Trust for Professional Managers NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10401

Trust for Professional Managers

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

(513)-629-8104

Registrant’s telephone number, including area code

Date of fiscal year end: August 31, 2021

Date of reporting period: February 28, 2021

Item 1. Reports to Stockholders.

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PMC Funds

PMC Core Fixed Income Fund

Advisor Class Shares: (PMFIX)

Institutional Class Shares: (PMFQX)

PMC Diversified Equity Fund

Advisor Class Shares: (PMDEX)

Institutional Class Shares: (PMDQX)

Semi-Annual Report

February 28, 2021

Table of Contents


LETTER TO SHAREHOLDERS			3

EXPENSE EXAMPLES			6

INVESTMENT HIGHLIGHTS			8

SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND			15

SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND			37

STATEMENTS OF ASSETS AND LIABILITIES			66

STATEMENTS OF OPERATIONS			67

STATEMENTS OF CHANGES IN NET ASSETS			68

FINANCIAL HIGHLIGHTS			70

NOTES TO FINANCIAL STATEMENTS			74

NOTICE OF PRIVACY POLICY & PRACTICES			86

ADDITIONAL INFORMATION			87

PMC Funds

Letter to Shareholders

To our Shareholders:

We are pleased to present you with the Semi-Annual Report for the PMC Funds mutual fund family. This report covers the six-month period ended February 28, 2021 as well as the period since the inception of the PMC Funds. The table below presents the standardized performance of the two PMC Funds relative to their respective benchmarks.

The six-month period ended February 28, 2021 was marked by a continued rebound from the very brief but severe recession brought on by the global pandemic resulting from the COVID-19 coronavirus. During the fourth quarter of 2020, real GDP in the U.S. rose 4.3%, slightly exceeding consensus expectations. The rise added to the 33% surge in the third quarter. The combined growth in the third and fourth quarters almost completely erased the 38% decline of the first quarter stemming from the government-imposed economic shutdowns. Along with a strong recovery in overall economic production, the employment situation also continued to return to pre-pandemic levels. Employers added 379,000 jobs in February, modestly exceeding expectations. In addition, after hitting a high of 14.7% in April 2020, the unemployment rate has clawed its way back to 6.2%. Interest rates have begun to climb steadily for the past couple of months, with the rise largely attributed to the dual catalysts of strong economic recovery and fiscal stimulus. The multi-trillion virus relief package recently passed by Congress has pumped a significant amount of cash into the economy, leading to heightened inflation expectations, and thus higher yields. The yield on the 10-year U.S. Treasury doubled over the six-month period, rising from 0.71% on August 31, 2020 to 1.41% on February 28, 2021, very near its high for the period.

In terms of monetary policy, the U.S. Federal Open Market Committee (FOMC) maintained a very aggressive posture as the economy continues to recover. The FOMC left in place the 0%-0.25% target range for the federal funds rate, but the median projection is for no rate hikes through 2023 in spite of the rise in inflation. The inference is that the FOMC believes the economy remains a long way from achieving its objectives.

Overall, equity markets were higher over the past six months, with the MSCI World Index (global all-capitalization) generating a return of 11.73%. Stock prices declined into the November elections, but from the election through February 28, 2021, the MSCI World Index rose 19.4% as investors focused on the potential for widespread vaccinations to allow the economy to get back to full strength. In the fixed income asset class, the rise in interest rates meant bond prices were mostly lower, with prices of U.S. government securities declining relative to corporate bond issues as investors anticpated a continued improvement in the economy. As such, the Barclays U.S. Aggregate Bond Index, a broad-based index of fixed-income securities, delivered a negative total return of -1.55% over the six months ended February 28, 2021.

Total Returns as of February 28, 2021*

*Periods of Less than 1-Year Are Unannualized


Fund	Three Months			Six Months			One Year			Five Year			Ten Year			Gross Expense Ratio
PMC Diversified Equity Fund (Advisor Class)		9.01	%		16.97	%		28.79	%		11.57	%		8.34	%		0.98	%
PMC Diversified Equity Fund (Inst. Class)		9.09	%		17.11	%		29.11	%		N/A			N/A			0.71	%
MSCI World Index Net Return		5.85	%		11.73	%		29.34	%		14.10	%		9.41	%

PMC Core Fixed Income Fund (Advisor Class)		-1.69	%		-0.41	%		3.97	%		4.03	%		3.40	%		1.17	%
PMC Core Fixed Income Fund (Inst. Class)		-1.63	%		-0.30	%		4.21	%		N/A			N/A			0.92	%
Bloomberg Barclays U.S. Aggregate Bond Index		-2.02	%		-1.55	%		1.38	%		3.55	%		3.58	%

Past performance is no guarantee of future returns. Current performance may be higher or lower than the performance data shown. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, please visit the Funds’ website at http://www.investpmc.com/solutions/portfolios or by calling 866-762-7338. Performance results reflect contractual expense subsidies and waivers in effect until December 29, 2021 for the Diversified Equity Fund and January 31, 2022 for the Core Fixed Income Fund; without these waivers, returns would have been less favorable.

PMC Diversified Equity Fund

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

One of the primary drivers of the Fund’s performance is its exposure to the well-known value, momentum and quality asset pricing factors. As discussed in previous letters, value-oriented stocks struggled for more than three years relative to growth stocks. However, beginning about six months ago value stocks began to rebound, and this recovery was a primary contributor to the Fund’s relative performance, as it outperformed the benchmark over the six-month period ending February 28, 2021. Over that period the Fund (Advisor Class) generated a total return of +16.97%, outpacing the +11.73% return of the benchmark MSCI World Index Net Return. The primary driver of the Fund’s performance during the period was the strong aggregate performance of the asset pricing factors toward which the portfolio is tilted. In particular, the Fund’s orientation toward value stocks was a key driver of the outperformance relative to the benchmark. Performance was also positively impacted by having a lower weighted average market capitalization than the index, as stocks of smaller companies staged a strong recovery relative to stocks of larger companies. Relative performance was also advantaged during the twelve-month period from an underweight to domestic equities relative to Asian and Japanese equities. Among the detractors to performance during the period was a modest underweight to the health care and energy sectors, and security selection in the emerging Asia segment. Slight underweights to information technology and consumer staples, and a modest overweight to financials sectors contributed to performance during the period, as did security selection in each of the 11 economic sectors. As is typically the case, the strategy’s factor orientation resulted in over- or underweights to specific stocks that have a meaningful impact on performance. Over the past six months underweights to well-known companies such as Alphabet, Inc. (GOOG), JPMorgan Chase & Co. (JPM) and Tesla, Inc. (TSLA) resulted in underperformance. However, overweights to Discovery, Inc. (DISCA), Applied Materials, Inc. (AMAT) and CRE Group, Inc. (CBRE) benefited performance.

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

PMC Core Fixed Income Fund

The PMC Core Fixed Income Fund was launched on September 28, 2007, and provides broad exposure to the U.S. fixed income market. The Fund’s investment objective is to provide current income consistent with low volatility of principal, and was sub-advised by Schroder Asset Management, Inc. and Neuberger Berman Fixed Income LLC during the period. The sub-advisory relationship with Schroder was terminated effective January 28, 2021, and as of that date a portion of the Fund is managed internally by QRG.

Over the past six months, the environment for fixed income securities has been one of a steady march higher in yields resulting from a combination of heightened inflation expectations due to record-setting fiscal stimulus and an improving outlook as vaccine distribution improves. Against this backdrop, the Fund (Advisor Class) generated a negative return of -0.41% for the six-month period ending February 28, 2021, outpacing the performance of the Bloomberg Barclays U.S. Aggregate Bond Index return of -1.55%. The primary factors positively impacting the Fund’s performance over the past six-month period were an underweight to U.S. Treasury bonds and an overweight to industrial and financial institutions bonds. The Fund’s aggregate overweight to corporate bonds was a positive contributor during the period. The primary detractors from performance included security selection in the financial institutions segment. The primary risks to the strategies employed by the Fund’s portfolio management teams remain in place, and exist at both the macro level and in individual security selection. Due to the Fund’s aggregate overweight exposure to credit securities, the Fund remains likely to underperform the benchmark somewhat if the Federal Reserve makes a policy misstep, and Treasury securities consequently rise relative to credits. In addition, if the general level of interest rates rises rapidly, the Fund will not be immune to losses. Similarly, if certain of the individual credits currently owned by the Fund are adversely affected by economic events, the Fund itself will also be affected.

Remarks

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

LOGO

Brandon R. Thomas

Co-Founder and Chief Investment Officer

Envestnet, Inc.

Envestnet Asset Management

The views in this report were those of the Funds’ investment adviser and, with respect to the PMC Core Fixed Income Fund, the investment 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.

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

PMC FUNDS

Expense Examples

(Unaudited)

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

Actual

Expenses

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

Hypothetical

Example for Comparison Purposes

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


	Beginning Account Value 9/1/20		Ending Account Value 2/28/21		Expenses Paid During Period 9/1/20-2/28/21*
PMC Core Fixed Income Fund–Advisor Class
Actual	$	1,000.00	$	995.90	$	4.85
Hypothetical (5% return before expenses)		1,000.00		1,019.93		4.91

Expenses are equal to the Fund’s annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.


	Beginning Account Value 9/1/20		Ending Account Value 2/28/21		Expenses Paid During Period 9/1/20-2/28/21*
PMC Core Fixed Income Fund–Institutional Class
Actual	$	1,000.00	$	997.00	$	3.57
Hypothetical (5% return before expenses)		1,000.00		1,021.22		3.61

Expenses are equal to the Fund’s annualized expense ratio of 0.72%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.


	Beginning Account Value 9/1/20		Ending Account Value 2/28/21		Expenses Paid During Period 9/1/20-2/28/21*
PMC Diversified Equity Fund–Advisor Class
Actual	$	1,000.00	$	1,169.70	$	5.27
Hypothetical (5% return before expenses)		1,000.00		1,019.93		4.91

Expenses are equal to the Fund’s annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.


	Beginning Account Value 9/1/20		Ending Account Value 2/28/21		Expenses Paid During Period 9/1/20-2/28/21*
PMC Diversified Equity Fund–Institutional Class
Actual	$	1,000.00	$	1,171.10	$	3.66
Hypothetical (5% return before expenses)		1,000.00		1,021.42		3.41

Expenses are equal to the Fund’s annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

PMC CORE FIXED INCOME FUND (PMFIX, PMFQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is to provide current income consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of February 28, 2021 is shown below.

Allocation of Portfolio Holdings

% of Net assets

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Excludes securities lending collateral.

PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2021


	PMC Core Fixed Income Fund–Advisor Class			Bloomberg Barclays U.S. Aggregate Bond Index
One Year		3.97	%		1.38	%
Five Year		4.03	%		3.55	%
Ten Year		3.40	%		3.58	%
Since Inception (9/28/07)		4.75	%		4.24	%

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

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

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

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

One cannot invest directly in an index.

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PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2021


	PMC Core Fixed Income Fund–Institutional Class			Bloomberg Barclays U.S. Aggregate Bond Index
One Year		4.21	%		1.38	%
Since Inception (7/1/19)		5.90	%		4.68	%

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

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

One cannot invest directly in an index.

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Inception Date

PMC DIVERSIFIED EQUITY FUND (PMDEX, PMDQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 28, 2021 is shown below.

LOGO

Excludes securities lending collateral.

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2021


	PMC Diversified Equity Fund– Advisor Class			MSCI World Index Net Return
One Year		28.79	%		29.34	%
Five Year		11.57	%		14.10	%
Ten Year		8.34	%		9.41	%
Since Inception (8/26/09)		9.88	%		10.47	%

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

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

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

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on February 28, 2011. The graph does not reflect any future performance. On May 25, 2018, the Adviser assumed all responsibilities for selecting investments in the Fund’s portfolio in connection with a change to the Fund’s investment strategies. The Fund’s performance prior to this date reflects the Fund’s returns achieved when the Adviser actively managed a portion of the Fund’s portfolio and used a “manager of managers” investment strategy by engaging sub-advisers to manage other portions of the Fund’s portfolio.

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

One cannot invest directly in an index.

Continued

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

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PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of February 28, 2021


	PMC Diversified Equity Fund– Institutional Class			MSCI World Index Net Return
One Year		29.11	%		29.34	%
Since Inception (7/1/19)		13.44	%		15.80	%

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

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

One cannot invest directly in an index.

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Inception Date

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited)



	Principal Amount		Value
ASSET BACKED SECURITIES—5.15%
AM Capital Funding LLC
2018-1, 4.980%, 12/15/2023^(b)	$	560,000	$	583,801
BlueMountain CLO Ltd.
2013-2A, 1.402% (3 Month LIBOR USD + 1.180%), 10/22/2030^(b)(c)		362,743		363,850
Carlyle Global Market Strategies
2017-1A, 1.524% (3 Month LIBOR USD + 1.300%), 04/20/2031^(b)(c)		1,367,106		1,369,046
Cedar Funding VI CLO Ltd.
2016-6A AR, 1.314% (3 Month LIBOR USD + 1.090%), 10/20/2028^(b)(c)		1,480,000		1,481,045
2016-6A ARR, 0.000%, 04/20/2034^(b)(c)		1,480,000		1,480,000
Centex Home Equity Loan Trust
2005-D M3, 0.838% (1 Month LIBOR USD + 0.720%), 10/25/2035^(c)		187,841		188,124
CIFC Funding Ltd.
2017-4, 1.468% (3 Month LIBOR USD + 1.250%), 10/24/2030^(b)(c)		500,000		500,151
Citigroup Mortgage Loan Trust, Inc.
2006-WFHE4, 0.398% (1 Month LIBOR USD + 0.420%), 11/25/2036^(c)		101,888		101,747
Dewolf Park CLO Ltd.
2017-1A, 1.451% (3 Month LIBOR USD + 1.210%), 10/15/2030^(b)(c)		1,700,000		1,700,000
GCAT Trust
2019-NQM2, 2.855%, 09/25/2059^(b)		579,729		589,811
2019-NQM3, 2.686%, 11/25/2059^(b)(d)		369,509		380,401
Goldentree Loan Management US Clo 2 Ltd.
2017-2A, 1.374% (3 Month LIBOR USD + 1.150%), 11/28/2030^(b)(c)		1,525,000		1,527,027
JP Morgan Mortgage Acquisition Trust
2007-CH1, 0.398% (1 Month LIBOR USD + 0.280%), 11/25/2036^(c)		39,064		39,103
Madison Park Funding XVIII Ltd.
2015-18, 1.414% (3 Month LIBOR USD + 1.190%), 10/21/2030^(b)(c)		2,000,000		2,002,396
Madison Park Funding XXVI Ltd.
2007-26, 1.412% (3 Month LIBOR USD + 1.200%), 07/29/2030^(b)(c)		2,295,000		2,295,686
Navient Student Loan Trust
2019-7, 0.618% (1 Month LIBOR USD + 0.500%), 01/25/2068^(b)(c)		800,786		802,066	��
RASC Trust
2005-KS12, 0.808% (1 Month LIBOR USD + 0.460%), 01/25/2036^(c)		316,423		315,999
Thayer Park CLO Ltd.
2017-1A, 0.000%, 04/20/2034^(b)(c)		500,000		500,000
Towd Point Mortgage Trust
2015-6, 3.500%, 04/25/2055^(b)(d)		22,134		22,444
2016-3, 2.250%, 08/25/2055^(b)(d)		18,632		18,810
2016-2, 2.750%, 08/25/2055^(b)(d)		25,817		26,216
2017-5, 0.718% (1 Month LIBOR USD + 0.600%), 02/25/2057^(b)(c)		499,644		499,894
2017-2, 2.750%, 04/25/2057^(b)(d)		56,752		57,716
2017-4, 2.750%, 06/25/2057^(b)(d)		221,981		229,527
2017-3, 2.750%, 07/25/2057^(b)(d)		372,228		380,294
TRESTLES CLO Ltd.
2017-1A, 0.000%, 04/25/2032^(b)(c)		500,000		500,000
United Airlines 2020-1 Class A Pass Through Trust
2020-1, 5.875%, 10/15/2027^(f)		1,322,243		1,486,391
Voya CLO Ltd.
2014-2A, 1.243% (3 Month LIBOR USD + 1.020%), 04/17/2030^(b)(c)		1,739,040		1,737,016

TOTAL ASSET BACKED SECURITIES (Cost $20,927,303)				21,178,561

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Corporate Bonds—29.99%
Accommodation—0.30%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875%, 10/01/2028^(b)(f)	$	510,000	$	535,181
Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028^(b)		370,000		378,597
Wynn Las Vegas LLC
5.500%, 03/01/2025^(b)(f)		190,000		201,638
5.250%, 05/15/2027^(b)		117,000		124,470

				1,239,886

Administrative and Support Services—0.18%
ASGN, Inc.
4.625%, 05/15/2028^(b)(f)		350,000		365,466
Korn Ferry
4.625%, 12/15/2027^(b)		350,000		365,733

				731,199

Air Transportation—0.40%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500%, 06/20/2027^(b)(f)		510,000		557,813
Southwest Airlines Co.
5.250%, 05/04/2025		950,000		1,086,707

				1,644,520

Amusement, Gambling, and Recreation Industries—0.09%
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.500%, 05/01/2025^(b)(f)		345,000		362,034

Beverage and Tobacco Product Manufacturing—1.60%
Altria Group, Inc.
4.400%, 02/14/2026		251,000		285,399
3.400%, 05/06/2030^(f)		1,690,000		1,805,211
Anheuser-Busch InBev Worldwide, Inc.
3.500%, 06/01/2030^(f)		1,000,000		1,100,300
4.350%, 06/01/2040^(f)		1,281,000		1,483,815
4.600%, 04/15/2048		420,000		483,270
4.750%, 04/15/2058		755,000		887,015
5.800%, 01/23/2059		400,000		546,471

				6,591,481

Broadcasting (except Internet)—2.20%
CCO Holdings LLC / CCO Holdings Capital Corp.
5.750%, 02/15/2026^(b)		585,000		605,329
4.250%, 02/01/2031^(b)(f)		968,000		981,310
Charter Communications Operating LLC / Charter Communications Operating Capital
4.800%, 03/01/2050		1,595,000		1,740,365
Comcast Corp.
3.150%, 02/15/2028		505,000		550,949
CSC Holdings LLC
5.500%, 04/15/2027^(b)		380,000		399,855
3.375%, 02/15/2031^(b)		264,000		253,770
Discovery Communications LLC
2.950%, 03/20/2023^(f)		641,000		671,998

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
DISH DBS Corp.
5.875%, 11/15/2024	$	165,000	$	173,093
Fox Corp.
5.576%, 01/25/2049^(f)		1,155,000		1,511,202
Sirius XM Radio, Inc.
5.375%, 07/15/2026^(b)(f)		560,000		579,768
4.125%, 07/01/2030^(b)(f)		530,000		535,962
ViacomCBS, Inc.
4.950%, 01/15/2031^(f)		410,000		491,383
4.200%, 05/19/2032^(f)		470,000		538,081

				9,033,065

Chemical Manufacturing—1.18%
AbbVie, Inc.
2.950%, 11/21/2026		135,000		145,712
3.200%, 11/21/2029		1,713,000		1,844,205
4.050%, 11/21/2039		270,000		306,918
4.700%, 05/14/2045		1,005,000		1,209,892
4.250%, 11/21/2049^(f)		575,000		659,785
Mylan, Inc.
4.550%, 04/15/2028^(f)		585,000		676,130

				4,842,642

Computer and Electronic Product Manufacturing—2.06%
Broadcom, Inc.
4.700%, 04/15/2025^(f)		1,900,000		2,141,139
4.150%, 11/15/2030		1,350,000		1,485,993
3.500%, 02/15/2041^(b)		770,000		756,644
Dell International LLC
5.450%, 06/15/2023^(b)(f)		1,085,000		1,190,048
6.200%, 07/15/2030^(b)(f)		1,140,000		1,442,766
Microchip Technology, Inc.
4.333%, 06/01/2023^(f)		690,000		745,265
ON Semiconductor Corp.
3.875%, 09/01/2028^(b)(f)		700,000		731,290

				8,493,145

Construction of Buildings—0.25%
frontdoor, Inc.
6.750%, 08/15/2026^(b)		265,000		282,556
Shea Homes LP / Shea Homes Funding Corp.
4.750%, 02/15/2028^(b)		365,000		377,547
Taylor Morrison Communities Inc / Taylor Morrison Holdings II, Inc.
5.625%, 03/01/2024^(b)		355,000		384,469

				1,044,572

Credit Intermediation and Related Activities—3.32%
Bank of America Corp.
3.705% to 04/24/2027, then 3 Month LIBOR USD + 1.512%, 04/24/2028^(a)		660,000		737,556
3.970% to 03/05/2028, then 3 Month LIBOR USD + 1.070%, 03/05/2029^(a)		630,000		712,509
2.884% to 10/22/2029, then 3 Month LIBOR USD + 1.190%, 10/22/2030^(a)		1,018,000		1,071,627
2.496% to 02/13/2030, then 3 SOFR + 1.252%, 02/13/2031^(a)(f)		785,000		800,390
BNP Paribas SA
3.052% to 01/13/2030, then SOFR + 1.507%, 01/13/2031^(a)(b)(f)		615,000		648,342

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Citigroup, Inc.
4.300%, 11/20/2026	$	890,000	$	1,012,825
3.887% to 01/10/2027, then 3 Month LIBOR USD + 1.563%, 01/10/2028^(a)		835,000		934,675
3.520% to 10/27/2027, then 3 Month LIBOR USD + 1.151%, 10/27/2028^(a)(f)		455,000		501,130
2.976% to 11/05/2029, then SOFR + 1.422%, 11/05/2030^(a)		495,000		522,832
Ford Motor Credit Co. LLC
4.063%, 11/01/2024^(f)		648,000		682,020
5.113%, 05/03/2029		310,000		339,837
General Motors Financial Co, Inc.
5.100%, 01/17/2024		370,000		411,932
3.600%, 06/21/2030^(f)		700,000		753,425
JPMorgan Chase & Co.
2.700%, 05/18/2023		555,000		581,771
2.956% to 05/13/2030, then SOFR + 2.515%, 05/13/2031^(a)(f)		400,000		416,186
OneMain Finance Corp.
6.125%, 05/15/2022^(f)		210,000		219,713
Wells Fargo & Co.
2.406% to 10/30/2024, then SOFR + 1.087%, 10/30/2025^(a)		1,000,000		1,053,012
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028^(a)		1,020,000		1,056,687
2.572% to 02/11/2030, then SOFR + 1.262%, 02/11/2031^(a)		865,000		889,359
5.013% to 04/04/2050, then SOFR + 4.502%, 04/04/2051^(a)(f)		250,000		330,142

				13,675,970

Food and Beverage Stores—0.06%
Kroger Co.
5.400%, 01/15/2049		170,000		224,379

Food Manufacturing—0.26%
Kraft Heinz Foods Co.
4.625%, 10/01/2039		190,000		216,996
4.875%, 10/01/2049		525,000		613,677
Post Holdings, Inc.
4.625%, 04/15/2030^(b)(f)		215,000		218,494

				1,049,167

Food Services and Drinking Places—0.09%
Yum! Brands, Inc.
4.750%, 01/15/2030^(b)		355,000		370,940

Health and Personal Care Stores—0.35%
CVS Health Corp.
4.125%, 04/01/2040		285,000		322,438
5.050%, 03/25/2048		905,000		1,134,625

				1,457,063

Hospitals—0.72%
HCA, Inc.
5.375%, 09/01/2026^(f)		365,000		417,274
5.250%, 06/15/2049		570,000		708,913
New York and Presbyterian Hospital
2.256%, 08/01/2040		408,000		378,239
Tenet Healthcare Corp.
7.500%, 04/01/2025^(b)(f)		503,000		547,724
6.250%, 02/01/2027^(b)(f)		390,000		410,902
6.125%, 10/01/2028^(b)		485,000		510,443

				2,973,495

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Insurance Carriers and Related Activities—0.26%
Cigna Corp.
3.200%, 03/15/2040^(f)	$	390,000	$	397,189
Equitable Holdings, Inc.
5.000%, 04/20/2048^(f)		545,000		679,104

				1,076,293

Machinery Manufacturing—0.79%
General Electric Co.
4.350%, 05/01/2050		895,000		985,377
5.875%, 01/14/2038		590,000		769,853
Range Resources Corp.
4.875%, 05/15/2025^(f)		230,000		227,758
Scientific Games International, Inc.
5.000%, 10/15/2025^(b)		857,000		881,322
Terex Corp.
5.625%, 02/01/2025^(b)		375,000		385,547

				3,249,857

Merchant Wholesalers, Durable Goods—0.33%
Beacon Roofing Supply, Inc.
4.875%, 11/01/2025^(b)		225,000		226,985
TransDigm, Inc.
6.250%, 03/15/2026^(b)(f)		1,080,000		1,139,459

				1,366,444

Merchant Wholesalers, Nondurable Goods—0.07%
US Foods, Inc.
6.250%, 04/15/2025^(b)(f)		260,000		277,572

Mining (except Oil and Gas)—0.14%
Freeport-McMoRan, Inc.
4.125%, 03/01/2028		535,000		562,753

Miscellaneous Store Retailers—0.02%
Staples, Inc.
7.500%, 04/15/2026^(b)		95,000		95,352

Motor Vehicle and Parts Dealers—0.18%
Volkswagen Group of America Finance LLC
3.350%, 05/13/2025^(b)(f)		675,000		730,257

Oil and Gas Extraction—1.00%
Continental Resources, Inc.
5.750%, 01/15/2031^(b)(f)		328,000		371,132
EQT Corp.
5.000%, 01/15/2029		421,000		462,047
Occidental Petroleum Corp.
5.875%, 09/01/2025^(f)		210,000		228,165
3.200%, 08/15/2026		700,000		673,529
3.500%, 08/15/2029^(f)		710,000		678,192
4.300%, 08/15/2039		260,000		231,400
PDC Energy, Inc.
5.750%, 05/15/2026		185,000		189,875
Phillips 66
1.300%, 02/15/2026^(f)		1,290,000		1,289,781

				4,124,121

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Other Information Services—0.19%
J2 Global, Inc.
4.625%, 10/15/2030^(b)(f)	$	740,000	$	769,211

Performing Arts, Spectator Sports, and Related Industries—0.17%
Boyd Gaming Corp.
8.625%, 06/01/2025^(b)(f)		126,000		138,758
Churchill Downs, Inc.
5.500%, 04/01/2027^(b)		210,000		219,285
Live Nation Entertainment, Inc.
4.750%, 10/15/2027^(b)		350,000		354,118

				712,161

Petroleum and Coal Products Manufacturing—0.51%
BP Capital Markets America, Inc.
3.633%, 04/06/2030^(f)		295,000		328,356
Marathon Petroleum Corp.
4.500%, 05/01/2023		820,000		884,929
4.700%, 05/01/2025^(f)		775,000		880,200

				2,093,485

Pipeline Transportation—2.34%
Buckeye Partners LP
3.950%, 12/01/2026^(f)		480,000		477,744
Energy Transfer Operating LP
3.600%, 02/01/2023		600,000		629,804
6.625% to 02/15/2028, then 3 Month LIBOR USD + 4.155%^(a)(h)		785,000		694,725
3.750%, 05/15/2030^(f)		961,000		1,011,290
7.125% to 05/15/2030, then 5 Year CMT Rate + 5.306%^(a)(f)(h)		1,055,000		1,020,312
EQM Midstream Partners LP
4.750%, 07/15/2023		105,000		108,445
5.500%, 07/15/2028^(f)		530,000		547,029
Kinder Morgan Energy Partners LP
4.150%, 02/01/2024^(f)		755,000		821,761
MPLX LP
4.700%, 04/15/2048		890,000		966,881
Plains All American Pipeline LP / PAA Finance Corp.
4.650%, 10/15/2025		780,000		863,435
3.550%, 12/15/2029^(f)		2,420,000		2,475,754

				9,617,180

Primary Metal Manufacturing—0.24%
Arconic Corp.
6.125%, 02/15/2028^(b)(f)		350,000		370,022
Novelis Corp.
4.750%, 01/30/2030^(b)		580,000		605,563

				975,585

Professional, Scientific, and Technical Services—0.41%
Aramark Services, Inc.
5.000%, 02/01/2028^(b)(f)		600,000		615,750
Nielsen Finance LLC / Nielsen Finance Co.
5.000%, 04/15/2022^(b)		59,000		59,182
5.625%, 10/01/2028^(b)		105,000		111,234
5.875%, 10/01/2030^(b)		490,000		530,731

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
SS&C Technologies, Inc.
5.500%, 09/30/2027^(b)(f)	$	365,000	$	387,010

				1,703,907

Publishing Industries (except Internet)—0.23%
Oracle Corp.
4.000%, 07/15/2046^(f)		205,000		228,234
3.600%, 04/01/2050		350,000		362,655
3.850%, 04/01/2060		320,000		342,978

				933,867

Real Estate—0.34%
ESH Hospitality, Inc.
5.250%, 05/01/2025^(b)		395,000		403,238
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027		215,000		218,332
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC
7.875%, 02/15/2025^(b)		700,000		755,332

				1,376,902

Rental and Leasing Services—0.30%
Air Lease Corp.
2.300%, 02/01/2025^(f)		655,000		668,692
Netflix, Inc.
6.375%, 05/15/2029^(f)		300,000		373,125
United Rentals North America, Inc.
3.875%, 02/15/2031		194,000		198,753

				1,240,570

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—3.25%
BAT Capital Corp.
3.222%, 08/15/2024		297,000		319,023
3.557%, 08/15/2027		320,000		346,575
4.906%, 04/02/2030^(f)		645,000		746,307
3.734%, 09/25/2040		1,185,000		1,142,383
5.282%, 04/02/2050		800,000		891,963
CommScope, Inc.
6.000%, 03/01/2026^(b)		389,000		409,448
8.250%, 03/01/2027^(b)		577,000		609,459
Goldman Sachs Group, Inc.
3.850%, 01/26/2027^(f)		1,375,000		1,531,999
4.017% to 10/31/2037, then 3 Month LIBOR USD + 1.373%, 10/31/2038^(a)		250,000		286,989
LPL Holdings, Inc.
5.750%, 09/15/2025^(b)(f)		395,000		407,917
4.625%, 11/15/2027^(b)		210,000		215,444
Morgan Stanley
3.950%, 04/23/2027		935,000		1,053,770
3.591% to 07/22/2027, then 3 Month LIBOR USD + 1.340%, 07/22/2028^(a)(f)		1,125,000		1,254,023
3.772% to 01/24/2028, then 3 Month LIBOR USD + 1.140%, 01/24/2029^(a)		875,000		978,866
2.699% to 01/22/2030, then SOFR + 1.143%, 01/22/2031^(a)		1,190,000		1,230,227
3.851% (3 Month LIBOR USD + 3.610%), 12/29/2049^(a)(h)		320,000		319,284
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.000%, 08/15/2027^(b)(f)		520,000		529,329

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.750%, 04/15/2026^(b)	$	525,000	$	566,344
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
4.000%, 10/15/2027^(b)		540,000		539,325

				13,378,675

Support Activities for Mining—0.28%
ConocoPhillips
4.875%, 10/01/2047^(b)		445,000		555,908
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028^(b)		210,000		219,363
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.875%, 01/15/2029^(f)		345,000		383,165

				1,158,436

Telecommunications—2.41%
AT&T, Inc.
2.750%, 06/01/2031^(f)		1,396,000		1,409,612
4.350%, 06/15/2045		57,000		62,401
4.500%, 03/09/2048		578,000		629,520
3.650%, 06/01/2051^(f)		1,000,000		957,419
3.550%, 09/15/2055^(b)		184,000		167,317
3.650%, 09/15/2059^(b)(f)		1,118,000		1,018,746
Frontier Communications Corp.
5.000%, 05/01/2028^(b)(f)		328,000		339,275
Level 3 Financing, Inc.
4.625%, 09/15/2027^(b)		145,000		150,291
T-Mobile USA, Inc.
3.875%, 04/15/2030^(b)		1,380,000		1,517,103
2.550%, 02/15/2031^(b)(f)		775,000		771,102
4.375%, 04/15/2040^(b)		250,000		276,865
3.000%, 02/15/2041^(b)		1,436,000		1,342,811
4.500%, 04/15/2050^(b)		645,000		717,724
Verizon Communications, Inc.
4.016%, 12/03/2029		500,000		571,177

				9,931,363

Transportation Equipment Manufacturing—1.26%
Boeing Co.
4.875%, 05/01/2025		1,371,000		1,529,984
3.900%, 05/01/2049		185,000		180,881
3.750%, 02/01/2050		80,000		77,396
5.805%, 05/01/2050		865,000		1,105,496
Ford Motor Co.
9.625%, 04/22/2030^(f)		155,000		219,527
4.750%, 01/15/2043^(f)		150,000		151,913
General Motors Co.
6.125%, 10/01/2025^(f)		1,448,000		1,721,777
Spirit AeroSystems, Inc.
5.500%, 01/15/2025^(b)		105,000		109,302
7.500%, 04/15/2025^(b)(f)		100,000		106,000

				5,202,276

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Utilities—1.82%
Calpine Corp.
4.500%, 02/15/2028^(b)	$	475,000	$	488,775
Cheniere Energy Partners LP
5.250%, 10/01/2025		485,000		499,089
DTE Energy Co.
3.400%, 06/15/2029		650,000		713,793
Entergy Corp.
2.800%, 06/15/2030		1,260,000		1,310,635
Exelon Corp.
4.700%, 04/15/2050		475,000		584,450
Kinder Morgan, Inc.
5.550%, 06/01/2045		1,405,000		1,712,130
Pacific Gas and Electric Co.
2.500%, 02/01/2031^(f)		1,405,000		1,360,980
Southern Co.
2.950%, 07/01/2023		388,000		408,604
Talen Energy Supply LLC
6.625%, 01/15/2028^(b)		210,000		217,441
Vistra Operations Co. LLC
5.000%, 07/31/2027^(b)		200,000		209,500

				7,505,397

Warehousing and Storage—0.14%
Iron Mountain, Inc.
5.250%, 03/15/2028^(b)		555,000		581,016

Wood Product Manufacturing—0.25%
JELD-WEN, Inc.
4.875%, 12/15/2027^(b)		245,000		254,947
Standard Industries, Inc.
3.375%, 01/15/2031^(b)(f)		798,000		764,915

				1,019,862

Total Corporate Bonds (Cost $117,921,742)				123,416,100

Foreign Corporate Bonds—6.07%
Administrative and Support Services—0.13%
Garda World Security Corp.
4.625%, 02/15/2027^(b)		160,000		159,200
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co-Issuer LLC
6.000%, 09/15/2028^(b)		360,000		375,975

				535,175

Broadcasting (except Internet)—0.13%
Altice France SA
7.375%, 05/01/2026^(b)		525,000		548,336

Chemical Manufacturing—0.26%
Bausch Health Cos, Inc.
6.125%, 04/15/2025^(b)		350,000		358,274
6.250%, 02/15/2029^(b)		296,000		315,240
NOVA Chemicals Corp.
4.875%, 06/01/2024^(b)		185,000		191,822
5.250%, 06/01/2027^(b)		205,000		213,969

				1,079,305

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Computer and Electronic Product Manufacturing—0.21%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.450%, 10/01/2025	$	800,000	$	873,366

Credit Intermediation and Related Activities—3.44%
Banco Santander SA
3.490%, 05/28/2030		400,000		433,204
Barclays Bank PLC
10.179%, 06/12/2021^(b)		1,950,000		2,001,633
3.564% to 09/23/2030, then 5 Year CMT Rate + 2.900%, 09/23/2035^(a)		1,920,000		1,961,261
Barclays PLC
2.852% to 05/07/2025, then SOFR + 2.714%, 05/07/2026^(a)(f)		2,145,000		2,260,188
BNP Paribas SA
2.219% to 06/09/2025, then SOFR + 2.074%, 06/09/2026^(a)(b)(f)		1,015,000		1,050,186
Credit Suisse Group AG
3.869% to 01/12/2028, then 3 Month LIBOR USD + 1.410%, 01/12/2029^(a)(b)		250,000		276,011
4.194% to 04/01/2030, then SOFR + 3.730%, 04/01/2031^(a)(b)(f)		560,000		635,402
HSBC Holdings PLC
2.633% to 11/07/2024, then SOFR + 1.402%, 11/07/2025^(a)		1,417,000		1,497,750
4.950%, 03/31/2030^(f)		285,000		342,193
2.099% to 06/04/2025, then SOFR + 1.929%, 06/04/2026^(a)(f)		200,000		205,927
6.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%^(a)(h)		910,000		991,900
Natwest Group PLC
3.032% to 11/28/2030, then 5 Year CMT Rate + 2.350%, 11/28/2035^(a)(f)		2,170,000		2,129,530
Virgin Media Vendor Financing Notes IV DAC
5.000%, 07/15/2028^(b)(f)		350,000		358,788

				14,143,973

Food Manufacturing—0.20%
Grupo Bimbo SAB de CV
4.700%, 11/10/2047^(b)		730,000		829,855

Funds, Trusts, and Other Financial Vehicles—0.22%
Credit Suisse Group Funding Guernsey Ltd.
3.800%, 06/09/2023		860,000		922,242

Machinery Manufacturing—0.26%
GE Capital International Funding Co. Unlimited Co.
3.373%, 11/15/2025		963,000		1,048,682

Merchant Wholesalers, Nondurable Goods—0.19%
BAT International Finance PLC
1.668%, 03/25/2026^(f)		790,000		790,284

Mining (except Oil and Gas)—0.06%
Hudbay Minerals, Inc.
6.125%, 04/01/2029^(b)		235,000		253,850

Nonmetallic Mineral Product Manufacturing—0.14%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.250%, 08/15/2027^(b)		531,000		550,445

Oil and Gas Extraction—0.27%
Canadian Natural Resources Ltd.
6.250%, 03/15/2038		850,000		1,094,997

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—0.29%
Credit Suisse Group AG
2.997% to 12/14/2022, then 3 Month LIBOR USD + 1.200%, 12/14/2023^(a)(b)(f)		1,145,000		1,194,343

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Water Transportation—0.17%
Carnival Corp.
11.500%, 04/01/2023^(b)	$	195,000	$	222,584
10.500%, 02/01/2026^(b)		145,000		168,743
Royal Caribbean Cruises Ltd.
10.875%, 06/01/2023^(b)(f)		190,000		215,593
11.500%, 06/01/2025^(b)		75,000		87,844

				694,764

Wood Product Manufacturing—0.10%
Masonite International Corp.
5.375%, 02/01/2028^(b)		375,000		396,259

Total Foreign Corporate Bonds (Cost $23,943,567)				24,955,876

Foreign Government Agency Issues—0.49%
Development Bank of Japan, Inc.
1.000%, 08/27/2030^(b)		260,000		245,226
European Investment Bank
0.625%, 10/21/2027		165,000		159,660
International Bank for Reconstruction & Development
0.750%, 11/24/2027		655,000		633,838
0.750%, 08/26/2030		425,000		394,405
Japan Bank for International Cooperation
0.625%, 07/15/2025		585,000		577,055

Total Foreign Government Agency Issues (Cost $2,083,961)				2,010,184

Foreign Government Notes/Bonds—5.90%
Abu Dhabi Government International Bond
4.125%, 10/11/2047^(b)		600,000		686,247
Brazilian Government International Bond
3.875%, 06/12/2030^(f)		1,185,000		1,181,149
5.625%, 02/21/2047		800,000		842,444
Colombia Government International Bond
4.000%, 02/26/2024		590,000		628,689
3.875%, 04/25/2027		150,000		162,311
Croatia Government International Bond
6.000%, 01/26/2024^(b)		545,000		626,782
Dominican Republic International Bond
5.875%, 04/18/2024^(b)		440,000		475,200
6.875%, 01/29/2026^(b)		330,000		385,688
Guatemala Government Bond
4.375%, 06/05/2027^(b)		595,000		644,718
Hungary Government International Bond
7.625%, 03/29/2041		560,000		930,959
Indonesia Government International Bond
4.350%, 01/08/2027^(b)		550,000		623,536
Kazakhstan Government International Bond
5.125%, 07/21/2025^(b)		550,000		643,643
Mexico Government International Bond
4.150%, 03/28/2027^(f)		200,000		223,877
3.250%, 04/16/2030^(f)		2,305,000		2,353,359
4.350%, 01/15/2047^(f)		740,000		735,038
Morocco Government International Bond
4.250%, 12/11/2022^(b)		200,000		210,736
5.500%, 12/11/2042^(b)		150,000		173,199

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
Namibia International Bonds
5.250%, 10/29/2025^(b)	$	550,000	$	584,680
Nigeria Government International Bond
7.875%, 02/16/2032^(b)		535,000		577,653
Oman Government International Bond
5.375%, 03/08/2027^(b)		845,000		876,586
Panama Government International Bond
3.750%, 03/16/2025		800,000		869,924
Paraguay Government International Bond
4.700%, 03/27/2027^(b)		715,000		802,588
Peruvian Government International Bond
2.392%, 01/23/2026		370,000		385,355
8.750%, 11/21/2033		380,000		598,386
Philippine Government International Bond
3.950%, 01/20/2040		640,000		698,003
Qatar Government International Bond
4.625%, 06/02/2046^(b)		575,000		690,851
Republic of Azerbaijan International Bond
4.750%, 03/18/2024^(b)		720,000		784,797
Republic of South Africa Government International Bond
4.875%, 04/14/2026		200,000		211,686
4.850%, 09/27/2027		1,218,000		1,270,526
4.300%, 10/12/2028		150,000		148,935
5.000%, 10/12/2046		150,000		130,417
Romanian Government International Bond
6.125%, 01/22/2044^(b)		565,000		735,875
Saudi Government International Bond
4.500%, 10/26/2046^(b)		555,000		623,992
Sri Lanka Government International Bond
6.750%, 04/18/2028^(b)		575,000		331,528
Trinidad & Tobago Government International Bond
4.500%, 08/04/2026^(b)		800,000		864,000
Turkey Government International Bond
6.000%, 01/14/2041		250,000		230,075
Ukraine Government International Bond
7.253%, 03/15/2033^(b)		490,000		499,969
Uruguay Government International Bond
4.375%, 01/23/2031^(f)		505,000		584,070
5.100%, 06/18/2050		205,000		253,801

Total Foreign Government Notes/Bonds (Cost $23,970,408)				24,281,272

Non-Agency Mortgage Backed Securities—3.82%
Angel Oak Mortgage Trust
2019-6, 2.620%, 11/25/2059^(b)(d)		400,168		404,758
BANK 2021-BNK31
2021-BNK31, 1.739%, 02/15/2054		454,000		457,039
Benchmark 2021-B23 Mortgage Trust
2021-B23, 1.766%, 02/15/2054		612,000		616,238
Citigroup Commercial Mortgage Trust
2013-GCJ11, 3.732%, 04/10/2046^(d)		455,000		477,608
2013-GC17, 5.095%, 11/10/2046^(d)		145,000		155,667
2014-GC25, 0.988%, 10/10/2047^(d)(e)		1,455,714		43,331
2015-GC27, 1.337%, 02/10/2048^(d)(e)		1,060,135		45,878
2018-C6, 4.412%, 11/10/2051		445,000		518,757

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
COMM Mortgage Trust
2012-CCRE4, 3.251%, 10/15/2045	$	385,000	$	389,981
2014-UBS2, 3.472%, 03/10/2047		467,326		486,726
2014-CR16, 0.976%, 04/10/2047^(d)(e)		1,294,366		33,300
2014-LC15, 1.086%, 04/10/2047^(d)(e)		1,474,765		38,852
2014-CR17, 0.967%, 05/10/2047^(d)(e)		1,097,164		26,973
2014-UBS3, 1.071%, 06/10/2047^(d)(e)		894,471		26,228
2014-UBS6, 0.886%, 12/10/2047^(d)(e)		1,645,749		43,337
2014-CCRE21, 3.987%, 12/10/2047		281,514		307,362
2015-LC21, 3.708%, 07/10/2048		100,000		110,318
2015-CCRE25, 3.759%, 08/10/2048		340,000		377,339
2017-COR2, 2.111%, 09/10/2050		118,773		119,936
CSAIL Commercial Mortgage Trust
2016-C7, 3.502%, 11/15/2049		275,000		302,922
2015-C2, 0.750%, 06/15/2057^(d)(e)		1,542,088		39,684
GS Mortgage Securities Trust
2012-GCJ7, 4.740%, 05/10/2045		405,000		420,455
2012-GCJ9, 3.747%, 11/10/2045^(b)		345,000		357,929
2014-GC18, 1.004%, 01/10/2047^(d)(e)		3,830,959		91,923
2014-GC26, 0.960%, 11/10/2047^(d)(e)		2,127,775		62,729
2015-GC34, 3.278%, 10/10/2048		122,867		129,810
JPMBB Commercial Mortgage Securities Trust
2015-C31, 3.801%, 08/15/2048		320,000		354,395
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9, 2.657%, 05/15/2046		315,404		321,759
2017-C34, 2.109%, 11/15/2052		81,370		81,610
Morgan Stanley Capital I Trust
2015-MS1, 3.779%, 05/15/2048^(d)		200,000		221,196
New Residential Mortgage Loan Trust
2019-NQM5, 2.710%, 11/25/2059^(b)(d)		425,437		437,701
OBX Trust
2019-EXP3, 1.018% (1 Month LIBOR USD + 0.900%), 10/25/2059^(b)(c)		207,553		208,612
Sequoia Mortgage Trust
2015-2, 3.500%, 05/25/2045^(b)(d)		63,042		62,993
Starwood Mortgage Residential Trust
2019-INV1, 2.610%, 09/27/2049^(b)(d)		371,941		379,762
UBS Commercial Mortgage Trust
2017-C2, 3.487%, 08/15/2050		1,025,000		1,132,362
2017-C4 A1, 2.129%, 10/15/2050		53,667		53,825
2017-C4 A4, 3.563%, 10/15/2050		460,500		506,342
2017-C4 AS, 3.836%, 10/15/2050^(d)		200,000		222,769
2018-C14, 3.379%, 12/15/2051		562,510		577,976
UBS-Barclays Commercial Mortgage Trust
2013-C6, 2.788%, 04/10/2046		151,221		154,083
Verus Securitization Trust
2019-4, 2.642%, 11/25/2059^(b)		258,305		264,183
2019-INV1, 3.402%, 12/25/2059^(b)(d)		242,918		246,373
Wells Fargo Commercial Mortgage Trust
2012-LC5, 4.142%, 10/15/2045		305,000		316,551
2015-C29, 3.637%, 06/15/2048		130,000		143,703
2016-LC24, 2.942%, 10/15/2049		280,000		302,018
2016-NXS6, 2.918%, 11/15/2049		300,000		322,492
2017-C39, 3.418%, 09/15/2050		260,000		287,451
2017-C40, 2.110%, 10/15/2050		79,618		80,139

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
2018-C46, 4.152%, 08/15/2051	$	160,000	$	184,616
2018-C48, 4.302%, 01/15/2052		625,000		724,614
2016-LC25, 3.640%, 12/15/2059		315,000		350,331
Wells Fargo Commercial Mortgage Trust
2019-C50, 3.466%, 05/15/2052		300,000		325,505
2019-C51, 3.311%, 06/15/2052		865,000		947,052
WFRBS Commercial Mortgage Trust
2014-LC14, 1.262%, 03/15/2047^(d)(e)		754,849		23,328
2014-C22 XA, 0.804%, 09/15/2057^(d)(e)		3,281,227		73,480
2014-C22 AS, 4.069%, 09/15/2057^(d)		290,000		317,139

Total Non-Agency Mortgage Backed Securities (Cost $16,004,070)				15,709,440

Agency Mortgage Backed Securities—31.48%
Fannie Mae Connecticut Avenue Securities
2017-C03, 3.118% (1 Month LIBOR USD + 3.000%), 10/25/2029^(c)		271,030		276,807
2017-C04, 2.968% (1 Month LIBOR USD + 2.850%), 11/25/2029^(c)		312,356		318,912
2017-C05, 2.318% (1 Month LIBOR USD + 2.200%), 01/25/2030^(c)		1,072,130		1,084,383
2017-C06, 2.918% (1 Month LIBOR USD + 2.800%), 02/25/2030^(c)		1,450,405		1,475,523
2017-C07 1M2, 2.518% (1 Month LIBOR USD + 2.400%), 05/25/2030^(c)		734,905		740,787
2017-C07 2M2, 2.618% (1 Month LIBOR USD + 2.500%), 05/25/2030^(c)		626,099		632,654
2018-C01, 2.368% (1 Month LIBOR USD + 2.250%), 07/25/2030^(c)		1,768,186		1,783,428
2018-C02, 2.318% (1 Month LIBOR USD + 2.200%), 08/25/2030^(c)		1,506,469		1,517,209
2018-C03, 2.268% (1 Month LIBOR USD + 2.150%), 10/25/2030^(c)		1,102,691		1,109,909
2018-C04, 2.668% (1 Month LIBOR USD + 2.550%), 12/25/2030^(c)		1,968,807		1,994,103
Fannie Mae Interest Strip
4.000%, 08/25/2043^(e)		919,203		141,229
Fannie Mae Pool
MA0096, 4.500%, 06/01/2029		5,144		5,593
AB3000, 4.500%, 05/01/2031		12,320		13,577
AD9173, 4.000%, 08/01/2040		203,320		223,907
AB1389, 4.500%, 08/01/2040		44,945		50,213
MA0510, 4.500%, 09/01/2040		514		579
AE8714, 3.500%, 11/01/2040		16,549		17,870
890310, 4.500%, 12/01/2040		10,235		11,421
AH3952, 4.000%, 01/01/2041		124,126		136,658
AL0791, 4.000%, 02/01/2041		42,107		46,645
AE0954, 4.500%, 02/01/2041		35,821		40,186
AS7001, 3.000%, 04/01/2041		1,007,909		1,064,969
AL0245, 4.000%, 04/01/2041		9,095		10,075
AL0065, 4.500%, 04/01/2041		16,985		19,123
AH7395, 4.500%, 06/01/2041		5,230		5,760
AB3194, 4.500%, 06/01/2041		13,173		14,690
FM0040, 3.000%, 10/01/2041		168,334		178,544
AL1547, 4.500%, 11/01/2041		7,903		8,907
AJ9278, 3.500%, 12/01/2041		8,676		9,410
AJ6346, 3.500%, 12/01/2041		26,843		29,197
AX5302, 4.000%, 01/01/2042		19,067		21,023
AK2415, 4.000%, 02/01/2042		33,679		37,144
AK6744, 4.000%, 03/01/2042		54,859		60,786
AK6743, 4.000%, 03/01/2042		46,218		50,974
AO1214, 3.500%, 04/01/2042		99,281		107,675
AK9393, 3.500%, 04/01/2042		17,515		19,001
AK6568, 3.500%, 04/01/2042		39,357		42,694
AL4029, 4.500%, 04/01/2042		48,637		54,561

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
AL7306, 4.500%, 09/01/2042	$	26,401	$	29,628
AP8743, 3.500%, 10/01/2042		261,391		283,562
AP7363, 4.000%, 10/01/2042		196,456		217,678
AL3714, 3.500%, 01/01/2043		24,815		26,913
AQ9330, 3.500%, 01/01/2043		36,055		39,104
AL2897, 3.500%, 01/01/2043		36,116		39,401
AB7965, 3.500%, 02/01/2043		20,539		22,338
AB9046, 3.500%, 04/01/2043		60,071		65,558
AT1001, 3.500%, 04/01/2043		22,477		24,627
AT2021, 3.500%, 04/01/2043		20,676		22,551
AB9260, 3.500%, 05/01/2043		64,030		69,772
AU0949, 3.500%, 08/01/2043		47,309		52,420
AS0212, 3.500%, 08/01/2043		50,437		54,959
AU3751, 4.000%, 08/01/2043		104,975		116,323
AS0531, 4.000%, 09/01/2043		52,336		57,994
AU6857, 4.000%, 09/01/2043		48,248		53,534
AU4658, 4.500%, 09/01/2043		14,151		15,920
MA1600, 3.500%, 10/01/2043		25,226		27,339
AS1042, 4.000%, 11/01/2043		43,475		47,877
AL4450, 4.500%, 12/01/2043		22,162		24,989
AS1333, 4.500%, 12/01/2043		21,059		23,621
AS1559, 4.000%, 01/01/2044		26,877		29,692
AS2516, 4.500%, 05/01/2044		19,386		21,533
MA1926, 4.500%, 06/01/2044		22,224		24,959
AS2751, 4.500%, 06/01/2044		28,571		31,869
BM1761, 4.000%, 08/01/2044		187,904		208,093
AL6223, 4.500%, 08/01/2044		22,685		25,508
AX0118, 4.000%, 09/01/2044		153,853		169,466
AX2491, 4.000%, 10/01/2044		17,165		18,838
AS3467, 4.000%, 10/01/2044		23,289		25,556
AL6432, 4.000%, 01/01/2045		38,313		42,173
AL6520, 4.000%, 02/01/2045		154,902		170,697
AL9578, 4.000%, 06/01/2045		138,964		153,245
AZ0862, 3.500%, 07/01/2045		84,986		91,547
AZ0814, 3.500%, 07/01/2045		48,100		51,964
BM1953, 3.500%, 08/01/2045		95,251		103,230
AZ4775, 3.500%, 10/01/2045		23,041		24,816
AZ4788, 4.000%, 10/01/2045		496,919		542,707
CA2929, 3.500%, 12/01/2045		187,636		202,067
AS6311, 3.500%, 12/01/2045		32,139		34,504
AS6405, 4.000%, 12/01/2045		392,248		428,354
AS6464, 3.500%, 01/01/2046		37,736		40,948
BC4114, 3.500%, 02/01/2046		188,679		203,100
AL8219, 4.000%, 02/01/2046		504,806		553,883
BC0305, 4.000%, 03/01/2046		95,729		104,179
AS6795, 4.000%, 03/01/2046		112,107		121,620
AL8387, 4.000%, 03/01/2046		946,537		1,036,280
FM1370, 3.000%, 04/01/2046		61,755		65,066
BC0793, 3.500%, 04/01/2046		224,565		241,656
BC0835, 4.000%, 04/01/2046		200,303		219,722
AS7248, 4.000%, 05/01/2046		103,781		112,973
AS7200, 4.500%, 05/01/2046		11,510		12,653
AS7388, 3.500%, 06/01/2046		1,065,965		1,148,105
AL8735, 4.000%, 06/01/2046		214,304		235,779

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
AS7401, 4.000%, 06/01/2046	$	80,628	$	87,696
AL9282, 4.000%, 06/01/2046		145,228		158,010
AS7580, 3.000%, 07/01/2046		198,777		209,999
AS7492, 4.000%, 07/01/2046		56,991		61,951
AS7801, 3.500%, 08/01/2046		211,992		226,729
MA2737, 3.000%, 09/01/2046		1,095,787		1,157,293
AS8056, 3.000%, 10/01/2046		104,684		110,529
MA2771, 3.000%, 10/01/2046		164,643		174,012
BM3932, 3.500%, 10/01/2046		161,308		173,073
AS8269, 3.000%, 11/01/2046		134,054		141,166
AS8699, 4.000%, 01/01/2047		47,814		51,734
BE2975, 4.000%, 01/01/2047		177,266		192,558
AS8661, 4.000%, 01/01/2047		132,001		142,828
AS8659, 4.000%, 01/01/2047		69,798		75,532
MA2872, 4.500%, 01/01/2047		124,964		138,227
AS8700, 4.500%, 01/01/2047		49,143		54,099
BE5475, 3.500%, 02/01/2047		99,642		106,444
AL9879, 3.500%, 02/01/2047		2,017,436		2,216,621
AL9916, 4.000%, 02/01/2047		212,657		232,530
AS8966, 4.000%, 03/01/2047		52,488		56,774
FM4894, 4.000%, 03/01/2047		860,374		940,591
AS8982, 4.500%, 03/01/2047		19,510		21,399
CA5843, 3.000%, 04/01/2047		269,669		283,048
FM1000, 3.000%, 04/01/2047		372,941		393,057
MA2959, 3.500%, 04/01/2047		160,088		171,508
BM5347, 3.500%, 05/01/2047		176,228		188,330
AS9536, 3.500%, 05/01/2047		92,684		98,770
BM5784, 3.500%, 05/01/2047		200,610		214,529
BM5348, 3.500%, 05/01/2047		90,481		96,491
BE3619, 4.000%, 05/01/2047		204,103		220,952
MA3008, 4.500%, 05/01/2047		37,337		40,804
AS9829, 3.500%, 06/01/2047		82,440		87,822
AS9664, 4.000%, 06/01/2047		60,362		65,291
AS9831, 4.000%, 06/01/2047		124,491		134,631
BE3702, 4.000%, 06/01/2047		106,245		114,897
BM5179, 3.000%, 07/01/2047		115,870		122,360
BE3767, 3.500%, 07/01/2047		98,137		104,563
CA0062, 4.000%, 07/01/2047		118,336		127,806
CA0182, 4.000%, 08/01/2047		35,590		38,650
CA0237, 4.000%, 08/01/2047		195,219		210,805
BH2623, 4.000%, 08/01/2047		95,886		103,748
MA3088, 4.000%, 08/01/2047		133,809		144,868
MA3121, 4.000%, 09/01/2047		1,143,406		1,234,719
FM4019, 3.500%, 10/01/2047		879,018		940,868
MA3149, 4.000%, 10/01/2047		91,581		98,850
CA0559, 4.500%, 10/01/2047		126,755		138,825
FM1467, 3.000%, 12/01/2047		117,210		124,282
BH7058, 3.500%, 12/01/2047		243,567		258,738
MA3210, 3.500%, 12/01/2047		233,808		248,921
BM2005, 4.000%, 12/01/2047		124,331		134,153
CA4140, 3.000%, 02/01/2048		134,304		140,964
FM2897, 3.000%, 02/01/2048		372,128		392,009
CA1535, 3.500%, 02/01/2048		50,625		53,880
BJ8783, 3.500%, 02/01/2048		123,361		131,645

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
CA1218, 4.500%, 02/01/2048	$	89,413	$	97,726
BJ0650, 3.500%, 03/01/2048		100,915		107,162
BM3590, 3.500%, 03/01/2048		172,886		185,348
BJ0648, 3.500%, 03/01/2048		98,391		104,671
BM3900, 4.000%, 04/01/2048		169,206		182,510
CA1710, 4.500%, 05/01/2048		141,049		153,684
FM2385, 3.000%, 09/01/2048		249,050		261,396
FM1572, 3.000%, 09/01/2048		355,624		375,206
BM4991, 4.000%, 09/01/2048		30,296		32,516
FM3142, 4.000%, 10/01/2048		888,112		954,647
BM5024, 3.000%, 11/01/2048		109,877		114,958
FM2915, 3.000%, 11/01/2048		808,695		856,621
FM5108, 3.500%, 11/01/2048		1,186,993		1,270,748
FM1239, 3.500%, 11/01/2048		158,973		168,426
BK7943, 4.000%, 11/01/2048		53,478		57,422
CA2922, 3.000%, 12/01/2048		355,322		372,184
FM2239, 3.000%, 12/01/2048		200,029		210,648
CA3084, 4.000%, 02/01/2049		60,730		65,215
FM4895, 4.000%, 06/01/2049		920,063		989,120
CA3870, 4.000%, 07/01/2049		563,484		605,061
BO2201, 3.000%, 09/01/2049		320,236		335,226
MA3834, 3.000%, 11/01/2049		508,204		531,492
BO8947, 3.000%, 01/01/2050		201,119		211,023
BO6164, 3.000%, 01/01/2050		141,971		148,735
BP1424, 3.000%, 03/01/2050		263,536		276,907
FM4334, 3.000%, 04/01/2050		363,524		384,181
CA5519, 3.000%, 04/01/2050		172,717		181,092
BP6817, 2.500%, 05/01/2050		339,542		351,228
CA5668, 3.000%, 05/01/2050		639,930		671,215
CA5670, 3.000%, 05/01/2050		296,648		311,004
CA6291, 3.000%, 07/01/2050		202,954		213,337
BP6481, 4.500%, 07/01/2050		47,609		51,938
BQ0239, 2.500%, 08/01/2050		291,259		301,283
BK2829, 2.500%, 08/01/2050		232,746		240,800
BQ0188, 3.000%, 08/01/2050		228,960		239,820
MA4120, 2.500%, 09/01/2050		258,479		267,375
BK3044, 2.500%, 09/01/2050		473,016		489,383
BP6716, 2.500%, 09/01/2050		459,958		475,788
BQ5749, 2.500%, 10/01/2050		322,748		334,164
MA4170, 4.500%, 10/01/2050		1,545,154		1,684,642
BR1109, 2.500%, 11/01/2050		996,214		1,030,685
FM4640, 2.500%, 11/01/2050		477,970		494,875
FM5316, 2.000%, 12/01/2050		224,112		226,458
MA4208, 2.000%, 12/01/2050		3,015,713		3,048,782
MA4237, 2.000%, 01/01/2051		248,445		250,187
BR1269, 2.500%, 01/01/2051		998,236		1,032,937
MA4256, 2.500%, 02/01/2051		996,851		1,031,518
MA4282, 2.500%, 03/01/2051		600,000		620,872
Fannie Mae REMICS
2012-70, 5.882% (1 Month LIBOR USD + 6.000%), 07/25/2042^(c)(e)		798,026		167,644
2012-68, 5.932% (1 Month LIBOR USD + 6.050%), 07/25/2042^(c)(e)		735,265		160,593
2012-149, 4.000%, 01/25/2043^(e)		614,179		96,408
2013-6, 5.982% (1 Month LIBOR USD + 6.100%), 02/25/2043^(c)(e)		609,805		133,204
2014-90, 6.032% (1 Month LIBOR USD + 6.150%), 01/25/2045^(c)(e)		738,483		161,160

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
2015-32, 6.082% (1 Month LIBOR USD + 6.200%), 05/25/2045^(c)(e)	$	1,666,222	$	330,011
2016-03, 4.000%, 02/25/2046^(e)		784,904		121,070
2020-52, 4.500%, 08/25/2050^(e)		1,834,288		353,038
Freddie Mac Gold Pool
G1-3122, 5.000%, 04/01/2023		231		242
G1-4953, 3.500%, 01/01/2029		28,177		30,378
A8-6315, 4.500%, 05/01/2039		22,111		24,840
A8-6521, 4.500%, 05/01/2039		37,477		42,249
A9-3617, 4.500%, 08/01/2040		4,918		5,545
C0-3531, 4.000%, 10/01/2040		15,278		16,778
A9-6592, 4.000%, 02/01/2041		78,091		86,130
Q0-0285, 4.500%, 04/01/2041		6,283		7,058
Q0-0876, 4.500%, 05/01/2041		42,052		46,988
Q0-2173, 4.500%, 07/01/2041		33,750		38,042
Q0-3705, 4.000%, 10/01/2041		17,907		19,262
Q0-4674, 4.000%, 12/01/2041		96,178		105,585
C0-3795, 3.500%, 04/01/2042		198,485		215,998
Q0-7726, 4.000%, 04/01/2042		195,212		215,333
Q0-9004, 3.500%, 06/01/2042		18,968		20,583
C0-9004, 3.500%, 07/01/2042		20,200		21,920
Q0-9896, 3.500%, 08/01/2042		25,985		28,197
Q1-1348, 3.500%, 09/01/2042		49,762		54,292
Q1-8305, 3.500%, 05/01/2043		19,877		21,564
Q1-9475, 3.500%, 06/01/2043		38,049		41,264
G6-0030, 3.500%, 07/01/2043		107,792		117,667
Q2-0780, 3.500%, 08/01/2043		37,065		40,623
Q2-0857, 3.500%, 08/01/2043		24,124		26,596
G0-7459, 3.500%, 08/01/2043		22,446		24,420
G0-8541, 3.500%, 08/01/2043		41,015		44,480
G6-0174, 4.000%, 10/01/2043		53,783		59,269
V8-0509, 4.000%, 10/01/2043		23,602		25,998
G0-8558, 4.000%, 11/01/2043		29,321		32,197
Q2-6367, 4.000%, 05/01/2044		7,115		7,847
Q2-5885, 4.500%, 05/01/2044		35,164		38,387
Q2-6513, 4.500%, 06/01/2044		17,798		19,397
Q2-9916, 4.000%, 11/01/2044		33,504		36,775
Q4-5219, 3.500%, 01/01/2045		135,304		145,455
G0-7961, 3.500%, 03/01/2045		32,147		34,876
G0-8633, 4.000%, 03/01/2045		61,701		67,922
G0-8636, 3.500%, 04/01/2045		42,404		45,680
G0-8637, 4.000%, 04/01/2045		36,163		39,784
Q3-3869, 4.000%, 06/01/2045		19,143		21,019
G0-8659, 3.500%, 08/01/2045		115,160		124,006
Q3-5225, 3.500%, 08/01/2045		21,497		23,084
G0-8660, 4.000%, 08/01/2045		135,308		148,380
V8-1873, 4.000%, 08/01/2045		32,164		35,181
V8-1992, 4.000%, 10/01/2045		425,590		464,692
G0-8672, 4.000%, 10/01/2045		23,711		25,889
G0-8676, 3.500%, 11/01/2045		51,281		55,248
G6-0480, 4.500%, 11/01/2045		20,507		22,941
G0-8681, 3.500%, 12/01/2045		37,295		40,148
G0-8682, 4.000%, 12/01/2045		45,269		49,411
Q3-8473, 4.000%, 01/01/2046		50,336		55,141
Q3-8470, 4.000%, 01/01/2046		25,025		27,331

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
G0-8694, 4.000%, 02/01/2046	$	27,126	$	29,581
Q3-9434, 3.500%, 03/01/2046		8,029		8,650
Q3-9644, 3.500%, 03/01/2046		182,594		195,946
G0-8693, 3.500%, 03/01/2046		8,615		9,272
Q3-9438, 4.000%, 03/01/2046		146,798		160,492
G0-8699, 4.000%, 03/01/2046		74,142		80,970
G0-8702, 3.500%, 04/01/2046		90,544		97,368
Q4-0718, 3.500%, 05/01/2046		249,839		268,295
G0-8706, 3.500%, 05/01/2046		41,628		45,027
Q4-0375, 3.500%, 05/01/2046		52,542		56,349
G0-8708, 4.500%, 05/01/2046		58,394		64,632
Q4-1208, 3.500%, 06/01/2046		123,656		133,019
Q4-5458, 4.000%, 08/01/2046		124,484		136,180
G0-8721, 3.000%, 09/01/2046		79,413		83,871
G0-8735, 4.500%, 10/01/2046		82,774		91,658
G0-8741, 3.000%, 01/01/2047		1,379,212		1,463,246
G0-8743, 4.000%, 01/01/2047		67,029		72,785
Q4-6279, 3.500%, 02/01/2047		111,310		118,720
Q4-6283, 4.000%, 02/01/2047		99,664		107,854
G0-8752, 4.000%, 03/01/2047		36,262		39,528
Q4-6539, 4.500%, 03/01/2047		13,768		14,995
G0-8757, 3.500%, 04/01/2047		16,805		17,908
G0-8759, 4.500%, 04/01/2047		30,094		33,094
V8-3204, 4.500%, 05/01/2047		65,718		71,756
G0-8767, 4.000%, 06/01/2047		175,660		189,916
Q4-9100, 4.000%, 07/01/2047		185,226		199,965
Q4-9394, 4.500%, 07/01/2047		141,724		155,563
Q5-0109, 3.500%, 08/01/2047		21,389		22,778
Q5-0035, 3.500%, 08/01/2047		127,486		135,837
Q4-9888, 3.500%, 08/01/2047		85,866		91,455
G6-1228, 4.000%, 08/01/2047		231,839		250,868
G0-8775, 4.000%, 08/01/2047		248,669		268,596
G0-8779, 3.500%, 09/01/2047		371,740		395,812
G0-8785, 4.000%, 10/01/2047		191,333		206,350
Q5-2319, 3.500%, 11/01/2047		267,255		284,003
G6-1631, 3.500%, 11/01/2047		279,350		299,286
G0-8789, 4.000%, 11/01/2047		81,116		87,648
G6-1467, 4.000%, 11/01/2047		301,013		324,426
G6-1281, 3.500%, 01/01/2048		142,727		153,340
G0-8800, 3.500%, 02/01/2048		227,530		242,335
G0-8801, 4.000%, 02/01/2048		123,836		133,303
Q5-4463, 4.000%, 02/01/2048		113,511		123,224
G6-7710, 3.500%, 03/01/2048		250,453		269,517
G0-8805, 4.000%, 03/01/2048		143,999		155,461
QB-2634, 2.500%, 08/01/2050		280,214		289,875
Freddie Mac Multifamily Structured Pass Through Certificates
K-098, 1.391%, 08/25/2029^(d)(e)		1,985,000		210,101
Freddie Mac Pool
ZS-9972, 3.000%, 03/01/2042		1,226,163		1,301,822
ZM-0630, 4.000%, 01/01/2046		863,737		941,244
SD-0035, 3.000%, 04/01/2047		852,939		903,764
ZS-4759, 0.000%, 03/01/2048		296,040		314,339
ZN-4495, 4.000%, 12/01/2048		179,663		192,797
ZN-2103, 4.500%, 12/01/2048		99,139		107,578

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
ZA-7141, 3.000%, 06/01/2049	$	150,316	$	157,325
SD-8016, 3.000%, 10/01/2049		169,875		177,590
QA-6750, 3.000%, 02/01/2050		326,689		344,091
QA-7325, 3.000%, 02/01/2050		299,263		315,054
QA-8311, 3.000%, 03/01/2050		181,997		190,409
QB-0098, 2.500%, 06/01/2050		265,851		275,000
RA-2480, 2.500%, 07/01/2050		266,562		275,736
QB-1457, 2.500%, 07/01/2050		361,195		373,626
RA-2970, 2.500%, 07/01/2050		280,772		291,200
SD-8074, 3.000%, 07/01/2050		166,941		175,072
QB-2682, 2.500%, 08/01/2050		192,467		199,091
RA-3280, 2.500%, 08/01/2050		265,116		274,240
SD-8091, 2.500%, 09/01/2050		234,492		242,564
SD-8098, 2.000%, 10/01/2050		3,005,408		3,026,473
QB-4785, 2.500%, 10/01/2050		258,952		267,864
QB-6037, 2.500%, 11/01/2050		196,517		203,280
SD-8122, 2.500%, 01/01/2051		594,376		614,833
SD-8129, 2.500%, 02/01/2051		797,493		825,001
Freddie Mac REMICS
4073, 5.888% (1 Month LIBOR USD + 6.000%), 07/15/2042^(c)(e)		688,508		119,925
4122, 4.000%, 10/15/2042^(e)		726,256		115,435
4121, 6.088% (1 Month LIBOR USD + 6.200%), 10/15/2042^(c)(e)		773,732		164,877
4159, 6.038% (1 Month LIBOR USD + 6.150%), 01/15/2043^(c)(e)		401,562		88,553
4459, 4.000%, 08/15/2043^(e)		673,806		97,652
4583, 5.888% (1 Month LIBOR USD + 6.000%), 05/15/2046^(c)(e)		762,522		138,881
4616, 5.888% (1 Month LIBOR USD + 6.000%), 09/15/2046^(c)(e)		1,795,866		346,835
4623, 5.888% (1 Month LIBOR USD + 6.000%), 10/15/2046^(c)(e)		689,306		165,788
4648, 5.888% (1 Month LIBOR USD + 6.000%), 01/15/2047^(c)(e)		701,620		154,252
4905, 5.982% (1 Month LIBOR USD + 6.100%), 08/25/2049^(c)(e)		613,133		114,734
Freddie Mac Structured Agency Credit Risk Debt Notes
2017-DNA2, 3.568% (1 Month LIBOR USD + 3.450%), 10/25/2029^(c)		930,000		965,635
2017-HQA2, 2.768% (1 Month LIBOR USD + 2.650%), 12/26/2029^(c)		461,180		468,172
2017-DNA3, 2.618% (1 Month LIBOR USD + 2.500%), 03/25/2030^(c)		285,000		291,554
2017-HQA3, 2.468% (1 Month LIBOR USD + 2.350%), 04/25/2030^(c)		939,569		955,359
2018-DNA1, 1.918% (1 Month LIBOR USD + 1.800%), 07/25/2030^(c)		490,483		491,174
2018-HQA1, 2.418% (1 Month LIBOR USD + 2.300%), 09/25/2030^(c)		761,517		766,762
2019-CS03, 0.148%, 10/25/2032		938,477		930,583
2020-HQA5, 1.145% (SOFR30A + 1.100%), 11/25/2050^(b)(c)		914,602		917,111
Ginnie Mae
#TBA, 2.500%, 03/20/2050		9,235,000		9,558,946
#TBA, 2.000%, 04/20/2050		4,325,000		4,378,725
Ginnie Mae II Pool
MA0699M, 3.500%, 01/20/2043		38,572		41,984
MA0783M, 3.500%, 02/20/2043		53,332		58,181
MA0934M, 3.500%, 04/20/2043		38,148		41,527
MA1376M, 4.000%, 10/20/2043		52,825		57,810
MA2893M, 4.000%, 06/20/2045		26,276		28,897
MA3035M, 4.000%, 08/20/2045		14,250		15,667
MA3245M, 4.000%, 11/20/2045		62,103		68,369
MA3663M, 3.500%, 05/20/2046		83,819		90,270
MA3803M, 3.500%, 07/20/2046		33,432		35,759
MA4510M, 3.500%, 06/20/2047		142,911		152,352
MA4511M, 4.000%, 06/20/2047		64,087		69,573
MA4586M, 3.500%, 07/20/2047		197,730		210,947

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Principal Amount		Value
MA4652M, 3.500%, 08/20/2047	$	133,816	$	142,855
MA4900M, 3.500%, 12/20/2047		103,511		110,442
MA5530M, 5.000%, 10/20/2048		720,559		789,149
MA6542M, 3.500%, 03/20/2050		745,074		788,322
MA6600M, 3.500%, 04/20/2050		46,683		49,426
MA6601M, 4.000%, 04/20/2050		359,965		384,946
Government National Mortgage Association
2013-23, 3.500%, 02/20/2043^(e)		870,766		166,856
2015-162, 6.639% (1 Month LIBOR USD + 6.750%), 11/20/2045^(c)(e)		1,480,588		343,188
2018-036, 6.043% (1 Month LIBOR USD + 6.150%), 02/01/2047^(c)(e)		737,332		151,738
2018-007, 6.089% (1 Month LIBOR USD + 6.200%), 01/20/2048^(c)(e)		585,733		113,168
Uniform Mortgage Backed Securities
#TBA, 3.000%, 03/15/2043		1,125,000		1,176,460
#TBA, 2.500%, 03/15/2047		10,460,000		10,807,305
#TBA, 2.000%, 05/25/2050		10,655,000		10,719,097

Total Agency Mortgage Backed Securities (Cost $128,796,991)				129,553,120

Municipal Bonds—0.36%
California State University
2.965%, 11/01/2039		360,000		370,703
3.065%, 11/01/2042		315,000		324,223
University of California
1.614%, 05/15/2030		800,000		781,392

Total Municipal Bonds (Cost $1,475,000)				1,476,318

U.S. Government Agency Issues—0.53%
Federal Home Loan Mortgage Corp.
0.375%, 09/23/2025		225,000		221,121
Federal National Mortgage Association
0.500%, 11/07/2025		255,000		251,953
0.750%, 10/08/2027		745,000		725,458
0.875%, 08/05/2030		575,000		539,773
Tennessee Valley Authority
5.250%, 09/15/2039		320,000		453,551

Total U.S. Government Agency Issues (Cost $2,185,544)				2,191,856

U.S. Government Notes/Bonds—13.45%
United States Treasury Inflation Indexed Bonds
0.500%, 01/15/2028		7,027,547		7,857,402
0.125%, 01/15/2030		10,108,814		10,987,284
2.125%, 02/15/2040		819,482		1,182,838
United States Treasury Notes/Bonds
2.250%, 04/15/2022		9,900,000		10,138,214
0.125%, 08/31/2022		16,001,000		15,999,750
0.625%, 08/15/2030^(f)		581,000		539,603
1.125%, 02/15/2031		7,425,000		7,197,610
1.250%, 05/15/2050		1,798,000		1,427,865

Total U.S. Government Notes/Bonds (Cost $55,656,251)				55,330,566

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Exchange-Traded Funds—8.80%
iShares Core U.S. Aggregate Bond ETF		180,000	$	20,761,200
Vanguard Total Bond Market ETF		180,000		15,469,200

Total Exchange-Traded Funds (Cost $36,931,728)				36,230,400

Investments Purchased With Collateral From Securities Lending—14.49%
Money Market Fund—14.49%
Mount Vernon Liquid Assets Portfolio, LLC, 0.130%^(g)		59,641,444		59,641,444

Total Investments Purchased With Collateral From Securities Lending (Cost $59,641,444)				59,641,444

Short-Term Investments—4.28%
First American Government Obligations Fund, Class X, 0.030%^(g)		17,629,620		17,629,620

Total Short-Term Investments (Cost $17,629,620)				17,629,620

Total Investments (Cost $507,167,629)—124.81%				513,604,757
Liabilities in Excess of Other Assets—(24.81)%				(102,099,365	)

Total Net Assets—100.00%			$	411,505,392

Percentages are stated as a percent of net assets.

^(a)

Variable rate security; the rate shown represents the rate at February 28, 2021.

^(b)

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

^(c)

Floating rate security; the rate shown represents the rate at February 28, 2021. The coupon is based on an underlying pool of loans.

^(d)

Variable rate security; the rate shown represents the rate at February 28, 2021. The coupon is based on an underlying pool of loans.

^(e)

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

^(f)

All or portion of this security is out on loan as of February 28, 2021. Total value of securities out on loan is $58,565,094.

^(g)

The rate shown represents the seven day yield at February 28, 2021.

^(h)

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

Abbreviations

TBA Pool number to be announced

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited)



	Shares		Value
Common Stocks—96.62%
Accommodation—0.10%
Airbnb, Inc.—Class A^(a)(c)		1,005	$	207,381
GreenTree Hospitality Group Ltd.—ADR^(a)		5,884		76,610
MGM Resorts International		14,716		556,117
Penn National Gaming, Inc.^(a)(c)		1,924		222,761

				1,062,869

Administration of Human Resource Programs—0.03%
Hailiang Education Group, Inc.—ADR^(a)		4,294		256,781

Administrative and Support Services—1.75%
111, Inc.—ADR^(a)		2,037		39,803
51job, Inc.—ADR^(a)		531		34,834
ABM Industries, Inc.		4,076		176,002
Accenture PLC—Class A^(b)		20,072		5,036,065
AdaptHealth Corp.^(a)		4,341		133,573
Alarm.com Holdings, Inc.^(a)		4,569		401,524
AMN Healthcare Services, Inc.^(a)		1,309		95,387
ASGN, Inc.^(a)		2,691		250,182
Baker Hughes Co.		67,122		1,643,147
Bilibili, Inc.—ADR^(a)(c)		2,400		302,328
Booking Holdings, Inc.^(a)(c)		66		153,682
Brambles Ltd.—ADR		4,851		74,463
Bro—ADRidge Financial Solutions, Inc.		13,333		1,899,819
China Overseas Land & Investment Ltd.—ADR		15,467		194,884
Conduent, Inc.^(a)		17,264		92,880
Criteo SA—ADR^(a)		24,066		827,630
Deutsche Post AG—ADR		18,181		901,123
Fortum OYJ—ADR		99,799		499,494
G4S PLC—ADR^(a)		11,051		186,596
HeadHunter Group PLC—ADR		1,081		37,608
HMS Holdings Corp.^(a)		2,682		98,657
Kforce, Inc.		8,370		429,799
ManpowerGroup, Inc.		4,227		399,198
ManTech International Corp.—Class A		4,434		346,561
Orange SA—ADR		27,044		312,899
PayPal Holdings, Inc.^(a)		3,846		999,383
QIWI PLC—ADR^(c)		8,344		89,197
Secom Co. Ltd.—ADR		54,697		1,193,379
Teladoc Health, Inc.^(a)(c)		820		181,294
Teleperformance—ADR^(c)		2,242		394,032
TriNet Group, Inc.^(a)		1,722		138,225
TTEC Holdings, Inc.		4,901		412,370

				17,976,018

Air Transportation—0.02%
Atlas Air Worldwide Holdings, Inc.^(a)		2,486		137,053
United Airlines Holdings, Inc.^(a)		2,140		112,735

				249,788

Ambulatory Health Care Services—0.84%
Acadia Healthcare Co., Inc.^(a)		6,810		376,185
Amedisys, Inc.^(a)		2,144		543,805
DaVita, Inc.^(a)		20,116		2,054,447
Guardant Health, Inc.^(a)		2,222		327,034

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
HealthStream, Inc.^(a)		3,009	$	70,110
Laboratory Corp. of America Holdings^(a)		2,948		707,255
LHC Group, Inc.^(a)		2,795		507,879
Medpace Holdings, Inc.^(a)		3,530		573,378
Novocure Ltd.^(a)(b)		3,872		577,315
Premier, Inc.—Class A		3,966		134,130
Quest Diagnostics, Inc.		12,243		1,415,169
Select Medical Holdings Corp.^(a)		10,911		345,333
Sonic Healthcare Ltd.—ADR		29,791		732,560
Surgery Partners, Inc.^(a)		3,880		153,144
Viatris, Inc.^(a)		9,421		139,902

				8,657,646

Amusement, Gambling, and Recreation Industries—0.01%
WW International, Inc.^(a)(c)		4,582		135,123

Apparel Manufacturing—0.25%
ANTA Sports Products Ltd.—ADR^(c)		672		261,220
Deckers Outdoor Corp.^(a)		1,883		614,065
G-III Apparel Group Ltd.^(a)(c)		3,311		95,324
Lululemon Athletica, Inc.^(a)(c)		1,592		496,195
Wesfarmers Ltd.—ADR^(c)		57,002		1,085,317

				2,552,121

Beverage and Tobacco Product Manufacturing—0.62%
Boston Beer Co., Inc.—Class A^(a)(c)		82		84,354
Cia Cervecerias Unidas SA—ADR		8,418		145,631
Coca-Cola Amatil Ltd.—ADR		20,035		205,960
Embotelladora Andina SA—Class A—ADR		5,906		79,731
Embotelladora Andina SA—Class B—ADR		7,738		123,963
Japan Tobacco, Inc.—ADR		147,332		1,331,881
Kirin Holdings Co. Ltd.^(c)—ADR		69,843		1,384,987
Monster Beverage Corp.^(a)		5,747		504,242
Philip Morris International, Inc.		16,669		1,400,530
Swedish Match AB—ADR		28,638		1,031,970
Tsingtao Brewery Co. Ltd.—ADR^(c)		1,950		80,252

				6,373,501

Broadcasting (except Internet)—1.49%
AMC Networks, Inc.—Class A^(a)(c)		2,894		189,817
Comcast Corp.—Class A		96,501		5,087,534
Discovery, Inc.—Class A^(a)(c)		27,238		1,444,431
Discovery, Inc.—Class C^(a)(c)		81,051		3,647,295
DISH Network Corp.—Class A^(a)		36,785		1,159,095
EW Scripps Co.—Class A		5,847		110,041
MSG Networks, Inc.—Class A^(a)(c)		15,474		262,439
Nexstar Media Group, Inc.—Class A		4,180		574,960
ProSiebenSat.1 Media SE—ADR		71,524		361,911
Roku, Inc.^(a)		807		319,152
ViacomCBS, Inc.—Class A		4,604		295,853
ViacomCBS, Inc.—Class B^(c)		22,767		1,468,243
WideOpenWest, Inc.^(a)		22,628		317,923

				15,238,694

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Building Material and Garden Equipment and Supplies Dealers—0.52%
Home Depot, Inc.		13,864	$	3,581,626
Lowe’s Companies, Inc.		10,995		1,756,451

				5,338,077

Chemical Manufacturing—7.47%
Abbott Laboratories		11,047		1,323,210
AbbVie, Inc.		28,067		3,023,939
Acceleron Pharma, Inc.^(a)		1,474		200,700
Air Liquide SA—ADR		36,135		1,085,495
Air Products and Chemicals, Inc.		3,881		992,061
Alexion Pharmaceuticals, Inc.^(a)		5,914		903,363
Alterity Therapeutics Ltd.—ADR^(a)(c)		103,982		166,371
Amgen, Inc.		5,602		1,260,002
Arkema SA—ADR		6,394		703,340
Asahi Kasei Corp.—ADR		23,598		516,395
Astellas Pharma, Inc.—ADR		46,745		741,609
AstraZeneca PLC—ADR		65,847		3,185,678
Avient Corp.		4,800		207,456
Biondvax Pharmaceuticals Ltd.—ADR^(a)(c)		6,371		25,357
Bio-Techne Corp.		1,298		469,474
Blueprint Medicines Corp.^(a)		3,123		306,741
Catalent, Inc.^(a)		5,047		573,894
Chugai Pharmaceutical Co. Ltd.—ADR		61,514		1,379,759
Church & Dwight Co., Inc.		1,413		111,274
Clorox Co.^(c)		4,855		878,998
CMC Materials, Inc.		796		135,718
Corcept Therapeutics, Inc.^(a)(c)		10,392		261,359
CSL Ltd.—ADR		16,940		1,738,722
D&L Industries, Inc.—ADR		14,473		52,682
Daiichi Sankyo Co. Ltd.—ADR		63,092		1,803,800
Dr Reddy’s Laboratories Ltd.—ADR		4,742		284,378
DuPont de Nemours, Inc.		11,111		781,326
Eastman Chemical Co.		17,054		1,863,319
Eisai Co. Ltd.—ADR^(c)		7,102		492,985
Eli Lilly and Co.		6,220		1,274,416
Emergent BioSolutions, Inc.^(a)		3,904		374,784
Evotec SE—ADR^(a)		488		37,798
Fresenius Medical Care AG & Co. KGaA—ADR		11,305		390,023
FutureFuel Corp.		21,126		310,130
GlaxoSmithKline PLC—ADR		22,850		767,989
GW Pharmaceuticals PLC—ADR^(a)		863		184,898
Hengan International Group Co. Ltd.—ADR		4,531		156,365
Horizon Therapeutics PLC^(a)(b)		8,788		798,917
Incitec Pivot Ltd.—ADR		128,143		262,744
Innoviva, Inc.^(a)(c)		17,143		195,944
Ironwood Pharmaceuticals, Inc.^(a)		17,220		158,941
Johnson & Johnson		41,902		6,639,790
Kao Corp.—ADR		103,520		1,390,274
Karuna Therapeutics, Inc.^(a)		406		50,734
Kazia Therapeutics Ltd.—ADR^(a)		29,062		290,329
Kose Corp.—ADR		20,739		672,773
Kronos Worldwide, Inc.^(c)		8,582		124,010
Kuraray Co. Ltd.—ADR		3,904		132,248
Merck & Co., Inc.		31,030		2,253,399

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Merck KGaA—ADR^(c)		24,652	$	802,916
Meridian Bioscience, Inc.^(a)(c)		5,981		126,079
Mesoblast Ltd.—ADR^(a)(c)		13,831		132,778
Moderna, Inc.^(a)(c)		3,543		548,492
Neurocrine Biosciences, Inc.^(a)		2,461		269,504
Novartis AG—ADR		36,688		3,151,866
Novavax, Inc.^(a)(c)		1,014		234,467
Novo Nordisk A/S—ADR		49,213		3,506,425
Novozymes A/S—ADR		3,252		200,453
Oasmia Pharmaceutical AB—ADR^(a)		64,460		75,418
Ono Pharmaceutical Co. Ltd.—ADR		118,548		1,059,819
OPKO Health, Inc.^(a)(c)		40,158		180,711
Otsuka Holdings Co. Ltd.—ADR		42,805		858,668
Pacira BioSciences, Inc.^(a)		1,941		142,664
Pfizer, Inc.		75,928		2,542,829
Prestige Consumer Healthcare, Inc.^(a)		6,616		275,953
Procter & Gamble Co.		21,163		2,614,265
Quidel Corp.^(a)		1,823		299,446
Redhill Biopharma Ltd.—ADR^(a)(c)		5,433		51,614
Regeneron Pharmaceuticals, Inc.^(a)		4,326		1,949,166
Repligen Corp.^(a)		4,554		967,224
Sanofi—ADR		45,360		2,081,570
Santen Pharmaceutical Co. Ltd.—ADR		21,526		293,830
Sasol Ltd.—ADR		3,516		44,161
Schrodinger Inc/United States^(a)		2,508		257,020
Shin-Etsu Chemical Co. Ltd.—ADR^(c)		76,185		3,135,013
Shionogi & Co Ltd.—ADR^(c)		43,796		564,092
Starpharma Holdings Ltd.—ADR^(a)		8,656		143,343
Sumitomo Chemical Co. Ltd.—ADR^(c)		5,298		130,967
Supernus Pharmaceuticals, Inc.^(a)		9,425		253,250
Sysmex Corp.—ADR		18,358		959,206
Takeda Pharmaceutical Co. Ltd.—ADR		48,965		818,205
Teijin Ltd.—ADR^(c)		28,406		500,514
Teva Pharmaceutical Industries Ltd.—ADR^(a)		18,115		194,917
Toray Industries, Inc.—ADR		27,752		366,604
Tronox Holdings PLC—Class A^(b)		11,647		213,606
United Therapeutics Corp.^(a)		6,090		1,018,126
Verona Pharma PLC—ADR^(a)		3,740		34,146
Vertex Pharmaceuticals, Inc.^(a)		1,152		244,858
West Pharmaceutical Services, Inc.		3,773		1,058,892
Westlake Chemical Corp.		365		31,240
XTL Biopharmaceuticals Ltd.—ADR^(a)		3,218		9,976
Yara International ASA—ADR		37,263		899,902
Zoetis, Inc.		8,762		1,360,213

				76,540,319

Clothing and Clothing Accessories Stores—0.99%
ASOS PLC—ADR^(a)(c)		4,063		316,833
Buckle, Inc.^(c)		7,991		307,174
Carter’s, Inc.^(c)		925		77,210
Charter Communications, Inc.—Class A^(a)(c)		2,824		1,732,298
Fast Retailing Co. Ltd.—ADR		24,078		2,404,068
Hennes & Mauritz AB—ADR		72,352		340,054
Kering SA—ADR^(c)		14,306		905,427
L Brands, Inc.		6,057		331,076

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
LVMH Moet Hennessy Louis Vuitton SE—ADR		20,253	$	2,572,333
Mr Price Group Ltd.—ADR^(c)		23,092		266,482
Pandora A/S—ADR		36,117		880,532

				10,133,487

Computer and Electronic Product Manufacturing—14.28%
Advanced Micro Devices, Inc.^(a)		18,378		1,553,125
Advantest Corp.—ADR		12,484		1,040,666
Alphabet, Inc.—Class A^(a)		3,075		6,217,374
Alphabet, Inc.—Class C^(a)		2,611		5,318,241
Amkor Technology, Inc.		11,039		263,722
Amphenol Corp.—Class A		8,895		1,117,924
Apple, Inc.		160,577		19,471,568
Arista Networks, Inc.^(a)		1,465		409,966
ASE Technology Holding Co Ltd.—ADR		20,384		154,307
Avanos Medical, Inc.^(a)		6,109		280,892
Bio-Rad Laboratories, Inc.—Class A^(a)		1,697		991,896
Broadcom, Inc.		4,142		1,946,202
Bruker Corp.		2,174		132,571
ChipMOS Technologies, Inc.—ADR		6,010		162,871
Ciena Corp.^(a)		7,269		379,224
Cirrus Logic, Inc.^(a)		5,166		422,475
Cisco Systems, Inc.		77,419		3,473,790
Danaher Corp.		9,000		1,977,030
Dell Technologies, Inc.—Class C^(a)		21,418		1,736,357
Diodes, Inc.^(a)		6,474		508,338
Dolby Laboratories, Inc.—Class A		4,586		447,731
Eaton Corp. PLC^(b)		17,579		2,288,610
Enphase Energy, Inc.^(a)(c)		1,934		340,500
ESCO Technologies, Inc.		2,402		253,819
FormFactor, Inc.^(a)		14,316		649,517
Fortinet, Inc.^(a)(c)		42		7,092
Hitachi Ltd.—ADR		18,102		1,683,486
Hologic, Inc.^(a)		28,270		2,037,984
Hoya Corp.—ADR^(c)		15,811		1,805,300
HP, Inc.		101,241		2,932,952
Infineon Technologies AG—ADR		17,612		768,764
Intel Corp.		83,876		5,097,983
Iridium Communications, Inc.^(a)		2,529		96,886
Jabil, Inc.		7,571		326,840
JinkoSolar Holding Co. Ltd.—ADR^(a)		4,473		229,644
Juniper Networks, Inc.^(c)		42,968		1,000,295
Keysight Technologies, Inc.^(a)		12,014		1,700,221
Kyocera Corp.—ADR		12,412		809,636
Lam Research Corp.		6,487		3,679,362
Lattice Semiconductor Corp.^(a)		6,376		306,813
Logitech International SA^(b)		9,043		977,006
Lumentum Holdings, Inc.^(a)(c)		5,084		457,560
Maxim Integrated Products, Inc.		5,322		495,851
Methode Electronics, Inc.		10,139		394,711
Micron Technology, Inc.^(a)		33,042		3,024,334
MKS Instruments, Inc.^(c)		2,392		394,441
Monolithic Power Systems, Inc.		1,211		453,544
Motorola Solutions, Inc.		7,425		1,302,939
Nano Dimension Ltd.—ADR^(a)		15,138		148,958

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



		Shares		Value
NetApp, Inc.			17,833	$	1,116,346
NETGEAR, Inc.^(a)			8,761		350,440
Nice Ltd.—ADR^(a)			2,581		592,443
Nitto Denko Corp.—ADR			36,279		1,562,174
Nokia Oyj—ADR			155,800		610,736
NVIDIA Corp.			5,652		3,100,574
Omnicell, Inc.^(a)			1,803		228,801
Omron Corp.—ADR			15,530		1,269,267
ON Semiconductor Corp.^(a)			13,688		551,216
OSI Systems, Inc.^(a)(c)			3,074		290,862
Panasonic Corp.—ADR			122,940		1,612,358
PerkinElmer, Inc.			3,975		501,208
Plexus Corp.^(a)(c)			3,646		306,191
Power Integrations, Inc.			4,752		419,934
Qorvo, Inc.^(a)			19,389		3,387,840
QUALCOMM, Inc.			30,672		4,177,219
Rohm Co. Ltd.—ADR			16,289		805,084
Sanmina Corp.^(a)(c)			5,440		193,773
Seagate Technology PLC^(b)			27,601		2,021,221
Seiko Epson Corp.—ADR			101,234		839,331
Sequans Communications SA—ADR^(a)(c)			14,689		95,772
Sharp Corp.—ADR			80,529		382,915
Skyworks Solutions, Inc.			15,131		2,690,594
SoftBank Group Corp.—ADR			81,599		3,825,361
Sony Corp.—ADR			44,481		4,706,535
Square, Inc.—Class A^(a)			4,040		929,321
STMicroelectronics NV^(b)			12,685		492,939
Sumitomo Electric Industries Ltd.—ADR			33,761		491,729
Super Micro Computer, Inc.^(a)			8,369		273,080
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR			57,737		7,271,398
TDK Corp.—ADR			6,207		903,553
Teradyne, Inc.			27,416		3,525,972
Texas Instruments, Inc.			5,480		944,040
Thermo Fisher Scientific, Inc.			8,006		3,603,341
Trane Technologies PLC^(b)			13,608		2,085,290
Trimble, Inc.^(a)			40,513		3,003,634
Trinity Biotech PLC—ADR^(a)			110,901		594,429
TTM Technologies, Inc.^(a)(c)			11,452		161,702
United Microelectronics Corp.—ADR			66,587		652,553
Vishay Intertechnology, Inc.^(c)			15,240		363,779
Western Digital Corp.			15,389		1,054,608
Xilinx, Inc.			1,894		246,788
Zebra Technologies Corp.—Class A^(a)(c)			4,587		2,290,885
Zepp Health Corp.—ADR^(a)(c)			8,540		141,166

					146,339,720

Construction of Buildings—1.53%
ACS Actividades de Construccion y Servicios SA—ADR			13,366		80,599
Avantor, Inc.^(a)(c)			10,086		281,097
Barratt Developments PLC—ADR			14,108		265,301
Daito Trust Construction Co. Ltd.—ADR			17,123		484,238
Daiwa House Industry Co. Ltd.—ADR	��		23,443		669,298
DR Horton, Inc.			28,252		2,171,731
frontdoor, Inc.^(a)			3,898		204,138
KB Home			4,904		198,024

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Lennar Corp.—Class A		28,194	$	2,339,257
Lennar Corp.—Class B		24,753		1,637,658
LGI Homes, Inc.^(a)		1,874		204,735
LIXIL Group Corp.—ADR		16,758		926,717
MDC Holdings, Inc.		7,771		439,605
Meritage Homes Corp.^(a)		4,737		399,376
Persimmon PLC—ADR		5,455		399,306
PulteGroup, Inc.		41,841		1,887,448
Sekisui House Ltd.—ADR^(c)		52,425		998,696
Sun Hung Kai Properties Ltd.—ADR^(c)		78,218		1,262,439
Taylor Morrison Home Corp.^(a)		8,522		234,440
Toll Brothers, Inc.		1,994		106,519
TRI Pointe Group, Inc.^(a)		18,637		354,103
Tutor Perini Corp.^(a)		11,374		167,198

				15,711,923

Couriers and Messengers—0.27%
Air Transport Services Group, Inc.^(a)		7,650		203,031
FedEx Corp.		8,641		2,199,135
United Parcel Service, Inc.—Class B		2,227		351,487

				2,753,653

Credit Intermediation and Related Activities—4.17%
Absa Group Ltd.—ADR		1,926		30,421
Ally Financial, Inc.		1,020		42,330
Australia & New Zealand Banking Group Ltd.—ADR		5,147		104,896
Banco BBVA Argentina SA—ADR^(a)(c)		42,161		114,256
Banco de Chile—ADR		27,104		594,662
Banco Macro SA—ADR^(a)		8,680		117,701
Banco Santander Chile—ADR		25,677		580,043
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand—ADR		6,405		30,360
Bank Mandiri Persero Tbk PT—ADR		71,946		606,505
Bank of East Asia Ltd.—ADR		218,827		510,961
Bank of New York Mellon Corp.		36,090		1,521,554
Bank Rakyat Indonesia Persero Tbk PT—ADR		48,633		797,581
Barclays PLC—ADR		69,238		611,372
BNP Paribas SA—ADR		73,320		2,187,869
BOC Hong Kong Holdings Ltd.—ADR		15,540		1,034,840
China Construction Bank Corp.—ADR		34,113		547,855
China Merchants Bank Co. Ltd.—ADR		14,885		576,496
Commerzbank AG—ADR^(a)		26,605		173,864
Commonwealth Bank of Australia—ADR^(c)		31,597		1,998,194
Danske Bank A/S—ADR^(a)(c)		57,469		540,783
DBS Group Holdings Ltd.—ADR		12,081		960,319
Deutsche Bank AG^(b)		59,708		732,617
DNB ASA—ADR		69,111		1,345,591
Encore Capital Group, Inc.^(a)(c)		6,037		201,757
Fifth Third Bancorp		10,589		367,332
FinVolution Group—ADR		61,306		344,540
First Financial Bankshares, Inc.^(c)		3,760		167,922
Flagstar Bancorp, Inc.		4,501		195,298
Grupo Aval Acciones y Valores SA—ADR		62,628		393,304
Grupo Financiero Banorte SAB de CV—ADR^(a)		6,881		172,644
Grupo Financiero Galicia SA—ADR		16,512		123,014

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Grupo Supervielle SA—ADR		22,129	$	41,824
Hachijuni Bank Ltd.—ADR		19,051		631,255
Hang Seng Bank Ltd.—ADR		41,030		791,879
HDFC Bank Ltd.—ADR^(a)		15,822		1,252,153
Hilltop Holdings, Inc.		15,391		508,519
ICICI Bank Ltd.—ADR		73,620		1,222,828
Intesa Sanpaolo SpA—ADR		51,495		797,658
Itau CorpBanca Chile SA—ADR		9,048		47,954
KB Financial Group, Inc.—ADR		14,151		542,266
Malayan Banking Bhd—ADR		50,060		198,633
Mechel PJSC—ADR^(a)		682		1,248
Mizuho Financial Group, Inc.—ADR		451,436		1,340,765
National Australia Bank Ltd.—ADR		20,356		193,993
Nelnet, Inc.—Class A		928		67,373
New York Community Bancorp, Inc.		36,487		445,506
OneMain Holdings, Inc.		9,321		437,248
ORIX Corp.—ADR		17,593		1,501,914
Oversea-Chinese Banking Corp. Ltd.—ADR^(c)		15,316		252,714
PennyMac Financial Services, Inc.		7,250		429,273
People’s United Financial, Inc.		4,143		74,325
PNC Financial Services Group, Inc.		10,711		1,803,304
Popular, Inc.^(b)		3,864		258,192
Sberbank of Russia PJSC—ADR		64,563		940,037
SLM Corp.		36,321		573,509
Smith & Wesson Brands, Inc.^(c)		14,177		243,986
State Street Corp.		23,710		1,725,377
Sumitomo Mitsui Trust Holdings, Inc.—ADR		141,765		477,748
Svenska Handelsbanken AB—ADR		315,882		1,658,381
Swedbank AB—ADR		83,934		1,473,881
UBS Group AG^(b)		197,133		3,059,504
Valley National Bancorp		45,751		560,450
Western Union Co.		38,310		889,557
Westpac Banking Corp.—ADR		149		2,754
Woori Financial Group, Inc.—ADR^(c)		16,327		411,114
World Acceptance Corp.^(a)(c)		1,386		175,398
Xiaobai Maimai, Inc.—ADR^(a)		64		111

				42,759,512

Data Processing, Hosting and Related Services—0.11%
21Vianet Group, Inc.—ADR^(a)		251		9,146
CSG Systems International, Inc.^(a)		6,009		277,315
FactSet Research Systems, Inc.^(c)		581		176,572
Fang Holdings Ltd.—ADR^(a)		141		1,858
Inovalon Holdings, Inc.—Class A^(a)(c)		4,674		114,793
Mercury Fintech Holding, Inc.—ADR^(a)(c)		19,600		144,256
Sciplay Corp.—Class A^(a)		17,537		318,298
Sify Technologies Ltd.—ADR		13,626		42,922
Sohu.com Ltd.—ADR^(a)		702		12,819

				1,097,979

Educational Services—0.08%
American Public Education, Inc.^(a)		6,221		183,146
ATA Creativity Global—ADR^(a)(c)		21,057		106,338
Bright Scholar Education Holdings Ltd.—ADR		7,820		50,908
China Distance Education Holdings Ltd.—ADR		15,385		148,773

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
China Online Education Group—ADR^(a)		857	$	21,982
Cogna Educacao—ADR^(a)		13,872		9,849
New Oriental Education & Technology Group, Inc.—ADR^(a)		871		154,707
TAL Education Group—ADR^(a)		1,374		106,540

				782,243

Electrical Equipment, Appliance, and Component Manufacturing—2.05%
ABB Ltd.		33,814		973,167
Alstom SA—ADR		51,283		253,851
BYD Co. Ltd.—ADR		7,231		372,830
Generac Holdings, Inc.^(a)(c)		3,368		1,109,958
GrafTech International Ltd.		15,355		181,650
Helen of Troy Ltd.^(a)(b)		1,636		354,685
Hubbell, Inc.^(c)		5,349		949,501
Husqvarna AB—ADR^(c)		37,805		936,430
Koninklijke Philips NV^(b)		24,792		1,348,685
Mitsubishi Electric Corp.—ADR		46,331		1,374,641
Murata Manufacturing Co. Ltd.—ADR^(c)		118,030		2,549,447
Nidec Corp.—ADR		78,269		2,512,435
Plug Power, Inc.^(a)(c)		7,500		362,850
Regal Beloit Corp.		2,512		343,315
Resideo Technologies, Inc.^(a)(c)		11,478		275,702
Schneider Electric SE—ADR		73,805		2,183,152
Siemens AG—ADR		25,337		1,963,618
Synaptics, Inc.^(a)(c)		2,878		385,738
Viomi Technology Co. Ltd.—ADR^(a)(c)		21,206		220,118
Whirlpool Corp.^(c)		7,461		1,418,187
Yaskawa Electric Corp.—ADR^(c)		9,087		925,420

				20,995,380

Electronics and Appliance Stores—0.21%
Best Buy Co., Inc.^(c)		18,746		1,881,162
Sega Sammy Holdings, Inc.—ADR^(c)		72,278		310,795

				2,191,957

Fabricated Metal Product Manufacturing—0.79%
ACCO Brands Corp.		5,800		46,980
Alfa Laval AB—ADR		33,548		1,045,356
Assa Abloy AB—ADR		40,046		502,177
Atkore International Group, Inc.^(a)(c)		9,237		624,883
Axon Enterprise, Inc.^(a)		6		993
Crown Holdings, Inc.		14,809		1,415,148
Emerson Electric Co.		9,350		803,165
Kimberly-Clark de Mexico SAB de CV—ADR		6,630		52,874
Parker Hannifin Corp.		7,620		2,186,635
POSCO—ADR		7,689		469,798
Silgan Holdings, Inc.		14,211		533,765
Simpson Manufacturing Co, Inc.		1,463		142,584
Vista Outdoor, Inc.^(a)		8,362		264,323

				8,088,681

Food and Beverage Stores—0.90%
Carrefour SA—ADR		354,071		1,221,545
J Sainsbury PLC—ADR		51,675		654,206
Koninklijke Ahold Delhaize NV—ADR		84,379		2,227,184

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Kroger Co.		66,823	$	2,152,368
Ocado Group PLC—ADR^(a)(c)		5,522		348,217
Shoprite Holdings Ltd.—ADR		30,339		266,680
Sprouts Farmers Market, Inc.^(a)		8,199		173,081
Tesco PLC—ADR^(a)(e)		74,791		152,289
Tesco PLC—ADR		59,046		553,847
Wal-Mart de Mexico SAB de CV—ADR		8,062		229,364
Weis Markets, Inc.^(c)		12,111		647,333
Wm Morrison Supermarkets PLC—ADR^(c)		46,605		564,387

				9,190,501

Food Manufacturing—1.96%
Ajinomoto Co., Inc.—ADR^(c)		73,302		1,466,810
Archer-Daniels-Midland Co.		16,124		912,296
B&G Foods, Inc.^(c)		3,281		99,513
Beyond Meat, Inc.^(a)(c)		392		57,028
Bunge Ltd.^(b)		4,603		352,498
Campbell Soup Co.^(c)		25,757		1,171,428
Conagra Foods, Inc.		44,164		1,498,485
CP Pokphand Co. Ltd.—ADR		25,579		76,737
General Mills, Inc.		30,299		1,666,747
Givaudan SA—ADR		2,099		159,839
JM Smucker Co.^(c)		12,240		1,370,880
Kellogg Co.^(c)		2,400		138,504
Kerry Group PLC—ADR		337		41,680
Kraft Heinz Co.^(c)		27,982		1,017,985
Marfrig Global Foods SA—ADR^(a)		39,431		104,492
Medifast, Inc.		914		231,233
Mondelez International, Inc.—Class A		27,264		1,449,354
Nestle SA—ADR		39,065		4,094,792
Premier Foods PLC—ADR^(a)		154,680		976,031
Tate & Lyle PLC—ADR		11,064		457,441
Tiger Brands Ltd.—ADR		5,552		75,502
Tyson Foods, Inc.—Class A		28,081		1,900,241
Wilmar International Ltd.—ADR		19,637		783,124

				20,102,640

Food Services and Drinking Places—0.09%
Casey’s General Stores, Inc.^(c)		1,084		218,925
Chipotle Mexican Grill, Inc.^(a)		264		380,688
Domino’s Pizza, Inc.^(c)		800		277,208
Texas Roadhouse, Inc.		12		1,091

				877,912

Funds, Trusts, and Other Financial Vehicles—0.62%
Garmin Ltd.^(b)		14,266		1,769,269
Franklin Resources, Inc.^(c)		13,290		347,799
Lonza Group AG—ADR^(c)		24,760		1,569,784
NN Group NV—ADR		85,837		1,975,968
RenaissanceRe Holdings Ltd.^(b)		1,056		176,331
Straumann Holding AG—ADR		739		44,987
Up Fintech Holding Ltd.—ADR^(a)		11,925		284,411
Woolworths Holdings Ltd.^(b)		62,372		190,546

				6,359,095

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Furniture and Home Furnishings Stores—0.08%
RH^(a)(c)		652	$	319,721
Williams-Sonoma, Inc.		3,884		509,930

				829,651

Furniture and Related Product Manufacturing—0.26%
Fortune Brands Home & Security, Inc.		22,493		1,870,068
HNI Corp.		5,272		187,630
Sleep Number Corp.^(a)(c)		2,144		294,006
Tempur Sealy International, Inc.		8,536		285,188

				2,636,892

General Merchandise Stores—1.68%
Big Lots, Inc.^(c)		4,593		291,839
BJ’s Wholesale Club Holdings, Inc.^(a)(c)		5,771		231,879
Colruyt SA—ADR		64,139		949,899
Costco Wholesale Corp.		7,166		2,371,946
Dollar General Corp.		8,716		1,647,237
Dollar Tree, Inc.^(a)		15,678		1,539,580
Pan Pacific International Holdings Corp.—ADR		42,376		999,438
PriceSmart, Inc.		2,098		202,352
Target Corp.		18,278		3,352,916
Walmart, Inc.		43,168		5,608,387

				17,195,473

Health and Personal Care Stores—0.30%
Aspen Pharmacare Holdings Ltd.—ADR^(a)		21,742		203,396
Covetrus, Inc.^(a)		5,933		220,470
CVS Health Corp.		37,261		2,538,592
Forward Pharma A/S—ADR^(a)		1,274		8,918
Rite Aid Corp.^(a)		3,663		71,722

				3,043,098

Heavy and Civil Engineering Construction—0.27%
Alliance Global Group, Inc.—ADR		11,402		125,194
IRSA Inversiones y Representaciones SA—ADR^(a)		5,315		22,057
JGC Holdings Corp.—ADR		23,094		603,215
KBR, Inc.		738		22,878
MasTec, Inc.^(a)		6,540		567,345
New World Development Co. Ltd.—ADR		61,826		157,656
Primoris Services Corp.		6,629		221,873
Prysmian SpA—ADR		10,246		165,678
Skanska AB—ADR^(c)		34,897		839,272

				2,725,168

Hospitals—0.31%
Encompass Health Corp.		4,826		388,203
HCA Healthcare, Inc.		7,478		1,286,440
Tenet Healthcare Corp.^(a)		5,428		276,937
Universal Health Services, Inc.—Class B		9,449		1,184,243

				3,135,823

Insurance Carriers and Related Activities—6.73%
Admiral Group PLC—ADR^(c)		19,440		843,307
Ageas SA/NV—ADR		20,151		1,130,975
AIA Group Ltd.—ADR		50,491		2,544,241

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Allianz SE—ADR		140,557	$	3,390,235
Allstate Corp.		27,544		2,936,190
American Equity Invesment Life Holding Co.^(c)		6,034		166,719
Anthem, Inc.		6,796		2,060,479
Arch Capital Group Ltd.^(a)(b)		5,390		193,070
Arthur J. Gallagher & Co.		2,726		326,575
Assurant, Inc.		2,350		289,567
Athene Holding Ltd.—Class A^(a)(b)		5,824		265,516
Aviva PLC—ADR		42,544		428,844
Berkshire Hathaway, Inc.—Class A^(a)		11		4,010,380
Berkshire Hathaway, Inc.—Class B^(a)		36,403		8,755,285
Centene Corp.^(a)		14,359		840,576
Cigna Corp.		9,575		2,009,793
CNO Financial Group, Inc.^(c)		25,123		604,459
Direct Line Insurance Group PLC—ADR^(c)		53,369		961,443
eHealth, Inc.^(a)		449		26,680
Employers Holdings, Inc.		4,428		147,408
Equitable Holdings, Inc.^(c)		54,227		1,603,492
Everest Re Group Ltd.^(b)		4,454		1,077,022
Fanhua, Inc.—ADR		871		11,445
First American Financial Corp.		7,683		403,665
Gjensidige Forsikring ASA—ADR		48,990		1,215,442
Globe Life, Inc.		5,190		484,746
Hartford Financial Services Group, Inc.		39,924		2,023,748
Horace Mann Educators Corp.		4,136		159,401
Humana, Inc.		5,478		2,079,723
Kemper Corp.		4,494		339,836
Lincoln National Corp.		21,383		1,216,051
Mercury General Corp.		5,693		332,471
MetLife, Inc.		57,919		3,336,134
MGIC Investment Corp.		10,438		127,135
Molina Healthcare, Inc.^(a)		2,377		515,239
MS&AD Insurance Group Holdings, Inc.—ADR		86,260		1,226,617
Muenchener Rueckversicherungs-Gesellschaft AG—ADR		10,534		309,805
National Western Life Group, Inc.—Class A		1,224		255,608
Ping An Insurance Group Co. of China Ltd.—ADR^(c)		32,060		797,332
Primerica, Inc.		3,665		517,608
Principal Financial Group, Inc.		3,180		179,924
Progressive Corp.		15,955		1,371,332
Radian Group, Inc.		4,317		88,067
Reinsurance Group of America, Inc.		990		121,008
RSA Insurance Group PLC—ADR		70,692		672,988
Safety Insurance Group, Inc.		909		71,884
Suncorp Group Ltd.—ADR^(c)		76,192		601,155
T&D Holdings, Inc.—ADR		197,508		1,332,191
Third Point Reinsurance Ltd.^(a)(b)		16,788		171,405
Tokio Marine Holdings, Inc.—ADR		39,463		1,975,123
Topdanmark A/S—ADR		52,080		242,172
Travelers Companies, Inc.		20,914		3,042,987
UnitedHealth Group, Inc.		18,365		6,101,219
Unum Group		4,771		126,336
White Mountains Insurance Group Ltd.^(b)		309		369,274
Willis Towers Watson PLC^(b)		2,272		501,294
Zurich Insurance Group AG—ADR		49,996		2,045,336

				68,977,957

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Leather and Allied Product Manufacturing—0.05%
NIKE, Inc.—Class B		2,356	$	317,541
Skechers U.S.A., Inc.—Class A^(a)		4,756		174,070

				491,611

Machinery Manufacturing—4.12%
Applied Materials, Inc.		40,391		4,773,812
Arcosa, Inc.		3,611		204,852
ASML Holding NV^(b)		7,630		4,326,897
Astec Industries, Inc.		1,329		90,266
Atlas Copco AB—Class A—ADR		31,217		1,791,856
Atlas Copco AB—Class B—ADR^(c)		22,868		1,115,958
Brooks Automation, Inc.		6,307		524,490
Canon, Inc.—ADR		25,564		552,949
Casio Computer Co. Ltd.—ADR		3,337		648,196
Caterpillar, Inc.		6,912		1,492,162
Cummins, Inc.		12,151		3,076,633
Daikin Industries Ltd.—ADR		132,592		2,582,893
Deere & Co.		3,546		1,237,980
Evoqua Water Technologies Corp.^(a)		738		18,118
Fabrinet^(a)(b)		6,938		612,834
FANUC Corp.—ADR		71,377		1,791,563
FUJIFILM Holdings Corp.—ADR		22,409		1,287,061
General Electric Co.		56,221		705,011
Greenbrier Cos, Inc.		3,205		150,795
Hexagon AB—ADR		5,764		482,101
II-VI, Inc.^(a)(c)		4,622		389,635
iRobot Corp.^(a)(c)		2,441		302,953
Komatsu Ltd.—ADR		49,361		1,488,728
Konica Minolta, Inc.—ADR		27,635		280,219
Makita Corp.—ADR		28,172		1,210,649
Mettler-Toledo International, Inc.^(a)		69		77,007
Nikon Corp.—ADR		22,295		197,534
NSK Ltd.—ADR		6,607		130,323
Olympus Corp.—ADR		41,384		880,445
Oshkosh Corp.		7,052		747,512
Rexnord Corp.		7,685		345,441
Ricoh Co Ltd.—ADR		51,114		446,992
SMC Corp.—ADR^(c)		66,375		1,994,570
Snap-on, Inc.		8,886		1,804,835
Steelcase, Inc.—Class A^(c)		17,655		246,111
Techtronic Industries Co. Ltd.—ADR		10,457		800,483
THK Co. Ltd.—ADR		9,358		152,161
Tokyo Electron Ltd.—ADR		27,870		2,926,350
Weichai Power Co. Ltd.—ADR		14,024		331,107

				42,219,482

Management of Companies and Enterprises—0.73%
America Movil SAB de CV—Class A—ADR		1,312		16,741
America Movil SAB de CV—Class L—ADR		6,859		87,109
Autohome, Inc.—ADR^(c)		607		69,222
Cie Financiere Richemont SA—ADR		65,778		630,811
Citizens Financial Group, Inc.		750		32,580
Enstar Group Ltd.^(a)(b)		1,036		220,243
Four Seasons Education Cayman, Inc.—ADR^(a)		5,798		9,103

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Hawaiian Electric Industries, Inc.^(c)		8,322	$	290,937
Henderson Land Development Co. Ltd.—ADR^(c)		4,240		18,529
Jupai Holdings Ltd.—ADR^(a)		33,900		90,174
Mitsubishi UFJ Financial Group, Inc.—ADR		249,142		1,307,996
PRA Group, Inc.^(a)		2,493		91,892
Puxin Ltd.—ADR^(a)		3,875		27,474
Qudian, Inc.—ADR^(a)		8,055		17,238
Recruit Holdings Co. Ltd.—ADR^(c)		181,050		1,817,743
Seven & i Holdings Co. Ltd.—ADR		75,416		1,443,311
Shinhan Financial Group Co. Ltd.—ADR		15,498		448,977
YDUQS Participacoes SA—ADR		11,234		61,450
Z Holdings Corp.—ADR^(c)		68,641		835,361

				7,516,891

Merchant Wholesalers, Durable Goods—2.37%
Arcelik AS—ADR		24,996		556,286
Arrow Electronics, Inc.^(a)		6,264		628,029
ASM Pacific Technology Ltd.—ADR		2,870		119,679
BrasilAgro—Co Brasileira de Propriedades Agricolas—ADR		1,633		6,793
CECONOMY AG—ADR^(a)		176,047		214,777
Cie Generale des Etablissements Michelin SCA—ADR		22,013		633,974
Coloplast A/S—ADR		61,917		949,188
Electrolux AB—Class B—ADR^(c)		11,699		556,229
Elekta AB—ADR		36,520		493,385
Entegris, Inc.^(c)		8,224		865,247
Fastenal Co.		4,174		193,548
Ferguson PLC—ADR^(c)		144,862		1,749,933
Geely Automobile Holdings Ltd.—ADR		8,274		546,001
Henry Schein, Inc.^(a)		15,329		948,099
Insight Enterprises, Inc.^(a)		6,630		554,202
Jefferies Financial Group, Inc.		24,138		700,968
Johnson Controls International PLC^(b)		27,289		1,522,452
KLA Corp.		10,117		3,148,713
Kone OYJ—ADR		13,312		529,552
LafargeHolcim Ltd.—ADR		91,399		1,004,475
La-Z-Boy, Inc.		8,599		366,404
LKQ Corp.^(a)		44,238		1,742,535
Mitsui & Co. Ltd.—ADR^(c)		3,191		1,378,895
Mohawk Industries, Inc.^(a)		8,990		1,573,160
ODP Corp.		5,596		214,159
Owens & Minor, Inc.^(c)		4,372		148,692
Rush Enterprises, Inc.—Class A		10,785		457,608
Rush Enterprises, Inc.—Class B		805		30,550
Schnitzer Steel Industries, Inc.—Class A		3,879		133,981
SYNNEX Corp.		4,196		374,115
Systemax, Inc.		2,311		83,427
TE Connectivity Ltd.^(b)		2,396		311,552
Unicharm Corp.—ADR		166,836		1,323,008
WESCO International, Inc.^(a)		1,161		93,205
WW Grainger, Inc.		375		139,766

				24,292,587

Merchant Wholesalers, Nondurable Goods—2.00%
Allakos, Inc.^(a)		70		8,483
AmerisourceBergen Corp.		9,070		918,065

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Amneal Pharmaceuticals, Inc.^(a)(c)		23,405	$	126,153
Biofrontera AG—ADR^(a)		4,562		29,835
Brenntag AG—ADR		82,866		1,284,423
Bunzl PLC—ADR		4,985		159,022
Cardinal Health, Inc.		20,186		1,039,983
Central Garden & Pet Co.—Class A^(a)		5,979		248,188
Core-Mark Holding Co, Inc.		11,138		362,876
Gazprom Neft PJSC—ADR^(c)		4,940		113,620
Hutchison China MediTech Ltd.—ADR^(a)		5,616		161,404
Imperial Brands Plc—ADR		36,859		691,843
ITOCHU Corp.—ADR		45,768		2,754,319
KOC Holding AS—ADR		1,474		21,019
Koninklijke DSM NV—ADR		1,658		68,608
McKesson Corp.		11,680		1,979,994
Nu Skin Enterprises, Inc.—Class A^(c)		3,668		187,728
Orkla ASA—ADR		155,192		1,435,527
Reckitt Benckiser Group PLC—ADR		11,893		203,549
Roche Holding AG—ADR		101,195		4,159,114
Sinopharm Group Co Ltd.—ADR		8,081		94,467
Suntory Beverage & Food Ltd.—ADR		51,604		890,169
UCB SA—ADR		12,761		644,048
Unilever PLC—ADR		37,707		1,963,027
United Natural Foods, Inc.^(a)(c)		8,798		232,707
Universal Corp.		4,894		248,713
World Fuel Services Corp.		13,805		429,059

				20,455,943

Mining (except Oil and Gas)—0.93%
Anglo American Platinum Ltd.—ADR		4,891		99,043
Anglo American PLC—ADR^(c)		87,978		1,718,254
BHP Group PLC—ADR		37,882		2,395,279
Cia de Minas Buenaventura SAA—ADR^(a)		52		575
DRDGOLD Ltd.—ADR		24,791		224,854
Gold Fields Ltd.—ADR		7,961		65,201
Newmont Corp.		42,475		2,309,791
Polyus PJSC—ADR		1,074		103,104
Sandvik AB—ADR^(c)		66,158		1,791,757
Summit Materials, Inc.—Class A^(a)		384		10,641
Vedanta Ltd.—ADR		8,411		94,624
Worthington Industries, Inc.		2,980		190,392
Yanzhou Coal Mining Co. Ltd.—ADR		57,649		536,136

				9,539,651

Miscellaneous Manufacturing—1.12%
ABIOMED, Inc.^(a)		1,120		363,496
Acushnet Holdings Corp.		13,547		571,954
Align Technology, Inc.^(a)		214		121,362
Ansell Ltd.—ADR^(c)		6,246		700,207
Argenx SE—ADR^(a)		765		252,970
British American Tobacco PLC—ADR^(c)		17,033		597,177
Cellect Biotechnology Ltd.—ADR^(a)		6,202		21,025
Chow Tai Fook Jewellery Group Ltd.—ADR		55,354		758,903
ConvaTec Group PLC—ADR^(c)		2,413		25,192
Dover Corp.		9,848		1,213,864
EnPro Industries, Inc.		2,960		237,806

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Getinge AB—ADR		28,681	$	720,466
Haemonetics Corp.^(a)		393		49,715
ICU Medical, Inc.^(a)		541		112,258
Insulet Corp.^(a)		1,535		397,719
Merit Medical Systems, Inc.^(a)		2,246		125,147
Nintendo Co., Ltd.—ADR		35,969		2,773,930
STERIS PLC^(b)		3,917		684,692
Terumo Corp.—ADR^(c)		23,184		868,472
Top Glove Corp Bhd—ADR		28,136		143,212
Yamaha Corp.—ADR		13,028		738,427

				11,477,994

Miscellaneous Store Retailers—0.28%
Cavco Industries, Inc.^(a)		58		12,233
L’Oreal SA—ADR		14,448		1,058,460
Rent-A-Center, Inc.^(c)		9,049		522,670
Tractor Supply Co.		7,836		1,245,611

				2,838,974

Motion Picture and Sound Recording Industries—0.13%
Lions Gate Entertainment Corp.—Class B^(a)(b)		15,924		199,687
Take-Two Interactive Software, Inc.^(a)		6,398		1,180,175

				1,379,862

Motor Vehicle and Parts Dealers—0.55%
Advance Auto Parts, Inc.^(c)		2,944		472,070
Asbury Automotive Group, Inc.^(a)(c)		3,173		537,665
AutoNation, Inc.^(a)		10,839		813,142
AutoZone, Inc.^(a)		488		566,041
CarMax, Inc.^(a)		6,225		743,950
Carvana Co.^(a)(c)		1,204		341,334
Group 1 Automotive, Inc.^(c)		3,251		495,582
Lithia Motors, Inc.—Class A		1,712		640,202
Murphy USA, Inc.		3,422		426,552
Penske Automotive Group, Inc.		5,932		403,257
Sonic Automotive, Inc.—Class A^(c)		3,377		155,713

				5,595,508

Nonmetallic Mineral Product Manufacturing—0.43%
AGC, Inc.—ADR		90,260		666,119
Anhui Conch Cement Co. Ltd.—ADR		6,109		197,137
Cie de Saint-Gobain—ADR		65,664		701,291
CRH PLC—ADR		23,705		1,027,139
Loma Negra Cia Industrial Argentina SA—ADR		16,323		89,940
Owens Corning		5,188		420,332
Quanex Building Products Corp.^(c)		5,483		133,401
Semen Indonesia Persero Tbk PT—ADR		8,006		113,885
TOTO Ltd.—ADR		12,947		784,200
Wienerberger AG—ADR		41,798		273,777

				4,407,221

Nonstore Retailers—1.99%
Amazon.com, Inc.^(a)		3,854		11,920,153
Baozun, Inc.—ADR^(a)(c)		5,606		257,484
Etsy, Inc.^(a)		4,727		1,041,216

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
JD.com, Inc.—ADR^(a)		20,939	$	1,965,544
Jumia Technologies AG—ADR^(a)(c)		5,400		239,274
Lands’ End, Inc.^(a)		6,537		215,982
Meituan—ADR^(a)		18,570		1,678,542
MonotaRO Co. Ltd.—ADR		14,411		829,281
Overstock.com, Inc.^(a)(c)		2,085		140,049
Pinduoduo, Inc.—ADR^(a)(c)		2,769		473,942
Ruhnn Holding Ltd.—ADR^(a)(e)		10,916		37,442
Wayfair, Inc.—Class A^(a)(c)		961		277,710
Zalando SE—ADR^(a)		12,344		632,877
ZOZO, Inc.—ADR^(c)		107,118		662,793

				20,372,289

Nursing and Residential Care Facilities—0.08%
Brookdale Senior Living, Inc.^(a)		16,407		95,489
Ensign Group, Inc.		6,630		543,792
Healthcare Services Group, Inc.^(c)		2,200		62,590
National HealthCare Corp.		2,337		162,538

				864,409

Oil and Gas Extraction—0.82%
Ecopetrol SA—ADR		19,302		236,450
EOG Resources, Inc.		8,147		525,970
Gazprom PJSC—ADR		11,289		65,025
Matador Resources Co.		7,301		152,518
Ovintiv, Inc.		13,150		303,371
Pampa Energia SA—ADR^(a)		5,903		78,687
PDC Energy, Inc.^(a)		10,957		382,947
Royal Dutch Shell PLC—Class A—ADR		37,229		1,527,506
Royal Dutch Shell PLC—Class B—ADR		10,930		424,958
SM Energy Co.		20,208		280,083
Surgutneftegas PJSC—ADR		61,637		265,655
Tatneft PJSC—ADR		3,644		149,805
TOTAL SE—ADR		87,069		4,040,001

				8,432,976

Other Information Services—1.30%
Alibaba Group Holding Ltd.—ADR^(a)		24,407		5,803,008
Chegg, Inc.^(a)(c)		1,853		178,870
Facebook, Inc.—Class A^(a)		23,057		5,939,944
j2 Global, Inc.^(a)(c)		5,573		620,721
Phoenix New Media Ltd.—ADR		174,950		311,411
Pinterest, Inc.—Class A^(a)		5,843		470,829

				13,324,783

Paper Manufacturing—0.52%
Boise Cascade Co.		7,862		392,628
Glatfelter Corp.		8,460		135,783
Greif, Inc.—Class A		6,611		319,311
Greif, Inc.—Class B		1,502		74,349
International Paper Co.^(c)		30,994		1,538,851
Kimberly-Clark Corp.		3,490		447,872
Packaging Corp. of America		9,682		1,278,217
Smurfit Kappa Group PLC—ADR^(c)		8,133		385,342
Stora Enso OYJ—ADR		20,434		404,798

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
WestRock Co.		8,793	$	383,287

				5,360,438

Performing Arts, Spectator Sports, and Related Industries—0.31%
Activision Blizzard, Inc.		26,427		2,526,685
Flutter Entertainment PLC—ADR		3,276		316,290
MultiChoice Group—ADR		16,609		142,297
OPAP SA—ADR		10,159		67,293
TEGNA, Inc.		6,360		115,943

				3,168,508

Personal and Laundry Services—0.08%
Kingfisher PLC—ADR		93,908		692,102
UniFirst Corp.		510		123,568

				815,670

Petroleum and Coal Products Manufacturing—0.78%
BP PLC—ADR		9,755		238,120
Carlisle Cos, Inc.		1,305		189,551
Chevron Corp.		28,299		2,829,901
Equinor ASA—ADR^(c)		44,701		847,531
Exxon Mobil Corp.		10,064		547,180
Marathon Oil Corp.		44,221		490,853
Murphy Oil Corp.		7,931		129,513
Neste OYJ—ADR^(c)		35,519		1,172,482
OMV AG—ADR		16,079		771,631
Valero Energy Corp.		9,943		765,412
YPF SA—ADR		2,548		11,033

				7,993,207

Pipeline Transportation—0.31%
ENN Energy Holdings Ltd.—ADR		20,684		1,272,066
Orsted A/S—ADR^(c)		29,057		1,567,335
Transportadora de Gas del Sur SA—Class B—ADR^(a)(c)		24,250		113,975
Williams Cos., Inc.		9,142		208,803

				3,162,179

Plastics and Rubber Products Manufacturing—0.23%
Berry Global Group, Inc.^(a)(c)		7,968		441,427
Bridgestone Corp.—ADR		41,138		814,944
Continental AG—ADR		42,618		609,437
Nokian Renkaat Oyj—ADR		16,052		282,997
Tredegar Corp.		11,857		180,701

				2,329,506

Postal Service—0.07%
Royal Mail PLC—ADR^(a)		58,442		736,077

Primary Metal Manufacturing—0.94%
Alcoa Corp.^(a)		16,933		415,705
APERAM SA^(b)(c)		8,388		355,022
ArcelorMittal SA^(b)		14,038		326,664
Cia Siderurgica Nacional SA—ADR		17,766		103,931
Commercial Metals Co.		26,511		666,752
Corning, Inc.		27,348		1,045,788
Encore Wire Corp.		2,422		158,714

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Grupo Simec SAB de CV—ADR		984	$	12,890
Howmet Aerospace, Inc.		14,596		410,294
Kubota Corp.—ADR		11,011		1,257,676
Nippon Steel Corp.—ADR		21,517		318,882
Norsk Hydro ASA—ADR^(c)		163,810		922,250
Nucor Corp.		13,905		831,798
Ossen Innovation Co. Ltd.—ADR^(a)		8,153		39,297
Reliance Steel & Aluminum Co.		4,444		587,497
Steel Dynamics, Inc.		9,740		404,989
Sumitomo Metal Mining Co. Ltd.—ADR^(c)		76,645		937,368
Ternium SA—ADR		8,737		268,313
thyssenkrupp AG—ADR^(a)(c)		17,292		231,886
Usinas Siderurgicas de Minas Gerais SA Usiminas—ADR		13,517		38,523
Vallourec SA—ADR^(a)		32,786		316,057

				9,650,296

Printing and Related Support Activities—0.09%
Dai Nippon Printing Co. Ltd.—ADR		53,290		480,676
Toppan Printing Co. Ltd.—ADR		53,359		424,471

				905,147

Professional, Scientific, and Technical Services—3.33%
Adaptimmune Therapeutics PLC—ADR^(a)		12,237		67,793
AirNet Technology, Inc.—ADR^(a)		417		1,605
Arcadis NV^(b)		1,164		39,471
Baidu, Inc.—ADR^(a)		400		113,384
BioNTech SE—ADR^(a)(c)		3,321		362,089
Booz Allen Hamilton Holding Corp.		8,478		653,993
CACI International, Inc.—Class A^(a)		2,090		462,601
Carlsberg AS—ADR		50,115		1,578,948
CDW Corp.		13,999		2,196,303
CGG SA—ADR^(a)		364,342		429,924
Cheetah Mobile, Inc.—ADR		967		2,679
China Finance Online Co Ltd.—ADR^(a)		564		6,661
Chorus Ltd.—ADR		653		18,532
Cognizant Technology Solutions Corp.—Class A		38,730		2,845,880
Dentsu Group, Inc.—ADR		951		33,204
eBay, Inc.		27,331		1,542,015
Ebix, Inc.^(c)		6,204		151,254
EPAM Systems, Inc.^(a)		1,849		690,805
Evolution Gaming Group AB—ADR^(c)		6,313		792,597
Exelixis, Inc.^(a)		7,815		169,273
F5 Networks, Inc.^(a)		2,349		446,263
FTI Consulting, Inc.^(a)		3,334		381,910
Fujitsu Ltd.—ADR^(c)		59,609		1,741,775
Genmab A/S—ADR^(a)(c)		43,557		1,475,276
Gravity Co. Ltd.—ADR		10,048		1,175,415
Immuron Ltd.—ADR^(a)		18,925		127,555
Immutep Ltd.—ADR^(a)(c)		21,018		56,328
Imperial Holdings Ltd.—ADR		22,724		63,018
Infosys Ltd.—ADR		32,369		554,157
International Business Machines Corp.		6,036		717,861
Interpublic Group of Companies, Inc.		24,448		638,582
Jacobs Engineering Group, Inc.		14,284		1,643,803
Jardine Strategic Holdings Ltd.—ADR		156		2,001

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Leidos Holdings, Inc.		23,522	$	2,080,521
Materialise NV—ADR^(a)(c)		1,742		79,278
Maxar Technologies, Inc.^(c)		4,695		224,656
MAXIMUS, Inc.		5,943		483,047
Midatech Pharma PLC—ADR^(a)(c)		18,416		41,988
Mitie Group PLC—ADR		59,425		174,377
Momo, Inc.—ADR		3,292		52,145
Natera, Inc.^(a)		1,337		155,212
NeoGenomics, Inc.^(a)		7,440		379,217
NIC, Inc.		5,434		188,614
Palantir Technologies, Inc.—Class A^(a)		264		6,310
Pintec Technology Holdings Ltd.—ADR^(a)		6,075		8,505
Publicis Groupe SA—ADR		33,680		493,412
Science Applications International Corp.		2,769		238,494
ServiceNow, Inc.^(a)		2,402		1,281,371
Sika AG—ADR^(c)		25,096		666,298
Stamps.com, Inc.^(a)		666		121,165
Sykes Enterprises, Inc.^(a)		5,820		237,805
Syneos Health, Inc.^(a)		6,041		467,271
Timken Co.		15,575		1,220,301
Tiziana Life Sciences PLC—ADR^(a)		54,218		163,196
Trade Desk, Inc.—Class A^(a)		1,164		937,474
Unisys Corp.^(a)		12,480		306,384
Virtu Financial, Inc.—Class A		16,484		449,519
Vivendi SA—ADR		7,317		253,132
VTech Holdings Ltd.—ADR		25,851		208,618
Wipro Ltd.—ADR		46,751		286,584
Worley Ltd.—ADR		107,436		927,173
Wuxi Biologics Cayman, Inc.—ADR^(a)		20,298		512,525
Yiren Digital Ltd.—ADR^(a)(c)		18,669		90,918
Zscaler, Inc.^(a)		1,145		234,759

				34,153,224

Publishing Industries (except Internet)—3.66%
Adobe, Inc.^(a)		3,029		1,392,340
Akamai Technologies, Inc.^(a)		15,548		1,469,286
Appfolio, Inc.—Class A^(a)		1,658		271,945
Autodesk, Inc.^(a)		409		112,884
Avalara, Inc.^(a)		2,491		390,938
Bill.com Holdings, Inc.^(a)(c)		1,263		208,408
C3.ai, Inc.—Class A^(a)(c)		764		85,919
Cadence Design System, Inc.^(a)		17,270		2,436,624
Citrix Systems, Inc.		3,414		456,042
Crowdstrike Holdings, Inc.—Class A^(a)		890		192,240
DocuSign, Inc.^(a)		2,514		569,823
Fastly, Inc.—Class A^(a)(c)		2,654		195,281
GSX Techedu, Inc.—ADR^(a)(c)		626		64,384
Konami Holdings Corp.—ADR^(c)(e)		11,912		757,841
Microsoft Corp.		53,410		12,411,417
MiX Telematics Ltd.—ADR		683		9,487
New York Times Co.—Class A		5,084		260,148
News Corp.—Class A		56,706		1,329,756
News Corp.—Class B		29,638		679,303
NortonLifeLock, Inc.		141,508		2,760,821
Nuance Communications, Inc.^(a)		15,423		687,866

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Opera Ltd.—ADR^(a)(c)		3,063	$	36,940
Oracle Corp.		55,998		3,612,431
SailPoint Technologies Holding, Inc.^(a)		2,751		155,101
SAP SE—ADR		4,120		508,202
Snap, Inc.—Class A^(a)		24,615		1,616,221
SPS Commerce, Inc.^(a)		1,445		145,555
SS&C Technologies Holdings, Inc.		18,711		1,240,165
Synopsys, Inc.^(a)		9,412		2,307,917
Tarena International, Inc.—ADR^(a)		4,761		14,331
Trend Micro, Inc.—ADR		10,130		492,622
Veeva Systems, Inc.—Class A^(a)		1,418		397,196
Vipshop Holdings Ltd.—ADR^(a)		4,909		183,204

				37,452,638

Rail Transportation—0.17%
CSX Corp.		6,939		635,265
Kansas City Southern		2,396		508,767
Norfolk Southern Corp.		2,383		600,659

				1,744,691

Real Estate—0.72%
CBRE Group, Inc.—Class A^(a)		39,774		3,013,675
Deutsche Wohnen SE—ADR		831		19,562
eXp World Holdings, Inc.^(a)(c)		968		58,458
IRSA Propiedades Comerciales SA—ADR		3,657		40,227
Jones Lang LaSalle, Inc.		2,060		358,399
Mitsubishi Estate Co. Ltd.—ADR		54,523		953,608
Realogy Holdings Corp.^(a)		14,028		211,542
RMR Group, Inc.—Class A		2,937		118,038
Walker & Dunlop, Inc.		3,804		379,107
Zillow Group, Inc.—Class A^(a)(c)		5,504		934,689
Zillow Group, Inc.—Class C^(a)		7,838		1,264,505

				7,351,810

Rental and Leasing Services—0.57%
Air Lease Corp.		7,228		331,476
Ashtead Group PLC—ADR		3,168		697,594
Cerence, Inc.^(a)(c)		1,507		167,609
Fly Leasing Ltd.—ADR^(a)		19,396		230,618
Localiza Rent a Car SA—ADR		2,127		22,312
McGrath RentCorp.		1,262		98,007
Navient Corp.		16,000		198,080
Netflix, Inc.^(a)		1,960		1,056,146
Triton International Ltd.^(b)		12,462		720,054
United Rentals, Inc.^(a)(c)		7,643		2,272,875

				5,794,771

Repair and Maintenance—0.14%
SKF AB—ADR		43,909		1,203,107
Valvoline, Inc.		7,781		194,214

				1,397,321

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—4.35%
360 Finance, Inc.—ADR^(a)		11,859		277,856
Ameriprise Financial, Inc.		15,212		3,365,503

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Artisan Partners Asset Management, Inc.—Class A		12,609	$	598,928
Astra International, Tbk PT—ADR		60,702		450,105
BB Seguridade Participacoes SA—ADR		5,068		22,806
Bidvest Group Ltd.—ADR		3,268		71,994
BlackRock, Inc.		596		413,922
Brighthouse Financial, Inc.^(a)		3,250		129,643
Chemed Corp.		436		194,112
CK Hutchison Holdings Ltd.—ADR		38,020		286,671
Clicks Group Ltd.—ADR		1,103		35,528
Credit Agricole SA—ADR^(c)		153,564		1,073,412
Credit Suisse Group AG—ADR		130,388		1,884,107
Daiwa Securities Group, Inc.—ADR		129,711		617,554
Daqo New Energy Corp.—ADR^(a)		4,345		452,966
Delek Group Ltd.—ADR^(a)		112,446		494,762
Evercore, Inc.—Class A		3,363		402,787
Federated Investors, Inc.		2,512		67,121
First Pacific Co. Ltd.—ADR		228,122		369,558
Futu Holdings Ltd.—ADR^(a)(c)		35,195		5,377,444
Genting Bhd—ADR		22,808		132,286
Goldman Sachs Group, Inc.		5,975		1,908,893
Hong Kong Exchanges & Clearing Ltd.—ADR		34,372		2,117,659
Houlihan Lokey, Inc.		1,905		121,082
Indivior PLC—ADR^(a)		4,809		43,115
Invesco Ltd.^(b)		14,362		321,996
Janus Henderson Group PLC^(b)		5,331		155,825
Japan Exchange Group, Inc.—ADR		121,335		1,317,698
Julius Baer Group Ltd.—ADR		54,713		671,602
Leju Holdings Ltd.—ADR^(a)		35,863		107,230
London Stock Exchange Group PLC—ADR^(c)		16,423		560,681
LPL Financial Holdings, Inc.		5,055		664,935
Macquarie Group Ltd.—ADR^(c)		7,188		799,306
MarketAxess Holdings, Inc.		1,127		626,544
Morgan Stanley		61,688		4,741,957
MSCI, Inc.		788		326,642
NASDAQ, Inc.		1,884		260,538
NIO, Inc.—ADR^(a)(c)		10,040		459,631
Nomura Holdings, Inc.—ADR		417,590		2,455,429
Piper Jaffray Cos.		4,910		522,031
PJT Partners, Inc.—Class A		3,931		274,069
Prosus NV—ADR		32,097		763,748
Randstad NV—ADR		3,832		127,797
Raymond James Financial, Inc.		6,852		799,902
RISE Education Cayman Ltd.—ADR^(a)		7,199		42,762
S&P Global, Inc.		2,592		853,701
Sea Ltd.—ADR^(a)		3,706		873,467
Secoo Holding Ltd.—ADR^(a)		9,436		26,043
Sibanye Stillwater Ltd.—ADR		17,218		315,950
Singapore Exchange Ltd.—ADR		3,959		443,170
Stifel Financial Corp.^(c)		22,721		1,387,799
T Rowe Price Group, Inc.		13,925		2,257,800
TechnoPro Holdings, Inc.—ADR		50,270		752,919
Virtus Investment Partners, Inc.		613		153,802
Waddell & Reed Financial, Inc.—Class A		9,875		247,764
Xiaomi Corp.—ADR^(a)		18,896		314,722

				44,537,274

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Specialty Trade Contractors—0.27%
Comfort Systems USA, Inc.		6,566	$	406,698
EMCOR Group, Inc.		8,437		821,511
NetEase, Inc.—ADR		3,418		375,467
Quanta Services, Inc.		13,999		1,173,816

				2,777,492

Sporting Goods, Hobby, Musical Instrument, and Book Stores—0.04%
Dick’s Sporting Goods, Inc.^(c)		3,789		270,421
Michaels Cos., Inc.^(a)		12,472		187,080

				457,501

Support Activities for Agriculture and Forestry—0.02%
Corteva, Inc.		4,179		188,682
Cresud SACIF y A—ADR^(a)		5,956		30,197

				218,879

Support Activities for Mining—1.55%
Antero Resources Corp.^(a)(c)		22,016		198,144
BHP Group Ltd.—ADR		30,690		2,329,678
China Shenhua Energy Co. Ltd.—ADR		48,503		368,138
ConocoPhillips		20,828		1,083,264
Epiroc AB—ADR		49,750		1,059,674
Fortescue Metals Group Ltd.—ADR		37,127		1,392,262
Helix Energy Solutions Group, Inc.^(a)(c)		40,234		197,147
Impala Platinum Holdings Ltd.—ADR		27,058		441,045
Inpex Corp.—ADR		123,897		902,094
LUKOIL PJSC—ADR		10,627		791,712
NexTier Oilfield Solutions, Inc.^(a)		28,687		133,395
ONE Gas, Inc.		1,613		108,023
Patterson-UTI Energy, Inc.		23,411		173,241
Pioneer Natural Resources Co.^(c)		9,462		1,405,769
Rio Tinto PLC—ADR		35,658		3,116,509
Santos Ltd.—ADR		95,131		508,951
Subsea 7 SA—ADR		37,617		397,988
Transocean Ltd.^(a)(b)		59,720		207,228
Tullow Oil PLC—ADR		50,158		13,543
Vale SA—ADR^(c)		54,491		920,898
Weir Group PLC—ADR		8,894		124,649

				15,873,352

Support Activities for Transportation—0.59%
AP Moeller—Maersk A/S—ADR		107,138		1,151,734
CH Robinson Worldwide, Inc.^(c)		3,954		359,221
DSV PANALPINA A/S—ADR		13,066		1,205,339
Expeditors International of Washington, Inc.		19,541		1,794,645
Grupo Aeroportuario del Centro Norte SAB de CV—ADR^(a)(c)		2,151		99,935
Grupo Aeroportuario del Pacifico SAB de CV—ADR		1,325		134,316
Grupo Aeroportuario del Sureste SAB de CV—ADR^(a)		229		42,628
Hub Group, Inc.—Class A^(a)		7,204		414,806
Kuehne + Nagel International AG—ADR^(c)		7,109		337,926
Matson, Inc.		2,747		190,285
XPO Logistics, Inc.^(a)		1,455		169,653
ZTO Express Cayman, Inc.—ADR		3,823		128,988

				6,029,476

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Telecommunications—3.49%
Adyen NV—ADR^(a)(c)		25,762	$	1,205,662
Bezeq The Israeli Telecommunication Corp. Ltd.—ADR		146,839		724,650
China Unicom Hong Kong Ltd.—ADR^(e)		12,128		73,132
Chunghwa Telecom Co. Ltd.—ADR		16,369		645,102
Deutsche Telekom AG—ADR		37,792		685,849
Eutelsat Communications SA—ADR		44,002		134,646
Hellenic Telecommunications Organization SA—ADR		9,099		69,885
Hong Kong Television Network Ltd.—ADR^(a)		9,875		360,438
JOYY, Inc.—ADR		3,464		408,406
KDDI Corp.—ADR		144,897		2,269,087
Koninklijke KPN NV—ADR		140,221		455,508
KT Corp.—ADR		21,903		247,285
Lumen Technologies, Inc.^(c)		211,959		2,604,976
Magyar Telekom Telecommunications PLC—ADR		35,539		235,268
Mobile TeleSystems PJSC—ADR		44,298		364,130
MTN Group Ltd.—ADR		60,177		285,841
Nippon Telegraph & Telephone Corp.—ADR		56,010		1,460,741
Oi SA—ADR^(a)		26,225		41,960
Partner Communications Co. Ltd.—ADR^(a)		29,568		144,292
PLDT, Inc.—ADR^(c)		19,732		520,136
Renren, Inc.—ADR^(a)		43,107		359,943
ResMed, Inc.		4,385		845,340
Rostelecom PJSC—ADR		23,307		201,722
SK Telecom Co. Ltd.—ADR		31,976		769,982
SoftBank Corp.—ADR		30,618		418,854
Spark New Zealand Ltd.—ADR		23,478		393,257
Swisscom AG—ADR^(c)		521		26,251
Tele2 AB—ADR		23,863		147,951
Telecom Italia SpA/Milano—ADR		31,416		150,168
Telecom Italia SpA/Milano—ADR		59,748		318,696
Telefonaktiebolaget LM Ericsson—ADR		126,554		1,585,722
Telekomunikasi Indonesia Persero Tbk PT—ADR		29,949		718,177
Telenor ASA—ADR^(c)		50,838		827,643
Telephone and Data Systems, Inc.		6,930		123,978
Tencent Holdings Ltd.—ADR		55,862		4,871,166
The9 Ltd.—ADR^(a)(c)		3,545		115,886
T-Mobile US, Inc.^(a)		18,592		2,230,482
Turkcell Iletisim Hizmetleri AS—ADR		11,506		62,593
Twilio, Inc.—Class A^(a)(c)		1,275		500,922
United States Cellular Corp.^(a)		6,044		177,875
Verizon Communications, Inc.		130,769		7,231,525
Vodacom Group Ltd.—ADR		15,610		126,285
XL Axiata Tbk PT—ADR		85,559		275,029
Zoom Video Communications, Inc.—Class A^(a)		907		338,864

				35,755,305

Textile Mills—0.00%
National Presto Industries, Inc.		389		39,806

Textile Product Mills—0.05%
Hermes International—ADR^(c)		4,248		474,289

Transportation Equipment Manufacturing—3.23%
Aisin Seiki Co. Ltd.—ADR		9,340		320,689
Aptiv PLC^(b)		4,382		656,599

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Bayerische Motoren Werke AG—ADR^(c)		38,364	$	1,108,336
BorgWarner, Inc.^(c)		23,508		1,057,860
Brilliance China Automotive Holdings Ltd.—ADR		15,067		136,477
Daimler AG—ADR		16,865		337,781
Denso Corp.—ADR		33,481		1,021,338
General Motors Co.		48,478		2,488,375
Gentex Corp.		19,022		672,998
Great Wall Motor Co. Ltd.—ADR		6,753		193,811
Honda Motor Co. Ltd.—ADR		66,645		1,844,067
Isuzu Motors Ltd.—ADR^(c)		47,203		496,576
Kawasaki Heavy Industries Ltd.—ADR		24,857		225,702
LCI Industries		1,220		171,947
Lear Corp.		7,306		1,213,453
Lockheed Martin Corp.		4,822		1,592,465
Mazda Motor Corp.—ADR		23,909		94,919
Meritor, Inc.^(a)		6,784		206,030
Navistar International Corp.^(a)		289		12,733
Niu Technologies—ADR^(a)		6,076		227,121
PACCAR, Inc.		30,055		2,734,704
Shimano, Inc.—ADR^(c)		54,385		1,224,206
Subaru Corp.—ADR		41,834		394,913
Suzuki Motor Corp.—ADR^(c)		5,467		959,292
Tata Motors Ltd.—ADR^(a)		14,350		315,557
Tesla, Inc.^(a)		6,646		4,489,372
Thor Industries, Inc.^(c)		3,325		389,225
Toyota Industries Corp.—ADR		12,416		1,070,880
Toyota Motor Corp.—ADR		37,798		5,591,458
Volvo AB—ADR		70,981		1,819,953

				33,068,837

Truck Transportation—0.36%
ArcBest Corp.		10,049		592,791
JB Hunt Transport Services, Inc.		5,898		866,240
Knight-Swift Transportation Holdings, Inc.		10,022		432,950
Old Dominion Freight Lines, Inc.		2,937		630,779
Saia, Inc.^(a)		1,012		202,936
Schneider National, Inc.—Class B		18,739		433,433
Werner Enterprises, Inc.		13,211		567,016

				3,726,145

Utilities—2.52%
AGL Energy Ltd.—ADR^(c)		78,603		581,977
Alliant Energy Corp.		3,832		176,885
Ameren Corp.		1,153		81,021
Centrica PLC—ADR		21,768		63,132
Cheniere Energy, Inc.^(a)(c)		38,429		2,589,730
China Gas Holdings Ltd.—ADR		129		13,161
Cia Energetica de Minas Gerais—ADR^(c)		3,831		9,846
CLP Holdings Ltd.—ADR^(c)		104,558		1,025,714
DTE Energy Co.		17,477		2,057,392
Duke Energy Corp.		5,777		494,453
Électricité de France SA—ADR		233,178		547,968
Empresa Distribuidora Y Comercializadora Norte—ADR^(a)		5,315		20,888
Enel Chile SA—ADR^(c)		8,739		31,460
Enel SpA—ADR		247,492		2,326,426

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Entergy Corp.		16,841	$	1,461,967
Evergy, Inc.		2,985		160,086
Exelon Corp.		1,049		40,491
First Solar, Inc.^(a)(c)		4,891		396,269
Hong Kong & China Gas Co. Ltd.—ADR		53,145		78,655
Huaneng Power International, Inc.—ADR		1,481		19,579
Iberdrola SA—ADR		34,964		1,758,217
Kinder Morgan, Inc.		35,866		527,230
Korea Electric Power Corp.—ADR		35,347		355,237
MDU Resources Group, Inc.		17,417		489,418
NextEra Energy, Inc.		17,223		1,265,546
NorthWestern Corp.		2,274		132,983
NRG Energy, Inc.		43,653		1,593,771
PG&E Corp.^(a)		12,607		132,500
Pinnacle West Capital Corp.		26,826		1,875,942
PPL Corp.		23,061		603,968
Public Service Enterprise Group, Inc.		25,852		1,391,613
Red Electrica Corp. SA—ADR		16,839		139,848
RWE AG—ADR		11,195		426,194
Southwest Gas Holdings, Inc.		4,680		291,798
Tokyo Gas Co. Ltd.—ADR		64,773		672,990
UGI Corp.		11,164		427,693
Vestas Wind Systems A/S—ADR		5,452		342,658
Vistra Corp.		70,564		1,217,229

				25,821,935

Waste Management and Remediation Services—0.14%
Darling Ingredients, Inc.^(a)		8,750		551,600
Republic Sevices, Inc.		10,277		915,578

				1,467,178

Water Transportation—0.15%
Carnival Corp.^(b)		13,097		350,345
Central Puerto SA—ADR^(a)		12,311		27,084
International Seaways, Inc.^(b)		11,879		205,982
Nippon Yusen KK—ADR^(c)		166,562		973,555

				1,556,966

Wood Product Manufacturing—0.26%
Builders FirstSource, Inc.^(a)(c)		12,049		521,300
Koppers Holdings, Inc.^(a)		7,621		254,618
Louisiana-Pacific Corp.		6,534		311,084
Masco Corp.		17,706		942,313
Trex Co., Inc.^(a)(c)		642		58,833
UFP Industries, Inc.		9,089		554,428

				2,642,576

Total Common Stocks (Cost $731,677,129)				989,982,357

Preferred Stocks—0.12%
Administration of Economic Programs—0.01%
Centrais Electricas Brasileiras SA—ADR, 4.807%^(c)(d)		11,773		68,872

Chemical Manufacturing—0.02%
Henkel AG & Co. KGaA—ADR, 2.074%^(d)		8,573		210,982

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Credit Intermediation and Related Activities—0.02%
Bancolombia SA—ADR, 4.548%^(d)		5,512	$	184,376

Management of Companies and Enterprises—0.00%
Porsche Automobil Holding SE—ADR, 3.290%^(d)		4,062		32,496

Merchant Wholesalers, Durable Goods—0.03%
Volkswagen AG—ADR, 2.761%^(c)(d)		14,871		310,990

Oil and Gas Extraction—0.02%
Surgutneftegas PJSC—ADR, 2.503%^(d)		47,748		247,573

Utilities—0.02%
Cia Paranaense de Energia—ADR, 5.552%^(d)		17,675		187,709

Total Preferred Stocks (Cost $1,197,209)				1,242,998

Exchange-Traded Funds—0.98%
iShares MSCI EAFE ETF		46,871		3,468,922
Vanguard FTSE Emerging Markets ETF^(c)		11,724		615,393
Vanguard Large-Cap ETF		26,655		4,765,381
Vanguard Small-Cap ETF^(c)		5,706		1,203,053

Total Exchange-Traded Funds (Cost $9,502,334)				10,052,749

Real Estate Investment Trusts—1.80%
Forestry and Logging—0.11%
Weyerhaeuser Co.		33,496		1,134,510

Funds, Trusts, and Other Financial Vehicles—0.03%
National Health Investors, Inc.		4,643		316,978

Heavy and Civil Engineering Construction—0.01%
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR		21,117		95,449

Hospitals—0.01%
Omega Healthcare Investors, Inc.		2,685		99,721

Paper Manufacturing—0.05%
PotlatchDeltic Corp.		9,766		495,624

Professional, Scientific, and Technical Services—0.01%
CoreCivic, Inc.^(c)		4,199		30,149
Extra Space Storage, Inc.		714		89,750

				119,899

Real Estate—1.55%
American Finance Trust, Inc.		13,287		117,723
American Homes 4 Rent		13,481		419,798
Apartment Investment and Management Co.		48,720		231,907
Boston Properties, Inc.		5,141		509,627
Brandywine Realty Trust		18,751		229,325
Brixmor Property Group, Inc.		23,482		462,126
Centerspace		974		66,846
Corporate Office Properties Trust		11,357		295,282
Cousins Properties, Inc.^(c)		10,734		360,018
Equity Residential^(c)		19,753		1,292,044
Essex Property Trust, Inc.		4,642		1,182,735
Franklin Street Properties Corp.		18,301		90,773
First Industrial Realty Trust, Inc.		3,922		167,509
Gaming and Leisure Properties, Inc.		15,061		668,708
GEO Group, Inc.^(c)		15,603		112,342

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)



	Shares		Value
Highwoods Properties, Inc.		9,495	$	379,420
Kite Realty Group Trust		21,499		412,136
Lexington Realty Trust		95,256		1,021,144
LTC Properties, Inc.		5,219		213,509
Mid-America Apartment Communities, Inc.		11,608		1,563,946
Office Properties Income Trust		15,819		400,063
Physicians Realty Trust		4,109		69,853
Piedmont Office Realty Trust, Inc.—Class A		39,742		677,999
Sabra Health Care REIT, Inc.^(c)		16,685		287,316
SBA Communications Corp.		461		117,615
Simon Property Group, Inc.		159		17,954
SITE Centers Corp.		13,467		179,650
SL Green Realty Corp.^(c)		3,617		249,826
STAG Industrial, Inc.		2,448		77,234
Ventas, Inc.		18,057		955,215
VEREIT, Inc.		27,905		1,088,295
VICI Properties, Inc.^(c)		13,073		372,581
Welltower, Inc.		10,113		686,672
WP Carey, Inc.		12,661		867,784

				15,844,975

Telecommunications—0.03%
Crown Castle International Corp.		673		104,820
Uniti Group, Inc.		17,883		212,986

				317,806

Total Real Estate Investment Trusts (Cost $17,509,514)				18,424,962

Rights—0.00%
Chemical Manufacturing—0.00%
Aratana Therapeutics, Inc.^(a)(e)		18,388		4,597

Support Activities for Agriculture and Forestry—0.00%
Cresud SACIF y A^(a)(e)		5,956		83

Total Rights (Cost $400)				4,680

Investments Purchased With Collateral From Securities Lending—17.83%
Money Market Fund—17.83%
Mount Vernon Liquid Assets Portfolio, LLC, 0.130%^(f)		182,708,814		182,708,814

Total Investments Purchased With Collateral From Securities Lending (Cost $182,708,814)				182,708,814

Short-Term Investments—0.35%
First American Government Obligations Fund, Class X, 0.030%^(f)		3,597,071		3,597,071

Total Short-Term Investments (Cost $3,597,071)				3,597,071

Total Investments (Cost $946,192,471)—117.70%				1,206,013,631
Liabilities in Excess of Other Assets—(17.70)%				(181,403,805	)

Total Net Assets—100.00%			$	1,024,609,826

Percentages are stated as a percent of net assets.

^(a)

Non-income producing security.

^(b)

Foreign issued security.

^(c)

All or portion of this security is out on loan as of February 28, 2021. Total value of securities out on loan is $176,899,444.

^(d)

Perpetual preferred stock with no stated maturity.

^(e)

Represents an illiquid security. The total market value of these securities were $1,025,384, representing 0.10% of net assets.

^(f)

The rate shown represents the seven day yield at February 28, 2021.

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)


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

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

PMC Funds

February 28, 2021 (Unaudited)


Statements of Assets and Liabilities

	Core Fixed Income Fund		Diversified Equity Fund
Assets
Investments, at value⁽¹⁾⁽²⁾	$	513,604,757	$	1,206,013,631
Receivables:
Investments sold		8,634,472		—
Dividends and interest		2,559,019		1,727,847
Fund shares sold		885,282		1,340,313
Securities lending		3,365		422,828
Other Assets		25,185		32,913

Total Assets		525,712,080		1,209,537,532

Liabilities
Payables:
Investments purchased		53,665,172		—
Fund shares redeemed		605,617		1,522,488
Collateral on securities loaned		59,641,444		182,708,814
Custodian		—		12,230
Affiliates		139,094		182,337
Adviser		108,046		431,333
Distributor		13,128		31,342
Accrued expenses and other liabilities		34,187		39,162

Total Liabilities		114,206,688		184,927,706

Net Assets	$	411,505,392	$	1,024,609,826

Net assets consist of:
Paid-in capital	$	398,468,332	$	783,783,848
Total distributable earnings		13,037,060		240,825,978

Net assets	$	411,505,392	$	1,024,609,826

Advisor Class Shares
Net assets		66,423,103		158,710,428
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		3,817,578		5,347,996
Net asset value and redemption price per share	$	17.40	$	29.68

Institutional Class Shares
Net assets		345,082,289		865,899,398
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		19,935,224		29,264,769
Net asset value and redemption price per share	$	17.31	$	29.59

⁽¹⁾ Cost of investments	$	507,167,629	$	946,192,471
⁽²⁾ Includes loaned securities with a value of	$	58,565,094	$	176,899,444

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

PMC Funds

For the Six Months Ended February 28, 2021 (Unaudited)


Statements of Operations

	Core Fixed Income Fund			Diversified Equity Fund
Investment Income:
Interest	$	5,140,449		$	1,272
Dividends		140,099			7,881,091	⁽¹⁾
Securities lending		25,886			1,485,985

		5,306,434			9,368,348

Expenses:
Investment management fees		1,577,006			2,501,713
Transfer agent fees and expenses		171,680			233,229
Fund accounting fees		112,475			125,478
Distribution fees—Advisor Class		108,558			225,377
Fund administration fees		103,287			206,285
Custody fees		43,560			48,913
Federal and state registration fees		25,240			23,931
Audit and tax fees		19,378			19,186
Reports to shareholders		16,892			25,213
Legal fees		14,202			13,931
Chief Compliance Officer fees		11,158			6,154
Trustees’ fees		6,214			6,214
Insurance fees		2,356			3,982
Other expenses		3,087			5,276

Total expenses before waiver or recoupment		2,215,093			3,444,882
Recoupment or (waivers) by Adviser (Note 4)		(631,492	)		44,395

Net expenses		1,583,601			3,489,277

Net Investment Income		3,722,833			5,879,071

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		6,816,922			27,697,789
Futures contracts		(210,542	)		—
Foreign currency translations		206			6

		6,606,586			27,697,795

Net change in unrealized appreciation (depreciation) on:
Investments		(11,592,157	)		117,351,602
Futures contracts		(36,345	)		—
Foreign currency translations		(141	)		(2	)

		(11,628,643	)		117,351,600

Net gain (loss) on investments and foreign currency		(5,022,057	)		145,049,395

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,299,224	)	$	150,928,466

⁽¹⁾

Net of $695,242 in foreign withholding tax and ADR issuance fees.

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

PMC Funds


Statements of Changes in Net Assets

	Core Fixed Income Fund

	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net investment income	$	3,722,833		$	8,366,316
Net realized gain on investments, futures and foreign currency		6,606,586			17,503,438
Net change in unrealized appreciation (depreciation)		(11,628,643	)		1,080,474

Net increase (decrease) in net assets resulting from operations		(1,299,224	)		26,950,228

Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(4,064,480	)		(4,915,393	)
Net dividends and distributions—Institutional Class		(20,452,703	)		(5,615,245	)

Net decrease in net assets resulting from distributions paid		(24,517,183	)		(10,530,638	)

Fund share transactions:
Shares sold—Advisor Class		1,626,780			24,165,047
Shares issued to holders in reinvestment of dividends—Advisor Class		3,818,627			4,716,894
Shares redeemed—Advisor Class		(55,907,722	)		(311,170,641	)
Shares sold—Institutional Class		88,788,454			332,642,520
Shares issued to holders in reinvestment of dividends—Institutional Class		20,024,964			5,505,198
Shares redeemed—Institutional Class		(26,905,738	)		(65,791,734	)

Net increase (decrease) in net assets from share transactions		31,445,365			(9,932,716	)

Net increase in net assets		5,628,958			6,486,874

Net Assets:
Beginning of period		405,876,434			399,389,560

End of period	$	411,505,392		$	405,876,434

Change in shares outstanding:
Shares sold—Advisor Class		91,288			1,376,834
Shares issued to holders in reinvestment of dividends—Advisor Class		215,498			274,397
Shares redeemed—Advisor Class		(3,044,651	)		(17,721,242	)
Shares sold—Institutional Class		4,867,235			18,872,011
Shares issued to holders in reinvestment of dividends—Institutional Class		1,136,491			321,377
Shares redeemed—Institutional Class		(1,480,823	)		(3,781,096	)

Net increase (decrease)		1,785,038			(657,719	)

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

PMC Funds


Statements of Changes in Net Assets

	Diversified Equity Fund

	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations:
Net investment income	$	5,879,071		$	12,168,933
Net realized gain (loss) on investments and foreign currency		27,697,795			(29,600,413	)
Net change in unrealized appreciation		117,351,600			101,498,448

Net increase in net assets resulting from operations		150,928,466			84,066,968

Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(1,540,826	)		(5,075,723	)
Net dividends and distributions—Institutional Class		(10,631,418	)		(7,480,435	)

Net decrease in net assets resulting from distributions paid		(12,172,244	)		(12,556,158	)

Fund share transactions:
Shares sold—Advisor Class		2,110,524			38,795,994
Shares issued to holders in reinvestment of dividends—Advisor Class		1,380,271			4,734,212
Shares redeemed—Advisor Class		(100,406,146	)		(668,289,057	)
Shares sold—Institutional Class		144,344,737			746,757,627
Shares issued to holders in reinvestment of dividends—Institutional Class		10,355,065			7,321,829
Shares redeemed—Institutional Class		(71,003,391	)		(120,027,954	)

Net increase (decrease) in net assets from share transactions		(13,218,940	)		9,292,651

Net increase in net assets		125,537,282			80,803,461

Net Assets:
Beginning of period		899,072,544			818,269,083

End of period	$	1,024,609,826		$	899,072,544

Change in shares outstanding:
Shares sold—Advisor Class		71,297			1,679,552
Shares issued to holders in reinvestment of dividends—Advisor Class		48,842			183,142
Shares redeemed—Advisor Class		(3,948,648	)		(27,109,325	)
Shares sold—Institutional Class		5,543,063			30,784,153
Shares issued to holders in reinvestment of dividends—Institutional Class		367,722			284,122
Shares redeemed—Institutional Class		(2,595,615	)		(5,118,696	)

Net increase (decrease)		(513,339	)		702,948

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

PMC Core Fixed Income Fund—Advisor Class


Financial Highlights

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

	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year/period	$	18.50		$	17.65		$	16.53		$	17.05		$	17.32		$	16.73

Income from investment operations:
Net investment income⁽¹⁾		0.15			0.35			0.42			0.37			0.27			0.28
Net realized and unrealized gain (loss)		(0.21	)		0.92			1.09			(0.61	)		(0.14	)		0.55

Total from investment operations		(0.06	)		1.27			1.51			(0.24	)		0.13			0.83

Less distributions paid:
Dividends from net investment income		(0.33	)		(0.40	)		(0.39	)		(0.28	)		(0.30	)		(0.23	)
Distributions from net realized gains		(0.71	)		(0.02	)		—			0.00	⁽⁴⁾		(0.10	)		(0.01	)

Total distributions paid		(1.04	)		(0.42	)		(0.39	)		(0.28	)		(0.40	)		(0.24	)

Net asset value, end of year/period	$	17.40		$	18.50		$	17.65		$	16.53		$	17.05		$	17.32

Total return⁽²⁾		-0.41	%		7.39	%		9.37	%		-1.42	%		0.78	%		5.06	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	66,423		$	121,267		$	399,389		$	398,089		$	332,426		$	274,686
Ratio of expenses to average net assets before waiver and reimbursements⁽³⁾		1.29	%		1.31	%		1.28	%		1.30	%		1.34	%		1.37	%
Ratio of expenses to average net assets after waiver and reimbursements⁽³⁾⁽⁵⁾		0.98	%⁽⁶⁾		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets before waiver and reimbursements⁽³⁾		1.35	%		1.72	%		2.22	%		1.91	%		1.29	%		1.30	%
Ratio of net investment income to average net assets after waiver and reimbursements⁽³⁾		1.66	%		2.03	%		2.50	%		2.21	%		1.63	%		1.67	%
Portfolio turnover rate⁽²⁾		138.7	%		180.7	%		144.3	%		160.1	%		199.9	%		100.4	%

⁽¹⁾

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

⁽²⁾

Not annualized for periods less than one year.

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

Round to less than 0.5 cent per share

⁽⁵⁾

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

⁽⁶⁾

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

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

PMC Core Fixed Income Fund—Institutional Class


Financial Highlights

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

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

Income from investment operations:
Net investment income⁽²⁾		0.17			0.39			0.07
Net realized and unrealized gain		(0.21	)		0.92			0.36

Total from investment operations		(0.04	)		1.31			0.43

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

Total distributions paid		(1.12	)		(0.50	)		—

Net asset value, end of year/period	$	17.31		$	18.47		$	17.66

Total return⁽³⁾		-0.30	%		7.65	%		2.50	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	345,082		$	284,610		$	1
Ratio of expenses to average net assets before waiver and reimbursements⁽⁴⁾		1.03	%		1.06	%		0.75	%
Ratio of expenses to average net assets after waiver and reimbursements⁽⁴⁾		0.72	%⁽⁶⁾		0.75	%		0.75	%
Ratio of net investment income to average net assets before waiver and reimbursements⁽⁴⁾		1.56	%		1.87	%		2.33	%
Ratio of net investment income to average net assets after waiver and reimbursements⁽⁴⁾		1.87	%		2.18	%		2.33	%
Portfolio turnover rate⁽³⁾		138.7	%		180.7	%		144.3	%⁽⁵⁾

⁽¹⁾

Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾

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

⁽³⁾

Not annualized for periods less than one year.

⁽⁴⁾

Annualized for periods less than one year.

⁽⁵⁾

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

⁽⁶⁾

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

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

PMC Diversified Equity Fund—Advisor Class


Financial Highlights

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

	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year/period	$	25.61		$	23.77		$	28.40		$	26.68		$	23.45		$	23.25

Income (loss) from investment operations:
Net investment income⁽¹⁾		0.13			0.29			0.34			0.19			0.17			0.14
Net realized and unrealized gain (loss)		4.21			1.86			(2.21	)		3.08			3.22			0.95

Total from investment operations		4.34			2.15			(1.87	)		3.27			3.39			1.09

Less distributions paid:
Dividends from net investment income		(0.27	)		(0.31	)		(0.17	)		(0.17	)		(0.14	)		(0.09	)
Distributions from net realized gains		—			—			(2.59	)		(1.38	)		(0.02	)		(0.80	)

Total distributions paid		(0.27	)		(0.31	)		(2.76	)		(1.55	)		(0.16	)		(0.89	)

Net asset value, end of year/period	$	29.68		$	25.61		$	23.77		$	28.40		$	26.68		$	23.45

Total return⁽²⁾		16.97	%		9.01	%		-5.54	%		12.50	%		14.54	%		4.87	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	158,711		$	235,018		$	818,269		$	844,442		$	650,190		$	489,239
Ratio of expenses to average net assets before waiver, expense reimbursements or recoupment⁽³⁾		0.93	%		0.95	%		0.94	%		1.26	%		1.41	%		1.45	%
Ratio of expenses to average net assets after waiver, expense reimbursements or recoupment⁽³⁾		0.98	%⁽⁴⁾		0.98	%⁽⁴⁾		0.98	%⁽⁴⁾		1.25	%⁽⁵⁾		1.36	%⁽⁶⁾		1.40	%
Ratio of net investment income to average net assets before waiver, expense reimbursements or recoupment⁽³⁾		1.02	%		1.21	%		1.42	%		0.67	%		0.64	%		0.57	%
Ratio of net investment income to average net assets after waiver, expense reimbursements or recoupment⁽³⁾		0.97	%		1.18	%		1.38	%		0.68	%		0.69	%		0.62	%
Portfolio turnover rate⁽²⁾		32.1	%		55.1	%		111.4	%		104.3	%		139.4	%		48.8	%

⁽¹⁾

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

⁽²⁾

Not annualized for periods less than one year.

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

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

⁽⁵⁾

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

⁽⁶⁾

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

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

PMC Diversified Equity Fund—Institutional Class


Financial Highlights

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

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

Income from investment operations:
Net investment income⁽²⁾		0.18			0.39			0.06
Net realized and unrealized loss		4.19			1.84			(0.97	)

Total from investment operations		4.37			2.23			(0.91	)

Less distributions paid:
Dividends from net investment income		(0.37	)		(0.42	)		—

Total distributions paid		(0.37	)		(0.42	)		—

Net asset value, end of year/period	$	29.59		$	25.59		$	23.78

Total return⁽³⁾		17.11	%		9.36	%		-3.69	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	865,899		$	664,055		$	1
Ratio of expenses to average net assets⁽⁴⁾		0.68	%		0.71	%		0.73	%
Ratio of net investment income to average net assets⁽⁴⁾		1.31	%		1.64	%		1.42	%
Portfolio turnover rate⁽³⁾		32.1	%		55.1	%		111.4	%⁽⁵⁾

⁽¹⁾

Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾

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

⁽³⁾

Not annualized for periods less than one year.

⁽⁴⁾

Annualized for periods less than one year.

⁽⁵⁾

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

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

PMC FUNDS

Notes to Financial Statements

February 28, 2021 (Unaudited)

(1)

Organization

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

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

(2)

Significant Accounting Policies

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

(a)

Investment Valuation

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

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

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

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

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

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

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

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

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

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

•

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

•

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

•

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 28, 2021:

Core Fixed Income Fund


	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	21,178,561	$	—	$	21,178,561
Corporate Bonds*		—		123,416,100		—		123,416,100
Foreign Corporate Bonds*		—		24,955,876		—		24,955,876
Foreign Government Agency Issues		—		2,010,184		—		2,010,184
Foreign Government Notes/Bonds		—		24,281,272		—		24,281,272
Non-Agency Mortgage Backed Securities		—		15,709,440		—		15,709,440
Agency Mortgage Backed Securities		—		129,553,120		—		129,553,120
Municipal Bonds		—		1,476,318		—		1,476,318
U.S. Government Agency Issues		—		2,191,856		—		2,191,856
U.S. Government Notes/Bonds		—		55,330,566		—		55,330,566

Total Fixed Income Securities		—		400,103,293		—		400,103,293

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)


	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	36,230,400	$	—	$	—	$	36,230,400
Money Market Funds		77,271,064		—		—		77,271,064

Total Investments in Securities	$	113,501,464	$	400,103,293	$	—	$	513,604,757

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

The Fund did not hold any Level 3 securities during the six months ended February 28, 2021.

Diversified Equity Fund


	Level 1		Level 2		Level 3		Total
Equity
Common Stocks*	$	972,277,894	$	17,704,463	$	—	$	989,982,357
Preferred Stocks*		1,242,998		—		—		1,242,998
Exchange-Traded Funds		10,052,749		—		—		10,052,749
Real Estate Investment Trusts*		18,424,962		—		—		18,424,962
Rights*		—		4,680		—		4,680

Total Equity		1,001,998,603		17,709,143		—		1,019,707,746
Money Market Funds		186,305,885		—		—		186,305,885

Total Investments in Securities	$	1,188,304,488	$	17,709,143	$	—	$	1,206,013,631

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

The Fund did not hold any Level 3 securities during the six months ended February 28, 2021.

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

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

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

The Diversified Equity Fund did not hold derivative instruments during the six months ended February 28, 2021.

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

Core Fixed Income Fund

Asset Derivatives

Liability Derivatives

Derivatives not accounted for

as hedging instruments

Statement of Assets &
Liabilities Location

Value

Statement of Assets &
Liabilities Location

Value

Interest Rate Contracts - Futures

Net Assets—
Unrealized
appreciation*

—

Net Assets—
Unrealized
depreciation*

—

Total

—

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

The effect of derivative instruments on the Statement of Operations for the six months ended February 28, 2021:


	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures Contracts			Total
Interest Rate Contracts	$	(210,542	)	$	(210,542	)

Total	$	(210,542	)	$	(210,542	)


	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures Contracts			Total
Interest Rate Contracts	$	(36,345	)	$	(36,345	)

Total	$	(36,345	)	$	(36,345	)

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

(b)

Foreign Securities and Currency

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

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

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds’ investments in certain foreign countries. Since foreign securities normally

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

are denominated and traded in foreign currencies, the value of the Funds’ assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

(c)

Futures

The Funds may enter into futures contracts traded on domestic exchanges, including stock index futures contracts, as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of a Fund’s position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains and losses. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. As collateral for futures contracts, the Funds are required to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. At February 28, 2021, the Core Fixed Income Fund had cash and equivalents deposited as collateral with the broker for futures contracts of $0. The average monthly notional amount of futures contracts during the period was as follows:


Long Futures	$	9,455,969
Short Futures	$	1,956,473

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

(d)

Forward Foreign Currency Contracts

The Core Fixed Income Fund might purchase a particular currency or enter into a forward foreign currency contract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase. Alternatively, it might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain from an increase in the value of the currency. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. The Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Fund did not enter into any forward foreign currency contracts during the six months ended February 28, 2021.

(e)

Options

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

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

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

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

(f)

Security Loans

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

(g)

Federal Income Taxes

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

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

(h)

Distributions to Shareholders

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

(i)

Use of Estimates

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

(j)

Share Valuation

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

(k)

Allocation of Income, Expenses and Gains/Losses

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

(l)

Other

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

(m)

LIBOR Transition

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offered Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”).

On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (FCA), which regulates LIBOR, announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. The transition away from Reference Rates may lead to increased volatility and illiquidity in markets that are tied to such Reference Rates and reduced values of Reference Rate-related instruments. This announcement and any additional regulatory or market changes that occur as a result of the transition away from Reference Rates may have an adverse impact on a Fund’s investments, performance or financial condition.

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

(3)

Federal Tax Matters

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


Core Fixed Income Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2020	$	10,530,638	$	—
Year Ended August 31, 2019		9,356,313		—


Diversified Equity Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2020	$	12,556,158	$	—
Year Ended August 31, 2019		17,179,903		65,726,487

As of August 31, 2020, the components of accumulated earnings (losses) for income tax purposes were as follows:


	Core Fixed Income Fund			Diversified Equity Fund
Cost basis of investments for federal income tax purposes	$	450,159,115		$	865,818,386

Gross tax unrealized appreciation	$	20,422,433		$	189,371,033
Gross tax unrealized depreciation		(2,503,615	)		(50,259,526	)

Net tax unrealized appreciation	$	17,918,818		$	139,111,507

Undistributed ordinary income	$	15,233,724		$	11,563,892
Undistributed long-term capital gain		5,700,925			—

Total distributable earnings	$	20,934,649		$	11,563,892
Other accumulated loss		—			(48,605,643	)

Total accumulated earnings	$	38,853,467		$	102,069,756

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

As of and for the year ended August 31, 2020, the Core Fixed Income Fund utilized long-term capital loss carryovers of $1,317,917. As of and for the year ended August 31, 2020, the Diversified Equity Fund generated short-term capital loss carryovers of $20,547,509, long-term capital loss carryovers of $8,532,301, and had short-term capital loss carryovers outstanding of $39,620,318 and long-term capital loss carryovers outstanding of $8,532,301. Capital loss carryovers are carried forward indefinitely to offset future realized capital gains. To the extent the Funds realize future net capital gains, taxable distributions to shareholders will be offset by any unused capital loss carryovers from the year ended August 31, 2020.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2020, the following table shows the reclassifications made:


	Core Fixed Income Fund		Diversified Equity Fund
Total distributable earnings	$	—	$	14,153
Paid In Capital	$	—	$	(14,153	)

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2020. Also, the Funds had recognized no interest and penalties related to uncertain tax benefits in fiscal year 2020. At August 31, 2020, the fiscal years 2017 through 2020 remain open to examination in the Funds’ major tax jurisdictions.

(4)

Investment Adviser

The Trust has entered into an Investment Advisory Agreement (the “Agreement”), on behalf of the Funds, with the Adviser to furnish investment advisory services to the Funds. Under terms of the Agreement, the Trust, on behalf of the Funds, compensates the Adviser for its management services at the annual rate of 0.53% for the Diversified Equity Fund and 0.65% for the Core Fixed Income Fund of each Fund’s average daily net assets.

The Adviser has contractually agreed to waive its management fees and/or reimburse other expenses of the Diversified Equity Fund at least through December 29, 2021 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connections with any merger or reorganizations, dividends or interest on short positions, acquired fund fees and expenses, or extraordinary expenses such as litigation) do not exceed 0.73% (the “Expense Limitation Cap”) of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive its management fees and/or reimburse other expenses of the Core Fixed Income Fund at least through January 31, 2022 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding Excluded Expenses) do not exceed 0.60% (the “Expense Limitation Cap”) of the Fund’s average daily net assets.

Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of: (1) the Expense Limitation Cap in place at the time of the waiver or reimbursement or (2) the Expense Limitation Cap in place at the time of recoupment; provided, however, that the Adviser shall only be entitled to recoup such amounts over the following three year period from the date of the waiver or reimbursement. During the six months ended February 28, 2021, the Adviser recouped previously waived expenses of $44,395 related to the Diversified Equity Fund.

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


	Core Fixed Income Fund		Diversified Equity Fund
August 31, 2021	$	582,223	$	19,649
August 31, 2022	$	1,137,251	$	—
August 31, 2023	$	1,245,915	$	—
February 29, 2024	$	631,492	$	—

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

Core Fixed Income Fund

Neuberger Berman Investment Advisers LLC

Schroder Investment Management North America Inc. (Terminated effective on January 28, 2021)

(5)

Distribution Plan

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), on behalf of the Advisor Class shares of the Funds, which authorizes the Trust to pay Foreside Fund Services, LLC (the

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

“Distributor”), the Funds’ principal distributor, a distribution fee of 0.25% of each Fund’s average daily net assets of Advisor Class shares. During the six months ended February 28, 2021, the Funds incurred fees pursuant to the 12b-1 Plan as follows:


Core Fixed Income Fund	$	108,558
Diversified Equity Fund	$	225,377

(6)

Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ Administrator under an Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. Fees incurred for the six months ended February 28, 2021, and owed as of February 28, 2021, are as follows:


	Incurred		Owed
Core Fixed Income Fund	$	103,287	$	31,771
Diversified Equity Fund	$	206,285	$	58,403

Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the six months ended February 28, 2021, and owed as of February 28, 2021 are as follows:


Fund Accounting	Incurred		Owed
Core Fixed Income Fund	$	112,475	$	35,961
Diversified Equity Fund	$	125,478	$	38,074


Transfer Agency	Incurred		Owed
Core Fixed Income Fund	$	171,680	$	52,103
Diversified Equity Fund	$	233,229	$	72,504


Custody	Incurred		Owed
Core Fixed Income Fund	$	43,560	$	15,601
Diversified Equity Fund	$	48,913	$	11,372

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

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

The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 28, 2021, and owed as of February 28, 2021 is as follows:


	Incurred		Owed
Core Fixed Income Fund	$	11,158	$	3,658
Diversified Equity Fund	$	6,154	$	1,984

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

(7)

Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the six months ended February 28, 2021 are summarized below.


	Core Fixed Income Fund		Diversified Equity Fund
Purchases:
U.S. Government	$	199,415,478	$	—
Other		414,923,629		299,186,531

Total Purchases	$	614,339,107	$	299,186,531
Sales
U.S. Government	$	172,147,750	$	—
Other		419,567,094		307,992,490

Total Sales	$	591,714,844	$	307,992,490

(8)

Line of Credit

At February 28, 2021, the Core Fixed Income Fund and Diversified Equity Fund had secured lines of credit in the lessor amount of $20,000,000 and $35,000,000, respectively, or 33.33% of the fair value of unencumbered assets of each Fund, as defined, which both mature August 7, 2021. These secured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Funds’ securities serve as collateral for the lines of credit. The credit facility is with the Funds’ custodian, US Bank. Interest was scheduled to be incurred at the bank’s prime rate of 3.25% from September 1, 2020 through February 28, 2021. The following table provides information regarding usage of the line of credit for the six months ended February 28, 2021 for the Funds. The Funds did not have an outstanding balance on either line of credit as of February 28, 2021.


	Days Utilitized		Average Amount of Borrowing		Interest Expense*		Maximum Amount of Borrowing		Date of Maximum Borrowing
Core Fixed Income Fund		1	$	123,000	$	11	$	123,000		11/5/2020
Diversified Equity Fund		5	$	1,322,600	$	597	$	4,903,000		10/29/2020

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

(9)

Securities Lending

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

Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis

PMC FUNDS

Notes to Financial Statements, continued

February 28, 2021 (Unaudited)

and that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Fund.

As of February 28, 2021, the market value of the securities on loan and value of collateral received for securities lending were as follows:


	Loaned Securities Market Value		Value of Cash Collateral		% of Net Assets
Core Fixed Income Fund	$	58,565,094	$	59,641,444		14.23	%
Diversified Equity Fund	$	176,899,444	$	182,708,814		17.27	%

The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC. The Schedule of Investments for each Fund includes the particular cash collateral holding as of February 28, 2021. The remaining contractual maturity of all securities lending transactions is overnight and continuous.

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

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

(10)

Recent Market Events

U.S. and international markets have experienced significant periods of volatility in recent years due to a number of economic, political and global macro factors including the impact of the novel coronavirus (COVID-19) as a global pandemic, which has resulted in related public health issues, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims, changes travel and social behaviors, and reduced consumer spending. The recovery from the effects of COVID-19 is uncertain and may last for an extended period of time. These developments as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so.

(11)

Subsequent Events

The Funds have evaluated events and transactions that have occurred subsequent to February 28, 2021 and determined there were no subsequent events that would require recognition or disclosure in financial statements.

Notice of Privacy Policy & Practices

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

•

information we receive about you on applications or other forms;

•

information you give us orally; and

•

information about your transactions with us or others.

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

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

PMC FUNDS

Additional Information

(Unaudited)

Tax Information

For the fiscal year ended August 31, 2020, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:


Core Fixed Income Fund	0.00	%
Diversified Equity Fund	100.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2020 was as follows:


Core Fixed Income Fund	0.00	%
Diversified Equity Fund	62.81	%

For the fiscal year ended August 31, 2020, taxable ordinary income distributions are designated as short-term capital gain distributions under Section 871(k)(2)(c) of the Code for the Funds as follows:


Core Fixed Income Fund	4.74	%
Diversified Equity Fund	0.00	%

Indemnification

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

Information about Trustees

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

PMC Funds

Additional Information (Continued)

(Unaudited)

Independent Trustees



Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Michael D. Akers, Ph.D. 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1955	Trustee	Indefinite Term; Since August 22, 2001	21	Professor Emeritus, Department of Accounting (June 2019-present), Professor, Department of Accounting (2004-2019), Chair, Department of Accounting (2004-2017), Marquette University.	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).

Gary A. Drska 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1956	Trustee	Indefinite Term; Since August 22, 2001	21	Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-present).	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).

Jonas B. Siegel 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1943	Trustee	Indefinite Term; Since October 23, 2009	21	Retired (2011-present).	Independent Trustee, Gottex Trust (an open-end investment company) (2010-2016).

Interested Trustee and Officers

Joseph C. Neuberger* 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1962	Chairperson and Trustee	Indefinite Term; Since August 22, 2001	21	President (2017-present), Chief Operating Officer (2016-2020), Executive Vice President (1994-2017), U.S. Bancorp Fund Services, LLC.	Trustee, Buffalo Funds (an open-end investment company) (2003-2017); Trustee, USA MUTUALS (an open-end investment company) (2001-2018).

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

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

PMC Funds

Additional Information (Continued)

(Unaudited)



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

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

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

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

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

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

A NOTE ON FORWARD LOOKING STATEMENTS

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

ADDITIONAL INFORMATION

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

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

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

HOUSEHOLDING

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

PMC FUNDS


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

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

Independent Registered Public Accounting Firm		*Deloitte & Touche LLP* 555 East Wells Street Milwaukee, Wisconsin 53202

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

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

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

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

(b)	Not applicable for this Registrant.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

(b)	Not Applicable.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable to open-end investment companies.

Item 13. Exhibits.


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

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

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

		(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

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

SIGNATURES

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


		(Registrant)		Trust for Professional Managers



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



		Date		4/30/2021

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


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



		Date		4/30/2021



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



		Date		4/30/2021

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

Trust for Professional Managers (APCB) N-CSRSCertified semi-annual shareholder report (management investment company)