UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10401
Trust for Professional Managers
(Exact name of registrant as specified in charter)
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Jay S. Fitton
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
(Name and address of agent for service)
(513) 629-8104
Registrant's telephone number, including area code
Date of fiscal year end: August 31, 2023
Date of reporting period: February 28, 2023
Item 1. Reports to Stockholders.
(a) |
Semi-Annual Report | February 28, 2023
Performance Trust Strategic Bond Fund
(Symbols: PTIAX, PTAOX, PTCOX),
Performance Trust Municipal Bond Fund
(Symbols: PTIMX, PTRMX) and
Performance Trust Credit Fund
(Symbol: PTCRX)
© 2023 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, 2023, the Institutional Class of the Performance Trust Strategic Bond Fund (“PTIAX” or the “Fund”) posted a return of -0.82%, assuming all dividends were reinvested into the Fund. The Bloomberg U.S. Aggregate Bond Index (“Index”) returned -2.13%, and the Morningstar Intermediate Core-Plus Bond Fund category returned -1.68% over the same period.
Treasury yields rose significantly and interest rates were quite volatile during the period. The Treasury selloff was most intense at the front end of the curve with 2-year Treasuries up 132 basis points (1.32%) while 10-year Treasuries were up 72 basis points (0.72%). The rise in interest rates coincided with uncomfortably high inflation. The Federal Reserve raised the Fed Funds rate 225 basis points (2.25%) during the period and continued to reduce its holdings of Treasuries and Mortgage-Backed Securities (MBS) as it was determined to bring inflation back down to its 2% target.
The graph below shows the Treasury yield curve at the beginning and ends of the period.
Source: Bloomberg
Collateralized Loan Obligations (CLOs), High Yield (HY), Asset-Backed Securities (ABS), and the shorter duration Interest-Only sub-sector within Commercial Mortgage-Backed Securities (CMBS) contributed most to the Fund’s outperformance versus the Index with each delivering positive total returns during the period. These sectors tend to be less sensitive to changes in interest rates and benefitted from high current yields and credit spread tightening that helped to offset increased Treasury yields. Non-agency Residential Mortgage-Backed Securities (RMBS), Investment Grade (IG), short-dated Treasuries and Taxable Municipal bonds contributed negative returns to the Fund, but also contributed to the Fund’s outperformance relative to the Index.
Our allocations to Tax-Exempt Municipal, principal and interest-paying CMBS, and long-dated Treasury bonds detracted somewhat from the Fund’s relative performance. The combination of Taxable Municipal bonds performing in line with other long duration sectors within the Index and strong relative performance from our structured credit and HY sectors resulted in meaningful outperformance relative to the Index.
The Fund reduced its allocation to short-dated Treasuries during the period in favor of ABS. The Fund added to ABS as they still price off the attractive front end of the Treasury curve, but also offer attractive spreads and all-in yields that are quite compelling in our opinion. Tax-Exempt Municipals were also reduced during the period as their attractiveness relative to taxable alternatives was significantly diminished. In their place, the Fund added to long-dated Treasuries targeting the 20-year portion of the Treasury curve. These securities offer what we believe to be a compelling total return profile while also offering strong liquidity.
PAGE 3
LETTER FROM THE INVESTMENT ADVISER
PTIAX Allocations
8/31/2022 | 2/28/2023 | ||||
Non-Agency RMBS | 10.8% | 10.6% | |||
CLOs | 6.0% | 6.6% | |||
Non-Agency CMBS | 18.2% | 18.1% | |||
Agency CMBS | 8.1% | 8.1% | |||
ABS | 1.5% | 4.6% | |||
Sub-total Structured Credit | 44.6% | 48.0% | |||
Cash | 0.2% | 1.2% | |||
Government Security & Agency Issue | 5.2% | 6.1% | |||
Investment Grade Corporates | 15.8% | 15.6% | |||
High Yield | 6.3% | 5.5% | |||
Taxable Muni | 20.8% | 20.4% | |||
Tax-Exempt Muni | 7.1% | 3.2% |
Looking Forward
Not only have interest rates risen materially, the shape of the curve has changed dramatically. With an inverted curve, it is certainly difficult to ignore bonds pricing off the one- and two-year part of the curve and the Fund will likely continue to pursue ABS as a result. However, it is also important to maintain discipline and a balanced portfolio. Guided by our methodology, we will continue to balance our short duration, defensive sectors with more interest-rate sensitive sectors. 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, Tax-Exempt Municipals, or U.S. Treasuries will likely be favored relative to alternatives, but the relative value landscape continues to shift meaningfully. Furthermore, we will likely continue to favor longer-dated bonds (i.e.,15 to 20 years) relative to intermediate bonds. We will also continue to prudently add higher yielding structured credit and corporate securities to take advantage of potential spread widening and to balance the interest rate risk taken in Municipals and Treasuries.
PAGE 4
LETTER FROM THE INVESTMENT ADVISER
Institutional Class of Performance Trust Municipal Bond Fund (PTIMX) Semi-Annual
Management Discussion and Analysis
Over the six-month period ended February 28, 2023, the Performance Trust Municipal Bond Fund – Institutional Class (“PTIMX” or the “Fund”) posted a return of 0.01% compared to 0.66% for the Bloomberg Municipal Bond Index (“Index”). PTIMX’s underperformance can generally be attributed to its higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve making the Fund a little more responsive to movements in interest rates.
The table below shows the Municipal Market Data (MMD) AAA municipal benchmark yield curve at the beginning and end of the period as well as the high in yields during the period on October 26, 2022. The 10-year spot on the MMD AAA municipal benchmark yield curve was unchanged while yields on the longer portion of the curve rose approximately 25 basis points (bps) (0.25%).
MMD AAA Scale
Maturity | August 31, 2022 | February 28, 2023 | Change (bp) | October 26, 2022 |
1 | 2.21% | 3.03% | +82 | 3.14% |
5 | 2.32% | 2.64% | +32 | 3.24% |
7 | 2.40% | 2.55% | +15 | 3.30% |
10 | 2.59% | 2.59% | -0- | 3.41% |
15 | 2.93% | 3.21% | +28 | 3.71% |
20 | 3.14% | 3.38% | +24 | 3.92% |
25 | 3.25% | 3.51% | +26 | 4.09% |
30 | 3.29% | 3.56% | +27 | 4.16% |
Source: MMD AAA Scale as of August 31, 2022; February 28, 2023 and October 26, 2022
We do not predict the direction or magnitude of changes in interest rates. Shape Management® is a math and logic approach that calculates the forward-looking returns for fixed-income securities in a wide variety of future interest rate scenarios. The Adviser employs a team approach in investment selection and sector allocation. The Adviser’s investment team adheres to a disciplined and repeatable investment methodology which combines third party and proprietary investment tools with the investment team’s experience in the industry. The investment process involves evaluating new investments, new sectors, and allocations on a daily basis, due to the dynamic nature of the fixed income universe. Our Shape Management® process evaluates total return outcomes across various interest rate scenarios, providing a stable, systematic approach even when markets become volatile. During the six-month period ended February 28, 2023, our activity was concentrated on the good, asymmetric risk/reward opportunities identified by our Shape Management® discipline.
At the beginning of the period, tax-exempt yields increased and by the end of October 2022, reached levels that had not been available in nearly a decade. We continued to improve the overall call protection of the Fund with non-callable structures representing nearly 30 percent of new purchases during the period.
Additionally, in seeking to protect the portfolio from extension risk, we continued to move “up in coupon” with over 49 percent of our new purchases during the period carrying coupons greater than 5%. This moved the Fund’s total allocation to bonds with coupons greater than 5% to approximately 42 percent as of February 28, 2023 compared to 23 percent as of August 31, 2022. The migration of the Fund to coupons greater than 5% resulted in a reduction of bonds with 5% coupons to 33 percent of the Fund as of February 28, 2023 compared to 59 percent as of August 31, 2022.
As noted in the above table, portions of the MMD AAA municipal benchmark yield curve steepened during the period. For example, the yield difference between the 10-year and 15-year points on the yield curve increased from 34 basis points (bps) (0.34%) as of August 31, 2022 to 62 basis points, one hundredth of one percent, (bps) (0.62%) at February 28, 2023. With Shape Management® guiding our long-term investment decisions, during the period, we actively pursued new purchase opportunities that we believe will benefit from the dynamics offered by the current curve environment.
Finally, during the six-month period ended February 28, 2023, the Fund had opportunities to increase its allocation to tax-exempt, agency-backed, local, multi-family housing bonds. This sector provides a diverse set of cash flows and a unique credit profile that we believe results in a risk/reward profile that is very complimentary to the other bond allocations in the Fund.
Looking Forward
Although the level of the longer portion of the MMD AAA yield curve as of February 28, 2023 in the table above is lower than the recent high on October 26, 2022, tax-exempt yields remain near the higher end of the range over the last several years.
As we look forward over a longer-term investment horizon (3-years) the go forward return outcomes revealed by Shape Management® for PTIMX and the opportunities available to us have improved compared to those available at the beginning of the period and we are currently very selective and focused on the bond structures that provide the most uniquely attractive total return outcomes across various interest rate scenarios.
PAGE 5
LETTER FROM THE INVESTMENT ADVISER
Institutional Class of Performance Trust Credit Fund (PTCRX) Semi-Annual
Management Discussion and Analysis
For the six-month period ended February 28, 2023, the Institutional Class of the Performance Trust Credit Fund (“PTCRX” or the “Fund”) posted a return of 0.67%, assuming all dividends were reinvested into the Fund. The Bloomberg U.S. Aggregate Bond Index (“Index”) returned -2.13% over the same time, and the Morningstar Multisector US Bond Category (“Category”) returned 0.51%.
The Fed continued to tighten aggressively, raising the Federal Funds Rate 225 basis points (2.25%) although the pace has slowed down as the most recent hike delivered was only 25 basis points (0.25%). The market, looking at Fed Fund futures, has three more hikes priced in over the next several months, implying a terminal rate of 5.50%. This aggressive tightening further inverted the yield curve as long-term rates did not sell off as much as short-term rates during the period. The 2-year and 10-year Treasuries rose 132 basis points (1.32%) and 73 basis points (0.73%), respectively, and the 2-year Treasury now yields 90 basis points (0.90%) more than the 10-year Treasury.
The graph below shows the Treasury yield curve at the beginning and end of the period.
Source: Bloomberg
Credit markets initially widened in September as hope of a Fed pivot faded in the face of higher inflation data and candid commentary from Fed members on their determination to fight inflation. The S&P 500 Index was down 9.21% in September alone while investment grade (LUACOAS Index) and high yield (LF98OAS Index) corporate credit spreads were wider by 19 basis points (0.19%) and 68 basis points (0.68%), respectively. However, pessimism quickly faded as October was met with an intense rally and high yield corporate credit spreads ended the month tighter than where spreads stood to start September. For the entire period the S&P 500 Index was up 1.24% while investment grade and high yield corporate spreads were tighter by 14 basis points (0.14%) and 72 basis points (0.72%), respectively.
The Fund was able to outperform the Index as all three major sectors within the Index: Treasuries, Investment Grade Corporate Bonds, and Agency Mortgage-Backed Securities all posted negative returns. While higher rates were a drag on performance for the Fund, the impact was less severe as the Fund has less duration than the Index. In addition, higher yields relative to the Index and spread tightening were able to offset most of this drag and even lead to positive performance in certain sectors such as High Yield Corporates. Additionally, CLOs continued to be a strong performer for the Fund in this rising rate environment as the coupons on these bonds float and reset quarterly. Detracting from performance were some of the Fund’s Non-Agency CMBS positions where spreads remained elevated throughout the period.
PAGE 6
LETTER FROM THE INVESTMENT ADVISER
The table below shows a general breakdown of the portfolio at the beginning and end of the period:
8/31/2022 | 2/28/2023 | ||||
Non-Agency RMBS | 5.0% | 6.3% | |||
CLOs | 14.2% | 13.5% | |||
Non-Agency CMBS | 17.5% | 16.4% | |||
Agency CMBS | 5.4% | 5.0% | |||
ABS | 7.4% | 8.3% | |||
Structured Credit | 49.5% | 49.5% | |||
Cash | 1.9% | 3.6% | |||
Treasuries | 5.5% | 3.3% | |||
IG Corporate | 19.0% | 21.4% | |||
HY Corporate | 15.8% | 15.7% | |||
Taxable Muni | 3.6% | 3.0% | |||
Tax-Exempt Muni | 4.7% | 3.4% |
Allocations changed modestly when comparing the beginning and ending periods, however, taking a closer look at the activity throughout the period paints a different picture. The Fund looked to take advantage of wider spreads in September by swapping out of AAA and AA rated ABS and into High Yield Corporate Bonds and CLOs. By mid-October allocations to ABS fell below 5.5% while High Yield Corporate Bonds and CLOs increased to roughly 17% and 18%, respectively. In late October, this swap flipped as ABS spreads widened dramatically while high yield corporate spreads were tightening.
From a higher level, given the inverted yield curve, the Fund looked to barbell (purchase short-term securities and long-term securities in lieu of intermediate-term securities) the portfolio when possible. The Fund achieved this by pairing shorter higher yielding positions with longer higher quality positions. Structured Credit typically falls in the former camp while IG Corporates, some Tax-Exempt Munis, and Treasuries fall in the latter camp.
Looking Forward
While credit spreads have tightened over the most recent six-month period, they still remain attractive compared to longer historical averages. Rates have also risen dramatically providing an attractive investment opportunity within fixed income. We believe a barbell strategy makes sense in today’s environment given the inverted yield curve. However, as this last year has shown us, the environment can change quickly, and the relative value landscape can flip. We will continue to rely on Shape Management® which aids in our security and sector allocation as it looks beyond traditional bond metrics and focuses instead on total returns over a horizon period. We combine this approach with a disciplined credit perspective to create a diversified portfolio across multiple sectors that together creates a unique and attractive blend of interest rate and credit risk.
Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance of the Funds. Options and Swap positions held by the Funds may be illiquid and the Fund’s investment adviser may have difficulty closing out a position. Diversification does not assure a profit or protect against a loss in a declining market. Income from tax-exempt bonds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.
PAGE 7
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX)
Performance Trust Strategic Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
Average Annual Returns—For the Periods Ended February 28, 2023 (Unaudited)
SIX | ANNUALIZED | |||||
MONTHS | ONE | THREE | FIVE | TEN | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | YEAR | YEAR | (AUGUST 31, 2010)(1) | |
Performance Trust Strategic | ||||||
Bond Fund – Institutional Class | -0.82% | -8.96% | -2.77% | 1.03% | 2.67% | 4.27% |
Bloomberg U.S. Aggregate Bond Index | -2.13% | -9.72% | -3.77% | 0.53% | 1.12% | 1.73% |
(1) | The Performance Trust Strategic Bond Fund (the “Fund”) commenced investment operations on September 1, 2010. |
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Bloomberg 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 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 February 28, 2013 for Institutional Class shares of 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 0.75% per the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.
PAGE 8
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTAOX)
Performance Trust Strategic Bond Fund – Class A (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
(1) | Reflects 2.25% initial sales load. |
Average Annual Returns—For the Periods Ended February 28, 2023 (Unaudited)
SIX | ANNUALIZED | |||
MONTHS | ONE | THREE | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | (JANUARY 2, 2019) | |
Performance Trust Strategic Bond Fund – Class A | ||||
(with sales charge) | -3.18% | -11.24% | -3.74% | -0.24% |
Performance Trust Strategic Bond Fund – Class A | ||||
(without sales charge) | -0.94% | -9.19% | -3.01% | 0.30% |
Bloomberg U.S. Aggregate Bond Index | -2.13% | -9.72% | -3.77% | 0.09% |
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Bloomberg 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 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.
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 1.00% per the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.
PAGE 9
GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTCOX)
Performance Trust Strategic Bond Fund – Class C (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
Average Annual Returns—For the Periods Ended February 28, 2023 (Unaudited)
SIX | ANNUALIZED | |||
MONTHS | ONE | THREE | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | (JANUARY 2, 2019) | |
Performance Trust Strategic Bond Fund – Class C | -1.33% | -9.91% | -3.75% | -0.46% |
Bloomberg U.S. Aggregate Bond Index | -2.13% | -9.72% | -3.77% | 0.09% |
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Bloomberg 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 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.
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 1.75% per the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.
PAGE 10
PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX, PTAOX, PTCOX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2023
PAGE 11
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX)
Performance Trust Municipal Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg Municipal Bond Index
Average Annual Returns—For the Periods Ended February 28, 2023 (Unaudited)
SIX | ANNUALIZED | |||||
MONTHS | ONE | THREE | FIVE | TEN | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | YEAR | YEAR | (JUNE 30, 2011) | |
Performance Trust Municipal | ||||||
Bond Fund – Institutional Class | 0.01% | -8.06% | -2.61% | 1.48% | 2.34% | 3.89% |
Bloomberg Municipal Bond Index | 0.66% | -5.10% | -1.60% | 1.66% | 2.11% | 2.96% |
The Bloomberg 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 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 February 28, 2013 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 expense ratio for Institutional Class shares is 0.48% per the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.
PAGE 12
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTRMX)
Performance Trust Municipal Bond Fund – Class A (Unaudited)
Total Return vs. Bloomberg Municipal Bond Index
(1) | Reflects 2.25% initial sales load. |
Average Annual Returns—For the Periods Ended February 28, 2023 (Unaudited)
SIX | ANNUALIZED | |||||
MONTHS | ONE | THREE | FIVE | TEN | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | YEAR | YEAR | (SEPTEMBER 28, 2012) | |
Performance Trust Municipal Bond | ||||||
Fund – Class A (with sales charge) | -2.36% | -10.34% | -3.58% | 0.77% | 1.89% | 2.13% |
Performance Trust Municipal Bond | ||||||
Fund – Class A (without sales charge) | -0.12% | -8.29% | -2.84% | 1.24% | 2.12% | 2.36% |
Bloomberg Municipal Bond Index | 0.66% | -5.10% | -1.60% | 1.66% | 2.11% | 2.16% |
The Bloomberg 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 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 February 28, 2013, 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 expense ratio for Class A shares is 0.73% per the prospectus dated December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.
PAGE 13
PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX, PTRMX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2023
* For additional details on allocation of portfolio assets by state, please see the Schedule of Investments.
PAGE 14
GROWTH OF PERFORMANCE TRUST CREDIT FUND (PTCRX)
Performance Trust Credit Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
Returns—For the Periods Ended February 28, 2023 (Unaudited)
SIX | ANNUALIZED | ||
MONTHS | ONE | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | (DECEMBER 31, 2020)(1) | |
Performance Trust Credit Fund – Institutional Class | 0.67% | -6.65% | -2.52% |
Bloomberg U.S. Aggregate Bond Index | -2.13% | -9.72% | -6.74% |
(1) | The Performance Trust Credit Fund (the “Fund”) commenced investment operations on January 4, 2021. |
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, 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 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 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 0.99% 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 December 29, 2022. Please see the Financial Highlights in this report for the most recent expense ratio.
PAGE 15
PERFORMANCE TRUST CREDIT FUND (PTCRX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2023
PAGE 16
(This Page Intentionally Left Blank.)
PAGE 17
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2023 (Unaudited)
Performance Trust | Performance Trust | |||||||||||
Strategic | Municipal | Performance Trust | ||||||||||
Bond Fund | Bond Fund | Credit Fund | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $5,825,421,473, | ||||||||||||
$610,975,263 and $96,368,644, respectively) | $ | 5,079,906,254 | $ | 598,394,613 | $ | 92,270,304 | ||||||
Dividend and interest receivable | 46,598,975 | 6,634,238 | 786,934 | |||||||||
Receivable for investments sold | 18,869 | 94,585 | 141,560 | |||||||||
Receivable for fund shares sold | 15,238,424 | 924,760 | 156,028 | |||||||||
Other assets | 150,877 | 32,959 | 16,247 | |||||||||
Total Assets | 5,141,913,399 | 606,081,155 | 93,371,073 | |||||||||
Liabilities | ||||||||||||
Payable for investments purchased | 22,739,311 | 6,011,265 | 1,086,045 | |||||||||
Payable for fund shares redeemed | 7,989,408 | 498,535 | 5,000 | |||||||||
Payable to adviser | 1,657,551 | 136,195 | 28,387 | |||||||||
Payable to affiliates | 435,990 | 62,796 | 6,342 | |||||||||
Payable for distribution fees | 28,969 | 6,940 | — | |||||||||
Payable for shareholder servicing fees | 15,778 | — | — | |||||||||
Accrued expenses and other liabilities | 311,980 | 17,459 | 9,576 | |||||||||
Total Liabilities | 33,178,987 | 6,733,190 | 1,135,350 | |||||||||
Net Assets | 5,108,734,412 | 599,347,965 | 92,235,723 | |||||||||
Net Assets Consist Of: | ||||||||||||
Paid-in capital | $ | 6,148,245,884 | $ | 693,450,776 | $ | 99,244,747 | ||||||
Total accumulated loss | (1,039,511,472 | ) | (94,102,811 | ) | (7,009,024 | ) | ||||||
Net Assets | $ | 5,108,734,412 | $ | 599,347,965 | $ | 92,235,723 |
The accompanying notes are an integral part of these financial statements.
PAGE 18
STATEMENTS OF ASSETS AND LIABILITIES (CONT.)
February 28, 2023 (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 | $ | 5,038,989,588 | $ | 564,081,756 | $ | 92,235,723 | ||||||
Shares of beneficial interest outstanding (unlimited | ||||||||||||
number of shares authorized, $0.001 par value) | 260,713,448 | 25,327,026 | 10,816,427 | |||||||||
Net asset value, redemption | ||||||||||||
and offering price per share | $ | 19.33 | $ | 22.27 | $ | 8.53 | ||||||
Strategic Bond Fund and Municipal | ||||||||||||
Bond Fund Shares – Class A | ||||||||||||
Net assets | $ | 29,868,513 | $ | 35,266,209 | ||||||||
Shares of beneficial interest outstanding (unlimited | ||||||||||||
number of shares authorized, $0.001 par value) | 1,545,274 | 1,582,212 | ||||||||||
Net asset value, redemption | ||||||||||||
and offering price per share | $ | 19.33 | $ | 22.29 | ||||||||
Maximum offering price per share | ||||||||||||
(Net asset value per share divided by 0.9775)(1) | $ | 19.77 | $ | 22.80 | ||||||||
Strategic Bond Fund Shares – Class C | ||||||||||||
Net assets | $ | 39,876,311 | ||||||||||
Shares of beneficial interest outstanding (unlimited | ||||||||||||
number of shares authorized, $0.001 par value) | 2,071,242 | |||||||||||
Net asset value, redemption | ||||||||||||
and offering price per share | $ | 19.25 |
(1) | Reflects a maximum sales charge of 2.25%. |
The accompanying notes are an integral part of these financial statements.
PAGE 19
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
ASSET BACKED SECURITIES – 4.54% | ||||||||
American Credit Acceptance | ||||||||
Receivables Trust | ||||||||
2023-1, 5.450%, 09/14/2026 (a) | $ | 10,150,000 | $ | 10,140,282 | ||||
2022-3, 4.550%, 10/13/2026 (a) | 1,015,000 | 1,000,342 | ||||||
2022-4, 6.750%, 10/13/2026 (a) | 1,500,000 | 1,518,454 | ||||||
2021-4, 1.320%, 02/14/2028 (a) | 1,085,000 | 1,054,054 | ||||||
2022-2, 4.410%, 06/13/2028 (a) | 9,000,000 | 8,834,951 | ||||||
2022-3, 4.860%, 10/13/2028 (a) | 5,000,000 | 4,882,055 | ||||||
2022-4, 7.860%, 02/15/2029 (a) | 4,030,000 | 4,166,993 | ||||||
CarMax Auto Owner Trust | ||||||||
2023-1, 5.230%, 01/15/2026 | 3,250,000 | 3,241,604 | ||||||
Exeter Automobile | ||||||||
Receivables Trust | ||||||||
2022-5A, 5.430%, 04/15/2026 | 5,000,000 | 4,979,860 | ||||||
2023-1A, 5.580%, 04/15/2026 | 4,500,000 | 4,503,915 | ||||||
2022-2A, 3.650%, 10/15/2026 | 20,000,000 | 19,658,634 | ||||||
2022-5A, 5.970%, 03/15/2027 | 5,000,000 | 5,010,063 | ||||||
2022-6A, 6.030%, 08/16/2027 | 10,000,000 | 10,035,355 | ||||||
2022-5A, 6.510%, 12/15/2027 | 5,060,000 | 5,122,316 | ||||||
2022-6A, 6.320%, 05/15/2028 | 5,000,000 | 5,056,601 | ||||||
2021-2A, 2.900%, 07/17/2028 (a) | 1,500,000 | 1,319,306 | ||||||
2022-4A, 4.920%, 12/15/2028 | 4,000,000 | 3,916,403 | ||||||
First Investors Auto Owner Trust | ||||||||
2021-1A, 1.170%, 03/15/2027 (a) | 1,795,000 | 1,696,716 | ||||||
2022-1A, 3.130%, 05/15/2028 (a) | 5,000,000 | 4,665,999 | ||||||
Flagship Credit Auto Trust | ||||||||
2023-1, 5.380%, 12/15/2026 (a) | 5,000,000 | 4,992,507 | ||||||
2022-3, 4.550%, 04/15/2027 (a) | 10,000,000 | 9,852,182 | ||||||
GLS Auto Receivables Issuer Trust | ||||||||
2022-2A, 4.700%, 09/15/2026 (a) | 5,000,000 | 4,917,915 | ||||||
2022-3A, 4.920%, 01/15/2027 (a) | 3,000,000 | 2,953,099 | ||||||
2021-4A, 1.940%, 10/15/2027 (a) | 8,650,000 | 8,055,372 | ||||||
Honda Auto Receivables | ||||||||
Owner Trust | ||||||||
2022-2, 3.810%, 03/18/2025 | 4,225,000 | 4,186,611 | ||||||
New Residential Advance | ||||||||
Receivables Trust | ||||||||
2020-T1, 2.269%, 08/15/2053 (a) | 1,700,000 | 1,655,801 | ||||||
2020-T1, 3.011%, 08/15/2053 (a) | 4,400,000 | 4,287,773 | ||||||
Santander Drive Auto | ||||||||
Receivables Trust | ||||||||
2023-1, 5.360%, 05/15/2026 | 9,500,000 | 9,484,204 | ||||||
2022-4, 4.140%, 02/16/2027 | 7,807,000 | 7,704,626 | ||||||
2022-2, 3.440%, 09/15/2027 | 10,000,000 | 9,685,133 | ||||||
2022-7, 5.950%, 01/17/2028 | 10,000,000 | 10,095,819 | ||||||
2022-5, 4.740%, 10/16/2028 | 7,500,000 | 7,327,920 | ||||||
2022-7, 6.690%, 03/17/2031 | 9,000,000 | 9,273,361 | ||||||
Toyota Auto Receivables | ||||||||
Owner Trust | ||||||||
2023-A, 5.050%, 01/15/2026 | 5,000,000 | 4,990,064 | ||||||
Westlake Automobile | ||||||||
Receivables Trust | ||||||||
2022-2A, 3.750%, 04/15/2026 (a) | 4,850,000 | 4,747,473 | ||||||
2022-1A, 2.750%, 03/15/2027 (a) | 2,645,000 | 2,558,259 | ||||||
2022-1A, 3.110%, 03/15/2027 (a) | 5,000,000 | 4,787,914 | ||||||
2022-3A, 6.440%, 12/15/2027 (a) | 5,000,000 | 5,045,462 | ||||||
2023-1A, 5.410%, 01/18/2028 (a) | 3,750,000 | 3,721,224 | ||||||
2023-1A, 5.740%, 08/15/2028 (a) | 3,000,000 | 2,993,139 | ||||||
World Omni Auto | ||||||||
Receivables Trust | ||||||||
2023-A, 5.180%, 07/15/2026 | 7,800,000 | 7,790,209 | ||||||
TOTAL ASSET BACKED | ||||||||
SECURITIES (Cost $233,430,886) | 231,909,970 | |||||||
COLLATERALIZED LOAN | ||||||||
OBLIGATIONS – 6.56% | ||||||||
Apidos CLO XII | ||||||||
2013-12A, 7.392% (3 Month LIBOR USD + 2.600%), 04/15/2031 (a)(b)(c) | ||||||||
3,195,000 | 2,955,560 | |||||||
2013-12A, 10.192% (3 Month LIBOR USD + 5.400%), 04/15/2031 (a)(b)(c) | ||||||||
6,150,000 | 5,273,127 | |||||||
Apidos CLO XV | ||||||||
2013-15A, 6.658% (3 Month LIBOR USD + 1.850%), 04/20/2031 (a)(b)(c) | ||||||||
5,000,000 | 4,755,750 | |||||||
2013-15A, 10.508% (3 Month LIBOR USD + 5.700%), 04/20/2031 (a)(b)(c) | ||||||||
3,843,000 | 3,354,159 | |||||||
Apidos CLO XX | ||||||||
2015-20A, 10.492% (3 Month LIBOR USD + 5.700%), 07/16/2031 (a)(b)(c) | ||||||||
1,750,000 | 1,523,968 | |||||||
Apidos CLO XXIV | ||||||||
2016-24A, 10.608% (3 Month LIBOR USD + 5.800%), 10/20/2030 (a)(b)(c) | ||||||||
2,550,000 | 2,205,880 | |||||||
Apidos CLO XXIX | ||||||||
2018-29A, 6.718% (3 Month LIBOR USD + 1.900%), 07/25/2030 (a)(b)(c) | ||||||||
7,600,000 | 7,227,091 | |||||||
2018-29A, 7.568% (3 Month LIBOR USD + 2.750%), 07/25/2030 (a)(b)(c) | ||||||||
6,250,000 | 5,786,537 | |||||||
Apidos CLO XXVIII | ||||||||
2017-28A, 5.958% (3 Month LIBOR USD + 1.150%), 01/20/2031 (a)(b)(c) | ||||||||
2,000,000 | 1,959,484 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 20
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Apidos CLO XXX | ||||||||
XXXA, 6.795% (3 Month LIBOR USD + 2.000%), 10/18/2031 (a)(b)(c) | ||||||||
$ | 3,600,000 | $ | 3,441,355 | |||||
Apidos CLO XXXI | ||||||||
2019-31A, 11.392% (3 Month LIBOR USD + 6.600%), 04/15/2031 (a)(b)(c) | ||||||||
4,400,000 | 4,014,996 | |||||||
Ares XLII CLO Ltd. | ||||||||
2017-42A, 8.265% (3 Month LIBOR USD + 3.450%), 01/22/2028 (a)(b)(c) | ||||||||
5,000,000 | 4,803,475 | |||||||
Ares XLVI CLO Ltd. | ||||||||
2017-46A, 3.570%, 01/15/2030 (a)(c) | ||||||||
3,600,000 | 3,267,169 | |||||||
2017-46A, 6.492% (3 Month LIBOR USD + 1.700%), 01/15/2030 (a)(b)(c) | ||||||||
1,436,843 | 1,362,048 | |||||||
Ares XLVII CLO Ltd. | ||||||||
2018-47A, 7.492% (3 Month LIBOR USD + 2.700%), 04/15/2030 (a)(b)(c) | ||||||||
1,915,000 | 1,715,197 | |||||||
Ares XXXIR CLO Ltd. | ||||||||
2014-31RA, 6.528% (3 Month LIBOR USD + 1.600%), 05/24/2030 (a)(b)(c) | ||||||||
3,000,000 | 2,929,944 | |||||||
Ares XXXIX CLO Ltd. | ||||||||
2016-39A, 8.145% (3 Month LIBOR USD + 3.350%), 04/18/2031 (a)(b)(c) | ||||||||
7,335,000 | 6,689,197 | |||||||
Ares XXXVIII CLO Ltd. | ||||||||
2015-38A, 7.308% (3 Month LIBOR USD + 2.500%), 04/20/2030 (a)(b)(c) | ||||||||
7,450,000 | 6,708,837 | |||||||
BCRED MML CLO, LLC | ||||||||
2022-1A, 7.389% (TSFR3M + 2.750%), 04/20/2035 (a)(b) | ||||||||
2,000,000 | 1,924,478 | |||||||
BlueMountain CLO Ltd. | ||||||||
2018-1A, 6.502% (3 Month LIBOR USD + 1.700%), 07/30/2030 (a)(b)(c) | ||||||||
6,996,770 | 6,817,821 | |||||||
2014-2A, 6.558% (3 Month LIBOR USD + 1.750%), 10/20/2030 (a)(b)(c) | ||||||||
5,500,000 | 5,374,583 | |||||||
Burnham Park CLO Ltd. | ||||||||
2016-1A, 6.958% (3 Month LIBOR USD + 2.150%), 10/20/2029 (a)(b)(c) | ||||||||
5,250,000 | 5,078,834 | |||||||
Buttermilk Park CLO Ltd. | ||||||||
2018-1A, 7.892% (3 Month LIBOR USD + 3.100%), 10/15/2031 (a)(b)(c) | ||||||||
1,000,000 | 922,017 | |||||||
Catskill Park CLO Ltd. | ||||||||
2017-1A, 8.508% (3 Month LIBOR USD + 3.700%), 04/20/2029 (a)(b)(c) | ||||||||
3,500,000 | 3,351,169 | |||||||
2017-1A, 10.808% (3 Month LIBOR USD + 6.000%), 04/20/2029 (a)(b)(c) | ||||||||
1,250,000 | 1,071,685 | |||||||
Chenango Park CLO Ltd. | ||||||||
2018-1A, 7.792% (3 Month LIBOR USD + 3.000%), 04/15/2030 (a)(b)(c) | ||||||||
1,000,000 | 909,945 | |||||||
CIFC Funding Ltd. | ||||||||
2017-3A, 6.608% (3 Month LIBOR USD + 1.800%), 07/20/2030 (a)(b)(c) | ||||||||
2,100,000 | 2,062,582 | |||||||
2018-1A, 6.545% (3 Month LIBOR USD + 1.750%), 04/18/2031 (a)(b)(c) | ||||||||
3,750,000 | 3,573,431 | |||||||
Fillmore Park CLO Ltd. | ||||||||
2018-1A, 10.192% (3 Month LIBOR USD + 5.400%), 07/15/2030 (a)(b)(c) | ||||||||
1,000,000 | 889,054 | |||||||
Gilbert Park CLO Ltd. | ||||||||
2017-1A, 7.742% (3 Month LIBOR USD + 2.950%), 10/15/2030 (a)(b)(c) | ||||||||
8,475,000 | 7,969,289 | |||||||
2017-1A, 11.192% (3 Month LIBOR USD + 6.400%), 10/15/2030 (a)(b)(c) | ||||||||
1,250,000 | 1,092,021 | |||||||
Goldentree Loan Management | ||||||||
US CLO 2 Ltd. | ||||||||
2017-2A, 9.508% (3 Month LIBOR USD + 4.700%), 11/28/2030 (a)(b)(c) | ||||||||
6,561,000 | 5,809,457 | |||||||
Goldentree Loan Management | ||||||||
US CLO 4 Ltd. | ||||||||
2019-4A, 9.566% (3 Month LIBOR USD + 4.750%), 04/24/2031 (a)(b)(c) | ||||||||
8,000,000 | 6,982,112 | |||||||
Goldentree Loan Management | ||||||||
US CLO 5 Ltd. | ||||||||
2019-5A, 7.958% (3 Month LIBOR USD + 3.150%), 10/20/2032 (a)(b)(c) | ||||||||
2,500,000 | 2,371,923 | |||||||
2019-5A, 9.658% (3 Month LIBOR USD + 4.850%), 10/20/2032 (a)(b)(c) | ||||||||
7,500,000 | 6,555,585 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 21
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Goldentree Loan | ||||||||
Opportunities X Ltd. | ||||||||
2015-10A, 7.858% (3 Month LIBOR USD + 3.050%), 07/20/2031 (a)(b)(c) | ||||||||
$ | 4,000,000 | $ | 3,834,640 | |||||
Goldentree Loan | ||||||||
Opportunities XI Ltd. | ||||||||
2015-11A, 7.195% (3 Month LIBOR USD + 2.400%), 01/18/2031 (a)(b)(c) | ||||||||
2,250,000 | 2,140,936 | |||||||
2015-11A, 10.195% (3 Month LIBOR USD + 5.400%), 01/18/2031 (a)(b)(c) | ||||||||
3,750,000 | 3,397,294 | |||||||
GoldentTree Loan Management | ||||||||
US CLO 1 Ltd. | ||||||||
2021-9A, 9.558% (3 Month LIBOR USD + 4.750%), 01/20/2033 (a)(b)(c) | ||||||||
6,500,000 | 5,682,976 | |||||||
Golub Capital BDC 3 CLO 1, LLC | ||||||||
2021-1A, 7.592% (3 Month LIBOR USD + 2.800%), 04/15/2033 (a)(b)(c) | ||||||||
7,000,000 | 6,792,779 | |||||||
Grippen Park CLO Ltd. | ||||||||
2017-1A, 8.108% (3 Month LIBOR USD + 3.300%), 01/20/2030 (a)(b)(c) | ||||||||
7,550,000 | 7,209,261 | |||||||
2017-1A, 10.508% (3 Month LIBOR USD + 5.700%), 01/20/2030 (a)(b)(c) | ||||||||
1,150,000 | 1,013,747 | |||||||
Jay Park CLO Ltd. | ||||||||
2016-1A, 7.458% (3 Month LIBOR USD + 2.650%), 10/20/2027 (a)(b)(c) | ||||||||
1,124,000 | 1,081,328 | |||||||
LCM 26 Ltd. | ||||||||
26A, 7.308% (3 Month LIBOR USD + 2.500%), 01/20/2031 (a)(b)(c) | ||||||||
1,000,000 | 846,890 | |||||||
26A, 10.108% (3 Month LIBOR USD + 5.300%), 01/20/2031 (a)(b)(c) | ||||||||
4,000,000 | 3,039,132 | |||||||
LCM 29 Ltd. | ||||||||
29A, 6.392% (3 Month LIBOR USD + 1.600%), 04/15/2031 (a)(b)(c) | ||||||||
4,750,000 | 4,607,804 | |||||||
LCM 34 Ltd. | ||||||||
34A, 11.348% (3 Month LIBOR USD + 6.540%), 10/20/2034 (a)(b)(c) | ||||||||
3,250,000 | 2,838,644 | |||||||
LCM 35 Ltd. | ||||||||
35A, 11.402% (3 Month LIBOR USD + 6.610%), 10/15/2034 (a)(b)(c) | ||||||||
4,750,000 | 4,077,880 | |||||||
LCM 36 Ltd. | ||||||||
36A, 11.502% (3 Month LIBOR USD + 6.710%), 01/15/2034 (a)(b)(c) | ||||||||
6,000,000 | 5,170,878 | |||||||
LCM Loan Income Fund I | ||||||||
Income Note Issuer Ltd. | ||||||||
27A, 6.742% (3 Month LIBOR USD + 1.950%), 07/16/2031 (a)(b)(c) | ||||||||
2,700,000 | 2,509,221 | |||||||
27A, 7.742% (3 Month LIBOR USD + 2.950%), 07/16/2031 (a)(b)(c) | ||||||||
4,000,000 | 3,437,088 | |||||||
27A, 10.392% (3 Month LIBOR USD + 5.600%), 07/16/2031 (a)(b)(c) | ||||||||
2,000,000 | 1,509,298 | |||||||
LCM XIV LP | ||||||||
14A, 6.388% (3 Month LIBOR USD + 1.580%), 07/20/2031 (a)(b)(c) | ||||||||
10,800,000 | 10,463,386 | |||||||
14A, 6.658% (3 Month LIBOR USD + 1.850%), 07/20/2031 (a)(b)(c) | ||||||||
6,000,000 | 5,550,606 | |||||||
14A, 10.308% (3 Month LIBOR USD + 5.500%), 07/20/2031 (a)(b)(c) | ||||||||
1,000,000 | 699,461 | |||||||
LCM XV LP | ||||||||
15A, 8.508% (3 Month LIBOR USD + 3.700%), 07/20/2030 (a)(b)(c) | ||||||||
9,000,000 | 8,039,133 | |||||||
LCM XVI LP | ||||||||
16A, 6.542% (3 Month LIBOR USD + 1.750%), 10/15/2031 (a)(b)(c) | ||||||||
4,000,000 | 3,915,572 | |||||||
16A, 6.942% (3 Month LIBOR USD + 2.150%), 10/15/2031 (a)(b)(c) | ||||||||
5,100,000 | 4,782,622 | |||||||
16A, 11.172% (3 Month LIBOR USD + 6.380%), 10/15/2031 (a)(b)(c) | ||||||||
1,600,000 | 1,300,016 | |||||||
LCM XVII LP | ||||||||
17A, 10.792% (3 Month LIBOR USD + 6.000%), 10/15/2031 (a)(b)(c) | ||||||||
1,000,000 | 733,566 | |||||||
LCM XVIII LP | ||||||||
19A, 6.542% (3 Month LIBOR USD + 1.750%), 07/15/2027 (a)(b)(c) | ||||||||
2,750,000 | 2,745,471 | |||||||
19A, 7.492% (3 Month LIBOR USD + 2.700%), 07/15/2027 (a)(b)(c) | ||||||||
4,000,000 | 3,985,888 | |||||||
18A, 10.758% (3 Month LIBOR USD + 5.950%), 04/20/2031 (a)(b)(c) | ||||||||
5,300,000 | 4,005,692 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 22
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
LCM XXII Ltd. | ||||||||
22A, 7.608% (3 Month LIBOR USD + 2.800%), 10/20/2028 (a)(b)(c) | ||||||||
$ | 2,000,000 | $ | 1,768,966 | |||||
LCM XXV Ltd. | ||||||||
25A, 8.258% (3 Month LIBOR USD + 3.450%), 07/20/2030 (a)(b)(c) | ||||||||
4,000,000 | 3,463,324 | |||||||
Long Point Park CLO Ltd. | ||||||||
2017-1A, 7.192% (3 Month LIBOR USD + 2.400%), 01/17/2030 (a)(b)(c) | ||||||||
4,000,000 | 3,565,472 | |||||||
2017-1A, 10.392% (3 Month LIBOR USD + 5.600%), 01/17/2030 (a)(b)(c) | ||||||||
2,000,000 | 1,670,816 | |||||||
Magnetite VIII Ltd. | ||||||||
2014-8A, 7.692% (3 Month LIBOR USD + 2.900%), 04/15/2031 (a)(b)(c) | ||||||||
10,150,000 | 9,811,772 | |||||||
Magnetite XII Ltd. | ||||||||
2015-12A, 10.472% (3 Month LIBOR USD + 5.680%), 10/15/2031 (a)(b)(c) | ||||||||
8,923,000 | 8,212,747 | |||||||
Magnetite XIV-R Ltd. | ||||||||
2015-14RA, 7.645% (3 Month LIBOR USD + 2.850%), 10/18/2031 (a)(b)(c) | ||||||||
1,500,000 | 1,441,197 | |||||||
Magnetite XV Ltd. | ||||||||
2015-15A, 7.671% (TSFR3M + 3.012%), 07/25/2031 (a)(b)(c) | ||||||||
2,000,000 | 1,919,542 | |||||||
2015-15A, 10.121% (TSFR3M + 5.462%), 07/25/2031 (a)(b)(c) | ||||||||
4,000,000 | 3,562,640 | |||||||
Magnetite XVIII Ltd. | ||||||||
2016-18A, 7.564% (3 Month LIBOR USD + 2.700%), 11/15/2028 (a)(b)(c) | ||||||||
10,315,000 | 9,929,353 | |||||||
Magnetite XXIII Ltd. | ||||||||
2019-23A, 11.118% (3 Month LIBOR USD + 6.300%), 01/25/2035 (a)(b)(c) | ||||||||
2,750,000 | 2,555,773 | |||||||
Magnetite XXVII Ltd. | ||||||||
2020-27A, 10.808% (3 Month LIBOR USD + 6.000%), 10/20/2034 (a)(b)(c) | ||||||||
5,250,000 | 4,858,035 | |||||||
Magnetite XXVIII Ltd. | ||||||||
2020-28A, 10.958% (3 Month LIBOR USD + 6.150%), 01/20/2035 (a)(b)(c) | ||||||||
2,250,000 | 2,090,594 | |||||||
Magnetite XXX Ltd. | ||||||||
2021-30A, 11.018% (3 Month LIBOR USD + 6.200%), | ||||||||
10/25/2034 (a)(b)(c) | 4,100,000 | 3,815,636 | ||||||
Magnetite XXXIV Ltd. | ||||||||
2023-34A, 10.355% (TSFR3M + 5.200%), 04/20/2036 (a)(b)(c) | ||||||||
2,950,000 | 2,950,000 | |||||||
Mountain View CLO XV Ltd. | ||||||||
2019-2A, 6.692% (3 Month LIBOR USD + 1.900%), 01/15/2033 (a)(b)(c) | ||||||||
3,000,000 | 2,974,656 | |||||||
Neuberger Berman Loan | ||||||||
Advisers CLO 33 Ltd. | ||||||||
2019-33A, 7.692% (3 Month LIBOR USD + 2.900%), 10/16/2033 (a)(b)(c) | ||||||||
2,000,000 | 1,891,950 | |||||||
Neuberger Berman Loan | ||||||||
Advisers CLO 35 Ltd. | ||||||||
2019-35A, 8.498% (3 Month LIBOR USD + 3.700%), 01/19/2033 (a)(b)(c) | ||||||||
7,971,955 | 7,670,272 | |||||||
Niagara Park CLO Ltd. | ||||||||
2019-1A, 10.742% (3 Month LIBOR USD + 5.950%), 07/17/2032 (a)(b)(c) | ||||||||
2,000,000 | 1,821,396 | |||||||
Octagon Investment Partners 26 Ltd. | ||||||||
2016-1A, 6.592% (3 Month LIBOR USD + 1.800%), 07/15/2030 (a)(b)(c) | ||||||||
6,220,000 | 5,810,450 | |||||||
Webster Park CLO Ltd. | ||||||||
2015-1A, 6.608% (3 Month LIBOR USD + 1.800%), 07/20/2030 (a)(b)(c) | ||||||||
10,300,000 | 9,650,740 | |||||||
2015-1A, 7.708% (3 Month LIBOR USD + 2.900%), 07/20/2030 (a)(b)(c) | ||||||||
4,800,000 | 4,398,715 | |||||||
Whetstone Park CLO Ltd. | ||||||||
2021-1A, 2.791%, 01/20/2035 (a)(c) | ||||||||
1,400,000 | 1,165,804 | |||||||
TOTAL COLLATERALIZED LOAN | ||||||||
OBLIGATIONS (Cost $354,013,752) | 335,140,819 | |||||||
CORPORATE BONDS – 21.00% | ||||||||
Diversified Financial Services – 0.07% | ||||||||
Compeer Financial FLCA | ||||||||
3.375% to 06/01/2031 then SOFR + 1.965%, 06/01/2036 (a)(b) | ||||||||
4,750,000 | 3,731,839 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 23
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Aerospace & Defense – 0.34% | ||||||||
Howmet Aerospace, Inc. | ||||||||
5.900%, 02/01/2027 | $ | 6,826,000 | $ | 6,803,171 | ||||
3.000%, 01/15/2029 | 12,437,000 | 10,692,151 | ||||||
Auto Components – 0.14% | ||||||||
Dana, Inc. | ||||||||
4.250%, 09/01/2030 | 4,500,000 | 3,639,983 | ||||||
4.500%, 02/15/2032 | 4,208,000 | 3,365,390 | ||||||
Automobiles – 0.34% | ||||||||
Thor Industries, Inc. | ||||||||
4.000%, 10/15/2029 (a) | 9,340,000 | 7,536,863 | ||||||
Volkswagen Group of America | ||||||||
Finance, LLC | ||||||||
3.750%, 05/13/2030 (a) | 10,000,000 | 8,989,668 | ||||||
Winnebago Industries, Inc. | ||||||||
6.250%, 07/15/2028 (a) | 1,000,000 | 950,902 | ||||||
Banks – 7.07% | ||||||||
Atlantic Union Bankshares Corp. | ||||||||
2.875% to 12/15/2026 then | ||||||||
TSFR3M + 1.860%, | ||||||||
12/15/2031 (b) | 8,000,000 | 6,567,486 | ||||||
Australia & New Zealand | ||||||||
Banking Group Ltd. | ||||||||
6.742%, 12/08/2032 (a)(c) | 7,000,000 | 7,235,775 | ||||||
Bank of America Corp. | ||||||||
2.087% to 05/14/2029 then | ||||||||
SOFR + 1.060%, 06/14/2029 (b) | 12,000,000 | 10,099,072 | ||||||
2.651% to 03/11/31 then | ||||||||
SOFR + 1.220%, 03/11/2032 (b) | 10,000,000 | 8,120,874 | ||||||
Bank of Montreal | ||||||||
3.088% (5 Year CMT Rate + | ||||||||
1.400%), 01/10/2037 (b)(c) | 15,000,000 | 11,809,081 | ||||||
Bank of Nova Scotia | ||||||||
4.850%, 02/01/2030 (c) | 10,000,000 | 9,697,588 | ||||||
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 | 2,986,133 | ||||||
5.250% to 06/15/2025 then | ||||||||
TSFR3M + 5.060%, | ||||||||
06/15/2030 (b)(c) | 5,000,000 | 4,815,994 | ||||||
Bank OZK | ||||||||
2.750% to 10/01/2026 then | ||||||||
TSFR3M + 2.090%, | ||||||||
10/01/2031 (b) | 13,175,000 | 11,250,378 | ||||||
Banner Corp. | ||||||||
5.000% to 06/30/2025 then | ||||||||
TSFR3M + 4.890%, | ||||||||
06/30/2030 (b) | 8,000,000 | 7,474,563 | ||||||
Barclays PLC | ||||||||
6.125% (5 Year CMT Rate + | ||||||||
5.867%), 09/15/2166 (b)(c)(d) | 15,050,000 | 14,195,912 | ||||||
Central Pacific Financial Corp. | ||||||||
4.750% to 11/01/2025 then | ||||||||
TSFR3M + 4.560%, | ||||||||
11/01/2030 (b) | 5,000,000 | 4,599,423 | ||||||
Citigroup, Inc. | ||||||||
3.980% (3 Month LIBOR USD + | ||||||||
1.338%), 03/20/2030 (b) | 12,128,000 | 11,069,242 | ||||||
CNB Financial Corp. | ||||||||
3.250% to 6/15/2026 then | ||||||||
TSFR3M + 2.580%, | ||||||||
06/15/2031 (a)(b) | 2,000,000 | 1,731,940 | ||||||
Deutsche Bank AG | ||||||||
7.079% to 11/10/2032 then | ||||||||
SOFR + 3.650%, | ||||||||
02/10/2034 (b)(c) | 3,000,000 | 2,916,492 | ||||||
First Busey Corp. | ||||||||
5.250% to 06/01/2025 then | ||||||||
TSFR3M + 5.110%, | ||||||||
06/01/2030 (b) | 4,000,000 | 3,799,832 | ||||||
7.079% to 11/10/2032 then | ||||||||
TSFR3M + 2.520%, | ||||||||
02/10/2034 (b) | 2,000,000 | 1,803,538 | ||||||
First Financial Bancorp. | ||||||||
5.250% to 05/15/2025 then | ||||||||
TSFR3M + 5.090%, | ||||||||
05/15/2030 (b) | 4,000,000 | 3,831,526 | ||||||
First Foundation, Inc. | ||||||||
3.500% to 02/01/2027 then | ||||||||
SOFR + 2.040%, 02/01/2032 (b) | 9,500,000 | 8,019,236 | ||||||
First Interstate BancSystem, Inc. | ||||||||
5.250% to 05/15/2025 then | ||||||||
TSFR3M + 5.180%, | ||||||||
05/15/2030 (b) | 5,000,000 | 4,691,296 | ||||||
First Mid Bancshares, Inc. | ||||||||
3.950% to 10/15/2025 then | ||||||||
TSFR3M + 3.830%, | ||||||||
10/15/2030 (b) | 5,300,000 | 4,783,059 | ||||||
First Midwest Bancorp, Inc. | ||||||||
5.875%, 09/29/2026 | 7,515,000 | 7,530,950 | ||||||
Firstbank | �� | |||||||
4.500% to 09/01/2030 then | ||||||||
SOFR + 4.390%, 09/01/2030 (b) | 8,000,000 | 7,350,892 | ||||||
First-Citizens Bank & Trust Co. | ||||||||
6.125%, 03/09/2028 | 1,792,000 | 1,838,299 | ||||||
Flushing Financial Corp. | ||||||||
3.125% to 12/01/2026 then | ||||||||
TSFR3M + 2.035%, | ||||||||
12/01/2031 (b) | 5,000,000 | 4,223,162 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 24
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Great Southern Bank | ||||||||
5.500% to 06/15/2025 then | ||||||||
TSFR3M + 5.325%, | ||||||||
06/15/2030 (b) | $ | 4,750,000 | $ | 4,491,138 | ||||
Heartland Financial USA, Inc. | ||||||||
2.750% to 09/15/2026 then | ||||||||
TSFR3M + 2.100%, | ||||||||
09/15/2031 (b) | 6,000,000 | 5,160,835 | ||||||
Hilltop Holdings, Inc. | ||||||||
6.125% to 05/15/2030 then | ||||||||
TSFR3M + 5.800%, | ||||||||
05/15/2035 (b) | 9,000,000 | 8,550,504 | ||||||
Home BancShares, Inc. | ||||||||
3.125% to 01/30/2027 then | ||||||||
TSFR3M + 1.820%, | ||||||||
01/30/2032 (b) | 8,000,000 | 6,597,575 | ||||||
Huntington National Bank | ||||||||
5.500% to 05/06/2030 then | ||||||||
3 Month LIBOR USD + 5.090%, | ||||||||
05/06/2030 (b) | 9,250,000 | 8,991,891 | ||||||
Independent Bank Group, Inc. | ||||||||
4.000% to 09/15/2025 then | ||||||||
SOFR + 3.885%, 09/15/2030 (b) | 7,000,000 | 6,599,999 | ||||||
JPMorgan Chase & Co. | ||||||||
2.069% to 06/01/2028 then | ||||||||
SOFR + 1.015%, 06/01/2029 (b) | 5,000,000 | 4,217,595 | ||||||
2.963% to 01/25/2032 then | ||||||||
SOFR + 1.260%, 01/25/2033(b) | �� | 10,000,000 | 8,235,775 | |||||
Mercantile Bank Corp. | ||||||||
3.250% to 01/30/2027 then | ||||||||
SOFR + 2.120%, 01/30/2032(b) | 7,000,000 | 5,863,962 | ||||||
National Australia Bank Ltd. | ||||||||
3.347% (5 Year CMT Rate + | ||||||||
1.700%), 01/12/2037 (a)(b)(c) | 9,500,000 | 7,590,480 | ||||||
NBT Bancorp, Inc. | ||||||||
5.000% to 07/01/2025 then | ||||||||
TSFR3M + 4.850%, | ||||||||
07/01/2030 (b) | 7,500,000 | 7,005,883 | ||||||
NexBank Capital, Inc. | ||||||||
4.000% to 08/15/2026 then | ||||||||
TSFR3M + 3.390%, | ||||||||
08/15/2031 (a)(b) | 6,500,000 | 5,718,388 | ||||||
OceanFirst Financial Corp. | ||||||||
5.250% to 05/15/2025 then | ||||||||
TSFR3M + 5.095%, | ||||||||
05/15/2030 (b) | 5,000,000 | 4,729,298 | ||||||
Pacific Premier Bancorp, Inc. | ||||||||
4.875% to 05/15/2024 then | ||||||||
3 Month LIBOR USD + 2.500%, | ||||||||
05/15/2029 (b) | 3,500,000 | 3,416,486 | ||||||
5.375% to 06/15/2025 then | ||||||||
TSFR3M + 5.170%, | ||||||||
06/15/2030 (b) | 5,410,000 | 5,137,796 | ||||||
Park National Corp. | ||||||||
4.500% to 09/01/2025 then | ||||||||
TSFR3M + 4.390%, | ||||||||
09/01/2030 (b) | 15,100,000 | 13,874,808 | ||||||
Peapack-Gladstone | ||||||||
Financial Corp. | ||||||||
3.500% to 12/30/2025 then | ||||||||
TSFR3M + 3.260%, | ||||||||
12/30/2030 (b) | 7,500,000 | 6,632,750 | ||||||
RBB Bancorp | ||||||||
4.000% to 04/01/2026 then | ||||||||
TSFR3M + 3.290%, | ||||||||
04/01/2031 (b) | 5,450,000 | 4,856,756 | ||||||
Renasant Corp. | ||||||||
3.000% to 12/01/2026 then | ||||||||
TSFR3M + 1.910%, | ||||||||
12/01/2031 (b) | 5,000,000 | 4,248,689 | ||||||
4.500% to 09/15/2030 then | ||||||||
TSFR3M + 4.025%, | ||||||||
09/15/2035 (b) | 9,000,000 | 7,452,813 | ||||||
Sandy Spring Bancorp, Inc. | ||||||||
4.250% to 11/15/2024 then | ||||||||
3 Month LIBOR USD + 2.882%, | ||||||||
11/15/2029 (b) | 5,500,000 | 5,171,730 | ||||||
Southside Bancshares, Inc. | ||||||||
3.875% to 11/15/2025 then | ||||||||
TSFR3M + 3.660%, | ||||||||
11/15/2030 (b) | 8,000,000 | 7,182,176 | ||||||
Summit Financial Group, Inc. | ||||||||
3.250% to 12/01/2026 then | ||||||||
TSFR3M + 2.300%, | ||||||||
12/01/2031(b) | 4,000,000 | 3,394,829 | ||||||
Synovus Financial Corp. | ||||||||
5.900% (5 Year Swap Rate USD + | ||||||||
3.379%), 02/07/2029 (b) | 4,000,000 | 3,945,800 | ||||||
Texas Capital Bancshares, Inc. | ||||||||
4.000% (5 Year CMT Rate + | ||||||||
3.150%), 05/06/2031 (b) | 10,942,000 | 9,835,845 | ||||||
Texas Capital Bank, NA | ||||||||
5.250%, 01/31/2026 | 5,000,000 | 4,753,767 | ||||||
Towne Bank | ||||||||
3.125% to 02/15/2027 then | ||||||||
TSFR3M + 1.680%, | ||||||||
02/15/2032 (b) | 4,000,000 | 3,319,190 | ||||||
Trustmark Corp. | ||||||||
3.625% to 12/01/2025 then | ||||||||
TSFR3M + 3.387%, | ||||||||
12/01/2030 (b) | 6,500,000 | 5,897,364 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 25
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | �� | ||||||
UMB Financial Corp. | ||||||||
3.700% (5 Year CMT Rate + | ||||||||
3.437%), 09/17/2030 (b) | $ | 5,000,000 | $ | 4,565,712 | ||||
Webster Financial Corp. | ||||||||
4.100%, 03/25/2029 | 1,380,000 | 1,261,658 | ||||||
Western Alliance Bancorp. | ||||||||
3.000% to 06/15/2026 then | ||||||||
TSFR3M + 2.250%, | ||||||||
06/15/2031 (b) | 5,900,000 | 5,138,646 | ||||||
Western Alliance Bank | ||||||||
5.250% to 06/01/2025 then | ||||||||
TSFR3M + 5.120%, | ||||||||
06/01/2030 (b) | 7,500,000 | 7,247,291 | ||||||
WSFS Financial Corp. | ||||||||
6.819% (3 Month LIBOR USD + | ||||||||
0.000%), 12/15/2027 (b) | 3,500,000 | 3,465,404 | ||||||
2.750% to 12/15/2025 then | ||||||||
SOFR + 2.485%, 12/15/2030 (b) | 4,470,000 | 3,935,936 | ||||||
Building Products – 0.46% | ||||||||
Builders FirstSource, Inc. | ||||||||
4.250%, 02/01/2032 (a) | 4,750,000 | 3,992,525 | ||||||
6.375%, 06/15/2032 (a) | 2,000,000 | 1,922,417 | ||||||
Masonite International Corp. | ||||||||
5.375%, 02/01/2028 (a)(c) | 500,000 | 469,488 | ||||||
3.500%, 02/15/2030 (a)(c) | 10,536,000 | 8,580,013 | ||||||
TopBuild Corp. | ||||||||
3.625%, 03/15/2029 (a) | 8,815,000 | 7,355,960 | ||||||
4.125%, 02/15/2032 (a) | 1,565,000 | 1,286,515 | ||||||
Capital Markets – 0.81% | ||||||||
Ares Capital Corp. | ||||||||
3.200%, 11/15/2031 | 15,000,000 | 11,433,333 | ||||||
Blackstone Holdings | ||||||||
Finance Co., LLC | ||||||||
1.625%, 08/05/2028 (a) | 15,000,000 | 12,340,149 | ||||||
Brookfield Corp. | ||||||||
7.375%, 03/01/2033 (c) | 3,000,000 | 3,244,111 | ||||||
MSCI, Inc. | ||||||||
3.625%, 11/01/2031 (a) | 7,500,000 | 6,278,962 | ||||||
UBS Group AG | ||||||||
2.746% (1 Year CMT Rate + | ||||||||
1.100%), 02/11/2033 (a)(b)(c) | 10,000,000 | 7,855,627 | ||||||
Chemicals – 0.44% | ||||||||
Axalta Coating Systems, LLC | ||||||||
3.375%, 02/15/2029 (a) | 13,244,000 | 11,031,391 | ||||||
Eastman Chemical Co. | ||||||||
5.750%, 03/08/2033 | 5,000,000 | 4,973,698 | ||||||
Scotts Miracle-Gro Co. | ||||||||
4.375%, 02/01/2032 | 6,828,000 | 5,581,207 | ||||||
Valvoline, Inc. | ||||||||
3.625%, 06/15/2031 (a) | 795,000 | 641,148 | ||||||
Commercial Services & | ||||||||
Supplies – 0.34% | ||||||||
Central Storage Safety | ||||||||
Project Trust | ||||||||
4.823%, 02/01/2038 (a)(e) | 6,175,680 | 5,576,541 | ||||||
Oglethorpe Power Corp. | ||||||||
6.191%, 01/01/2031 (a) | 6,445,000 | 6,446,011 | ||||||
Wildflower Improvement | ||||||||
Association | ||||||||
6.625%, 03/01/2031 (a)(e) | 5,527,867 | 5,250,201 | ||||||
Consumer Finance – 0.44% | ||||||||
Ally Financial, Inc. | ||||||||
6.700%, 02/14/2033 | 10,000,000 | 9,501,463 | ||||||
OneMain Finance Corp. | ||||||||
3.500%, 01/15/2027 | 5,000,000 | 4,204,304 | ||||||
5.375%, 11/15/2029 | 10,603,000 | 8,943,843 | ||||||
Containers & Packaging – 0.45% | ||||||||
AptarGroup, Inc. | ||||||||
3.600%, 03/15/2032 | 10,000,000 | 8,431,305 | ||||||
Ball Corp. | ||||||||
2.875%, 08/15/2030 | 10,937,000 | 8,741,397 | ||||||
3.125%, 09/15/2031 | 1,490,000 | 1,194,704 | ||||||
Graphic Packaging | ||||||||
International, LLC | ||||||||
3.500%, 03/15/2028 (a) | 1,058,000 | 926,618 | ||||||
3.750%, 02/01/2030 (a) | 4,433,000 | 3,782,346 | ||||||
Diversified Consumer | ||||||||
Services – 0.62% | ||||||||
Liberty University, Inc. | ||||||||
3.338%, 03/01/2034 | 10,000,000 | 8,546,724 | ||||||
Nature Conservancy | ||||||||
1.711%, 07/01/2031 | 1,250,000 | 982,261 | ||||||
1.811%, 07/01/2032 | 1,150,000 | 881,372 | ||||||
1.861%, 07/01/2033 | 532,000 | 395,873 | ||||||
Service Corp. International | ||||||||
3.375%, 08/15/2030 | 12,676,000 | 10,311,419 | ||||||
4.000%, 05/15/2031 | 8,375,000 | 7,082,821 | ||||||
United Jewish Appeal-Federation | ||||||||
of Jewish Philanthropies of | ||||||||
New York, Inc. | ||||||||
2.145%, 02/01/2031 | 4,565,000 | 3,716,330 | ||||||
Diversified Financial | ||||||||
Services – 0.37% | ||||||||
American AGcredit FLCA | ||||||||
3.375% to 06/15/2031 then | ||||||||
SOFR + 2.120%, | ||||||||
06/15/2036 (a)(b) | 10,000,000 | 7,947,437 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 26
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Compeer Financial FLCA | ||||||||
2.750% to 06/01/2026 then | ||||||||
SOFR + 2.030%, | ||||||||
06/01/2031 (a)(b) | $ | 5,000,000 | $ | 4,375,452 | ||||
Enterprise Community | ||||||||
Loan Fund, Inc. | ||||||||
3.685%, 11/01/2023 | 5,010,000 | 4,946,812 | ||||||
4.152%, 11/01/2028 | 1,660,000 | 1,542,229 | ||||||
Diversified Telecommunication | ||||||||
Services – 0.17% | ||||||||
Verizon Communications, Inc. | ||||||||
4.500%, 08/10/2033 | 9,180,000 | 8,530,404 | ||||||
Electrical Equipment – 0.24% | ||||||||
Regal Rexnord Corp. | ||||||||
6.300%, 02/15/2030 (a) | 4,676,000 | 4,572,145 | ||||||
Sensata Technologies, Inc. | ||||||||
4.375%, 02/15/2030 (a) | 5,446,000 | 4,823,496 | ||||||
3.750%, 02/15/2031 (a) | 3,255,000 | 2,716,525 | ||||||
Electronic Equipment, Instruments | ||||||||
& Components – 0.44% | ||||||||
CDW Finance Corp. | ||||||||
3.276%, 12/01/2028 | 3,030,000 | 2,616,460 | ||||||
3.250%, 02/15/2029 | 17,218,000 | 14,523,490 | ||||||
Corning, Inc. | ||||||||
5.750%, 08/15/2040 | 5,107,000 | 5,168,907 | ||||||
Equity Real Estate Investment | ||||||||
Trusts (REITs) – 0.30% | ||||||||
American Finance Trust, Inc. | ||||||||
4.500%, 09/30/2028 (a) | 10,000,000 | 7,736,169 | ||||||
Simon Property Group LP | ||||||||
6.750%, 02/01/2040 | 6,738,000 | 7,498,834 | ||||||
Healthcare Providers & | ||||||||
Services – 1.65% | ||||||||
Baptist Health South Florida, Inc. | ||||||||
4.342%, 11/15/2041 | 14,760,000 | 12,618,935 | ||||||
Centene Corp. | ||||||||
2.450%, 07/15/2028 | 16,390,000 | 13,749,899 | ||||||
3.000%, 10/15/2030 | 5,965,000 | 4,869,904 | ||||||
CHRISTUS Health | ||||||||
4.341%, 07/01/2028 | 13,170,000 | 12,578,242 | ||||||
CommonSpirit Health | ||||||||
2.782%, 10/01/2030 | 10,000,000 | 8,377,083 | ||||||
3.817%, 10/01/2049 | 1,800,000 | 1,355,816 | ||||||
Hackensack Meridian Health, Inc. | ||||||||
2.675%, 09/01/2041 | 9,920,000 | 7,038,451 | ||||||
HumanGood California | ||||||||
Obligated Group | ||||||||
3.000%, 10/01/2028 | 5,850,000 | 5,430,599 | ||||||
Northwell Healthcare, Inc. | ||||||||
3.391%, 11/01/2027 | 4,652,000 | 4,235,344 | ||||||
Orlando Health Obligated Group | ||||||||
2.891%, 10/01/2035 | 1,000,000 | 788,483 | ||||||
Penn State Health | ||||||||
3.806%, 11/01/2049 | 5,920,000 | 4,213,003 | ||||||
Sutter Health | ||||||||
3.161%, 08/15/2040 | 2,766,000 | 2,073,480 | ||||||
Toledo Hospital | ||||||||
6.015%, 11/15/2048 | 6,980,000 | 6,727,913 | ||||||
Hotels, Restaurants & Leisure – 0.23% | ||||||||
Papa John’s International, Inc. | ||||||||
3.875%, 09/15/2029 (a) | 6,174,000 | 5,162,606 | ||||||
Station Casinos, LLC | ||||||||
4.625%, 12/01/2031 (a) | 2,000,000 | 1,631,260 | ||||||
YMCA of Greater New York | ||||||||
2.303%, 08/01/2026 | 5,730,000 | 5,084,790 | ||||||
Household Durables – 0.60% | ||||||||
Ashton Woods USA, LLC | ||||||||
4.625%, 04/01/2030 (a) | 5,746,000 | 4,631,404 | ||||||
KB Home | ||||||||
4.800%, 11/15/2029 | 7,722,000 | 6,745,900 | ||||||
7.250%, 07/15/2030 | 1,000,000 | 979,501 | ||||||
M/I Homes, Inc. | ||||||||
3.950%, 02/15/2030 | 7,916,000 | 6,427,059 | ||||||
Meritage Homes Corp. | ||||||||
3.875%, 04/15/2029 (a) | 6,950,000 | 6,036,145 | ||||||
Tempur Sealy International, Inc. | ||||||||
3.875%, 10/15/2031 (a) | 7,541,000 | 6,085,587 | ||||||
Industrials – 0.07% | ||||||||
Leidos, Inc. | ||||||||
4.375%, 05/15/2030 | 3,810,000 | 3,489,381 | ||||||
Information Technology – 0.32% | ||||||||
Dell International LLC | ||||||||
8.100%, 07/15/2036 | 14,660,000 | 16,355,234 | ||||||
Insurance – 0.19% | ||||||||
Pacific Life Global Funding II | ||||||||
2.450%, 01/11/2032 (a) | 4,000,000 | 3,180,286 | ||||||
RGA Global Funding | ||||||||
2.700%, 01/18/2029 (a) | 7,750,000 | 6,621,497 | ||||||
Machinery – 0.22% | ||||||||
Allison Transmission, Inc. | ||||||||
3.750%, 01/30/2031 (a) | 13,782,000 | 11,456,839 | ||||||
Management, Scientific, and | ||||||||
Technical Consulting Services – 0.06% | ||||||||
Booz Allen Hamilton, Inc. | ||||||||
4.000%, 07/01/2029 (a) | 3,530,000 | 3,100,011 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 27
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Media – 0.61% | ||||||||
CCO Holdings Capital Corp. | ||||||||
4.750%, 02/01/2032 (a) | $ | 11,912,000 | $ | 9,674,331 | ||||
4.250%, 01/15/2034 (a) | 12,500,000 | 9,369,469 | ||||||
Sirius XM Radio, Inc. | ||||||||
3.875%, 09/01/2031 (a) | 15,874,000 | 12,356,480 | ||||||
Mortgage Real Estate Investment | ||||||||
Trusts (REITs) – 0.24% | ||||||||
Arbor Realty SR, Inc. | ||||||||
5.000%, 12/30/2028 (a) | 5,000,000 | 4,151,568 | ||||||
Arbor Realty Trust, Inc. | ||||||||
4.750%, 10/15/2024 (a) | 4,000,000 | 3,765,462 | ||||||
4.500%, 03/15/2027 (a) | 5,000,000 | 4,179,362 | ||||||
Nondepository Credit | ||||||||
Intermediation – 0.17% | ||||||||
Ford Motor Credit Co LLC | ||||||||
7.350%, 03/06/2030 | 8,750,000 | 8,871,362 | ||||||
Other Professional, Scientific, and | ||||||||
Technical Services – 0.07% | ||||||||
Prime Security Services | ||||||||
Borrower LLC | ||||||||
5.750%, 04/15/2026 (a) | 3,500,000 | 3,385,952 | ||||||
Pharmaceuticals – 0.71% | ||||||||
Bristol-Myers Squibb Co. | ||||||||
4.125%, 06/15/2039 | 13,734,000 | 12,246,133 | ||||||
Johnson & Johnson | ||||||||
5.850%, 07/15/2038 | 8,180,000 | 9,104,962 | ||||||
Wyeth, LLC | ||||||||
5.950%, 04/01/2037 | 13,738,000 | 14,722,915 | ||||||
Professional Services – 0.02% | ||||||||
Booz Allen Hamilton, Inc. | ||||||||
3.875%, 09/01/2028 (a) | 1,220,000 | 1,084,141 | ||||||
Residential Building | ||||||||
Construction – 0.06% | ||||||||
Ashton Woods USA, LLC | ||||||||
6.625%, 01/15/2028 (a) | 3,620,000 | 3,282,306 | ||||||
Road & Rail – 0.21% | ||||||||
ERAC USA Finance, LLC | ||||||||
7.000%, 10/15/2037 (a) | 9,316,000 | 10,503,290 | ||||||
Software – 0.61% | ||||||||
Open Text Corp. | ||||||||
6.900%, 12/01/2027 (a)(c) | 1,000,000 | 1,010,900 | ||||||
3.875%, 12/01/2029 (a)(c) | 8,830,000 | 7,220,467 | ||||||
Open Text Holdings, Inc. | ||||||||
4.125%, 12/01/2031 (a) | 5,375,000 | 4,282,316 | ||||||
Oracle Corp. | ||||||||
3.850%, 07/15/2036 | 10,200,000 | 8,298,548 | ||||||
6.500%, 04/15/2038 | 10,000,000 | 10,419,017 | ||||||
Specialty Retail – 1.05% | ||||||||
Asbury Automotive Group, Inc. | ||||||||
5.000%, 02/15/2032 (a) | 6,400,000 | 5,462,306 | ||||||
AutoNation, Inc. | ||||||||
3.850%, 03/01/2032 | 7,000,000 | 5,869,499 | ||||||
Group 1 Automotive, Inc. | ||||||||
4.000%, 08/15/2028 (a) | 17,214,000 | 14,797,671 | ||||||
Home Depot, Inc. | ||||||||
5.400%, 09/15/2040 | 5,000,000 | 5,071,019 | ||||||
Lithia Motors, Inc. | ||||||||
3.875%, 06/01/2029 (a) | 10,685,000 | 8,938,483 | ||||||
4.375%, 01/15/2031 (a) | 7,000,000 | 5,836,495 | ||||||
Penske Automotive Group, Inc. | ||||||||
3.750%, 06/15/2029 | 8,950,000 | 7,529,277 | ||||||
Textiles, Apparel & Luxury | ||||||||
Goods – 0.02% | ||||||||
Hanesbrands, Inc. | ||||||||
9.000%, 02/15/2031 (a) | 1,000,000 | 1,012,450 | ||||||
Trading Companies & | ||||||||
Distributors – 0.10% | ||||||||
United Rentals North America, Inc. | ||||||||
3.750%, 01/15/2032 | 6,300,000 | 5,294,583 | ||||||
Utilities – 0.56% | ||||||||
Brazos Securitization LLC | ||||||||
5.413%, 09/01/2050 (a) | 9,500,000 | 9,520,910 | ||||||
CoServ Securitization LLC | ||||||||
2022, 5.321%, 02/15/2048 (a) | 19,000,000 | 18,922,109 | ||||||
Wireless Telecommunication | ||||||||
Services – 0.19% | ||||||||
T-Mobile USA, Inc. | ||||||||
2.625%, 02/15/2029 | 11,689,000 | 9,953,432 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $1,217,618,552) | 1,072,722,783 | |||||||
NON-AGENCY RESIDENTIAL | ||||||||
MORTGAGE BACKED SECURITIES – 10.22% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
2005-3, 3.690%, 07/25/2035 (f) | 281,471 | 275,936 | ||||||
2005-10, 4.038%, 01/25/2036 (f) | 5,215,079 | 4,086,020 | ||||||
2006-2, 3.333%, 05/25/2036 (f) | 862,257 | 751,430 | ||||||
Alternative Loan Trust | ||||||||
2004-28CB, 5.000%, 01/25/2020 (g) | 127,195 | 91,658 | ||||||
2006-J3, 5.750%, 05/25/2026 | 528,283 | 495,727 | ||||||
2004-13CB, 6.000%, 07/25/2034 | 7,286,415 | 7,198,041 | ||||||
2004-24CB, 6.000%, 11/25/2034 | 1,392,199 | 1,376,183 | ||||||
2004-27CB, 6.000%, 12/25/2034 | 985,764 | 877,629 | ||||||
2004-28CB, 6.000%, 01/25/2035 | 300,253 | 275,919 | ||||||
2005-6CB, 5.750%, 04/25/2035 | 1,861,043 | 1,619,403 | ||||||
2005-6CB, 7.500%, 04/25/2035 | 218,226 | 203,673 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 28
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Alternative Loan Trust (Cont.) | ||||||||
2005-13CB, 5.117% | ||||||||
(1 Month LIBOR USD + 0.500%), | ||||||||
05/25/2035 (b) | $ | 922,665 | $ | 755,849 | ||||
2005-9CB, 5.117% | ||||||||
(1 Month LIBOR USD + 0.500%), | ||||||||
05/25/2035 (b) | 1,970,211 | 1,728,708 | ||||||
2005-9CB, 6.000%, 05/25/2035 | 7,185,475 | 3,930,361 | ||||||
2005-21CB, 5.250%, 06/25/2035 | 2,644,899 | 2,060,908 | ||||||
2005-21CB, 6.000%, 06/25/2035 | 1,596,142 | 1,285,996 | ||||||
2005-J6, 5.117% (1 Month LIBOR USD + 0.500%), | ||||||||
07/25/2035 (b) | 2,702,038 | 2,263,293 | ||||||
2005-20CB, 5.500%, 07/25/2035 | 995,097 | 771,706 | ||||||
2005-43, 4.149%, 09/25/2035 (f) | 137,933 | 117,173 | ||||||
2005-63, 3.842%, 11/25/2035 (f) | 843,250 | 719,658 | ||||||
2005-54CB, 5.500%, 11/25/2035 | 566,369 | 329,845 | ||||||
2005-J13, 5.500%, 11/25/2035 | 447,148 | 318,973 | ||||||
2005-65CB, 0.000%, | ||||||||
12/25/2035 (e)(h) | 710,403 | 323,828 | ||||||
2005-65CB, 5.500%, 01/25/2036 | 103,949 | 71,913 | ||||||
2005-75CB, 5.500%, 01/25/2036 | 1,305,182 | 939,917 | ||||||
2005-73CB, 5.750%, 01/25/2036 | 338,805 | 192,932 | ||||||
2005-86CB, 5.500%, 02/25/2036 | 957,636 | 584,083 | ||||||
2005-86CB, 5.500%, 02/25/2036 | 132,705 | 80,939 | ||||||
2005-80CB, 6.000%, 02/25/2036 | 4,363,163 | 4,106,607 | ||||||
2006-6CB, 5.500%, 05/25/2036 | 97,162 | 80,815 | ||||||
2006-12CB, 5.750% | ||||||||
(1 Month LIBOR USD + 5.750%), | ||||||||
05/25/2036 (b) | 562,684 | 299,533 | ||||||
2006-14CB, 6.000%, 06/25/2036 | 2,414,410 | 1,372,669 | ||||||
2006-16CB, 6.000%, 06/25/2036 | 379,621 | 226,238 | ||||||
2006-16CB, 6.000%, 06/25/2036 | 995,030 | 592,993 | ||||||
2006-16CB, 6.000%, 06/25/2036 | 863,760 | 514,741 | ||||||
2006-19CB, 5.017% | ||||||||
(1 Month LIBOR USD + 0.400%), | ||||||||
08/25/2036 (b) | 660,478 | 331,465 | ||||||
2006-24CB, 5.750%, 08/25/2036 | 3,957,236 | 2,252,296 | ||||||
2006-24CB, 5.750%, 08/25/2036 | 2,454,825 | 1,397,186 | ||||||
2006-19CB, 6.000% | ||||||||
(1 Month LIBOR USD + 1.000%), | ||||||||
08/25/2036 (b) | 992,833 | 614,387 | ||||||
2006-19CB, 6.000%, 08/25/2036 | 222,950 | 137,725 | ||||||
2006-19CB, 6.000%, 08/25/2036 | 3,847,956 | 2,378,989 | ||||||
2006-19CB, 6.000% | ||||||||
(1 Month LIBOR USD + 1.000%), | ||||||||
08/25/2036 (b) | 2,518,008 | 1,557,615 | ||||||
2006-23CB, 6.000%, 08/25/2036 | 611,912 | 567,657 | ||||||
2006-23CB, 6.500%, 08/25/2036 | 5,682,373 | 2,037,768 | ||||||
2006-J6, 6.000%, 09/25/2036 | 2,735,644 | 1,518,649 | ||||||
2006-J6, 6.000%, 09/25/2036 | 2,030,873 | 1,127,407 | ||||||
2006-26CB, 6.250%, 09/25/2036 | 5,554,693 | 3,094,101 | ||||||
2006-J5, 6.500%, 09/25/2036 | 1,910,513 | 1,106,031 | ||||||
2006-J5, 6.500%, 09/25/2036 | 9,248,957 | 5,354,391 | ||||||
2006-31CB, 5.750%, 11/25/2036 | 1,927,276 | 1,176,313 | ||||||
2006-31CB, 6.000%, 11/25/2036 | 213,648 | 133,339 | ||||||
2006-30T1, 6.500%, 11/25/2036 | 8,390,343 | 2,832,816 | ||||||
2006-39CB, 6.000%, 01/25/2037 | 2,402,915 | 1,974,373 | ||||||
2006-41CB, 6.000%, 01/25/2037 | 525,623 | 304,314 | ||||||
2007-2CB, 5.750%, 03/25/2037 | 5,660,375 | 3,130,913 | ||||||
2007-4CB, 5.750%, 04/25/2037 | 1,138,661 | 960,792 | ||||||
2007-4CB, 5.750%, 04/25/2037 | 1,513,770 | 1,277,306 | ||||||
2007-8CB, 5.500%, 05/25/2037 | 5,809,049 | 3,296,627 | ||||||
2007-8CB, 6.000%, 05/25/2037 | 784,908 | 468,883 | ||||||
2007-J2, 6.000%, 07/25/2037 | 3,229,453 | 2,950,780 | ||||||
2008-2R, 6.000%, 08/25/2037 (f) | 7,018,686 | 3,664,979 | ||||||
2007-23CB, 6.000%, 09/25/2037 | 4,340,087 | 2,490,436 | ||||||
2007-13, 6.000%, 06/25/2047 | 2,440,545 | 1,329,110 | ||||||
American Home Mortgage | ||||||||
Investment Trust | ||||||||
2006-2, 6.250%, 06/25/2036 (i) | 2,747,648 | 473,144 | ||||||
Banc of America Alternative | ||||||||
Loan Trust | ||||||||
2005-11, 5.750%, 12/25/2035 | 707,273 | 603,931 | ||||||
2005-11, 5.750%, 12/25/2035 | 115,303 | 98,456 | ||||||
2006-2, 6.500%, 03/25/2036 | 2,838,791 | 2,287,753 | ||||||
2006-9, 4.906% (1 Month LIBOR USD + 0.400%), | ||||||||
01/25/2037 (b) | 908,790 | 700,416 | ||||||
2006-9, 6.000%, 01/25/2037 | 185,205 | 158,986 | ||||||
2006-4, 6.000%, 05/25/2046 | 918,694 | 790,738 | ||||||
2006-4, 6.500%, 05/25/2046 | 562,413 | 498,336 | ||||||
2006-4, 6.500%, 05/25/2046 | 2,409,928 | 2,067,914 | ||||||
2006-5, 6.000%, 06/25/2046 | 269,427 | 235,925 | ||||||
2006-6, 6.000%, 07/25/2046 | 1,049,385 | 882,263 | ||||||
Banc of America Funding Trust | ||||||||
2003-3, 5.500%, 10/25/2033 | 175,492 | 166,296 | ||||||
2004-1, 6.000%, 02/25/2034 | 565,891 | 567,938 | ||||||
2004-1, 6.000%, 03/25/2034 | 3,321,535 | 3,341,083 | ||||||
2004-B, 3.937%, 11/20/2034 (f) | 1,693,292 | 1,538,961 | ||||||
2007-4, 5.500%, 11/25/2034 | 242,468 | 215,984 | ||||||
2005-3, 5.500%, 06/25/2035 | 70,813 | 62,893 | ||||||
2014-R3, 3.245%, 06/26/2035 (a)(f) | 2,938,528 | 2,734,679 | ||||||
2014-R3, 4.138%, 06/26/2035 (a)(f) | 1,498,667 | 1,440,234 | ||||||
2005-4, 5.500%, 08/25/2035 | 33,240 | 32,300 | ||||||
2005-5, 5.500%, 09/25/2035 | 158,255 | 152,681 | ||||||
2005-5, 5.500%, 09/25/2035 | 1,446,902 | 1,398,469 | ||||||
2005-7, 5.500%, 11/25/2035 | 2,974,294 | 2,683,321 | ||||||
2005-7, 5.750%, 11/25/2035 | 3,928 | 3,870 | ||||||
2005-7, 6.000%, 11/25/2035 | 19,540 | 18,981 | ||||||
2005-8, 5.750%, 01/25/2036 | 1,945,455 | 1,744,223 | ||||||
2006-B, 3.613%, 03/20/2036 (f) | 621,585 | 515,016 | ||||||
2006-F, 3.699%, 07/20/2036 (f) | 6,463,032 | 5,519,739 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 29
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Banc of America Funding Trust (Cont.) | ||||||||
2006-5, 5.750%, 09/25/2036 | $ | 328,861 | $ | 294,746 | ||||
2006-7, 6.000%, 09/25/2036 | 462,071 | 391,830 | ||||||
2006-I, 3.462%, 12/20/2036 (f) | 2,452,294 | 2,293,094 | ||||||
2006-I, 3.462%, 12/20/2036 (f) | 426,565 | 391,672 | ||||||
2006-I, 3.766%, 12/20/2036 (f) | 554,045 | 532,693 | ||||||
2007-1, 6.189%, 01/25/2037 (i) | 699,204 | 619,855 | ||||||
2007-2, 4.677% (1 Month LIBOR USD + 0.060%), | ||||||||
03/25/2037 (b) | 370,923 | 326,715 | ||||||
2007-3, 5.047% (1 Month LIBOR USD + 0.860%), | ||||||||
04/25/2037 (b) | 894,170 | 791,744 | ||||||
2007-6, 4.897% (1 Month LIBOR USD + 0.280%), | ||||||||
07/25/2037 (b) | 4,203,979 | 3,873,922 | ||||||
2007-6, 4.907% (1 Month LIBOR USD + 0.290%), | ||||||||
07/25/2037 (b) | 1,018,564 | 939,365 | ||||||
2007-5, 5.500%, 07/25/2037 | 1,365,355 | 1,073,038 | ||||||
2010-R3, 6.000%, 09/26/2037 (a)(f) | 6,493,142 | 6,193,232 | ||||||
2006-J, 4.416%, 01/20/2047 (f) | 115,187 | 105,569 | ||||||
Banc of America Mortgage Trust | ||||||||
2005-A, 3.902%, 02/25/2035 (f) | 1,371,608 | 1,312,792 | ||||||
2005-F, 3.933%, 07/25/2035 (f) | 720,869 | 654,944 | ||||||
2007-1, 6.000%, 03/25/2037 | 1,567,800 | 1,266,887 | ||||||
2006-B, 3.536%, 10/20/2046 (f) | 365,834 | 324,938 | ||||||
BCAP LLC Trust | ||||||||
2007-AA2, 7.500%, 04/25/2037 (j) | 298,351 | 173,979 | ||||||
Bear Stearns ALT-A Trust | ||||||||
2006-6, 3.685%, 11/25/2036 (f) | 811,187 | 385,042 | ||||||
Bear Stearns ARM Trust | ||||||||
2004-12, 2.853%, 02/25/2035 (f) | 46,098 | 43,297 | ||||||
Bear Stearns Asset Backed | ||||||||
Securities I Trust | ||||||||
2005-AC5, 5.500% (1 Month LIBOR USD + 1.000%), | ||||||||
08/25/2035 (b) | 513,565 | 344,263 | ||||||
2006-AC4, 4.756% (1 Month LIBOR USD + 0.250%), | ||||||||
07/25/2036 (b) | 2,956,855 | 2,489,056 | ||||||
2006-AC4, 16.726% (1 Month LIBOR USD + 36.250%), | ||||||||
07/25/2036 (b)(e)(j) | 683,305 | 654,706 | ||||||
Chase Funding Trust | ||||||||
2004-1, 5.367% (1 Month LIBOR USD + 0.750%), | ||||||||
09/25/2033 (b) | 19,009 | 18,984 | ||||||
Chase Mortgage Finance Trust | ||||||||
2005-S2, 5.500%, 10/25/2035 | 628,667 | 598,036 | ||||||
2005-S3, 5.500%, 11/25/2035 | 5,480,099 | 4,124,390 | ||||||
2005-A1, 3.942%, 12/25/2035 (f) | 755,707 | 696,231 | ||||||
2005-A1, 3.942%, 12/25/2035 (f) | 787,856 | 725,850 | ||||||
2006-S3, 6.000%, 11/25/2036 | 6,699,065 | 3,100,145 | ||||||
2006-S4, 6.000%, 12/25/2036 | 1,226,693 | 601,677 | ||||||
2006-S4, 6.000%, 12/25/2036 | 3,958,334 | 1,941,513 | ||||||
2007-S1, 6.000%, 02/25/2037 | 4,005,702 | 1,646,450 | ||||||
2007-S3, 5.750%, 05/25/2037 | 689,011 | 294,715 | ||||||
2007-S3, 6.000%, 05/25/2037 | 2,099,413 | 938,594 | ||||||
2007-A2, 4.023%, 07/25/2037 (f) | 860,013 | 740,942 | ||||||
ChaseFlex Trust | ||||||||
2005-1, 5.500%, 02/25/2035 | 293,065 | 241,481 | ||||||
2006-2, 4.423%, 09/25/2036 (f) | 2,385,083 | 2,119,129 | ||||||
2007-M1, 4.112%, 08/25/2037 (i) | 1,384,536 | 1,178,632 | ||||||
CHL Mortgage Pass-Through Trust | ||||||||
2005-20, 5.250%, 12/25/2027 | 19,469 | 12,518 | ||||||
2003-42, 3.743%, 10/25/2033 (f) | 788,797 | 721,976 | ||||||
2003-44, 5.000%, 10/25/2033 | 230,000 | 219,760 | ||||||
2004-4, 5.500%, 05/25/2034 | 434,389 | 403,815 | ||||||
2004-14, 4.289%, 08/25/2034 (f) | 2,142,936 | 1,967,545 | ||||||
2004-21, 4.000%, 11/25/2034 | 511,857 | 436,498 | ||||||
2004-24, 5.500%, 12/25/2034 | 2,418,964 | 2,265,669 | ||||||
2004-J9, 5.500%, 01/25/2035 | 489,482 | 477,362 | ||||||
2004-HYB5, 3.915%, 04/20/2035 (f) | 577,129 | 558,105 | ||||||
2005-HYB2, 3.657%, 05/20/2035 (f) | 746,100 | 697,656 | ||||||
2005-13, 5.500%, 06/25/2035 | 1,666,426 | 1,024,881 | ||||||
2005-J3, 5.500%, 09/25/2035 | 55,384 | 50,493 | ||||||
2005-27, 5.500%, 12/25/2035 | 958,179 | 726,181 | ||||||
2005-27, 5.500%, 12/25/2035 | 508,701 | 230,392 | ||||||
2005-31, 3.860%, 01/25/2036 (f) | 842,917 | 757,130 | ||||||
2005-30, 5.500%, 01/25/2036 | 63,454 | 40,767 | ||||||
2005-HY10, 3.680%, 02/20/2036 (f) | 1,511,864 | 1,268,384 | ||||||
2005-HY10, 3.902%, 02/20/2036 (f) | 60,415 | 48,268 | ||||||
2006-6, 6.000%, 04/25/2036 | 615,693 | 339,978 | ||||||
2006-9, 6.000%, 05/25/2036 | 1,149,015 | 582,007 | ||||||
2006-J4, 6.250%, 09/25/2036 | 96,089 | 39,902 | ||||||
2006-16, 6.500%, 11/25/2036 | 514,337 | 202,532 | ||||||
2006-17, 6.000% (1 Month LIBOR USD + 0.550%), | ||||||||
12/25/2036 (b) | 2,892,179 | 1,259,686 | ||||||
2006-17, 6.000%, 12/25/2036 | 2,138,442 | 918,432 | ||||||
2006-21, 5.750%, 02/25/2037 | 1,193,904 | 589,452 | ||||||
2006-21, 6.000%, 02/25/2037 | 2,756,887 | 1,400,193 | ||||||
2006-21, 6.000%, 02/25/2037 | 629,459 | 319,696 | ||||||
2007-1, 6.000%, 03/25/2037 | 1,975,534 | 1,014,861 | ||||||
2007-5, 5.500%, 05/25/2037 | 777,903 | 418,710 | ||||||
2007-5, 5.750%, 05/25/2037 | 5,537,523 | 3,043,445 | ||||||
2007-5, 5.750%, 05/25/2037 | 845,547 | 464,716 | ||||||
2007-5, 5.750%, 05/25/2037 | 1,631,604 | 896,736 | ||||||
2007-10, 6.000%, 07/25/2037 | 1,778,807 | 884,604 | ||||||
2007-J2, 6.000%, 07/25/2037 | 2,956,127 | 1,247,294 | ||||||
2007-J2, 6.000%, 07/25/2037 | 190,919 | 80,555 | ||||||
2007-HY5, 4.029%, 09/25/2037 (f) | 1,874,035 | 1,692,051 | ||||||
2007-HY6, 3.802%, 11/25/2037 (f) | 253,089 | 219,541 | ||||||
2007-HY5, 4.034%, 09/25/2047 (f) | 5,336,162 | 3,920,228 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 30
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Citicorp Mortgage Securities Trust | ||||||||
2006-3, 5.500%, 06/25/2021 (g) | $ | 50,926 | $ | 33,173 | ||||
2006-1, 6.000%, 02/25/2036 | 76,700 | 73,629 | ||||||
2006-3, 5.750%, 06/25/2036 | 354,155 | 300,055 | ||||||
2006-3, 6.000%, 06/25/2036 | 1,242,175 | 1,067,993 | ||||||
2006-3, 6.250%, 06/25/2036 | 777,706 | 678,402 | ||||||
2006-7, 6.000%, 12/25/2036 | 2,689,481 | 2,255,085 | ||||||
2007-3, 5.500%, 04/25/2037 | 36,799 | 35,088 | ||||||
2007-3, 6.000%, 04/25/2037 | 471,157 | 431,357 | ||||||
Citigroup Mortgage Loan Trust | ||||||||
2004-2, 9.250%, 08/25/2033 (a) | 12,676 | 11,375 | ||||||
2004-HYB3, | ||||||||
3.706%, 09/25/2034 (f) | 461,380 | 421,923 | ||||||
2005-WF1, | ||||||||
5.830%, 11/25/2034 (i) | 2,742,380 | 2,690,324 | ||||||
2005-1, 3.662%, 04/25/2035 (f) | 327,357 | 301,802 | ||||||
2005-2, 2.881%, 05/25/2035 (f) | 359,669 | 344,429 | ||||||
2005-5, 6.000%, 08/25/2035 | 1,774,738 | 1,616,945 | ||||||
2005-7, 2.993%, 09/25/2035 (f) | 387,166 | 331,902 | ||||||
2005-10, 3.821%, 12/25/2035 (f) | 1,019,166 | 664,909 | ||||||
2006-AR7, 4.067%, 11/25/2036 (f) | 1,359,852 | 1,215,371 | ||||||
2007-AR4, 3.987%, 03/25/2037 (f) | 1,009,958 | 879,914 | ||||||
CitiMortgage Alternative | ||||||||
Loan Trust | ||||||||
2006-A2, 5.217% (1 Month LIBOR USD + 0.600%), | ||||||||
05/25/2036 (b) | 385,498 | 339,928 | ||||||
2006-A4, 6.000%, 09/25/2036 | 968,211 | 861,934 | ||||||
2007-A1, 6.000%, 01/25/2037 | 1,460,455 | 1,299,244 | ||||||
2007-A1, 6.000%, 01/25/2037 | 2,347,075 | 2,087,994 | ||||||
Credit Suisse First Boston | ||||||||
Mortgage Securities Corp. | ||||||||
2005-8, 7.000%, 09/25/2035 | 2,698,450 | 1,357,815 | ||||||
CSFB Mortgage-Backed | ||||||||
Pass-Through Certificates | ||||||||
2004-8, 5.500%, 12/25/2034 | 141,346 | 138,178 | ||||||
2005-3, 5.500%, 07/25/2035 | 377,536 | 371,680 | ||||||
2005-9, 5.500%, 10/25/2035 | 526,361 | 255,273 | ||||||
2005-10, 5.500%, 11/25/2035 | 422,405 | 320,619 | ||||||
2005-10, 5.500%, 11/25/2035 | 1,665,076 | 1,263,846 | ||||||
2005-10, 6.000%, 11/25/2035 | 814,813 | 243,364 | ||||||
CSMC Mortgage-Backed Trust | ||||||||
2006-CF1, | ||||||||
5.500%, 11/25/2035 (a)(i) | 2,565,000 | 2,274,451 | ||||||
2006-1, 5.500%, 02/25/2036 | 296,803 | 268,285 | ||||||
2006-1, 5.500%, 02/25/2036 | 31,333 | 28,737 | ||||||
2006-2, 5.750%, 03/25/2036 | 526,984 | 358,640 | ||||||
2006-2, 6.000%, 03/25/2036 | 4,174,212 | 1,871,093 | ||||||
2006-4, 6.000%, 05/25/2036 | 517,629 | 305,594 | ||||||
2006-4, 7.000%, 05/25/2036 | 505,758 | 79,106 | ||||||
2011-12R, 3.754%, 07/27/2036 (a)(f) | ||||||||
1,106,792 | 1,090,824 | |||||||
2006-7, 6.000%, 08/25/2036 | 708,089 | 559,516 | ||||||
2007-2, 5.500%, 03/25/2037 | 1,351,629 | 760,643 | ||||||
2007-3, 5.500%, 04/25/2037 | 299,416 | 246,743 | ||||||
2007-3, 5.500%, 04/25/2037 | 418,887 | 345,197 | ||||||
2013-2R, 3.218%, 05/27/2037 (a)(f) | ||||||||
1,939,833 | 1,288,773 | |||||||
Deutsche Alt-A Securities, Inc. | ||||||||
Mortgage Loan Trust | ||||||||
2005-3, 5.117% (1 Month LIBOR USD + 0.500%), | ||||||||
05/25/2035 (b) | 915,828 | 786,121 | ||||||
2005-6, 5.500%, 12/25/2035 | 1,429,120 | 1,172,071 | ||||||
Deutsche Alt-B Securities, Inc. | ||||||||
Mortgage Loan Trust | ||||||||
2006-AB4, 4.717% (1 Month LIBOR USD + 0.100%), | ||||||||
10/25/2036 (b) | 446,262 | 377,863 | ||||||
DFC HEL Trust | ||||||||
2001-1, 6.238% (1 Month LIBOR USD + 1.650%), | ||||||||
08/15/2031 (b) | 1,430,577 | 1,381,115 | ||||||
Equity One Mortgage | ||||||||
Pass-Through Trust | ||||||||
2003-1, 4.860%, 08/25/2033 (f) | 434,542 | 423,808 | ||||||
2003-3, 4.868%, 12/25/2033 (f) | 1,318,929 | 1,231,365 | ||||||
Fannie Mae Connecticut | ||||||||
Avenue Securities | ||||||||
2015-C03, 9.617% (1 Month LIBOR USD + 5.000%), | ||||||||
07/25/2025 (b) | 2,443,739 | 2,556,529 | ||||||
2016-C01, 11.567% (1 Month LIBOR USD + 6.950%), | ||||||||
08/25/2028 (b) | 1,195,020 | 1,266,489 | ||||||
2017-C05, 8.217% (1 Month LIBOR USD + 3.600%), | ||||||||
01/25/2030 (b) | 6,599,636 | 6,877,199 | ||||||
2018-C03, 8.367% (1 Month LIBOR USD + 3.750%), | ||||||||
10/25/2030 (b) | 5,000,000 | 5,262,879 | ||||||
2021-R02, 6.484% (SOFR30A + | ||||||||
2.000%), 11/25/2041 (a)(b) | 2,250,000 | 2,161,874 | ||||||
First Horizon Alternative | ||||||||
Mortgage Securities Trust | ||||||||
2005-FA11, 5.250%, 02/25/2021 (g) | 698 | — | ||||||
2006-FA6, 5.750%, 11/25/2021 (g) | 888 | 649 | ||||||
2004-AA6, 4.748%, 01/25/2035 (f) | 272,374 | 264,021 | ||||||
2004-AA7, 5.281%, 02/25/2035 (f) | 781,402 | 722,332 | ||||||
2005-AA5, 4.800%, 07/25/2035 (f) | 1,326,652 | 1,197,524 | ||||||
2005-AA7, 5.087%, 09/25/2035 (f) | 1,387,242 | 1,198,361 | ||||||
2005-FA8, 5.500%, 11/25/2035 | 1,189,348 | 646,093 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 31
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
First Horizon Alternative | ||||||||
Mortgage Securities Trust (Cont.) | ||||||||
2006-FA1, 5.750%, 04/25/2036 | $ | 1,918,600 | $ | 944,760 | ||||
2006-FA2, 6.000%, 05/25/2036 | 2,246,598 | 1,032,405 | ||||||
2006-FA2, 6.000%, 05/25/2036 | 1,426,032 | 655,321 | ||||||
2006-FA6, 6.000%, 11/25/2036 | 954,908 | 344,027 | ||||||
2006-FA6, 6.250%, 11/25/2036 | 1,210,405 | 447,450 | ||||||
2006-FA6, 6.250%, 11/25/2036 | 6,838,318 | 3,410,731 | ||||||
2007-AA1, 3.956%, 05/25/2037 (f) | 2,317,812 | 1,635,053 | ||||||
2007-FA4, 6.250%, 08/25/2037 | 1,818,209 | 805,042 | ||||||
First Horizon Mortgage | ||||||||
Pass-Through Trust | ||||||||
2005-AR3, 3.888%, 08/25/2035 (f) | 1,281,959 | 1,209,204 | ||||||
2006-AR4, 4.186%, 01/25/2037 (f) | 2,312,846 | 1,463,057 | ||||||
2006-4, 5.750%, 02/25/2037 | 873,205 | 231,872 | ||||||
2006-4, 6.000%, 02/25/2037 | 528,757 | 146,406 | ||||||
2007-AR1, 3.568%, 05/25/2037 (f) | 494,322 | 215,582 | ||||||
2007-AR2, 3.801%, 08/25/2037 (f) | 2,286,111 | 784,288 | ||||||
Freddie Mac STACR REMIC Trust | ||||||||
2021-HQA1, 6.734% (SOFR30A + | ||||||||
2.250%), 08/25/2033 (a)(b) | 5,855,000 | 5,723,934 | ||||||
2021-DNA5, 7.534% (SOFR30A + | ||||||||
3.050%), 01/25/2034 (a)(b) | 7,759,414 | 7,354,053 | ||||||
2021-DNA7, 6.284% (SOFR30A + | ||||||||
1.800%), 11/25/2041 (a)(b) | 7,750,000 | 7,423,819 | ||||||
Freddie Mac Structured Agency | ||||||||
Credit Risk Debt Notes | ||||||||
2018-DNA2, 8.317% | ||||||||
(1 Month LIBOR USD + 3.700%), | ||||||||
12/25/2030 (a)(b) | 5,000,000 | 5,194,634 | ||||||
2022-DNA1, 6.334% (SOFR30A + | ||||||||
1.850%), 01/25/2042 (a)(b) | 6,800,000 | 6,535,727 | ||||||
2022-DNA1, 6.984% (SOFR30A + | ||||||||
2.500%), 01/25/2042 (a)(b) | 9,000,000 | 8,432,305 | ||||||
2018-HRP2, 8.817% | ||||||||
(1 Month LIBOR USD + 4.200%), | ||||||||
02/25/2047 (a)(b) | 10,000,000 | 10,270,498 | ||||||
2020-DNA5, 9.284% (SOFR30A + | ||||||||
4.800%), 10/25/2050 (a)(b) | 10,606,000 | 11,182,950 | ||||||
GSAA Home Equity Trust | ||||||||
2005-1, 6.260%, 11/25/2034 (i) | 2,050,000 | 1,981,643 | ||||||
2006-15, 6.692%, 09/25/2036 (i) | 2,115,268 | 608,945 | ||||||
2006-18, 6.182%, 11/25/2036 (i) | 1,685,411 | 426,271 | ||||||
2007-7, 4.977% (1 Month LIBOR USD + 0.360%), | ||||||||
07/25/2037 (b) | 801,087 | 753,910 | ||||||
GSR Mortgage Loan Trust | ||||||||
2005-4F, 6.500%, 04/25/2020 (g) | 47,555 | 47,413 | ||||||
2003-5F, 3.000%, 08/25/2032 | 876,541 | 810,251 | ||||||
2004-15F, 6.000%, 12/25/2034 | 1,040,663 | 858,533 | ||||||
2005-1F, 6.000%, 01/25/2035 | 14,220 | 12,654 | ||||||
2005-AR4, 3.652%, 07/25/2035 (f) | 163,601 | 151,619 | ||||||
2005-7F, 6.000%, 09/25/2035 | 18,314 | 17,592 | ||||||
2005-AR5, 3.759%, 10/25/2035 (f) | 552,544 | 501,426 | ||||||
2005-AR7, 3.740%, 11/25/2035 (f) | 406,440 | 361,181 | ||||||
2006-2F, 5.750%, 02/25/2036 | 451,212 | 399,834 | ||||||
HarborView Mortgage Loan Trust | ||||||||
2006-6, 3.964%, 08/19/2036 (f) | 2,124,078 | 1,682,807 | ||||||
Impac CMB Trust | ||||||||
2005-5, 5.117% (1 Month LIBOR USD + 0.250%), | ||||||||
08/25/2035 (b) | 420,444 | 381,783 | ||||||
Impac Secured Assets CMN Owner Trust | ||||||||
2002-2, 6.500%, 04/25/2033 | 980,526 | 941,614 | ||||||
2004-2, 4.812%, 08/25/2034 (i) | 119,468 | 116,170 | ||||||
IndyMac IMSC Mortgage Loan Trust | ||||||||
2007-AR1, 3.417%, 06/25/2037 (f) | 361,961 | 249,771 | ||||||
IndyMac INDA Mortgage Loan Trust | ||||||||
2007-AR1, 3.272%, 03/25/2037 (f) | 310,905 | 255,698 | ||||||
IndyMac INDX Mortgage Loan Trust | ||||||||
2004-AR4, 3.964%, 08/25/2034 (f) | 2,343,750 | 2,147,660 | ||||||
2004-AR11, 3.136%, 12/25/2034 (f) | 914,857 | 875,444 | ||||||
2005-AR3, 3.071%, 04/25/2035 (f) | 868,573 | 785,806 | ||||||
2005-AR9, 3.602%, 07/25/2035 (f) | 2,904,040 | 1,638,228 | ||||||
2005-AR23, 3.235%, 11/25/2035 (f) | 1,018,318 | 875,758 | ||||||
2005-AR23, 3.422%, 11/25/2035 (f) | 615,579 | 526,746 | ||||||
2005-AR25, 3.335%, 12/25/2035 (f) | 1,865,981 | 1,186,677 | ||||||
2005-AR35, 3.364%, 02/25/2036 (f) | 1,153,050 | 876,850 | ||||||
2006-AR3, 3.310%, 03/25/2036 (f) | 5,091,849 | 3,591,637 | ||||||
2006-AR9, 3.164%, 06/25/2036 (f) | 1,618,820 | 1,269,600 | ||||||
2006-AR25, 3.152%, 09/25/2036 (f) | 1,072,260 | 968,847 | ||||||
2006-AR25, 3.591%, 09/25/2036 (f) | 1,951,519 | 1,321,446 | ||||||
2006-AR31, 3.446%, 11/25/2036 (f) | 3,906,057 | 3,398,216 | ||||||
Jefferies Resecuritization Trust | ||||||||
2009-R1, 3.711%, 11/26/2035 (a)(f)(h) | ||||||||
559,223 | 495,207 | |||||||
JP Morgan Alternative Loan Trust | ||||||||
2006-S4, 6.460%, 12/25/2036 (i) | 425,079 | 405,465 | ||||||
JP Morgan Mortgage Trust | ||||||||
2005-S3, 5.750%, 01/25/2036 | 46,686 | 23,569 | ||||||
2007-A3, 3.187%, 05/25/2037 (f) | 2,576,537 | 2,064,646 | ||||||
Lehman Mortgage Trust | ||||||||
2005-2, 5.500%, 12/25/2035 | 1,444,988 | 819,171 | ||||||
2005-2, 5.750%, 12/25/2035 | 520,672 | 286,117 | ||||||
2005-3, 0.133% (1 Month LIBOR USD + 4.750%), | ||||||||
01/25/2036 (b)(e)(j)(k) | 853,941 | 65,106 | ||||||
2005-3, 5.117% (1 Month LIBOR USD + 0.500%), | ||||||||
01/25/2036 (b) | 853,941 | 374,301 | ||||||
2006-1, 5.500%, 02/25/2036 | 361,707 | 188,513 | ||||||
2006-3, 6.000%, 07/25/2036 | 3,167,670 | 1,605,497 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 32
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Lehman Mortgage Trust (Cont.) | ||||||||
2006-3, 6.000%, 07/25/2036 | $ | 7,003,171 | $ | 3,549,485 | ||||
2007-4, 5.750%, 05/25/2037 | 1,011,265 | 508,708 | ||||||
2007-4, 5.750%, 05/25/2037 | 2,209,615 | 1,111,527 | ||||||
2007-5, 5.750%, 06/25/2037 | 1,460,839 | 1,308,632 | ||||||
2007-5, 6.000%, 06/25/2037 | 2,316,386 | 661,399 | ||||||
2007-5, 6.000%, 06/25/2037 | 6,326,745 | 1,806,479 | ||||||
MASTR Adjustable Rate | ||||||||
Mortgages Trust | ||||||||
2004-4, 3.662%, 05/25/2034 (f) | 84,762 | 77,996 | ||||||
2005-1, 3.369%, 02/25/2035 (f) | 108,129 | 98,861 | ||||||
MASTR Alternative Loan Trust | ||||||||
2003-5, 5.879%, 08/25/2033 (f) | 649,439 | 405,409 | ||||||
2003-7, 6.250%, 11/25/2033 | 66,919 | 67,291 | ||||||
2004-6, 5.500%, 07/25/2034 | 181,854 | 171,523 | ||||||
2004-6, 6.000%, 07/25/2034 | 118,143 | 113,748 | ||||||
2004-11, 6.500%, 10/25/2034 | 385,162 | 376,304 | ||||||
2005-2, 5.500%, 03/25/2035 | 2,000,000 | 1,960,655 | ||||||
MASTR Asset Securitization Trust | ||||||||
2002-NC1, 6.717% | ||||||||
(1 Month LIBOR USD + 3.150%), | ||||||||
10/25/2032 (b) | 235,783 | 233,821 | ||||||
2006-1, 5.067% (1 Month LIBOR USD + 0.450%), | ||||||||
05/25/2036 (b) | 574,475 | 87,190 | ||||||
Merrill Lynch Mortgage | ||||||||
Investors Trust | ||||||||
2006-F1, 6.000%, 04/25/2036 | 1,992,934 | 1,004,941 | ||||||
Merrill Lynch Mortgage | ||||||||
Investors Trust MLCC | ||||||||
2004-D, 5.997% (6 Month LIBOR | ||||||||
USD + 0.720%), 09/25/2029 (b) | 628,624 | 592,061 | ||||||
Merrill Lynch Mortgage | ||||||||
Investors Trust MLMI | ||||||||
2005-A5, 3.471%, 06/25/2035 (f) | 282,421 | 262,167 | ||||||
2005-A7, 3.910%, 09/25/2035 (f) | 3,815,336 | 3,088,531 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
2005-7, 5.500%, 11/25/2035 | 776,890 | 734,943 | ||||||
2005-7, 5.500%, 11/25/2035 | 323,737 | 277,313 | ||||||
2006-2, 5.468%, 02/25/2036 (f) | 1,312,796 | 789,326 | ||||||
2006-2, 6.500%, 02/25/2036 | 886,161 | 448,630 | ||||||
2006-11, 6.000%, 08/25/2036 | 1,962,329 | 931,264 | ||||||
2006-11, 6.000%, 08/25/2036 | 1,385,596 | 950,541 | ||||||
2007-8XS, 6.000%, 04/25/2037 (f) | 1,310,718 | 481,885 | ||||||
2007-3XS, 6.263%, 01/25/2047 (i) | 6,606,303 | 2,109,864 | ||||||
Morgan Stanley Reremic Trust | ||||||||
2012-R3, 3.328%, 11/26/2036 (a)(f) | 1,947,732 | 1,537,452 | ||||||
Nomura Asset Acceptance Corp. | ||||||||
Alternative Loan Trust | ||||||||
2005-WF1, 5.659%, 03/25/2035 (i) | 22,663 | 22,193 | ||||||
2005-AR3, 5.688%, 07/25/2035 (f) | 668,110 | 648,852 | ||||||
Nomura Resecuritization Trust | ||||||||
2014-5R, 5.500%, 06/26/2035 (a)(f) | ||||||||
3,515,761 | 2,909,099 | |||||||
2011-4RA, 2.768%, 12/26/2036 (a)(f) | ||||||||
5,520,799 | 4,883,645 | |||||||
Opteum Mortgage Acceptance Corp. | ||||||||
Asset Backed Pass-Through Certificates | ||||||||
2005-5, 5.850%, 12/25/2035 (f) | 77,209 | 76,394 | ||||||
RAAC Trust | ||||||||
2005-SP1, 6.000%, 09/25/2034 | 2,788 | 2,589 | ||||||
RALI Trust | ||||||||
2006-QS1, 5.750%, 01/25/2036 | 187,047 | 145,934 | ||||||
2006-QA1, 5.759%, 01/25/2036 (f) | 76,149 | 84,051 | ||||||
2006-QS9, 5.317% | ||||||||
(1 Month LIBOR USD + 0.700%), | ||||||||
07/25/2036 (b) | 1,339,296 | 920,311 | ||||||
2006-QS13, 6.000%, 09/25/2036 | 1,997,059 | 1,558,691 | ||||||
2006-QS17, 6.000%, 12/25/2036 | 310,487 | 248,040 | ||||||
2007-QS6, 6.000%, 04/25/2037 | 2,625,052 | 2,083,705 | ||||||
2007-QS10, 6.500%, 09/25/2037 | 285,878 | 227,622 | ||||||
RBSSP Resecuritization Trust | ||||||||
2009-7, 6.000%, 03/26/2036 (a)(f) | 3,795,168 | 2,195,235 | ||||||
Renaissance Home Equity Loan Trust | ||||||||
2005-1, 5.516%, 05/25/2035 (i) | 100,632 | 99,979 | ||||||
Resecuritization Pass-Through Trust | ||||||||
2005-8R, 6.000%, 10/25/2034 | 1,641,866 | 1,580,550 | ||||||
Residential Asset Securitization Trust | ||||||||
2003-A9, 4.000%, 08/25/2033 | 897,500 | 766,897 | ||||||
2004-R2, 5.500%, 08/25/2034 | 1,639,326 | 1,579,830 | ||||||
2005-A5, 5.500%, 05/25/2035 | 1,053,622 | 744,302 | ||||||
2005-A11, 4.850%, 10/25/2035 | 3,514,488 | 1,570,638 | ||||||
2005-A11, 5.500%, 10/25/2035 | 241,863 | 169,570 | ||||||
2005-A11, 6.000%, 10/25/2035 | 400,267 | 210,779 | ||||||
2005-A15, 5.750%, 02/25/2036 | 3,466,766 | 1,402,984 | ||||||
2006-A5CB, 6.000%, 06/25/2036 | 2,279,294 | 980,689 | ||||||
2006-A10, 1.233% (1 Month LIBOR USD + 5.850%), | ||||||||
09/25/2036 (b)(e)(j)(k) | 10,209,584 | 927,346 | ||||||
2006-A10, 5.267% (1 Month LIBOR USD + 0.650%), | ||||||||
09/25/2036 (b) | 10,209,584 | 2,681,055 | ||||||
2006-A15, 1.033% (1 Month LIBOR USD + 5.650%), | ||||||||
01/25/2037 (b)(e)(j)(k) | 16,544,919 | 1,647,905 | ||||||
2006-A15, 5.217% (1 Month LIBOR USD + 0.600%), | ||||||||
01/25/2037 (b) | 16,544,919 | 4,466,352 | ||||||
RFMSI Trust | ||||||||
2005-SA4, 3.940%, 09/25/2035 (f) | 1,657,068 | 1,031,616 | ||||||
2005-SA4, 4.195%, 09/25/2035 (f) | 22,494 | 21,793 | ||||||
2005-SA4, 4.287%, 09/25/2035 (f) | 1,254,595 | 817,106 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 33
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
RFMSI Trust (Cont.) | ||||||||
2006-S3, 5.500%, 03/25/2036 | $ | 1,933,337 | $ | 1,564,156 | ||||
2006-S4, 6.000%, 04/25/2036 | 1,831,969 | 1,501,558 | ||||||
2006-S5, 6.000%, 06/25/2036 | 172,795 | 144,942 | ||||||
2006-S5, 6.000%, 06/25/2036 | 355,708 | 298,371 | ||||||
2006-S5, 6.000%, 06/25/2036 | 1,490,689 | 1,250,402 | ||||||
2006-S5, 6.000%, 06/25/2036 | 185,266 | 152,730 | ||||||
2006-S6, 6.000%, 07/25/2036 | 104,934 | 86,354 | ||||||
2006-S6, 6.000%, 07/25/2036 | 540,221 | 444,567 | ||||||
2006-S7, 6.250%, 08/25/2036 | 1,164,428 | 985,681 | ||||||
2006-S7, 6.500%, 08/25/2036 | 696,166 | 590,692 | ||||||
2006-S9, 5.750%, 09/25/2036 | 1,415,581 | 1,108,909 | ||||||
2007-S1, 6.000%, 01/25/2037 | 468,031 | 373,511 | ||||||
2007-S7, 6.000%, 07/25/2037 | 1,492,773 | 1,156,668 | ||||||
Specialty Underwriting & | ||||||||
Residential Finance Trust | ||||||||
2006-BC2, 3.538%, 02/25/2037 (i) | 792,927 | 319,155 | ||||||
STARM Mortgage Loan Trust | ||||||||
2007-1, 4.036%, 02/25/2037 (f) | 3,327,158 | 2,894,892 | ||||||
2007-2, 2.685%, 04/25/2037 (f) | 447,499 | 201,289 | ||||||
Structured Adjustable Rate | ||||||||
Mortgage Loan Trust | ||||||||
2004-18, 4.386%, 12/25/2034 (f) | 468,172 | 428,316 | ||||||
2005-12, 3.882%, 06/25/2035 (f) | 616,372 | 479,430 | ||||||
2005-21, 4.174%, 11/25/2035 (f) | 3,361,204 | 2,394,669 | ||||||
2006-1, 3.397%, 02/25/2036 (f) | 124,810 | 112,930 | ||||||
2006-1, 4.021%, 02/25/2036 (f) | 1,108,489 | 891,818 | ||||||
2006-4, 3.762%, 05/25/2036 (f) | 594,235 | 406,770 | ||||||
2006-12, 4.181%, 01/25/2037 (f) | 577,242 | 445,095 | ||||||
2007-5, 5.057% (1 Month LIBOR USD + 0.440%), | ||||||||
06/25/2037 (b) | 1,572,305 | 1,335,534 | ||||||
2007-6, 4.997% (1 Month LIBOR USD + 0.380%), | ||||||||
07/25/2037 (b) | 4,528,310 | 3,922,394 | ||||||
2007-9, 6.592% (6 Month LIBOR USD + 1.500%), | ||||||||
10/25/2037 (b) | 910,940 | 797,005 | ||||||
Suntrust Alternative Loan Trust | ||||||||
2005-1F, 5.750%, 12/25/2035 | 807,339 | 730,467 | ||||||
2005-1F, 6.000%, 12/25/2035 | 1,864,321 | 1,701,820 | ||||||
2005-1F, 6.500%, 12/25/2035 | 1,920,150 | 1,727,135 | ||||||
TBW Mortgage-Backed Trust | ||||||||
2006-2, 5.500%, 07/25/2036 (e) | 80,750 | 7,665 | ||||||
Volt, LLC | ||||||||
2021-NPL4, 4.949%, 03/27/2051 (a)(i) | 1,650,000 | 1,447,025 | ||||||
WaMu Mortgage Pass-Through | ||||||||
Certificates Trust | ||||||||
2003-S4, 5.660%, 06/25/2033 (f) | 1,846,461 | 1,738,455 | ||||||
2003-AR10, 4.233%, 10/25/2033 (f) | 7,065,126 | 6,566,171 | ||||||
2004-S2, 6.000%, 06/25/2034 | 45,506 | 44,182 | ||||||
2005-AR14, 3.913%, 12/25/2035 (f) | ||||||||
4,311,063 | 4,021,619 | |||||||
2006-AR10, 3.596%, 09/25/2036 (f) | ||||||||
914,321 | 783,492 | |||||||
2007-HY2, 3.433%, 12/25/2036 (f) | ||||||||
13,204,245 | 11,697,717 | |||||||
2006-AR16, 3.518%, 12/25/2036 (f) | ||||||||
1,067,737 | 926,355 | |||||||
2007-HY3, 3.458%, 03/25/2037 (f) | 2,369,646 | 2,142,250 | ||||||
2007-HY5, 3.360%, 05/25/2037 (f) | 1,145,356 | 1,001,336 | ||||||
2007-HY7, 3.388%, 07/25/2037 (f) | 204,909 | 151,113 | ||||||
2006-AR8, 3.681%, 08/25/2046 (f) | 1,550,409 | 1,367,632 | ||||||
Washington Mutual Mortgage | ||||||||
Pass-Through Certificates WMALT Trust | ||||||||
2005-1, 6.000%, 03/25/2035 | 953,302 | 848,007 | ||||||
2005-4, 5.500%, 06/25/2035 | 3,089,649 | 2,625,313 | ||||||
2005-5, 5.500%, 07/25/2035 | 1,023,890 | 919,676 | ||||||
2005-6, 5.500%, 08/25/2035 | 2,568,859 | 2,172,587 | ||||||
2005-6, 5.500%, 08/25/2035 | 561,586 | 474,956 | ||||||
2005-6, 5.500%, 08/25/2035 | 1,166,152 | 1,000,437 | ||||||
2005-6, 6.500%, 08/25/2035 | 275,882 | 240,127 | ||||||
2005-9, 5.500%, 11/25/2035 | 389,501 | 330,868 | ||||||
2006-8, 4.177%, 10/25/2036 (i) | 2,291,061 | 954,331 | ||||||
2007-HY1, 4.937% (1 Month LIBOR USD + 0.320%), | ||||||||
02/25/2037 (b) | 1,760,126 | 1,445,158 | ||||||
2007-HY2, 3.508%, 04/25/2037 (f) | 1,181,822 | 632,058 | ||||||
2007-OC2, 5.237% (1 Month LIBOR USD + 0.620%), | ||||||||
06/25/2037 (b) | 2,985,904 | 2,668,325 | ||||||
2007-OC1, 5.097% (1 Month LIBOR USD + 0.480%), | ||||||||
01/25/2047 (b) | 3,615,611 | 3,192,296 | ||||||
Wells Fargo Alternative Loan Trust | ||||||||
2007-PA1, 6.000%, 03/25/2037 | 813,974 | 702,670 | ||||||
2007-PA6, 4.302%, 12/28/2037 (f) | 3,260,375 | 2,973,958 | ||||||
Wells Fargo Mortgage Backed | ||||||||
Securities Trust | ||||||||
2004-J, 3.627%, 07/25/2034 (f) | 3,298,255 | 2,970,954 | ||||||
2005-AR14, 4.075%, 08/25/2035 (f) | 566,671 | 538,338 | ||||||
2006-AR1, 4.280%, 03/25/2036 (f) | 1,532,691 | 1,415,904 | ||||||
2006-AR5, 3.162%, 04/25/2036 (f) | 2,093,512 | 1,980,938 | ||||||
2006-AR5, 3.204%, 04/25/2036 (f) | 1,454,399 | 1,355,491 | ||||||
2006-AR19, 4.564%, 12/25/2036 (f) | 1,469,658 | 1,404,177 | ||||||
2007-AR3, 3.350%, 04/25/2037 (f) | 680,459 | 580,580 | ||||||
TOTAL NON-AGENCY | ||||||||
RESIDENTIAL MORTGAGE BACKED | ||||||||
SECURITIES (Cost $648,383,706) | 522,121,947 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 34
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
NON-AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES – 18.24% | ||||||||
Arbor Multifamily Mortgage | ||||||||
Securities Trust | ||||||||
2022-MF4, 1.293%, | ||||||||
02/15/2055 (a)(f)(k) | $ | 19,700,000 | $ | 1,705,482 | ||||
2022-MF4, 3.293%, | ||||||||
02/15/2055 (a)(f) | 7,852,000 | 6,358,672 | ||||||
BANK | ||||||||
2019-BNK16, 0.941%, | ||||||||
02/15/2052 (f)(k) | 78,022,161 | 3,238,692 | ||||||
2019-BNK17, 0.562%, | ||||||||
04/15/2052 (f)(k) | 123,653,000 | 3,690,399 | ||||||
2019-BNK17, 1.590%, | ||||||||
04/15/2052 (a)(f)(k) | 11,541,000 | 898,072 | ||||||
2019-BNK21, 1.111%, | ||||||||
10/17/2052 (a)(f)(k) | 18,699,333 | 1,083,398 | ||||||
2019-BNK21, 2.808%, | ||||||||
10/17/2052 | 11,582,000 | 10,538,047 | ||||||
2019-BNK23, 0.175%, | ||||||||
12/15/2052 (f)(k) | 238,421,000 | 2,703,527 | ||||||
2020-BNK29, 0.655%, | ||||||||
11/15/2053 (f)(k) | 132,417,000 | 5,273,984 | ||||||
2020-BNK29, 2.500%, | ||||||||
11/15/2053 (a) | 1,250,000 | 744,792 | ||||||
2020-BNK29, 3.028%, | ||||||||
11/15/2053 (f) | 1,170,000 | 871,225 | ||||||
2020-BNK30, 2.500%, | ||||||||
12/15/2053 (a)(f) | 5,550,000 | 3,281,924 | ||||||
2020-BNK30, 2.757%, | ||||||||
12/15/2053 (f) | 5,450,000 | 3,949,085 | ||||||
2021-BNK31, 1.739%, | ||||||||
02/15/2054 | 7,250,000 | 6,113,916 | ||||||
2021-BNK32, 2.332%, | ||||||||
04/15/2054 | 10,727,500 | 9,258,065 | ||||||
2021-BNK32, 2.500%, | ||||||||
04/15/2054 (a) | 5,000,000 | 2,907,100 | ||||||
2021-BNK32, 3.263%, | ||||||||
04/17/2054 | 800,000 | 598,513 | ||||||
2023-BNK45, 2.280%, | ||||||||
02/15/2056 (a)(f)(k) | 22,611,000 | 3,714,445 | ||||||
2019-BNK20, 2.933%, | ||||||||
09/15/2062 | 2,100,000 | 1,909,779 | ||||||
2019-BNK24, 0.186%, | ||||||||
11/15/2062 (f)(k) | 174,693,000 | 2,220,086 | ||||||
2020-BNK25, 0.883%, | ||||||||
01/15/2063 (f)(k) | 108,674,474 | 4,960,642 | ||||||
2020-BNK26, 0.599%, | ||||||||
03/15/2063 (f)(k) | 226,593,000 | 8,011,875 | ||||||
2020-BNK28, 0.974%, | ||||||||
03/15/2063 (f)(k) | 29,969,467 | 1,777,378 | ||||||
2020-BNK26, 2.041%, | ||||||||
03/15/2063 | 5,200,000 | 4,583,194 | ||||||
2021-BNK34, 0.977%, | ||||||||
06/15/2063 (f)(k) | 95,666,284 | 5,298,267 | ||||||
2021-BNK34, 2.754%, | ||||||||
06/15/2063 (f) | 8,000,000 | 6,169,021 | ||||||
2022-BNK40, 2.500%, | ||||||||
03/15/2064 (a) | 2,470,000 | 1,378,435 | ||||||
2021-BNK33, 2.218%, | ||||||||
05/15/2064 | 12,599,000 | 10,815,486 | ||||||
2021-BNK35, 1.046%, | ||||||||
06/15/2064 (f)(k) | 50,575,528 | 2,982,626 | ||||||
2021-BNK35, 2.067%, | ||||||||
06/15/2064 | 10,400,000 | 8,818,301 | ||||||
2021-BNK35, 2.902%, | ||||||||
06/15/2064 (f) | 8,000,000 | 5,760,762 | ||||||
2021-BNK36, 2.283%, | ||||||||
09/15/2064 | 12,250,000 | 10,494,743 | ||||||
2021-BNK37, 2.487%, | ||||||||
11/15/2064 | 14,400,000 | 12,412,007 | ||||||
Barclays Commercial | ||||||||
Mortgage Trust | ||||||||
2019-C3, 0.759%, 05/15/2052 (f)(k) | ||||||||
56,340,000 | 2,274,079 | |||||||
2019-C4, 1.128%, 08/15/2052 (f)(k) | ||||||||
43,170,000 | 2,518,551 | |||||||
2019-C5, 0.371%, 11/15/2052 (f)(k) | ||||||||
174,774,000 | 3,253,418 | |||||||
2019-C5, 1.351%, 11/15/2052 (a)(f)(k) | ||||||||
12,996,000 | 882,439 | |||||||
BBCMS Mortgage Trust | ||||||||
2020-C6, 0.676%, 02/15/2053 (f)(k) | ||||||||
59,000,000 | 2,372,921 | |||||||
2020-C6, 1.049%, 02/15/2053 (f)(k) | ||||||||
92,911,355 | 4,807,614 | |||||||
2020-C7, 0.987%, 04/15/2053 (f)(k) | ||||||||
17,140,000 | 1,020,298 | |||||||
2020-C7, 1.622%, 04/15/2053 (f)(k) | ||||||||
21,976,775 | 1,583,161 | |||||||
2021-C9, 0.993%, 02/15/2054 (e)(f)(k) | ||||||||
68,467,000 | 4,266,158 | |||||||
2021-C9, 1.960%, 02/15/2054 | ||||||||
10,000,000 | 8,622,850 | |||||||
2021-C9, 2.534%, 02/15/2054 | ||||||||
8,500,000 | 6,766,845 | |||||||
2021-C10, 1.022%, 07/15/2054 (e)(f)(k) | ||||||||
74,931,500 | 5,033,658 | |||||||
2021-C10, 1.296%, 07/15/2054 (f)(k) | ||||||||
65,161,773 | 4,753,851 | |||||||
2021-C10, 2.268%, 07/15/2054 | ||||||||
10,000,000 | 8,586,217 | |||||||
2021-C11, 0.965%, 09/15/2054 (f)(k) | ||||||||
29,540,000 | 1,989,484 | |||||||
2021-C12, 0.594%, 11/15/2054 (f)(k) | ||||||||
59,992,000 | 2,617,811 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 35
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
BBCMS Mortgage Trust (Cont.) | ||||||||
2021-C12, 0.955%, 11/15/2054 (f)(k) | ||||||||
$ | 101,639,664 | $ | 5,760,804 | |||||
2021-C12, 2.758%, 11/15/2054 | 9,000,000 | 6,875,566 | ||||||
2022-C14, 0.255%, 02/15/2055 (f)(k) | ||||||||
166,823,000 | 3,910,214 | |||||||
2022-C14, 0.728%, 02/15/2055 (f)(k) | ||||||||
99,725,576 | 4,295,131 | |||||||
2022-C15, 1.331%, 04/15/2055 (a)(f)(k) | ||||||||
25,000,000 | 2,358,148 | |||||||
2022-C17, 1.152%, 09/15/2055 (f)(k) | ||||||||
65,254,802 | 5,290,840 | |||||||
Benchmark Mortgage Trust | ||||||||
2019-B9, 1.030%, 03/15/2052 (f)(k) | ||||||||
29,509,651 | 1,369,753 | |||||||
2019-B9, 2.001%, 03/15/2052 (a)(f)(k) | ||||||||
11,513,000 | 1,082,783 | |||||||
2019-B12, 0.396%, 08/15/2052 (a)(f)(k) | ||||||||
93,260,000 | 2,006,713 | |||||||
2020-B16, 0.240%, 02/15/2053 (a)(f)(k) | ||||||||
70,467,000 | 1,026,902 | |||||||
2020-B16, 0.925%, 02/15/2053 (f)(k) | ||||||||
102,847,407 | 5,037,291 | |||||||
2020-B20, 0.582%, 10/15/2053 (f)(k) | ||||||||
79,394,000 | 2,668,821 | |||||||
2020-B21, 1.798%, 12/17/2053 | 5,966,000 | 5,087,047 | ||||||
2021-B23, 0.906%, 02/15/2054 (a)(f)(k) | ||||||||
105,441,000 | 6,241,801 | |||||||
2021-B23, 1.271%, 02/15/2054 (f)(k) | ||||||||
125,428,802 | 8,592,876 | |||||||
2021-B23, 1.766%, 02/15/2054 | 5,000,000 | 4,215,496 | ||||||
2021-B24, 0.590%, 03/15/2054 (f)(k) | ||||||||
99,123,000 | 4,085,057 | |||||||
2021-B24, 1.151%, 03/15/2054 (f)(k) | ||||||||
66,566,590 | 4,130,217 | |||||||
2021-B24, 2.256%, 03/15/2054 | 5,400,000 | 4,626,817 | ||||||
2021-B25, 0.660%, 04/15/2054 (f)(k) | ||||||||
93,350,000 | 4,197,305 | |||||||
2021-B25, 1.100%, 04/15/2054 (f)(k) | ||||||||
79,182,878 | 4,978,125 | |||||||
2021-B26, 1.369%, 06/15/2054 (a)(f)(k) | ||||||||
10,836,000 | 942,001 | |||||||
2021-B26, 2.000%, 06/15/2054 (a) | ||||||||
2,250,000 | 1,230,848 | |||||||
2021-B26, 2.576%, 06/15/2054 (f) | 6,000,000 | 4,598,498 | ||||||
2021-B27, 1.266%, 07/15/2054 (f)(k) | ||||||||
52,016,772 | 3,737,634 | |||||||
2021-B27, 1.488%, 07/15/2054 (a)(f)(k) | ||||||||
28,014,000 | 2,705,528 | |||||||
2021-B27, 2.000%, 07/15/2054 (a) | 5,000,000 | 2,725,684 | ||||||
2021-B27, 2.355%, 07/15/2054 | 6,000,000 | 4,520,411 | ||||||
2021-B27, 2.703%, 07/15/2054 | 2,000,000 | 1,422,208 | ||||||
2021-B28, 0.955%, 08/15/2054 (f)(k) | ||||||||
32,491,000 | 2,114,794 | |||||||
2021-B28, 1.281%, 08/15/2054 (f)(k) | ||||||||
86,014,775 | 6,242,952 | |||||||
2021-B28, 1.980%, 08/15/2054 | 10,000,000 | 8,355,448 | ||||||
2021-B29, 1.306%, 09/15/2054 (a)(f)(k) | ||||||||
27,615,000 | 2,288,096 | |||||||
2021-B29, 2.000%, 09/15/2054 (a) | 8,953,000 | 4,294,712 | ||||||
2021-B30, 0.594%, 11/15/2054 (a)(f)(k) | ||||||||
83,683,000 | 3,251,444 | |||||||
2021-B30, 1.300%, 11/15/2054 (a)(f)(k) | ||||||||
18,582,000 | 1,557,660 | |||||||
2021-B30, 2.000%, 11/15/2054 (a) | 2,250,000 | 1,074,155 | ||||||
2021-B30, 2.000%, 11/15/2054 (a) | 1,500,000 | 798,402 | ||||||
2021-B30, 2.431%, 11/15/2054 | 5,250,000 | 4,500,169 | ||||||
2021-B30, 2.880%, 11/15/2054 (f) | 7,250,000 | 5,151,229 | ||||||
2021-B31, 0.428%, 12/15/2054 (a)(f)(k) | ||||||||
124,409,000 | 4,047,099 | |||||||
2021-B31, 0.772%, 12/15/2054 (f)(k) | ||||||||
143,544,755 | 6,927,427 | |||||||
2021-B31, 1.143%, 12/15/2054 (a)(f)(k) | ||||||||
31,991,000 | 2,424,057 | |||||||
2021-B31, 2.250%, 12/15/2054 (a) | 3,000,000 | 1,603,878 | ||||||
2021-B31, 2.615%, 12/15/2054 | 10,000,000 | 8,660,339 | ||||||
2022-B32, 1.522%, 01/15/2055 (a)(f)(k) | ||||||||
39,202,000 | 3,741,376 | |||||||
2022-B32, 2.000%, 01/15/2055 (a) | 5,000,000 | 2,706,450 | ||||||
2022-B32, 3.411%, 01/15/2055 (f) | 10,000,000 | 8,373,252 | ||||||
2022-B33, 1.615%, 03/15/2055 (a)(f)(k) | ||||||||
21,919,000 | 2,295,095 | |||||||
2019-B13, 0.402%, 08/15/2057 (a)(f)(k) | ||||||||
82,774,000 | 1,775,362 | |||||||
2019-B13, 1.503%, 08/15/2057 (a)(f)(k) | ||||||||
12,071,000 | 922,961 | |||||||
BMO Mortgage Trust | ||||||||
2022-C1, 1.766%, 02/17/2055 (a)(f)(k) | ||||||||
30,550,000 | 3,610,671 | |||||||
California Housing Finance Agency | ||||||||
2021-2, 0.844%, 03/25/2035 (f)(k) | 31,940,374 | 1,714,559 | ||||||
0.797%, 11/20/2035 (h)(k) | 28,183,991 | 1,509,253 | ||||||
2021-3, 0.789%, 08/20/2036 (f)(k) | 25,802,841 | 1,408,835 | ||||||
Cantor Commercial | ||||||||
Real Estate Lending | ||||||||
2019-CF2, 0.651%, 11/15/2052 (f)(k) | ||||||||
134,736,000 | 4,489,242 | |||||||
CCUBS Commercial | ||||||||
Mortgage Trust | ||||||||
2017-C1, 0.318%, 11/15/2050 (f)(k) | ||||||||
40,062,667 | 525,278 | |||||||
CD Mortgage Trust | ||||||||
2017-CD3, 0.562%, 02/10/2050 (f)(k) | ||||||||
61,857,000 | 1,251,491 | |||||||
2018-CD7, 4.213%, 08/15/2051 | 3,236,000 | 3,129,706 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 36
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
CGMS Commercial Mortgage Trust | ||||||||
2017-B1, 0.157%, 08/15/2050 (f)(k) | ||||||||
$ | 38,016,000 | $ | 307,036 | |||||
Citigroup Commercial | ||||||||
Mortgage Trust | ||||||||
2013-GC17, 5.110%, 11/10/2046 (f) | ||||||||
5,000,000 | 4,836,114 | |||||||
2014-GC19, 4.805%, 03/11/2047 (f) | ||||||||
3,030,000 | 2,969,886 | |||||||
2014-GC19, 5.088%, 03/11/2047 (f) | ||||||||
2,882,579 | 2,818,379 | |||||||
2016-C1, 4.117%, 05/10/2049 | 3,000,000 | 2,742,588 | ||||||
2016-C1, 4.942%, 05/10/2049 (f) | 8,348,000 | 7,651,329 | ||||||
2016-P6, 4.161%, 12/10/2049 (f) | 6,835,000 | 6,098,476 | ||||||
2017-P7, 0.595%, 04/14/2050 (f)(k) | ||||||||
45,124,000 | 976,975 | |||||||
2017-P8, 4.192%, 09/15/2050 | 4,160,000 | 3,747,083 | ||||||
2017-P8, 4.260%, 09/15/2050 (f) | 5,000,000 | 4,325,684 | ||||||
2017-C4, 0.288%, 10/12/2050 (f)(k) | ||||||||
42,746,500 | 485,874 | |||||||
2017-C4, 1.027%, 10/12/2050 (f)(k) | ||||||||
28,202,453 | 939,917 | |||||||
2018-B2, 0.377%, 03/10/2051 (f)(k) | ||||||||
49,202,000 | 863,387 | |||||||
2018-C5, 0.331%, 06/10/2051 (a)(f)(k) | ||||||||
28,400,000 | 486,816 | |||||||
2018-C6, 4.343%, 11/10/2051 | 5,000,000 | 4,850,137 | ||||||
2020-GC46, 0.318%, 02/15/2053 (a)(f)(k) | ||||||||
92,457,000 | 1,919,038 | |||||||
2020-GC46, 0.980%, 02/15/2053 (f)(k) | ||||||||
89,219,165 | 4,348,426 | |||||||
2019-GC41, 1.041%, 08/10/2056 (f)(k) | ||||||||
52,746,165 | 2,382,961 | |||||||
2019-GC41, 3.018%, 08/10/2056 | 10,339,000 | 8,823,623 | ||||||
2019-C7, 0.284%, 12/15/2072 (a)(f)(k) | ||||||||
50,711,000 | 871,996 | |||||||
2019-C7, 0.866%, 12/15/2072 (f)(k) | ||||||||
75,821,183 | 3,299,950 | |||||||
2019-C7, 1.201%, 12/15/2072 (a)(f)(k) | ||||||||
39,933,000 | 2,562,620 | |||||||
2019-C7, 3.667%, 12/15/2072 (f) | 10,000,000 | 8,504,363 | ||||||
COMM Mortgage Trust | ||||||||
2014-CR18, 4.456%, 07/15/2047 (f) | 4,550,700 | 4,345,818 | ||||||
2013-CR11, 0.895%, 08/10/2050 (f)(k) | ||||||||
48,543,038 | 87,067 | |||||||
2019-GC44, 1.024%, 08/15/2057 (a)(f)(k) | ||||||||
19,460,000 | 1,090,073 | |||||||
Connecticut Avenue Securities Trust | ||||||||
2021-R03, 7.234% (SOFR30A + | ||||||||
2.750%), 12/25/2041 (a)(b) | 5,685,000 | 5,317,670 | ||||||
2022-R02, 7.484% (SOFR30A + | ||||||||
3.000%), 01/25/2042 (a)(b) | 10,000,000 | 9,839,802 | ||||||
CSAIL Commercial Mortgage Trust | ||||||||
2016-C5, 1.000%, 11/15/2048 (a)(f)(k) | ||||||||
46,821,000 | 1,023,193 | |||||||
2015-C1, 0.500%, 04/15/2050 (a)(f)(k) | ||||||||
62,192,000 | 477,666 | |||||||
2017-C8, 0.361%, 06/15/2050 (f)(k) | ||||||||
74,773,000 | 1,001,779 | |||||||
2019-C17, 1.351%, 09/15/2052 (f)(k) | ||||||||
84,632,881 | 5,039,431 | |||||||
2019-C18, 1.056%, 12/15/2052 (f)(k) | ||||||||
90,545,163 | 4,108,641 | |||||||
2019-C18, 3.956%, 12/15/2052 (f) | 3,216,000 | 2,604,593 | ||||||
Freddie Mac Multifamily | ||||||||
Structured Credit Risk | ||||||||
2021-MN3, 8.484% (SOFR30A + | ||||||||
4.000%), 11/25/2051 (a)(b) | 7,000,000 | 6,277,466 | ||||||
FREMF Mortgage Trust | ||||||||
2019-KF62, 6.624% (1 Month LIBOR USD + 2.050%), | ||||||||
04/25/2026 (a)(b) | 1,499,160 | 1,453,160 | ||||||
2018-KF48, 6.624% (1 Month LIBOR USD + 2.050%), | ||||||||
06/25/2028 (a)(b) | 4,516,885 | 4,267,824 | ||||||
2018-KF50, 6.474% (1 Month LIBOR USD + 1.900%), | ||||||||
07/25/2028 (a)(b) | 2,452,343 | 2,262,649 | ||||||
GS Mortgage Securities Corp. II | ||||||||
2012-BWTR, 3.255%, 11/05/2034 (a)(e) | ||||||||
6,608,000 | 4,563,833 | |||||||
2018-GS10, 1.407%, 07/10/2051 (a)(f)(k) | ||||||||
24,049,000 | 1,585,382 | |||||||
GS Mortgage Securities Trust | ||||||||
2015-GC32, 4.401%, 07/10/2048 (f) | ||||||||
6,453,000 | 6,098,077 | |||||||
2016-GS3, 3.395%, 10/10/2049 (f) | ||||||||
10,417,000 | 8,984,454 | |||||||
2015-GC30, 4.025%, 05/10/2050 (f) | ||||||||
2,960,000 | 2,772,478 | |||||||
2017-GS8, 0.374%, 11/10/2050 (f)(k) | ||||||||
44,642,000 | 726,986 | |||||||
2019-GC38, 1.832%, 02/10/2052 (a)(f)(k) | ||||||||
20,916,000 | 1,887,798 | |||||||
2019-GC39, 0.634%, 05/10/2052 (f)(k) | ||||||||
69,588,000 | 2,370,216 | |||||||
2019-GC39, 1.621%, 05/10/2052 (a)(f)(k) | ||||||||
24,645,000 | 1,997,618 | |||||||
2019-GSA1, 0.810%, 11/10/2052 (f)(k) | ||||||||
70,550,582 | 2,928,985 | |||||||
2020-GSA2, 0.938%, 12/12/2053 (a)(f)(k) | ||||||||
73,324,000 | 4,283,845 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 37
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
JP Morgan Chase Commercial | ||||||||
Mortgage Securities Trust | ||||||||
2015-JP1, 4.725%, 01/15/2049 (f) | ||||||||
$ | 7,485,000 | $ | 6,860,228 | |||||
2007-CB20, 0.000%, 02/12/2051 (a)(e)(f)(h)(k) | ||||||||
181,663 | — | |||||||
JPMBB Commercial Mortgage | ||||||||
Securities Trust | ||||||||
2015-C30, 4.230%, 07/15/2048 (f) | 3,085,000 | 2,885,002 | ||||||
2015-C32, 0.500%, 11/15/2048 (a)(f)(k) | ||||||||
23,066,000 | 242,322 | |||||||
JPMCC Commercial Mortgage | ||||||||
Securities Trust | ||||||||
2017-JP6, 0.631%, 07/15/2050 (f)(k) | ||||||||
68,830,000 | 1,663,655 | |||||||
JPMDB Commercial Mortgage | ||||||||
Securities Trust | ||||||||
2016-C4, 3.638%, 12/15/2049 (f) | 5,500,000 | 4,760,615 | ||||||
Morgan Stanley Bank of America | ||||||||
Merrill Lynch Trust | ||||||||
2013-C12, 4.482%, 10/15/2046 (f) | 5,000,000 | 4,924,245 | ||||||
2015-C27, 4.498%, 12/15/2047 (f) | 3,000,000 | 2,827,627 | ||||||
2016-C31, 1.266%, 11/15/2049 (a)(f)(k) | ||||||||
21,212,500 | 794,794 | |||||||
2015-C23, 4.139%, 07/15/2050 (f) | 3,845,000 | 3,594,207 | ||||||
2017-C34, 2.700%, 11/15/2052 (a) | 4,953,000 | 3,146,565 | ||||||
2017-C34, 4.111%, 11/15/2052 (f) | 5,054,000 | 4,549,093 | ||||||
Morgan Stanley Capital I Trust | ||||||||
2016-BNK2, 0.528%, 11/15/2049 (f)(k) | ||||||||
58,680,000 | 1,015,633 | |||||||
2017-H1, 2.152%, 06/15/2050 (a)(f)(k) | ||||||||
8,725,000 | 642,982 | |||||||
2017-H1, 4.281%, 06/15/2050 (f) | 7,880,000 | 6,898,083 | ||||||
2017-HR2, 4.320%, 12/15/2050 (f) | 10,576,000 | 9,240,229 | ||||||
2018-H3, 0.370%, 07/15/2051 (f)(k) | ||||||||
135,712,000 | 2,375,055 | |||||||
2018-H3, 1.862%, 07/15/2051 (a)(f)(k) | ||||||||
15,363,500 | 1,196,950 | |||||||
2018-H3, 4.120%, 07/15/2051 | 5,000,000 | 4,818,803 | ||||||
2019-L2, 0.621%, 03/15/2052 (f)(k) | ||||||||
127,093,000 | 4,169,566 | |||||||
2019-H7, 0.659%, 07/15/2052 (f)(k) | ||||||||
130,723,000 | 4,562,403 | |||||||
2019-H7, 3.000%, 07/15/2052 (a) | 2,402,000 | 1,592,235 | ||||||
2019-H7, 4.128%, 07/15/2052 | 9,593,000 | 7,906,341 | ||||||
2021-L5, 0.714%, 05/15/2054 (f)(k) | ||||||||
70,387,500 | 3,346,827 | |||||||
2021-L5, 2.500%, 05/15/2054 (a) | 3,500,000 | 1,947,715 | ||||||
2021-L5, 3.102%, 05/15/2054 | 6,627,000 | 5,248,054 | ||||||
2021-L6, 2.250%, 06/15/2054 (f) | 11,900,000 | 10,042,198 | ||||||
2021-L6, 2.951%, 06/15/2054 (f) | 7,500,000 | 6,002,834 | ||||||
2021-L7, 0.411%, 10/15/2054 (f)(k) | ||||||||
143,080,000 | 4,298,781 | |||||||
2021-L7, 2.336%, 10/15/2054 | 15,100,000 | 12,758,064 | ||||||
UBS Commercial Mortgage Trust | ||||||||
2017-C1, 0.942%, 06/15/2050 (f)(k) | ||||||||
13,000,000 | 448,321 | |||||||
2017-C7, 0.371%, 12/15/2050 (f)(k) | ||||||||
170,396,000 | 2,811,653 | |||||||
2017-C6, 0.499%, 12/15/2050 (f)(k) | ||||||||
63,420,500 | 1,466,758 | |||||||
2018-C12, 0.217%, 08/15/2051 (f)(k) | ||||||||
139,858,000 | 2,347,391 | |||||||
2018-C12, 0.780%, 08/15/2051 (f)(k) | ||||||||
45,630,206 | 1,531,993 | |||||||
2018-C13, 0.250%, 10/15/2051 (f)(k) | ||||||||
128,678,000 | 2,262,159 | |||||||
2018-C13, 1.972%, 10/15/2051 (a)(f)(k) | ||||||||
16,442,000 | 1,523,718 | |||||||
2018-C13, 4.241%, 10/15/2051 | 3,274,000 | 3,121,852 | ||||||
2018-C14, 0.256%, 12/15/2051 (f)(k) | ||||||||
114,392,000 | 1,925,904 | |||||||
2019-C17, 0.851%, 10/15/2052 (f)(k) | ||||||||
128,213,000 | 5,927,825 | |||||||
2019-C18, 2.987%, 12/15/2052 | 4,500,000 | 4,130,485 | ||||||
2019-C18, 3.378%, 12/15/2052 (f) | 9,000,000 | 7,808,175 | ||||||
Washington State Housing | ||||||||
Finance Commission | ||||||||
0.726%, 12/20/2035 | 20,711,914 | 1,020,476 | ||||||
Wells Fargo Commercial | ||||||||
Mortgage Trust | ||||||||
2015-NXS1, 3.658%, 05/15/2048 (f) | ||||||||
1,320,000 | 1,230,797 | |||||||
2015-C28, 4.083%, 05/15/2048 (f) | ||||||||
11,105,000 | 10,169,703 | |||||||
2015-C28, 4.083%, 05/15/2048 (f) | 4,376,000 | 3,686,699 | ||||||
2016-LC24, 0.977%, 10/15/2049 (f)(k) | ||||||||
66,264,075 | 1,970,998 | |||||||
2016-C37, 3.187%, 12/15/2049 (a)(f) | ||||||||
3,350,000 | 2,519,341 | |||||||
2016-C37, 4.487%, 12/15/2049 (f) | 11,213,000 | 10,000,983 | ||||||
2017-RB1, 0.723%, 03/15/2050 (f)(k) | ||||||||
69,254,209 | 1,799,952 | |||||||
2017-C42, 0.320%, 12/15/2050 (f)(k) | ||||||||
116,750,000 | 1,784,874 | |||||||
2018-C43, 4.514%, 03/17/2051 | 4,033,000 | 3,430,392 | ||||||
2018-C48, 0.334%, 01/15/2052 (f)(k) | ||||||||
138,642,000 | 2,031,535 | |||||||
2018-C48, 4.245%, 01/15/2052 | 7,000,000 | 6,769,095 | ||||||
2019-C49, 0.602%, 03/15/2052 (f)(k) | ||||||||
125,812,000 | 4,042,314 | |||||||
2019-C49, 3.933%, 03/15/2052 | 5,000,000 | 4,780,911 | ||||||
2019-C49, 4.546%, 03/15/2052 | 8,947,000 | 8,172,074 | ||||||
2019-C50, 0.871%, 05/15/2052 (f)(k) | ||||||||
36,427,311 | 1,655,938 | |||||||
2019-C51, 0.674%, 06/15/2052 (f)(k) | ||||||||
130,394,000 | 4,496,415 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 38
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Wells Fargo Commercial | ||||||||
Mortgage Trust (Cont.) | ||||||||
2019-C52, 1.109%, 08/15/2052 (f)(k) | ||||||||
$ | 113,763,146 | $ | 6,467,173 | |||||
2019-C52, 1.603%, 08/15/2052 (f)(k) | ||||||||
57,414,324 | 3,993,465 | |||||||
2019-C52, 3.561%, 08/15/2052 | 6,171,000 | 4,899,175 | ||||||
2019-C53, 0.450%, 10/15/2052 (f)(k) | ||||||||
105,325,000 | 2,891,803 | |||||||
2019-C53, 3.514%, 10/15/2052 (f) | 5,200,000 | 4,182,547 | ||||||
2020-C55, 0.815%, 02/15/2053 (f)(k) | ||||||||
58,030,370 | 2,619,230 | |||||||
2020-C56, 0.311%, 06/15/2053 (f)(k) | ||||||||
127,035,000 | 2,191,163 | |||||||
2020-C56, 2.422%, 06/15/2053 | 2,250,000 | 1,996,685 | ||||||
2020-C58, 1.126%, 07/15/2053 (f)(k) | ||||||||
109,974,000 | 7,349,892 | |||||||
2020-C57, 0.733%, 08/15/2053 (f)(k) | ||||||||
74,972,000 | 3,253,417 | |||||||
2020-C57, 1.914%, 08/15/2053 | 7,250,000 | 6,251,689 | ||||||
2021-C59, 0.907%, 04/15/2054 (f)(k) | ||||||||
65,782,000 | 3,874,165 | |||||||
2021-C59, 1.450%, 04/15/2054 (a)(f)(k) | ||||||||
40,274,000 | 3,558,752 | |||||||
2021-C59, 3.284%, 04/15/2054 | 7,648,000 | 5,707,420 | ||||||
2021-C60, 1.100%, 08/15/2054 (f)(k) | ||||||||
40,551,000 | 2,981,464 | |||||||
2021-C60, 1.545%, 08/15/2054 (f)(k) | ||||||||
40,962,506 | 3,566,970 | |||||||
2021-C60, 2.730%, 08/15/2054 | 6,814,678 | 5,234,106 | ||||||
2021-C60, 2.738%, 08/15/2054 | 3,000,000 | 2,122,491 | ||||||
2021-C61, 1.390%, 11/15/2054 (a)(f)(k) | ||||||||
9,132,000 | 828,183 | |||||||
2021-C61, 2.525%, 11/15/2054 | 15,000,000 | 12,900,924 | ||||||
2021-C61, 3.113%, 11/15/2054 | 4,221,000 | 3,324,502 | ||||||
2015-C30, 4.400%, 09/15/2058 (f) | 5,800,000 | 5,467,600 | ||||||
2018-C47, 0.153%, 09/15/2061 (f)(k) | ||||||||
164,144,000 | 1,495,828 | |||||||
2018-C47, 4.673%, 09/15/2061 (f) | 8,000,000 | 7,573,006 | ||||||
WFRBS Commercial | ||||||||
Mortgage Trust | ||||||||
2013-UBS1, 5.024%, 03/15/2046 (f) | ||||||||
7,500,000 | 7,373,385 | |||||||
TOTAL NON-AGENCY | ||||||||
COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES | ||||||||
(Cost $1,147,640,206) | 931,831,240 | |||||||
AGENCY COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES – 8.00% | ||||||||
Freddie Mac Multiclass Certificates Series | ||||||||
2021-RR17, 2.038%, 08/27/2027 (f)(k) | ||||||||
70,015,000 | 4,680,222 | |||||||
2020-RR09, 2.676%, 08/27/2029 (f)(k) | ||||||||
42,360,000 | 4,915,323 | |||||||
Freddie Mac Multifamily | ||||||||
ML Certificates | ||||||||
2020-ML07, 2.015%, 10/25/2036 (a)(f)(k) | ||||||||
24,905,725 | 3,754,040 | |||||||
2019-ML06, 1.133%, 06/25/2037 (f)(k) | ||||||||
10,718,449 | 917,178 | |||||||
2021-ML08, 1.861%, 07/25/2037 (f)(k) | ||||||||
32,976,765 | 4,566,622 | |||||||
2021-ML10, 2.057%, 01/25/2038 (f)(k) | ||||||||
14,246,352 | 2,321,871 | |||||||
2021-ML11, 0.769%, 03/25/2038 (a)(f)(k) | ||||||||
34,198,578 | 2,009,166 | |||||||
2021-ML10, 1.518%, 06/25/2038 (a)(f)(k) | ||||||||
39,661,736 | 4,854,596 | |||||||
2021-ML09, 1.490%, 02/25/2040 (a)(f)(k) | ||||||||
43,933,075 | 5,636,614 | |||||||
2021-ML12, 1.222%, 07/25/2041 (f)(k) | ||||||||
18,080,869 | 1,850,577 | |||||||
Freddie Mac Multifamily Structured | ||||||||
Pass Through Certificates | ||||||||
K723, 0.913%, 08/25/2023 (f)(k) | 61,013,183 | 141,502 | ||||||
K723, 0.840%, 09/25/2023 (f)(k) | 61,645,000 | 214,901 | ||||||
K728, 0.387%, 08/25/2024 (f)(k) | 56,930,665 | 326,275 | ||||||
K729, 0.340%, 10/25/2024 (f)(k) | 46,640,176 | 195,441 | ||||||
K042, 1.021%, 12/25/2024 (f)(k) | 112,252,115 | 1,732,522 | ||||||
K046, 0.336%, 03/25/2025 (f)(k) | 430,953,590 | 2,673,852 | ||||||
K049, 0.564%, 07/25/2025 (f)(k) | 88,980,288 | 1,014,224 | ||||||
K734, 0.647%, 02/25/2026 (f)(k) | 64,048,318 | 956,824 | ||||||
K735, 0.957%, 05/25/2026 (f)(k) | 58,493,295 | 1,439,345 | ||||||
K735, 1.364%, 05/25/2026 (f)(k) | 70,547,000 | 2,674,634 | ||||||
K737, 1.008%, 10/25/2026 (f)(k) | 20,050,000 | 655,003 | ||||||
K061, 0.056%, 11/25/2026 (f)(k) | 72,512,000 | 249,231 | ||||||
K062, 0.176%, 12/25/2026 (f)(k) | 79,423,000 | 587,913 | ||||||
K063, 0.282%, 01/25/2027 (f)(k) | 366,681,364 | 3,326,020 | ||||||
K064, 0.601%, 03/25/2027 (f)(k) | 123,298,433 | 2,520,331 | ||||||
K738, 1.368%, 03/25/2027 (f)(k) | 24,099,000 | 1,172,137 | ||||||
K065, 0.552%, 05/25/2027 (f)(k) | 57,193,000 | 1,240,041 | ||||||
K066, 0.748%, 06/25/2027 (f)(k) | 31,185,147 | 822,234 | ||||||
KW03, 0.832%, 06/25/2027 (f)(k) | 14,910,254 | 360,514 | ||||||
K067, 0.574%, 07/25/2027 (f)(k) | 39,897,486 | 835,513 | ||||||
K068, 0.424%, 08/25/2027 (f)(k) | 101,720,540 | 1,650,345 | ||||||
K069, 0.348%, 09/25/2027 (f)(k) | 28,654,060 | 403,065 | ||||||
K739, 1.569%, 09/25/2027 (f)(k) | 32,621,072 | 1,933,565 | ||||||
K072, 0.368%, 12/25/2027 (f)(k) | 60,171,248 | 897,304 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 39
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Freddie Mac Multifamily Structured | ||||||||
Pass Through Certificates (Cont.) | ||||||||
K073, 0.205%, 01/25/2028 (f)(k) | $ | 54,203,000 | $ | 570,687 | ||||
K073, 0.305%, 01/25/2028 (f)(k) | 154,888,872 | 2,127,011 | ||||||
K742, 0.926%, 04/25/2028 (f)(k) | 89,849,000 | 3,682,461 | ||||||
K743, 1.289%, 05/25/2028 (f)(k) | 99,488,000 | 5,725,813 | ||||||
KW06, 0.103%, 06/25/2028 (f)(k) | 572,794,339 | 3,759,249 | ||||||
K080, 0.121%, 07/25/2028 (f)(k) | 427,143,903 | 3,202,255 | ||||||
K081, 0.074%, 08/25/2028 (f)(k) | 153,613,024 | 858,359 | ||||||
K084, 0.205%, 10/25/2028 (f)(k) | 336,544,472 | 3,908,527 | ||||||
K747, 0.397%, 12/25/2028 (f)(k) | 160,000,000 | 3,218,064 | ||||||
K089, 0.454%, 01/25/2029 (f)(k) | 53,965,000 | 1,342,843 | ||||||
K748, 0.545%, 01/25/2029 (f)(k) | 175,000,000 | 4,977,437 | ||||||
K091, 0.491%, 03/25/2029 (f)(k) | 53,659,000 | 1,433,801 | ||||||
K090, 0.626%, 03/25/2029 (f)(k) | 50,517,000 | 1,678,544 | ||||||
KW09, 0.805%, 05/25/2029 (f)(k) | 62,906,040 | 2,328,958 | ||||||
K093, 0.952%, 05/25/2029 (f)(k) | 54,329,819 | 2,541,880 | ||||||
K094, 0.880%, 06/25/2029 (f)(k) | 195,151,929 | 8,707,523 | ||||||
K097, 1.091%, 07/25/2029 (f)(k) | 72,686,275 | 4,064,355 | ||||||
KG02, 1.021%, 08/25/2029 (f)(k) | 31,959,022 | 1,571,246 | ||||||
K098, 1.144%, 08/25/2029 (f)(k) | 61,796,824 | 3,631,602 | ||||||
K098, 1.392%, 08/25/2029 (f)(k) | 24,691,000 | 1,846,388 | ||||||
K099, 0.884%, 09/25/2029 (f)(k) | 210,062,912 | 9,655,059 | ||||||
K100, 0.915%, 09/25/2029 (f)(k) | 62,086,000 | 3,132,257 | ||||||
K102, 0.824%, 10/25/2029 (f)(k) | 165,211,845 | 7,236,147 | ||||||
K101, 1.094%, 10/25/2029 (f)(k) | 65,686,000 | 3,974,167 | ||||||
K103, 0.639%, 11/25/2029 (f)(k) | 125,126,080 | 4,354,688 | ||||||
K105, 1.767%, 01/25/2030 (f)(k) | 64,122,000 | 6,395,009 | ||||||
K107, 1.551%, 02/25/2030 (f)(k) | 118,898,000 | 10,509,394 | ||||||
K108, 1.661%, 03/25/2030 (f)(k) | 70,601,000 | 6,763,463 | ||||||
K108, 1.691%, 03/25/2030 (f)(k) | 16,041,959 | 1,492,278 | ||||||
K110, 1.697%, 04/25/2030 (f)(k) | 29,878,844 | 2,710,797 | ||||||
K112, 1.434%, 05/25/2030 (f)(k) | 96,302,357 | 7,755,662 | ||||||
K111, 1.571%, 05/25/2030 (f)(k) | 108,730,047 | 9,490,828 | ||||||
K112, 1.665%, 05/25/2030 (f)(k) | 44,272,000 | 4,323,750 | ||||||
K114, 1.116%, 06/25/2030 (f)(k) | 136,171,724 | 8,709,897 | ||||||
K115, 1.326%, 06/25/2030 (f)(k) | 54,061,299 | 4,064,399 | ||||||
K114, 1.342%, 06/25/2030 (f)(k) | 54,977,000 | 4,415,060 | ||||||
KG03, 1.379%, 06/25/2030 (f)(k) | 15,544,344 | 1,172,169 | ||||||
K113, 1.380%, 06/25/2030 (f)(k) | 91,286,754 | 7,053,819 | ||||||
K115, 1.547%, 07/25/2030 (f)(k) | 40,865,759 | 3,774,733 | ||||||
K116, 1.600%, 08/25/2030 (f)(k) | 23,000,000 | 2,210,914 | ||||||
K118, 0.959%, 09/25/2030 (f)(k) | 120,559,082 | 6,702,675 | ||||||
K118, 1.170%, 09/25/2030 (f)(k) | 35,916,184 | 2,572,558 | ||||||
K121, 1.024%, 10/25/2030 (f)(k) | 48,808,715 | 2,855,027 | ||||||
K119, 1.135%, 10/25/2030 (f)(k) | 51,000,000 | 3,566,792 | ||||||
KG04, 0.851%, 11/25/2030 (f)(k) | 111,036,858 | 5,472,107 | ||||||
K122, 0.881%, 11/25/2030 (f)(k) | 111,733,244 | 5,736,832 | ||||||
K122, 1.081%, 11/25/2030 (f)(k) | 35,211,000 | 2,366,102 | ||||||
K121, 1.195%, 11/25/2030 (f)(k) | 49,550,000 | 3,669,262 | ||||||
K123, 0.977%, 12/25/2030 (f)(k) | 108,000,000 | 6,645,748 | ||||||
K125, 0.583%, 01/25/2031 (f)(k) | 179,707,714 | 6,414,469 | ||||||
K125, 0.781%, 01/25/2031 (f)(k) | 103,992,000 | 5,284,530 | ||||||
K124, 0.936%, 01/25/2031 (f)(k) | 89,626,000 | 5,337,327 | ||||||
K1502, 0.956%, 01/25/2031 (f)(k) | 29,504,346 | 1,589,924 | ||||||
K127, 0.502%, 02/25/2031 (f)(k) | 186,332,000 | 6,115,472 | ||||||
K128, 0.516%, 03/25/2031 (f)(k) | 153,944,354 | 4,924,295 | ||||||
K128, 0.732%, 03/25/2031 (f)(k) | 37,700,000 | 1,813,023 | ||||||
K129, 1.034%, 05/25/2031 (f)(k) | 70,292,040 | 4,375,672 | ||||||
K129, 1.217%, 05/25/2031 (f)(k) | 31,700,000 | 2,514,824 | ||||||
K130, 1.037%, 06/25/2031 (f)(k) | 122,700,614 | 8,104,572 | ||||||
K131, 0.729%, 07/25/2031 (f)(k) | 135,579,917 | 6,503,118 | ||||||
K130, 1.214%, 07/25/2031 (f)(k) | 43,372,188 | 3,540,528 | ||||||
K138, 0.691%, 01/25/2032 (f)(k) | 195,000,000 | 9,732,879 | ||||||
K141, 0.305%, 02/25/2032 (f)(k) | 162,754,858 | 3,806,234 | ||||||
K141, 0.324%, 02/25/2032 (f)(k) | 195,000,000 | 4,848,187 | ||||||
K149, 0.264%, 08/25/2032 (f)(k) | 83,292,303 | 1,933,714 | ||||||
K155, 0.116%, 04/25/2033 (f)(k) | 244,507,979 | 2,882,871 | ||||||
K1511, 0.776%, 03/25/2034 (f)(k) | 131,712,807 | 7,405,829 | ||||||
K1512, 0.909%, 04/25/2034 (f)(k) | 47,455,779 | 3,104,253 | ||||||
K1513, 0.859%, 08/25/2034 (f)(k) | 75,856,352 | 4,753,425 | ||||||
K1514, 0.577%, 10/25/2034 (f)(k) | 80,366,409 | 3,765,046 | ||||||
K1515, 1.511%, 02/25/2035 (f)(k) | 78,602,546 | 9,208,249 | ||||||
K1516, 1.511%, 05/25/2035 (f)(k) | 41,719,539 | 5,227,980 | ||||||
K1517, 1.324%, 07/25/2035 (f)(k) | 80,233,400 | 8,751,314 | ||||||
K1521, 0.980%, 08/25/2036 (f)(k) | 95,802,379 | 8,179,607 | ||||||
K097, 1.351%, 09/25/2051 (f)(k) | 66,115,000 | 4,764,479 | ||||||
TOTAL AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $450,403,561) | 408,369,362 | |||||||
MUNICIPAL BONDS – 23.28% | ||||||||
Alabama – 0.22% | ||||||||
Baldwin County Public Building | ||||||||
Authority | ||||||||
2.000%, 03/01/2046 | 1,070,000 | 642,621 | ||||||
Water Works Board of the | ||||||||
City of Birmingham | ||||||||
2.513%, 01/01/2036 | 13,945,000 | 10,827,177 | ||||||
11,469,798 | ||||||||
Alaska – 0.05% | ||||||||
Municipality of Anchorage, AK | ||||||||
1.896%, 09/01/2028 | 1,685,000 | 1,453,132 | ||||||
1.896%, 09/01/2028 | 1,525,000 | 1,316,082 | ||||||
2,769,214 | ||||||||
Arizona – 0.23% | ||||||||
City of Tucson, AZ | ||||||||
2.232%, 07/01/2034 | 11,605,000 | 8,588,538 | ||||||
Glendale Municipal Property Corp. | ||||||||
6.157%, 07/01/2033 | 3,050,000 | 3,312,931 | ||||||
11,901,469 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 40
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
California – 5.43% | ||||||||
Alvord Unified School District | ||||||||
0.000%, 08/01/2046 (h) | $ | 1,975,000 | $ | 2,104,206 | ||||
Bakersfield City School District | ||||||||
0.000%, 05/01/2047 (h) | 9,715,000 | 6,614,088 | ||||||
California Earthquake Authority | ||||||||
5.603%, 07/01/2027 | 5,000,000 | 4,999,421 | ||||||
California Pollution Control | ||||||||
Financing Authority | ||||||||
5.000%, 07/01/2038 (a) | 1,000,000 | 1,032,484 | ||||||
California Statewide Communities | ||||||||
Development Authority | ||||||||
6.076%, 06/01/2034 | 10,000,000 | 10,263,424 | ||||||
Chaffey Community | ||||||||
College District | ||||||||
3.000%, 06/01/2038 | 3,705,000 | 3,220,460 | ||||||
Chaffey Joint Union | ||||||||
High School District | ||||||||
3.143%, 08/01/2043 | 3,790,000 | 2,714,342 | ||||||
City of Chula Vista, CA | ||||||||
1.728%, 06/01/2030 | 2,235,000 | 1,759,134 | ||||||
1.828%, 06/01/2031 | 2,000,000 | 1,538,427 | ||||||
City of Corona, CA | ||||||||
1.863%, 05/01/2028 | 4,515,000 | 3,825,626 | ||||||
City of Huntington Beach, CA | ||||||||
2.453%, 06/15/2031 | 4,000,000 | 3,310,364 | ||||||
City of Industry, CA | ||||||||
4.000%, 01/01/2028 | 2,885,000 | 2,750,899 | ||||||
City of Los Angeles, | ||||||||
CA Department of Airports | ||||||||
1.876%, 05/15/2030 | 230,000 | 186,228 | ||||||
1.876%, 05/15/2030 | 1,770,000 | 1,431,064 | ||||||
City of Montebello, CA | ||||||||
3.393%, 06/01/2032 | 2,825,000 | 2,451,677 | ||||||
City of Ontario, CA | ||||||||
3.779%, 06/01/2038 | 3,000,000 | 2,616,844 | ||||||
City of Orange, CA | �� | |||||||
2.220%, 06/01/2030 | 7,500,000 | 6,190,725 | ||||||
2.270%, 06/01/2031 | 12,370,000 | 9,999,213 | ||||||
City of Sacramento, CA Transient | ||||||||
Occupancy Tax Revenue | ||||||||
3.858%, 06/01/2025 | 3,320,000 | 3,220,428 | ||||||
City of San Francisco, CA Public | ||||||||
Utilities Commission Water Revenue | ||||||||
2.845%, 11/01/2041 | 2,000,000 | 1,519,899 | ||||||
City of Santa Ana, CA | ||||||||
1.869%, 08/01/2029 | 4,430,000 | 3,609,574 | ||||||
2.089%, 08/01/2030 | 1,980,000 | 1,590,344 | ||||||
City of South Lake Tahoe, CA | ||||||||
4.000%, 06/01/2027 | 1,600,000 | 1,543,873 | ||||||
City of Union City, CA | ||||||||
0.000%, 07/01/2025 (h) | 2,105,000 | 1,868,478 | ||||||
City of Whittier, CA | ||||||||
1.566%, 06/01/2028 | 1,085,000 | 914,349 | ||||||
1.724%, 06/01/2029 | 1,685,000 | 1,387,921 | ||||||
Coachella Valley Unified | ||||||||
School District, CA | ||||||||
0.000%, 08/01/2034 (h) | 1,100,000 | 719,340 | ||||||
Coast Community College District | ||||||||
2.957%, 08/01/2038 | 15,000,000 | 11,730,843 | ||||||
County of Santa Cruz, CA | ||||||||
1.661%, 06/01/2029 | 2,965,000 | 2,459,208 | ||||||
1.811%, 06/01/2030 | 3,900,000 | 3,175,640 | ||||||
Cucamonga Valley Water District | ||||||||
Financing Authority | ||||||||
3.010%, 09/01/2042 | 5,000,000 | 3,819,185 | ||||||
East Side Union High | ||||||||
School District | ||||||||
5.320%, 04/01/2036 | 6,765,000 | 6,768,859 | ||||||
Fullerton Public | ||||||||
Financing Authority | ||||||||
7.750%, 05/01/2031 | 1,265,000 | 1,401,877 | ||||||
Gateway Unified School | ||||||||
District, CA | ||||||||
0.000%, 08/01/2033 (h) | 2,315,000 | 1,580,674 | ||||||
0.000%, 08/01/2035 (h) | 2,315,000 | 1,417,262 | ||||||
0.000%, 08/01/2036 (h) | 2,315,000 | 1,332,551 | ||||||
Golden State Tobacco | ||||||||
Securitization Corp. | ||||||||
2.787%, 06/01/2031 | 15,930,000 | 13,114,693 | ||||||
3.000%, 06/01/2046 | 12,145,000 | 11,158,814 | ||||||
Hercules Redevelopment Agency | ||||||||
Successor Agency | ||||||||
4.913%, 08/01/2033 | 5,460,000 | 5,324,018 | ||||||
Inland Empire Tobacco | ||||||||
Securitization Corp. | ||||||||
3.678%, 06/01/2038 | 14,370,000 | 13,312,415 | ||||||
Northern California Power Agency | ||||||||
5.679%, 06/01/2035 | 9,765,000 | 10,138,448 | ||||||
Norwalk-La Mirada Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2038 (h) | 4,400,000 | 2,230,103 | ||||||
Pasadena Unified School District | ||||||||
2.881%, 05/01/2037 | 6,030,000 | 4,813,329 | ||||||
Peralta Community College District | ||||||||
0.000%, 08/05/2031 (h) | 12,350,000 | 10,694,189 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 41
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
California – 5.43% (Cont.) | ||||||||
Perris Union High School District | ||||||||
2.700%, 09/01/2042 | $ | 3,000,000 | $ | 2,177,536 | ||||
Placentia-Yorba Linda Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2035 (h) | 7,600,000 | 4,732,771 | ||||||
San Diego Unified School District | ||||||||
0.000%, 07/01/2036 (h) | 7,915,000 | 4,657,735 | ||||||
San Francisco City & County | ||||||||
Redevelopment Financing Authority | ||||||||
0.000%, 08/01/2036 (h) | 5,240,000 | 2,598,333 | ||||||
5.750%, 08/01/2037 | 19,400,000 | 20,347,440 | ||||||
8.406%, 08/01/2039 | 5,115,000 | 6,489,723 | ||||||
Santa Ana Unified School District | ||||||||
0.000%, 08/01/2037 (h) | 3,955,000 | 2,134,943 | ||||||
State of California | ||||||||
7.550%, 04/01/2039 | 28,000,000 | 35,855,884 | ||||||
West Contra Costa Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2036 (h) | 5,000,000 | 2,935,394 | ||||||
West Sonoma County Union | ||||||||
High School District | ||||||||
0.000%, 08/01/2037 (h) | 1,840,000 | 1,021,688 | ||||||
William S. Hart Union | ||||||||
High School District | ||||||||
0.000%, 08/01/2036 (h) | 1,050,000 | 605,192 | ||||||
Yosemite Community | ||||||||
College District | ||||||||
0.000%, 08/01/2038 (h) | 6,110,000 | 3,136,737 | ||||||
Yuba Community College District | ||||||||
0.000%, 08/01/2038 (h) | 5,055,000 | 2,662,558 | ||||||
277,210,874 | ||||||||
Colorado – 0.30% | ||||||||
City of Fruita, CO Healthcare | ||||||||
Revenue | ||||||||
5.000%, 01/01/2028 | 2,225,000 | 2,094,648 | ||||||
Colorado Health | ||||||||
Facilities Authority | ||||||||
3.696%, 11/01/2039 | 4,825,000 | 3,996,400 | ||||||
3.796%, 11/01/2044 | 11,815,000 | 9,341,869 | ||||||
15,432,917 | ||||||||
Connecticut – 0.37% | ||||||||
State of Connecticut | ||||||||
3.000%, 01/15/2037 | 7,075,000 | 6,181,256 | ||||||
3.000%, 06/01/2037 | 8,620,000 | 7,485,399 | ||||||
Town of West Hartford, CT | ||||||||
2.764%, 07/01/2041 | 7,025,000 | 5,285,965 | ||||||
18,952,620 | ||||||||
District of Columbia – 0.27% | ||||||||
Metropolitan Washington Airports | ||||||||
Authority Dulles Toll Road Revenue | ||||||||
8.000%, 10/01/2047 | 10,400,000 | 13,853,245 | ||||||
Florida – 1.25% | ||||||||
City of Gainesville, FL | ||||||||
0.000%, 10/01/2027 (h) | 4,610,000 | 3,609,461 | ||||||
0.000%, 10/01/2028 (h) | 1,400,000 | 1,036,960 | ||||||
County of Miami-Dade, | ||||||||
FL Seaport Department | ||||||||
1.962%, 10/01/2031 | 4,235,000 | 3,382,916 | ||||||
2.012%, 10/01/2031 | 6,940,000 | 5,461,064 | ||||||
2.162%, 10/01/2032 | 4,000,000 | 3,111,131 | ||||||
Florida Development Finance Corp. | ||||||||
7.375%, 01/01/2049 (a) | 3,000,000 | 2,716,649 | ||||||
JEA Water & Sewer | ||||||||
System Revenue | ||||||||
3.000%, 10/01/2041 | 5,045,000 | 4,170,239 | ||||||
Reedy Creek Improvement District | ||||||||
2.497%, 06/01/2034 | 4,500,000 | 3,417,069 | ||||||
2.547%, 06/01/2035 | 4,500,000 | 3,372,987 | ||||||
2.731%, 06/01/2038 | 18,500,000 | 13,505,563 | ||||||
State Board of Administration | ||||||||
Finance Corp. | ||||||||
2.154%, 07/01/2030 | 15,537,000 | 12,736,706 | ||||||
Tampa-Hillsborough County | ||||||||
Expressway Authority | ||||||||
1.892%, 07/01/2029 | 4,750,000 | 3,850,223 | ||||||
1.942%, 07/01/2030 | 4,305,000 | 3,385,379 | ||||||
63,756,347 | ||||||||
Georgia – 0.33% | ||||||||
City of Atlanta, GA Water & | ||||||||
Wastewater Revenue | ||||||||
2.913%, 11/01/2043 | 1,500,000 | 1,118,609 | ||||||
Municipal Electric Authority | ||||||||
of Georgia | ||||||||
2.497%, 01/01/2031 | 10,355,000 | 8,521,732 | ||||||
State of Georgia | ||||||||
2.250%, 07/01/2039 | 5,000,000 | 3,544,728 | ||||||
Valdosta & Lowndes County | ||||||||
Hospital Authority | ||||||||
2.604%, 10/01/2030 | 2,000,000 | 1,678,742 | ||||||
3.000%, 10/01/2029 | 2,000,000 | 1,759,621 | ||||||
16,623,432 | ||||||||
Hawaii – 0.22% | ||||||||
City & County Honolulu, HI | ||||||||
Wastewater System Revenue | ||||||||
2.574%, 07/01/2041 | 5,000,000 | 3,574,351 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 42
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Hawaii – 0.22% (Cont.) | ||||||||
State of Hawaii | ||||||||
2.800%, 10/01/2038 | $ | 10,000,000 | $ | 7,617,287 | ||||
11,191,638 | ||||||||
Illinois – 0.42% | ||||||||
Chicago O’Hare | ||||||||
International Airport | ||||||||
2.446%, 01/01/2031 | 8,500,000 | 7,143,324 | ||||||
Illinois Finance Authority | ||||||||
3.510%, 05/15/2041 | 7,000,000 | 5,358,831 | ||||||
Metropolitan Pier & | ||||||||
Exposition Authority | ||||||||
0.000%, 12/15/2036 (h) | 5,000,000 | 2,632,277 | ||||||
0.000%, 06/15/2036 (h) | 4,025,000 | 2,124,405 | ||||||
0.000%, 06/15/2038 (h) | 2,750,000 | 1,271,510 | ||||||
State of Illinois | ||||||||
5.750%, 01/01/2037 | 3,000,000 | 3,103,662 | ||||||
21,634,009 | ||||||||
Indiana – 0.19% | ||||||||
Indiana Finance Authority | ||||||||
4.807%, 07/15/2035 | 3,000,000 | 2,997,752 | ||||||
Indianapolis Local Public | ||||||||
Improvement Bond Bank | ||||||||
2.473%, 01/01/2040 | 9,500,000 | 6,862,996 | ||||||
9,860,748 | ||||||||
Kansas – 0.04% | ||||||||
Kansas Development | ||||||||
Finance Authority | ||||||||
4.927%, 04/15/2045 | 2,005,000 | 1,986,058 | ||||||
Kentucky – 0.21% | ||||||||
County of Warren, KY | ||||||||
3.921%, 12/01/2031 | 825,000 | 773,131 | ||||||
4.397%, 12/01/2038 | 1,540,000 | 1,448,246 | ||||||
Kentucky State Property & | ||||||||
Building Commission | ||||||||
2.123%, 09/01/2030 | 2,755,000 | 2,219,697 | ||||||
2.223%, 09/01/2031 | 3,350,000 | 2,647,146 | ||||||
Louisville and Jefferson County | ||||||||
Metropolitan Sewer District | ||||||||
2.250%, 05/15/2044 | 5,215,000 | 3,431,646 | ||||||
10,519,866 | ||||||||
Louisiana – 0.73% | ||||||||
City of New Orleans, LA | ||||||||
2.220%, 09/01/2029 | 6,400,000 | 5,423,418 | ||||||
City of New Orleans, LA | ||||||||
Sewerage Service Revenue | ||||||||
1.791%, 06/01/2030 | 1,000,000 | 795,277 | ||||||
1.891%, 06/01/2031 | 1,575,000 | 1,224,631 | ||||||
City of New Orleans, LA | ||||||||
Water System Revenue | ||||||||
1.691%, 12/01/2029 | 1,800,000 | 1,444,736 | ||||||
1.841%, 12/01/2030 | 3,120,000 | 2,454,381 | ||||||
1.941%, 12/01/2031 | 1,635,000 | 1,259,211 | ||||||
2.889%, 12/01/2041 | 2,530,000 | 1,800,583 | ||||||
East Baton Rouge | ||||||||
Sewerage Commission | ||||||||
2.437%, 02/01/2039 | 2,500,000 | 1,848,854 | ||||||
Louisiana Local Government | ||||||||
Environmental Facilities & | ||||||||
Community Development Auth | ||||||||
2.587%, 02/01/2043 | 1,325,000 | 927,850 | ||||||
State of Louisiana Gasoline & | ||||||||
Fuels Tax Revenue | ||||||||
2.230%, 05/01/2036 | 8,000,000 | 5,895,801 | ||||||
2.530%, 05/01/2041 | 12,055,000 | 8,557,500 | ||||||
2.830%, 05/01/2043 | 8,135,000 | 5,644,055 | ||||||
37,276,297 | ||||||||
Maine – 0.20% | ||||||||
Maine Health & Higher | ||||||||
Educational Facilities Authority | ||||||||
3.118%, 07/01/2043 | 14,250,000 | 10,389,460 | ||||||
Maryland – 0.14% | ||||||||
Maryland Stadium Authority | ||||||||
2.805%, 05/01/2040 | 7,000,000 | 5,233,654 | ||||||
State of Maryland Department | ||||||||
of Transportation | ||||||||
1.686%, 08/01/2030 | 2,110,000 | 1,656,993 | ||||||
6,890,647 | ||||||||
Massachusetts – 0.22% | ||||||||
City of Worcester, MA | ||||||||
6.250%, 01/01/2028 | 2,465,000 | 2,534,770 | ||||||
Commonwealth of Massachusetts | ||||||||
2.375%, 09/01/2043 | 3,250,000 | 2,248,949 | ||||||
2.514%, 07/01/2041 | 3,300,000 | 2,448,107 | ||||||
Commonwealth of Massachusetts | ||||||||
Transportation Fund Revenue | ||||||||
5.631%, 06/01/2030 | 1,050,000 | 1,079,269 | ||||||
Massachusetts Educational | ||||||||
Financing Authority | ||||||||
3.455%, 07/01/2028 | 2,000,000 | 1,828,443 | ||||||
3.831%, 07/01/2024 | 450,000 | 439,912 | ||||||
Massachusetts State College | ||||||||
Building Authority | ||||||||
5.932%, 05/01/2040 | 550,000 | 587,085 | ||||||
11,166,535 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 43
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Michigan – 1.05% | ||||||||
City of Detroit, MI | ||||||||
4.000%, 04/01/2044 | $ | 8,700,000 | $ | 6,280,517 | ||||
Detroit City School District | ||||||||
7.747%, 05/01/2039 | 10,840,000 | 12,831,703 | ||||||
Great Lakes Water Authority | ||||||||
Sewage Disposal System Revenue | ||||||||
3.056%, 07/01/2039 | 13,975,000 | 11,196,379 | ||||||
Michigan Finance Authority | ||||||||
3.084%, 12/01/2034 | 5,095,000 | 4,382,796 | ||||||
3.267%, 06/01/2039 | 19,000,000 | 16,406,232 | ||||||
3.610%, 11/01/2032 | 3,000,000 | 2,753,100 | ||||||
53,850,727 | ||||||||
Minnesota – 0.42% | ||||||||
Western Minnesota Municipal | ||||||||
Power Agency | ||||||||
3.156%, 01/01/2039 | 17,500,000 | 14,571,681 | ||||||
White Bear Lake Independent | ||||||||
School District No. 624 | ||||||||
3.000%, 02/01/2044 | 8,330,000 | 6,790,071 | ||||||
21,361,752 | ||||||||
Mississippi – 0.11% | ||||||||
Mississippi Development Bank | ||||||||
5.460%, 10/01/2036 | 5,260,000 | 5,460,715 | ||||||
Missouri – 0.14% | ||||||||
Kansas City Land Clearance | ||||||||
Redevelopment Authority | ||||||||
6.400%, 10/15/2040 (a) | 7,950,000 | 7,079,841 | ||||||
Nebraska – 0.04% | ||||||||
District Energy Corp. | ||||||||
2.390%, 07/01/2036 | 2,830,000 | 2,228,647 | ||||||
Nevada – 0.35% | ||||||||
City of North Las Vegas, NV | ||||||||
6.572%, 06/01/2040 | 12,780,000 | 14,393,548 | ||||||
County of Clark, NV | ||||||||
3.000%, 07/01/2038 | 4,000,000 | 3,417,168 | ||||||
17,810,716 | ||||||||
New Hampshire – 0.07% | ||||||||
New Hampshire Business | ||||||||
Finance Authority | ||||||||
3.278%, 10/01/2037 | 4,880,000 | 3,378,196 | ||||||
New Jersey – 1.26% | ||||||||
City of Newark, NJ | ||||||||
4.100%, 11/01/2028 | 2,830,000 | 2,748,539 | ||||||
Clifton Board Of Education | ||||||||
2.125%, 08/15/2044 | 4,560,000 | 2,919,752 | ||||||
County of Essex, NJ | ||||||||
2.000%, 09/01/2044 | 3,560,000 | 2,186,622 | ||||||
Mercer County | ||||||||
Improvement Authority | ||||||||
8.270%, 12/01/2034 | 13,960,000 | 16,981,469 | ||||||
New Jersey Economic | ||||||||
Development Authority | ||||||||
0.000%, 02/15/2025 (h) | 20,188,000 | 18,144,201 | ||||||
7.425%, 02/15/2029 | 5,000,000 | 5,388,940 | ||||||
New Jersey Institute of Technology | ||||||||
3.323%, 07/01/2024 | 1,540,000 | 1,514,373 | ||||||
3.415%, 07/01/2042 | 6,455,000 | 4,988,934 | ||||||
New Jersey Transportation | ||||||||
Trust Fund Authority | ||||||||
0.000%, 12/15/2040 (h) | 10,045,000 | 4,213,058 | ||||||
New Jersey Turnpike Authority | ||||||||
7.102%, 01/01/2041 | 4,500,000 | 5,506,331 | ||||||
64,592,219 | ||||||||
New York – 1.03% | ||||||||
New York City Industrial | ||||||||
Development Agency | ||||||||
2.436%, 01/01/2036 | 5,850,000 | 4,150,455 | ||||||
New York City Transitional | ||||||||
Finance Authority Future | ||||||||
Tax Secured Revenue | ||||||||
4.200%, 11/01/2030 | 20,000,000 | 18,936,520 | ||||||
New York Liberty | ||||||||
Development Corp. | ||||||||
2.250%, 02/15/2041 | 13,595,000 | 9,366,199 | ||||||
3.000%, 02/15/2042 | 5,500,000 | 4,335,212 | ||||||
3.000%, 09/15/2043 | 12,500,000 | 9,783,515 | ||||||
New York State | ||||||||
Dormitory Authority | ||||||||
5.096%, 08/01/2034 | 3,125,000 | 2,791,210 | ||||||
Triborough Bridge & | ||||||||
Tunnel Authority | ||||||||
2.917%, 05/15/2040 | 3,215,000 | 2,349,999 | ||||||
Western Nassau County | ||||||||
Water Authority | ||||||||
2.958%, 04/01/2041 | 1,500,000 | 1,104,528 | ||||||
52,817,638 | ||||||||
Ohio – 1.16% | ||||||||
American Municipal Power, Inc. | ||||||||
7.499%, 02/15/2050 | 4,500,000 | 5,631,203 | ||||||
7.834%, 02/15/2041 | 9,000,000 | 11,437,257 | ||||||
County of Hamilton, OH | ||||||||
3.374%, 06/01/2034 | 285,000 | 236,993 | ||||||
3.756%, 06/01/2042 | 10,775,000 | 8,418,509 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 44
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Ohio – 1.16% (Cont.) | ||||||||
Franklin County Convention | ||||||||
Facilities Authority | ||||||||
2.022%, 12/01/2030 | $ | 5,485,000 | $ | 4,478,476 | ||||
2.472%, 12/01/2034 | 22,100,000 | 17,261,041 | ||||||
JobsOhio Beverage System | ||||||||
2.833%, 01/01/2038 | 7,540,000 | 5,947,767 | ||||||
Ohio Higher Educational | ||||||||
Facility Commission | ||||||||
4.500%, 12/01/2026 | 4,025,000 | 3,850,604 | ||||||
South-Western City | ||||||||
School District | ||||||||
0.000%, 12/01/2028 (h) | 2,735,000 | 2,035,166 | ||||||
59,297,016 | ||||||||
Oklahoma – 0.77% | ||||||||
Oklahoma City Economic | ||||||||
Development Trust | ||||||||
1.891%, 03/01/2031 | 1,545,000 | 1,229,081 | ||||||
Oklahoma Development | ||||||||
Finance Authority | ||||||||
4.623%, 06/01/2044 | 5,000,000 | 4,790,949 | ||||||
5.269%, 10/01/2042 | 10,000,000 | 10,041,664 | ||||||
5.450%, 08/15/2028 | 5,520,000 | 4,559,515 | ||||||
Oklahoma Municipal | ||||||||
Power Authority | ||||||||
2.431%, 01/01/2034 | 3,870,000 | 3,031,754 | ||||||
2.501%, 01/01/2035 | 3,475,000 | 2,687,302 | ||||||
2.551%, 01/01/2036 | 2,390,000 | 1,821,624 | ||||||
2.803%, 01/01/2041 | 15,500,000 | 11,345,233 | ||||||
39,507,122 | ||||||||
Oregon – 0.06% | ||||||||
Hospital Facilities Authority of | ||||||||
Multnomah County Oregon | ||||||||
1.250%, 06/01/2026 | 2,610,000 | 2,339,548 | ||||||
Oregon Health & Science University | ||||||||
2.850%, 07/01/2030 | 1,000,000 | 857,957 | ||||||
3,197,505 | ||||||||
Pennsylvania – 0.91% | ||||||||
Berks County Industrial | ||||||||
Development Authority | ||||||||
3.950%, 05/15/2024 | 490,000 | 481,957 | ||||||
4.450%, 05/15/2027 | 800,000 | 763,789 | ||||||
City of Philadelphia, PA | ||||||||
1.838%, 07/15/2031 | 2,500,000 | 2,009,305 | ||||||
Commonwealth Financing Authority | ||||||||
2.758%, 06/01/2030 | 1,040,000 | 893,945 | ||||||
2.991%, 06/01/2042 | 9,810,000 | 7,385,329 | ||||||
3.657%, 06/01/2038 | 13,820,000 | 11,910,797 | ||||||
Montgomery County Industrial | ||||||||
Development Authority | ||||||||
3.150%, 11/15/2028 | 10,000,000 | 8,534,949 | ||||||
Pennsylvania Economic | ||||||||
Development Financing Authority | ||||||||
3.143%, 06/15/2042 | 7,600,000 | 5,933,579 | ||||||
Pennsylvania Turnpike | ||||||||
Commission | ||||||||
3.000%, 12/01/2042 | 9,095,000 | 7,111,361 | ||||||
Union County Hospital Authority | ||||||||
3.800%, 08/01/2023 | 295,000 | 293,199 | ||||||
4.400%, 08/01/2028 | 1,060,000 | 1,037,268 | ||||||
46,355,478 | ||||||||
Puerto Rico – 0.40% | ||||||||
Children’s Trust Fund | ||||||||
5.375%, 05/15/2033 | 120,000 | 120,040 | ||||||
Commonwealth of Puerto Rico | ||||||||
0.000%, 07/01/2024 (h) | 153,671 | 144,235 | ||||||
0.000%, 07/01/2033 (h) | 592,257 | 337,451 | ||||||
0.000%, 11/01/2043 (h) | 2,173,403 | 937,280 | ||||||
4.000%, 07/01/2033 | 460,219 | 412,386 | ||||||
4.000%, 07/01/2035 | 413,675 | 362,339 | ||||||
4.000%, 07/01/2037 | 355,042 | 303,637 | ||||||
4.000%, 07/01/2041 | 482,722 | 398,760 | ||||||
4.000%, 07/01/2046 | 502,024 | 399,764 | ||||||
5.250%, 07/01/2023 | 255,706 | 256,449 | ||||||
5.375%, 07/01/2025 | 512,555 | 520,412 | ||||||
5.625%, 07/01/2027 | 507,913 | 524,686 | ||||||
5.625%, 07/01/2029 | 499,673 | 521,358 | ||||||
5.750%, 07/01/2031 | 485,328 | 510,857 | ||||||
GDB Debt Recovery | ||||||||
Authority of Puerto Rico | ||||||||
7.500%, 08/20/2040 | 10,466,351 | 8,791,735 | ||||||
Puerto Rico Highway & | ||||||||
Transportation Authority | ||||||||
0.000%, 07/01/2026 (e)(h) | 7,000,000 | 5,697,090 | ||||||
20,238,479 | ||||||||
South Carolina – 0.09% | ||||||||
South Carolina Jobs-Economic | ||||||||
Development Authority | ||||||||
2.729%, 07/01/2030 | 5,725,000 | 4,809,708 | ||||||
Tennessee – 0.04% | ||||||||
New Memphis Arena Public | ||||||||
Building Authority | ||||||||
0.000%, 04/01/2044 (h) | 1,800,000 | 635,452 | ||||||
0.000%, 04/01/2045 (h) | 2,000,000 | 666,683 | ||||||
0.000%, 04/01/2046 (h) | 1,700,000 | 536,026 | ||||||
1,838,161 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 45
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Texas – 3.24% | ||||||||
Board of Regents of the | ||||||||
University of Texas System | ||||||||
5.134%, 08/15/2042 | $ | 2,710,000 | $ | 2,845,697 | ||||
City of Dallas, TX | ||||||||
0.000%, 02/15/2031 (h) | 10,000,000 | 6,647,720 | ||||||
0.000%, 02/15/2032 (h) | 15,000,000 | 9,450,945 | ||||||
City of Dallas, TX Waterworks & | ||||||||
Sewer System Revenue | ||||||||
2.772%, 10/01/2040 | 6,525,000 | 4,922,909 | ||||||
City of El Paso, TX | ||||||||
6.018%, 08/15/2035 | 3,000,000 | 3,254,498 | ||||||
City of Houston, TX | ||||||||
3.961%, 03/01/2047 | 8,300,000 | 7,272,556 | ||||||
5.508%, 03/01/2036 | 5,400,000 | 5,603,725 | ||||||
5.538%, 03/01/2037 | 4,100,000 | 4,279,648 | ||||||
6.290%, 03/01/2032 | 860,000 | 906,167 | ||||||
City of Houston, TX Airport | ||||||||
System Revenue | ||||||||
2.385%, 07/01/2031 | 18,335,000 | 15,166,109 | ||||||
6.880%, 01/01/2028 | 1,750,000 | 1,828,101 | ||||||
City of Irving, TX | ||||||||
7.375%, 08/15/2044 | 3,500,000 | 3,527,291 | ||||||
City of San Antonio, TX Electric & | ||||||||
Gas Systems Revenue | ||||||||
5.718%, 02/01/2041 | 5,645,000 | 6,032,910 | ||||||
5.985%, 02/01/2039 | 13,425,000 | 14,800,050 | ||||||
Colony Economic | ||||||||
Development Corp. | ||||||||
7.250%, 10/01/2042 | 5,000,000 | 4,821,666 | ||||||
County of Bexar, TX | ||||||||
2.863%, 06/15/2043 | 7,100,000 | 5,138,483 | ||||||
Dallas Fort Worth | ||||||||
International Airport | ||||||||
2.994%, 11/01/2038 | 16,480,000 | 13,749,452 | ||||||
Downtown Dallas | ||||||||
Development Authority | ||||||||
0.000%, 08/15/2036 (h) | 6,730,000 | 3,155,022 | ||||||
Metropolitan Transit Authority | ||||||||
of Harris County Sales & | ||||||||
Use Tax Revenue | ||||||||
2.599%, 11/01/2037 | 17,015,000 | 12,993,493 | ||||||
New Hope Cultural Education | ||||||||
Facilities Corp. | ||||||||
4.000%, 08/01/2020 (e)(g) | 169,148 | — | ||||||
North Texas Tollway Authority | ||||||||
3.000%, 01/01/2038 | 21,695,000 | 18,153,489 | ||||||
8.410%, 02/01/2030 | 4,973,000 | 5,544,606 | ||||||
Port of Beaumont Industrial | ||||||||
Development Authority | ||||||||
4.100%, 01/01/2028 (a) | 7,000,000 | 5,565,034 | ||||||
Port of Houston Authority | ||||||||
3.000%, 10/01/2039 | 5,000,000 | 4,229,749 | ||||||
Stafford Municipal | ||||||||
School District | ||||||||
3.084%, 08/15/2041 | 1,525,000 | 1,205,497 | ||||||
Texas Transportation | ||||||||
Commission | ||||||||
2.013%, 10/01/2037 | 6,295,000 | 4,495,120 | ||||||
165,589,937 | ||||||||
Utah – 0.23% | ||||||||
County of Salt Lake, UT | ||||||||
Convention Hotel Revenue | ||||||||
5.750%, 10/01/2047 (a) | 5,000,000 | 4,312,612 | ||||||
Utah Transit Authority | ||||||||
2.774%, 12/15/2038 | 9,785,000 | 7,492,641 | ||||||
11,805,253 | ||||||||
Virginia – 0.32% | ||||||||
County of Botetourt, VA | ||||||||
6.000%, 07/01/2044 | 4,485,000 | 4,548,020 | ||||||
University of Virginia | ||||||||
6.200%, 09/01/2039 | 10,180,000 | 11,656,865 | ||||||
16,204,885 | ||||||||
Washington – 0.50% | ||||||||
County of King, WA | ||||||||
2.730%, 12/01/2041 | 5,000,000 | 3,745,346 | ||||||
King County Housing Authority | ||||||||
3.000%, 06/01/2040 | 3,005,000 | 2,422,591 | ||||||
NJB Properties | ||||||||
5.510%, 12/01/2036 | 7,320,000 | 7,620,740 | ||||||
Pierce County School District No. 10 Tacoma | ||||||||
2.357%, 12/01/2039 | 16,810,000 | 11,975,958 | ||||||
25,764,635 | ||||||||
West Virginia – 0.08% | ||||||||
Tobacco Settlement Finance Authority | ||||||||
2.701%, 06/01/2030 | 4,770,000 | 3,955,373 | ||||||
Wisconsin – 0.19% | ||||||||
Milwaukee Redevelopment Authority | ||||||||
0.000%, 04/01/2039 (h) | 1,000,000 | 416,327 | ||||||
Public Finance Authority | ||||||||
4.153%, 05/15/2031 | 3,635,000 | 3,479,804 | ||||||
7.500%, 06/01/2029 (a) | 5,750,000 | 5,617,908 | ||||||
9,514,039 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $1,370,612,054) | 1,189,543,216 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 46
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
US GOVERNMENT | ||||||||
NOTES/BONDS – 6.00% | ||||||||
United States Treasury | ||||||||
Notes/Bonds | ||||||||
1.500%, 02/29/2024 | $ | 54,750,000 | $ | 52,832,031 | ||||
2.375%, 02/15/2042 | 50,000,000 | 38,406,250 | ||||||
3.250%, 05/15/2042 | 25,000,000 | 22,061,524 | ||||||
3.375%, 08/15/2042 | 40,000,000 | 35,946,875 | ||||||
4.000%, 11/15/2042 | 160,000,000 | 157,425,000 | ||||||
TOTAL US GOVERNMENT | ||||||||
NOTES/BONDS | ||||||||
(Cost $321,723,519) | 306,671,680 | |||||||
SHORT-TERM INVESTMENTS – 1.60% | ||||||||
First American Government | ||||||||
Obligations Fund – | ||||||||
Class X, 4.374% (l) | 81,595,237 | 81,595,237 | ||||||
TOTAL SHORT-TERM | ||||||||
INVESTMENTS | ||||||||
(Cost $81,595,237) | 81,595,237 | |||||||
Total Investments | ||||||||
(Cost $5,825,421,473) – 99.44% | 5,079,906,254 | |||||||
Other Assets in Excess | ||||||||
of Liabilities – 0.56% | 28,828,158 | |||||||
TOTAL NET ASSETS – 100.00% | $ | 5,108,734,412 |
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, 2023. |
(c) | Foreign issued security. |
(d) | Perpetual maturity. The date referenced is the next call date. |
(e) | Represents an illiquid security. The total market value of these securities was $34,014,037, representing 0.67% of net assets as of February 28, 2023. |
(f) | Variable rate security; the rate shown represents the rate at February 28, 2023. The coupon is based on an underlying pool of loans. |
(g) | Default or other conditions exist at February 28, 2023. |
(h) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
(i) | Step-up bond; the rate shown represents the rate at February 28, 2023. |
(j) | 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. |
(k) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
(l) | Seven day yield at February 28, 2023. |
Abbreviations: | |
AG | Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders. |
CMT | Constant Maturity Rate. |
LIBOR | London Interbank Offered Rate. |
PLC | Public Limited Company. |
SOFR | Secured Overnight Financing Rate |
TSFR3M | 3 Month Term Secured Overnight Financing Rate |
The Schedule of Investments incorporates the Global Industry Classification Standard (GICS®). GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
PAGE 47
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES – 5.65% | ||||||||
Freddie Mac Multifamily ML Certificates | ||||||||
0.953%, 07/25/2036 | $ | 85,654,797 | $ | 5,033,932 | ||||
0.984%, 09/25/2036 | 54,245,577 | 3,860,658 | ||||||
2020-ML07, 2.015%, | ||||||||
10/25/2036 (a)(b)(c) | 15,294,590 | 2,305,354 | ||||||
2019-ML06, 1.133%, | ||||||||
06/25/2037 (b)(c) | 10,717,487 | 917,095 | ||||||
2021-ML08, 1.861%, | ||||||||
07/25/2037 (b)(c) | 18,071,334 | 2,502,518 | ||||||
2021-ML10, 2.057%, | ||||||||
01/25/2038 (b)(c) | 14,246,352 | 2,321,871 | ||||||
2021-ML11, 0.769%, | ||||||||
03/25/2038 (a)(b)(c) | 92,573,910 | 5,438,717 | ||||||
2021-ML10, 1.518%, | ||||||||
06/25/2038 (a)(b)(c) | 51,024,239 | 6,245,367 | ||||||
2021-ML09, 1.490%, | ||||||||
02/25/2040 (a)(b)(c) | 25,158,435 | 3,227,827 | ||||||
2021-ML12, 1.222%, | ||||||||
07/25/2041 (b)(c) | 19,267,067 | 1,971,984 | ||||||
TOTAL AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $35,356,850) | 33,825,323 | |||||||
NON-AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES – 1.41% | ||||||||
California Housing Finance Agency | ||||||||
2021-2, 0.844%, 03/25/2035 (c) | 31,940,374 | 1,714,559 | ||||||
0.797%, 11/20/2035 (c) | 42,367,783 | 2,268,795 | ||||||
2021-3, 0.789%, 08/20/2036 (c) | 25,802,841 | 1,408,835 | ||||||
Washington State Housing | ||||||||
Finance Commission | ||||||||
0.726%, 12/20/2035 (c) | 62,135,742 | 3,061,428 | ||||||
TOTAL NON-AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $9,479,997) | 8,453,617 | |||||||
MUNICIPAL BONDS – 88.66% | ||||||||
Alabama – 2.15% | ||||||||
Black Belt Energy Gas District | ||||||||
5.250%, 02/01/2053 | 4,000,000 | 4,223,329 | ||||||
5.500%, 11/01/2053 | 2,345,000 | 2,477,384 | ||||||
Lower Alabama Gas District | ||||||||
5.000%, 09/01/2034 | 2,840,000 | 2,997,319 | ||||||
Southeast Energy Authority A | ||||||||
Cooperative District | ||||||||
5.500%, 01/01/2053 | 3,000,000 | 3,216,990 | ||||||
12,915,022 | ||||||||
Alaska – 0.75% | ||||||||
Alaska Industrial Development & | ||||||||
Export Authority | ||||||||
5.250%, 06/01/2045 | 2,735,000 | 2,717,810 | ||||||
CIVIC Ventures, AK | ||||||||
5.000%, 09/01/2033 | 1,750,000 | 1,763,694 | ||||||
4,481,504 | ||||||||
Arizona – 4.14% | ||||||||
Arizona Industrial | ||||||||
Development Authority | ||||||||
1.500%, 07/01/2023 | 150,000 | 147,799 | ||||||
1.800%, 07/01/2024 | 175,000 | 165,708 | ||||||
3.250%, 07/01/2031 | 2,000,000 | 1,714,753 | ||||||
City of Phoenix, AZ Civic | ||||||||
Improvement Corp. | ||||||||
5.000%, 07/01/2043 | 7,645,000 | 8,439,488 | ||||||
Florence Town, Inc. Industrial | ||||||||
Development Authority | ||||||||
5.000%, 07/01/2023 (a) | 100,000 | 100,516 | ||||||
Industrial Development Authority | ||||||||
of the City of Phoenix | ||||||||
4.000%, 07/01/2026 (a) | 2,475,000 | 2,402,002 | ||||||
5.000%, 07/01/2045 (a) | 4,000,000 | 3,681,637 | ||||||
6.750%, 07/01/2044 (a) | 3,000,000 | 3,059,524 | ||||||
Park Central Community | ||||||||
Facilities District | ||||||||
4.375%, 07/01/2024 | 820,000 | 809,362 | ||||||
State of Arizona Distribution Revenue | ||||||||
5.500%, 07/01/2038 | 2,000,000 | 2,418,072 | ||||||
5.500%, 07/01/2042 | 1,545,000 | 1,866,795 | ||||||
24,805,656 | ||||||||
California – 11.75% | ||||||||
California County Tobacco | ||||||||
Securitization Agency | ||||||||
5.000%, 06/01/2033 | 1,950,000 | 2,089,255 | ||||||
California Educational | ||||||||
Facilities Authority | ||||||||
5.000%, 03/15/2039 | 1,015,000 | 1,181,056 | ||||||
California Health Facilities | ||||||||
Financing Authority | ||||||||
5.000%, 11/01/2047 | 4,250,000 | 4,820,234 | ||||||
California Municipal | ||||||||
Finance Authority | ||||||||
4.000%, 12/01/2026 (a) | 1,500,000 | 1,415,756 | ||||||
California Pollution Control | ||||||||
Financing Authority | ||||||||
5.000%, 07/01/2037 (a) | 1,750,000 | 1,815,586 | ||||||
5.000%, 07/01/2038 (a) | 1,000,000 | 1,032,484 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 48
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
California – 11.75% (Cont.) | ||||||||
California Public Finance Authority | ||||||||
2.875%, 05/15/2027 (a) | $ | 1,125,000 | $ | 1,007,963 | ||||
City of San Diego, CA Tobacco | ||||||||
Settlement Revenue Funding Corp. | ||||||||
4.000%, 06/01/2032 | 1,205,000 | 1,161,533 | ||||||
Coachella Valley Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2034 (d) | 1,145,000 | 748,767 | ||||||
0.000%, 08/01/2035 (d) | 615,000 | 379,730 | ||||||
0.000%, 08/01/2043 (d) | 1,015,000 | 398,565 | ||||||
El Rancho Unified School District | ||||||||
0.000%, 08/01/2035 (d) | 310,000 | 189,554 | ||||||
Encinitas Union School District | ||||||||
6.750%, 08/01/2035 | 1,070,000 | 1,362,427 | ||||||
Fowler Unified School District | ||||||||
5.500%, 08/01/2053 | 4,945,000 | 5,630,843 | ||||||
Freddie Mac Multifamily | ||||||||
ML Certificates | ||||||||
0.247%, 11/25/2033 (b)(c) | 46,361,499 | 801,127 | ||||||
Gateway Unified School District | ||||||||
0.000%, 08/01/2037 (d) | 1,725,000 | 935,120 | ||||||
Inland Empire Tobacco | ||||||||
Securitization Corp. | ||||||||
3.678%, 06/01/2038 | 2,935,000 | 2,718,994 | ||||||
M-S-R Energy Authority | ||||||||
6.500%, 11/01/2039 | 2,635,000 | 3,143,382 | ||||||
6.500%, 11/01/2039 | 3,505,000 | 4,181,235 | ||||||
Newport Mesa Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2037 (d) | 100,000 | 56,716 | ||||||
Oceanside Unified School District | ||||||||
0.000%, 08/01/2035 (d) | 135,000 | 83,051 | ||||||
0.000%, 08/01/2036 (d) | 175,000 | 101,264 | ||||||
0.000%, 08/01/2037 (d) | 775,000 | 422,505 | ||||||
Placentia-Yorba Linda | ||||||||
Unified School District | ||||||||
0.000%, 08/01/2041 (d) | 5,325,000 | 2,367,250 | ||||||
Poway Unified School District | ||||||||
0.000%, 08/01/2037 (d) | 6,320,000 | 3,518,423 | ||||||
0.000%, 08/01/2038 (d) | 5,425,000 | 2,862,683 | ||||||
0.000%, 08/01/2046 (d) | 12,000,000 | 3,926,713 | ||||||
San Bernardino, CA City | ||||||||
Unified School District | ||||||||
0.000%, 08/01/2035 (d) | 180,000 | 110,332 | ||||||
San Bernardino, CA | ||||||||
Community College District | ||||||||
0.000%, 08/01/2038 (d) | 150,000 | 78,420 | ||||||
0.000%, 08/01/2044 (d) | 12,485,000 | 4,729,861 | ||||||
San Diego, CA Unified | ||||||||
School District | ||||||||
0.000%, 07/01/2037 (d) | 510,000 | 282,910 | ||||||
0.000%, 07/01/2038 (d) | 1,600,000 | 839,034 | ||||||
0.000%, 07/01/2040 (d) | 7,215,000 | 3,379,328 | ||||||
0.000%, 07/01/2041 (d) | 2,115,000 | 1,880,285 | ||||||
San Leandro, CA Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2039 (d) | 2,175,000 | 2,014,355 | ||||||
San Mateo, CA Union High | ||||||||
School District | ||||||||
0.000%, 09/01/2041 (d) | 1,360,000 | 1,270,775 | ||||||
Santa Barbara, CA Secondary | ||||||||
High School District | ||||||||
0.000%, 08/01/2036 (d) | 335,000 | 188,722 | ||||||
0.000%, 08/01/2040 (d) | 1,605,000 | 743,143 | ||||||
St. Helena Unified School District | ||||||||
0.000%, 06/01/2036 (d) | 2,805,000 | 3,171,411 | ||||||
West Contra Costa Unified | ||||||||
School District | ||||||||
0.000%, 08/01/2036 (d) | 5,780,000 | 3,393,316 | ||||||
70,434,108 | ||||||||
Colorado – 2.81% | ||||||||
City & County of Denver CO | ||||||||
Airport System Revenue | ||||||||
5.750%, 11/15/2036 | 6,180,000 | 7,347,924 | ||||||
5.750%, 11/15/2041 | 5,325,000 | 6,005,248 | ||||||
City of Fruita, CO | ||||||||
Healthcare Revenue | ||||||||
5.000%, 01/01/2028 | 700,000 | 658,990 | ||||||
Public Authority for Colorado Energy | ||||||||
6.500%, 11/15/2038 | 2,390,000 | 2,848,828 | ||||||
16,860,990 | ||||||||
Connecticut – 0.66% | ||||||||
State of Connecticut | ||||||||
5.000%, 11/15/2037 | 1,010,000 | 1,131,641 | ||||||
State of Connecticut | ||||||||
Special Tax Revenue | ||||||||
5.250%, 07/01/2040 | 2,500,000 | 2,824,410 | ||||||
3,956,051 | ||||||||
Delaware – 0.60% | ||||||||
University of Delaware | ||||||||
5.000%, 11/01/2038 | 1,595,000 | 1,852,040 | ||||||
5.000%, 11/01/2039 | 1,510,000 | 1,751,697 | ||||||
3,603,737 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 49
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
District of Columbia – 0.89% | ||||||||
District of Columbia | ||||||||
5.500%, 07/01/2047 | $ | 4,750,000 | $ | 5,348,332 | ||||
Florida – 9.52% | ||||||||
Bay County School Board | ||||||||
5.500%, 07/01/2041 | 1,315,000 | 1,456,765 | ||||||
5.500%, 07/01/2042 | 1,300,000 | 1,429,385 | ||||||
Capital Trust Agency, Inc. | ||||||||
5.000%, 08/01/2040 | 170,000 | 171,193 | ||||||
City of Jacksonville, FL | ||||||||
5.250%, 10/01/2037 | 6,000,000 | 6,741,518 | ||||||
County of Miami-Dade, FL | ||||||||
0.000%, 10/01/2041 (d) | 1,375,000 | 578,188 | ||||||
0.000%, 10/01/2042 (d) | 985,000 | 389,941 | ||||||
0.000%, 10/01/2045 (d) | 4,500,000 | 1,612,248 | ||||||
County of Miami-Dade, FL | ||||||||
Seaport Department | ||||||||
5.000%, 10/01/2036 | 1,300,000 | 1,384,721 | ||||||
5.000%, 10/01/2038 | 3,870,000 | 4,083,684 | ||||||
County of Miami-Dade, FL | ||||||||
Transit System | ||||||||
5.000%, 07/01/2047 | 7,500,000 | 8,104,706 | ||||||
County of Pasco, FL | ||||||||
Sales Tax Revenue | ||||||||
5.000%, 10/01/2042 | 4,240,000 | 4,581,953 | ||||||
County of Sarasota, FL | ||||||||
Utility System Revenue | ||||||||
5.250%, 10/01/2047 | 2,500,000 | 2,789,298 | ||||||
County of Seminole, FL | ||||||||
5.250%, 10/01/2039 | 3,520,000 | 3,943,449 | ||||||
Florida Development Finance Corp. | ||||||||
5.000%, 09/15/2040 (a) | 2,050,000 | 1,773,394 | ||||||
5.500%, 09/15/2025 (a) | 1,095,000 | 1,069,128 | ||||||
6.500%, 01/01/2049 (a) | 1,735,000 | 1,594,944 | ||||||
Palm Beach County School District | ||||||||
5.250%, 08/01/2036 | 1,750,000 | 1,983,150 | ||||||
5.250%, 08/01/2040 | 3,500,000 | 3,908,554 | ||||||
Sarasota County, FL School Board | ||||||||
5.000%, 07/01/2036 | 800,000 | 927,904 | ||||||
5.000%, 07/01/2037 | 875,000 | 996,069 | ||||||
School District of Broward County | ||||||||
5.000%, 07/01/2047 | 7,000,000 | 7,541,734 | ||||||
57,061,926 | ||||||||
Georgia – 0.68% | ||||||||
Americus & Sumter County | ||||||||
Hospital Authority | ||||||||
5.125%, 05/15/2023 | 90,000 | 90,071 | ||||||
City of Conyers, GA | ||||||||
4.300%, 03/01/2031 (e) | 1,185,000 | 1,010,008 | ||||||
Main Street Natural Gas, Inc. | ||||||||
5.000%, 07/01/2053 | 2,000,000 | 2,114,914 | ||||||
Walton County Water & | ||||||||
Sewer Authority | ||||||||
5.250%, 02/01/2047 | 785,000 | 871,240 | ||||||
4,086,233 | ||||||||
Hawaii – 1.26% | ||||||||
City & County Honolulu, HI | ||||||||
Wastewater System Revenue | ||||||||
5.000%, 07/01/2042 | 6,855,000 | 7,553,028 | ||||||
Illinois – 3.42% | ||||||||
City of Joliet, IL | ||||||||
5.500%, 12/15/2042 | 2,250,000 | 2,538,660 | ||||||
County of Cook, IL Sales | ||||||||
Tax Revenue | ||||||||
5.250%, 11/15/2045 | 5,000,000 | 5,345,509 | ||||||
DuPage County School | ||||||||
District No. 58 Downers Grove | ||||||||
5.000%, 12/15/2036 | 1,000,000 | 1,139,484 | ||||||
5.000%, 12/15/2037 | 1,845,000 | 2,058,276 | ||||||
5.250%, 12/15/2038 | 85,000 | 96,098 | ||||||
Metropolitan Pier & | ||||||||
Exposition Authority | ||||||||
0.000%, 12/15/2036 (d) | 6,500,000 | 3,421,961 | ||||||
State of Illinois Sales Tax Revenue | ||||||||
6.000%, 06/15/2026 | 1,575,000 | 1,684,432 | ||||||
Will County School | ||||||||
District No. 114 Manhattan | ||||||||
5.500%, 01/01/2045 | 3,765,000 | 4,191,666 | ||||||
20,476,086 | ||||||||
Indiana – 6.38% | ||||||||
City of Valparaiso, IN | ||||||||
6.750%, 01/01/2034 | 500,000 | 511,582 | ||||||
Clark-Pleasant Community | ||||||||
School Building Corp. | ||||||||
5.250%, 01/15/2042 | 2,500,000 | 2,779,465 | ||||||
Fort Wayne Redevelopment | ||||||||
Authority | ||||||||
5.000%, 12/15/2041 | 2,040,000 | 2,214,548 | ||||||
Franklin Township-Marion County | ||||||||
Multiple School Building Corp. | ||||||||
5.000%, 07/15/2040 | 4,520,000 | 4,919,724 | ||||||
Greater Clark Building Corp. | ||||||||
6.000%, 07/15/2038 | 1,855,000 | 2,216,002 | ||||||
6.000%, 01/15/2042 | 5,260,000 | 6,265,919 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 50
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Indiana – 6.38% (Cont.) | ||||||||
Indiana Finance Authority | ||||||||
5.000%, 01/01/2042 | $ | 1,000,000 | $ | 1,058,542 | ||||
IPS Multi-School Building Corp. | ||||||||
5.500%, 07/15/2042 | 1,250,000 | 1,393,296 | ||||||
Lake Ridge Multi-School | ||||||||
Building Corp. | ||||||||
5.500%, 07/15/2040 | 1,500,000 | 1,677,368 | ||||||
Merrillville Multi School | ||||||||
Building Corp. | ||||||||
5.000%, 01/15/2042 | 8,890,000 | 9,543,412 | ||||||
Tippecanoe County School | ||||||||
Building Corp. | ||||||||
6.000%, 01/15/2042 | 4,740,000 | 5,658,978 | ||||||
38,238,836 | ||||||||
Iowa – 0.89% | ||||||||
Iowa Tobacco Settlement Authority | ||||||||
4.000%, 06/01/2049 | 5,435,000 | 5,321,298 | ||||||
Kentucky – 1.18% | ||||||||
County of Trimble, KY | ||||||||
1.300%, 09/01/2044 | 3,500,000 | 2,900,396 | ||||||
Kentucky Economic Development | ||||||||
Finance Authority | ||||||||
5.000%, 05/15/2026 | 815,000 | 789,886 | ||||||
Kentucky State Property & | ||||||||
Building Commission | ||||||||
5.250%, 06/01/2037 | 3,010,000 | 3,363,696 | ||||||
7,053,978 | ||||||||
Louisiana – 0.11% | ||||||||
Tobacco Settlement Financing Corp. | ||||||||
5.250%, 05/15/2033 | 645,000 | 645,570 | ||||||
Maryland – 1.02% | ||||||||
Maryland Stadium Authority | ||||||||
5.000%, 05/01/2050 | 5,750,000 | 6,107,493 | ||||||
Michigan – 6.39% | ||||||||
City of Detroit, MI | ||||||||
4.000%, 04/01/2044 | 3,000,000 | 2,165,695 | ||||||
5.000%, 04/01/2046 | 1,850,000 | 1,747,398 | ||||||
Clarkston Community Schools | ||||||||
5.000%, 05/01/2037 | 345,000 | 387,994 | ||||||
5.000%, 05/01/2038 | 535,000 | 597,263 | ||||||
Garden City School District, MI | ||||||||
5.000%, 05/01/2046 | 1,505,000 | 1,607,074 | ||||||
5.000%, 05/01/2048 | 1,640,000 | 1,740,496 | ||||||
Great Lakes Water Authority Sewage | ||||||||
Disposal System Revenue | ||||||||
5.250%, 07/01/2042 | 9,905,000 | 10,829,304 | ||||||
Great Lakes Water Authority Water | ||||||||
Supply System Revenue | ||||||||
5.250%, 07/01/2042 | 3,000,000 | 3,260,497 | ||||||
Hemlock Public School District | ||||||||
5.000%, 05/01/2045 | 1,200,000 | 1,293,369 | ||||||
Holly Area School District | ||||||||
5.250%, 05/01/2048 | 8,235,000 | 9,139,759 | ||||||
Kalamazoo Economic | ||||||||
Development Corp. | ||||||||
2.625%, 05/15/2025 | 115,000 | 109,561 | ||||||
Michigan Finance Authority | ||||||||
3.267%, 06/01/2039 | 6,000,000 | 5,180,916 | ||||||
3.875%, 10/01/2023 | 250,000 | 249,115 | ||||||
38,308,441 | ||||||||
Minnesota – 0.51% | ||||||||
City of Minneapolis, MN | ||||||||
5.750%, 07/01/2055 | 2,000,000 | 1,956,725 | ||||||
City of Rochester, MN | ||||||||
5.000%, 11/15/2035 | 635,000 | 747,298 | ||||||
University of Minnesota | ||||||||
5.000%, 08/01/2036 | 300,000 | 359,575 | ||||||
3,063,598 | ||||||||
Missouri – 0.46% | ||||||||
City of St Louis, MO Airport Revenue | ||||||||
5.000%, 07/01/2036 | 500,000 | 561,652 | ||||||
5.000%, 07/01/2037 | 600,000 | 667,528 | ||||||
5.000%, 07/01/2038 | 380,000 | 418,964 | ||||||
St. Louis County Industrial | ||||||||
Development Authority | ||||||||
5.125%, 09/01/2048 | 1,250,000 | 1,106,600 | ||||||
2,754,744 | ||||||||
Nebraska – 0.35% | ||||||||
Central Plains Energy Project | ||||||||
5.000%, 09/01/2034 | 2,000,000 | 2,112,640 | ||||||
Nevada – 0.55% | ||||||||
Las Vegas Convention & | ||||||||
Visitors Authority | ||||||||
5.000%, 07/01/2038 | 3,000,000 | 3,270,442 | ||||||
New Hampshire – 0.58% | ||||||||
New Hampshire Business | ||||||||
Finance Authority | ||||||||
0.719%, 10/20/2036 | 68,226,849 | 3,489,803 | ||||||
New Jersey – 1.50% | ||||||||
Garden State Preservation Trust | ||||||||
5.750%, 11/01/2028 | 965,000 | 1,055,450 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 51
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
New Jersey – 1.50% (Cont.) | ||||||||
New Jersey Economic | ||||||||
Development Authority | ||||||||
5.500%, 01/01/2027 | $ | 300,000 | $ | 304,188 | ||||
New Jersey Transportation | ||||||||
Trust Fund Authority | ||||||||
0.000%, 12/15/2037 (d) | 395,000 | 205,807 | ||||||
0.000%, 12/15/2038 (d) | 1,125,000 | 557,212 | ||||||
0.000%, 12/15/2030 (d) | 1,870,000 | 1,440,611 | ||||||
0.000%, 12/15/2039 (d) | 5,000,000 | 2,239,053 | ||||||
5.250%, 06/15/2036 | 1,900,000 | 2,105,578 | ||||||
Tobacco Settlement | ||||||||
Financing Corp. | ||||||||
5.000%, 06/01/2033 | 1,035,000 | 1,106,218 | ||||||
9,014,117 | ||||||||
New York – 4.72% | ||||||||
Build NYC Resource Corp. | ||||||||
4.000%, 06/15/2031 | 600,000 | 563,160 | ||||||
4.000%, 06/15/2041 | 1,350,000 | 1,107,380 | ||||||
City of New York, NY | ||||||||
5.250%, 10/01/2041 | 2,500,000 | 2,802,136 | ||||||
New York City Transitional Finance | ||||||||
Authority Future Tax Secured Revenue | ||||||||
5.250%, 08/01/2042 | 5,000,000 | 5,573,759 | ||||||
5.500%, 11/01/2045 | 9,825,000 | 11,124,256 | ||||||
New York State Dormitory Authority | ||||||||
2.742%, 07/01/2036 | 450,000 | 332,511 | ||||||
5.000%, 10/01/2048 | 4,000,000 | 4,493,800 | ||||||
Triborough Bridge & Tunnel Authority | ||||||||
5.000%, 05/15/2043 | 2,105,000 | 2,293,756 | ||||||
28,290,758 | ||||||||
North Carolina – 3.98% | ||||||||
City of Charlotte, NC | ||||||||
Airport Revenue | ||||||||
5.000%, 07/01/2042 | 5,035,000 | 5,506,114 | ||||||
City of Charlotte, NC Water & | ||||||||
Sewer System Revenue | ||||||||
5.000%, 07/01/2035 | 2,655,000 | 3,223,479 | ||||||
Town of Clayton NC Water & | ||||||||
Sewer Revenue | ||||||||
5.000%, 08/01/2038 | 925,000 | 1,043,303 | ||||||
University of North Carolina at | ||||||||
Chapel Hill | ||||||||
5.000%, 02/01/2045 | 2,960,000 | 3,325,295 | ||||||
5.000%, 02/01/2049 | 8,375,000 | 9,367,491 | ||||||
Watauga Public Facilities Corp. | ||||||||
5.250%, 06/01/2042 | 1,250,000 | 1,400,604 | ||||||
23,866,286 | ||||||||
North Dakota – 0.33% | ||||||||
City of Larimore, ND | ||||||||
0.850%, 05/01/2024 | 2,000,000 | 1,905,416 | ||||||
City of Mandan, ND | ||||||||
2.750%, 09/01/2041 | 80,000 | 79,965 | ||||||
1,985,381 | ||||||||
Ohio – 0.10% | ||||||||
Ohio Higher Educational | ||||||||
Facility Commission | ||||||||
3.750%, 12/01/2023 | 615,000 | 601,648 | ||||||
Oregon – 0.22% | ||||||||
Hospital Facilities Authority of | ||||||||
Multnomah County Oregon | ||||||||
0.950%, 06/01/2027 | 1,000,000 | 868,716 | ||||||
Medford Hospital Facilities Authority | ||||||||
5.000%, 10/01/2024 | 450,000 | 452,894 | ||||||
1,321,610 | ||||||||
Pennsylvania – 3.97% | ||||||||
Allegheny County Sanitary Authority | ||||||||
5.750%, 06/01/2047 | 6,835,000 | 7,815,509 | ||||||
Bucks County Water and | ||||||||
Sewer Authority | ||||||||
5.000%, 12/01/2036 | 380,000 | 430,930 | ||||||
5.000%, 12/01/2037 | 425,000 | 473,317 | ||||||
City of Philadelphia, PA Water & | ||||||||
Wastewater Revenue | ||||||||
5.500%, 06/01/2047 | 5,355,000 | 5,897,607 | ||||||
Delaware Valley Regional | ||||||||
Finance Authority | ||||||||
3.939% (1 Month LIBOR USD + | ||||||||
0.880%), 09/01/2048 | 1,000,000 | 995,908 | ||||||
Pennsylvania Economic | ||||||||
Development Financing Authority | ||||||||
5.000%, 06/30/2028 | 750,000 | 763,871 | ||||||
Pennsylvania Turnpike Commission | ||||||||
5.250%, 12/01/2041 | 1,000,000 | 1,111,344 | ||||||
5.250%, 12/01/2042 | 1,000,000 | 1,104,358 | ||||||
6.375%, 12/01/2038 | 2,000,000 | 2,263,316 | ||||||
Southeastern Pennsylvania | ||||||||
Transportation Authority | ||||||||
5.250%, 06/01/2041 | 2,585,000 | 2,911,913 | ||||||
23,768,073 | ||||||||
Puerto Rico – 1.41% | ||||||||
Children’s Trust Fund | ||||||||
5.375%, 05/15/2033 | 50,000 | 50,016 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 52
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Puerto Rico – 1.41% (Cont.) | ||||||||
Commonwealth of Puerto Rico | ||||||||
0.000%, 07/01/2024 (d) | $ | 49,219 | $ | 46,197 | ||||
0.000%, 07/01/2033 (d) | 189,697 | 108,084 | ||||||
0.000%, 11/01/2043 (d) | 696,364 | 300,307 | ||||||
4.000%, 07/01/2033 | 147,407 | 132,086 | ||||||
4.000%, 07/01/2035 | 132,497 | 116,054 | ||||||
4.000%, 07/01/2037 | 113,718 | 97,253 | ||||||
4.000%, 07/01/2041 | 154,613 | 127,721 | ||||||
4.000%, 07/01/2046 | 160,797 | 128,043 | ||||||
5.250%, 07/01/2023 | 81,902 | 82,140 | ||||||
5.375%, 07/01/2025 | 164,169 | 166,686 | ||||||
5.625%, 07/01/2027 | 162,682 | 168,054 | ||||||
5.625%, 07/01/2029 | 160,042 | 166,988 | ||||||
5.750%, 07/01/2031 | 155,448 | 163,625 | ||||||
GDB Debt Recovery Authority of | ||||||||
Puerto Rico | ||||||||
7.500%, 08/20/2040 | 3,093,245 | 2,598,326 | ||||||
Puerto Rico Highway & | ||||||||
Transportation Authority | ||||||||
5.850%, 03/01/2027 (e) | 1,395,000 | 1,397,790 | ||||||
Puerto Rico Sales Tax Financing Corp. | ||||||||
Sales Tax Revenue | ||||||||
0.000%, 07/01/2024 (d) | 1,543,000 | 1,454,615 | ||||||
0.000%, 07/01/2029 (d) | 1,589,000 | 1,178,515 | ||||||
8,482,500 | ||||||||
Rhode Island – 0.62% | ||||||||
Rhode Island Health and Educational | ||||||||
Building Corp. | ||||||||
5.500%, 05/15/2042 | 3,335,000 | 3,727,963 | ||||||
South Carolina – 1.34% | ||||||||
County of Horry, SC | ||||||||
5.250%, 09/01/2047 | 4,000,000 | 4,343,312 | ||||||
South Island Public | ||||||||
Service District, SC | ||||||||
5.250%, 04/01/2042 | 3,325,000 | 3,679,062 | ||||||
8,022,374 | ||||||||
Tennessee – 0.72% | ||||||||
Metropolitan Nashville | ||||||||
Airport Authority | ||||||||
5.250%, 07/01/2035 | 1,500,000 | 1,654,640 | ||||||
5.500%, 07/01/2036 | 1,125,000 | 1,259,707 | ||||||
5.500%, 07/01/2037 | 1,250,000 | 1,390,635 | ||||||
4,304,982 | ||||||||
Texas – 8.23% | ||||||||
Board of Regents of the | ||||||||
University of Texas System | ||||||||
5.000%, 08/15/2049 | 5,670,000 | 6,527,671 | ||||||
Celina Independent School District | ||||||||
5.000%, 02/15/2047 | 5,000,000 | 5,477,894 | ||||||
City of Austin, TX Water & | ||||||||
Wastewater System Revenue | ||||||||
5.000%, 11/15/2040 | 1,225,000 | 1,368,592 | ||||||
5.000%, 11/15/2041 | 1,700,000 | 1,888,249 | ||||||
Clifton Higher Education | ||||||||
Finance Corp. | ||||||||
6.000%, 03/01/2029 | 30,000 | 30,251 | ||||||
Colony Economic | ||||||||
Development Corp. | ||||||||
7.250%, 10/01/2042 | 1,500,000 | 1,446,500 | ||||||
Colony Local Development Corp. | ||||||||
7.250%, 10/01/2033 | 700,000 | 703,815 | ||||||
County of Harris, TX | ||||||||
3.929% (3 Month LIBOR USD + | ||||||||
0.670%), 08/15/2035 | 1,020,000 | 938,220 | ||||||
Lower Colorado River Authority | ||||||||
5.500%, 05/15/2047 | 5,000,000 | 5,350,674 | ||||||
Melissa Independent School District | ||||||||
5.000%, 02/01/2047 | 6,000,000 | 6,497,271 | ||||||
North Texas Tollway Authority | ||||||||
5.250%, 01/01/2038 | 4,060,000 | 4,549,464 | ||||||
Port of Beaumont Industrial | ||||||||
Development Authority | ||||||||
4.100%, 01/01/2028 (a) | 3,000,000 | 2,385,014 | ||||||
Pottsboro Higher Education | ||||||||
Finance Corp. | ||||||||
2.000%, 08/15/2040 | 775,000 | 532,249 | ||||||
Van Alstyne Independent | ||||||||
School District | ||||||||
5.000%, 02/15/2047 | 5,935,000 | 6,536,957 | ||||||
West Harris County Regional | ||||||||
Water Authority | ||||||||
5.500%, 12/15/2042 | 4,500,000 | 5,065,622 | ||||||
49,298,443 | ||||||||
Utah – 1.86% | ||||||||
Wasatch County School District | ||||||||
Local Building Authority | ||||||||
5.500%, 06/01/2047 | 7,570,000 | 8,429,243 | ||||||
Wildflower Improvement Association | ||||||||
6.625%, 03/01/2031 (a)(e) | 2,895,549 | 2,750,105 | ||||||
11,179,348 | ||||||||
Virginia – 0.34% | ||||||||
County of Botetourt, VA | ||||||||
6.000%, 07/01/2044 | 2,000,000 | 2,028,103 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 53
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Washington – 1.94% | ||||||||
Central Puget Sound Regional | ||||||||
Transit Authority | ||||||||
5.000%, 11/01/2046 | $ | 10,000,000 | $ | 11,234,161 | ||||
Washington State Housing | ||||||||
Finance Commission | ||||||||
5.000%, 01/01/2055 (a) | 500,000 | 369,099 | ||||||
11,603,260 | ||||||||
Wisconsin – 0.33% | ||||||||
Public Finance Authority | ||||||||
7.500%, 06/01/2029 (a) | 2,000,000 | 1,954,055 | ||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $541,421,160) | 531,398,417 | |||||||
SHORT-TERM INVESTMENT- 4.12% | ||||||||
First American Government | ||||||||
Obligations Fund – | ||||||||
Class X, 4.364% (f) | 24,717,256 | 24,717,256 | ||||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost $24,717,256) | 24,717,256 | |||||||
Total Investments | ||||||||
(Cost $610,975,263) – 99.84% | 598,394,613 | |||||||
Other Assets in Excess | ||||||||
of Liabilities – 0.16% | 953,352 | |||||||
TOTAL NET ASSETS – 100.00% | $ | 599,347,965 |
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, 2023. 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 a security issued at a discount to its face value but pays no interest. |
(e) | Represents an illiquid security. The total market value of these securities was $5,157,903, representing 0.86% of net assets as of February 28, 2023. |
(f) | Seven day yield at February 28, 2023. |
The accompanying notes are an integral part of these financial statements.
PAGE 54
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
ASSET BACKED SECURITIES – 8.19% | ||||||||
American Credit Acceptance | ||||||||
Receivables Trust | ||||||||
2022-3, 4.860%, 10/13/2028 (a) | $ | 1,000,000 | $ | 976,411 | ||||
Exeter Automobile | ||||||||
Receivables Trust | ||||||||
2021-2A, 2.900%, 07/17/2028 (a) | 1,500,000 | 1,319,307 | ||||||
2022-2A, 3.850%, 07/17/2028 | 1,000,000 | 963,244 | ||||||
2022-4A, 4.920%, 12/15/2028 | 1,100,000 | 1,077,011 | ||||||
GLS Auto Receivables Issuer Trust | ||||||||
2022-3A, 4.920%, 01/15/2027 (a) | 1,000,000 | 984,366 | ||||||
2020-2A, 7.480%, 04/15/2027 (a) | 1,225,000 | 1,238,521 | ||||||
Westlake Automobile | ||||||||
Receivables Trust | ||||||||
2023-1A, 5.740%, 08/15/2028 (a) | 1,000,000 | 997,713 | ||||||
TOTAL ASSET BACKED SECURITIES | ||||||||
(Cost $7,650,062) | 7,556,573 | |||||||
COLLATERALIZED LOAN | ||||||||
OBLIGATIONS – 13.38% | ||||||||
Apidos CLO XII | ||||||||
2013-12A, 10.192% (3 Month LIBOR USD + 5.400%), | ||||||||
04/15/2031 (a)(b)(c) | 1,000,000 | 857,419 | ||||||
Apidos CLO XXXI | ||||||||
2019-31A, 11.392% (3 Month LIBOR USD + 6.600%), | ||||||||
04/15/2031 (a)(b)(c) | 1,000,000 | 912,499 | ||||||
Ares XXXIX CLO Ltd. | ||||||||
2016-39A, 8.145% (3 Month LIBOR USD + 3.350%), | ||||||||
04/18/2031 (a)(b)(c) | 1,000,000 | 911,956 | ||||||
Ares XXXVII CLO Ltd. | ||||||||
2015-4A, 7.442% (3 Month LIBOR USD + 2.650%), | ||||||||
10/15/2030 (a)(b)(c) | 1,000,000 | 912,719 | ||||||
Burnham Park Clo Ltd. | ||||||||
2016-1A, 7.658% (3 Month LIBOR USD + 2.850%), | ||||||||
10/20/2029 (a)(b)(c) | 1,000,000 | 933,984 | ||||||
Buttermilk Park CLO Ltd. | ||||||||
2018-1A, 7.892% (3 Month LIBOR USD + 3.100%), | ||||||||
10/15/2031 (a)(b)(c) | 1,000,000 | 922,017 | ||||||
Cayuga Park CLO Ltd. | ||||||||
2020-1A, 10.792% (3 Month LIBOR USD + 6.000%), | ||||||||
07/17/2034 (a)(b)(c) | 1,250,000 | 1,127,817 | ||||||
Goldentree Loan Management US CLO 2 Ltd. | ||||||||
2017-2A, 9.508% (3 Month LIBOR USD + 4.700%), | ||||||||
11/28/2030 (a)(b)(c) | 1,000,000 | 885,453 | ||||||
GoldentTree Loan Management | ||||||||
US CLO 1 Ltd. | ||||||||
2021-9A, 7.708% (3 Month LIBOR USD + 2.900%), | ||||||||
01/20/2033 (a)(b)(c) | 500,000 | 455,711 | ||||||
LCM Loan Income Fund I Income | ||||||||
Note Issuer Ltd. | ||||||||
27A, 10.392% (3 Month LIBOR USD + | ||||||||
5.600%), 07/16/2031 (a)(b)(c) | 500,000 | 369,825 | ||||||
LCM XVIII LP | ||||||||
18A, 10.758% (3 Month LIBOR USD + | ||||||||
5.950%), 04/20/2031 (a)(b)(c) | 650,000 | 481,514 | ||||||
LCM XXII Ltd. | ||||||||
22A, 7.608% (3 Month LIBOR USD + 2.800%), | ||||||||
10/20/2028 (a)(b)(c) | 895,000 | 782,662 | ||||||
Magnetite XV Ltd. | ||||||||
2015-15A, 10.121% (TSFR3M + 5.462%), | ||||||||
07/25/2031 (a)(b)(c) | 1,000,000 | 890,660 | ||||||
Neuberger Berman Loan | ||||||||
Advisers CLO 33 Ltd. | ||||||||
2019-33A, 7.692% (3 Month LIBOR USD + 2.900%), | ||||||||
10/16/2033 (a)(b)(c) | 1,000,000 | 945,975 | ||||||
Neuberger Berman Loan | ||||||||
Advisers CLO 35 Ltd. | ||||||||
2019-35A, 11.798% (3 Month LIBOR | ||||||||
USD + 7.000%), 01/19/2033 (a)(b)(c) | 1,000,000 | 948,546 | ||||||
TOTAL COLLATERALIZED LOAN | ||||||||
OBLIGATIONS (Cost $12,589,311) | 12,338,757 | |||||||
CORPORATE BONDS – 36.77% | ||||||||
Diversified Consumer Services – 1.09% | ||||||||
Prime Security Services Borrower, LLC | ||||||||
3.375%, 08/31/2027 (a) | 1,163,000 | 1,007,182 | ||||||
Diversified Financial Services – 0.21% | ||||||||
Compeer Financial FLCA | ||||||||
3.375% to 06/01/2031 then SOFR + | ||||||||
1.965%, 06/01/2036 (a)(b) | 250,000 | 195,728 | ||||||
Automobile Dealers – 0.93% | ||||||||
Ken Garff Automotive LLC | ||||||||
4.875%, 09/15/2028 (a) | 1,000,000 | 862,252 | ||||||
Banks – 8.27% | ||||||||
Banner Corp. | ||||||||
5.000% to 6/30/2025 then TSFR3M + | ||||||||
4.890%, 06/30/2030 (b) | 1,000,000 | 934,320 | ||||||
Barclays PLC | ||||||||
6.125% (5 Year CMT Rate + 5.867%), | ||||||||
09/15/2166 (b)(c)(d) | 1,000,000 | 943,250 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 55
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Banks – 8.27% (Cont.) | ||||||||
Deutsche Bank AG | ||||||||
7.079% to 11/10/2032 then SOFR + | ||||||||
3.650%, 02/10/2034 (b)(c) | $ | 1,000,000 | $ | 972,164 | ||||
National Australia Bank Ltd. | ||||||||
3.347% (5 Year CMT Rate + 1.700%), | ||||||||
01/12/2037 (a)(b)(c) | 1,000,000 | 798,998 | ||||||
Renasant Corp. | ||||||||
3.000% to 12/01/2026 then SOFR + | ||||||||
1.910%, 12/01/2031 (b) | 750,000 | 636,169 | ||||||
Synovus Financial Corp. | ||||||||
5.900% (5 Year Swap Rate USD + | ||||||||
3.379%), 02/07/2029 (b) | 1,000,000 | 986,451 | ||||||
Texas Capital Bancshares, Inc. | ||||||||
4.000% (5 Year CMT Rate + 3.150%), | ||||||||
05/06/2031 (b) | 1,000,000 | 898,907 | ||||||
Western Alliance Bank | ||||||||
5.250% to 06/01/2025 then SOFR + | ||||||||
5.120%, 06/01/2030 (b) | 1,500,000 | 1,449,458 | ||||||
Building Products – 2.01% | ||||||||
Masonite International Corp. | ||||||||
3.500%, 02/15/2030 (a)(c) | 1,000,000 | 814,352 | ||||||
TopBuild Corp. | ||||||||
3.625%, 03/15/2029 (a) | 1,250,000 | 1,043,103 | ||||||
Capital Markets – 1.25% | ||||||||
Ares Capital Corp. | ||||||||
3.200%, 11/15/2031 | 1,080,000 | 823,200 | ||||||
MSCI, Inc. | ||||||||
3.625%, 11/01/2031 (a) | 400,000 | 334,122 | ||||||
Consumer Finance – 2.43% | ||||||||
Ally Financial, Inc. | ||||||||
6.700%, 02/14/2033 | 1,250,000 | 1,187,683 | ||||||
OneMain Finance Corp. | ||||||||
5.375%, 11/15/2029 | 1,250,000 | 1,054,400 | ||||||
Electrical Equipment – 1.06% | ||||||||
Regal Rexnord Corp. | ||||||||
6.300%, 02/15/2030 (a) | 1,000,000 | 977,790 | ||||||
Electronic Equipment, Instruments & | ||||||||
Components – 0.94% | ||||||||
CDW Finance Corp. | ||||||||
3.276%, 12/01/2028 | 1,000,000 | 863,518 | ||||||
Equity Real Estate Investment | ||||||||
Trusts (REITs) – 0.42% | ||||||||
American Finance Trust, Inc. | ||||||||
4.500%, 09/30/2028 (a) | 500,000 | 385,358 | ||||||
Healthcare Providers & Services – 0.89% | ||||||||
Centene Corp. | ||||||||
3.000%, 10/15/2030 | 1,000,000 | 816,413 | ||||||
Household Durables – 2.97% | ||||||||
Century Communities, Inc. | ||||||||
3.875%, 08/15/2029 (a) | 1,000,000 | 818,440 | ||||||
M/I Homes, Inc. | ||||||||
3.950%, 02/15/2030 | 1,300,000 | 1,055,480 | ||||||
Meritage Homes Corp. | ||||||||
3.875%, 04/15/2029 (a) | 1,000,000 | 868,510 | ||||||
Information Technology – 1.21% | ||||||||
Dell International LLC | ||||||||
8.100%, 07/15/2036 | 1,000,000 | 1,115,637 | ||||||
Machinery – 0.90% | ||||||||
Allison Transmission, Inc. | ||||||||
3.750%, 01/30/2031 (a) | 1,000,000 | 831,290 | ||||||
Media – 2.59% | ||||||||
CCO Holdings Capital Corp. | ||||||||
4.750%, 02/01/2032 (a) | 1,500,000 | 1,218,225 | ||||||
Sirius XM Radio, Inc. | ||||||||
3.875%, 09/01/2031 (a) | 1,500,000 | 1,167,615 | ||||||
Nondepository Credit | ||||||||
Intermediation – 1.37% | ||||||||
Ford Motor Credit Co LLC | ||||||||
7.350%, 03/06/2030 | 1,250,000 | 1,267,338 | ||||||
Road & Rail – 1.22% | ||||||||
ERAC USA Finance, LLC | ||||||||
7.000%, 10/15/2037 (a) | 1,000,000 | 1,127,446 | ||||||
Software – 1.98% | ||||||||
Open Text Corp. | ||||||||
6.900%, 12/01/2027 (a)(c) | 1,000,000 | 1,010,900 | ||||||
Oracle Corp. | ||||||||
3.850%, 07/15/2036 | 1,000,000 | 813,583 | ||||||
Specialty Retail – 3.03% | ||||||||
AutoNation, Inc. | ||||||||
3.850%, 03/01/2032 | 1,000,000 | 838,500 | ||||||
Group 1 Automotive, Inc. | ||||||||
4.000%, 08/15/2028 (a) | 1,300,000 | 1,117,518 | ||||||
Lithia Motors, Inc. | ||||||||
4.375%, 01/15/2031 (a) | 1,000,000 | 833,785 | ||||||
Utilities – 1.08% | ||||||||
CoServ Securitization LLC | ||||||||
2022, 5.321%, 02/15/2048 (a) | 1,000,000 | 995,900 | ||||||
Wireless Telecommunication | ||||||||
Services – 0.92% | ||||||||
T-Mobile USA, Inc. | ||||||||
2.625%, 02/15/2029 | 1,000,000 | 851,521 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $35,366,590) | 33,916,506 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 56
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
NON-AGENCY RESIDENTIAL | ||||||||
MORTGAGE BACKED SECURITIES – 6.26% | ||||||||
Alternative Loan Trust | ||||||||
2004-24CB, 6.000%, 11/25/2034 | $ | 1,392,181 | $ | 1,376,164 | ||||
Banc of America Alternative Loan Trust | ||||||||
2006-2, 6.500%, 03/25/2036 | 1,484,801 | 1,196,586 | ||||||
CHL Mortgage Pass-Through Trust | ||||||||
2006-17, 6.000% (1 Month LIBOR USD + 0.550%), | ||||||||
12/25/2036 (b) | 351,998 | 149,230 | ||||||
2007-HY5, 4.029%, 09/25/2037 (e) | 228,287 | 194,044 | ||||||
Credit Suisse First Boston Mortgage | ||||||||
Securities Corp. | ||||||||
2005-11, 5.500%, 12/25/2035 | 355,648 | 153,179 | ||||||
Freddie Mac STACR REMIC Trust | ||||||||
2021-DNA5, 7.534% | ||||||||
(SOFR30A + 3.050%), | ||||||||
01/25/2034 (a)(b) | 1,000,000 | 947,759 | ||||||
Volt, LLC | ||||||||
2021-NPL4, 4.949%, 03/27/2051 (a)(f) | 350,000 | 303,277 | ||||||
WaMu Mortgage Pass-Through | ||||||||
Certificates Series Trust | ||||||||
2006-AR12, 3.806%, 10/25/2036 (e) | 1,626,551 | 1,456,140 | ||||||
TOTAL NON-AGENCY RESIDENTIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $6,130,971) | 5,776,379 | |||||||
NON-AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES – 16.26% | ||||||||
BANK | ||||||||
2020-BNK29, 2.500%, 11/15/2053 (a) | 850,000 | 496,355 | ||||||
2022-BNK40, 2.500%, 03/15/2064 (a) | 500,000 | 272,759 | ||||||
2021-BNK35, 2.902%, 06/15/2064 (e) | 1,000,000 | 720,095 | ||||||
BBCMS Mortgage Trust | ||||||||
2022-C17, 1.152%, 09/15/2055 (e)(g) | ||||||||
14,987,322 | 1,215,168 | |||||||
Benchmark Mortgage Trust | ||||||||
2021-B23, 1.271%, 02/15/2054 (e)(g) | ||||||||
14,889,504 | 1,020,050 | |||||||
2021-B27, 1.488%, 07/15/2054 (a)(e)(g) | ||||||||
15,000,000 | 1,448,665 | |||||||
Citigroup Commercial Mortgage Trust | ||||||||
2016-C1, 4.942%, 05/10/2049 (e) | 1,000,000 | 916,546 | ||||||
Freddie Mac Multifamily | ||||||||
Structured Credit Risk | ||||||||
2021-MN3, 8.484% (SOFR30A + | ||||||||
4.000%), 11/25/2051 (a)(b) | 1,000,000 | 896,781 | ||||||
GS Mortgage Securities Corp. II | ||||||||
2012-BWTR, 3.255%, 11/05/2034 (a)(h) | ||||||||
478,000 | 325,164 | |||||||
Morgan Stanley Bank of America | ||||||||
Merrill Lynch Trust | ||||||||
2017-C34, 2.700%, 11/15/2052 (a) | 1,000,000 | 635,285 | ||||||
Morgan Stanley Capital I Trust | ||||||||
2017-H1, 4.281%, 06/15/2050 (e) | 1,500,000 | 1,313,087 | ||||||
2017-HR2, 4.320%, 12/15/2050 (e) | 1,400,000 | 1,223,176 | ||||||
2019-H7, 3.000%, 07/15/2052 (a) | 1,000,000 | 662,879 | ||||||
Wells Fargo Commercial | ||||||||
Mortgage Trust | ||||||||
2015-C28, 4.083%, 05/15/2048 (e) | 1,000,000 | 842,482 | ||||||
2016-C37, 3.187%, 12/15/2049 (a)(e) | 1,000,000 | 752,042 | ||||||
2018-C43, 4.514%, 03/17/2051 | 1,250,000 | 1,063,226 | ||||||
2019-C52, 1.109%, 08/15/2052 (e)(g) | 7,000,000 | 396,302 | ||||||
2019-C52, 3.561%, 08/15/2052 | 1,000,000 | 793,903 | ||||||
TOTAL NON-AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $16,385,902) | 14,993,965 | |||||||
AGENCY COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES – 4.92% | ||||||||
Freddie Mac Multifamily Structured | ||||||||
Pass Through Certificates | ||||||||
K072, 0.368%, 12/25/2027 (e)(g) | 72,021,101 | 1,074,015 | ||||||
K098, 1.392%, 08/25/2029 (e)(g) | 7,575,000 | 565,059 | ||||||
K118, 0.959%, 09/25/2030 (e)(g) | 20,833,318 | 1,158,262 | ||||||
K130, 1.037%, 06/25/2031 (e)(g) | 18,476,924 | 1,220,429 | ||||||
K141, 0.305%, 02/25/2032 (e)(g) | 22,197,552 | 517,254 | ||||||
TOTAL AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $4,829,617) | 4,535,019 | |||||||
MUNICIPAL BONDS – 6.39% | ||||||||
California – 1.17% | ||||||||
City of Santa Ana, CA | ||||||||
1.869%, 08/01/2029 | 500,000 | 406,445 | ||||||
East Side Union High School District | ||||||||
5.320%, 04/01/2036 | 240,000 | 237,222 | ||||||
Peralta Community College District | ||||||||
0.000%, 08/05/2031 (i) | 500,000 | 432,322 | ||||||
1,075,989 | ||||||||
Illinois – 1.20% | ||||||||
Metropolitan Pier & Exposition Authority | ||||||||
0.000%, 12/15/2036 (i) | 1,000,000 | 526,456 | ||||||
0.000%, 06/15/2038 (i) | 1,250,000 | 577,959 | ||||||
1,104,415 | ||||||||
New York – 0.67% | ||||||||
New York Liberty Development Corp. | ||||||||
2.250%, 02/15/2041 | 900,000 | 618,348 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PAGE 57
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2023 (Unaudited)
PRINCIPAL | ||||||||
AMOUNT | VALUE | |||||||
Pennsylvania – 0.85% | ||||||||
Pennsylvania Turnpike Commission | ||||||||
3.000%, 12/01/2042 | $ | 1,000,000 | $ | 781,897 | ||||
Puerto Rico – 0.72% | ||||||||
GDB Debt Recovery Authority of | ||||||||
Puerto Rico | ||||||||
7.500%, 08/20/2040 | 790,925 | 664,377 | ||||||
Tennessee – 0.66% | ||||||||
New Memphis Arena Public | ||||||||
Building Authority | ||||||||
0.000%, 04/01/2043 (i) | 1,625,000 | 607,101 | ||||||
Texas – 0.86% | ||||||||
Port of Beaumont Industrial | ||||||||
Development Authority | ||||||||
4.100%, 01/01/2028 (a) | 1,000,000 | 795,004 | ||||||
Wisconsin – 0.26% | ||||||||
Public Finance Authority | ||||||||
7.500%, 06/01/2029 (a) | 250,000 | 243,553 | ||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $6,130,606) | 5,890,684 | |||||||
US GOVERNMENT NOTES/BONDS – 3.30% | ||||||||
United States Treasury Notes/Bonds | ||||||||
3.375%, 08/15/2042 | 1,200,000 | 1,078,406 | ||||||
4.000%, 11/15/2042 | 2,000,000 | 1,967,813 | ||||||
TOTAL US GOVERNMENT | ||||||||
NOTES/BONDS (Cost $3,069,383) | 3,046,219 | |||||||
SHORT-TERM INVESTMENTS – 4.57% | ||||||||
First American Government | ||||||||
Obligations Fund – | ||||||||
Class X, 4.364% (j) | 4,216,202 | 4,216,202 | ||||||
TOTAL SHORT-TERM | ||||||||
INVESTMENTS | ||||||||
(Cost $4,216,202) | 4,216,202 | |||||||
Total Investments | ||||||||
(Cost $96,368,644) – 100.04% | 92,270,304 | |||||||
Liabilities in Excess | ||||||||
of Other Assets – (0.04)% | (34,581 | ) | ||||||
TOTAL NET ASSETS – 100.00% | $ | 92,235,723 |
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, 2023. |
(c) | Foreign issued security. |
(d) | Perpetual maturity. The date referenced is the next call date. |
(e) | Variable rate security; the rate shown represents the rate at February 28, 2023. The coupon is based on an underlying pool of loans. |
(f) | Step-up bond; the rate shown represents the rate at February 28, 2023. |
(g) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
(h) | Represents an illiquid security. The total market value of these securities was $325,164, representing 0.35% of net assets as of February 28, 2023. |
(i) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
(j) | Seven day yield at February 28, 2023. |
Abbreviations: | |
AG | Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders. |
NV | Naamloze Vennootschap is a Dutch term for publicly traded companies. |
CMT | Constant Maturity Treasury Rate |
LIBOR | London Interbank Offered Rate |
PLC | Public Limited Company. |
SOFR | Secured Overnight Financing Rate |
TSFR3M | 3 Month Term Secured Overnight Financing Rate |
The Schedule of Investments incorporates the Global Industry Classification Standard (GICS®). GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
PAGE 58
STATEMENTS OF OPERATIONS
For the Six Months Ended February 28, 2023 (Unaudited)
Performance Trust | Performance Trust | |||||||||||
Strategic | Municipal | Performance Trust | ||||||||||
Bond Fund | Bond Fund | Credit Fund | ||||||||||
Investment Income | ||||||||||||
Interest income | $ | 111,003,255 | $ | 12,496,444 | $ | 2,734,169 | ||||||
Total Investment Income | 111,003,255 | 12,496,444 | 2,734,169 | |||||||||
Expenses | ||||||||||||
Advisory fees | 15,082,692 | 1,242,353 | 324,204 | |||||||||
Sub-transfer agent fees – Institutional Class | 2,212,753 | — | — | |||||||||
Administration and accounting fees | 985,768 | 132,340 | 26,835 | |||||||||
Transfer agent fees and expenses | 381,545 | 49,965 | 9,742 | |||||||||
Distribution fees – Class C | 156,139 | — | — | |||||||||
Reports to shareholders | 139,516 | 15,652 | 812 | |||||||||
Custody fees | 118,280 | 15,215 | 3,623 | |||||||||
Federal and state registration fees | 106,354 | 30,274 | 17,042 | |||||||||
Service fees – Class C | 52,046 | — | — | |||||||||
Distribution fees – Class A | 37,987 | 48,898 | — | |||||||||
Audit and tax fees | 20,718 | 10,679 | 10,679 | |||||||||
Insurance expense | 18,658 | 3,987 | 2,073 | |||||||||
Sub-transfer agent fees – Class C | 18,560 | — | — | |||||||||
Legal fees | 14,794 | 8,058 | 6,730 | |||||||||
Sub-transfer agent fees – Class A | 13,566 | — | — | |||||||||
Trustees’ fees | 9,583 | 9,583 | 9,583 | |||||||||
Chief Compliance Officer fees | 5,792 | 5,792 | 5,792 | |||||||||
Other expenses | 19,988 | 5,164 | 3,194 | |||||||||
Total Expenses | 19,394,739 | 1,577,960 | 420,309 | |||||||||
Expense Reimbursement by Adviser | — | — | (19,106 | ) | ||||||||
Net Expenses | 19,394,739 | 1,577,960 | 401,203 | |||||||||
Net Investment Income | 91,608,516 | 10,918,484 | 2,332,966 | |||||||||
Realized and Unrealized Loss on Investments | ||||||||||||
Net realized loss from: | ||||||||||||
Investments | (154,595,666 | ) | (33,263,947 | ) | (2,702,829 | ) | ||||||
Change in net unrealized | ||||||||||||
appreciation (depreciation) from investments | 255,806 | 19,736,826 | 948,578 | |||||||||
Net Realized and Unrealized Loss on Investments | (154,339,860 | ) | (13,527,121 | ) | (1,754,251 | ) | ||||||
Net Increase (Decrease) in | ||||||||||||
Net Assets from Operations | $ | (62,731,344 | ) | $ | (2,608,637 | ) | $ | 578,715 |
The accompanying notes are an integral part of these financial statements.
PAGE 59
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Strategic Bond Fund
Six Months Ended | ||||||||
February 28, 2023 | Year Ended | |||||||
(Unaudited) | August 31, 2022 | |||||||
From Operations | ||||||||
Net investment income | $ | 91,608,516 | $ | 209,332,420 | ||||
Net realized loss from investments | (154,595,666 | ) | (132,925,876 | ) | ||||
Change in net unrealized appreciation/(depreciation) from investments | 255,806 | (826,306,858 | ) | |||||
Net decrease in net assets from operations | (62,731,344 | ) | (749,900,314 | ) | ||||
From Distributions | ||||||||
Net Distributions | ||||||||
Institutional Class | (101,774,124 | ) | (222,486,617 | ) | ||||
Class A | (590,319 | ) | (1,124,676 | ) | ||||
Class C | (644,857 | ) | (1,457,632 | ) | ||||
Net decrease in net assets resulting from distributions paid | (103,009,300 | ) | (225,068,925 | ) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold | ||||||||
Institutional Class | 1,248,410,231 | 2,660,072,549 | ||||||
Class A | 7,461,733 | 20,808,513 | ||||||
Class C | 1,462,533 | 12,717,654 | ||||||
Shares issued in reinvestment of distributions declared | ||||||||
Institutional Class | 89,189,590 | 197,355,016 | ||||||
Class A | 570,391 | 1,117,606 | ||||||
Class C | 643,955 | 1,455,550 | ||||||
Cost for shares redeemed | ||||||||
Institutional Class | (1,601,942,696 | ) | (2,757,178,671 | ) | ||||
Class A | (9,689,330 | ) | (16,977,659 | ) | ||||
Class C | (7,937,375 | ) | (15,319,692 | ) | ||||
Net increase/decrease in net assets | ||||||||
from capital share transactions | (271,830,968 | ) | 104,050,866 | |||||
Total Decrease in Net Assets | (437,571,612 | ) | (870,918,373 | ) | ||||
Net Assets | ||||||||
Beginning of period | 5,546,306,024 | 6,417,224,397 | ||||||
End of period | $ | 5,108,734,412 | $ | 5,546,306,024 |
The accompanying notes are an integral part of these financial statements.
PAGE 60
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Municipal Bond Fund
Six Months Ended | ||||||||
February 28, 2023 | Year Ended | |||||||
(Unaudited) | August 31, 2022 | |||||||
From Operations | ||||||||
Net investment income | $ | 10,918,484 | $ | 17,122,863 | ||||
Net realized loss from investments | (33,263,947 | ) | (50,813,393 | ) | ||||
Change in net unrealized appreciation/(depreciation) from investments | 19,736,826 | (69,361,094 | ) | |||||
Net decrease in net assets from operations | (2,608,637 | ) | (103,051,624 | ) | ||||
From Distributions | ||||||||
Net Distributions | ||||||||
Institutional Class | (619,873 | ) | (15,488,839 | ) | ||||
Class A | (10,025,575 | ) | (891,864 | ) | ||||
Net decrease in net assets resulting from distributions paid | (10,645,448 | ) | (16,380,703 | ) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold | ||||||||
Institutional Class | 210,448,774 | 418,242,304 | ||||||
Class A | 8,274,891 | 28,238,385 | ||||||
Shares issued in reinvestment of distributions declared | ||||||||
Institutional Class | 8,957,116 | 13,947,716 | ||||||
Class A | 579,792 | 836,833 | ||||||
Cost for shares redeemed | ||||||||
Institutional Class | (313,001,512 | ) | (468,786,042 | ) | ||||
Class A | (18,594,771 | ) | (31,852,481 | ) | ||||
Net decrease in net assets from capital share transactions | (103,335,710 | ) | (39,373,285 | ) | ||||
Total Decrease in Net Assets | (116,589,795 | ) | (158,805,612 | ) | ||||
Net Assets | ||||||||
Beginning of period | 715,937,760 | 874,743,372 | ||||||
End of period | $ | 599,347,965 | $ | 715,937,760 |
The accompanying notes are an integral part of these financial statements.
PAGE 61
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Credit Fund
Six Months Ended | ||||||||
February 28, 2023 | Year Ended | |||||||
(Unaudited) | August 31, 2022 | |||||||
From Operations | ||||||||
Net investment income | $ | 2,332,966 | $ | 1,685,100 | ||||
Net realized gain (loss) from investments | (2,702,829 | ) | (418,213 | ) | ||||
Change in net unrealized appreciation (depreciation) from investments | 948,578 | (5,054,533 | ) | |||||
Net increase (decrease) in net assets from operations | 578,715 | (3,787,646 | ) | |||||
From Distributions | ||||||||
Net distributions – Institutional Class | (2,321,542 | ) | (1,579,174 | ) | ||||
Net decrease in net assets resulting from distributions paid | (2,321,542 | ) | (1,579,174 | ) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold – Institutional Class | 31,804,690 | 87,543,695 | ||||||
Shares issued in reinvestment of distributions declared – | ||||||||
Institutional Class | 2,275,806 | 1,567,536 | ||||||
Cost for shares redeemed – Institutional Class | (22,117,027 | ) | (14,754,428 | ) | ||||
Net increase in net assets from capital share transactions | 11,963,469 | 74,356,803 | ||||||
Total Increase in Net Assets | 10,220,642 | 68,989,983 | ||||||
Net Assets | ||||||||
Beginning of period | 82,015,081 | 13,025,098 | ||||||
End of period | $ | 92,235,723 | $ | 82,015,081 |
The accompanying notes are an integral part of these financial statements.
PAGE 62
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, 2023 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 19.89 | $ | 23.17 | $ | 22.99 | $ | 23.22 | $ | 22.21 | $ | 22.84 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.35 | 0.72 | 0.78 | 0.82 | 0.83 | 0.94 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments(2) | (0.52 | ) | (3.22 | ) | 0.23 | (0.18 | ) | 1.07 | (0.50 | ) | ||||||||||||||
Total from investment operations | (0.17 | ) | (2.50 | ) | 1.01 | 0.64 | 1.90 | 0.44 | ||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.39 | ) | (0.70 | ) | (0.83 | ) | (0.87 | ) | (0.89 | ) | (1.07 | ) | ||||||||||||
From net realized gain on investments | — | (0.08 | ) | — | — | — | — | |||||||||||||||||
Total distributions paid | (0.39 | ) | (0.78 | ) | (0.83 | ) | (0.87 | ) | (0.89 | ) | (1.07 | ) | ||||||||||||
Paid-in capital from | ||||||||||||||||||||||||
redemption fees (Note 2) | — | — | — | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | |||||||||||||||
Net Asset Value, End of Period | $ | 19.33 | $ | 19.89 | $ | 23.17 | $ | 22.99 | $ | 23.22 | $ | 22.21 | ||||||||||||
Total Return(4) | -0.82 | % | -11.00 | % | 4.49 | % | 2.87 | % | 8.79 | % | 2.00 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 5,038,990 | $ | 5,466,750 | $ | 6,327,797 | $ | 4,264,846 | $ | 2,836,855 | $ | 1,559,737 | ||||||||||||
Ratio of expenses to | ||||||||||||||||||||||||
average net assets(5) | 0.76 | % | 0.75 | % | 0.76 | % | 0.78 | % | 0.80 | % | 0.81 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(5) | 3.65 | % | 3.34 | % | 3.39 | % | 3.64 | % | 3.68 | % | 4.19 | % | ||||||||||||
Portfolio turnover rate(4) | 17.32 | % | 53.11 | % | 30.80 | % | 41.75 | % | 40.59 | % | 37.99 | % |
(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 $0.005 per share. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PAGE 63
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Period | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
February 28, 2023 | August 31, | August 31, | August 31, | August 31, | ||||||||||||||||
(Unaudited) | 2022 | 2021 | 2020 | 2019(1) | ||||||||||||||||
Class A Shares | ||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||
Beginning of Period | $ | 19.89 | $ | 23.18 | $ | 22.99 | $ | 23.23 | $ | 22.13 | ||||||||||
Income from | ||||||||||||||||||||
investment operations: | ||||||||||||||||||||
Net investment income(2) | 0.33 | 0.67 | 0.72 | 0.76 | 0.58 | |||||||||||||||
Net realized and unrealized | ||||||||||||||||||||
gain (loss) on investments(3) | (0.52 | ) | (3.23 | ) | 0.24 | (0.18 | ) | 1.08 | ||||||||||||
Total from investment operations | (0.19 | ) | (2.56 | ) | 0.96 | 0.58 | 1.66 | |||||||||||||
Less distributions paid: | ||||||||||||||||||||
From net investment income | (0.37 | ) | (0.65 | ) | (0.77 | ) | (0.82 | ) | (0.57 | ) | ||||||||||
From net realized gain on investments | — | (0.08 | ) | — | — | — | ||||||||||||||
Total distributions paid | (0.37 | ) | (0.73 | ) | (0.77 | ) | (0.82 | ) | (0.57 | ) | ||||||||||
Paid-in capital from | ||||||||||||||||||||
redemption fees (Note 2) | — | — | — | 0.00 | (4) | 0.01 | ||||||||||||||
Net Asset Value, End of Period | $ | 19.33 | $ | 19.89 | $ | 23.18 | $ | 22.99 | $ | 23.23 | ||||||||||
Total Return(5)(6) | -0.94 | % | -11.26 | % | 4.28 | % | 2.60 | % | 7.67 | % | ||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 29,689 | $ | 32,476 | $ | 32,802 | $ | 19,297 | $ | 7,549 | ||||||||||
Ratio of expenses to | ||||||||||||||||||||
average net assets(7) | 1.01 | % | 1.00 | % | 1.01 | % | 1.03 | % | 1.05 | % | ||||||||||
Ratio of net investment income | ||||||||||||||||||||
to average net assets(7) | 3.41 | % | 3.12 | % | 3.12 | % | 3.40 | % | 3.80 | % | ||||||||||
Portfolio turnover rate(6)(8) | 17.32 | % | 53.11 | % | 30.80 | % | 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 $0.005 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.
PAGE 64
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Period | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
February 28, 2023 | August 31, | August 31, | August 31, | August 31, | ||||||||||||||||
(Unaudited) | 2022 | 2021 | 2020 | 2019(1) | ||||||||||||||||
Class C Shares | ||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||
Beginning of Period | $ | 19.81 | $ | 23.10 | $ | 22.92 | $ | 23.18 | $ | 22.13 | ||||||||||
Income (loss) from | ||||||||||||||||||||
investment operations: | ||||||||||||||||||||
Net investment income(2) | 0.25 | 0.52 | 0.55 | 0.59 | 0.46 | |||||||||||||||
Net realized and unrealized | ||||||||||||||||||||
gain (loss) on investments(3) | (0.52 | ) | (3.23 | ) | 0.24 | (0.18 | ) | 1.09 | ||||||||||||
Total from investment operations | (0.27 | ) | (2.71 | ) | 0.79 | 0.41 | 1.55 | |||||||||||||
Less distributions paid: | ||||||||||||||||||||
From net investment income | (0.29 | ) | (0.50 | ) | (0.61 | ) | (0.67 | ) | (0.50 | ) | ||||||||||
From net realized gain on investments | — | (0.08 | ) | — | — | — | ||||||||||||||
Total distributions paid | (0.29 | ) | (0.58 | ) | (0.61 | ) | (0.67 | ) | (0.50 | ) | ||||||||||
Paid-in capital from | ||||||||||||||||||||
redemption fees (Note 2) | — | — | — | 0.00 | (4) | 0.00 | (4) | |||||||||||||
Net Asset Value, End of Period | $ | 19.25 | $ | 19.81 | $ | 23.10 | $ | 22.92 | $ | 23.18 | ||||||||||
Total Return(5) | -1.33 | % | -11.92 | % | 3.49 | % | 1.83 | % | 7.10 | % | ||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 39,876 | $ | 47,081 | $ | 56,625 | $ | 31,184 | $ | 7,418 | ||||||||||
Ratio of expenses to | ||||||||||||||||||||
average net assets(6) | 1.76 | % | 1.75 | % | 1.76 | % | 1.78 | % | 1.80 | % | ||||||||||
Ratio of net investment income | ||||||||||||||||||||
to average net assets(6) | 2.65 | % | 2.33 | % | 2.37 | % | 2.66 | % | 3.04 | % | ||||||||||
Portfolio turnover rate(5)(7) | 17.32 | % | 53.11 | % | 30.80 | % | 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 $0.005 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.
PAGE 65
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, 2023 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 22.65 | $ | 25.94 | $ | 25.52 | $ | 25.49 | $ | 23.79 | $ | 24.34 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.39 | 0.50 | 0.49 | 0.54 | 0.72 | 0.67 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (0.39 | ) | (3.31 | ) | 0.61 | 0.22 | 1.69 | (0.55 | ) | |||||||||||||||
Total from investment operations | 0.00 | (2.81 | ) | 1.10 | 0.76 | 2.41 | 0.12 | |||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.38 | ) | (0.48 | ) | (0.58 | ) | (0.66 | ) | (0.71 | ) | (0.67 | ) | ||||||||||||
From return of capital | — | — | (0.06 | ) | — | — | — | |||||||||||||||||
From net realized gain on investments | — | — | (0.04 | ) | (0.07 | ) | — | — | ||||||||||||||||
Total distributions paid | (0.38 | ) | (0.48 | ) | (0.68 | ) | (0.73 | ) | (0.71 | ) | (0.67 | ) | ||||||||||||
Paid-in capital from | ||||||||||||||||||||||||
redemption fees (Note 2) | — | — | — | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | |||||||||||||||
Net Asset Value, End of Period | $ | 22.27 | $ | 22.65 | $ | 25.94 | $ | 25.52 | $ | 25.49 | $ | 23.79 | ||||||||||||
Total Return(3) | 0.01 | % | -10.96 | % | 4.35 | % | 3.07 | % | 10.31 | % | 0.46 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 564,082 | $ | 670,095 | $ | 818,825 | $ | 500,176 | $ | 307,384 | $ | 208,325 | ||||||||||||
Ratio of expenses to | ||||||||||||||||||||||||
average net assets: | ||||||||||||||||||||||||
Before waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(4) | 0.49 | % | 0.48 | % | 0.49 | % | 0.53 | % | 0.57 | % | 0.60 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(4) | 0.49 | % | 0.48 | % | 0.50 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(4) | 3.53 | % | 2.02 | % | 1.92 | % | 2.19 | % | 2.94 | % | 2.76 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(4) | 3.53 | % | 2.02 | % | 1.91 | % | 2.17 | % | 2.96 | % | 2.81 | % | ||||||||||||
Portfolio turnover rate(3) | 48.58 | % | 81.53 | % | 15.91 | % | 27.12 | % | 35.29 | % | 28.49 | % |
(1) | Per share net investment income was calculated using the average shares outstanding method. |
(2) | Rounds to less than $0.005 per share. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PAGE 66
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, 2023 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 22.67 | $ | 25.96 | $ | 25.54 | $ | 25.51 | $ | 23.81 | $ | 24.36 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.36 | 0.44 | 0.42 | 0.48 | 0.66 | 0.61 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | (0.39 | ) | (3.31 | ) | 0.61 | 0.22 | 1.69 | (0.55 | ) | |||||||||||||||
Total from investment operations | (0.03 | ) | (2.87 | ) | 1.03 | 0.70 | 2.35 | 0.06 | ||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.35 | ) | (0.42 | ) | (0.50 | ) | (0.60 | ) | (0.65 | ) | (0.61 | ) | ||||||||||||
From return of capital | — | — | (0.07 | ) | — | — | — | |||||||||||||||||
From net realized gain on investments | — | — | (0.04 | ) | (0.07 | ) | — | — | ||||||||||||||||
Total distributions paid | (0.35 | ) | (0.42 | ) | (0.61 | ) | (0.67 | ) | (0.65 | ) | (0.61 | ) | ||||||||||||
Paid-in capital from | ||||||||||||||||||||||||
redemption fees (Note 2) | — | — | — | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | |||||||||||||||
Net Asset Value, End of Period | $ | 22.29 | $ | 22.67 | $ | 25.96 | $ | 25.54 | $ | 25.51 | $ | 23.81 | ||||||||||||
Total Return(3)(4) | -0.12 | % | -11.17 | % | 4.09 | % | 2.83 | % | 10.02 | % | 0.25 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 35,266 | $ | 45,843 | $ | 55,918 | $ | 42,552 | $ | 22,141 | $ | 22,807 | ||||||||||||
Ratio of expenses to | ||||||||||||||||||||||||
average net assets: | ||||||||||||||||||||||||
Before waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(5) | 0.74 | % | 0.73 | % | 0.74 | % | 0.78 | % | 0.82 | % | 0.85 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(5) | 0.74 | % | 0.73 | % | 0.77 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(5) | 3.27 | % | 1.78 | % | 1.67 | % | 1.93 | % | 2.69 | % | 2.50 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(5) | 3.27 | % | 1.78 | % | 1.64 | % | 1.91 | % | 2.71 | % | 2.55 | % | ||||||||||||
Portfolio turnover rate(4) | 48.58 | % | 81.53 | % | 15.91 | % | 27.12 | % | 35.29 | % | 28.49 | % |
(1) | Per share net investment income was calculated using the average shares outstanding method. |
(2) | Rounds to less than $0.005 per share. |
(3) | Based on net asset value, which does not reflect sales charge. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PAGE 67
PERFORMANCE TRUST CREDIT FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Period | ||||||||||
Ended | Ended | Ended | ||||||||||
February 28, 2023 | August 31, | August 31, | ||||||||||
(Unaudited) | 2022 | 2021(1) | ||||||||||
Institutional Class Shares | ||||||||||||
Net Asset Value, Beginning of Period | $ | 8.72 | $ | 10.07 | $ | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income(2) | 0.24 | 0.38 | 0.39 | |||||||||
Net realized and unrealized gain (loss) on investments(3) | (0.19 | ) | (1.33 | ) | 0.01 | |||||||
Total from investment operations | 0.05 | (0.95 | ) | 0.40 | ||||||||
Less distributions paid: | ||||||||||||
From net investment income | (0.24 | ) | (0.39 | ) | (0.33 | ) | ||||||
From net realized gain on investments | — | (0.01 | ) | — | ||||||||
Total distributions paid | (0.24 | ) | (0.40 | ) | (0.33 | ) | ||||||
Paid-in capital from redemption fees (Note 2) | — | — | — | |||||||||
Net Asset Value, End of Period | $ | 8.53 | $ | 8.72 | $ | 10.07 | ||||||
Total Return(4) | 0.67 | % | -9.66 | % | 4.06 | % | ||||||
Supplemental Data and Ratios: | ||||||||||||
Net assets at end of Period (000’s) | $ | 92,236 | $ | 82,015 | $ | 13,025 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before waiver and expense reimbursement(5) | 1.04 | % | 1.19 | % | 2.47 | % | ||||||
After waiver and expense reimbursement(5) | 0.99 | % | 0.99 | % | 0.99 | % | ||||||
Ratio of net investment income to average net assets: | ||||||||||||
Before waiver and expense reimbursement(5) | 5.71 | % | 3.98 | % | 4.33 | % | ||||||
After waiver and expense reimbursement(5) | 5.76 | % | 4.18 | % | 5.82 | % | ||||||
Portfolio turnover rate(4) | 44.16 | % | 59.74 | % | 109.25 | % |
(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.
PAGE 68
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS
February 28, 2023 (Unaudited)
1. | Organization |
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Performance Trust Mutual Funds (the “Funds”) are comprised of the Performance Trust Strategic Bond Fund (the “Strategic Bond Fund”), 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 Standards Codification Topic 946 Financial Services—Investment Companies. | |
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). | |
a. | Investment Valuation |
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, collateralized loan obligations 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 in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser’s fair value pricing procedures, subject to oversight by the Board 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 Adviser 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. | |
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 |
PAGE 69
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2023 (Unaudited)
for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below: |
» | Level 1: Quoted prices in active markets for identical securities. | |
» | 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, 2023: | |
Performance Trust Strategic Bond Fund |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Fixed Income: | |||||||||||||||||
Asset Backed | |||||||||||||||||
Securities | $ | — | $ | 231,909,970 | $ | — | $ | 231,909,970 | |||||||||
Collateralized | |||||||||||||||||
Loan | |||||||||||||||||
Obligations | — | 335,140,819 | — | 335,140,819 | |||||||||||||
Corporate | |||||||||||||||||
Bonds | — | 1,072,722,783 | — | 1,072,722,783 | |||||||||||||
Non – Agency | |||||||||||||||||
Residential | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 522,121,947 | — | 522,121,947 | |||||||||||||
Non – Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 931,831,240 | — | 931,831,240 | |||||||||||||
Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 408,369,362 | — | 408,369,362 | |||||||||||||
Municipal | |||||||||||||||||
Bonds | — | 1,189,543,216 | — | 1,189,543,216 | |||||||||||||
US | |||||||||||||||||
Government | |||||||||||||||||
Notes/Bonds | — | 306,671,680 | — | 306,671,680 | |||||||||||||
Total Fixed | |||||||||||||||||
Income: | — | 4,998,311,017 | — | 4,998,311,017 | |||||||||||||
Short-Term | |||||||||||||||||
Investments | 81,595,237 | — | — | 81,595,237 | |||||||||||||
Total | |||||||||||||||||
Short-Term | |||||||||||||||||
Investments | 81,595,237 | — | — | 81,595,237 | |||||||||||||
Total | |||||||||||||||||
Investments | |||||||||||||||||
in Securities | $ | 81,595,237 | $ | 4,998,311,017 | $ | — | $ | 5,079,906,254 | |||||||||
Performance Trust Municipal Bond Fund | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Fixed Income: | |||||||||||||||||
Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | $ | — | $ | 33,825,323 | $ | — | $ | 33,825,323 | |||||||||
Non-Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 8,453,617 | — | 8,453,617 | |||||||||||||
Municipal | |||||||||||||||||
Bonds | — | 531,398,417 | — | 531,398,417 | |||||||||||||
Total Fixed | |||||||||||||||||
Income: | — | 573,677,357 | — | 573,677,357 | |||||||||||||
Short-Term | |||||||||||||||||
Investments | 24,717,256 | — | — | 24,717,256 | |||||||||||||
Total | |||||||||||||||||
Short-Term | |||||||||||||||||
Investments | 24,717,256 | — | — | 24,717,256 | |||||||||||||
Total | |||||||||||||||||
Investments | |||||||||||||||||
in Securities | $ | 24,717,256 | $ | 573,677,357 | $ | — | $ | 598,394,613 | |||||||||
Performance Trust Credit Fund | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Fixed Income: | |||||||||||||||||
Asset Backed | |||||||||||||||||
Securities | $ | — | $ | 7,556,573 | $ | — | $ | 7,556,573 | |||||||||
Collateralized | |||||||||||||||||
Loan | |||||||||||||||||
Obligations | — | 12,338,757 | — | 12,338,757 | |||||||||||||
Corporate | |||||||||||||||||
Bonds | — | 33,916,506 | — | 33,916,506 | |||||||||||||
Non – Agency | |||||||||||||||||
Residential | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 5,776,379 | — | 5,776,379 | |||||||||||||
Non – Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 14,993,965 | — | 14,993,965 | |||||||||||||
Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 4,535,019 | — | 4,535,019 | |||||||||||||
Municipal | |||||||||||||||||
Bonds | — | 5,890,684 | — | 5,890,684 | |||||||||||||
US | |||||||||||||||||
Government | |||||||||||||||||
Notes/Bonds | — | 3,046,219 | — | 3,046,219 | |||||||||||||
Total Fixed | |||||||||||||||||
Income: | — | 88,054,102 | — | 88,054,102 | |||||||||||||
Short-Term | |||||||||||||||||
Investments | 4,216,202 | — | — | 4,216,202 | |||||||||||||
Total | |||||||||||||||||
Short-Term | |||||||||||||||||
Investments | 4,216,202 | — | — | 4,216,202 | |||||||||||||
Total | |||||||||||||||||
Investments | |||||||||||||||||
in Securities | $ | 4,216,202 | $ | 88,054,102 | $ | — | $ | 92,270,304 |
PAGE 70
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2023 (Unaudited)
The Funds did not hold any Level 3 securities during the six months ended February 28, 2023. | |
The Funds did not hold any financial derivative instruments during the six months ended February 28, 2023. | |
b. | Short Positions |
The Funds may sell a security they do not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Funds are liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as a dividend expense. As collateral for its short positions, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities. The segregated assets are valued consistent with Note 2a above. The amount of segregated assets are required to be adjusted daily to reflect changes in the fair value of the securities sold short. As of February 28, 2023, the Funds did not have any open short positions and accordingly did not have securities or cash held as collateral. | |
c. | Federal Income Taxes |
Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) necessary to qualify as a regulated investment company and 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, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the six months ended February 28, 2023, 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, 2019. | |
d. | Distributions to Shareholders |
The Funds will distribute any net investment income monthly. The Funds will distribute any net realized long- or short-term capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Income and capital gain distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted. | |
e. | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
f. | Share Valuation |
The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. The 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 were deducted from the redemption proceeds otherwise payable to the shareholder. Effective December 29, 2019, the Strategic Bond Fund and the Municipal Bond Fund 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 Strategic Bond Fund and the Municipal Bond Fund and 0.75% of average daily net assets of the Class C shares of the Strategic Bond Fund. Shareholder servicing fees are expensed at 0.25% of average daily net assets of Class C shares of the Strategic Bond Fund. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses of the Trust are typically allocated evenly between the funds of the Trust, or by other equitable means. | |
h. | Other |
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on 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. | |
3. | Federal Tax Matters |
The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 was as follows: | |
PERFORMANCE TRUST STRATEGIC BOND FUND |
YEAR ENDED | YEAR ENDED | ||||||||
AUGUST 31, 2022 | AUGUST 31, 2021 | ||||||||
Ordinary Income | $ | 208,508,008 | $ | 187,694,195 | |||||
Tax-Exempt Income | — | — | |||||||
Long-Term Capital Gain | 16,560,917 | — | |||||||
Return of Capital | — | — |
PAGE 71
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2023 (Unaudited)
PERFORMANCE TRUST MUNICIPAL BOND FUND | |||||||||
YEAR ENDED | YEAR ENDED | ||||||||
AUGUST 31, 2022 | AUGUST 31, 2021 | ||||||||
Ordinary Income | $ | 3,026,501 | $ | 3,035,732 | |||||
Tax-Exempt Income | 13,354,202 | 11,352,033 | |||||||
Long-Term Capital Gain | — | 1,938,135 | |||||||
Return of Capital | — | 2,191,897 | |||||||
PERFORMANCE TRUST CREDIT FUND | |||||||||
YEAR ENDED | YEAR ENDED | ||||||||
AUGUST 31, 2022 | AUGUST 31, 2021 | ||||||||
Ordinary Income | $ | 1,579,174 | $ | 360,597 | |||||
Tax-Exempt Income | — | — | |||||||
Long-Term Capital Gain | — | — | |||||||
Return of Capital | — | — |
As of August 31, 2022, the components of distributable earnings (accumulated losses) on a tax basis were as follows: |
PERFORMANCE TRUST STRATEGIC BOND FUND | |||||
Cost basis of investments for federal | |||||
income tax purposes | $ | 6,257,144,361 | |||
Gross tax unrealized appreciation | $ | 24,278,946 | |||
Gross tax unrealized depreciation | (761,922,285 | ) | |||
Net tax unrealized appreciation | (737,643,339 | ) | |||
Undistributed ordinary income | 13,523,941 | ||||
Undistributed long-term capital gain | — | ||||
Total distributable earnings | 13,523,941 | ||||
Other accumulated losses | (149,651,430 | ) | |||
Total accumulated losses | $ | (873,770,828 | ) | ||
PERFORMANCE TRUST MUNICIPAL BOND FUND | |||||
Cost basis of investments for federal | |||||
income tax purposes | $ | 781,065,877 | |||
Gross tax unrealized appreciation | $ | 5,307,821 | |||
Gross tax unrealized depreciation | (35,828,018 | ) | |||
Net tax unrealized appreciation | (30,520,197 | ) | |||
Undistributed ordinary income | 742,160 | ||||
Undistributed long-term capital gain | — | ||||
Total distributable earnings | 742,160 | ||||
Other accumulated losses | (51,070,689 | ) | |||
Total accumulated losses | $ | (80,848,726 | ) | ||
PERFORMANCE TRUST CREDIT BOND FUND | |||||
Cost basis of investments for federal | |||||
income tax purposes | $ | 87,678,933 | |||
Gross tax unrealized appreciation | $ | 331,572 | |||
Gross tax unrealized depreciation | (5,378,490 | ) | |||
Net tax unrealized appreciation | (5,046,918 | ) | |||
Undistributed ordinary income | 211,410 | ||||
Undistributed long-term capital gain | — | ||||
Total distributable earnings | 211,410 | ||||
Other accumulated losses | (430,689 | ) | |||
Total accumulated losses | $ | (5,266,197 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sale and amortization adjustments. | |
At August 31, 2022, the Funds had capital loss carryovers as follows: |
SHORT-TERM | LONG-TERM | ||||||||
Strategic Bond Fund | $ | — | $ | — | |||||
Municipal Bond Fund | 25,983,535 | 25,087,155 | |||||||
Credit Fund | 371,517 | 59,172 |
At August 31, 2022, the Strategic Bond Fund deferred, on tax basis, post October losses of $149,651,430. | |
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, 2022, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities: |
STRATEGIC | MUNICIPAL | CREDIT | |||||||||||
BOND FUND | BOND FUND | FUND | |||||||||||
Total | |||||||||||||
distributable | |||||||||||||
earnings | $ | — | $ | 1 | $ | — | |||||||
Paid-in capital | $ | — | $ | (1 | ) | $ | — |
4. | Investment Adviser |
The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services 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, 2023 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. | |
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, 2023 | $ | — | $ | — | $ | — | |||||||
August 31, 2024 | $ | — | $ | — | $ | 102,789 | |||||||
August 31, 2025 | $ | — | $ | — | $ | 81,663 | |||||||
February 28, 2026 | $ | — | $ | — | $ | 19,106 |
PAGE 72
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2023 (Unaudited)
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, 2023, the Funds accrued expenses pursuant to the 12b-1 Plan as follows: |
Shareholder | |||||||
12b-1 Fees | Servicing Fees | ||||||
Strategic Bond Fund | |||||||
Class A | $ 37,987 | N/A | |||||
Class C | $156,139 | $52,046 | |||||
Municipal Bond Fund | |||||||
Class A | $ 48,898 | N/A |
6. | Related Party Transactions |
U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ administrator and fund accountant under an Administration Agreement. Fund Services performs various administrative and accounting services including: preparing various federal and state regulatory filings, reports and returns for the Funds; preparing reports and materials to be supplied to the Trustees; monitoring the activities of the Funds’ custodian, transfer agent and accountants; coordinating the preparation and payment of the Funds’ expenses; and reviewing the Funds’ expense accruals. Fund Services also serves as the transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the six months ended February 28, 2023, and owed as of February 28, 2023 are as follows: |
Administration | |||||||
and Accounting | Incurred | Owed | |||||
Strategic Bond Fund | $985,768 | $274,581 | |||||
Municipal Bond Fund | 132,340 | 39,746 | |||||
Credit Fund | 26,835 | 1,979 | |||||
Transfer Agency | Incurred | Owed | |||||
Strategic Bond Fund | $381,545 | (1) | $120,290 | (1) | |||
Municipal Bond Fund | 49,965 | 16,405 | |||||
Credit Fund | 9,742 | 1,172 | |||||
(1) This amount does not include sub-transfer agency fees. | |||||||
Custody | Incurred | Owed | |||||
Strategic Bond Fund | $118,280 | $39,214 | |||||
Municipal Bond Fund | 15,215 | 4,741 | |||||
Credit Fund | 3,623 | 1,287 |
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, 2023, and owed as of February 28, 2023, are as follows: |
Incurred | Owed | ||||||
Strategic Bond Fund | $5,792 | $1,905 | |||||
Municipal Bond Fund | 5,792 | 1,904 | |||||
Credit Fund | 5,792 | 1,904 |
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, 2023 | AUGUST 31, 2022 | ||||||||
Shares sold | 64,765,866 | 122,458,153 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 4,624,115 | 9,155,853 | |||||||
Shares redeemed | (83,514,414 | ) | (129,826,449 | ) | |||||
Net increase (decrease) | (14,124,433 | ) | 1,787,557 | ||||||
STRATEGIC BOND FUND – CLASS A | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 28, 2023 | AUGUST 31, 2022 | ||||||||
Shares sold | 385,757 | 953,439 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 29,571 | 52,014 | |||||||
Shares redeemed | (502,700 | ) | (788,198 | ) | |||||
Net increase (decrease) | (87,372 | ) | 217,255 | ||||||
STRATEGIC BOND FUND – CLASS C | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 28, 2023 | AUGUST 31, 2022 | ||||||||
Shares sold | 76,028 | 570,173 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 33,504 | 67,724 | |||||||
Shares redeemed | (414,830 | ) | (713,115 | ) | |||||
Net decrease | (305,298 | ) | (75,218 | ) | |||||
MUNICIPAL BOND FUND – INSTITUTIONAL CLASS | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 28, 2023 | AUGUST 31, 2022 | ||||||||
Shares sold | 9,518,514 | 17,207,506 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 402,396 | 572,826 | |||||||
Shares redeemed | (14,173,519 | ) | (19,762,459 | ) | |||||
Net decrease | (4,252,609 | ) | (1,982,127 | ) | |||||
MUNICIPAL BOND FUND – CLASS A | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 28, 2023 | AUGUST 31, 2022 | ||||||||
Shares sold | 371,972 | 1,148,257 | |||||||
Shares issued | �� | ||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 26,038 | 34,305 | |||||||
Shares redeemed | (837,969 | ) | (1,314,288 | ) | |||||
Net decrease | (439,959 | ) | (131,726 | ) |
PAGE 73
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2023 (Unaudited)
CREDIT FUND – INSTITUTIONAL CLASS | |||||||||
SIX MONTHS ENDED | PERIOD ENDED | ||||||||
FEBRUARY 28, 2023 | AUGUST 31, 2022(1) | ||||||||
Shares sold | 3,752,999 | 9,583,852 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 268,260 | 170,652 | |||||||
Shares redeemed | (2,605,897 | ) | (1,646,506 | ) | |||||
Net increase | 1,415,362 | 8,107,998 |
(1) | The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021. |
8. | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 28, 2023, are summarized below. |
STRATEGIC | MUNICIPAL | CREDIT | |||||||||||
BOND FUND | BOND FUND | FUND | |||||||||||
Purchases | |||||||||||||
U.S. | |||||||||||||
Government | $ | 202,228,174 | $ | — | $ | 3,588,985 | |||||||
Other | 661,477,041 | 297,622,494 | 41,061,468 | ||||||||||
Sales | |||||||||||||
U.S. | |||||||||||||
Government | $ | 186,472,564 | $ | — | $ | 4,264,180 | |||||||
Other | 972,925,837 | 426,442,363 | 30,199,962 |
9. | Beneficial Ownership |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At February 28, 2023, Raymond James and Morgan Stanley Smith Barney, LLC, for the benefit of its customers, held 36.01% and 33.51%, respectively, of the Strategic Bond Fund’s outstanding Class A shares. At February 28, 2023, Morgan Stanley Smith Barney, LLC and Raymond James, for the benefit of its customers, held 45.88% and 35.31%, respectively, of the Strategic Bond Fund’s outstanding Class C shares. At February 28, 2023, Charles Schwab & Company, Inc., for the benefit of its customers, held 25.66% of the Strategic Bond Fund’s outstanding Institutional Class shares. At February 28, 2023, Charles Schwab & Company, Inc. for the benefit of its customers, held 53.23% of the Municipal Bond Fund’s outstanding Class A shares. At February 28, 2023, Charles Schwab & Company, Inc., for the benefit of its customers, held 64.55% of the Credit Fund’s outstanding Institutional Class shares. | |
10. | Line of Credit |
At February 28, 2023, the Strategic Bond Fund and the Municipal Bond Fund each had an unsecured line of credit which matures on August 5, 2023 with a maximum borrowing equal to the lesser of $250,000,000 and $35,000,000, respectively, or 20% and 33.33% respectively, of gross market value of unencumbered assets of each Fund. Also at February 28, 2023, the Credit Fund had a secured line of credit which matures on August 5, 2023 with a maximum borrowing equal to the lesser of $4,000,000 or 20% of gross market value of unencumbered assets of the Fund. These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, US Bank. Interest was scheduled to be incurred at the bank’s prime rate of 5.50% from September 1, 2022 through September 21, 2022, 6.25% from September 22, 2022 through November 2, 2022, 7.00% from November 3, 2022 through December 14, 2022, 7.50% from December 15, 2022 through February 1, 2023, and 7.75% from February 2, 2023 through February 28, 2023. The following table provides information regarding usage of the line of credit for the year ended February 28, 2023 for the Funds. The Funds did not have an outstanding balance on either line of credit as of February 28, 2023. |
STRATEGIC | MUNICIPAL | CREDIT | |||||||||||
BOND FUND | BOND FUND | FUND | |||||||||||
Days Utilized | — | 1 | 1 | ||||||||||
Average Amount | |||||||||||||
of Borrowing | $ | — | $ | 2,497,000 | $ | 276,000 | |||||||
Interest Expense | $ | — | $ | 520 | $ | 42 | |||||||
Maximum Amount | |||||||||||||
of Borrowing | $ | — | $ | 2,497,000 | $ | 276,000 | |||||||
Date of Maximum | |||||||||||||
Borrowing | — | 12/29/22 | 9/12/22 |
11. | Recent Market Events |
U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic, uncertainties regarding interest rates, rising inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. The recovery from COVID-19 is proceeding at slower than expected rates and may last for a prolonged period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Funds. | |
12. | LIBOR |
LIBOR, formerly known as the London Interbank Offered Rate, is an interest rate benchmark that will no longer be offered after June 30, 2023. The U.S. Congress passed the Adjustable Interest Rate (LIBOR) Act on March 15, 2022. The LIBOR Act replaces references to LIBOR for U.S. contracts that will not mature before June 30, 2023 with benchmark replacements based on the Secured Overnight Financing Rate (“SOFR”). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities and is published daily by the Federal Reserve Bank of New York. The benchmark replacement rate may not have the same value or economic equivalence as LIBOR. The transition from LIBOR could have a significant impact on the financial markets, including increased volatility and illiquidity in markets for instruments that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments. The transition to an alternative interest rate may not be orderly, may occur over various time periods or may have unintended consequences. |
PAGE 74
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2023 (Unaudited)
13. | Subsequent Events |
On March 15, 2023, the Funds declared and paid distributions from ordinary income to shareholders of record as of March 14, 2023, as follows: |
Ordinary | |||||
Income | |||||
Strategic Bond Fund | |||||
Institutional Class | $ | 10,146,807 | |||
Class A | $ | 53,392 | |||
Class C | $ | 50,494 | |||
Municipal Bond Fund | |||||
Institutional Class | $ | 1,770,735 | |||
Class A | $ | 104,569 | |||
Credit Fund | |||||
Institutional Class | $ | 444,042 |
The Funds have evaluated events and transactions that have occurred subsequent to February 28, 2023 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements. |
PAGE 75
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» checking account information.
What Information We Disclose
We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility.
How We Protect Your Information
All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your non-public personal information with the same high degree of confidentiality.
In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.
PAGE 76
EXPENSE EXAMPLES
Period Ended February 28, 2023 (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. These examples are 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 Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (9/1/22 – 2/28/23).
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 Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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, 2022 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2022 | FEBRUARY 28, 2023 | FEBRUARY 28, 2023* |
Actual | $1,000.00 | $ 991.80 | $3.75 |
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, 2022 – |
CLASS A | SEPTEMBER 1, 2022 | FEBRUARY 28, 2023 | FEBRUARY 28, 2023* |
Actual | $1,000.00 | $ 990.60 | $4.98 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,019.79 | $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, 2022 – |
CLASS C | SEPTEMBER 1, 2022 | FEBRUARY 28, 2023 | FEBRUARY 28, 2023* |
Actual | $1,000.00 | $ 986.70 | $8.67 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,016.07 | $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. |
PAGE 77
EXPENSE EXAMPLES (CONT.)
Period Ended February 28, 2023 (Unaudited)
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2022 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2022 | FEBRUARY 28, 2023 | FEBRUARY 28, 2023* |
Actual | $1,000.00 | $1,000.10 | $2.43 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,022.36 | $2.46 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.49%, 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, 2022 – |
CLASS A | SEPTEMBER 1, 2022 | FEBRUARY 28, 2023 | FEBRUARY 28, 2023* |
Actual | $1,000.00 | $ 998.80 | $3.67 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,021.12 | $3.71 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.74%, 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 | SEPTEMBER 1, 2022 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2022 | FEBRUARY 28, 2023 | FEBRUARY 28, 2023* |
Actual | $1,000.00 | $1,006.70 | $4.93 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,019.89 | $4.96 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the period. |
PAGE 78
ADDITIONAL INFORMATION
(Unaudited)
Tax Information
For the year ended August 31, 2022, taxable ordinary income distributions are designed as short-term capital gain distributions under Section 871(k)(2)(c) of the Code for the Funds as follows:
Strategic Bond Fund | 2.64% |
Municipal Bond Fund | 0.00% |
Credit Fund | 2.75% |
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.
PAGE 79
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. Akers, Ph.D. | Trustee | Indefinite Term; | 22 | Professor Emeritus, | Independent |
615 E. Michigan St. | Since August 22, | Department of Accounting | Trustee, USA | ||
Milwaukee, WI 53202 | 2001 | (June 2019-present), | MUTUALS | ||
Year of Birth: 1955 | Professor, Department of | (an open-end | |||
Accounting (2004-2019), | investment | ||||
Marquette University. | company) | ||||
(2001-2021). | |||||
Gary A. Drska | Trustee | Indefinite Term; | 22 | Retired; Former Pilot, | Independent |
615 E. Michigan St. | Since August 22, | Frontier/Midwest Airlines, | Trustee, USA | ||
Milwaukee, WI 53202 | 2001 | Inc. (airline company) | MUTUALS | ||
Year of Birth: 1956 | (1986-2021) | (an open-end | |||
investment | |||||
company) | |||||
(2001-2021). | |||||
Vincent P. Lyles | Trustee | Indefinite Term; | 22 | Executive Director, | Independent |
615 E. Michigan St. | Since April 6, | Milwaukee Succeeds | Director, BMO | ||
Milwaukee, WI 53202 | 2022 | (education advocacy | Funds, Inc. | ||
Year of Birth: 1961 | organization) (2023-present): | (an open-end | |||
System Vice President | investment | ||||
of Community Relations, | company) | ||||
Advocate Aurora Health | (2017-2022). | ||||
Care (health care provider) | |||||
(2019-2022); President | |||||
and Chief Executive Officer, | |||||
Boys & Girls Club of Greater | |||||
Milwaukee (2012-2018). | |||||
Erik K. Olstein | Trustee | Indefinite Term; | 22 | Retired; President and | Trustee, The Olstein |
615 E. Michigan St. | Since April 6, | Chief Operation Officer | Funds (an open-end | ||
Milwaukee, WI 53202 | 2022 | (2000-2020), Vice | investment | ||
Year of Birth: 1967 | President of Sales and | company) | |||
Chief Operating Officer | (1995-2018). | ||||
(1995-2000), Olstein Capital | |||||
Management, L.P. (asset | |||||
management firm); Secretary | |||||
and Assistant Treasurer, | |||||
The Olstein Funds | |||||
(1995-2018). | |||||
Lisa Zúñiga Ramírez | Trustee | Indefinite Term; | 22 | Retired; Principal and | N/A |
615 E. Michigan St. | Since April 6, | Senior Portfolio Manager, | |||
Milwaukee, WI 53202 | 2022 | Segall, Bryant & Hamill, LLC | |||
Year of Birth: 1969 | (asset management firm) | ||||
(2018-2020); Partner and | |||||
Senior Portfolio Manager, | |||||
Denver Investments LLC | |||||
(asset management firm) | |||||
(2009-2018). | |||||
Gregory M. Wesley | Trustee | Indefinite Term; | 22 | Senior Vice President of | N/A |
615 E. Michigan St. | Since April 6, | Strategic Alliances and | |||
Milwaukee, WI 53202 | 2022 | Business Development, | |||
Year of Birth: 1969 | Medical College of Wisconsin | ||||
(2016-present). |
PAGE 80
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 | |||||
John P. Buckel* | Chairperson, | Indefinite Term | N/A | Vice President, U.S. Bancorp | N/A |
615 E. Michigan St. | Trustee, | Chairperson and | Fund Services, LLC | ||
Milwaukee, WI 53202 | President | Trustee (since | (2004-present). | ||
Year of Birth: 1957 | and Principal | January 19, 2023): | |||
Executive | Indefinite Term | ||||
Officer | President and | ||||
Principal Executive | |||||
Officer (since | |||||
January 24, 2013) | |||||
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 53202 | Treasurer | 2013 | (2002-present). | ||
Year of Birth: 1974 | and Principal | ||||
Financial and | |||||
Accounting | |||||
Officer | |||||
Deanna B. Marotz | Chief | Indefinite Term; | N/A | Senior Vice President, | N/A |
615 E. Michigan St. | Compliance | Since October 21, | U.S. Bancorp Fund Services, | ||
Milwaukee, WI 53202 | Officer, Vice | 2021 | LLC (2021-present); Chief | ||
Year of Birth: 1965 | President | Compliance Officer of | |||
and Anti- | Keeley-Teton Advisors, LLC | ||||
Money | and Teton Advisors, Inc. | ||||
Laundering | (2017-2021). | ||||
Officer | |||||
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 53202 | 2019 | Services, LLC | |||
Year of Birth: 1970 | (2019-present); Partner, | ||||
Practus, LLP (2018-2019); | |||||
Counsel, Drinker Biddle & | |||||
Reath (2016-2018). |
PAGE 81
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. Strauss | Assistant | Indefinite Term; | N/A | Assistant Vice President, | N/A |
615 E. Michigan St. | Treasurer | Since April 23, | U.S. Bancorp Fund | ||
Milwaukee, WI 53202 | 2015 | Services, LLC | |||
Year of Birth: 1987 | (2011-present). | ||||
Shannon Coyle | Assistant | Indefinite Term; | N/A | Officer, U.S. Bancorp | N/A |
615 E. Michigan St. | Treasurer | Since August 26, | Fund Services, LLC | ||
Milwaukee, WI 53202 | 2022 | (2015-present). | |||
Year of Birth: 1990 | |||||
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 53202 | 2018 | Services, LLC | |||
Year of Birth: 1985 | (2007-present). |
* | Mr. Buckel is an “interested person” of the Trust as defined by the 1940 Act due to his position and material business relationship with the Trust. |
PAGE 82
(This Page Intentionally Left Blank.)
Investment Adviser
PT Asset Management, LLC
500 West 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 North 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.
342 North Water Street, Suite 830
Milwaukee, WI 53202
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. |
(b) | Not Applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable. |
(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: 4/28/2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ John Buckel
John Buckel, President
Date: 4/28/2023
By (Signature and Title)* /s/ Jennifer Lima
Jennifer Lima, Treasurer
Date: 4/28/2023
* Print the name and title of each signing officer under his or her signature.