N-CSR PMC Funds

N-CSR 1 d504859dncsr.htm N-CSR PMC FUNDS N-CSR PMC Funds

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, 2023

Date of reporting period: August 31, 2023

Item 1. Reports to Stockholders.

(a)

LOGO

PMC Funds

PMC Core Fixed Income Fund

Advisor Class Shares: (PMFIX)

Institutional Class Shares: (PMFQX)

PMC Diversified Equity Fund

Advisor Class Shares: (PMDEX)

Institutional Class Shares: (PMDQX)

ActivePassive ETFs

ActivePassive Core Bond ETF (APCB)

ActivePassive Intermediate Municipal Bond ETF (APMU)

ActivePassive International Equity ETF (APIE)

ActivePassive U.S. Equity ETF (APUE)

Annual Report

August 31, 2023

Table of Contents


LETTER TO PMC FUNDS SHAREHOLDERS			3

LETTER TO ACTIVEPASSIVE ETFS SHAREHOLDERS			7

EXPENSE EXAMPLES			13

INVESTMENT HIGHLIGHTS			15

SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND			30

SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND			52

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE CORE BOND ETF			71

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF			88

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE INTERNATIONAL EQUITY ETF			93

SCHEDULE OF INVESTMENTS—ACTIVEPASSIVE U.S. EQUITY ETF			101

STATEMENTS OF ASSETS AND LIABILITIES			107

STATEMENTS OF OPERATIONS			108

STATEMENTS OF CHANGES IN NET ASSETS			109

FINANCIAL HIGHLIGHTS			115

NOTES TO FINANCIAL STATEMENTS			123

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			140

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (PMC FUNDS)			142

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT (PMC CORE FIXED INCOME FUND)			145

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (ACTIVEPASSIVE ETFS)			147

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENTS (ACTIVEPASSIVE ETFS)			150

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			156

NOTICE OF PRIVACY POLICY & PRACTICES			157

ADDITIONAL INFORMATION			158

PMC Funds

Letter to Shareholders

(Unaudited)

To our Shareholders:

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

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

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

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

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

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.

Total Returns as of August 31, 2023*

*Periods of Less than 1-Year Are Unannualized


Fund	Three Months			Six Months			One Year			Five Year			Ten Year			Since Inception			Inception Date		Gross Expense Ratio
PMC Diversified Equity Fund – Adv. Class		7.16	%		7.04	%		13.94	%		5.44	%		7.32	%		8.66	%		8-26-09		0.93	%**
PMC Diversified Equity Fund – Inst. Class		7.19	%		7.15	%		14.19	%		NA			NA			7.33	%		7-1-19		0.68	%**
MSCI World Index Net Return		6.99	%		11.11	%		15.60	%		8.33	%		9.28	%		9.54	%

PMC Core Fixed Income Fund – Adv. Class		-0.68	%		1.10	%		-0.89	%		0.74	%		1.41	%		3.21	%		9-28-07		1.13	%**
PMC Core Fixed Income Fund – Inst. Class		-0.61	%		1.25	%		-0.67	%		NA			NA			-0.43	%		7-1-19		0.88	%**
Bloomberg U.S. Aggregate Bond Index		-1.06	%		0.95	%		-1.19	%		0.49	%		1.48	%		2.78	%

Periods of Less than 1-Year Are Unannualized

Gross expense ratio as disclosed in the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.

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

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

PMC Diversified Equity Fund

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

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

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

PMC Core Fixed Income Fund

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

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

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

Remarks

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

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

LOGO

Brandon R. Thomas

Co-Founder and Co-Chief Investment Officer

Envestnet Asset Management

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

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

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

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

Please see the prospectus

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

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

ActivePassive ETFs

Letter to Shareholders

(Unaudited)

To our Shareholders:

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

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

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.

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

Total Returns as of August 31, 2023*

*Periods of Less than 1-Year Are Unannualized

Fund

Three
Months

Six
Months

Since
Inception

Inception
Date

Gross
Expense
Ratio**

ActivePassive US Equity ETF (ticker: APUE)

@Market

8.67%

n/a

10.95%

5/2/2023

0.33%

@NAV

8.55%

10.78%

CRSP U.S. Total Market Index

8.51%

10.37%

ActivePassive International Equity ETF (ticker: APIE)

@Market

4.50%

n/a

2.16%

5/2/2023

0.45%

@NAV

4.70%

2.12%

S&P Classic ADR Composite Index (USD) NTR

3.91%

1.05%

ActivePassive Core Bond ETF (ticker: APCB)

@Market

-0.80%

n/a

-1.80%

5/2/2023

0.36%

@NAV

-0.84%

-1.96%

Bloomberg U.S. Aggregate Bond Index

-1.06%

-2.12%

ActivePassive Intermediate Municipal Bond ETF (ticker: APMU)

@Market

-0.15%

n/a

-1.93%

5/2/2023

0.35%

@NAV

-0.01%

-1.94%

Bloomberg Municipal 1-10 Year Blend Index

0.24%

-0.64%

Periods of Less than 1-Year Are Unannualized

Gross expense ratio as disclosed in the prospectus dated March 9, 2023, as amended March 31, 2023, includes Acquired Fund Fees and Expenses. Please see the Financial Highlights in this report for the most recent expense ratio.

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

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

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

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

ActivePassive U.S. Equity ETF

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

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

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

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

ActivePassive International Equity ETF

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

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

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

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

ActivePassive Core Bond ETF

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

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

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

ActivePassive Intermediate Municipal Bond ETF

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

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

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

Remarks

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 Asset Management		Gregory A. Classen Principal Director, Portfolio Management Envestnet Asset Management

Envestnet Asset Management

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

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

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

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

ENVESTNET FUNDS

Expense Examples

(Unaudited)

As a shareholder of the PMC Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution (12b-1) fees (Advisor Class shares only) and other Fund expenses. As a shareholder of the ActivePassive ETFs (together with the PMC Funds, the “Funds”), you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares, and (2) ongoing costs, including management fees of the Fund. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 - August 31, 2023).

Actual

Expenses

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

Hypothetical

Example for Comparison Purposes

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


	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Expenses Paid During Period 3/1/23-8/31/23*
PMC Core Fixed Income Fund–Advisor Class
Actual	$	1,000.00	$	1,011.00	$	4.31
Hypothetical (5% return before expenses)		1,000.00		1,020.92		4.33

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


	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Expenses Paid During Period 3/1/23-8/31/23*
PMC Core Fixed Income Fund–Institutional Class
Actual	$	1,000.00	$	1,012.50	$	3.04
Hypothetical (5% return before expenses)		1,000.00		1,022.18		3.06

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


	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Expenses Paid During Period 3/1/23-8/31/23*
PMC Diversified Equity Fund–Advisor Class
Actual	$	1,000.00	$	1,070.40	$	4.91
Hypothetical (5% return before expenses)		1,000.00		1,020.47		4.79

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


	Beginning Account Value 3/1/23		Ending Account Value 8/31/23		Expenses Paid During Period 3/1/23-8/31/23*
PMC Diversified Equity Fund–Institutional Class
Actual	$	1,000.00	$	1,071.50	$	3.60
Hypothetical (5% return before expenses)		1,000.00		1,021.73		3.52

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


	Beginning Account Value 5/2/23		Ending Account Value 8/31/23		Expenses Paid During Period 5/2/23-8/31/23*
ActivePassive Core Bond ETF
Actual	$	1,000.00	$	980.40	$	1.16
Hypothetical (5% return before expenses)		1,000.00		1,015.54		1.18

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


	Beginning Account Value 5/2/23		Ending Account Value 8/31/23		Expenses Paid During Period 5/2/23-8/31/23*
ActivePassive Intermediate Municipal Bond ETF
Actual	$	1,000.00	$	980.60	$	1.16
Hypothetical (5% return before expenses)		1,000.00		1,015.54		1.18

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


	Beginning Account Value 5/2/23		Ending Account Value 8/31/23		Expenses Paid During Period 5/2/23-8/31/23*
ActivePassive International Equity ETF
Actual	$	1,000.00	$	1,021.20	$	1.52
Hypothetical (5% return before expenses)		1,000.00		1,015.21		1.52

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


	Beginning Account Value 5/2/23		Ending Account Value 8/31/23		Expenses Paid During Period 5/2/23-8/31/23*
ActivePassive U.S. Equity ETF
Actual	$	1,000.00	$	1,107.80	$	1.06
Hypothetical (5% return before expenses)		1,000.00		1,015.71		1.01

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

PMC CORE FIXED INCOME FUND (PMFIX, PMFQX)

Investment Highlights (Unaudited)

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

Allocation of Portfolio Holdings

% of Net assets

LOGO

Excludes securities lending collateral.

PMC CORE FIXED INCOME FUND–ADVISOR CLASS (PMFIX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	PMC Core Fixed Income Fund–Advisor Class			Bloomberg U.S. Aggregate Bond Index
One Year		-0.89	%		-1.19	%
Five Year		0.74	%		0.49	%
Ten Year		1.41	%		1.48	%
Since Inception (9/28/07)		3.21	%		2.78	%

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

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

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

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

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

One cannot invest directly in an index.

LOGO

PMC CORE FIXED INCOME FUND–INSTITUTIONAL CLASS (PMFQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	PMC Core Fixed Income Fund–Institutional Class			Bloomberg U.S. Aggregate Bond Index
One Year		-0.67	%		-1.19	%
Since Inception (7/1/19)		-0.43	%		-1.04	%

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.

One cannot invest directly in an index.

LOGO

Inception Date

PMC DIVERSIFIED EQUITY FUND (PMDEX, PMDQX)

Investment Highlights (Unaudited)

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

LOGO

Excludes securities lending collateral.

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	PMC Diversified Equity Fund– Advisor Class			MSCI World Index Net Return
One Year		13.94	%		15.60	%
Five Year		5.44	%		8.33	%
Ten Year		7.32	%		9.28	%
Since Inception (8/26/09)		8.66	%		9.54	%

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

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

One cannot invest directly in an index.

Continued

PMC DIVERSIFIED EQUITY FUND–ADVISOR CLASS (PMDEX)

Investment Highlights (Unaudited) (Continued)

LOGO

PMC DIVERSIFIED EQUITY FUND–INSTITUTIONAL CLASS (PMDQX)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	PMC Diversified Equity Fund– Institutional Class			MSCI World Index Net Return
One Year		14.19	%		15.60	%
Since Inception (7/1/19)		7.33	%		9.42	%

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.

One cannot invest directly in an index.

LOGO

Inception Date

ActivePassive Core Bond ETF (APCB)

Investment Highlights (Unaudited)

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

Allocation of Portfolio Holdings

% of Net assets

LOGO

ActivePassive Core Bond ETF (APCB)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	ActivePassive Core Bond ETF (NAV)			ActivePassive Core Bond ETF (Market Price)			Bloomberg U.S. Aggregate Bond Index
Since Inception (5/2/23)		-1.96	%		-1.80	%		-2.12	%

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.

One cannot invest directly in an index.

LOGO

Inception Date

ActivePassive Intermediate Municipal Bond ETF (APMU)

Investment Highlights (Unaudited)

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

Allocation of Portfolio Holdings

% of Net assets

LOGO

ActivePassive Intermediate Municipal Bond ETF (APMU)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	ActivePassive Intermediate Municipal Bond ETF (NAV)			ActivePassive Intermediate Municipal Bond ETF (Market Price)			Bloomberg Municipal 1-10 Year Blend Index
Since Inception (5/2/23)		-1.94	%		-1.93	%		-0.64	%

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

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

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

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

One cannot invest directly in an index.

LOGO

Inception Date

ActivePassive International Equity ETF (APIE)

Investment Highlights (Unaudited)

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

LOGO

ActivePassive International Equity ETF (APIE)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	ActivePassive International Equity ETF (NAV)			ActivePassive International Equity ETF (Market Price)			S&P Classic ADR Composite Index NTR
Since Inception (5/2/23)		2.12	%		2.16	%		1.05	%

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

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

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

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

One cannot invest directly in an index.

LOGO

Inception Date

ActivePassive U.S. Equity ETF (APUE)

Investment Highlights (Unaudited)

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

LOGO

ActivePassive U.S. Equity ETF (APUE)

Investment Highlights (Unaudited) (Continued)

Average Annual Returns as of August 31, 2023


	ActivePassive U.S. Equity ETF (NAV)			ActivePassive U.S. Equity ETF (Market Price)			CRSP U.S. Total Market Index
Since Inception (5/2/23)		10.78	%		10.95	%		10.37	%

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

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

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

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

One cannot invest directly in an index.

LOGO

Inception Date

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023



	Principal Amount		Value
ASSET BACKED SECURITIES—11.13%
37 Capital CLO I
2021-1, 6.770% (TSFR3M + 1.462%), 10/15/2034^(b)	$	1,000,000	$	988,515
AM Capital Funding LLC
2018-1, 4.980%, 12/15/2023		760,000		760,348
Amur Equipment Finance Receivables XI LLC
2022-2A, 5.300%, 06/21/2028		218,226		216,365
Amur Equipment Finance Receivables XII LLC
A-2, 6.090%, 12/20/2029		610,000		611,867
Angel Oak Mortgage Trust
2021-3, 1.068%, 05/25/2066^(c)		584,184		486,527
2022-5, 4.500%, 05/25/2067		488,230		468,157
Aqua Finance Trust 2021-A
2021-A, 1.540%, 07/17/2046		425,415		376,627
Avis Budget Rental Car Funding AESOP LLC
2018-2 B, 4.250%, 03/20/2025		360,000		357,483
2019-3 A, 2.360%, 03/20/2026		376,000		358,159
2020-2 B, 2.960%, 02/20/2027		852,000		790,497
Beacon Container Finance II LLC
2021-1A, 2.250%, 10/22/2046		867,300		747,813
BlueMountain CLO Ltd.
2013-2R, 6.787% (TSFR3M + 1.442%), 10/22/2030^(b)		296,725		295,981
BMW Vehicle Owner Trust
2023-A, 5.470%, 02/25/2028		549,000		551,958
Carmax Auto Owner Trust
2023-3, 5.280%, 05/15/2028		592,000		592,302
CCG Receivables Trust
2023-1, 5.820%, 09/16/2030		400,000		400,480
Cedar Funding VI CLO Ltd.
2016-6A, 6.638% (TSFR3M + 1.312%), 04/20/2034^(b)		1,480,000		1,459,196
Crown Castle Towers LLC
4.241%, 07/15/2028		439,000		406,487
DLLAA LLC
2023-1, 5.640%, 02/22/2028		381,000		384,248
Dryden 75 CLO Ltd.
2019-75R2, 6.610% (TSFR3M + 1.302%), 04/15/2034^(b)		850,000		840,547
Fort Washington CLO Ltd.
2021-2A, 6.808% (TSFR3M + 1.482%), 10/20/2034^(b)		2,000,000		1,989,034
Frontier Issuer LLC
2023-1, 6.600%, 08/20/2053		691,000		671,240
GCAT Trust
2019-NQM3, 2.686%, 11/25/2059^(c)		104,111		96,525
2021-NQM5, 1.262%, 07/25/2066		482,097		378,698
GM Financial Automobile Leasing Trust
2023-3, 5.380%, 11/20/2026		552,000		552,885
Hyundai Auto Receivables Trust
2023-B, 5.480%, 04/17/2028		458,000		461,133
JPMorgan Chase Bank NA—CACLN
2021-3, 0.760%, 02/26/2029		661,464		631,761
Kubota Credit Owner Trust
2023-2, 5.280%, 01/18/2028		444,000		443,762
Madison Park Funding XXVI Ltd.
2007-26, 6.831% (TSFR3M + 1.462%), 07/29/2030^(b)		2,251,567		2,248,798

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Magnetite XXIII Ltd.
2019-23R, 6.743% (TSFR3M + 1.392%), 01/25/2035^(b)	$	1,000,000	$	995,988
MetroNet Infrastructure Issuer LLC
2022-1A, 6.350%, 10/20/2052		960,000		934,303
MMAF Equipment Finance LLC
2023-A, 5.540%, 12/13/2029		594,000		596,764
MVW LLC
2021-2A A, 1.430%, 05/20/2039		606,459		552,242
2021-2A B, 1.830%, 05/20/2039		494,802		437,670
2022-1, 4.400%, 11/21/2039		236,637		222,643
2023-1, 5.420%, 10/20/2040		507,896		496,405
2021-1W, 1.440%, 01/22/2041		252,036		227,666
Navient Private Education Refi Loan Trust
2021-B, 0.940%, 07/15/2069		974,756		845,577
2021-C, 1.060%, 10/15/2069		728,899		624,302
2021-E, 0.970%, 12/16/2069		1,277,568		1,076,581
2021-F, 1.110%, 02/18/2070		463,130		389,965
OneMain Financial Issuance Trust
2018-2, 3.570%, 03/14/2033		771,760		762,153
2023-2, 5.840%, 09/15/2036		820,000		824,754
PFS Financing Corp.
2022-C, 3.890%, 05/15/2027		1,635,000		1,584,206
RASC Trust
2005-KS12, 6.119% (TSFR1M + 0.574%), 01/25/2036^(b)		38,450		38,191
SBA Tower Trust
2020-1-2, 2.328%, 01/15/2028		618,000		532,358
2021-3, 2.593%, 10/15/2056		1,243,000		979,570
Sierra Timeshare Receivables Funding LLC
2019-2, 2.590%, 05/20/2036		245,118		237,322
2020-2, 3.510%, 07/20/2037		284,604		270,078
2021-2, 1.350%, 09/20/2038		204,847		192,886
2023-2, 5.800%, 04/20/2040		678,921		681,421
SoFi Consumer Loan Program Trust
2023-1S, 5.810%, 05/15/2031		268,116		268,419
SoFi Professional Loan Program Trust
2021-B, 1.140%, 02/15/2047		92,690		77,409
Starwood Mortgage Residential Trust
2021-3, 1.127%, 06/25/2056^(c)		543,298		436,221
2021-6, 1.920%, 11/25/2066^(c)		842,548		684,203
Taco Bell Funding LLC
2021-1, 1.946%, 08/25/2051		786,983		683,990
Thayer Park CLO Ltd.
2017-R, 6.628% (TSFR3M + 1.302%), 04/20/2034^(b)		500,000		495,951
Towd Point Mortgage Trust
2017-5, 6.029% (TSFR1M + 0.714%), 02/25/2057^(b)		124,368		124,703
2017-2 A1, 2.750%, 04/25/2057^(c)		3,743		3,715
2017-2, 3.250%, 04/25/2057^(c)		351,000		340,849
2017-3, 2.750%, 06/25/2057^(c)		77,977		76,177
2017-4, 2.750%, 06/25/2057^(c)		88,188		83,632
2022-4, 3.750%, 09/25/2062		1,432,071		1,331,037
TRESTLES CLO Ltd.
2017-1, 6.603% (TSFR3M + 1.252%), 04/25/2032^(b)		500,000		495,852
TRESTLES CLO V Ltd.
2021-5, 6.758% (TSFR3M + 1.432%), 10/20/2034^(b)		1,000,000		988,629

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Vantage Data Centers Issuer LLC
2019-1, 3.188%, 07/15/2044	$	1,263,360	$	1,225,572
2021-1, 2.165%, 10/15/2046		817,000		721,762
Verus Securitization Trust
2021-3, 1.046%, 06/25/2066^(c)		667,549		562,353
2021-6, 1.630%, 10/25/2066^(c)		578,666		471,446
2022-7, 5.152%, 07/25/2067		872,190		853,769

TOTAL ASSET BACKED SECURITIES (Cost $44,237,229)				41,996,127

CORPORATE BONDS—27.01%
Automobiles & Components—0.68%
Ford Motor Co.
4.750%, 01/15/2043		90,000		67,366
Ford Motor Credit Co. LLC
5.113%, 05/03/2029		310,000		285,456
General Motors Co.
6.125%, 10/01/2025		1,248,000		1,253,708
General Motors Financial Co., Inc.
5.100%, 01/17/2024		320,000		319,014
3.600%, 06/21/2030^(e)		605,000		519,872
Goodyear Tire & Rubber Co.
5.250%, 04/30/2031		125,000		109,761

				2,555,177

Banks—3.17%
Bank of America Corp.
3.875%, 08/01/2025		480,000		467,491
3.559% to 04/23/2026, then TSFR3M + 1.322%, 04/23/2027^(a)		1,610,000		1,525,939
2.884% to 10/22/2029, then TSFR3M + 1.452%, 10/22/2030^(a)		743,000		637,870
1.922% to 10/24/2030, then SOFR + 1.370%, 10/24/2031^(a)		2,430,000		1,904,975
Citigroup, Inc.
3.200%, 10/21/2026		1,121,000		1,045,830
3.887% to 01/10/2027, then TSFR3M + 1.825%, 01/10/2028^(a)		835,000		789,117
2.976% to 11/05/2029, then SOFR + 1.422%, 11/05/2030^(a)		495,000		425,972
JPMorgan Chase & Co.
2.950%, 10/01/2026		1,667,000		1,558,141
Wells Fargo & Co.
2.406% to 10/30/2024, then TSFR3M + 1.087%, 10/30/2025^(a)(e)		900,000		863,470
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028^(a)		1,020,000		908,163
4.150%, 01/24/2029		1,581,000		1,492,047
5.013% to 04/04/2050, then TSFR3M + 4.502%, 04/04/2051^(a)		365,000		329,899

				11,948,914

Capital Goods—1.48%
Boeing Co.
4.875%, 05/01/2025		1,181,000		1,165,306
3.900%, 05/01/2049		160,000		119,851
5.805%, 05/01/2050		1,273,000		1,240,265
Deere & Co.
5.375%, 10/16/2029		999,000		1,032,196
Honeywell International, Inc.
5.000%, 02/15/2033		905,000		912,991
Ingersoll Rand, Inc.
5.400%, 08/14/2028		260,000		260,729
5.700%, 08/14/2033		325,000		329,741

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
RTX Corp.
7.500%, 09/15/2029	$	467,000	$	520,856

				5,581,935

Commercial & Professional Services—0.27%
ASGN, Inc.
4.625%, 05/15/2028		350,000		314,859
Enviri Corp.
5.750%, 07/31/2027		165,000		143,270
Korn Ferry
4.625%, 12/15/2027		100,000		93,104
Waste Management, Inc.
4.150%, 04/15/2032		503,000		472,087

				1,023,320

Consumer Discretionary Distribution & Retail—0.46%
Amazon.com, Inc.
3.800%, 12/05/2024		1,038,000		1,019,762
eBay, Inc.
2.600%, 05/10/2031		790,000		653,985
Macy’s Retail Holdings LLC
5.875%, 03/15/2030		75,000		65,692

				1,739,439

Consumer Durables & Apparel—0.02%
Shea Homes LP / Shea Homes Funding Corp.
4.750%, 02/15/2028		75,000		69,101

Consumer Services—1.22%
Booking Holdings, Inc.
3.550%, 03/15/2028		1,100,000		1,039,499
McDonald’s Corp.
3.500%, 07/01/2027		1,623,000		1,541,769
5.450%, 08/14/2053		1,440,000		1,442,009
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.750%, 04/15/2026		230,000		225,921
Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028		165,000		150,628
Wynn Las Vegas LLC
5.500%, 03/01/2025		52,000		51,417
Yum! Brands, Inc.
5.375%, 04/01/2032		155,000		145,607

				4,596,850

Consumer Staples Distribution & Retail—0.27%
Walmart, Inc.
4.150%, 09/09/2032		392,000		380,100
4.500%, 04/15/2053		673,000		627,172

				1,007,272

Energy—2.38%
BP Capital Markets America, Inc.
4.812%, 02/13/2033		595,000		576,200
Buckeye Partners LP
3.950%, 12/01/2026		75,000		69,245

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
ConocoPhillips Co.
5.550%, 03/15/2054	$	435,000	$	436,443
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500%, 06/15/2031		155,000		141,582
DT Midstream, Inc.
4.125%, 06/15/2029^(e)		125,000		110,871
Energy Transfer LP
7.125% to 05/15/2030, then 5 Year CMT Rate + 5.306%^(a)(g)		910,000		807,516
6.625% to 02/15/2028, then 3 Month LIBOR USD + 4.155%^(a)(g)		675,000		544,475
EQM Midstream Partners LP
5.500%, 07/15/2028^(e)		350,000		334,727
Exxon Mobil Corp.
3.095%, 08/16/2049		595,000		419,110
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028		160,000		154,506
Kinder Morgan Energy Partners LP
4.150%, 02/01/2024		650,000		644,945
Marathon Petroleum Corp.
4.700%, 05/01/2025		665,000		653,766
MPLX LP
4.700%, 04/15/2048		700,000		562,334
New Fortress Energy, Inc.
6.500%, 09/30/2026^(e)		95,000		88,390
Occidental Petroleum Corp.
6.125%, 01/01/2031		468,000		472,058
6.450%, 09/15/2036		430,000		440,135
4.300%, 08/15/2039		260,000		198,827
Phillips 66
1.300%, 02/15/2026		1,110,000		1,008,357
Plains All American Pipeline LP / PAA Finance Corp.
4.650%, 10/15/2025		670,000		653,813
Pioneer Natural Resources Co.
2.150%, 01/15/2031		687,000		557,233
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
6.000%, 09/01/2031		110,000		97,802

				8,972,335

Equity Real Estate Investment Trusts (REITs)—0.77%
Iron Mountain, Inc.
5.250%, 03/15/2028		45,000		42,233
4.875%, 09/15/2029^(e)		240,000		217,111
5.250%, 07/15/2030		150,000		135,493
Public Storage Operating Co.
2.300%, 05/01/2031		3,068,000		2,528,440

				2,923,277

Financial Services—2.12%
Capital One Financial Corp.
6.377% to 06/08/2033, then SOFR + 2.860%, 06/08/2034^(a)		110,000		108,728
Goldman Sachs Group, Inc.
3.800%, 03/15/2030		1,459,000		1,327,965
Morgan Stanley
0.791% to 01/22/2024, then SOFR + 0.509%, 01/22/2025^(a)		1,300,000		1,271,862
6.250%, 08/09/2026		449,000		459,091

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
3.591% (3 Month LIBOR USD + 1.340%), 07/22/2028^(b)	$	1,625,000	$	1,504,168
2.699% to 01/22/2030, then SOFR + 1.143%, 01/22/2031^(a)		1,190,000		1,002,216
5.250% to 04/21/2033, then SOFR + 1.870%, 04/21/2034^(a)		1,340,000		1,302,118
5.424% to 07/21/2033, then SOFR + 1.880%, 07/21/2034^(a)(e)		830,000		816,406
OneMain Finance Corp.
3.500%, 01/15/2027		255,000		222,143

				8,014,697

Food, Beverage & Tobacco—2.27%
Anheuser-Busch InBev Worldwide, Inc.
5.450%, 01/23/2039		1,010,000		1,025,920
4.350%, 06/01/2040		866,000		775,607
4.600%, 04/15/2048^(e)		453,000		408,285
4.750%, 04/15/2058		440,000		394,349
Aramark Services, Inc.
5.000%, 02/01/2028^(e)		235,000		219,447
Constellation Brands, Inc.
4.900%, 05/01/2033		1,370,000		1,321,772
Mars, Inc.
4.750%, 04/20/2033		1,840,000		1,807,618
Performance Food Group, Inc.
5.500%, 10/15/2027^(e)		90,000		86,743
Philip Morris International, Inc.
3.125%, 08/17/2027		407,000		379,408
5.125%, 02/15/2030		1,250,000		1,236,121
5.750%, 11/17/2032		900,000		913,298

				8,568,568

Health Care Equipment & Services—0.96%
Abbott Laboratories
3.400%, 11/30/2023		1,128,000		1,122,007
Acadia Healthcare Co, Inc.
5.000%, 04/15/2029		195,000		179,577
CVS Health Corp.
5.300%, 06/01/2033		1,030,000		1,009,393
4.780%, 03/25/2038		650,000		582,454
4.125%, 04/01/2040		485,000		395,680
Medline Borrower LP
3.875%, 04/01/2029		75,000		65,544
Tenet Healthcare Corp.
6.125%, 10/01/2028^(e)		265,000		255,485

				3,610,140

Household & Personal Products—0.12%
Energizer Holdings, Inc.
4.375%, 03/31/2029		250,000		214,405
Procter & Gamble Co.
2.300%, 02/01/2032		297,000		254,031

				468,436

Insurance—0.61%
Alliant Holdings Intermediate LLC
6.750%, 04/15/2028^(e)		100,000		98,614

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
MetLife, Inc.
6.500%, 12/15/2032	$	1,755,000	$	1,904,035
Travelers Cos, Inc.
5.450%, 05/25/2053		310,000		314,767

				2,317,416

Materials—0.06%
Ball Corp.
2.875%, 08/15/2030^(e)		125,000		102,371
Standard Industries, Inc.
4.750%, 01/15/2028^(e)		130,000		119,861

				222,232

Media & Entertainment—2.18%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.250%, 02/01/2031^(e)		298,000		244,713
Comcast Corp.
4.150%, 10/15/2028		1,727,000		1,666,019
5.350%, 05/15/2053^(e)		1,175,000		1,150,663
CSC Holdings LLC
4.625%, 12/01/2030^(e)		435,000		228,006
DISH DBS Corp.
5.875%, 11/15/2024		110,000		102,417
Fox Corp.
5.576%, 01/25/2049		660,000		590,060
Live Nation Entertainment, Inc.
4.750%, 10/15/2027^(e)		145,000		135,213
Meta Platforms, Inc.
4.950%, 05/15/2033		1,355,000		1,349,239
Paramount Global
4.200%, 05/19/2032^(e)		1,760,000		1,467,331
Sirius XM Radio, Inc.
4.125%, 07/01/2030^(e)		315,000		257,138
Warnermedia Holdings, Inc.
5.141%, 03/15/2052		1,010,000		805,689
Ziff Davis, Inc.
4.625%, 10/15/2030		255,000		219,563

				8,216,051

Pharmaceuticals, Biotechnology & Life Sciences—0.74%
AbbVie, Inc.
4.050%, 11/21/2039		492,000		422,032
4.250%, 11/21/2049^(e)		420,000		353,972
Amgen, Inc.
5.750%, 03/02/2063		1,585,000		1,566,465
Biogen, Inc.
2.250%, 05/01/2030		276,000		227,380
Bristol-Myers Squibb Co.
3.550%, 03/15/2042		260,000		207,134

				2,776,983

Real Estate Management & Development—0.14%
Park Intermediate Holdings LLC / PK Domestic Property LLC
5.875%, 10/01/2028^(e)		195,000		180,571

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027	$	205,000	$	190,780
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC
10.500%, 02/15/2028		150,000		149,780

				521,131

Semiconductors & Semiconductor Equipment—0.99%
Analog Devices, Inc.
2.100%, 10/01/2031^(e)		1,394,000		1,141,760
CommScope, Inc.
8.250%, 03/01/2027		377,000		250,155
Intel Corp.
3.750%, 03/25/2027		1,157,000		1,110,550
MPH Acquisition Holdings LLC
5.500%, 09/01/2028		80,000		68,011
QUALCOMM, Inc.
5.400%, 05/20/2033		226,000		234,192
Texas Instruments, Inc.
5.050%, 05/18/2063		965,000		925,482

				3,730,150

Software & Services—1.08%
Microsoft Corp.
3.125%, 11/03/2025		2,684,000		2,591,044
ServiceNow, Inc.
1.400%, 09/01/2030		1,894,000		1,490,770

				4,081,814

Technology Hardware & Equipment—1.22%
Apple, Inc.
1.800%, 09/11/2024		2,818,000		2,722,469
CDW LLC / CDW Finance Corp.
2.670%, 12/01/2026		283,000		256,970
3.569%, 12/01/2031		530,000		448,680
Dell International LLC / EMC Corp.
6.200%, 07/15/2030		980,000		1,009,081
Presidio Holdings, Inc.
4.875%, 02/01/2027		185,000		173,133

				4,610,333

Telecommunication Services—1.66%
AT&T, Inc.
3.550%, 09/15/2055		159,000		103,856
Cox Communications, Inc.
5.700%, 06/15/2033		890,000		888,074
Frontier Communications Holdings LLC
5.875%, 10/15/2027^(e)		235,000		214,250
Sprint Capital Corp.
8.750%, 03/15/2032		1,705,000		2,033,656
T-Mobile USA, Inc.
4.375%, 04/15/2040		475,000		408,559
3.000%, 02/15/2041		1,021,000		721,840
4.500%, 04/15/2050		560,000		462,958
3.300%, 02/15/2051		305,000		204,963

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Verizon Communications, Inc.
4.329%, 09/21/2028	$	359,000	$	343,973
4.016%, 12/03/2029		345,000		320,892
5.050%, 05/09/2033		580,000		563,041

				6,266,062

Transportation—0.51%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500%, 06/20/2027		160,000		159,603
Southwest Airlines Co.
5.250%, 05/04/2025^(e)		690,000		685,993
TransDigm, Inc.
6.250%, 03/15/2026		275,000		272,647
United Airlines Pass Through Trust
5.875%, 10/15/2027		798,915		798,315

				1,916,558

Utilities—1.63%
Calpine Corp.
4.500%, 02/15/2028^(e)		310,000		287,254
DTE Energy Co.
3.400%, 06/15/2029		527,000		473,247
Exelon Corp.
5.300%, 03/15/2033^(e)		1,410,000		1,393,189
4.700%, 04/15/2050		410,000		348,553
NextEra Energy Capital Holdings, Inc.
5.250%, 02/28/2053		625,000		579,732
Sempra
5.500%, 08/01/2033^(e)		675,000		669,380
Southern Co.
5.200%, 06/15/2033		2,235,000		2,175,650
Vistra Operations Co. LLC
4.375%, 05/01/2029^(e)		265,000		233,898

				6,160,903

TOTAL CORPORATE BONDS (Cost $110,815,318)				101,899,094

FOREIGN CORPORATE BONDS—2.41%
Banks—0.77%
Banco Santander SA
6.921%, 08/08/2033		1,200,000		1,200,586
Barclays PLC
7.119% to 06/27/2033, then SOFR + 3.570%, 06/27/2034^(a)(e)		900,000		899,230
HSBC Holdings PLC
6.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%^(a)(g)		910,000		816,525

				2,916,341

Consumer Discretionary Distribution & Retail—0.02%
Jaguar Land Rover Automotive PLC
5.500%, 07/15/2029		85,000		73,936

Consumer Services—0.14%
Carnival Corp.
7.625%, 03/01/2026^(e)		340,000		339,299

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Royal Caribbean Cruises Ltd.
5.500%, 04/01/2028	$	205,000	$	192,352

				531,651

Materials—0.10%
First Quantum Minerals Ltd.
8.625%, 06/01/2031		250,000		254,718
Hudbay Minerals, Inc.
6.125%, 04/01/2029		125,000		117,637

				372,355

Pharmaceuticals, Biotechnology & Life Sciences—0.26%
Pfizer Investment Enterprises Pte Ltd.
5.340%, 05/19/2063		475,000		468,410
Takeda Pharmaceutical Co. Ltd.
3.025%, 07/09/2040		690,000		502,031

				970,441

Semiconductors & Semiconductor Equipment—0.23%
NXP BV / NXP Funding LLC / NXP USA, Inc.
5.000%, 01/15/2033		930,000		883,790

Telecommunications—0.15%
Vodafone Group PLC
4.375%, 02/19/2043		715,000		582,893

Transportation—0.74%
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026		215,417		211,610
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.500%, 10/20/2025		2,624,270		2,566,375

				2,777,985

TOTAL FOREIGN CORPORATE BONDS (Cost $9,478,647)				9,109,392

FOREIGN GOVERNMENT AGENCY ISSUES—1.15%
Asian Development Bank
4.500%, 08/25/2028		1,170,000		1,175,552
European Investment Bank
4.500%, 10/16/2028		730,000		735,321
Inter-American Development Bank
4.500%, 05/15/2026		585,000		582,574
International Bank for Reconstruction & Development
4.000%, 07/25/2030		890,000		871,442
Province of Manitoba Canada
4.300%, 07/27/2033		645,000		632,470
Saudi Government International Bond
4.500%, 10/26/2046		400,000		338,413

TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $4,436,310)				4,335,772

FOREIGN GOVERNMENT NOTES/BONDS—1.44%
Colombia Government International Bond
4.000%, 02/26/2024		590,000		584,967
3.000%, 01/30/2030		570,000		454,196
Dominican Republic International Bond
6.875%, 01/29/2026		330,000		333,053
6.850%, 01/27/2045		560,000		503,234
Hungary Government International Bond
7.625%, 03/29/2041^(e)		360,000		398,574

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Indonesia Government International Bond
4.350%, 01/08/2027	$	550,000	$	537,636
Mexico Government International Bond
4.350%, 01/15/2047^(e)		740,000		578,965
Province of Quebec
4.500%, 09/08/2033		1,460,000		1,456,999
Republic of South Africa Government International Bond
5.000%, 10/12/2046		150,000		99,830
Romanian Government International Bond
6.125%, 01/22/2044		505,000		477,907

TOTAL FOREIGN GOVERNMENT NOTES/BONDS (Cost $6,083,603)				5,425,361

NON-AGENCY MORTGAGE-BACKED SECURITIES—7.08%
American Tower Trust #1
2023-1, 5.490%, 03/15/2053		924,000		922,212
Angel Oak Mortgage Trust
2019-6, 2.620%, 11/25/2059^(c)		65,657		63,109
Bank
2021-BNK31, 1.739%, 02/15/2054		454,000		386,332
2022-BNK39, 2.928%, 02/15/2055^(c)		179,000		148,967
2023-BNK45 B, 6.148%, 02/15/2056^(c)		483,000		456,907
2023-BNK45 C, 6.489%, 02/15/2056^(c)		522,000		445,772
BBCMS Mortgage Trust
2021-C11, 1.495%, 09/15/2054^(c)(d)		7,937,238		576,224
2022-C18, 5.710%, 12/15/2055^(c)		575,000		587,870
BB-UBS Trust
2012-SHOW, 3.430%, 11/05/2036		1,646,000		1,502,551
Benchmark Mortgage Trust
2020-B17, 3.371%, 03/15/2053^(c)		470,000		329,423
2021-B23, 1.766%, 02/15/2054		612,000		509,811
2021-B26, 0.997%, 06/15/2054^(c)(d)		9,530,394		436,188
2021-B31 C, 3.195%, 12/15/2054^(c)		415,000		269,491
BMO Mortgage Trust
2023-C5, 6.848%, 06/15/2056^(c)		180,000		167,282
BX Commercial Mortgage Trust
2021-VOLT, 7.075% (TSFR1M + 1.764%), 09/15/2036^(b)		1,085,000		1,033,328
BX Trust
2019-OC11, 3.202%, 12/09/2041		971,000		835,695
BXP Trust
2017-GM, 3.379%, 06/13/2039		331,000		299,737
CAMB Commercial Mortgage Trust
2019-LIFE, 6.675% (TSFR1M + 1.364%), 12/15/2037^(b)		978,000		971,545
Citigroup Commercial Mortgage Trust
2023-SMRT, 6.048%, 06/10/2028^(c)		298,000		288,970
2023-PRM3, 6.572%, 07/10/2028^(c)		244,000		236,063
2013-GC17, 5.095%, 11/10/2046^(c)		145,000		143,081
2014-GC25, 1.091%, 10/10/2047^(c)(d)		1,260,343		7,899
2015-GC27, 1.451%, 02/10/2048^(c)(d)		884,810		10,802
2022-GC48, 4.742%, 05/15/2054^(c)		619,207		586,362
COMM Mortgage Trust
2012-CCRE4, 3.251%, 10/15/2045		476,000		416,083
2014-UBS2, 3.472%, 03/10/2047		58,011		57,709
2014-CR16, 1.094%, 04/10/2047^(c)(d)		1,192,075		3,405
2014-LC15, 1.204%, 04/10/2047^(c)(d)		1,155,012		1,820

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
2014-CR17, 1.104%, 05/10/2047^(c)(d)	$	1,010,898	$	2,591
2014-UBS3, 1.206%, 06/10/2047^(c)(d)		843,490		2,523
2014-UBS6, 0.978%, 12/10/2047^(c)(d)		1,359,366		9,028
2014-CCRE21, 3.987%, 12/10/2047		281,514		270,291
Connecticut Avenue Securities Trust
2021-R01, 6.838% (SOFR30A + 1.550%), 10/25/2041^(b)		480,000		473,620
2021-R03, 6.938% (SOFR30A + 1.650%), 12/25/2041^(b)		1,050,000		1,024,734
2022-R01, 7.188% (SOFR30A + 1.900%), 12/25/2041^(b)		915,000		898,725
2022-R03, 8.788% (SOFR30A + 3.500%), 03/25/2042^(b)		1,065,000		1,102,655
2022-R07, 8.246% (SOFR30A + 2.950%), 06/25/2042^(b)		515,047		528,408
2022-R07, 9.946% (SOFR30A + 4.650%), 06/25/2042^(b)		1,005,000		1,075,794
2022-R08, 7.838% (SOFR30A + 2.550%), 07/25/2042^(b)		921,176		939,256
2023-R02, 7.588% (SOFR30A + 2.300%), 01/25/2043^(b)		678,596		687,540
Credit Suisse Mortgage Capital Certificates
2019-ICE4, 6.788% (TSFR1M + 1.477%), 05/15/2036^(b)		132,670		131,795
CSAIL Commercial Mortgage Trust
2019-C17, 3.016%, 9/15/2052		850,000		732,910
2015-C1, 4.044%, 04/15/2050^(c)		450,000		401,062
2015-C2, 0.851%, 06/15/2057^(c)(d)		1,384,398		11,071
CyrusOne Data Centers Issuer I LLC
A-2, 4.300%, 04/20/2048		332,000		299,035
FIVE Mortgage Trust
2023-V1, 5.668%, 02/10/2056^(c)		600,000		599,343
2023-V1, 6.618%, 02/10/2056^(c)		315,000		288,401
GS Mortgage Securities Trust
2014-GC18, 1.180%, 01/10/2047^(c)(d)		2,722,500		589
2014-GC26, 1.061%, 11/10/2047^(c)(d)		1,683,552		12,751
2015-GC34, 3.278%, 10/10/2048		54,846		53,174
2019-GC42, 3.817%, 09/10/2052^(c)		449,000		338,188
2020-GC47, 2.377%, 05/12/2053		73,000		60,033
Hilton USA Trust
2016-HHV, 3.719%, 11/05/2038		283,000		263,480
J.P. Morgan Chase Commercial Mortgage Securities Trust
2022-OPO, 3.377%, 01/05/2039		501,000		375,788
Morgan Stanley Capital I Trust
2015-MS1, 3.779%, 05/15/2048^(c)		200,000		191,179
2018-L1, 4.869%, 10/15/2051^(c)		325,000		285,060
2018-H4, 5.237%, 12/15/2051^(c)		293,000		243,849
New Residential Mortgage Loan Trust
2019-NQM5, 2.710%, 11/25/2059^(c)		136,782		123,416
OBX Trust
2021-NQM3, 1.054%, 07/25/2061^(c)		733,309		550,686
Taubman Centers Commercial Mortgage Trust
2022-DPM, 8.242% (TSFR1M + 2.932%), 05/15/2037^(b)		1,045,000		1,019,867
UBS Commercial Mortgage Trust
2017-C2, 3.487%, 08/15/2050		625,000		570,280
2017-C4 AS, 3.836%, 10/15/2050^(c)		200,000		179,382
Verus Securitization Trust
2019-4, 2.642%, 11/25/2059		36,919		35,330
Wells Fargo Commercial Mortgage Trust
2015-C29, 3.637%, 06/15/2048		130,000		124,198
2016-NXS6, 4.534%, 11/15/2049^(c)		625,000		512,672
2018-C48, 4.302%, 01/15/2052		333,945		313,592

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
WFRBS Commercial Mortgage Trust
2014-LC14, 1.397%, 03/15/2047^(c)(d)	$	588,851	$	271
2014-C22 XA, 0.923%, 09/15/2057^(c)(d)		2,676,008		12,500
2014-C22 AS, 4.069%, 09/15/2057^(c)		290,000		264,695

TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (Cost $30,073,419)				26,704,400

AGENCY MORTGAGE BACKED SECURITIES—30.42%
Fannie Mae Connecticut Avenue Securities
2017-C06, 8.202% (SOFR30A + 2.914%), 02/25/2030^(b)		966,013		992,140
2017-C07, 7.802% (SOFR30A + 2.514%), 05/25/2030^(b)		449,361		456,443
2018-C01, 7.652% (SOFR30A + 2.364%), 07/25/2030^(b)		981,281		995,457
2018-C02, 7.602% (SOFR30A + 2.314%), 08/25/2030^(b)		955,457		969,365
2018-C04, 7.952% (SOFR30A + 2.664%), 12/25/2030^(b)		835,340		857,539
Fannie Mae Interest Strip
4.000%, 08/25/2043^(d)		1,205,123		223,352
Fannie Mae Pool
MA0096, 4.500%, 06/01/2029		2,403		2,352
AB3000, 4.500%, 05/01/2031		7,395		7,219
AB1389, 4.500%, 08/01/2040		23,382		22,794
MA0510, 4.500%, 09/01/2040		244		238
AE8714, 3.500%, 11/01/2040		9,046		8,337
890310, 4.500%, 12/01/2040		5,596		5,455
AE0954, 4.500%, 02/01/2041		19,288		18,802
AS7001, 3.000%, 04/01/2041		481,147		426,387
AL0065, 4.500%, 04/01/2041		9,237		9,004
AB3194, 4.500%, 06/01/2041		6,246		6,089
AH7395, 4.500%, 06/01/2041		787		754
FM0040, 3.000%, 10/01/2041		88,344		78,299
AL1547, 4.500%, 11/01/2041		3,721		3,627
AJ6346, 3.500%, 12/01/2041		15,120		13,935
AJ9278, 3.500%, 12/01/2041		4,609		4,248
AO1214, 3.500%, 04/01/2042		51,966		47,892
AK9393, 3.500%, 04/01/2042		9,279		8,551
AK6568, 3.500%, 04/01/2042		18,487		17,038
AL4029, 4.500%, 04/01/2042		26,620		25,949
AL7306, 4.500%, 09/01/2042		15,736		15,184
AP8743, 3.500%, 10/01/2042		145,891		134,452
AQ9330, 3.500%, 01/01/2043		18,641		17,178
AL2897, 3.500%, 01/01/2043		20,487		18,881
AL3714, 3.500%, 01/01/2043		13,444		12,389
AB7965, 3.500%, 02/01/2043		11,939		11,002
AB9046, 3.500%, 04/01/2043		35,749		32,945
AT1001, 3.500%, 04/01/2043		14,246		13,128
AT2021, 3.500%, 04/01/2043		12,262		11,300
AB9260, 3.500%, 05/01/2043		32,836		30,240
AS0212, 3.500%, 08/01/2043		32,080		29,544
AU0949, 3.500%, 08/01/2043		28,675		26,435
AU4658, 4.500%, 09/01/2043		5,412		5,216
MA1600, 3.500%, 10/01/2043		13,945		12,842
AS1333, 4.500%, 12/01/2043		9,228		8,938
AL4450, 4.500%, 12/01/2043		10,969		10,630
AS2516, 4.500%, 05/01/2044		11,491		11,131
AS2751, 4.500%, 06/01/2044		14,248		13,800
MA1926, 4.500%, 06/01/2044		11,897		11,524

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
AL6223, 4.500%, 08/01/2044	$	12,949	$	12,543
AZ0814, 3.500%, 07/01/2045		24,693		22,538
AZ0862, 3.500%, 07/01/2045		42,224		38,531
BM1953, 3.500%, 08/01/2045		52,469		48,354
AZ4775, 3.500%, 10/01/2045		10,469		9,549
CA2929, 3.500%, 12/01/2045		83,663		76,284
AS6311, 3.500%, 12/01/2045		15,120		13,782
AS6464, 3.500%, 01/01/2046		21,086		19,213
BC4114, 3.500%, 02/01/2046		122,065		111,263
AL8219, 4.000%, 02/01/2046		169,831		161,518
AL8387, 4.000%, 03/01/2046		441,819		419,467
FM1370, 3.000%, 04/01/2046		30,592		27,079
BC0793, 3.500%, 04/01/2046		100,774		91,989
AS7200, 4.500%, 05/01/2046		6,334		6,136
AS7388, 3.500%, 06/01/2046		435,015		397,793
AS7580, 3.000%, 07/01/2046		97,209		85,291
AS7801, 3.500%, 08/01/2046		89,915		81,821
MA2737, 3.000%, 09/01/2046		544,436		476,189
AS8056, 3.000%, 10/01/2046		54,062		47,417
MA2771, 3.000%, 10/01/2046		82,466		72,343
BM3932, 3.500%, 10/01/2046		75,604		68,889
AS8269, 3.000%, 11/01/2046		69,552		60,998
MA2872, 4.500%, 01/01/2047		58,182		56,356
AS8700, 4.500%, 01/01/2047		22,231		21,533
BE5475, 3.500%, 02/01/2047		36,457		33,155
AL9879, 3.500%, 02/01/2047		1,321,457		1,202,786
FM4894, 4.000%, 03/01/2047		416,885		394,119
AS8982, 4.500%, 03/01/2047		7,167		6,937
FM1000, 3.000%, 04/01/2047		196,500		172,374
CA5843, 3.000%, 04/01/2047		107,254		94,572
MA2959, 3.500%, 04/01/2047		74,247		67,396
BM5784, 3.500%, 05/01/2047		89,487		81,474
AS9536, 3.500%, 05/01/2047		38,099		34,662
BM5347, 3.500%, 05/01/2047		83,975		76,455
BM5348, 3.500%, 05/01/2047		42,994		39,130
MA3008, 4.500%, 05/01/2047		14,775		14,196
AS9829, 3.500%, 06/01/2047		33,183		30,179
AS9831, 4.000%, 06/01/2047		50,502		47,524
BE3702, 4.000%, 06/01/2047		44,390		41,636
BM5179, 3.000%, 07/01/2047		63,418		55,755
BE3767, 3.500%, 07/01/2047		42,649		38,795
CA0062, 4.000%, 07/01/2047		36,700		34,547
MA3121, 4.000%, 09/01/2047		465,777		437,428
FM4019, 3.500%, 10/01/2047		395,811		359,636
CA0559, 4.500%, 10/01/2047		46,424		44,879
FM1467, 3.000%, 12/01/2047		61,670		54,881
MA3210, 3.500%, 12/01/2047		101,806		92,589
BH7058, 3.500%, 12/01/2047		109,560		99,645
FM2897, 3.000%, 02/01/2048		194,732		171,719
CA4140, 3.000%, 02/01/2048		60,112		52,660
BJ8783, 3.500%, 02/01/2048		65,768		59,816
CA1535, 3.500%, 02/01/2048		21,011		19,109
MA3278, 4.500%, 02/01/2048		197,462		190,054
CA1218, 4.500%, 02/01/2048		33,095		31,803

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
FM5923, 3.500%, 03/01/2048	$	535,467	$	487,015
BM3590, 3.500%, 03/01/2048		78,512		71,402
BJ0648, 3.500%, 03/01/2048		42,684		38,821
BJ0650, 3.500%, 03/01/2048		45,901		41,746
BM3900, 4.000%, 04/01/2048		81,507		76,586
CA1710, 4.500%, 05/01/2048		58,213		56,103
FM2385, 3.000%, 09/01/2048		118,433		103,744
FM1572, 3.000%, 09/01/2048		196,079		172,298
BM5024, 3.000%, 11/01/2048		52,096		45,609
FM2915, 3.000%, 11/01/2048		427,866		378,156
FM5108, 3.500%, 11/01/2048		559,553		509,330
FM1239, 3.500%, 11/01/2048		69,352		63,076
FM2239, 3.000%, 12/01/2048		105,433		92,463
CA2922, 3.000%, 12/01/2048		168,293		147,247
FM1051, 4.500%, 05/01/2049		136,025		131,198
FM4895, 4.000%, 06/01/2049		351,264		330,557
CA3683, 4.500%, 06/01/2049		48,404		46,651
BO2201, 3.000%, 09/01/2049		147,145		127,900
CA4571, 4.000%, 11/01/2049		351,132		327,751
BO6164, 3.000%, 01/01/2050		64,152		55,815
BO8947, 3.000%, 01/01/2050		77,296		67,273
FM3619, 4.500%, 01/01/2050		87,036		83,107
BP2099, 3.000%, 02/01/2050		322,996		281,114
FM7592, 3.500%, 03/01/2050		533,636		483,956
CA5519, 3.000%, 04/01/2050		70,431		61,180
FM4334, 3.000%, 04/01/2050		165,701		144,252
CA5559, 3.500%, 04/01/2050		533,048		482,130
CA5668, 3.000%, 05/01/2050		268,064		232,854
CA6086, 3.000%, 06/01/2050		1,064,377		928,573
BP6466, 3.000%, 07/01/2050		177,132		153,716
BP6481, 4.500%, 07/01/2050		34,304		32,916
BQ0239, 2.500%, 08/01/2050		178,310		149,977
BP6716, 2.500%, 09/01/2050		326,026		272,871
BK3044, 2.500%, 09/01/2050		312,697		261,731
MA4121, 3.000%, 09/01/2050		521,330		455,041
FM9143, 4.500%, 09/01/2050		123,085		118,490
MA4160, 3.000%, 10/01/2050		439,220		381,004
MA4170, 4.500%, 10/01/2050		258,720		249,691
FM7475, 4.500%, 10/01/2050		20,421		19,685
MA4208, 2.000%, 12/01/2050		2,307,658		1,849,735
FM5316, 2.000%, 12/01/2050		179,144		143,353
BR1269, 2.500%, 01/01/2051		716,231		601,797
MA4256, 2.500%, 02/01/2051		647,464		540,072
MA4282, 2.500%, 03/01/2051		411,629		344,198
BR7795, 2.500%, 04/01/2051		652,069		544,026
MA4306, 2.500%, 04/01/2051		266,408		221,806
MA4325, 2.000%, 05/01/2051		672,009		535,884
BT2488, 2.500%, 05/01/2051		415,548		346,235
MA4326, 2.500%, 05/01/2051		440,033		367,130
FM7189, 2.500%, 05/01/2051		477,258		398,153
FM7738, 2.500%, 06/01/2051		465,723		388,812
MA4356, 2.500%, 06/01/2051		878,183		732,239
BT0417, 2.500%, 06/01/2051		281,979		234,743
MA4378, 2.000%, 07/01/2051		634,067		506,863

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
CB1038, 2.500%, 07/01/2051	$	305,609	$	255,184
MA4379, 2.500%, 07/01/2051		344,909		287,399
FS1550, 2.500%, 07/01/2051		331,205		277,222
CB1027, 2.500%, 07/01/2051		250,799		208,576
FM8178, 2.500%, 07/01/2051		781,446		649,887
BT1339, 2.500%, 07/01/2051		738,518		614,216
FM8360, 2.500%, 08/01/2051		342,861		285,838
FM8422, 2.500%, 08/01/2051		728,424		606,466
MA4399, 2.500%, 08/01/2051		2,287,598		1,904,245
BT3273, 2.500%, 08/01/2051		748,640		622,321
BT7263, 2.500%, 09/01/2051		440,757		366,556
CB2852, 2.000%, 11/01/2051		1,299,980		1,036,631
MA4493, 2.500%, 12/01/2051		420,545		349,266
FS0121, 2.000%, 01/01/2052		545,297		436,091
MA4562, 2.000%, 03/01/2052		640,752		511,071
FS4110, 2.500%, 03/01/2052		144,507		120,280
BV4139, 2.500%, 03/01/2052		200,061		166,885
MA4578, 2.500%, 04/01/2052		1,472,446		1,222,133
BU8667, 4.000%, 05/01/2052		403,911		373,594
CB3622, 4.000%, 05/01/2052		457,976		423,237
MA4626, 4.000%, 06/01/2052		672,986		621,863
CB3914, 4.000%, 06/01/2052		510,129		471,430
BV2558, 5.000%, 06/01/2052		616,235		598,245
BV2634, 4.000%, 07/01/2052		503,956		465,464
BW0036, 4.500%, 07/01/2052		379,990		362,729
BV2623, 4.500%, 07/01/2052		253,877		240,885
FS2603, 4.500%, 08/01/2052		659,518		625,766
CB4404, 5.000%, 08/01/2052		690,369		669,863
BV7959, 5.000%, 08/01/2052		695,412		675,169
BV8055, 4.500%, 09/01/2052		669,349		635,094
BW6232, 5.000%, 09/01/2052		864,736		839,188
BW1201, 5.000%, 09/01/2052		746,435		724,592
MA4785, 5.000%, 10/01/2052		701,146		680,573
FS3642, 5.000%, 11/01/2052		334,840		324,886
MA4842, 5.500%, 12/01/2052		1,081,705		1,069,365
MA4868, 5.000%, 01/01/2053		650,945		631,762
MA4918, 5.000%, 02/01/2053		688,685		668,260
MA4919, 5.500%, 02/01/2053		617,957		610,670
MA4941, 5.500%, 03/01/2053		664,340		656,301
CB6031, 5.000%, 04/01/2053		380,557		369,472
FS4357, 5.500%, 04/01/2053		542,110		536,181
BW4908, 6.000%, 04/01/2053		458,145		459,897
MA5009, 5.000%, 05/01/2053		171,516		166,410
FS4874, 5.500%, 06/01/2053		1,281,381		1,266,225
MA5073, 6.000%, 07/01/2053		540,687		542,329
MA5108, 6.000%, 08/01/2053		804,490		806,933
Fannie Mae REMICS
2012-70, 0.598% (SOFR30A + 5.886%), 07/25/2042^(b)(d)		846,255		89,958
2012-68, 0.648% (SOFR30A + 5.936%), 07/25/2042^(b)(d)		1,378,088		137,670
2013-6, 0.698% (SOFR30A + 5.986%), 02/25/2043^(b)(d)		901,047		98,474
2013-18, 0.698% (SOFR30A + 5.986%), 03/25/2043^(b)(d)		995,080		97,503
2014-90, 0.748% (SOFR30A + 6.036%), 01/25/2045^(b)(d)		1,509,066		171,246
2015-32, 0.798% (SOFR30A + 6.086%), 05/25/2045^(b)(d)		888,585		95,434
2016-40, 0.448% (SOFR30A + 5.736%), 07/25/2046^(b)(d)		580,710		53,304

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
2018-07, 4.000%, 02/25/2048^(d)	$	1,113,024	$	210,586
2020-52, 4.500%, 08/25/2050^(d)		1,013,062		209,277
Freddie Mac Gold Pool
G1-4953, 3.500%, 01/01/2029		12,289		11,791
A8-6315, 4.500%, 05/01/2039		13,472		13,114
A8-6521, 4.500%, 05/01/2039		26,609		25,971
A9-3617, 4.500%, 08/01/2040		2,319		2,263
Q0-0285, 4.500%, 04/01/2041		3,415		3,333
Q0-0876, 4.500%, 05/01/2041		21,467		20,952
Q0-2173, 4.500%, 07/01/2041		15,674		15,299
C0-3795, 3.500%, 04/01/2042		106,356		98,142
Q0-9004, 3.500%, 06/01/2042		9,745		8,992
C0-9004, 3.500%, 07/01/2042		10,416		9,612
Q0-9896, 3.500%, 08/01/2042		13,449		12,410
Q1-1348, 3.500%, 09/01/2042		28,283		26,098
Q1-8305, 3.500%, 05/01/2043		11,381		10,501
Q1-9475, 3.500%, 06/01/2043		19,330		17,836
G6-0030, 3.500%, 07/01/2043		59,831		55,251
Q2-0780, 3.500%, 08/01/2043		24,578		22,678
Q2-0857, 3.500%, 08/01/2043		15,600		14,311
G0-7459, 3.500%, 08/01/2043		12,535		11,566
G0-8541, 3.500%, 08/01/2043		21,874		20,183
Q2-6513, 4.500%, 06/01/2044		11,459		11,110
Q4-5219, 3.500%, 01/01/2045		77,492		70,918
G0-7961, 3.500%, 03/01/2045		17,001		15,566
G0-8636, 3.500%, 04/01/2045		19,766		18,036
Q3-5225, 3.500%, 08/01/2045		9,681		8,839
G0-8659, 3.500%, 08/01/2045		53,866		49,178
G0-8676, 3.500%, 11/01/2045		23,521		21,466
G6-0480, 4.500%, 11/01/2045		9,276		8,998
G0-8681, 3.500%, 12/01/2045		17,447		15,921
Q3-9644, 3.500%, 03/01/2046		82,368		75,166
Q3-9434, 3.500%, 03/01/2046		3,700		3,379
G0-8693, 3.500%, 03/01/2046		3,892		3,551
G0-8702, 3.500%, 04/01/2046		40,074		36,549
G0-8706, 3.500%, 05/01/2046		18,407		16,930
Q4-0718, 3.500%, 05/01/2046		115,414		105,238
Q4-0375, 3.500%, 05/01/2046		26,802		24,444
G0-8708, 4.500%, 05/01/2046		24,424		23,687
Q4-1208, 3.500%, 06/01/2046		57,711		52,724
G0-8721, 3.000%, 09/01/2046		39,504		34,699
G0-8735, 4.500%, 10/01/2046		33,881		32,858
G0-8741, 3.000%, 01/01/2047		726,040		637,515
G0-8743, 4.000%, 01/01/2047		31,334		29,539
Q4-6279, 3.500%, 02/01/2047		43,668		39,795
Q4-6539, 4.500%, 03/01/2047		3,387		3,252
G0-8757, 3.500%, 04/01/2047		7,396		6,737
G0-8759, 4.500%, 04/01/2047		11,946		11,585
V8-3204, 4.500%, 05/01/2047		28,142		27,116
Q4-9100, 4.000%, 07/01/2047		66,711		62,853
Q4-9394, 4.500%, 07/01/2047		53,510		51,798
Q4-9888, 3.500%, 08/01/2047		38,503		35,060
Q5-0035, 3.500%, 08/01/2047		56,124		51,112
Q5-0109, 3.500%, 08/01/2047		7,336		6,680

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
G6-1228, 4.000%, 08/01/2047	$	104,261	$	98,232
G0-8779, 3.500%, 09/01/2047		158,879		143,512
G0-8785, 4.000%, 10/01/2047		81,667		76,364
G6-1631, 3.500%, 11/01/2047		147,998		134,873
Q5-2319, 3.500%, 11/01/2047		123,157		112,145
G6-1467, 4.000%, 11/01/2047		107,128		100,255
G6-1281, 3.500%, 01/01/2048		68,772		62,623
G0-8800, 3.500%, 02/01/2048		93,160		84,830
Q5-4463, 4.000%, 02/01/2048		52,401		49,372
G6-7710, 3.500%, 03/01/2048		130,333		118,680
Freddie Mac Multifamily Structured Pass Through Certificates
K-098, 1.517%, 08/25/2029^(c)(d)		1,985,000		138,180
Freddie Mac Pool
ZS-9972, 3.000%, 03/01/2042		665,804		589,992
ZM-1590, 3.000%, 08/01/2046		479,211		419,686
SD-0035, 3.000%, 04/01/2047		433,328		384,087
ZM-4908, 3.500%, 11/01/2047		197,051		179,204
ZA-5250, 4.000%, 01/01/2048		176,510		166,599
ZS-4759, 3.500%, 03/01/2048		118,837		108,073
ZM-6197, 4.000%, 04/01/2048		427,798		403,302
SD-0298, 3.000%, 11/01/2048		306,553		270,620
ZN-2103, 4.500%, 12/01/2048		30,039		28,955
ZA-7141, 3.000%, 06/01/2049		60,480		52,654
SD-8005, 3.500%, 08/01/2049		552,816		501,942
SD-8013, 4.500%, 09/01/2049		79,752		76,755
SI-2009, 3.000%, 10/01/2049		363,961		316,930
QA-5549, 3.000%, 12/01/2049		193,895		168,542
QA-7325, 3.000%, 02/01/2050		147,857		128,704
QA-6750, 3.000%, 02/01/2050		108,945		95,143
QA-8311, 3.000%, 03/01/2050		185,111		162,384
SD-8068, 3.000%, 06/01/2050		506,251		439,901
RA-2970, 2.500%, 07/01/2050		169,551		141,780
SD-8074, 3.000%, 07/01/2050		74,262		64,572
QB-2682, 2.500%, 08/01/2050		128,099		107,194
SD-8084, 3.000%, 08/01/2050		217,551		188,661
SD-8086, 4.000%, 08/01/2050		160,174		149,441
RA-3484, 3.000%, 09/01/2050		251,172		217,777
SD-8098, 2.000%, 10/01/2050		2,242,198		1,796,861
QB-4785, 2.500%, 10/01/2050		182,178		152,448
QB-6037, 2.500%, 11/01/2050		135,524		113,406
SD-1025, 3.500%, 12/01/2050		682,111		614,748
SD-8122, 2.500%, 01/01/2051		386,331		323,283
SD-8129, 2.500%, 02/01/2051		521,893		434,796
RA-4527, 2.500%, 02/01/2051		266,864		223,178
SD-8135, 2.500%, 03/01/2051		187,083		156,557
QC-0945, 2.500%, 04/01/2051		781,667		652,499
SD-8147, 2.500%, 05/01/2051		437,984		365,382
QC-3907, 2.500%, 07/01/2051		409,291		340,595
QC-4235, 2.500%, 07/01/2051		668,954		556,549
SD-8156, 2.500%, 07/01/2051		408,032		339,688
SD-8160, 2.000%, 08/01/2051		787,435		628,326
QC-6209, 2.500%, 08/01/2051		361,281		301,018
QC-5978, 2.500%, 08/01/2051		584,823		487,504
RA-5855, 2.500%, 09/01/2051		699,944		581,535

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
SD-8167, 2.500%, 09/01/2051	$	1,061,351	$	882,246
QC-8520, 2.500%, 10/01/2051		268,262		222,581
SD-0780, 2.500%, 12/01/2051		474,014		393,967
RA-6686, 4.000%, 01/01/2052		216,648		200,303
QE-4039, 4.000%, 06/01/2052		1,168,591		1,080,184
SD-1883, 4.000%, 06/01/2052		623,815		576,993
SD-1117, 4.500%, 06/01/2052		295,662		281,248
SD-8225, 3.000%, 07/01/2052		846,340		729,866
QE-6058, 4.500%, 07/01/2052		846,726		803,429
SD-8231, 4.500%, 07/01/2052		325,882		309,222
SD-8233, 5.000%, 07/01/2052		638,039		619,196
SD-1576, 5.000%, 08/01/2052		881,246		855,390
QE-9381, 4.000%, 09/01/2052		741,904		685,397
SD-1803, 5.500%, 09/01/2052		299,611		296,544
SD-1709, 5.500%, 09/01/2052		751,252		742,604
SD-8256, 4.000%, 10/01/2052		722,603		667,485
SD-8257, 4.500%, 10/01/2052		382,657		363,064
SD-8258, 5.000%, 10/01/2052		656,433		637,172
SD-1719, 5.500%, 10/01/2052		838,343		830,395
SD-1913, 5.000%, 11/01/2052		401,552		389,863
SD-1884, 5.000%, 11/01/2052		102,233		99,194
SD-8268, 5.500%, 11/01/2052		373,839		369,579
QF-4848, 6.000%, 12/01/2052		591,350		593,745
QF-6551, 5.500%, 01/01/2053		608,498		601,014
SD-8289, 5.500%, 01/01/2053		620,676		613,099
SD-8290, 6.000%, 01/01/2053		376,652		377,855
SD-2174, 6.000%, 01/01/2053		552,822		554,500
SD-2334, 5.000%, 02/01/2053		413,688		401,531
SD-8300, 5.500%, 02/01/2053		894,626		883,566
QF-7085, 5.500%, 02/01/2053		945,943		934,248
SD-8309, 6.000%, 03/01/2053		580,201		581,963
SD-8316, 5.500%, 04/01/2053		479,244		473,319
SD-3218, 5.000%, 05/01/2053		224,146		217,530
SD-2913, 5.500%, 05/01/2053		652,543		644,969
SD-8329, 5.000%, 06/01/2053		758,451		735,772
SD-3136, 5.500%, 06/01/2053		129,604		128,204
SD-3010, 5.500%, 06/01/2053		465,137		459,732
SD-3392, 5.500%, 07/01/2053		323,152		319,422
Freddie Mac REMICS
4121, 0.897% (SOFR30A + 6.086%), 10/15/2042^(b)(d)		853,307		80,114
4122, 4.000%, 10/15/2042^(d)		888,937		161,557
4159, 0.847% (SOFR30A + 6.036%), 01/15/2043^(b)(d)		1,673,164		180,953
4459, 4.000%, 08/15/2043^(d)		1,846,077		326,429
4385, 4.500%, 09/15/2044^(d)		176,945		34,702
4572, 0.747% (SOFR30A + 5.936%), 04/15/2046^(b)(d)		393,194		38,700
4583, 0.697% (SOFR30A + 5.886%), 05/15/2046^(b)(d)		406,453		34,749
4616, 0.697% (SOFR30A + 5.886%), 09/15/2046^(b)(d)		950,784		100,907
4623, 0.697% (SOFR30A + 5.886%), 10/15/2046^(b)(d)		861,507		80,757
4648, 0.697% (SOFR30A + 5.886%), 01/15/2047^(b)(d)		367,397		38,551
5013, 3.000%, 09/25/2050^(d)		2,420,043		342,917
Freddie Mac STACR REMIC Trust
2021-DNA7, 7.088% (SOFR30A + 1.800%), 11/25/2041^(b)		473,000		462,967
2022-DNA2, 7.688% (SOFR30A + 2.400%), 02/25/2042^(b)		990,000		987,293
2022-HQA1, 8.788% (SOFR30A + 3.500%), 03/25/2042^(b)		309,000		318,874
2022-DNA3, 8.188% (SOFR30A + 2.900%), 04/25/2042^(b)		1,162,000		1,181,132

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Freddie Mac Structured Agency Credit Risk Debt Notes
2017-HQA3, 7.752% (SOFR30A + 2.464%), 04/25/2030^(b)	$	615,752	$	623,963
2018-DNA1, 7.202% (SOFR30A + 1.914%), 07/25/2030^(b)		270,547		270,758
2018-HQA1, 7.702% (SOFR30A + 2.414%), 09/25/2030^(b)		569,566		575,749
Ginnie Mae II Pool
MA0699M, 3.500%, 01/20/2043		22,391		20,765
MA0783M, 3.500%, 02/20/2043		30,564		28,350
MA0934M, 3.500%, 04/20/2043		21,668		20,103
MA3663M, 3.500%, 05/20/2046		37,316		34,459
MA3803M, 3.500%, 07/20/2046		14,483		13,356
MA4510M, 3.500%, 06/20/2047		58,817		54,230
MA4586M, 3.500%, 07/20/2047		81,041		74,752
MA4652M, 3.500%, 08/20/2047		54,689		50,266
MA4900M, 3.500%, 12/20/2047		41,294		38,095
MA6542M, 3.500%, 03/20/2050		220,274		203,636
MA6600M, 3.500%, 04/20/2050		16,477		15,117
MA7192M, 2.000%, 02/20/2051		274,184		226,980
MA7193M, 2.500%, 02/20/2051		274,777		234,175
MA7254M, 2.000%, 03/20/2051		279,712		231,813
MA7255M, 2.500%, 03/20/2051		682,962		582,018
MA7311M, 2.000%, 04/20/2051		797,642		660,059
MA7312M, 2.500%, 04/20/2051		754,782		643,249
MA7367M, 2.500%, 05/20/2051		278,629		237,577
MA7418M, 2.500%, 06/20/2051		582,223		496,097
MA7472M, 2.500%, 07/20/2051		382,624		326,073
MA7589M, 2.500%, 09/20/2051		209,441		178,470
MA7648M, 2.000%, 10/20/2051		280,876		232,158
MA7986M, 2.000%, 04/20/2052		114,591		94,629
MA8099M, 3.500%, 06/20/2052		93,576		85,024
MA8147M, 2.500%, 07/20/2052		251,638		214,379
MA8151M, 4.500%, 07/20/2052		875,226		835,097
MA8201M, 4.500%, 08/20/2052		1,120,190		1,069,036
MA8268M, 4.500%, 09/20/2052		532,957		508,506
MA8269M, 5.000%, 09/20/2052		617,551		601,877
MA8347M, 4.500%, 10/20/2052		203,061		193,744
MA8428M, 5.000%, 11/20/2052		434,938		423,744
MA8429M, 5.500%, 11/20/2052		502,474		497,713
MA8492M, 6.000%, 12/20/2052		434,031		435,876
MA8569M, 5.000%, 01/20/2053		465,556		453,277
MA8570M, 5.500%, 01/20/2053		342,825		339,845
MA8725M, 5.000%, 03/20/2053		345,175		336,071
MA8800M, 5.000%, 04/20/2053		232,666		226,529
MA8801M, 5.500%, 04/20/2053		888,939		880,377
MA8948M, 5.500%, 06/20/2053		497,681		492,885
MA9017M, 5.500%, 07/20/2053		324,362		321,238
MA9018M, 6.000%, 07/20/2053		424,221		426,024
MA9107M, 6.000%, 08/20/2053		175,000		175,744
Government National Mortgage Association
2013-23, 3.500%, 02/20/2043^(d)		1,010,281		148,577
2015-162, 1.322% (TSFR1M + 6.636%), 11/20/2045^(b)(d)		823,607		105,682
2018-007, 0.772% (TSFR1M + 6.086%), 01/20/2048^(b)(d)		899,393		88,612
2020-107, 1.000%, 07/20/2050		982,815		747,909
2020-112, 1.000%, 08/20/2050		852,704		648,959
2020-173, 2.500%, 11/20/2050^(d)		2,168,219		284,005

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
2021-103, 2.000%, 06/20/2051	$	740,745	$	616,724
2021-116, 2.500%, 06/20/2051^(d)		2,402,426		326,496

TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $125,772,710)				114,773,768

U.S. GOVERNMENT AGENCY ISSUES—0.59%
Fannie Mae Principal Strip
0.000%, 07/15/2037		1,370,000		712,147
Federal Home Loan Banks
4.000%, 06/30/2028		755,000		746,442
Federal National Mortgage Association
0.875%, 08/05/2030		575,000		456,378
Tennessee Valley Authority
5.250%, 09/15/2039		320,000		329,481

TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $2,629,475)				2,244,448

U.S. GOVERNMENT NOTES/BONDS—13.93%
United States Treasury Note/Bond
4.125%, 07/31/2028^(e)		250,000		248,555
4.000%, 02/28/2030		580,000		572,704
3.500%, 02/15/2033^(e)		17,550,000		16,716,375
3.375%, 05/15/2033^(e)		11,935,000		11,245,008
3.875%, 08/15/2033		2,210,000		2,170,807
3.875%, 02/15/2043		1,940,000		1,805,413
2.875%, 05/15/2043		2,575,000		2,051,551
3.875%, 05/15/2043^(e)		220,000		204,669
3.750%, 11/15/2043		1,960,000		1,783,294
3.375%, 05/15/2044		1,380,000		1,183,646
3.125%, 05/15/2048		1,205,000		978,921
3.000%, 02/15/2049		1,675,000		1,329,859
2.375%, 05/15/2051		2,060,000		1,432,183
2.875%, 05/15/2052^(e)		3,900,000		3,028,441
3.000%, 08/15/2052		5,505,000		4,388,732
3.625%, 02/15/2053		1,450,000		1,306,699
3.625%, 05/15/2053		2,360,000		2,128,978

TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $53,896,235)				52,575,835


	Shares
EXCHANGE TRADED FUNDS—3.21%
iShares Core U.S. Aggregate Bond ETF		125,156		12,115,101

TOTAL EXCHANGE TRADED FUNDS (Cost $12,504,291)				12,115,101

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING—13.21%
Investment Company—13.21%
Mount Vernon Liquid Assets Portfolio, LLC, 5.460%^(f)		49,844,301		49,844,301

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

MONEY MARKET FUNDS—1.05%
First American Government Obligations Fund, Class X, 5.247%^(f)		3,949,998		3,949,998

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

Total Investments (Cost $453,721,536)—112.63%				424,973,597
Liabilities in Excess of Other Assets—(12.63)%				(47,668,084	)

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

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

PMC CORE FIXED INCOME FUND

Schedule of Investments

August 31, 2023 (Continued)

Percentages are stated as a percent of net assets.

^(a)

Variable rate security; the rate shown represents the rate at August 31, 2023.

^(b)

Floating rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(c)

Variable rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(d)

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

^(e)

All or portion of this security is out on loan as of August 31, 2023. Total value of securities out on loan is $48,899,480.

^(f)

The rate shown represents the seven day yield at August 31, 2023.

^(g)

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

Abbreviations

TBA Pool number to be announced

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

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023



	Shares		Value
COMMON STOCKS—71.83%
Automobiles & Components—2.48%
Bayerische Motoren Werke AG—ADR		91,811	$	3,226,239
BorgWarner, Inc.^(b)		52,016		2,119,652
Bridgestone Corp.—ADR		18,241		352,599
BYD Co. Ltd.—ADR		2,032		128,300
Cie Generale des Etablissements Michelin SCA—ADR		10,123		157,818
Ford Motor Co.		44,500		539,785
Geely Automobile Holdings Ltd.—ADR		2,379		59,344
General Motors Co.		14,916		499,835
Harley-Davidson, Inc.		6,461		218,059
Honda Motor Co. Ltd.—ADR		154,350		4,990,137
Isuzu Motors Ltd.—ADR		24,418		312,306
Mazda Motor Corp.—ADR^(b)		336,453		1,752,920
Mercedes-Benz Group AG—ADR		154,544		2,821,973
Renault SA—ADR		149,336		1,203,648
Subaru Corp.—ADR		135,236		1,292,856
Sumitomo Electric Industries Ltd.—ADR		57,759		703,793
Suzuki Motor Corp.—ADR		3,190		504,307
Thor Industries, Inc.^(b)		5,792		607,117
Valeo SE—ADR		3,599		35,450

				21,526,138

Banks—3.92%
Akbank TAS—ADR		152,705		320,894
Associated Banc-Corp^(b)		710		12,304
Banco BBVA Argentina SA—ADR^(b)		37,299		213,350
Banco Bilbao Vizcaya Argentaria SA—ADR		598,439		4,751,605
Banco de Chile—ADR		11,110		242,420
Banco do Brasil SA—ADR		60,013		573,124
Banco Santander SA—ADR		599,375		2,319,581
Bank Central Asia Tbk PT—ADR^(b)		6,198		94,334
Bank Hapoalim BM—ADR		6,906		286,703
Bank Mandiri Persero Tbk PT—ADR		26,646		419,675
Bank of China Ltd.—ADR		152,904		1,293,568
Bank of East Asia Ltd.—ADR		130,225		184,268
Bank OZK^(b)		330		13,256
BNP Paribas SA—ADR		104,452		3,379,022
Commerzbank AG—ADR		35,811		392,489
Credit Agricole SA—ADR		25,791		161,710
Erste Group Bank AG—ADR		7,477		133,091
First Citizens BancShares, Inc.^(b)		133		180,933
FNB Corp/PA		5,793		67,373
Grupo Financiero Banorte SAB de CV—ADR		790		33,536
HDFC Bank Ltd.—ADR		7,756		483,276
HSBC Holdings PLC—ADR		107,296		4,004,286
Huntington Bancshares, Inc.		4,280		47,465
ICICI Bank Ltd.—ADR		3,229		74,816
ING Groep NV—ADR		302,479		4,280,077
Intesa Sanpaolo SpA—ADR		22,808		367,551
JPMorgan Chase & Co.		24,285		3,553,624
Lloyds Banking Group PLC—ADR		42,779		89,836
Mediobanca Banca di Credito Finanziario SpA—ADR^(b)		68,077		887,043
Mitsubishi UFJ Financial Group, Inc.—ADR		142,197		1,127,622
NatWest Group PLC—ADR^(a)		5,281		31,105

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
New York Community Bancorp, Inc.^(b)		4,108	$	50,446
OFG Bancorp		7,117		214,649
Piraeus Financial Holdings SA—ADR		63,772		215,007
S&T Bancorp, Inc.		403		11,417
Sberbank of Russia PJSC—ADR^(a)(e)		119,989		—
Shinhan Financial Group Co. Ltd.—ADR		10,524		283,096
Societe Generale SA—ADR		11,304		64,659
Standard Chartered PLC—ADR		20,287		365,369
Sumitomo Mitsui Financial Group, Inc.—ADR		154,068		1,402,019
Swedbank AB—ADR		29,506		521,076
Texas Capital Bancshares, Inc.^(a)		238		14,861
Turkiye Garanti Bankasi AS—ADR		268,605		530,495
UniCredit SpA—ADR^(b)		30,777		375,172
Woori Financial Group, Inc.—ADR		1,916		51,157

				34,119,360

Capital Goods—6.39%
AAR Corp.^(a)		1,198		73,797
ACS Actividades de Construccion y Servicios SA—ADR		215,445		1,505,961
AGCO Corp.		1,101		142,613
Allison Transmission Holdings, Inc.		6,587		398,184
American Woodmark Corp.^(a)		2,444		189,825
Apogee Enterprises, Inc.		5,813		293,324
Applied Industrial Technologies, Inc.		81		12,504
Ashtead Group PLC—ADR		339		95,974
Astra International, Tbk PT—ADR		22,191		188,734
Atkore, Inc.^(a)(b)		2,685		413,409
Atlas Copco AB—Class A—ADR		11,621		153,746
BAE Systems PLC—ADR		1,245		64,454
Balfour Beatty PLC—ADR		56,705		475,188
Beacon Roofing Supply, Inc.^(a)		6,335		505,850
Bidvest Group Ltd.—ADR		173		5,266
Boise Cascade Co.		2,736		299,236
Bouygues SA—ADR^(b)		94,499		648,263
Builders FirstSource, Inc.^(a)		8,856		1,284,474
Caterpillar, Inc.		2,941		826,803
Cie de Saint-Gobain SA—ADR		102,950		1,340,409
Comfort Systems USA, Inc.		1,476		272,425
Core & Main, Inc.^(a)(b)		4,113		135,071
Crane Co.^(b)		139		12,666
Cummins, Inc.		6,913		1,590,267
Daimler Truck Holding AG—ADR^(b)		3,692		65,090
Deere & Co.		105		43,149
EHang Holdings Ltd.—ADR^(a)		1,595		31,469
Embraer SA—ADR^(a)		763		11,933
EMCOR Group, Inc.		5,105		1,144,796
Encore Wire Corp.^(b)		2,888		475,971
EnerSys		1,523		159,885
Ferguson PLC		333		53,799
General Electric Co.		19,304		2,209,536
Gibraltar Industries, Inc.^(a)		2,040		153,061
GMS, Inc.^(a)(b)		7,673		532,046
Granite Construction, Inc.		284		11,726
Hitachi Ltd.—ADR		17,637		2,346,426
Hubbell, Inc.		4,212		1,373,323

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
ITOCHU Corp.—ADR		34,187	$	2,564,709
JGC Holdings Corp.—ADR		15,754		410,707
Kawasaki Heavy Industries Ltd.—ADR		59,772		616,847
Keppel Corp Ltd.—ADR		48,093		493,242
Kingspan Group PLC—ADR		536		45,485
KOC Holding AS—ADR		8,243		213,082
Komatsu Ltd.—ADR		43,010		1,227,075
Leonardo SpA—ADR		94,753		682,696
Marubeni Corp.—ADR		10,758		1,761,085
Masco Corp.		764		45,084
Mitsubishi Electric Corp.—ADR		3,176		82,385
Mitsui & Co. Ltd.—ADR^(b)		3,305		2,463,844
Mueller Industries, Inc.^(b)		8,401		648,221
NSK Ltd.—ADR		5,408		62,544
Owens Corning		6,134		882,744
PACCAR, Inc.		35,590		2,928,701
Prysmian SpA—ADR		99,107		2,026,738
Quanex Building Products Corp.		9,874		266,401
Rexel SA—ADR		60,759		1,429,355
Rheinmetall AG—ADR^(b)		12,493		679,494
Rolls-Royce Holdings PLC—ADR^(a)		198,355		551,427
Rush Enterprises, Inc.—Class A^(b)		16,178		669,910
Rush Enterprises, Inc.—Class B		3,311		152,184
Schneider Electric SE—ADR		10,654		365,752
Siemens AG—ADR		19,768		1,485,368
Skanska AB—ADR		2,165		31,869
SKF AB—ADR		1,897		31,111
Snap-on, Inc.		16,224		4,357,765
Standex International Corp.		82		12,598
Sumitomo Corp.—ADR		88,066		1,803,592
Terex Corp.		7,241		438,877
Textron, Inc.		637		49,501
Thermon Group Holdings, Inc.^(a)		10,672		293,267
Timken Co.		6,892		526,687
Trane Technologies PLC		248		50,904
Travis Perkins PLC—ADR		17,443		189,169
UFP Industries, Inc.		8,145		849,931
United Rentals, Inc.		4,402		2,097,729
Vinci SA—ADR		33,947		945,424
Volvo AB—ADR		1,949		39,175
Wabash National Corp.^(b)		10,648		240,112
WESCO International, Inc.		297		48,069
Westinghouse Air Brake Technologies Corp.		2,962		333,284
WW Grainger, Inc.		1,397		997,654

				55,632,451

Commercial & Professional Services—0.47%
Brady Corp.—Class A		238		12,005
Brambles Ltd.—ADR		28,033		541,878
Clean Harbors, Inc.^(a)		87		14,733
Copart, Inc.^(a)		970		43,485
Dai Nippon Printing Co. Ltd.—ADR		12,176		165,350
HeadHunter Group PLC—ADR^(a)(e)		3,254		—
Mitie Group PLC—ADR		68,415		340,365
Randstad NV—ADR		57,474		1,690,885

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Science Applications International Corp.		3,730	$	438,872
TOPPAN, Inc.—ADR		67,798		818,321

				4,065,894

Consumer Discretionary Distribution & Retail—2.28%
Abercrombie & Fitch Co.—Class A^(a)(b)		1,687		90,676
Academy Sports & Outdoors, Inc.^(b)		7,305		398,634
Alibaba Group Holding Ltd.—ADR^(a)		18,497		1,718,370
Arhaus, Inc.^(a)(b)		14,148		140,065
Asbury Automotive Group, Inc.^(a)(b)		2,175		500,250
AutoNation, Inc.^(a)(b)		3,684		578,720
B&M European Value Retail SA—ADR		4,127		120,550
Baozun, Inc.—ADR^(a)(b)		46,449		181,616
Best Buy Co., Inc.		4,325		330,646
Brilliant Earth Group, Inc.^(a)		6,360		21,497
Buckle, Inc.^(b)		6,746		246,499
Caleres, Inc.^(b)		6,305		180,764
Carvana Co.^(a)(b)		1,304		65,656
Dick’s Sporting Goods, Inc.^(b)		2,886		335,757
Dillard’s, Inc.—Class A^(b)		367		126,659
D-MARKET Elektronik Hizmetler ve Ticaret AS—ADR^(a)		17,764		25,758
Dufry AG—ADR^(a)		106,288		466,604
Foot Locker, Inc.		1,333		26,153
Genuine Parts Co.		7,898		1,214,159
Group 1 Automotive, Inc.^(b)		2,124		561,628
Guess?, Inc.^(b)		7,320		176,119
Industria de Diseno Textil SA—ADR		87,910		1,681,718
JD.com, Inc.—ADR		8,863		294,340
Kingfisher PLC—ADR		82,040		490,599
LKQ Corp.		19,739		1,036,890
Lojas Renner SA—ADR^(b)		3,675		11,981
Lowe’s Companies, Inc.		1,416		326,360
MINISO Group Holding Ltd.—ADR^(a)		15,214		394,043
Murphy USA, Inc.^(b)		866		275,076
Naspers Ltd.—ADR		5,365		181,820
Nitori Holdings Co. Ltd.—ADR		15,249		167,739
ODP Corp.^(a)		2,737		134,989
O’Reilly Automotive, Inc.^(a)		1,005		944,399
PDD Holdings, Inc.—ADR^(a)		10,413		1,030,574
Penske Automotive Group, Inc.^(b)		4,013		659,336
Ross Stores, Inc.		3,780		460,442
Signet Jewelers Ltd.		2,529		189,675
TJX Cos., Inc.		20,668		1,911,378
Ulta Beauty, Inc.^(a)		1,942		805,988
Upbound Group, Inc.^(b)		1,555		47,614
Urban Outfitters, Inc.^(a)		6,451		214,238
Vibra Energia SA—ADR		18,341		132,972
Vipshop Holdings Ltd.—ADR^(a)		40,502		639,527
Williams-Sonoma, Inc.^(b)		687		97,004
Woolworths Holdings Ltd.		60,746		239,036

				19,874,518

Consumer Durables & Apparel—3.78%
Barratt Developments PLC—ADR^(b)		51,499		591,724
Burberry Group PLC—ADR		40,060		1,124,084

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Cavco Industries, Inc.^(a)		126	$	35,220
Cie Financiere Richemont SA—ADR		81,011		1,145,496
Crocs, Inc.^(a)		886		86,243
DR Horton, Inc.		31,924		3,799,594
Dream Finders Homes, Inc.^(a)(b)		3,607		103,954
Haier Smart Home Co. Ltd.—ADR		8,255		102,279
Hermes International SCA—ADR^(b)		6,247		1,287,881
KB Home		9,055		459,994
La-Z-Boy, Inc.^(b)		10,221		315,318
Lennar Corp.—Class A		30,550		3,638,200
Lennar Corp.—Class B^(b)		23,633		2,520,696
LVMH Moet Hennessy Louis Vuitton SE—ADR		21,454		3,631,732
MDC Holdings, Inc.^(b)		3,747		177,795
Meritage Homes Corp.		4,173		580,214
NVR, Inc.^(a)		313		1,996,104
Oxford Industries, Inc.^(b)		2,921		294,992
Panasonic Holdings Corp.—ADR		54,659		630,765
Pandora A/S—ADR		11,189		289,124
PRADA SpA—ADR		23,923		313,272
PulteGroup, Inc.		57,538		4,721,568
PVH Corp.		2,815		235,334
Ralph Lauren Corp.		2,180		254,253
Sega Sammy Holdings, Inc.—ADR		84,565		421,979
Sekisui House Ltd.—ADR		29,278		597,857
Skechers U.S.A., Inc.—Class A^(a)		4,422		222,471
Skyline Champion Corp.^(a)(b)		2,941		209,605
Swatch Group AG—ADR		66,884		936,376
Tapestry, Inc.^(b)		10,833		360,956
Taylor Morrison Home Corp.^(a)		13,043		618,238
Toll Brothers, Inc.		9,651		790,706
Tri Pointe Homes, Inc^(a)		11,128		346,081
Yue Yuen Industrial Holdings Ltd.—ADR		18,258		116,030

				32,956,135

Consumer Services—1.08%
Adtalem Global Education, Inc.^(a)		7,715		338,303
Booking Holdings, Inc.^(a)		245		760,732
Caesars Entertainment, Inc.^(a)		11,293		624,051
Carnival Corp.^(a)		45,020		712,216
Carnival PLC—ADR^(a)		28,635		409,481
Chegg, Inc.^(a)		1,237		12,630
Darden Restaurants, Inc.		9,730		1,513,112
DraftKings, Inc.^(a)		3,215		95,325
Evolution AB—ADR		3,403		367,524
Flutter Entertainment PLC—ADR^(a)		4,368		396,134
Gaotu Techedu, Inc.—ADR^(a)		53,482		154,028
Luckin Coffee, Inc.—ADR^(a)		11,648		380,307
Meituan—ADR^(a)		3,030		100,626
Melco Resorts & Entertainment Ltd.—ADR^(a)		2,907		32,617
MGM Resorts International^(b)		16,163		710,849
New Oriental Education & Technology Group, Inc.—ADR^(a)		8,369		453,934
OPAP SA—ADR		17,498		145,583
Pearson PLC—ADR		2,972		31,414
Royal Caribbean Cruises Ltd.^(a)		6,585		651,520
Sodexo SA—ADR		33,242		716,365

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Stride, Inc.^(a)		1,963	$	83,408
TAL Education Group—ADR^(a)		37,405		263,705
Trip.com Group Ltd.—ADR^(a)		8,944		351,589
Tuniu Corp.—ADR^(a)		64,696		83,458

				9,388,911

Consumer Staples Distribution & Retail—1.54%
111, Inc.—ADR^(a)		2,350		5,969
Andersons, Inc.		3,980		204,413
Casey’s General Stores, Inc.		1,556		380,302
J Sainsbury PLC—ADR		52,105		718,007
Jeronimo Martins SGPS SA—ADR^(b)		15,899		806,800
Koninklijke Ahold Delhaize NV—ADR		78,182		2,556,551
Kroger Co.		21,972		1,019,281
Marks & Spencer Group PLC—ADR^(a)		471,805		2,734,110
Performance Food Group Co.^(a)(b)		6,341		393,966
PriceSmart, Inc.		163		12,955
Seven & i Holdings Co. Ltd.—ADR		50,146		1,027,492
Sprouts Farmers Market, Inc.^(a)(b)		6,813		277,902
Tesco PLC—ADR		3,616		36,305
US Foods Holding Corp.^(a)		725		29,312
Walmart, Inc.		19,793		3,218,539
Weis Markets, Inc.		152		9,860

				13,431,764

Energy—2.54%
BP PLC—ADR		90,256		3,355,718
Chesapeake Energy Corp.^(b)		4,484		395,534
Chevron Corp.		275		44,303
Chord Energy Corp.		2,127		343,511
Civitas Resources, Inc.^(b)		6,837		562,138
CNX Resources Corp.^(a)		11,877		265,451
ConocoPhillips		7,231		860,706
Eni SpA—ADR		65,120		2,016,115
Equinor ASA—ADR^(b)		1,013		30,967
Exxon Mobil Corp.		52,470		5,834,139
Galp Energia SGPS SA—ADR		6,487		44,306
Gazprom Neft PJSC—ADR^(a)(e)		6,793		—
Gazprom PJSC—ADR^(a)(e)		186,205		—
HF Sinclair Corp.		8,351		460,057
Inpex Corp.—ADR		4,779		66,619
International Seaways, Inc.		6,478		278,360
Liberty Energy, Inc.		2,482		39,588
LUKOIL PJSC—ADR^(a)(e)		10,626		—
Marathon Petroleum Corp.		12,381		1,767,635
PBF Energy, Inc.—Class A		9,689		454,317
Peabody Energy Corp.^(b)		7,913		170,763
Petroleo Brasileiro SA—ADR		18,050		253,603
Phillips 66		2,163		246,928
Range Resources Corp.		636		20,594
Repsol SA—ADR		5,946		91,628
RPC, Inc.^(b)		1,899		15,173
Shell PLC—ADR^(b)		18,443		1,145,126
Southwestern Energy Co.^(a)		5,426		36,788
Surgutneftegas PJSC—ADR^(a)(e)		15,549		—

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Tenaris SA—ADR		68,644	$	2,191,803
Valero Energy Corp.		4,546		590,525
Vista Energy SAB de CV—ADR^(a)		9,679		259,397
YPF SA—ADR^(a)		17,435		251,761

				22,093,553

Financial Services—4.11%
3i Group PLC—ADR^(b)		185,054		2,344,633
Adyen NV—ADR^(a)		1,600		13,328
Affiliated Managers Group, Inc.		5,207		697,790
Affirm Holdings, Inc.^(a)(b)		901		18,750
Ameriprise Financial, Inc.		3,116		1,051,899
AMTD IDEA Group—ADR^(a)(b)		59,136		72,146
Avantax, Inc.^(a)		513		10,732
Berkshire Hathaway, Inc.—Class A^(a)		3		1,640,175
Berkshire Hathaway, Inc.—Class B^(a)		10,542		3,797,228
Capital One Financial Corp.		5,733		587,002
Coinbase Global, Inc.^(a)(b)		538		42,825
Deutsche Bank AG		173,652		1,891,069
Discover Financial Services		15,942		1,435,895
Enact Holdings, Inc.		13,646		391,094
Essent Group Ltd.		14,343		720,305
Euronet Worldwide, Inc.^(a)		891		77,838
Evercore, Inc.—Class A^(b)		1,887		264,274
Federated Hermes, Inc.		322		11,193
FinVolution Group—ADR		92,437		464,034
FirstCash Holdings, Inc.		3,860		344,775
Fiserv, Inc.^(a)		24,752		3,004,645
FleetCor Technologies, Inc.^(a)		175		47,553
Franklin Resources, Inc.^(b)		54,748		1,463,962
Futu Holdings Ltd.—ADR^(a)(b)		5,788		344,965
Interactive Brokers Group, Inc.^(b)		524		47,726
Invesco Ltd.		39,666		631,483
Jackson Financial, Inc.		13,093		492,297
Janus Henderson Group PLC		9,835		270,167
Jefferies Financial Group, Inc.		27,043		965,165
Jiayin Group, Inc.—ADR		31,913		176,160
Julius Baer Group Ltd.—ADR		12,535		173,234
LexinFintech Holdings Ltd.—ADR^(a)		83,525		216,330
LPL Financial Holdings, Inc.^(b)		861		198,538
MasterCard, Inc.—Class A		5,252		2,167,185
MGIC Investment Corp.		48,927		860,137
Mr Cooper Group, Inc.^(a)		8,407		476,341
Navient Corp.		9,106		160,721
Nelnet, Inc.—Class A		5,550		509,768
Noah Holdings Ltd.—ADR		2,133		29,670
OneMain Holdings, Inc.^(b)		8,540		354,495
ORIX Corp.—ADR		3,021		280,651
PennyMac Financial Services, Inc.^(b)		11,961		858,441
PROG Holdings, Inc.^(a)(b)		16,394		562,314
Qifu Technology, Inc.—ADR		23,036		391,612
QIWI PLC—ADR^(a)(e)		29,317		—
Qudian, Inc.—ADR^(a)		40,642		102,418
Radian Group, Inc.^(b)		22,857		618,968
Rocket Cos, Inc.—Class A^(a)		1,493		15,945

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Shift4 Payments, Inc.^(a)(b)		2,701	$	153,390
State Street Corp.		12,140		834,504
Synchrony Financial^(b)		28,163		909,102
Toast, Inc.^(a)		4,088		90,631
Up Fintech Holding Ltd.—ADR^(a)		2,858		14,033
Victory Capital Holdings, Inc.^(b)		1,166		40,134
Virtus Investment Partners, Inc.		947		196,124
Visa, Inc.^(b)		8,628		2,119,727
Yiren Digital Ltd.—ADR^(a)		36,509		98,209

				35,753,730

Food, Beverage & Tobacco—2.36%
Ajinomoto Co., Inc.—ADR^(b)		13,376		565,805
Altria Group, Inc.		50,662		2,240,274
Anheuser-Busch InBev SA/NV—ADR		552		31,403
Archer-Daniels-Midland Co.		23,431		1,858,077
Associated British Foods PLC—ADR		3,371		85,961
British American Tobacco PLC—ADR		37,208		1,235,306
Cal-Maine Foods, Inc.^(b)		7,020		335,486
Campbell Soup Co.^(b)		13,981		583,008
Coca-Cola Bottlers Japan Holdings, Inc.—ADR		6,242		39,013
Coca-Cola Femsa SAB de CV—ADR		6,729		570,215
Coca-Cola HBC AG—ADR		1,719		49,748
Conagra Foods, Inc.		18,527		553,587
Embotelladora Andina SA—Class B—ADR		8,592		128,536
First Pacific Co. Ltd.—ADR		241,208		496,888
Fomento Economico Mexicano SAB de CV—ADR		377		42,420
General Mills, Inc.		30,716		2,078,244
Heineken Holding NV—ADR^(b)		1,081		43,748
Hershey Co.		180		38,675
Imperial Brands PLC—ADR		1,351		31,114
Ingredion, Inc.		4,440		456,920
Japan Tobacco, Inc.—ADR^(b)		359,628		3,923,540
JM Smucker Co.		4,543		658,508
Lamb Weston Holdings, Inc.		485		47,244
Marfrig Global Foods SA—ADR		6,364		9,864
Molson Coors Brewing Co.—Class B^(b)		1,564		99,298
Mondelez International, Inc.—Class A		584		41,616
PepsiCo, Inc.		14,583		2,594,608
SLC Agricola SA—ADR		3,418		27,002
Tiger Brands Ltd.—ADR		4,063		35,084
Universal Corp.		1,132		53,906
WH Group Ltd.—ADR		434		4,462
Wilmar International Ltd.—ADR^(b)		57,977		1,609,442

				20,569,002

Health Care Equipment & Services—3.38%
Acadia Healthcare Co., Inc.^(a)		3,508		270,467
Accolade, Inc.^(a)		10,453		141,011
AMN Healthcare Services, Inc.^(a)(b)		2,701		238,714
Ansell Ltd.—ADR		12,944		789,390
Avanos Medical, Inc.^(a)		6,483		136,402
Cardinal Health, Inc.		11,771		1,027,961
Cencora, Inc.^(b)		232		40,827
Chemed Corp.^(b)		797		407,618

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Cigna Corp.		6,774	$	1,871,385
Cochlear Ltd.—ADR		368		32,347
CONMED Corp.		2,514		280,210
ConvaTec Group PLC—ADR		2,780		32,971
Elekta AB—ADR		5,264		37,348
Elevance Health, Inc.		4,225		1,867,492
Encompass Health Corp.		7,810		554,822
Ensign Group, Inc.		4,034		404,287
EssilorLuxottica SA—ADR^(b)		37,726		3,559,826
Fresenius Medical Care AG & Co. KGaA—ADR		27,781		665,633
Globus Medical, Inc.^(a)(b)		1,539		83,260
GoodRx Holdings, Inc.^(a)		3,847		25,121
Haemonetics Corp.^(a)		4,608		413,476
HCA Healthcare, Inc.		8,154		2,261,104
Henry Schein, Inc.^(a)		538		41,179
Hims & Hers Health, Inc.^(a)		36,715		246,358
Hologic, Inc.^(a)		16,706		1,248,606
Hoya Corp.—ADR		289		32,027
Humana, Inc.		2,639		1,218,242
ICU Medical, Inc.^(a)(b)		127		18,419
Innovage Holding Corp.^(a)		3,680		20,166
Inspire Medical Systems, Inc.^(a)		905		205,326
Integer Holdings Corp.^(a)		674		57,499
Intuitive Surgical, Inc.^(a)		409		127,886
Koninklijke Philips NV^(a)		2,211		49,372
Lantheus Holdings, Inc.^(a)		3,367		230,437
LifeStance Health Group, Inc.^(a)		9,054		74,333
McKesson Corp.		2,907		1,198,614
Merit Medical Systems, Inc.^(a)		4,697		306,620
NeoGenomics, Inc.^(a)		8,955		134,594
Option Care Health, Inc.^(a)		1,667		58,062
Patterson Companies, Inc.		5,737		172,339
Penumbra, Inc.^(a)		831		219,800
Progyny, Inc.^(a)		3,121		116,538
Quest Diagnostics, Inc.		3,621		476,162
QuidelOrtho Corp.^(a)		903		74,371
Schrodinger, Inc.^(a)		2,845		104,952
Select Medical Holdings Corp.		4,649		135,797
Shockwave Medical, Inc.^(a)		880		193,943
Siemens Healthineers AG—ADR		6,342		158,864
Sinopharm Group Co. Ltd.—ADR^(b)		23,765		343,880
Smith & Nephew PLC—ADR		23,875		643,193
Sonic Healthcare Ltd.—ADR		7,497		155,488
Straumann Holding AG—ADR		5,254		78,757
Stryker Corp.		586		166,160
Surgery Partners, Inc.^(a)		3,443		124,843
Tenet Healthcare Corp.^(a)		4,730		366,859
UnitedHealth Group, Inc.		7,837		3,734,958
Universal Health Services, Inc.—Class B^(b)		2,633		354,665
Veradigm, Inc.^(a)		2,112		28,259
Zimmer Biomet Holdings, Inc.		11,677		1,390,965

				29,450,205

Household & Personal Products—0.54%
Beiersdorf AG—ADR^(b)		13,550		355,281

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Haleon PLC—ADR		106,130	$	872,389
L’Oreal SA—ADR		11,528		1,012,850
Unilever PLC—ADR		48,642		2,481,715

				4,722,235

Insurance—3.08%
Aflac, Inc.^(b)		64,388		4,801,414
Allianz SE—ADR		15,396		373,969
Ambac Financial Group, Inc.^(a)		18,597		239,529
American Equity Invesment Life Holding Co.^(a)		5,252		281,927
American International Group, Inc.		40,910		2,394,053
Arch Capital Group Ltd.^(a)		577		44,348
Assicurazioni Generali SpA—ADR^(b)		101,217		1,044,559
AXA SA—ADR		105,118		3,164,053
BB Seguridade Participacoes SA—ADR		42,074		257,914
Chubb Ltd.		224		44,995
CNO Financial Group, Inc.		9,156		214,250
Everest Group Ltd.		4,342		1,566,073
Fanhua, Inc.—ADR^(a)		2,357		15,815
Genworth Financial, Inc.—Class A^(a)		57,405		332,375
Globe Life, Inc.^(b)		7,082		790,139
Hannover Rueck SE—ADR		1,195		127,507
Hartford Financial Services Group, Inc.		23,193		1,665,721
Loews Corp.		20,312		1,261,172
Markel Group, Inc.^(a)		232		343,109
MS&AD Insurance Group Holdings, Inc.—ADR		16,270		291,558
Muenchener Rueckversicherungs-Gesellschaft AG—ADR		17,262		669,938
Old Republic International Corp.		23,260		636,161
Oscar Health, Inc.^(a)		9,358		58,675
Ping An Insurance Group Co. of China Ltd.—ADR		11,714		140,334
Principal Financial Group, Inc.		35,169		2,732,983
RLI Corp.^(b)		1,173		154,273
Suncorp Group Ltd.—ADR^(b)		26,822		227,451
Tokio Marine Holdings, Inc.—ADR		55,467		1,219,719
Unum Group		11,681		574,588
Willis Towers Watson PLC		5,453		1,127,462

				26,796,064

Materials—2.72%
Air Liquide SA—ADR		7,171		259,447
Alpha Metallurgical Resources, Inc.		1,427		289,453
APERAM SA^(b)		14,945		425,933
ArcelorMittal SA		26,448		703,781
Arch Resources, Inc.		1,039		135,693
Berry Global Group, Inc.		202		13,199
BHP Group Ltd.—ADR		68,922		3,962,325
Cemex SAB de CV—ADR^(a)		5,517		43,970
CF Industries Holdings, Inc.		5,109		393,751
Commercial Metals Co.		12,839		722,707
CRH PLC—ADR		15,311		881,454
Dow, Inc.		797		43,484
Fortescue Metals Group Ltd.—ADR		19,501		537,643
Glencore PLC—ADR^(b)		56,643		599,283
Greif, Inc.—Class A^(b)		4,885		354,601
Greif, Inc.—Class B		2,222		165,606

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Heidelberg Materials AG—ADR		9,728	$	156,524
Holcim Ltd.—ADR		65,168		858,263
Impala Platinum Holdings Ltd.—ADR		4,430		23,169
International Paper Co.		1,343		46,898
Johnson Matthey PLC—ADR		4,075		169,153
K+S AG—ADR		29,486		276,431
Koppers Holdings, Inc.		346		13,248
Kuraray Co. Ltd.—ADR		8,148		277,888
LyondellBasell Industries NV—Class A		524		51,755
Mechel PJSC—ADR^(a)(e)		59,509		—
Mosaic Co.		6,446		250,427
Nippon Steel Corp.—ADR^(b)		175,863		1,387,559
Nitto Denko Corp.—ADR		939		31,982
Norsk Hydro ASA—ADR		137,353		766,430
Nucor Corp.		9,460		1,628,066
O-I Glass, Inc.^(a)		575		11,420
Olin Corp.		189		10,966
Packaging Corp. of America^(b)		314		46,817
POSCO Holdings, Inc.—ADR		1,888		207,227
Reliance Steel & Aluminum Co.		4,869		1,387,470
Sappi Ltd.—ADR		27,439		58,994
Sasol Ltd.—ADR		386		4,976
Shin-Etsu Chemical Co. Ltd.—ADR		14,318		227,799
South32 Ltd.—ADR^(b)		68,410		750,458
Steel Dynamics, Inc.		9,293		990,541
Suzano SA—ADR^(b)		608		6,153
Ternium SA—ADR		7,320		305,830
thyssenkrupp AG—ADR		28,604		220,251
Vale SA—ADR^(b)		45,791		603,067
Warrior Met Coal, Inc.		6,058		239,654
Westlake Corp.^(b)		4,416		578,408
Wienerberger AG—ADR		179,410		1,004,696
Yara International ASA—ADR		84,414		1,540,556

				23,665,406

Media & Entertainment—4.49%
Alphabet, Inc.—Class A^(a)		19,302		2,628,353
Alphabet, Inc.—Class C^(a)		15,594		2,141,836
Altice USA, Inc.—Class A^(a)		6,453		19,811
Autohome, Inc.—ADR		7,648		221,027
Baidu, Inc.—ADR^(a)		1,392		198,819
Cargurus, Inc.^(a)		13,198		239,016
Cars.com, Inc.^(a)		11,054		206,599
Comcast Corp.—Class A		65,555		3,065,352
Criteo SA—ADR^(a)		8,504		250,825
DouYu International Holdings Ltd.—ADR^(a)		158,606		161,778
Electronic Arts, Inc.		333		39,953
Eutelsat Communications SA—ADR^(b)		236,006		358,729
Fox Corp.—Class A		78,136		2,583,176
Fox Corp.—Class B		82,455		2,516,527
Gravity Co. Ltd.—ADR^(a)		2,975		222,560
Hello Group, Inc.—ADR		44,499		384,026
HUYA, Inc.—ADR^(a)		52,385		140,392
Informa PLC—ADR		7,199		133,613
Integral Ad Science Holding Corp.^(a)		6,438		91,870

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Interpublic Group of Companies, Inc.^(b)		56,779	$	1,851,563
iQIYI, Inc.—ADR^(a)		11,118		56,035
ITV PLC—ADR		29,049		262,603
JOYY, Inc.—ADR		12,322		422,891
Liberty Media Corp-Liberty Live^(a)		1		17
Meta Platforms, Inc.—Class A^(a)		19,468		5,760,388
NetEase, Inc.—ADR		1,115		115,380
Netflix, Inc.^(a)		1,915		830,496
New York Times Co.—Class A		1,351		59,809
News Corp.—Class A		120,572		2,591,092
News Corp.—Class B^(b)		70,589		1,552,958
Nexstar Media Group, Inc.—Class A^(b)		4,869		792,673
Omnicom Group, Inc.		26,701		2,163,048
Paramount Global—Class A^(b)		6,256		114,860
Paramount Global—Class B^(b)		11,699		176,538
Pinterest, Inc.^(a)		17,846		490,587
Publicis Groupe SA—ADR		83,989		1,635,266
Scholastic Corp.		6,720		291,984
Sciplay Corp.—Class A^(a)		21,763		494,020
Sea Ltd.—ADR^(a)		1,020		38,383
Sinclair, Inc.^(b)		4,700		59,314
Sirius XM Holdings, Inc.^(b)		118,064		519,482
So-Young International, Inc.—ADR^(a)		29,455		42,415
Tencent Holdings Ltd.—ADR		48,685		2,016,046
Tencent Music Entertainment Group—ADR^(a)		14,186		96,749
Trade Desk, Inc.—Class A^(a)(b)		4,841		387,425
Trivago NV—ADR^(a)		97,320		111,918
WPP PLC—ADR		649		31,412
Yalla Group Ltd.—ADR^(a)(b)		58,329		298,644
Yelp, Inc.^(a)		3,441		147,447
ZipRecruiter, Inc.^(a)		7,668		116,477

				39,132,182

Pharmaceuticals, Biotechnology & Life Sciences—6.12%
10X Genomics, Inc.^(a)		957		49,620
Abcam PLC—ADR^(a)		7,813		176,730
Amarin Corp. PLC—ADR^(a)(b)		153,775		161,464
Amneal Pharmaceuticals, Inc.^(a)		23,412		95,755
Astellas Pharma, Inc.—ADR		7,109		107,630
AstraZeneca PLC—ADR		51,885		3,518,841
Avadel Pharmaceuticals PLC—ADR^(a)		2,420		32,694
Bavarian Nordic A/S—ADR^(a)		27,666		205,558
Bayer AG—ADR		55,470		760,494
BioNTech SE—ADR^(a)(b)		4,345		525,441
Bristol-Myers Squibb Co.		45,093		2,779,983
Bruker Corp.		2,824		185,254
Catalent, Inc.^(a)		1,833		91,595
Chugai Pharmaceutical Co. Ltd.—ADR		9,932		151,463
CryoPort, Inc.^(a)		5,406		76,225
CSPC Pharmaceutical Group Ltd.—ADR		53,162		157,360
Eli Lilly & Co.		3,379		1,872,642
Exact Sciences Corp.^(a)(b)		3,633		303,973
Genfit SA—ADR^(a)(b)		38,338		131,499
Genmab A/S—ADR^(a)(b)		25,831		989,069
Gilead Sciences, Inc.		52,520		4,016,730

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Gracell Biotechnologies, Inc.—ADR^(a)		4,746	$	15,567
Grifols SA—ADR^(a)		50,480		478,046
GSK PLC—ADR		9,909		348,103
HUTCHMED China Ltd.—ADR^(a)		5,230		78,555
Hypera SA—ADR^(b)		8,624		66,836
Ipsen SA—ADR		30,680		992,498
Kiniksa Pharmaceuticals Ltd.^(a)		31,661		545,519
Ligand Pharmaceuticals, Inc.^(a)		2,387		156,993
Lonza Group AG—ADR		5,208		287,326
Maravai LifeSciences Holdings, Inc.—Class A^(a)		7,006		72,442
Medpace Holdings, Inc.^(a)		1,916		517,838
Merck & Co., Inc.		20,139		2,194,748
Moderna, Inc.^(a)(b)		2,264		255,990
MorphoSys AG—ADR^(a)		10,917		81,878
Novartis AG—ADR		78,670		7,904,761
Novo Nordisk A/S—ADR		22,659		4,205,964
Nuvalent, Inc.^(a)		1,708		77,834
Olink Holding AB—ADR^(a)		4,828		79,807
Ono Pharmaceutical Co. Ltd.—ADR^(b)		4,864		30,740
Otsuka Holdings Co. Ltd.—ADR		48,578		923,468
Pacific Biosciences of California, Inc.^(a)		1,323		14,923
Pfizer, Inc.		41,585		1,471,277
ProKidney Corp.^(a)		13,340		114,457
Regeneron Pharmaceuticals, Inc.^(a)		2,258		1,866,214
Sanofi—ADR		95,441		5,075,552
Shionogi & Co Ltd.—ADR		11,328		124,098
Taisho Pharmaceutical Holdings Co. Ltd.—ADR		45,500		468,650
Takeda Pharmaceutical Co. Ltd.—ADR		266,672		4,106,749
Twist Bioscience Corp.^(a)(b)		5,841		128,444
United Therapeutics Corp.^(a)		1,798		403,399
Veracyte, Inc.^(a)(b)		32,706		863,438
Verona Pharma PLC—ADR^(a)		4,328		84,093
Vertex Pharmaceuticals, Inc.^(a)		3,674		1,279,801
Viatris, Inc.		148,265		1,593,849
Wuxi Biologics Cayman, Inc.—ADR^(a)		441		4,939

				53,304,816

Real Estate Management & Development—0.40%
CBRE Group, Inc.—Class A^(a)		543		46,182
Daiwa House Industry Co. Ltd.—ADR^(b)		5,517		152,711
Forestar Group, Inc.^(a)		15,079		429,902
IRSA Inversiones y Representaciones SA—ADR		4,134		29,765
KE Holdings, Inc.—ADR^(a)		3,875		66,650
Longfor Group Holdings Ltd.—ADR		560		12,340
RMR Group, Inc.—Class A		11,065		279,723
Sun Hung Kai Properties Ltd.—ADR^(b)		79,442		901,269
Swire Pacific Ltd.—Class A—ADR		150,217		1,234,785
Zillow Group, Inc.—Class A^(a)		2,607		132,748
Zillow Group, Inc.—Class C^(a)(b)		4,389		228,930

				3,515,005

Semiconductors & Semiconductor Equipment—6.57%
Advanced Micro Devices, Inc.^(a)		682		72,101
Advantest Corp.—ADR		242		30,301
Allegro MicroSystems, Inc.^(a)		731		27,961

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Amkor Technology, Inc.		13,681	$	382,521
Analog Devices, Inc.		23,095		4,198,209
Applied Materials, Inc.		24,294		3,711,151
ASE Technology Holding Co Ltd.—ADR^(b)		102,013		838,547
ASML Holding NV		2,307		1,523,843
ASMPT Ltd.—ADR^(b)		24,343		729,073
Axcelis Technologies, Inc.^(a)		983		188,883
Broadcom, Inc.		7,134		6,583,896
Cirrus Logic, Inc.^(a)		3,821		313,475
Daqo New Energy Corp.—ADR^(a)(b)		14,511		536,472
Diodes, Inc.^(a)		5,158		422,182
Disco Corp.—ADR^(b)		90,010		1,774,997
Himax Technologies, Inc.—ADR^(b)		33,591		205,241
Infineon Technologies AG—ADR		49,640		1,781,083
JinkoSolar Holding Co. Ltd.—ADR^(a)		7,622		255,566
KLA Corp.		3,825		1,919,653
Lam Research Corp.		4,509		3,167,122
Lattice Semiconductor Corp.^(a)		234		22,759
MACOM Technology Solutions Holdings, Inc.^(a)(b)		149		12,599
Microchip Technology, Inc.		33,481		2,740,085
Monolithic Power Systems, Inc.		299		155,842
NVIDIA Corp.		9,977		4,924,147
ON Semiconductor Corp.^(a)		24,120		2,374,855
Onto Innovation, Inc.^(a)		5,170		718,527
QUALCOMM, Inc.		17,222		1,972,436
Rambus, Inc.^(a)		2,374		134,060
Renesas Electronics Corp.—ADR^(a)		214,283		1,782,835
Rohm Co. Ltd.—ADR^(b)		31,150		1,301,759
Skyworks Solutions, Inc.		22,497		2,446,324
STMicroelectronics NV		99,604		4,707,284
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		30,282		2,833,487
Texas Instruments, Inc.		7,863		1,321,456
Tokyo Electron Ltd.—ADR		5,122		380,565
United Microelectronics Corp.—ADR		97,797		701,204
Universal Display Corp.		150		24,384

				57,216,885

Software & Services—2.59%
Adeia, Inc.		11,625		116,948
Agora, Inc.—ADR^(a)		2,525		7,070
Atos SE—ADR^(a)		57,331		91,793
Capgemini SE—ADR		9,160		342,309
Chindata Group Holdings Ltd.—ADR^(a)(b)		18,906		158,243
Cognizant Technology Solutions Corp.—Class A		15,744		1,127,428
Digital Turbine, Inc.^(a)		14,025		124,963
Dolby Laboratories, Inc.—Class A		1,563		132,027
DoubleVerify Holdings, Inc.^(a)		581		19,644
Dropbox, Inc.^(a)		20,565		571,501
Ebix, Inc.^(b)		5,081		84,853
EPAM Systems, Inc.^(a)		4,265		1,104,592
Fair Isaac Corp.^(a)		834		754,428
Gartner, Inc.^(a)		4,447		1,555,027
Kingsoft Cloud Holdings Ltd.—ADR^(a)		10,682		60,781
Kyndryl Holdings, Inc.^(a)		2,935		49,543
Microsoft Corp.		39,216		12,853,435

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
N-able, Inc.^(a)		13,519	$	180,749
OneConnect Financial Technology Co. Ltd.—ADR^(a)		10,513		36,585
Opera Ltd.—ADR^(b)		30,669		457,888
Oracle Corp.		7,530		906,537
Palantir Technologies, Inc.^(a)(b)		52,041		779,574
Progress Software Corp.^(b)		3,982		242,265
Salesforce, Inc.^(a)		1,565		346,585
SAP SE—ADR		302		42,186
SPS Commerce, Inc.^(a)		143		26,617
Tuya, Inc.—ADR^(a)		15,133		27,845
Vnet Group, Inc.—ADR^(a)		67,116		251,685
Xunlei Ltd.—ADR^(a)		65,557		115,380

				22,568,481

Technology Hardware & Equipment—5.87%
Advanced Energy Industries, Inc.^(b)		4,744		560,124
Amphenol Corp.—Class A		73,067		6,457,661
Apple, Inc.		80,322		15,090,094
Arista Networks, Inc.^(a)		5,910		1,153,809
Avnet, Inc.		6,174		313,331
Belden, Inc.		5,176		486,026
Canaan, Inc.—ADR^(a)		15,394		30,942
CDW Corp.		6,832		1,442,577
Cisco Systems, Inc.		56,300		3,228,806
Corning, Inc.		1,289		42,305
Dell Technologies, Inc.—Class C		18,321		1,030,373
Fabrinet^(a)		4,815		774,108
FUJIFILM Holdings Corp.—ADR		2,381		140,622
Hewlett Packard Enterprise Co.		87,571		1,487,831
Insight Enterprises, Inc.^(a)(b)		6,480		1,037,383
IonQ, Inc.^(a)(b)		1,040		17,878
IPG Photonics Corp.^(a)		669		72,493
Jabil, Inc.		12,796		1,464,118
Juniper Networks, Inc.		69,718		2,030,188
Keysight Technologies, Inc.^(a)		17,763		2,367,808
Lenovo Group Ltd.—ADR		16,856		380,482
Littelfuse, Inc.		687		183,484
Logitech International SA		16,963		1,167,394
National Instruments Corp.		4,664		277,974
NetApp, Inc.		12,761		978,769
OSI Systems, Inc.^(a)		4,358		594,213
Plexus Corp.^(a)		1,421		144,303
Ricoh Co Ltd.—ADR^(b)		77,028		628,163
Sanmina Corp.^(a)		14,008		780,246
Super Micro Computer, Inc.^(a)(b)		1,949		536,131
TDK Corp.—ADR^(b)		32,026		1,164,786
TE Connectivity Ltd.		19,691		2,606,891
Teledyne Technologies, Inc.^(a)		3,146		1,315,972
Vishay Intertechnology, Inc.		23,966		657,627
VTech Holdings Ltd.—ADR^(b)		83,297		500,198

				51,145,110

Telecommunication Services—1.13%
America Movil SAB de CV—ADR		1,614		30,940
AT&T, Inc.		70,761		1,046,555

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Deutsche Telekom AG—ADR		101,283	$	2,166,443
KT Corp.—ADR		24,902		312,271
Magyar Telekom Telecommunications PLC—ADR		38,733		251,765
Mobile TeleSystems PJSC—ADR^(a)(e)		46,068		—
Nippon Telegraph & Telephone Corp.—ADR		58,818		1,694,547
Orange SA—ADR		274,971		3,074,176
Rostelecom PJSC—ADR^(a)(e)		24,510		—
SK Telecom Co. Ltd.—ADR		5,072		101,846
SoftBank Group Corp.—ADR		16,970		380,128
Spark New Zealand Ltd.—ADR		32,476		488,114
Swisscom AG—ADR		1,196		72,872
Telecom Italia SpA/Milano—ADR^(a)		15,704		48,054
Telecom Italia SpA/Milano—ADR^(a)		18,309		55,751
T-Mobile US, Inc.^(a)		1,018		138,703

				9,862,165

Transportation—2.09%
Air France-KLM—ADR^(a)		25,847		39,287
American Airlines Group, Inc.^(a)		52,373		771,454
AP Moeller—Maersk A/S—ADR		78,863		714,499
ArcBest Corp.		2,399		253,310
Avis Budget Group, Inc.^(a)(b)		730		155,775
bpost SA—ADR		8,226		38,744
Delta Air Lines, Inc.		18,542		795,081
Deutsche Lufthansa AG—ADR^(a)		45,417		405,687
DHL Group—ADR		28,068		1,310,214
DiDi Global, Inc.—ADR^(a)		26,293		90,185
DSV A/S—ADR		12,893		1,225,093
Expeditors International of Washington, Inc.		19,357		2,259,155
FedEx Corp.		1,930		503,769
Grupo Aeroportuario del Centro Norte SAB de CV—ADR		1,933		178,996
Grupo Aeroportuario del Pacifico SAB de CV—ADR		190		34,645
Grupo Aeroportuario del Sureste SAB de CV—ADR		1,217		331,364
Hub Group, Inc.—Class A^(a)		4,471		348,917
JB Hunt Transport Services, Inc.		4,083		767,115
Kuehne + Nagel International AG—ADR^(b)		7,873		474,033
Landstar System, Inc.		1,652		313,566
Matson, Inc.		200		17,576
Nippon Yusen KK—ADR^(b)		128,094		680,179
Ryanair Holdings PLC—ADR^(a)		32,770		3,252,423
Ryder System, Inc.		6,026		606,818
Schneider National, Inc.—Class B		25,457		735,962
SkyWest, Inc.^(a)		268		12,087
Uber Technologies, Inc.^(a)		1,714		80,952
United Airlines Holdings, Inc.^(a)		35,002		1,743,450
United Parcel Service, Inc.—Class B		237		40,148
Werner Enterprises, Inc.^(b)		246		10,236

				18,190,720

Utilities—1.90%
AGL Energy Ltd.—ADR		4,282		30,124
Centrica PLC—ADR		6,974		53,595
Cia Energetica de Minas Gerais—ADR		29,807		120,122
Consolidated Edison, Inc.		45,303		4,030,155
Edison International		679		46,749

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Enel Chile SA—ADR		35,875	$	118,388
Enel SpA—ADR^(b)		28,186		187,860
Engie SA—ADR		157,549		2,547,567
ENN Energy Holdings Ltd.—ADR		730		22,995
Entergy Corp.		422		40,196
Evergy, Inc.		726		39,908
Iberdrola SA—ADR		65,982		3,129,525
Kunlun Energy Co. Ltd.—ADR^(b)		7,803		55,323
National Grid PLC—ADR^(b)		28,675		1,812,547
New Jersey Resources Corp.		246		10,374
NorthWestern Corp.		1,463		73,735
Otter Tail Corp.^(b)		5,775		475,687
Pampa Energia SA—ADR^(a)		3,501		159,506
PG&E Corp.^(a)		99,395		1,620,138
Public Service Enterprise Group, Inc.		656		40,068
RWE AG—ADR		736		30,308
Spire, Inc.		181		10,572
Tokyo Gas Co. Ltd.—ADR^(b)		73,289		843,557
Veolia Environnement SA—ADR		11,917		185,846
Vistra Corp.		27,216		855,127
Xcel Energy, Inc.		676		38,620

				16,578,592

TOTAL COMMON STOCKS (Cost $501,022,298)				625,559,322

PREFERRED STOCKS—0.08%
Automobiles & Components—0.00%
Volkswagen AG—ADR, 24.260%^(c)		2,485		30,392

Energy—0.04%
Petroleo Brasileiro SA—ADR, 10.702%^(c)		24,904		322,258
Surgutneftegas PJSC—ADR^(a)(c)(e)		47,748		—

				322,258

Materials—0.04%
Gerdau SA—ADR, 14.043%^(c)		66,068		344,213

Utilities—0.00%
Cia Energetica de Minas Gerais—ADR, 8.911%^(c)		11,233		27,409

TOTAL PREFERRED STOCKS (Cost $826,824)				724,272

EXCHANGE-TRADED FUNDS—24.06%
iShares Core S&P Small-Cap ETF		91,532		9,224,595
iShares MSCI EAFE ETF^(b)		331,799		23,733,582
iShares MSCI Emerging Markets ETF		122,575		4,801,263
iShares Russell 1000 ETF^(b)		93,242		23,104,435
iShares Russell 2000 ETF^(b)		42,205		7,960,285
SPDR S&P 500 ETF Trust^(b)		57,896		26,073,464
Vanguard FTSE All-World ex-US ETF		482,389		26,039,359
Vanguard FTSE Developed Markets ETF^(b)		566,087		25,898,480
Vanguard FTSE Emerging Markets ETF^(b)		131,093		5,313,199
Vanguard Large-Cap ETF^(b)		107,950		22,254,972
Vanguard S&P 500 ETF^(b)		63,016		26,077,911
Vanguard Small-Cap ETF^(b)		45,231		9,092,788

TOTAL EXCHANGE-TRADED FUNDS (Cost $193,120,635)				209,574,333

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
REAL ESTATE INVESTMENT TRUSTS—2.00%
Commercial & Professional Services—0.02%
GEO Group, Inc.^(a)(b)		23,556	$	170,545

Consumer Durables & Apparel—0.03%
Cyrela Brazil Realty SA Empreendimentos e Participacoes—ADR^(b)		56,192		270,284

Equity Real Estate Investment Trusts (REITs)—1.91%
Apple Hospitality REIT, Inc.^(b)		61,260		920,125
Boston Properties, Inc.^(b)		820		54,751
Brixmor Property Group, Inc.		16,009		351,878
Corporate Office Properties Trust^(b)		6,471		167,470
DiamondRock Hospitality Co.		52,401		422,352
Empire State Realty Trust, Inc.—Class A		16,011		139,776
EPR Properties^(b)		11,695		523,702
Essential Properties Realty Trust, Inc.^(b)		478		11,482
Gaming and Leisure Properties, Inc.		8,760		415,224
Getty Realty Corp.^(b)		10,863		326,107
Host Hotels & Resorts, Inc.		226,022		3,568,888
Innovative Industrial Properties, Inc.^(b)		300		26,184
Iron Mountain, Inc.^(b)		2,610		165,839
Park Hotels & Resorts, Inc.^(b)		23,815		305,546
Public Storage		1,963		542,534
Regency Centers Corp.		51,649		3,212,567
RPT Realty^(b)		11,286		127,983
Service Properties Trust^(b)		28,773		237,665
Simon Property Group, Inc.		19,366		2,197,847
SITE Centers Corp.		894		11,935
Sunstone Hotel Investors, Inc.		36,349		326,414
Tanger Factory Outlet Centers, Inc.^(b)		11,782		273,932
VICI Properties, Inc.		21,075		649,953
Weyerhaeuser Co.		18,874		618,124
WP Carey, Inc.^(b)		16,164		1,051,468

				16,649,746

Financial Services—0.04%
Apollo Commercial Real Estate Finance, Inc.		7,786		85,023
Ladder Capital Corp.		17,378		190,463
Rithm Capital Corp.		7,790		80,315

				355,801

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $17,509,986)				17,446,376

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING—23.05%
Investment Company—23.05%
Mount Vernon Liquid Assets Portfolio, LLC, 5.460%^(d)		200,726,076		200,726,076

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $200,726,076)				200,726,076

MONEY MARKET FUNDS—1.73%
First American Government Obligations Fund, Class X, 5.247%^(d)		15,104,598		15,104,598

TOTAL MONEY MARKET FUNDS (Cost $15,104,598)				15,104,598

Total Investments (Cost $928,310,417)—122.75%				1,069,134,977
Liabilities in Excess of Other Assets—(22.75)%				(198,167,570	)

TOTAL NET ASSETS—100.00%			$	870,967,407

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

PMC DIVERSIFIED EQUITY FUND

Schedule of Investments

August 31, 2023 (Continued)

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is out on loan as of August 31, 2023. Total value of securities out on loan is $195,341,452.

(c)

Perpetual preferred stock with no stated maturity.

(d)

The rate shown represents the seven day yield at August 31, 2023.

(e)

Fair valued security. Value determined using significant unobservable inputs.


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

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023



	Principal Amount		Value
ASSET BACKED SECURITIES—1.64%
Aqua Finance Trust
2021-A, 1.540%, 07/17/2046	$	52,456	$	46,313
Avis Budget Rental Car Funding AESOP LLC
2023-2, 6.030%, 10/20/2027		100,000		99,519
2021-2, 1.660%, 02/20/2028		100,000		87,714
BMW Vehicle Owner Trust
2023-A, 5.470%, 02/25/2028		34,000		34,141
Carmax Auto Owner Trust 2023-3
2023-3, 5.280%, 05/15/2028		38,000		38,019
CCG Receivables Trust
2023-1, 5.820%, 09/16/2030		100,000		100,120
DLLAA LLC
2023-1, 5.640%, 02/22/2028		32,000		32,179
Ellington Financial Mortgage Trust
2022-1, 2.206%, 01/25/2067^(c)		85,346		70,864
GM Financial Automobile Leasing Trust
2023-3, 5.380%, 11/20/2026		33,000		33,012
Hyundai Auto Receivables Trust
2023-B, 5.480%, 04/17/2028		28,000		28,168
Kubota Credit Owner Trust
2023-2, 5.280%, 01/18/2028		28,000		27,985
MMAF Equipment Finance LLC
2023-A, 5.540%, 12/13/2029		37,000		37,248
MVW LLC
2023-1, 5.420%, 10/20/2040		92,345		90,256
OneMain Financial Issuance Trust
2023-2, 5.840%, 09/15/2036		100,000		100,584
PFS Financing Corp.
2021-B, 0.770%, 08/15/2026		100,000		95,115
Sierra Timeshare Receivables Funding LLC
2021-2 A, 1.350%, 09/20/2038		65,342		61,037
2021-2 B, 1.800%, 09/20/2038		32,671		30,463
Sofi Professional Loan Program LLC
2019-B, 3.090%, 08/17/2048		32,500		30,629
SOFI Professional Loan Program Trust
2021-A, 1.030%, 08/17/2043		175,390		148,339
Towd Point Mortgage Trust
2017-5, 5.118% (TSFR1M + 0.714%), 02/25/2057^(b)		49,237		49,369
2022-4, 3.750%, 09/25/2062		117,812		108,264
Toyota Auto Receivables Owner Trust
2023-C, 5.160%, 04/17/2028		53,000		52,910
United Airlines Class B Pass Through Trust
2020-1, 4.875%, 07/15/2027		58,185		56,502
Vantage Data Centers Issuer LLC
2021-1, 2.165%, 10/15/2046		100,000		88,343
Verus Securitization Trust
2021-3, 1.046%, 06/25/2066^(c)		104,305		87,868

TOTAL ASSET BACKED SECURITIES (Cost $1,654,292)				1,634,961

CORPORATE BONDS—19.32%
Automobiles & Components—0.67%
American Honda Finance Corp.
4.600%, 04/17/2030		55,000		53,556

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
General Motors Co.
6.800%, 10/01/2027	$	55,000	$	56,742
General Motors Financial Co, Inc.
4.000%, 01/15/2025		370,000		359,886
4.300%, 07/13/2025		5,000		4,859
6.050%, 10/10/2025		81,000		81,133
5.850%, 04/06/2030		99,000		97,005
Goodyear Tire & Rubber Co.
5.250%, 04/30/2031		25,000		21,952

				675,133

Banks—2.09%
Bank of America Corp.
2.456% to 10/22/2024, then TSFR3M + 1.132%, 10/22/2025^(a)		5,000		4,809
1.734% to 07/22/2026, then SOFR + 0.960%, 07/22/2027^(a)		92,000		82,363
3.824% to 01/20/2027, then TSFR3M + 1.837%, 01/20/2028^(a)		195,000		183,911
5.202% to 04/25/2028, then SOFR + 1.630%, 04/25/2029^(a)		264,000		260,094
1.922% to 10/24/2030, then SOFR + 1.370%, 10/24/2031^(a)		145,000		113,671
2.299% to 07/21/2031, then SOFR + 1.220%, 07/21/2032^(a)		51,000		40,235
5.288% to 04/25/2033, then SOFR + 1.910%, 04/25/2034^(a)		19,000		18,548
2.482% to 09/21/2031, then 5 Year CMT Rate + 1.200%, 09/21/2036^(a)		115,000		87,409
4.300% to 01/28/2025, then TSFR3M + 2.926%^(a)^(e)		40,000		36,333
Citigroup, Inc.
3.352% to 04/24/2024, then TSFR3M + 1.158%, 04/24/2025^(a)		70,000		68,724
4.600%, 03/09/2026		105,000		102,256
1.122% to 01/28/2026, then SOFR + 0.765%, 01/28/2027^(a)		110,000		98,617
3.887% to 01/10/2027, then TSFR3M + 1.825%, 01/10/2028^(a)		37,000		34,967
4.075% to 04/23/2028, then TSFR3M + 1.454%, 04/23/2029^(a)		80,000		75,046
2.572% to 06/03/2030, then SOFR + 2.107%, 06/03/2031^(a)		110,000		90,893
First-Citizens Bank & Trust Co.
6.125%, 03/09/2028		65,000		65,341
JPMorgan Chase & Co.
3.220% to 03/01/2024, then TSFR3M + 1.417%, 03/01/2025^(a)		170,000		167,685
1.045% to 11/19/2025, then SOFR + 0.800%, 11/19/2026^(a)		60,000		54,117
3.540% to 05/01/2027, then TSFR3M + 1.642%, 05/01/2028^(a)		60,000		56,015
4.000% to 04/01/2025, then TSFR3M + 2.745%^(a)^(e)		47,000		43,254
Synovus Financial Corp.
5.200%, 08/11/2025		11,000		10,683
Truist Financial Corp.
4.260% to 07/28/2025, then SOFR + 1.456%, 07/28/2026^(a)		80,000		77,330
US Bancorp
5.836% to 06/10/2033, then SOFR + 2.260%, 06/12/2034^(a)		40,000		39,981
Wells Fargo & Co.
2.164% to 02/11/2025, then TSFR3M + 1.012%, 02/11/2026^(a)		80,000		75,684
3.908% to 04/25/2025, then SOFR + 1.320%, 04/25/2026^(a)		7,000		6,771
2.188% to 04/30/2025, then SOFR + 2.000%, 04/30/2026^(a)		110,000		103,503
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028^(a)		70,000		62,325
5.389% to 04/24/2033, then SOFR + 2.020%, 04/24/2034^(a)		28,000		27,283

				2,087,848

Capital Goods—0.49%
Air Lease Corp.
3.250%, 10/01/2029		60,000		52,365

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Boeing Co.
2.196%, 02/04/2026	$	80,000	$	73,842
5.040%, 05/01/2027		75,000		74,205
5.705%, 05/01/2040		15,000		14,603
5.805%, 05/01/2050		25,000		24,357
CNH Industrial Capital LLC
1.450%, 07/15/2026		55,000		49,227
4.550%, 04/10/2028		192,000		185,840
Regal Rexnord Corp.
6.050%, 04/15/2028		15,000		14,853

				489,292

Commercial & Professional Services—0.40%
ASGN, Inc.
4.625%, 05/15/2028		25,000		22,490
Equifax, Inc.
5.100%, 12/15/2027		40,000		39,504
Republic Services, Inc.
5.000%, 04/01/2034		212,000		208,398
5.700%, 05/15/2041		129,000		131,832

				402,224

Consumer Discretionary Distribution & Retail—0.21%
Arko Corp.
5.125%, 11/15/2029		60,000		49,331
Lowe’s Cos, Inc.
5.750%, 07/01/2053		119,000		117,777
Macy’s Retail Holdings LLC
5.875%, 03/15/2030		45,000		39,416

				206,524

Consumer Durables & Apparel—0.13%
Whirlpool Corp.
5.500%, 03/01/2033		132,000		130,968

Consumer Services—0.23%
Churchill Downs, Inc.
6.750%, 05/01/2031		25,000		24,488
Marriott International, Inc.
5.000%, 10/15/2027		103,000		102,088
Prime Security Services Borrower LLC / Prime Finance, Inc.
6.250%, 01/15/2028		30,000		28,604
University of Chicago
2.761%, 04/01/2045		87,000		65,474
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.500%, 03/01/2025		13,000		12,854

				233,508

Consumer Staples Distribution & Retail—0.41%
Walmart, Inc.
4.000%, 04/15/2026		160,000		157,127
3.900%, 04/15/2028		150,000		145,510
4.000%, 04/15/2030		69,000		66,710
4.500%, 04/15/2053		45,000		41,936

				411,283

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Energy—1.74%
Antero Resources Corp.
7.625%, 02/01/2029	$	35,000	$	35,900
BP Capital Markets America, Inc.
4.812%, 02/13/2033		40,000		38,736
4.893%, 09/11/2033		45,000		43,814
Cheniere Corpus Christi Holdings LLC
5.875%, 03/31/2025		4,000		3,989
Comstock Resources, Inc.
6.750%, 03/01/2029		25,000		23,414
Diamondback Energy, Inc.
6.250%, 03/15/2033		55,000		56,856
DT Midstream, Inc.
4.125%, 06/15/2029		25,000		22,174
Energy Transfer LP
2.900%, 05/15/2025		40,000		38,046
5.250%, 04/15/2029		120,000		117,308
EQM Midstream Partners LP
4.125%, 12/01/2026		45,000		42,290
Exxon Mobil Corp.
3.095%, 08/16/2049		45,000		31,697
Gulfstream Natural Gas System LLC
6.190%, 11/01/2025		293,000		292,179
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028		30,000		28,970
Kinder Morgan, Inc.
5.200%, 06/01/2033		70,000		67,085
5.550%, 06/01/2045		45,000		40,707
Marathon Petroleum Corp.
4.700%, 05/01/2025		130,000		127,804
MPLX LP
5.650%, 03/01/2053		30,000		27,220
New Fortress Energy, Inc.
6.500%, 09/30/2026		30,000		27,913
Occidental Petroleum Corp.
6.125%, 01/01/2031		35,000		35,303
6.450%, 09/15/2036		135,000		138,182
Phillips 66
1.300%, 02/15/2026		35,000		31,795
Pioneer Natural Resources Co.
2.150%, 01/15/2031		40,000		32,444
Sabine Pass Liquefaction LLC
4.500%, 05/15/2030		50,000		47,079
Southwestern Energy Co.
5.375%, 03/15/2030		28,000		26,242
Targa Resources Corp.
5.200%, 07/01/2027		45,000		44,573
Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/2028		341,000		322,075

				1,743,795

Equity Real Estate Investment Trusts (REITs)—0.31%
Crown Castle, Inc.
3.200%, 09/01/2024		70,000		68,225
1.050%, 07/15/2026		25,000		22,115

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
EPR Properties
4.500%, 04/01/2025	$	25,000	$	23,976
Iron Mountain, Inc.
5.250%, 07/15/2030		45,000		40,648
Kimco Realty OP LLC
4.600%, 02/01/2033		55,000		50,593
Realty Income Corp.
4.700%, 12/15/2028		103,000		100,053

				305,610

Financial Services—1.76%
Blackstone Private Credit Fund
4.700%, 03/24/2025		197,000		191,633
Capital One Financial Corp.
4.200%, 10/29/2025		5,000		4,808
4.985% to 07/24/205, then SOFR + 2.160%, 07/24/2026^(a)		45,000		44,007
1.878% to 11/02/2026, then SOFR + 0.855%, 11/02/2027^(a)		90,000		78,948
6.312% to 06/08/2028, then SOFR + 2.640%, 06/08/2029^(a)		30,000		30,003
5.817% to 02/01/2033, then SOFR + 2.600%, 02/01/2034^(a)		70,000		66,537
6.377% to 06/08/2033, then SOFR + 2.860%, 06/08/2034^(a)		20,000		19,769
Goldman Sachs Group, Inc.
3.272% to 09/29/2024, then TSFR3M + 1.463%, 09/29/2025^(a)		100,000		97,022
1.093% to 12/09/2025, then SOFR + 0.789%, 12/09/2026^(a)		5,000		4,490
1.431% to 03/09/2026, then SOFR + 0.798%, 03/09/2027^(a)		155,000		139,053
1.948% to 10/21/2026, then SOFR + 0.913%, 10/21/2027^(a)		110,000		97,930
3.814% to 04/23/2028, then TSFR3M + 1.420%, 04/23/2029^(a)		105,000		97,204
Jane Street Group / JSG Finance, Inc.
4.500%, 11/15/2029		45,000		39,538
Morgan Stanley
2.720% to 07/22/2024, then SOFR + 1.152%, 07/22/2025^(a)		50,000		48,543
3.625%, 01/20/2027		50,000		47,262
2.475% to 01/21/2027, then SOFR + 1.000%, 01/21/2028^(a)		160,000		144,416
5.164% to 04/20/2028, then SOFR + 1.590%, 04/20/2029^(a)		133,000		130,491
5.250% to 04/21/2033, then SOFR + 1.870%, 04/21/2034^(a)		85,000		82,597
5.948% to 01/19/2033, then 5 Year CMT Rate + 2.430%, 01/19/2038^(a)		50,000		48,651
Northern Trust Corp.
6.125%, 11/02/2032		4,000		4,086
OneMain Finance Corp.
3.500%, 01/15/2027		25,000		21,779
PRA Group, Inc.
5.000%, 10/01/2029		48,000		36,249
S&P Global, Inc.
3.700%, 03/01/2052		185,000		144,122
3.900%, 03/01/2062		119,000		93,478
United Wholesale Mortgage LLC
5.500%, 04/15/2029		59,000		51,242

				1,763,858

Food, Beverage & Tobacco—0.63%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.
4.700%, 02/01/2036		80,000		76,623
Anheuser-Busch InBev Worldwide, Inc.
5.450%, 01/23/2039		70,000		71,103

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Aramark Services, Inc.
5.000%, 02/01/2028	$	45,000	$	42,022
Constellation Brands, Inc.
5.000%, 02/02/2026		55,000		54,333
4.900%, 05/01/2033		95,000		91,655
Mars, Inc.
4.750%, 04/20/2033		130,000		127,712
Performance Food Group, Inc.
5.500%, 10/15/2027		15,000		14,457
Philip Morris International, Inc.
5.125%, 02/15/2030		90,000		89,001
5.750%, 11/17/2032		60,000		60,887

				627,793

Health Care Equipment & Services—1.59%
Acadia Healthcare Co, Inc.
5.000%, 04/15/2029		20,000		18,418
Centene Corp.
4.625%, 12/15/2029		70,000		64,431
CVS Health Corp.
3.000%, 08/15/2026		45,000		42,175
5.125%, 02/21/2030		225,000		221,716
5.300%, 06/01/2033		75,000		73,499
4.780%, 03/25/2038		45,000		40,324
5.625%, 02/21/2053		57,000		53,997
HCA, Inc.
5.375%, 09/01/2026		55,000		54,616
4.500%, 02/15/2027		35,000		33,854
5.875%, 02/01/2029		32,000		32,215
5.900%, 06/01/2053		40,000		38,408
Humana, Inc.
5.500%, 03/15/2053		102,000		98,935
SSM Health Care Corp.
4.894%, 06/01/2028		156,000		154,668
Tenet Healthcare Corp.
4.625%, 06/15/2028		45,000		41,485
UnitedHealth Group, Inc.
4.250%, 01/15/2029		631,000		612,421
Zimmer Biomet Holdings, Inc.
1.450%, 11/22/2024		5,000		4,749

				1,585,911

Household & Personal Products—0.24%
Energizer Holdings, Inc.
4.750%, 06/15/2028		30,000		26,522
Kenvue, Inc.
5.050%, 03/22/2053		177,000		173,476
5.200%, 03/22/2063		41,000		40,154

				240,152

Insurance—0.91%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750%, 04/15/2028		15,000		14,792

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Aon Corp. / Aon Global Holdings PLC
5.350%, 02/28/2033	$	211,000	$	210,821
Arthur J Gallagher & Co.
5.750%, 03/02/2053		4,000		3,927
CNA Financial Corp.
4.500%, 03/01/2026		85,000		82,901
CNO Financial Group, Inc.
5.250%, 05/30/2029		70,000		66,750
Guardian Life Global Funding
3.246%, 03/29/2027		66,000		61,528
Marsh & McLennan Cos, Inc.
5.450%, 03/15/2053		47,000		46,480
Metropolitan Life Global Funding I
5.150%, 03/28/2033		233,000		228,005
Primerica, Inc.
2.800%, 11/19/2031		75,000		61,735
Principal Financial Group, Inc.
5.500%, 03/15/2053		77,000		71,998
Prudential Financial, Inc.
5.700% to 09/15/2028, then 3 Month LIBOR USD + 2.665%, 09/15/2048^(a)		42,000		39,823
Travelers Cos, Inc.
5.450%, 05/25/2053		20,000		20,308

				909,068

Materials—0.13%
Cleveland-Cliffs, Inc.
6.750%, 04/15/2030		35,000		33,410
Packaging Corp of America
4.050%, 12/15/2049		92,000		71,474
Standard Industries, Inc.
4.750%, 01/15/2028		30,000		27,660

				132,544

Media & Entertainment—0.79%
Alphabet, Inc.
2.250%, 08/15/2060		60,000		35,147
CCO Holdings LLC / CCO Holdings Capital Corp.
4.500%, 05/01/2032		40,000		32,464
Comcast Corp.
2.350%, 01/15/2027		45,000		41,302
5.350%, 05/15/2053		75,000		73,447
Cox Communications, Inc.
5.700%, 06/15/2033		55,000		54,881
Meta Platforms, Inc.
4.950%, 05/15/2033		90,000		89,617
Paramount Global
4.200%, 05/19/2032		55,000		45,854
Take-Two Interactive Software, Inc.
4.950%, 03/28/2028		214,000		210,893
TEGNA, Inc.
5.000%, 09/15/2029		29,000		25,556
Walt Disney Co.
3.800%, 05/13/2060		121,000		91,640

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Warnermedia Holdings, Inc.
5.141%, 03/15/2052	$	70,000	$	55,840
Ziff Davis, Inc.
4.625%, 10/15/2030		35,000		30,136

				786,777

Pharmaceuticals, Biotechnology & Life Sciences—1.54%
AbbVie, Inc.
2.950%, 11/21/2026		175,000		163,874
4.050%, 11/21/2039		20,000		17,156
Amgen, Inc.
5.507%, 03/02/2026		65,000		65,012
5.600%, 03/02/2043		115,000		112,940
5.650%, 03/02/2053		22,000		21,825
5.750%, 03/02/2063		481,000		475,376
Eli Lilly & Co.
5.000%, 02/27/2026		228,000		228,093
4.950%, 02/27/2063		147,000		143,748
Johnson & Johnson
3.400%, 01/15/2038		246,000		209,078
Merck & Co, Inc.
3.900%, 03/07/2039		30,000		26,286
Regeneron Pharmaceuticals, Inc.
2.800%, 09/15/2050		76,000		47,300
Viatris, Inc.
2.700%, 06/22/2030		30,000		24,383

				1,535,071

Real Estate Management & Development—0.95%
Corporate Office Properties LP
2.750%, 04/15/2031		90,000		69,481
2.900%, 12/01/2033		70,000		50,631
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875%, 10/01/2028		25,000		23,150
Prologis LP
4.750%, 06/15/2033		583,000		559,364
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027		15,000		13,960
Simon Property Group LP
5.850%, 03/08/2053		84,000		82,490
Spirit Realty LP
4.000%, 07/15/2029		40,000		36,017
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
10.500%, 02/15/2028		25,000		24,963
Ventas Realty LP
3.500%, 04/15/2024		90,000		88,552

				948,608

Semiconductors & Semiconductor Equipment—0.32%
Analog Devices, Inc.
2.100%, 10/01/2031		100,000		81,905
Micron Technology, Inc.
5.375%, 04/15/2028		139,000		136,726
5.875%, 09/15/2033		38,000		37,281

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Texas Instruments, Inc.
5.050%, 05/18/2063	$	65,000	$	62,338

				318,250

Software & Services—0.12%
CommScope, Inc.
4.750%, 09/01/2029		35,000		26,041
VMware, Inc.
3.900%, 08/21/2027		100,000		94,276

				120,317

Technology Hardware & Equipment—0.62%
Apple, Inc.
3.350%, 02/09/2027		35,000		33,467
Avnet, Inc.
6.250%, 03/15/2028		305,000		307,706
CDW LLC / CDW Finance Corp.
2.670%, 12/01/2026		20,000		18,160
3.569%, 12/01/2031		45,000		38,096
Dell International LLC / EMC Corp.
6.020%, 06/15/2026		14,000		14,151
5.300%, 10/01/2029		30,000		29,635
Hewlett Packard Enterprise Co.
4.900%, 10/15/2025		69,000		68,118
Jabil, Inc.
5.450%, 02/01/2029		107,000		105,901

				615,234

Telecommunication Services—0.57%
AT&T, Inc.
3.500%, 06/01/2041		20,000		14,682
3.500%, 09/15/2053		125,000		82,339
Frontier Communications Holdings LLC
5.875%, 10/15/2027		45,000		41,027
Sprint Capital Corp.
8.750%, 03/15/2032		120,000		143,131
T-Mobile USA, Inc.
2.050%, 02/15/2028		40,000		34,947
3.375%, 04/15/2029		65,000		58,328
2.550%, 02/15/2031		55,000		45,350
4.375%, 04/15/2040		40,000		34,405
3.300%, 02/15/2051		20,000		13,440
Verizon Communications, Inc.
2.355%, 03/15/2032		70,000		55,386
5.050%, 05/09/2033		35,000		33,977
2.650%, 11/20/2040		15,000		10,025

				567,037

Transportation—0.14%
American Axle & Manufacturing, Inc.
6.875%, 07/01/2028		40,000		36,725
Southwest Airlines Co.
5.250%, 05/04/2025		60,000		59,652

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
TransDigm, Inc.
6.750%, 08/15/2028	$	45,000	$	45,214

				141,591

Utilities—2.33%
American Electric Power Co, Inc.
5.625%, 03/01/2033		4,000		4,009
Arizona Public Service Co.
2.950%, 09/15/2027		92,000		84,632
Calpine Corp.
5.000%, 02/01/2031		45,000		38,117
CenterPoint Energy Houston Electric LLC
4.950%, 04/01/2033		249,000		245,057
5.300%, 04/01/2053		122,000		121,427
DTE Energy Co.
1.050%, 06/01/2025		40,000		36,911
Duke Energy Corp.
5.000%, 08/15/2052		55,000		48,295
Duke Energy Indiana LLC
5.400%, 04/01/2053		113,000		110,020
Edison International
5.750%, 06/15/2027		47,000		47,127
6.950%, 11/15/2029		15,000		15,826
5.000% to 03/15/2027, then 5 Year CMT Rate + 3.901%^(a)^(e)		65,000		56,062
Essential Utilities, Inc.
2.704%, 04/15/2030		55,000		46,358
Evergy Kansas Central, Inc.
5.700%, 03/15/2053		62,000		62,063
Evergy, Inc.
2.450%, 09/15/2024		20,000		19,300
Evergy Metro, Inc.
4.950%, 04/15/2033		60,000		58,436
Exelon Corp.
5.300%, 03/15/2033		100,000		98,808
5.600%, 03/15/2053		139,000		134,330
Ferrellgas LP / Ferrellgas Finance Corp.
5.875%, 04/01/2029		40,000		35,328
Interstate Power and Light Co.
2.300%, 06/01/2030		25,000		20,544
National Fuel Gas Co.
5.500%, 10/01/2026		77,000		76,389
NextEra Energy Capital Holdings, Inc.
4.900%, 02/28/2028		35,000		34,419
5.250%, 02/28/2053		40,000		37,103
Pacific Gas and Electric Co.
1.700%, 11/15/2023		85,000		84,223
Public Service Co. of Colorado
5.250%, 04/01/2053		104,000		96,183
Public Service Electric and Gas Co.
5.125%, 03/15/2053		117,000		114,312
San Diego Gas & Electric Co.
5.350%, 04/01/2053		48,000		46,576
Sempra
5.500%, 08/01/2033		50,000		49,584

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Southern Co.
3.250%, 07/01/2026	$	85,000	$	80,446
5.200%, 06/15/2033		155,000		150,884
Southern Co. Gas Capital Corp.
1.750%, 01/15/2031		40,000		31,117
Union Electric Co.
5.450%, 03/15/2053		60,000		59,083
Virginia Electric and Power Co.
5.450%, 04/01/2053		164,000		159,012
Vistra Operations Co. LLC
4.375%, 05/01/2029		30,000		26,479

				2,328,460

TOTAL CORPORATE BONDS (Cost $19,702,444)				19,306,856

FOREIGN CORPORATE BONDS—4.30%
Banks—2.18%
Banco Bilbao Vizcaya Argentaria SA
6.138% to 09/14/2027, then 1 Year CMT Rate + 2.700%, 09/14/2028^(a)		167,000		167,861
Bancolombia SA
3.000%, 01/29/2025		203,000		193,805
Bank of Nova Scotia
1.450%, 01/10/2025		788,000		745,760
4.500%, 12/16/2025		70,000		67,923
Credit Suisse AG/New York NY
2.950%, 04/09/2025		251,000		238,480
Deutsche Bank AG/New York NY
4.162%, 05/13/2025		151,000		147,117
Mitsubishi UFJ Financial Group, Inc.
5.719% to 02/20/2025, then 1 Year CMT Rate + 1.080%, 02/20/2026^(a)		200,000		199,526
5.475% to 02/22/2030, then 1 Year CMT Rate + 1.530%, 02/22/2031^(a)		238,000		236,216
Societe Generale SA
1.488% to 12/14/2025, then 1 Year CMT Rate + 1.100%, 12/14/2026^(a)		200,000		179,318
Toronto-Dominion Bank
5.103%, 01/09/2026		4,000		3,971

				2,179,977

Capital Goods—0.25%
Weir Group PLC
2.200%, 05/13/2026		281,000		253,998

Consumer Services—0.05%
Carnival Corp.
7.625%, 03/01/2026		45,000		44,907

Consumer Staples Distribution & Retail—0.18%
Viterra Finance BV
2.000%, 04/21/2026		201,000		181,616

Energy—0.28%
BP Capital Markets PLC
4.375% to 6/22/2025, then 5 Year CMT Rate + 4.036%^(a)^(e)		19,000		18,226
Enbridge, Inc.
5.700%, 03/08/2033		234,000		234,219
Newcastle Coal Infrastructure Group Pty Ltd.
4.400%, 09/29/2027		32,000		29,115

				281,560

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Financial Services—0.07%
UBS Group AG
2.193% to 06/05/2025, then SOFR + 2.044%, 06/05/2026^(a)	$	65,000	$	60,580
1.305% to 02/02/2026, then SOFRINDX + 0.980%, 02/02/2027^(a)		13,000		11,590

				72,170

Health Care Equipment & Services—0.07%
Utah Acquisition Sub, Inc.
3.950%, 06/15/2026		75,000		70,916

Insurance—0.21%
Fairfax Financial Holdings Ltd.
3.375%, 03/03/2031		253,000		212,361

Materials—0.60%
BHP Billiton Finance USA Ltd.
4.900%, 02/28/2033		328,000		323,958
Hudbay Minerals, Inc.
6.125%, 04/01/2029		25,000		23,527
NOVA Chemicals Corp.
4.875%, 06/01/2024		35,000		34,460
OCI NV
6.700%, 03/16/2033		218,000		214,190
UPM-Kymmene Oyj
7.450%, 11/26/2027		6,000		6,282

				602,417

Pharmaceuticals, Biotechnology & Life Sciences -0.04%
Pfizer Investment Enterprises Pte Ltd.
5.340%, 05/19/2063		35,000		34,514

Technology Hardware & Equipment—0.06%
NXP BV / NXP Funding LLC / NXP USA, Inc.
5.000%, 01/15/2033		65,000		61,771

Transportation—0.31%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.500%, 01/15/2025		150,000		144,951
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026		77,917		76,540
Canadian Pacific Railway Co.
2.875%, 11/15/2029		33,000		29,069
Delta Air Lines Inc / SkyMiles IP Ltd.
4.750%, 10/20/2028		57,000		54,768

				305,328

TOTAL FOREIGN CORPORATE BONDS—($4,350,321)				4,301,535

FOREIGN GOVERNMENT AGENCY ISSUES—0.05%
International Bank for Reconstruction & Development
4.000%, 07/25/2030		55,000		53,853

TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $54,890)				53,853

FOREIGN GOVERNMENT NOTES/BONDS—0.08%
Province of Quebec
4.500%, 09/08/2033		85,000		84,786

TOTAL FOREIGN GOVERNMENT NOTES/BONDS (Cost $84,675)				84,786

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
NON-AGENCY MORTGAGE BACKED SECURITIES—1.71%
American Tower Trust #1
2018-1, 3.652%, 03/23/2028	$	54,000	$	50,090
BANK
2022-BNK39, 2.928%, 02/15/2055^(c)		100,000		83,221
Benchmark Mortgage Trust
2020-B21, 1.978%, 12/17/2053		65,000		50,951
2021-B29, 2.388%, 09/15/2054		100,000		79,859
2022-B34, 3.786%, 04/15/2055^(c)		100,000		84,666
2019-B15, 3.231%, 12/15/2072		25,000		20,612
BMO Mortgage Trust
2023-C5, 6.848%, 06/15/2056^(c)		10,000		9,293
BX Commercial Mortgage Trust
2021-VOLT, 6.525% (TSFR1M + 1.214%), 09/15/2036^(b)		100,000		95,788
BX Trust
2019-OC11, 3.202%, 12/09/2041		50,000		43,033
Citigroup Commercial Mortgage Trust
2014-GC19, 4.023%, 03/11/2047		103,000		102,281
2022-GC48, 4.742%, 05/15/2054^(c)		55,000		51,950
COMM Mortgage Trust
2014-CCRE21, 3.987%, 12/10/2047		20,000		19,203
Connecticut Avenue Securities Trust
2021-R03, 6.938% (SOFR30A + 1.650%), 12/25/2041^(b)		55,000		53,677
2022-R02, 6.488% (SOFR30A + 1.200%), 01/25/2042^(b)		52,767		52,517
2022-R04, 8.388% (SOFR30A + 3.100%), 03/25/2042^(b)		55,000		55,852
2022-R03, 8.788% (SOFR30A + 3.500%), 03/25/2042^(b)		60,000		61,754
2022-R07, 9.946% (SOFR30A + 4.650%), 06/25/2042^(b)		55,000		58,874
2022-R08, 7.838% (SOFR30A + 2.550%), 07/25/2042^(b)		92,538		94,353
2023-R02, 7.588% (SOFR30A + 2.300%), 01/25/2043^(b)		91,826		93,037
FIVE Mortgage Trust
2023-V1, 5.668%, 02/10/2056^(c)		100,000		99,891
JPMBB Commercial Mortgage Securities Trust
2015-C33, 3.504%, 12/15/2048		78,971		74,879
Morgan Stanley Capital I Trust
2015-MS1, 3.779%, 05/15/2048^(c)		60,000		57,354
2018-H4, 5.237%, 12/15/2051^(c)		25,000		20,806
2020-HR8, 2.041%, 07/15/2053		55,000		43,929
SG Residential Mortgage Trust
2021-2, 1.737%, 12/25/2061^(c)		81,309		66,670
Taubman Centers Commercial Mortgage Trust
2022-DPM, 7.496% (TSFR1M + 2.186%), 05/15/2037^(b)		100,000		97,841
Wells Fargo Commercial Mortgage Trust
2019-C54, 3.146%, 12/15/2052		100,000		86,927

TOTAL NON-AGENCY MORTGAGE BACKED SECURITIES (Cost $1,733,431)				1,709,308

AGENCY MORTGAGE BACKED SECURITIES—8.67%
Fannie Mae Connecticut Avenue Securities
2014-C02, 8.002% (SOFR30A + 2.714%), 05/25/2024^(b)		134,581		135,624
Fannie Mae Pool
CB1149, 3.000%, 07/01/2051		293,826		254,010
BT6823, 2.500%, 10/01/2051		184,284		153,260
FM9540, 2.000%, 11/01/2051		225,549		180,553
FS0288, 2.000%, 01/01/2052		85,545		68,428
FS0176, 2.500%, 01/01/2052		428,488		355,847

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
MA4512, 2.500%, 01/01/2052	$	48,526	$	40,291
FS2040, 2.000%, 02/01/2052		93,120		74,336
MA4548, 2.500%, 02/01/2052		31,788		26,365
FS0631, 3.000%, 02/01/2052		33,980		29,373
MA4563, 2.500%, 03/01/2052		61,262		50,810
FS4110, 2.500%, 03/01/2052		24,084		20,047
MA4579, 3.000%, 04/01/2052		52,610		45,370
CB3586, 3.000%, 05/01/2052		194,346		167,742
MA4600, 3.500%, 05/01/2052		275,355		246,470
MA4625, 3.500%, 06/01/2052		84,295		75,398
FS2512, 3.500%, 07/01/2052		331,099		297,523
CB4121, 4.000%, 07/01/2052		247,543		228,963
FS3497, 3.500%, 08/01/2052		216,956		194,057
MA4700, 4.000%, 08/01/2052		283,627		261,964
FS2805, 2.500%, 09/01/2052		354,864		294,380
MA4732, 4.000%, 09/01/2052		23,765		21,955
MA4761, 5.000%, 09/01/2052		227,154		220,507
MA4784, 4.500%, 10/01/2052		23,678		22,465
MA4786, 5.500%, 10/01/2052		31,558		31,172
MA4805, 4.500%, 11/01/2052		190,607		180,843
BX5065, 5.500%, 01/01/2053		23,320		23,044
MA4918, 5.000%, 02/01/2053		173,375		168,233
MA4940, 5.000%, 03/01/2053		28,931		28,066
CB6031, 5.000%, 04/01/2053		54,365		52,782
MA5009, 5.000%, 05/01/2053		171,516		166,410
FS4874, 5.500%, 06/01/2053		24,642		24,350
FS5235, 5.500%, 07/01/2053		219,701		217,143
MA5073, 6.000%, 07/01/2053		24,577		24,651
MA5108, 6.000%, 08/01/2053		54,626		54,792
Fannie Mae or Freddie Mac
#TBA, 5.500%, 9/14/2023		35,000		34,560
Freddie Mac Pool
RA-3661, 2.500%, 10/01/2050		123,774		103,574
SD-8157, 3.000%, 07/01/2051		69,463		60,043
SD-0781, 3.000%, 11/01/2051		83,370		72,219
SD-8188, 2.000%, 01/01/2052		106,832		85,305
SD-8199, 2.000%, 03/01/2052		46,345		36,949
SD-8205, 2.500%, 04/01/2052		204,068		169,245
SD-8214, 3.500%, 05/01/2052		229,036		204,862
SD-8221, 3.500%, 06/01/2052		28,035		25,080
RA-7587, 3.500%, 06/01/2052		208,133		186,244
SD-8222, 4.000%, 06/01/2052		91,039		84,086
SD-1117, 4.500%, 06/01/2052		22,399		21,307
QE-6074, 4.000%, 07/01/2052		34,879		32,218
SD-1505, 4.500%, 08/01/2052		91,816		87,163
SD-8244, 4.000%, 09/01/2052		190,533		176,020
RA-8249, 5.500%, 11/01/2052		147,202		145,405
SD-2253, 3.500%, 12/01/2052		169,951		152,013
SD-8289, 5.500%, 01/01/2053		181,428		179,214
QF-7085, 5.500%, 02/01/2053		70,946		70,069
SD-8315, 5.000%, 04/01/2053		194,798		188,973
SD-8316, 5.500%, 04/01/2053		600,013		592,595
SD-3218, 5.000%, 05/01/2053		24,905		24,170
SD-8324, 5.500%, 05/01/2053		77,429		76,471

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
SD-8325, 6.000%, 05/01/2053	$	129,649	$	130,042
SD-2862, 6.000%, 05/01/2053		24,222		24,296
Freddie Mac STACR REMIC Trust
2021-DNA6, 6.088% (SOFR30A + 0.800%), 10/25/2041^(b)		44,641		44,481
2021-HQA4, 6.238% (SOFR30A + 0.950%), 12/25/2041^(b)		85,074		83,422
2022-DNA2, 7.688% (SOFR30A + 2.400%), 02/25/2042^(b)		60,000		59,835
2022-HQA1, 8.788% (SOFR30A + 3.500%), 03/25/2042^(b)		55,000		56,703
2022-DNA3, 8.188% (SOFR30A + 2.900%), 04/25/2042^(b)		55,000		55,998
2022-DNA4, 8.638% (SOFR30A + 3.350%), 05/25/2042^(b)		55,000		56,712
Ginnie Mae
#TBA, 5.500%, 9/21/2023		115,000		113,841
Ginnie Mae II Pool
MA7935M, 2.000%, 03/20/2052		91,581		75,627
MA7936M, 2.500%, 03/20/2052		180,493		153,731
MA8147M, 2.500%, 07/20/2052		22,876		19,489
MA8149M, 3.500%, 07/20/2052		38,742		35,201
MA8151M, 4.500%, 07/20/2052		165,583		157,992
MA8492M, 6.000%, 12/20/2052		24,113		24,215
MA8800M, 5.000%, 04/20/2053		119,798		116,638
MA8948M, 5.500%, 06/20/2053		24,884		24,644
MA9018M, 6.000%, 07/20/2053		49,908		50,121
MA9107M, 6.000%, 08/20/2053		25,000		25,106
Government National Mortgage Association
2020-107, 1.000%, 07/20/2050		56,161		42,737
2020-112, 1.000%, 08/20/2050		51,162		38,938
2021-103, 2.000%, 06/20/2051		38,987		32,459

TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $8,897,682)				8,667,237

U.S. GOVERNMENT NOTES/BONDS—36.47%
United States Treasury Inflation Indexed Bonds
1.250%, 04/15/2028		147,494		142,044
1.125%, 01/15/2033		316,503		295,349
United States Treasury Note/Bond
0.375%, 08/15/2024		405,000		386,128
4.625%, 02/28/2025		1,809,000		1,796,633
3.875%, 03/31/2025		2,285,000		2,243,851
3.875%, 04/30/2025		279,000		273,954
4.750%, 07/31/2025		370,000		369,032
4.250%, 10/15/2025		68,000		67,248
4.000%, 12/15/2025		303,000		298,135
4.000%, 02/15/2026		1,002,000		986,305
0.500%, 02/28/2026		384,000		346,770
4.625%, 03/15/2026		1,657,000		1,655,900
3.750%, 04/15/2026		626,000		612,551
4.125%, 06/15/2026		573,000		566,419
1.875%, 07/31/2026		345,000		320,109
1.500%, 08/15/2026		158,000		144,848
6.750%, 08/15/2026		1,637,000		1,735,795
0.750%, 08/31/2026		132,000		118,197
2.000%, 11/15/2026		111,000		102,788
1.625%, 11/30/2026		205,000		187,463
4.125%, 10/31/2027		791,000		783,739
6.125%, 11/15/2027		1,666,000		1,779,300
4.000%, 02/29/2028		756,000		746,757

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
3.625%, 03/31/2028	$	2,160,000	$	2,099,924
3.500%, 04/30/2028		697,000		673,925
4.000%, 06/30/2028		230,000		227,269
4.125%, 07/31/2028		806,000		801,340
5.250%, 11/15/2028		1,659,000		1,732,618
3.250%, 06/30/2029		589,000		558,676
4.000%, 02/28/2030		1,610,000		1,589,749
3.625%, 03/31/2030		658,000		635,690
1.875%, 02/15/2032		1,941,000		1,631,805
2.750%, 08/15/2032		1,286,000		1,154,537
3.500%, 02/15/2033		1,600,200		1,524,191
3.375%, 05/15/2033		860,000		810,281
3.875%, 08/15/2033		207,000		203,329
4.750%, 02/15/2037		587,000		627,265
1.125%, 05/15/2040		589,000		365,042
1.125%, 08/15/2040		98,000		60,209
1.375%, 11/15/2040		638,000		407,572
1.875%, 02/15/2041		640,000		444,425
2.250%, 05/15/2041		147,000		108,378
1.750%, 08/15/2041		637,000		428,283
2.000%, 11/15/2041		615,000		430,596
3.125%, 11/15/2041		19,000		16,033
2.375%, 02/15/2042		587,000		436,879
3.125%, 02/15/2042		16,000		13,448
3.875%, 02/15/2043		540,000		502,538
2.875%, 05/15/2043		250,000		199,180
3.750%, 11/15/2043		165,000		150,124
3.375%, 05/15/2044		165,000		141,523
2.500%, 02/15/2045		105,000		77,122
3.125%, 05/15/2048		215,000		174,662
2.250%, 08/15/2049		357,000		242,913
2.000%, 02/15/2050		338,000		216,492
1.375%, 08/15/2050		388,000		209,778
1.625%, 11/15/2050		364,000		210,637
1.875%, 02/15/2051		370,000		228,316
2.375%, 05/15/2051		421,000		292,694
2.000%, 08/15/2051		359,000		227,979
1.875%, 11/15/2051		39,000		23,971
2.250%, 02/15/2052		335,000		226,099
2.875%, 05/15/2052		95,000		73,770
3.000%, 08/15/2052		296,000		235,979
3.625%, 02/15/2053		40,000		36,047
3.625%, 05/15/2053		35,000		31,574

TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $37,781,139)				36,442,177

US GOVERNMENT AGENCY ISSUE—0.12%
Federal Home Loan Banks
4.000%, 06/30/2028		50,000		49,433
Federal National Mortgage Association
7.250%, 05/15/2030		60,000		70,093

TOTAL US GOVERNMENT AGENCY ISSUE (Cost $119,990)				119,526

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

ACTIVEPASSIVE CORE BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
EXCHANGE TRADED FUNDS—26.30%
iShares Core U.S. Aggregate Bond ETF		32,152	$	3,112,314
iShares MBS ETF		141,799		13,031,328
Vanguard Total International Bond ETF		207,841		10,134,327

TOTAL EXCHANGE TRADED FUNDS (Cost $26,684,083)				26,277,969

MONEY MARKET FUNDS—0.89%
First American Government Obligations Fund, Class X, 5.247%^(d)		886,421		886,421

TOTAL MONEY MARKET FUNDS (Cost $886,421)				886,421

Total Investments (Cost $101,949,368)—99.55%				99,484,629
Other Assets in Excess of Liabilities—0.45%				448,218

TOTAL NET ASSETS—100.00%			$	99,932,847

Percentages are stated as a percent of net assets.

^(a)

Variable rate security; the rate shown represents the rate at August 31, 2023.

^(b)

Floating rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(c)

Variable rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized.

^(d)

The rate shown represents the seven day yield at August 31, 2023.

^(e)

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

Abbreviations

TBA Pool number to be announced

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

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
MUNICIPAL BONDS—92.01%
Allegheny County Hospital Development Authority
5.000%, 07/15/2028	$	345,000	$	370,161
5.000%, 07/15/2031		200,000		216,750
Anaheim Public Financing Authority
0.000%, 09/01/2031		170,000		125,657
Bartow County Development Authority
2.875%, 08/01/2043^(a)		135,000		130,809
Bay Area Toll Authority
4.000%, 04/01/2032		145,000		148,758
Black Belt Energy Gas District
4.000%, 07/01/2052^(a)		20,000		19,789
Board of Regents of the University of Texas System
5.000%, 08/15/2025		85,000		87,776
California State Public Works Board
5.000%, 12/01/2024		320,000		327,427
Canadian County Educational Facilities Authority
3.000%, 09/01/2029		175,000		171,204
Central Florida Expressway Authority
5.000%, 07/01/2028		170,000		185,525
Central Puget Sound Regional Transit Authority
5.000%, 11/01/2024		170,000		173,188
5.000%, 11/01/2030		245,000		277,762
City & County of Honolulu HI
5.000%, 03/01/2031		95,000		106,691
City of Dallas TX
5.000%, 02/15/2031		200,000		224,651
City of Houston TX Airport System Revenue
5.000%, 07/01/2029		220,000		237,408
City of New York NY
5.000%, 08/01/2029		265,000		276,147
5.000%, 08/01/2030		150,000		168,093
5.000%, 12/01/2032		90,000		94,081
City of San Antonio TX Electric & Gas Systems Revenue
5.000%, 02/01/2025		225,000		229,922
5.000%, 02/01/2032		95,000		98,571
Cleveland County Independent School District No 2 Moore
3.000%, 03/01/2025		115,000		114,070
Commonwealth of Massachusetts
5.250%, 09/01/2024		280,000		285,322
Commonwealth of Pennsylvania
5.000%, 10/01/2024		370,000		376,586
3.000%, 03/15/2030		70,000		67,830
5.000%, 08/15/2032		420,000		434,451
Connecticut State Health & Educational Facilities Authority
5.000%, 07/01/2029		160,000		178,652
County of Clark NV
5.000%, 07/01/2026		120,000		125,889
County of Harris TX
5.000%, 08/15/2030		410,000		427,320
County of Harris TX Toll Road Revenue
5.000%, 08/15/2027		220,000		235,501

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

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
County of King WA Sewer Revenue
5.000%, 07/01/2024	$	200,000	$	202,797
4.000%, 07/01/2030		290,000		295,268
County of Manatee FL Public Utilities Revenue
5.000%, 10/01/2032		200,000		231,864
County of Montgomery MD
5.000%, 11/01/2028		105,000		107,029
County of Prince George’s MD
5.000%, 09/15/2029		95,000		106,224
County of Wake NC
5.000%, 05/01/2030		95,000		107,343
Curators of the University of Missouri
5.000%, 11/01/2030		250,000		282,741
Dallas College
5.000%, 02/15/2030		35,000		38,779
Dallas Fort Worth International Airport
5.000%, 11/01/2031		55,000		61,570
District of Columbia
5.000%, 10/15/2025		290,000		300,739
5.000%, 06/01/2026		150,000		154,000
5.000%, 10/15/2028		250,000		274,886
Energy Northwest
5.000%, 07/01/2026		150,000		151,927
Ernest N Morial New Orleans Exhibition Hall Authority
5.000%, 07/15/2029		200,000		219,607
Florida Department of Management Services
5.000%, 11/01/2028		295,000		323,865
Georgia State Road & Tollway Authority
5.000%, 06/01/2030		165,000		185,831
Hillsborough County School Board
5.000%, 07/01/2029		355,000		384,475
Houston County Health Care Authority
5.000%, 10/01/2030		135,000		136,563
Illinois Finance Authority
5.000%, 07/01/2027		225,000		237,876
Illinois State Toll Highway Authority
5.000%, 01/01/2030		150,000		165,988
Indiana Finance Authority
5.000%, 06/01/2027		165,000		174,437
5.000%, 06/01/2028		125,000		132,268
Intermountain Power Agency
5.000%, 07/01/2026		200,000		209,926
5.000%, 07/01/2031		320,000		363,002
Iowa Finance Authority
5.000%, 08/01/2032		250,000		285,878
JEA Water & Sewer System Revenue
5.000%, 10/01/2028		160,000		172,220
Johnson County Unified School District No 233 Olathe
2.250%, 09/01/2026		405,000		384,645
Kendall Kane & Will Counties Community Unit School District No 308
5.000%, 02/01/2029		125,000		136,227
Kentucky Asset Liability Commission
5.000%, 09/01/2026		410,000		416,123

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

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Los Angeles Department of Water & Power
5.000%, 07/01/2026	$	200,000	$	211,368
Louisville/Jefferson County Metropolitan Government
5.000%, 10/01/2047^(a)		110,000		115,924
Lower Colorado River Authority
5.000%, 05/15/2028		200,000		215,274
Maricopa County Industrial Development Authority
5.000%, 01/01/2033		190,000		198,063
Maryland Stadium Authority Built to Learn Revenue
5.000%, 06/01/2025		175,000		179,689
Massachusetts Development Finance Agency
5.000%, 07/01/2050^(a)		70,000		77,513
Massachusetts Housing Finance Agency
3.350%, 06/01/2027		265,000		260,516
3.050%, 12/01/2027		520,000		508,965
Metropolitan Atlanta Rapid Transit Authority
5.000%, 07/01/2026		200,000		210,369
Michigan Finance Authority
5.000%, 07/01/2031		50,000		50,545
Michigan State Building Authority
5.000%, 10/15/2030		200,000		209,486
Municipal Improvement Corp. of Los Angeles
5.000%, 11/01/2028		190,000		201,912
New Jersey Economic Development Authority
3.125%, 07/01/2031		255,000		244,193
New Jersey Educational Facilities Authority
4.000%, 07/01/2028		790,000		794,272
New Jersey Transportation Trust Fund Authority
5.000%, 12/15/2031		100,000		108,648
5.000%, 06/15/2032		200,000		222,850
New Jersey Turnpike Authority
5.000%, 01/01/2027		145,000		153,740
5.000%, 01/01/2031		475,000		509,577
5.000%, 01/01/2033		90,000		96,559
New York City Housing Development Corp.
0.600%, 05/01/2061^(a)		80,000		74,228
New York City Transitional Finance Authority Building Aid Revenue
5.000%, 07/15/2027		230,000		247,015
New York City Transitional Finance Authority Future Tax Secured Revenue
5.000%, 08/01/2024		385,000		391,008
5.000%, 08/01/2024		390,000		396,086
New York State Dormitory Authority
5.000%, 02/15/2032		235,000		250,542
5.000%, 03/15/2032		165,000		184,186
New York State Thruway Authority
5.000%, 01/01/2028		425,000		433,110
New York State Urban Development Corp.
5.000%, 03/15/2029		155,000		170,458
North East Independent School District/TX
2.200%, 08/01/2049^(a)		255,000		251,188
Ohio Water Development Authority
5.000%, 06/01/2027		175,000		187,342
Oklahoma Water Resources Board
5.000%, 04/01/2026		100,000		104,601

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

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
Parish of St John the Baptist LA
2.375%, 06/01/2037^(a)	$	25,000	$	23,669
School Board of Miami-Dade County
3.250%, 02/01/2033		235,000		227,666
Seattle Housing Authority
1.000%, 06/01/2026		225,000		205,683
State of California
5.000%, 11/01/2028		155,000		170,868
3.500%, 09/01/2032		100,000		100,001
5.000%, 11/01/2032		210,000		210,512
State of Connecticut Special Tax Revenue
5.000%, 07/01/2027		125,000		133,671
5.000%, 05/01/2031		65,000		72,673
State of Florida
5.000%, 06/01/2027		245,000		262,728
5.000%, 06/01/2030		105,000		118,393
5.000%, 06/01/2031		15,000		17,184
State of Georgia
3.000%, 02/01/2030		35,000		34,484
5.000%, 07/01/2031		225,000		245,529
2.500%, 02/01/2033		10,000		9,074
State of Hawaii
4.000%, 10/01/2031		55,000		55,719
State of Illinois
5.000%, 11/01/2025		50,000		51,322
5.000%, 11/01/2028		45,000		47,307
5.000%, 03/01/2031		45,000		49,201
State of Kansas Department of Transportation
5.000%, 09/01/2025		120,000		123,921
5.000%, 09/01/2026		355,000		366,390
State of Maryland
5.000%, 08/01/2025		175,000		181,051
5.000%, 08/01/2029		210,000		233,967
5.000%, 08/01/2031		245,000		281,788
State of Maryland Department of Transportation
4.000%, 10/01/2030		735,000		774,817
State of Michigan
5.000%, 03/15/2026		190,000		198,099
State of Michigan Trunk Line Revenue
5.000%, 11/15/2031		140,000		159,042
State of Nevada Highway Improvement Revenue
3.000%, 12/01/2029		780,000		760,333
State of New Mexico
5.000%, 03/01/2025		35,000		35,891
State of New Mexico Severance Tax Permanent Fund
4.000%, 07/01/2024		260,000		261,336
State of North Carolina
5.000%, 03/01/2028		620,000		631,321
5.000%, 05/01/2031		125,000		142,647
State of Ohio
5.000%, 08/01/2025		120,000		123,857
State of Oregon
5.000%, 05/01/2028		265,000		288,877

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

ACTIVEPASSIVE INTERMEDIATE MUNICIPAL BOND ETF

Schedule of Investments

August 31, 2023 (Continued)



	Principal Amount		Value
State of Washington
5.000%, 06/01/2029	$	200,000	$	221,656
State of Wisconsin
5.000%, 05/01/2031		105,000		119,592
Tennessee Energy Acquisition Corp.
4.000%, 11/01/2049^(a)		20,000		19,773
Triborough Bridge & Tunnel Authority
0.000%, 11/15/2030		135,000		101,781
Trinity River Authority Central Regional Wastewater System Revenue
5.000%, 08/01/2029		315,000		345,569
Trust for Cultural Resources of The City of New York
5.000%, 07/01/2031		50,000		57,431
Utility Debt Securitization Authority
5.000%, 06/15/2027		145,000		149,712
Virginia College Building Authority
5.000%, 02/01/2025		210,000		215,117
5.000%, 02/01/2031		275,000		311,440
Virginia Public School Authority
5.000%, 08/01/2028		280,000		289,069
West Virginia Commissioner of Highways
5.000%, 09/01/2025		200,000		206,028

TOTAL MUNICIPAL BONDS (Cost $28,787,297)				28,055,505


	Shares
EXCHANGE TRADED FUNDS—5.96%
iShares National Muni Bond ETF		17,230		1,817,076

TOTAL EXCHANGE TRADED FUNDS (Cost $1,832,464)				1,817,076

MONEY MARKET FUNDS—1.07%
First American Government Obligations Fund, 5.247%^(b)		325,636		325,636

TOTAL MONEY MARKET FUNDS (Cost $325,636)				325,636

Total Investments (Cost $30,945,397)—99.04%				30,198,217
Other Assets in Excess of Liabilities—0.96%				292,146

TOTAL NET ASSETS—100.00%			$	30,490,363

Percentages are stated as a percent of net assets.

^(a)

Variable rate security; the rate shown represents the rate at August 31, 2023.

^(b)

The rate shown represents the seven day yield at August 31, 2023.

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023



	Shares		Value
COMMON STOCKS—97.83%
Automobiles & Components—3.41%
BYD Co. Ltd.—ADR		2,581	$	162,964
Dr Ing hc F Porsche AG—ADR		845		9,270
Honda Motor Co. Ltd.—ADR		43,295		1,399,728
NIO, Inc.—ADR^(a)		2,496		25,634
Toyota Motor Corp.—ADR		5,671		976,149
Valeo SE—ADR		5,124		50,471

				2,624,216

Banks—12.14%
Agricultural Bank of China Ltd.—ADR		1,247		10,637
Banco BBVA Argentina SA—ADR		14,072		80,492
Banco Bilbao Vizcaya Argentaria SA—ADR		76,436		606,902
Banco Bradesco SA—ADR		12		33
Banco de Chile—ADR		5,612		122,454
Banco Santander Chile—ADR		8		153
Banco Santander SA—ADR		122,647		474,644
Bank Central Asia Tbk PT—ADR		2,958		45,021
Bank Mandiri Persero Tbk PT—ADR		3,603		56,747
Bank of China Ltd.—ADR		4,233		35,811
Bank Rakyat Indonesia Persero Tbk PT—ADR		3,821		69,217
Barclays PLC—ADR		51,232		384,752
BNP Paribas SA—ADR		1,605		51,922
China Construction Bank Corp.—ADR		84,424		901,648
China Merchants Bank Co. Ltd.—ADR		1,129		22,421
Commonwealth Bank of Australia—ADR		5,418		355,854
HDFC Bank Ltd.—ADR		13,667		851,591
HSBC Holdings PLC—ADR		25,398		947,853
ICICI Bank Ltd.—ADR		16,097		372,967
Industrial & Commercial Bank of China Ltd.—ADR		3,661		33,535
ING Groep NV—ADR		42,754		604,969
KB Financial Group, Inc.—ADR		2,305		93,053
Lloyds Banking Group PLC—ADR		131,093		275,295
Mitsubishi UFJ Financial Group, Inc.—ADR		51,420		407,761
Mizuho Financial Group, Inc.—ADR		197,472		647,708
NatWest Group PLC—ADR^(a)		55,366		326,106
Shinhan Financial Group Co. Ltd.—ADR		12,560		337,864
Sumitomo Mitsui Financial Group, Inc.—ADR		86,992		791,627
Swedbank AB—ADR		1,440		25,430
UniCredit SpA—ADR		22,819		278,164
United Overseas Bank Ltd.—ADR		1,586		66,612
Woori Financial Group, Inc.—ADR		2,731		72,918

				9,352,161

Capital Goods—6.70%
Airbus SE—ADR		13,794		505,826
Alstom SA—ADR		138,348		374,923
Ashtead Group PLC—ADR		918		259,895
Daikin Industries Ltd.—ADR		13,357		230,675
Embraer SA—ADR^(a)		2,468		38,600
FANUC Corp.—ADR		27,407		388,905
KION Group AG—ADR		17,812		178,296
Rolls-Royce Holdings PLC—ADR^(a)		189,674		527,294
Schneider Electric SE—ADR		34,826		1,195,578

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Siemens AG—ADR		15,839	$	1,190,142
Sociedad Quimica y Minera de Chile SA—ADR		1,063		66,533
Techtronic Industries Co. Ltd.—ADR		2,440		120,731
Vinci SA—ADR		3,008		83,773

				5,161,171

Commercial & Professional Services—2.97%
RELX PLC—ADR		53,606		1,743,804
Rentokil Initial PLC—ADR		11,431		433,806
Teleperformance SE—ADR		1,586		110,179

				2,287,789

Consumer Discretionary Distribution & Retail—4.49%
Alibaba Group Holding Ltd.—ADR^(a)		11,651		1,082,379
Fast Retailing Co. Ltd.—ADR		7,753		176,923
Industria de Diseno Textil SA—ADR		38,125		729,332
JD.com, Inc.—ADR		6,881		228,518
Jumia Technologies AG—ADR^(a)		17,904		54,965
MINISO Group Holding Ltd.—ADR^(a)		1,309		33,903
MYT Netherlands Parent BV—ADR^(a)		20,984		70,716
Naspers Ltd.—ADR		7,896		267,595
Pan Pacific International Holdings Corp.—ADR		11,590		230,409
PDD Holdings, Inc.—ADR^(a)		4,148		410,528
Prosus NV—ADR		19		262
Vipshop Holdings Ltd.—ADR^(a)		10,736		169,521

				3,455,051

Consumer Durables & Apparel—4.20%
Cie Financiere Richemont SA—ADR		9		127
Hermes International SCA—ADR		3,660		754,546
Kering SA—ADR		1,515		81,207
LVMH Moet Hennessy Louis Vuitton SE—ADR		8,924		1,510,655
Samsonite International SA—ADR^(a)		12,682		212,262
Sony Group Corp.—ADR		8,158		678,664

				3,237,461

Consumer Services—2.47%
Amadeus IT Group SA—ADR		1,433		98,189
Carnival PLC—ADR^(a)		1,365		19,520
Compass Group PLC—ADR		14,444		363,411
H World Group Ltd.—ADR^(a)		5		201
InterContinental Hotels Group PLC—ADR		2,656		201,776
Meituan—ADR^(a)		12,980		431,065
New Oriental Education & Technology Group, Inc.—ADR^(a)		1,830		99,259
Pearson PLC—ADR		24,101		254,748
TAL Education Group—ADR^(a)		4,595		32,395
Trip.com Group Ltd.—ADR^(a)		6,832		268,566
Yum China Holdings, Inc.		2,440		131,004

				1,900,134

Consumer Staples Distribution & Retail—0.16%
Carrefour SA—ADR		20,496		78,090
Wal-Mart de Mexico SAB de CV—ADR		1,083		42,605

				120,695

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Energy—5.36%
BP PLC—ADR		28,720	$	1,067,810
China Shenhua Energy Co. Ltd.—ADR		966		11,210
Eni SpA—ADR		20,966		649,107
Equinor ASA—ADR		5,503		168,227
Petroleo Brasileiro SA—ADR		14,504		203,781
Shell PLC—ADR		18,693		1,160,649
Tenaris SA—ADR		2,868		91,575
TotalEnergies SE—ADR		8,916		560,906
Vista Energy SAB de CV—ADR^(a)		1,178		31,570
Woodside Energy Group Ltd.—ADR		7,808		186,455
YPF SA—ADR^(a)		23		332

				4,131,622

Financial Services—3.49%
Adyen NV—ADR^(a)		10,980		91,463
AMTD IDEA Group—ADR^(a)		66,057		80,590
Deutsche Bank AG		10,736		116,915
FinVolution Group—ADR		21,716		109,014
Futu Holdings Ltd.—ADR^(a)		878		52,329
Jiayin Group, Inc.—ADR		6,525		36,018
LexinFintech Holdings Ltd.—ADR^(a)		743		1,924
London Stock Exchange Group PLC—ADR		6,302		165,112
Noah Holdings Ltd.—ADR		177		2,462
Nomura Holdings, Inc.—ADR		86,572		335,900
ORIX Corp.—ADR		8,486		788,350
Qifu Technology, Inc.—ADR		3,411		57,987
UBS Group AG		27,347		730,439
Worldline SA/France—ADR^(a)		6,588		106,857
X Financial—ADR^(a)		2,520		10,836
Yiren Digital Ltd.—ADR^(a)		1,063		2,859

				2,689,055

Food, Beverage & Tobacco—6.16%
Ambev SA—ADR		13,300		36,841
Anheuser-Busch InBev SA/NV—ADR		10,785		613,559
British American Tobacco PLC—ADR		19,749		655,666
Coca-Cola Femsa SAB de CV—ADR		3,196		270,829
Danone SA—ADR		17,825		208,196
Diageo PLC—ADR		2,611		432,512
Embotelladora Andina SA—ADR		5,853		71,719
Embotelladora Andina SA—ADR		3,703		55,397
Fomento Economico Mexicano SAB de CV—ADR		2,684		302,004
Kerry Group PLC—ADR		2,423		226,454
Nestle SA—ADR		13,739		1,650,465
Oatly Group AB—ADR^(a)		4,506		5,542
Pernod Ricard SA—ADR		5,420		214,524

				4,743,708

Health Care Equipment & Services—1.24%
EDAP TMS SA—ADR^(a)		1,669		13,435
Fresenius Medical Care AG & Co KGaA—ADR		8,765		210,009
Koninklijke Philips NV—ADR^(a)		15,443		344,843
Smith & Nephew PLC—ADR		8,620		232,223

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Terumo Corp.—ADR		5,002	$	151,060

				951,570

Household & Personal Products—3.65%
Haleon PLC—ADR		9,059		74,465
Kose Corp.—ADR^(a)		4,438		73,493
L’Oreal SA—ADR		15,234		1,338,459
Reckitt Benckiser Group PLC—ADR		16,004		230,618
Unilever PLC—ADR		21,511		1,097,491

				2,814,526

Insurance—1.69%
AIA Group Ltd.—ADR		11,965		432,057
Allianz SE—ADR		12,153		295,196
AXA SA—ADR		4,933		148,483
Fanhua, Inc.—ADR^(a)		1,020		6,844
Legal & General Group PLC—ADR		4,116		57,892
Ping An Insurance Group Co of China Ltd.—ADR		4,185		50,136
Prudential PLC—ADR		9,200		227,332
Zurich Insurance Group AG—ADR		1,708		80,071

				1,298,011

Materials—5.89%
Air Liquide SA—ADR		2,382		86,181
Akzo Nobel NV—ADR		6,466		175,681
AngloGold Ashanti Ltd.—ADR		12		204
ArcelorMittal SA—ADR		12,444		331,135
BHP Group Ltd.—ADR		17,024		978,710
Cemex SAB de CV—ADR^(a)		14,698		117,143
CRH PLC—ADR		15,616		899,013
DRDGOLD Ltd.—ADR		858		8,769
Gold Fields Ltd.—ADR		7,215		91,125
Grupo Simec SAB de CV—ADR^(a)		1		35
James Hardie Industries PLC—ADR^(a)		9,008		271,861
POSCO Holdings, Inc.—ADR		2,924		320,938
Rio Tinto PLC—ADR		9,871		616,938
Sasol Ltd.—ADR		3,773		48,634
Sika AG—ADR		9,200		260,820
Suzano SA—ADR		10,183		103,052
Ternium SA—ADR		1,164		48,632
Vale SA—ADR		13,639		179,626

				4,538,497

Media & Entertainment—3.30%
Baidu, Inc.—ADR^(a)		1,359		194,105
Bilibili, Inc.—ADR^(a)		3		45
Criteo SA—ADR^(a)		1,843		54,359
DouYu International Holdings Ltd.—ADR^(a)		94		96
Gravity Co. Ltd.—ADR^(a)		916		68,526
Hello Group, Inc.—ADR		6,383		55,085
iQIYI, Inc.—ADR^(a)		1,697		8,553
JOYY, Inc.—ADR		1,436		49,284
NetEase, Inc.—ADR		1,824		188,748
Sea Ltd.—ADR^(a)		2,514		94,602
Sohu.com Ltd.—ADR^(a)		23		243

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Tencent Holdings Ltd.—ADR		38,915	$	1,611,469
Tencent Music Entertainment Group—ADR^(a)		6,654		45,380
Trivago NV—ADR^(a)		16,470		18,941
WPP PLC—ADR		2,664		128,938
Yalla Group Ltd.—ADR^(a)		4,721		24,172

				2,542,546

Pharmaceuticals, Biotechnology & Life Sciences—13.88%
Abcam PLC—ADR^(a)		5,003		113,168
Amarin Corp. PLC—ADR^(a)		28,716		30,152
Argenx SE—ADR^(a)		119		59,796
AstraZeneca PLC—ADR		17,132		1,161,892
Avadel Pharmaceuticals PLC—ADR^(a)		754		10,187
Bayer AG—ADR		5,982		82,013
BeiGene Ltd.—ADR^(a)		198		41,095
BioLine RX Ltd.—ADR^(a)		26		46
BioNTech SE—ADR^(a)		732		88,521
Calliditas Therapeutics AB—ADR^(a)		979		17,348
Cellectis SA—ADR^(a)		7,740		15,790
DBV Technologies SA—ADR^(a)		11,714		18,508
Dr Reddy’s Laboratories Ltd.—ADR		4,207		285,992
Evotec SE—ADR^(a)		2,373		28,084
Galapagos NV—ADR^(a)		698		26,447
Genfit SA—ADR^(a)		13,634		46,765
Genmab A/S—ADR^(a)		18,636		713,572
Grifols SA—ADR^(a)		6,535		61,886
GSK PLC—ADR		13,725		482,159
HUTCHMED China Ltd.—ADR^(a)		2,035		30,566
Immutep Ltd.—ADR^(a)		14,656		27,846
Innate Pharma SA—ADR^(a)		6,755		19,387
Lonza Group AG—ADR		5,856		323,076
Mereo Biopharma Group PLC—ADR^(a)		8,540		11,700
Mesoblast Ltd.—ADR^(a)		4,300		6,923
MorphoSys AG—ADR^(a)		2,640		19,800
Novartis AG—ADR		19,978		2,007,390
Novo Nordisk A/S—ADR		8,555		1,587,979
Olink Holding AB—ADR^(a)		1,096		18,117
Orchard Therapeutics PLC—ADR^(a)		1,022		5,069
Roche Holding AG—ADR		26,857		983,772
Sanofi—ADR		17,562		933,947
Silence Therapeutics PLC—ADR^(a)		985		8,767
Takeda Pharmaceutical Co. Ltd.—ADR		90,506		1,393,792
Teva Pharmaceutical Industries Ltd.—ADR^(a)		3,201		31,242
Zai Lab Ltd.—ADR^(a)		3		76

				10,692,870

Real Estate Management & Development—0.21%
IRSA Inversiones y Representaciones SA—ADR		15,547		111,939
KE Holdings, Inc.—ADR^(a)		2,707		46,560

				158,499

Semiconductors & Semiconductor Equipment—5.59%
ASE Technology Holding Co. Ltd.—ADR		28,792		236,670
ASML Holding NV		1,835		1,212,073
Daqo New Energy Corp.—ADR^(a)		465		17,191

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
JinkoSolar Holding Co Ltd.—ADR^(a)		160	$	5,365
Sequans Communications SA—ADR^(a)		21,640		60,376
STMicroelectronics NV		10,754		508,234
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR		22,235		2,080,528
Tokyo Electron Ltd.—ADR		290		21,547
United Microelectronics Corp.—ADR		22,923		164,358

				4,306,342

Software & Services—2.89%
AMTD Digital, Inc.—ADR^(a)		4,617		25,855
Capgemini SE—ADR		5,092		190,288
Chindata Group Holdings Ltd.—ADR^(a)		999		8,362
Endava PLC—ADR^(a)		2,251		110,074
Infosys Ltd.—ADR		11,361		197,341
Nice Ltd.—ADR^(a)		1,420		276,616
Opera Ltd.—ADR		7,424		110,840
SAP SE—ADR		9,334		1,303,866
Xunlei Ltd.—ADR^(a)		2,275		4,004

				2,227,246

Technology Hardware & Equipment—1.66%
Logitech International SA		5,158		354,974
Murata Manufacturing Co Ltd.—ADR		25,986		363,024
Nano Dimension Ltd.—ADR^(a)		26,596		84,575
Nokia Oyj—ADR		85,315		340,407
Telefonaktiebolaget LM Ericsson—ADR		26,718		137,865

				1,280,845

Telecommunication Services—3.34%
America Movil SAB de CV—ADR		12,078		231,535
Deutsche Telekom AG—ADR		44,975		962,015
KT Corp.—ADR		11,029		138,304
Nippon Telegraph & Telephone Corp.—ADR		11,134		320,771
Orange SA—ADR		22,005		246,016
SK Telecom Co. Ltd.—ADR		12,846		257,948
Telefonica Brasil SA—ADR		1,080		9,115
Telefonica SA—ADR		20,381		83,358
Telkom Indonesia Persero Tbk PT—ADR		7		170
TIM SA/Brazil—ADR		2,578		37,793
Turkcell Iletisim Hizmetleri AS—ADR		17,075		89,815
Vodafone Group PLC—ADR		21,389		199,345

				2,576,185

Transportation—1.54%
Aena SME SA—ADR		7,667		120,372
Canadian National Railway Co.		1		113
Canadian Pacific Kansas City Ltd.		1,061		84,222
Grupo Aeroportuario del Centro Norte SAB de CV—ADR		799		73,987
Grupo Aeroportuario del Pacifico SAB de CV—ADR		541		98,646
Grupo Aeroportuario del Sureste SAB de CV—ADR		902		245,597
Ryanair Holdings PLC—ADR^(a)		5,144		510,542
ZTO Express Cayman, Inc.—ADR		2,086		52,442

				1,185,921

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Utilities—1.40%
Centrais Eletricas Brasileiras SA—ADR		27	$	192
Cia de Saneamento Basico do Estado de Sao Paulo SABESP—ADR		1,342		15,567
Cia Energetica de Minas Gerais—ADR		6,540		26,356
Enel Chile SA—ADR		41,724		137,689
Enel SpA—ADR		38,186		254,510
Iberdrola SA—ADR		1,586		75,224
National Grid PLC—ADR		6,316		399,234
Pampa Energia SA—ADR^(a)		1,187		54,080
RWE AG—ADR		2,684		110,527

				1,073,379

TOTAL COMMON STOCKS (Cost $74,996,634)				75,349,500

PREFERRED STOCKS—1.01%
Banks—0.34%
Banco Bradesco SA—ADR, 6.406%^(b)		19,996		59,788
Bancolombia SA—ADR 9.503%^(b)		2,771		73,986
Itau Unibanco Holding SA—ADR 4.316%^(b)		23,796		130,878

				264,652

Energy—0.41%
Petroleo Brasileiro SA—ADR 10.702%^(b)		23,751		307,338

Materials—0.18%
Gerdau SA—ADR 14.043%^(b)		27,206		141,743

Utilities—0.08%
Cia Energetica de Minas Gerais—ADR 8.911%^(b)		20,847		50,867
Cia Paranaense de Energia—ADR 4.014%^(b)		1,613		13,791

				64,658

TOTAL PREFERRED STOCKS (Cost $714,122)				778,391

MONEY MARKET FUNDS—0.85%
First American Government Obligations Fund, Class X, 5.247%^(c)		657,783		657,783

TOTAL MONEY MARKET FUNDS (Cost $657,783)				657,783

Total Investments (Cost $76,368,539)—99.69%				76,785,674
Other Assets in Excess of Liabilities—0.31%				236,715

TOTAL NET ASSETS—100.00%			$	77,022,389

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Perpetual preferred stock with no stated maturity.

(c)

The rate shown represents the seven day yield at August 31, 2023.

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

ACTIVEPASSIVE INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)


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

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

100

ACTIVEPASSIVE U.S. EQUITY ETF

Schedule of Investments

August 31, 2023



	Shares		Value
COMMON STOCKS—87.34%
Automobiles & Components—1.90%
BorgWarner, Inc.		4,997	$	203,628
General Motors Co.		6,462		216,542
Rivian Automotive, Inc.^(a)		1,997		45,392
Tesla, Inc.^(a)		11,434		2,950,886

				3,416,448

Banks—2.42%
Bank of America Corp.		27,352		784,182
Citigroup, Inc.		8,942		369,215
Huntington Bancshares, Inc.		12,361		137,083
JPMorgan Chase & Co.		16,832		2,463,027
Wells Fargo & Co.		14,728		608,119

				4,361,626

Capital Goods—4.83%
Boeing Co.^(a)		1,841		412,439
Carrier Global Corp.		8,224		472,469
Cummins, Inc.		746		171,610
Deere & Co.		789		324,232
Eaton Corp PLC		3,577		824,033
Ferguson PLC		1,052		169,961
Fortive Corp.		7,569		596,816
General Electric Co.		10,239		1,171,956
Honeywell International, Inc.		3,626		681,470
Howmet Aerospace, Inc.		3,419		169,138
Hubbell, Inc.		528		172,154
Illinois Tool Works, Inc.		789		195,159
Lockheed Martin Corp.		789		353,748
PACCAR, Inc.		8,524		701,440
Raytheon Technologies Corp.		5,786		497,827
Snap-on, Inc.		1,010		271,286
Textron, Inc.		6,049		470,068
Trane Technologies PLC		1,950		400,257
United Rentals, Inc.		901		429,363
WW Grainger, Inc.		311		222,098

				8,707,524

Commercial & Professional Services—1.60%
Automatic Data Processing, Inc.		3,915		996,799
Cintas Corp.		1,785		899,943
Copart, Inc.^(a)		21,904		981,956

				2,878,698

Consumer Discretionary Distribution & Retail—4.35%
Amazon.com, Inc.^(a)		37,962		5,239,136
Chewy, Inc.^(a)		2,480		59,470
Home Depot, Inc.		4,586		1,514,756
LKQ Corp.		5,523		290,123
Lowe’s Cos, Inc.		789		181,849
Ross Stores, Inc.		435		52,987
TJX Cos, Inc.		4,208		389,156
Ulta Beauty, Inc.^(a)		288		119,529

				7,847,006

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

101

ACTIVEPASSIVE U.S. EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Consumer Durables & Apparel—1.56%
DR Horton, Inc.		4,448	$	529,401
Garmin Ltd.		1,138		120,651
Lennar Corp.—Class A		5,651		672,978
Lennar Corp.—Class B		5,730		611,162
NIKE, Inc.		1,644		167,211
PulteGroup, Inc.		8,719		715,480

				2,816,883

Consumer Services—1.23%
Caesars Entertainment, Inc.^(a)		4,440		245,354
Darden Restaurants, Inc.		2,630		408,991
DoorDash, Inc.^(a)		2,104		177,010
McDonald’s Corp.		3,945		1,109,137
MGM Resorts International		3,326		146,277
Starbucks Corp.		1,422		138,560

				2,225,329

Consumer Staples Distribution & Retail—1.24%
Costco Wholesale Corp.		1,087		597,067
Kroger Co.		3,855		178,833
Walmart, Inc.		8,991		1,462,027

				2,237,927

Energy—3.27%
Cheniere Energy, Inc.		333		54,346
Chevron Corp.		5,558		895,394
ConocoPhillips		2,807		334,117
Coterra Energy, Inc.		6,494		183,066
Exxon Mobil Corp.		20,985		2,333,321
Marathon Petroleum Corp.		6,032		861,189
Occidental Petroleum Corp.		3,062		192,263
Phillips 66		4,706		537,237
Valero Energy Corp.		3,925		509,858

				5,900,791

Financial Services—7.29%
Bank of New York Mellon Corp.		11,835		531,036
Berkshire Hathaway, Inc.^(a)		9,871		3,555,534
BlackRock, Inc.		1,514		1,060,618
Blackstone, Inc.		546		58,078
Block, Inc.^(a)		3,617		208,520
Cboe Global Markets, Inc.		798		119,469
Charles Schwab Corp.		1,762		104,222
Coinbase Global, Inc.^(a)		391		31,124
Equitable Holdings, Inc.		9,994		287,827
Fiserv, Inc.^(a)		4,127		500,977
Franklin Resources, Inc.		12,854		343,716
Goldman Sachs Group, Inc.		1,841		603,314
Interactive Brokers Group, Inc.		3,682		335,357
MarketAxess Holdings, Inc.		284		68,424
Mastercard, Inc.		4,042		1,667,891
Morgan Stanley		7,683		654,207
PayPal Holdings, Inc.^(a)		3,259		203,720
State Street Corp.		6,610		454,371

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

102

ACTIVEPASSIVE U.S. EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Synchrony Financial		4,997	$	161,303
Visa, Inc.		8,942		2,196,871

				13,146,579

Food, Beverage & Tobacco—2.49%
Altria Group, Inc.		12,983		574,108
Coca-Cola Co.		2,042		122,173
Hershey Co.		789		169,525
J M Smucker Co.		2,630		381,219
Mondelez International, Inc.		18,410		1,311,896
PepsiCo, Inc.		9,630		1,713,369
Philip Morris International, Inc.		2,199		211,236

				4,483,526

Health Care Equipment & Services—3.92%
Boston Scientific Corp.^(a)		10,520		567,449
Cardinal Health, Inc.		2,367		206,710
Cigna Group		1,052		290,626
Elevance Health, Inc.		321		141,885
HCA Healthcare, Inc.		2,293		635,848
Hologic, Inc.^(a)		6,871		513,539
Humana, Inc.		467		215,581
Intuitive Surgical, Inc.^(a)		1,157		361,771
McKesson Corp.		789		325,320
Medtronic PLC		1,413		115,160
Quest Diagnostics, Inc.		1,216		159,904
Stryker Corp.		1,480		419,654
UnitedHealth Group, Inc.		4,734		2,256,129
Veeva Systems, Inc.^(a)		1,578		329,329
Zimmer Biomet Holdings, Inc.		4,491		534,968

				7,073,873

Household & Personal Products—1.20%
Kimberly-Clark Corp.		1,052		135,529
Procter & Gamble Co.		13,189		2,035,590

				2,171,119

Insurance—1.94%
Aflac, Inc.		16,321		1,217,058
Aon PLC		996		332,056
Arch Capital Group Ltd.^(a)		5,192		399,057
Everest Group Ltd.		405		146,075
Fidelity National Financial, Inc.		7,101		293,981
Globe Life, Inc.		2,367		264,086
Hartford Financial Services Group, Inc.		2,523		181,202
Principal Financial Group, Inc.		8,656		672,658

				3,506,173

Materials—1.75%
Albemarle Corp.		774		153,802
CF Industries Holdings, Inc.		789		60,808
Corteva, Inc.		4,471		225,830
DuPont de Nemours, Inc.		8,153		626,884
Freeport-McMoRan, Inc.		6,027		240,538
International Paper Co.		4,734		165,311

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

103

ACTIVEPASSIVE U.S. EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Linde PLC		3,260	$	1,261,751
Newmont Corp.		827		32,600
Nucor Corp.		422		72,626
Packaging Corp of America		617		91,995
Steel Dynamics, Inc.		2,012		214,459

				3,146,604

Media & Entertainment—7.48%
Activision Blizzard, Inc.		12		1,104
Alphabet, Inc.—Class C^(a)		19,896		2,732,716
Alphabet, Inc.—Class A^(a)		30,588		4,165,167
Comcast Corp.		16,660		779,022
Endeavor Group Holdings, Inc.^(a)		1,144		25,042
Fox Corp.—Class A		15,732		520,100
Fox Corp.—Class B		14,547		443,974
Meta Platforms, Inc.^(a)		10,340		3,059,502
Netflix, Inc.^(a)		2,026		878,636
ROBLOX Corp.^(a)		1,737		49,140
Trade Desk, Inc.^(a)		2,620		209,679
Walt Disney Co.^(a)		7,490		626,763

				13,490,845

Pharmaceuticals, Biotechnology & Life Sciences—6.94%
AbbVie, Inc.		8,584		1,261,505
Amgen, Inc.		1,143		292,997
Biogen, Inc.^(a)		678		181,270
Bristol-Myers Squibb Co.		14,728		907,981
Eli Lilly & Co.		4,150		2,299,930
Gilead Sciences, Inc.		11,624		889,004
Johnson & Johnson		13,350		2,158,428
Merck & Co, Inc.		13,136		1,431,561
Moderna, Inc.^(a)		1,602		181,138
Pfizer, Inc.		27,409		969,730
Regeneron Pharmaceuticals, Inc.^(a)		575		475,232
Seagen, Inc.^(a)		397		81,810
Thermo Fisher Scientific, Inc.		1,841		1,025,621
Vertex Pharmaceuticals, Inc.^(a)		1,001		348,688

				12,504,895

Real Estate Management & Development—0.21%
CBRE Group, Inc.^(a)		2,367		201,313
Zillow Group, Inc.—Class A^(a)		1,024		52,142
Zillow Group, Inc.—Class C^(a)		2,360		123,098

				376,553

Semiconductors & Semiconductor Equipment—6.98%
Advanced Micro Devices, Inc.^(a)		6,000		634,320
Analog Devices, Inc.		2,864		520,618
Applied Materials, Inc.		7,309		1,116,523
Broadcom, Inc.		2,780		2,565,634
KLA Corp.		526		263,984
Lam Research Corp.		526		369,462
Microchip Technology, Inc.		9,629		788,037
NVIDIA Corp.		10,553		5,208,433
ON Semiconductor Corp.^(a)		2,441		240,341

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

104

ACTIVEPASSIVE U.S. EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
QUALCOMM, Inc.		2,250	$	257,693
Skyworks Solutions, Inc.		5,677		617,317

				12,582,362

Software & Services—10.65%
Accenture PLC		5,837		1,889,846
Adobe, Inc.^(a)		3,239		1,811,703
ANSYS, Inc.^(a)		893		284,751
Atlassian Corp.^(a)		542		110,601
Cloudflare, Inc.^(a)		2,884		187,547
Datadog, Inc.^(a)		2,835		273,521
DocuSign, Inc.^(a)		2,367		119,060
Microsoft Corp.		31,336		10,270,688
Okta, Inc.^(a)		1,044		87,184
Oracle Corp.		3,667		441,470
Palantir Technologies, Inc.^(a)		15,480		231,890
Palo Alto Networks, Inc.^(a)		1,248		303,638
Roper Technologies, Inc.		1,841		918,769
Salesforce, Inc.^(a)		5,930		1,313,258
Snowflake, Inc.^(a)		1,917		300,681
Synopsys, Inc.^(a)		711		326,271
Twilio, Inc.^(a)		1,841		117,290
Zoom Video Communications, Inc.^(a)		2,630		186,809

				19,174,977

Technology Hardware & Equipment—8.90%
Amphenol Corp.		9,748		861,528
Apple, Inc.		62,940		11,824,539
Arista Networks, Inc.^(a)		1,264		246,771
CDW Corp.		789		166,597
Cisco Systems, Inc.		28,871		1,655,752
Corning, Inc.		11,309		371,161
Hewlett Packard Enterprise Co.		16,569		281,507
Juniper Networks, Inc.		13,574		395,275
Keysight Technologies, Inc.^(a)		1,841		245,405

				16,048,535

Telecommunication Services—0.98%
AT&T, Inc.		8,936		132,163
T-Mobile US, Inc.^(a)		5,639		768,314
Verizon Communications, Inc.		24,722		864,776

				1,765,253

Transportation—1.71%
American Airlines Group, Inc.^(a)		5,374		79,159
Delta Air Lines, Inc.		4,077		174,822
Expeditors International of Washington, Inc.		1,841		214,863
FedEx Corp.		789		205,945
Old Dominion Freight Line, Inc.		1,269		542,333
Uber Technologies, Inc.^(a)		9,889		467,057
Union Pacific Corp.		2,842		626,859
United Airlines Holdings, Inc.^(a)		3,106		154,710
United Parcel Service, Inc.		3,604		610,518

				3,076,266

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

105

ACTIVEPASSIVE U.S. EQUITY ETF

Schedule of Investments

August 31, 2023 (Continued)



	Shares		Value
Utilities—2.50%
AES Corp.		8,346	$	149,644
Ameren Corp.		5,523		437,808
CenterPoint Energy, Inc.		19,443		542,265
Consolidated Edison, Inc.		4,068		361,889
Edison International		1,841		126,753
Evergy, Inc.		9,994		549,370
NextEra Energy, Inc.		9,963		665,528
NiSource, Inc.		20,757		555,457
PG&E Corp.^(a)		22,137		360,833
PPL Corp.		14,728		367,022
Public Service Enterprise Group, Inc.		4,287		261,850
Vistra Corp.		2,411		75,754
Xcel Energy, Inc.		1,052		60,101

				4,514,274

TOTAL COMMON STOCKS (Cost $143,293,454)				157,454,066

EXCHANGE TRADED FUNDS—9.73%
Dimensional US Small Cap ETF		315,600		17,537,892

TOTAL EXCHANGE TRADED FUNDS (Cost $16,177,248)				17,537,892

REAL ESTATE INVESTMENT TRUSTS—2.22%
Equity Real Estate Investment Trusts (REITs)—2.22%
American Tower Corp.		2,878		521,839
Boston Properties, Inc.		2,630		175,605
Host Hotels & Resorts, Inc.		15,007		236,961
Iron Mountain, Inc.		4,471		284,087
Prologis, Inc.		4,945		614,169
Public Storage		289		79,874
Regency Centers Corp.		8,820		548,604
Simon Property Group, Inc.		3,014		342,059
VICI Properties, Inc.		19,550		602,922
Weyerhaeuser Co.		10,783		353,143
WP Carey, Inc.		3,848		250,312

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,011,538)				4,009,575

MONEY MARKET FUNDS—0.59%
First American Government Obligations Fund, Class X, 5.247%^(b)		1,069,655		1,069,655

TOTAL MONEY MARKET FUNDS (Cost $1,069,655)				1,069,655

Total Investments (Cost $164,551,895)—99.88%				180,071,188
Other Assets in Excess of Liabilities—0.12%				209,246

TOTAL NET ASSETS—100.00%			$	180,280,434

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown represents the seven day yield at August 31, 2023.


		Abbreviations
PLC		Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.

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

106

Envestnet Funds

August 31, 2023


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
Assets
Investments, at value⁽¹⁾⁽²⁾	$	424,973,597		$	1,069,134,977	$	99,484,629		$	30,198,217		$	76,785,674	$	180,071,188
Receivables:
Investments sold		6,878,082			—		277,556			—			96,274		—
Dividends and interest		2,509,040			2,415,873		651,511			296,457			203,003		249,532
Fund shares sold		610,438			1,312,907		—			—			—		—
Securities lending		6,705			100,191		—			—			—		—
Other assets		26,412			25,275		—			—			—		—

Total Assets		435,004,274			1,072,989,223		100,413,696			30,494,674			77,084,951		180,320,720

Liabilities
Payables:
Investments purchased		7,288,508			—		456,281			—			38,350		—
Fund shares redeemed		232,752			619,816		—			—			—		—
Collateral on securities loaned		49,844,301			200,726,076		—			—			—		—
Affiliates		148,939			202,042		—			—			—		—
Adviser		125,336			391,739		24,568			4,311			24,212		40,286
Distributor		7,487			18,952		—			—			—		—
Accrued expenses and other liabilities		51,438			63,191		—			—			—		—

Total Liabilities		57,698,761			202,021,816		480,849			4,311			62,562		40,286

Net Assets	$	377,305,513		$	870,967,407	$	99,932,847		$	30,490,363		$	77,022,389	$	180,280,434

Net assets consist of:
Paid-in capital	$	441,345,781		$	681,698,091	$	102,325,481		$	31,185,636		$	76,391,493	$	164,429,552
Total distributable earnings (deficit)		(64,040,268	)		189,269,316		(2,392,634	)		(695,273	)		630,896		15,850,882

Net assets	$	377,305,513		$	870,967,407	$	99,932,847		$	30,490,363		$	77,022,389	$	180,280,434

Advisor Class Shares
Net assets		35,212,452			89,079,371		N/A			N/A			N/A		N/A
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		2,395,306			3,101,743		N/A			N/A			N/A		N/A
Net asset value and redemption price per share	$	14.70		$	28.72		N/A			N/A			N/A		N/A

Institutional Class Shares
Net assets		342,093,061			781,888,036		N/A			N/A			N/A		N/A
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		23,382,733			27,306,321		N/A			N/A			N/A		N/A
Net asset value and redemption price per share	$	14.63		$	28.63		N/A			N/A			N/A		N/A

Total Fund Shares
Net assets		N/A			N/A		99,932,847			30,490,363			77,022,389		180,280,434
Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized)		N/A			N/A		3,425,000			1,250,000			3,050,000		6,575,000
Net asset value and redemption price per share		N/A			N/A	$	29.18		$	24.39		$	25.25	$	27.42

⁽¹⁾ Cost of investments	$	453,721,536		$	928,310,417	$	101,949,368		$	30,945,397		$	76,368,539	$	164,551,895
⁽²⁾ Includes loaned securities with a value of	$	48,889,480		$	195,341,462		N/A			N/A			N/A		N/A

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

107

Envestnet Funds

For the Year/Period Ended August 31, 2023


Statements of Operations

	PMC Core Fixed Income Fund			PMC Diversified Equity Fund			ActivePassive Core Bond ETF⁽²⁾			ActivePassive Intermediate Municipal Bond ETF⁽²⁾			ActivePassive International Equity ETF⁽²⁾			ActivePassive U.S. Equity ETF⁽²⁾
Investment Income:
Interest	$	15,013,303		$	460,334		$	1,021,234		$	228,368		$	10,876		$	24,653
Dividends		103,658			21,257,602	⁽¹⁾		165,928			5,197			633,963			860,329
Securities lending, net		48,258			1,504,350			—			—			—			—

		15,165,219			23,222,286			1,187,162			233,565			644,839			884,982

Expenses:
Investment management fees		2,589,631			4,898,995			105,625			32,777			102,214			157,362
Transfer agent fees and expenses		309,395			421,203			—			—			—			—
Fund accounting fees		223,590			251,261			—			—			—			—
Fund administration fees		220,371			422,270			—			—			—			—
Distribution fees—Advisor Class		101,481			246,836			—			—			—			—
Custody fees		70,983			113,390			—			—			—			—
Federal and state registration fees		45,302			49,159			—			—			—			—
Reports to shareholders		37,454			57,634			—			—			—			—
Audit and tax fees		32,964			30,275			—			—			—			—
Trustees’ fees		20,944			20,944			—			—			—			—
Legal fees		20,757			25,386			—			—			—			—
Chief Compliance Officer fees		16,848			12,008			—			—			—			—
Insurance fees		6,687			9,410			—			—			—			—
Other expenses		11,721			52,738			—			—			—			—

Total expenses before waiver or recoupment		3,708,128			6,611,509			105,625			32,777			102,214			157,362
Recoupment or (waivers) by Adviser (Note 4)		(1,216,182	)		—			—			—			—			—

Net expenses		2,491,946			6,611,509			105,625			32,777			102,214			157,362

Net Investment Income		12,673,273			16,610,777			1,081,537			200,788			542,625			727,620

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(29,394,666	)		43,875,237			(243,469	)		—			(328,864	)		(396,031	)
Foreign currency translations		—			(34	)		—			—			—			—

		(29,394,666	)		43,875,203			(243,469	)		—			(328,864	)		(396,031	)

Net change in unrealized appreciation/ depreciation on:
Investments		14,364,708			62,550,516			(2,464,739	)		(747,180	)		417,135			15,519,293
Foreign currency translations		—			175			—			—			—			—

		14,364,708			62,550,691			(2,464,739	)		(747,180	)		417,135			15,519,293

Net gain (loss) on investments and foreign currency		(15,029,958	)		106,425,894			(2,708,208	)		(747,180	)		88,271			15,123,262

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,356,685	)	$	123,036,671		$	(1,626,671	)	$	(546,392	)	$	630,896		$	15,850,882

⁽¹⁾

Net of $2,487,632 in foreign withholding tax and ADR issuance fees.

⁽²⁾

The ActivePassive ETFs commenced operations on May 2, 2023.

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

108

PMC Funds


Statements of Changes in Net Assets

	Core Fixed Income Fund

	Year Ended August 31, 2023			Year Ended August 31, 2022
Operations:
Net investment income	$	12,673,273		$	8,061,814
Net realized loss on investments and foreign currency		(28,245,864	)		(13,664,537	)
Net change in unrealized appreciation/depreciation		13,215,906			(53,405,265	)

Net decrease in net assets resulting from operations		(2,356,685	)		(59,007,988	)

Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(975,810	)		(1,595,925	)
Net dividends and distributions—Institutional Class		(9,508,545	)		(12,321,690	)

Net decrease in net assets resulting from distributions paid		(10,484,355	)		(13,917,615	)

Fund share transactions:
Shares sold—Advisor Class		3,007,135			7,168,556
Shares issued to holders in reinvestment of dividends—Advisor Class		924,231			1,491,948
Shares redeemed—Advisor Class		(15,925,172	)		(14,596,658	)
Shares sold—Institutional Class		72,607,206			86,898,216
Shares issued to holders in reinvestment of dividends—Institutional Class		9,327,707			12,049,084
Shares redeemed—Institutional Class		(111,997,721	)		(69,108,827	)

Net increase (decrease) in net assets from share transactions		(42,056,614	)		23,902,319

Net decrease in net assets		(54,897,654	)		(49,023,284	)

Net Assets:
Beginning of year		432,203,167			481,226,451

End of year	$	377,305,513		$	432,203,167

Change in shares outstanding:
Shares sold—Advisor Class		204,480			441,871
Shares issued to holders in reinvestment of dividends—Advisor Class		62,702			87,096
Shares redeemed—Advisor Class		(1,083,240	)		(907,842	)
Shares sold—Institutional Class		4,965,378			5,358,720
Shares issued to holders in reinvestment of dividends—Institutional Class		636,704			707,521
Shares redeemed—Institutional Class		(7,601,130	)		(4,317,982	)

Net increase (decrease)		(2,815,106	)		1,369,384

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

109

PMC Funds


Statements of Changes in Net Assets

	Diversified Equity Fund

	Year Ended August 31, 2023			Year Ended August 31, 2022
Operations:
Net investment income	$	16,610,777		$	17,834,029
Net realized gain on investments and foreign currency		43,875,203			18,110,194
Net change in unrealized appreciation/depreciation		62,550,691			(204,917,579	)

Net increase (decrease) in net assets resulting from operations		123,036,671			(168,973,356	)

Dividends and distributions to shareholders:
Net dividends and distributions—Advisor Class		(2,458,329	)		(12,392,239	)
Net dividends and distributions—Institutional Class		(21,858,127	)		(84,074,812	)

Net decrease in net assets resulting from distributions paid		(24,316,456	)		(96,467,051	)

Fund share transactions:
Shares sold—Advisor Class		4,071,696			7,572,421
Shares issued to holders in reinvestment of dividends—Advisor Class		2,215,697			11,072,585
Shares redeemed—Advisor Class		(34,595,745	)		(32,248,448	)
Shares sold—Institutional Class		95,220,105			160,802,988
Shares issued to holders in reinvestment of dividends—Institutional Class		21,411,668			81,786,080
Shares redeemed—Institutional Class		(247,585,292	)		(134,799,799	)

Net increase (decrease) in net assets from share transactions		(159,261,871	)		94,185,827

Net decrease in net assets		(60,541,656	)		(171,254,580	)

Net Assets:
Beginning of year		931,509,063			1,102,763,643

End of year	$	870,967,407		$	931,509,063

Change in shares outstanding:
Shares sold—Advisor Class		153,167			250,610
Shares issued to holders in reinvestment of dividends—Advisor Class		86,315			363,274
Shares redeemed—Advisor Class		(1,279,701	)		(1,120,394	)
Shares sold—Institutional Class		3,570,221			5,455,371
Shares issued to holders in reinvestment of dividends—Institutional Class		838,030			2,696,541
Shares redeemed—Institutional Class		(9,121,606	)		(4,671,737	)

Net increase (decrease)		(5,753,574	)		2,973,665

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

110

ActivePassive ETFs


Statements of Changes in Net Assets

	Core Bond ETF

	Period Ended August 31, 2023⁽¹⁾
Operations:
Net investment income	$	1,081,537
Net realized loss on investments and foreign currency		(243,469	)
Net change in unrealized depreciation		(2,464,739	)

Net decrease in net assets resulting from operations		(1,626,671	)

Dividends and distributions to shareholders:
Net dividends and distributions		(765,963	)

Net decrease in net assets resulting from distributions paid		(765,963	)

Fund share transactions:
Shares sold		102,315,967
Transaction fees (Note 7)		9,514

Net increase in net assets from share transactions		102,325,481

Net increase in net assets		99,932,847

Net Assets:
Beginning of period		—

End of period	$	99,932,847


Change in shares outstanding:
Shares sold		3,425,000

Net increase		3,425,000

⁽¹⁾

The Fund commenced operations on May 2, 2023.

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

111

ActivePassive ETFs


Statements of Changes in Net Assets

	Intermediate Municipal Bond ETF

	Period Ended August 31, 2023⁽¹⁾
Operations:
Net investment income	$	200,788
Net change in unrealized depreciation		(747,180	)

Net decrease in net assets resulting from operations		(546,392	)

Dividends and distributions to shareholders:
Net dividends and distributions		(148,881	)

Net decrease in net assets resulting from distributions paid		(148,881	)

Fund share transactions:
Shares sold		31,183,795
Transaction fees (Note 7)		1,841

Net increase in net assets from share transactions		31,185,636

Net increase in net assets		30,490,363

Net Assets:
Beginning of period		—

End of period	$	30,490,363


Change in shares outstanding:
Shares sold		1,250,000

Net increase		1,250,000

⁽¹⁾

The Fund commenced operations on May 2, 2023.

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

112

ActivePassive ETFs


Statements of Changes in Net Assets

	International Equity ETF

	Period Ended August 31, 2023⁽¹⁾
Operations:
Net investment income	$	542,625
Net realized loss on investments and foreign currency		(328,864	)
Net change in unrealized appreciation		417,135

Net increase in net assets resulting from operations		630,896

Fund share transactions:
Shares sold		76,391,493

Net increase in net assets from share transactions		76,391,493

Net increase in net assets		77,022,389

Net Assets:
Beginning of period		—

End of period	$	77,022,389


Change in shares outstanding:
Shares sold		3,050,000

Net increase		3,050,000

⁽¹⁾

The Fund commenced operations on May 2, 2023.

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

113

ActivePassive ETFs


Statements of Changes in Net Assets

	U.S. Equity ETF

	Period Ended August 31, 2023⁽¹⁾
Operations:
Net investment income	$	727,620
Net realized loss on investments and foreign currency		(396,031	)
Net change in unrealized appreciation		15,519,293

Net increase in net assets resulting from operations		15,850,882

Fund share transactions:
Shares sold		164,429,552

Net increase in net assets from share transactions		164,429,552

Net increase in net assets		180,280,434

Net Assets:
Beginning of period		—

End of period	$	180,280,434


Change in shares outstanding:
Shares sold		6,575,000

Net increase		6,575,000

⁽¹⁾

The Fund commenced operations on May 2, 2023.

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

114

PMC Core Fixed Income Fund—Advisor Class


Financial Highlights

	Per Share Data for a Share Outstanding Throughout Each Year

	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	$	15.17		$	17.74		$	18.50		$	17.65		$	16.53

Income from investment operations:
Net investment income⁽¹⁾		0.43			0.25			0.27			0.35			0.42
Net realized and unrealized gain (loss)⁽⁴⁾		(0.57	)		(2.36	)		0.01			0.92			1.09

Total from investment operations		(0.14	)		(2.11	)		0.28			1.27			1.51

Less distributions paid:
Dividends from net investment income		(0.33	)		(0.24	)		(0.33	)		(0.40	)		(0.39	)
Distributions from net realized gains		—			(0.22	)		(0.71	)		(0.02	)		—

Total distributions paid		(0.33	)		(0.46	)		(1.04	)		(0.42	)		(0.39	)

Net asset value, end of year	$	14.70		$	15.17		$	17.74		$	18.50		$	17.65

Total return		-0.89	%		-12.20	%		1.53	%		7.39	%		9.37	%

Ratios / supplemental data
Net assets, end of year (000’s)	$	35,212		$	48,723		$	63,678		$	121,267		$	399,389
Ratio of expenses to average net assets before waiver and reimbursements		1.16	%		1.13	%		1.22	%		1.31	%		1.28	%
Ratio of expenses to average net assets after waiver and reimbursements		0.85	%		0.85	%		0.92	%⁽³⁾		1.00	%⁽²⁾		1.00	%⁽²⁾
Ratio of net investment income to average net assets before waiver and reimbursements		2.63	%		1.22	%		1.22	%		1.72	%		2.22	%
Ratio of net investment income to average net assets after waiver and reimbursements		2.94	%		1.50	%		1.52	%		2.03	%		2.50	%
Portfolio turnover rate⁽⁵⁾		195.1	%		201.7	%		227.0	%		180.7	%		144.3	%

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

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.

⁽⁵⁾

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

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

115

PMC Core Fixed Income Fund—Institutional Class


Financial Highlights

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

	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	$	15.11		$	17.67		$	18.47		$	17.66		$	17.23

Income from investment operations:
Net investment income⁽²⁾		0.47			0.29			0.30			0.39			0.07
Net realized and unrealized gain (loss)⁽⁶⁾		(0.57	)		(2.35	)		0.02			0.92			0.36

Total from investment operations		(0.10	)		(2.06	)		0.32			1.31			0.43

Less distributions paid:
Dividends from net investment income		(0.38	)		(0.28	)		(0.41	)		(0.48	)		—
Distributions from net realized gains		—			(0.22	)		(0.71	)		(0.02	)		—

Total distributions paid		(0.38	)		(0.50	)		(1.12	)		(0.50	)		—

Net asset value, end of year/period	$	14.63		$	15.11		$	17.67		$	18.47		$	17.66

Total return⁽³⁾		-0.67	%		-11.95	%		1.77	%		7.65	%		2.50	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	342,093		$	383,481		$	417,548		$	284,610		$	1
Ratio of expenses to average net assets before waiver and reimbursements⁽⁴⁾		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	%		0.66	%⁽⁵⁾		0.75	%		0.75	%
Ratio of net investment income to average net assets before waiver and reimbursements⁽⁴⁾		2.90	%		1.49	%		1.42	%		1.87	%		2.33	%
Ratio of net investment income to average net assets after waiver and reimbursements⁽⁴⁾		3.21	%		1.77	%		1.72	%		2.18	%		2.33	%
Portfolio turnover rate⁽³⁾⁽⁷⁾		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⁾

⁽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.

116

PMC Diversified Equity Fund—Advisor Class


Financial Highlights

	Per Share Data for a Share Outstanding Throughout Each Year

	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	$	25.83		$	33.27		$	25.61		$	23.77		$	28.40

Income (loss) from investment operations:
Net investment income⁽¹⁾		0.42			0.43			0.32			0.29			0.34
Net realized and unrealized gain (loss)⁽³⁾		3.10			(5.10	)		7.61			1.86			(2.21	)

Total from investment operations		3.52			(4.67	)		7.93			2.15			(1.87	)

Less distributions paid:
Dividends from net investment income		(0.29	)		(0.53	)		(0.27	)		(0.31	)		(0.17	)
Distributions from net realized gains		(0.34	)		(2.24	)		—			—			(2.59	)

Total distributions paid		(0.63	)		(2.77	)		(0.27	)		(0.31	)		(2.76	)

Net asset value, end of year	$	28.72		$	25.83		$	33.27		$	25.61		$	23.77

Total return		13.94	%		-15.34	%		31.20	%		9.01	%		-5.54	%

Ratios / supplemental data
Net assets, end of year (000’s)	$	89,079		$	107,004		$	154,671		$	235,018		$	818,269
Ratio of expenses to average net assets before waiver and reimbursements		0.94	%		0.93	%		0.93	%		0.95	%		0.94	%
Ratio of expenses to average net assets after waiver and reimbursements		0.94	%		0.93	%		0.97	%⁽²⁾		0.98	%⁽²⁾		0.98	%⁽²⁾
Ratio of net investment income to average net assets before waiver and reimbursements		1.57	%		1.46	%		1.14	%		1.21	%		1.42	%
Ratio of net investment income to average net assets after waiver and reimbursements		1.57	%		1.46	%		1.10	%		1.18	%		1.38	%
Portfolio turnover rate⁽⁴⁾		100.6	%		59.6	%		72.3	%		55.1	%		111.4	%

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

⁽⁴⁾

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.

117

PMC Diversified Equity Fund—Institutional Class


Financial Highlights

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

	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	$	25.75		$	33.22		$	25.59		$	23.78		$	24.69

Income from investment operations:
Net investment income⁽²⁾		0.49			0.51			0.42			0.39			0.06
Net realized and unrealized gain (loss)⁽⁵⁾		3.08			(5.09	)		7.58			1.84			(0.97	)

Total from investment operations		3.57			(4.58	)		8.00			2.23			(0.91	)

Less distributions paid:
Dividends from net investment income		(0.35	)		(0.65	)		(0.37	)		(0.42	)		—
Distributions from net realized gains		(0.34	)		(2.24	)		—			—			—

Total distributions paid		(0.69	)		(2.89	)		(0.37	)		(0.42	)		—

Net asset value, end of year/period	$	28.63		$	25.75		$	33.22		$	25.59		$	23.78

Total return⁽³⁾		14.19	%		-15.13	%		31.56	%		9.36	%		-3.69	%

Ratios / supplemental data
Net assets, end of year/period (000’s)	$	781,888		$	824,505		$	948,092		$	664,055		$	1
Ratio of expenses to average net assets⁽⁴⁾		0.69	%		0.68	%		0.68	%		0.71	%		0.73	%
Ratio of net investment income to average net assets⁽⁴⁾		1.83	%		1.73	%		1.43	%		1.64	%		1.42	%
Portfolio turnover rate⁽³⁾⁽⁶⁾		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⁾

⁽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.

118

ActivePassive Core Bond ETF


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Period

	Period Ended August 31, 2023⁽¹⁾
Net asset value, beginning of period	$	30.00

Income from investment operations:
Net investment income⁽²⁾		0.35
Net realized and unrealized gain (loss)⁽⁵⁾		(0.93	)

Total from investment operations		(0.58	)

Less distributions paid:
Dividends from net investment income		(0.24	)

Total distributions paid		(0.24	)

Net asset value, end of period	$	29.18

Total return⁽³⁾⁽⁶⁾		-1.96	%

Ratios / supplemental data
Net assets, end of period (000’s)	$	99,933
Ratio of expenses to average net assets⁽⁴⁾		0.35	%
Ratio of net investment income to average net assets⁽⁴⁾		3.58	%
Portfolio turnover rate⁽³⁾		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⁾

⁽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 -1.80%.

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

119

ActivePassive Intermediate Municipal Bond ETF


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Period

	Period Ended August 31, 2023⁽¹⁾
Net asset value, beginning of period	$	25.00

Income from investment operations:
Net investment income⁽²⁾		0.17
Net realized and unrealized gain (loss)⁽⁵⁾		(0.66	)

Total from investment operations		(0.49	)

Less distributions paid:
Dividends from net investment income		(0.12	)

Total distributions paid		(0.12	)

Net asset value, end of period	$	24.39

Total return⁽³⁾⁽⁶⁾		-1.94	%

Ratios / supplemental data
Net assets, end of period (000’s)	$	30,490
Ratio of expenses to average net assets⁽⁴⁾		0.35	%
Ratio of net investment income to average net assets⁽⁴⁾		2.14	%
Portfolio turnover rate⁽³⁾		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⁾

⁽⁶⁾

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

120

ActivePassive International Equity ETF


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Period

	Period Ended August 31, 2023⁽¹⁾
Net asset value, beginning of period	$	24.73

Income from investment operations:
Net investment income⁽²⁾		0.20
Net realized and unrealized gain (loss)⁽⁵⁾		0.32

Total from investment operations		0.52

Net asset value, end of period	$	25.25

Total return⁽³⁾⁽⁶⁾		2.12	%

Ratios / supplemental data
Net assets, end of period (000’s)	$	77,022
Ratio of expenses to average net assets⁽⁴⁾		0.45	%
Ratio of net investment income to average net assets⁽⁴⁾		2.39	%
Portfolio turnover rate⁽³⁾		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⁾

⁽⁶⁾

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

121

ActivePassive U.S. Equity ETF


Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Period

	Period Ended August 31, 2023⁽¹⁾
Net asset value, beginning of period	$	24.75

Income from investment operations:
Net investment income⁽²⁾		0.12
Net realized and unrealized gain (loss)⁽⁵⁾		2.55

Total from investment operations		2.67

Net asset value, end of period	$	27.42

Total return⁽³⁾⁽⁶⁾		10.78	%

Ratios / supplemental data
Net assets, end of period (000’s)	$	180,280
Ratio of expenses to average net assets⁽⁴⁾		0.30	%
Ratio of net investment income to average net assets⁽⁴⁾		1.39	%
Portfolio turnover rate⁽³⁾		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⁾

⁽⁶⁾

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

122

ENVESTNET FUNDS

Notes to Financial Statements

August 31, 2023

(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.

123

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

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).

124

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of August 31, 2023:

Core Fixed Income Fund


	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	41,996,127	$	—	$	41,996,127
Corporate Bonds*		—		101,899,094		—		101,899,094
Foreign Corporate Bonds*		—		9,109,392		—		9,109,392
Foreign Government Agency Issues		—		4,335,772		—		4,335,772
Foreign Government Notes/Bonds		—		5,425,361		—		5,425,361
Non-Agency Mortgage Backed Securities		—		26,704,400		—		26,704,400
Agency Mortgage Backed Securities		—		114,773,768		—		114,773,768
U.S. Government Agency Issues		—		2,244,448		—		2,244,448
U.S. Government Notes/Bonds		—		52,575,835		—		52,575,835

Total Fixed Income Securities		—		359,064,197		—		359,064,197
Exchange-Traded Funds		12,115,101		—		—		12,115,101
Investments Purchased with Collateral from Securities Lending**		—		—		—		49,844,301
Money Market Funds		3,949,998		—		—		3,949,998

Total Investments in Securities	$	16,065,099	$	359,064,197	$	—	$	424,973,597

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

Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been characterized 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 amount presented in the Statements of Assets and Liabilities. See Note 10 for additional information regarding securities lending activity.

The Fund did not hold any Level 3 securities during the year ended August 31, 2023.

125

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

Diversified Equity Fund


	Level 1		Level 2		Level 3^		Total
Equity
Common Stocks*	$	618,505,931	$	7,053,391	$	0	$	625,559,322
Preferred Stocks*		724,272		—		0		724,272
Exchange-Traded Funds		209,574,333		—		—		209,574,333
Real Estate Investment Trusts*		17,446,376		—		—		17,446,376

Total Equity		846,250,912		7,053,391		0		853,304,303
Investments Purchased with Collateral from Securities Lending**		—		—		—		200,726,076
Money Market Funds		15,104,598		—		—		15,104,598

Total Investments in Securities	$	861,355,510	$	7,053,391	$	0	$	1,069,134,977

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

Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been characterized 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 amount presented in the Statements of Assets and Liabilities. See Note 11 for additional information regarding securities lending activity.

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

As of August 31, 2023, the Fund held Level 3 investments that were valued at the most recent trade price in an inactive market. The Level 3 investments in securities represented less than 1% of the Fund’s net assets and were not considered a significant portion of the Fund’s portfolio. As the Level 3 investments were not considered significant to the financial statements, a reconciliation of Level 3 investments for the year ended August 31, 2023 is not presented.

ActivePassive Core Bond ETF


	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset Backed Securities	$	—	$	1,634,961	$	—	$	1,634,961
Corporate Bonds*		—		19,306,856		—		19,306,856
Foreign Corporate Bonds*		—		4,301,535		—		4,301,535
Foreign Government Agency Issues		—		53,853		—		53,853
Foreign Government Notes/Bonds		—		84,786		—		84,786
Non-Agency Mortgage Backed Securities		—		1,709,308		—		1,709,308
Agency Mortgage Backed Securities		—		8,667,237		—		8,667,237
U.S. Government Notes/Bonds		—		36,442,177		—		36,442,177
U.S. Government Agency Issues		—		119,526		—		119,526

Total Fixed Income Securities		—		72,320,239		—		72,320,239
Exchange-Traded Funds		26,277,969		—		—		26,277,969
Money Market Funds		886,421		—		—		886,421

Total Investments in Securities	$	27,164,390	$	72,320,239	$	—	$	99,484,629

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

The Fund did not hold any Level 3 securities during the year ended August 31, 2023.

126

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

ActivePassive Intermediate Municipal Bond ETF


	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Municipal Bonds	$	—	$	28,055,505	$	—	$	28,055,505

Total Fixed Income Securities		—		28,055,505		—		28,055,505
Exchange-Traded Funds		1,817,076		—		—		1,817,076
Money Market Funds		325,636		—		—		325,636

Total Investments in Securities	$	2,142,712	$	28,055,505	$	—	$	30,198,217

The Fund did not hold any Level 3 securities during the year ended August 31, 2023.

ActivePassive International Equity ETF


	Level 1		Level 2		Level 3		Total
Equity
Common Stocks*	$	75,137,203	$	212,297	$	—	$	75,349,500
Preferred Stocks*		778,391		—		—		778,391

Total Equity		75,915,594		212,297		—		76,127,891
Money Market Funds		657,783		—		—		657,783

Total Investments in Securities	$	76,573,377	$	212,297	$	—	$	76,785,674

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

The Fund did not hold any Level 3 securities during the year ended August 31, 2023.

ActivePassive U.S. Equity ETF


	Level 1		Level 2		Level 3		Total
Equity
Common Stocks*	$	157,454,066	$	—	$	—	$	157,454,066
Exchange-Traded Funds		17,537,892		—		—		17,537,892
Real Estate Investment Trusts*		4,009,575		—		—		4,009,575

Total Equity		179,001,533		—		—		179,001,533
Money Market Funds		1,069,655		—		—		1,069,655

Total Investments in Securities	$	180,071,188	$	—	$	—	$	180,071,188

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

The Fund did not hold any Level 3 securities during the year ended August 31, 2023.

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

127

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

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

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

The Funds did not hold derivative instruments during the year ended August 31, 2023.

(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

128

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

was closed. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. As collateral for futures contracts, the Funds are required to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Funds did not enter into any futures contracts during the year ended August 31, 2023.

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

(d)

Forward Foreign Currency Contracts

The Core Fixed Income Fund might purchase a particular currency or enter into a forward foreign currency contract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase. Alternatively, it might sell a particular currency on either a spot or forward basis to hedge against an anticipated decline in the dollar value of securities it intends to or has contracted to sell. Although this strategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain from an increase in the value of the currency. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. The Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The risks inherent in the use of currency forward exchange contracts include adverse changes in the value of such instruments and exposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the current market price. The Fund did not enter into any forward foreign currency contracts during the year ended August 31, 2023.

(e)

Options

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

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

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less

129

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium is deducted from the cost basis of the security purchased. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When purchasing options, the Fund will recognize a realized loss equal to the premium paid to purchase the option, if the option expires unexercised. The difference between the proceeds received on effecting a closing sale transaction and the premium paid will be recognized as a realized gain or loss. If a put option is exercised, the premium paid is deducted from the proceeds on the sale of the underlying security in determining whether the Fund has a realized gain or loss. The Fund did not enter into any options contracts during the year ended August 31, 2023.

(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 year ended August 31, 2023, 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 year ended August 31, 2023, 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.

130

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

(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.

131

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

(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	$	—	$	—	$	—

132

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

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

133

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

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, 2023 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	$	1,255,760	$	—
August 31, 2025	$	1,309,991	$	—
August 31, 2026	$	1,216,182	$	—

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.

134

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

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 Fund’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 year ended August 31, 2023, the PMC Funds incurred fees pursuant to the 12b-1 Plan as follows:


Core Fixed Income Fund	$	101,481
Diversified Equity Fund	$	246,836

(6)

Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ Administrator under an Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals. Fees incurred by the PMC Funds for the year ended August 31, 2023, and owed as of August 31, 2023, are as follows:


	Incurred		Owed
Core Fixed Income Fund	$	220,371	$	48,929
Diversified Equity Fund	$	422,270	$	70,210

135

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“U.S. Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the year ended August 31, 2023, and owed as of August 31, 2023 are as follows:


Fund Accounting	Incurred		Owed
Core Fixed Income Fund	$	223,590	$	35,723
Diversified Equity Fund	$	251,261	$	41,068


Transfer Agency	Incurred		Owed
Core Fixed Income Fund	$	309,395	$	49,639
Diversified Equity Fund	$	421,203	$	69,222


Custody	Incurred		Owed
Core Fixed Income Fund	$	70,983	$	11,453
Diversified Equity Fund	$	113,390	$	19,604

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 Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred by the PMC Funds for the year ended August 31, 2023, and owed as of August 31, 2023 is as follows:


	Incurred		Owed
Core Fixed Income Fund	$	16,848	$	3,195
Diversified Equity Fund	$	12,008	$	1,938

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

136

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

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 year ended August 31, 2023 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	$	608,965,981	$	—	$	56,075,335	$	—	$	—	$	—
Other		171,801,860		915,303,374		56,992,748		30,774,995		11,663,292		17,160,324

Total Purchases	$	780,767,841	$	915,303,374	$	113,068,083	$	30,774,995	$	11,663,292	$	17,160,324
Sales
U.S. Government	$	616,916,757	$	—	$	8,998,257	$	—	$	—	$	—
Other		224,673,908		1,090,388,741		3,038,591		—		10,934,834		15,166,494

Total Sales	$	841,590,665	$	1,090,388,741	$	12,036,848	$	—	$	10,934,834	$	15,166,494

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 period ended August 31, 2023, the International Equity ETF had $75,312,025 of creations in-kind and $0 of redemptions in-kind, and the U.S. Equity ETF had $161,890,707 of creations in-kind and $0 of redemptions in-kind.

137

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

(9)

Line of Credit

At August 31, 2023, 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 5.50% from September 1, 2022 through September 21, 2022, 6.25% from September 22, 2022 through November 2, 2022, 7.00% from November 3, 2022 through December 14, 2022, 7.50% from December 15, 2022 through February 1, 2023, 7.75% from February 2, 2023 through March 22, 2023, 8.00% from March 23, 2023 through May 3, 2023, 8.25% from May 4, 2023 through July 26, 2023, 8.50% from July 27, 2023 through August 31, 2023. The following table provides information regarding usage of the line of credit for the year ended August 31, 2023 for the Funds. The Funds did not have an outstanding balance on either line of credit as of August 31, 2023.


	Days Utilitized		Average Amount of Borrowing		Weighted Average Borrowing Rate			Interest Expense*		Maximum Amount of Borrowing		Date of Maximum Borrowing
Core Fixed Income Fund		7	$	27,000		7.18	%	$	38	$	45,000		1/30/2023
Diversified Equity Fund		23	$	4,895,391		7.58	%	$	23,719	$	32,269,000		1/6/2023

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 August 31, 2023, National Financial Services, LLC, for the benefit of its customers, held 43.02% and 94.79%, respectively, of the PMC Core Fixed Income Fund’s outstanding Advisor Class and Institutional Class shares. At August 31, 2023, National Financial Services, LLC, for the benefit of its customers, held 54.43% and 93.65%, respectively, of the PMC Diversified Equity Fund’s outstanding Advisor Class and Institutional 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.

138

ENVESTNET FUNDS

Notes to Financial Statements, continued

August 31, 2023

As of August 31, 2023, 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	$	48,899,480	$	49,844,301		12.96	%
Diversified Equity Fund	$	195,341,462	$	200,726,076		22.43	%

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 ActivePassive Core Bond ETF paid distributions to shareholders as follows:


Record Date	Ex-Date		Payable Date		Ordinary Income Rate		Ordinary Income Distribution Paid
9/5/2023		9/1/2023		9/6/2023	$	0.09106299	$	311,891
10/3/2023		10/2/2023		10/4/2023	$	0.08432858	$	301,475

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
9/5/2023		9/1/2023		9/6/2023	$	0.04284544	$	53,557
10/3/2023		10/2/2023		10/4/2023	$	0.04096220	$	51,203

The Funds have evaluated events and transactions that have occurred subsequent to August 31, 2023 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements.

139

Report of Independent Registered Public Accounting Firm

To the Shareholders of PMC Funds and ActivePassive ETFs and

Board of Trustees of Trust for Professional Managers

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PMC Funds and ActivePassive ETFs comprising the funds listed below (the “Funds”), each a series of Trust for Professional Managers, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.


Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
PMC Core Fixed Income Fund	For the year ended August 31, 2023*
PMC Diversified Equity Fund	For the year ended August 31, 2023*
ActivePassive Core Bond ETF	For the period from May 2, 2023 (commencement of operations) through August 31, 2023
ActivePassive Intermediate Municipal Bond ETF	For the period from May 2, 2023 (commencement of operations) through August 31, 2023
ActivePassive International Equity ETF	For the period from May 2, 2023 (commencement of operations) through August 31, 2023
ActivePassive U.S. Equity ETF	For the period from May 2, 2023 (commencement of operations) through August 31, 2023

The Funds’ financial statements and financial highlights for the years ended August 31, 2022, and prior, were audited by other auditors whose report dated October 27, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31,

140

2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2023.

LOGO

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

October 26, 2023

141

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

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on August 17, 2023 to consider the renewal of the Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of the PMC Core Fixed Income Fund (the “Core Fixed Income Fund”) and the PMC Diversified Equity Fund (the “Diversified Equity Fund”) (each, a “Fund,” and together, the “Funds”), each a series of the Trust, and Envestnet Asset Management, Inc., the Funds’ investment adviser (the “Adviser”). The Trustees also met at a prior meeting held on June 22, 2023 (the “June 22, 2023 Meeting”) to review materials related to the renewal of the Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Agreement, detailed comparative information relating to the Funds’ performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, biographical information of the Adviser’s key management and compliance personnel, comparative fee information for the Funds and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the Funds’ other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the continuation of the Agreement for an additional one-year term ending August 31, 2024.

DISCUSSION OF FACTORS CONSIDERED

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

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

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

142

2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER

The Trustees discussed the performance of the Advisor Class shares of the PMC Core Fixed Income Fund and PMC Diversified Equity Fund for the quarter, one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2023. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of the Advisor Class shares of the Funds on both an absolute basis and in comparison to a benchmark index (the Bloomberg U.S. Aggregate Bond Index for the PMC Core Fixed Income Fund and the MSCI World Index Net Return for the PMC Diversified Equity Fund) and in comparison to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. open-end intermediate core-plus bond and intermediate core bond funds for the PMC Core Fixed Income Fund and a peer group of U.S. open-end global large-cap stock blend, global large-cap stock value and large-cap value funds for the PMC Diversified Equity Fund) (each, a “Barrington Cohort”). The Trustees noted that the Adviser did not manage any other accounts with the same or similar investment strategies as either Fund.

The Trustees noted the PMC Core Fixed Income Fund’s performance for Institutional Class shares for each of the one-year and three-year periods ended March 31, 2023 was above the Barrington Cohort average. The Trustees noted that for each of the quarter, one-year and since inception periods ended March 31, 2023, the Institutional Class shares of the PMC Core Fixed Income Fund had underperformed the Bloomberg U.S. Aggregate Bond Index. The Trustees then noted that for the three-year period ended March 31, 2023, the Institutional Class shares of the PMC Core Fixed Income Fund had outperformed the Bloomberg U.S. Aggregate Bond Index.

The Trustees noted the PMC Diversified Equity Fund’s performance for Institutional Class shares for each of the one-year and three-year periods ended March 31, 2023 was above the Barrington Cohort average. The Trustees noted that for the quarter and since inception period ended March 31, 2023, the Institutional Class shares of the PMC Diversified Equity Fund had underperformed the MSCI World Index Net Return. The Trustees noted that for the one-year and three-year periods ended March 31, 2023, the Institutional Class shares of the PMC Diversified Equity Fund had outperformed the MSCI World Index Net Return.

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

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

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

The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser’s financial information and noted that the Adviser had subsidized each Fund’s operations since inception and had not yet fully recouped those subsidies for the PMC Core Fixed Income Fund. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under the Advisory Agreement and the expense subsidizations undertaken by the Adviser, as well as the Funds’ brokerage practices, noting that the Adviser makes no effort to seek soft dollar arrangements. These considerations were based on materials requested by the Trustees and the Funds’ administrator specifically for the June 22, 2023 meeting and the August 17, 2023 meeting at which the Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year.

143

The Trustees noted that the PMC Core Fixed Income Fund’s contractual management fee of 0.65% was above the Barrington Cohort average of 0.39%. The Trustees noted that the PMC Core Fixed Income Fund was operating above its expense cap of 0.60% for Institutional Class shares. The Trustees observed that the PMC Core Fixed Income Fund’s total expense ratio (net of fee waivers and expense reimbursements) of 0.60% was above the Barrington Cohort average of 0.48%. The Trustees also compared the fees paid by the PMC Core Fixed Income Fund to the fees associated with the Adviser’s fixed-income separately-managed account portfolios.

The Trustees noted that the PMC Diversified Equity Fund’s contractual management fee of 0.53% was below the Barrington Cohort average of 0.69%. The Trustees noted that the PMC Diversified Equity Fund was operating below its expense cap of 0.73% for Institutional Class shares. The Trustees observed that the PMC Diversified Equity Fund’s total expense ratio of 0.68% was below the Barrington Cohort average of 0.83%. The Trustees also compared the fees paid by the PMC Diversified Equity Fund to the fees associated with the Adviser’s equity/balanced separately-managed account portfolios.

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

4. EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW

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

5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS

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

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Funds’ surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the continuation of the Advisory Agreement for an additional one-year term ending August 31, 2024 as being in the best interests of each Fund and its shareholders.

144

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

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on August 17, 2023 to consider the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the PMC Core Fixed Income Fund (the “Fund”), entered into between Envestnet Asset Management, Inc. (“Envestnet”), the Fund’s investment adviser and Neuberger Berman Investment Advisers LLC (“NBIA”), the Fund’s sub-adviser. The Trustees also met at a prior meeting held on June 22, 2023 (the “June 22, 2023 Meeting”) to review materials related to the renewal of the Sub-Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Sub-Advisory Agreement, due diligence materials relating to NBIA (including a due questionnaire, Form ADV, biographical information of key management and compliance personnel, a summary detailing key provisions of NBIA’s written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Sub-Advisory Agreement renewal process, including performance information for the Fund. Based on their evaluation of the information provided by Envestnet and NBIA, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the continuation of the Sub-Advisory Agreement for an additional one-year term ending August 31, 2024.

DISCUSSION OF FACTORS CONSIDERED

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

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

The Trustees considered the nature, extent and quality of services provided by NBIA to the Fund. The Trustees considered NBIA’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of David M. Brown, Thanos Bardas, Nathan Kush and Olumide Owolabi, and other key personnel at NBIA. The Trustees noted that NBIA was the sole third-party sub-adviser to the Fund and was responsible for managing approximately 88% of the Fund’s portfolio, with Envestnet managing the remaining portion of the Fund’s portfolio. The Trustees also considered information provided by NBIA at the June 15, 2023 meeting and the August 17, 2023 meeting at which the Sub-Advisory Agreement was formally considered, relating to the investment objective and strategies for the Fund, brokerage practices and compliance and risk management. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition, as well as the implementation and operational effectiveness of the business continuity plan for NBIA. The Trustees concluded that NBIA had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services provided by NBIA to the Fund were satisfactory.

2. INVESTMENT PERFORMANCE OF THE FUND AND NBIA

The Trustees discussed the Fund’s performance, including the performance relating specifically to the segment of the Fund’s portfolio managed by NBIA. The Trustees discussed the performance of the segment of the Fund’s portfolio managed by NBIA for the quarter, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2023. The Trustees compared the short-term and longer-term performance of the segment of the Fund’s portfolio managed by NBIA on both an absolute basis and in comparison to a benchmark index (the Bloomberg U.S. Aggregate Bond Index) and in comparison to a separate sub-advised fund with similar investment strategies to that utilized by NBIA in managing its segment of the Fund’s portfolio. The Trustees noted that for the quarter, three-year, five-year, ten-year, and since inception periods ended March 31, 2023, the segment of the Fund’s portfolio managed by NBIA outperformed the benchmark index. The Trustees also noted that for the

145

one-year period ended March 31, 2023, the segment of the Fund’s portfolio managed by NBIA underperformed the benchmark index. The Trustees noted the performance of the segment of the Fund’s portfolio managed by NBIA generally outperformed the historical performance of a composite of other separately-managed accounts of NBIA that were the same or similar to the Fund in terms of investment strategies.

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

3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY NBIA

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

4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

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

5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUND

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

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of the Sub-Advisory Agreement with NBIA, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the continuation of the Sub-Advisory Agreement with NBIA for an additional one-year term ending August 31, 2024 as being in the best interests of the Fund and its shareholders.

146

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

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on January 19, 2023 to consider the initial approval of the Investment Advisory Agreement (the “ActivePassive ETFs Advisory Agreement”) between the Trust, on behalf of the ActivePassive Core Bond ETF, ActivePassive Intermediate Municipal Bond ETF, ActivePassive International Equity ETF and ActivePassive U.S. Equity ETF (collectively, the “ActivePassive ETFs” or the “Funds”), each a series of the Trust, and Envestnet Asset Management, Inc., the Funds’ investment adviser (the “Adviser”). In advance of the meeting, the Trustees requested and received materials to assist them in considering the approval of the ActivePassive ETFs Advisory Agreement, including a memorandum provided by the Funds’ legal counsel, which outlined the Trustees’ responsibilities in considering the ActivePassive ETFs Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the ActivePassive ETFs Advisory Agreement, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, biographical information of the Adviser’s key management and compliance personnel, comparative fee information for each Fund and the Adviser’s other separately-managed accounts and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information. In considering approval of the ActivePassive ETFs Advisory Agreement, the Trustees also reviewed the Trust’s post effective amendment to its Form N-1A registration statement, including the prospectus and statement of additional information included therein, relating to the initial registration of the Funds.

Based on its evaluation of information provided by the Adviser, in conjunction with the Funds’ other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the ActivePassive ETFs Advisory Agreement for an initial term ending two years following the Funds’ commencement of operations pursuant to an effective registration statement.

1. NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED TO THE ACTIVEPASSIVE ETFS

The Trustees considered the nature, extent and quality of services provided by the Adviser to the ActivePassive ETFs and the amount of time devoted by the Adviser’s staff to the ActivePassive ETFs’ operations. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of each ActivePassive ETF, including its recommendations with respect to the hiring, termination or replacement of one or more sub-advisers to the ActivePassive ETFs and its oversight of investment strategies implemented by any such sub-advisers. The Trustees also considered the qualifications, experience and responsibilities of Brandon R. Thomas, Janis Zvingelis, Greg Classen, and Tim Murphy, who serve as co-portfolio managers for the ActivePassive U.S. Equity ETF and for the segment of the assets managed by the Adviser for each of the ActivePassive Core Bond ETF, ActivePassive Intermediate Municipal Bond ETF and ActivePassive International Equity ETF, and other key personnel at the Adviser involved in the day-to-day activities of the ActivePassive ETFs. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser’s compliance program and discussed the Adviser’s commitment to the growth of assets for each ActivePassive ETF. The Trustees also noted any services that extended beyond portfolio management, and they considered the overall capability of the Adviser. The Trustees discussed the Adviser’s handling of compliance matters, including the reports of the Trust’s chief compliance officer to the Trustees on the effectiveness of the Adviser’s compliance program with respect to other series of the Trust managed by the Adviser. The Trustees also considered the Adviser’s overall financial condition, as well as the implementation and operational effectiveness of the Adviser’s business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the ActivePassive ETFs Advisory Agreement and that the nature, overall quality and extent of the management services to be provided to the ActivePassive ETFs, as well as the Adviser’s compliance program, were satisfactory and reliable.

2. INVESTMENT PERFORMANCE OF THE ACTIVEPASSIVE ETFS AND THE ADVISER

The Trustees noted that the ActivePassive ETFs had not yet commenced operations and, therefore, that performance of the ActivePassive ETFs was not a relevant factor for consideration. In assessing the portfolio

147

management services to be provided by the Adviser, the Trustees considered the investment management experience of Messrs. Thomas, Zvingelis, Classen, and Murphy, who will serve as co-portfolio managers for the ActivePassive U.S. Equity ETF and for the segment of the assets managed by the Adviser for each of the ActivePassive Core Bond ETF, ActivePassive Intermediate Municipal Bond ETF and ActivePassive International Equity ETF. The Trustees also discussed the Adviser’s process for identifying, recommending, and monitoring one or more sub-advisers for each ActivePassive ETF, as applicable, and for allocating and reallocating assets among such sub-advisers consistent with each ActivePassive ETF’s investment objectives and strategies. The Trustees considered the Adviser’s role in assessing each sub-adviser’s investment style and historical performance and in allocating each ActivePassive ETF’s assets to such sub-adviser on the basis of the particular strategy assigned to it as well as the strategies assigned to other sub-advisers for such ActivePassive ETF, as applicable. The Trustees noted that the Adviser did not manage any other accounts with the same or similar investment strategies as the ActivePassive ETFs. After considering all of the information, the Trustees determined that each ActivePassive ETF and its shareholders were likely to benefit from the Adviser’s management.

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

The Trustees considered the cost of services and the structure of the Adviser’s proposed management fee, including a review of the expense analyses and other pertinent material with respect to each ActivePassive ETF. The Trustees took into consideration that the management fee was a “unitary management fee” whereby the Adviser agrees to pay all expenses incurred by each ActivePassive ETF, except the unitary management fee payable to the Adviser and certain other costs of each ActivePassive ETF, specifically 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 and any Rule 12b-1 plan fees. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses, expense components and peer group selection. The Trustees also considered the cost structure of each ActivePassive ETF relative to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. intermediate core bond and intermediate core-plus bond exchange-traded funds for the ActivePassive Core Bond ETF, a peer group of U.S. municipal national intermediate bond exchange-traded funds for the ActivePassive Intermediate Municipal Bond ETF, a peer group of U.S. foreign large blend exchange-traded funds for the ActivePassive International Equity ETF, and a peer group of U.S. large blend, mid-cap value, large value and large growth exchange-traded funds for the ActivePassive U.S. Equity ETF) (each, a “Barrington Cohort”).

The Trustees noted that the ActivePassive Core Bond ETF’s proposed contractual management fee of 0.35% was below the Barrington Cohort average of 0.37%. The Trustees further noted that the ActivePassive Core Bond ETF’s proposed unitary fee structure will limit the Fund’s total annual fund operating expenses to 0.35% of the Fund’s average annual assets and was lower than the Barrington Cohort average of 0.38%.

The Trustees noted that the ActivePassive Intermediate Municipal Bond ETF’s proposed contractual management fee of 0.35% was below the Barrington Cohort average of 0.40%. The Trustees further noted that the ActivePassive Intermediate Municipal Bond ETF’s proposed unitary fee structure will limit the Fund’s total annual fund operating expenses to 0.35% of the Fund’s average annual assets and was lower than the Barrington Cohort average of 0.36%.

The Trustees noted that the ActivePassive U.S. Equity ETF’s proposed contractual management fee of 0.30% was below the Barrington Cohort average of 0.46%. The Trustees further noted that the ActivePassive U.S. Equity ETF’s proposed unitary fee structure will limit the Fund’s total annual fund operating expenses to 0.30% of the Fund’s average annual assets and was lower than the Barrington Cohort average of 0.51%.

The Trustees noted that the ActivePassive International Equity ETF’s proposed contractual management fee of 0.45% was below the Barrington Cohort average of 0.47%. The Trustees further noted that the ActivePassive International Equity ETF’s proposed unitary fee structure will limit the Fund’s total annual fund operating expenses to 0.45% of the Fund’s average annual assets and was lower than the Barrington Cohort average of 0.47%.

148

The Trustees also considered the overall profitability that may result from the Adviser’s management of each ActivePassive ETF and reviewed the Adviser’s financial information. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under the ActivePassive ETFs Advisory Agreement anticipated by the Adviser.

The Trustees concluded that the estimated expenses and the proposed management fees paid to the Adviser for each ActivePassive ETF were fair and reasonable in light of the comparative performance, expense and management fee information and the investment management services to be provided to each ActivePassive ETF by the Adviser. The Trustees noted, based on a pro forma profitability analysis prepared by the Adviser, that the Adviser did not anticipate that the ActivePassive ETFs would be profitable to the Adviser during each ActivePassive ETF’s first twelve months of operation, but the Adviser maintained adequate profit levels to support its services to each ActivePassive ETF.

4. EXTENT OF ECONOMIES OF SCALE AS THE ACTIVEPASSIVE ETFS GROW

The Trustees compared each ActivePassive ETF’s estimated expenses relative to its peer group and discussed economies of scale. The Trustees noted that each ActivePassive ETF’s proposed management fee structure did not contain any breakpoint reductions as the Fund’s assets grow in size, but that the feasibility of incorporating breakpoints would be reviewed on a regular basis. With respect to the Adviser’s fee structure, the Trustees concluded that the potential economies of scale with respect to each ActivePassive ETF were acceptable.

5. BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE ACTIVEPASSIVE ETFS

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

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the approval of the ActivePassive ETFs Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the ActivePassive ETFs’ surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the proposed ActivePassive ETFs Advisory Agreement for an initial two-year term as being in the best interests of each ActivePassive ETF and its shareholders.

149

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

ActivePassive Core Bond ETF—Investment Sub-Advisory Agreement

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on January 19, 2023 to consider the initial approval of the investment sub-advisory agreement (the “NBIA Sub-Advisory Agreement”) for the ActivePassive Core Bond ETF (the “Fund”) entered into between Envestnet Asset Management, Inc. (the “Adviser”) and Neuberger Berman Investment Advisers LLC (“NBIA”), a sub-adviser to the Fund, and to consider the initial approval of the investment sub-advisory agreement (the “Sage Sub-Advisory Agreement,” and together with the NBIA Sub-Advisory Agreement, the “Sub-Advisory Agreements”) for the Fund entered into between the Adviser and Sage Advisory Services, Ltd Co. (“Sage”), a sub-adviser to the Fund. Prior to the meeting, the Trustees requested and received materials to assist them in considering the approval of the Sub-Advisory Agreements. The materials provided contained information with respect to the factors enumerated below, including copies of each Sub-Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreements, due diligence materials relating to each of NBIA and Sage (including a due questionnaire, Form ADV, biographical information of key management and compliance personnel, a summary detailing key provisions of each of NBIA’s and Sage’s written compliance program, including its code of ethics) and other pertinent information.

Based on its evaluation of information provided by NBIA and Sage, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved each of the NBIA Sub-Advisory Agreement and the Sage Sub-Advisory Agreement for an initial term ending two years following the Fund’s commencement of operations pursuant to an effective registration statement.

DISCUSSION OF FACTORS CONSIDERED

1. NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED BY THE SUB-ADVISERS TO THE FUND

The Trustees considered the nature, extent and quality of services to be provided by NBIA and Sage to the ActivePassive Core Bond ETF (the “Fund”). The Trustees considered NBIA’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Nathan Kush, David M. Brown, and Thanos Bardas, who would serve as the portfolio managers for the segment of the Fund’s assets managed by NBIA, and other key personnel at NBIA. The Trustees also considered Sage’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Robert G. Smith III and Thomas H. Urano, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Sage, and other key personnel at Sage.

The Trustees also considered information provided by each of NBIA and Sage and included in a due diligence questionnaire, relating to each of their investment strategies for the Fund, brokerage practices and compliance and risk management programs. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition of each of NBIA and Sage, as well as the implementation and operational effectiveness of each firm’s business continuity plan. The Trustees concluded that each of NBIA and Sage had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing their duties under each Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services to be provided by each of NBIA and Sage to the Fund were satisfactory.

2. INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS

150

investment company and separately managed accounts, respectively, that use a strategy similar to the strategy NBIA and Sage will apply to its respective segment of Fund assets. After considering all of the information provided to them, the Trustees concluded that the Fund and its shareholders were likely to benefit from each of NBIA’s and Sage’s management of the Fund’s portfolio.

3. COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE SUB-ADVISERS

The Trustees then considered the cost of services and the structure of the proposed sub-advisory fees schedules for each of NBIA and Sage, under the respective Sub-Advisory Agreement. The Trustees noted that Envestnet had confirmed to the Trustees that the sub-advisory fees payable under the NBIA Sub-Advisory Agreement and the Sage Sub-Advisory Agreement were reasonable in light of the quality of the services to be performed by each of NBIA and Sage. Since the sub-advisory fees are paid by Envestnet, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to each of NBIA and Sage. Consequently, the Trustees did not consider the costs of services to be provided by each of NBIA and Sage or their profitability from their relationship with the Fund because the Trustees did not consider these factors as relevant. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to each of NBIA and Sage by Envestnet were reasonable in light of the services to be provided by NBIA and Sage.

4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

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

5. BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND

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

CONCLUSIONS

In considering the NBIA Sub-Advisory Agreement and the Sage Sub-Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances, including the recommendation of Envestnet with respect to each of NBIA and Sage. Based on this review, the Trustees, including a majority of the Independent Trustees, approved each of the proposed NBIA Sub-Advisory Agreement and the Sage Sub-Advisory Agreement for an initial two-year term as being in the best interests of the Fund and its shareholders.

151

ActivePassive Intermediate Municipal Bond ETF—Investment Sub-Advisory Agreement

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on January 19, 2023 to consider the initial approval of the investment sub-advisory agreement (the “GW&K Sub-Advisory Agreement”) for the ActivePassive Intermediate Municipal Bond ETF (the “Fund”) entered into between Envestnet Asset Management, Inc. (the “Adviser”) and GW&K Investment Management, LLC (“GW&K”), the sub-adviser to the Fund. Prior to the meeting, the Trustees requested and received materials to assist them in considering the approval of the GW&K Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the GW&K Sub-Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the GW&K Sub-Advisory Agreement, due diligence materials relating to GW&K (including a due questionnaire, Form ADV, biographical information of key management and compliance personnel, a summary detailing key provisions of GW&K’s written compliance program, including its code of ethics) and other pertinent information.

Based on its evaluation of information provided by GW&K, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the GW&K Sub-Advisory Agreement for an initial term ending two years following the Fund’s commencement of operations pursuant to an effective registration statement.

DISCUSSION OF FACTORS CONSIDERED

1. NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED BY THE SUB-ADVISER TO THE FUND

The Trustees considered the nature, extent and quality of services provided by GW&K to the Fund. The Trustees considered GW&K’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of John B. Fox, Kara M. South, Martin R. Tourigny, Nancy G. Angell, and Brian T. Moreland, who would serve as the portfolio managers for the segment of the Fund’s assets managed by GW&K, and other key personnel at GW&K.

The Trustees also considered information provided by GW&K and included in a due diligence questionnaire, relating to GW&K’s investment strategies for the Fund, brokerage practices and compliance and risk management programs. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition of GW&K, as well as the implementation and operational effectiveness of the firm’s business continuity plan. The Trustees concluded that GW&K had sufficient quality and depth of personnel, resources, investment methods and compliance program essential to performing its duties under the GW&K Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services to be provided by GW&K to the Fund were satisfactory.

2. INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISER

The Trustees did not consider the performance of the Fund, as it has no performance history. However, the Trustees reviewed the qualifications, backgrounds and experience of the personnel of GW&K, as well as information concerning the performance history of GW&K with respect to separately managed accounts that use a strategy similar to the strategy GW&K will apply to its respective segment of Fund assets. After considering all of the information provided to them, the Trustees concluded that the Fund and its shareholders were likely to benefit from GW&K’s management of the Fund’s portfolio.

3. COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE SUB-ADVISER

The Trustees then considered the cost of services and the structure of the proposed sub-advisory fees schedule for GW&K, under the GW&K Sub-Advisory Agreement. The Trustees noted that Envestnet had confirmed to the Trustees that the sub-advisory fees payable under the GW&K Sub-Advisory Agreement were reasonable in light of the quality of the services to be performed by GW&K. Since the sub-advisory fees are paid by Envestnet, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to GW&K.

152

Consequently, the Trustees did not consider the costs of services to be provided by GW&K or its profitability from its relationship with the Fund because the Trustees did not consider these factors as relevant. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to GW&K by Envestnet were reasonable in light of the services to be provided by GW&K.

4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

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

5. BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND

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

CONCLUSIONS

In considering the GW&K Sub-Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances, including the recommendation of Envestnet with respect to GW&K. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the proposed GW&K Sub-Advisory Agreement for an initial two-year term as being in the best interests of the Fund and its shareholders.

153

ActivePassive International Equity ETF—Investment Sub-Advisory Agreement

The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on January 19, 2023 to consider the initial approval of the investment sub-advisory agreement (the “Causeway Sub-Advisory Agreement”) for the ActivePassive International Equity ETF (the “Fund”) entered into between Envestnet Asset Management, Inc. (the “Adviser”) and Causeway Capital Management LLC (“Causeway”), a sub-adviser to the Fund, and to consider the initial approval of the investment sub-advisory agreement (the “AllianceBernstein Sub-Advisory Agreement,” and together with the Causeway Sub-Advisory Agreement, the “Sub-Advisory Agreements”) for the Fund entered into between the Adviser and AllianceBernstein L.P. (“AllianceBernstein”), a sub-adviser to the Fund. Prior to the meeting, the Trustees requested and received materials to assist them in considering the approval of the Sub-Advisory Agreements. The materials provided contained information with respect to the factors enumerated below, including copies of each Sub-Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreements, due diligence materials relating to each of Causeway and AllianceBernstein (including a due questionnaire, Form ADV, biographical information of key management and compliance personnel, a summary detailing key provisions of each of Causeway’s and AllianceBernstein’s written compliance program, including its code of ethics) and other pertinent information.

Based on its evaluation of information provided by Causeway and AllianceBernstein, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved each of the Causeway Sub-Advisory Agreement and the AllianceBernstein Sub-Advisory Agreement for an initial term ending two years following the Fund’s commencement of operations pursuant to an effective registration statement.

DISCUSSION OF FACTORS CONSIDERED

1. NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED BY THE SUB-ADVISERS TO THE FUND

The Trustees considered the nature, extent and quality of services to be provided by Causeway and AllianceBernstein to the Fund. The Trustees considered Causeway’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Sarah Ketterer, Harry Hartford, Jonathan Eng, Conor Muldoon, Alessandro Valentini, Ellen Lee, Steven Nguyen, and Brian Cho, who would serve as the portfolio managers for the segment of the Fund’s assets managed by Causeway, and other key personnel at Causeway. The Trustees also considered AllianceBernstein’s responsibilities in its management of Fund assets, as well as the qualifications, experience and responsibilities of Dev Chakrabarti, who would serve as the portfolio manager for the segment of the Fund’s assets managed by AllianceBernstein, and other key personnel at AllianceBernstein.

The Trustees also considered information provided by each of Causeway and AllianceBernstein and included in a due diligence questionnaire, relating to each of their investment strategies for the Fund, brokerage practices and compliance and risk management programs. The Trustees also noted any services that extended beyond portfolio management. The Trustees also considered the overall financial condition of each of Causeway and AllianceBernstein, as well as the implementation and operational effectiveness of each firm’s business continuity plan. The Trustees concluded that each of Causeway and AllianceBernstein had sufficient quality and depth of personnel, resources, investment methods and compliance programs essential to performing their duties under each Sub-Advisory Agreement and that the nature, overall quality and extent of investment management services to be provided by each of Causeway and AllianceBernstein to the Fund were satisfactory.

2. INVESTMENT PERFORMANCE OF THE FUND AND THE SUB-ADVISERS

The Trustees did not consider the performance of the Fund, as it has no performance history. However, the Trustees reviewed the qualifications, backgrounds and experience of the personnel of Causeway and AllianceBernstein, as well as information concerning the performance history of Causeway and AllianceBernstein with respect to separately managed accounts that use a strategy similar to the strategy Causeway and

154

AllianceBernstein will apply to its respective segment of Fund assets. After considering all of the information provided to them, the Trustees concluded that the Fund and its shareholders were likely to benefit from each of Causeway’s and AllianceBernstein’s management of the Fund’s portfolio.

3. COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE SUB-ADVISERS

The Trustees then considered the cost of services and the structure of the proposed sub-advisory fees schedules for each of Causeway and AllianceBernstein, under the respective Sub-Advisory Agreement. The Trustees noted that Envestnet had confirmed to the Trustees that the sub-advisory fees payable under the Causeway Sub-Advisory Agreement and the AllianceBernstein Sub-Advisory Agreement were reasonable in light of the quality of the services to be performed by each of Causeway and AllianceBernstein. Since the sub-advisory fees are paid by Envestnet, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fees paid to each of Causeway and AllianceBernstein. Consequently, the Trustees did not consider the costs of services to be provided by Causeway and AllianceBernstein or their profitability from their relationship with the Fund because the Trustees did not consider these factors as relevant. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to each of Causeway and AllianceBernstein by Envestnet were reasonable in light of the services to be provided by Causeway and AllianceBernstein.

4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS

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

5. BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND

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

CONCLUSIONS

In considering the Causeway Sub-Advisory Agreement and the AllianceBernstein Sub-Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances, including the recommendation of Envestnet with respect to each of Causeway and AllianceBernstein. Based on this review, the Trustees, including a majority of the Independent Trustees, approved each of the proposed Causeway Sub-Advisory Agreement and the AllianceBernstein Sub-Advisory Agreement for an initial two-year term as being in the best interests of the Fund and its shareholders.

155

Statement Regarding Liquidity Risk Management Program—PMC Funds

(Unaudited)

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

On April 20, 2023, the Board reviewed the Program Administrator’s written annual report for the period January 1, 2022 through December 31, 2022 (the “Report”). The Report provided an assessment of each Fund’s liquidity risk: the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Adviser Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Program Administrator has retained ICE Data Services, Inc., a third party vendor, to provide portfolio investment classification services, and the Report noted that each Fund primarily held investments that were classified as highly liquid during the review period. The Report noted that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments and the determination that each Fund be designated as a “primarily highly liquid fund” (as defined in Rule 22e-4) remains appropriate and each Fund can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a highly liquid investment minimum for the Fund and to adopt policies and procedures for responding to a highly liquid investment minimum shortfall. The Report noted that there were no breaches of a Fund’s restriction on holding illiquid investments exceeding 15% of its net assets during the review period. The Report confirmed that each Fund’s investment strategy was appropriate for an open-end management investment company. The Report also indicated that no material changes had been made to the Adviser Program during the review period.

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

156

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.

157

ENVESTNET FUNDS

Additional Information

(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.

158

Envestnet Funds

Additional Information (Continued)

(Unaudited)

Independent Trustees



Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Michael D. Akers, Ph.D. 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1955	Trustee	Indefinite Term; Since August 22, 2001	28	Professor Emeritus, Department of Accounting (June 2019-present), Professor, Department of Accounting (2004-2019), Chair, Department of Accounting (2004-2017), Marquette University.	Independent Trustee, USA MUTUALS (an open-end investment company (2001-2021).

Gary A. Drska 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1956	Trustee	Indefinite Term; Since August 22, 2001	28	Retired; 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	28	Executive Director, Milwaukee Succeeds (education advocacy organization) (2023-present); System Vice President of Community Relations, Advocate Aurora Health Care (health care provider) (2019-2022); President and Chief Executive Officer, Boys & Girls Club of Greater Milwaukee (2012-2018).	Independent Director, BMO Funds, Inc. (an open-end investment company) (2017–2022).

Erik K. Olstein 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1967	Trustee	Indefinite Term; Since April 6, 2022	28	Retired; President and Chief Operating Officer (2000-2020), Vice President of Sales and Chief Operating Officer (1995-2000), Olstein Capital Management, L.P. (asset management firm); Secretary and Assistant Treasurer, The Olstein Funds (1995-2018).	Trustee, The Olstein Funds (an open-end investment company) (1995–2018).

Lisa Zúñiga Ramírez 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	28	Retired; Principal and Senior Portfolio Manager, Segall, Bryant & Hamill, LLC (asset management firm) (2018-2020); Partner and Senior Portfolio Manager, Denver Investments LLC (asset management firm) (2009-2018).	Director, Peoples Financial Services Corp. (a publicly-traded bank holding company) (2022-present).

Gregory M. Wesley 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1969	Trustee	Indefinite Term; Since April 6, 2022	28	Senior Vice President of Strategic Alliances and Business Development, Medical College of Wisconsin (2016-present).	N/A

159

Envestnet Funds

Additional Information (Continued)

(Unaudited)



Name, Address and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

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)	28	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 of 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	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2019-present); Partner, Practus, LLP (2018-2019); Counsel, Drinker Biddle & Reath LLP (2016-2018).	N/A

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

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

Shannon Coyle 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1990	Assistant Treasurer	Indefinite Term; Since August 26, 2022	N/A	Officer, U.S. Bancorp Fund Services, LLC (2015-present).	N/A

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.

160

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.

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.

(b) Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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


	FYE 8/31/2023		FYE 8/31/2022
(a) Audit Fees	$	102,000	$	67,900
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	19,000	$	13,400
(d) All Other Fees	$	0	$	0

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

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


	FYE 8/31/2023			FYE 8/31/2022
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

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

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


Non-Audit Related Fees	FYE 8/31/2023		FYE 8/31/2022
Registrant	$	0	$	0
Registrant’s Investment Adviser	$	0	$	0

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

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The entire Board of Trustees is acting as the registrant’s audit committee.

(b)	Not applicable

Item 6. Investments.

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

(b)	Not Applicable.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

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

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

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

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

(b)

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

SIGNATURES

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


(Registrant) Trust for Professional Managers

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

Date 10/31/2023

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


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

Date 10/31/2023

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

Date 10/31/2023

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