.11

%

Cboe

Global

Markets,

Inc.

3,074‌

629,770‌

Electrical

Components

&

Equipment

-

2

.32

%

AMETEK,

Inc.

3,264‌

560,462‌

Eaton

Corp.

PLC

2,303‌

763,306‌

$

1,323,768‌

Electronics

-

3

.11

%

Allegion

PLC

4,251‌

619,541‌

Jabil,

Inc.

4,546‌

544,747‌

Keysight

Technologies,

Inc.

(a)

3,827‌

608,225‌

$

1,772,513‌

Environmental

Control

-

1

.11

%

Republic

Services,

Inc.

3,152‌

633,048‌

Food

-

1

.00

%

Sysco

Corp.

7,295‌

569,448‌

Hand

&

Machine

Tools

-

0

.98

%

Snap-on,

Inc.

1,931‌

559,430‌

Healthcare

-

Products

-

6

.83

%

Agilent

Technologies,

Inc.

4,025‌

597,632‌

Boston

Scientific

Corp.

(a)

9,958‌

834,480‌

Edwards

Lifesciences

Corp.

(a)

6,599‌

435,468‌

Stryker

Corp.

1,952‌

705,180‌

Thermo

Fisher

Scientific,

Inc.

1,409‌

871,565‌

West

Pharmaceutical

Services,

Inc.

1,484‌

445,438‌

$

3,889,763‌

Healthcare

-

Services

-

0

.98

%

IQVIA

Holdings,

Inc.

(a)

2,364‌

560,197‌

Home

Builders

-

2

.61

%

DR

Horton,

Inc.

3,933‌

750,299‌

PulteGroup,

Inc.

5,138‌

737,457‌

$

1,487,756‌

Household

Products

&

Wares

-

2

.19

%

Church

&

Dwight

Co.,

Inc.

5,481‌

573,970‌

Kimberly-Clark

Corp.

4,756‌

676,684‌

$

1,250,654‌

Insurance

-

0

.24

%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

292‌

134,396‌

Internet

-

9

.40

%

Alphabet,

Inc.,

Class

A

1,658‌

274,979‌

Alphabet,

Inc.,

Class

C

6,114‌

1,022,200‌

Amazon.com,

Inc.

(a)

6,632‌

1,235,740‌

CDW

Corp.

2,366‌

535,426‌

F5,

Inc.

(a)

2,949‌

649,370‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Internet

(continued)

Meta

Platforms,

Inc.,

Class

A

1,089‌

$

623,387‌

Netflix,

Inc.

(a)

1,430‌

1,014,256‌

$

5,355,358‌

Machinery

-

Diversified

-

3

.93

%

Dover

Corp.

3,249‌

622,963‌

IDEX

Corp.

2,346‌

503,217‌

Nordson

Corp.

2,121‌

557,038‌

Rockwell

Automation,

Inc.

2,065‌

554,370‌

$

2,237,588‌

Media

-

0

.95

%

FactSet

Research

Systems,

Inc.

1,183‌

544,003‌

Miscellaneous

Manufacturers

-

2

.09

%

A.O.

Smith

Corp.

6,356‌

570,960‌

Illinois

Tool

Works,

Inc.

2,360‌

618,485‌

$

1,189,445‌

Oil

&

Gas

Services

-

0

.88

%

Schlumberger

NV

11,974‌

502,309‌

Pharmaceuticals

-

1

.27

%

Zoetis,

Inc.

3,693‌

721,538‌

Retail

-

3

.03

%

Chipotle

Mexican

Grill,

Inc.

(a)

11,538‌

664,820‌

O'Reilly

Automotive,

Inc.

(a)

559‌

643,744‌

Ulta

Beauty,

Inc.

(a)

1,069‌

415,969‌

$

1,724,533‌

Semiconductors

-

15

.23

%

Advanced

Micro

Devices,

Inc.

(a)

4,809‌

789,061‌

Applied

Materials,

Inc.

3,751‌

757,890‌

Broadcom,

Inc.

9,754‌

1,682,565‌

KLA

Corp.

964‌

746,531‌

Microchip

Technology,

Inc.

6,762‌

542,921‌

Monolithic

Power

Systems,

Inc.

845‌

781,202‌

NVIDIA

Corp.

21,333‌

2,590,679‌

QUALCOMM,

Inc.

4,634‌

788,012‌

$

8,678,861‌

Software

-

15

.17

%

Broadridge

Financial

Solutions,

Inc.

2,843‌

611,330‌

Cadence

Design

Systems,

Inc.

(a)

2,162‌

585,967‌

Fiserv,

Inc.

(a)

4,351‌

781,657‌

Intuit,

Inc.

1,208‌

750,168‌

Microsoft

Corp.

10,443‌

4,493,623‌

Salesforce,

Inc.

3,031‌

829,615‌

Synopsys,

Inc.

(a)

1,169‌

591,970‌

$

8,644,330‌

Telecommunications

-

1

.53

%

Arista

Networks,

Inc.

(a)

2,274‌

872,807‌

TOTAL

COMMON

STOCKS

a

$

56,768,350‌

INVESTMENT

COMPANIES

-

0

.31

%

Shares

Held

Value

Money

Market

Funds

-

0

.31

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(b)

179,212‌

$

179,212‌

TOTAL

INVESTMENT

COMPANIES

a

$

179,212‌

Total

Investments

$

56,947,562‌

Other

Assets

and

Liabilities

-

0.04%

21,169‌

TOTAL

NET

ASSETS

-

100.00%

$

56,968,731‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

as

of

period

end.

11

Schedule

of

Investments

Principal

Real

Estate

Active

Opportunities

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

98

.93

%

Shares

Held

Value

Entertainment

-

1

.12

%

-

—

Marriott

Vacations

Worldwide

Corp.

1,970‌

$

144,755‌

REITs

-

97

.81

%

Alexandria

Real

Estate

Equities,

Inc.

2,772‌

329,175‌

American

Healthcare

REIT,

Inc.

19,466‌

508,063‌

American

Homes

4

Rent,

Class

A

12,707‌

487,822‌

American

Tower

Corp.

3,863‌

898,379‌

Americold

Realty

Trust,

Inc.

21,450‌

606,391‌

Crown

Castle,

Inc.

1,932‌

229,193‌

DiamondRock

Hospitality

Co.

23,983‌

209,372‌

Digital

Realty

Trust,

Inc.

2,487‌

402,471‌

Equinix,

Inc.

989‌

877,866‌

Equity

LifeStyle

Properties,

Inc.

7,215‌

514,718‌

Extra

Space

Storage,

Inc.

4,100‌

738,779‌

Gaming

&

Leisure

Properties,

Inc.

10,620‌

546,399‌

Invitation

Homes,

Inc.

21,776‌

767,822‌

Lineage,

Inc.

4,930‌

386,413‌

National

Health

Investors,

Inc.

3,399‌

285,720‌

Rexford

Industrial

Realty,

Inc.

10,886‌

547,675‌

Ryman

Hospitality

Properties,

Inc.

2,950‌

316,358‌

Sabra

Health

Care

REIT,

Inc.

29,554‌

550,000‌

SBA

Communications

Corp.

2,705‌

651,093‌

Terreno

Realty

Corp.

7,797‌

521,074‌

Ventas,

Inc.

17,103‌

1,096,815‌

VICI

Properties,

Inc.

16,093‌

536,058‌

Welltower,

Inc.

4,969‌

636,181‌

$

12,643,837‌

TOTAL

COMMON

STOCKS

a

$

12,788,592‌

INVESTMENT

COMPANIES

-

0

.90

%

Shares

Held

Value

Money

Market

Funds

-

0

.90

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(a)

115,907‌

$

115,907‌

TOTAL

INVESTMENT

COMPANIES

a

$

115,907‌

Total

Investments

$

12,904,499‌

Other

Assets

and

Liabilities

-

0.17%

21,885‌

TOTAL

NET

ASSETS

-

100.00%

$

12,926,384‌

(a)

1-day

yield

shown

as

of

period

end.

12

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

-

98

.36

%

Principal

Amount

Value

Banks

-

52

.08

%

—

—

Bank

of

America

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.76%),

4.38%,

01/27/2027

(a),(b)

$

16,559,000‌

$

16,029,546‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.23%),

6.13%,

04/27/2027

(a),(b)

12,025,000‌

12,295,586‌

Bank

of

Montreal

(5-year

Treasury

Constant

Maturity

Rate

+

2.98%),

6.70%,

02/25/2025

(a),(b)

4,112,000‌

4,097,933‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.01%),

7.30%,

11/26/2084

(b)

13,500,000‌

14,227,555‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.45%),

7.70%,

05/26/2084

(b)

2,800,000‌

2,954,790‌

Bank

of

New

York

Mellon

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.35%),

3.70%,

03/20/2026

(a),(b)

16,671,000‌

16,195,651‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.63%),

3.75%,

12/20/2026

(a),(b)

10,185,000‌

9,612,921‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.39%),

4.63%,

09/20/2026

(a),(b)

1,404,000‌

1,389,523‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.36%),

4.70%,

09/20/2025

(a),(b)

7,900,000‌

7,838,402‌

Bank

of

Nova

Scotia

(5-year

Treasury

Constant

Maturity

Rate

+

4.55%),

4.90%,

06/04/2025

(a),(b)

16,260,000‌

16,038,207‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.38%),

8.63%,

10/27/2082

(b)

18,569,000‌

20,085,029‌

Citigroup,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.42%),

3.88%,

02/18/2026

(a),(b)

11,262,000‌

10,839,413‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.60%),

4.00%,

12/10/2025

(a),(b)

15,226,000‌

14,907,081‌

(6-month

Secured

Overnight

Financing

Rate

+

3.23%),

4.70%,

01/30/2025

(a),(b)

3,000,000‌

2,984,054‌

(10-year

Treasury

Constant

Maturity

Rate

+

2.76%),

7.00%,

08/15/2034

(a),(b)

3,000,000‌

3,210,323‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.69%),

7.13%,

08/15/2029

(a),(b)

500,000‌

520,470‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.20%),

7.38%,

05/15/2028

(a),(b)

7,530,000‌

7,904,715‌

Citizens

Financial

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.22%),

4.00%,

10/06/2026

(a),(b)

10,373,000‌

9,803,937‌

(5-year

Treasury

Constant

Maturity

Rate

+

5.31%),

5.65%,

10/06/2025

(a),(b)

18,905,000‌

18,840,767‌

Goldman

Sachs

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.92%),

3.65%,

08/10/2026

(a),(b)

2,261,000‌

2,143,275‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Goldman

Sachs

Group,

Inc.

(continued)

(5-year

Treasury

Constant

Maturity

Rate

+

2.97%),

3.80%,

05/10/2026

(a),(b)

$

1,268,000‌

$

1,220,282‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.95%),

4.13%,

11/10/2026

(a),(b),(c)

8,563,000‌

8,202,595‌

(10-year

Treasury

Constant

Maturity

Rate

+

2.40%),

6.13%,

11/10/2034

(a),(b)

1,500,000‌

1,506,503‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.62%),

7.38%,

02/10/2025

(a),(b)

1,653,000‌

1,657,741‌

HSBC

Capital

Funding

Dollar

1

LP

(3-month

USD

LIBOR

+

4.98%),

10.18%,

06/30/2030

(a),(b)

6,049,000‌

7,855,159‌

Huntington

Bancshares,

Inc.

(7-year

Treasury

Constant

Maturity

Rate

+

4.05%),

4.45%,

10/15/2027

(a),(b)

5,080,000‌

4,845,493‌

(10-year

Treasury

Constant

Maturity

Rate

+

4.95%),

5.63%,

07/15/2030

(a),(b),(c)

13,567,000‌

13,558,287‌

JPMorgan

Chase

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.85%),

3.65%,

06/01/2026

(a),(b)

18,288,000‌

17,692,576‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.74%),

6.88%,

06/01/2029

(a),(b)

4,400,000‌

4,718,080‌

KeyCorp

Capital

I

(3-month

Term

Secured

Overnight

Financing

Rate

+

1.00%),

5.59%,

07/01/2028

7,704,000‌

7,364,366‌

KeyCorp

Capital

III

7.75%,

07/15/2029

9,000,000‌

9,345,531‌

M&T

Bank

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

3.50%,

09/01/2026

(a),(b)

19,608,000‌

17,407,533‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.17%),

7.01%,

02/01/2025

(a),(b)

5,000,000‌

4,970,449‌

Northern

Trust

Corp.

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.46%),

4.60%,

10/01/2026

(a),(b)

2,899,000‌

2,869,333‌

PNC

Financial

Services

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.60%),

3.40%,

09/15/2026

(a),(b)

1,146,000‌

1,046,654‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.00%),

6.00%,

05/15/2027

(a),(b)

5,600,000‌

5,671,148‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.24%),

6.20%,

09/15/2027

(a),(b)

13,908,000‌

14,158,302‌

(7-year

Treasury

Constant

Maturity

Rate

+

2.81%),

6.25%,

03/15/2030

(a),(b)

16,790,000‌

17,050,111‌

Royal

Bank

of

Canada

(5-year

Treasury

Constant

Maturity

Rate

+

2.89%),

7.50%,

05/02/2084

(b)

10,500,000‌

11,213,034‌

State

Street

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.61%),

6.70%,

03/15/2029

(a),(b)

7,928,000‌

8,213,305‌

13

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

State

Street

Corp.

(continued)

(5-year

Treasury

Constant

Maturity

Rate

+

2.63%),

6.70%,

09/15/2029

(a),(b)

$

10,600,000‌

$

10,974,201‌

Toronto-Dominion

Bank

(5-year

Treasury

Constant

Maturity

Rate

+

2.98%),

7.25%,

07/31/2084

(b)

6,500,000‌

6,772,032‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.07%),

8.13%,

10/31/2082

(b)

25,626,000‌

27,491,880‌

Truist

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

4.61%),

4.95%,

09/01/2025

(a),(b)

11,697,000‌

11,587,255‌

(10-year

Treasury

Constant

Maturity

Rate

+

4.35%),

5.10%,

03/01/2030

(a),(b)

3,000,000‌

2,946,818‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

0.91%),

5.86%,

03/15/2028

1,250,000‌

1,200,540‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

0.93%),

6.05%,

05/15/2027

4,800,000‌

4,739,941‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.00%),

6.67%,

03/01/2025

(a),(b)

9,194,000‌

9,142,303‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.36%),

8.31%,

12/15/2024

(a)

2,799,000‌

2,797,861‌

U.S.

Bancorp

(5-year

Treasury

Constant

Maturity

Rate

+

2.54%),

3.70%,

01/15/2027

(a),(b)

21,525,000‌

19,817,512‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.18%),

5.30%,

04/15/2027

(a),(b),(c)

5,296,000‌

5,255,076‌

Wells

Fargo

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

3.45%),

3.90%,

03/15/2026

(a),(b)

33,956,000‌

33,002,034‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.77%),

6.85%,

09/15/2029

(a),(b)

2,400,000‌

2,504,887‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.61%),

7.63%,

09/15/2028

(a),(b),(c)

9,710,000‌

10,574,520‌

$

501,292,520‌

Diversified

Financial

Services

-

12

.92

%

American

Express

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.85%),

3.55%,

09/15/2026

(a),(b)

41,267,000‌

39,107,898‌

Capital

One

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.16%),

3.95%,

09/01/2026

(a),(b)

19,316,000‌

18,198,481‌

Charles

Schwab

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.17%),

4.00%,

06/01/2026

(a),(b)

24,231,000‌

23,242,104‌

(10-year

Treasury

Constant

Maturity

Rate

+

3.08%),

4.00%,

12/01/2030

(a),(b)

2,000,000‌

1,788,584‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.26%),

5.00%,

06/01/2027

(a),(b),(c)

1,500,000‌

1,469,926‌

BONDS

(continued)

Principal

Amount

Value

Diversified

Financial

Services

(continued)

Charles

Schwab

Corp.

(continued)

(5-year

Treasury

Constant

Maturity

Rate

+

4.97%),

5.38%,

06/01/2025

(a),(b)

$

8,938,000‌

$

8,923,016‌

Discover

Financial

Services

(5-year

Treasury

Constant

Maturity

Rate

+

5.78%),

6.13%,

06/23/2025

(a),(b)

16,441,000‌

16,433,564‌

Voya

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.36%),

7.76%,

09/15/2028

(a),(b)

13,990,000‌

15,177,597‌

$

124,341,170‌

Electric

-

12

.28

%

American

Electric

Power

Co.,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

3.88%,

02/15/2062

(b)

11,007,000‌

10,380,700‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

6.95%,

12/15/2054

(b)

1,700,000‌

1,809,070‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.75%),

7.05%,

12/15/2054

(b)

1,900,000‌

1,997,460‌

CMS

Energy

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

4.12%),

4.75%,

06/01/2050

(b)

3,054,000‌

2,947,028‌

Dominion

Energy,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.20%),

4.35%,

01/15/2027

(a),(b)

15,729,000‌

15,319,263‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.99%),

4.65%,

12/15/2024

(a),(b)

14,234,000‌

14,159,768‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.39%),

6.88%,

02/01/2055

(b)

5,000,000‌

5,310,354‌

(3-month

USD

LIBOR

+

3.06%),

7.91%,

10/01/2054

1,425,000‌

1,425,000‌

Duke

Energy

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.32%),

3.25%,

01/15/2082

(b)

13,234,000‌

12,208,594‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.59%),

6.45%,

09/01/2054

(b)

2,800,000‌

2,907,240‌

Emera,

Inc.

(3-month

USD

LIBOR

+

5.44%),

6.75%,

06/15/2076

(b)

4,386,000‌

4,411,307‌

EUSHI

Finance,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.14%),

7.63%,

12/15/2054

(b),(d)

2,100,000‌

2,215,763‌

NextEra

Energy

Capital

Holdings,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.55%),

3.80%,

03/15/2082

(b)

18,349,000‌

17,477,232‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.36%),

6.70%,

09/01/2054

(b)

7,442,000‌

7,806,673‌

Southern

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

3.73%),

4.00%,

01/15/2051

(b)

18,095,000‌

17,839,372‌

$

118,214,824‌

14

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Gas

-

0

.66

%

NiSource,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.45%),

6.95%,

11/30/2054

(b)

$

6,107,000‌

$

6,308,769‌

Hand

&

Machine

Tools

-

0

.03

%

Stanley

Black

&

Decker,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.66%),

4.00%,

03/15/2060

(b)

316,000‌

298,921‌

Insurance

-

13

.89

%

Allianz

SE

(5-year

Treasury

Constant

Maturity

Rate

+

3.23%),

6.35%,

09/06/2053

(b),(d)

5,000,000‌

5,438,715‌

Allstate

Corp.

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.20%),

8.32%,

08/15/2053

4,051,000‌

4,071,255‌

American

International

Group,

Inc.

(3-month

USD

LIBOR

+

2.87%),

5.75%,

04/01/2048

(b)

3,176,000‌

3,186,027‌

Argentum

Netherlands

BV

for

Swiss

Re

Ltd.

(3-month

USD

LIBOR

+

3.78%),

5.63%,

08/15/2052

(b)

6,500,000‌

6,592,950‌

Argentum

Netherlands

BV

for

Zurich

Insurance

Co.

Ltd.

(5-year

Treasury

Constant

Maturity

Rate

+

3.27%),

5.13%,

06/01/2048

(b)

4,000,000‌

4,004,880‌

Cloverie

PLC

for

Zurich

Insurance

Co.

Ltd.

(3-month

USD

LIBOR

+

4.92%),

5.63%,

06/24/2046

(b)

6,500,000‌

6,536,120‌

Corebridge

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.65%),

6.38%,

09/15/2054

(b)

4,000,000‌

4,041,160‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.85%),

6.88%,

12/15/2052

(b)

7,921,000‌

8,199,503‌

Equitable

Holdings,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

4.74%),

4.95%,

09/15/2025

(a),(b)

4,373,000‌

4,331,477‌

Liberty

Mutual

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.32%),

4.13%,

12/15/2051

(b),(d)

20,309,000‌

19,212,408‌

Meiji

Yasuda

Life

Insurance

Co.

(5-year

Swap

rate

+

4.23%),

5.20%,

10/20/2045

(b),(d)

1,210,000‌

1,208,075‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.03%),

5.80%,

09/11/2054

(b),(d)

1,500,000‌

1,540,851‌

MetLife,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.58%),

3.85%,

09/15/2025

(a),(b)

12,418,000‌

12,217,525‌

6.40%,

12/15/2066

2,700,000‌

2,862,740‌

9.25%,

04/08/2068

(d)

3,449,000‌

4,117,054‌

Nippon

Life

Insurance

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.65%),

2.75%,

01/21/2051

(b),(d)

6,097,000‌

5,323,283‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.60%),

2.90%,

09/16/2051

(b),(d)

3,509,000‌

3,043,729‌

BONDS

(continued)

Principal

Amount

Value

Insurance

(continued)

Prudential

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.04%),

3.70%,

10/01/2050

(b)

$

18,902,000‌

$

17,453,549‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.16%),

5.13%,

03/01/2052

(b)

5,597,000‌

5,554,058‌

Sumitomo

Life

Insurance

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.75%),

3.38%,

04/15/2081

(b),(d)

4,140,000‌

3,737,165‌

Swiss

RE

Subordinated

Finance

PLC

(3-month

Term

Secured

Overnight

Financing

Rate

+

1.81%),

5.70%,

04/05/2035

(b),(d)

1,000,000‌

1,033,736‌

Willow

No.

2

Ireland

PLC

for

Zurich

Insurance

Co.

Ltd.

(3-month

USD

LIBOR

+

3.18%),

4.25%,

10/01/2045

(b)

3,000,000‌

2,960,955‌

Zurich

Finance

Ireland

Designated

Activity

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.78%),

3.00%,

04/19/2051

(b)

8,000,000‌

7,019,800‌

$

133,687,015‌

Oil

&

Gas

-

1

.57

%

BP

Capital

Markets

PLC

(5-year

Treasury

Constant

Maturity

Rate

+

4.04%),

4.38%,

06/22/2025

(a),(b)

1,780,000‌

1,762,829‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.40%),

4.88%,

03/22/2030

(a),(b)

3,269,000‌

3,233,540‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.15%),

6.45%,

12/01/2033

(a),(b),(c)

9,600,000‌

10,098,555‌

$

15,094,924‌

Pipelines

-

4

.60

%

Enbridge,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

5.31%),

5.75%,

07/15/2080

(b)

2,485,000‌

2,439,868‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.15%),

6.00%,

01/15/2077

(b)

6,182,000‌

6,187,242‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.42%),

7.63%,

01/15/2083

(b)

7,283,000‌

7,779,438‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.43%),

8.50%,

01/15/2084

(b)

2,600,000‌

2,908,095‌

Enterprise

Products

Operating

LLC

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.29%),

5.25%,

08/16/2077

(b)

4,820,000‌

4,754,430‌

Transcanada

Trust

(6-month

Secured

Overnight

Financing

Rate

+

4.42%),

5.50%,

09/15/2079

(b)

5,233,000‌

5,053,399‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.99%),

5.60%,

03/07/2082

(b)

15,585,000‌

15,131,442‌

$

44,253,914‌

REITs

-

0

.26

%

Scentre

Group

Trust

2

(5-year

Treasury

Constant

Maturity

Rate

+

4.38%),

4.75%,

09/24/2080

(b),(d)

256,000‌

254,137‌

15

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

REITs

(continued)

Scentre

Group

Trust

2

(continued)

(5-year

Treasury

Constant

Maturity

Rate

+

4.69%),

5.13%,

09/24/2080

(b),(d)

$

2,249,000‌

$

2,211,991‌

$

2,466,128‌

Sovereign

-

0

.07

%

CoBank

ACB

(5-year

Treasury

Constant

Maturity

Rate

+

3.05%),

4.25%,

01/01/2027

(a),(b)

750,000‌

720,561‌

TOTAL

BONDS

a

$

946,678,746‌

INVESTMENT

COMPANIES

-

2

.23

%

Shares

Held

Value

Money

Market

Funds

-

2

.23

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

(e),(f),(g)

13,639,615‌

$

13,639,615‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(e)

7,785,643‌

7,785,643‌

TOTAL

INVESTMENT

COMPANIES

a

$

21,425,258‌

Total

Investments

$

968,104,004‌

Other

Assets

and

Liabilities

-

(0.59%)

(

5,634,156‌

)

TOTAL

NET

ASSETS

-

100.00%

$

962,469,848‌

(a)

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.

(b)

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.

(c)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,346,980

or

1.39%

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

$49,336,907

or

5.13%

of

net

assets.

(e)

1-day

yield

shown

as

of

period

end.

(f)

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.

(g)

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

$13,639,615

or

1.42%

of

net

assets.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

September

30,

2024

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

$

5,226,055‌

$

48,750,740‌

$

40,337,180‌

$

13,639,615‌

$

5,226,055‌

$

48,750,740‌

$

40,337,180‌

$

13,639,615‌

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

4.91%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

16

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

PREFERRED

STOCKS

-

7

.23

%

Shares

Held

Value

Banks

-

3

.88

%

—

Bank

of

America

Corp.,

Series

NN

4.38%,

11/03/2025

(a)

4,380‌

$

92,155‌

Morgan

Stanley,

Series

I

6.38%,

01/15/2025

(a)

17,030‌

431,029‌

Morgan

Stanley,

Series

P

6.50%,

10/15/2027

(a)

4,000‌

106,360‌

Morgan

Stanley,

Series

Q

6.63%,

10/15/2029

(a)

12,000‌

322,080‌

Regions

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.77%),

6.95%,

09/15/2029

(a)

19,000‌

499,510‌

$

1,451,134‌

Insurance

-

1

.80

%

Allstate

Corp.,

Series

H

5.10%,

01/15/2025

(a)

11,500‌

282,785‌

MetLife,

Inc.,

Series

F

4.75%,

03/15/2025

(a)

17,250‌

391,402‌

$

674,187‌

Telecommunications

-

1

.55

%

AT&T,

Inc.,

Series

A

5.00%,

12/12/2024

(a)

11,381‌

254,138‌

AT&T,

Inc.,

Series

C

4.75%,

02/18/2025

(a)

15,395‌

323,449‌

$

577,587‌

TOTAL

PREFERRED

STOCKS

a

$

2,702,908‌

BONDS

-

90

.60

%

Principal

Amount

Value

Banks

-

71

.27

%

—

—

Banco

Santander

SA

(5-year

Treasury

Constant

Maturity

Rate

+

3.91%),

8.00%,

02/01/2034

(a),(b),(c)

$

400,000‌

$

424,942‌

Bank

of

America

Corp.

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.81%),

6.30%,

03/10/2026

(a),(b)

575,000‌

586,555‌

Bank

of

Montreal

(5-year

Treasury

Constant

Maturity

Rate

+

3.01%),

7.30%,

11/26/2084

(b)

1,600,000‌

1,686,229‌

Bank

of

New

York

Mellon

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.35%),

3.70%,

03/20/2026

(a),(b)

230,000‌

223,442‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.63%),

3.75%,

12/20/2026

(a),(b)

100,000‌

94,383‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.36%),

4.70%,

09/20/2025

(a),(b)

596,000‌

591,353‌

Bank

of

Nova

Scotia

(5-year

Treasury

Constant

Maturity

Rate

+

4.55%),

4.90%,

06/04/2025

(a),(b)

1,365,000‌

1,346,381‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.38%),

8.63%,

10/27/2082

(b)

300,000‌

324,493‌

Barclays

PLC

(5

yr.

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

+

5.78%),

9.63%,

12/15/2029

(a),(b),(c)

219,000‌

246,575‌

BNP

Paribas

SA

(5-year

Treasury

Constant

Maturity

Rate

+

4.90%),

7.75%,

08/16/2029

(a),(b),(c),(d)

200,000‌

210,688‌

Citigroup,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.42%),

3.88%,

02/18/2026

(a),(b)

1,055,000‌

1,015,413‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Citigroup,

Inc.

(continued)

(10-year

Treasury

Constant

Maturity

Rate

+

2.76%),

7.00%,

08/15/2034

(a),(b)

$

500,000‌

$

535,054‌

Citizens

Financial

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

5.31%),

5.65%,

10/06/2025

(a),(b)

632,000‌

629,853‌

Credit

Agricole

SA

(5-year

Swap

rate

+

6.19%),

8.13%,

12/23/2025

(a),(b),(c),(d)

250,000‌

257,187‌

Fifth

Third

Bancorp

(5-year

Treasury

Constant

Maturity

Rate

+

4.22%),

4.50%,

09/30/2025

(a),(b)

560,000‌

553,562‌

Goldman

Sachs

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.92%),

3.65%,

08/10/2026

(a),(b)

585,000‌

554,540‌

(10-year

Treasury

Constant

Maturity

Rate

+

2.40%),

6.13%,

11/10/2034

(a),(b)

400,000‌

401,734‌

HSBC

Holdings

PLC

(5-year

Swap

Rate

+

4.37%),

6.38%,

03/30/2025

(a),(b),(c)

1,343,000‌

1,344,621‌

Huntington

Bancshares,

Inc.

(7-year

Treasury

Constant

Maturity

Rate

+

4.05%),

4.45%,

10/15/2027

(a),(b)

187,000‌

178,367‌

(10-year

Treasury

Constant

Maturity

Rate

+

4.95%),

5.63%,

07/15/2030

(a),(b)

818,000‌

817,475‌

ING

Groep

NV

(5-year

Treasury

Constant

Maturity

Rate

+

4.34%),

5.75%,

11/16/2026

(a),(b),(c)

861,000‌

854,114‌

JPMorgan

Chase

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.85%),

3.65%,

06/01/2026

(a),(b)

110,000‌

106,419‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.74%),

6.88%,

06/01/2029

(a),(b)

1,400,000‌

1,501,207‌

Lloyds

Banking

Group

PLC

(5-year

Swap

Rate

+

4.50%),

7.50%,

09/27/2025

(a),(b),(c)

991,000‌

1,000,061‌

M&T

Bank

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

3.50%,

09/01/2026

(a),(b)

300,000‌

266,333‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.78%),

5.13%,

11/01/2026

(a),(b)

247,000‌

244,165‌

NatWest

Group

PLC

(5-year

Swap

rate

+

5.72%),

8.00%,

08/10/2025

(a),(b),(c)

861,000‌

874,416‌

Nordea

Bank

Abp

(5-year

Treasury

Constant

Maturity

Rate

+

4.11%),

6.63%,

03/26/2026

(a),(b),(c),(d)

861,000‌

871,508‌

PNC

Financial

Services

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.00%),

6.00%,

05/15/2027

(a),(b)

1,077,000‌

1,090,683‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.24%),

6.20%,

09/15/2027

(a),(b)

100,000‌

101,800‌

17

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Royal

Bank

of

Canada

(5-year

Treasury

Constant

Maturity

Rate

+

2.89%),

7.50%,

05/02/2084

(b)

$

400,000‌

$

427,163‌

State

Street

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.61%),

6.70%,

03/15/2029

(a),(b)

1,400,000‌

1,450,382‌

Toronto-Dominion

Bank

(5-year

Treasury

Constant

Maturity

Rate

+

4.07%),

8.13%,

10/31/2082

(b)

1,001,000‌

1,073,885‌

Truist

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

4.61%),

4.95%,

09/01/2025

(a),(b)

660,000‌

653,808‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.00%),

6.67%,

03/01/2025

(a),(b)

400,000‌

397,751‌

U.S.

Bancorp

(5-year

Treasury

Constant

Maturity

Rate

+

2.54%),

3.70%,

01/15/2027

(a),(b)

890,000‌

819,400‌

UBS

Group

AG

(5-year

Treasury

Constant

Maturity

Rate

+

3.31%),

4.38%,

02/10/2031

(a),(b),(c),(d)

300,000‌

261,207‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.75%),

9.25%,

11/13/2028

(a),(b),(d)

800,000‌

884,481‌

Wells

Fargo

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

3.45%),

3.90%,

03/15/2026

(a),(b)

1,128,000‌

1,096,310‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.77%),

6.85%,

09/15/2029

(a),(b)

200,000‌

208,741‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.61%),

7.63%,

09/15/2028

(a),(b)

400,000‌

435,613‌

$

26,642,294‌

Diversified

Financial

Services

-

12

.77

%

American

Express

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.85%),

3.55%,

09/15/2026

(a),(b)

1,663,000‌

1,575,991‌

Capital

One

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.16%),

3.95%,

09/01/2026

(a),(b)

674,000‌

635,006‌

Charles

Schwab

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.17%),

4.00%,

06/01/2026

(a),(b)

1,028,000‌

986,046‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.97%),

5.38%,

06/01/2025

(a),(b)

375,000‌

374,372‌

Discover

Financial

Services

(5-year

Treasury

Constant

Maturity

Rate

+

5.78%),

6.13%,

06/23/2025

(a),(b)

575,000‌

574,740‌

Voya

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.36%),

7.76%,

09/15/2028

(a),(b)

578,000‌

627,066‌

$

4,773,221‌

BONDS

(continued)

Principal

Amount

Value

Electric

-

4

.09

%

Dominion

Energy,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.20%),

4.35%,

01/15/2027

(a),(b)

$

1,100,000‌

$

1,071,345‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.99%),

4.65%,

12/15/2024

(a),(b)

460,000‌

457,601‌

$

1,528,946‌

Insurance

-

0

.59

%

MetLife,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.58%),

3.85%,

09/15/2025

(a),(b)

225,000‌

221,368‌

Oil

&

Gas

-

1

.12

%

BP

Capital

Markets

PLC

(5-year

Treasury

Constant

Maturity

Rate

+

2.15%),

6.45%,

12/01/2033

(a),(b)

400,000‌

420,773‌

Pipelines

-

0

.76

%

Enbridge,

Inc.

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.15%),

6.00%,

01/15/2077

(b)

283,000‌

283,240‌

TOTAL

BONDS

a

$

33,869,842‌

INVESTMENT

COMPANIES

-

1

.43

%

Shares

Held

Value

Money

Market

Funds

-

1

.43

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(e)

535,252‌

$

535,252‌

TOTAL

INVESTMENT

COMPANIES

a

$

535,252‌

Total

Investments

$

37,108,002‌

Other

Assets

and

Liabilities

-

0.74%

276,444‌

TOTAL

NET

ASSETS

-

100.00%

$

37,384,446‌

(a)

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.

(b)

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.

(c)

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

$6,345,319

or

16.97%

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

$2,485,071

or

6.65%

of

net

assets.

(e)

1-day

yield

shown

as

of

period

end.

18

Schedule

of

Investments

Principal

U.S.

Mega-Cap

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

99

.86

%

Shares

Held

Value

Auto

Manufacturers

-

2

.87

%

-

—

Tesla,

Inc.

(a)

279,140‌

$

73,031,398‌

Banks

-

7

.26

%

Bank

of

America

Corp.

1,727,730‌

68,556,326‌

JPMorgan

Chase

&

Co.

549,154‌

115,794,613‌

$

184,350,939‌

Computers

-

6

.96

%

Apple,

Inc.

758,452‌

176,719,316‌

Cosmetics

&

Personal

Care

-

4

.57

%

Procter

&

Gamble

Co.

670,489‌

116,128,695‌

Diversified

Financial

Services

-

9

.21

%

Mastercard,

Inc.,

Class

A

240,488‌

118,752,974‌

Visa,

Inc.,

Class

A

418,728‌

115,129,264‌

$

233,882,238‌

Healthcare

-

Services

-

4

.32

%

UnitedHealth

Group,

Inc.

187,447‌

109,596,512‌

Insurance

-

5

.12

%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

282,253‌

129,909,766‌

Internet

-

16

.89

%

Alphabet,

Inc.,

Class

A

608,915‌

100,988,552‌

Amazon.com,

Inc.

(a)

472,457‌

88,032,913‌

Meta

Platforms,

Inc.,

Class

A

210,600‌

120,555,864‌

Netflix,

Inc.

(a)

168,051‌

119,193,533‌

$

428,770,862‌

Oil

&

Gas

-

4

.58

%

Exxon

Mobil

Corp.

991,355‌

116,206,633‌

Pharmaceuticals

-

11

.40

%

AbbVie,

Inc.

414,958‌

81,945,906‌

Eli

Lilly

&

Co.

76,282‌

67,581,275‌

Johnson

&

Johnson

474,751‌

76,938,147‌

Merck

&

Co.,

Inc.

554,054‌

62,918,372‌

$

289,383,700‌

Retail

-

9

.23

%

Costco

Wholesale

Corp.

78,784‌

69,843,592‌

Home

Depot,

Inc.

207,888‌

84,236,217‌

Walmart,

Inc.

994,209‌

80,282,377‌

$

234,362,186‌

Semiconductors

-

10

.82

%

Advanced

Micro

Devices,

Inc.

(a)

409,505‌

67,191,580‌

Broadcom,

Inc.

553,274‌

95,439,765‌

NVIDIA

Corp.

922,334‌

112,008,241‌

$

274,639,586‌

Software

-

6

.63

%

Microsoft

Corp.

391,077‌

168,280,433‌

TOTAL

COMMON

STOCKS

a

$

2,535,262,264‌

INVESTMENT

COMPANIES

-

0

.27

%

Shares

Held

Value

Money

Market

Funds

-

0

.27

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(b)

6,969,007‌

$

6,969,007‌

TOTAL

INVESTMENT

COMPANIES

a

$

6,969,007‌

Total

Investments

$

2,542,231,271‌

Other

Assets

and

Liabilities

-

(0.13%)

(

3,276,977‌

)

TOTAL

NET

ASSETS

-

100.00%

$

2,538,954,294‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

as

of

period

end.

19

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

99

.73

%

Shares

Held

Value

Advertising

-

0

.05

%

-

—

Advantage

Solutions,

Inc.

(a)

47,740‌

$

163,748‌

Stagwell,

Inc.

(a)

26,212‌

184,008‌

$

347,756‌

Aerospace

&

Defense

-

0

.50

%

Leonardo

DRS,

Inc.

(a)

39,373‌

1,111,106‌

Moog,

Inc.,

Class

A

10,607‌

2,142,826‌

$

3,253,932‌

Agriculture

-

0

.38

%

Dole

PLC

27,540‌

448,627‌

Turning

Point

Brands,

Inc.

5,241‌

226,149‌

Vital

Farms,

Inc.

(a)

51,079‌

1,791,340‌

$

2,466,116‌

Airlines

-

0

.36

%

SkyWest,

Inc.

(a)

27,543‌

2,341,706‌

Apparel

-

0

.39

%

Kontoor

Brands,

Inc.

15,637‌

1,278,794‌

Steven

Madden

Ltd.

25,591‌

1,253,703‌

$

2,532,497‌

Auto

Manufacturers

-

0

.50

%

Blue

Bird

Corp.

(a)

41,598‌

1,995,040‌

REV

Group,

Inc.

45,730‌

1,283,184‌

$

3,278,224‌

Auto

Parts

&

Equipment

-

0

.65

%

Dorman

Products,

Inc.

(a)

5,025‌

568,428‌

Fox

Factory

Holding

Corp.

(a)

20,443‌

848,385‌

Miller

Industries,

Inc.

7,312‌

446,032‌

Phinia,

Inc.

21,845‌

1,005,525‌

Standard

Motor

Products,

Inc.

7,651‌

254,013‌

Visteon

Corp.

(a)

10,490‌

999,068‌

XPEL,

Inc.

(a)

3,562‌

154,484‌

$

4,275,935‌

Banks

-

6

.88

%

1st

Source

Corp.

9,821‌

588,081‌

Amalgamated

Financial

Corp.

16,022‌

502,610‌

Ameris

Bancorp

37,499‌

2,339,563‌

BancFirst

Corp.

7,816‌

822,634‌

Bancorp,

Inc.

(a)

62,863‌

3,363,170‌

Bank

of

NT

Butterfield

&

Son

Ltd.

25,624‌

945,013‌

Byline

Bancorp,

Inc.

17,993‌

481,673‌

Central

Pacific

Financial

Corp.

18,504‌

546,053‌

City

Holding

Co.

5,962‌

699,879‌

Coastal

Financial

Corp.

(a)

5,935‌

320,431‌

CrossFirst

Bankshares,

Inc.

(a)

25,739‌

429,584‌

Enterprise

Financial

Services

Corp.

13,544‌

694,265‌

FB

Financial

Corp.

14,621‌

686,164‌

First

BanCorp

120,690‌

2,555,007‌

First

Bancshares,

Inc.

24,224‌

778,317‌

First

Commonwealth

Financial

Corp.

57,987‌

994,477‌

First

Financial

Bancorp

41,198‌

1,039,426‌

First

Merchants

Corp.

26,449‌

983,903‌

Fulton

Financial

Corp.

150,057‌

2,720,533‌

German

American

Bancorp,

Inc.

13,415‌

519,831‌

Hanmi

Financial

Corp.

22,576‌

419,914‌

Heartland

Financial

USA,

Inc.

25,722‌

1,458,437‌

Heritage

Financial

Corp.

21,403‌

465,943‌

Hope

Bancorp,

Inc.

79,297‌

995,970‌

Independent

Bank

Corp.

12,976‌

432,750‌

International

Bancshares

Corp.

25,727‌

1,538,217‌

Live

Oak

Bancshares,

Inc.

20,664‌

978,854‌

Mercantile

Bank

Corp.

7,517‌

328,643‌

National

Bank

Holdings

Corp.,

Class

A

28,281‌

1,190,630‌

OFG

Bancorp

25,913‌

1,164,012‌

Old

National

Bancorp

210,920‌

3,935,767‌

Old

Second

Bancorp,

Inc.

29,250‌

456,007‌

Orrstown

Financial

Services,

Inc.

12,012‌

431,952‌

Peoples

Bancorp,

Inc.

14,679‌

441,691‌

Preferred

Bank

9,185‌

737,096‌

Premier

Financial

Corp.

22,108‌

519,096‌

QCR

Holdings,

Inc.

7,160‌

530,055‌

S&T

Bancorp,

Inc.

14,315‌

600,801‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Banks

(continued)

Simmons

First

National

Corp.,

Class

A

54,572‌

$

1,175,481‌

UMB

Financial

Corp.

43,798‌

4,603,608‌

Westamerica

BanCorp

13,761‌

680,069‌

$

45,095,607‌

Beverages

-

0

.36

%

Primo

Water

Corp.

55,238‌

1,394,760‌

Vita

Coco

Co.,

Inc.

(a)

33,697‌

953,962‌

$

2,348,722‌

Biotechnology

-

2

.54

%

ACADIA

Pharmaceuticals,

Inc.

(a)

118,348‌

1,820,192‌

ADMA

Biologics,

Inc.

(a)

90,732‌

1,813,733‌

ANI

Pharmaceuticals,

Inc.

(a)

11,331‌

676,007‌

Ardelyx,

Inc.

(a)

113,657‌

783,097‌

Chinook

Therapeutics,

Inc.

(a),(b)

9,658‌

3,863‌

Evolus,

Inc.

(a)

25,222‌

408,596‌

Halozyme

Therapeutics,

Inc.

(a)

70,015‌

4,007,659‌

Innoviva,

Inc.

(a)

27,027‌

521,891‌

Kiniksa

Pharmaceuticals

International

PLC

(a)

20,936‌

523,191‌

Ligand

Pharmaceuticals,

Inc.

(a)

7,176‌

718,246‌

Summit

Therapeutics,

Inc.

(a)

50,062‌

1,096,358‌

TG

Therapeutics,

Inc.

(a)

109,547‌

2,562,304‌

Veracyte,

Inc.

(a)

25,126‌

855,289‌

Vericel

Corp.

(a)

19,615‌

828,734‌

$

16,619,160‌

Building

Materials

-

3

.21

%

American

Woodmark

Corp.

(a)

9,226‌

862,170‌

Apogee

Enterprises,

Inc.

9,862‌

690,488‌

Boise

Cascade

Co.

19,081‌

2,690,039‌

Gibraltar

Industries,

Inc.

(a)

13,244‌

926,153‌

Griffon

Corp.

31,284‌

2,189,880‌

Knife

River

Corp.

(a)

19,617‌

1,753,564‌

Masterbrand,

Inc.

(a)

61,546‌

1,141,063‌

Modine

Manufacturing

Co.

(a)

15,681‌

2,082,280‌

SPX

Technologies,

Inc.

(a)

17,338‌

2,764,717‌

Summit

Materials,

Inc.,

Class

A

(a)

55,004‌

2,146,806‌

Tecnoglass,

Inc.

21,103‌

1,448,932‌

UFP

Industries,

Inc.

17,952‌

2,355,482‌

$

21,051,574‌

Chemicals

-

1

.40

%

Balchem

Corp.

5,588‌

983,488‌

Cabot

Corp.

19,434‌

2,172,138‌

Hawkins,

Inc.

5,830‌

743,150‌

HB

Fuller

Co.

15,969‌

1,267,619‌

Innospec,

Inc.

6,983‌

789,707‌

Koppers

Holdings,

Inc.

9,256‌

338,122‌

Minerals

Technologies,

Inc.

10,642‌

821,882‌

Perimeter

Solutions

SA

(a)

28,168‌

378,860‌

Quaker

Chemical

Corp.

6,115‌

1,030,316‌

Sensient

Technologies

Corp.

8,221‌

659,489‌

$

9,184,771‌

Coal

-

0

.80

%

CONSOL

Energy,

Inc.

15,307‌

1,601,878‌

Ramaco

Resources,

Inc.,

Class

A

31,665‌

370,481‌

Warrior

Met

Coal,

Inc.

51,725‌

3,305,227‌

$

5,277,586‌

Commercial

Services

-

4

.64

%

ABM

Industries,

Inc.

31,709‌

1,672,967‌

Adtalem

Global

Education,

Inc.

(a)

15,724‌

1,186,848‌

Alarm.com

Holdings,

Inc.

(a)

20,528‌

1,122,266‌

American

Public

Education,

Inc.

(a)

10,018‌

147,765‌

AMN

Healthcare

Services,

Inc.

(a)

46,273‌

1,961,512‌

Barrett

Business

Services,

Inc.

14,975‌

561,712‌

BrightView

Holdings,

Inc.

(a)

41,873‌

659,081‌

Brink's

Co.

21,074‌

2,436,997‌

Carriage

Services,

Inc.

5,901‌

193,730‌

CBIZ,

Inc.

(a)

23,390‌

1,573,913‌

CompoSecure,

Inc.,

Class

A

(c)

8,228‌

115,357‌

CRA

International,

Inc.

3,848‌

674,631‌

Cross

Country

Healthcare,

Inc.

(a)

25,921‌

348,378‌

Graham

Holdings

Co.,

Class

B

651‌

534,940‌

20

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Commercial

Services

(continued)

Hackett

Group,

Inc.

5,320‌

$

139,756‌

Heidrick

&

Struggles

International,

Inc.

12,717‌

494,183‌

ICF

International,

Inc.

6,847‌

1,142,011‌

John

Wiley

&

Sons,

Inc.,

Class

A

14,774‌

712,845‌

Korn

Ferry

23,336‌

1,755,801‌

LiveRamp

Holdings,

Inc.

(a)

42,975‌

1,064,920‌

National

Research

Corp.

9,448‌

215,981‌

Payoneer

Global,

Inc.

(a)

262,477‌

1,976,452‌

Paysafe

Ltd.

(a)

31,874‌

714,934‌

Perdoceo

Education

Corp.

17,032‌

378,792‌

Progyny,

Inc.

(a)

85,763‌

1,437,388‌

Repay

Holdings

Corp.

(a)

131,239‌

1,070,910‌

Sezzle,

Inc.

(a)

3,001‌

511,941‌

Strategic

Education,

Inc.

5,861‌

542,436‌

Stride,

Inc.

(a)

18,786‌

1,602,634‌

Transcat,

Inc.

(a)

3,765‌

454,699‌

Universal

Technical

Institute,

Inc.

(a)

20,606‌

335,054‌

Verra

Mobility

Corp.

(a)

75,683‌

2,104,744‌

Willdan

Group,

Inc.

(a)

6,653‌

272,440‌

ZipRecruiter,

Inc.,

Class

A

(a)

27,970‌

265,715‌

$

30,383,733‌

Computers

-

2

.41

%

ASGN,

Inc.

(a)

16,191‌

1,509,487‌

ExlService

Holdings,

Inc.

(a)

58,955‌

2,249,133‌

Grid

Dynamics

Holdings,

Inc.

(a)

14,259‌

199,626‌

Insight

Enterprises,

Inc.

(a)

9,145‌

1,969,742‌

Maximus,

Inc.

22,918‌

2,135,041‌

OneSpan,

Inc.

(a)

15,259‌

254,367‌

PlayAGS,

Inc.

(a)

17,181‌

195,692‌

Qualys,

Inc.

(a)

21,034‌

2,702,028‌

Rapid7,

Inc.

(a)

41,878‌

1,670,513‌

Varonis

Systems,

Inc.

(a)

51,310‌

2,899,015‌

$

15,784,644‌

Cosmetics

&

Personal

Care

-

0

.27

%

Edgewell

Personal

Care

Co.

18,972‌

689,442‌

Prestige

Consumer

Healthcare,

Inc.

(a)

14,997‌

1,081,284‌

$

1,770,726‌

Distribution

&

Wholesale

-

0

.33

%

G-III

Apparel

Group

Ltd.

(a)

22,855‌

697,535‌

Resideo

Technologies,

Inc.

(a)

52,444‌

1,056,222‌

ScanSource,

Inc.

(a)

8,892‌

427,083‌

$

2,180,840‌

Diversified

Financial

Services

-

4

.37

%

BGC

Group,

Inc.,

Class

A

295,325‌

2,711,084‌

Enact

Holdings,

Inc.

22,354‌

812,121‌

Enova

International,

Inc.

(a)

20,748‌

1,738,475‌

Federal

Agricultural

Mortgage

Corp.,

Class

C

5,991‌

1,122,773‌

Hamilton

Lane,

Inc.,

Class

A

29,121‌

4,903,685‌

International

Money

Express,

Inc.

(a)

31,312‌

578,959‌

Mr.

Cooper

Group,

Inc.

(a)

46,077‌

4,247,378‌

Pagseguro

Digital

Ltd.,

Class

A

(a)

388,473‌

3,344,753‌

PJT

Partners,

Inc.,

Class

A

21,592‌

2,879,077‌

StoneX

Group,

Inc.

(a)

16,046‌

1,313,846‌

Victory

Capital

Holdings,

Inc.,

Class

A

43,793‌

2,426,132‌

Virtus

Investment

Partners,

Inc.

5,449‌

1,141,293‌

WisdomTree,

Inc.

142,943‌

1,428,001‌

$

28,647,577‌

Electric

-

1

.59

%

ALLETE,

Inc.

46,283‌

2,970,906‌

Avista

Corp.

49,499‌

1,918,086‌

Black

Hills

Corp.

41,762‌

2,552,493‌

MGE

Energy,

Inc.

12,984‌

1,187,387‌

Otter

Tail

Corp.

19,315‌

1,509,660‌

Unitil

Corp.

5,158‌

312,472‌

$

10,451,004‌

Electrical

Components

&

Equipment

-

1

.13

%

Belden,

Inc.

12,478‌

1,461,548‌

Energizer

Holdings,

Inc.

26,502‌

841,703‌

EnerSys

20,513‌

2,093,352‌

Graham

Corp.

(a)

7,992‌

236,483‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Electrical

Components

&

Equipment

(continued)

Novanta,

Inc.

(a)

6,414‌

$

1,147,593‌

Powell

Industries,

Inc.

7,214‌

1,601,436‌

$

7,382,115‌

Electronics

-

2

.63

%

Atkore,

Inc.

44,415‌

3,763,727‌

Badger

Meter,

Inc.

6,800‌

1,485,188‌

Bel

Fuse,

Inc.,

Class

B

3,250‌

255,158‌

Benchmark

Electronics,

Inc.

14,132‌

626,330‌

CTS

Corp.

7,316‌

353,948‌

Itron,

Inc.

(a)

29,285‌

3,127,931‌

Mesa

Laboratories,

Inc.

2,047‌

265,823‌

Napco

Security

Technologies,

Inc.

16,112‌

651,892‌

NEXTracker,

Inc.,

Class

A

(a)

108,356‌

4,061,183‌

OSI

Systems,

Inc.

(a)

4,669‌

708,894‌

Plexus

Corp.

(a)

5,394‌

737,414‌

Sanmina

Corp.

(a)

17,745‌

1,214,645‌

$

17,252,133‌

Energy

-

Alternate

Sources

-

0

.04

%

REX

American

Resources

Corp.

(a)

5,938‌

274,870‌

Engineering

&

Construction

-

2

.41

%

Construction

Partners,

Inc.,

Class

A

(a)

21,779‌

1,520,174‌

Dycom

Industries,

Inc.

(a)

18,068‌

3,561,203‌

Exponent,

Inc.

12,532‌

1,444,689‌

Frontdoor,

Inc.

(a)

25,251‌

1,211,795‌

IES

Holdings,

Inc.

(a)

6,503‌

1,298,129‌

Limbach

Holdings,

Inc.

(a)

10,687‌

809,647‌

Primoris

Services

Corp.

45,731‌

2,656,056‌

Sterling

Infrastructure,

Inc.

(a)

22,677‌

3,288,619‌

$

15,790,312‌

Entertainment

-

0

.89

%

Cinemark

Holdings,

Inc.

(a)

124,086‌

3,454,554‌

IMAX

Corp.

(a)

27,023‌

554,242‌

Madison

Square

Garden

Entertainment

Corp.

(a)

15,707‌

668,019‌

Monarch

Casino

&

Resort,

Inc.

4,684‌

371,300‌

Rush

Street

Interactive,

Inc.

(a)

70,560‌

765,576‌

$

5,813,691‌

Environmental

Control

-

0

.08

%

CECO

Environmental

Corp.

(a)

19,529‌

550,718‌

Food

-

1

.53

%

Cal-Maine

Foods,

Inc.

19,765‌

1,479,213‌

Chefs'

Warehouse,

Inc.

(a)

13,895‌

583,729‌

Lancaster

Colony

Corp.

6,057‌

1,069,484‌

Mama's

Creations,

Inc.

(a)

17,606‌

128,524‌

Simply

Good

Foods

Co.

(a)

45,841‌

1,593,891‌

Sprouts

Farmers

Market,

Inc.

(a)

46,575‌

5,142,346‌

$

9,997,187‌

Forest

Products

&

Paper

-

0

.17

%

Sylvamo

Corp.

12,902‌

1,107,637‌

Gas

-

1

.24

%

ONE

Gas,

Inc.

40,476‌

3,012,224‌

Southwest

Gas

Holdings,

Inc.

36,142‌

2,665,834‌

Spire,

Inc.

36,259‌

2,439,868‌

$

8,117,926‌

Hand

&

Machine

Tools

-

0

.40

%

Cadre

Holdings,

Inc.

15,978‌

606,365‌

Enerpac

Tool

Group

Corp.

20,219‌

846,974‌

Franklin

Electric

Co.,

Inc.

10,948‌

1,147,569‌

$

2,600,908‌

Healthcare

-

Products

-

7

.09

%

Artivion,

Inc.

(a)

16,053‌

427,331‌

Avanos

Medical,

Inc.

(a)

13,284‌

319,215‌

Axogen,

Inc.

(a)

10,860‌

152,257‌

Axonics,

Inc.

(a)

20,916‌

1,455,754‌

BioLife

Solutions,

Inc.

(a)

20,354‌

509,664‌

Bioventus,

Inc.,

Class

A

(a)

14,648‌

175,044‌

CareDx,

Inc.

(a)

14,062‌

439,086‌

Castle

Biosciences,

Inc.

(a)

13,354‌

380,856‌

CONMED

Corp.

26,106‌

1,877,544‌

Haemonetics

Corp.

(a)

35,396‌

2,845,130‌

21

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Healthcare

-

Products

(continued)

ICU

Medical,

Inc.

(a)

12,006‌

$

2,187,733‌

Inari

Medical,

Inc.

(a)

55,862‌

2,303,749‌

Inmode

Ltd.

(a)

81,104‌

1,374,713‌

Integer

Holdings

Corp.

(a)

16,758‌

2,178,540‌

Integra

LifeSciences

Holdings

Corp.

(a)

86,805‌

1,577,247‌

iRadimed

Corp.

4,167‌

209,558‌

Lantheus

Holdings,

Inc.

(a)

20,083‌

2,204,109‌

LeMaitre

Vascular,

Inc.

7,833‌

727,607‌

LivaNova

PLC

(a)

45,297‌

2,379,904‌

Merit

Medical

Systems,

Inc.

(a)

24,594‌

2,430,625‌

MiMedx

Group,

Inc.

(a)

45,942‌

271,517‌

Neogen

Corp.

(a)

120,994‌

2,033,909‌

OmniAb,

Inc.,

Earnout

Shares

(a)

1,130‌

—‌

OmniAb,

Inc.,

Earnout

Shares

(a)

1,130‌

—‌

Omnicell,

Inc.

(a)

12,271‌

535,016‌

OraSure

Technologies,

Inc.

(a)

61,023‌

260,568‌

PROCEPT

BioRobotics

Corp.

(a)

19,956‌

1,598,875‌

RxSight,

Inc.

(a)

32,700‌

1,616,361‌

Semler

Scientific,

Inc.

(a)

14,812‌

348,823‌

STAAR

Surgical

Co.

(a)

44,581‌

1,656,184‌

Surmodics,

Inc.

(a)

29,527‌

1,145,057‌

Tactile

Systems

Technology,

Inc.

(a)

16,918‌

247,172‌

Tandem

Diabetes

Care,

Inc.

(a)

60,251‌

2,555,245‌

TransMedics

Group,

Inc.

(a)

25,969‌

4,077,133‌

Twist

Bioscience

Corp.

(a)

51,727‌

2,337,026‌

UFP

Technologies,

Inc.

(a)

3,135‌

992,855‌

Varex

Imaging

Corp.

(a)

34,571‌

412,086‌

Zimvie,

Inc.

(a)

15,512‌

246,175‌

$

46,489,668‌

Healthcare

-

Services

-

2

.53

%

Addus

HomeCare

Corp.

(a)

7,810‌

1,038,964‌

Astrana

Health,

Inc.

(a)

12,353‌

715,733‌

Brookdale

Senior

Living,

Inc.

(a)

119,257‌

809,755‌

CorVel

Corp.

(a)

2,095‌

684,835‌

Ensign

Group,

Inc.

17,843‌

2,566,180‌

GeneDx

Holdings

Corp.

(a)

13,311‌

564,919‌

HealthEquity,

Inc.

(a)

38,658‌

3,164,157‌

National

HealthCare

Corp.

3,423‌

430,511‌

Pediatrix

Medical

Group,

Inc.

(a)

40,310‌

467,193‌

Pennant

Group,

Inc.

(a)

9,943‌

354,965‌

RadNet,

Inc.

(a)

34,305‌

2,380,424‌

Select

Medical

Holdings

Corp.

39,615‌

1,381,375‌

Surgery

Partners,

Inc.

(a)

40,195‌

1,295,887‌

U.S.

Physical

Therapy,

Inc.

8,399‌

710,807‌

$

16,565,705‌

Home

Builders

-

2

.87

%

Cavco

Industries,

Inc.

(a)

2,231‌

955,403‌

Dream

Finders

Homes,

Inc.,

Class

A

(a)

14,872‌

538,515‌

Forestar

Group,

Inc.

(a)

15,988‌

517,532‌

Green

Brick

Partners,

Inc.

(a)

13,806‌

1,153,077‌

Hovnanian

Enterprises,

Inc.,

Class

A

(a)

1,867‌

381,559‌

Installed

Building

Products,

Inc.

11,969‌

2,947,606‌

KB

Home

40,501‌

3,470,531‌

M/I

Homes,

Inc.

(a)

7,642‌

1,309,533‌

Meritage

Homes

Corp.

14,864‌

3,048,160‌

Taylor

Morrison

Home

Corp.

(a)

28,525‌

2,004,166‌

Tri

Pointe

Homes,

Inc.

(a)

27,987‌

1,268,091‌

Winnebago

Industries,

Inc.

21,517‌

1,250,353‌

$

18,844,526‌

Home

Furnishings

-

0

.26

%

Arhaus,

Inc.

61,485‌

756,881‌

Daktronics,

Inc.

(a)

17,865‌

230,637‌

MillerKnoll,

Inc.

29,328‌

726,161‌

$

1,713,679‌

Household

Products

&

Wares

-

0

.42

%

Central

Garden

&

Pet

Co.

(a)

6,243‌

227,682‌

Central

Garden

&

Pet

Co.,

Class

A

(a)

14,014‌

440,040‌

Helen

of

Troy

Ltd.

(a)

17,290‌

1,069,386‌

WD-40

Co.

3,994‌

1,029,973‌

$

2,767,081‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Insurance

-

3

.81

%

Baldwin

Insurance

Group,

Inc.

(a)

48,116‌

$

2,396,177‌

CNO

Financial

Group,

Inc.

78,781‌

2,765,213‌

Essent

Group

Ltd.

57,311‌

3,684,524‌

F&G

Annuities

&

Life,

Inc.

10,318‌

461,421‌

Fidelis

Insurance

Holdings

Ltd.

59,729‌

1,078,706‌

HCI

Group,

Inc.

16,210‌

1,735,443‌

Horace

Mann

Educators

Corp.

31,290‌

1,093,586‌

Jackson

Financial,

Inc.,

Class

A

52,310‌

4,772,241‌

NMI

Holdings,

Inc.,

Class

A

(a)

60,673‌

2,499,121‌

Palomar

Holdings,

Inc.

(a)

15,766‌

1,492,567‌

SiriusPoint

Ltd.

(a)

56,766‌

814,024‌

Skyward

Specialty

Insurance

Group,

Inc.

(a)

41,936‌

1,708,053‌

Universal

Insurance

Holdings,

Inc.

20,430‌

452,729‌

$

24,953,805‌

Internet

-

2

.90

%

AudioEye,

Inc.

(a)

2,539‌

58,016‌

Bumble,

Inc.,

Class

A

(a)

135,895‌

867,010‌

Cargurus,

Inc.

(a)

36,019‌

1,081,651‌

Despegar.com

Corp.

(a)

43,031‌

533,584‌

ePlus,

Inc.

(a)

7,328‌

720,636‌

Grindr,

Inc.

(a)

28,133‌

335,627‌

HealthStream,

Inc.

8,759‌

252,610‌

Hims

&

Hers

Health,

Inc.

(a)

272,775‌

5,024,515‌

Magnite,

Inc.

(a)

96,007‌

1,329,697‌

Perficient,

Inc.

(a)

24,076‌

1,817,256‌

Q2

Holdings,

Inc.

(a)

24,918‌

1,987,709‌

Shutterstock,

Inc.

28,149‌

995,630‌

Sprinklr,

Inc.,

Class

A

(a)

91,496‌

707,264‌

Squarespace,

Inc.,

Class

A

(a)

42,032‌

1,951,546‌

Yelp,

Inc.

(a)

38,412‌

1,347,493‌

$

19,010,244‌

Iron

&

Steel

-

1

.18

%

Carpenter

Technology

Corp.

30,980‌

4,943,788‌

Commercial

Metals

Co.

46,698‌

2,566,522‌

Universal

Stainless

&

Alloy

Products,

Inc.

(a)

6,022‌

232,630‌

$

7,742,940‌

Leisure

Time

-

0

.30

%

Acushnet

Holdings

Corp.

10,256‌

653,820‌

MasterCraft

Boat

Holdings,

Inc.

(a)

9,336‌

170,009‌

OneSpaWorld

Holdings

Ltd.

23,735‌

391,865‌

Vista

Outdoor,

Inc.

(a)

19,719‌

772,590‌

$

1,988,284‌

Machinery

-

Construction

&

Mining

-

0

.78

%

Argan,

Inc.

12,405‌

1,258,239‌

Hyster-Yale,

Inc.

8,167‌

520,810‌

Terex

Corp.

62,976‌

3,332,060‌

$

5,111,109‌

Machinery

-

Diversified

-

2

.62

%

Alamo

Group,

Inc.

5,618‌

1,011,970‌

Applied

Industrial

Technologies,

Inc.

18,612‌

4,152,896‌

Cactus,

Inc.,

Class

A

27,422‌

1,636,271‌

CSW

Industrials,

Inc.

6,215‌

2,277,114‌

DXP

Enterprises,

Inc.

(a)

8,704‌

464,446‌

Gorman-Rupp

Co.

8,293‌

323,012‌

Kadant,

Inc.

5,217‌

1,763,346‌

Mueller

Water

Products,

Inc.,

Class

A

84,016‌

1,823,147‌

Tennant

Co.

8,496‌

815,956‌

Thermon

Group

Holdings,

Inc.

(a)

13,655‌

407,465‌

Watts

Water

Technologies,

Inc.,

Class

A

12,153‌

2,517,980‌

$

17,193,603‌

Media

-

0

.75

%

AMC

Networks,

Inc.,

Class

A

(a)

18,833‌

163,659‌

Cable

One,

Inc.

5,445‌

1,904,606‌

Gannett

Co.,

Inc.

(a)

69,701‌

391,720‌

Liberty

Latin

America

Ltd.,

Class

A

(a)

15,981‌

153,098‌

Liberty

Latin

America

Ltd.,

Class

C

(a)

54,726‌

519,350‌

TEGNA,

Inc.

111,296‌

1,756,251‌

$

4,888,684‌

Metal

Fabrication

&

Hardware

-

1

.10

%

AZZ,

Inc.

16,324‌

1,348,526‌

22

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Metal

Fabrication

&

Hardware

(continued)

Janus

International

Group,

Inc.

(a)

169,604‌

$

1,714,696‌

Mayville

Engineering

Co.,

Inc.

(a)

12,155‌

256,227‌

Metallus,

Inc.

(a)

18,724‌

277,677‌

Mueller

Industries,

Inc.

39,335‌

2,914,724‌

Standex

International

Corp.

3,891‌

711,197‌

$

7,223,047‌

Mining

-

0

.49

%

Century

Aluminum

Co.

(a)

55,733‌

904,547‌

Constellium

SE

(a)

71,972‌

1,170,265‌

Kaiser

Aluminum

Corp.

8,875‌

643,615‌

U.S.

Lime

&

Minerals,

Inc.

4,869‌

475,506‌

$

3,193,933‌

Miscellaneous

Manufacturers

-

0

.93

%

Fabrinet

(a)

16,873‌

3,989,452‌

Federal

Signal

Corp.

22,589‌

2,111,168‌

$

6,100,620‌

Multi-National

-

0

.08

%

Banco

Latinoamericano

de

Comercio

Exterior

SA

16,948‌

550,641‌

Office

Furnishings

-

0

.24

%

HNI

Corp.

15,738‌

847,334‌

Interface,

Inc.

29,054‌

551,154‌

Virco

Mfg.

Corp.

(c)

13,274‌

183,314‌

$

1,581,802‌

Oil

&

Gas

-

1

.79

%

CNX

Resources

Corp.

(a)

106,912‌

3,482,124‌

Gulfport

Energy

Corp.

(a)

9,163‌

1,386,820‌

Magnolia

Oil

&

Gas

Corp.,

Class

A

89,420‌

2,183,636‌

Seadrill

Ltd.

(a)

35,989‌

1,430,203‌

SM

Energy

Co.

71,262‌

2,848,342‌

VAALCO

Energy,

Inc.

41,437‌

237,848‌

Vitesse

Energy,

Inc.

6,622‌

159,061‌

$

11,728,034‌

Oil

&

Gas

Services

-

1

.78

%

Archrock,

Inc.

53,149‌

1,075,736‌

Aris

Water

Solutions,

Inc.,

Class

A

28,506‌

480,896‌

Atlas

Energy

Solutions,

Inc.

32,368‌

705,622‌

ChampionX

Corp.

75,889‌

2,288,053‌

Helix

Energy

Solutions

Group,

Inc.

(a)

65,187‌

723,576‌

Kodiak

Gas

Services,

Inc.

19,489‌

565,181‌

Liberty

Energy,

Inc.

92,758‌

1,770,750‌

Newpark

Resources,

Inc.

(a)

24,618‌

170,603‌

Oceaneering

International,

Inc.

(a)

30,155‌

749,955‌

Select

Water

Solutions,

Inc.

37,035‌

412,200‌

Solaris

Energy

Infrastructure,

Inc.,

Class

A

5,802‌

74,033‌

Tidewater,

Inc.

(a)

36,490‌

2,619,617‌

$

11,636,222‌

Packaging

&

Containers

-

0

.12

%

Greif,

Inc.,

Class

A

9,407‌

589,443‌

Pactiv

Evergreen,

Inc.

17,022‌

195,923‌

$

785,366‌

Pharmaceuticals

-

2

.99

%

AdaptHealth

Corp.

(a)

44,832‌

503,463‌

Alkermes

PLC

(a)

97,906‌

2,740,389‌

Amneal

Pharmaceuticals,

Inc.

(a)

74,325‌

618,384‌

Amphastar

Pharmaceuticals,

Inc.

(a)

22,097‌

1,072,367‌

Catalyst

Pharmaceuticals,

Inc.

(a)

47,388‌

942,073‌

Collegium

Pharmaceutical,

Inc.

(a)

24,417‌

943,473‌

Corcept

Therapeutics,

Inc.

(a)

56,214‌

2,601,584‌

Harmony

Biosciences

Holdings,

Inc.

(a)

19,742‌

789,680‌

Harrow,

Inc.

(a)

4,478‌

201,331‌

Heron

Therapeutics,

Inc.

(a),(c)

93,738‌

186,539‌

Ironwood

Pharmaceuticals,

Inc.

(a)

71,642‌

295,165‌

MannKind

Corp.

(a)

145,118‌

912,792‌

Option

Care

Health,

Inc.

(a)

76,284‌

2,387,689‌

Pacira

BioSciences,

Inc.

(a)

29,959‌

450,883‌

PetIQ,

Inc.

(a)

7,088‌

218,098‌

Protagonist

Therapeutics,

Inc.

(a)

41,789‌

1,880,505‌

Rhythm

Pharmaceuticals,

Inc.

(a)

27,476‌

1,439,468‌

SIGA

Technologies,

Inc.

17,940‌

121,095‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Pharmaceuticals

(continued)

Supernus

Pharmaceuticals,

Inc.

(a)

25,821‌

$

805,099‌

Xeris

Biopharma

Holdings,

Inc.

(a)

89,344‌

254,630‌

Y-mAbs

Therapeutics,

Inc.

(a)

16,872‌

221,867‌

$

19,586,574‌

Pipelines

-

0

.15

%

Excelerate

Energy,

Inc.,

Class

A

7,467‌

164,349‌

Kinetik

Holdings,

Inc.

17,561‌

794,811‌

$

959,160‌

Real

Estate

-

0

.52

%

Cushman

&

Wakefield

PLC

(a)

143,950‌

1,962,039‌

Newmark

Group,

Inc.,

Class

A

70,795‌

1,099,446‌

Real

Brokerage,

Inc.

(a)

63,566‌

352,791‌

$

3,414,276‌

REITs

-

6

.05

%

Acadia

Realty

Trust

63,028‌

1,479,897‌

Alexander's,

Inc.

923‌

223,698‌

American

Assets

Trust,

Inc.

20,355‌

543,886‌

Armada

Hoffler

Properties,

Inc.

34,060‌

368,870‌

Broadstone

Net

Lease,

Inc.

88,411‌

1,675,388‌

CareTrust

REIT,

Inc.

111,869‌

3,452,277‌

CBL

&

Associates

Properties,

Inc.

6,896‌

173,779‌

Centerspace

9,210‌

649,029‌

CTO

Realty

Growth,

Inc.

11,809‌

224,607‌

Empire

State

Realty

Trust,

Inc.,

Class

A

88,687‌

982,652‌

Essential

Properties

Realty

Trust,

Inc.

100,913‌

3,446,179‌

Four

Corners

Property

Trust,

Inc.

34,072‌

998,650‌

Independence

Realty

Trust,

Inc.

179,715‌

3,684,158‌

Innovative

Industrial

Properties,

Inc.

11,960‌

1,609,816‌

LTC

Properties,

Inc.

24,170‌

886,797‌

National

Health

Investors,

Inc.

12,020‌

1,010,401‌

NexPoint

Residential

Trust,

Inc.

8,912‌

392,217‌

PennyMac

Mortgage

Investment

Trust

96,892‌

1,381,680‌

Ryman

Hospitality

Properties,

Inc.

35,228‌

3,777,851‌

SITE

Centers

Corp.

37,503‌

2,268,931‌

Sunstone

Hotel

Investors,

Inc.

162,109‌

1,672,965‌

Tanger,

Inc.

54,339‌

1,802,968‌

Terreno

Realty

Corp.

48,853‌

3,264,846‌

UMH

Properties,

Inc.

29,474‌

579,754‌

Uniti

Group,

Inc.

142,434‌

803,328‌

Universal

Health

Realty

Income

Trust

4,525‌

207,019‌

Urban

Edge

Properties

78,330‌

1,675,479‌

Whitestone

REIT

29,815‌

403,397‌

$

39,640,519‌

Retail

-

4

.95

%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

26,880‌

3,760,512‌

American

Eagle

Outfitters,

Inc.

160,577‌

3,595,319‌

Boot

Barn

Holdings,

Inc.

(a)

24,439‌

4,088,156‌

Brinker

International,

Inc.

(a)

62,160‌

4,757,105‌

Buckle,

Inc.

13,835‌

608,325‌

Caleres,

Inc.

18,211‌

601,873‌

Cheesecake

Factory,

Inc.

33,718‌

1,367,265‌

FirstCash

Holdings,

Inc.

34,911‌

4,007,783‌

GMS,

Inc.

(a)

25,451‌

2,305,097‌

Group

1

Automotive,

Inc.

3,871‌

1,482,748‌

La-Z-Boy,

Inc.

18,486‌

793,604‌

Patrick

Industries,

Inc.

5,905‌

840,695‌

PC

Connection,

Inc.

3,502‌

264,156‌

PriceSmart,

Inc.

6,474‌

594,184‌

Sally

Beauty

Holdings,

Inc.

(a)

45,876‌

622,537‌

Shoe

Carnival,

Inc.

8,487‌

372,155‌

Urban

Outfitters,

Inc.

(a)

61,586‌

2,359,359‌

$

32,420,873‌

Savings

&

Loans

-

1

.08

%

Axos

Financial,

Inc.

(a)

65,426‌

4,113,987‌

WaFd,

Inc.

46,625‌

1,624,881‌

WSFS

Financial

Corp.

26,936‌

1,373,467‌

$

7,112,335‌

Semiconductors

-

1

.79

%

Axcelis

Technologies,

Inc.

(a)

26,563‌

2,785,131‌

Impinj,

Inc.

(a)

17,736‌

3,840,199‌

23

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Semiconductors

(continued)

Photronics,

Inc.

(a)

23,773‌

$

588,619‌

Rambus,

Inc.

(a)

72,907‌

3,078,133‌

Veeco

Instruments,

Inc.

(a)

43,163‌

1,429,990‌

$

11,722,072‌

Software

-

5

.72

%

8x8,

Inc.

(a)

22,618‌

46,141‌

ACI

Worldwide,

Inc.

(a)

28,730‌

1,462,357‌

Agilysys,

Inc.

(a)

10,301‌

1,122,500‌

Alkami

Technology,

Inc.

(a)

23,605‌

744,502‌

Altair

Engineering,

Inc.,

Class

A

(a)

26,715‌

2,551,550‌

AvePoint,

Inc.

(a)

55,990‌

659,002‌

Blackbaud,

Inc.

(a)

8,914‌

754,837‌

BlackLine,

Inc.

(a)

45,702‌

2,520,008‌

Box,

Inc.,

Class

A

(a)

71,327‌

2,334,533‌

Clear

Secure,

Inc.,

Class

A

42,148‌

1,396,785‌

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)

70,692‌

1,784,973‌

CommVault

Systems,

Inc.

(a)

16,658‌

2,562,833‌

Daily

Journal

Corp.

(a)

518‌

253,872‌

Definitive

Healthcare

Corp.

(a)

36,364‌

162,547‌

DigitalOcean

Holdings,

Inc.

(a)

56,037‌

2,263,334‌

Envestnet,

Inc.

(a),(c)

33,579‌

2,102,717‌

Evolent

Health,

Inc.,

Class

A

(a)

46,654‌

1,319,375‌

GigaCloud

Technology,

Inc.,

Class

A

(a),(c)

60,584‌

1,392,220‌

Immersion

Corp.

47,524‌

423,914‌

Innodata,

Inc.

(a),(c)

16,077‌

269,611‌

N-able,

Inc.

(a)

33,157‌

433,030‌

Privia

Health

Group,

Inc.

(a)

38,163‌

694,948‌

Progress

Software

Corp.

17,486‌

1,178,032‌

PubMatic,

Inc.,

Class

A

(a)

19,048‌

283,244‌

Sapiens

International

Corp.

NV

6,907‌

257,424‌

SEMrush

Holdings,

Inc.,

Class

A

(a)

25,527‌

401,029‌

Simulations

Plus,

Inc.

10,536‌

337,363‌

SolarWinds

Corp.

25,897‌

337,956‌

SPS

Commerce,

Inc.

(a)

8,621‌

1,673,940‌

Vertex,

Inc.,

Class

A

(a)

42,607‌

1,640,796‌

Vimeo,

Inc.

(a)

48,005‌

242,425‌

Yext,

Inc.

(a)

44,449‌

307,587‌

Zeta

Global

Holdings

Corp.,

Class

A

(a)

119,447‌

3,563,104‌

$

37,478,489‌

Telecommunications

-

0

.49

%

A10

Networks,

Inc.

39,400‌

568,936‌

IDT

Corp.,

Class

B

4,317‌

164,780‌

InterDigital,

Inc.

17,464‌

2,473,426‌

$

3,207,142‌

Transportation

-

1

.80

%

Ardmore

Shipping

Corp.

28,507‌

515,977‌

Costamare,

Inc.

56,032‌

880,823‌

DHT

Holdings,

Inc.

89,181‌

983,666‌

Dorian

LPG

Ltd.

27,533‌

947,686‌

International

Seaways,

Inc.

25,764‌

1,328,392‌

Matson,

Inc.

17,680‌

2,521,522‌

Safe

Bulkers,

Inc.

60,042‌

311,017‌

Scorpio

Tankers,

Inc.

38,133‌

2,718,883‌

Teekay

Corp.

(a)

23,953‌

220,368‌

Teekay

Tankers

Ltd.,

Class

A

12,757‌

743,095‌

World

Kinect

Corp.

20,661‌

638,631‌

$

11,810,060‌

TOTAL

COMMON

STOCKS

a

$

653,600,100‌

INVESTMENT

COMPANIES

-

0

.71

%

Shares

Held

Value

Money

Market

Funds

-

0

.71

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

(d),(e),(f)

3,093,388‌

$

3,093,388‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(d)

1,587,691‌

1,587,691‌

TOTAL

INVESTMENT

COMPANIES

a

$

4,681,079‌

Total

Investments

$

658,281,179‌

Other

Assets

and

Liabilities

-

(0.44%)

(

2,864,686‌

)

TOTAL

NET

ASSETS

-

100.00%

$

655,416,493‌

(a)

Non-income

producing

security.

(b)

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.

(c)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,988,135

or

0.46%

of

net

assets.

(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

$3,093,388

or

0.47%

of

net

assets.

24

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

September

30,

2024

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.91%

$

1,899,837‌

$

7,666,410‌

$

6,472,859‌

$

3,093,388‌

$

1,899,837‌

$

7,666,410‌

$

6,472,859‌

$

3,093,388‌

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

4.91%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

25

Schedule

of

Investments

Principal

Value

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

99

.49

%

Shares

Held

Value

Aerospace

&

Defense

-

2

.03

%

-

—

Lockheed

Martin

Corp.

1,283‌

$

749,990‌

RTX

Corp.

6,629‌

803,170‌

$

1,553,160‌

Agriculture

-

1

.60

%

Altria

Group,

Inc.

12,688‌

647,595‌

Archer-Daniels-Midland

Co.

9,643‌

576,073‌

$

1,223,668‌

Apparel

-

1

.77

%

NIKE,

Inc.,

Class

B

8,557‌

756,439‌

Ralph

Lauren

Corp.

3,110‌

602,936‌

$

1,359,375‌

Banks

-

5

.46

%

Bank

of

New

York

Mellon

Corp.

9,234‌

663,555‌

Fifth

Third

Bancorp

14,032‌

601,131‌

Morgan

Stanley

7,524‌

784,302‌

PNC

Financial

Services

Group,

Inc.

3,657‌

675,997‌

Regions

Financial

Corp.

25,216‌

588,289‌

Wells

Fargo

&

Co.

15,449‌

872,714‌

$

4,185,988‌

Beverages

-

0

.73

%

Molson

Coors

Beverage

Co.,

Class

B

9,736‌

560,015‌

Building

Materials

-

0

.98

%

Trane

Technologies

PLC

1,922‌

747,139‌

Chemicals

-

4

.01

%

CF

Industries

Holdings,

Inc.

6,996‌

600,257‌

DuPont

de

Nemours,

Inc.

7,320‌

652,285‌

Eastman

Chemical

Co.

5,609‌

627,927‌

LyondellBasell

Industries

NV,

Class

A

6,043‌

579,524‌

PPG

Industries,

Inc.

4,595‌

608,654‌

$

3,068,647‌

Commercial

Services

-

0

.95

%

Automatic

Data

Processing,

Inc.

2,634‌

728,907‌

Computers

-

7

.62

%

Accenture

PLC,

Class

A

2,573‌

909,504‌

Apple,

Inc.

13,150‌

3,063,950‌

Cognizant

Technology

Solutions

Corp.,

Class

A

7,734‌

596,910‌

Hewlett

Packard

Enterprise

Co.

32,115‌

657,073‌

HP,

Inc.

16,946‌

607,853‌

$

5,835,290‌

Diversified

Financial

Services

-

5

.03

%

American

Express

Co.

3,093‌

838,822‌

Ameriprise

Financial,

Inc.

1,382‌

649,277‌

Discover

Financial

Services

4,491‌

630,042‌

Franklin

Resources,

Inc.

28,019‌

564,583‌

Nasdaq,

Inc.

7,978‌

582,474‌

Synchrony

Financial

11,750‌

586,090‌

$

3,851,288‌

Electronics

-

0

.77

%

Allegion

PLC

4,056‌

591,121‌

Environmental

Control

-

0

.82

%

Pentair

PLC

6,453‌

631,039‌

Food

-

5

.38

%

General

Mills,

Inc.

7,913‌

584,375‌

Hershey

Co.

2,871‌

550,600‌

Hormel

Foods

Corp.

16,638‌

527,425‌

Kroger

Co.

11,140‌

638,322‌

McCormick

&

Co.,

Inc.

6,756‌

556,019‌

Mondelez

International,

Inc.,

Class

A

9,231‌

680,048‌

Sysco

Corp.

7,493‌

584,903‌

$

4,121,692‌

Hand

&

Machine

Tools

-

0

.77

%

Snap-on,

Inc.

2,029‌

587,822‌

Healthcare

-

Services

-

0

.89

%

Cigna

Group

1,964‌

680,408‌

Household

Products

&

Wares

-

0

.76

%

Kimberly-Clark

Corp.

4,119‌

586,051‌

Insurance

-

8

.89

%

American

International

Group,

Inc.

8,377‌

613,448‌

Assurant,

Inc.

2,818‌

560,387‌

Chubb

Ltd.

2,505‌

722,417‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Insurance

(continued)

Cincinnati

Financial

Corp.

4,140‌

$

563,537‌

Everest

Group

Ltd.

1,443‌

565,410‌

Hartford

Financial

Services

Group,

Inc.

5,070‌

596,283‌

Marsh

&

McLennan

Cos.,

Inc.

3,130‌

698,272‌

MetLife,

Inc.

8,058‌

664,624‌

Prudential

Financial,

Inc.

5,221‌

632,263‌

Travelers

Cos.,

Inc.

2,610‌

611,053‌

Willis

Towers

Watson

PLC

1,972‌

580,813‌

$

6,808,507‌

Internet

-

0

.82

%

eBay,

Inc.

9,701‌

631,632‌

Iron

&

Steel

-

0

.82

%

Steel

Dynamics,

Inc.

4,981‌

628,004‌

Machinery

-

Construction

&

Mining

-

1

.23

%

Caterpillar,

Inc.

2,401‌

939,079‌

Machinery

-

Diversified

-

3

.41

%

Deere

&

Co.

1,812‌

756,202‌

Nordson

Corp.

2,243‌

589,079‌

Otis

Worldwide

Corp.

6,403‌

665,528‌

Rockwell

Automation,

Inc.

2,241‌

601,619‌

$

2,612,428‌

Media

-

1

.83

%

Comcast

Corp.,

Class

A

19,723‌

823,830‌

Fox

Corp.,

Class

A

13,631‌

577,000‌

$

1,400,830‌

Miscellaneous

Manufacturers

-

1

.72

%

A.O.

Smith

Corp.

7,042‌

632,583‌

Illinois

Tool

Works,

Inc.

2,625‌

687,934‌

$

1,320,517‌

Oil

&

Gas

-

8

.50

%

Chevron

Corp.

6,586‌

969,920‌

Diamondback

Energy,

Inc.

3,214‌

554,094‌

EQT

Corp.

17,222‌

631,014‌

Exxon

Mobil

Corp.

11,889‌

1,393,629‌

Marathon

Oil

Corp.

20,613‌

548,924‌

Marathon

Petroleum

Corp.

3,732‌

607,980‌

Occidental

Petroleum

Corp.

11,193‌

576,887‌

Phillips

66

4,783‌

628,726‌

Valero

Energy

Corp.

4,444‌

600,073‌

$

6,511,247‌

Oil

&

Gas

Services

-

2

.39

%

Baker

Hughes

Co.

17,104‌

618,310‌

Halliburton

Co.

19,831‌

576,090‌

Schlumberger

NV

15,233‌

639,024‌

$

1,833,424‌

Pharmaceuticals

-

1

.88

%

Bristol-Myers

Squibb

Co.

14,199‌

734,656‌

CVS

Health

Corp.

11,251‌

707,463‌

$

1,442,119‌

Pipelines

-

0

.76

%

Targa

Resources

Corp.

3,941‌

583,307‌

REITs

-

7

.64

%

Alexandria

Real

Estate

Equities,

Inc.

4,780‌

567,625‌

AvalonBay

Communities,

Inc.

2,581‌

581,370‌

Camden

Property

Trust

4,482‌

553,662‌

Essex

Property

Trust,

Inc.

1,869‌

552,140‌

Invitation

Homes,

Inc.

15,568‌

548,928‌

Mid-America

Apartment

Communities,

Inc.

3,488‌

554,243‌

Prologis,

Inc.

5,673‌

716,387‌

SBA

Communications

Corp.

2,379‌

572,625‌

Simon

Property

Group,

Inc.

3,719‌

628,585‌

VICI

Properties,

Inc.

17,394‌

579,394‌

$

5,854,959‌

Retail

-

6

.00

%

Bath

&

Body

Works,

Inc.

18,784‌

599,585‌

Darden

Restaurants,

Inc.

3,536‌

580,364‌

Genuine

Parts

Co.

4,144‌

578,834‌

Home

Depot,

Inc.

3,062‌

1,240,722‌

Lowe's

Cos.,

Inc.

3,102‌

840,177‌

26

Schedule

of

Investments

Principal

Value

ETF

September

30,

2024

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Retail

(continued)

TJX

Cos.,

Inc.

6,424‌

$

755,077‌

$

4,594,759‌

Semiconductors

-

7

.18

%

Broadcom,

Inc.

10,834‌

1,868,865‌

NVIDIA

Corp.

18,112‌

2,199,521‌

QUALCOMM,

Inc.

5,157‌

876,948‌

Skyworks

Solutions,

Inc.

5,588‌

551,927‌

$

5,497,261‌

Software

-

5

.19

%

Broadridge

Financial

Solutions,

Inc.

2,725‌

585,957‌

Microsoft

Corp.

6,446‌

2,773,714‌

Paychex,

Inc.

4,580‌

614,590‌

$

3,974,261‌

Transportation

-

1

.66

%

CSX

Corp.

19,124‌

660,352‌

FedEx

Corp.

2,248‌

615,232‌

$

1,275,584‌

TOTAL

COMMON

STOCKS

a

$

76,219,528‌

INVESTMENT

COMPANIES

-

0

.34

%

Shares

Held

Value

Money

Market

Funds

-

0

.34

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.95%

(a)

263,425‌

$

263,425‌

TOTAL

INVESTMENT

COMPANIES

a

$

263,425‌

Total

Investments

$

76,482,953‌

Other

Assets

and

Liabilities

-

0.17%

128,839‌

TOTAL

NET

ASSETS

-

100.00%

$

76,611,792‌

(a)

1-day

yield

shown

as

of

period

end.

27

Principal

Exchange-Traded

Funds

September

30,

2024

(unaudited)

1.

Security

Valuation

The

Funds

may

invest

in

series

of

Principal

Funds,

Inc.

(an

affiliate

of

the

Advisor)

and

other

investment

funds,

which

may

include

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered

open-end

investment

companies

are

valued

at

the

respective

fund’s

closing

net

asset

value

(“NAV”)

per

share

on

the

day

of

valuation.

The

Funds

value

securities

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter

(“OTC”),

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors

and

other

market

conditions

to

determine

an

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Principal

Global

Investors,

LLC

(“the

Advisor”)

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Trustees.

The

value

of

foreign

securities

used

in

computing

the

NAV

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Fund’s

NAV

are

reflected

in

the

Fund’s

NAV

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security’s

fair

value

including,

but

not

limited

to,

price

movements

in

American

Depository

Receipts

(“ADRs”),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

NAV,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Fund’s

NAV

could

be

significantly

affected

on

days

when

shares

are

not

able

to

be

issued

or

redeemed

by

Authorized

Participants

(“APs”).

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

“local”

price

and

a

“premium”

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Funds

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Advisor,

or

any

sub-advisor,

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Board

of

Trustees,

as

may

occasionally

be

necessary.

2.

Fair

Valuation

Fair

value

is

defined

as

the

price

that

the

Funds

would

receive

upon

selling

a

security

or

transferring

a

liability

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Funds

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

Fund’s

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

1

—

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include

listed

equities

and

listed

derivatives.

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

corporate

bonds,

senior

floating

rate

interests,

OTC

derivatives,

mortgage-

backed

securities

and

municipal

bonds.

Level

3

—

Significant

unobservable

inputs

(including

the

Funds’

assumptions

in

determining

the

fair

value

of

investments).

Investments

which

are

generally

included

in

this

category

include

certain

corporate

bonds

and

certain

common

stocks.

28

Principal

Exchange-Traded

Funds

September

30,

2024

(unaudited)

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Funds

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Funds’

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

as

of

the

measurement

date,

to

the

extent

available.

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as

prepayment

rates,

probability

of

default,

or

loss

severity

in

the

event

of

default.

Significant

increases

in

any

of

those

inputs

in

isolation

would

result

in

a

significantly

lower

fair

value

measurement.

The

fair

values

of

these

entities

are

dependent

on

economic,

political

and

other

considerations.

The

values

of

the

underlying

investee

entities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

During

the

period

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3.

The

following

is

a

summary

of

the

inputs

used

as

of

September

30,

2024,

in

valuing

the

Funds’

securities

carried

at

fair

value:

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Active

High

Yield

ETF

Bonds

*

$

—

$

209,261,057

$

—

$

209,261,057

Senior

Floating

Rate

Interests

*

—

13,403,191

—

13,403,191

Investment

Companies

*

17,557,572

—

—

17,557,572

Total

investments

in

securities

$

17,557,572

$

222,664,248

$

—

$

240,221,820

Principal

Focused

Blue

Chip

ETF

Common

Stocks

*

81,679,301

—

—

81,679,301

Investment

Companies

*

474,050

—

—

474,050

Total

investments

in

securities

$

82,153,351

$

—

$

—

$

82,153,351

Principal

Investment

Grade

Corporate

Active

ETF

Bonds

*

—

88,200,855

—

88,200,855

Investment

Companies

*

2,553,582

—

—

2,553,582

Total

investments

in

securities

$

2,553,582

$

88,200,855

$

—

$

90,754,437

Derivative

Assets

Interest

Rate

Contracts

Futures

**

13,398

—

—

13,398

Derivative

Liabilities

Interest

Rate

Contracts

Futures

**

(

49,918

)

—

—

(

49,918

)

Principal

Quality

ETF

Common

Stocks

*

56,768,350

—

—

56,768,350

2.

Fair

Valuation

(continued)

29

Principal

Exchange-Traded

Funds

September

30,

2024

(unaudited)

The

Funds’

Schedules

of

Investments

for

the

period

ended

September

30,

2024 has

not

been

audited.

This

report

is

provided

for

the

general

information

of

the

Funds’

shareholders.

For

more

information

regarding

the

Funds

and

their

holdings,

please

see

the

Funds’

prospectus.

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Quality

ETF

(continued)

Investment

Companies

*

$

179,212

$

—

$

—

$

179,212

Total

investments

in

securities

$

56,947,562

$

—

$

—

$

56,947,562

Principal

Real

Estate

Active

Opportunities

ETF

Common

Stocks

*

12,788,592

—

—

12,788,592

Investment

Companies

*

115,907

—

—

115,907

Total

investments

in

securities

$

12,904,499

$

—

$

—

$

12,904,499

Principal

Spectrum

Preferred

Securities

Active

ETF

Bonds

*

—

946,678,746

—

946,678,746

Investment

Companies

*

21,425,258

—

—

21,425,258

Total

investments

in

securities

$

21,425,258

$

946,678,746

$

—

$

968,104,004

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

Preferred

Stocks

*

2,702,908

—

—

2,702,908

Bonds

*

—

33,869,842

—

33,869,842

Investment

Companies

*

535,252

—

—

535,252

Total

investments

in

securities

$

3,238,160

$

33,869,842

$

—

$

37,108,002

Principal

U.S.

Mega-Cap

ETF

Common

Stocks

*

2,535,262,264

—

—

2,535,262,264

Investment

Companies

*

6,969,007

—

—

6,969,007

Total

investments

in

securities

$

2,542,231,271

$

—

$

—

$

2,542,231,271

Principal

U.S.

Small-Cap

ETF

Common

Stocks

Basic

Materials

21,229,281

—

—

21,229,281

Communications

27,453,826

—

—

27,453,826

Consumer,

Cyclical

76,972,057

—

—

76,972,057

Consumer,

Non-cyclical

148,990,809

—

3,863

148,994,672

Energy

29,875,872

—

—

29,875,872

Financial

148,864,119

—

—

148,864,119

Government

550,641

—

—

550,641

Industrial

116,105,497

—

—

116,105,497

Technology

64,985,205

—

—

64,985,205

Utilities

18,568,930

—

—

18,568,930

Investment

Companies

*

4,681,079

—

—

4,681,079

Total

investments

in

securities

$

658,277,316

$

—

$

3,863

$

658,281,179

Principal

Value

ETF

Common

Stocks

*

76,219,528

—

—

76,219,528

Investment

Companies

*

263,425

—

—

263,425

Total

investments

in

securities

$

76,482,953

$

—

$

—

$

76,482,953

*

For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

Schedules

of

Investments.

**

Futures

are

presented

at

the

unrealized

appreciation

(depreciation)

of

the

instrument.

2.

Fair

Valuation

(continued)

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