1
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
Fannie
Mae
Connecticut
Avenue
Securities
2021-R01,
6.878%
(SOFR30A
+
1.550%),
10/25/2041
$
480,000
$
479,982
2021-R03,
6.978%
(SOFR30A
+
1.650%),
12/25/2041
1,656,000
1,638,223
2022-R01,
7.228%
(SOFR30A
+
1.900%),
12/25/2041
915,000
913,226
2022-R02,
8.328%
(SOFR30A
+
3.000%),
01/25/2042
555,000
561,834
2022-R03,
8.828%
(SOFR30A
+
3.500%),
03/25/2042
1,065,000
1,108,497
2022-R07,
8.279%
(SOFR30A
+
2.950%),
06/25/2042
483,777
497,073
2022-R07,
9.979%
(SOFR30A
+
4.650%),
06/25/2042
1,005,000
1,083,456
2022-R08,
7.878%
(SOFR30A
+
2.550%),
07/25/2042
883,129
905,787
2023-R02,
7.628%
(SOFR30A
+
2.300%),
01/25/2043
648,816
659,062
Federal
Home
Loan
Mortgage
Corp.
3.500%,
G14953,
01/01/2029
11,498
11,187
K098,
1.517%,
08/25/2029 (a)
1,985,000
132,834
2017-HQA3,
7.793%
(SOFR30A
+
2.464%),
04/25/2030
592,089
604,073
2018-DNA1,
7.243%
(SOFR30A
+
1.914%),
07/25/2030
257,457
259,217
4.500%,
A86521,
05/01/2039
26,145
25,318
4.500%,
A86315,
05/01/2039
13,180
12,761
4.500%,
A93617,
08/01/2040
2,289
2,217
4.500%,
Q00285,
04/01/2041
3,342
3,236
4.500%,
Q00876,
05/01/2041
21,013
20,348
4.500%,
Q02173,
07/01/2041
15,492
15,002
3.000%,
ZS9972,
03/01/2042
655,479
579,837
3.500%,
C03795,
04/01/2042
104,984
96,211
3.500%,
Q09004,
06/01/2042
9,407
8,621
3.500%,
C09004,
07/01/2042
10,161
9,312
3.500%,
Q09896,
08/01/2042
12,959
11,876
3.500%,
Q11348,
09/01/2042
28,004
25,594
4121,
0.761%
(-1x
SOFR30A
+
6.086%),
10/15/2042 (a)
822,778
80,250
4122,
4.000%,
10/15/2042 (a)
870,176
157,671
4159,
0.711%
(-1x
SOFR30A
+
6.036%),
01/15/2043 (a)
1,644,269
185,430
3.500%,
Q18305,
05/01/2043
11,143
10,149
3.500%,
Q19475,
06/01/2043
18,891
17,194
3.500%,
G60030,
07/01/2043
57,724
52,654
3.500%,
Q20857,
08/01/2043
14,764
13,433
3.500%,
G07459,
08/01/2043
12,247
11,170
3.500%,
G08541,
08/01/2043
21,374
19,454
3.500%,
Q20780,
08/01/2043
24,337
22,121
4459,
4.000%,
08/15/2043 (a)
1,788,008
316,190
4.500%,
Q26513,
06/01/2044
11,334
10,970
4385,
4.500%,
09/15/2044 (a)
171,558
33,675
3.500%,
Q45219,
01/01/2045
76,767
69,760
3.500%,
G07961,
03/01/2045
16,510
15,006
3.500%,
G08636,
04/01/2045
19,290
17,497
3.500%,
Q35225,
08/01/2045
9,496
8,607
2
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
Home
Loan
Mortgage
Corp.
(Continued)
3.500%,
G08659,
08/01/2045
$
52,558
$
47,618
3.500%,
G08676,
11/01/2045
23,017
20,825
4.500%,
G60480,
11/01/2045
9,140
8,796
3.500%,
G08681,
12/01/2045
17,061
15,429
3.500%,
Q39434,
03/01/2046
3,615
3,269
3.500%,
G08693,
03/01/2046
3,803
3,436
3.500%,
Q39644,
03/01/2046
79,838
72,204
3.500%,
G08702,
04/01/2046
38,964
35,173
4572,
0.611%
(-1x
SOFR30A
+
5.936%),
04/15/2046 (a)
381,910
38,461
3.500%,
G08706,
05/01/2046
17,970
16,342
3.500%,
Q40375,
05/01/2046
26,572
23,976
3.500%,
Q40718,
05/01/2046
111,762
100,751
4.500%,
G08708,
05/01/2046
24,182
23,267
4583,
0.561%
(-1x
SOFR30A
+
05/15/2046 (a)
395,543
35,341
3.500%,
Q41208,
06/01/2046
56,136
50,709
3.000%,
ZM1590,
08/01/2046
475,352
411,993
3.000%,
G08721,
09/01/2046
38,531
33,555
4616,
0.561%
(-1x
SOFR30A
+
5.886%),
09/15/2046 (a)
943,836
100,177
4.500%,
G08735,
10/01/2046
33,668
32,366
4623,
0.561%
(-1x
SOFR30A
+
5.886%),
10/15/2046 (a)
840,564
81,012
3.000%,
G08741,
01/01/2047
709,547
616,075
4.000%,
G08743,
01/01/2047
30,468
28,371
4648,
0.561%
(-1x
SOFR30A
+
5.886%),
01/15/2047 (a)
355,984
39,634
3.500%,
Q46279,
02/01/2047
43,046
38,751
4.500%,
Q46539,
03/01/2047
3,368
3,211
3.000%,
SD0035,
04/01/2047
424,427
370,463
4.500%,
G08759,
04/01/2047
11,770
11,310
4.500%,
V83204,
05/01/2047
27,413
26,157
4.000%,
Q49100,
07/01/2047
66,242
61,674
4.500%,
Q49394,
07/01/2047
47,040
45,215
3.500%,
Q50035,
08/01/2047
53,884
48,453
4.000%,
G61228,
08/01/2047
101,898
94,871
3.500%,
G08779,
09/01/2047
154,744
137,917
4.000%,
G08785,
10/01/2047
79,683
73,571
3.500%,
ZM4908,
11/01/2047
192,544
172,602
3.500%,
Q52319,
11/01/2047
120,340
108,035
3.500%,
G61631,
11/01/2047
141,972
127,867
4.000%,
G61467,
11/01/2047
103,649
95,715
3.500%,
G61281,
01/01/2048
66,893
60,053
4.000%,
ZA5250,
01/01/2048
166,771
155,371
3.500%,
G08800,
02/01/2048
91,212
81,847
3
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
Home
Loan
Mortgage
Corp.
(Continued)
4.000%,
Q54463,
02/01/2048
$
47,860
$
44,500
3.500%,
G67710,
03/01/2048
127,571
114,579
4.000%,
ZM6197,
04/01/2048
423,060
394,056
3.000%,
SD0298,
11/01/2048
300,250
261,745
4.500%,
ZN2103,
12/01/2048
29,886
28,462
3.000%,
ZA7141,
06/01/2049
60,065
51,480
3.500%,
SD8005,
08/01/2049
539,288
481,554
4.500%,
SD8013,
09/01/2049
76,904
73,122
3.000%,
SI2009,
10/01/2049
354,844
304,197
3.000%,
QA5549,
12/01/2049
192,819
164,880
3.000%,
QA7325,
02/01/2050
143,708
123,134
3.000%,
QA6750,
02/01/2050
104,299
89,335
3.000%,
QA8311,
03/01/2050
183,915
158,213
3.000%,
SD8068,
06/01/2050
496,001
424,454
2.500%,
RA2970,
07/01/2050
165,258
134,655
3.000%,
SD8074,
07/01/2050
72,886
62,282
2.500%,
QB2682,
08/01/2050
126,305
103,043
3.000%,
SD8084,
08/01/2050
213,242
181,645
4.000%,
SD8086,
08/01/2050
154,972
142,388
3.000%,
RA3484,
09/01/2050
246,509
209,790
5013,
3.000%,
09/25/2050 (a)
2,340,532
295,962
2.000%,
SD8098,
10/01/2050
2,206,268
1,729,515
2.500%,
QB4785,
10/01/2050
178,392
145,389
2.500%,
QB6037,
11/01/2050
131,455
107,081
3.500%,
SD1025,
12/01/2050
493,534
437,958
2.500%,
SD8122,
01/01/2051
379,419
309,069
2.500%,
SD8129,
02/01/2051
511,525
417,368
2.500%,
RA4527,
02/01/2051
264,194
215,691
2.500%,
SD8135,
03/01/2051
183,032
149,320
2.500%,
QC0945,
04/01/2051
776,514
631,194
2.500%,
SD8147,
05/01/2051
430,037
349,424
2.500%,
QC4235,
07/01/2051
655,115
536,263
2.500%,
SD8156,
07/01/2051
400,498
325,018
2.500%,
QC3907,
07/01/2051
401,388
328,566
2.000%,
SD8160,
08/01/2051
775,219
605,066
2.500%,
QC6209,
08/01/2051
354,266
289,445
2.500%,
QC5978,
08/01/2051
571,338
465,739
2.500%,
RA5855,
09/01/2051
682,511
553,928
2.500%,
SD8167,
09/01/2051
1,041,956
845,567
2.500%,
QC8520,
10/01/2051
261,500
212,000
2.500%,
SD0780,
12/01/2051
462,660
378,103
4
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
Home
Loan
Mortgage
Corp.
(Continued)
4.000%,
RA6686,
01/01/2052
$
211,940
$
192,783
2.500%,
SD3609,
04/01/2052
103,243
83,841
4.000%,
SD1883,
06/01/2052
613,201
557,772
4.500%,
SD1117,
06/01/2052
278,804
262,085
4.500%,
QE6058,
07/01/2052
834,047
781,964
5.000%,
SD8233,
07/01/2052
625,720
603,604
5.000%,
SD1576,
08/01/2052
851,905
821,793
5.500%,
SD1803,
09/01/2052
294,815
291,385
5.500%,
SD1709,
09/01/2052
730,878
721,680
5.000%,
SD8258,
10/01/2052
644,726
621,938
5.500%,
SD1719,
10/01/2052
828,998
817,855
5.000%,
SD1884,
11/01/2052
101,071
97,343
5.000%,
SD1913,
11/01/2052
383,833
370,746
5.500%,
SD8268,
11/01/2052
366,488
362,017
6.000%,
QF4848,
12/01/2052
588,388
591,254
5.500%,
QF6551,
01/01/2053
581,054
573,143
5.500%,
SD8289,
01/01/2053
610,814
602,324
6.000%,
SD8290,
01/01/2053
369,921
371,418
6.000%,
SD2174,
01/01/2053
541,383
543,814
5.000%,
SD2334,
02/01/2053
410,719
396,087
5.500%,
SD8300,
02/01/2053
878,986
868,124
5.500%,
QF7085,
02/01/2053
938,018
925,473
6.000%,
SD8309,
03/01/2053
565,190
567,219
5.500%,
SD8316,
04/01/2053
470,661
464,186
5.500%,
SD2913,
05/01/2053
633,084
625,001
5.000%,
SD8329,
06/01/2053
749,349
721,605
5.500%,
SD3136,
06/01/2053
127,412
125,757
5.500%,
SD3010,
06/01/2053
460,662
454,781
5.500%,
SD3392,
07/01/2053
321,851
317,645
6.000%,
SD8368,
10/01/2053
792,982
795,705
Federal
National
Mortgage
Association
4.500%,
MA0096,
06/01/2029
2,244
2,198
2017-C06,
8.243%
(SOFR30A
+
2.914%),
02/25/2030
917,371
942,512
2017-C07,
7.843%
(SOFR30A
+
2.514%),
05/25/2030
426,906
434,084
2018-C02,
7.643%
(SOFR30A
+
2.314%),
08/25/2030
906,820
920,595
2018-C04,
7.993%
(SOFR30A
+
2.664%),
12/25/2030
797,400
820,049
4.500%,
AB3000,
05/01/2031
7,105
6,929
4.500%,
AB1389,
08/01/2040
22,991
22,232
4.500%,
MA0510,
09/01/2040
235
227
3.500%,
AE8714,
11/01/2040
8,903
8,147
4.500%,
890310,
12/01/2040
5,433
5,253
5
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
National
Mortgage
Association
(Continued)
4.500%,
AE0954,
02/01/2041
$
18,896
$
18,271
3.000%,
AS7001,
04/01/2041
455,098
402,414
4.500%,
AL0065,
04/01/2041
9,048
8,749
4.500%,
AB3194,
06/01/2041
6,066
5,865
4.500%,
AH7395,
06/01/2041
754
733
3.000%,
FM0040,
10/01/2041
86,284
76,270
4.500%,
AL1547,
11/01/2041
3,665
3,544
3.500%,
AJ6346,
12/01/2041
14,508
13,277
3.500%,
AJ9278,
12/01/2041
4,484
4,103
3.500%,
AO1214,
04/01/2042
50,086
45,835
3.500%,
AK9393,
04/01/2042
9,060
8,291
3.500%,
AK6568,
04/01/2042
17,851
16,335
4.500%,
AL4029,
04/01/2042
25,907
25,050
2012-70,
0.557%
(-1x
SOFR30A
+
5.886%),
07/25/2042 (a)
819,236
89,763
2012-68,
0.607%
(-1x
SOFR30A
+
5.936%),
07/25/2042 (a)
1,310,161
137,818
4.500%,
AL7306,
09/01/2042
14,952
14,310
3.500%,
AP8743,
10/01/2042
144,360
132,015
3.500%,
AL2897,
01/01/2043
20,166
18,404
3.500%,
AL3714,
01/01/2043
12,851
11,711
3.500%,
AQ9330,
01/01/2043
18,200
16,620
3.500%,
AB7965,
02/01/2043
11,653
10,635
2013-6,
0.657%
(-1x
SOFR30A
+
5.986%),
02/25/2043 (a)
879,139
98,395
2013-18,
0.657%
(-1x
SOFR30A
+
5.986%),
03/25/2043 (a)
983,108
96,474
3.500%,
AT2021,
04/01/2043
12,011
10,991
3.500%,
AB9046,
04/01/2043
35,203
32,104
3.500%,
AT1001,
04/01/2043
14,087
12,794
3.500%,
AB9260,
05/01/2043
31,211
28,328
3.500%,
AS0212,
08/01/2043
31,185
28,303
3.500%,
AU0949,
08/01/2043
28,032
25,651
418,
4.000%,
08/25/2043 (a)
1,170,468
217,498
4.500%,
AU4658,
09/01/2043
5,359
5,115
3.500%,
MA1600,
10/01/2043
13,616
12,358
4.500%,
AL4450,
12/01/2043
10,692
10,272
4.500%,
AS1333,
12/01/2043
9,095
8,738
4.500%,
AS2516,
05/01/2044
11,393
10,946
4.500%,
AS2751,
06/01/2044
14,116
13,561
4.500%,
MA1926,
06/01/2044
11,214
10,773
4.500%,
AL6223,
08/01/2044
12,776
12,274
2014-90,
0.707%
(-1x
SOFR30A
+
6.036%),
01/25/2045 (a)
1,478,233
169,687
2015-32,
0.757%
(-1x
SOFR30A
+
6.086%),
05/25/2045 (a)
869,851
94,557
3.500%,
AZ0814,
07/01/2045
23,987
21,731
6
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
National
Mortgage
Association
(Continued)
3.500%,
AZ0862,
07/01/2045
$
41,451
$
37,543
3.500%,
BM1953,
08/01/2045
51,053
46,686
3.500%,
AZ4775,
10/01/2045
10,241
9,272
3.500%,
CA2929,
12/01/2045
78,136
70,694
3.500%,
AS6311,
12/01/2045
14,786
13,358
3.500%,
AS6464,
01/01/2046
20,765
18,725
4.000%,
AL8219,
02/01/2046
162,579
152,451
4.000%,
AL8387,
03/01/2046
429,625
401,200
3.000%,
FM1370,
04/01/2046
29,942
26,228
4.500%,
AS7200,
05/01/2046
6,296
6,045
3.500%,
AS7388,
06/01/2046
416,464
376,402
3.000%,
AS7580,
07/01/2046
95,120
82,762
2016-40,
0.407%
(-1x
SOFR30A
+
5.736%),
07/25/2046 (a)
569,678
53,146
3.000%,
MA2737,
09/01/2046
533,509
462,503
3.000%,
MA2771,
10/01/2046
80,503
69,962
3.000%,
AS8056,
10/01/2046
53,012
46,016
3.500%,
BM3932,
10/01/2046
74,277
67,021
3.000%,
AS8269,
11/01/2046
67,985
59,013
4.500%,
AS8700,
01/01/2047
21,886
21,013
4.500%,
MA2872,
01/01/2047
56,721
54,434
3.500%,
AL9879,
02/01/2047
1,303,593
1,172,143
4.000%,
FM4894,
03/01/2047
408,838
380,766
4.500%,
AS8982,
03/01/2047
7,123
6,824
3.000%,
FM1000,
04/01/2047
192,065
166,741
3.000%,
CA5843,
04/01/2047
106,267
92,565
3.500%,
MA2959,
04/01/2047
72,760
65,229
3.500%,
AS9536,
05/01/2047
37,495
33,685
4.500%,
MA3008,
05/01/2047
14,223
13,537
3.500%,
AS9829,
06/01/2047
32,448
29,123
4.000%,
BE3702,
06/01/2047
43,428
40,249
4.000%,
AS9831,
06/01/2047
49,434
45,959
3.000%,
BM5179,
07/01/2047
62,159
54,028
4.000%,
CA0062,
07/01/2047
34,730
32,271
4.000%,
MA3121,
09/01/2047
455,597
422,351
3.500%,
FM4019,
10/01/2047
386,935
347,979
4.500%,
CA0559,
10/01/2047
46,143
44,093
3.000%,
FM1467,
12/01/2047
60,419
52,784
3.500%,
MA3210,
12/01/2047
99,452
89,099
3.000%,
FM2897,
02/01/2048
189,579
165,261
3.000%,
CA4140,
02/01/2048
59,552
51,453
3.500%,
CA1535,
02/01/2048
20,550
18,419
7
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
National
Mortgage
Association
(Continued)
4.500%,
MA3278,
02/01/2048
$
190,170
$
180,953
4.500%,
CA1218,
02/01/2048
31,775
30,167
2018-7,
4.000%,
02/25/2048 (a)
1,071,236
203,678
3.500%,
BJ0648,
03/01/2048
41,506
37,193
3.500%,
BM3590,
03/01/2048
76,092
68,131
4.000%,
BM3900,
04/01/2048
80,361
74,540
4.500%,
CA1710,
05/01/2048
55,984
53,313
3.000%,
FM2385,
09/01/2048
115,750
99,958
3.000%,
FM1572,
09/01/2048
191,940
166,533
3.000%,
BM5024,
11/01/2048
50,878
43,959
3.000%,
FM2915,
11/01/2048
419,463
365,285
3.500%,
FM5108,
11/01/2048
546,133
491,087
3.000%,
CA2922,
12/01/2048
167,003
144,289
3.000%,
FM2239,
12/01/2048
103,304
89,523
4.500%,
FM1051,
05/01/2049
129,936
123,820
4.000%,
FM4895,
06/01/2049
340,898
316,730
4.500%,
CA3683,
06/01/2049
47,377
45,087
3.000%,
BO2201,
09/01/2049
144,292
123,471
4.000%,
CA4571,
11/01/2049
336,305
309,511
3.000%,
BO6164,
01/01/2050
62,909
53,883
3.000%,
BO8947,
01/01/2050
75,445
64,684
4.500%,
FM3619,
01/01/2050
83,746
79,004
3.000%,
BP2099,
02/01/2050
320,477
274,630
3.500%,
FM7592,
03/01/2050
517,761
462,558
3.000%,
CA5519,
04/01/2050
69,052
59,012
3.000%,
FM4334,
04/01/2050
162,539
139,303
3.500%,
CA5559,
04/01/2050
529,956
472,464
3.000%,
CA5668,
05/01/2050
262,855
224,463
3.000%,
CA6086,
06/01/2050
1,034,686
882,122
3.000%,
BP6466,
07/01/2050
174,666
148,956
4.500%,
BP6481,
07/01/2050
34,143
32,366
2.500%,
BQ0239,
08/01/2050
170,195
140,064
2020-52,
4.500%,
08/25/2050 (a)
972,365
202,414
2.500%,
BK3044,
09/01/2050
303,313
247,506
2.500%,
BP6716,
09/01/2050
316,730
258,193
3.000%,
MA4121,
09/01/2050
509,303
433,728
4.500%,
FM9143,
09/01/2050
119,195
113,365
3.000%,
MA4160,
10/01/2050
428,424
364,829
4.500%,
FM7475,
10/01/2050
19,774
18,832
4.500%,
MA4170,
10/01/2050
245,785
233,852
2.000%,
MA4208,
12/01/2050
2,270,234
1,781,417
8
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
National
Mortgage
Association
(Continued)
2.000%,
FM5316,
12/01/2050
$
173,690
$
136,156
2.500%,
BR1269,
01/01/2051
659,971
542,291
2.500%,
MA4256,
02/01/2051
634,754
516,912
2.500%,
MA4282,
03/01/2051
402,795
328,229
2.500%,
MA4306,
04/01/2051
261,331
212,479
2.500%,
BR7795,
04/01/2051
640,636
520,638
2.000%,
MA4325,
05/01/2051
661,626
516,760
2.500%,
BT2488,
05/01/2051
408,974
332,225
2.500%,
FM7189,
05/01/2051
461,853
378,603
2.500%,
MA4326,
05/01/2051
431,968
351,081
2.500%,
FM7738,
06/01/2051
462,677
377,740
2.500%,
BT0417,
06/01/2051
274,556
222,999
2.500%,
MA4356,
06/01/2051
862,841
699,934
2.000%,
MA4378,
07/01/2051
624,515
487,778
2.500%,
FS1550,
07/01/2051
325,345
265,350
2.500%,
BT1339,
07/01/2051
720,039
584,642
2.500%,
CB1038,
07/01/2051
299,456
244,535
2.500%,
MA4379,
07/01/2051
338,798
275,249
2.500%,
CB1027,
07/01/2051
247,084
200,612
2.500%,
FM8178,
07/01/2051
770,533
625,489
2.500%,
FM8360,
08/01/2051
334,980
274,516
2.500%,
BT3273,
08/01/2051
697,460
570,988
2.500%,
FM8422,
08/01/2051
715,524
580,782
2.500%,
MA4399,
08/01/2051
2,244,727
1,823,281
2.500%,
BT7263,
09/01/2051
437,299
355,094
2.000%,
CB2852,
11/01/2051
1,280,017
997,142
2.000%,
FS0121,
01/01/2052
541,952
424,984
3.000%,
FS3569,
02/01/2052
412,164
349,699
2.000%,
MA4562,
03/01/2052
471,742
367,608
2.500%,
FS4110,
03/01/2052
751,130
610,007
2.500%,
BV4139,
03/01/2052
197,717
161,264
2.500%,
MA4578,
04/01/2052
1,451,548
1,177,740
4.000%,
MA4626,
06/01/2052
662,399
602,299
5.000%,
BV2558,
06/01/2052
584,235
563,355
4.500%,
BV2623,
07/01/2052
202,324
189,696
4.500%,
BW0036,
07/01/2052
372,255
351,604
4.500%,
FS2603,
08/01/2052
636,387
596,627
5.000%,
BV7959,
08/01/2052
674,369
650,533
5.000%,
CB4404,
08/01/2052
670,098
646,844
4.500%,
BV8055,
09/01/2052
651,114
610,488
5.000%,
BW1201,
09/01/2052
727,494
701,781
9
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Federal
National
Mortgage
Association
(Continued)
5.000%,
BW6232,
09/01/2052
$
845,550
$
815,205
5.000%,
MA4785,
10/01/2052
685,549
661,317
5.000%,
FS3642,
11/01/2052
329,259
317,519
5.500%,
MA4842,
12/01/2052
1,063,416
1,050,293
5.000%,
MA4868,
01/01/2053
640,762
617,151
5.000%,
MA4918,
02/01/2053
679,372
654,333
5.500%,
MA4919,
02/01/2053
605,023
596,692
5.500%,
MA4941,
03/01/2053
652,076
643,004
5.500%,
CB5906,
03/01/2053
325,580
321,272
5.000%,
CB6031,
04/01/2053
371,152
357,631
5.500%,
FS4357,
04/01/2053
528,130
521,387
6.000%,
BW4908,
04/01/2053
455,096
457,646
6.000%,
CB6201,
05/01/2053
805,052
807,961
5.500%,
FS4874,
06/01/2053
1,256,598
1,239,256
6.000%,
MA5073,
07/01/2053
525,874
527,680
6.000%,
MA5108,
08/01/2053
781,383
784,066
6.500%,
MA5217,
12/01/2053
325,000
330,382
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
2021-HQA2,
7.378%
(SOFR30A
+
2.050%),
12/25/2033
385,000
380,287
2021-DNA7,
7.128%
(SOFR30A
+
1.800%),
11/25/2041
473,000
467,375
2022-DNA2,
7.728%
(SOFR30A
+
2.400%),
02/25/2042
990,000
999,944
2022-HQA1,
8.828%
(SOFR30A
+
3.500%),
03/25/2042
309,000
320,271
2022-DNA3,
8.228%
(SOFR30A
+
2.900%),
04/25/2042
1,162,000
1,189,300
Ginnie
Mae
II
Pool
3.500%,
MA0699,
01/20/2043
21,788
19,903
3.500%,
MA0783,
02/20/2043
29,813
27,238
3.500%,
MA0934,
04/20/2043
21,120
19,299
3.500%,
MA3663,
05/20/2046
36,285
32,957
3.500%,
MA3803,
07/20/2046
14,132
12,829
3.500%,
MA4510,
06/20/2047
57,193
51,830
3.500%,
MA4586,
07/20/2047
78,943
71,567
3.500%,
MA4652,
08/20/2047
53,275
48,261
3.500%,
MA4900,
12/20/2047
40,051
36,267
3.500%,
MA6542,
03/20/2050
213,548
193,176
3.500%,
MA6600,
04/20/2050
15,976
14,438
2.000%,
MA7192,
02/20/2051
268,290
217,009
2.500%,
MA7193,
02/20/2051
268,056
224,219
2.000%,
MA7254,
03/20/2051
273,798
221,423
2.500%,
MA7255,
03/20/2051
667,397
558,017
2.000%,
MA7311,
04/20/2051
780,545
631,237
2.500%,
MA7312,
04/20/2051
737,796
617,481
10
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
MORTGAGE
BACKED
SECURITIES
—
30.38%
(Continued)
Ginnie
Mae
II
Pool
(Continued)
2.500%,
MA7367,
05/20/2051
$
272,285
$
227,870
2.500%,
MA7418,
06/20/2051
568,775
475,646
2.500%,
MA7472,
07/20/2051
374,150
313,015
2.500%,
MA7589,
09/20/2051
204,558
171,033
2.000%,
MA7648,
10/20/2051
275,042
222,423
2.000%,
MA7986,
04/20/2052
112,430
90,797
3.500%,
MA8099,
06/20/2052
91,654
81,990
2.500%,
MA8147,
07/20/2052
245,762
205,496
5.000%,
MA8269,
09/20/2052
606,485
590,486
5.000%,
MA8428,
11/20/2052
427,818
416,126
5.500%,
MA8429,
11/20/2052
493,247
490,510
6.000%,
MA8492,
12/20/2052
416,530
419,995
5.000%,
MA8569,
01/20/2053
457,914
445,597
5.500%,
MA8570,
01/20/2053
336,237
334,026
5.000%,
MA8725,
03/20/2053
341,074
331,759
5.000%,
MA8800,
04/20/2053
230,529
224,204
5.500%,
MA8801,
04/20/2053
879,558
873,828
5.500%,
MA8948,
06/20/2053
494,059
490,733
5.000%,
MA9016,
07/20/2053
94,168
91,523
6.000%,
MA9018,
07/20/2053
420,966
424,310
6.000%,
MA9107,
08/20/2053
1,306,088
1,316,430
6.000%,
MA9306,
11/20/2053
165,000
166,306
HUD
Office
of
the
Secretary
2013-23,
3.500%,
02/20/2043 (a)
982,597
143,992
2015-162,
1.304%
(-1x
TSFR1M
+
6.636%),
11/20/2045 (a)
808,047
109,508
2018-7,
0.754%
(-1x
TSFR1M
+
6.086%),
01/20/2048 (a)
870,811
89,758
2020-107,
1.000%,
07/20/2050
953,149
707,725
2020-112,
1.000%,
08/20/2050
829,611
615,088
2020-173,
2.500%,
11/20/2050 (a)
2,119,778
277,486
2021-103,
2.000%,
06/20/2051
718,643
583,333
2021-116,
2.500%,
06/20/2051 (a)
2,346,458
319,372
TOTAL
AGENCY
MORTGAGE
BACKED
SECURITIES
(Cost
$122,773,636)
111,593,617
ASSET
BACKED
SECURITIES
—
11.59%
37
Capital
CLO
2021-1A,
6.855%
(TSFR3M
+
1.462%),
10/15/2034
1,000,000
993,931
AM
Capital
Funding
2018-1,
4.980%,
12/15/2023
760,000
760,351
Amur
Equipment
Finance
Receivables
LLC
2022-2A,
5.300%,
06/21/2028
193,859
192,641
11
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
ASSET
BACKED
SECURITIES
—
11.59%
(Continued)
Amur
Equipment
Finance
Receivables
LLC
(Continued)
2023-1A,
6.090%,
12/20/2029
$
610,000
$
611,655
Angel
Oak
Mortgage
Trust
LLC
2021-3,
1.068%,
05/25/2066
562,609
461,042
2022-5,
4.500%,
05/25/2067 (b)
475,820
451,955
Aqua
Finance
Trust
2021-A,
1.540%,
07/17/2046
394,156
348,446
Avis
Budget
Car
Rental
LLC
2018-2A,
4.270%,
03/20/2025
240,000
239,116
2019-3A,
2.360%,
03/20/2026
376,000
361,357
2020-2A,
2.960%,
02/20/2027
852,000
798,044
Beacon
Container
Finance
LLC
2021-1A,
2.250%,
10/22/2046
840,750
727,493
Blackstone,
Inc.
2017-1A,
6.717%
(TSFR3M
+
1.302%),
04/20/2034
500,000
497,901
BlueMountain
CLO
Ltd.
2013-2A,
6.854%
(TSFR3M
+
1.442%),
10/22/2030
255,517
255,523
BMW
Vehicle
Lease
Trust
2023-A,
5.470%,
02/25/2028
549,000
551,828
CarMax
Auto
Owner
Trust
2023-3,
5.280%,
05/15/2028
592,000
592,430
CC
Towers
Guarantor
LLC
4.241%,
07/15/2028
439,000
407,139
CCG
Receivables
Trust
2023-1,
5.820%,
09/16/2030
400,000
399,617
Cedar
Funding
Ltd.
2016-6A,
6.727%
(TSFR3M
+
1.312%),
04/20/2034
1,480,000
1,466,087
CyrusOne
Data
Centers
Issuer
I
LLC
2023-1A,
4.300%,
04/20/2048
332,000
298,519
2023-2A,
5.560%,
11/20/2048
496,000
463,821
Dell
Equipment
Finance
Trust
2023-3,
5.930%,
04/23/2029
365,000
367,777
DLLAA
LLC
2023-1A,
5.640%,
02/22/2028
381,000
381,573
Dryden
Senior
Loan
Fund
2019-75A,
6.695%
(TSFR3M
+
1.302%),
04/15/2034
850,000
844,449
Fort
Washington
CLO
2021-2A,
6.897%
(TSFR3M
+
1.482%),
10/20/2034
2,000,000
1,997,242
Frontier
Issuer
LLC
2023-1,
6.600%,
08/20/2053
691,000
670,151
GCAT
2019-NQM3,
3.686%,
11/25/2059
98,377
91,537
2021-NQM5,
1.262%,
07/25/2066
471,480
367,057
12
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
ASSET
BACKED
SECURITIES
—
11.59%
(Continued)
GM
Financial
Leasing
Trust
2023-3,
5.380%,
11/20/2026
$
552,000
$
550,844
IPFS
Corp.
2022-C,
3.890%,
05/15/2027
1,635,000
1,589,093
JPMorgan
Chase
Bank
NA
2021-3,
0.760%,
02/26/2029
538,351
518,735
Kubota
Credit
Owner
Trust
2023-2A,
5.280%,
01/18/2028
444,000
443,456
Madison
Park
Funding
Ltd.
2017-26A,
6.852%
(TSFR3M
+
1.462%),
07/29/2030
2,213,092
2,213,148
Magnetite
CLO
Ltd.
2019-23A,
6.770%
(TSFR3M
+
1.392%),
01/25/2035
1,000,000
996,444
Metronet
Systems
Holdings
LLC
2022-1A,
6.350%,
10/20/2052
960,000
930,494
MMAF
Equipment
Finance
LLC
2023-A,
5.540%,
12/13/2029
594,000
595,058
MVW
Owner
Trust
2021-2A,
1.430%,
05/20/2039
549,106
499,903
2021-2A,
1.830%,
05/20/2039
448,009
406,316
2022-1A,
4.400%,
11/21/2039
212,779
202,156
2023-1A,
5.420%,
10/20/2040
471,701
463,377
2021-1WA,
1.440%,
01/22/2041
228,445
208,187
Navient
Student
Loan
Trust
2021-BA,
0.940%,
07/15/2069
927,665
795,682
2021-CA,
1.060%,
10/15/2069
696,256
594,987
2021-EA,
0.970%,
12/16/2069
1,226,507
1,039,715
2021-FA,
1.110%,
02/18/2070
446,407
371,008
OneMain
Financial
Issuance
Trust
2018-2A,
3.570%,
03/14/2033
544,216
538,850
2023-2A,
5.840%,
09/15/2036
820,000
824,348
RASC
Trust
2005-KS12,
6.147%
(TSFR1M
+
0.574%),
01/25/2036
27,434
27,316
SBA
Depositor
LLC
2020-1-2,
2.328%,
01/15/2028
618,000
534,354
Sierra
Timeshare
Conduit
Receivables
Funding
LLC
2019-2A,
2.590%,
05/20/2036
214,978
210,408
2020-2A,
3.510%,
07/20/2037
256,090
244,718
2021-2A,
1.350%,
09/20/2038
183,572
170,991
2023-2A,
5.800%,
04/20/2040
594,994
600,619
2023-3A,
6.440%,
09/20/2040
868,278
875,692
SoFi
Consumer
Loan
Program
Trust
2023-1S,
5.810%,
05/15/2031
187,820
187,455
13
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
ASSET
BACKED
SECURITIES
—
11.59%
(Continued)
Stack
Infrastructure
Issuer
LLC
2023-3A,
5.900%,
10/25/2048
$
658,000
$
632,526
Starwood
Mortgage
Residential
Trust
2021-3,
1.127%,
06/25/2056
528,146
419,440
2021-6,
1.920%,
11/25/2066
821,067
656,992
Taco
Bell
Corp.
2016-1A,
4.970%,
05/25/2046
125,625
122,592
2021-1A,
1.946%,
08/25/2051
786,983
693,145
Towd
Point
Mortgage
Trust
2017-5,
6.057%
(TSFR1M
+
0.714%),
02/25/2057
106,479
107,164
2017-2
A1,
2.750%,
04/25/2057
726
724
2017-2,
3.250%,
04/25/2057
351,000
343,209
2017-4,
2.750%,
06/25/2057
80,890
77,087
2017-3,
2.750%,
07/25/2057
63,900
62,667
2022-4,
3.750%,
09/25/2062
1,383,043
1,267,570
TRESTLES
CLO
LLC
2017-1A,
6.630%
(TSFR3M
+
1.252%),
04/25/2032
500,000
492,408
2021-5A,
6.847%
(TSFR3M
+
1.432%),
10/20/2034
1,000,000
995,636
Trinitas
CLO
Ltd.
2023-25A,
0.000%
(TSFR3M
+
1.850%),
01/23/2037 (c)
2,000,000
2,001,500
USAA
Auto
Owner
Trust
2023-A,
5.580%,
05/15/2028
658,000
660,805
Verus
Securitization
Trust
2021-3,
1.046%,
06/25/2066
643,837
526,778
2021-6,
1.630%,
10/25/2066
561,527
456,285
2022-7,
5.152%,
07/25/2067 (b)
845,595
827,014
TOTAL
ASSET
BACKED
SECURITIES
(Cost
$44,314,916)
42,575,578
CORPORATE
BONDS
—
31.89%
Aerospace/Defense
—
0.15%
TransDigm,
Inc.
6.250%,
03/15/2026
565,000
561,571
Airlines
—
0.21%
United
Airlines
Pass
Through
Trust
2020-1,
5.875%,
10/15/2027
756,970
754,727
Automobiles
&
Components
—
0.74%
Ford
Motor
Co.
4.750%,
01/15/2043
250,000
193,302
Ford
Motor
Credit
Co.
LLC
5.113%,
05/03/2029
(d)
310,000
291,512
General
Motors
Co.
6.125%,
10/01/2025
1,248,000
1,254,364
14
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Automobiles
&
Components
—
0.74%
(Continued)
General
Motors
Financial
Co.,
Inc.
5.100%,
01/17/2024
$
320,000
$
319,602
3.600%,
06/21/2030
605,000
530,363
Goodyear
Tire
&
Rubber
Co.
5.250%,
04/30/2031
125,000
109,894
2,699,037
Banks
—
3.45%
Bank
of
America
Corp.
3.875%,
08/01/2025
480,000
469,430
1.922%
to
10/24/2030
then
(SOFR
+
1.370%),
10/24/2031
2,430,000
1,900,626
Citigroup,
Inc.
3.200%,
10/21/2026
(d)
1,121,000
1,056,440
3.887%
to
1/10/2027
then
(TSFR3M
+
1.825%),
01/10/2028
835,000
794,814
2.976%
to
11/5/2029
then
(SOFR
+
1.422%),
11/05/2030
495,000
428,407
Fifth
Third
Bancorp
4.337%
to
4/25/2032
then
(SOFR
+
1.660%),
04/25/2033
(d)
1,145,000
1,005,068
JPMorgan
Chase
&
Co.
2.950%,
10/01/2026
(d)
1,667,000
1,576,324
6.254%
to
10/23/2033
then
(SOFR
+
1.810%),
10/23/2034
850,000
888,158
PNC
Financial
Services
Group,
Inc.
6.875%
to
10/20/2033
then
(SOFR
+
2.284%),
10/20/2034
885,000
940,033
Wells
Fargo
&
Co.
2.406%
to
10/30/2024
then
(TSFR3M
+
1.087%),
10/30/2025
(d)
900,000
870,835
2.393%
to
6/2/2027
then
(SOFR
+
2.100%),
06/02/2028
1,020,000
917,015
4.150%,
01/24/2029
1,581,000
1,497,569
5.013%
to
4/4/2050
then
(TSFR3M
+
4.502%),
04/04/2051
365,000
324,797
12,669,516
Beverage
Manufacturing
—
0.70%
Anheuser-Busch
InBev
Worldwide,
Inc.
5.450%,
01/23/2039
(d)
1,010,000
1,013,830
4.350%,
06/01/2040
866,000
767,924
4.600%,
04/15/2048
453,000
403,540
4.750%,
04/15/2058
440,000
391,433
2,576,727
Building
Materials
—
0.07%
Standard
Industries,
Inc./NJ
4.750%,
01/15/2028
255,000
239,918
Capital
Goods
—
2.00%
Boeing
Co.
5.805%,
05/01/2050
2,448,000
2,390,053
Carrier
Global
Corp.
6.200%,
03/15/2054
525,000
555,414
15
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Capital
Goods
—
2.00%
(Continued)
Deere
&
Co.
5.375%,
10/16/2029
(d)
$
999,000
$
1,030,519
Honeywell
International,
Inc.
5.000%,
02/15/2033
(d)
905,000
908,728
Ingersoll
Rand,
Inc.
5.400%,
08/14/2028
260,000
260,733
5.700%,
08/14/2033
(d)
325,000
329,110
Regal
Rexnord
Corp.
6.050%,
04/15/2028
235,000
231,352
RTX
Corp.
7.500%,
09/15/2029
467,000
517,351
6.400%,
03/15/2054
1,050,000
1,140,795
7,364,055
Commercial
&
Professional
Services
—
0.39%
ASGN,
Inc.
4.625%,
05/15/2028
475,000
442,481
Enviri
Corp.
5.750%,
07/31/2027
(d)
495,000
431,348
Korn
Ferry
4.625%,
12/15/2027
100,000
94,415
Waste
Management,
Inc.
4.150%,
04/15/2032
(d)
503,000
473,503
1,441,747
Commercial
and
Industrial
Machinery
and
Equipment
Rental
and
Leasing
—
0.08%
United
Rentals
North
America,
Inc.
5.250%,
01/15/2030 (d)
310,000
296,442
Consumer
Discretionary
Distribution
&
Retail
—
0.46%
Amazon.com,
Inc.
3.800%,
12/05/2024
1,038,000
1,023,949
eBay,
Inc.
2.600%,
05/10/2031
(d)
790,000
659,836
1,683,785
Consumer
Durables
&
Apparel
—
0.14%
Mohawk
Industries,
Inc.
5.850%,
09/18/2028 (d)
490,000
496,834
Consumer
Services
—
1.37%
Booking
Holdings,
Inc.
3.550%,
03/15/2028
1,100,000
1,045,727
Churchill
Downs,
Inc.
6.750%,
05/01/2031
(d)
360,000
354,182
16
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Consumer
Services
—
1.37%
(Continued)
McDonald's
Corp.
3.500%,
07/01/2027
$
1,623,000
$
1,545,148
5.450%,
08/14/2053
(d)
1,440,000
1,420,109
Wyndham
Hotels
&
Resorts,
Inc.
4.375%,
08/15/2028
165,000
151,999
Yum!
Brands,
Inc.
5.375%,
04/01/2032
(d)
535,000
506,663
5,023,828
Consumer
Staples
Distribution
&
Retail
—
0.10%
Walmart,
Inc.
4.150%,
09/09/2032
392,000
378,940
Electric
Power
Generation,
Transmission
and
Distribution
—
0.22%
NextEra
Energy
Capital
Holdings,
Inc.
5.250%,
02/28/2053
(d)
625,000
570,068
Vistra
Operations
Co.
LLC
4.375%,
05/01/2029
(d)
265,000
239,440
809,508
Electronics
—
0.08%
Imola
Merger
Corp.
4.750%,
05/15/2029
320,000
290,996
Energy
—
1.73%
Buckeye
Partners
LP
3.950%,
12/01/2026
75,000
70,742
Civitas
Resources,
Inc.
8.625%,
11/01/2030
340,000
352,465
DT
Midstream,
Inc.
4.125%,
06/15/2029
125,000
112,316
Energy
Transfer
LP
6.625%
to
2/15/2028
then
(3
Month
LIBOR
USD
+
4.155%),
Perpetual
Maturity
675,000
548,806
7.125%
(5
Year
CMT
Rate
+
5.306%),
Perpetual
Maturity
910,000
808,053
EQM
Midstream
Partners
LP
5.500%,
07/15/2028
(d)
715,000
695,533
Exxon
Mobil
Corp.
3.095%,
08/16/2049
595,000
413,452
Marathon
Petroleum
Corp.
4.700%,
05/01/2025
665,000
657,397
New
Fortress
Energy,
Inc.
6.500%,
09/30/2026
(d)
590,000
560,870
Occidental
Petroleum
Corp.
6.125%,
01/01/2031
468,000
473,050
17
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Energy
—
1.73%
(Continued)
Occidental
Petroleum
Corp.
(Continued)
6.450%,
09/15/2036
$
430,000
$
440,729
4.300%,
08/15/2039
260,000
199,005
Phillips
66
1.300%,
02/15/2026
1,110,000
1,020,063
6,352,481
Equity
Real
Estate
Investment
Trusts
(REITS)
—
1.18%
Iron
Mountain,
Inc.
5.250%,
03/15/2028
45,000
42,690
4.875%,
09/15/2029
(d)
240,000
218,738
5.250%,
07/15/2030
475,000
436,058
Public
Storage
Operating
Co.
2.300%,
05/01/2031
(d)
3,068,000
2,517,216
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
4.750%,
10/15/2027
(d)
205,000
194,853
Simon
Property
Group
LP
6.250%,
01/15/2034
585,000
605,150
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
10.500%,
02/15/2028
(d)
325,000
319,987
4,334,692
Financial
Services
—
2.80%
American
Express
Co.
6.489%
to
10/30/2030
then
(SOFR
+
1.940%),
10/30/2031
575,000
605,614
Capital
One
Financial
Corp.
7.624%
to
10/30/2030
then
(SOFR
+
3.070%),
10/30/2031
420,000
439,233
Charles
Schwab
Corp.
6.136%
to
8/24/2033
then
(SOFR
+
2.010%),
08/24/2034
965,000
968,072
Goldman
Sachs
Group,
Inc.
3.800%,
03/15/2030
1,459,000
1,322,957
Morgan
Stanley
0.791%
to
1/22/2024
then
(SOFR
+
0.509%),
01/22/2025
1,300,000
1,288,765
6.250%,
08/09/2026
449,000
458,284
3.591%
(US0003M
+
134.000%),
07/22/2028
1,625,000
1,521,652
2.699%
to
1/22/2030
then
(SOFR
+
1.143%),
01/22/2031
1,190,000
1,005,306
5.250%
to
4/21/2033
then
(SOFR
+
1.870%),
04/21/2034
1,340,000
1,284,426
5.424%
to
7/21/2033
then
(SOFR
+
1.880%),
07/21/2034
830,000
805,307
OneMain
Finance
Corp.
3.500%,
01/15/2027
655,000
585,814
10,285,430
Food,
Beverage
&
Tobacco
—
1.64%
Constellation
Brands,
Inc.
4.900%,
05/01/2033
(d)
1,370,000
1,321,222
18
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Food,
Beverage
&
Tobacco
—
1.64%
(Continued)
Molson
Coors
Beverage
Co.
4.200%,
07/15/2046
$
1,420,000
$
1,127,151
Performance
Food
Group,
Inc.
5.500%,
10/15/2027
90,000
87,205
Philip
Morris
International,
Inc.
3.125%,
08/17/2027
(d)
407,000
380,643
5.125%,
02/15/2030
1,250,000
1,234,006
5.750%,
11/17/2032
(d)
900,000
921,156
Pilgrim's
Pride
Corp.
6.875%,
05/15/2034
930,000
949,816
6,021,199
Health
Care
Equipment
&
Services
—
0.75%
Acadia
Healthcare
Co.,
Inc.
5.000%,
04/15/2029
320,000
298,963
CVS
Health
Corp.
5.300%,
06/01/2033
(d)
1,030,000
1,013,962
4.780%,
03/25/2038
650,000
583,669
4.125%,
04/01/2040
485,000
393,045
Tenet
Healthcare
Corp.
6.125%,
10/01/2028
(d)
485,000
470,649
2,760,288
Household
&
Personal
Products
—
0.23%
Energizer
Holdings,
Inc.
4.375%,
03/31/2029
(d)
665,000
574,094
Procter
&
Gamble
Co.
2.300%,
02/01/2032
297,000
253,124
827,218
Insurance
—
0.63%
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.750%,
04/15/2028
100,000
100,008
MetLife,
Inc.
6.500%,
12/15/2032
(d)
1,755,000
1,911,374
Travelers
Cos.,
Inc.
5.450%,
05/25/2053
310,000
309,740
2,321,122
Management
of
Companies
and
Enterprises
—
0.13%
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co.-Issuer
5.875%,
10/01/2028
510,000
482,970
Materials
—
0.11%
Ball
Corp.
2.875%,
08/15/2030 (d)
490,000
406,294
19
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Media
—
0.24%
Cox
Communications,
Inc.
5.700%,
06/15/2033
$
890,000
$
886,131
Media
&
Entertainment
—
2.46%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.250%,
02/01/2031
(d)
298,000
248,777
4.500%,
05/01/2032
430,000
354,480
Comcast
Corp.
4.150%,
10/15/2028
1,727,000
1,670,543
5.350%,
05/15/2053
(d)
1,175,000
1,135,659
CSC
Holdings
LLC
4.625%,
12/01/2030
(d)
435,000
239,936
DISH
DBS
Corp.
5.875%,
11/15/2024
110,000
96,679
Live
Nation
Entertainment,
Inc.
4.750%,
10/15/2027
(d)
395,000
371,691
Paramount
Global
4.200%,
05/19/2032
(d)
1,760,000
1,488,751
Sirius
XM
Radio,
Inc.
4.125%,
07/01/2030
(d)
315,000
265,978
Warnermedia
Holdings,
Inc.
5.141%,
03/15/2052
3,312,000
2,649,098
Ziff
Davis,
Inc.
4.625%,
10/15/2030
595,000
524,843
9,046,435
Oil
and
Gas
Extraction
—
0.10%
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.500%,
06/15/2031 (d)
410,000
379,504
Other
Financial
Investment
Activities
—
0.24%
CommScope,
Inc.
8.250%,
03/01/2027
737,000
367,343
MPH
Acquisition
Holdings
LLC
5.500%,
09/01/2028
(d)
80,000
69,578
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
5.750%,
04/15/2026
465,000
460,265
897,186
Other
Professional,
Scientific,
and
Technical
Services
—
0.05%
Presidio
Holdings,
Inc.
4.875%,
02/01/2027
185,000
179,078
Petroleum
and
Coal
Products
Manufacturing
—
0.16%
BP
Capital
Markets
America,
Inc.
4.812%,
02/13/2033
595,000
577,837
20
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Pharmaceuticals,
Biotechnology
&
Life
Sciences
—
1.03%
AbbVie,
Inc.
4.050%,
11/21/2039
$
492,000
$
423,126
4.250%,
11/21/2049
420,000
353,624
Amgen,
Inc.
5.750%,
03/02/2063
635,000
621,979
Biogen,
Inc.
2.250%,
05/01/2030
276,000
227,128
Bristol-Myers
Squibb
Co.
3.550%,
03/15/2042
260,000
202,387
6.400%,
11/15/2063
650,000
717,308
Gilead
Sciences,
Inc.
5.550%,
10/15/2053
1,225,000
1,237,625
3,783,177
Pipeline
Transportation
of
Natural
Gas
—
0.03%
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
6.000%,
09/01/2031
110,000
98,701
Professional
and
Commercial
Equipment
and
Supplies
Merchant
Wholesalers
—
0.35%
CDW
LLC
/
CDW
Finance
Corp.
2.670%,
12/01/2026
283,000
259,381
4.250%,
04/01/2028
825,000
777,249
Medline
Borrower
LP
3.875%,
04/01/2029
275,000
244,286
1,280,916
Residential
Building
Construction
—
0.02%
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
4.750%,
02/15/2028
75,000
69,999
Restaurants
and
Other
Eating
Places
—
0.14%
Aramark
Services,
Inc.
5.000%,
02/01/2028 (d)
540,000
511,499
Retail
—
0.07%
Macy's
Retail
Holdings
LLC
5.875%,
03/15/2030 (d)
280,000
254,321
Semiconductors
&
Semiconductor
Equipment
—
1.17%
Analog
Devices,
Inc.
2.100%,
10/01/2031
1,394,000
1,137,468
Intel
Corp.
3.750%,
03/25/2027
1,157,000
1,117,953
5.700%,
02/10/2053
(d)
715,000
727,100
5.900%,
02/10/2063
(d)
555,000
581,012
Marvell
Technology,
Inc.
5.950%,
09/15/2033
490,000
496,644
21
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Semiconductors
&
Semiconductor
Equipment
—
1.17%
(Continued)
QUALCOMM,
Inc.
5.400%,
05/20/2033
(d)
$
226,000
$
235,492
4,295,669
Software
&
Services
—
1.58%
Microsoft
Corp.
3.125%,
11/03/2025
2,684,000
2,602,612
Oracle
Corp.
6.900%,
11/09/2052
1,510,000
1,685,486
ServiceNow,
Inc.
1.400%,
09/01/2030
1,894,000
1,506,950
5,795,048
Support
Activities
for
Mining
—
0.25%
ConocoPhillips
Co.
5.550%,
03/15/2054
435,000
433,989
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
6.250%,
11/01/2028
515,000
501,481
935,470
Technology
Hardware
&
Equipment
—
0.75%
Apple,
Inc.
1.800%,
09/11/2024
2,818,000
2,745,145
Telecommunication
Services
—
0.55%
AT&T,
Inc.
3.500%,
09/15/2053
1,670,000
1,112,719
Verizon
Communications,
Inc.
4.329%,
09/21/2028
359,000
346,653
5.050%,
05/09/2033
(d)
580,000
570,986
2,030,358
Telecommunications
—
1.26%
Frontier
Communications
Holdings
LLC
5.875%,
10/15/2027
(d)
485,000
456,122
Sprint
Capital
Corp.
8.750%,
03/15/2032
1,705,000
2,039,079
T-Mobile
USA,
Inc.
3.000%,
02/15/2041
1,021,000
720,723
4.500%,
04/15/2050
560,000
466,041
3.300%,
02/15/2051
305,000
204,431
6.000%,
06/15/2054
715,000
731,312
4,617,708
22
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
31.89%
(Continued)
Transportation
—
0.23%
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.500%,
06/20/2027
$
150,000
$
149,296
Southwest
Airlines
Co.
5.250%,
05/04/2025
(d)
690,000
685,888
835,184
Traveler
Accommodation
—
0.01%
Wynn
Las
Vegas
LLC
5.500%,
03/01/2025
52,000
51,413
Utilities
—
1.84%
Calpine
Corp.
4.500%,
02/15/2028
625,000
590,316
DTE
Energy
Co.
3.400%,
06/15/2029
527,000
473,296
Exelon
Corp.
5.300%,
03/15/2033
(d)
1,410,000
1,391,047
4.700%,
04/15/2050
410,000
347,136
NRG
Energy,
Inc.
3.625%,
02/15/2031
455,000
372,412
Pacific
Gas
and
Electric
Co.
6.950%,
03/15/2034
(d)
695,000
733,008
Sempra
5.500%,
08/01/2033
(d)
675,000
669,531
Southern
Co.
5.200%,
06/15/2033
(d)
2,235,000
2,194,839
6,771,585
TOTAL
CORPORATE
BONDS
(Cost
$122,834,125)
117,121,689
FOREIGN
CORPORATE
BONDS
—
3.85%
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/2026
195,833
192,926
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
6.000%,
06/15/2027
295,000
286,517
Banco
Santander
SA
6.921%,
08/08/2033
1,200,000
1,194,829
Barclays
PLC
7.119%
to
6/27/2033
then
(SOFR
+
3.570%),
06/27/2034
900,000
897,257
Carnival
Corp.
7.625%,
03/01/2026 (d)
570,000
573,594
Credit
Suisse
Group
AG
6.537%
to
8/12/2032
then
(SOFR
+
3.920%),
08/12/2033
1,380,000
1,409,180
23
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
FOREIGN
CORPORATE
BONDS
—
3.85%
(Continued)
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
4.500%,
10/20/2025
$
2,334,190
$
2,278,724
HSBC
Holdings
PLC
6.000%
(5
Year
Mid
Swap
Rate
USD
+
3.746%),
Perpetual
Maturity
910,000
829,597
Hudbay
Minerals,
Inc.
6.125%,
04/01/2029 (d)
250,000
235,875
Intesa
Sanpaolo
SpA
8.248%
(1
Year
CMT
Rate
+
4.400%),
11/21/2033
1,745,000
1,814,704
Jaguar
Land
Rover
Automotive
PLC
5.500%,
07/15/2029
85,000
79,371
Lloyds
Banking
Group
PLC
4.976%
(1
Year
CMT
Rate
+
2.300%),
08/11/2033 (d)
1,220,000
1,133,837
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
5.000%,
01/15/2033
930,000
888,274
Pfizer
Investment
Enterprises
Pte
Ltd.
5.340%,
05/19/2063
475,000
457,210
Royal
Caribbean
Cruises
Ltd.
5.500%,
04/01/2028 (d)
520,000
497,208
UBS
AG/London
5.650%,
09/11/2028 (d)
785,000
794,481
Vodafone
Group
PLC
4.375%,
02/19/2043
715,000
587,098
TOTAL
FOREIGN
CORPORATE
BONDS
(Cost
$14,188,185)
14,150,682
FOREIGN
GOVERNMENT
AGENCY
ISSUES
—
1.86%
Asian
Development
Bank
4.500%,
08/25/2028
1,170,000
1,172,506
Corp.
Andina
de
Fomento
6.000%,
04/26/2027
985,000
1,003,849
European
Investment
Bank
4.500%,
10/16/2028 (d)
730,000
733,094
Inter-American
Development
Bank
4.500%,
05/15/2026
585,000
583,044
International
Bank
for
Reconstruction
&
Development
4.625%,
08/01/2028
1,250,000
1,259,481
Kreditanstalt
fuer
Wiederaufbau
4.750%,
10/29/2030
475,000
482,490
Province
of
British
Columbia
Canada
4.800%,
11/15/2028
965,000
972,896
24
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
FOREIGN
GOVERNMENT
AGENCY
ISSUES
—
1.86%
(Continued)
Province
of
Manitoba
Canada
4.300%,
07/27/2033
$
645,000
$
617,978
TOTAL
FOREIGN
GOVERNMENT
AGENCY
ISSUES
(Cost
$6,795,249)
6,825,338
FOREIGN
GOVERNMENT
NOTES/BONDS
—
1.31%
Colombia
Government
International
Bond
3.000%,
01/30/2030
570,000
458,643
Dominican
Republic
International
Bond
6.875%,
01/29/2026
330,000
332,454
6.850%,
01/27/2045
560,000
521,025
Hungary
Government
International
Bond
7.625%,
03/29/2041
360,000
399,700
Indonesia
Government
International
Bond
4.350%,
01/08/2027
550,000
540,072
Mexico
Government
International
Bond
4.350%,
01/15/2047 (d)
740,000
559,975
Province
of
Quebec
4.500%,
09/08/2033
1,460,000
1,423,837
Republic
of
South
Africa
Government
International
Bond
5.000%,
10/12/2046
150,000
100,968
Romanian
Government
International
Bond
6.125%,
01/22/2044
505,000
467,059
TOTAL
FOREIGN
GOVERNMENT
NOTES/BONDS
(Cost
$5,486,435)
4,803,733
NON-AGENCY
MORTGAGE
BACKED
SECURITIES
—
5.08%
American
Tower
Depositor
Sub
LLC
2023-1,
5.490%,
03/15/2028
924,000
926,036
Angel
Oak
Mortgage
Trust
LLC
2019-6,
2.620%,
11/25/2059
61,184
58,935
BANK-2021
2021-BN31,
1.739%,
02/15/2054
454,000
391,269
BANK-2022
2022-BNK39,
2.928%,
02/15/2055
179,000
147,959
BANK-2023
2023-BNK45
B,
6.148%,
02/15/2056
483,000
473,084
2023-BNK45
C,
6.489%,
02/15/2056
522,000
456,014
BBCMS
Trust
2021-C11,
1.493%,
09/15/2054 (a)
7,923,190
555,180
2022-C18,
5.710%,
12/15/2055
575,000
579,207
BB-UBS
Trust
2012-SHOW,
3.430%,
11/05/2036
900,000
811,499
25
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
NON-AGENCY
MORTGAGE
BACKED
SECURITIES
—
5.08%
(Continued)
Benchmark
Mortgage
Trust
2020-B17,
3.371%,
03/15/2053
$
470,000
$
331,031
2021-B23,
1.766%,
02/15/2054
612,000
524,814
2021-B26,
0.997%,
06/15/2054 (a)
9,528,276
419,846
2021-B31
C,
3.195%,
12/15/2054
415,000
260,488
BMO
Mortgage
Trust
2023-C5,
6.848%,
06/15/2056
180,000
163,557
BX
Trust
2021-VOLT,
7.087%
(TSFR1M
+
1.764%),
09/15/2036
1,085,000
1,039,811
2019-OC11,
3.202%,
12/09/2041
971,000
832,871
CAMB
Commercial
Mortgage
Trust
2019-LIFE,
6.620%
(TSFR1M
+
1.297%),
12/15/2037
978,000
969,670
Citigroup
Commercial
Mortgage
Trust
2023-PRM3,
6.572%,
07/10/2028
244,000
236,897
2023-SMRT,
6.048%,
10/12/2040
298,000
288,040
2014-GC25,
1.089%,
10/10/2047 (a)
1,251,701
4,971
2015-GC27,
1.450%,
02/10/2048 (a)
879,410
8,044
2022-GC48,
4.742%,
05/15/2054
619,207
578,768
Commercial
Mortgage
Pass
Through
Certificates
2012-CR4,
3.251%,
10/15/2045
476,000
405,391
2014-UBS2,
3.472%,
03/10/2047
15,125
15,101
2014-CR16,
1.091%,
04/10/2047 (a)
1,151,187
1,188
2014-LC15,
1.190%,
04/10/2047 (a)
856,674
27
2014-CR17,
1.058%,
05/10/2047 (a)
931,373
681
2014-UBS3,
1.200%,
06/10/2047 (a)
816,630
676
2014-UBS6,
0.968%,
12/10/2047 (a)
1,312,514
6,032
2014-CR21,
3.987%,
12/10/2047
281,514
268,223
Credit
Suisse
Mortgage
Capital
Certificates
2019-ICE4,
6.800%
(TSFR1M
+
1.477%),
05/15/2036
132,670
131,940
CSAIL
Commercial
Mortgage
Trust
2015-C1,
4.044%,
04/15/2050
450,000
399,999
2019-C17,
3.016%,
09/15/2052
850,000
723,451
2015-C2,
0.849%,
06/15/2057 (a)
1,376,260
8,702
FIVE
Mortgage
Trust
2023-V1,
5.668%,
02/10/2056
600,000
596,461
2023-V1,
6.618%,
02/10/2056
315,000
288,083
GS
Mortgage
Securities
Corp.
II
2014-GC18,
1.086%,
01/10/2047 (a)
764,528
21
2014-GC26,
1.053%,
11/10/2047 (a)
1,627,708
8,757
2015-GC34,
3.278%,
10/10/2048
48,915
47,643
2019-GC42,
3.817%,
09/10/2052
449,000
329,749
2020-GC47,
2.377%,
05/12/2053
73,000
59,552
26
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
NON-AGENCY
MORTGAGE
BACKED
SECURITIES
—
5.08%
(Continued)
Hilton
USA
Trust
2016-HHV,
3.719%,
11/05/2038
$
283,000
$
264,753
JP
Morgan
Chase
Commercial
Mortgage
Securities
2022-OPO,
3.377%,
01/05/2039
501,000
380,565
Morgan
Stanley
Capital
I
Trust
2014-MP
2015-MS1,
3.779%,
05/15/2048
200,000
191,911
Morgan
Stanley
Capital
I,
Inc.
2018-L1,
4.869%,
10/15/2051
325,000
282,125
2018-H4,
5.225%,
12/15/2051
293,000
237,204
Onslow
Bay
Mortgage
Loan
Trust
2021-NQM3,
1.054%,
07/25/2061
721,414
536,973
ORL
Trust
2023-GLKS,
8.974%
(TSFR1M
+
3.651%),
10/19/2036
619,000
619,583
Rithm
Capital
Corp.
2019-NQM5,
2.710%,
11/25/2059
131,123
118,063
Taubman
Centers
Commercial
Mortgage
Trust
2022-DPM,
8.255%
(TSFR1M
+
2.932%),
05/15/2037
1,045,000
1,026,700
UBS
Commercial
Mortgage
Trust
2017-C2,
3.487%,
08/15/2050
225,000
205,667
2017-C4
AS,
3.836%,
10/15/2050
200,000
179,289
Verus
Securitization
Trust
2019-4,
3.642%,
11/25/2059 (b)
34,637
33,255
Wells
Fargo
Commercial
Mortgage
Trust
2015-C29,
3.637%,
06/15/2048
130,000
124,853
2016-NXS6,
4.535%,
11/15/2049
625,000
532,143
2018-C48,
4.302%,
01/15/2052
333,945
313,463
WF-RBS
Commercial
Mortgage
Trust
2014-LC14,
1.305%,
03/15/2047 (a)
351,024
12
2014-C22
XA,
0.909%,
09/15/2057 (a)
2,659,089
9,630
2014-C22
AS,
4.069%,
09/15/2057
290,000
263,880
TOTAL
NON-AGENCY
MORTGAGE
BACKED
SECURITIES
(Cost
$21,917,549)
18,669,737
U.S.
GOVERNMENT
AGENCY
ISSUES
—
0.60%
Federal
Home
Loan
Banks
4.000%,
06/30/2028
755,000
745,431
Federal
National
Mortgage
Association
0.875%,
08/05/2030
575,000
453,430
0.000%,
07/15/2037 (c)
1,370,000
694,770
27
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
U.S.
GOVERNMENT
AGENCY
ISSUES
—
0.60%
(Continued)
Tennessee
Valley
Authority
5.250%,
09/15/2039
$
320,000
$
322,424
TOTAL
U.S.
GOVERNMENT
AGENCY
ISSUES
(Cost
$2,635,262)
2,216,055
U.S.
GOVERNMENT
NOTES/BONDS
—
9.24%
United
States
Treasury
Note/Bond
4.875%,
10/31/2030 (d)
9,790,000
10,085,995
3.375%,
05/15/2033
7,205,000
6,658,996
4.500%,
11/15/2033
3,960,000
4,009,500
3.875%,
02/15/2043
675,000
602,319
2.875%,
05/15/2043
1,125,000
859,922
3.750%,
11/15/2043
2,485,000
2,170,007
3.375%,
05/15/2044
1,810,000
1,488,053
3.000%,
08/15/2052 (d)
9,205,000
6,946,179
3.625%,
05/15/2053
1,310,000
1,118,515
TOTAL
U.S.
GOVERNMENT
NOTES/BONDS
(Cost
$33,685,204)
33,939,486
Shares
EXCHANGE
TRADED
FUNDS
—
3.28%
iShares
Core
U.S.
Aggregate
Bond
ETF (d)
125,156
12,047,517
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$12,504,291)
12,047,517
MONEY
MARKET
FUNDS
—
1.08%
First
American
Government
Obligations
Fund
-
X
Class,
5.289% (e)
3,982,988
3,982,988
TOTAL
MONEY
MARKET
FUNDS
(Cost
$3,982,988)
3,982,988
Shares
INVESTMENTS
PURCHASED
WITH
PROCEEDS
FROM
SECURITIES
LENDING
—
14.39%
Mount
Vernon
Liquid
Assets
Portfolio,
LLC
52,848,032
52,848,032
TOTAL
INVESTMENTS
PURCHASED
WITH
PROCEEDS
FROM
SECURITIES
LENDING
(Cost
$52,848,032)
52,848,032
Total
Investments
(Cost
$443,965,872)
—
114.55%
$
420,774,452
Liabilities
in
Excess
of
Other
Assets
—
(14.55)%
(53,441,679)
TOTAL
NET
ASSETS
—
100.00%
$
367,332,773
Percentages
are
stated
as
a
percent
of
net
assets.
AG
Aktiengesellschaft
is
a
German
term
that
refers
to
a
corporation
that
is
limited
by
shares,
i.e.
owned
by
shareholders.
28
PMC
Core
Fixed
Income
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
The
Global
Industry
Classification
Standard
(GICS®)
was
developed
by
and/or
is
the
exclusive
property
of
MSCI,
Inc.
and
Standard
&
Poor
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
CLO
CLO
Collateralized
Loan
Obligation
PLC
Public
Limited
Company
SA
An
abbreviation
used
by
many
countries
to
signify
a
stock
company
whereby
shareholders
have
limited
liability.
SpA
Soicieta
per
Azioni
is
an
Italian
term
for
limited
share
company.
(a)
Represents
an
interest-only
security
that
entitles
holders
to
receive
only
interest
payments
on
underlying
mortgages.
(b)
Step-up
bond;
the
rate
shown
represents
the
rate
at
November
30,
2023.
(c)
Represents
a
security
issued
at
a
discount
to
its
face
value
but
pays
no
interest.
(d)
All
or a portion
of
this
security
is
out
on
loan
as
of
November
30,
2023. Total
value
of
securities
out
on
loan
is
$51,578,387.
(e)
The
rate
shown
represents
the
seven-day
yield
as
of
November
30,
2023.
29
Notes
to
Schedule
of
Investments
November
30,
2023
(Unaudited)
Investment
Valuation
Each
equity
security
owned
by the
Fund
that
is
listed
on
a
securities
exchange,
except
for
securities
listed
on
the
NASDAQ
Stock
Market
LLC
(“NASDAQ”),
is
valued
at
its
last
sale
price
at
the
close
of
that
exchange
on
the
date
as
of
which
assets
are
valued.
If
a
security
is
listed
on
more
than
one
exchange,
the
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”),
which
may
not
necessarily
represent
the
last
sale
price.
If
the
NOCP
is
not
available,
such
securities
shall
be
valued
at
the
last
sale
price
on
the
day
of
valuation.
If
there
has
been
no
sale
on
such
exchange
or
on
NASDAQ
on
such
day,
the
security
is
valued
at
(i)
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day
or
(ii)
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
over-the
counter
markets
as
published
by
a
pricing
service.
If
market
quotations
are
not
readily
available,
any
security
or
other
asset
will
be
valued
at
its
fair
value
in
accordance
with
Rule
2a-5
of
the
1940
Act
as
determined
under
the
Adviser's
fair
value
procedures,
subject
to
oversight
by
the
Board
of
Trustees.
These
fair
value
procedures
will
also
be
used
to
price
a
security
when
corporate
events,
events
in
the
securities
market
and/or
world
events
cause
the
Adviser
to
believe
that
a
security’s
last
sale
price
may
not
reflect
its
actual
fair
market
value.
The
intended
effect
of
using
fair
value
pricing
procedures
is
to
ensure
that
the
Fund
is
accurately
priced.
The
Adviser
will
regularly
evaluate
whether
the
Fund’s
fair
value
pricing
procedures
continue
to
be
appropriate
in
light
of
the
specific
circumstances
of
the
Fund
and
the
quality
of
prices
obtained
through
their
application
of
such
procedures.
In
the
case
of
foreign
securities,
the
occurrence
of
certain
events
after
the
close
of
foreign
markets,
but
prior
to
the
time
the
Fund’s
net
asset
value
(“NAV”)
is
calculated
(such
as
a
significant
surge
or
decline
in
the
U.S.
or
other
markets)
often
will
result
in
an
adjustment
to
the
trading
prices
of
foreign
securities
when
foreign
markets
open
on
the
following
business
day.
If
such
events
occur,
the
Fund
will
value
foreign
securities
at
fair
value,
taking
into
account
such
events,
in
calculating
the
NAV.
In
such
cases,
use
of
fair
valuation
can
reduce
an
investor’s
ability
to
seek
to
profit
by
estimating
the
Fund's
NAV
in
advance
of
the
time
the
NAV
is
calculated.
Redeemable
securities
issued
by
open-end,
registered
investment
companies,
including
money
market
mutual
funds,
are
valued
at
the
NAVs
of
such
companies
for
purchase
and/
or
redemption
orders
placed
on
that
day.
If,
on
a
particular
day,
a
share
of
an
investment
company
is
not
listed
on
NASDAQ,
such
security’s
fair
value
will
be
determined.
Money
market
mutual
funds
are
valued
at
cost.
If
cost
does
not
represent
current
market
value
the
securities
will
be
priced
at
fair
value.
30
Notes
to
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
The
Trust has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires the
Fund
to
classify
its
securities
based
on
a
valuation
method.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1—Quoted
prices
in
active
markets
for
identical
securities.
Level
2—Other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3—Significant
unobservable
inputs
(including
a
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
carried
at
fair
value
as
of
November
30,
2023:
PMC
Core
Fixed
Income
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Fixed
Income
Securities:
Agency
Mortgage
Backed
Securities
$
–
$
111,593,617
$
–
$
111,593,617
Asset
Backed
Securities
–
39,941,552
–
42,575,578
Corporate
Bonds
–
117,121,689
–
117,121,689
Foreign
Corporate
Bonds
–
14,150,682
–
14,150,682
Foreign
Government
Agency
Issues
–
6,825,338
–
6,825,338
Foreign
Government
Notes/Bonds
–
4,803,733
–
4,803,733
Non-Agency
Mortgage
Backed
Securities
–
18,669,737
–
18,669,737
U.S.
Government
Agency
Issues
–
2,216,055
–
2,216,055
U.S.
Government
Notes/Bonds
–
33,939,486
–
33,939,486
Total
Fixed
Income
Securities
–
349,261,889
–
351,895,915
Investment
Company:
Exchange
Traded
Funds
12,047,517
–
–
12,047,517
Investments
Purchased
with
Proceeds
from
Securities
Lending
–
–
–
52,848,032
Total
Investment
Company
12,047,517
–
–
64,895,549
Money
Market
Funds
3,982,988
–
–
3,982,988
Total
Investments
in
Securities
$
16,030,505
$
349,261,889
$
–
$
420,774,452
(1)
See
the
Schedule
of
Investments
for
industry
classifications.