Table of Contents

 

LOGO

 

PMC Funds

 

PMC Core Fixed Income Fund

Advisor Class Shares: (PMFIX)

Institutional Class Shares: (PMFQX)

 

PMC Diversified Equity Fund

Advisor Class Shares: (PMDEX)

Institutional Class Shares: (PMDQX)

 

ActivePassive ETFs

 

ActivePassive Core Bond ETF (APCB)

ActivePassive Intermediate Municipal Bond ETF (APMU)

ActivePassive International Equity ETF (APIE)

ActivePassive U.S. Equity ETF (APUE)

 

Annual Report

 

August 31, 2023


Table of Contents

Table of Contents

 


 

LETTER TO PMC FUNDS SHAREHOLDERS

     3  

LETTER TO ACTIVEPASSIVE ETFS SHAREHOLDERS

     7  

EXPENSE EXAMPLES

     13  

INVESTMENT HIGHLIGHTS

     15  

SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND

     30  

SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND

     52  

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE CORE BOND ETF

     71  

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF

     88  

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

     93  

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE U.S. EQUITY ETF

     101  

STATEMENTS OF ASSETS AND LIABILITIES

     107  

STATEMENTS OF OPERATIONS

     108  

STATEMENTS OF CHANGES IN NET ASSETS

     109  

FINANCIAL HIGHLIGHTS

     115  

NOTES TO FINANCIAL STATEMENTS

     123  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     140  

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (PMC FUNDS)

     142  

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT (PMC  CORE FIXED INCOME FUND)

     145  

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (ACTIVEPASSIVE ETFS)

     147  

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENTS (ACTIVEPASSIVE ETFS)

     150  

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

     156  

NOTICE OF PRIVACY POLICY & PRACTICES

     157  

ADDITIONAL INFORMATION

     158  


Table of Contents

PMC Funds

Letter to Shareholders

(Unaudited)

 

To our Shareholders:

 

We are pleased to present you with the Annual Report for the PMC Funds mutual fund family. This report covers both the fiscal quarter and one-year period ended August 31, 2023.

 

The table below presents the standardized performance of the PMC Funds relative to their respective benchmarks. The past twelve month period ended August 31, 2023 has been one in which the global economy has continued to struggle due to the ongoing effects of high inflation. The U.S. consumer has held up the domestic economy in 2023, but warning signs have begun to appear. Consumer confidence declined in August, and job openings were lower in July. In addition, real gross domestic product (GDP)1 for the second quarter 2023 was revised lower to an annual rate of 2.1%, and corporate profits declined. Consumer confidence is notoriously fragile, and if consumers believe their jobs are in jeopardy they will rein in spending. Historically, if consumer confidence declines for several months, this has often presaged an economic downturn. Consumers may be feeling pressure on several fronts, including the potential for a government shutdown at the beginning of the fiscal year in October, the end to the moratorium on student loan repayments, rising mortgage rates that now exceed 7%, the United Auto Workers strike, and the jump in oil prices. Oil prices have risen sharply in recent weeks, and are up 25% from levels earlier in the year. Saudi Arabia has been able to inject additional supply when oil prices get so high that demand is crimped, but it is more difficult for them to manage the price of oil given the sanctions on Russia and the increasing demand coming from China. Economists warn that if oil prices exceed $100 for more than a few weeks consumers will further scale back spending and the economy will have difficulty avoiding recession. Economies in Europe and China also bear close watching. Europe has experienced choppy economic data in 2023, and leading indicators such as the Purchasing Managers Index have recently flashed warning signs. China is also in the throes of an economic slowdown led by another property crisis. Property prices are declining, economic growth is slowing, and the country’s policymakers have stopped reporting weak economic data. Economists question whether China has the levers to pull to reinvigorate growth.

 

The Federal Open Market Committee (FOMC) has been actively striving to corral inflation and bring the U.S. economy to a soft landing in the hopes of averting a recession. The FOMC has aggressively raised the federal funds target rate since its low 18 months ago. Over the past year the committee has hiked the rate seven times, from a range of 2.25%-2.50% on August 31, 2022 to its current range of 5.25%-5.50%. Over the past 18 months, the FOMC has raised the fed funds rate a total of 11 times. The consensus among economists is that the recent reduction in inflation means that this cycle of interest rate increases has likely ended unless inflation accelerates once again.

 

Despite the concerns about the economy stock prices have remained resilient throughout this period. After suffering an 18.1% decline in 2022–its steepest drop since 2008–the S&P 500 Index has posted an 18.7% gain so far in 2023. The gains have been decidedly top-heavy, with some of the largest technology companies driving the performance of the index, while the broader market has not generated returns nearly as impressive.

 

The Bureau of Economic Analysis released the second estimate of the second quarter 2023 real GDP, a seasonally adjusted annualized rise of 2.1%, lower than the prior estimate, and in line with the increase in the prior quarter. The employment situation has been lukewarm over the past year. The August employment report showed that employers added 187,000 jobs in the month, and that the unemployment rate was slightly higher at 3.8%. As mentioned above, the FOMC, in its continuing effort to tame inflation, raised its federal funds rate target range by 0.25% in the quarter, to 5.00% to 5.25%, from a range of 4.75% to 5.00%. The yield on the 10-year U.S. Treasury climbed from 3.2% to 4.1% over the twelve months ended August 31, 2023.


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

 

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Total Returns as of August 31, 2023*

 

*Periods of Less than 1-Year Are Unannualized

 

Fund


  Three
Months

    Six
Months

    One
Year

    Five
Year
    Ten
Year
    Since
Inception

    Inception
Date

    Gross
Expense
Ratio

 

PMC Diversified Equity Fund – Adv. Class

    7.16     7.04     13.94     5.44     7.32     8.66     8-26-09       0.93 %** 

PMC Diversified Equity Fund – Inst. Class

    7.19     7.15     14.19     NA       NA       7.33     7-1-19       0.68 %** 

MSCI World Index Net Return

    6.99     11.11     15.60     8.33     9.28     9.54                

PMC Core Fixed Income Fund – Adv. Class

    -0.68     1.10     -0.89     0.74     1.41     3.21     9-28-07       1.13 %** 

PMC Core Fixed Income Fund – Inst. Class

    -0.61     1.25     -0.67     NA       NA       -0.43     7-1-19       0.88 %** 

Bloomberg U.S. Aggregate Bond Index

    -1.06     0.95     -1.19     0.49     1.48     2.78                

 

*   Periods of Less than 1-Year Are Unannualized
**   Gross expense ratio as disclosed in the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.

 

The S&P 500 Index represents a broad cross-section of the U.S. equity market, including common stocks traded on U.S. exchanges. The MSCI World Index captures large and mid-cap representation across 23 Developed Markets countries. The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. An investor cannot invest directly in an index.

 

Past performance is no guarantee of future returns. Current performance may be higher or lower than the performance data shown. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, please visit the Funds’ website at www.investpmc.com or by calling 888-762-7338.

 

PMC Diversified Equity Fund

 

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

 

One of the primary drivers of the Fund’s performance is its exposure to the well-known value, momentum and quality asset pricing factors. Over the past year ended August 31, 2023, asset pricing factors have generally performed poorly. The one exception is the quality factor, which is the tendency for stocks of more highly profitable and financially strong companies within an index to outperform those exhibiting less financial strength. The poor factor performance translated into Fund performance that, while strong in absolute terms, lagged that of the benchmark over the twelve-month period ended August 31, 2023. For the most recent three-month period, the Advisor Class of the Fund generated a return of 7.16%, outperforming the 6.99% return of the Fund’s benchmark index, MSCI World Index Net Return. For the twelve months ended August 31, 2023, the Fund generated a total return of 13.94%, underperforming the 15.60% return of the benchmark. The primary driver of the Fund’s performance during the year was the aggregate performance of the asset pricing factors toward which the portfolio is tilted. The Fund has maintained positive tilts to the size, value, momentum and quality factors. The Fund’s orientation toward value stocks was a key detractor from the performance relative to the benchmark, and its exposure to the momentum and quality factors was modestly additive to relative performance. However, performance was negatively impacted by having a lower weighted average market capitalization than the benchmark, as stocks of smaller companies significantly underperformed stocks of larger companies. Relative performance was also disadvantaged during both the most recent three- and six-month periods from a slight underweight to domestic equities relative to European equities. Among the positive contributors to performance during the year were limited underweights to the information technology and communications services sectors. Security selection in the health care, utilities, and real estate sectors also contributed positively to performance during the year. Among the detractors from performance was security selection in the information technology and communications services 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 twelve months underweights to well-known companies such as NVIDIA Corp. (NVDA), Apple, Inc. (AAPL), and Microsoft Corp. (MSFT) resulted in underperformance. However, overweights to PulteGroup, Inc. (PHM), Broadcom, Inc. (AVGO) and D.R. Horton, Inc. (DHI) benefited performance.

 

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

 

PMC Core Fixed Income Fund

 

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

 

Over the past 12 months ended August 31, 2023, the environment for fixed income securities has once again been marked by significantly rising yields resulting from the FOMC’s decision to aggressively raise short-term interest rates in an effort to combat decades-high inflation. The FOMC recently raised the fed funds rate to a range of 5.25%-5.50%, up a full three percentage points over the level on August 31, 2022. The FOMC’s actions seem to have had a positive impact, as inflation is moderating from the acceleration of a year ago. As a result, many economists believe the FOMC has completed its rate increases for this cycle. Against this backdrop, the Fund generated negative returns for the three-month and one-year periods ended August 31, 2023. For the most recent three-month period, the Advisor Class of the Fund generated a return of -0.68%, slightly outperforming the benchmark Bloomberg U.S. Aggregate Bond Index return of -1.06%. For the twelve months ended August 31, 2023, the Advisor Class of the Fund posted a return of -0.89%, outperforming the benchmark return of -1.19%. The primary factors positively impacting performance over the past 12-month period were an underweight to U.S. Treasury securities and security selection in the corporate bond segment. The primary detractors from performance included the Fund’s aggregate underweight to securitized bonds, and security selection in the U.S. Treasury and government-related securities areas.

 

The primary risks to the strategies employed by the Fund’s investment adviser and 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 U.S. Treasury securities consequently rise relative to credits. In addition, if the general level of interest rates continues to rise rapidly, the Fund will not be immune to further losses. Similarly, if certain of the individual credits currently owned by the Fund are adversely affected by economic events, the Fund itself will also be affected.

 

Remarks

 

The U.S. economy is muddling along, with economists having mixed opinions as to whether the FOMC will be able to create conditions that allows the economy to glide to a soft landing or enter a recession. It appears the FOMC has been able to arrest the rise in inflation, with the consensus among economists being that the committee’s rate increase regime has ended. U.S. consumers have been resilient, but confidence is beginning to erode, and is at risk as a result of several factors, including a significant rise in mortgage rates and a surge in oil prices. There are a number of potential downside risks outlined by economists, including a government shutdown at the beginning of the fiscal year in October if Congress cannot come to agreement in the coming weeks; property market weakness in China, which has the potential to impact the global economy; and a continuation in the recent surge in oil prices.

 

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.

 

LOGO

 

Brandon R. Thomas

Co-Founder and Co-Chief Investment Officer

Envestnet Asset Management

 

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Envestnet Asset Management

 

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

 

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

 

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

 

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

 

Please see the prospectus

(https://www.investpmc.com/sites/default/files/documents/PMC%20Statutory%20Prospectus%2012.29.2022.pdf) for a complete description of the risks associated with investing in the PMC Funds.

 

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

 

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ActivePassive ETFs

Letter to Shareholders

(Unaudited)

 

To our Shareholders:

 

We are pleased to present you with the Annual Report for the ActivePassive ETF fund family. This report covers both the fiscal quarter and since inception period ended August 31, 2023.

 

The table below presents the standardized performance of the ActivePassive ETFs relative to their respective benchmarks. The ActivePassive ETFs opened on May 2 of this year, launching into a economic period full of complexity. The global economy has continued to struggle due to the ongoing effects of high inflation. The U.S. consumer has held up the domestic economy in 2023, but warning signs have begun to appear. Consumer confidence declined in August, and job openings were lower in July. In addition, real gross domestic product (GDP)1 for the second quarter 2023 was revised lower to an annual rate of 2.1%, and corporate profits declined. Consumer confidence is notoriously fragile, and if consumers believe their jobs are in jeopardy they will rein in spending. Historically, if consumer confidence declines for several months, this has often presaged an economic downturn. Consumers may be feeling pressure on several fronts, including the potential for a government shutdown at the beginning of the fiscal year in October, the end to the moratorium on student loan repayments, rising mortgage rates that now exceed 7%, the United Auto Workers strike, and the jump in oil prices. Oil prices have risen sharply in recent weeks, and are up 25% from levels earlier in the year. Saudi Arabia has been able to inject additional supply when oil prices get so high that demand is crimped, but it is more difficult for them to manage the price of oil given the sanctions on Russia and the increasing demand coming from China. Economists warn that if oil prices exceed $100 for more than a few weeks consumers will further scale back spending and the economy will have difficulty avoiding recession. Economies in Europe and China also bear close watching. Europe has experienced choppy economic data in 2023, and leading indicators such as the Purchasing Managers Index have recently flashed warning signs. China is also in the throes of an economic slowdown led by another property crisis. Property prices are declining, economic growth is slowing, and the country’s policymakers have stopped reporting weak economic data. Economists question whether China has the levers to pull to reinvigorate growth.

 

The Federal Open Market Committee (FOMC) has been actively striving to corral inflation and bring the U.S. economy to a soft landing in the hopes of averting a recession. The FOMC has aggressively raised the federal funds target rate since its low 18 months ago. Over the past year the committee has hiked the rate seven times, from a range of 2.25%-2.50% on August 31, 2022 to its current range of 5.25%-5.50%. Over the past 18 months, the FOMC has raised the fed funds rate a total of 11 times. The consensus among economists is that the recent reduction in inflation means that this cycle of interest rate increases has likely ended unless inflation accelerates once again.

 

Despite the concerns about the economy stock prices have remained resilient throughout this period. After suffering an 18.1% decline in 2022–its steepest drop since 2008–the S&P 500 Index has posted an 18.7% gain so far in 2023. The gains have been decidedly top-heavy, with some of the largest technology companies driving the performance of the index, while the broader market has not generated returns nearly as impressive.


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

 

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The Bureau of Economic Analysis released the second estimate of the second quarter 2023 real GDP, a seasonally adjusted annualized rise of 2.1%, lower than the prior estimate, and in line with the increase in the prior quarter. The employment situation has been lukewarm over the past year. The August 2023 employment report showed that employers added 187,000 jobs in the month, and that the unemployment rate was slightly higher at 3.8%. As mentioned above, the FOMC, in its continuing effort to tame inflation, raised its federal funds rate target range by 0.25% in the quarter, to 5.00% to 5.25%, from a range of 4.75% to 5.00%. The yield on the 10-year U.S. Treasury climbed from 3.2% to 4.1% over the twelve months ended August 31, 2023.

 

Total Returns as of August 31, 2023*

 

*Periods of Less than 1-Year Are Unannualized

 

Fund


         Three
Months

  Six
Months

   Since
Inception

  Inception
Date

   Gross
Expense
Ratio**

ActivePassive US Equity ETF (ticker: APUE)     @Market      8.67%   n/a    10.95%   5/2/2023    0.33%
      @NAV      8.55%        10.78%         

CRSP U.S. Total Market Index

           8.51%        10.37%         
ActivePassive International Equity ETF (ticker: APIE)     @Market      4.50%   n/a    2.16%   5/2/2023    0.45%
      @NAV      4.70%        2.12%         

S&P Classic ADR Composite Index (USD) NTR

           3.91%        1.05%         
ActivePassive Core Bond ETF (ticker: APCB)     @Market      -0.80%   n/a    -1.80%   5/2/2023    0.36%
      @NAV      -0.84%        -1.96%         

Bloomberg U.S. Aggregate Bond Index

           -1.06%        -2.12%         

ActivePassive Intermediate Municipal Bond ETF (ticker: APMU)

    @Market      -0.15%   n/a    -1.93%   5/2/2023    0.35%
      @NAV      -0.01%        -1.94%         

Bloomberg Municipal 1-10 Year Blend Index

           0.24%        -0.64%         

 

*   Periods of Less than 1-Year Are Unannualized
**   Gross expense ratio as disclosed in the prospectus dated March 9, 2023, as amended March 31, 2023, includes Acquired Fund Fees and Expenses. Please see the Financial Highlights in this report for the most recent expense ratio.

 

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

 

An investor cannot invest directly in an index. Past performance is no guarantee of future returns. Current performance may be higher or lower than the performance data shown. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Short term performance, in particular, is not a good indication of a fund’s future performance, and an investment should not be made based solely on returns. For the most recent month-end performance, please visit the Funds’ website at www.activepassive.com or by calling 800-617-0004.

 

 

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

 

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

 

ActivePassive U.S. Equity ETF

 

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

 

The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the CRSP U.S. Total Market Index (the “Benchmark Index”). The Fund also employs a factor active strategy for a portion of the investment portfolio. Passive exposure within the large cap sleeve of the portfolio contributed to results and was a driver of the overall performance in the past three months. In the up-trending market environment for U.S. equities over the past three months, passive strategies have been rewarded. The exposure to well-known value, momentum, and quality asset pricing factors was mixed in its relative contribution to performance. Within the small cap sleeve, factor exposure benefited the Fund, whereas factor exposure within large cap detracted from results. The Fund generated results of 8.55% (NAV), slightly outpacing the Benchmark Index return of 8.51% by 4 basis points, for the three-month period ended August 31, 2023.

 

In the trailing three months, contributors to performance include exposure to the Information Technology, Consumer Cyclical, and Financial Services sectors, all of which outperformed the Benchmark Index. Detracting from performance was exposure to the weaker performing Utilities, Consumer Defensive, and Real Estate sectors, all of which lagged the Benchmark Index in the trailing three months. The small cap sleeve’s positive relative performance outpaced the large cap sleeve results and was a key driver of the narrow outperformance.

 

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

 

ActivePassive International Equity ETF

 

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

 

The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the S&P Classic ADR Composite Index (USD) NTR (the “Benchmark Index”). The Fund also employs a factor active strategy for a portion of the investment portfolio. Strong relative outperformance from the foreign large value equity sleeve and the emerging market equity sleeve drove much of the outperformance over the prior three-month period. The foreign large growth sleeve underperformed as growth equities generally lagged value equities within international equity markets. European equities generally posted weaker relative performance while stronger relative performance from Latin America contributed to results. Stock selection within China and United Kingdom contributed to relative outperformance while

 

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negative stock selection in France and Germany detracted from results. For the three-month period ended August 31, 2023, the Fund generated performance of 4.70% (NAV), which outpaced the Benchmark Index return of 3.91% by 79 basis points.

 

In addition to the risk that the investment strategies employed in the Fund may underperform the benchmark indices, the primary risks continue to involve systematic risk. Because the Adviser and Sub-advisers control the risk of the portfolio relative to the benchmark, the overall portfolio should track the Fund’s benchmark fairly closely on a relative basis. However, in general market declines the Fund’s fully invested strategy would incur a setback commensurate with the decline in the benchmark.

 

ActivePassive Core Bond ETF

 

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

 

The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the Bloomberg U.S. Aggregate Bond Index (the “Benchmark Index”). Strong relative performance from the active manager sleeves as well as the international bond sleeve, with each slightly outperforming the Benchmark Index, contributed to portfolio results. Over the past 3 months the environment for fixed income securities has to been marked by rising yields resulting from the FOMC’s decision to aggressively raise short-term interest rates in an effort to combat decades-high inflation. The FOMC recently raised the fed funds rate to a range of 5.25%-5.50%. The committee’s actions seem to have had a positive impact, as inflation is moderating from the acceleration of a year ago. As a result, many economists believe the FOMC has completed its rate increases for this cycle. Within this environment, the Fund generated results of -0.84% (NAV), outpacing the Benchmark Index return of -1.06% by 22 basis points, for the three-month period ended August 31, 2023. The passively managed sleeve trailed active manager performance as active credit selection and sector positioning proved additive within fixed income. The primary contributors to fund performance include corporate credit exposure and short duration securities, while U.S. Treasury securities and mortgage- and asset-backed securities were the primary detractors from results. Slightly shorter duration positioning within the Fund relative to the Benchmark Index added to performance as longer duration securities lagged amid the rising rate environment.

 

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

 

ActivePassive Intermediate Municipal Bond ETF

 

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

 

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The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the Bloomberg Municipal 1-10 Year Blend Index (the “Benchmark Index”). Over the past 3 months the environment for fixed income securities has been marked by rising yields, including within the municipal fixed income markets. While the FOMC’s ongoing path to combat inflation will continue to have a factor on yields, the long-term trend in lower supply also continues to influence the direction of the municipal markets. The passively managed and actively managed sleeves both slightly trailed the benchmark over the trailing three months. Lower quality municipal bonds generally outperformed leading to some relative weakness for the higher quality issues in the portfolio. Shorter duration municipals outpaced longer duration amid a rising rate environment. The Fund generated results of -0.01% (NAV), trailing the Benchmark Index return of 0.24% by 25 basis points, for the three-month period ended August 31, 2023.

 

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

 

Remarks

 

The U.S. economy is muddling along, with economists having mixed opinions as to whether the FOMC will be able to create conditions that allows the economy to glide to a soft landing or enter a recession. It appears the FOMC has been able to arrest the rise in inflation, with the consensus among economists being that the committee’s rate increase regime has ended. U.S. consumers have been resilient, but confidence is beginning to erode, and is at risk as a result of several factors, including a significant rise in mortgage rates and a surge in oil prices. There are a number of potential downside risks outlined by economists, including a government shutdown at the beginning of the fiscal year in October if Congress cannot come to agreement in the coming weeks; property market weakness in China, which has the potential to impact the global economy; and a continuation in the recent surge in oil prices.

 

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

 

LOGO    LOGO

Brandon R. Thomas

Co-Founder and Co-Chief Investment Officer

Envestnet Asset Management

  

Gregory A. Classen

Principal Director, Portfolio Management

Envestnet Asset Management

 

11


Table of Contents

Envestnet Asset Management

 

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

 

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

 

Diversification neither assures a profit nor guarantees against loss in a declining market. Holdings are subject to change and are not a recommendation to buy or sell any security. Please see the schedule of holdings for a full list of fund holdings. Investments in smaller companies carry greater risk than is customarily associated with larger companies for various reasons such as volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. Investing overseas involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. Income (bond) funds are subject to interest rate risk, which is the risk that debt securities in a fund’s portfolio will decline in value because of increases in market interest rates.

 

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

 

 

12


Table of Contents

ENVESTNET FUNDS

Expense Examples

(Unaudited)

 

As a shareholder of the PMC 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. As a shareholder of the ActivePassive ETFs (together with the PMC Funds, the “Funds”), you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares, and (2) ongoing costs, including management fees of the Fund. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other 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 (March 1, 2023 - August 31, 2023).

 

  Actual   Expenses

 

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

 

  Hypothetical   Example for Comparison Purposes

 

The second lines of the following tables provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, 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
3/1/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
3/1/23-8/31/23*

 

PMC Core Fixed Income Fund–Advisor Class

                          

Actual

   $ 1,000.00      $ 1,011.00      $ 4.31  

Hypothetical (5% return before expenses)

     1,000.00        1,020.92        4.33  
*   Expenses are equal to the Fund’s annualized net expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

 

13


Table of Contents
     Beginning
Account Value
3/1/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
3/1/23-8/31/23*

 

PMC Core Fixed Income Fund–Institutional Class

                          

Actual

   $ 1,000.00      $ 1,012.50      $ 3.04  

Hypothetical (5% return before expenses)

     1,000.00        1,022.18        3.06  
*   Expenses are equal to the Fund’s annualized net expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

 

     Beginning
Account Value
3/1/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
3/1/23-8/31/23*

 

PMC Diversified Equity Fund–Advisor Class

                          

Actual

   $ 1,000.00      $ 1,070.40      $ 4.91  

Hypothetical (5% return before expenses)

     1,000.00        1,020.47        4.79  
*   Expenses are equal to the Fund’s annualized expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

 

     Beginning
Account Value
3/1/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
3/1/23-8/31/23*

 

PMC Diversified Equity Fund–Institutional Class

                          

Actual

   $ 1,000.00      $ 1,071.50      $ 3.60  

Hypothetical (5% return before expenses)

     1,000.00        1,021.73        3.52  
*   Expenses are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

 

     Beginning
Account Value
5/2/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
5/2/23-8/31/23*

 

ActivePassive Core Bond ETF

                          

Actual

   $ 1,000.00      $ 980.40      $ 1.16  

Hypothetical (5% return before expenses)

     1,000.00        1,015.54        1.18  
*   Expenses are equal to the Fund’s annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 122/365 to reflect the one-half year period.

 

     Beginning
Account Value
5/2/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
5/2/23-8/31/23*

 

ActivePassive Intermediate Municipal Bond ETF

                          

Actual

   $ 1,000.00      $ 980.60      $ 1.16  

Hypothetical (5% return before expenses)

     1,000.00        1,015.54        1.18  
*   Expenses are equal to the Fund’s annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 122/365 to reflect the one-half year period.

 

     Beginning
Account Value
5/2/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
5/2/23-8/31/23*

 

ActivePassive International Equity ETF

                          

Actual

   $ 1,000.00      $ 1,021.20      $ 1.52  

Hypothetical (5% return before expenses)

     1,000.00        1,015.21        1.52  
*   Expenses are equal to the Fund’s annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 122/365 to reflect the one-half year period.

 

     Beginning
Account Value
5/2/23

     Ending
Account Value
8/31/23

     Expenses Paid
During Period
5/2/23-8/31/23*

 

ActivePassive U.S. Equity ETF

                          

Actual

   $ 1,000.00      $ 1,107.80      $ 1.06  

Hypothetical (5% return before expenses)

     1,000.00        1,015.71        1.01  
*   Expenses are equal to the Fund’s annualized expense ratio of 0.30%, multiplied by the average account value over the period, multiplied by 122/365 to reflect the one-half year period.

 

14


Table of Contents

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 August 31, 2023 is shown below.

 

Allocation of Portfolio Holdings

% of Net assets

 

LOGO

 

 ^   Excludes securities lending collateral.

 

 

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Table of Contents

PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     PMC Core
Fixed Income
Fund–Advisor
Class

    Bloomberg U.S.
Aggregate Bond
Index

 

One Year

     -0.89     -1.19

Five Year

     0.74     0.49

Ten Year

     1.41     1.48

Since Inception (9/28/07)

     3.21     2.78
    


 


 

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

 

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

 

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

 

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on August 31, 2013. The graph does not reflect any future performance.

 

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

 

One cannot invest directly in an index.

 

LOGO

 

16


Table of Contents

PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     PMC Core
Fixed Income
Fund–Institutional
Class

    Bloomberg U.S.
Aggregate Bond
Index

 

One Year

     -0.67     -1.19

Since Inception (7/1/19)

     -0.43     -1.04
    


 


 

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

 

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

 

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

 

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

 

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

 

One cannot invest directly in an index.

 

LOGO

 

  *   Inception Date

 

17


Table of Contents

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 August 31, 2023 is shown below.

 

LOGO

 

  ^   Excludes securities lending collateral.

 

18


Table of Contents

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     PMC Diversified
Equity Fund–
Advisor Class

    MSCI
World Index
Net Return

 

One Year

     13.94     15.60

Five Year

     5.44     8.33

Ten Year

     7.32     9.28

Since Inception (8/26/09)

     8.66     9.54
    


 


 

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

 

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

 

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

 

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

 

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on August 31, 2013. The graph does not reflect any future performance.

 

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

 

One cannot invest directly in an index.

 

Continued

 

19


Table of Contents

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

 

LOGO

 

20


Table of Contents

PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     PMC Diversified
Equity Fund–
Institutional Class

    MSCI
World Index
Net Return

 

One Year

     14.19     15.60

Since Inception (7/1/19)

     7.33     9.42
    


 


 

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

 

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

 

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

 

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

 

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

 

One cannot invest directly in an index.

 

LOGO

 

  *   Inception Date

 

21


Table of Contents

ActivePassive Core Bond ETF (APCB)

Investment Highlights (Unaudited)

 

The investment objective of the Fund is to provide current income consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of August 31, 2023 is shown below.

 

Allocation of Portfolio Holdings

% of Net assets

 

LOGO

 

 

22


Table of Contents

ActivePassive Core Bond ETF (APCB)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     ActivePassive
Core Bond
ETF (NAV)

    ActivePassive
Core Bond ETF

(Market Price)
    Bloomberg U.S.
Aggregate Bond
Index

 

Since Inception (5/2/23)

     -1.96     -1.80     -2.12
    


 


 


 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.

 

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

 

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

 

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.

 

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

 

One cannot invest directly in an index.

 

LOGO

 

  *   Inception Date

 

23


Table of Contents

ActivePassive Intermediate Municipal Bond ETF (APMU)

Investment Highlights (Unaudited)

 

The investment objective of the Fund is to provide current income that is exempt from federal income taxes consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of August 31, 2023 is shown below.

 

Allocation of Portfolio Holdings

% of Net assets

 

LOGO

 

 

24


Table of Contents

ActivePassive Intermediate Municipal Bond ETF (APMU)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     ActivePassive
Intermediate
Municipal
Bond ETF

(NAV)
    ActivePassive
Intermediate
Municipal
Bond ETF

(Market Price)
    Bloomberg
Municipal
1-10 Year
Blend Index

 

Since Inception (5/2/23)

     -1.94     -1.93     -0.64
    


 


 


 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.

 

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

 

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

 

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.

 

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

 

One cannot invest directly in an index.

 

LOGO

 

  *   Inception Date

 

25


Table of Contents

ActivePassive International Equity ETF (APIE)

Investment Highlights (Unaudited)

 

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of August 31, 2023 is shown below.

 

LOGO

 

 

26


Table of Contents

ActivePassive International Equity ETF (APIE)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     ActivePassive
International
Equity ETF
(NAV)

    ActivePassive
International
Equity ETF

(Market Price)
    S&P Classic
ADR
Composite
Index NTR

 

Since Inception (5/2/23)

     2.12     2.16     1.05
    


 


 


 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.

 

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

 

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

 

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.

 

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

 

One cannot invest directly in an index.

 

LOGO

 

  *   Inception Date

 

27


Table of Contents

ActivePassive U.S. Equity ETF (APUE)

Investment Highlights (Unaudited)

 

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of August 31, 2023 is shown below.

 

LOGO

 

 

28


Table of Contents

ActivePassive U.S. Equity ETF (APUE)

Investment Highlights (Unaudited) (Continued)

 

Average Annual Returns as of August 31, 2023

 

     ActivePassive
U.S. Equity
ETF (NAV)

    ActivePassive
U.S. Equity ETF

(Market Price)
    CRSP U.S. Total
Market Index

 

Since Inception (5/2/23)

     10.78     10.95     10.37
    


 


 


 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.

 

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

 

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

 

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.

 

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

 

One cannot invest directly in an index.

 

LOGO

 

  *   Inception Date

 

29


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023

 

     Principal
Amount

     Value
 
ASSET BACKED SECURITIES—11.13%                  

37 Capital CLO I

                 

2021-1, 6.770% (TSFR3M + 1.462%), 10/15/2034(b)

   $ 1,000,000      $ 988,515  

AM Capital Funding LLC

                 

2018-1, 4.980%, 12/15/2023

     760,000        760,348  

Amur Equipment Finance Receivables XI LLC

                 

2022-2A, 5.300%, 06/21/2028

     218,226        216,365  

Amur Equipment Finance Receivables XII LLC

                 

A-2, 6.090%, 12/20/2029

     610,000        611,867  

Angel Oak Mortgage Trust

                 

2021-3, 1.068%, 05/25/2066(c)

     584,184        486,527  

2022-5, 4.500%, 05/25/2067

     488,230        468,157  

Aqua Finance Trust 2021-A

                 

2021-A, 1.540%, 07/17/2046

     425,415        376,627  

Avis Budget Rental Car Funding AESOP LLC

                 

2018-2 B, 4.250%, 03/20/2025

     360,000        357,483  

2019-3 A, 2.360%, 03/20/2026

     376,000        358,159  

2020-2 B, 2.960%, 02/20/2027

     852,000        790,497  

Beacon Container Finance II LLC

                 

2021-1A, 2.250%, 10/22/2046

     867,300        747,813  

BlueMountain CLO Ltd.

                 

2013-2R, 6.787% (TSFR3M + 1.442%), 10/22/2030(b)

     296,725        295,981  

BMW Vehicle Owner Trust

                 

2023-A, 5.470%, 02/25/2028

     549,000        551,958  

Carmax Auto Owner Trust

                 

2023-3, 5.280%, 05/15/2028

     592,000        592,302  

CCG Receivables Trust

                 

2023-1, 5.820%, 09/16/2030

     400,000        400,480  

Cedar Funding VI CLO Ltd.

                 

2016-6A, 6.638% (TSFR3M + 1.312%), 04/20/2034(b)

     1,480,000        1,459,196  

Crown Castle Towers LLC

                 

4.241%, 07/15/2028

     439,000        406,487  

DLLAA LLC

                 

2023-1, 5.640%, 02/22/2028

     381,000        384,248  

Dryden 75 CLO Ltd.

                 

2019-75R2, 6.610% (TSFR3M + 1.302%), 04/15/2034(b)

     850,000        840,547  

Fort Washington CLO Ltd.

                 

2021-2A, 6.808% (TSFR3M + 1.482%), 10/20/2034(b)

     2,000,000        1,989,034  

Frontier Issuer LLC

                 

2023-1, 6.600%, 08/20/2053

     691,000        671,240  

GCAT Trust

                 

2019-NQM3, 2.686%, 11/25/2059(c)

     104,111        96,525  

2021-NQM5, 1.262%, 07/25/2066

     482,097        378,698  

GM Financial Automobile Leasing Trust

                 

2023-3, 5.380%, 11/20/2026

     552,000        552,885  

Hyundai Auto Receivables Trust

                 

2023-B, 5.480%, 04/17/2028

     458,000        461,133  

JPMorgan Chase Bank NA—CACLN

                 

2021-3, 0.760%, 02/26/2029

     661,464        631,761  

Kubota Credit Owner Trust

                 

2023-2, 5.280%, 01/18/2028

     444,000        443,762  

Madison Park Funding XXVI Ltd.

                 

2007-26, 6.831% (TSFR3M + 1.462%), 07/29/2030(b)

     2,251,567        2,248,798  

 

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

 

30


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

Magnetite XXIII Ltd.

                 

2019-23R, 6.743% (TSFR3M + 1.392%), 01/25/2035(b)

   $ 1,000,000      $ 995,988  

MetroNet Infrastructure Issuer LLC

                 

2022-1A, 6.350%, 10/20/2052

     960,000        934,303  

MMAF Equipment Finance LLC

                 

2023-A, 5.540%, 12/13/2029

     594,000        596,764  

MVW LLC

                 

2021-2A A, 1.430%, 05/20/2039

     606,459        552,242  

2021-2A B, 1.830%, 05/20/2039

     494,802        437,670  

2022-1, 4.400%, 11/21/2039

     236,637        222,643  

2023-1, 5.420%, 10/20/2040

     507,896        496,405  

2021-1W, 1.440%, 01/22/2041

     252,036        227,666  

Navient Private Education Refi Loan Trust

                 

2021-B, 0.940%, 07/15/2069

     974,756        845,577  

2021-C, 1.060%, 10/15/2069

     728,899        624,302  

2021-E, 0.970%, 12/16/2069

     1,277,568        1,076,581  

2021-F, 1.110%, 02/18/2070

     463,130        389,965  

OneMain Financial Issuance Trust

                 

2018-2, 3.570%, 03/14/2033

     771,760        762,153  

2023-2, 5.840%, 09/15/2036

     820,000        824,754  

PFS Financing Corp.

                 

2022-C, 3.890%, 05/15/2027

     1,635,000        1,584,206  

RASC Trust

                 

2005-KS12, 6.119% (TSFR1M + 0.574%), 01/25/2036(b)

     38,450        38,191  

SBA Tower Trust

                 

2020-1-2, 2.328%, 01/15/2028

     618,000        532,358  

2021-3, 2.593%, 10/15/2056

     1,243,000        979,570  

Sierra Timeshare Receivables Funding LLC

                 

2019-2, 2.590%, 05/20/2036

     245,118        237,322  

2020-2, 3.510%, 07/20/2037

     284,604        270,078  

2021-2, 1.350%, 09/20/2038

     204,847        192,886  

2023-2, 5.800%, 04/20/2040

     678,921        681,421  

SoFi Consumer Loan Program Trust

                 

2023-1S, 5.810%, 05/15/2031

     268,116        268,419  

SoFi Professional Loan Program Trust

                 

2021-B, 1.140%, 02/15/2047

     92,690        77,409  

Starwood Mortgage Residential Trust

                 

2021-3, 1.127%, 06/25/2056(c)

     543,298        436,221  

2021-6, 1.920%, 11/25/2066(c)

     842,548        684,203  

Taco Bell Funding LLC

                 

2021-1, 1.946%, 08/25/2051

     786,983        683,990  

Thayer Park CLO Ltd.

                 

2017-R, 6.628% (TSFR3M + 1.302%), 04/20/2034(b)

     500,000        495,951  

Towd Point Mortgage Trust

                 

2017-5, 6.029% (TSFR1M + 0.714%), 02/25/2057(b)

     124,368        124,703  

2017-2 A1, 2.750%, 04/25/2057(c)

     3,743        3,715  

2017-2, 3.250%, 04/25/2057(c)

     351,000        340,849  

2017-3, 2.750%, 06/25/2057(c)

     77,977        76,177  

2017-4, 2.750%, 06/25/2057(c)

     88,188        83,632  

2022-4, 3.750%, 09/25/2062

     1,432,071        1,331,037  

TRESTLES CLO Ltd.

                 

2017-1, 6.603% (TSFR3M + 1.252%), 04/25/2032(b)

     500,000        495,852  

TRESTLES CLO V Ltd.

                 

2021-5, 6.758% (TSFR3M + 1.432%), 10/20/2034(b)

     1,000,000        988,629  

 

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

 

31


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

Vantage Data Centers Issuer LLC

                 

2019-1, 3.188%, 07/15/2044

   $ 1,263,360      $ 1,225,572  

2021-1, 2.165%, 10/15/2046

     817,000        721,762  

Verus Securitization Trust

                 

2021-3, 1.046%, 06/25/2066(c)

     667,549        562,353  

2021-6, 1.630%, 10/25/2066(c)

     578,666        471,446  

2022-7, 5.152%, 07/25/2067

     872,190        853,769  
             


TOTAL ASSET BACKED SECURITIES (Cost $44,237,229)

              41,996,127  
             


CORPORATE BONDS—27.01%                  

Automobiles & Components—0.68%

                 

Ford Motor Co.

                 

4.750%, 01/15/2043

     90,000        67,366  

Ford Motor Credit Co. LLC

                 

5.113%, 05/03/2029

     310,000        285,456  

General Motors Co.

                 

6.125%, 10/01/2025

     1,248,000        1,253,708  

General Motors Financial Co., Inc.

                 

5.100%, 01/17/2024

     320,000        319,014  

3.600%, 06/21/2030(e)

     605,000        519,872  

Goodyear Tire & Rubber Co.

                 

5.250%, 04/30/2031

     125,000        109,761  
             


                2,555,177  
             


Banks—3.17%

                 

Bank of America Corp.

                 

3.875%, 08/01/2025

     480,000        467,491  

3.559% to 04/23/2026, then TSFR3M + 1.322%, 04/23/2027(a)

     1,610,000        1,525,939  

2.884% to 10/22/2029, then TSFR3M + 1.452%, 10/22/2030(a)

     743,000        637,870  

1.922% to 10/24/2030, then SOFR + 1.370%, 10/24/2031(a)

     2,430,000        1,904,975  

Citigroup, Inc.

                 

3.200%, 10/21/2026

     1,121,000        1,045,830  

3.887% to 01/10/2027, then TSFR3M + 1.825%, 01/10/2028(a)

     835,000        789,117  

2.976% to 11/05/2029, then SOFR + 1.422%, 11/05/2030(a)

     495,000        425,972  

JPMorgan Chase & Co.

                 

2.950%, 10/01/2026

     1,667,000        1,558,141  

Wells Fargo & Co.

                 

2.406% to 10/30/2024, then TSFR3M + 1.087%, 10/30/2025(a)(e)

     900,000        863,470  

2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028(a)

     1,020,000        908,163  

4.150%, 01/24/2029

     1,581,000        1,492,047  

5.013% to 04/04/2050, then TSFR3M + 4.502%, 04/04/2051(a)

     365,000        329,899  
             


                11,948,914  
             


Capital Goods—1.48%

                 

Boeing Co.

                 

4.875%, 05/01/2025

     1,181,000        1,165,306  

3.900%, 05/01/2049

     160,000        119,851  

5.805%, 05/01/2050

     1,273,000        1,240,265  

Deere & Co.

                 

5.375%, 10/16/2029

     999,000        1,032,196  

Honeywell International, Inc.

                 

5.000%, 02/15/2033

     905,000        912,991  

Ingersoll Rand, Inc.

                 

5.400%, 08/14/2028

     260,000        260,729  

5.700%, 08/14/2033

     325,000        329,741  

 

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

 

32


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

RTX Corp.

                 

7.500%, 09/15/2029

   $ 467,000      $ 520,856  
             


                5,581,935  
             


Commercial & Professional Services—0.27%

                 

ASGN, Inc.

                 

4.625%, 05/15/2028

     350,000        314,859  

Enviri Corp.

                 

5.750%, 07/31/2027

     165,000        143,270  

Korn Ferry

                 

4.625%, 12/15/2027

     100,000        93,104  

Waste Management, Inc.

                 

4.150%, 04/15/2032

     503,000        472,087  
             


                1,023,320  
             


Consumer Discretionary Distribution & Retail—0.46%

                 

Amazon.com, Inc.

                 

3.800%, 12/05/2024

     1,038,000        1,019,762  

eBay, Inc.

                 

2.600%, 05/10/2031

     790,000        653,985  

Macy’s Retail Holdings LLC

                 

5.875%, 03/15/2030

     75,000        65,692  
             


                1,739,439  
             


Consumer Durables & Apparel—0.02%

                 

Shea Homes LP / Shea Homes Funding Corp.

                 

4.750%, 02/15/2028

     75,000        69,101  
             


Consumer Services—1.22%

                 

Booking Holdings, Inc.

                 

3.550%, 03/15/2028

     1,100,000        1,039,499  

McDonald’s Corp.

                 

3.500%, 07/01/2027

     1,623,000        1,541,769  

5.450%, 08/14/2053

     1,440,000        1,442,009  

Prime Security Services Borrower LLC / Prime Finance, Inc.

                 

5.750%, 04/15/2026

     230,000        225,921  

Wyndham Hotels & Resorts, Inc.

                 

4.375%, 08/15/2028

     165,000        150,628  

Wynn Las Vegas LLC

                 

5.500%, 03/01/2025

     52,000        51,417  

Yum! Brands, Inc.

                 

5.375%, 04/01/2032

     155,000        145,607  
             


                4,596,850  
             


Consumer Staples Distribution & Retail—0.27%

                 

Walmart, Inc.

                 

4.150%, 09/09/2032

     392,000        380,100  

4.500%, 04/15/2053

     673,000        627,172  
             


                1,007,272  
             


Energy—2.38%

                 

BP Capital Markets America, Inc.

                 

4.812%, 02/13/2033

     595,000        576,200  

Buckeye Partners LP

                 

3.950%, 12/01/2026

     75,000        69,245  

 

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

 

33


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

ConocoPhillips Co.

                 

5.550%, 03/15/2054

   $ 435,000      $ 436,443  

CQP Holdco LP / BIP-V Chinook Holdco LLC

                 

5.500%, 06/15/2031

     155,000        141,582  

DT Midstream, Inc.

                 

4.125%, 06/15/2029(e)

     125,000        110,871  

Energy Transfer LP

                 

7.125% to 05/15/2030, then 5 Year CMT Rate + 5.306%(a)(g)

     910,000        807,516  

6.625% to 02/15/2028, then 3 Month LIBOR USD + 4.155%(a)(g)

     675,000        544,475  

EQM Midstream Partners LP

                 

5.500%, 07/15/2028(e)

     350,000        334,727  

Exxon Mobil Corp.

                 

3.095%, 08/16/2049

     595,000        419,110  

Hilcorp Energy I LP / Hilcorp Finance Co.

                 

6.250%, 11/01/2028

     160,000        154,506  

Kinder Morgan Energy Partners LP

                 

4.150%, 02/01/2024

     650,000        644,945  

Marathon Petroleum Corp.

                 

4.700%, 05/01/2025

     665,000        653,766  

MPLX LP

                 

4.700%, 04/15/2048

     700,000        562,334  

New Fortress Energy, Inc.

                 

6.500%, 09/30/2026(e)

     95,000        88,390  

Occidental Petroleum Corp.

                 

6.125%, 01/01/2031

     468,000        472,058  

6.450%, 09/15/2036

     430,000        440,135  

4.300%, 08/15/2039

     260,000        198,827  

Phillips 66

                 

1.300%, 02/15/2026

     1,110,000        1,008,357  

Plains All American Pipeline LP / PAA Finance Corp.

                 

4.650%, 10/15/2025

     670,000        653,813  

Pioneer Natural Resources Co.

                 

2.150%, 01/15/2031

     687,000        557,233  

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.

                 

6.000%, 09/01/2031

     110,000        97,802  
             


                8,972,335  
             


Equity Real Estate Investment Trusts (REITs)—0.77%

                 

Iron Mountain, Inc.

                 

5.250%, 03/15/2028

     45,000        42,233  

4.875%, 09/15/2029(e)

     240,000        217,111  

5.250%, 07/15/2030

     150,000        135,493  

Public Storage Operating Co.

                 

2.300%, 05/01/2031

     3,068,000        2,528,440  
             


                2,923,277  
             


Financial Services—2.12%

                 

Capital One Financial Corp.

                 

6.377% to 06/08/2033, then SOFR + 2.860%, 06/08/2034(a)

     110,000        108,728  

Goldman Sachs Group, Inc.

                 

3.800%, 03/15/2030

     1,459,000        1,327,965  

Morgan Stanley

                 

0.791% to 01/22/2024, then SOFR + 0.509%, 01/22/2025(a)

     1,300,000        1,271,862  

6.250%, 08/09/2026

     449,000        459,091  

 

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

 

34


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028(b)

   $ 1,625,000      $ 1,504,168  

2.699% to 01/22/2030, then SOFR + 1.143%, 01/22/2031(a)

     1,190,000        1,002,216  

5.250% to 04/21/2033, then SOFR + 1.870%, 04/21/2034(a)

     1,340,000        1,302,118  

5.424% to 07/21/2033, then SOFR + 1.880%, 07/21/2034(a)(e)

     830,000        816,406  

OneMain Finance Corp.

                 

3.500%, 01/15/2027

     255,000        222,143  
             


                8,014,697  
             


Food, Beverage & Tobacco—2.27%

                 

Anheuser-Busch InBev Worldwide, Inc.

                 

5.450%, 01/23/2039

     1,010,000        1,025,920  

4.350%, 06/01/2040

     866,000        775,607  

4.600%, 04/15/2048(e)

     453,000        408,285  

4.750%, 04/15/2058

     440,000        394,349  

Aramark Services, Inc.

                 

5.000%, 02/01/2028(e)

     235,000        219,447  

Constellation Brands, Inc.

                 

4.900%, 05/01/2033

     1,370,000        1,321,772  

Mars, Inc.

                 

4.750%, 04/20/2033

     1,840,000        1,807,618  

Performance Food Group, Inc.

                 

5.500%, 10/15/2027(e)

     90,000        86,743  

Philip Morris International, Inc.

                 

3.125%, 08/17/2027

     407,000        379,408  

5.125%, 02/15/2030

     1,250,000        1,236,121  

5.750%, 11/17/2032

     900,000        913,298  
             


                8,568,568  
             


Health Care Equipment & Services—0.96%

                 

Abbott Laboratories

                 

3.400%, 11/30/2023

     1,128,000        1,122,007  

Acadia Healthcare Co, Inc.

                 

5.000%, 04/15/2029

     195,000        179,577  

CVS Health Corp.

                 

5.300%, 06/01/2033

     1,030,000        1,009,393  

4.780%, 03/25/2038

     650,000        582,454  

4.125%, 04/01/2040

     485,000        395,680  

Medline Borrower LP

                 

3.875%, 04/01/2029

     75,000        65,544  

Tenet Healthcare Corp.

                 

6.125%, 10/01/2028(e)

     265,000        255,485  
             


                3,610,140  
             


Household & Personal Products—0.12%

                 

Energizer Holdings, Inc.

                 

4.375%, 03/31/2029

     250,000        214,405  

Procter & Gamble Co.

                 

2.300%, 02/01/2032

     297,000        254,031  
             


                468,436  
             


Insurance—0.61%

                 

Alliant Holdings Intermediate LLC

                 

6.750%, 04/15/2028(e)

     100,000        98,614  

 

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

 

35


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

MetLife, Inc.

                 

6.500%, 12/15/2032

   $ 1,755,000      $ 1,904,035  

Travelers Cos, Inc.

                 

5.450%, 05/25/2053

     310,000        314,767  
             


                2,317,416  
             


Materials—0.06%

                 

Ball Corp.

                 

2.875%, 08/15/2030(e)

     125,000        102,371  

Standard Industries, Inc.

                 

4.750%, 01/15/2028(e)

     130,000        119,861  
             


                222,232  
             


Media & Entertainment—2.18%

                 

CCO Holdings LLC / CCO Holdings Capital Corp.

                 

4.250%, 02/01/2031(e)

     298,000        244,713  

Comcast Corp.

                 

4.150%, 10/15/2028

     1,727,000        1,666,019  

5.350%, 05/15/2053(e)

     1,175,000        1,150,663  

CSC Holdings LLC

                 

4.625%, 12/01/2030(e)

     435,000        228,006  

DISH DBS Corp.

                 

5.875%, 11/15/2024

     110,000        102,417  

Fox Corp.

                 

5.576%, 01/25/2049

     660,000        590,060  

Live Nation Entertainment, Inc.

                 

4.750%, 10/15/2027(e)

     145,000        135,213  

Meta Platforms, Inc.

                 

4.950%, 05/15/2033

     1,355,000        1,349,239  

Paramount Global

                 

4.200%, 05/19/2032(e)

     1,760,000        1,467,331  

Sirius XM Radio, Inc.

                 

4.125%, 07/01/2030(e)

     315,000        257,138  

Warnermedia Holdings, Inc.

                 

5.141%, 03/15/2052

     1,010,000        805,689  

Ziff Davis, Inc.

                 

4.625%, 10/15/2030

     255,000        219,563  
             


                8,216,051  
             


Pharmaceuticals, Biotechnology & Life Sciences—0.74%

                 

AbbVie, Inc.

                 

4.050%, 11/21/2039

     492,000        422,032  

4.250%, 11/21/2049(e)

     420,000        353,972  

Amgen, Inc.

                 

5.750%, 03/02/2063

     1,585,000        1,566,465  

Biogen, Inc.

                 

2.250%, 05/01/2030

     276,000        227,380  

Bristol-Myers Squibb Co.

                 

3.550%, 03/15/2042

     260,000        207,134  
             


                2,776,983  
             


Real Estate Management & Development—0.14%

                 

Park Intermediate Holdings LLC / PK Domestic Property LLC

                 

5.875%, 10/01/2028(e)

     195,000        180,571  

 

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

 

36


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

RHP Hotel Properties LP / RHP Finance Corp.

                 

4.750%, 10/15/2027

   $ 205,000      $ 190,780  

Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC

                 

10.500%, 02/15/2028

     150,000        149,780  
             


                521,131  
             


Semiconductors & Semiconductor Equipment—0.99%

                 

Analog Devices, Inc.

                 

2.100%, 10/01/2031(e)

     1,394,000        1,141,760  

CommScope, Inc.

                 

8.250%, 03/01/2027

     377,000        250,155  

Intel Corp.

                 

3.750%, 03/25/2027

     1,157,000        1,110,550  

MPH Acquisition Holdings LLC

                 

5.500%, 09/01/2028

     80,000        68,011  

QUALCOMM, Inc.

                 

5.400%, 05/20/2033

     226,000        234,192  

Texas Instruments, Inc.

                 

5.050%, 05/18/2063

     965,000        925,482  
             


                3,730,150  
             


Software & Services—1.08%

                 

Microsoft Corp.

                 

3.125%, 11/03/2025

     2,684,000        2,591,044  

ServiceNow, Inc.

                 

1.400%, 09/01/2030

     1,894,000        1,490,770  
             


                4,081,814  
             


Technology Hardware & Equipment—1.22%

                 

Apple, Inc.

                 

1.800%, 09/11/2024

     2,818,000        2,722,469  

CDW LLC / CDW Finance Corp.

                 

2.670%, 12/01/2026

     283,000        256,970  

3.569%, 12/01/2031

     530,000        448,680  

Dell International LLC / EMC Corp.

                 

6.200%, 07/15/2030

     980,000        1,009,081  

Presidio Holdings, Inc.

                 

4.875%, 02/01/2027

     185,000        173,133  
             


                4,610,333  
             


Telecommunication Services—1.66%

                 

AT&T, Inc.

                 

3.550%, 09/15/2055

     159,000        103,856  

Cox Communications, Inc.

                 

5.700%, 06/15/2033

     890,000        888,074  

Frontier Communications Holdings LLC

                 

5.875%, 10/15/2027(e)

     235,000        214,250  

Sprint Capital Corp.

                 

8.750%, 03/15/2032

     1,705,000        2,033,656  

T-Mobile USA, Inc.

                 

4.375%, 04/15/2040

     475,000        408,559  

3.000%, 02/15/2041

     1,021,000        721,840  

4.500%, 04/15/2050

     560,000        462,958  

3.300%, 02/15/2051

     305,000        204,963  

 

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

 

37


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

Verizon Communications, Inc.

                 

4.329%, 09/21/2028

   $ 359,000      $ 343,973  

4.016%, 12/03/2029

     345,000        320,892  

5.050%, 05/09/2033

     580,000        563,041  
             


                6,266,062  
             


Transportation—0.51%

                 

Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.

                 

6.500%, 06/20/2027

     160,000        159,603  

Southwest Airlines Co.

                 

5.250%, 05/04/2025(e)

     690,000        685,993  

TransDigm, Inc.

                 

6.250%, 03/15/2026

     275,000        272,647  

United Airlines Pass Through Trust

                 

5.875%, 10/15/2027

     798,915        798,315  
             


                1,916,558  
             


Utilities—1.63%

                 

Calpine Corp.

                 

4.500%, 02/15/2028(e)

     310,000        287,254  

DTE Energy Co.

                 

3.400%, 06/15/2029

     527,000        473,247  

Exelon Corp.

                 

5.300%, 03/15/2033(e)

     1,410,000        1,393,189  

4.700%, 04/15/2050

     410,000        348,553  

NextEra Energy Capital Holdings, Inc.

                 

5.250%, 02/28/2053

     625,000        579,732  

Sempra

                 

5.500%, 08/01/2033(e)

     675,000        669,380  

Southern Co.

                 

5.200%, 06/15/2033

     2,235,000        2,175,650  

Vistra Operations Co. LLC

                 

4.375%, 05/01/2029(e)

     265,000        233,898  
             


                6,160,903  
             


TOTAL CORPORATE BONDS (Cost $110,815,318)

              101,899,094  
             


FOREIGN CORPORATE BONDS—2.41%

                 

Banks—0.77%

                 

Banco Santander SA

                 

6.921%, 08/08/2033

     1,200,000        1,200,586  

Barclays PLC

                 

7.119% to 06/27/2033, then SOFR + 3.570%, 06/27/2034(a)(e)

     900,000        899,230  

HSBC Holdings PLC

                 

6.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%(a)(g)

     910,000        816,525  
             


                2,916,341  
             


Consumer Discretionary Distribution & Retail—0.02%

                 

Jaguar Land Rover Automotive PLC

                 

5.500%, 07/15/2029

     85,000        73,936  
             


Consumer Services—0.14%

                 

Carnival Corp.

                 

7.625%, 03/01/2026(e)

     340,000        339,299  

 

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

 

38


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

Royal Caribbean Cruises Ltd.

                 

5.500%, 04/01/2028

   $ 205,000      $ 192,352  
             


                531,651  
             


Materials—0.10%

                 

First Quantum Minerals Ltd.

                 

8.625%, 06/01/2031

     250,000        254,718  

Hudbay Minerals, Inc.

                 

6.125%, 04/01/2029

     125,000        117,637  
             


                372,355  
             


Pharmaceuticals, Biotechnology & Life Sciences—0.26%

                 

Pfizer Investment Enterprises Pte Ltd.

                 

5.340%, 05/19/2063

     475,000        468,410  

Takeda Pharmaceutical Co. Ltd.

                 

3.025%, 07/09/2040

     690,000        502,031  
             


                970,441  
             


Semiconductors & Semiconductor Equipment—0.23%

                 

NXP BV / NXP Funding LLC / NXP USA, Inc.

                 

5.000%, 01/15/2033

     930,000        883,790  
             


Telecommunications—0.15%

                 

Vodafone Group PLC

                 

4.375%, 02/19/2043

     715,000        582,893  
             


Transportation—0.74%

                 

American Airlines Inc/AAdvantage Loyalty IP Ltd.

                 

5.500%, 04/20/2026

     215,417        211,610  

Delta Air Lines, Inc. / SkyMiles IP Ltd.

                 

4.500%, 10/20/2025

     2,624,270        2,566,375  
             


                2,777,985  
             


TOTAL FOREIGN CORPORATE BONDS (Cost $9,478,647)

              9,109,392  
             


FOREIGN GOVERNMENT AGENCY ISSUES—1.15%

                 

Asian Development Bank

                 

4.500%, 08/25/2028

     1,170,000        1,175,552  

European Investment Bank

                 

4.500%, 10/16/2028

     730,000        735,321  

Inter-American Development Bank

                 

4.500%, 05/15/2026

     585,000        582,574  

International Bank for Reconstruction & Development

                 

4.000%, 07/25/2030

     890,000        871,442  

Province of Manitoba Canada

                 

4.300%, 07/27/2033

     645,000        632,470  

Saudi Government International Bond

                 

4.500%, 10/26/2046

     400,000        338,413  
             


TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $4,436,310)

              4,335,772  
             


FOREIGN GOVERNMENT NOTES/BONDS—1.44%

                 

Colombia Government International Bond

                 

4.000%, 02/26/2024

     590,000        584,967  

3.000%, 01/30/2030

     570,000        454,196  

Dominican Republic International Bond

                 

6.875%, 01/29/2026

     330,000        333,053  

6.850%, 01/27/2045

     560,000        503,234  

Hungary Government International Bond

                 

7.625%, 03/29/2041(e)

     360,000        398,574  

 

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

 

39


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

Indonesia Government International Bond

                 

4.350%, 01/08/2027

   $ 550,000      $ 537,636  

Mexico Government International Bond

                 

4.350%, 01/15/2047(e)

     740,000        578,965  

Province of Quebec

                 

4.500%, 09/08/2033

     1,460,000        1,456,999  

Republic of South Africa Government International Bond

                 

5.000%, 10/12/2046

     150,000        99,830  

Romanian Government International Bond

                 

6.125%, 01/22/2044

     505,000        477,907  
             


TOTAL FOREIGN GOVERNMENT NOTES/BONDS (Cost $6,083,603)

              5,425,361  
             


NON-AGENCY MORTGAGE-BACKED SECURITIES—7.08%

                 

American Tower Trust #1

                 

2023-1, 5.490%, 03/15/2053

     924,000        922,212  

Angel Oak Mortgage Trust

                 

2019-6, 2.620%, 11/25/2059(c)

     65,657        63,109  

Bank

                 

2021-BNK31, 1.739%, 02/15/2054

     454,000        386,332  

2022-BNK39, 2.928%, 02/15/2055(c)

     179,000        148,967  

2023-BNK45 B, 6.148%, 02/15/2056(c)

     483,000        456,907  

2023-BNK45 C, 6.489%, 02/15/2056(c)

     522,000        445,772  

BBCMS Mortgage Trust

                 

2021-C11, 1.495%, 09/15/2054(c)(d)

     7,937,238        576,224  

2022-C18, 5.710%, 12/15/2055(c)

     575,000        587,870  

BB-UBS Trust

                 

2012-SHOW, 3.430%, 11/05/2036

     1,646,000        1,502,551  

Benchmark Mortgage Trust

                 

2020-B17, 3.371%, 03/15/2053(c)

     470,000        329,423  

2021-B23, 1.766%, 02/15/2054

     612,000        509,811  

2021-B26, 0.997%, 06/15/2054(c)(d)

     9,530,394        436,188  

2021-B31 C, 3.195%, 12/15/2054(c)

     415,000        269,491  

BMO Mortgage Trust

                 

2023-C5, 6.848%, 06/15/2056(c)

     180,000        167,282  

BX Commercial Mortgage Trust

                 

2021-VOLT, 7.075% (TSFR1M + 1.764%), 09/15/2036(b)

     1,085,000        1,033,328  

BX Trust

                 

2019-OC11, 3.202%, 12/09/2041

     971,000        835,695  

BXP Trust

                 

2017-GM, 3.379%, 06/13/2039

     331,000        299,737  

CAMB Commercial Mortgage Trust

                 

2019-LIFE, 6.675% (TSFR1M + 1.364%), 12/15/2037(b)

     978,000        971,545  

Citigroup Commercial Mortgage Trust

                 

2023-SMRT, 6.048%, 06/10/2028(c)

     298,000        288,970  

2023-PRM3, 6.572%, 07/10/2028(c)

     244,000        236,063  

2013-GC17, 5.095%, 11/10/2046(c)

     145,000        143,081  

2014-GC25, 1.091%, 10/10/2047(c)(d)

     1,260,343        7,899  

2015-GC27, 1.451%, 02/10/2048(c)(d)

     884,810        10,802  

2022-GC48, 4.742%, 05/15/2054(c)

     619,207        586,362  

COMM Mortgage Trust

                 

2012-CCRE4, 3.251%, 10/15/2045

     476,000        416,083  

2014-UBS2, 3.472%, 03/10/2047

     58,011        57,709  

2014-CR16, 1.094%, 04/10/2047(c)(d)

     1,192,075        3,405  

2014-LC15, 1.204%, 04/10/2047(c)(d)

     1,155,012        1,820  

 

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

 

40


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

2014-CR17, 1.104%, 05/10/2047(c)(d)

   $ 1,010,898      $ 2,591  

2014-UBS3, 1.206%, 06/10/2047(c)(d)

     843,490        2,523  

2014-UBS6, 0.978%, 12/10/2047(c)(d)

     1,359,366        9,028  

2014-CCRE21, 3.987%, 12/10/2047

     281,514        270,291  

Connecticut Avenue Securities Trust

                 

2021-R01, 6.838% (SOFR30A + 1.550%), 10/25/2041(b)

     480,000        473,620  

2021-R03, 6.938% (SOFR30A + 1.650%), 12/25/2041(b)

     1,050,000        1,024,734  

2022-R01, 7.188% (SOFR30A + 1.900%), 12/25/2041(b)

     915,000        898,725  

2022-R03, 8.788% (SOFR30A + 3.500%), 03/25/2042(b)

     1,065,000        1,102,655  

2022-R07, 8.246% (SOFR30A + 2.950%), 06/25/2042(b)

     515,047        528,408  

2022-R07, 9.946% (SOFR30A + 4.650%), 06/25/2042(b)

     1,005,000        1,075,794  

2022-R08, 7.838% (SOFR30A + 2.550%), 07/25/2042(b)

     921,176        939,256  

2023-R02, 7.588% (SOFR30A + 2.300%), 01/25/2043(b)

     678,596        687,540  

Credit Suisse Mortgage Capital Certificates

                 

2019-ICE4, 6.788% (TSFR1M + 1.477%), 05/15/2036(b)

     132,670        131,795  

CSAIL Commercial Mortgage Trust

                 

2019-C17, 3.016%, 9/15/2052

     850,000        732,910  

2015-C1, 4.044%, 04/15/2050(c)

     450,000        401,062  

2015-C2, 0.851%, 06/15/2057(c)(d)

     1,384,398        11,071  

CyrusOne Data Centers Issuer I LLC

                 

A-2, 4.300%, 04/20/2048

     332,000        299,035  

FIVE Mortgage Trust

                 

2023-V1, 5.668%, 02/10/2056(c)

     600,000        599,343  

2023-V1, 6.618%, 02/10/2056(c)

     315,000        288,401  

GS Mortgage Securities Trust

                 

2014-GC18, 1.180%, 01/10/2047(c)(d)

     2,722,500        589  

2014-GC26, 1.061%, 11/10/2047(c)(d)

     1,683,552        12,751  

2015-GC34, 3.278%, 10/10/2048

     54,846        53,174  

2019-GC42, 3.817%, 09/10/2052(c)

     449,000        338,188  

2020-GC47, 2.377%, 05/12/2053

     73,000        60,033  

Hilton USA Trust

                 

2016-HHV, 3.719%, 11/05/2038

     283,000        263,480  

J.P. Morgan Chase Commercial Mortgage Securities Trust

                 

2022-OPO, 3.377%, 01/05/2039

     501,000        375,788  

Morgan Stanley Capital I Trust

                 

2015-MS1, 3.779%, 05/15/2048(c)

     200,000        191,179  

2018-L1, 4.869%, 10/15/2051(c)

     325,000        285,060  

2018-H4, 5.237%, 12/15/2051(c)

     293,000        243,849  

New Residential Mortgage Loan Trust

                 

2019-NQM5, 2.710%, 11/25/2059(c)

     136,782        123,416  

OBX Trust

                 

2021-NQM3, 1.054%, 07/25/2061(c)

     733,309        550,686  

Taubman Centers Commercial Mortgage Trust

                 

2022-DPM, 8.242% (TSFR1M + 2.932%), 05/15/2037(b)

     1,045,000        1,019,867  

UBS Commercial Mortgage Trust

                 

2017-C2, 3.487%, 08/15/2050

     625,000        570,280  

2017-C4 AS, 3.836%, 10/15/2050(c)

     200,000        179,382  

Verus Securitization Trust

                 

2019-4, 2.642%, 11/25/2059

     36,919        35,330  

Wells Fargo Commercial Mortgage Trust

                 

2015-C29, 3.637%, 06/15/2048

     130,000        124,198  

2016-NXS6, 4.534%, 11/15/2049(c)

     625,000        512,672  

2018-C48, 4.302%, 01/15/2052

     333,945        313,592  

 

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

 

41


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PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

WFRBS Commercial Mortgage Trust

                 

2014-LC14, 1.397%, 03/15/2047(c)(d)

   $ 588,851      $ 271  

2014-C22 XA, 0.923%, 09/15/2057(c)(d)

     2,676,008        12,500  

2014-C22 AS, 4.069%, 09/15/2057(c)

     290,000        264,695  
             


TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (Cost $30,073,419)

              26,704,400  
             


AGENCY MORTGAGE BACKED SECURITIES—30.42%                  

Fannie Mae Connecticut Avenue Securities

                 

2017-C06, 8.202% (SOFR30A + 2.914%), 02/25/2030(b)

     966,013        992,140  

2017-C07, 7.802% (SOFR30A + 2.514%), 05/25/2030(b)

     449,361        456,443  

2018-C01, 7.652% (SOFR30A + 2.364%), 07/25/2030(b)

     981,281        995,457  

2018-C02, 7.602% (SOFR30A + 2.314%), 08/25/2030(b)

     955,457        969,365  

2018-C04, 7.952% (SOFR30A + 2.664%), 12/25/2030(b)

     835,340        857,539  

Fannie Mae Interest Strip

                 

4.000%, 08/25/2043(d)

     1,205,123        223,352  

Fannie Mae Pool

                 

MA0096, 4.500%, 06/01/2029

     2,403        2,352  

AB3000, 4.500%, 05/01/2031

     7,395        7,219  

AB1389, 4.500%, 08/01/2040

     23,382        22,794  

MA0510, 4.500%, 09/01/2040

     244        238  

AE8714, 3.500%, 11/01/2040

     9,046        8,337  

890310, 4.500%, 12/01/2040

     5,596        5,455  

AE0954, 4.500%, 02/01/2041

     19,288        18,802  

AS7001, 3.000%, 04/01/2041

     481,147        426,387  

AL0065, 4.500%, 04/01/2041

     9,237        9,004  

AB3194, 4.500%, 06/01/2041

     6,246        6,089  

AH7395, 4.500%, 06/01/2041

     787        754  

FM0040, 3.000%, 10/01/2041

     88,344        78,299  

AL1547, 4.500%, 11/01/2041

     3,721        3,627  

AJ6346, 3.500%, 12/01/2041

     15,120        13,935  

AJ9278, 3.500%, 12/01/2041

     4,609        4,248  

AO1214, 3.500%, 04/01/2042

     51,966        47,892  

AK9393, 3.500%, 04/01/2042

     9,279        8,551  

AK6568, 3.500%, 04/01/2042

     18,487        17,038  

AL4029, 4.500%, 04/01/2042

     26,620        25,949  

AL7306, 4.500%, 09/01/2042

     15,736        15,184  

AP8743, 3.500%, 10/01/2042

     145,891        134,452  

AQ9330, 3.500%, 01/01/2043

     18,641        17,178  

AL2897, 3.500%, 01/01/2043

     20,487        18,881  

AL3714, 3.500%, 01/01/2043

     13,444        12,389  

AB7965, 3.500%, 02/01/2043

     11,939        11,002  

AB9046, 3.500%, 04/01/2043

     35,749        32,945  

AT1001, 3.500%, 04/01/2043

     14,246        13,128  

AT2021, 3.500%, 04/01/2043

     12,262        11,300  

AB9260, 3.500%, 05/01/2043

     32,836        30,240  

AS0212, 3.500%, 08/01/2043

     32,080        29,544  

AU0949, 3.500%, 08/01/2043

     28,675        26,435  

AU4658, 4.500%, 09/01/2043

     5,412        5,216  

MA1600, 3.500%, 10/01/2043

     13,945        12,842  

AS1333, 4.500%, 12/01/2043

     9,228        8,938  

AL4450, 4.500%, 12/01/2043

     10,969        10,630  

AS2516, 4.500%, 05/01/2044

     11,491        11,131  

AS2751, 4.500%, 06/01/2044

     14,248        13,800  

MA1926, 4.500%, 06/01/2044

     11,897        11,524  

 

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

 

42


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

AL6223, 4.500%, 08/01/2044

   $ 12,949      $ 12,543  

AZ0814, 3.500%, 07/01/2045

     24,693        22,538  

AZ0862, 3.500%, 07/01/2045

     42,224        38,531  

BM1953, 3.500%, 08/01/2045

     52,469        48,354  

AZ4775, 3.500%, 10/01/2045

     10,469        9,549  

CA2929, 3.500%, 12/01/2045

     83,663        76,284  

AS6311, 3.500%, 12/01/2045

     15,120        13,782  

AS6464, 3.500%, 01/01/2046

     21,086        19,213  

BC4114, 3.500%, 02/01/2046

     122,065        111,263  

AL8219, 4.000%, 02/01/2046

     169,831        161,518  

AL8387, 4.000%, 03/01/2046

     441,819        419,467  

FM1370, 3.000%, 04/01/2046

     30,592        27,079  

BC0793, 3.500%, 04/01/2046

     100,774        91,989  

AS7200, 4.500%, 05/01/2046

     6,334        6,136  

AS7388, 3.500%, 06/01/2046

     435,015        397,793  

AS7580, 3.000%, 07/01/2046

     97,209        85,291  

AS7801, 3.500%, 08/01/2046

     89,915        81,821  

MA2737, 3.000%, 09/01/2046

     544,436        476,189  

AS8056, 3.000%, 10/01/2046

     54,062        47,417  

MA2771, 3.000%, 10/01/2046

     82,466        72,343  

BM3932, 3.500%, 10/01/2046

     75,604        68,889  

AS8269, 3.000%, 11/01/2046

     69,552        60,998  

MA2872, 4.500%, 01/01/2047

     58,182        56,356  

AS8700, 4.500%, 01/01/2047

     22,231        21,533  

BE5475, 3.500%, 02/01/2047

     36,457        33,155  

AL9879, 3.500%, 02/01/2047

     1,321,457        1,202,786  

FM4894, 4.000%, 03/01/2047

     416,885        394,119  

AS8982, 4.500%, 03/01/2047

     7,167        6,937  

FM1000, 3.000%, 04/01/2047

     196,500        172,374  

CA5843, 3.000%, 04/01/2047

     107,254        94,572  

MA2959, 3.500%, 04/01/2047

     74,247        67,396  

BM5784, 3.500%, 05/01/2047

     89,487        81,474  

AS9536, 3.500%, 05/01/2047

     38,099        34,662  

BM5347, 3.500%, 05/01/2047

     83,975        76,455  

BM5348, 3.500%, 05/01/2047

     42,994        39,130  

MA3008, 4.500%, 05/01/2047

     14,775        14,196  

AS9829, 3.500%, 06/01/2047

     33,183        30,179  

AS9831, 4.000%, 06/01/2047

     50,502        47,524  

BE3702, 4.000%, 06/01/2047

     44,390        41,636  

BM5179, 3.000%, 07/01/2047

     63,418        55,755  

BE3767, 3.500%, 07/01/2047

     42,649        38,795  

CA0062, 4.000%, 07/01/2047

     36,700        34,547  

MA3121, 4.000%, 09/01/2047

     465,777        437,428  

FM4019, 3.500%, 10/01/2047

     395,811        359,636  

CA0559, 4.500%, 10/01/2047

     46,424        44,879  

FM1467, 3.000%, 12/01/2047

     61,670        54,881  

MA3210, 3.500%, 12/01/2047

     101,806        92,589  

BH7058, 3.500%, 12/01/2047

     109,560        99,645  

FM2897, 3.000%, 02/01/2048

     194,732        171,719  

CA4140, 3.000%, 02/01/2048

     60,112        52,660  

BJ8783, 3.500%, 02/01/2048

     65,768        59,816  

CA1535, 3.500%, 02/01/2048

     21,011        19,109  

MA3278, 4.500%, 02/01/2048

     197,462        190,054  

CA1218, 4.500%, 02/01/2048

     33,095        31,803  

 

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

 

43


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

FM5923, 3.500%, 03/01/2048

   $ 535,467      $ 487,015  

BM3590, 3.500%, 03/01/2048

     78,512        71,402  

BJ0648, 3.500%, 03/01/2048

     42,684        38,821  

BJ0650, 3.500%, 03/01/2048

     45,901        41,746  

BM3900, 4.000%, 04/01/2048

     81,507        76,586  

CA1710, 4.500%, 05/01/2048

     58,213        56,103  

FM2385, 3.000%, 09/01/2048

     118,433        103,744  

FM1572, 3.000%, 09/01/2048

     196,079        172,298  

BM5024, 3.000%, 11/01/2048

     52,096        45,609  

FM2915, 3.000%, 11/01/2048

     427,866        378,156  

FM5108, 3.500%, 11/01/2048

     559,553        509,330  

FM1239, 3.500%, 11/01/2048

     69,352        63,076  

FM2239, 3.000%, 12/01/2048

     105,433        92,463  

CA2922, 3.000%, 12/01/2048

     168,293        147,247  

FM1051, 4.500%, 05/01/2049

     136,025        131,198  

FM4895, 4.000%, 06/01/2049

     351,264        330,557  

CA3683, 4.500%, 06/01/2049

     48,404        46,651  

BO2201, 3.000%, 09/01/2049

     147,145        127,900  

CA4571, 4.000%, 11/01/2049

     351,132        327,751  

BO6164, 3.000%, 01/01/2050

     64,152        55,815  

BO8947, 3.000%, 01/01/2050

     77,296        67,273  

FM3619, 4.500%, 01/01/2050

     87,036        83,107  

BP2099, 3.000%, 02/01/2050

     322,996        281,114  

FM7592, 3.500%, 03/01/2050

     533,636        483,956  

CA5519, 3.000%, 04/01/2050

     70,431        61,180  

FM4334, 3.000%, 04/01/2050

     165,701        144,252  

CA5559, 3.500%, 04/01/2050

     533,048        482,130  

CA5668, 3.000%, 05/01/2050

     268,064        232,854  

CA6086, 3.000%, 06/01/2050

     1,064,377        928,573  

BP6466, 3.000%, 07/01/2050

     177,132        153,716  

BP6481, 4.500%, 07/01/2050

     34,304        32,916  

BQ0239, 2.500%, 08/01/2050

     178,310        149,977  

BP6716, 2.500%, 09/01/2050

     326,026        272,871  

BK3044, 2.500%, 09/01/2050

     312,697        261,731  

MA4121, 3.000%, 09/01/2050

     521,330        455,041  

FM9143, 4.500%, 09/01/2050

     123,085        118,490  

MA4160, 3.000%, 10/01/2050

     439,220        381,004  

MA4170, 4.500%, 10/01/2050

     258,720        249,691  

FM7475, 4.500%, 10/01/2050

     20,421        19,685  

MA4208, 2.000%, 12/01/2050

     2,307,658        1,849,735  

FM5316, 2.000%, 12/01/2050

     179,144        143,353  

BR1269, 2.500%, 01/01/2051

     716,231        601,797  

MA4256, 2.500%, 02/01/2051

     647,464        540,072  

MA4282, 2.500%, 03/01/2051

     411,629        344,198  

BR7795, 2.500%, 04/01/2051

     652,069        544,026  

MA4306, 2.500%, 04/01/2051

     266,408        221,806  

MA4325, 2.000%, 05/01/2051

     672,009        535,884  

BT2488, 2.500%, 05/01/2051

     415,548        346,235  

MA4326, 2.500%, 05/01/2051

     440,033        367,130  

FM7189, 2.500%, 05/01/2051

     477,258        398,153  

FM7738, 2.500%, 06/01/2051

     465,723        388,812  

MA4356, 2.500%, 06/01/2051

     878,183        732,239  

BT0417, 2.500%, 06/01/2051

     281,979        234,743  

MA4378, 2.000%, 07/01/2051

     634,067        506,863  

 

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

 

44


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

CB1038, 2.500%, 07/01/2051

   $ 305,609      $ 255,184  

MA4379, 2.500%, 07/01/2051

     344,909        287,399  

FS1550, 2.500%, 07/01/2051

     331,205        277,222  

CB1027, 2.500%, 07/01/2051

     250,799        208,576  

FM8178, 2.500%, 07/01/2051

     781,446        649,887  

BT1339, 2.500%, 07/01/2051

     738,518        614,216  

FM8360, 2.500%, 08/01/2051

     342,861        285,838  

FM8422, 2.500%, 08/01/2051

     728,424        606,466  

MA4399, 2.500%, 08/01/2051

     2,287,598        1,904,245  

BT3273, 2.500%, 08/01/2051

     748,640        622,321  

BT7263, 2.500%, 09/01/2051

     440,757        366,556  

CB2852, 2.000%, 11/01/2051

     1,299,980        1,036,631  

MA4493, 2.500%, 12/01/2051

     420,545        349,266  

FS0121, 2.000%, 01/01/2052

     545,297        436,091  

MA4562, 2.000%, 03/01/2052

     640,752        511,071  

FS4110, 2.500%, 03/01/2052

     144,507        120,280  

BV4139, 2.500%, 03/01/2052

     200,061        166,885  

MA4578, 2.500%, 04/01/2052

     1,472,446        1,222,133  

BU8667, 4.000%, 05/01/2052

     403,911        373,594  

CB3622, 4.000%, 05/01/2052

     457,976        423,237  

MA4626, 4.000%, 06/01/2052

     672,986        621,863  

CB3914, 4.000%, 06/01/2052

     510,129        471,430  

BV2558, 5.000%, 06/01/2052

     616,235        598,245  

BV2634, 4.000%, 07/01/2052

     503,956        465,464  

BW0036, 4.500%, 07/01/2052

     379,990        362,729  

BV2623, 4.500%, 07/01/2052

     253,877        240,885  

FS2603, 4.500%, 08/01/2052

     659,518        625,766  

CB4404, 5.000%, 08/01/2052

     690,369        669,863  

BV7959, 5.000%, 08/01/2052

     695,412        675,169  

BV8055, 4.500%, 09/01/2052

     669,349        635,094  

BW6232, 5.000%, 09/01/2052

     864,736        839,188  

BW1201, 5.000%, 09/01/2052

     746,435        724,592  

MA4785, 5.000%, 10/01/2052

     701,146        680,573  

FS3642, 5.000%, 11/01/2052

     334,840        324,886  

MA4842, 5.500%, 12/01/2052

     1,081,705        1,069,365  

MA4868, 5.000%, 01/01/2053

     650,945        631,762  

MA4918, 5.000%, 02/01/2053

     688,685        668,260  

MA4919, 5.500%, 02/01/2053

     617,957        610,670  

MA4941, 5.500%, 03/01/2053

     664,340        656,301  

CB6031, 5.000%, 04/01/2053

     380,557        369,472  

FS4357, 5.500%, 04/01/2053

     542,110        536,181  

BW4908, 6.000%, 04/01/2053

     458,145        459,897  

MA5009, 5.000%, 05/01/2053

     171,516        166,410  

FS4874, 5.500%, 06/01/2053

     1,281,381        1,266,225  

MA5073, 6.000%, 07/01/2053

     540,687        542,329  

MA5108, 6.000%, 08/01/2053

     804,490        806,933  

Fannie Mae REMICS

                 

2012-70, 0.598% (SOFR30A + 5.886%), 07/25/2042(b)(d)

     846,255        89,958  

2012-68, 0.648% (SOFR30A + 5.936%), 07/25/2042(b)(d)

     1,378,088        137,670  

2013-6, 0.698% (SOFR30A + 5.986%), 02/25/2043(b)(d)

     901,047        98,474  

2013-18, 0.698% (SOFR30A + 5.986%), 03/25/2043(b)(d)

     995,080        97,503  

2014-90, 0.748% (SOFR30A + 6.036%), 01/25/2045(b)(d)

     1,509,066        171,246  

2015-32, 0.798% (SOFR30A + 6.086%), 05/25/2045(b)(d)

     888,585        95,434  

2016-40, 0.448% (SOFR30A + 5.736%), 07/25/2046(b)(d)

     580,710        53,304  

 

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

 

45


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

2018-07, 4.000%, 02/25/2048(d)

   $ 1,113,024      $ 210,586  

2020-52, 4.500%, 08/25/2050(d)

     1,013,062        209,277  

Freddie Mac Gold Pool

                 

G1-4953, 3.500%, 01/01/2029

     12,289        11,791  

A8-6315, 4.500%, 05/01/2039

     13,472        13,114  

A8-6521, 4.500%, 05/01/2039

     26,609        25,971  

A9-3617, 4.500%, 08/01/2040

     2,319        2,263  

Q0-0285, 4.500%, 04/01/2041

     3,415        3,333  

Q0-0876, 4.500%, 05/01/2041

     21,467        20,952  

Q0-2173, 4.500%, 07/01/2041

     15,674        15,299  

C0-3795, 3.500%, 04/01/2042

     106,356        98,142  

Q0-9004, 3.500%, 06/01/2042

     9,745        8,992  

C0-9004, 3.500%, 07/01/2042

     10,416        9,612  

Q0-9896, 3.500%, 08/01/2042

     13,449        12,410  

Q1-1348, 3.500%, 09/01/2042

     28,283        26,098  

Q1-8305, 3.500%, 05/01/2043

     11,381        10,501  

Q1-9475, 3.500%, 06/01/2043

     19,330        17,836  

G6-0030, 3.500%, 07/01/2043

     59,831        55,251  

Q2-0780, 3.500%, 08/01/2043

     24,578        22,678  

Q2-0857, 3.500%, 08/01/2043

     15,600        14,311  

G0-7459, 3.500%, 08/01/2043

     12,535        11,566  

G0-8541, 3.500%, 08/01/2043

     21,874        20,183  

Q2-6513, 4.500%, 06/01/2044

     11,459        11,110  

Q4-5219, 3.500%, 01/01/2045

     77,492        70,918  

G0-7961, 3.500%, 03/01/2045

     17,001        15,566  

G0-8636, 3.500%, 04/01/2045

     19,766        18,036  

Q3-5225, 3.500%, 08/01/2045

     9,681        8,839  

G0-8659, 3.500%, 08/01/2045

     53,866        49,178  

G0-8676, 3.500%, 11/01/2045

     23,521        21,466  

G6-0480, 4.500%, 11/01/2045

     9,276        8,998  

G0-8681, 3.500%, 12/01/2045

     17,447        15,921  

Q3-9644, 3.500%, 03/01/2046

     82,368        75,166  

Q3-9434, 3.500%, 03/01/2046

     3,700        3,379  

G0-8693, 3.500%, 03/01/2046

     3,892        3,551  

G0-8702, 3.500%, 04/01/2046

     40,074        36,549  

G0-8706, 3.500%, 05/01/2046

     18,407        16,930  

Q4-0718, 3.500%, 05/01/2046

     115,414        105,238  

Q4-0375, 3.500%, 05/01/2046

     26,802        24,444  

G0-8708, 4.500%, 05/01/2046

     24,424        23,687  

Q4-1208, 3.500%, 06/01/2046

     57,711        52,724  

G0-8721, 3.000%, 09/01/2046

     39,504        34,699  

G0-8735, 4.500%, 10/01/2046

     33,881        32,858  

G0-8741, 3.000%, 01/01/2047

     726,040        637,515  

G0-8743, 4.000%, 01/01/2047

     31,334        29,539  

Q4-6279, 3.500%, 02/01/2047

     43,668        39,795  

Q4-6539, 4.500%, 03/01/2047

     3,387        3,252  

G0-8757, 3.500%, 04/01/2047

     7,396        6,737  

G0-8759, 4.500%, 04/01/2047

     11,946        11,585  

V8-3204, 4.500%, 05/01/2047

     28,142        27,116  

Q4-9100, 4.000%, 07/01/2047

     66,711        62,853  

Q4-9394, 4.500%, 07/01/2047

     53,510        51,798  

Q4-9888, 3.500%, 08/01/2047

     38,503        35,060  

Q5-0035, 3.500%, 08/01/2047

     56,124        51,112  

Q5-0109, 3.500%, 08/01/2047

     7,336        6,680  

 

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

 

46


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

G6-1228, 4.000%, 08/01/2047

   $ 104,261      $ 98,232  

G0-8779, 3.500%, 09/01/2047

     158,879        143,512  

G0-8785, 4.000%, 10/01/2047

     81,667        76,364  

G6-1631, 3.500%, 11/01/2047

     147,998        134,873  

Q5-2319, 3.500%, 11/01/2047

     123,157        112,145  

G6-1467, 4.000%, 11/01/2047

     107,128        100,255  

G6-1281, 3.500%, 01/01/2048

     68,772        62,623  

G0-8800, 3.500%, 02/01/2048

     93,160        84,830  

Q5-4463, 4.000%, 02/01/2048

     52,401        49,372  

G6-7710, 3.500%, 03/01/2048

     130,333        118,680  

Freddie Mac Multifamily Structured Pass Through Certificates

                 

K-098, 1.517%, 08/25/2029(c)(d)

     1,985,000        138,180  

Freddie Mac Pool

                 

ZS-9972, 3.000%, 03/01/2042

     665,804        589,992  

ZM-1590, 3.000%, 08/01/2046

     479,211        419,686  

SD-0035, 3.000%, 04/01/2047

     433,328        384,087  

ZM-4908, 3.500%, 11/01/2047

     197,051        179,204  

ZA-5250, 4.000%, 01/01/2048

     176,510        166,599  

ZS-4759, 3.500%, 03/01/2048

     118,837        108,073  

ZM-6197, 4.000%, 04/01/2048

     427,798        403,302  

SD-0298, 3.000%, 11/01/2048

     306,553        270,620  

ZN-2103, 4.500%, 12/01/2048

     30,039        28,955  

ZA-7141, 3.000%, 06/01/2049

     60,480        52,654  

SD-8005, 3.500%, 08/01/2049

     552,816        501,942  

SD-8013, 4.500%, 09/01/2049

     79,752        76,755  

SI-2009, 3.000%, 10/01/2049

     363,961        316,930  

QA-5549, 3.000%, 12/01/2049

     193,895        168,542  

QA-7325, 3.000%, 02/01/2050

     147,857        128,704  

QA-6750, 3.000%, 02/01/2050

     108,945        95,143  

QA-8311, 3.000%, 03/01/2050

     185,111        162,384  

SD-8068, 3.000%, 06/01/2050

     506,251        439,901  

RA-2970, 2.500%, 07/01/2050

     169,551        141,780  

SD-8074, 3.000%, 07/01/2050

     74,262        64,572  

QB-2682, 2.500%, 08/01/2050

     128,099        107,194  

SD-8084, 3.000%, 08/01/2050

     217,551        188,661  

SD-8086, 4.000%, 08/01/2050

     160,174        149,441  

RA-3484, 3.000%, 09/01/2050

     251,172        217,777  

SD-8098, 2.000%, 10/01/2050

     2,242,198        1,796,861  

QB-4785, 2.500%, 10/01/2050

     182,178        152,448  

QB-6037, 2.500%, 11/01/2050

     135,524        113,406  

SD-1025, 3.500%, 12/01/2050

     682,111        614,748  

SD-8122, 2.500%, 01/01/2051

     386,331        323,283  

SD-8129, 2.500%, 02/01/2051

     521,893        434,796  

RA-4527, 2.500%, 02/01/2051

     266,864        223,178  

SD-8135, 2.500%, 03/01/2051

     187,083        156,557  

QC-0945, 2.500%, 04/01/2051

     781,667        652,499  

SD-8147, 2.500%, 05/01/2051

     437,984        365,382  

QC-3907, 2.500%, 07/01/2051

     409,291        340,595  

QC-4235, 2.500%, 07/01/2051

     668,954        556,549  

SD-8156, 2.500%, 07/01/2051

     408,032        339,688  

SD-8160, 2.000%, 08/01/2051

     787,435        628,326  

QC-6209, 2.500%, 08/01/2051

     361,281        301,018  

QC-5978, 2.500%, 08/01/2051

     584,823        487,504  

RA-5855, 2.500%, 09/01/2051

     699,944        581,535  

 

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

 

47


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

SD-8167, 2.500%, 09/01/2051

   $ 1,061,351      $ 882,246  

QC-8520, 2.500%, 10/01/2051

     268,262        222,581  

SD-0780, 2.500%, 12/01/2051

     474,014        393,967  

RA-6686, 4.000%, 01/01/2052

     216,648        200,303  

QE-4039, 4.000%, 06/01/2052

     1,168,591        1,080,184  

SD-1883, 4.000%, 06/01/2052

     623,815        576,993  

SD-1117, 4.500%, 06/01/2052

     295,662        281,248  

SD-8225, 3.000%, 07/01/2052

     846,340        729,866  

QE-6058, 4.500%, 07/01/2052

     846,726        803,429  

SD-8231, 4.500%, 07/01/2052

     325,882        309,222  

SD-8233, 5.000%, 07/01/2052

     638,039        619,196  

SD-1576, 5.000%, 08/01/2052

     881,246        855,390  

QE-9381, 4.000%, 09/01/2052

     741,904        685,397  

SD-1803, 5.500%, 09/01/2052

     299,611        296,544  

SD-1709, 5.500%, 09/01/2052

     751,252        742,604  

SD-8256, 4.000%, 10/01/2052

     722,603        667,485  

SD-8257, 4.500%, 10/01/2052

     382,657        363,064  

SD-8258, 5.000%, 10/01/2052

     656,433        637,172  

SD-1719, 5.500%, 10/01/2052

     838,343        830,395  

SD-1913, 5.000%, 11/01/2052

     401,552        389,863  

SD-1884, 5.000%, 11/01/2052

     102,233        99,194  

SD-8268, 5.500%, 11/01/2052

     373,839        369,579  

QF-4848, 6.000%, 12/01/2052

     591,350        593,745  

QF-6551, 5.500%, 01/01/2053

     608,498        601,014  

SD-8289, 5.500%, 01/01/2053

     620,676        613,099  

SD-8290, 6.000%, 01/01/2053

     376,652        377,855  

SD-2174, 6.000%, 01/01/2053

     552,822        554,500  

SD-2334, 5.000%, 02/01/2053

     413,688        401,531  

SD-8300, 5.500%, 02/01/2053

     894,626        883,566  

QF-7085, 5.500%, 02/01/2053

     945,943        934,248  

SD-8309, 6.000%, 03/01/2053

     580,201        581,963  

SD-8316, 5.500%, 04/01/2053

     479,244        473,319  

SD-3218, 5.000%, 05/01/2053

     224,146        217,530  

SD-2913, 5.500%, 05/01/2053

     652,543        644,969  

SD-8329, 5.000%, 06/01/2053

     758,451        735,772  

SD-3136, 5.500%, 06/01/2053

     129,604        128,204  

SD-3010, 5.500%, 06/01/2053

     465,137        459,732  

SD-3392, 5.500%, 07/01/2053

     323,152        319,422  

Freddie Mac REMICS

                 

4121, 0.897% (SOFR30A + 6.086%), 10/15/2042(b)(d)

     853,307        80,114  

4122, 4.000%, 10/15/2042(d)

     888,937        161,557  

4159, 0.847% (SOFR30A + 6.036%), 01/15/2043(b)(d)

     1,673,164        180,953  

4459, 4.000%, 08/15/2043(d)

     1,846,077        326,429  

4385, 4.500%, 09/15/2044(d)

     176,945        34,702  

4572, 0.747% (SOFR30A + 5.936%), 04/15/2046(b)(d)

     393,194        38,700  

4583, 0.697% (SOFR30A + 5.886%), 05/15/2046(b)(d)

     406,453        34,749  

4616, 0.697% (SOFR30A + 5.886%), 09/15/2046(b)(d)

     950,784        100,907  

4623, 0.697% (SOFR30A + 5.886%), 10/15/2046(b)(d)

     861,507        80,757  

4648, 0.697% (SOFR30A + 5.886%), 01/15/2047(b)(d)

     367,397        38,551  

5013, 3.000%, 09/25/2050(d)

     2,420,043        342,917  

Freddie Mac STACR REMIC Trust

                 

2021-DNA7, 7.088% (SOFR30A + 1.800%), 11/25/2041(b)

     473,000        462,967  

2022-DNA2, 7.688% (SOFR30A + 2.400%), 02/25/2042(b)

     990,000        987,293  

2022-HQA1, 8.788% (SOFR30A + 3.500%), 03/25/2042(b)

     309,000        318,874  

2022-DNA3, 8.188% (SOFR30A + 2.900%), 04/25/2042(b)

     1,162,000        1,181,132  

 

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

 

48


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

Freddie Mac Structured Agency Credit Risk Debt Notes

                 

2017-HQA3, 7.752% (SOFR30A + 2.464%), 04/25/2030(b)

   $ 615,752      $ 623,963  

2018-DNA1, 7.202% (SOFR30A + 1.914%), 07/25/2030(b)

     270,547        270,758  

2018-HQA1, 7.702% (SOFR30A + 2.414%), 09/25/2030(b)

     569,566        575,749  

Ginnie Mae II Pool

                 

MA0699M, 3.500%, 01/20/2043

     22,391        20,765  

MA0783M, 3.500%, 02/20/2043

     30,564        28,350  

MA0934M, 3.500%, 04/20/2043

     21,668        20,103  

MA3663M, 3.500%, 05/20/2046

     37,316        34,459  

MA3803M, 3.500%, 07/20/2046

     14,483        13,356  

MA4510M, 3.500%, 06/20/2047

     58,817        54,230  

MA4586M, 3.500%, 07/20/2047

     81,041        74,752  

MA4652M, 3.500%, 08/20/2047

     54,689        50,266  

MA4900M, 3.500%, 12/20/2047

     41,294        38,095  

MA6542M, 3.500%, 03/20/2050

     220,274        203,636  

MA6600M, 3.500%, 04/20/2050

     16,477        15,117  

MA7192M, 2.000%, 02/20/2051

     274,184        226,980  

MA7193M, 2.500%, 02/20/2051

     274,777        234,175  

MA7254M, 2.000%, 03/20/2051

     279,712        231,813  

MA7255M, 2.500%, 03/20/2051

     682,962        582,018  

MA7311M, 2.000%, 04/20/2051

     797,642        660,059  

MA7312M, 2.500%, 04/20/2051

     754,782        643,249  

MA7367M, 2.500%, 05/20/2051

     278,629        237,577  

MA7418M, 2.500%, 06/20/2051

     582,223        496,097  

MA7472M, 2.500%, 07/20/2051

     382,624        326,073  

MA7589M, 2.500%, 09/20/2051

     209,441        178,470  

MA7648M, 2.000%, 10/20/2051

     280,876        232,158  

MA7986M, 2.000%, 04/20/2052

     114,591        94,629  

MA8099M, 3.500%, 06/20/2052

     93,576        85,024  

MA8147M, 2.500%, 07/20/2052

     251,638        214,379  

MA8151M, 4.500%, 07/20/2052

     875,226        835,097  

MA8201M, 4.500%, 08/20/2052

     1,120,190        1,069,036  

MA8268M, 4.500%, 09/20/2052

     532,957        508,506  

MA8269M, 5.000%, 09/20/2052

     617,551        601,877  

MA8347M, 4.500%, 10/20/2052

     203,061        193,744  

MA8428M, 5.000%, 11/20/2052

     434,938        423,744  

MA8429M, 5.500%, 11/20/2052

     502,474        497,713  

MA8492M, 6.000%, 12/20/2052

     434,031        435,876  

MA8569M, 5.000%, 01/20/2053

     465,556        453,277  

MA8570M, 5.500%, 01/20/2053

     342,825        339,845  

MA8725M, 5.000%, 03/20/2053

     345,175        336,071  

MA8800M, 5.000%, 04/20/2053

     232,666        226,529  

MA8801M, 5.500%, 04/20/2053

     888,939        880,377  

MA8948M, 5.500%, 06/20/2053

     497,681        492,885  

MA9017M, 5.500%, 07/20/2053

     324,362        321,238  

MA9018M, 6.000%, 07/20/2053

     424,221        426,024  

MA9107M, 6.000%, 08/20/2053

     175,000        175,744  

Government National Mortgage Association

                 

2013-23, 3.500%, 02/20/2043(d)

     1,010,281        148,577  

2015-162, 1.322% (TSFR1M + 6.636%), 11/20/2045(b)(d)

     823,607        105,682  

2018-007, 0.772% (TSFR1M + 6.086%), 01/20/2048(b)(d)

     899,393        88,612  

2020-107, 1.000%, 07/20/2050

     982,815        747,909  

2020-112, 1.000%, 08/20/2050

     852,704        648,959  

2020-173, 2.500%, 11/20/2050(d)

     2,168,219        284,005  

 

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

 

49


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Principal
Amount

     Value
 

2021-103, 2.000%, 06/20/2051

   $ 740,745      $ 616,724  

2021-116, 2.500%, 06/20/2051(d)

     2,402,426        326,496  
             


TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $125,772,710)

              114,773,768  
             


U.S. GOVERNMENT AGENCY ISSUES—0.59%                  

Fannie Mae Principal Strip

                 

0.000%, 07/15/2037

     1,370,000        712,147  

Federal Home Loan Banks

                 

4.000%, 06/30/2028

     755,000        746,442  

Federal National Mortgage Association

                 

0.875%, 08/05/2030

     575,000        456,378  

Tennessee Valley Authority

                 

5.250%, 09/15/2039

     320,000        329,481  
             


TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $2,629,475)

              2,244,448  
             


U.S. GOVERNMENT NOTES/BONDS—13.93%                  

United States Treasury Note/Bond

                 

4.125%, 07/31/2028(e)

     250,000        248,555  

4.000%, 02/28/2030

     580,000        572,704  

3.500%, 02/15/2033(e)

     17,550,000        16,716,375  

3.375%, 05/15/2033(e)

     11,935,000        11,245,008  

3.875%, 08/15/2033

     2,210,000        2,170,807  

3.875%, 02/15/2043

     1,940,000        1,805,413  

2.875%, 05/15/2043

     2,575,000        2,051,551  

3.875%, 05/15/2043(e)

     220,000        204,669  

3.750%, 11/15/2043

     1,960,000        1,783,294  

3.375%, 05/15/2044

     1,380,000        1,183,646  

3.125%, 05/15/2048

     1,205,000        978,921  

3.000%, 02/15/2049

     1,675,000        1,329,859  

2.375%, 05/15/2051

     2,060,000        1,432,183  

2.875%, 05/15/2052(e)

     3,900,000        3,028,441  

3.000%, 08/15/2052

     5,505,000        4,388,732  

3.625%, 02/15/2053

     1,450,000        1,306,699  

3.625%, 05/15/2053

     2,360,000        2,128,978  
             


TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $53,896,235)

              52,575,835  
             


     Shares
        
EXCHANGE TRADED FUNDS—3.21%                  

iShares Core U.S. Aggregate Bond ETF

     125,156        12,115,101  
             


TOTAL EXCHANGE TRADED FUNDS (Cost $12,504,291)

              12,115,101  
             


INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING—13.21%

 

Investment Company—13.21%

                 

Mount Vernon Liquid Assets Portfolio, LLC, 5.460%(f)

     49,844,301        49,844,301  
             


TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $49,844,301)

              49,844,301  
             


MONEY MARKET FUNDS—1.05%                  

First American Government Obligations Fund, Class X, 5.247%(f)

     3,949,998        3,949,998  
             


TOTAL MONEY MARKET FUNDS (Cost $3,949,998)               3,949,998  
             


Total Investments (Cost $453,721,536)—112.63%               424,973,597  

Liabilities in Excess of Other Assets—(12.63)%

              (47,668,084
             


TOTAL NET ASSETS—100.00%             $ 377,305,513  
             


 

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

 

50


Table of Contents

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

 


Percentages are stated as a percent of net assets.

 

(a)    Variable rate security; the rate shown represents the rate at August 31, 2023.
(b)    Floating rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.
(c)    Variable rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.
(d)    Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
(e)    All or portion of this security is out on loan as of August 31, 2023. Total value of securities out on loan is $48,899,480.
(f)    The rate shown represents the seven day yield at August 31, 2023.
(g)    Perpetual maturity. The date referenced is the next call date.

 

Abbreviations

#   TBA Pool number to be announced

 

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

 

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

 

51


Table of Contents

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023

 

     Shares
     Value
 
COMMON STOCKS—71.83%                  

Automobiles & Components—2.48%

                 

Bayerische Motoren Werke AG—ADR

     91,811      $ 3,226,239  

BorgWarner, Inc.(b)

     52,016        2,119,652  

Bridgestone Corp.—ADR

     18,241        352,599  

BYD Co. Ltd.—ADR

     2,032        128,300  

Cie Generale des Etablissements Michelin SCA—ADR

     10,123        157,818  

Ford Motor Co.

     44,500        539,785  

Geely Automobile Holdings Ltd.—ADR

     2,379        59,344  

General Motors Co.

     14,916        499,835  

Harley-Davidson, Inc.

     6,461        218,059  

Honda Motor Co. Ltd.—ADR

     154,350        4,990,137  

Isuzu Motors Ltd.—ADR

     24,418        312,306  

Mazda Motor Corp.—ADR(b)

     336,453        1,752,920  

Mercedes-Benz Group AG—ADR

     154,544        2,821,973  

Renault SA—ADR

     149,336        1,203,648  

Subaru Corp.—ADR

     135,236        1,292,856  

Sumitomo Electric Industries Ltd.—ADR

     57,759        703,793  

Suzuki Motor Corp.—ADR

     3,190        504,307  

Thor Industries, Inc.(b)

     5,792        607,117  

Valeo SE—ADR

     3,599        35,450  
             


                21,526,138  
             


Banks—3.92%

                 

Akbank TAS—ADR

     152,705        320,894  

Associated Banc-Corp(b)

     710        12,304  

Banco BBVA Argentina SA—ADR(b)

     37,299        213,350  

Banco Bilbao Vizcaya Argentaria SA—ADR

     598,439        4,751,605  

Banco de Chile—ADR

     11,110        242,420  

Banco do Brasil SA—ADR

     60,013        573,124  

Banco Santander SA—ADR

     599,375        2,319,581  

Bank Central Asia Tbk PT—ADR(b)

     6,198        94,334  

Bank Hapoalim BM—ADR

     6,906        286,703  

Bank Mandiri Persero Tbk PT—ADR

     26,646        419,675  

Bank of China Ltd.—ADR

     152,904        1,293,568  

Bank of East Asia Ltd.—ADR

     130,225        184,268  

Bank OZK(b)

     330        13,256  

BNP Paribas SA—ADR

     104,452        3,379,022  

Commerzbank AG—ADR

     35,811        392,489  

Credit Agricole SA—ADR

     25,791        161,710  

Erste Group Bank AG—ADR

     7,477        133,091  

First Citizens BancShares, Inc.(b)

     133        180,933  

FNB Corp/PA

     5,793        67,373  

Grupo Financiero Banorte SAB de CV—ADR

     790        33,536  

HDFC Bank Ltd.—ADR

     7,756        483,276  

HSBC Holdings PLC—ADR

     107,296        4,004,286  

Huntington Bancshares, Inc.

     4,280        47,465  

ICICI Bank Ltd.—ADR

     3,229        74,816  

ING Groep NV—ADR

     302,479        4,280,077  

Intesa Sanpaolo SpA—ADR

     22,808        367,551  

JPMorgan Chase & Co.

     24,285        3,553,624  

Lloyds Banking Group PLC—ADR

     42,779        89,836  

Mediobanca Banca di Credito Finanziario SpA—ADR(b)

     68,077        887,043  

Mitsubishi UFJ Financial Group, Inc.—ADR

     142,197        1,127,622  

NatWest Group PLC—ADR(a)

     5,281        31,105  

 

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

 

52


Table of Contents

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)

 

     Shares
     Value
 

New York Community Bancorp, Inc.(b)

     4,108      $ 50,446  

OFG Bancorp

     7,117        214,649  

Piraeus Financial Holdings SA—ADR

     63,772        215,007  

S&T Bancorp, Inc.

     403        11,417  

Sberbank of Russia PJSC—ADR(a)(e)

     119,989         

Shinhan Financial Group Co. Ltd.—ADR

     10,524        283,096  

Societe Generale SA—ADR

     11,304        64,659  

Standard Chartered PLC—ADR

     20,287        365,369  

Sumitomo Mitsui Financial Group, Inc.—ADR

     154,068        1,402,019  

Swedbank AB—ADR

     29,506        521,076  

Texas Capital Bancshares, Inc.(a)

     238        14,861  

Turkiye Garanti Bankasi AS—ADR

     268,605        530,495  

UniCredit SpA—ADR(b)

     30,777        375,172  

Woori Financial Group, Inc.—ADR

     1,916        51,157  
             


                34,119,360  
             


Capital Goods—6.39%

                 

AAR Corp.(a)

     1,198        73,797  

ACS Actividades de Construccion y Servicios SA—ADR

     215,445        1,505,961  

AGCO Corp.

     1,101        142,613  

Allison Transmission Holdings, Inc.

     6,587        398,184  

American Woodmark Corp.(a)

     2,444        189,825  

Apogee Enterprises, Inc.

     5,813        293,324  

Applied Industrial Technologies, Inc.

     81        12,504  

Ashtead Group PLC—ADR

     339        95,974  

Astra International, Tbk PT—ADR

     22,191        188,734  

Atkore, Inc.(a)(b)

     2,685        413,409  

Atlas Copco AB—Class A—ADR

     11,621        153,746  

BAE Systems PLC—ADR

     1,245        64,454  

Balfour Beatty PLC—ADR

     56,705        475,188  

Beacon Roofing Supply, Inc.(a)

     6,335        505,850  

Bidvest Group Ltd.—ADR

     173        5,266  

Boise Cascade Co.

     2,736        299,236  

Bouygues SA—ADR(b)

     94,499        648,263  

Builders FirstSource, Inc.(a)

     8,856        1,284,474  

Caterpillar, Inc.

     2,941        826,803  

Cie de Saint-Gobain SA—ADR

     102,950        1,340,409  

Comfort Systems USA, Inc.

     1,476        272,425  

Core & Main, Inc.(a)(b)

     4,113        135,071  

Crane Co.(b)

     139        12,666  

Cummins, Inc.

     6,913        1,590,267  

Daimler Truck Holding AG—ADR(b)

     3,692        65,090  

Deere & Co.

     105        43,149  

EHang Holdings Ltd.—ADR(a)

     1,595        31,469  

Embraer SA—ADR(a)

     763        11,933  

EMCOR Group, Inc.

     5,105        1,144,796  

Encore Wire Corp.(b)

     2,888        475,971  

EnerSys

     1,523        159,885  

Ferguson PLC

     333        53,799  

General Electric Co.

     19,304        2,209,536  

Gibraltar Industries, Inc.(a)

     2,040        153,061  

GMS, Inc.(a)(b)

     7,673        532,046  

Granite Construction, Inc.

     284