TRUST FOR PROFESSIONAL MANAGERS

N-CSRS 1 d489918dncsrs.htm TRUST FOR PROFESSIONAL MANAGERS TRUST FOR PROFESSIONAL MANAGERS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10401

Trust for Professional Managers

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

(513)-629-8104

Registrant’s telephone number, including area code

Date of fiscal year end: August 31, 2023

Date of reporting period: February 28, 2023

Item 1. Reports to Stockholders.

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PMC Funds

PMC Core Fixed Income Fund

Advisor Class Shares: (PMFIX)

Institutional Class Shares: (PMFQX)

PMC Diversified Equity Fund

Advisor Class Shares: (PMDEX)

Institutional Class Shares: (PMDQX)

Semi-Annual Report

February 28, 2023

Table of Contents


LETTER TO SHAREHOLDERS			3

EXPENSE EXAMPLES			7

INVESTMENT HIGHLIGHTS			9

SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND			16

SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND			39

STATEMENTS OF ASSETS AND LIABILITIES			63

STATEMENTS OF OPERATIONS			64

STATEMENTS OF CHANGES IN NET ASSETS			65

FINANCIAL HIGHLIGHTS			67

NOTES TO FINANCIAL STATEMENTS			71

NOTICE OF PRIVACY POLICY & PRACTICES			82

ADDITIONAL INFORMATION			83

PMC Funds

Letter to Shareholders

To our Shareholders:

We are pleased to present you with the Semi-Annual Report for the PMC Funds mutual fund family. This report covers the six-month period ended February 28, 2023 as well as the period since the inception of the PMC Funds.

The table below presents the standardized performance of the PMC Funds relative to their respective benchmarks. The past twelve month period has been one in which the global economy has remained mired in a period of continued high inflation and slowing growth. In addition, the Russia-Ukraine war has now entered its second year with the outcome still uncertain. While the health effects of Covid have subsided somewhat, the accompanying economic tremors continue to linger. Inflation remains stubbornly high, in part due to the war in Ukraine, but primarily as a result of the enormous amount of stimulus that entered the economy during the pandemic. Energy prices have come down from their peaks, but remain well above the levels when the Biden administration took over and began to aggressively promote a transition to a green economy. In order to combat surging inflation, the Federal Open Market Committee (FOMC), led by Fed Chairman Jay Powell, aggressively raised the federal funds target rate seven times in 2022, and has raised it once more in 2023, moving from a range of 0%-0.25% to its present range of 4.50%-4.75%. Investors anticipate that the fed funds target will exceed 5% in the next few months. The FOMC has indicated that more rate increases are likely in order to rein in inflation. Inflation hovering near record levels and the FOMC’s efforts to bring it under control have combined to send bond yields surging, and prices declining. The U.S. economy has regained some momentum over the past six months, posting real GDP growth rates of 2.9% and 2.7% in 2022’s third and fourth quarters, respectively. These positive results followed two quarters of negative growth as the FOMC embarked on its rate-hike regime.

The Bureau of Economic Analysis reported its second estimate of fourth quarter 2022 gross domestic product (GDP)¹ of 2.7%, modestly lower than the third quarter reading. The employment situation has been very resilient in the face of a slowing economy, as employers added 239,000, 504,000 and 311,000 jobs in December, January and February, respectively. The February report showed an average of approximately 351,000 jobs added each month of the quarter, and that the unemployment rate fell to 3.6%.

In general, financial markets have generated mixed results over the past six months, with broad-based stock indexes reclaiming some of the ground lost earlier in 2022 that resulted from the surge in inflation and attendant rise in bond yields. The MSCI World Index Net Return advanced slightly more than 4% over the six months ended February 28, 2023. The Bloomberg U.S. Aggregate Bond Index declined more than 2% during the same period as a result of the rise in interest rates. The yield on the 10-year U.S. Treasury climbed from 3.2% to 3.9% over the six months ended February 28, 2023.

Gross Domestic Product (‘GDP”) is the total monetary value of all the finished goods and services produced within a country’s borders in a specific period.

Total Returns as of February 28, 2023*

*Periods of Less than 1-Year Are Unannualized


Fund	Three Months			Six Months			One Year			Five Year			Ten Year			Since Inception			Inception Date		Gross Expense Ratio
PMC Diversified Equity Fund (Advisor Class)		0.31	%		6.44	%		-5.68	%		4.62	%		7.29	%		8.45	%		8-26-09		0.93	%***
PMC Diversified Equity Fund (Inst. Class)		0.37	%		6.57	%		-5.41	%		N/A			N/A			6.36	%**		7-1-19		0.68	%***
MSCI World Index Net Return		0.06	%		4.04	%		-7.33	%		6.88	%		8.77	%		9.06	%

PMC Core Fixed Income Fund (Advisor Class)		0.55	%		-1.97	%		-9.71	%		0.61	%		0.93	%		3.24	%		9-28-07		1.13	%***
PMC Core Fixed Income Fund (Inst. Class)		0.64	%		-1.89	%		-9.50	%		N/A			N/A			-0.83	%**		7-1-19		0.88	%***
Bloomberg U.S. Aggregate Bond Index		-0.04	%		-2.13	%		-9.72	%		0.53	%		1.12	%		2.81	%

Performance shown as of Institutional class inception date of 7-1-19

***

Gross expense ratio as disclosed in the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.

The MSCI World Index Net Return captures large and mid-cap representation across 23 Developed Markets countries. The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. An investor cannot invest directly in an index.

Past performance is no guarantee of future returns. Current performance may be higher or lower than the performance data shown. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, please visit the Funds’ website at www.investpmc.com or by calling 866-762-7338. Performance results reflect contractual expense subsidies and waivers in effect until December 29, 2023; without these waivers, returns would have been less favorable.

PMC Diversified Equity Fund

The PMC Diversified Equity Fund was launched on August 26, 2009, and provides broad equity asset class exposure, diversified globally. The Fund’s investment objective is long-term capital appreciation.

One of the primary drivers of the Fund’s performance is its exposure to the well-known value, momentum and quality asset pricing factors. Stocks with positive aggregate exposures to these factors contributed positively to performance during the six months ended February 28, 2023. The notable exception is the momentum factor, which is the tendency for stocks that have performed well on a relative basis over the recent past to continue to do so going forward in the near term. While the momentum factor performed well for several years leading into 2022, it has lagged over the past six months. However, the value and quality factors have performed very well over that time. Analysts were correct a year ago in their predictions that the FOMC moving to raise interest rates would benefit factor performance by creating a greater distinction in the performance of individual stocks. Such positive factor performance was a primary contributor to the Fund’s relative performance, as it outperformed the benchmark MSCI World Index Net Return over the six-month period ended February 28, 2023. Over that period the Fund’s Advisor Class shares generated a total return of 6.44%, outpacing the 4.04% return of the benchmark MSCI World Index Net Return. The primary driver of the Fund’s performance during the period was the strong aggregate performance of the asset pricing factors toward which the portfolio is tilted. In particular, the Fund’s orientation toward value stocks was a key driver of the outperformance relative to the benchmark. Performance was also positively impacted by having an exposure to stocks exhibiting higher quality characteristics. The Fund’s modestly lower weighted average market capitalization than the index had a negative impact on performance during the period, as stocks of smaller companies underperformed those of larger companies. Relative performance was also advantaged during the six-month period from an underweight to the information technology sector, and security selection in the consumer discretionary and health care sectors. Among the detractors to performance during the period was security selection in the information technology sector and underweights to the industrials and energy sectors. As is typically the case, the strategy’s factor orientation resulted in over- or underweights to specific stocks that had a meaningful impact on performance. Over the past six months

underweights to well-known companies such as Amazon.com, Inc. (AMZN), Apple, Inc. (AAPL), and Meta Platforms, Inc. (FB) benefited performance. However, an underweight to NVIDIA Corp. (NVDA), and overweights to Berkshire Hathaway, Inc. (BRK/A) and Tyson Foods, Inc. (TSN) detracted from performance.

In addition to the risk that the investment strategy employed in the Fund will underperform the benchmark index generally, the primary risks continue to primarily involve systematic risk. Because the Adviser controls the risk of the portfolio relative to the benchmark, the overall portfolio should track the Fund’s benchmark fairly closely on a relative basis. However, in general market declines the Fund’s fully invested strategy would incur a setback commensurate with the decline in the benchmark.

PMC Core Fixed Income Fund

The PMC Core Fixed Income Fund provides broad exposure to the core segments of the domestic fixed income market. The Fund’s investment objective is to provide current income consistent with low volatility of principal, and in addition to the Adviser, one sub-adviser manages a portion of the Fund assets: Neuberger Berman Investment Advisers LLC.

Over the six months ended February 28, 2023, the environment for fixed income securities has been one of a continued rise in bond yields - and drop in bond prices – resulting from several factors, including the FOMC’s decision to raise interest rates to combat the surge in inflation. Against this backdrop, the Fund’s Advisor Class shares generated a negative return of -1.97% for the six-month period ended February 28, 2023, modestly outperforming the Bloomberg U.S. Aggregate Bond Index return of -2.13%. The primary factors negatively impacting performance over the past six-month period were an underweight to U.S. Treasury bonds and an overweight to corporate bonds, each of which was a key positive contributor to performance during the period. An overweight to securitized bonds and security selection with the Treasury segment were the primary detractors.

The primary risks to the strategies employed by the Fund’s sub-adviser remain in place and exist at both the macro level and in individual security selection. Due to the Fund’s aggregate overweight exposure to credit securities, the Fund remains likely to underperform the benchmark somewhat if the Federal Reserve makes a policy misstep, and Treasury securities consequently rise relative to credits. In addition, if the general level of interest rates continues to rise rapidly, the Fund will not be immune to further losses. Similarly, if certain of the individual credits currently owned by the Fund are adversely affected by economic events, the Fund itself will also be affected.

Remarks

U.S. investors remain on high alert as a result of continued high inflation, the FOMC’s aggressive interest rate increases, geopolitical tensions, and the upcoming presidential election cycle, among other things. The consensus among economists seems to be that despite the ratcheting up of interest rates, the economy may yet be able to avert a recession. However, the bond market seems to have a different opinion, as the yield curve is once again inverted, typically a sure sign of a looming recession. In addition to raising interest rates, the FOMC is also reducing the size of its balance sheet, which reached unprecedented levels as a result of the steps taken following the financial crisis in 2008. The decline in oil prices from the peak following the onset of the Russia-Ukraine war is a positive occurrence that will help the economy’s glidepath in averting a recession.

As always, we appreciate your continued trust and confidence in the PMC Funds. We will continue to do all we can to ensure that such trust and confidence are well placed and will manage the PMC Funds with that goal clearly in mind.

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Brandon R. Thomas

Co-Founder and Chief Investment Officer

Envestnet

Envestnet Asset Management

The views in this report were those of the Fund’s investment adviser and the Core Fixed Income Fund’s sub-adviser, as applicable, as of the date of this report, and may not reflect their views on the date the report is first published or anytime thereafter. These views are intended to assist the shareholders of the Funds in understanding their investments in the Funds and do not constitute investment advice.

Holdings are subject to change and are not a recommendation to buy or sell any security. Please see the schedule of holdings for a full list of fund holdings.

Investments in smaller companies carry greater risk than is customarily associated with larger companies for various reasons such as volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. Investing overseas involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. Income (bond) funds are subject to interest rate risk, which is the risk that debt securities in a fund’s portfolio will decline in value because of increases in market interest rates. Please see the prospectus (https://www.investpmc.com/sites/default/files/documents/PMC%20Statutory%20Prospectus%2012.29.2022.pdf) for a complete description of the risks associated with investing in the PMC Funds.

PMC Funds are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not an affiliate of Envestnet Asset Management, Inc./Envestnet PMC.

PMC FUNDS

Expense Examples

(Unaudited)

As a shareholder of the PMC Core Fixed Income Fund or the PMC Diversified Equity Fund (each a “Fund”, and together the “Funds”), you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution (12b-1) fees (Advisor Class shares only) and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 - February 28, 2023).

Actual

Expenses

The first lines of the following tables provide information about actual account values and actual expenses. Although the Funds do not charge a sales load, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent. Individual Retirement Accounts (“IRA”) will be charged a $15.00 annual maintenance fee. To the extent the Funds invest in shares of exchange-traded funds or other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the direct expenses of the Funds. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the Example. The Example includes, but is not limited to, management fees, distribution (12b-1) fees, fund administration and accounting, custody and transfer agent fees. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical

Example for Comparison Purposes

The second lines of the following tables provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the second lines of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Expenses Paid During Period 9/1/22-2/28/23*
PMC Core Fixed Income Fund–Advisor Class
Actual	$	1,000.00	$	980.30	$	4.17
Hypothetical (5% return before expenses)		1,000.00		1,020.58		4.26

Expenses are equal to the Fund’s annualized expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.


	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Expenses Paid During Period 9/1/22-2/28/23*
PMC Core Fixed Income Fund–Institutional Class
Actual	$	1,000.00	$	981.10	$	2.95
Hypothetical (5% return before expenses)		1,000.00		1,021.82		3.01

Expenses are equal to the Fund’s annualized expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.


	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Expenses Paid During Period 9/1/22-2/28/23*
PMC Diversified Equity Fund–Advisor Class
Actual	$	1,000.00	$	1,064.40	$	4.81
Hypothetical (5% return before expenses)		1,000.00		1,020.13		4.71

Expenses are equal to the Fund’s annualized expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.


	Beginning Account Value 9/1/22		Ending Account Value 2/28/23		Expenses Paid During Period 9/1/22-2/28/23*
PMC Diversified Equity Fund–Institutional Class
Actual	$	1,000.00	$	1,065.70	$	3.53
Hypothetical (5% return before expenses)		1,000.00		1,021.37		3.46

Expenses are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

PMC CORE FIXED INCOME FUND (PMFIX, PMFQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is to provide current income consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of February 28, 2023 is shown below.

Allocation of Portfolio Holdings

% of Net assets

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Excludes securities lending collateral.

PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2023


	PMC Core Fixed Income Fund–Advisor Class			Bloomberg U.S. Aggregate Bond Index
One Year		-9.71	%		-9.72	%
Five Year		0.61	%		0.53	%
Ten Year		0.93	%		1.12	%
Since Inception (9/28/07)		3.24	%		2.81	%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at (866) PMC-7338.

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on February 28, 2013. The graph does not reflect any future performance.

The Bloomberg U.S. Aggregate Bond Index is an index composed of U.S. securities in Treasury, Government-Related, Corporate and Securitized Sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

One cannot invest directly in an index.

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PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2023


	PMC Core Fixed Income Fund–Institutional Class			Bloomberg U.S. Aggregate Bond Index
One Year		-9.50	%		-9.72	%
Since Inception (7/1/19)		-0.83	%		-1.44	%

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on July 1, 2019, the inception date of the Institutional Class. The graph does not reflect any future performance.

One cannot invest directly in an index.

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Inception Date

PMC DIVERSIFIED EQUITY FUND (PMDEX, PMDQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 28, 2023 is shown below.

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Excludes securities lending collateral.

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2023


	PMC Diversified Equity Fund– Advisor Class			MSCI World Index Net Return
One Year		-5.68	%		-7.33	%
Five Year		4.62	%		6.88	%
Ten Year		7.29	%		8.77	%
Since Inception (8/26/09)		8.45	%		9.06	%

On May 25, 2018, Envestnet Asset Management, Inc. (the “Adviser”), the Fund’s investment adviser, assumed all responsibilities for selecting investments in the Fund’s portfolio in connection with a change to the Fund’s investment strategies. The Fund’s performance prior to this date reflects the Fund’s returns achieved when the Adviser actively managed a portion of the Fund’s portfolio and used a “manager of managers” investment strategy by engaging sub-advisers to manage other portions of the Fund’s portfolio.

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The MSCI World Index Net Return is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net return indices reinvest dividends after the deduction of taxes, using a tax rate applicable to non-resident investors who do not benefit from table taxation treaties. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

One cannot invest directly in an index.

Continued

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

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PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2023


	PMC Diversified Equity Fund– Institutional Class			MSCI World Index Net Return
One Year		-5.41	%		-7.33	%
Since Inception (7/1/19)		6.36	%		7.65	%

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on July 1, 2019, the inception date of the Institutional Class. The graph does not reflect any future performance.

One cannot invest directly in an index.

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Inception Date

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited)



	Principal Amount		Value
ASSET BACKED SECURITIES—9.44%
37 Capital CLO I
2021-1, 5.992% (3 Month LIBOR USD + 1.200%), 10/15/2034^(b)(c)	$	1,000,000	$	981,267
AM Capital Funding LLC
2018-1, 4.980%, 12/15/2023^(b)		760,000		738,475
Amur Equipment Finance Receivables XI LLC
2022-2A, 5.300%, 06/21/2028^(b)		255,000		252,627
Angel Oak Mortgage Trust
2021-3, 1.068%, 05/25/2066^(b)(d)		660,696		543,648
Aqua Finance Trust 2021-A
2021-A, 1.540%, 07/17/2046^(b)		498,111		444,106
Avis Budget Rental Car Funding AESOP LLC
2019-3 A, 2.360%, 03/20/2026^(b)		376,000		354,041
2020-2 B, 2.960%, 02/20/2027^(b)		567,000		519,134
2021-2 A, 1.660%, 02/20/2028^(b)		1,184,000		1,030,431
2021-2 B, 1.900%, 02/20/2028^(b)		495,000		422,072
Beacon Container Finance II LLC
2021-1A, 2.250%, 10/22/2046^(b)		920,400		793,316
BlueMountain CLO Ltd.
2013-2R, 5.995% (3 Month LIBOR USD + 1.180%), 10/22/2030^(b)(c)		355,818		353,917
Cedar Funding VI CLO Ltd.
2016-6A, 5.858% (3 Month LIBOR USD + 1.050%), 04/20/2034^(b)(c)		1,480,000		1,439,818
Crown Castle Towers LLC
4.241%, 07/15/2048^(b)		439,000		399,987
Dryden 75 CLO Ltd.
2019-75R2, 5.832% (3 Month LIBOR USD + 1.040%), 04/15/2034^(b)(c)		850,000		833,542
Fort Washington CLO Ltd.
2021-2A, 6.028% (3 Month LIBOR USD + 1.220%), 10/20/2034^(b)(c)		2,000,000		1,965,658
GCAT Trust
2019-NQM3, 2.686%, 11/25/2059^(b)(d)		112,609		105,348
2021-NQM5, 1.262%, 07/25/2066^(b)(d)		886,657		698,397
JPMorgan Chase Bank NA—CACLN
2021-3, 0.760%, 02/26/2029^(b)		933,157		884,941
Madison Park Funding XXVI Ltd.
2007-26, 6.002% (3 Month LIBOR USD + 1.200%), 07/29/2030^(b)(c)		2,286,025		2,272,464
Magnetite XXIII Ltd.
2019-23R, 5.948% (3 Month LIBOR USD + 1.130%), 01/25/2035^(b)(c)		1,000,000		984,007
MetroNet Infrastructure Issuer LLC
2022-1A, 6.350%, 10/20/2052^(b)		693,000		662,631
MVW LLC
2021-2A A, 1.430%, 05/20/2039^(b)		752,819		667,509
2021-2A B, 1.830%, 05/20/2039^(b)		614,216		544,359
2022-1, 4.400%, 11/21/2039^(b)		275,556		263,436
2021-1W, 1.440%, 01/22/2041^(b)		310,800		280,967
Navient Private Education Refi Loan Trust
2021-B, 0.940%, 07/15/2069^(b)		909,138		785,166
2021-C, 1.060%, 10/15/2069^(b)		580,935		504,174
2021-E, 0.970%, 12/16/2069^(b)		1,387,227		1,168,827
Navient Student Loan Trust
2019-7, 5.117% (1 Month LIBOR USD + 0.500%), 01/25/2068^(b)(c)		52,584		52,548
PFS Financing Corp.
2021-B, 0.770%, 08/15/2026^(b)		1,890,000		1,763,315

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Prestige Auto Receivables Trust
2021-1, 1.530%, 02/15/2028^(b)	$	599,000	$	555,190
RASC Trust
2005-KS12, 5.307% (1 Month LIBOR USD + 0.460%), 01/25/2036^(c)		65,853		65,561
SBA Tower Trust
2020-1-2, 2.328%, 01/15/2028^(b)		618,000		533,394
2021-3, 2.593%, 10/15/2031^(b)		1,243,000		974,096
Sierra Timeshare Receivables Funding LLC
2019-2, 2.590%, 05/20/2036^(b)		309,436		297,569
2020-2, 3.510%, 07/20/2037^(b)		358,479		337,574
2021-2, 1.350%, 09/20/2038^(b)		268,393		251,207
SoFi Consumer Loan Program Trust
2023-1S, 5.810%, 05/15/2031^(b)		440,000		439,825
Starwood Mortgage Residential Trust
2021-3, 1.127%, 06/25/2056^(b)(d)		556,947		453,024
2021-6, 1.920%, 11/25/2066^(b)(d)		883,248		735,873
Taco Bell Funding LLC
2021-1, 1.946%, 08/25/2051^(b)		790,988		684,910
Thayer Park CLO Ltd.
2017-R, 5.848% (3 Month LIBOR USD + 1.040%), 04/20/2034^(b)(c)		500,000		491,938
Towd Point Mortgage Trust
2017-5, 4.202% (1 Month LIBOR USD + 0.600%), 02/25/2057^(b)(c)		158,821		158,339
2017-2 A1, 2.750%, 04/25/2057^(b)(d)		9,029		8,933
2017-2, 3.250%, 04/25/2057^(b)(d)		351,000		338,757
2017-4, 2.750%, 06/25/2057^(b)(d)		99,274		94,474
2017-3, 2.750%, 07/25/2057^(b)(d)		107,027		104,335
2022-4, 3.750%, 09/25/2062^(b)		1,954,770		1,805,027
TRESTLES CLO Ltd.
2017-1, 5.808% (3 Month LIBOR USD + 0.990%), 04/25/2032^(b)(c)		500,000		492,873
TRESTLES CLO V Ltd.
2021-5, 5.978% (3 Month LIBOR USD + 1.170%), 10/20/2034^(b)(c)		1,000,000		981,506
Vantage Data Centers Issuer LLC
2019-1, 3.188%, 07/15/2044^(b)		1,269,940		1,214,552
2021-1, 2.165%, 10/15/2046^(b)		1,078,000		938,113
Verus Securitization Trust
2021-3, 1.046%, 06/25/2066^(b)(d)		728,557		607,900
2021-6, 1.630%, 10/25/2066^(b)(d)		1,154,613		950,214
2022-7, 5.152%, 07/25/2067^(b)		922,351		899,625
Voya CLO Ltd.
2014-2A, 5.812% (3 Month LIBOR USD + 1.020%), 04/17/2030^(b)(c)		1,528,132		1,514,767

TOTAL ASSET BACKED SECURITIES (Cost $41,872,070)				38,639,704

CORPORATE BONDS—34.77%
Accommodation—0.07%
Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028^(b)		165,000		149,590
Wynn Las Vegas LLC
5.500%, 03/01/2025^(b)		125,000		121,703

				271,293

Administrative and Support Services—0.64%
ASGN, Inc.
4.625%, 05/15/2028^(b)		350,000		316,620

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Booking Holdings, Inc.
3.550%, 03/15/2028	$	1,100,000	$	1,030,231
Korn Ferry
4.625%, 12/15/2027^(b)		100,000		92,630
Live Nation Entertainment, Inc.
4.750%, 10/15/2027^(b)		145,000		130,279
PayPal Holdings, Inc.
2.400%, 10/01/2024^(f)		1,110,000		1,063,046

				2,632,806

Air Transportation—0.49%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500%, 06/20/2027^(b)		180,000		180,180
Southwest Airlines Co.
5.250%, 05/04/2025		800,000		797,033
United Airlines Pass Through Trust
5.875%, 10/15/2027		1,022,393		1,016,746

				1,993,959

Ambulatory Health Care Services—0.04%
Acadia Healthcare Co, Inc.
5.000%, 04/15/2029^(b)		195,000		177,630

Beverage and Tobacco Product Manufacturing—2.10%
Anheuser-Busch InBev Worldwide, Inc.
4.700%, 02/01/2036		1,435,000		1,347,638
4.350%, 06/01/2040		1,006,000		882,886
4.600%, 04/15/2048		523,000		460,787
4.750%, 04/15/2058		510,000		453,835
Molson Coors Beverage Co.
4.200%, 07/15/2046		660,000		513,735
Philip Morris International, Inc.
3.125%, 08/17/2027		2,666,000		2,472,574
5.125%, 02/15/2030^(f)		1,450,000		1,423,081
5.750%, 11/17/2032		1,045,000		1,056,801

				8,611,337

Broadcasting (except Internet)—1.59%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.250%, 02/01/2031^(b)		298,000		239,473
Charter Communications Operating LLC / Charter Communications Operating Capital
3.900%, 06/01/2052		1,335,000		840,936
5.500%, 04/01/2063		775,000		600,131
Comcast Corp.
4.150%, 10/15/2028		1,711,000		1,636,715
CSC Holdings LLC
4.625%, 12/01/2030^(b)		435,000		234,193
DISH DBS Corp.
5.875%, 11/15/2024		110,000		102,750
Fox Corp.
5.576%, 01/25/2049		770,000		700,003
Paramount Global
4.200%, 05/19/2032^(f)		970,000		798,369
Sirius XM Radio, Inc.
4.125%, 07/01/2030^(b)(f)		315,000		256,292

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Warnermedia Holdings, Inc.
5.050%, 03/15/2042^(b)	$	530,000	$	428,038
5.141%, 03/15/2052^(b)		835,000		656,839

				6,493,739

Building Material and Garden Equipment and Supplies Dealers—0.29%
Home Depot, Inc.
2.700%, 04/01/2023		1,202,000		1,199,518

Chemical Manufacturing—1.67%
AbbVie, Inc.
4.050%, 11/21/2039		270,000		227,614
4.250%, 11/21/2049		485,000		403,054
Amgen, Inc.
5.750%, 03/02/2063		1,695,000		1,664,728
Biogen, Inc.
2.250%, 05/01/2030		2,894,000		2,342,418
Bristol-Myers Squibb Co.
3.550%, 03/15/2042		300,000		243,531
Eli Lilly & Co.
4.950%, 02/27/2063		1,225,000		1,212,851
Viatris, Inc.
4.000%, 06/22/2050		1,140,000		730,080

				6,824,276

Computer and Electronic Product Manufacturing—2.04%
Apple, Inc.
1.800%, 09/11/2024		2,818,000		2,685,770
Dell International LLC / EMC Corp.
5.450%, 06/15/2023		289,000		288,826
6.200%, 07/15/2030^(f)		1,140,000		1,157,360
Intel Corp.
3.750%, 03/25/2027^(f)		1,146,000		1,094,523
Marvell Technology, Inc.
2.950%, 04/15/2031		1,036,000		835,195
Microchip Technology, Inc.
4.333%, 06/01/2023		690,000		687,832
Northrop Grumman Corp.
4.950%, 03/15/2053		870,000		816,892
QUALCOMM, Inc.
6.000%, 05/20/2053		280,000		301,145
Thermo Fisher Scientific, Inc.
4.950%, 11/21/2032		494,000		492,000

				8,359,543

Construction of Buildings—0.02%
Shea Homes LP / Shea Homes Funding Corp.
4.750%, 02/15/2028		75,000		65,952

Credit Intermediation and Related Activities—5.07%
Bank of America Corp.
3.875%, 08/01/2025		1,604,000		1,559,041
3.559% to 04/23/2026, then 3 Month LIBOR USD + 1.060%, 04/23/2027^(a)		1,610,000		1,513,540
3.705% to 04/24/2027, then 3 Month LIBOR USD + 1.512%, 04/24/2028^(a)		660,000		614,365
2.884% to 10/22/2029, then 3 Month LIBOR USD + 1.190%, 10/22/2030^(a)		743,000		628,975
4.571% to 04/27/2032, then SOFR + 1.830%, 04/27/2033^(a)		725,000		674,473

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Citigroup, Inc.
3.200%, 10/21/2026	$	1,115,000	$	1,037,496
4.300%, 11/20/2026		890,000		853,899
1.122% to 01/28/2026, then SOFR + 0.765%, 01/28/2027^(a)		1,610,000		1,415,191
3.887% to 01/10/2027, then 3 Month LIBOR USD + 1.825%, 01/10/2028^(a)		835,000		785,230
3.520% to 10/27/2027, then 3 Month LIBOR USD + 1.413%), 10/27/2028^(a)		455,000		416,790
2.976% to 11/05/2029 then SOFR + 1.422%, 11/05/2030^(a)		495,000		421,696
Ford Motor Credit Co. LLC
5.113%, 05/03/2029		310,000		283,650
General Motors Financial Co., Inc.
5.100%, 01/17/2024		370,000		368,367
3.600%, 06/21/2030		700,000		601,620
JPMorgan Chase & Co.
2.700%, 05/18/2023		480,000		477,450
2.950%, 10/01/2026		1,658,000		1,542,713
2.580% to 04/22/2031, then SOFR + 1.250%, 04/22/2032^(a)		1,535,000		1,243,330
OneMain Finance Corp.
3.500%, 01/15/2027		255,000		214,420
Synchrony Financial
2.875%, 10/28/2031^(f)		920,000		691,950
Wells Fargo & Co.
2.406% to 10/30/2024, then 3 Month LIBOR USD + 0.825%, 10/30/2025^(a)		900,000		853,541
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028^(a)		1,020,000		902,382
4.150%, 01/24/2029^(f)		1,581,000		1,481,775
2.572% to 02/11/2030, then SOFR + 1.262%, 02/11/2031^(a)		1,045,000		869,546
4.897% to 07/25/2032, then SOFR + 2.100%, 07/25/2033^(a)		1,025,000		978,575
5.013% to 04/04/2050, then SOFR + 4.502%, 04/04/2051^(a)		365,000		335,059

				20,765,074

Electrical Equipment, Appliance, and Component Manufacturing—0.05%
Energizer Holdings, Inc.
4.375%, 03/31/2029^(b)(f)		250,000		213,125

Electronics and Appliance Stores—0.02%
AMC Networks, Inc.
4.250%, 02/15/2029		100,000		73,624

Food Manufacturing—0.03%
Post Holdings, Inc.
4.625%, 04/15/2030^(b)		150,000		130,205

Food Services and Drinking Places—0.49%
Aramark Services, Inc.
5.000%, 02/01/2028^(b)		235,000		216,411
McDonald’s Corp.
3.500%, 07/01/2027		1,622,000		1,530,588
Starbucks Corp.
2.550%, 11/15/2030		148,000		123,556
Yum! Brands, Inc.
5.375%, 04/01/2032		155,000		143,757

				2,014,312

General Merchandise Stores—0.12%
Target Corp.
4.500%, 09/15/2032^(f)		495,000		474,967

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Health and Personal Care Stores—0.51%
CVS Health Corp.
4.125%, 04/01/2040	$	560,000	$	459,402
5.625%, 02/21/2053^(f)		1,705,000		1,643,712

				2,103,114

Hospitals—0.06%
Tenet Healthcare Corp.
6.125%, 10/01/2028^(f)		265,000		245,364

Insurance Carriers and Related Activities—1.32%
Berkshire Hathaway, Inc.
2.750%, 03/15/2023		2,543,000		2,540,793
Equitable Holdings, Inc.
5.000%, 04/20/2048		545,000		480,554
MetLife, Inc.
6.500%, 12/15/2032		2,137,000		2,386,008

				5,407,355

Machinery Manufacturing—0.25%
Deere & Co.
5.375%, 10/16/2029		986,000		1,023,107

Management of Companies and Enterprises—0.31%
Abbott Laboratories
3.400%, 11/30/2023		1,128,000		1,115,070
Park Intermediate Holdings LLC / PK Domestic Property LLC
5.875%, 10/01/2028^(b)		195,000		173,668

				1,288,738

Merchant Wholesalers, Durable Goods—0.53%
CDW LLC / CDW Finance Corp.
2.670%, 12/01/2026		328,000		291,629
3.276%, 12/01/2028		1,915,000		1,653,637
3.569%, 12/01/2031		265,000		219,587

				2,164,853

Merchant Wholesalers, Nondurable Goods—0.08%
Performance Food Group, Inc.
5.500%, 10/15/2027^(b)		90,000		85,427
Univar Solutions USA, Inc.
5.125%, 12/01/2027^(b)		250,000		237,879

				323,306

Nonstore Retailers—0.73%
Amazon.com, Inc.
3.800%, 12/05/2024		1,637,000		1,601,599
eBay, Inc.
2.600%, 05/10/2031^(f)		1,680,000		1,379,138

				2,980,737

Oil and Gas Extraction—1.15%
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500%, 06/15/2031^(b)		155,000		135,901
Dominion Energy, Inc.
4.350%, 08/15/2032^(f)		1,415,000		1,305,553
5.375%, 11/15/2032^(f)		1,150,000		1,128,520

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Occidental Petroleum Corp.
4.300%, 08/15/2039	$	260,000	$	204,755
Phillips 66
1.300%, 02/15/2026		1,290,000		1,150,335
Pioneer Natural Resources Co.
2.150%, 01/15/2031		997,000		785,853

				4,710,917

Petroleum and Coal Products Manufacturing—0.69%
BP Capital Markets America, Inc.
4.812%, 02/13/2033^(f)		2,115,000		2,075,214
Marathon Petroleum Corp.
4.700%, 05/01/2025		775,000		764,319

				2,839,533

Pipeline Transportation—0.87%
Buckeye Partners LP
3.950%, 12/01/2026		75,000		66,394
DT Midstream, Inc.
4.125%, 06/15/2029^(b)		125,000		106,996
Energy Transfer LP
6.625% to 02/25/2028, then 3 Month LIBOR USD + 4.155%^(a)(f)(h)		785,000		643,463
7.125% to 05/15/2030, then 5 Year CMT Rate + 5.306%^(a)(h)		1,055,000		930,910
EQM Midstream Partners LP
5.500%, 07/15/2028		350,000		312,727
MPLX LP
4.700%, 04/15/2048		815,000		653,518
Plains All American Pipeline LP / PAA Finance Corp.
4.650%, 10/15/2025		780,000		761,403
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
6.000%, 09/01/2031^(b)		110,000		94,193

				3,569,604

Plastics and Rubber Products Manufacturing—0.03%
Goodyear Tire & Rubber Co.
5.250%, 04/30/2031		125,000		107,361

Professional, Scientific, and Technical Services—0.50%
MPLX LP
5.650%, 03/01/2053^(f)		495,000		454,326
Presidio Holdings, Inc.
4.875%, 02/01/2027^(b)		185,000		168,674
ServiceNow, Inc.
1.400%, 09/01/2030		1,894,000		1,444,107

				2,067,107

Publishing Industries (except Internet)—1.59%
Microsoft Corp.
3.125%, 11/03/2025		2,676,000		2,565,054
Oracle Corp.
2.875%, 03/25/2031		1,045,000		865,743
4.000%, 07/15/2046		615,000		448,487
6.900%, 11/09/2052		1,240,000		1,331,935
5.550%, 02/06/2053		1,195,000		1,089,312

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Ziff Davis, Inc.
4.625%, 10/15/2030^(b)	$	255,000	$	215,322

				6,515,853

Real Estate—0.79%
Alexandria Real Estate Equities, Inc.
4.750%, 04/15/2035		350,000		330,944
Public Storage
2.300%, 05/01/2031		3,058,000		2,501,599
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027		205,000		188,662
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC
7.875%, 02/15/2025^(b)		190,000		193,808

				3,215,013

Rental and Leasing Services—0.03%
Harsco Corp.
5.750%, 07/31/2027^(b)		165,000		141,418

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—2.87%
Charles Schwab Corp.
2.300%, 05/13/2031		1,898,000		1,563,559
CME Group, Inc.
3.000%, 03/15/2025		1,085,000		1,044,055
CommScope, Inc.
8.250%, 03/01/2027^(b)(f)		377,000		321,474
Goldman Sachs Group, Inc.
3.800%, 03/15/2030		1,459,000		1,323,958
Morgan Stanley
0.791% to 01/22/2024, then SOFR + 0.509%, 01/22/2025^(a)(f)		1,300,000		1,243,380
6.250%, 08/09/2026		2,436,000		2,510,819
3.950%, 04/23/2027		935,000		884,084
3.591% to 07/22/2027, then 3 Month LIBOR USD + 1.340%, 07/22/2028^(a)		1,625,000		1,501,048
2.699% to 01/22/2030, then SOFR + 1.143%, 01/22/2031^(a)		1,190,000		994,425
MPH Acquisition Holdings LLC
5.500%, 09/01/2028^(b)		205,000		155,559
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.750%, 04/15/2026^(b)		230,000		222,505

				11,764,866

Support Activities for Mining—0.97%
Diamondback Energy, Inc.
3.125%, 03/24/2031^(f)		1,310,000		1,098,306
6.250%, 03/15/2033		1,275,000		1,298,888
Halliburton Co.
5.000%, 11/15/2045		1,115,000		984,594
Hess Corp.
5.600%, 02/15/2041		470,000		438,883
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028^(b)		160,000		148,775

				3,969,446

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Telecommunications—1.87%
AT&T, Inc.
2.550%, 12/01/2033	$	1,100,000	$	841,685
3.650%, 06/01/2051		845,000		600,802
3.500%, 09/15/2053		265,000		181,149
3.550%, 09/15/2055		184,000		124,090
Frontier Communications Holdings LLC
5.875%, 10/15/2027^(b)		235,000		218,719
T-Mobile USA, Inc.
2.875%, 02/15/2031		125,000		103,861
4.375%, 04/15/2040		550,000		467,175
3.000%, 02/15/2041		1,186,000		828,356
4.500%, 04/15/2050		645,000		533,280
3.300%, 02/15/2051		350,000		233,753
Verizon Communications, Inc.
4.329%, 09/21/2028		2,494,000		2,390,798
4.016%, 12/03/2029		400,000		369,316
2.355%, 03/15/2032		950,000		746,379

				7,639,363

Transportation Equipment Manufacturing—2.13%
Boeing Co.
4.875%, 05/01/2025		1,371,000		1,351,751
3.900%, 05/01/2049		185,000		132,991
5.805%, 05/01/2050		2,125,000		2,016,806
Ford Motor Co.
4.750%, 01/15/2043		90,000		65,789
General Motors Co.
6.125%, 10/01/2025^(f)		1,448,000		1,465,044
Lockheed Martin Corp.
5.250%, 01/15/2033		375,000		384,240
Raytheon Technologies Corp.
7.500%, 09/15/2029		2,240,000		2,523,413
5.375%, 02/27/2053		515,000		515,199
TransDigm, Inc.
6.250%, 03/15/2026^(b)		275,000		271,712

				8,726,945

Utilities—2.53%
American Electric Power Co., Inc.
5.625%, 03/01/2033		745,000		743,783
Calpine Corp.
4.500%, 02/15/2028^(b)		310,000		279,326
DTE Energy Co.
3.400%, 06/15/2029		607,000		539,652
Exelon Corp.
5.300%, 03/15/2033		1,635,000		1,610,849
4.700%, 04/15/2050		475,000		412,452
ITC Holdings Corp.
2.950%, 05/14/2030^(b)		525,000		447,922
Kinder Morgan Energy Partners LP
4.150%, 02/01/2024		755,000		745,028
Kinder Morgan, Inc.
5.550%, 06/01/2045		1,745,000		1,577,565

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
New Fortress Energy, Inc.
6.500%, 09/30/2026^(b)	$	95,000	$	87,052
NextEra Energy Capital Holdings, Inc.
5.250%, 02/28/2053		730,000		688,322
Southern Co.
2.950%, 07/01/2023^(f)		313,000		310,428
Vistra Operations Co. LLC
4.375%, 05/01/2029^(b)(f)		265,000		229,210
WEC Energy Group, Inc.
5.150%, 10/01/2027		1,795,000		1,786,789
Wisconsin Electric Power Co.
4.750%, 09/30/2032		905,000		884,440

				10,342,818

Warehousing and Storage—0.09%
Iron Mountain, Inc.
5.250%, 03/15/2028^(b)		45,000		41,470
4.875%, 09/15/2029^(b)(f)		240,000		210,272
5.250%, 07/15/2030^(b)		150,000		130,971

				382,713

Waste Management and Remediation Services—0.11%
Waste Management, Inc.
4.150%, 04/15/2032^(f)		497,000		465,628

Wood Product Manufacturing—0.03%
Standard Industries, Inc.
4.750%, 01/15/2028^(b)		130,000		116,895

TOTAL CORPORATE BONDS (Cost $159,919,475)				142,413,414

FOREIGN CORPORATE BONDS—2.62%
Air Transportation—0.76%
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.500%, 10/20/2025^(b)		3,208,090		3,117,626

Chemical Manufacturing—0.05%
NOVA Chemicals Corp.
4.875%, 06/01/2024^(b)		120,000		117,720
5.250%, 06/01/2027^(b)		75,000		67,601

				185,321

Credit Intermediation and Related Activities—0.71%
Banco Santander SA
1.849%, 03/25/2026		1,600,000		1,419,205
3.490%, 05/28/2030^(f)		400,000		345,056
HSBC Holdings PLC
6.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%^(a)(h)		910,000		844,025
Virgin Media Vendor Financing Notes IV DAC
5.000%, 07/15/2028^(b)(f)		350,000		304,118

				2,912,404

Management of Companies and Enterprises—0.97%
Carnival Corp.
10.500%, 02/01/2026^(b)		95,000		98,471
7.625%, 03/01/2026^(b)(f)		340,000		306,595

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Credit Suisse Group AG
4.194% to 04/01/2030, then SOFR + 3.730%, 04/01/2031^(a)(b)	$	560,000	$	444,502
3.091% to 05/14/2031, then SOFR + 1.730%, 05/14/2032^(a)(b)		830,000		584,556
6.537% to 08/12/2032, then SOFR + 3.920%, 08/12/2033^(a)(b)		950,000		848,866
Natwest Group PLC
3.032% to 11/28/2030, then 5 Year CMT Rate + 2.350%, 11/28/2035^(a)(f)		2,170,000		1,678,417

				3,961,407

Mining (except Oil and Gas)—0.03%
Hudbay Minerals, Inc.
6.125%, 04/01/2029^(b)		125,000		110,485

Support Activities for Transportation—0.06%
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026^(b)		235,000		228,875

Water Transportation—0.04%
Royal Caribbean Cruises Ltd.
5.500%, 04/01/2028^(b)(f)		205,000		178,863

TOTAL FOREIGN CORPORATE BONDS (Cost $12,421,135)				10,694,981

FOREIGN GOVERNMENT AGENCY ISSUES—1.48%
Asian Development Bank
3.125%, 04/27/2032		960,000		886,042
Development Bank of Japan, Inc.
1.000%, 08/27/2030^(b)		260,000		200,920
European Investment Bank
3.875%, 03/15/2028		455,000		447,113
3.750%, 02/14/2033		435,000		425,108
International Bank for Reconstruction & Development
3.125%, 06/15/2027		640,000		608,623
3.875%, 02/14/2030		695,000		680,540
International Finance Corp.
3.625%, 09/15/2025		660,000		644,272
Japan International Cooperation Agency
3.250%, 05/25/2027		790,000		739,365
Kreditanstalt fuer Wiederaufbau
3.000%, 05/20/2027		740,000		701,412
Province of Ontario Canada
2.125%, 01/21/2032		865,000		724,812

TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $6,486,949)				6,058,207

FOREIGN GOVERNMENT NOTES/BONDS—1.05%
Colombia Government International Bond
4.000%, 02/26/2024^(f)		590,000		580,583
3.000%, 01/30/2030^(f)		570,000		430,480
Dominican Republic International Bond
6.875%, 01/29/2026^(b)		330,000		335,655
6.850%, 01/27/2045^(b)		560,000		501,868
Hungary Government International Bond
7.625%, 03/29/2041		360,000		404,862
Indonesia Government International Bond
4.350%, 01/08/2027^(b)		550,000		536,733
Mexico Government International Bond
4.350%, 01/15/2047		740,000		572,531

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Republic of South Africa Government International Bond
5.000%, 10/12/2046	$	150,000	$	103,518
Romanian Government International Bond
6.125%, 01/22/2044^(b)		505,000		476,594
Saudi Government International Bond
4.500%, 10/26/2046^(b)		400,000		345,914

TOTAL FOREIGN GOVERNMENT NOTES/BONDS (Cost $5,068,438)				4,288,738

NON-AGENCY MORTGAGE BACKED SECURITIES—6.56%
Angel Oak Mortgage Trust
2019-6, 2.620%, 11/25/2059^(b)(d)		76,014		73,287
Bank
2021-BNK31, 1.739%, 02/15/2054		454,000		382,858
2022-BNK39, 2.928%, 02/15/2055		179,000		151,322
2023-BNK45 B, 6.148%, 02/15/2056^(d)		483,000		493,820
2023-BNK45 C, 6.280%, 02/15/2056^(d)		522,000		495,348
BBCMS Mortgage Trust
2021-C11, 1.382%, 09/15/2054^(d)(e)		7,957,530		616,294
BB-UBS Trust
2012-SHOW, 3.430%, 11/05/2036^(b)		1,646,000		1,532,438
Benchmark Mortgage Trust
2020-B21, 1.978%, 12/17/2053		251,000		199,489
2021-B23, 1.766%, 02/15/2054		612,000		515,977
2021-B26, 0.886%, 06/15/2054^(d)(e)		9,534,698		468,187
2021-B31 D, 2.250%, 12/15/2054^(b)		278,000		148,626
2021-B31 C, 3.195%, 12/15/2054^(d)		415,000		302,576
BX Commercial Mortgage Trust
2021-VOLT, 6.238% (1 Month LIBOR USD + 1.650%), 09/15/2036^(b)(c)		1,085,000		1,048,909
2020-VIV2, 3.542%, 03/09/2044^(b)(d)		650,000		538,226
BX Trust
2019-OC11, 3.202%, 12/09/2041^(b)		971,000		838,392
BXP Trust
2017-GM, 3.379%, 06/13/2039^(b)		331,000		299,755
CAMB Commercial Mortgage Trust
2019-LIFE, 5.838% (1 Month LIBOR USD + 1.250%), 12/15/2037^(b)(c)		978,000		971,906
Citigroup Commercial Mortgage Trust
2013-GCJ11, 3.732%, 04/10/2046^(d)		455,000		453,773
2013-GC17, 5.095%, 11/10/2046^(d)		145,000		142,368
2014-GC25, 0.944%, 10/10/2047^(d)(e)		1,277,882		14,178
2015-GC27, 1.306%, 02/10/2048^(d)(e)		896,342		16,661
2022-GC48, 4.580%, 05/15/2054^(d)		619,207		594,899
COMM Mortgage Trust
2012-CCRE4, 3.251%, 10/15/2045		476,000		432,540
2014-UBS2, 3.472%, 03/10/2047		150,030		148,378
2014-CR16, 0.945%, 04/10/2047^(d)(e)		1,209,383		9,394
2014-LC15, 1.045%, 04/10/2047^(d)(e)		1,178,574		8,143
2014-CR17, 0.947%, 05/10/2047^(d)(e)		1,024,450		7,749
2014-UBS3, 1.055%, 06/10/2047^(d)(e)		853,238		7,175
2014-UBS6, 0.835%, 12/10/2047^(d)(e)		1,390,079		15,229
2014-CCRE21, 3.987%, 12/10/2047		281,514		269,966
Connecticut Avenue Securities Trust
2021-R01, 6.034% (SOFR30A + 1.550%), 10/25/2041^(b)(c)		480,000		469,257
2022-R01, 6.384% (SOFR30A + 1.900%), 12/25/2041^(b)(c)		1,435,000		1,400,875
2022-R03, 7.984% (SOFR30A + 3.500%), 03/25/2042^(b)(c)		1,065,000		1,078,603

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
2022-R07 1M1, 7.442% (SOFR30A + 2.950%), 06/25/2042^(b)(c)	$	569,706	$	580,788
2022-R07 1M2, 9.142% (SOFR30A + 4.650%), 06/25/2042^(b)(c)		1,005,000		1,073,087
2022-R08, 7.034% (SOFR30A + 2.550%), 07/25/2042^(b)(c)		1,657,536		1,675,193
2023-R02, 6.792% (SOFR30A + 2.300%), 01/25/2043^(b)(c)		731,850		737,215
CSAIL Commercial Mortgage Trust
2015-C1, 4.044%, 04/15/2050^(d)		450,000		409,919
2019-C17, 3.016%, 09/15/2052		850,000		739,649
2015-C2, 0.716%, 06/15/2057^(d)(e)		1,402,841		16,284
FIVE Mortgage Trust
2023-V1, 6.405%, 02/10/2056^(d)		315,000		306,454
GS Mortgage Securities Trust
2014-GC18, 1.021%, 01/10/2047^(d)(e)		3,172,261		17,363
2014-GC26, 0.935%, 11/10/2047^(d)(e)		1,711,711		20,943
2015-GC34, 3.278%, 10/10/2048		69,865		67,493
2019-GC42, 3.693%, 09/10/2052^(d)		449,000		365,420
2020-GC47, 2.377%, 05/12/2053		73,000		61,105
Hilton USA Trust
2016-HHV, 3.719%, 11/05/2038^(b)		283,000		259,367
Hudson Yards Mortgage Trust
2019-55HY, 2.943%, 12/10/2041^(b)(d)		865,000		736,369
J.P. Morgan Chase Commercial Mortgage Securities Trust
2022-OPO, 3.377%, 01/05/2039^(b)		501,000		414,349
Morgan Stanley Capital I Trust
2015-MS1, 3.779%, 05/15/2048^(d)		200,000		191,153
2018-L1, 4.719%, 10/15/2051^(d)		325,000		296,596
2018-H4, 5.070%, 12/15/2051^(d)		293,000		252,581
2020-HR8, 2.041%, 07/15/2053		335,000		270,797
New Residential Mortgage Loan Trust
2019-NQM5, 2.710%, 11/25/2059^(b)(d)		145,216		132,690
OBX Trust
2021-NQM3, 1.054%, 07/25/2061^(b)(d)		776,137		602,316
Taubman Centers Commercial Mortgage Trust
2022-DPM, 7.494% (TSFR1M + 2.932%), 05/15/2037^(b)(c)		1,045,000		1,032,646
UBS Commercial Mortgage Trust
2017-C2, 3.487%, 08/15/2050		1,025,000		943,344
2017-C4 AS, 3.836%, 10/15/2050^(d)		200,000		182,541
Verus Securitization Trust
2019-4, 2.642%, 11/25/2059^(b)		41,501		39,657
Wells Fargo Commercial Mortgage Trust
2015-C29, 3.637%, 06/15/2048		130,000		124,090
2016-NXS6, 4.386%, 11/15/2049^(d)		625,000		547,946
2018-C48, 4.302%, 01/15/2052		333,945		317,848
WFRBS Commercial Mortgage Trust
2014-LC14, 1.236%, 03/15/2047^(d)(e)		638,394		4,245
2014-C22 XA, 0.781%, 09/15/2057^(d)(e)		2,796,333		23,538
2014-C22 AS, 4.069%, 09/15/2057^(d)		290,000		274,947

TOTAL NON-AGENCY MORTGAGE BACKED SECURITIES (Cost $30,158,196)				26,864,531

AGENCY MORTGAGE BACKED SECURITIES—29.72%
Fannie Mae Connecticut Avenue Securities
2017-C06, 7.417% (1 Month LIBOR USD + 2.800%), 02/25/2030^(c)		1,070,674		1,090,589
2017-C07 1M2, 7.017% (1 Month LIBOR USD + 2.400%), 05/25/2030^(c)		496,888		501,079
2018-C01, 6.867% (1 Month LIBOR USD + 2.250%), 07/25/2030^(c)		1,098,169		1,112,030
2018-C02, 6.817% (1 Month LIBOR USD + 2.200%), 08/25/2030^(c)		1,056,536		1,062,801
2018-C04, 7.167% (1 Month LIBOR USD + 2.550%), 12/25/2030^(c)		1,539,792		1,570,981

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Fannie Mae Interest Strip
4.000%, 08/01/2043^(e)	$	1,272,771	$	236,830
Fannie Mae Pool
MA0096, 4.500%, 06/01/2029		2,761		2,717
AB3000, 4.500%, 05/01/2031		8,086		7,957
AB1389, 4.500%, 08/01/2040		24,135		23,965
MA0510, 4.500%, 09/01/2040		263		261
AE8714, 3.500%, 11/01/2040		9,364		8,790
890310, 4.500%, 12/01/2040		5,826		5,785
AH3952, 4.000%, 01/01/2041		74,791		71,907
AL0791, 4.000%, 02/01/2041		25,397		24,533
AE0954, 4.500%, 02/01/2041		20,680		20,534
AS7001, 3.000%, 04/01/2041		494,114		447,529
AL0245, 4.000%, 04/01/2041		5,351		5,161
AL0065, 4.500%, 04/01/2041		9,719		9,651
AB3194, 4.500%, 06/01/2041		6,559		6,513
AH7395, 4.500%, 06/01/2041		900		875
FM0040, 3.000%, 10/01/2041		91,529		82,900
AL1547, 4.500%, 11/01/2041		3,835		3,808
AJ9278, 3.500%, 12/01/2041		4,888		4,590
AJ6346, 3.500%, 12/01/2041		15,816		14,852
AK6744, 4.000%, 03/01/2042		29,989		28,833
AK9393, 3.500%, 04/01/2042		9,866		9,265
AK6568, 3.500%, 04/01/2042		19,838		18,629
AO1214, 3.500%, 04/01/2042		53,521		50,258
AL4029, 4.500%, 04/01/2042		28,368		28,168
AL7306, 4.500%, 09/01/2042		16,680		16,398
AP8743, 3.500%, 10/01/2042		152,741		143,413
AL3714, 3.500%, 01/01/2043		14,624		13,723
AL2897, 3.500%, 01/01/2043		21,857		20,514
AQ9330, 3.500%, 01/01/2043		19,784		18,569
AB7965, 3.500%, 02/01/2043		12,394		11,632
AT1001, 3.500%, 04/01/2043		14,548		13,643
AT2021, 3.500%, 04/01/2043		12,896		12,109
AB9046, 3.500%, 04/01/2043		38,040		35,699
AB9260, 3.500%, 05/01/2043		34,015		31,884
AU0949, 3.500%, 08/01/2043		30,167		28,327
AS0212, 3.500%, 08/01/2043		34,048		31,921
AU3751, 4.000%, 08/01/2043		62,900		60,501
AS0531, 4.000%, 09/01/2043		29,881		28,922
AU6857, 4.000%, 09/01/2043		27,019		26,194
AU4658, 4.500%, 09/01/2043		5,516		5,401
MA1600, 3.500%, 10/01/2043		14,775		13,849
AS1042, 4.000%, 11/01/2043		24,617		23,678
AL4450, 4.500%, 12/01/2043		11,534		11,358
AS1333, 4.500%, 12/01/2043		10,087		9,926
AS1559, 4.000%, 01/01/2044		17,088		16,437
AS2516, 4.500%, 05/01/2044		11,935		11,744
MA1926, 4.500%, 06/01/2044		12,117		11,923
AS2751, 4.500%, 06/01/2044		14,514		14,281
AL6223, 4.500%, 08/01/2044		14,106		13,880
AX0118, 4.000%, 09/01/2044		108,298		104,841
AS3467, 4.000%, 10/01/2044		9,135		8,760
AX2491, 4.000%, 10/01/2044		7,215		6,921

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
AL6432, 4.000%, 01/01/2045	$	23,159	$	22,208
AL6520, 4.000%, 02/01/2045		83,392		79,992
AZ0862, 3.500%, 07/01/2045		44,172		41,222
AZ0814, 3.500%, 07/01/2045		25,799		24,087
BM1953, 3.500%, 08/01/2045		55,316		51,938
AZ4775, 3.500%, 10/01/2045		11,018		10,280
AZ4788, 4.000%, 10/01/2045		236,770		227,117
AS6311, 3.500%, 12/01/2045		16,078		14,977
CA2929, 3.500%, 12/01/2045		90,631		84,542
AS6405, 4.000%, 12/01/2045		184,812		177,220
AS6464, 3.500%, 01/01/2046		21,573		20,079
BC4114, 3.500%, 02/01/2046		129,614		120,737
AL8219, 4.000%, 02/01/2046		190,002		183,572
AL8387, 4.000%, 03/01/2046		468,775		449,699
FM1370, 3.000%, 04/01/2046		32,253		29,210
BC0793, 3.500%, 04/01/2046		108,037		100,655
AS7200, 4.500%, 05/01/2046		6,409		6,300
AS7388, 3.500%, 06/01/2046		451,811		421,679
AL8735, 4.000%, 06/01/2046		110,591		106,082
AS7580, 3.000%, 07/01/2046		101,961		91,834
AS7801, 3.500%, 08/01/2046		95,008		88,133
MA2737, 3.000%, 09/01/2046		571,558		514,376
MA2771, 3.000%, 10/01/2046		86,246		77,587
AS8056, 3.000%, 10/01/2046		56,577		50,876
BM3932, 3.500%, 10/01/2046		79,321		73,765
AS8269, 3.000%, 11/01/2046		72,650		65,303
MA2872, 4.500%, 01/01/2047		59,269		58,168
AS8700, 4.500%, 01/01/2047		23,227		22,829
BE5475, 3.500%, 02/01/2047		36,931		34,185
AL9879, 3.500%, 02/01/2047		1,349,741		1,253,120
FM4894, 4.000%, 03/01/2047		429,609		411,963
AS8982, 4.500%, 03/01/2047		7,796		7,654
FM1000, 3.000%, 04/01/2047		205,288		184,027
CA5843, 3.000%, 04/01/2047		113,402		102,341
MA2959, 3.500%, 04/01/2047		77,837		71,799
BM5784, 3.500%, 05/01/2047		97,215		90,305
BM5348, 3.500%, 05/01/2047		44,678		41,468
BM5347, 3.500%, 05/01/2047		88,328		82,028
AS9536, 3.500%, 05/01/2047		39,630		36,742
MA3008, 4.500%, 05/01/2047		16,173		15,744
AS9829, 3.500%, 06/01/2047		36,199		33,531
AS9831, 4.000%, 06/01/2047		52,315		50,025
BE3702, 4.000%, 06/01/2047		46,988		44,941
BM5179, 3.000%, 07/01/2047		65,953		59,450
BE3767, 3.500%, 07/01/2047		45,673		42,321
CA0062, 4.000%, 07/01/2047		40,319		38,517
MA3121, 4.000%, 09/01/2047		490,010		468,261
FM4019, 3.500%, 10/01/2047		415,864		384,708
CA0559, 4.500%, 10/01/2047		49,788		48,882
FM1467, 3.000%, 12/01/2047		64,675		58,759
BH7058, 3.500%, 12/01/2047		116,019		107,212
MA3210, 3.500%, 12/01/2047		107,108		99,311
FM2897, 3.000%, 02/01/2048		204,041		183,894
CA4140, 3.000%, 02/01/2048		64,900		58,131

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
CA1535, 3.500%, 02/01/2048	$	22,096	$	20,446
BJ8783, 3.500%, 02/01/2048		67,783		62,703
MA3278, 4.500%, 02/01/2048		208,350		203,634
CA1218, 4.500%, 02/01/2048		35,157		34,316
FM5923, 3.500%, 03/01/2048		565,394		523,329
BM3590, 3.500%, 03/01/2048		83,958		77,691
BJ0648, 3.500%, 03/01/2048		45,139		41,763
BJ0650, 3.500%, 03/01/2048		48,214		44,608
BM3900, 4.000%, 04/01/2048		85,668		81,711
CA1710, 4.500%, 05/01/2048		61,178		59,888
FM2385, 3.000%, 09/01/2048		124,130		111,131
FM1572, 3.000%, 09/01/2048		204,953		184,551
BM5024, 3.000%, 11/01/2048		54,652		48,868
FM2915, 3.000%, 11/01/2048		446,396		404,407
FM1239, 3.500%, 11/01/2048		72,123		66,705
FM5108, 3.500%, 11/01/2048		586,854		544,842
FM2239, 3.000%, 12/01/2048		110,239		98,971
CA2922, 3.000%, 12/01/2048		181,565		162,234
FM1051, 4.500%, 05/01/2049		147,412		144,509
FM4895, 4.000%, 06/01/2049		372,561		355,871
CA3683, 4.500%, 06/01/2049		51,644		50,573
BO2201, 3.000%, 09/01/2049		153,622		136,406
CA4571, 4.000%, 11/01/2049		359,532		340,236
BO8947, 3.000%, 01/01/2050		81,836		72,751
BO6164, 3.000%, 01/01/2050		67,241		59,809
FM3619, 4.500%, 01/01/2050		94,000		91,235
BP2099, 3.000%, 02/01/2050		338,605		301,183
BP1424, 3.000%, 03/01/2050		127,532		113,063
FM7592, 3.500%, 03/01/2050		569,697		524,509
FM4334, 3.000%, 04/01/2050		173,894		154,676
CA5519, 3.000%, 04/01/2050		73,999		65,698
CA5559, 3.500%, 04/01/2050		578,649		531,865
MA3992, 3.500%, 04/01/2050		143,710		132,133
CA5670, 3.000%, 05/01/2050		118,767		105,235
CA5668, 3.000%, 05/01/2050		280,587		248,996
CA6086, 3.000%, 06/01/2050		1,125,452		1,002,260
BP6466, 3.000%, 07/01/2050		184,311		163,407
CA6291, 3.000%, 07/01/2050		81,536		72,255
BP6481, 4.500%, 07/01/2050		34,639		33,733
BQ0239, 2.500%, 08/01/2050		187,593		161,289
BQ0188, 3.000%, 08/01/2050		99,380		88,067
BP6716, 2.500%, 09/01/2050		342,192		291,138
BK3044, 2.500%, 09/01/2050		322,690		274,613
MA4121, 3.000%, 09/01/2050		547,583		487,830
FM9143, 4.500%, 09/01/2050		129,306		126,450
MA4160, 3.000%, 10/01/2050		464,130		411,106
MA4170, 4.500%, 10/01/2050		292,557		284,962
FM7475, 4.500%, 10/01/2050		21,814		21,360
FM5316, 2.000%, 12/01/2050		190,315		155,690
MA4208, 2.000%, 12/01/2050		2,386,801		1,953,563
MA4237, 2.000%, 01/01/2051		200,357		163,968
BR1269, 2.500%, 01/01/2051		754,440		648,399
MA4256, 2.500%, 02/01/2051		672,569		570,207
MA4282, 2.500%, 03/01/2051		428,489		363,011

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
BR7795, 2.500%, 04/01/2051	$	694,330	$	589,874
MA4306, 2.500%, 04/01/2051		276,424		234,583
MA4307, 3.000%, 04/01/2051		809,725		715,622
MA4325, 2.000%, 05/01/2051		693,880		567,281
FM7189, 2.500%, 05/01/2051		489,005		415,438
BT2488, 2.500%, 05/01/2051		431,008		366,026
MA4326, 2.500%, 05/01/2051		456,629		387,932
FM7738, 2.500%, 06/01/2051		491,222		419,204
MA4356, 2.500%, 06/01/2051		909,058		772,154
BT0417, 2.500%, 06/01/2051		296,869		252,067
MA4378, 2.000%, 07/01/2051		654,165		534,603
BT1339, 2.500%, 07/01/2051		759,285		644,939
FS1550, 2.500%, 07/01/2051		344,084		292,807
CB1038, 2.500%, 07/01/2051		322,566		273,935
CB1027, 2.500%, 07/01/2051		260,142		220,826
FM8178, 2.500%, 07/01/2051		795,704		675,447
MA4379, 2.500%, 07/01/2051		358,292		304,277
MA4380, 3.000%, 07/01/2051		795,310		702,053
MA4399, 2.500%, 08/01/2051		2,369,289		2,011,730
BT3273, 2.500%, 08/01/2051		773,037		656,131
FM8422, 2.500%, 08/01/2051		763,671		648,643
FM8360, 2.500%, 08/01/2051		359,078		305,502
MA4401, 3.500%, 08/01/2051		234,872		214,595
BT7263, 2.500%, 09/01/2051		462,172		392,557
MA4437, 2.000%, 10/01/2051		343,839		280,337
CB2852, 2.000%, 11/01/2051		1,333,305		1,089,414
MA4465, 2.000%, 11/01/2051		92,630		75,654
MA4493, 2.500%, 12/01/2051		435,365		369,385
FS0121, 2.000%, 01/01/2052		562,623		460,325
CB2548, 2.500%, 01/01/2052		139,717		118,838
BV4119, 2.500%, 03/01/2052		510,386		433,077
BV4139, 2.500%, 03/01/2052		206,892		176,226
MA4600, 3.500%, 05/01/2052		478,121		435,918
CB3622, 4.000%, 05/01/2052		479,881		451,259
BU8667, 4.000%, 05/01/2052		551,626		518,894
MA4626, 4.000%, 06/01/2052		695,078		653,044
CB3914, 4.000%, 06/01/2052		523,640		491,919
BV2558, 5.000%, 06/01/2052		691,126		680,058
BV2634, 4.000%, 07/01/2052		531,203		498,859
MA4656, 4.500%, 07/01/2052		335,122		323,143
BV2623, 4.500%, 07/01/2052		266,759		257,209
BW0036, 4.500%, 07/01/2052		410,297		397,064
FS2603, 4.500%, 08/01/2052		685,134		660,589
CB4404, 5.000%, 08/01/2052		715,288		703,686
BV7959, 5.000%, 08/01/2052		723,840		712,299
BV8055, 4.500%, 09/01/2052		695,668		670,762
BW6232, 5.000%, 09/01/2052		892,234		877,829
BW1201, 5.000%, 09/01/2052		779,139		766,590
MA4785, 5.000%, 10/01/2052		729,792		717,936
FS3642, 5.000%, 11/01/2052		346,840		341,259
MA4842, 5.500%, 12/01/2052		1,128,081		1,128,171
MA4868, 0.000%, 01/01/2053		669,336		658,463
MA4919, 5.500%, 02/01/2053		647,013		646,651
MA4941, 5.500%, 03/01/2053		700,000		700,034

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
Fannie Mae Principal Strip
0.000%, 07/15/2037	$	1,370,000	$	710,020
Fannie Mae REMICS
2012-70, 1.383% (1 Month LIBOR USD + 6.000%), 07/25/2042^(c)(e)		903,910		95,572
2012-68, 1.433% (1 Month LIBOR USD + 6.050%), 07/25/2042^(c)(e)		1,493,297		146,286
2013-6, 1.483% (1 Month LIBOR USD + 6.100%), 02/25/2043^(c)(e)		960,411		105,326
2013-18, 1.483% (1 Month LIBOR USD + 6.100%), 03/25/2043^(c)(e)		1,046,270		103,264
2014-90, 1.533% (1 Month LIBOR USD + 6.150%), 01/25/2045^(c)(e)		1,603,339		181,713
2015-32, 1.583% (1 Month LIBOR USD + 6.200%), 05/25/2045^(c)(e)		930,062		101,933
2016-40, 1.233% (1 Month LIBOR USD + 5.850%), 07/25/2046^(c)(e)		605,194		56,452
2018-07, 4.000%, 02/25/2048^(e)		1,189,903		225,558
2020-52, 4.500%, 08/25/2050^(e)		1,092,525		229,420
Freddie Mac Gold Pool
G1-3122, 5.000%, 04/01/2023		8		8
G1-4953, 3.500%, 01/01/2029		14,260		13,727
A8-6315, 4.500%, 05/01/2039		14,001		13,876
A8-6521, 4.500%, 05/01/2039		28,005		27,840
A9-3617, 4.500%, 08/01/2040		2,377		2,363
Q0-0285, 4.500%, 04/01/2041		3,599		3,578
Q0-0876, 4.500%, 05/01/2041		23,134		22,998
Q0-2173, 4.500%, 07/01/2041		16,026		15,931
Q0-3705, 4.000%, 10/01/2041		16,773		16,209
C0-3795, 3.500%, 04/01/2042		112,395		105,662
Q0-9004, 3.500%, 06/01/2042		10,386		9,764
C0-9004, 3.500%, 07/01/2042		11,019		10,359
Q0-9896, 3.500%, 08/01/2042		14,065		13,222
Q1-1348, 3.500%, 09/01/2042		29,430		27,654
Q1-8305, 3.500%, 05/01/2043		12,210		11,465
Q1-9475, 3.500%, 06/01/2043		20,690		19,427
G6-0030, 3.500%, 07/01/2043		65,202		61,282
Q2-0780, 3.500%, 08/01/2043		25,841		24,260
Q2-0857, 3.500%, 08/01/2043		16,045		15,075
G0-7459, 3.500%, 08/01/2043		13,127		12,329
G0-8541, 3.500%, 08/01/2043		22,994		21,590
V8-0509, 4.000%, 10/01/2043		13,714		13,171
G0-8558, 4.000%, 11/01/2043		15,145		14,540
Q2-6367, 4.000%, 05/01/2044		4,208		4,053
Q2-6513, 4.500%, 06/01/2044		11,716		11,562
Q2-9916, 4.000%, 11/01/2044		17,245		16,561
Q4-5219, 3.500%, 01/01/2045		78,955		73,896
G0-7961, 3.500%, 03/01/2045		17,887		16,748
G0-8633, 4.000%, 03/01/2045		33,772		32,422
G0-8636, 3.500%, 04/01/2045		20,745		19,381
G0-8637, 4.000%, 04/01/2045		17,112		16,428
Q3-3869, 4.000%, 06/01/2045		11,692		11,101
Q3-5225, 3.500%, 08/01/2045		10,284		9,606
G0-8659, 3.500%, 08/01/2045		56,981		53,182
V8-1873, 4.000%, 08/01/2045		14,950		14,352
G0-8660, 4.000%, 08/01/2045		67,433		64,799
G0-8672, 4.000%, 10/01/2045		11,423		10,974
V8-1992, 4.000%, 10/01/2045		207,484		198,072
G0-8676, 3.500%, 11/01/2045		24,786		23,141
G6-0480, 4.500%, 11/01/2045		10,022		9,879
G0-8681, 3.500%, 12/01/2045		18,377		17,137

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
G0-8682, 4.000%, 12/01/2045	$	22,907	$	21,991
Q3-8473, 4.000%, 01/01/2046		22,785		21,874
Q3-9644, 3.500%, 03/01/2046		85,082		79,344
Q3-9434, 3.500%, 03/01/2046		3,858		3,598
G0-8693, 3.500%, 03/01/2046		4,108		3,828
G0-8699, 4.000%, 03/01/2046		35,712		34,284
G0-8702, 3.500%, 04/01/2046		42,212		39,310
G0-8706, 3.500%, 05/01/2046		19,376		18,188
Q4-0375, 3.500%, 05/01/2046		27,786		25,868
Q4-0718, 3.500%, 05/01/2046		122,069		113,614
G0-8708, 4.500%, 05/01/2046		26,827		26,429
Q4-1208, 3.500%, 06/01/2046		60,396		56,309
Q4-5458, 4.000%, 08/01/2046		60,426		58,009
G0-8721, 3.000%, 09/01/2046		41,416		37,313
G0-8735, 4.500%, 10/01/2046		37,044		36,425
G0-8741, 3.000%, 01/01/2047		757,712		681,546
G0-8743, 4.000%, 01/01/2047		33,668		32,266
Q4-6279, 3.500%, 02/01/2047		46,885		43,577
Q4-6539, 4.500%, 03/01/2047		3,425		3,337
G0-8757, 3.500%, 04/01/2047		7,792		7,234
G0-8759, 4.500%, 04/01/2047		12,564		12,342
V8-3204, 4.500%, 05/01/2047		29,894		29,191
Q4-9100, 4.000%, 07/01/2047		73,440		70,275
Q4-9394, 4.500%, 07/01/2047		67,247		65,987
Q4-9888, 3.500%, 08/01/2047		40,353		37,433
Q5-0035, 3.500%, 08/01/2047		58,540		54,320
Q5-0109, 3.500%, 08/01/2047		8,607		7,983
G6-1228, 4.000%, 08/01/2047		111,551		107,635
G0-8779, 3.500%, 09/01/2047		166,979		152,753
G0-8785, 4.000%, 10/01/2047		85,933		81,565
Q5-2319, 3.500%, 11/01/2047		128,911		119,443
G6-1631, 3.500%, 11/01/2047		153,484		142,662
G6-1467, 4.000%, 11/01/2047		110,158		104,555
G6-1281, 3.500%, 01/01/2048		72,633		67,298
G0-8800, 3.500%, 02/01/2048		98,294		91,018
Q5-4463, 4.000%, 02/01/2048		55,427		53,180
G6-7710, 3.500%, 03/01/2048		137,480		126,985
Freddie Mac Multifamily Structured Pass Through Certificates
K-098, 1.392%, 08/25/2029^(d)(e)		1,985,000		148,438
Freddie Mac Pool
ZS-9972, 3.000%, 03/01/2042		704,269		637,811
ZM-0630, 4.000%, 01/01/2046		238,890		229,077
ZT-0390, 4.000%, 03/01/2046		89,489		86,076
ZM-1590, 3.000%, 08/01/2046		510,927		458,181
SD-0035, 3.000%, 04/01/2047		453,213		410,561
ZM-4908, 3.500%, 11/01/2047		206,257		190,886
ZA-5250, 4.000%, 01/01/2048		188,585		180,594
ZS-4759, 3.500%, 03/01/2048		125,852		116,433
ZM-6197, 4.000%, 04/01/2048		443,964		424,402
SD-0298, 3.000%, 11/01/2048		320,261		288,657
ZN-2103, 4.500%, 12/01/2048		30,335		29,708
ZA-7141, 3.000%, 06/01/2049		64,785		57,621
SD-8005, 3.500%, 08/01/2049		583,309		537,334
SD-8013, 4.500%, 09/01/2049		87,193		85,231

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
SI-2009, 3.000%, 10/01/2049	$	388,059	$	345,187
QA-5549, 3.000%, 12/01/2049		211,332		187,699
QA-7325, 3.000%, 02/01/2050		162,649		144,665
QA-6750, 3.000%, 02/01/2050		122,405		109,145
QA-8311, 3.000%, 03/01/2050		189,697		170,162
SD-8068, 3.000%, 06/01/2050		530,994		471,528
RA-2970, 2.500%, 07/01/2050		176,776		150,883
SD-8074, 3.000%, 07/01/2050		77,960		69,275
SD-8075, 3.500%, 07/01/2050		450,206		414,064
QB-2682, 2.500%, 08/01/2050		133,081		113,237
SD-8084, 3.000%, 08/01/2050		228,377		202,383
SD-8086, 4.000%, 08/01/2050		167,761		158,823
RA-3484, 3.000%, 09/01/2050		266,835		236,146
SD-8098, 2.000%, 10/01/2050		2,316,269		1,895,832
QB-4785, 2.500%, 10/01/2050		187,868		159,835
QB-6037, 2.500%, 11/01/2050		138,599		117,903
SD-8122, 2.500%, 01/01/2051		401,539		341,581
SD-8129, 2.500%, 02/01/2051		542,312		461,537
RA-4527, 2.500%, 02/01/2051		275,425		235,080
SD-8135, 2.500%, 03/01/2051		194,315		165,352
QC-0945, 2.500%, 04/01/2051		791,673		672,767
SD-8147, 2.500%, 05/01/2051		454,672		386,240
QC-2565, 2.000%, 06/01/2051		539,900		441,224
QC-4235, 2.500%, 07/01/2051		696,805		591,359
SD-8156, 2.500%, 07/01/2051		423,497		359,624
QC-3907, 2.500%, 07/01/2051		451,841		383,551
SD-8160, 2.000%, 08/01/2051		811,126		662,711
QC-5978, 2.500%, 08/01/2051		602,010		512,399
QC-6209, 2.500%, 08/01/2051		378,314		321,245
SD-8167, 2.500%, 09/01/2051		1,100,288		933,032
RA-5855, 2.500%, 09/01/2051		729,204		618,884
SD-8169, 3.500%, 09/01/2051		106,080		96,723
QC-8520, 2.500%, 10/01/2051		281,378		238,750
SD-0780, 2.500%, 12/01/2051		493,449		418,796
SD-8189, 2.500%, 01/01/2052		439,869		373,183
RA-6686, 4.000%, 01/01/2052		224,899		211,415
QD-7594, 2.500%, 02/01/2052		672,779		573,267
SD-8205, 2.500%, 04/01/2052		682,312		578,851
QE-4039, 4.000%, 06/01/2052		1,221,180		1,147,710
QE-5195, 4.000%, 06/01/2052		631,308		593,026
SD-1883, 4.000%, 06/01/2052		640,906		602,876
QE-5474, 4.000%, 07/01/2052		341,661		320,897
SD-1060, 4.000%, 07/01/2052		338,065		318,004
QE-6058, 4.500%, 07/01/2052		890,839		858,935
SD-8231, 4.500%, 07/01/2052		335,171		323,189
SD-8233, 5.000%, 07/01/2052		661,900		651,147
SD-1382, 4.000%, 08/01/2052		818,200		769,291
QE-6925, 4.500%, 08/01/2052		259,390		250,104
SD-1576, 5.000%, 08/01/2052		926,858		911,944
SD-1803, 0.000%, 09/01/2052		323,235		324,436
QE-9381, 4.000%, 09/01/2052		879,978		826,404
SD-1709, 5.500%, 09/01/2052		815,685		818,055
SD-8258, 5.000%, 10/01/2052		678,414		667,393
SD-1719, 5.500%, 10/01/2052		862,198		865,987

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
SD-1884, 5.000%, 11/01/2052	$	108,006	$	106,285
SD-1913, 5.000%, 11/01/2052		423,450		416,833
SD-8268, 5.500%, 11/01/2052		389,320		389,356
SD-8288, 5.000%, 01/01/2053		941,094		925,805
QF-6551, 5.500%, 01/01/2053		647,282		647,141
SD-8289, 5.500%, 01/01/2053		644,500		644,149
SD-2174, 6.000%, 01/01/2053		595,687		604,516
SD-8300, 5.500%, 02/01/2053		154,368		154,282
Freddie Mac REMICS
4121, 1.612% (1 Month LIBOR USD + 6.200%), 10/15/2042^(c)(e)		911,942		90,802
4122, 4.000%, 10/15/2042^(e)		940,704		174,512
4159, 1.562% (1 Month LIBOR USD + 6.150%), 01/15/2043^(c)(e)		1,745,337		193,088
4459, 4.000%, 08/15/2043^(e)		1,933,848		350,379
4385, 4.500%, 09/15/2044^(e)		188,169		35,496
4572, 1.462% (1 Month LIBOR USD + 6.050%), 04/15/2046^(c)(e)		416,835		40,660
4583, 1.412% (1 Month LIBOR USD + 6.000%), 05/15/2046^(c)(e)		427,570		43,893
4616, 1.412% (1 Month LIBOR USD + 6.000%), 09/15/2046^(c)(e)		999,322		107,045
4623, 1.412% (1 Month LIBOR USD + 6.000%), 10/15/2046^(c)(e)		926,520		106,927
4648, 1.412% (1 Month LIBOR USD + 6.000%), 01/15/2047^(c)(e)		393,229		40,242
5013, 3.000%, 09/25/2050^(e)		2,575,378		374,097
Freddie Mac STACR REMIC Trust
2021-DNA7, 6.284% (SOFR30A + 1.800%), 11/25/2041^(b)(c)		473,000		453,092
2022-HQA1, 7.984% (SOFR30A + 3.500%), 03/25/2042^(b)(c)		309,000		315,590
2022-DNA2, 6.884% (SOFR30A + 2.400%), 02/25/2042^(b)(c)		1,650,000		1,614,781
2022-DNA3, 7.384% (SOFR30A + 2.900%), 04/25/2042^(b)(c)		1,162,000		1,160,730
Freddie Mac Structured Agency Credit Risk Debt Notes
2017-HQA3, 6.967% (1 Month LIBOR USD + 2.350%), 04/25/2030^(c)		668,014		673,693
2018-DNA1, 6.417% (1 Month LIBOR USD + 1.800%), 07/25/2030^(c)		299,105		298,219
2018-HQA1, 6.917% (1 Month LIBOR USD + 2.300%), 09/25/2030^(c)		624,714		630,362
2019-CS03, 4.617% (1 Month LIBOR USD + 0.000%), 10/25/2032^(b)(c)		96,903		96,704
Ginnie Mae
#TBA, 5.000%, 03/15/2041		1,500,000		1,482,724
#TBA, 5.500%, 10/20/2052		1,335,000		1,340,254
Ginnie Mae II Pool
MA0699M, 3.500%, 01/20/2043		23,571		22,238
MA0783M, 3.500%, 02/20/2043		32,084		30,269
MA0934M, 3.500%, 04/20/2043		22,902		21,606
MA3663M, 3.500%, 05/20/2046		39,543		36,970
MA3803M, 3.500%, 07/20/2046		15,339		14,324
MA4510M, 3.500%, 06/20/2047		62,347		58,209
MA4586M, 3.500%, 07/20/2047		86,094		80,409
MA4652M, 3.500%, 08/20/2047		57,880		54,019
MA4900M, 3.500%, 12/20/2047		43,801		40,905
MA6542M, 3.500%, 03/20/2050		235,837		220,542
MA6600M, 3.500%, 04/20/2050		17,617		16,362
MA6601M, 4.000%, 04/20/2050		79,538		75,811
MA7138M, 3.500%, 01/20/2051		229,901		213,440
MA7192M, 2.000%, 02/20/2051		287,685		241,894
MA7193M, 2.500%, 02/20/2051		289,755		252,096
MA7254M, 2.000%, 03/20/2051		293,412		247,614
MA7255M, 2.500%, 03/20/2051		718,741		625,239
MA7311M, 2.000%, 04/20/2051		836,405		705,419
MA7312M, 2.500%, 04/20/2051		794,532		691,535
MA7367M, 2.500%, 05/20/2051		292,604		254,228

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
MA7418M, 2.500%, 06/20/2051	$	611,669	$	531,157
MA7472M, 2.500%, 07/20/2051		401,532		348,492
MA7589M, 2.500%, 09/20/2051		898,176		779,113
MA7648M, 2.000%, 10/20/2051		292,948		246,056
MA7766M, 2.000%, 12/20/2051		369,447		310,003
MA8045M, 4.000%, 05/20/2052		655,606		619,990
MA8099M, 3.500%, 06/20/2052		97,194		89,429
MA8151M, 4.500%, 07/20/2052		907,546		880,414
MA8200M, 4.000%, 08/20/2052		196,958		186,258
MA8201M, 4.500%, 08/20/2052		1,158,957		1,124,300
MA8268M, 4.500%, 09/20/2052		548,590		532,181
MA8269M, 5.000%, 09/20/2052		641,982		635,730
MA8347M, 4.500%, 10/20/2052		743,028		720,803
MA8429M, 5.500%, 11/20/2052		522,038		524,853
MA8569M, 5.000%, 01/20/2053		474,009		469,393
MA8570M, 5.500%, 01/20/2053		349,399		351,283
Government National Mortgage Association
2013-23, 3.500%, 02/20/2043^(e)		1,060,106		161,667
2015-162, 2.152% (1 Month LIBOR USD + 6.750%), 11/20/2045^(c)(e)		859,889		109,485
2018-007, 1.602% (1 Month LIBOR USD + 6.200%), 01/20/2048^(c)(e)		971,867		91,894
2020-173, 2.500%, 11/20/2050^(e)		2,276,851		298,748
2021-116, 2.500%, 06/20/2051^(e)		2,543,867		336,267
Uniform Mortgage Backed Securities
#TBA, 5.000%, 03/15/2041		1,175,000		1,154,858
#TBA, 5.500%, 03/15/2041		1,795,000		1,792,248
#TBA, 6.000%, 03/15/2041		830,000		840,035

TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $133,306,870)				121,697,323

U.S. GOVERNMENT AGENCY ISSUES—0.45%
Federal Home Loan Mortgage Corp.
0.375%, 09/23/2025		225,000		202,238
Federal National Mortgage Association
0.500%, 11/07/2025		255,000		228,654
0.750%, 10/08/2027		745,000		639,268
0.875%, 08/05/2030		575,000		456,085
Tennessee Valley Authority
5.250%, 09/15/2039		320,000		336,071

TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $2,179,806)				1,862,316

U.S. GOVERNMENT NOTES/BONDS—15.31%
United States Treasury Note/Bond
4.500%, 11/15/2025		7,450,000		7,437,777
3.875%, 12/31/2027		14,385,000		14,173,720
3.500%, 01/31/2028		6,575,000		6,375,179
2.750%, 08/15/2032		1,380,000		1,253,213
4.125%, 11/15/2032		7,115,000		7,222,837
3.500%, 02/15/2033		7,465,000		7,211,890
4.500%, 05/15/2038		845,000		895,518
1.750%, 08/15/2041		500,000		345,830
2.375%, 02/15/2042		1,495,000		1,148,347
3.125%, 02/15/2042		1,070,000		929,667
3.250%, 05/15/2042		2,830,000		2,497,364
3.375%, 08/15/2042		1,180,000		1,060,433
3.375%, 05/15/2044		1,380,000		1,229,089

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Principal Amount		Value
3.125%, 08/15/2044	$	2,040,000	$	1,741,849
3.000%, 05/15/2047		1,515,000		1,258,782
3.125%, 05/15/2048		470,000		400,060
3.375%, 11/15/2048		1,985,000		1,770,915
1.875%, 11/15/2051		1,980,000		1,281,277
3.000%, 08/15/2052		5,320,000		4,451,759

TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $64,113,378)				62,685,506


	Shares
EXCHANGE TRADED FUNDS—0.05%
iShares Core U.S. Aggregate Bond ETF^(f)		2,294		223,229

TOTAL EXCHANGE TRADED FUNDS (Cost $226,723)				223,229

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING—5.19%
Money Market Fund—5.19%
Mount Vernon Liquid Assets Portfolio, LLC, 4.670%^(g)		21,255,649		21,255,649

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $21,255,649)				21,255,649

SHORT-TERM INVESTMENTS—0.47%
First American Government Obligations Fund, Class X, 4.368%^(g)		1,905,833		1,905,833

TOTAL SHORT-TERM INVESTMENTS (Cost $1,905,833)				1,905,833

Total Investments (Cost $478,914,522)—107.11%				438,589,431
Liabilities in Excess of Other Assets—(7.11)%				(29,105,970	)

TOTAL NET ASSETS—100.00%			$	409,483,461

Percentages are stated as a percent of net assets.

^(a)

Variable rate security; the rate shown represents the rate at February 28, 2023.

^(b)

Securities issued under Rule 144A under the Securities Act of 1933. Such securities are deemed to be liquid.

^(c)

Floating rate security; the rate shown represents the rate at February 28, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(d)

Variable rate security; the rate shown represents the rate at February 28, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(e)

Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.

^(f)

All or portion of this security is out on loan as of February 28, 2023. Total value of securities out on loan is $20,809,116.

^(g)

The rate shown represents the seven day yield at February 28, 2023.

^(h)

Perpetual maturity. The date referenced is the next call date.

Abbreviations

TBA Pool number to be announced

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited)



	Shares		Value
COMMON STOCKS—73.17%
Accommodation—0.16%
Galaxy Entertainment Group Ltd.—ADR		11,334	$	378,136
Melco Resorts & Entertainment Ltd.—ADR^(a)		7,939		101,460
MGM Resorts International		7,663		329,586
Sodexo SA—ADR		33,242		615,309
Wynn Macau Ltd.—ADR^(a)		10,935		113,615

				1,538,106

Administrative and Support Services—1.74%
ABM Industries, Inc.^(c)		6,173		298,835
ABN AMRO Bank NV—ADR		81,960		1,442,496
AdaptHealth Corp.^(a)(c)		8,866		141,767
ADT, Inc.^(c)		3,635		27,408
AMN Healthcare Services, Inc.^(a)(c)		3,103		279,301
AMTD IDEA Group—ADR^(a)(c)		111,387		174,878
Brambles Ltd.—ADR		78,851		1,377,527
Conduent, Inc.^(a)		9,388		37,364
Deutsche Post AG—ADR		22,128		939,997
DiDi Global, Inc.—ADR^(a)		44,968		178,973
DouYu International Holdings Ltd.—ADR^(a)		88,252		110,315
ExlService Holdings, Inc.^(a)		119		19,577
Fair Isaac Corp.^(a)(c)		834		564,943
FleetCor Technologies, Inc.^(a)		9,677		2,078,523
GoodRx Holdings, Inc.^(a)		2,458		13,003
HeadHunter Group PLC—ADR^(e)(g)		3,254		48,908
HUYA, Inc.—ADR^(a)		34,144		146,819
Jiayin Group, Inc.—ADR^(a)		19,969		58,109
loanDepot, Inc.		5,412		11,257
MasterCard, Inc.—Class A		9,460		3,361,043
Multiplan Corp.^(a)(c)		42,856		43,285
PDD Holdings, Inc.—ADR^(a)		11,839		1,038,635
Tuniu Corp.—ADR^(a)		13,744		25,152
Visa, Inc.^(c)		17,856		3,927,249
WEX, Inc.^(a)		1,937		373,473
ZTO Express Cayman, Inc.—ADR		246		5,919

				16,724,756

Air Transportation—0.30%
Air France-KLM—ADR		21,563		40,538
Cathay Pacific Airways Ltd.—ADR^(a)		35,151		171,888
Deutsche Lufthansa AG—ADR^(a)		32,004		330,281
Ryanair Holdings PLC—ADR^(a)		6,570		609,499
Swire Pacific Ltd.—Class A—ADR^(c)		87,518		712,397
United Airlines Holdings, Inc.^(a)		20,090		1,043,877

				2,908,480

Ambulatory Health Care Services—0.16%
Acadia Healthcare Co., Inc.^(a)(c)		5,349		387,857
DBV Technologies SA—ADR^(a)(c)		86,173		124,951
NextGen Healthcare, Inc.^(a)(c)		5,846		105,871
Novocure Ltd.^(a)(b)		2,918		224,599
Oak Street Health, Inc.^(a)(c)		3,613		127,900
Option Care Health, Inc.^(a)		10,076		309,031
Select Medical Holdings Corp.^(c)		4,575		124,394

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Sonic Healthcare Ltd.—ADR^(c)		5,330	$	116,194

				1,520,797

Amusement, Gambling, and Recreation Industries—0.02%
Light & Wonder, Inc.^(a)		2,702		169,172

Animal Production and Aquaculture—0.04%
Cal-Maine Foods, Inc.^(c)		5,927		336,654
Cresud SACIF y A—ADR		822		6,280

				342,934

Apparel Manufacturing—0.06%
G-III Apparel Group Ltd.^(a)		1,666		27,681
HUGO BOSS AG—ADR		16,558		226,348
Lululemon Athletica, Inc.^(a)		188		58,130
Ralph Lauren Corp.^(c)		2,180		257,653

				569,812

Beverage and Tobacco Product Manufacturing—1.05%
Altria Group, Inc.		16,785		779,328
Anheuser-Busch InBev SA/NV—ADR		6,380		387,266
Coca-Cola Femsa SAB de CV—ADR		8,810		634,408
Embotelladora Andina SA—Class B—ADR		8,592		126,732
Japan Tobacco, Inc.—ADR^(c)		224,430		2,266,743
Kirin Holdings Co. Ltd.—ADR		127,183		1,902,658
Molson Coors Brewing Co.—Class B^(c)		22,546		1,199,222
PepsiCo, Inc.		14,583		2,530,588
Treasury Wine Estates Ltd.—ADR		29,164		273,558

				10,100,503

Broadcasting (except Internet)—1.02%
Comcast Corp.—Class A		8,301		308,548
DISH Network Corp.—Class A^(a)(c)		32,047		365,656
Fox Corp.—Class A^(c)		58,601		2,052,207
Fox Corp.—Class B		69,201		2,231,732
Grupo Televisa SAB—ADR		15,556		77,158
ITV PLC—ADR^(c)		27,367		293,648
Liberty Media Corp-Liberty SiriusXM^(a)		17,145		555,327
Liberty Media Corp-Liberty SiriusXM^(a)		31,516		1,015,445
Nexstar Media Group, Inc.—Class A^(c)		3,535		657,157
Paramount Global—Class A^(c)		17,806		437,671
Sinclair Broadcast Group, Inc.—Class A^(c)		10,975		178,563
Sirius XM Holdings, Inc.^(c)		378,794		1,662,906
Tencent Music Entertainment Group—ADR^(a)		1,162		8,761

				9,844,779

Building Material and Garden Equipment and Supplies Dealers—0.60%
Lowe’s Companies, Inc.		4,314		887,605
Snap-on, Inc.^(c)		19,457		4,838,566

				5,726,171

Chemical Manufacturing—7.79%
10X Genomics, Inc.^(a)		757		35,973
AbbVie, Inc.		8,978		1,381,714
Abcam PLC—ADR^(a)		11,331		163,280
Air Liquide SA—ADR		1,342		42,635

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Alkermes PLC^(a)(b)		856	$	22,889
Amgen, Inc.		7,212		1,670,732
Astellas Pharma, Inc.—ADR		77,835		1,089,690
AstraZeneca PLC—ADR		55,308		3,604,975
Bavarian Nordic A/S—ADR^(a)		27,985		286,846
Bayer AG—ADR		181,176		2,694,087
Beiersdorf AG—ADR		10,335		246,283
Biogen, Inc.^(a)		8,026		2,165,896
Bristol-Myers Squibb Co.		65,305		4,503,434
Cellectis SA—ADR^(a)		26,282		57,820
CF Industries Holdings, Inc.		7,376		633,525
Chugai Pharmaceutical Co. Ltd.—ADR		40,570		503,068
Clinuvel Pharmaceuticals Ltd.—ADR		4,395		56,696
Corcept Therapeutics, Inc.^(a)(c)		12,040		250,793
CSL Ltd.—ADR		343		34,183
Daiichi Sankyo Co. Ltd.—ADR		26,109		824,000
Dow, Inc.		18,155		1,038,466
Eli Lilly & Co.		5,243		1,631,726
Gilead Sciences, Inc.		52,520		4,229,436
GSK PLC—ADR		23,969		821,418
Halozyme Therapeutics, Inc.^(a)		3,593		172,428
Harmony Biosciences Holdings, Inc.^(a)(c)		5,293		233,051
Huntsman Corp.		3,623		106,299
Hypera SA—ADR		48,329		369,717
Incitec Pivot Ltd.—ADR		326,848		753,385
Innoviva, Inc.^(a)(c)		5,570		67,230
Ironwood Pharmaceuticals, Inc.^(a)(c)		28,195		317,758
Jazz Pharmaceuticals PLC^(a)(b)		3,220		452,088
Johnson Matthey PLC—ADR		6,857		366,918
Kiniksa Pharmaceuticals Ltd.^(a)(b)		17,985		231,287
Kose Corp.—ADR^(a)		9,996		225,410
Kuraray Co. Ltd.—ADR		8,304		223,336
Lantheus Holdings, Inc.^(a)		4,179		309,079
Maravai LifeSciences Holdings, Inc.—Class A^(a)		2,408		35,518
Merck & Co., Inc.		50,810		5,398,055
Merck KGaA—ADR		2,998		113,564
Moderna, Inc.^(a)(c)		18,086		2,510,518
Mosaic Co.^(c)		16,280		865,933
Neurocrine Biosciences, Inc.^(a)		2,852		294,041
Novartis AG—ADR		78,670		6,617,721
Novo Nordisk A/S—ADR		22,659		3,194,692
Olaplex Holdings, Inc.^(a)(c)		188,132		925,609
Olin Corp.		4,572		264,033
Ono Pharmaceutical Co. Ltd.—ADR		132,905		893,122
Organon & Co.^(c)		6,158		150,809
Otsuka Holdings Co. Ltd.—ADR		53,579		807,971
Perrigo Co. PLC^(b)		2,660		100,255
Pfizer, Inc.		59,271		2,404,624
Prestige Consumer Healthcare, Inc.^(a)		5,526		332,942
QuidelOrtho Corp.^(a)		2,662		231,434
Regeneron Pharmaceuticals, Inc.^(a)		2,449		1,862,269
REGENXBIO, Inc.^(a)(c)		11,684		259,969
Repligen Corp.^(a)(c)		1,073		187,099
Sanofi—ADR		68,996		3,232,463
Sasol Ltd.—ADR		309		4,465

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Shionogi & Co Ltd.—ADR		18,538	$	204,289
Supernus Pharmaceuticals, Inc.^(a)(c)		10,658		400,634
Takeda Pharmaceutical Co. Ltd.—ADR		169,815		2,606,660
Teva Pharmaceutical Industries Ltd.—ADR^(a)		83,890		831,350
Trinity Biotech PLC—ADR^(a)		78,537		82,464
Twist Bioscience Corp.^(a)		1,646		32,031
Unilever PLC—ADR		50,890		2,540,938
United Therapeutics Corp.^(a)		2,159		531,200
Veracyte, Inc.^(a)(c)		12,750		313,778
Verona Pharma PLC—ADR^(a)		3,455		74,075
Vertex Pharmaceuticals, Inc.^(a)		3,674		1,066,525
Viatris, Inc.		63,620		725,268
Westlake Corp.^(c)		7,810		930,483
Xencor, Inc.^(a)		2,753		88,454
Yara International ASA—ADR		79,810		1,892,295

				74,825,101

Clothing and Clothing Accessories Stores—0.65%
Academy Sports & Outdoors, Inc.^(c)		7,305		432,091
ASOS PLC—ADR^(a)		29,721		310,882
Bath & Body Works, Inc.		4,520		184,732
Brilliant Earth Group, Inc.^(a)		2,548		13,122
Buckle, Inc.^(c)		6,746		275,169
Burberry Group PLC—ADR		40,060		1,188,120
Caleres, Inc.^(c)		8,907		232,562
Figs, Inc.^(a)		19,359		178,296
Foot Locker, Inc.^(c)		5,116		223,672
Guess?, Inc.		7,320		154,013
Lojas Renner SA—ADR^(c)		3,437		12,408
Pandora A/S—ADR		10,934		258,054
PRADA SpA—ADR		24,051		325,410
Ross Stores, Inc.		1,832		202,509
Scholastic Corp.		6,720		306,499
Signet Jewelers Ltd.^(b)		2,529		181,127
TJX Cos., Inc.		20,668		1,583,169
Urban Outfitters, Inc.^(a)		6,451		173,854

				6,235,689

Computer and Electronic Product Manufacturing—8.24%
Advanced Energy Industries, Inc.^(c)		4,744		441,572
Advantest Corp.—ADR		7,862		622,670
Allegro MicroSystems, Inc.^(a)(c)		731		31,930
Amkor Technology, Inc.^(c)		13,681		352,423
Amphenol Corp.—Class A		95,220		7,381,453
Analog Devices, Inc.		23,749		4,357,229
Apple, Inc.		17,951		2,646,157
Arista Networks, Inc.^(a)		8,018		1,112,097
Avanos Medical, Inc.^(a)		6,483		181,978
Broadcom, Inc.		7,134		4,239,665
Canaan, Inc.—ADR^(a)(c)		304,813		853,476
ChipMOS Technologies, Inc.—ADR		1,135		26,707
Cirrus Logic, Inc.^(a)(c)		7,184		738,156
Cisco Systems, Inc.		30,101		1,457,490
Diodes, Inc.^(a)(c)		5,158		472,937
Dolby Laboratories, Inc.—Class A		1,563		128,604

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Enphase Energy, Inc.^(a)(c)		2,540	$	534,746
Himax Technologies, Inc.—ADR^(c)		76,173		565,965
Hologic, Inc.^(a)		16,706		1,330,466
HP, Inc.		6,192		182,788
Infineon Technologies AG—ADR		23,660		838,274
International Business Machines Corp.		15,280		1,975,704
Jabil, Inc.^(c)		12,796		1,062,452
JinkoSolar Holding Co. Ltd.—ADR^(a)		7,213		382,289
Juniper Networks, Inc.^(c)		96,053		2,956,511
Keysight Technologies, Inc.^(a)		22,538		3,605,177
Lam Research Corp.		6,015		2,923,350
Lattice Semiconductor Corp.^(a)		234		19,881
MACOM Technology Solutions Holdings, Inc.^(a)(c)		2,359		161,686
MaxLinear, Inc.^(a)		380		13,000
Methode Electronics, Inc.		5,181		252,470
Microchip Technology, Inc.		69,694		5,647,304
Micron Technology, Inc.^(c)		11,566		668,746
Monolithic Power Systems, Inc.^(c)		1,473		713,359
NetApp, Inc.		10,940		706,177
Nitto Denko Corp.—ADR		1,165		35,026
Northrop Grumman Corp.		2,600		1,206,686
Olink Holding AB—ADR^(a)(c)		15,577		365,125
ON Semiconductor Corp.^(a)		55,794		4,319,014
Onto Innovation, Inc.^(a)		5,170		426,370
OSI Systems, Inc.^(a)		4,358		403,333
Plexus Corp.^(a)		1,421		136,260
Power Integrations, Inc.^(c)		1,968		161,868
Qorvo, Inc.^(a)		5,916		596,865
QUALCOMM, Inc.		17,222		2,127,434
Rambus, Inc.^(a)(c)		2,374		105,002
Renesas Electronics Corp.—ADR^(a)(c)		259,935		1,676,581
Ricoh Co Ltd.—ADR^(c)		77,162		601,092
Rohm Co. Ltd.—ADR		33,532		1,291,653
Sanmina Corp.^(a)(c)		14,008		846,924
Seiko Epson Corp.—ADR		117,528		798,368
Semtech Corp.^(a)		1,903		58,631
Silicon Laboratories, Inc.^(a)		671		119,794
SiTime Corp.^(a)		446		55,371
Skyworks Solutions, Inc.^(c)		3,790		422,850
STMicroelectronics NV^(b)		56,435		2,717,910
Sumitomo Electric Industries Ltd.—ADR^(c)		57,515		708,010
Super Micro Computer, Inc.^(a)(c)		4,356		426,757
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		12,188		1,061,209
TDK Corp.—ADR		39,503		1,328,091
Texas Instruments, Inc.		32,513		5,574,354
Trane Technologies PLC^(b)		248		45,873
TTM Technologies, Inc.^(a)(c)		10,928		145,233
United Microelectronics Corp.—ADR		87,817		713,952
Universal Display Corp.		879		119,412
Vishay Intertechnology, Inc.^(c)		23,966		508,798
VTech Holdings Ltd.—ADR^(c)		83,297		455,635

				79,144,370

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Construction of Buildings—2.13%
ACS Actividades de Construccion y Servicios SA—ADR		281,784	$	1,690,705
Barratt Developments PLC—ADR^(c)		51,135		581,916
DR Horton, Inc.^(c)		53,074		4,908,283
KB Home		7,702		271,650
Kingspan Group PLC—ADR		3,022		198,757
Lennar Corp.—Class A		34,762		3,362,876
Lennar Corp.—Class B		23,633		1,929,871
MDC Holdings, Inc.^(c)		1,842		68,154
Meritage Homes Corp.^(a)		4,173		455,817
Mitie Group PLC—ADR		65,943		255,199
NVR, Inc.^(a)		246		1,272,711
Persimmon PLC—ADR^(c)		9,699		338,883
PulteGroup, Inc.		72,754		3,977,460
Taylor Morrison Home Corp.^(a)		13,043		467,331
Toll Brothers, Inc.		7,354		440,799
Tri Pointe Homes, Inc.^(a)		8,336		198,730

				20,419,142

Couriers and Messengers—0.16%
Air Transport Services Group, Inc.^(a)		7,993		167,293
United Parcel Service, Inc.—Class B^(c)		7,488		1,366,486

				1,533,779

Credit Intermediation and Related Activities—3.30%
Akbank TAS—ADR		245,491		429,609
Ally Financial, Inc.^(c)		1,397		41,980
Ameris Bancorp		257		12,303
ASE Technology Holding Co Ltd.—ADR^(c)		95,854		687,273
Associated Banc-Corp^(c)		527		12,200
B&M European Value Retail SA—ADR^(c)		1,871		44,174
Banco Bilbao Vizcaya Argentaria SA—ADR		462,696		3,590,522
Banco de Chile—ADR		6,736		139,368
Banco do Brasil SA—ADR		94,943		749,100
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand—ADR		35,066		232,838
Banco Santander SA—ADR		274,278		1,072,427
Bank Central Asia Tbk PT—ADR^(c)		5,478		78,883
Bank Hapoalim BM—ADR		7,076		283,041
Bank Mandiri Persero Tbk PT—ADR		26,646		352,793
Bank of China Ltd.—ADR		152,904		1,400,371
Bank of East Asia Ltd.—ADR		130,225		177,106
Barclays PLC—ADR		28,690		242,717
Capital One Financial Corp.		394		42,978
Commerzbank AG—ADR^(a)		32,217		390,953
DBS Group Holdings Ltd.—ADR		327		33,361
Deutsche Bank AG^(b)		82,869		1,032,548
Discover Financial Services		15,942		1,785,504
Encore Capital Group, Inc.^(a)(c)		606		31,318
FinVolution Group—ADR		113,329		574,578
First Citizens BancShares, Inc.^(c)		133		97,590
FNB Corp/PA^(c)		5,793		82,666
Huntington Bancshares, Inc.		7,098		108,741
ICICI Bank Ltd.—ADR		39,940		825,959
LendingClub Corp.^(a)(c)		2,734		25,700

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Mediobanca Banca di Credito Finanziario SpA—ADR		81,580	$	865,564
Mr Cooper Group, Inc.^(a)		11,316		525,402
Nelnet, Inc.—Class A		8,087		759,127
OFG Bancorp^(b)		7,117		216,499
OneMain Holdings, Inc.^(c)		6,087		262,289
Oversea-Chinese Banking Corp. Ltd.—ADR		100,857		1,891,070
PennyMac Financial Services, Inc.		6,599		399,042
Piraeus Financial Holdings SA—ADR		77,046		198,008
Provident Financial Services, Inc.		521		12,165
Regions Financial Corp.^(c)		2,013		46,943
Rocket Cos, Inc.—Class A^(c)		140,843		1,107,026
S&T Bancorp, Inc.		331		12,333
Sberbank of Russia PJSC—ADR^(a)(e)(g)		119,989		—
Standard Bank Group Ltd.—ADR		3,525		35,567
Standard Chartered PLC—ADR		85,604		1,611,923
State Street Corp.^(c)		558		49,483
Svenska Handelsbanken AB—ADR		107,650		565,163
Swedbank AB—ADR		32,911		670,726
Synchrony Financial		24,908		889,465
Turkiye Garanti Bankasi AS—ADR		154,384		208,418
UBS Group AG^(b)		167,658		3,651,591
UniCredit SpA—ADR		184,694		1,878,338
United Overseas Bank Ltd.—ADR		28,514		1,265,451

				31,700,194

Crop Production—0.33%
British American Tobacco PLC—ADR		81,409		3,098,427
SLC Agricola SA—ADR		3,108		28,438

				3,126,865

Data Processing, Hosting and Related Services—0.90%
Automatic Data Processing, Inc.		6,242		1,372,116
Chindata Group Holdings Ltd.—ADR^(a)		36,854		249,502
CSG Systems International, Inc.		972		54,626
Fiserv, Inc.^(a)		52,927		6,091,369
Marqeta, Inc.^(a)(c)		4,734		27,457
Sciplay Corp.—Class A^(a)		14,117		233,495
Sohu.com Ltd.—ADR^(a)		34,838		498,880
TaskUS, Inc.^(a)		8,433		145,090
Zai Lab Ltd.—ADR^(a)		161		5,981

				8,678,516

Educational Services—0.21%
Adtalem Global Education, Inc.^(a)(c)		7,870		307,874
Graham Holdings Co.—Class B		369		231,238
Grand Canyon Education, Inc.^(a)		2,787		315,740
Informa PLC—ADR		7,090		113,795
New Oriental Education & Technology Group, Inc.—ADR^(a)		5,590		216,445
Strategic Education, Inc.		2,665		227,191
Stride, Inc.^(a)(c)		3,422		145,332
Sunlands Technology Group—ADR^(c)		2,747		27,140
TAL Education Group—ADR^(a)		56,295		395,753

				1,980,508

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Electrical Equipment, Appliance, and Component Manufacturing—0.45%
Acuity Brands, Inc.^(c)		66	$	12,801
Arcelik AS—ADR		10,518		313,436
Atos SE—ADR^(a)		57,225		163,097
Hitachi Ltd.—ADR		17,637		1,779,397
Hubbell, Inc.^(c)		4,212		1,059,486
Littelfuse, Inc.^(c)		904		233,892
Panasonic Holdings Corp.—ADR		46,344		403,657
Schneider Electric SE—ADR		1,102		35,319
Siemens AG—ADR		4,258		325,482

				4,326,567

Electronics and Appliance Stores—0.12%
Best Buy Co., Inc.^(c)		9,779		812,733
Sega Sammy Holdings, Inc.—ADR		84,503		361,673

				1,174,406

Fabricated Metal Product Manufacturing—0.33%
Assa Abloy AB—ADR		2,913		35,306
Atkore, Inc.^(a)		2,848		415,865
Emerson Electric Co.		4,189		346,472
Mueller Industries, Inc.^(c)		8,401		621,422
Nucor Corp.		10,660		1,784,910
Valmont Industries, Inc.		39		12,376

				3,216,351

Food and Beverage Stores—0.65%
Carrefour SA—ADR		278,018		1,106,512
J Sainsbury PLC—ADR		49,766		639,493
Jeronimo Martins SGPS SA—ADR		15,785		647,343
Koninklijke Ahold Delhaize NV—ADR		49,687		1,578,059
Kroger Co.		34,506		1,488,588
Sendas Distribuidora SA—ADR		1,514		26,480
Sprouts Farmers Market, Inc.^(a)(c)		8,566		259,464
Weis Markets, Inc.^(c)		6,715		513,295

				6,259,234

Food Manufacturing—1.46%
Ajinomoto Co., Inc.—ADR		20,577		629,450
Archer-Daniels-Midland Co.		34,393		2,737,683
Associated British Foods PLC—ADR		1,748		42,197
Bunge Ltd.^(b)		951		90,821
Campbell Soup Co.^(c)		40,973		2,151,902
General Mills, Inc.		35,744		2,842,005
Ingredion, Inc.^(c)		4,440		441,336
JBS SA—ADR		708		5,232
JM Smucker Co.		1,120		165,637
Kellogg Co.^(c)		24,762		1,632,806
Lamb Weston Holdings, Inc.		485		48,810
Marfrig Global Foods SA—ADR		35,477		44,346
Nestle SA—ADR		19,625		2,208,107
Post Holdings, Inc.^(a)(c)		4,830		434,507
Premier Foods PLC—ADR		26,462		181,397
Tate & Lyle PLC—ADR^(c)		3,857		150,635
Tyson Foods, Inc.—Class A		3,099		183,585

				13,990,456

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Food Services and Drinking Places—0.21%
Casey’s General Stores, Inc.^(c)		1,556	$	323,570
Cintas Corp.		103		45,162
Darden Restaurants, Inc.		9,730		1,391,293
Texas Roadhouse, Inc.^(c)		1,490		151,295
Yelp, Inc.^(a)		3,441		103,299
Yum! Brands, Inc.		346		43,997

				2,058,616

Funds, Trusts, and Other Financial Vehicles—0.60%
Absa Group Ltd.—ADR^(c)		5,397		116,953
Coca-Cola Bottlers Japan Holdings, Inc.—ADR		6,942		36,619
Dentsu Group, Inc.—ADR^(c)		10,411		335,130
Fast Retailing Co. Ltd.—ADR^(c)		14,329		847,704
Mizuho Financial Group, Inc.—ADR		421,286		1,327,050
Nitori Holdings Co. Ltd.—ADR		13,441		150,674
Seven & i Holdings Co. Ltd.—ADR		56,502		1,264,514
Sumitomo Mitsui Financial Group, Inc.—ADR		62,208		543,076
Taisho Pharmaceutical Holdings Co. Ltd.—ADR		45,707		447,472
Up Fintech Holding Ltd.—ADR^(a)(c)		31,129		116,111
Woolworths Holdings Ltd.^(b)		134,415		573,939

				5,759,242

Furniture and Home Furnishings Stores—0.04%
Williams-Sonoma, Inc.^(c)		2,692		336,285

Furniture and Related Product Manufacturing—0.00%
Natuzzi SpA—ADR^(a)		4,215		25,079

Gasoline Stations—0.23%
Cango, Inc.—ADR		8,630		11,478
Chevron Corp.		13,946		2,242,098

				2,253,576

General Merchandise Stores—0.71%
BJ’s Wholesale Club Holdings, Inc.^(a)		868		62,322
Dillard’s, Inc.—Class A^(c)		580		206,718
Dollar General Corp.		4,934		1,067,224
Dollar Tree, Inc.^(a)(c)		7,193		1,044,999
Dufry AG—ADR^(a)		110,753		487,867
Macy’s, Inc.^(c)		15,931		325,948
Marks & Spencer Group PLC—ADR^(a)		465,390		1,847,598
MINISO Group Holding Ltd.—ADR^(c)		15,214		272,331
Pan Pacific International Holdings Corp.—ADR		45,074		820,798
PriceSmart, Inc.		1,351		94,192
Walmart, Inc.		4,121		585,718

				6,815,715

Health and Personal Care Stores—0.23%
Ulta Beauty, Inc.^(a)		4,220		2,189,336

Heavy and Civil Engineering Construction—0.01%
Fluor Corp.^(a)		1,867		68,463
Skanska AB—ADR^(c)		1,878		34,762

				103,225

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Hospitals—0.10%
Encompass Health Corp.		7,810	$	441,421
HCA Healthcare, Inc.		839		204,255
Nuvalent, Inc.^(a)		649		19,658
Universal Health Services, Inc.—Class B^(c)		2,156		287,976

				953,310

Insurance Carriers and Related Activities—5.98%
Aflac, Inc.		64,388		4,388,042
Ageas SA/NV—ADR^(c)		42,765		1,929,984
AIA Group Ltd.—ADR		27,095		1,152,079
American Equity Invesment Life Holding Co.		7,477		311,417
American Financial Group, Inc.		2,389		320,389
American International Group, Inc.		40,910		2,500,010
Assicurazioni Generali SpA—ADR^(c)		100,593		987,823
Assured Guaranty Ltd.		5,381		335,828
AXA SA—ADR		128,295		4,046,424
Centene Corp.^(a)		5,291		361,904
Chubb Ltd.		9,575		2,020,517
Cigna Corp.		6,774		1,978,685
CNO Financial Group, Inc.		9,156		234,577
Elevance Health, Inc.		5,749		2,700,133
Enact Holdings, Inc.^(c)		13,829		335,353
Equitable Holdings, Inc.		53,956		1,695,298
Essent Group Ltd.^(b)		7,210		309,670
Everest Re Group Ltd.^(b)		4,342		1,667,198
Genworth Financial, Inc.—Class A^(a)		44,999		280,344
Globe Life, Inc.		7,082		861,809
Hannover Rueck SE—ADR		1,027		99,799
Hartford Financial Services Group, Inc.		23,193		1,815,548
Humana, Inc.		2,639		1,306,358
Jackson Financial, Inc.^(c)		13,093		594,160
Loews Corp.		20,312		1,240,860
MetLife, Inc.		1,530		109,747
MGIC Investment Corp.^(c)		48,927		673,236
MS&AD Insurance Group Holdings, Inc.—ADR		15,129		246,300
Muenchener Rueckversicherungs-Gesellschaft AG—ADR		14,349		494,467
National Western Life Group, Inc.—Class A		317		85,523
Nedbank Group Ltd.—ADR		14,432		181,700
Old Republic International Corp.^(c)		23,260		613,366
Oscar Health, Inc.^(a)		14,965		82,906
Principal Financial Group, Inc.^(c)		50,304		4,505,227
Radian Group, Inc.		21,385		456,570
RLI Corp.^(c)		1,173		161,768
Sampo OYJ—ADR		49,242		1,195,596
Suncorp Group Ltd.—ADR^(c)		26,784		230,878
Tokio Marine Holdings, Inc.—ADR		55,467		1,176,732
Travelers Companies, Inc.		12,982		2,403,228
United Fire Group, Inc.		5,221		149,007
UnitedHealth Group, Inc.		8,380		3,988,377
Unum Group		11,681		520,389
W.R. Berkley Corp.		22,676		1,500,924
Willis Towers Watson PLC^(b)		8,294		1,943,782
Zurich Insurance Group AG—ADR		67,780		3,209,383

				57,403,315

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Leather and Allied Product Manufacturing—0.07%
Skechers U.S.A., Inc.—Class A^(a)		4,422	$	196,823
Tapestry, Inc.^(c)		10,833		471,344

				668,167

Machinery Manufacturing—1.89%
AGCO Corp.^(c)		1,101		155,032
Applied Materials, Inc.^(c)		16,497		1,916,127
ASML Holding NV^(b)		6,148		3,797,804
Canon, Inc.—ADR		88,439		1,898,785
Caterpillar, Inc.		2,278		545,695
Cummins, Inc.^(c)		1,844		448,239
Deere & Co.		1,227		514,407
Disco Corp.—ADR		16,927		1,062,339
Fabrinet^(a)(b)		4,815		586,804
KION Group AG—ADR		5,246		51,149
KLA Corp.		9,013		3,419,353
Komatsu Ltd.—ADR		57,596		1,377,696
Konica Minolta, Inc.—ADR		36,996		320,570
Nikon Corp.—ADR		37,969		372,476
NOW, Inc.^(a)		15,414		198,070
NSK Ltd.—ADR		17,266		190,358
Rheinmetall AG—ADR		14,760		751,062
SMC Corp.—ADR		1,353		34,407
Terex Corp.^(c)		269		15,927
THK Co. Ltd.—ADR		24,109		268,454
Tokyo Electron Ltd.—ADR		2,371		203,479

				18,128,233

Management of Companies and Enterprises—3.02%
ABB Ltd.—ADR		16,476		548,651
Alibaba Group Holding Ltd.—ADR^(a)		22,207		1,949,553
America Movil SAB de CV—Class A—ADR		3,135		63,484
America Movil SAB de CV—Class L—ADR		16,984		349,531
AP Moeller—Maersk A/S—ADR		72,119		842,350
ASMPT Ltd.—ADR^(c)		25,879		663,538
ATN International, Inc.		1,151		48,400
Autohome, Inc.—ADR		9,029		275,385
Balfour Beatty PLC—ADR		56,399		500,823
BB Seguridade Participacoes SA—ADR		42,175		281,096
BNP Paribas SA—ADR		33,919		1,161,047
Bouygues SA—ADR		92,988		624,879
Capri Holdings Ltd.^(a)(b)		4,304		213,349
Cie Financiere Richemont SA—ADR		81,011		1,212,735
Daimler Truck Holding AG—ADR^(a)		2,504		39,513
Direct Line Insurance Group PLC—ADR		34,441		306,869
DSV A/S—ADR		12,305		1,117,725
Emeren Group Ltd.—ADR^(a)		33,276		150,740
Grupo Aeroportuario del Sureste SAB de CV—ADR		2,008		574,649
Innovage Holding Corp.^(a)(c)		3,680		27,931
Ipsen SA—ADR		30,650		880,881
JGC Holdings Corp.—ADR		34,206		879,094
K+S AG—ADR		28,811		344,436
KE Holdings, Inc.—ADR^(a)		13,270		242,178
Kering SA—ADR^(c)		7,818		459,386

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
KOC Holding AS—ADR		13,285	$	265,036
Koninklijke Philips NV^(b)		2,234		36,481
Kuehne + Nagel International AG—ADR^(c)		25,420		1,315,993
Logitech International SA^(b)		15,926		868,763
LVMH Moet Hennessy Louis Vuitton SE—ADR		21,454		3,574,879
LyondellBasell Industries NV—Class A^(b)		524		50,299
NatWest Group PLC—ADR^(a)(c)		40,422		286,188
POSCO Holdings, Inc.—ADR		177		10,795
Prosus NV—ADR		22,659		324,703
QIWI PLC—ADR^(a)(e)(g)		29,317		166,227
Shell PLC—ADR		53,315		3,239,953
Shinhan Financial Group Co. Ltd.—ADR		7,927		232,023
Sonova Holding AG—ADR		715		35,081
Thales SA—ADR		5,064		141,286
thyssenkrupp AG—ADR		27,538		206,673
Trip.com Group Ltd.—ADR^(a)		1,294		46,002
Trivago NV—ADR^(a)		84,517		145,369
Valeo—ADR		3,887		40,619
Vinci SA—ADR		72,865		2,071,188
Vista Energy SAB de CV—ADR^(a)		22,358		403,338
Vivendi SE—ADR		3,400		34,867
Wilmar International Ltd.—ADR		57,938		1,689,009
Xunlei Ltd.—ADR^(a)		50,111		88,696

				29,031,691

Merchant Wholesalers, Durable Goods—2.59%
Allison Transmission Holdings, Inc.		6,587		312,883
Arrow Electronics, Inc.^(a)		3,332		393,143
Avnet, Inc.^(c)		10,901		487,384
Beacon Roofing Supply, Inc.^(a)		6,335		411,775
Cars.com, Inc.^(a)(c)		9,656		185,395
Cie de Saint-Gobain—ADR		97,556		1,160,428
Cricut, Inc.		677		7,224
Ferguson PLC^(b)		315		45,392
Fresenius Medical Care AG & Co. KGaA—ADR		1,820		35,781
Genuine Parts Co.		15,118		2,673,770
Glencore PLC—ADR		150,848		1,790,566
GMS, Inc.^(a)		6,168		374,459
Henry Schein, Inc.^(a)		1,651		129,290
ITOCHU Corp.—ADR		34,187		2,039,084
La-Z-Boy, Inc.^(c)		3,036		98,306
Lenovo Group Ltd.—ADR		16,004		289,352
LKQ Corp.		37,329		2,138,578
Luckin Coffee, Inc.—ADR^(a)		13,204		392,159
Mitsui & Co. Ltd.—ADR		3,197		1,802,884
ODP Corp.^(a)		2,737		123,931
OneConnect Financial Technology Co. Ltd.—ADR^(a)		700		4,844
Owens & Minor, Inc.^(a)(c)		4,170		63,926
Patterson Companies, Inc.^(c)		5,737		152,145
Prysmian SpA—ADR		56,973		1,094,166
Reliance Steel & Aluminum Co.		4,869		1,206,733
Rexel SA—ADR^(c)		43,421		1,080,215
Rush Enterprises, Inc.—Class A^(c)		10,785		611,294
Rush Enterprises, Inc.—Class B		2,207		132,376
Sims Ltd.—ADR		54,555		581,556

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Smiths Group PLC—ADR		39,907	$	845,031
TE Connectivity Ltd.^(b)		18,355		2,336,958
Travis Perkins PLC—ADR		17,443		209,927
Volkswagen AG—ADR		23,553		418,301
WESCO International, Inc.^(a)		1,804		298,706
WW Grainger, Inc.^(c)		1,397		933,797
Xinyi Glass Holdings Ltd.—ADR		159		5,939

				24,867,698

Merchant Wholesalers, Nondurable Goods—1.37%
AmerisourceBergen Corp.		12,431		1,933,766
Atea Pharmaceuticals, Inc.^(a)		24,724		87,523
Cardinal Health, Inc.		11,771		891,182
CSPC Pharmaceutical Group Ltd.—ADR		54,421		231,833
ENN Energy Holdings Ltd.—ADR		5,352		306,669
Gazprom Neft PJSC—ADR^(a)(e)(g)		6,793		—
Genfit SA—ADR^(a)		37,573		160,812
Grifols SA—ADR^(a)		12,831		111,116
Imperial Brands PLC—ADR^(c)		54,623		1,325,700
Industria de Diseno Textil SA—ADR		65,461		1,008,754
Kunlun Energy Co. Ltd.—ADR		7,803		62,502
LUKOIL PJSC—ADR^(a)(e)(g)		10,626		—
Marubeni Corp.—ADR		10,758		1,374,603
McKesson Corp.		2,907		1,016,898
Performance Food Group Co.^(a)(c)		2,147		121,499
Roche Holding AG—ADR		82,988		2,991,718
Sinopharm Group Co. Ltd.—ADR		41,164		550,157
Suntory Beverage & Food Ltd.—ADR		2,096		36,869
Univar Solutions, Inc.^(a)(c)		15,901		552,560
Universal Corp.		4,894		247,587
Vibra Energia SA—ADR^(c)		17,671		101,688
Yue Yuen Industrial Holdings Ltd.—ADR		8,525		62,659

				13,176,095

Mining (except Oil and Gas)—0.41%
Alpha Metallurgical Resources, Inc.		1,427		239,365
Anglo American PLC—ADR		84,820		1,465,690
Arch Resources, Inc.^(c)		1,891		297,548
Freeport-McMoRan, Inc.		3,178		130,203
Peabody Energy Corp.^(a)		7,913		216,025
Sociedad Quimica y Minera de Chile SA—ADR		228		20,235
Vale SA—ADR		82,694		1,351,220
Warrior Met Coal, Inc.		6,058		231,840

				3,952,126

Miscellaneous Manufacturing—0.80%
3M Co.		399		42,988
Ansell Ltd.—ADR		12,921		943,621
Bandai Namco Holdings, Inc.—ADR		9,720		301,903
Chow Tai Fook Jewellery Group Ltd.—ADR^(c)		3,990		77,366
Cochlear Ltd.—ADR		2,274		170,846
ConvaTec Group PLC—ADR		12,832		139,740
EssilorLuxottica SA—ADR^(c)		16,550		1,434,057
Getinge AB—ADR		15,054		322,607
Globus Medical, Inc.^(a)		1,539		89,785

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Haemonetics Corp.^(a)(c)		4,480	$	348,410
Inspire Medical Systems, Inc.^(a)		513		133,344
Johnson & Johnson		13,504		2,069,622
Merit Medical Systems, Inc.^(a)		4,697		331,514
Nintendo Co., Ltd.—ADR		3,515		32,795
Shockwave Medical, Inc.^(a)		1,148		218,396
Siemens Healthineers AG—ADR		5,063		131,841
Smith & Nephew PLC—ADR		23,875		682,109
STAAR Surgical Co.^(a)(c)		3,099		171,654
Tiger Brands Ltd.—ADR		6,980		85,365

				7,727,963

Miscellaneous Store Retailers—0.04%
Cavco Industries, Inc.^(a)		126		35,910
FirstCash Holdings, Inc.^(c)		3,667		323,613

				359,523

Motion Picture and Sound Recording Industries—0.05%
Adeia, Inc.		11,625		114,623
World Wrestling Entertainment, Inc.^(c)		3,762		316,008

				430,631

Motor Vehicle and Parts Dealers—0.54%
Asbury Automotive Group, Inc.^(a)(c)		2,175		493,943
AutoNation, Inc.^(a)(c)		3,684		502,903
AutoZone, Inc.^(a)		557		1,385,002
Group 1 Automotive, Inc.^(c)		2,124		469,553
Lithia Motors, Inc.—Class A^(c)		1,106		282,229
Murphy USA, Inc.^(c)		866		220,908
O’Reilly Automotive, Inc.^(a)		1,005		834,251
Penske Automotive Group, Inc.^(c)		4,276		616,384
Sonic Automotive, Inc.—Class A^(c)		6,556		372,971

				5,178,144

National Security and International Affairs—0.09%
Leidos Holdings, Inc.		9,250		897,898

Nonmetallic Mineral Product Manufacturing—0.51%
Apogee Enterprises, Inc.		5,813		266,003
Corning, Inc.		96,199		3,265,955
O-I Glass, Inc.^(a)		575		12,777
Quanex Building Products Corp.		11,715		304,004
TOTO Ltd.—ADR^(a)		8,518		283,224
Wienerberger AG—ADR		120,243		753,923

				4,885,886

Nonstore Retailers—0.11%
Baozun, Inc.—ADR^(a)		39,765		250,122
Box, Inc.^(a)(c)		7,548		251,725
DoorDash, Inc.^(a)		3,272		178,848
Grupo Aval Acciones y Valores SA—ADR		9,315		21,145
Jumia Technologies AG—ADR^(a)(c)		43,326		146,009
Just Eat Takeaway.com NV—ADR^(a)(c)		19,488		85,747
ZOZO, Inc.—ADR		32,325		142,311

				1,075,907

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Nursing and Residential Care Facilities—0.04%
Ensign Group, Inc.^(c)		4,034	$	360,962

Oil and Gas Extraction—1.36%
Antero Resources Corp.^(a)(c)		11,740		307,588
APA Corp.^(c)		6,518		250,161
BHP Group Ltd.—ADR		47,007		2,866,017
Chesapeake Energy Corp.		4,484		362,352
Comstock Resources, Inc.^(c)		10,550		128,077
Coterra Energy, Inc.		7,180		179,285
Eni SpA—ADR		39,321		1,115,144
EQT Corp.^(c)		37,040		1,228,987
Gazprom PJSC—ADR^(a)(e)(g)		186,205		—
Marathon Oil Corp.		24,828		624,424
Occidental Petroleum Corp.		12,962		759,055
Ovintiv, Inc.		1,672		71,511
Pampa Energia SA—ADR^(a)		8,675		286,188
PDC Energy, Inc.^(c)		2,086		139,991
Petroleo Brasileiro SA—ADR		17,522		194,319
Range Resources Corp.^(c)		637		17,161
Repsol SA—ADR		121,490		1,926,831
SM Energy Co.^(c)		3,758		110,899
Surgutneftegas PJSC—ADR^(a)(e)(g)		15,549		—
TotalEnergies SE—ADR		39,467		2,443,402

				13,011,392

Other Information Services—0.40%
Chegg, Inc.^(a)		4,509		71,648
Meta Platforms, Inc.—Class A^(a)		21,260		3,719,224

				3,790,872

Paper Manufacturing—0.14%
Boise Cascade Co.		2,736		189,085
International Paper Co.		1,255		45,669
Packaging Corp. of America^(c)		7,454		1,019,111
Sappi Ltd.—ADR		27,439		71,616
Suzano SA—ADR		581		5,305
WestRock Co.		1,375		43,175

				1,373,961

Performing Arts, Spectator Sports, and Related Industries—0.07%
Entain PLC—ADR		14,522		236,418
Flutter Entertainment PLC—ADR^(a)		3,744		301,505
OPAP SA—ADR^(c)		17,498		132,635

				670,558

Personal and Laundry Services—0.05%
Kingfisher PLC—ADR		71,281		491,839

Petroleum and Coal Products Manufacturing—1.19%
Carlisle Cos, Inc.		114		29,437
CVR Energy, Inc.		971		30,810
Equinor ASA—ADR		40,969		1,249,964
Exxon Mobil Corp.		52,470		5,766,978
HF Sinclair Corp.^(c)		7,960		395,771
Marathon Petroleum Corp.		12,381		1,530,292

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
OMV AG—ADR		15,003	$	732,596
PBF Energy, Inc.—Class A		9,689		423,506
Valero Energy Corp.		7,908		1,041,721
YPF SA—ADR^(a)		23,008		270,804

				11,471,879

Pipeline Transportation—0.01%
Enagas SA—ADR		3,937		34,803
Naturgy Energy Group SA—ADR		6,548		35,556

				70,359

Plastics and Rubber Products Manufacturing—0.03%
Bridgestone Corp.—ADR		16,750		319,590

Postal Service—0.08%
International Distributions Services PLC—ADR		130,797		745,543

Primary Metal Manufacturing—0.88%
APERAM SA^(b)(c)		15,102		593,433
ArcelorMittal SA^(b)		27,986		846,577
Belden, Inc.		5,176		436,751
Boliden AB—ADR		3,150		258,631
Century Aluminum Co.^(a)		7,966		96,150
Commercial Metals Co.		12,839		664,418
Encore Wire Corp.^(c)		3,111		600,453
Mechel PJSC—ADR^(a)(e)(g)		59,509		—
Nippon Steel Corp.—ADR^(c)		177,963		1,324,044
Norsk Hydro ASA—ADR		155,688		1,144,306
Steel Dynamics, Inc.^(c)		7,005		883,401
Sumitomo Metal Mining Co. Ltd.—ADR		35,549		330,606
Tenaris SA—ADR		15,398		508,288
Ternium SA—ADR		9,029		384,726
United States Steel Corp.^(c)		11,647		356,748

				8,428,532

Printing and Related Support Activities—0.08%
Dai Nippon Printing Co. Ltd.—ADR		7,086		94,811
TOPPAN, Inc.—ADR		67,889		614,055
Warner Music Group Corp.—Class A		3,019		95,280

				804,146

Professional, Scientific, and Technical Services—2.73%
AppLovin Corp.^(a)		60,735		819,923
Aspen Technology, Inc.^(a)(c)		901		191,021
Avadel Pharmaceuticals PLC—ADR^(a)(c)		14,620		145,469
Axonics, Inc.^(a)		432		25,959
Baidu, Inc.—ADR^(a)		108		14,871
BioNTech SE—ADR^(c)		7,228		940,001
CACI International, Inc.—Class A^(a)		1,408		412,544
Capgemini SE—ADR		9,160		343,317
CDW Corp.^(c)		7,947		1,608,632
Clear Channel Outdoor Holdings, Inc.^(a)		22,953		40,627
Cognizant Technology Solutions Corp.—Class A		7,645		478,806
Commonwealth Bank of Australia—ADR		13,577		912,917
Cullinan Oncology, Inc.^(a)		5,393		60,887
Digital Turbine, Inc.^(a)		10,514		112,920

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
DoubleVerify Holdings, Inc.^(a)(c)		581	$	15,263
DXC Technology Co.^(a)		1,695		47,019
Ebix, Inc.^(c)		8,896		154,612
Endava PLC—ADR^(a)		553		43,986
Exelixis, Inc.^(a)		16,353		279,309
Gartner, Inc.^(a)(c)		4,688		1,536,773
Genmab A/S—ADR^(a)(c)		17,527		658,314
GoDaddy, Inc.^(a)		7,785		589,402
Gravity Co. Ltd.—ADR^(a)		1,666		90,047
H&R Block, Inc.^(c)		6,582		242,218
Huron Consulting Group, Inc.^(a)		1,518		106,548
Immutep Ltd.—ADR^(a)		19,556		32,072
Insight Enterprises, Inc.^(a)(c)		6,480		867,802
Interpublic Group of Companies, Inc.^(c)		56,779		2,017,926
Jack Henry & Associates, Inc.		10,124		1,662,766
Jardine Matheson Holdings Ltd.—ADR		13,458		668,324
Medpace Holdings, Inc.^(a)		1,824		353,637
NetScout Systems, Inc.^(a)		7,455		212,020
Omnicom Group, Inc.^(c)		26,701		2,418,309
Publicis Groupe SA—ADR		81,775		1,621,598
PubMatic, Inc.—Class A^(a)		7,164		108,750
SAP SE—ADR		302		34,374
Science Applications International Corp.^(c)		3,730		397,767
Shift4 Payments, Inc.^(a)(c)		2,800		180,600
Squarespace, Inc.^(a)		2,208		51,689
Sumitomo Corp.—ADR		86,800		1,476,903
Swatch Group AG—ADR		91,236		1,577,589
Syneos Health, Inc.^(a)		1,657		66,645
Teledyne Technologies, Inc.^(a)(c)		3,146		1,353,000
Thermon Group Holdings, Inc.^(a)		10,672		282,274
Timken Co.^(c)		1,995		170,473
Veradigm, Inc.^(a)(c)		10,966		182,145
Vir Biotechnology, Inc.^(a)(c)		9,134		208,255
Worldline SA/France—ADR^(a)(c)		6,976		145,101
Wuxi Biologics Cayman, Inc.—ADR^(a)		13,335		184,823
Yiren Digital Ltd.—ADR^(a)		21,553		57,547

				26,203,774

Publishing Industries (except Internet)—2.03%
Akamai Technologies, Inc.^(a)		1,408		102,221
American Well Corp.^(a)		21,778		60,761
Consensus Cloud Solutions, Inc.^(a)		3,019		123,900
Dropbox, Inc.^(a)(c)		144,400		2,945,759
Electronic Arts, Inc.		5,907		655,323
Fujitsu Ltd.—ADR		23,563		604,155
Gaotu Techedu, Inc.—ADR^(a)(c)		121,313		406,399
Hello Group, Inc.—ADR^(c)		20,248		178,385
Hewlett Packard Enterprise Co.		135,833		2,120,353
Microsoft Corp.		2,514		627,042
N-able, Inc.^(a)		13,519		160,065
National Instruments Corp.		4,664		235,579
News Corp.—Class A		164,691		2,824,451
News Corp.—Class B^(c)		70,589		1,218,366
Nexon Co. Ltd.—ADR		7,262		157,513
Oracle Corp.		10,000		874,000

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Pearson PLC—ADR		61,794	$	678,498
Progress Software Corp.^(c)		3,982		228,726
PTC, Inc.^(a)		136		17,045
Qualys, Inc.^(a)(c)		399		47,142
Spire, Inc.		8,151		573,830
SPS Commerce, Inc.^(a)		143		21,542
Synopsys, Inc.^(a)		6,319		2,298,598
Trend Micro, Inc.—ADR^(c)		11,555		547,476
Tuya, Inc.—ADR^(a)(c)		64,220		132,935
Vipshop Holdings Ltd.—ADR^(a)		73,310		1,091,586
Youdao, Inc.—ADR^(a)		12,017		97,939
Ziff Davis, Inc.^(a)(c)		6,352		501,681

				19,531,270

Real Estate—0.50%
Anywhere Real Estate, Inc.^(a)		5,211		30,172
CBRE Group, Inc.—Class A^(a)		4,485		381,853
Daiwa House Industry Co. Ltd.—ADR		1,542		35,435
Forestar Group, Inc.^(a)		8,529		121,709
Holcim Ltd.—ADR		60,244		742,182
IRSA Inversiones y Representaciones SA—ADR		840		5,653
Jones Lang LaSalle, Inc.^(a)		274		47,802
Marcus & Millichap, Inc.^(c)		13,696		470,732
Mitsubishi Estate Co. Ltd.—ADR		21,742		268,731
Mitsui Fudosan Co. Ltd.—ADR		1,612		92,271
RMR Group, Inc.—Class A		11,065		311,369
Sekisui House Ltd.—ADR		44,460		839,626
Sun Hung Kai Properties Ltd.—ADR^(c)		79,442		1,083,589
Zillow Group, Inc.—Class C^(a)(c)		9,150		384,300

				4,815,424

Rental and Leasing Services—0.47%
Ashtead Group PLC—ADR		130		34,665
Avis Budget Group, Inc.^(a)(c)		577		126,744
Hertz Global Holdings, Inc.^(a)		688		12,735
Netflix, Inc.^(a)		1,858		598,518
ORIX Corp.—ADR		3,021		270,017
PROG Holdings, Inc.^(a)		586		14,486
Ryder System, Inc.		6,026		590,006
Triton International Ltd.^(b)(c)		10,725		739,381
United Rentals, Inc.^(c)		4,445		2,082,615

				4,469,167

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—1.79%
360 DigiTech, Inc.—ADR		23,036		469,013
3i Group PLC—ADR		182,978		1,809,104
Affiliated Managers Group, Inc.		3,561		567,659
Amarin Corp. PLC—ADR^(a)		26,300		53,389
Ambac Financial Group, Inc.^(a)		13,421		222,118
Ameriprise Financial, Inc.		3,116		1,068,383
Astra International, Tbk PT—ADR		63,281		504,666
BGC Partners, Inc.		37,078		180,199
Bidvest Group Ltd.—ADR		6,473		166,874
CaixaBank SA—ADR		525,701		725,467

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Chemed Corp.^(c)		797	$	415,699
Daqo New Energy Corp.—ADR^(a)		21,882		966,747
EDAP TMS SA—ADR^(a)		20,752		244,251
Evercore, Inc.—Class A^(c)		1,887		247,537
First Pacific Co. Ltd.—ADR		275,175		445,784
Franklin Resources, Inc.^(c)		1,647		48,537
Futu Holdings Ltd.—ADR^(a)(c)		19,317		950,589
GCM Grosvenor, Inc.		20,101		165,431
Goldman Sachs Group, Inc.		6,240		2,194,296
Hims & Hers Health, Inc.^(a)(c)		23,698		267,076
Indivior PLC—ADR^(a)		21,873		425,649
Invesco Ltd.^(b)		798		14,093
Jefferies Financial Group, Inc.		14,205		536,807
Julius Baer Group Ltd.—ADR		10,845		143,046
Keppel Corp Ltd.—ADR		55,641		610,660
Lazard Ltd.^(b)		2,467		92,167
LexinFintech Holdings Ltd.—ADR^(a)		83,525		231,364
LPL Financial Holdings, Inc.		1,347		336,157
Morgan Stanley		462		44,583
MYT Netherlands Parent BV—ADR^(a)(c)		13,514		110,409
Navient Corp.		7,280		131,404
Offerpad Solutions, Inc.^(a)		8,914		5,067
Randstad NV—ADR^(c)		57,474		1,761,865
Raymond James Financial, Inc.^(c)		407		44,143
Sea Ltd.—ADR^(a)		1,651		103,171
Sibanye Stillwater Ltd.—ADR^(c)		23,263		188,430
TechnoPro Holdings, Inc.—ADR		6,243		31,527
TPG, Inc.^(c)		18,714		617,936
Uxin Ltd.—ADR^(a)		11,276		31,798

				17,173,095

Specialty Trade Contractors—0.12%
Comfort Systems USA, Inc.		1,476		214,669
EMCOR Group, Inc.		5,105		853,658
NetEase, Inc.—ADR		1,115		86,569
Sunrun, Inc.^(a)(c)		1,632		39,233

				1,194,129

Sporting Goods, Hobby, Musical Instrument, and Book Stores—0.04%
Dick’s Sporting Goods, Inc.^(c)		2,886		371,226

Support Activities for Mining—0.49%
Civitas Resources, Inc.^(c)		240		16,841
Cleveland-Cliffs, Inc.^(a)		1,351		28,817
ConocoPhillips		10,303		1,064,815
Fortescue Metals Group Ltd.—ADR		19,501		563,579
Inpex Corp.—ADR		16,477		173,668
Liberty Energy, Inc.		3,829		58,392
Rio Tinto PLC—ADR		20,568		1,434,206
South32 Ltd.—ADR		78,715		1,142,941
Subsea 7 SA—ADR		19,144		246,958

				4,730,217

Support Activities for Transportation—0.65%
CH Robinson Worldwide, Inc.^(c)		16,841		1,683,426
CK Hutchison Holdings Ltd.—ADR		124,183		736,405

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Expeditors International of Washington, Inc.		19,357	$	2,023,967
Grupo Aeroportuario del Centro Norte SAB de CV—ADR		1,933		150,755
Hub Group, Inc.—Class A^(a)		4,471		410,125
JB Hunt Transport Services, Inc.^(c)		5,307		959,453
Matson, Inc.^(c)		2,497		166,075
XPO, Inc.^(a)(c)		4,509		150,420

				6,280,626

Telecommunications—2.49%
AT&T, Inc.		301,717		5,705,469
Deutsche Telekom AG—ADR		68,193		1,536,381
Eutelsat Communications SA—ADR		253,748		443,374
Frontier Communications Parent, Inc.^(a)(c)		14,103		385,858
Gogo, Inc.^(a)		4,833		79,551
JOYY, Inc.—ADR^(c)		18,551		582,501
KDDI Corp.—ADR		127,343		1,863,028
Koninklijke KPN NV—ADR		171,184		590,585
KT Corp.—ADR^(a)		111,181		1,286,364
Magyar Telekom Telecommunications PLC—ADR		35,539		202,572
Mobile TeleSystems PJSC—ADR^(a)(e)(g)		46,068		—
Nippon Telegraph & Telephone Corp.—ADR		50,338		1,460,809
Nokia Oyj—ADR		463,370		2,131,502
Orange SA—ADR		192,464		2,209,487
Oxford Industries, Inc.^(c)		2,921		343,539
Partner Communications Co. Ltd.—ADR^(a)(c)		42,597		232,154
Rostelecom PJSC—ADR^(a)(e)(g)		24,510		—
SK Telecom Co. Ltd.—ADR^(c)		8,580		163,277
SoftBank Corp.—ADR		3,049		34,210
Spark New Zealand Ltd.—ADR		31,629		488,036
Swisscom AG—ADR		610		38,009
Telecom Italia SpA/Milano—ADR^(a)		18,217		58,385
Telefonaktiebolaget LM Ericsson—ADR		116,701		641,856
Tencent Holdings Ltd.—ADR		35,860		1,576,406
T-Mobile US, Inc.^(a)		13,013		1,850,188

				23,903,541

Textile Product Mills—0.12%
Hermes International—ADR		6,247		1,135,330

Transit and Ground Passenger Transportation—0.03%
Yalla Group Ltd.—ADR^(a)(c)		66,590		289,667

Transportation Equipment Manufacturing—3.05%
AAR Corp.^(a)(c)		6,425		349,456
American Axle & Manufacturing Holdings, Inc.^(a)		15,795		138,996
BAE Systems PLC—ADR		17,293		760,114
Bayerische Motoren Werke AG—ADR^(c)		84,706		2,914,733
BorgWarner, Inc.^(c)		52,016		2,615,364
General Dynamics Corp.		9,756		2,223,489
General Motors Co.		12,405		480,570
Harley-Davidson, Inc.^(c)		6,547		311,310
Honda Motor Co. Ltd.—ADR		105,433		2,738,094
Huntington Ingalls Industries, Inc.		1,243		267,494
Isuzu Motors Ltd.—ADR		68,074		812,804
Kawasaki Heavy Industries Ltd.—ADR^(c)		106,182		921,766
LCI Industries^(c)		1,889		213,098

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Leonardo SpA—ADR		236,522	$	1,315,062
Lockheed Martin Corp.^(c)		3,072		1,456,927
Mazda Motor Corp.—ADR		314,558		1,393,492
Mercedes-Benz Group AG—ADR^(c)		175,580		3,369,381
Niu Technologies—ADR^(a)		20,057		84,239
PACCAR, Inc.		35,590		2,569,598
Raytheon Technologies Corp.		452		44,337
Renault SA—ADR^(a)		177,633		1,582,710
Shimano, Inc.—ADR		2,212		34,319
Subaru Corp.—ADR		131,048		1,044,453
Suzuki Motor Corp.—ADR		2,739		383,323
Textron, Inc.		615		44,606
Thor Industries, Inc.^(c)		5,792		527,014
Umicore SA—ADR		10,552		87,582
Volvo AB—ADR		1,856		37,027
Wabash National Corp.^(c)		8,882		243,367
Westinghouse Air Brake Technologies Corp.		3,564		371,832

				29,336,557

Truck Transportation—0.21%
ArcBest Corp.^(c)		1,448		139,298
bpost SA—ADR		8,226		43,927
Heartland Express, Inc.		8,722		140,686
Knight-Swift Transportation Holdings, Inc.^(c)		11,133		632,800
Schneider National, Inc.—Class B^(c)		25,457		714,322
Werner Enterprises, Inc.^(c)		7,364		342,058

				2,013,091

Utilities—2.26%
AGL Energy Ltd.—ADR		128,306		596,623
American Electric Power Co., Inc.		19,848		1,746,029
Black Hills Corp.^(c)		1,048		64,358
CenterPoint Energy, Inc.		34,638		963,629
Cia de Saneamento Basico do Estado de Sao Paulo—ADR		2,903		28,885
Cia Energetica de Minas Gerais—ADR^(c)		42,808		127,568
Clearway Energy, Inc.		404		12,003
Consolidated Edison, Inc.		46,780		4,179,792
Edison International^(c)		679		44,957
EDP Energias de Portugal SA—ADR		717		36,225
Engie SA—ADR		157,549		2,293,914
Exelon Corp.		12,112		489,204
First Solar, Inc.^(a)		2,072		350,458
FirstEnergy Corp.		22,526		890,678
Galp Energia SGPS SA—ADR		112,097		675,384
Iberdrola SA—ADR		65,982		3,025,604
National Grid PLC—ADR		22,960		1,444,414
New Jersey Resources Corp.		242		12,349
OGE Energy Corp.^(c)		18,047		644,639
PG&E Corp.^(a)		99,395		1,552,550
Pinnacle West Capital Corp.^(c)		9,178		676,235
PPL Corp.^(c)		1,586		42,933
Red Electrica Corp. SA—ADR		35,151		289,644
Sempra Energy		289		43,338
Snam SpA—ADR		8,588		83,819
Terna—Rete Elettrica Nazionale—ADR		21,327		479,644

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Tokyo Gas Co. Ltd.—ADR^(c)		93,121	$	884,650
Xcel Energy, Inc.		664		42,874

				21,722,400

Warehousing and Storage—0.03%
Landstar System, Inc.^(c)		1,652		298,665

Water Transportation—0.12%
Nippon Yusen KK—ADR		213,012		1,111,923

Wood Product Manufacturing—0.24%
Builders FirstSource, Inc.^(a)		5,748		487,315
Greif, Inc.—Class A		4,885		347,079
Greif, Inc.—Class B		2,222		182,826
Owens Corning^(c)		5,867		573,734
Skyline Champion Corp.^(a)(c)		850		58,149
UFP Industries, Inc.^(c)		8,145		696,642

				2,345,745

TOTAL COMMON STOCKS (Cost $595,056,216)				702,799,829

PREFERRED STOCKS—0.26%
Credit Intermediation and Related Activities—0.05%
Itau Unibanco Holding SA—ADR, 3.930%^(d)		101,867		489,980

Merchant Wholesalers, Durable Goods—0.06%
Volkswagen AG—ADR, 20.672%^(d)		44,400		604,728

Oil and Gas Extraction—0.06%
Petroleo Brasileiro SA—ADR, 40.139%^(d)		59,939		585,005
Surgutneftegas PJSC—ADR^(a)(d)(e)(g)		47,748		—

				585,005

Primary Metal Manufacturing—0.08%
Gerdau SA—ADR, 12.878%^(d)		126,597		692,486

Utilities—0.01%
Cia Energetica de Minas Gerais—ADR, 13.058%^(d)		58,560		114,192

TOTAL PREFERRED STOCKS (Cost $2,786,690)				2,486,391

EXCHANGE-TRADED FUNDS—23.55%
iShares Core S&P Small-Cap ETF^(c)		97,034		9,935,311
iShares MSCI EAFE ETF^(c)		360,459		24,997,832
iShares MSCI Emerging Markets ETF^(c)		151,185		5,779,803
iShares Russell 1000 ETF		105,543		23,129,748
iShares Russell 2000 ETF^(c)		49,268		9,271,252
SPDR S&P 500 ETF Trust^(c)		67,822		26,875,146
Vanguard FTSE All-World ex-US ETF^(c)		534,130		27,833,514
Vanguard FTSE Developed Markets ETF^(c)		638,106		28,185,143
Vanguard FTSE Emerging Markets ETF^(c)		153,941		6,068,354
Vanguard Large-Cap ETF^(c)		148,893		26,952,610
Vanguard S&P 500 ETF^(c)		73,824		26,880,057
Vanguard Small-Cap ETF^(c)		52,040		10,278,941

TOTAL EXCHANGE-TRADED FUNDS (Cost $219,383,460)				226,187,711

REAL ESTATE INVESTMENT TRUSTS—2.26%
Accommodation—0.13%
Apple Hospitality REIT, Inc.^(c)		49,811		822,380
Sunstone Hotel Investors, Inc.^(c)		36,349		384,209

				1,206,589

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
Administrative and Support Services—0.02%
GEO Group, Inc.^(a)(c)		21,446	$	187,867

Funds, Trusts, and Other Financial Vehicles—0.05%
Apollo Commercial Real Estate Finance, Inc.		38,258		439,584

Heavy and Civil Engineering Construction—0.03%
British Land Co. PLC—ADR^(c)		6,343		34,633
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR		79,476		229,685

				264,318

Real Estate—1.80%
Alexander’s, Inc.		372		81,435
Apartment Investment and Management Co.		70,252		526,890
Brixmor Property Group, Inc.		16,009		362,444
CoreCivic, Inc.^(a)(c)		23,074		224,049
DiamondRock Hospitality Co.		15,779		137,593
EPR Properties^(c)		13,199		539,047
Franklin Street Properties Corp.		2,902		7,023
Getty Realty Corp.^(c)		10,863		372,927
Global Net Lease, Inc.^(c)		40,236		568,132
Host Hotels & Resorts, Inc.^(c)		201,318		3,382,141
InvenTrust Properties Corp.		4,403		106,509
Ladder Capital Corp.		26,006		293,868
LTC Properties, Inc.		1,521		54,482
Omega Healthcare Investors, Inc.^(c)		22,537		603,766
PotlatchDeltic Corp.^(c)		8,862		409,070
Public Storage		2,224		664,865
Regency Centers Corp.		48,069		3,023,539
Rithm Capital Corp.		77,712		707,179
Simon Property Group, Inc.		12,239		1,494,260
SITE Centers Corp.^(c)		14,274		190,843
Tanger Factory Outlet Centers, Inc.^(c)		11,782		222,562
Urstadt Biddle Properties, Inc.—Class A		13,777		238,342
Ventas, Inc.^(c)		21,842		1,062,613
VICI Properties, Inc.^(c)		21,075		706,645
WP Carey, Inc.^(c)		16,164		1,311,870

				17,292,094

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—0.05%
Medical Properties Trust, Inc.^(c)		51,875		534,313

Warehousing and Storage—0.01%
Iron Mountain, Inc.^(c)		2,610		137,678

Wood Product Manufacturing—0.17%
Weyerhaeuser Co.^(c)		53,899		1,684,344

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $21,630,784)				21,746,787

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING—29.96%
Money Market Fund—29.96%
Mount Vernon Liquid Assets Portfolio, LLC, 4.670%^(f)		287,724,513		287,724,513

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $287,724,513)				287,724,513

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2023 (Unaudited) (Continued)



	Shares		Value
SHORT-TERM INVESTMENTS—0.44%
First American Government Obligations Fund, Class X, 4.368%^(f)		4,221,105	$	4,221,105

TOTAL SHORT-TERM INVESTMENTS (Cost $4,221,105)				4,221,105

Total Investments (Cost $1,130,802,768)—129.64%				1,245,166,336
Liabilities in Excess of Other Assets—(29.64)%				(284,685,184	)

TOTAL NET ASSETS—100.00%			$	960,481,152

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Foreign issued security.

(c)

All or portion of this security is out on loan as of February 28, 2023. Total value of securities out on loan is $279,360,854.

(d)

Perpetual preferred stock with no stated maturity.

(e)

Represents an illiquid security. The total market value of these securities were $215,135, representing 0.02% of net assets.

(f)

The rate shown represents the seven day yield at February 28, 2023.

(g)

Fair valued security. Value determined using significant unobservable inputs.


		Abbreviations
AB		Aktiebolag is a Swedish term for a stock company.
ADR		American Depositary Receipt
AG		Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.
A/S		An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability.
ASA		Allmennaksjeselskap is a Norwegian term for a stock company.
KGaA		Kommanditgesellschaft auf Aktien is a German term that refers to a Limited Partnership that has shares.
NV		Naamloze Vennootschap is a Dutch term for publicly traded companies.
OYJ		Julkinen osakeyhtio is a Finnish term for publicly-traded companies.
PJSC		An abbreviation used by many countries to signify an open joint-stock company.
PLC		Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
SA		An abbreviation used by many countries to signify a publicly traded company.
SAB de CV		Sociedad Anonima de Capital Variable is a Spanish term for an SA with variable capital.
SE		Societas Europea is a term for a European Public Limited Liability Company.
SpA		Soicieta per Azioni is an Italian term for limited share company.

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

PMC Funds

February 28, 2023 (Unaudited)


Statements of Assets and Liabilities
	Core Fixed Income Fund			Diversified Equity Fund
Assets
Investments, at value⁽¹⁾⁽²⁾	$	438,589,431		$	1,245,166,336
Receivables:
Investments sold		13,453,176			1,950,253
Dividends and interest		2,860,296			2,355,188
Fund shares sold		269,497			434,716
Securities lending		1,998			117,580
Other Assets		28,041			32,035

Total Assets		455,202,439			1,250,056,108

Liabilities
Payables:
Investments purchased		23,827,503			—
Fund shares redeemed		320,904			1,067,869
Line of credit		—			108,000
Collateral on securities loaned		21,255,649			287,724,513
Affiliates		142,446			213,859
Adviser		110,961			401,202
Distributor		7,856			20,030
Accrued expenses and other liabilities		53,659			39,483

Total Liabilities		45,718,978			289,574,956

Net Assets	$	409,483,461		$	960,481,152

Net assets consist of:
Paid-in capital	$	479,410,846		$	826,191,951
Total distributable earnings (deficit)		(69,927,385	)		134,289,201

Net assets	$	409,483,461		$	960,481,152

Advisor Class Shares
Net assets		39,708,807			99,634,980
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		2,731,000			3,713,365
Net asset value and redemption price per share	$	14.54		$	26.83

Institutional Class Shares
Net assets		369,774,654			860,846,172
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		25,584,991			32,219,466
Net asset value and redemption price per share	$	14.45		$	26.72

⁽¹⁾ Cost of investments	$	478,914,522		$	1,130,802,768
⁽²⁾ Includes loaned securities with a value of	$	20,809,116		$	279,360,854

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

PMC Funds

For the Six Months Ended February 28, 2023 (Unaudited)


Statements of Operations

	Core Fixed Income Fund			Diversified Equity Fund
Investment Income:
Interest	$	7,242,644		$	52,666
Dividends		3,281			8,937,144	⁽¹⁾
Securities lending		18,195			712,829

		7,264,120			9,702,639

Expenses:
Investment management fees		1,335,818			2,455,391
Transfer agent fees and expenses		159,671			215,100
Fund accounting fees		115,892			128,495
Fund administration fees		106,237			216,948
Distribution fees—Advisor Class		54,112			127,395
Custody fees		37,043			55,052
Reports to shareholders		25,326			36,218
Federal and state registration fees		18,420			18,249
Audit and tax fees		21,444			20,639
Legal fees		9,577			11,462
Trustees’ fees		9,240			9,240
Chief Compliance Officer fees		8,688			6,154
Insurance fees		3,163			4,332
Other expenses		5,224			26,833

Total expenses before waiver or recoupment		1,909,855			3,331,508
Recoupment or (waivers) by Adviser (Note 4)		(622,642	)		—

Net expenses		1,287,213			3,331,508

Net Investment Income		5,976,907			6,371,131

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(16,433,864	)		17,420,598
Foreign currency translations		—			(34	)

		(16,433,864	)		17,420,564

Net change in unrealized appreciation on:
Investments		2,213,155			36,089,524
Foreign currency translations		—			114

		2,213,155			36,089,638

Net gain (loss) on investments and foreign currency		(14,220,709	)		53,510,202

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(8,243,802	)	$	59,881,333

⁽¹⁾

Net of $679,387 in foreign withholding tax and ADR issuance fees.

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

PMC Funds


Statements of Changes in Net Assets

	Core Fixed Income Fund

	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net investment income	$	5,976,907		$	8,061,814
Net realized loss on investments and foreign currency		(16,433,864	)		(13,664,537	)
Net change in unrealized appreciation (depreciation)		2,213,155			(53,405,265	)

Net decrease in net assets resulting from operations		(8,243,802	)		(59,007,988	)

Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(975,810	)		(1,595,925	)
Net dividends and distributions—Institutional Class		(9,508,545	)		(12,321,690	)

Net decrease in net assets resulting from distributions paid		(10,484,355	)		(13,917,615	)

Fund share transactions:
Shares sold—Advisor Class		1,976,198			7,168,556
Shares issued to holders in reinvestment of dividends—Advisor Class		924,231			1,491,948
Shares redeemed—Advisor Class		(9,941,230	)		(14,596,658	)
Shares sold—Institutional Class		24,122,854			86,898,216
Shares issued to holders in reinvestment of dividends—Institutional Class		9,327,707			12,049,084
Shares redeemed—Institutional Class		(30,401,309	)		(69,108,827	)

Net increase (decrease) in net assets from share transactions		(3,991,549	)		23,902,319

Net decrease in net assets		(22,719,706	)		(49,023,284	)

Net Assets:
Beginning of period		432,203,167			481,226,451

End of period	$	409,483,461		$	432,203,167

Change in shares outstanding:
Shares sold—Advisor Class		134,634			441,871
Shares issued to holders in reinvestment of dividends—Advisor Class		62,702			87,096
Shares redeemed—Advisor Class		(677,700	)		(907,842	)
Shares sold—Institutional Class		1,650,770			5,358,720
Shares issued to holders in reinvestment of dividends—Institutional Class		636,704			707,521
Shares redeemed—Institutional Class		(2,084,264	)		(4,317,982	)

Net increase (decrease)		(277,154	)		1,369,384

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

PMC Funds


Statements of Changes in Net Assets

	Diversified Equity Fund

	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Operations:
Net investment income	$	6,371,131		$	17,834,029
Net realized gain on investments and foreign currency		17,420,564			18,110,194
Net change in unrealized appreciation (depreciation)		36,089,638			(204,917,579	)

Net increase (decrease) in net assets resulting from operations		59,881,333			(168,973,356	)

Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(2,458,329	)		(12,392,239	)
Net dividends and distributions—Institutional Class		(21,858,127	)		(84,074,812	)

Net decrease in net assets resulting from distributions paid		(24,316,456	)		(96,467,051	)

Fund share transactions:
Shares sold—Advisor Class		2,887,661			7,572,421
Shares issued to holders in reinvestment of dividends—Advisor Class		2,215,697			11,072,585
Shares redeemed—Advisor Class		(16,335,974	)		(32,248,448	)
Shares sold—Institutional Class		48,040,774			160,802,988
Shares issued to holders in reinvestment of dividends—Institutional Class		21,411,668			81,786,080
Shares redeemed—Institutional Class		(64,812,614	)		(134,799,799	)

Net increase (decrease) in net assets from share transactions		(6,592,788	)		94,185,827

Net increase (decrease) in net assets		28,972,089			(171,254,580	)

Net Assets:
Beginning of period		931,509,063			1,102,763,643

End of period	$	960,481,152		$	931,509,063

Change in shares outstanding:
Shares sold—Advisor Class		109,834			250,610
Shares issued to holders in reinvestment of dividends—Advisor Class		86,315			363,274
Shares redeemed—Advisor Class		(624,746	)		(1,120,394	)
Shares sold—Institutional Class		1,858,697			5,455,371
Shares issued to holders in reinvestment of dividends—Institutional Class		838,030			2,696,541
Shares redeemed—Institutional Class		(2,496,937	)		(4,671,737	)

Net increase (decrease)		(228,807	)		2,973,665

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

PMC Core Fixed Income Fund—Advisor Class


Financial Highlights

	Per Share Data for a Share Outstanding Throughout Each Year/Period

	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018
Net asset value, beginning of year/period	$	15.17		$	17.74		$	18.50		$	17.65		$	16.53		$	17.05

Income from investment operations:
Net investment income⁽¹⁾		0.19			0.25			0.27			0.35			0.42			0.37
Net realized and unrealized gain (loss)		(0.49	)		(2.36	)		0.01			0.92			1.09			(0.61	)

Total from investment operations		(0.30	)		(2.11	)		0.28			1.27			1.51			(0.24	)

Less distributions paid:
Dividends from net investment income		(0.33	)		(0.24	)		(0.33	)		(0.40	)		(0.39	)		(0.28	)
Distributions from net realized gains		—			(0.22	)		(0.71	)		(0.02	)		—			0.00	⁽⁴⁾

Total distributions paid		(0.33	)		(0.46	)		(1.04	)		(0.42	)		(0.39	)		(0.28	)

Net asset value, end of year/period	$	14.54		$	15.17		$	17.74		$	18.50		$	17.65		$	16.53

Total return⁽²⁾		-1.97	%		-12.20	%		1.53	%		7.39	%		9.37	%		-1.42	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	39,709		$	48,723		$	63,678		$	121,267		$	399,389		$	398,089
Ratio of expenses to average net assets before waiver and reimbursements⁽³⁾		1.15	%		1.13	%		1.22	%		1.31	%		1.28	%		1.30	%
Ratio of expenses to average net assets after waiver and reimbursements⁽³⁾		0.85	%		0.85	%		0.92	%⁽⁶⁾		1.00	%⁽⁵⁾		1.00	%⁽⁵⁾		1.00	%⁽⁵⁾
Ratio of net investment income to average net assets before waiver and reimbursements⁽³⁾		2.37	%		1.22	%		1.22	%		1.72	%		2.22	%		1.91	%
Ratio of net investment income to average net assets after waiver and reimbursements⁽³⁾		2.67	%		1.50	%		1.52	%		2.03	%		2.50	%		2.21	%
Portfolio turnover rate⁽²⁾		95.1	%		201.7	%		227.0	%		180.7	%		144.3	%		160.1	%

⁽¹⁾

Per share net investment income was calculated using average shares outstanding.

⁽²⁾

Not annualized for periods less than one year.

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

Round to less than 0.5 cent per share.

⁽⁵⁾

Reflects expense cap of 0.75% (plus Rule 12b-1 fees of 0.25%).

⁽⁶⁾

Effective January 26, 2021, the expense limitation cap was reduced from 0.75% to 0.60% (plus Rule 12b-1 fees of 0.25%).

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

PMC Core Fixed Income Fund—Institutional Class


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Year/Period

	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019⁽¹⁾
Net asset value, beginning of year/period	$	15.11		$	17.67		$	18.47		$	17.66		$	17.23

Income from investment operations:
Net investment income⁽²⁾		0.21			0.29			0.30			0.39			0.07
Net realized and unrealized gain (loss)		(0.49	)		(2.35	)		0.02			0.92			0.36

Total from investment operations		(0.28	)		(2.06	)		0.32			1.31			0.43

Less distributions paid:
Dividends from net investment income		(0.38	)		(0.28	)		(0.41	)		(0.48	)		—
Distributions from net realized gains		—			(0.22	)		(0.71	)		(0.02	)		—

Total distributions paid		(0.38	)		(0.50	)		(1.12	)		(0.50	)		—

Net asset value, end of year/period	$	14.45		$	15.11		$	17.67		$	18.47		$	17.66

Total return⁽³⁾		-1.89	%		-11.95	%		1.77	%		7.65	%		2.50	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	369,775		$	383,481		$	417,548		$	284,610		$	1
Ratio of expenses to average net assets before waiver and reimbursements⁽⁴⁾		0.90	%		0.88	%		0.96	%		1.06	%		0.75	%
Ratio of expenses to average net assets after waiver and reimbursements⁽⁴⁾		0.60	%		0.60	%		0.66	%⁽⁵⁾		0.75	%		0.75	%
Ratio of net investment income to average net assets before waiver and reimbursements⁽⁴⁾		2.63	%		1.49	%		1.42	%		1.87	%		2.33	%
Ratio of net investment income to average net assets after waiver and reimbursements⁽⁴⁾		2.93	%		1.77	%		1.72	%		2.18	%		2.33	%
Portfolio turnover rate⁽³⁾		95.1	%		201.7	%		227.0	%		180.7	%		144.3	%

⁽¹⁾

Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾

Per share net investment income was calculated using average shares outstanding.

⁽³⁾

Not annualized for periods less than one year.

⁽⁴⁾

Annualized for periods less than one year.

⁽⁵⁾

Effective January 26, 2021, the expense limitation cap was reduced from 0.75% to 0.60%.

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

PMC Diversified Equity Fund—Advisor Class


Financial Highlights

	Per Share Data for a Share Outstanding Throughout Each Year/Period

	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018
Net asset value, beginning of year/period	$	25.83		$	33.27		$	25.61		$	23.77		$	28.40		$	26.68

Income (loss) from investment operations:
Net investment income⁽¹⁾		0.15			0.43			0.32			0.29			0.34			0.19
Net realized and unrealized gain (loss)		1.48			(5.10	)		7.61			1.86			(2.21	)		3.08

Total from investment operations		1.63			(4.67	)		7.93			2.15			(1.87	)		3.27

Less distributions paid:
Dividends from net investment income		(0.29	)		(0.53	)		(0.27	)		(0.31	)		(0.17	)		(0.17	)
Distributions from net realized gains		(0.34	)		(2.24	)		—			—			(2.59	)		(1.38	)

Total distributions paid		(0.63	)		(2.77	)		(0.27	)		(0.31	)		(2.76	)		(1.55	)

Net asset value, end of year/period	$	26.83		$	25.83		$	33.27		$	25.61		$	23.77		$	28.40

Total return⁽²⁾		6.44	%		-15.34	%		31.20	%		9.01	%		-5.54	%		12.50	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	99,635		$	107,004		$	154,671		$	235,018		$	818,269		$	844,442
Ratio of expenses to average net assets before waiver, reimbursements or recoupment⁽³⁾		0.94	%		0.93	%		0.93	%		0.95	%		0.94	%		1.26	%
Ratio of expenses to average net assets after waiver, reimbursements or recoupment⁽³⁾		0.94	%		0.93	%		0.97	%⁽⁴⁾		0.98	%⁽⁴⁾		0.98	%⁽⁴⁾		1.25	%⁽⁵⁾
Ratio of net investment income to average net assets before waiver, reimbursements or recoupment⁽³⁾		1.16	%		1.46	%		1.14	%		1.21	%		1.42	%		0.67	%
Ratio of net investment income to average net assets after waiver, reimbursements or recoupment⁽³⁾		1.16	%		1.46	%		1.10	%		1.18	%		1.38	%		0.68	%
Portfolio turnover rate⁽²⁾		62.2	%		59.6	%		72.3	%		55.1	%		111.4	%		104.3	%

⁽¹⁾

Per share net investment income was calculated using average shares outstanding.

⁽²⁾

Not annualized for periods less than one year.

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

Reflects expense cap of 0.73% (plus Rule 12b-1 fees of 0.25%).

⁽⁵⁾

Effective June 1, 2018 the expense limitation cap was reduced from 1.35% to 0.98%. This reflects the expense limitation cap of 1.10% from September 1, 2017 through May 31, 2018 (plus Rule 12b-1 fees of 0.25%) and 0.73% from June 1, 2018 through August 31, 2018 (plus Rule 12b-1 fees of 0.25%).

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

PMC Diversified Equity Fund—Institutional Class


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Year/Period

	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019⁽¹⁾
Net asset value, beginning of year/period	$	25.75		$	33.22		$	25.59		$	23.78		$	24.69

Income from investment operations:
Net investment income⁽²⁾		0.18			0.51			0.42			0.39			0.06
Net realized and unrealized gain (loss)		1.48			(5.09	)		7.58			1.84			(0.97	)

Total from investment operations		1.66			(4.58	)		8.00			2.23			(0.91	)

Less distributions paid:
Dividends from net investment income		(0.35	)		(0.65	)		(0.37	)		(0.42	)		—
Distributions from net realized gains		(0.34	)		(2.24	)		—			—			—

Total distributions paid		(0.69	)		(2.89	)		(0.37	)		(0.42	)		—

Net asset value, end of year/period	$	26.72		$	25.75		$	33.22		$	25.59		$	23.78

Total return⁽³⁾		6.57	%		-15.13	%		31.56	%		9.36	%		-3.69	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	860,846		$	824,505		$	948,092		$	664,055		$	1
Ratio of expenses to average net assets⁽⁴⁾		0.69	%		0.68	%		0.68	%		0.71	%		0.73	%
Ratio of net investment income to average net assets⁽⁴⁾		1.40	%		1.73	%		1.43	%		1.64	%		1.42	%
Portfolio turnover rate⁽³⁾		62.2	%		59.6	%		72.3	%		55.1	%		111.4	%

⁽¹⁾

Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾

Per share net investment income was calculated using average shares outstanding.

⁽³⁾

Not annualized for periods less than one year.

⁽⁴⁾

Annualized for periods less than one year.

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

PMC FUNDS

Notes to Financial Statements

February 28, 2023 (Unaudited)

(1)

Organization

Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each of the PMC Funds (each, a “Fund” and together, the “Funds”) represents a distinct series with its own investment objective and policies within the Trust. The investment objective of the PMC Core Fixed Income Fund (the “Core Fixed Income Fund”) is to provide current income consistent with low volatility of principal. The investment objective of the PMC Diversified Equity Fund (the “Diversified Equity Fund”) is long-term capital appreciation. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The Advisor Class of the Core Fixed Income Fund became effective and commenced operations on September 28, 2007. The Institutional Class of the Core Fixed Income Fund became effective and commenced operations on July 1, 2019. The Advisor Class of the Diversified Equity Fund became effective and commenced operations on August 26, 2009. The Institutional Class of the Diversified Equity Fund became effective and commenced operations on July 1, 2019. The Advisor Class shares are subject to a 0.25% Rule 12b-1 distribution fee. Each class of shares has identical rights and privileges except with respect to distribution fees and voting rights on matters affecting a single class of shares. Envestnet Asset Management, Inc. (the “Adviser”) serves as the Funds’ investment adviser. Neuberger Berman Investment Advisers LLC serves as the Core Fixed Income Fund’s sub-adviser.

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

(2)

Significant Accounting Policies

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

(a)

Investment Valuation

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

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

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers know to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. Any discount or premium is accreted or amortized using the constant yield method over the life of the security, or where applicable, the first call date of the security.

Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.

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

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

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

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

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

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

•

Level 1—Quoted prices in active markets for identical securities.

•

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

•

Level 3—Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 28, 2023:

Core Fixed Income Fund


	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	38,639,704	$	—	$	38,639,704
Corporate Bonds*		—		142,413,414		—		142,413,414
Foreign Corporate Bonds*		—		10,694,981		—		10,694,981
Foreign Government Agency Issues		—		6,058,207		—		6,058,207
Foreign Government Notes/Bonds		—		4,288,738		—		4,288,738
Non-Agency Mortgage Backed Securities		—		26,864,531		—		26,864,531
Agency Mortgage Backed Securities		—		121,697,323		—		121,697,323
U.S. Government Agency Issues		—		1,862,316		—		1,862,316
U.S. Government Notes/Bonds		—		62,685,506		—		62,685,506

Total Fixed Income Securities		—		415,204,720		—		415,204,720

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)


	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds		223,229		—		—		223,229
Money Market Funds		23,161,482		—		—		23,161,482

Total Investments in Securities	$	23,384,711	$	415,204,720	$	—	$	438,589,431

For further breakdown by industry, please refer to the Schedule of Investments.

The Fund did not hold any Level 3 securities during the six months ended February 28, 2023.

Diversified Equity Fund


	Level 1		Level 2		Level 3^		Total
Equity
Common Stocks*	$	697,873,324	$	4,711,370	$	215,135	$	702,799,829
Preferred Stocks*		2,486,391		—		0		2,486,391
Exchange-Traded Funds		226,187,711		—		—		226,187,711
Real Estate Investment Trusts*		21,746,787		—		—		21,746,787

Total Equity		948,294,213		4,711,370		215,135		953,220,718
Money Market Funds		291,945,618		—		—		291,945,618

Total Investments in Securities	$	1,240,239,831	$	4,711,370	$	215,135	$	1,245,166,336

For further breakdown by industry, please refer to the Schedule of Investments.

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

As of February 28, 2023, the Diversified Equity Fund held level 3 investments that were valued at the most recent trade price in an inactive market. The Level 3 investments in securities represented less than 1% of the Diversified Equity Fund’s net assets and were not considered a significant portion of the Fund’s portfolio. As the Level 3 investments were not considered significant to the financial statements, a reconciliation of Level 3 investments for the six months ended February 28, 2023 is not presented.

Foreign currencies and other assets denominated in foreign currencies are translated to U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rate as of the close of the New York Stock Exchange (“NYSE”), generally at 4:00 P.M., Eastern time.

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

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

The Funds did not hold derivative instruments during the six months ended February 28, 2023.

(b)

Foreign Securities and Currency

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

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

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

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

(c)

Futures

The Funds may enter into futures contracts traded on domestic exchanges, including stock index futures contracts, as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of a Fund’s position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains and losses. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. As collateral for futures contracts, the Funds are required to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Funds did not enter into any futures contracts during the six months ended February 28, 2023.

The risks inherent in the use of futures contracts include 1) adverse changes in the value of such instruments and 2) the possible absence of a liquid secondary market for any particular instrument at any time. Futures contracts may also expose the Funds to counterparty credit risk. The Funds will not enter into these contracts unless they own either 1) an offsetting position in the securities or 2) the position provides cash and liquid assets with a value marked-to-market daily, sufficient to cover the counter-party’s potential obligations.

(d)

Forward Foreign Currency Contracts

The Core Fixed Income Fund might purchase a particular currency or enter into a forward foreign currency contract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase. Alternatively, it might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

limit any potential gain from an increase in the value of the currency. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. The Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Fund did not enter into any forward foreign currency contracts during the six months ended February 28, 2023.

(e)

Options

The Core Fixed Income Fund may enter into written call options to hedge against changes in the value of equities. The writing of call options is intended to reduce the volatility of the portfolio and to earn premium income. Written call options expose the Fund to minimal counterparty credit risk since they are exchange traded and the exchange’s clearing house guarantees the options against default. The Fund may also purchase put options to provide protection against adverse price effects from anticipated changes in prices of securities. In addition, the Fund may enter into written put options to hedge against changes in the value of purchased put options.

The Fund may purchase and write call and put options on securities and indices and enter into related closing transactions.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium is deducted from the cost basis of the security purchased. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When purchasing options, the Fund will recognize a realized loss equal to the premium paid to purchase the option, if the option expires unexercised. The difference between the proceeds received on effecting a closing sale transaction and the premium paid will be recognized as a realized gain or loss. If a put option is exercised, the premium paid is deducted from the proceeds on the sale of the underlying security in determining whether the Fund has a realized gain or loss. The Fund did not enter into any options contracts during the six months ended February 28, 2023.

(f)

Security Loans

When the Funds loan securities held in their portfolios, the Funds receive compensation in the form of fees, or retain a portion of the interest on the investment of any cash received as collateral. The loans are secured by collateral at least equal to: (i) 105% of the market value of the loaned securities that are foreign securities, or 102% of the market value of any other loaned securities, at the time the securities are loaned; and (ii) 100% of the market value of the loaned securities at all times. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

(g)

Federal Income Taxes

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

(h)

Distributions to Shareholders

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

(i)

Use of Estimates

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

(j)

Share Valuation

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

(k)

Allocation of Income, Expenses and Gains/Losses

Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most expenses are allocated by class based on relative net assets. Distribution (Rule 12b-1) fees are expensed at 0.25% of average daily net assets of the Advisor Class shares of the Funds. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typically allocated evenly between the funds of the Trust or other equitable means.

(l)

Other

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

(m)

LIBOR Transition

LIBOR, formerly known as the London Interbank Offered Rate, is an interest rate benchmark that will no longer be offered after June 30, 2023. The U.S. Congress passed the Adjustable Interest Rate (LIBOR) Act on March 15, 2022. The LIBOR Act replaces references to LIBOR for U.S. contracts that will not mature before June 30, 2023 with benchmark replacements based on the Secured Overnight Financing Rate (“SOFR”). SOFR is

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities and is published daily by the Federal Reserve Bank of New York. The benchmark replacement rate may not have the same value or economic equivalence as LIBOR. The transition from LIBOR could have a significant impact on the financial markets, including increased volatility and illiquidity in markets for instruments that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments. The transition to an alternative interest rate may not be orderly, may occur over various time periods or may have unintended consequences.

(3)

Federal Tax Matters

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


Core Fixed Income Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2022	$	9,240,233	$	4,677,382
Year Ended August 31, 2021	$	18,061,447	$	6,455,736


Diversified Equity Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2022	$	21,468,568	$	74,998,483
Year Ended August 31, 2021	$	12,172,244	$	—

As of August 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:


	Core Fixed Income Fund			Diversified Equity Fund
Cost basis of investments for federal income tax purposes	$	521,337,713		$	975,588,223

Gross tax unrealized appreciation	$	605,550		$	155,426,128
Gross tax unrealized depreciation		(43,759,713	)		(79,654,039	)

Net tax unrealized appreciation	$	(43,154,163	)	$	75,772,089

Undistributed ordinary income	$	6,443,256		$	12,064,740
Undistributed long-term capital gain		—			12,251,579

Total distributable earnings	$	6,443,256		$	24,316,319
Other accumulated loss		(14,488,321	)		(1,364,084	)

Total accumulated earnings	$	(51,199,228	)	$	98,724,324

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

At August 31, 2022, the Core Fixed Income Fund deferred, on a tax basis, post-October capital losses of $14,488,321.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2022, no reclassifications were made between total distributable earnings and paid in capital.

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2022. Also, the Funds recognized no interest and penalties related to uncertain tax benefits in fiscal year 2022. At August 31, 2022, the fiscal years 2019 through 2022 remain open to examination in the Funds’ major tax jurisdictions.

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

(4)

Investment Adviser

The Trust has entered into an Investment Advisory Agreement (the “Agreement”), on behalf of the Funds, with the Adviser to furnish investment advisory services to the Funds. Under terms of the Agreement, the Trust, on behalf of the Funds, the Adviser is entitled to receive from the Diversified Equity Fund a management fee equal to 0.53% of the Fund’s average daily net assets and is entitled to receive from the Core Fixed Income Fund a management fee equal to 0.65% of the Fund’s average daily net assets if the Fund’s net assets are $2,500,000,000 or less; 0.625% if the Fund’s net assets are greater than $2,500,000,000 but less than $5,000,000,000; and 0.60% if the Fund’s assets are greater than $5,000,000,000.

The Adviser has contractually agreed to waive its management fees and/or reimburse other expenses of each Fund at least through December 29, 2023 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connections with any merger or reorganizations, dividends or interest on short positions, acquired fund fees and expenses, or extraordinary expenses such as litigation) do not exceed 0.60% for the Core Fixed Income Fund and 0.73% for the Diversified Equity Fund (the “Expense Limitation Cap”) of each Fund’s average daily net assets.

Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of: (1) the Expense Limitation Cap in place at the time of the waiver or reimbursement or (2) the Expense Limitation Cap in place at the time of recoupment; provided, however, that the Adviser shall only be entitled to recoup such amounts over the following three year period from the date of the waiver or reimbursement.

The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:


	Core Fixed Income Fund		Diversified Equity Fund
August 31, 2023	$	741,170	$	—
August 31, 2024	$	1,255,760	$	—
August 31, 2025	$	1,309,991	$	—
February 28, 2026	$	622,642	$	—

Sub-advisory services are provided to the Core Fixed Income Fund, pursuant to an agreement between the Adviser and Neuberger Berman Investment Advisers LLC (the “Sub-Adviser”). Under the terms of the sub-advisory agreement, the Adviser compensates the Sub-Adviser based on the Fund’s average daily net assets.

(5)

Distribution Plan

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), on behalf of the Advisor Class shares of the Funds, which authorizes the Trust to pay Foreside Fund Services, LLC (the “Distributor”), the Funds’ principal distributor, a distribution fee of 0.25% of each Fund’s average daily net assets of Advisor Class shares. During the six months ended February 28, 2023, the Funds incurred fees pursuant to the 12b-1 Plan as follows:


Core Fixed Income Fund	$	54,112
Diversified Equity Fund	$	127,395

(6)

Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ Administrator under an Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. Fees incurred for the six months ended February 28, 2023, and owed as of February 28, 2023, are as follows:


	Incurred		Owed
Core Fixed Income Fund	$	106,237	$	34,127
Diversified Equity Fund	$	216,948	$	75,527

Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“U.S. Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the six months ended February 28, 2023, and owed as of February 28, 2023 are as follows:


Fund Accounting	Incurred		Owed
Core Fixed Income Fund	$	115,892	$	37,983
Diversified Equity Fund	$	128,495	$	44,141


Transfer Agency	Incurred		Owed
Core Fixed Income Fund	$	159,671	$	54,076
Diversified Equity Fund	$	215,100	$	72,519


Custody	Incurred		Owed
Core Fixed Income Fund	$	37,043	$	13,406
Diversified Equity Fund	$	55,052	$	19,686

The Funds each have an unsecured line of credit with U.S. Bank (see Note 8).

Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and U.S. Bank.

The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 28, 2023, and owed as of February 28, 2023 is as follows:


	Incurred		Owed
Core Fixed Income Fund	$	8,688	$	2,854
Diversified Equity Fund	$	6,154	$	1,986

(7)

Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the six months ended February 28, 2023 are summarized below.


	Core Fixed Income Fund		Diversified Equity Fund
Purchases:
U.S. Government	$	235,877,879	$	—
Other		161,367,491		576,804,147

Total Purchases	$	397,245,370	$	576,804,147
Sales
U.S. Government	$	213,061,772	$	—
Other		203,672,449		599,760,117

Total Sales	$	416,734,221	$	599,760,117

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

(8)

Line of Credit

At February 28, 2023, the Core Fixed Income Fund and Diversified Equity Fund had unsecured lines of credit in the lesser amount of $20,000,000 and $35,000,000, respectively, or 33.33% of the fair value of unencumbered assets of each Fund, as defined, which both mature August 5, 2023. These unsecured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, U.S. Bank. Interest was scheduled to be incurred at the bank’s prime rate of 5.50% from September 1, 2022 through September 21, 2022, 6.25% from September 22, 2022 through November 2, 2022, 7.00% from November 3, 2022 through December 14, 2022, 7.50% from December 15, 2022 through February 1, 2023, and 7.75% from February 2, 2023 through February 28, 2023. The following table provides information regarding usage of the line of credit for the six months ended February 28, 2023 for the Funds. The Core Fixed Income Fund did not have an outstanding balance on its line of credit as of February 28, 2023. The Diversified Equity Fund had an outstanding balance of $108,000 on its line of credit as of February 28, 2023.


	Days Utilitized		Average Amount of Borrowing		Interest Expense*		Maximum Amount of Borrowing		Date of Maximum Borrowing
Core Fixed Income Fund		7	$	27,000	$	38	$	45,000		1/30/2023
Diversified Equity Fund		15	$	6,702,400	$	20,965	$	32,269,000		1/6/2023

Interest expense is reported within Other Expenses on the Statements of Operations.

(9)

Securities Lending

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

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

As of February 28, 2023, the value of the securities on loan and value of collateral received for securities lending were as follows:


	Loaned Securities Value		Value of Cash Collateral		% of Net Assets
Core Fixed Income Fund	$	20,809,116	$	21,255,649		5.08	%
Diversified Equity Fund	$	279,360,854	$	287,724,513		29.09	%

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2023 (Unaudited)

The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC. The Schedule of Investments for each Fund includes the particular cash collateral holding as of February 28, 2023. The remaining contractual maturity of all securities lending transactions is overnight and continuous.

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

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

(10)

Recent Market Events

U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic, uncertainties regarding interest rates, rising inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. The recovery from COVID-19 is proceeding at slower than expected rates and may last for a prolonged period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Funds.

(11)

Subsequent Events

On April 20, 2023, the Board approved the replacement of Deloitte & Touche LLP as the independent registered public accounting firm for the Funds. The reports of Deloitte & Touche LLP on the financial statements of the Funds for the past five fiscal years contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principle.

In connection with its audits for the five most recent fiscal years and through April 20, 2023, there have been no disagreements with Deloitte & Touche LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte & Touche LLP would have caused them to make reference thereto in their report on the financial statements for such years.

The Trust, with the approval of the Board and the Audit Committee, engaged Cohen & Company, Ltd. as the new independent registered public accounting firm for the Funds for the fiscal year ending August 31, 2023.

Notice of Privacy Policy & Practices

We collect non-public personal information about you from the following sources:

•

information we receive about you on applications or other forms;

•

information you give us orally; and

•

information about your transactions with us or others.

The types of non-public personal information we collect and share can include:

•

social security numbers;

•

account balances;

•

account transactions;

•

transaction history;

•

wire transfer instructions; and

•

checking account information.

What Information We Disclose

We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your non-public personal information with the same high degree of confidentiality.

How We Protect Your Information

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

PMC FUNDS

Additional Information

(Unaudited)

Tax Information

For the fiscal year ended August 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:


Core Fixed Income Fund	0.00	%
Diversified Equity Fund	100.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2022 was as follows:


Core Fixed Income Fund	0.00	%
Diversified Equity Fund	49.99	%

For the fiscal year ended August 31, 2022, taxable ordinary income distributions are designated as short-term capital gain distributions under Section 871(k)(2)(c) of the Code for the Funds as follows:


Core Fixed Income Fund	15.90	%
Diversified Equity Fund	0.00	%

Indemnification

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Information about Trustees

The business and affairs of the Trust are managed under the direction of the Trust’s Board of Trustees. Information pertaining to the Trustees of the Trust is set forth below. The Funds’ Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling (866) PMC-7338.

Independent Trustees



Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Michael D. Akers, Ph.D. 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1955	Trustee	Indefinite Term; Since August 22, 2001	22	Professor Emeritus, Department of Accounting (June 2019-present), Professor, Department of Accounting (2004-2019), Chair, Department of Accounting (2004-2017), Marquette University.	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).

Gary A. Drska 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1956	Trustee	Indefinite Term; Since August 22, 2001	22	Retired; Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-2021).	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).

PMC Funds

Additional Information (Continued)

(Unaudited)



Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Vincent P. Lyles 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1961	Trustee	Indefinite Term; Since April 6, 2022	22	Executive Director, Milwaukee Succeeds (education advocacy organization) (2023-present); System Vice President of Community Relations, Advocate Aurora Health Care (health care provider) (2019-2022); President and Chief Executive Officer, Boys & Girls Club of Greater Milwaukee (2012-2018).	Independent Director, BMO Funds, Inc. (an open-end investment company) (2017–2022).

Erik K. Olstein 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1967	Trustee	Indefinite Term; Since April 6, 2022	22	Retired; President and Chief Operating Officer (2000-2020), Vice President of Sales and Chief Operating Officer (1995-2000), Olstein Capital Management, L.P. (asset management firm); Secretary and Assistant Treasurer, The Olstein Funds (1995-2018).	Trustee, The Olstein Funds (an open-end investment company) (1995–2018).

Lisa Zúñiga Ramírez 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	22	Retired; Principal and Senior Portfolio Manager, Segall, Bryant & Hamill, LLC (asset management firm) (2018-2020); Partner and Senior Portfolio Manager, Denver Investments LLC (asset management firm) (2009-2018).	N/A

Gregory M. Wesley 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	22	Senior Vice President of Strategic Alliances and Business Development, Medical College of Wisconsin (2016-present).	N/A

Interested Trustee and Officers

John P. Buckel* 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1957	Chairperson, Trustee, President and Principal Executive Officer	Indefinite Term; Chairperson and Trustee (since January 19, 2023); President and Principal Executive Officer (since January 24, 2013)	22	Vice President, U.S. Bancorp Fund Services, LLC (2004-present).	N/A

Jennifer A. Lima 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1974	Vice President, Treasurer and Principal Financial and Accounting Officer	Indefinite Term; Since January 24, 2013	N/A	Vice President, U.S. Bancorp Fund Services, LLC (2002-present).	N/A

Mr. Buckel is deemed to be an “interested person” of the Trust as defined by the 1940 Act due to his position and material business relationship with the Trust.

PMC Funds

Additional Information (Continued)

(Unaudited)



Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Deanna B. Marotz 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1965	Chief Compliance Officer, Vice President and Anti-Money Laundering Officer	Indefinite Term; Since October 21, 2021	N/A	Senior Vice President, U.S. Bancorp Fund Services, LLC (2021-present); Chief Compliance Officer of Keeley-Teton Advisors, LLC and Teton Advisors, Inc. (2017-2021).	N/A

Jay S. Fitton 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1970	Secretary	Indefinite Term; Since July 22, 2019	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2019-present); Partner, Practus, LLP (2018-2019); Counsel, Drinker Biddle & Reath LLP (2016-2018).	N/A

Kelly A. Strauss 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1987	Assistant Treasurer	Indefinite Term; Since April 23, 2015	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011-present).	N/A

Laura Carroll 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1985	Assistant Treasurer	Indefinite Term; Since August 20, 2018	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2007-present).	N/A

Shannon Coyle 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1990	Assistant Treasurer	Indefinite Term; Since August 26, 2022	N/A	Officer, U.S. Bancorp Fund Services, LLC (2015-present).	N/A

A NOTE ON FORWARD LOOKING STATEMENTS

Except for historical information contained in this report for the Funds, the matters discussed in this report may constitute forward-looking statements made pursuant to the safe-harbor provisions of the Securities Litigation Reform Act of 1995. These include any Adviser, Sub-adviser or portfolio manager predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Funds in the current Prospectus, other factors bearing on this report include the accuracy of the Adviser’s, sub-adviser’s or portfolio manager’s forecasts and predictions, and the appropriateness of the investment programs designed by the Adviser, sub-adviser or portfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with the Funds.

ADDITIONAL INFORMATION

The Funds have adopted proxy voting policies and procedures that delegate to the Adviser the authority to vote proxies. A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at (866) PMC-7338. A description of these policies and procedures is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.

The Funds’ proxy voting record for the most recent 12-month period ended June 30 is available without charge, either upon request by calling the Funds toll free at (866) PMC-7338 or by accessing the SEC’s website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. Shareholders may view the Funds’ filings on the SEC’s website at http://www.sec.gov.

HOUSEHOLDING

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and certain other shareholder documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at (866) PMC-7338 to request individual copies of these documents. Once the Funds receive notice to stop householding, we will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

PMC FUNDS


Investment Adviser		*Envestnet Asset Management, Inc.* 35 E. Wacker Drive, Suite 2400 Chicago, Illinois 60601

Legal Counsel		*Godfrey & Kahn, S.C.* 833 East Michigan Street, Suite 1800 Milwaukee, Wisconsin 53202

Independent Registered Public Accounting Firm		*Deloitte & Touche LLP* 111 South Wacker Drive Chicago, Illinois 60606

Transfer Agent, Fund Accountant and Fund Administrator		*U.S. Bancorp Fund Services, LLC* 615 East Michigan Street Milwaukee, Wisconsin 53202

Custodian		*U.S. Bank, N.A.* Custody Operations 1555 North RiverCenter Drive, Suite 302 Milwaukee, Wisconsin 53212

Distributor		*Foreside Fund Services, LLC* 3 Canal Plaza, Suite 100 Portland, Maine 04101

This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.

(b) Not applicable for this Registrant.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filed on November 9, 2009.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. Filed herewith.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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


(Registrant)		Trust for Professional Managers



By (Signature and Title)*		/s/ John Buckel
		John Buckel, President



Date		5/2/2023

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


By (Signature and Title)*		/s/ John Buckel
		John Buckel, President



Date		5/2/2023



By (Signature and Title)*		/s/ Jennifer Lima
		Jennifer Lima, Treasurer



Date		5/2/2023

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