UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Adam W. Smith
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
(Name and address of agent for service)
(414) 765-6115
Registrant's telephone number, including area code
Date of fiscal year end: August 31, 2019
Date of reporting period: February 28, 2019
Item 1. Reports to Stockholders.
Semi-Annual Report | February 28, 2019
Performance Trust Strategic Bond
Fund (Symbol: PTIAX, PTAOX, PTCOX) and
Performance Trust Municipal Bond
Fund (Symbols: PTIMX, PTRMX)
© 2019 PT Asset Management, LLC. All Rights Reserved.
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary or, if you are a direct investor, by calling the Funds at 1-877-738-9095.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary,
you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Funds, you can call the Funds at 1-877-738-9095 to request that you continue to receive paper copies of your shareholder reports.
Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all Performance Trust Funds you hold.
LETTER FROM THE INVESTMENT ADVISER
Dear Fellow Shareholders:
Institutional Class of Performance Trust Strategic Bond Fund (PTIAX) Semi-Annual Management
Discussion and Analysis: 9/1/2018 – 2/28/2019
For the six-month period ended February 28, 2019, the Institutional Class of Performance Trust Strategic Bond Fund (“PTIAX” or the “Fund”) posted a return of 1.96%, assuming all dividends were reinvested into the Fund. The Bloomberg Barclays Aggregate Bond Index returned 1.99% over the same time period, and the Morningstar Multisector US Bond category returned 1.72%.
Interest rates were generally down during the period with 5-year Treasuries down 23 basis points (0.23%) and 10-year Treasuries down 14 basis points (0.14%). Rates on the very short and very long end, however, actually rose, resulting in a very unusual, partly inverted yield curve. While the inversion is fairly mild (2.54% for a 1-year Treasury compared to 2.51% for a 5-year Treasury), it is always strange when investors are willing to take more interest rate risk for less yield. This is typically interpreted as a desire by investors to lock in rates they believe to be attractive over the longer term. In other words, the market doesn’t seem to be too worried about rising interest rates.
The graph below shows the Treasury yield curve at the beginning of the period (blue line) and the end (red line).
Breaking down the performance within the Fund, our best performing asset class was tax-exempt municipal bonds. The bonds in this category were up more than 3.50% over the six-month period. Yields on municipal bonds were down more aggressively than on Treasuries, and these are typically some of our longer duration assets. Prices rose accordingly. Other long dated asset classes (taxable municipal bonds and corporates) also performed well returning around 2.90% over the period.
The primary reason for the Fund’s slight underperformance of the Bloomberg Barclays Aggregate Bond Index was the performance of the non-agency Residential Mortgage Backed Securities (RMBS), still the single largest allocation in the Fund’s portfolio. Bonds in this category returned just 1.27% over the period as the asset class suffered from some spread widening in the last few months of 2018.
PAGE 3
LETTER FROM THE INVESTMENT ADVISER
8/31/2018 | 2/28/2019 | |||||
Non-Agency RMBS | 32.53% | 29.81% | ||||
CLOs | 2.20% | 3.89% | ||||
CMBS | 19.74% | 23.69% | ||||
ABS | 0.36% | 1.21% | ||||
Sub-total Structured Credit | 54.83% | 58.6% | ||||
Cash | 2.84% | 1.18% | ||||
Treasuries | 3.17% | 4.15% | ||||
Corporate Bonds | 9.10% | 4.25% | ||||
Tax-Exempt Municipal Bonds | 11.94% | 15.38% | ||||
Taxable Municipal Bonds | 17.68% | 16.12% | ||||
Other | 0.44% | 0.32% |
Looking Forward
With the general decline in interest rates over the period, it was our longer duration assets that “kept us in the game” and allowed us to perform generally in line with the Bloomberg Barclays Aggregate Bond Index. Going forward, however, it is the shorter end of the yield curve that has our attention. Bonds pricing off of the very short end (1-2 years) have almost never been a meaningful piece of PTIAX, but given the partial inversion, such bonds can no longer be ignored.
The lack of slope in the curve makes taking efficient interest rate risk much more difficult. We believe a barbell strategy, combining very short bonds with longer assets, is likely to be more effective than owning bonds in the belly of the curve. We have recently begun to add asset-backed securities (ABS) with durations of a little over one year to the Fund’s portfolio. We are also likely to add seasoned, and thus shorter, Commercial Mortgage Backed Securities (CMBS) to the mix as well.
While non-agency RMBS certainly lagged over the past six months, it remains one of our favorite asset classes. Fundamentals continue to improve with long-term delinquencies falling, and loan-to-value ratios approaching 50% in the bonds we own. Given the quality of the collateral, we generally regard any spread widening in the market as a likely buying opportunity.
Institutional Class of Performance Trust Municipal Bond Fund (PTIMX) Semi-Annual Management
Discussion and Analysis: 9/1/2018 – 2/28/2019
For the six-month period ended February 28, 2019, the Institutional Class of Performance Trust Municipal Bond Fund (“PTIMX” or the “Fund”) returned 2.60%, assuming dividends were reinvested, outperforming the Bloomberg Barclays Municipal Bond Index’s return of 2.34%. Municipal 10-year rates fell by 38 basis points (0.38%) over the period, while longer maturities fell by 13 basis points (0.13%), leading to a steeper municipal bond yield curve. PTIMX’s higher sensitivity to interest rates (PTIMX has a modified duration that is 1.2 years higher than the Bloomberg Barclays Municipal Bond Index) boosted relative performance. Investments in targeted high yield issuers, such as Puerto Rico’s newly restructured sales tax bonds, also contributed to positive performance. While PTIMX performed well over the last six months on a relative basis, performance was restrained by the Fund’s barbell positioning to the short and long duration bonds, which had the least appreciation due to the steepening yield curve.
Over the last six months, volatility whipsawed markets as investors weighed the impact of slowing global growth, trade wars with China, Brexit, the Federal Reserve doubling back on rate policy, midterm elections, and the government shutdown. As a result of the myriad of headlines, investors fled to Treasuries in a flight to quality in the final months of 2018. As the new year began, however, investors pushed back into risky securities, causing interest rates to rise modestly. The net effect of investor sentiment over the last six months was a Treasury rally, which municipal bonds took hold of. Continued demand from shorter separately managed accounts, whose appetite for tax exempt income has increased after a cap in state and local tax deductions, and lack of demand from institutional accounts that benefit less from tax exempt income due to lower corporate tax rates, created additional steepness in the municipal curve. Municipal bonds were further buoyed by record inflows and limited seasonal supply in 2019.
As the yield curve continues to steepen, bonds with longer maturities have become more attractive total return opportunities than bonds with shorter maturities. We started selling shorter tax exempt bonds and replacing them with longer tax exempt bonds that have better spread tightening and exhibit current income opportunities. To prudently diversify against interest rate risk, we have maintained the Fund’s position in short, high yield tax exempt bonds. In addition, we have added a nominal amount of short taxable debt (as permitted by our guidelines) to take potential advantage of the flat taxable yield curve, which compares favorably in shorter maturities than to the steep municipal yield curve. We have been able to purchase short taxable bonds that have an after tax total return profile that are viewed as a better alternative to short tax exempt bonds. We intend to keep the taxable portion of PTIMX limited and continue to manage the portfolio to optimize total return potential on an after tax basis. PTIMX aims to produce strong relative performance across multiple interest rate scenarios. Therefore, our general strategy is to be agnostic to interest rate
PAGE 4
LETTER FROM THE INVESTMENT ADVISER
movements. Shape Management®, our proprietary investment tool, allows us to view the current rate environment through unbiased lenses. It is through these lenses that we attempt to optimize total return against risk.
Risk Management for the Funds
The Portfolio Management team employs Shape Management® as a key component of our investment process. Shape Management® is a proprietary means of applying total return scenario analysis to both individual bonds and portfolios of bonds. Total return scenario analysis applies various interest rate shifts, yield curve slope analysis, reinvestment rate assumptions and probability analysis to determine a bond’s “shape”, or how we believe that bond will perform in various interest rate environments.
We measure the risk of the portfolio on both an individual bond and portfolio level. Interest rate and credit spread volatility effects are measured by evaluating portfolio performance in fluctuating yield environments. Idiosyncratic risks are evaluated and diversified across coupon, credit quality, maturity, credit sector, duration, position size, and state. Liquidity is managed through a line of credit, cash balance, allocation limits to individual issuers, and allocation limits to the sectors. The Portfolio Management team regularly reviews the risks of the portfolio in order to appropriately position its holdings based on the continuously changing uncertainties associated with the RMBS and municipal markets.
For the RMBS allocation, the Portfolio Management team regularly stresses the bonds for various credit scenarios incorporating decreases in home prices and increases in unemployment akin to those experienced in the credit crises. We combine these stress scenarios with various movements in credit spreads to monitor the risks inherent in the RMBS allocation of the portfolio.
Past performance is not indicative of future returns. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. The views in this report were those of the Funds’ Portfolio Managers as of February 28, 2019 and may not reflect the views of the Funds’ Portfolio Managers on the date this report is first published or anytime thereafter. These views are intended to assist shareholders of the Funds in understanding their investments in the Funds and do not constitute investment advice.
PAGE 5
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX)
Performance Trust Strategic Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg Barclays Aggregate Bond Index
Average Annual Returns—For the Periods Ended February 28, 2019 (Unaudited)
ANNUALIZED | ||||
ONE | THREE | FIVE | SINCE INCEPTION | |
YEAR | YEAR | YEAR | (AUGUST 31, 2010)(1) | |
Performance Trust Strategic Bond Fund – Institutional Class | 3.94% | 4.70% | 4.73% | 6.20% |
Bloomberg Barclays Aggregate Bond Index | 3.17% | 1.69% | 2.32% | 2.61% |
(1) | The Performance Trust Strategic Bond Fund (the “Fund”) commenced investment operations on September 1, 2010. |
The Bloomberg Barclays Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Barclays Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg Barclays Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on August 31, 2010, the inception date for Institutional Class shares of the Performance Trust Strategic Bond Fund (the “Fund”).
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.
Performance data shown represents past performance. Past performance 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 shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.
The expense ratio is 0.83%.
PAGE 6
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTAOX)
Performance Trust Strategic Bond Fund – Class A (Unaudited)
Total Return vs. Bloomberg Barclays Aggregate Bond Index
(1) | Reflects 2.25% initial sales load. |
Total Returns—For the Period Ended February 28, 2019 (Unaudited)
SINCE INCEPTION | |
(JANUARY 2, 2019) | |
Performance Trust Strategic Bond Fund – Class A (with sales charge) | -1.31% |
Performance Trust Strategic Bond Fund – Class A (without sales charge) | 0.97% |
Bloomberg Barclays Aggregate Bond Index | 0.87% |
The Bloomberg Barclays Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Barclays Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg Barclays Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on January 2, 2019, the inception date for Class A shares of the Performance Trust Strategic Bond Fund (the “Fund”).
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.
Performance data shown represents past performance. Past performance 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 shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.
The expense ratio is 1.08%.
PAGE 7
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTCOX)
Performance Trust Strategic Bond Fund – Class C (Unaudited)
Total Return vs. Bloomberg Barclays Aggregate Bond Index
Total Returns—For the Period Ended February 28, 2019 (Unaudited)
SINCE INCEPTION | |
(JANUARY 2, 2019) | |
Performance Trust Strategic Bond Fund – Class C | 0.87% |
Bloomberg Barclays Aggregate Bond Index | 0.87% |
The Bloomberg Barclays Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Barclays Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg Barclays Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on January 2, 2019, the inception date for Class C shares of the Performance Trust Strategic Bond Fund (the “Fund”).
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.
Performance data shown represents past performance. Past performance 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 shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.
The expense ratio is 1.83%.
PAGE 8
PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX, PTAOX, PTCOX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2019
PAGE 9
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX)
Performance Trust Municipal Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg Barclays Municipal Bond Index
Average Annual Returns—For the Periods Ended February 28, 2019 (Unaudited)
ANNUALIZED | ||||
ONE | THREE | FIVE | SINCE INCEPTION | |
YEAR | YEAR | YEAR | (JUNE 30, 2011) | |
Performance Trust Municipal Bond Fund – Institutional Class | 4.54% | 2.58% | 4.39% | 5.57% |
Bloomberg Barclays Municipal Bond Index | 4.13% | 2.28% | 3.44% | 3.97% |
The Bloomberg Barclays Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Bloomberg Barclays Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on June 30, 2011, the inception date for the Institutional Class shares of the Performance Trust Municipal Bond Fund (the “Fund”).
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.
Performance data shown represents past performance. Past performance 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 shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.
The Fund’s investment adviser, PT Asset Management, LLC, has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding Rule 12b-1 plan fees, acquired fund fees and expenses, interest, taxes, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses such as litigation expenses) do not exceed 0.55% of the average daily net assets of the Fund. This agreement is effective at least through December 29, 2019. Net Expense Ratio (Institutional Class): 0.55%. Gross Expense Ratio (Institutional Class): 0.60%.
PAGE 10
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTRMX)
Performance Trust Municipal Bond Fund – Class A (Unaudited)
Total Return vs. Bloomberg Barclays Municipal Bond Index
(1) | Reflects 2.25% initial sales load. |
Average Annual Returns—For the Periods Ended February 28, 2019 (Unaudited)
ANNUALIZED | ||||
ONE | THREE | FIVE | SINCE INCEPTION | |
YEAR | YEAR | YEAR | (SEPTEMBER 28, 2012) | |
Performance Trust Municipal Bond Fund – Class A | ||||
(with sales charge) | 1.91% | 1.56% | 3.69% | 3.17% |
Performance Trust Municipal Bond Fund – Class A | ||||
(without sales charge) | 4.27% | 2.34% | 4.16% | 3.54% |
Bloomberg Barclays Municipal Bond Index | 4.13% | 2.28% | 3.44% | 2.86% |
The Bloomberg Barclays Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Bloomberg Barclays Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on September 28, 2012, the inception date for the Class A shares of the Performance Trust Municipal Bond Fund (the “Fund”).
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
Performance data shown represents past performance. Past performance 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 shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.
The Fund’s investment adviser, PT Asset Management, LLC, has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding Rule 12b-1 plan fees, acquired fund fees and expenses, interest, taxes, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses such as litigation expenses) do not exceed 0.55% of the average daily net assets of the Fund. This agreement is effective at least through December 29, 2019. Net Expense Ratio (Class A): 0.80%. Gross Expense Ratio (Class A): 0.85%.
PAGE 11
PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX, PTRMX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2019
* | For additional details on allocation of portfolio holdings by state, please see the Schedule of Investments. |
PAGE 12
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2019 (Unaudited)
Performance Trust | Performance Trust | |||||||
Strategic | Municipal | |||||||
Bond Fund | Bond Fund | |||||||
Assets | ||||||||
Investments, at value (cost $2,048,126,396 and | ||||||||
$245,954,158, respectively) | $ | 2,048,399,564 | $ | 250,603,920 | ||||
Cash | 171,338 | 7,212,368 | ||||||
Dividend and interest receivable | 14,036,043 | 2,543,514 | ||||||
Receivable for investments sold | 6,693,752 | — | ||||||
Receivable for Fund shares sold | 19,388,918 | 686,381 | ||||||
Other assets | 96,980 | 17,360 | ||||||
Total Assets | 2,088,786,595 | 261,063,543 | ||||||
Liabilities | ||||||||
Payable for investments purchased | 26,000,433 | 4,277,954 | ||||||
Payable for Fund shares redeemed | 1,326,111 | 205,626 | ||||||
Payable to Adviser | 519,682 | 30,291 | ||||||
Payable to affiliates | 388,398 | 77,294 | ||||||
Payable for distributions | 43 | — | ||||||
Payable for distribution fees | 48 | — | ||||||
Payable for shareholder servicing fees | 9 | — | ||||||
Accrued expenses and other liabilities | 99,489 | 8,906 | ||||||
Total Liabilities | 28,334,213 | 4,603,592 | ||||||
Net Assets | $ | 2,060,452,382 | $ | 256,459,591 | ||||
Net Assets Consist Of: | ||||||||
Paid-in capital | $ | 2,088,028,785 | $ | 252,160,665 | ||||
Total distributable earnings | (27,576,403 | ) | 4,298,926 | |||||
Net Assets | $ | 2,060,452,382 | $ | 256,459,591 | ||||
Strategic Bond Fund and Municipal Bond Fund Shares – | ||||||||
Institutional Class | ||||||||
Net assets | $ | 2,060,080,957 | $ | 236,302,003 | ||||
Shares of beneficial interest outstanding (unlimited | ||||||||
number of shares authorized, $0.001 par value) | 92,746,737 | 9,822,203 | ||||||
Net asset value, redemption and offering price per share(1) | $ | 22.21 | $ | 24.06 | ||||
Strategic Bond Fund and Municipal Bond Fund Shares – Class A | ||||||||
Net assets | $ | 285,385 | $ | 20,157,588 | ||||
Shares of beneficial interest outstanding (unlimited | ||||||||
number of shares authorized, $0.001 par value) | 12,848 | 837,173 | ||||||
Net asset value, redemption and offering price per share(1) | $ | 22.21 | $ | 24.08 | ||||
Maximum offering price per share | ||||||||
(Net Asset Value per share divided by 0.9775)(2) | $ | 22.72 | $ | 24.63 | ||||
Strategic Bond Fund Shares – Class C | ||||||||
Net assets | $ | 86,040 | — | |||||
Shares of beneficial interest outstanding (unlimited | ||||||||
number of shares authorized, $0.001 par value) | 3,876 | — | ||||||
Net asset value, redemption and offering price per share(1) | $ | 22.20 | $ | — |
(1) | If applicable, redemption price per share may be reduced by a 2.00% redemption fee for shares redeemed within sixty days of purchase. |
(2) | Reflects a maximum sales charge of 2.25%. |
The accompanying notes are an integral part of these financial statements.
PAGE 13
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
ASSET BACKED SECURITIES – 1.19% | ||||||||
Carmax Auto Owner Trust | ||||||||
2019-1, 3.020%, 07/15/2022 | $ | 8,000,000 | $ | 8,023,565 | ||||
GM Financial Consumer | ||||||||
Automobile Receivables Trust | ||||||||
2019-1, 2.970%, 11/16/2023 | 11,000,000 | 11,038,273 | ||||||
Honda Auto Receivables | ||||||||
Owner Trust | ||||||||
2018-3, 3.070%, 11/21/2024 | 5,500,000 | 5,537,230 | ||||||
TOTAL ASSET BACKED | ||||||||
SECURITIES (Cost $24,496,719) | 24,599,068 | |||||||
COLLATERALIZED LOAN | ||||||||
OBLIGATIONS – 3.83% | ||||||||
Apidos CLO XI | ||||||||
2012-11A, 5.473% (3 Month LIBOR USD + 2.700%), | ||||||||
1/17/2028 (a)(b) | 2,000,000 | 2,002,110 | ||||||
Apidos CLO XX | ||||||||
2015-20A, 4.329% (3 Month LIBOR USD + 1.550%), | ||||||||
07/16/2031 (a)(b) | 10,000,000 | 9,872,940 | ||||||
Ares XXVII CLO Ltd. | ||||||||
2013-2A, 5.165% (3 Month LIBOR USD + 2.400%), | ||||||||
07/28/2029 (a)(b) | 1,750,000 | 1,741,607 | ||||||
BlueMountain CLO Ltd. | ||||||||
2015-1A, 6.547% (3 Month LIBOR USD + 3.750%), | ||||||||
04/13/2027 (a)(b) | 2,000,000 | 2,001,806 | ||||||
2018-1A, 4.451% (3 Month LIBOR USD + 1.700%), | ||||||||
07/30/2030 (a)(b) | 6,451,308 | 6,409,478 | ||||||
2014-2A, 4.511% (3 Month LIBOR USD + 1.750%), | ||||||||
10/20/2030 (a)(b) | 5,000,000 | 4,983,255 | ||||||
2013-2A, 4.361% (3 Month LIBOR USD + 1.600%), | ||||||||
10/22/2030 (a)(b) | 2,750,000 | 2,717,693 | ||||||
2018-2A, 4.384% (3 Month LIBOR USD + 1.700%), | ||||||||
08/15/2031 (a)(b) | 5,000,000 | 4,966,070 | ||||||
Chenango Park CLO Ltd. | ||||||||
2018-1A, 4.337% (3 Month LIBOR USD + 1.550%), | ||||||||
04/15/2030 (a)(b) | 7,000,000 | 6,913,123 | ||||||
Goldentree Loan | ||||||||
Management US CLO 3 Ltd. | ||||||||
2018-3A, 4.430%, 04/20/2030 (b) | 2,500,000 | 2,501,047 | ||||||
Goldentree Loan | ||||||||
Opportunities XII Ltd. | ||||||||
2016-12A, 4.375%, 07/21/2030 (b) | ||||||||
3,750,000 | 3,755,696 | |||||||
LCM 26 Ltd. | ||||||||
26A, 4.161% (3 Month LIBOR USD + 1.400%), | ||||||||
01/20/2031 (a)(b) | 4,500,000 | 4,405,302 | ||||||
LCM XIV LP | ||||||||
14A, 4.341% (3 Month LIBOR USD + 1.580%), | ||||||||
07/20/2031 (a)(b) | 3,500,000 | 3,462,127 | ||||||
LCM XVI LP | ||||||||
16A, 4.537% (3 Month LIBOR USD + 1.750%), | ||||||||
10/15/2031 (a)(b) | 4,000,000 | 4,002,500 | ||||||
Long Point Park CLO Ltd. | ||||||||
2017-1A, 4.148% (3 Month LIBOR USD + 1.375%), | ||||||||
01/17/2030 (a)(b) | 10,750,000 | 10,499,740 | ||||||
Neuberger Berman CLO XIV Ltd. | ||||||||
2013-14A, 3.720%, 01/28/2030 (b) | 500,000 | 483,029 | ||||||
Octagon Investment | ||||||||
Partners 34 Ltd. | ||||||||
2017-1A, 3.560%, 01/20/2030 (b) | 8,550,000 | 8,168,225 | ||||||
TOTAL COLLATERALIZED LOAN | ||||||||
OBLIGATIONS (Cost $79,040,012) | 78,885,748 | |||||||
CORPORATE BONDS – 4.19% | ||||||||
Administrative and | ||||||||
Support Services – 0.05% | ||||||||
Northwell Healthcare, Inc. | ||||||||
3.391%, 11/01/2027 | 1,000,000 | 955,723 | ||||||
Credit Intermediation and | ||||||||
Related Activities – 1.64% | ||||||||
American Honda Finance Corp. | ||||||||
3.550%, 01/12/2024 | 5,000,000 | 5,086,133 | ||||||
Bank of NT Butterfield & Son Ltd. | ||||||||
5.250% to 06/01/2023 then | ||||||||
3 Month LIBOR USD + 2.255%, 06/01/2028 (a)(c) | ||||||||
3,000,000 | 3,010,401 | |||||||
Canadian Imperial Bank | ||||||||
of Commerce | ||||||||
3.500%, 09/13/2023 (c) | 5,000,000 | 5,067,186 | ||||||
First Commonwealth Bank | ||||||||
4.875% to 06/01/2023 then | ||||||||
3 Month LIBOR USD + 1.845%, 06/01/2028 (a) | ||||||||
1,000,000 | 992,578 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 14
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Credit Intermediation and | ||||||||
Related Activities (Cont.) | ||||||||
First National of Nebraska, Inc. | ||||||||
4.375% to 04/01/2023 then | ||||||||
3 Month LIBOR USD + 1.600%, | ||||||||
04/01/2028 (a)(b) | $ | 3,000,000 | $ | 2,956,444 | ||||
Fulton Financial Corp. | ||||||||
3.600%, 03/16/2022 | 1,000,000 | 995,019 | ||||||
John Deere Capital Corp. | ||||||||
2.650%, 06/24/2024 | 2,436,000 | 2,376,909 | ||||||
MB Financial Bank NA | ||||||||
4.000% to 12/01/2022 then | ||||||||
3 Month LIBOR USD + 1.873%, | ||||||||
12/01/2027 (a) | 3,000,000 | 2,913,544 | ||||||
Renasant Corp. | ||||||||
8.500%, 06/27/2024 (b) | 2,000,000 | 2,074,604 | ||||||
Royal Bank of Canada | ||||||||
3.700%, 10/05/2023 | 5,000,000 | 5,094,038 | ||||||
Sterling Bancorp. | ||||||||
3.500%, 06/08/2020 | 2,250,000 | 2,233,496 | ||||||
Towne Bank | ||||||||
4.500% to 07/30/2022 then | ||||||||
3 Month LIBOR USD + 2.550%, | ||||||||
07/30/2027 (a) | 1,000,000 | 1,001,884 | ||||||
Fabricated Metal Product | ||||||||
Manufacturing – 0.22% | ||||||||
Unilever Capital Corp. | ||||||||
3.250%, 03/07/2024 | 4,600,000 | 4,617,367 | ||||||
Hospitals – 0.39% | ||||||||
Advocate Health & Hospitals Corp. | ||||||||
3.829%, 08/15/2028 | 1,000,000 | 1,020,077 | ||||||
Baptist Health South Florida, Inc. | ||||||||
4.590%, 08/15/2021 | 645,000 | 664,131 | ||||||
CommonSpirit Health | ||||||||
2.950%, 11/01/2022 | 5,815,000 | 5,690,938 | ||||||
Memorial Health Services | ||||||||
3.496%, 05/01/2022 | 575,000 | 575,040 | ||||||
Management of Companies | ||||||||
and Enterprises – 0.41% | ||||||||
Bryn Mawr Bank Corp. | ||||||||
4.250% to 12/15/2022 then | ||||||||
3 Month LIBOR USD + 2.050%, | ||||||||
12/15/2027 (a) | 3,500,000 | 3,390,338 | ||||||
Cadence BanCorp | ||||||||
4.875%, 06/28/2019 (b) | 5,000,000 | 5,002,366 | ||||||
Publishing Industries | ||||||||
(except Internet) – 0.42% | ||||||||
Oracle Corp. | ||||||||
2.950%, 05/15/2025 | 8,877,000 | 8,729,238 | ||||||
Real Estate – 0.48% | ||||||||
Enterprise Community | ||||||||
Loan Fund, Inc. | ||||||||
3.685%, 11/01/2023 | 5,000,000 | 5,012,959 | ||||||
4.152%, 11/01/2028 | 5,000,000 | 4,936,904 | ||||||
Rental and | ||||||||
Leasing Services – 0.25% | ||||||||
Toyota Motor Credit Corp. | ||||||||
3.450%, 09/20/2023 | 5,000,000 | 5,074,287 | ||||||
Utilities – 0.33% | ||||||||
Oglethorpe Power Corp. | ||||||||
6.191%, 01/01/2031 (b) | 6,000,000 | 6,865,840 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $86,074,914) | 86,337,444 | |||||||
NON-AGENCY RESIDENTIAL | ||||||||
MORTGAGE BACKED SECURITIES – 29.34% | ||||||||
ACE Securities Corp. Home Equity Loan Trust | ||||||||
2006-ASP4, 2.650% | ||||||||
(1 Month LIBOR USD + 0.160%), | ||||||||
08/25/2036 (a) | 1,064,436 | 1,058,852 | ||||||
Adjustable Rate Mortgage Trust | ||||||||
2005-3, 4.281%, 07/25/2035 (d) | 1,011,393 | 989,636 | ||||||
Alternative Loan Trust | ||||||||
2004-28CB, 5.000%, 01/25/2020 | 563,957 | 567,870 | ||||||
2006-J3, 5.750%, 05/25/2026 | 611,823 | 512,607 | ||||||
2004-27CB, 6.000%, 12/25/2034 | 406,867 | 401,512 | ||||||
2004-28CB, 6.000%, 01/25/2035 | 699,526 | 700,604 | ||||||
2005-6CB, 5.750%, 04/25/2035 | 3,820,426 | 3,765,252 | ||||||
2005-6CB, 7.500%, 04/25/2035 | 431,173 | 454,178 | ||||||
2005-21CB, 5.250%, 06/25/2035 | 5,128,927 | 4,754,944 | ||||||
2005-21CB, 5.500%, 06/25/2035 | 788,641 | 740,762 | ||||||
2005-21CB, 6.000%, 06/25/2035 | 3,243,569 | 3,123,315 | ||||||
2005-20CB, 5.500%, 07/25/2035 | 2,338,208 | 2,186,526 | ||||||
2005-43, 4.674%, 09/25/2035 (d) | 541,787 | 524,048 | ||||||
2005-63, 4.096%, 11/25/2035 (d) | 1,654,093 | 1,520,075 | ||||||
2005-52CB, 5.500%, 11/25/2035 | 191,636 | 176,388 | ||||||
2005-52CB, 5.500%, 11/25/2035 | 81,313 | 74,843 | ||||||
2005-52CB, 5.500%, 11/25/2035 | 42,728 | 39,328 | ||||||
2005-54CB, 5.500%, 11/25/2035 | 1,051,181 | 879,923 | ||||||
2005-J13, 5.500%, 11/25/2035 | 630,951 | 563,204 | ||||||
2005-65CB, 0.000%, 12/25/2035 (e) | 1,422,175 | 909,139 | ||||||
2005-65CB, 5.500%, 01/25/2036 | 204,682 | 188,156 | ||||||
2005-73CB, 5.750%, 01/25/2036 | 583,089 | 465,851 | ||||||
2005-86CB, 5.500%, 02/25/2036 | 232,234 | 200,339 | ||||||
2005-86CB, 5.500%, 02/25/2036 | 1,633,455 | 1,425,490 | ||||||
2006-6CB, 5.500%, 05/25/2036 | 198,185 | 182,989 | ||||||
2006-12CB, 5.750% | ||||||||
(1 Month LIBOR USD + 5.750%), | ||||||||
05/25/2036 (a) | 843,171 | 685,047 | ||||||
2006-16CB, 6.000%, 06/25/2036 | 228,501 | 190,906 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 15
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Alternative Loan Trust (Cont.) | ||||||||
2006-24CB, 5.750%, 08/01/2036 | $ | 404,980 | $ | 334,212 | ||||
2006-19CB, 2.890% (1 Month LIBOR USD + 0.400%), | ||||||||
08/25/2036 (a) | 1,120,747 | 776,663 | ||||||
2006-19CB, 6.000%, 08/25/2036 | 234,534 | 202,486 | ||||||
2006-19CB, 6.000% (1 Month LIBOR USD + 1.000%), | ||||||||
08/25/2036 (a) | 1,684,711 | 1,454,502 | ||||||
2006-26CB, 6.250%, 09/25/2036 | 7,426,822 | 5,841,791 | ||||||
2006-32CB, 5.500%, 11/25/2036 | 274,555 | 220,996 | ||||||
2006-31CB, 6.000%, 11/25/2036 | 106,183 | 89,358 | ||||||
2006-32CB, 6.000%, 11/25/2036 | 4,184,564 | 3,521,934 | ||||||
2006-32CB, 6.000%, 11/25/2036 | 1,382,183 | 1,163,313 | ||||||
2006-32CB, 6.000%, 11/25/2036 | 4,246,448 | 3,574,019 | ||||||
2006-39CB, 6.000%, 01/25/2037 | 4,786,065 | 4,673,625 | ||||||
2006-41CB, 6.000%, 01/25/2037 | 846,918 | 700,324 | ||||||
2007-4CB, 5.750%, 04/25/2037 | 2,430,486 | 2,382,272 | ||||||
2007-8CB, 6.000%, 05/25/2037 | 831,689 | 713,832 | ||||||
2008-2R, 6.000%, 08/25/2037 (d) | 10,146,103 | 7,734,608 | ||||||
American Home Mortgage | ||||||||
Investment Trust | ||||||||
2006-2, 6.750%, 06/25/2036 (f) | 2,883,567 | 1,054,972 | ||||||
Banc of America Alternative | ||||||||
Loan Trust | ||||||||
2006-3, 6.000%, 04/25/2021 | 382,411 | 387,133 | ||||||
2005-1, 5.250%, 02/25/2035 | 3,132,148 | 2,877,128 | ||||||
2005-2, 5.500%, 03/25/2035 | 744,827 | 736,372 | ||||||
2005-5, 5.500%, 06/25/2035 | 268,278 | 252,462 | ||||||
2005-5, 6.000%, 06/25/2035 | 1,244,666 | 1,252,447 | ||||||
2005-11, 5.750%, 12/25/2035 | 175,402 | 157,695 | ||||||
2005-12, 5.750%, 01/25/2036 | 550,960 | 484,749 | ||||||
2006-1, 6.500%, 02/25/2036 | 3,594,322 | 3,455,623 | ||||||
2006-3, 6.000%, 04/25/2036 | 4,975,315 | 4,890,874 | ||||||
2006-9, 2.890% (1 Month LIBOR USD + 0.400%), | ||||||||
01/25/2037 (a) | 1,770,474 | 1,452,693 | ||||||
2006-9, 6.000%, 01/25/2037 | 392,156 | 374,417 | ||||||
2006-4, 6.500%, 05/25/2046 | 1,878,139 | 1,919,546 | ||||||
2006-5, 6.000%, 06/25/2046 | 576,708 | 540,298 | ||||||
Banc of America Funding Trust | ||||||||
2003-3, 5.500%, 10/25/2033 | 436,619 | 448,212 | ||||||
2004-1, 6.000%, 02/25/2034 | 1,302,243 | 1,405,158 | ||||||
2004-1, 6.000%, 03/25/2034 | 7,611,872 | 8,282,230 | ||||||
2007-4, 5.500%, 11/25/2034 | 962,069 | 955,393 | ||||||
2005-3, 5.500%, 06/25/2035 | 178,522 | 185,015 | ||||||
2005-4, 5.500%, 08/25/2035 | 79,245 | 82,009 | ||||||
2005-5, 5.500%, 09/25/2035 | 468,517 | 499,562 | ||||||
2005-5, 5.500%, 09/25/2035 | 3,883,410 | 4,060,839 | ||||||
2005-7, 5.750%, 11/25/2035 | 57,464 | 59,314 | ||||||
2005-7, 6.000%, 11/25/2035 | 285,840 | 290,920 | ||||||
2006-B, 4.397%, 03/20/2036 (d) | 1,371,029 | 1,275,591 | ||||||
2006-5, 5.750%, 09/25/2036 | 922,387 | 852,720 | ||||||
2006-7, 6.000%, 09/25/2036 | 1,401,565 | 1,321,533 | ||||||
2006-1, 4.351%, 12/20/2036 (d) | 7,954,419 | 8,196,034 | ||||||
2006-1, 4.351%, 12/20/2036 (d) | 1,383,634 | 1,399,398 | ||||||
2007-1, 6.189%, 01/25/2037 (f) | 1,367,717 | 1,336,615 | ||||||
2007-2, 2.550% (1 Month LIBOR USD + 0.060%), | ||||||||
03/25/2037 (a) | 905,680 | 743,441 | ||||||
2007-3, 2.920% (1 Month LIBOR USD + 0.430%), | ||||||||
04/25/2037 (a) | 1,772,272 | 1,473,072 | ||||||
2007-6, 2.770% (1 Month LIBOR USD + 0.280%), | ||||||||
07/25/2037 (a) | 8,648,193 | 8,270,036 | ||||||
2007-5, 5.500%, 07/25/2037 | 2,576,424 | 2,275,381 | ||||||
2006-J, 4.651%, 01/20/2047 (d) | 328,060 | 314,909 | ||||||
Banc of America Mortgage Trust | ||||||||
2005-A, 4.521%, 02/25/2035 (d) | 1,207,929 | 1,201,284 | ||||||
BCAP LLC Trust | ||||||||
2007-AA2, 7.500%, 04/25/2037 (d)(i) | ||||||||
437,902 | 386,138 | |||||||
Bear Stearns ALT-A Trust | ||||||||
2006-6, 3.953%, 11/25/2036 (d) | 713,225 | 636,802 | ||||||
Bear Stearns ARM Trust | ||||||||
2004-12, 3.946%, 02/25/2035 (d) | 282,127 | 271,822 | ||||||
Bear Stearns Asset Backed | ||||||||
Securities I Trust | ||||||||
2005-AC5, 3.490% (1 Month LIBOR USD + 1.000%), | ||||||||
08/25/2035 (a) | 877,410 | 739,588 | ||||||
2006-AC4, 2.740% (1 Month LIBOR USD + 0.250%), | ||||||||
07/25/2036 (a) | 6,750,651 | 5,829,041 | ||||||
2006-AC4, 22.794% (1 Month LIBOR USD + 33.583%), | ||||||||
07/25/2036 (a)(i) | 1,558,071 | 2,374,768 | ||||||
Chase Funding Trust Series | ||||||||
2004-1, 3.240% | ||||||||
(1 Month LIBOR USD + 0.750%), | ||||||||
09/25/2033 (a)(i) | 1,995,258 | 1,978,572 | ||||||
Chase Mortgage Finance Trust | ||||||||
2005-S3, 5.500%, 11/25/2035 | 11,868,589 | 11,389,600 | ||||||
2005-A1, 4.292%, 12/25/2035 (d) | 1,770,491 | 1,730,385 | ||||||
2006-S4, 6.000%, 12/25/2036 | 1,152,223 | 890,107 | ||||||
2006-S4, 6.000%, 12/25/2036 | 914,522 | 706,480 | ||||||
2007-S3, 5.750%, 05/25/2037 | 985,609 | 682,012 | ||||||
2007-S3, 6.000%, 05/25/2037 | 2,201,858 | 1,587,659 | ||||||
Chaseflex Trust | ||||||||
2005-1, 5.500%, 02/25/2035 | 697,965 | 677,546 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 16
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
CHL Mortgage Pass-Through Trust | ||||||||
2005-20, 5.250%, 12/25/2027 | $ | 45,434 | $ | 41,245 | ||||
2003-44, 5.000%, 10/25/2033 | 643,000 | 658,129 | ||||||
2004-4, 5.500%, 05/25/2034 | 839,365 | 838,359 | ||||||
2004-21, 4.000%, 11/25/2034 | 1,699,355 | 1,676,439 | ||||||
2004-J9, 5.500%, 01/25/2035 | 871,212 | 876,082 | ||||||
2004-HYB5, 4.666%, 04/20/2035 (d) | ||||||||
1,325,067 | 1,339,093 | |||||||
2005-HYB2, 4.223%, | ||||||||
05/20/2035 (d) | 2,038,932 | 2,056,289 | ||||||
2005-J3, 5.500%, 09/25/2035 | 206,454 | 200,619 | ||||||
2005-27, 5.500%, 12/25/2035 | 451,363 | 367,908 | ||||||
2005-30, 5.500%, 01/25/2036 | 96,227 | 87,494 | ||||||
2005-HY10, 3.869%, | ||||||||
02/20/2036 (d) | 141,325 | 121,733 | ||||||
2005-HY10, 4.451%, | ||||||||
02/20/2036 (d) | 563,590 | 527,482 | ||||||
2006-J1, 6.000%, 02/25/2036 | 41,137 | 31,125 | ||||||
2006-6, 6.000%, 04/25/2036 | 1,081,650 | 880,891 | ||||||
2006-J4, 6.250%, 09/25/2036 | 167,185 | 129,245 | ||||||
2006-16, 6.500%, 11/25/2036 | 929,629 | 653,058 | ||||||
2006-18, 6.000%, 12/25/2036 | 217,162 | 184,416 | ||||||
2006-21, 6.000%, 02/25/2037 | 1,203,482 | 1,031,645 | ||||||
2007-1, 6.000%, 03/25/2037 | 2,709,015 | 2,196,915 | ||||||
2007-5, 5.500%, 05/25/2037 | 1,452,109 | 1,188,519 | ||||||
2007-5, 5.750%, 05/25/2037 | 9,358,415 | 7,785,338 | ||||||
2007-5, 5.750%, 05/25/2037 | 1,073,298 | 892,885 | ||||||
2007-5, 5.750%, 05/25/2037 | 1,015,236 | 844,583 | ||||||
2007-10, 6.000%, 07/25/2037 | 3,018,914 | 2,459,910 | ||||||
2007-J2, 6.000%, 07/25/2037 | 288,228 | 194,198 | ||||||
2007-HY5, 3.760%, | ||||||||
09/25/2037 (d) | 2,059,184 | 1,927,389 | ||||||
2007-HY6, 3.960%, | ||||||||
11/25/2037 (d) | 760,307 | 672,579 | ||||||
2007-HY5, 4.514%, | ||||||||
09/25/2047 (d) | 624,891 | 608,210 | ||||||
Citicorp Mortgage Securities Trust | ||||||||
2006-3, 5.500%, 06/25/2021 | 93,169 | 86,256 | ||||||
2007-4, 5.500%, 05/25/2022 | 138,662 | 139,303 | ||||||
2006-1, 6.000%, 02/25/2036 | 269,437 | 273,133 | ||||||
2006-3, 5.750%, 06/25/2036 | 602,844 | 605,284 | ||||||
2007-3, 5.500%, 04/25/2037 | 327,118 | 325,314 | ||||||
2007-3, 6.000%, 04/25/2037 | 1,333,335 | 1,311,452 | ||||||
Citigroup Mortgage Loan Trust | ||||||||
2004-2, 9.250%, 08/25/2033 (b) | 80,033 | 86,090 | ||||||
2006-WF1, 5.830%, 11/25/2034 (f) | 2,742,380 | 2,728,221 | ||||||
2005-1, 4.006%, 04/25/2035 (d) | 827,682 | 813,831 | ||||||
2005-2, 3.934%, 05/25/2035 (d) | 1,204,168 | 1,214,307 | ||||||
2005-7, 4.131%, 09/25/2035 (d) | 1,231,667 | 1,135,898 | ||||||
2005-WF1, 4.935%, 03/25/2036 (f) | 604,597 | 405,034 | ||||||
2006-AR7, 4.392%, 11/25/2036 (d) | 3,316,927 | 3,060,506 | ||||||
2007-6, 3.400%, 10/25/2046 (d) | 656,198 | 589,485 | ||||||
CitiMortgage Alternative Loan Trust | ||||||||
2007-A4, 5.500%, 04/25/2022 | 28,860 | 28,918 | ||||||
2006-A2, 3.090% (1 Month LIBOR USD + 0.600%), | ||||||||
05/25/2036 (a) | 825,018 | 743,848 | ||||||
2006-A4, 6.000%, 09/25/2036 | 1,840,778 | 1,727,805 | ||||||
2007-A1, 6.000%, 01/25/2037 | 2,114,727 | 2,028,492 | ||||||
2007-A1, 6.000%, 01/25/2037 | 2,243,088 | 2,151,619 | ||||||
Credit Suisse First Boston | ||||||||
Mortgage Securities Corp. | ||||||||
2005-8, 7.000%, 09/25/2035 | 2,972,495 | 2,338,521 | ||||||
CSFB Mortgage-Backed | ||||||||
Pass-Through Certificates | ||||||||
2004-8, 5.500%, 12/25/2034 | 636,100 | 598,353 | ||||||
2005-3, 5.500%, 07/25/2035 | 912,083 | 913,576 | ||||||
2005-10, 5.500%, 11/25/2035 | 671,234 | 634,002 | ||||||
2005-10, 5.500%, 11/25/2035 | 2,883,156 | 2,723,321 | ||||||
2005-10, 6.000%, 11/25/2035 | 416,874 | 215,477 | ||||||
CSMC Mortgage-Backed Trust | ||||||||
2007-5, 5.000%, 10/25/2024 | 15,738 | 15,837 | ||||||
2006-CF1, 5.000%, 11/25/2035 (b)(f) | ||||||||
2,565,000 | 2,437,786 | |||||||
2006-1, 5.500%, 02/25/2036 | 528,514 | 517,898 | ||||||
2006-1, 5.500%, 02/25/2036 | 88,887 | 89,383 | ||||||
2011-13R, 4.070%, 02/27/2036 (b)(d) | ||||||||
5,434,355 | 5,152,549 | |||||||
2006-2, 5.750%, 03/25/2036 | 1,155,881 | 1,063,335 | ||||||
2006-2, 6.000%, 03/25/2036 | 2,892,250 | 2,113,216 | ||||||
2006-4, 6.000%, 05/25/2036 | 432,976 | 368,980 | ||||||
2006-4, 7.000%, 05/25/2036 | 579,745 | 251,654 | ||||||
2006-7, 6.000%, 08/25/2036 | 804,521 | 802,278 | ||||||
2007-2, 5.750%, 03/25/2037 | 277,025 | 230,206 | ||||||
2007-3, 5.500%, 04/25/2037 | 816,570 | 803,070 | ||||||
2007-3, 5.500%, 04/25/2037 | 1,211,920 | 1,191,883 | ||||||
Deutsche Alt-A Securities, Inc. | ||||||||
Mortgage Loan Trust | ||||||||
2005-3, 2.990% (1 Month LIBOR USD + 0.500%), | ||||||||
05/25/2035 (a) | 2,345,710 | 2,219,372 | ||||||
2005-6, 5.500%, 12/25/2035 | 2,809,627 | 2,575,417 | ||||||
Deutsche Alt-B Securities, Inc. | ||||||||
Mortgage Loan Trust | ||||||||
2006-AB4, 2.590% (1 Month LIBOR USD + 0.100%), | ||||||||
10/25/2036 (a) | 918,288 | 711,274 | ||||||
DFC HEL Trust | ||||||||
2001-1, 4.139% (1 Month LIBOR USD + 1.650%), | ||||||||
08/15/2031 (a) | 2,094,244 | 2,084,626 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 17
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Equity One Mortgage | ||||||||
Pass-Through Trust | ||||||||
2003-1, 4.860%, 08/25/2033 (d) | $ | 1,820,737 | $ | 1,849,884 | ||||
2003-3, 4.868%, 12/25/2033 (d) | 1,318,929 | 1,324,053 | ||||||
First Horizon Alternative | ||||||||
Mortgage Securities Trust | ||||||||
2005-FA10, 5.250%, 12/25/2020 | 38,582 | 36,730 | ||||||
2005-FA11, 5.250%, 02/25/2021 | 32,677 | 32,297 | ||||||
2006-FA6, 5.750%, 11/25/2021 | 20,668 | 20,059 | ||||||
2004-AA6, 3.978%, | ||||||||
01/25/2035 (d) | 617,119 | 618,974 | ||||||
2005-AA7, 4.395%, | ||||||||
09/25/2035 (d) | 2,516,325 | 2,418,722 | ||||||
2005-FA8, 5.500%, 11/25/2035 | 462,287 | 398,695 | ||||||
2006-FA1, 5.750%, 04/25/2036 | 2,496,834 | 1,863,967 | ||||||
2006-FA1, 6.000%, 04/25/2036 | 670,261 | 509,998 | ||||||
2006-FA2, 6.000%, 05/25/2036 | 2,789,607 | 2,106,679 | ||||||
2006-FA2, 6.000%, 05/25/2036 | 1,515,219 | 1,144,276 | ||||||
2006-FA3, 6.000%, 07/25/2036 | 9,232,672 | 7,371,390 | ||||||
2006-FA6, 6.000%, 11/25/2036 | 1,447,979 | 947,877 | ||||||
2006-FA6, 6.250%, 11/25/2036 | 1,835,402 | 1,258,502 | ||||||
2006-FA6, 6.250%, 11/25/2036 | 9,010,463 | 6,668,455 | ||||||
2007-FA4, 6.250%, 08/25/2037 (d) | 2,941,976 | 2,250,714 | ||||||
First Horizon Mortgage | ||||||||
Pass-Through Trust | ||||||||
2006-AR4, 4.709%, 01/25/2037 (d) | 870,399 | 779,959 | ||||||
2006-4, 5.750%, 02/25/2037 | 2,528,807 | 2,040,867 | ||||||
2006-4, 6.000%, 02/25/2037 | 1,531,283 | 1,260,214 | ||||||
2007-AR1, 4.501%, 05/25/2037 (d) | 740,020 | 598,806 | ||||||
2007-AR2, 4.511%, 08/25/2037 (d) | 6,262,235 | 5,019,430 | ||||||
GMACM Mortgage Loan Trust | ||||||||
2004-J2, 5.500%, 06/25/2034 | 77,083 | 76,197 | ||||||
2005-AR6, 4.055%, 11/19/2035 (d) | 670,442 | 646,078 | ||||||
GSAA Home Equity Trust | ||||||||
2005-1, 5.760%, 11/25/2034 (f) | 2,000,000 | 2,024,688 | ||||||
2005-12, 5.069%, 09/25/2035 (d) | 39,359 | 33,867 | ||||||
2006-6, 6.121%, 03/25/2036 (f) | 84,740 | 41,732 | ||||||
2006-15, 6.192%, 09/25/2036 (f) | 2,285,541 | 1,082,147 | ||||||
2006-18, 5.682%, 11/25/2036 (f) | 2,149,219 | 988,306 | ||||||
2007-7, 2.670% (1 Month LIBOR USD + 0.180%), | ||||||||
07/25/2037 (a) | 2,795,175 | 2,676,995 | ||||||
GSR Mortgage Loan Trust | ||||||||
2005-4F, 6.500%, 04/25/2020 | 59,703 | 60,793 | ||||||
2004-15F, 6.000%, 12/25/2034 | 3,365,102 | 3,399,392 | ||||||
2005-1F, 6.000%, 01/25/2035 | 32,018 | 32,584 | ||||||
2005-AR4, 4.341%, 07/25/2035 (d) | 554,382 | 519,933 | ||||||
2005-6F, 5.250%, 07/25/2035 | 301,868 | 315,060 | ||||||
2005-7F, 6.000%, 09/25/2035 | 46,190 | 48,543 | ||||||
2005-AR5, 4.347%, 10/25/2035 (d) | 813,461 | 812,057 | ||||||
2005-AR7, 4.439%, 11/25/2035 (d) | 741,605 | 750,200 | ||||||
2006-2F, 5.750%, 02/25/2036 | 963,650 | 916,283 | ||||||
HarborView Mortgage Loan Trust | ||||||||
2006-6, 4.446%, 08/19/2036 (d) | 870,851 | 812,604 | ||||||
HomeBanc Mortgage Trust | ||||||||
2006-1, 3.248%, 04/25/2037 (d) | 563,558 | 527,617 | ||||||
Impac CMB Trust | ||||||||
2005-5, 2.990% (1 Month LIBOR USD + 0.500%), | ||||||||
08/25/2035 (a) | 1,124,359 | 1,094,742 | ||||||
Impac Secured Assets | ||||||||
CMN Owner Trust | ||||||||
2004-2, 4.149%, 08/25/2034 (f) | 1,058,687 | 1,061,848 | ||||||
IndyMac IMSC Mortgage Loan Trust | ||||||||
2007-AR1, 3.757%, 06/25/2037 (d) | 577,084 | 487,377 | ||||||
IndyMac INDA Mortgage Loan Trust | ||||||||
2007-AR1, 4.151%, 03/25/2037 (d) | 662,854 | 637,587 | ||||||
IndyMac INDX Mortgage Loan Trust | ||||||||
2005-AR3, 3.899%, 04/25/2035 (d) | ||||||||
1,666,178 | 1,636,799 | |||||||
2005-AR23, 3.773%, 11/25/2035 (d) | ||||||||
1,822,898 | 1,689,784 | |||||||
2005-AR35, 3.802%, 02/25/2036 (d) | ||||||||
1,665,564 | 1,405,004 | |||||||
2006-AR3, 3.906%, 03/25/2036 (d) | ||||||||
9,176,800 | 8,343,965 | |||||||
2006-AR25, 3.594%, 09/25/2036 (d) | ||||||||
2,802,591 | 2,649,630 | |||||||
2006-AR25, 4.077%, | ||||||||
09/25/2036 (d) | 3,063,777 | 2,591,459 | ||||||
Jefferies Resecuritization Trust | ||||||||
2009-R1, 4.439%, 11/26/2035 (b)(d) | ||||||||
1,800,101 | 1,815,706 | |||||||
JP Morgan Alternative Loan Trust | ||||||||
2006-S2, 6.050%, 05/25/2036 (f) | 8,672 | 8,362 | ||||||
2006-A5, 3.720%, 10/25/2036 (d) | 2,056,607 | 2,289,485 | ||||||
2008-R4, 6.000%, 12/27/2036 (b) | 3,590,736 | 2,932,727 | ||||||
JP Morgan Mortgage Trust | ||||||||
2004-A6, 4.005%, 12/25/2034 (d) | 351,635 | 334,360 | ||||||
2005-S3, 5.750%, 01/25/2036 | 70,829 | 54,487 | ||||||
JP Morgan Resecuritization Trust | ||||||||
2009-7, 5.419%, 07/27/2037 (b)(d) | 608,850 | 610,271 | ||||||
Lehman Mortgage Trust | ||||||||
2005-2, 5.500%, 12/25/2035 | 2,279,370 | 1,936,731 | ||||||
2005-2, 5.750%, 12/25/2035 | 965,439 | 843,063 | ||||||
2005-3, 2.260% (1 Month LIBOR USD + 4.750%), | ||||||||
01/25/2036 (a)(g)(i) | 1,408,024 | 149,848 | ||||||
2005-3, 2.990% (1 Month LIBOR USD + 0.500%), | ||||||||
01/25/2036 (a) | 1,408,024 | 1,001,078 | ||||||
2005-3, 5.500%, 01/25/2036 | 353,901 | 293,241 | ||||||
2006-1, 5.500%, 02/25/2036 | 616,930 | 512,073 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 18
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Lehman Mortgage Trust (Cont.) | ||||||||
2006-2, 5.795%, 04/25/2036 (d) | $ | 51,314 | $ | 46,462 | ||||
2007-4, 5.750%, 05/25/2037 | 1,508,962 | 1,218,115 | ||||||
2007-4, 5.750%, 05/25/2037 | 3,297,083 | 2,661,582 | ||||||
2007-5, 6.000%, 06/25/2037 | 3,176,191 | 1,799,335 | ||||||
2007-5, 6.000%, 06/25/2037 | 8,675,131 | 4,914,524 | ||||||
MASTR Adjustable Rate | ||||||||
Mortgages Trust | ||||||||
2004-4, 3.953%, 05/25/2034 (d) | 115,438 | 110,423 | ||||||
2004-14, 3.990% (1 Month LIBOR USD + 1.500%), | ||||||||
01/25/2035 (a) | 574,896 | 577,809 | ||||||
2005-1, 4.241%, 02/25/2035 (d) | 271,389 | 269,221 | ||||||
MASTR Alternative Loan Trust | ||||||||
2003-5, 5.925%, 08/25/2033 (d) | 1,331,806 | 1,302,374 | ||||||
2003-7, 6.250%, 11/25/2033 | 487,323 | 499,680 | ||||||
2004-6, 5.500%, 07/25/2034 | 447,892 | 458,926 | ||||||
2004-6, 6.000%, 07/25/2034 | 347,212 | 364,379 | ||||||
2004-11, 6.500%, 10/25/2034 | 1,428,088 | 1,565,870 | ||||||
2005-2, 5.500%, 03/25/2035 | 2,000,000 | 2,145,883 | ||||||
2005-6, 5.500%, 12/25/2035 | 636,058 | 599,078 | ||||||
2006-3, 6.500%, 07/25/2036 | 1,327,422 | 853,860 | ||||||
MASTR Asset Securitization Trust | ||||||||
2002-NC1, 5.640% (1 Month LIBOR USD + 3.150%), | ||||||||
10/25/2032 (a) | 308,689 | 307,086 | ||||||
2006-1, 2.940% (1 Month LIBOR USD + 0.450%), | ||||||||
05/25/2036 (a) | 951,559 | 472,873 | ||||||
Merrill Lynch Mortgage | ||||||||
Investors Trust MLMI | ||||||||
2005-A5, 3.986%, 06/25/2035 (d) | 864,797 | 863,949 | ||||||
2005-A7, 4.391%, 09/25/2035 (d) | 9,401,340 | 8,596,110 | ||||||
Morgan Stanley Mortgage | ||||||||
Loan Trust | ||||||||
2005-7, 5.500%, 11/25/2035 | 416,508 | 418,881 | ||||||
2006-2, 6.500%, 02/25/2036 | 593,259 | 452,053 | ||||||
2006-11, 6.000%, 08/25/2036 | 1,794,264 | 1,415,171 | ||||||
2006-11, 6.000%, 08/25/2036 | 2,369,802 | 2,177,276 | ||||||
2007-8XS, 6.000%, 04/25/2037 (d) | 1,701,510 | 926,636 | ||||||
2007-3XS, 5.763%, 01/25/2047 (f) | 8,159,120 | 4,041,547 | ||||||
Nomura Asset Acceptance Corp. | ||||||||
Alternative Loan Trust | ||||||||
2005-WF1, 5.159%, 03/25/2035 (f) | 296,934 | 306,300 | ||||||
2007-1, 5.669%, 03/25/2047 (f) | 1,448,905 | 1,304,036 | ||||||
2007-1, 5.995%, 03/25/2047 (f) | 1,461,899 | 1,315,419 | ||||||
Nomura Resecuritization Trust | ||||||||
2011-4RA, 2.768%, 12/26/2036 (b)(d) | ||||||||
11,763,207 | 11,468,965 | |||||||
Opteum Mortgage Acceptance | ||||||||
Corp. Asset Backed | ||||||||
Pass-Through Certificates | ||||||||
2005-5, 5.850%, 12/25/2035 (d) | 665,467 | 677,626 | ||||||
Ownit Mortgage Loan Trust | ||||||||
2005-1, 3.585% (1 Month LIBOR USD + 1.095%), | ||||||||
09/25/2035 (a) | 4,703,951 | 4,676,501 | ||||||
2006-2, 5.633%, 01/25/2037 (f) | 1,157,903 | 1,157,154 | ||||||
Popular ABS Mortgage | ||||||||
Pass-Through Trust | ||||||||
2004-4, 4.322%, 09/25/2034 (f) | 1,556,068 | 1,501,737 | ||||||
RAAC Trust | ||||||||
2005-SP1, 6.000%, 09/25/2034 | 7,135 | 7,134 | ||||||
RALI Trust | ||||||||
2005-QS3, 5.000%, 03/25/2020 | 165,779 | 164,374 | ||||||
2007-QS4, 5.500%, 04/25/2022 | 2,378 | 2,381 | ||||||
2004-QA4, 5.261%, 09/25/2034 (d) | 330,856 | 270,113 | ||||||
2005-QS2, 5.500%, 02/25/2035 | 1,357,143 | 1,345,395 | ||||||
2005-QS6, 5.750%, 05/25/2035 | 4,450,490 | 4,336,749 | ||||||
2006-QA1, 5.734%, 01/25/2036 (d) | 892,612 | 793,909 | ||||||
2006-QS1, 5.750%, 01/25/2036 | 404,407 | 389,309 | ||||||
2006-QS6, 6.000%, 06/25/2036 | 1,670,825 | 1,513,754 | ||||||
2006-QS6, 6.000%, 06/25/2036 | 858,194 | 777,517 | ||||||
2006-QS9, 3.190% (1 Month LIBOR USD + 0.700%), | ||||||||
07/25/2036 (a) | 2,990,980 | 2,276,169 | ||||||
2006-QS13, 6.000%, 09/25/2036 | 4,491,952 | 3,967,479 | ||||||
2006-QS17, 2.840% (1 Month LIBOR USD + 0.350%), | ||||||||
12/25/2036 (a) | 1,803,570 | 1,437,429 | ||||||
2006-QS17, 6.000%, 12/25/2036 | 715,380 | 655,386 | ||||||
2007-QS1, 5.750%, 01/25/2037 | 737,045 | 646,922 | ||||||
2007-QS1, 6.000%, 01/25/2037 | 2,287,259 | 2,033,999 | ||||||
2007-QS6, 6.000%, 04/25/2037 | 5,607,144 | 5,211,607 | ||||||
2007-QS9, 6.500%, 07/25/2037 | 5,565,482 | 5,091,981 | ||||||
2007-QS10, 6.500%, 09/25/2037 | 578,551 | 552,630 | ||||||
RAMP Trust | ||||||||
2006-RS6, 2.670% (1 Month LIBOR USD + 0.180%), | ||||||||
11/25/2036 (a) | 642,605 | 632,250 | ||||||
RBSGC Mortgage Loan Trust | ||||||||
2005-A, 5.750%, 04/25/2035 | 2,002,225 | 1,997,398 | ||||||
RBSSP Resecuritization Trust | ||||||||
2009-7, 6.000%, 03/26/2036 (b) | 7,118,951 | 5,793,987 | ||||||
Renaissance Home Equity Loan Trust | ||||||||
2005-1, 5.016%, 05/25/2035 (f) | 703,437 | 717,846 | ||||||
Resecuritization Pass-Through Trust | ||||||||
2005-8R, 6.000%, 10/25/2034 | 4,564,406 | 4,575,741 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 19
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Residential Asset Securitization Trust | ||||||||
2004-R2, 5.500%, 08/25/2034 | $ | 3,154,043 | $ | 3,195,181 | ||||
2005-A5, 5.500%, 05/25/2035 | 1,697,936 | 1,579,630 | ||||||
2005-A8CB, 5.000%, 07/25/2035 | 23,378,885 | 19,536,446 | ||||||
2005-A8CB, 5.375%, 07/25/2035 | 3,218,484 | 2,755,465 | ||||||
2005-A11, 4.850%, 10/25/2035 | 4,322,737 | 2,766,046 | ||||||
2005-A11, 5.500%, 10/25/2035 | 433,863 | 409,255 | ||||||
2005-A11, 6.000%, 10/25/2035 | 492,036 | 362,007 | ||||||
2006-A10, 3.140% (1 Month LIBOR USD + 0.650%), | ||||||||
09/25/2036 (a) | 13,201,183 | 5,660,269 | ||||||
2006-A10, 3.360% (1 Month LIBOR USD + 5.850%), | ||||||||
09/25/2036 (a)(g)(i) | 13,201,183 | 3,014,895 | ||||||
2006-A15, 3.090% (1 Month LIBOR USD + 0.600%), | ||||||||
01/25/2037 (a) | 20,229,300 | 8,936,912 | ||||||
2006-A15, 3.160% (1 Month LIBOR USD + 5.650%), | ||||||||
01/25/2037 (a)(g)(i) | 20,229,300 | 3,915,047 | ||||||
RFMSI Trust | ||||||||
2005-SA4, 4.596%, 09/25/2035 (d) | 1,970,414 | 1,957,417 | ||||||
2005-SA4, 4.611%, 09/25/2035 (d) | 3,023,324 | 2,724,724 | ||||||
2005-S8, 5.500%, 11/25/2035 | 4,479,744 | 4,318,942 | ||||||
2006-S2, 5.750%, 02/25/2036 | 5,148,583 | 4,754,891 | ||||||
2006-S3, 5.500%, 03/25/2036 | 4,886,000 | 4,648,817 | ||||||
2006-S4, 6.000%, 04/25/2036 | 4,259,044 | 4,169,533 | ||||||
2006-S5, 6.000%, 06/25/2036 | 173,910 | 168,383 | ||||||
2006-S5, 6.000%, 06/25/2036 | 865,740 | 838,226 | ||||||
2006-S5, 6.000%, 06/25/2036 | 3,628,118 | 3,512,814 | ||||||
2006-S5, 6.000%, 06/25/2036 | 450,911 | 441,497 | ||||||
2006-S6, 6.000%, 07/25/2036 | 293,078 | 290,055 | ||||||
2006-S6, 6.000%, 07/25/2036 | 1,408,551 | 1,394,026 | ||||||
2006-S7, 6.250%, 08/25/2036 | 2,375,061 | 2,246,724 | ||||||
2006-S7, 6.500%, 08/25/2036 | 1,186,027 | 1,136,410 | ||||||
2006-S9, 5.750%, 09/25/2036 | 2,888,097 | 2,722,680 | ||||||
Specialty Underwriting & | ||||||||
Residential Finance Trust | ||||||||
2006-BC2, 3.874%, 02/25/2037 (f) | 1,015,299 | 557,404 | ||||||
STARM Mortgage Loan Trust | ||||||||
2007-S1, 4.590%, 01/25/2037 (d) | 899,983 | 841,637 | ||||||
2007-1, 4.724%, 02/25/2037 (d) | 13,337,118 | 12,583,283 | ||||||
2007-2, 3.918%, 04/25/2037 (d) | 993,295 | 741,007 | ||||||
Structured Adjustable Rate | ||||||||
Mortgage Loan Trust | ||||||||
2005-21, 3.984%, 11/25/2035 (d) | 729,964 | 690,148 | ||||||
2005-21, 4.158%, 11/25/2035 (d) | 4,209,637 | 3,578,489 | ||||||
2006-1, 4.157%, 02/25/2036 (d) | 563,412 | 532,670 | ||||||
2006-1, 4.210%, 02/25/2036 (d) | 2,086,638 | 1,927,462 | ||||||
2006-4, 3.942%, 05/25/2036 (d) | 1,109,669 | 949,381 | ||||||
2006-12, 4.233%, 01/25/2037 (d) | 1,154,589 | 1,030,554 | ||||||
2007-9, 4.312% (6 Month LIBOR USD + 1.500%), | ||||||||
10/25/2037 (a) | 1,408,918 | 1,274,824 | ||||||
Structured Asset Investment | ||||||||
Loan Trust | ||||||||
2006-4, 2.620% (1 Month LIBOR USD + 0.130%), | ||||||||
07/25/2036 (a) | 1,995,454 | 1,584,932 | ||||||
2004-18H, 4.750%, 10/25/2034 | 712,798 | 732,070 | ||||||
Structured Asset Securities | ||||||||
Corp. Trust | ||||||||
2005-17, 5.500%, 10/25/2035 | 549,541 | 555,444 | ||||||
Suntrust Alternative Loan Trust | ||||||||
2005-1F, 5.750%, 12/25/2035 | 2,154,209 | 2,110,657 | ||||||
2005-1F, 6.000%, 12/25/2035 | 4,805,906 | 4,745,745 | ||||||
2005-1F, 6.500%, 12/25/2035 | 5,993,650 | 5,901,155 | ||||||
TBW Mortgage-Backed Trust | ||||||||
2006-2, 5.500%, 07/25/2036 | 163,709 | 108,030 | ||||||
WaMu Mortgage Pass-Through | ||||||||
Certificates Trust | ||||||||
2004-S2, 6.000%, 06/25/2034 | 118,503 | 123,977 | ||||||
2007-HY7, 3.688%, 07/25/2037 (d) | 489,032 | 413,391 | ||||||
Washington Mutual Mortgage | ||||||||
Pass-Through Certificates WMALT | ||||||||
2005-6, 6.500%, 08/25/2035 | 641,773 | 610,763 | ||||||
2005-9, 5.500%, 11/25/2035 | 824,886 | 790,694 | ||||||
2007-HY2, 3.773%, 04/25/2037 (d) | 1,795,106 | 1,272,647 | ||||||
Wells Fargo Alternative Loan Trust | ||||||||
2005-1, 5.500%, 02/25/2035 | 1,849,379 | 1,835,007 | ||||||
2005-1, 5.500%, 02/25/2035 | 1,252,049 | 1,247,887 | ||||||
2007-PA1, 6.000%, 03/25/2037 | 1,502,075 | 1,399,407 | ||||||
2007-PA6, 4.694%, 12/28/2037 (d) | 10,047,341 | 9,904,616 | ||||||
Wells Fargo Mortgage Backed | ||||||||
Securities Trust | ||||||||
2005-AR5, 4.814%, 04/25/2035 (d) | 831,021 | 839,218 | ||||||
2005-AR4, 4.847%, 04/25/2035 (d) | 546,690 | 554,077 | ||||||
2005-AR15, 4.729%, 09/25/2035 (d) | ||||||||
3,013,273 | 3,051,691 | |||||||
2005-7, 5.250%, 09/25/2035 | 565,167 | 564,721 | ||||||
2005-AR16, 4.481%, 10/25/2035 (d) | ||||||||
900,288 | 910,980 | |||||||
2005-9, 5.500%, 10/25/2035 | 801,670 | 831,254 | ||||||
2005-12, 5.500%, 11/25/2035 | 911,224 | 916,206 | ||||||
2006-AR1, 4.177%, 03/25/2036 (d) | 4,030,966 | 3,990,769 | ||||||
2006-4, 3.190% (1 Month LIBOR USD + 0.700%), | ||||||||
04/25/2036 (a) | 341,117 | 339,700 | ||||||
2006-4, 5.750%, 04/25/2036 | 700,548 | 691,545 | ||||||
2006-AR10, 4.426%, 07/25/2036 (d) | ||||||||
1,349,121 | 1,352,419 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 20
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Wells Fargo Mortgage Backed | ||||||||
Securities Trust (Cont.) | ||||||||
2006-11, 6.000%, 09/25/2036 | $ | 471,869 | $ | 456,289 | ||||
2006-AR18, 4.756%, 11/25/2036 (d) | ||||||||
234,992 | 233,118 | |||||||
2007-2, 5.750%, 03/25/2037 | 1,451,153 | 1,399,392 | ||||||
2007-AR3, 4.235%, 04/25/2037 (d) | ||||||||
2,178,272 | 2,141,753 | |||||||
2007-10, 6.000%, 07/25/2037 | 736,932 | 727,899 | ||||||
2007-10, 6.000%, 07/25/2037 | 2,005,770 | 1,981,181 | ||||||
2007-11, 6.000%, 08/25/2037 | 1,603,391 | 1,599,488 | ||||||
2007-12, 5.500%, 09/25/2037 | 670,000 | 669,397 | ||||||
2007-13, 6.000%, 09/25/2037 | 534,076 | 530,024 | ||||||
2018-1, 3.500%, 07/25/2047 (b)(d) | 2,750,000 | 2,598,168 | ||||||
TOTAL NON-AGENCY RESIDENTIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $627,336,849) | 604,492,315 | |||||||
NON-AGENCY COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES – 18.20% | ||||||||
BANK | ||||||||
2017-BNK8, 0.748%, 11/15/2050 (d)(g) | ||||||||
37,592,668 | 1,968,548 | |||||||
2019-BNK16, 0.970%, 02/15/2052 (d)(g) | ||||||||
40,643,798 | 3,020,200 | |||||||
2018-BNK14, 0.526%, 09/15/2060 (d)(g) | ||||||||
97,044,383 | 3,617,795 | |||||||
2018-BNK14, 4.185%, 09/15/2060 | ||||||||
6,500,000 | 6,831,204 | |||||||
2018-BNK11, 0.499%, 03/15/2061 (d)(g) | ||||||||
29,506,041 | 1,095,922 | |||||||
2018-BNK12, 0.347%, 05/15/2061 (d)(g) | ||||||||
73,469,058 | 1,741,966 | |||||||
2018-BNK13, 0.520%, 08/15/2061 (d)(g) | ||||||||
53,495,123 | 1,881,985 | |||||||
2018-BNK13, 4.193%, 08/15/2061 (d) | ||||||||
5,500,000 | 5,762,287 | |||||||
2018-BNK15, 4.285%, 11/15/2061 | ||||||||
5,000,000 | 5,285,657 | |||||||
BENCHMARK Mortgage Trust | ||||||||
2018-B4, 4.059%, 07/15/2028 | 5,000,000 | 5,234,114 | ||||||
2018-B2, 0.429%, 02/15/2051 (d)(g) 2018-B3, 0.651%, | ||||||||
125,021,988 | 3,494,552 | |||||||
04/10/2051 (d)(g) 2018-B6, 0.445%, | 105,215,700 | 4,333,077 | ||||||
10/10/2051 (d)(g) | 78,721,539 | 2,387,459 | ||||||
2019-B9, 1.049%, 03/15/2052 (d)(g) | ||||||||
30,075,000 | 2,496,598 | |||||||
2019-B9, 4.267%, 03/15/2052 (d) | 1,500,000 | 1,558,586 | ||||||
2018-B7, 0.450%, 05/15/2053 (d)(g) | ||||||||
115,718,054 | 3,830,499 | |||||||
CCUBS Commercial Mortgage Trust | ||||||||
2017-C1, 0.291%, 11/15/2050 (d)(g) | ||||||||
40,062,667 | 990,365 | |||||||
2017-C1, 1.022%, 11/15/2050 (d)(g) | ||||||||
31,412,884 | 1,960,456 | |||||||
CD Mortgage Trust | ||||||||
2017-CD3, 0.577%, 02/10/2050 (d)(g) | ||||||||
61,857,000 | 2,645,581 | |||||||
2017-CD5, 3.220%, 08/15/2050 | 5,000,000 | 4,974,813 | ||||||
2018-C7, 4.213%, 08/15/2051 | 3,236,000 | 3,408,551 | ||||||
CGMS Commercial Mortgage Trust | ||||||||
2017-B1, 0.214%, 08/15/2050 (d)(g) | ||||||||
38,016,000 | 657,586 | |||||||
Citigroup Commercial Mortgage Trust | ||||||||
2019-SMRT, 4.149%, 01/10/2024 (b) | ||||||||
7,500,000 | 7,787,115 | |||||||
2013-GC17, 5.111%, 11/10/2046 (d) | ||||||||
5,000,000 | 5,222,076 | |||||||
2014-GC19, 5.090%, 03/10/2047 (d) | ||||||||
2,757,579 | 2,895,654 | |||||||
2016-C1, 4.117%, 05/10/2049 | 3,000,000 | 3,061,492 | ||||||
2016-C1, 4.952%, 05/10/2049 (d) | 3,270,000 | 3,346,850 | ||||||
2017-P7, 0.533%, 04/14/2050 (d)(g) | ||||||||
45,124,000 | 1,958,977 | |||||||
2017-C4, 0.302%, 10/12/2050 (d)(g) | ||||||||
42,746,500 | 973,017 | |||||||
2017-C4, 1.117%, 10/12/2050 (d)(g) | ||||||||
21,513,937 | 1,475,389 | |||||||
2018-B2, 0.394%, 03/10/2051 (d)(g) | ||||||||
49,202,000 | 1,643,676 | |||||||
2018-B2, 0.765%, 03/10/2051 (d)(g) | ||||||||
47,960,752 | 2,508,031 | |||||||
2018-C5, 0.214%, 06/10/2051 (b)(d)(g) | ||||||||
28,400,000 | 783,831 | |||||||
2018-C5, 0.603%, 06/10/2051 (d)(g) | ||||||||
47,822,870 | 2,439,445 | |||||||
2018-C5, 4.148%, 06/10/2051 | 4,000,000 | 4,209,924 | ||||||
2018-C6, 0.644%, 11/10/2051 (d)(g) | ||||||||
19,387,454 | 1,204,029 | |||||||
2018-C6, 4.343%, 11/10/2051 | 5,000,000 | 5,315,380 | ||||||
COMM Mortgage Trust | ||||||||
2013-CR13, 4.900%, 11/10/2046 (d) | ||||||||
2,000,000 | 2,114,979 | |||||||
2014-CR15, 4.736%, 02/10/2047 (d) | ||||||||
5,500,000 | 5,730,615 | |||||||
2014-CR16, 4.582%, 04/10/2047 | 4,664,000 | 4,832,387 | ||||||
2014-CR18, 4.456%, 07/15/2047 (d) | ||||||||
4,550,700 | 4,698,041 | |||||||
2013-CR11, 0.938%, 08/10/2050 (d)(g) | ||||||||
52,264,088 | 1,938,005 | |||||||
2018-COR3, 0.448%, 05/10/2051 (d)(g) | ||||||||
78,594,708 | 2,814,044 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 21
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
CSAIL Commercial Mortgage Trust | ||||||||
2015-C1, 0.500%, 04/15/2050 (b)(d)(g) | ||||||||
$ | 62,192,000 | $ | 1,572,730 | |||||
2017-C8, 0.378%, 06/15/2050 (d)(g) | ||||||||
74,773,000 | 2,079,938 | |||||||
2018-C14, 4.359%, 11/15/2051 | 8,000,000 | 8,475,787 | ||||||
DBJPM Mortgage Trust | ||||||||
2017-C6, 0.251%, 06/10/2050 (d)(g) | ||||||||
97,787,000 | 2,191,475 | |||||||
GS Mortgage Securities Trust | ||||||||
2017-FARM, 3.541%, 01/10/2043 (b)(d) | ||||||||
9,000,000 | 8,938,873 | |||||||
2013-GC14, 4.750%, 08/10/2046 (b)(d) | ||||||||
2,500,000 | 2,415,661 | |||||||
2017-GS8, 0.384%, 11/10/2050 (d)(g) | ||||||||
44,642,000 | 1,413,393 | |||||||
2019-GC38, 1.837%, 02/10/2052 (b)(d)(g) | ||||||||
20,916,000 | 3,228,970 | |||||||
GS Mortgage Securities Trust Corp. II | ||||||||
2015-GC30, 4.013%, 05/10/2050 (d) | ||||||||
2,325,000 | 2,353,202 | |||||||
2018-GS10, 4.106%, 07/10/2051 (d) | ||||||||
5,000,000 | 5,237,932 | |||||||
JP Morgan Chase Commercial | ||||||||
Mortgage Securities Trust | ||||||||
2012-CBX, 5.191%, 06/15/2045 (d) | ||||||||
6,680,000 | 6,836,462 | |||||||
2011-C4, 4.801%, 07/15/2046 (b) | 2,585,000 | 2,666,107 | ||||||
2015-JP1, 4.741%, 01/15/2049 (d) | 3,285,000 | 3,369,736 | ||||||
2007-CB20, 0.000%, 02/12/2051 (b)(d)(g) | ||||||||
16,632,011 | 166 | |||||||
JPMBB Commercial Mortgage | ||||||||
Securities Trust | ||||||||
2015-C32, 0.500%, 11/15/2048 (b)(d)(g) | ||||||||
23,066,000 | 642,797 | |||||||
2015-C33, 3.562%, 12/15/2048 | 5,561,000 | 5,671,172 | ||||||
JPMCC Commercial Mortgage | ||||||||
Securities Trust | ||||||||
2017-JP6, 0.702%, 07/15/2050 (d)(g) | ||||||||
68,830,000 | 3,359,978 | |||||||
JPMDB Commercial Mortgage | ||||||||
Securities Trust | ||||||||
2018-C8, 0.655%, 06/15/2051 (d)(g) | ||||||||
47,328,705 | 2,038,570 | |||||||
Morgan Stanley Bank of America | ||||||||
Merrill Lynch Trust | ||||||||
2013-C12, 4.482%, 10/15/2046 (d) | 5,000,000 | 5,239,983 | ||||||
2015-C27, 4.531%, 12/15/2047 (d) | 3,000,000 | 3,134,521 | ||||||
2015-C25, 4.527%, 10/15/2048 (d) | 3,000,000 | 3,052,743 | ||||||
2016-C31, 0.645%, 11/15/2049 (d)(g) | ||||||||
42,199,000 | 1,863,841 | |||||||
2016-C31, 1.317%, 11/15/2049 (b)(d)(g) | ||||||||
21,212,500 | 1,822,330 | |||||||
Morgan Stanley Capital I Trust | ||||||||
2016-BNK2, 0.548%, 11/15/2049 (d)(g) | ||||||||
42,650,000 | 1,627,362 | |||||||
2018-H3, 0.359%, 07/15/2051 (d)(g) | ||||||||
135,712,000 | 4,302,817 | |||||||
2018-H3, 0.839%, 07/15/2051 (d)(g) | ||||||||
62,926,030 | 3,722,094 | |||||||
2018-H3, 4.120%, 07/15/2051 | 5,000,000 | 5,225,242 | ||||||
2018-L1, 0.531%, 10/15/2051 (d)(g) | ||||||||
71,723,847 | 2,932,802 | |||||||
UBS Commercial Mortgage Trust | ||||||||
2012-C1, 5.544%, 05/10/2045 (b)(d) | ||||||||
4,500,000 | 4,695,725 | |||||||
2017-C1, 0.896%, 06/15/2050 (d)(g) | ||||||||
13,000,000 | 860,649 | |||||||
2017-C3, 0.371%, 08/15/2050 (d)(g) | ||||||||
67,762,500 | 2,302,787 | |||||||
2017-C6, 0.366%, 12/15/2050 (d)(g) | ||||||||
63,420,500 | 2,254,351 | |||||||
2017-C7, 0.366%, 12/15/2050 (d)(g) | ||||||||
170,396,000 | 5,021,093 | |||||||
2018-C10, 0.964%, 05/15/2051 (d)(g) | ||||||||
48,788,244 | 3,287,825 | |||||||
2018-C11, 0.261%, 06/15/2051 (d)(g) | ||||||||
143,441,000 | 3,815,215 | |||||||
2018-C11, 0.810%, 06/15/2051 (d)(g) | ||||||||
49,793,148 | 2,824,979 | |||||||
2018-C11, 4.119%, 06/15/2051 | ||||||||
5,000,000 | 5,235,973 | |||||||
2018-C12, 0.231%, 08/15/2051 (d)(g) | ||||||||
139,858,000 | 3,660,909 | |||||||
2018-C12, 0.834%, 08/15/2051 (d)(g) | ||||||||
49,854,015 | 3,098,567 | |||||||
2018-C12, 4.195%, 08/15/2051 | 5,000,000 | 5,252,411 | ||||||
2018-C13, 0.272%, 10/15/2051 (d)(g) | ||||||||
128,678,000 | 3,785,861 | |||||||
2018-C13, 4.241%, 10/15/2051 | 3,000,000 | 3,153,385 | ||||||
2018-C14, 0.305%, 12/15/2051 (d)(g) | ||||||||
114,392,000 | 3,493,200 | |||||||
UBS-Barclays Commercial | ||||||||
Mortgage Trust | ||||||||
2012-C3, 4.365%, 08/10/2049 (b)(d) | ||||||||
6,000,000 | 6,146,256 | |||||||
2012-C2, 1.323%, 05/10/2063 (b)(d)(g) | ||||||||
25,000,474 | 931,083 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 22
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
2015-NXS1, 3.658%, 05/15/2048 (d) | ||||||||
$ | 1,320,000 | $ | 1,307,636 | |||||
2016-BNK1, 1.338%, 08/15/2049 (d)(g) | ||||||||
37,683,598 | 3,304,185 | |||||||
2016-LC24, 1.012%, 10/15/2049 (d)(g) | ||||||||
36,969,489 | 2,457,706 | |||||||
2017-RB1, 0.718%, 03/15/2050 (d)(g) | ||||||||
38,474,561 | 2,079,515 | |||||||
2017-C42, 0.328%, 12/15/2050 (d)(g) | ||||||||
116,750,000 | 3,314,287 | |||||||
2018-C44, 0.762%, 05/15/2051 (d)(g) | ||||||||
96,056,847 | 5,228,960 | |||||||
2018-C45, 4.147%, 06/15/2051 | 5,388,000 | 5,652,679 | ||||||
2018-C46, 0.949%, 08/15/2051 (d)(g) | ||||||||
41,535,514 | 2,563,697 | |||||||
2018-C46, 4.086%, 08/15/2051 | 5,040,000 | 5,261,566 | ||||||
2018-C48, 0.243%, 01/15/2052 (d)(g) | ||||||||
138,642,000 | 3,427,826 | |||||||
2018-C48, 0.958%, 01/15/2052 (d)(g) | ||||||||
48,342,585 | 3,556,545 | |||||||
2018-C48, 4.245%, 01/15/2052 | 7,000,000 | 7,375,271 | ||||||
2019-C49, 0.776%, 03/15/2052 (d)(g) | ||||||||
125,812,000 | 6,877,639 | |||||||
2019-C49, 3.933%, 03/15/2052 | 5,000,000 | 5,149,765 | ||||||
2019-C49, 4.546%, 03/15/2052 | 4,647,000 | 4,770,689 | ||||||
2018-C47, 0.159%, 09/15/2061 (d)(g) | ||||||||
164,144,000 | 2,698,921 | |||||||
2018-C47, 0.628%, 09/15/2061 (d)(g) | ||||||||
61,670,340 | 2,977,925 | |||||||
2018-C47, 4.365%, 09/15/2061 | 5,625,000 | 5,968,240 | ||||||
WFRBS Commercial Mortgage Trust | ||||||||
2011-C5, 5.672%, 11/15/2044 (b)(d) | 5,695,000 | 5,991,513 | ||||||
2013-UBS1, 4.742%, 03/15/2046 (d) | 3,500,000 | 3,705,838 | ||||||
TOTAL NON-AGENCY | ||||||||
COMMERCIAL MORTGAGE BACKED | ||||||||
SECURITIES (Cost $374,662,065) | 375,038,114 | |||||||
AGENCY COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES – 5.13% | ||||||||
Freddie Mac Multifamily Structured | ||||||||
Pass Through Certificates | ||||||||
K014, 1.149%, 04/25/2021 (d)(g) | 92,832,668 | 1,987,417 | ||||||
K018, 1.343%, 01/25/2022 (d)(g) | 61,720,861 | 1,896,460 | ||||||
K019, 1.623%, 03/25/2022 (d)(g) | 91,309,109 | 3,829,194 | ||||||
K021, 1.441%, 06/25/2022 (d)(g) | 73,774,251 | 2,958,952 | ||||||
K723, 0.951%, 08/25/2023 (d)(g) | 74,703,503 | 2,562,308 | ||||||
K723, 0.853%, 09/25/2023 (d)(g) | 61,645,000 | 2,196,282 | ||||||
K726, 0.882%, 04/25/2024 (d)(g) | 27,812,592 | 1,017,154 | ||||||
K728, 0.415%, 08/25/2024 (d)(g) | 64,874,352 | 1,273,211 | ||||||
K729, 0.366%, 10/25/2024 (d)(g) | ||||||||
53,663,887 | 945,499 | |||||||
K042, 1.050%, 12/25/2024 (d)(g) | ||||||||
81,413,809 | 4,198,852 | |||||||
K061, 0.044%, 11/25/2026 (d)(g) | ||||||||
72,512,000 | 490,065 | |||||||
K062, 0.170%, 12/25/2026 (d)(g) | ||||||||
79,423,000 | 1,193,188 | |||||||
K063, 0.292%, 01/25/2027 (d)(g) | ||||||||
103,241,946 | 2,104,680 | |||||||
K064, 0.608%, 03/25/2027 (d)(g) | ||||||||
74,523,742 | 3,117,499 | |||||||
K065, 0.547%, 05/25/2027 (d)(g) | ||||||||
57,193,000 | 2,358,817 | |||||||
K066, 0.753%, 06/25/2027 (d)(g) | ||||||||
31,960,363 | 1,681,872 | |||||||
KW03, 0.845%, 06/25/2027 (d)(g) | ||||||||
16,377,123 | 864,648 | |||||||
K067, 0.578%, 07/25/2027 (d)(g) | ||||||||
40,929,397 | 1,727,896 | |||||||
K068, 0.436%, 08/25/2027 (d)(g) | ||||||||
25,666,239 | 820,506 | |||||||
K069, 0.369%, 09/25/2027 (d)(g) | ||||||||
30,980,250 | 884,604 | |||||||
K070, 0.327%, 11/25/2027 (d)(g) | ||||||||
38,637,403 | 1,002,583 | |||||||
K072, 0.370%, 12/25/2027 (d)(g) | ||||||||
61,773,533 | 1,767,390 | |||||||
K073, 0.203%, 01/25/2028 (g) | 54,203,000 | 1,047,381 | ||||||
K074, 0.291%, 01/25/2028 (d)(g) | ||||||||
208,229,622 | 5,201,139 | |||||||
K073, 0.303%, 01/25/2028 (d)(g) | ||||||||
157,188,453 | 4,018,460 | |||||||
KW06, 0.093%, 06/25/2028 (d)(g) | ||||||||
599,145,976 | 6,772,267 | |||||||
K080, 0.121%, 07/25/2028 (d)(g) | ||||||||
632,501,613 | 8,407,022 | |||||||
K081, 0.069%, 09/25/2051 (d)(g) | ||||||||
156,687,748 | 1,484,851 | |||||||
K084, 0.202%, 10/25/2028 (d)(g) | ||||||||
340,299,363 | 6,572,236 | |||||||
K1502, 0.953%, 01/25/2031 (d)(g) | ||||||||
31,938,782 | 2,610,091 | |||||||
K1505, 0.114%, 04/25/2033 (d)(g) | ||||||||
248,337,532 | 4,172,294 | |||||||
FREMF Mortgage Trust | ||||||||
2012-K23, 3.656%, 10/25/2045 (b)(d) | ||||||||
5,800,000 | 5,873,267 | |||||||
2013-K27, 3.496%, 01/25/2046 (b)(d) | ||||||||
7,000,000 | 7,054,739 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 23
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
FREMF Mortgage Trust (Cont.) | ||||||||
2011-K12, 4.345%, 01/25/2046 (b)(d) | ||||||||
$ | 5,000,000 | $ | 5,096,964 | |||||
2015-K43, 3.734%, 02/25/2048 (b)(d) | ||||||||
3,446,743 | 3,405,878 | |||||||
2015-K45, 3.590%, 04/25/2048 (b)(d) | ||||||||
3,100,000 | 3,039,693 | |||||||
TOTAL AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $91,503,704) | 105,635,359 | |||||||
MUNICIPAL BONDS – 31.03% | ||||||||
Alabama – 0.22% | ||||||||
Lower Alabama Gas District | ||||||||
5.000%, 09/01/2034 | 4,000,000 | 4,641,000 | ||||||
Alaska – 0.07% | ||||||||
Borough of North Slope, AK | ||||||||
5.426%, 06/30/2023 | 1,260,000 | 1,361,808 | ||||||
Arizona – 0.25% | ||||||||
City of Phoenix Civic | ||||||||
Improvement Corp. | ||||||||
5.500%, 07/01/2031 | 840,000 | 1,072,613 | ||||||
5.500%, 07/01/2033 | 1,010,000 | 1,300,920 | ||||||
5.500%, 07/01/2034 | 665,000 | 861,468 | ||||||
Tempe Industrial | ||||||||
Development Authority | ||||||||
4.000%, 10/01/2023 (b) | 2,000,000 | 2,009,060 | ||||||
5,244,061 | ||||||||
California – 4.34% | ||||||||
Alvord Unified School District | ||||||||
0.000%, 08/01/2046 | 1,720,000 | 1,694,544 | ||||||
California School Finance Authority | ||||||||
6.000%, 07/15/2019 (b) | 5,000,000 | 4,999,300 | ||||||
Citrus Community College District | ||||||||
0.000%, 06/01/2033 | 1,000,000 | 629,670 | ||||||
City of Industry, CA | ||||||||
4.000%, 01/01/2028 | 2,860,000 | 2,923,807 | ||||||
City of Los Angeles, CA | ||||||||
3.000%, 09/01/2026 | 4,320,000 | 4,234,421 | ||||||
City of Oakland, CA | ||||||||
3.000%, 01/15/2027 | 3,100,000 | 3,051,826 | ||||||
City of Sacramento, CA Transient | ||||||||
Occupancy Tax Revenue | ||||||||
3.858%, 06/01/2025 | 3,320,000 | 3,426,472 | ||||||
City of South Lake Tahoe, CA | ||||||||
4.000%, 06/01/2027 | 1,600,000 | 1,634,656 | ||||||
City of Union City, CA | ||||||||
0.000%, 07/01/2025 | 2,105,000 | 1,628,554 | ||||||
Coachella Valley Unified School | ||||||||
District, CA | ||||||||
0.000%, 08/01/2034 | 1,100,000 | 642,224 | ||||||
County of San Diego, CA | ||||||||
6.029%, 08/15/2026 | 815,000 | 917,690 | ||||||
County of Sonoma, CA | ||||||||
6.000%, 12/01/2029 | 10,010,000 | 11,512,001 | ||||||
Fullerton Public | ||||||||
Financing Authority | ||||||||
7.750%, 05/01/2031 | 1,490,000 | 1,850,923 | ||||||
Monrovia School Facilities | ||||||||
Grant Financing Authority | ||||||||
7.000%, 06/01/2027 | 2,120,000 | 2,457,949 | ||||||
M-S-R Energy Authority | ||||||||
7.000%, 11/01/2034 | 3,500,000 | 5,021,520 | ||||||
Norwalk-La Mirada Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2038 | 4,200,000 | 1,953,462 | ||||||
Oakland Alameda County | ||||||||
Coliseum Authority | ||||||||
3.643%, 02/01/2025 | 3,000,000 | 3,032,400 | ||||||
Palmdale Elementary | ||||||||
School District | ||||||||
0.000%, 08/01/2029 | 540,000 | 397,969 | ||||||
Placentia-Yorba Linda Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2035 | 7,600,000 | 4,287,540 | ||||||
Pomona Redevelopment Agency | ||||||||
Successor Agency | ||||||||
3.837%, 02/01/2025 | 4,260,000 | 4,320,237 | ||||||
3.930%, 02/01/2026 | 7,020,000 | 7,123,334 | ||||||
Poway Unified School District | ||||||||
0.000%, 08/01/2034 | 5,360,000 | 3,153,181 | ||||||
San Diego Tobacco Settlement | ||||||||
Revenue Funding Corp. | ||||||||
3.435%, 06/01/2023 | 2,155,000 | 2,145,173 | ||||||
San Diego Unified School District | ||||||||
0.000%, 07/01/2036 | 7,895,000 | 4,324,407 | ||||||
San Rafael City Elementary | ||||||||
School District | ||||||||
0.000%, 08/01/2029 | 3,025,000 | 2,280,275 | ||||||
Santa Ana Community | ||||||||
Redevelopment Agency | ||||||||
Successor Agency | ||||||||
3.753%, 09/01/2025 | 2,500,000 | 2,591,325 | ||||||
3.867%, 09/01/2026 | 4,000,000 | 4,173,600 | ||||||
Yosemite Community College District | ||||||||
0.000%, 08/01/2038 | 6,110,000 | 2,984,124 | ||||||
89,392,584 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 24
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Colorado – 0.55% | ||||||||
Centennial Water & | ||||||||
Sanitation District | ||||||||
5.000%, 12/01/2043 | $ | 6,000,000 | $ | 6,995,160 | ||||
Colorado Educational & Cultural | ||||||||
Facilities Authority | ||||||||
3.285%, 03/01/2028 | 1,000,000 | 989,440 | ||||||
Colorado Health Facilities Authority | ||||||||
5.000%, 12/01/2019 | 325,000 | 325,234 | ||||||
Larimer Weld & Boulder County | ||||||||
School District R-2J Thompson | ||||||||
5.000%, 12/15/2038 | 2,500,000 | 2,933,950 | ||||||
11,243,784 | ||||||||
Connecticut – 0.28% | ||||||||
Harbor Point Infrastructure | ||||||||
Improvement District | ||||||||
12.500%, 04/01/2039 | 1,275,000 | 1,402,475 | ||||||
State of Connecticut Special | ||||||||
Tax Revenue | ||||||||
5.000%, 09/01/2036 | 4,000,000 | 4,432,560 | ||||||
5,835,035 | ||||||||
District of Columbia – 0.57% | ||||||||
Metropolitan Washington Airports | ||||||||
Authority Dulles Toll Road Revenue | ||||||||
8.000%, 10/01/2047 | 8,020,000 | 11,815,064 | ||||||
Florida – 1.30% | ||||||||
City of Gainesville, FL | ||||||||
0.000%, 10/01/2027 | 4,610,000 | 3,386,552 | ||||||
0.000%, 10/01/2028 | 1,300,000 | 910,871 | ||||||
County of Miami-Dade, FL | ||||||||
0.000%, 10/01/2034 | 1,345,000 | 1,776,234 | ||||||
County of Miami-Dade, FL Water | ||||||||
& Sewer System Revenue | ||||||||
5.000%, 10/01/2043 | 7,250,000 | 8,300,525 | ||||||
Greater Orlando Aviation Authority | ||||||||
5.000%, 10/01/2042 | 1,850,000 | 2,058,865 | ||||||
School District of Broward County | ||||||||
5.000%, 07/01/2040 | 7,890,000 | 9,131,334 | ||||||
Seminole County Industrial | ||||||||
Development Authority | ||||||||
10.000%, 12/28/2021 (b)(j) | 325,000 | 398,414 | ||||||
12.500%, 12/28/2021 (b)(j) | 580,000 | 746,831 | ||||||
26,709,626 | ||||||||
Georgia – 0.36% | ||||||||
Medical Center Hospital Authority | ||||||||
4.875%, 08/01/2022 | 7,020,000 | 7,354,924 | ||||||
Idaho – 0.33% | ||||||||
Idaho Energy Resources Authority | ||||||||
2.772%, 09/01/2026 | 7,200,000 | 6,843,168 | ||||||
Illinois – 1.45% | ||||||||
Boone Mchenry & Dekalb Counties | ||||||||
Community Unit School District 100 | ||||||||
0.000%, 12/01/2022 | 660,000 | 605,273 | ||||||
Chicago Board of Education | ||||||||
0.000%, 12/01/2022 | 2,025,000 | 1,843,398 | ||||||
Chicago O’Hare | ||||||||
International Airport | ||||||||
5.000%, 01/01/2037 | 1,000,000 | 1,111,490 | ||||||
City of Chicago, IL | ||||||||
Waterworks Revenue | ||||||||
5.750%, 11/01/2030 | 2,485,000 | 3,010,354 | ||||||
Illinois Finance Authority | ||||||||
3.548%, 08/15/2029 | 1,500,000 | 1,468,365 | ||||||
5.000%, 08/15/2035 | 1,485,000 | 1,693,048 | ||||||
Kendall & Kane Counties | ||||||||
Community Unit School | ||||||||
District No. 115 | ||||||||
0.000%, 01/01/2022 | 2,340,000 | 2,191,691 | ||||||
Metropolitan Pier & | ||||||||
Exposition Authority | ||||||||
0.000%, 06/15/2033 | 5,075,000 | 2,734,664 | ||||||
Metropolitan Water Reclamation | ||||||||
District of Greater Chicago | ||||||||
5.000%, 12/01/2041 | 2,570,000 | 2,834,402 | ||||||
Regional Transportation Authority | ||||||||
6.000%, 07/01/2033 | 5,000,000 | 6,432,450 | ||||||
South Suburban College | ||||||||
Community School District No. 510 | ||||||||
0.000%, 12/01/2022 | 1,000,000 | 917,080 | ||||||
Southwestern Illinois | ||||||||
Development Authority | ||||||||
7.030%, 04/15/2032 | 675,000 | 702,344 | ||||||
State of Illinois | ||||||||
5.750%, 01/01/2037 | 3,000,000 | 3,330,030 | ||||||
5.877%, 03/01/2019 | 695,000 | 695,000 | ||||||
Will County Elementary | ||||||||
School District No. 122 | ||||||||
5.250%, 10/01/2023 | 220,000 | 223,148 | ||||||
29,792,737 | ||||||||
Indiana – 1.16% | ||||||||
Huntington Countywide School | ||||||||
Building Corp. | ||||||||
5.000%, 01/15/2038 | 5,560,000 | 6,400,172 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 25
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Indiana (Cont.) | ||||||||
Indiana Municipal Power Agency | ||||||||
5.000%, 01/01/2036 | $ | 6,340,000 | $ | 7,224,493 | ||||
5.000%, 01/01/2039 | 2,800,000 | 3,150,784 | ||||||
Indianapolis Board of | ||||||||
School Commissioners | ||||||||
3.800%, 07/15/2030 | 5,000,000 | 5,100,400 | ||||||
Northern Indiana Commuter | ||||||||
Transportation District | ||||||||
5.000%, 07/01/2035 | 1,770,000 | 1,996,896 | ||||||
23,872,745 | ||||||||
Kentucky – 0.38% | ||||||||
County of Warren, KY | ||||||||
3.921%, 12/01/2031 | 825,000 | 836,393 | ||||||
4.397%, 12/01/2038 | 1,500,000 | 1,577,820 | ||||||
Kentucky Higher Education | ||||||||
Student Loan Corp. | ||||||||
3.690%, 06/01/2023 | 2,000,000 | 2,029,720 | ||||||
3.860%, 06/01/2025 | 2,000,000 | 2,038,300 | ||||||
Kentucky State Property & | ||||||||
Building Commission | ||||||||
5.000%, 02/01/2032 | 1,150,000 | 1,288,437 | ||||||
7,770,670 | ||||||||
Louisiana – 0.05% | ||||||||
City of New Orleans, LA | ||||||||
8.800%, 12/01/2039 | 1,000,000 | 1,042,360 | ||||||
Massachusetts – 0.32% | ||||||||
Massachusetts Educational | ||||||||
Financing Authority | ||||||||
3.831%, 07/01/2024 | 4,215,000 | 4,331,376 | ||||||
Massachusetts Port Authority | ||||||||
5.000%, 07/01/2042 | 1,500,000 | 1,679,685 | ||||||
Massachusetts State College | ||||||||
Building Authority | ||||||||
5.932%, 05/01/2040 | 550,000 | 666,320 | ||||||
6,677,381 | ||||||||
Michigan – 1.57% | ||||||||
Chippewa Valley Schools | ||||||||
5.000%, 05/01/2039 | 3,800,000 | 4,402,946 | ||||||
5.000%, 05/01/2040 | 3,975,000 | 4,582,579 | ||||||
Detroit City School District | ||||||||
7.747%, 05/01/2039 | 5,510,000 | 7,566,662 | ||||||
Lake Orion Community | ||||||||
School District | ||||||||
5.000%, 05/01/2038 | 2,000,000 | 2,345,100 | ||||||
Michigan Finance Authority | ||||||||
2.610%, 11/01/2025 | 2,180,000 | 2,068,755 | ||||||
2.710%, 11/01/2026 | 4,105,000 | 3,844,620 | ||||||
6.396%, 09/01/2024 | 1,980,000 | 2,297,552 | ||||||
Ypsilanti School District | ||||||||
2.620%, 05/01/2023 | 5,500,000 | 5,335,110 | ||||||
32,443,324 | ||||||||
Minnesota – 0.67% | ||||||||
City of Rochester, MN | ||||||||
5.000%, 11/15/2033 | 4,250,000 | 5,421,725 | ||||||
5.000%, 11/15/2035 | 6,510,000 | 8,292,633 | ||||||
13,714,358 | ||||||||
Mississippi – 0.64% | ||||||||
State of Mississippi | ||||||||
3.851%, 11/01/2027 | 4,000,000 | 4,170,200 | ||||||
5.000%, 10/15/2037 | 7,925,000 | 9,077,216 | ||||||
13,247,416 | ||||||||
Missouri – 0.64% | ||||||||
Jackson County School District | ||||||||
6.000%, 03/01/2038 | 2,500,000 | 3,186,250 | ||||||
Kansas City Land Clearance | ||||||||
Redevelopment Authority | ||||||||
6.400%, 10/15/2040 (b) | 5,000,000 | 5,068,950 | ||||||
St. Louis School District | ||||||||
5.950%, 04/01/2024 | 235,000 | 267,042 | ||||||
6.450%, 04/01/2028 | 3,800,000 | 4,656,748 | ||||||
13,178,990 | ||||||||
Nebraska – 0.32% | ||||||||
Central Plains Energy Project | ||||||||
5.000%, 09/01/2034 | 5,700,000 | 6,620,835 | ||||||
Nevada – 0.21% | ||||||||
Clark County School District | ||||||||
5.510%, 06/15/2024 | 4,000,000 | 4,308,320 | ||||||
New Hampshire – 0.14% | ||||||||
New Hampshire Health and | ||||||||
Education Facilities Authority Act | ||||||||
5.000%, 07/01/2041 | 2,580,000 | 2,892,387 | ||||||
New Jersey – 1.89% | ||||||||
New Jersey Economic | ||||||||
Development Authority | ||||||||
0.000%, 02/15/2025 | 18,446,000 | 14,668,075 | ||||||
New Jersey Educational | ||||||||
Facilities Authority | ||||||||
2.504%, 07/01/2023 | 1,355,000 | 1,327,195 | ||||||
New Jersey Institute of Technology | ||||||||
3.323%, 07/01/2024 | 2,985,000 | 2,980,164 | ||||||
New Jersey Transportation | ||||||||
Trust Fund Authority | ||||||||
0.000%, 12/15/2027 | 11,110,000 | 8,730,127 | ||||||
6.104%, 12/15/2028 | 10,960,000 | 11,331,544 | ||||||
39,037,105 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 26
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
New York – 2.47% | ||||||||
City of New York, NY | ||||||||
5.000%, 04/01/2040 | $ | 9,420,000 | $ | 10,801,726 | ||||
Dutchess County Local | ||||||||
Development Corp. | ||||||||
4.550%, 07/01/2022 | 1,055,000 | 1,081,101 | ||||||
Fiscal Year 2005 | ||||||||
Securitization Corp. | ||||||||
4.930%, 04/01/2020 | 8,120,000 | 8,156,946 | ||||||
Monroe County Industrial | ||||||||
Development Corp. | ||||||||
3.622%, 07/01/2024 | 2,525,000 | 2,582,772 | ||||||
New York City Transitional | ||||||||
Finance Authority Building | ||||||||
Aid Revenue | ||||||||
4.800%, 07/15/2026 | 4,000,000 | 4,314,520 | ||||||
New York City Transitional | ||||||||
Finance Authority Future Tax | ||||||||
Secured Revenue | ||||||||
3.150%, 11/01/2025 | 1,075,000 | 1,076,591 | ||||||
3.590%, 08/01/2027 | 7,000,000 | 7,053,620 | ||||||
New York Liberty | ||||||||
Development Corp. | ||||||||
5.250%, 10/01/2035 | 1,000,000 | 1,228,740 | ||||||
New York State | ||||||||
Dormitory Authority | ||||||||
5.096%, 08/01/2034 | 3,125,000 | 3,252,062 | ||||||
New York State Environmental | ||||||||
Facilities Corp. | ||||||||
2.620%, 01/15/2024 | 700,000 | 693,294 | ||||||
New York State Urban | ||||||||
Development Corp. | ||||||||
3.420%, 03/15/2028 | 3,580,000 | 3,548,747 | ||||||
5.000%, 03/15/2039 | 5,000,000 | 5,794,050 | ||||||
Port Authority of New York & | ||||||||
New Jersey | ||||||||
5.000%, 11/15/2037 | 1,250,000 | 1,419,312 | ||||||
51,003,481 | ||||||||
Ohio – 0.53% | ||||||||
Cincinnati City School District | ||||||||
5.250%, 12/01/2030 | 2,125,000 | 2,732,027 | ||||||
5.250%, 12/01/2031 | 2,695,000 | 3,478,140 | ||||||
County of Cuyahoga, OH | ||||||||
2.876%, 07/01/2025 | 1,000,000 | 993,760 | ||||||
2.976%, 07/01/2026 | 3,000,000 | 2,972,010 | ||||||
Sycamore Community City | ||||||||
School District | ||||||||
5.850%, 12/01/2028 | 590,000 | 699,056 | ||||||
10,874,993 | ||||||||
Oklahoma – 0.33% | ||||||||
Midwest City Economic | ||||||||
Development Authority | ||||||||
3.550%, 02/01/2025 | 1,060,000 | 1,079,864 | ||||||
Oklahoma City Economic | ||||||||
Development Trust | ||||||||
3.154%, 08/01/2025 | 2,500,000 | 2,485,750 | ||||||
Oklahoma Development | ||||||||
Finance Authority | ||||||||
5.450%, 08/15/2028 | 3,015,000 | 3,198,403 | ||||||
6,764,017 | ||||||||
Oregon – 0.10% | ||||||||
Washington County School | ||||||||
District No. 15 | ||||||||
5.909%, 06/15/2026 | 1,695,000 | 1,976,404 | ||||||
Pennsylvania – 2.01% | ||||||||
Berks County Industrial | ||||||||
Development Authority | ||||||||
3.950%, 05/15/2024 | 720,000 | 721,915 | ||||||
4.450%, 05/15/2027 | 800,000 | 794,344 | ||||||
Carbon County Hospital Authority | ||||||||
3.377%, 11/15/2023 | 1,000,000 | 1,020,970 | ||||||
3.677%, 11/15/2025 | 1,000,000 | 1,025,680 | ||||||
City of York, PA | ||||||||
0.000%, 02/01/2023 | 740,000 | 658,866 | ||||||
Delaware Valley Regional | ||||||||
Finance Authority | ||||||||
5.500%, 08/01/2028 | 4,745,000 | 5,830,798 | ||||||
Pennsylvania Economic | ||||||||
Development Financing Authority | ||||||||
5.000%, 12/31/2030 | 1,000,000 | 1,119,040 | ||||||
5.201%, 06/15/2020 | 1,290,000 | 1,319,864 | ||||||
Pennsylvania Turnpike Commission | ||||||||
5.000%, 06/01/2042 | 5,000,000 | 5,447,850 | ||||||
6.000%, 12/01/2030 | 3,070,000 | 3,879,344 | ||||||
6.250%, 06/01/2033 | 5,295,000 | 6,482,880 | ||||||
6.375%, 12/01/2038 | 3,850,000 | 4,824,859 | ||||||
Philadelphia Authority for | ||||||||
Industrial Development | ||||||||
0.000%, 04/15/2022 | 6,437,000 | 5,786,219 | ||||||
Union County Hospital Authority | ||||||||
3.800%, 08/01/2023 | 1,350,000 | 1,360,976 | ||||||
4.400%, 08/01/2028 | 1,060,000 | 1,080,691 | ||||||
41,354,296 | ||||||||
Puerto Rico – 0.44% | ||||||||
Children’s Trust Fund | ||||||||
5.375%, 05/15/2033 | 5,930,000 | 5,987,343 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 27
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Puerto Rico (Cont.) | ||||||||
Puerto Rico Sales Tax Financing | ||||||||
Corp. Sales Tax Revenue | ||||||||
0.000%, 07/01/2027 | $ | 3,237,000 | $ | 2,352,652 | ||||
4.550%, 07/01/2040 | 797,000 | 691,397 | ||||||
9,031,392 | ||||||||
South Carolina – 0.36% | ||||||||
Commission of Public Works, | ||||||||
City of Greer | ||||||||
5.500%, 09/01/2032 | 2,000,000 | 2,570,820 | ||||||
South Carolina Public | ||||||||
Service Authority | ||||||||
2.388%, 12/01/2023 | 5,000,000 | 4,780,650 | ||||||
7,351,470 | ||||||||
Tennessee – 0.30% | ||||||||
Memphis-Shelby County | ||||||||
Airport Authority | ||||||||
5.000%, 07/01/2038 | 1,490,000 | 1,668,621 | ||||||
Memphis-Shelby County | ||||||||
Industrial Development Board | ||||||||
4.700%, 07/01/2027 | 250,000 | 259,020 | ||||||
State of Tennessee | ||||||||
4.182%, 08/01/2031 | 4,000,000 | 4,248,760 | ||||||
6,176,401 | ||||||||
Texas – 4.26% | ||||||||
Bexar County Hospital District | ||||||||
5.000%, 02/15/2038 | 4,500,000 | 5,184,315 | ||||||
Central Texas Turnpike System | ||||||||
0.000%, 08/15/2027 | 0(k | ) | 0 | |||||
City of Conroe, TX | ||||||||
5.000%, 11/15/2037 | 3,200,000 | 3,731,200 | ||||||
5.000%, 11/15/2038 | 5,385,000 | 6,255,539 | ||||||
City of Dallas, TX | ||||||||
0.000%, 02/15/2026 | 2,525,000 | 1,974,954 | ||||||
0.000%, 02/15/2030 | 1,910,000 | 1,237,031 | ||||||
City of El Paso, TX | ||||||||
6.018%, 08/15/2035 | 3,000,000 | 3,728,670 | ||||||
City of Houston, TX | ||||||||
5.508%, 03/01/2036 | 2,400,000 | 2,768,640 | ||||||
6.290%, 03/01/2032 | 5,630,000 | 6,656,518 | ||||||
City of Houston, TX Airport | ||||||||
System Revenue | ||||||||
6.880%, 01/01/2028 | 500,000 | 587,095 | ||||||
City of Irving, TX | ||||||||
7.375%, 08/15/2044 | 3,500,000 | 3,720,255 | ||||||
County of Galveston, TX | ||||||||
5.905%, 02/01/2029 | 4,905,000 | 5,542,307 | ||||||
El Paso Independent | ||||||||
School District | ||||||||
1.550%, 08/15/2025 | 6,175,000 | 5,573,925 | ||||||
Lower Colorado River Authority | ||||||||
5.000%, 05/15/2038 | 5,000,000 | 5,713,300 | ||||||
New Hope Cultural Education | ||||||||
Facilities Corp. | ||||||||
4.000%, 08/01/2020 | 320,000 | 320,048 | ||||||
North Texas Tollway Authority | ||||||||
0.000%, 01/01/2031 | 7,500,000 | 5,234,100 | ||||||
5.000%, 01/01/2034 | 9,500,000 | 11,644,245 | ||||||
8.410%, 02/01/2030 | 5,090,000 | 6,587,987 | ||||||
Texas Public Finance Authority | ||||||||
8.250%, 07/01/2024 | 11,195,000 | 11,311,988 | ||||||
87,772,117 | ||||||||
Utah – 0.05% | ||||||||
Ogden City Redevelopment Agency | ||||||||
3.000%, 04/01/2023 | 1,000,000 | 1,000,110 | ||||||
Washington – 0.14% | ||||||||
Chelan County Public | ||||||||
Utility District No. 1 | ||||||||
0.000%, 06/01/2029 | 3,920,000 | 2,905,465 | ||||||
West Virginia – 1.51% | ||||||||
State of West Virginia | ||||||||
5.000%, 06/01/2040 | 5,000,000 | 5,768,600 | ||||||
5.000%, 12/01/2040 | 14,040,000 | 16,178,853 | ||||||
Tobacco Settlement | ||||||||
Finance Authority | ||||||||
7.467%, 06/01/2047 | 6,870,000 | 6,671,663 | ||||||
West Virginia University | ||||||||
0.000%, 04/01/2030 | 3,460,000 | 2,473,243 | ||||||
31,092,359 | ||||||||
Wisconsin – 0.82% | ||||||||
Public Finance Authority | ||||||||
3.930%, 12/15/2025 | 1,660,000 | 1,691,590 | ||||||
4.153%, 05/15/2031 | 3,635,000 | 3,692,651 | ||||||
5.000%, 05/15/2032 (b) | 1,275,000 | 1,340,522 | ||||||
5.000%, 03/01/2041 | 4,850,000 | 5,386,701 | ||||||
7.625%, 12/01/2048 (b) | 5,000,000 | 4,814,800 | ||||||
16,926,264 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $630,867,753) | 639,268,451 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 28
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
US GOVERNMENT NOTES/BONDS – 2.18% | ||||||||
United States Treasury Note/Bond | ||||||||
2.750%, 11/30/2020 | $ | 25,000,000 | $ | 25,087,891 | ||||
2.000%, 01/15/2021 | 20,000,000 | 19,805,078 | ||||||
TOTAL US GOVERNMENT | ||||||||
NOTES/BONDS (Cost $44,788,008) | 44,892,969 | |||||||
US GOVERNMENT TREASURY BILL – 1.90% | ||||||||
United States Treasury Bill | ||||||||
2.613%, 12/05/2019 | 40,000,000 | 39,242,592 | ||||||
TOTAL US GOVERNMENT | ||||||||
TREASURY BILL | ||||||||
(Cost $39,220,815) | 39,242,592 | |||||||
CLOSED-END MUTUAL | ||||||||
FUNDS – 0.33% | ||||||||
BlackRock Investment Quality | ||||||||
Municipal Trust, Inc. | 24,400 | 342,576 | ||||||
Invesco High Income Trust II | 143,246 | 2,042,688 | ||||||
Invesco Municipal Opportunity Trust | 172,200 | 2,042,292 | ||||||
Nuveen Quality Municipal | ||||||||
Income Fund | 183,527 | 2,457,426 | ||||||
TOTAL CLOSED-END | ||||||||
MUTUAL FUNDS | ||||||||
(Cost $7,013,035) | 6,884,982 | |||||||
SHORT-TERM INVESTMENTS – 2.09% | ||||||||
First American Treasury Obligations | ||||||||
Fund – Class Z – 2.269% (h) | 43,122,522 | 43,122,522 | ||||||
TOTAL SHORT-TERM | ||||||||
INVESTMENTS | ||||||||
(Cost $43,122,522) | 43,122,522 | |||||||
Total Investments | ||||||||
(Cost $2,048,126,396) – 99.41% | 2,048,399,564 | |||||||
Other Assets in Excess | ||||||||
of Liabilities – 0.58% | 12,052,818 | |||||||
TOTAL NET ASSETS – 100.00% | $ | 2,060,452,382 |
Percentages are stated as a percent of net assets.
(a) | Variable rate security; the rate shown represents the rate at February 28, 2019. |
(b) | Securities issued pursuant to Rule 144A under the Securities Act of 1933. |
(c) | Foreign issued security. |
(d) | Variable rate security; the rate shown represents the rate at February 28, 2019. The coupon is based on an underlying pool of loans. |
(e) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
(f) | Step-up bond; the rate shown represents the rate at February 28, 2019. |
(g) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
(h) | Seven day yield at February 28, 2019. |
(i) | Inverse floating rate security whose interest rate moves in opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier slope. |
(j) | Illiquid securities. The total market value of these securities was $1,145,245, representing 0.00% of net assets. |
(k) | Represents a fractional share. Rounds to less than 0.5 share. |
The accompanying notes are an integral part of these financial statements.
PAGE 29
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
MUNICIPAL BONDS – 97.06% | ||||||||
Alabama – 1.60% | ||||||||
Alabama Economic | ||||||||
Settlement Authority | ||||||||
3.163%, 09/15/2025 | $ | 1,800,000 | $ | 1,790,352 | ||||
City of Homewood, AL | ||||||||
5.000%, 09/01/2033 | 1,000,000 | 1,153,600 | ||||||
Lower Alabama Gas District | ||||||||
5.000%, 09/01/2031 | 1,005,000 | 1,162,001 | ||||||
4,105,953 | ||||||||
Alaska – 1.25% | ||||||||
Alaska Housing Finance Corp. | ||||||||
5.000%, 12/01/2031 | 1,040,000 | 1,237,995 | ||||||
CIVIC Ventures, AK | ||||||||
5.000%, 09/01/2033 | 1,750,000 | 1,956,483 | ||||||
3,194,478 | ||||||||
Arizona – 0.95% | ||||||||
Florence Town, Inc. Industrial | ||||||||
Development Authority | ||||||||
5.000%, 07/01/2023 | 385,000 | 399,576 | ||||||
Industrial Development Authority | ||||||||
of the City of Phoenix | ||||||||
5.000%, 06/01/2027 | 500,000 | 542,450 | ||||||
Tempe Industrial | ||||||||
Development Authority | ||||||||
4.000%, 10/01/2023 (a) | 1,500,000 | 1,506,795 | ||||||
2,448,821 | ||||||||
California – 5.07% | ||||||||
California School Finance Authority | ||||||||
6.000%, 07/15/2019 (a) | 1,750,000 | 1,749,755 | ||||||
California Statewide Communities | ||||||||
Development Authority | ||||||||
5.000%, 08/15/2028 | 750,000 | 888,300 | ||||||
City of Los Angeles | ||||||||
Department of Airports | ||||||||
5.000%, 05/15/2033 | 1,000,000 | 1,136,060 | ||||||
Clovis Unified School District | ||||||||
0.000%, 08/01/2028 | 2,000,000 | 1,548,820 | ||||||
M-S-R Energy Authority | ||||||||
7.000%, 11/01/2034 | 1,160,000 | 1,664,275 | ||||||
Palmdale Elementary School District | ||||||||
0.000%, 08/01/2028 | 500,000 | 385,055 | ||||||
Rialto Redevelopment Agency | ||||||||
5.000%, 09/01/2037 | 1,000,000 | 1,161,250 | ||||||
San Diego Tobacco Settlement | ||||||||
Revenue Funding Corp. | ||||||||
4.000%, 06/01/2032 | 980,000 | 988,987 | ||||||
San Joaquin Hills Transportation | ||||||||
Corridor Agency | ||||||||
5.000%, 01/15/2029 | 550,000 | 619,272 | ||||||
St. Helena Unified School District | ||||||||
0.000%, 06/01/2036 | 2,755,000 | 2,851,976 | ||||||
12,993,750 | ||||||||
Colorado – 3.22% | ||||||||
City & County of Denver, CO | ||||||||
Airport System Revenue | ||||||||
5.000%, 12/01/2034 | 2,500,000 | 3,077,000 | ||||||
Colorado Health Facilities Authority | ||||||||
3.125%, 05/15/2027 | 1,250,000 | 1,239,688 | ||||||
El Paso County School | ||||||||
District No. 49 Falcon | ||||||||
5.000%, 12/15/2031 | 1,500,000 | 1,736,175 | ||||||
Public Authority for Colorado Energy | ||||||||
6.500%, 11/15/2038 | 1,570,000 | 2,202,741 | ||||||
8,255,604 | ||||||||
District of Columbia – 0.67% | ||||||||
Metropolitan Washington | ||||||||
Airports Authority | ||||||||
5.000%, 10/01/2032 | 1,500,000 | 1,713,465 | ||||||
Florida – 5.20% | ||||||||
City of Belle Isle, FL | ||||||||
5.500%, 10/01/2022 | 420,000 | 439,786 | ||||||
City of Hialeah, FL | ||||||||
5.000%, 12/01/2029 | 500,000 | 585,500 | ||||||
City of Orlando, FL | ||||||||
5.000%, 11/01/2038 | 1,000,000 | 1,125,620 | ||||||
County of Miami-Dade | ||||||||
Seaport Department | ||||||||
5.750%, 10/01/2028 | 545,000 | 623,229 | ||||||
County of Miami-Dade, FL | ||||||||
5.250%, 10/01/2030 | 1,015,000 | 1,274,038 | ||||||
County of Miami-Dade, FL | ||||||||
Aviation Revenue | ||||||||
5.000%, 10/01/2038 | 1,405,000 | 1,546,694 | ||||||
Greater Orlando Aviation Authority | ||||||||
5.000%, 10/01/2046 | 1,500,000 | 1,651,155 | ||||||
Hollywood Community | ||||||||
Redevelopment Agency | ||||||||
5.000%, 03/01/2024 | 800,000 | 907,728 | ||||||
Orange County Health | ||||||||
Facilities Authority | ||||||||
5.000%, 10/01/2026 | 500,000 | 582,175 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 30
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Florida (Cont.) | ||||||||
Sarasota County Health | ||||||||
Facilities Authority | ||||||||
2.700%, 01/01/2022 | $ | 1,000,000 | $ | 987,900 | ||||
3.300%, 01/01/2023 | 1,000,000 | 1,000,070 | ||||||
Seminole County Industrial | ||||||||
Development Authority | ||||||||
10.000%, 12/28/2021 (a)(b) | 905,000 | 1,109,431 | ||||||
Tampa Bay Water | ||||||||
6.000%, 10/01/2029 | 1,025,000 | 1,367,504 | ||||||
Venetian Community | ||||||||
Development District | ||||||||
5.000%, 05/01/2023 | 125,000 | 128,094 | ||||||
13,328,924 | ||||||||
Georgia – 1.38% | ||||||||
Americus & Sumter County | ||||||||
Hospital Authority | ||||||||
5.125%, 05/15/2023 | 400,000 | 414,700 | ||||||
City of Atlanta, GA Water & | ||||||||
Wastewater Revenue | ||||||||
5.500%, 11/01/2027 | 1,550,000 | 1,885,048 | ||||||
Georgia Municipal Association, Inc. | ||||||||
5.000%, 12/01/2037 | 500,000 | 572,865 | ||||||
Savannah Hospital Authority | ||||||||
5.500%, 07/01/2027 | 590,000 | 674,630 | ||||||
3,547,243 | ||||||||
Hawaii – 1.34% | ||||||||
City & County of Honolulu, HI | ||||||||
5.000%, 10/01/2030 | 1,000,000 | 1,253,150 | ||||||
State of Hawaii | ||||||||
5.000%, 01/01/2038 | 1,885,000 | 2,185,017 | ||||||
3,438,167 | ||||||||
Illinois – 5.56% | ||||||||
Boone & Winnebago Counties | ||||||||
Community Unit School District No. 200 | ||||||||
0.000%, 01/01/2024 | 815,000 | 722,546 | ||||||
Boone Mchenry & Dekalb Counties | ||||||||
Community Unit School District No. 100 | ||||||||
0.000%, 12/01/2023 | 1,135,000 | 1,016,154 | ||||||
0.000%, 12/01/2024 | 520,000 | 451,599 | ||||||
Chicago Board of Education | ||||||||
0.000%, 12/01/2022 | 840,000 | 764,669 | ||||||
Chicago O'Hare International Airport | ||||||||
5.000%, 01/01/2037 | 1,000,000 | 1,111,490 | ||||||
Chicago Transit Authority | ||||||||
5.000%, 06/01/2024 | 750,000 | 847,140 | ||||||
5.250%, 12/01/2036 | 1,500,000 | 1,586,070 | ||||||
Cook County School | ||||||||
District No. 103 Lyons | ||||||||
0.000%, 12/01/2022 | 850,000 | 780,088 | ||||||
Illinois Finance Authority | ||||||||
5.000%, 01/01/2034 | 500,000 | 556,345 | ||||||
Metropolitan Pier & | ||||||||
Exposition Authority | ||||||||
0.000%, 06/15/2026 | 2,375,000 | 1,902,470 | ||||||
Metropolitan Water Reclamation | ||||||||
District of Greater Chicago | ||||||||
5.000%, 12/01/2041 | 1,000,000 | 1,102,880 | ||||||
Railsplitter Tobacco | ||||||||
Settlement Authority | ||||||||
5.000%, 06/01/2027 | 1,000,000 | 1,161,570 | ||||||
State of Illinois | ||||||||
6.000%, 06/15/2026 | 1,575,000 | 1,852,594 | ||||||
Will County Community Unit School | ||||||||
District No. 201-U Crete-Monee | ||||||||
0.000%, 11/01/2020 | 430,000 | 414,206 | ||||||
14,269,821 | ||||||||
Indiana – 3.41% | ||||||||
City of Valparaiso, IN | ||||||||
6.750%, 01/01/2034 | 500,000 | 572,245 | ||||||
Hammond Multi-School | ||||||||
Building Corp. | ||||||||
5.000%, 07/15/2034 | 1,000,000 | 1,135,380 | ||||||
Indiana Finance Authority | ||||||||
5.000%, 09/01/2036 | 1,000,000 | 1,115,150 | ||||||
5.500%, 11/15/2026 | 1,155,000 | 1,228,008 | ||||||
6.000%, 08/01/2039 | 1,135,000 | 1,154,272 | ||||||
Indiana Health Facility | ||||||||
Financing Authority | ||||||||
5.000%, 11/15/2034 | 1,010,000 | 1,144,199 | ||||||
Indiana Municipal Power Agency | ||||||||
5.000%, 01/01/2042 | 1,000,000 | 1,117,030 | ||||||
Northern Indiana Commuter | ||||||||
Transportation District | ||||||||
5.000%, 07/01/2033 | 1,130,000 | 1,283,985 | ||||||
8,750,269 | ||||||||
Kentucky – 0.54% | ||||||||
Grant County School District | ||||||||
Finance Corp. | ||||||||
1.400%, 08/01/2022 | 320,000 | 308,822 | ||||||
Kentucky Economic Development | ||||||||
Finance Authority | ||||||||
5.000%, 05/15/2026 | 1,000,000 | 1,088,020 | ||||||
1,396,842 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 31
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Louisiana – 1.98% | ||||||||
City of Shreveport, LA Water | ||||||||
& Sewer Revenue | ||||||||
5.000%, 12/01/2027 | $ | 1,000,000 | $ | 1,162,170 | ||||
Louisiana Energy & Power Authority | ||||||||
5.250%, 06/01/2028 | 410,000 | 458,831 | ||||||
Louisiana Local Government | ||||||||
Environmental Facilities & | ||||||||
Community Development Authority | ||||||||
5.000%, 11/01/2032 | 1,200,000 | 1,380,816 | ||||||
5.000%, 12/01/2025 | 715,000 | 841,669 | ||||||
Tobacco Settlement Financing Corp. | ||||||||
5.000%, 05/15/2022 | 400,000 | 432,068 | ||||||
5.250%, 05/15/2033 | 740,000 | 792,466 | ||||||
5,068,020 | ||||||||
Maryland – 0.60% | ||||||||
City of Rockville, MD | ||||||||
2.500%, 11/01/2024 | 1,560,000 | 1,546,943 | ||||||
Massachusetts – 2.00% | ||||||||
Commonwealth of Massachusetts | ||||||||
5.250%, 09/01/2043 | 2,000,000 | 2,348,200 | ||||||
Massachusetts Educational | ||||||||
Financing Authority | ||||||||
4.500%, 07/01/2024 | 105,000 | 109,899 | ||||||
5.000%, 07/01/2028 | 2,250,000 | 2,680,808 | ||||||
5,138,907 | ||||||||
Michigan – 2.59% | ||||||||
Battle Creek School District | ||||||||
5.000%, 05/01/2037 | 775,000 | 872,797 | ||||||
Brandon School District | ||||||||
5.000%, 05/01/2032 | 1,550,000 | 1,784,376 | ||||||
Charter Township of Commerce, MI | ||||||||
5.000%, 12/01/2038 | 1,000,000 | 1,142,090 | ||||||
County of Genesee, MI | ||||||||
3.109%, 10/01/2019 | 1,727,000 | 1,727,000 | ||||||
Detroit City School District | ||||||||
5.250%, 05/01/2027 | 715,000 | 856,005 | ||||||
Michigan Finance Authority | ||||||||
3.875%, 10/01/2023 | 250,000 | 261,390 | ||||||
6,643,658 | ||||||||
Minnesota – 5.50% | ||||||||
City of Minneapolis, MN | ||||||||
3.750%, 11/01/2021 | 1,000,000 | 1,001,320 | ||||||
5.000%, 03/01/2029 | 450,000 | 460,260 | ||||||
City of Minnetonka, MN | ||||||||
3.000%, 11/01/2034 | 1,969,410 | 1,868,852 | ||||||
City of Rochester, MN | ||||||||
5.000%, 11/15/2033 | 1,000,000 | 1,275,700 | ||||||
5.000%, 11/15/2034 | 845,000 | 1,077,434 | ||||||
City of St. Anthony, MN | ||||||||
6.000%, 12/01/2030 | 1,000,000 | 1,081,380 | ||||||
Dakota County Community | ||||||||
Development Agency | ||||||||
3.800%, 07/01/2022 | 2,000,000 | 2,003,520 | ||||||
Housing & Redevelopment Authority | ||||||||
of the City of St. Paul, MN | ||||||||
3.375%, 05/01/2021 (a) | 1,500,000 | 1,496,955 | ||||||
3.750%, 09/01/2021 | 1,000,000 | 1,002,430 | ||||||
3.750%, 03/01/2021 | 1,000,000 | 1,000,820 | ||||||
Kanabec Hospital | ||||||||
2.750%, 12/01/2019 | 1,000,000 | 1,000,100 | ||||||
Minneapolis-St. Paul Metropolitan | ||||||||
Airports Commission | ||||||||
5.000%, 01/01/2041 | 750,000 | 849,180 | ||||||
14,117,951 | ||||||||
Mississippi – 0.37% | ||||||||
Mississippi Development Bank | ||||||||
5.000%, 04/01/2026 | 800,000 | 944,520 | ||||||
Missouri – 1.76% | ||||||||
Jackson County School District | ||||||||
5.500%, 03/01/2035 | 1,015,000 | 1,260,935 | ||||||
5.500%, 03/01/2037 | 990,000 | 1,216,987 | ||||||
Kansas City Land Clearance | ||||||||
Redevelopment Authority | ||||||||
4.375%, 02/01/2031 (a) | 1,000,000 | 1,009,900 | ||||||
Maryland Heights Industrial | ||||||||
Development Authority | ||||||||
5.000%, 03/15/2039 | 1,000,000 | 1,015,690 | ||||||
4,503,512 | ||||||||
Nebraska – 0.91% | ||||||||
Central Plains Energy Project | ||||||||
5.000%, 09/01/2034 | 2,000,000 | 2,323,100 | ||||||
Nevada – 1.41% | ||||||||
City of Las Vegas, NV | ||||||||
5.000%, 09/01/2031 | 1,150,000 | 1,333,782 | ||||||
County of Washoe, NV | ||||||||
5.000%, 02/01/2042 | 2,000,000 | 2,294,920 | ||||||
3,628,702 | ||||||||
New Jersey – 2.89% | ||||||||
Garden State Preservation Trust | ||||||||
5.750%, 11/01/2028 | 960,000 | 1,166,861 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 32
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
New Jersey (Cont.) | ||||||||
New Jersey Economic | ||||||||
Development Authority | ||||||||
0.000%, 12/15/2035 | $ | 1,800,000 | $ | 1,856,988 | ||||
3.375%, 07/01/2030 | 1,000,000 | 993,160 | ||||||
5.500%, 01/01/2027 | 300,000 | 337,749 | ||||||
New Jersey Higher Education | ||||||||
Student Assistance Authority | ||||||||
5.000%, 12/01/2027 | 750,000 | 878,317 | ||||||
New Jersey Transportation | ||||||||
Trust Fund Authority | ||||||||
0.000%, 12/15/2027 | 1,420,000 | 1,115,822 | ||||||
0.000%, 12/15/2030 | 1,500,000 | 1,051,170 | ||||||
7,400,067 | ||||||||
New York – 6.02% | ||||||||
City of New York, NY | ||||||||
5.000%, 12/01/2037 | 2,000,000 | 2,340,300 | ||||||
New York City Transitional Finance | ||||||||
Authority Future Tax Secured Revenue | ||||||||
5.000%, 08/01/2040 | 5,000,000 | 5,760,700 | ||||||
New York City Water & | ||||||||
Sewer System | ||||||||
5.000%, 06/15/2040 | 2,000,000 | 2,315,340 | ||||||
New York Liberty Development Corp. | ||||||||
5.250%, 10/01/2035 | 845,000 | 1,038,285 | ||||||
New York State Dormitory Authority | ||||||||
5.000%, 03/15/2041 | 2,000,000 | 2,307,740 | ||||||
Port Authority of New York | ||||||||
& New Jersey | ||||||||
5.000%, 09/01/2032 | 1,500,000 | 1,688,460 | ||||||
15,450,825 | ||||||||
North Carolina – 0.39% | ||||||||
North Carolina Medical | ||||||||
Care Commission | ||||||||
3.550%, 10/01/2024 | 1,000,000 | 1,001,030 | ||||||
North Dakota – 1.01% | ||||||||
City of Langdon, ND | ||||||||
1.500%, 11/01/2019 | 1,500,000 | 1,491,195 | ||||||
City of Mandan, ND | ||||||||
2.750%, 09/01/2041 | 1,105,000 | 1,089,574 | ||||||
2,580,769 | ||||||||
Ohio – 4.05% | ||||||||
City of Cleveland, OH Income | ||||||||
Tax Revenue | ||||||||
5.000%, 10/01/2037 | 745,000 | 826,853 | ||||||
City of Dayton, OH Airport Revenue | ||||||||
5.000%, 12/01/2028 | 1,210,000 | 1,393,000 | ||||||
Cleveland-Cuyahoga County | ||||||||
Port Authority | ||||||||
5.000%, 08/01/2022 | 500,000 | 547,605 | ||||||
County of Cuyahoga, OH | ||||||||
5.500%, 02/15/2052 | 1,300,000 | 1,413,022 | ||||||
County of Franklin, OH | ||||||||
5.000%, 05/15/2027 | 635,000 | 740,289 | ||||||
Dayton City School District | ||||||||
5.000%, 11/01/2031 | 1,000,000 | 1,226,330 | ||||||
Highland Local School District | ||||||||
5.250%, 12/01/2054 | 1,500,000 | 1,670,295 | ||||||
Marysville Exempted Village | ||||||||
School District | ||||||||
5.000%, 12/01/2029 | 1,180,000 | 1,376,966 | ||||||
State of Ohio | ||||||||
5.000%, 01/01/2033 | 1,000,000 | 1,180,440 | ||||||
10,374,800 | ||||||||
Oregon – 0.63% | ||||||||
Medford Hospital Facilities Authority | ||||||||
5.000%, 10/01/2024 | 450,000 | 501,426 | ||||||
Port of Portland, OR Airport Revenue | ||||||||
5.000%, 07/01/2042 | 1,000,000 | 1,107,680 | ||||||
1,609,106 | ||||||||
Pennsylvania – 5.35% | ||||||||
Commonwealth Financing Authority | ||||||||
5.000%, 06/01/2034 | 1,000,000 | 1,135,770 | ||||||
5.000%, 06/01/2035 | 500,000 | 564,675 | ||||||
Delaware Valley Regional | ||||||||
Finance Authority | ||||||||
2.561%, 09/01/2048 | 1,000,000 | 997,930 | ||||||
5.500%, 08/01/2028 | 2,850,000 | 3,502,165 | ||||||
Hopewell Area School District | ||||||||
0.000%, 09/01/2026 | 900,000 | 741,375 | ||||||
Montour School District | ||||||||
5.000%, 04/01/2035 | 1,825,000 | 2,059,658 | ||||||
Pennsylvania Economic | ||||||||
Development Financing Authority | ||||||||
5.000%, 06/30/2028 | 750,000 | 851,258 | ||||||
Pennsylvania Turnpike Commission | ||||||||
6.000%, 12/01/2030 | 625,000 | 789,769 | ||||||
6.375%, 12/01/2038 | 2,000,000 | 2,506,420 | ||||||
Scranton School District | ||||||||
5.000%, 12/01/2035 | 500,000 | 563,305 | ||||||
13,712,325 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 33
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Puerto Rico – 2.71% | ||||||||
Children's Trust Fund | ||||||||
5.375%, 05/15/2033 | $ | 1,970,000 | $ | 1,989,050 | ||||
Puerto Rico Convention Center | ||||||||
District Authority | ||||||||
4.500%, 07/01/2036 | 1,900,000 | 1,902,147 | ||||||
Puerto Rico Public Finance Corp. | ||||||||
6.000%, 08/01/2026 | 490,000 | 618,929 | ||||||
Puerto Rico Sales Tax Financing | ||||||||
Corp Sales Tax Revenue | ||||||||
0.000%, 07/01/2024 | 2,000,000 | 1,659,120 | ||||||
0.000%, 07/01/2027 | 1,070,000 | 777,676 | ||||||
6,946,922 | ||||||||
Rhode Island – 0.94% | ||||||||
Rhode Island Health & Educational | ||||||||
Building Corp. | ||||||||
5.000%, 06/01/2025 | 500,000 | 570,055 | ||||||
Rhode Island Student Loan Authority | ||||||||
5.000%, 12/01/2023 | 905,000 | 1,002,278 | ||||||
5.000%, 12/01/2025 | 525,000 | 597,865 | ||||||
Tobacco Settlement Financing Corp. | ||||||||
2.250%, 06/01/2041 | 235,000 | 235,207 | ||||||
2,405,405 | ||||||||
South Carolina – 1.14% | ||||||||
Commission of Public Works, | ||||||||
City of Greer | ||||||||
5.500%, 09/01/2032 | 1,000,000 | 1,285,410 | ||||||
South Carolina Ports Authority | ||||||||
5.250%, 07/01/2055 | 1,500,000 | 1,634,775 | ||||||
2,920,185 | ||||||||
Texas – 14.30% | ||||||||
Alamo Regional Mobility Authority | ||||||||
5.000%, 06/15/2039 | 1,335,000 | 1,506,708 | ||||||
Arlington Higher Education | ||||||||
Finance Corp. | ||||||||
5.000%, 02/15/2030 | 1,000,000 | 1,146,520 | ||||||
Bexar County Hospital District | ||||||||
5.000%, 02/15/2038 | 1,135,000 | 1,307,599 | ||||||
City of Fort Worth, TX | ||||||||
5.250%, 03/01/2036 | 1,800,000 | 2,062,998 | ||||||
City of San Antonio, TX | ||||||||
5.000%, 08/01/2037 | 5,015,000 | 5,900,097 | ||||||
City of San Antonio, TX Electric | ||||||||
& Gas Systems Revenue | ||||||||
5.000%, 02/01/2044 | 1,000,000 | 1,155,080 | ||||||
County of Bexar, TX | ||||||||
5.000%, 06/15/2039 | 1,265,000 | 1,449,564 | ||||||
County of Harris, TX | ||||||||
2.468%, 08/15/2035 | 1,020,000 | 936,574 | ||||||
5.000%, 08/15/2034 | 1,000,000 | 1,150,180 | ||||||
Dallas Area Rapid Transit | ||||||||
5.250%, 12/01/2031 | 800,000 | 1,027,440 | ||||||
El Paso Independent School District | ||||||||
5.000%, 08/15/2037 | 1,250,000 | 1,420,175 | ||||||
Grand Parkway Transportation Corp. | ||||||||
5.000%, 10/01/2038 | 2,000,000 | 2,302,920 | ||||||
Harris County-Houston | ||||||||
Sports Authority | ||||||||
5.000%, 11/15/2027 | 500,000 | 564,310 | ||||||
Laredo Community College District | ||||||||
5.000%, 08/01/2029 | 885,000 | 1,024,193 | ||||||
New Hope Cultural Education | ||||||||
Facilities Corp. | ||||||||
5.000%, 07/01/2046 | 1,000,000 | 1,083,240 | ||||||
North East Independent | ||||||||
School District | ||||||||
5.250%, 02/01/2030 | 1,025,000 | 1,304,128 | ||||||
5.250%, 02/01/2035 | 1,000,000 | 1,302,180 | ||||||
North Texas Tollway Authority | ||||||||
6.200%, 01/01/2042 | 1,030,000 | 1,242,345 | ||||||
Socorro Independent School District | ||||||||
5.000%, 08/15/2039 | 2,000,000 | 2,280,340 | ||||||
State of Texas | ||||||||
5.500%, 08/01/2033 | 1,000,000 | 1,180,610 | ||||||
Tarrant County Cultural Education | ||||||||
Facilities Finance Corp. | ||||||||
3.875%, 11/15/2022 | 1,500,000 | 1,495,080 | ||||||
5.000%, 07/01/2036 | 1,500,000 | 1,698,315 | ||||||
Texas Municipal Gas Acquisition | ||||||||
& Supply Corp. I | ||||||||
6.250%, 12/15/2026 | 1,840,000 | 2,128,530 | ||||||
36,669,126 | ||||||||
Utah – 1.25% | ||||||||
County of Utah | ||||||||
5.000%, 05/15/2041 | 1,500,000 | 1,683,975 | ||||||
University of Utah | ||||||||
5.000%, 08/01/2031 | 1,000,000 | 1,173,310 | ||||||
Utah Charter School | ||||||||
Finance Authority | ||||||||
6.300%, 07/15/2032 | 335,000 | 357,375 | ||||||
3,214,660 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 34
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2019 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Vermont – 0.12% | ||||||||
Vermont Economic | ||||||||
Development Authority | ||||||||
5.000%, 05/01/2021 | $ | 300,000 | $ | 311,418 | ||||
Washington – 6.15% | ||||||||
Chelan County Public | ||||||||
Utility District No. 1 | ||||||||
0.000%, 06/01/2026 | 450,000 | 372,010 | ||||||
Grays Harbor County Public | ||||||||
Hospital District No. 1 | ||||||||
3.000%, 08/01/2019 | 1,000,000 | 999,520 | ||||||
Port of Seattle, WA | ||||||||
5.000%, 04/01/2034 | 1,500,000 | 1,665,090 | ||||||
Spokane County School | ||||||||
District No. 81 | ||||||||
5.000%, 12/01/2036 | 2,000,000 | 2,383,180 | ||||||
State of Washington | ||||||||
5.000%, 08/01/2039 | 5,000,000 | 5,813,350 | ||||||
Washington Health Care | ||||||||
Facilities Authority | ||||||||
5.000%, 10/01/2038 | 1,535,000 | 1,708,409 | ||||||
5.000%, 01/01/2025 | 1,000,000 | 1,149,480 | ||||||
Washington State Convention Center | ||||||||
Public Facilities District | ||||||||
5.000%, 07/01/2048 | 1,500,000 | 1,676,835 | ||||||
15,767,874 | ||||||||
Wisconsin – 2.80% | ||||||||
County of Milwaukee, WI | ||||||||
Airport Revenue | ||||||||
5.000%, 12/01/2028 | 1,000,000 | 1,161,810 | ||||||
Plateville Redevelopment Authority | ||||||||
5.000%, 07/01/2022 | 560,000 | 580,726 | ||||||
Public Finance Authority | ||||||||
3.000%, 11/15/2022 (a) | 1,430,000 | 1,430,157 | ||||||
5.000%, 09/30/2037 | 1,000,000 | 1,101,180 | ||||||
5.000%, 07/01/2038 | 1,000,000 | 1,129,230 | ||||||
5.250%, 05/15/2037 (a) | 500,000 | 525,085 | ||||||
Wisconsin Health & Educational | ||||||||
Facilities Authority | ||||||||
5.000%, 08/15/2034 | 1,100,000 | 1,264,373 | ||||||
7,192,561 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $244,263,775) | 248,915,723 | |||||||
CORPORATE BONDS – 0.66% | ||||||||
Hospitals – 0.66% | ||||||||
Catholic Health Initiatives | ||||||||
2.950%, 11/01/2022 | 1,725,000 | 1,688,197 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $1,690,383) | 1,688,197 | |||||||
Total Investments | ||||||||
(Cost $245,954,158) – 97.72% | 250,603,920 | |||||||
Other Assets in Excess | ||||||||
of Liabilities – 2.28% | 5,855,671 | |||||||
TOTAL NET ASSETS – 100.00% | $ | 256,459,591 |
Percentages are stated as a percent of net assets.
(a) | Securities issued pursuant to Rule 144A under the Securities Act of 1933. |
(b) | Illiquid security. The total market value of this security was $1,109,431, representing 1.00% of net assets. |
The accompanying notes are an integral part of these financial statements.
PAGE 35
STATEMENTS OF OPERATIONS
For the Six Months Ended February 28, 2019 (Unaudited)
Performance Trust | Performance Trust | |||||||
Strategic | Municipal | |||||||
Bond Fund | Bond Fund | |||||||
Investment Income | ||||||||
Interest income | $ | 36,512,599 | $ | 4,217,273 | ||||
Dividend income | 207,356 | — | ||||||
Total Investment Income | 36,719,955 | 4,217,273 | ||||||
Expenses | ||||||||
Advisory fees | 5,239,266 | 477,287 | ||||||
Transfer agent fees and expenses | 900,466 | 37,388 | ||||||
Administration and accounting fees | 507,439 | 109,800 | ||||||
Federal and state registration fees | 86,996 | 19,305 | ||||||
Reports to shareholders | 54,451 | 7,030 | ||||||
Custody fees | 54,013 | 6,557 | ||||||
Legal fees | 41,915 | 4,906 | ||||||
Audit and tax fees | 12,102 | 9,205 | ||||||
Chief Compliance Officer fees | 6,502 | 6,502 | ||||||
Trustees’ fees | 4,022 | 4,022 | ||||||
Distribution fees – Class A | 23 | 26,301 | ||||||
Distribution fees – Class C | 26 | — | ||||||
Shareholder servicing fees – Class C | 9 | — | ||||||
Other expenses | 11,768 | 3,207 | ||||||
Total Expenses | 6,918,998 | 711,510 | ||||||
Expense Recovery or (Waivers) by Adviser (Note 4) | — | (28,939 | ) | |||||
Net Expenses | 6,918,998 | 682,571 | ||||||
Net Investment Income | 29,800,957 | 3,534,702 | ||||||
Realized and Unrealized Gain (Loss) on Investments | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (339,914 | ) | (82,115 | ) | ||||
Change in net unrealized appreciation from investments | 7,564,826 | 3,019,596 | ||||||
Net Realized and Unrealized Gain on Investments | 7,224,912 | 2,937,481 | ||||||
Net Increase in Net Assets from Operations | $ | 37,025,869 | $ | 6,472,183 |
The accompanying notes are an integral part of these financial statements.
PAGE 36
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Strategic Bond Fund
Six Months Ended | ||||||||
February 28, 2019 | Year Ended | |||||||
(Unaudited) | August 31, 2018 | |||||||
From Operations | ||||||||
Net investment income | $ | 29,800,957 | $ | 53,747,565 | ||||
Net realized loss from investments | (339,914 | ) | (2,132,147 | ) | ||||
Change in net unrealized appreciation (depreciation) from investments | 7,564,826 | (24,461,362 | ) | |||||
Net increase in net assets from operations | 37,025,869 | 27,154,056 | ||||||
From Distributions | ||||||||
Net dividends and distributions – Institutional Class | (34,711,877 | ) | (62,058,773 | ) | ||||
Net dividends and distributions – Class A(1) | (778 | ) | — | |||||
Net dividends and distributions – Class C(2) | (213 | ) | — | |||||
Net decrease in net assets resulting from distributions paid | (34,712,868 | ) | (62,058,773 | )(3) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold – Institutional Class | 706,566,197 | 842,437,565 | ||||||
Proceeds from shares sold – Class A(1) | 284,949 | — | ||||||
Proceeds from shares sold – Class C(2) | 85,900 | — | ||||||
Shares issued in reinvestment of distributions declared – | ||||||||
Institutional Class | 28,769,587 | 50,777,118 | ||||||
Shares issued in reinvestment of distributions declared – Class A | 645 | — | ||||||
Shares issued in reinvestment of distributions declared – Class C | 214 | — | ||||||
Cost for shares redeemed – Institutional Class(4) | (237,304,987 | ) | (355,946,623 | ) | ||||
Cost for shares redeemed – Class A(1) | (80 | ) | — | |||||
Cost for shares redeemed – Class C(2) | — | — | ||||||
Net increase in net assets from capital share transactions | 498,402,425 | 537,268,060 | ||||||
Total Increase in Net Assets | 500,715,426 | 502,363,343 | ||||||
Net Assets | ||||||||
Beginning of period | 1,559,736,956 | 1,057,373,613 | ||||||
End of period | $ | 2,060,452,382 | $ | 1,559,736,956 | (5) |
(1) | Class A Shares commenced operations on January 2, 2019. |
(2) | Class C Shares commenced operations on January 2, 2019. |
(3) | Includes net investment income distributions of $62,058,773 for Institutional Class shares. |
(4) | Net of redemption fees of $94,660 and $103,634 for the six months ended February 28, 2019 and the year ended August 31, 2018, respectively. |
(5) | End of year net assets include accumulated undistributed net investment income of $177,804. |
The accompanying notes are an integral part of these financial statements.
PAGE 37
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Municipal Bond Fund
Six Months Ended | ||||||||
February 28, 2019 | Year Ended | |||||||
(Unaudited) | August 31, 2018 | |||||||
From Operations | ||||||||
Net investment income | $ | 3,534,702 | $ | 5,994,118 | ||||
Net realized gain (loss) from investments | (82,115 | ) | 335,079 | |||||
Change in net unrealized appreciation (depreciation) from investments | 3,019,596 | (5,257,811 | ) | |||||
Net increase in net assets from operations | 6,472,183 | 1,071,386 | ||||||
From Distributions | ||||||||
Net dividends and distributions – Institutional Class | (3,178,054 | ) | (5,401,960 | ) | ||||
Net dividends and distributions – Class A | (273,873 | ) | (589,960 | ) | ||||
Net decrease in net assets resulting from distributions paid | (3,451,927 | ) | (5,991,920 | )(1) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold – Institutional Class | 60,599,626 | 79,707,511 | ||||||
Proceeds from shares sold – Class A | 1,310,735 | 5,821,430 | ||||||
Shares issued in reinvestment of distributions declared – Institutional Class | 2,458,048 | 3,988,100 | ||||||
Shares issued in reinvestment of distributions declared – Class A | 231,639 | 509,069 | ||||||
Cost for shares redeemed – Institutional Class(2) | (37,912,512 | ) | (43,190,079 | ) | ||||
Cost for shares redeemed – Class A(3) | (4,380,057 | ) | (8,478,763 | ) | ||||
Net increase in net assets from capital share transactions | 22,307,479 | 38,357,268 | ||||||
Total Increase in Net Assets | 25,327,735 | 33,436,734 | ||||||
Net Assets | ||||||||
Beginning of period | 231,131,856 | 197,695,122 | ||||||
End of period | $ | 256,459,591 | $ | 231,131,856 | (4) |
(1) | Includes net investment income distributions of $5,401,960, and $589,960 for Institutional Class and Class A shares, respectively. |
(2) | Net of redemption fees of $1,687 and $2,264 for the six months ended February 28, 2019 and the year ended August 31, 2018, respectively. |
(3) | Net of redemption fees of $59 and $201 for the six months ended February 28, 2019 and the year ended August 31, 2018, respectively. |
(4) | End of year net assets include accumulated undistributed net investment income of $13,117. |
The accompanying notes are an integral part of these financial statements.
PAGE 38
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 28, 2019 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 22.21 | $ | 22.84 | $ | 22.98 | $ | 22.53 | $ | 22.91 | $ | 21.86 | ||||||||||||
Income/(loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.36 | 0.94 | 1.09 | 1.17 | 0.98 | 0.89 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain/(loss) on investments(2) | 0.07 | (0.50 | ) | 0.05 | 0.46 | (0.28 | ) | 1.17 | ||||||||||||||||
Total from investment operations | 0.43 | 0.44 | 1.14 | 1.63 | 0.70 | 2.06 | ||||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.43 | ) | (1.07 | ) | (1.28 | ) | (1.19 | ) | (1.08 | ) | (1.01 | ) | ||||||||||||
Total distributions paid | (0.43 | ) | (1.07 | ) | (1.28 | ) | (1.19 | ) | (1.08 | ) | (1.01 | ) | ||||||||||||
Paid-in capital from | ||||||||||||||||||||||||
redemption fees (Note 2) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.01 | 0.00 | (3) | 0.00 | (3) | |||||||||||||
Net Asset Value, End of Period | $ | 22.21 | $ | 22.21 | $ | 22.84 | $ | 22.98 | $ | 22.53 | $ | 22.91 | ||||||||||||
Total Return(4) | 1.96 | % | 2.00 | % | 5.20 | % | 7.48 | % | 3.13 | % | 9.62 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 2,060,081 | $ | 1,559,737 | $ | 1,057,374 | $ | 688,597 | $ | 164,375 | $ | 151,230 | ||||||||||||
Ratio of expenses | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver, expense reimbursement | ||||||||||||||||||||||||
and recoupment(5) | 0.79 | % | 0.81 | % | 0.76 | % | 0.79 | % | 0.84 | % | 0.86 | % | ||||||||||||
After waiver, expense reimbursement | ||||||||||||||||||||||||
and recoupment(5) | 0.79 | % | 0.81 | % | 0.76 | % | 0.79 | % | 0.84 | % | 0.94 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver, expense reimbursement | ||||||||||||||||||||||||
and recoupment(5) | 3.41 | % | 4.19 | % | 4.83 | % | 5.14 | % | 4.31 | % | 4.02 | % | ||||||||||||
After waiver, expense reimbursement | ||||||||||||||||||||||||
and recoupment(5) | 3.41 | % | 4.19 | % | 4.83 | % | 5.14 | % | 4.31 | % | 3.94 | % | ||||||||||||
Portfolio turnover rate(4) | 17.79 | % | 37.99 | % | 78.53 | % | 45.58 | % | 80.49 | % | 53.47 | % |
(1) | Per share net investment income was calculated using the average shares outstanding method. |
(2) | 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. |
(3) | Rounds to less than 0.5 cent per share. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PAGE 39
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months Ended | ||||
February 28, 2019(1) | ||||
(Unaudited) | ||||
Class A Shares | ||||
Net Asset Value, Beginning of Period | $ | 22.13 | ||
Income from investment operations: | ||||
Net investment income(2) | 0.14 | |||
Net realized and unrealized gain on investments(3) | 0.07 | |||
Total from investment operations | 0.21 | |||
Less distributions paid: | ||||
From net investment income | (0.13 | ) | ||
Total distributions paid | (0.13 | ) | ||
Net Asset Value, End of Period | $ | 22.21 | ||
Total Return(4)(5) | 0.97 | % | ||
Supplemental Data and Ratios: | ||||
Net assets at end of Period (000’s) | $ | 285 | ||
Ratio of expenses to average net assets: | ||||
Before waiver and expense reimbursement(6) | 1.20 | % | ||
After waiver and expense reimbursement(6) | 1.20 | % | ||
Ratio of net investment income to average net assets: | ||||
Before waiver and expense reimbursement(6) | 3.99 | % | ||
After waiver and expense reimbursement(6) | 3.99 | % | ||
Portfolio turnover rate(5)(7) | 17.79 | % |
(1) | Class A shares commenced operations on January 2, 2019. |
(2) | Per share net investment income was calculated using the average shares outstanding method. |
(3) | 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. |
(4) | Based on net asset value, which does not reflect sales charge. |
(5) | Not annualized for periods less than one year. |
(6) | Annualized for periods less than one year. |
(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.
PAGE 40
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months Ended | ||||
February 28, 2019(1) | ||||
�� | (Unaudited) | |||
Class C Shares | ||||
Net Asset Value, Beginning of Period | $ | 22.13 | ||
Income from investment operations: | ||||
Net investment income(2) | 0.10 | |||
Net realized and unrealized gain on investments(3) | 0.09 | |||
Total from investment operations | 0.19 | |||
Less distributions paid: | ||||
From net investment income | (0.12 | ) | ||
Total distributions paid | (0.12 | ) | ||
Net Asset Value, End of Period | $ | 22.20 | ||
Total Return(4) | 0.87 | % | ||
Supplemental Data and Ratios: | ||||
Net assets at end of Period (000’s) | $ | 86 | ||
Ratio of expenses to average net assets: | ||||
Before waiver and expense reimbursement(5) | 1.83 | % | ||
After waiver and expense reimbursement(5) | 1.83 | % | ||
Ratio of net investment income to average net assets: | ||||
Before waiver and expense reimbursement(5) | 2.84 | % | ||
After waiver and expense reimbursement(5) | 2.84 | % | ||
Portfolio turnover rate(4)(6) | 17.79 | % |
(1) | Class C shares commenced operations on January 2, 2019. |
(2) | Per share net investment income was calculated using the average shares outstanding method. |
(3) | 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. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
(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.
PAGE 41
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 28, 2019 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 23.79 | $ | 24.34 | $ | 24.87 | $ | 23.26 | $ | 23.07 | $ | 21.16 | ||||||||||||
Income/(loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.35 | 0.67 | 0.62 | 0.57 | 0.61 | 0.71 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain/(loss) on investments | 0.26 | (0.55 | ) | (0.53 | ) | 1.59 | 0.18 | 1.91 | ||||||||||||||||
Total from investment operations | 0.61 | 0.12 | 0.09 | 2.16 | 0.79 | 2.62 | ||||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.34 | ) | (0.67 | ) | (0.61 | ) | (0.55 | ) | (0.60 | ) | (0.71 | ) | ||||||||||||
From net realized gain on investments | — | — | (0.01 | ) | — | — | — | |||||||||||||||||
Total distributions paid | (0.34 | ) | (0.67 | ) | (0.62 | ) | (0.55 | ) | (0.60 | ) | (0.71 | ) | ||||||||||||
Paid-in capital from | ||||||||||||||||||||||||
redemption fees (Note 2)(2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Net Asset Value, End of Period | $ | 24.06 | $ | 23.79 | $ | 24.34 | $ | 24.87 | $ | 23.26 | $ | 23.07 | ||||||||||||
Total Return(3) | 2.60 | % | 0.46 | % | 0.50 | % | 9.43 | % | 3.41 | % | 12.58 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 236,302 | $ | 208,325 | $ | 172,201 | $ | 129,466 | $ | 63,257 | $ | 41,000 | ||||||||||||
Ratio of expenses | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver and expense | ||||||||||||||||||||||||
reimbursement(4) | 0.57 | % | 0.60 | % | 0.66 | % | 0.73 | % | 0.86 | % | 1.05 | % | ||||||||||||
After waiver and expense | ||||||||||||||||||||||||
reimbursement(4) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver and expense | ||||||||||||||||||||||||
reimbursement(4) | 2.96 | % | 2.76 | % | 2.50 | % | 2.16 | % | 2.30 | % | 2.73 | % | ||||||||||||
After waiver and expense | ||||||||||||||||||||||||
reimbursement(4) | 2.98 | % | 2.81 | % | 2.61 | % | 2.34 | % | 2.61 | % | 3.23 | % | ||||||||||||
Portfolio turnover rate(3) | 22.52 | % | 28.49 | % | 42.53 | % | 13.66 | % | 31.83 | % | 62.87 | % |
(1) | Per share net investment income was calculated using the average shares outstanding method. |
(2) | Rounds to less than 0.5 cent per share. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PAGE 42
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 28, 2019 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 23.81 | $ | 24.36 | $ | 24.91 | $ | 23.30 | $ | 23.09 | $ | 21.18 | ||||||||||||
Income/(loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.32 | 0.61 | 0.56 | 0.50 | 0.55 | 0.67 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain/(loss) on investments | 0.26 | (0.55 | ) | (0.53 | ) | 1.60 | 0.17 | 1.88 | ||||||||||||||||
Total from investment operations | 0.58 | 0.06 | 0.03 | 2.10 | 0.72 | 2.55 | ||||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.31 | ) | (0.61 | ) | (0.57 | ) | (0.51 | ) | (0.54 | ) | (0.66 | ) | ||||||||||||
From net realized gain on investments | — | — | (0.01 | ) | — | — | — | |||||||||||||||||
Total distributions paid | (0.31 | ) | (0.61 | ) | (0.58 | ) | (0.51 | ) | (0.54 | ) | (0.66 | ) | ||||||||||||
Paid-in capital from | ||||||||||||||||||||||||
redemption fees (Note 2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.02 | 0.03 | 0.02 | |||||||||||||||
Net Asset Value, End of Period | $ | 24.08 | $ | 23.81 | $ | 24.36 | $ | 24.91 | $ | 23.30 | $ | 23.09 | ||||||||||||
Total Return(3)(4) | 2.46 | % | 0.25 | % | 0.24 | % | 9.20 | % | 3.29 | % | 12.33 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 20,158 | $ | 22,807 | $ | 25,495 | $ | 31,744 | $ | 10,476 | $ | 4,154 | ||||||||||||
Ratio of expenses | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver and expense | ||||||||||||||||||||||||
reimbursement(5) | 0.82 | % | 0.85 | % | 0.80 | % | 0.85 | % | 1.10 | % | 1.33 | % | ||||||||||||
After waiver and expense | ||||||||||||||||||||||||
reimbursement(5) | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver and expense | ||||||||||||||||||||||||
reimbursement(5) | 2.70 | % | 2.50 | % | 2.34 | % | 2.02 | % | 2.05 | % | 2.47 | % | ||||||||||||
After waiver and expense | ||||||||||||||||||||||||
reimbursement(5) | 2.72 | % | 2.55 | % | 2.34 | % | 2.07 | % | 2.35 | % | 3.00 | % | ||||||||||||
Portfolio turnover rate(4) | 22.52 | % | 28.49 | % | 42.53 | % | 13.66 | % | 31.83 | % | 62.87 | % |
(1) | Per share net investment income was calculated using the average shares outstanding method. |
(2) | Rounds to less than 0.5 cent per share. |
(3) | Based on net asset value, which does not reflect sales charge. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PAGE 43
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS
February 28, 2019 (Unaudited)
1. | Organization |
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Performance Trust Mutual Funds (the “Funds”) are comprised of the Performance Trust Strategic Bond Fund (the “Strategic Bond Fund”), and the Performance Trust Municipal Bond Fund (the “Municipal Bond Fund”), each representing a distinct diversified series with its own investment objective and policies within the Trust. The investment objective of the Strategic Bond Fund is to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation. The investment objective of the Municipal Bond Fund is to provide a high level of current interest income that is substantially exempt from regular federal income taxes and is consistent with preservation of capital. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The assets of the Funds are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Institutional Class shares of the Strategic Bond Fund commenced investment operations on September 1, 2010. The Class A and Class C shares of the Strategic Bond Fund commenced investment operations on January 2, 2019. The Municipal Bond Fund commenced investment operations on June 30, 2011 and September 28, 2012 for the Institutional Class and Class A shares, respectively. Class A shares are subject to an initial maximum sales charge of 2.25% imposed at the time of purchase. The sales charge declines as the amount purchased increases in accordance with the Funds’ prospectus. Class A shares are subject to a 0.25% Rule 12b-1 distribution and service 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. Costs incurred by the Funds in connection with the organization and the initial public offering of shares were paid by PT Asset Management, LLC (the “Adviser”), the Funds’ investment adviser. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”. | |
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). | |
a. | Investment Valuation |
Each security owned by a Fund that is listed on a securities exchange, except 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, a Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded. Portfolio securities listed on 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 most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a “Pricing Service”). | |
Debt securities, such as U.S. government securities, corporate securities, municipal securities and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued by a 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 known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Any discount or premium is accreted or amortized over the expected life of the respective security using the constant yield method until maturity. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. | |
Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value. | |
Redeemable securities issued by open-end, registered investment companies are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. In the event market quotations are not readily available, such security will be valued at its fair value. | |
If market quotations are not readily available, a security or other asset will be valued at its fair value as determined under fair value pricing procedures approved by the Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Board of Trustees will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures by the Trust’s valuation committee. | |
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” 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 as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below: |
» | Level 1: Quoted prices in active markets for identical securities. |
PAGE 44
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2019 (Unaudited)
» | Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
» | Level 3: Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 28, 2019: | |
Performance Trust Strategic Bond Fund |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Fixed Income: | |||||||||||||||||
Asset Backed | |||||||||||||||||
Securities | $ | — | $ | 24,599,068 | $ | — | $ | 24,599,068 | |||||||||
Collateralized | |||||||||||||||||
Loan | |||||||||||||||||
Obligations | — | 78,885,748 | — | 78,885,748 | |||||||||||||
Corporate | |||||||||||||||||
Bonds | — | 86,337,444 | — | 86,337,444 | |||||||||||||
Non – Agency | |||||||||||||||||
Residential | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 604,492,315 | — | 604,492,315 | |||||||||||||
Non – Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 375,038,114 | — | 375,038,114 | |||||||||||||
Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 105,635,359 | — | 105,635,359 | |||||||||||||
Municipal | |||||||||||||||||
Bonds | — | 639,268,451 | — | 639,268,451 | |||||||||||||
US | |||||||||||||||||
Government | |||||||||||||||||
Notes/Bonds | — | 44,892,969 | — | 44,892,969 | |||||||||||||
US | |||||||||||||||||
Treasury Bill | — | 39,242,592 | — | 39,242,592 | |||||||||||||
Total Fixed | |||||||||||||||||
Income | — | 1,998,392,060 | — | 1,649,708,521 | |||||||||||||
Equity | |||||||||||||||||
Closed-End | |||||||||||||||||
Mutual Funds | 6,884,982 | — | — | 6,884,982 | |||||||||||||
Total Equity | 6,884,982 | — | — | 6,884,982 | |||||||||||||
Short-Term | |||||||||||||||||
Investments | 43,122,522 | — | — | 43,122,522 | |||||||||||||
Total | |||||||||||||||||
Investments | |||||||||||||||||
in Securities | $ | 50,007,504 | $ | 1,998,392,060 | $ | — | $ | 2,048,399,564 | |||||||||
Performance Trust Municipal Bond Fund | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Fixed Income | |||||||||||||||||
Municipal | |||||||||||||||||
Bonds | $ | — | $ | 248,915,723 | $ | — | $ | 248,915,723 | |||||||||
Corporate | |||||||||||||||||
Bonds | — | 1,688,197 | 1,688,197 | ||||||||||||||
Total Fixed | |||||||||||||||||
Income | $ | — | $ | 250,603,920 | $ | — | $ | 250,603,920 |
The Funds did not hold any Level 3 securities during the six months ended February 28, 2019. | |
The Funds did not hold any financial derivative instruments during the six months ended February 28, 2019. | |
b. | Short Positions |
The Funds may sell a security they do not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Funds are liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as a dividend expense. As collateral for its short positions, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities. The segregated assets are valued consistent with Note 2a above. The amount of segregated assets are required to be adjusted daily to reflect changes in the fair value of the securities sold short. As of February 28, 2019, the Funds did not have any open short positions and accordingly did not have securities or cash held as collateral. | |
c. | Federal Income Taxes |
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided. | |
As of and during the six months ended February 28, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the six months ended February 28, 2019, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. taxing authorities for the tax periods prior to the year ended August 31, 2015. | |
d. | Distributions to Shareholders |
The Funds will distribute any net investment income monthly. The Funds will distribute any net realized long- or short-term capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Income and capital gain distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted. | |
e. | 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. |
PAGE 45
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2019 (Unaudited)
f. | 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 New York Stock Exchange (“NYSE”) is closed for trading. The Funds charge a 2.00% redemption fee on shares redeemed within sixty days of purchase. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as an increase in paid-in capital and such fees become part of a Fund’s daily NAV calculation. For the six months ended February 28, 2019, redemption fees of $94,660 and $1,746 were collected for the Strategic Bond Fund and Municipal Bond Fund, respectively. | |
g. | 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 and service (Rule 12b-1) fees are expensed at 0.25% of average daily net assets of the Class A shares of the Funds and 0.75% of average daily net assets of the Class C shares of the Strategic Bond Fund. Shareholder servicing fees are expensed at 0.25% of average daily net assets of Class C shares of the Strategic Bond Fund. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses of the Trust are typically allocated evenly between the funds of the Trust, or by other equitable means. | |
h. | Other |
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on the basis of identified cost basis by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income, less foreign withholding tax, 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 amortized 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. | |
3. | Federal Tax Matters |
The tax character of distributions paid during the years ended August 31, 2018 and August 31, 2017 was as follows: | |
PERFORMANCE TRUST STRATEGIC BOND FUND |
YEAR ENDED | YEAR ENDED | ||||||||
AUGUST 31, 2018 | AUGUST 31, 2017 | ||||||||
Ordinary Income | $ | 62,058,773 | $ | 48,569,228 | |||||
Tax-Exempt Income | — | — | |||||||
Long-Term Capital Gain | — | — | |||||||
PERFORMANCE TRUST MUNICIPAL BOND FUND | |||||||||
YEAR ENDED | YEAR ENDED | ||||||||
AUGUST 31, 2018 | AUGUST 31, 2017 | ||||||||
Ordinary Income | $ | 6,020 | $ | 21,230 | |||||
Tax-Exempt Income | 5,985,900 | 4,430,411 | |||||||
Long-Term Capital Gain | — | 79,473 |
As of August 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows: | |
PERFORMANCE TRUST STRATEGIC BOND FUND |
Cost basis of investments for federal | |||||
income tax purposes | $ | 1,550,023,414 | |||
Gross tax unrealized appreciation | $ | 22,499,027 | |||
Gross tax unrealized depreciation | (29,782,030 | ) | |||
Net tax unrealized depreciation | (7,283,003 | ) | |||
Undistributed ordinary income | 168,721 | ||||
Undistributed long-term capital gain | — | ||||
Total distributable earnings | 168,721 | ||||
Other accumulated losses | (22,775,122 | ) | |||
Total accumulated losses | $ | (29,889,404 | ) | ||
PERFORMANCE TRUST MUNICIPAL BOND FUND | |||||
Cost basis of investments for federal | |||||
income tax purposes | $ | 224,066,774 | |||
Gross tax unrealized appreciation | $ | 3,489,227 | |||
Gross tax unrealized depreciation | (1,859,061 | ) | |||
Net tax unrealized appreciation | 1,630,166 | ||||
Undistributed ordinary income | 13,154 | ||||
Undistributed long-term capital gain | — | ||||
Total distributable earnings | 13,154 | ||||
Other accumulated losses | (364,650 | ) | |||
Total accumulated gains | $ | 1,278,670 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sale adjustments. | |
At August 31, 2018, the Strategic Bond Fund had short-term and long-term capital loss carryovers of $22,238,716 and $536,307, respectively. The Municipal Bond Fund had short-term capital loss carryovers of $364,613. These losses will be carried forward indefinitely to offset future realized capital gains. To the extent the Funds realize future net capital gains, taxable distributions to their shareholders will be offset by any unused capital loss carryovers. During the year ended August 31, 2018, short-term capital loss carryovers of $0 and $335,079 were utilized by the Strategic Bond Fund and Municipal Bond Fund, respectively. | |
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 NAV per share. For the year ended August 31, 2018, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities: |
STRATEGIC | MUNICIPAL | ||||||||
BOND FUND | BOND FUND | ||||||||
Accumulated undistributed | |||||||||
net investment income/(loss) | $ | 8,304,311 | $ | — | |||||
Accumulated | |||||||||
undistributed net | |||||||||
realized gain/(loss) | $ | (8,304,311 | ) | $ | — | ||||
Paid in capital | $ | — | $ | — |
4. | Investment Adviser |
The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services |
PAGE 46
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2019 (Unaudited)
at the annual rate of 0.60% for the Strategic Bond Fund and 0.40% for the Municipal Bond Fund of the respective Fund’s average daily net assets. | |
The Adviser has contractually agreed to waive its management fee and/or reimburse Fund expenses at least through December 29, 2019 at the discretion of the Adviser and the Board of Trustees, to the extent necessary to ensure that the total annual Fund operating expenses (exclusive of front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by a Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest expense on short positions, acquired fund fees and expenses and extraordinary expenses such as litigation) do not exceed 0.95% and 0.55% (the “Expense Limitation Cap”) of the average daily net assets of the Strategic Bond Fund and Municipal Bond Fund, respectively. Prior to December 29, 2017, the Adviser had agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses exclusive of interest, acquired fund fees and expenses, leverage (i.e., any expenses incurred in connection with borrowings made by the Fund), tax expenses, dividends and interest on short positions, brokerage commissions, and extraordinary expenses), did not exceed 0.95%, 0.55% and 0.80% of the average daily net assets of the Strategic Bond Fund and Municipal Bond Fund – Institutional Class and Class A shares, respectively. For the six months ended February 28, 2019, expenses of $26,346 for the Municipal Bond Fund – Institutional Class, and $2,593 for the Municipal Bond Fund – Class A were waived by the Adviser. Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recover 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 and/or reimbursement; or (2) the Expense Limitation Cap in place at the time of recovery; provided, however, that the Adviser shall only be entitled to recover such amounts for a period of up to three years from the date such amount was waived or reimbursed. | |
The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by: |
STRATEGIC | MUNICIPAL | ||||||||
BOND FUND | BOND FUND | ||||||||
August 31, 2019 | $ | — | $ | 87,351 | |||||
August 31, 2020 | $ | — | $ | 154,601 | |||||
August 31, 2021 | $ | — | $ | 100,645 | |||||
February 28, 2022 | $ | — | $ | 28,939 |
5. | Distribution and Shareholder Servicing Plan |
The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”) on behalf of the Funds, which authorize the Funds to pay Foreside Fund Services, LLC (the “Distributor”) a distribution fee of 0.25% of each Fund’s average daily net assets of Class A shares and 0.75% of the Strategic Bond Fund’s average daily net assets for Class C shares, for services to prospective Fund shareholders and distribution of Fund shares, and 0.25% of the Strategic Bond Fund’s average daily net assets of Class C shares for shareholder servicing, as applicable. During the period ended February 28, 2019, the Funds accrued expenses pursuant to the 12b-1 Plan as follows: |
Shareholder | |||||||||
12b-1 Fees | Servicing Fees | ||||||||
Strategic Bond Fund | |||||||||
Class A | $ | 23 | N/A | ||||||
Class C | $ | 26 | $ | 9 | |||||
Municipal Bond Fund | |||||||||
Class A | $ | 26,301 | N/A |
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 and Fund Accountant under an Administration Agreement. Fund Services performs various administrative and accounting services including: preparing various federal and state regulatory filings, reports and returns for the Funds; preparing reports and materials to be supplied to the Trustees; monitoring the activities of the Funds’ custodian, transfer agent and accountants; coordinating the preparation and payment of the Funds’ expenses; and reviewing the Funds’ expense accruals. Fund Services also serves as the transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the six months ended February 28, 2019, and owed as of February 28, 2019, are as follows: |
Administration | |||||||||
and Accounting | Incurred | Owed | |||||||
Strategic Bond Fund | $ | 507,439 | $ | 264,558 | |||||
Municipal Bond Fund | $ | 109,800 | $ | 52,825 | |||||
Transfer Agency | Incurred | Owed | |||||||
Strategic Bond Fund | $ | 211,971 | (1) | $ | 95,878 | (1) | |||
Municipal Bond Fund | $ | 37,388 | $ | 17,860 | |||||
(1) This amount does not include sub-transfer agency fees. | |||||||||
Custody | Incurred | Owed | |||||||
Strategic Bond Fund | $ | 54,013 | $ | 24,734 | |||||
Municipal Bond Fund | $ | 6,557 | $ | 3,354 |
The Funds each have a line of credit with US Bank (see Note 10). | |
Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and US Bank. | |
The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 28, 2019, and owed as of February 28, 2019, are as follows: |
Incurred | Owed | ||||||||
Strategic Bond Fund | $ | 6,502 | $ | 3,228 | |||||
Municipal Bond Fund | $ | 6,502 | $ | 3,255 |
7. | Capital Share Transactions |
Transactions in shares of the Funds were as follows: | |
STRATEGIC BOND FUND – INSTITUTIONAL CLASS |
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 28, 2019 | AUGUST 31, 2018 | ||||||||
Shares sold | 107,391,734 | 37,515,273 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 1,303,521 | 2,268,381 | |||||||
Shares redeemed | (86,159,850 | ) | (15,858,330 | ) | |||||
Net increase | 22,535,405 | 23,925,324 |
PAGE 47
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2019 (Unaudited)
STRATEGIC BOND FUND – CLASS A | |||||
PERIOD ENDED | |||||
FEBRUARY 28, 2019(1) | |||||
Shares sold | 12,822 | ||||
Shares issued | |||||
to holders in | |||||
reinvestment | |||||
of distributions | 29 | ||||
Shares redeemed | (3 | ) | |||
Net increase | 12,848 | ||||
(1) Class A shares commenced operations on January 2, 2019. | |||||
STRATEGIC BOND FUND – CLASS C | |||||
PERIOD ENDED | |||||
FEBRUARY 28, 2019(1) | |||||
Shares sold | 3,867 | ||||
Shares issued | |||||
to holders in | |||||
reinvestment | |||||
of distributions | 9 | ||||
Shares redeemed | — | ||||
Net increase | 3,876 | ||||
(1) Class C shares commenced operations on January 2, 2019. |
MUNICIPAL BOND FUND – INSTITUTIONAL CLASS | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 28, 2019 | AUGUST 31, 2018 | ||||||||
Shares sold | 2,561,119 | 3,319,588 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 103,779 | 166,951 | |||||||
Shares redeemed | (1,598,216 | ) | (1,805,588 | ) | |||||
Net increase | 1,066,682 | 1,680,951 | |||||||
MUNICIPAL BOND FUND – CLASS A | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 28, 2019 | AUGUST 31, 2018 | ||||||||
Shares sold | 55,392 | 242,566 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 9,779 | 21,279 | |||||||
Shares redeemed | (185,769 | ) | (352,651 | ) | |||||
Net decrease | (120,598 | ) | (88,806 | ) |
8. | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 28, 2019, are summarized below. |
STRATEGIC | MUNICIPAL | ||||||||
BOND FUND | BOND FUND | ||||||||
Purchases | |||||||||
U.S. Government | $ | 68,565,221 | $ | — | |||||
Other | 701,066,189 | 71,688,531 | |||||||
Sales | |||||||||
U.S. Government | $ | 38,636,401 | $ | — | |||||
Other | 266,355,252 | 52,795,435 |
9. | Beneficial Ownership |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At February 28, 2019, Charles Schwab & Company, Inc., for the benefit of its customers, held 75.69% of the Strategic Bond Fund’s outstanding Class C shares. At February 28, 2019, National Financial Services Corp. and Charles Schwab & Company, Inc., for the benefit of its customers, held 28.91% and 25.74%, respectively, of the Municipal Bond Fund’s outstanding Institutional Class shares. At February 28, 2019, National Financial Services Corp. and Charles Schwab & Company, Inc., for the benefit of its customers, held 59.96% and 31.56%, respectively, of the Municipal Bond Fund’s outstanding Class A shares. | |
10. | Line of Credit |
At February 28, 2019, the Strategic Bond Fund and the Municipal Bond Fund each had a line of credit which matures on August 9, 2019 with a maximum borrowing equal to the lesser of $150,000,000 and $25,000,000, respectively, or 20% and 33.33%, respectively, of the fair value of unencumbered assets of each Fund. These secured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Funds’ securities serve as collateral for the lines of credit. The credit facility is with the Funds’ custodian, US Bank. Interest will be accrued at the prime rate (5.50% as of February 28, 2019). The Funds did not utilize their lines of credit during the six months ended February 28, 2019. | |
The Funds did not have any outstanding balances on the lines of credit at February 28, 2019. | |
11. | New Accounting Pronouncement |
In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision. | |
In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has chosen to early adopt the eliminated or modified disclosures for the six months ended February 28, 2019. | |
12. | Subsequent Events |
The Funds have evaluated events and transactions that have occurred subsequent to February 28, 2019 and determined there were no subsequent events that would require recognition or disclosure in the Financial Statements. |
PAGE 48
NOTICE OF PRIVACY POLICY & PRACTICES
We collect non-public personal information about you from the following sources:
» information we receive about you on applications or other forms;
» information you give us orally; and
» information about your transactions with us or others.
We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your nonpublic personal information with the same high degree of confidentiality.
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.
PAGE 49
EXPENSE EXAMPLE
Period Ended February 28, 2019 (Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charge (loads) on purchase payments (Class A shares only) and redemption fees, and (2) ongoing costs, including management fees, distribution 12b-1 and service fees (Class A and Class C shares only) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (9/1/18 – 2/28/19).
Actual Expenses
The following table provides information about actual account values and actual expenses for each Fund. If you purchase Class A shares of the Funds you will pay an initial sales charge of 2.25% when you invest. The tables do not include shareholder specific fees, such as the $15.00 fee charged to IRA accounts, or the $15.00 fee charged for wire redemptions. The tables also do not include portfolio trading commissions and related trading costs. You will be charged a redemption fee equal to 2.00% of the net amount of the redemption if you redeem your shares of the Funds within 60 days of the purchase. 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 following table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios for each Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. 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 the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of each of the tables is useful in comparing ongoing costs only, and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
STRATEGIC BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2018 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2018 | FEBRUARY 28, 2019 | FEBRUARY 28, 2019* |
Actual | $1,000.00 | $1,019.60 | $3.96 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,020.88 | $3.96 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.79%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. |
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
STRATEGIC BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | JANUARY 2, 2019 – |
CLASS A | JANUARY 2, 2019 | FEBRUARY 28, 2019 | FEBRUARY 28, 2019* |
Actual | $1,000.00 | $1,009.70 | $1.88 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,005.93 | $1.88 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.20%, multiplied by the average account value over the period, multiplied by 57/365 to reflect the period. |
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
STRATEGIC BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | JANUARY 2, 2019 – |
CLASS C | JANUARY 2, 2019 | FEBRUARY 28, 2019 | FEBRUARY 28, 2019* |
Actual | $1,000.00 | $1,008.70 | $2.87 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,004.95 | $2.87 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.83%, multiplied by the average account value over the period, multiplied by 57/365 to reflect the period. |
PAGE 50
EXPENSE EXAMPLE (CONT.)
Period Ended February 28, 2019 (Unaudited)
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2018 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2018 | FEBRUARY 28, 2019 | FEBRUARY 28, 2019* |
Actual | $1,000.00 | $1,026.00 | $2.76 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,022.07 | $2.76 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. |
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2018 – |
CLASS A | SEPTEMBER 1, 2018 | FEBRUARY 28, 2019 | FEBRUARY 28, 2019* |
Actual | $1,000.00 | $1,024.60 | $4.02 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,020.83 | $4.01 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. |
PAGE 51
ADDITIONAL INFORMATION
(Unaudited)
Availability of Proxy Voting 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 1 (877) 738-9095. 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, upon request, by calling toll free, 1 (877) 738-9095, or by accessing the SEC’s website at http://www.sec.gov.
Portfolio Holdings
The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2019). The Funds’ Forms N-Q or Part F of Form N-PORT are available on the SEC’s website at www.sec.gov.
Householding
In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and annual and semi-annual reports you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Funds 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 1-877-738-9095 to request individual copies of these documents. Once the Funds receive notice to stop householding, the Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.
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 Private Securities Litigation Reform Act of 1995. These include any 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 most recent prospectus, other factors bearing on this report include the accuracy of the Adviser’s or portfolio manager’s data, forecasts and predictions, and the appropriateness of the investment programs designed by the 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.
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 indemnification 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 Trustees and is available, without charge, upon request by calling 1 (877) 738-9095.
PAGE 52
INDEPENDENT TRUSTEES
(Unaudited)
NUMBER OF | OTHER | ||||
PORTFOLIOS | PRINCIPAL | DIRECTORSHIPS | |||
NAME, | POSITION(S) | TERM OF OFFICE | IN THE TRUST | OCCUPATION(S) | HELD BY TRUSTEE |
ADDRESS, AND | HELD WITH | AND LENGTH OF | OVERSEEN BY | DURING THE | DURING THE PAST |
YEAR OF BIRTH | THE TRUST | TIME SERVED | THE TRUSTEE | PAST FIVE YEARS | FIVE YEARS |
Independent Trustees | |||||
Michael D. | Trustee | Indefinite Term; | 28 | Professor, Department of | Independent |
Akers, Ph.D. | Since August 22, | Accounting, Marquette | Trustee, USA | ||
615 E. Michigan St. | 2001 | University (2004–present); | MUTUALS (an | ||
Milwaukee, WI | Chair, Department of | open-end | |||
53202 | Accounting, Marquette | investment | |||
Year of Birth: 1955 | University (2004–2017). | company with three | |||
portfolios). | |||||
Gary A. Drska | Trustee | Indefinite Term; | 28 | Pilot, Frontier/Midwest | Independent |
615 E. Michigan St. | Since August 22, | Airlines, Inc. (airline company) | Trustee, USA | ||
Milwaukee, WI | 2001 | (1986–present). | MUTUALS (an | ||
53202 | open-end | ||||
Year of Birth: 1956 | investment | ||||
company with three | |||||
portfolios). | |||||
Jonas B. Siegel | Trustee | Indefinite Term; | 28 | Retired (2011–present); | Independent |
615 E. Michigan St. | Since October 23, | Managing Director, Chief | Trustee, Gottex | ||
Milwaukee, WI | 2009 | Administrative Officer (“CAO”) | Trust (an open-end | ||
53202 | and Chief Compliance Officer | investment | |||
Year of Birth: 1943 | (“CCO”), Granite Capital | company) | |||
International Group, L.P. | (2010–2016); | ||||
(an investment management | Independent | ||||
firm) (1994–2011). | Manager, Ramius | ||||
IDF fund complex | |||||
(two closed-end | |||||
investment | |||||
companies) | |||||
(2010–2015); | |||||
Independent | |||||
Trustee, Gottex | |||||
Multi-Asset | |||||
Endowment fund | |||||
complex (three | |||||
closed-end | |||||
investment | |||||
companies) | |||||
(2010–2015); | |||||
Independent | |||||
Trustee, Gottex | |||||
Multi-Alternatives | |||||
fund complex (three | |||||
closed-end | |||||
investment | |||||
companies) | |||||
(2010–2015). |
PAGE 53
INTERESTED TRUSTEE AND OFFICERS
(Unaudited)
NUMBER OF | OTHER | ||||
PORTFOLIOS | PRINCIPAL | DIRECTORSHIPS | |||
NAME, | POSITION(S) | TERM OF OFFICE | IN THE TRUST | OCCUPATION(S) | HELD BY TRUSTEE |
ADDRESS, AND | HELD WITH | AND LENGTH OF | OVERSEEN BY | DURING THE | DURING THE PAST |
YEAR OF BIRTH | THE TRUST | TIME SERVED | THE TRUSTEE | PAST FIVE YEARS | FIVE YEARS |
Interested Trustee and Officers | |||||
Joseph C. | Chairperson | Indefinite Term; | 28 | President (2017–present), | Trustee, USA |
Neuberger* | and Trustee | Since August 22, | Chief Operating Officer | MUTUALS (an | |
615 E. Michigan St. | 2001 | (2016–present), Executive | open-end | ||
Milwaukee, WI | Vice President (1994–2017), | investment | |||
53202 | U.S. Bancorp | company) (2001– | |||
Year of Birth: 1962 | Fund Services, LLC. | 2018); Trustee, | |||
Buffalo Funds | |||||
(an open-end | |||||
investment | |||||
company) | |||||
(2003–2017). | |||||
John P. Buckel | President | Indefinite Term; | N/A | Vice President, U.S. Bancorp | N/A |
615 E. Michigan St. | and Principal | Since January 24, | Fund Services, LLC | ||
Milwaukee, WI | Executive | 2013 | (2004–present). | ||
53202 | Officer | ||||
Year of Birth: 1957 | |||||
Jennifer A. Lima | Vice President, | Indefinite Term; | N/A | Vice President, U.S. Bancorp | N/A |
615 E. Michigan St. | Treasurer | Since January 24, | Fund Services, LLC | ||
Milwaukee, WI | and Principal | 2013 | (2002–present). | ||
53202 | Financial and | ||||
Year of Birth: 1974 | Accounting | ||||
Officer | |||||
Elizabeth B. Scalf | Chief | Indefinite Term; | N/A | Senior Vice President, | N/A |
615 E. Michigan St. | Compliance | Since July 1, | U.S. Bancorp Fund | ||
Milwaukee, WI | Officer, Vice | 2017 | Services, LLC | ||
53202 | President and | (February 2017– present); | |||
Year of Birth: 1985 | Anti-Money | Vice President and | |||
Laundering | Assistant CCO, Heartland | ||||
Officer | Advisors, Inc. (December | ||||
2016–January 2017); | |||||
Vice President and CCO, | |||||
Heartland Group, Inc. | |||||
(May 2016–November 2016); | |||||
Vice President, CCO and | |||||
Senior Legal Counsel | |||||
(May 2016–November 2016), | |||||
Assistant CCO and Senior | |||||
Legal Counsel (January | |||||
2016–April 2016), Senior | |||||
Legal and Compliance | |||||
Counsel (2013–2015), | |||||
Heartland Advisors, Inc. | |||||
Adam W. Smith | Secretary | Indefinite Term; | N/A | Vice President, | N/A |
615 E. Michigan St. | Since May 29, | U.S. Bancorp Fund | |||
Milwaukee, WI | 2015 | Services, LLC | |||
53202 | (2012–present). | ||||
Year of Birth: 1981 |
* | Mr. Neuberger is an “interested person” of the Trust as defined by the 1940 Act by virtue of the fact that he is a board member and an interested person of Quasar Distributors, LLC who acts as principal underwriter for several series of the Trust, but not the Funds. |
PAGE 54
INTERESTED TRUSTEE AND OFFICERS
(Unaudited)
NUMBER OF | OTHER | ||||
PORTFOLIOS | PRINCIPAL | DIRECTORSHIPS | |||
NAME, | POSITION(S) | TERM OF OFFICE | IN THE TRUST | OCCUPATION(S) | HELD BY TRUSTEE |
ADDRESS, AND | HELD WITH | AND LENGTH OF | OVERSEEN BY | DURING THE | DURING THE PAST |
YEAR OF BIRTH | THE TRUST | TIME SERVED | THE TRUSTEE | PAST FIVE YEARS | FIVE YEARS |
Officers | |||||
Kelly A. Burns | Assistant | Indefinite Term; | N/A | Assistant Vice President, | N/A |
615 E. Michigan St. | Treasurer | Since April 23, | U.S. Bancorp Fund | ||
Milwaukee, WI | 2015 | Services, LLC | |||
53202 | (2011–present). | ||||
Year of Birth: 1987 | |||||
Melissa Aguinaga | Assistant | Indefinite Term; | N/A | Assistant Vice President, | N/A |
615 E. Michigan St. | Treasurer | Since July 1, | U.S. Bancorp Fund | ||
Milwaukee, WI | 2015 | Services, LLC | |||
53202 | (2010–present). | ||||
Year of Birth: 1987 | |||||
Laura Carroll | Assistant | Indefinite Term; | N/A | Assistant Vice President, | N/A |
615 E. Michigan St. | Treasurer | Since August 20, | U.S. Bancorp Fund | ||
Milwaukee, WI | 2018 | Services, LLC | |||
53202 | (2007–present). | ||||
Year of Birth: 1985 |
PAGE 55
Investment Adviser
PT Asset Management, LLC
500 W. Madison, Suite 470
Chicago, IL 60661
888.282.3220
www.PTAM.com
Fund Administrator, Transfer Agent,
and Fund Accountant
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
Custody Operations
1555 N. RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, WI 53202
Independent Registered
Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115
Distributor
Foreside Fund Services, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101
This report has been prepared for shareholders
and may be distributed to others only if preceded
or accompanied by a current prospectus.
The Performance Trust Mutual Funds are distributed
by Foreside Fund Services, LLC
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not Applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable. |
(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Trust for Professional Managers
By (Signature and Title)* /s/ John Buckel
John Buckel, President
Date: 4/30/2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ John Buckel
John Buckel, President
Date: 4/30/2019
By (Signature and Title)* /s/ Jennifer Lima
Jennifer Lima, Treasurer
Date: 4/30/2019
* Print the name and title of each signing officer under his or her signature.