Trust for Professional Managers (APCB) N-CSR Certified 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, 2022

Date of reporting period: August 31, 2022

Item 1. Reports to Stockholders.

(a)

PMC Funds

PMC Core Fixed Income Fund

Advisor Class Shares: (PMFIX)

Institutional Class Shares: (PMFQX)

PMC Diversified Equity Fund

Advisor Class Shares: (PMDEX)

Institutional Class Shares: (PMDQX)

Annual Report

August 31, 2022

Table of Contents

LETTER TO SHAREHOLDERS	3
EXPENSE EXAMPLES	8
INVESTMENT HIGHLIGHTS	10
SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND	17
SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND	42
STATEMENTS OF ASSETS AND LIABILITIES	71
STATEMENTS OF OPERATIONS	72
STATEMENTS OF CHANGES IN NET ASSETS	73
FINANCIAL HIGHLIGHTS	75
NOTES TO FINANCIAL STATEMENTS	79
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	90
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT	91
BASIS FOR TRUSTEES’ APPROVAL OF SUB-ADVISORY AGREEMENT	94
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM	96
NOTICE OF PRIVACY POLICY & PRACTICES	97
ADDITIONAL INFORMATION	98

PMC Funds

Letter to Shareholders

To our Shareholders:

We are pleased to present you with the Annual Report for the PMC Funds mutual fund family. This report covers both the fiscal quarter and one-year period ended August 31, 2022.

The table below presents the standardized performance of the PMC Funds relative to their respective benchmarks. The past twelve month period has been one in which the global economy has been grappling with levels of inflation last seen more than 40 years ago, the Russia-Ukraine war, and continued aftershocks of the pandemic related lockdowns. The primary drivers of the significant inflation levels the economy is now experiencing are the trillions of dollars of Covid related stimulus coursing through the system which was legislated by Congress, and soaring energy prices in part a result of the Biden administration’s desire to force an abrupt transition to a green economy. Far from being a “transitory” blip, as U.S. Treasury Secretary Janet Yellen and Federal Reserve Chairman Jay Powell indicated it would be a year ago, the rise in inflation has jumped to more than 8%, a level last seen in the Carter administration in the 1970s. Since the beginning of 2022, the Fed has been very hawkish in trying to douse inflation’s flames, raising the fed funds rate three percentage points to a range of 3%-3.25%. The high inflation rate, and the Fed’s attempts to corral it, have conspired to send bond yields surging, stock prices plummeting, and tip the U.S. economy toward recession. Also negatively impacting the economy has been ongoing supply chain issues related to the pandemic lockdowns. Many goods reliant on the supply chain – such as automobile parts - remain scarce. The Russia-Ukraine war has also been an economic growth inhibitor, affecting everything from food to energy, and there is currently little expectation the war will end in the near term. The U.S. economy has struggled over the past six months in particular, posting negative growth of -1.6% and 0.6% in this year’s first and second calendar quarters, respectively. The unemployment rate, which had surged to about 15% at the height of the pandemic in 2020, has consistently trended down over the past year, with the latest reading as of August 31 coming in at 3.7%. Stock prices have stumbled over the past year, with investors being hurt by an unfavorable environment that includes slumping economic growth, surging interest rates, and a poor performance in most other major asset classes. The political environment also created concerns for investors, with the midterm elections approaching in November. There are a number of hot-button issues that may determine the composition of the next Congress, including the Biden administration’s handling of the border crisis and abortion.

The Bureau of Economic Analysis reported its second estimate of second quarter 2022 gross domestic product (GDP) of -0.6%, slightly better than the prior estimate, and also modestly less negative than the first quarter 2022 reading. The employment situation continued to improve over the past three months, with employers adding 293,000, 526,000 and 315,000 jobs in June, July and August, respectively. The August report showed an average of approximately 378,000 jobs added each month of the quarter, and that the unemployment rate fell to 3.7%. The Federal Open Market Committee (FOMC) turned hawkish, ratcheting up the fed funds rate target range to 3% to 3.25%, due to the significant rise in inflation. The central bank also began to unwind its balance sheet in 2022.

In general, financial markets have generated poor results over the past year, with broad-based stock indexes declining due to the surge in inflation and attendant rise in bond yields. The S&P 500 Index declined more than 11% over the twelve months ended August 31, 2022. The yield on the 10-year U.S. Treasury climbed from 1.3% to 3.2% over the twelve months ended August 31, 2022.

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Total Returns as of August 31, 2022*

*Periods of Less than 1-Year Are Unannualized

Fund	Three Months			Six Months			One Year			Five Year			Ten Year			Since Inception			Inception Date		Gross Expense Ratio***
PMC Diversified Equity Fund (Advisor Class)		-6.78	%		-11.39	%		-15.34	%		5.17	%		7.68	%		8.26	%		8-26-09		0.97	%
PMC Diversified Equity Fund (Inst. Class)		-6.74	%		-11.24	%		-15.13	%		NA			NA			5.25	%**		7-1-19		0.68	%
MSCI World Index Net Return		-5.53	%		-10.94	%		-15.08	%		7.85	%		9.47	%		9.09	%
PMC Core Fixed Income Fund (Advisor Class)		-2.19	%		-7.89	%		-12.20	%		0.65	%		1.24	%		3.49	%		9-28-07		1.21	%
PMC Core Fixed Income Fund (Inst. Class)		-2.07	%		-7.75	%		-11.95	%		NA			NA			-0.36	%**		7-1-19		0.95	%
Bloomberg U.S. Aggregate Bond Index		-2.01	%		-7.76	%		-11.52	%		0.52	%		1.35	%		3.05	%

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

*** Per the Prospectus dated 12-29-21.

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

Past performance is no guarantee of future returns. Current performance may be higher or lower than the performance data shown. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, please visit the Funds’ website at www.investpmc.com or by calling 866-762-7338. Performance results reflect contractual expense subsidies and waivers in effect until December 29, 2022; 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, diversified globally. The Fund’s investment objective is long-term capital appreciation.

One of the primary drivers of the Fund’s performance is its exposure to the well-known value, momentum and quality asset pricing factors. Over the past year asset pricing factors on balance have performed well. The one significant exception is the so-called “size” factor, which is the tendency for stocks with smaller market capitalizations within an index to outperform those with larger market capitalizations. In market environments in which stock prices are volatile and declining, smaller cap stocks typically underperform larger cap issues. The mixed factor performance translated into Fund performance that was in line with the benchmark over the twelve-month period ending August 31, 2022. For the most recent three-month period, the Advisor Class of the Fund generated a return of -6.78%, underperforming the -5.53% return of the MSCI World Index Net Return, the Fund’s benchmark index. For the twelve months ended August 31, 2022, the Advisor Class of the Fund generated a total return of -15.34%, in line with the -15.08% return of the benchmark. The primary driver of the Fund’s performance during the year was the aggregate performance of the asset pricing factors toward which the portfolio is tilted. The Fund has maintained positive tilts to the size, value, momentum and quality factors. The Fund’s orientation toward value stocks was a key positive contributor to the performance relative to the benchmark, and its exposure to the momentum and quality factors was also additive to relative performance. However, performance was negatively impacted by having a lower weighted average market capitalization than the benchmark, as stocks of smaller companies significantly underperformed stocks of larger companies. Relative performance was also disadvantaged during both the most recent three- and six-month periods ended August 31, 2022 from an underweight to domestic equities relative to European equities. Among the positive contributors to performance during the year were modest underweights to the information technology and communications services sectors. Security selection in the communications services, information technology, and materials sectors also contributed positively to performance during the year. Among the detractors from performance was security selection in the health care, energy and financials sectors. As is typically the case, the Fund’s factor orientation resulted in over- or

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underweights to specific stocks that have a meaningful impact on performance. Over the past twelve months underweights to well-known companies such as Apple, Inc. (AAPL) and Chevron Corp. (CVX) resulted in underperformance. However, underweights to Meta Platforms, Inc. (META), Amazon, Inc. (AMZN) and PayPal Holdings, Inc. (PYPL) benefited performance.

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

PMC Core Fixed Income Fund

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

Over the past 12 months the environment for fixed income securities has been one of significantly rising yields resulting from the FOMC’s decision to aggressively raise short-term interest rates in an effort to combat decades-high inflation. The FOMC recently raised the fed funds rate to a range of 3.0%-3.25%, up a full three percentage points over the year-ago level. In addition, economists expect the FOMC to raise rates twice more in the remainder of 2022 by an aggregate of more than one percentage point. Against this backdrop, the Fund generated negative returns for the three-month and one-year periods ended August 31, 2022. For the most recent three-month period, the Advisor Class of the Fund generated a return of -2.19%, slightly underperforming the benchmark Bloomberg U.S. Aggregate Bond Index return of -2.01%. For the twelve months ended August 31, 2022, the Advisor Class of the Fund posted a return of -12.20%, underperforming the benchmark return of -11.52%. The primary factors positively impacting performance over the past 12-month period were an overweight to cash and security selection within the securitized note segment. The primary detractors from performance included the Fund’s aggregate underweight to U.S. Treasury securities, and an overweight to corporate securities, as well as security selection in the U.S. Treasury and government-related securities areas.

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

Remarks

U.S. consumers and investors have become increasingly pessimistic this year as a result of historically high inflation, the FOMC’s aggressive interest rate increases, and the war in Ukraine, among other things. High inflation continues to be the biggest challenge confronting the world’s policymakers. As a result, world central banks have begun to tighten monetary policy after more than a decade of quantitative easing. Restrictive monetary policy is not always an effective tool to dampen inflation resulting from supply-side pressures, and a primary concern with rising interest rates and tighter monetary policy is recession. Many economists believe that if the U.S. economy is not currently in a recession, it is only a matter of time, and the FOMC seems willing to accept that outcome. Nervous consumers and investors waylaid by the combination of rising interest rates and high inflation could see additional asset valuation erosion. There are a number of potential downside risks outlined by economists, including a continuation of the negative supply shock resulting in part from the war in Ukraine; the potential for spread of future Covid variants; the global semiconductor shortage; and property market weakness in countries where real estate valuations have been surging.

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

Brandon R. Thomas

Co-Founder and Chief Investment Officer

Envestnet

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Envestnet Asset Management

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

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

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

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

Investments in smaller companies carry greater risk than is customarily associated with larger companies for various reasons such as volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. Investing overseas involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. Income (bond) funds are subject to interest rate risk, which is the risk that debt securities in a fund’s portfolio will decline in value because of increases in market interest rates. Please see the prospectus (https://www.investpmc.com/sites/default/files/documents/PMC%20Statutory%20Prospectus%202021%20%2812.29.21%29.pdf) for a complete description of the risks associated with investing in the PMC Funds.

PMC Funds are distributed by Foreside Fund Services, LLC.

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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 (March 1, 2022 - August 31, 2022).

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

	Beginning Account Value 3/1/22		Ending Account Value 8/31/22		Expenses Paid During Period 3/1/22-8/31/22*
PMC Core Fixed Income Fund–Advisor Class
Actual	$	1,000.00	$	921.10	$	4.12
Hypothetical (5% return before expenses)		1,000.00		1,020.92		4.33

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

	Beginning Account Value 3/1/22		Ending Account Value 8/31/22		Expenses Paid During Period 3/1/22-8/31/22*
PMC Core Fixed Income Fund–Institutional Class
Actual	$	1,000.00	$	922.50	$	2.91
Hypothetical (5% return before expenses)		1,000.00		1,022.18		3.06

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

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	Beginning Account Value 3/1/22		Ending Account Value 8/31/22		Expenses Paid During Period 3/1/22-8/31/22*
PMC Diversified Equity Fund–Advisor Class
Actual	$	1,000.00	$	886.10	$	4.42
Hypothetical (5% return before expenses)		1,000.00		1,020.52		4.74

* Expenses are equal to the Fund’s annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

	Beginning Account Value 3/1/22		Ending Account Value 8/31/22		Expenses Paid During Period 3/1/22-8/31/22*
PMC Diversified Equity Fund–Institutional Class
Actual	$	1,000.00	$	887.60	$	3.24
Hypothetical (5% return before expenses)		1,000.00		1,021.78		3.47

* Expenses are equal to the Fund’s annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

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PMC CORE FIXED INCOME FUND (PMFIX, PMFQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is to provide current income consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of August 31, 2022 is shown below.

Allocation of Portfolio Holdings

% of Net assets

  ^ Excludes securities lending collateral.

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PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2022

	PMC Core Fixed Income Fund–Advisor Class			Bloomberg U.S. Aggregate Bond Index
One Year		-12.20	%		-11.52	%
Five Year		0.65	%		0.52	%
Ten Year		1.24	%		1.35	%
Since Inception (9/28/07)		3.49	%		3.05	%

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

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

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

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on August 31, 2012. The graph does not reflect any future performance.

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

One cannot invest directly in an index.

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PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2022

	PMC Core Fixed Income Fund–Institutional Class			Bloomberg U.S. Aggregate Bond Index
One Year		-11.95	%		-11.52	%
Since Inception (7/1/19)		-0.36	%		-0.99	%

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

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

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

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

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

One cannot invest directly in an index.

* Inception Date

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PMC DIVERSIFIED EQUITY FUND (PMDEX, PMDQX)

Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of August 31, 2022 is shown below.

^ Excludes securities lending collateral.

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PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2022

	PMC Diversified Equity Fund– Advisor Class			MSCI World Index Net Return
One Year		-15.34	%		-15.08	%
Five Year		5.17	%		7.85	%
Ten Year		7.68	%		9.47	%
Since Inception (8/26/09)		8.26	%		9.09	%

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

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

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

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

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on August 31, 2012. The graph does not reflect any future performance.

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

One cannot invest directly in an index.

Continued

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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 August 31, 2022

	PMC Diversified Equity Fund– Institutional Class			MSCI World Index Net Return
One Year		-15.13	%		-15.08	%
Since Inception (7/1/19)		5.25	%		7.54	%

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

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

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

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

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

One cannot invest directly in an index.

* Inception Date

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PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022

	Principal Amount		Value
ASSET BACKED SECURITIES—8.92%
37 Capital CLO I
2021-1, 3.712% (3 Month LIBOR USD + 1.200%), 10/15/2034(b)(c)	$	1,000,000	$	976,805
AM Capital Funding LLC
2018-1, 4.980%, 12/15/2023(b)		760,000		753,240
Angel Oak Mortgage Trust
2021-3, 1.068%, 05/25/2066(b)(d)		712,416		635,859
Aqua Finance Trust
2021-A, 1.540%, 07/17/2046(b)		580,627		538,714
Avis Budget Rental Car Funding AESOP LLC
2021-2A A, 1.660%, 02/20/2028(b)		2,191,000		1,959,634
2021-2A B, 1.900%, 02/20/2028(b)		495,000		431,528
Beacon Container Finance II LLC
2021-1A, 2.250%, 10/22/2046(b)		973,500		866,735
BlueMountain CLO Ltd.
2013-2R, 3.939% (3 Month LIBOR USD + 1.180%), 10/22/2030(b)(c)		362,743		359,297
Cedar Funding VI CLO Ltd.
2016-6A, 3.760% (3 Month LIBOR USD + 1.050%), 04/20/2034(b)(c)		1,480,000		1,432,647
Crown Castle Towers LLC
4.241%, 07/15/2048(b)		439,000		417,503
Dryden 75 CLO Ltd.
2019-75R2, 3.552% (3 Month LIBOR USD + 1.040%), 04/15/2034(b)(c)		850,000		832,465
Fort Washington CLO Ltd.
2021-2A, 3.930% (3 Month LIBOR USD + 1.220%), 10/20/2034(b)(c)		2,000,000		1,952,268
GCAT Trust
2019-NQM3, 2.686%, 11/25/2059(b)(d)		128,221		122,757
2021-NQM5, 1.262%, 07/25/2066(b)(d)		950,166		803,866
JPMorgan Chase Bank NA—CACLN
2021-3, 0.760%, 02/26/2029(b)		1,244,313		1,196,989
Madison Park Funding XXVI Ltd.
2007-26, 4.006% (3 Month LIBOR USD + 1.200%), 07/29/2030(b)(c)		2,295,000		2,276,893
Magnetite XXIII Ltd.
2019-23R, 3.913% (3 Month LIBOR USD + 1.130%), 01/25/2035(b)(c)		1,000,000		976,834
MVW LLC
2021-2A A, 1.430%, 05/20/2039(b)		867,879		783,151
2021-2A B, 1.830%, 05/20/2039(b)		708,092		639,949
2022-1, 4.400%, 11/21/2039(b)		319,638		316,567
2021-1W, 1.440%, 01/22/2041(b)		387,716		360,236
Navient Private Education Refi Loan Trust
2021-B, 0.940%, 07/15/2069(b)		1,000,552		884,412
2021-C, 1.060%, 10/15/2069(b)		633,928		568,865
2021-E, 0.970%, 12/16/2069(b)		1,500,313		1,318,495
Navient Student Loan Trust
2019-7, 2.944% (1 Month LIBOR USD + 0.500%), 01/25/2068(b)(c)		278,345		277,194
PFS Financing Corp.
2021-B, 0.770%, 08/15/2026(b)		1,890,000		1,761,585
Prestige Auto Receivables Trust
2021-1, 1.530%, 02/15/2028(b)		599,000		555,094
RASC Trust
2005-KS12, 3.134% (1 Month LIBOR USD + 0.460%), 01/25/2036(c)		100,557		100,114
SBA Tower Trust
2020-1-2, 2.328%, 01/15/2028(b)		618,000		540,215
2021-3, 2.593%, 10/15/2056(b)		1,243,000		1,039,474

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

17

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Sierra Timeshare Receivables Funding LLC
2019-2, 2.590%, 05/20/2036(b)	$	389,086	$	379,273
2020-2, 3.510%, 07/20/2037(b)		456,544		433,727
2021-2, 1.350%, 09/20/2038(b)		357,995		339,231
Starwood Mortgage Residential Trust
2021-3, 1.127%, 06/25/2056(b)(d)		591,245		488,415
2021-6, 1.920%, 11/25/2066(b)(d)		925,929		825,574
Taco Bell Funding LLC
2021-1, 1.946%, 08/25/2051(b)		1,387,515		1,212,376
Thayer Park CLO Ltd.
2017-1, 3.750% (3 Month LIBOR USD + 1.040%), 04/20/2034(b)(c)		500,000		486,959
Towd Point Mortgage Trust
2017-5, 3.044% (1 Month LIBOR USD + 0.600%), 02/25/2057(b)(c)		200,426		198,814
2017-2, 2.750%, 04/25/2057(b)(d)		14,638		14,537
2017-4, 2.750%, 06/25/2057(b)(d)		112,673		109,458
2017-3, 2.750%, 07/25/2057(b)(d)		134,636		132,825
TRESTLES CLO Ltd.
2017-1, 3.773% (3 Month LIBOR USD + 0.990%), 04/25/2032(b)(c)		500,000		490,227
TRESTLES CLO V Ltd.
2021-5, 3.880% (3 Month LIBOR USD + 1.170%), 10/20/2034(b)(c)		1,000,000		975,923
United Airlines Pass Through Trust
2020-1, 5.875%, 10/15/2027		1,109,220		1,112,302
Vantage Data Centers Issuer LLC
2019-1, 3.188%, 07/15/2044(b)		1,276,520		1,234,175
2021-1, 2.165%, 10/15/2046(b)		1,078,000		955,366
Verus Securitization Trust
2021-3, 1.046%, 06/25/2066(b)(d)		781,703		696,487
2021-6, 1.630%, 10/25/2066(b)(d)		1,223,700		1,067,805
Voya CLO Ltd.
2014-2A, 3.760% (3 Month LIBOR USD + 1.020%), 04/17/2030(b)(c)		1,727,813		1,701,707
TOTAL ASSET BACKED SECURITIES (Cost $41,468,424)				38,534,566
CORPORATE BONDS—34.85%
Accommodation—0.11%
Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028(b)		285,000		255,277
Wynn Las Vegas LLC
5.500%, 03/01/2025(b)		210,000		201,364
				456,641
Administrative and Support Services—1.09%
ASGN, Inc.
4.625%, 05/15/2028(b)		595,000		527,105
Booking Holdings, Inc.
3.550%, 03/15/2028		1,097,000		1,057,708
Korn Ferry
4.625%, 12/15/2027(b)		170,000		158,001
Live Nation Entertainment, Inc.
4.750%, 10/15/2027(b)		250,000		227,916
PayPal Holdings, Inc.
2.400%, 10/01/2024		1,110,000		1,081,340
Visa, Inc.
2.800%, 12/14/2022		1,639,000		1,637,575
				4,689,645

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

18

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Air Transportation—0.27%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500%, 06/20/2027(b)	$	345,000	$	346,297
Southwest Airlines Co.
5.250%, 05/04/2025		800,000		822,351
				1,168,648
Ambulatory Health Care Services—0.07%
Acadia Healthcare Co, Inc.
5.000%, 04/15/2029(b)		335,000		310,678
Beverage and Tobacco Product Manufacturing—1.48%
Anheuser-Busch InBev Worldwide, Inc.
4.700%, 02/01/2036		1,435,000		1,387,350
4.350%, 06/01/2040		1,006,000		919,491
4.600%, 04/15/2048		720,000		656,267
4.750%, 04/15/2058		510,000		468,060
5.800%, 01/23/2059		400,000		429,155
Philip Morris International, Inc.
3.125%, 08/17/2027		2,654,000		2,535,546
				6,395,869
Broadcasting (except Internet)—1.79%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.250%, 02/01/2031(b)(f)		513,000		419,224
Comcast Corp.
3.150%, 02/15/2028(f)		405,000		385,587
4.150%, 10/15/2028		1,708,000		1,694,521
CSC Holdings LLC
4.625%, 12/01/2030(b)		435,000		317,226
3.375%, 02/15/2031(b)		264,000		198,193
Discovery Communications LLC
2.950%, 03/20/2023(f)		566,000		563,474
DISH DBS Corp.
5.875%, 11/15/2024		185,000		167,649
Fox Corp.
5.576%, 01/25/2049		770,000		753,961
Magallanes, Inc.
5.050%, 03/15/2042(b)		1,545,000		1,274,482
5.141%, 03/15/2052(b)		925,000		748,496
Paramount Global
4.200%, 05/19/2032(f)		970,000		858,076
Sirius XM Radio, Inc.
4.125%, 07/01/2030(b)		425,000		360,604
				7,741,493
Building Material and Garden Equipment and Supplies Dealers—0.28%
Home Depot, Inc.
2.700%, 04/01/2023		1,202,000		1,196,218
Chemical Manufacturing—1.46%
AbbVie, Inc.
4.050%, 11/21/2039		270,000		239,030
4.700%, 05/14/2045		710,000		664,370
4.250%, 11/21/2049		485,000		426,892

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

19

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Biogen, Inc.
2.250%, 05/01/2030	$	2,894,000	$	2,373,360
Bristol-Myers Squibb Co.
2.950%, 03/15/2032(f)		785,000		714,780
3.550%, 03/15/2042		300,000		258,491
Merck & Co, Inc.
2.750%, 12/10/2051		615,000		447,588
Roche Holdings, Inc.
2.607%, 12/13/2051(b)		615,000		439,449
Viatris, Inc.
4.000%, 06/22/2050		1,140,000		739,794
				6,303,754
Computer and Electronic Product Manufacturing—2.29%
Apple, Inc.
1.800%, 09/11/2024		2,818,000		2,733,703
Broadcom, Inc.
4.926%, 05/15/2037(b)		665,000		596,245
Dell International LLC / EMC Corp.
5.450%, 06/15/2023		289,000		292,073
6.200%, 07/15/2030(f)		1,140,000		1,188,865
Intel Corp.
3.750%, 03/25/2027(f)		1,144,000		1,132,184
4.900%, 08/05/2052		1,650,000		1,607,569
Marvell Technology, Inc.
2.950%, 04/15/2031		2,035,000		1,675,635
Microchip Technology, Inc.
4.333%, 06/01/2023		690,000		691,263
				9,917,537
Construction of Buildings—0.05%
Shea Homes LP / Shea Homes Funding Corp.
4.750%, 02/15/2028(b)		255,000		212,630
Credit Intermediation and Related Activities—5.88%
Bank of America Corp.
3.875%, 08/01/2025(f)		1,591,000		1,582,760
3.559% to 04/23/2026, then 3 Month LIBOR USD + 1.060%, 04/23/2027(a)		1,610,000		1,539,583
3.705% to 04/24/2027, then 3 Month LIBOR USD + 1.512%, 04/24/2028(a)		660,000		628,306
3.970% to 03/05/2028, then 3 Month LIBOR USD + 1.070%, 03/05/2029(a)		630,000		597,896
2.884% to 10/22/2029, then 3 Month LIBOR USD + 1.190%, 10/22/2030(a)		743,000		647,375
2.496% to 02/13/2030, then 3 Month LIBOR USD + 0.990%, 02/13/2031(a)		785,000		660,778
4.571% to 04/27/2032, then SOFR + 1.830%, 04/27/2033(a)		725,000		694,705
Citigroup, Inc.
3.200%, 10/21/2026		1,115,000		1,067,107
4.300%, 11/20/2026(f)		890,000		879,574
1.122% to 01/28/2026, then SOFR + 0.765%, 01/28/2027(a)		1,610,000		1,424,657
3.887% to 01/10/2027, then 3 Month LIBOR USD + 1.563%, 01/10/2028(a)(f)		835,000		801,285
3.520% to 10/27/2027, then 3 Month LIBOR USD + 1.151%, 10/27/2028(a)		455,000		423,270
2.976% to 11/05/2029, then SOFR + 1.422%, 11/05/2030(a)		495,000		433,079
Ford Motor Credit Co. LLC
5.113%, 05/03/2029		310,000		288,763
General Motors Financial Co., Inc.
5.100%, 01/17/2024		370,000		373,454
3.600%, 06/21/2030		700,000		608,048

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

20

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
GSK Consumer Healthcare Capital US LLC
3.375%, 03/24/2029(b)(f)	$	920,000	$	838,380
3.625%, 03/24/2032(b)		1,040,000		925,721
JPMorgan Chase & Co.
2.700%, 05/18/2023		480,000		477,464
2.950%, 10/01/2026		1,658,000		1,579,414
2.580% to 04/22/2031, then SOFR + 1.250%, 04/22/2032(a)		1,535,000		1,272,483
OneMain Finance Corp.
3.500%, 01/15/2027(f)		435,000		359,849
Synchrony Financial
2.875%, 10/28/2031		920,000		711,850
US Bancorp
4.967% to 07/22/2032, then SOFR + 2.110%, 07/22/2033(a)		1,040,000		1,028,918
Wells Fargo & Co.
2.406% to 10/30/2024, then SOFR + 1.087%, 10/30/2025(a)		900,000		860,697
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028(a)		1,020,000		915,654
4.150%, 01/24/2029		1,563,000		1,519,465
2.572% to 02/11/2030, then SOFR + 1.262%, 02/11/2031(a)		1,045,000		888,471
4.897% to 07/25/2032, then SOFR + 2.100%, 07/25/2033(a)		1,025,000		1,010,133
5.013% to 04/04/2050, then SOFR + 4.502%, 04/04/2051(a)		365,000		358,454
				25,397,593
Electrical Equipment, Appliance, and Component Manufacturing—0.08%
Energizer Holdings, Inc.
4.375%, 03/31/2029(b)(f)		430,000		349,769
Electronics and Appliance Stores—0.03%
AMC Networks, Inc.
4.250%, 02/15/2029		175,000		143,080
Food Manufacturing—0.05%
Post Holdings, Inc.
4.625%, 04/15/2030(b)		255,000		221,771
Food Services and Drinking Places—0.56%
Aramark Services, Inc.
5.000%, 02/01/2028(b)		400,000		368,582
McDonald’s Corp.
3.500%, 07/01/2027		1,622,000		1,581,314
Starbucks Corp.
2.550%, 11/15/2030		530,000		455,506
				2,405,402
General Merchandise Stores—0.26%
Walmart, Inc.
2.350%, 12/15/2022		1,142,000		1,139,301
Health and Personal Care Stores—0.26%
CVS Health Corp.
4.125%, 04/01/2040(f)		560,000		491,636
5.050%, 03/25/2048		650,000		628,230
				1,119,866
Hospitals—0.28%
HCA, Inc.
5.250%, 06/15/2049		870,000		779,441

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

21

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Tenet Healthcare Corp.
6.125%, 10/01/2028(b)(f)	$	455,000	$	418,038
				1,197,479
Insurance Carriers and Related Activities—1.40%
Berkshire Hathaway, Inc.
2.750%, 03/15/2023		2,543,000		2,539,280
Cigna Corp.
3.200%, 03/15/2040		690,000		544,749
Equitable Holdings, Inc.
5.000%, 04/20/2048		545,000		512,071
MetLife, Inc.
6.500%, 12/15/2032		2,137,000		2,438,529
				6,034,629
Machinery Manufacturing—0.24%
Deere & Co.
5.375%, 10/16/2029		983,000		1,054,903
Management of Companies and Enterprises—0.33%
Abbott Laboratories
3.400%, 11/30/2023		1,128,000		1,127,403
Park Intermediate Holdings LLC / PK Domestic Property LLC
5.875%, 10/01/2028(b)		335,000		308,307
				1,435,710
Merchant Wholesalers, Durable Goods—0.51%
CDW LLC / CDW Finance Corp.
2.670%, 12/01/2026		328,000		295,793
3.276%, 12/01/2028		1,915,000		1,689,986
3.569%, 12/01/2031		265,000		223,080
				2,208,859
Merchant Wholesalers, Nondurable Goods—0.47%
Energy Transfer LP
3.600%, 02/01/2023		600,000		599,351
Performance Food Group, Inc.
5.500%, 10/15/2027(b)(f)		155,000		145,860
Sysco Corp.
6.600%, 04/01/2050		764,000		890,616
Univar Solutions USA, Inc.
5.125%, 12/01/2027(b)		425,000		395,922
				2,031,749
Mining (except Oil and Gas)—0.16%
Freeport-McMoRan, Inc.
5.450%, 03/15/2043		760,000		686,577
Nonstore Retailers—0.71%
Amazon.com, Inc.
3.800%, 12/05/2024		1,637,000		1,646,185
eBay, Inc.
2.600%, 05/10/2031		1,680,000		1,408,437
				3,054,622

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

22

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Oil and Gas Extraction—0.74%
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500%, 06/15/2031(b)	$	315,000	$	279,119
Dominion Energy, Inc.
4.350%, 08/15/2032		1,415,000		1,369,789
Occidental Petroleum Corp.
4.300%, 08/15/2039		260,000		224,848
Phillips 66
1.300%, 02/15/2026		1,290,000		1,169,691
Venture Global Calcasieu Pass LLC
3.875%, 08/15/2029(b)(f)		180,000		157,302
				3,200,749
Other Information Services—0.17%
Meta Platforms, Inc.
4.450%, 08/15/2052(b)		815,000		742,940
Petroleum and Coal Products Manufacturing—0.18%
Marathon Petroleum Corp.
4.700%, 05/01/2025		775,000		780,734
Pipeline Transportation—1.03%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.375%, 06/15/2029(b)		385,000		353,467
Buckeye Partners LP
3.950%, 12/01/2026		130,000		115,622
DT Midstream, Inc.
4.125%, 06/15/2029(b)		215,000		189,179
Energy Transfer LP
6.625% to 02/15/2028, then 3 Month LIBOR USD + 4.155%(a)(h)		785,000		636,566
7.125% to 05/15/2030, then 5 Year CMT Rate + 5.306%(a)(h)		1,055,000		962,966
EQM Midstream Partners LP
5.500%, 07/15/2028		600,000		549,549
MPLX LP
4.700%, 04/15/2048		815,000		699,061
Plains All American Pipeline LP / PAA Finance Corp.
4.650%, 10/15/2025(f)		780,000		772,424
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
6.000%, 09/01/2031(b)		185,000		162,121
				4,440,955
Plastics and Rubber Products Manufacturing—0.04%
Goodyear Tire & Rubber Co.
5.250%, 04/30/2031(f)		215,000		187,773
Professional, Scientific, and Technical Services—0.49%
Nielsen Finance LLC / Nielsen Finance Co.
5.625%, 10/01/2028(b)		115,000		115,418
5.875%, 10/01/2030(b)		340,000		340,519
Presidio Holdings, Inc.
4.875%, 02/01/2027(b)		205,000		192,111
ServiceNow, Inc.
1.400%, 09/01/2030		1,894,000		1,490,940
				2,138,988

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

23

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Publishing Industries (except Internet)—1.00%
Microsoft Corp.
3.125%, 11/03/2025	$	2,676,000	$	2,629,658
Oracle Corp.
2.875%, 03/25/2031(f)		1,045,000		869,406
4.000%, 07/15/2046		615,000		452,154
Ziff Davis, Inc.
4.625%, 10/15/2030(b)		435,000		371,825
				4,323,043
Real Estate—0.68%
Public Storage
2.300%, 05/01/2031		2,787,000		2,384,875
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027		240,000		218,556
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC
7.875%, 02/15/2025(b)		325,000		321,487
				2,924,918
Rental and Leasing Services—0.17%
Air Lease Corp.
2.300%, 02/01/2025		655,000		614,350
Harsco Corp.
5.750%, 07/31/2027(b)(f)		185,000		131,484
				745,834
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—4.30%
BAT Capital Corp.
3.222%, 08/15/2024		222,000		217,019
3.557%, 08/15/2027		220,000		202,542
3.734%, 09/25/2040		665,000		467,697
Charles Schwab Corp.
2.300%, 05/13/2031		1,725,000		1,467,389
CME Group, Inc.
3.000%, 03/15/2025		1,085,000		1,065,775
CommScope, Inc.
8.250%, 03/01/2027(b)		642,000		551,317
Goldman Sachs Group, Inc.
3.850%, 01/26/2027		1,375,000		1,334,909
3.800%, 03/15/2030		1,450,000		1,341,431
2.615% to 04/22/2031, then SOFR + 1.281%, 04/22/2032(a)		1,040,000		858,909
2.383% to 07/21/2031, then SOFR + 1.248%, 07/21/2032(a)		1,315,000		1,068,159
4.017% to 10/31/2037, then 3 Month LIBOR USD + 1.373%, 10/31/2038(a)		250,000		219,046
Morgan Stanley
0.791% to 01/22/2024, then SOFR + 0.509%, 01/22/2025(a)(f)		1,300,000		1,234,071
6.250%, 08/09/2026		2,436,000		2,597,091
3.950%, 04/23/2027		935,000		908,051
3.591% to 07/22/2027, then 3 Month LIBOR USD + 1.340%, 07/22/2028(a)		1,625,000		1,537,492
2.699% to 01/22/2030, then SOFR + 1.143%, 01/22/2031(a)		1,190,000		1,032,796
2.239% to 07/21/2031, then SOFR + 1.178%, 07/21/2032(a)		1,670,000		1,351,951
5.297% to 04/20/2032, then SOFR + 2.620%, 04/20/2037(a)		480,000		460,592
MPH Acquisition Holdings LLC
5.500%, 09/01/2028(b)		350,000		298,944

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

24

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.750%, 04/15/2026(b)	$	395,000	$	380,657
				18,595,838
Support Activities for Mining—0.06%
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028(b)		275,000		260,232
Telecommunications—2.51%
AT&T, Inc.
2.550%, 12/01/2033		1,100,000		880,216
3.650%, 06/01/2051		845,000		649,859
3.500%, 09/15/2053		265,000		196,398
3.550%, 09/15/2055		184,000		135,421
3.650%, 09/15/2059		1,018,000		741,945
Frontier Communications Holdings LLC
5.875%, 10/15/2027(b)		400,000		373,848
Lumen Technologies, Inc.
4.500%, 01/15/2029(b)		360,000		269,100
T-Mobile USA, Inc.
2.875%, 02/15/2031		215,000		182,039
4.375%, 04/15/2040		550,000		487,683
3.000%, 02/15/2041		1,186,000		872,472
4.500%, 04/15/2050		645,000		564,706
3.300%, 02/15/2051		350,000		252,140
Verizon Communications, Inc.
4.329%, 09/21/2028		2,494,000		2,465,495
4.016%, 12/03/2029		400,000		384,984
2.355%, 03/15/2032(f)		2,360,000		1,943,308
2.987%, 10/30/2056		660,000		446,251
				10,845,865
Transportation Equipment Manufacturing—1.84%
Boeing Co.
4.875%, 05/01/2025(f)		1,371,000		1,376,127
3.900%, 05/01/2049		185,000		135,508
5.805%, 05/01/2050		1,750,000		1,671,694
Ford Motor Co.
4.750%, 01/15/2043		150,000		112,382
General Motors Co.
6.125%, 10/01/2025		1,448,000		1,492,086
Raytheon Technologies Corp.
7.500%, 09/15/2029		2,213,000		2,587,447
Spirit AeroSystems, Inc.
5.500%, 01/15/2025(b)		115,000		112,764
TransDigm, Inc.
6.250%, 03/15/2026(b)		470,000		462,351
				7,950,359
Utilities—1.36%
Calpine Corp.
4.500%, 02/15/2028(b)(f)		530,000		485,541
DTE Energy Co.
3.400%, 06/15/2029		607,000		555,593

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

25

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Exelon Corp.
4.700%, 04/15/2050	$	475,000	$	449,047
Kinder Morgan Energy Partners LP
4.150%, 02/01/2024		755,000		755,255
Kinder Morgan, Inc.
5.550%, 06/01/2045(f)		1,745,000		1,706,122
New Fortress Energy, Inc.
6.500%, 09/30/2026(b)		160,000		150,942
Pacific Gas and Electric Co.
2.500%, 02/01/2031		1,405,000		1,077,330
Southern Co.
2.950%, 07/01/2023		313,000		310,838
Vistra Operations Co. LLC
4.375%, 05/01/2029(b)(f)		455,000		397,467
				5,888,135
Warehousing and Storage—0.15%
Iron Mountain, Inc.
5.250%, 03/15/2028(b)		80,000		73,524
4.875%, 09/15/2029(b)		410,000		356,249
5.250%, 07/15/2030(b)(f)		260,000		230,406
				660,179
Wood Product Manufacturing—0.02%
Standard Industries, Inc.
4.750%, 01/15/2028(b)(f)		110,000		96,357
TOTAL CORPORATE BONDS (Cost $170,311,148)				150,657,322
FOREIGN CORPORATE BONDS—7.82%
Air Transportation—0.79%
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.500%, 10/20/2025(b)		3,500,000		3,431,709
Chemical Manufacturing—0.07%
NOVA Chemicals Corp.
4.875%, 06/01/2024(b)		205,000		196,539
5.250%, 06/01/2027(b)		130,000		114,969
				311,508
Computer and Electronic Product Manufacturing—0.38%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.450%, 10/01/2025		800,000		775,655
NXP BV / NXP Funding LLC / NXP USA, Inc.
5.000%, 01/15/2033		905,000		874,040
				1,649,695
Credit Intermediation and Related Activities—4.06%
ABN AMRO Bank NV
3.324% to 03/13/2032, then 5 Year CMT Rate + 1.900%, 03/13/2037(a)(b)		600,000		468,152
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.300%, 01/30/2032		880,000		712,536
Banco Santander SA
1.849%, 03/25/2026		1,600,000		1,426,418
5.294%, 08/18/2027		1,400,000		1,374,976
3.490%, 05/28/2030		400,000		343,673

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

26

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Barclays PLC
2.852% to 05/07/2025, then SOFR + 2.714%, 05/07/2026(a)	$	2,145,000	$	2,011,835
3.564% to 09/23/2030, then 5 Year CMT Rate + 2.900%, 09/23/2035(a)		1,000,000		804,186
BAT International Finance PLC
1.668%, 03/25/2026		1,590,000		1,422,857
BNP Paribas SA
2.219% to 06/09/2025, then SOFR + 2.074%, 06/09/2026(a)(b)		1,015,000		936,564
3.052% to 01/13/2030, then SOFR + 1.507%, 01/13/2031(a)(b)		615,000		521,399
Credit Suisse Group AG
3.800%, 06/09/2023		860,000		856,165
6.537% to 08/12/2032, then SOFR + 3.920%, 08/12/2033(a)(b)(f)		950,000		910,227
HSBC Holdings PLC
2.633% to 11/07/2024, then SOFR + 1.402%, 11/07/2025(a)		1,417,000		1,343,528
2.099% to 06/04/2025, then SOFR + 1.929%, 06/04/2026(a)		200,000		184,491
4.950%, 03/31/2030(f)		285,000		277,384
6.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%(a)(h)		910,000		838,249
Intesa Sanpaolo SpA
4.198% to 06/01/2031, then 1 Year CMT Rate + 2.600%, 06/01/2032(a)(b)		770,000		559,982
UBS Group AG
4.751% to 05/12/2027, then 1 Year CMT Rate + 1.750%, 05/12/2028(a)(b)		1,170,000		1,150,403
Virgin Media Vendor Financing Notes IV DAC
5.000%, 07/15/2028(b)		350,000		299,478
Westpac Banking Corp.
2.668% to 11/15/2030, then 5 Year CMT Rate + 1.750%, 11/15/2035(a)		1,370,000		1,081,985
				17,524,488
Food Manufacturing—0.16%
Grupo Bimbo SAB de CV
4.700%, 11/10/2047(b)		730,000		687,931
Management of Companies and Enterprises—1.28%
Altice France SA
5.500%, 01/15/2028(b)		405,000		330,233
Carnival Corp.
10.500%, 02/01/2026(b)		160,000		165,008
7.625%, 03/01/2026(b)(f)		580,000		493,783
Credit Suisse Group AG
2.997% to 12/14/2022, then 3 Month LIBOR USD + 1.200%, 12/14/2023(a)(b)		1,145,000		1,137,224
3.869% to 01/12/2028, then 3 Month LIBOR USD + 1.410%, 01/12/2029(a)(b)		250,000		217,146
4.194% to 04/01/2030, then SOFR + 3.730%, 04/01/2031(a)(b)		560,000		471,937
3.091% to 05/14/2031, then SOFR + 1.730%, 05/14/2032(a)(b)		830,000		629,334
Lloyds Banking Group PLC
1.627% to 05/11/2026, then 1 Year CMT Rate + 0.850%, 05/11/2027(a)(f)		1,610,000		1,425,009
3.369% to 12/14/2041, then 5 Year CMT Rate + 1.500%, 12/14/2046(a)		920,000		639,220
				5,508,894
Mining (except Oil and Gas)—0.04%
Hudbay Minerals, Inc.
6.125%, 04/01/2029(b)		210,000		185,172
Oil and Gas Extraction—0.21%
Canadian Natural Resources Ltd.
6.250%, 03/15/2038		850,000		890,251

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

27

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—0.58%
Natwest Group PLC
3.032% to 11/28/2030, then 5 Year CMT Rate + 2.350%, 11/28/2035(a)(f)	$	2,170,000	$	1,700,787
Societe Generale SA
3.337% to 01/21/2032, then 1 Year CMT Rate + 1.600%, 01/21/2033(a)(b)		975,000		787,288
				2,488,075
Support Activities for Transportation—0.09%
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026(b)(f)		405,000		385,827
Telecommunications—0.10%
Vodafone Group PLC
4.875%, 06/19/2049		500,000		451,319
Water Transportation—0.06%
Royal Caribbean Cruises Ltd.
5.500%, 04/01/2028(b)(f)		350,000		269,619
TOTAL FOREIGN CORPORATE BONDS (Cost $37,967,565)				33,784,488
FOREIGN GOVERNMENT AGENCY ISSUES—1.01%
Asian Development Bank
3.125%, 04/27/2032		960,000		944,186
Development Bank of Japan, Inc.
1.000%, 08/27/2030(b)		260,000		211,908
European Investment Bank
3.250%, 11/15/2027		235,000		233,414
1.750%, 03/15/2029		115,000		104,354
International Bank for Reconstruction & Development
3.125%, 06/15/2027		640,000		631,806
Japan International Cooperation Agency
3.250%, 05/25/2027		790,000		770,718
Kreditanstalt fuer Wiederaufbau
3.000%, 05/20/2027		740,000		726,822
Province of Ontario Canada
2.125%, 01/21/2032		865,000		755,149
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $4,596,842)				4,378,357
FOREIGN GOVERNMENT NOTES/BONDS—2.15%
Brazilian Government International Bond
5.625%, 02/21/2047		515,000		427,766
Colombia Government International Bond
4.000%, 02/26/2024		590,000		578,588
3.875%, 04/25/2027		150,000		134,730
3.000%, 01/30/2030(f)		570,000		441,708
Dominican Republic International Bond
6.875%, 01/29/2026(b)		330,000		338,524
6.850%, 01/27/2045(b)		560,000		476,915
Hungary Government International Bond
7.625%, 03/29/2041(f)		560,000		648,571
Indonesia Government International Bond
4.350%, 01/08/2027(b)		550,000		556,589
5.250%, 01/17/2042(b)		410,000		411,551
Mexico Government International Bond
4.350%, 01/15/2047		740,000		582,064

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

28

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Paraguay Government International Bond
4.700%, 03/27/2027(b)(f)	$	715,000	$	707,756
Peruvian Government International Bond
2.392%, 01/23/2026		480,000		449,862
8.750%, 11/21/2033(f)		380,000		489,625
Philippine Government International Bond
3.950%, 01/20/2040		640,000		584,694
Republic of Azerbaijan International Bond
4.750%, 03/18/2024(b)		720,000		720,112
Republic of South Africa Government International Bond
5.000%, 10/12/2046		150,000		101,830
Romanian Government International Bond
6.125%, 01/22/2044(b)		975,000		926,253
Saudi Government International Bond
4.500%, 10/26/2046(b)		755,000		706,879
TOTAL FOREIGN GOVERNMENT NOTES/BONDS (Cost $10,913,850)				9,284,017
NON-AGENCY MORTGAGE BACKED SECURITIES—5.28%
Angel Oak Mortgage Trust
2019-6, 2.620%, 11/25/2059(b)(d)		94,427		92,657
Bank
2021-BNK31, 1.739%, 02/15/2054		454,000		397,096
2022-BNK39, 2.928%, 02/15/2055		179,000		159,453
BBCMS Mortgage Trust
2021-C11, 1.504%, 09/15/2054(d)(e)		7,975,801		655,901
BB-UBS Trust
2012-SHOW, 3.430%, 11/05/2036(b)		1,646,000		1,574,250
Benchmark Mortgage Trust
2020-B21, 1.978%, 12/17/2053		251,000		209,314
2021-B23, 1.766%, 02/15/2054		612,000		534,298
2021-B26, 0.999%, 06/15/2054(d)(e)		9,538,801		504,073
2021-B29, 2.388%, 09/15/2054		301,000		256,362
2021-B31 D, 2.250%, 12/15/2054(b)		278,000		177,155
2021-B31, 2.669%, 12/15/2054		262,716		228,513
2021-B31 C, 3.195%, 12/15/2054(d)		415,000		329,229
2022-B34, 3.786%, 04/15/2055(d)		231,021		220,044
BX Commercial Mortgage Trust
2021-VOLT, 4.041% (1 Month LIBOR USD + 1.650%), 09/15/2036(b)(c)		1,085,000		1,039,364
BX Trust
2021-SDMF, 3.978% (1 Month LIBOR USD + 1.587%), 09/15/2034(b)(c)		653,000		618,772
2019-OC11, 3.202%, 12/09/2041(b)		971,000		862,138
BXP Trust
2017-GM, 3.379%, 06/13/2039(b)		331,000		309,929
CAMB Commercial Mortgage Trust
2019-LIFE, 3.641% (1 Month LIBOR USD + 1.250%), 12/15/2037(b)(c)		978,000		957,827
Citigroup Commercial Mortgage Trust
2013-GCJ11, 3.732%, 04/10/2046(d)		455,000		449,050
2013-GC17, 5.095%, 11/10/2046(d)		145,000		143,258
2014-GC25, 1.098%, 10/10/2047(d)(e)		1,294,446		19,932
2015-GC27, 1.470%, 02/10/2048(d)(e)		935,444		22,963
2022-GC48, 4.743%, 05/15/2054(d)		238,407		245,272
2019-GC41, 2.869%, 08/10/2056		346,000		314,827
COMM Mortgage Trust
2012-CCRE4, 3.251%, 10/15/2045		476,000		468,662

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

29

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount			Value
2014-UBS2, 3.472%, 03/10/2047	$	232,540		$	230,865
2014-CR16, 1.105%, 04/10/2047(d)(e)		1,225,496			14,890
2014-LC15, 1.220%, 04/10/2047(d)(e)		1,200,766			14,042
2014-CR17, 1.113%, 05/10/2047(d)(e)		1,037,349			12,142
2014-UBS3, 1.218%, 06/10/2047(d)(e)		867,131			11,569
2014-UBS6, 1.000%, 12/10/2047(d)(e)		1,473,589			21,991
2014-CCRE21, 3.987%, 12/10/2047		281,514			273,190
Connecticut Avenue Securities Trust
2021-R01, 3.733% (SOFR30A + 1.550%), 10/25/2041(b)(c)		480,000			464,773
2022-R01, 4.083% (SOFR30A + 1.900%), 12/25/2041(b)(c)		1,070,000			1,000,132
2022-R03, 5.683% (SOFR30A + 3.500%), 03/25/2042(b)(c)		1,065,000			1,079,016
2022-R07, 5.158% (SOFR30A + 2.950%), 06/25/2042(b)(c)		635,305			649,133
CSAIL Commercial Mortgage Trust
2019-C17, 3.016%, 09/15/2029		850,000			770,186
2015-C1, 4.044%, 04/15/2050(d)		450,000			418,387
2015-C2, 0.859%, 06/15/2057(d)(e)		1,418,532			21,049
GS Mortgage Securities Trust
2012-GCJ9, 3.747%, 11/10/2045(b)		345,000	��		344,173
2014-GC18, 1.201%, 01/10/2047(d)(e)		3,271,470			34,289
2014-GC26, 1.088%, 11/10/2047(d)(e)		1,817,700			30,210
2015-GC34, 3.278%, 10/10/2048		91,479			89,911
2020-GC47, 2.377%, 05/12/2053		73,000			63,508
Hilton USA Trust
2016-HHV, 3.719%, 11/05/2038(b)		283,000			267,605
Hudson Yards Mortgage Trust
2019-55HY, 3.041%, 12/10/2041(b)(d)		865,000			770,737
J.P. Morgan Chase Commercial Mortgage Securities Trust
2022-OPO, 3.377%, 01/05/2039(b)		501,000			451,470
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9, 2.657%, 05/15/2046		64,826			64,592
Morgan Stanley Capital I Trust
2015-MS1, 3.779%, 05/15/2048(d)		200,000			195,596
2018-L1, 4.880%, 10/15/2051(d)		325,000			311,777
2020-HR8, 2.041%, 07/15/2053		335,000			282,306
New Residential Mortgage Loan Trust
2019-NQM5, 2.710%, 11/25/2059(b)(d)		156,546			148,478
OBX Trust
2021-NQM3, 1.054%, 07/25/2061(b)(d)		805,213			667,611
Taubman Centers Commercial Mortgage Trust
2022-DPM, 5.239% (TSFR1M + 2.932%), 05/15/2037(b)(c)		1,045,000			1,024,798
UBS Commercial Mortgage Trust
2017-C2, 3.487%, 08/15/2050		1,025,000			979,604
2017-C4 AS, 3.836%, 10/15/2050(d)		200,000			188,530
2018-C14, 3.379%, 12/15/2051		9,278			9,263
UBS-Barclays Commercial Mortgage Trust
2013-C6, 2.788%, 04/10/2046		15,497			15,476
Verus Securitization Trust
2019-4, 2.642%, 11/25/2059(b)		48,773			47,999
Wells Fargo Commercial Mortgage Trust
2015-C29, 3.637%, 06/15/2048		130,000			127,074
2018-C48, 4.302%, 01/15/2052		625,000			617,708
WFRBS Commercial Mortgage Trust
2014-LC14, 1.419%, 03/15/2047(d)(e)		659,765			8,176
2014-C22, 0.940%, 09/15/2057(d)(e)		2,926,523			34,798

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

30

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
2014-C22, 4.069%, 09/15/2057(d)	$	290,000	$	283,777
TOTAL NON-AGENCY MORTGAGE BACKED SECURITIES (Cost $25,747,535)				22,831,170
AGENCY MORTGAGE BACKED SECURITIES — 30.81%
Fannie Mae Connecticut Avenue Securities
2017-C03, 5.444% (1 Month LIBOR USD + 3.000%), 10/25/2029(c)		1,095,677		1,122,302
2017-C04, 5.294% (1 Month LIBOR USD + 2.850%), 11/25/2029(c)		252,894		259,341
2017-C05, 4.644% (1 Month LIBOR USD + 2.200%), 01/25/2030(c)		554,988		546,762
2017-C06, 5.244% (1 Month LIBOR USD + 2.800%), 02/25/2030(c)		1,201,007		1,192,512
2017-C07 1M2, 4.844% (1 Month LIBOR USD + 2.400%), 05/25/2030(c)		562,423		556,948
2017-C07 2M2, 4.944% (1 Month LIBOR USD + 2.500%), 05/25/2030(c)		540,150		549,718
2018-C01, 4.694% (1 Month LIBOR USD + 2.250%), 07/25/2030(c)		1,251,495		1,259,728
2018-C02, 4.644% (1 Month LIBOR USD + 2.200%), 08/25/2030(c)		1,199,510		1,200,634
2018-C03, 4.594% (1 Month LIBOR USD + 2.150%), 10/25/2030(c)		837,585		849,320
2018-C04, 4.994% (1 Month LIBOR USD + 2.550%), 12/25/2030(c)		1,725,424		1,750,011
Fannie Mae Interest Strip
#TBA, 4.000%, 08/25/2043(e)		1,344,204		237,742
Fannie Mae Pool
MA0096, 4.500%, 06/01/2029		3,099		3,150
AB3000, 4.500%, 05/01/2031		8,729		8,811
AB1389, 4.500%, 08/01/2040		26,122		26,718
#TBA, 4.000%, 09/01/2040		3,410,000		3,334,341
MA0510, 4.500%, 09/01/2040		287		294
AE8714, 3.500%, 11/01/2040		10,573		10,327
890310, 4.500%, 12/01/2040		6,137		6,277
AH3952, 4.000%, 01/01/2041		76,444		76,671
AL0791, 4.000%, 02/01/2041		27,134		27,214
AE0954, 4.500%, 02/01/2041		21,693		22,188
AS7001, 3.000%, 04/01/2041		535,202		509,985
AL0245, 4.000%, 04/01/2041		5,698		5,704
AL0065, 4.500%, 04/01/2041		10,318		10,554
AB3194, 4.500%, 06/01/2041		7,547		7,719
AH7395, 4.500%, 06/01/2041		2,322		2,329
#TBA, 5.000%, 09/15/2041		1,695,000		1,713,388
FM0040, 3.000%, 10/01/2041		96,026		91,562
AL1547, 4.500%, 11/01/2041		4,027		4,119
AJ9278, 3.500%, 12/01/2041		5,204		5,066
AJ6346, 3.500%, 12/01/2041		16,952		16,549
AK6744, 4.000%, 03/01/2042		32,702		32,721
AK9393, 3.500%, 04/01/2042		10,319		10,041
AO1214, 3.500%, 04/01/2042		60,088		58,617
AK6568, 3.500%, 04/01/2042		21,553		21,025
AL4029, 4.500%, 04/01/2042		30,480		31,178
AL7306, 4.500%, 09/01/2042		17,409		17,636
AP8743, 3.500%, 10/01/2042		162,017		158,063
AL3714, 3.500%, 01/01/2043		15,089		14,720
AL2897, 3.500%, 01/01/2043		23,219		22,650
AQ9330, 3.500%, 01/01/2043		20,429		19,879
AB7965, 3.500%, 02/01/2043		13,412		13,084
AB9046, 3.500%, 04/01/2043		40,775		39,775
AT2021, 3.500%, 04/01/2043		13,760		13,390
AT1001, 3.500%, 04/01/2043		15,104		14,799
AB9260, 3.500%, 05/01/2043		38,139		37,204
AS0212, 3.500%, 08/01/2043		35,599		34,727

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

31

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
AU0949, 3.500%, 08/01/2043	$	32,810	$	32,377
AU3751, 4.000%, 08/01/2043		67,808		67,799
AU6857, 4.000%, 09/01/2043		29,692		29,753
AS0531, 4.000%, 09/01/2043		31,266		31,271
AU4658, 4.500%, 09/01/2043		5,618		5,641
MA1600, 3.500%, 10/01/2043		15,832		15,444
AS1042, 4.000%, 11/01/2043		26,189		26,186
AS1333, 4.500%, 12/01/2043		11,307		11,566
AL4450, 4.500%, 12/01/2043		12,615		12,904
AS1559, 4.000%, 01/01/2044		17,656		17,686
AS2516, 4.500%, 05/01/2044		12,346		12,628
AS2751, 4.500%, 06/01/2044		15,097		15,443
MA1926, 4.500%, 06/01/2044		12,771		12,997
AL6223, 4.500%, 08/01/2044		14,891		15,232
AX0118, 4.000%, 09/01/2044		116,313		115,750
AX2491, 4.000%, 10/01/2044		7,603		7,591
AS3467, 4.000%, 10/01/2044		9,674		9,672
AL6432, 4.000%, 01/01/2045		24,509		24,506
AL6520, 4.000%, 02/01/2045		85,469		85,512
AZ0862, 3.500%, 07/01/2045		46,565		45,150
AZ0814, 3.500%, 07/01/2045		27,712		26,878
BM1953, 3.500%, 08/01/2045		58,977		57,534
AZ4775, 3.500%, 10/01/2045		11,718		11,354
AZ4788, 4.000%, 10/01/2045		242,871		242,261
CA2929, 3.500%, 12/01/2045		96,453		93,481
AS6311, 3.500%, 12/01/2045		16,922		16,426
AS6405, 4.000%, 12/01/2045		198,701		198,231
AS6464, 3.500%, 01/01/2046		22,373		21,719
BC4114, 3.500%, 02/01/2046		131,763		127,900
AL8219, 4.000%, 02/01/2046		207,284		208,000
BC0305, 4.000%, 03/01/2046		48,818		48,633
AS6795, 4.000%, 03/01/2046		44,424		44,253
AL8387, 4.000%, 03/01/2046		498,959		499,088
FM1370, 3.000%, 04/01/2046		33,691		31,979
BC0793, 3.500%, 04/01/2046		113,277		110,010
BC0835, 4.000%, 04/01/2046		104,835		104,371
AS7248, 4.000%, 05/01/2046		56,703		56,528
AS7200, 4.500%, 05/01/2046		6,482		6,516
AS7388, 3.500%, 06/01/2046		471,226		459,217
AS7401, 4.000%, 06/01/2046		42,498		42,345
AL9282, 4.000%, 06/01/2046		79,837		79,632
AL8735, 4.000%, 06/01/2046		117,074		116,941
AS7580, 3.000%, 07/01/2046		107,903		102,159
AS7492, 4.000%, 07/01/2046		20,182		20,137
AS7801, 3.500%, 08/01/2046		103,297		100,272
MA2737, 3.000%, 09/01/2046		599,702		567,545
MA2771, 3.000%, 10/01/2046		90,988		86,071
AS8056, 3.000%, 10/01/2046		59,216		55,966
BM3932, 3.500%, 10/01/2046		84,090		81,567
AS8269, 3.000%, 11/01/2046		76,269		72,052
AS8699, 4.000%, 01/01/2047		21,099		20,980
BE2975, 4.000%, 01/01/2047		103,359		102,375
AS8661, 4.000%, 01/01/2047		70,913		70,512
AS8659, 4.000%, 01/01/2047		26,664		26,537

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

32

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
AS8700, 4.500%, 01/01/2047	$	25,289	$	25,632
MA2872, 4.500%, 01/01/2047		60,586		61,351
AL9879, 3.500%, 02/01/2047		1,418,725		1,377,047
BE5475, 3.500%, 02/01/2047		37,388		36,247
AL9916, 4.000%, 02/01/2047		119,226		118,919
AS8966, 4.000%, 03/01/2047		20,304		20,202
FM4894, 4.000%, 03/01/2047		445,226		444,628
AS8982, 4.500%, 03/01/2047		8,406		8,506
FM1000, 3.000%, 04/01/2047		216,020		203,703
CA5843, 3.000%, 04/01/2047		122,906		115,755
MA2959, 3.500%, 04/01/2047		82,039		79,229
BM5348, 3.500%, 05/01/2047		46,367		45,017
BM5784, 3.500%, 05/01/2047		105,026		101,964
AS9536, 3.500%, 05/01/2047		41,652		40,431
BM5347, 3.500%, 05/01/2047		93,049		90,334
BE3619, 4.000%, 05/01/2047		90,320		89,672
MA3008, 4.500%, 05/01/2047		17,510		17,584
AS9829, 3.500%, 06/01/2047		37,844		36,727
AS9664, 4.000%, 06/01/2047		22,913		22,804
BE3702, 4.000%, 06/01/2047		50,111		49,697
AS9831, 4.000%, 06/01/2047		55,511		55,197
BM5179, 3.000%, 07/01/2047		68,996		65,406
BE3767, 3.500%, 07/01/2047		48,209		46,712
CA0062, 4.000%, 07/01/2047		44,615		44,390
MA3121, 4.000%, 09/01/2047		520,405		517,158
FM4019, 3.500%, 10/01/2047		439,614		424,336
CA0559, 4.500%, 10/01/2047		53,347		53,985
FM1467, 3.000%, 12/01/2047		68,201		64,994
BH7058, 3.500%, 12/01/2047		122,819		118,659
MA3210, 3.500%, 12/01/2047		113,094		109,375
FM2897, 3.000%, 02/01/2048		214,300		202,775
CA4140, 3.000%, 02/01/2048		68,332		64,345
CA1535, 3.500%, 02/01/2048		23,240		22,517
BJ8783, 3.500%, 02/01/2048		83,813		81,185
CA1218, 4.500%, 02/01/2048		38,724		38,837
MA3278, 4.500%, 02/01/2048		225,816		227,030
BJ0650, 3.500%, 03/01/2048		51,067		49,398
BJ0648, 3.500%, 03/01/2048		48,229		46,653
BM3590, 3.500%, 03/01/2048		98,843		95,700
FM5923, 3.500%, 03/01/2048		608,502		589,920
BM3900, 4.000%, 04/01/2048		94,362		93,699
CA1710, 4.500%, 05/01/2048		66,205		66,772
FM2385, 3.000%, 09/01/2048		131,168		123,505
FM1572, 3.000%, 09/01/2048		216,356		204,798
BM5024, 3.000%, 11/01/2048		57,584		54,129
FM2915, 3.000%, 11/01/2048		469,209		446,907
FM5108, 3.500%, 11/01/2048		621,788		603,640
FM1239, 3.500%, 11/01/2048		76,471		74,059
FM2239, 3.000%, 12/01/2048		115,770		109,310
CA2922, 3.000%, 12/01/2048		193,364		181,607
FM1051, 4.500%, 05/01/2049		155,936		156,956
FM4895, 4.000%, 06/01/2049		398,138		395,904
CA3683, 4.500%, 06/01/2049		60,614		61,057
BO2201, 3.000%, 09/01/2049		162,763		151,436

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

33

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
CA4571, 4.000%, 11/01/2049	$	401,636	$	396,209
BO6164, 3.000%, 01/01/2050		68,799		64,072
BO8947, 3.000%, 01/01/2050		87,426		81,283
FM3619, 4.500%, 01/01/2050		102,384		102,084
BP2099, 3.000%, 02/01/2050		360,211		335,379
BP1424, 3.000%, 03/01/2050		132,625		123,293
FM7592, 3.500%, 03/01/2050		605,981		584,417
CA5519, 3.000%, 04/01/2050		77,297		71,946
FM4334, 3.000%, 04/01/2050		186,657		174,089
MA3992, 3.500%, 04/01/2050		152,657		147,095
CA5559, 3.500%, 04/01/2050		625,142		602,007
CA5670, 3.000%, 05/01/2050		124,044		115,337
CA5668, 3.000%, 05/01/2050		295,318		274,861
CA6086, 3.000%, 06/01/2050		1,222,707		1,139,969
BP6466, 3.000%, 07/01/2050		192,619		179,257
CA6291, 3.000%, 07/01/2050		87,192		81,193
BP6481, 4.500%, 07/01/2050		34,967		35,085
BQ0239, 2.500%, 08/01/2050		200,399		180,886
BQ0188, 3.000%, 08/01/2050		106,758		99,341
BP6716, 2.500%, 09/01/2050		354,221		318,090
BK3044, 2.500%, 09/01/2050		336,345		302,061
MA4121, 3.000%, 09/01/2050		578,904		540,157
FM9143, 4.500%, 09/01/2050		144,278		145,189
MA4160, 3.000%, 10/01/2050		488,801		454,853
MA4170, 4.500%, 10/01/2050		337,139		336,850
FM7475, 4.500%, 10/01/2050		23,758		23,912
MA4208, 2.000%, 12/01/2050		2,467,403		2,138,047
FM5316, 2.000%, 12/01/2050		198,725		171,932
MA4237, 2.000%, 01/01/2051		207,024		179,228
BR1269, 2.500%, 01/01/2051		783,338		705,541
MA4256, 2.500%, 02/01/2051		700,443		628,874
FM6289, 3.000%, 02/01/2051		549,403		511,158
MA4282, 2.500%, 03/01/2051		445,840		400,311
MA4306, 2.500%, 04/01/2051		286,524		257,070
BR7795, 2.500%, 04/01/2051		716,561		642,513
MA4307, 3.000%, 04/01/2051		843,920		784,814
MA4325, 2.000%, 05/01/2051		714,652		617,589
MA4326, 2.500%, 05/01/2051		472,997		423,646
BT2488, 2.500%, 05/01/2051		446,568		400,320
FM7189, 2.500%, 05/01/2051		502,373		450,530
MA4356, 2.500%, 06/01/2051		938,741		843,493
BT0417, 2.500%, 06/01/2051		308,937		276,905
FM7738, 2.500%, 06/01/2051		509,071		456,311
MA4357, 3.000%, 06/01/2051		681,224		633,228
MA4378, 2.000%, 07/01/2051		671,959		581,397
FS1550, 2.500%, 07/01/2051		358,399		322,032
BT1339, 2.500%, 07/01/2051		777,826		697,315
CB1027, 2.500%, 07/01/2051		267,075		239,318
MA4379, 2.500%, 07/01/2051		370,750		332,376
CB1038, 2.500%, 07/01/2051		333,386		298,778
FM8178, 2.500%, 07/01/2051		809,600		725,334
MA4380, 3.000%, 07/01/2051		938,747		872,510
MA4399, 2.500%, 08/01/2051		2,457,304		2,202,498
FM8360, 2.500%, 08/01/2051		376,124		337,801

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

34

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
FM8422, 2.500%, 08/01/2051	$	781,964	$	700,961
BT3273, 2.500%, 08/01/2051		781,668		700,567
MA4401, 3.500%, 08/01/2051		247,838		237,331
BT7263, 2.500%, 09/01/2051		472,527		423,575
FM8821, 3.000%, 09/01/2051		446,676		415,067
MA4437, 2.000%, 10/01/2051		353,664		305,550
MA4465, 2.000%, 11/01/2051		95,208		82,269
CB2852, 2.000%, 11/01/2051		1,371,162		1,185,713
MA4493, 2.500%, 12/01/2051		449,795		402,885
FS0121, 2.000%, 01/01/2052		789,824		683,051
CB2548, 2.500%, 01/01/2052		144,141		129,340
FS1027, 3.000%, 02/01/2052		819,713		762,402
BV4139, 2.500%, 03/01/2052		219,409		196,968
BV2859, 3.000%, 03/01/2052		793,846		736,495
MA4600, 3.500%, 05/01/2052		1,569,255		1,500,033
BU8667, 4.000%, 05/01/2052		572,381		562,207
MA4625, 3.500%, 06/01/2052		640,451		612,366
BU8725, 3.500%, 06/01/2052		249,254		238,321
MA4626, 4.000%, 06/01/2052		713,668		698,941
CB3914, 4.000%, 06/01/2052		539,988		528,978
BV2634, 4.000%, 07/01/2052		548,960		537,256
MA4655, 4.000%, 07/01/2052		494,310		484,129
MA4656, 4.500%, 07/01/2052		345,720		344,708
BV2623, 4.500%, 07/01/2052		272,617		271,819
FS2603, 4.500%, 08/01/2052		725,000		722,877
MA4731, 3.500%, 09/01/2052		350,000		334,488
Fannie Mae Principal Strip
#TBA, 0.000%, 07/15/2037		1,370,000		780,948
Fannie Mae REMICS
2012-70, 3.556% (1 Month LIBOR USD + 6.000%), 07/25/2042(c)(e)		969,183		121,564
2012-68, 3.606% (1 Month LIBOR USD + 6.050%), 07/25/2042(c)(e)		1,632,896		215,699
2013-6, 3.656% (1 Month LIBOR USD + 6.100%), 02/25/2043(c)(e)		1,023,655		125,056
2013-18, 3.656% (1 Month LIBOR USD + 6.100%), 03/25/2043(c)(e)		1,088,696		141,372
2014-90, 3.706% (1 Month LIBOR USD + 6.150%), 01/25/2045(c)(e)		1,562,584		202,440
2015-32, 3.756% (1 Month LIBOR USD + 6.200%), 05/25/2045(c)(e)		998,792		127,707
2016-03, 4.000%, 02/25/2046(e)		464,283		83,055
2016-40, 3.406% (1 Month LIBOR USD + 5.850%), 07/25/2046(c)(e)		632,400		81,870
2018-07, 4.000%, 02/25/2048(e)		1,285,049		246,996
2020-52, 4.500%, 08/25/2050(e)		1,167,025		248,260
Freddie Mac Gold Pool
G1-3122, 5.000%, 04/01/2023		47		48
G1-4953, 3.500%, 01/01/2029		16,299		16,154
A8-6315, 4.500%, 05/01/2039		14,482		14,792
A8-6521, 4.500%, 05/01/2039		28,836		29,524
A9-3617, 4.500%, 08/01/2040		2,436		2,494
Q0-0285, 4.500%, 04/01/2041		3,810		3,901
Q0-0876, 4.500%, 05/01/2041		24,277		24,858
Q0-2173, 4.500%, 07/01/2041		16,368		16,759
Q0-3705, 4.000%, 10/01/2041		17,066		16,862
C0-3795, 3.500%, 04/01/2042		118,248		115,459
Q0-9004, 3.500%, 06/01/2042		11,082		10,794
C0-9004, 3.500%, 07/01/2042		11,633		11,359
Q0-9896, 3.500%, 08/01/2042		15,237		14,877
Q1-1348, 3.500%, 09/01/2042		31,880		31,129

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

35

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Q1-8305, 3.500%, 05/01/2043	$	12,812	$	12,509
Q1-9475, 3.500%, 06/01/2043		21,882		21,372
G6-0030, 3.500%, 07/01/2043		68,802		67,229
Q2-0780, 3.500%, 08/01/2043		27,163		26,640
Q2-0857, 3.500%, 08/01/2043		17,123		16,835
G0-7459, 3.500%, 08/01/2043		13,840		13,513
G0-8541, 3.500%, 08/01/2043		24,311		23,737
V8-0509, 4.000%, 10/01/2043		14,337		14,356
G0-8558, 4.000%, 11/01/2043		16,128		16,141
Q2-6367, 4.000%, 05/01/2044		4,392		4,387
Q2-6513, 4.500%, 06/01/2044		11,984		12,040
Q2-9916, 4.000%, 11/01/2044		19,065		19,052
Q4-5219, 3.500%, 01/01/2045		82,340		80,296
G0-7961, 3.500%, 03/01/2045		18,840		18,395
G0-8633, 4.000%, 03/01/2045		36,512		36,541
G0-8636, 3.500%, 04/01/2045		22,070		21,459
G0-8637, 4.000%, 04/01/2045		18,217		18,231
Q3-3869, 4.000%, 06/01/2045		11,867		11,877
Q3-5225, 3.500%, 08/01/2045		10,864		10,554
G0-8659, 3.500%, 08/01/2045		60,260		58,541
G0-8660, 4.000%, 08/01/2045		72,017		72,031
V8-1873, 4.000%, 08/01/2045		16,177		16,180
V8-1992, 4.000%, 10/01/2045		220,063		218,631
G0-8672, 4.000%, 10/01/2045		12,047		12,042
G0-8676, 3.500%, 11/01/2045		26,141		25,417
G6-0480, 4.500%, 11/01/2045		10,849		11,119
G0-8681, 3.500%, 12/01/2045		19,451		18,896
G0-8682, 4.000%, 12/01/2045		24,408		24,388
Q3-8470, 4.000%, 01/01/2046		13,728		13,696
Q3-8473, 4.000%, 01/01/2046		24,211		24,158
G0-8694, 4.000%, 02/01/2046		14,000		13,983
Q3-9434, 3.500%, 03/01/2046		4,063		3,945
Q3-9644, 3.500%, 03/01/2046		88,086		85,572
G0-8693, 3.500%, 03/01/2046		4,367		4,242
Q3-9438, 4.000%, 03/01/2046		77,287		77,015
G0-8699, 4.000%, 03/01/2046		37,981		37,926
G0-8702, 3.500%, 04/01/2046		44,886		43,605
Q4-0375, 3.500%, 05/01/2046		29,177		28,345
G0-8706, 3.500%, 05/01/2046		20,587		20,163
Q4-0718, 3.500%, 05/01/2046		126,088		122,492
G0-8708, 4.500%, 05/01/2046		29,707		30,296
Q4-1208, 3.500%, 06/01/2046		63,387		61,583
Q4-5458, 4.000%, 08/01/2046		61,953		61,875
G0-8721, 3.000%, 09/01/2046		43,495		41,190
G0-8735, 4.500%, 10/01/2046		42,209		42,796
G0-8741, 3.000%, 01/01/2047		797,205		753,319
G0-8743, 4.000%, 01/01/2047		35,904		35,770
Q4-6279, 3.500%, 02/01/2047		50,810		49,286
Q4-6283, 4.000%, 02/01/2047		40,692		40,461
G0-8752, 4.000%, 03/01/2047		17,523		17,574
Q4-6539, 4.500%, 03/01/2047		3,476		3,487
G0-8757, 3.500%, 04/01/2047		8,257		8,022
G0-8759, 4.500%, 04/01/2047		13,590		13,767
V8-3204, 4.500%, 05/01/2047		32,782		33,027

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

36

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
Q4-9100, 4.000%, 07/01/2047	$	79,618	$	79,178
Q4-9394, 4.500%, 07/01/2047		68,046		68,943
Q4-9888, 3.500%, 08/01/2047		43,205		41,972
Q5-0035, 3.500%, 08/01/2047		62,213		60,437
Q5-0109, 3.500%, 08/01/2047		8,735		8,472
G6-1228, 4.000%, 08/01/2047		120,324		119,827
G0-8779, 3.500%, 09/01/2047		177,868		172,647
G0-8785, 4.000%, 10/01/2047		91,473		90,735
Q5-2319, 3.500%, 11/01/2047		135,794		131,723
G6-1631, 3.500%, 11/01/2047		159,459		154,946
G6-1467, 4.000%, 11/01/2047		118,515		118,026
G6-1281, 3.500%, 01/01/2048		77,013		74,768
G0-8800, 3.500%, 02/01/2048		104,627		101,406
Q5-4463, 4.000%, 02/01/2048		58,385		58,108
G6-7710, 3.500%, 03/01/2048		145,543		141,237
Freddie Mac Multifamily Structured Pass Through Certificates
K-098, 1.517%, 08/25/2029(d)(e)		1,985,000		161,803
Freddie Mac Pool
ZS-9972, 3.000%, 03/01/2042		740,882		705,495
ZM-0630, 4.000%, 01/01/2046		242,376		241,669
ZT-0390, 4.000%, 03/01/2046		95,642		95,632
ZM-1590, 3.000%, 08/01/2046		534,884		504,940
SD-0035, 3.000%, 04/01/2047		475,830		452,264
ZM-4908, 3.500%, 11/01/2047		217,270		210,558
ZA-5250, 4.000%, 01/01/2048		201,841		201,436
ZS-4759, 3.500%, 03/01/2048		133,400		129,198
ZM-6197, 4.000%, 04/01/2048		477,027		475,973
SD-0298, 3.000%, 11/01/2048		336,608		318,104
ZN-2103, 4.500%, 12/01/2048		34,368		34,552
ZA-7141, 3.000%, 06/01/2049		65,622		61,123
SD-8005, 3.500%, 08/01/2049		622,028		599,727
SD-8013, 4.500%, 09/01/2049		96,309		96,968
SI-2009, 3.000%, 10/01/2049		412,771		384,681
QA-5549, 3.000%, 12/01/2049		226,175		210,495
QA-6750, 3.000%, 02/01/2050		127,951		119,514
QA-7325, 3.000%, 02/01/2050		169,419		158,007
QA-8311, 3.000%, 03/01/2050		196,586		184,437
SD-8068, 3.000%, 06/01/2050		558,788		519,709
RA-2970, 2.500%, 07/01/2050		185,905		167,390
SD-8074, 3.000%, 07/01/2050		82,285		76,469
SD-8075, 3.500%, 07/01/2050		470,623		453,288
QB-2682, 2.500%, 08/01/2050		136,394		122,454
SD-8084, 3.000%, 08/01/2050		240,716		223,801
SD-8086, 4.000%, 08/01/2050		187,429		184,863
RA-3484, 3.000%, 09/01/2050		283,722		263,858
SD-8098, 2.000%, 10/01/2050		2,397,635		2,075,849
QB-4785, 2.500%, 10/01/2050		198,310		178,037
QB-6037, 2.500%, 11/01/2050		142,735		128,136
SD-8122, 2.500%, 01/01/2051		418,752		375,932
SD-8123, 3.000%, 01/01/2051		576,994		536,771
SD-8129, 2.500%, 02/01/2051		563,821		506,083
RA-4527, 2.500%, 02/01/2051		288,608		258,972
SD-8135, 2.500%, 03/01/2051		202,388		181,690
QC-0945, 2.500%, 04/01/2051		813,041		729,176

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

37

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
SD-8147, 2.500%, 05/01/2051	$	471,913	$	423,162
QC-2565, 2.000%, 06/01/2051		548,789		474,662
SD-8156, 2.500%, 07/01/2051		437,625		392,279
QC-3907, 2.500%, 07/01/2051		464,297		416,041
QC-4235, 2.500%, 07/01/2051		722,094		646,908
SD-8160, 2.000%, 08/01/2051		833,037		720,472
QC-6209, 2.500%, 08/01/2051		396,753		355,569
QC-5978, 2.500%, 08/01/2051		636,073		570,822
SD-8167, 2.500%, 09/01/2051		1,137,598		1,019,369
RA-5855, 2.500%, 09/01/2051		748,293		670,291
SD-8169, 3.500%, 09/01/2051		113,953		109,202
SD-0780, 2.500%, 12/01/2051		516,391		462,654
SD-8184, 3.000%, 12/01/2051		208,490		193,558
SD-8189, 2.500%, 01/01/2052		811,374		726,543
RA-6686, 4.000%, 01/01/2052		236,406		231,708
QD-7594, 2.500%, 02/01/2052		688,474		618,443
SD-1011, 2.500%, 04/01/2052		407,811		365,442
SD-8214, 3.500%, 05/01/2052		1,127,652		1,077,911
QE-5474, 4.000%, 07/01/2052		348,991		341,824
SD-1060, 4.000%, 07/01/2052		349,088		341,805
SD-8231, 4.500%, 07/01/2052		346,320		345,306
QE-6058, 4.500%, 07/01/2052		784,680		782,383
SD-8233, 5.000%, 07/01/2052		689,492		698,777
SD-1382, 4.000%, 08/01/2052		849,072		832,110
Freddie Mac REMICS
4121, 3.809% (1 Month LIBOR USD + 6.200%), 10/15/2042(c)(e)		973,685		132,106
4122, 4.000%, 10/15/2042(e)		1,022,366		195,020
4159, 3.759% (1 Month LIBOR USD + 6.150%), 01/15/2043(c)(e)		1,368,610		201,858
4459, 4.000%, 08/15/2043(e)		2,018,085		375,530
4385, 4.500%, 09/15/2044(e)		199,895		36,015
4572, 3.659% (1 Month LIBOR USD + 6.050%), 04/15/2046(c)(e)		446,262		58,345
4583, 3.609% (1 Month LIBOR USD + 6.000%), 05/15/2046(c)(e)		457,459		56,622
4616, 3.609% (1 Month LIBOR USD + 6.000%), 09/15/2046(c)(e)		1,097,894		153,302
4623, 3.609% (1 Month LIBOR USD + 6.000%), 10/15/2046(c)(e)		994,171		147,979
4648, 3.609% (1 Month LIBOR USD + 6.000%), 01/15/2047(c)(e)		428,768		56,622
Freddie Mac STACR REMIC Trust
2022-HQA1, 5.683% (SOFR30A + 3.500%), 03/25/2042(b)(c)		309,000		309,013
2022-DNA3, 5.083% (SOFR30A + 2.900%), 04/25/2042(b)(c)		506,000		501,294
Freddie Mac Structured Agency Credit Risk Debt Notes
2017-HQA3, 4.794% (1 Month LIBOR USD + 2.350%), 04/25/2030(c)		735,362		737,932
2018-DNA1, 4.244% (1 Month LIBOR USD + 1.800%), 07/25/2030(c)		332,458		331,623
2018-HQA1, 4.744% (1 Month LIBOR USD + 2.300%), 09/25/2030(c)		690,193		694,349
2019-CS03, 2.444% (1 Month LIBOR USD + 0.000%), 10/25/2032(b)(c)		390,219		389,057
2021-DNA7, 3.033% (SOFR30A + 0.850%), 11/25/2041(b)(c)		1,987,000		1,967,811
2022-DNA2, 4.583% (SOFR30A + 2.400%), 02/25/2042(b)(c)		1,650,000		1,611,135
Ginnie Mae
#TBA, 4.000%, 09/15/2041		3,620,000		3,573,195
#TBA, 4.500%, 09/15/2041		6,585,000		6,597,587
#TBA, 5.000%, 09/15/2048		890,000		903,271
Ginnie Mae II Pool
MA0699M, 3.500%, 01/20/2043		25,098		24,617
MA0783M, 3.500%, 02/20/2043		34,173		33,598
MA0934M, 3.500%, 04/20/2043		24,319		23,905
MA3663M, 3.500%, 05/20/2046		42,253		41,399

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

38

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
MA3803M, 3.500%, 07/20/2046	$	16,401	$	16,067
MA4510M, 3.500%, 06/20/2047		66,911		65,491
MA4586M, 3.500%, 07/20/2047		92,245		90,240
MA4652M, 3.500%, 08/20/2047		62,064		60,695
MA4900M, 3.500%, 12/20/2047		47,023		45,941
MA6542M, 3.500%, 03/20/2050		255,633		249,021
MA6600M, 3.500%, 04/20/2050		18,877		18,345
MA6601M, 4.000%, 04/20/2050		85,174		84,817
MA7138M, 3.500%, 01/20/2051		243,467		236,487
MA7192M, 2.000%, 02/20/2051		302,208		269,324
MA7193M, 2.500%, 02/20/2051		306,245		280,984
MA7254M, 2.000%, 03/20/2051		307,891		274,331
MA7255M, 2.500%, 03/20/2051		758,694		696,094
MA7311M, 2.000%, 04/20/2051		877,292		781,467
MA7312M, 2.500%, 04/20/2051		836,527		768,038
MA7367M, 2.500%, 05/20/2051		307,351		281,880
MA7418M, 2.500%, 06/20/2051		641,013		587,557
MA7472M, 2.500%, 07/20/2051		420,106		384,921
MA7589M, 2.500%, 09/20/2051		939,870		860,816
MA7648M, 2.000%, 10/20/2051		305,438		271,465
MA7766M, 2.000%, 12/20/2051		505,163		448,765
MA7828M, 3.000%, 01/20/2052		860,751		810,179
MA7935M, 2.000%, 03/20/2052		53,937		47,872
MA7938M, 3.500%, 03/20/2052		103,313		99,904
MA8043M, 3.000%, 05/20/2052		741,107		697,381
MA8045M, 4.000%, 05/20/2052		669,824		662,061
MA8099M, 3.500%, 06/20/2052		795,384		769,084
MA8200M, 4.000%, 08/20/2052		600,000		593,746
Government National Mortgage Association
2013-23, 3.500%, 02/20/2043(e)		608,100		111,814
2015-162, 4.382% (1 Month LIBOR USD + 6.750%), 11/20/2045(c)(e)		915,347		146,909
2018-007, 3.832% (1 Month LIBOR USD + 6.200%), 01/20/2048(c)(e)		1,036,861		130,836
2020-173, 2.500%, 11/20/2050(e)		2,409,304		310,647
2021-116, 2.500%, 06/20/2051(e)		2,657,519		335,022
Uniform Mortgage Backed Securities
#TBA, 4.500%, 09/15/2041		3,795,000		3,779,721
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $142,029,776)				133,161,760
U.S. GOVERNMENT AGENCY ISSUES—0.45%
Federal Home Loan Mortgage Corp.
0.375%, 09/23/2025		225,000		205,137
Federal National Mortgage Association
0.500%, 11/07/2025		255,000		232,296
0.750%, 10/08/2027		745,000		656,137
0.875%, 08/05/2030		575,000		474,266
Tennessee Valley Authority
5.250%, 09/15/2039		320,000		362,328
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $2,181,277)				1,930,164
U.S. GOVERNMENT NOTES/BONDS—12.86%
United States Treasury Inflation Indexed Bonds
0.375%, 01/15/2027		8,862,619		8,755,621
0.125%, 01/15/2032		4,168,827		3,964,827

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

39

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

	Principal Amount		Value
United States Treasury Note/Bond
2.750%, 11/15/2023	$	1,910,000	$	1,894,854
0.250%, 05/15/2024		425,000		402,671
2.750%, 07/31/2027		12,805,000		12,483,374
2.625%, 07/31/2029		3,140,000		3,018,570
3.125%, 08/31/2029		1,835,000		1,821,810
2.750%, 08/15/2032		1,040,000		1,006,363
4.375%, 02/15/2038		195,000		223,382
4.250%, 11/15/2040		775,000		864,670
1.750%, 08/15/2041		500,000		373,399
3.000%, 05/15/2042		175,000		161,602
3.250%, 05/15/2042(f)		4,235,000		4,067,585
3.625%, 02/15/2044		1,440,000		1,451,419
3.125%, 08/15/2044		1,255,000		1,166,415
3.000%, 11/15/2044		1,003,300		912,102
2.500%, 02/15/2045		1,390,000		1,155,220
3.000%, 02/15/2047		2,250,000		2,052,290
3.000%, 05/15/2047		2,420,000		2,210,802
2.750%, 08/15/2047		240,000		209,709
3.375%, 11/15/2048		1,745,000		1,737,570
2.375%, 11/15/2049		210,000		173,997
2.250%, 02/15/2052		6,435,000		5,166,098
3.000%, 08/15/2052		305,000		290,274
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $57,430,474)				55,564,624
	Shares
EXCHANGE-TRADED FUNDS—0.12%
iShares Core U.S. Aggregate Bond ETF(f)		5,234		527,116
TOTAL EXCHANGE-TRADED FUNDS (Cost $544,939)				527,116
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING—5.49%
Money Market Fund—5.49%
Mount Vernon Liquid Assets Portfolio, LLC, 2.440%(g)		23,745,201		23,745,201
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $23,745,201)				23,745,201
SHORT-TERM INVESTMENTS—0.88%
First American Government Obligations Fund, Class X, 2.039%(g)		3,784,768		3,784,768
SHORT-TERM INVESTMENTS (Cost $3,784,768)				3,784,768
Total Investments (Cost $520,721,799)—110.64%				478,183,553
Liabilities in Excess of Other Assets—(10.64)%				(45,980,386	)
TOTAL NET ASSETS—100.00%			$	432,203,167

Percentages are stated as a percent of net assets.

^(a)  Variable rate security; the rate shown represents the rate at August 31, 2022.

^(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 August 31, 2022. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(d)  Variable rate security; the rate shown represents the rate at August 31, 2022. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

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

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

40

PMC CORE FIXED INCOME FUND Schedule of Investments

August 31, 2022 (Continued)

^(f)  All or portion of this security is out on loan as of August 31, 2022. Total value of securities out on loan is $23,131,553.

^(g)  The rate shown represents the seven day yield at August 31, 2022.

^(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.

41

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022

	Shares		Value
COMMON STOCKS—95.47%
Accommodation—0.27%
Las Vegas Sands Corp.(a)		9,379	$	352,932
Marriott International, Inc.		3,880		596,511
MGM Resorts International		31,165		1,017,225
Red Rock Resorts, Inc.(c)		4,176		159,607
Sodexo SA—ADR		22,286		341,199
Vail Resorts, Inc.		193		43,363
				2,510,837
Administration of Housing Programs, Urban Planning, and Community Development—0.05%
Ferrovial SA—ADR(a)		18,655		467,121
Administrative and Support Services—1.65%
9F, Inc.—ADR(a)		1		0
ABM Industries, Inc.		6,173		286,427
Alibaba Group Holding Ltd.—ADR(a)		8,821		841,612
AMN Healthcare Services, Inc.(a)		3,103		318,492
AMTD IDEA Group—ADR(a)		21,946		39,064
ASGN, Inc.(a)(c)		2,866		277,142
Atlas Copco AB—Class B—ADR		37,997		345,013
Booking Holdings, Inc.(a)		211		395,796
Brambles Ltd.—ADR		27,708		465,771
Broadridge Financial Solutions, Inc.		1,949		333,610
Cloudflare, Inc.—Class A(a)		2,863		179,138
Coinbase Global, Inc.(a)(c)		5,045		337,006
Criteo SA—ADR(a)		20,735		560,260
Evolent Health, Inc.—Class A(a)		6,767		248,687
Expedia Group, Inc.(a)		2,612		268,122
Fortum OYJ—ADR		6,906		14,088
Global Payments, Inc.		5,123		636,430
HeadHunter Group PLC—ADR(e)		3,254		48,908
Hillenbrand, Inc.		7,163		298,482
HUYA, Inc.—ADR(a)(c)		102,149		336,070
Jiayin Group, Inc.—ADR(a)		15,958		43,406
Kforce, Inc.		8,370		458,006
Korn Ferry		4,817		293,452
Live Nation Entertainment, Inc.(a)(c)		6,509		588,153
loanDepot, Inc.		43,860		72,369
ManpowerGroup, Inc.		5,688		417,044
MasterCard, Inc.—Class A		5,832		1,891,726
nCino, Inc.(a)(c)		4,201		132,500
PayPal Holdings, Inc.(a)		7,602		710,331
Robert Half International, Inc.		7,316		563,112
ROBLOX Corp.(a)(c)		9,484		370,919
Secom Co. Ltd.—ADR		52,764		837,365
Sprout Social, Inc.(a)		3,390		203,536
Telia Co. AB—ADR		56,428		394,996
TrueBlue, Inc.(a)		12,517		257,099
Tuniu Corp.—ADR(a)		1		1
Upstart Holdings, Inc.(a)(c)		2,133		55,245
Visa, Inc.(c)		9,426		1,873,040
				15,392,418

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

42

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Air Transportation—0.14%
Air France-KLM—ADR		60,499	$	90,144
Atlas Air Worldwide Holdings, Inc.(a)(c)		4,001		399,780
Cathay Pacific Airways Ltd.—ADR (a)		67,078		342,768
Controladora Vuela Cia de Aviacion SAB de CV—ADR(a)		1		9
Deutsche Lufthansa AG—ADR		7,601		45,446
Southwest Airlines Co.(a)		2,252		82,648
Swire Pacific Ltd.—Class A—ADR(c)		48,128		334,490
				1,295,285
Ambulatory Health Care Services—0.67%
Acadia Healthcare Co., Inc.(a)		4,526		370,815
Aesthetic Medical International Holdings Group Ltd.—ADR(a)		1,724		3,551
Apollo Medical Holdings, Inc.(a)		2,586		111,534
CareDx, Inc.(a)		4,585		89,820
DBV Technologies SA—ADR(a)(c)		22,084		44,389
Laboratory Corp. of America Holdings		4,777		1,076,115
Molina Healthcare, Inc.(a)		2,292		773,252
Option Care Health, Inc.(a)		8,789		272,107
Premier, Inc.(c)		14,011		493,748
Progyny, Inc.(a)		3,341		134,342
Quest Diagnostics, Inc.(c)		11,842		1,483,921
Signify Health, Inc.(a)		14,867		414,790
Sonic Healthcare Ltd.—ADR(c)		41,730		975,230
				6,243,614
Animal Production and Aquaculture—0.01%
Mowi ASA—ADR		5,848		119,358
Apparel Manufacturing—0.23%
Fast Retailing Co. Ltd.—ADR		12,985		761,960
HUGO BOSS AG—ADR		34,542		379,617
Lululemon Athletica, Inc.(a)		1,340		401,946
Ralph Lauren Corp.(c)		1,916		174,988
VF Corp.(c)		9,477		392,822
				2,111,333
Beverage and Tobacco Product Manufacturing—1.59%
Altria Group, Inc.		11,041		498,170
Anheuser-Busch InBev SA/NV—ADR		4,760		230,194
Coca-Cola Co.		18,793		1,159,716
Coca-Cola Consolidated, Inc.		599		284,124
Coca-Cola Femsa SAB de CV—ADR		11,731		718,289
Diageo PLC—ADR		13,216		2,331,171
Embotelladora Andina SA—Class A—ADR		5,773		55,552
Embotelladora Andina SA—Class B—ADR		4,613		54,710
Japan Tobacco, Inc.—ADR		196,970		1,654,548
Keurig Dr Pepper, Inc.		24,851		947,320
Kirin Holdings Co. Ltd.—ADR(c)		43,214		713,895
Molson Coors Brewing Co.—Class B		12,509		646,340
National Beverage Corp.		2,144		118,906
PepsiCo, Inc.		12,509		2,154,925
Philip Morris International, Inc.		20,490		1,956,590
Swedish Match AB—ADR		68,379		683,106
Treasury Wine Estates Ltd.—ADR(c)		39,453		355,077
Vector Group Ltd.		26,275		257,495
				14,820,128

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

43

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Broadcasting (except Internet)—1.06%
Comcast Corp.—Class A		53,913	$	1,951,112
DISH Network Corp.—Class A(a)(c)		33,424		579,907
Fox Corp.—Class A(c)		42,477		1,451,864
Fox Corp.—Class B		48,083		1,520,385
Grupo Televisa SAB—ADR		1		6
Liberty Media Corp-Liberty SiriusXM—Class A(a)(c)		8,491		352,716
Liberty Media Corp-Liberty SiriusXM—Class C(a)		12,051		498,429
Nexstar Media Group, Inc.—Class A(c)		3,535		676,316
Paramount Global—Class A(c)		22,180		585,996
Paramount Global—Class B(c)		36,247		847,817
ProSiebenSat.1 Media SE—ADR		80,962		151,399
Sirius XM Holdings, Inc.(c)		135,710		826,474
Warner Bros Discovery, Inc.(a)		15,892		210,410
WideOpenWest, Inc.(a)		10,933		194,607
				9,847,438
Building Material and Garden Equipment and Supplies Dealers—0.83%
Home Depot, Inc.		13,016		3,754,076
Lowe’s Companies, Inc.		13,903		2,699,128
Snap-on, Inc.		5,897		1,284,720
				7,737,924
Chemical Manufacturing—8.10%
AbbVie, Inc.		14,792		1,988,932
Air Liquide SA—ADR		7,951		199,332
Albemarle Corp.		478		128,085
Alkermes PLC(b)		13,250		313,628
Amgen, Inc.		3,101		745,170
Arcus Biosciences, Inc.(a)		7,613		183,321
Arkema SA—ADR		8,071		683,775
Asahi Kasei Corp.—ADR		11,172		162,664
Astellas Pharma, Inc.—ADR		77,997		1,100,538
AstraZeneca PLC—ADR		50,280		3,136,466
Bayer AG—ADR		123,923		1,635,784
Bicycle Therapeutics PLC—ADR(a)		2,017		53,350
Biogen, Inc.(a)		3,478		679,532
BioLine RX Ltd.—ADR(a)		19,489		29,623
BioMarin Pharmaceutical, Inc.(a)		2,351		209,709
Biondvax Pharmaceuticals Ltd.—ADR(a)(c)		163,423		179,765
Bio-Techne Corp.(c)		1,298		430,689
Bristol-Myers Squibb Co.		35,269		2,377,483
Celanese Corp.		2,499		277,039
Cellectis SA—ADR(a)		15,899		52,626
CF Industries Holdings, Inc.		8,862		916,862
Chemomab Therapeutics Ltd.—ADR(a)		1,811		5,994
Chugai Pharmaceutical Co. Ltd.—ADR		60,969		786,500
Clinuvel Pharmaceuticals Ltd.—ADR		1,166		15,974
Corcept Therapeutics, Inc.(a)(c)		7,399		191,042
CSL Ltd.—ADR		12,264		1,231,306
Daiichi Sankyo Co. Ltd.—ADR		44,545		1,339,468
Dow, Inc.		18,155		925,905
Dr Reddy’s Laboratories Ltd.—ADR		2,642		138,150
DuPont de Nemours, Inc.		2,048		113,951
Editas Medicine, Inc.(a)		3,930		57,771

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

44

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Eisai Co. Ltd.—ADR		9,234	$	376,932
Eli Lilly & Co.		8,427		2,538,465
Emergent BioSolutions, Inc.(a)		3,477		83,518
Fate Therapeutics, Inc.(a)		2,116		55,312
Gilead Sciences, Inc.		27,602		1,751,899
GSK PLC—ADR(c)		54,236		1,761,585
Halozyme Therapeutics, Inc.(a)(c)		9,117		371,335
Harmony Biosciences Holdings, Inc.(a)		5,843		256,566
Horizon Therapeutics PLC(a)(b)		5,493		325,241
Huntsman Corp.		15,839		443,809
Hypera SA—ADR		48,329		397,748
Incitec Pivot Ltd.—ADR		37,689		100,064
Indivior PLC—ADR(a)		14,325		240,087
Innoviva, Inc.(a)(c)		17,143		225,602
Inter Parfums, Inc.		2,269		178,162
Ipsen SA—ADR		20,384		490,847
Ironwood Pharmaceuticals, Inc.(a)(c)		28,195		303,378
JSR Corp.—ADR		323		7,316
Kazia Therapeutics Ltd.—ADR(a)		26,411		40,145
Kose Corp.—ADR		19,516		369,438
Linde PLC(b)		3,037		859,046
Maravai LifeSciences Holdings, Inc.—Class A(a)(c)		6,833		142,605
Merck & Co., Inc.		41,076		3,506,247
Merck KGaA—ADR		34,616		1,191,137
Moderna, Inc.(a)		10,038		1,327,726
Mosaic Co.(c)		13,670		736,403
Myriad Genetics, Inc.(a)		6,464		144,406
Neurocrine Biosciences, Inc.(a)(c)		5,297		554,225
Novartis AG—ADR		88,987		7,165,234
Novo Nordisk A/S—ADR		45,244		4,800,389
Novozymes A/S—ADR		3,363		192,498
Nu Skin Enterprises, Inc.—Class A		1,949		79,792
Olin Corp.		7,026		384,041
Ono Pharmaceutical Co. Ltd.—ADR		118,074		929,242
OPKO Health, Inc.(a)(c)		50,152		109,331
Organon & Co.		14,950		426,524
Otsuka Holdings Co. Ltd.—ADR		45,063		735,428
Pfizer, Inc.		101,293		4,581,483
Prestige Consumer Healthcare, Inc.(a)		6,616		334,637
Procter & Gamble Co.		16,438		2,267,457
QuidelOrtho Corp.(a)		1,999		158,441
Regeneron Pharmaceuticals, Inc.(a)		3,845		2,234,176
REGENXBIO, Inc.(a)		10,142		299,189
Sanofi—ADR		61,566		2,526,053
Santen Pharmaceutical Co. Ltd.—ADR		19,039		135,938
Shin-Etsu Chemical Co. Ltd.—ADR		66,206		1,925,932
Shionogi & Co Ltd.—ADR		66,007		800,665
Sumitomo Chemical Co. Ltd.—ADR		18,886		370,354
Supernus Pharmaceuticals, Inc.(a)		10,658		364,823
Takeda Pharmaceutical Co. Ltd.—ADR		88,094		1,211,293
Teva Pharmaceutical Industries Ltd.—ADR(a)		56,810		513,562
Trinity Biotech PLC—ADR(a)		98,067		121,603
Twist Bioscience Corp.(a)		3,295		132,195
United Therapeutics Corp.(a)		2,159		489,273

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

45

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Veracyte, Inc.(a)(c)		12,742	$	259,937
Vertex Pharmaceuticals, Inc.(a)		2,942		828,938
Viatris, Inc.		37,588		358,965
Westlake Corp.		9,231		910,454
XTL Biopharmaceuticals Ltd.—ADR(a)		5,461		7,809
Yara International ASA—ADR		33,630		710,266
				75,435,600
Clothing and Clothing Accessories Stores—0.61%
Abercrombie & Fitch Co.—Class A(a)(c)		12,320		177,285
Academy Sports & Outdoors, Inc.(c)		9,790		421,753
American Eagle Outfitters, Inc.(c)		11,404		128,409
Bath & Body Works, Inc.		19,881		742,158
Buckle, Inc.(c)		8,625		278,415
Caleres, Inc.		4,927		125,737
Designer Brands, Inc.		5,811		99,136
Foot Locker, Inc.(c)		7,403		272,727
Genesco, Inc.(a)		5,209		294,724
H & M Hennes & Mauritz AB—ADR		9,572		19,527
Pandora A/S—ADR		35,064		528,415
Scholastic Corp.(c)		6,720		308,515
Signet Jewelers Ltd.(b)		3,655		238,927
TJX Cos., Inc.		29,839		1,860,462
Zumiez, Inc.(a)(c)		7,340		190,546
				5,686,736
Computer and Electronic Product Manufacturing—13.07%
ADTRAN Holdings, Inc.		577		13,409
Advanced Micro Devices, Inc.(a)		8,967		761,029
Advantest Corp.—ADR		14,545		831,189
Agilent Technologies, Inc.		3,582		459,392
Allegro MicroSystems, Inc.(a)(c)		7,978		186,047
Alphabet, Inc.—Class A(a)		62,909		6,808,011
Alphabet, Inc.—Class C(a)		56,320		6,147,327
Amkor Technology, Inc.		11,437		230,227
Amphenol Corp.—Class A		17,790		1,308,099
Analog Devices, Inc.		1,406		213,051
Apple, Inc.		130,453		20,509,821
Arista Networks, Inc.(a)		7,949		952,926
AUO Corp.—ADR		33,995		223,687
Avanos Medical, Inc.(a)		5,574		137,288
Avantor, Inc.(a)(c)		7,224		179,950
Brainsway Ltd.—ADR(a)		3,523		14,955
Broadcom, Inc.		6,288		3,138,403
Bruker Corp.		6,144		344,064
Calix, Inc.(a)(c)		4,435		261,000
Canaan, Inc.—ADR(a)(c)		234,007		821,365
Casio Computer Co. Ltd.—ADR		1,072		104,252
ChipMOS Technologies, Inc.—ADR		31,584		731,801
Ciena Corp.(a)		8,156		413,835
Cirrus Logic, Inc.(a)		7,184		550,941
Cisco Systems, Inc.		73,019		3,265,410
Corsair Gaming, Inc.(a)(c)		6,149		94,633
Danaher Corp.		7,161		1,932,826
Dell Technologies, Inc.—Class C		33,389		1,278,465

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

46

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Diodes, Inc.(a)		5,158	$	367,095
Enphase Energy, Inc.(a)		2,246		643,344
FormFactor, Inc.(a)(c)		7,746		226,803
Fortinet, Inc.(a)		20,858		1,015,576
Himax Technologies, Inc.—ADR(c)		65,322		406,956
Hologic, Inc.(a)		14,133		954,825
HP, Inc.		58,770		1,687,287
Intel Corp.		58,699		1,873,672
InterDigital, Inc.		5,744		288,119
International Business Machines Corp.		19,445		2,497,710
Jabil, Inc.		12,796		771,599
JinkoSolar Holding Co. Ltd.—ADR(a)		4,473		272,272
Juniper Networks, Inc.(c)		64,206		1,824,735
Keysight Technologies, Inc.(a)		13,890		2,276,431
Knowles Corp.(a)(c)		14,481		219,387
Kyocera Corp.—ADR		10,961		611,295
L3Harris Technologies, Inc.		4,223		963,646
Lam Research Corp.		3,020		1,322,488
Lasertec Corp.—ADR		10,744		299,543
Lattice Semiconductor Corp.(a)		6,376		343,666
LG Display Co. Ltd.—ADR		1		6
Lumentum Holdings, Inc.(a)(c)		3,401		284,154
MACOM Technology Solutions Holdings, Inc.(a)(c)		2,752		151,773
MaxLinear, Inc.(a)(c)		3,850		138,331
Medtronic PLC(b)		10,140		891,509
Methode Electronics, Inc.		5,181		209,623
Microchip Technology, Inc.		12,954		845,249
Micron Technology, Inc.		27,990		1,582,275
MKS Instruments, Inc.		3,042		303,014
Monolithic Power Systems, Inc.		1,439		652,126
Motorola Solutions, Inc.		7,938		1,932,189
NetApp, Inc.		17,697		1,276,485
Nidec Corp.—ADR		9,481		157,195
Nitto Denko Corp.—ADR		36,692		1,125,711
Northrop Grumman Corp.		3,652		1,745,619
NVIDIA Corp.		21,346		3,221,965
Olink Holding AB—ADR(a)		8,608		130,325
ON Semiconductor Corp.(a)		33,039		2,272,092
Onto Innovation, Inc.(a)		5,170		367,018
OSI Systems, Inc.(a)		3,811		317,533
Otis Worldwide Corp.		2,954		213,338
PerkinElmer, Inc.		2,851		385,056
Power Integrations, Inc.(c)		4,461		319,095
Pure Storage, Inc.(a)		10,693		309,776
Qorvo, Inc.(a)		12,383		1,111,746
QUALCOMM, Inc.		23,618		3,123,953
Rambus, Inc.(a)		11,762		303,342
Renesas Electronics Corp.—ADR(a)		6,599		31,147
Ricoh Co Ltd.—ADR(c)		54,500		445,265
Rohm Co. Ltd.—ADR(c)		17,305		665,031
Sanmina Corp.(a)(c)		14,008		679,668
Seagate Technology Holdings PLC(b)		14,055		941,123
Seer, Inc.(a)		16,419		165,832
Seiko Epson Corp.—ADR(c)		116,712		916,189
Semtech Corp.(a)		4,102		189,471

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

47

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Sharp Corp.—ADR		73,466	$	128,198
Silicon Laboratories, Inc.(a)(c)		2,558		320,594
Silicon Motion Technology Corp.—ADR		3,426		264,179
SiTime Corp.(a)		732		77,892
Skyworks Solutions, Inc.		9,107		897,495
Sony Group Corp.—ADR		36,904		2,928,333
STMicroelectronics NV(b)		85,898		2,997,840
Sumitomo Electric Industries Ltd.—ADR		33,970		388,617
Super Micro Computer, Inc.(a)		5,363		349,024
Synaptics, Inc.(a)(c)		1,875		216,769
Sysmex Corp.—ADR		17,115		525,259
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		46,275		3,857,021
TDK Corp.—ADR(c)		35,057		1,229,449
Teradata Corp.(a)		5,547		182,496
Teradyne, Inc.(c)		11,295		956,009
Texas Instruments, Inc.		12,520		2,068,429
Thermo Fisher Scientific, Inc.		3,605		1,965,878
Trimble, Inc.(a)		9,148		578,611
United Microelectronics Corp.—ADR		127,585		845,889
Varex Imaging Corp.(a)		7,155		150,899
Vishay Intertechnology, Inc.		15,240		299,771
voxeljet AG—ADR(a)		1,393		6,672
VTech Holdings Ltd.—ADR		36,503		248,403
Waters Corp.(a)		726		216,784
Western Digital Corp.(a)		27,099		1,145,204
Xperi Holding Corp.		11,625		184,954
Zebra Technologies Corp.—Class A(a)		1,794		541,142
				121,755,887
Construction of Buildings—0.81%
ACS Actividades de Construccion y Servicios SA—ADR		125,030		548,883
Barratt Developments PLC—ADR		18,359		181,754
DR Horton, Inc.		20,174		1,435,380
Lennar Corp.—Class A(c)		17,256		1,336,477
Lennar Corp.—Class B		20,418		1,259,382
MDC Holdings, Inc.		6,460		200,777
Mitie Group PLC—ADR		55,799		190,554
NVR, Inc.(a)		166		687,250
PulteGroup, Inc.		30,114		1,224,435
Toll Brothers, Inc.		4,615		202,091
Tri Pointe Homes, Inc.(a)		13,361		231,546
Tutor Perini Corp.(a)		4,962		33,642
				7,532,171
Couriers and Messengers—0.35%
Air Transport Services Group, Inc.(a)		7,993		240,829
FedEx Corp.		3,457		728,770
United Parcel Service, Inc.—Class B		11,837		2,302,416
				3,272,015
Credit Intermediation and Related Activities—3.35%
ABN AMRO Bank NV—ADR		66,207		633,601
Affirm Holdings, Inc.(a)(c)		6,647		155,739
Ally Financial, Inc.		11,910		395,412
American Express Co.		7,194		1,093,488
Associated Banc-Corp(c)		9,559		191,562
B&M European Value Retail SA—ADR		472		8,066

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

48

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
BAC Holding International Corp.(a)(e)(g)		1,597,640	$	15,976
Banco Bilbao Vizcaya Argentaria SA—ADR		214,715		953,335
Banco do Brasil SA—ADR		36,152		286,143
Banco Macro SA—ADR		47,245		666,627
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand—ADR		35,066		194,266
Bank Hapoalim BM—ADR(c)		3,937		208,858
Bank Mandiri Persero Tbk PT—ADR		90,634		1,056,339
Bank of China Ltd.—ADR		152,904		1,325,678
Bank of East Asia Ltd.—ADR		222,611		272,698
Bank of New York Mellon Corp.		2,217		92,072
Bank OZK		5,429		220,037
Bank Rakyat Indonesia Persero Tbk PT—ADR(c)		58,364		846,278
Barclays PLC—ADR		44,216		344,443
Citigroup, Inc.		23,311		1,137,810
Commerzbank AG—ADR(a)		19,153		126,601
Credit Acceptance Corp.(a)(c)		228		121,314
Danske Bank A/S—ADR		43,642		288,037
DBS Group Holdings Ltd.—ADR		24,440		2,274,143
Discover Financial Services		1,611		161,889
DNB Bank ASA—ADR(c)		7,674		145,806
Encore Capital Group, Inc.(a)(c)		5,874		321,190
Erste Group Bank AG—ADR		18,509		209,152
Fifth Third Bancorp		503		17,177
FinVolution Group—ADR		67,030		329,788
Grupo Financiero Galicia SA—ADR(c)		51,350		416,449
HSBC Holdings PLC—ADR		35,260		1,087,066
ICICI Bank Ltd.—ADR		100,926		2,204,225
JPMorgan Chase & Co.		1,212		137,841
KeyCorp		10,006		177,006
LendingClub Corp.(a)		10,114		132,190
Malayan Banking Bhd—ADR		100		434
Mr Cooper Group, Inc.(a)		11,316		478,667
Nedbank Group Ltd.—ADR		856		10,452
Nelnet, Inc.—Class A		5,244		441,755
New York Community Bancorp, Inc.(c)		29,289		286,739
OneMain Holdings, Inc.(c)		8,618		301,027
PennyMac Financial Services, Inc.		4,718		250,620
Popular, Inc.(b)		5,796		447,567
Rocket Cos, Inc.—Class A(c)		76,772		606,499
Sberbank of Russia PJSC—ADR(a)(e)(g)		119,989		0
Smith & Wesson Brands, Inc.(c)		9,326		124,036
Standard Bank Group Ltd.—ADR		3,525		31,337
Standard Chartered PLC—ADR(c)		66,192		931,983
Sumitomo Mitsui Trust Holdings, Inc.—ADR		68,773		215,947
Svenska Handelsbanken AB—ADR		69,097		278,461
Swedbank AB—ADR		38,458		496,108
Synchrony Financial		13,635		446,546
UBS Group AG(b)		276,094		4,376,090
UniCredit SpA—ADR		84,615		412,921
United Overseas Bank Ltd.—ADR		22,800		886,236
Wells Fargo & Co.		32,020		1,399,594
Zions Bancorp NA		9,296		511,559
				31,182,880

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

49

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Data Processing, Hosting and Related Services—0.46%
Airbnb, Inc.(a)		4,101	$	463,905
Automatic Data Processing, Inc.		2,629		642,554
CSG Systems International, Inc.(c)		10,613		613,962
FactSet Research Systems, Inc.(c)		1,187		514,375
Fiserv, Inc.(a)		14,206		1,437,505
Mercury Fintech Holding, Inc.—ADR(a)		7,050		6,765
Sciplay Corp.—Class A(a)		12,638		154,057
Sohu.com Ltd.—ADR(a)		24,876		443,290
Trivago NV—ADR(a)		29,631		42,965
				4,319,378
Educational Services—0.07%
Adtalem Global Education, Inc.(a)(c)		4,975		187,508
ATA Creativity Global—ADR(a)		1		2
China Online Education Group—ADR(a)		857		1,429
Grand Canyon Education, Inc.(a)		2,290		186,360
Laureate Education, Inc.—Class A		17,334		191,021
Strategic Education, Inc.(c)		1,551		100,350
Sunlands Technology Group—ADR		954		3,682
TAL Education Group—ADR(a)		1,374		7,942
				678,294
Electrical Equipment, Appliance, and Component Manufacturing—1.11%
ABB Ltd.—ADR		22,278		614,204
Acuity Brands, Inc.		2,071		339,499
Arcelik AS—ADR		15,512		296,047
AZZ, Inc.		4,363		185,907
BYD Co. Ltd.—ADR		3,883		239,931
Omron Corp.—ADR		12,425		655,916
Hitachi Ltd.—ADR		25,786		2,568,801
Mitsubishi Electric Corp.—ADR(c)		23,270		469,356
Murata Manufacturing Co. Ltd.—ADR		126,843		1,706,039
Panasonic Holdings Corp.—ADR		112,812		917,161
Plug Power, Inc.(a)(c)		1,887		52,911
Resideo Technologies, Inc.(a)(c)		5,449		113,448
Schneider Electric SE—ADR		57,669		1,369,062
Taiyo Yuden Co Ltd.—ADR		1,683		215,424
Viomi Technology Co. Ltd.—ADR(a)		58,963		76,652
Whirlpool Corp.(c)		1,828		286,265
Yaskawa Electric Corp.—ADR		3,765		246,608
				10,353,231
Electronics and Appliance Stores—0.11%
Best Buy Co., Inc.		9,779		691,277
Sega Sammy Holdings, Inc.—ADR		95,010		350,587
				1,041,864
Fabricated Metal Product Manufacturing—0.51%
Assa Abloy AB—ADR		90,080		907,106
Atkore, Inc.(a)(c)		4,845		408,966
Emerson Electric Co.		14,859		1,214,575
Griffon Corp.		2,149		67,371
Mueller Industries, Inc.(c)		5,151		325,389
Nucor Corp.		10,660		1,417,141

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

50

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Valmont Industries, Inc.		669	$	185,193
Vista Outdoor, Inc.(a)(c)		8,279		232,805
				4,758,546
Food and Beverage Stores—0.99%
Albertsons Cos, Inc.		40,425		1,112,092
Carrefour SA—ADR		232,864		789,409
J Sainsbury PLC—ADR		49,766		478,251
Jeronimo Martins SGPS SA—ADR(c)		11,462		507,194
Koninklijke Ahold Delhaize NV—ADR		70,188		1,935,785
Kroger Co.(c)		30,936		1,483,071
Shoprite Holdings Ltd.—ADR		33,762		458,488
Sprouts Farmers Market, Inc.(a)(c)		8,873		256,430
Tesco PLC—ADR		179,229		1,544,057
Weis Markets, Inc.		8,429		655,018
				9,219,795
Food Manufacturing—2.19%
Ajinomoto Co., Inc.—ADR		91,978		2,537,673
Archer-Daniels-Midland Co.		29,689		2,609,366
Bunge Ltd.—ADR(b)		7,146		708,669
Campbell Soup Co.		11,871		598,061
Conagra Foods, Inc.		9,219		316,949
General Mills, Inc.		19,257		1,478,938
HelloFresh SE—ADR(a)		1,416		8,397
Hershey Co.		3,798		853,296
Industrias Bachoco SAB de CV—ADR		655		31,001
Ingredion, Inc.		5,081		442,403
JBS SA—ADR		13,666		156,612
JM Smucker Co.		5,979		837,000
Kellogg Co.(c)		5,687		413,672
Marfrig Global Foods SA—ADR		42,523		114,812
Medifast, Inc.		11		1,380
Mondelez International, Inc.—Class A		9,040		559,214
Nestle SA—ADR		45,137		5,283,737
Post Holdings, Inc.(a)		4,830		428,711
Tate & Lyle PLC—ADR		5,886		210,984
Tyson Foods, Inc.—Class A		37,431		2,821,549
				20,412,424
Food Services and Drinking Places—0.46%
Chipotle Mexican Grill, Inc.(a)		578		922,950
Cintas Corp.		1,275		518,721
Darden Restaurants, Inc.(c)		6,834		845,434
Dave & Buster’s Entertainment, Inc.(a)		4,227		174,744
McDonald’s Corp.		3,470		875,412
Texas Roadhouse, Inc.		2,264		200,953
Yelp, Inc.(a)		6,008		205,293
Yum! Brands, Inc.		5,003		556,534
				4,300,041
Funds, Trusts, and Other Financial Vehicles—0.99%
Coca-Cola Bottlers Japan Holdings, Inc.—ADR		626		3,208
Daiwa Securities Group, Inc.—ADR		83,530		356,673
Dentsu Group, Inc.—ADR(c)		3,278		108,240

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

51

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
FUJIFILM Holdings Corp.—ADR		31,721	$	1,611,109
Garmin Ltd.(b)		9,606		850,035
Lonza Group AG—ADR		17,750		944,478
Mitsubishi UFJ Financial Group, Inc.—ADR		193,572		996,896
Mizuho Financial Group, Inc.—ADR		449,499		1,029,353
Nitori Holdings Co. Ltd.—ADR		11,259		107,411
Nomura Holdings, Inc.—ADR		45,550		165,347
Seven & i Holdings Co. Ltd.—ADR		111,701		2,217,264
Straumann Holding AG—ADR		32,875		361,296
Woolworths Holdings Ltd.(b)		156,203		521,718
				9,273,028
Furniture and Home Furnishings Stores—0.08%
Ryohin Keikaku Co. Ltd.—ADR		27,819		256,213
Williams-Sonoma, Inc.(c)		3,107		462,166
				718,379
Furniture and Related Product Manufacturing—0.00%
Natuzzi SpA—ADR(a)		3,961		33,748
Gasoline Stations—0.31%
Cango, Inc.—ADR(c)		57,752		139,760
Chevron Corp.		15,904		2,513,786
Magnolia Oil & Gas Corp.—Class A		9,468		226,001
				2,879,547
General Merchandise Stores—1.16%
BJ’s Wholesale Club Holdings, Inc.(a)		4,348		323,883
Costco Wholesale Corp.		4,933		2,575,518
Dillard’s, Inc.—Class A(c)		953		282,317
Dollar General Corp.		7,668		1,820,537
Dollar Tree, Inc.(a)		7,407		1,004,982
Dufry AG—ADR(a)		26,998		99,434
Kohl’s Corp.		8,263		234,834
Macy’s, Inc.(c)		22,553		390,618
Marks & Spencer Group PLC—ADR(a)		174,295		500,227
Pan Pacific International Holdings Corp.—ADR		29,781		533,676
PriceSmart, Inc.		2,098		132,740
Target Corp.		9,561		1,533,011
Walmart, Inc.		10,112		1,340,345
				10,772,122
Health and Personal Care Stores—0.64%
Aspen Pharmacare Holdings Ltd.—ADR		9,350		79,382
CVS Health Corp.		31,851		3,126,175
Forward Pharma A/S—ADR(a)		1,451		5,398
Ulta Beauty, Inc.(a)		5,188		2,178,285
Walgreens Boots Alliance, Inc.		15,879		556,718
				5,945,958
Heavy and Civil Engineering Construction—0.10%
Atlantia SpA—ADR		22,508		257,041
Fluor Corp.(a)(c)		7,331		193,832
Granite Construction, Inc.		148		4,437
Primoris Services Corp.		3,663		74,249

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

52

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Skanska AB—ADR		27,318	$	402,940
				932,499
Hospitals—0.19%
HCA Healthcare, Inc.		7,245		1,433,568
Universal Health Services, Inc.—Class B(c)		3,157		308,881
				1,742,449
Insurance Carriers and Related Activities—7.99%
Admiral Group PLC—ADR(c)		8,912		224,404
Aegon NV(b)		697,786		3,133,059
Aflac, Inc.(c)		25,646		1,523,885
AIA Group Ltd.—ADR		48,329		1,849,580
Allstate Corp.		5,278		635,999
American Equity Invesment Life Holding Co.		5,392		204,896
American Financial Group, Inc.		4,114		525,276
American International Group, Inc.		36,662		1,897,259
Arch Capital Group Ltd.(a)(b)		16,045		733,577
Assicurazioni Generali SpA—ADR(c)		3,970		29,180
Assurant, Inc.		5,207		825,257
Assured Guaranty Ltd.(b)		5,356		273,531
Aviva PLC—ADR		90,468		871,207
AXA SA—ADR		285,791		6,756,099
Axis Capital Holdings Ltd.(b)		9,268		492,594
Berkshire Hathaway, Inc.—Class A(a)		13		5,477,004
Berkshire Hathaway, Inc.—Class B(a)		27,038		7,592,269
Centene Corp.(a)		14,388		1,291,179
Chubb Ltd.(b)		7,853		1,484,610
Cigna Corp.		5,665		1,605,744
CNO Financial Group, Inc.		9,156		168,562
Elevance Health, Inc.		5,749		2,788,897
Employers Holdings, Inc.		2,294		89,833
Equitable Holdings, Inc.		2,143		63,754
Everest Re Group Ltd.(b)		5,971		1,606,498
Fidelity National Financial, Inc.		22,127		865,166
First American Financial Corp.		7,683		411,041
Genworth Financial, Inc.—Class A(a)		47,494		200,425
Gjensidige Forsikring ASA—ADR		24,174		480,434
Hanover Insurance Group, Inc.		4,334		560,776
Hartford Financial Services Group, Inc.		23,019		1,480,352
Horace Mann Educators Corp.		448		16,025
Humana, Inc.		2,182		1,051,244
Lincoln National Corp.		5,971		275,024
Loews Corp.		11,323		626,275
Markel Corp.(a)		225		268,675
Marsh & McLennan Companies, Inc.		6,579		1,061,653
MGIC Investment Corp.		21,692		309,979
MS&AD Insurance Group Holdings, Inc.—ADR		95,321		1,419,330
Muenchener Rueckversicherungs-Gesellschaft AG—ADR		6,511		155,613
National Western Life Group, Inc.—Class A		382		72,698
NN Group NV—ADR		151,572		3,098,131
Old Republic International Corp.		23,260		507,998
Oscar Health, Inc.(a)		15,260		101,174
Principal Financial Group, Inc.(c)		10,834		809,950
ProAssurance Corp.		9,124		195,162

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

53

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Prudential Financial, Inc.		10,224	$	978,948
QBE Insurance Group Ltd.—ADR		105,537		868,570
Radian Group, Inc.		11,765		248,359
Safety Insurance Group, Inc.		2,502		225,305
Sampo OYJ—ADR		45,768		1,031,611
Selective Insurance Group, Inc.		6,706		532,591
Suncorp Group Ltd.—ADR		45,779		329,151
T&D Holdings, Inc.—ADR		97,227		510,442
Tokio Marine Holdings, Inc.—ADR		48,463		2,682,912
Travelers Companies, Inc.		7,949		1,284,876
United Fire Group, Inc.		1,942		57,153
UnitedHealth Group, Inc.		9,985		5,185,510
Unum Group		10,622		402,043
Voya Financial, Inc.		4,039		248,520
W.R. Berkley Corp.		13,647		884,326
Willis Towers Watson PLC(b)		4,363		902,399
Zurich Insurance Group AG—ADR		44,652		1,978,084
				74,462,078
Leather and Allied Product Manufacturing—0.12%
NIKE, Inc.—Class B		1,786		190,120
Skechers U.S.A., Inc.—Class A(a)		5,952		224,986
Steven Madden Ltd.(c)		12,217		355,636
Tapestry, Inc.		10,833		376,230
				1,146,972
Machinery Manufacturing—2.46%
AGCO Corp.		1,173		127,517
Applied Materials, Inc.		20,179		1,898,239
ASML Holding NV(b)		5,210		2,552,586
Azenta, Inc.(c)		4,943		260,546
Canon, Inc.—ADR		127,008		3,032,951
Carrier Global Corp.		12,205		477,460
Caterpillar, Inc.		2,278		420,769
Cummins, Inc.		1,027		221,185
Daikin Industries Ltd.—ADR		19,329		337,871
Deere & Co.		1,449		529,247
Disco Corp.—ADR		1,240		60,698
Dover Corp.		9,848		1,230,606
Fabrinet(a)(b)		6,501		668,563
General Electric Co.		3,368		247,346
Hexagon AB—ADR		4,696		47,805
Hoya Corp.—ADR		8,513		868,837
Husqvarna AB—ADR(c)		37,162		503,545
KLA Corp.		4,890		1,682,796
Komatsu Ltd.—ADR		26,266		546,596
Konica Minolta, Inc.—ADR		23,286		161,023
Makita Corp.—ADR		18,509		433,666
Mettler-Toledo International, Inc.(a)		336		407,387
Nikon Corp.—ADR		36,660		413,891
NOW, Inc.(a)		9,903		120,024
NSK Ltd.—ADR		5,895		63,548
Olympus Corp.—ADR		59,194		1,301,676
Rheinmetall AG—ADR		20,465		648,331

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

54

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
SMC Corp.—ADR		63,287	$	1,506,863
Tokyo Electron Ltd.—ADR		27,698		2,175,955
				22,947,527
Management of Companies and Enterprises—2.72%
Abbott Laboratories		18,884		1,938,443
Aeon Co. Ltd.—ADR(c)		7,950		155,741
Alfa Laval AB—ADR		35,928		958,379
America Movil SAB de CV—Class A—ADR		3,135		53,828
America Movil SAB de CV—Class L—ADR		58,297		991,049
ASMPT Ltd.—ADR		25,390		587,779
BNP Paribas SA—ADR		99,586		2,312,387
Capital One Financial Corp.		8,869		938,518
Capri Holdings Ltd.(a)(b)		5,142		242,600
Carnival Corp.(a)(b)		2,289		21,654
Cie Financiere Richemont SA—ADR		77,023		858,806
Citizens Financial Group, Inc.		1,487		54,543
Cushman & Wakefield PLC(a)(b)		21,599		323,121
Direct Line Insurance Group PLC—ADR		18,133		174,621
Four Seasons Education Cayman, Inc.—ADR(a)		289		4,263
Grupo Aeroportuario del Sureste SAB de CV—ADR		2,008		424,632
Hawaiian Electric Industries, Inc.		3,194		124,949
Henderson Land Development Co. Ltd.—ADR		38,824		132,778
JGC Holdings Corp.—ADR		18,384		501,056
Jupai Holdings Ltd.—ADR(a)		33,900		1,695
K+S AG—ADR		27,180		305,231
KB Financial Group, Inc.—ADR		1		37
KE Holdings, Inc.—ADR(a)(c)		14,603		263,438
KOC Holding AS—ADR		13,703		173,501
Koninklijke Philips NV(b)		6,945		115,148
Kuehne + Nagel International AG—ADR		11,087		510,445
LightInTheBox Holding Co. Ltd.—ADR(a)		4,267		4,224
LVMH Moet Hennessy Louis Vuitton SE—ADR		21,123		2,734,585
LyondellBasell Industries NV—Class A(b)		11,358		942,714
PRA Group, Inc.(a)(c)		5,100		188,394
Purple Biotech Ltd.—ADR(a)		4,003		9,447
Puxin Ltd.—ADR(a)(g)		387		31
QIWI PLC—ADR(e)		29,317		166,227
Recruit Holdings Co. Ltd.—ADR		138,169		874,610
ReneSola Ltd.—ADR(a)		1		6
Shinhan Financial Group Co. Ltd.—ADR		7,927		211,730
Sonova Holding AG—ADR		17,473		919,953
Telefonica SA—ADR		348,260		1,420,901
Thales SA—ADR		2,034		48,961
thyssenkrupp AG—ADR(a)		23,779		133,400
Vinci SA—ADR		76,715		1,766,746
Vivendi SE—ADR		301,514		2,722,671
Wilmar International Ltd.—ADR		14,504		419,528
Woori Financial Group, Inc.—ADR		19,747		527,245
Xunlei Ltd.—ADR(a)		31,268		50,341
				25,310,356

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

55

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Merchant Wholesalers, Durable Goods—2.23%
Arrow Electronics, Inc.(a)		5,634	$	590,500
Avnet, Inc.(c)		10,901		478,445
Cie de Saint-Gobain—ADR		161,672		1,296,609
Coloplast A/S—ADR(c)		60,174		690,196
Cricut, Inc.(a)(c)		7,528		46,975
Genuine Parts Co.		7,400		1,154,474
Glencore PLC—ADR		79,877		871,458
Global Industrial Co.		2,311		69,515
GMS, Inc.(a)		6,168		297,297
GoPro, Inc.(a)		26,002		158,352
Henry Schein, Inc.(a)		11,902		873,726
ITOCHU Corp.—ADR		50,769		2,786,710
Johnson Controls International PLC(b)		8,345		451,798
LKQ Corp.		37,702		2,006,500
Mitsui & Co. Ltd.—ADR		4,783		2,228,304
ODP Corp.(a)		2,221		79,401
Owens & Minor, Inc.(c)		3,967		117,066
Pool Corp.		1,242		421,274
Prysmian SpA—ADR		48,434		740,072
Reliance Steel & Aluminum Co.		5,694		1,070,358
Rexel SA—ADR		34,073		540,398
Rush Enterprises, Inc.—Class A		10,785		507,542
Rush Enterprises, Inc.—Class B		1,868		94,596
ScanSource, Inc.(a)		2,394		69,354
Schnitzer Steel Industries, Inc.—Class A		4,453		147,127
Sims Ltd.—ADR		45,505		482,353
Smiths Group PLC—ADR		36,367		629,149
TE Connectivity Ltd.(b)		10,131		1,278,633
Travis Perkins PLC—ADR		663		6,544
Unicharm Corp.—ADR		25,076		174,027
Volkswagen AG—ADR		4,991		92,383
WESCO International, Inc.(a)		2,677		352,507
				20,803,643
Merchant Wholesalers, Nondurable Goods—1.70%
AmerisourceBergen Corp.		2,141		313,785
Atea Pharmaceuticals, Inc.(a)		16,807		126,053
Bunzl PLC—ADR		4,532		150,281
Cardinal Health, Inc.		2,411		170,506
CSPC Pharmaceutical Group Ltd.—ADR		70,782		284,721
ENN Energy Holdings Ltd.—ADR		5,975		345,176
Gazprom Neft PJSC—ADR(e)(g)		6,793		0
Genfit—ADR(a)(c)		10,493		45,225
Imperial Brands PLC—ADR		62,564		1,395,178
Industria de Diseno Textil SA—ADR		2,348		25,218
Koppers Holdings, Inc.(c)		326		7,443
Kunlun Energy Co. Ltd.—ADR		17,341		151,387
LUKOIL PJSC—ADR(e)		10,626		0
Marubeni Corp.—ADR		14,494		1,505,927
McKesson Corp.		2,602		954,934
Orkla ASA—ADR		145,853		1,225,165
Reckitt Benckiser Group PLC—ADR		4,511		70,507
Roche Holding AG—ADR		136,800		5,532,191

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

56

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Sinopharm Group Co. Ltd.—ADR(c)		41,164	$	455,685
Suntory Beverage & Food Ltd.—ADR		52,786		961,233
Sysco Corp.		3,786		311,285
UCB SA—ADR		20,575		721,977
United Natural Foods, Inc.(a)		6,087		268,315
Univar Solutions, Inc.(a)		15,901		401,023
Universal Corp.		4,894		249,790
Vibra Energia SA—ADR		1		7
World Fuel Services Corp.		5,808		149,846
				15,822,858
Mining (except Oil and Gas)—0.56%
Alpha Metallurgical Resources, Inc.		837		131,535
Anglo American Platinum Ltd.—ADR		7,102		83,662
Anglo American PLC—ADR		130,293		2,099,020
Arch Resources, Inc.(c)		1,869		272,089
Cia de Minas Buenaventura SAA—ADR		1		5
Freeport-McMoRan, Inc.		21,701		642,350
Harmony Gold Mining Co. Ltd.—ADR		28,546		74,505
Kumba Iron Ore Ltd.—ADR		1		8
Lynas Rare Earths Ltd.—ADR(a)(c)		97,718		591,194
Newmont Corp.		4,575		189,222
Peabody Energy Corp.(a)(c)		7,182		177,108
Vale SA—ADR		54,491		676,777
Warrior Met Coal, Inc.		7,042		229,217
				5,166,692
Miscellaneous Manufacturing—1.98%
3M Co.(c)		8,694		1,081,099
Acushnet Holdings Corp.(c)		5,167		246,208
Bandai Namco Holdings, Inc.—ADR		1,466		54,843
Becton Dickinson & Co.		2,327		587,381
British American Tobacco PLC—ADR		123,925		4,963,196
Chow Tai Fook Jewellery Group Ltd.—ADR(c)		7,979		160,853
DENTSPLY SIRONA, Inc.		10,084		330,453
Edwards Lifesciences Corp.(a)		6,120		551,412
Envista Holdings Corp.(a)(c)		10,743		398,458
EssilorLuxottica SA—ADR		10,164		759,759
Getinge AB—ADR		28,702		530,987
Haemonetics Corp.(a)		4,480		336,134
Integra LifeSciences Holdings Corp.(a)(c)		6,084		290,268
iRhythm Technologies, Inc.(a)		765		112,799
Johnson & Johnson		29,322		4,730,812
Mattel, Inc.(a)		15,252		337,374
Medigus Ltd.—ADR(a)		53,015		32,594
Merit Medical Systems, Inc.(a)		3,997		236,742
Nintendo Co., Ltd.—ADR		2,283		116,661
Shockwave Medical, Inc.(a)		1,411		418,869
Siemens Healthineers AG—ADR(c)		18,235		446,210
STAAR Surgical Co.(a)		3,099		293,134
Terumo Corp.—ADR		30,533		981,637
Tiger Brands Ltd.—ADR		5,821		57,628
Yamaha Corp.—ADR		10,780		419,450
				18,474,961

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

57

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Miscellaneous Store Retailers—0.12%
Mr Price Group Ltd.—ADR		31,434	$	339,173
Tractor Supply Co.		4,312		798,367
				1,137,540
Motion Picture and Sound Recording Industries—0.05%
AMC Entertainment Holdings, Inc.—Class A(a)(c)		16,676		152,085
World Wrestling Entertainment, Inc. (c)		4,019		273,332
				425,417
Motor Vehicle and Parts Dealers—0.70%
Advance Auto Parts, Inc.		5,191		875,410
Asbury Automotive Group, Inc.(a)(c)		1,885		328,895
AutoNation, Inc. (a)(c)		5,078		632,719
AutoZone, Inc.(a)		705		1,494,044
Group 1 Automotive, Inc.(c)		2,123		379,147
Lithia Motors, Inc.—Class A(c)		1,215		322,510
Murphy USA, Inc.		837		242,872
O’Reilly Automotive, Inc.(a)		1,916		1,335,682
Penske Automotive Group, Inc.(c)		5,932		699,441
Sonic Automotive, Inc.—Class A(c)		3,116		165,740
				6,476,460
National Security and International Affairs—0.06%
Leidos Holdings, Inc.		5,985		568,874
Nonmetallic Mineral Product Manufacturing—0.28%
AGC, Inc.—ADR		93,740		634,151
Corning, Inc.(c)		27,676		949,840
CRH PLC—ADR		6,583		243,505
Mohawk Industries, Inc.(a)(c)		4,673		515,712
Quanex Building Products Corp.		11,715		261,245
				2,604,453
Nonstore Retailers—0.65%
Baozun, Inc.—ADR(a)		17,065		145,053
Box, Inc.(a)(c)		7,548		194,361
Compass Group PLC—ADR		16,790		363,504
DoorDash, Inc.(a)		8,962		536,823
Grupo Aval Acciones y Valores SA—ADR		1		3
JD.com, Inc.—ADR		23,443		1,488,396
Jumia Technologies AG—ADR(a)(c)		28,873		213,371
MonotaRO Co. Ltd.—ADR		12,512		225,216
Overstock.com, Inc.(a)		4,536		118,390
Pinduoduo, Inc.—ADR(a)(c)		35,512		2,532,006
ZOZO, Inc.—ADR(c)		57,111		251,288
				6,068,411
Nursing and Residential Care Facilities—0.05%
Ensign Group, Inc.		3,787		323,031
National HealthCare Corp.		2,337		162,305
				485,336
Oil and Gas Extraction—2.98%
AP Moeller—Maersk A/S—ADR		120,902		1,450,824
APA Corp.		15,187		593,964

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

58

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Chesapeake Energy Corp.(c)		5,664	$	569,175
Continental Resources, Inc.		4,267		297,965
Coterra Energy, Inc.(c)		15,068		465,752
Devon Energy Corp.		16,366		1,155,767
Eni SpA—ADR		75,968		1,794,364
EOG Resources, Inc.		5,569		675,520
Gazprom PJSC—ADR(e)(g)		186,205		0
Marathon Oil Corp.		80,728		2,065,830
Matador Resources Co.(c)		6,807		405,697
Occidental Petroleum Corp.		17,650		1,253,150
Ovintiv, Inc.		12,012		638,318
Pampa Energia SA—ADR(a)(c)		8,675		211,583
PDC Energy, Inc.		5,797		393,674
Petroleo Brasileiro SA—ADR(c)		70,192		1,003,044
Pioneer Natural Resources Co.(c)		4,703		1,190,894
Range Resources Corp.(a)		6,833		224,532
Repsol SA—ADR		66,292		860,470
Shell PLC—ADR		153,792		8,147,901
SM Energy Co.		9,521		419,590
Surgutneftegas PJSC—ADR(e)		15,549		0
TotalEnergies SE—ADR		74,195		3,747,589
Woodside Energy Group Ltd.—ADR(c)		8,498		193,839
				27,759,442
Other Information Services—0.44%
Amadeus IT Group SA—ADR(a)		6,298		330,141
Meta Platforms, Inc.—Class A(a)		21,444		3,493,871
Pinterest, Inc. (a)		11,693		269,407
				4,093,419
Paper Manufacturing—0.13%
Boise Cascade Co.		3,147		196,153
International Paper Co.		10,912		454,157
Packaging Corp. of America		1,659		227,150
WestRock Co.		8,850		359,222
				1,236,682
Performing Arts, Spectator Sports, and Related Industries—0.07%
Endeavor Group Holdings, Inc.(a)		15,320		346,538
Entain PLC—ADR(c)		15,637		230,724
OPAP SA—ADR		17,498		113,387
				690,649
Personal and Laundry Services—0.05%
Kingfisher PLC—ADR		79,052		429,055
Petroleum and Coal Products Manufacturing—1.08%
BP PLC—ADR		267		8,234
Equinor ASA—ADR		36,926		1,432,360
Exxon Mobil Corp.		54,411		5,201,147
Marathon Petroleum Corp.		11,797		1,188,548
OMV AG—ADR		10,221		409,760
PBF Energy, Inc.—Class A(a)		10,664		364,282
Valero Energy Corp.		12,221		1,431,324
				10,035,655

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

59

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Pipeline Transportation—0.03%
Naturgy Energy Group SA—ADR		47,213	$	256,839
Plastics and Rubber Products Manufacturing—0.27%
Berry Global Group, Inc.(a)		3,663		199,011
Bridgestone Corp.—ADR		82,963		1,586,253
Entegris, Inc.		4,912		466,050
Goodyear Tire & Rubber Co.(a)		15,309		214,785
				2,466,099
Postal Service—0.04%
Royal Mail PLC—ADR		62,007		401,805
Primary Metal Manufacturing—1.03%
Alcoa Corp.		7,350		363,678
APERAM SA(b)		14,895		405,665
ArcelorMittal SA(b)		78,374		1,848,844
Commercial Metals Co.		12,839		520,108
Encore Wire Corp.(c)		4,545		591,305
Grupo Simec SAB de CV—ADR(a)		1		30
Kubota Corp.—ADR		7,117		550,215
Mechel PJSC—ADR(a)(e)		59,509		133,895
Nippon Steel Corp.—ADR		72,051		1,150,654
Norsk Hydro ASA—ADR		224,612		1,547,577
Steel Dynamics, Inc.(c)		10,174		821,246
Sumitomo Metal Mining Co. Ltd.—ADR		85,741		670,494
Ternium SA—ADR		22,814		702,899
United States Steel Corp.(c)		11,565		264,492
Usinas Siderurgicas de Minas Gerais SA Usiminas—ADR		13,517		21,762
				9,592,864
Printing and Related Support Activities—0.15%
Dai Nippon Printing Co. Ltd.—ADR		60,977		643,917
TOPPAN, Inc.—ADR		99,079		780,743
				1,424,660
Professional, Scientific, and Technical Services—3.61%
Accenture PLC—Class A(b)		17,570		5,068,242
AECOM		1,443		105,555
Alector, Inc.(a)		9,391		97,197
Allscripts Healthcare Solutions, Inc.(a)(c)		7,881		133,977
Alterity Therapeutics Ltd.—ADR(a)		78,065		46,058
BioNTech SE—ADR(c)		4,382		633,812
CACI International, Inc.—Class A(a)		2,090		587,018
Capgemini SE—ADR		30,987		1,073,700
Carlsberg AS—ADR		54,979		1,420,658
CDW Corp.		5,203		888,152
Cheetah Mobile, Inc.—ADR(a)		1		1
Clear Channel Outdoor Holdings, Inc.(a)		27,483		43,973
Cognizant Technology Solutions Corp.—Class A		29,682		1,875,012
Commonwealth Bank of Australia—ADR(c)		28,703		1,902,722
Concentrix Corp.		2,326		292,564
ContextLogic, Inc.(a)(c)		59,277		77,060
DXC Technology Co.(a)		8,976		222,425
Ebix, Inc.(c)		5,961		155,105
EPAM Systems, Inc.(a)		250		106,625
F5, Inc.(a)		2,006		315,062

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

60

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
FTI Consulting, Inc.(a)(c)		2,124	$	341,114
Galapagos NV—ADR(a)		4,274		213,956
Gartner, Inc.(a)		4,692		1,338,722
Genmab A/S—ADR(a)		8,139		288,853
GoDaddy, Inc.(a)		9,356		709,372
Gravity Co. Ltd.—ADR(a)		7,526		370,053
Immutep Ltd.—ADR(a)(c)		65,834		132,985
Indra Sistemas SA—ADR(c)		144,619		549,552
Insight Enterprises, Inc.(a)(c)		6,480		590,458
Interpublic Group of Companies, Inc.(c)		42,419		1,172,462
Jacobs Solutions, Inc.		3,965		493,960
Jardine Matheson Holdings Ltd.—ADR		11,819		626,525
Lizhi, Inc.—ADR(a)		11,609		10,981
Lyell Immunopharma, Inc.(a)		12,118		81,191
Materialise NV—ADR(a)(c)		8,221		96,103
Maxar Technologies, Inc.		3,959		94,343
Medpace Holdings, Inc.(a)		2,731		403,123
Mereo Biopharma Group PLC—ADR(a)		37,367		44,840
NetScout Systems, Inc.(a)		7,381		234,273
NortonLifeLock, Inc.		73,478		1,659,868
Omnicom Group, Inc.(c)		17,399		1,163,993
Palantir Technologies, Inc.(a)(c)		28,080		216,778
Palo Alto Networks, Inc.(a)		1,288		717,171
Paychex, Inc.		6,164		760,268
Paylocity Holding Corp.(a)		1,974		475,734
Pintec Technology Holdings Ltd.—ADR(a)		1		1
Publicis Groupe SA—ADR		20,301		248,687
PubMatic, Inc.—Class A(a)		6,733		131,765
Riot Blockchain, Inc.(a)(c)		6,955		49,867
Sage Group PLC—AD(c)		7,196		242,505
Science Applications International Corp.		6,370		580,116
SecureWorks Corp.(a)		2,371		24,658
Skillz, Inc.(a)(c)		11,020		14,657
Snowflake, Inc.(a)(c)		2,839		513,717
Sumitomo Corp.—ADR(c)		33,560		470,847
Swatch Group AG—ADR		47,600		575,008
Syneos Health, Inc.(a)		4,906		294,900
TC Biopharm Holdings PLC—ADR(a)		19,068		6,292
Teledyne Technologies, Inc.(a)		2,751		1,013,359
Trade Desk, Inc.—Class A(a)(c)		1,306		81,886
TuSimple Holdings, Inc.(a)		11,943		85,870
Unity Software, Inc.(a)(c)		1,033		44,130
Verint Systems, Inc.(a)		9,359		453,818
Vir Biotechnology, Inc.(a)(c)		8,415		199,856
Virtu Financial, Inc.—Class A		14,285		327,984
VMware, Inc.—Class A		3,513		407,613
Vodacom Group Ltd.—ADR		1		7
X Financial—ADR(a)		944		2,464
Yiren Digital Ltd.—ADR(a)		14,631		15,948
				33,617,551
Publishing Industries (except Internet)—4.01%
3D Systems Corp.(a)(c)		12,269		124,285
Activision Blizzard, Inc.		7,415		582,003
Akamai Technologies, Inc.(a)		9,208		831,298

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

61

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Cadence Design System, Inc.(a)		4,083	$	709,503
Certara, Inc.(a)		10,651		166,901
CommVault Systems, Inc.(a)		3,704		201,090
Datadog, Inc.—Class A(a)		4,009		420,745
Dropbox, Inc. (a)		35,208		753,099
Dynatrace, Inc.(a)		1,870		71,397
Foresight Autonomous Holdings Ltd.—ADR(a)		19,714		13,210
Fujitsu Ltd.—ADR		58,982		1,388,436
Gaotu Techedu, Inc.—ADR(a)		626		1,102
Hello Group, Inc.—ADR		2,387		12,293
Hewlett Packard Enterprise Co.		98,249		1,336,186
HubSpot, Inc.(a)		1,313		442,534
Intuit, Inc.		1,958		845,425
Microsoft Corp.		70,355		18,395,722
MongoDB, Inc.(a)(c)		618		199,527
New York Times Co.—Class A		5,977		182,239
News Corp.—Class B		33,060		569,954
Nexon Co. Ltd.—ADR		5,374		106,566
Oracle Corp.		19,330		1,433,320
PTC, Inc.(a)(c)		2,585		296,991
RELX PLC—ADR		42,749		1,119,169
SPS Commerce, Inc.(a)		1,675		204,551
SS&C Technologies Holdings, Inc.		18,711		1,043,325
Synopsys, Inc.(a)		6,319		2,186,500
Tarena International, Inc.—ADR(a)		1		8
Trend Micro, Inc.—ADR		13,125		813,094
Vipshop Holdings Ltd.—ADR(a)		204,952		2,379,493
Vnet Group, Inc.—ADR(a)		251		1,343
WM Technology, Inc.(a)		16,640		43,597
Ziff Davis, Inc.(a)(c)		4,730		365,534
ZoomInfo Technologies, Inc.(a)		3,081		139,939
				37,380,379
Rail Transportation—0.14%
CSX Corp.		15,060		476,649
Union Pacific Corp.		3,840		862,118
				1,338,767
Real Estate—0.74%
CBRE Group, Inc.—Class A(a)		8,210		648,262
Daiwa House Industry Co. Ltd.—ADR		30,049		670,694
eXp World Holdings, Inc.(c)		7,610		98,397
Forestar Group, Inc.(a)		6,149		76,494
Jefferies Financial Group, Inc.		19,771		634,451
Jones Lang LaSalle, Inc. (a)		3,470		600,310
Marcus & Millichap, Inc.		13,696		511,956
Mitsubishi Estate Co. Ltd.—ADR		49,324		660,941
Mitsui Fudosan Co. Ltd.—ADR		369		22,369
RMR Group, Inc.—Class A		7,657		199,388
Sekisui House Ltd.—ADR		67,765		1,151,327
Sun Hung Kai Properties Ltd.—ADR(c)		116,400		1,382,832
Walker & Dunlop, Inc.		1,915		192,381
				6,849,802

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

62

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Rental and Leasing Services—0.70%
Agiliti, Inc.(a)		4,859	$	78,036
AMERCO(c)		729		383,214
Ashtead Group PLC—ADR		1,889		374,853
Avis Budget Group, Inc.(a)		1,666		278,855
Cerence, Inc.(a)		1,981		39,640
Hertz Global Holdings, Inc.(a)(c)		11,631		214,708
Netflix, Inc.(a)		2,215		495,185
ORIX Corp.—ADR		35,249		2,902,755
Ryder System, Inc.		4,841		370,046
Triton International Ltd.(b)		10,725		639,103
United Rentals, Inc.(a)		2,568		749,959
				6,526,354
Repair and Maintenance—0.02%
Valvoline, Inc.		6,060		176,164
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—2.11%
23andMe Holding Co.(a)(c)		49,177		165,726
360 DigiTech, Inc.—ADR		68,012		1,086,832
3i Group PLC—ADR(c)		8,290		59,522
Affiliated Managers Group, Inc.		507		64,572
Amarin Corp. PLC—ADR(a)		17,904		21,127
Artisan Partners Asset Management, Inc.—Class A(c)		2,756		93,043
Astra International, Tbk PT—ADR		63,281		591,677
Bakkt Holdings, Inc.(a)(c)		23,428		60,679
Bidvest Group Ltd.—ADR		6,473		161,825
Blackstone, Inc.		13,242		1,243,952
Carlyle Group, Inc.		15,746		512,217
Cboe Global Markets, Inc.(c)		3,278		386,706
Cerevel Therapeutics Holdings, Inc.(a)(c)		4,263		124,053
Chemed Corp.		668		318,095
Daqo New Energy Corp.—ADR(a)		18,082		1,205,527
EDAP TMS SA—ADR(a)		10,939		92,435
Evercore, Inc.—Class A(c)		3,363		315,079
First Pacific Co. Ltd.—ADR		412,961		788,756
Franklin Resources, Inc.(c)		18,296		476,977
Futu Holdings Ltd.—ADR(a)(c)		12,301		603,856
Ginkgo Bioworks Holdings, Inc.(a)(c)		23,555		63,363
Goldman Sachs Group, Inc.		3,624		1,205,596
Houlihan Lokey, Inc.		3,539		277,812
Janus Henderson Group PLC(b)		14,188		331,999
Keppel Corp Ltd.—ADR		18,260		191,365
LATCH, Inc.(a)		9,591		10,262
Leju Holdings Ltd.—ADR(a)		1		2
Lixil Corp.—ADR		19,439		675,505
LPL Financial Holdings, Inc.		12		2,656
Lucid Group, Inc.(a)(c)		18,538		284,373
Macquarie Group Ltd.—ADR		10,412		1,250,064
Moelis & Co.—Class A		4,527		188,595
NatWest Group PLC—ADR(a)		50,450		278,990
Navient Corp.(c)		14,481		222,863
Offerpad Solutions, Inc.(a)(c)		46,624		70,868
Piper Jaffray Cos.(c)		3,005		344,283

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

63

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Prosus NV—ADR		71,362	$	882,748
Randstad NV—ADR		4,546		106,013
Raymond James Financial, Inc.		13,878		1,448,446
Sea Ltd.—ADR(a)		2,790		172,980
Sibanye Stillwater Ltd.—ADR		1		9
Societe Generale SA—ADR		204,067		893,813
SOFI Technologies, Inc.(a)(c)		20,417		120,869
StepStone Group, Inc.—Class A		2,412		65,823
Stifel Financial Corp.(c)		15,568		923,338
TechnoPro Holdings, Inc.—ADR (c)		155,417		695,957
Uxin Ltd.—ADR(a)		1		1
Verra Mobility Corp.(a)		16,255		259,105
Virgin Galactic Holdings, Inc.(a)(c)		6,594		38,971
Virtus Investment Partners, Inc.		1,023		195,649
Vivid Seats, Inc.(c)		12,412		100,413
				19,675,387
Specialty Trade Contractors—0.19%
Comfort Systems USA, Inc.		4,335		434,974
EMCOR Group, Inc.(c)		5,105		607,087
NetEase, Inc.—ADR		3,573		316,246
Quanta Services, Inc.		2,887		407,933
				1,766,240
Sporting Goods, Hobby, Musical Instrument, and Book Stores—0.05%
Dick’s Sporting Goods, Inc.(c)		4,522		481,005
Support Activities for Agriculture and Forestry—0.18%
Andersons, Inc.		7,031		260,358
Corteva, Inc.		22,842		1,403,184
				1,663,542
Support Activities for Mining—1.25%
BHP Group Ltd.—ADR		46,252		2,538,772
California Resources Corp.		6,805		339,978
China Shenhua Energy Co. Ltd.—ADR		1		13
Cleveland-Cliffs, Inc.(a)(c)		16,759		289,428
ConocoPhillips		26,376		2,886,852
Diamondback Energy, Inc.		5,100		679,728
Epiroc AB—ADR		5,592		85,054
Fortescue Metals Group Ltd.—ADR		35,329		883,932
Hess Corp.(c)		110		13,286
Impala Platinum Holdings Ltd.—ADR		11,084		115,495
Inpex Corp.—ADR		90,991		1,035,478
Rio Tinto PLC—ADR		27,823		1,566,157
South32 Ltd.—ADR		51,532		718,871
Targa Resources Corp.		6,530		445,542
Weir Group PLC—ADR		8,075		67,588
				11,666,174
Support Activities for Transportation—0.55%
CH Robinson Worldwide, Inc.(c)		7,782		888,315
CK Hutchison Holdings Ltd.—ADR		62,224		396,367
Expeditors International of Washington, Inc.(c)		19,872		2,044,631
Grupo Aeroportuario del Centro Norte SAB de CV—ADR		1,933		101,037
Grupo Aeroportuario del Pacifico SAB de CV—ADR		122		17,394

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

64

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Hub Group, Inc.—Class A(a)		4,471	$	356,831
JB Hunt Transport Services, Inc. (c)		4,753		827,117
Matson, Inc.		5,028		370,362
XPO Logistics, Inc.(a)		2,945		154,377
				5,156,431
Telecommunications—2.50%
Adyen NV—ADR(a)		10,905		169,137
AT&T, Inc.		172,656	��	3,028,386
Deutsche Telekom AG—ADR		9,905		187,502
Eutelsat Communications SA—ADR		101,546		228,479
Frontier Communications Parent, Inc.(a)		10,789		277,925
Gogo, Inc.(a)		4,822		71,655
JOYY, Inc.—ADR		15		455
KDDI Corp.—ADR		145,629		2,220,842
KT Corp.—ADR		111,181		1,525,403
Lumen Technologies, Inc.(c)		137,977		1,374,251
Magyar Telekom Telecommunications PLC—ADR		35,539		140,201
Mobile TeleSystems PJSC—ADR(e)(g)		46,068		253,374
MTN Group Ltd.—ADR		112,003		818,742
Nippon Telegraph & Telephone Corp.—ADR		110,396		2,993,939
Nokia Oyj—ADR		225,693		1,139,750
Oxford Industries, Inc.(c)		2,896		309,090
Partner Communications Co. Ltd.—ADR(a)		7,078		59,243
PLDT, Inc.—ADR		15,483		450,246
Rostelecom PJSC—ADR(e)		24,510		0
SK Telecom Co. Ltd.—ADR		8,580		183,183
SoftBank Corp.—ADR		36,780		401,270
Swisscom AG—ADR		7,152		369,186
Tele2 AB—ADR		6,929		37,209
Telenor ASA—ADR		20,472		223,554
Telkom Indonesia Persero Tbk PT—ADR		55,153		1,658,451
The9 Ltd.—ADR(a)		1		1
T-Mobile US, Inc.(a)		7,918		1,139,875
United States Cellular Corp.(a)		3,942		112,702
Verizon Communications, Inc.		63,817		2,668,188
Vodafone Group PLC—ADR		64,628		867,308
Zoom Video Communications, Inc.—Class A(a)		4,410		354,564
				23,264,111
Textile Mills—0.02%
Dunxin Financial Holdings Ltd.—ADR(a)		1		0
Teijin Ltd.—ADR		16,822		178,314
				178,314
Textile Product Mills—0.14%
Hermes International—ADR		9,193		1,177,715
Interface, Inc.		12,319		137,603
				1,315,318
Transit and Ground Passenger Transportation—0.03%
Lyft, Inc.—Class A(a)		1,540		22,684
Uber Technologies, Inc.(a)		2,674		76,904
Yalla Group Ltd.—ADR(a)(c)		36,950		158,516
				258,104

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

65

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Transportation Equipment Manufacturing—5.24%
AAR Corp.(a)(c)		8,988	$	385,405
Airbus SE—ADR		49,546		1,211,895
Aisin Corp.—ADR		10,978		329,340
BAE Systems PLC—ADR		49,778		1,796,986
Bayerische Motoren Werke AG—ADR		110,279		2,705,144
BorgWarner, Inc.		19,772		745,404
Brilliance China Automotive Holdings Ltd.—ADR(a)(e)(g)		37,772		173,751
Denso Corp.—ADR		48,910		1,336,710
Embraer SA—ADR(a)		1		11
Ford Motor Co.		126,172		1,922,861
General Dynamics Corp.		10,670		2,442,682
General Motors Co.		27,286		1,042,598
Honda Motor Co. Ltd.—ADR		137,159		3,637,457
Huntington Ingalls Industries, Inc.		2,158		496,901
Isuzu Motors Ltd.—ADR(c)		65,708		813,071
Kawasaki Heavy Industries Ltd.—ADR		28,284		220,389
Lear Corp.(c)		4,766		660,758
Leonardo SpA—ADR		302,398		1,245,880
Lockheed Martin Corp.		4,051		1,701,866
Mazda Motor Corp.—ADR		127,572		557,490
Mercedes-Benz Group AG—ADR(c)		293,758		4,124,362
Nikola Corp.(a)(c)		10,777		57,765
Nissan Motor Co. Ltd.—ADR		46,625		366,473
Niu Technologies—ADR(a)		43,498		261,423
PACCAR, Inc.		4,600		402,546
Raytheon Technologies Corp.		20,026		1,797,334
Shimano, Inc.—ADR		51,617		915,169
Subaru Corp.—ADR		29,328		264,245
Suzuki Motor Corp.—ADR		156		21,723
Tata Motors Ltd.—ADR(a)		30,262		877,598
Tesla, Inc.(a)		22,662		6,245,874
Textron, Inc.		19,892		1,240,863
Toyota Industries Corp.—ADR		9,957		556,049
Toyota Motor Corp.—ADR		46,300		6,915,830
Vitesco Technologies Group AG—ADR(a)		286		2,706
Westinghouse Air Brake Technologies Corp.		14,550		1,275,308
XL Fleet Corp.(a)(c)		25,015		28,017
				48,779,884
Truck Transportation—0.31%
ArcBest Corp.(c)		4,621		372,129
Knight-Swift Transportation Holdings, Inc.(c)		11,133		562,328
Old Dominion Freight Lines, Inc.		2,472		670,925
Saia, Inc.(a)		1,012		209,312
Schneider National, Inc.—Class B(c)		25,457		581,947
Werner Enterprises, Inc.(c)		13,211		525,666
				2,922,307
Utilities—2.72%
American Electric Power Co., Inc.		11,351		1,137,370
CenterPoint Energy, Inc.		22,620		713,209
Centrica PLC—ADR(a)		334,874		1,165,362
Cia Energetica de Minas Gerais—ADR(c)		42,808		164,383
Clearway Energy, Inc.		3,204		110,474

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

66

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
CLP Holdings Ltd.—ADR(c)		88,022	$	767,112
Consolidated Edison, Inc.		19,027		1,859,698
Duke Energy Corp.		8,706		930,758
Edison International		7,915		536,400
Électricité de France SA—ADR		10,978		25,579
Engie SA—ADR		110,992		1,325,243
Entergy Corp.		3,582		413,005
Evergy, Inc.		25,849		1,771,432
Exelon Corp.		40,880		1,795,041
First Solar, Inc.(a)		4,320		551,016
FirstEnergy Corp.		32,947		1,303,054
Iberdrola SA—ADR		32,300		1,341,096
MDU Resources Group, Inc.		23,652		713,108
National Fuel Gas Co.		8,558		609,929
National Grid PLC—ADR(c)		2,047		129,350
NiSource, Inc.		24,734		729,900
NRG Energy, Inc.(c)		10,623		438,517
OGE Energy Corp.		18,047		731,625
Otter Tail Corp.		9,526		719,594
PG&E Corp.(a)		69,526		857,256
Portland General Electric Co.		10,087		521,195
Power Assets Holdings Ltd.—ADR		63,675		382,050
PPL Corp.		4,614		134,175
Red Electrica Corp. SA—ADR		68,013		617,558
Sempra Energy		274		45,202
SSE PLC—ADR		49,104		938,868
Terna—Rete Elettrica Nazionale—ADR		15,079		320,429
Tokyo Gas Co. Ltd.—ADR(c)		65,772		620,230
UGI Corp.(c)		13,130		518,635
Vistra Corp.		14,982		370,805
				25,308,658
Waste Management and Remediation Services—0.40%
Republic Sevices, Inc.		15,261		2,178,050
Veolia Environnement SA—ADR		39,446		882,407
Waste Management, Inc.		3,787		640,117
				3,700,574
Water Transportation—0.17%
Central Puerto SA—ADR(a)		13,146		55,213
Nippon Yusen KK—ADR		99,331		1,516,784
				1,571,997
Wood Product Manufacturing—0.29%
Builders FirstSource, Inc.(a)		9,258		542,611
Greif, Inc.—Class A		6,611		443,268
Greif, Inc.—Class B(c)		2,222		145,030
Louisiana-Pacific Corp.(c)		4,213		228,471
Owens Corning		5,867		479,509
Skyline Champion Corp.(a)		3,090		175,110
UFP Industries, Inc.		8,145		646,632
				2,660,631
TOTAL COMMON STOCKS (Cost $809,798,760)				889,338,489

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

67

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
PREFERRED STOCKS—0.39%
Chemical Manufacturing—0.01%
Braskem SA—ADR, 26.273%(d)		8,714	$	102,999
Credit Intermediation and Related Activities—0.07%
Bancolombia SA—ADR, 5.262%(d)		23,093		633,903
Management of Companies and Enterprises—0.03%
Porsche Automobil Holding SE—ADR, 3.712%(d)		44,857		315,614
Motion Picture and Sound Recording Industries—0.01%
AMC Entertainment Holdings, Inc.(a)(d)		16,676		81,712
Oil and Gas Extraction—0.12%
Petroleo Brasileiro SA—ADR, 34.274%(d)		87,362		1,112,992
Surgutneftegas PJSC—ADR, 178.798%(d)(e)		47,748		0
				1,112,992
Primary Metal Manufacturing—0.11%
Gerdau SA—ADR, 16.522%(d)		232,700		1,049,478
Utilities—0.04%
Cia Energetica de Minas Gerais—ADR, 9.569%(d)		127,167		300,114
Cia Paranaense de Energia—ADR, 16.012%(d)		3,718		24,390
				324,504
TOTAL PREFERRED STOCKS (Cost $4,225,023)				3,621,202
EXCHANGE-TRADED FUNDS—0.99%
iShares MSCI EAFE ETF(c)		51,301		3,165,272
Vanguard FTSE Emerging Markets ETF(c)		11,699		481,180
Vanguard Large-Cap ETF		24,353		4,405,457
Vanguard Small-Cap ETF		6,134		1,163,681
TOTAL EXCHANGE-TRADED FUNDS (Cost $9,079,601)				9,215,590
REAL ESTATE INVESTMENT TRUSTS—2.33%
Heavy and Civil Engineering Construction—0.05%
British Land Co. PLC—ADR		19,291		95,876
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR		65,373		187,947
Paramount Group, Inc.(c)		30,811		213,521
				497,344
Real Estate—1.94%
Alexander & Baldwin, Inc.		6,237		116,819
Annaly Capital Mangement, Inc.(c)		80,357		518,303
Apple Hospitality REIT, Inc.		27,450		436,730
AvalonBay Communities, Inc.		2,600		522,366
Boston Properties, Inc.		5,579		443,140
Brixmor Property Group, Inc.		23,482		504,393
Broadstone Net Lease, Inc.		31,436		601,685
CoreCivic, Inc.(a)		20,254		193,021
Cousins Properties, Inc.(c)		16,731		449,227
DiamondRock Hospitality Co.(a)		27,325		238,547
EPR Properties (c)		9,065		394,237
Equity Residential		12,704		929,679
Franklin Street Properties Corp.		45,626		128,209
Gaming and Leisure Properties, Inc.		10,921		527,157
GEO Group, Inc.(a)(c)		25,960		212,353
Getty Realty Corp.		4,760		143,181

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

68

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
Highwoods Properties, Inc.		9,495	$	288,743
Host Hotels & Resorts, Inc.(c)		91,972		1,634,341
iStar, Inc.		16,430		226,241
Kimco Realty Corp.		27,626		582,356
Mid-America Apartment Communities, Inc.		8,619		1,427,909
Office Properties Income Trust(c)		10,519		184,819
PotlatchDeltic Corp.(c)		9,223		428,132
Public Storage		1,132		374,500
Rayonier, Inc.		13,465		478,277
Redwood Trust, Inc.		809		6,270
Regency Centers Corp.		33,410		2,032,663
Rithm Capital Corp.(c)		83,202		784,595
RPT Realty		9,758		93,970
Simon Property Group, Inc.		9,033		921,185
SITE Centers Corp.		33,532		434,575
Tanger Factory Outlet Centers, Inc.(c)		5,731		88,372
Urstadt Biddle Properties, Inc.—Class A		13,777		230,351
Ventas, Inc.		506		24,217
VICI Properties, Inc.(c)		584		19,266
Welltower, Inc.(c)		5,204		398,887
WP Carey, Inc.(c)		12,661		1,063,904
				18,082,620
Securities, Commodity Contracts, and Other Financial Investments and Related Activities—0.03%
Medical Properties Trust, Inc.(c)		20,137		294,202
Telecommunications—0.03%
Uniti Group, Inc.		33,576		315,279
Warehousing and Storage—0.17%
Extra Space Storage, Inc.		2,388		474,567
Iron Mountain, Inc.(c)		20,074		1,056,093
				1,530,660
Wood Product Manufacturing—0.11%
Weyerhaeuser Co.		28,593		976,737
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $22,494,695)				21,696,842
RIGHTS—0.00%
Chemical Manufacturing—0.00%
Cellect Biotechnology CVR(a)(e)(g)		620,000		0
TOTAL RIGHTS (Cost $0)				0
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING—13.20%
Money Market Fund—13.20%
Mount Vernon Liquid Assets Portfolio, LLC, 2.440%(f)		122,945,367		122,945,367
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $122,945,367)				122,945,367

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

69

PMC DIVERSIFIED EQUITY FUND Schedule of Investments

August 31, 2022 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS—0.49%
First American Government Obligations Fund, Class X, 2.039%(f)		4,542,948		4,542,948
TOTAL SHORT-TERM INVESTMENTS (Cost $4,542,948)				4,542,948
Total Investments (Cost $973,086,394)—112.87%				1,051,360,438
Liabilities in Excess of Other Assets—(12.87)%				(119,851,375	)
TOTAL NET ASSETS—100.00%			$	931,509,063

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 August 31, 2022. Total value of securities out on loan is $118,873,615.

^(d)  Perpetual preferred stock with no stated maturity.

^(e)  Represents an illiquid security. The total market value of these securities were $792,131, representing 0.09% of net assets.

^(f)  The rate shown represents the seven day yield at August 31, 2022.

^(g)  Fair valued security. Value determined using significant unobservable inputs.

	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.

70

PMC Funds

August 31, 2022

Statements of Assets and Liabilities
	Core Fixed Income Fund			Diversified Equity Fund
Assets
Investments, at value(1)(2)	$	478,183,553		$	1,051,360,438
Cash		—			1,339
Receivables:
Investments sold		2,555,166			—
Dividends and interest		3,002,406			3,614,655
Fund shares sold		234,513			519,483
Securities lending		4,223			107,143
Other Assets		26,759			27,787
Total Assets		484,006,620			1,055,630,845
Liabilities
Payables:
Investments purchased		27,370,559			—
Fund shares redeemed		351,158			437,001
Collateral on securities loaned		23,745,201			122,945,367
Affiliates		142,996			210,155
Adviser		120,423			438,444
Distributor		10,573			24,093
Accrued expenses and other liabilities		62,543			66,722
Total Liabilities		51,803,453			124,121,782
Net Assets	$	432,203,167		$	931,509,063
Net assets consist of:
Paid-in capital	$	483,402,395		$	832,784,739
Total distributable earnings (deficit)		(51,199,228	)		98,724,324
Net assets	$	432,203,167		$	931,509,063
Advisor Class Shares
Net assets		48,722,652			107,003,790
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		3,211,364			4,141,962
Net asset value and redemption price per share	$	15.17		$	25.83
Institutional Class Shares
Net assets		383,480,515			824,505,273
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		25,381,781			32,019,676
Net asset value and redemption price per share	$	15.11		$	25.75
(1) Cost of investments	$	520,721,799		$	973,086,394
(2) Includes loaned securities with a value of	$	23,131,553		$	118,873,615

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

71

PMC Funds

For the Year Ended August 31, 2022

Statements of Operations
	Core Fixed Income Fund			Diversified Equity Fund
Investment Income:
Interest	$	10,936,593		$	20,549
Dividends		—			23,833,717	(1)
Securities lending		47,686			1,426,002
		10,984,279			25,280,268
Expenses:
Investment management fees		3,011,835			5,567,167
Transfer agent fees and expenses		325,485			442,611
Fund accounting fees		233,920			271,745
Fund administration fees		217,643			457,461
Distribution fees—Advisor Class		142,117			338,697
Custody fees		76,691			109,294
Reports to shareholders		59,040			81,270
Federal and state registration fees		55,785			59,794
Audit and tax fees		41,399			39,894
Legal fees		18,619			23,090
Trustees’ fees		17,738			17,748
Chief Compliance Officer fees		17,500			12,496
Insurance fees		5,455			8,559
Other expenses		9,229			16,413
Total expenses before waiver or recoupment		4,232,456			7,446,239
Recoupment or (waivers) by Adviser (Note 4)		(1,309,991	)		—
Net expenses		2,922,465			7,446,239
Net Investment Income		8,061,814			17,834,029
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(13,664,537	)		18,110,180
Foreign currency translations		—			14
		(13,664,537	)		18,110,194
Net change in unrealized appreciation (depreciation) on:
Investments		(53,405,265	)		(204,917,453	)
Foreign currency translations		—			(126	)
		(53,405,265	)		(204,917,579	)
Net loss on investments and foreign currency		(67,069,802	)		(186,807,385	)
Net Decrease in Net Assets Resulting from Operations	$	(59,007,988	)	$	(168,973,356	)

⁽¹⁾ Net of $2,415,822 in foreign withholding tax and ADR issuance fees.

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

72

PMC Funds

Statements of Changes in Net Assets
	Core Fixed Income Fund
	Year Ended August 31, 2022			Year Ended August 31, 2021
Operations:
Net investment income	$	8,061,814		$	7,110,881
Net realized gain (loss) on investments, futures and foreign currency		(13,664,537	)		7,477,962
Net change in unrealized depreciation		(53,405,265	)		(7,198,752	)
Net increase (decrease) in net assets resulting from operations		(59,007,988	)		7,390,091
Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(1,595,925	)		(4,064,480	)
Net dividends and distributions—Institutional Class		(12,321,690	)		(20,452,703	)
Net decrease in net assets resulting from distributions paid		(13,917,615	)		(24,517,183	)
Fund share transactions:
Shares sold—Advisor Class		7,168,556			4,134,908
Shares issued to holders in reinvestment of dividends—Advisor Class		1,491,948			3,818,627
Shares redeemed—Advisor Class		(14,596,658	)		(62,391,307	)
Shares sold—Institutional Class		86,898,216			179,959,869
Shares issued to holders in reinvestment of dividends—Institutional Class		12,049,084			20,024,965
Shares redeemed—Institutional Class		(69,108,827	)		(53,069,953	)
Net increase in net assets from share transactions		23,902,319			92,477,109
Net increase (decrease) in net assets		(49,023,284	)		75,350,017
Net Assets:
Beginning of year		481,226,451			405,876,434
End of year	$	432,203,167		$	481,226,451
Change in shares outstanding:
Shares sold—Advisor Class		441,871			234,017
Shares issued to holders in reinvestment of dividends—Advisor Class		87,096			215,498
Shares redeemed—Advisor Class		(907,842	)		(3,414,719	)
Shares sold—Institutional Class		5,358,720			10,068,312
Shares issued to holders in reinvestment of dividends—Institutional Class		707,521			1,136,491
Shares redeemed—Institutional Class		(4,317,982	)		(2,983,602	)
Net increase		1,369,384			5,255,997

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

73

PMC Funds

Statements of Changes in Net Assets
	Diversified Equity Fund
	Year Ended August 31, 2022			Year Ended August 31, 2021
Operations:
Net investment income	$	17,834,029		$	13,959,216
Net realized gain on investments and foreign currency		18,110,194			119,595,822
Net change in unrealized appreciation (depreciation)		(204,917,579	)		140,721,927
Net increase (decrease) in net assets resulting from operations		(168,973,356	)		274,276,965
Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(12,392,239	)		(1,540,826	)
Net dividends and distributions—Institutional Class		(84,074,812	)		(10,631,418	)
Net decrease in net assets resulting from distributions paid		(96,467,051	)		(12,172,244	)
Fund share transactions:
Shares sold—Advisor Class		7,572,421			4,681,522
Shares issued to holders in reinvestment of dividends—Advisor Class		11,072,585			1,380,271
Shares redeemed—Advisor Class		(32,248,448	)		(125,342,856	)
Shares sold—Institutional Class		160,802,988			231,207,438
Shares issued to holders in reinvestment of dividends—Institutional Class		81,786,080			10,355,065
Shares redeemed—Institutional Class		(134,799,799	)		(180,695,062	)
Net increase (decrease) in net assets from share transactions		94,185,827			(58,413,622	)
Net increase (decrease) in net assets		(171,254,580	)		203,691,099
Net Assets:
Beginning of year		1,102,763,643			899,072,544
End of year	$	931,509,063		$	1,102,763,643
Change in shares outstanding:
Shares sold—Advisor Class		250,610			150,813
Shares issued to holders in reinvestment of dividends—Advisor Class		363,274			48,842
Shares redeemed—Advisor Class		(1,120,394	)		(4,727,688	)
Shares sold—Institutional Class		5,455,371			8,270,058
Shares issued to holders in reinvestment of dividends—Institutional Class		2,696,541			367,722
Shares redeemed—Institutional Class		(4,671,737	)		(6,047,878	)
Net increase (decrease)		2,973,665			(1,938,131	)

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

74

PMC Core Fixed Income Fund—Advisor Class

Financial Highlights
	Per Share Data for a Share Outstanding Throughout Each Year
	Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018
Net asset value, beginning of year	$	17.74		$	18.50		$	17.65		$	16.53		$	17.05
Income from investment operations:
Net investment income(1)		0.25			0.27			0.35			0.42			0.37
Net realized and unrealized gain (loss)		(2.36	)		0.01			0.92			1.09			(0.61	)
Total from investment operations		(2.11	)		0.28			1.27			1.51			(0.24	)
Less distributions paid:
Dividends from net investment income		(0.24	)		(0.33	)		(0.40	)		(0.39	)		(0.28	)
Distributions from net realized gains		(0.22	)		(0.71	)		(0.02	)		—			0.00	(2)
Total distributions paid		(0.46	)		(1.04	)		(0.42	)		(0.39	)		(0.28	)
Net asset value, end of year	$	15.17		$	17.74		$	18.50		$	17.65		$	16.53
Total return		-12.20	%		1.53	%		7.39	%		9.37	%		-1.42	%
Ratios / supplemental data
Net assets, end of year (000’s)	$	48,723		$	63,678		$	121,267		$	399,389		$	398,089
Ratio of expenses to average net assets before waiver and reimbursements		1.13	%		1.22	%		1.31	%		1.28	%		1.30	%
Ratio of expenses to average net assets after waiver and reimbursements		0.85	%		0.92	%(4)		1.00	% (3)		1.00	%(3)		1.00	%(3)
Ratio of net investment income to average net assets before waiver and reimbursements		1.22	%		1.22	%		1.72	%		2.22	%		1.91	%
Ratio of net investment income to average net assets after waiver and reimbursements		1.50	%		1.52	%		2.03	%		2.50	%		2.21	%
Portfolio turnover rate		201.7	%		227.0	%		180.7	%		144.3	%		160.1	%

⁽¹⁾  Per share net investment income was calculated using average shares outstanding.

⁽²⁾  Round to less than 0.5 cent per share.

⁽³⁾  Reflects expense cap of 0.75% (plus Rule 12b-1 fees of 0.25%).

⁽⁴⁾  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.

75

PMC Core Fixed Income Fund—Institutional Class

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Year/Period
	Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019(1)
Net asset value, beginning of year/period	$	17.67		$	18.47		$	17.66		$	17.23
Income from investment operations:
Net investment income(2)		0.29			0.30			0.39			0.07
Net realized and unrealized gain (loss)		(2.35	)		0.02			0.92			0.36
Total from investment operations		(2.06	)		0.32			1.31			0.43
Less distributions paid:
Dividends from net investment income		(0.28	)		(0.41	)		(0.48	)		—
Distributions from net realized gains		(0.22	)		(0.71	)		(0.02	)		—
Total distributions paid		(0.50	)		(1.12	)		(0.50	)		—
Net asset value, end of year/period	$	15.11		$	17.67		$	18.47		$	17.66
Total return(3)		-11.95	%		1.77	%		7.65	%		2.50	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	383,481		$	417,548		$	284,610		$	1
Ratio of expenses to average net assets before waiver and reimbursements(4)		0.88	%		0.96	%		1.06	%		0.75	%
Ratio of expenses to average net assets after waiver and reimbursements(4)		0.60	%		0.66	% (5)		0.75	%		0.75	%
Ratio of net investment income to average net assets before waiver and reimbursements(4)		1.49	%		1.42	%		1.87	%		2.33	%
Ratio of net investment income to average net assets after waiver and reimbursements(4)		1.77	%		1.72	%		2.18	%		2.33	%
Portfolio turnover rate(3)		201.7	%		227.0	%		180.7	%		144.3	%

⁽¹⁾  Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾  Per share net investment income was calculated using average shares outstanding.

⁽³⁾  Not annualized for periods less than one year.

⁽⁴⁾  Annualized for periods less than one year.

⁽⁵⁾  Effective January 26, 2021, the expense limitation cap was reduced from 0.75% to 0.60%.

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

76

PMC Diversified Equity Fund—Advisor Class

Financial Highlights
	Per Share Data for a Share Outstanding Throughout Each Year
	Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018
Net asset value, beginning of year	$	33.27		$	25.61		$	23.77		$	28.40		$	26.68
Income (loss) from investment operations:
Net investment income(1)		0.43			0.32			0.29			0.34			0.19
Net realized and unrealized gain (loss)		(5.10	)		7.61			1.86			(2.21	)		3.08
Total from investment operations		(4.67	)		7.93			2.15			(1.87	)		3.27
Less distributions paid:
Dividends from net investment income		(0.53	)		(0.27	)		(0.31	)		(0.17	)		(0.17	)
Distributions from net realized gains		(2.24	)		—			—			(2.59	)		(1.38	)
Total distributions paid		(2.77	)		(0.27	)		(0.31	)		(2.76	)		(1.55	)
Net asset value, end of year	$	25.83		$	33.27		$	25.61		$	23.77		$	28.40
Total return		-15.34	%		31.20	%		9.01	%		-5.54	%		12.50	%
Ratios / supplemental data
Net assets, end of year (000’s)	$	107,004		$	154,671		$	235,018		$	818,269		$	844,442
Ratio of expenses to average net assets before waiver, expense reimbursements or recoupment		0.93	%		0.93	%		0.95	%		0.94	%		1.26	%
Ratio of expenses to average net assets after waiver, expense reimbursements or recoupment		0.93	%		0.97	%(2)		0.98	%(2)		0.98	%(2)		1.25	%(3)
Ratio of net investment income to average net assets before waiver, expense reimbursements or recoupment		1.46	%		1.14	%		1.21	%		1.42	%		0.67	%
Ratio of net investment income to average net assets after waiver, expense reimbursements or recoupment		1.46	%		1.10	%		1.18	%		1.38	%		0.68	%
Portfolio turnover rate		59.6	%		72.3	%		55.1	%		111.4	%		104.3	%

⁽¹⁾  Per share net investment income was calculated using average shares outstanding.

⁽²⁾  Reflects expense cap of 0.73% (plus Rule 12b-1 fees of 0.25%).

⁽³⁾  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%).

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

77

PMC Diversified Equity Fund—Institutional Class

Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Year/Period
	Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020			Period Ended August 31, 2019(1)
Net asset value, beginning of year/period	$	33.22		$	25.59		$	23.78		$	24.69
Income from investment operations:
Net investment income(2)		0.51			0.42			0.39			0.06
Net realized and unrealized gain (loss)		(5.09	)		7.58			1.84			(0.97	)
Total from investment operations		(4.58	)		8.00			2.23			(0.91	)
Less distributions paid:
Dividends from net investment income		(0.65	)		(0.37	)		(0.42	)		—
Distributions from net realized gains		(2.24	)		—			—			—
Total distributions paid		(2.89	)		(0.37	)		(0.42	)		—
Net asset value, end of year/period	$	25.75		$	33.22		$	25.59		$	23.78
Total return(3)		-15.13	%		31.56	%		9.36	%		-3.69	%
Ratios / supplemental data
Net assets, end of year/period (000’s)	$	824,505		$	948,092		$	664,055		$	1
Ratio of expenses to average net assets(4)		0.68	%		0.68	%		0.71	%		0.73	%
Ratio of net investment income to average net assets(4)		1.73	%		1.43	%		1.64	%		1.42	%
Portfolio turnover rate(3)		59.6	%		72.3	%		55.1	%		111.4	%

⁽¹⁾  Institutional Class shares commenced operations on July 1, 2019.

⁽²⁾  Per share net investment income was calculated using average shares outstanding.

⁽³⁾  Not annualized for periods less than one year.

⁽⁴⁾  Annualized for periods less than one year.

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

78

PMC FUNDS

Notes to Financial Statements

August 31, 2022

(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 objective 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. Envestnet Asset Management, Inc. (the “Adviser”) serves as the Funds’ investment adviser. Neuberger Berman Investment Advisers LLC serves as the Core Fixed Income Fund’s sub-adviser.

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 net asset values (“NAVs”) of such companies for purchase and/or redemption orders placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.

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August 31, 2022

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 August 31, 2022:

Core Fixed Income Fund    

	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	38,534,566	$	—	$	38,534,566
Corporate Bonds*		—		150,657,322		—		150,657,322
Foreign Corporate Bonds*		—		33,784,488		—		33,784,488
Foreign Government Agency Issues		—		4,378,357		—		4,378,357
Foreign Government Notes/Bonds		—		9,284,017		—		9,284,017
Non-Agency Mortgage Backed Securities		—		22,831,170		—		22,831,170
Agency Mortgage Backed Securities		—		133,161,760		—		133,161,760
U.S. Government Agency Issues		—		1,930,164		—		1,930,164
U.S. Government Notes/Bonds		—		55,564,624		—		55,564,624
Total Fixed Income Securities		—		450,126,468		—		450,126,468

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August 31, 2022

	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds		527,116		—		—		527,116
Money Market Funds		27,529,969		—		—		27,529,969
Total Investments in Securities	$	28,057,085	$	450,126,468	$	—	$	478,183,553

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

The Fund did not hold any Level 3 securities during the year ended August 31, 2022.    

Diversified Equity Fund    

	Level 1		Level 2		Level 3^		Total
Equity
Common Stocks*	$	885,034,922	$	3,860,435	$	443,132	$	889,338,489
Preferred Stocks*		3,621,202		0		—		3,621,202
Exchange-Traded Funds		9,215,590		—		—		9,215,590
Real Estate Investment Trusts*		21,696,842		—		—		21,696,842
Rights*		—		—		0		0
Total Equity		919,568,556		3,860,435		443,132		923,872,123
Money Market Funds		127,488,315		—		—		127,488,315
Total Investments in Securities	$	1,047,056,871	$	3,860,435	$	443,132	$	1,051,360,438

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

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

As of August 31, 2022, the Fund held level 3 investments that were valued at the most recent trade price in an inactive market. The Level 3 investments in securities represented less than 1% of the Fund’s net assets and were not considered a significant portion of the Fund’s portfolio. As the Level 3 investments were not considered significant to the financial statements, a reconciliation of Level 3 investments for the year ended August 31, 2022 is not presented.

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 Funds did not hold derivative instruments during the year ended August 31, 2022.

(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.

81

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Notes to Financial Statements, continued

August 31, 2022

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

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

(c) Futures

The Funds may enter into futures contracts traded on domestic exchanges, including stock index futures contracts, as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of a Fund’s position, to create a synthetic money market position, for certain tax-related purposes and to effect closing transactions. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains and losses. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. As collateral for futures contracts, the Funds are required to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Funds did not enter into any futures contracts during the year ended August 31, 2022.

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

82

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Notes to Financial Statements, continued

August 31, 2022

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 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 year ended August 31, 2022.

(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.

83

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August 31, 2022

(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.

(h) Distributions to Shareholders

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

(i) Use of Estimates

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

(j) Share Valuation

The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The Funds do not charge a redemption fee, therefore the offering and redemption price per share are equal to a Fund’s net asset value per share.

(k) Allocation of Income, Expenses and Gains/Losses

Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most expenses are allocated by class based on relative net assets. Distribution (Rule 12b-1) fees are expensed at 0.25% of average daily net assets of the Advisor Class shares of the 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

The London Interbank Offered Rate (“LIBOR”) is an interest-rate average calculated from estimates submitted by the leading banks in London. LIBOR represents the rate which banks may obtain short-term borrowings from each other. It is the primary interest rate benchmark for short-term interest rates around the world. The regulator of the LIBOR administrator phased out the use of LIBOR on December 30, 2021 such that the one-week and 2-month

84

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August 31, 2022

USD LIBOR settings ceased to be published or will no longer be representative. The remaining USD LIBOR settings will cease to be published or will no longer be representative after June 30, 2023. Because the usefulness of LIBOR as a reference rate could deteriorate during the transition from LIBOR to an alternative reference rate, these effects could occur prior to June 30, 2023. The expected discontinuation of LIBOR could have a significant impact on the financial markets, and may present a risk for certain market participants, including the risk that the transition from LIBOR to an alternative interest rate will not be orderly, will occur over various time periods or will have unintended consequences.

(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, 2022	$	9,240,233	$	4,677,382
Year Ended August 31, 2021	$	18,061,447	$	6,455,736

Diversified Equity Fund	Ordinary Income		Long-Term Capital Gains
Year Ended August 31, 2022	$	21,468,568	$	74,998,483
Year Ended August 31, 2021	$	12,172,244	$	—

As of August 31, 2022, 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	$	521,337,713		$	975,588,223
Gross tax unrealized appreciation	$	605,550		$	155,426,128
Gross tax unrealized depreciation		(43,759,713	)		(79,654,039	)
Net tax unrealized appreciation	$	(43,154,163	)	$	75,772,089
Undistributed ordinary income	$	6,443,256		$	12,064,740
Undistributed long-term capital gain		—			12,251,579
Total distributable earnings	$	6,443,256		$	24,316,319
Other accumulated loss		(14,488,321	)		(1,364,084	)
Total accumulated earnings	$	(51,199,228	)	$	98,724,324

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

At August 31, 2022, the Core Fixed Income Fund deferred, on a tax basis, post-October capital losses of $14,488,321.

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, 2022, no reclassifications were made between total distributable earnings and paid in capital.

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2022. Also, the Funds recognized no interest and penalties related to uncertain tax benefits in fiscal year 2022. At August 31, 2022, the fiscal years 2019 through 2022 remain open to examination in the Funds’ major tax jurisdictions.

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August 31, 2022

(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, the Adviser is entitled to receive from the Diversified Equity Fund a management fee equal to 0.53% of the Fund’s average daily net assets and is entitled to receive from the Core Fixed Income Fund a management fee equal to 0.65% of the Fund’s average daily net assets if the Fund’s net assets are less than $2,500,000,000; 0.625% if the Fund’s net assets are greater than $2,500,000,000 but less than $5,000,000,000; and 0.60% if the Fund’s assets are greater than $5,000,000,000.

The Adviser has contractually agreed to waive its management fees and/or reimburse other expenses of the Funds’ at least through December 29, 2023 to the extent necessary to ensure that the Funds’ total annual operating expenses (excluding front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connections with any merger or reorganizations, dividends or interest on short positions, acquired fund fees and expenses, or extraordinary expenses such as litigation) do not exceed 0.60% for the Core Fixed Income Fund and 0.73% for the Diversified Equity Fund (the “Expense Limitation Cap”) of each Fund’s average daily net assets.

Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of: (1) the Expense Limitation Cap in place at the time of the waiver or reimbursement or (2) the Expense Limitation Cap in place at the time of recoupment; provided, however, that the Adviser shall only be entitled to recoup such amounts over the following three year period from the date of the waiver or reimbursement.

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

	Core Fixed Income Fund		Diversified Equity Fund
August 31, 2023	$	1,245,915	$	—
August 31, 2024	$	1,255,760	$	—
August 31, 2025	$	1,309,991	$	—

Sub-advisory services are provided to the Core Fixed Income Fund, pursuant to an agreement between the Adviser and Neuberger Berman Investment Advisers LLC (the “Sub-Adviser”). Under the terms of the sub-advisory agreement, the Adviser compensates the Sub-Adviser based on the Fund’s average daily net assets.

(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 “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 year ended August 31, 2022, the Funds incurred fees pursuant to the 12b-1 Plan as follows:

Core Fixed Income Fund	$	142,117
Diversified Equity Fund	$	338,697

(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

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August 31, 2022

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 year ended August 31, 2022, and owed as of August 31, 2022, are as follows:

	Incurred		Owed
Core Fixed Income Fund	$	217,643	$	35,205
Diversified Equity Fund	$	457,461	$	74,421

Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“U.S. Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the year ended August 31, 2022, and owed as of August 31, 2022 are as follows:

Fund Accounting	Incurred		Owed
Core Fixed Income Fund	$	233,920	$	38,474
Diversified Equity Fund	$	271,745	$	44,290

Transfer Agency	Incurred		Owed
Core Fixed Income Fund	$	325,485	$	53,673
Diversified Equity Fund	$	442,611	$	71,677

Custody	Incurred		Owed
Core Fixed Income Fund	$	76,691	$	12,728
Diversified Equity Fund	$	109,294	$	17,685

The Funds each have an unsecured line of credit with U.S. 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 year ended August 31, 2022, and owed as of August 31, 2022 is as follows:

	Incurred		Owed
Core Fixed Income Fund	$	17,500	$	2,916
Diversified Equity Fund	$	12,496	$	2,082

(7) Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the year ended August 31, 2022 are summarized below.

	Core Fixed Income Fund		Diversified Equity Fund
Purchases:
U.S. Government	$	453,035,433	$	—
Other		533,468,278		638,450,179
Total Purchases	$	986,503,711	$	638,450,179
Sales
U.S. Government	$	423,770,773	$	—
Other		547,306,383		617,613,480
Total Sales	$	971,077,156	$	617,613,480

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PMC FUNDS

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August 31, 2022

(8) Line of Credit

At August 31, 2022, the Core Fixed Income Fund and Diversified Equity Fund had unsecured lines of credit in the lesser amount of $20,000,000 and $35,000,000, respectively, or 33.33% of the fair value of unencumbered assets of each Fund, as defined, which both mature August 5, 2023. These unsecured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, US Bank. Interest was scheduled to be incurred at the bank’s prime rate of 3.25% from September 1, 2021 through March 16, 2022, 3.50% from March 17, 2022 through May 4, 2022, 4.00% from May 5, 2022 through June 15, 2022, 4.75% from June 16, 2022 through July 27, 2022, and 5.50% from July 28, 2022 through August 31, 2022. The following table provides information regarding usage of the line of credit for the year ended August 31, 2022 for the Funds. The Funds did not have an outstanding balance on either line of credit as of August 31, 2022.

	Days Utilitized		Average Amount of Borrowing		Interest Expense*		Maximum Amount of Borrowing		Date of Maximum Borrowing
Core Fixed Income Fund		10	$	128,800	$	193	$	339,000		8/1/2022
Diversified Equity Fund		18	$	2,030,667	$	4,488	$	4,553,000		7/1/2022

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

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

As of August 31, 2022, the value of the securities on loan and value of collateral received for securities lending were as follows:

	Loaned Securities Value		Value of Cash Collateral		% of Net Assets
Core Fixed Income Fund	$	23,131,553	$	23,745,201		5.35	%
Diversified Equity Fund	$	118,873,615	$	122,945,367		12.76	%

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 August 31, 2022. The remaining contractual maturity of all securities lending transactions is overnight and continuous.

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PMC FUNDS

Notes to Financial Statements, continued

August 31, 2022

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 volatility in recent months and years due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic, uncertainties regarding interest rates, rising inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. The recovery from COVID-19 is proceeding at slower than expected rates and may last for a prolonged period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Funds.

(11) Subsequent Events

The Funds have evaluated events and transactions that have occurred subsequent to August 31, 2022 and determined there were no subsequent events that would require recognition or disclosure in financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of PMC Funds and the Board of Trustees of Trust for Professional Managers:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the PMC Funds, comprising the PMC Core Fixed Income Fund and PMC Diversified Equity Fund (collectively, the “Funds”), each portfolios of the series constituting the Trust for Professional Managers, as of August 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the portfolios constituting the Funds as of August 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, Illinois

October 27, 2022

We have served as the auditor of one or more Trust for Professional Managers’ investment companies since 2002.

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BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on August 26, 2022 to consider the renewal of the Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of the PMC Core Fixed Income Fund and the PMC Diversified Equity Fund (each, a “Fund,” and together, the “Funds”), each a series of the Trust, and Envestnet Asset Management, Inc., the Funds’ investment adviser (the “Adviser”). The Trustees also met at a prior meeting held on June 13, 2022 (the “June 13, 2022 Meeting”) to review materials related to the renewal of the Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Agreement, detailed comparative information relating to the Funds’ performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, bibliographic information of the Adviser’s key management and compliance personnel, comparative fee information for the Funds and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the Funds’ other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the continuation of the Agreement for an additional one-year term ending August 31, 2023.

DISCUSSION OF FACTORS CONSIDERED

In considering the renewal of the Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

1.    NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS

The Trustees considered the nature, extent and quality of services provided by the Adviser to the Funds and the amount of time devoted to the Funds’ operations by the Adviser’s staff. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the Funds, including its recommendations with respect to the hiring, termination or replacement of the PMC Core Fixed Income Fund’s sub-adviser and its oversight of investment strategies implemented by the PMC Core Fixed Income Fund’s sub-adviser. The Trustees also considered the qualifications of key personnel at the Adviser involved in the day-to-day activities of the Funds, including Brandon R. Thomas, who serves as a portfolio manager to the Diversified Equity Fund and for the segment of the Core Fixed Income Fund’s assets managed by the Adviser, and Janis Zvingelis, who serves as a portfolio manager to the Diversified Equity Fund. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser’s compliance program and its continuing commitment to the Funds. The Trustees noted that during the course of the prior year the Adviser had participated in a Trust board meeting to discuss the Funds’ performance and outlook, along with the compliance efforts made by the Adviser. The Trustees also noted any services that extended beyond portfolio management, and they considered the brokerage practices of the Adviser. The Trustees discussed the Adviser’s handling of compliance matters, including the reports of the Trust’s chief compliance officer to the Trustees on the effectiveness of the Adviser’s compliance program and oversight of the compliance program of the PMC Core Fixed Income Fund’s sub-adviser. The Trustees also considered the Adviser’s overall financial condition, as well as the implementation and operational effectiveness of the Adviser’s business continuity plan in response to the COVID-19 pandemic. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the PMC Core Fixed Income Fund under the “manager of managers” structure and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser’s compliance program, were satisfactory and reliable.

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2.    INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER

The Trustees discussed the performance of the Advisor Class shares of the PMC Core Fixed Income Fund and PMC Diversified Equity Fund for the quarter, one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2022. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of the Advisor Class shares of the Funds on both an absolute basis and in comparison to a benchmark index (the Bloomberg U.S. Aggregate Bond Index for the PMC Core Fixed Income Fund and the MSCI World Index Net Return for the PMC Diversified Equity Fund) and in comparison to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. open-end intermediate core-plus bond and intermediate core bond funds for the PMC Core Fixed Income Fund and a peer group of U.S. open-end global large-cap blend, large-cap blend and large-cap value funds for the PMC Diversified Equity Fund) (each, a “Barrington Cohort”). The Trustees noted that the Adviser did not manage any other accounts with the same or similar investment strategies as either Fund.

The Trustees noted the PMC Core Fixed Income Fund’s performance for Advisor Class shares for each of the one-year, five-year and ten-year periods ended March 31, 2022 was below the Barrington Cohort average. The Trustees further noted that for the three-year period ended March 31, 2022, the PMC Core Fixed Income Fund’s performance for Advisor Class shares was above the Barrington Cohort average. The Trustees noted that for the three-year, five-year, and since inception periods ended March 31, 2022, the Advisor Class shares of the PMC Core Fixed Income Fund had outperformed the Bloomberg U.S. Aggregate Bond Index. The Trustees noted that for the quarter, one-year, and ten-year periods ended March 31, 2022, the Advisor Class shares of the PMC Core Fixed Income Fund had underperformed the Bloomberg U.S. Aggregate Bond Index.

The Trustees noted the PMC Diversified Equity Fund’s performance for Advisor Class shares for each of the one-year, three-year, five-year, and ten-year periods ended March 31, 2022 was below the Barrington Cohort average. The Trustees noted that for the quarter, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, the Advisor Class shares of the PMC Diversified Equity Fund had underperformed the MSCI World Index Net Return.

After considering all of the information, the Trustees concluded that the performance obtained by the Adviser for each Fund was satisfactory under current market conditions and that the Adviser has developed the necessary expertise and resources in selecting and managing the sub-adviser to the PMC Core Fixed Income Fund and providing investment advisory services in accordance with each Fund’s investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Trustees determined that each Fund and its shareholders were likely to benefit from the Adviser’s continued management.

3.    COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER

The Trustees considered the cost of services and the structure of the Adviser’s fees, including a review of the expense analyses and other pertinent material with respect to the Funds. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses and Barrington Cohort comparisons. The Trustees considered the cost structure of each Fund relative to its Barrington Cohort, as well as any fee waivers, expense reimbursements and expense recoupments of the Adviser. In reviewing the PMC Core Fixed Income Fund’s fees and total expense structure, the Trustees took into account the Fund’s “manager of managers” structure, noting that the Adviser pays the Fund’s sub-advisory fees out of its own management fees, and that the Fund was not directly responsible for payment of any sub-advisory fees.

The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser’s financial information and noted that the Adviser had subsidized each Fund’s operations since inception and had not yet fully recouped those subsidies for the PMC Core Fixed Income Fund. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under the Advisory Agreement and the expense subsidizations undertaken by the Adviser, as well as the Funds’ brokerage practices, noting that the Adviser makes no effort to seek soft dollar arrangements. These considerations were based on materials requested by the Trustees and the Funds’ administrator specifically for the June 13, 2022 meeting and the August 26, 2022 meeting at which the Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year.

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The Trustees noted that the PMC Core Fixed Income Fund’s contractual management fee of 0.65% was above the Barrington Cohort average of 0.38%. The Trustees noted that the PMC Core Fixed Income Fund was operating above its expense cap of 0.85% (including Rule 12b-1 plan fees) for Advisor Class shares. The Trustees observed that the PMC Core Fixed Income Fund’s total expense ratio (net of fee waivers and expense reimbursements and including Rule 12b-1 plan fees) of 0.85% for Advisor Class shares was above the Barrington Cohort average of 0.74%. The Trustees also compared the fees paid by the PMC Core Fixed Income Fund to the fees associated with the Adviser’s fixed-income separately-managed account portfolios.

The Trustees noted that the PMC Diversified Equity Fund’s contractual management fee of 0.53% was above the Barrington Cohort average of 0.51%. The Trustees noted that the PMC Diversified Equity Fund was operating below its expense cap of 0.98% (including Rule 12b-1 plan fees) for Advisor Class shares. The Trustees observed that the PMC Diversified Equity Fund’s total expense ratio (including expense recoupments and Rule 12b-1 plan fees) of 0.97% for Advisor Class shares was above the Barrington Cohort average of 0.84%. The Trustees also compared the fees paid by the PMC Diversified Equity Fund to the fees associated with the Adviser’s equity/balanced separately-managed account portfolios.

The Trustees concluded that the Funds’ expenses and the management fees paid to the Adviser were fair and reasonable in light of the comparative performance, expense and management fee information and, with respect to the PMC Core Fixed Income Fund, considering the Fund’s “manager-of-managers” structure. The Trustees further concluded, based on a profitability analysis prepared by the Adviser, that the Adviser’s profits from sponsoring each of the Funds were not excessive and that the Adviser maintained adequate profit levels to support the services to the Funds from the revenues of its overall investment advisory business, despite its subsidies to support the PMC Core Fixed Income Fund’s operations.

4.    EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW

The Trustees compared each Fund’s expenses relative to its peer group and discussed realized and potential economies of scale. The Trustees also reviewed the structure of each Fund’s management fee and whether each Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees reviewed all fee waivers, expense reimbursements and expense recoupments by the Adviser with respect to the Funds. The Trustees noted that the PMC Core Fixed Income Fund’s management fee structure contained breakpoint reductions as the Fund’s assets grow in size, and that while the PMC Diversified Equity Fund’s did not, the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. The Trustees concluded that the Adviser’s management fee structures were reasonable and reflected a sharing of economies of scale between the Adviser and each Fund at the Fund’s current asset level.

5.    BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS

The Trustees considered the direct and indirect benefits that could be received by the Adviser from its association with the Funds. The Trustees examined the brokerage practices of the Adviser with respect to the Funds and noted that the Adviser receives no soft dollar benefits with respect to its management of the Funds. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition and increased ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Funds.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the continuation of the Advisory Agreement for an additional one-year term ending August 31, 2023 as being in the best interests of the Fund and its shareholders.

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BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on August 26, 2022 to consider the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the PMC Core Fixed Income Fund (the “Fund”), entered into between Envestnet Asset Management, Inc. (“Envestnet”), the Fund’s investment adviser and Neuberger Berman Investment Advisers LLC (“NBIA”), the Fund’s sub-adviser. The Trustees also met at a prior meeting held on June 13, 2022 (the “June 13, 2022 Meeting”) to review materials related to the renewal of the Sub-Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Sub-Advisory Agreement, due diligence materials relating to NBIA (including a due questionnaire, Form ADV, bibliographic information of key management and compliance personnel, a summary detailing key provisions of NBIA’s written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Sub-Advisory Agreement renewal process, including performance information for the Fund. Based on their evaluation of the information provided by Envestnet and NBIA, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the continuation of the Sub-Advisory Agreement for an additional one-year term ending August 31, 2023.

DISCUSSION OF FACTORS CONSIDERED

In considering the renewal of the sub-advisory agreement between Envestnet, on behalf of the PMC Core Fixed Income Fund, and the Core Fixed Income Fund’s sub-adviser, NBIA, the Board reviewed and analyzed various factors that it determined were relevant, including the factors enumerated below.

1.    NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY NBIA

The Trustees considered the nature, extent and quality of services provided by NBIA to the Fund. The Trustees considered NBIA’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of David M. Brown, Thanos Bardas and Nathan Kush, and other key personnel at NBIA. The Trustees noted that NBIA was the sole third-party sub-adviser to the Fund and was responsible for managing approximately 87% of the Fund’s portfolio, with Envestnet managing the remaining portion of the Fund’s portfolio. The Trustees also considered information provided by NBIA at the June 13, 2022 meeting and the August 26, 2022 meeting at which the Sub-Advisory Agreement was formally considered, relating to the investment objective and strategies for the Fund, brokerage practices and compliance and risk management. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition, as well as the implementation and operational effectiveness of the business continuity plan for NBIA in response to the COVID-19 pandemic. The Trustees concluded that NBIA had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services provided by NBIA to the Fund were satisfactory.

2.    INVESTMENT PERFORMANCE OF THE FUND AND NBIA

The Trustees discussed the Fund’s performance, including the performance relating specifically to the segment of the Fund’s portfolio managed by NBIA. The Trustees discussed the performance of the segment of the Fund’s portfolio managed by NBIA for the quarter, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022. The Trustees compared the short-term and longer-term performance of the segment of the Fund’s portfolio managed by NBIA on both an absolute basis and in comparison to a benchmark index (the Bloomberg U.S. Aggregate Bond Index) and in comparison to a separate sub-advised fund with similar investment strategies to that utilized by NBIA in managing its segment of the Fund’s portfolio. The Trustees noted that for the one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, the segment of the Fund’s portfolio managed by NBIA outperformed the benchmark index. The Trustees also noted that for the quarter ended March 31, 2022, the segment of the Fund’s portfolio managed by NBIA underperformed the

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benchmark index. The Trustees noted the performance of the segment of the Fund’s portfolio managed by NBIA was generally in-line with a composite of other separately-managed accounts of NBIA that were the same or similar to the Fund in terms of investment strategies.

After considering all the information, the Trustees concluded that the performance obtained by NBIA for the Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Fund and its shareholders were likely to benefit from the continued management of Fund assets by NBIA.

3.    COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY NBIA

The Trustees reviewed and considered the sub-advisory fees payable by Envestnet to NBIA under the Sub-Advisory Agreement. The Trustees noted that Envestnet had previously confirmed to the Trustees that the sub-advisory fees payable under the Sub-Advisory Agreement were reasonable in light of the quality of the services performed by NBIA. Since the sub-advisory fees are paid by Envestnet, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to NBIA. Consequently, the Trustees did not consider the costs of services provided by NBIA or the profitability of its relationship with the Fund to be material factors for consideration given that NBIA is not affiliated with Envestnet and, therefore, the sub-advisory fees were negotiated on an arm’s-length basis. Based on all these factors, the Trustees concluded that the sub-advisory fees paid to NBIA by Envestnet were reasonable in light of the services provided by NBIA.

4.    EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

Since the sub-advisory fees payable to NBIA are not paid by the Fund, the Trustees did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as the Fund’s assets increase.

5.    BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUND

The Trustees considered the direct and indirect benefits that could be received by NBIA from its association with the Fund. The Trustees concluded that the benefits that NBIA may receive, such as greater name recognition and increased ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the Sub-Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for an additional one-year term ending August 31, 2023 as being in the best interests of the Fund and its shareholders.

95

Statement Regarding Liquidity Risk Management Program—PMC Funds

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended, Trust for Professional Managers (the “Trust”) has adopted and implemented a liquidity risk management program (the “Trust Program”). As required under the Trust Program, Envestnet Asset Management, Inc. (“Envestnet”), the investment adviser to the PMC Core Fixed Income Fund and PMC Diversified Equity Fund (the “Funds”), each a series of the Trust, has adopted and implemented a liquidity risk management program tailored specifically to each Fund (the “Adviser Program”). The Adviser Program seeks to promote effective liquidity risk management for each Fund and to protect Fund shareholders from dilution of their interests. The Board of Trustees (the “Board”) of the Trust has approved Envestnet as the administrator for the Adviser Program (the “Program Administrator”). The Program Administrator has further delegated administration of the Adviser Program to an appointed committee of officers of Envestnet. The Program Administrator also requires the investment sub-adviser to the PMC Core Fixed Income Fund, specifically Neuberger Berman Investment Advisers, LLC, to adopt a liquidity risk management program applicable to the Fund and to provide portfolio investment classification information to the Program Administrator on a monthly basis. The Program Administrator is required to provide a written annual report to the Board and the Trust’s chief compliance officer regarding the adequacy and effectiveness of the Adviser Program, including the operation of each Fund’s highly liquid investment minimum, if applicable, and any material changes to the Adviser Program.

On April 13, 2022, the Board reviewed the Program Administrator’s written annual report for the period January 1, 2021 through December 31, 2021 (the “Report”). The Report provided an assessment of each Fund’s liquidity risk: the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Adviser Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Program Administrator has retained ICE Data Services, Inc., a third party vendor, to provide portfolio investment classification services, and the Report noted that each Fund primarily held investments that were classified as highly liquid during the review period. The Report noted that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments and the determination that each Fund be designated as a “primarily highly liquid fund” (as defined in Rule 22e-4) remains appropriate and each Fund can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a highly liquid investment minimum for the Fund and to adopt policies and procedures for responding to a highly liquid investment minimum shortfall. The Report noted that there were no breaches of a Fund’s restriction on holding illiquid investments exceeding 15% of its net assets during the review period. The Report confirmed that each Fund’s investment strategy was appropriate for an open-end management investment company. The Report also indicated that no material changes had been made to the Adviser Program during the review period.

The Program Administrator determined that each Fund is reasonably likely to be able to meet redemption requests without adversely affecting non-redeeming Fund shareholders through significant dilution. The Program Administrator concluded that the Adviser Program was adequately designed and effectively implemented during the review period.

96

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.

97

PMC FUNDS

Additional Information

(Unaudited)

Tax Information

For the fiscal year ended August 31, 2022, 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, 2022 was as follows:

Core Fixed Income Fund	0.00	%
Diversified Equity Fund	49.99	%

For the fiscal year ended August 31, 2022, 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	15.90	%
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.

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	22	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	22	Retired; Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-2021).	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).

98

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
Vincent P. Lyles 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1961	Trustee	Indefinite Term; Since April 6, 2022	22	System Vice President of Community Relations, Advocate Aurora Health Care (health care provider) (2019-present); President and Chief Executive Officer, Boys & Girls Club of Greater Milwaukee (2012-2018).	Independent Director, BMO Funds, Inc. (an open-end investment company) (2017–2022).
Erik K. Olstein 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1967	Trustee	Indefinite Term; Since April 6, 2022	22	Retired; President and Chief Operating Officer (2000-2020), Vice President of Sales and Chief Operating Officer (1995-2000), Olstein Capital Management, L.P. (asset management firm); Secretary and Assistant Treasurer, The Olstein Funds (1995-2018).	Trustee, The Olstein Funds (an open-end investment company) (1995–2018).
Lisa Zúñiga Ramírez 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	22	Retired; Principal and Senior Portfolio Manager, Segall, Bryant & Hamill, LLC (asset management firm) (2018-2020); Partner and Senior Portfolio Manager, Denver Investments LLC (asset management firm) (2009-2018).	N/A
Gregory M. Wesley 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	22	Senior Vice President of Strategic Alliances and Business Development, Medical College of Wisconsin (2016-present).	N/A
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	22	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

* 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.

99

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
Deanna B. Marotz 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1965	Chief Compliance Officer, Vice President and Anti-Money Laundering Officer	Indefinite Term; Since October 21, 2021	N/A	Senior Vice President, U.S. Bancorp Fund Services, LLC (2021-present); Chief Compliance Officer of Keeley-Teton Advisors, LLC and Teton Advisors, Inc. (2017-2021); Chief Compliance Officer of Keeley Asset Management Corp. (2015-2017).	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. Strauss 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1987	Assistant Treasurer	Indefinite Term; Since April 23, 2015	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011-present).	N/A
Laura Carroll 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1985	Assistant Treasurer	Indefinite Term; Since August 20, 2018	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2007-present).	N/A
Shannon Coyle 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1990	Assistant Treasurer	Indefinite Term; Since August 26, 2022	N/A	Officer, U.S. Bancorp Fund Services, LLC (2015-present).	N/A

100

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 E. Wacker Drive, Suite 2400 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 111 South Wacker Drive Chicago, Illinois 60606
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.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s Code of Ethics is incorporated by reference to the Registrant’s Form N-CSR filed on November 9, 2009.

Item 3. Audit Committee Financial Expert.

The registrant’s board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR. Dr. Akers holds a Ph.D. in accounting and is a professor Emeritus of accounting at Marquette University in Milwaukee, Wisconsin.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 8/31/2022		FYE 8/31/2021
(a) Audit Fees	$	67,900	$	65,800
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	13,400	$	13,000
(d) All Other Fees	$	0	$	0

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Deloitte & Touche LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 8/31/2022			FYE 8/31/2021
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

Non-Audit Related Fees	FYE 8/31/2022		FYE 8/31/2021
Registrant	$	0	$	0
Registrant’s Investment Adviser	$	0	$	0

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) Not applicable.

(j) Not applicable.

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 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 the Registrant’s Form N-CSR filed 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	10/27/2022

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	10/27/2022
By (Signature and Title)*	/s/ Jennifer Lima
	Jennifer Lima, Treasurer
Date	10/27/2022

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