N-CSRS 1 f5127d1.htm PMC FUNDS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

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
(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee
(Name and address of agent for service)

(513)-629-8104

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2020

Date of reporting period: February 29, 2020

Item 1. Reports to Stockholders.

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PMC Funds

PMC Core Fixed Income Fund

Advisor Class Shares: (PMFIX)

Institutional Class Shares: (PMFQX)

PMC Diversified Equity Fund

Advisor Class Shares: (PMDEX)

Institutional Class Shares: (PMDQX)

Semi-Annual Report

February 29, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary or, if you are a direct investor, by calling the Funds at 1-866-762-7338.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Funds, you can call the Funds at 1-866-762-7338. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all PMC Funds you hold.

Table of Contents


LETTER TO SHAREHOLDERS			3

EXPENSE EXAMPLES			6

INVESTMENT HIGHLIGHTS			8

SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND			15

SCHEDULE OF OPEN FUTURES CONTRACTS—PMC CORE FIXED INCOME FUND			37

SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND			38

STATEMENTS OF ASSETS AND LIABILITIES			76

STATEMENTS OF OPERATIONS			77

STATEMENTS OF CHANGES IN NET ASSETS			78

FINANCIAL HIGHLIGHTS			80

NOTES TO FINANCIAL STATEMENTS			84

NOTICE OF PRIVACY POLICY & PRACTICES			96

ADDITIONAL INFORMATION			97

PMC Funds

Letter to Shareholders

To our Shareholders:

We are pleased to present you with the Semi-Annual Report for the PMC Funds mutual fund family. This report covers the six-month period ended February 29, 2020, as well as the period since the inception of the PMC Funds. The table below presents the performance of the two PMC Funds relative to their respective benchmarks.

The six-month period ended February 29, 2020 was one in which the COVID-19 coronavirus shut down a large portion of the U.S. economy, and wreaked havoc on financial markets. For most of the period, conditions were benign and uneventful, with equity markets rising steadily to record highs on February 19^th on the back of an economy that was by most accounts growing resiliently. The unemployment rate had dipped to 3.5% as the economy extended its record expansion to more than 126 months. Interest rates also rose steadily as investors took into account the positive economic data. However, news about how COVID-19 was quickly spreading beyond China forced government leaders to take unprecedented action by requiring non-essential businesses to close, and citizens to shelter-in-place in order to slow the contagion. In an abrupt reversal, equity markets throughout the world went into a tailspin, dropping more than 12% in the final few days of February. Government bond yields also plunged, as investors drove up prices in a rush to the perceived security of safe-haven assets. The 10-year U.S. Treasury yield dropped to 1.15% by the end of February, after trading at 1.65% two weeks earlier, and as high as 1.94% in November 2019.

For its part, the U.S. Federal Open Market Committee (FOMC) was very aggressive in taking action to provide monetary stimulus when the economy began to be shuttered. While the FOMC had not moved by the end of February, the committee did reduce the target federal funds rate twice during the first two weeks of March, first by 0.50%, and then by a whopping 1.00%, bringing the rate to a range of 0%-0.25%. The FOMC also stated that it would take additional action if necessary, although most economists believe it will be hesitant to move rates below 0%.

Policymakers at all levels of government were also quick to mobilize, given the uncertainty of the virus’s spread and the dire predictions of some of the models used to forecast its effects. Many states set forth shelter-in-place rules that effectively closed down large portions of the economy. President Trump tapped Vice President Pence to head the newly established Coronavirus Task Force, which promulgated virus mitigation guidelines, including those related to hygiene and the new concept of social distancing. Congress had not acted by the end of February, but approved three stimulus bills in March amounting to about $6 trillion to help the economy through the uncertainty.

Prior to the economic chaos created by COVID-19, the overall U.S. economy continued to post solid, if unspectacular, results. Real gross domestic product (GDP) grew at an annualized rate of 2.1% in the fourth quarter of 2019. Housing has shown signs of accelerating in recent months, as mortage rates have declined. Inflation has remained benign, and may be less of an issue now with the economy on pause.

Overall, equity markets were little changed over the past six months, but gave up all their gains in the last two weeks of the period. Investors are focused intently on how quickly progress is being made in mitigating the spread of the virus, and policymakers’ plans to begin to open up the economy once again. Within that context, the MSCI World Index Net Return (global all-capitalization) posted a total return of +0.88% for the six months ended February 29, 2020. In the fixed income asset class, bond prices were mixed, with prices of U.S. government securities rising due to the flight-to-quality environment precipitated by COVID-19. However, corporate bonds saw yields rise due to the economic fallout of the shutdown. As such, the Bloomberg Barclays U.S. Aggregate Bond Index, a broad-based index of fixed-income securities, delivered a positive total return of +3.39% over the six months ended February 29, 2020.

Total Returns as of February 29, 2020*

*Periods of Less than 1-Year Are Unannualized


Fund	Three Months			Six Months			One Year			Five Year			Ten Year			Gross Expense Ratio
PMC Diversified Equity Fund (Advisor Class)		-7.78	%		-0.99	%		-1.32	%		3.10	%		8.00	%		0.95	%
PMC Diversified Equity Fund (Inst. Class)		-7.69	%		-0.82	%		N/A			N/A			N/A			0.74	%
MSCI World Index Net Return		-6.28	%		0.88	%		4.63	%		5.88	%		8.75	%

PMC Core Fixed Income Fund (Advisor Class)		3.10	%		2.86	%		10.50	%		2.94	%		3.65	%		1.29	%
PMC Core Fixed Income Fund (Inst. Class)		3.22	%		2.99	%		N/A			N/A			N/A			1.04	%
Bloomberg Barclays U.S. Aggregate Bond Index		3.69	%		3.39	%		11.68	%		3.58	%		3.93	%

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 http://www.investpmc.com/solutions/portfolios or by calling 866-762-7338. Performance results reflect contractual expense subsidies and waivers in effect until December 29, 2020; without these waivers, returns would have been less favorable.

PMC Diversified Equity Fund

The PMC Diversified Equity Fund was launched on August 26, 2009, and provides broad equity asset class exposure. The Fund’s investment objective is long-term capital appreciation, and is managed internally by Envestnet’s Quantitative Research Group (“QRG”). QRG employs its Factor-Enhanced strategies in four different asset class portfolios within the Fund: US Large Cap, US Small Cap, International Developed Markets ADR, and Emerging Markets ADR.

One of the primary drivers of the Fund’s performance is its exposure to the well-known value, momentum and quality asset pricing factors. As discussed in our last annual letter, value-oriented stocks have significantly underperformed the past 36 months, and this has been a contributor to the Fund’s relative performance, as it lagged the benchmark over the six-month period ending February 29, 2020. Over that period the Fund’s Advisor Class shares generated a total return of -0.99%, trailing the +0.88% return of the benchmark MSCI World Index Net Return. The primary driver of the Fund’s performance during the period was the poor aggregate performance of the asset pricing factors toward which the portfolio is tilted. The Fund’s orientation toward value stocks was a key cause of the underperformance relative to the benchmark. Performance was also negatively impacted by having a lower weighted average market capitalization than the index, as stocks of smaller companies underperformed stocks of larger companies. Relative performance was also disadvantaged during the twelve-month period from an underweight to domestic equities relative to European equities, as domestic markets have outperformed international indices. Among the detractors to performance during the period was a modest underweight to the information technology energy sector, and security selection in the info tech, communications services and financials sectors. Slight underweights to energy and financials contributed to performance during the period, as did security selection in the real estate, industrials and materials 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 Apple, Inc. (AAPL), Microsoft, Inc. (MSFT), Alphabet, Inc. (GOOG), and Amazon.com, Inc. (AMZN) resulted in underperformance. However, underweights to The Boeing Co. (BA) and The Walt Disney Co. (DIS) benefited performance.

In addition to the risk that the investment strategy employed in the Fund will underperform the benchmark index generally, the primary risks continue to primarily involve systematic risk. Because QRG 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 was launched on September 28, 2007, and provides broad exposure to the U.S. fixed income market. The Fund’s investment objective is to provide current income consistent with low volatility of principal, and is sub-advised by two institutional investment managers: Neuberger Berman Investment Advisers, LLC and Schroder Investment Management North America, Inc.

Over the past six months the environment for fixed income securities has been one of declining yields resulting from demand for U.S. Treasury securities as a result of a flight to quality in the midst of the coronavirus pandemic. Against this backdrop, the Fund’s Advisor Class shares generated positive return of 2.86% for the six-month period ending February 29, 2020, trailing the performance of the Bloomberg Barclays U.S. Aggregate Bond Index return of 3.39%. The primary factors positively impacting performance over the past six-month period were security selection within the U.S. Treasury bond and securitized securities segments. The Fund’s aggregate underweight to corporate bonds was a positive contributor during the period. The primary detractors from performance included security selection in the corporate bonds and an overweight to cash.

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 rises 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.

Remarks

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

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Brandon R. Thomas

Co-Founder and Chief Investment Officer

Envestnet | PMC

Envestnet Asset Management

The views in this report were those of the Funds’ Investment Adviser and the Investment 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.

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

PMC FUNDS

Expense Examples

(Unaudited)

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

Actual

Expenses

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

Hypothetical

Example for Comparison Purposes

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


	Beginning Account Value 9/1/19		Ending Account Value 2/29/20		Expenses Paid During Period 9/1/19-2/29/20*
PMC Core Fixed Income Fund–Advisor Class
Actual	$	1,000.00	$	1,028.60	$	5.04
Hypothetical (5% return before expenses)		1,000.00		1,019.89		5.02

Expenses are equal to the Fund’s annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.


	Beginning Account Value 9/1/19		Ending Account Value 2/29/20		Expenses Paid During Period 9/1/19-2/29/20*
PMC Core Fixed Income Fund–Institutional Class
Actual	$	1,000.00	$	1,029.90	$	3.79
Hypothetical (5% return before expenses)		1,000.00		1,021.13		3.77

Expenses are equal to the Fund’s annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.


	Beginning Account Value 9/1/19		Ending Account Value 2/29/20		Expenses Paid During Period 9/1/19-2/29/20*
PMC Diversified Equity Fund–Advisor Class
Actual	$	1,000.00	$	990.10	$	4.85
Hypothetical (5% return before expenses)		1,000.00		1,019.99		4.92

Expenses are equal to the Fund’s annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.


	Beginning Account Value 9/1/19		Ending Account Value 2/29/20		Expenses Paid During Period 9/1/19-2/29/20*
PMC Diversified Equity Fund–Institutional Class
Actual	$	1,000.00	$	991.80	$	3.47
Hypothetical (5% return before expenses)		1,000.00		1,021.38		3.52

Expenses are equal to the Fund’s annualized 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.

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, 2020 is shown below.

Allocation of Portfolio Holdings

% of Net assets

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Excludes securities lending collateral.

Valued at the net unrealized appreciation (depreciation).

PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2020


	PMC Core Fixed Income Fund–Advisor Class			Bloomberg Barclays U.S. Aggregate Bond Index
One Year		10.50	%		11.68	%
Five Year		2.94	%		3.58	%
Ten Year		3.65	%		3.93	%
Since Inception (9/28/07)		4.81	%		4.47	%

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

One cannot invest directly in an index.

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PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

Total Returns as of February 29, 2020


	PMC Core Fixed Income Fund–Institutional Class			Bloomberg Barclays U.S. Aggregate Bond Index
Since Inception (7/1/19)		5.56	%		6.43	%

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.

One cannot invest directly in an index.

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Inception Date

PMC DIVERSIFIED EQUITY FUND (PMDEX, PMDQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 29, 2020 is shown below.

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Excludes securities lending collateral.

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 29, 2020


	PMC Diversified Equity Fund– Advisor Class			MSCI World Index Net Return
One Year		-1.32	%		4.63	%
Five Year		3.10	%		5.88	%
Ten Year		8.00	%		8.75	%
Since Inception (8/26/09)		8.24	%		8.82	%

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

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

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

The 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, 2010. The graph does not reflect any future performance. On May 25, 2018, the 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.

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

One cannot invest directly in an index.

Continued

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

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PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)

Investment Highlights (Unaudited) (Continued)

Total Returns as of February 29, 2020


	PMC Diversified Equity Fund– Institutional Class			MSCI World Index Net Return
Since Inception (7/1/19)		-4.47	%		-1.32	%

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.

One cannot invest directly in an index.

LOGO

Inception Date

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited)



	Principal Amount		Value
Asset Backed Securities—6.34%
AM Capital Funding LLC
2018-1, 4.980%, 12/15/2023^(b)	$	560,000	$	595,442
Asset Backed Funding Certificates
2004-OPT3, 2.407% (1 Month LIBOR USD + 0.780%), 11/25/2033^(c)		276,662		273,262
BlueMountain CLO Ltd.
2013-2R, 2.982% (3 Month LIBOR USD + 1.180%), 10/22/2030^(b)(c)		370,000		369,852
CAL Funding III Ltd.
2017-1A, 3.620%, 06/25/2042^(b)		713,533		715,023
Carlyle Global Market Strategies
2017-1A, 3.119% (3 Month LIBOR USD + 1.300%), 04/20/2031^(b)(c)		1,375,000		1,375,000
Cedar Funding VI CLO Ltd.
2016-6A, 2.909% (3 Month LIBOR USD + 1.090%), 10/20/2028^(b)(c)		1,480,000		1,477,780
Centex Home Equity Loan Trust
2005-D M3, 2.107% (1 Month LIBOR USD + 0.480%), 10/25/2035^(c)		358,767		359,745
2005-D M4, 2.237% (1 Month LIBOR USD + 0.610%), 10/25/2035^(c)		390,000		390,722
CIFC Funding Ltd.
2017-4, 3.051% (3 Month LIBOR USD + 1.250%), 10/24/2030^(b)(c)		500,000		500,050
Citibank Credit Card Issuance Trust
2018-A1, 2.490%, 01/20/2023		125,000		126,199
Citigroup Mortgage Loan Trust, Inc.
2006-WFHE4, 1.907% (1 Month LIBOR USD + 0.280%), 11/25/2036^(c)		203,171		203,089
CWABS, Inc.
2004-5, 2.127% (1 Month LIBOR USD + 0.500%), 10/25/2034^(c)		337,200		335,475
Dewolf Park Clo Ltd.
2017-1A, 3.041% (3 Month LIBOR USD + 1.210%), 10/15/2030^(b)(c)		1,700,000		1,699,320
ECAF I Ltd.
2015-1A, 3.473%, 06/15/2040^(b)		179,267		179,585
EquiFirst Mortgage Loan Trust
2003-2, 2.784% (1 Month LIBOR USD + 1.125%), 09/25/2033^(c)		270,511		269,616
GCAT Trust
2019-NQM2, 2.855%, 09/25/2059^(b)		837,877		848,977
2019-NQM3, 2.686%, 11/25/2059^(b)(d)		542,023		550,949
Goldentree Loan Management US Clo 2 Ltd.
2017-2A, 2.969% (3 Month LIBOR USD + 1.150%), 11/28/2030^(b)(c)		1,525,000		1,524,390
Home Equity Mortgage Trust
2004-5, 3.227% (1 Month LIBOR USD + 1.600%), 02/25/2035^(c)		5,472		5,480
JP Morgan Mortgage Acquisition Trust
2007-CH1, 1.941% (1 Month LIBOR USD + 0.280%), 11/25/2036^(c)		310,000		310,262
Madison Park Funding XVIII Ltd.
2015-18, 3.009% (3 Month LIBOR USD + 1.190%), 10/21/2030^(b)(c)		2,000,000		2,000,000
Madison Park Funding XXVI Ltd.
2007-26, 2.975% (3 Month LIBOR USD + 1.200%), 07/29/2030^(b)(c)		2,295,000		2,295,230
Navient Student Loan Trust
2017-3A, 1.927% (1 Month LIBOR USD + 0.300%), 07/26/2066^(b)(c)		233		233
2019-7, 2.127% (1 Month LIBOR USD + 0.500%), 01/25/2068^(b)(c)		970,931		971,354
Octagon Investment Partners 30 Ltd.
2017-1A, 3.139% (3 Month LIBOR USD + 1.320%), 03/17/2030^(b)(c)		550,000		549,945
Permanent Master Issuer PLC
2018-1, 2.211% (3 Month LIBOR USD + 0.380%), 07/15/2058^(b)(c)		187,500		187,538
Popular ABS Mortgage Pass-Through Trust
2005-2, 2.181% (1 Month LIBOR USD + 0.260%), 04/25/2035^(c)		29,142		29,207

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
RASC Trust
2005-EMX2, 2.277% (1 Month LIBOR USD + 0.650%), 07/25/2035^(c)	$	177,357	$	178,859
2005-KS12, 2.087% (1 Month LIBOR USD + 0.460%), 01/25/2036^(c)		390,000		390,099
Structured Asset Securities Corp.
2005-NC1, 2.147% (1 Month LIBOR USD + 0.520%), 02/25/2035^(c)		440,000		441,518
Structured Asset Securities Corp. Mortgage Loan Trust
2006-AM1, 1.787% (1 Month LIBOR USD + 0.160%), 04/25/2036^(c)		63		63
TAL Advantage V LLC
2014-2A, 3.330%, 05/20/2039^(b)		70,125		70,852
Textainer Marine Containers V Ltd.
2017-1A, 3.720%, 05/20/2042^(b)		134,075		137,710
2017-2A, 3.520%, 06/20/2042^(b)		452,017		462,379
Towd Point Mortgage Trust
2015-6, 3.500%, 04/25/2055^(b)(d)		45,103		46,275
2016-2, 2.750%, 08/25/2055^(b)(d)		46,302		47,266
2016-3, 2.250%, 04/25/2056^(b)(d)		37,936		38,253
2017-5, 2.227% (1 Month LIBOR USD + 0.600%), 02/25/2057^(b)(c)		745,430		746,321
2017-2, 2.750%, 04/25/2057^(b)(d)		257,806		262,257
2017-3, 2.750%, 06/25/2057^(b)(d)		534,707		547,780
2017-4, 2.750%, 06/25/2057^(b)(d)		295,969		304,507
Voya CLO Ltd.
2014-2A, 0.000% (3 Month LIBOR USD + 1.020%), 04/17/2030^(b)(c)		1,750,000		1,749,212
2014-2R, 3.086% (3 Month LIBOR USD + 1.250%), 04/17/2030^(b)(c)		1,380,000		1,380,000
Wind River CLO Ltd.
2017-2A, 3.049% (3 Month LIBOR USD + 1.230%), 07/20/2030^(b)(c)		1,440,000		1,441,872

Total Asset Backed Securities (Cost $26,165,708)				26,388,948

Corporate Bonds—23.27%
Accommodation—0.03%
Wynn Las Vegas LLC
5.250%, 05/15/2027^(b)		117,000		113,636

Administrative and Support Services—0.12%
Scientific Games International, Inc.
5.000%, 10/15/2025^(b)		492,000		494,460

Ambulatory Health Care Services—0.10%
Encompass Health Corp.
5.750%, 09/15/2025^(f)		420,000		436,974

Beverage and Tobacco Product Manufacturing—1.13%
Altria Group, Inc.
4.400%, 02/14/2026		483,000		540,820
4.800%, 02/14/2029^(f)		721,000		824,544
Anheuser-Busch InBev Worldwide, Inc.
4.150%, 01/23/2025		1,006,000		1,121,887
4.600%, 04/15/2048		420,000		504,934
4.750%, 04/15/2058		755,000		917,671
5.800%, 01/23/2059		550,000		782,365

				4,692,221

Broadcasting (except Internet)—1.44%
Comcast Corp.
3.700%, 04/15/2024		595,000		646,676
3.950%, 10/15/2025		838,000		939,107
3.150%, 02/15/2028		1,000,000		1,087,062
4.950%, 10/15/2058		765,000		1,051,073

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Discovery Communications LLC
2.950%, 03/20/2023	$	1,220,000	$	1,262,277
Fox Corp.
5.576%, 01/25/2049^(b)		755,000		1,015,401

				6,001,596

Chemical Manufacturing—1.53%
AbbVie, Inc.
3.200%, 11/06/2022		45,000		46,595
2.950%, 11/21/2026^(b)		135,000		141,458
3.200%, 11/21/2029^(b)		1,713,000		1,810,523
4.050%, 11/21/2039^(b)		270,000		299,598
4.700%, 05/14/2045		580,000		687,360
4.250%, 11/21/2049^(b)		775,000		880,070
Bayer US Finance II LLC
3.875%, 12/15/2023^(b)		1,840,000		1,980,825
Church & Dwight Co., Inc.
2.450%, 08/01/2022^(f)		500,000		510,357

				6,356,786

Computer and Electronic Product Manufacturing—0.78%
Apple, Inc.
3.000%, 06/20/2027		1,200,000		1,300,626
Dell International LLC
5.450%, 06/15/2023^(b)		1,085,000		1,196,904
Microchip Technology, Inc.
4.333%, 06/01/2023		690,000		745,253

				3,242,783

Credit Intermediation and Related Activities—4.22%
Bank of America Corp.
2.738% to 01/23/2021, then 3 Month LIBOR USD + 0.370%, 01/23/2022^(a)		545,000		550,648
2.456% to 10/22/2024, then 3 Month LIBOR USD + 0.870%, 10/22/2025^(a)		187,000		191,843
3.705% to 04/24/2027, then 3 Month LIBOR USD + 1.512%, 04/24/2028^(a)		660,000		721,221
3.970% to 03/05/2028, then 3 Month LIBOR USD + 1.070%, 03/05/2029^(a)		630,000		706,296
2.884% to 10/22/2029, then 3 Month LIBOR USD + 1.190%, 10/22/2030^(a)		1,418,000		1,489,055
BNP Paribas SA
3.052% to 01/13/2030, then SOFR + 1.507%, 01/13/2031^(a)(b)		615,000		631,969
Capital One NA
2.150%, 09/06/2022		820,000		829,964
Citigroup, Inc.
2.700%, 03/30/2021		775,000		783,272
4.050%, 07/30/2022		65,000		68,616
3.200%, 10/21/2026		1,095,000		1,166,915
4.300%, 11/20/2026		890,000		987,755
3.887% to 01/10/2027, then 3 Month LIBOR USD + 1.563%, 01/10/2028^(a)		795,000		881,921
3.520% to 10/27/2027, then 3 Month LIBOR USD + 1.151%, 10/27/2028^(a)(f)		455,000		495,865
Fifth Third Bancorp
3.650%, 01/25/2024		703,000		753,973
2.375%, 01/28/2025		1,197,000		1,230,314
General Motors Financial Co., Inc.
3.700%, 11/24/2020		525,000		529,571
3.200%, 07/06/2021		150,000		151,810
5.100%, 01/17/2024		370,000		405,637

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
JPMorgan Chase & Co.
2.700%, 05/18/2023	$	1,255,000	$	1,302,321
Wells Fargo & Co.
3.069%, 01/24/2023		645,000		661,836
2.406% to 10/30/2024, then 3 Month LIBOR USD + 0.825%, 10/30/2025^(a)		2,097,000		2,147,612
2.572% to 02/11/2030, then 3 Month LIBOR USD + 1.000%, 02/11/2031^(a)(f)		865,000		884,186

				17,572,600

Data Processing, Hosting and Related Services—0.12%
Hewlett Packard Enterprise Co.
3.600%, 10/15/2020		490,000		494,217

Food and Beverage Stores—0.05%
Kroger Co.
5.400%, 01/15/2049		170,000		221,097

Food Manufacturing—0.56%
Kraft Heinz Foods Co.
3.750%, 04/01/2030^(b)		860,000		877,102
4.625%, 10/01/2039		524,000		501,387
5.000%, 06/04/2042		110,000		109,785
5.200%, 07/15/2045		50,000		51,478
4.875%, 10/01/2049^(b)(f)		790,000		780,529

				2,320,281

General Merchandise Stores—0.00%
JC Penney Corp., Inc.
5.650%, 06/01/2020		1,000		959

Health and Personal Care Stores—0.47%
Albertsons Cos LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC
5.875%, 02/15/2028^(b)		79,000		82,251
CVS Health Corp.
4.300%, 03/25/2028		1,076,000		1,206,400
5.050%, 03/25/2048		555,000		683,437

				1,972,088

Hospitals—0.41%
Advocate Health & Hospitals Corp.
3.829%, 08/15/2028		495,000		569,548
CommonSpirit Health
3.347%, 10/01/2029		445,000		473,086
HCA, Inc.
5.250%, 06/15/2049		570,000		665,516

				1,708,150

Insurance Carriers and Related Activities—0.84%
American International Group, Inc.
3.300%, 03/01/2021		674,000		683,737
3.900%, 04/01/2026		646,000		715,804
Equitable Holdings, Inc.
4.350%, 04/20/2028		1,104,000		1,243,080
5.000%, 04/20/2048		545,000		618,342
UnitedHealth Group, Inc.
3.875%, 08/15/2059		215,000		245,244

				3,506,207

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Machinery Manufacturing—0.26%
General Electric Co.
3.100%, 01/09/2023	$	317,000	$	328,963
5.875%, 01/14/2038		590,000		768,122

				1,097,085

Merchant Wholesalers, Durable Goods—0.26%
KLA Corp.
3.300%, 03/01/2050		250,000		246,656
TransDigm, Inc.
6.250%, 03/15/2026^(b)(f)		780,000		827,288

				1,073,944

Merchant Wholesalers, Nondurable Goods—0.08%
Cardinal Health, Inc.
3.079%, 06/15/2024		305,000		318,315

Motor Vehicle and Parts Dealers—0.22%
Volkswagen Group of America Finance LLC
2.700%, 09/26/2022^(b)(f)		890,000		910,826

Miscellaneous Manufacturing—0.15%
Boston Scientific Corp.
3.450%, 03/01/2024		567,000		604,617

Oil and Gas Extraction—1.80%
Apache Corp.
4.375%, 10/15/2028^(f)		945,000		995,272
Concho Resources, Inc.
4.875%, 10/01/2047		445,000		525,035
EQT Corp.
7.000%, 02/01/2030^(f)		2,010,000		1,507,500
Occidental Petroleum Corp.
3.200%, 08/15/2026		700,000		713,427
3.500%, 08/15/2029		710,000		714,893
4.300%, 08/15/2039		260,000		249,873
Phillips 66 Partners LP
3.605%, 02/15/2025		95,000		101,349
Plains All American Pipeline LP / PAA Finance Corp.
4.650%, 10/15/2025		280,000		305,088
3.550%, 12/15/2029		2,420,000		2,384,013

				7,496,450

Pipeline Transportation—1.14%
Energy Transfer Operating LP
3.600%, 02/01/2023		600,000		622,162
6.625% to 05/15/2028, then 3 Month LIBOR USD + 4.155%^(a)(h)		785,000		701,983
3.750%, 05/15/2030		961,000		976,471
7.125% to 05/15/2030, then 5 Year CMT Rate + 5.306%^(a)(h)		1,055,000		998,294
Kinder Morgan Energy Partners LP
4.150%, 02/01/2024		755,000		813,530
MPLX LP
4.700%, 04/15/2048		640,000		649,421

				4,761,861

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Professional, Scientific, and Technical Services—0.21%
International Business Machines Corp.
4.250%, 05/15/2049	$	170,000	$	212,316
Mylan, Inc.
4.550%, 04/15/2028^(f)		585,000		660,406

				872,722

Publishing Industries (except Internet)—0.06%
Oracle Corp.
4.000%, 07/15/2046		205,000		244,393

Real Estate—0.87%
Boston Properties LP
3.400%, 06/21/2029		1,362,000		1,498,161
Camden Property Trust
3.150%, 07/01/2029		275,000		299,517
Digital Realty Trust LP
3.950%, 07/01/2022		1,010,000		1,060,174
Healthcare Trust of America Holdings LP
3.100%, 02/15/2030		400,000		418,829
Healthpeak Properties, Inc.
3.250%, 07/15/2026		335,000		361,763

				3,638,444

Rental and Leasing Services—0.69%
Air Lease Corp.
2.300%, 02/01/2025^(f)		655,000		655,623
Ford Motor Credit Co. LLC
4.063%, 11/01/2024		1,008,000		1,024,115
Synchrony Financial
2.850%, 07/25/2022^(f)		1,165,000		1,192,136

				2,871,874

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—2.57%
BAT Capital Corp.
2.764%, 08/15/2022		790,000		811,569
3.222%, 08/15/2024		297,000		312,119
3.557%, 08/15/2027		320,000		335,931
Goldman Sachs Group, Inc.
2.875%, 02/25/2021		50,000		50,518
3.850%, 01/26/2027		1,375,000		1,511,427
3.691% to 06/05/2027, then 3 Month LIBOR USD + 1.510%, 06/05/2028^(a)		590,000		645,798
3.814% to 04/23/2028, then 3 Month LIBOR USD + 1.158%, 04/23/2029^(a)		640,000		706,433
4.017% to 10/31/2037, then 3 Month LIBOR USD + 1.373%, 10/31/2038^(a)		250,000		284,107
Morgan Stanley
2.750%, 05/19/2022		1,000,000		1,028,382
3.750%, 02/25/2023		1,380,000		1,466,506
3.950%, 04/23/2027		935,000		1,026,013
3.591% to 07/22/2027, then 3 Month LIBOR USD + 1.340%, 07/22/2028^(a)		1,125,000		1,231,518
3.772% to 01/24/2028, then 3 Month LIBOR USD + 1.140%, 01/24/2029^(a)		875,000		972,997
5.441% to 12/20/2049, then 3 Month LIBOR USD + 3.610%^(a)(h)		320,000		320,722

				10,704,040

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Support Activities for Mining—0.04%
Targa Resources Partners LP
6.750%, 03/15/2024	$	150,000	$	153,189

Telecommunications—1.92%
American Tower Corp.
3.700%, 10/15/2049		849,000		908,987
AT&T, Inc.
3.400%, 05/15/2025		345,000		367,747
4.350%, 06/15/2045^(f)		220,000		248,338
5.450%, 03/01/2047		795,000		1,034,490
4.500%, 03/09/2048^(f)		545,000		625,768
Charter Communications Operating LLC
5.050%, 03/30/2029^(f)		996,000		1,155,309
4.800%, 03/01/2050		545,000		589,910
Crown Castle International Corp.
3.200%, 09/01/2024		825,000		873,208
3.800%, 02/15/2028^(f)		700,000		769,734
Verizon Communications, Inc.
2.792% (3 Month LIBOR USD + 1.100%), 05/15/2025^(c)		825,000		843,765
4.016%, 12/03/2029		500,000		581,257

				7,998,513

Transportation Equipment Manufacturing—0.39%
General Motors Co.
2.542% (3 Month LIBOR USD + 0.800%), 08/07/2020^(c)		1,100,000		1,103,180
United Technologies Corp.
3.950%, 08/16/2025		480,000		537,475

				1,640,655

Utilities—0.81%
DTE Energy Co.
2.529%, 10/01/2024		370,000		380,432
3.400%, 06/15/2029		825,000		890,427
Evergy, Inc.
2.900%, 09/15/2029		780,000		806,703
Kinder Morgan, Inc.
5.550%, 06/01/2045^(f)		730,000		868,843
Southern Co.
2.950%, 07/01/2023		388,000		404,422

				3,350,827

Total Corporate Bonds (Cost $91,131,494)				96,871,810

Foreign Corporate Bonds—7.09%
Chemical Manufacturing—0.07%
Mylan NV
3.950%, 06/15/2026		260,000		282,958

Computer and Electronic Product Manufacturing—0.21%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.450%, 10/01/2025		800,000		882,723

Credit Intermediation and Related Activities—3.80%
Banque Federative du Credit Mutuel SA
2.700%, 07/20/2022^(b)(f)		1,770,000		1,826,906

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Barclays Bank PLC
10.179%, 06/12/2021^(b)	$	1,950,000	$	2,149,739
Barclays PLC
3.072% (3 Month LIBOR USD + 1.380%), 05/16/2024^(c)		895,000		911,638
Credit Agricole SA/London
2.821% (3 Month LIBOR USD + 1.020%), 04/24/2023^(b)(c)		745,000		757,474
Credit Suisse Group AG
2.997% to 12/14/2022, then 3 Month LIBOR USD + 1.200%, 12/14/2023^(a)(b)		1,145,000		1,171,738
3.869% to 01/12/2028, then 3 Month LIBOR USD + 1.410%, 01/12/2029^(a)(b)		250,000		272,072
HSBC Holdings PLC
2.650%, 01/05/2022		765,000		778,810
2.692% (3 Month LIBOR USD + 1.000%), 05/18/2024^(c)		400,000		403,684
2.633% to 11/07/2024, then 3 Month LIBOR USD + 1.140%, 11/07/2025^(a)		2,017,000		2,061,963
6.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%^(a)(h)		910,000		947,160
Lloyds Banking Group PLC
2.438% to 02/05/2025, then 1 Year CMT Rate + 1.000%, 02/05/2026^(a)		970,000		984,372
Royal Bank of Scotland Group PLC
6.125%, 12/15/2022		835,000		911,586
3.875%, 09/12/2023		835,000		887,551
UBS Group AG
2.859% to 08/15/2022, then 3 Month LIBOR USD + 0.954%, 08/15/2023^(a)(b)		500,000		512,667
4.125%, 09/24/2025^(b)		1,100,000		1,227,000

				15,804,360

Food Manufacturing—0.20%
Grupo Bimbo SAB de CV
4.700%, 11/10/2047^(b)		730,000		837,379

Funds, Trusts, and Other Financial Vehicles—0.22%
Credit Suisse Group Funding Guernsey Ltd.
3.800%, 06/09/2023		860,000		903,750

Machinery Manufacturing—0.25%
GE Capital International Funding Co. Unlimited Co.
3.373%, 11/15/2025^(f)		963,000		1,027,431

Management of Companies and Enterprises—0.32%
Bank of Ireland Group PLC
4.500%, 11/25/2023^(b)		1,245,000		1,348,667

Merchant Wholesalers, Durable Goods—0.02%
Johnson Controls International PLC
3.900%, 02/14/2026		79,000		88,161

Merchant Wholesalers, Nondurable Goods—0.30%
Allergan Funding SCS
3.450%, 03/15/2022		1,211,000		1,255,035

Miscellaneous Manufacturing—0.16%
Shire Acquisitions Investments Ireland DAC
2.400%, 09/23/2021		675,000		684,167

Oil and Gas Extraction—0.27%
Canadian Natural Resources Ltd.
6.250%, 03/15/2038		850,000		1,109,675

Rental and Leasing Services—0.05%
FLY Leasing Ltd.
6.375%, 10/15/2021		200,000		202,875

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—0.51%
AIB Group PLC
4.263% to 04/10/2024, then 3 Month LIBOR USD + 1.874%, 04/10/2025^(a)(b)	$	1,995,000	$	2,131,197

Telecommunications—0.48%
British Telecommunications PLC
3.250%, 11/08/2029^(b)		860,000		890,173
Vodafone Group PLC
2.833% (3 Month LIBOR USD + 0.990%), 01/16/2024^(c)		1,095,000		1,105,903

				1,996,076

Transportation Services—0.12%
JSL Europe SA
7.750%, 07/26/2024		474,000		504,376

Utilities—0.11%
Engie Energia Chile SA
3.400%, 01/28/2030^(b)		450,000		453,555

Total Foreign Corporate Bonds (Cost $28,286,375)				29,512,385

Foreign Government Agency Issues—0.44%
European Investment Bank
1.625%, 03/14/2025^(f)		1,780,000		1,833,805

Total Foreign Government Agency Issues (Cost $1,774,660)				1,833,805

Foreign Government Notes/Bonds—6.29%
Abu Dhabi Government International Bond
4.125%, 10/11/2047^(b)		610,000		737,479
Angolan Government International Bond
9.500%, 11/12/2025^(b)		700,000		782,313
Argentine Republic Government International Bond
4.625%, 01/11/2023		463,000		200,444
6.875%, 01/26/2027		435,000		185,423
Brazilian Government International Bond
2.625%, 01/05/2023		760,000		771,788
5.625%, 02/21/2047		220,000		263,108
Colombia Government International Bond
4.000%, 02/26/2024		390,000		415,089
3.875%, 04/25/2027		150,000		161,602
3.000%, 01/30/2030		1,305,000		1,318,716
5.200%, 05/15/2049		200,000		252,187
Costa Rica Government International Bond
7.158%, 03/12/2045		995,000		1,038,218
Croatia Government International Bond
6.000%, 01/26/2024^(b)		300,000		343,472
Dominican Republic International Bond
5.875%, 04/18/2024^(b)		505,000		544,352
6.875%, 01/29/2026^(b)		360,000		410,529
Guatemala Government Bond
4.375%, 06/05/2027^(b)		600,000		630,958
Hungary Government International Bond
7.625%, 03/29/2041		660,000		1,131,084
Indonesia Government International Bond
3.700%, 01/08/2022^(b)		330,000		340,494
4.350%, 01/08/2027^(b)		350,000		388,089

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Kazakhstan Government International Bond
6.500%, 07/21/2045^(b)	$	200,000	$	305,380
Mexico Government International Bond
4.150%, 03/28/2027		200,000		220,052
3.250%, 04/16/2030		1,785,000		1,836,319
4.350%, 01/15/2047^(f)		825,000		910,334
Mongolia Government International Bond
8.750%, 03/09/2024^(b)		635,000		707,287
Morocco Government International Bond
4.250%, 12/11/2022^(b)		475,000		500,051
5.500%, 12/11/2042^(b)		150,000		191,100
Namibia International Bonds
5.250%, 10/29/2025^(b)(f)		785,000		810,271
Nigeria Government International Bond
7.875%, 02/16/2032^(b)		535,000		540,282
Oman Government International Bond
3.875%, 03/08/2022^(b)		290,000		291,834
5.375%, 03/08/2027^(b)		350,000		349,620
6.500%, 03/08/2047^(b)		350,000		328,564
Panama Government International Bond
4.500%, 05/15/2047		450,000		562,363
Paraguay Government International Bond
4.700%, 03/27/2027^(b)		790,000		883,107
Peruvian Government International Bond
8.750%, 11/21/2033		450,000		761,630
Qatar Government International Bond
3.250%, 06/02/2026^(b)		450,000		479,052
4.625%, 06/02/2046^(b)		360,000		449,602
Republic of South Africa Government International Bond
4.875%, 04/14/2026		690,000		722,293
4.850%, 09/27/2027		933,000		974,985
4.300%, 10/12/2028		150,000		148,613
5.000%, 10/12/2046		150,000		137,685
Romanian Government International Bond
6.125%, 01/22/2044^(b)		665,000		888,336
Saudi Government International Bond
4.500%, 10/26/2046^(b)		150,000		172,383
Sri Lanka Government International Bond
6.750%, 04/18/2028^(b)		880,000		809,820
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026^(b)(f)		1,030,000		1,079,293
Turkey Government International Bond
6.000%, 01/14/2041		250,000		224,190
Uruguay Government International Bond
4.375%, 01/23/2031^(f)		590,000		679,243
5.100%, 06/18/2050		245,000		309,238

Total Foreign Government Notes/Bonds (Cost $25,375,733)				26,188,272

Non-Agency Mortgage Backed Securities—7.15%
Angel Oak Mortgage Trust
2019-6, 2.620%, 11/25/2059^(b)(d)		625,169		632,082
BANK 2019-BNK22
2019-BNK22, 2.978%, 11/15/2062		110,000		120,158

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
BANK 2020-BNK25
2020-BNK25, 2.649%, 01/15/2063	$	1,536,680	$	1,635,430
Benchmark Mortgage Trust
2018-B8, 4.232%, 01/15/2052		1,690,000		1,992,660
BX Commercial Mortgage Trust
2018-IND B, 2.559% (1 Month LIBOR USD + 0.900%), 11/15/2035^(b)(c)		808,500		808,965
2018-IND C, 2.759% (1 Month LIBOR USD + 1.100%), 11/15/2035^(b)(c)		500,500		500,945
Citigroup Commercial Mortgage Trust
2013-GCJ11, 3.732%, 04/10/2046^(d)		455,000		480,194
2013-GC17, 5.095%, 11/10/2046^(d)		145,000		160,569
2014-GC25, 0.993%, 10/10/2047^(d)(e)		1,488,013		59,657
2015-GC27, 1.346%, 02/10/2048^(d)(e)		1,104,469		59,820
2016-GC36, 3.616%, 02/10/2049		200,000		221,107
2017-C4, 2.121%, 10/12/2050		239,847		241,301
2018-C6, 3.300%, 11/10/2051		443,622		459,335
COMM Mortgage Trust
2012-CCRE4, 3.251%, 10/15/2045		385,000		391,388
2014-UBS2, 3.472%, 03/10/2047		619,354		642,430
2014-CR16, 0.977%, 04/10/2047^(d)(e)		1,336,766		46,488
2014-LC15, 1.096%, 04/10/2047^(d)(e)		1,519,403		57,455
2014-CR17, 0.973%, 05/10/2047^(d)(e)		1,120,818		39,157
2014-UBS3, 1.078%, 06/10/2047^(d)(e)		911,193		36,186
2014-UBS6, 0.892%, 12/10/2047^(d)(e)		1,684,703		57,839
2014-CR21, 3.987%, 12/10/2047		281,514		308,350
2015-LC21, 3.708%, 07/10/2048		100,000		110,089
2015-CR25, 3.759%, 08/10/2048		340,000		376,814
2017-COR2, 2.111%, 09/10/2050		172,468		173,619
Connecticut Avenue Securities Trust
2019-R07, 2.397% (1 Month LIBOR USD + 0.770%), 10/25/2039^(b)(c)		210,015		210,140
CSAIL Commercial Mortgage Trust
2015-C3, 4.103%, 08/15/2048^(d)		350,000		376,609
2016-C7, 3.502%, 11/15/2049		275,000		302,235
2019-C15, 4.053%, 03/15/2052		215,000		250,372
2015-C2, 0.757%, 06/15/2057^(d)(e)		1,575,832		51,554
Flagstar Mortgage Trust
2017-2, 3.500%, 10/25/2047^(b)(d)		1,149,902		1,165,169
FREMF Mortgage Trust
2015-K718, 3.541%, 02/25/2048^(b)(d)		580,000		596,399
GS Mortgage Securities Trust
2012-GCJ7, 4.740%, 05/10/2045		405,000		429,191
2012-GCJ9, 3.747%, 11/10/2045^(b)		345,000		359,459
2014-GC18, 1.013%, 01/10/2047^(d)(e)		3,939,478		125,231
2014-GC26, 0.967%, 11/10/2047^(d)(e)		2,202,417		86,949
2015-GC32, 3.764%, 07/10/2048		105,000		116,191
2015-GC34, 3.278%, 10/10/2048		131,000		137,778
2015-GS1, 4.420%, 11/10/2048^(d)		205,000		216,938
2019-GSA1, 3.048%, 11/10/2052		430,000		467,288
Impac Secured Assets Trust
2006-2, 2.127% (1 Month LIBOR USD + 0.500%), 08/25/2036^(c)		50,000		50,133
JP Morgan Chase Commercial Mortgage Securities Trust
2013-LC11, 3.499%, 04/15/2046		375,000		389,771
2011-C5, 5.418%, 08/15/2046^(b)(d)		305,000		319,569
JP Morgan Mortgage Trust
2016-3, 3.500%, 10/25/2046^(b)(d)		804,704		832,868

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
2017-1, 3.500%, 01/25/2047^(b)(d)	$	198,731	$	202,376
2017-2, 3.500%, 05/25/2047^(b)(d)		118,635		121,912
2017-3, 3.500%, 08/25/2047^(b)(d)		722,994		742,718
2017-4, 3.500%, 11/25/2048^(b)(d)		654,746		669,836
JP Morgan Trust
2015-3, 3.500%, 05/25/2045^(b)(d)		144,417		145,809
JPMBB Commercial Mortgage Securities Trust
2015-C31, 3.801%, 08/15/2048		320,000		354,319
JPMDB Commercial Mortgage Securities Trust
2017-C7, 2.081%, 10/15/2050		237,816		239,524
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9, 2.657%, 05/15/2046		471,320		478,961
2015-C24, 3.732%, 05/15/2048		220,000		242,279
2017-C34, 2.109%, 11/18/2052		327,740		330,027
Morgan Stanley Capital I Trust
2015-MS1, 3.779%, 05/15/2048^(d)		200,000		220,262
New Residential Mortgage Loan Trust
2019-NQM5, 2.710%, 11/25/2059^(b)(d)		579,169		587,435
OBX Trust
2019-EXP3, 2.527% (1 Month LIBOR USD + 0.900%), 10/25/2059^(b)(c)		369,382		370,754
One Market Plaza Trust
2017-1MKT, 4.142%, 02/10/2032^(b)		445,000		461,164
Sequoia Mortgage Trust
2015-2, 3.500%, 05/25/2045^(b)(d)		389,385		396,085
2015-3, 3.500%, 07/25/2045^(b)(d)		473,503		480,215
2017-2, 3.500%, 02/25/2047^(b)(d)		933,196		968,482
Starwood Mortgage Residential Trust
2019-INV1, 2.610%, 09/27/2049^(b)(d)		552,975		555,834
UBS Commercial Mortgage Trust
2017-C2, 3.487%, 08/15/2050		200,000		222,203
2017-C4 A1, 2.129%, 10/15/2050		135,129		135,501
2017-C4 A4, 3.563%, 10/15/2050		160,500		179,485
2017-C4, 3.836%, 10/15/2050^(d)		200,000		224,453
2018-C15, 3.321%, 12/15/2051		189,523		196,564
2018-C14, 3.379%, 12/15/2051		716,019		740,563
UBS-Barclays Commercial Mortgage Trust
2013-C6, 2.788%, 04/10/2046		248,219		252,241
Verus Securitization Trust
2019-4, 2.642%, 11/25/2059^(b)		426,022		430,739
2019-INV1, 3.402%, 12/25/2059^(b)(d)		413,452		419,061
Wells Fargo Commercial Mortgage Trust
2012-LC5, 4.142%, 10/15/2045		305,000		321,420
2015-C29, 3.637%, 06/15/2048		130,000		142,596
2016-LC24, 2.942%, 10/15/2049		280,000		299,756
2016-NXS6, 2.918%, 11/15/2049		300,000		320,692
2017-C39, 3.418%, 09/15/2050		260,000		287,251
2017-C40, 2.110%, 10/15/2050		150,422		151,406
2018-C48, 4.302%, 01/15/2052		625,000		736,894
2019-C49, 4.023%, 03/15/2052		185,000		214,697
2016-LC25, 3.640%, 12/15/2059		315,000		351,342
WFRBS Commercial Mortgage Trust
2014-LC14, 1.208%, 03/15/2047^(d)(e)		883,217		33,403
2014-C22 XA, 0.808%, 09/15/2057^(d)(e)		3,366,433		100,722
2014-C22 AS, 4.069%, 09/15/2057^(d)		290,000		315,603

Total Non-Agency Mortgage Backed Securities (Cost $29,331,370)				29,740,466

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Agency Mortgage Backed Securities—31.42%
Fannie Mae Connecticut Avenue Securities
2017-C03, 4.627% (1 Month LIBOR USD + 3.000%), 10/25/2029^(c)	$	300,000	$	312,044
2017-C04, 4.477% (1 Month LIBOR USD + 2.850%), 11/25/2029^(c)		364,000		376,368
2017-C05, 3.827% (1 Month LIBOR USD + 2.200%), 01/25/2030^(c)		461,510		469,773
2017-C06, 4.427% (1 Month LIBOR USD + 2.800%), 02/25/2030^(c)		307,761		314,993
2017-C07, 4.127% (1 Month LIBOR USD + 2.500%), 05/25/2030^(c)		952,462		964,857
2018-C01, 3.877% (1 Month LIBOR USD + 2.250%), 07/25/2030^(c)		780,000		790,304
2018-C02, 3.827% (1 Month LIBOR USD + 2.200%), 08/25/2030^(c)		599,411		605,852
Fannie Mae or Freddie Mac
#TBA, 4.500%, 03/01/2040		320,000		341,656
#TBA, 3.000%, 03/15/2043		400,000		412,062
Fannie Mae Pool
254908, 5.000%, 09/01/2023		29,764		32,175
255320, 5.000%, 07/01/2024		5,519		5,968
MA0023, 5.000%, 04/01/2029		12,103		13,092
MA0096, 4.500%, 06/01/2029		7,154		7,732
AE0205, 5.000%, 03/01/2030		12,619		13,765
AB3000, 4.500%, 05/01/2031		16,507		17,990
BM3905, 5.000%, 08/01/2031		81,590		88,197
720679, 5.000%, 06/01/2033		11,855		13,245
725027, 5.000%, 11/01/2033		7,588		8,511
888283, 5.000%, 08/01/2034		35,656		39,983
735484, 5.000%, 05/01/2035		10,651		12,005
830722, 5.000%, 07/01/2035		31,928		35,272
735925, 5.000%, 10/01/2035		30,524		34,548
836427, 5.000%, 10/01/2035		16,460		18,606
900527, 6.000%, 09/01/2036		1,604		1,881
915320, 6.000%, 03/01/2037		22,106		24,732
889757, 5.000%, 02/01/2038		15,767		18,060
962343, 5.000%, 03/01/2038		17,093		19,310
929301, 5.000%, 04/01/2038		12,147		13,699
257161, 5.500%, 04/01/2038		27,358		30,949
982126, 5.000%, 05/01/2038		33,007		37,089
889579, 6.000%, 05/01/2038		19,725		23,207
995681, 6.000%, 05/01/2038		2,934		3,439
889533, 5.500%, 06/01/2038		25,434		29,324
AB0131, 5.000%, 12/01/2038		9,853		11,170
995245, 5.000%, 01/01/2039		31,236		35,318
995906, 5.000%, 03/01/2039		11,405		12,917
BC4575, 5.500%, 04/01/2039		46,832		52,824
995838, 5.500%, 05/01/2039		77,138		88,876
AL0070, 5.000%, 07/01/2039		18,423		20,790
AD7406, 5.000%, 07/01/2040		10,534		11,678
AD9173, 4.000%, 08/01/2040		313,266		340,343
AB1389, 4.500%, 08/01/2040		67,974		75,024
MA0510, 4.500%, 09/01/2040		709		782
AE8714, 3.500%, 11/01/2040		32,440		34,527
890310, 4.500%, 12/01/2040		14,813		16,349
AH3952, 4.000%, 01/01/2041		185,108		201,134
AL0791, 4.000%, 02/01/2041		57,707		62,743
AE0954, 4.500%, 02/01/2041		50,870		56,144
AH7196, 4.500%, 03/01/2041		485,659		535,943
AL0245, 4.000%, 04/01/2041		11,682		12,701

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
AL0065, 4.500%, 04/01/2041	$	23,211	$	25,617
AI1170, 5.000%, 04/01/2041		186,009		209,360
AB2817, 5.000%, 04/01/2041		12,331		13,880
AL0214, 5.000%, 04/01/2041		13,046		14,684
AH7395, 4.500%, 06/01/2041		9,245		10,203
AB3194, 4.500%, 06/01/2041		21,724		23,977
AI4891, 4.500%, 06/01/2041		261,365		288,430
AH1662, 4.500%, 07/01/2041		28,257		30,782
890603, 5.000%, 08/01/2041		76,917		86,981
FM0040, 3.000%, 10/01/2041		297,340		310,429
AJ1959, 4.500%, 10/01/2041		586,699		647,538
AL1547, 4.500%, 11/01/2041		11,591		12,791
AJ6346, 3.500%, 12/01/2041		38,240		40,698
AJ9278, 3.500%, 12/01/2041		13,410		14,272
AX5302, 4.000%, 01/01/2042		27,784		30,172
AK2415, 4.000%, 02/01/2042		48,104		52,190
AK6743, 4.000%, 03/01/2042		67,009		72,729
AK6744, 4.000%, 03/01/2042		77,927		84,526
AK9393, 3.500%, 04/01/2042		27,024		28,759
AK6568, 3.500%, 04/01/2042		66,937		71,212
AO1214, 3.500%, 04/01/2042		163,084		173,508
AL4029, 4.500%, 04/01/2042		67,958		74,995
AL1886, 3.247% (12 Month LIBOR USD + 1.755%), 06/01/2042^(c)		33,898		35,202
AO9553, 4.000%, 07/01/2042		228,932		247,488
AL7306, 4.500%, 09/01/2042		36,422		40,196
AP8743, 3.500%, 10/01/2042		415,632		442,255
AP7363, 4.000%, 10/01/2042		267,928		290,346
AQ9330, 3.500%, 01/01/2043		52,601		55,981
AL3714, 3.500%, 01/01/2043		38,746		41,235
AL2897, 3.500%, 01/01/2043		49,733		52,935
AB7965, 3.500%, 02/01/2043		28,809		30,663
AB8897, 3.000%, 04/01/2043		322,217		337,239
AT1001, 3.500%, 04/01/2043		27,195		29,439
AT2021, 3.500%, 04/01/2043		29,926		31,969
AB9046, 3.500%, 04/01/2043		75,711		81,655
AB9341, 3.000%, 05/01/2043		51,101		53,894
AB9260, 3.500%, 05/01/2043		88,057		93,620
AR7218, 3.000%, 06/01/2043		158,830		167,510
AU1628, 3.000%, 07/01/2043		2,560		2,679
AS0203, 3.000%, 08/01/2043		126,024		132,912
AS0205, 3.000%, 08/01/2043		180,071		189,133
AU0949, 3.500%, 08/01/2043		54,888		60,047
AS0212, 3.500%, 08/01/2043		67,402		72,002
AU3751, 4.000%, 08/01/2043		147,175		159,688
AS0531, 4.000%, 09/01/2043		75,293		82,127
AU6857, 4.000%, 09/01/2043		66,467		72,996
AU4658, 4.500%, 09/01/2043		22,057		24,342
MA1600, 3.500%, 10/01/2043		38,643		41,091
AS1042, 4.000%, 11/01/2043		67,834		73,602
AS1333, 4.500%, 12/01/2043		30,887		33,767
AL4450, 4.500%, 12/01/2043		30,556		33,568
AS1559, 4.000%, 01/01/2044		39,891		43,255
AS2516, 4.500%, 05/01/2044		32,548		35,256
MA1926, 4.500%, 06/01/2044		33,710		36,819

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
AS2751, 4.500%, 06/01/2044	$	43,459	$	47,468
BM1761, 4.000%, 08/01/2044		250,044		270,513
AL6223, 4.500%, 08/01/2044		31,985		35,224
AX0118, 4.000%, 09/01/2044		220,394		238,046
AS3467, 4.000%, 10/01/2044		42,104		45,615
AX2491, 4.000%, 10/01/2044		29,199		31,669
AL6432, 4.000%, 01/01/2045		62,174		67,360
AL6520, 4.000%, 02/01/2045		242,472		262,845
AL9578, 4.000%, 06/01/2045		211,883		229,535
AZ0814, 3.500%, 07/01/2045		69,534		74,117
AZ0862, 3.500%, 07/01/2045		136,367		144,288
BM1953, 3.500%, 08/01/2045		143,351		152,534
AZ4775, 3.500%, 10/01/2045		39,553		41,850
AS6311, 3.500%, 12/01/2045		57,436		60,773
CA2929, 3.500%, 12/01/2045		286,636		302,973
AS6464, 3.500%, 01/01/2046		53,368		57,003
BC4114, 3.500%, 02/01/2046		354,149		374,698
BC0305, 4.000%, 03/01/2046		156,109		167,907
AS6795, 4.000%, 03/01/2046		226,442		241,210
BC0793, 3.500%, 04/01/2046		348,509		369,082
BC0835, 4.000%, 04/01/2046		284,532		305,690
AS7248, 4.000%, 05/01/2046		184,653		198,279
AS7200, 4.500%, 05/01/2046		46,694		50,711
AS7388, 3.500%, 06/01/2046		118,160		124,845
AL8735, 4.000%, 06/01/2046		283,590		305,851
AL9282, 4.000%, 06/01/2046		243,184		261,108
AS7401, 4.000%, 06/01/2046		143,957		154,418
AS7580, 3.000%, 07/01/2046		344,702		360,408
BC7146, 3.000%, 07/01/2046		413,544		432,386
AS7492, 4.000%, 07/01/2046		118,642		127,276
AS7801, 3.500%, 08/01/2046		358,892		378,753
BM3932, 3.500%, 10/01/2046		281,879		297,909
AS8661, 4.000%, 01/01/2047		221,661		235,901
AS8699, 4.000%, 01/01/2047		87,201		93,169
AS8659, 4.000%, 01/01/2047		160,650		171,881
BE2975, 4.000%, 01/01/2047		254,780		275,119
MA2872, 4.500%, 01/01/2047		172,492		188,242
AS8700, 4.500%, 01/01/2047		83,010		90,566
AL9879, 3.500%, 02/01/2047		2,417,973		2,597,464
BE5475, 3.500%, 02/01/2047		134,723		141,990
AL9916, 4.000%, 02/01/2047		307,278		329,611
AS8966, 4.000%, 03/01/2047		128,096		136,342
BD7081, 4.000%, 03/01/2047		576,979		616,388
AS8982, 4.500%, 03/01/2047		35,997		38,881
FM1000, 3.000%, 04/01/2047		113,369		118,430
MA2959, 3.500%, 04/01/2047		289,257		305,219
BD7165, 4.000%, 04/01/2047		1,857,866		1,983,995
BM5347, 3.500%, 05/01/2047		284,568		300,251
BM5348, 3.500%, 05/01/2047		155,645		164,097
BM5784, 3.500%, 05/01/2047		336,601		355,262
AS9536, 3.500%, 05/01/2047		193,652		204,013
CA0180, 3.500%, 05/01/2047		166,963		175,688
BE3619, 4.000%, 05/01/2047		412,227		440,148
MA3008, 4.500%, 05/01/2047		58,160		63,278

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
AS9829, 3.500%, 06/01/2047	$	177,101	$	186,593
AS9664, 4.000%, 06/01/2047		130,628		139,466
MA3027, 4.000%, 06/01/2047		1,450,598		1,546,582
AS9831, 4.000%, 06/01/2047		302,296		321,842
BE3702, 4.000%, 06/01/2047		213,201		227,672
BE3767, 3.500%, 07/01/2047		195,688		206,212
MA3057, 3.500%, 07/01/2047		502,478		528,994
CA0062, 4.000%, 07/01/2047		274,501		292,921
CA0182, 4.000%, 08/01/2047		65,768		69,903
CA0237, 4.000%, 08/01/2047		366,885		391,046
MA3088, 4.000%, 08/01/2047		262,455		279,756
MA3121, 4.000%, 09/01/2047		435,740		464,911
MA3149, 4.000%, 10/01/2047		163,863		174,875
BH9392, 3.500%, 11/01/2047		2,152,159		2,259,933
FM1467, 3.000%, 12/01/2047		186,711		196,400
BJ1662, 3.500%, 12/01/2047		98,789		103,745
MA3210, 3.500%, 12/01/2047		460,437		485,100
BH7058, 3.500%, 12/01/2047		445,302		469,455
BM2005, 4.000%, 12/01/2047		3,070,398		3,269,816
BM3392, 4.000%, 01/01/2048		455,342		484,995
CA4140, 3.000%, 02/01/2048		373,813		386,644
CA1535, 3.500%, 02/01/2048		100,034		105,378
BJ8783, 3.500%, 02/01/2048		263,680		277,286
CA1218, 4.500%, 02/01/2048		154,789		167,165
BJ0648, 3.500%, 03/01/2048		189,572		199,592
BJ0650, 3.500%, 03/01/2048		193,590		204,235
BM3590, 3.500%, 03/01/2048		290,541		309,662
BM3900, 4.000%, 04/01/2048		240,778		256,528
CA1710, 4.500%, 05/01/2048		255,341		274,204
MA3384, 4.000%, 06/01/2048		288,646		306,449
MA3415, 4.000%, 07/01/2048		434,849		460,292
CA2204, 4.500%, 08/01/2048		1,641,755		1,762,025
FM1572, 3.000%, 09/01/2048		545,259		570,739
MA3466, 3.500%, 09/01/2048		329,309		343,495
BK7608, 4.000%, 09/01/2048		187,603		198,072
BM2007, 4.000%, 09/01/2048		378,092		400,824
BM4991, 4.000%, 09/01/2048		235,205		248,106
CA2491, 4.500%, 10/01/2048		2,795,975		2,995,619
BM4835, 3.500%, 11/01/2048		3,233,684		3,366,709
FM1239, 3.500%, 11/01/2048		332,006		348,191
BN1628, 4.500%, 11/01/2048		1,678,877		1,793,601
MA3522, 4.500%, 11/01/2048		1,611,624		1,725,566
FM2239, 3.000%, 12/01/2048		321,799		335,801
BM5793, 3.000%, 04/01/2049		402,867		415,361
MA3638, 4.000%, 04/01/2049		374,105		394,360
MA3686, 3.500%, 06/01/2049		247,622		257,133
FM1299, 3.000%, 07/01/2049		391,867		404,052
MA3692, 3.500%, 07/01/2049		404,936		420,524
MA3693, 4.000%, 07/01/2049		340,040		358,214
MA3744, 3.000%, 08/01/2049		516,592		532,612
BN7703, 3.000%, 08/01/2049		262,975		271,254
MA3745, 3.500%, 08/01/2049		886,077		920,224
MA3774, 3.000%, 09/01/2049		722,342		744,742
BO2201, 3.000%, 09/01/2049		585,559		603,718

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
MA3775, 3.500%, 09/01/2049	$	763,388	$	792,947
BO2200, 3.500%, 09/01/2049		251,331		261,608
BN8330, 3.500%, 09/01/2049		392,072		407,903
MA3802, 3.000%, 10/01/2049		674,502		695,419
MA3803, 3.500%, 10/01/2049		636,047		661,453
MA3834, 3.000%, 11/01/2049		974,590		1,004,813
MA3835, 3.500%, 11/01/2049		478,668		497,810
MA3871, 3.000%, 12/01/2049		1,063,410		1,096,486
MA3872, 3.500%, 12/01/2049		419,247		436,586
BO8947, 3.000%, 01/01/2050		299,504		310,072
MA3905, 3.000%, 01/01/2050		2,855,920		2,946,194
BO6164, 3.000%, 01/01/2050		274,005		282,712
Fannie Mae REMICS
2012-70, 4.373% (1 Month LIBOR USD + 6.000%), 07/25/2042^(c)(e)		1,012,694		216,149
2012-68, 4.423% (1 Month LIBOR USD + 6.050%), 07/25/2042^(c)(e)		904,826		204,271
2012-130, 5.073% (1 Month LIBOR USD + 6.700%), 12/25/2042^(c)(e)		897,685		206,080
2012-149, 4.000%, 01/25/2043^(e)		840,395		134,134
2013-6 SB, 4.473% (1 Month LIBOR USD + 6.100%), 02/25/2043^(c)(e)		791,519		157,774
2014-90, 4.523% (1 Month LIBOR USD + 6.150%), 01/25/2045^(c)(e)		955,485		181,429
2016-03, 4.000%, 02/25/2046^(e)		1,101,308		171,287
Freddie Mac Gold Pool
G1-3122, 5.000%, 04/01/2023		470		497
D9-6037, 5.000%, 05/01/2023		24,743		26,758
C9-0918, 5.000%, 09/01/2025		141,610		153,185
D9-7472, 5.500%, 12/01/2027		2,444		2,662
G1-4953, 3.500%, 01/01/2029		38,274		40,242
C9-1267, 5.000%, 09/01/2029		28,265		30,811
G0-1772, 5.000%, 02/01/2035		2,222		2,498
G0-1883, 5.000%, 08/01/2035		1,746		1,975
A6-8761, 5.500%, 09/01/2037		2,387		2,598
G0-3535, 5.500%, 10/01/2037		845		974
G0-3812, 5.500%, 02/01/2038		1,155		1,331
G0-4449, 5.500%, 07/01/2038		4,437		5,099
G0-4471, 5.500%, 07/01/2038		3,074		3,541
A8-1743, 5.500%, 09/01/2038		1,746		1,899
A8-2657, 5.500%, 10/01/2038		5,702		6,219
A8-2134, 6.000%, 10/01/2038		2,088		2,423
G0-5205, 5.000%, 01/01/2039		15,125		17,113
A8-6521, 4.500%, 05/01/2039		51,636		56,905
A8-6315, 4.500%, 05/01/2039		30,570		33,717
A9-3617, 4.500%, 08/01/2040		7,645		8,426
A9-3485, 5.000%, 08/01/2040		79,162		89,095
C0-3531, 4.000%, 10/01/2040		25,612		27,806
A9-6592, 4.000%, 02/01/2041		109,808		119,237
Q0-0285, 4.500%, 04/01/2041		8,707		9,599
Q0-0876, 4.500%, 05/01/2041		61,923		68,311
Q0-0950, 5.000%, 05/01/2041		8,912		9,876
Q0-2173, 4.500%, 07/01/2041		41,978		46,303
Q0-3705, 4.000%, 10/01/2041		18,438		19,435
Q0-4674, 4.000%, 12/01/2041		157,357		170,786
C0-3795, 3.500%, 04/01/2042		270,382		288,379
Q0-7726, 4.000%, 04/01/2042		342,919		372,658
Q0-9004, 3.500%, 06/01/2042		28,854		30,721
C0-9004, 3.500%, 07/01/2042		32,559		34,708

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Q0-9896, 3.500%, 08/01/2042	$	40,892	$	43,545
Q1-1348, 3.500%, 09/01/2042		61,443		65,430
Q1-4869, 3.000%, 01/01/2043		84,375		89,235
Q1-8305, 3.500%, 05/01/2043		29,895		31,834
Q1-9475, 3.500%, 06/01/2043		61,578		65,584
G6-0030, 3.500%, 07/01/2043		143,966		153,389
Q2-0857, 3.500%, 08/01/2043		30,035		32,691
Q2-0780, 3.500%, 08/01/2043		44,189		47,856
G0-8541, 3.500%, 08/01/2043		62,456		66,443
G0-7459, 3.500%, 08/01/2043		32,259		34,351
V8-0509, 4.000%, 10/01/2043		37,243		40,372
G6-0174, 4.000%, 10/01/2043		81,044		88,053
G0-8558, 4.000%, 11/01/2043		47,682		51,687
Q2-6367, 4.000%, 05/01/2044		10,358		11,243
Q2-5885, 4.500%, 05/01/2044		47,834		51,655
Q2-6513, 4.500%, 06/01/2044		19,155		20,497
Q2-9916, 4.000%, 11/01/2044		63,900		69,112
Q4-5219, 3.500%, 01/01/2045		234,030		247,600
G0-7961, 3.500%, 03/01/2045		49,563		52,957
G0-8633, 4.000%, 03/01/2045		95,068		103,038
G0-8636, 3.500%, 04/01/2045		73,096		77,377
G0-8637, 4.000%, 04/01/2045		58,008		62,799
Q3-3869, 4.000%, 06/01/2045		25,726		27,870
Q3-5225, 3.500%, 08/01/2045		41,615		44,047
G0-8659, 3.500%, 08/01/2045		201,586		213,324
V8-1873, 4.000%, 08/01/2045		50,077		54,054
G0-8660, 4.000%, 08/01/2045		214,145		231,134
G0-8672, 4.000%, 10/01/2045		40,694		43,877
V8-1992, 4.000%, 10/01/2045		223,319		240,831
G0-8676, 3.500%, 11/01/2045		90,507		95,844
G6-0480, 4.500%, 11/01/2045		29,053		31,813
G0-8681, 3.500%, 12/01/2045		65,821		69,706
G0-8682, 4.000%, 12/01/2045		72,309		77,876
Q3-8473, 4.000%, 01/01/2046		75,165		80,907
Q3-8470, 4.000%, 01/01/2046		45,086		48,281
G0-8694, 4.000%, 02/01/2046		44,448		47,825
Q3-9644, 3.500%, 03/01/2046		364,088		385,325
Q3-9434, 3.500%, 03/01/2046		14,403		15,259
G0-8693, 3.500%, 03/01/2046		15,690		16,605
G0-8699, 4.000%, 03/01/2046		118,311		127,213
Q3-9438, 4.000%, 03/01/2046		228,755		246,100
G0-8702, 3.500%, 04/01/2046		161,788		171,121
Q4-0375, 3.500%, 05/01/2046		102,783		108,713
G0-8706, 3.500%, 05/01/2046		75,019		79,323
Q4-0718, 3.500%, 05/01/2046		438,821		463,549
G0-8708, 4.500%, 05/01/2046		88,682		96,868
Q4-1208, 3.500%, 06/01/2046		204,145		216,299
Q4-5458, 4.000%, 08/01/2046		167,970		180,733
G0-8735, 4.500%, 10/01/2046		116,635		126,429
G0-8743, 4.000%, 01/01/2047		102,050		109,170
Q4-6279, 3.500%, 02/01/2047		221,612		233,996
Q4-6283, 4.000%, 02/01/2047		194,770		207,261
G0-8752, 4.000%, 03/01/2047		67,498		72,058
Q4-6539, 4.500%, 03/01/2047		34,623		37,436

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
G0-8757, 3.500%, 04/01/2047	$	34,100	$	35,953
G0-8758, 4.000%, 04/01/2047		529,879		564,719
G0-8759, 4.500%, 04/01/2047		53,068		57,452
G0-8762, 4.000%, 05/01/2047		427,120		455,157
V8-3204, 4.500%, 05/01/2047		111,739		121,752
G0-8767, 4.000%, 06/01/2047		352,593		376,180
Q4-9100, 4.000%, 07/01/2047		354,066		377,993
Q4-9394, 4.500%, 07/01/2047		225,410		243,659
Q4-9888, 3.500%, 08/01/2047		173,172		182,434
Q5-0109, 3.500%, 08/01/2047		50,547		53,292
G0-8774, 3.500%, 08/01/2047		219,152		231,056
Q5-0035, 3.500%, 08/01/2047		237,248		250,094
G0-8775, 4.000%, 08/01/2047		462,438		493,827
G6-1228, 4.000%, 08/01/2047		364,443		390,396
G0-8779, 3.500%, 09/01/2047		752,645		793,935
G0-8785, 4.000%, 10/01/2047		355,380		379,988
G6-1631, 3.500%, 11/01/2047		413,268		436,480
Q5-2319, 3.500%, 11/01/2047		59,513		62,874
G6-1467, 4.000%, 11/01/2047		543,585		577,715
G0-8789, 4.000%, 11/01/2047		149,803		160,072
G6-1281, 3.500%, 01/01/2048		237,384		251,634
Q5-4463, 4.000%, 02/01/2048		193,779		206,798
G0-8801, 4.000%, 02/01/2048		222,067		236,514
G6-7710, 3.500%, 03/01/2048		381,788		406,965
G0-8805, 4.000%, 03/01/2048		265,831		283,825
G0-8814, 4.000%, 05/01/2048		136,107		144,687
G6-1578, 4.500%, 08/01/2048		2,577,588		2,757,691
G6-1606, 4.500%, 09/01/2048		1,754,832		1,891,264
Q5-9893, 4.000%, 11/01/2048		1,382,694		1,464,576
G0-8853, 4.500%, 12/01/2048		1,570,722		1,677,863
Q6-1925, 4.000%, 03/01/2049		105,888		112,016
G0-8887, 3.000%, 06/01/2049		1,795,321		1,851,813
Freddie Mac Multifamily Structured Pass Through Certificates
K-076, 3.900%, 04/25/2028		210,000		244,912
K-077, 3.850%, 05/25/2028^(d)		265,000		308,459
K-078, 3.854%, 06/25/2028		1,190,000		1,386,175
K-083, 4.050%, 09/25/2028^(d)		2,650,000		3,143,453
K-084, 3.780%, 10/25/2028^(d)		580,000		676,019
K-087, 3.771%, 12/25/2028		420,000		490,104
K-098, 1.516%, 08/25/2029^(d)(e)		1,985,000		243,682
Freddie Mac Pool
ZT-1955, 3.000%, 05/01/2049		267,950		276,353
ZA-7141, 3.000%, 06/01/2049		350,157		361,016
ZT-2090, 3.000%, 06/01/2049		464,307		478,706
QA-0192, 3.500%, 06/01/2049		611,852		638,439
SD-8004, 3.000%, 08/01/2049		470,284		484,868
QA-1790, 3.000%, 08/01/2049		177,428		183,036
RA-1313, 3.000%, 08/01/2049		209,127		215,738
SD-8010, 3.000%, 09/01/2049		289,224		298,193
SD-8016, 3.000%, 10/01/2049		341,832		352,433
SD-8024, 3.000%, 11/01/2049		157,347		162,226
SD-8030, 3.000%, 12/01/2049		835,249		861,151
SD-8044, 3.000%, 02/01/2050		299,046		308,552

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
QA-7325, 3.000%, 02/01/2050	$	425,000	$	440,513
SD-8045, 3.500%, 02/01/2050		4,480,002		4,677,660
Freddie Mac REMICS
4073, 4.342% (1 Month LIBOR USD + 6.000%), 07/15/2042^(c)(e)		993,831		205,733
4122, 4.000%, 10/15/2042^(e)		1,045,900		161,568
4121, 4.542% (1 Month LIBOR USD + 6.200%), 10/15/2042^(c)(e)		974,496		213,843
4159, 4.492% (1 Month LIBOR USD + 6.150%), 01/15/2043^(c)(e)		511,058		121,105
4459, 4.000%, 08/15/2043^(e)		940,353		138,000
4573, 3.500%, 04/15/2046^(e)		1,113,692		169,038
4583, 4.342% (1 Month LIBOR USD + 6.000%), 05/15/2046^(c)(e)		1,075,944		191,815
4623, 4.342% (1 Month LIBOR USD + 6.000%), 10/15/2046^(c)(e)		824,805		194,950
4648, 4.342% (1 Month LIBOR USD + 6.000%), 01/15/2047^(c)(e)		915,516		180,437
Freddie Mac Structured Agency Credit Risk Debt Notes
2017-DNA2, 5.077% (1 Month LIBOR USD + 3.450%), 10/25/2029^(c)		930,000		991,587
2017-HQA2, 4.277% (1 Month LIBOR USD + 2.650%), 12/25/2029^(c)		500,000		513,734
2017-DNA3, 4.127% (1 Month LIBOR USD + 2.500%), 03/25/2030^(c)		285,000		294,433
2017-HQA3, 3.977% (1 Month LIBOR USD + 2.350%), 04/25/2030^(c)		1,166,572		1,189,019
2018-DNA1, 3.427% (1 Month LIBOR USD + 1.800%), 07/25/2030^(c)		570,000		572,866
2018-HQA1, 3.927% (1 Month LIBOR USD + 2.300%), 09/25/2030^(c)		970,000		980,080
Ginnie Mae
#TBA, 3.000%, 03/15/2043		875,000		904,292
Ginnie Mae II Pool
MA0699M, 3.500%, 01/20/2043		53,249		56,455
MA0783M, 3.500%, 02/20/2043		73,654		77,998
784689C, 3.500%, 04/20/2043		2,662,735		2,813,793
MA0934M, 3.500%, 04/20/2043		53,451		56,833
MA1376M, 4.000%, 10/20/2043		78,011		83,699
MA1861M, 3.875% (1 Year CMT Rate + 1.500%), 04/20/2044^(c)		123,464		127,605
MA2893M, 4.000%, 06/20/2045		37,572		40,310
MA3035M, 4.000%, 08/20/2045		21,716		23,325
MA3245M, 4.000%, 11/20/2045		93,750		100,572
MA3663M, 3.500%, 05/20/2046		132,163		138,840
MA3803M, 3.500%, 07/20/2046		53,012		55,847
MA4510M, 3.500%, 06/20/2047		249,318		260,109
MA4511M, 4.000%, 06/20/2047		109,394		116,096
MA4586M, 3.500%, 07/20/2047		343,559		360,335
MA4652M, 3.500%, 08/20/2047		230,439		241,758
MA4778M, 3.500%, 10/20/2047		49,416		51,758
MA4900M, 3.500%, 12/20/2047		178,918		187,417
MA4962M, 3.500%, 01/20/2048		218,589		228,139
MA5263M, 3.500%, 06/20/2048		60,622		63,254
MA5529M, 4.500%, 10/20/2048		1,380,887		1,463,086
MA5530M, 5.000%, 10/20/2048		1,309,594		1,396,451
MA5986M, 4.000%, 06/20/2049		744,541		775,796
MA6039M, 3.500%, 07/20/2049		352,793		365,848
MA6283M, 3.000%, 11/20/2049		372,228		385,157
MA6338M, 3.000%, 12/20/2049		149,329		154,465
Government National Mortgage Association
2013-23, 3.500%, 02/20/2043^(e)		1,176,068		196,270
2016-91, 4.433% (1 Month LIBOR USD + 6.080%), 07/20/2046^(c)(e)		861,025		196,141
2012-147, 2.600%, 04/16/2054^(d)		88,170		91,523

Total Agency Mortgage Backed Securities (Cost $126,441,789)				130,791,719

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
Municipal Bonds—0.96%
American Municipal Power, Inc.
8.084%, 02/15/2050	$	20,000	$	38,581
California Health Facilities Financing Authority
2.584%, 06/01/2029		210,000		225,383
2.704%, 06/01/2030		320,000		344,166
2.864%, 06/01/2031		425,000		458,720
California State University
2.965%, 11/01/2039		360,000		379,325
3.065%, 11/01/2042		315,000		330,262
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue
2.329%, 11/01/2031		195,000		207,037
2.399%, 11/01/2032		855,000		912,413
2.429%, 11/01/2033		540,000		576,520
New Jersey Economic Development Authority
7.425%, 02/15/2029		225,000		293,960
Philadelphia Authority for Industrial Development
3.964%, 04/15/2026		195,000		212,878

Total Municipal Bonds (Cost $3,717,139)				3,979,245

U.S. Government Agency Issues—0.12%
Tennessee Valley Authority
5.250%, 09/15/2039		320,000		480,845

Total U.S. Government Agency Issues (Cost $395,244)				480,845

U.S. Government Notes/Bonds—15.25%
United States Treasury Inflation Indexed Bonds
0.750%, 07/15/2028		3,771,831		4,125,630
2.125%, 02/15/2040		2,056,849		2,929,313
1.375%, 02/15/2044		1,279,028		1,672,345
United States Treasury Notes/Bonds
2.250%, 04/15/2022^(f)		10,075,000		10,361,508
1.500%, 10/31/2024^(f)		510,000		523,597
1.750%, 12/31/2024		960,000		997,706
1.375%, 01/31/2025^(f)		640,000		654,137
2.875%, 05/31/2025^(f)		5,110,000		5,614,014
2.375%, 04/30/2026		1,440,000		1,558,041
1.750%, 11/15/2029^(f)		630,000		665,782
1.500%, 02/15/2030		226,000		233,928
4.500%, 02/15/2036^(f)		2,563,000		3,731,818
4.375%, 11/15/2039		143,000		214,031
2.875%, 05/15/2043		1,074,600		1,331,538
3.750%, 11/15/2043		395,000		559,241
3.125%, 08/15/2044		61,700		79,820
2.500%, 02/15/2045		18,000		21,011
3.000%, 05/15/2045^(f)		4,930,000		6,272,944
2.500%, 02/15/2046		513,300		601,323
2.500%, 05/15/2046^(f)		3,575,000		4,194,201
2.250%, 08/15/2046		464,200		520,403
3.000%, 05/15/2047		440,000		567,617
2.750%, 08/15/2047		210,000		259,617
2.750%, 11/15/2047^(f)		3,308,900		4,096,767
3.000%, 02/15/2048		565,000		732,503
3.125%, 05/15/2048		665,600		883,896

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Principal Amount		Value
2.250%, 08/15/2049^(f)	$	3,214,000	$	3,650,275
2.375%, 11/15/2049^(f)		5,511,000		6,428,172

Total U.S. Government Notes/Bonds (Cost $56,900,241)				63,481,178


	Shares
Exchange-Traded Funds—0.92%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF^(f)		144,707		3,830,394

Total Exchange-Traded Funds (Cost $3,960,138)				3,830,394

Investments Purchased With Collateral From Securities Lending—15.08%
Money Market Fund—15.08%
Mount Vernon Liquid Assets Portfolio, LLC, 1.760%^(g)		62,786,009		62,786,009

Total Investments Purchased With Collateral From Securities Lending (Cost $62,786,009)				62,786,009

Short-Term Investments—0.50%
First American Government Obligations Fund, Class X, 1.493%^(g)		2,059,721		2,059,721

Total Short-Term Investments (Cost $2,059,721)				2,059,721

Total Investments (Cost $458,325,621)—114.83%				477,944,797
Liabilities in Excess of Other Assets—(14.83)%				(61,711,896	)

Total Net Assets—100.00%			$	416,232,901

Percentages are stated as a percent of net assets.

^(a)

Variable rate security; the rate shown represents the rate at February 29, 2020.

^(b)

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

^(c)

Floating rate security; the rate shown represents the rate at February 29, 2020. The coupon is based on an underlying pool of loans.

^(d)

Variable rate security; the rate shown represents the rate at February 29, 2020. The coupon is based on an underlying pool of loans.

^(e)

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

^(f)

All or portion of this security is out on loan as of February 29, 2020. Total value of securities out on loan is $62,198,507.

^(g⁾

The rate shown represents the seven day yield at February 29, 2020.

^(h)

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


		Abbreviations
#TBA		Pool number to be announced

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

PMC CORE FIXED INCOME FUND

Schedule of Open Futures Contracts

February 29, 2020 (Unaudited)


	Number of Contracts			Expiration Month		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Futures Contracts Purchased
10 Year U.S. Treasury Note		43			June 2020	$	4,638,877		$	86,830
5 Year U.S. Treasury Note		179			June 2020		18,173,248			254,582
U.S. Treasury Long Bond		14			June 2020		2,025,975			47,372

Total Futures Contracts Purchased									$	388,784

Futures Contracts Sold
CME Ultra Long Term U.S. Treasury Bond		(48	)		June 2020		(6,098,508	)	$	(299,337	)

Total Futures Contracts Sold									$	(299,337	)

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited)



	Shares		Value
COMMON STOCKS—93.96%
Accommodation—0.31%
GreenTree Hospitality Group Ltd.—ADR		3,629	$	41,770
Hilton Worldwide Holdings, Inc.		2,835		275,562
Hyatt Hotels Corp.—Class A		4,425		338,955
Marcus Corp.		708		18,918
Melco Resorts & Entertainment Ltd.—ADR		10,738		186,197
MGM Resorts International		12,963		318,371
Sands China Ltd.—ADR		9,970		468,789
Vail Resorts, Inc.		288		61,232
Whitbread PLC—ADR^(c)		33,082		417,826
Wynn Macau Ltd.—ADR		19,146		387,515

				2,515,135

Administration of Economic Programs—0.01%
Centrais Electricas Brasileiras SA—ADR		7,529		58,199

Administration of Human Resource Programs—0.03%
Hailiang Education Group, Inc.—ADR^(a)		3,738		217,888

Administrative and Support Services—1.77%
ABM Industries, Inc.^(c)		6,358		209,305
AMN Healthcare Services, Inc.^(a)		3,034		223,302
Automatic Data Processing, Inc.		2,192		339,190
BG Staffing, Inc.		3,725		57,440
Bilibili, Inc.—ADR^(a)(c)		9,294		238,670
Booking Holdings, Inc.^(a)		138		234,001
Cardtronics PLC—Class A^(a)(b)		2,780		100,831
Cass Information Systems, Inc.^(c)		4,547		213,482
CorVel Corp.^(a)		2,174		149,876
Criteo SA—ADR^(a)		8,460		107,188
Deutsche Post AG—ADR		5,783		173,143
DHI Group, Inc.^(a)		16,144		36,808
Donnelley Financial Solutions, Inc.^(a)		3,160		27,492
Essity AB—ADR		44,729		1,448,996
Everi Holdings, Inc.^(a)		8,384		87,194
FleetCor Technologies, Inc.^(a)		1,881		499,951
Grupo Aeroportuario del Pacifico SAB de CV—ADR		703		76,191
Heidrick & Struggles International, Inc.		2,640		58,872
HMS Holdings Corp.^(a)		7,754		178,109
I3 Verticals, Inc.—Class A^(a)(c)		2,043		59,206
IHS Markit Ltd.^(b)		6,635		472,676
InterActiveCorp^(a)		2,420		493,535
Kelly Services, Inc.—Class A		10,719		178,043
Kforce, Inc.		8,370		254,950
ManpowerGroup, Inc.		3,059		232,300
ManTech International Corp.—Class A		4,272		319,973
MasterCard, Inc.—Class A		11,530		3,346,583
Moody’s Corp.		240		57,607
Orange SA—ADR		27,044		361,849
QIWI PLC—ADR		7,849		136,887
Rakuten, Inc.—ADR^(c)		71,302		587,528
Randstad NV—ADR		5,824		148,104
Robert Half International, Inc.^(c)		1,856		93,561
Scotts Miracle-Gro Co.		2,404		254,800
Secom Co. Ltd.—ADR		40,158		777,057

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Teladoc Health, Inc.^(a)(c)		5,177	$	646,918
Teleperformance—ADR^(c)		3,257		392,729
TransUnion		3,153		280,365
Trip.com Group Ltd.—ADR^(a)		2,082		63,210
TrueBlue, Inc.^(a)		11,247		167,355
TTEC Holdings, Inc.		3,450		129,134
Tuniu Corp.—ADR^(a)		13,839		22,142
Vectrus, Inc.^(a)		2,407		125,381
Waddell & Reed Financial, Inc.—Class A^(c)		17,622		242,479
WNS Holdings Ltd.—ADR^(a)		578		38,056

				14,342,469

Air Transportation—0.49%
Air China Ltd.—ADR		438		7,052
Air France-KLM—ADR^(a)		19,447		146,728
Alaska Air Group, Inc.		5,097		257,195
American Airlines Group, Inc.^(c)		9,409		179,241
ANA Holdings, Inc.—ADR		62,540		318,329
Cathay Pacific Airways Ltd.—ADR		42,168		265,658
China Southern Airlines Co. Ltd.—ADR		245		6,561
Controladora Vuela Cia de Aviacion SAB de CV—ADR^(a)		2,125		21,356
Delta Air Lines, Inc.		20,944		966,147
Japan Airlines Co. Ltd.—ADR		39,902		486,006
JetBlue Airways Corp.^(a)(c)		12,172		192,074
Mesa Air Group, Inc.^(a)		6,592		38,036
SkyWest, Inc.		8,087		367,150
Spirit Airlines, Inc.^(a)(c)		5,086		144,697
United Airlines Holdings, Inc.^(a)		8,914		549,013

				3,945,243

Ambulatory Health Care Services—0.55%
Addus HomeCare Corp.^(a)		2,186		166,726
Amedisys, Inc.^(a)		2,144		373,077
Apollo Medical Holdings, Inc.^(a)		1,592		27,812
CareDx, Inc.^(a)(c)		3,708		86,433
Chemed Corp.		358		149,508
DaVita, Inc.^(a)		5,770		447,868
HealthStream, Inc.^(a)		3,059		74,395
Joint Corp.^(a)(c)		2,720		40,338
Kura Oncology, Inc.^(a)		5,187		62,607
Laboratory Corp. of America Holdings^(a)		3,362		590,670
LHC Group, Inc.^(a)(c)		2,795		339,481
Medpace Holdings, Inc.^(a)		3,830		344,470
Novocure Ltd.^(a)(b)(c)		4,414		321,119
OrthoPediatrics Corp.^(a)(c)		2,006		93,119
Pennant Group, Inc.^(a)		2,234		60,698
Quest Diagnostics, Inc.		5,012		531,573
RadNet, Inc.^(a)		4,075		83,252
Select Medical Holdings Corp.^(a)		3,322		79,529
Sonic Healthcare Ltd.—ADR^(c)		29,791		545,770
US Physical Therapy, Inc.		403		42,000

				4,460,445

Amusement, Gambling, and Recreation Industries—0.04%
Las Vegas Sands Corp.		2,876		167,700

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
SeaWorld Entertainment, Inc.^(a)(c)		5,928	$	161,301
WW International, Inc.^(a)		790		23,700

				352,701

Animal Production and Aquaculture—0.01%
Cal-Maine Foods, Inc.^(a)		581		20,271
JBS SA—ADR		9,847		98,569

				118,840

Apparel Manufacturing—0.26%
Burberry Group PLC—ADR		9,449		205,232
Columbia Sportswear Co.^(c)		3,319		269,835
G-III Apparel Group Ltd.^(a)		1,762		39,398
Hanesbrands, Inc.^(c)		7,597		100,584
Lululemon Athletica, Inc.^(a)		4,003		870,292
Oxford Industries, Inc.		615		37,140
PVH Corp.		3,547		262,868
Ralph Lauren Corp.		2,313		244,045
Under Armour, Inc.—Class C^(a)		6,222		77,651

				2,107,045

Beverage and Tobacco Product Manufacturing—1.65%
Boston Beer Co., Inc.—Class A^(a)		166		61,551
Brown-Forman Corp.—Class B		2,833		173,975
C&C Group PLC—ADR		32,331		428,709
Carlsberg A/S—ADR		54,449		1,440,176
Cia Cervecerias Unidas SA—ADR		22,690		361,679
Coca-Cola Bottlers Japan Holdings, Inc.—ADR		53,939		604,656
Coca-Cola Co.		14,494		775,284
Coca-Cola Consolidated, Inc.		265		52,041
Coca-Cola Femsa SAB de CV—ADR		5,106		283,536
Diageo PLC—ADR^(c)		12,486		1,771,888
Embotelladora Andina SA—Class A—ADR^(c)		2,259		27,453
Embotelladora Andina SA—Class B—ADR		11,883		166,956
Fomento Economico Mexicano SAB de CV—ADR		1,251		101,819
Heineken Holding NV—ADR		3,445		150,951
Japan Tobacco, Inc.—ADR		147,332		1,449,747
Kirin Holdings Co. Ltd.—ADR		43,031		818,880
Molson Coors Brewing Co.—Class B^(c)		7,362		365,229
PepsiCo, Inc.		20,475		2,703,315
Philip Morris International, Inc.		12,670		1,037,293
Swedish Match AB—ADR^(c)		16,418		477,764
Tsingtao Brewery Co. Ltd.—ADR		1,631		41,786
Turning Point Brands, Inc.^(c)		1,936		50,626

				13,345,314

Broadcasting (except Internet)—1.77%
Altice USA, Inc.—Class A^(a)		25,950		671,067
AMC Networks, Inc.—Class A^(a)(c)		8,810		273,110
Cable One, Inc.		744		1,170,327
Central European Media Enterprises Ltd.—Class A^(a)(b)		16,108		71,358
Comcast Corp.—Class A		90,964		3,677,674
Discovery, Inc.—Class A^(a)(c)		47,869		1,230,233
Discovery, Inc.—Class C^(a)		56,442		1,416,694
DISH Network Corp.—Class A^(a)		24,401		817,922

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
EW Scripps Co.—Class A^(c)		8,219	$	97,806
Gray Television, Inc.^(a)(c)		7,896		149,392
Ideanomics, Inc.^(a)		15,839		5,710
Liberty Broadband Corp.—Class A^(a)		736		91,028
Liberty Broadband Corp.—Class C^(a)		1,893		238,310
Liberty Media Corp-Liberty Braves^(a)		2,569		66,743
Liberty Media Corp-Liberty SiriusXM^(a)		6,075		271,067
MSG Networks, Inc.—Class A^(a)(c)		10,249		129,547
Nexstar Media Group, Inc.—Class A		8,837		1,016,079
Qurate Retail, Inc.—Class A^(a)		31,850		217,217
Roku, Inc.^(a)(c)		3,549		403,415
Sinclair Broadcast Group, Inc.—Class A		17,214		399,537
Walt Disney Co.		15,379		1,809,339
WideOpenWest, Inc.^(a)(c)		18,220		114,604

				14,338,179

Building Material and Garden Equipment and Supplies Dealers—0.40%
BMC Stock Holdings, Inc.^(a)		20,840		511,205
Home Depot, Inc.		12,434		2,708,623

				3,219,828

Chemical Manufacturing—8.01%
Abbott Laboratories		17,276		1,330,770
AbbVie, Inc.		3,891		333,498
Abcam PLC—ADR		883		13,068
Acorda Therapeutics, Inc.^(a)		8,557		12,322
Air Liquide SA—ADR		21,528		585,661
Air Products & Chemicals, Inc.		4,488		985,610
Alexion Pharmaceuticals, Inc.^(a)		9,755		917,263
Allergan PLC^(b)		9,749		1,858,841
Alnylam Pharmaceuticals, Inc.^(a)		1,279		150,487
AMAG Pharmaceuticals, Inc.^(a)(c)		2,235		17,321
Amgen, Inc.		9,043		1,806,157
Amphastar Pharmaceuticals, Inc.^(a)(c)		5,511		84,814
ANI Pharmaceuticals, Inc.^(a)		1,715		82,337
Antares Pharma, Inc.^(a)		30,739		95,291
Aratana Therapeutics, Inc.^(a)		18,388		4,597
Arena Pharmaceuticals, Inc.^(a)(c)		5,285		235,711
Arkema SA—ADR		2,558		240,733
Astellas Pharma, Inc.—ADR		55,147		852,573
AstraZeneca PLC—ADR		39,126		1,713,719
Bayer AG—ADR		34,981		630,358
BioDelivery Sciences International, Inc.^(a)		12,580		61,139
Biogen, Inc.^(a)		3,689		1,137,651
BioSpecifics Technologies Corp.^(a)		2,343		129,310
Bristol-Myers Squibb Co.		23,663		1,397,537
Cabot Microelectronics Corp.		796		110,867
Catalent, Inc.^(a)		5,638		290,526
Catalyst Pharmaceuticals, Inc.^(a)		9,132		38,446
Celanese Corp.		1,720		161,233
CF Industries Holdings, Inc.		3,170		116,846
Chemours Co.^(c)		8,096		120,306
Church & Dwight Co., Inc.		2,245		156,072
Clinuvel Pharmaceuticals Ltd.—ADR		18,455		192,301
Corcept Therapeutics, Inc.^(a)(c)		8,952		112,974

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Coty, Inc.—Class A		7,965	$	73,517
Covestro AG—ADR		12,377		237,391
CSL Ltd.—ADR^(c)		12,153		1,206,793
D&L Industries, Inc.—ADR^(c)		14,473		49,541
Daiichi Sankyo Co. Ltd.—ADR		22,178		1,314,712
Denali Therapeutics, Inc.^(a)(c)		6,351		125,559
Dr Reddy’s Laboratories Ltd.—ADR		4,966		199,435
Eagle Pharmaceuticals, Inc.^(a)		534		24,511
Eisai Co. Ltd.—ADR		7,574		551,766
Eli Lilly & Co.		7,715		973,093
Enanta Pharmaceuticals, Inc.^(a)		1,715		87,259
Endo International PLC^(a)(b)		19,084		105,344
Esperion Therapeutics, Inc.^(a)(c)		1,420		71,696
Estee Lauder Cos., Inc.—Class A		1,374		252,266
Fate Therapeutics, Inc.^(a)		3,880		113,296
FMC Corp.		6,607		615,111
Galectin Therapeutics, Inc.^(a)(c)		7,847		16,636
Genetic Technologies Ltd.—ADR^(a)		2,167		6,111
GlaxoSmithKline PLC—ADR^(c)		63,308		2,565,872
Global Blood Therapeutics, Inc.^(a)(c)		3,174		203,009
GW Pharmaceuticals PLC—ADR^(a)(c)		2,105		215,363
H Lundbeck A/S—ADR		4,784		164,187
Huntsman Corp.		5,298		100,344
Hypera SA—ADR		10,211		77,093
Immutep Ltd.—ADR^(a)(c)		56,365		126,258
Incyte Corp. Ltd.^(a)		3,611		272,306
Innospec, Inc.		1,622		140,368
Innoviva, Inc.^(a)(c)		17,143		230,916
Inter Parfums, Inc.		1,779		106,847
Intercept Pharmaceuticals, Inc.^(a)(c)		398		36,592
Ionis Pharmaceuticals, Inc.^(a)		6,246		317,172
Jazz Pharmaceuticals PLC^(a)(b)		6,764		775,019
Johnson & Johnson		21,648		2,911,222
KalVista Pharmaceuticals, Inc.^(a)		3,163		42,542
Kao Corp.—ADR^(c)		107,406		1,544,498
Kimberly-Clark Corp.		8,062		1,057,654
Koninklijke DSM NV—ADR		15,200		425,904
Kose Corp.—ADR^(c)		24,931		588,471
Kraton Corp.^(a)		3,078		31,149
Kronos Worldwide, Inc.		4,040		40,360
Krystal Biotech, Inc.^(a)		990		52,916
Kuraray Co. Ltd.—ADR		13,430		411,361
Lantheus Holdings, Inc.^(a)		5,210		81,016
Lexicon Pharmaceuticals, Inc.^(a)		18,914		52,486
Lifevantage Corp.^(a)		5,668		67,506
Linde PLC^(b)		1,787		341,335
Lonza Group AG—ADR		10,635		422,210
Madrigal Pharmaceuticals, Inc.^(a)(c)		556		47,911
Magenta Therapeutics, Inc.^(a)		2,539		29,859
Mallinckrodt PLC^(a)(b)(c)		5,474		23,429
Merck & Co., Inc.		33,940		2,598,445
Merck KGaA—ADR		23,005		557,871
Minerva Neurosciences, Inc.^(a)		3,602		26,223
Mitsubishi Tanabe Pharma Corp.—ADR		20,812		363,586

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Mylan NV^(a)(b)		8,862	$	152,338
Nektar Therapeutics^(a)(c)		5,867		122,092
Novartis AG—ADR^(c)		71,886		6,035,548
Novo Nordisk A/S—ADR		30,945		1,798,833
Novozymes A/S—ADR^(c)		7,232		366,807
Olin Corp.^(c)		6,267		101,463
Ono Pharmaceutical Co. Ltd.—ADR		60,623		391,018
Otsuka Holdings Co. Ltd.—ADR		22,752		417,499
Pacira BioSciences, Inc.^(a)		1,941		84,201
PDL BioPharma, Inc.^(a)		37,914		128,908
Perrigo Co. PLC^(b)		3,194		161,904
PetIQ, Inc.^(a)(c)		2,971		92,398
Pfizer, Inc.		75,403		2,519,967
PPG Industries, Inc.		286		29,873
Prestige Consumer Healthcare, Inc.^(a)		2,404		89,813
PTC Therapeutics, Inc.^(a)		4,213		231,041
Quidel Corp.^(a)		3,241		250,335
Ra Pharmaceuticals, Inc.^(a)		2,819		131,816
Redhill Biopharma Ltd.—ADR^(a)(c)		5,433		22,438
Regeneron Pharmaceuticals, Inc.^(a)		750		333,428
REGENXBIO, Inc.^(a)		1,635		65,400
Repligen Corp.^(a)		5,402		462,411
Rogers Corp.^(a)		823		95,468
Sanofi—ADR		35,254		1,630,498
Santen Pharmaceutical Co. Ltd.—ADR^(c)		36,994		586,355
Sarepta Therapeutics, Inc.^(a)(c)		871		99,703
Seattle Genetics, Inc.^(a)		2,104		239,561
Shin-Etsu Chemical Co. Ltd.—ADR		66,478		1,824,155
Shionogi & Co Ltd.—ADR		43,796		582,487
Shiseido Co. Ltd.—ADR^(c)		22,216		1,321,408
SIGA Technologies, Inc.^(a)(c)		4,887		24,411
Starpharma Holdings Ltd.—ADR^(a)		4,304		28,665
Stepan Co.		1,778		156,162
Sumitomo Chemical Co. Ltd.—ADR		21,727		380,005
Sysmex Corp.—ADR		6,365		199,097
Takeda Pharmaceutical Co. Ltd.—ADR		33,847		585,553
Teijin Ltd.—ADR^(c)		34,021		549,269
Teva Pharmaceutical Industries Ltd.—ADR^(a)		21,636		249,463
THERAPIX BIOSCIENCES Ltd.—ADR^(a)		5,684		2,843
Toray Industries, Inc.—ADR		47,065		534,188
Trex Co., Inc.^(a)(c)		359		34,338
Trinity Biotech PLC—ADR^(a)		97,114		138,873
UCB SA—ADR^(c)		2,184		100,573
Vanda Pharmaceuticals, Inc.^(a)		8,396		92,608
Veracyte, Inc.^(a)		4,293		105,994
Vericel Corp.^(a)(c)		4,194		64,755
Vertex Pharmaceuticals, Inc.^(a)		851		190,650
West Pharmaceutical Services, Inc.		1,609		242,251
Xencor, Inc.^(a)(c)		4,364		141,786
Yara International ASA—ADR^(c)		3,387		61,847
Zoetis, Inc.		12,382		1,649,654

				64,951,827

Clothing and Clothing Accessories Stores—1.29%
Abercrombie & Fitch Co.—Class A^(c)		5,488		72,057

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
ASOS PLC—ADR^(a)		474	$	18,126
Carter’s, Inc.		936		85,616
Charter Communications, Inc.—Class A^(a)		1,303		642,601
Citi Trends, Inc.		7,416		146,614
Fast Retailing Co. Ltd.—ADR		23,824		1,180,956
Foot Locker, Inc.^(c)		7,502		271,948
Gap, Inc.^(c)		19,057		273,087
Genesco, Inc.^(a)(c)		2,820		97,036
Hennes & Mauritz AB—ADR		251,360		892,328
J. Jill, Inc.^(c)		35,811		30,439
Kering SA—ADR		11,662		657,737
L Brands, Inc.^(c)		9,224		199,792
LVMH Moet Hennessy Louis Vuitton SE—ADR		25,445		2,104,809
Mr Price Group Ltd.—ADR		20,336		200,849
Nordstrom, Inc.^(c)		8,807		305,603
Pandora A/S—ADR		40,525		453,880
Ross Stores, Inc.		6,667		725,236
Shoe Carnival, Inc.^(c)		4,209		125,891
Tiffany & Co.		1,366		182,484
Tilly’s, Inc.—Class A		8,495		55,218
TJX Cos., Inc.		20,318		1,215,015
Urban Outfitters, Inc.^(a)(c)		15,658		368,120
Zumiez, Inc.^(a)		5,506		146,074

				10,451,516

Computer and Electronic Product Manufacturing—9.53%
AAC Technologies Holdings, Inc.—ADR^(c)		5,443		35,575
Advanced Micro Devices, Inc.^(a)		13,504		614,162
Agilent Technologies, Inc.		6,064		467,352
Alphabet, Inc.—Class A^(a)		1,059		1,418,266
Alphabet, Inc.—Class C^(a)		1,895		2,538,030
AMETEK, Inc.		220		18,920
Amphenol Corp.—Class A		1,029		94,339
Analog Devices, Inc.		3,334		363,573
Apple, Inc.		42,536		11,627,641
Arista Networks, Inc.^(a)		971		187,520
ASE Technology Holding Co Ltd.—ADR		29,892		137,503
ASM Pacific Technology Ltd.—ADR^(c)		5,023		179,622
AU Optronics Corp.—ADR		2,777		8,525
AVX Corp.		28,994		630,330
Benchmark Electronics, Inc.		8,071		219,370
Bio-Rad Laboratories, Inc.—Class A^(a)		558		196,427
Bruker Corp.^(c)		14,070		612,889
Casio Computer Co. Ltd.—ADR		1,688		278,944
ChipMOS Technologies, Inc.—ADR		12,298		236,245
Ciena Corp.^(a)		9,559		367,544
Cirrus Logic, Inc.^(a)		5,979		410,399
Cisco Systems, Inc.		84,532		3,375,362
Consolidated-Tomoka Land Co.		1,583		91,038
CTS Corp.		8,697		226,731
Cypress Semiconductor Corp.		27,462		634,098
Danaher Corp.		9,445		1,365,558
Daqo New Energy Corp.—ADR^(a)		869		56,980
Dell Technologies, Inc.—Class C^(a)		605		24,478

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Digi International, Inc.^(a)		3,954	$	52,351
Diodes, Inc.^(a)		12,729		560,203
Dolby Laboratories, Inc.—Class A		8,222		540,185
Eaton Corp. PLC^(b)		19,051		1,728,307
Ecolab, Inc.		3,617		652,688
Enphase Energy, Inc.^(a)(c)		3,366		164,833
ESCO Technologies, Inc.		2,008		182,567
FLIR Systems, Inc.		909		38,605
FormFactor, Inc.^(a)		17,742		396,889
Fortinet, Inc.^(a)		468		47,764
Fossil Group, Inc.^(a)(c)		9,956		45,698
Hitachi Ltd.—ADR		21,204		1,391,618
Hoya Corp.—ADR		16,056		1,406,666
HP, Inc.		24,902		517,713
Ichor Holdings Ltd.^(a)(b)		2,626		75,944
IDEXX Laboratories, Inc.^(a)		1,572		400,090
Ingenico Group SA—ADR		20,590		579,609
Intel Corp.^(c)		66,491		3,691,579
Jabil, Inc.		19,462		623,757
JinkoSolar Holding Co. Ltd.—ADR^(a)(c)		6,867		156,842
Johnson Controls International PLC^(b)		40,107		1,466,713
Juniper Networks, Inc.^(c)		24,357		516,856
KEMET Corp.		5,794		151,108
Keysight Technologies, Inc.^(a)		8,531		808,398
Kyocera Corp.—ADR^(c)		19,732		1,217,464
L3Harris Technologies, Inc.		1,194		236,090
Lam Research Corp.		5,702		1,673,138
Lattice Semiconductor Corp.^(a)		3,446		61,856
LG Display Co. Ltd.—ADR^(c)		6,001		34,806
Logitech International SA^(b)(c)		995		38,765
Lumentum Holdings, Inc.^(a)		1,620		126,068
Masimo Corp.^(a)		1,508		246,302
Maxim Integrated Products, Inc.		1,965		109,293
Medtronic PLC^(b)		30,976		3,118,353
Methode Electronics, Inc.		2,904		89,037
Microchip Technology, Inc.		2,115		191,852
Micron Technology, Inc.^(a)		32,029		1,683,444
MKS Instruments, Inc.		838		83,959
MongoDB, Inc.^(a)(c)		2,158		329,095
Moog, Inc.—Class A		2,251		173,597
Motorola Solutions, Inc.		7,425		1,230,174
MTS Systems Corp.		3,551		142,537
Napco Security Technologies, Inc.^(a)(c)		2,790		56,749
NetApp, Inc.		8,759		409,220
Nitto Denko Corp.—ADR^(c)		25,729		628,302
NVIDIA Corp.		2,174		587,132
Omron Corp.—ADR		17,314		914,525
ON Semiconductor Corp.^(a)		16,127		300,930
OSI Systems, Inc.^(a)		3,074		249,824
Panasonic Corp.—ADR^(c)		47,958		450,805
Photronics, Inc.^(a)		10,567		131,559
Plexus Corp.^(a)		1,598		106,027
Power Integrations, Inc.		1,642		142,936
Qorvo, Inc.^(a)(c)		9,795		985,181
QUALCOMM, Inc.		19,321		1,512,834

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Raytheon Co.		2,881	$	543,241
ResMed, Inc.		2,033		323,166
Rohm Co. Ltd.—ADR		12,268		390,306
Sanmina Corp.^(a)		5,440		143,018
Seagate Technology PLC^(b)		11,343		543,897
Seiko Epson Corp.—ADR^(c)		110,394		766,134
Sharp Corp.—ADR		105,769		312,019
Skyworks Solutions, Inc.		10,318		1,033,657
SMART Global Holdings, Inc.^(a)(b)		3,267		87,686
Sony Corp.—ADR		31,950		1,987,290
Stratasys Ltd.^(a)(b)(c)		4,019		64,304
Sumitomo Electric Industries Ltd.—ADR		25,493		294,189
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR^(c)		54,923		2,957,055
TDK Corp.—ADR		4,803		456,765
Tech Data Corp.^(a)		4,747		675,925
Telefonaktiebolaget LM Ericsson—ADR^(c)		47,647		383,082
Teradyne, Inc.		11,182		657,054
Texas Instruments, Inc.		5,056		577,092
Thermo Fisher Scientific, Inc.		7,101		2,064,972
Toshiba Corp.—ADR		26,675		353,711
Trimble, Inc.^(a)		10,985		433,688
TTM Technologies, Inc.^(a)		4,594		59,676
United Microelectronics Corp.—ADR		41,320		102,474
Universal Display Corp.		2,172		344,892
Vishay Intertechnology, Inc.^(c)		15,240		284,988
Vishay Precision Group, Inc.^(a)		1,452		39,886
Vocera Communications, Inc.^(a)		1,060		25,853
Western Digital Corp.		4,524		251,353
Xilinx, Inc.		5,351		446,755
Xperi Corp.		6,817		117,184
Zebra Technologies Corp.—Class A^(a)		3,236		682,699
ZTE Corp.—ADR^(a)		6,946		56,749

				77,337,018

Construction of Buildings—1.28%
ACS Actividades de Construccion y Servicios SA—ADR^(a)		104,785		618,231
China State Construction International Holdings Ltd.—ADR		146		5,717
Daito Trust Construction Co. Ltd.—ADR		9,472		238,979
Daiwa House Industry Co. Ltd.—ADR		13,206		360,524
DR Horton, Inc.		18,898		1,006,696
KB Home^(c)		10,760		350,668
Lennar Corp.—Class A		15,206		917,530
Lennar Corp.—Class B		844		40,352
M/I Homes, Inc.^(a)		6,292		234,251
MDC Holdings, Inc.		14,754		580,422
Meritage Homes Corp.^(a)		6,463		410,142
NVR, Inc.		234		858,120
Persimmon PLC—ADR^(c)		7,528		560,309
PulteGroup, Inc.		36,427		1,464,366
Sekisui House Ltd.—ADR		50,808		987,708
Sun Hung Kai Properties Ltd.—ADR		52,326		743,029
Taylor Morrison Home Corp.^(a)		15,592		351,132
Toll Brothers, Inc.		17,499		647,988

				10,376,164

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Credit Intermediation and Related Activities—5.95%
Absa Group Ltd.—ADR		10,083	$	165,966
Akbank T.A.S.—ADR		13,448		28,375
American Express Co.		10,180		1,119,087
Atlantic Capital Bancshares, Inc.^(a)		3,243		58,796
Banco BBVA Argentina SA—ADR		27,333		110,152
Banco Bilbao Vizcaya Argentaria SA—ADR		192,723		917,361
Banco Bradesco SA—ADR		14,369		83,053
Banco de Chile—ADR		17,692		319,694
Banco do Brasil SA—ADR		24,341		256,798
Banco Macro SA—ADR		5,596		162,172
Banco Santander Brasil SA—ADR^(c)		20,538		178,886
Banco Santander Chile—ADR		13,451		243,060
Banco Santander SA—ADR		96,406		352,846
Bancorp, Inc.^(a)		18,274		222,395
Bank Hapoalim BM—ADR		25,297		962,804
Bank Mandiri Persero Tbk PT—ADR^(c)		64,255		642,544
Bank of East Asia Ltd.—ADR^(c)		182,645		374,422
Bank Rakyat Indonesia Persero Tbk PT—ADR		53,515		756,970
Banner Corp.		451		20,584
BOC Hong Kong Holdings Ltd.—ADR		14,504		996,715
Capital One Financial Corp.		16,227		1,432,195
China Merchants Bank Co. Ltd.—ADR^(c)		14,105		334,415
CIT Group, Inc.		4,516		179,330
Citigroup, Inc.		36,608		2,323,143
Commercial International Bank Egypt SAE—ADR^(c)		44,886		225,417
Commonwealth Bank of Australia—ADR^(c)		28,528		1,492,299
Danske Bank A/S—ADR		91,127		703,500
DBS Group Holdings Ltd.—ADR		15,891		1,105,537
DNB ASA—ADR		94,776		1,574,229
Encore Capital Group, Inc.^(a)		8,422		312,962
Euronet Worldwide, Inc.^(a)		4,204		521,464
Fifth Third Bancorp		2,652		64,709
FinVolution Group—ADR		54,054		107,027
First BanCorp/Puerto Rico^(b)		25,439		201,986
First Financial Bankshares, Inc.^(c)		7,520		216,125
First Financial Corp.		2,362		94,362
Fulton Financial Corp.^(c)		40,531		585,673
Great Southern Bancorp, Inc.		757		38,842
Grupo Aval Acciones y Valores SA—ADR		56,428		458,760
Grupo Financiero Banorte SAB de CV—ADR		6,881		187,163
Grupo Financiero Galicia SA—ADR^(c)		9,549		120,699
Hachijuni Bank Ltd.—ADR		23,239		777,461
Hancock Whitney Corp.		8,125		272,188
Hang Seng Bank Ltd.—ADR^(c)		45,523		949,155
HDFC Bank Ltd.—ADR		16,544		907,438
Hilltop Holdings, Inc.		15,391		320,595
HSBC Holdings PLC—ADR		4,062		136,361
IBERIABANK Corp.		7,507		451,846
ICICI Bank Ltd.—ADR^(c)		43,737		606,632
International Bancshares Corp.		5,846		199,349
Itau CorpBanca—ADR		9,048		53,655
JPMorgan Chase & Co.		13,537		1,571,781
KB Financial Group, Inc.—ADR		5,428		175,162

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
LendingTree, Inc.^(a)(c)		431	$	118,878
Malayan Banking Bhd—ADR		6,805		27,188
Mediobanca Banca di Credito Finanziario SpA—ADR		86,657		777,313
Mitsubishi Corp.—ADR		10,568		520,051
Mitsubishi UFJ Financial Group, Inc.—ADR		226,080		1,101,010
Mizuho Financial Group, Inc.—ADR		177,076		469,251
Mr Cooper Group, Inc.^(a)		7,460		95,712
National Australia Bank Ltd.—ADR		70,279		570,665
Nedbank Group Ltd.—ADR^(c)		11,712		135,356
Nelnet, Inc.—Class A		2,510		133,281
Nicolet Bankshares, Inc.^(a)		731		48,575
OceanFirst Financial Corp.		4,440		90,754
OFG Bancorp^(b)		6,448		107,940
On Deck Capital, Inc.^(a)		17,777		62,042
OneMain Holdings, Inc.		18,397		676,090
ORIX Corp.—ADR		25,924		2,070,808
Oversea-Chinese Banking Corp. Ltd.—ADR		32,333		487,582
PennyMac Financial Services, Inc.		9,975		351,719
Piraeus Bank SA—ADR^(a)		2,503		10,763
PNC Financial Services Group, Inc.		1,328		167,859
Popular, Inc.^(b)		10,203		489,540
Provident Financial PLC—ADR		17,796		93,607
Provident Financial Services, Inc.		5,131		102,517
Regional Management Corp.^(a)		3,318		85,107
Regions Financial Corp.		7,352		99,399
Republic Bancorp, Inc.—Class A		1,708		61,044
Royal Bank of Scotland Group PLC—ADR^(c)		80,108		370,900
Sandy Spring Bancorp, Inc.^(c)		3,938		121,133
Santander Consumer USA Holdings, Inc.		21,994		536,654
Sberbank of Russia PJSC—ADR		77,911		1,108,674
Shinhan Financial Group Co. Ltd.—ADR		12,492		334,036
Skandinaviska Enskilda Banken AB—ADR		137,868		1,313,882
Societe Generale SA—ADR		68,138		381,573
Standard Bank Group Ltd.—ADR		18,152		173,533
Sumitomo Mitsui Financial Group, Inc.—ADR		201,360		1,282,663
Sumitomo Mitsui Trust Holdings, Inc.—ADR^(c)		327,541		1,116,915
Svenska Handelsbanken AB—ADR		162,595		811,349
Swedbank AB—ADR^(c)		53,902		815,537
Turkiye Garanti Bankasi AS—ADR^(a)		122,469		183,483
Turkiye Vakiflar Bankasi TAO—ADR^(a)		7,946		67,422
U.S. Bancorp		6,791		315,374
UniCredit SpA—ADR		139,827		871,122
United Bankshares, Inc.^(c)		4,768		137,700
United Overseas Bank Ltd.—ADR^(c)		19,083		671,149
Univest Financial Corp.		2,786		65,192
Valley National Bancorp^(c)		45,751		425,484
Washington Federal, Inc.		1,080		32,389
Waterstone Financial, Inc.		3,625		60,284
Wells Fargo & Co.		12,004		490,363
WesBanco, Inc.		723		22,131
Western Union Co.		34,685		776,597
Westpac Banking Corp.—ADR^(c)		149		2,269
Woori Financial Group, Inc.—ADR^(c)		6,821		165,273

				48,281,272

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Data Processing, Hosting and Related Services—0.79%
21Vianet Group, Inc.—ADR^(a)		3,629	$	54,362
CSG Systems International, Inc.		5,212		230,631
EVERTEC, Inc.^(b)		9,067		269,109
FactSet Research Systems, Inc.^(c)		657		174,755
Hewlett Packard Enterprise Co.		49,235		629,716
Inovalon Holdings, Inc.—Class A^(a)		2,752		53,609
JMU Ltd.—ADR^(a)		39,200		27,440
Liberty TripAdvisor Holdings, Inc.—Class A^(a)		5,240		22,820
Match Group, Inc.^(a)(c)		10,266		667,290
Sify Technologies Ltd.—ADR		4,345		4,432
Sohu.com Ltd.—ADR^(a)		1,203		11,465
The9 Ltd.—ADR^(a)		35,459		25,530
Trivago NV—ADR^(a)		21,577		39,270
Verisk Analytics, Inc.		1,115		172,948
Visa, Inc.^(c)		21,671		3,938,921
Zai Lab Ltd.—ADR^(a)		1,201		66,019

				6,388,317

Educational Services—0.23%
ATA Creativity Global—ADR^(a)		21,057		21,268
China Distance Education Holdings Ltd.—ADR^(a)		14,027		105,203
Cogna Educacao—ADR		13,872		30,241
Graham Holdings Co.—Class B		964		484,775
K12, Inc.^(a)		5,808		115,463
Laureate Education, Inc.—Class A^(a)		15,516		290,149
New Oriental Education & Technology Group, Inc.—ADR^(a)		2,363		302,204
TAL Education Group—ADR^(a)		4,736		257,591
Tarena International, Inc.—ADR^(a)		4,761		14,759
YDUQS Part—ADR^(c)		19,963		223,586

				1,845,239

Electrical Equipment, Appliance, and Component Manufacturing—1.50%
ABB Ltd.—ADR^(c)		153		3,311
Acuity Brands, Inc.		2,712		278,957
Allegion PLC^(b)		3,601		414,079
Alstom SA—ADR^(c)		66,977		324,838
Arcelik AS—ADR^(a)		12,535		194,418
Armstrong World Industries, Inc.		1,089		109,063
Atos SE—ADR		12,749		189,954
BYD Co. Ltd.—ADR^(c)		17,990		218,938
Electrolux AB—Class B—ADR		9,908		401,868
Generac Holdings, Inc.^(a)(c)		6,244		643,070
GrafTech International Ltd.^(c)		21,440		174,950
Helen of Troy Ltd.^(a)(b)		1,641		270,109
Hubbell, Inc.		4,605		613,570
Husqvarna AB—ADR		18,656		247,565
IPG Photonics Corp.^(a)		614		78,371
iRobot Corp.^(a)(c)		2,156		103,466
Koninklijke Philips NV^(b)(c)		29,751		1,276,319
Mitsubishi Electric Corp.—ADR^(c)		36,124		898,043
Murata Manufacturing Co. Ltd.—ADR^(c)		76,299		996,465
Nidec Corp.—ADR^(c)		8,334		243,686
Regal Beloit Corp.		9,606		745,810
Schneider Electric SE—ADR		78,108		1,566,065

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Siemens AG—ADR		574	$	29,498
Synaptics, Inc.^(a)		980		64,729
Taiyo Yuden Co Ltd.—ADR		5,785		633,573
Whirlpool Corp.^(c)		7,182		918,291
Woodward, Inc.		985		101,652
Yaskawa Electric Corp.—ADR		7,229		441,475

				12,182,133

Electronics and Appliance Stores—0.22%
Aaron’s, Inc.^(c)		6,117		240,582
Best Buy Co., Inc.		14,270		1,079,526
Conn’s, Inc.^(a)		3,276		26,699
PC Connection, Inc.		5,711		232,266
Smartsheet, Inc.—Class A^(a)(c)		4,910		227,333

				1,806,406

Fabricated Metal Product Manufacturing—0.49%
ACCO Brands Corp.		5,800		46,458
Assa Abloy AB—ADR		93,487		1,045,184
Atkore International Group, Inc.^(a)		9,465		349,353
Axon Enterprise, Inc.^(a)		6		464
Crane Co.		2,911		197,802
Crown Holdings, Inc.^(a)		8,636		608,838
Emerson Electric Co.		4,689		300,612
Helios Technologies, Inc.		820		32,595
Materion Corp.		1,704		77,259
Parker Hannifin Corp.		3,137		579,624
POSCO—ADR		3,372		135,858
Silgan Holdings, Inc.		12,468		356,959
Simpson Manufacturing Co, Inc.		1,463		116,206
Stanley Black & Decker, Inc.		1,168		167,842

				4,015,054

Fishing, Hunting and Trapping—0.10%
Mowi ASA—ADR		38,951		819,529

Food and Beverage Stores—0.98%
Aeon Co. Ltd.—ADR		51,593		937,187
Carrefour SA—ADR^(c)		235,210		809,122
Casino Guichard Perrachon SA—ADR		34,546		269,286
Ingles Markets, Inc.—Class A		4,537		162,288
J Sainsbury PLC—ADR		48,921		486,275
Koninklijke Ahold Delhaize NV—ADR		40,190		940,848
Kroger Co.		28,016		788,090
Natural Grocers by Vitamin Cottage, Inc.		6,677		46,071
Seven & i Holdings Co. Ltd.—ADR^(c)		96,616		1,627,981
Shoprite Holdings Ltd.—ADR		3,103		21,858
Sprouts Farmers Market, Inc.^(a)		20,394		325,896
Tesco PLC—ADR		102,686		900,556
Wal-Mart de Mexico SAB de CV—ADR^(c)		7,832		220,392
Wm Morrison Supermarkets PLC—ADR		34,446		380,284

				7,916,134

Food Manufacturing—2.03%
Ajinomoto Co., Inc.—ADR		50,619		834,454
Archer-Daniels-Midland Co.		10,428		392,614

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
BRF SA—ADR^(a)		1,802	$	10,848
Bunge Ltd.^(b)		11,418		536,075
Campbell Soup Co.		4,223		190,542
General Mills, Inc.		7,804		382,396
Hershey Co.		6,649		957,389
Hormel Foods Corp.^(c)		9,605		399,568
Ingredion, Inc.		2,929		243,986
JM Smucker Co.		2,540		261,595
John B Sanfilippo & Son, Inc.		2,069		145,223
Kellogg Co.		2,400		145,128
Kraft Heinz Co.		10,855		268,878
Lamb Weston Holdings, Inc.		3,125		271,531
Marfrig Global Foods SA—ADR^(a)		15,043		40,661
Mondelez International, Inc.—Class A		8,769		463,004
Nestle SA—ADR		54,575		5,616,313
Pilgrim’s Pride Corp.^(a)		17,964		380,118
Post Holdings, Inc.^(a)(c)		1,648		166,876
Simply Good Foods Co.^(a)		9,689		213,739
Tate & Lyle PLC—ADR		25,311		910,880
Tiger Brands Ltd.—ADR		1,632		16,908
TreeHouse Foods, Inc.^(a)		5,413		206,289
Tyson Foods, Inc.—Class A		20,395		1,383,393
Unilever NV^(b)(c)		27,692		1,461,031
Wilmar International Ltd.—ADR		19,270		545,100

				16,444,539

Food Services and Drinking Places—0.55%
Brinker International, Inc.^(c)		4,987		171,303
Casey’s General Stores, Inc.^(c)		4,300		700,986
Chipotle Mexican Grill, Inc.^(a)		523		404,582
Compass Group PLC—ADR		32,522		716,460
McDonald’s Corp.		5,400		1,048,518
Starbucks Corp.		9,224		723,438
Texas Roadhouse, Inc.		12		675
Yum China Holdings, Inc.		2,308		101,067
Yum! Brands, Inc.		6,646		593,156

				4,460,185

Funds, Trusts, and Other Financial Vehicles—0.51%
Enstar Group Ltd.^(a)(b)		624		111,315
Franklin Resources, Inc.^(c)		26,580		578,381
Garmin Ltd.^(b)		11,758		1,039,289
Geberit AG—ADR		14,163		704,893
Magnolia Oil & Gas Corp.—Class A^(a)		19,330		145,168
NN Group NV—ADR		54,000		919,080
Temenos AG—ADR^(c)		2,242		319,485
Wheelock & Co Ltd.—ADR^(c)		1,767		132,808
Woolworths Holdings Ltd.^(b)		86,745		196,911

				4,147,330

Furniture and Home Furnishings Stores—0.14%
Container Store Group, Inc.^(a)		6,856		25,916
Haverty Furniture Companies, Inc.		8,079		135,889
RH^(a)(c)		788		142,943
Ryohin Keikaku Co. Ltd.—ADR		11,928		160,074

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Switch, Inc.—Class A		12,594	$	180,598
Williams-Sonoma, Inc.^(c)		7,678		479,030

				1,124,450

Furniture and Related Product Manufacturing—0.17%
American Woodmark Corp.^(a)		1,711		143,330
Ethan Allen Interiors, Inc.		18,972		250,430
Fortune Brands Home & Security, Inc.		5,361		331,043
Herman Miller, Inc.		11,001		376,674
HNI Corp.		5,272		173,080
Kimball International, Inc.—Class B		5,824		94,232

				1,368,789

General Merchandise Stores—1.06%
BJ’s Wholesale Club Holdings, Inc.^(a)(c)		5,160		99,382
Colruyt SA—ADR		44,623		516,065
Costco Wholesale Corp.		6,914		1,943,801
Dillard’s, Inc.—Class A^(c)		2,386		134,308
Dollar General Corp.		4,105		616,982
Kohl’s Corp.^(c)		13,735		537,725
Pan Pacific International Holdings Corp.—ADR		35,840		572,723
Target Corp.		15,785		1,625,855
Walmart, Inc.		23,336		2,512,820

				8,559,661

Health and Personal Care Stores—0.24%
Aspen Pharmacare Holdings Ltd.—ADR^(a)		3,388		21,175
Clicks Group Ltd.—ADR		4,902		144,756
CVS Health Corp.		11,575		685,009
OptimizeRx Corp.^(a)		1,856		15,498
Sally Beauty Holdings, Inc.^(a)(c)		17,228		214,316
Ulta Beauty, Inc.^(a)		1,221		313,907
Walgreens Boots Alliance, Inc.		12,470		570,627

				1,965,288

Heavy and Civil Engineering Construction—0.39%
Alliance Global Group, Inc.—ADR^(a)		7,174		70,413
Atlantia SpA—ADR		17,919		191,016
Great Lakes Dredge & Dock Corp.^(a)		15,449		149,855
JGC Holdings Corp.—ADR^(c)		13,234		319,204
KBR, Inc.		21,379		554,999
MasTec, Inc.^(a)(c)		6,848		336,100
MYR Group, Inc.^(a)		1,807		46,097
Primoris Services Corp.		1,988		37,732
Skanska AB—ADR		24,680		534,199
Sterling Constuction Co. Inc.^(a)(c)		7,918		108,160
Vinci SA—ADR		30,217		760,864
Xinyuan Real Estate Co. Ltd.—ADR		13,725		39,665

				3,148,304

Hospitals—0.28%
Community Health Systems, Inc.^(a)(c)		18,364		90,535
Encompass Health Corp.		2,766		207,007
HCA Healthcare, Inc.		7,499		952,448
Tenet Healthcare Corp.^(a)(c)		6,042		158,784

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Universal Health Services, Inc.—Class B		6,818	$	843,659

				2,252,433

Insurance Carriers and Related Activities—6.49%
Admiral Group PLC—ADR^(c)		18,037		498,362
Aflac, Inc.		21,325		913,776
Ageas—ADR		29,810		1,380,501
AIA Group Ltd.—ADR		53,565		2,127,066
Alleghany Corp.		593		398,644
Allstate Corp.		10,895		1,146,699
American Equity Invesment Life Holding Co.		1,669		42,192
American International Group, Inc.^(c)		16,817		709,005
American National Insurance Co.		1,469		144,491
Anthem, Inc.		4,942		1,270,539
Aon PLC^(b)		1,651		343,408
Arch Capital Group Ltd.^(a)(b)		24,076		973,393
Arthur J. Gallagher & Co.		5,172		504,218
Assured Guaranty Ltd.^(b)		10,994		448,665
Athene Holding Ltd.—Class A^(a)(b)		12,868		530,805
Aviva PLC—ADR		122,832		1,114,086
Berkshire Hathaway, Inc.—Class A^(a)		2		618,192
Berkshire Hathaway, Inc.—Class B^(a)		16,267		3,356,534
Centene Corp.^(a)		11,784		624,788
Chubb Ltd.^(b)		673		97,605
Cigna Corp.		4,664		853,232
Cincinnati Financial Corp.		7,375		687,645
CNA Financial Corp.		4,498		187,027
Direct Line Insurance Group PLC—ADR^(c)		44,947		684,093
Employers Holdings, Inc.		9,705		374,031
Equitable Holdings, Inc.		2,651		56,731
Erie Indemnity Co.—Class A		824		117,766
Essent Group Ltd.^(b)		5,005		218,418
Everest Re Group Ltd.^(b)		1,262		312,825
Fanhua, Inc.—ADR^(c)		8,853		179,716
FedNat Holding Co.		1,823		23,772
First American Financial Corp.		6,594		376,517
Gjensidige Forsikring ASA—ADR		74,066		1,450,953
Globe Life, Inc.		1,360		126,018
Hannover Rueck SE—ADR		11,459		1,015,955
Hanover Insurance Group, Inc.		2,570		304,648
Hartford Financial Services Group, Inc.		21,400		1,068,930
HCI Group, Inc.		595		25,299
Heritage Insurance Holdings, Inc.		2,706		30,199
Horace Mann Educators Corp.		2,494		97,091
Humana, Inc.		2,251		719,600
Kemper Corp.		3,714		255,672
Lincoln National Corp.		4,948		224,590
Loews Corp.		21,577		984,559
Markel Corp.^(a)		389		459,642
Mercury General Corp.		4,735		205,073
MetLife, Inc.		27,114		1,158,310
MGIC Investment Corp.		36,434		438,301
Molina Healthcare, Inc.^(a)		3,120		382,356
MS&AD Insurance Group Holdings, Inc.—ADR		106,404		1,684,375
Muenchener Rueckversicherungs-Gesellschaft AG—ADR		82,682		2,110,871

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
National General Holdings Corp.		10,390	$	202,293
National Western Life Group, Inc.—Class A		1,336		319,210
NMI Holdings, Inc.—Class A^(a)		3,445		80,406
Old Republic International Corp.		48,594		958,274
Ping An Insurance Group Co. of China Ltd.—ADR^(c)		42,251		950,225
Principal Financial Group, Inc.		3,928		174,364
Progressive Corp.		12,045		881,212
Prudential Financial, Inc.		4,359		328,887
QBE Insurance Group Ltd.—ADR		93,011		808,266
Radian Group, Inc.		11,130		236,401
Reinsurance Group of America, Inc.		1,701		207,573
RenaissanceRe Holdings Ltd.^(b)		1,030		175,512
Safety Insurance Group, Inc.		3,650		287,401
Sanlam Ltd.—ADR		10,202		84,468
SCOR SE—ADR^(c)		78,973		285,882
Selective Insurance Group, Inc.		2,589		144,414
Suncorp Group Ltd.—ADR		675		5,069
T&D Holdings, Inc.—ADR		187,474		868,005
Tokio Marine Holdings, Inc.—ADR		47,865		2,534,931
Topdanmark A/S—ADR^(c)		192,206		863,870
Travelers Companies, Inc.		5,038		603,603
Triple-S Management Corp.—Class B^(a)(b)(c)		3,705		55,538
UnitedHealth Group, Inc.		10,460		2,666,883
Universal Insurance Holdings, Inc.		896		18,538
Voya Financial, Inc.		14,821		780,177
W.R. Berkley Corp.		14,144		949,628
White Mountains Insurance Group Ltd.^(b)		190		188,119
Willis Towers Watson PLC^(b)		2,285		432,436
Zurich Insurance Group AG—ADR		64,946		2,506,916

				52,655,685

Leather and Allied Product Manufacturing—0.38%
adidas AG—ADR		7,590		1,056,225
Deckers Outdoor Corp.^(a)		2,009		349,164
NIKE, Inc.—Class B		8,879		793,605
Rocky Brands, Inc.		1,847		44,974
Skechers U.S.A., Inc.—Class A^(a)		13,013		430,470
Tapestry, Inc.		16,788		393,679

				3,068,117

Machinery Manufacturing—3.57%
Advantest Corp.—ADR^(c)		22,908		1,029,302
AGCO Corp.		7,948		480,298
Alamo Group, Inc.^(c)		1,179		130,598
Applied Materials, Inc.		24,207		1,406,911
ASML Holding NV^(b)(c)		7,412		2,050,976
Atlas Copco AB—Class A—ADR		31,001		1,098,675
Atlas Copco AB—Class B—ADR		21,000		652,470
Axcelis Technologies, Inc.^(a)		4,116		98,743
Baker Hughes Co.		5,249		84,456
Belden, Inc.		2,584		103,179
Brooks Automation, Inc.		2,522		87,034
Canon, Inc.—ADR^(c)		30,345		763,177
Caterpillar, Inc.		6,912		858,746
CECO Environmental Corp.^(a)(c)		3,546		23,936

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Columbus McKinnon Corp.		2,963	$	92,120
CONMED Corp.^(c)		4,464		422,473
CSW Industrials, Inc.		1,693		111,467
Cummins, Inc.		8,710		1,317,736
Daikin Industries Ltd.—ADR^(c)		113,567		1,519,526
Deere & Co.		4,314		675,055
Fabrinet^(a)(b)		6,938		382,423
FANUC Corp.—ADR		45,093		737,271
FUJIFILM Holdings Corp.—ADR		31,244		1,496,587
Gates Industrial Corp. PLC^(a)(b)(c)		24,261		253,770
Glaukos Corp.^(a)(c)		2,095		92,138
II-VI, Inc.^(a)(c)		2,972		88,239
Illinois Tool Works, Inc.		876		146,975
Ingersoll-Rand PLC^(b)		5,962		769,336
ITT, Inc.		7,294		438,734
Kennametal, Inc.^(c)		9,079		252,396
Komatsu Ltd.—ADR		39,398		787,960
Konica Minolta, Inc.—ADR		42,231		453,561
Makita Corp.—ADR^(c)		14,451		491,189
Metso OYJ—ADR		31,385		250,766
Mettler-Toledo International, Inc.^(a)		1,285		901,685
NCR Corp.^(a)		3,700		93,240
Nikon Corp.—ADR		22,295		224,065
Novanta, Inc.^(a)(b)		579		51,653
NSK Ltd.—ADR		31,078		453,117
Olympus Corp.—ADR		54,903		985,371
Pitney Bowes, Inc.		8,948		30,602
Rheinmetall AG—ADR		10,850		191,937
Ricoh Co Ltd.—ADR		60,991		537,392
Sandvik AB—ADR		57,723		951,853
SMC Corp.—ADR^(c)		62,125		1,211,438
Snap-on, Inc.^(c)		5,259		761,240
Solaris Oilfield Infrastructure, Inc.—Class A^(c)		5,312		56,307
Steelcase, Inc.—Class A		17,743		287,791
Techtronic Industries Co. Ltd.—ADR		14,891		610,084
THK Co. Ltd.—ADR		48,167		518,277
Tokyo Electron Ltd.—ADR		23,035		1,204,039
Weichai Power Co. Ltd.—ADR		15,247		239,988

				28,958,302

Management of Companies and Enterprises—0.62%
Accenture PLC—Class A^(b)		9,592		1,732,219
Asahi Kasei Corp.—ADR^(c)		25,605		417,874
ATN International, Inc.		1,049		56,541
Discover Financial Services		5,244		343,902
Four Seasons Education Cayman, Inc.—ADR		5,798		8,802
Jupai Holdings Ltd.—ADR^(a)(c)		33,900		44,748
Kitov Pharma Ltd.—ADR^(a)		33,093		19,839
Legal & General Group PLC—ADR		67,842		1,141,781
Qudian, Inc.—ADR^(a)(c)		8,055		21,104
Umpqua Holdings Corp.		2,306		35,489
Xerox Holdings Corp.		38,215		1,230,523

				5,052,822

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Materials—0.01%
Olympic Steel, Inc.		5,597	$	67,444

Merchant Wholesalers, Durable Goods—2.21%
Acorn International, Inc.—ADR		8,464		108,847
Allison Transmission Holdings, Inc.		10,397		422,118
Anixter International, Inc.^(a)		1,052		102,581
Arrow Electronics, Inc.^(a)		1,530		102,602
Astra International, Tbk PT—ADR^(c)		52,042		405,147
Avnet, Inc.^(c)		15,546		476,951
BrasilAgro—Co Brasileira de Propriedades Agricolas—ADR		12,262		51,500
Builders FirstSource, Inc.^(a)		19,803		449,727
Coloplast A/S—ADR^(c)		57,113		760,745
Copart, Inc.^(a)		8,144		688,006
D’ieteren SA/NV—ADR		7,872		230,256
Dongfeng Motor Group Co. Ltd.—ADR		1,159		43,602
DXP Enterprises, Inc.^(a)(c)		1,664		47,241
Entegris, Inc.^(c)		10,989		585,933
Fastenal Co.		4,174		142,834
Ferguson PLC—ADR^(c)		103,514		893,326
Foundation Building Materials, Inc.^(a)(c)		6,432		100,339
Funko, Inc.—Class A^(a)(c)		3,600		29,196
Geely Automobile Holdings Ltd.—ADR^(c)		11,393		406,274
Genuine Parts Co.^(c)		1,160		101,198
Glencore PLC—ADR		130,792		639,573
GMS, Inc.^(a)		9,181		209,786
Henry Schein, Inc.^(a)(c)		16,152		984,303
Hexcel Corp.^(c)		1,286		83,114
Honeywell International, Inc.		4,612		747,929
Huntington Ingalls Industries, Inc.		960		197,309
Insight Enterprises, Inc.^(a)		6,630		365,247
IntriCon Corp.^(a)(c)		1,560		23,213
KAR Auction Services, Inc.		17,716		341,033
KLA Corp.		6,220		956,077
Knowles Corp.^(a)		15,018		249,599
Kone OYJ—ADR^(c)		19,098		538,564
La-Z-Boy, Inc.		7,094		203,243
Lenovo Group Ltd.—ADR		7,159		89,631
LKQ Corp.^(a)		10,266		303,668
Marubeni Corp.—ADR		3,853		250,927
Mitsui & Co. Ltd.—ADR		3,165		1,006,818
MSC Industrial Direct Co, Inc.—Class A		3,450		213,279
Rush Enterprises, Inc.—Class B		98		4,107
Ryerson Holding Corp.^(a)		8,993		74,912
Safran SA—ADR		6,706		231,089
Schnitzer Steel Industries, Inc.—Class A		13,002		214,273
Sims Ltd.—ADR		22,463		137,024
Smart Sand, Inc.^(a)(c)		29,545		48,158
Spectrum Brands Holdings, Inc.		9,700		522,733
SYNNEX Corp.		4,005		500,745
Tactile Systems Technology, Inc.^(a)		1,280		64,525
TE Connectivity Ltd.^(b)		5,602		464,238
Trinity Industries, Inc.^(c)		6,092		123,972
Unicharm Corp.—ADR		186,912		1,196,236
Volkswagen AG—ADR		27,544		463,015

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Warrior Met Coal, Inc.		9,121	$	161,624
Weibo Corp.—ADR^(a)(c)		415		17,488
WESCO International, Inc.^(a)		3,006		121,953

				17,897,828

Merchant Wholesalers, Nondurable Goods—2.45%
Akzo Nobel NV—ADR		7,209		191,832
AmerisourceBergen Corp.		2,288		192,924
Arrowhead Pharmaceuticals, Inc.^(a)		7,546		266,827
Ashland Global Holdings, Inc.^(c)		1,426		102,016
Conagra Foods, Inc.		14,762		393,998
Core-Mark Holding Co, Inc.		2,423		55,753
Fresh Del Monte Produce, Inc.^(b)		2,284		62,627
Hawkins, Inc.		1,688		60,346
ITOCHU Corp.—ADR		33,787		1,515,685
KOC Holding AS—ADR		7,744		108,435
Kunlun Energy Co. Ltd.—ADR		15,909		111,443
LyondellBasell Industries NV—Class A^(b)		1,019		72,818
McKesson Corp.^(c)		5,723		800,419
Nu Skin Enterprises, Inc.—Class A		12,657		310,350
Orkla ASA—ADR		87,465		731,207
Performance Food Group Co.^(a)		13,145		557,348
Procter & Gamble Co.		25,165		2,849,432
Roche Holding AG—ADR		154,313		6,155,545
Suntory Beverage & Food Ltd.—ADR		49,087		920,381
Sysco Corp.		21,914		1,460,568
Tractor Supply Co.		4,439		392,896
Unilever PLC—ADR		28,861		1,556,474
United Natural Foods, Inc.^(a)		54		349
Universal Corp.		4,697		231,797
US Foods Holding Corp.^(a)		14,184		477,150
Vector Group Ltd.		8,212		95,423
Viking Therapeutics, Inc.^(a)(c)		9,776		57,874
World Fuel Services Corp.		5,099		144,199

				19,876,116

Mining(except Oil and Gas)—0.50%
Anglo American Platinum Ltd.—ADR		17,119		188,309
Anglo American PLC—ADR		119,870		1,394,088
AngloGold Ashanti Ltd.—ADR^(c)		618		10,784
Arch Coal, Inc.—Class A^(c)		1,765		88,868
BHP Group PLC—ADR		24,151		876,681
Cia de Minas Buenaventura SAA—ADR		52		580
Freeport-McMoRan, Inc.		11,334		112,887
Intrepid Potash, Inc.^(a)(c)		14,832		26,253
Kumba Iron Ore Ltd.—ADR		16,275		95,209
Lynas Corp Ltd.—ADR^(a)		70,229		82,589
Martin Marietta Materials, Inc.		1,082		246,187
Mechel PJSC—ADR^(a)		24,445		57,201
Newcrest Mining Ltd.—ADR		17,976		289,414
Newmont Corp.		6,738		300,717
Peabody Energy Corp.		3,112		18,174
Royal Gold, Inc.		1,569		151,361
Vedanta Ltd.—ADR		18,514		121,637

				4,060,939

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Miscellaneous Manufacturing—1.83%
Acushnet Holdings Corp.		12,149	$	309,192
Ansell Ltd.—ADR		2,231		169,668
Apyx Medical Corp.^(a)(c)		7,381		44,655
Argenx SE—ADR^(a)(c)		1,778		251,374
AtriCure, Inc.^(a)		5,027		193,137
Baxter International, Inc.		8,037		670,848
BioTelemetry, Inc.^(a)(c)		3,525		150,588
Brady Corp.—Class A		9,214		436,191
Cardiovascular Systems, Inc.^(a)		2,480		93,298
Chow Tai Fook Jewellery Group Ltd.—ADR		36,031		312,749
Cie Financiere Richemont SA—ADR		100,157		681,068
Cochlear Ltd.—ADR		4,469		298,038
Conformis, Inc.^(a)		14,930		11,633
ConvaTec Group PLC—ADR^(c)		6,041		63,189
Cooper Cos., Inc.		3,071		996,753
CryoLife, Inc.^(a)(c)		3,346		85,758
DENTSPLY SIRONA, Inc.		15,194		748,153
DexCom, Inc.^(a)		1,038		286,488
Dover Corp.		2,976		305,754
Edwards Lifesciences Corp.^(a)		6,165		1,262,838
Getinge AB—ADR		19,513		326,452
Haemonetics Corp.^(a)		3,986		431,803
Hasbro, Inc.		1,196		92,391
Hill-Rom Holdings, Inc.		4,252		408,405
Inspire Medical Systems, Inc.^(a)		1,103		94,715
Insulet Corp.^(a)		572		108,663
Invacare Corp.		7,863		59,602
Merit Medical Systems, Inc.^(a)		2,778		100,036
Nintendo Co., Ltd.—ADR^(c)		37,469		1,572,948
NuVasive, Inc.^(a)		1,794		118,063
Smith & Nephew PLC—ADR^(c)		19,947		899,211
Sonova Holding AG—ADR		13,460		640,158
STAAR Surgical Co.^(a)(c)		2,409		75,594
STERIS PLC^(b)		4,951		785,328
Stryker Corp.		4,173		795,332
Tandem Diabetes Care, Inc.^(a)		2,924		218,306
Wright Medical Group NV^(a)(b)		5,387		162,957
Yamaha Corp.—ADR		11,536		546,691

				14,808,027

Miscellaneous Store Retailers—0.23%
GNC Holdings, Inc.—Class A^(a)(c)		35,885		60,287
L’Oreal SA—ADR		28,945		1,543,636
Rent-A-Center, Inc.^(c)		9,095		193,633
Titan Machinery, Inc.^(a)		3,908		39,510

				1,837,066

Motion Picture and Sound Recording Industries—0.11%
Cinemark Holdings, Inc.^(c)		2,776		72,065
Promotora de Informaciones SA—ADR^(a)		11,910		18,341
Take-Two Interactive Software, Inc.^(a)		1,916		205,932
ViacomCBS, Inc.—Class B		10,945		269,356
Vivendi SA—ADR		12,743		325,711

				891,405

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Motor Vehicle and Parts Dealers—0.65%
Advance Auto Parts, Inc.		768	$	102,129
America’s Car-Mart, Inc.^(a)		1,112		114,280
Asbury Automotive Group, Inc.^(a)		2,223		197,047
Auto Trader Group PLC—ADR		262,353		432,882
AutoNation, Inc.^(a)(c)		3,194		136,480
AutoZone, Inc.^(a)		877		905,510
CarMax, Inc.^(a)(c)		8,904		777,409
Carvana Co.^(a)		1,306		108,280
Group 1 Automotive, Inc.		4,054		345,522
Lithia Motors, Inc.—Class A		3,415		406,931
Malibu Boats, Inc.—Class A^(a)		4,432		194,743
MarineMax, Inc.^(a)		5,551		93,978
Murphy USA, Inc.^(a)		2,701		263,348
O’Reilly Automotive, Inc.^(a)		986		363,558
Penske Automotive Group, Inc.		3,576		164,568
Peugeot SA – ADR		24,941		480,364
Sonic Automotive, Inc.—Class A^(c)		7,050		197,400

				5,284,429

Nonmetallic Mineral Product Manufacturing—0.51%
AGC, Inc.—ADR		65,832		359,443
Anhui Conch Cement Co. Ltd.—ADR		12,810		475,981
Caesarstone Ltd.^(b)		3,255		35,187
CRH PLC—ADR^(c)		16,933		573,690
HeidelbergCement AG—ADR		33,696		401,319
LafargeHolcim Ltd.—ADR		73,553		679,631
Loma Negra Cia Industrial Argentina SA—ADR^(a)		18,843		109,289
Mohawk Industries, Inc.^(a)		1,770		214,436
O-I Glass, Inc.^(c)		9,771		105,527
Owens Corning		6,837		386,222
Semen Indonesia Persero Tbk PT—ADR		9,689		140,151
TOTO Ltd.—ADR		10,626		393,161
Wienerberger AG—ADR		50,197		249,354

				4,123,391

Nonstore Retailers—0.34%
Amazon.com, Inc.^(a)		1,015		1,912,007
Baozun, Inc.—ADR^(a)(c)		2,722		86,342
Etsy, Inc.^(a)		3,669		212,105
Jumei International Holding Ltd.—ADR^(a)		8,955		173,458
MonotaRO Co. Ltd.—ADR^(c)		9,748		215,333
Pinduoduo, Inc.—ADR^(a)(c)		2,769		99,075
Systemax, Inc.		1,200		25,032
WW Grainger, Inc.		269		74,658

				2,798,010

Nursing and Residential Care Facilities—0.09%
Brookdale Senior Living, Inc.^(a)		21,853		143,574
Ensign Group, Inc.		6,630		295,036
National HealthCare Corp.		2,116		157,028
Omnicell, Inc.^(a)		1,803		146,890

				742,528

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Oil and Gas Extraction—1.67%
Apache Corp.		7,054	$	175,786
Berry Corp.		5,558		35,404
Bonanza Creek Energy, Inc.^(a)		3,734		60,827
Cabot Oil & Gas Corp.^(c)		13,095		182,413
California Resources Corp.^(a)(c)		13,915		88,360
Callon Petroleum Co.^(a)		37,087		84,187
Chesapeake Energy Corp.^(a)		232,766		64,011
Cimarex Energy Co.		10,326		341,274
CNOOC Ltd.—ADR		997		137,915
Continental Resources, Inc.		6,641		125,847
Devon Energy Corp.		19,220		312,133
Ecopetrol SA—ADR^(c)		15,975		281,959
EOG Resources, Inc.^(c)		7,192		454,966
EQT Corp.^(c)		17,965		105,455
Gazprom Neft PJSC—ADR		6,891		206,730
Gulfport Energy Corp.^(a)(c)		55,707		45,657
HighPoint Resources Corp.^(a)		20,895		14,223
Laredo Petroleum, Inc.^(a)		10,979		11,857
Montage Resources Corp.^(a)		14,353		50,092
Northern Oil and Gas, Inc.^(a)		18,387		26,661
Parsley Energy, Inc.—Class A		6,385		85,559
PDC Energy, Inc.^(a)		5,912		112,505
Penn Virginia Corp.^(a)		1,010		16,059
Petroleo Brasileiro SA—ADR		6,602		79,884
Phillips 66		8,321		622,910
Range Resources Corp.^(a)(c)		23,145		64,112
Repsol SA—ADR		2,001		22,551
Royal Dutch Shell PLC—Class B—ADR^(c)		54,746		2,437,840
Royal Dutch Shell PLC—Class A—ADR^(c)		66,227		2,915,975
SandRidge Energy, Inc.^(a)		9,183		18,917
Santos Ltd.—ADR		36,803		163,774
Sasol Ltd.—ADR^(c)		8,738		107,914
Southwestern Energy Co.^(a)(c)		87,212		123,841
Surgutneftegas PJSC—ADR		56,590		320,865
Tatneft PJSC—ADR		7,947		471,257
TOTAL SA—ADR^(c)		67,017		2,891,114
W&T Offshore, Inc.^(a)		19,608		50,981
Woodside Petroleum Ltd.—ADR		4,297		76,787
WPX Energy, Inc.^(a)(c)		16,143		150,614

				13,539,216

Other Information Services—0.72%
Alibaba Group Holding Ltd.—ADR^(a)		12,871		2,677,169
CoStar Group, Inc.^(a)		776		518,050
Facebook, Inc.—Class A^(a)		9,224		1,775,343
j2 Global, Inc.		5,573		486,690
LiveRamp Holdings, Inc.^(a)		2,224		78,819
NIC, Inc.		5,434		99,388
Phoenix New Media Ltd.—ADR		2,999		5,218
Twitter, Inc.^(a)		7,087		235,288

				5,875,965

Paper Manufacturing—0.23%
Avid Bioservices, Inc.^(a)		5,841		36,798

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Domtar Corp.^(c)		13,390	$	385,230
Greif, Inc.—Class A		2,640		93,298
Greif, Inc.—Class B		164		6,562
Packaging Corp. of America^(c)		3,855		349,340
Sonoco Products Co.		7,244		349,233
Svenska Cellulosa AB SCA—ADR		28,803		273,168
Verso Corp.—Class A^(a)(c)		8,122		132,470
WestRock Co.		7,174		238,536

				1,864,635

Performing Arts, Spectator Sports, and Related Industries—0.18%
Electronic Arts, Inc.^(a)		5,666		574,362
Flutter Entertainment PLC—ADR		2,585		137,380
Live Nation Entertainment, Inc.^(a)		7,730		469,752
MultiChoice Group—ADR^(a)		52		299
TEGNA, Inc.^(c)		19,192		274,829

				1,456,622

Personal and Laundry Services—0.11%
Cintas Corp.		2,254		601,232
Park24 Co. Ltd.—ADR		13,780		263,336
Regis Corp.^(a)(c)		4,684		59,768

				924,336

Petroleum and Coal Products Manufacturing—1.41%
BP PLC—ADR		82,582		2,583,992
Carlisle Cos, Inc.		3,915		568,810
Chevron Corp.		26,472		2,470,896
CVR Energy, Inc.		2,410		68,492
Delek US Holdings, Inc.^(c)		3,703		79,170
Eni SpA—ADR^(c)		20,740		518,500
Equinor ASA—ADR^(c)		18,515		287,908
Exxon Mobil Corp.		48,040		2,471,179
HollyFrontier Corp.		4,552		153,311
Marathon Oil Corp.		53,257		440,968
Marathon Petroleum Corp.		2,882		136,664
Murphy Oil Corp.^(c)		26,420		498,017
OMV AG—ADR		10,283		431,783
PBF Energy, Inc.—Class A		4,712		105,502
Quaker Chemical Corp.^(c)		971		153,000
Sinopec Shanghai Petrochemical Co. Ltd.—ADR		519		13,203
Valero Energy Corp.		6,258		414,593
WD-40 Co.		333		57,439

				11,453,427

Pipeline Transportation—0.08%
ENN Energy Holdings Ltd.—ADR		13,530		597,755
Transportadora de Gas del Sur SA—Class B—ADR		8,008		44,925
YPF SA—ADR		2,548		20,359

				663,039

Plastics and Rubber Products Manufacturing—0.22%
Advanced Drainage Systems, Inc.		776		32,483
Berry Global Group, Inc.^(a)		4,662		176,970
Bridgestone Corp.—ADR		72,006		1,186,659

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Newell Brands, Inc.		15,017	$	231,712
Tredegar Corp.		5,766		98,368
UFP Technologies, Inc.^(a)		644		31,769

				1,757,961

Postal Service—0.02%
Royal Mail PLC—ADR		44,550		185,885

Primary Metal Manufacturing—1.10%
AK Steel Holding Corp.^(a)(c)		46,176		106,667
Alcoa Corp.^(a)		6,723		93,248
Allegheny Technologies, Inc.^(a)(c)		16,806		287,215
APERAM SA^(b)		10,881		329,912
ArcelorMittal SA^(b)(c)		21,624		309,223
Arconic, Inc.		31,038		910,965
Carpenter Technology Corp.		10,118		371,837
Cia Siderurgica Nacional SA—ADR^(c)		40,738		100,215
Commercial Metals Co.		17,290		315,715
Corning, Inc.^(c)		31,606		754,119
DMC Global, Inc.^(c)		1,080		38,945
Encore Wire Corp.		8,882		434,952
Gibraltar Industries, Inc.^(a)		593		30,047
Grupo Simec SAB de CV—ADR		984		9,397
Kaiser Aluminum Corp.^(c)		1,309		123,766
Kubota Corp.—ADR		10,755		757,582
MMC Norilsk Nickel PJSC—ADR		11,399		345,618
Nippon Steel Corp.—ADR		41,355		444,794
Nucor Corp.		18,346		758,606
Ossen Innovation Co. Ltd.—ADR^(a)		2,859		7,691
Reliance Steel & Aluminum Co.		12,441		1,272,590
Steel Dynamics, Inc.		10,696		284,834
Sumitomo Metal Mining Co. Ltd.—ADR		70,579		427,003
SunCoke Energy, Inc.		8,352		38,503
Ternium SA—ADR^(c)		8,291		146,751
United States Steel Corp.^(c)		20,726		166,223
Usinas Siderurgicas de Minas Gerais SA Usiminas—ADR^(c)		16,982		29,549
Viavi Solutions, Inc.^(a)		4,202		55,424

				8,951,391

Printing and Related Support Activities—0.18%
Centennial Resource Development, Inc.—Class A^(a)		58,948		139,707
Dai Nippon Printing Co. Ltd.—ADR		23,314		277,437
Ennis, Inc.^(c)		14,430		290,043
Toppan Printing Co. Ltd.—ADR		83,453		716,026

				1,423,213

Professional, Scientific, and Technical Services—3.57%
AECOM^(a)		18,645		837,906
AirNet Technology, Inc.—ADR^(a)		417		388
Akari Therapeutics PLC—ADR^(a)		24,589		45,244
Alteryx, Inc.—Class A^(a)(c)		2,556		356,869
Amdocs Ltd.^(b)		5,739		365,861
Avita Medical Ltd.—ADR^(a)(c)		39,608		304,586
Booz Allen Hamilton Holding Corp.		13,180		939,733
CACI International, Inc.—Class A^(a)		3,624		887,952
CBIZ, Inc.^(a)		1,862		48,486

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
CDW Corp.		12,005	$	1,371,210
Cerner Corp.		8,603		595,930
CGG SA—ADR^(a)		3,074		8,146
Charles River Labratories International, Inc.^(a)		1,598		248,601
Cheetah Mobile, Inc.—ADR		25,466		74,106
Codexis, Inc.^(a)		2,512		29,265
Cognizant Technology Solutions Corp.—Class A		11,332		690,459
Collectors Universe, Inc.		1,342		30,873
Computer Programs & Systems, Inc.^(c)		2,356		63,094
Cytokinetics, Inc.^(a)(c)		5,243		73,087
Diebold Nixdorf, Inc.^(a)		2,814		19,754
DXC Technology Co.		15,490		373,464
eBay, Inc.		6,288		217,816
Endava PLC—ADR^(a)		3,154		167,320
EPAM Systems, Inc.^(a)		4,331		966,678
Evotec SE—ADR^(a)		4,628		217,516
Exact Sciences Corp.^(a)(c)		3,057		247,464
Exelixis, Inc.^(a)		23,082		429,094
Experian PLC—ADR		19,078		638,922
F5 Networks, Inc.^(a)		4,971		596,271
FTI Consulting, Inc.^(a)(c)		4,740		533,677
Fujitsu Ltd.—ADR		40,559		835,515
Galapagos NV—ADR^(a)(c)		2,201		465,204
Genmab A/S—ADR^(a)		27,780		632,828
Genpact Ltd.^(b)		14,640		563,054
Gravity Co. Ltd.—ADR		10,048		276,320
H&R Block, Inc.^(c)		14,066		290,745
Hong Kong Television Network Ltd.—ADR^(a)		19,710		218,978
Imperial Holdings Ltd.—ADR		25,076		72,094
Industria de Diseno Textil SA—ADR		22,076		344,165
Infosys Ltd.—ADR		43,791		440,975
Insperity, Inc.		1,352		90,949
Intelligent Systems Corp.^(a)(c)		1,549		56,802
International Business Machines Corp.		5,834		759,295
International Paper Co.		10,748		397,246
Invitae Corp.^(a)(c)		5,612		114,373
Jacobs Engineering Group, Inc.		11,573		1,068,651
Jardine Strategic Holdings Ltd.—ADR		156		2,254
Leidos Holdings, Inc.		13,887		1,425,501
Materialise NV—ADR^(a)(c)		10,615		175,572
MAXIMUS, Inc.		5,943		374,528
Midatech Pharma PLC—ADR^(a)		17,850		9,104
Mitie Group PLC—ADR		10,272		70,980
Mobile Mini, Inc.		210		8,188
Momo, Inc.—ADR		1,043		29,329
MorphoSys AG—ADR^(a)		2,855		76,200
NanoString Technologies, Inc.^(a)		1,984		70,749
Naspers Ltd.—ADR		19,608		611,181
National CineMedia, Inc.		5,944		45,709
National Research Corp.		795		43,717
NeoGenomics, Inc.^(a)(c)		8,835		250,296
NextGen Healthcare, Inc.^(a)		8,300		108,564
Nice Ltd.—ADR^(a)		2,581		422,845
NuCana PLC—ADR^(a)		1,394		5,729

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Okta, Inc.^(a)		3,035	$	388,662
Omnicom Group, Inc.^(c)		9,092		629,894
Perficient, Inc.^(a)		11,757		481,684
Pfenex, Inc.^(a)		3,916		45,426
Resources Connection, Inc.		12,063		151,149
Rightmove PLC—ADR		12,366		197,933
ServiceNow, Inc.^(a)		2,309		752,942
Summit Therapeutics PLC—ADR^(a)		3,313		4,572
Sykes Enterprises, Inc.^(a)		5,820		184,378
Syneos Health, Inc.^(a)(c)		5,244		332,207
Telia Co. AB—ADR		84,564		666,364
Timken Co.		14,828		664,888
Trade Desk, Inc.—Class A^(a)(c)		1,215		349,009
Travelzoo^(a)		4,788		39,166
Ubiquiti, Inc.^(c)		2,010		272,677
Unisys Corp.^(a)		11,943		185,475
Verint Systems, Inc.^(a)		6,303		345,909
VMware, Inc.—Class A^(a)(c)		2,067		249,115
VTech Holdings Ltd.—ADR		19,571		171,051
Wipro Ltd.—ADR^(c)		90,853		313,443
Yiren Digital Ltd.—ADR^(a)		11,261		46,846
Zealand Pharma A/S—ADR^(a)(c)		13,995		464,214
Zscaler, Inc.^(a)		4,823		250,748

				28,925,164

Publishing Industries (except Internet)—3.76%
Activision Blizzard, Inc.		31,962		1,857,951
Adobe, Inc.^(a)		1,311		452,452
Akamai Technologies, Inc.^(a)		4,649		402,185
ANSYS, Inc.^(a)		1,967		476,388
Appfolio, Inc.—Class A^(a)(c)		2,921		359,195
Avalara, Inc.^(a)		3,524		298,659
Avid Technology, Inc.^(a)(c)		11,481		84,845
Cadence Design System, Inc.^(a)		12,380		818,813
Changyou.com Ltd.—ADR^(c)		15,404		165,747
Citrix Systems, Inc.		2,991		309,239
Coupa Software, Inc.^(a)		1,305		195,424
Fair Isaac Corp.^(a)		2,172		816,737
Inseego Corp.^(a)(c)		7,833		54,361
Intuit, Inc.		2,012		534,890
Konami Holdings Corp.—ADR		13,812		485,768
Manhattan Associates, Inc.^(a)(c)		3,243		218,448
Meredith Corp.^(c)		6,477		170,669
Microsoft Corp.		77,084		12,488,380
MiX Telematics Ltd.—ADR		7,087		94,044
New York Times Co.—Class A^(c)		24,093		902,524
News Corp.—Class B^(c)		15,766		196,129
NortonLifeLock, Inc.		33,497		637,448
Nuance Communications, Inc.^(a)(c)		23,606		510,362
Opera Ltd.—ADR^(a)		3,063		24,749
Oracle Corp.		45,152		2,233,218
Paycom Software, Inc.^(a)(c)		1,891		534,491
RELX PLC—ADR^(c)		22,434		541,781
Sage Group PLC—ADR		19,524		700,131
Scholastic Corp.		4,387		140,779

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Snap, Inc.—Class A^(a)		11,590	$	164,230
SPS Commerce, Inc.^(a)		3,118		164,007
SS&C Technologies Holdings, Inc.		4,242		235,431
Synopsys, Inc.^(a)		10,960		1,511,713
Trend Micro, Inc.—ADR^(c)		7,204		353,572
Veeva Systems, Inc.—Class A^(a)		5,813		825,272
Vipshop Holdings Ltd.—ADR^(a)		11,988		153,806
Wolters Kluwer NV—ADR		5,051		368,571

				30,482,409

Rail Transportation—0.59%
Central Japan Railway Co.—ADR		80,351		1,304,900
CSX Corp.^(c)		1,606		113,143
East Japan Railway Co.—ADR		101,518		1,276,081
Kansas City Southern		1,151		173,433
Norfolk Southern Corp.		2,515		458,610
Union Pacific Corp.		2,954		472,079
West Japan Railway Co.—ADR		13,915		951,090

				4,749,336

Real Estate—0.71%
American Finance Trust, Inc.		5,834		60,674
Bank of America Corp.		86,518		2,465,763
CBRE Group, Inc.—Class A^(a)		16,552		929,230
China Overseas Land & Investment Ltd.—ADR		8,720		146,302
Forestar Group, Inc.^(a)		1,102		19,715
Gafisa SA—ADR		140		434
Hang Lung Properties Ltd.—ADR^(c)		4,069		44,840
Henderson Land Development Co. Ltd.—ADR		34,064		155,672
IRSA Propiedades Comerciales SA—ADR		2,564		30,383
Jones Lang LaSalle, Inc.		554		81,865
Marcus & Millichap, Inc.^(a)		810		25,888
Mitsubishi Estate Co. Ltd.—ADR		54,764		919,487
New World Development Co. Ltd.—ADR		165,517		421,241
Newmark Group, Inc.		12,968		123,844
Walker & Dunlop, Inc.		5,506		357,064

				5,782,402

Religious, Grantmaking, Civic, Professional, and Similar Organizations—0.02%
HealthEquity, Inc.^(a)		2,799		198,701

Rental and Leasing Services—0.65%
Air Lease Corp.		5,454		209,215
Aircastle Ltd.^(b)		19,723		628,178
Ally Financial, Inc.^(c)		54,299		1,361,276
Brambles Ltd.—ADR^(c)		45,830		706,240
Cerence, Inc.^(a)		2,096		45,504
Fly Leasing Ltd.—ADR^(a)		21,811		372,968
GATX Corp.^(c)		500		35,765
Harsco Corp.^(a)		2,576		30,886
Localiza Rent a Car SA—ADR		4,344		47,226
McGrath RentCorp.		1,262		87,646
Navient Corp.		32,786		368,187
Synchrony Financial		32,234		938,010
Triton International Ltd.^(b)		10,189		350,196

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
United Rentals, Inc.^(a)		1,018	$	134,865

				5,316,162

Repair and Maintenance—0.10%
SKF AB—ADR^(c)		45,518		809,765

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—2.41%
Amarin Corp. PLC—ADR^(a)(c)		19,124		280,549
Ameriprise Financial, Inc.		6,291		888,918
Aramark		7,150		248,391
Artisan Partners Asset Management, Inc.—Class A		10,032		286,715
BB Seguridade Participacoes SA—ADR		18,575		132,068
Bidvest Group Ltd.—ADR		8,764		202,834
BlackRock, Inc.		491		227,338
Blackstone Group, Inc.—Class A		7,813		420,652
Brightsphere Investment Group, Inc.		14,791		138,296
CK Hutchison Holdings Ltd.—ADR^(c)		38,020		330,394
CME Group, Inc.		2,002		398,038
Cowen, Inc.—Class A^(c)		13,240		198,203
Credit Agricole SA—ADR		139,863		826,590
Credit Suisse Group AG—ADR		370		4,174
Daiwa Securities Group, Inc.—ADR		96,847		397,073
Delek Group Ltd.—ADR^(c)		23,324		224,144
Deutsche Boerse AG—ADR		50,583		791,624
Fidelity National Financial, Inc.		12,045		466,864
First Pacific Co. Ltd.—ADR		330,256		450,139
GDS Holdings Ltd.—ADR^(a)(c)		2,033		117,853
Genting Bhd—ADR		15,121		88,789
Gilead Sciences, Inc.		2,220		153,979
Goldman Sachs Group, Inc.		3,079		618,171
Hexindai, Inc.—ADR^(a)		193		89
Hong Kong Exchanges & Clearing Ltd.—ADR		44,291		1,451,858
Huami Corp.—ADR^(a)		9,440		134,048
KKR & Co, Inc.—Class A		15,713		449,392
Legg Mason, Inc.		9,768		486,642
Leju Holdings Ltd.—ADR^(a)		35,863		64,557
LexinFintech Holdings Ltd.—ADR^(a)(c)		10,325		120,183
LPL Financial Holdings, Inc.		11,877		943,984
MarketAxess Holdings, Inc.		1,703		552,334
Morgan Stanley		34,935		1,573,123
MSCI, Inc.		4,246		1,254,437
NASDAQ, Inc.		1,060		108,703
Noah Holdings Ltd.—ADR^(a)		14		397
OneSmart International Education Group Ltd.—ADR^(a)		4,412		24,001
Oppenheimer Holdings, Inc.—Class A		9,423		223,608
Piper Jaffray Cos.		3,609		252,919
Raymond James Financial, Inc.		5,018		419,655
RISE Education Cayman Ltd.—ADR^(a)		9,517		52,724
S&P Global, Inc.		1,494		397,270
Sea Ltd.—ADR^(a)(c)		8,479		382,064
Secoo Holding Ltd.—ADR^(a)		4,316		23,738
Sibanye Stillwater Ltd.—ADR		8,915		75,421
Singapore Exchange Ltd.—ADR		9,230		841,730
Southwest Airlines Co.		3,345		154,506

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Stifel Financial Corp.		15,701	$	854,761
T Rowe Price Group, Inc.		4,032		475,816
TD Ameritrade Holding Corp.		2,394		101,099
TechnoPro Holdings, Inc.—ADR^(c)		21,432		249,683
WH Group Ltd.—ADR		1,439		29,284

				19,589,822

Specialty Trade Contractors—0.36%
Comfort Systems USA, Inc.		3,966		167,445
EMCOR Group, Inc.		8,437		648,974
Legrand SA—ADR^(c)		11,695		178,115
NetEase, Inc.—ADR		2,554		813,985
Quanta Services, Inc.		29,094		1,109,354

				2,917,873

Sporting Goods, Hobby, Musical Instrument, and Book Stores—0.06%
Barnes & Noble Education, Inc.^(a)		24,403		80,774
Dick’s Sporting Goods, Inc.		9,165		333,698
Sportsman’s Warehouse Holdings, Inc.^(a)		7,207		43,242

				457,714

Support Activities for Agriculture and Forestry—0.00%
VEON Ltd.—ADR		8,600		17,028

Support Activities for Mining—1.32%
Antero Resources Corp.^(a)(c)		136,295		218,072
BHP Group Ltd.—ADR^(c)		30,690		1,329,184
China Shenhua Energy Co. Ltd.—ADR^(c)		1,501		10,357
Cleveland-Cliffs, Inc.^(c)		23,748		137,976
ConocoPhillips		30,723		1,487,608
Denbury Resources, Inc.^(a)(c)		47,688		35,880
Extraction Oil & Gas, Inc.^(a)(c)		13,969		9,618
Fortescue Metals Group Ltd.—ADR		36,281		468,025
Gazprom PJSC—ADR^(c)		136,672		833,699
Helmerich & Payne, Inc.		2,632		97,094
Hess Corp.		5,378		302,136
Impala Platinum Holdings Ltd.—ADR^(a)		17,394		135,325
Inpex Corp.—ADR		43,746		361,342
Liberty Oilfield Services, Inc.—Class A		2,143		14,337
LUKOIL PJSC—ADR		12,047		1,040,138
Mammoth Energy Services, Inc.^(a)		9,581		10,443
Nabors Industries Ltd.^(b)		7,184		12,644
NexTier Oilfield Solutions, Inc.^(a)		15,334		71,456
Noble Energy, Inc.		3,195		50,577
ONE Gas, Inc.		2,421		198,861
Pampa Energia SA—ADR^(a)		2,636		31,237
Patterson-UTI Energy, Inc.		37,020		212,125
PGS ASA—ADR^(a)		29,132		38,163
Pioneer Natural Resources Co.		2,498		306,704
ProPetro Holding Corp.^(a)		13,645		119,530
Rio Tinto PLC—ADR		36,828		1,728,339
South32 Ltd.—ADR		62,980		445,269
Targa Resources Corp.		1,786		57,866
Tullow Oil PLC—ADR		50,158		9,901
Vale SA—ADR		23,587		231,624

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Wesfarmers Ltd.—ADR^(c)		56,359	$	732,667

				10,738,197

Support Activities for Transportation—0.24%
CH Robinson Worldwide, Inc.^(c)		2,004		138,076
DSV PANALPINA A/S—ADR		12,115		611,686
Grupo Aeroportuario del Centro Norte SAB de CV—ADR		2,770		144,262
Hub Group, Inc.—Class A^(a)		7,204		333,041
Japan Airport Terminal Co. Ltd.—ADR		11,258		215,140
Matson, Inc.		1,420		47,158
Radiant Logistics, Inc.^(a)		32,967		145,055
XPO Logistics, Inc.^(a)		4,518		334,196

				1,968,614

Telecommunications—4.23%
58.com, Inc.—ADR^(a)(c)		3,402		187,688
Acacia Communications, Inc.^(a)		1,365		93,516
Advanced Info Service PCL—ADR		704		4,460
America Movil SAB de CV—Class A—ADR		1,192		18,297
America Movil SAB de CV—Class L—ADR		12,341		195,975
AT&T, Inc.		114,634		4,037,408
Broadcom, Inc.		6,048		1,648,806
CenturyLink, Inc.^(c)		57,303		691,647
China Mobile Ltd.—ADR		11,545		459,722
China Telecom Corp. Ltd.—ADR^(c)		11,449		433,574
China Unicom Hong Kong Ltd.—ADR^(c)		13,336		106,955
Chorus Ltd.—ADR		11,119		224,048
Chunghwa Telecom Co. Ltd.—ADR		7,640		268,622
Cogent Communications Holdings, Inc.		4,425		323,069
Deutsche Telekom AG—ADR		35,479		577,598
Edenred—ADR		4,517		119,980
Fluent, Inc.^(a)		24,883		57,977
GCI Liberty, Inc.—Class A^(a)(c)		13,920		962,011
Gogo, Inc.^(a)		5,124		18,498
Hellenic Telecommunications Organization SA—ADR		22,389		154,484
IDT Corp.—Class B^(a)		5,413		41,680
Integer Holdings Corp.^(a)		5,443		490,795
Iridium Communications, Inc.^(a)		2,558		69,245
JD.com, Inc.—ADR^(a)		22,501		866,514
JOYY, Inc.—ADR^(a)(c)		2,503		135,087
KDDI Corp.—ADR		89,899		1,258,586
Koninklijke KPN NV—ADR		195,901		477,998
Magyar Telekom Telecommunications PLC—ADR		26,554		174,805
Mobile TeleSystems PJSC—ADR		45,704		443,329
MTN Group Ltd.—ADR		55,655		263,248
Nippon Telegraph & Telephone Corp.—ADR		34,818		810,563
NTT DOCOMO, Inc.—ADR^(c)		40,351		1,083,424
Partner Communications Co. Ltd.—ADR^(a)		24,328		110,936
PayPal Holdings, Inc.^(a)		9,334		1,007,979
PCCW Ltd.—ADR		76,939		457,787
PLDT, Inc.—ADR		8,053		153,007
Renren, Inc.—ADR^(a)		43,107		55,393
RingCentral, Inc.—Class A^(a)		393		92,650
Rostelecom PJSC—ADR^(a)		41,777		302,883
SK Telecom Co. Ltd.—ADR		12,340		237,051

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
SoftBank Group Corp.—ADR		85,651	$	1,969,973
Spark New Zealand Ltd.—ADR		2,115		29,589
Swisscom AG—ADR		9,515		508,101
Telecom Argentina SA—ADR		1,653		19,175
Telefonica SA—ADR		194,093		1,147,090
Telekomunikasi Indonesia Persero Tbk PT—ADR^(c)		24,042		583,019
Telenor ASA—ADR		47,270		761,047
Telephone & Data Systems, Inc.		26,438		532,461
Telstra Corp. Ltd.—ADR		34,532		380,888
Tencent Holdings Ltd.—ADR		53,690		2,665,709
T-Mobile US, Inc.^(a)		14,296		1,288,928
Turkcell Iletisim Hizmetleri AS—ADR		29,257		159,743
Twilio, Inc.—Class A^(a)(c)		1,679		189,123
United States Cellular Corp.^(a)		18,140		569,777
Verizon Communications, Inc.		66,087		3,579,272
Vodacom Group Ltd.—ADR^(c)		8,358		59,760
Vodafone Group PLC—ADR^(c)		24,031		420,543
XL Axiata Tbk PT—ADR^(a)		26,727		92,208
Zayo Group Holdings, Inc.^(a)		7,761		271,557

				34,345,258

Textile Mills—0.01%
Albany International Corp.—Class A		1,171		75,026

Textile Product Mills—0.09%
Hermes International—ADR^(c)		9,273		650,223
Tempur Sealy International, Inc.^(a)		1,280		95,680

				745,903

Transportation Equipment Manufacturing—2.67%
Airbus SE—ADR^(c)		24,451		726,684
Aisin Seiki Co. Ltd.—ADR		13,207		420,181
Aptiv PLC^(b)		371		28,979
Astronics Corp.^(a)		2,493		50,533
Autohome, Inc.—ADR		1,691		131,340
BorgWarner, Inc.^(c)		22,174		700,698
Brilliance China Automotive Holdings Ltd.—ADR		3,034		25,819
Commercial Vehicle Group, Inc.^(a)		10,453		45,575
Dana, Inc.		15,332		220,474
Denso Corp.—ADR		37,311		716,372
Ford Motor Co.^(c)		42,304		294,436
Ford Otomotiv Sanayi AS—ADR		2,802		171,384
Fox Factory Holding Corp.^(a)(c)		1,830		116,022
General Dynamics Corp.		1,140		182,047
General Motors Co.		29,507		899,964
Gentex Corp.		18,268		487,756
Great Wall Motor Co. Ltd.—ADR		36,116		260,035
HEICO Corp.^(c)		2,255		243,202
HEICO Corp.—Class A		2,803		247,589
Honda Motor Co. Ltd.—ADR		24,990		641,243
Isuzu Motors Ltd.—ADR		31,571		289,822
Kawasaki Heavy Industries Ltd.—ADR		32,617		234,109
LCI Industries		1,128		108,908
Lear Corp.^(c)		4,022		447,246
Leonardo SpA—ADR		66,362		333,801

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Lockheed Martin Corp.		3,034	$	1,122,185
MasterCraft Boat Holdings, Inc.^(a)		4,228		68,367
Mazda Motor Corp.—ADR		62,710		210,706
Meritor, Inc.^(a)		6,784		153,929
Miller Industries, Inc.		4,425		131,467
Modine Manufacturing Co.^(a)		8,615		64,268
MTU Aero Engines AG—ADR		3,302		395,778
Navistar International Corp.^(a)		4,220		153,228
Oshkosh Corp.		10,550		761,183
PACCAR, Inc.		15,902		1,063,844
Shimano, Inc.—ADR^(c)		54,385		750,513
Subaru Corp.—ADR^(c)		27,324		325,156
Suzuki Motor Corp.—ADR^(c)		3,042		481,883
Tata Motors Ltd.—ADR^(a)		17,742		162,517
Tesla, Inc.^(a)		491		327,983
Thor Industries, Inc.^(c)		2,265		170,804
Toyota Industries Corp.—ADR		10,515		532,269
Toyota Motor Corp.—ADR		32,323		4,226,231
United Technologies Corp.		5,733		748,671
Volvo AB—ADR		99,201		1,556,463
Winnebago Industries, Inc.^(c)		4,675		242,586

				21,674,250

Truck Transportation—0.17%
ArcBest Corp.		2,467		48,871
Knight-Swift Transportation Holdings, Inc.^(c)		9,926		317,036
Landstar System, Inc.		3,982		402,063
Old Dominion Freight Lines, Inc.		1,422		275,584
US Xpress Enterprises, Inc.—Class A^(a)		7,728		33,308
Werner Enterprises, Inc.		9,454		317,654

				1,394,516

Utilities—3.27%
AES Corp.		48,811		816,608
AGL Energy Ltd.—ADR^(c)		41,452		509,445
Alliant Energy Corp.		4,013		209,158
Ameren Corp.		8,699		687,221
American Electric Power Co., Inc.		5,318		474,685
Atlantic Power Corp.^(a)(b)		22,804		51,765
Avista Corp.		3,564		168,043
Black Hills Corp.		7,215		520,923
Central Puerto SA—ADR		5,948		19,272
Centrica PLC—ADR		5,324		19,912
Cia de Saneamento Basico do Estado de Sao Paulo—ADR		7,818		101,869
Cia Energetica de Minas Gerais—ADR		2,338		7,365
Cia Paranaense de Energia—ADR		10,345		175,917
CLP Holdings Ltd.—ADR^(c)		59,967		631,453
Consolidated Edison, Inc.		4,967		391,499
DTE Energy Co.		3,899		435,401
Duke Energy Corp.		6,006		550,750
Électricité de France SA—ADR		58,585		159,937
Empresa Distribuidora Y Comercializadora Norte—ADR^(a)		5,315		23,705
Enel Chile SA—ADR		51,072		224,206
Enel SpA—ADR		284,839		2,398,343
Engie SA—ADR		79,519		1,325,581

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Entergy Corp.		4,234	$	494,997
Evergy, Inc.		4,839		316,229
Eversource Energy		6,810		588,793
Exelon Corp.		7,846		338,241
FirstEnergy Corp.		9,869		439,467
Genie Energy Ltd.—Class B^(c)		13,839		95,766
Hawaiian Electric Industries, Inc.		23,589		1,010,552
Hong Kong & China Gas Co. Ltd.—ADR		600,971		1,147,855
Iberdrola SA—ADR		39,128		1,789,322
Kinder Morgan, Inc.		12,588		241,312
National Fuel Gas Co.^(c)		3,365		123,193
NextEra Energy, Inc.		2,479		626,592
NorthWestern Corp.		9,794		688,910
NRG Energy, Inc.		23,109		767,450
Otter Tail Corp.		4,490		218,259
PG&E Corp.^(a)		9,826		152,303
Pinnacle West Capital Corp.		6,514		582,938
Portland General Electric Co.		15,793		859,297
Power Assets Holdings Ltd.—ADR		14,879		103,722
PPL Corp.		27,413		822,664
Sempra Energy		3,202		447,576
Snam SpA—ADR		32,587		324,729
Southern Co.		33,469		2,020,188
Spire, Inc.		2,265		169,988
Suez—ADR^(c)		79,924		629,800
TerraForm Power, Inc.—Class A		8,219		154,435
Tokyo Gas Co. Ltd.—ADR		46,804		460,551
UGI Corp.		2,143		77,234
United Utilities Group PLC—ADR		6,378		154,667
Unitil Corp.		2,576		145,132
Vistra Energy Corp.		20,139		387,273
WEC Energy Group, Inc.		1,235		114,028
Xcel Energy, Inc.		1,687		105,134

				26,501,655

Waste Management and Remediation Services—0.29%
Darling Ingredients, Inc.^(a)		10,162		261,163
Republic Sevices, Inc.		7,190		648,969
Veolia Environnement SA—ADR		25,797		737,279
Waste Management, Inc.		6,342		702,757

				2,350,168

Water Transportation—0.25%
Carnival Corp.^(b)(c)		10,751		359,728
Norwegian Cruise Line Holdings Ltd.^(a)(b)		23,178		863,613
Royal Caribbean Cruises Ltd.^(b)		9,471		761,563
Teekay Tankers Ltd.—Class A^(a)(b)(c)		5,139		85,050

				2,069,954

Wholesale Electronic Markets and Agents and Brokers—0.03%
Prosus NV—ADR^(a)(c)		19,608		275,492

Wood Product Manufacturing—0.22%
Cavco Industries, Inc.^(a)		376		75,847
Koppers Holdings, Inc.^(a)		2,130		46,562
Louisiana-Pacific Corp.		6,415		182,507

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Masco Corp.		24,935	$	1,030,314
Universal Forest Products, Inc.		9,089		425,910

				1,761,140

Total Common Stocks (Cost $730,311,444)				762,227,222

Preferred Stocks—0.44%
Administration of Economic Programs—0.01%
Centrais Electricas Brasileiras SA—ADR		6,409		49,990

Air Transportation—0.00%
Gol Linhas Aereas Inteligentes SA—ADR		1,419		16,077

Credit Intermediation and Related Activities—0.15%
Banco Bradesco SA—ADR		33,111		224,493
Bancolombia SA—ADR		11,293		536,192
Itau Unibanco Holding SA—ADR		64,290		454,530

				1,215,215

Food and Beverage Stores—0.00%
Cia Brasileira de Distribuicao—ADR		1,207		19,614

Management of Companies and Enterprises—0.05%
Azul SA—ADR^(a)		1,229		36,256
Porsche Automobil Holding SE—ADR		54,309		334,543

				370,799

Merchant Wholesalers, Durable Goods—0.11%
Volkswagen AG—ADR		54,054		888,107

Oil and Gas Extraction—0.06%
Petroleo Brasileiro SA—ADR		18,070		203,468
Surgutneftegas PJSC—ADR		56,580		277,242

				480,710

Primary Metal Manufacturing—0.01%
Gerdau SA—ADR^(c)		28,654		107,166

Telecommunications—0.03%
Telefonica Brasil SA—ADR^(c)		20,911		249,468

Utilities—0.02%
Cia Energetica de Minas Gerais—ADR		4,499		13,632
Cia Paranaense de Energia—ADR		11,700		185,562

				199,194

Total Preferred Stocks (Cost $3,876,283)				3,596,340

Exchange-Traded Funds—1.01%
iShares MSCI EAFE ETF		45,532		2,833,912
iShares Russell 1000 ETF^(c)		24,179		3,970,917
iShares Russell 2000 ETF^(c)		6,310		923,342
Vanguard FTSE Emerging Markets ETF		11,502		466,061

Total Exchange-Traded Funds (Cost $7,367,561)				8,194,232

Real Estate Investment Trusts—3.00%
Accommodation—0.11%
Chatham Lodging Trust		6,400		89,216
Service Properties Trust		13,376		241,838
Sunstone Hotel Investors, Inc.		27,930		305,834

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Xenia Hotels & Resorts, Inc.		17,172	$	256,893

				893,781

Credit Intermediation and Related Activities—0.03%
Cherry Hill Mortgage Investment Corp.		1,888		26,923
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		7,179		243,727

				270,650

Foresty and Logging—0.01%
Weyerhaeuser Co.		4,420		114,832

Funds, Trusts, and Other Financial Vehicles—0.14%
Apollo Commercial Real Estate Finance, Inc.		46,436		752,263
Spirit Realty Capital, Inc.		8,367		380,699

				1,132,962

Heavy and Civil Engineering Construction—0.01%
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR		9,201		59,622

Professional, Scientific, and Technical Services—0.11%
CoreCivic, Inc.		4,199		62,187
Extra Space Storage, Inc.		1,781		178,741
Lamar Advertising Co.—Class A		2,844		238,157
Outfront Media, Inc.		16,639		438,271

				917,356

Real Estate—2.30%
Alexander & Baldwin, Inc.		5,439		102,253
Apartment Investment & Management Co.—Class A		10,159		486,007
Apple Hospitality REIT, Inc.^(c)		25,156		328,789
Ares Commercial Real Estate Corp.		27,943		426,410
AvalonBay Communities, Inc.		1,225		245,723
Brixmor Property Group, Inc.^(c)		32,062		583,849
CareTrust REIT, Inc.		7,459		155,669
CorEnergy Infrastructure Trust, Inc.^(c)		6,923		241,613
Corporate Office Properties Trust		8,366		211,994
DiamondRock Hospitality Co.		13,467		122,819
Duke Realty Corp.		4,084		132,607
EastGroup Properties, Inc.		26		3,269
EPR Properties^(c)		7,310		433,044
Equity Residential		1,255		94,251
Exantas Capital Corp.		3,828		43,869
Farmland Partners, Inc.		5,351		31,624
First Industrial Realty Trust, Inc.		3,922		150,997
Franklin Street Properties Corp.^(c)		17,321		123,499
Gaming and Leisure Properties, Inc.		25,240		1,127,471
Gladstone Commercial Corp.		3,623		68,366
Global Medical REIT, Inc.^(c)		19,176		267,889
Healthpeak Properties, Inc.^(c)		15,136		478,903
Host Hotels & Resorts, Inc.^(c)		34,433		498,590
Invesco Mortgage Capital, Inc.		18,832		302,819
Investors Real Estate Trust		974		68,618
Invitation Homes, Inc.		9,966		285,925
iStar, Inc.^(c)		24,364		368,627
Jernigan Capital, Inc.^(c)		12,956		232,172
Kimco Realty Corp.		42,278		733,523

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Kite Realty Group Trust		7,956	$	128,489
KKR Real Estate Finance Trust, Inc.^(c)		13,879		272,584
Ladder Capital Corp.		27,898		425,445
Lexington Realty Trust		149,951		1,554,992
Life Storage, Inc.		1,839		198,446
LTC Properties, Inc.		5,219		233,968
Mack-Cali Realty Corp.		6,759		128,286
Mid-America Apartment Communities, Inc.		3,756		485,501
National Retail Properties, Inc.		1,897		96,462
Office Properties Income Trust		3,690		107,490
Omega Healthcare Investors, Inc.^(c)		10,537		417,265
PennyMac Mortgage Investment Trust		23,535		487,175
Physicians Realty Trust		13,112		247,292
Piedmont Office Realty Trust, Inc.—Class A		10,212		220,477
Prologis, Inc.		880		74,166
PS Business Parks, Inc.		740		109,927
Ready Capital Corp.^(c)		19,093		276,849
Realty Income Corp.		1,428		103,373
Retail Properties of America, Inc.—Class A		23,154		242,422
Retail Value, Inc.		8,501		236,243
RPT Realty		9,056		117,366
Ryman Hospitality Properties, Inc.		839		58,319
Simon Property Group, Inc.		237		29,170
SITE Centers Corp.		30,604		352,252
SL Green Realty Corp.		1,346		105,580
STORE Capital Corp.		11,164		366,849
Sun Communities, Inc.		1,709		261,272
TPG RE Finance Trust, Inc.		14,389		276,557
Urstadt Biddle Properties, Inc.—Class A		1,386		28,565
VEREIT, Inc.		110,276		954,990
VICI Properties, Inc.^(c)		12,603		315,831
Vornado Realty Trust		1,156		61,938
Washington Prime Group, Inc.^(c)		50,861		139,868
Weingarten Realty Investors^(c)		3,846		103,573
Welltower, Inc.^(c)		6,553		490,295
Western Asset Mortgage Capital Corp.		19,324		193,626
Whitestone REIT		5,422		66,636
WP Carey, Inc.		3,922		303,602

				18,624,330

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—0.14%
Ellington Financial, Inc.		5,193		85,840
Granite Point Mortgage Trust, Inc.		16,027		263,163
Medical Properties Trust, Inc.^(c)		36,898		779,655

				1,128,658

Social Assistance—0.02%
GEO Group, Inc.		11,050		161,772

Telecommunications—0.13%
American Tower Corp.		4,164		944,395
Equinix, Inc.		166		95,085

				1,039,480

Total Real Estate Investment Trusts (Cost $24,658,932)				24,343,443

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 29, 2020 (Unaudited) (Continued)



	Shares		Value
Investments Purchased With Collateral From Securities Lending—12.40%
Money Market Fund—12.40%
Mount Vernon Liquid Assets Portfolio, LLC, 1.760%^(d)		100,626,957	$	100,626,957

Total Investments Purchased With Collateral From Securities Lending (Cost $100,626,957)				100,626,957

Short-Term Investments—1.61%
First American Government Obligations Fund, Class X, 1.493%^(d)		13,022,586		13,022,586

Total Short-Term Investments (Cost $13,022,586)				13,022,586

Total Investments (Cost $879,863,763)—112.42%				912,010,780
Liabilities in Excess of Other Assets—(12.42)%				(100,793,320	)

Total Net Assets—100.00%			$	811,217,460

Percentages are stated as a percent of net assets.

^(a)

Non-income producing security.

^(b)

Foreign issued security.

^(c)

All or portion of this security is out on loan as of February 29, 2020. Total value of securities out on loan is $96,851,240.

^(d)

The rate shown represents the 7-day yield at February 29, 2020.


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

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

PMC Funds

February 29, 2020 (Unaudited)


Statements of Assets and Liabilities

	Core Fixed Income Fund		Diversified Equity Fund
Assets
Investments, at value⁽¹⁾⁽²⁾	$	477,944,797	$	912,010,780
Foreign currencies⁽³⁾		3,249		—
Receivables:
Investments sold		4,166,842		76,437,599
Dividends and interest		2,418,515		1,725,583
Cash collateral held at broker for futures contracts		1,047,132		—
Fund shares sold		749,798		1,881,328
Securities lending		5,014		136,767
Other Assets		28,660		39,642

Total Assets		486,364,007		992,231,699

Liabilities
Payables:
Investments purchased		6,359,773		77,824,456
Fund shares redeemed		573,511		1,805,164
Collateral on securities loaned		62,786,009		100,626,957
Affiliates		200,208		294,779
Adviser		163,332		385,039
Distributor		28,685		53,120
Accrued expenses and other liabilities		19,588		24,724

Total Liabilities		70,131,106		181,014,239

Net Assets	$	416,232,901	$	811,217,460

Net assets consist of:
Paid-in capital	$	392,596,092	$	800,691,253
Total distributable earnings		23,636,809		10,526,207

Net assets	$	416,232,901	$	811,217,460

Advisor Class Shares
Net assets		145,197,447		240,527,039
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		8,195,147		10,340,493
Net asset value and redemption price per share	$	17.72	$	23.26

Institutional Class Shares
Net assets		271,035,454		570,690,421
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		15,343,384		24,591,503
Net asset value and redemption price per share	$	17.66	$	23.21


⁽¹⁾ Cost of investments	$	458,325,621	$	879,863,763

⁽²⁾ Includes loaned securities with a value of	$	62,786,009	$	100,626,957

⁽³⁾ Cost of foreign currencies	$	3,355		—

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

PMC Funds

For the Six Months Ended February 29, 2020 (Unaudited)


Statements of Operations

	Core Fixed Income Fund			Diversified Equity Fund
Investment Income:
Interest	$	5,952,966		$	73,489
Dividends		199,668			7,948,995	⁽¹⁾
Securities lending		26,578			786,061

		6,179,212			8,808,545

Expenses:
Investment management fees		1,599,068			2,308,718
Distribution fees—Advisor Class		290,564			601,413
Transfer agent fees and expenses		150,603			203,772
Fund administration fees		106,536			201,977
Fund accounting fees		103,763			128,002
Custody fees		41,701			63,989
Federal and state registration fees		29,990			33,420
Audit and tax fees		21,239			18,485
Reports to shareholders		16,681			21,207
Legal fees		11,023			15,494
Chief Compliance Officer fees		10,556			5,555
Trustees’ fees		4,946			4,946
Other expenses		5,484			8,657

Total expenses before waiver or recoupment		2,392,154			3,615,635
Recoupment or (waivers) by Adviser (Note 4)		(602,464	)		104,095

Net expenses		1,789,690			3,719,730

Net Investment Income		4,389,522			5,088,815

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,862,709			(3,727,146	)
Futures contracts		(241,880	)		—
Foreign currency translations		—			6

		4,620,829			(3,727,140	)

Net change in unrealized appreciation (depreciation) on:
Investments		2,619,402			(8,824,107	)
Futures contracts		103,806			—
Foreign currency translations		11			4

		2,723,219			(8,824,103	)

Net gain (loss) on investments and foreign currency		7,344,048			(12,551,243	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	11,733,570		$	(7,462,428	)

⁽¹⁾

Net of $625,237 in foreign withholding tax and ADR issuance fees.

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

PMC Funds


Statements of Changes in Net Assets

	Core Fixed Income Fund

	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019
Operations:
Net investment income	$	4,389,522		$	10,000,123
Net realized gain on investments, futures and foreign currency		4,620,829			3,273,760
Net change in unrealized appreciation		2,723,219			22,715,370

Net increase in net assets resulting from operations		11,733,570			35,989,253

Dividends and distributions to shareholders:
Net dividends and distributions —Advisor Class		(4,915,393	)		(9,356,313	)
Net dividends and distributions —Institutional Class⁽¹⁾		(5,615,245	)		—

Net decrease in net assets resulting from distributions paid		(10,530,638	)		(9,356,313	)

Fund share transactions:
Shares sold—Advisor Class		15,120,153			82,173,210
Shares issued to holders in reinvestment of dividends—Advisor Class		4,716,894			9,073,060
Shares redeemed—Advisor Class		(272,912,177	)		(116,578,765	)
Shares sold—Institutional Class⁽¹⁾		274,548,339			500
Shares issued to holders in reinvestment of dividends—Institutional Class⁽¹⁾		5,505,198			—
Shares redeemed—Institutional Class⁽¹⁾		(11,337,998	)		—

Net increase (decrease) in net assets from share transactions		15,640,409			(25,331,995	)

Net increase in net assets		16,843,341			1,300,945

Net Assets:
Beginning of period		399,389,560			398,088,615

End of period	$	416,232,901		$	399,389,560

Change in shares outstanding:
Shares sold—Advisor Class		863,228			4,935,947
Shares issued to holders in reinvestment of dividends—Advisor Class		274,397			562,147
Shares redeemed—Advisor Class		(15,567,932	)		(6,957,885	)
Shares sold—Institutional Class⁽¹⁾		15,670,366			29
Shares issued to holders in reinvestment of dividends—Institutional Class⁽¹⁾		321,377			—
Shares redeemed—Institutional Class⁽¹⁾		(648,388	)		—

Net increase (decrease)		913,048			(1,459,762	)

⁽¹⁾

Institutional Class shares commenced operations on July 1, 2019.

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

PMC Funds


Statements of Changes in Net Assets

	Diversified Equity Fund

	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019
Operations:
Net investment income	$	5,088,815		$	11,139,880
Net realized loss on investments and foreign currency		(3,727,140	)		(19,559,129	)
Net change in unrealized depreciation		(8,824,103	)		(38,893,809	)

Net decrease in net assets resulting from operations		(7,462,428	)		(47,313,058	)

Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(5,075,723	)		(82,906,390	)
Net dividends and distributions—Institutional Class⁽¹⁾		(7,480,435	)		—

Net decrease in net assets resulting from distributions paid		(12,556,158	)		(82,906,390	)

Fund share transactions:
Shares sold—Advisor Class		23,624,951			177,320,573
Shares issued to holders in reinvestment of dividends—Advisor Class		4,734,212			79,212,511
Shares redeemed—Advisor Class		(625,362,319	)		(152,487,207	)
Shares sold—Institutional Class⁽¹⁾		631,525,086			500
Shares issued to holders in reinvestment of dividends—Institutional Class⁽¹⁾		7,321,829			—
Shares redeemed—Institutional Class⁽¹⁾		(28,876,796	)		—

Net increase in net assets from share transactions		12,966,963			104,046,377

Net decrease in net assets		(7,051,623	)		(26,173,071	)

Net Assets:
Beginning of period		818,269,083			844,442,154

End of period	$	811,217,460		$	818,269,083

Change in shares outstanding:
Shares sold—Advisor Class		942,843			7,212,753
Shares issued to holders in reinvestment of dividends—Advisor Class		183,142			3,674,049
Shares redeemed—Advisor Class		(25,208,628	)		(6,202,244	)
Shares sold—Institutional Class⁽¹⁾		25,441,845			20
Shares issued to holders in reinvestment of dividends—Institutional Class⁽¹⁾		284,122			—
Shares redeemed—Institutional Class⁽¹⁾		(1,134,484	)		—

Net increase		508,840			4,684,578

⁽¹⁾

Institutional Class shares commenced operations on July 1, 2019.

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

PMC Core Fixed Income Fund—Advisor Class


Financial Highlights

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

	Six Months Ended February 20, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year/period	$	17.65		$	16.53		$	17.05		$	17.32		$	16.73		$	17.12

Income from investment operations:
Net investment income⁽¹⁾		0.18			0.42			0.37			0.27			0.28			0.29
Net realized and unrealized gain (loss)		0.31			1.09			(0.61	)		(0.14	)		0.55			(0.36	)

Total from investment operations		0.49			1.51			(0.24	)		0.13			0.83			(0.07	)

Less distributions paid:
Dividends from net investment income		(0.40	)		(0.39	)		(0.28	)		(0.30	)		(0.23	)		(0.25	)
Distributions from net realized gains		(0.02	)		—			0.00	⁽⁴⁾		(0.10	)		(0.01	)		(0.07	)

Total distributions paid		(0.42	)		(0.39	)		(0.28	)		(0.40	)		(0.24	)		(0.32	)

Net asset value, end of year/period	$	17.72		$	17.65		$	16.53		$	17.05		$	17.32		$	16.73

Total return⁽²⁾		2.86	%		9.37	%		-1.42	%		0.78	%		5.06	%		-0.42	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	145,197		$	399,389		$	398,089		$	332,426		$	274,686		$	217,234
Ratio of expenses to average net assets before waiver and reimbursements⁽³⁾		1.30	%		1.28	%		1.30	%		1.34	%		1.37	%		1.39	%
Ratio of expenses to average net assets after waiver and reimbursements⁽³⁾⁽⁵⁾		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets before waiver and reimbursements⁽³⁾		1.81	%		2.22	%		1.91	%		1.29	%		1.30	%		1.31	%
Ratio of net investment income to average net assets after waiver and reimbursements⁽³⁾		2.11	%		2.50	%		2.21	%		1.63	%		1.67	%		1.70	%
Portfolio turnover rate⁽²⁾		60.4	%		144.3	%		160.1	%		199.9	%		100.4	%		131.9	%

⁽¹⁾

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

⁽²⁾

Not annualized for periods less than one year.

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

Round to less than 0.5 cent per share

⁽⁵⁾

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

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

PMC Core Fixed Income Fund—Institutional Class


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months Ended February 20, 2020 (Unaudited)			Period Ended August 31, 2019 ⁽¹⁾
Net asset value, beginning of period	$	17.66		$	17.23

Income from investment operations:
Net investment income⁽²⁾		0.20			0.07
Net realized and unrealized gain		0.30			0.36

Total from investment operations		0.50			0.43

Less distributions paid:
Dividends from net investment income		(0.48	)		—
Distributions from net realized gains		(0.02	)		—

Total distributions paid		(0.50	)		—

Net asset value, end of period	$	17.66		$	17.66

Total return⁽³⁾		2.99	%		2.50	%

Ratios / supplemental data
Net assets, end of period	$	271,036		$	512
Ratio of expenses to average net assets before waiver and reimbursements⁽⁴⁾		1.05	%		0.75	%
Ratio of expenses to average net assets after waiver and reimbursements⁽⁴⁾		0.75	%		0.75	%
Ratio of net investment income to average net assets before waiver and reimbursements⁽⁴⁾		2.02	%		2.33	%
Ratio of net investment income to average net assets after waiver and reimbursements⁽⁴⁾		2.32	%		2.33	%
Portfolio turnover rate⁽⁵⁾		60.4	%		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⁾

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.

PMC Diversified Equity Fund—Advisor Class


Financial Highlights

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

	Six Months Ended February 20, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year/period	$	23.77		$	28.40		$	26.68		$	23.45		$	23.25		$	25.36

Income (loss) from investment operations:
Net investment income⁽¹⁾		0.13			0.34			0.19			0.17			0.14			0.16
Net realized and unrealized gain (loss)		(0.33	)		(2.21	)		3.08			3.22			0.95			(1.23	)

Total from investment operations		(0.20	)		(1.87	)		3.27			3.39			1.09			(1.07	)

Less distributions paid:
Dividends from net investment income		(0.31	)		(0.17	)		(0.17	)		(0.14	)		(0.09	)		(0.12	)
Distributions from net realized gains		—			(2.59	)		(1.38	)		(0.02	)		(0.80	)		(0.92	)

Total distributions paid		(0.31	)		(2.76	)		(1.55	)		(0.16	)		(0.89	)		(1.04	)

Net asset value, end of year/period	$	23.26		$	23.77		$	28.40		$	26.68		$	23.45		$	23.25

Total return⁽²⁾		-0.99	%		-5.54	%		12.50	%		14.54	%		4.87	%		-4.41	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	240,527		$	818,269		$	844,442		$	650,190		$	489,239		$	329,187
Ratio of expenses to average net assets before waiver, expense reimbursements or recoupment⁽³⁾		0.94	%		0.94	%		1.26	%		1.41	%		1.45	%		1.45	%
Ratio of expenses to average net assets after waiver, expense reimbursements or recoupment⁽³⁾		0.98	%⁽⁴⁾		0.98	%⁽⁴⁾		1.25	% ⁽⁵⁾		1.36	% ⁽⁶⁾		1.40	%		1.40	%
Ratio of net investment income to average net assets before waiver, expense reimbursements or recoupment⁽³⁾		1.05	%		1.42	%		0.67	%		0.64	%		0.57	%		0.62	%
Ratio of net investment income to average net assets after waiver, expense reimbursements or recoupment⁽³⁾		1.01	%		1.38	%		0.68	%		0.69	%		0.62	%		0.67	%
Portfolio turnover rate⁽²⁾		9.8	%		111.4	%		104.3	%		139.4	%		48.8	%		66.7	%

⁽¹⁾

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

⁽²⁾

Not annualized for periods less than one year.

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

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

⁽⁵⁾

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

⁽⁶⁾

Effective November 1, 2016 the expense limitation cap was reduced from 1.40% to 1.35% (this includes Rule 12b-1 fees of 0.25%).

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

PMC Diversified Equity Fund—Institutional Class


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months Ended February 20, 2020 (Unaudited)			Period Ended August 31, 2019 ⁽¹⁾
Net asset value, beginning of period	$	23.78		$	24.69

Income from investment operations:
Net investment income⁽²⁾		0.17			0.06
Net realized and unrealized loss		(0.32	)		(0.97	)

Total from investment operations		(0.15	)		(0.91	)

Less distributions paid:
Dividends from net investment income		(0.42	)		—

Total distributions paid		(0.42	)		—

Net asset value, end of period	$	23.21		$	23.78

Total return⁽³⁾		-0.82	%		-3.69	%

Ratios / supplemental data
Net assets, end of period	$	570,690		$	481
Ratio of expenses to average net assets⁽⁴⁾		0.70	%		0.73	%
Ratio of net investment income to average net assets⁽⁴⁾		1.36	%		1.42	%
Portfolio turnover rate⁽⁵⁾		9.8	%		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⁾

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.

PMC FUNDS

Notes to Financial Statements

February 29, 2020 (Unaudited)

(1)

Organization

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

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

(2)

Significant Accounting Policies

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

(a)

Investment Valuation

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

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

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

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

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

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

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

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

If market quotations are not readily available, any security or other financial instrument is valued at its fair value as determined under fair value pricing procedures approved 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 Board 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 by the Trust’s valuation committee.

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

•

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

•

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

•

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 29, 2020:

Core Fixed Income Fund


	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	26,388,948	$	—	$	26,388,948
Corporate Bonds*		—		96,871,810		—		96,871,810
Foreign Corporate Bonds*		—		29,512,385		—		29,512,385
Foreign Government Agency Issues		—		1,833,805		—		1,833,805
Foreign Government Notes/Bonds		—		26,188,272		—		26,188,272
Non-Agency Mortgage Backed Securities		—		29,740,466		—		29,740,466
Agency Mortgage Backed Securities		—		130,791,719		—		130,791,719
Municipal Bonds		—		3,979,245		—		3,979,245
U.S. Government Agency Issues		—		480,845		—		480,845
U.S. Government Notes/Bonds		—		63,481,178		—		63,481,178

Total Fixed Income Securities		—		409,268,673		—		409,268,673

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)


	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds		3,830,394		—		—		3,830,394
Money Market Funds		64,845,730		—		—		64,845,730

Total Investments in Securities	$	68,676,124	$	409,268,673	$	—	$	477,944,797

Other Financial Instruments⁽¹⁾
Futures	$	89,447	$	—	$	—	$	89,447

Total Other Financial Instruments	$	89,447	$	—	$	—	$	89,447

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

⁽¹⁾

Other financial instruments are futures contracts reflected in the Schedule of Open Futures Contracts. The amounts reflect the net unrealized appreciation (depreciation) on the contracts held.

The Fund did not hold any Level 3 securities during the six months ended February 29, 2020.

Diversified Equity Fund


	Level 1		Level 2		Level 3		Total
Equity
Common Stocks*	$	753,034,657	$	9,192,565	$	—	$	762,227,222
Preferred Stocks*		3,596,340		—		—		3,596,340
Exchange-Traded Funds		8,194,232		—		—		8,194,232
Real Estate Investment Trusts*		24,343,443		—		—		24,343,443

Total Equity		789,168,672		9,192,565		—		798,361,237
Money Market Funds		113,649,543		—		—		113,649,543

Total Investments in Securities	$	902,818,215	$	9,192,565	$	—	$	912,010,780

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, 2020.

In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time a Fund’s NAV is calculated (such as a significant surge or decline in the U.S. or other markets) could result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. To the extent that such events are significant, foreign securities will be priced in their local currencies as of the close of their primary exchange market or as of the valuation time or valuation date, whichever is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are translated to U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rate as of the close of the New York Stock Exchange (“NYSE”), generally at 4:00 P.M., Eastern time. The Adviser anticipates that a Fund’s portfolio holdings will be fair valued only if market quotations for those holdings are considered unreliable.

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

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

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 Diversified Equity Fund did not hold derivative instruments during the six months ended February 29, 2020.

Core Fixed Income Fund


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments	Statement of Assets & Liabilities Location		Value		Statement of Assets & Liabilities Location		Value
Interest Rate Contracts—Futures		Net Assets— Unrealized appreciation*	$	388,784		Net Assets— Unrealized depreciation*	$	299,337

Total			$	388,784			$	299,337

Reflects cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Open Futures Contracts. Only the current day’s variation margin is reflected in the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended February 29, 2020:


	Amount of Realized Loss on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures Contracts			Total
Interest Rate Contracts	$	(241,880	)	$	(241,880	)

Total	$	(241,880	)	$	(241,880	)


	Change in Unrealized Appreciation on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures Contracts			Total
Interest Rate Contracts	$	103,806		$	103,806

Total	$	103,806		$	103,806

The Funds are not subject to any Master Netting Agreements, therefore the Funds do not offset any assets or liabilities.

(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

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

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

(c)

Futures

The Funds may enter into futures contracts traded on domestic exchanges, including stock index futures contracts, as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of a Fund’s position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains and losses. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. As collateral for futures contracts, the Funds are required to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. At February 29, 2020, the Core Fixed Income Fund had cash and equivalents deposited as collateral with the broker for futures contracts of $1,047,132. The average monthly notional amount of futures contracts during the period was as follows:


Long Futures	$	38,396,320
Short Futures	$	4,480,566

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

(d)

Forward Foreign Currency Contracts

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

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. The Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Fund did not enter into any forward foreign currency contracts during the six months ended February 29, 2020.

(e)

Options

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

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

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

When purchasing options, the Fund will recognize a realized loss equal to the premium paid to purchase the option, if the option expires unexercised. The difference between the proceeds received on effecting a closing sale transaction and the premium paid will be recognized as a realized gain or loss. If a put option is exercised, the premium paid is deducted from the proceeds on the sale of the underlying security in determining whether the Fund has a realized gain or loss.

(f)

Security Loans

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

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

(g)

Federal Income Taxes

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

(h)

Distributions to Shareholders

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

(i)

Use of Estimates

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

(j)

Share Valuation

The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The Funds no longer charge a redemption fee, therefore the offering and redemption price per share are equal to a Fund’s net asset value per share.

(k)

Allocation of Income, Expenses and Gains/Losses

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

(l)

Other

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

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

(3)

Federal Tax Matters

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


Core Fixed Income Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2019	$	9,356,313	$	—
Year Ended August 31, 2018		5,812,230		4,399


Diversified Equity Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2019	$	17,179,903	$	65,726,487
Year Ended August 31, 2018		13,699,923		25,776,705

As of August 31, 2019, the components of accumulated earnings (losses) for income tax purposes were as follows:


	Core Fixed Income Fund			Diversified Equity Fund
Cost basis of investments for federal income tax purposes	$	429,703,619		$	937,399,954

Gross tax unrealized appreciation	$	18,610,605		$	87,228,287
Gross tax unrealized depreciation		(1,654,128	)		(48,673,962	)

Net tax unrealized appreciation	$	16,956,477		$	38,554,325

Undistributed ordinary income	$	6,795,317		$	11,441,933
Undistributed long-term capital gain		—			—

Total distributable earnings	$	6,795,317		$	11,441,933
Other accumulated loss		(1,317,917	)		(19,451,465	)

Total accumulated earnings	$	22,433,877		$	30,544,793

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

As of and for the year ended August 31, 2019, the Core Fixed Income Fund utilized short-term capital loss carryovers of $3,291,733, generated long-term capital loss carryovers of $163,778, and had long-term capital loss carryovers outstanding of $1,317,917. As of and for the year ended August 31, 2019, the Diversified Equity Fund generated short-term capital loss carryovers of $19,076,670. Capital loss carryovers are carried forward indefinitely to offset future realized capital gains. To the extent the Funds realize future net capital gains, taxable distributions to shareholders will be offset by any unused capital loss carryovers from the year ended August 31, 2019.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2019, the following table shows the reclassifications made:


	Core Fixed Income Fund			Diversified Equity Fund
Total distributable earnings	$	1,464		$	—
Paid In Capital	$	(1,464	)	$	—

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2019. Also, the Funds had recognized no interest and penalties related to uncertain

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

tax benefits in fiscal year 2019. At August 31, 2019, the fiscal years 2016 through 2019 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 Funds, with the Adviser to furnish investment advisory services to the Funds. Under terms of the Agreement, the Trust, on behalf of the Funds, compensates the Adviser for its management services at the annual rate of 0.53% for the Diversified Equity Fund and 0.80% for the Core Fixed Income Fund of each Fund’s average daily net assets.

The Adviser has contractually agreed to waive its management fees and/or reimburse a Fund’s other expenses at least through December 29, 2020 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, expenses incurred in connections with any merger or reorganizations, acquired fund fees and expenses, or extraordinary expenses such as litigation) do not exceed 0.75% 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. During the six months ended February 29, 2020, the Adviser recouped previously waived expenses of $104,095 related to the Diversified Equity Fund.

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, 2020	$	465,718	$	111,655
August 31, 2021	$	1,083,011	$	64,044
August 31, 2022	$	1,137,251	$	—
February 28, 2023	$	602,464	$	—

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

Core Fixed Income Fund

Neuberger Berman Investment Advisers LLC

Schroder Investment Management North America Inc.

(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 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, 2020, the Funds incurred fees pursuant to the 12b-1 Plan as follows:


Core Fixed Income Fund	$	290,564
Diversified Equity Fund	$	601,413

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

(6)

Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ Administrator under an Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. Fees incurred for the six months ended February 29, 2020, and owed as of February 29, 2020 are as follows:


	Incurred		Owed
Core Fixed Income Fund	$	106,536	$	53,493
Diversified Equity Fund	$	201,977	$	100,971

Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the year ended February 29, 2020, and owed as of February 29, 2020 are as follows:


Fund Accounting	Incurred		Owed
Core Fixed Income Fund	$	103,763	$	51,782
Diversified Equity Fund	$	128,002	$	61,823


Transfer Agency	Incurred		Owed
Core Fixed Income Fund	$	150,603	$	68,296
Diversified Equity Fund	$	203,772	$	91,413


Custody	Incurred		Owed
Core Fixed Income Fund	$	41,701	$	21,358
Diversified Equity Fund	$	63,989	$	37,798

The Funds each have a line of credit with US Bank (see Note 8).

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

The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 29, 2020, and owed as of February 29, 2020 is as follows:


	Incurred		Owed
Core Fixed Income Fund	$	10,556	$	5,279
Diversified Equity Fund	$	5,555	$	2,774

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

(7)

Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the six months ended February 29, 2020 are summarized below.


	Core Fixed Income Fund		Diversified Equity Fund
Purchases:
U.S. Government	$	144,978,165	$	—
Other		102,936,802		82,664,767

Total Purchases	$	247,914,967	$	82,664,767
Sales
U.S. Government	$	127,128,615	$	—
Other		115,998,984		85,422,587

Total Sales	$	243,127,599	$	85,422,587

(8)

Line of Credit

At February 29, 2020, the Core Fixed Income Fund and Diversified Equity Fund had secured lines of credit in the lessor 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 8, 2020. These secured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Funds’ securities serve as collateral for the lines of credit. The credit facility is with the Funds’ custodian, US Bank. Interest was scheduled to be incurred at the bank’s prime rate of 5.25% from September 1, 2019 through September 18, 2019, 5.00% from September 19, 2019 through October 30, 2019, and 4.75% thereafter. The Funds did not borrow on the line of credit during the six months ended February 29, 2020.

(9)

Securities Lending

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

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

PMC FUNDS

Notes to Financial Statements, continued

February 29, 2020 (Unaudited)

As of February 29, 2020, the market value of the securities on loan and value of collateral received for securities lending were as follows:


	Loaned Securities Market Value		Value of Cash Collateral		% of Net Assets
Core Fixed Income Fund	$	62,198,507	$	62,786,009		14.94	%
Diversified Equity Fund	$	96,851,240	$	100,626,957		11.94	%

The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC. The Schedule of Investments for each Fund includes the particular cash collateral holding as of February 29, 2020. The remaining contractual maturity of all securities lending transactions is overnight and continuous.

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

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

(10)

Subsequent Event

Recent Market Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions and the threat of tariffs imposed by the U.S. and other countries. These developments as well as other events, such as the U.S. presidential election, 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. As a result, the risk environment remains elevated. The Funds’ investment adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so.

Notice of Privacy Policy & Practices

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

•

information we receive about you on applications or other forms;

•

information you give us orally; and

•

information about your transactions with us or others.

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.

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

PMC FUNDS

Additional Information

(Unaudited)

Tax Information

For the fiscal year ended August 31, 2019, 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	61.38	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2019 was as follows:


Core Fixed Income Fund	0.00	%
Diversified Equity Fund	30.95	%

For the fiscal year ended August 31, 2019, taxable ordinary income distributions are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) for the Funds as follows:


Core Fixed Income Fund	0.00	%
Diversified Equity Fund	70.25	%

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.

PMC 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	19	Professor Emeritus, Department of Accounting (June 2019-present), Professor, Department of Accounting (2004-2019), Chair, Department of Accounting (2004-2017), Marquette University.	Independent Trustee, USA MUTUALS (an open-end investment company with two portfolios).

Gary A. Drska 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1956	Trustee	Indefinite Term; Since August 22, 2001	19	Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-present).	Independent Trustee, USA MUTUALS (an open-end investment company with two portfolios).

Jonas B. Siegel 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1943	Trustee	Indefinite Term; Since October 23, 2009	19	Retired (2011-present); Managing Director, Chief Administrative Officer (“CAO”) and Chief Compliance Officer (“CCO”), Granite Capital International Group, L.P. (an investment management firm) (1994-2011).	Independent Trustee, Gottex Trust (an open-end investment company) (2010-2016).

Interested Trustee and Officers

Joseph C. Neuberger* 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1962	Chairperson and Trustee	Indefinite Term; Since August 22, 2001	19	President (2017-present), Chief Operating Officer (2016-present), Executive Vice President (1994-2017), U.S. Bancorp Fund Services, LLC.	Trustee, Buffalo Funds (an open-end investment company) (2003-2017); Trustee, USA MUTUALS (an open-end investment company) (2001-2018).

John P. Buckel 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1957	President and Principal Executive Officer	Indefinite Term; Since January 24, 2013	N/A	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

PMC Funds

Additional Information (Continued)

(Unaudited)



Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Elizabeth B. Scalf 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1985	Chief Compliance Officer, Vice President and Anti-Money Laundering Officer	Indefinite Term; Since July 1, 2017	N/A	Senior Vice President, U.S. Bancorp Fund Services, LLC (February 2017-present); Vice President and Assistant CCO, Heartland Advisors, Inc. (December 2016-January 2017); Vice President and CCO, Heartland Group, Inc. (May 2016-November 2016); Vice President, CCO and Senior Legal Counsel (May 2016-November 2016), Assistant CCO and Senior Legal Counsel (January 2016-April 2016), Senior Legal and Compliance Counsel (2013-2015), Heartland Advisors, Inc.	N/A

Jay S. Fitton 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1970	Secretary	Indefinite Term; Since July 22, 2019	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2019-present); Partner, Practus, LLP (2018-2019); Counsel, Drinker Biddle & Reath LLP (2016-2018); Counsel, Huntington Bancshares, Inc. (2011-2015).	N/A

Kelly A. Burns 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

Melissa Aguinaga 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1987	Assistant Treasurer	Indefinite Term; Since July 1, 2015	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2010-present).	N/A

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

Mr. Neuberger 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.

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’ Part F of Form N-PORT 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 annual and semi-annual reports you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at (866) PMC-7338 to request individual copies of these documents. Once the Funds receive notice to stop householding, we will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

PMC FUNDS


Investment Adviser		*Envestnet Asset Management, Inc.* 35 East Wacker Drive, 24th Floor Chicago, Illinois 60601

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

Independent Registered Public Accounting Firm		*Deloitte & Touche LLP* 555 East Wells Street 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.

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, President

Date 4/30/20

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

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

John Buckel, President

Date 4/30/20

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

Jennifer Lima, Treasurer

Date 4/30/20

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