Table of Contents
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) 520-5925
Registrant’s telephone number, including area code
Date of fiscal year end: August 31, 2024
Date of reporting period: February 29, 2024
Table of Contents
Item 1. Reports to Stockholders.
(a)
Table of Contents
PMC Funds
PMC Core Fixed Income Fund
Advisor Class Shares: (PMFIX)
Institutional Class Shares: (PMFQX)
PMC Diversified Equity Fund
Advisor Class Shares: (PMDEX)
Institutional Class Shares: (PMDQX)
ActivePassive ETFs
ActivePassive Core Bond ETF (APCB)
ActivePassive Intermediate Municipal Bond ETF (APMU)
ActivePassive International Equity ETF (APIE)
ActivePassive U.S. Equity ETF (APUE)
Semi-Annual Report
February 29, 2024
Table of Contents
3 | ||||
7 | ||||
12 | ||||
14 | ||||
29 | ||||
50 | ||||
67 | ||||
SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | 92 | |||
SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | 105 | |||
113 | ||||
120 | ||||
121 | ||||
122 | ||||
128 | ||||
136 | ||||
154 | ||||
155 |
Table of Contents
PMC Funds
(Unaudited)
To our Shareholders:
We are pleased to present you with the Semi-Annual Report for the PMC Funds mutual fund family. This report covers both the fiscal quarter and six-month period ended February 29, 2024.
The table below presents the standardized performance of the PMC Funds relative to their respective benchmarks. The US economy exhibited resilience during the six-month period ending February 29, 2024, supported by robust consumer spending, business investment, and government stimulus measures. According to data from the Bureau of Economic Analysis (BEA), the US real GDP1 experienced steady growth, expanding by approximately 2.7% on an annualized basis as of January 31, 2024, the most recent data available. This growth was driven by strong domestic demand, with consumer spending remaining a primary engine of economic activity. Additionally, business investments continued to grow, fueled by favorable corporate earnings and low-interest rates. Government expenditures, including infrastructure investments and pandemic relief measures, also contributed to economic expansion.
Total Returns as of February 29, 2024*
*Periods of Less than 1-Year Are Unannualized
Fund | Three Months | Six Months | One Year | Five Year | Ten Year | Since Inception | Inception Date | Gross Expense Ratio | ||||||||||||||||||||||||
PMC Diversified Equity Fund – Adv. Class | 10.54 | % | 11.66 | % | 19.53 | % | 8.95 | % | 7.02 | % | 9.18 | % | 8-26-09 | 0.96 | %** | |||||||||||||||||
PMC Diversified Equity Fund – Inst. Class | 10.64 | % | 11.84 | % | 19.83 | % | NA | NA | 9.11 | %*** | 7-1-19 | 0.71 | %** | |||||||||||||||||||
MSCI World Index Net Return | 10.67 | % | 12.46 | % | 24.96 | % | 11.66 | % | 9.06 | % | 10.09 | % | ||||||||||||||||||||
PMC Core Fixed Income Fund – Adv. Class | 2.52 | % | 3.08 | % | 4.21 | % | 0.99 | % | 1.35 | % | 3.30 | % | 9-28-07 | 1.16 | %** | |||||||||||||||||
PMC Core Fixed Income Fund – Inst. Class | 2.55 | % | 3.18 | % | 4.47 | % | NA | NA | 0.29 | %*** | 7-1-19 | 0.91 | %** | |||||||||||||||||||
Bloomberg U.S. Aggregate Bond Index | 2.08 | % | 2.35 | % | 3.33 | % | 0.56 | % | 1.43 | % | 2.84 | % |
* | Periods of Less than 1-Year Are Unannualized |
** | Gross expense ratio as disclosed in the prospectus dated December 29, 2023. Please see the Financial Highlights in this report for the most recent expense ratio. |
*** | Performance shown as of Institutional Class inception date of 7-1-19. |
The S&P 500 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 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. 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. 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.
1 | Gross Domestic Product (“GDP”) is the total monetary value of all the finished goods and services produced within a country’s borders in a specific period. |
3
Table of Contents
In terms of the employment situation, the US labor market continued to show signs of improvement, with steady job gains and declining unemployment rates. According to the Bureau of Labor Statistics (BLS), non-farm payrolls increased by an average of 231,000 jobs per month during the period, with the gains slightly higher in recent months. The unemployment rate rose modestly during the period from 3.8% to 3.9%, reflecting increased labor force participation and job creation across various sectors. Wage growth remained moderate but steady, supported by tightening labor market conditions and rising inflationary pressures.
Inflationary pressures persisted, driven by factors such as supply chain disruptions, rising energy prices, and strong consumer demand. The Consumer Price Index (CPI) increased by an annualized rate of around 3.2%. Core inflation, which excludes volatile food and energy prices, also rose moderately during the period, reflecting broad-based price pressures across goods and services. The Federal Reserve is closely monitoring inflation dynamics in order to determine its next step with respect to the target fed funds rate.
US monetary policy remained in a neutral posture, aimed at supporting economic growth while addressing inflationary pressures. The Federal Reserve maintained its benchmark interest rate, the fed funds rate, within the range of 5.25% to 5.50% throughout the period, signaling a cautious approach to further rate adjustments. Many economists believe that the Federal Open Market Committee’s (FOMC) next move will be to begin to lower the fed funds rate sometime in 2024. The FOMC has emphasized a data-dependent approach to policy decisions, taking into account factors such as inflation dynamics, labor market conditions, and global economic developments. The Federal Reserve also continued its balance sheet management, gradually reducing its holdings of Treasury securities and mortgage-backed securities. This so-called “quantitative tightening” is aimed to normalize the Fed’s balance sheet following years of expansionary monetary policies implemented in response to the global financial crisis.
Equity markets in the US exhibited resilience during the six-month period, posting positive total returns across major indices. The S&P 500, a measure of US large company performance, recorded a total return of approximately 13.9%. Similarly, the Dow Jones Industrial Average (DJIA)2, comprising 30 blue-chip US stocks, delivered a total return of 13.4%. The Nasdaq Composite Index3, heavily weighted towards technology and growth stocks, outperformed other indices with a total return of approximately 15.1%. Despite facing challenges such as inflationary pressures and geopolitical uncertainties, the US stock market demonstrated strength, driven by factors including robust corporate earnings, favorable economic indicators, and a monetary policy that has not become overly restrictive. Overall, the positive total returns observed across broad market indices during this period underscored the resilience and underlying strength of the US stock market amidst evolving market dynamics. The yield on the 10-year U.S. Treasury edged higher from 4.09% to 4.25% over the six months ended February 29, 2024.
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 six months asset pricing factors have continued to struggle in terms of performance. The one exception was the momentum factor, which is the tendency for stocks that have performed well on a relative basis over the past year to continue to perform relatively well over the ensuing few months. The poor factor performance translated into Fund performance that, while strong in absolute terms, lagged that of the benchmark over the six-month period ending February 29, 2024. For the most recent three-month period, the Advisor Class of the Fund generated a return of 10.54%, slightly underperforming the 10.67% return of the MSCI World Index Net Return. For the six months ended February 29, 2024, the Fund generated a total return of 11.66%, underperforming the 12.46% return of the benchmark. The primary driver of the Fund’s performance during the period 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 orientations
2 | Dow Jones Industrial Average (DJIA) is a stock market index that tracks the daily movements of 30 publicly-traded companies in the United States. |
3 | The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes over 2,500 companies, more than most other stock market indexes. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indexes |
4
Table of Contents
toward value and quality stocks were key detractors from the performance relative to the benchmark, and its exposure to the momentum factor was modestly additive to relative performance. However, performance was negatively impacted by having a lower weighted average market capitalization than the index, as stocks of smaller companies significantly underperformed stocks of larger companies. Relative performance was also disadvantaged during both the most recent three-and six-month periods from a slight underweight to domestic equities relative to European equities. Among the positive contributors to performance during the year were limited underweights to the financials, industrials, and consumer discretionary sectors. Security selection in the consumer discretionary, energy, and utilities sectors also contributed positively to performance during the year. Among the detractors from performance was an underweight to the information technology sector, and security selection in the financials, communications services, and information technology and sectors. As is typically the case, the strategy’s factor orientation resulted in over-or underweights to specific stocks that have a meaningful impact on performance. Over the past six months underweights to well-known companies such as Microsoft (MSFT), Amazon.com, Inc. (AMZN), and NVIDIA Corp. (NVDA) resulted in underperformance. However, overweights to PulteGroup, Inc. (PHM), Lennar Corp. (LEN), and Dell Technologies (DELL) benefited performance.
In addition to the risk that the investment strategy employed in the Fund will underperform the benchmark indices generally, the primary risks continue to primarily involve systematic risk. Because Envestnet Asset Management, Inc. (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 six months the environment for fixed income securities has been marked by relative uncertainty on the future direction of interest rates. The FOMC was on pause during the period, and did not alter the target range of the fed funds rate from 5.25%-5.50%. There is much anticipation that the FOMC’s next significant move will be to lower the target range in 2024, as it perceives that inflation has been brought under control. Against this backdrop, the Fund generated positive returns for the three-month and six-month periods ending February 29, 2024. For the most recent three-month period, the Advisor Class of the Fund generated a return of 2.52%, slightly outperforming the benchmark Bloomberg U.S. Aggregate Bond Index return of 2.08%. For the six months ended February 29, 2024, the Advisor Class of the Fund posted a return of 3.08%, outperforming the benchmark return of 2.35%. The primary factors positively impacting performance over the past 12-month period were an underweight to US Treasury securities and security selection in the corporate bond segment. The primary detractors from performance included the Fund’s aggregate underweight to securitized bonds, and security selection in the US Treasury and government-related securities areas.
The primary risks to the strategies employed by the Fund’s sub-advisers remain in place and exist at both the macro level and in individual security selection. Due to the Fund’s aggregate overweight exposure to credit securities, the Fund remains likely to underperform the benchmark somewhat if the Federal Reserve makes a policy misstep, and Treasury securities consequently rise relative to credits. In addition, if the general level of interest rates 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.
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 Co-Chief Investment Officer
Envestnet
5
Table of Contents
Envestnet Asset Management
The views in this report were those of the Funds’ investment adviser and the PMC Core Fixed Income Fund’s sub-advisers as of the date of this report and may not reflect their views on the date the report is first published or anytime thereafter. These views are intended to assist the shareholders of the Funds in understanding their investments in the Funds and do not constitute investment advice.
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.
This material must be preceded or accompanied by a prospectus. Please see the prospectus
(https://www.investpmc.com/sites/default/files/documents/PMC-Funds-Statutory-Prospectus-12.29.23.pdf) for a complete description of the risks associated with investing in the PMC Funds.
PMC Funds are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not an affiliate of Envestnet Asset Management, Inc./Envestnet PMC.
6
Table of Contents
Letter to Shareholders
(Unaudited)
To our Shareholders:
We are pleased to present you with the Semi-Annual Report for the ActivePassive ETF fund family. This report covers both the fiscal quarter and six-month period ended February 29, 2024.
The table below presents the standardized performance of the ActivePassive ETFs relative to their respective benchmarks. The ActivePassive ETFs commenced operations on May 2 of 2023, and during the 10 months of operation has seen a diverse environment. The US economy exhibited resilience during the six-month period ending February 29, 2024, supported by robust consumer spending, business investment, and government stimulus measures. According to data from the Bureau of Economic Analysis (BEA), the US real GDP1 experienced steady growth, expanding by approximately 2.7% on an annualized basis as of January 31, 2024, the most recent data available. This growth was driven by strong domestic demand, with consumer spending remaining a primary engine of economic activity. Additionally, business investments continued to grow, fueled by favorable corporate earnings and low-interest rates. Government expenditures, including infrastructure investments and pandemic relief measures, also contributed to economic expansion.
In terms of the employment situation, the US labor market continued to show signs of improvement, with steady job gains and declining unemployment rates. According to the Bureau of Labor Statistics (BLS), non-farm payrolls increased by an average of 231,000 jobs per month during the period, with the gains slightly higher in recent months. The unemployment rate rose modestly during the period from 3.8% to 3.9%, reflecting increased labor force participation and job creation across various sectors. Wage growth remained moderate but steady, supported by tightening labor market conditions and rising inflationary pressures.
Inflationary pressures persisted, driven by factors such as supply chain disruptions, rising energy prices, and strong consumer demand. The Consumer Price Index (CPI) increased by an annualized rate of around 3.2%. Core inflation, which excludes volatile food and energy prices, also rose moderately during the period, reflecting broad-based price pressures across goods and services. The Federal Reserve is closely monitoring inflation dynamics in order to determine its next step with respect to the target fed funds rate.
US monetary policy remained in a neutral posture, aimed at supporting economic growth while addressing inflationary pressures. The Federal Reserve maintained its benchmark interest rate, the fed funds rate, within the range of 5.25% to 5.50% throughout the period, signaling a cautious approach to further rate adjustments. Many economists believe that the Federal Open Market Committee’s (FOMC) next move will be to begin to lower the fed funds rate sometime in 2024. The FOMC has emphasized a data-dependent approach to policy decisions, taking into account factors such as inflation dynamics, labor market conditions, and global economic developments. The Federal Reserve also continued its balance sheet management, gradually reducing its holdings of Treasury securities and mortgage-backed securities. This so-called “quantitative tightening” is aimed to normalize the Fed’s balance sheet following years of expansionary monetary policies implemented in response to the global financial crisis.
Equity markets in the US exhibited resilience during the six-month period, posting positive total returns across major indices. The S&P 500, a measure of US large company performance, recorded a total return of approximately 13.9%. Similarly, the Dow Jones Industrial Average (DJIA)2, comprising 30 blue-chip US stocks, delivered a total return of 13.4%. The Nasdaq Composite Index3, heavily weighted towards technology and growth stocks, outperformed other indices with a total return of approximately 15.1%. Despite facing challenges such as inflationary pressures and geopolitical uncertainties, the US stock market demonstrated strength, driven by factors including robust corporate
1 | Gross Domestic Product (“GDP”) is the total monetary value of all the finished goods and services produced within a country’s borders in a specific period. |
2 | The Dow Jones Industrial Average (DJIA) is a stock market index that tracks the daily movements of 30 publicly-traded companies in the United States. |
3 | The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes over 2,500 companies, more than most other stock market indexes. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indexes. |
This material must be preceded or accompanied by a prospectus.
7
Table of Contents
earnings, favorable economic indicators, and a monetary policy that has not become overly restrictive. Overall, the positive total returns observed across broad market indices during this period underscored the resilience and underlying strength of the US stock market amidst evolving market dynamics. The yield on the 10-year U.S. Treasury edged higher from 4.09% to 4.25% over the six months ended February 29, 2024.
Total Returns as of February 29, 2024*
*Periods of Less than 1-Year Are Unannualized
Fund | Three Months | Six Months | Nine Months | Since Inception | Inception Date | Gross Expense Ratio** | ||||||||||||||||||||||
ActivePassive U.S. Equity ETF (ticker: APUE) | @Market | 12.84% | 14.12% | 24.01% | 26.61% | 5/2/2023 | 0.33% | |||||||||||||||||||||
@NAV | 12.61% | 14.09% | 23.85% | 26.40% | ||||||||||||||||||||||||
CRSP U.S. Total Market Index | 12.25% | 13.80% | 23.49% | 25.60% | ||||||||||||||||||||||||
ActivePassive International Equity ETF (ticker: APIE) | @Market | 8.05 | % | 9.06 | % | 13.97 | % | 11.42 | % | 5/2/2023 | 0.45 | % | ||||||||||||||||
@NAV | 7.48% | 8.93% | 14.05% | 11.24% | ||||||||||||||||||||||||
S&P Classic ADR Composite Index (USD) NTR | 6.84% | 7.99% | 12.21% | 9.12% | ||||||||||||||||||||||||
ActivePassive Core Bond ETF (ticker: APCB) | @Market | 2.07% | 2.39% | 1.57% | 0.55% | 5/2/2023 | 0.36% | |||||||||||||||||||||
@NAV | 1.97% | 2.40% | 1.54% | 0.39% | ||||||||||||||||||||||||
Bloomberg U.S. Aggregate Bond Index | 2.08% | 2.35% | 1.26% | 0.18% | ||||||||||||||||||||||||
ActivePassive Intermediate Municipal Bond ETF (ticker: APMU) | @Market | 1.73% | 3.36% | 3.21% | 1.36% | 5/2/2023 | 0.36% | |||||||||||||||||||||
@NAV | 1.37% | 2.96% | 2.95% | 0.96% | ||||||||||||||||||||||||
Bloomberg Muni 1-10 Year Blend Total Return Index | 1.37% | 3.28% | 3.53% | 2.62% |
* | Periods of Less than 1-Year Are Unannualized |
** | Gross expense ratio as disclosed in the prospectus dated December 29, 2023, includes Acquired Fund Fees and Expenses. Please see the Financial Highlights in this report for the most recent expense ratio. |
An investor cannot invest directly in an index. Past performance is no guarantee of future returns. Current performance may be higher or lower than the performance data shown. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Short term performance, in particular, is not a good indication of the Funds’ future performance, and an investment should not be made based solely on returns. For the most recent month-end performance, please visit the Funds’ website at www.activepassive.com or by calling 800-617-0004.
Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.
NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.
The S&P 500 represents a broad cross-section of the U.S. equity market, including common stocks traded on U.S. exchanges. The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The CRSP U.S. Total Market Index captures broad U.S. equity market coverage and includes securities traded on NYSE, NYSE American, NYSE ARCA, NASDAQ, Bats Global Markets, and the Investors Exchange, including nearly 4,000 constituents across mega, large, small and micro capitalizations, representing nearly 100 percent of the U.S. investable equity market. The S&P Classic ADR Composite Index seeks to track all American depositary receipts trading on the NYSE, NYSE American, NASDAQ, and over the counter (OTC) in the United States, subject to size and liquidity requirements. The Bloomberg 1-10 Year Municipal Blend Total Return Index is a market value-weighted index which covers the short and intermediate components of the Bloomberg Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market.
This material must be preceded or accompanied by a prospectus.
8
Table of Contents
ActivePassive US Equity ETF
The ActivePassive US Equity ETF was launched on May 2, 2023, and provides broad U.S. equity exposure. The Fund’s investment objective is long-term capital appreciation.
The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the CRSP U.S. Total Market Index (the “Benchmark Index”). The Fund also employs a factor active strategy for a portion of the investment portfolio. Passive exposure within the large cap sleeve of the portfolio contributed to results and was a driver of the overall performance in the past six months. Passive strategies in Large Cap U.S. equities have been rewarded in this up-trending market. The exposure to well-known value, momentum, and quality asset pricing factors was mixed in its relative contribution to performance. The momentum factor within the large cap sleeve benefited the Fund, whereas value factor exposure detracted from results. The Fund generated results of 14.09%, outpacing the Benchmark Index return of 13.80% by 29 basis points*, for the six-month period ending February 29, 2024.
In the trailing six months, contributors to performance include exposure to the Information Technology, Communication Services, and Financial Services sectors, all of which outperformed the Benchmark Index. Detracting from performance was exposure to the weaker performing Utilities, Consumer Defensive, and Energy sectors, all of which lagged the Benchmark Index in the trailing six months. The small cap sleeve was a detractor as large cap stocks, in general, outpaced small cap stocks for the six-month period.
In addition to the risk that the investment strategies employed in the Fund may underperform the benchmark indices, the primary risks continue to involve systematic risk. Because the Adviser 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.
ActivePassive International Equity ETF
The ActivePassive International Equity ETF was launched on May 2, 2023, and provides broad international equity asset class exposure. The Fund’s investment objective is long-term capital appreciation and in addition to the Adviser, two sub-advisers manage a portion of the Fund’s assets: AllianceBernstein L.P. and Causeway Capital Management LLC.
The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the S&P Classic ADR Composite Index (the “Benchmark Index”). The Fund also employs a factor active strategy for a portion of the investment portfolio. Strong relative outperformance from the factor exposures in the quantitative active strategy was a driver of outperformance over the prior six-month period. The foreign large value, foreign large growth, and the emerging market equity sleeves underperformed and were the main detractors from performance. Chinese equities generally posted weaker relative performance, whereas Japanese equities were one of the stronger relative performers. Stock selection within Germany and United Kingdom contributed to relative outperformance while negative stock selection in India and Switzerland detracted from results. For the six-month period ending February 29, 2024, the Fund generated performance of 8.93%, which outpaced the Benchmark Index return of 7.99% by 94 basis points.
In addition to the risk that the investment strategies employed in the Fund may underperform the Benchmark Index, the primary risks continue to involve systematic risk. Because the Adviser and Sub-advisers control the risk of the portfolio relative to the Benchmark Index, the overall portfolio should track the Fund’s Benchmark Index 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 Index.
* | A basis point is a standard measure for interest rates and other percentages in finance. One basis point equals 1/100th of 1%, or 0.01% (and .0001 in decimal form). |
This material must be preceded or accompanied by a prospectus.
9
Table of Contents
ActivePassive Core Bond ETF
The ActivePassive Core Bond ETF was launched on May 2, 2023, and provides broad fixed income asset class exposure. The Fund’s investment objective is current income consistent with low volatility of principal, and in addition to the Adviser, two sub-advisers manage a portion of the Fund’s assets: Neuberger Berman Investment Advisers LLC and Sage Advisory Services, Ltd. Co.
The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the Bloomberg U.S. Aggregate Bond Index (the “Benchmark Index”). Strong relative performance from the active manager sleeves as well as the international bond sleeve, with each outperforming the Benchmark Index over the past 6 months, contributed to portfolio results. We have seen a shift in the environment for fixed income as the longer trend in rising yields has abated. Fixed income yields have come down at the long end and the Federal Reserve is projecting rate cuts this year which has kept downward pressure on yields. Within this environment, the Fund generated results of 2.40%, slightly outpacing the Benchmark Index return of 2.35% by 5 basis points, for the six-month period ending February 29, 2024. The passively managed sleeve trailed active manager performance as active credit selection and sector positioning proved additive within fixed income. The primary contributor to fund performance was corporate credit exposure while Treasury securities were the primary detractor from results. Slightly shorter duration positioning within the fund relative to the benchmark detracted from performance as longer duration securities outperformed amid the lower rate environment.
The primary risks to the strategies employed by the Fund remain in place and exist at both the macro level and in individual security selection. Due to the Fund’s aggregate overweight exposure to credit securities, the Fund remains likely to underperform the benchmark somewhat if the Federal Reserve makes a policy misstep, and Treasury securities consequently rise relative to credits. In addition, if the general level of interest rates reverse trend and rise rapidly, the Fund will not be immune to losses. Similarly, if certain of the individual credits currently owned by the Fund are adversely affected by economic events, the Fund itself will also be affected.
ActivePassive Intermediate Municipal Bond ETF
The ActivePassive Intermediate Municipal Bond ETF was launched on May 2, 2023, and provides broad municipal fixed income asset class exposure. The Fund’s investment objective is current income that is exempt from federal income taxes consistent with low volatility of principal, and in addition to the Adviser, one sub-adviser manages a portion of the Fund’s assets: GW&K Investment Management, LLC.
The Fund is an actively managed exchange-traded fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Fund’s benchmark index, the Bloomberg Municipal 1-10 Year Blend Total Return Index (the “Benchmark Index”). Over the past 6 months the environment for municipal fixed income securities has been marked by falling yields. While the Federal Reserves’ positioning to cut rates over the next few years will continue to have a factor on municipal yields, the long-term trend in lower supply also continues to influence the direction of the municipal markets. The actively managed sleeve contributed to performance as it slightly outpaced the Benchmark Index over the trailing six months. The passively managed sleeve was a detractor as it trailed the Benchmark Index. Lower quality municipal bonds generally outperformed leading to some relative weakness for the higher quality issues in the portfolio. Longer duration municipals outpaced shorter duration municipals as yields pushed lower, and the Fund’s slightly shorter positioning detracted from performance. The Fund generated results of 2.96%, trailing the Benchmark Index return of 3.28% by 32 basis points, for the six-month period ending February 29, 2024.
The primary risks to the strategies employed by the Fund remain in place and exist at both the macro level and in individual security selection. Due to the Fund’s exposure to municipal securities, the Fund remains likely to underperform the Benchmark Index somewhat if the Federal Reserve makes a policy misstep and rates move against positioning in the Fund. In addition, if the general level of interest rates reverse trend and rise rapidly, the Fund will not be immune to further losses. Similarly, if certain of the individual securities currently owned by the Fund are adversely affected by economic or municipal-specific events, the Fund itself will also be affected.
This material must be preceded or accompanied by a prospectus.
10
Table of Contents
As always, we appreciate your continued trust and confidence in the ActivePassive ETFs. We will continue to do all we can to ensure that such trust and confidence are well placed and will manage the ActivePassive ETFs with that goal clearly in mind.
![]() | ![]() | |
Brandon R. Thomas Co-Founder and Co-Chief Investment Officer Envestnet | Gregory A. Classen Principal Director, Portfolio Management Envestnet |
Envestnet Asset Management
The views in this report were those of the Funds’ investment adviser and each Fund’s sub-advisers, as applicable, as of the date of this report and may not reflect their views on the date the report is first published or anytime thereafter. These views are intended to assist the shareholders of the Funds in understanding their investments in the Funds and do not constitute investment advice.
Quantitative easing is a monetary policy strategy used by central banks to keep credit flowing to the economy.
Diversification neither assures a profit nor guarantees against loss in a declining market. Holdings are subject to change and are not a recommendation to buy or sell any security. Please see the schedule of holdings for a full list of fund holdings. Investments in smaller companies carry greater risk than is customarily associated with larger companies for various reasons such as volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. Investing overseas involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. Income (bond) funds are subject to interest rate risk, which is the risk that debt securities in a fund’s portfolio will decline in value because of increases in market interest rates.
ActivePassive ETFs are distributed by Foreside Fund Services, LLC. Foreside Fund Services, LLC is not an affiliate of Envestnet Asset Management, Inc.
This material must be preceded or accompanied by a prospectus.
11
Table of Contents
ENVESTNET FUNDS
(Unaudited)
As a shareholder of the PMC Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid or purchases and sales of Fund shares, and (2) ongoing costs, including management fees, distribution (12b-1) fees (Advisor Class shares only) and other Fund expenses. As a shareholder of the ActivePassive ETFs (together with the PMC Funds, the “Funds”), you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares, and (2) ongoing costs, including management fees of the Fund. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 - February 29, 2024).
Actual | Expenses |
The first lines of the following tables provide information about actual account values and actual expenses. Although the Funds do not charge a sales load, shareholders of the PMC Funds will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the PMC Funds’ transfer agent. Shareholders of the PMC Funds who hold their shares through Individual Retirement Accounts (“IRA”) will be charged a $15.00 annual maintenance fee. To the extent the Funds invest in shares of exchange-traded funds or other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the direct expenses of the Funds. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the Example. For the PMC Funds, the Example includes, but is not limited to, management fees, distribution (12b-1) fees, fund administration and accounting, custody and transfer agent fees. For the ActivePassive ETFs, the Example includes, but is not limited to, each ActivePassive ETF’s unitary management fee. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical | Example for Comparison Purposes |
The second lines of the following tables provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second lines of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
PMC Core Fixed Income Fund–Advisor Class | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,030.80 | $ | 4.29 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.64 | 4.27 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
12
Table of Contents
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
PMC Core Fixed Income Fund–Institutional Class | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,031.80 | $ | 3.03 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.88 | 3.02 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
PMC Diversified Equity Fund–Advisor Class | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,116.60 | $ | 4.95 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.19 | 4.72 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
PMC Diversified Equity Fund–Institutional Class | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,118.40 | $ | 3.69 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.38 | 3.52 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
ActivePassive Core Bond ETF | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,024.00 | $ | 1.76 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.12 | 1.76 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
ActivePassive Intermediate Municipal Bond ETF | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,029.60 | $ | 1.77 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.12 | 1.76 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
ActivePassive International Equity ETF | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,089.30 | $ | 2.34 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.63 | 2.26 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid During Period 9/1/23-2/29/24* | ||||||||||
ActivePassive U.S. Equity ETF | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,140.90 | $ | 1.60 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.37 | 1.51 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.30%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period. |
13
Table of Contents
PMC CORE FIXED INCOME FUND (PMFIX, PMFQX)
Investment Highlights (Unaudited)
The investment objective of the Fund is to provide current income consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.
Allocation of Portfolio Holdings
% of Net assets
^ | Excludes securities lending collateral. |
14
Table of Contents
PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
PMC Core Fixed Income Fund–Advisor Class | Bloomberg U.S. Aggregate Bond Index | |||||||
One Year | 4.21 | % | 3.33 | % | ||||
Five Year | 0.99 | % | 0.56 | % | ||||
Ten Year | 1.35 | % | 1.43 | % | ||||
Since Inception (9/28/07) | 3.30 | % | 2.84 | % | ||||
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 February 28, 2013. The graph does not reflect any future performance.
The Bloomberg U.S. Aggregate Bond Index is an index composed of U.S. securities in Treasury, Government-Related, Corporate and Securitized Sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.
One cannot invest directly in an index.
15
Table of Contents
PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
PMC Core Fixed Income Fund–Institutional Class | Bloomberg U.S. Aggregate Bond Index | |||||||
One Year | 4.47 | % | 3.33 | % | ||||
Since Inception (7/1/19) | 0.29 | % | -0.43 | % | ||||
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 |
16
Table of Contents
PMC DIVERSIFIED EQUITY FUND (PMDEX, PMDQX)
Investment Highlights (Unaudited)
The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.
^ | Excludes securities lending collateral. |
17
Table of Contents
PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
PMC Diversified Equity Fund– Advisor Class | MSCI World Index Net Return | |||||||
One Year | 19.53 | % | 24.96 | % | ||||
Five Year | 8.95 | % | 11.66 | % | ||||
Ten Year | 7.02 | % | 9.06 | % | ||||
Since Inception (8/26/09) | 9.18 | % | 10.09 | % | ||||
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 February 28, 2013. The graph does not reflect any future performance.
The MSCI World Index Net Return is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net return indices reinvest dividends after the deduction of taxes, using a tax rate applicable to non-resident investors who do not benefit from table taxation treaties. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.
One cannot invest directly in an index.
Continued
18
Table of Contents
PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)
Investment Highlights (Unaudited) (Continued)
19
Table of Contents
PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
PMC Diversified Equity Fund– Institutional Class | MSCI World Index Net Return | |||||||
One Year | 19.83 | % | 24.96 | % | ||||
Since Inception (7/1/19) | 9.11 | % | 11.14 | % | ||||
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 |
20
Table of Contents
ActivePassive Core Bond ETF (APCB)
Investment Highlights (Unaudited)
The investment objective of the Fund is to provide current income consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.
Allocation of Portfolio Holdings
% of Net assets
21
Table of Contents
ActivePassive Core Bond ETF (APCB)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
ActivePassive Core Bond ETF (NAV) | ActivePassive Core Bond ETF (Market Price) | Bloomberg U.S. Aggregate Bond Index | ||||||||||
Since Inception (5/2/23) | 0.39 | % | 0.55 | % | 0.18 | % | ||||||
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.
Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.
The Bloomberg U.S. Aggregate Bond Index is an index composed of U.S. securities in Treasury, Government-Related, Corporate and Securitized Sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.
One cannot invest directly in an index.
* | Inception Date |
22
Table of Contents
ActivePassive Intermediate Municipal Bond ETF (APMU)
Investment Highlights (Unaudited)
The investment objective of the Fund is to provide current income that is exempt from federal income taxes consistent with low volatility of principal. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.
Allocation of Portfolio Holdings
% of Net assets
23
Table of Contents
ActivePassive Intermediate Municipal Bond ETF (APMU)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
ActivePassive Intermediate Municipal Bond ETF (NAV) | ActivePassive Intermediate Municipal Bond ETF (Market Price) | Bloomberg Municipal 1-10 Year Blend Total Return Index | ||||||||||
Since Inception (5/2/23) | 0.96 | % | 1.36 | % | 2.62 | % | ||||||
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.
Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.
The Bloomberg Municipal 1-10 Year Blend Total Return Index is a market value-weighted index which covers the short and intermediate components of the Bloomberg Municipal Bond Index–an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market.
One cannot invest directly in an index.
* | Inception Date |
24
Table of Contents
ActivePassive International Equity ETF (APIE)
Investment Highlights (Unaudited)
The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.
25
Table of Contents
ActivePassive International Equity ETF (APIE)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
ActivePassive International Equity ETF (NAV) | ActivePassive International Equity ETF (Market Price) | S&P Classic ADR Composite Index NTR | ||||||||||
Since Inception (5/2/23) | 11.24 | % | 11.42 | % | 9.12 | % | ||||||
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.
Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.
The S&P Classic ADR Composite Index seeks to track all American depositary receipts trading on the NYSE, NYSE American, NASDAQ, and over the counter (OTC) in the United States, subject to size and liquidity requirements.
One cannot invest directly in an index.
* | Inception Date |
26
Table of Contents
ActivePassive U.S. Equity ETF (APUE)
Investment Highlights (Unaudited)
The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdings as of February 29, 2024 is shown below.
27
Table of Contents
ActivePassive U.S. Equity ETF (APUE)
Investment Highlights (Unaudited) (Continued)
Average Annual Returns as of February 29, 2024
ActivePassive U.S. Equity ETF (NAV) | ActivePassive U.S. Equity ETF (Market Price) | CRSP U.S. Total Market Index | ||||||||||
Since Inception (5/2/23) | 26.40 | % | 26.61 | % | 25.60 | % | ||||||
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling the Fund (toll free) at 800-617-0004.
Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on historical returns.
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performance of a hypothetical investment made in the Fund and a broad-based securities index on May 2, 2023, the inception date of the Fund. The graph does not reflect any future performance.
The CRSP U.S. Total Market Index captures broad U.S. equity market coverage and include securities traded on NYSE, NYSE American, NYSE ARCA, NASDAQ, Bats Global Markets, and the Investors Exchange. Nearly 4,000 constituents across mega, large, small and micro capitalizations, representing nearly 100 percent of the U.S. investable equity market.
One cannot invest directly in an index.
* | Inception Date |
28
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited)
Par | Value | |||||||
CORPORATE BONDS—35.5% | ||||||||
Automobiles & Components—0.5% | ||||||||
Ford Motor Co., | ||||||||
4.75%, 01/15/2043 | $ | 215,000 | $ | 174,107 | ||||
General Motors Co., | ||||||||
6.13%, 10/01/2025 | 1,073,000 | 1,082,051 | ||||||
Goodyear Tire & Rubber Co., | ||||||||
5.25%, 04/30/2031 | 110,000 | 99,739 | ||||||
1,355,897 | ||||||||
Banks—3.6% | ||||||||
Bank of America Corp., | ||||||||
3.88%, 08/01/2025(a) | 480,000 | 472,632 | ||||||
Citigroup, Inc. | ||||||||
3.20%, 10/21/2026 | 1,121,000 | 1,064,842 | ||||||
3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 | 405,000 | 389,379 | ||||||
Fifth Third Bancorp | ||||||||
5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 | 251,000 | 248,923 | ||||||
4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033(a) | 870,000 | 789,150 | ||||||
Ford Motor Credit Co. LLC, | ||||||||
5.11%, 05/03/2029 | 310,000 | 298,893 | ||||||
JPMorgan Chase & Co. | ||||||||
2.95%, 10/01/2026 | 1,667,000 | 1,585,165 | ||||||
6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 640,000 | 679,169 | ||||||
5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 | 540,000 | 537,304 | ||||||
PNC Financial Services Group, Inc. | ||||||||
6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 670,000 | 726,177 | ||||||
5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 530,000 | 531,729 | ||||||
Truist Financial Corp., | ||||||||
5.71% to 01/24/2034 then SOFR + 1.92%, 01/24/2035 | 645,000 | 639,031 | ||||||
US Bancorp, | ||||||||
5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | 240,000 | 238,780 | ||||||
Wells Fargo & Co. | ||||||||
4.15%, 01/24/2029 | 1,581,000 | 1,514,305 | ||||||
5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 | 795,000 | 790,047 | ||||||
10,505,526 | ||||||||
Capital Goods—3.2% | ||||||||
Boeing Co., | ||||||||
5.81%, 05/01/2050 | 1,943,000 | 1,874,838 | ||||||
Boeing Co/The, | ||||||||
5.04%, 05/01/2027 | 1,106,000 | 1,095,980 | ||||||
Carrier Global Corp., | ||||||||
5.90%, 03/15/2034 | 905,000 | 939,308 | ||||||
Cummins, Inc. | ||||||||
5.15%, 02/20/2034 | 133,000 | 132,888 | ||||||
5.45%, 02/20/2054 | 250,000 | 251,570 | ||||||
Deere & Co., | ||||||||
5.38%, 10/16/2029(a) | 999,000 | 1,032,500 | ||||||
Honeywell International, Inc., | ||||||||
5.00%, 02/15/2033(a) | 905,000 | 906,939 | ||||||
Regal Rexnord Corp. | ||||||||
6.05%, 04/15/2028(b) | 370,000 | 372,433 | ||||||
6.40%, 04/15/2033(b) | 1,315,000 | 1,350,942 |
The accompanying notes are an integral part of these financial statements.
29
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
RTX Corp. | ||||||||
7.50%, 09/15/2029 | $ | 467,000 | $ | 518,369 | ||||
6.40%, 03/15/2054 | 810,000 | 897,296 | ||||||
9,373,063 | ||||||||
Commercial & Professional Services—1.2% | ||||||||
ASGN, Inc., | ||||||||
4.63%, 05/15/2028(b) | 415,000 | 387,441 | ||||||
CDW LLC / CDW Finance Corp. | ||||||||
2.67%, 12/01/2026 | 243,000 | 225,324 | ||||||
4.25%, 04/01/2028(a) | 705,000 | 671,188 | ||||||
Enviri Corp., | ||||||||
5.75%, 07/31/2027(b) | 430,000 | 402,204 | ||||||
EquipmentShare.com, Inc., | ||||||||
9.00%, 05/15/2028(a)(b) | 165,000 | 169,286 | ||||||
Harvest Midstream I LP, | ||||||||
7.50%, 09/01/2028(b) | 170,000 | 171,532 | ||||||
Imola Merger Corp., | ||||||||
4.75%, 05/15/2029(a)(b) | 280,000 | 259,713 | ||||||
Korn Ferry, | ||||||||
4.63%, 12/15/2027(b) | 85,000 | 80,406 | ||||||
Medline Borrower LP, | ||||||||
3.88%, 04/01/2029(b) | 240,000 | 215,399 | ||||||
Presidio Holdings, Inc., | ||||||||
4.88%, 02/01/2027(b) | 160,000 | 153,916 | ||||||
United Rentals North America, Inc., | ||||||||
5.25%, 01/15/2030 | 270,000 | 261,668 | ||||||
Waste Management, Inc., | ||||||||
4.15%, 04/15/2032 | 503,000 | 474,138 | ||||||
3,472,215 | ||||||||
Consumer Discretionary Distribution & Retail—0.7% | ||||||||
Amazon.com, Inc., | ||||||||
3.80%, 12/05/2024 | 1,038,000 | 1,027,079 | ||||||
eBay, Inc., | ||||||||
2.60%, 05/10/2031(a) | 790,000 | 670,335 | ||||||
Macy’s Retail Holdings LLC, | ||||||||
5.88%, 03/15/2030(b) | 245,000 | 229,943 | ||||||
1,927,357 | ||||||||
Consumer Services—1.4% | ||||||||
Booking Holdings, Inc., | ||||||||
3.55%, 03/15/2028 | 1,100,000 | 1,047,772 | ||||||
Churchill Downs, Inc., | ||||||||
6.75%, 05/01/2031(b) | 315,000 | 315,582 | ||||||
Marriott International, Inc./MD, | ||||||||
5.30%, 05/15/2034(a) | 495,000 | 487,388 | ||||||
McDonald’s Corp., | ||||||||
3.50%, 07/01/2027 | 1,623,000 | 1,554,912 | ||||||
Wyndham Hotels & Resorts, Inc., | ||||||||
4.38%, 08/15/2028(b) | 145,000 | 134,940 | ||||||
Yum! Brands, Inc., | ||||||||
5.38%, 04/01/2032(a) | 465,000 | 446,930 | ||||||
3,987,524 | ||||||||
The accompanying notes are an integral part of these financial statements.
30
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Consumer Staples Distribution & Retail—0.1% | ||||||||
Walmart, Inc., | ||||||||
4.15%, 09/09/2032 | $ | 392,000 | $ | 378,325 | ||||
Energy—3.3% | ||||||||
BP Capital Markets America, Inc., | ||||||||
4.81%, 02/13/2033(a) | 510,000 | 497,727 | ||||||
Buckeye Partners LP, | ||||||||
3.95%, 12/01/2026 | 65,000 | 61,529 | ||||||
Civitas Resources, Inc., | ||||||||
8.63%, 11/01/2030(b) | 295,000 | 315,913 | ||||||
Comstock Resources, Inc., | ||||||||
6.75%, 03/01/2029(a)(b) | 365,000 | 337,174 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, | ||||||||
5.50%, 06/15/2031(b) | 410,000 | 382,362 | ||||||
Diamondback Energy, Inc., | ||||||||
6.25%, 03/15/2053 | 1,005,000 | 1,064,119 | ||||||
DT Midstream, Inc., | ||||||||
4.13%, 06/15/2029(b) | 110,000 | 100,616 | ||||||
Energy Transfer LP | ||||||||
5.55%, 05/15/2034(a) | 520,000 | 514,825 | ||||||
5.95%, 05/15/2054(a) | 545,000 | 532,245 | ||||||
EQM Midstream Partners LP, | ||||||||
5.50%, 07/15/2028(a) | 620,000 | 608,653 | ||||||
Exxon Mobil Corp., | ||||||||
3.10%, 08/16/2049 | 510,000 | 357,279 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., | ||||||||
8.88%, 04/15/2030(a) | 330,000 | 342,467 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., | ||||||||
6.25%, 11/01/2028(b) | 445,000 | 442,131 | ||||||
Marathon Petroleum Corp., | ||||||||
4.70%, 05/01/2025 | 570,000 | 564,767 | ||||||
New Fortress Energy, Inc., | ||||||||
6.50%, 09/30/2026(a)(b) | 515,000 | 497,806 | ||||||
Occidental Petroleum Corp. | ||||||||
6.13%, 01/01/2031 | 398,000 | 408,529 | ||||||
6.45%, 09/15/2036 | 370,000 | 389,845 | ||||||
4.30%, 08/15/2039 | 260,000 | 209,826 | ||||||
6.60%, 03/15/2046(a) | 810,000 | 860,880 | ||||||
Phillips 66, | ||||||||
1.30%, 02/15/2026 | 955,000 | 884,292 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., | ||||||||
6.00%, 09/01/2031(b) | 95,000 | 87,100 | ||||||
9,460,085 | ||||||||
Equity Real Estate Investment Trusts (REITs)—1.1% | ||||||||
Iron Mountain, Inc. | ||||||||
5.25%, 03/15/2028(b) | 40,000 | 38,594 | ||||||
4.88%, 09/15/2029(b) | 210,000 | 195,486 | ||||||
5.25%, 07/15/2030(a)(b) | 410,000 | 384,043 | ||||||
Public Storage Operating Co., | ||||||||
2.30%, 05/01/2031(a) | 3,068,000 | 2,582,079 | ||||||
3,200,202 | ||||||||
The accompanying notes are an integral part of these financial statements.
31
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Financial Services—2.8% | ||||||||
American Express Co., | ||||||||
6.49% to 10/30/2030 then SOFR + 1.94%, 10/30/2031 | $ | 490,000 | $ | 522,279 | ||||
Capital One Financial Corp. | ||||||||
7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 | 360,000 | 394,206 | ||||||
6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035(a) | 1,435,000 | 1,450,443 | ||||||
CommScope, Inc., | ||||||||
8.25%, 03/01/2027(b) | 637,000 | 279,605 | ||||||
Corebridge Financial, Inc., | ||||||||
5.75%, 01/15/2034 | 735,000 | 733,771 | ||||||
Goldman Sachs Group, Inc., | ||||||||
3.80%, 03/15/2030 | 1,459,000 | 1,357,207 | ||||||
Morgan Stanley | ||||||||
6.25%, 08/09/2026 | 449,000 | 459,741 | ||||||
3.59% (3 mo. LIBOR US + 134.00%), 07/22/2028(c) | 1,395,000 | 1,320,906 | ||||||
5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034 | 710,000 | 706,059 | ||||||
MPH Acquisition Holdings LLC, | ||||||||
5.50%, 09/01/2028(b) | 70,000 | 61,153 | ||||||
OneMain Finance Corp., | ||||||||
3.50%, 01/15/2027(a) | 570,000 | 525,394 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., | ||||||||
5.75%, 04/15/2026(b) | 405,000 | 402,279 | ||||||
8,213,043 | ||||||||
Food, Beverage & Tobacco—2.2% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
4.35%, 06/01/2040 | 741,000 | 664,021 | ||||||
4.60%, 04/15/2048 | 73,000 | 65,651 | ||||||
4.75%, 04/15/2058 | 375,000 | 340,811 | ||||||
Aramark Services, Inc., | ||||||||
5.00%, 02/01/2028(a)(b) | 470,000 | 450,896 | ||||||
Campbell Soup Co., | ||||||||
4.80%, 03/15/2048 | 885,000 | 777,638 | ||||||
Constellation Brands, Inc., | ||||||||
4.90%, 05/01/2033 | 1,175,000 | 1,140,094 | ||||||
Molson Coors Beverage Co., | ||||||||
4.20%, 07/15/2046(a) | 745,000 | 609,117 | ||||||
Performance Food Group, Inc., | ||||||||
5.50%, 10/15/2027(b) | 80,000 | 78,437 | ||||||
Philip Morris International, Inc. | ||||||||
3.13%, 08/17/2027 | 407,000 | 383,569 | ||||||
5.13%, 02/15/2030 | 1,075,000 | 1,070,371 | ||||||
5.75%, 11/17/2032 | 770,000 | 785,748 | ||||||
6,366,353 | ||||||||
Health Care Equipment & Services—0.4% | ||||||||
Acadia Healthcare Co., Inc., | ||||||||
5.00%, 04/15/2029(b) | 280,000 | 264,860 | ||||||
CVS Health Corp., | ||||||||
4.13%, 04/01/2040 | 415,000 | 341,681 | ||||||
Tenet Healthcare Corp., | ||||||||
6.13%, 10/01/2028(a) | 420,000 | 415,596 | ||||||
1,022,137 | ||||||||
The accompanying notes are an integral part of these financial statements.
32
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Household & Personal Products—0.3% | ||||||||
Energizer Holdings, Inc., | ||||||||
4.38%, 03/31/2029(a)(b) | $ | 580,000 | $ | 514,483 | ||||
Procter & Gamble Co., | ||||||||
2.30%, 02/01/2032(a) | 297,000 | 253,869 | ||||||
768,352 | ||||||||
Insurance—1.8% | ||||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, | ||||||||
6.75%, 04/15/2028(b) | 85,000 | 84,495 | ||||||
American International Group, Inc., | ||||||||
5.13%, 03/27/2033(a) | 565,000 | 557,666 | ||||||
Aon North America, Inc. | ||||||||
5.15%, 03/01/2029 | 570,000 | 570,577 | ||||||
5.30%, 03/01/2031 | 390,000 | 389,741 | ||||||
5.45%, 03/01/2034 | 845,000 | 846,503 | ||||||
5.75%, 03/01/2054 | 145,000 | 145,879 | ||||||
Marsh & McLennan Cos., Inc. | ||||||||
5.15%, 03/15/2034 | 265,000 | 264,248 | ||||||
5.45%, 03/15/2054 | 250,000 | 248,737 | ||||||
MetLife, Inc., | ||||||||
6.50%, 12/15/2032(a) | 1,755,000 | 1,922,600 | ||||||
Travelers Cos, Inc., | ||||||||
5.45%, 05/25/2053 | 265,000 | 270,715 | ||||||
5,301,161 | ||||||||
Management of Companies and Enterprises—0.3% | ||||||||
Camelot Return Merger Sub, Inc., | ||||||||
8.75%, 08/01/2028(b) | 170,000 | 174,608 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, | ||||||||
5.88%, 10/01/2028(b) | 445,000 | 432,945 | ||||||
Windsor Holdings III LLC, | ||||||||
8.50%, 06/15/2030(b) | 245,000 | 253,801 | ||||||
861,354 | ||||||||
Materials—0.2% | ||||||||
Ball Corp., | ||||||||
2.88%, 08/15/2030 | 425,000 | 360,215 | ||||||
Standard Industries, Inc./NJ, | ||||||||
4.75%, 01/15/2028(a)(b) | 220,000 | 207,819 | ||||||
568,034 | ||||||||
Media & Entertainment—1.6% | ||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
3.90%, 06/01/2052 | 815,000 | 512,863 | ||||||
5.25%, 04/01/2053 | 1,085,000 | 843,211 | ||||||
Comcast Corp., | ||||||||
4.15%, 10/15/2028 | 1,727,000 | 1,676,037 | ||||||
CSC Holdings LLC | ||||||||
4.13%, 12/01/2030(b) | 465,000 | 346,618 | ||||||
4.63%, 12/01/2030(a)(b) | 235,000 | 130,918 | ||||||
DISH DBS Corp., | ||||||||
5.88%, 11/15/2024 | 95,000 | 89,867 | ||||||
Live Nation Entertainment, Inc., | ||||||||
4.75%, 10/15/2027(a)(b) | 345,000 | 330,610 |
The accompanying notes are an integral part of these financial statements.
33
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Sirius XM Radio, Inc., | ||||||||
4.13%, 07/01/2030(a)(b) | $ | 275,000 | $ | 236,864 | ||||
Ziff Davis, Inc., | ||||||||
4.63%, 10/15/2030(a)(b) | 515,000 | 462,294 | ||||||
4,629,282 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences—0.7% | ||||||||
AbbVie, Inc. | ||||||||
4.95%, 03/15/2031 | 470,000 | 470,233 | ||||||
4.05%, 11/21/2039 | 422,000 | 370,188 | ||||||
4.25%, 11/21/2049 | 360,000 | 309,071 | ||||||
5.40%, 03/15/2054 | 135,000 | 137,143 | ||||||
5.50%, 03/15/2064 | 420,000 | 425,176 | ||||||
Biogen, Inc., | ||||||||
2.25%, 05/01/2030 | 276,000 | 231,077 | ||||||
1,942,888 | ||||||||
Real Estate Management & Development—0.4% | ||||||||
RHP Hotel Properties LP / RHP Finance Corp., | ||||||||
4.75%, 10/15/2027 | 180,000 | 172,061 | ||||||
Shea Homes LP / Shea Homes Funding Corp., | ||||||||
4.75%, 02/15/2028 | 65,000 | 62,068 | ||||||
Simon Property Group LP, | ||||||||
6.25%, 01/15/2034 | 500,000 | 527,186 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, | ||||||||
10.50%, 02/15/2028(b) | 280,000 | 290,117 | ||||||
1,051,432 | ||||||||
Semiconductors & Semiconductor Equipment—1.6% | ||||||||
Intel Corp. | ||||||||
3.75%, 03/25/2027 | 1,157,000 | 1,120,284 | ||||||
5.00%, 02/21/2031 | 400,000 | 397,605 | ||||||
5.15%, 02/21/2034 | 795,000 | 787,212 | ||||||
5.70%, 02/10/2053(a) | 250,000 | 253,601 | ||||||
5.60%, 02/21/2054 | 290,000 | 290,040 | ||||||
5.90%, 02/10/2063 | 150,000 | 156,411 | ||||||
Marvell Technology, Inc. | ||||||||
2.95%, 04/15/2031 | 430,000 | 368,744 | ||||||
5.95%, 09/15/2033 | 960,000 | 992,126 | ||||||
QUALCOMM, Inc., | ||||||||
5.40%, 05/20/2033(a) | 226,000 | 234,660 | ||||||
4,600,683 | ||||||||
Software & Services—1.5% | ||||||||
Microsoft Corp., | ||||||||
3.13%, 11/03/2025(a) | 2,684,000 | 2,609,934 | ||||||
Oracle Corp., | ||||||||
3.60%, 04/01/2050 | 325,000 | 229,047 | ||||||
ServiceNow, Inc., | ||||||||
1.40%, 09/01/2030 | 1,894,000 | 1,519,944 | ||||||
4,358,925 | ||||||||
Technology Hardware & Equipment—1.9% | ||||||||
Apple, Inc., | ||||||||
1.80%, 09/11/2024 | 2,818,000 | 2,768,448 |
The accompanying notes are an integral part of these financial statements.
34
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Cisco Systems, Inc. | ||||||||
4.85%, 02/26/2029 | $ | 890,000 | $ | 891,624 | ||||
4.95%, 02/26/2031 | 750,000 | 750,591 | ||||||
5.05%, 02/26/2034(a) | 765,000 | 770,344 | ||||||
5.30%, 02/26/2054 | 260,000 | 263,356 | ||||||
5,444,363 | ||||||||
Telecommunication Services—2.0% | ||||||||
AT&T, Inc., | ||||||||
3.50%, 09/15/2053 | 565,000 | 388,750 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
4.25%, 02/01/2031(b) | 258,000 | 207,751 | ||||||
4.50%, 05/01/2032(a) | 375,000 | 296,615 | ||||||
Frontier Communications Holdings LLC | ||||||||
5.88%, 10/15/2027(b) | 420,000 | 406,267 | ||||||
5.00%, 05/01/2028(a)(b) | 95,000 | 88,018 | ||||||
Sprint Capital Corp., | ||||||||
8.75%, 03/15/2032 | 1,465,000 | 1,770,493 | ||||||
T-Mobile USA, Inc. | ||||||||
3.00%, 02/15/2041 | 871,000 | 629,488 | ||||||
4.50%, 04/15/2050 | 480,000 | 406,471 | ||||||
3.30%, 02/15/2051 | 260,000 | 178,916 | ||||||
6.00%, 06/15/2054(a) | 610,000 | 639,313 | ||||||
Verizon Communications, Inc. | ||||||||
4.33%, 09/21/2028 | 359,000 | 348,600 | ||||||
5.05%, 05/09/2033(a) | 495,000 | 490,367 | ||||||
5,851,049 | ||||||||
Transportation—0.3% | ||||||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., | ||||||||
6.50%, 06/20/2027(b) | 126,000 | 126,135 | ||||||
United Airlines Pass Through Trust, | ||||||||
Series 2020-1, 5.88%, 10/15/2027 | 601,966 | 608,393 | ||||||
734,528 | ||||||||
Utilities—2.4% | ||||||||
Calpine Corp., | ||||||||
4.50%, 02/15/2028(b) | 545,000 | 513,892 | ||||||
DTE Energy Co., | ||||||||
3.40%, 06/15/2029 | 452,000 | 414,119 | ||||||
Eversource Energy, | ||||||||
5.50%, 01/01/2034 | 450,000 | 445,669 | ||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
5.25%, 02/28/2053 | 535,000 | 499,300 | ||||||
Northern Natural Gas Co., | ||||||||
5.63%, 02/01/2054(b) | 165,000 | 167,279 | ||||||
NRG Energy, Inc. | ||||||||
3.63%, 02/15/2031(a)(b) | 395,000 | 332,566 | ||||||
10.25% to 03/15/2028 then 5 yr. CMT Rate + 5.92%, Perpetual(b) | 165,000 | 175,211 | ||||||
Pacific Gas and Electric Co. | ||||||||
6.40%, 06/15/2033 | 390,000 | 405,791 | ||||||
6.95%, 03/15/2034 | 595,000 | 643,700 | ||||||
4.95%, 07/01/2050 | 455,000 | 386,843 | ||||||
PPL Electric Utilities Corp., | ||||||||
4.85%, 02/15/2034 | 245,000 | 238,722 |
The accompanying notes are an integral part of these financial statements.
35
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Southern Co., | ||||||||
5.20%, 06/15/2033 | $ | 1,915,000 | $ | 1,886,885 | ||||
Tampa Electric Co., | ||||||||
4.90%, 03/01/2029 | 516,000 | 513,585 | ||||||
Vistra Operations Co. LLC, | ||||||||
4.38%, 05/01/2029(a)(b) | 230,000 | 210,049 | ||||||
6,833,611 | ||||||||
TOTAL CORPORATE BONDS (Cost $106,062,345) | 102,207,389 | |||||||
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—31.5% | ||||||||
Fannie Mae Connecticut Avenue Securities | ||||||||
Series 2021-R03, Class 1M2, 6.97% (30 day avg SOFR US + 1.65%), 12/25/2041(b) | 1,201,000 | 1,206,944 | ||||||
Series 2022-R01, Class 1M2, 7.22% (30 day avg SOFR US + 1.90%), 12/25/2041(b) | 915,000 | 922,522 | ||||||
Series 2022-R02, Class 2M2, 8.32% (30 day avg SOFR US + 3.00%), 01/25/2042(b) | 555,000 | 569,992 | ||||||
Series 2022-R03, Class 1M2, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(b) | 1,065,000 | 1,119,826 | ||||||
Series 2022-R07, Class 1M2, 9.97% (30 day avg SOFR US + 4.65%), 06/25/2042(b) | 1,005,000 | 1,093,647 | ||||||
Series 2023-R02, Class 1M1, 7.62% (30 day avg SOFR US + 2.30%), 01/25/2043(b) | 117,653 | 120,310 | ||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool A86315, 4.50%, 05/01/2039 | 12,652 | 12,363 | ||||||
Pool A86521, 4.50%, 05/01/2039 | 25,794 | 25,205 | ||||||
Pool A93617, 4.50%, 08/01/2040 | 2,259 | 2,207 | ||||||
Pool G07459, 3.50%, 08/01/2043 | 12,027 | 11,006 | ||||||
Pool G07961, 3.50%, 03/01/2045 | 16,098 | 14,678 | ||||||
Pool G08541, 3.50%, 08/01/2043 | 20,996 | 19,200 | ||||||
Pool G08636, 3.50%, 04/01/2045 | 18,892 | 17,168 | ||||||
Pool G08659, 3.50%, 08/01/2045 | 51,438 | 46,697 | ||||||
Pool G08676, 3.50%, 11/01/2045 | 22,558 | 20,478 | ||||||
Pool G08681, 3.50%, 12/01/2045 | 16,720 | 15,179 | ||||||
Pool G08693, 3.50%, 03/01/2046 | 3,730 | 3,386 | ||||||
Pool G08702, 3.50%, 04/01/2046 | 38,045 | 34,538 | ||||||
Pool G08706, 3.50%, 05/01/2046 | 17,555 | 15,937 | ||||||
Pool G08708, 4.50%, 05/01/2046 | 23,772 | 23,111 | ||||||
Pool G08735, 4.50%, 10/01/2046 | 33,394 | 32,418 | ||||||
Pool G08741, 3.00%, 01/01/2047 | 697,048 | 609,833 | ||||||
Pool G08743, 4.00%, 01/01/2047 | 30,063 | 28,336 | ||||||
Pool G08759, 4.50%, 04/01/2047 | 11,447 | 11,103 | ||||||
Pool G08779, 3.50%, 09/01/2047 | 151,597 | 137,531 | ||||||
Pool G08785, 4.00%, 10/01/2047 | 78,288 | 73,102 | ||||||
Pool G08800, 3.50%, 02/01/2048 | 89,680 | 81,411 | ||||||
Pool G14953, 3.50%, 01/01/2029 | 10,701 | 10,408 | ||||||
Pool G60030, 3.50%, 07/01/2043 | 56,642 | 51,864 | ||||||
Pool G60480, 4.50%, 11/01/2045 | 8,946 | 8,699 | ||||||
Pool G61228, 4.00%, 08/01/2047 | 99,125 | 93,529 | ||||||
Pool G61281, 3.50%, 01/01/2048 | 65,721 | 59,661 | ||||||
Pool G61467, 4.00%, 11/01/2047 | 98,728 | 92,184 | ||||||
Pool G61631, 3.50%, 11/01/2047 | 136,620 | 124,030 | ||||||
Pool G67710, 3.50%, 03/01/2048 | 124,979 | 113,921 | ||||||
Pool Q00285, 4.50%, 04/01/2041 | 3,268 | 3,193 | ||||||
Pool Q00876, 4.50%, 05/01/2041 | 20,723 | 20,249 | ||||||
Pool Q02173, 4.50%, 07/01/2041 | 15,307 | 14,957 | ||||||
Pool Q11348, 3.50%, 09/01/2042 | 27,714 | 25,379 | ||||||
Pool Q18305, 3.50%, 05/01/2043 | 10,905 | 9,975 | ||||||
Pool Q19475, 3.50%, 06/01/2043 | 18,553 | 16,966 | ||||||
Pool Q20780, 3.50%, 08/01/2043 | 22,649 | 20,723 |
The accompanying notes are an integral part of these financial statements.
36
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool Q20857, 3.50%, 08/01/2043 | $ | 14,572 | $ | 13,376 | ||||
Pool Q26513, 4.50%, 06/01/2044 | 11,207 | 10,951 | ||||||
Pool Q35225, 3.50%, 08/01/2045 | 9,172 | 8,326 | ||||||
Pool Q39434, 3.50%, 03/01/2046 | 3,534 | 3,212 | ||||||
Pool Q39644, 3.50%, 03/01/2046 | 77,736 | 70,572 | ||||||
Pool Q40375, 3.50%, 05/01/2046 | 25,809 | 23,430 | ||||||
Pool Q40718, 3.50%, 05/01/2046 | 108,550 | 98,545 | ||||||
Pool Q41208, 3.50%, 06/01/2046 | 54,803 | 49,853 | ||||||
Pool Q45219, 3.50%, 01/01/2045 | 76,036 | 69,289 | ||||||
Pool Q46279, 3.50%, 02/01/2047 | 41,884 | 38,023 | ||||||
Pool Q46539, 4.50%, 03/01/2047 | 3,349 | 3,224 | ||||||
Pool Q49100, 4.00%, 07/01/2047 | 65,756 | 61,536 | ||||||
Pool Q49394, 4.50%, 07/01/2047 | 46,665 | 45,280 | ||||||
Pool Q50035, 3.50%, 08/01/2047 | 53,281 | 48,369 | ||||||
Pool Q52319, 3.50%, 11/01/2047 | 117,641 | 106,795 | ||||||
Pool Q54463, 4.00%, 02/01/2048 | 47,472 | 44,626 | ||||||
Pool QA8311, 3.00%, 03/01/2050 | 176,005 | 153,687 | ||||||
Pool QB2682, 2.50%, 08/01/2050 | 123,510 | 102,354 | ||||||
Pool QB4785, 2.50%, 10/01/2050 | 175,432 | 145,309 | ||||||
Pool QB6037, 2.50%, 11/01/2050 | 130,618 | 108,163 | ||||||
Pool QC0945, 2.50%, 04/01/2051 | 750,395 | 620,492 | ||||||
Pool QC3907, 2.50%, 07/01/2051 | 398,731 | 331,861 | ||||||
Pool QC4235, 2.50%, 07/01/2051 | 643,476 | 535,564 | ||||||
Pool QC5978, 2.50%, 08/01/2051 | 567,697 | 469,735 | ||||||
Pool QC6209, 2.50%, 08/01/2051 | 346,978 | 288,360 | ||||||
Pool QC8520, 2.50%, 10/01/2051 | 257,251 | 212,037 | ||||||
Pool QE6058, 4.50%, 07/01/2052 | 809,569 | 766,818 | ||||||
Pool QF4848, 6.00%, 12/01/2052 | 586,276 | 590,035 | ||||||
Pool QF6551, 5.50%, 01/01/2053 | 578,755 | 573,165 | ||||||
Pool QF7085, 5.50%, 02/01/2053 | 926,734 | 918,444 | ||||||
Pool RA2970, 2.50%, 07/01/2050 | 162,390 | 134,443 | ||||||
Pool RA3484, 3.00%, 09/01/2050 | 241,552 | 208,748 | ||||||
Pool RA4527, 2.50%, 02/01/2051 | 258,350 | 213,945 | ||||||
Pool RA5855, 2.50%, 09/01/2051 | 481,811 | 397,601 | ||||||
Pool RA6686, 4.00%, 01/01/2052 | 204,869 | 188,725 | ||||||
Pool SD0035, 3.00%, 04/01/2047 | 415,272 | 365,219 | ||||||
Pool SD0298, 3.00%, 11/01/2048 | 294,781 | 259,238 | ||||||
Pool SD0780, 2.50%, 12/01/2051 | 454,985 | 378,050 | ||||||
Pool SD1117, 4.50%, 06/01/2052 | 273,033 | 259,292 | ||||||
Pool SD1576, 5.00%, 08/01/2052 | 834,295 | 810,172 | ||||||
Pool SD1709, 5.50%, 09/01/2052 | 709,417 | 703,768 | ||||||
Pool SD1719, 5.50%, 10/01/2052 | 816,135 | 808,991 | ||||||
Pool SD1803, 5.50%, 09/01/2052 | 291,862 | 289,805 | ||||||
Pool SD1883, 4.00%, 06/01/2052 | 601,414 | 554,297 | ||||||
Pool SD1913, 5.00%, 11/01/2052 | 382,419 | 372,160 | ||||||
Pool SD2174, 6.00%, 01/01/2053 | 528,784 | 531,820 | ||||||
Pool SD2913, 5.50%, 05/01/2053 | 630,558 | 625,597 | ||||||
Pool SD3010, 5.50%, 06/01/2053 | 451,923 | 448,367 | ||||||
Pool SD3136, 5.50%, 06/01/2053 | 124,851 | 124,127 | ||||||
Pool SD3392, 5.50%, 07/01/2053 | 315,887 | 313,515 | ||||||
Pool SD4712, 4.50%, 12/01/2052 | 242,100 | 229,324 | ||||||
Pool SD8005, 3.50%, 08/01/2049 | 528,837 | 477,331 | ||||||
Pool SD8013, 4.50%, 09/01/2049 | 72,868 | 69,868 | ||||||
Pool SD8068, 3.00%, 06/01/2050 | 487,393 | 422,574 | ||||||
Pool SD8074, 3.00%, 07/01/2050 | 71,527 | 61,924 |
The accompanying notes are an integral part of these financial statements.
37
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool SD8084, 3.00%, 08/01/2050 | $ | 209,098 | $ | 180,766 | ||||
Pool SD8086, 4.00%, 08/01/2050 | 144,609 | 134,261 | ||||||
Pool SD8098, 2.00%, 10/01/2050 | 2,176,828 | 1,725,664 | ||||||
Pool SD8122, 2.50%, 01/01/2051 | 374,520 | 310,134 | ||||||
Pool SD8129, 2.50%, 02/01/2051 | 504,163 | 417,533 | ||||||
Pool SD8135, 2.50%, 03/01/2051 | 180,221 | 149,359 | ||||||
Pool SD8147, 2.50%, 05/01/2051 | 423,915 | 350,353 | ||||||
Pool SD8167, 2.50%, 09/01/2051 | 537,911 | 444,120 | ||||||
Pool SD8233, 5.00%, 07/01/2052 | 614,673 | 597,043 | ||||||
Pool SD8258, 5.00%, 10/01/2052 | 634,844 | 616,161 | ||||||
Pool SD8268, 5.50%, 11/01/2052 | 360,961 | 358,527 | ||||||
Pool SD8289, 5.50%, 01/01/2053 | 599,384 | 594,086 | ||||||
Pool SD8290, 6.00%, 01/01/2053 | 363,685 | 365,796 | ||||||
Pool SD8300, 5.50%, 02/01/2053 | 864,271 | 856,231 | ||||||
Pool SD8309, 6.00%, 03/01/2053 | 552,292 | 555,330 | ||||||
Pool SD8316, 5.50%, 04/01/2053 | 301,444 | 298,441 | ||||||
Pool SD8329, 5.00%, 06/01/2053 | 620,921 | 602,517 | ||||||
Pool SD8368, 6.00%, 10/01/2053 | 366,516 | 368,229 | ||||||
Pool SI2009, 3.00%, 10/01/2049 | 350,979 | 304,593 | ||||||
Pool V83204, 4.50%, 05/01/2047 | 27,177 | 26,177 | ||||||
Pool ZA5250, 4.00%, 01/01/2048 | 162,896 | 152,148 | ||||||
Pool ZA7141, 3.00%, 06/01/2049 | 55,720 | 48,338 | ||||||
Pool ZM1590, 3.00%, 08/01/2046 | 470,865 | 410,731 | ||||||
Pool ZM4908, 3.50%, 11/01/2047 | 188,225 | 170,623 | ||||||
Pool ZM6197, 4.00%, 04/01/2048 | 407,992 | 384,135 | ||||||
Pool ZN2103, 4.50%, 12/01/2048 | 29,732 | 28,581 | ||||||
Pool ZS9972, 3.00%, 03/01/2042 | 645,799 | 577,810 | ||||||
Series 4121, Class DS, 0.76% (-1 x 30 day avg SOFR US + 6.09%), 10/15/2042(d)(e) | 786,568 | 81,726 | ||||||
Series 4122, Class IO, 4.00%, 10/15/2042(d) | 847,461 | 150,341 | ||||||
Series 4159, Class KS, 0.71% (-1 x 30 day avg SOFR US + 6.04%), 01/15/2043(d)(e) | 1,593,621 | 190,848 | ||||||
Series 4385, Class IA, 4.50%, 09/15/2044(d) | 167,058 | 33,572 | ||||||
Series 4459, Class IB, 4.00%, 08/15/2043(d) | 1,753,352 | 303,061 | ||||||
Series 4572, Class SA, 0.61% (-1 x 30 day avg SOFR US + 5.94%), 04/15/2046(d)(e) | 371,849 | 39,923 | ||||||
Series 4583, Class ST, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 05/15/2046(d)(e) | 387,021 | 36,295 | ||||||
Series 4616, Class MS, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 09/15/2046(d)(e) | 920,697 | 104,620 | ||||||
Series 4623, Class MS, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 10/15/2046(d)(e) | 824,933 | 85,149 | ||||||
Series 4648, Class SA, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 01/15/2047(d)(e) | 346,319 | 40,061 | ||||||
Series 5013, Class ID, 3.00%, 09/25/2050(d) | 2,269,661 | 284,617 | ||||||
Series K098, Class XAM, 1.39%, 08/25/2029(d)(f) | 1,985,000 | 127,842 | ||||||
Federal National Mortgage Association | ||||||||
0.00%, 07/15/2037(g) | 1,370,000 | 721,022 | ||||||
Pool 890310, 4.50%, 12/01/2040 | 5,243 | 5,116 | ||||||
Pool AB1389, 4.50%, 08/01/2040 | 22,616 | 22,068 | ||||||
Pool AB3000, 4.50%, 05/01/2031 | 6,726 | 6,635 | ||||||
Pool AB3194, 4.50%, 06/01/2041 | 5,991 | 5,846 | ||||||
Pool AB9046, 3.50%, 04/01/2043 | 34,470 | 31,512 | ||||||
Pool AE0954, 4.50%, 02/01/2041 | 18,426 | 17,979 | ||||||
Pool AE8714, 3.50%, 11/01/2040 | 8,755 | 8,043 | ||||||
Pool AH7395, 4.50%, 06/01/2041 | 719 | 702 | ||||||
Pool AJ6346, 3.50%, 12/01/2041 | 14,287 | 13,101 | ||||||
Pool AJ9278, 3.50%, 12/01/2041 | 4,385 | 4,019 | ||||||
Pool AK6568, 3.50%, 04/01/2042 | 17,505 | 16,026 | ||||||
Pool AK9393, 3.50%, 04/01/2042 | 8,816 | 8,076 | ||||||
Pool AL0065, 4.50%, 04/01/2041 | 8,825 | 8,611 |
The accompanying notes are an integral part of these financial statements.
38
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool AL1547, 4.50%, 11/01/2041 | $ | 3,613 | $ | 3,526 | ||||
Pool AL3714, 3.50%, 01/01/2043 | 12,593 | 11,511 | ||||||
Pool AL4029, 4.50%, 04/01/2042 | 25,006 | 24,400 | ||||||
Pool AL4450, 4.50%, 12/01/2043 | 10,353 | 10,051 | ||||||
Pool AL6223, 4.50%, 08/01/2044 | 12,583 | 12,216 | ||||||
Pool AL7306, 4.50%, 09/01/2042 | 14,468 | 13,974 | ||||||
Pool AL8219, 4.00%, 02/01/2046 | 161,349 | 153,130 | ||||||
Pool AL8387, 4.00%, 03/01/2046 | 419,702 | 395,449 | ||||||
Pool AL9879, 3.50%, 02/01/2047 | 1,292,612 | 1,171,856 | ||||||
Pool AO1214, 3.50%, 04/01/2042 | 47,232 | 43,293 | ||||||
Pool AS1333, 4.50%, 12/01/2043 | 9,008 | 8,745 | ||||||
Pool AS2516, 4.50%, 05/01/2044 | 11,012 | 10,690 | ||||||
Pool AS2751, 4.50%, 06/01/2044 | 13,982 | 13,573 | ||||||
Pool AS6311, 3.50%, 12/01/2045 | 14,494 | 13,141 | ||||||
Pool AS6464, 3.50%, 01/01/2046 | 20,070 | 18,284 | ||||||
Pool AS7001, 3.00%, 04/01/2041 | 448,514 | 401,363 | ||||||
Pool AS7200, 4.50%, 05/01/2046 | 6,257 | 6,066 | ||||||
Pool AS7388, 3.50%, 06/01/2046 | 406,596 | 370,180 | ||||||
Pool AS8056, 3.00%, 10/01/2046 | 52,112 | 45,553 | ||||||
Pool AS8269, 3.00%, 11/01/2046 | 66,708 | 58,615 | ||||||
Pool AS8700, 4.50%, 01/01/2047 | 21,093 | 20,455 | ||||||
Pool AS8982, 4.50%, 03/01/2047 | 6,958 | 6,733 | ||||||
Pool AS9536, 3.50%, 05/01/2047 | 36,491 | 33,081 | ||||||
Pool AS9829, 3.50%, 06/01/2047 | 31,407 | 28,473 | ||||||
Pool AS9831, 4.00%, 06/01/2047 | 48,139 | 45,268 | ||||||
Pool AT1001, 3.50%, 04/01/2043 | 13,635 | 12,492 | ||||||
Pool AU0949, 3.50%, 08/01/2043 | 26,998 | 24,717 | ||||||
Pool AU4658, 4.50%, 09/01/2043 | 5,305 | 5,117 | ||||||
Pool AZ0814, 3.50%, 07/01/2045 | 23,379 | 21,224 | ||||||
Pool AZ0862, 3.50%, 07/01/2045 | 40,429 | 36,690 | ||||||
Pool AZ4775, 3.50%, 10/01/2045 | 10,039 | 9,104 | ||||||
Pool BE3702, 4.00%, 06/01/2047 | 42,507 | 39,850 | ||||||
Pool BJ0648, 3.50%, 03/01/2048 | 40,591 | 36,798 | ||||||
Pool BK3044, 2.50%, 09/01/2050 | 301,296 | 249,737 | ||||||
Pool BM1953, 3.50%, 08/01/2045 | 50,047 | 45,798 | ||||||
Pool BM3590, 3.50%, 03/01/2048 | 75,502 | 68,446 | ||||||
Pool BM3900, 4.00%, 04/01/2048 | 79,852 | 74,898 | ||||||
Pool BM3932, 3.50%, 10/01/2046 | 73,378 | 66,523 | ||||||
Pool BM5024, 3.00%, 11/01/2048 | 49,943 | 43,542 | ||||||
Pool BM5179, 3.00%, 07/01/2047 | 60,904 | 53,264 | ||||||
Pool BO8947, 3.00%, 01/01/2050 | 73,622 | 63,926 | ||||||
Pool BP6466, 3.00%, 07/01/2050 | 171,781 | 148,481 | ||||||
Pool BP6481, 4.50%, 07/01/2050 | 29,229 | 27,978 | ||||||
Pool BP6716, 2.50%, 09/01/2050 | 310,878 | 257,550 | ||||||
Pool BQ0239, 2.50%, 08/01/2050 | 169,009 | 141,477 | ||||||
Pool BR1269, 2.50%, 01/01/2051 | 636,367 | 532,110 | ||||||
Pool BR7795, 2.50%, 04/01/2051 | 636,586 | 526,199 | ||||||
Pool BT0417, 2.50%, 06/01/2051 | 270,301 | 223,260 | ||||||
Pool BT3273, 2.50%, 08/01/2051 | 693,361 | 577,054 | ||||||
Pool BV2558, 5.00%, 06/01/2052 | 575,461 | 558,952 | ||||||
Pool BV2623, 4.50%, 07/01/2052 | 197,086 | 186,690 | ||||||
Pool BV4139, 2.50%, 03/01/2052 | 194,122 | 160,800 | ||||||
Pool BV7959, 5.00%, 08/01/2052 | 655,679 | 636,924 | ||||||
Pool BW0036, 4.50%, 07/01/2052 | 364,416 | 348,291 |
The accompanying notes are an integral part of these financial statements.
39
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool BW1201, 5.00%, 09/01/2052 | $ | 716,901 | $ | 696,228 | ||||
Pool BW6232, 5.00%, 09/01/2052 | 842,436 | 818,012 | ||||||
Pool CA0062, 4.00%, 07/01/2047 | 33,649 | 31,618 | ||||||
Pool CA0559, 4.50%, 10/01/2047 | 44,996 | 43,454 | ||||||
Pool CA1218, 4.50%, 02/01/2048 | 31,209 | 30,097 | ||||||
Pool CA1535, 3.50%, 02/01/2048 | 20,316 | 18,418 | ||||||
Pool CA1710, 4.50%, 05/01/2048 | 54,626 | 52,551 | ||||||
Pool CA2922, 3.00%, 12/01/2048 | 165,794 | 144,493 | ||||||
Pool CA2929, 3.50%, 12/01/2045 | 77,466 | 70,231 | ||||||
Pool CA3683, 4.50%, 06/01/2049 | 43,793 | 42,052 | ||||||
Pool CA4140, 3.00%, 02/01/2048 | 56,986 | 49,706 | ||||||
Pool CA4571, 4.00%, 11/01/2049 | 334,587 | 310,432 | ||||||
Pool CA5519, 3.00%, 04/01/2050 | 67,674 | 58,558 | ||||||
Pool CA5559, 3.50%, 04/01/2050 | 526,870 | 475,988 | ||||||
Pool CA5843, 3.00%, 04/01/2047 | 105,111 | 92,827 | ||||||
Pool CA6086, 3.00%, 06/01/2050 | 1,012,387 | 875,382 | ||||||
Pool CB1027, 2.50%, 07/01/2051 | 243,710 | 201,246 | ||||||
Pool CB1038, 2.50%, 07/01/2051 | 292,972 | 242,650 | ||||||
Pool CB4404, 5.00%, 08/01/2052 | 654,212 | 635,346 | ||||||
Pool CB6201, 6.00%, 05/01/2053 | 788,459 | 793,225 | ||||||
Pool FM1000, 3.00%, 04/01/2047 | 188,378 | 164,668 | ||||||
Pool FM1051, 4.50%, 05/01/2049 | 126,181 | 121,378 | ||||||
Pool FM1370, 3.00%, 04/01/2046 | 29,320 | 26,012 | ||||||
Pool FM1467, 3.00%, 12/01/2047 | 59,427 | 52,335 | ||||||
Pool FM1572, 3.00%, 09/01/2048 | 188,328 | 164,585 | ||||||
Pool FM2239, 3.00%, 12/01/2048 | 101,449 | 88,617 | ||||||
Pool FM2385, 3.00%, 09/01/2048 | 113,866 | 99,295 | ||||||
Pool FM2897, 3.00%, 02/01/2048 | 186,328 | 163,658 | ||||||
Pool FM2915, 3.00%, 11/01/2048 | 409,976 | 359,140 | ||||||
Pool FM3619, 4.50%, 01/01/2050 | 81,353 | 77,491 | ||||||
Pool FM4019, 3.50%, 10/01/2047 | 378,145 | 341,847 | ||||||
Pool FM4334, 3.00%, 04/01/2050 | 159,850 | 138,666 | ||||||
Pool FM4894, 4.00%, 03/01/2047 | 403,692 | 380,209 | ||||||
Pool FM4895, 4.00%, 06/01/2049 | 333,945 | 313,756 | ||||||
Pool FM5108, 3.50%, 11/01/2048 | 531,760 | 482,080 | ||||||
Pool FM5316, 2.00%, 12/01/2050 | 172,501 | 136,894 | ||||||
Pool FM7189, 2.50%, 05/01/2051 | 458,938 | 382,600 | ||||||
Pool FM7475, 4.50%, 10/01/2050 | 19,272 | 18,533 | ||||||
Pool FM7592, 3.50%, 03/01/2050 | 512,031 | 462,944 | ||||||
Pool FM7738, 2.50%, 06/01/2051 | 453,498 | 375,520 | ||||||
Pool FM8178, 2.50%, 07/01/2051 | 761,476 | 628,640 | ||||||
Pool FM8360, 2.50%, 08/01/2051 | 328,905 | 274,041 | ||||||
Pool FM9143, 4.50%, 09/01/2050 | 117,064 | 112,428 | ||||||
Pool FS0121, 2.00%, 01/01/2052 | 533,529 | 423,381 | ||||||
Pool FS1550, 2.50%, 07/01/2051 | 320,410 | 265,513 | ||||||
Pool FS2603, 4.50%, 08/01/2052 | 259,107 | 245,440 | ||||||
Pool FS3642, 5.00%, 11/01/2052 | 322,086 | 312,674 | ||||||
Pool FS4357, 5.50%, 04/01/2053 | 516,666 | 512,545 | ||||||
Pool FS6288, 5.50%, 10/01/2053 | 59,395 | 58,977 | ||||||
Pool MA0096, 4.50%, 06/01/2029 | 2,098 | 2,067 | ||||||
Pool MA0510, 4.50%, 09/01/2040 | 231 | 225 | ||||||
Pool MA1926, 4.50%, 06/01/2044 | 10,720 | 10,406 | ||||||
Pool MA2872, 4.50%, 01/01/2047 | 56,360 | 54,598 | ||||||
Pool MA2959, 3.50%, 04/01/2047 | 71,118 | 64,330 |
The accompanying notes are an integral part of these financial statements.
40
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool MA3008, 4.50%, 05/01/2047 | $ | 14,061 | $ | 13,509 | ||||
Pool MA3121, 4.00%, 09/01/2047 | 447,775 | 419,804 | ||||||
Pool MA3210, 3.50%, 12/01/2047 | 97,207 | 87,944 | ||||||
Pool MA3278, 4.50%, 02/01/2048 | 186,374 | 179,177 | ||||||
Pool MA4121, 3.00%, 09/01/2050 | 501,887 | 433,812 | ||||||
Pool MA4160, 3.00%, 10/01/2050 | 422,064 | 364,553 | ||||||
Pool MA4170, 4.50%, 10/01/2050 | 242,157 | 232,892 | ||||||
Pool MA4208, 2.00%, 12/01/2050 | 2,241,117 | 1,773,330 | ||||||
Pool MA4256, 2.50%, 02/01/2051 | 625,407 | 517,864 | ||||||
Pool MA4282, 2.50%, 03/01/2051 | 396,642 | 328,411 | ||||||
Pool MA4306, 2.50%, 04/01/2051 | 257,289 | 212,875 | ||||||
Pool MA4325, 2.00%, 05/01/2051 | 653,035 | 515,808 | ||||||
Pool MA4356, 2.50%, 06/01/2051 | 851,049 | 703,294 | ||||||
Pool MA4378, 2.00%, 07/01/2051 | 616,778 | 486,143 | ||||||
Pool MA4399, 2.50%, 08/01/2051 | 2,211,487 | 1,826,615 | ||||||
Pool MA4626, 4.00%, 06/01/2052 | 653,417 | 601,801 | ||||||
Pool MA4785, 5.00%, 10/01/2052 | 674,282 | 654,838 | ||||||
Pool MA4842, 5.50%, 12/01/2052 | 1,047,157 | 1,038,621 | ||||||
Pool MA4918, 5.00%, 02/01/2053 | 1,277,130 | 1,239,971 | ||||||
Pool MA4919, 5.50%, 02/01/2053 | 594,252 | 588,509 | ||||||
Pool MA5073, 6.00%, 07/01/2053 | 514,553 | 517,143 | ||||||
Pool MA5108, 6.00%, 08/01/2053 | 505,993 | 508,553 | ||||||
Pool MA5138, 5.50%, 09/01/2053 | 361,541 | 357,820 | ||||||
Pool MA5217, 6.50%, 12/01/2053 | 313,527 | 319,225 | ||||||
Series 2012-68, Class SL, 0.61% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2042(d)(e) | 1,263,398 | 142,298 | ||||||
Series 2012-70, Class HS, 0.56% (-1 x 30 day avg SOFR US + 5.89%), 07/25/2042(d)(e) | 790,290 | 92,971 | ||||||
Series 2013-18, Class PS, 0.66% (-1 x 30 day avg SOFR US + 5.99%), 03/25/2043(d)(e) | 960,343 | 100,130 | ||||||
Series 2013-6, Class SB, 0.66% (-1 x 30 day avg SOFR US + 5.99%), 02/25/2043(d)(e) | 855,953 | 101,452 | ||||||
Series 2014-90, Class SA, 0.71% (-1 x 30 day avg SOFR US + 6.04%), 01/25/2045(d)(e) | 1,439,944 | 174,887 | ||||||
Series 2015-32, Class SA, 0.76% (-1 x 30 day avg SOFR US + 6.09%), 05/25/2045(d)(e) | 855,453 | 97,394 | ||||||
Series 2016-40, Class SA, 0.41% (-1 x 30 day avg SOFR US + 5.74%), 07/25/2046(d)(e) | 559,780 | 55,674 | ||||||
Series 2017-C06, Class 2M2, 8.24% (30 day avg SOFR US + 2.91%), 02/25/2030 | 873,306 | 906,757 | ||||||
Series 2017-C07, Class 1M2, 7.84% (30 day avg SOFR US + 2.51%), 05/25/2030 | 407,745 | 417,281 | ||||||
Series 2018-7, Class CI, 4.00%, 02/25/2048(d) | 1,043,293 | 202,324 | ||||||
Series 2018-C04, Class 2M2, 7.99% (30 day avg SOFR US + 2.66%), 12/25/2030 | 764,370 | 793,179 | ||||||
Series 2020-52, Class GI, 4.50%, 08/25/2050(d) | 939,947 | 210,740 | ||||||
Series 418, Class C24, 4.00%, 08/25/2043(d) | 1,140,180 | 208,858 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes | ||||||||
Series 2017-HQA3, Class M2, 7.79% (30 day avg SOFR US + 2.46%), 04/25/2030 | 571,609 | 588,613 | ||||||
Series 2018-DNA1, Class M2, 7.24% (30 day avg SOFR US + 1.91%), 07/25/2030 | 247,068 | 249,940 | ||||||
Series 2021-DNA7, Class M2, 7.12% (30 day avg SOFR US + 1.80%), 11/25/2041(b) | 473,000 | 476,930 | ||||||
Series 2021-HQA2, Class M2, 7.37% (30 day avg SOFR US + 2.05%), 12/25/2033(b) | 385,000 | 389,958 | ||||||
Series 2022-DNA2, Class M1B, 7.72% (30 day avg SOFR US + 2.40%), 02/25/2042(b) | 990,000 | 1,012,011 | ||||||
Series 2022-DNA3, Class M1B, 8.22% (30 day avg SOFR US + 2.90%), 04/25/2042(b) | 1,162,000 | 1,204,428 | ||||||
Series 2022-HQA1, Class M1B, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(b) | 309,000 | 323,513 | ||||||
Ginnie Mae II Pool | ||||||||
Pool MA0699, 3.50%, 01/20/2043 | 21,342 | 19,716 | ||||||
Pool MA0783, 3.50%, 02/20/2043 | 29,182 | 26,965 | ||||||
Pool MA0934, 3.50%, 04/20/2043 | 20,668 | 19,100 | ||||||
Pool MA3663, 3.50%, 05/20/2046 | 35,465 | 32,523 | ||||||
Pool MA3803, 3.50%, 07/20/2046 | 13,827 | 12,677 | ||||||
Pool MA4510, 3.50%, 06/20/2047 | 55,964 | 51,277 | ||||||
Pool MA4586, 3.50%, 07/20/2047 | 77,214 | 70,785 | ||||||
Pool MA4652, 3.50%, 08/20/2047 | 52,095 | 47,720 |
The accompanying notes are an integral part of these financial statements.
41
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool MA4900, 3.50%, 12/20/2047 | $ | 39,184 | $ | 35,881 | ||||
Pool MA6542, 3.50%, 03/20/2050 | 208,232 | 190,326 | ||||||
Pool MA6600, 3.50%, 04/20/2050 | 15,607 | 14,260 | ||||||
Pool MA7193, 2.50%, 02/20/2051 | 262,751 | 222,963 | ||||||
Pool MA7254, 2.00%, 03/20/2051 | 268,871 | 219,117 | ||||||
Pool MA7255, 2.50%, 03/20/2051 | 654,279 | 555,067 | ||||||
Pool MA7311, 2.00%, 04/20/2051 | 572,688 | 466,600 | ||||||
Pool MA7312, 2.50%, 04/20/2051 | 723,672 | 613,710 | ||||||
Pool MA7472, 2.50%, 07/20/2051 | 367,479 | 311,543 | ||||||
Pool MA8099, 3.50%, 06/20/2052 | 90,097 | 81,531 | ||||||
Pool MA8269, 5.00%, 09/20/2052 | 594,526 | 581,504 | ||||||
Pool MA8428, 5.00%, 11/20/2052 | 420,513 | 411,111 | ||||||
Pool MA8429, 5.50%, 11/20/2052 | 481,893 | 479,507 | ||||||
Pool MA8492, 6.00%, 12/20/2052 | 393,043 | 395,388 | ||||||
Pool MA8569, 5.00%, 01/20/2053 | 449,651 | 439,618 | ||||||
Pool MA8570, 5.50%, 01/20/2053 | 326,904 | 325,121 | ||||||
Pool MA8725, 5.00%, 03/20/2053 | 335,823 | 328,409 | ||||||
Pool MA8801, 5.50%, 04/20/2053 | 429,573 | 427,034 | ||||||
Pool MA8946, 4.50%, 06/20/2053 | 417,002 | 398,510 | ||||||
Pool MA8948, 5.50%, 06/20/2053 | 488,122 | 485,275 | ||||||
Pool MA9018, 6.00%, 07/20/2053 | 415,417 | 417,804 | ||||||
Pool MA9107, 6.00%, 08/20/2053 | 1,294,443 | 1,301,882 | ||||||
Pool MA9242, 6.00%, 10/20/2053 | 163,499 | 164,439 | ||||||
HUD Office of the Secretary | ||||||||
Series 2013-23, Class IT, 3.50%, 02/20/2043(d) | 959,541 | 137,747 | ||||||
Series 2015-162, Class SA, 1.32% (-1 x 1 mo. Term SOFR + 6.64%), 11/20/2045(d)(e) | 797,238 | 111,747 | ||||||
Series 2018-7, Class SA, 0.77% (-1 x 1 mo. Term SOFR + 6.09%), 01/20/2048(d)(e) | 854,469 | 92,243 | ||||||
Series 2020-107, Class AB, 1.00%, 07/20/2050 | 937,203 | 702,888 | ||||||
Series 2020-112, Class KA, 1.00%, 08/20/2050 | 817,354 | 612,077 | ||||||
Series 2020-173, Class MI, 2.50%, 11/20/2050(d) | 2,077,561 | 282,567 | ||||||
Series 2021-103, Class HE, 2.00%, 06/20/2051 | 700,639 | 572,849 | ||||||
Series 2021-116, Class IA, 2.50%, 06/20/2051(d) | 2,307,647 | 310,204 | ||||||
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $99,182,292) | 90,805,756 | |||||||
ASSET-BACKED SECURITIES—11.8% | ||||||||
37 Capital CLO I, | ||||||||
Series 2021-1A, Class A, 6.78% (3 mo. Term SOFR + 1.46%), 10/15/2034(b) | 1,000,000 | 1,002,283 | ||||||
Amur Equipment Finance Receivables LLC, | ||||||||
Series 2022-2A, Class A2, 5.30%, 06/21/2028(b) | 172,379 | 172,119 | ||||||
Angel Oak Mortgage Trust LLC, | ||||||||
Series 2022-5, Class A1, 4.50%, 05/25/2067(b)(h) | 465,486 | 450,964 | ||||||
Aqua Finance Trust, | ||||||||
Series 2021-A, Class A, 1.54%, 07/17/2046(b) | 369,413 | 329,483 | ||||||
Avis Budget Car Rental LLC | ||||||||
Series 2020-2A, Class B, 2.96%, 02/20/2027(b) | 601,000 | 569,410 | ||||||
Series B, Class B, 5.85%, 06/20/2030(b) | 424,000 | 423,941 | ||||||
Series C, Class C, 6.24%, 04/20/2027(b) | 390,000 | 390,333 | ||||||
Blackstone, Inc., | ||||||||
Series 2017-1A, Class A1R, 6.62% (3 mo. Term SOFR + 1.30%), 04/20/2034(b) | 500,000 | 500,607 | ||||||
BlueMountain CLO Ltd., | ||||||||
Series 2013-2A, Class A1R, 6.76% (3 mo. Term SOFR + 1.44%), 10/22/2030(b) | 211,723 | 212,221 | ||||||
CC Towers Guarantor LLC, | ||||||||
4.24%, 07/15/2028(b) | 439,000 | 418,408 |
The accompanying notes are an integral part of these financial statements.
42
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Cedar Funding Ltd., | ||||||||
Series 2016-6A, Class ARR, 6.63% (3 mo. Term SOFR + 1.31%), 04/20/2034(b) | $ | 1,480,000 | $ | 1,479,763 | ||||
Compass Datacenters LLC | ||||||||
Series 2024-1A, Class A1, 5.25%, 02/25/2049(b) | 460,000 | 446,998 | ||||||
Series 2024-1A, Class A2, 5.75%, 02/25/2049(b)(i) | 290,000 | 285,967 | ||||||
CyrusOne Data Centers Issuer I LLC | ||||||||
Series 2023-1A, Class A2, 4.30%, 04/20/2048(b) | 332,000 | 308,051 | ||||||
Series 2023-2A, Class A2, 5.56%, 11/20/2048(b) | 496,000 | 472,629 | ||||||
Dryden Senior Loan Fund, | ||||||||
Series 2019-75A, Class AR2, 6.62% (3 mo. Term SOFR + 1.30%), 04/15/2034(b) | 850,000 | 848,810 | ||||||
Fort Washington CLO, | ||||||||
Series 2021-2A, Class A, 6.80% (3 mo. Term SOFR + 1.48%), 10/20/2034(b) | 2,000,000 | 2,004,068 | ||||||
Frontier Issuer LLC, | ||||||||
Series 2023-1, Class A2, 6.60%, 08/20/2053(b) | 691,000 | 697,049 | ||||||
GCAT | ||||||||
Series 2019-NQM3, Class A1, 3.69%, 11/25/2059(b)(j) | 91,493 | 86,359 | ||||||
Series 2021-NQM5, Class A1, 1.26%, 07/25/2066(b)(j) | 456,796 | 363,772 | ||||||
IPFS Corp., | ||||||||
Series 2022-C, Class A, 3.89%, 05/15/2027(b) | 525,000 | 515,377 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2024-HE1, Class A1, 6.82% (30 day avg SOFR US + 1.50%), 08/25/2054(b) | 606,000 | 607,515 | ||||||
Series A-1, Class A1, 6.92% (30 day avg SOFR US + 1.60%), 05/25/2054(b) | 391,231 | 393,615 | ||||||
Series FLT, Class A6A, 6.00%, 08/25/2054(b)(j) | 593,000 | 590,753 | ||||||
JPMorgan Chase Bank NA, | ||||||||
Series 2021-3, Class B, 0.76%, 02/26/2029(b) | 425,547 | 412,199 | ||||||
Kubota Credit Owner Trust | ||||||||
Series 2023-2A, Class A3, 5.28%, 01/18/2028(b) | 332,000 | 333,341 | ||||||
Series A-3, Class A3, 5.19%, 07/17/2028(b)(i) | 616,000 | 615,988 | ||||||
Magnetite CLO Ltd., | ||||||||
Series 2019-23A, Class AR, 6.72% (3 mo. Term SOFR + 1.39%), 01/25/2035(b) | 1,000,000 | 1,000,497 | ||||||
Metronet Systems Holdings LLC, | ||||||||
Series 2022-1A, Class A2, 6.35%, 10/20/2052(b) | 960,000 | 959,531 | ||||||
MMAF Equipment Finance LLC, | ||||||||
Series 2023-A, Class A3, 5.54%, 12/13/2029(b) | 594,000 | 600,033 | ||||||
MVW Owner Trust | ||||||||
Series 2021-1WA, Class B, 1.44%, 01/22/2041(b) | 205,815 | 191,128 | ||||||
Series 2021-2A, Class A, 1.43%, 05/20/2039(b) | 498,747 | 460,595 | ||||||
Series 2021-2A, Class B, 1.83%, 05/20/2039(b) | 406,922 | 376,540 | ||||||
Series 2022-1A, Class B, 4.40%, 11/21/2039(b) | 189,623 | 183,660 | ||||||
Series 2023-1A, Class B, 5.42%, 10/20/2040(b) | 436,586 | 432,308 | ||||||
Navient Student Loan Trust | ||||||||
Series 2021-BA, Class A, 0.94%, 07/15/2069(b) | 882,326 | 767,745 | ||||||
Series 2021-CA, Class A, 1.06%, 10/15/2069(b) | 663,769 | 577,318 | ||||||
Series 2021-EA, Class A, 0.97%, 12/16/2069(b) | 1,176,770 | 1,010,807 | ||||||
Series 2021-FA, Class A, 1.11%, 02/18/2070(b) | 429,377 | 364,847 | ||||||
OneMain Financial Issuance Trust | ||||||||
Series 2018-2A, Class A, 3.57%, 03/14/2033(b) | 346,755 | 344,947 | ||||||
Series 2023-2A, Class A1, 5.84%, 09/15/2036(b) | 820,000 | 833,708 | ||||||
RASC Trust, | ||||||||
Series 2005-KS12, Class M2, 6.13% (1 mo. Term SOFR + 0.57%), 01/25/2036 | 12,320 | 12,305 | ||||||
Santander Consumer USA Holdings, Inc., | ||||||||
Series 2024-1, Class C, 5.45%, 03/15/2030 | 154,000 | 153,900 | ||||||
SBA Depositor LLC, | ||||||||
Series 2020-1-2, 2.33%, 01/15/2028(b) | 618,000 | 542,439 |
The accompanying notes are an integral part of these financial statements.
43
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
SFS Auto Receivables Securitization Trust, | ||||||||
Series 2024-1, Class C, 5.51%, 01/20/2032(b) | $ | 182,000 | $ | 182,257 | ||||
Sierra Timeshare Conduit Receivables Funding LLC | ||||||||
Series 2019-2A, Class A, 2.59%, 05/20/2036(b) | 189,711 | 187,761 | ||||||
Series 2020-2A, Class C, 3.51%, 07/20/2037(b) | 228,880 | 221,681 | ||||||
Series 2021-2A, Class A, 1.35%, 09/20/2038(b) | 163,314 | 153,041 | ||||||
Series 2023-3A, Class B, 6.44%, 09/20/2040(b) | 767,897 | 777,475 | ||||||
SoFi Consumer Loan Program Trust, | ||||||||
Series 2023-1S, Class A, 5.81%, 05/15/2031(b) | 121,311 | 121,243 | ||||||
Stack Infrastructure Issuer LLC, | ||||||||
Series 2023-3A, Class A2, 5.90%, 10/25/2048(b) | 658,000 | 652,024 | ||||||
Starwood Mortgage Residential Trust | ||||||||
Series 2021-3, Class A1, 1.13%, 06/25/2056(b)(j) | 520,605 | 423,972 | ||||||
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(j) | 807,634 | 671,562 | ||||||
Towd Point Mortgage Trust | ||||||||
Series 2017-2, Class A2, 3.25%, 04/25/2057(b)(j) | 325,523 | 318,914 | ||||||
Series 2017-3, Class A1, 2.75%, 07/25/2057(b)(j) | 50,233 | 49,369 | ||||||
Series 2017-4, Class A1, 2.75%, 06/25/2057(b)(j) | 75,685 | 72,774 | ||||||
Series 2017-5, Class A1, 5.91% (1 mo. Term SOFR + 0.71%), 02/25/2057(b) | 89,314 | 90,733 | ||||||
Series 2022-4, Class A1, 3.75%, 09/25/2062(b) | 1,345,005 | 1,249,689 | ||||||
Series 2024-CES2, Class A1A, 6.13%, 02/25/2064(b)(j) | 648,000 | 646,801 | ||||||
TRESTLES CLO Ltd. | ||||||||
Series 2017-1A, Class A1R, 6.58% (3 mo. Term SOFR + 1.25%), 04/25/2032(b) | 500,000 | 494,528 | ||||||
Series 2021-5A, Class A1, 6.75% (3 mo. Term SOFR + 1.43%), 10/20/2034(b) | 1,000,000 | 1,000,300 | ||||||
Trinitas CLO Ltd., | ||||||||
Series 2023-25A, Class A1, 7.18% (3 mo. Term SOFR + 1.85%), 01/23/2037(b) | 2,000,000 | 2,017,388 | ||||||
Verus Securitization Trust | ||||||||
Series 2019-4, Class A1, 3.64%, 11/25/2059(b)(h) | 31,571 | 30,645 | ||||||
Series 2021-3, Class A1, 1.05%, 06/25/2066(b)(j) | 157,948 | 131,518 | ||||||
Series 2021-6, Class A1, 1.63%, 10/25/2066(b)(j) | 548,685 | 461,132 | ||||||
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(h) | 403,378 | 400,489 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $35,016,215) | 34,099,627 | |||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—6.2% | ||||||||
American Tower Depositor Sub LLC, | ||||||||
Series 2023-1, 5.49%, 03/15/2028(b) | 924,000 | 933,109 | ||||||
Angel Oak Mortgage Trust LLC, | ||||||||
Series 2019-6, Class A1, 2.62%, 11/25/2059(b)(f) | 56,204 | 54,463 | ||||||
BANK-2021, | ||||||||
Series 2021-BN31, Class ASB, 1.74%, 02/15/2054 | 454,000 | 402,826 | ||||||
BANK-2022, | ||||||||
Series 2022-BNK39, Class A4, 2.93%, 02/15/2055(f) | 179,000 | 153,581 | ||||||
BANK-2023 | ||||||||
Series 2023-BNK45 B, Class B, 6.15%, 02/15/2056(f) | 483,000 | 489,094 | ||||||
Series 2023-BNK45 C, Class C, 6.28%, 02/15/2056(f) | 522,000 | 526,069 | ||||||
BBCMS Trust, | ||||||||
Series 2021-C11, Class XA, 1.37%, 09/15/2054(d)(f) | 7,908,807 | 537,384 | ||||||
BB-UBS Trust, | ||||||||
Series 2012-SHOW, Class A, 3.43%, 11/05/2036(b) | 900,000 | 867,824 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2020-B17, Class C, 3.37%, 03/15/2053(f) | 470,000 | 351,410 | ||||||
Series 2021-B23, Class AAB, 1.77%, 02/15/2054 | 412,000 | 358,818 | ||||||
Series 2021-B26, Class XA, 0.88%, 06/15/2054(d)(f) | 9,526,140 | 408,809 | ||||||
Series 2021-B31 C, Class C, 3.20%, 12/15/2054(f) | 415,000 | 306,518 | ||||||
Series 2023-B40, Class A5, 6.05%, 12/15/2056 | 438,967 | 469,539 |
The accompanying notes are an integral part of these financial statements.
44
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Series 2023-B40, Class AS, 6.59%, 12/15/2056 | $ | 403,000 | $ | 435,688 | ||||
Series 2023-B40, Class C, 7.39%, 12/15/2056(f) | 269,000 | 280,361 | ||||||
BMO Mortgage Trust | ||||||||
Series 2023-C5, Class C, 6.63%, 06/15/2056(f) | 180,000 | 184,249 | ||||||
Series 2023-C7, Class A5, 6.16%, 12/15/2056 | 280,000 | 301,447 | ||||||
Series 2024-5C3, Class B, 6.56%, 02/15/2057(f) | 135,000 | 138,411 | ||||||
Series 2024-5C3, Class D, 4.00%, 02/15/2057(b) | 127,000 | 102,987 | ||||||
BX Trust, | ||||||||
Series 2021-VOLT, Class D, 7.08% (1 mo. Term SOFR + 1.76%), 09/15/2036(b) | 1,085,000 | 1,068,199 | ||||||
CAMB Commercial Mortgage Trust, | ||||||||
Series 2019-LIFE, Class B, 6.87% (1 mo. Term SOFR + 1.55%), 12/15/2037(b) | 533,913 | 533,117 | ||||||
Chase Home Lending Mortgage Trust 2023-1, | ||||||||
Series 2024-2, Class A6A, 6.00%, 02/25/2055(b)(f)(i) | 380,000 | 377,861 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
Series 2014-GC25, Class XA, 0.94%, 10/10/2047(d)(f) | 1,242,955 | 2,157 | ||||||
Series 2015-GC27, Class XA, 1.30%, 02/10/2048(d)(f) | 873,952 | 6,137 | ||||||
Series 2023-PRM3, Class C, 6.36%, 07/10/2028(b)(f) | 244,000 | 240,551 | ||||||
Series 2023-SMRT, Class C, 5.85%, 10/12/2040(b)(f) | 298,000 | 291,814 | ||||||
Commercial Mortgage Pass Through Certificates | ||||||||
Series 2012-CR4, Class AM, 3.25%, 10/15/2045 | 476,000 | 414,615 | ||||||
Series 2014-CR16, Class XA, 0.84%, 04/10/2047(d)(f) | 754,929 | 36 | ||||||
Series 2014-CR17, Class XA, 0.81%, 05/10/2047(d)(f) | 592,754 | 27 | ||||||
Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 281,514 | 269,483 | ||||||
Series 2014-LC15, Class XA, 0.60%, 04/10/2047(d)(f) | 22,194 | 1 | ||||||
Series 2014-UBS3, Class XA, 1.03%, 06/10/2047(d)(f) | 662,530 | 39 | ||||||
Series 2014-UBS6, Class XA, 0.82%, 12/10/2047(d)(f) | 1,302,991 | 3,377 | ||||||
CSAIL Commercial Mortgage Trust | ||||||||
Series 2015-C1, Class B, 4.04%, 04/15/2050(f) | 450,000 | 429,743 | ||||||
Series 2015-C2, Class XA, 0.71%, 06/15/2057(d)(f) | 1,368,009 | 6,298 | ||||||
FIVE Mortgage Trust, | ||||||||
Series 2023-V1, Class C, 6.30%, 02/10/2056(f) | 315,000 | 296,403 | ||||||
Great Wolf Trust 2024-WOLF, | ||||||||
Series 2024-WOLF, Class D, 8.19% (1 mo. Term SOFR + 2.89%), 03/15/2039(b) | 305,000 | 305,894 | ||||||
GS Mortgage Securities Corp. II | ||||||||
Series 2014-GC26, Class XA, 0.90%, 11/10/2047(d)(f) | 1,615,081 | 5,095 | ||||||
Series 2015-GC34, Class AAB, 3.28%, 10/10/2048 | 42,921 | 42,058 | ||||||
Series 2019-GC42, Class C, 3.69%, 09/10/2052(f) | 449,000 | 366,412 | ||||||
Hilton USA Trust, | ||||||||
Series 2016-HHV, Class A, 3.72%, 11/05/2038(b) | 283,000 | 268,434 | ||||||
JP Morgan Chase Commercial Mortgage Securities, | ||||||||
Series 2022-OPO, Class B, 3.38%, 01/05/2039(b) | 501,000 | 422,488 | ||||||
MCR 2024-HTL MORTGAGE TRUST, | ||||||||
Series 2024-HTL, Class B, 7.71% (1 mo. Term SOFR + 2.41%), 02/15/2037(b)(i) | 388,000 | 387,263 | ||||||
Morgan Stanley Capital I, Inc. | ||||||||
Series 2018-H4, Class C, 5.05%, 12/15/2051(f) | 293,000 | 258,738 | ||||||
Series 2018-L1, Class B, 4.71%, 10/15/2051(f) | 325,000 | 297,276 | ||||||
ONE Mortgage Trust, | ||||||||
Series TR, Class A, 6.13% (1 mo. Term SOFR + 0.81%), 03/15/2036(b) | 500,000 | 487,375 | ||||||
Onslow Bay Mortgage Loan Trust, | ||||||||
Series 2021-NQM3, Class A1, 1.05%, 07/25/2061(b)(f) | 699,513 | 544,394 | ||||||
ORL Trust, | ||||||||
Series 2023-GLKS, Class C, 8.97% (1 mo. Term SOFR + 3.65%), 10/19/2036(b) | 619,000 | 621,966 | ||||||
Rithm Capital Corp., | ||||||||
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(b)(f) | 129,485 | 118,722 |
The accompanying notes are an integral part of these financial statements.
45
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Taubman Centers Commercial Mortgage Trust, | ||||||||
Series 2022-DPM, Class B, 8.25% (1 mo. Term SOFR + 2.93%), 05/15/2037(b) | $ | 1,045,000 | $ | 1,047,104 | ||||
UBS Commercial Mortgage Trust, | ||||||||
Series 2017-C4 AS, Class AS, 3.84%, 10/15/2050(f) | 200,000 | 183,810 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
Series 2015-C29, Class A4, 3.64%, 06/15/2048 | 130,000 | 126,399 | ||||||
Series 2016-NXS6, Class C, 4.39%, 11/15/2049(f) | 625,000 | 565,264 | ||||||
Series 2018-C48, Class A5, 4.30%, 01/15/2052 | 333,945 | 320,946 | ||||||
WFRBS Commercial Mortgage Trust | ||||||||
Series 2014-C22 AS, Class AS, 4.07%, 09/15/2057(f) | 290,000 | 264,071 | ||||||
Series 2014-C22 XA, Class XA, 0.76%, 09/15/2057(d)(f) | 2,639,692 | 4,546 | ||||||
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $19,880,194) | 17,880,700 | |||||||
U.S. TREASURY OBLIGATIONS—5.8% | ||||||||
United States Treasury Inflation Indexed Bonds, | ||||||||
1.50%, 02/15/2053 | 1,377,627 | 1,204,560 | ||||||
United States Treasury Note/Bond | ||||||||
3.38%, 05/15/2033 | 1,180,000 | 1,101,018 | ||||||
4.00%, 02/15/2034 | 1,990,000 | 1,951,288 | ||||||
2.38%, 02/15/2042 | 2,005,000 | 1,473,988 | ||||||
4.75%, 11/15/2043 | 530,000 | 545,569 | ||||||
3.75%, 11/15/2043 | 395,000 | 354,266 | ||||||
3.38%, 05/15/2044 | 1,810,000 | 1,530,793 | ||||||
1.88%, 02/15/2051 | 960,000 | 574,950 | ||||||
2.00%, 08/15/2051 | 1,465,000 | 902,635 | ||||||
3.00%, 08/15/2052 | 1,855,000 | 1,434,509 | ||||||
3.63%, 05/15/2053 | 4,540,000 | 3,973,298 | ||||||
4.13%, 08/15/2053 | 975,000 | 933,715 | ||||||
4.75%, 11/15/2053 | 795,000 | 846,054 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $16,571,186) | 16,826,643 | |||||||
FOREIGN CORPORATE BONDS—4.4% | ||||||||
Automobiles & Components—0.0%(k) | ||||||||
Jaguar Land Rover Automotive PLC, | ||||||||
5.50%, 07/15/2029(b) | 85,000 | 81,800 | ||||||
Banks—1.5% | ||||||||
Banco Santander SA, | ||||||||
6.92%, 08/08/2033 | 1,000,000 | 1,039,274 | ||||||
HSBC Holdings PLC, | ||||||||
6.00% to 05/22/2027 then 5 Year Mid Swap Rate USD + 3.75%, Perpetual | 710,000 | 673,563 | ||||||
Lloyds Banking Group PLC | ||||||||
4.98% to 08/11/2032 then 1 yr. CMT Rate + 2.30%, 08/11/2033 | 1,020,000 | 971,417 | ||||||
5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035(a) | 1,110,000 | 1,098,537 | ||||||
UBS AG/London, | ||||||||
5.65%, 09/11/2028 | 585,000 | 596,333 | ||||||
4,379,124 | ||||||||
Consumer Services—0.3% | ||||||||
Carnival Corp., | ||||||||
7.63%, 03/01/2026(a)(b) | 495,000 | 501,801 | ||||||
Royal Caribbean Cruises Ltd., | ||||||||
5.50%, 04/01/2028(b) | 450,000 | 443,273 | ||||||
945,074 | ||||||||
The accompanying notes are an integral part of these financial statements.
46
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Energy—0.1% | ||||||||
Enbridge, Inc., | ||||||||
5.70%, 03/08/2033 | $ | 440,000 | $ | 445,139 | ||||
Financial Services—0.7% | ||||||||
Credit Suisse Group AG, | ||||||||
6.54% to 08/12/2032 then SOFR + 3.92%, 08/12/2033(b) | 1,885,000 | 1,966,713 | ||||||
Management of Companies and Enterprises—0.2% | ||||||||
Enel Finance International NV, | ||||||||
7.75%, 10/14/2052(b) | 525,000 | 629,310 | ||||||
Materials—0.1% | ||||||||
Hudbay Minerals, Inc., | ||||||||
6.13%, 04/01/2029(a)(b) | 215,000 | 211,194 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences—0.3% | ||||||||
Pfizer Investment Enterprises Pte Ltd., | ||||||||
5.34%, 05/19/2063 | 900,000 | 867,621 | ||||||
Telecommunication Services—0.2% | ||||||||
Vodafone Group PLC, | ||||||||
4.38%, 02/19/2043 | 610,000 | 513,861 | ||||||
Transportation—0.8% | ||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | ||||||||
5.50%, 04/20/2026(b) | 157,500 | 156,221 | ||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., | ||||||||
4.50%, 10/20/2025(b) | 2,042,416 | 2,017,438 | ||||||
2,173,659 | ||||||||
Utilities—0.2% | ||||||||
National Grid PLC, | ||||||||
5.42%, 01/11/2034 | 600,000 | 585,902 | ||||||
TOTAL FOREIGN CORPORATE BONDS (Cost $12,732,723) | 12,799,397 | |||||||
FOREIGN GOVERNMENT AGENCY ISSUES—1.6% | ||||||||
Asian Development Bank, | ||||||||
4.38%, 03/06/2029 | 1,205,000 | 1,206,845 | ||||||
European Investment Bank | ||||||||
4.00%, 02/15/2029 | 605,000 | 595,492 | ||||||
4.13%, 02/13/2034 | 575,000 | 564,272 | ||||||
Inter-American Development Bank, | ||||||||
4.13%, 02/15/2029 | 550,000 | 544,176 | ||||||
International Bank for Reconstruction & Development, | ||||||||
4.00%, 01/10/2031 | 1,025,000 | 999,391 | ||||||
Province of Manitoba Canada, | ||||||||
4.30%, 07/27/2033 | 645,000 | 627,017 | ||||||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $4,585,275) | 4,537,193 | |||||||
Shares | ||||||||
EXCHANGE TRADED FUNDS—1.5% | ||||||||
iShares Core U.S. Aggregate Bond ETF(a) | 43,734 | 4,257,505 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $4,367,739) | 4,257,505 | |||||||
The accompanying notes are an integral part of these financial statements.
47
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
FOREIGN GOVERNMENT NOTE/BOND—1.4% | ||||||||
Colombia Government International Bond, | ||||||||
3.00%, 01/30/2030 | $ | 570,000 | $ | 468,083 | ||||
Dominican Republic International Bond, | ||||||||
6.88%, 01/29/2026(b) | 330,000 | 334,127 | ||||||
Hungary Government International Bond, | ||||||||
7.63%, 03/29/2041 | 360,000 | 412,415 | ||||||
Indonesia Government International Bond, | ||||||||
4.35%, 01/08/2027(b) | 550,000 | 540,415 | ||||||
Mexico Government International Bond, | ||||||||
4.35%, 01/15/2047(a) | 740,000 | 570,363 | ||||||
Province of Quebec, | ||||||||
4.50%, 09/08/2033 | 1,135,000 | 1,121,058 | ||||||
Republic of South Africa Government International Bond, | ||||||||
5.00%, 10/12/2046 | 150,000 | 102,042 | ||||||
Romanian Government International Bond, | ||||||||
6.13%, 01/22/2044(b) | 505,000 | 481,190 | ||||||
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $4,531,710) | 4,029,693 | |||||||
U.S. GOVERNMENT AGENCY ISSUES—0.1% | ||||||||
Tennessee Valley Authority, | ||||||||
5.25%, 09/15/2039 | 290,000 | 300,626 | ||||||
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $347,783) | 300,626 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—9.4% | ||||||||
Investments Purchased with Collateral from Securities Lending—8.6% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(l) | 24,644,555 | 24,644,555 | ||||||
Money Market Funds—0.8% | ||||||||
First American Government Obligations Fund—Class X, 5.29%(l) | 2,241,861 | 2,241,861 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $26,886,416) | 26,886,416 | |||||||
Total Investments—109.2% (Cost $330,163,878) | 314,630,945 | |||||||
Liabilities in Excess of Other Assets—(9.2)% | (26,581,948 | ) | ||||||
TOTAL NET ASSETS—100.0% | $ | 288,048,997 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
AG | Aktiengesellschaft | |
CMT | Constant Maturity Treasury Rate | |
LIBOR | London Interbank Offered Rate | |
NV | Naamloze Vennootschap | |
PLC | Public Limited Company | |
SA | Sociedad Anónima | |
SOFR | Secured Overnight Financing Rate |
(a) | All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $24,137,545 which represented 8.4% of net assets. |
The accompanying notes are an integral part of these financial statements.
48
Table of Contents
PMC CORE FIXED INCOME FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
(b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $72,665,482 or 25.2% of the Fund’s net assets. |
(c) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(d) | Interest only security. |
(e) | Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor. |
(f) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024. |
(g) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(h) | Step coupon bond. The rate disclosed is as of February 29, 2024. |
(i) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,667,079 or 0.5% of net assets as of February 29, 2024. |
(j) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 29, 2024. |
(k) | Represents less than 0.05% of net assets. |
(l) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The accompanying notes are an integral part of these financial statements.
49
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS—74.2% | ||||||||
Automobiles & Components—3.2% | ||||||||
Aisin Corp.—ADR | 27,908 | $ | 1,051,155 | |||||
Aston Martin Lagonda Global Holdings PLC—ADR(a)(b) | 37,174 | 81,039 | ||||||
Bayerische Motoren Werke AG—ADR(b) | 69,225 | 2,733,003 | ||||||
Bridgestone Corp.—ADR | 18,241 | 390,175 | ||||||
BYD Co. Ltd.—ADR | 4,243 | 209,519 | ||||||
Cie Generale des Etablissements Michelin SCA—ADR | 33,866 | 625,505 | ||||||
Ford Motor Co.(b) | 21,368 | 265,818 | ||||||
General Motors Co.(b) | 13,661 | 559,828 | ||||||
Honda Motor Co. Ltd.—ADR(b) | 112,687 | 4,010,531 | ||||||
Isuzu Motors Ltd.—ADR | 24,418 | 349,177 | ||||||
Mazda Motor Corp.—ADR | 267,647 | 1,547,000 | ||||||
Mercedes-Benz Group AG—ADR | 86,180 | 1,714,982 | ||||||
Renault SA—ADR | 96,599 | 805,636 | ||||||
Subaru Corp.—ADR(b) | 135,236 | 1,517,348 | ||||||
Sumitomo Electric Industries Ltd.—ADR | 25,477 | 376,805 | ||||||
Suzuki Motor Corp.—ADR | 3,383 | 590,266 | ||||||
Tesla, Inc.(a) | 7,353 | 1,484,424 | ||||||
Thor Industries, Inc.(b) | 5,668 | 726,524 | ||||||
Toyota Motor Corp.—ADR(b) | 14,421 | 3,468,972 | ||||||
Valeo SE—ADR | 4,426 | 27,131 | ||||||
22,534,838 | ||||||||
Banks—3.3% | ||||||||
Akbank TAS—ADR | 1 | 3 | ||||||
Banco Bilbao Vizcaya Argentaria SA—ADR | 373,729 | 3,718,603 | ||||||
Banco de Chile—ADR | 1,197 | 27,687 | ||||||
Banco do Brasil SA—ADR | 58,086 | 674,378 | ||||||
Banco Macro SA—ADR | 2 | 80 | ||||||
Banco Santander SA—ADR | 703,824 | 2,892,717 | ||||||
Bank Hapoalim BM—ADR | 6,906 | 329,762 | ||||||
Bank Mandiri Persero Tbk PT—ADR | 19,720 | 352,495 | ||||||
Bank of East Asia Ltd.—ADR(b) | 197,670 | 249,064 | ||||||
China Construction Bank Corp.—ADR | 3,665 | 45,226 | ||||||
Credit Agricole SA—ADR | 33,235 | 222,675 | ||||||
Erste Group Bank AG—ADR | 23,923 | 477,503 | ||||||
First Citizens BancShares, Inc./NC—Class A | 209 | 328,926 | ||||||
FNB Corp./PA(b) | 5,793 | 77,279 | ||||||
Grupo Financiero Banorte SAB de CV—ADR | 1,349 | 69,811 | ||||||
Grupo Financiero Galicia SA—ADR(b) | 5,200 | 114,452 | ||||||
HSBC Holdings PLC—ADR(b) | 118,938 | 4,659,991 | ||||||
Intesa Sanpaolo SpA—ADR(b) | 28,251 | 539,594 | ||||||
JPMorgan Chase & Co. | 24,285 | 4,518,467 | ||||||
KB Financial Group, Inc.—ADR | 1,954 | 92,522 | ||||||
Mediobanca Banca di Credito Finanziario SpA—ADR | 68,265 | 922,533 | ||||||
New York Community Bancorp, Inc.(b) | 26,137 | 125,196 | ||||||
OFG Bancorp | 7,117 | 257,778 | ||||||
Piraeus Financial Holdings SA—ADR(a)(b) | 52,036 | 227,397 | ||||||
Sberbank of Russia PJSC—ADR(a)(c) | 119,989 | 0 | ||||||
Shinhan Financial Group Co. Ltd.—ADR(b) | 7,849 | 255,720 | ||||||
Sumitomo Mitsui Financial Group, Inc.—ADR | 12,161 | 135,474 | ||||||
Turkiye Garanti Bankasi AS—ADR | 90,424 | 189,890 | ||||||
UniCredit SpA—ADR(b) | 102,689 | 1,712,852 |
The accompanying notes are an integral part of these financial statements.
50
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Woori Financial Group, Inc.—ADR(b) | 3,159 | $ | 107,374 | |||||
23,325,449 | ||||||||
Capital Goods—8.0% | ||||||||
ACS Actividades de Construccion y Servicios SA—ADR(a) | 218,122 | 1,795,145 | ||||||
Allison Transmission Holdings, Inc. | 6,587 | 496,199 | ||||||
American Woodmark Corp.(a) | 6,690 | 670,606 | ||||||
Apogee Enterprises, Inc. | 5,813 | 332,562 | ||||||
Applied Industrial Technologies, Inc. | 81 | 15,381 | ||||||
Astra International, Tbk PT—ADR | 22,191 | 147,015 | ||||||
BAE Systems PLC—ADR(b) | 8,218 | 524,637 | ||||||
Balfour Beatty PLC—ADR | 56,705 | 489,648 | ||||||
Beacon Roofing Supply, Inc.(a) | 6,054 | 519,978 | ||||||
Bidvest Group Ltd.—ADR | 173 | 4,196 | ||||||
Boise Cascade Co. | 4,349 | 591,073 | ||||||
Bouygues SA—ADR | 95,432 | 750,668 | ||||||
Builders FirstSource, Inc.(a) | 5,637 | 1,100,230 | ||||||
Bunzl PLC—ADR | 853 | 34,036 | ||||||
Caterpillar, Inc. | 6,253 | 2,088,252 | ||||||
Cie de Saint-Gobain SA—ADR | 105,578 | 1,628,013 | ||||||
Comfort Systems USA, Inc.(b) | 102 | 31,184 | ||||||
Core & Main, Inc.—Class A(a) | 4,113 | 196,313 | ||||||
Daimler Truck Holding AG—ADR | 4,283 | 87,459 | ||||||
Deere & Co. | 109 | 39,790 | ||||||
EHang Holdings Ltd.—ADR(a) | 2,552 | 27,536 | ||||||
Embraer SA—ADR(a) | 13,932 | 271,535 | ||||||
EMCOR Group, Inc. | 3,559 | 1,115,818 | ||||||
Emerson Electric Co. | 8,746 | 934,511 | ||||||
Encore Wire Corp. | 1,451 | 349,691 | ||||||
EnerSys | 2,141 | 196,715 | ||||||
Esab Corp. | 1,209 | 119,836 | ||||||
Ferguson PLC | 8,731 | 1,846,170 | ||||||
General Electric Co. | 17,406 | 2,730,827 | ||||||
Gibraltar Industries, Inc.(a) | 2,040 | 157,998 | ||||||
GMS, Inc.(a) | 8,112 | 724,483 | ||||||
Hitachi Ltd.—ADR | 18,655 | 3,141,688 | ||||||
Hubbell, Inc. | 3,042 | 1,157,998 | ||||||
Hyster-Yale Materials Handling, Inc.(b) | 2,958 | 174,167 | ||||||
ITOCHU Corp.—ADR | 15,398 | 1,335,315 | ||||||
JELD-WEN Holding, Inc.(a)(b) | 10,961 | 199,490 | ||||||
Keppel Ltd.—ADR | 50,166 | 532,954 | ||||||
Kingspan Group PLC—ADR | 619 | 56,041 | ||||||
KOC Holding AS—ADR | 4,880 | 128,566 | ||||||
Komatsu Ltd.—ADR | 46,325 | 1,342,962 | ||||||
Legrand SA—ADR | 1,920 | 38,803 | ||||||
Leonardo SpA—ADR(b) | 94,859 | 1,007,403 | ||||||
Marubeni Corp.—ADR | 6,985 | 1,147,286 | ||||||
Masco Corp. | 11,450 | 878,902 | ||||||
Mitsubishi Electric Corp.—ADR | 35,731 | 1,132,398 | ||||||
Mitsui & Co. Ltd.—ADR | 1,983 | 1,726,221 | ||||||
Mueller Industries, Inc. | 16,736 | 859,896 | ||||||
Owens Corning | 6,134 | 918,751 | ||||||
PACCAR, Inc. | 29,247 | 3,243,201 | ||||||
Parker Hannifin Corp. | 101 | 54,080 | ||||||
Primoris Services Corp. | 4,821 | 190,478 |
The accompanying notes are an integral part of these financial statements.
51
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Prysmian SpA—ADR | 27,480 | $ | 684,252 | |||||
Quanex Building Products Corp. | 8,445 | 292,028 | ||||||
Rexel SA—ADR | 34,750 | 895,160 | ||||||
Rheinmetall AG—ADR | 4,312 | 398,041 | ||||||
Rolls-Royce Holdings PLC—ADR(a) | 89,717 | 416,287 | ||||||
Rush Enterprises, Inc.—Class A(b) | 12,621 | 614,643 | ||||||
Rush Enterprises, Inc.—Class B | 3,310 | 166,923 | ||||||
Siemens AG—ADR | 14,066 | 1,390,565 | ||||||
SKF AB—ADR | 2,506 | 54,706 | ||||||
Snap-on, Inc. | 10,785 | 2,972,993 | ||||||
Standex International Corp. | 82 | 14,186 | ||||||
Sumitomo Corp.—ADR(b) | 89,353 | 2,089,072 | ||||||
Symbotic, Inc.(a)(b) | 4,981 | 196,251 | ||||||
Terex Corp. | 7,241 | 415,271 | ||||||
Textron, Inc. | 637 | 56,738 | ||||||
Thermon Group Holdings, Inc.(a)(b) | 3,617 | 98,708 | ||||||
Trane Technologies PLC | 248 | 69,929 | ||||||
Travis Perkins PLC—ADR | 13,474 | 125,443 | ||||||
UFP Industries, Inc. | 8,145 | 933,661 | ||||||
United Rentals, Inc. | 2,857 | 1,980,672 | ||||||
Volvo AB—ADR | 4,214 | 115,927 | ||||||
Wabash National Corp. | 7,566 | 206,400 | ||||||
WESCO International, Inc.(b) | 297 | 44,399 | ||||||
Westinghouse Air Brake Technologies Corp. | 2,962 | 418,501 | ||||||
WW Grainger, Inc.(b) | 1,161 | 1,130,187 | ||||||
55,065,048 | ||||||||
Commercial & Professional Services—0.4% | ||||||||
Brady Corp.—Class A | 238 | 13,871 | ||||||
Brambles Ltd.—ADR | 29,079 | 569,075 | ||||||
Cimpress PLC(a) | 266 | 26,071 | ||||||
Clean Harbors, Inc.(a) | 87 | 15,843 | ||||||
Copart, Inc.(a) | 970 | 51,556 | ||||||
Dai Nippon Printing Co. Ltd.—ADR | 12,175 | 176,659 | ||||||
HeadHunter Group PLC—ADR(a)(c) | 3,254 | 0 | ||||||
Mitie Group PLC—ADR | 103,235 | 559,534 | ||||||
Randstad NV—ADR | 14,748 | 405,865 | ||||||
Science Applications International Corp. | 1,390 | 194,543 | ||||||
Steelcase, Inc.—Class A(b) | 8,804 | 120,967 | ||||||
TOPPAN Holdings, Inc.—ADR(b) | 37,403 | 443,600 | ||||||
2,577,584 | ||||||||
Consumer Discretionary Distribution & Retail—2.9% | ||||||||
Abercrombie & Fitch Co.—Class A(a) | 1,455 | 185,891 | ||||||
Academy Sports & Outdoors, Inc.(b) | 3,842 | 287,074 | ||||||
Alibaba Group Holding Ltd.—ADR(b) | 14,277 | 1,056,926 | ||||||
Amazon.com, Inc.(a) | 28,869 | 5,102,885 | ||||||
American Eagle Outfitters, Inc. | 9,871 | 234,436 | ||||||
AutoNation, Inc.(a)(b) | 2,630 | 393,974 | ||||||
B&M European Value Retail SA—ADR | 32,955 | 875,614 | ||||||
Baozun, Inc.—ADR(a) | 1,493 | 3,523 | ||||||
Best Buy Co., Inc. | 7,654 | 619,056 | ||||||
Carvana Co.(a)(b) | 3,237 | 245,785 | ||||||
Dillard’s, Inc.—Class A(b) | 367 | 152,206 | ||||||
D-MARKET Elektronik Hizmetler ve Ticaret AS—ADR(a) | 14,431 | 22,368 |
The accompanying notes are an integral part of these financial statements.
52
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
eBay, Inc. | 10,225 | $ | 483,438 | |||||
Group 1 Automotive, Inc.(b) | 2,124 | 574,861 | ||||||
Guess?, Inc.(b) | 7,320 | 185,782 | ||||||
Industria de Diseno Textil SA—ADR | 94,788 | 2,103,347 | ||||||
JD.com, Inc.—ADR | 8,863 | 200,481 | ||||||
Kingfisher PLC—ADR | 80,095 | 472,561 | ||||||
Lithia Motors, Inc.—Class A(b) | 853 | 255,098 | ||||||
Lojas Renner SA—ADR | 34,450 | 104,556 | ||||||
Lowe’s Cos., Inc. | 1,416 | 340,789 | ||||||
MINISO Group Holding Ltd.—ADR | 6,024 | 110,420 | ||||||
Naspers Ltd.—ADR | 4,707 | 153,872 | ||||||
PDD Holdings, Inc.—ADR(a) | 5,708 | 710,874 | ||||||
Penske Automotive Group, Inc.(b) | 2,208 | 338,928 | ||||||
Ross Stores, Inc. | 3,780 | 563,069 | ||||||
Ryohin Keikaku Co. Ltd.—ADR | 39,959 | 612,571 | ||||||
Signet Jewelers Ltd. | 2,529 | 257,351 | ||||||
TJX Cos., Inc. | 15,040 | 1,491,065 | ||||||
Ulta Beauty, Inc.(a) | 1,580 | 866,724 | ||||||
Upbound Group, Inc.(b) | 1,708 | 57,662 | ||||||
Urban Outfitters, Inc.(a)(b) | 6,451 | 268,039 | ||||||
Vibra Energia SA—ADR | 23,229 | 242,743 | ||||||
Vipshop Holdings Ltd.—ADR(a) | 26,048 | 501,424 | ||||||
Wayfair, Inc.—Class A(a) | 917 | 54,653 | ||||||
Williams-Sonoma, Inc.(b) | 1,279 | 301,243 | ||||||
Woolworths Holdings Ltd./South Africa—GDR(b) | 25,206 | 85,448 | ||||||
20,516,737 | ||||||||
Consumer Durables & Apparel—3.6% | ||||||||
Barratt Developments PLC—ADR | 74,725 | 876,524 | ||||||
Deckers Outdoor Corp.(a) | 38 | 34,032 | ||||||
DR Horton, Inc. | 15,161 | 2,265,660 | ||||||
Dream Finders Homes, Inc.—Class A(a)(b) | 8,760 | 342,779 | ||||||
Garmin Ltd.(b) | 5,770 | 792,510 | ||||||
G-III Apparel Group Ltd.(a) | 512 | 17,034 | ||||||
Haier Smart Home Co. Ltd.—ADR | 1,939 | 23,423 | ||||||
Hermes International SCA—ADR | 2,019 | 506,668 | ||||||
KB Home | 11,251 | 747,404 | ||||||
La-Z-Boy, Inc. | 10,221 | 388,296 | ||||||
Lennar Corp.—Class A | 16,433 | 2,604,795 | ||||||
Lennar Corp.—Class B(b) | 22,650 | 3,337,931 | ||||||
MDC Holdings, Inc. | 7,845 | 491,882 | ||||||
Meritage Homes Corp. | 4,574 | 721,137 | ||||||
NVR, Inc.(a) | 314 | 2,394,429 | ||||||
Panasonic Holdings Corp.—ADR | 72,899 | 685,980 | ||||||
Pandora AS—ADR | 11,326 | 457,910 | ||||||
PulteGroup, Inc. | 26,369 | 2,857,872 | ||||||
PVH Corp.(b) | 3,755 | 513,196 | ||||||
Sega Sammy Holdings, Inc.—ADR | 188,517 | 601,369 | ||||||
Sekisui House Ltd.—ADR | 29,278 | 652,021 | ||||||
Skechers U.S.A., Inc.—Class A(a) | 7,329 | 453,005 | ||||||
Taylor Morrison Home Corp.(a) | 13,043 | 738,364 | ||||||
Toll Brothers, Inc. | 10,349 | 1,186,409 | ||||||
TopBuild Corp.(a)(b) | 879 | 353,692 | ||||||
Tri Pointe Homes, Inc.(a) | 12,256 | 433,617 |
The accompanying notes are an integral part of these financial statements.
53
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Yue Yuen Industrial Holdings Ltd.—ADR(b) | 31,236 | $ | 165,551 | |||||
24,643,490 | ||||||||
Consumer Services—0.9% | ||||||||
Accor SA—ADR | 13,468 | 116,498 | ||||||
Bloomin’ Brands, Inc.(b) | 2,197 | 59,714 | ||||||
Booking Holdings, Inc.(a) | 461 | 1,599,130 | ||||||
Carnival Corp.(a) | 61,855 | 981,020 | ||||||
Carnival PLC—ADR(a)(b) | 60,753 | 874,843 | ||||||
DoorDash, Inc.—Class A(a) | 5,493 | 684,264 | ||||||
Expedia Group, Inc.(a) | 1,448 | 198,115 | ||||||
frontdoor, Inc.(a) | 339 | 10,631 | ||||||
Genting Bhd—ADR | 11,225 | 55,676 | ||||||
Luckin Coffee, Inc.—ADR(a) | 1,226 | 27,010 | ||||||
New Oriental Education & Technology Group, Inc.—ADR(a) | 2,530 | 236,631 | ||||||
OPAP SA—ADR(b) | 11,577 | 104,054 | ||||||
Royal Caribbean Cruises Ltd.(a) | 8,496 | 1,047,982 | ||||||
Stride, Inc.(a) | 233 | 13,922 | ||||||
TAL Education Group—ADR(a) | 8,996 | 132,511 | ||||||
Trip.com Group Ltd.—ADR(a) | 1,291 | 57,411 | ||||||
6,199,412 | ||||||||
Consumer Staples Distribution & Retail—2.0% | ||||||||
Andersons, Inc. | 3,980 | 220,014 | ||||||
Casey’s General Stores, Inc. | 1,556 | 473,786 | ||||||
Costco Wholesale Corp. | 1,574 | 1,170,883 | ||||||
DingDong Cayman Ltd.—ADR(a) | 2,424 | 2,788 | ||||||
J Sainsbury PLC—ADR | 52,625 | 669,390 | ||||||
Jeronimo Martins SGPS SA—ADR(b) | 16,012 | 767,455 | ||||||
Koninklijke Ahold Delhaize NV—ADR | 80,527 | 2,393,263 | ||||||
Kroger Co. | 27,053 | 1,342,099 | ||||||
Marks & Spencer Group PLC—ADR(b) | 353,942 | 2,119,405 | ||||||
PriceSmart, Inc.(b) | 1,797 | 151,200 | ||||||
Sprouts Farmers Market, Inc.(a) | 2,832 | 176,830 | ||||||
Tesco PLC—ADR | 131,640 | 1,425,661 | ||||||
US Foods Holding Corp.(a) | 5,833 | 296,258 | ||||||
Walmart, Inc. | 56,295 | 3,299,451 | ||||||
14,508,483 | ||||||||
Energy—2.0% | ||||||||
BP PLC—ADR | 34,842 | 1,219,122 | ||||||
California Resources Corp. | 439 | 22,903 | ||||||
Cheniere Energy, Inc. | 2,060 | 319,712 | ||||||
Chesapeake Energy Corp.(b) | 3,444 | 285,094 | ||||||
Chevron Corp. | 282 | 42,867 | ||||||
Chord Energy Corp.(b) | 1,207 | 196,077 | ||||||
CNX Resources Corp.(a)(b) | 21,820 | 457,129 | ||||||
Diamondback Energy, Inc. | 3,611 | 659,079 | ||||||
Equinor ASA—ADR(b) | 2,673 | 65,809 | ||||||
Exxon Mobil Corp. | 11,289 | 1,179,926 | ||||||
Galp Energia SGPS SA—ADR | 7,901 | 62,023 | ||||||
Gazprom Neft PJSC—ADR(a)(c) | 6,793 | 0 | ||||||
Gazprom PJSC—ADR(a)(c) | 186,205 | 0 | ||||||
HF Sinclair Corp. | 5,830 | 323,565 | ||||||
Inpex Corp.—ADR(b) | 81,395 | 1,081,740 |
The accompanying notes are an integral part of these financial statements.
54
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
International Seaways, Inc. | 5,668 | $ | 300,007 | |||||
Liberty Energy, Inc.(b) | 13,683 | 292,543 | ||||||
LUKOIL PJSC—ADR(a)(c) | 10,626 | 0 | ||||||
Marathon Petroleum Corp. | 11,982 | 2,027,714 | ||||||
PBF Energy, Inc.—Class A | 2,679 | 125,109 | ||||||
Peabody Energy Corp.(b) | 2,706 | 67,028 | ||||||
Petroleo Brasileiro SA—ADR(b) | 21,049 | 347,729 | ||||||
Phillips 66 | 5,675 | 808,744 | ||||||
Range Resources Corp. | 1,555 | 49,169 | ||||||
Repsol SA—ADR | 8,863 | 140,479 | ||||||
Shell PLC—ADR | 42,206 | 2,651,802 | ||||||
Southwestern Energy Co.(a) | 19,693 | 137,260 | ||||||
Surgutneftegas PJSC—ADR(a)(c) | 15,549 | 0 | ||||||
TotalEnergies SE—ADR(b) | 3,874 | 248,207 | ||||||
Valero Energy Corp. | 6,521 | 922,461 | ||||||
Vallourec SA—ADR(a) | 144,779 | 448,815 | ||||||
14,482,113 | ||||||||
Financial Services—5.1% | ||||||||
3i Group PLC—ADR | 187,263 | 2,956,882 | ||||||
Affirm Holdings, Inc.(a) | 3,011 | 112,973 | ||||||
Alliance Data Systems Corp. | 7,583 | 290,277 | ||||||
Ally Financial, Inc.(b) | 6,989 | 258,523 | ||||||
AMTD IDEA Group—ADR(a) | 20,178 | 34,303 | ||||||
Berkshire Hathaway, Inc.—Class A(a)(b) | 7 | 4,315,928 | ||||||
Berkshire Hathaway, Inc.—Class B(a)(b) | 10,542 | 4,315,896 | ||||||
Capital One Financial Corp.(b) | 5,733 | 788,918 | ||||||
Coinbase Global, Inc.—Class A(a)(b) | 2,356 | 479,587 | ||||||
Corebridge Financial, Inc.(b) | 2,967 | 73,671 | ||||||
Deutsche Bank AG(b) | 112,769 | 1,514,488 | ||||||
Discover Financial Services | 5,361 | 647,072 | ||||||
Enact Holdings, Inc. | 13,646 | 378,267 | ||||||
Essent Group Ltd. | 14,343 | 768,355 | ||||||
Evercore, Inc.—Class A | 1,887 | 353,020 | ||||||
FinVolution Group—ADR | 80,893 | 423,070 | ||||||
FirstCash Holdings, Inc. | 3,860 | 441,970 | ||||||
Fiserv, Inc.(a) | 10,787 | 1,610,175 | ||||||
FleetCor Technologies, Inc.(a) | 2,082 | 581,440 | ||||||
Franklin Resources, Inc. | 46,398 | 1,273,625 | ||||||
Futu Holdings Ltd.—ADR(a) | 3,297 | 176,455 | ||||||
Jackson Financial, Inc.—Class A | 5,708 | 314,225 | ||||||
Janus Henderson Group PLC | 15,600 | 486,096 | ||||||
Jiayin Group, Inc.—ADR | 43,960 | 250,572 | ||||||
LexinFintech Holdings Ltd.—ADR | 9 | 17 | ||||||
Mastercard, Inc.—Class A | 948 | 450,072 | ||||||
MGIC Investment Corp.(b) | 48,927 | 973,158 | ||||||
Mr Cooper Group, Inc.(a) | 6,224 | 443,647 | ||||||
Noah Holdings Ltd.—ADR | 5,216 | 58,002 | ||||||
OneMain Holdings, Inc. | 8,540 | 403,344 | ||||||
ORIX Corp.—ADR | 3,862 | 406,321 | ||||||
PROG Holdings, Inc.(a) | 17,642 | 544,609 | ||||||
Qifu Technology, Inc.—ADR | 19,066 | 294,570 | ||||||
QIWI PLC—ADR(a)(c) | 29,317 | 0 | ||||||
Qudian, Inc.—ADR(a) | 71,790 | 175,886 | ||||||
Radian Group, Inc. | 22,857 | 666,053 |
The accompanying notes are an integral part of these financial statements.
55
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Rocket Cos., Inc.—Class A(a)(b) | 20,422 | $ | 256,500 | |||||
Shift4 Payments, Inc.—Class A(a)(b) | 4,263 | 350,504 | ||||||
Synchrony Financial | 28,163 | 1,163,132 | ||||||
Tradeweb Markets, Inc.—Class A | 425 | 44,974 | ||||||
UBS Group AG(b) | 133,378 | 3,794,603 | ||||||
Victory Capital Holdings, Inc.—Class A | 2,437 | 93,654 | ||||||
Virtus Investment Partners, Inc. | 1,103 | 256,249 | ||||||
Visa, Inc.—Class A(b) | 5,877 | 1,661,075 | ||||||
World Acceptance Corp.(a) | 1,301 | 155,808 | ||||||
Worldline SA/France—ADR(a) | 57,860 | 332,695 | ||||||
Yiren Digital Ltd.—ADR(a) | 45,622 | 234,041 | ||||||
35,604,702 | ||||||||
Food, Beverage & Tobacco—1.8% | ||||||||
Altria Group, Inc. | 58,829 | 2,406,694 | ||||||
Archer-Daniels-Midland Co. | 3,847 | 204,314 | ||||||
Associated British Foods PLC—ADR | 23,501 | 675,184 | ||||||
Cal-Maine Foods, Inc.(b) | 3,059 | 175,862 | ||||||
Campbell Soup Co.(b) | 13,981 | 596,150 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.—ADR | 64,758 | 429,346 | ||||||
Coca-Cola Consolidated, Inc. | 107 | 89,966 | ||||||
Coca-Cola Femsa SAB de CV—ADR | 1,948 | 189,053 | ||||||
Coca-Cola HBC AG—ADR | 1,777 | 55,265 | ||||||
First Pacific Co. Ltd.—ADR | 318,395 | 639,974 | ||||||
Fomento Economico Mexicano SAB de CV—ADR | 600 | 74,544 | ||||||
Ingredion, Inc. | 4,440 | 522,277 | ||||||
Japan Tobacco, Inc.—ADR | 303,090 | 3,925,015 | ||||||
Kraft Heinz Co. | 10,976 | 387,233 | ||||||
Lamb Weston Holdings, Inc. | 485 | 49,572 | ||||||
Molson Coors Beverage Co.—Class B(b) | 3,192 | 199,245 | ||||||
Mondelez International, Inc.—Class A(b) | 15,810 | 1,155,237 | ||||||
SLC Agricola SA—ADR | 6,836 | 26,939 | ||||||
Universal Corp./VA | 1,132 | 54,347 | ||||||
WH Group Ltd.—ADR | 17,108 | 207,007 | ||||||
Wilmar International Ltd.—ADR | 11,097 | 280,310 | ||||||
12,343,534 | ||||||||
Health Care Equipment & Services—4.1% | ||||||||
Ansell Ltd.—ADR | 5,351 | 331,628 | ||||||
Astrana Health, Inc.(a)(b) | 4,158 | 187,276 | ||||||
Brainsway Ltd.—ADR(a) | 5,442 | 35,264 | ||||||
Brookdale Senior Living, Inc.(a) | 9,368 | 53,585 | ||||||
Cardinal Health, Inc. | 11,771 | 1,318,117 | ||||||
Cencora, Inc. | 232 | 54,659 | ||||||
Chemed Corp.(b) | 672 | 420,759 | ||||||
Cigna Corp. | 3,109 | 1,045,059 | ||||||
Cochlear Ltd.—ADR | 379 | 43,054 | ||||||
CONMED Corp. | 2,802 | 225,057 | ||||||
DaVita, Inc.(a)(b) | 1,780 | 226,007 | ||||||
DENTSPLY SIRONA, Inc. | 6,088 | 198,956 | ||||||
Elekta AB—ADR | 89,531 | 642,833 | ||||||
Elevance Health, Inc. | 2,694 | 1,350,368 | ||||||
Encompass Health Corp. | 7,991 | 594,530 | ||||||
Ensign Group, Inc. | 3,933 | 491,310 | ||||||
EssilorLuxottica SA—ADR(b) | 27,413 | 2,911,261 |
The accompanying notes are an integral part of these financial statements.
56
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Fresenius Medical Care AG & Co. KGaA—ADR(b) | 49,829 | $ | 957,215 | |||||
GoodRx Holdings, Inc.—Class A(a) | 14,261 | 111,093 | ||||||
Haemonetics Corp.(a) | 2,940 | 214,561 | ||||||
HCA Healthcare, Inc. | 6,778 | 2,112,703 | ||||||
Henry Schein, Inc.(a) | 5,376 | 411,103 | ||||||
Hims & Hers Health, Inc.(a) | 25,012 | 326,156 | ||||||
Humana, Inc. | 1,207 | 422,836 | ||||||
IDEXX Laboratories, Inc.(a) | 1,212 | 697,179 | ||||||
Integer Holdings Corp.(a)(b) | 2,206 | 243,300 | ||||||
Intuitive Surgical, Inc.(a) | 409 | 157,710 | ||||||
Koninklijke Philips NV(a)(b) | 25,306 | 507,385 | ||||||
Laboratory Corp. of America Holdings | 5,570 | 1,202,173 | ||||||
Lantheus Holdings, Inc.(a) | 940 | 61,457 | ||||||
LifeStance Health Group, Inc.(a) | 8,140 | 67,969 | ||||||
McKesson Corp. | 2,748 | 1,432,835 | ||||||
Medtronic PLC | 3,585 | 298,846 | ||||||
Merit Medical Systems, Inc.(a) | 3,514 | 267,767 | ||||||
Molina Healthcare, Inc.(a) | 378 | 148,898 | ||||||
Multiplan Corp.(a) | 23,338 | 26,139 | ||||||
National HealthCare Corp.(b) | 1,641 | 161,901 | ||||||
Neogen Corp.(a)(b) | 723 | 12,428 | ||||||
NeoGenomics, Inc.(a) | 8,955 | 139,698 | ||||||
Option Care Health, Inc.(a) | 2,196 | 70,865 | ||||||
Owens & Minor, Inc.(a) | 2,555 | 62,163 | ||||||
Patterson Cos., Inc.(b) | 5,737 | 155,415 | ||||||
Progyny, Inc.(a)(b) | 287 | 10,481 | ||||||
Schrodinger, Inc./United States(a)(b) | 4,870 | 123,990 | ||||||
Select Medical Holdings Corp. | 9,450 | 257,324 | ||||||
Sinopharm Group Co. Ltd.—ADR | 5,531 | 76,909 | ||||||
Sonova Holding AG—ADR | 8,111 | 500,043 | ||||||
Stryker Corp. | 2,157 | 752,944 | ||||||
Surgery Partners, Inc.(a) | 5,523 | 171,379 | ||||||
Tenet Healthcare Corp.(a) | 6,922 | 643,746 | ||||||
Terumo Corp.—ADR(b) | 5,992 | 232,729 | ||||||
UnitedHealth Group, Inc. | 7,719 | 3,810,099 | ||||||
Universal Health Services, Inc.—Class B(b) | 1,724 | 288,011 | ||||||
Veradigm, Inc.(a) | 2,112 | 12,651 | ||||||
Zimmer Biomet Holdings, Inc. | 8,034 | 999,108 | ||||||
28,278,932 | ||||||||
Household & Personal Products—0.5% | ||||||||
Beiersdorf AG—ADR(b) | 14,586 | 418,472 | ||||||
L’Oreal SA—ADR | 14,671 | 1,404,308 | ||||||
Natura & Co. Holding SA—ADR(a) | 16,705 | 110,754 | ||||||
Procter & Gamble Co. | 8,442 | 1,341,771 | ||||||
Spectrum Brands Holdings, Inc. | 1,542 | 124,008 | ||||||
3,399,313 | ||||||||
Insurance—2.7% | ||||||||
Admiral Group PLC—ADR | 2,909 | 98,004 | ||||||
Aflac, Inc. | 34,984 | 2,824,608 | ||||||
Allianz SE—ADR | 20,305 | 555,545 | ||||||
Ambac Financial Group, Inc.(a) | 11,426 | 186,929 | ||||||
American International Group, Inc. | 24,275 | 1,769,405 | ||||||
Arch Capital Group Ltd.(a) | 2,341 | 205,048 |
The accompanying notes are an integral part of these financial statements.
57
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Assicurazioni Generali SpA—ADR(b) | 102,181 | $ | 1,205,736 | |||||
Assurant, Inc. | 1,048 | 190,160 | ||||||
AXA SA—ADR | 10,066 | 357,846 | ||||||
BB Seguridade Participacoes SA—ADR | 14,340 | 96,508 | ||||||
Chubb Ltd. | 224 | 56,374 | ||||||
Cincinnati Financial Corp. | 1,881 | 214,434 | ||||||
Everest Group Ltd. | 3,575 | 1,318,746 | ||||||
Fanhua, Inc.—ADR(a) | 3,731 | 17,349 | ||||||
First American Financial Corp. | 440 | 25,700 | ||||||
Genworth Financial, Inc.—Class A(a) | 37,594 | 231,203 | ||||||
Hannover Rueck SE—ADR | 1,254 | 161,032 | ||||||
Hartford Financial Services Group, Inc. | 23,193 | 2,222,817 | ||||||
Lemonade, Inc.(a) | 848 | 13,772 | ||||||
Loews Corp. | 20,312 | 1,526,041 | ||||||
Markel Group, Inc.(a)(b) | 855 | 1,276,070 | ||||||
MS&AD Insurance Group Holdings, Inc.—ADR | 58,377 | 1,472,852 | ||||||
Old Republic International Corp. | 23,260 | 673,610 | ||||||
Reinsurance Group of America, Inc. | 66 | 11,672 | ||||||
Sanlam Ltd.—ADR | 639 | 4,914 | ||||||
SCOR SE—ADR | 291,739 | 883,968 | ||||||
SiriusPoint Ltd.(a) | 6,251 | 76,700 | ||||||
Suncorp Group Ltd.—ADR | 21,219 | 217,495 | ||||||
Swiss Re AG—ADR | 1,511 | 45,542 | ||||||
T&D Holdings, Inc.—ADR | 10,734 | 91,883 | ||||||
Tokio Marine Holdings, Inc.—ADR(b) | 13,470 | 393,728 | ||||||
Unum Group | 8,314 | 411,127 | ||||||
White Mountains Insurance Group Ltd. | 129 | 227,742 | ||||||
19,064,560 | ||||||||
Materials—2.8% | ||||||||
Air Liquide SA—ADR(b) | 11,878 | 482,603 | ||||||
Albemarle Corp.(b) | 1,695 | 233,656 | ||||||
Alpha Metallurgical Resources, Inc. | 579 | 218,428 | ||||||
ArcelorMittal SA | 24,499 | 638,934 | ||||||
Arch Resources, Inc.(b) | 1,039 | 171,736 | ||||||
Arkema SA—ADR(b) | 4,629 | 480,375 | ||||||
Berry Global Group, Inc.(b) | 196 | 11,409 | ||||||
BHP Group Ltd.—ADR(b) | 5,839 | 334,808 | ||||||
Cemex SAB de CV—ADR(a) | 27,158 | 207,487 | ||||||
CF Industries Holdings, Inc. | 1,682 | 135,771 | ||||||
Cleveland-Cliffs, Inc.(a) | 8,585 | 178,568 | ||||||
Commercial Metals Co. | 191 | 10,314 | ||||||
Fortescue Metals Group Ltd.—ADR | 24,554 | 861,600 | ||||||
Glencore PLC—ADR | 80,481 | 762,155 | ||||||
Greif, Inc.—Class A | 3,574 | 230,380 | ||||||
Greif, Inc.—Class B | 1,766 | 113,059 | ||||||
Harmony Gold Mining Co. Ltd.—ADR | 14,196 | 81,059 | ||||||
Heidelberg Materials AG—ADR | 14,312 | 277,653 | ||||||
HOLCIM Ltd. NEW SPONSORED ADS(a) | 98,099 | 1,597,052 | ||||||
Incitec Pivot Ltd.—ADR | 75,837 | 150,157 | ||||||
International Paper Co. | 1,343 | 47,488 | ||||||
James Hardie Industries PLC—ADR(a) | 1,740 | 68,852 | ||||||
Johnson Matthey PLC—ADR | 4,377 | 170,375 | ||||||
K+S AG—ADR | 30,101 | 208,648 | ||||||
Koppers Holdings, Inc. | 346 | 19,591 |
The accompanying notes are an integral part of these financial statements.
58
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Kuraray Co. Ltd.—ADR(b) | 41,001 | $ | 1,240,485 | |||||
LyondellBasell Industries NV—Class A | 6,061 | 607,797 | ||||||
Mechel PJSC—ADR(a)(c) | 59,509 | 0 | ||||||
Mosaic Co. | 2,826 | 88,058 | ||||||
Nippon Steel Corp.—ADR(b) | 176,433 | 1,459,101 | ||||||
Nitto Denko Corp.—ADR | 1,305 | 59,939 | ||||||
Norsk Hydro ASA—ADR(b) | 101,429 | 524,895 | ||||||
Nucor Corp. | 7,962 | 1,531,093 | ||||||
Packaging Corp. of America | 314 | 56,894 | ||||||
POSCO Holdings, Inc.—ADR | 1,888 | 152,607 | ||||||
Reliance, Inc. | 3,500 | 1,124,270 | ||||||
Rio Tinto PLC—ADR | 2,981 | 192,364 | ||||||
Shin-Etsu Chemical Co. Ltd.—ADR | 20,769 | 441,341 | ||||||
Smurfit Kappa Group PLC—ADR(b) | 11,719 | 503,916 | ||||||
Steel Dynamics, Inc. | 7,047 | 943,030 | ||||||
Suzano SA—ADR(b) | 12,438 | 141,171 | ||||||
Ternium SA—ADR | 9,609 | 389,549 | ||||||
thyssenkrupp AG—ADR | 29,523 | 152,043 | ||||||
United States Steel Corp. | 6,136 | 290,478 | ||||||
Vale SA—ADR | 18,046 | 241,997 | ||||||
Warrior Met Coal, Inc. | 4,549 | 259,157 | ||||||
Westlake Corp. | 4,416 | 612,543 | ||||||
Wienerberger AG—ADR(b) | 137,930 | 979,303 | ||||||
Yara International ASA—ADR(b) | 10,221 | 159,448 | ||||||
19,843,637 | ||||||||
Media & Entertainment—4.3% | ||||||||
Alphabet, Inc.—Class A(a) | 26,236 | 3,632,637 | ||||||
Alphabet, Inc.—Class C(a) | 24,554 | 3,432,158 | ||||||
Altice USA, Inc.—Class A(a) | 15,785 | 46,881 | ||||||
AMC Networks, Inc.—Class A(a) | 5,890 | 76,217 | ||||||
Autohome, Inc.—ADR | 1,526 | 39,661 | ||||||
Baidu, Inc.—ADR(a) | 1,473 | 149,259 | ||||||
Cargurus, Inc.(a) | 13,607 | 301,259 | ||||||
Cars.com, Inc.(a) | 11,054 | 202,730 | ||||||
Charter Communications, Inc.—Class A(a)(b) | 2,624 | 771,272 | ||||||
Cinemark Holdings, Inc.(a) | 13,584 | 236,497 | ||||||
Comcast Corp.—Class A | 70,537 | 3,022,510 | ||||||
Fox Corp.—Class A | 44,349 | 1,321,157 | ||||||
Fox Corp.—Class B | 41,574 | 1,138,296 | ||||||
fuboTV, Inc.(a) | 19,954 | 41,305 | ||||||
Gravity Co. Ltd.—ADR(a) | 4,757 | 366,622 | ||||||
Hello Group, Inc.—ADR(b) | 55,115 | 363,208 | ||||||
HUYA, Inc.—ADR(a)(b) | 41,055 | 143,693 | ||||||
IAC/InterActiveCorp(a) | 10,766 | 611,509 | ||||||
Informa PLC—ADR | 7,278 | 149,126 | ||||||
Integral Ad Science Holding Corp.(a) | 6,438 | 66,698 | ||||||
iQIYI, Inc.—ADR(a) | 21,931 | 80,925 | ||||||
JOYY, Inc.—ADR | 5,002 | 157,563 | ||||||
Meta Platforms, Inc.—Class A | 11,825 | 5,795,788 | ||||||
NetEase, Inc.—ADR(b) | 1,115 | 120,331 | ||||||
Netflix, Inc.(a) | 1,915 | 1,154,592 | ||||||
New York Times Co.—Class A | 3,118 | 138,065 | ||||||
News Corp.—Class A | 10,343 | 278,020 | ||||||
News Corp.—Class B(b) | 34,086 | 954,067 |
The accompanying notes are an integral part of these financial statements.
59
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Omnicom Group, Inc. | 10,762 | $ | 951,253 | |||||
Paramount Global—Class A | 4,550 | 95,914 | ||||||
Paramount Global—Class B(b) | 36,408 | 401,944 | ||||||
Pinterest, Inc.—Class A(a) | 2,255 | 82,759 | ||||||
Publicis Groupe SA—ADR | 86,343 | 2,282,046 | ||||||
Roku, Inc.(a) | 1,128 | 71,267 | ||||||
Scholastic Corp. | 2,031 | 80,103 | ||||||
Sirius XM Holdings, Inc.(b) | 42,443 | 187,598 | ||||||
Snap, Inc.—Class A—Class A(a)(b) | 3,014 | 33,214 | ||||||
Sphere Entertainment Co.(a) | 2,179 | 94,351 | ||||||
Tencent Holdings Ltd.—ADR(b) | 7,997 | 279,431 | ||||||
Tencent Music Entertainment Group—ADR(a) | 15,026 | 157,322 | ||||||
Trade Desk, Inc.—Class A(a) | 3,368 | 287,728 | ||||||
Trivago NV—ADR | 25,149 | 63,375 | ||||||
Universal Music Group NV—ADR | 2,583 | 38,828 | ||||||
Warner Bros Discovery, Inc.(a)(b) | 29,252 | 257,125 | ||||||
Weibo Corp.—ADR | 2,411 | 21,988 | ||||||
Yalla Group Ltd.—ADR(a) | 42,845 | 219,366 | ||||||
Yelp, Inc.(a) | 560 | 21,526 | ||||||
Z Holdings Corp.—ADR | 6,167 | 33,795 | ||||||
30,452,979 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences—5.3% | ||||||||
Alkermes PLC(a) | 8,584 | 254,859 | ||||||
Amneal Pharmaceuticals, Inc.(a) | 34,854 | 192,394 | ||||||
Aspen Pharmacare Holdings Ltd.—ADR | 428 | 4,340 | ||||||
AstraZeneca PLC—ADR(b) | 32,862 | 2,108,426 | ||||||
AstraZeneca PLC(a)(c) | 21,275 | 5,319 | ||||||
Autolus Therapeutics PLC—ADR(a) | 18,516 | 111,096 | ||||||
Avadel Pharmaceuticals PLC—ADR(a)(b) | 15,329 | 195,905 | ||||||
Azenta, Inc.(a)(b) | 2,729 | 177,794 | ||||||
Bavarian Nordic AS—ADR(a) | 44,023 | 330,173 | ||||||
BioNTech SE—ADR(a)(b) | 4,345 | 386,531 | ||||||
Bridgebio Pharma, Inc.(a)(b) | 267 | 9,118 | ||||||
Bristol-Myers Squibb Co. | 31,954 | 1,621,666 | ||||||
Bruker Corp. | 2,943 | 254,687 | ||||||
Chugai Pharmaceutical Co. Ltd.—ADR(b) | 9,932 | 197,845 | ||||||
Dr Reddy’s Laboratories Ltd.—ADR | 1,949 | 149,644 | ||||||
Eli Lilly & Co. | 3,369 | 2,539,149 | ||||||
Exact Sciences Corp.(a) | 3,633 | 209,006 | ||||||
Exelixis, Inc.(a) | 14,198 | 310,936 | ||||||
Gilead Sciences, Inc. | 25,117 | 1,810,936 | ||||||
Grifols SA—ADR(a) | 71,956 | 540,390 | ||||||
GSK PLC—ADR(b) | 49,267 | 2,064,287 | ||||||
HUTCHMED China Ltd.—ADR(a) | 14,975 | 226,272 | ||||||
Hypera SA—ADR(b) | 8,624 | 61,424 | ||||||
Ipsen SA—ADR | 30,680 | 854,745 | ||||||
Johnson & Johnson | 7,115 | 1,148,219 | ||||||
Kiniksa Pharmaceuticals Ltd.—Class A(a) | 6,274 | 132,632 | ||||||
Ligand Pharmaceuticals, Inc.(a) | 1,852 | 146,956 | ||||||
Maravai LifeSciences Holdings, Inc.—Class A(a) | 7,006 | 54,156 | ||||||
Medpace Holdings, Inc.(a) | 1,246 | 495,310 | ||||||
Merck & Co., Inc. | 5,621 | 714,710 | ||||||
Mereo Biopharma Group PLC—ADR(a) | 55,903 | 212,431 | ||||||
MorphoSys AG—ADR(a)(b) | 15,179 | 267,150 |
The accompanying notes are an integral part of these financial statements.
60
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Novartis AG—ADR | 61,362 | $ | 6,195,722 | |||||
Novo Nordisk AS—ADR | 38,136 | 4,567,550 | ||||||
Otsuka Holdings Co. Ltd.—ADR | 50,537 | 1,019,837 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 638 | 616,365 | ||||||
Sanofi—ADR | 38,832 | 1,858,111 | ||||||
Santen Pharmaceutical Co. Ltd.—ADR(b) | 40,231 | 395,471 | ||||||
Shionogi & Co. Ltd.—ADR | 11,328 | 140,467 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd.—ADR | 45,652 | 649,171 | ||||||
Takeda Pharmaceutical Co. Ltd.—ADR(b) | 25,977 | 379,004 | ||||||
Teva Pharmaceutical Industries Ltd.—ADR(a) | 23,637 | 310,827 | ||||||
TG Therapeutics, Inc.(a)(b) | 2,735 | 47,097 | ||||||
Twist Bioscience Corp.(a)(b) | 2,781 | 109,265 | ||||||
United Therapeutics Corp.(a) | 1,171 | 264,224 | ||||||
Veracyte, Inc.(a) | 12,627 | 297,366 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 2,149 | 904,170 | ||||||
Viatris, Inc. | 114,499 | 1,416,353 | ||||||
West Pharmaceutical Services, Inc. | 427 | 153,020 | ||||||
37,112,526 | ||||||||
Real Estate Management & Development—0.6% | ||||||||
CBRE Group, Inc.—Class A(a) | 1,774 | 163,013 | ||||||
Daiwa House Industry Co. Ltd.—ADR | 26,346 | 759,028 | ||||||
DigitalBridge Group, Inc. | 5,905 | 108,475 | ||||||
Forestar Group, Inc.(a) | 18,309 | 617,379 | ||||||
IRSA Inversiones y Representaciones SA—ADR | 7,924 | 61,411 | ||||||
Opendoor Technologies, Inc.(a)(b) | 38,712 | 119,233 | ||||||
Redfin Corp.(a) | 1,150 | 8,171 | ||||||
RMR Group, Inc.—Class A | 7,423 | 181,641 | ||||||
Sun Hung Kai Properties Ltd.—ADR | 83,534 | 838,681 | ||||||
Swire Pacific Ltd.—ADR | 114,912 | 945,726 | ||||||
Zillow Group, Inc.—Class A(a) | 2,607 | 140,934 | ||||||
Zillow Group, Inc.—Class C(a)(b) | 5,845 | 328,197 | ||||||
4,271,889 | ||||||||
Semiconductors & Semiconductor Equipment—6.2% | ||||||||
Advanced Micro Devices, Inc.(a) | 4,614 | 888,333 | ||||||
Advantest Corp.—ADR(b) | 1,222 | 57,312 | ||||||
Amkor Technology, Inc. | 428 | 13,277 | ||||||
Analog Devices, Inc. | 6,146 | 1,178,926 | ||||||
Applied Materials, Inc. | 13,108 | 2,642,835 | ||||||
ASE Technology Holding Co. Ltd.—ADR(b) | 58,591 | 570,676 | ||||||
ASML Holding NV | 2,307 | 2,195,526 | ||||||
Axcelis Technologies, Inc.(a)(b) | 3,373 | 380,036 | ||||||
Broadcom, Inc. | 2,643 | 3,437,194 | ||||||
Daqo New Energy Corp.—ADR(a) | 16,066 | 341,884 | ||||||
Disco Corp.—ADR | 33,800 | 1,100,866 | ||||||
First Solar, Inc.(a) | 1,805 | 277,771 | ||||||
Infineon Technologies AG—ADR | 54,375 | 1,962,394 | ||||||
Intel Corp. | 13,608 | 585,825 | ||||||
JinkoSolar Holding Co. Ltd.—ADR | 10,489 | 283,623 | ||||||
KLA Corp. | 978 | 667,289 | ||||||
Lam Research Corp. | 1,631 | 1,530,286 | ||||||
Microchip Technology, Inc. | 17,998 | 1,514,352 | ||||||
Monolithic Power Systems, Inc. | 164 | 118,087 | ||||||
NVIDIA Corp. | 11,893 | 9,408,789 |
The accompanying notes are an integral part of these financial statements.
61
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
ON Semiconductor Corp.(a)(b) | 15,933 | $ | 1,257,432 | |||||
Onto Innovation, Inc.(a) | 3,160 | 581,946 | ||||||
QUALCOMM, Inc. | 5,903 | 931,434 | ||||||
Rambus, Inc.(a) | 2,374 | 140,636 | ||||||
Renesas Electronics Corp.—ADR(a)(b) | 218,960 | 1,808,610 | ||||||
Skyworks Solutions, Inc. | 16,156 | 1,695,088 | ||||||
STMicroelectronics NV(b) | 33,013 | 1,506,053 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR | 31,334 | 4,031,745 | ||||||
Tokyo Electron Ltd.—ADR(b) | 11,457 | 1,420,668 | ||||||
United Microelectronics Corp.—ADR(b) | 42,322 | 325,033 | ||||||
Universal Display Corp. | 1,792 | 312,561 | ||||||
43,166,487 | ||||||||
Software & Services—4.0% | ||||||||
Adeia, Inc. | 2,819 | 31,967 | ||||||
Adobe, Inc.(a) | 3,173 | 1,777,769 | ||||||
AppLovin Corp.—Class A(a) | 5,628 | 336,104 | ||||||
Cognizant Technology Solutions Corp.—Class A | 18,664 | 1,474,829 | ||||||
Dolby Laboratories, Inc.—Class A(b) | 1,563 | 126,603 | ||||||
Dropbox, Inc.—Class A(a) | 20,565 | 492,532 | ||||||
Dynatrace, Inc.(a) | 2,570 | 127,344 | ||||||
EPAM Systems, Inc.(a) | 2,660 | 809,704 | ||||||
Fair Isaac Corp.(a)(b) | 408 | 518,123 | ||||||
Fastly, Inc.—Class A(a) | 2,594 | 36,887 | ||||||
Gen Digital, Inc.(b) | 11,220 | 241,118 | ||||||
InterDigital, Inc.(b) | 7,509 | 803,614 | ||||||
Kyndryl Holdings, Inc.(a) | 5,526 | 121,406 | ||||||
LiveRamp Holdings, Inc.(a) | 3,081 | 107,773 | ||||||
Marathon Digital Holdings, Inc.(a)(b) | 2,379 | 61,616 | ||||||
Microsoft Corp. | 38,456 | 15,906,941 | ||||||
MicroStrategy, Inc.—Class A(a)(b) | 37 | 37,845 | ||||||
MongoDB, Inc.(a) | 306 | 136,959 | ||||||
N-able, Inc.(a) | 12,777 | 172,106 | ||||||
OneConnect Financial Technology Co. Ltd.—ADR(a)(b) | 15,139 | 36,334 | ||||||
Opera Ltd.—ADR(b) | 36,053 | 439,125 | ||||||
Palantir Technologies, Inc.—Class A(a) | 25,402 | 637,082 | ||||||
Qualys, Inc.(a)(b) | 100 | 17,186 | ||||||
Riot Blockchain, Inc.(a)(b) | 3,504 | 49,476 | ||||||
Salesforce, Inc.(a) | 8,354 | 2,579,882 | ||||||
SAP SE—ADR(b) | 1,765 | 331,591 | ||||||
Synopsys, Inc.(a) | 125 | 71,716 | ||||||
Teradata Corp.(a) | 436 | 16,402 | ||||||
Tuya, Inc.—ADR(a) | 27,385 | 53,948 | ||||||
UiPath, Inc.—Class A(a) | 5,507 | 130,791 | ||||||
Vnet Group, Inc.—ADR(a)(b) | 53,964 | 83,644 | ||||||
27,768,417 | ||||||||
Technology Hardware & Equipment—4.9% | ||||||||
Advanced Energy Industries, Inc.(b) | 1,222 | 123,666 | ||||||
Amphenol Corp.—Class A | 12,168 | 1,329,232 | ||||||
Apple, Inc. | 69,512 | 12,564,295 | ||||||
Arista Networks, Inc.(a) | 2,655 | 736,869 | ||||||
Avnet, Inc. | 6,174 | 287,647 | ||||||
Belden, Inc. | 110 | 9,370 | ||||||
Canon, Inc.—ADR | 2,560 | 74,726 |
The accompanying notes are an integral part of these financial statements.
62
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Cisco Systems, Inc. | 51,918 | $ | 2,511,274 | |||||
Corning, Inc. | 1,393 | 44,910 | ||||||
Dell Technologies, Inc.—Class C | 26,179 | 2,478,104 | ||||||
F5, Inc.(a) | 189 | 35,385 | ||||||
Fabrinet(a)(b) | 2,231 | 480,937 | ||||||
FUJIFILM Holdings Corp.—ADR | 20,410 | 1,291,137 | ||||||
Hewlett Packard Enterprise Co. | 77,889 | 1,186,249 | ||||||
HP, Inc. | 9,375 | 265,594 | ||||||
Insight Enterprises, Inc.(a)(b) | 6,480 | 1,218,240 | ||||||
IPG Photonics Corp.(a) | 259 | 22,365 | ||||||
Jabil, Inc. | 6,805 | 980,532 | ||||||
Keysight Technologies, Inc.(a) | 3,704 | 571,527 | ||||||
Lenovo Group Ltd.—ADR | 9,107 | 201,447 | ||||||
Littelfuse, Inc. | 687 | 163,671 | ||||||
Logitech International SA(b) | 13,600 | 1,194,352 | ||||||
NetApp, Inc.(b) | 12,761 | 1,137,260 | ||||||
OSI Systems, Inc.(a) | 4,358 | 571,682 | ||||||
Ricoh Co. Ltd.—ADR(b) | 77,028 | 639,332 | ||||||
Rogers Corp.(a) | 92 | 10,310 | ||||||
Super Micro Computer, Inc.(a)(b) | 725 | 627,937 | ||||||
TE Connectivity Ltd.(b) | 19,206 | 2,757,213 | ||||||
Teledyne Technologies, Inc.(a) | 570 | 243,544 | ||||||
Vishay Intertechnology, Inc.(b) | 15,980 | 347,565 | ||||||
Vontier Corp. | 2,079 | 89,397 | ||||||
VTech Holdings Ltd.—ADR | 83,368 | 477,699 | ||||||
34,673,468 | ||||||||
Telecommunication Services—1.7% | ||||||||
AT&T, Inc. | 35,036 | 593,160 | ||||||
Deutsche Telekom AG—ADR | 111,860 | 2,655,556 | ||||||
Koninklijke KPN NV—ADR | 9,412 | 33,977 | ||||||
KT Corp.—ADR(a) | 24,502 | 350,869 | ||||||
Magyar Telekom Telecommunications PLC—ADR | 20,067 | 226,958 | ||||||
Mobile TeleSystems PJSC—ADR(a)(c) | 46,068 | 0 | ||||||
Nippon Telegraph & Telephone Corp.—ADR(b) | 10,603 | 321,483 | ||||||
Orange SA—ADR | 253,480 | 2,915,020 | ||||||
Rostelecom PJSC—ADR(a)(c) | 24,510 | 0 | ||||||
Sify Technologies Ltd.—ADR(a) | 3,194 | 4,120 | ||||||
SK Telecom Co. Ltd.—ADR(b) | 5,072 | 111,077 | ||||||
Swisscom AG—ADR | 1,467 | 84,103 | ||||||
Telecom Italia SpA/Milano—ADR(a) | 121,239 | 370,991 | ||||||
Telefonica SA—ADR(b) | 38,927 | 159,211 | ||||||
Telenor ASA—ADR | 64,539 | 702,185 | ||||||
Telephone and Data Systems, Inc. | 14,886 | 227,757 | ||||||
T-Mobile US, Inc.(b) | 1,018 | 166,239 | ||||||
United States Cellular Corp.(a) | 2,251 | 78,537 | ||||||
Verizon Communications, Inc. | 32,320 | 1,293,447 | ||||||
10,294,690 | ||||||||
Transportation—2.2% | ||||||||
Air France-KLM—ADR(a) | 27,177 | 32,884 | ||||||
AP Moller—Maersk AS—ADR | 60,316 | 424,625 | ||||||
ArcBest Corp. | 1,635 | 233,576 | ||||||
bpost SA—ADR | 18,904 | 71,174 | ||||||
Delta Air Lines, Inc. | 18,542 | 783,770 |
The accompanying notes are an integral part of these financial statements.
63
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Deutsche Lufthansa AG—ADR(a) | 22,903 | $ | 177,269 | |||||
DHL Group—ADR | 30,894 | 1,435,026 | ||||||
DiDi Global, Inc.—ADR(a) | 15,779 | 59,487 | ||||||
easyJet PLC—ADR | 110,083 | 757,371 | ||||||
Expeditors International of Washington, Inc. | 12,886 | 1,541,166 | ||||||
FedEx Corp. | 7,336 | 1,826,444 | ||||||
International Consolidated Airlines Group SA—ADR(a) | 170,821 | 630,329 | ||||||
JB Hunt Transport Services, Inc. | 965 | 199,089 | ||||||
Kuehne + Nagel International AG—ADR | 8,069 | 542,963 | ||||||
Matson, Inc. | 869 | 96,502 | ||||||
Nippon Yusen KK—ADR | 138,962 | 885,188 | ||||||
Ryanair Holdings PLC—ADR(b) | 19,621 | 2,712,603 | ||||||
Ryder System, Inc. | 6,026 | 687,567 | ||||||
Singapore Airlines Ltd.—ADR(b) | 85,849 | 820,716 | ||||||
SkyWest, Inc.(a) | 4,064 | 260,990 | ||||||
Sun Country Airlines Holdings, Inc.(a) | 654 | 9,810 | ||||||
Uber Technologies, Inc.(a) | 1,648 | 131,016 | ||||||
United Airlines Holdings, Inc.(a) | 20,029 | 911,120 | ||||||
15,230,685 | ||||||||
Utilities—1.7% | ||||||||
AGL Energy Ltd.—ADR | 4,993 | 27,661 | ||||||
ALLETE, Inc. | 2,308 | 130,725 | ||||||
Centrica PLC—ADR | 59,309 | 383,136 | ||||||
Cia Energetica de Minas Gerais—ADR | 4,772 | 14,268 | ||||||
Consolidated Edison, Inc. | 22,981 | 2,004,172 | ||||||
Edison International(b) | 679 | 46,186 | ||||||
Enel Chile SA—ADR | 35,875 | 107,625 | ||||||
Enel SpA—ADR | 37,070 | 233,912 | ||||||
ENN Energy Holdings Ltd.—ADR | 1,167 | 37,998 | ||||||
Entergy Corp. | 422 | 42,863 | ||||||
Iberdrola SA—ADR | 45,989 | 2,109,975 | ||||||
Kunlun Energy Co. Ltd.—ADR(b) | 5,487 | 46,523 | ||||||
National Grid PLC—ADR(b) | 43,162 | 2,877,180 | ||||||
NiSource, Inc. | 1,559 | 40,628 | ||||||
Otter Tail Corp.(b) | 3,840 | 347,366 | ||||||
PG&E Corp. | 27,050 | 451,465 | ||||||
Public Service Enterprise Group, Inc. | 2,077 | 129,605 | ||||||
Tokyo Gas Co. Ltd.—ADR | 73,366 | 774,011 | ||||||
Vistra Corp. | 51,238 | 2,794,520 | ||||||
12,599,819 | ||||||||
TOTAL COMMON STOCKS (Cost $391,572,905) | 517,958,792 | |||||||
EXCHANGE TRADED FUNDS—22.1% | ||||||||
iShares Core S&P Small-Cap ETF | 62,178 | 6,674,808 | ||||||
iShares MSCI EAFE ETF(b) | 238,217 | 18,402,264 | ||||||
iShares MSCI Emerging Markets ETF(b) | 87,187 | 3,486,608 | ||||||
iShares Russell 1000 ETF(b) | 64,768 | 18,120,143 | ||||||
iShares Russell 2000 ETF(b) | 33,057 | 6,734,703 | ||||||
SPDR S&P 500 ETF Trust | 35,642 | 18,108,987 | ||||||
Vanguard FTSE All-World ex-US ETF(b) | 320,989 | 18,283,533 | ||||||
Vanguard FTSE Developed Markets ETF(b) | 376,481 | 18,327,095 | ||||||
Vanguard FTSE Emerging Markets ETF(b) | 83,255 | 3,415,120 | ||||||
Vanguard Large-Cap ETF | 77,487 | 18,104,063 |
The accompanying notes are an integral part of these financial statements.
64
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Vanguard S&P 500 ETF | 38,777 | $ | 18,106,145 | |||||
Vanguard Small-Cap ETF(b) | 30,772 | 6,756,300 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $144,772,997) | 154,519,769 | |||||||
REAL ESTATE INVESTMENT TRUSTS—1.9% | ||||||||
Apple Hospitality REIT, Inc.(b) | 56,688 | 912,110 | ||||||
Brixmor Property Group, Inc.(b) | 9,387 | 212,240 | ||||||
Broadstone Net Lease, Inc.(b) | 7,651 | 114,076 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR | 41,946 | 199,663 | ||||||
DiamondRock Hospitality Co.(b) | 52,401 | 492,569 | ||||||
Empire State Realty Trust, Inc.—Class A(b) | 35,832 | 357,245 | ||||||
EPR Properties(b) | 14,657 | 602,110 | ||||||
Host Hotels & Resorts, Inc.(b) | 144,916 | 3,005,559 | ||||||
Innovative Industrial Properties, Inc.(b) | 830 | 81,332 | ||||||
Iron Mountain, Inc. | 2,610 | 205,250 | ||||||
Kimco Realty Corp. | 1 | 20 | ||||||
Ladder Capital Corp. | 17,378 | 187,856 | ||||||
Park Hotels & Resorts, Inc.(b) | 23,815 | 395,329 | ||||||
PennyMac Mortgage Investment Trust(b) | 1,073 | 15,161 | ||||||
Regency Centers Corp. | 9,032 | 559,532 | ||||||
Rithm Capital Corp. | 54,049 | 585,891 | ||||||
Service Properties Trust(b) | 24,107 | 163,928 | ||||||
Simon Property Group, Inc.(b) | 19,366 | 2,868,879 | ||||||
SITE Centers Corp. | 11,131 | 151,159 | ||||||
Sunstone Hotel Investors, Inc. | 12,522 | 140,121 | ||||||
Uniti Group, Inc. | 9,698 | 56,830 | ||||||
VICI Properties, Inc. | 21,843 | 653,761 | ||||||
Weyerhaeuser Co. | 27,466 | 944,281 | ||||||
WP Carey, Inc. | 13,185 | 742,711 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $11,869,721) | 13,647,613 | |||||||
PREFERRED STOCKS—0.2% | ||||||||
Banks—0.0%(d) | ||||||||
Bancolombia SA—ADR, 9.337%, Perpetual | 5,863 | 190,665 | ||||||
Itau Unibanco Holding SA—ADR, 6.858%, Perpetual | 11,229 | 76,582 | ||||||
267,247 | ||||||||
Energy—0.2% | ||||||||
Petroleo Brasileiro SA—ADR, 7.924%, Perpetual | 35,530 | 574,520 | ||||||
Surgutneftegas PJSC—ADR, Perpetual(c) | 47,748 | 0 | ||||||
574,520 | ||||||||
Materials—0.0%(d) | ||||||||
Gerdau SA—ADR, 7.407%, Perpetual | 58,713 | 253,053 | ||||||
Transportation—0.0%(d) | ||||||||
Azul SA—ADR, Perpetual(b) | 406 | 2,972 | ||||||
Utilities—0.0%(d) | ||||||||
Cia Energetica de Minas Gerais—ADR, 11.102%, Perpetual | 78,057 | 184,995 | ||||||
TOTAL PREFERRED STOCKS (Cost $1,328,633) | 1,282,787 | |||||||
SHORT-TERM INVESTMENTS—20.7% | ||||||||
Investments Purchased with Collateral from Securities Lending—19.0% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(e) | 133,128,314 | 133,128,314 | ||||||
The accompanying notes are an integral part of these financial statements.
65
Table of Contents
PMC DIVERSIFIED EQUITY FUND | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Money Market Funds—1.7% | ||||||||
First American Government Obligations Fund—Class X, 5.29%(e) | 12,153,980 | $ | 12,153,980 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $145,282,294) | 145,282,294 | |||||||
Total Investments—119.1% (Cost $694,826,550) | 832,691,255 | |||||||
Liabilities in Excess of Other Assets—(19.1)% | (133,311,692 | ) | ||||||
TOTAL NET ASSETS—100.0% | $ | 699,379,563 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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. | |
AMBAC | American Municipal Bond Assurance Corporation | |
AS | 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. | |
GDR | Global Depositary Receipt | |
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 | |
SA | Sociedad Anónima | |
SAB de CV | Sociedad Anónima Bursátil de Capital Variable | |
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. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $130,532,770 which represented 18.7% of net assets. |
(c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $5,319 or 0.0% of net assets as of February 29, 2024. |
(d) | Represents less than 0.05% of net assets. |
(e) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The accompanying notes are an integral part of these financial statements.
66
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited)
Par | Value | |||||||
U.S. TREASURY OBLIGATIONS—31.4% | ||||||||
United States Treasury Inflation Indexed Bonds, | $ | 206,386 | $ | 180,458 | ||||
United States Treasury Note/Bond | ||||||||
4.63%, 02/28/2025 | 1,809,000 | 1,801,526 | ||||||
3.88%, 03/31/2025 | 2,285,000 | 2,258,312 | ||||||
2.88%, 04/30/2025 | 1,194,000 | 1,166,365 | ||||||
0.38%, 04/30/2025 | 512,000 | 485,860 | ||||||
3.88%, 04/30/2025 | 279,000 | 275,654 | ||||||
2.13%, 05/15/2025 | 1,958,000 | 1,894,747 | ||||||
4.25%, 12/31/2025 | 675,000 | 669,806 | ||||||
4.25%, 01/31/2026 | 259,000 | 257,088 | ||||||
4.00%, 02/15/2026 | 924,000 | 913,136 | ||||||
0.50%, 02/28/2026 | 44,000 | 40,572 | ||||||
4.63%, 03/15/2026 | 1,657,000 | 1,657,324 | ||||||
3.75%, 04/15/2026 | 626,000 | 615,473 | ||||||
4.13%, 06/15/2026 | 1,249,000 | 1,237,583 | ||||||
1.88%, 07/31/2026 | 345,000 | 324,388 | ||||||
6.75%, 08/15/2026 | 1,661,000 | 1,745,542 | ||||||
1.50%, 08/15/2026 | 1,287,000 | 1,197,865 | ||||||
0.75%, 08/31/2026 | 132,000 | 120,429 | ||||||
4.63%, 09/15/2026 | 2,334,000 | 2,340,838 | ||||||
4.63%, 11/15/2026 | 2,048,000 | 2,055,960 | ||||||
2.00%, 11/15/2026 | 111,000 | 104,128 | ||||||
1.63%, 11/30/2026 | 205,000 | 190,170 | ||||||
4.38%, 12/15/2026 | 864,000 | 862,380 | ||||||
4.00%, 01/15/2027 | 3,055,000 | 3,019,558 | ||||||
4.13%, 10/31/2027 | 2,581,000 | 2,560,231 | ||||||
0.50%, 10/31/2027 | 1,136,000 | 989,185 | ||||||
6.13%, 11/15/2027 | 1,666,000 | 1,767,196 | ||||||
0.63%, 12/31/2027 | 1,422,000 | 1,237,196 | ||||||
4.00%, 02/29/2028 | 840,000 | 829,779 | ||||||
3.63%, 03/31/2028 | 1,510,000 | 1,470,775 | ||||||
3.50%, 04/30/2028 | 262,000 | 253,925 | ||||||
4.13%, 07/31/2028 | 657,000 | 652,509 | ||||||
2.88%, 08/15/2028 | 1,167,000 | 1,099,966 | ||||||
4.88%, 10/31/2028 | 1,888,000 | 1,934,536 | ||||||
5.25%, 11/15/2028 | 1,659,000 | 1,726,462 | ||||||
1.50%, 11/30/2028 | 1,327,000 | 1,170,093 | ||||||
4.38%, 11/30/2028 | 1,962,000 | 1,970,660 | ||||||
1.38%, 12/31/2028 | 1,306,000 | 1,142,214 | ||||||
4.00%, 01/31/2029 | 263,000 | 260,000 | ||||||
3.25%, 06/30/2029 | 1,197,000 | 1,138,833 | ||||||
4.00%, 02/28/2030 | 1,610,000 | 1,586,102 | ||||||
3.63%, 03/31/2030 | 658,000 | 635,073 | ||||||
4.88%, 10/31/2030 | 627,000 | 648,284 | ||||||
0.88%, 11/15/2030 | 1,609,000 | 1,295,434 | ||||||
4.38%, 11/30/2030 | 684,000 | 687,754 | ||||||
4.00%, 01/31/2031 | 574,000 | 564,762 | ||||||
1.13%, 02/15/2031 | 654,000 | 533,444 | ||||||
1.25%, 08/15/2031 | 544,000 | 440,459 | ||||||
1.38%, 11/15/2031 | 751,000 | 609,747 | ||||||
1.88%, 02/15/2032 | 1,941,000 | 1,630,288 | ||||||
2.88%, 05/15/2032 | 1,268,000 | 1,146,351 | ||||||
2.75%, 08/15/2032 | 1,286,000 | 1,148,333 |
The accompanying notes are an integral part of these financial statements.
67
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
4.13%, 11/15/2032 | $ | 695,000 | $ | 687,792 | ||||
3.50%, 02/15/2033 | 2,545,000 | 2,401,148 | ||||||
3.38%, 05/15/2033 | 1,805,000 | 1,684,185 | ||||||
3.88%, 08/15/2033 | 2,457,000 | 2,384,250 | ||||||
4.50%, 11/15/2033 | 983,000 | 1,001,815 | ||||||
4.00%, 02/15/2034 | 475,000 | 465,760 | ||||||
4.75%, 02/15/2037 | 587,000 | 620,409 | ||||||
1.13%, 05/15/2040 | 589,000 | 363,684 | ||||||
1.13%, 08/15/2040 | 98,000 | 59,916 | ||||||
1.38%, 11/15/2040 | 638,000 | 405,379 | ||||||
1.88%, 02/15/2041 | 640,000 | 441,275 | ||||||
2.25%, 05/15/2041 | 147,000 | 107,376 | ||||||
1.75%, 08/15/2041 | 637,000 | 424,426 | ||||||
2.00%, 11/15/2041 | 615,000 | 425,972 | ||||||
3.13%, 11/15/2041 | 19,000 | 15,824 | ||||||
3.13%, 02/15/2042 | 16,000 | 13,275 | ||||||
2.38%, 02/15/2042 | 1,072,000 | 788,088 | ||||||
3.25%, 05/15/2042 | 52,000 | 43,745 | ||||||
3.88%, 02/15/2043 | 580,000 | 531,164 | ||||||
3.88%, 05/15/2043 | 51,000 | 46,652 | ||||||
4.38%, 08/15/2043 | 206,000 | 201,751 | ||||||
3.75%, 11/15/2043 | 1,203,000 | 1,078,941 | ||||||
4.75%, 11/15/2043 | 221,000 | 227,492 | ||||||
3.38%, 05/15/2044 | 570,000 | 482,073 | ||||||
2.25%, 08/15/2049 | 357,000 | 236,526 | ||||||
2.00%, 02/15/2050 | 338,000 | 210,550 | ||||||
1.38%, 08/15/2050 | 556,000 | 292,019 | ||||||
1.63%, 11/15/2050 | 364,000 | 204,523 | ||||||
1.88%, 02/15/2051 | 614,000 | 367,728 | ||||||
2.38%, 05/15/2051 | 764,000 | 515,790 | ||||||
2.00%, 08/15/2051 | 540,000 | 332,712 | ||||||
1.88%, 11/15/2051 | 849,000 | 506,034 | ||||||
2.25%, 02/15/2052 | 511,000 | 334,406 | ||||||
2.88%, 05/15/2052 | 735,000 | 553,633 | ||||||
3.00%, 08/15/2052 | 296,000 | 228,903 | ||||||
3.63%, 02/15/2053 | 1,296,000 | 1,133,393 | ||||||
3.63%, 05/15/2053 | 660,000 | 577,616 | ||||||
4.13%, 08/15/2053 | 689,000 | 659,825 | ||||||
4.75%, 11/15/2053 | 957,000 | 1,018,457 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $80,145,564) | 78,619,260 | |||||||
Shares | ||||||||
EXCHANGE TRADED FUNDS—29.5% | ||||||||
iShares Core U.S. Aggregate Bond ETF | 194,978 | 18,981,108 | ||||||
iShares MBS ETF | 320,171 | 29,426,917 | ||||||
Vanguard Total International Bond ETF | 517,673 | 25,226,205 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $74,442,555) | 73,634,230 | |||||||
Par | ||||||||
CORPORATE BONDS—20.3% | ||||||||
Automobiles & Components—0.7% | ||||||||
American Axle & Manufacturing, Inc., | $ | 70,000 | 67,705 |
The accompanying notes are an integral part of these financial statements.
68
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
American Honda Finance Corp., | $ | 55,000 | $ | 53,910 | ||||
Ford Motor Co., | 94,000 | 93,899 | ||||||
General Motors Co., | 105,000 | 109,689 | ||||||
General Motors Financial Co., Inc. | ||||||||
4.00%, 01/15/2025 | 393,000 | 387,455 | ||||||
4.30%, 07/13/2025 | 5,000 | 4,919 | ||||||
6.05%, 10/10/2025 | 163,000 | 164,273 | ||||||
5.85%, 04/06/2030 | 176,000 | 178,452 | ||||||
Goodyear Tire & Rubber Co., | 80,000 | 72,538 | ||||||
Penske Truck Leasing Co. Lp / PTL Finance Corp. | ||||||||
4.00%, 07/15/2025(a) | 336,000 | 328,421 | ||||||
1.20%, 11/15/2025(a) | 200,000 | 185,881 | ||||||
Volkswagen Group of America Finance LLC, | 200,000 | 211,412 | ||||||
1,858,554 | ||||||||
Banks—3.1% | ||||||||
Bank of America Corp. | ||||||||
2.46% to 10/22/2024 then 3 mo. Term SOFR + 1.13%, 10/22/2025 | 5,000 | 4,896 | ||||||
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 | 237,000 | 217,381 | ||||||
3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028 | 489,000 | 469,821 | ||||||
5.20% to 04/25/2028 then SOFR + 1.63%, 04/25/2029 | 264,000 | 262,674 | ||||||
2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032 | 6,000 | 4,858 | ||||||
5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 | 19,000 | 18,738 | ||||||
2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 288,000 | 227,151 | ||||||
4.30% to 01/28/2025 then 3 mo. Term SOFR + 2.93%, Perpetual | 40,000 | 38,566 | ||||||
Citigroup, Inc. | ||||||||
3.35% to 04/24/2024 then 3 mo. Term SOFR + 1.16%, 04/24/2025 | 210,000 | 209,210 | ||||||
1.12% to 01/28/2026 then SOFR + 0.77%, 01/28/2027 | 280,000 | 258,173 | ||||||
3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 | 107,000 | 102,873 | ||||||
3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028 | 277,000 | 259,547 | ||||||
3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030 | 161,000 | 150,975 | ||||||
4.41% to 03/31/2030 then SOFR + 3.91%, 03/31/2031 | 122,000 | 115,288 | ||||||
6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034 | 788,000 | 794,308 | ||||||
5.32% to 03/26/2040 then SOFR + 4.55%, 03/26/2041 | 732,000 | 716,215 | ||||||
Fifth Third Bancorp | ||||||||
5.63% to 01/29/2031 then SOFR + 1.84%, 01/29/2032 | 47,000 | 46,611 | ||||||
4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033 | 170,000 | 154,202 | ||||||
First-Citizens Bank & Trust Co., | 99,000 | 100,580 | ||||||
JPMorgan Chase & Co. | ||||||||
3.22% to 03/01/2024 then 3 mo. Term SOFR + 1.42%, 03/01/2025 | 310,000 | 310,030 | ||||||
1.05% to 11/19/2025 then SOFR + 0.80%, 11/19/2026 | 150,000 | 139,532 | ||||||
3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028 | 153,000 | 145,469 | ||||||
6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 125,000 | 132,650 | ||||||
5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 | 90,000 | 89,551 | ||||||
Morgan Stanley Bank NA, | 376,000 | 377,656 | ||||||
Nationstar Mortgage Holdings, Inc., | 90,000 | 88,591 |
The accompanying notes are an integral part of these financial statements.
69
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
PNC Financial Services Group, Inc. | ||||||||
6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | $ | 130,000 | $ | 140,900 | ||||
5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 95,000 | 95,310 | ||||||
Sprint Capital Corp., | 270,000 | 326,303 | ||||||
Synovus Financial Corp., | 11,000 | 10,819 | ||||||
Truist Financial Corp. | ||||||||
4.26% to 07/28/2025 then SOFR + 1.46%, 07/28/2026 | 163,000 | 159,718 | ||||||
5.71% to 01/24/2034 then SOFR + 1.92%, 01/24/2035 | 120,000 | 118,889 | ||||||
US Bancorp | ||||||||
6.79% to 10/26/2026 then SOFR + 1.88%, 10/26/2027 | 226,000 | 233,571 | ||||||
5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | 35,000 | 34,822 | ||||||
5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034 | 71,000 | 71,732 | ||||||
Wells Fargo & Co. | ||||||||
2.16% to 02/11/2025 then 3 mo. Term SOFR + 1.01%, 02/11/2026 | 194,000 | 187,690 | ||||||
3.91% to 04/25/2025 then SOFR + 1.32%, 04/25/2026 | 7,000 | 6,865 | ||||||
2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026 | 266,000 | 255,315 | ||||||
2.39% to 06/02/2027 then SOFR + 2.10%, 06/02/2028 | 175,000 | 159,691 | ||||||
5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 | 28,000 | 27,549 | ||||||
5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 | 107,000 | 106,625 | ||||||
5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 | 150,000 | 149,065 | ||||||
5.38%, 11/02/2043 | 175,000 | 167,447 | ||||||
7,687,857 | ||||||||
Capital Goods—0.8% | ||||||||
Air Lease Corp. | ||||||||
1.88%, 08/15/2026 | 112,000 | 102,886 | ||||||
3.25%, 10/01/2029 | 145,000 | 129,076 | ||||||
Boeing Co. | ||||||||
2.20%, 02/04/2026 | 168,000 | 157,691 | ||||||
5.04%, 05/01/2027 | 370,000 | 366,648 | ||||||
5.71%, 05/01/2040 | 45,000 | 43,876 | ||||||
5.81%, 05/01/2050 | 285,000 | 275,002 | ||||||
Carrier Global Corp., | 146,000 | 151,535 | ||||||
CNH Industrial Capital LLC | ||||||||
1.45%, 07/15/2026 | 105,000 | 96,082 | ||||||
4.55%, 04/10/2028 | 192,000 | 188,100 | ||||||
Cummins, Inc. | ||||||||
5.15%, 02/20/2034 | 25,000 | 24,979 | ||||||
5.45%, 02/20/2054 | 50,000 | 50,314 | ||||||
Regal Rexnord Corp. | ||||||||
6.05%, 04/15/2028(a) | 75,000 | 75,493 | ||||||
6.40%, 04/15/2033(a) | 240,000 | 246,560 | ||||||
RTX Corp., | 150,000 | 166,166 | ||||||
2,074,408 | ||||||||
Commercial & Professional Services—0.3% | ||||||||
ASGN, Inc., | 80,000 | 74,687 | ||||||
Daimler Truck Finance North America LLC, | 160,000 | 141,738 |
The accompanying notes are an integral part of these financial statements.
70
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Equifax, Inc., | $ | 79,000 | $ | 78,780 | ||||
EquipmentShare.com, Inc., | 65,000 | 66,688 | ||||||
Harvest Midstream I LP, | 35,000 | 35,315 | ||||||
Republic Services, Inc. | ||||||||
5.00%, 04/01/2034 | 212,000 | 208,825 | ||||||
5.70%, 05/15/2041 | 129,000 | 134,136 | ||||||
740,169 | ||||||||
Consumer Discretionary Distribution & Retail—0.2% | ||||||||
Arko Corp., | 60,000 | 52,082 | ||||||
Genuine Parts Co., | 117,000 | 127,899 | ||||||
Lowe’s Cos., Inc., | 119,000 | 120,341 | ||||||
Macy’s Retail Holdings LLC, | 150,000 | 140,782 | ||||||
441,104 | ||||||||
Consumer Durables & Apparel—0.1% | ||||||||
Whirlpool Corp., | 132,000 | 130,962 | ||||||
Consumer Services—0.1% | ||||||||
American University/The, | 7,000 | 5,662 | ||||||
Churchill Downs, Inc., | 80,000 | 80,148 | ||||||
Marriott International, Inc./MD | ||||||||
5.00%, 10/15/2027 | 103,000 | 102,621 | ||||||
5.30%, 05/15/2034 | 95,000 | 93,539 | ||||||
University of Chicago, | 87,000 | 67,845 | ||||||
349,815 | ||||||||
Consumer Staples Distribution & Retail—0.1% | ||||||||
Walmart, Inc. | ||||||||
4.00%, 04/15/2026 | 160,000 | 157,611 | ||||||
3.90%, 04/15/2028 | 150,000 | 146,419 | ||||||
4.00%, 04/15/2030 | 69,000 | 66,921 | ||||||
370,951 | ||||||||
Energy—3.1% | ||||||||
Antero Resources Corp., | 27,000 | 27,832 | ||||||
Arizona Public Service Co., | 92,000 | 86,203 | ||||||
BP Capital Markets America, Inc. | ||||||||
4.81%, 02/13/2033 | 95,000 | 92,714 | ||||||
4.99%, 04/10/2034 | 181,000 | 178,146 | ||||||
Brooklyn Union Gas Co., | 548,000 | 559,723 | ||||||
Cameron LNG LLC, | 209,000 | 171,568 |
The accompanying notes are an integral part of these financial statements.
71
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
CenterPoint Energy Houston Electric LLC, | $ | 122,000 | $ | 121,649 | ||||
Cheniere Corpus Christi Holdings LLC, | 4,000 | 4,001 | ||||||
Comstock Resources, Inc., | 80,000 | 73,901 | ||||||
Consolidated Edison Co. of New York, Inc., | 635,000 | 432,128 | ||||||
Constellation Energy Generation LLC, | 178,000 | 183,735 | ||||||
Diamondback Energy, Inc., | 180,000 | 190,588 | ||||||
DT Midstream, Inc., | 80,000 | 73,175 | ||||||
DTE Electric Co., | 19,000 | 14,294 | ||||||
Duke Energy Indiana LLC, | 113,000 | 109,168 | ||||||
Energy Transfer LP | ||||||||
2.90%, 05/15/2025 | 70,000 | 67,803 | ||||||
5.63%, 05/01/2027(a) | 71,000 | 70,424 | ||||||
6.00%, 02/01/2029(a) | 602,000 | 604,087 | ||||||
5.25%, 04/15/2029 | 308,000 | 306,997 | ||||||
5.55%, 05/15/2034 | 85,000 | 84,154 | ||||||
5.95%, 05/15/2054 | 85,000 | 83,011 | ||||||
EQM Midstream Partners LP, | 150,000 | 143,923 | ||||||
EQT Corp., | 3,000 | 2,953 | ||||||
Evergy Metro, Inc., | 60,000 | 58,712 | ||||||
Exxon Mobil Corp., | 105,000 | 73,557 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., | 30,000 | 31,133 | ||||||
Global Partners LP / GLP Finance Corp., | 40,000 | 41,053 | ||||||
Gulfstream Natural Gas System LLC, | 293,000 | 294,203 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., | 100,000 | 99,355 | ||||||
Kinder Morgan, Inc., | 171,000 | 166,544 | ||||||
Marathon Petroleum Corp., | 345,000 | 341,832 | ||||||
MPLX LP, | 55,000 | 52,372 | ||||||
New Fortress Energy, Inc., | 100,000 | 96,661 | ||||||
New York State Electric & Gas Corp., | 20,000 | 20,542 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
4.90%, 02/28/2028 | 85,000 | 84,320 | ||||||
5.25%, 02/28/2053 | 105,000 | 97,994 |
The accompanying notes are an integral part of these financial statements.
72
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
NGPL PipeCo LLC, | $ | 36,000 | $ | 35,157 | ||||
Northern Natural Gas Co., | 25,000 | 25,345 | ||||||
Northern Oil & Gas, Inc., | 70,000 | 70,943 | ||||||
Occidental Petroleum Corp. | ||||||||
3.50%, 08/15/2029 | 72,000 | 65,561 | ||||||
6.13%, 01/01/2031 | 75,000 | 76,984 | ||||||
6.45%, 09/15/2036 | 70,000 | 73,754 | ||||||
6.60%, 03/15/2046 | 145,000 | 154,108 | ||||||
Oglethorpe Power Corp., | 27,000 | 22,384 | ||||||
Phillips 66, | 90,000 | 83,336 | ||||||
PPL Electric Utilities Corp., | 35,000 | 34,103 | ||||||
Public Service Co. of Colorado, | 104,000 | 98,482 | ||||||
Public Service Electric and Gas Co., | 117,000 | 113,296 | ||||||
Sabine Pass Liquefaction LLC, | 124,000 | 118,735 | ||||||
San Diego Gas & Electric Co., | 48,000 | 46,637 | ||||||
Southern Co. Gas Capital Corp., | 100,000 | 80,151 | ||||||
Southwestern Energy Co., | 65,000 | 62,188 | ||||||
Tampa Electric Co., | 94,000 | 93,560 | ||||||
Targa Resources Corp., | 110,000 | 109,508 | ||||||
Transcontinental Gas Pipe Line Co. LLC, | 341,000 | 327,627 | ||||||
Valero Energy Corp., | 300,000 | 321,502 | ||||||
Venture Global LNG, Inc., | 70,000 | 74,679 | ||||||
Vistra Operations Co. LLC | ||||||||
3.70%, 01/30/2027(a) | 173,000 | 163,705 | ||||||
4.38%, 05/01/2029(a) | 100,000 | 91,326 | ||||||
7.75%, 10/15/2031(a) | 70,000 | 72,468 | ||||||
Williams Cos., Inc., | 89,000 | 89,708 | ||||||
7,645,702 | ||||||||
Equity Real Estate Investment Trusts (REITs)—0.3% | ||||||||
Crown Castle, Inc., | 55,000 | 49,749 | ||||||
EPR Properties | ||||||||
4.50%, 04/01/2025 | 25,000 | 24,549 | ||||||
3.75%, 08/15/2029 | 102,000 | 89,111 | ||||||
Iron Mountain, Inc. | ||||||||
5.25%, 07/15/2030(a) | 150,000 | 140,503 | ||||||
4.50%, 02/15/2031(a) | 84,000 | 74,411 |
The accompanying notes are an integral part of these financial statements.
73
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Kimco Realty OP LLC, | $ | 130,000 | $ | 121,944 | ||||
Realty Income Corp. | ||||||||
4.70%, 12/15/2028 | 103,000 | 101,284 | ||||||
4.00%, 07/15/2029 | 66,000 | 62,284 | ||||||
663,835 | ||||||||
Financial Services—2.5% | ||||||||
American Express Co., | 85,000 | 90,599 | ||||||
Bank of New York Mellon Corp., | 177,000 | 192,075 | ||||||
Blackstone Private Credit Fund, | 197,000 | 193,990 | ||||||
Capital One Financial Corp. | ||||||||
4.20%, 10/29/2025 | 5,000 | 4,890 | ||||||
4.99% to 07/24/2025 then SOFR + 2.16%, 07/24/2026 | 84,000 | 83,250 | ||||||
6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 | 296,000 | 303,162 | ||||||
7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 | 60,000 | 65,701 | ||||||
5.82% to 02/01/2033 then SOFR + 2.60%, 02/01/2034 | 172,000 | 170,149 | ||||||
6.38% to 06/08/2033 then SOFR + 2.86%, 06/08/2034 | 35,000 | 36,085 | ||||||
6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035 | 260,000 | 262,798 | ||||||
Charles Schwab Corp., | 185,000 | 170,628 | ||||||
Corebridge Financial, Inc., | 140,000 | 139,766 | ||||||
Corebridge Global Funding, | 147,000 | 145,517 | ||||||
FirstCash, Inc., | 65,000 | 64,439 | ||||||
Freedom Mortgage Corp., | 55,000 | 60,583 | ||||||
Goldman Sachs Group, Inc. | ||||||||
3.27% to 09/29/2024 then 3 mo. Term SOFR + 1.46%, 09/29/2025 | 295,000 | 290,931 | ||||||
1.09% to 12/09/2025 then SOFR + 0.79%, 12/09/2026 | 5,000 | 4,634 | ||||||
1.43% to 03/09/2026 then SOFR + 0.80%, 03/09/2027 | 385,000 | 355,927 | ||||||
1.95% to 10/21/2026 then SOFR + 0.91%, 10/21/2027 | 288,000 | 263,736 | ||||||
3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 260,000 | 245,561 | ||||||
Jane Street Group / JSG Finance, Inc., | 120,000 | 110,538 | ||||||
Jefferson Capital Holdings LLC, | 60,000 | 60,678 | ||||||
Mercedes-Benz Finance North America LLC | ||||||||
4.80%, 03/30/2026(a) | 436,000 | 433,022 | ||||||
3.75%, 02/22/2028(a) | 368,000 | 352,378 | ||||||
Morgan Stanley | ||||||||
2.72% to 07/22/2024 then SOFR + 1.15%, 07/22/2025 | 140,000 | 138,316 | ||||||
3.63%, 01/20/2027 | 150,000 | 144,668 | ||||||
2.48% to 01/21/2027 then SOFR + 1.00%, 01/21/2028 | 160,000 | 148,059 | ||||||
3.59%, 07/22/2028(b) | 208,000 | 196,952 | ||||||
5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029 | 133,000 | 132,285 | ||||||
5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034 | 140,000 | 139,223 | ||||||
5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 | 125,000 | 124,729 | ||||||
Northern Trust Corp., | 4,000 | 4,213 |
The accompanying notes are an integral part of these financial statements.
74
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
OneMain Finance Corp., | $ | 80,000 | $ | 73,739 | ||||
PRA Group, Inc., | 113,000 | 94,758 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., | 100,000 | 98,739 | ||||||
S&P Global, Inc. | ||||||||
3.70%, 03/01/2052 | 185,000 | 143,481 | ||||||
3.90%, 03/01/2062 | 119,000 | 92,732 | ||||||
State Street Corp., | 354,000 | 366,140 | ||||||
StoneX Group, Inc., | 74,000 | 74,999 | ||||||
United Wholesale Mortgage LLC, | 134,000 | 125,251 | ||||||
6,199,321 | ||||||||
Food, Beverage & Tobacco—0.9% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., | 355,000 | 457,657 | ||||||
Aramark Services, Inc., | 150,000 | 143,903 | ||||||
Campbell Soup Co., | 170,000 | 149,377 | ||||||
Constellation Brands, Inc., | 225,000 | 218,316 | ||||||
J M Smucker Co., | 355,000 | 375,478 | ||||||
Molson Coors Beverage Co., | 150,000 | 122,641 | ||||||
Performance Food Group, Inc., | 50,000 | 49,023 | ||||||
Philip Morris International, Inc. | ||||||||
5.13%, 02/15/2030 | 205,000 | 204,117 | ||||||
5.75%, 11/17/2032 | 145,000 | 147,966 | ||||||
5.63%, 09/07/2033 | 356,000 | 360,003 | ||||||
2,228,481 | ||||||||
Health Care Equipment & Services—1.0% | ||||||||
Acadia Healthcare Co, Inc., | 70,000 | 66,215 | ||||||
Adventist Health System/West, | 33,000 | 24,316 | ||||||
Centene Corp., | 168,000 | 159,147 | ||||||
CommonSpirit Health | ||||||||
6.07%, 11/01/2027 | 63,000 | 64,620 | ||||||
4.35%, 11/01/2042 | 45,000 | 38,475 | ||||||
CVS Health Corp. | ||||||||
3.00%, 08/15/2026 | 90,000 | 85,483 | ||||||
5.13%, 02/21/2030 | 225,000 | 223,728 | ||||||
5.63%, 02/21/2053 | 161,000 | 154,815 | ||||||
Dignity Health, | 414,000 | 358,159 |
The accompanying notes are an integral part of these financial statements.
75
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
HCA, Inc. | ||||||||
5.38%, 09/01/2026 | $ | 55,000 | $ | 54,859 | ||||
4.50%, 02/15/2027 | 95,000 | 93,002 | ||||||
5.88%, 02/01/2029 | 61,000 | 62,109 | ||||||
Humana, Inc., | 102,000 | 98,914 | ||||||
Mount Sinai Hospital, | 15,000 | 12,313 | ||||||
SSM Health Care Corp., | 156,000 | 157,327 | ||||||
Sutter Health, | 28,000 | 23,915 | ||||||
Tenet Healthcare Corp., | 150,000 | 142,921 | ||||||
UnitedHealth Group, Inc., | 631,000 | 615,091 | ||||||
Universal Health Services, Inc., | 36,000 | 29,282 | ||||||
Zimmer Biomet Holdings, Inc., | 5,000 | 4,852 | ||||||
2,469,543 | ||||||||
Household & Personal Products—0.1% | ||||||||
Energizer Holdings, Inc., | 100,000 | 91,538 | ||||||
Kenvue, Inc. | ||||||||
5.05%, 03/22/2053 | 177,000 | 170,585 | ||||||
5.20%, 03/22/2063 | 41,000 | 39,772 | ||||||
301,895 | ||||||||
Insurance—0.9% | ||||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, | 50,000 | 49,703 | ||||||
American International Group, Inc., | 95,000 | 93,767 | ||||||
Aon Corp. / Aon Global Holdings PLC, | 211,000 | 210,565 | ||||||
Aon North America, Inc. | ||||||||
5.15%, 03/01/2029 | 261,000 | 261,264 | ||||||
5.30%, 03/01/2031 | 75,000 | 74,950 | ||||||
5.45%, 03/01/2034 | 165,000 | 165,294 | ||||||
5.75%, 03/01/2054 | 30,000 | 30,182 | ||||||
Arthur J Gallagher & Co. | ||||||||
5.75%, 03/02/2053 | 4,000 | 3,949 | ||||||
6.75%, 02/15/2054 | 84,000 | 94,849 | ||||||
CNA Financial Corp., | 190,000 | 187,035 | ||||||
CNO Financial Group, Inc., | 175,000 | 170,068 | ||||||
Guardian Life Global Funding, | 66,000 | 62,730 | ||||||
Marsh & McLennan Cos., Inc. | ||||||||
5.15%, 03/15/2034 | 50,000 | 49,858 | ||||||
5.45%, 03/15/2053 | 47,000 | 46,875 | ||||||
5.45%, 03/15/2054 | 50,000 | 49,747 |
The accompanying notes are an integral part of these financial statements.
76
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Metropolitan Life Global Funding I, | $ | 233,000 | $ | 230,647 | ||||
Primerica, Inc., | 143,000 | 118,830 | ||||||
Principal Financial Group, Inc., | 77,000 | 75,242 | ||||||
Prudential Financial, Inc., | 42,000 | 40,900 | ||||||
Travelers Cos., Inc., | 50,000 | 51,078 | ||||||
W R Berkley Corp., | 177,000 | 153,765 | ||||||
2,221,298 | ||||||||
Management of companies and Enterprises—0.0%(d) | ||||||||
LPL Holdings, Inc., | 5,000 | 4,590 | ||||||
Management of Companies and Enterprises—0.0%(d) | ||||||||
Camelot Return Merger Sub, Inc., | 50,000 | 51,355 | ||||||
Windsor Holdings III LLC, | 65,000 | 67,335 | ||||||
118,690 | ||||||||
Materials—0.6% | ||||||||
Berry Global, Inc. | ||||||||
4.88%, 07/15/2026(a) | 256,000 | 250,254 | ||||||
5.65%, 01/15/2034(a) | 3,000 | 2,962 | ||||||
Celanese US Holdings LLC, | 205,000 | 215,523 | ||||||
Cleveland-Cliffs, Inc., | 90,000 | 89,454 | ||||||
International Paper Co., | 177,000 | 182,955 | ||||||
Mosaic Co., | 508,000 | 502,631 | ||||||
Packaging Corp. of America, | 92,000 | 72,570 | ||||||
Sherwin-Williams Co., | 6,000 | 5,168 | ||||||
Standard Industries, Inc., | 100,000 | 94,463 | ||||||
1,415,980 | ||||||||
Media & Entertainment—0.4% | ||||||||
Alphabet, Inc., | 60,000 | 34,535 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., | 130,000 | 102,827 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
3.90%, 06/01/2052 | 155,000 | 97,538 | ||||||
5.25%, 04/01/2053 | 210,000 | 163,202 | ||||||
Comcast Corp., | 100,000 | 95,839 |
The accompanying notes are an integral part of these financial statements.
77
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Take-Two Interactive Software, Inc., | $ | 214,000 | $ | 212,386 | ||||
TEGNA, Inc., | 64,000 | 56,385 | ||||||
Walt Disney Co., | 121,000 | 92,384 | ||||||
Warnermedia Holdings, Inc., | 123,000 | 116,422 | ||||||
Ziff Davis, Inc., | 120,000 | 107,719 | ||||||
1,079,237 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences—0.7% | ||||||||
AbbVie, Inc. | ||||||||
2.95%, 11/21/2026 | 315,000 | 298,767 | ||||||
4.95%, 03/15/2031 | 90,000 | 90,045 | ||||||
4.05%, 11/21/2039 | 35,000 | 30,703 | ||||||
5.40%, 03/15/2054 | 25,000 | 25,397 | ||||||
5.50%, 03/15/2064 | 80,000 | 80,986 | ||||||
Amgen, Inc. | ||||||||
5.60%, 03/02/2043 | 60,000 | 60,100 | ||||||
5.65%, 03/02/2053 | 22,000 | 22,006 | ||||||
5.75%, 03/02/2063 | 376,000 | 376,363 | ||||||
Eli Lilly & Co. | ||||||||
5.00%, 02/27/2026 | 228,000 | 227,982 | ||||||
4.95%, 02/27/2063 | 147,000 | 141,983 | ||||||
Johnson & Johnson, | 246,000 | 208,915 | ||||||
Mars, Inc., | 147,000 | 145,047 | ||||||
Regeneron Pharmaceuticals, Inc., | 76,000 | 47,363 | ||||||
Viatris, Inc., | 50,000 | 42,129 | ||||||
1,797,786 | ||||||||
Real Estate Management & Development—0.8% | ||||||||
Brixmor Operating Partnership LP, | 2,000 | 1,949 | ||||||
COPT Defense Properties LP | ||||||||
2.75%, 04/15/2031 | 170,000 | 137,325 | ||||||
2.90%, 12/01/2033 | 132,000 | 100,801 | ||||||
Holcim Finance US LLC, | 345,000 | 330,578 | ||||||
Kilroy Realty LP, | 117,000 | 114,536 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, | 80,000 | 77,833 | ||||||
Prologis LP, | 583,000 | 565,674 | ||||||
RHP Hotel Properties LP / RHP Finance Corp., | 30,000 | 28,677 | ||||||
Simon Property Group LP | ||||||||
6.25%, 01/15/2034 | 65,000 | 68,534 | ||||||
5.85%, 03/08/2053 | 84,000 | 85,175 |
The accompanying notes are an integral part of these financial statements.
78
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, | $ | 80,000 | $ | 82,891 | ||||
Ventas Realty LP, | 170,000 | 169,498 | ||||||
VICI Properties LP / VICI Note Co., Inc., | 183,000 | 182,298 | ||||||
1,945,769 | ||||||||
Semiconductors & Semiconductor Equipment—0.3% | ||||||||
Intel Corp. | ||||||||
5.00%, 02/21/2031 | 80,000 | 79,521 | ||||||
5.15%, 02/21/2034 | 155,000 | 153,482 | ||||||
5.70%, 02/10/2053 | 45,000 | 45,648 | ||||||
5.60%, 02/21/2054 | 55,000 | 55,008 | ||||||
5.90%, 02/10/2063 | 25,000 | 26,068 | ||||||
Marvell Technology, Inc. | ||||||||
2.95%, 04/15/2031 | 75,000 | 64,316 | ||||||
5.95%, 09/15/2033 | 180,000 | 186,023 | ||||||
Micron Technology, Inc. | ||||||||
5.38%, 04/15/2028 | 139,000 | 139,817 | ||||||
5.88%, 09/15/2033 | 38,000 | 38,758 | ||||||
788,641 | ||||||||
Software & Services—0.5% | ||||||||
CommScope, Inc., | 120,000 | 82,323 | ||||||
Dell International LLC / EMC Corp., | 50,000 | 50,143 | ||||||
International Business Machines Corp., | 808,000 | 752,279 | ||||||
Oracle Corp. | ||||||||
2.30%, 03/25/2028 | 179,000 | 160,505 | ||||||
3.60%, 04/01/2050 | 45,000 | 31,714 | ||||||
VMware, Inc., | 241,000 | 229,815 | ||||||
1,306,779 | ||||||||
Technology Hardware & Equipment—0.5% | ||||||||
Avnet, Inc., | 305,000 | 310,340 | ||||||
CDW LLC / CDW Finance Corp. | ||||||||
2.67%, 12/01/2026 | 35,000 | 32,454 | ||||||
4.25%, 04/01/2028 | 130,000 | 123,765 | ||||||
Cisco Systems, Inc. | ||||||||
4.85%, 02/26/2029 | 175,000 | 175,319 | ||||||
4.95%, 02/26/2031 | 145,000 | 145,114 | ||||||
5.05%, 02/26/2034 | 150,000 | 151,048 | ||||||
5.30%, 02/26/2054 | 50,000 | 50,645 | ||||||
Hewlett Packard Enterprise Co., | 167,000 | 165,921 | ||||||
Jabil, Inc., | 107,000 | 106,888 | ||||||
1,261,494 | ||||||||
The accompanying notes are an integral part of these financial statements.
79
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Telecommunication Services—0.8% | ||||||||
AT&T, Inc. | ||||||||
1.65%, 02/01/2028 | $ | 349,000 | $ | 307,222 | ||||
3.50%, 06/01/2041 | 35,000 | 26,840 | ||||||
3.50%, 09/15/2053 | 105,000 | 72,246 | ||||||
Frontier Communications Holdings LLC, | 150,000 | 145,095 | ||||||
T-Mobile USA, Inc. | ||||||||
3.75%, 04/15/2027 | 114,000 | 109,312 | ||||||
3.38%, 04/15/2029 | 502,000 | 460,741 | ||||||
2.88%, 02/15/2031 | 413,000 | 355,643 | ||||||
2.55%, 02/15/2031 | 135,000 | 113,874 | ||||||
4.38%, 04/15/2040 | 70,000 | 61,400 | ||||||
3.30%, 02/15/2051 | 35,000 | 24,085 | ||||||
Verizon Communications, Inc. | ||||||||
2.36%, 03/15/2032 | 135,000 | 109,504 | ||||||
5.05%, 05/09/2033 | 95,000 | 94,111 | ||||||
2.65%, 11/20/2040 | 25,000 | 17,247 | ||||||
1,897,320 | ||||||||
Transportation—0.4% | ||||||||
Delta Air Lines, Inc., | 151,000 | 153,521 | ||||||
Southwest Airlines Co., | 115,000 | 114,709 | ||||||
TransDigm, Inc., | 150,000 | 151,981 | ||||||
TTX Co., | 358,000 | 314,375 | ||||||
United Airlines 2020-1 Class A Pass Through Trust, Series 2020-1, | 149,743 | 151,342 | ||||||
United Airlines Class B Pass Through Trust, Series 2020-1, | 94,520 | 93,211 | ||||||
979,139 | ||||||||
Utilities—1.1% | ||||||||
American Electric Power Co., Inc., | 4,000 | 4,031 | ||||||
Calpine Corp., | 150,000 | 134,259 | ||||||
CenterPoint Energy Houston Electric LLC, | 249,000 | 245,514 | ||||||
DTE Energy Co., | 100,000 | 94,726 | ||||||
Duke Energy Corp. | ||||||||
4.85%, 01/05/2027 | 174,000 | 172,779 | ||||||
5.75%, 09/15/2033 | 169,000 | 172,278 | ||||||
Edison International | ||||||||
5.75%, 06/15/2027 | 94,000 | 94,922 | ||||||
6.95%, 11/15/2029 | 15,000 | 16,001 | ||||||
Essential Utilities, Inc., | 105,000 | 90,430 | ||||||
Evergy Kansas Central, Inc., | 62,000 | 62,077 |
The accompanying notes are an integral part of these financial statements.
80
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Evergy, Inc., | $ | 35,000 | $ | 34,351 | ||||
Eversource Energy, | 75,000 | 74,278 | ||||||
Exelon Corp., | 139,000 | 135,592 | ||||||
Interstate Power and Light Co., | 70,000 | 59,074 | ||||||
National Fuel Gas Co., | 77,000 | 76,940 | ||||||
Pacific Gas and Electric Co. | ||||||||
6.40%, 06/15/2033 | 75,000 | 78,037 | ||||||
6.95%, 03/15/2034 | 95,000 | 102,776 | ||||||
4.95%, 07/01/2050 | 80,000 | 68,016 | ||||||
Southern Co. | ||||||||
3.25%, 07/01/2026 | 221,000 | 211,428 | ||||||
5.20%, 06/15/2033 | 385,000 | 379,347 | ||||||
5.70%, 03/15/2034 | 165,000 | 168,198 | ||||||
Union Electric Co., | 60,000 | 58,968 | ||||||
Virginia Electric and Power Co., | 164,000 | 160,876 | ||||||
2,694,898 | ||||||||
TOTAL CORPORATE BONDS (Cost $51,139,283) | 50,674,218 | |||||||
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—8.9% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool MA4600, 3.50%, 05/01/2052 | 328,112 | 292,305 | ||||||
Pool QB8934, 2.50%, 02/01/2051 | 26,376 | 21,705 | ||||||
Pool QC6759, 2.00%, 09/01/2051 | 29,877 | 23,520 | ||||||
Pool QF7085, 5.50%, 02/01/2053 | 69,505 | 68,883 | ||||||
Pool RA3661, 2.50%, 10/01/2050 | 118,742 | 98,327 | ||||||
Pool RA6605, 3.00%, 01/01/2052 | 25,793 | 22,090 | ||||||
Pool RA6815, 2.50%, 02/01/2052 | 256,080 | 212,062 | ||||||
Pool RA7326, 3.50%, 05/01/2052 | 32,199 | 28,668 | ||||||
Pool RA7587, 3.50%, 06/01/2052 | 200,814 | 179,533 | ||||||
Pool RA7659, 3.50%, 07/01/2052 | 23,032 | 20,515 | ||||||
Pool SD0781, 3.00%, 11/01/2051 | 78,457 | 67,518 | ||||||
Pool SD1117, 4.50%, 06/01/2052 | 20,684 | 19,643 | ||||||
Pool SD1377, 3.50%, 07/01/2052 | 425,509 | 379,049 | ||||||
Pool SD1505, 4.50%, 08/01/2052 | 88,730 | 84,091 | ||||||
Pool SD2253, 3.50%, 12/01/2052 | 165,770 | 147,602 | ||||||
Pool SD2862, 6.00%, 05/01/2053 | 23,376 | 23,505 | ||||||
Pool SD3218, 5.00%, 05/01/2053 | 24,550 | 23,822 | ||||||
Pool SD3611, 3.00%, 03/01/2052 | 24,330 | 20,928 | ||||||
Pool SD3770, 2.50%, 03/01/2052 | 267,690 | 220,800 | ||||||
Pool SD3977, 5.00%, 04/01/2053 | 798,500 | 775,012 | ||||||
Pool SD3983, 5.50%, 09/01/2053 | 24,431 | 24,232 | ||||||
Pool SD4428, 2.50%, 05/01/2052 | 24,743 | 20,469 | ||||||
Pool SD4712, 4.50%, 12/01/2052 | 44,467 | 42,121 | ||||||
Pool SD8135, 2.50%, 03/01/2051 | 28,835 | 23,898 | ||||||
Pool SD8157, 3.00%, 07/01/2051 | 199,734 | 171,351 | ||||||
Pool SD8188, 2.00%, 01/01/2052 | 130,683 | 103,047 | ||||||
Pool SD8199, 2.00%, 03/01/2052 | 248,593 | 196,027 |
The accompanying notes are an integral part of these financial statements.
81
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool SD8205, 2.50%, 04/01/2052 | $ | 198,735 | $ | 163,777 | ||||
Pool SD8214, 3.50%, 05/01/2052 | 556,745 | 495,924 | ||||||
Pool SD8215, 4.00%, 05/01/2052 | 228,286 | 210,253 | ||||||
Pool SD8221, 3.50%, 06/01/2052 | 505,471 | 450,256 | ||||||
Pool SD8222, 4.00%, 06/01/2052 | 88,580 | 81,583 | ||||||
Pool SD8225, 3.00%, 07/01/2052 | 223,275 | 191,309 | ||||||
Pool SD8243, 3.50%, 09/01/2052 | 383,429 | 341,538 | ||||||
Pool SD8244, 4.00%, 09/01/2052 | 209,331 | 192,774 | ||||||
Pool SD8266, 4.50%, 11/01/2052 | 97,739 | 92,583 | ||||||
Pool SD8288, 5.00%, 01/01/2053 | 23,418 | 22,739 | ||||||
Pool SD8315, 5.00%, 04/01/2053 | 189,952 | 184,326 | ||||||
Pool SD8316, 5.50%, 04/01/2053 | 208,692 | 206,613 | ||||||
Pool SD8324, 5.50%, 05/01/2053 | 701,706 | 694,692 | ||||||
Pool SD8325, 6.00%, 05/01/2053 | 124,210 | 124,865 | ||||||
Pool SD8331, 5.50%, 06/01/2053 | 46,896 | 46,421 | ||||||
Pool SD8368, 6.00%, 10/01/2053 | 130,210 | 130,818 | ||||||
Pool SD8397, 6.50%, 01/01/2054 | 44,108 | 44,903 | ||||||
Pool SD8401, 5.50%, 02/01/2054 | 24,907 | 24,651 | ||||||
Pool SD8402, 6.00%, 02/01/2054 | 104,601 | 105,089 | ||||||
Federal National Mortgage Association | ||||||||
Pool BP3478, 2.00%, 06/01/2051 | 25,252 | 19,953 | ||||||
Pool BT6823, 2.50%, 10/01/2051 | 180,078 | 148,664 | ||||||
Pool BT9030, 2.00%, 08/01/2051 | 26,596 | 20,991 | ||||||
Pool BU7102, 2.50%, 12/01/2051 | 99,608 | 82,154 | ||||||
Pool BW0015, 4.00%, 07/01/2052 | 27,260 | 25,105 | ||||||
Pool BX5065, 5.50%, 01/01/2053 | 22,989 | 22,765 | ||||||
Pool CA7248, 2.50%, 10/01/2050 | 32,172 | 26,568 | ||||||
Pool CB1066, 2.50%, 07/01/2051 | 293,034 | 241,915 | ||||||
Pool CB1149, 3.00%, 07/01/2051 | 272,989 | 234,436 | ||||||
Pool CB3600, 3.50%, 05/01/2052 | 171,720 | 153,540 | ||||||
Pool CB3899, 3.50%, 06/01/2052 | 63,455 | 56,736 | ||||||
Pool CB4020, 4.00%, 07/01/2052 | 38,537 | 35,482 | ||||||
Pool CB4121, 4.00%, 07/01/2052 | 237,834 | 219,202 | ||||||
Pool CB5906, 5.50%, 03/01/2053 | 23,509 | 23,301 | ||||||
Pool CB6031, 5.00%, 04/01/2053 | 51,892 | 50,499 | ||||||
Pool CB6201, 6.00%, 05/01/2053 | 46,380 | 46,660 | ||||||
Pool CB6475, 5.00%, 06/01/2053 | 837,072 | 812,257 | ||||||
Pool FM9067, 2.50%, 10/01/2051 | 500,166 | 411,919 | ||||||
Pool FM9540, 2.00%, 11/01/2051 | 248,931 | 197,600 | ||||||
Pool FS0176, 2.50%, 01/01/2052 | 411,279 | 339,211 | ||||||
Pool FS0288, 2.00%, 01/01/2052 | 83,577 | 66,323 | ||||||
Pool FS0631, 3.00%, 02/01/2052 | 32,831 | 28,194 | ||||||
Pool FS1790, 4.00%, 05/01/2052 | 22,122 | 20,375 | ||||||
Pool FS2040, 2.00%, 02/01/2052 | 90,706 | 71,536 | ||||||
Pool FS2512, 3.50%, 07/01/2052 | 324,148 | 290,258 | ||||||
Pool FS2805, 2.50%, 09/01/2052 | 345,107 | 284,571 | ||||||
Pool FS3497, 3.50%, 08/01/2052 | 212,309 | 189,134 | ||||||
Pool FS3569, 3.00%, 02/01/2052 | 191,693 | 164,353 | ||||||
Pool FS4110, 2.50%, 03/01/2052 | 55,042 | 45,451 | ||||||
Pool FS4114, 4.50%, 03/01/2053 | 23,669 | 22,420 | ||||||
Pool FS4377, 3.00%, 04/01/2052 | 28,659 | 24,554 | ||||||
Pool FS4874, 5.50%, 06/01/2053 | 23,889 | 23,677 | ||||||
Pool FS5235, 5.50%, 07/01/2053 | 209,263 | 207,201 | ||||||
Pool FS5846, 2.50%, 09/01/2052 | 82,937 | 68,439 |
The accompanying notes are an integral part of these financial statements.
82
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Pool FS6288, 5.50%, 10/01/2053 | $ | 24,748 | $ | 24,574 | ||||
Pool FS6471, 3.00%, 05/01/2052 | 98,675 | 84,579 | ||||||
Pool FS6866, 5.00%, 10/01/2053 | 304,109 | 295,182 | ||||||
Pool MA4078, 2.50%, 07/01/2050 | 246,336 | 204,511 | ||||||
Pool MA4211, 3.00%, 12/01/2050 | 26,042 | 22,502 | ||||||
Pool MA4305, 2.00%, 04/01/2051 | 200,000 | 157,956 | ||||||
Pool MA4493, 2.50%, 12/01/2051 | 24,853 | 20,503 | ||||||
Pool MA4512, 2.50%, 01/01/2052 | 87,199 | 71,735 | ||||||
Pool MA4548, 2.50%, 02/01/2052 | 135,753 | 111,766 | ||||||
Pool MA4562, 2.00%, 03/01/2052 | 181,248 | 142,733 | ||||||
Pool MA4563, 2.50%, 03/01/2052 | 112,843 | 93,028 | ||||||
Pool MA4565, 3.50%, 03/01/2052 | 37,818 | 33,813 | ||||||
Pool MA4579, 3.00%, 04/01/2052 | 243,890 | 209,048 | ||||||
Pool MA4599, 3.00%, 05/01/2052 | 41,103 | 35,228 | ||||||
Pool MA4625, 3.50%, 06/01/2052 | 82,087 | 73,127 | ||||||
Pool MA4698, 3.00%, 08/01/2052 | 233,550 | 200,132 | ||||||
Pool MA4700, 4.00%, 08/01/2052 | 463,648 | 427,000 | ||||||
Pool MA4732, 4.00%, 09/01/2052 | 291,081 | 268,058 | ||||||
Pool MA4733, 4.50%, 09/01/2052 | 45,704 | 43,293 | ||||||
Pool MA4761, 5.00%, 09/01/2052 | 349,043 | 339,005 | ||||||
Pool MA4783, 4.00%, 10/01/2052 | 24,223 | 22,306 | ||||||
Pool MA4784, 4.50%, 10/01/2052 | 239,139 | 226,525 | ||||||
Pool MA4786, 5.50%, 10/01/2052 | 30,204 | 29,959 | ||||||
Pool MA4805, 4.50%, 11/01/2052 | 144,206 | 136,599 | ||||||
Pool MA4868, 5.00%, 01/01/2053 | 28,165 | 27,348 | ||||||
Pool MA4917, 4.50%, 02/01/2053 | 33,429 | 31,666 | ||||||
Pool MA4918, 5.00%, 02/01/2053 | 322,791 | 313,399 | ||||||
Pool MA4940, 5.00%, 03/01/2053 | 28,135 | 27,315 | ||||||
Pool MA4978, 5.00%, 04/01/2053 | 423,561 | 411,019 | ||||||
Pool MA5009, 5.00%, 05/01/2053 | 191,637 | 185,962 | ||||||
Pool MA5010, 5.50%, 05/01/2053 | 31,903 | 31,590 | ||||||
Pool MA5038, 5.00%, 06/01/2053 | 135,618 | 131,602 | ||||||
Pool MA5071, 5.00%, 07/01/2053 | 279,361 | 271,089 | ||||||
Pool MA5073, 6.00%, 07/01/2053 | 257,276 | 258,572 | ||||||
Pool MA5089, 4.00%, 07/01/2053 | 168,840 | 155,456 | ||||||
Pool MA5106, 5.00%, 08/01/2053 | 458,913 | 445,324 | ||||||
Pool MA5107, 5.50%, 08/01/2053 | 333,738 | 330,353 | ||||||
Pool MA5108, 6.00%, 08/01/2053 | 75,663 | 76,045 | ||||||
Pool MA5138, 5.50%, 09/01/2053 | 81,949 | 81,106 | ||||||
Pool MA5139, 6.00%, 09/01/2053 | 47,927 | 48,152 | ||||||
Pool MA5165, 5.50%, 10/01/2053 | 24,267 | 24,017 | ||||||
Pool MA5166, 6.00%, 10/01/2053 | 48,043 | 48,269 | ||||||
Pool MA5192, 6.50%, 11/01/2053 | 95,767 | 97,492 | ||||||
Pool MA5217, 6.50%, 12/01/2053 | 57,882 | 58,934 | ||||||
Pool MA5247, 6.00%, 01/01/2054 | 24,631 | 24,745 | ||||||
Pool MA5294, 5.00%, 03/01/2054 | 66,000 | 64,032 | ||||||
Pool MA5297, 6.50%, 03/01/2054 | 30,000 | 30,540 | ||||||
Series 2014-C02, Class 2M2, 8.04% (30 day avg SOFR US + 2.71%), 05/25/2024 | 117,601 | 118,193 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes | ||||||||
Series 2021-DNA3, Class M2, 7.42% (30 day avg SOFR US + 2.10%), 10/25/2033(a) | 125,000 | 126,675 | ||||||
Series 2021-DNA6, Class M1, 6.12% (30 day avg SOFR US + 0.80%), 10/25/2041(a) | 30,109 | 30,112 | ||||||
Series 2022-DNA1, Class M2, 7.82% (30 day avg SOFR US + 2.50%), 01/25/2042(a) | 100,000 | 101,224 | ||||||
Series 2022-DNA2, Class M2, 9.07% (30 day avg SOFR US + 3.75%), 02/25/2042(a) | 65,000 | 67,955 | ||||||
Series 2022-DNA2, Class M1B, 7.72% (30 day avg SOFR US + 2.40%), 02/25/2042(a) | 60,000 | 61,334 | ||||||
Series 2022-DNA3, Class M2, 9.67% (30 day avg SOFR US + 4.35%), 04/25/2042(a) | 62,000 | 66,066 |
The accompanying notes are an integral part of these financial statements.
83
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Series 2022-DNA3, Class M1B, 8.22% (30 day avg SOFR US + 2.90%), 04/25/2042(a) | $ | 55,000 | $ | 57,008 | ||||
Series 2022-DNA5, Class M1B, 9.82% (30 day avg SOFR US + 4.50%), 06/25/2042(a) | 150,000 | 162,558 | ||||||
Series 2022-HQA1, Class M1B, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(a) | 55,000 | 57,583 | ||||||
Series 2022-HQA2, Class M1B, 9.32% (30 day avg SOFR US + 4.00%), 07/25/2042(a) | 100,000 | 106,396 | ||||||
Ginnie Mae II Pool | ||||||||
Pool MA7935, 2.00%, 03/20/2052 | 84,125 | 68,531 | ||||||
Pool MA7936, 2.50%, 03/20/2052 | 217,172 | 183,930 | ||||||
Pool MA8099, 3.50%, 06/20/2052 | 72,078 | 65,225 | ||||||
Pool MA8149, 3.50%, 07/20/2052 | 37,419 | 33,861 | ||||||
Pool MA8151, 4.50%, 07/20/2052 | 159,888 | 152,936 | ||||||
Pool MA8201, 4.50%, 08/20/2052 | 27,616 | 26,410 | ||||||
Pool MA8492, 6.00%, 12/20/2052 | 21,836 | 21,966 | ||||||
Pool MA8800, 5.00%, 04/20/2053 | 116,973 | 114,330 | ||||||
Pool MA8801, 5.50%, 04/20/2053 | 181,375 | 180,303 | ||||||
Pool MA8877, 4.50%, 05/20/2053 | 171,001 | 163,321 | ||||||
Pool MA8947, 5.00%, 06/20/2053 | 122,531 | 119,733 | ||||||
Pool MA8948, 5.50%, 06/20/2053 | 122,031 | 121,319 | ||||||
Pool MA9018, 6.00%, 07/20/2053 | 73,309 | 73,730 | ||||||
Pool MA9107, 6.00%, 08/20/2053 | 59,062 | 59,401 | ||||||
Pool MA9240, 5.00%, 10/20/2053 | 54,647 | 53,399 | ||||||
Pool MA9242, 6.00%, 10/20/2053 | 128,818 | 129,558 | ||||||
Pool MA9304, 5.00%, 11/20/2053 | 24,854 | 24,287 | ||||||
Pool MA9424, 6.00%, 01/20/2054 | 114,828 | 115,488 | ||||||
Pool MA9486, 4.50%, 02/20/2054 | 25,000 | 23,882 | ||||||
Pool MA9488, 5.50%, 02/20/2054 | 25,000 | 24,848 | ||||||
HUD Office of the Secretary | ||||||||
Series 2020-107, Class AB, 1.00%, 07/20/2050 | 53,554 | 40,165 | ||||||
Series 2020-112, Class KA, 1.00%, 08/20/2050 | 49,041 | 36,725 | ||||||
Series 2021-103, Class HE, 2.00%, 06/20/2051 | 36,876 | 30,150 | ||||||
MCR Mortgage Trust, | 100,000 | 99,810 | ||||||
United States Department of the Treasury, | 275,000 | 274,647 | ||||||
United States of America | ||||||||
5.20%, 02/17/2026 | 665,000 | 663,336 | ||||||
7.25%, 05/15/2030 | 145,000 | 167,895 | ||||||
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $22,651,713) | 22,262,760 | |||||||
FOREIGN CORPORATE BONDS—4.4% | ||||||||
Banks—1.8% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, | 159,000 | 146,735 | ||||||
Australia & New Zealand Banking Group Ltd./New York NY, | 361,000 | 359,724 | ||||||
Banco Bilbao Vizcaya Argentaria SA, | 167,000 | 169,559 | ||||||
Banco Santander SA, | 200,000 | 207,855 | ||||||
Bancolombia SA, | 203,000 | 197,112 | ||||||
Bank of Nova Scotia | ||||||||
1.45%, 01/10/2025 | 788,000 | 761,553 | ||||||
4.50%, 12/16/2025 | 176,000 | 173,048 | ||||||
Credit Agricole SA, | 250,000 | 252,144 |
The accompanying notes are an integral part of these financial statements.
84
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Credit Suisse AG/New York NY, | $ | 251,000 | $ | 243,781 | ||||
Deutsche Bank AG/New York NY, | 151,000 | 148,715 | ||||||
Lloyds Banking Group PLC | ||||||||
4.98% to 08/11/2032 then 1 yr. CMT Rate + 2.30%, 08/11/2033 | 200,000 | 190,474 | ||||||
5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035 | 200,000 | 197,935 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
5.72% to 02/20/2025 then 1 yr. CMT Rate + 1.08%, 02/20/2026 | 200,000 | 200,160 | ||||||
5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031 | 238,000 | 239,952 | ||||||
NatWest Group PLC, | 200,000 | 185,681 | ||||||
Societe Generale SA, | 400,000 | 369,094 | ||||||
Sumitomo Mitsui Financial Group, Inc., | 200,000 | 203,311 | ||||||
Toronto-Dominion Bank, | 4,000 | 4,007 | ||||||
Westpac Banking Corp., | 235,000 | 236,895 | ||||||
4,487,735 | ||||||||
Capital Goods—0.2% | ||||||||
Vinci SA, | 200,000 | 190,406 | ||||||
Weir Group PLC, | 281,000 | 260,380 | ||||||
450,786 | ||||||||
Commercial & Professional Services—0.0%(d) | ||||||||
Federation des Caisses Desjardins du Quebec, | 4,000 | 3,927 | ||||||
International Bank for Reconstruction & Development, | 35,000 | 34,035 | ||||||
37,962 | ||||||||
Consumer Services—0.1% | ||||||||
Carnival Corp., | 150,000 | 152,061 | ||||||
Energy—0.4% | ||||||||
Aker BP ASA, | 192,000 | 195,382 | ||||||
BHP Billiton Finance USA Ltd., | 328,000 | 323,814 | ||||||
BP Capital Markets PLC, | 19,000 | 18,769 | ||||||
CNOOC Petroleum North America ULC, | 38,000 | 45,073 | ||||||
Enbridge, Inc., | 294,000 | 297,434 | ||||||
880,472 | ||||||||
Financial Services—0.3% | ||||||||
UBS AG/London, | 200,000 | 203,875 |
The accompanying notes are an integral part of these financial statements.
85
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
UBS Group AG | ||||||||
2.19% to 06/05/2025 then SOFR + 2.04%, 06/05/2026(a) | $ | 65,000 | $ | 62,214 | ||||
1.31% to 02/02/2026 then SOFR + 0.98%, 02/02/2027(a) | 13,000 | 11,984 | ||||||
6.54% to 08/12/2032 then SOFR + 3.92%, 08/12/2033(a) | 500,000 | 521,675 | ||||||
799,748 | ||||||||
Insurance—0.2% | ||||||||
AIA Group Ltd., | 213,000 | 159,140 | ||||||
Fairfax Financial Holdings Ltd., | 253,000 | 219,506 | ||||||
378,646 | ||||||||
Management of Companies and Enterprises—0.4% | ||||||||
E.ON International Finance BV, | 161,000 | 172,530 | ||||||
Enel Finance International NV, | 577,000 | 525,913 | ||||||
Viterra Finance BV, | 201,000 | 186,129 | ||||||
884,572 | ||||||||
Materials—0.1% | ||||||||
Hudbay Minerals, Inc., | 80,000 | 78,584 | ||||||
Newcastle Coal Infrastructure Group Pty Ltd., | 31,896 | 30,015 | ||||||
OCI NV, | 218,000 | 216,230 | ||||||
UPM-Kymmene Oyj, | 6,000 | 6,300 | ||||||
Yara International ASA, | 22,000 | 21,109 | ||||||
352,238 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences—0.1% | ||||||||
Pfizer Investment Enterprises Pte Ltd., | 155,000 | 149,423 | ||||||
Utah Acquisition Sub, Inc., | 141,000 | 136,126 | ||||||
285,549 | ||||||||
Telecommunication Services—0.2% | ||||||||
British Telecommunications PLC, | 345,000 | 347,000 | ||||||
Rogers Communications, Inc., | 151,000 | 174,233 | ||||||
Vodafone Group PLC, | 120,000 | 101,087 | ||||||
622,320 | ||||||||
Transportation—0.2% | ||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | 120,000 | 119,026 | ||||||
AP Moller—Maersk AS, | 376,000 | 379,051 |
The accompanying notes are an integral part of these financial statements.
86
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Canadian Pacific Railway Co., | $ | 33,000 | $ | 29,358 | ||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., | 57,000 | 55,745 | ||||||
583,180 | ||||||||
Utilities—0.4% | ||||||||
Electricite de France SA, | 236,000 | 257,542 | ||||||
Korea Electric Power Corp., | 703,000 | 679,519 | ||||||
National Grid PLC, | 105,000 | 102,533 | ||||||
1,039,594 | ||||||||
TOTAL FOREIGN CORPORATE BONDS (Cost $11,034,971) | 10,954,863 | |||||||
ASSET-BACKED SECURITIES—1.8% | ||||||||
Aqua Finance Trust, | 45,550 | 40,627 | ||||||
Avis Budget Car Rental LLC | ||||||||
Series 2023-2A, Class B, 6.03%, 10/20/2027(a) | 100,000 | 99,976 | ||||||
Series 2024-1A, Class B, 5.85%, 06/20/2030(a) | 100,000 | 99,986 | ||||||
Beacon Container Finance LLC, | 80,500 | 70,971 | ||||||
BOF URSA Funding Trust, | 75,421 | 75,903 | ||||||
CarMax Auto Owner Trust, | 265,000 | 256,170 | ||||||
CCG Receivables Trust, | 180,741 | 181,389 | ||||||
Compass Datacenters LLC, | 150,000 | 145,760 | ||||||
CyrusOne Data Centers Issuer I LLC, | 53,000 | 50,503 | ||||||
Dell Equipment Finance Trust, | 200,000 | 202,704 | ||||||
DLLAA LLC, | 32,000 | 32,381 | ||||||
Ellington Financial Mortgage Trust, | 182,651 | 155,371 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, | 78,311 | 77,968 | ||||||
GM Financial Consumer Automobile Receivables Trust, | 285,000 | 284,229 | ||||||
Goodgreen Trust, | 110,703 | 90,591 | ||||||
Government National Mortgage Association | ||||||||
Pool MA7826, 2.00%, 01/20/2052 | 69,213 | 56,376 | ||||||
Pool MA7827, 2.50%, 01/20/2052 | 188,382 | 159,548 | ||||||
Hilton Grand Vacations, Inc., | 64,950 | 62,862 | ||||||
IPFS Corp. | ||||||||
Series 2021-B, Class A, 0.77%, 08/15/2026(a) | 100,000 | 97,756 | ||||||
Series 2022-A, Class A, 2.47%, 02/15/2027(a) | 100,000 | 97,195 | ||||||
JP Morgan Mortgage Trust, | 119,000 | 119,298 |
The accompanying notes are an integral part of these financial statements.
87
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Kubota Credit Owner Trust, | $ | 118,000 | $ | 117,998 | ||||
MMAF Equipment Finance LLC, | 37,000 | 37,376 | ||||||
MVW Owner Trust | ||||||||
Series 2023-1A, Class B, 5.42%, 10/20/2040(a) | 79,379 | 78,601 | ||||||
Series 2023-1A, Class A, 4.93%, 10/20/2040(a) | 79,379 | 78,143 | ||||||
OneMain Financial Issuance Trust, | 100,000 | 101,672 | ||||||
Santander Consumer USA Holdings, Inc., | 22,000 | 21,986 | ||||||
SFS Auto Receivables Securitization Trust, | 25,000 | 25,035 | ||||||
Sierra Timeshare Conduit Receivables Funding LLC | ||||||||
Series 2021-1A, Class A, 0.99%, 11/20/2037(a) | 131,885 | 124,510 | ||||||
Series 2021-2A, Class A, 1.35%, 09/20/2038(a) | 52,094 | 48,817 | ||||||
Series 2021-2A, Class B, 1.80%, 09/20/2038(a) | 26,047 | 24,420 | ||||||
SoFi Professional Loan Program LLC, | 54,860 | 52,190 | ||||||
Stack Infrastructure Issuer LLC, | 43,000 | 42,610 | ||||||
Taco Bell Corp. | ||||||||
Series 2016-1A, Class A23, 4.97%, 05/25/2046(a) | 50,625 | 49,923 | ||||||
Series 2021-1A, Class A2II, 2.29%, 08/25/2051(a) | 89,408 | 77,515 | ||||||
Towd Point Mortgage Trust | ||||||||
Series 2017-5, Class A1, 5.91% (1 mo. Term SOFR + 0.71%), 02/25/2057(a) | 35,359 | 35,921 | ||||||
Series 2018-2, Class A2, 3.50%, 03/25/2058(a)(f) | 100,000 | 94,210 | ||||||
Series 2022-4, Class A1, 3.75%, 09/25/2062(a) | 110,649 | 102,601 | ||||||
Series 2024-CES2, Class A1A, 6.13%, 02/25/2064(a)(f) | 123,000 | 122,772 | ||||||
United Airlines, Inc., | 171,695 | 147,176 | ||||||
Vantage Data Centers Guarantor LLC, | 125,000 | 113,325 | ||||||
Verizon Master Trust, | 265,000 | 270,147 | ||||||
Verus Securitization Trust | ||||||||
Series 2021-3, Class A1, 1.05%, 06/25/2066(a)(f) | 98,717 | 82,199 | ||||||
Series 2022-7, Class A1, 5.15%, 07/25/2067(a)(g) | 128,738 | 127,816 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $4,435,519) | 4,434,527 | |||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES—1.2% | ||||||||
BANK-2020, | 100,000 | 81,783 | ||||||
BANK-2022, | 100,000 | 85,799 | ||||||
BANK-2023, | 65,000 | 65,820 | ||||||
BBCMS Trust | ||||||||
Series 2022-C17, Class A5, 4.44%, 09/15/2055 | 150,000 | 143,428 | ||||||
Series 2023-C22, Class A5, 6.80%, 11/15/2056(b) | 14,876 | 16,743 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2019-B15, Class AS, 3.23%, 12/15/2072 | 25,000 | 21,187 | ||||||
Series 2020-B17, Class C, 3.37%, 03/15/2053(b) | 50,000 | 37,384 | ||||||
Series 2021-B29, Class A5, 2.39%, 09/15/2054 | 100,000 | 82,589 | ||||||
Series 2023-B40, Class AS, 6.59%, 12/15/2056 | 52,000 | 56,218 |
The accompanying notes are an integral part of these financial statements.
88
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Series 2023-B40, Class C, 7.39%, 12/15/2056(b) | $ | 38,000 | $ | 39,605 | ||||
Series 2023-B40, Class A5, 6.05%, 12/15/2056 | 10,540 | 11,274 | ||||||
BMO Mortgage Trust | ||||||||
Series 2022-C1, Class A5, 3.37%, 02/15/2055(b) | 110,000 | 97,169 | ||||||
Series 2023-C5, Class C, 6.63%, 06/15/2056(b) | 10,000 | 10,236 | ||||||
Series 2023-C7, Class A5, 6.16%, 12/15/2056 | 27,000 | 29,068 | ||||||
Series 2024-5C3, Class B, 6.56%, 02/15/2057(b) | 20,000 | 20,505 | ||||||
Series 2024-5C3, Class D, 4.00%, 02/15/2057(a) | 18,000 | 14,597 | ||||||
BX Trust, | 50,000 | 44,275 | ||||||
Chase Home Lending Mortgage Trust 2023-1, | 74,000 | 73,584 | ||||||
Citigroup/Deutsche Bank Commercial Mortgage Trust, | 100,000 | 94,941 | ||||||
Cold Storage Trust, | 147,449 | 147,059 | ||||||
Commercial Mortgage Pass Through Certificates, | 20,000 | 19,145 | ||||||
Computershare Corporate Trust | ||||||||
Series 2016-C36, Class A4, 3.07%, 11/15/2059 | 100,000 | 93,361 | ||||||
Series 2018-C44, Class A5, 4.21%, 05/15/2051 | 100,000 | 95,383 | ||||||
Series 2019-C54, Class A4, 3.15%, 12/15/2052 | 100,000 | 89,560 | ||||||
Fannie Mae Connecticut Avenue Securities | ||||||||
Series 2021-R03, Class 1B1, 8.07% (30 day avg SOFR US + 2.75%), 12/25/2041(a) | 100,000 | 101,709 | ||||||
Series 2022-R02, Class 2M1, 6.52% (30 day avg SOFR US + 1.20%), 01/25/2042(a) | 41,263 | 41,306 | ||||||
Series 2022-R03, Class 1M2, 8.82% (30 day avg SOFR US + 3.50%), 03/25/2042(a) | 110,000 | 115,663 | ||||||
Series 2022-R04, Class 1M2, 8.42% (30 day avg SOFR US + 3.10%), 03/25/2042(a) | 55,000 | 57,240 | ||||||
Series 2022-R07, Class 1M2, 9.97% (30 day avg SOFR US + 4.65%), 06/25/2042(a) | 55,000 | 59,851 | ||||||
Series 2023-R02, Class 1M1, 7.62% (30 day avg SOFR US + 2.30%), 01/25/2043(a) | 84,642 | 86,554 | ||||||
FIVE 2023-V1 Mortgage Trust, | 65,000 | 64,787 | ||||||
Great Wolf Trust 2024-WOLF, | 200,000 | 200,586 | ||||||
JP Morgan Mortgage Trust, | 116,000 | 115,560 | ||||||
JPMBB Commercial Mortgage Securities Trust, | 78,971 | 76,378 | ||||||
Manhattan West, | 110,000 | 97,542 | ||||||
Morgan Stanley Capital I Trust, | 60,000 | 58,041 | ||||||
Morgan Stanley Capital I, Inc. | ||||||||
Series 2018-H4, Class C, 5.05%, 12/15/2051(b) | 25,000 | 22,077 | ||||||
Series 2020-HR8, Class A4, 2.04%, 07/15/2053 | 55,000 | 45,415 | ||||||
ONE Mortgage Trust, | 100,000 | 97,475 | ||||||
ORL Trust, | 100,000 | 100,479 | ||||||
SGR Residential Mortgage Trust, | 78,508 | 64,168 | ||||||
Taubman Centers Commercial Mortgage Trust, | 100,000 | 100,400 | ||||||
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $2,961,727) | 2,975,944 | |||||||
The accompanying notes are an integral part of these financial statements.
89
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
FOREIGN GOVERNMENT AGENCY ISSUES—0.7% | ||||||||
Asian Development Bank | ||||||||
4.38%, 03/06/2029 | $ | 235,000 | $ | 235,360 | ||||
4.13%, 01/12/2034 | 100,000 | 97,814 | ||||||
European Investment Bank | ||||||||
4.00%, 02/15/2029 | 80,000 | 78,743 | ||||||
4.13%, 02/13/2034 | 115,000 | 112,854 | ||||||
Inter-American Development Bank | ||||||||
4.13%, 02/15/2029 | 75,000 | 74,206 | ||||||
4.50%, 09/13/2033 | 30,000 | 30,194 | ||||||
International Bank for Reconstruction & Development | ||||||||
4.50%, 06/26/2028 | 747,000 | 738,357 | ||||||
4.00%, 01/10/2031 | 145,000 | 141,377 | ||||||
Kreditanstalt fuer Wiederaufbau, | 60,000 | 60,049 | ||||||
Nordic Investment Bank, | 200,000 | 199,151 | ||||||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $1,785,135) | 1,768,105 | |||||||
FOREIGN GOVERNMENT NOTE/BOND—0.5% | ||||||||
Colombia Government International Bond, | 250,000 | 205,299 | ||||||
Indonesia Government International Bond, | 200,000 | 197,929 | ||||||
Philippine Government International Bond | ||||||||
7.75%, 01/14/2031 | 211,000 | 243,325 | ||||||
6.38%, 10/23/2034 | 104,000 | 114,422 | ||||||
Province of Quebec Canada, | 125,000 | 123,465 | ||||||
Republic of South Africa Government International Bond, | 200,000 | 136,056 | ||||||
Romanian Government International Bond, | 100,000 | 95,285 | ||||||
Uruguay Government International Bond, | 104,000 | 101,443 | ||||||
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $1,256,176) | 1,217,224 | |||||||
U.S. GOVERNMENT AGENCY ISSUES—0.3% | ||||||||
United States of America | ||||||||
4.00%, 06/30/2028 | 50,000 | 49,532 | ||||||
4.88%, 01/15/2048 | 716,000 | 713,128 | ||||||
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $797,735) | 762,660 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—0.9% | ||||||||
Money Market Funds—0.7% | ||||||||
First American Government Obligations Fund—Class X, 5.23%(h) | 1,719,820 | 1,719,820 | ||||||
Par | ||||||||
U.S. Treasury Bills—0.2% | ||||||||
5.30%, 03/07/2024(i) | $ | 480,000 | 479,579 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,199,399) | 2,199,399 | |||||||
Total Investments—99.9% (Cost $252,849,777) | 249,503,190 | |||||||
Other Assets in Excess of Liabilities—0.1% | 246,321 | |||||||
TOTAL NET ASSETS—100.0% | $ | 249,749,511 | ||||||
The accompanying notes are an integral part of these financial statements.
90
Table of Contents
ACTIVEPASSIVE CORE BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
AG | Aktiengesellschaft | |
ASA | Advanced Subscription Agreement is an equity instrument where investors ‘pre-pay’ for shares in a company. | |
CMT | Constant Maturity Treasury Rate | |
LIBOR | London Interbank Offered Rate | |
NV | Naamloze Vennootschap | |
PLC | Public Limited Company | |
SA | Sociedad Anónima | |
SOFR | Secured Overnight Financing Rate |
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $20,284,831 or 8.1% of the Fund’s net assets. |
(b) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024. |
(c) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(d) | Represents less than 0.05% of net assets. |
(e) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $145,760 or 0.1% of net assets as of February 29, 2024. |
(f) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 29, 2024. |
(g) | Step coupon bond. The rate disclosed is as of February 29, 2024. |
(h) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
(i) | The rate shown is the effective yield. |
The accompanying notes are an integral part of these financial statements.
91
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited)
Par | Value | |||||||
MUNICIPAL BONDS—86.8% | ||||||||
Alabama—0.3% | ||||||||
Alabama Federal Aid Highway Finance Authority, |
| |||||||
5.00%, 09/01/2036 | $ | 20,000 | $ | 21,062 | ||||
Black Belt Energy Gas District | ||||||||
4.00%, 12/01/2049(a) | 35,000 | 35,075 | ||||||
4.00%, 07/01/2052(a) | 20,000 | 20,077 | ||||||
Houston County Health Care Authority, | ||||||||
5.00%, 10/01/2030 | 135,000 | 137,837 | ||||||
Industrial Development Board of the City of Mobile Alabama, | ||||||||
1.00%, 06/01/2034(a) | 30,000 | 28,975 | ||||||
243,026 | ||||||||
Arizona—1.1% | ||||||||
Industrial Development Authority of the County of Pima/The, | ||||||||
5.00%, 04/01/2031 | 250,000 | 276,326 | ||||||
Maricopa County Industrial Development Authority, | ||||||||
5.00%, 01/01/2033 | 190,000 | 199,780 | ||||||
Salt River Project Agricultural Improvement & Power District, | ||||||||
5.00%, 01/01/2025 | 245,000 | 248,907 | ||||||
Salt Verde Financial Corp., | ||||||||
5.00%, 12/01/2032 | 10,000 | 10,698 | ||||||
735,711 | ||||||||
California—5.3% | ||||||||
Anaheim Public Financing Authority | ||||||||
0.00%, 09/01/2031(b) | 170,000 | 133,956 | ||||||
0.00%, 09/01/2032(b) | 120,000 | 91,147 | ||||||
Bay Area Toll Authority | ||||||||
4.00%, 04/01/2032 | 145,000 | 150,213 | ||||||
2.13%, 04/01/2053(a) | 35,000 | 34,408 | ||||||
Beverly Hills Unified School District CA, | ||||||||
0.00%, 08/01/2033(b) | 130,000 | 98,625 | ||||||
California Health Facilities Financing Authority, | ||||||||
3.00%, 08/15/2054(a) | 810,000 | 810,041 | ||||||
California State Public Works Board | ||||||||
5.00%, 12/01/2024 | 320,000 | 324,615 | ||||||
5.00%, 02/01/2030 | 25,000 | 28,543 | ||||||
California Statewide Communities Development Authority | ||||||||
5.00%, 04/01/2038(a) | 25,000 | 28,001 | ||||||
5.00%, 04/01/2045(a) | 45,000 | 50,401 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, | ||||||||
5.00%, 11/01/2032 | 95,000 | 101,139 | ||||||
Coast Community College District, | ||||||||
4.50%, 08/01/2039 | 100,000 | 106,990 | ||||||
County of San Bernardino CA, | ||||||||
5.00%, 10/01/2027 | 35,000 | 38,163 | ||||||
Golden State Tobacco Securitization Corp. | ||||||||
0.00%, 06/01/2028(b) | 80,000 | 70,916 | ||||||
5.00%, 06/01/2045 | 55,000 | 56,472 | ||||||
Grossmont Union High School District, | ||||||||
0.00%, 08/01/2032(b) | 35,000 | 26,338 | ||||||
Long Beach Bond Finance Authority, | ||||||||
5.00%, 11/15/2029 | 70,000 | 74,386 | ||||||
Los Angeles Department of Water & Power, | ||||||||
5.00%, 07/01/2026 | 200,000 | 211,404 |
The accompanying notes are an integral part of these financial statements.
92
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Los Angeles Department of Water & Power Water System Revenue, | ||||||||
5.00%, 07/01/2028 | $ | 65,000 | $ | 72,446 | ||||
Los Angeles Unified School District/CA, | ||||||||
3.00%, 07/01/2031 | 30,000 | 30,021 | ||||||
Metropolitan Water District of Southern California, | ||||||||
5.00%, 07/01/2029 | 70,000 | 79,699 | ||||||
Municipal Improvement Corp. of Los Angeles, | ||||||||
5.00%, 11/01/2028 | 190,000 | 201,677 | ||||||
Rancho Santiago Community College District, | ||||||||
0.00%, 09/01/2030(b) | 50,000 | 40,997 | ||||||
Southern California Public Power Authority | ||||||||
5.00%, 07/01/2027 | 15,000 | 16,269 | ||||||
0.65%, 07/01/2040(a) | 25,000 | 24,110 | ||||||
State of California | ||||||||
5.00%, 11/01/2028 | 155,000 | 172,075 | ||||||
3.00%, 09/01/2029 | 70,000 | 70,110 | ||||||
5.00%, 11/01/2031 | 130,000 | 141,085 | ||||||
3.00%, 09/01/2032 | 355,000 | 353,662 | ||||||
3.50%, 09/01/2032 | 100,000 | 100,026 | ||||||
State of California Department of Water Resources, | ||||||||
5.00%, 12/01/2032 | 35,000 | 41,173 | ||||||
3,779,108 | ||||||||
Colorado—0.7% | ||||||||
City & County of Denver CO Airport System Revenue, | ||||||||
5.00%, 11/15/2032 | 250,000 | 294,245 | ||||||
Colorado Health Facilities Authority, | ||||||||
5.00%, 08/01/2028 | 55,000 | 58,984 | ||||||
Douglas County School District No Re-1 Douglas & Elbert Counties, | ||||||||
5.00%, 12/15/2026 | 40,000 | 42,474 | ||||||
Regional Transportation District Sales Tax Revenue, | ||||||||
5.00%, 11/01/2026 | 25,000 | 26,465 | ||||||
State of Colorado, | ||||||||
5.00%, 12/15/2026 | 35,000 | 37,164 | ||||||
459,332 | ||||||||
Connecticut—1.4% | ||||||||
Connecticut State Health & Educational Facilities Authority, | ||||||||
5.00%, 07/01/2029 | 160,000 | 180,539 | ||||||
State of Connecticut, | ||||||||
5.00%, 01/15/2031 | 500,000 | 576,478 | ||||||
State of Connecticut Special Tax Revenue | ||||||||
5.00%, 07/01/2027 | 125,000 | 134,409 | ||||||
5.00%, 05/01/2031 | 65,000 | 73,988 | ||||||
965,414 | ||||||||
Delaware—0.2 | ||||||||
State of Delaware | ||||||||
5.00%, 01/01/2027 | 81,000 | 86,287 | ||||||
5.00%, 01/01/2028 | 55,000 | 60,030 | ||||||
146,317 | ||||||||
District of Columbia—2.1% | ||||||||
District of Columbia | ||||||||
5.00%, 10/15/2025 | 290,000 | 299,291 | ||||||
5.00%, 06/01/2026 | 150,000 | 153,644 |
The accompanying notes are an integral part of these financial statements.
93
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
5.00%, 10/15/2028 | $ | 250,000 | $ | 277,153 | ||||
5.00%, 01/01/2030 | 35,000 | 39,768 | ||||||
District of Columbia Income Tax Revenue | ||||||||
5.00%, 05/01/2029 | 250,000 | 280,324 | ||||||
5.00%, 03/01/2030 | 80,000 | 91,208 | ||||||
5.00%, 10/01/2031 | 300,000 | 351,857 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, | ||||||||
5.00%, 07/15/2032 | 20,000 | 23,604 | ||||||
1,516,849 | ||||||||
Florida—4.3% | ||||||||
Central Florida Expressway Authority, | ||||||||
5.00%, 07/01/2028 | 170,000 | 186,235 | ||||||
City of Jacksonville FL, | ||||||||
5.00%, 10/01/2026 | 90,000 | 94,760 | ||||||
County of Manatee FL Public Utilities Revenue, | ||||||||
5.00%, 10/01/2032 | 200,000 | 236,486 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue, | ||||||||
5.00%, 10/01/2028 | 110,000 | 117,876 | ||||||
Florida Department of Management Services, | ||||||||
5.00%, 11/01/2028 | 295,000 | 325,583 | ||||||
Florida Municipal Power Agency, | ||||||||
5.00%, 10/01/2027 | 50,000 | 52,435 | ||||||
Hillsborough County School Board, | ||||||||
5.00%, 07/01/2029 | 355,000 | 389,949 | ||||||
JEA Water & Sewer System Revenue | ||||||||
5.00%, 10/01/2028 | 160,000 | 172,700 | ||||||
5.00%, 10/01/2030 | 250,000 | 287,284 | ||||||
Orlando Utilities Commission, | ||||||||
5.00%, 10/01/2026 | 30,000 | 31,686 | ||||||
Sarasota County School Board, | ||||||||
5.00%, 07/01/2028 | 35,000 | 38,388 | ||||||
School Board of Miami-Dade County, | ||||||||
3.25%, 02/01/2033 | 235,000 | 234,560 | ||||||
State of Florida | ||||||||
5.00%, 06/01/2027 | 245,000 | 263,417 | ||||||
5.00%, 06/01/2030 | 105,000 | 120,330 | ||||||
5.00%, 06/01/2031 | 30,000 | 35,006 | ||||||
5.00%, 06/01/2033 | 205,000 | 247,283 | ||||||
2,833,978 | ||||||||
Georgia—1.4% | ||||||||
Bartow County Development Authority, | ||||||||
2.88%, 08/01/2043(a) | 135,000 | 132,394 | ||||||
Columbus Medical Center Hospital Authority | ||||||||
5.00%, 07/01/2054(a) | 45,000 | 48,443 | ||||||
5.00%, 07/01/2054(a) | 20,000 | 20,533 | ||||||
Georgia State Road & Tollway Authority, | ||||||||
5.00%, 06/01/2030 | 165,000 | 187,861 | ||||||
Gwinnett County Water & Sewerage Authority, | ||||||||
5.00%, 08/01/2029 | 20,000 | 22,575 | ||||||
Metropolitan Atlanta Rapid Transit Authority, | ||||||||
5.00%, 07/01/2026 | 200,000 | 210,244 | ||||||
State of Georgia | ||||||||
3.00%, 02/01/2030 | 35,000 | 34,940 |
The accompanying notes are an integral part of these financial statements.
94
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
5.00%, 07/01/2031 | $ | 225,000 | $ | 247,722 | ||||
2.50%, 02/01/2033 | 10,000 | 9,229 | ||||||
913,941 | ||||||||
Hawaii—0.3% | ||||||||
City & County of Honolulu HI, | ||||||||
5.00%, 03/01/2031 | 95,000 | 107,143 | ||||||
State of Hawaii, | ||||||||
4.00%, 10/01/2031 | 55,000 | 56,224 | ||||||
163,367 | ||||||||
Illinois—5.9% | ||||||||
Chicago Board of Education | ||||||||
0.00%, 12/01/2028(b) | 105,000 | 87,362 | ||||||
0.00%, 12/01/2029(b) | 95,000 | 75,738 | ||||||
0.00%, 12/01/2029(b) | 75,000 | 59,793 | ||||||
0.00%, 12/01/2030(b) | 220,000 | 167,505 | ||||||
0.00%, 12/01/2030(b) | 70,000 | 53,297 | ||||||
Chicago O’Hare International Airport, | ||||||||
5.00%, 01/01/2032 | 20,000 | 20,281 | ||||||
City of Chicago IL Wastewater Transmission Revenue | ||||||||
5.00%, 01/01/2030 | 100,000 | 111,952 | ||||||
5.00%, 01/01/2032 | 50,000 | 57,813 | ||||||
City of Chicago IL Waterworks Revenue | ||||||||
5.00%, 11/01/2031 | 455,000 | 524,796 | ||||||
5.00%, 11/01/2032 | 140,000 | 162,187 | ||||||
Cook Kane Lake & McHenry Counties Community College District No 512, | ||||||||
4.00%, 12/15/2029 | 20,000 | 20,934 | ||||||
Illinois Finance Authority | ||||||||
5.00%, 07/01/2027 | 285,000 | 300,823 | ||||||
5.00%, 07/01/2031 | 90,000 | 94,747 | ||||||
Illinois State Toll Highway Authority, | ||||||||
5.00%, 01/01/2030 | 150,000 | 169,306 | ||||||
Kendall Kane & Will Counties Community Unit School District No 308, | ||||||||
5.00%, 02/01/2029 | 125,000 | 135,509 | ||||||
Metropolitan Pier & Exposition Authority, | ||||||||
0.00%, 06/15/2032(b) | 60,000 | 44,402 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, | ||||||||
5.00%, 12/01/2030 | 110,000 | 115,190 | ||||||
Regional Transportation Authority, | ||||||||
5.75%, 06/01/2029 | 90,000 | 101,622 | ||||||
Sales Tax Securitization Corp. | ||||||||
5.00%, 01/01/2027 | 60,000 | 63,496 | ||||||
5.00%, 01/01/2027 | 35,000 | 37,039 | ||||||
5.00%, 01/01/2028 | 60,000 | 64,713 | ||||||
5.00%, 01/01/2029 | 15,000 | 16,520 | ||||||
5.00%, 01/01/2030 | 115,000 | 129,008 | ||||||
5.00%, 01/01/2030 | 75,000 | 84,136 | ||||||
5.00%, 01/01/2033 | 20,000 | 23,379 | ||||||
State of Illinois | ||||||||
5.00%, 11/01/2025 | 50,000 | 51,311 | ||||||
5.50%, 05/01/2026 | 490,000 | 512,116 | ||||||
5.00%, 11/01/2028 | 360,000 | 383,007 | ||||||
5.50%, 05/01/2030 | 35,000 | 39,043 | ||||||
5.00%, 07/01/2030 | 10,000 | 11,120 |
The accompanying notes are an integral part of these financial statements.
95
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
5.00%, 03/01/2031 | $ | 45,000 | $ | 50,472 | ||||
5.00%, 12/01/2031 | 20,000 | 22,652 | ||||||
5.00%, 03/01/2032 | 265,000 | 300,858 | ||||||
5.00%, 05/01/2032 | 25,000 | 28,432 | ||||||
5.00%, 03/01/2033 | 30,000 | 33,531 | ||||||
4,154,090 | ||||||||
Indiana—1.3% | ||||||||
City of Indianapolis Department of Public Utilities Gas Utility Revenue, | ||||||||
5.00%, 08/15/2026 | 105,000 | 110,432 | ||||||
Indiana Finance Authority | ||||||||
5.00%, 02/01/2027 | 135,000 | 143,889 | ||||||
5.00%, 06/01/2027 | 165,000 | 173,984 | ||||||
5.00%, 06/01/2028 | 125,000 | 131,773 | ||||||
5.00%, 02/01/2029 | 270,000 | 301,152 | ||||||
2.25%, 12/01/2058(a) | 30,000 | 29,472 | ||||||
890,702 | ||||||||
Iowa—1.3% | ||||||||
Iowa Finance Authority | ||||||||
5.00%, 08/01/2026 | 45,000 | 47,348 | ||||||
5.00%, 08/01/2027 | 260,000 | 280,634 | ||||||
5.00%, 08/01/2032 | 250,000 | 292,760 | ||||||
State of Iowa, | ||||||||
5.00%, 06/01/2029 | 250,000 | 279,243 | ||||||
899,985 | ||||||||
Kansas—1.3% | ||||||||
Johnson County Unified School District No 233 Olathe, | ||||||||
2.25%, 09/01/2026 | 405,000 | 392,480 | ||||||
State of Kansas Department of Transportation | ||||||||
5.00%, 09/01/2025 | 120,000 | 123,481 | ||||||
5.00%, 09/01/2026 | 355,000 | 365,037 | ||||||
880,998 | ||||||||
Kentucky—0.9% | ||||||||
Kentucky Asset Liability Commission, | ||||||||
5.00%, 09/01/2026 | 410,000 | 412,784 | ||||||
Kentucky State Property & Building Commission, | ||||||||
5.00%, 11/01/2027 | 40,000 | 42,157 | ||||||
Louisville/Jefferson County Metropolitan Government, | ||||||||
5.00%, 10/01/2047(a) | 110,000 | 119,743 | ||||||
574,684 | ||||||||
Louisiana—0.4% | ||||||||
Ernest N Morial New Orleans Exhibition Hall Authority, | ||||||||
5.00%, 07/15/2029 | 200,000 | 222,032 | ||||||
Parish of St John the Baptist LA, | ||||||||
2.38%, 06/01/2037(a) | 25,000 | 23,897 | ||||||
State of Louisiana, | ||||||||
5.00%, 09/01/2030 | 55,000 | 63,680 | ||||||
309,609 | ||||||||
Maryland—4.7% | ||||||||
County of Montgomery MD, | ||||||||
5.00%, 11/01/2028 | 105,000 | 106,304 |
The accompanying notes are an integral part of these financial statements.
96
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
County of Prince George’s MD, | ||||||||
5.00%, 09/15/2029 | $ | 105,000 | $ | 118,823 | ||||
Maryland Stadium Authority, | ||||||||
5.00%, 03/01/2031 | 115,000 | 131,697 | ||||||
Maryland Stadium Authority Built to Learn Revenue | ||||||||
5.00%, 06/01/2025 | 175,000 | 178,927 | ||||||
5.00%, 06/01/2027 | 265,000 | 283,385 | ||||||
Maryland State Transportation Authority, | ||||||||
5.00%, 07/01/2027 | 300,000 | 322,564 | ||||||
State of Maryland | ||||||||
5.00%, 08/01/2025 | 175,000 | 180,021 | ||||||
5.00%, 08/01/2029 | 210,000 | 237,037 | ||||||
5.00%, 03/15/2031 | 115,000 | 133,776 | ||||||
5.00%, 08/01/2031 | 245,000 | 286,891 | ||||||
State of Maryland Department of Transportation | ||||||||
4.00%, 10/01/2030 | 735,000 | 786,737 | ||||||
3.00%, 11/01/2030 | 40,000 | 39,328 | ||||||
3.00%, 09/01/2031 | 20,000 | 19,618 | ||||||
2.50%, 10/01/2033 | 55,000 | 49,559 | ||||||
University System of Maryland, | ||||||||
5.00%, 04/01/2026 | 225,000 | 235,063 | ||||||
3,109,730 | ||||||||
Massachusetts—2.5% | ||||||||
Commonwealth of Massachusetts | ||||||||
5.25%, 09/01/2024 | 280,000 | 283,046 | ||||||
5.00%, 03/01/2032 | 350,000 | 413,124 | ||||||
5.00%, 01/01/2033 | 100,000 | 108,592 | ||||||
Massachusetts Development Finance Agency, | ||||||||
5.00%, 07/01/2050(a) | 70,000 | 78,486 | ||||||
Massachusetts Housing Finance Agency | ||||||||
3.35%, 06/01/2027 | 265,000 | 264,733 | ||||||
3.05%, 12/01/2027 | 520,000 | 515,894 | ||||||
1,663,875 | ||||||||
Michigan—1.8% | ||||||||
Michigan Finance Authority, | ||||||||
5.00%, 07/01/2031 | 50,000 | 50,227 | ||||||
Michigan State Building Authority | ||||||||
5.00%, 10/15/2030 | 200,000 | 210,149 | ||||||
5.00%, 04/15/2031 | 235,000 | 242,299 | ||||||
Michigan State Housing Development Authority, | ||||||||
3.10%, 12/01/2031 | 345,000 | 331,634 | ||||||
State of Michigan, | ||||||||
5.00%, 03/15/2026 | 190,000 | 197,871 | ||||||
State of Michigan Trunk Line Revenue | ||||||||
5.00%, 11/15/2031 | 140,000 | 164,217 | ||||||
5.00%, 11/15/2032 | 10,000 | 11,889 | ||||||
1,208,286 | ||||||||
Minnesota—2.5% | ||||||||
State of Minnesota | ||||||||
5.00%, 08/01/2027 | 300,000 | 324,013 | ||||||
5.00%, 08/01/2028 | 925,000 | 1,022,838 |
The accompanying notes are an integral part of these financial statements.
97
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
University of Minnesota, | ||||||||
5.00%, 01/01/2028 | $ | 300,000 | $ | 326,545 | ||||
1,673,396 | ||||||||
Mississippi—0.3% | ||||||||
State of Mississippi, | ||||||||
5.00%, 11/01/2032 | 75,000 | 77,540 | ||||||
West Rankin Utility Authority, | ||||||||
5.00%, 01/01/2048 | 150,000 | 163,202 | ||||||
240,742 | ||||||||
Missouri—0.4% | ||||||||
Curators of the University of Missouri, | ||||||||
5.00%, 11/01/2030 | 250,000 | 287,540 | ||||||
Montana—0.0%(c) | ||||||||
City of Forsyth MT, | ||||||||
3.90%, 03/01/2031(a) | 15,000 | 14,650 | ||||||
Nevada—1.9% | ||||||||
County of Clark NV | ||||||||
5.00%, 07/01/2026 | 120,000 | 125,732 | ||||||
2.10%, 06/01/2031 | 105,000 | 89,810 | ||||||
State of Nevada Highway Improvement Revenue | ||||||||
5.00%, 12/01/2028 | 250,000 | 276,991 | ||||||
3.00%, 12/01/2029 | 780,000 | 780,039 | ||||||
1,272,572 | ||||||||
New Jersey—4.0% | ||||||||
New Jersey Economic Development Authority, | ||||||||
3.13%, 07/01/2031 | 255,000 | 251,730 | ||||||
New Jersey Educational Facilities Authority, | ||||||||
4.00%, 07/01/2028 | 790,000 | 791,729 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
0.00%, 12/15/2029(b) | 30,000 | 24,978 | ||||||
5.00%, 12/15/2031 | 100,000 | 111,520 | ||||||
5.00%, 06/15/2032 | 200,000 | 232,486 | ||||||
5.00%, 06/15/2032 | 30,000 | 34,609 | ||||||
0.00%, 12/15/2032(b) | 40,000 | 30,340 | ||||||
New Jersey Turnpike Authority | ||||||||
5.00%, 01/01/2027 | 445,000 | 473,168 | ||||||
5.00%, 01/01/2031 | 475,000 | 514,031 | ||||||
5.00%, 01/01/2033 | 90,000 | 97,329 | ||||||
Tobacco Settlement Financing Corp. | ||||||||
5.00%, 06/01/2026 | 30,000 | 31,138 | ||||||
5.00%, 06/01/2030 | 110,000 | 118,321 | ||||||
2,711,379 | ||||||||
New Mexico—0.5% | ||||||||
State of New Mexico, | ||||||||
5.00%, 03/01/2025 | 35,000 | 35,685 | ||||||
State of New Mexico Severance Tax Permanent Fund, | ||||||||
4.00%, 07/01/2024 | 260,000 | 260,653 | ||||||
296,338 | ||||||||
The accompanying notes are an integral part of these financial statements.
98
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
New York—6.4% | ||||||||
City of New York NY | ||||||||
5.00%, 08/01/2029 | $ | 265,000 | $ | 277,544 | ||||
5.00%, 08/01/2030 | 150,000 | 170,716 | ||||||
5.00%, 09/01/2030 | 200,000 | 227,948 | ||||||
5.00%, 12/01/2032 | 90,000 | 94,730 | ||||||
Long Island Power Authority, | ||||||||
1.50%, 09/01/2051(a) | 25,000 | 23,566 | ||||||
Metropolitan Transportation Authority, | ||||||||
0.00%, 11/15/2032(b) | 40,000 | 29,701 | ||||||
New York City Housing Development Corp., | ||||||||
0.60%, 05/01/2061(a) | 80,000 | 75,958 | ||||||
New York City Transitional Finance Authority | ||||||||
5.00%, 08/01/2024 | 225,000 | 226,689 | ||||||
5.00%, 08/01/2024 | 160,000 | 161,077 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, | ||||||||
5.00%, 07/15/2027 | 230,000 | 248,073 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | ||||||||
5.00%, 08/01/2024 | 390,000 | 392,927 | ||||||
5.00%, 11/01/2027 | 255,000 | 276,288 | ||||||
New York State Dormitory Authority | ||||||||
5.00%, 02/15/2032 | 310,000 | 331,561 | ||||||
5.00%, 03/15/2032 | 165,000 | 189,209 | ||||||
2.00%, 07/01/2033 | 100,000 | 86,345 | ||||||
New York State Housing Finance Agency | ||||||||
3.10%, 05/01/2062(a) | 65,000 | 65,000 | ||||||
3.60%, 11/01/2062(a) | 330,000 | 330,220 | ||||||
3.60%, 11/01/2062(a) | 95,000 | 95,063 | ||||||
New York State Thruway Authority, | ||||||||
5.00%, 01/01/2028 | 425,000 | 431,429 | ||||||
New York State Urban Development Corp., | ||||||||
5.00%, 03/15/2029 | 155,000 | 173,265 | ||||||
Port Authority of New York & New Jersey, | ||||||||
5.00%, 10/15/2027(d) | 55,000 | 58,032 | ||||||
Triborough Bridge & Tunnel Authority | ||||||||
0.00%, 11/15/2030(b) | 135,000 | 105,855 | ||||||
5.00%, 05/15/2050(a) | 175,000 | 181,121 | ||||||
Trust for Cultural Resources of The City of New York, | ||||||||
5.00%, 07/01/2031 | 50,000 | 57,883 | ||||||
Utility Debt Securitization Authority, | ||||||||
5.00%, 06/15/2027 | 145,000 | 148,813 | ||||||
4,459,013 | ||||||||
North Carolina—1.6% | ||||||||
City of Charlotte NC Water & Sewer System Revenue, | ||||||||
5.00%, 07/01/2027 | 30,000 | 32,318 | ||||||
City of Raleigh NC Combined Enterprise System Revenue, | ||||||||
5.00%, 09/01/2027 | 90,000 | 97,365 | ||||||
County of Wake NC, | ||||||||
5.00%, 05/01/2030 | 95,000 | 108,936 | ||||||
State of North Carolina | ||||||||
5.00%, 03/01/2028 | 620,000 | 631,692 | ||||||
5.00%, 05/01/2029 | 110,000 | 123,116 | ||||||
5.00%, 05/01/2031 | 125,000 | 145,200 | ||||||
1,138,627 | ||||||||
The accompanying notes are an integral part of these financial statements.
99
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Ohio—1.3% | ||||||||
Buckeye Tobacco Settlement Financing Authority | ||||||||
5.00%, 06/01/2029 | $ | 235,000 | $ | 254,780 | ||||
5.00%, 06/01/2030 | 20,000 | 21,986 | ||||||
5.00%, 06/01/2033 | 25,000 | 27,379 | ||||||
Ohio Water Development Authority, | ||||||||
5.00%, 06/01/2027 | 175,000 | 187,873 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, | ||||||||
5.00%, 12/01/2027 | 55,000 | 59,726 | ||||||
State of Ohio | ||||||||
5.00%, 08/01/2025 | 120,000 | 123,410 | ||||||
5.00%, 05/01/2027 | 95,000 | 101,885 | ||||||
5.00%, 09/15/2027 | 60,000 | 64,906 | ||||||
5.00%, 09/01/2030 | 60,000 | 68,886 | ||||||
910,831 | ||||||||
Oklahoma—0.7% | ||||||||
Canadian County Educational Facilities Authority, | ||||||||
3.00%, 09/01/2029 | 175,000 | 172,406 | ||||||
Cleveland County Independent School District No 2 Moore, | ||||||||
3.00%, 03/01/2025 | 115,000 | 114,526 | ||||||
Oklahoma Water Resources Board, | ||||||||
5.00%, 04/01/2026 | 100,000 | 104,369 | ||||||
Tulsa County Industrial Authority, | ||||||||
5.00%, 09/01/2027 | 60,000 | 64,432 | ||||||
455,733 | ||||||||
Oregon—0.4% | ||||||||
State of Oregon, | ||||||||
5.00%, 05/01/2028 | 265,000 | 290,496 | ||||||
Pennsylvania—3.0% | ||||||||
Allegheny County Hospital Development Authority | ||||||||
5.00%, 07/15/2028 | 345,000 | 374,993 | ||||||
5.00%, 07/15/2031 | 200,000 | 219,074 | ||||||
5.00%, 07/15/2033 | 10,000 | 10,927 | ||||||
Commonwealth of Pennsylvania | ||||||||
5.00%, 10/01/2024 | 370,000 | 373,813 | ||||||
5.00%, 01/01/2028 | 470,000 | 497,701 | ||||||
3.00%, 03/15/2030 | 70,000 | 69,489 | ||||||
5.00%, 08/15/2032 | 420,000 | 429,137 | ||||||
3.00%, 09/15/2033 | 45,000 | 44,986 | ||||||
Erie City Water Authority, | ||||||||
5.00%, 12/01/2043 | 25,000 | 26,486 | ||||||
Pennsylvania Housing Finance Agency, | ||||||||
3.20%, 10/01/2031 | 30,000 | 29,539 | ||||||
School District of Philadelphia/The, | ||||||||
5.00%, 09/01/2026 | 60,000 | 62,729 | ||||||
2,138,874 | ||||||||
South Carolina—1.1% | ||||||||
Greenville County School District, | ||||||||
5.00%, 12/01/2027 | 15,000 | 16,261 | ||||||
Patriots Energy Group Financing Agency, | ||||||||
5.25%, 02/01/2054(a) | 650,000 | 702,548 | ||||||
718,809 | ||||||||
The accompanying notes are an integral part of these financial statements.
100
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
South Dakota—0.5% | ||||||||
South Dakota Conservancy District, | ||||||||
5.00%, 08/01/2026 | $ | 335,000 | $ | 352,082 | ||||
Tennessee—0.4% | ||||||||
Metropolitan Government of Nashville & Davidson County TN | ||||||||
5.00%, 07/01/2029 | 25,000 | 27,475 | ||||||
5.00%, 07/01/2032 | 90,000 | 98,588 | ||||||
State of Tennessee, | ||||||||
5.00%, 05/01/2028 | 70,000 | 76,764 | ||||||
Tennessee Energy Acquisition Corp. | ||||||||
4.00%, 11/01/2049(a) | 20,000 | 20,063 | ||||||
5.00%, 05/01/2052(a) | 160,000 | 169,374 | ||||||
392,264 | ||||||||
Texas—10.5% | ||||||||
Board of Regents of the University of Texas System | ||||||||
5.00%, 08/15/2025 | 1,130,000 | 1,162,312 | ||||||
5.00%, 08/15/2025 | 85,000 | 87,431 | ||||||
5.00%, 08/15/2027 | 50,000 | 53,915 | ||||||
City of Austin TX Water & Wastewater System Revenue, | ||||||||
5.00%, 11/15/2026 | 115,000 | 121,736 | ||||||
City of Dallas TX, | ||||||||
5.00%, 02/15/2031 | 200,000 | 229,965 | ||||||
City of Houston TX Airport System Revenue, | ||||||||
5.00%, 07/01/2029 | 220,000 | 240,933 | ||||||
City of Houston TX Combined Utility System Revenue, | ||||||||
0.00%, 12/01/2028(b) | 35,000 | 30,411 | ||||||
City of San Antonio TX, | ||||||||
5.00%, 08/01/2027 | 600,000 | 646,395 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue | ||||||||
5.00%, 02/01/2025 | 225,000 | 228,930 | ||||||
5.00%, 02/01/2028 | 370,000 | 402,338 | ||||||
5.00%, 02/01/2032 | 95,000 | 98,454 | ||||||
3.65%, 02/01/2053(a) | 100,000 | 98,273 | ||||||
Conroe Independent School District, | ||||||||
5.00%, 02/15/2027 | 90,000 | 95,865 | ||||||
County of Bexar TX, | ||||||||
5.00%, 06/15/2030 | 60,000 | 62,792 | ||||||
County of Harris TX | ||||||||
5.00%, 08/15/2025 | 260,000 | 267,435 | ||||||
5.00%, 08/15/2030 | 415,000 | 433,617 | ||||||
County of Harris TX Toll Road Revenue, | ||||||||
5.00%, 08/15/2027 | 220,000 | 236,923 | ||||||
Dallas College, | ||||||||
5.00%, 02/15/2030 | 35,000 | 39,620 | ||||||
Dallas Fort Worth International Airport, | ||||||||
5.00%, 11/01/2031 | 55,000 | 63,890 | ||||||
Denton Independent School District, | ||||||||
5.00%, 08/15/2032 | 25,000 | 29,419 | ||||||
Fort Bend Independent School District, | ||||||||
0.72%, 08/01/2051(a) | 255,000 | 234,901 | ||||||
Houston Independent School District, | ||||||||
4.00%, 06/01/2039(a) | 70,000 | 70,572 | ||||||
Lewisville Independent School District, | ||||||||
5.00%, 08/15/2030 | 400,000 | 458,097 |
The accompanying notes are an integral part of these financial statements.
101
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
Lower Colorado River Authority, | ||||||||
5.00%, 05/15/2028 | $ | 200,000 | $ | 218,262 | ||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, | ||||||||
5.00%, 11/01/2026 | 415,000 | 438,232 | ||||||
North East Independent School District/TX, | ||||||||
2.20%, 08/01/2049(a) | 255,000 | 252,919 | ||||||
Plano Independent School District, | ||||||||
5.00%, 02/15/2030 | 110,000 | 124,583 | ||||||
Prosper Independent School District, | ||||||||
3.00%, 02/15/2053(a) | 105,000 | 104,593 | ||||||
Texas Water Development Board | ||||||||
5.00%, 10/15/2026 | 25,000 | 26,443 | ||||||
5.00%, 08/01/2028 | 40,000 | 44,037 | ||||||
5.00%, 08/01/2029 | 100,000 | 112,389 | ||||||
5.00%, 10/15/2031 | 20,000 | 23,397 | ||||||
4.00%, 10/15/2032 | 80,000 | 82,783 | ||||||
5.00%, 10/15/2032 | 10,000 | 11,882 | ||||||
4.00%, 10/15/2033 | 65,000 | 67,148 | ||||||
Trinity River Authority Central Regional Wastewater System Revenue | ||||||||
5.00%, 08/01/2026 | 35,000 | 36,818 | ||||||
5.00%, 08/01/2029 | 315,000 | 353,688 | ||||||
7,291,398 | ||||||||
Utah—0.8% | ||||||||
County of Utah UT, | ||||||||
5.00%, 05/15/2060(a) | 30,000 | 31,139 | ||||||
Intermountain Power Agency | ||||||||
5.00%, 07/01/2026 | 200,000 | 210,014 | ||||||
5.00%, 07/01/2031 | 320,000 | 372,305 | ||||||
613,458 | ||||||||
Virginia—1.4% | ||||||||
Virginia College Building Authority | ||||||||
5.00%, 02/01/2025 | 210,000 | 213,763 | ||||||
5.00%, 02/01/2031 | 275,000 | 318,630 | ||||||
3.00%, 02/01/2032 | 30,000 | 29,497 | ||||||
Virginia Public Building Authority | ||||||||
5.00%, 08/01/2030 | 100,000 | 114,827 | ||||||
5.00%, 08/01/2031 | 35,000 | 40,907 | ||||||
Virginia Public School Authority, | ||||||||
5.00%, 08/01/2028 | 280,000 | 287,571 | ||||||
1,005,195 | ||||||||
Washington—9.8% | ||||||||
Central Puget Sound Regional Transit Authority | ||||||||
5.00%, 11/01/2024 | 170,000 | 172,067 | ||||||
5.00%, 11/01/2030 | 245,000 | 282,600 | ||||||
5.00%, 11/01/2032 | 45,000 | 46,487 | ||||||
City of Seattle WA Municipal Light & Power Revenue, | ||||||||
5.00%, 09/01/2031 | 165,000 | 177,586 | ||||||
County of King WA Sewer Revenue, | ||||||||
4.00%, 07/01/2030 | 290,000 | 297,030 | ||||||
Energy Northwest | ||||||||
5.00%, 07/01/2026 | 150,000 | 150,676 | ||||||
5.00%, 07/01/2027 | 30,000 | 32,318 |
The accompanying notes are an integral part of these financial statements.
102
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Par | Value | |||||||
5.00%, 07/01/2030 | $ | 350,000 | $ | 383,553 | ||||
5.00%, 07/01/2031 | 90,000 | 98,560 | ||||||
Grant County Public Utility District No 2 Electric Revenue, | ||||||||
4.00%, 01/01/2026 | 1,540,000 | 1,566,738 | ||||||
Seattle Housing Authority, | ||||||||
1.00%, 06/01/2026 | 225,000 | 210,544 | ||||||
Snohomish County Housing Authority, | ||||||||
4.00%, 04/01/2033 | 1,810,000 | 1,868,499 | ||||||
State of Washington | ||||||||
5.00%, 02/01/2026 | 20,000 | 20,808 | ||||||
5.00%, 08/01/2027 | 45,000 | 48,495 | ||||||
5.00%, 06/01/2029 | 200,000 | 224,437 | ||||||
5.00%, 07/01/2029 | 190,000 | 196,876 | ||||||
5.00%, 08/01/2029 | 50,000 | 56,302 | ||||||
5.00%, 08/01/2031 | 300,000 | 336,987 | ||||||
University of Washington, | ||||||||
5.00%, 07/01/2029 | 350,000 | 393,811 | ||||||
Washington Health Care Facilities Authority | ||||||||
5.00%, 01/01/2047 | 120,000 | 126,891 | ||||||
5.00%, 08/01/2049(a) | 20,000 | 20,571 | ||||||
6,711,836 | ||||||||
West Virginia—0.4% | ||||||||
West Virginia Commissioner of Highways, | ||||||||
5.00%, 09/01/2025 | 235,000 | 241,783 | ||||||
Wisconsin—1.7% | ||||||||
State of Wisconsin | ||||||||
5.00%, 11/01/2026 | 105,000 | 111,238 | ||||||
5.00%, 05/01/2029 | 300,000 | 335,745 | ||||||
5.00%, 11/01/2030 | 275,000 | 294,120 | ||||||
5.00%, 11/01/2030 | 185,000 | 197,863 | ||||||
5.00%, 05/01/2031 | 105,000 | 121,744 | ||||||
5.00%, 05/01/2033 | 80,000 | 95,795 | ||||||
1,156,505 | ||||||||
TOTAL MUNICIPAL BONDS (Cost $60,098,038) | 59,822,523 | |||||||
Shares | ||||||||
EXCHANGE TRADED FUNDS—11.7% | ||||||||
iShares National Muni Bond ETF | 75,061 | 8,104,336 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $8,015,829) | 8,104,336 | |||||||
SHORT-TERM INVESTMENTS—4.5% | ||||||||
Money Market Funds—4.5% | ||||||||
First American Government Obligations Fund—Class X, 5.25%(e) | 3,113,051 | 3,113,051 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,113,051) | 3,113,051 | |||||||
Total Investments—103.0% (Cost $71,226,918) | 71,039,910 | |||||||
Liabilities in Excess of Other Assets—(3.0)% | (2,044,253 | ) | ||||||
TOTAL NET ASSETS—100.0% | $ | 68,995,657 | ||||||
Percentages | are stated as a percent of net assets. |
The accompanying notes are an integral part of these financial statements.
103
Table of Contents
ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
(a) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024. |
(b) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(c) | Represents less than 0.05% of net assets. |
(d) | Security subject to the Alternative Minimum Tax (“AMT”). As of February 29, 2024, the total value of securities subject to the AMT was $58,032 or 0.1% of net assets. |
(e) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The accompanying notes are an integral part of these financial statements.
104
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS—98.1% | ||||||||
Automobiles & Components—4.0% | ||||||||
BYD Co. Ltd.—ADR | 14,477 | $ | 714,874 | |||||
Honda Motor Co. Ltd.—ADR | 112,263 | 3,995,440 | ||||||
NIO, Inc.—ADR(a) | 15,573 | 89,545 | ||||||
Toyota Motor Corp.—ADR | 23,019 | 5,537,221 | ||||||
Valeo SE—ADR | 16,773 | 102,818 | ||||||
10,439,898 | ||||||||
Banks—11.8% | ||||||||
Agricultural Bank of China Ltd.—ADR | 9,696 | 98,705 | ||||||
Banco Bilbao Vizcaya Argentaria SA—ADR | 219,738 | 2,186,393 | ||||||
Banco Bradesco SA—ADR | 12 | 30 | ||||||
Banco de Chile—ADR | 17,026 | 393,811 | ||||||
Banco do Brasil SA—ADR | 22,783 | 264,511 | ||||||
Banco Santander SA—ADR | 377,383 | 1,551,044 | ||||||
Bank Central Asia Tbk PT—ADR | 17,725 | 289,272 | ||||||
Bank Mandiri Persero Tbk PT—ADR | 21,523 | 384,724 | ||||||
Bank of China Ltd.—ADR | 20,211 | 196,956 | ||||||
Bank Rakyat Indonesia Persero Tbk PT—ADR | 18,248 | 358,026 | ||||||
Barclays PLC—ADR | 166,255 | 1,413,168 | ||||||
BNP Paribas SA—ADR | 6,911 | 207,054 | ||||||
China Construction Bank Corp.—ADR | 211,892 | 2,614,747 | ||||||
China Merchants Bank Co. Ltd.—ADR | 2 | 39 | ||||||
Commonwealth Bank of Australia—ADR | 26,170 | 1,983,686 | ||||||
HDFC Bank Ltd.—ADR | 37,640 | 2,013,740 | ||||||
HSBC Holdings PLC—ADR | 82,266 | 3,223,181 | ||||||
ICICI Bank Ltd.—ADR | 38,981 | 998,303 | ||||||
Industrial & Commercial Bank of China Ltd.—ADR | 23,217 | 237,278 | ||||||
ING Groep NV—ADR | 132,970 | 1,824,348 | ||||||
KB Financial Group, Inc.—ADR | 16,053 | 760,110 | ||||||
Lloyds Banking Group PLC—ADR | 405,484 | 948,833 | ||||||
Mitsubishi UFJ Financial Group, Inc.—ADR | 168,146 | 1,726,859 | ||||||
Mizuho Financial Group, Inc.—ADR | 483,456 | 1,817,795 | ||||||
NatWest Group PLC—ADR(a) | 118,116 | 732,319 | ||||||
Shinhan Financial Group Co. Ltd.—ADR | 17,657 | 575,265 | ||||||
Sumitomo Mitsui Financial Group, Inc.—ADR | 189,756 | 2,113,882 | ||||||
UniCredit SpA—ADR | 37,379 | 623,482 | ||||||
United Overseas Bank Ltd.—ADR | 6,512 | 271,550 | ||||||
Woori Financial Group, Inc.—ADR | 15,663 | 532,385 | ||||||
30,341,496 | ||||||||
Capital Goods—6.9% | ||||||||
Airbus SE—ADR | 54,056 | 2,234,134 | ||||||
Alstom SA—ADR | 461,955 | 595,922 | ||||||
Ashtead Group PLC—ADR | 2,831 | 822,972 | ||||||
Assa Abloy AB—ADR | 10,364 | 147,065 | ||||||
Daikin Industries Ltd.—ADR | 49,520 | 694,270 | ||||||
Embraer SA—ADR(a) | 16,516 | 321,897 | ||||||
FANUC Corp.—ADR | 86,132 | 1,251,498 | ||||||
KION Group AG—ADR | 58,102 | 733,741 | ||||||
Rolls-Royce Holdings PLC—ADR(a) | 321,545 | 1,491,969 | ||||||
Schneider Electric SE—ADR | 96,583 | 4,390,663 | ||||||
Siemens AG—ADR | 44,943 | 4,443,066 | ||||||
Sociedad Quimica y Minera de Chile SA—ADR | 2,784 | 138,420 |
The accompanying notes are an integral part of these financial statements.
105
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Techtronic Industries Co. Ltd.—ADR | 7,889 | $ | 424,823 | |||||
Vinci SA—ADR | 8,441 | 270,112 | ||||||
17,960,552 | ||||||||
Commercial & Professional Services—2.9% | ||||||||
RELX PLC—ADR | 144,731 | 6,356,585 | ||||||
Rentokil Initial PLC—ADR | 43,241 | 1,234,963 | ||||||
7,591,548 | ||||||||
Consumer Discretionary Distribution & Retail—4.0% | ||||||||
Alibaba Group Holding Ltd.—ADR | 35,040 | 2,594,011 | ||||||
D-MARKET Elektronik Hizmetler ve Ticaret AS—ADR(a) | 27,262 | 42,256 | ||||||
Fast Retailing Co. Ltd.—ADR | 35,722 | 1,031,294 | ||||||
Industria de Diseno Textil SA—ADR | 107,795 | 2,391,971 | ||||||
JD.com, Inc.—ADR | 30,186 | 682,807 | ||||||
Jumia Technologies AG—ADR(a) | 57,302 | 348,969 | ||||||
Kingfisher PLC—ADR | 25,373 | 149,701 | ||||||
MINISO Group Holding Ltd.—ADR | 4,336 | 79,479 | ||||||
MYT Netherlands Parent BV—ADR(a) | 54,808 | 189,088 | ||||||
Pan Pacific International Holdings Corp.—ADR | 39,924 | 932,625 | ||||||
PDD Holdings, Inc.—ADR(a) | 12,930 | 1,610,302 | ||||||
Vipshop Holdings Ltd.—ADR(a) | 23,956 | 461,153 | ||||||
10,513,656 | ||||||||
Consumer Durables & Apparel—3.7% | ||||||||
Cie Financiere Richemont SA—ADR | 18,042 | 286,868 | ||||||
Hermes International SCA—ADR | 10,678 | 2,679,644 | ||||||
Kering SA—ADR | 13,710 | 631,208 | ||||||
LVMH Moet Hennessy Louis Vuitton SE—ADR | 19,955 | 3,651,366 | ||||||
Samsonite International SA—ADR(a) | 22,103 | 386,086 | ||||||
Sony Group Corp.—ADR | 23,454 | 2,012,588 | ||||||
9,647,760 | ||||||||
Consumer Services—2.4% | ||||||||
Amadeus IT Group SA—ADR | 4,461 | 274,396 | ||||||
Carnival PLC—ADR(a) | 21,432 | 308,621 | ||||||
Compass Group PLC—ADR | 50,378 | 1,381,366 | ||||||
GreenTree Hospitality Group Ltd.—ADR(a) | 1,913 | 6,160 | ||||||
H World Group Ltd.—ADR | 413 | 15,099 | ||||||
InterContinental Hotels Group PLC—ADR | 12,284 | 1,316,353 | ||||||
Meituan—ADR(a) | 38,334 | 777,030 | ||||||
Melco Resorts & Entertainment Ltd.—ADR(a) | 5,496 | 42,484 | ||||||
New Oriental Education & Technology Group, Inc.—ADR(a) | 4,010 | 375,055 | ||||||
Pearson PLC—ADR | 60,563 | 737,657 | ||||||
Sunlands Technology Group—ADR(a) | 622 | 6,220 | ||||||
TAL Education Group—ADR(a) | 8,189 | 120,624 | ||||||
Trip.com Group Ltd.—ADR(a) | 18,515 | 823,362 | ||||||
6,184,427 | ||||||||
Consumer Staples Distribution & Retail—0.3% | ||||||||
Carrefour SA—ADR | 80,995 | 273,763 | ||||||
Seven & i Holdings Co. Ltd.—ADR | 18,708 | 420,931 | ||||||
Wal-Mart de Mexico SAB de CV—ADR | 3,091 | 121,785 | ||||||
816,479 | ||||||||
The accompanying notes are an integral part of these financial statements.
106
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Energy—4.2% | ||||||||
BP PLC—ADR | 68,745 | $ | 2,405,388 | |||||
China Shenhua Energy Co. Ltd.—ADR | 1,275 | 19,584 | ||||||
Eni SpA—ADR | 32,103 | 987,167 | ||||||
Equinor ASA—ADR | 23,846 | 587,089 | ||||||
Petroleo Brasileiro SA—ADR | 43,567 | 719,727 | ||||||
Shell PLC—ADR | 55,825 | 3,507,484 | ||||||
Tenaris SA—ADR | 12,845 | 452,144 | ||||||
TotalEnergies SE—ADR | 23,898 | 1,531,145 | ||||||
Ultrapar Participacoes SA—ADR | 24,457 | 144,785 | ||||||
Vista Energy SAB de CV—ADR(a) | 1,739 | 63,995 | ||||||
Woodside Energy Group Ltd.—ADR | 31,369 | 618,597 | ||||||
11,037,105 | ||||||||
Financial Services—3.6% | ||||||||
Adyen NV—ADR(a) | 45,901 | 725,236 | ||||||
AMTD IDEA Group—ADR(a) | 66,836 | 113,621 | ||||||
CNFinance Holdings Ltd.—ADR(a) | 4,795 | 11,033 | ||||||
Deutsche Bank AG | 33,440 | 449,099 | ||||||
FinVolution Group—ADR | 32,317 | 169,018 | ||||||
Futu Holdings Ltd.—ADR(a) | 3,009 | 161,042 | ||||||
Jiayin Group, Inc.—ADR | 10,200 | 58,140 | ||||||
Julius Baer Group Ltd.—ADR | 13,937 | 148,429 | ||||||
LexinFintech Holdings Ltd.—ADR | 27,264 | 50,166 | ||||||
London Stock Exchange Group PLC—ADR | 23,998 | 674,104 | ||||||
Noah Holdings Ltd.—ADR | 3 | 33 | ||||||
Nomura Holdings, Inc.—ADR | 269,494 | 1,541,506 | ||||||
ORIX Corp.—ADR | 27,063 | 2,847,298 | ||||||
Qifu Technology, Inc.—ADR | 4,828 | 74,593 | ||||||
Qudian, Inc.—ADR(a) | 7,474 | 18,311 | ||||||
UBS Group AG | 80,756 | 2,297,508 | ||||||
X Financial—ADR | 10,838 | 44,436 | ||||||
Yiren Digital Ltd.—ADR(a) | 36 | 185 | ||||||
9,383,758 | ||||||||
Food, Beverage & Tobacco—5.8% | ||||||||
Ambev SA—ADR | 99,036 | 246,600 | ||||||
Anheuser-Busch InBev SA/NV—ADR | 29,846 | 1,801,803 | ||||||
British American Tobacco PLC—ADR | 70,230 | 2,099,174 | ||||||
Cia Cervecerias Unidas SA—ADR | 2,763 | 32,134 | ||||||
Coca-Cola Femsa SAB de CV—ADR | 8,178 | 793,675 | ||||||
Danone SA—ADR | 36,114 | 460,815 | ||||||
Diageo PLC—ADR | 12,589 | 1,898,421 | ||||||
Embotelladora Andina SA—ADR | 14,469 | 180,863 | ||||||
Embotelladora Andina SA—ADR | 9,519 | 141,928 | ||||||
Fomento Economico Mexicano SAB de CV—ADR | 8,844 | 1,098,779 | ||||||
Heineken NV—ADR | 1,763 | 81,398 | ||||||
Kerry Group PLC—ADR | 7,709 | 679,471 | ||||||
Nestle SA—ADR | 45,516 | 4,732,298 | ||||||
Oatly Group AB—ADR(a) | 92,656 | 102,848 | ||||||
Pernod Ricard SA—ADR | 17,527 | 588,732 | ||||||
14,938,939 | ||||||||
Health Care Equipment & Services—1.5% | ||||||||
Brainsway Ltd.—ADR(a) | 28,152 | 182,425 | ||||||
EDAP TMS SA—ADR(a) | 23,746 | 150,075 |
The accompanying notes are an integral part of these financial statements.
107
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Fresenius Medical Care AG—ADR | 38,176 | $ | 733,361 | |||||
Koninklijke Philips NV(a) | 69,453 | 1,392,532 | ||||||
Smith & Nephew PLC—ADR | 22,413 | 594,169 | ||||||
Terumo Corp.—ADR | 24,414 | 948,240 | ||||||
4,000,802 | ||||||||
Household & Personal Products—3.4% | ||||||||
Haleon PLC—ADR | 86,131 | 737,281 | ||||||
L’Oreal SA—ADR | 41,249 | 3,948,355 | ||||||
Natura & Co. Holding SA—ADR(a) | 110 | 729 | ||||||
Reckitt Benckiser Group PLC—ADR | 54,049 | 680,477 | ||||||
Unicharm Corp.—ADR | 80,675 | 538,102 | ||||||
Unilever PLC—ADR | 57,858 | 2,833,306 | ||||||
8,738,250 | ||||||||
Insurance—1.7% | ||||||||
Aegon Ltd. | 17,645 | 104,458 | ||||||
AIA Group Ltd.—ADR | 9,888 | 318,987 | ||||||
Allianz SE—ADR | 78,434 | 2,145,955 | ||||||
AXA SA—ADR | 12,048 | 428,306 | ||||||
Fanhua, Inc.—ADR(a) | 6 | 28 | ||||||
Legal & General Group PLC—ADR | 19,124 | 295,083 | ||||||
Ping An Insurance Group Co. of China Ltd.—ADR | 15,390 | 136,971 | ||||||
Prudential PLC—ADR | 50,818 | 1,021,950 | ||||||
4,451,738 | ||||||||
Materials—5.5% | ||||||||
Air Liquide SA—ADR | 61,123 | 2,483,427 | ||||||
Akzo Nobel NV—ADR | 23,258 | 564,472 | ||||||
Anglo American PLC—ADR | 7,831 | 84,575 | ||||||
ArcelorMittal SA | 53,072 | 1,384,118 | ||||||
BHP Group Ltd.—ADR | 49,041 | 2,812,011 | ||||||
Cemex SAB de CV—ADR(a) | 57,840 | 441,898 | ||||||
Croda International PLC—ADR | 2,392 | 72,406 | ||||||
DRDGOLD Ltd.—ADR | 8,852 | 59,751 | ||||||
Gold Fields Ltd.—ADR | 10,292 | 134,208 | ||||||
Harmony Gold Mining Co. Ltd.—ADR | 19,168 | 109,449 | ||||||
IperionX Ltd.—ADR(a) | 3,870 | 57,392 | ||||||
James Hardie Industries PLC—ADR(a) | 33,490 | 1,325,199 | ||||||
POSCO Holdings, Inc.—ADR | 6,131 | 495,569 | ||||||
Rio Tinto PLC—ADR | 33,059 | 2,133,297 | ||||||
Sasol Ltd.—ADR | 9,230 | 69,963 | ||||||
Sika AG—ADR | 29,936 | 866,647 | ||||||
Suzano SA—ADR | 27,441 | 311,455 | ||||||
Ternium SA—ADR | 6,056 | 245,510 | ||||||
Vale SA—ADR | 49,748 | 667,121 | ||||||
14,318,468 | ||||||||
Media & Entertainment—3.1% | ||||||||
Autohome, Inc.—ADR | 872 | 22,663 | ||||||
Baidu, Inc.—ADR(a) | 5,047 | 511,413 | ||||||
Bilibili, Inc.—ADR(a) | 1 | 10 | ||||||
Criteo SA—ADR(a) | 15,851 | 512,780 | ||||||
Gravity Co. Ltd.—ADR(a) | 2,875 | 221,576 | ||||||
Hello Group, Inc.—ADR | 16,498 | 108,722 |
The accompanying notes are an integral part of these financial statements.
108
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
iQIYI, Inc.—ADR(a) | 8,393 | $ | 30,970 | |||||
JOYY, Inc.—ADR | 1,270 | 40,005 | ||||||
NetEase, Inc.—ADR | 8,877 | 958,006 | ||||||
Sea Ltd.—ADR(a) | 5,949 | 288,645 | ||||||
So-Young International, Inc.—ADR(a) | 13,401 | 15,679 | ||||||
Tencent Holdings Ltd.—ADR | 122,678 | 4,286,615 | ||||||
Tencent Music Entertainment Group—ADR(a) | 11,443 | 119,808 | ||||||
Trivago NV—ADR | 47,591 | 119,929 | ||||||
Weibo Corp.—ADR | 6,230 | 56,818 | ||||||
WPP PLC—ADR | 15,655 | 702,127 | ||||||
Yalla Group Ltd.—ADR(a) | 17,185 | 87,987 | ||||||
8,083,753 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences—12.2% | ||||||||
Adaptimmune Therapeutics PLC—ADR(a) | 82,961 | 130,249 | ||||||
Amarin Corp. PLC—ADR(a) | 43,810 | 46,877 | ||||||
Argenx SE—ADR(a) | 473 | 179,745 | ||||||
Ascendis Pharma AS—ADR(a) | 415 | 61,320 | ||||||
AstraZeneca PLC—ADR | 52,417 | 3,363,075 | ||||||
AstraZeneca PLC(a)(b) | 14,065 | 3,516 | ||||||
Autolus Therapeutics PLC—ADR(a) | 2,795 | 16,770 | ||||||
Avadel Pharmaceuticals PLC—ADR(a) | 6,051 | 77,332 | ||||||
Barinthus Biotherapeutics PLC—ADR(a) | 2,523 | 7,519 | ||||||
Bayer AG—ADR | 18,624 | 141,356 | ||||||
BeiGene Ltd.—ADR(a) | 843 | 139,643 | ||||||
Belite Bio, Inc.—ADR(a) | 413 | 19,101 | ||||||
Bicycle Therapeutics PLC—ADR(a) | 1,041 | 26,119 | ||||||
BioLine RX Ltd.—ADR(a) | 361 | 480 | ||||||
BioNTech SE—ADR(a) | 3,342 | 297,304 | ||||||
Calliditas Therapeutics AB—ADR(a) | 2,802 | 61,616 | ||||||
Cellectis SA—ADR(a) | 21,118 | 53,640 | ||||||
DBV Technologies SA—ADR(a) | 48,883 | 40,084 | ||||||
Dr Reddy’s Laboratories Ltd.—ADR | 14,764 | 1,133,580 | ||||||
Evotec SE—ADR(a) | 18,753 | 138,772 | ||||||
Galapagos NV—ADR(a) | 20,193 | 708,976 | ||||||
Genetron Holdings Ltd.—ADR(a) | 27 | 106 | ||||||
Genfit SA—ADR(a) | 8,985 | 31,897 | ||||||
Genmab AS—ADR(a) | 33,672 | 935,071 | ||||||
Grifols SA—ADR(a) | 36,633 | 275,114 | ||||||
GSK PLC—ADR | 51,043 | 2,138,702 | ||||||
HUTCHMED China Ltd.—ADR(a) | 8,031 | 121,348 | ||||||
Immutep Ltd.—ADR(a) | 79,555 | 186,159 | ||||||
Innate Pharma SA—ADR(a) | 22,465 | 59,083 | ||||||
Lonza Group AG—ADR | 19,048 | 996,020 | ||||||
Mereo Biopharma Group PLC—ADR(a) | 26,600 | 101,080 | ||||||
Mesoblast Ltd.—ADR(a) | 21,419 | 42,088 | ||||||
MorphoSys AG—ADR(a) | 11,677 | 205,515 | ||||||
Novartis AG—ADR | 46,954 | 4,740,945 | ||||||
Novo Nordisk AS—ADR | 52,696 | 6,311,400 | ||||||
Olink Holding AB—ADR(a) | 30 | 671 | ||||||
Roche Holding AG—ADR | 97,660 | 3,196,412 | ||||||
Sanofi SA—ADR | 47,799 | 2,287,182 | ||||||
Silence Therapeutics PLC—ADR(a) | 2,662 | 67,801 | ||||||
Takeda Pharmaceutical Co. Ltd.—ADR | 186,428 | 2,719,985 | ||||||
Teva Pharmaceutical Industries Ltd.—ADR(a) | 20,901 | 274,848 |
The accompanying notes are an integral part of these financial statements.
109
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Verona Pharma PLC—ADR(a) | 1,202 | $ | 20,698 | |||||
Zai Lab Ltd.—ADR(a) | 1,189 | 24,945 | ||||||
31,384,144 | ||||||||
Real Estate Management & Development—0.1% | ||||||||
IRSA Inversiones y Representaciones SA—ADR | 8,145 | 63,124 | ||||||
KE Holdings, Inc.—ADR | 13,166 | 178,926 | ||||||
242,050 | ||||||||
Semiconductors & Semiconductor Equipment—8.5% | ||||||||
ASE Technology Holding Co. Ltd.—ADR | 71,704 | 698,397 | ||||||
ASML Holding NV | 5,867 | 5,583,507 | ||||||
ChipMOS Technologies, Inc.—ADR | 4,697 | 131,939 | ||||||
Daqo New Energy Corp.—ADR(a) | 3,476 | 73,969 | ||||||
Infineon Technologies AG—ADR | 9,241 | 333,508 | ||||||
JinkoSolar Holding Co. Ltd.—ADR | 451 | 12,195 | ||||||
STMicroelectronics NV | 26,926 | 1,228,364 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR | 86,025 | 11,068,836 | ||||||
Tokyo Electron Ltd.—ADR | 17,418 | 2,159,832 | ||||||
United Microelectronics Corp.—ADR | 80,404 | 617,503 | ||||||
21,908,050 | ||||||||
Software & Services—3.7% | ||||||||
AMTD Digital, Inc.—ADR(a) | 27,070 | 107,468 | ||||||
Capgemini SE—ADR | 19,179 | 934,017 | ||||||
Endava PLC—ADR(a) | 4,452 | 165,481 | ||||||
Infosys Ltd.—ADR | 51,560 | 1,029,138 | ||||||
Materialise NV—ADR(a) | 17,195 | 92,853 | ||||||
Nice Ltd.—ADR(a) | 2,859 | 700,884 | ||||||
Opera Ltd.—ADR | 19,009 | 231,530 | ||||||
SAP SE—ADR | 33,520 | 6,297,401 | ||||||
Wipro Ltd.—ADR | 12,047 | 74,571 | ||||||
Xunlei Ltd.—ADR(a) | 33 | 49 | ||||||
9,633,392 | ||||||||
Technology Hardware & Equipment—1.3% | ||||||||
Logitech International SA | 14,193 | 1,246,430 | ||||||
Murata Manufacturing Co. Ltd.—ADR | 51,003 | 512,070 | ||||||
Nano Dimension Ltd.—ADR(a) | 99,805 | 284,444 | ||||||
Nokia Oyj—ADR | 220,978 | 780,052 | ||||||
Telefonaktiebolaget LM Ericsson—ADR | 113,799 | 619,067 | ||||||
3,442,063 | ||||||||
Telecommunication Services—4.1% | ||||||||
America Movil SAB de CV—ADR | 7,691 | 143,899 | ||||||
Deutsche Telekom AG—ADR | 80,754 | 1,917,100 | ||||||
KT Corp.—ADR(a) | 34,250 | 490,460 | ||||||
Nippon Telegraph & Telephone Corp.—ADR | 66,963 | 2,030,318 | ||||||
Orange SA—ADR | 186,060 | 2,139,690 | ||||||
SK Telecom Co. Ltd.—ADR | 43,760 | 958,344 | ||||||
Telefonica Brasil SA—ADR | 19,975 | 218,327 | ||||||
Telefonica SA—ADR | 285,881 | 1,169,253 | ||||||
Telkom Indonesia Persero Tbk PT—ADR | 5,268 | 134,755 | ||||||
TIM SA/Brazil—ADR | 8,140 | 150,509 | ||||||
Turkcell Iletisim Hizmetleri AS—ADR | 33,266 | 179,304 | ||||||
Vodafone Group PLC—ADR | 119,611 | 1,069,322 | ||||||
10,601,281 | ||||||||
The accompanying notes are an integral part of these financial statements.
110
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Transportation—1.3% | ||||||||
Aena SME SA—ADR | 22,118 | $ | 419,578 | |||||
Canadian Pacific Kansas City Ltd. | 4,270 | 362,993 | ||||||
Full Truck Alliance Co. Ltd.—ADR(a) | 6,979 | 46,061 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV—ADR | 3,560 | 247,705 | ||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR | 621 | 182,804 | ||||||
Ryanair Holdings PLC—ADR | 14,860 | 2,054,395 | ||||||
ZTO Express Cayman, Inc.—ADR | 8,979 | 172,307 | ||||||
3,485,843 | ||||||||
Utilities—2.1% | ||||||||
Centrais Eletricas Brasileiras SA—ADR | 9,679 | 84,691 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP—ADR | 5,825 | 92,035 | ||||||
Cia Energetica de Minas Gerais—ADR | 28,980 | 86,650 | ||||||
Companhia Paranaense de Energia—ADR | 16,119 | 132,982 | ||||||
Companhia Paranaense de Energia—ADR(a) | 2,733 | 20,306 | ||||||
Empresa Distribuidora Y Comercializadora Norte—ADR(a) | 616 | 10,250 | ||||||
Enel Chile SA—ADR | 84,342 | 253,026 | ||||||
Enel SpA—ADR | 93,957 | 592,869 | ||||||
Iberdrola SA—ADR | 4,940 | 226,647 | ||||||
National Grid PLC—ADR | 54,117 | 3,607,440 | ||||||
RWE AG—ADR | 9,673 | 324,142 | ||||||
5,431,038 | ||||||||
TOTAL COMMON STOCKS (Cost $239,867,381) | 254,576,490 | |||||||
PREFERRED STOCKS—1.0% | ||||||||
Banks—0.5% | ||||||||
Banco Bradesco SA—ADR, 8.045%, Perpetual | 85,806 | 238,541 | ||||||
Bancolombia SA—ADR, 9.337%, Perpetual | 11,735 | 381,622 | ||||||
Itau Unibanco Holding SA—ADR, 6.858%, Perpetual | 115,764 | 789,510 | ||||||
1,409,673 | ||||||||
Energy—0.3% | ||||||||
Petroleo Brasileiro SA—ADR, 7.924%, Perpetual | 52,422 | 847,664 | ||||||
Materials—0.1% | ||||||||
Gerdau SA—ADR, 7.407%, Perpetual | 54,438 | 234,628 | ||||||
Transportation—0.0%(c) | ||||||||
Azul SA—ADR, Perpetual | 3,824 | 27,992 | ||||||
Utilities—0.1% | ||||||||
Cia Energetica de Minas Gerais—ADR, 11.102%, Perpetual | 82,111 | 194,603 | ||||||
TOTAL PREFERRED STOCKS (Cost $2,561,425) | 2,714,560 | |||||||
EXCHANGE TRADED FUNDS—0.0%(c) | ||||||||
Vanguard FTSE Developed Markets ETF | 38 | 1,850 | ||||||
Vanguard FTSE Emerging Markets ETF | 22 | 902 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $2,654) | 2,752 | |||||||
SHORT-TERM INVESTMENTS—0.8% | ||||||||
Money Market Funds—0.8% | ||||||||
First American Government Obligations Fund—Class X, 5.25%(d) | 2,148,863 | 2,148,863 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,148,863) | 2,148,863 | |||||||
Total Investments—99.9% (Cost $244,580,323) | 259,442,665 | |||||||
Other Assets in Excess of Liabilities—0.1% | 260,389 | |||||||
TOTAL NET ASSETS—100.0% | $ | 259,703,054 | ||||||
The accompanying notes are an integral part of these financial statements.
111
Table of Contents
ACTIVEPASSIVE INTERNATIONAL EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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. | |
AS | 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. | |
PLC | Public Limited Company | |
SA | Sociedad Anónima is an abbreviation used by many countries to signify a publicly traded company. | |
SAB de CV | Sociedad Anónima Bursátil de Capital Variable | |
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. |
(a) | Non-income producing security. |
(b) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $3,516 or 0.0% of net assets as of February 29, 2024. |
(c) | Represents less than 0.05% of net assets. |
(d) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The accompanying notes are an integral part of these financial statements.
112
Table of Contents
ACTIVEPASSIVE U.S. EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS—87.6% | ||||||||
Automobiles & Components—1.2% | ||||||||
General Motors Co. | 17,742 | $ | 727,067 | |||||
Rivian Automotive, Inc.—Class A(a) | 6,741 | 76,308 | ||||||
Tesla, Inc.(a) | 30,735 | 6,204,782 | ||||||
7,008,157 | ||||||||
Banks—2.7% | ||||||||
Bank of America Corp. | 71,147 | 2,455,994 | ||||||
Citigroup, Inc. | 24,922 | 1,382,922 | ||||||
Huntington Bancshares, Inc. | 34,451 | 449,241 | ||||||
JPMorgan Chase & Co. | 46,912 | 8,728,447 | ||||||
Wells Fargo & Co. | 41,048 | 2,281,858 | ||||||
15,298,462 | ||||||||
Capital Goods—5.3% | ||||||||
Boeing Co.(a) | 5,131 | 1,045,287 | ||||||
Carrier Global Corp. | 16,944 | 941,748 | ||||||
Caterpillar, Inc. | 3,126 | 1,043,959 | ||||||
Cummins, Inc. | 8 | 2,149 | ||||||
Deere & Co. | 2,199 | 802,745 | ||||||
Eaton Corp. PLC | 8,384 | 2,422,977 | ||||||
Ferguson PLC | 7,938 | 1,678,490 | ||||||
Fortive Corp. | 20,729 | 1,764,660 | ||||||
General Electric Co. | 26,491 | 4,156,172 | ||||||
Honeywell International, Inc. | 9,574 | 1,902,641 | ||||||
Howmet Aerospace, Inc. | 9,529 | 634,155 | ||||||
Hubbell, Inc. | 1,468 | 558,824 | ||||||
Lockheed Martin Corp. | 2,199 | 941,700 | ||||||
Masco Corp. | 8,586 | 659,061 | ||||||
PACCAR, Inc. | 27,683 | 3,069,767 | ||||||
Raytheon Technologies Corp. | 12,550 | 1,125,359 | ||||||
Snap-on, Inc. | 5,956 | 1,641,831 | ||||||
Textron, Inc. | 16,859 | 1,501,631 | ||||||
Trane Technologies PLC | 3,493 | 984,921 | ||||||
United Rentals, Inc. | 2,460 | 1,705,444 | ||||||
WW Grainger, Inc. | 1,784 | 1,736,653 | ||||||
30,320,174 | ||||||||
Commercial & Professional Services—1.2% | ||||||||
Automatic Data Processing, Inc. | 3,759 | 943,998 | ||||||
Cintas Corp. | 4,398 | 2,764,627 | ||||||
Copart, Inc.(a) | 57,870 | 3,075,790 | ||||||
Republic Services, Inc. | 975 | 179,010 | ||||||
6,963,425 | ||||||||
Consumer Discretionary Distribution & Retail—4.9% | ||||||||
Amazon.com, Inc.(a) | 111,549 | 19,717,402 | ||||||
Home Depot, Inc. | 12,099 | 4,605,000 | ||||||
LKQ Corp. | 15,393 | 804,900 | ||||||
Lowe’s Cos., Inc. | 4,162 | 1,001,669 | ||||||
Ross Stores, Inc. | 3,242 | 482,928 | ||||||
TJX Cos., Inc. | 13,338 | 1,322,329 | ||||||
27,934,228 | ||||||||
The accompanying notes are an integral part of these financial statements.
113
Table of Contents
ACTIVEPASSIVE U.S. EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Consumer Durables & Apparel—1.8% | ||||||||
DR Horton, Inc. | 12,919 | $ | 1,930,615 | |||||
Garmin Ltd. | 5,880 | 807,618 | ||||||
Lennar Corp.—Class A | 14,027 | 2,223,420 | ||||||
Lennar Corp.—Class B | 16,247 | 2,394,320 | ||||||
NIKE, Inc.—Class B | 6,606 | 686,562 | ||||||
PulteGroup, Inc. | 21,041 | 2,280,424 | ||||||
10,322,959 | ||||||||
Consumer Services—1.6% | ||||||||
Airbnb, Inc.—Class A(a) | 3,671 | 578,072 | ||||||
Booking Holdings, Inc.(a) | 898 | 3,115,010 | ||||||
Carnival Corp.(a) | 47,311 | 750,353 | ||||||
Darden Restaurants, Inc. | 3,665 | 625,652 | ||||||
DoorDash, Inc.—Class A(a) | 6,625 | 825,276 | ||||||
McDonald’s Corp. | 8,902 | 2,601,877 | ||||||
MGM Resorts International(a) | 933 | 40,380 | ||||||
Royal Caribbean Cruises Ltd.(a) | 1,538 | 189,712 | ||||||
Starbucks Corp. | 2,399 | 227,665 | ||||||
8,953,997 | ||||||||
Consumer Staples Distribution & Retail—1.6% | ||||||||
Costco Wholesale Corp. | 4,840 | 3,600,428 | ||||||
Dollar Tree, Inc.(a) | 885 | 129,812 | ||||||
Kroger Co. | 13,786 | 683,923 | ||||||
Target Corp. | 3,340 | 510,753 | ||||||
Walmart, Inc. | 75,580 | 4,429,743 | ||||||
9,354,659 | ||||||||
Energy—2.8% | ||||||||
Cheniere Energy, Inc. | 4,824 | 748,685 | ||||||
Chevron Corp. | 10,591 | 1,609,938 | ||||||
ConocoPhillips | 6,168 | 694,147 | ||||||
Coterra Energy, Inc. | 20,939 | 539,807 | ||||||
EOG Resources, Inc. | 2,153 | 246,432 | ||||||
Exxon Mobil Corp. | 51,951 | 5,429,919 | ||||||
Marathon Petroleum Corp. | 15,308 | 2,590,573 | ||||||
Occidental Petroleum Corp. | 6,044 | 366,327 | ||||||
Phillips 66 | 11,540 | 1,644,565 | ||||||
Schlumberger NV | 6,359 | 307,330 | ||||||
Valero Energy Corp. | 9,903 | 1,400,878 | ||||||
15,578,601 | ||||||||
Financial Services—7.2% | ||||||||
Bank of New York Mellon Corp. | 32,985 | 1,850,129 | ||||||
Berkshire Hathaway, Inc.—Class B(a) | 30,843 | 12,627,123 | ||||||
BlackRock, Inc. | 2,367 | 1,920,442 | ||||||
Blackstone, Inc. | 4,705 | 601,393 | ||||||
Block, Inc.(a) | 8,191 | 650,939 | ||||||
Capital One Financial Corp. | 9,826 | 1,352,156 | ||||||
Cboe Global Markets, Inc. | 6,046 | 1,160,832 | ||||||
Charles Schwab Corp. | 6,054 | 404,286 | ||||||
Coinbase Global, Inc.—Class A(a) | 2,603 | 529,867 | ||||||
Corebridge Financial, Inc. | 10,024 | 248,896 | ||||||
Fiserv, Inc.(a) | 11,177 | 1,668,391 |
The accompanying notes are an integral part of these financial statements.
114
Table of Contents
ACTIVEPASSIVE U.S. EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
FleetCor Technologies, Inc.(a) | 1,596 | $ | 445,715 | |||||
Franklin Resources, Inc. | 30,454 | 835,962 | ||||||
Goldman Sachs Group, Inc. | 3,783 | 1,471,776 | ||||||
Interactive Brokers Group, Inc.—Class A | 4,410 | 479,455 | ||||||
Mastercard, Inc.—Class A | 9,086 | 4,313,669 | ||||||
Morgan Stanley | 15,873 | 1,365,713 | ||||||
PayPal Holdings, Inc.(a) | 6,652 | 401,382 | ||||||
Rocket Cos., Inc.—Class A(a) | 12,660 | 159,010 | ||||||
State Street Corp. | 9,564 | 705,154 | ||||||
Synchrony Financial | 13,927 | 575,185 | ||||||
Tradeweb Markets, Inc.—Class A | 3,893 | 411,957 | ||||||
Visa, Inc.—Class A | 25,081 | 7,088,894 | ||||||
41,268,326 | ||||||||
Food, Beverage & Tobacco—2.1% | ||||||||
Altria Group, Inc. | 53,245 | 2,178,253 | ||||||
Coca-Cola Co. | 7,566 | 454,111 | ||||||
J M Smucker Co. | 1,731 | 208,014 | ||||||
Kraft Heinz Co. | 16,337 | 576,369 | ||||||
Lamb Weston Holdings, Inc. | 3,959 | 404,649 | ||||||
Molson Coors Beverage Co.—Class B | 4,149 | 258,981 | ||||||
Mondelez International, Inc.—Class A | 53,007 | 3,873,222 | ||||||
PepsiCo, Inc. | 21,939 | 3,627,394 | ||||||
Philip Morris International, Inc. | 5,210 | 468,692 | ||||||
12,049,685 | ||||||||
Health Care Equipment & Services—4.7% | ||||||||
Abbott Laboratories | 5,116 | 606,962 | ||||||
Boston Scientific Corp.(a) | 29,301 | 1,940,019 | ||||||
Cardinal Health, Inc. | 6,597 | 738,732 | ||||||
Cencora, Inc. | 4,608 | 1,085,645 | ||||||
Cigna Group | 3,744 | 1,258,508 | ||||||
Dexcom, Inc.(a) | 1,743 | 200,567 | ||||||
Edwards Lifesciences Corp.(a) | 1,164 | 98,789 | ||||||
Elevance Health, Inc. | 2,634 | 1,320,293 | ||||||
GE HealthCare Technologies, Inc. | 1,778 | 162,296 | ||||||
HCA Healthcare, Inc. | 6,662 | 2,076,545 | ||||||
Hologic, Inc.(a) | 11,728 | 865,526 | ||||||
IDEXX Laboratories, Inc.(a) | 905 | 520,583 | ||||||
Intuitive Surgical, Inc.(a) | 2,587 | 997,547 | ||||||
Laboratory Corp. of America Holdings | 1,555 | 335,616 | ||||||
McKesson Corp. | 2,246 | 1,171,087 | ||||||
Medtronic PLC | 17,915 | 1,493,394 | ||||||
Molina Healthcare, Inc.(a) | 2,714 | 1,069,072 | ||||||
Stryker Corp. | 4,717 | 1,646,563 | ||||||
UnitedHealth Group, Inc. | 13,114 | 6,473,071 | ||||||
Veeva Systems, Inc.—Class A(a) | 3,445 | 776,882 | ||||||
Zimmer Biomet Holdings, Inc. | 12,481 | 1,552,137 | ||||||
26,389,834 | ||||||||
Household & Personal Products—1.1% | ||||||||
Kimberly-Clark Corp. | 1,504 | 182,240 | ||||||
Procter & Gamble Co. | 39,828 | 6,330,262 | ||||||
6,512,502 | ||||||||
The accompanying notes are an integral part of these financial statements.
115
Table of Contents
ACTIVEPASSIVE U.S. EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Insurance—1.8% | ||||||||
Aflac, Inc. | 41,480 | $ | 3,349,094 | |||||
Arch Capital Group Ltd.(a) | 14,122 | 1,236,946 | ||||||
Everest Group Ltd. | 1,473 | 543,360 | ||||||
Fidelity National Financial, Inc. | 19,791 | 1,001,029 | ||||||
Hartford Financial Services Group, Inc. | 6,753 | 647,208 | ||||||
Loews Corp. | 19,080 | 1,433,480 | ||||||
Markel Group, Inc.(a) | 899 | 1,341,740 | ||||||
Principal Financial Group, Inc. | 6,752 | 545,967 | ||||||
Progressive Corp. | 1,836 | 348,032 | ||||||
10,446,856 | ||||||||
Materials—1.6% | ||||||||
Albemarle Corp. | 1,684 | 232,139 | ||||||
CF Industries Holdings, Inc. | 2,199 | 177,503 | ||||||
Corteva, Inc. | 9,622 | 514,969 | ||||||
DuPont de Nemours, Inc. | 14,660 | 1,014,326 | ||||||
Freeport-McMoRan, Inc. | 14,667 | 554,559 | ||||||
International Paper Co. | 13,194 | 466,540 | ||||||
Linde PLC | 7,586 | 3,404,749 | ||||||
LyondellBasell Industries NV—Class A | 2,330 | 233,652 | ||||||
Newmont Corp. | 2,237 | 69,906 | ||||||
Nucor Corp. | 6,398 | 1,230,336 | ||||||
Packaging Corp. of America | 1,847 | 334,658 | ||||||
Sherwin-Williams Co. | 1,215 | 403,416 | ||||||
Steel Dynamics, Inc. | 6,292 | 841,996 | ||||||
9,478,749 | ||||||||
Media & Entertainment—8.0% | ||||||||
Alphabet, Inc.—Class A(a) | 81,671 | 11,308,167 | ||||||
Alphabet, Inc.—Class C(a) | 65,417 | 9,143,988 | ||||||
Comcast Corp.—Class A | 78,738 | 3,373,923 | ||||||
Fox Corp.—Class A | 35,737 | 1,064,605 | ||||||
Fox Corp.—Class B | 23,573 | 645,429 | ||||||
Meta Platforms, Inc.—Class A | 28,187 | 13,815,295 | ||||||
Netflix, Inc.(a) | 4,849 | 2,923,559 | ||||||
News Corp.—Class B | 8,829 | 247,124 | ||||||
Pinterest, Inc.—Class A(a) | 6,452 | 236,788 | ||||||
ROBLOX Corp.—Class A(a) | 3,152 | 125,765 | ||||||
Snap, Inc.—Class A(a) | 6,355 | 70,032 | ||||||
Trade Desk, Inc.—Class A(a) | 6,797 | 580,668 | ||||||
Walt Disney Co. | 18,518 | 2,066,238 | ||||||
Warner Bros Discovery, Inc.(a) | 6,151 | 54,067 | ||||||
45,655,648 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences—6.1% | ||||||||
AbbVie, Inc. | 18,325 | 3,226,116 | ||||||
Amgen, Inc. | 3,336 | 913,497 | ||||||
Bristol-Myers Squibb Co. | 37,892 | 1,923,019 | ||||||
Danaher Corp. | 2,830 | 716,386 | ||||||
Eli Lilly & Co. | 10,644 | 8,022,171 | ||||||
Gilead Sciences, Inc. | 34,792 | 2,508,503 | ||||||
Illumina, Inc.(a) | 886 | 123,889 | ||||||
Johnson & Johnson | 39,127 | 6,314,315 | ||||||
Merck & Co., Inc. | 24,189 | 3,075,631 |
The accompanying notes are an integral part of these financial statements.
116
Table of Contents
ACTIVEPASSIVE U.S. EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Moderna, Inc.(a) | 3,186 | $ | 293,877 | |||||
Pfizer, Inc. | 56,688 | 1,505,633 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 1,785 | 1,724,471 | ||||||
Thermo Fisher Scientific, Inc. | 3,912 | 2,230,544 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 3,021 | 1,271,056 | ||||||
Zoetis, Inc. | 4,855 | 962,892 | ||||||
34,812,000 | ||||||||
Real Estate Management & Development—0.1% | ||||||||
CBRE Group, Inc.—Class A(a) | 3,397 | 312,150 | ||||||
Zillow Group, Inc.—Class C(a) | 6,134 | 344,424 | ||||||
656,574 | ||||||||
Semiconductors & Semiconductor Equipment—8.7% | ||||||||
Advanced Micro Devices, Inc.(a) | 17,831 | 3,433,002 | ||||||
Analog Devices, Inc. | 2,967 | 569,130 | ||||||
Applied Materials, Inc. | 18,512 | 3,732,389 | ||||||
Broadcom, Inc. | 6,545 | 8,511,707 | ||||||
First Solar, Inc.(a) | 885 | 136,193 | ||||||
Intel Corp. | 42,456 | 1,827,731 | ||||||
KLA Corp. | 1,082 | 738,249 | ||||||
Lam Research Corp. | 2,008 | 1,884,006 | ||||||
Marvell Technology, Inc. | 4,292 | 307,565 | ||||||
Microchip Technology, Inc. | 20,416 | 1,717,802 | ||||||
Micron Technology, Inc. | 5,029 | 455,678 | ||||||
NVIDIA Corp. | 28,618 | 22,640,272 | ||||||
ON Semiconductor Corp.(a) | 1,420 | 112,066 | ||||||
QUALCOMM, Inc. | 10,963 | 1,729,852 | ||||||
Skyworks Solutions, Inc. | 12,605 | 1,322,517 | ||||||
Texas Instruments, Inc. | 1,908 | 319,266 | ||||||
49,437,425 | ||||||||
Software & Services—11.7% | ||||||||
Accenture PLC—Class A | 14,839 | 5,561,361 | ||||||
Adobe, Inc.(a) | 7,933 | 4,444,701 | ||||||
Akamai Technologies, Inc.(a) | 2,783 | 308,690 | ||||||
Atlassian Corp.—Class A(a) | 1,617 | 335,398 | ||||||
Cloudflare, Inc.—Class A(a) | 5,243 | 516,645 | ||||||
Cognizant Technology Solutions Corp.—Class A | 5,401 | 426,787 | ||||||
Crowdstrike Holdings, Inc.—Class A(a) | 1,370 | 444,086 | ||||||
Datadog, Inc.—Class A(a) | 4,763 | 626,144 | ||||||
Fortinet, Inc.(a) | 2,214 | 153,010 | ||||||
Intuit, Inc. | 3,937 | 2,609,798 | ||||||
Microsoft Corp. | 87,867 | 36,345,307 | ||||||
Okta, Inc.(a) | 885 | 94,961 | ||||||
Oracle Corp. | 11,017 | 1,230,379 | ||||||
Palantir Technologies, Inc.—Class A(a) | 37,117 | 930,894 | ||||||
Palo Alto Networks, Inc.(a) | 2,382 | 739,730 | ||||||
Roper Technologies, Inc. | 4,986 | 2,716,024 | ||||||
Salesforce, Inc.(a) | 17,387 | 5,369,454 | ||||||
ServiceNow, Inc.(a) | 2,374 | 1,831,161 | ||||||
Snowflake, Inc.—Class A(a) | 3,665 | 690,046 | ||||||
Synopsys, Inc.(a) | 1,128 | 647,167 | ||||||
Twilio, Inc.—Class A(a) | 5,131 | 305,756 | ||||||
Workday, Inc.—Class A(a) | 886 | 261,069 |
The accompanying notes are an integral part of these financial statements.
117
Table of Contents
ACTIVEPASSIVE U.S. EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
Zscaler, Inc.(a) | 885 | $ | 214,143 | |||||
66,802,711 | ||||||||
Technology Hardware & Equipment—6.7% | ||||||||
Amphenol Corp.—Class A | 8,901 | 972,345 | ||||||
Apple, Inc. | 173,973 | 31,445,621 | ||||||
Arista Networks, Inc.(a) | 3,519 | 976,663 | ||||||
CDW Corp./DE | 897 | 220,850 | ||||||
Cisco Systems, Inc. | 79,871 | 3,863,360 | ||||||
Dell Technologies, Inc.—Class C | 3,691 | 349,390 | ||||||
Hewlett Packard Enterprise Co. | 46,179 | 703,306 | ||||||
38,531,535 | ||||||||
Telecommunication Services—0.9% | ||||||||
AT&T, Inc. | 59,518 | 1,007,640 | ||||||
T-Mobile US, Inc. | 9,788 | 1,598,380 | ||||||
Verizon Communications, Inc. | 65,490 | 2,620,910 | ||||||
5,226,930 | ||||||||
Transportation—1.6% | ||||||||
Delta Air Lines, Inc. | 13,320 | 563,036 | ||||||
Expeditors International of Washington, Inc. | 5,131 | 613,668 | ||||||
FedEx Corp. | 6,746 | 1,679,552 | ||||||
Old Dominion Freight Line, Inc. | 2,345 | 1,037,616 | ||||||
Uber Technologies, Inc.(a) | 23,793 | 1,891,544 | ||||||
Union Pacific Corp. | 7,542 | 1,913,329 | ||||||
United Airlines Holdings, Inc.(a) | 6,752 | 307,148 | ||||||
United Parcel Service, Inc.—Class B | 9,141 | 1,355,245 | ||||||
9,361,138 | ||||||||
Utilities—2.2% | ||||||||
AES Corp. | 12,200 | 185,440 | ||||||
Ameren Corp. | 14,900 | 1,060,731 | ||||||
CenterPoint Energy, Inc. | 36,854 | 1,013,485 | ||||||
Consolidated Edison, Inc. | 14,139 | 1,233,062 | ||||||
Constellation Energy Corp. | 1,600 | 269,520 | ||||||
Edison International | 5,131 | 349,011 | ||||||
Entergy Corp. | 1,278 | 129,806 | ||||||
Evergy, Inc. | 20,905 | 1,035,634 | ||||||
NextEra Energy, Inc. | 18,835 | 1,039,504 | ||||||
NiSource, Inc. | 57,417 | 1,496,287 | ||||||
PG&E Corp. | 64,061 | 1,069,178 | ||||||
PPL Corp. | 41,048 | 1,082,436 | ||||||
Public Service Enterprise Group, Inc. | 27,156 | 1,694,533 | ||||||
Vistra Corp. | 15,225 | 830,372 | ||||||
12,488,999 | ||||||||
TOTAL COMMON STOCKS (Cost $443,374,099) | 500,853,574 | |||||||
EXCHANGE TRADED FUNDS—9.3% | ||||||||
Dimensional US Small Cap ETF | 879,600 | 52,855,164 | ||||||
Vanguard Large-Cap ETF | 44 | 10,280 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $49,090,896) | 52,865,444 | |||||||
The accompanying notes are an integral part of these financial statements.
118
Table of Contents
ACTIVEPASSIVE U.S. EQUITY ETF | Schedule of Investments |
as of February 29, 2024 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS—2.5% | ||||||||
American Tower Corp. | 4,645 | $ | 923,705 | |||||
Equity Residential | 25,944 | 1,562,088 | ||||||
Essex Property Trust, Inc. | 903 | 208,954 | ||||||
Host Hotels & Resorts, Inc. | 86,374 | 1,791,397 | ||||||
Invitation Homes, Inc. | 2,994 | 102,006 | ||||||
Iron Mountain, Inc. | 12,461 | 979,933 | ||||||
Prologis, Inc. | 12,008 | 1,600,306 | ||||||
Regency Centers Corp. | 16,324 | 1,011,272 | ||||||
Simon Property Group, Inc. | 15,231 | 2,256,319 | ||||||
VICI Properties, Inc. | 54,463 | 1,630,078 | ||||||
Weyerhaeuser Co. | 43,265 | 1,487,451 | ||||||
WP Carey, Inc. | 5,267 | 296,690 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $13,170,502) | 13,850,199 | |||||||
SHORT-TERM INVESTMENTS—0.5% | ||||||||
Money Market Funds—0.5% | ||||||||
First American Government Obligations Fund—Class X, 5.25%(b) | 2,781,227 | 2,781,227 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,781,227) | 2,781,227 | |||||||
Total Investments—99.9% (Cost $508,416,724) | 570,350,444 | |||||||
Other Assets in Excess of Liabilities—0.1% | 585,880 | |||||||
TOTAL NET ASSETS—100.0% | $ | 570,936,324 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
NV | Naamloze Vennootschap | |
PLC | Public Limited Company |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The accompanying notes are an integral part of these financial statements.
119
Table of Contents
Envestnet Funds
February 29, 2024 (Unaudited)
The accompanying notes are an integral part of these financial statements.
120
Table of Contents
Envestnet Funds
For the Six Months Ended February 29, 2024 (Unaudited)
(1) | Net of $468,124 in foreign withholding tax and ADR issuance fees. |
The accompanying notes are an integral part of these financial statements.
121
Table of Contents
PMC Funds
The accompanying notes are an integral part of these financial statements.
122
Table of Contents
PMC Funds
Statements of Changes in Net Assets | ||||||||
Diversified Equity Fund | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Year Ended August 31, 2023 | |||||||
Operations: | ||||||||
Net investment income | $ | 6,229,641 | $ | 16,610,777 | ||||
Net realized gain on investments and foreign currency | 85,466,545 | 43,875,203 | ||||||
Net change in unrealized appreciation (depreciation) | (2,959,855 | ) | 62,550,691 | |||||
Net increase in net assets resulting from operations | 88,736,331 | 123,036,671 | ||||||
Dividends and distributions to shareholders: | ||||||||
Net dividends and distributions—Advisor Class | (5,993,263 | ) | (2,458,329 | ) | ||||
Net dividends and distributions—Institutional Class | (59,695,692 | ) | (21,858,127 | ) | ||||
Net decrease in net assets resulting from distributions paid | (65,688,955 | ) | (24,316,456 | ) | ||||
Fund share transactions: | ||||||||
Shares sold—Advisor Class | 1,221,986 | 4,071,696 | ||||||
Shares issued to holders in reinvestment of dividends—Advisor Class | 5,386,146 | 2,215,697 | ||||||
Shares redeemed—Advisor Class | (50,470,316 | ) | (34,595,745 | ) | ||||
Shares sold—Institutional Class | 34,077,903 | 95,220,105 | ||||||
Shares issued to holders in reinvestment of dividends—Institutional Class | 58,335,221 | 21,411,668 | ||||||
Shares redeemed—Institutional Class | (243,186,160 | ) | (247,585,292 | ) | ||||
Net decrease in net assets from share transactions | (194,635,220 | ) | (159,261,871 | ) | ||||
Net decrease in net assets | (171,587,844 | ) | (60,541,656 | ) | ||||
Net Assets: | ||||||||
Beginning of year/period | 870,967,407 | 931,509,063 | ||||||
End of year/period | $ | 699,379,563 | $ | 870,967,407 | ||||
Change in shares outstanding: | ||||||||
Shares sold—Advisor Class | 43,640 | 153,167 | ||||||
Shares issued to holders in reinvestment of dividends—Advisor Class | 192,225 | 86,315 | ||||||
Shares redeemed—Advisor Class | (1,764,871 | ) | (1,279,701 | ) | ||||
Shares sold—Institutional Class | 1,212,810 | 3,570,221 | ||||||
Shares issued to holders in reinvestment of dividends—Institutional Class | 2,093,119 | 838,030 | ||||||
Shares redeemed—Institutional Class | (8,593,314 | ) | (9,121,606 | ) | ||||
Net decrease | (6,816,391 | ) | (5,753,574 | ) | ||||
The accompanying notes are an integral part of these financial statements.
123
Table of Contents
ActivePassive ETFs
Statements of Changes in Net Assets | ||||||||
Core Bond ETF | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Operations: | ||||||||
Net investment income | $ | 3,163,303 | $ | 1,081,537 | ||||
Net realized loss on investments and foreign currency | (623,880 | ) | (243,469 | ) | ||||
Net change in unrealized depreciation | (881,848 | ) | (2,464,739 | ) | ||||
Net increase (decrease) in net assets resulting from operations | 1,657,575 | (1,626,671 | ) | |||||
Dividends and distributions to shareholders: | ||||||||
Net dividends and distributions | (2,725,706 | ) | (765,963 | ) | ||||
Net decrease in net assets resulting from distributions paid | (2,725,706 | ) | (765,963 | ) | ||||
Fund share transactions: | ||||||||
Shares sold | 150,734,060 | 102,315,967 | ||||||
Transaction fees (Note 7) | 150,735 | 9,514 | ||||||
Net increase in net assets from share transactions | 150,884,795 | 102,325,481 | ||||||
Net increase in net assets | 149,816,664 | 99,932,847 | ||||||
Net Assets: | ||||||||
Beginning of period | 99,932,847 | — | ||||||
End of period | $ | 249,749,511 | $ | 99,932,847 | ||||
Change in shares outstanding: | ||||||||
Shares sold | 5,100,000 | 3,425,000 | ||||||
Net increase | 5,100,000 | 3,425,000 | ||||||
(1) | The Fund commenced operations on May 2, 2023. |
The accompanying notes are an integral part of these financial statements.
124
Table of Contents
ActivePassive ETFs
Statements of Changes in Net Assets | ||||||||
Intermediate Municipal Bond ETF | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Operations: | ||||||||
Net investment income | $ | 470,020 | $ | 200,788 | ||||
Net realized loss on investments and foreign currency | (80,185 | ) | — | |||||
Net change in unrealized appreciation (depreciation) | 560,172 | (747,180 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 950,007 | (546,392 | ) | |||||
Dividends and distributions to shareholders: | ||||||||
Net dividends and distributions | (389,497 | ) | (148,881 | ) | ||||
Net decrease in net assets resulting from distributions paid | (389,497 | ) | (148,881 | ) | ||||
Fund share transactions: | ||||||||
Shares sold | 37,906,877 | 31,183,795 | ||||||
Transaction fees (Note _) | 37,907 | 1,841 | ||||||
Net increase in net assets from share transactions | 37,944,784 | 31,185,636 | ||||||
Net increase in net assets | 38,505,294 | 30,490,363 | ||||||
Net Assets: | ||||||||
Beginning of period | 30,490,363 | — | ||||||
End of period | $ | 68,995,657 | $ | 30,490,363 | ||||
Change in shares outstanding: | ||||||||
Shares sold | 1,525,000 | 1,250,000 | ||||||
Net increase | 1,525,000 | 1,250,000 | ||||||
(1) | The Fund commenced operations on May 2, 2023. |
The accompanying notes are an integral part of these financial statements.
125
Table of Contents
ActivePassive ETFs
Statements of Changes in Net Assets | ||||||||
International Equity ETF | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Operations: | ||||||||
Net investment income | $ | 822,013 | $ | 542,625 | ||||
Net realized loss on investments and foreign currency | (1,102,612 | ) | (328,864 | ) | ||||
Net change in unrealized appreciation | 14,445,207 | 417,135 | ||||||
Net increase in net assets resulting from operations | 14,164,608 | 630,896 | ||||||
Dividends and distributions to shareholders: | ||||||||
Net dividends and distributions | (1,177,040 | ) | — | |||||
Net decrease in net assets resulting from distributions paid | (1,177,040 | ) | — | |||||
Fund share transactions: | ||||||||
Shares sold | 169,693,097 | 76,391,493 | ||||||
Net increase in net assets from share transactions | 169,693,097 | 76,391,493 | ||||||
Net increase in net assets | 182,680,665 | 77,022,389 | ||||||
Net Assets: | ||||||||
Beginning of period | 77,022,389 | — | ||||||
End of period | $ | 259,703,054 | $ | 77,022,389 | ||||
Change in shares outstanding: | ||||||||
Shares sold | 6,450,000 | 3,050,000 | ||||||
Net increase | 6,450,000 | 3,050,000 | ||||||
(1) | The Fund commenced operations on May 2, 2023. |
The accompanying notes are an integral part of these financial statements.
126
Table of Contents
ActivePassive ETFs
Statements of Changes in Net Assets | ||||||||
U.S. Equity ETF | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Operations: | ||||||||
Net investment income | $ | 1,663,707 | $ | 727,620 | ||||
Net realized loss on investments and foreign currency | (672,948 | ) | (396,031 | ) | ||||
Net change in unrealized appreciation | 46,414,427 | 15,519,293 | ||||||
Net increase in net assets resulting from operations | 47,405,186 | 15,850,882 | ||||||
Dividends and distributions to shareholders: | ||||||||
Net dividends and distributions | (1,586,453 | ) | — | |||||
Net decrease in net assets resulting from distributions paid | (1,586,453 | ) | — | |||||
Fund share transactions: | ||||||||
Shares sold | 345,503,640 | 164,429,552 | ||||||
Shares redeemed | (666,483 | ) | — | |||||
Net increase in net assets from share transactions | 344,837,157 | 164,429,552 | ||||||
Net increase in net assets | 390,655,890 | 180,280,434 | ||||||
Net Assets: | ||||||||
Beginning of period | 180,280,434 | — | ||||||
End of period | $ | 570,936,324 | $ | 180,280,434 | ||||
Change in shares outstanding: | ||||||||
Shares sold | 11,775,000 | 6,575,000 | ||||||
Shares redeemed | (25,000 | ) | — | |||||
Net increase | 11,750,000 | 6,575,000 | ||||||
(1) | The Fund commenced operations on May 2, 2023. |
The accompanying notes are an integral part of these financial statements.
127
Table of Contents
PMC Core Fixed Income Fund—Advisor Class
(1) | Per share net investment income was calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Annualized for periods less than one year. |
(4) | Reflects expense cap of 0.75% (plus Rule 12b-1 fees of 0.25%). |
(5) | Effective January 26, 2021, the expense limitation cap was reduced from 0.75% to 0.60% (plus Rule 12b-1 fees of 0.25%). |
(6) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(7) | Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
128
Table of Contents
PMC Core Fixed Income Fund—Institutional Class
Financial Highlights | ||||||||||||||||||||||||
Per Share Data for a Share Outstanding Throughout Each Year/Period | ||||||||||||||||||||||||
Six Months Ended February 29, 2024 (Unaudited) | Year Ended August 31, 2023 | 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 | $ | 14.63 | $ | 15.11 | $ | 17.67 | $ | 18.47 | $ | 17.66 | $ | 17.23 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(2) | 0.28 | 0.47 | 0.29 | 0.30 | 0.39 | 0.07 | ||||||||||||||||||
Net realized and unrealized gain (loss)(6) | 0.19 | (0.57 | ) | (2.35 | ) | 0.02 | 0.92 | 0.36 | ||||||||||||||||
Total from investment operations | 0.47 | (0.10 | ) | (2.06 | ) | 0.32 | 1.31 | 0.43 | ||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
Dividends from net investment income | (0.56 | ) | (0.38 | ) | (0.28 | ) | (0.41 | ) | (0.48 | ) | — | |||||||||||||
Distributions from net realized gains | — | — | (0.22 | ) | (0.71 | ) | (0.02 | ) | — | |||||||||||||||
Total distributions paid | (0.56 | ) | (0.38 | ) | (0.50 | ) | (1.12 | ) | (0.50 | ) | — | |||||||||||||
Net asset value, end of year/period | $ | 14.54 | $ | 14.63 | $ | 15.11 | $ | 17.67 | $ | 18.47 | $ | 17.66 | ||||||||||||
Total return(3) | 3.18 | % | -0.67 | % | -11.95 | % | 1.77 | % | 7.65 | % | 2.50 | % | ||||||||||||
Ratios / supplemental data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s) | $ | 269,280 | $ | 342,093 | $ | 383,481 | $ | 417,548 | $ | 284,610 | $ | 1 | ||||||||||||
Ratio of expenses to average net assets before waiver and reimbursements(4) | 0.91 | % | 0.91 | % | 0.88 | % | 0.96 | % | 1.06 | % | 0.75 | % | ||||||||||||
Ratio of expenses to average net assets after waiver and reimbursements(4) | 0.60 | % | 0.60 | % | 0.60 | % | 0.66 | %(5) | 0.75 | % | 0.75 | % | ||||||||||||
Ratio of net investment income to average net assets before waiver and reimbursements(4) | 3.59 | % | 2.90 | % | 1.49 | % | 1.42 | % | 1.87 | % | 2.33 | % | ||||||||||||
Ratio of net investment income to average net assets after waiver and reimbursements(4) | 3.90 | % | 3.21 | % | 1.77 | % | 1.72 | % | 2.18 | % | 2.33 | % | ||||||||||||
Portfolio turnover rate(3)(7) | 68.6 | % | 195.1 | % | 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%. |
(6) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(7) | Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
129
Table of Contents
PMC Diversified Equity Fund—Advisor Class
Financial Highlights | ||||||||||||||||||||||||
Per Share Data for a Share Outstanding Throughout Each Year/Period | ||||||||||||||||||||||||
Six Months Ended February 29, 2024 (Unaudited) | Year Ended August 31, 2023 | Year Ended August 31, 2022 | Year Ended August 31, 2021 | Year Ended August 31, 2020 | Year Ended August 31, 2019 | |||||||||||||||||||
Net asset value, beginning of year/period | $ | 28.72 | $ | 25.83 | $ | 33.27 | $ | 25.61 | $ | 23.77 | $ | 28.40 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.19 | 0.42 | 0.43 | 0.32 | 0.29 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain(loss)(5) | 3.02 | 3.10 | (5.10 | ) | 7.61 | 1.86 | (2.21 | ) | ||||||||||||||||
Total from investment operations | 3.21 | 3.52 | (4.67 | ) | 7.93 | 2.15 | (1.87 | ) | ||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
Dividends from net investment income | (0.81 | ) | (0.29 | ) | (0.53 | ) | (0.27 | ) | (0.31 | ) | (0.17 | ) | ||||||||||||
Distributions from net realized gains | (1.34 | ) | (0.34 | ) | (2.24 | ) | — | — | (2.59 | ) | ||||||||||||||
Total distributions paid | (2.15 | ) | (0.63 | ) | (2.77 | ) | (0.27 | ) | (0.31 | ) | (2.76 | ) | ||||||||||||
Net asset value, end of year/period | $ | 29.78 | $ | 28.72 | $ | 25.83 | $ | 33.27 | $ | 25.61 | $ | 23.77 | ||||||||||||
Total return(2) | 11.66 | % | 13.94 | % | -15.34 | % | 31.20 | % | 9.01 | % | -5.54 | % | ||||||||||||
Ratios / supplemental data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s) | $ | 46,836 | $ | 89,079 | $ | 107,004 | $ | 154,671 | $ | 235,018 | $ | 818,269 | ||||||||||||
Ratio of expenses to average net assets before waiver and reimbursements(3) | 0.95 | % | 0.94 | % | 0.93 | % | 0.93 | % | 0.95 | % | 0.94 | % | ||||||||||||
Ratio of expenses to average net assets after waiver and reimbursements(3) | 0.95 | % | 0.94 | % | 0.93 | % | 0.97 | %(4) | 0.98 | %(4) | 0.98 | %(4) | ||||||||||||
Ratio of net investment income to average net assets before waiver and reimbursements(3) | 1.35 | % | 1.57 | % | 1.46 | % | 1.14 | % | 1.21 | % | 1.42 | % | ||||||||||||
Ratio of net investment income to average net assets after waiver and reimbursements(3) | 1.35 | % | 1.57 | % | 1.46 | % | 1.10 | % | 1.18 | % | 1.38 | % | ||||||||||||
Portfolio turnover rate(2)(6) | 47.0 | % | 100.6 | % | 59.6 | % | 72.3 | % | 55.1 | % | 111.4 | % |
(1) | Per share net investment income was calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Annualized for periods less than one year. |
(4) | Reflects expense cap of 0.73% (plus Rule 12b-1 fees of 0.25%). |
(5) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(6) | Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
130
Table of Contents
PMC Diversified Equity Fund—Institutional Class
Financial Highlights | ||||||||||||||||||||||||
Per Share Data for a Share Outstanding Throughout Each Year/Period | ||||||||||||||||||||||||
Six Months Ended February 29, 2024 (Unaudited) | Year Ended August 31, 2023 | 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 | $ | 28.63 | $ | 25.75 | $ | 33.22 | $ | 25.59 | $ | 23.78 | $ | 24.69 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(2) | 0.22 | 0.49 | 0.51 | 0.42 | 0.39 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain(loss)(5) | 3.02 | 3.08 | (5.09 | ) | 7.58 | 1.84 | (0.97 | ) | ||||||||||||||||
Total from investment operations | 3.24 | 3.57 | (4.58 | ) | 8.00 | 2.23 | (0.91 | ) | ||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
Dividends from net investment income | (0.89 | ) | (0.35 | ) | (0.65 | ) | (0.37 | ) | (0.42 | ) | — | |||||||||||||
Distributions from net realized gains | (1.34 | ) | (0.34 | ) | (2.24 | ) | — | — | — | |||||||||||||||
Total distributions paid | (2.23 | ) | (0.69 | ) | (2.89 | ) | (0.37 | ) | (0.42 | ) | — | |||||||||||||
Net asset value, end of year/period | $ | 29.64 | $ | 28.63 | $ | 25.75 | $ | 33.22 | $ | 25.59 | $ | 23.78 | ||||||||||||
Total return(3) | 11.84 | % | 14.19 | % | -15.13 | % | 31.56 | % | 9.36 | % | -3.69 | % | ||||||||||||
Ratios / supplemental data | ||||||||||||||||||||||||
Net assets, end of year/period (000’s) | $ | 652,544 | $ | 781,888 | $ | 824,505 | $ | 948,092 | $ | 664,055 | $ | 1 | ||||||||||||
Ratio of expenses to average net | 0.70 | % | 0.69 | % | 0.68 | % | 0.68 | % | 0.71 | % | 0.73 | % | ||||||||||||
Ratio of net investment income to average net assets(4) | 1.58 | % | 1.83 | % | 1.73 | % | 1.43 | % | 1.64 | % | 1.42 | % | ||||||||||||
Portfolio turnover rate(3)(6) | 47.0 | % | 100.6 | % | 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. |
(5) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(6) | Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
131
Table of Contents
ActivePassive Core Bond ETF
Financial Highlights | ||||||||
Per Share Data for a Share Outstanding Throughout Each Period | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Net asset value, beginning of period | $ | 29.18 | $ | 30.00 | ||||
Income from investment operations: | ||||||||
Net investment income(2) | 0.63 | 0.35 | ||||||
Net realized and unrealized gain (loss)(5) | 0.06 | (0.93 | ) | |||||
Total from investment operations | 0.69 | (0.58 | ) | |||||
Less distributions paid: | ||||||||
Dividends from net investment income | (0.57 | ) | (0.24 | ) | ||||
Total distributions paid | (0.57 | ) | (0.24 | ) | ||||
Net asset value, end of period | $ | 29.30 | $ | 29.18 | ||||
Total return(3)(6) | 2.40 | % | -1.96 | % | ||||
Ratios / supplemental data | ||||||||
Net assets, end of period (000’s) | $ | 249,750 | $ | 99,933 | ||||
Ratio of expenses to average net assets(4) | 0.35 | % | 0.35 | % | ||||
Ratio of net investment income to average net assets(4) | 4.35 | % | 3.58 | % | ||||
Portfolio turnover rate(3) | 57.4 | % | 12.7 | % |
(1) | Fund commenced operations on May 2, 2023. |
(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) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(6) | Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 2.39% for the six months ended February 29, 2024 and -1.80% for the period ended August 31, 2023. |
The accompanying notes are an integral part of these financial statements.
132
Table of Contents
ActivePassive Intermediate Municipal Bond ETF
Financial Highlights | ||||||||
Per Share Data for a Share Outstanding Throughout Each Period | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Net asset value, beginning of period | $ | 24.39 | $ | 25.00 | ||||
Income from investment operations: | ||||||||
Net investment income(2) | 0.27 | 0.17 | ||||||
Net realized and unrealized gain (loss)(5) | 0.45 | (0.66 | ) | |||||
Total from investment operations | 0.72 | (0.49 | ) | |||||
Less distributions paid: | ||||||||
Dividends from net investment income | (0.25 | ) | (0.12 | ) | ||||
Total distributions paid | (0.25 | ) | (0.12 | ) | ||||
Net asset value, end of period | $ | 24.86 | $ | 24.39 | ||||
Total return(3)(6) | 2.96 | % | -1.94 | % | ||||
Ratios / supplemental data | ||||||||
Net assets, end of period (000’s) | $ | 68,996 | $ | 30,490 | ||||
Ratio of expenses to average net assets(4) | 0.35 | % | 0.35 | % | ||||
Ratio of net investment income to average net assets(4) | 2.21 | % | 2.14 | % | ||||
Portfolio turnover rate(3) | 49.9 | % | 0.0 | % |
(1) | Fund commenced operations on May 2, 2023. |
(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) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(6) | Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 3.36% for the six months ended February 29, 2024 and -1.93% for the period ended August 31, 2023. |
The accompanying notes are an integral part of these financial statements.
133
Table of Contents
ActivePassive International Equity ETF
Financial Highlights | ||||||||
Per Share Data for a Share Outstanding Throughout Each Period | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Net asset value, beginning of period | $ | 25.25 | $ | 24.73 | ||||
Income from investment operations: | ||||||||
Net investment income(2) | 0.16 | 0.20 | ||||||
Net realized and unrealized gain (loss)(5) | 2.10 | 0.32 | ||||||
Total from investment operations | 2.26 | 0.52 | ||||||
Less distributions paid: | ||||||||
Dividends from net investment income | (0.17 | ) | — | |||||
Total distributions paid | (0.17 | ) | — | |||||
Net asset value, end of period | $ | 27.34 | $ | 25.25 | ||||
Total return(3)(6) | 8.93 | % | 2.12 | % | ||||
Ratios / supplemental data | ||||||||
Net assets, end of period (000’s) | $ | 259,703 | $ | 77,022 | ||||
Ratio of expenses to average net assets(4) | 0.45 | % | 0.45 | % | ||||
Ratio of net investment income to average net assets(4) | 1.26 | % | 2.39 | % | ||||
Portfolio turnover rate(3) | 22.6 | % | 15.1 | % |
(1) | Fund commenced operations on May 2, 2023. |
(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) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(6) | Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 9.06% for the six months ended February 29, 2024 and 2.16% for the period ended August 31, 2023. |
The accompanying notes are an integral part of these financial statements.
134
Table of Contents
ActivePassive U.S. Equity ETF
Financial Highlights | ||||||||
Per Share Data for a Share Outstanding Throughout Each Period | ||||||||
Six Months Ended February 29, 2024 (Unaudited) | Period Ended August 31, 2023(1) | |||||||
Net asset value, beginning of period | $ | 27.42 | $ | 24.75 | ||||
Income from investment operations: | ||||||||
Net investment income(2) | 0.16 | 0.12 | ||||||
Net realized and unrealized gain (loss)(5) | 3.70 | 2.55 | ||||||
Total from investment operations | 3.86 | 2.67 | ||||||
Less distributions paid: | ||||||||
Dividends from net investment income | (0.12 | ) | — | |||||
Total distributions paid | (0.12 | ) | — | |||||
Net asset value, end of period | $ | 31.16 | $ | 27.42 | ||||
Total return(3)(6) | 14.09 | % | 10.78 | % | ||||
Ratios / supplemental data | ||||||||
Net assets, end of period (000’s) | $ | 180,280 | $ | 180,280 | ||||
Ratio of expenses to average net assets(4) | 0.30 | % | 0.30 | % | ||||
Ratio of net investment income to average net assets(4) | 1.15 | % | 1.39 | % | ||||
Portfolio turnover rate(3) | 14.8 | % | 8.9 | % |
(1) | Fund commenced operations on May 2, 2023. |
(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) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(6) | Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 14.12% for the six months ended February 29, 2024 and 10.95% for the period ended August 31, 2023. |
The accompanying notes are an integral part of these financial statements.
135
Table of Contents
ENVESTNET FUNDS
February 29, 2024 (Unaudited)
(1) | Organization |
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each of the PMC Funds and the ActivePassive ETFs (each, a “Fund” and together, the “Funds”) represents a distinct series with its own investment objective and policies within the Trust. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value.
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 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 PMC Fund’s investment adviser. Neuberger Berman Investment Advisers LLC serves as the Core Fixed Income Fund’s sub-adviser.
The investment objective of the ActivePassive Core Bond ETF (“Core Bond ETF”) is to provide current income consistent with low volatility of principal. The investment objective of the ActivePassive Intermediate Municipal Bond ETF (“Intermediate Municipal Bond ETF”) is to provide current income that is exempt from federal income taxes consistent with low volatility of principal. The investment objective of each of the ActivePassive International Equity ETF (“International Equity ETF”) and the ActivePassive U.S. Equity ETF (“U.S. Equity ETF”) is to provide long-term capital appreciation. The ActivePassive ETFs commenced operations on May 2, 2023. Envestnet Asset Management, Inc. (the “Adviser”) serves as the ActivePassive ETFs’ investment adviser. Neuberger Berman Investment Advisers LLC and Sage Advisory Services, Ltd Co. serve as the Core Bond ETF’s sub-advisers. GW&K Investment Management, LLC serves as the Intermediate Municipal Bond ETF’s sub-adviser. AllianceBernstein L.P. and Causeway Capital Management LLC serve as the International Equity ETF’s sub-advisers.
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards 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.
136
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
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. Odd lots may trade at lower prices than institutional round lots.
Redeemable securities issued by open-end, registered investment companies, including money market funds, 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.
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 in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser’s fair value pricing procedures, subject to oversight 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 Adviser 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.
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). |
137
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 29, 2024:
Core Fixed Income Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income Securities | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 33,197,672 | $ | 901,955 | $ | 34,099,627 | ||||||||
Corporate Bonds* | — | 102,207,389 | — | 102,207,389 | ||||||||||||
Foreign Corporate Bonds* | — | 12,799,397 | — | 12,799,397 | ||||||||||||
Foreign Government Agency Issues | — | 4,537,193 | — | 4,537,193 | ||||||||||||
Foreign Government Notes/Bonds | — | 4,029,693 | — | 4,029,693 | ||||||||||||
Non-Agency Commercial Mortgage Backed Securities | — | 17,115,576 | 765,124 | 17,880,700 | ||||||||||||
Agency Commercial Mortgage Backed Securities | — | 90,805,756 | — | 90,805,756 | ||||||||||||
U.S. Government Agency Issues | — | 300,626 | — | 300,626 | ||||||||||||
U.S. Treasury Obligations | — | 16,826,643 | — | 16,826,643 | ||||||||||||
Total Fixed Income Securities | — | 281,819,945 | 1,667,079 | 283,487,024 | ||||||||||||
Exchange-Traded Funds | 4,257,505 | — | — | 4,257,505 | ||||||||||||
Investments Purchased with Collateral from Securities Lending(a) | — | — | — | 24,644,555 | ||||||||||||
Money Market Funds | 2,241,861 | — | — | 2,241,861 | ||||||||||||
Total Investments in Securities | $ | 6,499,366 | $ | 281,819,945 | $ | 1,667,079 | $ | 314,630,945 | ||||||||
* | For further breakdown by industry, please refer to the Schedule of Investments. |
(a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |
^ | The Fund measures Level 3 activity as of the end of each financial reporting period. |
As of February 29, 2024, 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 six months ended February 29, 2024 is not presented.
138
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
Diversified Equity Fund
Level 1 | Level 2 | Level 3^ | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 512,262,807 | $ | 5,690,666 | $ | 5,319 | $ | 517,958,792 | ||||||||
Preferred Stocks* | 1,282,787 | — | 0 | 1,282,787 | ||||||||||||
Exchange-Traded Funds | 154,519,769 | — | — | 154,519,769 | ||||||||||||
Real Estate Investment Trusts* | 13,647,613 | — | — | 13,647,613 | ||||||||||||
Total Equity | 681,712,976 | 5,690,666 | 5,319 | 687,408,961 | ||||||||||||
Investments Purchased with Collateral from Securities Lending(a) | — | — | — | 133,128,314 | ||||||||||||
Money Market Funds | 12,153,980 | — | — | 12,153,980 | ||||||||||||
Total Investments in Securities | $ | 693,866,956 | $ | 5,690,666 | $ | 5,319 | $ | 832,691,255 | ||||||||
* | For further breakdown by industry, please refer to the Schedule of Investments. |
(a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |
^ | The Fund measures Level 3 activity as of the end of each financial reporting period. |
As of February 29, 2024, 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 six months ended February 29, 2024 is not presented.
ActivePassive Core Bond ETF
Level 1 | Level 2 | Level 3^ | Total | |||||||||||||
Fixed Income Securities | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 4,288,767 | $ | 145,760 | $ | 4,434,527 | ||||||||
Corporate Bonds* | — | 50,674,218 | — | 50,674,218 | ||||||||||||
Foreign Corporate Bonds* | — | 10,954,863 | — | 10,954,863 | ||||||||||||
Foreign Government Agency Issues | — | 1,768,105 | — | 1,768,105 | ||||||||||||
Foreign Government Notes/Bonds | — | 1,217,224 | — | 1,217,224 | ||||||||||||
Non-Agency Commercial Mortgage Backed Securities | — | 2,975,944 | — | 2,975,944 | ||||||||||||
Agency Commerical Mortgage Backed Securities | — | 22,262,760 | — | 22,262,760 | ||||||||||||
U.S. Treasury Obligations | — | 78,619,260 | — | 78,619,260 | ||||||||||||
U.S. Government Agency Issues | — | 762,660 | — | 762,660 | ||||||||||||
U.S. Treasury Bills | — | 479,579 | — | 479,579 | ||||||||||||
Total Fixed Income Securities | — | 174,003,380 | 145,760 | 174,149,140 | ||||||||||||
Exchange-Traded Funds | 73,634,230 | — | — | 73,634,230 | ||||||||||||
Money Market Funds | 1,719,820 | — | — | 1,719,820 | ||||||||||||
Total Investments in Securities | $ | 75,354,050 | $ | 174,003,380 | $ | 145,760 | $ | 249,503,190 | ||||||||
* | 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 February 29, 2024, 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 six months ended February 29, 2024 is not presented.
139
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
ActivePassive Intermediate Municipal Bond ETF
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 59,822,523 | $ | — | $ | 59,822,523 | ||||||||
Total Fixed Income Securities | — | 59,822,523 | — | 59,822,523 | ||||||||||||
Exchange-Traded Funds | 8,104,336 | — | — | 8,104,336 | ||||||||||||
Money Market Funds | 3,113,051 | — | — | 3,113,051 | ||||||||||||
Total Investments in Securities | $ | 11,217,387 | $ | 59,822,523 | $ | — | $ | 71,039,910 | ||||||||
The Fund did not hold any Level 3 securities during the six months ended February 29, 2024.
ActivePassive International Equity ETF
Level 1 | Level 2 | Level 3^ | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 254,186,888 | $ | 386,086 | $ | 3,516 | $ | 254,576,490 | ||||||||
Preferred Stocks* | 2,714,560 | — | — | 2,714,560 | ||||||||||||
Exchange-Traded Funds | 2,752 | — | — | 2,752 | ||||||||||||
Total Equity | 256,904,200 | 386,086 | 3,516 | 257,293,802 | ||||||||||||
Money Market Funds | 2,148,863 | — | — | 2,148,863 | ||||||||||||
Total Investments in Securities | $ | 259,053,063 | $ | 386,086 | $ | 3,516 | $ | 259,442,665 | ||||||||
* | 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 February 29, 2024, 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 six months ended February 29, 2024 is not presented.
ActivePassive U.S. Equity ETF
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 500,853,574 | $ | — | $ | — | $ | 500,853,574 | ||||||||
Exchange-Traded Funds | 52,865,444 | — | — | 52,865,444 | ||||||||||||
Real Estate Investment Trusts* | 13,850,199 | — | — | 13,850,199 | ||||||||||||
Total Equity | 567,569,217 | — | — | 567,569,217 | ||||||||||||
Money Market Funds | 2,781,227 | — | — | 2,781,227 | ||||||||||||
Total Investments in Securities | $ | 570,350,444 | $ | — | $ | — | $ | 570,350,444 | ||||||||
* | For further breakdown by industry, please refer to the Schedule of Investments. |
The Fund did not hold any Level 3 securities during the six months ended February 29, 2024.
140
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
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 six months ended February 29, 2024.
(b) | Foreign Securities and Currency |
Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The Funds isolate the portion of the results of operations from changes in foreign exchange rates on investments from those resulting from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.
Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds’ investments in certain foreign countries. Since foreign securities normally 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
141
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
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 six months ended February 29, 2024.
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, Core Bond ETF and International Equity ETF 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, a Fund might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain from an increase in the value of the currency. When entering into a forward foreign currency contract, a 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. A 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 a 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 Funds did not enter into any forward foreign currency contracts during the six months ended February 29, 2024.
(e) | Options |
The Core Fixed Income Fund and each ActivePassive ETF 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 a Fund to minimal counterparty credit risk since they are exchange traded and the exchange’s clearing house guarantees the options against default. A Fund may also purchase put options to provide protection against adverse price effects from anticipated changes in prices of securities. In addition, a Fund may enter into written put options to hedge against changes in the value of purchased put options.
A Fund may purchase and write call and put options on securities and indices and enter into related closing transactions.
When a 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 a 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,
142
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
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 a 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. A 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, a 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. The Fund did not enter into any options contracts during the six months ended February 29, 2024.
(f) | Security Loans |
When the PMC Funds loan securities held in their portfolios, the PMC 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 PMC Funds. The PMC Funds have the right under the lending agreement to recover the securities from the borrower on demand. See Note 11 for additional information.
(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.
As of and during the six months ended February 29, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the six months ended February 29, 2024, the Funds did not incur any interest or penalties. The PMC Funds are not subject to examination by U.S. taxing authorities for the tax periods prior to the year ended August 31, 2019.
(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.
143
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
(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 PMC 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. Discounts, premiums and interest-only strips are accreted or amoritzed over the expected life of the respective securities using the constant yield method. Gains and losses on principal payments and short-falls of mortgage backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statements of Operations.
(m) | LIBOR Transition |
Certain instruments in which the Funds may invest previously relied in some fashion upon the London Interbank Offered Rate (LIBOR). As of June 30, 2023, the ICE Benchmark Administration (“IBA”), as LIBOR administrator, ceased publication of U.S. dollar (“USD”) LIBOR for the most common tenors (overnight and one, three, six and twelve months), and as of December 31, 2021, the IBA had ceased publication of USD LIBOR for the less commonly used tenors of one week and two months as well as all tenors of non-USD LIBOR. Until September 30, 2024, the IBA will continue to publish the one-month, three-month and six-month USD LIBOR tenors using a synthetic methodology that is permanently unrepresentative of the underlying markets such tenors previously sought to measure. The U.S. Congress passed the Adjustable Interest Rate (LIBOR) Act on March 15, 2022. The LIBOR Act replaces references to LIBOR for U.S. contracts that did not mature before June 30, 2023 with benchmark replacements based on the Secured Overnight Financing Rate (“SOFR”). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities and is published daily by the Federal Reserve Bank of New York. The benchmark replacement rate may not have the same value or economic equivalence as LIBOR. The transition from LIBOR could have a significant impact on the financial markets, including increased volatility and illiquidity in markets for instruments that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments. The transition to an alternative interest rate may not be orderly, may occur over various time periods or may have unintended consequences.
144
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
(3) | Federal Tax Matters |
The tax character of distributions paid to shareholders were as follows:
PMC Core Fixed Income Fund | Ordinary Income | Tax Exempt Income | Long-Term Capital Gains | |||||||||
Year Ended August 31, 2023 | $ | 10,484,355 | $ | — | $ | — | ||||||
Year Ended August 31, 2022 | $ | 9,240,233 | $ | — | $ | 4,677,382 | ||||||
PMC Diversified Equity Fund | Ordinary Income | Tax Exempt Income | Long-Term Capital Gains | |||||||||
Year Ended August 31, 2023 | $ | 12,064,740 | $ | — | $ | 12,251,716 | ||||||
Year Ended August 31, 2022 | $ | 21,468,568 | $ | — | $ | 74,998,483 | ||||||
ActivePassive Core Bond ETF | Ordinary Income | Tax Exempt Income | Long-Term Capital Gains | |||||||||
Period Ended August 31, 2023 | $ | 765,963 | $ | — | $ | — | ||||||
ActivePassive Intermediate Municipal Bond ETF | Ordinary Income | Tax Exempt Income | Long-Term Capital Gains | |||||||||
Period Ended August 31, 2023 | $ | 22,927 | $ | 125,954 | $ | — | ||||||
ActivePassive International Equity ETF | Ordinary Income | Tax Exempt Income | Long-Term Capital Gains | |||||||||
Period Ended August 31, 2023 | $ | — | $ | — | $ | — | ||||||
ActivePassive U.S. Equity ETF | Ordinary Income | Tax Exempt Income | Long-Term Capital Gains | |||||||||
Period Ended August 31, 2023 | $ | — | $ | — | $ | — |
145
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
As of August 31, 2023, the components of distributable earnings (deficit) for income tax purposes were as follows:
PMC Core Fixed Income Fund | PMC Diversified Equity Fund | ActivePassive Core Bond ETF | ActivePassive Intermediate Municipal Bond ETF | ActivePassive International Equity ETF | ActivePassive U.S. Equity ETF | |||||||||||||||||||
Cost basis of investments for federal income tax purposes | $ | 454,634,959 | $ | 932,776,465 | $ | 101,985,505 | $ | 30,945,397 | $ | 76,580,220 | $ | 164,661,425 | ||||||||||||
Gross tax unrealized appreciation | $ | 1,070,075 | $ | 159,617,200 | $ | 75,527 | $ | 1 | $ | 3,610,822 | $ | 17,938,243 | ||||||||||||
Gross tax unrealized depreciation | (30,157,036 | ) | (23,258,637 | ) | (2,576,403 | ) | (747,181 | ) | (3,405,368 | ) | (2,528,480 | ) | ||||||||||||
Net tax unrealized appreciation | $ | (29,086,961 | ) | $ | 136,358,563 | $ | (2,500,876 | ) | $ | (747,180 | ) | $ | 205,454 | $ | 15,409,763 | |||||||||
Undistributed ordinary income | $ | 8,804,784 | $ | 19,859,389 | $ | 316,066 | $ | 51,907 | $ | 671,642 | $ | 727,620 | ||||||||||||
Undistributed long-term capital gain | — | 33,051,364 | — | — | — | — | ||||||||||||||||||
Total distributable earnings | $ | 8,804,784 | $ | 52,910,753 | $ | 316,066 | $ | 51,907 | $ | 671,642 | $ | 727,620 | ||||||||||||
Other accumulated loss | (43,758,088 | ) | — | (207,824 | ) | — | (246,200 | ) | (286,501 | ) | ||||||||||||||
Total accumulated earnings | $ | (64,040,265 | ) | $ | 189,269,316 | $ | (2,392,634 | ) | $ | (695,273 | ) | $ | 630,896 | $ | 15,850,882 | |||||||||
The difference between book-basis and tax-basis cost is attributable primarily to the tax deferral of losses on wash sale adjustments and PFIC mark-to-market adjustments.
At August 31, 2023, the Funds had capital loss carryovers as follows:
Short-Term | Long-Term | |||||||
PMC Core Fixed Income Fund | $ | (20,029,413 | ) | $ | (23,728,675 | ) | ||
PMC Diversified Equity Fund | — | — | ||||||
ActivePassive Core Bond ETF | (207,824 | ) | — | |||||
ActivePassive Intermediate Municipal Bond ETF | — | — | ||||||
ActivePassive International Equity ETF | (246,200 | ) | — | |||||
ActivePassive U.S. Equity ETF | (286,501 | ) | — |
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
146
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
asset value per share. For the year ended August 31, 2023, the following reclassifications were made for permanent tax differences due to equalization on the Statements of Assets and Liabilities:
PMC Core Fixed Income Fund | PMC Diversified Equity Fund | ActivePassive Core Bond ETF | ActivePassive Intermediate Municipal Bond ETF | ActivePassive International Equity ETF | ActivePassive U.S. Equity ETF | |||||||||||||||||||
Total distributable earnings | $ | — | $ | (8,175,223 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Paid-in capital | $ | — | $ | 8,175,223 | $ | — | $ | — | $ | — | $ | — |
The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of August 31, 2023. Also, the Funds recognized no interest and penalties related to uncertain tax benefits in fiscal year 2023. At August 31, 2023, the fiscal years 2020 through 2023 remain open to examination in the Funds’ major tax jurisdictions.
(4) | Investment Adviser |
The Trust has entered into an Investment Advisory Agreement (the “Agreement”), on behalf of the PMC Funds, with the Adviser to furnish investment advisory services to the PMC Funds. Under terms of the Agreement, the Trust, on behalf of the PMC 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 $2,500,000,000 or less; 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 each PMC Fund at least through December 29, 2024 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connections with any merger or reorganizations, dividends or interest on short positions, acquired fund fees and expenses, or extraordinary expenses such as litigation) do not exceed 0.60% 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, 2024 | $ | 624,268 | $ | — | ||||
August 31, 2025 | $ | 1,309,991 | $ | — | ||||
August 31, 2026 | $ | 1,216,182 | $ | — | ||||
February 28, 2027 | $ | 541,217 | $ | — |
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.
147
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
In addition, the Trust, on behalf of the ActivePassive ETFs (“ETFs”), has entered into an investment advisory agreement (the “ETF Agreement”) with the Adviser to furnish investment advisory services to the ETFs. Pursuant to the ETF Agreement, the Core Bond ETF, Intermediate Municipal Bond ETF, International Equity ETF and U.S. Equity ETF pay a unitary management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.35%, 0.35%, 0.45% and 0.30%, respectively, of the ETF’s average daily net assets. Pursuant to the ETF Agreement, the Adviser has agreed to pay all expenses of the ETFs except the unitary management fee paid to the Adviser under the ETF Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the ETFs under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.
Sub-advisory services are provided to the ETFs, pursuant to agreements between the Adviser and the below listed sub-advisers. Under the terms of these sub-advisory agreements, the Adviser compensates the subadvisers based on each ETF’s average daily net assets.
ActivePassive Core Bond ETF
Neuberger Berman Investment Advisers LLC
Sage Advisory Services, Ltd Co.
ActivePassive Intermediate Municipal Bond ETF
GW&K Investment Management, LLC
ActivePassive International Equity ETF
AllianceBernstein L.P.
Causeway Capital Management LLC
(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 PMC Funds, which authorizes the Trust to pay Foreside Fund Services, LLC (the “Distributor”), the Funds’ principal distributor, a distribution fee of 0.25% of each Fund’s average daily net assets of Advisor Class shares. During the six months ended February 29, 2024, the PMC Funds incurred fees pursuant to the 12b-1 Plan as follows:
Core Fixed Income Fund | $ | 38,039 | ||
Diversified Equity Fund | $ | 97,203 |
(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 agreement with the PMC Funds and a separate agreement with the ActivePassive ETFs. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. Fees incurred by the PMC Funds for the six months ended February 29, 2024, and owed as of February 29, 2024, are as follows:
Incurred | Owed | |||||||
Core Fixed Income Fund | $ | 94,631 | $ | 49,959 | ||||
Diversified Equity Fund | $ | 205,435 | $ | 76,409 |
148
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
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 six months ended February 29, 2024, and owed as of February 29, 2024 are as follows:
Fund Accounting | Incurred | Owed | ||||||
Core Fixed Income Fund | $ | 107,423 | $ | 36,360 | ||||
Diversified Equity Fund | $ | 119,575 | $ | 43,322 |
Transfer Agency | Incurred | Owed | ||||||
Core Fixed Income Fund | $ | 142,879 | $ | 51,657 | ||||
Diversified Equity Fund | $ | 193,832 | $ | 71,292 |
Custody | Incurred | Owed | ||||||
Core Fixed Income Fund | $ | 31,214 | $ | 12,124 | ||||
Diversified Equity Fund | $ | 47,437 | $ | 2,724 |
Under the terms of the ETF Agreement, the Adviser pays the fund administration and accounting, transfer agency and custody fees for the ActivePassive ETFs.
The PMC Funds each have an unsecured line of credit with U.S. Bank (see Note 9).
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 PMC Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred by the PMC Funds for the six months ended February 29, 2024, and owed as of February 29, 2024 is as follows:
Incurred | Owed | |||||||
Core Fixed Income Fund | $ | 5,546 | $ | 2,782 | ||||
Diversified Equity Fund | $ | 5,452 | $ | 2,181 |
Under the terms of the ETF Agreement, the Adviser pays the chief compliance officer fees for the ActivePassive ETFs.
(7) | Creation and Redemption Transactions |
Shares of the ActivePassive ETFs are listed and traded on the NYSE Arca, Inc. The ActivePassive ETFs issue and redeem shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each ActivePassive ETF will be equal to the ActivePassive ETF’s total assets minus the ActivePassive ETF’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places.
Only “Authorized Participants” may purchase or redeem shares directly from the ActivePassive ETFs. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not
149
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the ActivePassive ETFs. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.
Creation Unit Transaction Fee
Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the “Creation Transaction Fee”) in connection with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for each ActivePassive ETF is $500.
An additional variable fee of up to a maximum of 3% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial purchase of Creation Units. For orders comprised entirely of cash, a variable fee of 0.25% of the value of the order will be charged by each ActivePassive ETF. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. Each ActivePassive ETF may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of the ActivePassive ETF’s shareholders.
A creation unit will generally not be issued until the transfer of good title of the deposit securities to the ActivePassive ETFs and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of each ActivePassive ETF will be issued to such authorized participant notwithstanding the fact that the ActivePassive ETF’s deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the ActivePassive ETFs or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the ActivePassive ETFs for losses, if any.
(8) | Investment Transactions |
Purchases and sales of investment securities (excluding short-term instruments) for the six months ended February 29, 2024 are summarized below.
PMC Core Fixed Income Fund | PMC Diversified Equity Fund | ActivePassive Core Bond ETF | ActivePassive Intermediate Municipal Bond ETF | ActivePassive International Equity ETF | ActivePassive U.S. Equity ETF | |||||||||||||||||||
Purchases: | ||||||||||||||||||||||||
U.S. Government | $ | 125,412,924 | $ | — | $ | 79,625,152 | $ | — | $ | — | $ | — | ||||||||||||
Other | 106,699,181 | 362,027,414 | 156,155,497 | 59,427,245 | 32,670,911 | 53,159,815 | ||||||||||||||||||
Total Purchases | $ | 232,112,105 | $ | 362,027,414 | $ | 235,780,649 | $ | 59,427,245 | $ | 32,670,911 | $ | 53,159,815 | ||||||||||||
Sales | ||||||||||||||||||||||||
U.S. Government | $ | 39,731,627 | $ | — | $ | 22,843,936 | $ | — | $ | — | $ | — | ||||||||||||
Other | 280,114,679 | 610,240,114 | 63,028,902 | 21,542,011 | 30,959,860 | 44,444,763 | ||||||||||||||||||
Total Sales | $ | 319,846,306 | $ | 610,240,114 | $ | 85,872,838 | $ | 21,542,011 | $ | 30,959,860 | $ | 44,444,763 |
The above ActivePassive International Equity ETF and ActivePassive U.S. Equity ETF purchases and sales exclude any in-kind transactions associated with creations and redemptions. During the six months ended February 29, 2024, the International Equity ETF had $166,112,265 of creations in-kind and $0 of redemptions in-kind, and the U.S. Equity ETF had $334,755,801 of creations in-kind and $642,353 of redemptions in-kind.
150
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
(9) | Line of Credit |
At February 29, 2024, 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, 2024. 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 8.50% from September 1, 2023 through February 29, 2024. The following table provides information regarding usage of the line of credit for the six months ended February 29, 2024 for the Funds. The Funds did not have an outstanding balance on either line of credit as of February 29, 2024.
Days Utilitized | Average Amount of Borrowing | Weighted Average Borrowing Rate | Interest Expense* | Maximum Amount of Borrowing | Date of Maximum Borrowing | |||||||||||||||||||
Core Fixed Income Fund | 1 | $ | 2,606,000 | 8.50 | % | $ | 615 | $ | 2,606,000 | 12/20/2023 | ||||||||||||||
Diversified Equity Fund | 9 | $ | 3,964,444 | 8.50 | % | $ | 8,424 | $ | 35,000,000 | 12/4/2023 |
* | Interest expense is reported within Other Expenses on the Statements of Operations. |
(10) | Beneficial Ownership |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At February 29, 2024, Charles Schwab & Co., Inc., for the benefit of its customers, held 33.66% of the PMC Core Fixed Income Fund’s outstanding Advisor Class shares. At February 29, 2024, Charles Schwab & Co., Inc., for the benefit of its customers, held 26.61% of the PMC Diversified Equity Fund’s outstanding Advisor Class shares.
(11) | Securities Lending |
Pursuant to the terms of a securities lending agreement with U.S. Bank, each PMC 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 PMC Fund. During the time securities are on loan, the borrower will pay the applicable PMC Fund any accrued income on those securities, and the PMC 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 PMC Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A PMC 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 PMC Fund on a timely basis and that PMC 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 PMC Fund.
151
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
As of February 29, 2024, 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 | $ | 24,137,545 | $ | 24,644,555 | 8.38 | % | ||||||
Diversified Equity Fund | $ | 130,532,770 | $ | 133,128,314 | 18.66 | % |
The PMC 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 as noted on the Schedules of Investments. The investment objective is to seek to maximize current income with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. The remaining contractual maturity of all securities lending transactions is overnight and continuous.
The PMC Funds are not subject to a master netting agreement with respect to securities lending; therefore, no additional disclosures regarding netting arrangements are required.
The net fee and interest income earned by the PMC Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the PMC Funds’ Statements of Operations.
(12) | Recent Market Events |
U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended 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. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.
(13) | Subsequent Events |
The Adviser recommended to the Board the closure and liquidation of each PMC Fund. The Board determined, after considering the combined recommendation of the Adviser and Sub-Adviser, that it was in the best interests of each PMC Fund and its shareholders to liquidate and terminate each PMC Fund.
Shares of each PMC Fund will be closed to new purchases, except purchases made through an automatic investment program or the reinvestment of any distributions, as of the close of business on April 30, 2024, and liquidated as series of the Trust on May 31, 2024.
The ActivePassive Core Bond ETF paid distributions to shareholders as follows:
Record Date | Ex-Date | Payable Date | Ordinary Income Rate | Ordinary Income Distribution Paid | ||||||||||||
3/4/2024 | 3/1/2024 | 3/5/2024 | $ | 0.08469722 | $ | 722,044 | ||||||||||
4/3/2024 | 4/2/2024 | 4/4/2024 | $ | 0.10059292 | $ | 900,306 |
152
Table of Contents
ENVESTNET FUNDS
Notes to Financial Statements, continued
February 29, 2024 (Unaudited)
The ActivePassive Intermediate Municipal Bond ETF paid distributions to shareholders as follows:
Record Date | Ex-Date | Payable Date | Ordinary Income Rate | Ordinary Income Distribution Paid | ||||||||||||
3/4/2024 | 3/1/2024 | 3/5/2024 | $ | 0.04369398 | $ | 121,251 | ||||||||||
4/3/2024 | 4/2/2024 | 4/4/2024 | $ | 0.05250384 | $ | 153,574 |
The Funds have evaluated events and transactions that have occurred subsequent to February 29, 2024 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements.
153
Table of Contents
Notice of Privacy Policy & Practices
(Unaudited)
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. |
The types of non-public personal information we collect and share can include:
• | social security numbers; |
• | account balances; |
• | account transactions; |
• | transaction history; |
• | wire transfer instructions; and |
• | checking account information. |
What Information We Disclose
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.
How We Protect Your Information
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.
154
Table of Contents
ENVESTNET FUNDS
(Unaudited)
Tax Information
For the fiscal year ended August 31, 2023, 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 | % | ||
ActivePassive Core Bond ETF | 0.00 | % | ||
ActivePassive Intermediate Bond ETF | 0.00 | % | ||
ActivePassive International Equity ETF | 0.00 | % | ||
ActivePassive U.S. Equity ETF | 0.00 | % |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2023 was as follows:
Core Fixed Income Fund | 0.00 | % | ||
Diversified Equity Fund | 42.43 | % | ||
ActivePassive Core Bond ETF | 0.00 | % | ||
ActivePassive Intermediate Bond ETF | 0.00 | % | ||
ActivePassive International Equity ETF | 0.00 | % | ||
ActivePassive U.S. Equity ETF | 0.00 | % |
For the fiscal year ended August 31, 2023, 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 | 0.00 | % | ||
Diversified Equity Fund | 0.00 | % | ||
ActivePassive Core Bond ETF | 0.00 | % | ||
ActivePassive Intermediate Bond ETF | 0.00 | % | ||
ActivePassive International Equity ETF | 0.00 | % | ||
ActivePassive U.S. Equity ETF | 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.
155
Table of Contents
Envestnet Funds
Additional Information (Continued)
(Unaudited)
Independent Trustees
Name, Address and | Position(s) | Term of | Number of | Principal Occupation(s) | Other Directorships | |||||
Michael D. Akers, Ph.D. 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1955 | Trustee | Indefinite Term; Since August 22, 2001 | 31 | Professor Emeritus, Department of Accounting (June 2019-present), Professor, Department of Accounting (2004-2019), 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 | 31 | Retired; Former Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-2021). | Independent Trustee, USA MUTUALS (an open-end investment company) (2001-2021). | |||||
Vincent P. Lyles 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1961 | Trustee | Indefinite Term; Since April 6, 2022 | 31 | Executive Director, Milwaukee Succeeds (education advocacy organization) (2023-present); System Vice President of Community Relations, Advocate Aurora Health Care (health care provider) (2019-2022). | 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 | 31 | Retired; President and Chief Operating Officer (2000-2020), Olstein Capital Management, L.P. (asset management firm). | ||||||
Lisa Zúñiga Ramírez 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969 | Trustee | Indefinite Term; Since April 6, 2022 | 31 | Retired; Principal and Senior Portfolio Manager, Segall, Bryant & Hamill, LLC (asset management firm) (2018-2020). | Director, Peoples Financial Services Corp. (a publicly-traded bank holding company) (2022-present); Independent Director, Century Communities, Inc. (publicly-traded homebuilding company) (October 2023-present). | |||||
Gregory M. Wesley 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969 | Trustee | Indefinite Term; Since April 6, 2022 | 31 | Senior Vice President of Strategic Alliances and Business Development, Medical College of Wisconsin (2016-present). | N/A |
156
Table of Contents
Envestnet Funds
Additional Information (Continued)
(Unaudited)
Name, Address and | Position(s) | Term of | Number of | Principal Occupation(s) | Other Directorships | |||||
Interested Trustee and Officers | ||||||||||
John P. Buckel* 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1957 | Chairperson, Trustee, President and Principal Executive Officer | Indefinite Term; Chairperson and Trustee (since January 19, 2023); President and Principal Executive Officer (since January 24, 2013) | 31 | 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 | |||||
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, Keeley-Teton Advisors, LLC and Teton Advisors, Inc. (2017-2021). | 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 | Vice President, U.S. Bancorp Fund Services, LLC (2019-present); Partner, Practus, LLP (2018-2019). | 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 A. 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 | |||||
Marissa Pawlinksi 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1996 | Assistant Secretary | Indefinite Term; Since January 2024 | N/A | Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2023); Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC (since 2022); Judicial Law Clerk, Milwaukee County Circuit Court (2021-2022); Legal Intern, City of Brookfield (2020-2021); Student, Marquette University Law School (2019-2021). | N/A |
* | Mr. Buckel 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. |
157
Table of Contents
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.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the ActivePassive ETFs trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) NAV is available without charge, on the ActivePassive ETFs’ website at www.activepassive.com.
Table of Contents
PMC FUNDS and ActivePassive ETFs
Investment Adviser | Envestnet Asset Management, Inc. One North Wacker Drive, Suite 1925 Chicago, Illinois 60606 | |
Legal Counsel | Godfrey & Kahn, S.C. 833 East Michigan Street, Suite 1800 Milwaukee, Wisconsin 53202 | |
Independent Registered Public Accounting Firm | Cohen & Company, Ltd. 324 North Water Street, Suite 830 Milwaukee, Wisconsin 53202 | |
Transfer Agent, Fund Accountant and Fund Administrator | U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 | |
Custodian | U.S. Bank, N.A. Custody Operations 1555 North RiverCenter Drive, Suite 302 Milwaukee, Wisconsin 53212 | |
Distributor | Foreside Fund Services, LLC 3 Canal Plaza, Suite 100 Portland, Maine 04101 |
This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.
Table of Contents
(b) Not applicable for this Registrant.
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not Applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Table of Contents
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) |
(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. |
Table of Contents
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, Principal Executive Officer | ||
Date 5/1/2024 |
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, Principal Executive Officer | ||
Date 5/1/2024 | ||
By (Signature and Title)* | /s/ Jennifer Lima | |
Jennifer Lima, Principal Financial Officer | ||
Date 5/1/2024 |
* | Print the name and title of each signing officer under his or her signature. |