Semi-Annual Report | February 28, 2021
Performance Trust Strategic Bond Fund
(Symbols: PTIAX, PTAOX, PTCOX),
Performance Trust Municipal Bond Fund
(Symbols: PTIMX, PTRMX) and
Performance Trust Credit Fund
(Symbol: PTCRX)
© 2021 PT Asset Management, LLC. All Rights Reserved.
LETTER FROM THE INVESTMENT ADVISER
Dear Fellow Shareholders:
Institutional Class of Performance Trust Strategic Bond Fund (PTIAX) Semi-Annual
Management Discussion and Analysis
_______________________________________________________________________________________________
For the six-month period ended February 28, 2021, the Institutional Class of Performance Trust Strategic Bond Fund (“PTIAX” or the “Fund”) posted a return of 1.54%, assuming all dividends were reinvested into the Fund. The Bloomberg Barclays U.S. Aggregate Bond Index (“Index”) returned -1.55% over the same time period, and the Morningstar Multisector U.S. Bond category returned 3.74%.
Interest rates rose significantly during the period with Treasury yield increases accelerating during the final two months in January and February. The Treasury selloff largely impacted the long end of the curve with 10-year Treasuries up 70 basis points (0.70%) while 2-year Treasuries were essentially unchanged. The rise in interest rates coincided with a strong performance in equity markets and significantly tighter credit spreads as risk markets continued to rebound from the COVID-19 induced volatility during the first half of 2020.
The graph below shows the Treasury yield curve at the beginning of the period.
Breaking down the performance within the Fund, our structured credit sectors were the best performing asset classes. Non-Agency Residential Mortgage Backed Securities (RMBS), Commercial Mortgage Backed Securities (CMBS), and Collateralized Loan Obligations (CLOs) produced the bulk of the total returns during the period. These sectors tend to have less interest rate sensitivity and also benefited from credit spread tightening as the fundamental economic outlook brightened and financial markets stabilized.
Our other large allocations, Tax-Exempt Municipal and Taxable Municipal bonds, were relatively unchanged during the period. While we typically do not get excited when our sectors are flat, we are extremely pleased that these sectors, which carry the most interest rate sensitivity within the portfolio, were able to withstand a 70 basis points move higher in interest rates. This was made possible by substantial spread tightening that helped to offset the rate move.
The combination of Municipal bonds outperforming other long duration sectors within the Index and strong total returns from our structured credit sectors resulted in significant outperformance relative to the Index.
The Fund reduced its allocation to structured credit over the period by approximately 4%. The allocation to RMBS decreased due to both the natural amortization of the securities, which was magnified due to historically low mortgage rates and thus faster prepayments, and relatively attractive opportunities in other sectors. The Fund increased allocations to CLOs relative to CMBS as we saw attractive valuations during the period and, as uncapped floating rate securities, CLOs offer a defensive low-duration alternative in a low rate environment.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
LETTER FROM THE INVESTMENT ADVISER
After building a substantial allocation to Tax-Exempt Municipals early in 2020, we largely maintained that allocation during the first half of the period but began to reduce exposure in favor of Taxable Municipals in the latter half. At the beginning of the period, Tax-Exempt Municipal valuations relative to taxable alternatives were historically attractive in our opinion. By the end of the period, valuations were more in line with what we consider to be normal levels.
| | SECTOR | | 8/31/2020 | | 2/28/2021 | |
| | Non-Agency RMBS | | 17.43% | | 14.78% | |
| | CLOs | | 8.37% | | 9.15% | |
| | CMBS | | 23.24% | | 21.85% | |
| | ABS | | 1.65% | | 0.65% | |
| | Sub-total Structured Credit | 50.69% | | 46.42% | | |
| | Cash | | 1.57% | | 4.08% | |
| | Corporate | | 5.90% | | 6.45% | |
| | Taxable Muni | | 14.68% | | 18.75% | |
| | Tax-Exempt Muni | | 27.13% | | 23.87% | |
| | Other | | 0.02% | | 0.43% | |
Looking Forward
When interest rate moves are as pronounced and rapid as what we saw during the period, it often takes the market time to adjust. Not only are rates higher, yield curves are steeper. Guided by our methodology, we will steer the more interest rate sensitive portion of the portfolio into those sectors that offer the best total returns across a spectrum of potential interest rate environments. We believe Taxable Municipals, IG corporates, and AAA-rated CMBS will likely be favored somewhat relative to Tax-Exempt Municipals unless the relative value landscape changes meaningfully. We will also continue to prudently add higher yielding structured credit and corporate securities that are not exposed, in our opinion, to excessive credit risk or structural leverage.
Institutional Class of Performance Trust Municipal Bond Fund (PTIMX) Semi-Annual
Management Discussion of Fund Performance
_______________________________________________________________________________________________
Over the six month period ended February, 28, 2021, Performance Trust Municipal Bond Fund – Institutional Class (“PTIMX” or the “Fund”) returned 0.88%, modestly outperforming the Bloomberg Barclays Municipal Bond Index (“Index”) return of 0.86%. Municipal bond rates increased by approximately 0.25% over the period. PTIMX was able to deliver healthy returns despite having a higher sensitivity than the Index to rising interest rates. PTIMX’s returns can be attributed to its 18% exposure to below investment grade securities, which experienced healthy spread tightening over the six month period. Additionally, PTIMX’s preference for 5% coupons helped insulate the portfolio against spread widening on investment grade securities, especially those securities at risk of extension due to rising rates. Finally, PTIMX was well positioned in the steepest areas of the yield curve to take advantage of “rolling the yield curve” as the calendar changed from 2020 to 2021. However, returns were tempered by PTIMX’s nearly 9% exposure to taxable bonds, which underperformed tax-exempt bonds over the period.
Over the past six months, markets continued to heal from pandemic related issues. State revenue recovered to levels that showed year-over-year revenue growth as little changed, despite draconian predictions from municipal officials when the pandemic first began. Additionally, multiple rounds of stimulus mixed with loose monetary policy bolstered municipal credit across various sectors. Improving credit quality caused municipal bonds to tighten, benefiting PTIMX’s high yield position. Based on pre-pandemic spreads, we believe there is still room for more spread tightening in municipal high yield sectors. Municipal markets also benefited from healthy inflows of $50.47 billion into mutual funds over the period; PTIMX assets rose by 35% over the same time. Additionally, low new issue supply in January and February, known as the “January Effect,” added to positive market dynamics. However, as economies continue to reopen due to vaccine roll outs and stimulus measures take hold, many investors are projecting unprecedented growth and potentially a spike in inflation. Higher inflation expectations (five year break even yields rose by approximately 0.75% during the six months) caused municipal rates to follow Treasury rates higher.
PTIMX continued to add risk as rates rose in February by selling shorter securities to buy longer securities. While we don’t speculate on the direction or magnitude of rate changes, when rates rise by some amount, we know we are that much closer to peak levels of rates (0.25% in this case). When rates do hit their peak and/or reverse directions, we want to be well positioned to take advantage of the reversal. PTIMX has pursued this strategy successfully in the past (time periods include weak 2013 returns, followed by strong 2014 returns; weak 2nd quarter 2015 returns, followed by strong returns through the first half of 2016; weak 4th quarter 2016 returns, followed by strong 2017 returns; weak 2018 returns, followed by strong 2019 returns; finally, weak returns in March and April of 2020, followed by strong returns in the second half 2020).
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
LETTER FROM THE INVESTMENT ADVISER
Additionally, taxable bonds underperformed municipal bonds during the period, as 10-year Treasury rates rose by 0.74%, compared to municipal bond rate increases of 0.25%. We increased our taxable position from 6.6% to roughly 8.9% as tax-exempt bonds continued to outperform over the period.
As we look ahead, we expect many of our portfolio strategies to remain consistent: extending into higher rates (shortening into lower rates), adding taxable exposure as justified, taking advantage of wider pre-pandemic spreads in the high yield sector, focus on higher coupons to mitigate extension risk, and position ourselves on the 20-25 year portion of the yield curve to take advantage of return that occurs over the course of a medium term horizon. As we enter a more challenging rate environment, we continue to stress the importance of a target horizon. Our Shape Management process evaluates total return outcomes over various interest rate scenarios. Shape Management also emphasizes forms of return that require the passage of time, such as, income, spread widening, and rolling the yield curve. This methodology provides a stable, systematic approach even when markets become volatile.
Institutional Class of Performance Trust Credit Fund (PTCRX) Semi-Annual
Management Discussion and Analysis
_______________________________________________________________________________________________
For the two-month period ended February 28, 2021, the Institutional Class of Performance Trust Credit Fund (“PTCRX” or the “Fund”) posted a return of -0.23%, assuming all dividends were reinvested into the Fund. The Bloomberg Barclays U.S. Aggregate Bond Index (“Index”) returned -2.15% over the same time, and the Morningstar Multisector U.S. Bond category returned -0.10%.
Interest rates rose significantly during the period. The Treasury selloff largely impacted the long end of the curve with 10-year Treasuries up 49 basis points (0.49%) while 2-year Treasuries were essentially unchanged. The rise in interest rates coincided with a strong performance in equity markets and significantly tighter credit spreads as risk markets continued to rebound from the COVID-19 induced volatility during 2020.
The graph below shows the Treasury yield curve at the beginning of the period.
Commercial Mortgage Backed Securities (CMBS) and Collateralized Loan Obligations (CLOs) were the best performing sectors during the period, delivering positive total returns. CMBS benefited from spread tightening and CLOs benefited from strong carry and, as uncapped floating rate securities, were relatively unimpacted by the large interest rate moves. Non-Agency Residential Mortgage Backed Securities (RMBS), Tax-Exempt Municipals, and Taxable Municipals were relatively unchanged as spread tightening largely offset the impact of higher rates. Investment Grade Corporates (IG Corporates), Intermediate Treasuries, and High Yield Corporates (HY Corporates) detracted from performance during the period primarily because of interest rate moves.
The combination of strong total returns from our structured credit sectors, resilience to interest rate moves in our Municipal sectors, and lower weightings to Treasuries and IG Corporates compared to the Index resulted in significant outperformance of the Index.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
LETTER FROM THE INVESTMENT ADVISER
The Fund was positioned as follows at the end of the period:
| | SECTOR | | 2/28/2021 | |
| | Non-Agency RMBS | | 15.7% | |
| | CLOs | | 21.3% | |
| | Non-Agency CMBS | | 10.6% | |
| | Agency CMBS | | 5.0% | |
| | Sub-total Structured Credit | 52.60% | | |
| | Cash | | 6.4% | |
| | IG Corporate | | 12.5% | |
| | HY Corporate | | 10.0% | |
| | Taxable Muni | | 12.9% | |
| | Tax-Exempt Muni | | 5.6% | |
We believe it is important to maintain a portfolio that is diversified across sectors and to allocate to complementary asset classes. The structured credit portion of the portfolio is designed to offer reasonable total return potential and less sensitivity to interest rates. These sectors currently carry the lowest durations in the portfolio. Exposure in the IG Corporate, HY Corporate, and Municipal sectors also offer attractive total returns, in our opinion, but generally carry higher durations. We consider these sectors the most efficient way for the Fund to take exposure to interest rate risk.
The Fund ended the period with approximately half of its exposure in investment grade bonds and the other half in non-investment grade. When allocating to non-investment grade securities, we attempt to do so prudently. We seek securities that offer a balance of risk and reward.
Looking Forward
We will strive to maintain a Fund that is diversified across sectors. Shifts in sector allocations will be driven by changes in the relative value landscape and as opportunities arise. We will attempt to add securities within each sector that offer the most attractive balance of total return potential, interest rate risk, and credit risk. With all-in yields and spreads relatively low by historical standards, we anticipate maintaining a somewhat conservative credit risk posture and will attempt to be quite selective when adding credit risk, especially non-investment grade credit risk.
Mutual fund investing involves risk; principal loss is possible. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Past performance is not indicative of future returns. The views in this report were those of the Funds’ Managers as of February 28, 2021 and may not reflect the views of the Funds’ 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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX)
Performance Trust Strategic Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg Barclays U.S. Aggregate Bond Index
Average Annual Returns—For the Periods Ended February 28, 2021 (Unaudited)
| | | | | | ANNUALIZED |
| | ONE | THREE | FIVE | TEN | SINCE INCEPTION |
| | YEAR | YEAR | YEAR | YEAR | (AUGUST 31, 2010)(1) |
| Performance Trust Strategic | | | | | |
| Bond Fund – Institutional Class | 1.19% | 5.03% | 5.05% | 5.60% | 6.08% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 1.38% | 5.32% | 3.55% | 3.58% | 3.32% |
(1) | The Performance Trust Strategic Bond Fund (the “Fund”) commenced investment operations on September 1, 2010. |
The Bloomberg Barclays U.S. 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 U.S. 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 for Institutional Class shares is 0.79% per the prospectus dated December 29, 2020. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTAOX)
Performance Trust Strategic Bond Fund – Class A (Unaudited)
Total Return vs. Bloomberg Barclays U.S. Aggregate Bond Index
| | (1) | Reflects 2.25% initial sales load. |
Average Annual Returns—For the Periods Ended February 28, 2021 (Unaudited)
| | | ANNUALIZED |
| | ONE | SINCE INCEPTION |
| | YEAR | (JANUARY 2, 2019) |
| Performance Trust Strategic Bond Fund – Class A (with sales charge) | -1.32% | 4.31% |
| Performance Trust Strategic Bond Fund – Class A (without sales charge) | 0.94% | 5.42% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 1.38% | 6.36% |
The Bloomberg Barclays U.S. 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 U.S. 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 for Class A shares is 1.04% per the prospectus dated December 29, 2020. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTCOX)
Performance Trust Strategic Bond Fund – Class C (Unaudited)
Total Return vs. Bloomberg Barclays U.S. Aggregate Bond Index
Average Annual Returns—For the Periods Ended February 28, 2021 (Unaudited)
| | | ANNUALIZED |
| | ONE | SINCE INCEPTION |
| | YEAR | (JANUARY 2, 2019) |
| Performance Trust Strategic Bond Fund – Class C | 0.18% | 4.62% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 1.38% | 6.36% |
The Bloomberg Barclays U.S. 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 U.S. 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 for Class C shares is 1.79% per the prospectus dated December 29, 2020. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX, PTAOX, PTCOX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2021
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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, 2021 (Unaudited)
| | | | | ANNUALIZED |
| | ONE | THREE | FIVE | SINCE INCEPTION |
| | YEAR | YEAR | YEAR | (JUNE 30, 2011) |
Performance Trust Municipal Bond Fund – Institutional Class | 0.30% | 5.33% | 3.83% | 5.61% |
Bloomberg Barclays Municipal Bond Index | 1.06% | 4.83% | 3.43% | 4.22% |
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 any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or 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, 2021. The expense ratio for Institutional Class shares is 0.56% per the prospectus dated December 29, 2020. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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, 2021 (Unaudited)
| | | | | ANNUALIZED |
| | ONE | THREE | FIVE | SINCE INCEPTION |
| | YEAR | YEAR | YEAR | (SEPTEMBER 28, 2012) |
| Performance Trust Municipal Bond Fund – Class A | | | | |
| (with sales charge) | -2.19% | 4.27% | 3.11% | 3.71% |
| Performance Trust Municipal Bond Fund – Class A | | | | |
| (without sales charge) | 0.06% | 5.07% | 3.58% | 3.99% |
| Bloomberg Barclays Municipal Bond Index | 1.06% | 4.83% | 3.43% | 3.41% |
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 any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or 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, 2021. The expense ratio for Class A shares is 0.81% per the prospectus dated December 29, 2020. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX, PTRMX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2021
* For additional details on allocation of portfolio holdings by state, please see the Schedule of Investments.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
GROWTH OF PERFORMANCE TRUST CREDIT FUND (PTCRX)
Performance Trust Credit Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg Barclays U.S. Aggregate Bond Index
Total Returns—For the Periods Ended February 28, 2021 (Unaudited)
| | ANNUALIZED |
| | SINCE INCEPTION |
| | (DECEMBER 31, 2020)(1) |
| Performance Trust Credit Fund – Institutional Class | -0.23% |
| Bloomberg Barclays U.S. Aggregate Bond Index | -2.15% |
(1) | The Performance Trust Credit Fund (the “Fund”) commenced investment operations on January 4, 2021. |
The Bloomberg Barclays U.S. 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 U.S. 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 December 31, 2020, the inception date for Institutional Class shares of the Performance Trust Credit 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 any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation expenses) do not exceed 0.80% of the average daily net assets of the Fund. This agreement is effective at least through December 31, 2023.
The net expense ratio for Institutional Class shares is 0.99% per the prospectus dated January 1, 2021. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST CREDIT FUND (PTCRX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2021
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2021 (Unaudited)
| | | Performance Trust | | | Performance Trust | | | | |
| | | Strategic | | | Municipal | | | Performance Trust | |
| | | Bond Fund | | | Bond Fund | | | Credit Fund | |
| Assets | | | | | | | | | |
Investments, at value (cost $5,361,598,850, | | | | | | | | | |
$720,521,877 and $10,382,666, respectively) | | $ | 5,390,303,121 | | | $ | 741,751,374 | | | $ | 10,314,833 | |
Cash | | | 486,809 | | | | — | | | | 8 | |
Dividend and interest receivable | | | 39,905,498 | | | | 6,672,207 | | | | 73,790 | |
Receivable for investments sold | | | 26,984,842 | | | | 6,719,936 | | | | — | |
Receivable for Fund shares sold | | | 39,902,696 | | | | 3,511,190 | | | | 1,185,019 | |
Receivable from Advisor | | | — | | | | — | | | | 11,563 | |
Other assets | | | 124,996 | | | | 40,036 | | | | 30,855 | |
| Total Assets | | | 5,497,707,962 | | | | 758,694,743 | | | | 11,616,068 | |
| | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | |
Payable for investments purchased | | | 126,525,627 | | | | 22,013,040 | | | | 974,457 | |
Payable for Fund shares redeemed | | | 8,466,201 | | | | 509,732 | | | | — | |
Payable to Adviser | | | 1,515,535 | | | | 124,324 | | | | — | |
Payable to Adviser for prepaid expenses | | | — | | | | — | | | | 8,754 | |
Payable to affiliates | | | 720,410 | | | | 114,111 | | | | 18,025 | |
Payable for distribution fees | | | 32,763 | | | | 10,328 | | | | — | |
Payable for shareholder servicing fees | | | 16,106 | | | | — | | | | — | |
Accrued expenses and other liabilities | | | 403,590 | | | | 23,108 | | | | 1,505 | |
| Total Liabilities | | | 137,680,232 | | | | 22,794,643 | | | | 1,002,741 | |
| | | | | | | | | | | | | |
| Net Assets | | $ | 5,360,027,730 | | | $ | 735,900,100 | | | $ | 10,613,327 | |
| | | | | | | | | | | | | |
| Net Assets Consist Of: | | | | | | | | | | | | |
Paid-in capital | | $ | 5,331,101,150 | | | $ | 716,185,671 | | | $ | 10,654,239 | |
Total distributable earnings (deficit) | | | 28,926,580 | | | | 19,714,429 | | | | (40,912 | ) |
| Net Assets | | $ | 5,360,027,730 | | | $ | 735,900,100 | | | $ | 10,613,327 | |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
STATEMENTS OF ASSETS AND LIABILITIES (CONT.)
February 28, 2021 (Unaudited)
| | | Performance Trust | | | Performance Trust | | | | |
| | | Strategic | | | Municipal | | | Performance Trust | |
| | | Bond Fund | | | Bond Fund | | | Credit Fund | |
| Strategic Bond Fund, Municipal Bond Fund, | | | | | | | | | |
| and Credit Fund Shares – Institutional Class | | | | | | | | | |
Net assets | | $ | 5,279,749,606 | | | $ | 680,499,567 | | | $ | 10,613,327 | |
Shares of beneficial interest outstanding (unlimited | | | | | | | | | | | | |
number of shares authorized, $0.001 par value) | | | 230,653,784 | | | | 26,810,455 | | | | 1,066,293 | |
Net asset value, redemption | | | | | | | | | | | | |
and offering price per share | | $ | 22.89 | | | $ | 25.38 | | | $ | 9.95 | |
| | | | | | | | | | | | | |
| Strategic Bond Fund and Municipal | | | | | | | | | | | | |
| Bond Fund Shares – Class A | | | | | | | | | | | | |
Net assets | | $ | 31,458,657 | | | $ | 55,400,533 | | | $ | — | |
Shares of beneficial interest outstanding (unlimited | | | | | | | | | | | | |
number of shares authorized, $0.001 par value) | | | 1,374,228 | | | | 2,181,130 | | | | — | |
Net asset value, redemption | | | | | | | | | | | | |
and offering price per share | | $ | 22.89 | | | $ | 25.40 | | | $ | — | |
Maximum offering price per share | | | | | | | | | | | | |
(Net asset value per share divided by 0.9775)(1) | | $ | 23.42 | | | $ | 25.98 | | | $ | — | |
| | | | | | | | | | | | | |
| Strategic Bond Fund Shares – Class C | | | | | | | | | | | | |
Net assets | | $ | 48,819,467 | | | $ | — | | | $ | — | |
Shares of beneficial interest outstanding (unlimited | | | | | | | | | | | | |
number of shares authorized, $0.001 par value) | | | 2,139,639 | | | | — | | | | — | |
Net asset value, redemption | | | | | | | | | | | | |
and offering price per share | | $ | 22.82 | | | $ | — | | | $ | — | |
| (1) | Reflects a maximum sales charge of 2.25%. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2021 (Unaudited)
| | | | PRINCIPAL | | | | |
| | | | AMOUNT | | | VALUE | |
| | | | | | | | |
| ASSET BACKED SECURITIES – 0.65% | | | | | | | |
| GLS Auto Receivables Issuer Trust | | | | | | | |
2020-1A, 2.170%, 02/15/2024 (a) | | | $ | 4,646,874 | | | $ | 4,694,446 | |
2020-2A, 3.160%, 06/16/2025 (a) | | | | 4,500,000 | | | | 4,729,571 | |
| | | | | | | | | | |
| Navient Student Loan Trust | | | | | | | | | |
2019-2A, 1.118% (1 Month LIBOR USD + 1.000%), | | | | | |
| | | | | | | | |
02/27/2068 (a)(b) | | | | 6,930,000 | | | | 7,086,564 | |
| | | | | | | | | | |
| Nelnet Student Loan Trust | | | | | | | | | |
2006-1, 0.625% (3 Month LIBOR USD + 0.450%), | | | | | | | | | |
| | | | | | | | |
08/23/2036 (a)(b) | | | | 9,646,552 | | | | 9,496,122 | |
| | | | | | | | | | |
| New Residential Advance | | | | | | | | | |
| Receivables Trust | | | | | | | | | |
2020-T1, 2.269%, 08/15/2053 (a) | | | | 1,700,000 | | | | 1,712,556 | |
2020-T1, 3.011%, 08/15/2053 (a) | | | | 4,400,000 | | | | 4,436,562 | |
| | | | | | | | | | |
| SoFi Consumer Loan | | | | | | | | | |
| Program Trust | | | | | | | | | |
2019-3, 2.900%, 05/25/2028 (a) | | | | 893,550 | | | | 901,948 | |
2020-1, 2.020%, 01/25/2029 (a) | | | | 1,377,811 | | | | 1,392,451 | |
| | | | | | | | | | |
| Westlake Automobile | | | | | | | | | |
| Receivables Trust | | | | | | | | | |
2018-2A, 3.500%, 01/16/2024 (a) | | | | 165,161 | | | | 165,490 | |
| TOTAL ASSET BACKED | | | | | | | | | |
| SECURITIES | | | | | | | | | |
| (Cost $34,163,893) | | | | | | | | 34,615,710 | |
| | | | | | | | | | |
| COLLATERALIZED LOAN | | | | | | | | | |
| OBLIGATIONS – 9.03% | | | | | | | | | |
| Allegany Park CLO Ltd. | | | | | | | | | |
2019-1A, 3.924% (3 Month LIBOR USD + 3.700%), | | | | | | | | | |
| | | | | | | | |
01/20/2033 (a)(b)(c) | | | | 5,900,000 | | | | 5,952,138 | |
| | | | | | | | | | |
| AMMC CLO 18 Ltd. | | | | | | | | | |
2016-18A, 1.333% (3 Month LIBOR USD + 1.100%), | | | | | | | | | |
| | | | | | | | |
05/26/2031 (a)(b)(c) | | | | 2,736,617 | | | | 2,741,513 | |
| | | | | | | | | | |
| AMMC CLO 20 Ltd. | | | | | | | | | |
2017-20A, 1.823% (3 Month LIBOR USD + 1.600%), | | | | | | | | | |
| | | | | | | | |
04/17/2029 (a)(b)(c) | | | | 1,650,000 | | | | 1,656,034 | |
| | | | | | | | | | |
| AMMC CLO 22 Ltd. | | | | | | | | | |
2018-22A, 1.668% (3 Month LIBOR USD + 1.450%), | | | | | | | | | |
| | | | | | | | |
04/25/2031 (a)(b)(c) | | | | 9,750,000 | | | | 9,700,568 | |
| | | | | | | | | | |
| Apidos CLO XI | | | | | | | | | |
2012-11A, 4.073% (3 Month LIBOR USD + 3.850%), | | | | | | | | | |
| | | | | | | | |
10/17/2030 (a)(b)(c) | | | | 3,200,000 | | | | 3,215,670 | |
| | | | | | | | | | |
| Apidos CLO XII | | | | | | | | | |
2013-12A, 5.641% (3 Month LIBOR USD + 5.400%), | | | | | | | | | |
| | | | | | | | |
04/15/2031 (a)(b)(c) | | | | 2,650,000 | | | | 2,450,179 | |
| | | | | | | | | | |
| Apidos CLO XV | | | | | | | | | |
2013-15A, 2.074% (3 Month LIBOR USD + 1.850%), | | | | | | | | | |
| | | | | | | | |
04/20/2031 (a)(b)(c) | | | | 5,000,000 | | | | 4,997,100 | |
2013-15A, 5.924% (3 Month LIBOR USD + 5.700%), 04/20/2031 (a)(b)(c) | | | | | | | | | |
| | | | | | | | |
| | | 3,000,000 | | | | 2,904,906 | |
| | | | | | | | | | |
| Apidos CLO XX | | | | | | | | | |
2015-20A, 1.773% (3 Month LIBOR USD + 1.550%), | | | | | | | | | |
| | | | | | | | |
07/16/2031 (a)(b)(c) | | | | 10,000,000 | | | | 10,076,680 | |
2015-20A, 2.173% (3 Month LIBOR USD + 1.950%), | | | | | | | | | |
| | | | | | | | |
07/16/2031 (a)(b)(c) | | | | 1,250,000 | | | | 1,255,796 | |
| | | | | | | | | | |
| Apidos CLO XXI | | | | | | | | | |
| | 2015-21A, 2.673% |
| | | | | | | | |
(3 Month LIBOR USD + 2.450%), | | | | | | | | | |
07/18/2027 (a)(b)(c) | | | | 3,500,000 | | | | 3,467,527 | |
| | | | | | | | | | | |
| Apidos CLO XXIII | | | | | | | | | |
| | 2015-23A, 1.841% |
| | | | | | | | |
(3 Month LIBOR USD + 1.600%), | | | | | | | | | |
04/15/2033 (a)(b)(c) | | | | 6,500,000 | | | | 6,552,520 | |
| | | | | | | | | | | |
| Apidos CLO XXIV | | | | | | | | | |
2016-24A, 1.874% (3 Month LIBOR USD + 1.650%), | | | | | | | | | |
| | | | | | | | |
10/20/2030 (a)(b)(c) | | | | 3,000,000 | | | | 3,023,691 | |
| | | | | | | | | | | |
| Apidos CLO XXIX | | | | | | | | | |
2018-29A, 1.768% (3 Month LIBOR USD + 1.550%), | | | | | | | | | |
| | | | | | | | |
07/25/2030 (a)(b)(c) | | | | 4,250,000 | | | | 4,253,187 | |
2018-29A, 2.118% (3 Month LIBOR USD + 1.900%), | | | | | | | | | |
| | | | | | | | |
07/25/2030 (a)(b)(c) | | | | 7,600,000 | | | | 7,622,367 | |
2018-29A, 2.968% (3 Month LIBOR USD + 2.750%), | | | | | | | | | |
| | | | | | | | |
07/25/2030 (a)(b)(c) | | | | 6,250,000 | | | | 6,249,919 | |
| | | | | | | | | | | |
| Apidos CLO XXVI | | | | | | | | | |
2017-26A, 3.923% (3 Month LIBOR USD + 3.700%), | | | | | | | | | |
| | | | | | | | |
07/18/2029 (a)(b)(c) | | | | 4,500,000 | | | | 4,521,447 | |
| | | | | | | | | | | |
| Apidos CLO XXVIII | | | | | | | | | |
2017-28A, 1.374% (3 Month LIBOR USD + 1.150%), | | | | | | | | | |
| | | | | | | | |
01/20/2031 (a)(b)(c) | | | | 2,000,000 | | | | 1,986,416 | |
| | | | | | | | | | | |
| Apidos CLO XXX | | | | | | | | | |
XXXA, 2.223% (3 Month LIBOR USD + 2.000%), | | | | | | | | | |
| | | | | | | | |
10/18/2031 (a)(b)(c) | | | | 2,000,000 | | | | 1,993,966 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Apidos CLO XXXIV | | | | | | |
2020-34A, 3.839% (3 Month LIBOR USD + 3.600%), | | | | | | |
| | | | | | |
01/20/2033 (a)(b)(c) | | $ | 2,000,000 | | | $ | 2,009,438 | |
| | | | | | | | | |
| Ares XLVI CLO Ltd. | | | | | | | | |
2017-46A, 1.941% (3 Month LIBOR USD + 1.700%), | | | | | | | | |
| | | | | | | | |
01/15/2030 (a)(b)(c) | | | 1,436,843 | | | | 1,422,334 | |
2017-46A, 3.570%, 01/15/2030 (a)(c) | | | | | | | | |
| | | 3,600,000 | | | | 3,602,365 | |
| | | | | | | | | |
| Ares XLVIII CLO Ltd. | | | | | | | | |
2018-48A, 1.524% (3 Month LIBOR USD + 1.300%), | | | | | | | | |
| | | | | | | | |
07/20/2030 (a)(b)(c) | | | 7,000,000 | | | | 7,003,563 | |
| | | | | | | | | |
| Ares XXVII CLO Ltd. | | | | | | | | |
2013-2A, 2.619% (3 Month LIBOR USD + 2.400%), | | | | | | | | |
| | | | | | | | |
07/28/2029 (a)(b)(c) | | | 1,750,000 | | | | 1,755,572 | |
| | | | | | | | | |
| Ares XXXIR CLO Ltd. | | | | | | | | |
2014-31RA, 1.476% (3 Month LIBOR USD + 1.300%), | | | | | | | | |
| | | | | | | | |
05/24/2030 (a)(b)(c) | | | 13,000,000 | | | | 13,013,169 | |
| | | | | | | | | |
| Bean Creek CLO Ltd. | | | | | | | | |
2015-1A, 1.244% (3 Month LIBOR USD + 1.020%), | | | | | | | | |
| | | | | | | | |
04/20/2031 (a)(b)(c) | | | 13,000,000 | | | | 13,004,550 | |
2015-1A, 1.674% (3 Month LIBOR USD + 1.450%), | | | | | | | | |
| | | | | | | | |
04/20/2031 (a)(b)(c) | | | 3,200,000 | | | | 3,217,149 | |
| | | | | | | | | |
| Betony CLO 2 Ltd. | | | | | | | | |
2018-1A, 2.055% (3 Month LIBOR USD + 1.850%), | | | | | | | | |
| | | | | | | | |
04/30/2031 (a)(b)(c) | | | 1,200,000 | | | | 1,206,174 | |
| | | | | | | | | |
| BlueMountain CLO Ltd. | | | | | | | | |
2018-1A, 1.905% (3 Month LIBOR USD + 1.700%), 07/30/2030 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 6,996,770 | | | | 7,054,438 | |
2014-2A, 1.974% (3 Month LIBOR USD + 1.750%), | | | | | | | | |
| | | | | | | | |
10/20/2030 (a)(b)(c) | | | 5,500,000 | | | | 5,502,211 | |
2013-2A, 1.822% (3 Month LIBOR USD + 1.600%), | | | | | | | | |
| | | | | | | | |
10/22/2030 (a)(b)(c) | | | 2,750,000 | | | | 2,770,237 | |
2018-2A, 1.894% (3 Month LIBOR USD + 1.700%), | | | | | | | | |
| | | | | | | | |
08/15/2031 (a)(b)(c) | | | 8,500,000 | | | | 8,508,925 | |
| | | | | | | | | |
| BlueMountain Fuji US CLO III Ltd. | | | | | | | | |
2017-3A, 1.616% (3 Month LIBOR USD + 1.375%), 01/15/2030 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 6,800,000 | | | | 6,825,568 | |
| | | | | | | | | |
| Burnham Park CLO Ltd. | | | | | | | | |
2016-1A, 2.374% (3 Month LIBOR USD + 2.150%), 10/20/2029 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 5,000,000 | | | | 5,016,410 | |
| | | | | | | | | |
| Catskill Park CLO Ltd. | | | | | | | | |
2017-1A, 3.924% (3 Month LIBOR USD + 3.700%), 04/20/2029 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 1,000,000 | | | | 1,000,000 | |
| | | | | | | | | |
| Cayuga Park CLO Ltd. | | | | | | | | |
2020-1A, 2.923% (3 Month LIBOR USD + 2.700%), 07/17/2031 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 3,100,000 | | | | 3,112,115 | |
| | | | | | | | | |
| Chenango Park CLO Ltd. | | | | | | | | |
2018-1A, 1.791% (3 Month LIBOR USD + 1.550%), 04/15/2030 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 7,000,000 | | | | 7,050,841 | |
2018-1A, 2.091% (3 Month LIBOR USD + 1.850%), 04/15/2030 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 5,500,000 | | | | 5,515,449 | |
2018, 3.241% (3 Month LIBOR USD + 3.000%), 04/15/2030 (a)(b)(c) | | | | | | | | |
| | | | | | | | |
| | | 1,000,000 | | | | 1,002,324 | |
| | | | | | | | | |
| CIFC Funding Ltd. | | | | | | | | |
2017-3A, 2.024% (3 Month LIBOR USD + 1.800%), | | | | | | | | |
| | | | | | | | |
07/20/2030 (a)(b)(c) | | | 2,100,000 | | | | 2,105,966 | |
2018-1A, 1.973% (3 Month LIBOR USD + 1.750%), | | | | | | | | |
| | | | | | | | |
04/18/2031 (a)(b)(c) | | | 3,750,000 | | | | 3,739,346 | |
2013-3RA, 1.198% (3 Month LIBOR USD + 0.980%), | | | | | | | | |
| | | | | | | | |
04/24/2031 (a)(b)(c) | | | 12,225,000 | | | | 12,229,328 | |
2016-1A, 3.024% (3 Month LIBOR USD + 2.800%), | | | | | | | | |
| | | | | | | | |
10/21/2031 (a)(b)(c) | | | 5,000,000 | | | | 5,009,530 | |
| | | | | | | | | |
| Cook Park CLO Ltd. | | | | | | | | |
2018-1A, 1.623% (3 Month LIBOR USD + 1.400%), | | | | | | | | |
| | | | | | | | |
04/17/2030 (a)(b)(c) | | | 4,000,000 | | | | 4,002,060 | |
| | | | | | | | | |
| Dewolf Park CLO Ltd. | | | | | | | | |
2017-1A, 3.391% (3 Month LIBOR USD + 3.150%), | | | | | | | | |
| | | | | | | | |
10/15/2030 (a)(b)(c) | | | 925,000 | | | | 925,000 | |
| | | | | | | | | |
| Dorchester Park CLO Ltd. | | | | | | | | |
2015-1A, 1.124% (3 Month LIBOR USD + 0.900%), | | | | | | | | |
| | | | | | | | |
04/20/2028 (a)(b)(c) | | | 3,008,913 | | | | 3,010,240 | |
| | | | | | | | | |
| Gilbert Park CLO Ltd. | | | | | | | | |
2017-1A, 3.191% (3 Month LIBOR USD + 2.950%), | | | | | | | | |
| | | | | | | | |
10/15/2030 (a)(b)(c) | | | 8,475,000 | | | | 8,488,670 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Goldentree Loan Management | | | | | | |
| US CLO 2 Ltd. | | | | | | |
2017-2A, 4.924% (3 Month LIBOR USD + 4.700%), | | | | | | |
| | | | | | |
11/28/2030 (a)(b)(c) | | $ | 1,725,000 | | | $ | 1,631,452 | |
2017-2A, 1.674% (3 Month LIBOR USD + 1.450%), | | | | | | | | |
| | | | | | | | |
11/28/2030 (a)(b)(c) | | | 8,750,000 | | | | 8,758,698 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 3 Ltd. | | | | | | | | |
2018-3A, 1.774% (3 Month LIBOR USD + 1.550%), | | | | | | | | |
| | | | | | | | |
04/20/2030 (a)(b)(c) | | | 6,030,000 | | | | 6,036,319 | |
2018-3A, 2.124% (3 Month LIBOR USD + 1.900%), | | | | | | | | |
| | | | | | | | |
04/20/2030 (a)(b)(c) | | | 6,300,000 | | | | 6,317,766 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 4 Ltd. | | | | | | | | |
2019-4A, 4.968% (3 Month LIBOR USD + 4.750%), | | | | | | | | |
| | | | | | | | |
04/24/2031 (a)(b)(c) | | | 6,200,000 | | | | 5,955,323 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 7 Ltd. | | | | | | | | |
2020-7A, 3.204% (3 Month LIBOR USD + 2.980%), | | | | | | | | |
| | | | | | | | |
04/20/2031 (a)(b)(c) | | | 7,000,000 | | | | 7,022,043 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 8 Ltd. | | | | | | | | |
2020-8A, 1.074% (3 Month LIBOR USD + 0.850%), | | | | | | | | |
| | | | | | | | |
07/20/2031 (a)(b)(c) | | | 1,000,000 | | | | 1,000,000 | |
2020-8A, 2.974% (3 Month LIBOR USD + 2.750%), | | | | | | | | |
| | | | | | | | |
07/20/2031 (a)(b)(c) | | | 7,000,000 | | | | 7,021,343 | |
| | | | | | | | | |
| Goldentree Loan | | | | | | | | |
| Opportunities X Ltd. | | | | | | | | |
2015-10A, 1.674% (3 Month LIBOR USD + 1.450%), | | | | | | | | |
| | | | | | | | |
07/20/2031 (a)(b)(c) | | | 3,250,000 | | | | 3,266,396 | |
| | | | | | | | | |
| Goldentree Loan | | | | | | | | |
| Opportunities XI Ltd. | | | | | | | | |
2015-11A, 2.623% (3 Month LIBOR USD + 2.400%), | | | | | | | | |
| | | | | | | | |
01/18/2031 (a)(b)(c) | | | 2,250,000 | | | | 2,237,279 | |
| | | | | | | | | |
| Golub Capital BDC 3 CLO 1 LLC | | | | | | | | |
2021-1A, 0.000% (3 Month LIBOR USD + 2.800%), | | | | | | | | |
| | | | | | | | |
04/15/2033 (a)(b)(c)(d) | | | 7,000,000 | | | | 7,000,000 | |
| | | | | | | | | |
| Golub Capital Partners | | | | | | | | |
| CLO 47M Ltd. | | | | | | | | |
2020-47A, 0.000% (3 Month LIBOR USD + 1.680%), | | | | | | | | |
| | | | | | | | |
05/05/2032 (a)(b)(c)(d) | | | 15,000,000 | | | | 15,034,455 | |
| | | | | | | | | |
| Greenwood Park CLO Ltd. | | | | | | | | |
2018-1A, 5.191% (3 Month LIBOR USD + 4.950%), | | | | | | | | |
| | | | | | | | |
04/15/2031 (a)(b)(c) | | | 1,750,000 | | | | 1,662,463 | |
| | | | | | | | | |
| Grippen Park CLO Ltd. | | | | | | | | |
2017-1A, 1.874% (3 Month LIBOR USD + 1.650%), | | | | | | | | |
| | | | | | | | |
01/20/2030 (a)(b)(c) | | | 3,000,000 | | | | 3,002,637 | |
2017-1A, 3.524% (3 Month LIBOR USD + 3.300%), | | | | | | | | |
| | | | | | | | |
01/20/2030 (a)(b)(c) | | | 7,350,000 | | | | 7,357,504 | |
2017-1A, 5.924% (3 Month LIBOR USD + 5.700%), | | | | | | | | |
| | | | | | | | |
01/20/2030 (a)(b)(c) | | | 1,150,000 | | | | 1,143,514 | |
| | | | | | | | | |
| Jay Park CLO Ltd. | | | | | | | | |
2016-1A, 2.874% (3 Month LIBOR USD + 2.650%), | | | | | | | | |
| | | | | | | | |
10/20/2027 (a)(b)(c) | | | 1,124,000 | | | | 1,119,153 | |
| | | | | | | | | |
| LCM 26 Ltd. | | | | | | | | |
26A, 1.624% (3 Month LIBOR USD + 1.400%), | | | | | | | | |
| | | | | | | | |
01/20/2031 (a)(b)(c) | | | 7,900,000 | | | | 7,899,968 | |
26A, 2.724% (3 Month LIBOR USD + 2.500%), | | | | | | | | |
| | | | | | | | |
01/20/2031 (a)(b)(c) | | | 1,000,000 | | | | 946,713 | |
| | | | | | | | | |
| LCM 29 Ltd. | | | | | | | | |
29A, 4.091% (3 Month LIBOR USD + 3.850%), | | | | | | | | |
| | | | | | | | |
04/15/2031 (a)(b)(c) | | | 2,700,000 | | | | 2,703,359 | |
| | | | | | | | | |
| LCM 30 Ltd. | | | | | | | | |
30A, 7.174% (3 Month LIBOR USD + 6.950%), | | | | | | | | |
| | | | | | | | |
04/20/2031 (a)(b)(c) | | | 4,700,000 | | | | 4,709,550 | |
| | | | | | | | | |
| LCM Loan Income Fund I Income | | | | | | | | |
| Note Issuer Ltd. | | | | | | | | |
27A, 1.303% (3 Month LIBOR USD + 1.080%), | | | | | | | | |
| | | | | | | | |
07/16/2031 (a)(b)(c) | | | 4,000,000 | | | | 4,007,072 | |
27A, 2.173% (3 Month LIBOR USD + 1.950%), | | | | | | | | |
| | | | | | | | |
07/16/2031 (a)(b)(c) | | | 2,700,000 | | | | 2,679,764 | |
27A, 3.173% (3 Month LIBOR USD + 2.950%), | | | | | | | | |
| | | | | | | | |
07/16/2031 (a)(b)(c) | | | 4,000,000 | | | | 3,884,100 | |
| | | | | | | | | |
| LCM XIII LP | | | | | | | | |
13A, 4.273% (3 Month LIBOR USD + 4.050%), | | | | | | | | |
| | | | | | | | |
07/19/2027 (a)(b)(c) | | | 5,500,000 | | | | 5,510,093 | |
| | | | | | | | | |
| LCM XIV LP | | | | | | | | |
14A, 1.804% (3 Month LIBOR USD + 1.580%), | | | | | | | | |
| | | | | | | | |
07/20/2031 (a)(b)(c) | | | 10,800,000 | | | | 10,846,062 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| LCM XIV LP (Cont.) | | | | | | |
14A, 2.074% (3 Month LIBOR USD + 1.850%), | | | | | | |
| | | | | | |
07/20/2031 (a)(b)(c) | | $ | 6,000,000 | | | $ | 6,017,388 | |
| | | | | | | | | |
| LCM XV LP | | | | | | | | |
15A, 3.924% (3 Month LIBOR USD + 3.700%), | | | | | | | | |
| | | | | | | | |
07/20/2030 (a)(b)(c) | | | 6,950,000 | | | | 6,953,524 | |
| | | | | | | | | |
| LCM XVI LP | | | | | | | | |
16A, 1.991% (3 Month LIBOR USD + 1.750%), | | | | | | | | |
| | | | | | | | |
10/15/2031 (a)(b)(c) | | | 4,000,000 | | | | 4,030,920 | |
16A, 2.391% (3 Month LIBOR USD + 2.150%), | | | | | | | | |
| | | | | | | | |
10/15/2031 (a)(b)(c) | | | 5,100,000 | | | | 5,115,254 | |
| | | | | | | | | |
| LCM XVIII LP | | | | | | | | |
19A, 1.991% (3 Month LIBOR USD + 1.750%), | | | | | | | | |
| | | | | | | | |
07/15/2027 (a)(b)(c) | | | 2,500,000 | | | | 2,501,360 | |
19A, 2.941% (3 Month LIBOR USD + 2.700%), | | | | | | | | |
| | | | | | | | |
07/15/2027 (a)(b)(c) | | | 4,000,000 | | | | 4,013,620 | |
18A, 6.174% (3 Month LIBOR USD + 5.950%), | | | | | | | | |
| | | | | | | | |
04/20/2031 (a)(b)(c) | | | 1,800,000 | | | | 1,684,136 | |
| | | | | | | | | |
| LCM XXII Ltd. | | | | | | | | |
22A, 1.674% (3 Month LIBOR USD + 1.450%), | | | | | | | | |
| | | | | | | | |
10/20/2028 (a)(b)(c) | | | 5,000,000 | | | | 5,010,095 | |
22A, 3.024% (3 Month LIBOR USD + 2.800%), | | | | | | | | |
| | | | | | | | |
10/20/2028 (a)(b)(c) | | | 2,000,000 | | | | 1,920,750 | |
| | | | | | | | | |
| LCM XXIV Ltd. | | | | | | | | |
24A, 2.474% (3 Month LIBOR USD + 2.250%), | | | | | | | | |
| | | | | | | | |
03/20/2030 (a)(b)(c) | | | 3,125,000 | | | | 3,125,000 | |
| | | | | | | | | |
| Long Point Park CLO Ltd. | | | | | | | | |
2017-1A, 1.598% (3 Month LIBOR USD + 1.375%), | | | | | | | | |
| | | | | | | | |
01/17/2030 (a)(b)(c) | | | 11,750,000 | | | | 11,758,766 | |
2017-1A, 2.623% (3 Month LIBOR USD + 2.400%), | | | | | | | | |
| | | | | | | | |
01/17/2030 (a)(b)(c) | | | 4,000,000 | | | | 3,988,460 | |
| | | | | | | | | |
| Magnetite VIII Ltd. | | | | | | | | |
2014-8A, 3.141% (3 Month LIBOR USD + 2.900%), | | | | | | | | |
| | | | | | | | |
04/15/2031 (a)(b)(c) | | | 3,900,000 | | | | 3,904,134 | |
| | | | | | | | | |
| Magnetite XV Ltd. | | | | | | | | |
2015-15A, 2.968% (3 Month LIBOR USD + 2.750%), | | | | | | | | |
| | | | | | | | |
07/25/2031 (a)(b)(c) | | | 2,000,000 | | | | 1,997,570 | |
| | | | | | | | | |
| Magnetite XXIII Ltd. | | | | | | | | |
2019-23A, 6.968% (3 Month LIBOR USD + 6.750%), | | | | | | | | |
| | | | | | | | |
10/25/2032 (a)(b)(c) | | | 2,750,000 | | | | 2,761,440 | |
| | | | | | | | | |
| Magnetite XXIV Ltd. | | | | | | | | |
2019-24A, 4.041% (3 Month LIBOR USD + 3.800%), | | | | | | | | |
| | | | | | | | |
01/15/2033 (a)(b)(c) | | | 1,700,000 | | | | 1,714,166 | |
| | | | | | | | | |
| Magnetite XXVII Ltd. | | | | | | | | |
2020-27A, 4.224% (3 Month LIBOR USD + 4.000%), | | | | | | | | |
| | | | | | | | |
07/20/2033 (a)(b)(c) | | | 2,750,000 | | | | 2,759,790 | |
2020-27A, 7.704% (3 Month LIBOR USD + 7.480%), | | | | | | | | |
| | | | | | | | |
07/20/2033 (a)(b)(c) | | | 5,250,000 | | | | 5,265,976 | |
| | | | | | | | | |
| Magnetite XXVIII Ltd. | | | | | | | | |
2020-28A, 7.297% (3 Month LIBOR USD + 7.080%), | | | | | | | | |
| | | | | | | | |
10/25/2031 (a)(b)(c) | | | 2,000,000 | | | | 2,005,588 | |
| | | | | | | | | |
| Mountain View CLO XV Ltd. | | | | | | | | |
2019-2A, 2.141% (3 Month LIBOR USD + 1.900%), | | | | | | | | |
| | | | | | | | |
01/15/2033 (a)(b)(c) | | | 3,000,000 | | | | 3,005,055 | |
| | | | | | | | | |
| Neuberger Berman CLO | | | | | | | | |
2017-25A, 1.459% (3 Month LIBOR USD + 1.350%), | | | | | | | | |
| | | | | | | | |
10/18/2029 (a)(b) | | | 5,000,000 | | | | 5,000,000 | |
| | | | | | | | | |
| Niagara Park CLO Ltd. | | | | | | | | |
2019-1A, 6.673% (3 Month LIBOR USD + 6.673%), | | | | | | | | |
| | | | | | | | |
07/17/2032 (a)(b)(c) | | | 2,000,000 | | | | 2,005,954 | |
| | | | | | | | | |
| Octagon Investment | | | | | | | | |
| Partners 18 Ltd. | | | | | | | | |
2018-18A, 1.183% (3 Month LIBOR USD + 0.960%), | | | | | | | | |
| | | | | | | | |
04/16/2031 (a)(b)(c) | | | 5,000,000 | | | | 5,005,215 | |
| | | | | | | | | |
| Octagon Investment | | | | | | | | |
| Partners 26 Ltd. | | | | | | | | |
2016-1A, 2.041% (3 Month LIBOR USD + 1.800%), | | | | | | | | |
| | | | | | | | |
07/15/2030 (a)(b)(c) | | | 6,220,000 | | | | 6,128,566 | |
| | | | | | | | | |
| OZLM XXIV Ltd. | | | | | | | | |
2019-24A, 1.274% (3 Month LIBOR USD + 1.050%), | | | | | | | | |
| | | | | | | | |
07/20/2032 (a)(b)(c) | | | 4,000,000 | | | | 4,000,000 | |
| | | | | | | | | |
| Reese Park CLO Ltd. | | | | | | | | |
2020-1A, 0.991% (3 Month LIBOR USD + 0.750%), | | | | | | | | |
| | | | | | | | |
10/15/2032 (a)(b)(c) | | | 5,000,000 | | | | 5,004,380 | |
2020-1A, 2.220%, 10/15/2032 (a)(c) | | | | | | | | |
| | | 4,820,000 | | | | 4,800,783 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Stratus CLO Ltd. | | | | | | |
2020-2A, 1.068% (3 Month LIBOR USD + 0.800%), | | | | | | |
| | | | | | |
10/15/2028 (a)(b)(c) | | $ | 1,000,000 | | | $ | 1,000,829 | |
| | | | | | | | | |
| Webster Park CLO Ltd. | | | | | | | | |
2015-1A, 1.574% (3 Month LIBOR USD + 1.350%), | | | | | | | | |
| | | | | | | | |
07/20/2030 (a)(b)(c) | | | 4,000,000 | | | | 3,999,984 | |
2015-1A, 2.024% (3 Month LIBOR USD + 1.800%), | | | | | | | | |
| | | | | | | | |
07/20/2030 (a)(b)(c) | | | 10,300,000 | | | | 10,275,918 | |
2015-1A, 3.124% (3 Month LIBOR USD + 2.900%), | | | | | | | | |
| | | | | | | | |
07/20/2030 (a)(b)(c) | | | 4,800,000 | | | | 4,811,477 | |
| TOTAL COLLATERALIZED LOAN | | | | | | | | |
| OBLIGATIONS (Cost $474,782,720) | | | | | | | 484,043,720 | |
| | | | | | | | | |
| CORPORATE BONDS – 6.68% | | | | | | | | |
| Administrative and | | | | | | | | |
| Support Services – 0.12% | | | | | | | | |
| | | | | | | | | |
| ADT Security Corp. | | | | | | | | |
4.875%, 07/15/2032 (a) | | | 4,750,000 | | | | 5,035,000 | |
| | | | | | | | | |
| Northwell Healthcare, Inc. | | | | | | | | |
3.391%, 11/01/2027 | | | 1,000,000 | | | | 1,043,708 | |
| | | | | | | | | |
| Air Transportation – 0.11% | | | | | | | | |
| | | | | | | | | |
| Southwest Airlines Co. | | | | | | | | |
5.125%, 06/15/2027 | | | 5,000,000 | | | | 5,842,997 | |
| | | | | | | | | |
| Ambulatory Health | | | | | | | | |
| Care Services – 0.48% | | | | | | | | |
| | | | | | | | | |
| Ascension Health | | | | | | | | |
3.106%, 11/15/2039 | | | 15,000,000 | | | | 16,100,427 | |
| | | | | | | | | |
| Toledo Hospital | | | | | | | | |
6.015%, 11/15/2048 | | | 6,980,000 | | | | 9,751,072 | |
| | | | | | | | | |
| Beverage and Tobacco | | | | | | | | |
| Product Manufacturing – 0.14% | | | | | | | | |
| | | | | | | | | |
| Keurig Dr. Pepper, Inc. | | | | | | | | |
7.450%, 05/01/2038 | | | 5,000,000 | | | | 7,559,969 | |
| | | | | | | | | |
| Computer and Electronic | | | | | | | | |
| Product Manufacturing – 0.37% | | | | | | | | |
| | | | | | | | | |
| Apple, Inc. | | | | | | | | |
2.375%, 02/08/2041 | | | 10,000,000 | | | | 9,351,086 | |
| | | | | | | | | |
| Dell International LLC | | | | | | | | |
8.350%, 07/15/2046 (a) | | | 6,800,000 | | | | 10,326,838 | |
| | | | | | | | | |
| Credit Intermediation and | | | | | | | | |
| Related Activities – 3.32% | | | | | | | | |
| | | | | | | | | |
| Bank of NT Butterfield & Son Ltd. | | | | | | | | |
5.250% to 06/01/2023 then 3 Month LIBOR USD + 2.255%, | | | | | | | | |
| | | | | | | | |
06/01/2028 (b)(c) | | | 3,000,000 | | | | 3,127,692 | |
5.250% to 06/15/2025 | | | | | | | | |
then SOFR + 5.060%, | | | | | | | | |
06/15/2030 (b)(c) | | | 5,000,000 | | | | 5,339,377 | |
| | | | | | | | | |
| Banner Corp. | | | | | | | | |
5.000% to 06/30/2025 then SOFR + 4.890%, 06/30/2030 (b) | | | | | | | | |
| | | 5,000,000 | | | | 5,085,946 | |
| | | | | | | | | |
| BlueHub Loan Fund, Inc. | | | | | | | | |
3.099%, 01/01/2030 | | | 3,000,000 | | | | 2,909,440 | |
| | | | | | | | | |
| ERAC USA Finance, LLC | | | | | | | | |
7.000%, 10/15/2037 (a) | | | 5,963,000 | | | | 8,802,188 | |
| | | | | | | | | |
| First Busey | | | | | | | | |
5.250% to 06/01/2025 then SOFR + 5.110%, 06/01/2030 (b) | | | | | | | | |
| | | 4,000,000 | | | | 4,285,307 | |
| | | | | | | | | |
| First Citizens BancShares, Inc. | | | | | | | | |
3.375% to 03/15/2025 then SOFR + 2.465%, 03/15/2030 (b) | | | | | | | | |
| | | 7,500,000 | | | | 7,607,363 | |
| | | | | | | | | |
| First Commonwealth Bank | | | | | | | | |
4.875% to 06/01/2023 then 3 Month LIBOR USD + 1.845%, | | | | | | | | |
| | | | | | | | |
06/01/2028 (b) | | | 1,000,000 | | | | 1,050,593 | |
| | | | | | | | | |
| First Financial Bancorp | | | | | | | | |
5.250% to 05/15/2025 then | | | | | | | | |
SOFR + 5.090%, 05/15/2030 (b) | | | 4,000,000 | | | | 4,121,844 | |
| | | | | | | | | |
| First Mid Bancshares, Inc. | | | | | | | | |
3.950% to 10/15/2025 then SOFR + 3.830%, 10/15/2030 (b) | | | | | | | | |
| | | 5,000,000 | | | | 4,958,418 | |
| | | | | | | | | |
| Firstbank Nashville, TN | | | | | | | | |
4.500% to 09/01/2025 then SOFR + 4.390%, 09/01/2030 (b) | | | | | | | | |
| | | 5,000,000 | | | | 5,196,486 | |
| | | | | | | | | |
| Great Southern Bank | | | | | | | | |
5.500% to 06/15/2025 then SOFR + 5.325%, 06/15/2030 (b) | | | | | | | | |
| | | 4,000,000 | | | | 4,332,767 | |
| | | | | | | | | |
| Heritage Commerce Corp. | | | | | | | | |
5.250% to 06/01/2022 then 3 Month LIBOR USD + 3.365%, | | | | | | | | |
| | | | | | | | |
06/01/2027 (b) | | | 3,935,000 | | | | 3,951,937 | |
| | | | | | | | | |
| Hilltop Holdings, Inc. | | | | | | | | |
6.125% to 05/15/2030 then SOFR + 5.800%, 05/15/2035 (b) | | | | | | | | |
| | | 9,000,000 | | | | 10,392,746 | |
| | | | | | | | | |
| Independent Bank Group, Inc. | | | | | | | | |
4.000% to 09/15/2025 then SOFR + 3.885%, 09/15/2030 (b) | | | | | | | | |
| | | 6,000,000 | | | | 6,032,270 | |
| | | | | | | | | |
| MB Financial Bank, NA | | | | | | | | |
4.000% to 12/01/2022 then 3 Month LIBOR USD + 1.873%, | | | | | | | | |
| | | | | | | | |
12/01/2027 (b) | | | 3,000,000 | | | | 3,108,715 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| NBT Bancorp, Inc. | | | | | | |
5.000% to 07/01/2025 | | | | | | |
then SOFR + 4.850%, | | | | | | |
07/01/2030 (b) | | $ | 7,500,000 | | | $ | 7,640,875 | |
| | | | | | | | | |
| OceanFirst Financial Corp. | | | | | | | | |
5.250% to 05/15/2025 then | | | | | | | | |
SOFR + 5.095%, 05/15/2030 (b) | | | 5,000,000 | | | | 5,185,786 | |
| | | | | | | | | |
| OneMain Finance Corp. | | | | | | | | |
5.375%, 11/15/2029 | | | 5,553,000 | | | | 5,872,298 | |
| | | | | | | | | |
| Pacific Continental Corp. | | | | | | | | |
5.875% to 06/30/2021 then | | | | | | | | |
3 Month LIBOR USD + 4.715%, | | | | | | | | |
06/30/2026 (b) | | | 5,000,000 | | | | 5,026,099 | |
| | | | | | | | | |
| Pacific Premier Bancorp, Inc. | | | | | | | | |
4.875% to 05/15/2024 then | | | | | | | | |
3 Month LIBOR USD + 2.500%, | | | | | | | | |
05/15/2029 (b) | | | 4,000,000 | | | | 4,051,702 | |
5.375% to 06/15/2025 then | | | | | | | | |
SOFR + 5.170%, 06/15/2030 (b) | | | 4,000,000 | | | | 4,218,437 | |
| | | | | | | | | |
| Park National Corp. | | | | | | | | |
4.500% to 09/01/2025 then | | | | | | | | |
SOFR + 4.390%, 09/01/2030 (b) | | | 5,100,000 | | | | 5,079,131 | |
| | | | | | | | | |
| Peapack-Gladstone Financial Corp. | | | | | | | | |
3.500% to 12/30/2025 | | | | | | | | |
then SOFR + 3.260%, | | | | | | | | |
12/30/2030 (a)(b) | | | 4,500,000 | | | | 4,430,646 | |
| | | | | | | | | |
| Pinnacle Financial Partners, Inc. | | | | | | | | |
4.125% to 09/15/2024 then | | | | | | | | |
3 Month LIBOR USD + 2.775%, | | | | | | | | |
09/15/2029 (b) | | | 6,000,000 | | | | 6,014,831 | |
| | | | | | | | | |
| Preferred Bank | | | | | | | | |
6.000% to 06/15/2021 then | | | | | | | | |
3 Month LIBOR USD + 4.673%, | | | | | | | | |
06/15/2026 (b) | | | 4,500,000 | | | | 4,550,415 | |
| | | | | | | | | |
| Renasant Corp. | | | | | | | | |
4.500% to 09/15/2030 then | | | | | | | | |
SOFR + 4.025%, 09/15/2035 (b) | | | 5,000,000 | | | | 4,987,557 | |
| | | | | | | | | |
| Sandy Spring Bancorp, Inc. | | | | | | | | |
4.250% to 11/15/2024 then | | | | | | | | |
3 Month LIBOR USD + 2.620%, | | | | | | | | |
11/15/2029 (b) | | | 4,000,000 | | | | 4,087,242 | |
| | | | | | | | | |
| Signature Bank | | | | | | | | |
4.125% to 11/01/2024 then | | | | | | | | |
3 Month LIBOR USD + 2.559%, | | | | | | | | |
11/01/2029 (b) | | | 5,000,000 | | | | 5,165,408 | |
| | | | | | | | | |
| Southside Bancshares, Inc. | | | | | | | | |
3.875% to 11/15/2025 | | | | | | | | |
then SOFR + 3.660%, | | | | | | | | |
11/15/2030 (a)(b) | | | 7,000,000 | | | | 6,929,378 | |
| | | | | | | | | |
| Towne Bank | | | | | | | | |
4.500% to 07/30/2022 then | | | | | | | | |
3 Month LIBOR USD + 2.550%, | | | | | | | | |
07/30/2027 (b) | | | 4,000,000 | | | | 4,082,703 | |
| | | | | | | | | |
| Trustmark Corp. | | | | | | | | |
3.625% to 12/01/2025 then | | | | | | | | |
SOFR + 3.387%, 12/01/2030 (b) | | | 6,000,000 | | | | 6,071,395 | |
| | | | | | | | | |
| UMB Financial Corp. | | | | | | | | |
3.700% (5 Year CMT | | | | | | | | |
Rate + 3.437%), 09/17/2030 | | | 5,000,000 | | | | 5,188,310 | |
| | | | | | | | | |
| Western Alliance Bank | | | | | | | | |
5.250% to 06/01/2025 then | | | | | | | | |
SOFR + 5.120%, 06/01/2030 (b) | | | 5,000,000 | | | | 5,197,889 | |
| | | | | | | | | |
| WSFS Financial Corp. | | | | | | | | |
2.750% to 12/15/2025 then | | | | | | | | |
SOFR + 2.485%, 12/15/2030 (b) | | | 4,000,000 | | | | 3,967,114 | |
| | | | | | | | | |
| Educational Services – 0.29% | | | | | | | | |
| | | | | | | | | |
| Liberty University, Inc. | | | | | | | | |
3.338%, 03/01/2034 | | | 15,000,000 | | | | 15,356,307 | |
| | | | | | | | | |
| Hospitals – 0.59% | | | | | | | | |
| | | | | | | | | |
| Advocate Health & Hospitals Corp. | | | | | | | | |
3.829%, 08/15/2028 | | | 1,000,000 | | | | 1,113,636 | |
| | | | | | | | | |
| Baptist Health South Florida, Inc. | | | | | | | | |
4.590%, 08/15/2021 | | | 645,000 | | | | 657,804 | |
| | | | | | | | | |
| CHRISTUS Health | | | | | | | | |
4.341%, 07/01/2028 | | | 3,285,000 | | | | 3,798,590 | |
| | | | | | | | | |
| CommonSpirit Health | | | | | | | | |
3.347%, 10/01/2029 | | | 2,235,000 | | | | 2,404,101 | |
3.817%, 10/01/2049 | | | 2,150,000 | | | | 2,323,216 | |
| | | | | | | | | |
| Hackensack Meridian Health, Inc. | | | | | | | | |
2.675%, 09/01/2041 | | | 9,920,000 | | | | 9,683,994 | |
| | | | | | | | | |
| Memorial Health Services | | | | | | | | |
3.496%, 05/01/2022 | | | 575,000 | | | | 593,689 | |
3.447%, 11/01/2049 | | | 9,820,000 | | | | 10,367,491 | |
| | | | | | | | | |
| Orlando Health Obligated Group | | | | | | | | |
2.891%, 10/01/2035 | | | 1,000,000 | | | | 1,001,014 | |
| | | | | | | | | |
| Management of Companies | | | | | | | | |
| and Enterprises – 0.16% | | | | | | | | |
| | | | | | | | | |
| Bryn Mawr Bank Corp. | | | | | | | | |
4.250% to 12/15/2022 then | | | | | | | | |
3 Month LIBOR USD + 2.050%, | | | | | | | | |
12/15/2027 (b) | | | 3,500,000 | | | | 3,551,039 | |
| | | | | | | | | |
| First Interstate BancSystem, Inc. | | | | | | | | |
5.250% to 05/15/2025 then | | | | | | | | |
SOFR + 5.180%, 05/15/2030 (b) | | | 5,000,000 | | | | 5,098,531 | |
| | | | | | | | | |
| Nonmetallic Mineral Product | | | | | | | | |
| Manufacturing – 0.02% | | | | | | | | |
| | | | | | | | | |
| Corning, Inc. | | | | | | | | |
5.750%, 08/15/2040 | | | 722,000 | | | | 941,253 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Nursing and Residential | | | | | | |
| Care Facilities – 0.11% | | | | | | |
| | | | | | | |
| HumanGood California | | | | | | |
| Obligated Group | | | | | | |
3.000%, 10/01/2028 | | $ | 5,740,000 | | | $ | 5,851,303 | |
| | | | | | | | | |
| Publishing Industries | | | | | | | | |
| (except Internet) – 0.06% | | | | | | | | |
| | | | | | | | | |
| Oracle Corp. | | | | | | | | |
3.850%, 07/15/2036 | | | 2,825,000 | | | | 3,207,791 | |
| | | | | | | | | |
| Real Estate – 0.44% | | | | | | | | |
| | | | | | | | | |
| Arbor Realty Trust, Inc. | | | | | | | | |
4.750%, 10/15/2024 (a) | | | 4,000,000 | | | | 4,004,630 | |
4.500%, 03/15/2027 (a) | | | 5,000,000 | | | | 4,950,320 | |
| | | | | | | | | |
| Enterprise Community | | | | | | | | |
| Loan Fund, Inc. | | | | | | | | |
3.685%, 11/01/2023 | | | 5,010,000 | | | | 5,221,588 | |
4.152%, 11/01/2028 | | | 5,000,000 | | | | 5,163,656 | |
| | | | | | | | | |
| Simon Property Group LP | | | | | | | | |
6.750%, 02/01/2040 | | | 2,891,000 | | | | 4,145,897 | |
| | | | | | | | | |
| Religious, Grantmaking, Civic, | | | | | | | | |
| Professional, and Similar | | | | | | | | |
| Organizations – 0.13% | | | | | | | | |
| | | | | | | | | |
| Nature Conservancy | | | | | | | | |
1.711%, 07/01/2031 | | | 1,250,000 | | | | 1,200,876 | |
1.811%, 07/01/2032 | | | 1,150,000 | | | | 1,101,062 | |
1.861%, 07/01/2033 | | | 1,000,000 | | | | 953,775 | |
| | | | | | | | | |
| Penn State Health | | | | | | | | |
3.806%, 11/01/2049 | | | 3,500,000 | | | | 3,827,696 | |
| | | | | | | | | |
| Securities, Commodity Contracts, | | | | | | | | |
| and Other Financial Investments | | | | | | | | |
| and Related Activities – 0.08% | | | | | | | | |
| | | | | | | | | |
| Brookfield Asset Management, Inc. | | | | | | | | |
7.375%, 03/01/2033 (c) | | | 3,000,000 | | | | 4,335,229 | |
| | | | | | | | | |
| Telecommunications – 0.11% | | | | | | | | |
| | | | | | | | | |
| Embarq Corp. | | | | | | | | |
7.995%, 06/01/2036 | | | 5,000,000 | | | | 5,918,750 | |
| | | | | | | | | |
| Utilities – 0.15% | | | | | | | | |
| | | | | | | | | |
| Oglethorpe Power Corp. | | | | | | | | |
6.191%, 01/01/2031 (a) | | | 6,445,000 | | | | 8,148,993 | |
| TOTAL CORPORATE BONDS | | | | | | | | |
| (Cost $349,926,052) | | | | | | | 357,983,634 | |
| | | | | | | | | |
| NON-AGENCY RESIDENTIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES – 14.58% | | | | | | | | |
| | | | | | | | | |
| Adjustable Rate Mortgage Trust | | | | | | | | |
2005-3, 3.007%, 07/25/2035 (f) | | | 406,591 | | | | 409,063 | |
2005-10, 2.890%, 01/25/2036 (f) | | | 6,827,878 | | | | 6,186,321 | |
2006-2, 3.820%, 05/25/2036 (f) | | | 1,197,300 | | | | 1,173,959 | |
| | | | | | | | | |
| Alternative Loan Trust | | | | | | | | |
2004-28CB, 5.000%, | | | | | | | | |
01/25/2020 (g) | | | 127,195 | | | | 127,401 | |
2006-J3, 5.750%, 05/25/2026 | | | 590,244 | | | | 588,093 | |
2004-27CB, 6.000%, 12/25/2034 | | | 1,283,721 | | | | 1,289,065 | |
2004-28CB, 6.000%, 01/25/2035 | | | 489,562 | | | | 497,492 | |
2005-6CB, 5.750%, 04/25/2035 | | | 2,729,340 | | | | 2,693,174 | |
2005-6CB, 7.500%, 04/25/2035 | | | 320,042 | | | | 320,564 | |
2005-13CB, 0.618% | | | | | | | | |
(1 Month LIBOR USD + 0.500%), | | | | | | | | |
05/25/2035 (b) | | | 1,401,614 | | | | 1,226,940 | |
2005-9CB, 0.618% | | | | | | | | |
(1 Month LIBOR USD + 0.500%), | | | | | | | | |
05/25/2035 (b) | | | 3,129,759 | | | | 2,860,409 | |
2005-9CB, 6.000%, 05/25/2035 | | | 8,375,634 | | | | 5,940,929 | |
2005-21CB, 5.250%, 06/25/2035 | | | 3,878,563 | | | | 3,615,583 | |
2005-21CB, 6.000%, 06/25/2035 | | | 2,340,634 | | | | 2,256,863 | |
2005-J6, 0.618% (1 Month LIBOR USD + 0.500%), | | | | | | | | |
| | | | | | | | |
07/25/2035 (b) | | | 4,365,705 | | | | 3,496,934 | |
2005-20CB, 5.500%, 07/25/2035 | | | 1,585,687 | | | | 1,519,753 | |
2005-43, 3.366%, 09/25/2035 (f) | | | 236,861 | | | | 229,041 | |
2005-63, 2.920%, 11/25/2035 (f) | | | 1,187,722 | | | | 1,136,072 | |
2005-54CB, 5.500%, 11/25/2035 | | | 731,372 | | | | 572,388 | |
2005-J13, 5.500%, 11/25/2035 | | | 649,694 | | | | 579,800 | |
2005-65CB, 0.000%, 12/25/2035 (d)(e) | | | | | | | | |
| | | 993,337 | | | | 555,760 | |
2005-65CB, 5.500%, 01/25/2036 | | | 148,568 | | | | 132,644 | |
2005-75CB, 5.500%, 01/25/2036 | | | 1,917,248 | | | | 1,680,499 | |
2005-73CB, 5.750%, 01/25/2036 | | | 435,246 | | | | 342,921 | |
2005-86CB, 5.500%, 02/25/2036 | | | 1,230,052 | | | | 1,007,815 | |
2005-86CB, 5.500%, 02/25/2036 | | | 170,456 | | | | 139,658 | |
2006-6CB, 5.500%, 05/25/2036 | | | 136,868 | | | | 133,872 | |
2006-12CB, 5.750% (1 Month LIBOR USD + 5.750%), | | | | | | | | |
| | | | | | | | |
05/25/2036 (b) | | | 662,089 | | | | 495,654 | |
2006-14CB, 6.000%, 06/25/2036 | | | 2,978,516 | | | | 2,298,912 | |
2006-16CB, 6.000%, 06/25/2036 | | | 451,949 | | | | 354,662 | |
2006-16CB, 6.000%, 06/25/2036 | | | 1,257,111 | | | | 986,503 | |
2006-16CB, 6.000%, 06/25/2036 | | | 1,091,672 | | | | 856,626 | |
2006-19CB, 0.518% (1 Month LIBOR USD + 0.400%), | | | | | | | | |
| | | | | | | | |
08/25/2036 (b) | | | 844,234 | | | | 455,796 | |
2006-24CB, 5.750%, 08/25/2036 | | | 5,048,236 | | | | 4,019,989 | |
2006-24CB, 5.750%, 08/25/2036 | | | 3,131,614 | | | | 2,493,754 | |
2006-19CB, 6.000% (1 Month LIBOR USD + 1.000%), | | | | | | | | |
| | | | | | | | |
08/25/2036 (b) | | | 1,269,056 | | | | 1,035,675 | |
2006-19CB, 6.000%, 08/25/2036 | | | 176,665 | | | | 144,124 | |
2006-19CB, 6.000%, 08/25/2036 | | | 4,918,780 | | | | 4,015,591 | |
2006-19CB, 6.000% (1 Month LIBOR USD + 1.000%), | | | | | | | | |
| | | | | | | | |
08/25/2036 (b) | | | 3,218,926 | | | | 2,627,187 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Alternative Loan Trust (Cont.) | | | | | | |
2006-23CB, 6.000%, | | | | | | |
08/25/2036 | | $ | 954,112 | | | $ | 974,738 | |
2006-23CB, 6.500%, 08/25/2036 | | | 6,386,505 | | | | 3,484,333 | |
2006-J6, 6.000%, 09/25/2036 | | | 3,201,144 | | | | 2,415,265 | |
2006-J6, 6.000%, 09/25/2036 | | | 2,376,447 | | | | 1,793,031 | |
2006-26CB, 6.250%, 09/25/2036 | | | 5,969,414 | | | | 4,258,509 | |
2006-J5, 6.500%, 09/25/2036 | | | 12,148,271 | | | | 9,851,893 | |
2006-32CB, 5.500%, 11/25/2036 | | | 210,669 | | | | 166,904 | |
2006-31CB, 5.750%, 11/25/2036 | | | 2,377,284 | | | | 1,881,522 | |
2006-31CB, 6.000%, 11/25/2036 | | | 128,880 | | | | 104,320 | |
2006-32CB, 6.000%, 11/25/2036 | | | 3,258,353 | | | | 2,710,040 | |
2006-32CB, 6.000%, 11/25/2036 | | | 1,068,052 | | | | 888,321 | |
2006-32CB, 6.000%, 11/25/2036 | | | 3,210,868 | | | | 2,670,546 | |
2006-30T1, 6.500%, 11/25/2036 | | | 9,384,264 | | | | 4,744,091 | |
2006-39CB, 6.000%, 01/25/2037 | | | 3,304,574 | | | | 3,327,240 | |
2006-41CB, 6.000%, 01/25/2037 | | | 653,832 | | | | 518,654 | |
2006-43CB, 6.000%, 02/25/2037 | | | 3,848,443 | | | | 3,075,123 | |
2007-2CB, 5.750%, 03/25/2037 | | | 7,391,726 | | | | 5,759,827 | |
2007-4CB, 5.750%, 04/25/2037 | | | 1,716,241 | | | | 1,706,966 | |
2007-4CB, 5.750%, 04/25/2037 | | | 2,281,621 | | | | 2,269,291 | |
2007-8CB, 5.500%, 05/25/2037 | | | 7,499,865 | | | | 6,019,338 | |
2007-8CB, 6.000%, 05/25/2037 | | | 1,013,368 | | | | 853,380 | |
2007-J2, 6.000%, 07/25/2037 | | | 7,953,849 | | | | 7,908,642 | |
2008-2R, 6.000%, 08/25/2037 (f) | | | 8,335,144 | | | | 6,409,391 | |
2007-23CB, 6.000%, 09/25/2037 | | | 5,185,505 | | | | 3,985,179 | |
2007-13, 6.000%, 06/25/2047 | | | 3,020,568 | | | | 2,302,782 | |
| | | | | | | | | |
| American Home Mortgage | | | | | | | | |
| Investment Trust | | | | | | | | |
2006-2, 6.750%, 06/25/2036 (h) | | | 2,821,104 | | | | 774,689 | |
| | | | | | | | | |
| Banc of America Alternative | | | | | | | | |
| Loan Trust | | | | | | | | |
2005-11, 5.750%, 12/25/2035 | | | 1,080,302 | | | | 1,065,977 | |
2005-11, 5.750%, 12/25/2035 | | | 200,148 | | | | 197,493 | |
2006-9, 0.518% (1 Month LIBOR USD + 0.400%), | | | | | | | | |
| | | | | | | | |
01/25/2037 (b) | | | 1,259,288 | | | | 969,426 | |
2006-9, 6.000%, 01/25/2037 | | | 270,527 | | | | 259,637 | |
2006-4, 6.000%, 05/25/2046 | | | 1,264,969 | | | | 1,258,660 | |
2006-4, 6.500%, 05/25/2046 | | | 1,166,003 | | | | 1,179,271 | |
2006-4, 6.500%, 05/25/2046 | | | 1,652,817 | | | | 1,667,034 | |
2006-5, 6.000%, 06/25/2046 | | | 421,631 | | | | 422,273 | |
2006-6, 6.000%, 07/25/2046 | | | 1,554,535 | | | | 1,505,865 | |
| | | | | | | | | |
| Banc of America Funding Trust | | | | | | | | |
2003-3, 5.500%, 10/25/2033 | | | 273,978 | | | | 288,976 | |
2004-1, 6.000%, 02/25/2034 | | | 928,460 | | | | 1,016,742 | |
2004-1, 6.000%, 03/25/2034 | | | 5,208,076 | | | | 5,779,568 | |
2004-B, 2.601%, 11/20/2034 (f) | | | 2,378,754 | | | | 2,436,197 | |
2007-4, 5.500%, 11/25/2034 | | | 450,344 | | | | 451,230 | |
2005-3, 5.500%, 06/25/2035 | | | 124,459 | | | | 133,235 | |
2014-R3, 2.778%, 06/26/2035 (a)(f) | | | 1,615,478 | | | | 1,601,697 | |
2014-R3, 3.554%, 06/26/2035 (a)(f) | | | 3,424,684 | | | | 3,326,044 | |
2005-4, 5.500%, 08/25/2035 | | | 47,746 | | | | 50,809 | |
2005-5, 5.500%, 09/25/2035 | | | 325,814 | | | | 344,020 | |
2005-5, 5.500%, 09/25/2035 | | | 2,475,394 | | | | 2,671,718 | |
2005-7, 5.500%, 11/25/2035 | | | 4,951,060 | | | | 4,990,166 | |
2005-7, 5.750%, 11/25/2035 | | | 22,517 | | | | 23,703 | |
2005-7, 6.000%, 11/25/2035 | | | 112,005 | | | | 116,371 | |
2005-8, 5.750%, 01/25/2036 | | | 4,992,698 | | | | 4,940,271 | |
2006-B, 2.458%, 03/20/2036 (f) | | | 851,432 | | | | 784,654 | |
2006-F, 3.255%, 07/20/2036 (f) | | | 7,875,208 | | | | 7,423,179 | |
2006-5, 5.750%, 09/25/2036 | | | 520,228 | | | | 537,559 | |
2006-7, 6.000%, 09/25/2036 | | | 715,996 | | | | 711,732 | |
2006-I, 2.297%, 12/20/2036 (f) | | | 4,219,546 | | | | 4,258,331 | |
2006-I, 2.297%, 12/20/2036 (f) | | | 733,970 | | | | 728,113 | |
2006-I, 2.544%, 12/20/2036 (f) | | | 1,022,042 | | | | 1,062,342 | |
2007-1, 6.189%, 01/25/2037 (h) | | | 1,002,109 | | | | 1,020,004 | |
2007-2, 0.178% (1 Month LIBOR USD + 0.060%), | | | | | | | | |
| | | | | | | | |
03/25/2037 (b) | | | 595,869 | | | | 480,205 | |
2007-3, 0.548% (1 Month LIBOR USD + 0.430%), | | | | | | | | |
| | | | | | | | |
04/25/2037 (b) | | | 1,281,533 | | | | 1,218,676 | |
2007-6, 0.398% (1 Month LIBOR USD + 0.280%), | | | | | | | | |
| | | | | | | | |
07/25/2037 (b) | | | 6,311,334 | | | | 6,078,585 | |
2007-6, 0.408% (1 Month LIBOR USD + 0.290%), | | | | | | | | |
| | | | | | | | |
07/25/2037 (b) | | | 1,441,989 | | | | 1,389,238 | |
2007-5, 5.500%, 07/25/2037 | | | 2,140,321 | | | | 2,144,933 | |
2010-R3, 6.000%, 09/26/2037 (a)(f) | | | 9,000,831 | | | | 8,884,195 | |
2006-J, 3.369%, 01/20/2047 (f) | | | 198,694 | | | | 191,359 | |
| | | | | | | | | |
| Banc of America Mortgage Trust | | | | | | | | |
2005-A, 2.559%, 02/25/2035 (f) | | | 2,470,105 | | | | 2,560,364 | |
2005-F, 3.078%, 07/25/2035 (f) | | | 1,361,286 | | | | 1,357,582 | |
2007-1, 6.000%, 03/25/2037 | | | 2,831,629 | | | | 2,815,826 | |
2006-B, 2.532%, 10/20/2046 (f) | | | 1,044,448 | | | | 1,012,439 | |
| | | | | | | | | |
| BCAP LLC Trust | | | | | | | | |
2007-AA2, 7.500%, 04/25/2037 (i) | | | 361,056 | | | | 278,507 | |
| | | | | | | | | |
| Bear Stearns ALT-A Trust | | | | | | | | |
2006-6, 3.438%, 11/25/2036 (f) | | | 967,128 | | | | 682,117 | |
| | | | | | | | | |
| Bear Stearns ARM Trust | | | | | | | | |
2004-12, 2.898%, 02/25/2035 (f) | | | 53,491 | | | | 55,851 | |
| | | | | | | | | |
| Bear Stearns Asset Backed | | | | | | | | |
| Securities I Trust | | | | | | | | |
2005-AC5, 1.118% (1 Month LIBOR USD + 1.000%), | | | | | | | | |
| | | | | | | | |
08/25/2035 (b) | | | 650,261 | | | | 492,394 | |
2006-AC4, 0.368% (1 Month LIBOR USD + 0.250%), | | | | | | | | |
| | | | | | | | |
07/25/2036 (b) | | | 4,638,953 | | | | 4,087,241 | |
2006-AC4, 33.583% (1 Month LIBOR USD + 36.250%), | | | | | | | | |
| | | | | | | | |
07/25/2036 (b)(e)(i) | | | 1,071,188 | | | | 1,493,602 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Chase Funding Trust | | | | | | |
2004-1, 0.868% (1 Month LIBOR USD + 0.750%), | | | | | | |
| | | | | | |
09/25/2033 (b) | | $ | 685,732 | | | $ | 682,846 | |
| | | | | | | | | |
| Chase Mortgage Finance Trust | | | | | | | | |
2005-S2, 5.500%, 10/25/2035 | | | 910,081 | | | | 916,368 | |
2005-S3, 5.500%, 11/25/2035 | | | 8,216,010 | | | | 7,799,345 | |
2005-A1, 3.047%, 12/25/2035 (f) | | | 1,115,953 | | | | 1,116,306 | |
2005-A1, 3.047%, 12/25/2035 (f) | | | 1,140,436 | | | | 1,140,798 | |
2006-S3, 6.000%, 11/25/2036 | | | 7,805,993 | | | | 5,190,179 | |
2006-S4, 6.000%, 12/25/2036 | | | 1,162,622 | | | | 802,903 | |
2006-S4, 6.000%, 12/25/2036 | | | 4,402,766 | | | | 3,040,536 | |
2007-S1, 6.000%, 02/25/2037 | | | 4,652,224 | | | | 2,772,459 | |
2007-S3, 5.750%, 05/25/2037 | | | 800,243 | | | | 557,440 | |
2007-S3, 6.000%, 05/25/2037 | | | 2,438,338 | | | | 1,729,212 | |
2007-A2, 2.993%, 07/25/2037 (f) | | | 1,207,725 | | | | 1,173,004 | |
| | | | | | | | | |
| ChaseFlex Trust | | | | | | | | |
2005-1, 5.500%, 02/25/2035 | | | 441,448 | | | | 405,000 | |
2006-2, 4.514%, 09/25/2036 (f) | | | 3,422,481 | | | | 3,408,171 | |
2007-M1, 4.134%, 08/25/2037 (h) | | | 1,925,292 | | | | 1,859,328 | |
| | | | | | | | | |
| CHL Mortgage Pass-Through Trust | | | | | | | | |
2005-20, 5.250%, 12/25/2027 | | | 32,210 | | | | 27,597 | |
2003-42, 2.463%, 10/25/2033 (f) | | | 1,207,652 | | | | 1,230,398 | |
2003-44, 5.000%, 10/25/2033 | | | 461,000 | | | | 483,444 | |
2004-4, 5.500%, 05/25/2034 | | | 612,744 | | | | 623,940 | |
2004-14, 3.141%, 08/25/2034 (f) | | | 3,138,134 | | | | 3,181,425 | |
2004-21, 4.000%, 11/25/2034 | | | 930,096 | | | | 949,918 | |
2004-24, 5.500%, 12/25/2034 | | | 3,180,792 | | | | 3,215,037 | |
2004-J9, 5.500%, 01/25/2035 | | | 711,038 | | | | 730,752 | |
2004-HYB5, 2.896%, 04/20/2035 (f) | | | 843,019 | | | | 897,294 | |
2005-HYB2, 3.143%, 05/20/2035 (f) | | | 1,033,308 | | | | 1,075,219 | |
2005-13, 5.500%, 06/25/2035 | | | 2,483,250 | | | | 2,045,149 | |
2005-J3, 5.500%, 09/25/2035 | | | 100,901 | | | | 100,592 | |
2005-27, 5.500%, 12/25/2035 | | | 759,097 | | | | 538,682 | |
2005-27, 5.500%, 12/25/2035 | | | 1,448,328 | | | | 1,360,400 | |
2005-31, 2.731%, 01/25/2036 (f) | | | 1,523,134 | | | | 1,459,780 | |
2005-30, 5.500%, 01/25/2036 | | | 88,606 | | | | 75,022 | |
2005-HY10, 2.900%, 02/20/2036 (f) | | | 98,906 | | | | 88,618 | |
2005-HY10, 3.238%, 02/20/2036 (f) | | | 147,318 | | | | 128,706 | |
2005-HY10, 3.306%, 02/20/2036 (f) | | | 2,070,122 | | | | 2,082,881 | |
2006-6, 6.000%, 04/25/2036 | | | 749,336 | | | | 564,583 | |
2006-9, 6.000%, 05/25/2036 | | | 1,427,735 | | | | 1,040,877 | |
2006-J4, 6.250%, 09/25/2036 | | | 128,628 | | | | 84,656 | |
2006-16, 6.500%, 11/25/2036 | | | 653,223 | | | | 405,262 | |
2006-17, 6.000% (1 Month LIBOR USD + 0.550%), | | | | | | | | |
| | | | | | | | |
12/25/2036 (b) | | | 3,790,130 | | | | 2,582,214 | |
2006-17, 6.000%, 12/25/2036 | | | 2,802,417 | | | | 1,934,251 | |
2006-18, 6.000%, 12/25/2036 | | | 337,700 | | | | 267,998 | |
2006-21, 5.750%, 02/25/2037 | | | 1,658,376 | | | | 1,221,056 | |
2006-21, 6.000%, 02/25/2037 | | | 3,829,417 | | | | 2,895,637 | |
2006-21, 6.000%, 02/25/2037 | | | 874,342 | | | | 661,139 | |
2007-1, 6.000%, 03/25/2037 | | | 2,742,143 | | | | 2,159,490 | |
2007-5, 5.500%, 05/25/2037 | | | 998,489 | | | | 744,489 | |
2007-5, 5.750%, 05/25/2037 | | | 7,107,766 | | | | 5,420,824 | |
2007-5, 5.750%, 05/25/2037 | | | 738,013 | | | | 562,855 | |
2007-5, 5.750%, 05/25/2037 | | | 2,094,268 | | | | 1,597,219 | |
2007-10, 6.000%, 07/25/2037 | | | 2,311,062 | | | | 1,698,046 | |
2007-J2, 6.000%, 07/25/2037 | | | 3,345,374 | | | | 1,984,858 | |
2007-J2, 6.000%, 07/25/2037 | | | 216,058 | | | | 128,190 | |
2007-HY5, 3.130%, 09/25/2037 (f) | | | 2,830,203 | | | | 2,791,690 | |
2007-HY6, 3.196%, 11/25/2037 (f) | | | 414,236 | | | | 374,629 | |
2007-HY5, 3.457%, 09/25/2047 (f) | | | 8,217,124 | | | | 7,738,269 | |
| | | | | | | | | |
| Citicorp Mortgage Securities Trust | | | | | | | | |
2006-3, 5.500%, 06/25/2021 | | | 53,729 | | | | 45,463 | |
2006-1, 6.000%, 02/25/2036 | | | 157,650 | | | | 164,563 | |
2006-3, 5.750%, 06/25/2036 | | | 526,096 | | | | 533,237 | |
2006-3, 6.250%, 06/25/2036 | | | 1,155,278 | | | | 1,193,388 | |
2006-7, 6.000%, 12/25/2036 | | | 3,467,666 | | | | 3,428,323 | |
2007-3, 5.500%, 04/25/2037 | | | 177,756 | | | | 185,639 | |
2007-3, 6.000%, 04/25/2037 | | | 928,988 | | | | 944,259 | |
| | | | | | | | | |
| Citigroup Mortgage Loan Trust | | | | | | | | |
2004-2, 9.250%, 08/25/2033 (a) | | | 40,640 | | | | 42,466 | |
2004-HYB3, 3.248%, 09/25/2034 (f) | | | 835,980 | | | | 819,667 | |
2005-WF1, 5.830%, 11/25/2034 (h) | | | 2,742,380 | | | | 2,874,327 | |
2005-1, 2.472%, 04/25/2035 (f) | | | 516,329 | | | | 516,577 | |
2005-2, 3.409%, 05/25/2035 (f) | | | 728,888 | | | | 755,255 | |
2005-5, 6.000%, 08/25/2035 | | | 2,689,191 | | | | 2,711,552 | |
2005-7, 2.658%, 09/25/2035 (f) | | | 633,947 | | | | 607,120 | |
2005-10, 2.817%, 12/25/2035 (f) | | | 1,567,710 | | | | 1,275,218 | |
2006-WF1, 4.816%, 03/25/2036 (h) | | | 501,882 | | | | 323,660 | |
2006-WF1, 5.210%, 03/25/2036 (h) | | | 31,821,350 | | | | 22,300,915 | |
2006-AR7, 2.946%, 11/25/2036 (f) | | | 2,031,598 | | | | 1,961,615 | |
2007-AR4, 3.204%, 03/25/2037 (f) | | | 1,795,327 | | | | 1,794,468 | |
| | | | | | | | | |
| CitiMortgage Alternative Loan Trust | | | | | | | | |
2007-A4, 5.500%, 04/25/2022 | | | 9,199 | | | | 9,250 | |
2006-A2, 0.718% (1 Month LIBOR USD + 0.600%), | | | | | | | | |
| | | | | | | | |
05/25/2036 (b) | | | 599,443 | | | | 517,919 | |
2006-A4, 6.000%, 09/25/2036 | | | 1,345,048 | | | | 1,316,049 | |
2007-A1, 6.000%, 01/25/2037 | | | 2,082,619 | | | | 2,102,450 | |
2007-A1, 6.000%, 01/25/2037 | | | 3,346,946 | | | | 3,378,816 | |
| | | | | | | | | |
| Credit Suisse First Boston | | | | | | | | |
| Mortgage Securities Corp. | | | | | | | | |
2005-8, 7.000%, 09/25/2035 | | | 2,868,747 | | | | 1,948,288 | |
| | | | | | | | | |
| CSFB Mortgage-Backed | | | | | | | | |
| Pass-Through Certificates | | | | | | | | |
2004-8, 5.500%, 12/25/2034 | | | 252,323 | | | | 252,934 | |
2005-3, 5.500%, 07/25/2035 | | | 1,017,883 | | | | 1,090,379 | |
2005-9, 5.500%, 10/25/2035 | | | 730,018 | | | | 543,705 | |
2005-10, 5.500%, 11/25/2035 | | | 526,987 | | | | 472,748 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| CSFB Mortgage-Backed | | | | | | |
| Pass-Through Certificates (Cont.) | | | | | | |
2005-10, 5.500%, 11/25/2035 | | $ | 2,263,652 | | | $ | 2,030,672 | |
2005-10, 6.000%, 11/25/2035 | | | 856,308 | | | | 355,831 | |
| | | | | | | | | |
| CSMC Mortgage-Backed Trust | | | | | | | | |
2006-CF1, 5.500%, | | | | | | | | |
11/25/2035 (a)(h) | | | 2,565,000 | | | | 2,608,321 | |
2006-1, 5.500%, 02/25/2036 | | | 489,613 | | | | 489,191 | |
2006-1, 5.500%, 02/25/2036 | | | 62,418 | | | | 63,615 | |
2006-2, 5.750%, 03/25/2036 | | | 703,006 | | | | 593,851 | |
2006-2, 6.000%, 03/25/2036 | | | 4,779,159 | | | | 3,059,331 | |
2006-4, 6.000%, 05/25/2036 | | | 645,570 | | | | 513,729 | |
2006-4, 7.000%, 05/25/2036 | | | 562,915 | | | | 185,963 | |
2011-12R, 2.848%, 07/27/2036 (a)(f) | | | | | | | | |
| | | 1,933,644 | | | | 1,984,020 | |
2006-7, 6.000%, 08/25/2036 | | | 997,326 | | | | 930,350 | |
2007-2, 5.500%, 03/25/2037 | | | 1,769,695 | | | | 1,382,227 | |
2007-2, 5.750%, 03/25/2037 | | | 214,780 | | | | 177,579 | |
2007-3, 5.500%, 04/25/2037 | | | 590,404 | | | | 586,920 | |
2007-3, 5.500%, 04/25/2037 | | | 825,983 | | | | 821,109 | |
2013-2R, 3.365%, 05/27/2037 (a)(f) | | | 2,440,416 | | | | 1,834,244 | |
| | | | | | | | | |
| Deutsche Alt-A Securities, Inc. | | | | | | | | |
| Mortgage Loan Trust | | | | | | | | |
2005-1, 0.618% (1 Month LIBOR USD + 0.500%), | | | | | | | | |
| | | | | | | | |
02/25/2035 (b) | | | 2,663,142 | | | | 2,597,633 | |
2005-3, 0.618% (1 Month LIBOR USD + 0.500%), | | | | | | | | |
| | | | | | | | |
05/25/2035 (b) | | | 1,826,274 | | | | 1,708,926 | |
2005-6, 5.500%, 12/25/2035 | | | 2,042,546 | | | | 1,994,180 | |
| | | | | | | | | |
| Deutsche Alt-B Securities, Inc. | | | | | | | | |
| Mortgage Loan Trust | | | | | | | | |
2006-AB4, 0.218% (1 Month LIBOR USD + 0.100%), | | | | | | | | |
| | | | | | | | |
10/25/2036 (b) | | | 654,351 | | | | 507,782 | |
| | | | | | | | | |
| DFC HEL Trust | | | | | | | | |
2001-1, 1.757% (1 Month LIBOR USD + 1.650%), | | | | | | | | |
| | | | | | | | |
08/15/2031 (b) | | | 1,774,686 | | | | 1,846,570 | |
| | | | | | | | | |
| Equity One Mortgage | | | | | | | | |
| Pass-Through Trust | | | | | | | | |
2003-1, 4.860%, 08/25/2033 (f) | | | 1,142,114 | | | | 1,179,583 | |
2003-3, 4.750%, 12/25/2033 (f) | | | 1,318,929 | | | | 1,357,816 | |
| | | | | | | | | |
| Fannie Mae Connecticut | | | | | | | | |
| Avenue Securities | | | | | | | | |
2015-C03, 5.130% (1 Month LIBOR USD + 5.000%), | | | | | | | | |
| | | | | | | | |
07/25/2025 (b) | | | 3,017,038 | | | | 3,104,432 | |
2016-C01, 7.068% (1 Month LIBOR USD + 6.950%), | | | | | | | | |
| | | | | | | | |
08/25/2028 (b) | | | 2,179,899 | | | | 2,318,394 | |
2016-C05, 4.568% (1 Month LIBOR USD + 4.450%), | | | | | | | | |
| | | | | | | | |
01/25/2029 (b) | | | 2,449,831 | | | | 2,563,081 | |
2016-C07, 4.468% (1 Month LIBOR USD + 4.350%), | | | | | | | | |
| | | | | | | | |
05/25/2029 (b) | | | 2,994,676 | | | | 3,131,860 | |
2017-C01, 3.668% (1 Month LIBOR USD + 3.550%), | | | | | | | | |
| | | | | | | | |
07/25/2029 (b) | | | 3,474,633 | | | | 3,599,081 | |
| | | | | | | | | |
| First Horizon Alternative | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2005-FA11, 5.250%, 02/25/2021 (g) | | | 698 | | | | — | |
2006-FA6, 5.750%, 11/25/2021 | | | 1,505 | | | | 1,310 | |
2004-AA6, 2.364%, 01/25/2035 (f) | | | 429,107 | | | | 439,407 | |
2004-AA7, 2.267%, 02/25/2035 (f) | | | 1,290,306 | | | | 1,314,469 | |
2005-AA5, 2.505%, 07/25/2035 (f) | | | 2,223,051 | | | | 2,175,819 | |
2005-AA7, 2.513%, 09/25/2035 (f) | | | 1,929,140 | | | | 1,893,003 | |
2005-FA8, 5.500%, 11/25/2035 | | | 1,677,090 | | | | 1,294,023 | |
2006-FA1, 5.750%, 04/25/2036 | | | 2,275,454 | | | | 1,555,603 | |
2006-FA1, 6.000%, 04/25/2036 | | | 526,662 | | | | 370,046 | |
2006-FA2, 6.000%, 05/25/2036 | | | 2,917,691 | | | | 2,010,398 | |
2006-FA2, 6.000%, 05/25/2036 | | | 1,852,010 | | | | 1,276,104 | |
2006-FA3, 6.000%, 07/25/2036 | | | 7,764,950 | | | | 5,466,022 | |
2006-FA3, 6.000%, 07/25/2036 | | | 1,120,626 | | | | 788,848 | |
2006-FA6, 6.000%, 11/25/2036 | | | 1,188,423 | | | | 682,974 | |
2006-FA6, 6.250%, 11/25/2036 | | | 1,506,399 | | | | 892,769 | |
2006-FA6, 6.250%, 11/25/2036 | | | 7,487,096 | | | | 5,203,375 | |
2007-AA1, 2.735%, 05/25/2037 (f) | | | 3,600,626 | | | | 3,062,646 | |
2007-FA4, 6.250%, 08/25/2037 | | | 2,311,751 | | | | 1,544,605 | |
| | | | | | | | | |
| First Horizon Mortgage | | | | | | | | |
| Pass-Through Trust | | | | | | | | |
2005-AR3, 3.282%, 08/25/2035 (f) | | | 1,759,280 | | | | 1,813,825 | |
2006-AR4, 2.837%, 01/25/2037 (f) | | | 3,503,028 | | | | 2,846,646 | |
2006-4, 5.750%, 02/25/2037 | | | 1,714,045 | | | | 1,224,074 | |
2006-4, 6.000%, 02/25/2037 | | | 1,037,915 | | | | 761,525 | |
2007-AR1, 3.337%, 05/25/2037 (f) | | | 634,228 | | | | 380,185 | |
2007-AR2, 3.451%, 08/25/2037 (f) | | | 3,690,101 | | | | 2,411,028 | |
| | | | | | | | | |
| Freddie Mac Structured Agency | | | | | | | | |
| Credit Risk Debt Notes | | | | | | | | |
2016-DNA4, 3.918% | | | | | | | | |
(1 Month LIBOR USD + 3.800%), | | | | | | | | |
03/25/2029 (b) | | | 4,741,811 | | | | 4,948,033 | |
| | | | | | | | | |
| GSAA Home Equity Trust | | | | | | | | |
2005-1, 6.260%, 11/25/2034 (h) | | | 2,050,000 | | | | 2,015,785 | |
2006-15, 6.192%, 09/25/2036 (h) | | | 2,315,797 | | | | 968,406 | |
2006-18, 5.682%, 11/25/2036 (h) | | | 1,894,137 | | | | 720,394 | |
2007-7, 0.478% | | | | | | | | |
(1 Month LIBOR USD + 0.360%), | | | | | | | | |
07/25/2037 (b) | | | 1,669,168 | | | | 1,642,703 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| GSR Mortgage Loan Trust | | | | | | |
2005-4F, 6.500%, 04/25/2020 (g) | | $ | 49,254 | | | $ | 49,274 | |
2003-5F, 3.000%, 08/25/2032 | | | 1,679,127 | | | | 1,672,675 | |
2004-15F, 6.000%, 12/25/2034 | | | 1,936,466 | | | | 2,029,974 | |
2005-1F, 6.000%, 01/25/2035 | | | 20,849 | | | | 21,318 | |
2005-AR4, 3.454%, 07/25/2035 (f) | | | 294,064 | | | | 274,925 | |
2005-6F, 5.250%, 07/25/2035 | | | 172,549 | | | | 177,111 | |
2005-7F, 6.000%, 09/25/2035 | | | 26,919 | | | | 28,096 | |
2005-AR5, 3.439%, 10/25/2035 (f) | | | 415,855 | | | | 404,042 | |
2005-AR7, 2.879%, 11/25/2035 (f) | | | 439,181 | | | | 444,749 | |
2006-2F, 5.750%, 02/25/2036 | | | 642,644 | | | | 641,519 | |
| | | | | | | | | |
| HarborView Mortgage Loan Trust | | | | | | | | |
2006-6, 2.811%, 08/19/2036 (f) | | | 3,027,252 | | | | 3,021,208 | |
| | | | | | | | | |
| Home Partners of America Trust | | | | | | | | |
2019-1, 2.908%, 09/17/2039 (a) | | | 2,820,099 | | | | 2,905,019 | |
2019-2, 2.703%, 10/19/2039 (a) | | | 3,675,097 | | | | 3,805,480 | |
| | | | | | | | | |
| HomeBanc Mortgage Trust | | | | | | | | |
2006-1, 3.046%, 04/25/2037 (f) | | | 12,187 | | | | 12,277 | |
| | | | | | | | | |
| Impac CMB Trust | | | | | | | | |
2005-5, 0.618% (1 Month LIBOR USD + 0.250%), | | | | | | | | |
| | | | | | | | |
08/25/2035 (b) | | | 735,378 | | | | 746,751 | |
| | | | | | | | | |
| Impac Secured Assets | | | | | | | | |
| CMN Owner Trust | | | | | | | | |
2002-2, 6.500%, 04/25/2033 | | | 1,376,725 | | | | 1,428,282 | |
2004-2, 4.517%, 08/25/2034 (h) | | | 653,636 | | | | 669,451 | |
| | | | | | | | | |
| IndyMac IMSC Mortgage Loan Trust | | | | | | | | |
2007-AR1, 3.066%, 06/25/2037 (f) | | | 459,788 | | | | 383,697 | |
| | | | | | | | | |
| IndyMac INDA Mortgage Loan Trust | | | | | | | | |
2007-AR1, 3.238%, 03/25/2037 (f) | | | 436,682 | | | | 425,436 | |
| | | | | | | | | |
| IndyMac INDX Mortgage Loan Trust | | | | | | | | |
2004-AR4, 3.019%, 08/25/2034 (f) | | | 3,351,615 | | | | 3,412,308 | |
2004-AR11, 2.651%, 12/25/2034 (f) | | | 1,415,743 | | | | 1,458,936 | |
2005-AR3, 2.897%, 04/25/2035 (f) | | | 1,021,539 | | | | 1,012,172 | |
2005-AR9, 3.668%, 07/25/2035 (f) | | | 3,767,049 | | | | 2,930,837 | |
2005-AR23, 2.648%, 11/25/2035 (f) | | | 867,255 | | | | 841,503 | |
2005-AR23, 3.044%, 11/25/2035 (f) | | | 1,409,695 | | | | 1,355,840 | |
2005-AR25, 2.967%, 12/25/2035 (f) | | | 2,460,342 | | | | 2,028,101 | |
2005-AR35, 2.999%, 02/25/2036 (f) | | | 1,445,083 | | | | 1,384,178 | |
2006-AR3, 3.074%, 03/25/2036 (f) | | | 7,390,786 | | | | 6,701,498 | |
2006-AR9, 3.221%, 06/25/2036 (f) | | | 1,903,628 | | | | 1,974,036 | |
2006-AR25, 3.117%, 09/25/2036 (f) | | | 1,798,180 | | | | 1,686,782 | |
2006-AR25, 3.218%, 09/25/2036 (f) | | | 2,502,983 | | | | 2,070,275 | |
2006-AR31, 3.165%, 11/25/2036 (f) | | | 5,001,941 | | | | 5,149,745 | |
| | | | | | | | | |
| Jefferies Resecuritization Trust | | | | | | | | |
2009-R1, 2.896%, 11/26/2035 (a)(f) | | | 1,066,025 | | | | 1,086,369 | |
| | | | | | | | | |
| JP Morgan Alternative Loan Trust | | | | | | | | |
2006-S4, 5.960%, 12/25/2036 (h) | | | 1,046,401 | | | | 1,047,409 | |
2008-R4, 6.000%, 12/27/2036 (a) | | | 6,432,657 | | | | 4,934,254 | |
| | | | | | | | | |
| JP Morgan Acquisition Trust | | | | | | | | |
2007-CH1, 4.815%, | | | | | | | | |
11/25/2036 (h) | | | 2,657,279 | | | | 2,671,074 | |
| | | | | | | | | |
| JP Morgan Mortgage Trust | | | | | | | | |
2004-A6, 2.709%, 12/25/2034 (f) | | | 192,103 | | | | 190,865 | |
2005-S3, 5.750%, 01/25/2036 | | | 56,849 | | | | 39,554 | |
2007-A3, 3.347%, 05/25/2037 (f) | | | 4,087,797 | | | | 3,630,857 | |
| | | | | | | | | |
| JP Morgan Resecuritization Trust | | | | | | | | |
2009-7, 5.338%, 07/27/2037 (a)(f) | | | 244,605 | | | | 245,900 | |
| | | | | | | | | |
| Lehman Mortgage Trust | | | | | | | | |
2005-2, 5.500%, 12/25/2035 | | | 1,785,051 | | | | 1,338,005 | |
2005-2, 5.750%, 12/25/2035 | | | 724,152 | | | | 584,129 | |
2005-3, 0.618% (1 Month LIBOR USD + 0.500%), | | | | | | | | |
| | | | | | | | |
01/25/2036 (b) | | | 1,074,491 | | | | 515,029 | |
2005-3, 4.632% (1 Month LIBOR USD + 4.750%), | | | | | | | | |
| | | | | | | | |
01/25/2036 (b)(e)(i)(j) | | | 1,074,491 | | | | 172,776 | |
2005-3, 5.500%, 01/25/2036 | | | 270,069 | | | | 201,690 | |
2006-1, 5.500%, 02/25/2036 | | | 455,138 | | | | 365,879 | |
2006-3, 6.000%, 07/25/2036 | | | 3,908,353 | | | | 2,791,615 | |
2006-3, 6.000%, 07/25/2036 | | | 8,640,694 | | | | 6,171,780 | |
2007-4, 5.750%, 05/25/2037 | | | 1,240,835 | | | | 941,583 | |
2007-4, 5.750%, 05/25/2037 | | | 2,711,225 | | | | 2,057,360 | |
2007-5, 5.750%, 06/25/2037 | | | 2,640,819 | | | | 2,684,338 | |
2007-5, 6.000%, 06/25/2037 | | | 2,586,701 | | | | 1,203,384 | |
2007-5, 6.000%, 06/25/2037 | | | 7,065,058 | | | | 3,286,803 | |
| | | | | | | | | |
| MASTR Adjustable Rate | | | | | | | | |
| Mortgages Trust | | | | | | | | |
2004-4, 2.925%, 05/25/2034 (f) | | | 101,384 | | | | 100,838 | |
2005-1, 2.636%, 02/25/2035 (f) | | | 160,997 | | | | 166,574 | |
| | | | | | | | | |
| MASTR Alternative Loan Trust | | | | | | | | |
2003-5, 5.915%, 08/25/2033 (f) | | | 913,190 | | | | 933,009 | |
2003-7, 6.250%, 11/25/2033 | | | 193,896 | | | | 202,860 | |
2004-6, 5.500%, 07/25/2034 | | | 235,257 | | | | 240,768 | |
2004-6, 6.000%, 07/25/2034 | | | 220,187 | | | | 231,660 | |
2004-11, 6.500%, 10/25/2034 | | | 759,487 | | | | 820,105 | |
2005-2, 5.500%, 03/25/2035 | | | 2,000,000 | | | | 2,256,228 | |
2005-6, 5.500%, 12/25/2035 | | | 443,643 | | | | 403,711 | |
2006-3, 6.500%, 07/25/2036 | | | 1,170,560 | | | | 649,638 | |
| | | | | | | | | |
| MASTR Asset Securitization Trust | | | | | | | | |
2002-NC1, 2.218% (1 Month LIBOR USD + 3.150%), | | | | | | | | |
| | | | | | | | |
10/25/2032 (b) | | | 269,740 | | | | 274,030 | |
2006-1, 0.568% (1 Month LIBOR USD + 0.450%), | | | | | | | | |
| | | | | | | | |
05/25/2036 (b) | | | 657,592 | | | | 135,813 | |
2006-2, 6.000% (1 Month LIBOR USD + 6.000%), | | | | | | | | |
| | | | | | | | |
06/25/2036 (b) | | | 1,775,401 | | | | 1,539,255 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Merrill Lynch Mortgage | | | | | | |
| Investors Trust | | | | | | |
2006-F1, 6.000%, 04/25/2036 | | $ | 2,625,564 | | | $ | 1,879,155 | |
| | | | | | | | | |
| Merrill Lynch Mortgage | | | | | | | | |
| Investors Trust MLCC | | | | | | | | |
2004-D, 0.924% (6 Month LIBOR USD + 0.720%), 09/25/2029 (b) | | | | | | | | |
| | | 809,655 | | | | 792,303 | |
2006-3, 2.247%, 10/25/2036 (f) | | | 691,345 | | | | 660,880 | |
| | | | | | | | | |
| Merrill Lynch Mortgage | | | | | | | | |
| Investors Trust MLMI | | | | | | | | |
2005-A5, 3.554%, 06/25/2035 (f) | | | 429,925 | | | | 438,379 | |
2005-A7, 3.162%, 09/25/2035 (f) | | | 6,253,916 | | | | 5,878,606 | |
| | | | | | | | | |
| Morgan Stanley Mortgage | | | | | | | | |
| Loan Trust | | | | | | | | |
2005-7, 5.500%, 11/25/2035 | | | 1,486,169 | | | | 1,512,150 | |
2005-7, 5.500%, 11/25/2035 | | | 459,703 | | | | 446,505 | |
2006-2, 5.522%, 02/25/2036 (f) | | | 882,193 | | | | 674,936 | |
2006-2, 6.500%, 02/25/2036 | | | 1,031,821 | | | | 758,742 | |
2006-11, 6.000%, 08/25/2036 | | | 2,283,429 | | | | 1,545,908 | |
2006-11, 6.000%, 08/25/2036 | | | 1,908,326 | | | | 1,693,682 | |
2007-8XS, 6.000%, 04/25/2037 (f) | | | 1,493,566 | | | | 751,666 | |
2007-3XS, 5.763%, 01/25/2047 (h) | | | 7,368,906 | | | | 3,352,124 | |
| | | | | | | | | |
| Morgan Stanley Reremic Trust | | | | | | | | |
2012-R3, 2.620%, 11/26/2036 (a)(f) | | | 1,243,148 | | | | 1,203,543 | |
| | | | | | | | | |
| MortgageIT Trust | | | | | | | | |
2005-3, 0.718% (1 Month LIBOR USD + 0.600%), | | | | | | | | |
| | | | | | | | |
08/25/2035 (b) | | | 8,599,959 | | | | 8,701,212 | |
| | | | | | | | | |
| Nomura Asset Acceptance Corp. | | | | | | | | |
| Alternative Loan Trust | | | | | | | | |
2005-WF1, 5.159%, 03/25/2035 (h) | | | 84,334 | | | | 86,390 | |
2005-AR3, 5.688%, 07/25/2035 (f) | | | 733,027 | | | | 761,662 | |
2007-1, 5.669%, 03/25/2047 (h) | | | 1,138,556 | | | | 1,128,930 | |
2007-1, 5.995%, 03/25/2047 (h) | | | 2,093,600 | | | | 2,076,753 | |
| | | | | | | | | |
| Nomura Resecuritization Trust | | | | | | | | |
2011-4RA, 2.768%, 12/26/2036 (a)(f) | | | | | | | | |
| | | 7,908,444 | | | | 7,747,914 | |
| | | | | | | | | |
| Opteum Mortgage Acceptance | | | | | | | | |
| Corp. Asset Backed | | | | | | | | |
| Pass-Through Certificates | | | | | | | | |
2005-5, 5.850%, 12/25/2035 (f) | | | 383,477 | | | | 390,142 | |
| | | | | | | | | |
| Ownit Mortgage Loan Trust | | | | | | | | |
2005-1, 1.213% (1 Month LIBOR USD + 1.095%), | | | | | | | | |
| | | | | | | | |
09/25/2035 (b) | | | 3,258,123 | | | | 3,266,330 | |
2006-2, 6.133%, 01/25/2037 (h) | | | 346,204 | | | | 351,257 | |
| | | | | | | | | |
| RAAC Trust | | | | | | | | |
2005-SP1, 0.000%, 09/25/2034 (d) | | | 3,854 | | | | 3,835 | |
| | | | | | | | | |
| RALI Trust | | | | | | | | |
2006-QA1, 5.331%, 01/25/2036 (f) | | | 351,438 | | | | 312,944 | |
2006-QS1, 5.750%, 01/25/2036 | | | 296,379 | | | | 295,197 | |
2006-QS6, 6.000%, 06/25/2036 | | | 1,185,890 | | | | 1,141,590 | |
2006-QS6, 6.000%, 06/25/2036 | | | 609,115 | | | | 585,558 | |
2006-QS9, 0.818% (1 Month LIBOR USD + 0.700%), | | | | | | | | |
| | | | | | | | |
07/25/2036 (b) | | | 1,998,094 | | | | 1,454,533 | |
2006-QS13, 6.000%, 09/25/2036 | | | 3,270,457 | | | | 3,101,466 | |
2006-QS17, 0.468% (1 Month LIBOR USD + 0.350%), | | | | | | | | |
| | | | | | | | |
12/25/2036 (b) | | | 1,184,767 | | | | 925,261 | |
2006-QS17, 6.000%, 12/25/2036 | | | 469,934 | | | | 457,982 | |
2007-QS1, 5.750%, 01/25/2037 | | | 528,885 | | | | 499,867 | |
2007-QS1, 6.000%, 01/25/2037 | | | 1,641,279 | | | | 1,573,824 | |
2007-QS6, 6.000%, 04/25/2037 | | | 3,728,572 | | | | 3,627,501 | |
2007-QS9, 6.500%, 07/25/2037 | | | 4,134,010 | | | | 4,061,201 | |
2007-QS10, 6.500%, 09/25/2037 | | | 425,835 | | | | 414,303 | |
| | | | | | | | | |
| RBSGC Mortgage Loan Trust | | | | | | | | |
2005-A, 5.750%, 04/25/2035 | | | 226,228 | | | | 226,305 | |
| | | | | | | | | |
| RBSSP Resecuritization Trust | | | | | | | | |
2009-7, 6.000%, 03/26/2036 (a)(f) | | | 4,836,869 | | | | 3,752,153 | |
| | | | | | | | | |
| Renaissance Home Equity | | | | | | | | |
| Loan Trust | | | | | | | | |
2005-1, 5.016%, 05/25/2035 (h) | | | 395,222 | | | | 406,787 | |
| | | | | | | | | |
| Resecuritization | | | | | | | | |
| Pass-Through Trust | | | | | | | | |
2005-8R, 6.000%, 10/25/2034 | | | 2,438,786 | | | | 2,479,899 | |
| | | | | | | | | |
| Residential Asset | | | | | | | | |
| Securitization Trust | | | | | | | | |
2003-A9, 4.000%, 08/25/2033 | | | 1,391,574 | | | | 1,405,093 | |
2004-R2, 5.500%, 08/25/2034 | | | 2,311,719 | | | | 2,412,887 | |
2005-A5, 5.500%, 05/25/2035 | | | 1,323,648 | | | | 1,174,771 | |
2005-A11, 4.850%, 10/25/2035 | | | 4,046,192 | | | | 2,524,626 | |
2005-A11, 5.500%, 10/25/2035 | | | 323,401 | | | | 293,469 | |
2005-A11, 6.000%, 10/25/2035 | | | 460,564 | | | | 339,291 | |
2005-A15, 5.750%, 02/25/2036 | | | 4,089,232 | | | | 2,719,321 | |
2006-A5CB, 6.000%, 06/25/2036 | | | 2,486,695 | | | | 1,591,976 | |
2006-A10, 0.768% (1 Month LIBOR USD + 0.650%), | | | | | | | | |
| | | | | | | | |
09/25/2036 (b) | | | 11,352,566 | | | | 2,679,796 | |
2006-A10, 5.732% (1 Month LIBOR USD + 5.850%), | | | | | | | | |
| | | | | | | | |
09/25/2036 (b)(e)(i)(j) | | | 11,352,566 | | | | 3,298,663 | |
2006-A15, 0.718% (1 Month LIBOR USD + 0.600%), | | | | | | | | |
| | | | | | | | |
01/25/2037 (b) | | | 17,831,211 | | | | 4,640,637 | |
2006-A15, 5.532% (1 Month LIBOR USD + 5.650%), | | | | | | | | |
| | | | | | | | |
01/25/2037 (b)(e)(i)(j) | | | 17,831,211 | | | | 4,829,921 | |
| | | | | | | | | |
| RFMSI Trust | | | | | | | | |
2005-SA4, 3.325%, 09/25/2035 (f) | | | 2,091,882 | | | | 1,610,554 | |
2005-SA4, 3.371%, 09/25/2035 (f) | | | 1,887,218 | | | | 1,500,316 | |
2005-SA4, 3.380%, 09/25/2035 (f) | | | 781,837 | | | | 766,425 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| RFMSI Trust (Cont.) | | | | | | |
2006-S3, 5.500%, 03/25/2036 | | $ | 3,261,099 | | | $ | 3,162,101 | |
2006-S4, 6.000%, 04/25/2036 | | | 2,826,466 | | | | 2,741,061 | |
2006-S5, 6.000%, 06/25/2036 | | | 295,730 | | | | 293,458 | |
2006-S5, 6.000%, 06/25/2036 | | | 608,775 | | | | 604,098 | |
2006-S5, 6.000%, 06/25/2036 | | | 2,551,237 | | | | 2,531,637 | |
2006-S5, 6.000%, 06/25/2036 | | | 317,074 | | | | 310,778 | |
2006-S6, 6.000%, 07/25/2036 | | | 173,216 | | | | 172,660 | |
2006-S6, 6.000%, 07/25/2036 | | | 891,753 | | | | 888,891 | |
2006-S7, 6.250%, 08/25/2036 | | | 1,557,620 | | | | 1,557,447 | |
2006-S7, 6.500%, 08/25/2036 | | | 931,241 | | | | 933,588 | |
2006-S9, 5.750%, 09/25/2036 | | | 2,066,759 | | | | 1,992,884 | |
2007-S1, 6.000%, 01/25/2037 | | | 683,061 | | | | 664,171 | |
2007-S7, 6.000%, 07/25/2037 | | | 2,212,036 | | | | 2,137,689 | |
| | | | | | | | | |
| Sequoia Mortgage Trust | | | | | | | | |
2013-4, 1.550%, 04/25/2043 (f) | | | 653,371 | | | | 654,591 | |
| | | | | | | | | |
| Specialty Underwriting & | | | | | | | | |
| Residential Finance Trust | | | | | | | | |
2006-BC2, 3.677%, 02/25/2037 (h) | | | 919,508 | | | | 499,483 | |
| | | | | | | | | |
| STARM Mortgage Loan Trust | | | | | | | | |
2007-S1, 3.297%, 01/25/2037 (f) | | | 507,193 | | | | 456,772 | |
2007-1, 2.389%, 02/25/2037 (f) | | | 6,897,057 | | | | 6,513,247 | |
2007-2, 3.427%, 04/25/2037 (f) | | | 579,775 | | | | 345,938 | |
| | | | | | | | | |
| Structured Adjustable Rate | | | | | | | | |
| Mortgage Loan Trust | | | | | | | | |
2004-18, 2.524%, 12/25/2034 (f) | | | 696,819 | | | | 706,338 | |
2005-12, 3.080%, 06/25/2035 (f) | | | 855,464 | | | | 758,142 | |
2005-21, 3.289%, 11/25/2035 (f) | | | 280,189 | | | | 269,271 | |
2005-21, 3.335%, 11/25/2035 (f) | | | 4,113,678 | | | | 3,349,016 | |
2006-1, 3.118%, 02/25/2036 (f) | | | 456,855 | | | | 445,130 | |
2006-1, 3.232%, 02/25/2036 (f) | | | 1,501,532 | | | | 1,406,254 | |
2006-4, 3.249%, 05/25/2036 (f) | | | 805,531 | | | | 676,856 | |
2006-12, 3.572%, 01/25/2037 (f) | | | 778,067 | | | | 718,779 | |
2007-6, 0.308% (1 Month LIBOR USD + 0.190%), | | | | | | | | |
| | | | | | | | |
07/25/2037 (b) | | | 6,359,150 | | | | 6,270,217 | |
2007-9, 1.720% (6 Month LIBOR | | | | | | | | |
USD + 1.500%), 10/25/2037 (b) | | | 1,182,212 | | | | 1,156,814 | |
2007-5, 0.338% (1 Month LIBOR USD + 0.220%), | | | | | | | | |
| | | | | | | | |
06/25/2037 (b) | | | 2,415,735 | | | | 2,378,597 | |
| | | | | | | | | |
| Structured Asset Securities Corp. | | | | | | | | |
| Mortgage Pass-Through Certificates | | | | | | | | |
2004-18H, 4.750%, 10/25/2034 | | | 445,592 | | | | 465,372 | |
| | | | | | | | | |
| Suntrust Alternative Loan Trust | | | | | | | | |
2005-1F, 5.750%, 12/25/2035 | | | 1,383,697 | | | | 1,378,604 | |
2005-1F, 6.000%, 12/25/2035 | | | 3,195,255 | | | | 3,196,973 | |
2005-1F, 6.500%, 12/25/2035 | | | 3,563,467 | | | | 3,630,963 | |
| | | | | | | | | |
| TBW Mortgage-Backed Trust | | | | | | | | |
2006-2, 5.500%, 07/25/2036 | | | 101,636 | | | | 34,555 | |
| | | | | | | | | |
| Volt LLC | | | | | | | | |
2021-NPL4, 4.949%, | | | | | | | | |
03/27/2051 | | | 1,650,000 | | | | 1,650,000 | |
| | | | | | | | | |
| WaMu Mortgage Pass-Through | | | | | | | | |
| Certificates Trust | | | | | | | | |
2003-S4, 5.633%, 06/25/2033 (f) | | | 2,246,026 | | | | 2,320,037 | |
2003-AR10, 2.565%, 10/25/2033 (f) | | | | | | | | |
| | | 10,766,573 | | | | 11,013,621 | |
2004-S2, 6.000%, 06/25/2034 | | | 73,570 | | | | 76,561 | |
2006-AR10, 3.060%, 09/25/2036 (f) | | | | | | | | |
| | | 1,315,215 | | | | 1,261,113 | |
2006-AR16, 2.722%, 12/25/2036 (f) | | | | | | | | |
| | | 1,344,246 | | | | 1,326,792 | |
2007-HY5, 3.463%, 05/25/2037 (f) | | | 1,694,513 | | | | 1,663,383 | |
2007-HY7, 3.157%, 07/25/2037 (f) | | | 273,901 | | | | 218,216 | |
| | | | | | | | | |
| Washington Mutual Mortgage | | | | | | | | |
| Pass-Through Certificates | | | | | | | | |
| WMALT Trust | | | | | | | | |
2005-4, 5.500%, 06/25/2035 | | | 1,350,375 | | | | 1,257,098 | |
2005-5, 5.500%, 07/25/2035 | | | 1,486,281 | | | | 1,492,554 | |
2005-6, 5.500%, 08/25/2035 | | | 4,115,506 | | | | 4,076,278 | |
2005-6, 5.500%, 08/25/2035 | | | 899,704 | | | | 891,128 | |
2005-6, 6.500%, 08/25/2035 | | | 436,835 | | | | 435,427 | |
2005-9, 5.500%, 11/25/2035 | | | 595,672 | | | | 583,676 | |
2006-8, 4.241%, 10/25/2036 (h) | | | 2,652,272 | | | | 1,392,395 | |
2007-HY1, 0.278% (1 Month LIBOR USD + 0.160%), | | | | | | | | |
| | | | | | | | |
02/25/2037 (b) 2007-HY2, 3.549%, 04/25/2037 (f) | | | 2,660,568 | | | | 2,388,345 | |
| | | 1,620,323 | | | | 1,123,963 | |
2007-OC2, 0.428% (1 Month LIBOR USD + 0.310%), | | | | | | | | |
| | | | | | | | |
06/25/2037 (b) | | | 4,041,201 | | | | 3,952,307 | |
2007-OC1, 0.358% (1 Month LIBOR USD + 0.240%), | | | | | | | | |
| | | | | | | | |
01/25/2047 (b) | | | 4,795,712 | | | | 4,848,629 | |
| | | | | | | | | |
| Wells Fargo Alternative | | | | | | | | |
| Loan Trust | | | | | | | | |
2005-1, 5.500%, 02/25/2035 | | | 1,027,073 | | | | 985,147 | |
2005-1, 5.500%, 02/25/2035 | | | 785,295 | | | | 770,270 | |
2007-PA1, 6.000%, 03/25/2037 | | | 991,218 | | | | 991,263 | |
2007-PA6, 3.160%, 12/28/2037 (f) | | | 6,131,076 | | | | 6,057,546 | |
| | | | | | | | | |
| Wells Fargo Mortgage Backed | | | | | | | | |
| Securities Trust | | | | | | | | |
2005-AR14, 3.013%, 08/25/2035 (f) | | | 1,046,857 | | | | 1,061,902 | |
2006-AR1, 2.876%, 03/25/2036 (f) | | | 2,313,155 | | | | 2,322,655 | |
2006-AR5, 3.692%, 04/25/2036 (f) | | | 4,571,306 | | | | 4,608,572 | |
2006-AR19, 2.810%, 12/25/2036 (f) | | | 2,812,065 | | | | 2,805,896 | |
2007-AR3, 3.585%, 04/25/2037 (f) | | | 1,346,973 | | | | 1,319,292 | |
| TOTAL NON-AGENCY RESIDENTIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $815,750,327) | | | | | | | 781,550,658 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| NON-AGENCY COMMERCIAL | | | | | | |
| MORTGAGE BACKED SECURITIES – 14.74% | | | | | | |
| | | | | | | |
| BANK | | | | | | |
2019-BNK16, 0.961%, 02/15/2052 (f)(j) | | | | | | |
| | $ | 80,609,834 | | | $ | 4,932,991 | |
2019-BNK17, 0.567%, 04/15/2052 (f)(j) | | | | | | | | |
| | | 123,653,000 | | | | 5,458,031 | |
2019-BNK17, 1.596%, 04/15/2052 (a)(f)(j) | | | | | | | | |
| | | 11,541,000 | | | | 1,277,876 | |
2019-BNK21, 1.112%, | | | | | | | | |
10/17/2052 (a)(f)(j) | | | 18,699,333 | | | | 1,525,929 | |
2019-BNK21, 2.808%, 10/17/2052 | | | | | | | | |
| | | 11,582,000 | | | | 12,513,420 | |
2019-BNK23, 0.177%, 12/15/2052 (f)(j) | | | | | | | | |
| | | 238,421,000 | | | | 3,838,840 | |
2020-BNK29, 0.654%, 11/15/2053 (f)(j) | | | | | | | | |
| | | 132,417,000 | | | | 7,531,707 | |
2020-BNK30, 2.500%, 12/15/2053 (a)(f) | | | | | | | | |
| | | 3,950,000 | | | | 3,617,368 | |
2020-BNK30, 2.757%, 12/15/2053 (f) | | | | | | | | |
| | | 2,450,000 | | | | 2,421,091 | |
2021-BNK31, 1.739%, 02/15/2054 | | | | | | | | |
| | | 7,250,000 | | | | 7,298,530 | |
2018-BNK14, 0.514%, 09/15/2060 (f)(j) | | | | | | | | |
| | | 94,993,569 | | | | 2,799,290 | |
2018-BNK14, 4.185%, 09/15/2060 | | | | | | | | |
| | | 6,500,000 | | | | 7,409,775 | |
2018-BNK13, 4.193%, 08/15/2061 (f) | | | | | | | | |
| | | 5,500,000 | | | | 6,191,218 | |
2018-BNK15, 4.285%, 11/15/2061 (f) | | | | | | | | |
| | | 5,000,000 | | | | 5,725,243 | |
2019-BNK20, 2.933%, 09/15/2062 | | | | | | | | |
| | | 2,100,000 | | | | 2,283,818 | |
2019-BNK24, 0.186%, 11/15/2062 (f)(j) | | | | | | | | |
| | | 174,693,000 | | | | 3,137,713 | |
2020-BNK25, 0.886%, 01/15/2063 (f)(j) | | | | | | | | |
| | | 109,288,413 | | | | 7,208,128 | |
2020-BNK26, 0.601%, 03/15/2063 (f)(j) | | | | | | | | |
| | | 226,593,000 | | | | 11,529,347 | |
2020-BNK28, 0.971%, 03/15/2063 (f)(j) | | | | | | | | |
| | | 29,969,467 | | | | 2,485,850 | |
2020-BNK26, 2.041%, 03/15/2063 | | | | | | | | |
| | | 5,000,000 | | | | 5,119,843 | |
| | | | | | | | | |
| Barclays Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2019-C3, 0.775%, 05/15/2052 (f)(j) | | | | | | | | |
| | | 56,340,000 | | | | 3,423,754 | |
2019-C4, 1.147%, 08/15/2052 (f)(j) | | | | | | | | |
| | | 43,170,000 | | | | 3,738,366 | |
2019-C4, 1.595%, 08/15/2052 (f)(j) | | | | | | | | |
| | | 56,200,546 | | | | 5,984,796 | |
2019-C5, 0.372%, 11/15/2052 (f)(j) | | | | | | | | |
| | | 174,774,000 | | | | 4,908,493 | |
2019-C5, 1.351%, 11/15/2052 (a)(f)(j) | | | | | | | | |
| | | 12,996,000 | | | | 1,244,489 | |
| | | | | | | | | |
| BBCMS Mortgage Trust | | | | | | | | |
2018-C2, 4.236%, 12/15/2051 | | | 7,210,000 | | | | 8,237,214 | |
2020-C6, 0.678%, 02/15/2053 (f)(j) | | | 59,000,000 | | | | 3,375,467 | |
2020-C6, 1.058%, 02/15/2053 (f)(j) | | | 93,772,603 | | | | 7,110,495 | |
2020-C7, 0.988%, 04/15/2053 (f)(j) | | | 17,140,000 | | | | 1,438,663 | |
2020-C7, 1.631%, 04/15/2053 (f)(j) | | | 22,149,079 | | | | 2,413,178 | |
2021-C9, 1.120%, 02/15/2054 (f)(j) | | | 68,467,000 | | | | 6,083,882 | |
2021-C9, 1.960%, 02/15/2054 | | | 13,500,000 | | | | 13,788,643 | |
2021-C9, 2.534%, 02/15/2054 | | | 5,000,000 | | | | 5,103,894 | |
| | | | | | | | | |
| Benchmark Mortgage Trust | | | | | | | | |
2021-B23, 0.904%, 02/15/2054 (a)(f)(j) | | | | | | | | |
| | | 105,441,000 | | | | 8,701,181 | |
2021-B23, 1.280%, 02/15/2054 (f)(j) | | | | | | | | |
| | | 30,000,000 | | | | 2,957,616 | |
2021-B23, 1.766%, 02/15/2054 | | | 5,000,000 | | | | 5,034,627 | |
2019-B9, 1.043%, 03/15/2052 (f)(j) | | | | | | | | |
| | | 29,879,626 | | | | 2,074,178 | |
2019-B9, 2.002%, 03/15/2052 (a)(f)(j) | | | | | | | | |
| | | 11,513,000 | | | | 1,559,724 | |
2019-B12, 0.417%, 08/15/2052 (a)(f)(j) | | | | | | | | |
| | | 93,260,000 | | | | 3,020,915 | |
2020-B16, 0.240%, 2/15/2053 (a)(f)(j) | | | | | | | | |
| | | 70,467,000 | | | | 1,454,129 | |
2020-B16, 0.928%, 2/15/2053 (f)(j) | | | | | | | | |
| | | 103,030,971 | | | | 7,302,629 | |
2018-B7, 0.441%, 05/15/2053 (f)(j) | | | | | | | | |
| | | 114,886,439 | | | | 2,987,932 | |
2020-B20, 0.582%, 10/15/2053 (f)(j) | | | | | | | | |
| | | 79,394,000 | | | | 3,777,693 | |
2019-B13, 0.405%, 08/15/2057 (a)(f)(j) | | | | | | | | |
| | | 82,774,000 | | | | 2,659,711 | |
2019-B13, 1.506%, 08/15/2057 (a)(f)(j) | | | | | | | | |
| | | 12,071,000 | | | | 1,319,543 | |
2019-B14, 0.787%, 12/15/2062 (f)(j) | | | | | | | | |
| | | 79,424,430 | | | | 3,864,769 | |
| | | | | | | | | |
| Braemar Hotels & Resorts Trust | | | | | | | | |
2018-PRME, 1.362% (1 Month LIBOR USD + 1.250%), | | | | | | | | |
| | | | | | | | |
06/15/2035 (a)(b) | | | 3,000,000 | | | | 2,842,108 | |
| | | | | | | | | |
| Cantor Commercial | | | | | | | | |
| Real Estate Lending | | | | | | | | |
2019-CF2, 0.671%, 11/15/2052 (f)(j) | | | | | | | | |
| | | 134,736,000 | | | | 6,772,518 | |
| | | | | | | | | |
| CCUBS Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2017-C1, 0.289%, 11/15/2050 (f)(j) | | | | | | | | |
| | | 40,062,667 | | | | 800,420 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| CD Mortgage Trust | | | | | | |
2017-CD3, 0.574%, 02/10/2050 (f)(j) | | | | | | |
| | $ | 61,857,000 | | | $ | 2,040,706 | |
2018-CD7, 4.213%, 08/15/2051 | | | 3,236,000 | | | | 3,688,825 | |
| | | | | | | | | |
| CGMS Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2017-B1, 0.208%, 08/15/2050 (f)(j) | | | 38,016,000 | | | | 480,557 | |
2017-B1, 3.243%, 08/15/2050 | | | 1,570,000 | | | | 1,705,617 | |
| | | | | | | | | |
| Citigroup Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2013-GC17, 5.109%, 11/10/2046 (f) | | | | | | | | |
| | | 5,000,000 | | | | 5,147,936 | |
2014-GC19, 4.805%, 03/10/2047 (f) | | | | | | | | |
| | | 3,030,000 | | | | 3,288,472 | |
2014-GC19, 5.092%, 03/10/2047 (f) | | | | | | | | |
| | | 2,757,579 | | | | 2,968,739 | |
2016-C1, 4.117%, 05/10/2049 | | | 3,000,000 | | | | 3,196,640 | |
2016-C1, 4.950%, 05/10/2049 (f) | | | 6,840,000 | | | | 7,230,811 | |
2016-P5, 2.841%, 10/10/2049 | | | 1,900,000 | | | | 2,011,783 | |
2016-P6, 4.238%, 12/10/2049 (f) | | | 6,835,000 | | | | 7,248,701 | |
2017-P7, 0.534%, 04/14/2050 (f)(j) | | | 45,124,000 | | | | 1,554,296 | |
2017-P8, 4.267%, 09/15/2050 (f) | | | 10,740,000 | | | | 11,664,224 | |
2017-C4, 0.306%, 10/12/2050 (f)(j) | | | | | | | | |
| | | 42,746,500 | | | | 774,340 | |
2017-C4, 1.084%, 10/12/2050 (f)(j) | | | | | | | | |
| | | 32,135,947 | | | | 1,645,277 | |
2017-C4, 3.297%, 10/12/2050 | | | 4,500,000 | | | | 4,906,911 | |
2018-B2, 0.392%, 03/10/2051 (f)(j) | | | | | | | | |
| | | 49,202,000 | | | | 1,320,306 | |
2018-C5, 0.212%, 06/10/2051 (a)(f)(j) | | | | | | | | |
| | | 28,400,000 | | | | 699,089 | |
2018-C5, 0.594%, 06/10/2051 (f)(j) | | | | | | | | |
| | | 106,696,536 | | | | 4,575,969 | |
2018-C5, 4.148%, 06/10/2051 (f) | | | 4,300,000 | | | | 4,857,235 | |
2018-C6, 0.781%, 11/10/2051 (f)(j) | | | | | | | | |
| | | 23,995,145 | | | | 1,261,031 | |
2018-C6, 4.343%, 11/10/2051 | | | 5,000,000 | | | | 5,770,489 | |
2020-GC46, 0.320%, 02/15/2053 (a)(f)(j) | | | | | | | | |
| | | 92,457,000 | | | | 2,680,190 | |
2020-GC46, 0.987%, 02/15/2053 (f)(j) | | | | | | | | |
| | | 89,829,007 | | | | 6,349,689 | |
2019-GC41, 1.058%, 08/10/2056 (f)(j) | | | | | | | | |
| | | 49,858,105 | | | | 3,389,922 | |
2019-C7, 0.285%, 12/15/2072 (a)(f)(j) | | | | | | | | |
| | | 50,711,000 | | | | 1,244,276 | |
2019-C7, 0.878%, 12/15/2072 (f)(j) | | | | | | | | |
| | | 76,596,925 | | | | 4,809,253 | |
2019-C7, 1.202%, 12/15/2072 (a)(f)(j) | | | | | | | | |
| | | 31,520,000 | | | | 2,896,587 | |
2019-C7, 3.667%, 12/15/2072 (f) | | | 4,000,000 | | | | 4,325,571 | |
2018-C6, 4.412%, 11/10/2051 | | | 3,000,000 | | | | 3,497,239 | |
| | | | | | | | | |
| COMM Mortgage Trust | | | | | | | | |
2014-CR18, 4.456%, 07/15/2047 (f) | | | | | | | | |
| | | 4,550,700 | | | | 4,887,826 | |
2013-CR11, 0.919%, 08/10/2050 (f)(j) | | | | | | | | |
| | | 50,568,900 | | | | 1,022,969 | |
2019-GC44, 1.028%, 08/15/2057 (a)(f)(j) | | | | | | | | |
| | | 19,460,000 | | | | 1,538,768 | |
| | | | | | | | | |
| CSAIL Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2016-C5, 1.000%, 11/15/2048 (a)(f)(j) | | | | | | | | |
| | | 46,821,000 | | | | 1,880,495 | |
2015-C1, 0.500%, 04/15/2050 (a)(f)(j) | | | | | | | | |
| | | 62,192,000 | | | | 1,047,574 | |
2017-C8, 0.375%, 06/15/2050 (f)(j) | | | | | | | | |
| | | 74,773,000 | | | | 1,629,992 | |
2019-C17, 1.365%, 09/15/2052 (f)(j) | | | | | | | | |
| | | 85,840,717 | | | | 7,651,361 | |
2019-C18, 1.078%, 12/15/2052 (f)(j) | | | | | | | | |
| | | 93,491,859 | | | | 6,386,644 | |
| | | | | | | | | |
| FREMF Mortgage Trust | | | | | | | | |
2019-KF62, 2.170% (1 Month LIBOR USD + 2.050%), | | | | | | | | |
| | | | | | | | |
04/25/2026 (a)(b) | | | 4,650,469 | | | | 4,633,353 | |
2019-K735, 4.018%, 05/25/2026 (a)(f) | | | | | | | | |
| | | 6,000,000 | | | | 6,587,526 | |
2018-KF48, 2.170% (1 Month LIBOR USD + 2.050%), | | | | | | | | |
| | | | | | | | |
06/25/2028 (a)(b) | | | 9,911,492 | | | | 9,801,819 | |
2018-KF50, 2.020% (1 Month LIBOR USD + 1.900%), | | | | | | | | |
| | | | | | | | |
07/25/2028 (a)(b) | | | 4,924,924 | | | | 4,870,836 | |
2019-K734, 4.052%, 02/25/2051 (a)(f) | | | | | | | | |
| | | 5,000,000 | | | | 5,488,559 | |
2019-K101, 3.527%, 10/25/2052 (a)(f) | | | | | | | | |
| | | 10,000,000 | | | | 10,710,751 | |
| | | | | | | | | |
| GS Mortgage Securities Corp. II | | | | | | | | |
2012-BWTR, 3.255%, 11/05/2034 (a) | | | | | | | | |
| | | 6,608,000 | | | | 6,559,181 | |
2018-GS10, 1.410%, 07/10/2051 (a)(f)(j) | | | | | | | | |
| | | 24,049,000 | | | | 2,218,900 | |
| | | | | | | | | |
| GS Mortgage Securities Trust | | | | | | | | |
2017-FARM, 3.541%, 01/10/2043 (a)(f) | | | | | | | | |
| | | 4,135,000 | | | | 4,577,160 | |
2015-GC32, 4.412%, 07/10/2048 (f) | | | | | | | | |
| | | 5,100,000 | | | | 5,654,213 | |
2016-GS3, 3.395%, 10/10/2049 (f) | | | | | | | | |
| | | 10,417,000 | | | | 10,723,504 | |
2015-GC30, 4.029%, 05/10/2050 (f) | | | | | | | | |
| | | 2,960,000 | | | | 3,168,682 | |
2017-GS8, 0.383%, 11/10/2050 (f)(j) | | | | | | | | |
| | | 44,642,000 | | | | 1,099,711 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| GS Mortgage Securities Trust (Cont.) | | | | | | |
2019-GC38, 1.835%, 02/10/2052 (a)(f)(j) | | | | | | |
| | $ | 20,916,000 | | | $ | 2,700,442 | |
2019-GC39, 0.638%, 05/10/2052 (f)(j) | | | | | | | | |
| | | 69,588,000 | | | | 3,372,297 | |
2019-GC39, 1.625%, 05/10/2052 (a)(f)(j) | | | | | | | | |
| | | 8,215,000 | | | | 939,562 | |
2019-GC40, 1.160%, 07/10/2052 (a)(f)(j) | | | | | | | | |
| | | 5,920,000 | | | | 526,737 | |
2019-GSA1, 0.831%, 11/10/2052 (f)(j) | | | | | | | | |
| | | 72,948,198 | | | | 4,412,636 | |
2020-GSA2, 0.941%, 12/12/2053 (a)(f)(j) | | | | | | | | |
| | | 73,324,000 | | | | 5,979,580 | |
| | | | | | | | | |
| JP Morgan Chase Commercial | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2016-NINE, 2.854%, 09/06/2038 (a)(f) | | | | | | | | |
| | | 7,000,000 | | | | 7,375,063 | |
2012-CBX, 5.133%, 06/15/2045 (f) | | | 6,680,000 | | | | 5,867,439 | |
2015-JP1, 4.730%, 01/15/2049 (f) | | | 5,485,000 | | | | 6,074,015 | |
2016-JP2, 2.713%, 08/15/2049 | | | 1,250,000 | | | | 1,318,587 | |
2007-CB20, 0.000%, 02/12/2051 (a)(d)(f)(j) | | | | | | | | |
| | | 11,050,171 | | | | 111 | |
| | | | | | | | | |
| JPMBB Commercial Mortgage | | | | | | | | |
| Securities Trust | | | | | | | | |
2015-C28, 3.042%, 10/15/2048 | | | 1,333,700 | | | | 1,396,516 | |
2015-C28, 3.532%, 10/15/2048 | | | 5,000,000 | | | | 5,366,921 | |
2015-C32, 0.500%, 11/15/2048 (a)(f)(j) | | | | | | | | |
| | | 23,066,000 | | | | 446,143 | |
2015-C33, 3.562%, 12/15/2048 | | | 5,707,872 | | | | 6,085,963 | |
| | | | | | | | | |
| JPMCC Commercial | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2017-JP6, 0.657%, 07/15/2050 (f)(j) | | | | | | | | |
| | | 68,830,000 | | | | 2,616,407 | |
| | | | | | | | | |
| JPMDB Commercial | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2016-C4, 3.638%, 12/15/2049 (f) | | | 5,500,000 | | | | 5,811,553 | |
| | | | | | | | | |
| Morgan Stanley Bank of | | | | | | | | |
| America Merrill Lynch Trust | | | | | | | | |
2013-C12, 4.482%, 10/15/2046 (f) | | | 5,000,000 | | | | 5,401,023 | |
2015-C27, 3.557%, 12/15/2047 | | | 3,793,291 | | | | 4,024,887 | |
2015-C27, 4.509%, 12/15/2047 (f) | | | 3,000,000 | | | | 3,265,406 | |
2015-C25, 4.525%, 10/15/2048 (f) | | | 5,070,000 | | | | 5,491,967 | |
2016-C31, 1.305%, 11/15/2049 (a)(f)(j) | | | | | | | | |
| | | 21,212,500 | | | | 1,284,937 | |
2016-C31, 3.880%, 11/15/2049 (f) | | | 8,510,000 | | | | 8,974,586 | |
2015-C23, 4.144%, 07/15/2050 (f) | | | 3,595,000 | | | | 3,856,318 | |
2017-C34, 2.700%, 11/15/2052 (a) | | | 4,000,000 | | | | 3,322,341 | |
| | | | | | | | | |
| Morgan Stanley Capital I Trust | | | | | | | | |
2016-BNK2, 0.541%, 11/15/2049 (f)(j) | | | | | | | | |
| | | 58,680,000 | | | | 1,713,697 | |
2018-H3, 0.357%, 07/15/2051 (f)(j) | | | | | | | | |
| | | 135,712,000 | | | | 3,500,216 | |
2018-H3, 1.849%, 07/15/2051 (a)(f)(j) | | | | | | | | |
| | | 15,363,500 | | | | 1,728,848 | |
2018-H3, 4.120%, 07/15/2051 | | | 5,000,000 | | | | 5,663,116 | |
2019-L2, 0.625%, 03/15/2052 (f)(j) | | | | | | | | |
| | | 127,093,000 | | | | 6,087,043 | |
2019-H7, 0.662%, 07/15/2052 (f)(j) | | | | | | | | |
| | | 130,723,000 | | | | 6,595,054 | |
| | | | | | | | | |
| RBS Commercial | | | | | | | | |
| Funding Inc. Trust | | | | | | | | |
2013-SMV, 3.584%, | | | | | | | | |
03/11/2031 (a)(f) | | | 5,000,000 | | | | 4,703,269 | |
| | | | | | | | | |
| UBS Commercial Mortgage Trust | | | | | | | | |
2017-C1, 0.915%, 06/15/2050 (f)(j) | | | | | | | | |
| | | 13,000,000 | | | | 711,539 | |
2017-C6, 0.361%, 12/15/2050 (f)(j) | | | | | | | | |
| | | 63,420,500 | | | | 1,940,775 | |
2017-C7, 0.362%, 12/15/2050 (f)(j) | | | | | | | | |
| | | 170,396,000 | | | | 3,876,782 | |
2018-C10, 0.946%, 05/15/2051 (f)(j) | | | | | | | | |
| | | 48,053,670 | | | | 2,519,497 | |
2018-C12, 0.229%, 08/15/2051 (f)(j) | | | | | | | | |
| | | 139,858,000 | | | | 2,998,248 | |
2018-C12, 0.818%, 08/15/2051 (f)(j) | | | | | | | | |
| | | 49,106,869 | | | | 2,338,724 | |
2018-C13, 0.252%, 10/15/2051 (f)(j) | | | | | | | | |
| | | 128,678,000 | | | | 3,126,785 | |
2018-C13, 1.975%, 10/15/2051 (a)(f)(j) | | | | | | | | |
| | | 16,442,000 | | | | 2,165,107 | |
2018-C13, 4.241%, 10/15/2051 | | | 3,100,000 | | | | 3,565,627 | |
2018-C14, 0.302%, 12/15/2051 (f)(j) | | | | | | | | |
| | | 114,392,000 | | | | 2,886,282 | |
2019-C17, 0.853%, 10/15/2052 (f)(j) | | | | | | | | |
| | | 128,213,000 | | | | 8,426,915 | |
2019-C18, 2.987%, 12/15/2052 | | | 4,500,000 | | | | 4,908,017 | |
2019-C18, 3.378%, 12/15/2052 (f) | | | 4,000,000 | | | | 4,308,761 | |
| | | | | | | | | |
| UBS-Barclays Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2012-C3, 4.365%, 08/10/2049 (a)(f) | | | | | | | | |
| | | 6,000,000 | | | | 6,258,637 | |
| | | | | | | | | |
| Wells Fargo Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2017-SMP, 0.987% (1 Month LIBOR USD + 0.875%), | | | | | | | | |
| | | | | | | | |
12/15/2034 (a)(b) | | | 6,875,000 | | | | 6,854,964 | |
2015-NXS1, 3.658%, 05/15/2048 (f) | | | 1,320,000 | | | | 1,400,085 | |
2015-C31, 3.487%, 11/15/2048 | | | 2,538,653 | | | | 2,707,359 | |
2016-LC24, 1.002%, 10/15/2049 (f)(j) | | | | | | | | |
| | | 66,264,075 | | | | 3,296,002 | |
2017-RB1, 0.713%, 03/15/2050 (f)(j) | | | | | | | | |
| | | 69,254,209 | | | | 2,836,715 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Wells Fargo Commercial | | | | | | |
| Mortgage Trust (Cont.) | | | | | | |
2017-C42, 0.325%, 12/15/2050 (f)(j) | | | | | | |
| | $ | 116,750,000 | | | $ | 2,637,885 | |
2018-C44, 0.746%, 05/15/2051 (f)(j) | | | | | | | | |
| | | 94,749,013 | | | | 4,074,492 | |
2018-C45, 4.147%, 06/15/2051 | | | 5,388,000 | | | | 6,099,136 | |
2018-C46, 4.086%, 08/15/2051 | | | 5,040,000 | | | | 5,726,600 | |
2018-C48, 0.242%, 01/15/2052 (f)(j) | | | | | | | | |
| | | 138,642,000 | | | | 2,929,616 | |
2018-C48, 4.245%, 01/15/2052 | | | 7,000,000 | | | | 7,994,440 | |
2019-C49, 0.603%, 03/15/2052 (f)(j) | | | | | | | | |
| | | 125,812,000 | | | | 5,875,521 | |
2019-C49, 3.933%, 03/15/2052 | | | 5,000,000 | | | | 5,681,846 | |
2019-C49, 4.546%, 03/15/2052 | | | 4,647,000 | | | | 5,291,252 | |
2019-C50, 0.869%, 05/15/2052 (f)(j) | | | | | | | | |
| | | 36,427,311 | | | | 2,429,694 | |
2019-C51, 0.687%, 06/15/2052 (f)(j) | | | | | | | | |
| | | 130,394,000 | | | | 6,678,689 | |
2019-C51, 1.373%, 06/15/2052 (f)(j) | | | | | | | | |
| | | 27,096,179 | | | | 2,337,306 | |
2019-C52, 1.094%, 08/15/2052 (f)(j) | | | | | | | | |
| | | 86,124,292 | | | | 7,057,782 | |
2019-C52, 1.616%, 08/15/2052 (f)(j) | | | | | | | | |
| | | 60,951,974 | | | | 6,337,085 | |
2019-C53, 0.454%, 10/15/2052 (f)(j) | | | | | | | | |
| | | 105,325,000 | | | | 4,082,745 | |
2019-C53, 3.514%, 10/15/2052 (f) | | | | | | | | |
| | | 5,000,000 | | | | 5,367,741 | |
2019-C54, 0.840%, 12/15/2052 (f)(j) | | | | | | | | |
| | | 39,069,507 | | | | 2,413,980 | |
2020-C55, 0.817%, 02/15/2053 (f)(j) | | | | | | | | |
| | | 58,030,370 | | | | 3,741,601 | |
2020-C55, 1.310%, 02/15/2053 (f)(j) | | | | | | | | |
| | | 30,445,016 | | | | 2,821,720 | |
2020-C55, 3.542%, 02/15/2053 (f) | | | 5,691,000 | | | | 5,890,071 | |
2020-C56, 0.314%, 06/15/2053 (f)(j) | | | | | | | | |
| | | 127,035,000 | | | | 3,244,791 | |
2020-C56, 2.422%, 06/15/2053 | | | 2,250,000 | | | | 2,372,530 | |
2020-C58, 1.129%, 07/15/2053 (f)(j) | | | | | | | | |
| | | 109,974,000 | | | | 10,753,632 | |
2020-C57, 0.734%, 08/15/2053 (f)(j) | | | | | | | | |
| | | 74,972,000 | | | | 4,552,862 | |
2020-C57, 1.914%, 08/15/2053 | | | 6,000,000 | | | | 6,041,423 | |
2015-C30, 4.067%, 09/15/2058 (f) | | | 10,000,000 | | | | 11,079,508 | |
2015-C30, 4.400%, 09/15/2058 (f) | | | 5,100,000 | | | | 5,638,751 | |
2016-NXS5, 4.985%, 01/15/2059 (f) | | | | | | | | |
| | | 3,000,000 | | | | 3,312,893 | |
2018-C47, 0.157%, 09/15/2061 (f)(j) | | | | | | | | |
| | | 164,144,000 | | | | 2,177,567 | |
2018-C47, 4.365%, 09/15/2061 | | | 5,625,000 | | | | 6,479,948 | |
| | | | | | | | | |
| WFRBS Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2013-UBS1, 5.040%, 03/15/2046 (f) | | | | | | | | |
| | | 7,500,000 | | | | 8,081,299 | |
| TOTAL NON-AGENCY | | | | | | | | |
| COMMERCIAL MORTGAGE | | | | | | | | |
| BACKED SECURITIES | | | | | | | | |
| (Cost $802,161,357) | | | | | | | 789,891,447 | |
| | | | | | | | | |
| AGENCY COMMERCIAL MORTGAGE | | | | | | | | |
| BACKED SECURITIES – 6.83% | | | | | | | | |
| | | | | | | | | |
| FHMR | | | | | | | | |
2020-RR09, 2.676%, 08/27/2029 (f)(j) | | | | | | | | |
| | | 42,360,000 | | | | 7,227,031 | |
| | | | | | | | | |
| Freddie Mac Multifamily | | | | | | | | |
| ML Certificates | | | | | | | | |
2020-ML07, 2.021%, 10/25/2036 (a)(d)(f)(j) | | | | | | | | |
| | | 25,467,652 | | | | 4,758,886 | |
2019-ML06, 1.132%, 06/25/2037 (a)(f)(j) | | | | | | | | |
| | | 10,126,471 | | | | 1,102,894 | |
2021-ML08, 1.846%, 07/25/2037 (f)(j) | | | | | | | | |
| | | 33,759,000 | | | | 6,223,472 | |
| | | | | | | | | |
| Freddie Mac Multifamily Structured | | | | | | | | |
| Pass Through Certificates | | | | | | | | |
K014, 1.236%, 04/25/2021 (f)(j) | | | 26,889,844 | | | | 299 | |
K018, 1.224%, 01/25/2022 (f)(j) | | | 49,818,695 | | | | 333,227 | |
K019, 1.585%, 03/25/2022 (f)(j) | | | 84,108,767 | | | | 864,747 | |
K021, 1.401%, 06/25/2022 (f)(j) | | | 69,944,581 | | | | 886,100 | |
K723, 0.948%, 08/25/2023 (f)(j) | | | 72,323,243 | | | | 1,312,674 | |
K723, 0.855%, 09/25/2023 (f)(j) | | | 61,645,000 | | | | 1,209,586 | |
K728, 0.412%, 08/25/2024 (f)(j) | | | 63,944,072 | | | | 765,877 | |
K729, 0.357%, 10/25/2024 (f)(j) | | | 50,848,160 | | | | 564,511 | |
K042, 1.038%, 12/25/2024 (f)(j) | | | 78,984,926 | | | | 2,736,567 | |
K046, 0.359%, 03/25/2025 (f)(j) | | | 455,592,643 | | | | 6,279,525 | |
K049, 0.592%, 07/25/2025 (f)(j) | | | 94,877,450 | | | | 2,221,812 | |
K734, 0.648%, 02/25/2026 (f)(j) | | | 65,142,429 | | | | 1,836,313 | |
K735, 0.957%, 05/25/2026 (f)(j) | | | 59,483,789 | | | | 2,705,941 | |
K735, 1.363%, 05/25/2026 (f)(j) | | | 70,547,000 | | | | 4,818,480 | |
K737, 1.004%, 10/25/2026 (f)(j) | | | 20,050,000 | | | | 1,095,113 | |
K061, 0.046%, 11/25/2026 (f)(j) | | | 72,512,000 | | | | 398,497 | |
K062, 0.170%, 12/25/2026 (f)(j) | | | 79,423,000 | | | | 958,890 | |
K063, 0.287%, 01/25/2027 (f)(j) | | | 379,020,733 | | | | 5,950,891 | |
K064, 0.605%, 03/25/2027 (f)(j) | | | 131,697,406 | | | | 4,409,598 | |
K738, 1.368%, 03/25/2027 (f)(j) | | | 24,099,000 | | | | 1,883,327 | |
K065, 0.548%, 05/25/2027 (f)(j) | | | 57,193,000 | | | | 1,950,173 | |
K066, 0.750%, 06/25/2027 (f)(j) | | | 31,727,938 | | | | 1,340,150 | |
KW03, 0.840%, 06/25/2027 (f)(j) | | | 16,082,590 | | | | 651,594 | |
K067, 0.577%, 07/25/2027 (f)(j) | | | 40,685,584 | | | | 1,385,365 | |
K068, 0.432%, 08/25/2027 (f)(j) | | | 104,525,516 | | | | 2,717,632 | |
K069, 0.363%, 09/25/2027 (f)(j) | | | 30,289,128 | | | | 692,104 | |
K739, 1.612%, 09/25/2027 (f)(j) | | | 32,621,072 | | | | 3,170,080 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Freddie Mac Multifamily Structured | | | | | | |
| Pass Through Certificates (Cont.) | | | | | | |
K070, 0.326%, 11/25/2027 (f)(j) | | $ | 278,830,846 | | | $ | 5,919,300 | |
K072, 0.368%, 12/25/2027 (f)(j) | | | 61,196,243 | | | | 1,430,474 | |
K073, 0.203%, 01/25/2028 (f)(j) | | | 54,203,000 | | | | 872,858 | |
K073, 0.303%, 01/25/2028 (f)(j) | | | 156,612,953 | | | | 3,310,328 | |
KW06, 0.094%, 06/25/2028 (f)(j) | | | 594,566,732 | | | | 5,616,158 | |
K080, 0.119%, 07/25/2028 (f)(j) | | | 430,642,949 | | | | 4,827,421 | |
K081, 0.069%, 08/25/2028 (f)(j) | | | 155,887,063 | | | | 1,241,672 | |
K084, 0.203%, 10/25/2028 (f)(j) | | | 339,062,748 | | | | 5,534,386 | |
K089, 0.452%, 01/25/2029 (f)(j) | | | 53,965,000 | | | | 1,969,129 | |
K088, 0.507%, 01/25/2029 (f)(j) | | | 149,809,431 | | | | 5,762,645 | |
K090, 0.705%, 02/25/2029 (f)(j) | | | 77,899,198 | | | | 4,118,811 | |
K091, 0.486%, 03/25/2029 (f)(j) | | | 53,659,000 | | | | 2,118,838 | |
K090, 0.621%, 03/25/2029 (f)(j) | | | 50,517,000 | | | | 2,471,433 | |
KW09, 0.802%, 05/25/2029 (f)(j) | | | 63,340,000 | | | | 3,497,800 | |
K093, 0.952%, 05/25/2029 (f)(j) | | | 54,635,427 | | | | 3,784,716 | |
K094, 0.880%, 06/25/2029 (f)(j) | | | 141,334,174 | | | | 9,262,929 | |
K097, 1.089%, 07/25/2029 (f)(j) | | | 72,944,244 | | | | 5,975,505 | |
KG02, 1.018%, 08/25/2029 (f)(j) | | | 33,000,000 | | | | 2,434,644 | |
K098, 1.144%, 08/25/2029 (f)(j) | | | 62,191,402 | | | | 5,343,771 | |
KW10, 0.649%, 09/25/2029 (f)(j) | | | 73,933,281 | | | | 3,646,552 | |
K099, 0.886%, 09/25/2029 (f)(j) | | | 66,836,694 | | | | 4,483,786 | |
K100, 0.910%, 09/25/2029 (f)(j) | | | 62,086,000 | | | | 4,536,550 | |
K102, 0.825%, 10/25/2029 (f)(j) | | | 101,323,319 | | | | 6,487,236 | |
K101, 1.093%, 10/25/2029 (f)(j) | | | 65,686,000 | | | | 5,727,005 | |
K103, 0.638%, 11/25/2029 (f)(j) | | | 125,398,079 | | | | 6,369,959 | |
K104, 1.127%, 01/25/2030 (f)(j) | | | 75,034,600 | | | | 6,532,415 | |
K105, 1.767%, 01/25/2030 (f)(j) | | | 64,122,000 | | | | 9,185,073 | |
K107, 1.549%, 02/25/2030 (f)(j) | | | 59,449,000 | | | | 7,545,891 | |
K108, 1.660%, 03/25/2030 (f)(j) | | | 56,149,819 | | | | 7,705,631 | |
K108, 1.690%, 03/25/2030 (f)(j) | | | 16,053,000 | | | | 2,155,120 | |
K112, 1.433%, 05/25/2030 (f)(j) | | | 41,883,562 | | | | 4,850,640 | |
K111, 1.572%, 05/25/2030 (f)(j) | | | 74,239,342 | | | | 9,326,080 | |
K112, 1.662%, 05/25/2030 (f)(j) | | | 44,272,000 | | | | 6,176,466 | |
K114, 1.118%, 06/25/2030 (f)(j) | | | 58,957,931 | | | | 5,394,727 | |
K115, 1.328%, 06/25/2030 (f)(j) | | | 54,187,949 | | | | 5,837,321 | |
K114, 1.342%, 06/25/2030 (f)(j) | | | 42,500,000 | | | | 4,826,704 | |
KG03, 1.381%, 06/25/2030 (f)(j) | | | 15,600,000 | | | | 1,691,238 | |
K115, 1.547%, 07/25/2030 (f)(j) | | | 22,290,414 | | | | 2,926,274 | |
K118, 0.962%, 09/25/2030 (f)(j) | | | 56,199,280 | | | | 4,479,751 | |
K118, 1.170%, 09/25/2030 (f)(j) | | | 35,916,184 | | | | 3,660,883 | |
K116, 1.600%, 09/25/2030 (f)(j) | | | 23,000,000 | | | | 3,155,701 | |
K121, 1.029%, 10/25/2030 (f)(j) | | | 49,319,312 | | | | 4,166,362 | |
K119, 1.134%, 10/25/2030 (f)(j) | | | 51,000,000 | | | | 5,001,432 | |
KG04, 0.854%, 11/25/2030 (f)(j) | | | 77,490,059 | | | | 5,443,785 | |
K122, 0.883%, 11/25/2030 (f)(j) | | | 40,190,510 | | | | 2,974,508 | |
K122, 1.081%, 11/25/2030 (f)(j) | | | 35,211,000 | | | | 3,375,943 | �� |
K121, 1.195%, 11/25/2030 (f)(j) | | | 46,550,000 | | | | 4,925,735 | |
K123, 0.977%, 12/25/2030 (f)(j) | | | 50,000,000 | | | | 4,361,950 | |
K125, 0.586%, 01/25/2031 (f)(j) | | | 177,500,000 | | | | 8,993,943 | |
K125, 0.782%, 01/25/2031 (f)(j) | | | 52,600,000 | | | | 3,749,717 | |
K124, 0.936%, 01/25/2031 (f)(j) | | | 39,507,000 | | | | 3,321,018 | |
K152, 0.956%, 01/25/2031 (f)(j) | | | 30,688,127 | | | | 2,313,734 | |
K155, 0.113%, 04/25/2033 (f)(j) | | | 246,671,165 | | | | 3,916,743 | |
K1511, 0.777%, 03/25/2034 (f)(j) | | | 43,008,618 | | | | 3,383,436 | |
K1512, 0.911%, 04/25/2034 (f)(j) | | | 47,662,257 | | | | 4,280,075 | |
K1513, 0.865%, 08/25/2034 (f)(j) | | | 76,085,597 | | | | 6,560,770 | |
K1514, 0.580%, 10/25/2034 (f)(j) | | | 76,896,135 | | | | 4,861,850 | |
K1515, 1.513%, 02/25/2035 (f)(j) | | | 59,964,579 | | | | 9,615,224 | |
K1516, 1.512%, 05/25/2035 (f)(j) | | | 41,939,876 | | | | 7,102,904 | |
K1517, 1.334%, 07/25/2035 (f)(j) | | | 41,983,299 | | | | 6,158,715 | |
K097, 1.348%, 09/25/2051 (f)(j) | | | 66,115,000 | | | | 6,926,498 | |
| TOTAL AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $349,613,651) | | | | | | | 366,079,519 | |
| | | | | | | | | |
| MUNICIPAL BONDS – 41.98% | | | | | | | | |
| | | | | | | | | |
| Alaska – 0.32% | | | | | | | | |
| | | | | | | | | |
| Municipality of Anchorage, AK | | | | | | | | |
5.000%, 12/01/2050 | | | 8,000,000 | | | | 9,442,320 | |
| | | | | | | | | |
| State of Alaska | | | | | | | | |
5.000%, 08/01/2040 | | | 5,960,000 | | | | 7,623,317 | |
| | | | | | | | 17,065,637 | |
| Arizona – 1.77% | | | | | | | | |
| | | | | | | | | |
| Arizona Board of Regents | | | | | | | | |
5.000%, 07/01/2041 | | | 4,500,000 | | | | 5,727,960 | |
5.000%, 07/01/2043 | | | 4,000,000 | | | | 5,062,280 | |
| | | | | | | | | |
| City of Phoenix Civic | | | | | | | | |
| Improvement Corp. | | | | | | | | |
5.000%, 07/01/2040 | | | 10,910,000 | | | | 14,041,825 | |
5.000%, 07/01/2044 | | | 13,850,000 | | | | 17,601,549 | |
5.500%, 07/01/2042 | | | 9,000,000 | | | | 13,731,210 | |
| | | | | | | | | |
| City of Scottsdale, AZ | | | | | | | | |
1.539%, 07/01/2032 | | | 2,000,000 | | | | 1,954,600 | |
| | | | | | | | | |
| City of Tucson, AZ | | | | | | | | |
2.232%, 07/01/2034 | | | 7,605,000 | | | | 7,651,999 | |
| | | | | | | | | |
| Industrial Development | | | | | | | | |
| Authority of the City of Phoenix | | | | | | | | |
5.000%, 07/01/2045 (a) | | | 4,285,000 | | | | 4,626,814 | |
| | | | | | | | | |
| Salt River Project Agricultural | | | | | | | | |
| Improvement & Power District | | | | | | | | |
5.000%, 01/01/2047 | | | 10,080,000 | | | | 12,676,910 | |
5.000%, 01/01/2045 | | | 7,765,000 | | | | 10,002,097 | |
| | | | | | | | | |
| Tempe Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
4.000%, 10/01/2023 (a) | | | 2,000,000 | | | | 2,000,280 | |
| | | | | | | | 95,077,524 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| California – 6.00% | | | | | | |
| | | | | | | |
| Alvord Unified School District | | | | | | |
0.000%, 08/01/2046 (d) | | $ | 1,975,000 | | | $ | 2,437,782 | |
| | | | | | | | | |
| California Pollution Control | | | | | | | | |
| Financing Authority | | | | | | | | |
4.000%, 11/01/2023 (a)(e) | | | 7,000,000 | | | | 7,003,150 | |
| | | | | | | | | |
| Chaffey Joint Union | | | | | | | | |
| High School District | | | | | | | | |
3.143%, 08/01/2043 | | | 2,620,000 | | | | 2,673,527 | |
| | | | | | | | | |
| City of Chula Vista, CA | | | | | | | | |
1.728%, 06/01/2030 | | | 2,000,000 | | | | 1,993,960 | |
1.828%, 06/01/2031 | | | 2,000,000 | | | | 1,999,900 | |
| | | | | | | | | |
| City of Industry, CA | | | | | | | | |
4.000%, 01/01/2028 | | | 2,885,000 | | | | 3,205,985 | |
| | | | | | | | | |
| City of Los Angeles | | | | | | | | |
| Department of Airports | | | | | | | | |
6.582%, 05/15/2039 | | | 5,070,000 | | | | 6,777,627 | |
| | | | | | | | | |
| City of Los Angeles, CA | | | | | | | | |
3.550%, 09/01/2031 | | | 3,000,000 | | | | 3,418,740 | |
| | | | | | | | | |
| City of Riverside, CA | | | | | | | | |
| Water Revenue | | | | | | | | |
5.000%, 10/01/2043 | | | 3,305,000 | | | | 4,122,128 | |
| | | | | | | | | |
| City of Sacramento, CA Transient | | | | | | | | |
| Occupancy Tax Revenue | | | | | | | | |
3.858%, 06/01/2025 | | | 3,320,000 | | | | 3,517,905 | |
| | | | | | | | | |
| City of San Diego, CA Tobacco | | | | | | | | |
| Settlement Revenue Funding Corp. | | | | | | | | |
3.435%, 06/01/2023 | | | 2,155,000 | | | | 2,282,468 | |
| | | | | | | | | |
| City of San Francisco, CA | | | | | | | | |
| Public Utilities Commission | | | | | | | | |
| Water Revenue | | | | | | | | |
5.000%, 11/01/2045 | | | 5,000,000 | | | | 6,404,300 | |
| | | | | | | | | |
| City of South Lake Tahoe, CA | | | | | | | | |
4.000%, 06/01/2027 | | | 1,600,000 | | | | 1,807,536 | |
| | | | | | | | | |
| City of Union City, CA | | | | | | | | |
0.000%, 07/01/2025 (d) | | | 2,105,000 | | | | 1,921,044 | |
| | | | | | | | | |
| Coachella Valley Unified | | | | | | | | |
| School District | | | | | | | | |
0.000%, 08/01/2034 (d) | | | 1,100,000 | | | | 812,449 | |
| | | | | | | | | |
| Coast Community College | | | | | | | | |
| District California | | | | | | | | |
2.264%, 08/01/2035 | | | 9,900,000 | | | | 10,156,707 | |
| | | | | | | | | |
| County of San Diego, CA | | | | | | | | |
6.029%, 08/15/2026 | | | 705,000 | | | | 833,627 | |
| | | | | | | | | |
| East Bay Municipal Utility District | | | | | | | | |
| Water System Revenue | | | | | | | | |
5.874%, 06/01/2040 | | | 5,592,500 | | | | 7,970,207 | |
| | | | | | | | | |
| Fullerton Public Financing | | | | | | | | |
| Authority | | | | | | | | |
7.750%, 05/01/2031 0.000%, 08/01/2033 (d) | | | 1,490,000 | | | | 1,912,519 | |
| | | 2,315,000 | | | | 1,752,710 | |
| | | | | | | | | |
Gateway Unified School
| | | | | | | | |
District, CA
| | | | | | | | |
0.000%, 08/01/2035 (d) | | | 2,315,000 | | | | 1,640,617 | |
0.000%, 08/01/2036 (d) | | | 2,315,000 | | | | 1,584,872 | |
| | | | | | | | | |
| Inland Empire Tobacco | | | | | | | | |
| Securitization Corp. | | | | | | | | |
3.678%, 06/01/2038 | | | 18,545,000 | | | | 19,376,001 | |
| | | | | | | | | |
| Los Angeles Community | | | | | | | | |
| College District, CA | | | | | | | | |
1.806%, 08/01/2030 | | | 10,000,000 | | | | 10,100,800 | |
| | | | | | | | | |
| Los Angeles County Metropolitan | | | | | | | | |
| Transportation Authority | | | | | | | | |
5.735%, 06/01/2039 | | | 12,775,000 | | | | 17,031,630 | |
| | | | | | | | | |
| Los Angeles Department of Water | | | | | | | | |
| & Power System Revenue | | | | | | | | |
5.000%, 07/01/2050 | | | 10,000,000 | | | | 12,576,200 | |
6.574%, 07/01/2045 | | | 2,000,000 | | | | 3,216,300 | |
| | | | | | | | | |
| Los Angeles Housing Authority | | | | | | | | |
5.000%, 06/01/2044 | | | 6,510,000 | | | | 7,596,975 | |
| | | | | | | | | |
| Los Angeles Unified | | | | | | | | |
| School District, CA | | | | | | | | |
5.750%, 07/01/2034 | | | 12,605,000 | | | | 17,255,489 | |
| | | | | | | | | |
| Monrovia School Facilities | | | | | | | | |
| Grant Financing Authority | | | | | | | | |
7.000%, 06/01/2027 | | | 2,775,000 | | | | 3,618,989 | |
| | | | | | | | | |
| M-S-R Energy Authority | | | | | | | | |
7.000%, 11/01/2034 | | | 3,500,000 | | | | 5,386,920 | |
| | | | | | | | | |
| Northern California Power Agency | | | | | | | | |
5.679%, 06/01/2035 | | | 7,900,000 | | | | 9,790,075 | |
| | | | | | | | | |
| Norwalk-La Mirada Unified | | | | | | | | |
| School District | | | | | | | | |
0.000%, 08/01/2038 (d) | | | 4,200,000 | | | | 2,506,728 | |
| | | | | | | | | |
| Oceanside Unified School District | | | | | | | | |
0.000%, 08/01/2041 (d) | | | 5,225,000 | | | | 3,151,250 | |
| | | | | | | | | |
| Palmdale Elementary | | | | | | | | |
| School District | | | | | | | | |
0.000%, 08/01/2029 (d) | | | 540,000 | | | | 455,344 | |
| | | | | | | | | |
| Peralta Community | | | | | | | | |
| College District | | | | | | | | |
0.000%, 08/05/2031 (d) | | | 4,450,000 | | | | 4,146,955 | |
| | | | | | | | | |
| Placentia-Yorba Linda Unified | | | | | | | | |
| School District | | | | | | | | |
0.000%, 08/01/2035 (d) | | | 7,600,000 | | | | 5,518,132 | |
| | | | | | | | | |
| Poway Unified School District | | | | | | | | |
0.000%, 08/01/2034 (d) | | | 5,735,000 | | | | 4,338,183 | |
| | | | | | | | | |
| Sacramento County Sanitation | | | | | | | | |
| Districts Financing Authority | | | | | | | | |
5.000%, 12/01/2050 | | | 10,000,000 | | | | 12,750,000 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| California – 6.00% (Cont.) | | | | | | |
| | | | | | | |
| Sacramento Municipal | | | | | | |
| Utility District | | | | | | |
5.000%, 08/15/2050 | | $ | 10,000,000 | | | $ | 12,695,500 | |
| | | | | | | | | |
| San Diego Unified School District | | | | | | | | |
0.000%, 07/01/2034 (d) | | | 1,650,000 | | | | 1,275,780 | |
0.000%, 07/01/2036 (d) | | | 7,895,000 | | | | 5,740,928 | |
| | | | | | | | | |
| San Francisco City & County | | | | | | | | |
| Redevelopment Financing Authority | | | | | | | | |
0.000%, 08/01/2036 (d) | | | 5,225,000 | | | | 3,287,361 | |
5.750%, 08/01/2037 | | | 1,900,000 | | | | 2,528,197 | |
8.406%, 08/01/2039 | | | 2,145,000 | | | | 3,501,069 | |
| | | | | | | | | |
| San Jose Unified School District | | | | | | | | |
1.397%, 08/01/2029 | | | 1,750,000 | | | | 1,742,510 | |
| | | | | | | | | |
| San Mateo Union High | | | | | | | | |
| School District | | | | | | | | |
0.000%, 09/01/2041 (d) | | | 10,000,000 | | | | 11,155,100 | |
| | | | | | | | | |
| Santa Ana Unified School District | | | | | | | | |
0.000%, 08/01/2037 (d) | | | 2,500,000 | | | | 1,662,900 | |
| | | | | | | | | |
| South Placer Wastewater Authority | | | | | | | | |
5.000%, 11/01/2035 | | | 2,935,000 | | | | 4,060,191 | |
| | | | | | | | | |
| State of California | | | | | | | | |
5.000%, 04/01/2045 | | | 4,550,000 | | | | 5,610,059 | |
5.000%, 10/01/2049 | | | 9,485,000 | | | | 11,771,644 | |
7.550%, 04/01/2039 | | | 9,900,000 | | | | 16,578,639 | |
| | | | | | | | | |
| West Contra Costa Unified | | | | | | | | |
| School District | | | | | | | | |
0.000%, 08/01/2036 (d) | | | 4,485,000 | | | | 3,131,876 | |
| | | | | | | | | |
| West Sonoma County Union | | | | | | | | |
| High School District | | | | | | | | |
0.000%, 08/01/2037 (d) | | | 1,840,000 | | | | 1,239,866 | |
| | | | | | | | | |
| Western Municipal Water | | | | | | | | |
| District Facilities Authority | | | | | | | | |
5.000%, 10/01/2045 | | | 2,795,000 | | | | 3,571,367 | |
5.000%, 10/01/2050 | | | 5,480,000 | | | | 6,969,519 | |
| | | | | | | | | |
| William S. Hart Union | | | | | | | | |
| High School District | | | | | | | | |
0.000%, 08/01/2034 (d) | | | 2,380,000 | | | | 1,795,567 | |
0.000%, 08/01/2036 (d) | | | 1,000,000 | | | | 706,870 | |
| | | | | | | | | |
| Yosemite Community | | | | | | | | |
| College District | | | | | | | | |
0.000%, 08/01/2038 (d) | | | 6,110,000 | | | | 3,998,628 | |
| | | | | | | | | |
| Yuba Community College District | | | | | | | | |
0.000%, 08/01/2038 (d) | | | 5,055,000 | | | | 3,325,331 | |
| | | | | | | | 321,394,633 | |
| Colorado – 1.88% | | | | | | | | |
| | | | | | | | | |
| Board of Governors of Colorado | | | | | | | | |
| State University System | | | | | | | | |
2.594%, 03/01/2033 | | | 4,560,000 | | | | 4,717,274 | |
2.644%, 03/01/2034 | | | 6,275,000 | | | | 6,476,930 | |
| | | | | | | | | |
| Board of Water Commissioners | | | | | | | | |
| City & County of Denver | | | | | | | | |
5.000%, 09/15/2045 | | | 12,375,000 | | | | 15,761,419 | |
5.000%, 09/15/2046 | | | 18,205,000 | | | | 23,156,760 | |
| | | | | | | | | |
| City & County of Denver, CO | | | | | | | | |
| Airport System Revenue | | | | | | | | |
5.000%, 12/01/2036 | | | 10,750,000 | | | | 14,719,652 | |
| | | | | | | | | |
| City of Fruita, CO | | | | | | | | |
| Healthcare Revenue | | | | | | | | |
5.000%, 01/01/2028 | | | 3,025,000 | | | | 3,044,693 | |
| | | | | | | | | |
| Colorado Educational & | | | | | | | | |
| Cultural Facilities Authority | | | | | | | | |
3.285%, 03/01/2028 | | | 1,000,000 | | | | 1,088,150 | |
| | | | | | | | | |
| Colorado Health | | | | | | | | |
| Facilities Authority | | | | | | | | |
3.796%, 11/01/2044 | | | 6,500,000 | | | | 6,962,735 | |
| | | | | | | | | |
| Ebert Metropolitan District | | | | | | | | |
5.000%, 12/01/2043 | | | 10,000,000 | | | | 12,146,000 | |
| | | | | | | | | |
| Regional Transportation | | | | | | | | |
| District Sales Tax Revenue | | | | | | | | |
1.837%, 11/01/2031 | | | 10,370,000 | | | | 10,350,919 | |
| | | | | | | | | |
| Weld County School | | | | | | | | |
| District No. RE-2 | | | | | | | | |
5.000%, 12/01/2044 | | | 1,730,000 | | | | 2,178,243 | |
| | | | | | | | 100,602,775 | |
| Delaware – 0.05% | | | | | | | | |
| | | | | | | | | |
| University of Delaware | | | | | | | | |
5.000%, 11/01/2042 | | | 1,990,000 | | | | 2,829,919 | |
| | | | | | | | | |
| District of Columbia – 0.86% | | | | | | | | |
| | | | | | | | | |
| District of Columbia | | | | | | | | |
5.000%, 03/01/2044 | | | 5,115,000 | | | | 6,420,297 | |
5.000%, 05/01/2045 | | | 7,300,000 | | | | 9,236,982 | |
| | | | | | | | | |
| Metropolitan Washington Airports | | | | | | | | |
| Authority Dulles Toll Road Revenue | | | | | | | | |
8.000%, 10/01/2047 | | | 10,200,000 | | | | 17,758,812 | |
| | | | | | | | | |
| Washington Metropolitan | | | | | | | | |
| Area Transit Authority | | | | | | | | |
5.000%, 07/15/2045 | | | 10,000,000 | | | | 12,451,600 | |
| | | | | | | | 45,867,691 | |
| Florida – 2.98% | | | | | | | | |
| | | | | | | | | |
| City of Deerfield Beach, FL | | | | | | | | |
5.250%, 12/01/2041 | | | 3,255,000 | | | | 4,158,458 | |
| | | | | | | | | |
| City of Fort Lauderdale, FL | | | | | | | | |
1.600%, 01/01/2029 | | | 5,000,000 | | | | 4,939,300 | |
1.700%, 01/01/2030 | | | 15,085,000 | | | | 14,847,562 | |
| | | | | | | | | |
| City of Gainesville, FL | | | | | | | | |
0.000%, 10/01/2027 (d) | | | 4,610,000 | | | | 3,982,487 | |
0.000%, 10/01/2028 (d) | | | 1,300,000 | | | | 1,079,351 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Florida – 2.98% (Cont.) | | | | | | |
| | | | | | | |
| City of Gainesville, FL | | | | | | |
| Utilities System Revenue | | | | | | |
5.000%, 10/01/2047 | | $ | 7,000,000 | | | $ | 8,677,900 | |
| | | | | | | | | |
| City of Tampa, FL Water & | | | | | | | | |
| Wastewater System Revenue | | | | | | | | |
5.000%, 10/01/2046 | | | 12,650,000 | | | | 16,142,665 | |
5.000%, 10/01/2050 | | | 10,000,000 | | | | 12,718,100 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
6.875%, 10/01/2034 | | | 1,550,000 | | | | 2,226,482 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Aviation Revenue | | | | | | | | |
3.175%, 10/01/2028 | | | 5,100,000 | | | | 5,523,708 | |
3.275%, 10/01/2029 | | | 1,700,000 | | | | 1,847,033 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Transit System | | | | | | | | |
1.650%, 07/01/2030 | | | 17,395,000 | | | | 17,070,236 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Water & Sewer System Revenue | | | | | | | | |
5.000%, 10/01/2044 | | | 11,490,000 | | | | 14,318,723 | |
| | | | | | | | | |
| County of Pasco, FL | | | | | | | | |
5.000%, 10/01/2048 | | | 1,880,000 | | | | 2,323,943 | |
| | | | | | | | | |
| County of Pasco, FL Second | | | | | | | | |
| Local Option Fuel Tax Revenue | | | | | | | | |
5.000%, 10/01/2046 | | | 14,595,000 | | | | 18,873,816 | |
| | | | | | | | | |
| Florida Development | | | | | | | | |
| Finance Corp. | | | | | | | | |
7.375%, 01/01/2049 (a) | | | 7,000,000 | | | | 6,794,900 | |
| | | | | | | | | |
| Key West Utility Board | | | | | | | | |
5.000%, 10/01/2038 | | | 1,000,000 | | | | 1,238,080 | |
| | | | | | | | | |
| Reedy Creek Improvement District | | | | | | | | |
2.731%, 06/01/2038 | | | 7,500,000 | | | | 7,768,950 | |
| | | | | | | | | |
| State Board of Administration | | | | | | | | |
| Finance Corp. | | | | | | | | |
2.154%, 07/01/2030 | | | 15,000,000 | | | | 15,325,650 | |
| | | | | | | | 159,857,344 | |
| Georgia – 0.23% | | | | | | | | |
| | | | | | | | | |
| Medical Center Hospital Authority | | | | | | | | |
4.875%, 08/01/2022 | | | 7,520,000 | | | | 8,005,867 | |
| | | | | | | | | |
| Valdosta & Lowndes County | | | | | | | | |
| Hospital Authority | | | | | | | | |
2.604%, 10/01/2030 | | | 2,000,000 | | | | 2,114,980 | |
3.000%, 10/01/2029 | | | 2,000,000 | | | | 2,209,300 | |
| | | | | | | | 12,330,147 | |
| Hawaii – 0.74% | | | | | | | | |
| | | | | | | | | |
| City & County Honolulu, HI | | | | | | | | |
| Wastewater System Revenue | | | | | | | | |
1.473%, 07/01/2030 | | | 3,495,000 | | | | 3,427,127 | |
5.000%, 07/01/2049 | | | 6,000,000 | | | | 7,425,120 | |
| | | | | | | | | |
| City & County of Honolulu, HI | | | | | | | | |
5.000%, 08/01/2044 | | | 2,000,000 | | | | 2,493,640 | |
| | | | | | | | | |
| State of Hawaii Airports | | | | | | | | |
| System Revenue | | | | | | | | |
5.000%, 07/01/2043 | | | 11,450,000 | | | | 13,581,303 | |
5.000%, 07/01/2050 | | | 10,295,000 | | | | 12,749,225 | |
| | | | | | | | 39,676,415 | |
| Illinois – 0.32% | | | | | | | | |
| | | | | | | | | |
| City of Chicago, IL | | | | | | | | |
| Waterworks Revenue | | | | | | | | |
5.750%, 11/01/2030 | | | 2,485,000 | | | | 3,091,937 | |
| | | | | | | | | |
| Illinois Finance Authority | | | | | | | | |
3.510%, 05/15/2041 | | | 7,000,000 | | | | 7,033,460 | |
| | | | | | | | | |
| Metropolitan Water Reclamation | | | | | | | | |
| District of Greater Chicago | | | | | | | | |
5.000%, 12/01/2041 | | | 2,570,000 | | | | 3,082,869 | |
| | | | | | | | | |
| State of Illinois | | | | | | | | |
5.750%, 01/01/2037 | | | 3,000,000 | | | | 3,817,770 | |
| | | | | | | | 17,026,036 | |
| Indiana – 0.42% | | | | | | | | |
| | | | | | | | | |
| GCS School Building Corp. | | | | | | | | |
5.000%, 01/15/2040 | | | 2,100,000 | | | | 2,597,700 | |
| | | | | | | | | |
| Indiana Finance Authority | | | | | | | | |
4.807%, 07/15/2035 | | | 3,000,000 | | | | 3,802,500 | |
5.000%, 10/01/2050 | | | 1,875,000 | | | | 2,332,575 | |
5.000%, 10/01/2044 | | | 5,680,000 | | | | 7,002,418 | |
| | | | | | | | | |
| Indianapolis Local Public | | | | | | | | |
| Improvement Bond Bank | | | | | | | | |
5.000%, 02/01/2044 | | | 2,500,000 | | | | 3,087,300 | |
5.000%, 02/01/2049 | | | 1,000,000 | | | | 1,227,020 | |
5.854%, 01/15/2030 | | | 1,810,000 | | | | 2,208,290 | |
| | | | | | | | 22,257,803 | |
| Iowa – 0.05% | | | | | | | | |
| | | | | | | | | |
| Iowa Finance Authority | | | | | | | | |
5.000%, 08/01/2044 | | | 2,280,000 | | | | 2,931,396 | |
| | | | | | | | | |
| Kansas – 0.23% | | | | | | | | |
| | | | | | | | | |
| Kansas Development | | | | | | | | |
| Finance Authority | | | | | | | | |
5.371%, 05/01/2026 | | | 7,210,000 | | | | 8,059,843 | |
| | | | | | | | | |
| State of Kansas | | | | | | | | |
| Department of Transportation | | | | | | | | |
4.596%, 09/01/2035 | | | 3,480,000 | | | | 4,343,701 | |
| | | | | | | | 12,403,544 | |
| Kentucky – 0.12% | | | | | | | | |
| | | | | | | | | |
| County of Warren, KY | | | | | | | | |
3.921%, 12/01/2031 | | | 825,000 | | | | 952,396 | |
4.397%, 12/01/2038 | | | 1,540,000 | | | | 1,823,653 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Kentucky – 0.12% (Cont.) | | | | | | |
| | | | | | | |
| Kentucky Higher Education | | | | | | |
| Student Loan Corp. | | | | | | |
3.860%, 06/01/2025 | | $ | 2,000,000 | | | $ | 2,201,840 | |
| | | | | | | | | |
| Kentucky State Property & | | | | | | | | |
| Building Commission | | | | | | | | |
5.000%, 02/01/2032 | | | 1,150,000 | | | | 1,340,337 | |
| | | | | | | | 6,318,226 | |
| Louisiana – 0.97% | | | | | | | | |
| | | | | | | | | |
| City of New Orleans, LA | | | | | | | | |
| Sewerage Service Revenue | | | | | | | | |
1.791%, 06/01/2030 | | | 1,000,000 | | | | 995,560 | |
1.891%, 06/01/2031 | | | 700,000 | | | | 697,571 | |
| | | | | | | | | |
| City of New Orleans, LA | | | | | | | | |
| Water System Revenue | | | | | | | | |
1.841%, 12/01/2030 | | | 720,000 | | | | 708,257 | |
1.941%, 12/01/2031 | | | 650,000 | | | | 640,003 | |
| | | | | | | | | |
| Parish of East Baton Rouge | | | | | | | | |
| Capital Improvements District | | | | | | | | |
5.000%, 08/01/2048 | | | 10,000,000 | | | | 12,277,900 | |
| | | | | | | | | |
| State of Louisiana | | | | | | | | |
1.742%, 06/15/2032 | | | 2,500,000 | | | | 2,455,525 | |
1.792%, 06/15/2033 | | | 1,900,000 | | | | 1,855,825 | |
5.000%, 03/01/2039 | | | 15,000,000 | | | | 18,759,750 | |
| | | | | | | | | |
| State of Louisiana Gasoline & | | | | | | | | |
| Fuels Tax Revenue | | | | | | | | |
2.230%, 05/01/2036 | | | 7,000,000 | | | | 6,917,610 | |
2.830%, 05/01/2043 | | | 7,000,000 | | | | 6,861,610 | |
| | | | | | | | 52,169,611 | |
| Maryland – 0.42% | | | | | | | | |
| | | | | | | | | |
| County of Anne Arundel, MD | | | | | | | | |
5.000%, 10/01/2042 | | | 7,200,000 | | | | 9,083,376 | |
| | | | | | | | | |
| Maryland Stadium Authority | | | | | | | | |
5.000%, 05/01/2050 | | | 7,000,000 | | | | 9,978,220 | |
| | | | | | | | | |
| State of Maryland Department | | | | | | | | |
| of Transportation | | | | | | | | |
1.686%, 08/01/2030 | | | 3,340,000 | | | | 3,254,763 | |
| | | | | | | | 22,316,359 | |
| Massachusetts – 1.36% | | | | | | | | |
| | | | | | | | | |
| Commonwealth of Massachusetts | | | | | | | | |
5.000%, 07/01/2045 | | | 8,590,000 | | | | 10,829,585 | |
5.000%, 11/01/2045 | | | 8,000,000 | | | | 10,149,440 | |
5.000%, 01/01/2049 | | | 8,000,000 | | | | 9,734,160 | |
5.000%, 05/01/2045 | | | 10,000,000 | | | | 12,308,400 | |
5.250%, 01/01/2044 | | | 5,000,000 | | | | 6,255,050 | |
| | | | | | | | | |
| Commonwealth of Massachusetts | | | | | | | | |
| Transportation Fund Revenue | | | | | | | | |
5.000%, 06/01/2049 | | | 5,000,000 | | | | 6,142,850 | |
5.631%, 06/01/2030 | | | 1,050,000 | | | | 1,308,458 | |
| | | | | | | | | |
| Massachusetts Educational | | | | | | | | |
| Financing Authority | | | | | | | | |
3.455%, 07/01/2028 | | | 2,000,000 | | | | 2,193,460 | |
3.831%, 07/01/2024 | | | 450,000 | | | | 488,889 | |
| | | | | | | | | |
| Massachusetts School | | | | | | | | |
| Building Authority | | | | | | | | |
5.000%, 02/15/2044 | | | 5,000,000 | | | | 6,146,100 | |
| | | | | | | | | |
| Massachusetts State | | | | | | | | |
| College Building Authority | | | | | | | | |
5.932%, 05/01/2040 | | | 550,000 | | | | 735,234 | |
| | | | | | | | | |
| Massachusetts Water | | | | | | | | |
| Resources Authority | | | | | | | | |
5.000%, 08/01/2045 | | | 5,000,000 | | | | 6,353,100 | |
| | | | | | | | 72,644,726 | |
| Michigan – 2.53% | | | | | | | | |
| | | | | | | | | |
| Chippewa Valley Schools | | | | | | | | |
5.000%, 05/01/2039 | | | 3,800,000 | | | | 4,694,140 | |
5.000%, 05/01/2040 | | | 3,975,000 | | | | 4,899,744 | |
| | | | | | | | | |
| City of Detroit, MI | | | | | | | | |
4.000%, 04/01/2044 | | | 8,700,000 | | | | 8,294,754 | |
| | | | | | | | | |
| Detroit City School District | | | | | | | | |
7.747%, 05/01/2039 | | | 9,235,000 | | | | 13,131,339 | |
| | | | | | | | | |
| Durand Michigan Area Schools | | | | | | | | |
5.000%, 05/01/2050 | | | 4,950,000 | | | | 6,120,576 | |
| | | | | | | | | |
| Great Lakes Water Authority | | | | | | | | |
| Sewage Disposal System Revenue | | | | | | | | |
2.365%, 07/01/2032 | | | 3,500,000 | | | | 3,672,200 | |
| | | | | | | | | |
| Jenison Public Schools | | | | | | | | |
5.000%, 05/01/2043 | | | 1,275,000 | | | | 1,629,692 | |
5.000%, 05/01/2045 | | | 1,665,000 | | | | 2,119,678 | |
| | | | | | | | | |
| Lansing Board of Water & Light | | | | | | | | |
5.000%, 07/01/2044 | | | 2,250,000 | | | | 2,802,915 | |
| | | | | | | | | |
| Michigan Finance Authority | | | | | | | | |
2.610%, 11/01/2025 | | | 2,180,000 | | | | 2,341,276 | |
2.710%, 11/01/2026 | | | 7,145,000 | | | | 7,701,667 | |
3.084%, 12/01/2034 | | | 5,000,000 | | | | 5,415,100 | |
3.267%, 06/01/2039 | | | 14,000,000 | | | | 14,692,440 | |
3.610%, 11/01/2032 | | | 3,000,000 | | | | 3,288,570 | |
| | | | | | | | | |
| Schoolcraft Community Schools | | | | | | | | |
5.000%, 05/01/2050 | | | 8,315,000 | | | | 10,265,782 | |
| | | | | | | | | |
| State of Michigan | | | | | | | | |
| Trunk Line Revenue | | | | | | | | |
5.000%, 11/15/2045 | | | 29,230,000 | | | | 37,080,886 | |
| | | | | | | | | |
| Thornapple Kellogg School District | | | | | | | | |
5.000%, 05/01/2042 | | | 2,345,000 | | | | 2,961,243 | |
| | | | | | | | | |
| Walled Lake Consolidated | | | | | | | | |
| School District | | | | | | | | |
5.000%, 05/01/2050 | | | 3,500,000 | | | | 4,464,740 | |
| | | | | | | | 135,576,742 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Minnesota – 0.35% | | | | | | |
| | | | | | | |
| Western Minnesota Municipal | | | | | | |
| Power Agency | | | | | | |
3.156%, 01/01/2039 | | $ | 17,500,000 | | | $ | 18,748,450 | |
| | | | | | | | | |
| Mississippi – 0.31% | | | | | | | | |
| | | | | | | | | |
| Mississippi Development Bank | | | | | | | | |
5.460%, 10/01/2036 | | | 5,735,000 | | | | 7,167,832 | |
| | | | | | | | | |
| State of Mississippi | | | | | | | | |
5.000%, 10/15/2037 | | | 7,925,000 | | | | 9,561,354 | |
| | | | | | | | 16,729,186 | |
| Missouri – 0.48% | | | | | | | | |
| | | | | | | | | |
| Kansas City Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
5.000%, 03/01/2049 | | | 11,085,000 | | | | 13,243,804 | |
| | | | | | | | | |
| Kansas City Land Clearance | | | | | | | | |
| Redevelopment Authority | | | | | | | | |
6.400%, 10/15/2040 (a) | | | 8,000,000 | | | | 7,572,800 | |
| | | | | | | | | |
| St. Louis School District | | | | | | | | |
6.450%, 04/01/2028 | | | 3,800,000 | | | | 4,921,532 | |
| | | | | | | | 25,738,136 | |
| Nebraska – 0.14% | | | | | | | | |
| | | | | | | | | |
| Central Plains Energy Project | | | | | | | | |
5.000%, 09/01/2034 | | | 5,700,000 | | | | 7,638,228 | |
| | | | | | | | | |
| Nevada – 0.61% | | | | | | | | |
| | | | | | | | | |
| City of North Las Vegas, NV | | | | | | | | |
6.572%, 06/01/2040 | | | 10,785,000 | | | | 15,240,715 | |
| | | | | | | | | |
| Clark County School District | | | | | | | | |
5.510%, 06/15/2024 | | | 5,495,000 | | | | 5,951,470 | |
| | | | | | | | | |
| County of Clark, NV | | | | | | | | |
| Department of Aviation | | | | | | | | |
5.000%, 07/01/2041 | | | 1,500,000 | | | | 1,842,615 | |
| | | | | | | | | |
| County of Washoe, NV | | | | | | | | |
5.000%, 02/01/2042 | | | 8,000,000 | | | | 9,822,400 | |
| | | | | | | | 32,857,200 | |
| New Hampshire – 0.09% | | | | | | | | |
| | | | | | | | | |
| New Hampshire Business | | | | | | | | |
| Finance Authority | | | | | | | | |
3.278%, 10/01/2037 | | | 5,000,000 | | | | 4,934,600 | |
| | | | | | | | | |
| New Jersey – 1.03% | | | | | | | | |
| | | | | | | | | |
| Mercer County | | | | | | | | |
| Improvement Authority | | | | | | | | |
8.270%, 12/01/2034 | | | 4,880,000 | | | | 6,901,442 | |
| | | | | | | | | |
| New Jersey Economic | | | | | | | | |
| Development Authority | | | | | | | | |
0.000%, 02/15/2025 (d) | | | 18,996,000 | | | | 18,192,659 | |
7.425%, 02/15/2029 | | | 10,000,000 | | | | 13,031,700 | |
| | | | | | | | | |
| New Jersey Institute of Technology | | | | | | | | |
3.323%, 07/01/2024 | | | 1,540,000 | | | | 1,608,900 | |
3.415%, 07/01/2042 | | | 3,500,000 | | | | 3,543,750 | |
| | | | | | | | | |
| New Jersey Turnpike Authority | | | | | | | | |
1.863%, 01/01/2031 | | | 10,000,000 | | | | 9,824,000 | |
| | | | | | | | | |
| Rutgers The State | | | | | | | | |
| University of New Jersey | | | | | | | | |
3.270%, 05/01/2043 | | | 2,000,000 | | | | 2,117,440 | |
| | | | | | | | 55,219,891 | |
| New Mexico – 0.06% | | | | | | | | |
| | | | | | | | | |
| City of Albuquerque, NM Refuse | | | | | | | | |
| Removal & Disposal Revenue | | | | | | | | |
5.000%, 07/01/2046 | | | 2,670,000 | | | | 3,356,777 | |
| | | | | | | | | |
| New York – 1.15% | | | | | | | | |
| | | | | | | | | |
| City of New York, NY | | | | | | | | |
5.000%, 08/01/2043 | | | 5,000,000 | | | | 6,093,300 | |
5.000%, 03/01/2043 | | | 1,610,000 | | | | 1,983,230 | |
| | | | | | | | | |
| Dutchess County Local | | | | | | | | |
| Development Corp. | | | | | | | | |
4.550%, 07/01/2022 | | | 1,055,000 | | | | 1,084,656 | |
| | | | | | | | | |
| Nassau County Interim | | | | | | | | |
| Finance Authority | | | | | | | | |
1.459%, 11/15/2029 | | | 3,500,000 | | | | 3,441,865 | |
| | | | | | | | | |
| New York City Industrial | | | | | | | | |
| Development Agency | | | | | | | | |
2.436%, 01/01/2036 | | | 3,500,000 | | | | 3,463,530 | |
| | | | | | | | | |
| New York City Transitional Finance | | | | | | | | |
| Authority Building Aid Revenue | | | | | | | | |
4.800%, 07/15/2026 | | | 4,000,000 | | | | 4,681,800 | |
| | | | | | | | | |
| New York City Transitional | | | | | | | | |
| Finance Authority Future | | | | | | | | |
| Tax Secured Revenue | | | | | | | | |
5.932%, 11/01/2036 | | | 3,715,000 | | | | 3,728,634 | |
| | | | | | | | | |
| New York State | | | | | | | | |
| Dormitory Authority | | | | | | | | |
2.746%, 07/01/2030 | | | 6,430,000 | | | | 6,865,247 | |
2.826%, 07/01/2031 | | | 15,015,000 | | | | 15,973,858 | |
5.096%, 08/01/2034 | | | 3,125,000 | | | | 3,664,187 | |
| | | | | | | | | |
| New York State Urban | | | | | | | | |
| Development Corp. | | | | | | | | |
5.000%, 03/15/2047 | | | 8,460,000 | | | | 10,438,371 | |
| | | | | | | | 61,418,678 | |
| North Dakota – 0.13% | | | | | | | | |
| | | | | | | | | |
| County of Burleigh, ND | | | | | | | | |
2.750%, 02/01/2022 | | | 7,000,000 | | | | 7,001,330 | |
| | | | | | | | | |
| Ohio – 2.47% | | | | | | | | |
| | | | | | | | | |
| American Municipal Power, Inc. | | | | | | | | |
7.499%, 02/15/2050 | | | 3,255,000 | | | | 5,207,056 | |
7.834%, 02/15/2041 | | | 1,380,000 | | | | 2,170,740 | |
| | | | | | | | | |
| Buckeye Tobacco Settlement | | | | | | | | |
| Financing Authority | | | | | | | | |
1.850%, 06/01/2029 | | | 1,170,000 | | | | 1,145,617 | |
1.950%, 06/01/2026 | | | 2,020,000 | | | | 2,062,844 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Ohio – 2.47% (Cont.) | | | | | | |
| | | | | | | |
| County of Hamilton, OH | | | | | | |
3.756%, 06/01/2042 | | $ | 8,000,000 | | | $ | 8,479,600 | |
5.000%, 11/15/2049 | | | 10,880,000 | | | | 15,943,552 | |
| | | | | | | | | |
| Franklin County Convention | | | | | | | | |
| Facilities Authority | | | | | | | | |
2.022%, 12/01/2030 | | | 5,485,000 | | | | 5,487,743 | |
2.472%, 12/01/2034 | | | 22,100,000 | | | | 22,318,569 | |
| | | | | | | | | |
| JobsOhio Beverage System | | | | | | | | |
2.833%, 01/01/2038 | | | 7,125,000 | | | | 7,505,404 | |
4.532%, 01/01/2035 | | | 19,470,000 | | | | 24,246,575 | |
| | | | | | | | | |
| Ohio Higher Educational | | | | | | | | |
| Facility Commission | | | | | | | | |
4.500%, 12/01/2026 | | | 4,025,000 | | | | 4,077,124 | |
| | | | | | | | | |
| Ohio Water Development | | | | | | | | |
| Authority Water Pollution | | | | | | | | |
| Control Loan Fund | | | | | | | | |
5.000%, 12/01/2044 | | | 5,000,000 | | | | 6,300,100 | |
5.000%, 12/01/2050 | | | 10,000,000 | | | | 12,650,000 | |
| | | | | | | | | |
| Southern Ohio Port Authority | | | | | | | | |
7.000%, 12/01/2042 (a) | | | 4,000,000 | | | | 4,261,080 | |
| | | | | | | | | |
| South-Western City | | | | | | | | |
| School District | | | | | | | | |
0.000%, 12/01/2028 (d) | | | 2,735,000 | | | | 2,280,881 | |
| | | | | | | | | |
| State of Ohio | | | | | | | | |
5.000%, 04/01/2039 | | | 1,865,000 | | | | 2,358,404 | |
5.000%, 04/01/2040 | | | 4,000,000 | | | | 5,046,640 | |
| | | | | | | | | |
| Sycamore Community City | | | | | | | | |
| School District | | | | | | | | |
5.850%, 12/01/2028 | | | 605,000 | | | | 781,049 | |
| | | | | | | | 132,322,978 | |
| Oklahoma – 0.17% | | | | | | | | |
| | | | | | | | | |
| Oklahoma Development | | | | | | | | |
| Finance Authority | | | | | | | | |
5.450%, 08/15/2028 | | | 4,120,000 | | | | 4,666,518 | |
| | | | | | | | | |
| Oklahoma Turnpike Authority | | | | | | | | |
1.722%, 01/01/2030 | | | 4,760,000 | | | | 4,701,214 | |
| | | | | | | | 9,367,732 | |
| Oregon – 0.77% | | | | | | | | |
| | | | | | | | | |
| Benton & Linn Counties | | | | | | | | |
| Consolidated School District | | | | | | | | |
| No. 509J & 509A | | | | | | | | |
5.000%, 06/15/2038 | | | 2,000,000 | | | | 2,466,700 | |
| | | | | | | | | |
| Oregon Health & | | | | | | | | |
| Science University | | | | | | | | |
2.850%, 07/01/2030 | | | 1,000,000 | | | | 1,060,710 | |
| | | | | | | | | |
| State of Oregon | | | | | | | | |
5.000%, 05/01/2044 | | | 7,000,000 | | | | 8,716,610 | |
| | | | | | | | | |
| State of Oregon Department | | | | | | | | |
| of Transportation | | | | | | | | |
5.000%, 11/15/2042 | | | 8,195,000 | | | | 10,371,592 | |
| | | | | | | | | |
| University of Oregon | | | | | | | | |
5.000%, 04/01/2050 | | | 15,000,000 | | | | 18,602,550 | |
| | | | | | | | 41,218,162 | |
| Pennsylvania – 1.33% | | | | | | | | |
| | | | | | | | | |
| Berks County Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
3.950%, 05/15/2024 | | | 720,000 | | | | 740,707 | |
4.450%, 05/15/2027 | | | 800,000 | | | | 841,592 | |
| | | | | | | | | |
| Commonwealth | | | | | | | | |
| Financing Authority | | | | | | | | |
2.758%, 06/01/2030 | | | 4,500,000 | | | | 4,627,755 | |
2.758%, 06/01/2030 | | | 1,040,000 | | | | 1,069,526 | |
3.657%, 06/01/2038 | | | 5,820,000 | | | | 6,647,488 | |
3.807%, 06/01/2041 | | | 6,110,000 | | | | 6,773,729 | |
4.014%, 06/01/2033 | | | 3,630,000 | | | | 4,199,256 | |
| | | | | | | | | |
| Montgomery County Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
3.150%, 11/15/2028 | | | 10,000,000 | | | | 9,977,300 | |
| | | | | | | | | |
| Pennsylvania Economic | | | | | | | | |
| Development Financing Authority | | | | | | | | |
5.000%, 12/31/2030 | | | 1,000,000 | | | | 1,181,500 | |
| | | | | | | | | |
| Pennsylvania State University | | | | | | | | |
2.790%, 09/01/2043 | | | 21,505,000 | | | | 22,046,066 | |
| | | | | | | | | |
| Pennsylvania Turnpike Commission | | | | | | | | |
5.000%, 06/01/2042 | | | 5,000,000 | | | | 5,857,750 | |
6.375%, 12/01/2038 | | | 3,850,000 | | | | 5,066,562 | |
| | | | | | | | | |
| Union County Hospital Authority | | | | | | | | |
3.800%, 08/01/2023 | | | 840,000 | | | | 865,914 | |
4.400%, 08/01/2028 | | | 1,060,000 | | | | 1,170,473 | |
| | | | | | | | 71,065,618 | |
| Puerto Rico – 0.28% | | | | | | | | |
| | | | | | | | | |
| Children's Trust Fund | | | | | | | | |
5.375%, 05/15/2033 | | | 3,470,000 | | | | 3,491,306 | |
| | | | | | | | | |
| GDB Debt Recovery | | | | | | | | |
| Authority of Puerto Rico | | | | | | | | |
7.500%, 08/20/2040 | | | 9,870,336 | | | | 8,439,137 | |
| | | | | | | | | |
| Puerto Rico Sales Tax Financing | | | | | | | | |
| Corp. Sales Tax Revenue | | | | | | | | |
0.000%, 07/01/2027 (d) | | | 3,237,000 | | | | 2,849,499 | |
| | | | | | | | 14,779,942 | |
| Rhode Island – 0.14% | | | | | | | | |
| | | | | | | | | |
| Providence Public | | | | | | | | |
| Building Authority | | | | | | | | |
5.000%, 09/15/2036 | | | 6,365,000 | | | | 7,728,701 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| South Carolina – 0.61% | | | | | | |
| | | | | | | |
| City of Charleston, SC | | | | | | |
| Waterworks & Sewer | | | | | | |
| System Revenue | | | | | | |
5.000%, 01/01/2044 | | $ | 3,190,000 | | | $ | 4,038,157 | |
| | | | | | | | | |
| Commission of Public Works, | | | | | | | | |
| City of Greer | | | | | | | | |
5.500%, 09/01/2032 | | | 2,000,000 | | | | 2,719,560 | |
| | | | | | | | | |
| Lexington County | | | | | | | | |
| School District No. 1 | | | | | | | | |
1.550%, 02/01/2029 | | | 3,930,000 | | | | 3,908,070 | |
| | | | | | | | | |
| Spartanburg County | | | | | | | | |
| School District No. 7 | | | | | | | | |
5.000%, 03/01/2048 | | | 5,000,000 | | | | 6,126,700 | |
5.000%, 03/01/2043 | | | 7,960,000 | | | | 9,827,894 | |
5.000%, 03/01/2048 | | | 5,000,000 | | | | 6,126,700 | |
| | | | | | | | 32,747,081 | |
| South Dakota – 0.16% | | | | | | | | |
| | | | | | | | | |
| South Dakota | | | | | | | | |
| Conservancy District | | | | | | | | |
5.000%, 08/01/2040 | | | 1,960,000 | | | | 2,546,471 | |
5.000%, 08/01/2041 | | | 1,820,000 | | | | 2,356,463 | |
5.000%, 08/01/2042 | | | 2,965,000 | | | | 3,826,511 | |
| | | | | | | | 8,729,445 | |
| Tennessee – 0.37% | | | | | | | | |
| | | | | | | | | |
| Metropolitan Government of | | | | | | | | |
| Nashville & Davidson County, TN | | | | | | | | |
1.386%, 07/01/2030 | | | 5,000,000 | | | | 4,903,750 | |
| | | | | | | | | |
| Tennessee State School | | | | | | | | |
| Bond Authority | | | | | | | | |
1.512%, 11/01/2031 | | | 15,000,000 | | | | 14,818,500 | |
| | | | | | | | 19,722,250 | |
| Texas – 6.10% | | | | | | | | |
| | | | | | | | | |
| Austin Achieve Public | | | | | | | | |
| Schools, Inc. | | | | | | | | |
5.750%, 06/15/2026 | | | 2,000,000 | | | | 2,002,500 | |
| | | | | | | | | |
| Board of Regents of the | | | | | | | | |
| University of Texas System | | | | | | | | |
4.794%, 08/15/2046 | | | 1,515,000 | | | | 2,005,072 | |
5.000%, 08/15/2040 | | | 2,750,000 | | | | 3,925,240 | |
5.134%, 08/15/2042 | | | 2,500,000 | | | | 3,377,275 | |
| | | | | | | | | |
| City of Austin, TX Electric | | | | | | | | |
| Utility Revenue | | | | | | | | |
5.000%, 11/15/2044 | | | 2,000,000 | | | | 2,525,300 | |
5.000%, 11/15/2049 | | | 13,250,000 | | | | 16,640,542 | |
| | | | | | | | | |
| City of Dallas, TX | | | | | | | | |
0.000%, 02/15/2031 (d) | | | 10,000,000 | | | | 7,917,900 | |
0.000%, 02/15/2032 (d) | | | 15,000,000 | | | | 11,469,000 | |
| | | | | | | | | |
| City of Dallas, TX Waterworks | | | | | | | | |
| & Sewer System Revenue | | | | | | | | |
5.000%, 10/01/2045 | | | 23,135,000 | | | | 30,009,103 | |
| | | | | | | | | |
| City of El Paso, TX | | | | | | | | |
6.018%, 08/15/2035 | | | 3,000,000 | | | | 4,056,240 | |
| | | | | | | | | |
| City of Houston, TX | | | | | | | | |
5.508%, 03/01/2036 | | | 4,900,000 | | | | 6,647,585 | |
6.290%, 03/01/2032 | | | 975,000 | | | | 1,224,814 | |
| | | | | | | | | |
| City of Houston, TX | | | | | | | | |
| Airport System Revenue | | | | | | | | |
2.385%, 07/01/2031 | | | 2,500,000 | | | | 2,540,100 | |
6.880%, 01/01/2028 | | | 1,500,000 | | | | 1,693,965 | |
| | | | | | | | | |
| City of Houston, TX Combined | | | | | | | | |
| Utility System Revenue | | | | | | | | |
2.255%, 11/15/2029 | | | 4,065,000 | | | | 4,312,884 | |
5.000%, 11/15/2049 | | | 2,000,000 | | | | 2,499,000 | |
5.000%, 11/15/2045 | | | 10,000,000 | | | | 12,767,100 | |
| | | | | | | | | |
| City of Irving, TX | | | | | | | | |
7.375%, 08/15/2044 | | | 3,500,000 | | | | 3,717,770 | |
| | | | | | | | | |
| City of San Antonio, TX Electric | | | | | | | | |
| & Gas Systems Revenue | | | | | | | | |
5.000%, 02/01/2045 | | | 2,150,000 | | | | 2,689,285 | |
5.000%, 02/01/2049 | | | 6,650,000 | | | | 8,273,265 | |
5.718%, 02/01/2041 | | | 5,645,000 | | | | 7,919,370 | |
5.985%, 02/01/2039 | | | 2,000,000 | | | | 2,857,980 | |
| | | | | | | | | |
| Colony Economic | | | | | | | | |
| Development Corp. | | | | | | | | |
7.250%, 10/01/2042 | | | 5,000,000 | | | | 5,389,000 | |
| | | | | | | | | |
| County of Williamson, TX | | | | | | | | |
1.486%, 02/15/2031 | | | 1,000,000 | | | | 992,330 | |
| | | | | | | | | |
| Dallas Area Rapid Transit | | | | | | | | |
5.000%, 12/01/2045 | | | 7,620,000 | | | | 9,571,101 | |
| | | | | | | | | |
| Dallas Fort Worth | | | | | | | | |
| International Airport | | | | | | | | |
2.994%, 11/01/2038 | | | 15,100,000 | | | | 15,846,091 | |
| | | | | | | | | |
| Lower Colorado River Authority | | | | | | | | |
5.000%, 05/15/2045 | | | 7,160,000 | | | | 8,728,613 | |
5.000%, 05/15/2050 | | | 10,210,000 | | | | 12,392,592 | |
5.000%, 05/15/2046 | | | 8,875,000 | | | | 10,978,907 | |
| | | | | | | | | |
| Metropolitan Transit | | | | | | | | |
| Authority of Harris County | | | | | | | | |
| Sales & Use Tax Revenue | | | | | | | | |
2.599%, 11/01/2037 | | | 17,015,000 | | | | 17,448,542 | |
| | | | | | | | | |
| New Hope Cultural | | | | | | | | |
| Education Facilities Corp. | | | | | | | | |
4.000%, 08/01/2020 (e)(g) | | | 220,000 | | | | 78,650 | |
| | | | | | | | | |
| North Texas Tollway Authority | | | | | | | | |
0.000%, 01/01/2031 (d) | | | 7,850,000 | | | | 6,583,717 | |
5.000%, 01/01/2043 | | | 1,900,000 | | | | 2,284,085 | |
8.410%, 02/01/2030 | | | 5,090,000 | | | | 6,816,935 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| | | | | | | |
| Texas – 6.10% (Cont.) | | | | | | |
| | | | | | | |
| Tarrant Regional Water District | | | | | | |
1.550%, 09/01/2030 | | $ | 6,720,000 | | | $ | 6,655,354 | |
| | | | | | | | | |
| Texas Public Finance Authority | | | | | | | | |
8.250%, 07/01/2024 | | | 21,145,000 | | | | 21,225,140 | |
| | | | | | | | | |
| Texas Transportation Commission | | | | | | | | |
1.963%, 10/01/2036 | | | 5,150,000 | | | | 5,117,864 | |
2.013%, 10/01/2037 | | | 6,295,000 | | | | 6,260,125 | |
2.063%, 10/01/2038 | | | 6,445,000 | | | | 6,409,166 | |
| | | | | | | | | |
| Texas Transportation Commission | | | | | | | | |
| State Highway Fund | | | | | | | | |
4.000%, 10/01/2033 | | | 3,865,000 | | | | 4,805,818 | |
| | | | | | | | | |
| Texas Water Development Board | | | | | | | | |
5.000%, 04/15/2049 | | | 30,000,000 | | | | 37,143,600 | |
| | | | | | | | | |
| White Settlement Independent | | | | | | | | |
| School District | | | | | | | | |
0.000%, 08/15/2030 (d) | | | 1,420,000 | | | | 1,201,306 | |
| | | | | | | | 327,000,226 | |
| Utah – 0.62% | | | | | | | | |
| | | | | | | | | |
| City of Salt Lake City, UT | | | | | | | | |
| Public Utilities Revenue | | | | | | | | |
5.000%, 02/01/2042 | | | 3,535,000 | | | | 4,399,060 | |
| | | | | | | | | |
| County of Salt Lake, UT | | | | | | | | |
| Convention Hotel Revenue | | | | | | | | |
5.750%, 10/01/2047 (a) | | | 5,000,000 | | | | 4,681,100 | |
| | | | | | | | | |
| County of Utah, UT | | | | | | | | |
5.000%, 05/15/2043 | | | 2,500,000 | | | | 3,156,575 | |
5.000%, 05/15/2050 | | | 10,310,000 | | | | 12,854,817 | |
| | | | | | | | | |
| Wildflower | | | | | | | | |
| Improvement Association | | | | | | | | |
6.625%, 03/01/2031 (a)(e) | | | 8,119,608 | | | | 8,139,626 | |
| | | | | | | | 33,231,178 | |
| Virginia – 0.60% | | | | | | | | |
| | | | | | | | | |
| County of Botetourt, VA | | | | | | | | |
6.000%, 07/01/2044 | | | 4,485,000 | | | | 5,006,336 | |
| | | | | | | | | |
| Hampton Roads Transportation | | | | | | | | |
| Accountability Commission | | | | | | | | |
5.000%, 07/01/2045 | | | 17,770,000 | | | | 22,594,200 | |
| | | | | | | | | |
| Virginia Commonwealth | | | | | | | | |
| Transportation Board | | | | | | | | |
5.350%, 05/15/2035 | | | 3,755,000 | | | | 4,667,728 | |
| | | | | | | | 32,268,264 | |
| Washington – 1.68% | | | | | | | | |
| | | | | | | | | |
| Central Puget Sound Regional | | | | | | | | |
| Transit Authority | | | | | | | | |
5.000%, 11/01/2046 | | | 11,000,000 | | | | 16,067,590 | |
| | | | | | | | | |
| State of Washington | | | | | | | | |
5.000%, 02/01/2042 | | | 25,000,000 | | | | 31,637,500 | |
5.000%, 02/01/2043 | | | 5,000,000 | | | | 6,312,400 | |
5.000%, 06/01/2044 | | | 3,730,000 | | | | 4,686,745 | |
5.000%, 02/01/2045 | | | 17,885,000 | | | | 22,884,036 | |
| | | | | | | | | |
| Washington State Housing | | | | | | | | |
| Finance Commission | | | | | | | | |
3.000%, 01/01/2025 (a) | | | 8,500,000 | | | | 8,450,615 | |
| | | | | | | | 90,038,886 | |
| | | | | | | | | |
| West Virginia – 0.79% | | | | | | | | |
| State of West Virginia | | | | | | | | |
5.000%, 12/01/2040 | | | 8,295,000 | | | | 10,428,059 | |
5.000%, 06/01/2041 | | | 11,545,000 | | | | 14,470,849 | |
5.000%, 12/01/2041 | | | 11,580,000 | | | | 14,489,475 | |
| | | | | | | | | |
| Tobacco Settlement | | | | | | | | |
| Finance Authority | | | | | | | | |
2.701%, 06/01/2030 | | | 2,770,000 | | | | 2,870,579 | |
| | | | | | | | 42,258,962 | |
| Wisconsin – 0.29% | | | | | | | | |
| | | | | | | | | |
| Milwaukee Redevelopment | | | | | | | | |
| Authority | | | | | | | | |
0.000%, 04/01/2039 (d) | | | 1,000,000 | | | | 546,680 | |
| | | | | | | | | |
| Public Finance Authority | | | | | | | | |
4.153%, 05/15/2031 | | | 3,635,000 | | | | 4,066,547 | |
5.000%, 05/15/2032 (a) | | | 1,275,000 | | | | 1,367,476 | |
9.000%, 06/01/2029 (a)(e) | | | 5,750,000 | | | | 5,716,305 | |
| | | | | | | | | |
| Wisconsin Department | | | | | | | | |
| of Transportation | | | | | | | | |
1.789%, 07/01/2033 | | | 4,000,000 | | | | 3,960,400 | |
| | | | | | | | 15,657,408 | |
| TOTAL MUNICIPAL BONDS | | | | | | | | |
| (Cost $2,209,427,703) | | | | | | | 2,250,125,837 | |
| | | | | | | | | |
| CLOSED-END MUTUAL FUNDS – 0.12% | | | | | | | | |
BlackRock Investment Quality | | | | | | | | |
Municipal Trust, Inc. | | | 24,400 | | | | 427,488 | |
Invesco High Income Trust II | | | 71,475 | | | | 969,201 | |
Invesco Municipal Opportunity Trust | | | 172,200 | | | | 2,240,322 | |
Nuveen Quality Municipal | | | | | | | | |
Income Fund | | | 183,527 | | | | 2,752,905 | |
| TOTAL CLOSED-END MUTUAL | | | | | | | | |
| FUNDS (Cost $5,986,055) | | | | | | | 6,389,916 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| GOVERNMENT SECURITIES & | | | | | | |
| AGENCY ISSUES – 0.09% | | | | | | |
United States International | | | | | | |
Development Finance Corp. | | | | | | |
1.320%, 03/15/2035 | | $ | 5,000,000 | | | $ | 4,835,588 | |
| TOTAL GOVERNMENT | | | | | | | | |
| SECURITIES & AGENCY ISSUES | | | | | | | | |
| (Cost $5,000,000) | | | | | | | 4,835,588 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS – 5.87% | | | | | | | | |
First American Government | | | | | | | | |
Obligations Fund – | | | | | | | | |
Class X, 0.030% (k) | | | 314,787,092 | | | | 314,787,092 | |
| TOTAL SHORT-TERM | | | | | | | | |
| INVESTMENTS | | | | | | | | |
| (Cost $314,787,092) | | | | | | | 314,787,092 | |
| | | | | | | | | |
| Total Investments | | | | | | | | |
| (Cost $5,361,598,850) – 100.57% | | | | | | | 5,390,303,121 | |
| | | | | | | | | |
| Liabilities in Excess | | | | | | | | |
| of Other Assets – (0.57)% | | | | | | | (30,275,391 | ) |
| | | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | | | | $ | 5,360,027,730 | |
Percentages are stated as a percent of net assets.| (a) | Securities issued pursuant to Rule 144A under the Securities Act of 1933. |
| (b) | Variable rate security; the rate shown represents the rate at February 28, 2021. |
| (c) | Foreign issued security. |
| (d) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
| (e) | Represents an illiquid security. The total market value of these securities were $31,288,453 at February 28, 2021, representing 0.58% of net assets. |
| (f) | Variable rate security; the rate shown represents the rate at February 28, 2021. The coupon is based on an underlying pool of loans. |
| (g) | Default or other conditions exist at February 28, 2021. |
| (h) | Step-up bond; the rate shown represents the rate at February 28, 2021. |
| (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) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
| (k) | Seven day yield at February 28, 2021. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| AGENCY COMMERCIAL MORTGAGE | | | | | | |
| BACKED SECURITIES – 1.01% | | | | | | |
| | | | | | | |
| Freddie Mac Multifamily ML Certificates | | | | | | |
2020-ML07, 2.021%, 10/25/2036 (a)(b)(c) | | | | | | |
| | $ | 15,639,669 | | | $ | 2,922,428 | |
2019-ML06, 1.132%, 06/25/2037 (a)(b)(c) | | | | | | | | |
| | | 10,125,483 | | | | 1,102,787 | |
2021-ML08, 1.846%, 07/25/2037 (b)(c) | | | | | | | | |
| | | 18,500,000 | | | | 3,410,475 | |
| TOTAL AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $7,192,774) | | | | | | | 7,435,690 | |
| | | | | | | | | |
| MUNICIPAL BONDS – 93.95% | | | | | | | | |
| | | | | | | | | |
| Alabama – 1.87% | | | | | | | | |
| | | | | | | | | |
| Alabama Economic | | | | | | | | |
| Settlement Authority | | | | | | | | |
3.163%, 09/15/2025 | | | 1,375,000 | | | | 1,450,295 | |
| | | | | | | | | |
| Alabama Highway Finance Corp. | | | | | | | | |
5.000%, 08/01/2038 | | | 2,025,000 | | | | 2,610,225 | |
5.000%, 08/01/2039 | | | 525,000 | | | | 674,866 | |
5.000%, 08/01/2040 | | | 1,060,000 | | | | 1,359,005 | |
| | | | | | | | | |
| Alabama Public School | | | | | | | | |
| and College Authority | | | | | | | | |
5.000%, 11/01/2039 | | | 4,000,000 | | | | 5,174,920 | |
| | | | | | | | | |
| City of Homewood, AL | | | | | | | | |
5.000%, 09/01/2033 | | | 1,000,000 | | | | 1,192,830 | |
| | | | | | | | | |
| Lower Alabama Gas District | | | | | | | | |
5.000%, 09/01/2031 | | | 1,005,000 | | | | 1,306,420 | |
| | | | | | | | 13,768,561 | |
| Alaska – 0.87% | | | | | | | | |
| | | | | | | | | |
| Alaska Housing Finance Corp. | | | | | | | | |
5.000%, 12/01/2031 | | | 1,145,000 | | | | 1,405,785 | |
| | | | | | | | | |
| Alaska Industrial | | | | | | | | |
| Development & Export Authority | | | | | | | | |
5.250%, 06/01/2045 | | | 2,735,000 | | | | 3,107,589 | |
| | | | | | | | | |
| CIVIC Ventures, AK | | | | | | | | |
5.000%, 09/01/2033 | | | 1,750,000 | | | | 1,880,585 | |
| | | | | | | | 6,393,959 | |
| Arizona – 4.66% | | | | | | | | |
| | | | | | | | | |
| Arizona Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
4.000%, 11/01/2045 | | | 2,000,000 | | | | 2,263,860 | |
4.000%, 11/01/2050 | | | 2,500,000 | | | | 2,823,350 | |
| | | | | | | | | |
| City of Phoenix Civic | | | | | | | | |
| Improvement Corp. | | | | | | | | |
5.000%, 07/01/2044 | | | 2,500,000 | | | | 2,994,575 | |
5.500%, 07/01/2038 | | | 2,000,000 | | | | 2,948,060 | |
5.500%, 07/01/2042 | | | 1,545,000 | | | | 2,357,191 | |
| | | | | | | | | |
| Florence Town, Inc. Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
5.000%, 07/01/2023 | | | 250,000 | | | | 260,450 | |
| | | | | | | | | |
| Industrial Development Authority | | | | | | | | |
| of the City of Phoenix | | | | | | | | |
4.000%, 07/01/2026 (a) | | | 3,350,000 | | | | 3,532,709 | |
5.000%, 07/01/2045 (a) | | | 4,000,000 | | | | 4,319,080 | |
6.750%, 07/01/2044 (a) | | | 3,000,000 | | | | 3,458,400 | |
| | | | | | | | | |
| Park Central Community | | | | | | | | |
| Facilities District | | | | | | | | |
4.375%, 07/01/2024 | | | 1,570,000 | | | | 1,577,128 | |
| | | | | | | | | |
| Salt River Project Agricultural | | | | | | | | |
| Improvement & Power District | | | | | | | | |
5.000%, 01/01/2047 | | | 5,000,000 | | | | 6,288,150 | |
| | | | | | | | | |
| Tempe Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
4.000%, 10/01/2023 (a) | | | 1,500,000 | | | | 1,500,210 | |
| | | | | | | | 34,323,163 | |
| Arkansas – 0.20% | | | | | | | | |
| | | | | | | | | |
| County of Saline, AR | | | | | | | | |
3.550%, 06/01/2042 | | | 1,410,000 | | | | 1,451,849 | |
| | | | | | | | | |
| California – 9.27% | | | | | | | | |
| | | | | | | | | |
| Adventist Health System | | | | | | | | |
2.952%, 03/01/2029 | | | 4,175,000 | | | | 4,439,498 | |
| | | | | | | | | |
| California County Tobacco | | | | | | | | |
| Securitization Agency | | | | | | | | |
1.750%, 06/01/2030 | | | 500,000 | | | | 502,250 | |
5.000%, 06/01/2033 | | | 1,950,000 | | | | 2,517,040 | |
| | | | | | | | | |
| California Municipal | | | | | | | | |
| Finance Authority | | | | | | | | |
4.000%, 12/01/2026 (a) | | | 2,000,000 | | | | 2,024,380 | |
5.000%, 12/01/2054 (a) | | | 1,000,000 | | | | 1,087,160 | |
5.000%, 12/01/2046 (a) | | | 750,000 | | | | 819,135 | |
| | | | | | | | | |
| California Pollution Control | | | | | | | | |
| Financing Authority | | | | | | | | |
4.000%, 11/01/2023 (a)(d) | | | 3,000,000 | | | | 3,001,350 | |
| | | | | | | | | |
| California Statewide Communities | | | | | | | | |
| Development Authority | | | | | | | | |
6.400%, 06/01/2039 | | | 2,480,000 | | | | 3,336,642 | |
| | | | | | | | | |
| City of Los Angeles | | | | | | | | |
| Department of Airports | | | | | | | | |
5.000%, 05/15/2046 | | | 3,000,000 | | | | 3,733,920 | |
| | | | | | | | | |
| City of Los Angeles, CA | | | | | | | | |
| Department of Airports | | | | | | | | |
5.000%, 05/15/2033 | | | 1,225,000 | | | | 1,435,970 | |
| | | | | | | | | |
| City of San Diego, CA Tobacco | | | | | | | | |
| Settlement Revenue Funding Corp. | | | | | | | | |
4.000%, 06/01/2032 | | | 1,750,000 | | | | 1,902,390 | |
| | | | | | | | | |
| Clovis Unified School District | | | | | | | | |
0.000%, 08/01/2028 (e) | | | 2,175,000 | | | | 1,944,863 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| California – 9.27% (Cont.) | | | | | | |
| | | | | | | |
| El Camino Healthcare District | | | | | | |
0.000%, 08/01/2028 (e) | | $ | 1,435,000 | | | $ | 1,289,792 | |
| | | | | | | | | |
| Encinitas Union School District | | | | | | | | |
0.000%, 08/01/2035 (e) | | | 690,000 | | | | 991,454 | |
| | | | | | | | | |
| Inland Empire Tobacco | | | | | | | | |
| Securitization Corp. | | | | | | | | |
3.678%, 06/01/2038 | | | 3,815,000 | | | | 3,985,950 | |
| | | | | | | | | |
| Los Angeles Housing Authority | | | | | | | | |
5.000%, 06/01/2044 | | | 2,200,000 | | | | 2,567,334 | |
| | | | | | | | | |
| Low Income Investment Fund | | | | | | | | |
3.711%, 07/01/2029 | | | 1,000,000 | | | | 1,080,122 | |
| | | | | | | | | |
| Manteca Redevelopment | | | | | | | | |
| Agency Successor Agency | | | | | | | | |
2.393%, 10/01/2030 | | | 500,000 | | | | 517,275 | |
| | | | | | | | | |
| Mesa Water District | | | | | | | | |
5.000%, 03/15/2050 | | | 4,875,000 | | | | 6,141,379 | |
| | | | | | | | | |
| Mountain View Shoreline | | | | | | | | |
| Regional Park Community | | | | | | | | |
5.000%, 08/01/2043 | | | 3,145,000 | | | | 3,778,749 | |
| | | | | | | | | |
| M-S-R Energy Authority | | | | | | | | |
6.500%, 11/01/2039 | | | 2,350,000 | | | | 3,715,914 | |
7.000%, 11/01/2034 | | | 1,160,000 | | | | 1,785,379 | |
| | | | | | | | | |
| Palmdale Elementary School District | | | | | | | | |
0.000%, 08/01/2028 (e) | | | 500,000 | | | | 435,735 | |
| | | | | | | | | |
| Ravenswood City School District | | | | | | | | |
5.000%, 08/01/2038 | | | 1,360,000 | | | | 1,645,505 | |
| | | | | | | | | |
| Rialto Redevelopment Agency | | | | | | | | |
5.000%, 09/01/2037 | | | 1,000,000 | | | | 1,222,480 | |
| | | | | | | | | |
| Riverside County Redevelopment | | | | | | | | |
| Successor Agency | | | | | | | | |
0.000%, 10/01/2031 (e) | | | 840,000 | | | | 954,080 | |
| | | | | | | | | |
| San Diego Unified School District | | | | | | | | |
0.000%, 07/01/2041 (e) | | | 2,005,000 | | | | 2,182,763 | |
| | | | | | | | | |
| San Joaquin Hills Transportation | | | | | | | | |
| Corridor Agency | | | | | | | | |
5.000%, 01/15/2029 | | | 550,000 | | | | 629,723 | |
| | | | | | | | | |
| San Leandro Unified School District | | | | | | | | |
0.000%, 08/01/2039 (e) | | | 1,965,000 | | | | 1,890,016 | |
| | | | | | | | | |
| San Mateo Foster City Public | | | | | | | | |
| Financing Authority | | | | | | | | |
5.000%, 08/01/2049 | | �� | 2,000,000 | | | | 2,507,480 | |
| | | | | | | | | |
| Santa Barbara Secondary | | | | | | | | |
| High School District | | | | | | | | |
0.000%, 08/01/2040 (e) | | | 1,000,000 | | | | 578,410 | |
| | | | | | | | | |
| St. Helena Unified School District | | | | | | | | |
0.000%, 06/01/2036 (e) | | | 2,805,000 | | | | 3,542,210 | |
| | | | | | | | 68,186,348 | |
| Colorado – 4.08% | | | | | | | | |
| | | | | | | | | |
| City & County of Denver, CO | | | | | | | | |
| Airport System Revenue | | | | | | | | |
5.000%, 12/01/2034 | | | 2,500,000 | | | | 3,364,050 | |
| | | | | | | | | |
| City of Fruita, CO | | | | | | | | |
| Healthcare Revenue | | | | | | | | |
5.000%, 01/01/2028 | | | 900,000 | | | | 905,859 | |
| | | | | | | | | |
| Colorado Health Facilities Authority | | | | | | | | |
5.000%, 08/01/2044 | | | 2,410,000 | | | | 2,919,016 | |
| | | | | | | | | |
| CommonSpirit Health | | | | | | | | |
2.950%, 11/01/2022 | | | 1,725,000 | | | | 1,794,645 | |
| | | | | | | | | |
| El Paso County School | | | | | | | | |
| District No. 49 | | | | | | | | |
5.000%, 12/15/2031 | | | 1,500,000 | | | | 1,773,210 | |
| | | | | | | | | |
| Public Authority for | | | | | | | | |
| Colorado Energy | | | | | | | | |
6.500%, 11/15/2038 | | | 2,720,000 | | | | 4,077,334 | |
| | | | | | | | | |
| Pueblo City Schools | | | | | | | | |
5.000%, 12/15/2039 | | | 2,000,000 | | | | 2,537,280 | |
| | | | | | | | | |
| Regional Transportation District | | | | | | | | |
4.000%, 07/15/2039 | | | 3,535,000 | | | | 4,321,750 | |
| | | | | | | | | |
| Vauxmont Metropolitan District | | | | | | | | |
5.000%, 12/15/2021 | | | 100,000 | | | | 103,291 | |
5.000%, 12/01/2021 | | | 300,000 | | | | 309,411 | |
5.000%, 12/01/2050 | | | 3,450,000 | | | | 4,118,886 | |
| | | | | | | | | |
| Weld County School | | | | | | | | |
| District No. RE-2 | | | | | | | | |
5.000%, 12/01/2044 | | | 3,015,000 | | | | 3,796,186 | |
| | | | | | | | 30,020,918 | |
| Delaware – 0.60% | | | | | | | | |
| | | | | | | | | |
| University of Delaware | | | | | | | | |
5.000%, 11/01/2038 | | | 1,595,000 | | | | 2,240,098 | |
5.000%, 11/01/2039 | | | 1,510,000 | | | | 2,136,514 | |
| | | | | | | | 4,376,612 | |
| | | | | | | | | |
| District of Columbia – 1.28% | | | | | | | | |
| | | | | | | | | |
| District of Columbia | | | | | | | | |
5.000%, 03/01/2044 | | | 3,460,000 | | | | 4,342,957 | |
5.000%, 06/01/2055 | | | 2,000,000 | | | | 2,274,100 | |
| | | | | | | | | |
| Metropolitan Washington | | | | | | | | |
| Airports Authority | | | | | | | | |
5.000%, 10/01/2032 | | | 2,360,000 | | | | 2,783,266 | |
| | | | | | | | 9,400,323 | |
| Florida – 6.52% | | | | | | | | |
| | | | | | | | | |
| Broward County, FL Water | | | | | | | | |
| & Sewer Utility Revenue | | | | | | | | |
5.000%, 10/01/2038 | | | 1,000,000 | | | | 1,282,080 | |
| | | | | | | | | |
| Capital Trust Agency, Inc. | | | | | | | | |
5.000%, 08/01/2040 | | | 300,000 | | | | 353,775 | |
5.000%, 08/01/2055 | | | 800,000 | | | | 925,264 | |
| | | | | | | | | |
| City of Belle Isle, FL | | | | | | | | |
5.500%, 10/01/2022 | | | 230,000 | | | | 239,076 | |
| | | | | | | | | |
| City of Orlando, FL Tourist | | | | | | | | |
| Development Tax Revenue | | | | | | | | |
5.000%, 11/01/2038 | | | 1,000,000 | | | | 1,216,230 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| | | | | | | |
| Florida – 6.52% (Cont.) | | | | | | |
| | | | | | | |
| City of Tampa, FL | | | | | | |
5.000%, 07/01/2050 | | $ | 2,000,000 | | | $ | 2,457,800 | |
| | | | | | | | | |
| County of Lake, FL | | | | | | | | |
3.375%, 08/15/2026 | | | 1,400,000 | | | | 1,408,022 | |
5.000%, 08/15/2025 | | | 2,905,000 | | | | 2,916,010 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
5.000%, 07/01/2043 | | | 2,000,000 | | | | 2,537,020 | |
5.000%, 07/01/2043 | | | 1,500,000 | | | | 1,790,385 | |
5.000%, 07/01/2043 | | | 3,500,000 | | | | 4,368,035 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Aviation Revenue | | | | | | | | |
5.000%, 10/01/2038 | | | 3,250,000 | | | | 3,779,360 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Seaport Revenue | | | | | | | | |
5.750%, 10/01/2028 | | | 545,000 | | | | 615,883 | |
| | | | | | | | | |
| County of Sarasota, FL | | | | | | | | |
| Utility System Revenue | | | | | | | | |
5.000%, 10/01/2039 | | | 2,055,000 | | | | 2,554,488 | |
5.000%, 10/01/2045 | | | 2,000,000 | | | | 2,551,500 | |
| | | | | | | | | |
| Dade County, FL Professional Sports | | | | | | | | |
| Franchise Facilities Tax Revenue | | | | | | | | |
5.250%, 10/01/2030 | | | 1,040,000 | | | | 1,391,187 | |
| | | | | | | | | |
| Florida Development Finance Corp. | | | | | | | | |
5.000%, 09/15/2040 (a) | | | 2,050,000 | | | | 2,247,046 | |
5.500%, 09/15/2025 (a) | | | 1,730,000 | | | | 1,760,673 | |
6.500%, 01/01/2049 (a) | | | 2,735,000 | | | | 2,624,233 | |
7.375%, 01/01/2049 (a) | | | 3,000,000 | | | | 2,912,100 | |
| | | | | | | | | |
| Greater Orlando Aviation Authority | | | | | | | | |
5.000%, 10/01/2046 | | | 1,500,000 | | | | 1,731,090 | |
| | | | | | | | | |
| School Board of Miami-Dade County | | | | | | | | |
5.000%, 03/15/2039 | | | 2,645,000 | | | | 3,130,437 | |
| | | | | | | | | |
| School District of Broward County | | | | | | | | |
5.000%, 07/01/2040 | | | 2,500,000 | | | | 3,073,025 | |
| | | | | | | | | |
| Venetian Community | | | | | | | | |
| Development District | | | | | | | | |
5.000%, 05/01/2023 | | | 80,000 | | | | 82,374 | |
| | | | | | | | 47,947,093 | |
| Georgia – 1.90% | | | | | | | | |
| | | | | | | | | |
| Americus & Sumter County | | | | | | | | |
| Hospital Authority | | | | | | | | |
5.125%, 05/15/2023 | | | 250,000 | | | | 261,715 | |
| | | | | | | | | |
| Brookhaven Development Authority | | | | | | | | |
5.000%, 07/01/2039 | | | 855,000 | | | | 1,072,341 | |
| | | | | | | | | |
| City of Atlanta, GA Water & | | | | | | | | |
| Wastewater Revenue | | | | | | | | |
5.500%, 11/01/2027 | | | 1,550,000 | | | | 1,884,660 | |
| | | | | | | | | |
| Cobb County Kennestone | | | | | | | | |
| Hospital Authority | | | | | | | | |
4.000%, 04/01/2041 | | | 225,000 | | | | 258,251 | |
5.000%, 04/01/2050 | | | 5,000,000 | | | | 6,140,450 | |
5.000%, 04/01/2037 | | | 175,000 | | | | 220,778 | |
5.000%, 04/01/2038 | | | 550,000 | | | | 691,773 | |
| | | | | | | | | |
| Georgia Municipal Association, Inc. | | | | | | | | |
5.000%, 12/01/2037 | | | 500,000 | | | | 607,485 | |
| | | | | | | | | |
| Main Street Natural Gas, Inc. | | | | | | | | |
5.000%, 05/15/2029 | | | 1,250,000 | | | | 1,585,363 | |
| | | | | | | | | |
| Municipal Electric | | | | | | | | |
| Authority of Georgia | | | | | | | | |
5.000%, 01/01/2045 | | | 1,000,000 | | | | 1,230,330 | |
| | | | | | | | 13,953,146 | |
| Hawaii – 0.47% | | | | | | | | |
| | | | | | | | | |
| City & County of Honolulu, HI | | | | | | | | |
5.000%, 07/01/2035 | | | 900,000 | | | | 1,172,475 | |
| | | | | | | | | |
| State of Hawaii | | | | | | | | |
5.000%, 01/01/2038 | | | 1,885,000 | | | | 2,301,321 | |
| | | | | | | | 3,473,796 | |
| Illinois – 5.39% | | | | | | | | |
| | | | | | | | | |
| Boone & Winnebago | | | | | | | | |
| Counties Community Unit | | | | | | | | |
| School District No. 200 | | | | | | | | |
0.000%, 01/01/2024 (e) | | | 815,000 | | | | 795,301 | |
| | | | | | | | | |
| Boone Mchenry & Dekalb | | | | | | | | |
| Counties Community Unit | | | | | | | | |
| School District No. 100 | | | | | | | | |
0.000%, 12/01/2023 (e) | | | 520,000 | | | | 512,772 | |
0.000%, 12/01/2023 (e) | | | 615,000 | | | | 605,338 | |
0.000%, 12/01/2024 (e) | | | 365,000 | | | | 354,207 | |
| | | | | | | | | |
| Chicago Board of Education | | | | | | | | |
0.000%, 12/01/2022 (e) | | | 840,000 | | | | 832,919 | |
| | | | | | | | | |
| Chicago O’Hare International Airport | | | | | | | | |
5.000%, 01/01/2037 | | | 2,000,000 | | | | 2,328,080 | |
5.000%, 01/01/2042 | | | 500,000 | | | | 576,105 | |
| | | | | | | | | |
| Chicago Transit Authority | | | | | | | | |
5.000%, 06/01/2024 | | | 750,000 | | | | 851,340 | |
| | | | | | | | | |
| Cook County School District No. 103 | | | | | | | | |
0.000%, 12/01/2022 (e) | | | 850,000 | | | | 840,191 | |
| | | | | | | | | |
| County of Cook, IL | | | | | | | | |
| Sales Tax Revenue | | | | | | | | |
4.000%, 11/15/2040 | | | 1,905,000 | | | | 2,215,725 | |
4.000%, 11/15/2041 | | | 3,500,000 | | | | 4,055,275 | |
| | | | | | | | | |
| Illinois Finance Authority | | | | | | | | |
5.000%, 01/01/2034 | | | 500,000 | | | | 589,755 | |
5.000%, 07/01/2037 | | | 4,810,000 | | | | 6,138,282 | |
| | | | | | | | | |
| Macon County School | | | | | | | | |
| District No. 61 | | | | | | | | |
5.000%, 12/01/2040 | | | 1,580,000 | | | | 1,887,073 | |
| | | | | | | | | |
| Metropolitan Pier & | | | | | | | | |
| Exposition Authority | | | | | | | | |
0.000%, 06/15/2026 (e) | | | 2,380,000 | | | | 2,210,711 | |
| | | | | | | | | |
| Metropolitan Water Reclamation | | | | | | | | |
| District of Greater Chicago | | | | | | | | |
5.000%, 12/01/2041 | | | 3,500,000 | | | | 4,198,460 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Illinois – 5.39% (Cont.) | | | | | | |
| | | | | | | |
| Railsplitter Tobacco | | | | | | |
| Settlement Authority | | | | | | |
5.000%, 06/01/2027 | | $ | 1,375,000 | | | $ | 1,640,581 | |
| | | | | | | | | |
| Regional Transportation Authority | | | | | | | | |
5.750%, 06/01/2034 | | | 3,000,000 | | | | 4,041,030 | |
| | | | | | | | | |
| Sales Tax Securitization Corp. | | | | | | | | |
5.000%, 01/01/2027 | | | 1,700,000 | | | | 2,055,623 | |
| | | | | | | | | |
| State of Illinois | | | | | | | | |
4.875%, 05/01/2021 | | | 1,000,000 | | | | 1,006,870 | |
6.000%, 06/15/2026 | | | 1,575,000 | | | | 1,957,772 | |
| | | | | | | | 39,693,410 | |
| Indiana – 3.76% | | | | | | | | |
| | | | | | | | | |
| City of Valparaiso, IN | | | | | | | | |
6.750%, 01/01/2034 | | | 500,000 | | | | 564,730 | |
| | | | | | | | | |
| Hammond Multi-School | | | | | | | | |
| Building Corp. | | | | | | | | |
5.000%, 07/15/2034 | | | 2,000,000 | | | | 2,416,040 | |
| | | | | | | | | |
| Indiana Finance Authority | | | | | | | | |
5.000%, 10/01/2044 | | | 3,000,000 | | | | 3,698,460 | |
5.000%, 09/01/2036 | | | 1,000,000 | | | | 1,168,630 | |
5.500%, 11/15/2026 | | | 1,165,000 | | | | 1,193,776 | |
| | | | | | | | | |
| Indiana Health Facility | | | | | | | | |
| Financing Authority | | | | | | | | |
5.000%, 11/15/2034 | | | 1,350,000 | | | | 1,598,670 | |
| | | | | | | | | |
| Indiana Municipal Power Agency | | | | | | | | |
5.000%, 01/01/2042 | | | 3,850,000 | | | | 4,524,135 | |
| | | | | | | | | |
| Indianapolis Local Public | | | | | | | | |
| Improvement Bond Bank | | | | | | | | |
5.000%, 01/01/2038 | | | 1,715,000 | | | | 2,137,319 | |
5.000%, 01/01/2039 | | | 2,500,000 | | | | 3,253,525 | |
5.250%, 02/01/2039 | | | 2,155,000 | | | | 2,737,582 | |
| | | | | | | | | |
| Northern Indiana Commuter | | | | | | | | |
| Transportation District | | | | | | | | |
5.000%, 07/01/2033 | | | 1,130,000 | | | | 1,351,118 | |
| | | | | | | | | |
| Purdue University | | | | | | | | |
5.000%, 07/01/2035 | | | 700,000 | | | | 916,188 | |
5.000%, 07/01/2036 | | | 1,500,000 | | | | 1,955,640 | |
5.000%, 07/01/2037 | | | 100,000 | | | | 129,900 | |
| | | | | | | | 27,645,713 | |
| Iowa – 0.17% | | | | | | | | |
| | | | | | | | | |
| Iowa Finance Authority | | | | | | | | |
2.875%, 05/15/2049 | | | 1,250,000 | | | | 1,266,913 | |
| | | | | | | | | |
| Kentucky – 1.67% | | | | | | | | |
| | | | | | | | | |
| County of Trimble, KY | | | | | | | | |
1.300%, 09/01/2044 | | | 3,500,000 | | | | 3,449,110 | |
| | | | | | | | | |
| Grant County School | | | | | | | | |
| District Finance Corp. | | | | | | | | |
1.400%, 08/01/2022 | | | 165,000 | | | | 166,589 | |
| | | | | | | | | |
| Kentucky Bond Development Corp. | | | | | | | | |
5.000%, 09/01/2049 | | | 3,000,000 | | | | 3,702,810 | |
| | | | | | | | | |
| Kentucky Economic Development | | | | | | | | |
| Finance Authority | | | | | | | | |
5.000%, 05/15/2026 | | | 1,000,000 | | | | 1,060,470 | |
| | | | | | | | | |
| Kentucky Public Energy Authority | | | | | | | | |
4.000%, 02/01/2050 | | | 3,350,000 | | | | 3,918,629 | |
| | | | | | | | 12,297,608 | |
| Louisiana – 1.09% | | | | | | | | |
| | | | | | | | | |
| East Baton Rouge | | | | | | | | |
| Sewerage Commission | | | | | | | | |
5.000%, 02/01/2039 | | | 2,000,000 | | | | 2,349,240 | |
| | | | | | | | | |
| Louisiana Energy & Power Authority | | | | | | | | |
5.250%, 06/01/2028 | | | 410,000 | | | | 447,999 | |
| | | | | | | | | |
| Louisiana Local Government | | | | | | | | |
| Environmental Facilities & | | | | | | | | |
| Community Development Authority | | | | | | | | |
5.000%, 11/01/2032 | | | 1,200,000 | | | | 1,415,772 | |
5.000%, 12/01/2037 | | | 1,685,000 | | | | 2,093,478 | |
| | | | | | | | | |
| Louisiana Stadium & | | | | | | | | |
| Exposition District | | | | | | | | |
5.000%, 07/03/2023 | | | 500,000 | | | | 540,260 | |
| | | | | | | | | |
| Tobacco Settlement Financing Corp. | | | | | | | | |
5.000%, 05/15/2022 | | | 400,000 | | | | 422,704 | |
5.250%, 05/15/2033 | | | 745,000 | | | | 781,646 | |
| | | | | | | | 8,051,099 | |
| Maine – 0.34% | | | | | | | | |
| | | | | | | | | |
| Maine Governmental | | | | | | | | |
| Facilities Authority | | | | | | | | |
5.000%, 10/01/2038 | | | 2,000,000 | | | | 2,505,600 | |
| | | | | | | | | |
| Maryland – 1.72% | | | | | | | | |
| | | | | | | | | |
| City of Baltimore, MD | | | | | | | | |
5.000%, 07/01/2050 | | | 2,550,000 | | | | 3,216,850 | |
| | | | | | | | | |
| County of Anne Arundel, MD | | | | | | | | |
5.000%, 10/01/2046 | | | 3,000,000 | | | | 3,753,870 | |
| | | | | | | | | |
| Maryland Stadium Authority | | | | | | | | |
5.000%, 05/01/2050 | | | 4,000,000 | | | | 5,701,840 | |
| | | | | | | | 12,672,560 | |
| Massachusetts – 2.99% | | | | | | | | |
| | | | | | | | | |
| Commonwealth of Massachusetts | | | | | | | | |
5.000%, 11/01/2045 | | | 4,000,000 | | | | 5,074,720 | |
5.250%, 09/01/2043 | | | 2,000,000 | | | | 2,523,800 | |
| | | | | | | | | |
| Commonwealth of Massachusetts | | | | | | | | |
| Transportation Fund Revenue | | | | | | | | |
5.000%, 06/01/2049 | | | 5,000,000 | | | | 6,142,850 | |
| | | | | | | | | |
| Massachusetts Educational | | | | | | | | |
| Financing Authority | | | | | | | | |
5.000%, 07/01/2028 | | | 2,250,000 | | | | 2,779,853 | |
| | | | | | | | | |
| Massachusetts Port Authority | | | | | | | | |
5.000%, 07/01/2039 | | | 1,000,000 | | | | 1,295,780 | |
5.000%, 07/01/2040 | | | 875,000 | | | | 1,130,675 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Massachusetts – 2.99% (Cont.) | | | | | | |
| | | | | | | |
| Massachusetts School | | | | | | |
| Building Authority | | | | | | |
5.000%, 02/15/2044 | | $ | 2,500,000 | | | $ | 3,073,050 | |
| | | | | | | | 22,020,728 | |
| Michigan – 4.31% | | | | | | | | |
| | | | | | | | | |
| Battle Creek School District | | | | | | | | |
5.000%, 05/01/2037 | | | 775,000 | | | | 920,498 | |
| | | | | | | | | |
| Bedford Public School District | | | | | | | | |
5.000%, 05/01/2037 | | | 1,150,000 | | | | 1,446,148 | |
| | | | | | | | | |
| Charter Township of Commerce, MI | | | | | | | | |
5.000%, 12/01/2038 | | | 1,000,000 | | | | 1,181,930 | |
| | | | | | | | | |
| City of Detroit, MI | | | | | | | | |
4.000%, 04/01/2044 | | | 3,000,000 | | | | 2,860,260 | |
5.000%, 04/01/2046 | | | 1,850,000 | | | | 2,213,507 | |
| | | | | | | | | |
| Detroit City School District | | | | | | | | |
5.250%, 05/01/2027 | | | 715,000 | | | | 899,127 | |
| | | | | | | | | |
| Grand Rapids Public Schools | | | | | | | | |
5.000%, 11/01/2040 | | | 1,000,000 | | | | 1,242,920 | |
| | | | | | | | | |
| Kalamazoo Economic | | | | | | | | |
| Development Corp. | | | | | | | | |
2.625%, 05/15/2025 | | | 1,150,000 | | | | 1,153,450 | |
| | | | | | | | | |
| Michigan Finance Authority | | | | | | | | |
1.250%, 06/01/2030 | | | 500,000 | | | | 500,660 | |
3.267%, 06/01/2039 | | | 6,000,000 | | | | 6,296,760 | |
3.875%, 10/01/2023 | | | 250,000 | | | | 258,290 | |
5.000%, 12/01/2041 | | | 1,990,000 | | | | 2,479,659 | |
| | | | | | | | | |
| Schoolcraft Community Schools | | | | | | | | |
5.000%, 05/01/2046 | | | 2,000,000 | | | | 2,478,200 | |
| | | | | | | | | |
| Thornapple Kellogg School District | | | | | | | | |
5.000%, 05/01/2043 | | | 2,360,000 | | | | 2,959,629 | |
| | | | | | | | | |
| Walled Lake Consolidated | | | | | | | | |
| School District | | | | | | | | |
5.000%, 05/01/2045 | | | 2,300,000 | | | | 2,930,315 | |
| | | | | | | | | |
| Western Michigan University | | | | | | | | |
5.000%, 11/15/2046 | | | 1,500,000 | | | | 1,870,245 | |
| | | | | | | | 31,691,598 | |
| Minnesota – 0.90% | | | | | | | | |
| | | | | | | | | |
| City of Minneapolis, MN | | | | | | | | |
| | | | | | | | | |
5.000%, 03/01/2029 | | | 450,000 | | | | 469,089 | |
5.750%, 07/01/2055 | | | 2,000,000 | | | | 2,228,420 | |
| | | | | | | | | |
| City of St. Anthony, MN | | | | | | | | |
6.000%, 12/01/2030 | | | 1,000,000 | | | | 1,064,000 | |
| | | | | | | | | |
| Dakota County Community | | | | | | | | |
| Development Agency | | | | | | | | |
3.800%, 07/01/2022 | | | 2,000,000 | | | | 1,995,420 | |
| | | | | | | | | |
| Minneapolis-St. Paul Metropolitan | | | | | | | | |
| Airports Commission | | | | | | | | |
5.000%, 01/01/2041 | | | 750,000 | | | | 878,857 | |
| | | | | | | | 6,635,786 | |
| Missouri – 1.54% | | | | | | | | |
| | | | | | | | | |
| Jackson County School District | | | | | | | | |
5.500%, 03/01/2035 | | | 1,015,000 | | | | 1,327,691 | |
5.500%, 03/01/2037 | | | 990,000 | | | | 1,286,277 | |
| | | | | | | | | |
| Kansas City Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
5.000%, 03/01/2057 | | | 3,250,000 | | | | 3,930,908 | |
| | | | | | | | | |
| Kansas City Land Clearance | | | | | | | | |
| Redevelopment Authority | | | | | | | | |
4.375%, 02/01/2031 (a) | | | 1,000,000 | | | | 1,062,130 | |
| | | | | | | | | |
| Missouri Joint Municipal | | | | | | | | |
| Electric Utility Commission | | | | | | | | |
5.000%, 12/01/2040 | | | 2,000,000 | | | | 2,373,940 | |
| | | | | | | | | |
| St. Louis County Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
5.125%, 09/01/2048 | | | 1,250,000 | | | | 1,382,000 | |
| | | | | | | | 11,362,946 | |
| Nebraska – 0.36% | | | | | | | | |
| | | | | | | | | |
| Central Plains Energy Project | | | | | | | | |
5.000%, 09/01/2034 | | | 2,000,000 | | | | 2,680,080 | |
| | | | | | | | | |
| Nevada – 0.60% | | | | | | | | |
| | | | | | | | | |
| City of Las Vegas, NV | | | | | | | | |
5.000%, 09/01/2031 | | | 1,150,000 | | | | 1,372,099 | |
| | | | | | | | | |
| County of Clark, NV | | | | | | | | |
| Department of Aviation | | | | | | | | |
5.000%, 07/01/2041 | | | 2,500,000 | | | | 3,071,025 | |
| | | | | | | | 4,443,124 | |
| New Hampshire – 0.34% | | | | | | | | |
| | | | | | | | | |
| New Hampshire Health and | | | | | | | | |
| Education Facilities Authority | | | | | | | | |
5.000%, 07/01/2041 | | | 2,050,000 | | | | 2,493,579 | |
| | | | | | | | | |
| New Jersey – 1.13% | | | | | | | | |
| | | | | | | | | |
| Garden State Preservation Trust | | | | | | | | |
5.750%, 11/01/2028 | | | 965,000 | | | | 1,195,249 | |
| | | | | | | | | |
| New Jersey Economic | | | | | | | | |
| Development Authority | | | | | | | | |
3.375%, 07/01/2030 | | | 1,000,000 | | | | 1,036,320 | |
5.500%, 01/01/2027 | | | 300,000 | | | | 337,629 | |
| | | | | | | | | |
| New Jersey Higher Education | | | | | | | | |
| Student Assistance Authority | | | | | | | | |
5.000%, 12/01/2027 | | | 765,000 | | | | 936,154 | |
| | | | | | | | | |
| New Jersey Transportation | | | | | | | | |
| Trust Fund Authority | | | | | | | | |
0.000%, 12/15/2027 (e) | | | 2,210,000 | | | | 2,032,670 | |
0.000%, 12/15/2030 (e) | | | 1,780,000 | | | | 1,506,111 | |
| | | | | | | | | |
| Tobacco Settlement Financing Corp. | | | | | | | | |
5.000%, 06/01/2033 | | | 1,035,000 | | | | 1,258,570 | |
| | | | | | | | 8,302,703 | |
| New Mexico – 0.10% | | | | | | | | |
| | | | | | | | | |
| City of Santa Fe, NM | | | | | | | | |
2.250%, 05/15/2024 | | | 710,000 | | | | 708,246 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| New York – 6.65% | | | | | | |
| | | | | | | |
| City of New York, NY | | | | | | |
5.000%, 12/01/2037 | | $ | 2,000,000 | | | $ | 2,444,160 | |
| | | | | | | | | |
| Metropolitan Transportation | | | | | | | | |
| Authority | | | | | | | | |
5.000%, 05/15/2021 | | | 1,245,000 | | | | 1,255,919 | |
| | | | | | | | | |
| Nassau County Interim | | | | | | | | |
| Finance Authority | | | | | | | | |
5.000%, 11/15/2035 | | | 2,250,000 | | | | 2,990,453 | |
| | | | | | | | | |
| New York City Transitional | | | | | | | | |
| Finance Authority Future | | | | | | | | |
| Tax Secured Revenue | | | | | | | | |
5.000%, 08/01/2040 | | | 5,000,000 | | | | 6,118,000 | |
| | | | | | | | | |
| New York City Water | | | | | | | | |
| & Sewer System | | | | | | | | |
5.000%, 06/15/2040 | | | 2,040,000 | | | | 2,486,393 | |
5.000%, 06/15/2050 | | | 3,260,000 | | | | 4,077,804 | |
| | | | | | | | | |
| New York State Dormitory Authority | | | | | | | | |
2.692%, 07/01/2035 | | | 1,000,000 | | | | 988,860 | |
2.742%, 07/01/2036 | | | 1,205,000 | | | | 1,188,395 | |
2.792%, 07/01/2037 | | | 1,200,000 | | | | 1,180,584 | |
2.842%, 07/01/2038 | | | 1,100,000 | | | | 1,080,024 | |
4.000%, 08/01/2043 | | | 4,475,000 | | | | 5,075,903 | |
5.000%, 03/15/2041 | | | 2,275,000 | | | | 2,774,476 | |
| | | | | | | | | |
| New York State Urban | | | | | | | | |
| Development Corp. | | | | | | | | |
5.000%, 03/15/2044 | | | 5,615,000 | | | | 6,935,704 | |
| | | | | | | | | |
| New York Transportation | | | | | | | | |
| Development Corp. | | | | | | | | |
5.000%, 12/01/2037 | | | 1,280,000 | | | | 1,576,051 | |
| | | | | | | | | |
| Port Authority of New York | | | | | | | | |
| & New Jersey | | | | | | | | |
5.000%, 09/01/2032 | | | 1,525,000 | | | | 1,731,302 | |
5.000%, 10/15/2040 | | | 3,165,000 | | | | 3,912,098 | |
5.000%, 10/15/2041 | | | 2,500,000 | | | | 3,083,450 | |
| | | | | | | | 48,899,576 | |
| North Carolina – 0.24% | | | | | | | | |
| | | | | | | | | |
| Durham Housing Authority | | | | | | | | |
2.000%, 09/01/2024 | | | 1,000,000 | | | | 1,001,090 | |
| | | | | | | | | |
| North Carolina Medical | | | | | | | | |
| Care Commission | | | | | | | | |
2.500%, 10/01/2024 | | | 740,000 | | | | 742,982 | |
| | | | | | | | 1,744,072 | |
| North Dakota – 0.53% | | | | | | | | |
| | | | | | | | | |
| City of Mandan, ND | | | | | | | | |
2.750%, 09/01/2041 | | | 915,000 | | | | 915,064 | |
| | | | | | | | | |
| County of Burleigh, ND | | | | | | | | |
2.750%, 02/01/2022 | | | 3,000,000 | | | | 3,000,570 | |
| | | | | | | | 3,915,634 | |
| Ohio – 3.88% | | | | | | | | |
| | | | | | | | | |
| Buckeye Tobacco Settlement | | | | | | | | |
| Financing Authority | | | | | | | | |
1.850%, 06/01/2029 | | | 615,000 | | | | 602,184 | |
| | | | | | | | | |
| City of Columbus, OH | | | | | | | | |
5.000%, 04/01/2040 | | | 3,000,000 | | | | 3,839,640 | |
5.000%, 04/01/2041 | | | 2,400,000 | | | | 3,061,920 | |
| | | | | | | | | |
| County of Cuyahoga, OH | | | | | | | | |
5.500%, 02/15/2052 | | | 1,300,000 | | | | 1,508,442 | |
| | | | | | | | | |
| County of Hamilton, OH | | | | | | | | |
3.374%, 06/01/2034 | | | 3,000,000 | | | | 3,189,630 | |
| | | | | | | | | |
| Franklin County Convention | | | | | | | | |
| Facilities Authority | | | | | | | | |
5.000%, 12/01/2046 | | | 3,000,000 | | | | 3,514,950 | |
| | | | | | | | | |
| Licking Heights Local School District | | | | | | | | |
5.000%, 10/01/2042 | | | 1,000,000 | | | | 1,193,680 | |
| | | | | | | | | |
| Ohio Higher Educational | | | | | | | | |
| Facility Commission | | | | | | | | |
3.750%, 12/01/2023 | | | 1,790,000 | | | | 1,803,174 | |
| | | | | | | | | |
| Ohio Water Development Authority | | | | | | | | |
| Water Pollution Control Loan Fund | | | | | | | | |
5.000%, 12/01/2050 | | | 4,285,000 | | | | 5,420,525 | |
| | | | | | | | | |
| Southern Ohio Port Authority | | | | | | | | |
7.000%, 12/01/2042 (a) | | | 3,000,000 | | | | 3,195,810 | |
| | | | | | | | | |
| State of Ohio | | | | | | | | |
5.000%, 01/01/2033 | | | 1,000,000 | | | | 1,239,580 | |
| | | | | | | | 28,569,535 | |
| Oregon – 1.25% | | | | | | | | |
| | | | | | | | | |
| Benton & Linn Counties Consolidated | | | | | | | | |
| School District No. 509J & 509A | | | | | | | | |
5.000%, 06/15/2038 | | | 1,455,000 | | | | 1,794,524 | |
| | | | | | | | | |
| Clackamas County Hospital | | | | | | | | |
| Facility Authority | | | | | | | | |
2.750%, 11/15/2025 | | | 500,000 | | | | 503,995 | |
5.375%, 11/15/2055 | | | 500,000 | | | | 536,195 | |
| | | | | | | | | |
| Medford Hospital | | | | | | | | |
| Facilities Authority | | | | | | | | |
5.000%, 10/01/2024 | | | 450,000 | | | | 493,789 | |
5.000%, 08/15/2045 | | | 2,420,000 | | | | 3,017,813 | |
| | | | | | | | | |
| Port of Portland, OR | | | | | | | | |
| Airport Revenue | | | | | | | | |
5.000%, 07/01/2042 | | | 2,485,000 | | | | 2,872,337 | |
| | | | | | | | 9,218,653 | |
| Pennsylvania – 2.90% | | | | | | | | |
| | | | | | | | | |
| Berks County Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
3.200%, 05/15/2021 | | | 290,000 | | | | 290,554 | |
| | | | | | | | | |
| Commonwealth Financing Authority | | | | | | | | |
5.000%, 06/01/2034 | | | 1,750,000 | | | | 2,134,703 | |
5.000%, 06/01/2035 | | | 730,000 | | | | 888,315 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Pennsylvania – 2.90% (Cont.) | | | | | | |
| | | | | | | |
| Delaware Valley Regional | | | | | | |
| Finance Authority | | | | | | |
0.962%, 09/01/2048 | | $ | 1,000,000 | | | $ | 996,040 | |
| | | | | | | | | |
| Geisinger Authority | | | | | | | | |
5.000%, 04/01/2050 | | | 4,070,000 | | | | 5,002,111 | |
| | | | | | | | | |
| Hopewell Area School District | | | | | | | | |
0.000%, 09/01/2026 (e) | | | 900,000 | | | | 833,742 | |
| | | | | | | | | |
| Montour School District | | | | | | | | |
5.000%, 04/01/2035 | | | 1,825,000 | | | | 2,124,026 | |
| | | | | | | | | |
| Pennsylvania Economic | | | | | | | | |
| Development Financing Authority | | | | | | | | |
5.000%, 06/30/2028 | | | 750,000 | | | | 896,895 | |
| | | | | | | | | |
| Pennsylvania Turnpike Commission | | | | | | | | |
5.000%, 12/01/2045 | | | 2,500,000 | | | | 3,121,250 | |
6.000%, 12/01/2030 | | | 625,000 | | | | 816,887 | |
6.375%, 12/01/2038 | | | 2,000,000 | | | | 2,631,980 | |
| | | | | | | | | |
| Philadelphia Authority for | | | | | | | | |
| Industrial Development | | | | | | | | |
0.000%, 04/15/2021 (e) | | | 1,025,000 | | | | 1,024,693 | |
| | | | | | | | | |
| Scranton School District | | | | | | | | |
5.000%, 12/01/2035 | | | 500,000 | | | | 604,050 | |
| | | | | | | | 21,365,246 | |
| Puerto Rico – 1.88% | | | | | | | | |
| | | | | | | | | |
| Children’s Trust Fund | | | | | | | | |
5.375%, 05/15/2033 | | | 1,410,000 | | | | 1,418,657 | |
| | | | | | | | | |
| Commonwealth of Puerto Rico | | | | | | | | |
8.000%, 07/01/2035 | | | 2,000,000 | | | | 1,557,500 | |
| | | | | | | | | |
| GDB Debt Recovery Authority | | | | | | | | |
| of Puerto Rico | | | | | | | | |
7.500%, 08/20/2040 | | | 4,003,141 | | | | 3,422,686 | |
| | | | | | | | | |
| Puerto Rico Convention Center | | | | | | | | |
| District Authority | | | | | | | | |
4.500%, 07/01/2036 | | | 1,900,000 | | | | 1,935,796 | |
| | | | | | | | | |
| Puerto Rico Sales Tax Financing | | | | | | | | |
| Corp. Sales Tax Revenue | | | | | | | | |
0.000%, 07/01/2024 (e) | | | 4,476,000 | | | | 4,212,364 | |
0.000%, 07/01/2029 (e) | | | 1,577,000 | | | | 1,304,731 | |
| | | | | | | | 13,851,734 | |
| Rhode Island – 0.57% | | | | | | | | |
| | | | | | | | | |
| City of Cranston, RI | | | | | | | | |
5.000%, 08/01/2039 | | | 1,950,000 | | | | 2,437,773 | |
| | | | | | | | | |
| Rhode Island Student Loan Authority | | | | | | | | |
5.000%, 12/01/2023 | | | 905,000 | | | | 1,009,455 | |
5.000%, 12/01/2025 | | | 525,000 | | | | 617,311 | |
| | | | | | | | | |
| Tobacco Settlement Financing Corp. | | | | | | | | |
2.250%, 06/01/2041 | | | 125,000 | | | | 131,270 | |
| | | | | | | | 4,195,809 | |
| South Carolina – 0.19% | | | | | | | | |
| | | | | | | | | |
| Commission of Public Works, | | | | | | | | |
| City of Greer | | | | | | | | |
5.500%, 09/01/2032 | | | 1,000,000 | | | | 1,359,780 | |
| | | | | | | | | |
| Texas – 8.63% | | | | | | | | |
| | | | | | | | | |
| Alamo Regional Mobility Authority | | | | | | | | |
5.000%, 06/15/2039 | | | 1,335,000 | | | | 1,546,664 | |
| | | | | | | | | |
| Arlington Higher Education | | | | | | | | |
| Finance Corp. | | | | | | | | |
5.000%, 02/15/2030 | | | 1,000,000 | | | | 1,145,430 | |
5.000%, 08/15/2033 | | | 610,000 | | | | 789,016 | |
5.000%, 08/15/2034 | | | 525,000 | | | | 675,523 | |
| | | | | | | | | |
| Austin Achieve Public Schools, Inc. | | | | | | | | |
5.750%, 06/15/2026 | | | 1,170,000 | | | | 1,171,462 | |
| | | | | | | | | |
| Bexar County Hospital District | | | | | | | | |
5.000%, 02/15/2038 | | | 2,135,000 | | | | 2,629,551 | |
| | | | | | | | | |
| City of Fort Worth, TX | | | | | | | | |
5.250%, 03/01/2036 | | | 1,800,000 | | | | 2,046,942 | |
| | | | | | | | | |
| City of Houston, TX Combined | | | | | | | | |
| Utility System Revenue | | | | | | | | |
5.000%, 11/15/2042 | | | 2,000,000 | | | | 2,450,020 | |
| | | | | | | | | |
| City of San Antonio, TX Electric | | | | | | | | |
| & Gas Systems Revenue | | | | | | | | |
5.000%, 02/01/2044 | | | 1,015,000 | | | | 1,255,129 | |
| | | | | | | | | |
| Clifton Higher Education | | | | | | | | |
| Finance Corp. | | | | | | | | |
6.000%, 03/01/2029 | | | 2,550,000 | | | | 2,790,924 | |
| | | | | | | | | |
| Colony Economic | | | | | | | | |
| Development Corp. | | | | | | | | |
7.250%, 10/01/2042 | | | 1,500,000 | | | | 1,616,700 | |
| | | | | | | | | |
| Colony Local Development Corp. | | | | | | | | |
7.250%, 10/01/2033 | | | 700,000 | | | | 760,809 | |
| | | | | | | | | |
| County of Bexar, TX | | | | | | | | |
5.000%, 06/15/2039 | | | 1,265,000 | | | | 1,555,102 | |
| | | | | | | | | |
| County of Fort Bend, TX | | | | | | | | |
5.000%, 03/01/2041 | | | 1,500,000 | | | | 1,905,390 | |
| | | | | | | | | |
| County of Harris, TX | | | | | | | | |
0.832%, 08/15/2035 | | | 1,020,000 | | | | 950,008 | |
5.000%, 08/15/2034 | | | 1,000,000 | | | | 1,204,630 | |
| | | | | | | | | |
| Dallas Area Rapid Transit | | | | | | | | |
5.250%, 12/01/2031 | | | 800,000 | | | | 1,110,936 | |
| | | | | | | | | |
| El Paso Independent | | | | | | | | |
| School District | | | | | | | | |
5.000%, 08/15/2037 | | | 1,250,000 | | | | 1,502,125 | |
| | | | | | | | | |
| Grand Parkway | | | | | | | | |
| Transportation Corp. | | | | | | | | |
5.000%, 10/01/2038 | | | 2,000,000 | | | | 2,473,660 | |
| | | | | | | | | |
| Lower Colorado River Authority | | | | | | | | |
5.000%, 05/15/2051 | | | 3,925,000 | | | | 4,835,835 | |
5.000%, 05/15/2041 | | | 40,000 | | | | 50,106 | |
| | | | | | | | | |
| New Hope Cultural Education | | | | | | | | |
| Facilities Finance Corp. | | | | | | | | |
10.000%, 12/01/2025 (a) | | | 1,000,000 | | | | 1,021,330 | |
| | | | | | | | | |
| North East Independent | | | | | | | | |
| School District | | | | | | | | |
5.250%, 02/01/2030 | | | 1,025,000 | | | | 1,374,771 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Texas – 8.63% (Cont.) | | | | | | |
| | | | | | | |
| North Texas Tollway Authority | | | | | | |
5.000%, 01/01/2043 | | $ | 1,995,000 | | | $ | 2,398,289 | |
| | | | | | | | | |
| Pottsboro Higher Education | | | | | | | | |
| Finance Corp. | | | | | | | | |
2.000%, 08/15/2040 | | | 775,000 | | | | 754,168 | |
| | | | | | | | | |
| San Antonio Water System | | | | | | | | |
5.000%, 05/15/2050 | | | 3,010,000 | | | | 3,750,099 | |
| | | | | | | | | |
| State of Texas | | | | | | | | |
4.000%, 08/01/2033 | | | 1,315,000 | | | | 1,663,278 | |
4.000%, 08/01/2034 | | | 1,350,000 | | | | 1,715,107 | |
5.500%, 08/01/2033 | | | 1,000,000 | | | | 1,234,430 | |
| | | | | | | | | |
| Tarrant County Cultural Education | | | | | | | | |
| Facilities Finance Corp. | | | | | | | | |
3.000%, 11/15/2026 | | | 1,000,000 | | | | 1,008,240 | |
5.000%, 07/01/2036 | | | 1,500,000 | | | | 1,847,955 | |
5.250%, 11/15/2025 | | | 2,070,000 | | | | 2,075,693 | |
| | | | | | | | | |
| Texas Municipal Gas | | | | | | | | |
| Acquisition & Supply Corp. I | | | | | | | | |
6.250%, 12/15/2026 | | | 1,735,000 | | | | 2,037,411 | |
| | | | | | | | | |
| Texas Municipal Gas | | | | | | | | |
| Acquisition & Supply Corp. III | | | | | | | | |
5.000%, 12/15/2032 | | | 2,175,000 | | | | 2,879,200 | |
| | | | | | | | | |
| Texas Public Finance Authority | | | | | | | | |
8.250%, 07/01/2024 | | | 1,900,000 | | | | 1,907,201 | |
| | | | | | | | | |
| University of Texas System | | | | | | | | |
5.000%, 08/15/2039 | | | 2,645,000 | | | | 3,344,735 | |
| | | | | | | | 63,477,869 | |
| Utah – 2.25% | | | | | | | | |
| | | | | | | | | |
| County of Utah, UT | | | | | | | | |
5.000%, 05/15/2041 | | | 1,500,000 | | | | 1,752,615 | |
| | | | | | | | | |
| Salt Lake City Corp. | | | | | | | | |
| Airport Revenue | | | | | | | | |
5.000%, 07/01/2042 | | | 3,000,000 | | | | 3,499,260 | |
5.000%, 07/01/2043 | | | 1,000,000 | | | | 1,180,950 | |
| | | | | | | | | |
| University of Utah | | | | | | | | |
5.000%, 08/01/2040 | | | 700,000 | | | | 903,077 | |
| | | | | | | | | |
| Utah Associated Municipal | | | | | | | | |
| Power Systems | | | | | | | | |
5.000%, 09/01/2037 | | | 2,005,000 | | | | 2,415,845 | |
| | | | | | | | | |
| Utah Charter School | | | | | | | | |
| Finance Authority | | | | | | | | |
5.000%, 10/15/2035 | | | 1,500,000 | | | | 1,716,315 | |
5.000%, 04/15/2039 | | | 700,000 | | | | 834,876 | |
| | | | | | | | | |
| Wildflower Improvement | | | | | | | | |
| Association | | | | | | | | |
6.625%, 03/01/2031 (a)(d) | | | 4,253,128 | | | | 4,263,613 | |
| | | | | | | | 16,566,551 | |
| Vermont – 0.04% | | | | | | | | |
| | | | | | | | | |
| Vermont Economic | | | | | | | | |
| Development Authority | | | | | | | | |
5.000%, 05/01/2021 | | | 300,000 | | | | 301,050 | |
| | | | | | | | | |
| Virginia – 0.39% | | | | | | | | |
| | | | | | | | | |
| Arlington County Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
5.000%, 07/01/2037 | | | 500,000 | | | | 636,545 | |
| | | | | | | | | |
| County of Botetourt, VA | | | | | | | | |
6.000%, 07/01/2044 | | | 2,000,000 | | | | 2,232,480 | |
| | | | | | | | 2,869,025 | |
| Washington – 3.96% | | | | | | | | |
| | | | | | | | | |
| Central Puget Sound Regional | | | | | | | | |
| Transit Authority | | | | | | | | |
5.000%, 11/01/2046 | | | 4,000,000 | | | | 5,842,760 | |
| | | | | | | | | |
| Chelan County Public Utility | | | | | | | | |
| District No. 1 | | | | | | | | |
0.000%, 06/01/2026 (e) | | | 450,000 | | | | 423,373 | |
| | | | | | | | | |
| City of Bellingham, WA | | | | | | | | |
| Water & Sewer Revenue | | | | | | | | |
5.000%, 08/01/2039 | | | 1,100,000 | | | | 1,405,987 | |
5.000%, 08/01/2041 | | | 1,225,000 | | | | 1,555,652 | |
| | | | | | | | | |
| City of Seattle, WA Municipal | | | | | | | | |
| Light & Power Revenue | | | | | | | | |
5.000%, 04/01/2042 | | | 3,000,000 | | | | 3,733,230 | |
| | | | | | | | | |
| Port of Seattle, WA | | | | | | | | |
5.000%, 04/01/2034 | | | 1,500,000 | | | | 1,677,825 | |
| | | | | | | | | |
| Spokane County School | | | | | | | | |
| District No. 81 | | | | | | | | |
5.000%, 12/01/2036 | | | 2,000,000 | | | | 2,535,720 | |
| | | | | | | | | |
| State of Washington | | | | | | | | |
5.000%, 02/01/2043 | | | 5,000,000 | | | | 6,119,600 | |
| | | | | | | | | |
| Washington Health Care | | | | | | | | |
| Facilities Authority | | | | | | | | |
5.000%, 10/01/2038 | | | 1,535,000 | | | | 1,757,606 | |
| | | | | | | | | |
| Washington State Convention | | | | | | | | |
| Center Public Facilities District | | | | | | | | |
5.000%, 07/01/2048 | | | 2,000,000 | | | | 2,312,840 | |
| | | | | | | | | |
| Washington State Housing | | | | | | | | |
| Finance Commission | | | | | | | | |
2.375%, 01/01/2026 (a) | | | 1,250,000 | | | | 1,244,600 | |
5.000%, 01/01/2055 (a) | | | 500,000 | | | | 545,285 | |
| | | | | | | | 29,154,478 | |
| West Virginia – 1.06% | | | | | | | | |
| | | | | | | | | |
| Roane County Building Commission | | | | | | | | |
2.550%, 11/01/2021 | | | 2,000,000 | | | | 2,002,540 | |
| | | | | | | | | |
| State of West Virginia | | | | | | | | |
5.000%, 06/01/2041 | | | 2,510,000 | | | | 3,146,109 | |
5.000%, 12/01/2043 | | | 2,110,000 | | | | 2,629,672 | |
| | | | | | | | 7,778,321 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| Wisconsin – 1.40% | | | | | | |
| | | | | | | |
| County of Milwaukee, WI | | | | | | |
| Airport Revenue | | | | | | |
5.000%, 12/01/2028 | | $ | 1,000,000 | | | $ | 1,188,160 | |
| | | | | | | | | |
| Plateville Redevelopment Authority | | | | | | | | |
5.000%, 07/01/2022 | | | 320,000 | | | | 328,992 | |
| | | | | | | | | |
| Public Finance Authority | | | | | | | | |
5.000%, 10/01/2044 | | | 1,000,000 | | | | 1,207,910 | |
5.000%, 07/01/2038 | | | 2,000,000 | | | | 2,422,920 | |
5.250%, 05/15/2037 (a) | | | 510,000 | | | | 548,806 | |
9.000%, 06/01/2029 (a)(d) | | | 2,000,000 | | | | 1,988,280 | |
| | | | | | | | | |
| Wisconsin Center District, WI | | | | | | | | |
| Tax Revenue | | | | | | | | |
0.000%, 12/15/2027 (e) | | | 410,000 | | | | 369,058 | |
0.000%, 12/15/2028 (e) | | | 255,000 | | | | 223,023 | |
0.000%, 12/15/2029 (e) | | | 260,000 | | | | 220,100 | |
0.000%, 12/15/2030 (e) | | | 460,000 | | | | 377,329 | |
| | | | | | | | | |
| Wisconsin Health & Educational | | | | | | | | |
| Facilities Authority | | | | | | | | |
5.000%, 08/15/2034 | | | 1,180,000 | | | | 1,436,886 | |
| | | | | | | | 10,311,464 | |
| TOTAL MUNICIPAL BONDS | | | | | | | | |
| (Cost $670,359,676) | | | | | | | 691,346,258 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS – 5.84% | | | | | | | | |
First American Government | | | | | | | | |
Obligations Fund – | | | | | | | | |
Class X, 0.030% (f) | | | 42,969,426 | | | | 42,969,426 | |
| TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
| (Cost $42,969,426) | | | | | | | 42,969,426 | |
| | | | | | | | | |
| Total Investments | | | | | | | | |
| (Cost $720,521,876) – 100.80% | | | | | | | 741,751,374 | |
| | | | | | | | | |
| Liabilities in Excess | | | | | | | | |
| of Other Assets – (0.80)% | | | | | | | (5,851,274 | ) |
| | | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | | | | $ | 735,900,100 | |
Percentages are stated as a percent of net assets.| (a) | Securities issued pursuant to Rule 144A under the Securities Act of 1933. |
| (b) | Variable rate security; the rate shown represents the rate at February 28, 2021. The coupon is based on an underlying pool of loans. |
| (c) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
| (d) | Represents an illiquid security. The total market value of these securities were $9,253,243 at February 28, 2021, representing 1.26% of net assets. |
| (e) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
| (f) | Seven day yield at February 28, 2021. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| COLLATERALIZED LOAN | | | | | | |
| OBLIGATIONS – 18.71% | | | | | | |
| | | | | | | |
| Apidos CLO XI | | | | | | |
2012-11A, 4.073% (3 Month LIBOR USD + 3.850%), | | | | | | |
| | | | | | |
10/17/2030 (a)(b)(c) | | $ | 300,000 | | | $ | 300,569 | |
| | | | | | | | | |
| Apidos CLO XII | | | | | | | | |
2013-12A, 5.641% (3 Month LIBOR USD + 5.400%), | | | | | | | | |
| | | | | | | | |
04/15/2031 (a)(b)(c) | | | 350,000 | | | | 321,859 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 2 Ltd. | | | | | | | | |
2017-2A, 4.924% (3 Month LIBOR USD + 4.700%), | | | | | | | | |
| | | | | | | | |
11/28/2030 (a)(b)(c) | | | 275,000 | | | | 258,711 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 4 Ltd. | | | | | | | | |
2019-4A, 4.968% (3 Month LIBOR USD + 4.750%), | | | | | | | | |
| | | | | | | | |
04/24/2031 (a)(b)(c) | | | 300,000 | | | | 286,661 | |
| | | | | | | | | |
| LCM 29 Ltd. | | | | | | | | |
29A, 4.091% (3 Month LIBOR USD + 3.850%), | | | | | | | | |
| | | | | | | | |
04/15/2031 (a)(b)(c) | | | 300,000 | | | | 299,473 | |
| | | | | | | | | |
| LCM XVIII LP | | | | | | | | |
18A, 6.174% (3 Month LIBOR USD + 5.950%), | | | | | | | | |
| | | | | | | | |
04/20/2031 (a)(b)(c) | | | 300,000 | | | | 279,189 | |
| | | | | | | | | |
| Magnetite VII Ltd. | | | | | | | | |
2012-7A, 4.741% (3 Month LIBOR USD + 4.500%), | | | | | | | | |
| | | | | | | | |
01/15/2028 (a)(b)(c) | | | 250,000 | | | | 239,320 | |
| TOTAL COLLATERALIZED | | | | | | | | |
| LOAN OBLIGATIONS | | | | | | | | |
| (Cost $1,988,822) | | | | | | | 1,985,782 | |
| | | | | | | | | |
| CORPORATE BONDS – 19.79% | | | | | | | | |
| | | | | | | | | |
| Administrative and | | | | | | | | |
| Support Services – 2.49% | | | | | | | | |
| | | | | | | | | |
| ADT Security Corp. | | | | | | | | |
4.875%, 07/15/2032 (a) | | | 250,000 | | | | 264,375 | |
| | | | | | | | | |
| Computer and Electronic | | | | | | | | |
| Product Manufacturing – 2.86% | | | | | | | | |
| | | | | | | | | |
| Dell International LLC | | | | | | | | |
8.350%, 07/15/2046 (a) | | | 200,000 | | | | 302,549 | |
| | | | | | | | | |
| Credit Intermediation and | | | | | | | | |
| Related Activities – 3.47% | | | | | | | | |
| | | | | | | | | |
| OneMain Finance Corp. | | | | | | | | |
5.375%, 11/15/2029 | | | 350,000 | | | | 368,375 | |
| | | | | | | | | |
| Hospitals – 2.75% | | | | | | | | |
| | | | | | | | | |
| Hackensack Meridian Health, Inc. | | | | | | | | |
2.675%, 09/01/2041 | | | 300,000 | | | | 291,492 | |
| | | | | | | | | |
| Nonmetallic Mineral Product | | | | | | | | |
| Manufacturing – 2.75% | | | | | | | | |
| | | | | | | | | |
| Corning, Inc. | | | | | | | | |
5.750%, 08/15/2040 | | | 225,000 | | | | 291,837 | |
| | | | | | | | | |
| Real Estate – 2.69% | | | | | | | | |
| | | | | | | | | |
| Simon Property Group LP | | | | | | | | |
6.750%, 02/01/2040 | | | 200,000 | | | | 285,439 | |
| | | | | | | | | |
| Telecommunications – 2.78% | | | | | | | | |
| | | | | | | | | |
| Embarq Corp. | | | | | | | | |
7.995%, 06/01/2036 | | | 250,000 | | | | 295,313 | |
| TOTAL CORPORATE BONDS | | | | | | | | |
| (Cost $2,163,308) | | | | | | | 2,099,380 | |
| | | | | | | | | |
| NON-AGENCY RESIDENTIAL | | | | | | | | |
| MORTGAGE BACKED | | | | | | | | |
| SECURITIES – 13.77% | | | | | | | | |
| | | | | | | | | |
| Alternative Loan Trust | | | | | | | | |
2006-J5, 6.500%, 09/25/2036 | | | 317,870 | | | | 254,139 | |
| | | | | | | | | |
| CHL Mortgage Pass-Through Trust | | | | | | | | |
2004-22, 2.762%, 11/25/2034 (d) | | | 207,960 | | | | 209,908 | |
2006-17, 6.000% (1 Month LIBOR USD + 0.550%), | | | | | | | | |
| | | | | | | | |
12/25/2036 (b) | | | 461,284 | | | | 308,584 | |
2007-HY5, 3.130%, 09/25/2037 (d) | | | 344,763 | | | | 338,752 | |
| | | | | | | | | |
| Volt LLC | | | | | | | | |
2021-NPL4, 0.000%, 03/27/2051 (e) | | | 350,000 | | | | 350,000 | |
| TOTAL NON-AGENCY RESIDENTIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $1,481,087) | | | | | | | 1,461,383 | |
| | | | | | | | | |
| NON-AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED | | | | | | | | |
| SECURITIES – 9.47% | | | | | | | | |
| | | | | | | | | |
| Barclays Commercial Mortgage Trust | | | | | | | | |
2019-C5, 0.892%, 11/15/2052 (d)(f) | | | 3,205,012 | | | | 184,438 | |
| | | | | | | | | |
| Citigroup Commercial Mortgage Trust | | | | | | | | |
2019-GC41, 0.000%, 08/11/2056 (e) | | | 241,000 | | | | 248,475 | |
| | | | | | | | | |
| GS Mortgage Securities Corp. II | | | | | | | | |
2012-BWTR, 3.255%, 11/05/2034 (a) | | | 298,000 | | | | 294,768 | |
| | | | | | | | | |
| Wells Fargo Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2019-C51, 1.373%, 06/15/2052 (d)(f) | | | 3,229,862 | | | | 277,264 | |
| TOTAL NON-AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $988,244) | | | | | | | 1,004,945 | |
Percentages are stated as a percent of net assets.The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| AGENCY COMMERCIAL MORTGAGE | | | | | | |
| BACKED SECURITIES – 4.36% | | | | | | |
| | | | | | | |
| Freddie Mac Multifamily Structured | | | | | | |
| Pass Through Certificates | | | | | | |
K721, 0.317%, 08/25/2022 (d)(f) | | $ | 38,256,813 | | | $ | 147,140 | |
K121, 1.195%, 11/25/2030 (d)(f) | | | 3,000,000 | | | | 316,116 | |
| TOTAL AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $460,053) | | | | | | | 463,256 | |
| | | | | | | | | |
| MUNICIPAL BONDS – 16.27% | | | | | | | | |
| | | | | | | | | |
| California – 2.62% | | | | | | | | |
| | | | | | | | | |
| Newport Mesa Unified | | | | | | | | |
| School District | | | | | | | | |
0.000%, 08/01/2042 (e) | | | 200,000 | | | | 278,680 | |
| | | | | | | | | |
| Florida – 2.29% | | | | | | | | |
| | | | | | | | | |
| Florida Development Finance Corp. | | | | | | | | |
7.375%, 01/01/2049 (a) | | | 250,000 | | | | 242,675 | |
| | | | | | | | | |
| Michigan – 3.12% | | | | | | | | |
| | | | | | | | | |
| City of Detroit, MI | | | | | | | | |
4.000%, 04/01/2044 | | | 350,000 | | | | 331,695 | |
| | | | | | | | | |
| New Hampshire – 2.31% | | | | | | | | |
| | | | | | | | | |
| New Hampshire Business | | | | | | | | |
| Finance Authority | | | | | | | | |
3.278%, 10/01/2037 | | | 250,000 | | | | 244,870 | |
| | | | | | | | | |
| Puerto Rico – 2.42% | | | | | | | | |
| | | | | | | | | |
| GDB Debt Recovery Authority | | | | | | | | |
| of Puerto Rico | | | | | | | | |
7.500%, 08/20/2040 | | | 300,038 | | | | 256,532 | |
| | | | | | | | | |
| Texas – 1.17% | | | | | | | | |
| | | | | | | | | |
| Texas Transportation Commission | | | | | | | | |
| State Highway Fund | | | | | | | | |
4.000%, 10/01/2033 | | | 100,000 | | | | 124,096 | |
| | | | | | | | | |
| Wisconsin – 2.34% | | | | | | | | |
| | | | | | | | | |
| Public Finance Authority | | | | | | | | |
9.000%, 06/01/2029 (a)(g) | | | 250,000 | | | | 248,350 | |
| TOTAL MUNICIPAL BONDS | | | | | | | | |
| (Cost $1,727,963) | | | | | | | 1,726,898 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS – 14.82% | | | | | | | | |
First American Government | | | | | | | | |
Obligations Fund – | | | | | | | | |
Class X, 0.030% (h) | |
| 1,573,189 | | |
| 1,573,189 | |
| TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
| (Cost $1,573,189) | | | | | | | 1,573,189 | |
| | | | | | | | | |
| Total Investments | | | | | | | | |
| (Cost $10,382,666) – 97.19% | | | | | | | 10,314,833 | |
| | | | | | | | | |
| Other Assets in | | | | | | | | |
| Excess of Liabilities – 2.81% | | | | | | | 298,494 | |
| | | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | | | | $ | 10,613,327 | |
Percentages are stated as a percent of net assets.| (a) | Securities issued pursuant to Rule 144A under the Securities Act of 1933. |
| (b) | Variable rate security; the rate shown represents the rate at February 28, 2021. |
| (c) | Foreign issued security. |
| (d) | Variable rate security; the rate shown represents the rate at February 28, 2021. The coupon is based on an underlying pool of loans. |
| (e) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
| (f) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
| (g) | Represents an illiquid security. The total market value of these securities were $248,350 at February 28, 2021, representing 2.34% of net assets. |
| (h) | Seven day yield at February 28, 2021. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
STATEMENTS OF OPERATIONS
For the Six Months Ended February 28, 2021 (Unaudited)
| | | Performance Trust | | | Performance Trust | | | | |
| | | Strategic | | | Municipal | | | Performance Trust | |
| | | Bond Fund | | | Bond Fund | | | Credit Fund | |
| Investment Income | | | | | | | | | |
Interest income | | $ | 100,250,387 | | | $ | 7,906,890 | | | $ | 60,941 | |
Dividend income | | | 170,650 | | | | — | | | | — | |
| Total Investment Income | | | 100,421,037 | | | | 7,906,890 | | | | 60,941 | |
| | | | | | | | | | | | | |
| Expenses | | | | | | | | | | | | |
Advisory fees | | | 14,144,262 | | | | 1,254,870 | | | | 9,595 | |
Transfer agent fees and expenses | | | 2,320,092 | | | | 43,623 | | | | 8,909 | |
Administration and accounting fees | | | 930,157 | | | | 136,465 | | | | 6,411 | |
Federal and state registration fees | | | 176,892 | | | | 45,613 | | | | 5,900 | |
Reports to shareholders | | | 144,078 | | | | 11,971 | | | | 1,003 | |
Distribution fees – Class C | | | 142,695 | | | | — | | | | — | |
Custody fees | | | 105,929 | | | | 12,910 | | | | 817 | |
Service fees – Class C | | | 47,565 | | | | — | | | | — | |
Distribution fees – Class A | | | 30,992 | | | | 59,966 | | | | — | |
Audit and tax fees | | | 22,982 | | | | 10,928 | | | | 5,192 | |
Legal fees | | | 17,930 | | | | 8,077 | | | | 2,478 | |
Insurance expense | | | 13,444 | | | | 2,620 | | | | 708 | |
Chief Compliance Officer fees | | | 6,157 | | | | 6,154 | | | | 1,888 | |
Trustees’ fees | | | 5,961 | | | | 5,961 | | | | 3,009 | |
Other expenses | | | 12,797 | | | | 3,415 | | | | 1,239 | |
| Total Expenses | | | 18,121,933 | | | | 1,602,573 | | | | 47,149 | |
Expense Recoupment (Reimbursement) by Adviser | | | — | | | | 120,056 | | | | (35,275 | ) |
| Net Expenses | | | 18,121,933 | | | | 1,722,629 | | | | 11,874 | |
| | | | | | | | | | | | | |
| Net Investment Income | | | 82,299,104 | | | | 6,184,261 | | | | 49,067 | |
| | | | | | | | | | | | | |
| Realized and Unrealized Gain (Loss) on Investments | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments | | | 6,693,235 | | | | 1,143,591 | | | | 8,098 | |
Change in net unrealized appreciation (depreciation) | | | | | | | | | | | | |
from investments | | | (23,636,205 | ) | | | (4,315,606 | ) | | | (67,833 | ) |
| Net Realized and Unrealized Loss on Investments | | | (16,942,970 | ) | | | 3,172,015 | | | | (59,735 | ) |
| | | | | | | | | | | | | |
| Net Increase (Decrease) in | | | | | | | | | | | | |
| Net Assets from Operations | | $ | 65,356,134 | | | $ | 3,012,246 | | | $ | (10,668 | ) |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Strategic Bond Fund
| | | Six Months Ended | | | | |
| | | February 28, 2021 | | | Year Ended | |
| | | (Unaudited) | | | August 31, 2020 | |
| From Operations | | | | | | |
Net investment income | | $ | 82,299,104 | | | $ | 126,837,829 | |
Net realized gain from investments | | | 6,693,235 | | | | 26,162,240 | |
Change in net unrealized depreciation from investments | | | (23,636,205 | ) | | | (45,923,317 | ) |
| Net increase in net assets from operations | | | 65,356,134 | | | | 107,076,752 | |
| | | | | | | | | |
| From Distributions | | | | | | | | |
Net dividends and distributions – Institutional Class | | | (91,509,332 | ) | | | (132,715,402 | ) |
Net dividends and distributions – Class A | | | (459,190 | ) | | | (497,322 | ) |
Net dividends and distributions – Class C | | | (558,465 | ) | | | (569,023 | ) |
| Net decrease in net assets resulting from distributions paid | | | (92,526,987 | ) | | | (133,781,747 | ) |
| | | | | | | | | |
| From Capital Share Transactions | | | | | | | | |
Proceeds from shares sold – Institutional Class | | | 1,525,313,877 | | | | 2,580,483,461 | |
Proceeds from shares sold – Class A | | | 16,131,498 | | | | 15,532,602 | |
Proceeds from shares sold – Class C | | | 20,095,912 | | | | 27,305,799 | |
Shares issued in reinvestment of distributions declared – | | | | | | | | |
Institutional Class | | | 79,624,238 | | | | 115,021,443 | |
Shares issued in reinvestment of distributions declared – Class A | | | 459,095 | | | | 496,327 | |
Shares issued in reinvestment of distributions declared – Class C | | | 557,240 | | | | 567,729 | |
Cost for shares redeemed – Institutional Class(1) | | | (563,344,019 | ) | | | (1,240,857,177 | ) |
Cost for shares redeemed – Class A(2) | | | (4,212,170 | ) | | | (4,204,348 | ) |
Cost for shares redeemed – Class C(3) | | | (2,753,635 | ) | | | (4,136,232 | ) |
| Net increase in net assets from capital share transactions | | | 1,071,872,036 | | | | 1,490,209,604 | |
| | | | | | | | | |
| Total Increase in Net Assets | | | 1,044,701,183 | | | | 1,463,504,609 | |
| | | | | | | | | |
| Net Assets | | | | | | | | |
Beginning of period | | | 4,315,326,547 | | | | 2,851,821,938 | |
| End of period | | $ | 5,360,027,730 | | | $ | 4,315,326,547 | |
| | | | | | | | | |
| (1) | Net of redemption fees of $0 and $62,120 for the six months ended February 28, 2021 and the year ended August 31, 2020, respectively. |
| (2) | Net of redemption fees of $0 and $2 for the six months ended February 28, 2021 and the year ended August 31, 2020, respectively. |
| (3) | Net of redemption fees of $0 and $1,762 for the six months ended February 28, 2021 and the year ended August 31, 2020, respectively. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Municipal Bond Fund
| | | Six Months Ended | | | | |
| | | February 28, 2021 | | | Year Ended | |
| | | (Unaudited) | | | August 31, 2020 | |
| From Operations | | | | | | |
Net investment income | | $ | 6,184,261 | | | $ | 8,723,181 | |
Net realized gain from investments | | | 1,143,591 | | | | 2,165,298 | |
Change in net unrealized appreciation (depreciation) from investments | | | (4,315,606 | ) | | | 3,793,873 | |
| Net increase in net assets from operations | | | 3,012,246 | | | | 14,682,352 | |
| | | | | | | | | |
| From Distributions | | | | | | | | |
Net dividends and distributions – Institutional Class | | | (8,339,546 | ) | | | (11,026,481 | ) |
Net dividends and distributions – Class A | | | (629,224 | ) | | | (681,426 | ) |
| Net decrease in net assets resulting from distributions paid | | | (8,968,770 | ) | | | (11,707,907 | ) |
| | | | | | | | | |
| From Capital Share Transactions | | | | | | | | |
Proceeds from shares sold – Institutional Class | | | 233,102,407 | | | | 278,193,988 | |
Proceeds from shares sold – Class A | | | 17,894,253 | | | | 24,240,584 | |
Shares issued in reinvestment of distributions declared – Institutional Class | | | 7,397,965 | | | | 9,596,365 | |
Shares issued in reinvestment of distributions declared – Class A | | | 575,014 | | | | 559,195 | |
Cost for shares redeemed – Institutional Class(1) | | | (54,635,008 | ) | | | (97,985,777 | ) |
Cost for shares redeemed – Class A(2) | | | (5,205,130 | ) | | | (4,376,101 | ) |
| Net increase in net assets from capital share transactions | | | 199,129,501 | | | | 210,228,254 | |
| | | | | | | | | |
| Total Increase in Net Assets | | | 193,172,977 | | | | 213,202,699 | |
| | | | | | | | | |
| Net Assets | | | | | | | | |
Beginning of period | | | 542,727,123 | | | | 329,524,424 | |
| End of period | | $ | 735,900,100 | | | $ | 542,727,123 | |
| (1) | Net of redemption fees of $0 and $1,093 for the six months ended February 28, 2021 and the year ended August 31, 2020, respectively. |
| (2) | Net of redemption fees of $0 and $462 for the six months ended February 28, 2021 and the year ended August 31, 2020, respectively. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
STATEMENT OF CHANGES IN NET ASSETS
Performance Trust Credit Fund
| | | Period Ended | |
| | | February 28, 2021 | |
| | | (Unaudited)(1) | |
| From Operations | | | |
Net investment income | | $ | 49,067 | |
Net realized gain from investments | | | 8,098 | |
Change in net unrealized depreciation from investments | | | (67,833 | ) |
| Net decrease in net assets from operations | | | (10,668 | ) |
| | | | | |
| From Distributions | | | | |
Net dividends and distributions – Institutional Class | | | (30,244 | ) |
| Net decrease in net assets resulting from distributions paid | | | (30,244 | ) |
| | | | | |
| From Capital Share Transactions | | | | |
Proceeds from shares sold – Institutional Class | | | 10,623,995 | |
Shares issued in reinvestment of distributions declared – Institutional Class | | | 30,244 | |
| Net increase in net assets from capital share transactions | | | 10,654,239 | |
| | | | | |
| Total Increase in Net Assets | | | 10,613,327 | |
| | | | | |
| Net Assets | | | | |
Beginning of period | | | — | |
| End of period | | $ | 10,613,327 | |
| (1) | The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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, 2021 | | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | (Unaudited) | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Institutional Class Shares | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, | | | | | | | | | | | | | | | | | | |
| Beginning of Period | | $ | 22.99 | | | $ | 23.22 | | | $ | 22.21 | | | $ | 22.84 | | | $ | 22.98 | | | $ | 22.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from | | | | | | | | | | | | | | | | | | | | | | | | |
| investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.40 | | | | 0.82 | | | | 0.83 | | | | 0.94 | | | | 1.09 | | | | 1.17 | |
Net realized and unrealized | | | | | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments(2) | | | (0.05 | ) | | | (0.18 | ) | | | 1.07 | | | | (0.50 | ) | | | 0.05 | | | | 0.46 | |
| Total from investment operations | | | 0.35 | | | | 0.64 | | | | 1.90 | | | | 0.44 | | | | 1.14 | | | | 1.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.45 | ) | | | (0.87 | ) | | | (0.89 | ) | | | (1.07 | ) | | | (1.28 | ) | | | (1.19 | ) |
From net realized gain on investments | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributions paid | | | (0.45 | ) | | | (0.87 | ) | | | (0.89 | ) | | | (1.07 | ) | | | (1.28 | ) | | | (1.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital from | | | | | | | | | | | | | | | | | | | | | | | | |
redemption fees (Note 2) | | | 0.00 | | | | 0.00 | (3) | | | 0.00 | (3) | | | 0.00 | (3) | | | 0.00 | (3) | | | 0.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 22.89 | | | $ | 22.99 | | | $ | 23.22 | | | $ | 22.21 | | | $ | 22.84 | | | $ | 22.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(4) | | | 1.54 | % | | | 2.87 | % | | | 8.79 | % | | | 2.00 | % | | | 5.20 | % | | | 7.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of Period (000’s) | | $ | 5,279,750 | | | $ | 4,264,846 | | | $ | 2,836,855 | | | $ | 1,559,737 | | | $ | 1,057,374 | | | $ | 688,597 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to | | | | | | | | | | | | | | | | | | | | | | | | |
average net assets(5) | | | 0.76 | % | | | 0.78 | % | | | 0.80 | % | | | 0.81 | % | | | 0.76 | % | | | 0.79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income | | | | | | | | | | | | | | | | | | | | | | | | |
to average net assets(5) | | | 3.50 | % | | | 3.64 | % | | | 3.68 | % | | | 4.19 | % | | | 4.83 | % | | | 5.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(4) | | | 9.24 | % | | | 41.75 | % | | | 40.59 | % | | | 37.99 | % | | | 78.53 | % | | | 45.58 | % |
| (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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
| | | Six Months | | | Year | | | Period | |
| | | Ended | | | Ended | | | Ended | |
| | | February 28, 2021 | | | August 31, | | | August 31, | |
| | | (Unaudited) | | | 2020 | | | 2019(1) | |
| Class A Shares | | | | | | | | | |
| | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 22.99 | | | $ | 23.23 | | | $ | 22.13 | |
| | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | |
Net investment income(2) | | | 0.37 | | | | 0.76 | | | | 0.58 | |
Net realized and unrealized gain (loss) on investments(3) | | | (0.04 | ) | | | (0.18 | ) | | | 1.08 | |
| Total from investment operations | | | 0.33 | | | | 0.58 | | | | 1.66 | |
| | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | |
From net investment income | | | (0.43 | ) | | | (0.82 | ) | | | (0.57 | ) |
From net realized gain on investments | | | — | | | | — | | | | — | |
| Total distributions paid | | | (0.43 | ) | | | (0.82 | ) | | | (0.57 | ) |
| | | | | | | | | | | | | |
Paid-in capital from redemption fees (Note 2) | | | 0.00 | | | | 0.00 | (4) | | | 0.01 | |
| | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 22.89 | | | $ | 22.99 | | | $ | 23.23 | |
| | | | | | | | | | | | | |
Total Return(5)(6) | | | 1.42 | % | | | 2.60 | % | | | 7.67 | % |
| | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | �� | | | | | |
Net assets at end of Period (000’s) | | $ | 31,459 | | | $ | 19,297 | | | $ | 7,549 | |
| | | | | | | | | | | | | |
Ratio of expenses to average net assets(7) | | | 1.01 | % | | | 1.03 | % | | | 1.05 | % |
| | | | | | | | | | | | | |
Ratio of net investment income to average net assets(7) | | | 3.23 | % | | | 3.40 | % | | | 3.80 | % |
| | | | | | | | | | | | | |
Portfolio turnover rate(6)(8) | | | 9.24 | % | | | 41.75 | % | | | 40.59 | % |
| (1) | The 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) | Rounds to less than 0.5 cent per share. |
| (5) | Based on net asset value, which does not reflect sales charge. |
| (6) | Not annualized for periods less than one year. |
| (7) | Annualized for periods less than one year. |
| (8) | 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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
| | | Six Months | | | Year | | | Period | |
| | | Ended | | | Ended | | | Ended | |
| | | February 28, 2021 | | | August 31, | | | August 31, | |
| | | (Unaudited) | | | 2020 | | | 2019(1) | |
| Class C Shares | | | | | | | | | |
| | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 22.92 | | | $ | 23.18 | | | $ | 22.13 | |
| | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income(2) | | | 0.28 | | | | 0.59 | | | | 0.46 | |
Net realized and unrealized gain (loss) on investments(3) | | | (0.04 | ) | | | (0.18 | ) | | | 1.09 | |
| Total from investment operations | | | 0.24 | | | | 0.41 | | | | 1.55 | |
| | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | |
From net investment income | | | (0.34 | ) | | | (0.67 | ) | | | (0.50 | ) |
From net realized gain on investments | | | — | | | | — | | | | — | |
| Total distributions paid | | | (0.34 | ) | | | (0.67 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | |
Paid-in capital from redemption fees (Note 2) | | | 0.00 | | | | 0.00 | (4) | | | 0.00 | (4) |
| | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 22.82 | | | $ | 22.92 | | | $ | 23.18 | |
| | | | | | | | | | | | | |
Total Return(5) | | | 1.06 | % | | | 1.83 | % | | | 7.10 | % |
| | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | |
Net assets at end of Period (000's) | | $ | 48,819 | | | $ | 31,184 | | | $ | 7,418 | |
| | | | | | | | | | | | | |
Ratio of expenses to average net assets(6) | | | 1.76 | % | | | 1.78 | % | | | 1.80 | % |
| | | | | | | | | | | | | |
Ratio of net investment income to average net assets(6) | | | 2.49 | % | | | 2.66 | % | | | 3.04 | % |
| | | | | | | | | | | | | |
Portfolio turnover rate(5)(7) | | | 9.24 | % | | | 41.75 | % | | | 40.59 | % |
| (1) | The 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) | Rounds to less than 0.5 cent per share. |
| (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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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, 2021 | | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | (Unaudited) | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Institutional Class Shares | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, | | | | | | | | | | | | | | | | | | |
| Beginning of Period | | $ | 25.52 | | | $ | 25.49 | | | $ | 23.79 | | | $ | 24.34 | | | $ | 24.87 | | | $ | 23.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from | | | | | | | | | | | | | | | | | | | | | | | | |
| investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.25 | | | | 0.54 | | | | 0.72 | | | | 0.67 | | | | 0.62 | | | | 0.57 | |
Net realized and unrealized | | | | | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments | | | (0.02 | ) | | | 0.22 | | | | 1.69 | | | | (0.55 | ) | | | (0.53 | ) | | | 1.59 | |
| Total from investment operations | | | 0.23 | | | | 0.76 | | | | 2.41 | | | | 0.12 | | | | 0.09 | | | | 2.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.33 | ) | | | (0.66 | ) | | | (0.71 | ) | | | (0.67 | ) | | | (0.61 | ) | | | (0.55 | ) |
From net realized gain on investments | | | (0.04 | ) | | | (0.07 | ) | | | — | | | | — | | | | (0.01 | ) | | | — | |
| Total distributions paid | | | (0.37 | ) | | | (0.73 | ) | | | (0.71 | ) | | | (0.67 | ) | | | (0.62 | ) | | | (0.55 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital from | | | | | | | | | | | | | | | | | | | | | | | | |
redemption fees (Note 2) | | | 0.00 | | | | 0.00 | (2) | | | 0.00 | (2) | | | 0.00 | (2) | | | 0.00 | (2) | | | 0.00 | (2) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 25.38 | | | $ | 25.52 | | | $ | 25.49 | | | $ | 23.79 | | | $ | 24.34 | | | $ | 24.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(3) | | | 0.88 | % | | | 3.07 | % | | | 10.31 | % | | | 0.46 | % | | | 0.50 | % | | | 9.43 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of Period (000’s) | | $ | 680,500 | | | $ | 500,176 | | | $ | 307,384 | | | $ | 208,325 | | | $ | 172,201 | | | $ | 129,466 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to | | | | | | | | | | | | | | | | | | | | | | | | |
| average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Before waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(4) | | | 0.49 | % | | | 0.53 | % | | | 0.57 | % | | | 0.60 | % | | | 0.66 | % | | | 0.73 | % |
After waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(4) | | | 0.53 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income | | | | | | | | | | | | | | | | | | | | | | | | |
| to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Before waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(4) | | | 2.03 | % | | | 2.19 | % | | | 2.94 | % | | | 2.76 | % | | | 2.50 | % | | | 2.16 | % |
After waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(4) | | | 1.99 | % | | | 2.17 | % | | | 2.96 | % | | | 2.81 | % | | | 2.61 | % | | | 2.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(3) | | | 9.94 | % | | | 27.12 | % | | | 35.29 | % | | | 28.49 | % | | | 42.53 | % | | | 13.66 | % |
| (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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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, 2021 | | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | (Unaudited) | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| Class A Shares | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net Asset Value, | | | | | | | | | | | | | | | | | | |
| Beginning of Period | | $ | 25.54 | | | $ | 25.51 | | | $ | 23.81 | | | $ | 24.36 | | | $ | 24.91 | | | $ | 23.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from | | | | | | | | | | | | | | | | | | | | | | | | |
| investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.22 | | | | 0.48 | | | | 0.66 | | | | 0.61 | | | | 0.56 | | | | 0.50 | |
Net realized and unrealized | | | | | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments | | | (0.02 | ) | | | 0.22 | | | | 1.69 | | | | (0.55 | ) | | | (0.53 | ) | | | 1.60 | |
| Total from investment operations | | | 0.20 | | | | 0.70 | | | | 2.35 | | | | 0.06 | | | | 0.03 | | | | 2.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.30 | ) | | | (0.60 | ) | | | (0.65 | ) | | | (0.61 | ) | | | (0.57 | ) | | | (0.51 | ) |
From net realized gain on investments | | | (0.04 | ) | | | (0.07 | ) | | | — | | | | — | | | | (0.01 | ) | | | — | |
| Total distributions paid | | | (0.34 | ) | | | (0.67 | ) | | | (0.65 | ) | | | (0.61 | ) | | | (0.58 | ) | | | (0.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital from | | | | | | | | | | | | | | | | | | | | | | | | |
redemption fees (Note 2) | | | 0.00 | | | | 0.00 | (2) | | | 0.00 | (2) | | | 0.00 | (2) | | | 0.00 | (2) | | | 0.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 25.40 | | | $ | 25.54 | | | $ | 25.51 | | | $ | 23.81 | | | $ | 24.36 | | | $ | 24.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(3)(4) | | | 0.76 | % | | | 2.83 | % | | | 10.02 | % | | | 0.25 | % | | | 0.24 | % | | | 9.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of Period (000’s) | | $ | 55,401 | | | $ | 42,552 | | | $ | 22,141 | | | $ | 22,807 | | | $ | 25,495 | | | $ | 31,744 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to | | | | | | | | | | | | | | | | | | | | | | | | |
| average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Before waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(5) | | | 0.74 | % | | | 0.78 | % | | | 0.82 | % | | | 0.85 | % | | | 0.80 | % | | | 0.85 | % |
After waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(5) | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income | | | | | | | | | | | | | | | | | | | | | | | | |
| to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Before waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(5) | | | 1.78 | % | | | 1.93 | % | | | 2.69 | % | | | 2.50 | % | | | 2.34 | % | | | 2.02 | % |
After waiver, expense | | | | | | | | | | | | | | | | | | | | | | | | |
reimbursements and recoupments(5) | | | 1.72 | % | | | 1.91 | % | | | 2.71 | % | | | 2.55 | % | | | 2.34 | % | | | 2.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(4) | | | 9.94 | % | | | 27.12 | % | | | 35.29 | % | | | 28.49 | % | | | 42.53 | % | | | 13.66 | % |
| (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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST CREDIT FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
| | | Period Ended | |
| | | February 28, 2021(1) | |
| | | (Unaudited) | |
| Institutional Class Shares | | | |
| | | | |
| Net Asset Value, Beginning of Period | | $ | 10.00 | |
| | | | | |
| Income (loss) from investment operations: | | | | |
Net investment income(2) | | | 0.07 | |
Net realized and unrealized gain on investments(3) | | | (0.08 | ) |
| Total from investment operations | | | (0.01 | ) |
| | | | | |
| Less distributions paid: | | | | |
From net investment income | | | (0.04 | ) |
From net realized gain on investments | | | — | |
| Total distributions paid | | | (0.04 | ) |
| | | | | |
Paid-in capital from redemption fees (Note 2) | | | 0.00 | |
| | | | | |
| Net Asset Value, End of Period | | $ | 9.95 | |
| | | | | |
Total Return(4) | | | -0.23 | % |
| | | | | |
| Supplemental Data and Ratios: | | | | |
Net assets at end of Period (000’s) | | $ | 10,613 | |
| | | | | |
| Ratio of expenses to average net assets: | | | | |
Before waiver and expense reimbursement(5) | | | 3.95 | % |
After waiver and expense reimbursement(5) | | | 0.99 | % |
| | | | | |
| Ratio of net investment income to average net assets: | | | | |
Before waiver and expense reimbursement(5) | | | 1.16 | % |
After waiver and expense reimbursement(5) | | | 4.12 | % |
| | | | | |
Portfolio turnover rate(4) | | | 56.85 | % |
| (1) | The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021. |
| (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. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited)
| | | 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”), the Performance Trust Municipal Bond Fund (the “Municipal Bond Fund”), and the Performance Trust Credit Fund (the “Credit 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 investment objective of the Credit Fund is to achieve long-term investment returns primarily by investing in a portfolio of income producing securities that may have the potential for capital appreciation. 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. The Institutional Class shares of the Credit Fund commenced investment operations on January 4, 2021. Effective January 2, 2019, the Retail Class shares of the Municipal Bond Fund were redesignated as Class A shares. 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’ current prospectus. Class A shares are subject to a 0.25% Rule 12b-1 distribution and service fee. Class C shares are subject to a 1.00% 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”). |
| | | Each equity 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 at the close of 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 quoted 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 at the mean in accordance with prices supplied 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 to maturity method. 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, discussed below. |
| | | |
| | | 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 |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2021 (Unaudited)
| | 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. |
| | | |
| | » | 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, 2021: |
| | | |
| | | Performance Trust Strategic Bond Fund |
| | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | Fixed Income: | | | | | | | | | | | | |
| | Asset Backed | | | | | | | | | | | | |
| | Securities | | $ | — | | | $ | 34,615,710 | | | $ | — | | | $ | 34,615,710 | |
| | Collateralized | | | | | | | | | | | | | | | | |
| | Loan | | | | | | | | | | | | | | | | |
| | Obligations | | | — | | | | 484,043,720 | | | | — | | | | 484,043,720 | |
| | Corporate | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 357,983,634 | | | | — | | | | 357,983,634 | |
| | Non – | | | | | | | | | | | | | | | | |
| | Agency | | | | | | | | | | | | | | | | |
| | Residential | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 781,550,658 | | | | — | | | | 781,550,658 | |
| | Non – | | | | | | | | | | | | | | | | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 789,891,447 | | | | — | | | | 789,891,447 | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 366,079,519 | | | | — | | | | 366,079,519 | |
| | Municipal | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 2,250,125,837 | | | | — | | | | 2,250,125,837 | |
| | Government | | | | | | | | | | | | | | | | |
| | Security & | | | | | | | | | | | | | | | | |
| | Agency | | | | | | | | | | | | | | | | |
| | Issues | | | — | | | | 4,835,588 | | | | — | | | | 4,835,588 | |
| | Total Fixed | | | | | | | | | | | | | | | | |
| | Income: | | | — | | | | 5,069,126,113 | | | | — | | | | 5,069,126,113 | |
| | Equity: | | | | | | | | | | | | | | | | |
| | Closed-End | | | | | | | | | | | | | | | | |
| | Mutual | | | | | | | | | | | | | | | | |
| | Funds | | | 6,389,916 | | | | — | | | | — | | | | 6,389,916 | |
| | Total Equity: | | | 6,389,916 | | | | — | | | | — | | | | 6,389,916 | |
| | Short-Term | | | | | | | | | | | | | | | | |
| | Investments | | | 314,787,092 | | | | — | | | | — | | | | 314,787,092 | |
| | Total | | | | | | | | | | | | | | | | |
| | Investments | | | | | | | | | | | | | | | | |
| | in Securities | | $ | 321,177,008 | | | $ | 5,069,126,113 | | | $ | — | | | $ | 5,390,303,121 | |
| | | | | | | | | | | | | | | | | | |
| | Performance Trust Municipal Bond Fund | |
| | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | Fixed Income: | | | | | | | | | | | | | | | | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | $ | — | | | $ | 7,435,690 | | | $ | — | | | $ | 7,435,690 | |
| | Municipal | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 691,346,258 | | | | — | | | | 691,346,258 | |
| | Total Fixed | | | | | | | | | | | | | | | | |
| | Income: | | | — | | | | 698,781,948 | | | | — | | | | 698,781,948 | |
| | Short-Term | | | | | | | | | | | | | | | | |
| | Investments | | | 42,969,426 | | | | — | | | | — | | | | 42,969,426 | |
| | Total | | | | | | | | | | | | | | | | |
| | Investments | | | | | | | | | | | | | | | | |
| | in Securities | | $ | 42,969,426 | | | $ | 698,781,948 | | | $ | — | | | $ | 741,751,374 | |
| | | | | | | | | | | | | | | | | | |
| | Performance Trust Credit Fund | |
| | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | Fixed Income: | | | | | | | | | | | | | | | | |
| | Collateralized | | | | | | | | | | | | | | | | |
| | Loan | | | | | | | | | | | | | | | | |
| | Obligations | | $ | — | | | $ | 1,985,782 | | | $ | — | | | $ | 1,985,782 | |
| | Corporate | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 2,099,380 | | | | — | | | | 2,099,380 | |
| | Non – | | | | | | | | | | | | | | | | |
| | Agency | | | | | | | | | | | | | | | | |
| | Residential | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 1,461,383 | | | | — | | | | 1,461,383 | |
| | Non – | | | | | | | | | | | | | | | | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 1,004,945 | | | | — | | | | 1,004,945 | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 463,256 | | | | — | | | | 463,256 | |
| | Municipal | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 1,726,898 | | | | — | | | | 1,726,898 | |
| | Total Fixed | | | | | | | | | | | | | | | | |
| | Income: | | | — | | | | 8,741,644 | | | | — | | | | 8,741,644 | |
| | Short-Term | | | | | | | | | | | | | | | | |
| | Investments | | | 1,573,189 | | | | — | | | | — | | | | 1,573,189 | |
| | Total | | | | | | | | | | | | | | | | |
| | Investments | | | | | | | | | | | | | | | | |
| | in Securities | | $ | 1,573,189 | | | $ | 8,741,644 | | | $ | — | | | $ | 10,314,833 | |
| | | The Funds did not hold any Level 3 securities during the six months ended February 28, 2021. |
| | | |
| | | The Funds did not hold any financial derivative instruments during the six months ended February 28, 2021. |
| | | 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 |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | 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, 2021, the Funds did not have any open short positions and accordingly did not have securities or cash held as collateral. |
| | | 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, 2021, 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, 2021, 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, 2018. |
| 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. |
| | | 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. |
| | | 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 Strategic Bond Fund and the Municipal Bond Fund charged a 2.00% redemption fee on shares redeemed within sixty days of purchase through December 28, 2019. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. Effective December 29, 2019, the Funds eliminated the redemption fees. |
| 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. |
| | | Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on an 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. |
| | | The tax character of distributions paid during the years ended August 31, 2020 and August 31, 2019 was as follows: |
| | PERFORMANCE TRUST STRATEGIC BOND FUND | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2020 | | | AUGUST 31, 2019 | |
| | Ordinary Income | | $ | 133,781,747 | | | $ | 85,903,533 | |
| | Tax-Exempt Income | | | — | | | | — | |
| | Long-Term Capital Gain | | | — | | | | — | |
| | | | | | | | | | |
| | PERFORMANCE TRUST MUNICIPAL BOND FUND | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2020 | | | AUGUST 31, 2019 | |
| | Ordinary Income | | $ | 1,467,792 | | | $ | 349,527 | |
| | Tax-Exempt Income | | | 7,749,897 | | | | 7,466,601 | |
| | Long-Term Capital Gain | | | 2,490,218 | | | | — | |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2021 (Unaudited)
| | | As of August 31, 2020, 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 | | $ | 4,298,247,570 | |
| | Gross tax unrealized appreciation | | $ | 139,467,388 | |
| | Gross tax unrealized depreciation | | | (87,180,417 | ) |
| | Net tax unrealized appreciation | | | 52,286,971 | |
| | Undistributed ordinary income | | | 5,005,611 | |
| | Undistributed long-term capital gain | | | — | |
| | Total distributable earnings | | | 5,005,611 | |
| | Other accumulated losses | | | (1,195,149 | ) |
| | Total accumulated gains | | $ | 56,097,433 | |
| | | | | | |
| | PERFORMANCE TRUST MUNICIPAL BOND FUND | |
| | Cost basis of investments for federal | | | | |
| | income tax purposes | | $ | 534,238,664 | |
| | Gross tax unrealized appreciation | | $ | 27,584,376 | |
| | Gross tax unrealized depreciation | | | (2,040,006 | ) |
| | Net tax unrealized appreciation | | | 25,544,370 | |
| | Undistributed tax-exempt income | | | — | |
| | Undistributed long-term capital gain | | | 126,583 | |
| | Total distributable earnings | | | 126,583 | |
| | Other accumulated losses | | | — | |
| | Total accumulated gains | | $ | 25,670,953 | |
| | | The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sale adjustments and non-REIT return of capital. |
| | | |
| | | At August 31, 2020, the Strategic Bond Fund had short-term capital loss carryovers of $1,195,149. These losses will be carried forward indefinitely to offset future realized capital gains. To the extent the Strategic Bond Fund realizes future net capital gains, taxable distributions to shareholders will be offset by any unused capital loss carryovers. During the year ended August 31, 2020, short-term capital loss carryovers of $16,811,414 were utilized by the Strategic Bond Fund. |
| | | |
| | | GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are due to equalization and book versus tax treatment of callable bonds and have no effect on net assets or NAV per share. For the year ended August 31, 2020, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities: |
| | | | STRATEGIC | | | MUNICIPAL | |
| | | | BOND FUND | | | BOND FUND | |
| | Total distributable | | | | | | |
| | earnings | | $ | 1,497,753 | | | $ | 1,486,053 | |
| | Paid-in capital | | $ | (1,497,753 | ) | | $ | (1,486,053 | ) |
| | | 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 at the annual rate of 0.60% for the Strategic Bond Fund, 0.40% for the Municipal Bond Fund, and 0.80% for the Credit 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 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%, 0.55%, and 0.99% (the “Expense Limitation Cap”) of the average daily net assets of the Strategic Bond Fund, Municipal Bond Fund, and Credit Fund, respectively. The operating expense limitation agreement is in place at least through December 29, 2021 for the Strategic Bond Fund and Municipal Bond Fund and at least through December 31, 2023 for the Credit Fund. 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. During the six months ended February 28, 2021, expenses of $106,082 for the Municipal Bond Fund – Institutional Class, and $13,974 for the Municipal Bond Fund – Class A were recouped by the Adviser. |
| | | |
| | | The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by: |
| | | | STRATEGIC | | | MUNICIPAL | | | CREDIT | |
| | | | BOND FUND | | | BOND FUND | | | FUND | |
| | August 31, 2021 | | $ | — | | | $ | — | | | $ | — | |
| | August 31, 2022 | | $ | — | | | $ | — | | | $ | — | |
| | August 31, 2023 | | $ | — | | | $ | — | | | $ | — | |
| | February 28, 2024 | | $ | — | | | $ | 955 | | | $ | 35,275 | |
| 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 Strategic Bond Fund and the Municipal Bond Fund, 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 six months ended February 28, 2021, the Funds accrued expenses pursuant to the 12b-1 Plan as follows: |
| | | | | | | Shareholder | |
| | | | 12b-1 Fees | | | Servicing Fees | |
| | Strategic Bond Fund | | | | | | |
| | Class A | | $ | 30,992 | | | | N/A | |
| | Class C | | $ | 142,695 | | | $ | 47,565 | |
| | Municipal Bond Fund | | | | | | | | |
| | Class A | | $ | 59,966 | | | | N/A | |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2021 (Unaudited)
| 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, 2021, and owed as of February 28, 2021, are as follows: |
| | Administration | | | | | | |
| | and Accounting | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 930,157 | | | $ | 488,887 | |
| | Municipal Bond Fund | | | 136,465 | | | | 81,553 | |
| | Credit Fund | | | 6,411 | | | | 6,411 | |
| | | | | | | | |
| | Transfer Agency | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 316,759 | (1) | | $ | 158,939 | (1) |
| | Municipal Bond Fund | | | 43,623 | | | | 20,953 | |
| | Credit Fund | | | 8,909 | | | | 8,909 | |
| | | | | | | | | | |
| | (1) This amount does not include sub-transfer agency fees. | |
| | | | | | | | | | |
| | Custody | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 105,929 | | | $ | 69,555 | |
| | Municipal Bond Fund | | | 12,910 | | | | 8,572 | |
| | Credit Fund | | | 817 | | | | 817 | |
| | | 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, 2021, and owed as of February 28, 2021, are as follows: |
| | | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 6,157 | | | $ | 3,029 | |
| | Municipal Bond Fund | | | 6,154 | | | | 3,033 | |
| | Credit Fund | | | 1,888 | | | | 1,888 | |
| 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, 2021 | | | AUGUST 31, 2020 | |
| | Shares sold | | | 66,135,903 | | | | 113,345,172 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 3,460,016 | | | | 5,056,706 | |
| | Shares redeemed | | | (24,457,466 | ) | | | (55,046,841 | ) |
| | Net increase | | | 45,138,453 | | | | 63,355,037 | |
| | | | | | | | | | |
| | STRATEGIC BOND FUND – CLASS A | | | | | | | | |
| | | | SIX MONTHS ENDED | | | YEAR ENDED | |
| | | | FEBRUARY 28, 2021 | | | AUGUST 31, 2020 | |
| | Shares sold | | | 697,922 | | | | 679,853 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 19,939 | | | | 21,810 | |
| | Shares redeemed | | | (182,960 | ) | | | (187,271 | ) |
| | Net increase | | | 534,901 | | | | 514,392 | |
| | | | | | | | | | |
| | STRATEGIC BOND FUND – CLASS C | | | | | | | | |
| | | | SIX MONTHS ENDED | | | YEAR ENDED | |
| | | | FEBRUARY 28, 2021 | | | AUGUST 31, 2020 | |
| | Shares sold | | | 874,606 | | | | 1,198,075 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 24,275 | | | | 25,044 | |
| | Shares redeemed | | | (119,879 | ) | | | (182,534 | ) |
| | Net increase | | | 779,002 | | | | 1,040,585 | |
| | | | | | | | | | |
| | MUNICIPAL BOND FUND – INSTITUTIONAL CLASS | | | | | | | | |
| | | | SIX MONTHS ENDED | | | YEAR ENDED | |
| | | | FEBRUARY 28, 2021 | | | AUGUST 31, 2020 | |
| | Shares sold | | | 9,054,658 | | | | 11,051,620 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 287,701 | | | | 381,522 | |
| | Shares redeemed | | | (2,127,680 | ) | | | (3,896,268 | ) |
| | Net increase | | | 7,214,679 | | | | 7,536,874 | |
| | | | | | | | | | |
| | MUNICIPAL BOND FUND – CLASS A | | | | | | | | |
| | | | SIX MONTHS ENDED | | | YEAR ENDED | |
| | | | FEBRUARY 28, 2021 | | | AUGUST 31, 2020 | |
| | Shares sold | | | 695,835 | | | | 949,290 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 22,342 | | | | 22,196 | |
| | Shares redeemed | | | (202,797 | ) | | | (173,609 | ) |
| | Net increase | | | 515,380 | | | | 797,877 | |
| | | | | | | | | | |
| | CREDIT FUND – INSTITUTIONAL CLASS | | | | | | | | |
| | | | | | | | PERIOD ENDED | |
| | | | | | | | FEBRUARY 28, 2021(1) | |
| | Shares sold | | | | | | | 1,063,271 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | | | | | 3,022 | |
| | Shares redeemed | | | | | | | — | |
| | Net increase | | | | | | | 1,066,293 | |
| | | | | | | | | | |
| | (1) The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021. | |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2021 (Unaudited)
| 8. | Investment Transactions |
| | | The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 28, 2021, are summarized below. |
| | | | STRATEGIC | | | MUNICIPAL | | | CREDIT(1) | |
| | | | BOND FUND | | | BOND FUND | | | FUND | |
| | Purchases | | | | | | | | | |
| | U.S. Government | | $ | 96,752,484 | | | $ | — | | | $ | 3,701,597 | |
| | Other | | | 1,236,013,380 | | | | 234,154,002 | | | | 9,687,542 | |
| | Sales | | | | | | | | | | | | |
| | U.S. Government | | $ | 1,401,958 | | | $ | — | | | $ | 3,197,627 | |
| | Other | | | 423,945,940 | | | | 60,365,485 | | | | 1,370,974 | |
| | (1) The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021. |
| | | 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, 2021, Raymond James, and Morgan Stanley Smith Barney, LLC, for the benefit of its customers, held 36.90% and 36.26%, respectively, of the Strategic Bond Fund’s outstanding Class A shares. At February 28, 2021, Raymond James and Morgan Stanley Smith Barney, LLC, for the benefit of its customers, held 39.17% and 37.37%, respectively, of the Strategic Bond Fund’s outstanding Class C shares. At February 28, 2021, Charles Schwab & Company, Inc., for the benefit of its customers, held 26.64% of the Municipal Bond Fund’s outstanding Institutional Class shares. At February 28, 2021, Charles Schwab & Company, Inc. for the benefit of its customers, held 65.28% of the Municipal Bond Fund’s outstanding Class A shares. At February 28, 2021, Byline Bank, for the benefit of its customers, held 74.81% of the Credit Fund’s outstanding Institutional Class shares. |
| | | At February 28, 2021, the Strategic Bond Fund, the Municipal Bond Fund, and the Credit Fund each had a line of credit which matures on August 7, 2021 with a maximum borrowing equal to the lesser of $250,000,000, $35,000,000 and $1,000,000, respectively, or 20%, 33.33%, and 20%, respectively, of the fair value of unencumbered assets of each Fund. These unsecured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, US Bank. Interest will be accrued at the prime rate (3.25% as of February 28, 2021). The Funds did not utilize their lines of credit during the six months ended February 28, 2021. |
| | | The Funds did not have any outstanding balances on the lines of credit at February 28, 2021. |
| 11. | Recent Accounting Pronouncements |
| | | In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-08 "Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"), which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. |
| | | |
| | | As a result of the adoption of ASU 2017-08, as of September 1, 2019, the net unrealized appreciation on investments was increased and cost on investments was reduced by the amounts below. The adoption of ASU 2017-08 had no impact on beginning net assets, or any prior period information presented in the financial statements. |
| | | |
| | | STRATEGIC BOND FUND: $1,532,603 |
| | | |
| | | MUNICIPAL BOND FUND: $1,635,657 |
| | | U.S. and international markets have experienced significant periods of volatility in recent months and years due to a number of economic, political and global macro factors including the impact of the novel coronavirus (COVID-19) as a global pandemic, which has resulted in related public health issues, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims, changed travel and social behaviors and reduced consumer spending. The effects of COVID-19 may lead to a substantial economic downturn or recession in the U.S. and global economies, the recovery from which is uncertain and may last for an extended period of time. These developments as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it wil be successful in doing so. |
| | | On April 15, 2021, the Funds declared and paid distributions from ordinary income to shareholders of record as of April 14, 2021, as follows: |
| | | | Ordinary | |
| | | | Income | |
| | Strategic Bond Fund | | | |
| | Institutional Class | | $ | 16,472,596 | |
| | Class A | | $ | 90,056 | |
| | Class C | | $ | 102,430 | |
| | | | | | |
| | Municipal Bond Fund | | | | |
| | Institutional Class | | $ | 1,540,258 | |
| | Class A | | $ | 113,429 | |
| | | | | | |
| | Credit Fund | | | | |
| | Institutional Class | | $ | 47,971 | |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
EXPENSE EXAMPLE
Period Ended February 28, 2021 (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 (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 (9/1/20 – 2/28/21) for the Strategic Bond Fund and Municipal Bond Fund and 12/31/20 – 2/28/21 for the Credit Fund.
Actual Expenses
The first line of the following tables provides information about actual account values and actual expenses for each Fund. If you purchase Class A shares of a Fund 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 may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the following tables 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, 2020 – |
| INSTITUTIONAL CLASS | SEPTEMBER 1, 2020 | FEBRUARY 28, 2021 | FEBRUARY 28, 2021* |
Actual | $1,000.00 | $1,015.40 | $3.79 |
Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,021.03 | $3.81 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.76%, 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 | SEPTEMBER 1, 2020 – |
| CLASS A | SEPTEMBER 1, 2020 | FEBRUARY 28, 2021 | FEBRUARY 28, 2021* |
Actual | $1,000.00 | $1,014.20 | $5.05 |
Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,019.78 | $5.06 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.01%, 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 | SEPTEMBER 1, 2020 – |
| CLASS C | SEPTEMBER 1, 2020 | FEBRUARY 28, 2021 | FEBRUARY 28, 2021* |
Actual | $1,000.00 | $1,010.60 | $8.78 |
Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,016.06 | $8.80 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
EXPENSE EXAMPLE (CONT.)
Period Ended February 28, 2021 (Unaudited)
| | | | EXPENSES PAID |
| PERFORMANCE TRUST | | | DURING PERIOD |
| MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2020 – |
| INSTITUTIONAL CLASS | SEPTEMBER 1, 2020 | FEBRUARY 28, 2021 | FEBRUARY 28, 2021* |
Actual | $1,000.00 | $1,008.80 | $2.63 |
Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,022.17 | $2.65 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.53%, 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, 2020 – |
| CLASS A | SEPTEMBER 1, 2020 | FEBRUARY 28, 2021 | FEBRUARY 28, 2021* |
Actual | $1,000.00 | $1,007.60 | $3.98 |
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. |
| | | | EXPENSES PAID |
| PERFORMANCE TRUST | | | DURING PERIOD |
| CREDIT FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | DECEMBER 31, 2020 – |
| INSTITUTIONAL CLASS | DECEMBER 31, 2020 | FEBRUARY 28, 2021 | FEBRUARY 28, 2021* |
Actual | $1,000.00 | $ 997.70 | $1.60 |
Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,006.48 | $1.61 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 59/365 to reflect the period. |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)
The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on November 17, 2020 to consider the initial approval of the Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of the Performance Trust Credit Fund (the “Fund”), a series of the Trust, and PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser (the “Adviser”). In advance of the meeting, the Trustees requested and received materials to assist them in considering the approval of the Agreement, including a memorandum provided by the Fund’s legal counsel, which outlined the Trustees’ responsibilities in considering the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, detailed comparative information relating to the Fund’s performance, as well as the management fees and other expenses of the Fund, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Fund by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, bibliographic information of the Adviser’s key management and compliance personnel, comparative fee information for the Fund and the Adviser’s other separately-managed accounts and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information.
In reviewing the Advisory Agreement, the Board considered certain matters, including, but not limited to, the following: (1) the nature, extent and quality of services that would be provided to the Fund by the Adviser; (2) the cost of services provided and profits realized by the Adviser from its management of the Fund; (3) the extent to which economies of scale would be realized as the Fund grows and whether the proposed management fees for the Fund reflect these economies of scale for the Fund’s benefit; and (4) other financial benefits to the Adviser resulting from services rendered to the Fund. Based on their evaluation of the information provided by the Adviser, in conjunction with the Fund’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Agreement for an initial term ending two years following the Fund’s commencement of operations pursuant to an effective registration statement.
| 1. | NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED TO THE FUND |
| | | The Trustees considered the nature, extent and quality of services that would be provided by the Adviser to the Fund and the amount of time to be devoted by the Adviser’s staff to the Fund’s operations. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of G. Michael Plaiss, Anthony J. Harris, Jason D. Appleson and Lars Anderson, who will serve as the Fund’s portfolio managers, and other key personnel at the Adviser who would be involved in the day-to-day activities of the Fund. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser’s compliance program and discussed the Adviser’s marketing activities and its commitment to the growth of Fund assets. The Trustees also noted any services that extended beyond portfolio management, and they considered the overall capability of the Adviser. The Trustees noted that the Trust’s chief compliance officer concluded that the Adviser’s written compliance policies and procedures, as required by Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended, are reasonably designed to prevent violations of federal securities laws. They noted that the Trust’s chief compliance officer further concluded that the Adviser’s compliance program appears to adequately address the major areas of risk associated with its current advisory business. The Trustees also considered the Adviser’s overall financial condition, as well as the implementation and operational effectiveness of the Adviser’s business continuity plan in response to the novel coronavirus (COVID-19) pandemic and challenges to day-to-day operations in a predominately work-from-home environment. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided to the Fund, as well as the Adviser’s compliance program, were satisfactory and reliable. |
| 2. | INVESTMENT PERFORMANCE OF THE FUND AND THE ADVISER |
| | | The Trustees noted that the Fund had not yet commenced operations and, therefore, the performance of the Fund was not a relevant factor for consideration. In assessing the portfolio management services to be provided by the Adviser, the Trustees considered the investment management experience of Messrs. Plaiss, Harris, Appleson and Anderson, who will serve as the Fund’s portfolio managers. The Trustees noted that the Adviser did not manage any other accounts with the same or similar investment strategies as the Fund. |
| | | |
| | | After considering all of the information, the Trustees determined that the Fund and its shareholders were likely to benefit from the Adviser’s management. |
| 3. | COSTS OF SERVICES PROVIDED AND PROFITS TO BE REALIZED BY THE ADVISER |
| | | The Trustees considered the cost of services and the structure of the Adviser’s proposed management fees, including a review of the expense analyses and other pertinent material with respect to the Fund. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses, expense components and peer group selection. The Trustees also considered the cost structure of the Fund relative to a peer group of U.S. multi-sector bond funds in the Fund’s proposed Morningstar category as constructed by data presented by Morningstar Direct (the “Morningstar Peer Group”). |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (CONT.)
(Unaudited)
| | | The Trustees noted that the Fund’s proposed contractual management fee of 0.80% was above its Morningstar Peer Group average of 0.59%. The Trustees further noted that the Adviser had agreed to waive its management fee and/or reimburse fund expenses for at least a three-year period, so that the Fund’s total annual fund operating expenses do not exceed 0.99% of the Fund’s average daily net assets, which was above the Morningstar Peer Group average of 0.83%. |
| | | |
| | | The Trustees also considered the overall profitability that may result from the Adviser’s management of the Fund and reviewed the Adviser’s financial information. The Trustees also examined the level of profits that could be realized by the Adviser from the fees payable under the Advisory Agreement anticipated by the Adviser. |
| | | |
| | | The Trustees concluded that the Fund’s estimated expenses and the proposed management fee to be paid to the Adviser were fair and reasonable in light of the comparative expense information and the investment management services to be provided to the Fund by the Adviser. The Trustees further concluded, based on a pro forma profitability analysis prepared by the Adviser, that while the Fund would not be profitable to the Adviser in the short-term after accounting for marketing and distribution expenses, the Adviser had adequate financial resources to support its services to the Fund, despite the anticipated subsidization of the Fund’s operations. |
| 4. | EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS |
| | | The Trustees compared the Fund’s estimated expenses relative to its Morningstar Peer Group and discussed economies of scale. The Trustees noted that the Fund’s management fee structure did not contain any breakpoint reductions as the Fund’s assets grow in size, but that the feasibility of incorporating breakpoints would be reviewed on a regular basis. With respect to the Adviser’s fee structure, the Trustees concluded that the potential economies of scale with respect to the Fund were acceptable. |
| 5. | BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND |
| | | The Trustees considered the direct and indirect benefits that could be realized by the Adviser from its association with the Fund. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Fund. |
CONCLUSIONS
The Trustees considered all of the foregoing factors. In considering the approval of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the proposed Advisory Agreement for an initial two-year term as being in the best interests of the Fund and its shareholders.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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 Part F of Form N-PORT. The Funds’ Form N-PORT filings 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 certain other shareholder documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders 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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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; | 21 | Professor Emeritus, | Independent |
Akers, Ph.D. | | Since August 22, | | Department of Accounting | Trustee, USA |
615 E. Michigan St. | | 2001 | | (June 2019-present), | MUTUALS |
Milwaukee, WI | | | | Professor, Department of | (an open-end |
53202 | | | | Accounting (2004-2019), | investment |
Year of Birth: 1955 | | | | Chair, Department of | company) |
| | | | | Accounting (2004-2017), | (2001-2021). |
| | | | | Marquette University. | |
| | | | | | |
Gary A. Drska | Trustee | Indefinite Term; | 21 | Pilot, Frontier/Midwest | Independent |
615 E. Michigan St. | | Since August 22, | | Airlines, Inc. (airline company) | Trustee, USA |
Milwaukee, WI | | 2001 | | (1986-present). | MUTUALS |
53202 | | | | | (an open-end |
Year of Birth: 1956 | | | | | investment |
| | | | | | company) |
| | | | | | (2001-2021). |
| | | | | | |
Jonas B. Siegel | Trustee | Indefinite Term; | 21 | Retired (2011-present). | Independent |
615 E. Michigan St. | | Since October 23, | | | Trustee, Gottex |
Milwaukee, WI | | 2009 | | | Trust (an open- |
53202 | | | | | end investment |
Year of Birth: 1943 | | | | | company) |
| | | | | | (2010-2016). |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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; | 21 | President (2017-present), | Trustee, Buffalo |
Neuberger* | and Trustee | Since August 22, | | Chief Operating Officer | Funds (an open-end |
615 E. Michigan St. | | 2001 | | (2016-2020), Executive | investment |
Milwaukee, WI | | | | Vice President (1994-2017), | company) (2003- |
53202 | | | | U.S. Bancorp Fund | 2017); Trustee, |
Year of Birth: 1962 | | | | Services, LLC. | USA MUTUALS |
| | | | | | (an open-end |
| | | | | | investment |
| | | | | | company) |
| | | | | | (2001-2018). |
| | | | | | |
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 | Indefinite Term; | N/A | Vice President, U.S. Bancorp | N/A |
615 E. Michigan St. | President, | Since January 24, | | Fund Services, LLC | |
Milwaukee, WI | Treasurer | 2013 | | (2002-present). | |
53202 | and Principal | | | | |
Year of Birth: 1974 | Financial and | | | | |
| | 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), | |
| | | | | Heartland Advisors, Inc. | |
| | | | | | |
Jay S. Fitton | Secretary | Indefinite Term; | N/A | Assistant Vice President, | N/A |
615 E. Michigan St. | | Since July 22, | | U.S. Bancorp Fund | |
Milwaukee, WI | | 2019 | | Services, LLC | |
53202 | | | | (2019-present); Partner, | |
Year of Birth: 1970 | | | | Practus, LLP (2018-2019); | |
| | | | | Counsel, Drinker Biddle & | |
| | | | | Reath (2016-2018). | |
| * | Mr. Neuberger is deemed to be an “interested person” of the Trust as defined by the 1940 Act due to his position and material business relationship with the Trust. |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
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 A. 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 | | | | | |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)
(This Page Intentionally Left Blank.)
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
| (b) | Not Applicable for this Registrant. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
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. |
(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.
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: 5/5/2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ John Buckel
John Buckel, President
Date: 5/5/2021
By (Signature and Title)* /s/ Jennifer Lima
Jennifer Lima, Treasurer
Date: 5/5/2021
* Print the name and title of each signing officer under his or her signature.
