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) 520-5925

Registrant’s telephone number, including area code

Date of fiscal year end: August 31, 2024

Date of reporting period: February 29, 2024

Item 1. Reports to Stockholders.

(a)

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)

ActivePassive ETFs

ActivePassive Core Bond ETF (APCB)

ActivePassive Intermediate Municipal Bond ETF (APMU)

ActivePassive International Equity ETF (APIE)

ActivePassive U.S. Equity ETF (APUE)

Semi-Annual Report

February 29, 2024

Table of Contents

LETTER TO PMC FUNDS SHAREHOLDERS	3
LETTER TO ACTIVEPASSIVE ETFS SHAREHOLDERS	7
EXPENSE EXAMPLES	12
INVESTMENT HIGHLIGHTS	14
SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND	29
SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND	50
SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE CORE BOND ETF	67
SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF	92
SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERNATIONAL EQUITY ETF	105
SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE U.S. EQUITY ETF	113
STATEMENTS OF ASSETS AND LIABILITIES	120
STATEMENTS OF OPERATIONS	121
STATEMENTS OF CHANGES IN NET ASSETS	122
FINANCIAL HIGHLIGHTS	128
NOTES TO FINANCIAL STATEMENTS	136
NOTICE OF PRIVACY POLICY & PRACTICES	154
ADDITIONAL INFORMATION	155

PMC Funds

Letter to Shareholders

(Unaudited)

To our Shareholders:

We are pleased to present you with the Semi-Annual Report for the PMC Funds mutual fund family. This report covers both the fiscal quarter and six-month period ended February 29, 2024.

The table below presents the standardized performance of the PMC Funds relative to their respective benchmarks. The US economy exhibited resilience during the six-month period ending February 29, 2024, supported by robust consumer spending, business investment, and government stimulus measures. According to data from the Bureau of Economic Analysis (BEA), the US real GDP¹ experienced steady growth, expanding by approximately 2.7% on an annualized basis as of January 31, 2024, the most recent data available. This growth was driven by strong domestic demand, with consumer spending remaining a primary engine of economic activity. Additionally, business investments continued to grow, fueled by favorable corporate earnings and low-interest rates. Government expenditures, including infrastructure investments and pandemic relief measures, also contributed to economic expansion.

Total Returns as of February 29, 2024*

*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 – Adv. Class		10.54	%		11.66	%		19.53	%		8.95	%		7.02	%		9.18	%		8-26-09		0.96	%**
PMC Diversified Equity Fund – Inst. Class		10.64	%		11.84	%		19.83	%		NA			NA			9.11	%***		7-1-19		0.71	%**
MSCI World Index Net Return		10.67	%		12.46	%		24.96	%		11.66	%		9.06	%		10.09	%
PMC Core Fixed Income Fund – Adv. Class		2.52	%		3.08	%		4.21	%		0.99	%		1.35	%		3.30	%		9-28-07		1.16	%**
PMC Core Fixed Income Fund – Inst. Class		2.55	%		3.18	%		4.47	%		NA			NA			0.29	%***		7-1-19		0.91	%**
Bloomberg U.S. Aggregate Bond Index		2.08	%		2.35	%		3.33	%		0.56	%		1.43	%		2.84	%

* Periods of Less than 1-Year Are Unannualized

** Gross expense ratio as disclosed in the prospectus dated December 29, 2023. Please see the Financial Highlights in this report for the most recent expense ratio.

*** Performance shown as of Institutional Class inception date of 7-1-19.

The S&P 500 represents a broad cross-section of the U.S. equity market, including common stocks traded on U.S. exchanges. 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. 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. 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.

¹  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.

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In terms of the employment situation, the US labor market continued to show signs of improvement, with steady job gains and declining unemployment rates. According to the Bureau of Labor Statistics (BLS), non-farm payrolls increased by an average of 231,000 jobs per month during the period, with the gains slightly higher in recent months. The unemployment rate rose modestly during the period from 3.8% to 3.9%, reflecting increased labor force participation and job creation across various sectors. Wage growth remained moderate but steady, supported by tightening labor market conditions and rising inflationary pressures.

Inflationary pressures persisted, driven by factors such as supply chain disruptions, rising energy prices, and strong consumer demand. The Consumer Price Index (CPI) increased by an annualized rate of around 3.2%. Core inflation, which excludes volatile food and energy prices, also rose moderately during the period, reflecting broad-based price pressures across goods and services. The Federal Reserve is closely monitoring inflation dynamics in order to determine its next step with respect to the target fed funds rate.

US monetary policy remained in a neutral posture, aimed at supporting economic growth while addressing inflationary pressures. The Federal Reserve maintained its benchmark interest rate, the fed funds rate, within the range of 5.25% to 5.50% throughout the period, signaling a cautious approach to further rate adjustments. Many economists believe that the Federal Open Market Committee’s (FOMC) next move will be to begin to lower the fed funds rate sometime in 2024. The FOMC has emphasized a data-dependent approach to policy decisions, taking into account factors such as inflation dynamics, labor market conditions, and global economic developments. The Federal Reserve also continued its balance sheet management, gradually reducing its holdings of Treasury securities and mortgage-backed securities. This so-called “quantitative tightening” is aimed to normalize the Fed’s balance sheet following years of expansionary monetary policies implemented in response to the global financial crisis.

Equity markets in the US exhibited resilience during the six-month period, posting positive total returns across major indices. The S&P 500, a measure of US large company performance, recorded a total return of approximately 13.9%. Similarly, the Dow Jones Industrial Average (DJIA)², comprising 30 blue-chip US stocks, delivered a total return of 13.4%. The Nasdaq Composite Index³, heavily weighted towards technology and growth stocks, outperformed other indices with a total return of approximately 15.1%. Despite facing challenges such as inflationary pressures and geopolitical uncertainties, the US stock market demonstrated strength, driven by factors including robust corporate earnings, favorable economic indicators, and a monetary policy that has not become overly restrictive. Overall, the positive total returns observed across broad market indices during this period underscored the resilience and underlying strength of the US stock market amidst evolving market dynamics. The yield on the 10-year U.S. Treasury edged higher from 4.09% to 4.25% over the six months ended February 29, 2024.

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. Over the past six months asset pricing factors have continued to struggle in terms of performance. The one exception was the momentum factor, which is the tendency for stocks that have performed well on a relative basis over the past year to continue to perform relatively well over the ensuing few months. The poor factor performance translated into Fund performance that, while strong in absolute terms, lagged that of the benchmark over the six-month period ending February 29, 2024. For the most recent three-month period, the Advisor Class of the Fund generated a return of 10.54%, slightly underperforming the 10.67% return of the MSCI World Index Net Return. For the six months ended February 29, 2024, the Fund generated a total return of 11.66%, underperforming the 12.46% return of the benchmark. The primary driver of the Fund’s performance during the period was the aggregate performance of the asset pricing factors toward which the portfolio is tilted. The Fund has maintained positive tilts to the size, value, momentum and quality factors. The Fund’s orientations

²  Dow Jones Industrial Average (DJIA) is a stock market index that tracks the daily movements of 30 publicly-traded companies in the United States.

³  The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes over 2,500 companies, more than most other stock market indexes. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indexes

4

toward value and quality stocks were key detractors from the performance relative to the benchmark, and its exposure to the momentum factor was modestly additive to relative performance. However, performance was negatively impacted by having a lower weighted average market capitalization than the index, as stocks of smaller companies significantly underperformed stocks of larger companies. Relative performance was also disadvantaged during both the most recent three-and six-month periods from a slight underweight to domestic equities relative to European equities. Among the positive contributors to performance during the year were limited underweights to the financials, industrials, and consumer discretionary sectors. Security selection in the consumer discretionary, energy, and utilities sectors also contributed positively to performance during the year. Among the detractors from performance was an underweight to the information technology sector, and security selection in the financials, communications services, and information technology and sectors. As is typically the case, the strategy’s factor orientation resulted in over-or underweights to specific stocks that have a meaningful impact on performance. Over the past six months underweights to well-known companies such as Microsoft (MSFT), Amazon.com, Inc. (AMZN), and NVIDIA Corp. (NVDA) resulted in underperformance. However, overweights to PulteGroup, Inc. (PHM), Lennar Corp. (LEN), and Dell Technologies (DELL) benefited performance.

In addition to the risk that the investment strategy employed in the Fund will underperform the benchmark indices generally, the primary risks continue to primarily involve systematic risk. Because Envestnet Asset Management, Inc. (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 past six months the environment for fixed income securities has been marked by relative uncertainty on the future direction of interest rates. The FOMC was on pause during the period, and did not alter the target range of the fed funds rate from 5.25%-5.50%. There is much anticipation that the FOMC’s next significant move will be to lower the target range in 2024, as it perceives that inflation has been brought under control. Against this backdrop, the Fund generated positive returns for the three-month and six-month periods ending February 29, 2024. For the most recent three-month period, the Advisor Class of the Fund generated a return of 2.52%, slightly outperforming the benchmark Bloomberg U.S. Aggregate Bond Index return of 2.08%. For the six months ended February 29, 2024, the Advisor Class of the Fund posted a return of 3.08%, outperforming the benchmark return of 2.35%. The primary factors positively impacting performance over the past 12-month period were an underweight to US Treasury securities and security selection in the corporate bond segment. The primary detractors from performance included the Fund’s aggregate underweight to securitized bonds, and security selection in the US Treasury and government-related securities areas.

The primary risks to the strategies employed by the Fund’s sub-advisers 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.

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.

Brandon R. Thomas

Co-Founder and Co-Chief Investment Officer

Envestnet

5

Envestnet Asset Management

The views in this report were those of the Funds’ investment adviser and the PMC Core Fixed Income Fund’s sub-advisers 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.

Diversification neither assures a profit nor guarantees against loss in a declining market.

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.

This material must be preceded or accompanied by a prospectus. Please see the prospectus

(https://www.investpmc.com/sites/default/files/documents/PMC-Funds-Statutory-Prospectus-12.29.23.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.

6

ActivePassive ETFs

Letter to Shareholders

(Unaudited)

To our Shareholders:

We are pleased to present you with the Semi-Annual Report for the ActivePassive ETF fund family. This report covers both the fiscal quarter and six-month period ended February 29, 2024.

The table below presents the standardized performance of the ActivePassive ETFs relative to their respective benchmarks. The ActivePassive ETFs commenced operations on May 2 of 2023, and during the 10 months of operation has seen a diverse environment. The US economy exhibited resilience during the six-month period ending February 29, 2024, supported by robust consumer spending, business investment, and government stimulus measures. According to data from the Bureau of Economic Analysis (BEA), the US real GDP¹ experienced steady growth, expanding by approximately 2.7% on an annualized basis as of January 31, 2024, the most recent data available. This growth was driven by strong domestic demand, with consumer spending remaining a primary engine of economic activity. Additionally, business investments continued to grow, fueled by favorable corporate earnings and low-interest rates. Government expenditures, including infrastructure investments and pandemic relief measures, also contributed to economic expansion.

In terms of the employment situation, the US labor market continued to show signs of improvement, with steady job gains and declining unemployment rates. According to the Bureau of Labor Statistics (BLS), non-farm payrolls increased by an average of 231,000 jobs per month during the period, with the gains slightly higher in recent months. The unemployment rate rose modestly during the period from 3.8% to 3.9%, reflecting increased labor force participation and job creation across various sectors. Wage growth remained moderate but steady, supported by tightening labor market conditions and rising inflationary pressures.

Inflationary pressures persisted, driven by factors such as supply chain disruptions, rising energy prices, and strong consumer demand. The Consumer Price Index (CPI) increased by an annualized rate of around 3.2%. Core inflation, which excludes volatile food and energy prices, also rose moderately during the period, reflecting broad-based price pressures across goods and services. The Federal Reserve is closely monitoring inflation dynamics in order to determine its next step with respect to the target fed funds rate.

US monetary policy remained in a neutral posture, aimed at supporting economic growth while addressing inflationary pressures. The Federal Reserve maintained its benchmark interest rate, the fed funds rate, within the range of 5.25% to 5.50% throughout the period, signaling a cautious approach to further rate adjustments. Many economists believe that the Federal Open Market Committee’s (FOMC) next move will be to begin to lower the fed funds rate sometime in 2024. The FOMC has emphasized a data-dependent approach to policy decisions, taking into account factors such as inflation dynamics, labor market conditions, and global economic developments. The Federal Reserve also continued its balance sheet management, gradually reducing its holdings of Treasury securities and mortgage-backed securities. This so-called “quantitative tightening” is aimed to normalize the Fed’s balance sheet following years of expansionary monetary policies implemented in response to the global financial crisis.

Equity markets in the US exhibited resilience during the six-month period, posting positive total returns across major indices. The S&P 500, a measure of US large company performance, recorded a total return of approximately 13.9%. Similarly, the Dow Jones Industrial Average (DJIA)², comprising 30 blue-chip US stocks, delivered a total return of 13.4%. The Nasdaq Composite Index³, heavily weighted towards technology and growth stocks, outperformed other indices with a total return of approximately 15.1%. Despite facing challenges such as inflationary pressures and geopolitical uncertainties, the US stock market demonstrated strength, driven by factors including robust corporate

¹  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.

²  The Dow Jones Industrial Average (DJIA) is a stock market index that tracks the daily movements of 30 publicly-traded companies in the United States.

³  The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes over 2,500 companies, more than most other stock market indexes. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indexes.

This material must be preceded or accompanied by a prospectus.

7

earnings, favorable economic indicators, and a monetary policy that has not become overly restrictive. Overall, the positive total returns observed across broad market indices during this period underscored the resilience and underlying strength of the US stock market amidst evolving market dynamics. The yield on the 10-year U.S. Treasury edged higher from 4.09% to 4.25% over the six months ended February 29, 2024.

Total Returns as of February 29, 2024*

*Periods of Less than 1-Year Are Unannualized

Fund		Three Months			Six Months			Nine Months			Since Inception			Inception Date		Gross Expense Ratio**
ActivePassive U.S. Equity ETF (ticker: APUE)	@Market		12.84%			14.12%			24.01%			26.61%			5/2/2023		0.33%
	@NAV		12.61%			14.09%			23.85%			26.40%
CRSP U.S. Total Market Index			12.25%			13.80%			23.49%			25.60%
ActivePassive International Equity ETF (ticker: APIE)	@Market		8.05	%		9.06	%		13.97	%		11.42	%		5/2/2023		0.45	%
	@NAV		7.48%			8.93%			14.05%			11.24%
S&P Classic ADR Composite Index (USD) NTR			6.84%			7.99%			12.21%			9.12%
ActivePassive Core Bond ETF (ticker: APCB)	@Market		2.07%			2.39%			1.57%			0.55%			5/2/2023		0.36%
	@NAV		1.97%			2.40%			1.54%			0.39%
Bloomberg U.S. Aggregate Bond Index			2.08%			2.35%			1.26%			0.18%
ActivePassive Intermediate Municipal Bond ETF (ticker: APMU)	@Market		1.73%			3.36%			3.21%			1.36%			5/2/2023		0.36%
	@NAV		1.37%			2.96%			2.95%			0.96%
Bloomberg Muni 1-10 Year Blend Total Return Index			1.37%			3.28%			3.53%			2.62%

* Periods of Less than 1-Year Are Unannualized

** Gross expense ratio as disclosed in the prospectus dated December 29, 2023, includes Acquired Fund Fees and Expenses. Please see the Financial Highlights in this report for the most recent expense ratio.

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. Short term performance, in particular, is not a good indication of the Funds’ future performance, and an investment should not be made based solely on returns. For the most recent month-end performance, please visit the Funds’ website at www.activepassive.com or by calling 800-617-0004.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

The S&P 500 represents a broad cross-section of the U.S. equity market, including common stocks traded on U.S. exchanges. 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. The CRSP U.S. Total Market Index captures broad U.S. equity market coverage and includes securities traded on NYSE, NYSE American, NYSE ARCA, NASDAQ, Bats Global Markets, and the Investors Exchange, including nearly 4,000 constituents across mega, large, small and micro capitalizations, representing nearly 100 percent of the U.S. investable equity market. The S&P Classic ADR Composite Index seeks to track all American depositary receipts trading on the NYSE, NYSE American, NASDAQ, and over the counter (OTC) in the United States, subject to size and liquidity requirements. The Bloomberg 1-10 Year Municipal Blend Total Return Index is a market value-weighted index which covers the short and intermediate components of the Bloomberg Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market.

This material must be preceded or accompanied by a prospectus.

8

ActivePassive US Equity ETF

The ActivePassive US Equity ETF was launched on May 2, 2023, and provides broad U.S. equity exposure. The Fund’s investment objective is long-term capital appreciation.

The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the CRSP U.S. Total Market Index (the “Benchmark Index”). The Fund also employs a factor active strategy for a portion of the investment portfolio. Passive exposure within the large cap sleeve of the portfolio contributed to results and was a driver of the overall performance in the past six months. Passive strategies in Large Cap U.S. equities have been rewarded in this up-trending market. The exposure to well-known value, momentum, and quality asset pricing factors was mixed in its relative contribution to performance. The momentum factor within the large cap sleeve benefited the Fund, whereas value factor exposure detracted from results. The Fund generated results of 14.09%, outpacing the Benchmark Index return of 13.80% by 29 basis points*, for the six-month period ending February 29, 2024.

In the trailing six months, contributors to performance include exposure to the Information Technology, Communication Services, and Financial Services sectors, all of which outperformed the Benchmark Index. Detracting from performance was exposure to the weaker performing Utilities, Consumer Defensive, and Energy sectors, all of which lagged the Benchmark Index in the trailing six months. The small cap sleeve was a detractor as large cap stocks, in general, outpaced small cap stocks for the six-month period.

In addition to the risk that the investment strategies employed in the Fund may underperform the benchmark indices, the primary risks continue to 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.

ActivePassive International Equity ETF

The ActivePassive International Equity ETF was launched on May 2, 2023, and provides broad international equity asset class exposure. The Fund’s investment objective is long-term capital appreciation and in addition to the Adviser, two sub-advisers manage a portion of the Fund’s assets: AllianceBernstein L.P. and Causeway Capital Management LLC.

The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the S&P Classic ADR Composite Index (the “Benchmark Index”). The Fund also employs a factor active strategy for a portion of the investment portfolio. Strong relative outperformance from the factor exposures in the quantitative active strategy was a driver of outperformance over the prior six-month period. The foreign large value, foreign large growth, and the emerging market equity sleeves underperformed and were the main detractors from performance. Chinese equities generally posted weaker relative performance, whereas Japanese equities were one of the stronger relative performers. Stock selection within Germany and United Kingdom contributed to relative outperformance while negative stock selection in India and Switzerland detracted from results. For the six-month period ending February 29, 2024, the Fund generated performance of 8.93%, which outpaced the Benchmark Index return of 7.99% by 94 basis points.

In addition to the risk that the investment strategies employed in the Fund may underperform the Benchmark Index, the primary risks continue to involve systematic risk. Because the Adviser and Sub-advisers control the risk of the portfolio relative to the Benchmark Index, the overall portfolio should track the Fund’s Benchmark Index 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 Index.

* A basis point is a standard measure for interest rates and other percentages in finance. One basis point equals 1/100^th of 1%, or 0.01% (and .0001 in decimal form).

This material must be preceded or accompanied by a prospectus.

9

ActivePassive Core Bond ETF

The ActivePassive Core Bond ETF was launched on May 2, 2023, and provides broad fixed income asset class exposure. The Fund’s investment objective is current income consistent with low volatility of principal, and in addition to the Adviser, two sub-advisers manage a portion of the Fund’s assets: Neuberger Berman Investment Advisers LLC and Sage Advisory Services, Ltd. Co.

The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the Bloomberg U.S. Aggregate Bond Index (the “Benchmark Index”). Strong relative performance from the active manager sleeves as well as the international bond sleeve, with each outperforming the Benchmark Index over the past 6 months, contributed to portfolio results. We have seen a shift in the environment for fixed income as the longer trend in rising yields has abated. Fixed income yields have come down at the long end and the Federal Reserve is projecting rate cuts this year which has kept downward pressure on yields. Within this environment, the Fund generated results of 2.40%, slightly outpacing the Benchmark Index return of 2.35% by 5 basis points, for the six-month period ending February 29, 2024. The passively managed sleeve trailed active manager performance as active credit selection and sector positioning proved additive within fixed income. The primary contributor to fund performance was corporate credit exposure while Treasury securities were the primary detractor from results. Slightly shorter duration positioning within the fund relative to the benchmark detracted from performance as longer duration securities outperformed amid the lower rate environment.

The primary risks to the strategies employed by the Fund 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 reverse trend and rise rapidly, the Fund will not be immune to 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.

ActivePassive Intermediate Municipal Bond ETF

The ActivePassive Intermediate Municipal Bond ETF was launched on May 2, 2023, and provides broad municipal fixed income asset class exposure. The Fund’s investment objective is current income that is exempt from federal income taxes consistent with low volatility of principal, and in addition to the Adviser, one sub-adviser manages a portion of the Fund’s assets: GW&K Investment Management, LLC.

The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the Bloomberg Municipal 1-10 Year Blend Total Return Index (the “Benchmark Index”). Over the past 6 months the environment for municipal fixed income securities has been marked by falling yields. While the Federal Reserves’ positioning to cut rates over the next few years will continue to have a factor on municipal yields, the long-term trend in lower supply also continues to influence the direction of the municipal markets. The actively managed sleeve contributed to performance as it slightly outpaced the Benchmark Index over the trailing six months. The passively managed sleeve was a detractor as it trailed the Benchmark Index. Lower quality municipal bonds generally outperformed leading to some relative weakness for the higher quality issues in the portfolio. Longer duration municipals outpaced shorter duration municipals as yields pushed lower, and the Fund’s slightly shorter positioning detracted from performance. The Fund generated results of 2.96%, trailing the Benchmark Index return of 3.28% by 32 basis points, for the six-month period ending February 29, 2024.

The primary risks to the strategies employed by the Fund remain in place and exist at both the macro level and in individual security selection. Due to the Fund’s exposure to municipal securities, the Fund remains likely to underperform the Benchmark Index somewhat if the Federal Reserve makes a policy misstep and rates move against positioning in the Fund. In addition, if the general level of interest rates reverse trend and rise rapidly, the Fund will not be immune to further losses. Similarly, if certain of the individual securities currently owned by the Fund are adversely affected by economic or municipal-specific events, the Fund itself will also be affected.

This material must be preceded or accompanied by a prospectus.

10

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

Brandon R. Thomas Co-Founder and Co-Chief Investment Officer Envestnet	Gregory A. Classen Principal Director, Portfolio Management Envestnet

Envestnet Asset Management

The views in this report were those of the Funds’ investment adviser and each Fund’s sub-advisers, 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.

Quantitative easing is a monetary policy strategy used by central banks to keep credit flowing to the economy.

Diversification neither assures a profit nor guarantees against loss in a declining market. 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.

ActivePassive ETFs are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not an affiliate of Envestnet Asset Management, Inc.

This material must be preceded or accompanied by a prospectus.

11

ENVESTNET FUNDS

Expense Examples

(Unaudited)

As a shareholder of the PMC Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid or purchases and sales of Fund shares, and (2) ongoing costs, including management fees, distribution (12b-1) fees (Advisor Class shares only) and other Fund expenses. As a shareholder of the ActivePassive ETFs (together with the PMC Funds, the “Funds”), you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares, and (2) ongoing costs, including management fees of the Fund. 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 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, 2023 - February 29, 2024).

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, shareholders of the PMC Funds 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 PMC Funds’ transfer agent. Shareholders of the PMC Funds who hold their shares through 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. For the PMC Funds, the Example includes, but is not limited to, management fees, distribution (12b-1) fees, fund administration and accounting, custody and transfer agent fees. For the ActivePassive ETFs, the Example includes, but is not limited to, each ActivePassive ETF’s unitary management fee. 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. 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 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
PMC Core Fixed Income Fund–Advisor Class
Actual	$	1,000.00	$	1,030.80	$	4.29
Hypothetical (5% return before expenses)		1,000.00		1,020.64		4.27

* Expenses are equal to the Fund’s annualized net expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

12

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
PMC Core Fixed Income Fund–Institutional Class
Actual	$	1,000.00	$	1,031.80	$	3.03
Hypothetical (5% return before expenses)		1,000.00		1,021.88		3.02

* Expenses are equal to the Fund’s annualized net expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
PMC Diversified Equity Fund–Advisor Class
Actual	$	1,000.00	$	1,116.60	$	4.95
Hypothetical (5% return before expenses)		1,000.00		1,020.19		4.72

* Expenses are equal to the Fund’s annualized net expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
PMC Diversified Equity Fund–Institutional Class
Actual	$	1,000.00	$	1,118.40	$	3.69
Hypothetical (5% return before expenses)		1,000.00		1,021.38		3.52

* Expenses are equal to the Fund’s annualized net expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
ActivePassive Core Bond ETF
Actual	$	1,000.00	$	1,024.00	$	1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.12		1.76

* Expenses are equal to the Fund’s annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
ActivePassive Intermediate Municipal Bond ETF
Actual	$	1,000.00	$	1,029.60	$	1.77
Hypothetical (5% return before expenses)		1,000.00		1,023.12		1.76

* Expenses are equal to the Fund’s annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
ActivePassive International Equity ETF
Actual	$	1,000.00	$	1,089.30	$	2.34
Hypothetical (5% return before expenses)		1,000.00		1,022.63		2.26

* Expenses are equal to the Fund’s annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23-2/29/24*
ActivePassive U.S. Equity ETF
Actual	$	1,000.00	$	1,140.90	$	1.60
Hypothetical (5% return before expenses)		1,000.00		1,023.37		1.51

* Expenses are equal to the Fund’s annualized expense ratio of 0.30%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

13

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 29, 2024 is shown below.

Allocation of Portfolio Holdings

% of Net assets

 ^ Excludes securities lending collateral.

14

PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	PMC Core Fixed Income Fund–Advisor Class			Bloomberg U.S. Aggregate Bond Index
One Year		4.21	%		3.33	%
Five Year		0.99	%		0.56	%
Ten Year		1.35	%		1.43	%
Since Inception (9/28/07)		3.30	%		2.84	%

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.

15

PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	PMC Core Fixed Income Fund–Institutional Class			Bloomberg U.S. Aggregate Bond Index
One Year		4.47	%		3.33	%
Since Inception (7/1/19)		0.29	%		-0.43	%

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 July 1, 2019, the inception date of the Institutional Class. 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.

* Inception Date

16

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 29, 2024 is shown below.

^ Excludes securities lending collateral.

17

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	PMC Diversified Equity Fund– Advisor Class			MSCI World Index Net Return
One Year		19.53	%		24.96	%
Five Year		8.95	%		11.66	%
Ten Year		7.02	%		9.06	%
Since Inception (8/26/09)		9.18	%		10.09	%

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.

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 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

18

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

19

PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	PMC Diversified Equity Fund– Institutional Class			MSCI World Index Net Return
One Year		19.83	%		24.96	%
Since Inception (7/1/19)		9.11	%		11.14	%

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 July 1, 2019, the inception date of the Institutional Class. The graph does not reflect any future performance.

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.

* Inception Date

20

ActivePassive Core Bond ETF (APCB)

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 29, 2024 is shown below.

Allocation of Portfolio Holdings

% of Net assets

21

ActivePassive Core Bond ETF (APCB)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	ActivePassive Core Bond ETF (NAV)			ActivePassive Core Bond ETF (Market Price)			Bloomberg U.S. Aggregate Bond Index
Since Inception (5/2/23)		0.39	%		0.55	%		0.18	%

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 800-617-0004.

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 May 2, 2023, the inception date of the Fund. 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.

* Inception Date

22

ActivePassive Intermediate Municipal Bond ETF (APMU)

Investment Highlights (Unaudited)

The investment objective of the Fund is to provide current income that is exempt from federal income taxes consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.

Allocation of Portfolio Holdings

% of Net assets

23

ActivePassive Intermediate Municipal Bond ETF (APMU)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	ActivePassive Intermediate Municipal Bond ETF (NAV)			ActivePassive Intermediate Municipal Bond ETF (Market Price)			Bloomberg Municipal 1-10 Year Blend Total Return Index
Since Inception (5/2/23)		0.96	%		1.36	%		2.62	%

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 800-617-0004.

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 May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.

The Bloomberg Municipal 1-10 Year Blend Total Return Index is a market value-weighted index which covers the short and intermediate components of the Bloomberg Municipal Bond Index–an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market.

One cannot invest directly in an index.

* Inception Date

24

ActivePassive International Equity ETF (APIE)

Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.

25

ActivePassive International Equity ETF (APIE)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	ActivePassive International Equity ETF (NAV)			ActivePassive International Equity ETF (Market Price)			S&P Classic ADR Composite Index NTR
Since Inception (5/2/23)		11.24	%		11.42	%		9.12	%

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 800-617-0004.

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 May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.

The S&P Classic ADR Composite Index seeks to track all American depositary receipts trading on the NYSE, NYSE American, NASDAQ, and over the counter (OTC) in the United States, subject to size and liquidity requirements.

One cannot invest directly in an index.

* Inception Date

26

ActivePassive U.S. Equity ETF (APUE)

Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.

27

ActivePassive U.S. Equity ETF (APUE)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2024

	ActivePassive U.S. Equity ETF (NAV)			ActivePassive U.S. Equity ETF (Market Price)			CRSP U.S. Total Market Index
Since Inception (5/2/23)		26.40	%		26.61	%		25.60	%

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 800-617-0004.

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 May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.

The CRSP U.S. Total Market Index captures broad U.S. equity market coverage and include securities traded on NYSE, NYSE American, NYSE ARCA, NASDAQ, Bats Global Markets, and the Investors Exchange. Nearly 4,000 constituents across mega, large, small and micro capitalizations, representing nearly 100 percent of the U.S. investable equity market.

One cannot invest directly in an index.

* Inception Date

28

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited)

	Par		Value
CORPORATE BONDS—35.5%
Automobiles & Components—0.5%
Ford Motor Co.,
4.75%, 01/15/2043	$	215,000	$	174,107
General Motors Co.,
6.13%, 10/01/2025		1,073,000		1,082,051
Goodyear Tire & Rubber Co.,
5.25%, 04/30/2031		110,000		99,739
				1,355,897
Banks—3.6%
Bank of America Corp.,
3.88%, 08/01/2025(a)		480,000		472,632
Citigroup, Inc.
3.20%, 10/21/2026		1,121,000		1,064,842
3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028		405,000		389,379
Fifth Third Bancorp
5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032		251,000		248,923
4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033(a)		870,000		789,150
Ford Motor Credit Co. LLC,
5.11%, 05/03/2029		310,000		298,893
JPMorgan Chase & Co.
2.95%, 10/01/2026		1,667,000		1,585,165
6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034		640,000		679,169
5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035		540,000		537,304
PNC Financial Services Group, Inc.
6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034		670,000		726,177
5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035		530,000		531,729
Truist Financial Corp.,
5.71% to 01/24/2034 then SOFR + 1.92%, 01/24/2035		645,000		639,031
US Bancorp,
5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030		240,000		238,780
Wells Fargo & Co.
4.15%, 01/24/2029		1,581,000		1,514,305
5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035		795,000		790,047
				10,505,526
Capital Goods—3.2%
Boeing Co.,
5.81%, 05/01/2050		1,943,000		1,874,838
Boeing Co/The,
5.04%, 05/01/2027		1,106,000		1,095,980
Carrier Global Corp.,
5.90%, 03/15/2034		905,000		939,308
Cummins, Inc.
5.15%, 02/20/2034		133,000		132,888
5.45%, 02/20/2054		250,000		251,570
Deere & Co.,
5.38%, 10/16/2029(a)		999,000		1,032,500
Honeywell International, Inc.,
5.00%, 02/15/2033(a)		905,000		906,939
Regal Rexnord Corp.
6.05%, 04/15/2028(b)		370,000		372,433
6.40%, 04/15/2033(b)		1,315,000		1,350,942

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

29

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
RTX Corp.
7.50%, 09/15/2029	$	467,000	$	518,369
6.40%, 03/15/2054		810,000		897,296
				9,373,063
Commercial & Professional Services—1.2%
ASGN, Inc.,
4.63%, 05/15/2028(b)		415,000		387,441
CDW LLC / CDW Finance Corp.
2.67%, 12/01/2026		243,000		225,324
4.25%, 04/01/2028(a)		705,000		671,188
Enviri Corp.,
5.75%, 07/31/2027(b)		430,000		402,204
EquipmentShare.com, Inc.,
9.00%, 05/15/2028(a)(b)		165,000		169,286
Harvest Midstream I LP,
7.50%, 09/01/2028(b)		170,000		171,532
Imola Merger Corp.,
4.75%, 05/15/2029(a)(b)		280,000		259,713
Korn Ferry,
4.63%, 12/15/2027(b)		85,000		80,406
Medline Borrower LP,
3.88%, 04/01/2029(b)		240,000		215,399
Presidio Holdings, Inc.,
4.88%, 02/01/2027(b)		160,000		153,916
United Rentals North America, Inc.,
5.25%, 01/15/2030		270,000		261,668
Waste Management, Inc.,
4.15%, 04/15/2032		503,000		474,138
				3,472,215
Consumer Discretionary Distribution & Retail—0.7%
Amazon.com, Inc.,
3.80%, 12/05/2024		1,038,000		1,027,079
eBay, Inc.,
2.60%, 05/10/2031(a)		790,000		670,335
Macy’s Retail Holdings LLC,
5.88%, 03/15/2030(b)		245,000		229,943
				1,927,357
Consumer Services—1.4%
Booking Holdings, Inc.,
3.55%, 03/15/2028		1,100,000		1,047,772
Churchill Downs, Inc.,
6.75%, 05/01/2031(b)		315,000		315,582
Marriott International, Inc./MD,
5.30%, 05/15/2034(a)		495,000		487,388
McDonald’s Corp.,
3.50%, 07/01/2027		1,623,000		1,554,912
Wyndham Hotels & Resorts, Inc.,
4.38%, 08/15/2028(b)		145,000		134,940
Yum! Brands, Inc.,
5.38%, 04/01/2032(a)		465,000		446,930
				3,987,524

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

30

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Consumer Staples Distribution & Retail—0.1%
Walmart, Inc.,
4.15%, 09/09/2032	$	392,000	$	378,325
Energy—3.3%
BP Capital Markets America, Inc.,
4.81%, 02/13/2033(a)		510,000		497,727
Buckeye Partners LP,
3.95%, 12/01/2026		65,000		61,529
Civitas Resources, Inc.,
8.63%, 11/01/2030(b)		295,000		315,913
Comstock Resources, Inc.,
6.75%, 03/01/2029(a)(b)		365,000		337,174
CQP Holdco LP / BIP-V Chinook Holdco LLC,
5.50%, 06/15/2031(b)		410,000		382,362
Diamondback Energy, Inc.,
6.25%, 03/15/2053		1,005,000		1,064,119
DT Midstream, Inc.,
4.13%, 06/15/2029(b)		110,000		100,616
Energy Transfer LP
5.55%, 05/15/2034(a)		520,000		514,825
5.95%, 05/15/2054(a)		545,000		532,245
EQM Midstream Partners LP,
5.50%, 07/15/2028(a)		620,000		608,653
Exxon Mobil Corp.,
3.10%, 08/16/2049		510,000		357,279
Genesis Energy LP / Genesis Energy Finance Corp.,
8.88%, 04/15/2030(a)		330,000		342,467
Hilcorp Energy I LP / Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		445,000		442,131
Marathon Petroleum Corp.,
4.70%, 05/01/2025		570,000		564,767
New Fortress Energy, Inc.,
6.50%, 09/30/2026(a)(b)		515,000		497,806
Occidental Petroleum Corp.
6.13%, 01/01/2031		398,000		408,529
6.45%, 09/15/2036		370,000		389,845
4.30%, 08/15/2039		260,000		209,826
6.60%, 03/15/2046(a)		810,000		860,880
Phillips 66,
1.30%, 02/15/2026		955,000		884,292
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,
6.00%, 09/01/2031(b)		95,000		87,100
				9,460,085
Equity Real Estate Investment Trusts (REITs)—1.1%
Iron Mountain, Inc.
5.25%, 03/15/2028(b)		40,000		38,594
4.88%, 09/15/2029(b)		210,000		195,486
5.25%, 07/15/2030(a)(b)		410,000		384,043
Public Storage Operating Co.,
2.30%, 05/01/2031(a)		3,068,000		2,582,079
				3,200,202

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

31

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Financial Services—2.8%
American Express Co.,
6.49% to 10/30/2030 then SOFR + 1.94%, 10/30/2031	$	490,000	$	522,279
Capital One Financial Corp.
7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031		360,000		394,206
6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035(a)		1,435,000		1,450,443
CommScope, Inc.,
8.25%, 03/01/2027(b)		637,000		279,605
Corebridge Financial, Inc.,
5.75%, 01/15/2034		735,000		733,771
Goldman Sachs Group, Inc.,
3.80%, 03/15/2030		1,459,000		1,357,207
Morgan Stanley
6.25%, 08/09/2026		449,000		459,741
3.59% (3 mo. LIBOR US + 134.00%), 07/22/2028(c)		1,395,000		1,320,906
5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034		710,000		706,059
MPH Acquisition Holdings LLC,
5.50%, 09/01/2028(b)		70,000		61,153
OneMain Finance Corp.,
3.50%, 01/15/2027(a)		570,000		525,394
Prime Security Services Borrower LLC / Prime Finance, Inc.,
5.75%, 04/15/2026(b)		405,000		402,279
				8,213,043
Food, Beverage & Tobacco—2.2%
Anheuser-Busch InBev Worldwide, Inc.
4.35%, 06/01/2040		741,000		664,021
4.60%, 04/15/2048		73,000		65,651
4.75%, 04/15/2058		375,000		340,811
Aramark Services, Inc.,
5.00%, 02/01/2028(a)(b)		470,000		450,896
Campbell Soup Co.,
4.80%, 03/15/2048		885,000		777,638
Constellation Brands, Inc.,
4.90%, 05/01/2033		1,175,000		1,140,094
Molson Coors Beverage Co.,
4.20%, 07/15/2046(a)		745,000		609,117
Performance Food Group, Inc.,
5.50%, 10/15/2027(b)		80,000		78,437
Philip Morris International, Inc.
3.13%, 08/17/2027		407,000		383,569
5.13%, 02/15/2030		1,075,000		1,070,371
5.75%, 11/17/2032		770,000		785,748
				6,366,353
Health Care Equipment & Services—0.4%
Acadia Healthcare Co., Inc.,
5.00%, 04/15/2029(b)		280,000		264,860
CVS Health Corp.,
4.13%, 04/01/2040		415,000		341,681
Tenet Healthcare Corp.,
6.13%, 10/01/2028(a)		420,000		415,596
				1,022,137

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

32

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Household & Personal Products—0.3%
Energizer Holdings, Inc.,
4.38%, 03/31/2029(a)(b)	$	580,000	$	514,483
Procter & Gamble Co.,
2.30%, 02/01/2032(a)		297,000		253,869
				768,352
Insurance—1.8%
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer,
6.75%, 04/15/2028(b)		85,000		84,495
American International Group, Inc.,
5.13%, 03/27/2033(a)		565,000		557,666
Aon North America, Inc.
5.15%, 03/01/2029		570,000		570,577
5.30%, 03/01/2031		390,000		389,741
5.45%, 03/01/2034		845,000		846,503
5.75%, 03/01/2054		145,000		145,879
Marsh & McLennan Cos., Inc.
5.15%, 03/15/2034		265,000		264,248
5.45%, 03/15/2054		250,000		248,737
MetLife, Inc.,
6.50%, 12/15/2032(a)		1,755,000		1,922,600
Travelers Cos, Inc.,
5.45%, 05/25/2053		265,000		270,715
				5,301,161
Management of Companies and Enterprises—0.3%
Camelot Return Merger Sub, Inc.,
8.75%, 08/01/2028(b)		170,000		174,608
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer,
5.88%, 10/01/2028(b)		445,000		432,945
Windsor Holdings III LLC,
8.50%, 06/15/2030(b)		245,000		253,801
				861,354
Materials—0.2%
Ball Corp.,
2.88%, 08/15/2030		425,000		360,215
Standard Industries, Inc./NJ,
4.75%, 01/15/2028(a)(b)		220,000		207,819
				568,034
Media & Entertainment—1.6%
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90%, 06/01/2052		815,000		512,863
5.25%, 04/01/2053		1,085,000		843,211
Comcast Corp.,
4.15%, 10/15/2028		1,727,000		1,676,037
CSC Holdings LLC
4.13%, 12/01/2030(b)		465,000		346,618
4.63%, 12/01/2030(a)(b)		235,000		130,918
DISH DBS Corp.,
5.88%, 11/15/2024		95,000		89,867
Live Nation Entertainment, Inc.,
4.75%, 10/15/2027(a)(b)		345,000		330,610

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

33

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Sirius XM Radio, Inc.,
4.13%, 07/01/2030(a)(b)	$	275,000	$	236,864
Ziff Davis, Inc.,
4.63%, 10/15/2030(a)(b)		515,000		462,294
				4,629,282
Pharmaceuticals, Biotechnology & Life Sciences—0.7%
AbbVie, Inc.
4.95%, 03/15/2031		470,000		470,233
4.05%, 11/21/2039		422,000		370,188
4.25%, 11/21/2049		360,000		309,071
5.40%, 03/15/2054		135,000		137,143
5.50%, 03/15/2064		420,000		425,176
Biogen, Inc.,
2.25%, 05/01/2030		276,000		231,077
				1,942,888
Real Estate Management & Development—0.4%
RHP Hotel Properties LP / RHP Finance Corp.,
4.75%, 10/15/2027		180,000		172,061
Shea Homes LP / Shea Homes Funding Corp.,
4.75%, 02/15/2028		65,000		62,068
Simon Property Group LP,
6.25%, 01/15/2034		500,000		527,186
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,
10.50%, 02/15/2028(b)		280,000		290,117
				1,051,432
Semiconductors & Semiconductor Equipment—1.6%
Intel Corp.
3.75%, 03/25/2027		1,157,000		1,120,284
5.00%, 02/21/2031		400,000		397,605
5.15%, 02/21/2034		795,000		787,212
5.70%, 02/10/2053(a)		250,000		253,601
5.60%, 02/21/2054		290,000		290,040
5.90%, 02/10/2063		150,000		156,411
Marvell Technology, Inc.
2.95%, 04/15/2031		430,000		368,744
5.95%, 09/15/2033		960,000		992,126
QUALCOMM, Inc.,
5.40%, 05/20/2033(a)		226,000		234,660
				4,600,683
Software & Services—1.5%
Microsoft Corp.,
3.13%, 11/03/2025(a)		2,684,000		2,609,934
Oracle Corp.,
3.60%, 04/01/2050		325,000		229,047
ServiceNow, Inc.,
1.40%, 09/01/2030		1,894,000		1,519,944
				4,358,925
Technology Hardware & Equipment—1.9%
Apple, Inc.,
1.80%, 09/11/2024		2,818,000		2,768,448

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

34

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Cisco Systems, Inc.
4.85%, 02/26/2029	$	890,000	$	891,624
4.95%, 02/26/2031		750,000		750,591
5.05%, 02/26/2034(a)		765,000		770,344
5.30%, 02/26/2054		260,000		263,356
				5,444,363
Telecommunication Services—2.0%
AT&T, Inc.,
3.50%, 09/15/2053		565,000		388,750
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25%, 02/01/2031(b)		258,000		207,751
4.50%, 05/01/2032(a)		375,000		296,615
Frontier Communications Holdings LLC
5.88%, 10/15/2027(b)		420,000		406,267
5.00%, 05/01/2028(a)(b)		95,000		88,018
Sprint Capital Corp.,
8.75%, 03/15/2032		1,465,000		1,770,493
T-Mobile USA, Inc.
3.00%, 02/15/2041		871,000		629,488
4.50%, 04/15/2050		480,000		406,471
3.30%, 02/15/2051		260,000		178,916
6.00%, 06/15/2054(a)		610,000		639,313
Verizon Communications, Inc.
4.33%, 09/21/2028		359,000		348,600
5.05%, 05/09/2033(a)		495,000		490,367
				5,851,049
Transportation—0.3%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.,
6.50%, 06/20/2027(b)		126,000		126,135
United Airlines Pass Through Trust,
Series 2020-1, 5.88%, 10/15/2027		601,966		608,393
				734,528
Utilities—2.4%
Calpine Corp.,
4.50%, 02/15/2028(b)		545,000		513,892
DTE Energy Co.,
3.40%, 06/15/2029		452,000		414,119
Eversource Energy,
5.50%, 01/01/2034		450,000		445,669
NextEra Energy Capital Holdings, Inc.,
5.25%, 02/28/2053		535,000		499,300
Northern Natural Gas Co.,
5.63%, 02/01/2054(b)		165,000		167,279
NRG Energy, Inc.
3.63%, 02/15/2031(a)(b)		395,000		332,566
10.25% to 03/15/2028 then 5 yr. CMT Rate + 5.92%, Perpetual(b)		165,000		175,211
Pacific Gas and Electric Co.
6.40%, 06/15/2033		390,000		405,791
6.95%, 03/15/2034		595,000		643,700
4.95%, 07/01/2050		455,000		386,843
PPL Electric Utilities Corp.,
4.85%, 02/15/2034		245,000		238,722

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

35

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Southern Co.,
5.20%, 06/15/2033	$	1,915,000	$	1,886,885
Tampa Electric Co.,
4.90%, 03/01/2029		516,000		513,585
Vistra Operations Co. LLC,
4.38%, 05/01/2029(a)(b)		230,000		210,049
				6,833,611
TOTAL CORPORATE BONDS (Cost $106,062,345)				102,207,389
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—31.5%
Fannie Mae Connecticut Avenue Securities
Series 2021-R03, Class 1M2, 6.97% (30 day avg SOFR US + 1.65%), 12/25/2041(b)		1,201,000		1,206,944
Series 2022-R01, Class 1M2, 7.22% (30 day avg SOFR US + 1.90%), 12/25/2041(b)		915,000		922,522
Series 2022-R02, Class 2M2, 8.32% (30 day avg SOFR US + 3.00%), 01/25/2042(b)		555,000		569,992
Series 2022-R03, Class 1M2, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(b)		1,065,000		1,119,826
Series 2022-R07, Class 1M2, 9.97% (30 day avg SOFR US + 4.65%), 06/25/2042(b)		1,005,000		1,093,647
Series 2023-R02, Class 1M1, 7.62% (30 day avg SOFR US + 2.30%), 01/25/2043(b)		117,653		120,310
Federal Home Loan Mortgage Corp.
Pool A86315, 4.50%, 05/01/2039		12,652		12,363
Pool A86521, 4.50%, 05/01/2039		25,794		25,205
Pool A93617, 4.50%, 08/01/2040		2,259		2,207
Pool G07459, 3.50%, 08/01/2043		12,027		11,006
Pool G07961, 3.50%, 03/01/2045		16,098		14,678
Pool G08541, 3.50%, 08/01/2043		20,996		19,200
Pool G08636, 3.50%, 04/01/2045		18,892		17,168
Pool G08659, 3.50%, 08/01/2045		51,438		46,697
Pool G08676, 3.50%, 11/01/2045		22,558		20,478
Pool G08681, 3.50%, 12/01/2045		16,720		15,179
Pool G08693, 3.50%, 03/01/2046		3,730		3,386
Pool G08702, 3.50%, 04/01/2046		38,045		34,538
Pool G08706, 3.50%, 05/01/2046		17,555		15,937
Pool G08708, 4.50%, 05/01/2046		23,772		23,111
Pool G08735, 4.50%, 10/01/2046		33,394		32,418
Pool G08741, 3.00%, 01/01/2047		697,048		609,833
Pool G08743, 4.00%, 01/01/2047		30,063		28,336
Pool G08759, 4.50%, 04/01/2047		11,447		11,103
Pool G08779, 3.50%, 09/01/2047		151,597		137,531
Pool G08785, 4.00%, 10/01/2047		78,288		73,102
Pool G08800, 3.50%, 02/01/2048		89,680		81,411
Pool G14953, 3.50%, 01/01/2029		10,701		10,408
Pool G60030, 3.50%, 07/01/2043		56,642		51,864
Pool G60480, 4.50%, 11/01/2045		8,946		8,699
Pool G61228, 4.00%, 08/01/2047		99,125		93,529
Pool G61281, 3.50%, 01/01/2048		65,721		59,661
Pool G61467, 4.00%, 11/01/2047		98,728		92,184
Pool G61631, 3.50%, 11/01/2047		136,620		124,030
Pool G67710, 3.50%, 03/01/2048		124,979		113,921
Pool Q00285, 4.50%, 04/01/2041		3,268		3,193
Pool Q00876, 4.50%, 05/01/2041		20,723		20,249
Pool Q02173, 4.50%, 07/01/2041		15,307		14,957
Pool Q11348, 3.50%, 09/01/2042		27,714		25,379
Pool Q18305, 3.50%, 05/01/2043		10,905		9,975
Pool Q19475, 3.50%, 06/01/2043		18,553		16,966
Pool Q20780, 3.50%, 08/01/2043		22,649		20,723

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

36

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool Q20857, 3.50%, 08/01/2043	$	14,572	$	13,376
Pool Q26513, 4.50%, 06/01/2044		11,207		10,951
Pool Q35225, 3.50%, 08/01/2045		9,172		8,326
Pool Q39434, 3.50%, 03/01/2046		3,534		3,212
Pool Q39644, 3.50%, 03/01/2046		77,736		70,572
Pool Q40375, 3.50%, 05/01/2046		25,809		23,430
Pool Q40718, 3.50%, 05/01/2046		108,550		98,545
Pool Q41208, 3.50%, 06/01/2046		54,803		49,853
Pool Q45219, 3.50%, 01/01/2045		76,036		69,289
Pool Q46279, 3.50%, 02/01/2047		41,884		38,023
Pool Q46539, 4.50%, 03/01/2047		3,349		3,224
Pool Q49100, 4.00%, 07/01/2047		65,756		61,536
Pool Q49394, 4.50%, 07/01/2047		46,665		45,280
Pool Q50035, 3.50%, 08/01/2047		53,281		48,369
Pool Q52319, 3.50%, 11/01/2047		117,641		106,795
Pool Q54463, 4.00%, 02/01/2048		47,472		44,626
Pool QA8311, 3.00%, 03/01/2050		176,005		153,687
Pool QB2682, 2.50%, 08/01/2050		123,510		102,354
Pool QB4785, 2.50%, 10/01/2050		175,432		145,309
Pool QB6037, 2.50%, 11/01/2050		130,618		108,163
Pool QC0945, 2.50%, 04/01/2051		750,395		620,492
Pool QC3907, 2.50%, 07/01/2051		398,731		331,861
Pool QC4235, 2.50%, 07/01/2051		643,476		535,564
Pool QC5978, 2.50%, 08/01/2051		567,697		469,735
Pool QC6209, 2.50%, 08/01/2051		346,978		288,360
Pool QC8520, 2.50%, 10/01/2051		257,251		212,037
Pool QE6058, 4.50%, 07/01/2052		809,569		766,818
Pool QF4848, 6.00%, 12/01/2052		586,276		590,035
Pool QF6551, 5.50%, 01/01/2053		578,755		573,165
Pool QF7085, 5.50%, 02/01/2053		926,734		918,444
Pool RA2970, 2.50%, 07/01/2050		162,390		134,443
Pool RA3484, 3.00%, 09/01/2050		241,552		208,748
Pool RA4527, 2.50%, 02/01/2051		258,350		213,945
Pool RA5855, 2.50%, 09/01/2051		481,811		397,601
Pool RA6686, 4.00%, 01/01/2052		204,869		188,725
Pool SD0035, 3.00%, 04/01/2047		415,272		365,219
Pool SD0298, 3.00%, 11/01/2048		294,781		259,238
Pool SD0780, 2.50%, 12/01/2051		454,985		378,050
Pool SD1117, 4.50%, 06/01/2052		273,033		259,292
Pool SD1576, 5.00%, 08/01/2052		834,295		810,172
Pool SD1709, 5.50%, 09/01/2052		709,417		703,768
Pool SD1719, 5.50%, 10/01/2052		816,135		808,991
Pool SD1803, 5.50%, 09/01/2052		291,862		289,805
Pool SD1883, 4.00%, 06/01/2052		601,414		554,297
Pool SD1913, 5.00%, 11/01/2052		382,419		372,160
Pool SD2174, 6.00%, 01/01/2053		528,784		531,820
Pool SD2913, 5.50%, 05/01/2053		630,558		625,597
Pool SD3010, 5.50%, 06/01/2053		451,923		448,367
Pool SD3136, 5.50%, 06/01/2053		124,851		124,127
Pool SD3392, 5.50%, 07/01/2053		315,887		313,515
Pool SD4712, 4.50%, 12/01/2052		242,100		229,324
Pool SD8005, 3.50%, 08/01/2049		528,837		477,331
Pool SD8013, 4.50%, 09/01/2049		72,868		69,868
Pool SD8068, 3.00%, 06/01/2050		487,393		422,574
Pool SD8074, 3.00%, 07/01/2050		71,527		61,924

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

37

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool SD8084, 3.00%, 08/01/2050	$	209,098	$	180,766
Pool SD8086, 4.00%, 08/01/2050		144,609		134,261
Pool SD8098, 2.00%, 10/01/2050		2,176,828		1,725,664
Pool SD8122, 2.50%, 01/01/2051		374,520		310,134
Pool SD8129, 2.50%, 02/01/2051		504,163		417,533
Pool SD8135, 2.50%, 03/01/2051		180,221		149,359
Pool SD8147, 2.50%, 05/01/2051		423,915		350,353
Pool SD8167, 2.50%, 09/01/2051		537,911		444,120
Pool SD8233, 5.00%, 07/01/2052		614,673		597,043
Pool SD8258, 5.00%, 10/01/2052		634,844		616,161
Pool SD8268, 5.50%, 11/01/2052		360,961		358,527
Pool SD8289, 5.50%, 01/01/2053		599,384		594,086
Pool SD8290, 6.00%, 01/01/2053		363,685		365,796
Pool SD8300, 5.50%, 02/01/2053		864,271		856,231
Pool SD8309, 6.00%, 03/01/2053		552,292		555,330
Pool SD8316, 5.50%, 04/01/2053		301,444		298,441
Pool SD8329, 5.00%, 06/01/2053		620,921		602,517
Pool SD8368, 6.00%, 10/01/2053		366,516		368,229
Pool SI2009, 3.00%, 10/01/2049		350,979		304,593
Pool V83204, 4.50%, 05/01/2047		27,177		26,177
Pool ZA5250, 4.00%, 01/01/2048		162,896		152,148
Pool ZA7141, 3.00%, 06/01/2049		55,720		48,338
Pool ZM1590, 3.00%, 08/01/2046		470,865		410,731
Pool ZM4908, 3.50%, 11/01/2047		188,225		170,623
Pool ZM6197, 4.00%, 04/01/2048		407,992		384,135
Pool ZN2103, 4.50%, 12/01/2048		29,732		28,581
Pool ZS9972, 3.00%, 03/01/2042		645,799		577,810
Series 4121, Class DS, 0.76% (-1 x 30 day avg SOFR US + 6.09%), 10/15/2042(d)(e)		786,568		81,726
Series 4122, Class IO, 4.00%, 10/15/2042(d)		847,461		150,341
Series 4159, Class KS, 0.71% (-1 x 30 day avg SOFR US + 6.04%), 01/15/2043(d)(e)		1,593,621		190,848
Series 4385, Class IA, 4.50%, 09/15/2044(d)		167,058		33,572
Series 4459, Class IB, 4.00%, 08/15/2043(d)		1,753,352		303,061
Series 4572, Class SA, 0.61% (-1 x 30 day avg SOFR US + 5.94%), 04/15/2046(d)(e)		371,849		39,923
Series 4583, Class ST, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 05/15/2046(d)(e)		387,021		36,295
Series 4616, Class MS, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 09/15/2046(d)(e)		920,697		104,620
Series 4623, Class MS, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 10/15/2046(d)(e)		824,933		85,149
Series 4648, Class SA, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 01/15/2047(d)(e)		346,319		40,061
Series 5013, Class ID, 3.00%, 09/25/2050(d)		2,269,661		284,617
Series K098, Class XAM, 1.39%, 08/25/2029(d)(f)		1,985,000		127,842
Federal National Mortgage Association
0.00%, 07/15/2037(g)		1,370,000		721,022
Pool 890310, 4.50%, 12/01/2040		5,243		5,116
Pool AB1389, 4.50%, 08/01/2040		22,616		22,068
Pool AB3000, 4.50%, 05/01/2031		6,726		6,635
Pool AB3194, 4.50%, 06/01/2041		5,991		5,846
Pool AB9046, 3.50%, 04/01/2043		34,470		31,512
Pool AE0954, 4.50%, 02/01/2041		18,426		17,979
Pool AE8714, 3.50%, 11/01/2040		8,755		8,043
Pool AH7395, 4.50%, 06/01/2041		719		702
Pool AJ6346, 3.50%, 12/01/2041		14,287		13,101
Pool AJ9278, 3.50%, 12/01/2041		4,385		4,019
Pool AK6568, 3.50%, 04/01/2042		17,505		16,026
Pool AK9393, 3.50%, 04/01/2042		8,816		8,076
Pool AL0065, 4.50%, 04/01/2041		8,825		8,611

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

38

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool AL1547, 4.50%, 11/01/2041	$	3,613	$	3,526
Pool AL3714, 3.50%, 01/01/2043		12,593		11,511
Pool AL4029, 4.50%, 04/01/2042		25,006		24,400
Pool AL4450, 4.50%, 12/01/2043		10,353		10,051
Pool AL6223, 4.50%, 08/01/2044		12,583		12,216
Pool AL7306, 4.50%, 09/01/2042		14,468		13,974
Pool AL8219, 4.00%, 02/01/2046		161,349		153,130
Pool AL8387, 4.00%, 03/01/2046		419,702		395,449
Pool AL9879, 3.50%, 02/01/2047		1,292,612		1,171,856
Pool AO1214, 3.50%, 04/01/2042		47,232		43,293
Pool AS1333, 4.50%, 12/01/2043		9,008		8,745
Pool AS2516, 4.50%, 05/01/2044		11,012		10,690
Pool AS2751, 4.50%, 06/01/2044		13,982		13,573
Pool AS6311, 3.50%, 12/01/2045		14,494		13,141
Pool AS6464, 3.50%, 01/01/2046		20,070		18,284
Pool AS7001, 3.00%, 04/01/2041		448,514		401,363
Pool AS7200, 4.50%, 05/01/2046		6,257		6,066
Pool AS7388, 3.50%, 06/01/2046		406,596		370,180
Pool AS8056, 3.00%, 10/01/2046		52,112		45,553
Pool AS8269, 3.00%, 11/01/2046		66,708		58,615
Pool AS8700, 4.50%, 01/01/2047		21,093		20,455
Pool AS8982, 4.50%, 03/01/2047		6,958		6,733
Pool AS9536, 3.50%, 05/01/2047		36,491		33,081
Pool AS9829, 3.50%, 06/01/2047		31,407		28,473
Pool AS9831, 4.00%, 06/01/2047		48,139		45,268
Pool AT1001, 3.50%, 04/01/2043		13,635		12,492
Pool AU0949, 3.50%, 08/01/2043		26,998		24,717
Pool AU4658, 4.50%, 09/01/2043		5,305		5,117
Pool AZ0814, 3.50%, 07/01/2045		23,379		21,224
Pool AZ0862, 3.50%, 07/01/2045		40,429		36,690
Pool AZ4775, 3.50%, 10/01/2045		10,039		9,104
Pool BE3702, 4.00%, 06/01/2047		42,507		39,850
Pool BJ0648, 3.50%, 03/01/2048		40,591		36,798
Pool BK3044, 2.50%, 09/01/2050		301,296		249,737
Pool BM1953, 3.50%, 08/01/2045		50,047		45,798
Pool BM3590, 3.50%, 03/01/2048		75,502		68,446
Pool BM3900, 4.00%, 04/01/2048		79,852		74,898
Pool BM3932, 3.50%, 10/01/2046		73,378		66,523
Pool BM5024, 3.00%, 11/01/2048		49,943		43,542
Pool BM5179, 3.00%, 07/01/2047		60,904		53,264
Pool BO8947, 3.00%, 01/01/2050		73,622		63,926
Pool BP6466, 3.00%, 07/01/2050		171,781		148,481
Pool BP6481, 4.50%, 07/01/2050		29,229		27,978
Pool BP6716, 2.50%, 09/01/2050		310,878		257,550
Pool BQ0239, 2.50%, 08/01/2050		169,009		141,477
Pool BR1269, 2.50%, 01/01/2051		636,367		532,110
Pool BR7795, 2.50%, 04/01/2051		636,586		526,199
Pool BT0417, 2.50%, 06/01/2051		270,301		223,260
Pool BT3273, 2.50%, 08/01/2051		693,361		577,054
Pool BV2558, 5.00%, 06/01/2052		575,461		558,952
Pool BV2623, 4.50%, 07/01/2052		197,086		186,690
Pool BV4139, 2.50%, 03/01/2052		194,122		160,800
Pool BV7959, 5.00%, 08/01/2052		655,679		636,924
Pool BW0036, 4.50%, 07/01/2052		364,416		348,291

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

39

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool BW1201, 5.00%, 09/01/2052	$	716,901	$	696,228
Pool BW6232, 5.00%, 09/01/2052		842,436		818,012
Pool CA0062, 4.00%, 07/01/2047		33,649		31,618
Pool CA0559, 4.50%, 10/01/2047		44,996		43,454
Pool CA1218, 4.50%, 02/01/2048		31,209		30,097
Pool CA1535, 3.50%, 02/01/2048		20,316		18,418
Pool CA1710, 4.50%, 05/01/2048		54,626		52,551
Pool CA2922, 3.00%, 12/01/2048		165,794		144,493
Pool CA2929, 3.50%, 12/01/2045		77,466		70,231
Pool CA3683, 4.50%, 06/01/2049		43,793		42,052
Pool CA4140, 3.00%, 02/01/2048		56,986		49,706
Pool CA4571, 4.00%, 11/01/2049		334,587		310,432
Pool CA5519, 3.00%, 04/01/2050		67,674		58,558
Pool CA5559, 3.50%, 04/01/2050		526,870		475,988
Pool CA5843, 3.00%, 04/01/2047		105,111		92,827
Pool CA6086, 3.00%, 06/01/2050		1,012,387		875,382
Pool CB1027, 2.50%, 07/01/2051		243,710		201,246
Pool CB1038, 2.50%, 07/01/2051		292,972		242,650
Pool CB4404, 5.00%, 08/01/2052		654,212		635,346
Pool CB6201, 6.00%, 05/01/2053		788,459		793,225
Pool FM1000, 3.00%, 04/01/2047		188,378		164,668
Pool FM1051, 4.50%, 05/01/2049		126,181		121,378
Pool FM1370, 3.00%, 04/01/2046		29,320		26,012
Pool FM1467, 3.00%, 12/01/2047		59,427		52,335
Pool FM1572, 3.00%, 09/01/2048		188,328		164,585
Pool FM2239, 3.00%, 12/01/2048		101,449		88,617
Pool FM2385, 3.00%, 09/01/2048		113,866		99,295
Pool FM2897, 3.00%, 02/01/2048		186,328		163,658
Pool FM2915, 3.00%, 11/01/2048		409,976		359,140
Pool FM3619, 4.50%, 01/01/2050		81,353		77,491
Pool FM4019, 3.50%, 10/01/2047		378,145		341,847
Pool FM4334, 3.00%, 04/01/2050		159,850		138,666
Pool FM4894, 4.00%, 03/01/2047		403,692		380,209
Pool FM4895, 4.00%, 06/01/2049		333,945		313,756
Pool FM5108, 3.50%, 11/01/2048		531,760		482,080
Pool FM5316, 2.00%, 12/01/2050		172,501		136,894
Pool FM7189, 2.50%, 05/01/2051		458,938		382,600
Pool FM7475, 4.50%, 10/01/2050		19,272		18,533
Pool FM7592, 3.50%, 03/01/2050		512,031		462,944
Pool FM7738, 2.50%, 06/01/2051		453,498		375,520
Pool FM8178, 2.50%, 07/01/2051		761,476		628,640
Pool FM8360, 2.50%, 08/01/2051		328,905		274,041
Pool FM9143, 4.50%, 09/01/2050		117,064		112,428
Pool FS0121, 2.00%, 01/01/2052		533,529		423,381
Pool FS1550, 2.50%, 07/01/2051		320,410		265,513
Pool FS2603, 4.50%, 08/01/2052		259,107		245,440
Pool FS3642, 5.00%, 11/01/2052		322,086		312,674
Pool FS4357, 5.50%, 04/01/2053		516,666		512,545
Pool FS6288, 5.50%, 10/01/2053		59,395		58,977
Pool MA0096, 4.50%, 06/01/2029		2,098		2,067
Pool MA0510, 4.50%, 09/01/2040		231		225
Pool MA1926, 4.50%, 06/01/2044		10,720		10,406
Pool MA2872, 4.50%, 01/01/2047		56,360		54,598
Pool MA2959, 3.50%, 04/01/2047		71,118		64,330

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

40

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool MA3008, 4.50%, 05/01/2047	$	14,061	$	13,509
Pool MA3121, 4.00%, 09/01/2047		447,775		419,804
Pool MA3210, 3.50%, 12/01/2047		97,207		87,944
Pool MA3278, 4.50%, 02/01/2048		186,374		179,177
Pool MA4121, 3.00%, 09/01/2050		501,887		433,812
Pool MA4160, 3.00%, 10/01/2050		422,064		364,553
Pool MA4170, 4.50%, 10/01/2050		242,157		232,892
Pool MA4208, 2.00%, 12/01/2050		2,241,117		1,773,330
Pool MA4256, 2.50%, 02/01/2051		625,407		517,864
Pool MA4282, 2.50%, 03/01/2051		396,642		328,411
Pool MA4306, 2.50%, 04/01/2051		257,289		212,875
Pool MA4325, 2.00%, 05/01/2051		653,035		515,808
Pool MA4356, 2.50%, 06/01/2051		851,049		703,294
Pool MA4378, 2.00%, 07/01/2051		616,778		486,143
Pool MA4399, 2.50%, 08/01/2051		2,211,487		1,826,615
Pool MA4626, 4.00%, 06/01/2052		653,417		601,801
Pool MA4785, 5.00%, 10/01/2052		674,282		654,838
Pool MA4842, 5.50%, 12/01/2052		1,047,157		1,038,621
Pool MA4918, 5.00%, 02/01/2053		1,277,130		1,239,971
Pool MA4919, 5.50%, 02/01/2053		594,252		588,509
Pool MA5073, 6.00%, 07/01/2053		514,553		517,143
Pool MA5108, 6.00%, 08/01/2053		505,993		508,553
Pool MA5138, 5.50%, 09/01/2053		361,541		357,820
Pool MA5217, 6.50%, 12/01/2053		313,527		319,225
Series 2012-68, Class SL, 0.61% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2042(d)(e)		1,263,398		142,298
Series 2012-70, Class HS, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 07/25/2042(d)(e)		790,290		92,971
Series 2013-18, Class PS, 0.66% (-1 x 30 day avg SOFR US + 5.99%), 03/25/2043(d)(e)		960,343		100,130
Series 2013-6, Class SB, 0.66% (-1 x 30 day avg SOFR US + 5.99%), 02/25/2043(d)(e)		855,953		101,452
Series 2014-90, Class SA, 0.71% (-1 x 30 day avg SOFR US + 6.04%), 01/25/2045(d)(e)		1,439,944		174,887
Series 2015-32, Class SA, 0.76% (-1 x 30 day avg SOFR US + 6.09%), 05/25/2045(d)(e)		855,453		97,394
Series 2016-40, Class SA, 0.41% (-1 x 30 day avg SOFR US + 5.74%), 07/25/2046(d)(e)		559,780		55,674
Series 2017-C06, Class 2M2, 8.24% (30 day avg SOFR US + 2.91%), 02/25/2030		873,306		906,757
Series 2017-C07, Class 1M2, 7.84% (30 day avg SOFR US + 2.51%), 05/25/2030		407,745		417,281
Series 2018-7, Class CI, 4.00%, 02/25/2048(d)		1,043,293		202,324
Series 2018-C04, Class 2M2, 7.99% (30 day avg SOFR US + 2.66%), 12/25/2030		764,370		793,179
Series 2020-52, Class GI, 4.50%, 08/25/2050(d)		939,947		210,740
Series 418, Class C24, 4.00%, 08/25/2043(d)		1,140,180		208,858
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-HQA3, Class M2, 7.79% (30 day avg SOFR US + 2.46%), 04/25/2030		571,609		588,613
Series 2018-DNA1, Class M2, 7.24% (30 day avg SOFR US + 1.91%), 07/25/2030		247,068		249,940
Series 2021-DNA7, Class M2, 7.12% (30 day avg SOFR US + 1.80%), 11/25/2041(b)		473,000		476,930
Series 2021-HQA2, Class M2, 7.37% (30 day avg SOFR US + 2.05%), 12/25/2033(b)		385,000		389,958
Series 2022-DNA2, Class M1B, 7.72% (30 day avg SOFR US + 2.40%), 02/25/2042(b)		990,000		1,012,011
Series 2022-DNA3, Class M1B, 8.22% (30 day avg SOFR US + 2.90%), 04/25/2042(b)		1,162,000		1,204,428
Series 2022-HQA1, Class M1B, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(b)		309,000		323,513
Ginnie Mae II Pool
Pool MA0699, 3.50%, 01/20/2043		21,342		19,716
Pool MA0783, 3.50%, 02/20/2043		29,182		26,965
Pool MA0934, 3.50%, 04/20/2043		20,668		19,100
Pool MA3663, 3.50%, 05/20/2046		35,465		32,523
Pool MA3803, 3.50%, 07/20/2046		13,827		12,677
Pool MA4510, 3.50%, 06/20/2047		55,964		51,277
Pool MA4586, 3.50%, 07/20/2047		77,214		70,785
Pool MA4652, 3.50%, 08/20/2047		52,095		47,720

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

41

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool MA4900, 3.50%, 12/20/2047	$	39,184	$	35,881
Pool MA6542, 3.50%, 03/20/2050		208,232		190,326
Pool MA6600, 3.50%, 04/20/2050		15,607		14,260
Pool MA7193, 2.50%, 02/20/2051		262,751		222,963
Pool MA7254, 2.00%, 03/20/2051		268,871		219,117
Pool MA7255, 2.50%, 03/20/2051		654,279		555,067
Pool MA7311, 2.00%, 04/20/2051		572,688		466,600
Pool MA7312, 2.50%, 04/20/2051		723,672		613,710
Pool MA7472, 2.50%, 07/20/2051		367,479		311,543
Pool MA8099, 3.50%, 06/20/2052		90,097		81,531
Pool MA8269, 5.00%, 09/20/2052		594,526		581,504
Pool MA8428, 5.00%, 11/20/2052		420,513		411,111
Pool MA8429, 5.50%, 11/20/2052		481,893		479,507
Pool MA8492, 6.00%, 12/20/2052		393,043		395,388
Pool MA8569, 5.00%, 01/20/2053		449,651		439,618
Pool MA8570, 5.50%, 01/20/2053		326,904		325,121
Pool MA8725, 5.00%, 03/20/2053		335,823		328,409
Pool MA8801, 5.50%, 04/20/2053		429,573		427,034
Pool MA8946, 4.50%, 06/20/2053		417,002		398,510
Pool MA8948, 5.50%, 06/20/2053		488,122		485,275
Pool MA9018, 6.00%, 07/20/2053		415,417		417,804
Pool MA9107, 6.00%, 08/20/2053		1,294,443		1,301,882
Pool MA9242, 6.00%, 10/20/2053		163,499		164,439
HUD Office of the Secretary
Series 2013-23, Class IT, 3.50%, 02/20/2043(d)		959,541		137,747
Series 2015-162, Class SA, 1.32% (-1 x 1 mo. Term SOFR + 6.64%), 11/20/2045(d)(e)		797,238		111,747
Series 2018-7, Class SA, 0.77% (-1 x 1 mo. Term SOFR + 6.09%), 01/20/2048(d)(e)		854,469		92,243
Series 2020-107, Class AB, 1.00%, 07/20/2050		937,203		702,888
Series 2020-112, Class KA, 1.00%, 08/20/2050		817,354		612,077
Series 2020-173, Class MI, 2.50%, 11/20/2050(d)		2,077,561		282,567
Series 2021-103, Class HE, 2.00%, 06/20/2051		700,639		572,849
Series 2021-116, Class IA, 2.50%, 06/20/2051(d)		2,307,647		310,204
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $99,182,292)				90,805,756
ASSET-BACKED SECURITIES—11.8%
37 Capital CLO I,
Series 2021-1A, Class A, 6.78% (3 mo. Term SOFR + 1.46%), 10/15/2034(b)		1,000,000		1,002,283
Amur Equipment Finance Receivables LLC,
Series 2022-2A, Class A2, 5.30%, 06/21/2028(b)		172,379		172,119
Angel Oak Mortgage Trust LLC,
Series 2022-5, Class A1, 4.50%, 05/25/2067(b)(h)		465,486		450,964
Aqua Finance Trust,
Series 2021-A, Class A, 1.54%, 07/17/2046(b)		369,413		329,483
Avis Budget Car Rental LLC
Series 2020-2A, Class B, 2.96%, 02/20/2027(b)		601,000		569,410
Series B, Class B, 5.85%, 06/20/2030(b)		424,000		423,941
Series C, Class C, 6.24%, 04/20/2027(b)		390,000		390,333
Blackstone, Inc.,
Series 2017-1A, Class A1R, 6.62% (3 mo. Term SOFR + 1.30%), 04/20/2034(b)		500,000		500,607
BlueMountain CLO Ltd.,
Series 2013-2A, Class A1R, 6.76% (3 mo. Term SOFR + 1.44%), 10/22/2030(b)		211,723		212,221
CC Towers Guarantor LLC,
4.24%, 07/15/2028(b)		439,000		418,408

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

42

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Cedar Funding Ltd.,
Series 2016-6A, Class ARR, 6.63% (3 mo. Term SOFR + 1.31%), 04/20/2034(b)	$	1,480,000	$	1,479,763
Compass Datacenters LLC
Series 2024-1A, Class A1, 5.25%, 02/25/2049(b)		460,000		446,998
Series 2024-1A, Class A2, 5.75%, 02/25/2049(b)(i)		290,000		285,967
CyrusOne Data Centers Issuer I LLC
Series 2023-1A, Class A2, 4.30%, 04/20/2048(b)		332,000		308,051
Series 2023-2A, Class A2, 5.56%, 11/20/2048(b)		496,000		472,629
Dryden Senior Loan Fund,
Series 2019-75A, Class AR2, 6.62% (3 mo. Term SOFR + 1.30%), 04/15/2034(b)		850,000		848,810
Fort Washington CLO,
Series 2021-2A, Class A, 6.80% (3 mo. Term SOFR + 1.48%), 10/20/2034(b)		2,000,000		2,004,068
Frontier Issuer LLC,
Series 2023-1, Class A2, 6.60%, 08/20/2053(b)		691,000		697,049
GCAT
Series 2019-NQM3, Class A1, 3.69%, 11/25/2059(b)(j)		91,493		86,359
Series 2021-NQM5, Class A1, 1.26%, 07/25/2066(b)(j)		456,796		363,772
IPFS Corp.,
Series 2022-C, Class A, 3.89%, 05/15/2027(b)		525,000		515,377
JP Morgan Mortgage Trust
Series 2024-HE1, Class A1, 6.82% (30 day avg SOFR US + 1.50%), 08/25/2054(b)		606,000		607,515
Series A-1, Class A1, 6.92% (30 day avg SOFR US + 1.60%), 05/25/2054(b)		391,231		393,615
Series FLT, Class A6A, 6.00%, 08/25/2054(b)(j)		593,000		590,753
JPMorgan Chase Bank NA,
Series 2021-3, Class B, 0.76%, 02/26/2029(b)		425,547		412,199
Kubota Credit Owner Trust
Series 2023-2A, Class A3, 5.28%, 01/18/2028(b)		332,000		333,341
Series A-3, Class A3, 5.19%, 07/17/2028(b)(i)		616,000		615,988
Magnetite CLO Ltd.,
Series 2019-23A, Class AR, 6.72% (3 mo. Term SOFR + 1.39%), 01/25/2035(b)		1,000,000		1,000,497
Metronet Systems Holdings LLC,
Series 2022-1A, Class A2, 6.35%, 10/20/2052(b)		960,000		959,531
MMAF Equipment Finance LLC,
Series 2023-A, Class A3, 5.54%, 12/13/2029(b)		594,000		600,033
MVW Owner Trust
Series 2021-1WA, Class B, 1.44%, 01/22/2041(b)		205,815		191,128
Series 2021-2A, Class A, 1.43%, 05/20/2039(b)		498,747		460,595
Series 2021-2A, Class B, 1.83%, 05/20/2039(b)		406,922		376,540
Series 2022-1A, Class B, 4.40%, 11/21/2039(b)		189,623		183,660
Series 2023-1A, Class B, 5.42%, 10/20/2040(b)		436,586		432,308
Navient Student Loan Trust
Series 2021-BA, Class A, 0.94%, 07/15/2069(b)		882,326		767,745
Series 2021-CA, Class A, 1.06%, 10/15/2069(b)		663,769		577,318
Series 2021-EA, Class A, 0.97%, 12/16/2069(b)		1,176,770		1,010,807
Series 2021-FA, Class A, 1.11%, 02/18/2070(b)		429,377		364,847
OneMain Financial Issuance Trust
Series 2018-2A, Class A, 3.57%, 03/14/2033(b)		346,755		344,947
Series 2023-2A, Class A1, 5.84%, 09/15/2036(b)		820,000		833,708
RASC Trust,
Series 2005-KS12, Class M2, 6.13% (1 mo. Term SOFR + 0.57%), 01/25/2036		12,320		12,305
Santander Consumer USA Holdings, Inc.,
Series 2024-1, Class C, 5.45%, 03/15/2030		154,000		153,900
SBA Depositor LLC,
Series 2020-1-2, 2.33%, 01/15/2028(b)		618,000		542,439

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

43

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
SFS Auto Receivables Securitization Trust,
Series 2024-1, Class C, 5.51%, 01/20/2032(b)	$	182,000	$	182,257
Sierra Timeshare Conduit Receivables Funding LLC
Series 2019-2A, Class A, 2.59%, 05/20/2036(b)		189,711		187,761
Series 2020-2A, Class C, 3.51%, 07/20/2037(b)		228,880		221,681
Series 2021-2A, Class A, 1.35%, 09/20/2038(b)		163,314		153,041
Series 2023-3A, Class B, 6.44%, 09/20/2040(b)		767,897		777,475
SoFi Consumer Loan Program Trust,
Series 2023-1S, Class A, 5.81%, 05/15/2031(b)		121,311		121,243
Stack Infrastructure Issuer LLC,
Series 2023-3A, Class A2, 5.90%, 10/25/2048(b)		658,000		652,024
Starwood Mortgage Residential Trust
Series 2021-3, Class A1, 1.13%, 06/25/2056(b)(j)		520,605		423,972
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(j)		807,634		671,562
Towd Point Mortgage Trust
Series 2017-2, Class A2, 3.25%, 04/25/2057(b)(j)		325,523		318,914
Series 2017-3, Class A1, 2.75%, 07/25/2057(b)(j)		50,233		49,369
Series 2017-4, Class A1, 2.75%, 06/25/2057(b)(j)		75,685		72,774
Series 2017-5, Class A1, 5.91% (1 mo. Term SOFR + 0.71%), 02/25/2057(b)		89,314		90,733
Series 2022-4, Class A1, 3.75%, 09/25/2062(b)		1,345,005		1,249,689
Series 2024-CES2, Class A1A, 6.13%, 02/25/2064(b)(j)		648,000		646,801
TRESTLES CLO Ltd.
Series 2017-1A, Class A1R, 6.58% (3 mo. Term SOFR + 1.25%), 04/25/2032(b)		500,000		494,528
Series 2021-5A, Class A1, 6.75% (3 mo. Term SOFR + 1.43%), 10/20/2034(b)		1,000,000		1,000,300
Trinitas CLO Ltd.,
Series 2023-25A, Class A1, 7.18% (3 mo. Term SOFR + 1.85%), 01/23/2037(b)		2,000,000		2,017,388
Verus Securitization Trust
Series 2019-4, Class A1, 3.64%, 11/25/2059(b)(h)		31,571		30,645
Series 2021-3, Class A1, 1.05%, 06/25/2066(b)(j)		157,948		131,518
Series 2021-6, Class A1, 1.63%, 10/25/2066(b)(j)		548,685		461,132
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(h)		403,378		400,489
TOTAL ASSET-BACKED SECURITIES (Cost $35,016,215)				34,099,627
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—6.2%
American Tower Depositor Sub LLC,
Series 2023-1, 5.49%, 03/15/2028(b)		924,000		933,109
Angel Oak Mortgage Trust LLC,
Series 2019-6, Class A1, 2.62%, 11/25/2059(b)(f)		56,204		54,463
BANK-2021,
Series 2021-BN31, Class ASB, 1.74%, 02/15/2054		454,000		402,826
BANK-2022,
Series 2022-BNK39, Class A4, 2.93%, 02/15/2055(f)		179,000		153,581
BANK-2023
Series 2023-BNK45 B, Class B, 6.15%, 02/15/2056(f)		483,000		489,094
Series 2023-BNK45 C, Class C, 6.28%, 02/15/2056(f)		522,000		526,069
BBCMS Trust,
Series 2021-C11, Class XA, 1.37%, 09/15/2054(d)(f)		7,908,807		537,384
BB-UBS Trust,
Series 2012-SHOW, Class A, 3.43%, 11/05/2036(b)		900,000		867,824
Benchmark Mortgage Trust
Series 2020-B17, Class C, 3.37%, 03/15/2053(f)		470,000		351,410
Series 2021-B23, Class AAB, 1.77%, 02/15/2054		412,000		358,818
Series 2021-B26, Class XA, 0.88%, 06/15/2054(d)(f)		9,526,140		408,809
Series 2021-B31 C, Class C, 3.20%, 12/15/2054(f)		415,000		306,518
Series 2023-B40, Class A5, 6.05%, 12/15/2056		438,967		469,539

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

44

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Series 2023-B40, Class AS, 6.59%, 12/15/2056	$	403,000	$	435,688
Series 2023-B40, Class C, 7.39%, 12/15/2056(f)		269,000		280,361
BMO Mortgage Trust
Series 2023-C5, Class C, 6.63%, 06/15/2056(f)		180,000		184,249
Series 2023-C7, Class A5, 6.16%, 12/15/2056		280,000		301,447
Series 2024-5C3, Class B, 6.56%, 02/15/2057(f)		135,000		138,411
Series 2024-5C3, Class D, 4.00%, 02/15/2057(b)		127,000		102,987
BX Trust,
Series 2021-VOLT, Class D, 7.08% (1 mo. Term SOFR + 1.76%), 09/15/2036(b)		1,085,000		1,068,199
CAMB Commercial Mortgage Trust,
Series 2019-LIFE, Class B, 6.87% (1 mo. Term SOFR + 1.55%), 12/15/2037(b)		533,913		533,117
Chase Home Lending Mortgage Trust 2023-1,
Series 2024-2, Class A6A, 6.00%, 02/25/2055(b)(f)(i)		380,000		377,861
Citigroup Commercial Mortgage Trust
Series 2014-GC25, Class XA, 0.94%, 10/10/2047(d)(f)		1,242,955		2,157
Series 2015-GC27, Class XA, 1.30%, 02/10/2048(d)(f)		873,952		6,137
Series 2023-PRM3, Class C, 6.36%, 07/10/2028(b)(f)		244,000		240,551
Series 2023-SMRT, Class C, 5.85%, 10/12/2040(b)(f)		298,000		291,814
Commercial Mortgage Pass Through Certificates
Series 2012-CR4, Class AM, 3.25%, 10/15/2045		476,000		414,615
Series 2014-CR16, Class XA, 0.84%, 04/10/2047(d)(f)		754,929		36
Series 2014-CR17, Class XA, 0.81%, 05/10/2047(d)(f)		592,754		27
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		281,514		269,483
Series 2014-LC15, Class XA, 0.60%, 04/10/2047(d)(f)		22,194		1
Series 2014-UBS3, Class XA, 1.03%, 06/10/2047(d)(f)		662,530		39
Series 2014-UBS6, Class XA, 0.82%, 12/10/2047(d)(f)		1,302,991		3,377
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class B, 4.04%, 04/15/2050(f)		450,000		429,743
Series 2015-C2, Class XA, 0.71%, 06/15/2057(d)(f)		1,368,009		6,298
FIVE Mortgage Trust,
Series 2023-V1, Class C, 6.30%, 02/10/2056(f)		315,000		296,403
Great Wolf Trust 2024-WOLF,
Series 2024-WOLF, Class D, 8.19% (1 mo. Term SOFR + 2.89%), 03/15/2039(b)		305,000		305,894
GS Mortgage Securities Corp. II
Series 2014-GC26, Class XA, 0.90%, 11/10/2047(d)(f)		1,615,081		5,095
Series 2015-GC34, Class AAB, 3.28%, 10/10/2048		42,921		42,058
Series 2019-GC42, Class C, 3.69%, 09/10/2052(f)		449,000		366,412
Hilton USA Trust,
Series 2016-HHV, Class A, 3.72%, 11/05/2038(b)		283,000		268,434
JP Morgan Chase Commercial Mortgage Securities,
Series 2022-OPO, Class B, 3.38%, 01/05/2039(b)		501,000		422,488
MCR 2024-HTL MORTGAGE TRUST,
Series 2024-HTL, Class B, 7.71% (1 mo. Term SOFR + 2.41%), 02/15/2037(b)(i)		388,000		387,263
Morgan Stanley Capital I, Inc.
Series 2018-H4, Class C, 5.05%, 12/15/2051(f)		293,000		258,738
Series 2018-L1, Class B, 4.71%, 10/15/2051(f)		325,000		297,276
ONE Mortgage Trust,
Series TR, Class A, 6.13% (1 mo. Term SOFR + 0.81%), 03/15/2036(b)		500,000		487,375
Onslow Bay Mortgage Loan Trust,
Series 2021-NQM3, Class A1, 1.05%, 07/25/2061(b)(f)		699,513		544,394
ORL Trust,
Series 2023-GLKS, Class C, 8.97% (1 mo. Term SOFR + 3.65%), 10/19/2036(b)		619,000		621,966
Rithm Capital Corp.,
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(b)(f)		129,485		118,722

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

45

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Taubman Centers Commercial Mortgage Trust,
Series 2022-DPM, Class B, 8.25% (1 mo. Term SOFR + 2.93%), 05/15/2037(b)	$	1,045,000	$	1,047,104
UBS Commercial Mortgage Trust,
Series 2017-C4 AS, Class AS, 3.84%, 10/15/2050(f)		200,000		183,810
Wells Fargo Commercial Mortgage Trust
Series 2015-C29, Class A4, 3.64%, 06/15/2048		130,000		126,399
Series 2016-NXS6, Class C, 4.39%, 11/15/2049(f)		625,000		565,264
Series 2018-C48, Class A5, 4.30%, 01/15/2052		333,945		320,946
WFRBS Commercial Mortgage Trust
Series 2014-C22 AS, Class AS, 4.07%, 09/15/2057(f)		290,000		264,071
Series 2014-C22 XA, Class XA, 0.76%, 09/15/2057(d)(f)		2,639,692		4,546
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $19,880,194)				17,880,700
U.S. TREASURY OBLIGATIONS—5.8%
United States Treasury Inflation Indexed Bonds,
1.50%, 02/15/2053		1,377,627		1,204,560
United States Treasury Note/Bond
3.38%, 05/15/2033		1,180,000		1,101,018
4.00%, 02/15/2034		1,990,000		1,951,288
2.38%, 02/15/2042		2,005,000		1,473,988
4.75%, 11/15/2043		530,000		545,569
3.75%, 11/15/2043		395,000		354,266
3.38%, 05/15/2044		1,810,000		1,530,793
1.88%, 02/15/2051		960,000		574,950
2.00%, 08/15/2051		1,465,000		902,635
3.00%, 08/15/2052		1,855,000		1,434,509
3.63%, 05/15/2053		4,540,000		3,973,298
4.13%, 08/15/2053		975,000		933,715
4.75%, 11/15/2053		795,000		846,054
TOTAL U.S. TREASURY OBLIGATIONS (Cost $16,571,186)				16,826,643
FOREIGN CORPORATE BONDS—4.4%
Automobiles & Components—0.0%(k)
Jaguar Land Rover Automotive PLC,
5.50%, 07/15/2029(b)		85,000		81,800
Banks—1.5%
Banco Santander SA,
6.92%, 08/08/2033		1,000,000		1,039,274
HSBC Holdings PLC,
6.00% to 05/22/2027 then 5 Year Mid Swap Rate USD + 3.75%, Perpetual		710,000		673,563
Lloyds Banking Group PLC
4.98% to 08/11/2032 then 1 yr. CMT Rate + 2.30%, 08/11/2033		1,020,000		971,417
5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035(a)		1,110,000		1,098,537
UBS AG/London,
5.65%, 09/11/2028		585,000		596,333
				4,379,124
Consumer Services—0.3%
Carnival Corp.,
7.63%, 03/01/2026(a)(b)		495,000		501,801
Royal Caribbean Cruises Ltd.,
5.50%, 04/01/2028(b)		450,000		443,273
				945,074

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

46

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Energy—0.1%
Enbridge, Inc.,
5.70%, 03/08/2033	$	440,000	$	445,139
Financial Services—0.7%
Credit Suisse Group AG,
6.54% to 08/12/2032 then SOFR + 3.92%, 08/12/2033(b)		1,885,000		1,966,713
Management of Companies and Enterprises—0.2%
Enel Finance International NV,
7.75%, 10/14/2052(b)		525,000		629,310
Materials—0.1%
Hudbay Minerals, Inc.,
6.13%, 04/01/2029(a)(b)		215,000		211,194
Pharmaceuticals, Biotechnology & Life Sciences—0.3%
Pfizer Investment Enterprises Pte Ltd.,
5.34%, 05/19/2063		900,000		867,621
Telecommunication Services—0.2%
Vodafone Group PLC,
4.38%, 02/19/2043		610,000		513,861
Transportation—0.8%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(b)		157,500		156,221
Delta Air Lines, Inc. / SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		2,042,416		2,017,438
				2,173,659
Utilities—0.2%
National Grid PLC,
5.42%, 01/11/2034		600,000		585,902
TOTAL FOREIGN CORPORATE BONDS (Cost $12,732,723)				12,799,397
FOREIGN GOVERNMENT AGENCY ISSUES—1.6%
Asian Development Bank,
4.38%, 03/06/2029		1,205,000		1,206,845
European Investment Bank
4.00%, 02/15/2029		605,000		595,492
4.13%, 02/13/2034		575,000		564,272
Inter-American Development Bank,
4.13%, 02/15/2029		550,000		544,176
International Bank for Reconstruction & Development,
4.00%, 01/10/2031		1,025,000		999,391
Province of Manitoba Canada,
4.30%, 07/27/2033		645,000		627,017
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $4,585,275)				4,537,193
	Shares
EXCHANGE TRADED FUNDS—1.5%
iShares Core U.S. Aggregate Bond ETF(a)		43,734		4,257,505
TOTAL EXCHANGE TRADED FUNDS (Cost $4,367,739)				4,257,505

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

47

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
FOREIGN GOVERNMENT NOTE/BOND—1.4%
Colombia Government International Bond,
3.00%, 01/30/2030	$	570,000	$	468,083
Dominican Republic International Bond,
6.88%, 01/29/2026(b)		330,000		334,127
Hungary Government International Bond,
7.63%, 03/29/2041		360,000		412,415
Indonesia Government International Bond,
4.35%, 01/08/2027(b)		550,000		540,415
Mexico Government International Bond,
4.35%, 01/15/2047(a)		740,000		570,363
Province of Quebec,
4.50%, 09/08/2033		1,135,000		1,121,058
Republic of South Africa Government International Bond,
5.00%, 10/12/2046		150,000		102,042
Romanian Government International Bond,
6.13%, 01/22/2044(b)		505,000		481,190
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $4,531,710)				4,029,693
U.S. GOVERNMENT AGENCY ISSUES—0.1%
Tennessee Valley Authority,
5.25%, 09/15/2039		290,000		300,626
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $347,783)				300,626
	Shares
SHORT-TERM INVESTMENTS—9.4%
Investments Purchased with Collateral from Securities Lending—8.6%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(l)		24,644,555		24,644,555
Money Market Funds—0.8%
First American Government Obligations Fund—Class X, 5.29%(l)		2,241,861		2,241,861
TOTAL SHORT-TERM INVESTMENTS (Cost $26,886,416)				26,886,416
Total Investments—109.2% (Cost $330,163,878)				314,630,945
Liabilities in Excess of Other Assets—(9.2)%				(26,581,948	)
TOTAL NET ASSETS—100.0%			$	288,048,997

Percentages are stated as a percent of net assets.

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

AG	Aktiengesellschaft
CMT	Constant Maturity Treasury Rate
LIBOR	London Interbank Offered Rate
NV	Naamloze Vennootschap
PLC	Public Limited Company
SA	Sociedad Anónima
SOFR	Secured Overnight Financing Rate

(a) All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $24,137,545 which represented 8.4% of net assets.

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

48

PMC CORE FIXED INCOME FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $72,665,482 or 25.2% of the Fund’s net assets.

(c) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(d) Interest only security.

(e) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(f) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024.

(g) Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.

(h) Step coupon bond. The rate disclosed is as of February 29, 2024.

(i) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,667,079 or 0.5% of net assets as of February 29, 2024.

(j) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 29, 2024.

(k) Represents less than 0.05% of net assets.

(l) The rate shown represents the 7-day effective yield as of February 29, 2024.

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

49

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited)

	Shares		Value
COMMON STOCKS—74.2%
Automobiles & Components—3.2%
Aisin Corp.—ADR		27,908	$	1,051,155
Aston Martin Lagonda Global Holdings PLC—ADR(a)(b)		37,174		81,039
Bayerische Motoren Werke AG—ADR(b)		69,225		2,733,003
Bridgestone Corp.—ADR		18,241		390,175
BYD Co. Ltd.—ADR		4,243		209,519
Cie Generale des Etablissements Michelin SCA—ADR		33,866		625,505
Ford Motor Co.(b)		21,368		265,818
General Motors Co.(b)		13,661		559,828
Honda Motor Co. Ltd.—ADR(b)		112,687		4,010,531
Isuzu Motors Ltd.—ADR		24,418		349,177
Mazda Motor Corp.—ADR		267,647		1,547,000
Mercedes-Benz Group AG—ADR		86,180		1,714,982
Renault SA—ADR		96,599		805,636
Subaru Corp.—ADR(b)		135,236		1,517,348
Sumitomo Electric Industries Ltd.—ADR		25,477		376,805
Suzuki Motor Corp.—ADR		3,383		590,266
Tesla, Inc.(a)		7,353		1,484,424
Thor Industries, Inc.(b)		5,668		726,524
Toyota Motor Corp.—ADR(b)		14,421		3,468,972
Valeo SE—ADR		4,426		27,131
				22,534,838
Banks—3.3%
Akbank TAS—ADR		1		3
Banco Bilbao Vizcaya Argentaria SA—ADR		373,729		3,718,603
Banco de Chile—ADR		1,197		27,687
Banco do Brasil SA—ADR		58,086		674,378
Banco Macro SA—ADR		2		80
Banco Santander SA—ADR		703,824		2,892,717
Bank Hapoalim BM—ADR		6,906		329,762
Bank Mandiri Persero Tbk PT—ADR		19,720		352,495
Bank of East Asia Ltd.—ADR(b)		197,670		249,064
China Construction Bank Corp.—ADR		3,665		45,226
Credit Agricole SA—ADR		33,235		222,675
Erste Group Bank AG—ADR		23,923		477,503
First Citizens BancShares, Inc./NC—Class A		209		328,926
FNB Corp./PA(b)		5,793		77,279
Grupo Financiero Banorte SAB de CV—ADR		1,349		69,811
Grupo Financiero Galicia SA—ADR(b)		5,200		114,452
HSBC Holdings PLC—ADR(b)		118,938		4,659,991
Intesa Sanpaolo SpA—ADR(b)		28,251		539,594
JPMorgan Chase & Co.		24,285		4,518,467
KB Financial Group, Inc.—ADR		1,954		92,522
Mediobanca Banca di Credito Finanziario SpA—ADR		68,265		922,533
New York Community Bancorp, Inc.(b)		26,137		125,196
OFG Bancorp		7,117		257,778
Piraeus Financial Holdings SA—ADR(a)(b)		52,036		227,397
Sberbank of Russia PJSC—ADR(a)(c)		119,989		0
Shinhan Financial Group Co. Ltd.—ADR(b)		7,849		255,720
Sumitomo Mitsui Financial Group, Inc.—ADR		12,161		135,474
Turkiye Garanti Bankasi AS—ADR		90,424		189,890
UniCredit SpA—ADR(b)		102,689		1,712,852

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

50

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Woori Financial Group, Inc.—ADR(b)		3,159	$	107,374
				23,325,449
Capital Goods—8.0%
ACS Actividades de Construccion y Servicios SA—ADR(a)		218,122		1,795,145
Allison Transmission Holdings, Inc.		6,587		496,199
American Woodmark Corp.(a)		6,690		670,606
Apogee Enterprises, Inc.		5,813		332,562
Applied Industrial Technologies, Inc.		81		15,381
Astra International, Tbk PT—ADR		22,191		147,015
BAE Systems PLC—ADR(b)		8,218		524,637
Balfour Beatty PLC—ADR		56,705		489,648
Beacon Roofing Supply, Inc.(a)		6,054		519,978
Bidvest Group Ltd.—ADR		173		4,196
Boise Cascade Co.		4,349		591,073
Bouygues SA—ADR		95,432		750,668
Builders FirstSource, Inc.(a)		5,637		1,100,230
Bunzl PLC—ADR		853		34,036
Caterpillar, Inc.		6,253		2,088,252
Cie de Saint-Gobain SA—ADR		105,578		1,628,013
Comfort Systems USA, Inc.(b)		102		31,184
Core & Main, Inc.—Class A(a)		4,113		196,313
Daimler Truck Holding AG—ADR		4,283		87,459
Deere & Co.		109		39,790
EHang Holdings Ltd.—ADR(a)		2,552		27,536
Embraer SA—ADR(a)		13,932		271,535
EMCOR Group, Inc.		3,559		1,115,818
Emerson Electric Co.		8,746		934,511
Encore Wire Corp.		1,451		349,691
EnerSys		2,141		196,715
Esab Corp.		1,209		119,836
Ferguson PLC		8,731		1,846,170
General Electric Co.		17,406		2,730,827
Gibraltar Industries, Inc.(a)		2,040		157,998
GMS, Inc.(a)		8,112		724,483
Hitachi Ltd.—ADR		18,655		3,141,688
Hubbell, Inc.		3,042		1,157,998
Hyster-Yale Materials Handling, Inc.(b)		2,958		174,167
ITOCHU Corp.—ADR		15,398		1,335,315
JELD-WEN Holding, Inc.(a)(b)		10,961		199,490
Keppel Ltd.—ADR		50,166		532,954
Kingspan Group PLC—ADR		619		56,041
KOC Holding AS—ADR		4,880		128,566
Komatsu Ltd.—ADR		46,325		1,342,962
Legrand SA—ADR		1,920		38,803
Leonardo SpA—ADR(b)		94,859		1,007,403
Marubeni Corp.—ADR		6,985		1,147,286
Masco Corp.		11,450		878,902
Mitsubishi Electric Corp.—ADR		35,731		1,132,398
Mitsui & Co. Ltd.—ADR		1,983		1,726,221
Mueller Industries, Inc.		16,736		859,896
Owens Corning		6,134		918,751
PACCAR, Inc.		29,247		3,243,201
Parker Hannifin Corp.		101		54,080
Primoris Services Corp.		4,821		190,478

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

51

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Prysmian SpA—ADR		27,480	$	684,252
Quanex Building Products Corp.		8,445		292,028
Rexel SA—ADR		34,750		895,160
Rheinmetall AG—ADR		4,312		398,041
Rolls-Royce Holdings PLC—ADR(a)		89,717		416,287
Rush Enterprises, Inc.—Class A(b)		12,621		614,643
Rush Enterprises, Inc.—Class B		3,310		166,923
Siemens AG—ADR		14,066		1,390,565
SKF AB—ADR		2,506		54,706
Snap-on, Inc.		10,785		2,972,993
Standex International Corp.		82		14,186
Sumitomo Corp.—ADR(b)		89,353		2,089,072
Symbotic, Inc.(a)(b)		4,981		196,251
Terex Corp.		7,241		415,271
Textron, Inc.		637		56,738
Thermon Group Holdings, Inc.(a)(b)		3,617		98,708
Trane Technologies PLC		248		69,929
Travis Perkins PLC—ADR		13,474		125,443
UFP Industries, Inc.		8,145		933,661
United Rentals, Inc.		2,857		1,980,672
Volvo AB—ADR		4,214		115,927
Wabash National Corp.		7,566		206,400
WESCO International, Inc.(b)		297		44,399
Westinghouse Air Brake Technologies Corp.		2,962		418,501
WW Grainger, Inc.(b)		1,161		1,130,187
				55,065,048
Commercial & Professional Services—0.4%
Brady Corp.—Class A		238		13,871
Brambles Ltd.—ADR		29,079		569,075
Cimpress PLC(a)		266		26,071
Clean Harbors, Inc.(a)		87		15,843
Copart, Inc.(a)		970		51,556
Dai Nippon Printing Co. Ltd.—ADR		12,175		176,659
HeadHunter Group PLC—ADR(a)(c)		3,254		0
Mitie Group PLC—ADR		103,235		559,534
Randstad NV—ADR		14,748		405,865
Science Applications International Corp.		1,390		194,543
Steelcase, Inc.—Class A(b)		8,804		120,967
TOPPAN Holdings, Inc.—ADR(b)		37,403		443,600
				2,577,584
Consumer Discretionary Distribution & Retail—2.9%
Abercrombie & Fitch Co.—Class A(a)		1,455		185,891
Academy Sports & Outdoors, Inc.(b)		3,842		287,074
Alibaba Group Holding Ltd.—ADR(b)		14,277		1,056,926
Amazon.com, Inc.(a)		28,869		5,102,885
American Eagle Outfitters, Inc.		9,871		234,436
AutoNation, Inc.(a)(b)		2,630		393,974
B&M European Value Retail SA—ADR		32,955		875,614
Baozun, Inc.—ADR(a)		1,493		3,523
Best Buy Co., Inc.		7,654		619,056
Carvana Co.(a)(b)		3,237		245,785
Dillard’s, Inc.—Class A(b)		367		152,206
D-MARKET Elektronik Hizmetler ve Ticaret AS—ADR(a)		14,431		22,368

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

52

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
eBay, Inc.		10,225	$	483,438
Group 1 Automotive, Inc.(b)		2,124		574,861
Guess?, Inc.(b)		7,320		185,782
Industria de Diseno Textil SA—ADR		94,788		2,103,347
JD.com, Inc.—ADR		8,863		200,481
Kingfisher PLC—ADR		80,095		472,561
Lithia Motors, Inc.—Class A(b)		853		255,098
Lojas Renner SA—ADR		34,450		104,556
Lowe’s Cos., Inc.		1,416		340,789
MINISO Group Holding Ltd.—ADR		6,024		110,420
Naspers Ltd.—ADR		4,707		153,872
PDD Holdings, Inc.—ADR(a)		5,708		710,874
Penske Automotive Group, Inc.(b)		2,208		338,928
Ross Stores, Inc.		3,780		563,069
Ryohin Keikaku Co. Ltd.—ADR		39,959		612,571
Signet Jewelers Ltd.		2,529		257,351
TJX Cos., Inc.		15,040		1,491,065
Ulta Beauty, Inc.(a)		1,580		866,724
Upbound Group, Inc.(b)		1,708		57,662
Urban Outfitters, Inc.(a)(b)		6,451		268,039
Vibra Energia SA—ADR		23,229		242,743
Vipshop Holdings Ltd.—ADR(a)		26,048		501,424
Wayfair, Inc.—Class A(a)		917		54,653
Williams-Sonoma, Inc.(b)		1,279		301,243
Woolworths Holdings Ltd./South Africa—GDR(b)		25,206		85,448
				20,516,737
Consumer Durables & Apparel—3.6%
Barratt Developments PLC—ADR		74,725		876,524
Deckers Outdoor Corp.(a)		38		34,032
DR Horton, Inc.		15,161		2,265,660
Dream Finders Homes, Inc.—Class A(a)(b)		8,760		342,779
Garmin Ltd.(b)		5,770		792,510
G-III Apparel Group Ltd.(a)		512		17,034
Haier Smart Home Co. Ltd.—ADR		1,939		23,423
Hermes International SCA—ADR		2,019		506,668
KB Home		11,251		747,404
La-Z-Boy, Inc.		10,221		388,296
Lennar Corp.—Class A		16,433		2,604,795
Lennar Corp.—Class B(b)		22,650		3,337,931
MDC Holdings, Inc.		7,845		491,882
Meritage Homes Corp.		4,574		721,137
NVR, Inc.(a)		314		2,394,429
Panasonic Holdings Corp.—ADR		72,899		685,980
Pandora AS—ADR		11,326		457,910
PulteGroup, Inc.		26,369		2,857,872
PVH Corp.(b)		3,755		513,196
Sega Sammy Holdings, Inc.—ADR		188,517		601,369
Sekisui House Ltd.—ADR		29,278		652,021
Skechers U.S.A., Inc.—Class A(a)		7,329		453,005
Taylor Morrison Home Corp.(a)		13,043		738,364
Toll Brothers, Inc.		10,349		1,186,409
TopBuild Corp.(a)(b)		879		353,692
Tri Pointe Homes, Inc.(a)		12,256		433,617

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

53

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Yue Yuen Industrial Holdings Ltd.—ADR(b)		31,236	$	165,551
				24,643,490
Consumer Services—0.9%
Accor SA—ADR		13,468		116,498
Bloomin’ Brands, Inc.(b)		2,197		59,714
Booking Holdings, Inc.(a)		461		1,599,130
Carnival Corp.(a)		61,855		981,020
Carnival PLC—ADR(a)(b)		60,753		874,843
DoorDash, Inc.—Class A(a)		5,493		684,264
Expedia Group, Inc.(a)		1,448		198,115
frontdoor, Inc.(a)		339		10,631
Genting Bhd—ADR		11,225		55,676
Luckin Coffee, Inc.—ADR(a)		1,226		27,010
New Oriental Education & Technology Group, Inc.—ADR(a)		2,530		236,631
OPAP SA—ADR(b)		11,577		104,054
Royal Caribbean Cruises Ltd.(a)		8,496		1,047,982
Stride, Inc.(a)		233		13,922
TAL Education Group—ADR(a)		8,996		132,511
Trip.com Group Ltd.—ADR(a)		1,291		57,411
				6,199,412
Consumer Staples Distribution & Retail—2.0%
Andersons, Inc.		3,980		220,014
Casey’s General Stores, Inc.		1,556		473,786
Costco Wholesale Corp.		1,574		1,170,883
DingDong Cayman Ltd.—ADR(a)		2,424		2,788
J Sainsbury PLC—ADR		52,625		669,390
Jeronimo Martins SGPS SA—ADR(b)		16,012		767,455
Koninklijke Ahold Delhaize NV—ADR		80,527		2,393,263
Kroger Co.		27,053		1,342,099
Marks & Spencer Group PLC—ADR(b)		353,942		2,119,405
PriceSmart, Inc.(b)		1,797		151,200
Sprouts Farmers Market, Inc.(a)		2,832		176,830
Tesco PLC—ADR		131,640		1,425,661
US Foods Holding Corp.(a)		5,833		296,258
Walmart, Inc.		56,295		3,299,451
				14,508,483
Energy—2.0%
BP PLC—ADR		34,842		1,219,122
California Resources Corp.		439		22,903
Cheniere Energy, Inc.		2,060		319,712
Chesapeake Energy Corp.(b)		3,444		285,094
Chevron Corp.		282		42,867
Chord Energy Corp.(b)		1,207		196,077
CNX Resources Corp.(a)(b)		21,820		457,129
Diamondback Energy, Inc.		3,611		659,079
Equinor ASA—ADR(b)		2,673		65,809
Exxon Mobil Corp.		11,289		1,179,926
Galp Energia SGPS SA—ADR		7,901		62,023
Gazprom Neft PJSC—ADR(a)(c)		6,793		0
Gazprom PJSC—ADR(a)(c)		186,205		0
HF Sinclair Corp.		5,830		323,565
Inpex Corp.—ADR(b)		81,395		1,081,740

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

54

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
International Seaways, Inc.		5,668	$	300,007
Liberty Energy, Inc.(b)		13,683		292,543
LUKOIL PJSC—ADR(a)(c)		10,626		0
Marathon Petroleum Corp.		11,982		2,027,714
PBF Energy, Inc.—Class A		2,679		125,109
Peabody Energy Corp.(b)		2,706		67,028
Petroleo Brasileiro SA—ADR(b)		21,049		347,729
Phillips 66		5,675		808,744
Range Resources Corp.		1,555		49,169
Repsol SA—ADR		8,863		140,479
Shell PLC—ADR		42,206		2,651,802
Southwestern Energy Co.(a)		19,693		137,260
Surgutneftegas PJSC—ADR(a)(c)		15,549		0
TotalEnergies SE—ADR(b)		3,874		248,207
Valero Energy Corp.		6,521		922,461
Vallourec SA—ADR(a)		144,779		448,815
				14,482,113
Financial Services—5.1%
3i Group PLC—ADR		187,263		2,956,882
Affirm Holdings, Inc.(a)		3,011		112,973
Alliance Data Systems Corp.		7,583		290,277
Ally Financial, Inc.(b)		6,989		258,523
AMTD IDEA Group—ADR(a)		20,178		34,303
Berkshire Hathaway, Inc.—Class A(a)(b)		7		4,315,928
Berkshire Hathaway, Inc.—Class B(a)(b)		10,542		4,315,896
Capital One Financial Corp.(b)		5,733		788,918
Coinbase Global, Inc.—Class A(a)(b)		2,356		479,587
Corebridge Financial, Inc.(b)		2,967		73,671
Deutsche Bank AG(b)		112,769		1,514,488
Discover Financial Services		5,361		647,072
Enact Holdings, Inc.		13,646		378,267
Essent Group Ltd.		14,343		768,355
Evercore, Inc.—Class A		1,887		353,020
FinVolution Group—ADR		80,893		423,070
FirstCash Holdings, Inc.		3,860		441,970
Fiserv, Inc.(a)		10,787		1,610,175
FleetCor Technologies, Inc.(a)		2,082		581,440
Franklin Resources, Inc.		46,398		1,273,625
Futu Holdings Ltd.—ADR(a)		3,297		176,455
Jackson Financial, Inc.—Class A		5,708		314,225
Janus Henderson Group PLC		15,600		486,096
Jiayin Group, Inc.—ADR		43,960		250,572
LexinFintech Holdings Ltd.—ADR		9		17
Mastercard, Inc.—Class A		948		450,072
MGIC Investment Corp.(b)		48,927		973,158
Mr Cooper Group, Inc.(a)		6,224		443,647
Noah Holdings Ltd.—ADR		5,216		58,002
OneMain Holdings, Inc.		8,540		403,344
ORIX Corp.—ADR		3,862		406,321
PROG Holdings, Inc.(a)		17,642		544,609
Qifu Technology, Inc.—ADR		19,066		294,570
QIWI PLC—ADR(a)(c)		29,317		0
Qudian, Inc.—ADR(a)		71,790		175,886
Radian Group, Inc.		22,857		666,053

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

55

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Rocket Cos., Inc.—Class A(a)(b)		20,422	$	256,500
Shift4 Payments, Inc.—Class A(a)(b)		4,263		350,504
Synchrony Financial		28,163		1,163,132
Tradeweb Markets, Inc.—Class A		425		44,974
UBS Group AG(b)		133,378		3,794,603
Victory Capital Holdings, Inc.—Class A		2,437		93,654
Virtus Investment Partners, Inc.		1,103		256,249
Visa, Inc.—Class A(b)		5,877		1,661,075
World Acceptance Corp.(a)		1,301		155,808
Worldline SA/France—ADR(a)		57,860		332,695
Yiren Digital Ltd.—ADR(a)		45,622		234,041
				35,604,702
Food, Beverage & Tobacco—1.8%
Altria Group, Inc.		58,829		2,406,694
Archer-Daniels-Midland Co.		3,847		204,314
Associated British Foods PLC—ADR		23,501		675,184
Cal-Maine Foods, Inc.(b)		3,059		175,862
Campbell Soup Co.(b)		13,981		596,150
Coca-Cola Bottlers Japan Holdings, Inc.—ADR		64,758		429,346
Coca-Cola Consolidated, Inc.		107		89,966
Coca-Cola Femsa SAB de CV—ADR		1,948		189,053
Coca-Cola HBC AG—ADR		1,777		55,265
First Pacific Co. Ltd.—ADR		318,395		639,974
Fomento Economico Mexicano SAB de CV—ADR		600		74,544
Ingredion, Inc.		4,440		522,277
Japan Tobacco, Inc.—ADR		303,090		3,925,015
Kraft Heinz Co.		10,976		387,233
Lamb Weston Holdings, Inc.		485		49,572
Molson Coors Beverage Co.—Class B(b)		3,192		199,245
Mondelez International, Inc.—Class A(b)		15,810		1,155,237
SLC Agricola SA—ADR		6,836		26,939
Universal Corp./VA		1,132		54,347
WH Group Ltd.—ADR		17,108		207,007
Wilmar International Ltd.—ADR		11,097		280,310
				12,343,534
Health Care Equipment & Services—4.1%
Ansell Ltd.—ADR		5,351		331,628
Astrana Health, Inc.(a)(b)		4,158		187,276
Brainsway Ltd.—ADR(a)		5,442		35,264
Brookdale Senior Living, Inc.(a)		9,368		53,585
Cardinal Health, Inc.		11,771		1,318,117
Cencora, Inc.		232		54,659
Chemed Corp.(b)		672		420,759
Cigna Corp.		3,109		1,045,059
Cochlear Ltd.—ADR		379		43,054
CONMED Corp.		2,802		225,057
DaVita, Inc.(a)(b)		1,780		226,007
DENTSPLY SIRONA, Inc.		6,088		198,956
Elekta AB—ADR		89,531		642,833
Elevance Health, Inc.		2,694		1,350,368
Encompass Health Corp.		7,991		594,530
Ensign Group, Inc.		3,933		491,310
EssilorLuxottica SA—ADR(b)		27,413		2,911,261

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

56

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Fresenius Medical Care AG & Co. KGaA—ADR(b)		49,829	$	957,215
GoodRx Holdings, Inc.—Class A(a)		14,261		111,093
Haemonetics Corp.(a)		2,940		214,561
HCA Healthcare, Inc.		6,778		2,112,703
Henry Schein, Inc.(a)		5,376		411,103
Hims & Hers Health, Inc.(a)		25,012		326,156
Humana, Inc.		1,207		422,836
IDEXX Laboratories, Inc.(a)		1,212		697,179
Integer Holdings Corp.(a)(b)		2,206		243,300
Intuitive Surgical, Inc.(a)		409		157,710
Koninklijke Philips NV(a)(b)		25,306		507,385
Laboratory Corp. of America Holdings		5,570		1,202,173
Lantheus Holdings, Inc.(a)		940		61,457
LifeStance Health Group, Inc.(a)		8,140		67,969
McKesson Corp.		2,748		1,432,835
Medtronic PLC		3,585		298,846
Merit Medical Systems, Inc.(a)		3,514		267,767
Molina Healthcare, Inc.(a)		378		148,898
Multiplan Corp.(a)		23,338		26,139
National HealthCare Corp.(b)		1,641		161,901
Neogen Corp.(a)(b)		723		12,428
NeoGenomics, Inc.(a)		8,955		139,698
Option Care Health, Inc.(a)		2,196		70,865
Owens & Minor, Inc.(a)		2,555		62,163
Patterson Cos., Inc.(b)		5,737		155,415
Progyny, Inc.(a)(b)		287		10,481
Schrodinger, Inc./United States(a)(b)		4,870		123,990
Select Medical Holdings Corp.		9,450		257,324
Sinopharm Group Co. Ltd.—ADR		5,531		76,909
Sonova Holding AG—ADR		8,111		500,043
Stryker Corp.		2,157		752,944
Surgery Partners, Inc.(a)		5,523		171,379
Tenet Healthcare Corp.(a)		6,922		643,746
Terumo Corp.—ADR(b)		5,992		232,729
UnitedHealth Group, Inc.		7,719		3,810,099
Universal Health Services, Inc.—Class B(b)		1,724		288,011
Veradigm, Inc.(a)		2,112		12,651
Zimmer Biomet Holdings, Inc.		8,034		999,108
				28,278,932
Household & Personal Products—0.5%
Beiersdorf AG—ADR(b)		14,586		418,472
L’Oreal SA—ADR		14,671		1,404,308
Natura & Co. Holding SA—ADR(a)		16,705		110,754
Procter & Gamble Co.		8,442		1,341,771
Spectrum Brands Holdings, Inc.		1,542		124,008
				3,399,313
Insurance—2.7%
Admiral Group PLC—ADR		2,909		98,004
Aflac, Inc.		34,984		2,824,608
Allianz SE—ADR		20,305		555,545
Ambac Financial Group, Inc.(a)		11,426		186,929
American International Group, Inc.		24,275		1,769,405
Arch Capital Group Ltd.(a)		2,341		205,048

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

57

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Assicurazioni Generali SpA—ADR(b)		102,181	$	1,205,736
Assurant, Inc.		1,048		190,160
AXA SA—ADR		10,066		357,846
BB Seguridade Participacoes SA—ADR		14,340		96,508
Chubb Ltd.		224		56,374
Cincinnati Financial Corp.		1,881		214,434
Everest Group Ltd.		3,575		1,318,746
Fanhua, Inc.—ADR(a)		3,731		17,349
First American Financial Corp.		440		25,700
Genworth Financial, Inc.—Class A(a)		37,594		231,203
Hannover Rueck SE—ADR		1,254		161,032
Hartford Financial Services Group, Inc.		23,193		2,222,817
Lemonade, Inc.(a)		848		13,772
Loews Corp.		20,312		1,526,041
Markel Group, Inc.(a)(b)		855		1,276,070
MS&AD Insurance Group Holdings, Inc.—ADR		58,377		1,472,852
Old Republic International Corp.		23,260		673,610
Reinsurance Group of America, Inc.		66		11,672
Sanlam Ltd.—ADR		639		4,914
SCOR SE—ADR		291,739		883,968
SiriusPoint Ltd.(a)		6,251		76,700
Suncorp Group Ltd.—ADR		21,219		217,495
Swiss Re AG—ADR		1,511		45,542
T&D Holdings, Inc.—ADR		10,734		91,883
Tokio Marine Holdings, Inc.—ADR(b)		13,470		393,728
Unum Group		8,314		411,127
White Mountains Insurance Group Ltd.		129		227,742
				19,064,560
Materials—2.8%
Air Liquide SA—ADR(b)		11,878		482,603
Albemarle Corp.(b)		1,695		233,656
Alpha Metallurgical Resources, Inc.		579		218,428
ArcelorMittal SA		24,499		638,934
Arch Resources, Inc.(b)		1,039		171,736
Arkema SA—ADR(b)		4,629		480,375
Berry Global Group, Inc.(b)		196		11,409
BHP Group Ltd.—ADR(b)		5,839		334,808
Cemex SAB de CV—ADR(a)		27,158		207,487
CF Industries Holdings, Inc.		1,682		135,771
Cleveland-Cliffs, Inc.(a)		8,585		178,568
Commercial Metals Co.		191		10,314
Fortescue Metals Group Ltd.—ADR		24,554		861,600
Glencore PLC—ADR		80,481		762,155
Greif, Inc.—Class A		3,574		230,380
Greif, Inc.—Class B		1,766		113,059
Harmony Gold Mining Co. Ltd.—ADR		14,196		81,059
Heidelberg Materials AG—ADR		14,312		277,653
HOLCIM Ltd. NEW SPONSORED ADS(a)		98,099		1,597,052
Incitec Pivot Ltd.—ADR		75,837		150,157
International Paper Co.		1,343		47,488
James Hardie Industries PLC—ADR(a)		1,740		68,852
Johnson Matthey PLC—ADR		4,377		170,375
K+S AG—ADR		30,101		208,648
Koppers Holdings, Inc.		346		19,591

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

58

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Kuraray Co. Ltd.—ADR(b)		41,001	$	1,240,485
LyondellBasell Industries NV—Class A		6,061		607,797
Mechel PJSC—ADR(a)(c)		59,509		0
Mosaic Co.		2,826		88,058
Nippon Steel Corp.—ADR(b)		176,433		1,459,101
Nitto Denko Corp.—ADR		1,305		59,939
Norsk Hydro ASA—ADR(b)		101,429		524,895
Nucor Corp.		7,962		1,531,093
Packaging Corp. of America		314		56,894
POSCO Holdings, Inc.—ADR		1,888		152,607
Reliance, Inc.		3,500		1,124,270
Rio Tinto PLC—ADR		2,981		192,364
Shin-Etsu Chemical Co. Ltd.—ADR		20,769		441,341
Smurfit Kappa Group PLC—ADR(b)		11,719		503,916
Steel Dynamics, Inc.		7,047		943,030
Suzano SA—ADR(b)		12,438		141,171
Ternium SA—ADR		9,609		389,549
thyssenkrupp AG—ADR		29,523		152,043
United States Steel Corp.		6,136		290,478
Vale SA—ADR		18,046		241,997
Warrior Met Coal, Inc.		4,549		259,157
Westlake Corp.		4,416		612,543
Wienerberger AG—ADR(b)		137,930		979,303
Yara International ASA—ADR(b)		10,221		159,448
				19,843,637
Media & Entertainment—4.3%
Alphabet, Inc.—Class A(a)		26,236		3,632,637
Alphabet, Inc.—Class C(a)		24,554		3,432,158
Altice USA, Inc.—Class A(a)		15,785		46,881
AMC Networks, Inc.—Class A(a)		5,890		76,217
Autohome, Inc.—ADR		1,526		39,661
Baidu, Inc.—ADR(a)		1,473		149,259
Cargurus, Inc.(a)		13,607		301,259
Cars.com, Inc.(a)		11,054		202,730
Charter Communications, Inc.—Class A(a)(b)		2,624		771,272
Cinemark Holdings, Inc.(a)		13,584		236,497
Comcast Corp.—Class A		70,537		3,022,510
Fox Corp.—Class A		44,349		1,321,157
Fox Corp.—Class B		41,574		1,138,296
fuboTV, Inc.(a)		19,954		41,305
Gravity Co. Ltd.—ADR(a)		4,757		366,622
Hello Group, Inc.—ADR(b)		55,115		363,208
HUYA, Inc.—ADR(a)(b)		41,055		143,693
IAC/InterActiveCorp(a)		10,766		611,509
Informa PLC—ADR		7,278		149,126
Integral Ad Science Holding Corp.(a)		6,438		66,698
iQIYI, Inc.—ADR(a)		21,931		80,925
JOYY, Inc.—ADR		5,002		157,563
Meta Platforms, Inc.—Class A		11,825		5,795,788
NetEase, Inc.—ADR(b)		1,115		120,331
Netflix, Inc.(a)		1,915		1,154,592
New York Times Co.—Class A		3,118		138,065
News Corp.—Class A		10,343		278,020
News Corp.—Class B(b)		34,086		954,067

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

59

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Omnicom Group, Inc.		10,762	$	951,253
Paramount Global—Class A		4,550		95,914
Paramount Global—Class B(b)		36,408		401,944
Pinterest, Inc.—Class A(a)		2,255		82,759
Publicis Groupe SA—ADR		86,343		2,282,046
Roku, Inc.(a)		1,128		71,267
Scholastic Corp.		2,031		80,103
Sirius XM Holdings, Inc.(b)		42,443		187,598
Snap, Inc.—Class A—Class A(a)(b)		3,014		33,214
Sphere Entertainment Co.(a)		2,179		94,351
Tencent Holdings Ltd.—ADR(b)		7,997		279,431
Tencent Music Entertainment Group—ADR(a)		15,026		157,322
Trade Desk, Inc.—Class A(a)		3,368		287,728
Trivago NV—ADR		25,149		63,375
Universal Music Group NV—ADR		2,583		38,828
Warner Bros Discovery, Inc.(a)(b)		29,252		257,125
Weibo Corp.—ADR		2,411		21,988
Yalla Group Ltd.—ADR(a)		42,845		219,366
Yelp, Inc.(a)		560		21,526
Z Holdings Corp.—ADR		6,167		33,795
				30,452,979
Pharmaceuticals, Biotechnology & Life Sciences—5.3%
Alkermes PLC(a)		8,584		254,859
Amneal Pharmaceuticals, Inc.(a)		34,854		192,394
Aspen Pharmacare Holdings Ltd.—ADR		428		4,340
AstraZeneca PLC—ADR(b)		32,862		2,108,426
AstraZeneca PLC(a)(c)		21,275		5,319
Autolus Therapeutics PLC—ADR(a)		18,516		111,096
Avadel Pharmaceuticals PLC—ADR(a)(b)		15,329		195,905
Azenta, Inc.(a)(b)		2,729		177,794
Bavarian Nordic AS—ADR(a)		44,023		330,173
BioNTech SE—ADR(a)(b)		4,345		386,531
Bridgebio Pharma, Inc.(a)(b)		267		9,118
Bristol-Myers Squibb Co.		31,954		1,621,666
Bruker Corp.		2,943		254,687
Chugai Pharmaceutical Co. Ltd.—ADR(b)		9,932		197,845
Dr Reddy’s Laboratories Ltd.—ADR		1,949		149,644
Eli Lilly & Co.		3,369		2,539,149
Exact Sciences Corp.(a)		3,633		209,006
Exelixis, Inc.(a)		14,198		310,936
Gilead Sciences, Inc.		25,117		1,810,936
Grifols SA—ADR(a)		71,956		540,390
GSK PLC—ADR(b)		49,267		2,064,287
HUTCHMED China Ltd.—ADR(a)		14,975		226,272
Hypera SA—ADR(b)		8,624		61,424
Ipsen SA—ADR		30,680		854,745
Johnson & Johnson		7,115		1,148,219
Kiniksa Pharmaceuticals Ltd.—Class A(a)		6,274		132,632
Ligand Pharmaceuticals, Inc.(a)		1,852		146,956
Maravai LifeSciences Holdings, Inc.—Class A(a)		7,006		54,156
Medpace Holdings, Inc.(a)		1,246		495,310
Merck & Co., Inc.		5,621		714,710
Mereo Biopharma Group PLC—ADR(a)		55,903		212,431
MorphoSys AG—ADR(a)(b)		15,179		267,150

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

60

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Novartis AG—ADR		61,362	$	6,195,722
Novo Nordisk AS—ADR		38,136		4,567,550
Otsuka Holdings Co. Ltd.—ADR		50,537		1,019,837
Regeneron Pharmaceuticals, Inc.(a)		638		616,365
Sanofi—ADR		38,832		1,858,111
Santen Pharmaceutical Co. Ltd.—ADR(b)		40,231		395,471
Shionogi & Co. Ltd.—ADR		11,328		140,467
Taisho Pharmaceutical Holdings Co. Ltd.—ADR		45,652		649,171
Takeda Pharmaceutical Co. Ltd.—ADR(b)		25,977		379,004
Teva Pharmaceutical Industries Ltd.—ADR(a)		23,637		310,827
TG Therapeutics, Inc.(a)(b)		2,735		47,097
Twist Bioscience Corp.(a)(b)		2,781		109,265
United Therapeutics Corp.(a)		1,171		264,224
Veracyte, Inc.(a)		12,627		297,366
Vertex Pharmaceuticals, Inc.(a)		2,149		904,170
Viatris, Inc.		114,499		1,416,353
West Pharmaceutical Services, Inc.		427		153,020
				37,112,526
Real Estate Management & Development—0.6%
CBRE Group, Inc.—Class A(a)		1,774		163,013
Daiwa House Industry Co. Ltd.—ADR		26,346		759,028
DigitalBridge Group, Inc.		5,905		108,475
Forestar Group, Inc.(a)		18,309		617,379
IRSA Inversiones y Representaciones SA—ADR		7,924		61,411
Opendoor Technologies, Inc.(a)(b)		38,712		119,233
Redfin Corp.(a)		1,150		8,171
RMR Group, Inc.—Class A		7,423		181,641
Sun Hung Kai Properties Ltd.—ADR		83,534		838,681
Swire Pacific Ltd.—ADR		114,912		945,726
Zillow Group, Inc.—Class A(a)		2,607		140,934
Zillow Group, Inc.—Class C(a)(b)		5,845		328,197
				4,271,889
Semiconductors & Semiconductor Equipment—6.2%
Advanced Micro Devices, Inc.(a)		4,614		888,333
Advantest Corp.—ADR(b)		1,222		57,312
Amkor Technology, Inc.		428		13,277
Analog Devices, Inc.		6,146		1,178,926
Applied Materials, Inc.		13,108		2,642,835
ASE Technology Holding Co. Ltd.—ADR(b)		58,591		570,676
ASML Holding NV		2,307		2,195,526
Axcelis Technologies, Inc.(a)(b)		3,373		380,036
Broadcom, Inc.		2,643		3,437,194
Daqo New Energy Corp.—ADR(a)		16,066		341,884
Disco Corp.—ADR		33,800		1,100,866
First Solar, Inc.(a)		1,805		277,771
Infineon Technologies AG—ADR		54,375		1,962,394
Intel Corp.		13,608		585,825
JinkoSolar Holding Co. Ltd.—ADR		10,489		283,623
KLA Corp.		978		667,289
Lam Research Corp.		1,631		1,530,286
Microchip Technology, Inc.		17,998		1,514,352
Monolithic Power Systems, Inc.		164		118,087
NVIDIA Corp.		11,893		9,408,789

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

61

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
ON Semiconductor Corp.(a)(b)		15,933	$	1,257,432
Onto Innovation, Inc.(a)		3,160		581,946
QUALCOMM, Inc.		5,903		931,434
Rambus, Inc.(a)		2,374		140,636
Renesas Electronics Corp.—ADR(a)(b)		218,960		1,808,610
Skyworks Solutions, Inc.		16,156		1,695,088
STMicroelectronics NV(b)		33,013		1,506,053
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		31,334		4,031,745
Tokyo Electron Ltd.—ADR(b)		11,457		1,420,668
United Microelectronics Corp.—ADR(b)		42,322		325,033
Universal Display Corp.		1,792		312,561
				43,166,487
Software & Services—4.0%
Adeia, Inc.		2,819		31,967
Adobe, Inc.(a)		3,173		1,777,769
AppLovin Corp.—Class A(a)		5,628		336,104
Cognizant Technology Solutions Corp.—Class A		18,664		1,474,829
Dolby Laboratories, Inc.—Class A(b)		1,563		126,603
Dropbox, Inc.—Class A(a)		20,565		492,532
Dynatrace, Inc.(a)		2,570		127,344
EPAM Systems, Inc.(a)		2,660		809,704
Fair Isaac Corp.(a)(b)		408		518,123
Fastly, Inc.—Class A(a)		2,594		36,887
Gen Digital, Inc.(b)		11,220		241,118
InterDigital, Inc.(b)		7,509		803,614
Kyndryl Holdings, Inc.(a)		5,526		121,406
LiveRamp Holdings, Inc.(a)		3,081		107,773
Marathon Digital Holdings, Inc.(a)(b)		2,379		61,616
Microsoft Corp.		38,456		15,906,941
MicroStrategy, Inc.—Class A(a)(b)		37		37,845
MongoDB, Inc.(a)		306		136,959
N-able, Inc.(a)		12,777		172,106
OneConnect Financial Technology Co. Ltd.—ADR(a)(b)		15,139		36,334
Opera Ltd.—ADR(b)		36,053		439,125
Palantir Technologies, Inc.—Class A(a)		25,402		637,082
Qualys, Inc.(a)(b)		100		17,186
Riot Blockchain, Inc.(a)(b)		3,504		49,476
Salesforce, Inc.(a)		8,354		2,579,882
SAP SE—ADR(b)		1,765		331,591
Synopsys, Inc.(a)		125		71,716
Teradata Corp.(a)		436		16,402
Tuya, Inc.—ADR(a)		27,385		53,948
UiPath, Inc.—Class A(a)		5,507		130,791
Vnet Group, Inc.—ADR(a)(b)		53,964		83,644
				27,768,417
Technology Hardware & Equipment—4.9%
Advanced Energy Industries, Inc.(b)		1,222		123,666
Amphenol Corp.—Class A		12,168		1,329,232
Apple, Inc.		69,512		12,564,295
Arista Networks, Inc.(a)		2,655		736,869
Avnet, Inc.		6,174		287,647
Belden, Inc.		110		9,370
Canon, Inc.—ADR		2,560		74,726

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

62

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Cisco Systems, Inc.		51,918	$	2,511,274
Corning, Inc.		1,393		44,910
Dell Technologies, Inc.—Class C		26,179		2,478,104
F5, Inc.(a)		189		35,385
Fabrinet(a)(b)		2,231		480,937
FUJIFILM Holdings Corp.—ADR		20,410		1,291,137
Hewlett Packard Enterprise Co.		77,889		1,186,249
HP, Inc.		9,375		265,594
Insight Enterprises, Inc.(a)(b)		6,480		1,218,240
IPG Photonics Corp.(a)		259		22,365
Jabil, Inc.		6,805		980,532
Keysight Technologies, Inc.(a)		3,704		571,527
Lenovo Group Ltd.—ADR		9,107		201,447
Littelfuse, Inc.		687		163,671
Logitech International SA(b)		13,600		1,194,352
NetApp, Inc.(b)		12,761		1,137,260
OSI Systems, Inc.(a)		4,358		571,682
Ricoh Co. Ltd.—ADR(b)		77,028		639,332
Rogers Corp.(a)		92		10,310
Super Micro Computer, Inc.(a)(b)		725		627,937
TE Connectivity Ltd.(b)		19,206		2,757,213
Teledyne Technologies, Inc.(a)		570		243,544
Vishay Intertechnology, Inc.(b)		15,980		347,565
Vontier Corp.		2,079		89,397
VTech Holdings Ltd.—ADR		83,368		477,699
				34,673,468
Telecommunication Services—1.7%
AT&T, Inc.		35,036		593,160
Deutsche Telekom AG—ADR		111,860		2,655,556
Koninklijke KPN NV—ADR		9,412		33,977
KT Corp.—ADR(a)		24,502		350,869
Magyar Telekom Telecommunications PLC—ADR		20,067		226,958
Mobile TeleSystems PJSC—ADR(a)(c)		46,068		0
Nippon Telegraph & Telephone Corp.—ADR(b)		10,603		321,483
Orange SA—ADR		253,480		2,915,020
Rostelecom PJSC—ADR(a)(c)		24,510		0
Sify Technologies Ltd.—ADR(a)		3,194		4,120
SK Telecom Co. Ltd.—ADR(b)		5,072		111,077
Swisscom AG—ADR		1,467		84,103
Telecom Italia SpA/Milano—ADR(a)		121,239		370,991
Telefonica SA—ADR(b)		38,927		159,211
Telenor ASA—ADR		64,539		702,185
Telephone and Data Systems, Inc.		14,886		227,757
T-Mobile US, Inc.(b)		1,018		166,239
United States Cellular Corp.(a)		2,251		78,537
Verizon Communications, Inc.		32,320		1,293,447
				10,294,690
Transportation—2.2%
Air France-KLM—ADR(a)		27,177		32,884
AP Moller—Maersk AS—ADR		60,316		424,625
ArcBest Corp.		1,635		233,576
bpost SA—ADR		18,904		71,174
Delta Air Lines, Inc.		18,542		783,770

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

63

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Deutsche Lufthansa AG—ADR(a)		22,903	$	177,269
DHL Group—ADR		30,894		1,435,026
DiDi Global, Inc.—ADR(a)		15,779		59,487
easyJet PLC—ADR		110,083		757,371
Expeditors International of Washington, Inc.		12,886		1,541,166
FedEx Corp.		7,336		1,826,444
International Consolidated Airlines Group SA—ADR(a)		170,821		630,329
JB Hunt Transport Services, Inc.		965		199,089
Kuehne + Nagel International AG—ADR		8,069		542,963
Matson, Inc.		869		96,502
Nippon Yusen KK—ADR		138,962		885,188
Ryanair Holdings PLC—ADR(b)		19,621		2,712,603
Ryder System, Inc.		6,026		687,567
Singapore Airlines Ltd.—ADR(b)		85,849		820,716
SkyWest, Inc.(a)		4,064		260,990
Sun Country Airlines Holdings, Inc.(a)		654		9,810
Uber Technologies, Inc.(a)		1,648		131,016
United Airlines Holdings, Inc.(a)		20,029		911,120
				15,230,685
Utilities—1.7%
AGL Energy Ltd.—ADR		4,993		27,661
ALLETE, Inc.		2,308		130,725
Centrica PLC—ADR		59,309		383,136
Cia Energetica de Minas Gerais—ADR		4,772		14,268
Consolidated Edison, Inc.		22,981		2,004,172
Edison International(b)		679		46,186
Enel Chile SA—ADR		35,875		107,625
Enel SpA—ADR		37,070		233,912
ENN Energy Holdings Ltd.—ADR		1,167		37,998
Entergy Corp.		422		42,863
Iberdrola SA—ADR		45,989		2,109,975
Kunlun Energy Co. Ltd.—ADR(b)		5,487		46,523
National Grid PLC—ADR(b)		43,162		2,877,180
NiSource, Inc.		1,559		40,628
Otter Tail Corp.(b)		3,840		347,366
PG&E Corp.		27,050		451,465
Public Service Enterprise Group, Inc.		2,077		129,605
Tokyo Gas Co. Ltd.—ADR		73,366		774,011
Vistra Corp.		51,238		2,794,520
				12,599,819
TOTAL COMMON STOCKS (Cost $391,572,905)				517,958,792
EXCHANGE TRADED FUNDS—22.1%
iShares Core S&P Small-Cap ETF		62,178		6,674,808
iShares MSCI EAFE ETF(b)		238,217		18,402,264
iShares MSCI Emerging Markets ETF(b)		87,187		3,486,608
iShares Russell 1000 ETF(b)		64,768		18,120,143
iShares Russell 2000 ETF(b)		33,057		6,734,703
SPDR S&P 500 ETF Trust		35,642		18,108,987
Vanguard FTSE All-World ex-US ETF(b)		320,989		18,283,533
Vanguard FTSE Developed Markets ETF(b)		376,481		18,327,095
Vanguard FTSE Emerging Markets ETF(b)		83,255		3,415,120
Vanguard Large-Cap ETF		77,487		18,104,063

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

64

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Vanguard S&P 500 ETF		38,777	$	18,106,145
Vanguard Small-Cap ETF(b)		30,772		6,756,300
TOTAL EXCHANGE TRADED FUNDS (Cost $144,772,997)				154,519,769
REAL ESTATE INVESTMENT TRUSTS—1.9%
Apple Hospitality REIT, Inc.(b)		56,688		912,110
Brixmor Property Group, Inc.(b)		9,387		212,240
Broadstone Net Lease, Inc.(b)		7,651		114,076
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR		41,946		199,663
DiamondRock Hospitality Co.(b)		52,401		492,569
Empire State Realty Trust, Inc.—Class A(b)		35,832		357,245
EPR Properties(b)		14,657		602,110
Host Hotels & Resorts, Inc.(b)		144,916		3,005,559
Innovative Industrial Properties, Inc.(b)		830		81,332
Iron Mountain, Inc.		2,610		205,250
Kimco Realty Corp.		1		20
Ladder Capital Corp.		17,378		187,856
Park Hotels & Resorts, Inc.(b)		23,815		395,329
PennyMac Mortgage Investment Trust(b)		1,073		15,161
Regency Centers Corp.		9,032		559,532
Rithm Capital Corp.		54,049		585,891
Service Properties Trust(b)		24,107		163,928
Simon Property Group, Inc.(b)		19,366		2,868,879
SITE Centers Corp.		11,131		151,159
Sunstone Hotel Investors, Inc.		12,522		140,121
Uniti Group, Inc.		9,698		56,830
VICI Properties, Inc.		21,843		653,761
Weyerhaeuser Co.		27,466		944,281
WP Carey, Inc.		13,185		742,711
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $11,869,721)				13,647,613
PREFERRED STOCKS—0.2%
Banks—0.0%(d)
Bancolombia SA—ADR, 9.337%, Perpetual		5,863		190,665
Itau Unibanco Holding SA—ADR, 6.858%, Perpetual		11,229		76,582
				267,247
Energy—0.2%
Petroleo Brasileiro SA—ADR, 7.924%, Perpetual		35,530		574,520
Surgutneftegas PJSC—ADR, Perpetual(c)		47,748		0
				574,520
Materials—0.0%(d)
Gerdau SA—ADR, 7.407%, Perpetual		58,713		253,053
Transportation—0.0%(d)
Azul SA—ADR, Perpetual(b)		406		2,972
Utilities—0.0%(d)
Cia Energetica de Minas Gerais—ADR, 11.102%, Perpetual		78,057		184,995
TOTAL PREFERRED STOCKS (Cost $1,328,633)				1,282,787
SHORT-TERM INVESTMENTS—20.7%
Investments Purchased with Collateral from Securities Lending—19.0%
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(e)		133,128,314		133,128,314

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

65

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Money Market Funds—1.7%
First American Government Obligations Fund—Class X, 5.29%(e)		12,153,980	$	12,153,980
TOTAL SHORT-TERM INVESTMENTS (Cost $145,282,294)				145,282,294
Total Investments—119.1% (Cost $694,826,550)				832,691,255
Liabilities in Excess of Other Assets—(19.1)%				(133,311,692	)
TOTAL NET ASSETS—100.0%			$	699,379,563

Percentages are stated as a percent of net assets.

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

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.
AMBAC	American Municipal Bond Assurance Corporation
AS	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.
GDR	Global Depositary Receipt
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
SA	Sociedad Anónima
SAB de CV	Sociedad Anónima Bursátil de Capital Variable
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.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $130,532,770 which represented 18.7% of net assets.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $5,319 or 0.0% of net assets as of February 29, 2024.

(d) Represents less than 0.05% of net assets.

(e) The rate shown represents the 7-day effective yield as of February 29, 2024.

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

66

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited)

	Par		Value
U.S. TREASURY OBLIGATIONS—31.4%
United States Treasury Inflation Indexed Bonds, 1.50%, 02/15/2053	$	206,386	$	180,458
United States Treasury Note/Bond
4.63%, 02/28/2025		1,809,000		1,801,526
3.88%, 03/31/2025		2,285,000		2,258,312
2.88%, 04/30/2025		1,194,000		1,166,365
0.38%, 04/30/2025		512,000		485,860
3.88%, 04/30/2025		279,000		275,654
2.13%, 05/15/2025		1,958,000		1,894,747
4.25%, 12/31/2025		675,000		669,806
4.25%, 01/31/2026		259,000		257,088
4.00%, 02/15/2026		924,000		913,136
0.50%, 02/28/2026		44,000		40,572
4.63%, 03/15/2026		1,657,000		1,657,324
3.75%, 04/15/2026		626,000		615,473
4.13%, 06/15/2026		1,249,000		1,237,583
1.88%, 07/31/2026		345,000		324,388
6.75%, 08/15/2026		1,661,000		1,745,542
1.50%, 08/15/2026		1,287,000		1,197,865
0.75%, 08/31/2026		132,000		120,429
4.63%, 09/15/2026		2,334,000		2,340,838
4.63%, 11/15/2026		2,048,000		2,055,960
2.00%, 11/15/2026		111,000		104,128
1.63%, 11/30/2026		205,000		190,170
4.38%, 12/15/2026		864,000		862,380
4.00%, 01/15/2027		3,055,000		3,019,558
4.13%, 10/31/2027		2,581,000		2,560,231
0.50%, 10/31/2027		1,136,000		989,185
6.13%, 11/15/2027		1,666,000		1,767,196
0.63%, 12/31/2027		1,422,000		1,237,196
4.00%, 02/29/2028		840,000		829,779
3.63%, 03/31/2028		1,510,000		1,470,775
3.50%, 04/30/2028		262,000		253,925
4.13%, 07/31/2028		657,000		652,509
2.88%, 08/15/2028		1,167,000		1,099,966
4.88%, 10/31/2028		1,888,000		1,934,536
5.25%, 11/15/2028		1,659,000		1,726,462
1.50%, 11/30/2028		1,327,000		1,170,093
4.38%, 11/30/2028		1,962,000		1,970,660
1.38%, 12/31/2028		1,306,000		1,142,214
4.00%, 01/31/2029		263,000		260,000
3.25%, 06/30/2029		1,197,000		1,138,833
4.00%, 02/28/2030		1,610,000		1,586,102
3.63%, 03/31/2030		658,000		635,073
4.88%, 10/31/2030		627,000		648,284
0.88%, 11/15/2030		1,609,000		1,295,434
4.38%, 11/30/2030		684,000		687,754
4.00%, 01/31/2031		574,000		564,762
1.13%, 02/15/2031		654,000		533,444
1.25%, 08/15/2031		544,000		440,459
1.38%, 11/15/2031		751,000		609,747
1.88%, 02/15/2032		1,941,000		1,630,288
2.88%, 05/15/2032		1,268,000		1,146,351
2.75%, 08/15/2032		1,286,000		1,148,333

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

67

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
4.13%, 11/15/2032	$	695,000	$	687,792
3.50%, 02/15/2033		2,545,000		2,401,148
3.38%, 05/15/2033		1,805,000		1,684,185
3.88%, 08/15/2033		2,457,000		2,384,250
4.50%, 11/15/2033		983,000		1,001,815
4.00%, 02/15/2034		475,000		465,760
4.75%, 02/15/2037		587,000		620,409
1.13%, 05/15/2040		589,000		363,684
1.13%, 08/15/2040		98,000		59,916
1.38%, 11/15/2040		638,000		405,379
1.88%, 02/15/2041		640,000		441,275
2.25%, 05/15/2041		147,000		107,376
1.75%, 08/15/2041		637,000		424,426
2.00%, 11/15/2041		615,000		425,972
3.13%, 11/15/2041		19,000		15,824
3.13%, 02/15/2042		16,000		13,275
2.38%, 02/15/2042		1,072,000		788,088
3.25%, 05/15/2042		52,000		43,745
3.88%, 02/15/2043		580,000		531,164
3.88%, 05/15/2043		51,000		46,652
4.38%, 08/15/2043		206,000		201,751
3.75%, 11/15/2043		1,203,000		1,078,941
4.75%, 11/15/2043		221,000		227,492
3.38%, 05/15/2044		570,000		482,073
2.25%, 08/15/2049		357,000		236,526
2.00%, 02/15/2050		338,000		210,550
1.38%, 08/15/2050		556,000		292,019
1.63%, 11/15/2050		364,000		204,523
1.88%, 02/15/2051		614,000		367,728
2.38%, 05/15/2051		764,000		515,790
2.00%, 08/15/2051		540,000		332,712
1.88%, 11/15/2051		849,000		506,034
2.25%, 02/15/2052		511,000		334,406
2.88%, 05/15/2052		735,000		553,633
3.00%, 08/15/2052		296,000		228,903
3.63%, 02/15/2053		1,296,000		1,133,393
3.63%, 05/15/2053		660,000		577,616
4.13%, 08/15/2053		689,000		659,825
4.75%, 11/15/2053		957,000		1,018,457
TOTAL U.S. TREASURY OBLIGATIONS (Cost $80,145,564)				78,619,260
	Shares
EXCHANGE TRADED FUNDS—29.5%
iShares Core U.S. Aggregate Bond ETF		194,978		18,981,108
iShares MBS ETF		320,171		29,426,917
Vanguard Total International Bond ETF		517,673		25,226,205
TOTAL EXCHANGE TRADED FUNDS (Cost $74,442,555)				73,634,230
	Par
CORPORATE BONDS—20.3%
Automobiles & Components—0.7%
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028	$	70,000		67,705

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

68

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
American Honda Finance Corp., 4.60%, 04/17/2030	$	55,000	$	53,910
Ford Motor Co., 6.10%, 08/19/2032		94,000		93,899
General Motors Co., 6.80%, 10/01/2027		105,000		109,689
General Motors Financial Co., Inc.
4.00%, 01/15/2025		393,000		387,455
4.30%, 07/13/2025		5,000		4,919
6.05%, 10/10/2025		163,000		164,273
5.85%, 04/06/2030		176,000		178,452
Goodyear Tire & Rubber Co., 5.25%, 04/30/2031		80,000		72,538
Penske Truck Leasing Co. Lp / PTL Finance Corp.
4.00%, 07/15/2025(a)		336,000		328,421
1.20%, 11/15/2025(a)		200,000		185,881
Volkswagen Group of America Finance LLC, 6.45%, 11/16/2030(a)		200,000		211,412
				1,858,554
Banks—3.1%
Bank of America Corp.
2.46% to 10/22/2024 then 3 mo. Term SOFR + 1.13%, 10/22/2025		5,000		4,896
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027		237,000		217,381
3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028		489,000		469,821
5.20% to 04/25/2028 then SOFR + 1.63%, 04/25/2029		264,000		262,674
2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032		6,000		4,858
5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034		19,000		18,738
2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036		288,000		227,151
4.30% to 01/28/2025 then 3 mo. Term SOFR + 2.93%, Perpetual		40,000		38,566
Citigroup, Inc.
3.35% to 04/24/2024 then 3 mo. Term SOFR + 1.16%, 04/24/2025		210,000		209,210
1.12% to 01/28/2026 then SOFR + 0.77%, 01/28/2027		280,000		258,173
3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028		107,000		102,873
3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028		277,000		259,547
3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030		161,000		150,975
4.41% to 03/31/2030 then SOFR + 3.91%, 03/31/2031		122,000		115,288
6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034		788,000		794,308
5.32% to 03/26/2040 then SOFR + 4.55%, 03/26/2041		732,000		716,215
Fifth Third Bancorp
5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032		47,000		46,611
4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033		170,000		154,202
First-Citizens Bank & Trust Co., 6.13%, 03/09/2028		99,000		100,580
JPMorgan Chase & Co.
3.22% to 03/01/2024 then 3 mo. Term SOFR + 1.42%, 03/01/2025		310,000		310,030
1.05% to 11/19/2025 then SOFR + 0.80%, 11/19/2026		150,000		139,532
3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028		153,000		145,469
6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034		125,000		132,650
5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035		90,000		89,551
Morgan Stanley Bank NA, 5.48%, 07/16/2025		376,000		377,656
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(a)		90,000		88,591

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

69

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
PNC Financial Services Group, Inc.
6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034	$	130,000	$	140,900
5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035		95,000		95,310
Sprint Capital Corp., 8.75%, 03/15/2032		270,000		326,303
Synovus Financial Corp., 5.20%, 08/11/2025		11,000		10,819
Truist Financial Corp.
4.26% to 07/28/2025 then SOFR + 1.46%, 07/28/2026		163,000		159,718
5.71% to 01/24/2034 then SOFR + 1.92%, 01/24/2035		120,000		118,889
US Bancorp
6.79% to 10/26/2026 then SOFR + 1.88%, 10/26/2027		226,000		233,571
5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030		35,000		34,822
5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034		71,000		71,732
Wells Fargo & Co.
2.16% to 02/11/2025 then 3 mo. Term SOFR + 1.01%, 02/11/2026		194,000		187,690
3.91% to 04/25/2025 then SOFR + 1.32%, 04/25/2026		7,000		6,865
2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026		266,000		255,315
2.39% to 06/02/2027 then SOFR + 2.10%, 06/02/2028		175,000		159,691
5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034		28,000		27,549
5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034		107,000		106,625
5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035		150,000		149,065
5.38%, 11/02/2043		175,000		167,447
				7,687,857
Capital Goods—0.8%
Air Lease Corp.
1.88%, 08/15/2026		112,000		102,886
3.25%, 10/01/2029		145,000		129,076
Boeing Co.
2.20%, 02/04/2026		168,000		157,691
5.04%, 05/01/2027		370,000		366,648
5.71%, 05/01/2040		45,000		43,876
5.81%, 05/01/2050		285,000		275,002
Carrier Global Corp., 5.90%, 03/15/2034		146,000		151,535
CNH Industrial Capital LLC
1.45%, 07/15/2026		105,000		96,082
4.55%, 04/10/2028		192,000		188,100
Cummins, Inc.
5.15%, 02/20/2034		25,000		24,979
5.45%, 02/20/2054		50,000		50,314
Regal Rexnord Corp.
6.05%, 04/15/2028(a)		75,000		75,493
6.40%, 04/15/2033(a)		240,000		246,560
RTX Corp., 6.40%, 03/15/2054		150,000		166,166
				2,074,408
Commercial & Professional Services—0.3%
ASGN, Inc., 4.63%, 05/15/2028(a)		80,000		74,687
Daimler Truck Finance North America LLC, 2.38%, 12/14/2028(a)		160,000		141,738

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

70

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Equifax, Inc., 5.10%, 12/15/2027	$	79,000	$	78,780
EquipmentShare.com, Inc., 9.00%, 05/15/2028(a)		65,000		66,688
Harvest Midstream I LP, 7.50%, 09/01/2028(a)		35,000		35,315
Republic Services, Inc.
5.00%, 04/01/2034		212,000		208,825
5.70%, 05/15/2041		129,000		134,136
				740,169
Consumer Discretionary Distribution & Retail—0.2%
Arko Corp., 5.13%, 11/15/2029(a)		60,000		52,082
Genuine Parts Co., 6.88%, 11/01/2033		117,000		127,899
Lowe’s Cos., Inc., 5.75%, 07/01/2053		119,000		120,341
Macy’s Retail Holdings LLC, 5.88%, 03/15/2030(a)		150,000		140,782
				441,104
Consumer Durables & Apparel—0.1%
Whirlpool Corp., 5.50%, 03/01/2033		132,000		130,962
Consumer Services—0.1%
American University/The, 3.67%, 04/01/2049		7,000		5,662
Churchill Downs, Inc., 6.75%, 05/01/2031(a)		80,000		80,148
Marriott International, Inc./MD
5.00%, 10/15/2027		103,000		102,621
5.30%, 05/15/2034		95,000		93,539
University of Chicago, 2.76%, 04/01/2045		87,000		67,845
				349,815
Consumer Staples Distribution & Retail—0.1%
Walmart, Inc.
4.00%, 04/15/2026		160,000		157,611
3.90%, 04/15/2028		150,000		146,419
4.00%, 04/15/2030		69,000		66,921
				370,951
Energy—3.1%
Antero Resources Corp., 7.63%, 02/01/2029(a)		27,000		27,832
Arizona Public Service Co., 2.95%, 09/15/2027		92,000		86,203
BP Capital Markets America, Inc.
4.81%, 02/13/2033		95,000		92,714
4.99%, 04/10/2034		181,000		178,146
Brooklyn Union Gas Co., 6.39%, 09/15/2033(a)		548,000		559,723
Cameron LNG LLC, 3.40%, 01/15/2038(a)		209,000		171,568

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

71

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
CenterPoint Energy Houston Electric LLC, 5.30%, 04/01/2053	$	122,000	$	121,649
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025		4,000		4,001
Comstock Resources, Inc., 6.75%, 03/01/2029(a)		80,000		73,901
Consolidated Edison Co. of New York, Inc., 3.20%, 12/01/2051		635,000		432,128
Constellation Energy Generation LLC, 6.25%, 10/01/2039		178,000		183,735
Diamondback Energy, Inc., 6.25%, 03/15/2053		180,000		190,588
DT Midstream, Inc., 4.13%, 06/15/2029(a)		80,000		73,175
DTE Electric Co., 3.65%, 03/01/2052		19,000		14,294
Duke Energy Indiana LLC, 5.40%, 04/01/2053		113,000		109,168
Energy Transfer LP
2.90%, 05/15/2025		70,000		67,803
5.63%, 05/01/2027(a)		71,000		70,424
6.00%, 02/01/2029(a)		602,000		604,087
5.25%, 04/15/2029		308,000		306,997
5.55%, 05/15/2034		85,000		84,154
5.95%, 05/15/2054		85,000		83,011
EQM Midstream Partners LP, 4.13%, 12/01/2026		150,000		143,923
EQT Corp., 5.75%, 02/01/2034		3,000		2,953
Evergy Metro, Inc., 4.95%, 04/15/2033		60,000		58,712
Exxon Mobil Corp., 3.10%, 08/16/2049		105,000		73,557
Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/2030		30,000		31,133
Global Partners LP / GLP Finance Corp., 8.25%, 01/15/2032(a)		40,000		41,053
Gulfstream Natural Gas System LLC, 6.19%, 11/01/2025(a)		293,000		294,203
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/01/2028(a)		100,000		99,355
Kinder Morgan, Inc., 5.20%, 06/01/2033		171,000		166,544
Marathon Petroleum Corp., 4.70%, 05/01/2025		345,000		341,832
MPLX LP, 5.65%, 03/01/2053		55,000		52,372
New Fortress Energy, Inc., 6.50%, 09/30/2026(a)		100,000		96,661
New York State Electric & Gas Corp., 5.85%, 08/15/2033(a)		20,000		20,542
NextEra Energy Capital Holdings, Inc.
4.90%, 02/28/2028		85,000		84,320
5.25%, 02/28/2053		105,000		97,994

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

72

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
NGPL PipeCo LLC, 4.88%, 08/15/2027(a)	$	36,000	$	35,157
Northern Natural Gas Co., 5.63%, 02/01/2054(a)		25,000		25,345
Northern Oil & Gas, Inc., 8.13%, 03/01/2028(a)		70,000		70,943
Occidental Petroleum Corp.
3.50%, 08/15/2029		72,000		65,561
6.13%, 01/01/2031		75,000		76,984
6.45%, 09/15/2036		70,000		73,754
6.60%, 03/15/2046		145,000		154,108
Oglethorpe Power Corp., 4.55%, 06/01/2044		27,000		22,384
Phillips 66, 1.30%, 02/15/2026		90,000		83,336
PPL Electric Utilities Corp., 4.85%, 02/15/2034		35,000		34,103
Public Service Co. of Colorado, 5.25%, 04/01/2053		104,000		98,482
Public Service Electric and Gas Co., 5.13%, 03/15/2053		117,000		113,296
Sabine Pass Liquefaction LLC, 4.50%, 05/15/2030		124,000		118,735
San Diego Gas & Electric Co., 5.35%, 04/01/2053		48,000		46,637
Southern Co. Gas Capital Corp., 1.75%, 01/15/2031		100,000		80,151
Southwestern Energy Co., 5.38%, 03/15/2030		65,000		62,188
Tampa Electric Co., 4.90%, 03/01/2029		94,000		93,560
Targa Resources Corp., 5.20%, 07/01/2027		110,000		109,508
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/2028		341,000		327,627
Valero Energy Corp., 6.63%, 06/15/2037		300,000		321,502
Venture Global LNG, Inc., 9.50%, 02/01/2029(a)		70,000		74,679
Vistra Operations Co. LLC
3.70%, 01/30/2027(a)		173,000		163,705
4.38%, 05/01/2029(a)		100,000		91,326
7.75%, 10/15/2031(a)		70,000		72,468
Williams Cos., Inc., 5.30%, 08/15/2028		89,000		89,708
				7,645,702
Equity Real Estate Investment Trusts (REITs)—0.3%
Crown Castle, Inc., 1.05%, 07/15/2026		55,000		49,749
EPR Properties
4.50%, 04/01/2025		25,000		24,549
3.75%, 08/15/2029		102,000		89,111
Iron Mountain, Inc.
5.25%, 07/15/2030(a)		150,000		140,503
4.50%, 02/15/2031(a)		84,000		74,411

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

73

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Kimco Realty OP LLC, 4.60%, 02/01/2033	$	130,000	$	121,944
Realty Income Corp.
4.70%, 12/15/2028		103,000		101,284
4.00%, 07/15/2029		66,000		62,284
				663,835
Financial Services—2.5%
American Express Co., 6.49% to 10/30/2030 then SOFR + 1.94%, 10/30/2031		85,000		90,599
Bank of New York Mellon Corp., 6.47% to 10/25/2033 then SOFR + 1.85%, 10/25/2034		177,000		192,075
Blackstone Private Credit Fund, 4.70%, 03/24/2025		197,000		193,990
Capital One Financial Corp.
4.20%, 10/29/2025		5,000		4,890
4.99% to 07/24/2025 then SOFR + 2.16%, 07/24/2026		84,000		83,250
6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029		296,000		303,162
7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031		60,000		65,701
5.82% to 02/01/2033 then SOFR + 2.60%, 02/01/2034		172,000		170,149
6.38% to 06/08/2033 then SOFR + 2.86%, 06/08/2034		35,000		36,085
6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035		260,000		262,798
Charles Schwab Corp., 4.00% to 06/01/2026 then 5 yr. CMT Rate + 3.17%, Perpetual		185,000		170,628
Corebridge Financial, Inc., 5.75%, 01/15/2034		140,000		139,766
Corebridge Global Funding, 5.20%, 01/12/2029(a)		147,000		145,517
FirstCash, Inc., 6.88%, 03/01/2032(a)		65,000		64,439
Freedom Mortgage Corp., 12.25%, 10/01/2030(a)		55,000		60,583
Goldman Sachs Group, Inc.
3.27% to 09/29/2024 then 3 mo. Term SOFR + 1.46%, 09/29/2025		295,000		290,931
1.09% to 12/09/2025 then SOFR + 0.79%, 12/09/2026		5,000		4,634
1.43% to 03/09/2026 then SOFR + 0.80%, 03/09/2027		385,000		355,927
1.95% to 10/21/2026 then SOFR + 0.91%, 10/21/2027		288,000		263,736
3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029		260,000		245,561
Jane Street Group / JSG Finance, Inc., 4.50%, 11/15/2029(a)		120,000		110,538
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(a)		60,000		60,678
Mercedes-Benz Finance North America LLC
4.80%, 03/30/2026(a)		436,000		433,022
3.75%, 02/22/2028(a)		368,000		352,378
Morgan Stanley
2.72% to 07/22/2024 then SOFR + 1.15%, 07/22/2025		140,000		138,316
3.63%, 01/20/2027		150,000		144,668
2.48% to 01/21/2027 then SOFR + 1.00%, 01/21/2028		160,000		148,059
3.59%, 07/22/2028(b)		208,000		196,952
5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029		133,000		132,285
5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034		140,000		139,223
5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038		125,000		124,729
Northern Trust Corp., 6.13%, 11/02/2032		4,000		4,213

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

74

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
OneMain Finance Corp., 3.50%, 01/15/2027	$	80,000	$	73,739
PRA Group, Inc., 5.00%, 10/01/2029(a)		113,000		94,758
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/2028(a)		100,000		98,739
S&P Global, Inc.
3.70%, 03/01/2052		185,000		143,481
3.90%, 03/01/2062		119,000		92,732
State Street Corp., 6.12% to 11/21/2033 then SOFR + 1.96%, 11/21/2034		354,000		366,140
StoneX Group, Inc., 7.88%, 03/01/2031(a)		74,000		74,999
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(a)		134,000		125,251
				6,199,321
Food, Beverage & Tobacco—0.9%
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 01/15/2039		355,000		457,657
Aramark Services, Inc., 5.00%, 02/01/2028(a)		150,000		143,903
Campbell Soup Co., 4.80%, 03/15/2048		170,000		149,377
Constellation Brands, Inc., 4.90%, 05/01/2033		225,000		218,316
J M Smucker Co., 6.20%, 11/15/2033		355,000		375,478
Molson Coors Beverage Co., 4.20%, 07/15/2046		150,000		122,641
Performance Food Group, Inc., 5.50%, 10/15/2027(a)		50,000		49,023
Philip Morris International, Inc.
5.13%, 02/15/2030		205,000		204,117
5.75%, 11/17/2032		145,000		147,966
5.63%, 09/07/2033		356,000		360,003
				2,228,481
Health Care Equipment & Services—1.0%
Acadia Healthcare Co, Inc., 5.00%, 04/15/2029(a)		70,000		66,215
Adventist Health System/West, 3.63%, 03/01/2049		33,000		24,316
Centene Corp., 4.63%, 12/15/2029		168,000		159,147
CommonSpirit Health
6.07%, 11/01/2027		63,000		64,620
4.35%, 11/01/2042		45,000		38,475
CVS Health Corp.
3.00%, 08/15/2026		90,000		85,483
5.13%, 02/21/2030		225,000		223,728
5.63%, 02/21/2053		161,000		154,815
Dignity Health, 4.50%, 11/01/2042		414,000		358,159

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

75

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
HCA, Inc.
5.38%, 09/01/2026	$	55,000	$	54,859
4.50%, 02/15/2027		95,000		93,002
5.88%, 02/01/2029		61,000		62,109
Humana, Inc., 5.50%, 03/15/2053		102,000		98,914
Mount Sinai Hospital, 3.98%, 07/01/2048		15,000		12,313
SSM Health Care Corp., 4.89%, 06/01/2028		156,000		157,327
Sutter Health, 2.29%, 08/15/2030		28,000		23,915
Tenet Healthcare Corp., 4.63%, 06/15/2028		150,000		142,921
UnitedHealth Group, Inc., 4.25%, 01/15/2029		631,000		615,091
Universal Health Services, Inc., 2.65%, 01/15/2032		36,000		29,282
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/2024		5,000		4,852
				2,469,543
Household & Personal Products—0.1%
Energizer Holdings, Inc., 4.75%, 06/15/2028(a)		100,000		91,538
Kenvue, Inc.
5.05%, 03/22/2053		177,000		170,585
5.20%, 03/22/2063		41,000		39,772
				301,895
Insurance—0.9%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 04/15/2028(a)		50,000		49,703
American International Group, Inc., 5.13%, 03/27/2033		95,000		93,767
Aon Corp. / Aon Global Holdings PLC, 5.35%, 02/28/2033		211,000		210,565
Aon North America, Inc.
5.15%, 03/01/2029		261,000		261,264
5.30%, 03/01/2031		75,000		74,950
5.45%, 03/01/2034		165,000		165,294
5.75%, 03/01/2054		30,000		30,182
Arthur J Gallagher & Co.
5.75%, 03/02/2053		4,000		3,949
6.75%, 02/15/2054		84,000		94,849
CNA Financial Corp., 4.50%, 03/01/2026		190,000		187,035
CNO Financial Group, Inc., 5.25%, 05/30/2029		175,000		170,068
Guardian Life Global Funding, 3.25%, 03/29/2027(a)		66,000		62,730
Marsh & McLennan Cos., Inc.
5.15%, 03/15/2034		50,000		49,858
5.45%, 03/15/2053		47,000		46,875
5.45%, 03/15/2054		50,000		49,747

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

76

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(a)	$	233,000	$	230,647
Primerica, Inc., 2.80%, 11/19/2031		143,000		118,830
Principal Financial Group, Inc., 5.50%, 03/15/2053		77,000		75,242
Prudential Financial, Inc., 5.70% to 09/15/2028 then 3 mo. LIBOR US + 2.67%, 09/15/2048(c)		42,000		40,900
Travelers Cos., Inc., 5.45%, 05/25/2053		50,000		51,078
W R Berkley Corp., 4.75%, 08/01/2044		177,000		153,765
				2,221,298
Management of companies and Enterprises—0.0%(d)
LPL Holdings, Inc., 4.00%, 03/15/2029(a)		5,000		4,590
Management of Companies and Enterprises—0.0%(d)
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(a)		50,000		51,355
Windsor Holdings III LLC, 8.50%, 06/15/2030(a)		65,000		67,335
				118,690
Materials—0.6%
Berry Global, Inc.
4.88%, 07/15/2026(a)		256,000		250,254
5.65%, 01/15/2034(a)		3,000		2,962
Celanese US Holdings LLC, 6.70%, 11/15/2033		205,000		215,523
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(a)		90,000		89,454
International Paper Co., 6.00%, 11/15/2041		177,000		182,955
Mosaic Co., 5.45%, 11/15/2033		508,000		502,631
Packaging Corp. of America, 4.05%, 12/15/2049		92,000		72,570
Sherwin-Williams Co., 4.55%, 08/01/2045		6,000		5,168
Standard Industries, Inc., 4.75%, 01/15/2028(a)		100,000		94,463
				1,415,980
Media & Entertainment—0.4%
Alphabet, Inc., 2.25%, 08/15/2060		60,000		34,535
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 05/01/2032		130,000		102,827
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90%, 06/01/2052		155,000		97,538
5.25%, 04/01/2053		210,000		163,202
Comcast Corp., 3.30%, 02/01/2027		100,000		95,839

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

77

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Take-Two Interactive Software, Inc., 4.95%, 03/28/2028	$	214,000	$	212,386
TEGNA, Inc., 5.00%, 09/15/2029		64,000		56,385
Walt Disney Co., 3.80%, 05/13/2060		121,000		92,384
Warnermedia Holdings, Inc., 3.76%, 03/15/2027		123,000		116,422
Ziff Davis, Inc., 4.63%, 10/15/2030(a)		120,000		107,719
				1,079,237
Pharmaceuticals, Biotechnology & Life Sciences—0.7%
AbbVie, Inc.
2.95%, 11/21/2026		315,000		298,767
4.95%, 03/15/2031		90,000		90,045
4.05%, 11/21/2039		35,000		30,703
5.40%, 03/15/2054		25,000		25,397
5.50%, 03/15/2064		80,000		80,986
Amgen, Inc.
5.60%, 03/02/2043		60,000		60,100
5.65%, 03/02/2053		22,000		22,006
5.75%, 03/02/2063		376,000		376,363
Eli Lilly & Co.
5.00%, 02/27/2026		228,000		227,982
4.95%, 02/27/2063		147,000		141,983
Johnson & Johnson, 3.40%, 01/15/2038		246,000		208,915
Mars, Inc., 4.55%, 04/20/2028(a)		147,000		145,047
Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050		76,000		47,363
Viatris, Inc., 2.70%, 06/22/2030		50,000		42,129
				1,797,786
Real Estate Management & Development—0.8%
Brixmor Operating Partnership LP, 5.50%, 02/15/2034		2,000		1,949
COPT Defense Properties LP
2.75%, 04/15/2031		170,000		137,325
2.90%, 12/01/2033		132,000		100,801
Holcim Finance US LLC, 3.50%, 09/22/2026(a)		345,000		330,578
Kilroy Realty LP, 3.45%, 12/15/2024		117,000		114,536
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028(a)		80,000		77,833
Prologis LP, 4.75%, 06/15/2033		583,000		565,674
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/2027		30,000		28,677
Simon Property Group LP
6.25%, 01/15/2034		65,000		68,534
5.85%, 03/08/2053		84,000		85,175

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

78

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028(a)	$	80,000	$	82,891
Ventas Realty LP, 3.50%, 04/15/2024		170,000		169,498
VICI Properties LP / VICI Note Co., Inc., 5.75%, 02/01/2027(a)		183,000		182,298
				1,945,769
Semiconductors & Semiconductor Equipment—0.3%
Intel Corp.
5.00%, 02/21/2031		80,000		79,521
5.15%, 02/21/2034		155,000		153,482
5.70%, 02/10/2053		45,000		45,648
5.60%, 02/21/2054		55,000		55,008
5.90%, 02/10/2063		25,000		26,068
Marvell Technology, Inc.
2.95%, 04/15/2031		75,000		64,316
5.95%, 09/15/2033		180,000		186,023
Micron Technology, Inc.
5.38%, 04/15/2028		139,000		139,817
5.88%, 09/15/2033		38,000		38,758
				788,641
Software & Services—0.5%
CommScope, Inc., 4.75%, 09/01/2029(a)		120,000		82,323
Dell International LLC / EMC Corp., 5.30%, 10/01/2029		50,000		50,143
International Business Machines Corp., 4.90%, 07/27/2052		808,000		752,279
Oracle Corp.
2.30%, 03/25/2028		179,000		160,505
3.60%, 04/01/2050		45,000		31,714
VMware, Inc., 3.90%, 08/21/2027		241,000		229,815
				1,306,779
Technology Hardware & Equipment—0.5%
Avnet, Inc., 6.25%, 03/15/2028		305,000		310,340
CDW LLC / CDW Finance Corp.
2.67%, 12/01/2026		35,000		32,454
4.25%, 04/01/2028		130,000		123,765
Cisco Systems, Inc.
4.85%, 02/26/2029		175,000		175,319
4.95%, 02/26/2031		145,000		145,114
5.05%, 02/26/2034		150,000		151,048
5.30%, 02/26/2054		50,000		50,645
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		167,000		165,921
Jabil, Inc., 5.45%, 02/01/2029		107,000		106,888
				1,261,494

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

79

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Telecommunication Services—0.8%
AT&T, Inc.
1.65%, 02/01/2028	$	349,000	$	307,222
3.50%, 06/01/2041		35,000		26,840
3.50%, 09/15/2053		105,000		72,246
Frontier Communications Holdings LLC, 5.88%, 10/15/2027(a)		150,000		145,095
T-Mobile USA, Inc.
3.75%, 04/15/2027		114,000		109,312
3.38%, 04/15/2029		502,000		460,741
2.88%, 02/15/2031		413,000		355,643
2.55%, 02/15/2031		135,000		113,874
4.38%, 04/15/2040		70,000		61,400
3.30%, 02/15/2051		35,000		24,085
Verizon Communications, Inc.
2.36%, 03/15/2032		135,000		109,504
5.05%, 05/09/2033		95,000		94,111
2.65%, 11/20/2040		25,000		17,247
				1,897,320
Transportation—0.4%
Delta Air Lines, Inc., 7.00%, 05/01/2025(a)		151,000		153,521
Southwest Airlines Co., 5.25%, 05/04/2025		115,000		114,709
TransDigm, Inc., 6.75%, 08/15/2028(a)		150,000		151,981
TTX Co., 4.60%, 02/01/2049(a)		358,000		314,375
United Airlines 2020-1 Class A Pass Through Trust, Series 2020-1, 5.88%, 10/15/2027		149,743		151,342
United Airlines Class B Pass Through Trust, Series 2020-1, 4.88%, 01/15/2026		94,520		93,211
				979,139
Utilities—1.1%
American Electric Power Co., Inc., 5.63%, 03/01/2033		4,000		4,031
Calpine Corp., 5.00%, 02/01/2031(a)		150,000		134,259
CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/2033		249,000		245,514
DTE Energy Co., 1.05%, 06/01/2025		100,000		94,726
Duke Energy Corp.
4.85%, 01/05/2027		174,000		172,779
5.75%, 09/15/2033		169,000		172,278
Edison International
5.75%, 06/15/2027		94,000		94,922
6.95%, 11/15/2029		15,000		16,001
Essential Utilities, Inc., 2.70%, 04/15/2030		105,000		90,430
Evergy Kansas Central, Inc., 5.70%, 03/15/2053		62,000		62,077

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

80

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Evergy, Inc., 2.45%, 09/15/2024	$	35,000	$	34,351
Eversource Energy, 5.50%, 01/01/2034		75,000		74,278
Exelon Corp., 5.60%, 03/15/2053		139,000		135,592
Interstate Power and Light Co., 2.30%, 06/01/2030		70,000		59,074
National Fuel Gas Co., 5.50%, 10/01/2026		77,000		76,940
Pacific Gas and Electric Co.
6.40%, 06/15/2033		75,000		78,037
6.95%, 03/15/2034		95,000		102,776
4.95%, 07/01/2050		80,000		68,016
Southern Co.
3.25%, 07/01/2026		221,000		211,428
5.20%, 06/15/2033		385,000		379,347
5.70%, 03/15/2034		165,000		168,198
Union Electric Co., 5.45%, 03/15/2053		60,000		58,968
Virginia Electric and Power Co., 5.45%, 04/01/2053		164,000		160,876
				2,694,898
TOTAL CORPORATE BONDS (Cost $51,139,283)				50,674,218
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—8.9%
Federal Home Loan Mortgage Corp.
Pool MA4600, 3.50%, 05/01/2052		328,112		292,305
Pool QB8934, 2.50%, 02/01/2051		26,376		21,705
Pool QC6759, 2.00%, 09/01/2051		29,877		23,520
Pool QF7085, 5.50%, 02/01/2053		69,505		68,883
Pool RA3661, 2.50%, 10/01/2050		118,742		98,327
Pool RA6605, 3.00%, 01/01/2052		25,793		22,090
Pool RA6815, 2.50%, 02/01/2052		256,080		212,062
Pool RA7326, 3.50%, 05/01/2052		32,199		28,668
Pool RA7587, 3.50%, 06/01/2052		200,814		179,533
Pool RA7659, 3.50%, 07/01/2052		23,032		20,515
Pool SD0781, 3.00%, 11/01/2051		78,457		67,518
Pool SD1117, 4.50%, 06/01/2052		20,684		19,643
Pool SD1377, 3.50%, 07/01/2052		425,509		379,049
Pool SD1505, 4.50%, 08/01/2052		88,730		84,091
Pool SD2253, 3.50%, 12/01/2052		165,770		147,602
Pool SD2862, 6.00%, 05/01/2053		23,376		23,505
Pool SD3218, 5.00%, 05/01/2053		24,550		23,822
Pool SD3611, 3.00%, 03/01/2052		24,330		20,928
Pool SD3770, 2.50%, 03/01/2052		267,690		220,800
Pool SD3977, 5.00%, 04/01/2053		798,500		775,012
Pool SD3983, 5.50%, 09/01/2053		24,431		24,232
Pool SD4428, 2.50%, 05/01/2052		24,743		20,469
Pool SD4712, 4.50%, 12/01/2052		44,467		42,121
Pool SD8135, 2.50%, 03/01/2051		28,835		23,898
Pool SD8157, 3.00%, 07/01/2051		199,734		171,351
Pool SD8188, 2.00%, 01/01/2052		130,683		103,047
Pool SD8199, 2.00%, 03/01/2052		248,593		196,027

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

81

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool SD8205, 2.50%, 04/01/2052	$	198,735	$	163,777
Pool SD8214, 3.50%, 05/01/2052		556,745		495,924
Pool SD8215, 4.00%, 05/01/2052		228,286		210,253
Pool SD8221, 3.50%, 06/01/2052		505,471		450,256
Pool SD8222, 4.00%, 06/01/2052		88,580		81,583
Pool SD8225, 3.00%, 07/01/2052		223,275		191,309
Pool SD8243, 3.50%, 09/01/2052		383,429		341,538
Pool SD8244, 4.00%, 09/01/2052		209,331		192,774
Pool SD8266, 4.50%, 11/01/2052		97,739		92,583
Pool SD8288, 5.00%, 01/01/2053		23,418		22,739
Pool SD8315, 5.00%, 04/01/2053		189,952		184,326
Pool SD8316, 5.50%, 04/01/2053		208,692		206,613
Pool SD8324, 5.50%, 05/01/2053		701,706		694,692
Pool SD8325, 6.00%, 05/01/2053		124,210		124,865
Pool SD8331, 5.50%, 06/01/2053		46,896		46,421
Pool SD8368, 6.00%, 10/01/2053		130,210		130,818
Pool SD8397, 6.50%, 01/01/2054		44,108		44,903
Pool SD8401, 5.50%, 02/01/2054		24,907		24,651
Pool SD8402, 6.00%, 02/01/2054		104,601		105,089
Federal National Mortgage Association
Pool BP3478, 2.00%, 06/01/2051		25,252		19,953
Pool BT6823, 2.50%, 10/01/2051		180,078		148,664
Pool BT9030, 2.00%, 08/01/2051		26,596		20,991
Pool BU7102, 2.50%, 12/01/2051		99,608		82,154
Pool BW0015, 4.00%, 07/01/2052		27,260		25,105
Pool BX5065, 5.50%, 01/01/2053		22,989		22,765
Pool CA7248, 2.50%, 10/01/2050		32,172		26,568
Pool CB1066, 2.50%, 07/01/2051		293,034		241,915
Pool CB1149, 3.00%, 07/01/2051		272,989		234,436
Pool CB3600, 3.50%, 05/01/2052		171,720		153,540
Pool CB3899, 3.50%, 06/01/2052		63,455		56,736
Pool CB4020, 4.00%, 07/01/2052		38,537		35,482
Pool CB4121, 4.00%, 07/01/2052		237,834		219,202
Pool CB5906, 5.50%, 03/01/2053		23,509		23,301
Pool CB6031, 5.00%, 04/01/2053		51,892		50,499
Pool CB6201, 6.00%, 05/01/2053		46,380		46,660
Pool CB6475, 5.00%, 06/01/2053		837,072		812,257
Pool FM9067, 2.50%, 10/01/2051		500,166		411,919
Pool FM9540, 2.00%, 11/01/2051		248,931		197,600
Pool FS0176, 2.50%, 01/01/2052		411,279		339,211
Pool FS0288, 2.00%, 01/01/2052		83,577		66,323
Pool FS0631, 3.00%, 02/01/2052		32,831		28,194
Pool FS1790, 4.00%, 05/01/2052		22,122		20,375
Pool FS2040, 2.00%, 02/01/2052		90,706		71,536
Pool FS2512, 3.50%, 07/01/2052		324,148		290,258
Pool FS2805, 2.50%, 09/01/2052		345,107		284,571
Pool FS3497, 3.50%, 08/01/2052		212,309		189,134
Pool FS3569, 3.00%, 02/01/2052		191,693		164,353
Pool FS4110, 2.50%, 03/01/2052		55,042		45,451
Pool FS4114, 4.50%, 03/01/2053		23,669		22,420
Pool FS4377, 3.00%, 04/01/2052		28,659		24,554
Pool FS4874, 5.50%, 06/01/2053		23,889		23,677
Pool FS5235, 5.50%, 07/01/2053		209,263		207,201
Pool FS5846, 2.50%, 09/01/2052		82,937		68,439

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

82

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Pool FS6288, 5.50%, 10/01/2053	$	24,748	$	24,574
Pool FS6471, 3.00%, 05/01/2052		98,675		84,579
Pool FS6866, 5.00%, 10/01/2053		304,109		295,182
Pool MA4078, 2.50%, 07/01/2050		246,336		204,511
Pool MA4211, 3.00%, 12/01/2050		26,042		22,502
Pool MA4305, 2.00%, 04/01/2051		200,000		157,956
Pool MA4493, 2.50%, 12/01/2051		24,853		20,503
Pool MA4512, 2.50%, 01/01/2052		87,199		71,735
Pool MA4548, 2.50%, 02/01/2052		135,753		111,766
Pool MA4562, 2.00%, 03/01/2052		181,248		142,733
Pool MA4563, 2.50%, 03/01/2052		112,843		93,028
Pool MA4565, 3.50%, 03/01/2052		37,818		33,813
Pool MA4579, 3.00%, 04/01/2052		243,890		209,048
Pool MA4599, 3.00%, 05/01/2052		41,103		35,228
Pool MA4625, 3.50%, 06/01/2052		82,087		73,127
Pool MA4698, 3.00%, 08/01/2052		233,550		200,132
Pool MA4700, 4.00%, 08/01/2052		463,648		427,000
Pool MA4732, 4.00%, 09/01/2052		291,081		268,058
Pool MA4733, 4.50%, 09/01/2052		45,704		43,293
Pool MA4761, 5.00%, 09/01/2052		349,043		339,005
Pool MA4783, 4.00%, 10/01/2052		24,223		22,306
Pool MA4784, 4.50%, 10/01/2052		239,139		226,525
Pool MA4786, 5.50%, 10/01/2052		30,204		29,959
Pool MA4805, 4.50%, 11/01/2052		144,206		136,599
Pool MA4868, 5.00%, 01/01/2053		28,165		27,348
Pool MA4917, 4.50%, 02/01/2053		33,429		31,666
Pool MA4918, 5.00%, 02/01/2053		322,791		313,399
Pool MA4940, 5.00%, 03/01/2053		28,135		27,315
Pool MA4978, 5.00%, 04/01/2053		423,561		411,019
Pool MA5009, 5.00%, 05/01/2053		191,637		185,962
Pool MA5010, 5.50%, 05/01/2053		31,903		31,590
Pool MA5038, 5.00%, 06/01/2053		135,618		131,602
Pool MA5071, 5.00%, 07/01/2053		279,361		271,089
Pool MA5073, 6.00%, 07/01/2053		257,276		258,572
Pool MA5089, 4.00%, 07/01/2053		168,840		155,456
Pool MA5106, 5.00%, 08/01/2053		458,913		445,324
Pool MA5107, 5.50%, 08/01/2053		333,738		330,353
Pool MA5108, 6.00%, 08/01/2053		75,663		76,045
Pool MA5138, 5.50%, 09/01/2053		81,949		81,106
Pool MA5139, 6.00%, 09/01/2053		47,927		48,152
Pool MA5165, 5.50%, 10/01/2053		24,267		24,017
Pool MA5166, 6.00%, 10/01/2053		48,043		48,269
Pool MA5192, 6.50%, 11/01/2053		95,767		97,492
Pool MA5217, 6.50%, 12/01/2053		57,882		58,934
Pool MA5247, 6.00%, 01/01/2054		24,631		24,745
Pool MA5294, 5.00%, 03/01/2054		66,000		64,032
Pool MA5297, 6.50%, 03/01/2054		30,000		30,540
Series 2014-C02, Class 2M2, 8.04% (30 day avg SOFR US + 2.71%), 05/25/2024		117,601		118,193
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2021-DNA3, Class M2, 7.42% (30 day avg SOFR US + 2.10%), 10/25/2033(a)		125,000		126,675
Series 2021-DNA6, Class M1, 6.12% (30 day avg SOFR US + 0.80%), 10/25/2041(a)		30,109		30,112
Series 2022-DNA1, Class M2, 7.82% (30 day avg SOFR US + 2.50%), 01/25/2042(a)		100,000		101,224
Series 2022-DNA2, Class M2, 9.07% (30 day avg SOFR US + 3.75%), 02/25/2042(a)		65,000		67,955
Series 2022-DNA2, Class M1B, 7.72% (30 day avg SOFR US + 2.40%), 02/25/2042(a)		60,000		61,334
Series 2022-DNA3, Class M2, 9.67% (30 day avg SOFR US + 4.35%), 04/25/2042(a)		62,000		66,066

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

83

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Series 2022-DNA3, Class M1B, 8.22% (30 day avg SOFR US + 2.90%), 04/25/2042(a)	$	55,000	$	57,008
Series 2022-DNA5, Class M1B, 9.82% (30 day avg SOFR US + 4.50%), 06/25/2042(a)		150,000		162,558
Series 2022-HQA1, Class M1B, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(a)		55,000		57,583
Series 2022-HQA2, Class M1B, 9.32% (30 day avg SOFR US + 4.00%), 07/25/2042(a)		100,000		106,396
Ginnie Mae II Pool
Pool MA7935, 2.00%, 03/20/2052		84,125		68,531
Pool MA7936, 2.50%, 03/20/2052		217,172		183,930
Pool MA8099, 3.50%, 06/20/2052		72,078		65,225
Pool MA8149, 3.50%, 07/20/2052		37,419		33,861
Pool MA8151, 4.50%, 07/20/2052		159,888		152,936
Pool MA8201, 4.50%, 08/20/2052		27,616		26,410
Pool MA8492, 6.00%, 12/20/2052		21,836		21,966
Pool MA8800, 5.00%, 04/20/2053		116,973		114,330
Pool MA8801, 5.50%, 04/20/2053		181,375		180,303
Pool MA8877, 4.50%, 05/20/2053		171,001		163,321
Pool MA8947, 5.00%, 06/20/2053		122,531		119,733
Pool MA8948, 5.50%, 06/20/2053		122,031		121,319
Pool MA9018, 6.00%, 07/20/2053		73,309		73,730
Pool MA9107, 6.00%, 08/20/2053		59,062		59,401
Pool MA9240, 5.00%, 10/20/2053		54,647		53,399
Pool MA9242, 6.00%, 10/20/2053		128,818		129,558
Pool MA9304, 5.00%, 11/20/2053		24,854		24,287
Pool MA9424, 6.00%, 01/20/2054		114,828		115,488
Pool MA9486, 4.50%, 02/20/2054		25,000		23,882
Pool MA9488, 5.50%, 02/20/2054		25,000		24,848
HUD Office of the Secretary
Series 2020-107, Class AB, 1.00%, 07/20/2050		53,554		40,165
Series 2020-112, Class KA, 1.00%, 08/20/2050		49,041		36,725
Series 2021-103, Class HE, 2.00%, 06/20/2051		36,876		30,150
MCR Mortgage Trust, Series 2024-HTL, Class B, 7.71% (1 mo. Term SOFR + 2.41%), 02/15/2037(a)		100,000		99,810
United States Department of the Treasury, 5.40%, 12/21/2026		275,000		274,647
United States of America
5.20%, 02/17/2026		665,000		663,336
7.25%, 05/15/2030		145,000		167,895
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $22,651,713)				22,262,760
FOREIGN CORPORATE BONDS—4.4%
Banks—1.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/2026		159,000		146,735
Australia & New Zealand Banking Group Ltd./New York NY, 4.75%, 01/18/2027		361,000		359,724
Banco Bilbao Vizcaya Argentaria SA, 6.14% to 09/14/2027 then 1 yr. CMT Rate + 2.70%, 09/14/2028		167,000		169,559
Banco Santander SA, 6.92%, 08/08/2033		200,000		207,855
Bancolombia SA, 3.00%, 01/29/2025		203,000		197,112
Bank of Nova Scotia
1.45%, 01/10/2025		788,000		761,553
4.50%, 12/16/2025		176,000		173,048
Credit Agricole SA, 5.59%, 07/05/2026(a)		250,000		252,144

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

84

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Credit Suisse AG/New York NY, 2.95%, 04/09/2025	$	251,000	$	243,781
Deutsche Bank AG/New York NY, 4.16%, 05/13/2025		151,000		148,715
Lloyds Banking Group PLC
4.98% to 08/11/2032 then 1 yr. CMT Rate + 2.30%, 08/11/2033		200,000		190,474
5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035		200,000		197,935
Mitsubishi UFJ Financial Group, Inc.
5.72% to 02/20/2025 then 1 yr. CMT Rate + 1.08%, 02/20/2026		200,000		200,160
5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031		238,000		239,952
NatWest Group PLC, 3.07% to 05/22/2027 then 1 yr. CMT Rate + 2.55%, 05/22/2028		200,000		185,681
Societe Generale SA, 1.49% to 12/14/2025 then 1 yr. CMT Rate + 1.10%, 12/14/2026(a)		400,000		369,094
Sumitomo Mitsui Financial Group, Inc., 5.52%, 01/13/2028		200,000		203,311
Toronto-Dominion Bank, 5.10%, 01/09/2026		4,000		4,007
Westpac Banking Corp., 5.51%, 11/17/2025		235,000		236,895
				4,487,735
Capital Goods—0.2%
Vinci SA, 3.75%, 04/10/2029(a)		200,000		190,406
Weir Group PLC, 2.20%, 05/13/2026(a)		281,000		260,380
				450,786
Commercial & Professional Services—0.0%(d)
Federation des Caisses Desjardins du Quebec, 4.55%, 08/23/2027 (a)		4,000		3,927
International Bank for Reconstruction & Development, 3.88%, 02/14/2030		35,000		34,035
				37,962
Consumer Services—0.1%
Carnival Corp., 7.63%, 03/01/2026(a)		150,000		152,061
Energy—0.4%
Aker BP ASA, 6.00%, 06/13/2033(a)		192,000		195,382
BHP Billiton Finance USA Ltd., 4.90%, 02/28/2033		328,000		323,814
BP Capital Markets PLC, 4.38% to 09/22/2025 then 5 yr. CMT Rate + 4.04%, Perpetual		19,000		18,769
CNOOC Petroleum North America ULC, 7.88%, 03/15/2032		38,000		45,073
Enbridge, Inc., 5.70%, 03/08/2033		294,000		297,434
				880,472
Financial Services—0.3%
UBS AG/London, 5.65%, 09/11/2028		200,000		203,875

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

85

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
UBS Group AG
2.19% to 06/05/2025 then SOFR + 2.04%, 06/05/2026(a)	$	65,000	$	62,214
1.31% to 02/02/2026 then SOFR + 0.98%, 02/02/2027(a)		13,000		11,984
6.54% to 08/12/2032 then SOFR + 3.92%, 08/12/2033(a)		500,000		521,675
				799,748
Insurance—0.2%
AIA Group Ltd., 3.20%, 09/16/2040(a)		213,000		159,140
Fairfax Financial Holdings Ltd., 3.38%, 03/03/2031		253,000		219,506
				378,646
Management of Companies and Enterprises—0.4%
E.ON International Finance BV, 6.65%, 04/30/2038(a)		161,000		172,530
Enel Finance International NV, 1.38%, 07/12/2026(a)		577,000		525,913
Viterra Finance BV, 2.00%, 04/21/2026(a)		201,000		186,129
				884,572
Materials—0.1%
Hudbay Minerals, Inc., 6.13%, 04/01/2029(a)		80,000		78,584
Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027(a)		31,896		30,015
OCI NV, 6.70%, 03/16/2033(a)		218,000		216,230
UPM-Kymmene Oyj, 7.45%, 11/26/2027(a)		6,000		6,300
Yara International ASA, 3.80%, 06/06/2026(a)		22,000		21,109
				352,238
Pharmaceuticals, Biotechnology & Life Sciences—0.1%
Pfizer Investment Enterprises Pte Ltd., 5.34%, 05/19/2063		155,000		149,423
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		141,000		136,126
				285,549
Telecommunication Services—0.2%
British Telecommunications PLC, 5.13%, 12/04/2028		345,000		347,000
Rogers Communications, Inc., 7.50%, 08/15/2038		151,000		174,233
Vodafone Group PLC, 4.38%, 02/19/2043		120,000		101,087
				622,320
Transportation—0.2%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(a)		120,000		119,026
AP Moller—Maersk AS, 5.88%, 09/14/2033(a)		376,000		379,051

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

86

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Canadian Pacific Railway Co., 2.88%, 11/15/2029	$	33,000	$	29,358
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028(a)		57,000		55,745
				583,180
Utilities—0.4%
Electricite de France SA, 6.90%, 05/23/2053(a)		236,000		257,542
Korea Electric Power Corp., 4.00%, 06/14/2027(a)		703,000		679,519
National Grid PLC, 5.42%, 01/11/2034		105,000		102,533
				1,039,594
TOTAL FOREIGN CORPORATE BONDS (Cost $11,034,971)				10,954,863
ASSET-BACKED SECURITIES—1.8%
Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/2046(a)		45,550		40,627
Avis Budget Car Rental LLC
Series 2023-2A, Class B, 6.03%, 10/20/2027(a)		100,000		99,976
Series 2024-1A, Class B, 5.85%, 06/20/2030(a)		100,000		99,986
Beacon Container Finance LLC, Series 2021-1A, Class A, 2.25%, 10/22/2046(a)		80,500		70,971
BOF URSA Funding Trust, Series 2023-CAR3, Class A2, 6.29%, 07/26/2032(a)		75,421		75,903
CarMax Auto Owner Trust, Series 2020-4, Class D, 1.75%, 04/15/2027		265,000		256,170
CCG Receivables Trust, Series 2023-1, Class A2, 5.82%, 09/16/2030(a)		180,741		181,389
Compass Datacenters LLC, Series 2024-1A, Class A1, 5.25%, 02/25/2049(a)(e)		150,000		145,760
CyrusOne Data Centers Issuer I LLC, Series 2023-2A, Class A2, 5.56%, 11/20/2048(a)		53,000		50,503
Dell Equipment Finance Trust, Series 2023-3, Class A3, 5.93%, 04/23/2029(a)		200,000		202,704
DLLAA LLC, Series 2023-1A, Class A3, 5.64%, 02/22/2028(a)		32,000		32,381
Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, 01/25/2067(a)(f)		182,651		155,371
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-HQA4, Class M1, 6.27% (30 day avg SOFR US + 0.95%), 12/25/2041(a)		78,311		77,968
GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A3, 4.85%, 12/18/2028		285,000		284,229
Goodgreen Trust, Series 2021-1A, Class A, 2.66%, 10/15/2056(a)		110,703		90,591
Government National Mortgage Association
Pool MA7826, 2.00%, 01/20/2052		69,213		56,376
Pool MA7827, 2.50%, 01/20/2052		188,382		159,548
Hilton Grand Vacations, Inc., Series 2022-2A, Class A, 4.30%, 01/25/2037(a)		64,950		62,862
IPFS Corp.
Series 2021-B, Class A, 0.77%, 08/15/2026(a)		100,000		97,756
Series 2022-A, Class A, 2.47%, 02/15/2027(a)		100,000		97,195
JP Morgan Mortgage Trust, Series 2024-HE1, Class A1, 6.82% (30 day avg SOFR US + 1.50%), 08/25/2054(a)		119,000		119,298

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

87

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Kubota Credit Owner Trust, Series 2024-1A, Class A3, 5.19%, 07/17/2028(a)	$	118,000	$	117,998
MMAF Equipment Finance LLC, Series 2023-A, Class A3, 5.54%, 12/13/2029(a)		37,000		37,376
MVW Owner Trust
Series 2023-1A, Class B, 5.42%, 10/20/2040(a)		79,379		78,601
Series 2023-1A, Class A, 4.93%, 10/20/2040(a)		79,379		78,143
OneMain Financial Issuance Trust, Series 2023-2A, Class A1, 5.84%, 09/15/2036(a)		100,000		101,672
Santander Consumer USA Holdings, Inc., Series 2024-1, Class C, 5.45%, 03/15/2030		22,000		21,986
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, 5.51%, 01/20/2032(a)		25,000		25,035
Sierra Timeshare Conduit Receivables Funding LLC
Series 2021-1A, Class A, 0.99%, 11/20/2037(a)		131,885		124,510
Series 2021-2A, Class A, 1.35%, 09/20/2038(a)		52,094		48,817
Series 2021-2A, Class B, 1.80%, 09/20/2038(a)		26,047		24,420
SoFi Professional Loan Program LLC, Series 2019-B, Class A2FX, 3.09%, 08/17/2048(a)		54,860		52,190
Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, 5.90%, 10/25/2048(a)		43,000		42,610
Taco Bell Corp.
Series 2016-1A, Class A23, 4.97%, 05/25/2046(a)		50,625		49,923
Series 2021-1A, Class A2II, 2.29%, 08/25/2051(a)		89,408		77,515
Towd Point Mortgage Trust
Series 2017-5, Class A1, 5.91% (1 mo. Term SOFR + 0.71%), 02/25/2057(a)		35,359		35,921
Series 2018-2, Class A2, 3.50%, 03/25/2058(a)(f)		100,000		94,210
Series 2022-4, Class A1, 3.75%, 09/25/2062(a)		110,649		102,601
Series 2024-CES2, Class A1A, 6.13%, 02/25/2064(a)(f)		123,000		122,772
United Airlines, Inc., 2.70%, 05/01/2032		171,695		147,176
Vantage Data Centers Guarantor LLC, Series 2021-1A, Class A2, 2.17%, 10/15/2046(a)		125,000		113,325
Verizon Master Trust, Series 2023-7, Class A1A, 5.67%, 11/20/2029		265,000		270,147
Verus Securitization Trust
Series 2021-3, Class A1, 1.05%, 06/25/2066(a)(f)		98,717		82,199
Series 2022-7, Class A1, 5.15%, 07/25/2067(a)(g)		128,738		127,816
TOTAL ASSET-BACKED SECURITIES (Cost $4,435,519)				4,434,527
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—1.2%
BANK-2020, Series 2020-BN28, Class A4, 1.84%, 03/15/2063		100,000		81,783
BANK-2022, Series 2022-BNK39, Class A4, 2.93%, 02/15/2055(b)		100,000		85,799
BANK-2023, Series 2023-BNK45, Class B, 6.15%, 02/15/2056(b)		65,000		65,820
BBCMS Trust
Series 2022-C17, Class A5, 4.44%, 09/15/2055		150,000		143,428
Series 2023-C22, Class A5, 6.80%, 11/15/2056(b)		14,876		16,743
Benchmark Mortgage Trust
Series 2019-B15, Class AS, 3.23%, 12/15/2072		25,000		21,187
Series 2020-B17, Class C, 3.37%, 03/15/2053(b)		50,000		37,384
Series 2021-B29, Class A5, 2.39%, 09/15/2054		100,000		82,589
Series 2023-B40, Class AS, 6.59%, 12/15/2056		52,000		56,218

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

88

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Series 2023-B40, Class C, 7.39%, 12/15/2056(b)	$	38,000	$	39,605
Series 2023-B40, Class A5, 6.05%, 12/15/2056		10,540		11,274
BMO Mortgage Trust
Series 2022-C1, Class A5, 3.37%, 02/15/2055(b)		110,000		97,169
Series 2023-C5, Class C, 6.63%, 06/15/2056(b)		10,000		10,236
Series 2023-C7, Class A5, 6.16%, 12/15/2056		27,000		29,068
Series 2024-5C3, Class B, 6.56%, 02/15/2057(b)		20,000		20,505
Series 2024-5C3, Class D, 4.00%, 02/15/2057(a)		18,000		14,597
BX Trust, Series 2019-OC11, Class A, 3.20%, 12/09/2041(a)		50,000		44,275
Chase Home Lending Mortgage Trust 2023-1, Series 2024-2, Class A6A, 6.00%, 02/25/2055(a)(b)		74,000		73,584
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class A4, 3.28%, 05/10/2049		100,000		94,941
Cold Storage Trust, Series 2020-ICE5, Class A, 6.34% (1 mo. Term SOFR + 1.01%), 11/15/2037(a)		147,449		147,059
Commercial Mortgage Pass Through Certificates, Series 2014-CR21, Class AM, 3.99%, 12/10/2047		20,000		19,145
Computershare Corporate Trust
Series 2016-C36, Class A4, 3.07%, 11/15/2059		100,000		93,361
Series 2018-C44, Class A5, 4.21%, 05/15/2051		100,000		95,383
Series 2019-C54, Class A4, 3.15%, 12/15/2052		100,000		89,560
Fannie Mae Connecticut Avenue Securities
Series 2021-R03, Class 1B1, 8.07% (30 day avg SOFR US + 2.75%), 12/25/2041(a)		100,000		101,709
Series 2022-R02, Class 2M1, 6.52% (30 day avg SOFR US + 1.20%), 01/25/2042(a)		41,263		41,306
Series 2022-R03, Class 1M2, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(a)		110,000		115,663
Series 2022-R04, Class 1M2, 8.42% (30 day avg SOFR US + 3.10%), 03/25/2042(a)		55,000		57,240
Series 2022-R07, Class 1M2, 9.97% (30 day avg SOFR US + 4.65%), 06/25/2042(a)		55,000		59,851
Series 2023-R02, Class 1M1, 7.62% (30 day avg SOFR US + 2.30%), 01/25/2043(a)		84,642		86,554
FIVE 2023-V1 Mortgage Trust, Series 2023-V1, Class B, 6.30%, 02/10/2056(b)		65,000		64,787
Great Wolf Trust 2024-WOLF, Series 2024-WOLF, Class D, 8.19% (1 mo. Term SOFR + 2.89%), 03/15/2039(a)		200,000		200,586
JP Morgan Mortgage Trust, Series 2024-2, Class A6A, 6.00%, 08/25/2054(a)(b)		116,000		115,560
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A3, 3.50%, 12/15/2048		78,971		76,378
Manhattan West, Series 2020-1MW, Class A, 2.13%, 09/10/2039(a)		110,000		97,542
Morgan Stanley Capital I Trust, Series 2015-MS1, Class A4, 3.78%, 05/15/2048(b)		60,000		58,041
Morgan Stanley Capital I, Inc.
Series 2018-H4, Class C, 5.05%, 12/15/2051(b)		25,000		22,077
Series 2020-HR8, Class A4, 2.04%, 07/15/2053		55,000		45,415
ONE Mortgage Trust, Series 2021-PARK, Class A, 6.13% (1 mo. Term SOFR + 0.81%), 03/15/2036(a)		100,000		97,475
ORL Trust, Series 2023-GLKS, Class C, 8.97% (1 mo. Term SOFR + 3.65%), 10/19/2036(a)		100,000		100,479
SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061(a)(b)		78,508		64,168
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, 7.50% (1 mo. Term SOFR + 2.19%), 05/15/2037(a)		100,000		100,400
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $2,961,727)				2,975,944

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

89

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
FOREIGN GOVERNMENT AGENCY ISSUES—0.7%
Asian Development Bank
4.38%, 03/06/2029	$	235,000	$	235,360
4.13%, 01/12/2034		100,000		97,814
European Investment Bank
4.00%, 02/15/2029		80,000		78,743
4.13%, 02/13/2034		115,000		112,854
Inter-American Development Bank
4.13%, 02/15/2029		75,000		74,206
4.50%, 09/13/2033		30,000		30,194
International Bank for Reconstruction & Development
4.50%, 06/26/2028		747,000		738,357
4.00%, 01/10/2031		145,000		141,377
Kreditanstalt fuer Wiederaufbau, 4.38%, 02/28/2034		60,000		60,049
Nordic Investment Bank, 4.25%, 02/28/2029		200,000		199,151
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $1,785,135)				1,768,105
FOREIGN GOVERNMENT NOTE/BOND—0.5%
Colombia Government International Bond, 3.00%, 01/30/2030		250,000		205,299
Indonesia Government International Bond, 5.25%, 01/17/2042(a)		200,000		197,929
Philippine Government International Bond
7.75%, 01/14/2031		211,000		243,325
6.38%, 10/23/2034		104,000		114,422
Province of Quebec Canada, 4.50%, 09/08/2033		125,000		123,465
Republic of South Africa Government International Bond, 5.00%, 10/12/2046		200,000		136,056
Romanian Government International Bond, 6.13%, 01/22/2044(a)		100,000		95,285
Uruguay Government International Bond, 4.38%, 01/23/2031		104,000		101,443
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $1,256,176)				1,217,224
U.S. GOVERNMENT AGENCY ISSUES—0.3%
United States of America
4.00%, 06/30/2028		50,000		49,532
4.88%, 01/15/2048		716,000		713,128
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $797,735)				762,660
	Shares
SHORT-TERM INVESTMENTS—0.9%
Money Market Funds—0.7%
First American Government Obligations Fund—Class X, 5.23%(h)		1,719,820		1,719,820
	Par
U.S. Treasury Bills—0.2%
5.30%, 03/07/2024(i)	$	480,000		479,579
TOTAL SHORT-TERM INVESTMENTS (Cost $2,199,399)				2,199,399
Total Investments—99.9% (Cost $252,849,777)				249,503,190
Other Assets in Excess of Liabilities—0.1%				246,321
TOTAL NET ASSETS—100.0%			$	249,749,511

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

90

ACTIVEPASSIVE CORE BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

Percentages are stated as a percent of net assets.

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

AG	Aktiengesellschaft
ASA	Advanced Subscription Agreement is an equity instrument where investors ‘pre-pay’ for shares in a company.
CMT	Constant Maturity Treasury Rate
LIBOR	London Interbank Offered Rate
NV	Naamloze Vennootschap
PLC	Public Limited Company
SA	Sociedad Anónima
SOFR	Secured Overnight Financing Rate

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $20,284,831 or 8.1% of the Fund’s net assets.

(b) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024.

(c) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(d) Represents less than 0.05% of net assets.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $145,760 or 0.1% of net assets as of February 29, 2024.

(f) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 29, 2024.

(g) Step coupon bond. The rate disclosed is as of February 29, 2024.

(h) The rate shown represents the 7-day effective yield as of February 29, 2024.

(i) The rate shown is the effective yield.

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

91

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited)

	Par		Value
MUNICIPAL BONDS—86.8%
Alabama—0.3%
Alabama Federal Aid Highway Finance Authority,
5.00%, 09/01/2036	$	20,000	$	21,062
Black Belt Energy Gas District
4.00%, 12/01/2049(a)		35,000		35,075
4.00%, 07/01/2052(a)		20,000		20,077
Houston County Health Care Authority,
5.00%, 10/01/2030		135,000		137,837
Industrial Development Board of the City of Mobile Alabama,
1.00%, 06/01/2034(a)		30,000		28,975
				243,026
Arizona—1.1%
Industrial Development Authority of the County of Pima/The,
5.00%, 04/01/2031		250,000		276,326
Maricopa County Industrial Development Authority,
5.00%, 01/01/2033		190,000		199,780
Salt River Project Agricultural Improvement & Power District,
5.00%, 01/01/2025		245,000		248,907
Salt Verde Financial Corp.,
5.00%, 12/01/2032		10,000		10,698
				735,711
California—5.3%
Anaheim Public Financing Authority
0.00%, 09/01/2031(b)		170,000		133,956
0.00%, 09/01/2032(b)		120,000		91,147
Bay Area Toll Authority
4.00%, 04/01/2032		145,000		150,213
2.13%, 04/01/2053(a)		35,000		34,408
Beverly Hills Unified School District CA,
0.00%, 08/01/2033(b)		130,000		98,625
California Health Facilities Financing Authority,
3.00%, 08/15/2054(a)		810,000		810,041
California State Public Works Board
5.00%, 12/01/2024		320,000		324,615
5.00%, 02/01/2030		25,000		28,543
California Statewide Communities Development Authority
5.00%, 04/01/2038(a)		25,000		28,001
5.00%, 04/01/2045(a)		45,000		50,401
City of San Francisco CA Public Utilities Commission Water Revenue,
5.00%, 11/01/2032		95,000		101,139
Coast Community College District,
4.50%, 08/01/2039		100,000		106,990
County of San Bernardino CA,
5.00%, 10/01/2027		35,000		38,163
Golden State Tobacco Securitization Corp.
0.00%, 06/01/2028(b)		80,000		70,916
5.00%, 06/01/2045		55,000		56,472
Grossmont Union High School District,
0.00%, 08/01/2032(b)		35,000		26,338
Long Beach Bond Finance Authority,
5.00%, 11/15/2029		70,000		74,386
Los Angeles Department of Water & Power,
5.00%, 07/01/2026		200,000		211,404

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

92

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Los Angeles Department of Water & Power Water System Revenue,
5.00%, 07/01/2028	$	65,000	$	72,446
Los Angeles Unified School District/CA,
3.00%, 07/01/2031		30,000		30,021
Metropolitan Water District of Southern California,
5.00%, 07/01/2029		70,000		79,699
Municipal Improvement Corp. of Los Angeles,
5.00%, 11/01/2028		190,000		201,677
Rancho Santiago Community College District,
0.00%, 09/01/2030(b)		50,000		40,997
Southern California Public Power Authority
5.00%, 07/01/2027		15,000		16,269
0.65%, 07/01/2040(a)		25,000		24,110
State of California
5.00%, 11/01/2028		155,000		172,075
3.00%, 09/01/2029		70,000		70,110
5.00%, 11/01/2031		130,000		141,085
3.00%, 09/01/2032		355,000		353,662
3.50%, 09/01/2032		100,000		100,026
State of California Department of Water Resources,
5.00%, 12/01/2032		35,000		41,173
				3,779,108
Colorado—0.7%
City & County of Denver CO Airport System Revenue,
5.00%, 11/15/2032		250,000		294,245
Colorado Health Facilities Authority,
5.00%, 08/01/2028		55,000		58,984
Douglas County School District No Re-1 Douglas & Elbert Counties,
5.00%, 12/15/2026		40,000		42,474
Regional Transportation District Sales Tax Revenue,
5.00%, 11/01/2026		25,000		26,465
State of Colorado,
5.00%, 12/15/2026		35,000		37,164
				459,332
Connecticut—1.4%
Connecticut State Health & Educational Facilities Authority,
5.00%, 07/01/2029		160,000		180,539
State of Connecticut,
5.00%, 01/15/2031		500,000		576,478
State of Connecticut Special Tax Revenue
5.00%, 07/01/2027		125,000		134,409
5.00%, 05/01/2031		65,000		73,988
				965,414
Delaware—0.2 %
State of Delaware
5.00%, 01/01/2027		81,000		86,287
5.00%, 01/01/2028		55,000		60,030
				146,317
District of Columbia—2.1%
District of Columbia
5.00%, 10/15/2025		290,000		299,291
5.00%, 06/01/2026		150,000		153,644

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

93

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
5.00%, 10/15/2028	$	250,000	$	277,153
5.00%, 01/01/2030		35,000		39,768
District of Columbia Income Tax Revenue
5.00%, 05/01/2029		250,000		280,324
5.00%, 03/01/2030		80,000		91,208
5.00%, 10/01/2031		300,000		351,857
Washington Metropolitan Area Transit Authority Dedicated Revenue,
5.00%, 07/15/2032		20,000		23,604
				1,516,849
Florida—4.3%
Central Florida Expressway Authority,
5.00%, 07/01/2028		170,000		186,235
City of Jacksonville FL,
5.00%, 10/01/2026		90,000		94,760
County of Manatee FL Public Utilities Revenue,
5.00%, 10/01/2032		200,000		236,486
County of Miami-Dade FL Water & Sewer System Revenue,
5.00%, 10/01/2028		110,000		117,876
Florida Department of Management Services,
5.00%, 11/01/2028		295,000		325,583
Florida Municipal Power Agency,
5.00%, 10/01/2027		50,000		52,435
Hillsborough County School Board,
5.00%, 07/01/2029		355,000		389,949
JEA Water & Sewer System Revenue
5.00%, 10/01/2028		160,000		172,700
5.00%, 10/01/2030		250,000		287,284
Orlando Utilities Commission,
5.00%, 10/01/2026		30,000		31,686
Sarasota County School Board,
5.00%, 07/01/2028		35,000		38,388
School Board of Miami-Dade County,
3.25%, 02/01/2033		235,000		234,560
State of Florida
5.00%, 06/01/2027		245,000		263,417
5.00%, 06/01/2030		105,000		120,330
5.00%, 06/01/2031		30,000		35,006
5.00%, 06/01/2033		205,000		247,283
				2,833,978
Georgia—1.4%
Bartow County Development Authority,
2.88%, 08/01/2043(a)		135,000		132,394
Columbus Medical Center Hospital Authority
5.00%, 07/01/2054(a)		45,000		48,443
5.00%, 07/01/2054(a)		20,000		20,533
Georgia State Road & Tollway Authority,
5.00%, 06/01/2030		165,000		187,861
Gwinnett County Water & Sewerage Authority,
5.00%, 08/01/2029		20,000		22,575
Metropolitan Atlanta Rapid Transit Authority,
5.00%, 07/01/2026		200,000		210,244
State of Georgia
3.00%, 02/01/2030		35,000		34,940

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

94

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
5.00%, 07/01/2031	$	225,000	$	247,722
2.50%, 02/01/2033		10,000		9,229
				913,941
Hawaii—0.3%
City & County of Honolulu HI,
5.00%, 03/01/2031		95,000		107,143
State of Hawaii,
4.00%, 10/01/2031		55,000		56,224
				163,367
Illinois—5.9%
Chicago Board of Education
0.00%, 12/01/2028(b)		105,000		87,362
0.00%, 12/01/2029(b)		95,000		75,738
0.00%, 12/01/2029(b)		75,000		59,793
0.00%, 12/01/2030(b)		220,000		167,505
0.00%, 12/01/2030(b)		70,000		53,297
Chicago O’Hare International Airport,
5.00%, 01/01/2032		20,000		20,281
City of Chicago IL Wastewater Transmission Revenue
5.00%, 01/01/2030		100,000		111,952
5.00%, 01/01/2032		50,000		57,813
City of Chicago IL Waterworks Revenue
5.00%, 11/01/2031		455,000		524,796
5.00%, 11/01/2032		140,000		162,187
Cook Kane Lake & McHenry Counties Community College District No 512,
4.00%, 12/15/2029		20,000		20,934
Illinois Finance Authority
5.00%, 07/01/2027		285,000		300,823
5.00%, 07/01/2031		90,000		94,747
Illinois State Toll Highway Authority,
5.00%, 01/01/2030		150,000		169,306
Kendall Kane & Will Counties Community Unit School District No 308,
5.00%, 02/01/2029		125,000		135,509
Metropolitan Pier & Exposition Authority,
0.00%, 06/15/2032(b)		60,000		44,402
Metropolitan Water Reclamation District of Greater Chicago,
5.00%, 12/01/2030		110,000		115,190
Regional Transportation Authority,
5.75%, 06/01/2029		90,000		101,622
Sales Tax Securitization Corp.
5.00%, 01/01/2027		60,000		63,496
5.00%, 01/01/2027		35,000		37,039
5.00%, 01/01/2028		60,000		64,713
5.00%, 01/01/2029		15,000		16,520
5.00%, 01/01/2030		115,000		129,008
5.00%, 01/01/2030		75,000		84,136
5.00%, 01/01/2033		20,000		23,379
State of Illinois
5.00%, 11/01/2025		50,000		51,311
5.50%, 05/01/2026		490,000		512,116
5.00%, 11/01/2028		360,000		383,007
5.50%, 05/01/2030		35,000		39,043
5.00%, 07/01/2030		10,000		11,120

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

95

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
5.00%, 03/01/2031	$	45,000	$	50,472
5.00%, 12/01/2031		20,000		22,652
5.00%, 03/01/2032		265,000		300,858
5.00%, 05/01/2032		25,000		28,432
5.00%, 03/01/2033		30,000		33,531
				4,154,090
Indiana—1.3%
City of Indianapolis Department of Public Utilities Gas Utility Revenue,
5.00%, 08/15/2026		105,000		110,432
Indiana Finance Authority
5.00%, 02/01/2027		135,000		143,889
5.00%, 06/01/2027		165,000		173,984
5.00%, 06/01/2028		125,000		131,773
5.00%, 02/01/2029		270,000		301,152
2.25%, 12/01/2058(a)		30,000		29,472
				890,702
Iowa—1.3%
Iowa Finance Authority
5.00%, 08/01/2026		45,000		47,348
5.00%, 08/01/2027		260,000		280,634
5.00%, 08/01/2032		250,000		292,760
State of Iowa,
5.00%, 06/01/2029		250,000		279,243
				899,985
Kansas—1.3%
Johnson County Unified School District No 233 Olathe,
2.25%, 09/01/2026		405,000		392,480
State of Kansas Department of Transportation
5.00%, 09/01/2025		120,000		123,481
5.00%, 09/01/2026		355,000		365,037
				880,998
Kentucky—0.9%
Kentucky Asset Liability Commission,
5.00%, 09/01/2026		410,000		412,784
Kentucky State Property & Building Commission,
5.00%, 11/01/2027		40,000		42,157
Louisville/Jefferson County Metropolitan Government,
5.00%, 10/01/2047(a)		110,000		119,743
				574,684
Louisiana—0.4%
Ernest N Morial New Orleans Exhibition Hall Authority,
5.00%, 07/15/2029		200,000		222,032
Parish of St John the Baptist LA,
2.38%, 06/01/2037(a)		25,000		23,897
State of Louisiana,
5.00%, 09/01/2030		55,000		63,680
				309,609
Maryland—4.7%
County of Montgomery MD,
5.00%, 11/01/2028		105,000		106,304

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

96

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
County of Prince George’s MD,
5.00%, 09/15/2029	$	105,000	$	118,823
Maryland Stadium Authority,
5.00%, 03/01/2031		115,000		131,697
Maryland Stadium Authority Built to Learn Revenue
5.00%, 06/01/2025		175,000		178,927
5.00%, 06/01/2027		265,000		283,385
Maryland State Transportation Authority,
5.00%, 07/01/2027		300,000		322,564
State of Maryland
5.00%, 08/01/2025		175,000		180,021
5.00%, 08/01/2029		210,000		237,037
5.00%, 03/15/2031		115,000		133,776
5.00%, 08/01/2031		245,000		286,891
State of Maryland Department of Transportation
4.00%, 10/01/2030		735,000		786,737
3.00%, 11/01/2030		40,000		39,328
3.00%, 09/01/2031		20,000		19,618
2.50%, 10/01/2033		55,000		49,559
University System of Maryland,
5.00%, 04/01/2026		225,000		235,063
				3,109,730
Massachusetts—2.5%
Commonwealth of Massachusetts
5.25%, 09/01/2024		280,000		283,046
5.00%, 03/01/2032		350,000		413,124
5.00%, 01/01/2033		100,000		108,592
Massachusetts Development Finance Agency,
5.00%, 07/01/2050(a)		70,000		78,486
Massachusetts Housing Finance Agency
3.35%, 06/01/2027		265,000		264,733
3.05%, 12/01/2027		520,000		515,894
				1,663,875
Michigan—1.8%
Michigan Finance Authority,
5.00%, 07/01/2031		50,000		50,227
Michigan State Building Authority
5.00%, 10/15/2030		200,000		210,149
5.00%, 04/15/2031		235,000		242,299
Michigan State Housing Development Authority,
3.10%, 12/01/2031		345,000		331,634
State of Michigan,
5.00%, 03/15/2026		190,000		197,871
State of Michigan Trunk Line Revenue
5.00%, 11/15/2031		140,000		164,217
5.00%, 11/15/2032		10,000		11,889
				1,208,286
Minnesota—2.5%
State of Minnesota
5.00%, 08/01/2027		300,000		324,013
5.00%, 08/01/2028		925,000		1,022,838

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

97

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
University of Minnesota,
5.00%, 01/01/2028	$	300,000	$	326,545
				1,673,396
Mississippi—0.3%
State of Mississippi,
5.00%, 11/01/2032		75,000		77,540
West Rankin Utility Authority,
5.00%, 01/01/2048		150,000		163,202
				240,742
Missouri—0.4%
Curators of the University of Missouri,
5.00%, 11/01/2030		250,000		287,540
Montana—0.0%(c)
City of Forsyth MT,
3.90%, 03/01/2031(a)		15,000		14,650
Nevada—1.9%
County of Clark NV
5.00%, 07/01/2026		120,000		125,732
2.10%, 06/01/2031		105,000		89,810
State of Nevada Highway Improvement Revenue
5.00%, 12/01/2028		250,000		276,991
3.00%, 12/01/2029		780,000		780,039
				1,272,572
New Jersey—4.0%
New Jersey Economic Development Authority,
3.13%, 07/01/2031		255,000		251,730
New Jersey Educational Facilities Authority,
4.00%, 07/01/2028		790,000		791,729
New Jersey Transportation Trust Fund Authority
0.00%, 12/15/2029(b)		30,000		24,978
5.00%, 12/15/2031		100,000		111,520
5.00%, 06/15/2032		200,000		232,486
5.00%, 06/15/2032		30,000		34,609
0.00%, 12/15/2032(b)		40,000		30,340
New Jersey Turnpike Authority
5.00%, 01/01/2027		445,000		473,168
5.00%, 01/01/2031		475,000		514,031
5.00%, 01/01/2033		90,000		97,329
Tobacco Settlement Financing Corp.
5.00%, 06/01/2026		30,000		31,138
5.00%, 06/01/2030		110,000		118,321
				2,711,379
New Mexico—0.5%
State of New Mexico,
5.00%, 03/01/2025		35,000		35,685
State of New Mexico Severance Tax Permanent Fund,
4.00%, 07/01/2024		260,000		260,653
				296,338

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

98

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
New York—6.4%
City of New York NY
5.00%, 08/01/2029	$	265,000	$	277,544
5.00%, 08/01/2030		150,000		170,716
5.00%, 09/01/2030		200,000		227,948
5.00%, 12/01/2032		90,000		94,730
Long Island Power Authority,
1.50%, 09/01/2051(a)		25,000		23,566
Metropolitan Transportation Authority,
0.00%, 11/15/2032(b)		40,000		29,701
New York City Housing Development Corp.,
0.60%, 05/01/2061(a)		80,000		75,958
New York City Transitional Finance Authority
5.00%, 08/01/2024		225,000		226,689
5.00%, 08/01/2024		160,000		161,077
New York City Transitional Finance Authority Building Aid Revenue,
5.00%, 07/15/2027		230,000		248,073
New York City Transitional Finance Authority Future Tax Secured Revenue
5.00%, 08/01/2024		390,000		392,927
5.00%, 11/01/2027		255,000		276,288
New York State Dormitory Authority
5.00%, 02/15/2032		310,000		331,561
5.00%, 03/15/2032		165,000		189,209
2.00%, 07/01/2033		100,000		86,345
New York State Housing Finance Agency
3.10%, 05/01/2062(a)		65,000		65,000
3.60%, 11/01/2062(a)		330,000		330,220
3.60%, 11/01/2062(a)		95,000		95,063
New York State Thruway Authority,
5.00%, 01/01/2028		425,000		431,429
New York State Urban Development Corp.,
5.00%, 03/15/2029		155,000		173,265
Port Authority of New York & New Jersey,
5.00%, 10/15/2027(d)		55,000		58,032
Triborough Bridge & Tunnel Authority
0.00%, 11/15/2030(b)		135,000		105,855
5.00%, 05/15/2050(a)		175,000		181,121
Trust for Cultural Resources of The City of New York,
5.00%, 07/01/2031		50,000		57,883
Utility Debt Securitization Authority,
5.00%, 06/15/2027		145,000		148,813
				4,459,013
North Carolina—1.6%
City of Charlotte NC Water & Sewer System Revenue,
5.00%, 07/01/2027		30,000		32,318
City of Raleigh NC Combined Enterprise System Revenue,
5.00%, 09/01/2027		90,000		97,365
County of Wake NC,
5.00%, 05/01/2030		95,000		108,936
State of North Carolina
5.00%, 03/01/2028		620,000		631,692
5.00%, 05/01/2029		110,000		123,116
5.00%, 05/01/2031		125,000		145,200
				1,138,627

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

99

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Ohio—1.3%
Buckeye Tobacco Settlement Financing Authority
5.00%, 06/01/2029	$	235,000	$	254,780
5.00%, 06/01/2030		20,000		21,986
5.00%, 06/01/2033		25,000		27,379
Ohio Water Development Authority,
5.00%, 06/01/2027		175,000		187,873
Ohio Water Development Authority Water Pollution Control Loan Fund,
5.00%, 12/01/2027		55,000		59,726
State of Ohio
5.00%, 08/01/2025		120,000		123,410
5.00%, 05/01/2027		95,000		101,885
5.00%, 09/15/2027		60,000		64,906
5.00%, 09/01/2030		60,000		68,886
				910,831
Oklahoma—0.7%
Canadian County Educational Facilities Authority,
3.00%, 09/01/2029		175,000		172,406
Cleveland County Independent School District No 2 Moore,
3.00%, 03/01/2025		115,000		114,526
Oklahoma Water Resources Board,
5.00%, 04/01/2026		100,000		104,369
Tulsa County Industrial Authority,
5.00%, 09/01/2027		60,000		64,432
				455,733
Oregon—0.4%
State of Oregon,
5.00%, 05/01/2028		265,000		290,496
Pennsylvania—3.0%
Allegheny County Hospital Development Authority
5.00%, 07/15/2028		345,000		374,993
5.00%, 07/15/2031		200,000		219,074
5.00%, 07/15/2033		10,000		10,927
Commonwealth of Pennsylvania
5.00%, 10/01/2024		370,000		373,813
5.00%, 01/01/2028		470,000		497,701
3.00%, 03/15/2030		70,000		69,489
5.00%, 08/15/2032		420,000		429,137
3.00%, 09/15/2033		45,000		44,986
Erie City Water Authority,
5.00%, 12/01/2043		25,000		26,486
Pennsylvania Housing Finance Agency,
3.20%, 10/01/2031		30,000		29,539
School District of Philadelphia/The,
5.00%, 09/01/2026		60,000		62,729
				2,138,874
South Carolina—1.1%
Greenville County School District,
5.00%, 12/01/2027		15,000		16,261
Patriots Energy Group Financing Agency,
5.25%, 02/01/2054(a)		650,000		702,548
				718,809

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

100

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
South Dakota—0.5%
South Dakota Conservancy District,
5.00%, 08/01/2026	$	335,000	$	352,082
Tennessee—0.4%
Metropolitan Government of Nashville & Davidson County TN
5.00%, 07/01/2029		25,000		27,475
5.00%, 07/01/2032		90,000		98,588
State of Tennessee,
5.00%, 05/01/2028		70,000		76,764
Tennessee Energy Acquisition Corp.
4.00%, 11/01/2049(a)		20,000		20,063
5.00%, 05/01/2052(a)		160,000		169,374
				392,264
Texas—10.5%
Board of Regents of the University of Texas System
5.00%, 08/15/2025		1,130,000		1,162,312
5.00%, 08/15/2025		85,000		87,431
5.00%, 08/15/2027		50,000		53,915
City of Austin TX Water & Wastewater System Revenue,
5.00%, 11/15/2026		115,000		121,736
City of Dallas TX,
5.00%, 02/15/2031		200,000		229,965
City of Houston TX Airport System Revenue,
5.00%, 07/01/2029		220,000		240,933
City of Houston TX Combined Utility System Revenue,
0.00%, 12/01/2028(b)		35,000		30,411
City of San Antonio TX,
5.00%, 08/01/2027		600,000		646,395
City of San Antonio TX Electric & Gas Systems Revenue
5.00%, 02/01/2025		225,000		228,930
5.00%, 02/01/2028		370,000		402,338
5.00%, 02/01/2032		95,000		98,454
3.65%, 02/01/2053(a)		100,000		98,273
Conroe Independent School District,
5.00%, 02/15/2027		90,000		95,865
County of Bexar TX,
5.00%, 06/15/2030		60,000		62,792
County of Harris TX
5.00%, 08/15/2025		260,000		267,435
5.00%, 08/15/2030		415,000		433,617
County of Harris TX Toll Road Revenue,
5.00%, 08/15/2027		220,000		236,923
Dallas College,
5.00%, 02/15/2030		35,000		39,620
Dallas Fort Worth International Airport,
5.00%, 11/01/2031		55,000		63,890
Denton Independent School District,
5.00%, 08/15/2032		25,000		29,419
Fort Bend Independent School District,
0.72%, 08/01/2051(a)		255,000		234,901
Houston Independent School District,
4.00%, 06/01/2039(a)		70,000		70,572
Lewisville Independent School District,
5.00%, 08/15/2030		400,000		458,097

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

101

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
Lower Colorado River Authority,
5.00%, 05/15/2028	$	200,000	$	218,262
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue,
5.00%, 11/01/2026		415,000		438,232
North East Independent School District/TX,
2.20%, 08/01/2049(a)		255,000		252,919
Plano Independent School District,
5.00%, 02/15/2030		110,000		124,583
Prosper Independent School District,
3.00%, 02/15/2053(a)		105,000		104,593
Texas Water Development Board
5.00%, 10/15/2026		25,000		26,443
5.00%, 08/01/2028		40,000		44,037
5.00%, 08/01/2029		100,000		112,389
5.00%, 10/15/2031		20,000		23,397
4.00%, 10/15/2032		80,000		82,783
5.00%, 10/15/2032		10,000		11,882
4.00%, 10/15/2033		65,000		67,148
Trinity River Authority Central Regional Wastewater System Revenue
5.00%, 08/01/2026		35,000		36,818
5.00%, 08/01/2029		315,000		353,688
				7,291,398
Utah—0.8%
County of Utah UT,
5.00%, 05/15/2060(a)		30,000		31,139
Intermountain Power Agency
5.00%, 07/01/2026		200,000		210,014
5.00%, 07/01/2031		320,000		372,305
				613,458
Virginia—1.4%
Virginia College Building Authority
5.00%, 02/01/2025		210,000		213,763
5.00%, 02/01/2031		275,000		318,630
3.00%, 02/01/2032		30,000		29,497
Virginia Public Building Authority
5.00%, 08/01/2030		100,000		114,827
5.00%, 08/01/2031		35,000		40,907
Virginia Public School Authority,
5.00%, 08/01/2028		280,000		287,571
				1,005,195
Washington—9.8%
Central Puget Sound Regional Transit Authority
5.00%, 11/01/2024		170,000		172,067
5.00%, 11/01/2030		245,000		282,600
5.00%, 11/01/2032		45,000		46,487
City of Seattle WA Municipal Light & Power Revenue,
5.00%, 09/01/2031		165,000		177,586
County of King WA Sewer Revenue,
4.00%, 07/01/2030		290,000		297,030
Energy Northwest
5.00%, 07/01/2026		150,000		150,676
5.00%, 07/01/2027		30,000		32,318

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

102

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Par		Value
5.00%, 07/01/2030	$	350,000	$	383,553
5.00%, 07/01/2031		90,000		98,560
Grant County Public Utility District No 2 Electric Revenue,
4.00%, 01/01/2026		1,540,000		1,566,738
Seattle Housing Authority,
1.00%, 06/01/2026		225,000		210,544
Snohomish County Housing Authority,
4.00%, 04/01/2033		1,810,000		1,868,499
State of Washington
5.00%, 02/01/2026		20,000		20,808
5.00%, 08/01/2027		45,000		48,495
5.00%, 06/01/2029		200,000		224,437
5.00%, 07/01/2029		190,000		196,876
5.00%, 08/01/2029		50,000		56,302
5.00%, 08/01/2031		300,000		336,987
University of Washington,
5.00%, 07/01/2029		350,000		393,811
Washington Health Care Facilities Authority
5.00%, 01/01/2047		120,000		126,891
5.00%, 08/01/2049(a)		20,000		20,571
				6,711,836
West Virginia—0.4%
West Virginia Commissioner of Highways,
5.00%, 09/01/2025		235,000		241,783
Wisconsin—1.7%
State of Wisconsin
5.00%, 11/01/2026		105,000		111,238
5.00%, 05/01/2029		300,000		335,745
5.00%, 11/01/2030		275,000		294,120
5.00%, 11/01/2030		185,000		197,863
5.00%, 05/01/2031		105,000		121,744
5.00%, 05/01/2033		80,000		95,795
				1,156,505
TOTAL MUNICIPAL BONDS (Cost $60,098,038)				59,822,523
	Shares
EXCHANGE TRADED FUNDS—11.7%
iShares National Muni Bond ETF		75,061		8,104,336
TOTAL EXCHANGE TRADED FUNDS (Cost $8,015,829)				8,104,336
SHORT-TERM INVESTMENTS—4.5%
Money Market Funds—4.5%
First American Government Obligations Fund—Class X, 5.25%(e)		3,113,051		3,113,051
TOTAL SHORT-TERM INVESTMENTS (Cost $3,113,051)				3,113,051
Total Investments—103.0% (Cost $71,226,918)				71,039,910
Liabilities in Excess of Other Assets—(3.0)%				(2,044,253	)
TOTAL NET ASSETS—100.0%			$	68,995,657

Percentages are stated as a percent of net assets.

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

103

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

(a) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024.

(b) Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.

(c) Represents less than 0.05% of net assets.

(d) Security subject to the Alternative Minimum Tax (“AMT”). As of February 29, 2024, the total value of securities subject to the AMT was $58,032 or 0.1% of net assets.

(e) The rate shown represents the 7-day effective yield as of February 29, 2024.

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

104

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited)

	Shares		Value
COMMON STOCKS—98.1%
Automobiles & Components—4.0%
BYD Co. Ltd.—ADR		14,477	$	714,874
Honda Motor Co. Ltd.—ADR		112,263		3,995,440
NIO, Inc.—ADR(a)		15,573		89,545
Toyota Motor Corp.—ADR		23,019		5,537,221
Valeo SE—ADR		16,773		102,818
				10,439,898
Banks—11.8%
Agricultural Bank of China Ltd.—ADR		9,696		98,705
Banco Bilbao Vizcaya Argentaria SA—ADR		219,738		2,186,393
Banco Bradesco SA—ADR		12		30
Banco de Chile—ADR		17,026		393,811
Banco do Brasil SA—ADR		22,783		264,511
Banco Santander SA—ADR		377,383		1,551,044
Bank Central Asia Tbk PT—ADR		17,725		289,272
Bank Mandiri Persero Tbk PT—ADR		21,523		384,724
Bank of China Ltd.—ADR		20,211		196,956
Bank Rakyat Indonesia Persero Tbk PT—ADR		18,248		358,026
Barclays PLC—ADR		166,255		1,413,168
BNP Paribas SA—ADR		6,911		207,054
China Construction Bank Corp.—ADR		211,892		2,614,747
China Merchants Bank Co. Ltd.—ADR		2		39
Commonwealth Bank of Australia—ADR		26,170		1,983,686
HDFC Bank Ltd.—ADR		37,640		2,013,740
HSBC Holdings PLC—ADR		82,266		3,223,181
ICICI Bank Ltd.—ADR		38,981		998,303
Industrial & Commercial Bank of China Ltd.—ADR		23,217		237,278
ING Groep NV—ADR		132,970		1,824,348
KB Financial Group, Inc.—ADR		16,053		760,110
Lloyds Banking Group PLC—ADR		405,484		948,833
Mitsubishi UFJ Financial Group, Inc.—ADR		168,146		1,726,859
Mizuho Financial Group, Inc.—ADR		483,456		1,817,795
NatWest Group PLC—ADR(a)		118,116		732,319
Shinhan Financial Group Co. Ltd.—ADR		17,657		575,265
Sumitomo Mitsui Financial Group, Inc.—ADR		189,756		2,113,882
UniCredit SpA—ADR		37,379		623,482
United Overseas Bank Ltd.—ADR		6,512		271,550
Woori Financial Group, Inc.—ADR		15,663		532,385
				30,341,496
Capital Goods—6.9%
Airbus SE—ADR		54,056		2,234,134
Alstom SA—ADR		461,955		595,922
Ashtead Group PLC—ADR		2,831		822,972
Assa Abloy AB—ADR		10,364		147,065
Daikin Industries Ltd.—ADR		49,520		694,270
Embraer SA—ADR(a)		16,516		321,897
FANUC Corp.—ADR		86,132		1,251,498
KION Group AG—ADR		58,102		733,741
Rolls-Royce Holdings PLC—ADR(a)		321,545		1,491,969
Schneider Electric SE—ADR		96,583		4,390,663
Siemens AG—ADR		44,943		4,443,066
Sociedad Quimica y Minera de Chile SA—ADR		2,784		138,420

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

105

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Techtronic Industries Co. Ltd.—ADR		7,889	$	424,823
Vinci SA—ADR		8,441		270,112
				17,960,552
Commercial & Professional Services—2.9%
RELX PLC—ADR		144,731		6,356,585
Rentokil Initial PLC—ADR		43,241		1,234,963
				7,591,548
Consumer Discretionary Distribution & Retail—4.0%
Alibaba Group Holding Ltd.—ADR		35,040		2,594,011
D-MARKET Elektronik Hizmetler ve Ticaret AS—ADR(a)		27,262		42,256
Fast Retailing Co. Ltd.—ADR		35,722		1,031,294
Industria de Diseno Textil SA—ADR		107,795		2,391,971
JD.com, Inc.—ADR		30,186		682,807
Jumia Technologies AG—ADR(a)		57,302		348,969
Kingfisher PLC—ADR		25,373		149,701
MINISO Group Holding Ltd.—ADR		4,336		79,479
MYT Netherlands Parent BV—ADR(a)		54,808		189,088
Pan Pacific International Holdings Corp.—ADR		39,924		932,625
PDD Holdings, Inc.—ADR(a)		12,930		1,610,302
Vipshop Holdings Ltd.—ADR(a)		23,956		461,153
				10,513,656
Consumer Durables & Apparel—3.7%
Cie Financiere Richemont SA—ADR		18,042		286,868
Hermes International SCA—ADR		10,678		2,679,644
Kering SA—ADR		13,710		631,208
LVMH Moet Hennessy Louis Vuitton SE—ADR		19,955		3,651,366
Samsonite International SA—ADR(a)		22,103		386,086
Sony Group Corp.—ADR		23,454		2,012,588
				9,647,760
Consumer Services—2.4%
Amadeus IT Group SA—ADR		4,461		274,396
Carnival PLC—ADR(a)		21,432		308,621
Compass Group PLC—ADR		50,378		1,381,366
GreenTree Hospitality Group Ltd.—ADR(a)		1,913		6,160
H World Group Ltd.—ADR		413		15,099
InterContinental Hotels Group PLC—ADR		12,284		1,316,353
Meituan—ADR(a)		38,334		777,030
Melco Resorts & Entertainment Ltd.—ADR(a)		5,496		42,484
New Oriental Education & Technology Group, Inc.—ADR(a)		4,010		375,055
Pearson PLC—ADR		60,563		737,657
Sunlands Technology Group—ADR(a)		622		6,220
TAL Education Group—ADR(a)		8,189		120,624
Trip.com Group Ltd.—ADR(a)		18,515		823,362
				6,184,427
Consumer Staples Distribution & Retail—0.3%
Carrefour SA—ADR		80,995		273,763
Seven & i Holdings Co. Ltd.—ADR		18,708		420,931
Wal-Mart de Mexico SAB de CV—ADR		3,091		121,785
				816,479

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

106

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Energy—4.2%
BP PLC—ADR		68,745	$	2,405,388
China Shenhua Energy Co. Ltd.—ADR		1,275		19,584
Eni SpA—ADR		32,103		987,167
Equinor ASA—ADR		23,846		587,089
Petroleo Brasileiro SA—ADR		43,567		719,727
Shell PLC—ADR		55,825		3,507,484
Tenaris SA—ADR		12,845		452,144
TotalEnergies SE—ADR		23,898		1,531,145
Ultrapar Participacoes SA—ADR		24,457		144,785
Vista Energy SAB de CV—ADR(a)		1,739		63,995
Woodside Energy Group Ltd.—ADR		31,369		618,597
				11,037,105
Financial Services—3.6%
Adyen NV—ADR(a)		45,901		725,236
AMTD IDEA Group—ADR(a)		66,836		113,621
CNFinance Holdings Ltd.—ADR(a)		4,795		11,033
Deutsche Bank AG		33,440		449,099
FinVolution Group—ADR		32,317		169,018
Futu Holdings Ltd.—ADR(a)		3,009		161,042
Jiayin Group, Inc.—ADR		10,200		58,140
Julius Baer Group Ltd.—ADR		13,937		148,429
LexinFintech Holdings Ltd.—ADR		27,264		50,166
London Stock Exchange Group PLC—ADR		23,998		674,104
Noah Holdings Ltd.—ADR		3		33
Nomura Holdings, Inc.—ADR		269,494		1,541,506
ORIX Corp.—ADR		27,063		2,847,298
Qifu Technology, Inc.—ADR		4,828		74,593
Qudian, Inc.—ADR(a)		7,474		18,311
UBS Group AG		80,756		2,297,508
X Financial—ADR		10,838		44,436
Yiren Digital Ltd.—ADR(a)		36		185
				9,383,758
Food, Beverage & Tobacco—5.8%
Ambev SA—ADR		99,036		246,600
Anheuser-Busch InBev SA/NV—ADR		29,846		1,801,803
British American Tobacco PLC—ADR		70,230		2,099,174
Cia Cervecerias Unidas SA—ADR		2,763		32,134
Coca-Cola Femsa SAB de CV—ADR		8,178		793,675
Danone SA—ADR		36,114		460,815
Diageo PLC—ADR		12,589		1,898,421
Embotelladora Andina SA—ADR		14,469		180,863
Embotelladora Andina SA—ADR		9,519		141,928
Fomento Economico Mexicano SAB de CV—ADR		8,844		1,098,779
Heineken NV—ADR		1,763		81,398
Kerry Group PLC—ADR		7,709		679,471
Nestle SA—ADR		45,516		4,732,298
Oatly Group AB—ADR(a)		92,656		102,848
Pernod Ricard SA—ADR		17,527		588,732
				14,938,939
Health Care Equipment & Services—1.5%
Brainsway Ltd.—ADR(a)		28,152		182,425
EDAP TMS SA—ADR(a)		23,746		150,075

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

107

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Fresenius Medical Care AG—ADR		38,176	$	733,361
Koninklijke Philips NV(a)		69,453		1,392,532
Smith & Nephew PLC—ADR		22,413		594,169
Terumo Corp.—ADR		24,414		948,240
				4,000,802
Household & Personal Products—3.4%
Haleon PLC—ADR		86,131		737,281
L’Oreal SA—ADR		41,249		3,948,355
Natura & Co. Holding SA—ADR(a)		110		729
Reckitt Benckiser Group PLC—ADR		54,049		680,477
Unicharm Corp.—ADR		80,675		538,102
Unilever PLC—ADR		57,858		2,833,306
				8,738,250
Insurance—1.7%
Aegon Ltd.		17,645		104,458
AIA Group Ltd.—ADR		9,888		318,987
Allianz SE—ADR		78,434		2,145,955
AXA SA—ADR		12,048		428,306
Fanhua, Inc.—ADR(a)		6		28
Legal & General Group PLC—ADR		19,124		295,083
Ping An Insurance Group Co. of China Ltd.—ADR		15,390		136,971
Prudential PLC—ADR		50,818		1,021,950
				4,451,738
Materials—5.5%
Air Liquide SA—ADR		61,123		2,483,427
Akzo Nobel NV—ADR		23,258		564,472
Anglo American PLC—ADR		7,831		84,575
ArcelorMittal SA		53,072		1,384,118
BHP Group Ltd.—ADR		49,041		2,812,011
Cemex SAB de CV—ADR(a)		57,840		441,898
Croda International PLC—ADR		2,392		72,406
DRDGOLD Ltd.—ADR		8,852		59,751
Gold Fields Ltd.—ADR		10,292		134,208
Harmony Gold Mining Co. Ltd.—ADR		19,168		109,449
IperionX Ltd.—ADR(a)		3,870		57,392
James Hardie Industries PLC—ADR(a)		33,490		1,325,199
POSCO Holdings, Inc.—ADR		6,131		495,569
Rio Tinto PLC—ADR		33,059		2,133,297
Sasol Ltd.—ADR		9,230		69,963
Sika AG—ADR		29,936		866,647
Suzano SA—ADR		27,441		311,455
Ternium SA—ADR		6,056		245,510
Vale SA—ADR		49,748		667,121
				14,318,468
Media & Entertainment—3.1%
Autohome, Inc.—ADR		872		22,663
Baidu, Inc.—ADR(a)		5,047		511,413
Bilibili, Inc.—ADR(a)		1		10
Criteo SA—ADR(a)		15,851		512,780
Gravity Co. Ltd.—ADR(a)		2,875		221,576
Hello Group, Inc.—ADR		16,498		108,722

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

108

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
iQIYI, Inc.—ADR(a)		8,393	$	30,970
JOYY, Inc.—ADR		1,270		40,005
NetEase, Inc.—ADR		8,877		958,006
Sea Ltd.—ADR(a)		5,949		288,645
So-Young International, Inc.—ADR(a)		13,401		15,679
Tencent Holdings Ltd.—ADR		122,678		4,286,615
Tencent Music Entertainment Group—ADR(a)		11,443		119,808
Trivago NV—ADR		47,591		119,929
Weibo Corp.—ADR		6,230		56,818
WPP PLC—ADR		15,655		702,127
Yalla Group Ltd.—ADR(a)		17,185		87,987
				8,083,753
Pharmaceuticals, Biotechnology & Life Sciences—12.2%
Adaptimmune Therapeutics PLC—ADR(a)		82,961		130,249
Amarin Corp. PLC—ADR(a)		43,810		46,877
Argenx SE—ADR(a)		473		179,745
Ascendis Pharma AS—ADR(a)		415		61,320
AstraZeneca PLC—ADR		52,417		3,363,075
AstraZeneca PLC(a)(b)		14,065		3,516
Autolus Therapeutics PLC—ADR(a)		2,795		16,770
Avadel Pharmaceuticals PLC—ADR(a)		6,051		77,332
Barinthus Biotherapeutics PLC—ADR(a)		2,523		7,519
Bayer AG—ADR		18,624		141,356
BeiGene Ltd.—ADR(a)		843		139,643
Belite Bio, Inc.—ADR(a)		413		19,101
Bicycle Therapeutics PLC—ADR(a)		1,041		26,119
BioLine RX Ltd.—ADR(a)		361		480
BioNTech SE—ADR(a)		3,342		297,304
Calliditas Therapeutics AB—ADR(a)		2,802		61,616
Cellectis SA—ADR(a)		21,118		53,640
DBV Technologies SA—ADR(a)		48,883		40,084
Dr Reddy’s Laboratories Ltd.—ADR		14,764		1,133,580
Evotec SE—ADR(a)		18,753		138,772
Galapagos NV—ADR(a)		20,193		708,976
Genetron Holdings Ltd.—ADR(a)		27		106
Genfit SA—ADR(a)		8,985		31,897
Genmab AS—ADR(a)		33,672		935,071
Grifols SA—ADR(a)		36,633		275,114
GSK PLC—ADR		51,043		2,138,702
HUTCHMED China Ltd.—ADR(a)		8,031		121,348
Immutep Ltd.—ADR(a)		79,555		186,159
Innate Pharma SA—ADR(a)		22,465		59,083
Lonza Group AG—ADR		19,048		996,020
Mereo Biopharma Group PLC—ADR(a)		26,600		101,080
Mesoblast Ltd.—ADR(a)		21,419		42,088
MorphoSys AG—ADR(a)		11,677		205,515
Novartis AG—ADR		46,954		4,740,945
Novo Nordisk AS—ADR		52,696		6,311,400
Olink Holding AB—ADR(a)		30		671
Roche Holding AG—ADR		97,660		3,196,412
Sanofi SA—ADR		47,799		2,287,182
Silence Therapeutics PLC—ADR(a)		2,662		67,801
Takeda Pharmaceutical Co. Ltd.—ADR		186,428		2,719,985
Teva Pharmaceutical Industries Ltd.—ADR(a)		20,901		274,848

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

109

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Verona Pharma PLC—ADR(a)		1,202	$	20,698
Zai Lab Ltd.—ADR(a)		1,189		24,945
				31,384,144
Real Estate Management & Development—0.1%
IRSA Inversiones y Representaciones SA—ADR		8,145		63,124
KE Holdings, Inc.—ADR		13,166		178,926
				242,050
Semiconductors & Semiconductor Equipment—8.5%
ASE Technology Holding Co. Ltd.—ADR		71,704		698,397
ASML Holding NV		5,867		5,583,507
ChipMOS Technologies, Inc.—ADR		4,697		131,939
Daqo New Energy Corp.—ADR(a)		3,476		73,969
Infineon Technologies AG—ADR		9,241		333,508
JinkoSolar Holding Co. Ltd.—ADR		451		12,195
STMicroelectronics NV		26,926		1,228,364
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		86,025		11,068,836
Tokyo Electron Ltd.—ADR		17,418		2,159,832
United Microelectronics Corp.—ADR		80,404		617,503
				21,908,050
Software & Services—3.7%
AMTD Digital, Inc.—ADR(a)		27,070		107,468
Capgemini SE—ADR		19,179		934,017
Endava PLC—ADR(a)		4,452		165,481
Infosys Ltd.—ADR		51,560		1,029,138
Materialise NV—ADR(a)		17,195		92,853
Nice Ltd.—ADR(a)		2,859		700,884
Opera Ltd.—ADR		19,009		231,530
SAP SE—ADR		33,520		6,297,401
Wipro Ltd.—ADR		12,047		74,571
Xunlei Ltd.—ADR(a)		33		49
				9,633,392
Technology Hardware & Equipment—1.3%
Logitech International SA		14,193		1,246,430
Murata Manufacturing Co. Ltd.—ADR		51,003		512,070
Nano Dimension Ltd.—ADR(a)		99,805		284,444
Nokia Oyj—ADR		220,978		780,052
Telefonaktiebolaget LM Ericsson—ADR		113,799		619,067
				3,442,063
Telecommunication Services—4.1%
America Movil SAB de CV—ADR		7,691		143,899
Deutsche Telekom AG—ADR		80,754		1,917,100
KT Corp.—ADR(a)		34,250		490,460
Nippon Telegraph & Telephone Corp.—ADR		66,963		2,030,318
Orange SA—ADR		186,060		2,139,690
SK Telecom Co. Ltd.—ADR		43,760		958,344
Telefonica Brasil SA—ADR		19,975		218,327
Telefonica SA—ADR		285,881		1,169,253
Telkom Indonesia Persero Tbk PT—ADR		5,268		134,755
TIM SA/Brazil—ADR		8,140		150,509
Turkcell Iletisim Hizmetleri AS—ADR		33,266		179,304
Vodafone Group PLC—ADR		119,611		1,069,322
				10,601,281

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

110

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Transportation—1.3%
Aena SME SA—ADR		22,118	$	419,578
Canadian Pacific Kansas City Ltd.		4,270		362,993
Full Truck Alliance Co. Ltd.—ADR(a)		6,979		46,061
Grupo Aeroportuario del Centro Norte SAB de CV—ADR		3,560		247,705
Grupo Aeroportuario del Sureste SAB de CV—ADR		621		182,804
Ryanair Holdings PLC—ADR		14,860		2,054,395
ZTO Express Cayman, Inc.—ADR		8,979		172,307
				3,485,843
Utilities—2.1%
Centrais Eletricas Brasileiras SA—ADR		9,679		84,691
Cia de Saneamento Basico do Estado de Sao Paulo SABESP—ADR		5,825		92,035
Cia Energetica de Minas Gerais—ADR		28,980		86,650
Companhia Paranaense de Energia—ADR		16,119		132,982
Companhia Paranaense de Energia—ADR(a)		2,733		20,306
Empresa Distribuidora Y Comercializadora Norte—ADR(a)		616		10,250
Enel Chile SA—ADR		84,342		253,026
Enel SpA—ADR		93,957		592,869
Iberdrola SA—ADR		4,940		226,647
National Grid PLC—ADR		54,117		3,607,440
RWE AG—ADR		9,673		324,142
				5,431,038
TOTAL COMMON STOCKS (Cost $239,867,381)				254,576,490
PREFERRED STOCKS—1.0%
Banks—0.5%
Banco Bradesco SA—ADR, 8.045%, Perpetual		85,806		238,541
Bancolombia SA—ADR, 9.337%, Perpetual		11,735		381,622
Itau Unibanco Holding SA—ADR, 6.858%, Perpetual		115,764		789,510
				1,409,673
Energy—0.3%
Petroleo Brasileiro SA—ADR, 7.924%, Perpetual		52,422		847,664
Materials—0.1%
Gerdau SA—ADR, 7.407%, Perpetual		54,438		234,628
Transportation—0.0%(c)
Azul SA—ADR, Perpetual		3,824		27,992
Utilities—0.1%
Cia Energetica de Minas Gerais—ADR, 11.102%, Perpetual		82,111		194,603
TOTAL PREFERRED STOCKS (Cost $2,561,425)				2,714,560
EXCHANGE TRADED FUNDS—0.0%(c)
Vanguard FTSE Developed Markets ETF		38		1,850
Vanguard FTSE Emerging Markets ETF		22		902
TOTAL EXCHANGE TRADED FUNDS (Cost $2,654)				2,752
SHORT-TERM INVESTMENTS—0.8%
Money Market Funds—0.8%
First American Government Obligations Fund—Class X, 5.25%(d)		2,148,863		2,148,863
TOTAL SHORT-TERM INVESTMENTS (Cost $2,148,863)				2,148,863
Total Investments—99.9% (Cost $244,580,323)				259,442,665
Other Assets in Excess of Liabilities—0.1%				260,389
TOTAL NET ASSETS—100.0%			$	259,703,054

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

111

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

Percentages are stated as a percent of net assets.

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

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.
AS	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.
PLC	Public Limited Company
SA	Sociedad Anónima is an abbreviation used by many countries to signify a publicly traded company.
SAB de CV	Sociedad Anónima Bursátil de Capital Variable
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.

(a) Non-income producing security.

(b) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $3,516 or 0.0% of net assets as of February 29, 2024.

(c) Represents less than 0.05% of net assets.

(d) The rate shown represents the 7-day effective yield as of February 29, 2024.

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

112

ACTIVEPASSIVE U.S. EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited)

	Shares		Value
COMMON STOCKS—87.6%
Automobiles & Components—1.2%
General Motors Co.		17,742	$	727,067
Rivian Automotive, Inc.—Class A(a)		6,741		76,308
Tesla, Inc.(a)		30,735		6,204,782
				7,008,157
Banks—2.7%
Bank of America Corp.		71,147		2,455,994
Citigroup, Inc.		24,922		1,382,922
Huntington Bancshares, Inc.		34,451		449,241
JPMorgan Chase & Co.		46,912		8,728,447
Wells Fargo & Co.		41,048		2,281,858
				15,298,462
Capital Goods—5.3%
Boeing Co.(a)		5,131		1,045,287
Carrier Global Corp.		16,944		941,748
Caterpillar, Inc.		3,126		1,043,959
Cummins, Inc.		8		2,149
Deere & Co.		2,199		802,745
Eaton Corp. PLC		8,384		2,422,977
Ferguson PLC		7,938		1,678,490
Fortive Corp.		20,729		1,764,660
General Electric Co.		26,491		4,156,172
Honeywell International, Inc.		9,574		1,902,641
Howmet Aerospace, Inc.		9,529		634,155
Hubbell, Inc.		1,468		558,824
Lockheed Martin Corp.		2,199		941,700
Masco Corp.		8,586		659,061
PACCAR, Inc.		27,683		3,069,767
Raytheon Technologies Corp.		12,550		1,125,359
Snap-on, Inc.		5,956		1,641,831
Textron, Inc.		16,859		1,501,631
Trane Technologies PLC		3,493		984,921
United Rentals, Inc.		2,460		1,705,444
WW Grainger, Inc.		1,784		1,736,653
				30,320,174
Commercial & Professional Services—1.2%
Automatic Data Processing, Inc.		3,759		943,998
Cintas Corp.		4,398		2,764,627
Copart, Inc.(a)		57,870		3,075,790
Republic Services, Inc.		975		179,010
				6,963,425
Consumer Discretionary Distribution & Retail—4.9%
Amazon.com, Inc.(a)		111,549		19,717,402
Home Depot, Inc.		12,099		4,605,000
LKQ Corp.		15,393		804,900
Lowe’s Cos., Inc.		4,162		1,001,669
Ross Stores, Inc.		3,242		482,928
TJX Cos., Inc.		13,338		1,322,329
				27,934,228

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

113

ACTIVEPASSIVE U.S. EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Consumer Durables & Apparel—1.8%
DR Horton, Inc.		12,919	$	1,930,615
Garmin Ltd.		5,880		807,618
Lennar Corp.—Class A		14,027		2,223,420
Lennar Corp.—Class B		16,247		2,394,320
NIKE, Inc.—Class B		6,606		686,562
PulteGroup, Inc.		21,041		2,280,424
				10,322,959
Consumer Services—1.6%
Airbnb, Inc.—Class A(a)		3,671		578,072
Booking Holdings, Inc.(a)		898		3,115,010
Carnival Corp.(a)		47,311		750,353
Darden Restaurants, Inc.		3,665		625,652
DoorDash, Inc.—Class A(a)		6,625		825,276
McDonald’s Corp.		8,902		2,601,877
MGM Resorts International(a)		933		40,380
Royal Caribbean Cruises Ltd.(a)		1,538		189,712
Starbucks Corp.		2,399		227,665
				8,953,997
Consumer Staples Distribution & Retail—1.6%
Costco Wholesale Corp.		4,840		3,600,428
Dollar Tree, Inc.(a)		885		129,812
Kroger Co.		13,786		683,923
Target Corp.		3,340		510,753
Walmart, Inc.		75,580		4,429,743
				9,354,659
Energy—2.8%
Cheniere Energy, Inc.		4,824		748,685
Chevron Corp.		10,591		1,609,938
ConocoPhillips		6,168		694,147
Coterra Energy, Inc.		20,939		539,807
EOG Resources, Inc.		2,153		246,432
Exxon Mobil Corp.		51,951		5,429,919
Marathon Petroleum Corp.		15,308		2,590,573
Occidental Petroleum Corp.		6,044		366,327
Phillips 66		11,540		1,644,565
Schlumberger NV		6,359		307,330
Valero Energy Corp.		9,903		1,400,878
				15,578,601
Financial Services—7.2%
Bank of New York Mellon Corp.		32,985		1,850,129
Berkshire Hathaway, Inc.—Class B(a)		30,843		12,627,123
BlackRock, Inc.		2,367		1,920,442
Blackstone, Inc.		4,705		601,393
Block, Inc.(a)		8,191		650,939
Capital One Financial Corp.		9,826		1,352,156
Cboe Global Markets, Inc.		6,046		1,160,832
Charles Schwab Corp.		6,054		404,286
Coinbase Global, Inc.—Class A(a)		2,603		529,867
Corebridge Financial, Inc.		10,024		248,896
Fiserv, Inc.(a)		11,177		1,668,391

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

114

ACTIVEPASSIVE U.S. EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
FleetCor Technologies, Inc.(a)		1,596	$	445,715
Franklin Resources, Inc.		30,454		835,962
Goldman Sachs Group, Inc.		3,783		1,471,776
Interactive Brokers Group, Inc.—Class A		4,410		479,455
Mastercard, Inc.—Class A		9,086		4,313,669
Morgan Stanley		15,873		1,365,713
PayPal Holdings, Inc.(a)		6,652		401,382
Rocket Cos., Inc.—Class A(a)		12,660		159,010
State Street Corp.		9,564		705,154
Synchrony Financial		13,927		575,185
Tradeweb Markets, Inc.—Class A		3,893		411,957
Visa, Inc.—Class A		25,081		7,088,894
				41,268,326
Food, Beverage & Tobacco—2.1%
Altria Group, Inc.		53,245		2,178,253
Coca-Cola Co.		7,566		454,111
J M Smucker Co.		1,731		208,014
Kraft Heinz Co.		16,337		576,369
Lamb Weston Holdings, Inc.		3,959		404,649
Molson Coors Beverage Co.—Class B		4,149		258,981
Mondelez International, Inc.—Class A		53,007		3,873,222
PepsiCo, Inc.		21,939		3,627,394
Philip Morris International, Inc.		5,210		468,692
				12,049,685
Health Care Equipment & Services—4.7%
Abbott Laboratories		5,116		606,962
Boston Scientific Corp.(a)		29,301		1,940,019
Cardinal Health, Inc.		6,597		738,732
Cencora, Inc.		4,608		1,085,645
Cigna Group		3,744		1,258,508
Dexcom, Inc.(a)		1,743		200,567
Edwards Lifesciences Corp.(a)		1,164		98,789
Elevance Health, Inc.		2,634		1,320,293
GE HealthCare Technologies, Inc.		1,778		162,296
HCA Healthcare, Inc.		6,662		2,076,545
Hologic, Inc.(a)		11,728		865,526
IDEXX Laboratories, Inc.(a)		905		520,583
Intuitive Surgical, Inc.(a)		2,587		997,547
Laboratory Corp. of America Holdings		1,555		335,616
McKesson Corp.		2,246		1,171,087
Medtronic PLC		17,915		1,493,394
Molina Healthcare, Inc.(a)		2,714		1,069,072
Stryker Corp.		4,717		1,646,563
UnitedHealth Group, Inc.		13,114		6,473,071
Veeva Systems, Inc.—Class A(a)		3,445		776,882
Zimmer Biomet Holdings, Inc.		12,481		1,552,137
				26,389,834
Household & Personal Products—1.1%
Kimberly-Clark Corp.		1,504		182,240
Procter & Gamble Co.		39,828		6,330,262
				6,512,502

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

115

ACTIVEPASSIVE U.S. EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Insurance—1.8%
Aflac, Inc.		41,480	$	3,349,094
Arch Capital Group Ltd.(a)		14,122		1,236,946
Everest Group Ltd.		1,473		543,360
Fidelity National Financial, Inc.		19,791		1,001,029
Hartford Financial Services Group, Inc.		6,753		647,208
Loews Corp.		19,080		1,433,480
Markel Group, Inc.(a)		899		1,341,740
Principal Financial Group, Inc.		6,752		545,967
Progressive Corp.		1,836		348,032
				10,446,856
Materials—1.6%
Albemarle Corp.		1,684		232,139
CF Industries Holdings, Inc.		2,199		177,503
Corteva, Inc.		9,622		514,969
DuPont de Nemours, Inc.		14,660		1,014,326
Freeport-McMoRan, Inc.		14,667		554,559
International Paper Co.		13,194		466,540
Linde PLC		7,586		3,404,749
LyondellBasell Industries NV—Class A		2,330		233,652
Newmont Corp.		2,237		69,906
Nucor Corp.		6,398		1,230,336
Packaging Corp. of America		1,847		334,658
Sherwin-Williams Co.		1,215		403,416
Steel Dynamics, Inc.		6,292		841,996
				9,478,749
Media & Entertainment—8.0%
Alphabet, Inc.—Class A(a)		81,671		11,308,167
Alphabet, Inc.—Class C(a)		65,417		9,143,988
Comcast Corp.—Class A		78,738		3,373,923
Fox Corp.—Class A		35,737		1,064,605
Fox Corp.—Class B		23,573		645,429
Meta Platforms, Inc.—Class A		28,187		13,815,295
Netflix, Inc.(a)		4,849		2,923,559
News Corp.—Class B		8,829		247,124
Pinterest, Inc.—Class A(a)		6,452		236,788
ROBLOX Corp.—Class A(a)		3,152		125,765
Snap, Inc.—Class A(a)		6,355		70,032
Trade Desk, Inc.—Class A(a)		6,797		580,668
Walt Disney Co.		18,518		2,066,238
Warner Bros Discovery, Inc.(a)		6,151		54,067
				45,655,648
Pharmaceuticals, Biotechnology & Life Sciences—6.1%
AbbVie, Inc.		18,325		3,226,116
Amgen, Inc.		3,336		913,497
Bristol-Myers Squibb Co.		37,892		1,923,019
Danaher Corp.		2,830		716,386
Eli Lilly & Co.		10,644		8,022,171
Gilead Sciences, Inc.		34,792		2,508,503
Illumina, Inc.(a)		886		123,889
Johnson & Johnson		39,127		6,314,315
Merck & Co., Inc.		24,189		3,075,631

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

116

ACTIVEPASSIVE U.S. EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Moderna, Inc.(a)		3,186	$	293,877
Pfizer, Inc.		56,688		1,505,633
Regeneron Pharmaceuticals, Inc.(a)		1,785		1,724,471
Thermo Fisher Scientific, Inc.		3,912		2,230,544
Vertex Pharmaceuticals, Inc.(a)		3,021		1,271,056
Zoetis, Inc.		4,855		962,892
				34,812,000
Real Estate Management & Development—0.1%
CBRE Group, Inc.—Class A(a)		3,397		312,150
Zillow Group, Inc.—Class C(a)		6,134		344,424
				656,574
Semiconductors & Semiconductor Equipment—8.7%
Advanced Micro Devices, Inc.(a)		17,831		3,433,002
Analog Devices, Inc.		2,967		569,130
Applied Materials, Inc.		18,512		3,732,389
Broadcom, Inc.		6,545		8,511,707
First Solar, Inc.(a)		885		136,193
Intel Corp.		42,456		1,827,731
KLA Corp.		1,082		738,249
Lam Research Corp.		2,008		1,884,006
Marvell Technology, Inc.		4,292		307,565
Microchip Technology, Inc.		20,416		1,717,802
Micron Technology, Inc.		5,029		455,678
NVIDIA Corp.		28,618		22,640,272
ON Semiconductor Corp.(a)		1,420		112,066
QUALCOMM, Inc.		10,963		1,729,852
Skyworks Solutions, Inc.		12,605		1,322,517
Texas Instruments, Inc.		1,908		319,266
				49,437,425
Software & Services—11.7%
Accenture PLC—Class A		14,839		5,561,361
Adobe, Inc.(a)		7,933		4,444,701
Akamai Technologies, Inc.(a)		2,783		308,690
Atlassian Corp.—Class A(a)		1,617		335,398
Cloudflare, Inc.—Class A(a)		5,243		516,645
Cognizant Technology Solutions Corp.—Class A		5,401		426,787
Crowdstrike Holdings, Inc.—Class A(a)		1,370		444,086
Datadog, Inc.—Class A(a)		4,763		626,144
Fortinet, Inc.(a)		2,214		153,010
Intuit, Inc.		3,937		2,609,798
Microsoft Corp.		87,867		36,345,307
Okta, Inc.(a)		885		94,961
Oracle Corp.		11,017		1,230,379
Palantir Technologies, Inc.—Class A(a)		37,117		930,894
Palo Alto Networks, Inc.(a)		2,382		739,730
Roper Technologies, Inc.		4,986		2,716,024
Salesforce, Inc.(a)		17,387		5,369,454
ServiceNow, Inc.(a)		2,374		1,831,161
Snowflake, Inc.—Class A(a)		3,665		690,046
Synopsys, Inc.(a)		1,128		647,167
Twilio, Inc.—Class A(a)		5,131		305,756
Workday, Inc.—Class A(a)		886		261,069

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

117

ACTIVEPASSIVE U.S. EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
Zscaler, Inc.(a)		885	$	214,143
				66,802,711
Technology Hardware & Equipment—6.7%
Amphenol Corp.—Class A		8,901		972,345
Apple, Inc.		173,973		31,445,621
Arista Networks, Inc.(a)		3,519		976,663
CDW Corp./DE		897		220,850
Cisco Systems, Inc.		79,871		3,863,360
Dell Technologies, Inc.—Class C		3,691		349,390
Hewlett Packard Enterprise Co.		46,179		703,306
				38,531,535
Telecommunication Services—0.9%
AT&T, Inc.		59,518		1,007,640
T-Mobile US, Inc.		9,788		1,598,380
Verizon Communications, Inc.		65,490		2,620,910
				5,226,930
Transportation—1.6%
Delta Air Lines, Inc.		13,320		563,036
Expeditors International of Washington, Inc.		5,131		613,668
FedEx Corp.		6,746		1,679,552
Old Dominion Freight Line, Inc.		2,345		1,037,616
Uber Technologies, Inc.(a)		23,793		1,891,544
Union Pacific Corp.		7,542		1,913,329
United Airlines Holdings, Inc.(a)		6,752		307,148
United Parcel Service, Inc.—Class B		9,141		1,355,245
				9,361,138
Utilities—2.2%
AES Corp.		12,200		185,440
Ameren Corp.		14,900		1,060,731
CenterPoint Energy, Inc.		36,854		1,013,485
Consolidated Edison, Inc.		14,139		1,233,062
Constellation Energy Corp.		1,600		269,520
Edison International		5,131		349,011
Entergy Corp.		1,278		129,806
Evergy, Inc.		20,905		1,035,634
NextEra Energy, Inc.		18,835		1,039,504
NiSource, Inc.		57,417		1,496,287
PG&E Corp.		64,061		1,069,178
PPL Corp.		41,048		1,082,436
Public Service Enterprise Group, Inc.		27,156		1,694,533
Vistra Corp.		15,225		830,372
				12,488,999
TOTAL COMMON STOCKS (Cost $443,374,099)				500,853,574
EXCHANGE TRADED FUNDS—9.3%
Dimensional US Small Cap ETF		879,600		52,855,164
Vanguard Large-Cap ETF		44		10,280
TOTAL EXCHANGE TRADED FUNDS (Cost $49,090,896)				52,865,444

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

118

ACTIVEPASSIVE U.S. EQUITY ETF Schedule of Investments

as of February 29, 2024 (Unaudited) (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS—2.5%
American Tower Corp.		4,645	$	923,705
Equity Residential		25,944		1,562,088
Essex Property Trust, Inc.		903		208,954
Host Hotels & Resorts, Inc.		86,374		1,791,397
Invitation Homes, Inc.		2,994		102,006
Iron Mountain, Inc.		12,461		979,933
Prologis, Inc.		12,008		1,600,306
Regency Centers Corp.		16,324		1,011,272
Simon Property Group, Inc.		15,231		2,256,319
VICI Properties, Inc.		54,463		1,630,078
Weyerhaeuser Co.		43,265		1,487,451
WP Carey, Inc.		5,267		296,690
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $13,170,502)				13,850,199
SHORT-TERM INVESTMENTS—0.5%
Money Market Funds—0.5%
First American Government Obligations Fund—Class X, 5.25%(b)		2,781,227		2,781,227
TOTAL SHORT-TERM INVESTMENTS (Cost $2,781,227)				2,781,227
Total Investments—99.9% (Cost $508,416,724)				570,350,444
Other Assets in Excess of Liabilities—0.1%				585,880
TOTAL NET ASSETS—100.0%			$	570,936,324

Percentages are stated as a percent of net assets.

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

NV	Naamloze Vennootschap
PLC	Public Limited Company

(a) Non-income producing security.

(b) The rate shown represents the 7-day effective yield as of February 29, 2024.

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

119

Envestnet Funds

February 29, 2024 (Unaudited)

Statements of Assets and Liabilities
	PMC Core Fixed Income Fund			PMC Diversified Equity Fund		ActivePassive Core Bond ETF			ActivePassive Intermediate Municipal Bond ETF			ActivePassive International Equity ETF		ActivePassive U.S. Equity ETF
Assets
Investments, at value(1)(2)	$	314,630,945		$	832,691,255	$	249,503,190		$	71,039,910		$	259,442,665	$	570,350,444
Receivables:
Investments sold		2,482,556			—		853,651			—			178,505		—
Dividends and interest		2,241,973			1,666,914		1,535,433			587,635			396,563		600,075
Fund shares sold		69,480			155,970		—			—			2,729,350		3,097,840
Securities lending		3,001			99,067		—			—			—		—
Other Assets		20,800			18,518		—			—			—		—
Total Assets		319,448,755			834,631,724		251,892,274			71,627,545			262,747,083		574,048,359
Liabilities
Payables:
Investments purchased		6,217,407			—		2,078,178			2,615,248			2,960,059		2,987,895
Fund shares redeemed		270,709			1,569,455		—			—			—		—
Collateral on securities loaned		24,644,555			133,128,314		—			—			—		—
Affiliates		152,882			195,928		—			—			—		—
Adviser		72,280			298,735		64,585			16,640			83,970		124,140
Distributor		4,165			10,738		—			—			—		—
Accrued expenses and other liabilities		37,760			48,991		—			—			—		—
Total Liabilities		31,399,758			135,252,161		2,142,763			2,631,888			3,044,029		3,112,035
Net Assets	$	288,048,997		$	699,379,563	$	249,749,511		$	68,995,657		$	259,703,054	$	570,936,324
Net assets consist of:
Paid-in capital	$	354,157,766		$	487,062,871	$	253,210,276		$	69,130,420		$	246,084,590	$	509,266,709
Total distributable earnings (deficit)		(66,108,769	)		212,316,692		(3,460,765	)		(134,763	)		13,618,464		61,669,615
Net assets	$	288,048,997		$	699,379,563	$	249,749,511		$	68,995,657		$	259,703,054	$	570,936,324
Advisor Class Shares
Net assets		18,769,320			46,835,596		N/A			N/A			N/A		N/A
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		1,282,233			1,572,737		N/A			N/A			N/A		N/A
Net asset value and redemption price per share	$	14.64		$	29.78		N/A			N/A			N/A		N/A
Institutional Class Shares
Net assets		269,279,677			652,543,967		N/A			N/A			N/A		N/A
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		18,520,082			22,018,936		N/A			N/A			N/A		N/A
Net asset value and redemption price per share	$	14.54		$	29.64		N/A			N/A			N/A		N/A
Total Fund Shares
Net assets		N/A			N/A		249,749,511			68,995,657			259,703,054		570,936,324
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		N/A			N/A		8,525,000			2,775,000			9,500,000		18,325,000
Net asset value and redemption price per share		N/A			N/A	$	29.30		$	24.86		$	27.34	$	31.16
(1) Cost of investments	$	330,163,878		$	694,826,550	$	252,849,777		$	71,226,918		$	244,580,323	$	508,416,724
(2) Includes loaned securities with a value of	$	24,137,545		$	130,532,770		N/A			N/A			N/A		N/A

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

120

Envestnet Funds

For the Six Months Ended February 29, 2024 (Unaudited)

Statements of Operations
	PMC Core Fixed Income Fund			PMC Diversified Equity Fund			ActivePassive Core Bond ETF			ActivePassive Intermediate Municipal Bond ETF			ActivePassive International Equity ETF			ActivePassive U.S. Equity ETF
Investment Income:
Interest	$	7,515,357		$	537,721		$	2,348,574		$	505,507		$	35,369		$	59,311
Dividends		181,827			7,887,401	(1)		1,069,090			38,989			1,079,921			2,039,309
Securities lending		31,812			687,389			—			—			—			—
		7,728,996			9,112,511			3,417,664			544,496			1,115,290			2,098,620
Expenses:
Investment management fees		1,117,166			2,118,452			254,361			74,476			293,277			434,913
Transfer agent fees and expenses		142,879			193,832			—			—			—			—
Fund accounting fees		107,423			119,575			—			—			—			—
Fund administration fees		94,631			205,435			—			—			—			—
Distribution fees—Advisor Class		38,039			97,203			—			—			—			—
Custody fees		31,214			47,437			—			—			—			—
Federal and state registration fees		19,068			23,204			—			—			—			—
Reports to shareholders		12,575			18,081			—			—			—			—
Audit and tax fees		10,812			7,618			—			—			—			—
Trustees’ fees		12,278			12,278			—			—			—			—
Legal fees		10,406			13,161			—			—			—			—
Chief Compliance Officer fees		5,546			5,452			—			—			—			—
Insurance fees		2,810			3,992			—			—			—			—
Other expenses		6,255			17,150			—			—			—			—
Total expenses before waiver or recoupment		1,611,102			2,882,870			254,361			74,476			293,277			434,913
Recoupment or (waivers) by Adviser (Note 4)		(541,217	)		—			—			—			—			—
Net expenses		1,069,885			2,882,870			254,361			74,476			293,277			434,913
Net Investment Income		6,659,111			6,229,641			3,163,303			470,020			822,013			1,663,707
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(8,178,094	)		85,466,545			(623,880	)		(80,185	)		(1,102,612	)		(672,948	)
		(8,178,094	)		85,466,545			(623,880	)		(80,185	)		(1,102,612	)		(672,948	)
Net change in unrealized appreciation (depreciation) on:
Investments		13,215,006			(2,959,855	)		(881,848	)		560,172			14,445,207			46,414,427
		13,215,006			(2,959,855	)		(881,848	)		560,172			14,445,207			46,414,427
Net gain (loss) on investments and foreign currency		5,036,912			82,506,690			(1,505,728	)		479,987			13,342,595			45,741,479
Net Increase in Net Assets Resulting from Operations	$	11,696,023		$	88,736,331		$	1,657,575		$	950,007		$	14,164,608		$	47,405,186

⁽¹⁾ Net of $468,124 in foreign withholding tax and ADR issuance fees.

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

121

PMC Funds

Statements of Changes in Net Assets
	Core Fixed Income Fund
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Operations:
Net investment income	$	6,659,111		$	12,673,273
Net realized loss on investments and foreign currency		(8,178,094	)		(28,245,864	)
Net change in unrealized appreciation		13,215,006			13,215,906
Net increase (decrease) in net assets resulting from operations		11,696,023			(2,356,685	)
Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(1,093,175	)		(975,810	)
Net dividends and distributions—Institutional Class		(12,671,349	)		(9,508,545	)
Net decrease in net assets resulting from distributions paid		(13,764,524	)		(10,484,355	)
Fund share transactions:
Shares sold—Advisor Class		832,221			3,007,135
Shares issued to holders in reinvestment of dividends—Advisor Class		1,037,540			924,231
Shares redeemed—Advisor Class		(18,127,640	)		(15,925,172	)
Shares sold—Institutional Class		14,721,295			72,607,206
Shares issued to holders in reinvestment of dividends—Institutional Class		12,423,933			9,327,707
Shares redeemed—Institutional Class		(98,075,364	)		(111,997,721	)
Net decrease in net assets from share transactions		(87,188,015	)		(42,056,614	)
Net decrease in net assets		(89,256,516	)		(54,897,654	)
Net Assets:
Beginning of year/period		377,305,513			432,203,167
End of year/period	$	288,048,997		$	377,305,513
Change in shares outstanding:
Shares sold—Advisor Class		57,650			204,480
Shares issued to holders in reinvestment of dividends—Advisor Class		70,389			62,702
Shares redeemed—Advisor Class		(1,241,112	)		(1,083,240	)
Shares sold—Institutional Class		1,018,571			4,965,378
Shares issued to holders in reinvestment of dividends—Institutional Class		849,209			636,704
Shares redeemed—Institutional Class		(6,730,431	)		(7,601,130	)
Net decrease		(5,975,724	)		(2,815,106	)

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

122

PMC Funds

Statements of Changes in Net Assets
	Diversified Equity Fund
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Operations:
Net investment income	$	6,229,641		$	16,610,777
Net realized gain on investments and foreign currency		85,466,545			43,875,203
Net change in unrealized appreciation (depreciation)		(2,959,855	)		62,550,691
Net increase in net assets resulting from operations		88,736,331			123,036,671
Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(5,993,263	)		(2,458,329	)
Net dividends and distributions—Institutional Class		(59,695,692	)		(21,858,127	)
Net decrease in net assets resulting from distributions paid		(65,688,955	)		(24,316,456	)
Fund share transactions:
Shares sold—Advisor Class		1,221,986			4,071,696
Shares issued to holders in reinvestment of dividends—Advisor Class		5,386,146			2,215,697
Shares redeemed—Advisor Class		(50,470,316	)		(34,595,745	)
Shares sold—Institutional Class		34,077,903			95,220,105
Shares issued to holders in reinvestment of dividends—Institutional Class		58,335,221			21,411,668
Shares redeemed—Institutional Class		(243,186,160	)		(247,585,292	)
Net decrease in net assets from share transactions		(194,635,220	)		(159,261,871	)
Net decrease in net assets		(171,587,844	)		(60,541,656	)
Net Assets:
Beginning of year/period		870,967,407			931,509,063
End of year/period	$	699,379,563		$	870,967,407
Change in shares outstanding:
Shares sold—Advisor Class		43,640			153,167
Shares issued to holders in reinvestment of dividends—Advisor Class		192,225			86,315
Shares redeemed—Advisor Class		(1,764,871	)		(1,279,701	)
Shares sold—Institutional Class		1,212,810			3,570,221
Shares issued to holders in reinvestment of dividends—Institutional Class		2,093,119			838,030
Shares redeemed—Institutional Class		(8,593,314	)		(9,121,606	)
Net decrease		(6,816,391	)		(5,753,574	)

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

123

ActivePassive ETFs

Statements of Changes in Net Assets
	Core Bond ETF
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Operations:
Net investment income	$	3,163,303		$	1,081,537
Net realized loss on investments and foreign currency		(623,880	)		(243,469	)
Net change in unrealized depreciation		(881,848	)		(2,464,739	)
Net increase (decrease) in net assets resulting from operations		1,657,575			(1,626,671	)
Dividends and distributions to shareholders:
Net dividends and distributions		(2,725,706	)		(765,963	)
Net decrease in net assets resulting from distributions paid		(2,725,706	)		(765,963	)
Fund share transactions:
Shares sold		150,734,060			102,315,967
Transaction fees (Note 7)		150,735			9,514
Net increase in net assets from share transactions		150,884,795			102,325,481
Net increase in net assets		149,816,664			99,932,847
Net Assets:
Beginning of period		99,932,847			—
End of period	$	249,749,511		$	99,932,847
Change in shares outstanding:
Shares sold		5,100,000			3,425,000
Net increase		5,100,000			3,425,000

⁽¹⁾  The Fund commenced operations on May 2, 2023.

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

124

ActivePassive ETFs

Statements of Changes in Net Assets
	Intermediate Municipal Bond ETF
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Operations:
Net investment income	$	470,020		$	200,788
Net realized loss on investments and foreign currency		(80,185	)		—
Net change in unrealized appreciation (depreciation)		560,172			(747,180	)
Net increase (decrease) in net assets resulting from operations		950,007			(546,392	)
Dividends and distributions to shareholders:
Net dividends and distributions		(389,497	)		(148,881	)
Net decrease in net assets resulting from distributions paid		(389,497	)		(148,881	)
Fund share transactions:
Shares sold		37,906,877			31,183,795
Transaction fees (Note _)		37,907			1,841
Net increase in net assets from share transactions		37,944,784			31,185,636
Net increase in net assets		38,505,294			30,490,363
Net Assets:
Beginning of period		30,490,363			—
End of period	$	68,995,657		$	30,490,363
Change in shares outstanding:
Shares sold		1,525,000			1,250,000
Net increase		1,525,000			1,250,000

⁽¹⁾  The Fund commenced operations on May 2, 2023.

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

125

ActivePassive ETFs

Statements of Changes in Net Assets
	International Equity ETF
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Operations:
Net investment income	$	822,013		$	542,625
Net realized loss on investments and foreign currency		(1,102,612	)		(328,864	)
Net change in unrealized appreciation		14,445,207			417,135
Net increase in net assets resulting from operations		14,164,608			630,896
Dividends and distributions to shareholders:
Net dividends and distributions		(1,177,040	)		—
Net decrease in net assets resulting from distributions paid		(1,177,040	)		—
Fund share transactions:
Shares sold		169,693,097			76,391,493
Net increase in net assets from share transactions		169,693,097			76,391,493
Net increase in net assets		182,680,665			77,022,389
Net Assets:
Beginning of period		77,022,389			—
End of period	$	259,703,054		$	77,022,389
Change in shares outstanding:
Shares sold		6,450,000			3,050,000
Net increase		6,450,000			3,050,000

⁽¹⁾  The Fund commenced operations on May 2, 2023.

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

126

ActivePassive ETFs

Statements of Changes in Net Assets
	U.S. Equity ETF
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Operations:
Net investment income	$	1,663,707		$	727,620
Net realized loss on investments and foreign currency		(672,948	)		(396,031	)
Net change in unrealized appreciation		46,414,427			15,519,293
Net increase in net assets resulting from operations		47,405,186			15,850,882
Dividends and distributions to shareholders:
Net dividends and distributions		(1,586,453	)		—
Net decrease in net assets resulting from distributions paid		(1,586,453	)		—
Fund share transactions:
Shares sold		345,503,640			164,429,552
Shares redeemed		(666,483	)		—
Net increase in net assets from share transactions		344,837,157			164,429,552
Net increase in net assets		390,655,890			180,280,434
Net Assets:
Beginning of period		180,280,434			—
End of period	$	570,936,324		$	180,280,434
Change in shares outstanding:
Shares sold		11,775,000			6,575,000
Shares redeemed		(25,000	)		—
Net increase		11,750,000			6,575,000

⁽¹⁾  The Fund commenced operations on May 2, 2023.

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

127

PMC Core Fixed Income Fund—Advisor Class

Financial Highlights
	Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019
Net asset value, beginning of year/period	$	14.70		$	15.17		$	17.74		$	18.50		$	17.65		$	16.53
Income from investment operations:
Net investment income(1)		0.26			0.43			0.25			0.27			0.35			0.42
Net realized and unrealized gain (loss)(6)		0.19			(0.57	)		(2.36	)		0.01			0.92			1.09
Total from investment operations		0.45			(0.14	)		(2.11	)		0.28			1.27			1.51
Less distributions paid:
Dividends from net investment income		(0.51	)		(0.33	)		(0.24	)		(0.33	)		(0.40	)		(0.39	)
Distributions from net realized gains		—			—			(0.22	)		(0.71	)		(0.02	)		—
Total distributions paid		(0.51	)		(0.33	)		(0.46	)		(1.04	)		(0.42	)		(0.39	)
Net asset value, end of year/period	$	14.64		$	14.70		$	15.17		$	17.74		$	18.50		$	17.65
Total return(2)		3.08	%		-0.89	%		-12.20	%		1.53	%		7.39	%		9.37	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	18,769		$	35,212		$	48,723		$	63,678		$	121,267		$	399,389
Ratio of expenses to average net assets before waiver and reimbursements(3)		1.16	%		1.16	%		1.13	%		1.22	%		1.31	%		1.28	%
Ratio of expenses to average net assets after waiver and reimbursements(3)		0.85	%		0.85	%		0.85	%		0.92	%(5)		1.00	%(4)		1.00	%(4)
Ratio of net investment income to average net assets before waiver and reimbursements(3)		3.32	%		2.63	%		1.22	%		1.22	%		1.72	%		2.22	%
Ratio of net investment income to average net assets after waiver and reimbursements(3)		3.63	%		2.94	%		1.50	%		1.52	%		2.03	%		2.50	%
Portfolio turnover rate(2)(7)		68.6	%		195.1	%		201.7	%		227.0	%		180.7	%		144.3	%

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

⁽⁵⁾  Effective January 26, 2021, the expense limitation cap was reduced from 0.75% to 0.60% (plus Rule 12b-1 fees of 0.25%).

⁽⁶⁾  Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

⁽⁷⁾  Portfolio turnover rates are calculated at the Fund level (not by individual share class).

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

128

PMC Core Fixed Income Fund—Institutional Class

Financial Highlights
	Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			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	$	14.63		$	15.11		$	17.67		$	18.47		$	17.66		$	17.23
Income from investment operations:
Net investment income(2)		0.28			0.47			0.29			0.30			0.39			0.07
Net realized and unrealized gain (loss)(6)		0.19			(0.57	)		(2.35	)		0.02			0.92			0.36
Total from investment operations		0.47			(0.10	)		(2.06	)		0.32			1.31			0.43
Less distributions paid:
Dividends from net investment income		(0.56	)		(0.38	)		(0.28	)		(0.41	)		(0.48	)		—
Distributions from net realized gains		—			—			(0.22	)		(0.71	)		(0.02	)		—
Total distributions paid		(0.56	)		(0.38	)		(0.50	)		(1.12	)		(0.50	)		—
Net asset value, end of year/period	$	14.54		$	14.63		$	15.11		$	17.67		$	18.47		$	17.66
Total return(3)		3.18	%		-0.67	%		-11.95	%		1.77	%		7.65	%		2.50	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	269,280		$	342,093		$	383,481		$	417,548		$	284,610		$	1
Ratio of expenses to average net assets before waiver and reimbursements(4)		0.91	%		0.91	%		0.88	%		0.96	%		1.06	%		0.75	%
Ratio of expenses to average net assets after waiver and reimbursements(4)		0.60	%		0.60	%		0.60	%		0.66	%(5)		0.75	%		0.75	%
Ratio of net investment income to average net assets before waiver and reimbursements(4)		3.59	%		2.90	%		1.49	%		1.42	%		1.87	%		2.33	%
Ratio of net investment income to average net assets after waiver and reimbursements(4)		3.90	%		3.21	%		1.77	%		1.72	%		2.18	%		2.33	%
Portfolio turnover rate(3)(7)		68.6	%		195.1	%		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%. 

⁽⁶⁾  Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

⁽⁷⁾  Portfolio turnover rates are calculated at the Fund level (not by individual share class). 

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

129

PMC Diversified Equity Fund—Advisor Class

Financial Highlights
	Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019
Net asset value, beginning of year/period	$	28.72		$	25.83		$	33.27		$	25.61		$	23.77		$	28.40
Income (loss) from investment operations:
Net investment income(1)		0.19			0.42			0.43			0.32			0.29			0.34
Net realized and unrealized gain(loss)(5)		3.02			3.10			(5.10	)		7.61			1.86			(2.21	)
Total from investment operations		3.21			3.52			(4.67	)		7.93			2.15			(1.87	)
Less distributions paid:
Dividends from net investment income		(0.81	)		(0.29	)		(0.53	)		(0.27	)		(0.31	)		(0.17	)
Distributions from net realized gains		(1.34	)		(0.34	)		(2.24	)		—			—			(2.59	)
Total distributions paid		(2.15	)		(0.63	)		(2.77	)		(0.27	)		(0.31	)		(2.76	)
Net asset value, end of year/period	$	29.78		$	28.72		$	25.83		$	33.27		$	25.61		$	23.77
Total return(2)		11.66	%		13.94	%		-15.34	%		31.20	%		9.01	%		-5.54	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	46,836		$	89,079		$	107,004		$	154,671		$	235,018		$	818,269
Ratio of expenses to average net assets before waiver and reimbursements(3)		0.95	%		0.94	%		0.93	%		0.93	%		0.95	%		0.94	%
Ratio of expenses to average net assets after waiver and reimbursements(3)		0.95	%		0.94	%		0.93	%		0.97	%(4)		0.98	%(4)		0.98	%(4)
Ratio of net investment income to average net assets before waiver and reimbursements(3)		1.35	%		1.57	%		1.46	%		1.14	%		1.21	%		1.42	%
Ratio of net investment income to average net assets after waiver and reimbursements(3)		1.35	%		1.57	%		1.46	%		1.10	%		1.18	%		1.38	%
Portfolio turnover rate(2)(6)		47.0	%		100.6	%		59.6	%		72.3	%		55.1	%		111.4	%

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

⁽⁶⁾  Portfolio turnover rates are calculated at the Fund level (not by individual share class). 

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

130

PMC Diversified Equity Fund—Institutional Class

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Year/Period
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			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	$	28.63		$	25.75		$	33.22		$	25.59		$	23.78		$	24.69
Income from investment operations:
Net investment income(2)		0.22			0.49			0.51			0.42			0.39			0.06
Net realized and unrealized gain(loss)(5)		3.02			3.08			(5.09	)		7.58			1.84			(0.97	)
Total from investment operations		3.24			3.57			(4.58	)		8.00			2.23			(0.91	)
Less distributions paid:
Dividends from net investment income		(0.89	)		(0.35	)		(0.65	)		(0.37	)		(0.42	)		—
Distributions from net realized gains		(1.34	)		(0.34	)		(2.24	)		—			—			—
Total distributions paid		(2.23	)		(0.69	)		(2.89	)		(0.37	)		(0.42	)		—
Net asset value, end of year/period	$	29.64		$	28.63		$	25.75		$	33.22		$	25.59		$	23.78
Total return(3)		11.84	%		14.19	%		-15.13	%		31.56	%		9.36	%		-3.69	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	652,544		$	781,888		$	824,505		$	948,092		$	664,055		$	1
Ratio of expenses to average net assets(4)		0.70	%		0.69	%		0.68	%		0.68	%		0.71	%		0.73	%
Ratio of net investment income to average net assets(4)		1.58	%		1.83	%		1.73	%		1.43	%		1.64	%		1.42	%
Portfolio turnover rate(3)(6)		47.0	%		100.6	%		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. 

⁽⁵⁾  Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

⁽⁶⁾  Portfolio turnover rates are calculated at the Fund level (not by individual share class). 

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

131

ActivePassive Core Bond ETF

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Period
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Net asset value, beginning of period	$	29.18		$	30.00
Income from investment operations:
Net investment income(2)		0.63			0.35
Net realized and unrealized gain (loss)(5)		0.06			(0.93	)
Total from investment operations		0.69			(0.58	)
Less distributions paid:
Dividends from net investment income		(0.57	)		(0.24	)
Total distributions paid		(0.57	)		(0.24	)
Net asset value, end of period	$	29.30		$	29.18
Total return(3)(6)		2.40	%		-1.96	%
Ratios / supplemental data
Net assets, end of period (000’s)	$	249,750		$	99,933
Ratio of expenses to average net assets(4)		0.35	%		0.35	%
Ratio of net investment income to average net assets(4)		4.35	%		3.58	%
Portfolio turnover rate(3)		57.4	%		12.7	%

⁽¹⁾  Fund commenced operations on May 2, 2023. 

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

⁽⁶⁾  Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 2.39% for the six months ended February 29, 2024 and -1.80% for the period ended August 31, 2023. 

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

132

ActivePassive Intermediate Municipal Bond ETF

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Period
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Net asset value, beginning of period	$	24.39		$	25.00
Income from investment operations:
Net investment income(2)		0.27			0.17
Net realized and unrealized gain (loss)(5)		0.45			(0.66	)
Total from investment operations		0.72			(0.49	)
Less distributions paid:
Dividends from net investment income		(0.25	)		(0.12	)
Total distributions paid		(0.25	)		(0.12	)
Net asset value, end of period	$	24.86		$	24.39
Total return(3)(6)		2.96	%		-1.94	%
Ratios / supplemental data
Net assets, end of period (000’s)	$	68,996		$	30,490
Ratio of expenses to average net assets(4)		0.35	%		0.35	%
Ratio of net investment income to average net assets(4)		2.21	%		2.14	%
Portfolio turnover rate(3)		49.9	%		0.0	%

⁽¹⁾  Fund commenced operations on May 2, 2023. 

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

⁽⁶⁾  Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 3.36% for the six months ended February 29, 2024 and -1.93% for the period ended August 31, 2023. 

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

133

ActivePassive International Equity ETF

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Period
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Net asset value, beginning of period	$	25.25		$	24.73
Income from investment operations:
Net investment income(2)		0.16			0.20
Net realized and unrealized gain (loss)(5)		2.10			0.32
Total from investment operations		2.26			0.52
Less distributions paid:
Dividends from net investment income		(0.17	)		—
Total distributions paid		(0.17	)		—
Net asset value, end of period	$	27.34		$	25.25
Total return(3)(6)		8.93	%		2.12	%
Ratios / supplemental data
Net assets, end of period (000’s)	$	259,703		$	77,022
Ratio of expenses to average net assets(4)		0.45	%		0.45	%
Ratio of net investment income to average net assets(4)		1.26	%		2.39	%
Portfolio turnover rate(3)		22.6	%		15.1	%

⁽¹⁾  Fund commenced operations on May 2, 2023. 

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

⁽⁶⁾  Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 9.06% for the six months ended February 29, 2024 and 2.16% for the period ended August 31, 2023. 

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

134

ActivePassive U.S. Equity ETF

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Period
	Six Months Ended February 29, 2024 (Unaudited)			Period Ended August 31, 2023(1)
Net asset value, beginning of period	$	27.42		$	24.75
Income from investment operations:
Net investment income(2)		0.16			0.12
Net realized and unrealized gain (loss)(5)		3.70			2.55
Total from investment operations		3.86			2.67
Less distributions paid:
Dividends from net investment income		(0.12	)		—
Total distributions paid		(0.12	)		—
Net asset value, end of period	$	31.16		$	27.42
Total return(3)(6)		14.09	%		10.78	%
Ratios / supplemental data
Net assets, end of period (000’s)	$	180,280		$	180,280
Ratio of expenses to average net assets(4)		0.30	%		0.30	%
Ratio of net investment income to average net assets(4)		1.15	%		1.39	%
Portfolio turnover rate(3)		14.8	%		8.9	%

⁽¹⁾  Fund commenced operations on May 2, 2023. 

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

⁽⁶⁾  Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 14.12% for the six months ended February 29, 2024 and 10.95% for the period ended August 31, 2023. 

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

135

ENVESTNET FUNDS

Notes to Financial Statements

February 29, 2024 (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 and the ActivePassive ETFs (each, a “Fund” and together, the “Funds”) represents a distinct series with its own investment objective and policies within the Trust. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value.

The investment objective of the 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 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 PMC Fund’s investment adviser. Neuberger Berman Investment Advisers LLC serves as the Core Fixed Income Fund’s sub-adviser.

The investment objective of the ActivePassive Core Bond ETF (“Core Bond ETF”) is to provide current income consistent with low volatility of principal. The investment objective of the ActivePassive Intermediate Municipal Bond ETF (“Intermediate Municipal Bond ETF”) is to provide current income that is exempt from federal income taxes consistent with low volatility of principal. The investment objective of each of the ActivePassive International Equity ETF (“International Equity ETF”) and the ActivePassive U.S. Equity ETF (“U.S. Equity ETF”) is to provide long-term capital appreciation. The ActivePassive ETFs commenced operations on May 2, 2023. Envestnet Asset Management, Inc. (the “Adviser”) serves as the ActivePassive ETFs’ investment adviser. Neuberger Berman Investment Advisers LLC and Sage Advisory Services, Ltd Co. serve as the Core Bond ETF’s sub-advisers. GW&K Investment Management, LLC serves as the Intermediate Municipal Bond ETF’s sub-adviser. AllianceBernstein L.P. and Causeway Capital Management LLC serve as the International Equity ETF’s sub-advisers.

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

(2) Significant Accounting Policies

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

(a) Investment Valuation

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

136

ENVESTNET FUNDS

Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

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. Odd lots may trade at lower prices than institutional round lots.

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

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

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).

137

ENVESTNET FUNDS

Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

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 29, 2024:

Core Fixed Income Fund  

	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	33,197,672	$	901,955	$	34,099,627
Corporate Bonds*		—		102,207,389		—		102,207,389
Foreign Corporate Bonds*		—		12,799,397		—		12,799,397
Foreign Government Agency Issues		—		4,537,193		—		4,537,193
Foreign Government Notes/Bonds		—		4,029,693		—		4,029,693
Non-Agency Commercial Mortgage Backed Securities		—		17,115,576		765,124		17,880,700
Agency Commercial Mortgage Backed Securities		—		90,805,756		—		90,805,756
U.S. Government Agency Issues		—		300,626		—		300,626
U.S. Treasury Obligations		—		16,826,643		—		16,826,643
Total Fixed Income Securities		—		281,819,945		1,667,079		283,487,024
Exchange-Traded Funds		4,257,505		—		—		4,257,505
Investments Purchased with Collateral from Securities Lending(a)		—		—		—		24,644,555
Money Market Funds		2,241,861		—		—		2,241,861
Total Investments in Securities	$	6,499,366	$	281,819,945	$	1,667,079	$	314,630,945

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

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

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

As of February 29, 2024, the 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 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 29, 2024 is not presented.

138

ENVESTNET FUNDS

Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

Diversified Equity Fund 

	Level 1		Level 2		Level 3^		Total
Equity
Common Stocks*	$	512,262,807	$	5,690,666	$	5,319	$	517,958,792
Preferred Stocks*		1,282,787		—		0		1,282,787
Exchange-Traded Funds		154,519,769		—		—		154,519,769
Real Estate Investment Trusts*		13,647,613		—		—		13,647,613
Total Equity		681,712,976		5,690,666		5,319		687,408,961
Investments Purchased with Collateral from Securities Lending(a)		—		—		—		133,128,314
Money Market Funds		12,153,980		—		—		12,153,980
Total Investments in Securities	$	693,866,956	$	5,690,666	$	5,319	$	832,691,255

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

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

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

As of February 29, 2024, the 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 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 29, 2024 is not presented.

ActivePassive Core Bond ETF

	Level 1		Level 2		Level 3^		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	4,288,767	$	145,760	$	4,434,527
Corporate Bonds*		—		50,674,218		—		50,674,218
Foreign Corporate Bonds*		—		10,954,863		—		10,954,863
Foreign Government Agency Issues		—		1,768,105		—		1,768,105
Foreign Government Notes/Bonds		—		1,217,224		—		1,217,224
Non-Agency Commercial Mortgage Backed Securities		—		2,975,944		—		2,975,944
Agency Commerical Mortgage Backed Securities		—		22,262,760		—		22,262,760
U.S. Treasury Obligations		—		78,619,260		—		78,619,260
U.S. Government Agency Issues		—		762,660		—		762,660
U.S. Treasury Bills		—		479,579		—		479,579
Total Fixed Income Securities		—		174,003,380		145,760		174,149,140
Exchange-Traded Funds		73,634,230		—		—		73,634,230
Money Market Funds		1,719,820		—		—		1,719,820
Total Investments in Securities	$	75,354,050	$	174,003,380	$	145,760	$	249,503,190

* 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 29, 2024, the 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 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 29, 2024 is not presented.

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ActivePassive Intermediate Municipal Bond ETF

	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Municipal Bonds	$	—	$	59,822,523	$	—	$	59,822,523
Total Fixed Income Securities		—		59,822,523		—		59,822,523
Exchange-Traded Funds		8,104,336		—		—		8,104,336
Money Market Funds		3,113,051		—		—		3,113,051
Total Investments in Securities	$	11,217,387	$	59,822,523	$	—	$	71,039,910

The Fund did not hold any Level 3 securities during the six months ended February 29, 2024.

ActivePassive International Equity ETF

	Level 1		Level 2		Level 3^		Total
Equity
Common Stocks*	$	254,186,888	$	386,086	$	3,516	$	254,576,490
Preferred Stocks*		2,714,560		—		—		2,714,560
Exchange-Traded Funds		2,752		—		—		2,752
Total Equity		256,904,200		386,086		3,516		257,293,802
Money Market Funds		2,148,863		—		—		2,148,863
Total Investments in Securities	$	259,053,063	$	386,086	$	3,516	$	259,442,665

* 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 29, 2024, the 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 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 29, 2024 is not presented.

ActivePassive U.S. Equity ETF

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks*	$	500,853,574	$	—	$	—	$	500,853,574
Exchange-Traded Funds		52,865,444		—		—		52,865,444
Real Estate Investment Trusts*		13,850,199		—		—		13,850,199
Total Equity		567,569,217		—		—		567,569,217
Money Market Funds		2,781,227		—		—		2,781,227
Total Investments in Securities	$	570,350,444	$	—	$	—	$	570,350,444

* 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 29, 2024.

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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 29, 2024.

(b) Foreign Securities and Currency

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

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

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

(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

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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 29, 2024.

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, Core Bond ETF and International Equity ETF might purchase a particular currency or enter into a forward foreign currency contract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase. Alternatively, a Fund might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain from an increase in the value of the currency. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. A Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Funds did not enter into any forward foreign currency contracts during the six months ended February 29, 2024.

(e) Options

The Core Fixed Income Fund and each ActivePassive ETF 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 a Fund to minimal counterparty credit risk since they are exchange traded and the exchange’s clearing house guarantees the options against default. A Fund may also purchase put options to provide protection against adverse price effects from anticipated changes in prices of securities. In addition, a Fund may enter into written put options to hedge against changes in the value of purchased put options.

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

When a 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 a 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,

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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 a 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. A 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, a 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 29, 2024.

(f) Security Loans

When the PMC Funds loan securities held in their portfolios, the PMC 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 PMC Funds. The PMC Funds have the right under the lending agreement to recover the securities from the borrower on demand. See Note 11 for additional information.

(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.

As of and during the six months ended February 29, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the six months ended February 29, 2024, the Funds did not incur any interest or penalties. The PMC Funds are not subject to examination by U.S. taxing authorities for the tax periods prior to the year ended August 31, 2019.

(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.

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

(m) LIBOR Transition

Certain instruments in which the Funds may invest previously relied in some fashion upon the London Interbank Offered Rate (LIBOR). As of June 30, 2023, the ICE Benchmark Administration (“IBA”), as LIBOR administrator, ceased publication of U.S. dollar (“USD”) LIBOR for the most common tenors (overnight and one, three, six and twelve months), and as of December 31, 2021, the IBA had ceased publication of USD LIBOR for the less commonly used tenors of one week and two months as well as all tenors of non-USD LIBOR. Until September 30, 2024, the IBA will continue to publish the one-month, three-month and six-month USD LIBOR tenors using a synthetic methodology that is permanently unrepresentative of the underlying markets such tenors previously sought to measure. 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 did not mature before June 30, 2023 with benchmark replacements based on the Secured Overnight Financing Rate (“SOFR”). SOFR is 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.

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(3) Federal Tax Matters 

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

PMC Core Fixed Income Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains
Year Ended August 31, 2023	$	10,484,355	$	—	$	—
Year Ended August 31, 2022	$	9,240,233	$	—	$	4,677,382
PMC Diversified Equity Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains
Year Ended August 31, 2023	$	12,064,740	$	—	$	12,251,716
Year Ended August 31, 2022	$	21,468,568	$	—	$	74,998,483
ActivePassive Core Bond ETF	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains
Period Ended August 31, 2023	$	765,963	$	—	$	—
ActivePassive Intermediate Municipal Bond ETF	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains
Period Ended August 31, 2023	$	22,927	$	125,954	$	—
ActivePassive International Equity ETF	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains
Period Ended August 31, 2023	$	—	$	—	$	—
ActivePassive U.S. Equity ETF	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains
Period Ended August 31, 2023	$	—	$	—	$	—

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As of August 31, 2023, the components of distributable earnings (deficit) for income tax purposes were as follows: 

	PMC Core Fixed Income Fund			PMC Diversified Equity Fund			ActivePassive Core Bond ETF			ActivePassive Intermediate Municipal Bond ETF			ActivePassive International Equity ETF			ActivePassive U.S. Equity ETF
Cost basis of investments for federal income tax purposes	$	454,634,959		$	932,776,465		$	101,985,505		$	30,945,397		$	76,580,220		$	164,661,425
Gross tax unrealized appreciation	$	1,070,075		$	159,617,200		$	75,527		$	1		$	3,610,822		$	17,938,243
Gross tax unrealized depreciation		(30,157,036	)		(23,258,637	)		(2,576,403	)		(747,181	)		(3,405,368	)		(2,528,480	)
Net tax unrealized appreciation	$	(29,086,961	)	$	136,358,563		$	(2,500,876	)	$	(747,180	)	$	205,454		$	15,409,763
Undistributed ordinary income	$	8,804,784		$	19,859,389		$	316,066		$	51,907		$	671,642		$	727,620
Undistributed long-term capital gain		—			33,051,364			—			—			—			—
Total distributable earnings	$	8,804,784		$	52,910,753		$	316,066		$	51,907		$	671,642		$	727,620
Other accumulated loss		(43,758,088	)		—			(207,824	)		—			(246,200	)		(286,501	)
Total accumulated earnings	$	(64,040,265	)	$	189,269,316		$	(2,392,634	)	$	(695,273	)	$	630,896		$	15,850,882

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

At August 31, 2023, the Funds had capital loss carryovers as follows:

	Short-Term			Long-Term
PMC Core Fixed Income Fund	$	(20,029,413	)	$	(23,728,675	)
PMC Diversified Equity Fund		—			—
ActivePassive Core Bond ETF		(207,824	)		—
ActivePassive Intermediate Municipal Bond ETF		—			—
ActivePassive International Equity ETF		(246,200	)		—
ActivePassive U.S. Equity ETF		(286,501	)		—

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

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asset value per share. For the year ended August 31, 2023, the following reclassifications were made for permanent tax differences due to equalization on the Statements of Assets and Liabilities: 

	PMC Core Fixed Income Fund		PMC Diversified Equity Fund			ActivePassive Core Bond ETF		ActivePassive Intermediate Municipal Bond ETF		ActivePassive International Equity ETF		ActivePassive U.S. Equity ETF
Total distributable earnings	$	—	$	(8,175,223	)	$	—	$	—	$	—	$	—
Paid-in capital	$	—	$	8,175,223		$	—	$	—	$	—	$	—

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2023. Also, the Funds recognized no interest and penalties related to uncertain tax benefits in fiscal year 2023. At August 31, 2023, the fiscal years 2020 through 2023 remain open to examination in the Funds’ major tax jurisdictions. 

(4) Investment Adviser

The Trust has entered into an Investment Advisory Agreement (the “Agreement”), on behalf of the PMC Funds, with the Adviser to furnish investment advisory services to the PMC Funds. Under terms of the Agreement, the Trust, on behalf of the PMC 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 PMC Fund at least through December 29, 2024 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, 2024	$	624,268	$	—
August 31, 2025	$	1,309,991	$	—
August 31, 2026	$	1,216,182	$	—
February 28, 2027	$	541,217	$	—

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.

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

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

ActivePassive Core Bond ETF

Neuberger Berman Investment Advisers LLC

Sage Advisory Services, Ltd Co.

ActivePassive Intermediate Municipal Bond ETF

GW&K Investment Management, LLC

ActivePassive International Equity ETF

AllianceBernstein L.P.

Causeway Capital Management LLC

(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 PMC 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 29, 2024, the PMC Funds incurred fees pursuant to the 12b-1 Plan as follows:

Core Fixed Income Fund	$	38,039
Diversified Equity Fund	$	97,203

(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 agreement with the PMC Funds and a separate agreement with the ActivePassive ETFs. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. Fees incurred by the PMC Funds for the six months ended February 29, 2024, and owed as of February 29, 2024, are as follows:

	Incurred		Owed
Core Fixed Income Fund	$	94,631	$	49,959
Diversified Equity Fund	$	205,435	$	76,409

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Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

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 29, 2024, and owed as of February 29, 2024 are as follows:

Fund Accounting	Incurred		Owed
Core Fixed Income Fund	$	107,423	$	36,360
Diversified Equity Fund	$	119,575	$	43,322

Transfer Agency	Incurred		Owed
Core Fixed Income Fund	$	142,879	$	51,657
Diversified Equity Fund	$	193,832	$	71,292

Custody	Incurred		Owed
Core Fixed Income Fund	$	31,214	$	12,124
Diversified Equity Fund	$	47,437	$	2,724

Under the terms of the ETF Agreement, the Adviser pays the fund administration and accounting, transfer agency and custody fees for the ActivePassive ETFs.

The PMC Funds each have an unsecured line of credit with U.S. Bank (see Note 9).

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 PMC Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred by the PMC Funds for the six months ended February 29, 2024, and owed as of February 29, 2024 is as follows:

	Incurred		Owed
Core Fixed Income Fund	$	5,546	$	2,782
Diversified Equity Fund	$	5,452	$	2,181

Under the terms of the ETF Agreement, the Adviser pays the chief compliance officer fees for the ActivePassive ETFs.

(7) Creation and Redemption Transactions

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

Only “Authorized Participants” may purchase or redeem shares directly from the ActivePassive ETFs. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not

149

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Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the ActivePassive ETFs. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

Creation Unit Transaction Fee

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

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

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

(8) Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the six months ended February 29, 2024 are summarized below.

	PMC Core Fixed Income Fund		PMC Diversified Equity Fund		ActivePassive Core Bond ETF		ActivePassive Intermediate Municipal Bond ETF		ActivePassive International Equity ETF		ActivePassive U.S. Equity ETF
Purchases:
U.S. Government	$	125,412,924	$	—	$	79,625,152	$	—	$	—	$	—
Other		106,699,181		362,027,414		156,155,497		59,427,245		32,670,911		53,159,815
Total Purchases	$	232,112,105	$	362,027,414	$	235,780,649	$	59,427,245	$	32,670,911	$	53,159,815
Sales
U.S. Government	$	39,731,627	$	—	$	22,843,936	$	—	$	—	$	—
Other		280,114,679		610,240,114		63,028,902		21,542,011		30,959,860		44,444,763
Total Sales	$	319,846,306	$	610,240,114	$	85,872,838	$	21,542,011	$	30,959,860	$	44,444,763

The above ActivePassive International Equity ETF and ActivePassive U.S. Equity ETF purchases and sales exclude any in-kind transactions associated with creations and redemptions. During the six months ended February 29, 2024, the International Equity ETF had $166,112,265 of creations in-kind and $0 of redemptions in-kind, and the U.S. Equity ETF had $334,755,801 of creations in-kind and $642,353 of redemptions in-kind.

150

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Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

(9) Line of Credit

At February 29, 2024, 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, 2024. 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, US Bank. Interest was scheduled to be incurred at the bank’s prime rate of 8.50% from September 1, 2023 through February 29, 2024. The following table provides information regarding usage of the line of credit for the six months ended February 29, 2024 for the Funds. The Funds did not have an outstanding balance on either line of credit as of February 29, 2024.

	Days Utilitized		Average Amount of Borrowing		Weighted Average Borrowing Rate			Interest Expense*		Maximum Amount of Borrowing		Date of Maximum Borrowing
Core Fixed Income Fund		1	$	2,606,000		8.50	%	$	615	$	2,606,000		12/20/2023
Diversified Equity Fund		9	$	3,964,444		8.50	%	$	8,424	$	35,000,000		12/4/2023

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

(10) Beneficial Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At February 29, 2024, Charles Schwab & Co., Inc., for the benefit of its customers, held 33.66% of the PMC Core Fixed Income Fund’s outstanding Advisor Class shares. At February 29, 2024, Charles Schwab & Co., Inc., for the benefit of its customers, held 26.61% of the PMC Diversified Equity Fund’s outstanding Advisor Class shares.

(11) Securities Lending

Pursuant to the terms of a securities lending agreement with U.S. Bank, each PMC 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 PMC Fund. During the time securities are on loan, the borrower will pay the applicable PMC Fund any accrued income on those securities, and the PMC 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 PMC Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A PMC 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 PMC Fund on a timely basis and that PMC 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 PMC Fund.

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Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

As of February 29, 2024, 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	$	24,137,545	$	24,644,555		8.38	%
Diversified Equity Fund	$	130,532,770	$	133,128,314		18.66	%

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

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

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

(12) Recent Market Events

U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended 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. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

(13) Subsequent Events

The Adviser recommended to the Board the closure and liquidation of each PMC Fund. The Board determined, after considering the combined recommendation of the Adviser and Sub-Adviser, that it was in the best interests of each PMC Fund and its shareholders to liquidate and terminate each PMC Fund.

Shares of each PMC Fund will be closed to new purchases, except purchases made through an automatic investment program or the reinvestment of any distributions, as of the close of business on April 30, 2024, and liquidated as series of the Trust on May 31, 2024.

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

Record Date	Ex-Date		Payable Date		Ordinary Income Rate		Ordinary Income Distribution Paid
3/4/2024		3/1/2024		3/5/2024	$	0.08469722	$	722,044
4/3/2024		4/2/2024		4/4/2024	$	0.10059292	$	900,306

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ENVESTNET FUNDS

Notes to Financial Statements, continued

February 29, 2024 (Unaudited)

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

Record Date	Ex-Date		Payable Date		Ordinary Income Rate		Ordinary Income Distribution Paid
3/4/2024		3/1/2024		3/5/2024	$	0.04369398	$	121,251
4/3/2024		4/2/2024		4/4/2024	$	0.05250384	$	153,574

The Funds have evaluated events and transactions that have occurred subsequent to February 29, 2024 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements.

153

Notice of Privacy Policy & Practices

(Unaudited)

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.

154

ENVESTNET FUNDS

Additional Information

(Unaudited)

Tax Information

For the fiscal year ended August 31, 2023, 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	%
ActivePassive Core Bond ETF	0.00	%
ActivePassive Intermediate Bond ETF	0.00	%
ActivePassive International Equity ETF	0.00	%
ActivePassive U.S. Equity ETF	0.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2023 was as follows:

Core Fixed Income Fund	0.00	%
Diversified Equity Fund	42.43	%
ActivePassive Core Bond ETF	0.00	%
ActivePassive Intermediate Bond ETF	0.00	%
ActivePassive International Equity ETF	0.00	%
ActivePassive U.S. Equity ETF	0.00	%

For the fiscal year ended August 31, 2023, 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	0.00	%
Diversified Equity Fund	0.00	%
ActivePassive Core Bond ETF	0.00	%
ActivePassive Intermediate Bond ETF	0.00	%
ActivePassive International Equity ETF	0.00	%
ActivePassive U.S. Equity ETF	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.

155

Envestnet Funds

Additional Information (Continued)

(Unaudited)

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	31	Professor Emeritus, Department of Accounting (June 2019-present), Professor, Department of Accounting (2004-2019), 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	31	Retired; Former Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-2021).	Independent Trustee, USA MUTUALS (an open-end investment company) (2001-2021).
Vincent P. Lyles 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1961	Trustee	Indefinite Term; Since April 6, 2022	31	Executive Director, Milwaukee Succeeds (education advocacy organization) (2023-present); System Vice President of Community Relations, Advocate Aurora Health Care (health care provider) (2019-2022).	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	31	Retired; President and Chief Operating Officer (2000-2020), Olstein Capital Management, L.P. (asset management firm).
Lisa Zúñiga Ramírez 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	31	Retired; Principal and Senior Portfolio Manager, Segall, Bryant & Hamill, LLC (asset management firm) (2018-2020).	Director, Peoples Financial Services Corp. (a publicly-traded bank holding company) (2022-present); Independent Director, Century Communities, Inc. (publicly-traded homebuilding company) (October 2023-present).
Gregory M. Wesley 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	31	Senior Vice President of Strategic Alliances and Business Development, Medical College of Wisconsin (2016-present).	N/A

156

Envestnet 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
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)	31	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
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, 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	Vice President, U.S. Bancorp Fund Services, LLC (2019-present); Partner, Practus, LLP (2018-2019).	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 A. 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
Marissa Pawlinksi 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1996	Assistant Secretary	Indefinite Term; Since January 2024	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2023); Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC (since 2022); Judicial Law Clerk, Milwaukee County Circuit Court (2021-2022); Legal Intern, City of Brookfield (2020-2021); Student, Marquette University Law School (2019-2021).	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.

157

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.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of the ActivePassive ETFs trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) NAV is available without charge, on the ActivePassive ETFs’ website at www.activepassive.com.

PMC FUNDS and ActivePassive ETFs

Investment Adviser	Envestnet Asset Management, Inc. One North Wacker Drive, Suite 1925 Chicago, Illinois 60606
Legal Counsel	Godfrey & Kahn, S.C. 833 East Michigan Street, Suite 1800 Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm	Cohen & Company, Ltd. 324 North Water Street, Suite 830 Milwaukee, Wisconsin 53202
Transfer Agent, Fund Accountant and Fund Administrator	U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202
Custodian	U.S. Bank, N.A. Custody Operations 1555 North RiverCenter Drive, Suite 302 Milwaukee, Wisconsin 53212
Distributor	Foreside Fund Services, LLC 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. There was no change in the registrant’s independent public accountant for the period covered by this report.

(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, Principal Executive Officer
Date 5/1/2024

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, Principal Executive Officer
Date 5/1/2024
By (Signature and Title)*	/s/ Jennifer Lima
	Jennifer Lima, Principal Financial Officer
Date 5/1/2024

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