Annual Report | August 31, 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:
Performance Trust Strategic Bond Fund (PTIAX) Annual Management’s
Discussion of Fund Performance: 9/1/2022 – 8/31/2023 (Unaudited)
Over the past fiscal year ended August 31, 2023, the Performance Trust Strategic Bond Fund – Institutional Class (“PTIAX” or the “Fund”) posted a return of 0.30% compared to -1.19% for the Bloomberg U.S. Aggregate Bond Index (“Index”). The Morningstar Intermediate Core-Plus Bond Fund category returned -0.77%.
Interest rates rose significantly during the fiscal year as the Federal Reserve (Fed) continued an aggressive interest rate hiking cycle. The Fed Funds rate rose 3.00% during the fiscal year as the Fed sought to restore inflation to its long-term target of 2.00%. The chart below shows the U.S. Treasury yield curve at the beginning of the fiscal year and the end.
Treasury Yield Curve
Not only did interest rates increase during the fiscal year, the Treasury yield curve inverted meaningfully. At the end of the period, the 1-year U.S. Treasury, which is quite sensitive to changes in the Fed Funds rate, yielded in excess of 5.00% while the benchmark 10-year U.S. Treasury yield offered just over 4.00%.
While interest-rate volatility ebbed and flowed throughout the fiscal year, it subsided in the last few months and created a more favorable risk-taking environment. For example, high yield corporate (HY) spreads tightened 1.12% and ended the period at 3.72%, very close to the tightest level seen over the last twelve months. Investment grade corporate (IG) spreads tightened 0.22% to end the year at 1.18% (Source: Bloomberg). While inflation still exceeds the Fed’s target, it has fallen significantly from the beginning of the period when the Consumer Price Index (CPI) was running over 8% year over year. The market is now anticipating that the Fed will soon pause its tightening cycle, which could have contributed to the reduction in volatility.
Spread tightening in HY more than offset the increase in interest rates and helped to deliver strong total returns during the fiscal year. While spread tightening in IG only partially offset the move in interest rates, it did allow the sector to deliver positive total returns during the year while U.S. Treasuries and Agency Mortgage-Backed Securities (MBS), the other two large components of the Index, both lost over 2% (Source: Bloomberg).
The Fund’s outperformance relative to the Index was driven primarily by the sectors we consider to be our Interest Rate Defense (bonds with less interest rate sensitivity) and were led by Collateralized Loan Obligations (CLOs), HY bonds, and Asset-Backed Securities (ABS), which delivered meaningfully positive total returns. The Fund’s investments in these sectors along with its Non-Agency Residential Mortgage-Backed Securities (RMBS) and certain Commercial Mortgage-Backed Securities (CMBS) tend to be less sensitive to interest rate moves.
LETTER FROM THE INVESTMENT ADVISER
However, outperformance from the above sectors was partially offset by spread widening and meaningfully negative returns in IG Corporate Bank Debt and certain CMBS (primarily those with ratings below AAA). With three prominent regional banks failing in the first half of 2023, volatility rose as investors worried about additional stress in the banking system and the potential impact that could have on the ability to finance commercial real estate. Also detracting from performance was the Fund’s investments in long-dated U.S. Treasuries. The 20-year part of the curve has been the Fund’s recent focus and while 20-year U.S. Treasuries performed solidly relative to other tenors they are still quite sensitive to interest rate moves.
The table below shows a general breakdown of the Fund’s portfolio at the beginning and end of the fiscal year.
PTIAX Allocations
| | Sector Allocation PTIAX | 8/31/2022 | 8/31/2023 | |
| | Cash | 0.16% | 1.13% | |
| | Asset Backed Securities | 1.46% | 10.16% | |
| | Non-Agency RMBS | 10.83% | 7.58% | |
| | CLOs | 5.96% | 6.06% | |
| | Agency CMBS | 8.07% | 7.89% | |
| | Non-Agency CMBS | 18.18% | 16.73% | |
| | HY Corporates | 6.35% | 4.13% | |
| | U.S. Treasuries | 5.13% | 9.77% | |
| | IG Corporates | 15.80% | 14.46% | |
| | Taxable Municipals | 20.84% | 18.63% | |
| | Tax-Exempt Municipals | 7.14% | 3.46% | |
| | Other | 0.08% | 0.00% | |
The Fund dramatically increased its exposure to ABS as the inverted treasury curve coupled with attractive spreads resulted in some of the highest all-in yields we have witnessed. As ABS became our preferred method of adding Interest Rate Defense, we largely reduced or maintained other defensive sectors such as RMBS, CMBS, and HY. While much of the reduction to RMBS resulted from ongoing amortization, we also sold securities with the majority of those sales targeting more credit sensitive, floating rate bonds. As a result of spread tightening, we believe future total return potential is less attractive for these RMBS moving forward.
Similarly, as spreads tightened, the allocations to Municipals and IG Corporates were trimmed largely by exiting securities pricing off of the relatively unattractive belly of the Treasury curve. These reductions were made in favor of long-dated U.S. Treasuries. When combining long-dated U.S. Treasuries with ABS pricing off the short end of the curve, the resulting “barbell” (combination of short-term and long-term bonds) produces attractive total return potential in our opinion.
Looking Forward
While yields are still elevated from a historical standpoint, credit spreads have retraced much of the widening experienced during the prior fiscal year. Investors are being compensated more to take interest rate risk than at any other time since the Great Financial Crisis, but credit spreads are somewhat below average from a historical perspective. As a result, the Fund has increased its interest rate risk during the year, but at the same time we have attempted to reduce credit risk. For example, the Fund currently carries approximately 5% less securities that carry below investment grade ratings versus the beginning of the year.
We do not attempt to predict interest rates or credit spreads. We have positioned the Fund’s portfolio so that it has what we believe to be a balance of high-quality Interest Rate Offense (bonds with more interest rate sensitivity) and higher yielding Interest Rate Defense. Within our Interest Rate Defense, we are attempting to prudently add higher yielding structured credit and corporate securities that are not exposed, in our opinion, to excessive credit risk or structural leverage.
As a total return bond fund, we seek to position ourselves in the most undervalued fixed-income securities we can find, consistent with the need for proper diversification and liquidity. To identify such opportunities, we find scenario analysis (over roughly a three-year investment horizon) to be more valuable than rate or market forecasting. We call this methodology Shape Management®, and we attribute the Fund’s historical performance largely to our allocation decisions.
LETTER FROM THE INVESTMENT ADVISER
Performance Trust Municipal Bond Fund (PTIMX) Annual
Management’s Discussion of Fund Performance: 9/1/2022 – 8/31/2023 (Unaudited)
Over the past fiscal year ended August 31, 2023, the Performance Trust Municipal Bond Fund – Institutional Class (“PTIMX” or the “Fund”) posted a return of 0.88% compared to 1.70% for the Bloomberg Municipal Bond Index (“Index”). PTIMX’s underperformance can generally be attributed to the Fund’s 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 fiscal year which saw yields for 15 to 25-year maturities increase approximately 50 basis points, one hundredth of one percent (bps) (0.50%), while the 10-year point on the MMD AAA municipal benchmark curve increased only 34 bps. The yield difference between the 10-year and 15-year points on the curve increased from 34 bps as of August 31, 2022, to 49 bps as of August 31, 2023. The yield difference between the 10-year and 20-year points on the curve also increased from 55 bps to 72 bps from the beginning to the end of the fiscal year. While the increase in yields and steepening of the yield curve detracted from the Fund’s performance during the fiscal year, on a go forward basis, the 15-year part of the curve provides a long-term investor with additional income as well as the potential to roll-down a portion of the yield curve that is steeper than has been observed over the last several years. In contrast, the 5-year to 10-year part of the curve provides less income potential and is very flat.
MMD AAA Scale
| Maturity | August 31, 2022 | August 31, 2023 | Change (bp) |
| 1 | 2.21% | 3.25% | +104 |
| 5 | 2.32% | 2.88% | +56 |
| 7 | 2.40% | 2.88% | +48 |
| 10 | 2.59% | 2.93% | +34 |
| 15 | 2.93% | 3.42% | +49 |
| 20 | 3.14% | 3.65% | +51 |
| 25 | 3.25% | 3.82% | +57 |
| 30 | 3.29% | 3.88% | +59 |
Source: MMD AAA Scale as of August 31, 2022 and August 31, 2023
We do not predict the direction or magnitude of changes in interest rates. Our Shape Management® process evaluates total return outcomes across various interest rate scenarios, providing a consistent, systematic framework to guide our investment decisions.
At the beginning of the fiscal year, tax-exempt yields were already significantly higher than recent prior periods. Tax-exempt yields continued to increase at the start of the fiscal year and by the end of October 2022, approached levels that had not been seen in nearly a decade. The Fund actively used the opportunity brought about by the increase in interest rates during the fiscal year to shore up call protection, or the amount of time until bonds become callable by the issuer, and lock in the higher yields provided by the interest rate environment that transpired during the fiscal year.
In seeking to mitigate exposure to extension risk, we continued to move “up in coupon”, or the interest rate paid on a bond by its issuer. Nearly 43 percent of our new purchases during the fiscal year were in bonds with coupons greater than 5%. This moved the Fund’s total allocation to bonds with coupons greater than 5% to approximately 42 percent as of August 31, 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 August 31, 2023, compared to 59 percent as of August 31, 2022.
Our Shape Management® discipline reveals a meaningful opportunity provided by the current yield curve environment. During the fiscal year, approximately 37% of our new purchases were in bonds with maturities ranging from 13 to 16 years. As of August 31, 2023, 32% of the Fund had maturities ranging from 13 to 16 years while bonds with maturities of inside of 10 years were less than 5%.
The Fund also had opportunities during the fiscal year to increase its allocation to tax-exempt, agency-backed (as well as non-agency), local, multi-family housing bonds. This sector provides a diverse set of cash flows and a unique risk/reward profile that is very complimentary to the other bond allocations in the Fund. As of August 31, 2023, these cash flow structures represented 8% of the Fund compared to 4% at the beginning of the fiscal year.
Almost all new purchases during the fiscal year were in tax-exempt, investment grade bonds therefore our exposure to taxable and below investment grade municipal bonds in the Fund is lower compared to a year ago. As of August 31, 2023, 4% of the holdings in PTIMX were taxable, as in subject to federal and/or state income tax, compared to 7% as of August 31, 2022, while the Fund’s exposure to below investment grade bonds decreased to 6% as of August 31, 2023, compared to 10% as of August 31, 2022.
LETTER FROM THE INVESTMENT ADVISER
Looking Forward
Looking forward over a longer-term investment horizon (3-years), with Shape Management® guiding our investment decisions, we remain very selective on the bond structures (coupon and call protection), and yield curve positioning that provide the most uniquely attractive total return outcomes across various interest rate scenarios. With the level of tax-exempt yields near the upper-end of the range of the last several years and meaningful yield curve slope beyond 10-years, our additions are likely to remain relatively consistent with our activities during the past year.
Performance Trust Credit Fund (PTCRX) Annual
Management’s Discussion and Analysis: 9/1/2022 – 8/31/2023 (Unaudited)
Over the past fiscal year ended August 31, 2023, the Institutional Class of the Performance Trust Credit Fund (“PTCRX” or the “Fund”) posted a return of 3.12%, assuming all dividends were reinvested into the Fund. The Bloomberg U.S. Aggregate Bond Index (“Index”) returned -1.19% over the same time, and the Morningstar Multisector US Bond Category (“Category”) returned 2.63%.
The Fed raised the Federal Funds Target Rate 300 basis points (3.00%) over the past 12 months as they continued their aggressive campaign to bring inflation back down to two percent. The pace of hikes were front loaded with 200 basis points (2.00%) delivered in the final four months of 2022 and the remaining 100 basis points (1.00%) delivered gradually over the following eight months. Looking forward, the Fed anticipates an additional 25 basis point (0.25%) hike this year followed by 100 basis points (1.00%) of cuts in 2024. Yields across the curve rose and further inverted in response to the Fed’s tightening campaign with the 2-year and 10-year U.S. Treasuries rising 137 basis points (1.37%) and 91 basis points (0.91%) over the past fiscal year.
The graph below shows the U.S. Treasury yield curve at the beginning and end of the period:
Most credit markets tightened during the period with the expectation that the Fed is near the end of their tightening campaign and the prospects of a soft landing have increased. Investment grade (LUACOAS Index) and high yield (LF98OAS Index) corporate credit spreads tightened 22 basis points (0.22%) and 112 basis points (1.12%), respectively. However, credit markets were volatile during this time with high yield corporate spreads (LF98OAS Index) widening over 100 basis points (1.00%) in a matter of weeks on more than one occasion. The most recent instance was in March of this year when two large regional banks collapsed, and fear of contagion and an impending credit crunch took hold of the market. Markets remains wary of regional banks with spreads materially wider on the year and CMBS spreads, which were already under pressure, moved wider as regional banks are an important source of funding for the sector.
The Fund was able to outperform the Index due to its lower sensitivity to interest rates, higher carry, and larger exposure to more credit sensitive sectors which for the most part rallied. Within the Index specifically, only the IG Corporate exposure generated positive returns as carry and modest spread tightening were able to offset the move higher in interest
LETTER FROM THE INVESTMENT ADVISER
rates. Outperformance relative to the Category was likely due to the Category’s higher allocation to U.S. Treasuries and Agency MBS. These two sectors underperformed in this rising rate environment and Agency MBS likely extended as prepayment speeds decreased. In addition, spreads widened in Agency MBS as banks took a step back from buying.
We are pleased with the Fund’s outperformance relative to the Index and Category despite the Fund’s exposure to CMBS and IG Corporates (Banks) which both experienced material spread widening. Performance in those two sectors were negative to flat respectively. The best performers during the year were CLOs, HY Corporates, and IG Corporates (Ex-Banks). These sectors performed well as credit spreads tightened, offsetting the move higher in rates. In addition, CLOs continued to benefit from higher rates as coupons float and reset quarterly.
The table below shows a general breakdown of the Fund’s portfolio at the beginning and end of the fiscal year:
| | Sector Allocation PTCRX | 8/31/2022 | 8/31/2023 | |
| | Cash | 1.93% | 2.43% | |
| | Asset Backed Securities | 7.42% | 8.42% | |
| | Non-Agency RMBS | 5.03% | 3.56% | |
| | CLOs | 14.15% | 12.02% | |
| | Agency CMBS | 5.43% | 3.65% | |
| | Non-Agency CMBS | 17.50% | 16.68% | |
| | HY Corporates | 15.83% | 16.96% | |
| | U.S. Treasuries | 5.45% | 5.07% | |
| | IG Corporates | 18.97% | 26.39% | |
| | Taxable Municipals | 3.61% | 2.33% | |
| | Tax-Exempt Municipals | 4.69% | 2.49% | |
The Fund mostly increased its allocation to IG Corporates, while modestly adding to HY Corporates and Asset Backed Securities (ABS). The addition of bank credits drove the increased allocation within IG Corporates. As mentioned previously, this sector has seen significant spread widening and offers what we believe are attractive risk/reward opportunities. The focus here was not to add the widest or cheapest trading credits and gain exposure quickly, but rather to follow our conservative underwriting process and invest in the strongest credits with a focus on capital, liquidity, earnings, sensitivity, and asset quality. Once the strongest credits within the sector were identified, we remained patient and waited for the opportunity to add.
Looking Forward
We are excited about the opportunities in the markets today. U.S. Treasury rates are over 400 basis points (4.00%) across the curve, and while credit spreads have tightened, all-in yields still look attractive on a historical basis. Fears surrounding regional banks and commercial real estate have also created unique opportunities. There is no question that some banks and commercial real estate properties will struggle to cope with higher interest rates and an inverted yield curve. However, despite what the headlines suggest, most should perform and continue to service their debt.
While we believe IG Corporates (Banks) and non-agency CMBS offer the most compelling opportunities in today’s market, we will continue to use a balanced approach when making allocation decisions. The goal is to create a well-diversified bond portfolio that we believe can generate strong returns in multiple market environments.
Shape Management® continues to be a crucial tool for us and paired with our consistent bottom-up credit approach, will help guide us to make the right decisions as we navigate this volatile market. We will likely continue with a barbelled approach given the inverted interest rate curve. This will likely entail adding longer, higher quality bonds such as IG Corporates, municipals, and U.S. Treasuries to pair with our higher yielding credits within CMBS, IG Corporates (Banks), and HY Corporates. We remain focused on finding the most attractive risk/reward opportunities across various sectors and look to stay nimble in this continuously changing environment.
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 a Fund. Options and swap positions held in a Fund 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.
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 August 31, 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 | 1.13% | 0.30% | -2.29% | 0.86% | 3.13% | 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 0.95% | -1.19% | -4.41% | 0.49% | 1.48% | 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 August 31, 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.
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 August 31, 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) | -1.25% | -2.21% | -3.27% | 0.00% |
| Performance Trust Strategic Bond Fund – Class A | | | | |
| (without sales charge) | 1.00% | 0.05% | -2.53% | 0.49% |
| Bloomberg U.S. Aggregate Bond Index | 0.95% | -1.19% | -4.41% | 0.29% |
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.
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 August 31, 2023 (Unaudited)
| | SIX | | | ANNUALIZED |
| | MONTHS | ONE | THREE | SINCE INCEPTION |
| | (NOT ANNUALIZED) | YEAR | YEAR | (JANUARY 2, 2019) |
| Performance Trust Strategic Bond Fund – Class C | 0.69% | -0.65% | -3.25% | -0.26% |
| Bloomberg U.S. Aggregate Bond Index | 0.95% | -1.19% | -4.41% | 0.29% |
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.
PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX, PTAOX, PTCOX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of August 31, 2023
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 August 31, 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 | 0.87% | 0.88% | -2.14% | 1.28% | 3.20% | 3.80% |
| Bloomberg Municipal Bond Index | 1.04% | 1.70% | -1.32% | 1.52% | 2.81% | 2.92% |
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 August 31, 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.
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 August 31, 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) | -1.51% | -1.63% | -3.12% | 0.57% | 2.73% | 2.10% |
| Performance Trust Municipal Bond | | | | | | |
| Fund – Class A (without sales charge) | 0.74% | 0.62% | -2.38% | 1.03% | 2.97% | 2.32% |
| Bloomberg Municipal Bond Index | 1.04% | 1.70% | -1.32% | 1.52% | 2.81% | 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 August 31, 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.
PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX, PTRMX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of August 31, 2023
* For additional details on allocation of portfolio assets by state, please see the Schedules of Investments.
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 August 31, 2023 (Unaudited)
| | SIX | | ANNUALIZED |
| | MONTHS | ONE | SINCE INCEPTION |
| | (NOT ANNUALIZED) | YEAR | (DECEMBER 31, 2020)(1) |
| Performance Trust Credit Fund – Institutional Class | 2.43% | 3.12% | -1.16% |
| Bloomberg U.S. Aggregate Bond Index | 0.95% | -1.19% | -5.16% |
(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 29, 2024.
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.
PERFORMANCE TRUST CREDIT FUND (PTCRX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of August 31, 2023
(This Page Intentionally Left Blank.)
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2023
| | Performance Trust | | Performance Trust | | | | |
| | | Strategic | | | Municipal | | Performance Trust | |
| | | Bond Fund | | | Bond Fund | | | Credit Fund | |
| Assets | | | | | | | | | |
| Investments, at value (cost $6,446,253,437, | | | | | | | | | |
| $641,666,298 and $92,030,216, respectively) | | $ | 5,719,463,443 | | | $ | 625,551,044 | | | $ | 88,077,090 | |
| Dividend and interest receivable | | | 55,400,657 | | | | 6,151,664 | | | | 875,850 | |
| Receivable for investments sold | | | 7,993,794 | | | | 3,762,356 | | | | — | |
| Receivable for fund shares sold | | | 18,838,524 | | | | 1,382,105 | | | | 655,622 | |
| Other assets | | | 89,541 | | | | 39,194 | | | | 7,045 | |
| Total Assets | | | 5,801,785,959 | | | | 636,886,363 | | | | 89,615,607 | |
| | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | |
| Payable for investments purchased | | | 10,543,753 | | | | 12,911,867 | | | | — | |
| Payable for fund shares redeemed | | | 4,458,325 | | | | 854,823 | | | | 72,939 | |
| Payable to adviser | | | 2,118,771 | | | | 160,956 | | | | 27,100 | |
| Payable to affiliates | | | 591,433 | | | | 73,463 | | | | 19,311 | |
| Payable for distribution fees | | | 32,608 | | | | 7,450 | | | | — | |
| Payable for shareholder servicing fees | | | 17,050 | | | | — | | | | — | |
| Accrued expenses and other liabilities | | | 518,972 | | | | 32,545 | | | | 26,355 | |
| Total Liabilities | | | 18,280,912 | | | | 14,041,104 | | | | 145,705 | |
| | | | | | | | | | | | | |
| Net Assets | | | 5,783,505,047 | | | | 622,845,259 | | | | 89,469,902 | |
| | | | | | | | | | | | | |
| Net Assets Consist Of: | | | | | | | | | | | | |
| Paid-in capital | | $ | 6,868,402,147 | | | $ | 723,911,848 | | | $ | 97,074,829 | |
| Total accumulated loss | | | (1,084,897,100 | ) | | | (101,066,589 | ) | | | (7,604,927 | ) |
| Net Assets | | $ | 5,783,505,047 | | | $ | 622,845,259 | | | $ | 89,469,902 | |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF ASSETS AND LIABILITIES (CONT.)
August 31, 2023
| | 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 | | $ | 5,712,347,490 | | | $ | 588,234,184 | | | $ | 89,469,902 | |
| Shares of beneficial interest outstanding (unlimited | | | | | | | | | | | | |
| number of shares authorized, $0.001 par value) | | | 297,773,529 | | | | 26,673,976 | | | | 10,563,268 | |
| Net asset value, redemption | | | | | | | | | | | | |
| and offering price per share | | $ | 19.18 | | | $ | 22.05 | | | $ | 8.47 | |
| | | | | | | | | | | | | |
| Strategic Bond Fund and Municipal | | | | | | | | | | | | |
| Bond Fund Shares – Class A | | | | | | | | | | | | |
| Net assets | | $ | 29,145,157 | | | $ | 34,611,075 | | | | | |
| Shares of beneficial interest outstanding (unlimited | | | | | | | | | | | | |
| number of shares authorized, $0.001 par value) | | | 1,519,187 | | | | 1,568,242 | | | | | |
| Net asset value, redemption | | | | | | | | | | | | |
| and offering price per share | | $ | 19.18 | | | $ | 22.07 | | | | | |
| Maximum offering price per share | | | | | | | | | | | | |
(Net asset value per share divided by 0.9775)(1) | | $ | 19.63 | | | $ | 22.58 | | | | | |
| | | | | | | | | | | | | |
| Strategic Bond Fund Shares – Class C | | | | | | | | | | | | |
| Net assets | | $ | 42,012,400 | | | | | | | | | |
| Shares of beneficial interest outstanding (unlimited | | | | | | | | | | | | |
| number of shares authorized, $0.001 par value) | | | 2,198,995 | | | | | | | | | |
| Net asset value, redemption | | | | | | | | | | | | |
| and offering price per share | | $ | 19.11 | | | | | | | | | |
| (1) | Reflects a maximum sales charge of 2.25%. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| ASSET BACKED SECURITIES – 10.04% | | | | | | |
| | | | | | | |
| American Credit Acceptance | | | | | | |
| Receivables Trust | | | | | | |
| 2023-1, 5.450%, 09/14/2026 | | $ | 5,873,389 | | | $ | 5,850,109 | |
| 2022-3, 4.550%, 10/13/2026 | | | 1,825,000 | | | | 1,809,433 | |
| 2022-4, 6.750%, 10/13/2026 | | | 1,500,000 | | | | 1,503,492 | |
| 2023-2, 5.610%, 06/14/2027 | | | 4,000,000 | | | | 3,961,032 | |
| 2021-2, 2.540%, 07/13/2027 | | | 5,000,000 | | | | 4,713,309 | |
| 2021-4, 1.320%, 02/14/2028 | | | 768,004 | | | | 755,476 | |
| 2022-2, 4.410%, 06/13/2028 | | | 10,000,000 | | | | 9,836,223 | |
| 2022-3, 4.860%, 10/13/2028 | | | 5,000,000 | | | | 4,905,693 | |
| 2022-4, 7.860%, 02/15/2029 | | | 4,030,000 | | | | 4,085,086 | |
| 2023-2, 5.960%, 08/13/2029 | | | 5,000,000 | | | | 4,943,977 | |
| 2023-3, 6.440%, 10/12/2029 | | | 6,500,000 | | | | 6,505,810 | |
| | | | | | | | | |
| Americredit Automobile | | | | | | | | |
| Receivables Trust | | | | | | | | |
| 2023-1, 5.840%, 10/19/2026 | | | 9,750,873 | | | | 9,749,076 | |
| | | | | | | | | |
| CarMax Auto Owner Trust | | | | | | | | |
| 2023-1, 5.230%, 01/15/2026 | | | 3,102,632 | | | | 3,093,780 | |
| 2023-2, 5.500%, 06/15/2026 | | | 16,000,000 | | | | 15,960,594 | |
| 2023-3, 5.720%, 11/16/2026 | | | 7,750,000 | | | | 7,759,754 | |
| | | | | | | | | |
| CNH Equipment Trust | | | | | | | | |
| 2023-A, 5.340%, 09/15/2026 | | | 10,000,000 | | | | 9,961,017 | |
| | | | | | | | | |
| DT Auto Owner Trust | | | | | | | | |
| 2020-2A, 4.730%, 03/16/2026 | | | 5,000,000 | | | | 4,941,741 | |
| | | | | | | | | |
| Exeter Automobile | | | | | | | | |
| Receivables Trust | | | | | | | | |
| 2023-1A, 5.610%, 06/16/2025 | | | 5,623,205 | | | | 5,618,607 | |
| 2022-5A, 5.430%, 04/15/2026 | | | 5,000,000 | | | | 4,989,704 | |
| 2023-1A, 5.580%, 04/15/2026 | | | 7,110,000 | | | | 7,084,996 | |
| 2023-3A, 6.040%, 07/15/2026 | | | 6,000,000 | | | | 5,995,856 | |
| 2023-2A, 5.600%, 08/17/2026 | | | 10,488,000 | | | | 10,446,758 | |
| 2022-2A, 3.650%, 10/15/2026 | | | 20,000,000 | | | | 19,772,438 | |
| 2022-4A, 4.570%, 01/15/2027 | | | 4,335,000 | | | | 4,295,125 | |
| 2022-5A, 5.970%, 03/15/2027 | | | 5,000,000 | | | | 4,976,779 | |
| 2022-6A, 6.030%, 08/16/2027 | | | 10,000,000 | | | | 9,982,940 | |
| 2023-2A, 5.610%, 09/15/2027 | | | 5,623,000 | | | | 5,573,368 | |
| 2020-2A, 7.190%, 09/15/2027 | | | 10,000,000 | | | | 10,094,890 | |
| 2022-5A, 6.510%, 12/15/2027 | | | 5,060,000 | | | | 5,050,218 | |
| 2022-6A, 6.320%, 05/15/2028 | | | 5,000,000 | | | | 4,988,735 | |
| 2021-2A, 2.900%, 07/17/2028 | | | 1,500,000 | | | | 1,394,980 | |
| 2023-4A, 6.510%, 08/15/2028 | | | 5,000,000 | | | | 5,023,219 | |
| 2021-3A, 3.040%, 12/15/2028 | | | 5,000,000 | | | | 4,503,252 | |
| 2022-4A, 4.920%, 12/15/2028 | | | 4,000,000 | | | | 3,923,938 | |
| | | | | | | | | |
| First Investors Auto Owner Trust | | | | | | | | |
| 2021-1A, 1.170%, 03/15/2027 | | | 1,795,000 | | | | 1,718,082 | |
| 2022-1A, 3.130%, 05/15/2028 | | | 5,000,000 | | | | 4,697,231 | |
| | | | | | | | | |
| Flagship Credit Auto Trust | | | | | | | | |
| 2020-2, 5.750%, 04/15/2026 | | | 5,850,000 | | | | 5,816,482 | |
| 2023-1, 5.380%, 12/15/2026 | | | 4,529,254 | | | | 4,507,611 | |
| 2022-3, 4.550%, 04/15/2027 | | | 10,000,000 | | | | 9,853,049 | |
| 2023-2, 5.760%, 04/15/2027 | | | 11,047,000 | | | | 11,001,451 | |
| | | | | | | | | |
| Ford Credit Auto Owner Trust | | | | | | | | |
| 2023-B, 5.570%, 06/15/2026 | | | 12,500,000 | | | | 12,482,944 | |
| | | | | | | | | |
| GLS Auto Receivables Issuer Trust | | | | | | | | |
| 2019-4A, 4.090%, 08/17/2026 | | | 8,295,000 | | | | 8,118,702 | |
| 2022-2A, 4.700%, 09/15/2026 | | | 5,000,000 | | | | 4,915,933 | |
| 2022-3A, 4.920%, 01/15/2027 | | | 3,000,000 | | | | 2,953,036 | |
| 2023-2A, 5.700%, 01/15/2027 | | | 6,000,000 | | | | 5,986,145 | |
| 2020-3A, 4.310%, 07/15/2027 | | | 3,830,000 | | | | 3,720,106 | |
| 2021-4A, 1.940%, 10/15/2027 | | | 8,650,000 | | | | 8,237,179 | |
| 2023-2A, 5.520%, 11/15/2027 | | | 4,340,000 | | | | 4,281,143 | |
| 2021-2A, 2.870%, 05/15/2028 | | | 5,410,000 | | | | 4,916,125 | |
| 2021-4A, 4.430%, 10/16/2028 | | | 5,000,000 | | | | 4,551,214 | |
| 2023-1A, 6.380%, 12/15/2028 | | | 7,172,000 | | | | 7,166,119 | |
| 2023-3A, 6.010%, 05/15/2029 | | | 5,000,000 | | | | 4,995,038 | |
| | | | | | | | | |
| GM Financial Consumer | | | | | | | | |
| Automobile Receivables Trust | | | | | | | | |
| 2023-2, 5.100%, 05/18/2026 | | | 8,000,000 | | | | 7,960,706 | |
| 2023-3, 5.740%, 09/16/2026 | | | 8,750,000 | | | | 8,755,412 | |
| | | | | | | | | |
| Honda Auto Receivables | | | | | | | | |
| Owner Trust | | | | | | | | |
| 2022-2, 3.810%, 03/18/2025 | | | 2,619,250 | | | | 2,601,836 | |
| 2023-2, 5.410%, 04/15/2026 | | | 10,000,000 | | | | 9,970,458 | |
| | | | | | | | | |
| John Deere Owner Trust | | | | | | | | |
| 2023-B, 5.590%, 06/15/2026 | | | 9,500,000 | | | | 9,496,936 | |
| | | | | | | | | |
| Santander Drive Auto | | | | | | | | |
| Receivables Trust | | | | | | | | |
| 2023-1, 5.360%, 05/15/2026 | | | 6,638,049 | | | | 6,626,154 | |
| 2022-6, 4.490%, 11/16/2026 | | | 6,916,000 | | | | 6,862,605 | |
| 2022-4, 4.140%, 02/16/2027 | | | 7,807,000 | | | | 7,732,784 | |
| 2022-7, 5.750%, 04/15/2027 | | | 6,350,000 | | | | 6,333,444 | |
| 2023-2, 5.210%, 07/15/2027 | | | 10,020,000 | | | | 9,940,855 | |
| 2022-2, 3.440%, 09/15/2027 | | | 10,000,000 | | | | 9,721,573 | |
| 2023-3, 5.610%, 10/15/2027 | | | 6,000,000 | | | | 5,986,252 | |
| 2022-7, 5.950%, 01/17/2028 | | | 10,000,000 | | | | 9,987,964 | |
| 2020-1, 5.350%, 03/15/2028 | | | 1,000,000 | | | | 994,842 | |
| 2023-4, 5.730%, 04/17/2028 | | | 13,500,000 | | | | 13,538,567 | |
| 2022-5, 4.740%, 10/16/2028 | | | 7,500,000 | | | | 7,310,680 | |
| 2022-7, 6.690%, 03/17/2031 | | | 9,110,000 | | | | 9,243,643 | |
| | | | | | | | | |
| Toyota Auto Receivables | | | | | | | | |
| Owner Trust | | | | | | | | |
| 2023-A, 5.050%, 01/15/2026 | | | 4,825,940 | | | | 4,807,847 | |
| 2023-C, 5.600%, 08/17/2026 | | | 9,000,000 | | | | 8,987,952 | |
| 2022-C, 3.760%, 04/15/2027 | | | 8,035,000 | | | | 7,835,782 | |
| | | | | | | | | |
| Westlake Automobile | | | | | | | | |
| Receivables Trust | | | | | | | | |
| 2020-1A, 3.310%, 10/15/2025 | | | 10,000,000 | | | | 9,862,707 | |
| 2022-2A, 3.750%, 04/15/2026 | | | 4,850,000 | | | | 4,777,831 | |
| 2023-2A, 5.800%, 02/16/2027 | | | 10,000,000 | | | | 10,000,411 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Westlake Automobile | | | | | | |
| Receivables Trust (Cont.) | | | | | | |
| 2022-1A, 2.750%, 03/15/2027 | | $ | 2,645,000 | | | $ | 2,581,008 | |
| 2022-1A, 3.110%, 03/15/2027 | | | 5,000,000 | | | | 4,822,613 | |
| 2021-3A, 3.420%, 04/15/2027 | | | 1,830,000 | | | | 1,696,789 | |
| 2022-2A, 4.310%, 09/15/2027 | | | 8,825,000 | | | | 8,653,150 | |
| 2022-2A, 5.480%, 09/15/2027 | | | 5,000,000 | | | | 4,900,679 | |
| 2022-3A, 6.440%, 12/15/2027 | | | 5,000,000 | | | | 4,996,334 | |
| 2023-1A, 5.210%, 01/18/2028 | | | 11,000,000 | | | | 10,916,819 | |
| 2023-1A, 5.410%, 01/18/2028 | | | 3,750,000 | | | | 3,710,608 | |
| 2023-2A, 6.290%, 03/15/2028 | | | 8,760,000 | | | | 8,742,221 | |
| 2023-1A, 5.740%, 08/15/2028 | | | 3,000,000 | | | | 2,962,118 | |
| 2023-3A, 6.020%, 09/15/2028 | | | 6,000,000 | | | | 5,995,005 | |
| | | | | | | | | |
| World Omni Auto | | | | | | | | |
| Receivables Trust | | | | | | | | |
| 2023-A, 5.180%, 07/15/2026 | | | 7,660,742 | | | | 7,634,359 | |
| 2023-B, 5.250%, 11/16/2026 | | | 10,000,000 | | | | 9,954,085 | |
| | | | | | | | | |
| TOTAL ASSET BACKED | | | | | | | | |
| SECURITIES (Cost $583,419,205) | | | | | | | 580,872,024 | |
| | | | | | | | | |
| COLLATERALIZED LOAN | | | | | | | | |
| OBLIGATIONS – 5.99% | | | | | | | | |
| | | | | | | | | |
| Apidos CLO XII | | | | | | | | |
| 2013-12A, 8.170% (TSFR3M + | | | | | | | | |
| 2.862%), 04/15/2031 (a) | | | 3,195,000 | | | | 3,037,611 | |
| 2013-12A, 10.970% (TSFR3M + | | | | | | | | |
| 5.662%), 04/15/2031 (a) | | | 6,150,000 | | | | 5,325,211 | |
| | | | | | | | | |
| Apidos CLO XV | | | | | | | | |
| 2013-15A, 7.438% (TSFR3M + | | | | | | | | |
| 2.112%), 04/20/2031 (a) | | | 5,000,000 | | | | 4,936,970 | |
| 2013-15A, 11.288% (TSFR3M + | | | | | | | | |
| 5.962%), 04/20/2031 (a) | | | 3,843,000 | | | | 3,510,565 | |
| | | | | | | | | |
| Apidos CLO XX | | | | | | | | |
| 2015-20A, 11.270% (TSFR3M + | | | | | | | | |
| 5.962%), 07/16/2031 (a) | | | 1,750,000 | | | | 1,577,312 | |
| | | | | | | | | |
| Apidos CLO XXIV | | | | | | | | |
| 2016-24A, 11.388% (TSFR3M + | | | | | | | | |
| 6.062%), 10/20/2030 (a) | | | 2,550,000 | | | | 2,319,855 | |
| | | | | | | | | |
| Apidos CLO XXIX | | | | | | | | |
| 2018-29A, 7.513% (TSFR3M + | | | | | | | | |
| 2.162%), 07/25/2030 (a) | | | 7,600,000 | | | | 7,455,478 | |
| 2018-29A, 8.363% (TSFR3M + | | | | | | | | |
| 3.012%), 07/25/2030 (a) | | | 6,250,000 | | | | 6,044,069 | |
| | | | | | | | | |
| Apidos CLO XXVIII | | | | | | | | |
| 2017-28A, 6.738% (TSFR3M + | | | | | | | | |
| 1.412%), 01/20/2031 (a) | | | 2,000,000 | | | | 1,964,674 | |
| | | | | | | | | |
| Apidos CLO XXX | | | | | | | | |
| XXXA, 7.572% (TSFR3M + | | | | | | | | |
| 2.262%), 10/18/2031 (a) | | | 3,600,000 | | | | 3,550,457 | |
| | | | | | | | | |
| Apidos CLO XXXI | | | | | | | | |
| 2019-31A, 12.170% (TSFR3M + | | | | | | | | |
| 6.862%), 04/15/2031 (a) | | | 4,400,000 | | | | 4,202,752 | |
| | | | | | | | | |
| Ares XLII CLO Ltd. | | | | | | | | |
| 2017-42A, 9.057% (TSFR3M + | | | | | | | | |
| 3.712%), 01/22/2028 (a) | | | 5,000,000 | | | | 5,015,040 | |
| | | | | | | | | |
| Ares XLVI CLO Ltd. | | | | | | | | |
| 2017-46A, 3.570%, 01/15/2030 | | | 3,600,000 | | | | 3,267,857 | |
| 2017-46A, 7.270% (TSFR3M + | | | | | | | | |
| 1.962%), 01/15/2030 (a) | | | 1,436,843 | | | | 1,400,815 | |
| | | | | | | | | |
| Ares XLVII CLO Ltd. | | | | | | | | |
| 2018-47A, 8.270% (TSFR3M + | | | | | | | | |
| 2.962%), 04/15/2030 (a) | | | 1,915,000 | | | | 1,761,574 | |
| | | | | | | | | |
| Ares XXXIR CLO Ltd. | | | | | | | | |
| 2014-31RA, 7.245% (TSFR3M + | | | | | | | | |
| 1.862%), 05/24/2030 (a) | | | 5,500,000 | | | | 5,360,053 | |
| | | | | | | | | |
| Ares XXXIX CLO Ltd. | | | | | | | | |
| 2016-39A, 8.922% (TSFR3M + | | | | | | | | |
| 3.612%), 04/18/2031 (a) | | | 7,335,000 | | | | 6,978,937 | |
| | | | | | | | | |
| Ares XXXVIII CLO Ltd. | | | | | | | | |
| 2015-38A, 8.088% (TSFR3M + | | | | | | | | |
| 2.762%), 04/20/2030 (a) | | | 7,450,000 | | | | 6,852,599 | |
| | | | | | | | | |
| BCRED MML CLO, LLC | | | | | | | | |
| 2022-1A, 8.076% (TSFR3M + | | | | | | | | |
| 2.750%), 04/20/2035 (a) | | | 2,000,000 | | | | 1,934,298 | |
| | | | | | | | | |
| BlueMountain CLO Ltd. | | | | | | | | |
| 2018-1A, 7.331% (TSFR3M + | | | | | | | | |
| 1.962%), 07/30/2030 (a) | | | 6,996,770 | | | | 6,824,447 | |
| 2014-2A, 7.338% (TSFR3M + | | | | | | | | |
| 2.012%), 10/20/2030 (a) | | | 5,500,000 | | | | 5,398,046 | |
| | | | | | | | | |
| Burnham Park CLO Ltd. | | | | | | | | |
| 2016-1A, 7.738% (TSFR3M + | | | | | | | | |
| 2.412%), 10/20/2029 (a) | | | 5,250,000 | | | | 5,208,052 | |
| 2016-1A, 8.438% (TSFR3M + | | | | | | | | |
| 3.112%), 10/20/2029 (a) | | | 1,500,000 | | | | 1,462,397 | |
| | | | | | | | | |
| Buttermilk Park CLO Ltd. | | | | | | | | |
| 2018-1A, 8.670% (TSFR3M + | | | | | | | | |
| 3.362%), 10/15/2031 (a) | | | 1,000,000 | | | | 912,175 | |
| | | | | | | | | |
| Catskill Park CLO Ltd. | | | | | | | | |
| 2017-1A, 9.288% (TSFR3M + | | | | | | | | |
| 3.962%), 04/20/2029 (a) | | | 3,850,000 | | | | 3,851,082 | |
| 2017-1A, 11.588% (TSFR3M + | | | | | | | | |
| 6.262%), 04/20/2029 (a) | | | 1,250,000 | | | | 1,143,650 | |
| | | | | | | | | |
| Chenango Park CLO Ltd. | | | | | | | | |
| 2018-1A, 8.570% (TSFR3M + | | | | | | | | |
| 3.262%), 04/15/2030 (a) | | | 1,000,000 | | | | 890,907 | |
| | | | | | | | | |
| CIFC Funding Ltd. | | | | | | | | |
| 2017-3A, 7.388% (TSFR3M + | | | | | | | | |
| 2.062%), 07/20/2030 (a) | | | 2,100,000 | | | | 2,082,387 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| CIFC Funding Ltd. (Cont.) | | | | | | |
| 2018-1A, 7.322% (TSFR3M + | | | | | | |
| 2.012%), 04/18/2031 (a) | | $ | 3,750,000 | | | $ | 3,703,609 | |
| | | | | | | | | |
| Fillmore Park CLO Ltd. | | | | | | | | |
| 2018-1A, 10.970% (TSFR3M + | | | | | | | | |
| 5.662%), 07/15/2030 (a) | | | 1,000,000 | | | | 925,682 | |
| | | | | | | | | |
| Gilbert Park CLO Ltd. | | | | | | | | |
| 2017-1A, 8.520% (TSFR3M + | | | | | | | | |
| 3.212%), 10/15/2030 (a) | | | 8,475,000 | | | | 8,162,272 | |
| 2017-1A, 11.970% (TSFR3M + | | | | | | | | |
| 6.662%), 10/15/2030 (a) | | | 1,250,000 | | | | 1,158,639 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 2 Ltd. | | | | | | | | |
| 2017-2A, 10.288% (TSFR3M + | | | | | | | | |
| 4.962%), 11/28/2030 (a) | | | 6,561,000 | | | | 6,166,415 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 4 Ltd. | | | | | | | | |
| 2019-4A, 10.357% (TSFR3M + | | | | | | | | |
| 5.012%), 04/24/2031 (a) | | | 8,000,000 | | | | 7,444,240 | |
| | | | | | | | | |
| Goldentree Loan Management | | | | | | | | |
| US CLO 5 Ltd. | | | | | | | | |
| 2019-5A, 8.738% (TSFR3M + | | | | | | | | |
| 3.412%), 10/20/2032 (a) | | | 2,500,000 | | | | 2,426,035 | |
| 2019-5A, 10.438% (TSFR3M + | | | | | | | | |
| 5.112%), 10/20/2032 (a) | | | 7,500,000 | | | | 6,985,448 | |
| | | | | | | | | |
| Goldentree Loan | | | | | | | | |
| Opportunities X Ltd. | | | | | | | | |
| 2015-10A, 8.638% (TSFR3M + | | | | | | | | |
| 3.312%), 07/20/2031 (a) | | | 4,000,000 | | | | 3,932,524 | |
| | | | | | | | | |
| Goldentree Loan | | | | | | | | |
| Opportunities XI Ltd. | | | | | | | | |
| 2015-11A, 7.972% (TSFR3M + | | | | | | | | |
| 2.662%), 01/18/2031 (a) | | | 2,250,000 | | | | 2,196,732 | |
| 2015-11A, 10.972% (TSFR3M + | | | | | | | | |
| 5.662%), 01/18/2031 (a) | | | 3,750,000 | | | | 3,578,201 | |
| | | | | | | | | |
| GoldenTree Loan Management | | | | | | | | |
| US CLO 1 Ltd. | | | | | | | | |
| 2021-9A, 10.338% (TSFR3M + | | | | | | | | |
| 5.012%), 01/20/2033 (a) | | | 6,500,000 | | | | 6,036,303 | |
| | | | | | | | | |
| Golub Capital BDC 3 CLO 1, LLC | | | | | | | | |
| 2021-1A, 8.370% (TSFR3M + | | | | | | | | |
| 3.062%), 04/15/2033 (a) | | | 7,000,000 | | | | 6,834,324 | |
| | | | | | | | | |
| Grippen Park CLO Ltd. | | | | | | | | |
| 2017-1A, 8.888% (TSFR3M + | | | | | | | | |
| 3.562%), 01/20/2030 (a) | | | 7,550,000 | | | | 7,509,955 | |
| 2017-1A, 11.288% (TSFR3M + | | | | | | | | |
| 5.962%), 01/20/2030 (a) | | | 1,150,000 | | | | 1,072,462 | |
| | | | | | | | | |
| LCM 26 Ltd. | | | | | | | | |
| 26A, 8.088% (TSFR3M + | | | | | | | | |
| 2.762%), 01/20/2031 (a) | | | 1,000,000 | | | | 849,981 | |
| | | | | | | | | |
| LCM 29 Ltd. | | | | | | | | |
| 29A, 7.170% (TSFR3M + | | | | | | | | |
| 1.862%), 04/15/2031 (a) | | | 4,750,000 | | | | 4,642,702 | |
| | | | | | | | | |
| LCM 34 Ltd. | | | | | | | | |
| 34A, 12.128% (TSFR3M + | | | | | | | | |
| 6.802%), 10/20/2034 (a) | | | 3,250,000 | | | | 2,790,125 | |
| | | | | | | | | |
| LCM 35 Ltd. | | | | | | | | |
| 35A, 12.180% (TSFR3M + | | | | | | | | |
| 6.872%), 10/15/2034 (a) | | | 4,750,000 | | | | 3,871,222 | |
| | | | | | | | | |
| LCM 36 Ltd. | | | | | | | | |
| 36A, 12.280% (TSFR3M + | | | | | | | | |
| 6.972%), 01/15/2034 (a) | | | 6,000,000 | | | | 4,966,230 | |
| | | | | | | | | |
| LCM Loan Income Fund I | | | | | | | | |
| Income Note Issuer Ltd. | | | | | | | | |
| 27A, 7.520% (TSFR3M + | | | | | | | | |
| 2.212%), 07/16/2031 (a) | | | 2,700,000 | | | | 2,574,982 | |
| 27A, 8.520% (TSFR3M + | | | | | | | | |
| 3.212%), 07/16/2031 (a) | | | 4,000,000 | | | | 3,444,552 | |
| | | | | | | | | |
| LCM XIV LP | | | | | | | | |
| 14A, 7.168% (TSFR3M + | | | | | | | | |
| 1.842%), 07/20/2031 (a) | | | 10,800,000 | | | | 10,481,854 | |
| 14A, 7.438% (TSFR3M + | | | | | | | | |
| 2.112%), 07/20/2031 (a) | | | 6,000,000 | | | | 5,756,364 | |
| 14A, 11.088% (TSFR3M + | | | | | | | | |
| 5.762%), 07/20/2031 (a) | | | 1,000,000 | | | | 660,089 | |
| | | | | | | | | |
| LCM XV LP | | | | | | | | |
| 15A, 9.288% (TSFR3M + | | | | | | | | |
| 3.962%), 07/20/2030 (a) | | | 9,000,000 | | | | 8,184,348 | |
| | | | | | | | | |
| LCM XVI LP | | | | | | | | |
| 16A, 7.320% (TSFR3M + | | | | | | | | |
| 2.012%), 10/15/2031 (a) | | | 4,000,000 | | | | 3,924,992 | |
| 16A, 7.720% (TSFR3M + | | | | | | | | |
| 2.412%), 10/15/2031 (a) | | | 5,100,000 | | | | 4,958,797 | |
| 16A, 11.950% (TSFR3M + | | | | | | | | |
| 6.642%), 10/15/2031 (a) | | | 1,600,000 | | | | 1,283,795 | |
| | | | | | | | | |
| LCM XVII LP | | | | | | | | |
| 17A, 11.570% (TSFR3M + | | | | | | | | |
| 6.262%), 10/15/2031 (a) | | | 1,000,000 | | | | 693,459 | |
| | | | | | | | | |
| LCM XVIII LP | | | | | | | | |
| 19A, 8.270% (TSFR3M + | | | | | | | | |
| 2.962%), 07/15/2027 (a) | | | 3,840,953 | | | | 3,841,249 | |
| 18A, 11.538% (TSFR3M + | | | | | | | | |
| 6.212%), 04/20/2031 (a) | | | 5,300,000 | | | | 3,877,364 | |
| | | | | | | | | |
| LCM XXII Ltd. | | | | | | | | |
| 22A, 8.388% (TSFR3M + | | | | | | | | |
| 3.062%), 10/20/2028 (a) | | | 1,895,000 | | | | 1,740,741 | |
| | | | | | | | | |
| LCM XXV Ltd. | | | | | | | | |
| 25A, 9.038% (TSFR3M + | | | | | | | | |
| 3.712%), 07/20/2030 (a) | | | 4,000,000 | | | | 3,457,036 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Long Point Park CLO Ltd. | | | | | | |
| 2017-1A, 7.970% (TSFR3M + | | | | | | |
| 2.662%), 01/17/2030 (a) | | $ | 4,000,000 | | | $ | 3,602,708 | |
| 2017-1A, 11.170% (TSFR3M + | | | | | | | | |
| 5.862%), 01/17/2030 (a) | | | 2,000,000 | | | | 1,749,888 | |
| | | | | | | | | |
| Magnetite VIII Ltd. | | | | | | | | |
| 2014-8A, 6.550% (TSFR3M + | | | | | | | | |
| 1.242%), 04/15/2031 (a) | | | 2,287,428 | | | | 2,280,806 | |
| 2014-8A, 8.470% (TSFR3M + | | | | | | | | |
| 3.162%), 04/15/2031 (a) | | | 10,150,000 | | | | 10,093,393 | |
| | | | | | | | | |
| Magnetite XII Ltd. | | | | | | | | |
| 2015-12A, 11.250% (TSFR3M + | | | | | | | | |
| 5.942%), 10/15/2031 (a) | | | 8,923,000 | | | | 8,580,972 | |
| | | | | | | | | |
| Magnetite XIV-R Ltd. | | | | | | | | |
| 2018-14RA, 6.692% (TSFR3M + | | | | | | | | |
| 1.382%), 10/18/2031 (a) | | | 5,300,000 | | | | 5,291,859 | |
| 2015-14RA, 8.422% (TSFR3M + | | | | | | | | |
| 3.112%), 10/18/2031 (a) | | | 1,500,000 | | | | 1,472,535 | |
| | | | | | | | | |
| Magnetite XV Ltd. | | | | | | | | |
| 2015-15A, 8.363% (TSFR3M + | | | | | | | | |
| 3.012%), 07/25/2031 (a) | | | 2,000,000 | | | | 1,976,730 | |
| 2015-15A, 10.813% (TSFR3M + | | | | | | | | |
| 5.462%), 07/25/2031 (a) | | | 4,000,000 | | | | 3,816,024 | |
| | | | | | | | | |
| Magnetite XVIII Ltd. | | | | | | | | |
| 2016-18A, 8.326% (TSFR3M + | | | | | | | | |
| 2.962%), 11/15/2028 (a) | | | 10,315,000 | | | | 10,334,289 | |
| | | | | | | | | |
| Magnetite XXIII Ltd. | | | | | | | | |
| 2019-23A, 11.913% (TSFR3M + | | | | | | | | |
| 6.562%), 01/25/2035 (a) | | | 2,750,000 | | | | 2,661,860 | |
| | | | | | | | | |
| Magnetite XXVII Ltd. | | | | | | | | |
| 2020-27A, 11.588% (TSFR3M + | | | | | | | | |
| 6.262%), 10/20/2034 (a) | | | 5,250,000 | | | | 5,044,631 | |
| | | | | | | | | |
| Magnetite XXVIII Ltd. | | | | | | | | |
| 2020-28A, 11.738% (TSFR3M + | | | | | | | | |
| 6.412%), 01/20/2035 (a) | | | 2,250,000 | | | | 2,194,229 | |
| | | | | | | | | |
| Magnetite XXX Ltd. | | | | | | | | |
| 2021-30A, 11.813% (TSFR3M + | | | | | | | | |
| 6.462%), 10/25/2034 (a) | | | 4,100,000 | | | | 3,930,051 | |
| | | | | | | | | |
| Magnetite XXXIV Ltd. | | | | | | | | |
| 2023-34A, 10.355% (TSFR3M + | | | | | | | | |
| 5.200%), 04/20/2036 (a) | | | 2,950,000 | | | | 3,002,020 | |
| | | | | | | | | |
| Mountain View CLO XV Ltd. | | | | | | | | |
| 2019-2A, 7.470% (TSFR3M + | | | | | | | | |
| 2.162%), 01/15/2033 (a) | | | 3,000,000 | | | | 2,982,510 | |
| | | | | | | | | |
| Neuberger Berman Loan | | | | | | | | |
| Advisers CLO 33 Ltd. | | | | | | | | |
| 2019-33A, 8.470% (TSFR3M + | | | | | | | | |
| 3.162%), 10/16/2033 (a) | | | 2,000,000 | | | | 1,907,970 | |
| | | | | | | | | |
| Neuberger Berman Loan | | | | | | | | |
| Advisers CLO 35 Ltd. | | | | | | | | |
| 2019-35A, 9.282% (TSFR3M + | | | | | | | | |
| 3.962%), 01/19/2033 (a) | | | 7,971,955 | | | | 7,772,226 | |
| | | | | | | | | |
| Niagara Park CLO Ltd. | | | | | | | | |
| 2019-1A, 11.520% (TSFR3M + | | | | | | | | |
| 6.212%), 07/17/2032 (a) | | | 2,000,000 | | | | 1,868,458 | |
| | | | | | | | | |
| Octagon Investment | | | | | | | | |
| Partners 26 Ltd. | | | | | | | | |
| 2016-1A, 7.370% (TSFR3M + | | | | | | | | |
| 2.062%), 07/15/2030 (a) | | | 6,220,000 | | | | 5,934,091 | |
| | | | | | | | | |
| Webster Park CLO Ltd. | | | | | | | | |
| 2015-1A, 7.388% (TSFR3M + | | | | | | | | |
| 2.062%), 07/20/2030 (a) | | | 10,300,000 | | | | 10,037,741 | |
| 2015-1A, 8.488% (TSFR3M + | | | | | | | | |
| 3.162%), 07/20/2030 (a) | | | 4,800,000 | | | | 4,593,365 | |
| | | | | | | | | |
| Whetstone Park CLO Ltd. | | | | | | | | |
| 2021-1A, 2.791%, 01/20/2035 | | | 1,400,000 | | | | 1,157,923 | |
| | | | | | | | | |
| TOTAL COLLATERALIZED LOAN | | | | | | | | |
| OBLIGATIONS (Cost $357,007,062) | | | | | | | 346,688,272 | |
| | | | | | | | | |
| CORPORATE BONDS – 18.38% | | | | | | | | |
| | | | | | | | | |
| Aerospace & Defense – 0.17% | | | | | | | | |
| | | | | | | | | |
| Howmet Aerospace, Inc. | | | | | | | | |
| 3.000%, 01/15/2029 | | | 11,337,000 | | | | 9,787,517 | |
| | | | | | | | | |
| Automobile Components – 0.08% | | | | | | | | |
| | | | | | | | | |
| Dana, Inc. | | | | | | | | |
| 4.250%, 09/01/2030 | | | 1,500,000 | | | | 1,234,754 | |
| 4.500%, 02/15/2032 | | | 4,208,000 | | | | 3,380,707 | |
| | | | | | | | | |
| Banks – 5.57% | | | | | | | | |
| | | | | | | | | |
| Atlantic Union Bankshares Corp. | | | | | | | | |
| 2.875% to 12/15/2026 | | | | | | | | |
| then TSFR3M + 1.860%, | | | | | | | | |
| 12/15/2031 (a) | | | 8,000,000 | | | | 6,127,825 | |
| | | | | | | | | |
| Australia & New Zealand | | | | | | | | |
| Banking Group Ltd. | | | | | | | | |
| 6.742%, 12/08/2032 | | | 7,000,000 | | | | 7,239,162 | |
| | | | | | | | | |
| Bank of America Corp. | | | | | | | | |
| 2.651% to 03/11/31 then SOFR + | | | | | | | | |
| 1.220%, 03/11/2032 (a) | | | 10,000,000 | | | | 8,181,544 | |
| | | | | | | | | |
| Bank of Montreal | | | | | | | | |
| 3.088% (5 Year CMT Rate + | | | | | | | | |
| 1.400%), 01/10/2037 (a) | | | 15,000,000 | | | | 11,587,035 | |
| | | | | | | | | |
| Bank of Nova Scotia | | | | | | | | |
| 4.850%, 02/01/2030 | | | 5,000,000 | | | | 4,844,529 | |
| | | | | | | | | |
| Bank of NT Butterfield & Son Ltd. | | | | | | | | |
| 5.250% to 06/15/2025 | | | | | | | | |
| then TSFR3M + 5.060%, | | | | | | | | |
| 06/15/2030 (a) | | | 5,000,000 | | | | 4,319,698 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Bank OZK | | | | | | |
| 2.750% to 10/01/2026 | | | | | | |
| then TSFR3M + 2.090%, | | | | | | |
| 10/01/2031 (a) | | $ | 13,175,000 | | | $ | 10,226,507 | |
| | | | | | | | | |
| Banner Corp. | | | | | | | | |
| 5.000% to 06/30/2025 | | | | | | | | |
| then TSFR3M + 4.890%, | | | | | | | | |
| 06/30/2030 (a) | | | 8,000,000 | | | | 7,270,965 | |
| | | | | | | | | |
| Barclays PLC | | | | | | | | |
| 6.125% (5 Year CMT Rate + | | | | | | | | |
| 5.867%), 02/15/2050 (a)(b) | | | 15,050,000 | | | | 13,374,935 | |
| | | | | | | | | |
| Central Pacific Financial Corp. | | | | | | | | |
| 4.750% to 11/01/2025 | | | | | | | | |
| then TSFR3M + 4.560%, | | | | | | | | |
| 11/01/2030 (a) | | | 5,000,000 | | | | 4,358,604 | |
| | | | | | | | | |
| CNB Financial Corp. | | | | | | | | |
| 3.250% to 6/15/2026 | | | | | | | | |
| then TSFR3M + 2.580%, | | | | | | | | |
| 06/15/2031 (a) | | | 2,000,000 | | | | 1,541,396 | |
| | | | | | | | | |
| Deutsche Bank AG | | | | | | | | |
| 7.079% to 11/10/2032 | | | | | | | | |
| then SOFR + 3.650%, | | | | | | | | |
| 02/10/2034 (a) | | | 3,000,000 | | | | 2,854,541 | |
| | | | | | | | | |
| First Busey Corp. | | | | | | | | |
| 5.250% to 06/01/2025 | | | | | | | | |
| then TSFR3M + 5.110%, | | | | | | | | |
| 06/01/2030 (a) | | | 4,500,000 | | | | 4,029,783 | |
| 5.000% to 06/15/27 | | | | | | | | |
| then TSFR3M + 2.520%, | | | | | | | | |
| 06/15/2032 (a) | | | 2,000,000 | | | | 1,613,807 | |
| | | | | | | | | |
| First Financial Bancorp. | | | | | | | | |
| 5.250% to 05/15/2025 | | | | | | | | |
| then TSFR3M + 5.090%, | | | | | | | | |
| 05/15/2030 (a) | | | 10,500,000 | | | | 9,641,531 | |
| | | | | | | | | |
| First Foundation, Inc. | | | | | | | | |
| 3.500% to 02/01/2027 | | | | | | | | |
| then SOFR + 2.040%, | | | | | | | | |
| 02/01/2032 (a) | | | 8,370,000 | | | | 5,396,239 | |
| | | | | | | | | |
| First Interstate BancSystem, Inc. | | | | | | | | |
| 5.250% to 05/15/2025 | | | | | | | | |
| then TSFR3M + 5.180%, | | | | | | | | |
| 05/15/2030 (a) | | | 5,000,000 | | | | 4,500,131 | |
| | | | | | | | | |
| First Mid Bancshares, Inc. | | | | | | | | |
| 3.950% to 10/15/2025 | | | | | | | | |
| then TSFR3M + 3.830%, | | | | | | | | |
| 10/15/2030 (a) | | | 5,300,000 | | | | 4,628,617 | |
| | | | | | | | | |
| First Midwest Bancorp, Inc. | | | | | | | | |
| 5.875%, 09/29/2026 | | | 7,515,000 | | | | 7,385,161 | |
| | | | | | | | | |
| Firstbank | | | | | | | | |
| 4.500% to 09/01/2030 | | | | | | | | |
| then SOFR + 4.390%, | | | | | | | | |
| 09/01/2030 (a) | | | 8,000,000 | | | | 7,087,314 | |
| | | | | | | | | |
| First-Citizens Bank & Trust Co. | | | | | | | | |
| 6.125%, 03/09/2028 | | | 1,792,000 | | | | 1,801,023 | |
| | | | | | | | | |
| Flushing Financial Corp. | | | | | | | | |
| 3.125% to 12/01/2026 | | | | | | | | |
| then TSFR3M + 2.035%, | | | | | | | | |
| 12/01/2031 (a) | | | 5,000,000 | | | | 4,050,016 | |
| | | | | | | | | |
| Great Southern Bank | | | | | | | | |
| 5.500% to 06/15/2025 | | | | | | | | |
| then TSFR3M + 5.325%, | | | | | | | | |
| 06/15/2030 (a) | | | 4,750,000 | | | | 4,482,209 | |
| | | | | | | | | |
| Heartland Financial USA, Inc. | | | | | | | | |
| 2.750% to 09/15/2026 | | | | | | | | |
| then TSFR3M + 2.100%, | | | | | | | | |
| 09/15/2031 (a) | | | 6,000,000 | | | | 4,681,614 | |
| | | | | | | | | |
| Hilltop Holdings, Inc. | | | | | | | | |
| 6.125% to 05/15/2030 | | | | | | | | |
| then TSFR3M + 5.800%, | | | | | | | | |
| 05/15/2035 (a) | | | 11,750,000 | | | | 9,483,647 | |
| | | | | | | | | |
| Home BancShares, Inc. | | | | | | | | |
| 3.125% to 01/30/2027 | | | | | | | | |
| then TSFR3M + 1.820%, | | | | | | | | |
| 01/30/2032 (a) | | | 8,000,000 | | | | 6,620,888 | |
| | | | | | | | | |
| Huntington National Bank | | | | | | | | |
| 5.500% to 05/06/2030 | | | | | | | | |
| then TSFR3M + 5.090%, | | | | | | | | |
| 05/06/2030 (a) | | $ | 9,250,000 | | | $ | 8,775,098 | |
| | | | | | | | | |
| Independent Bank Group, Inc. | | | | | | | | |
| 4.000% to 09/15/2025 | | | | | | | | |
| then TSFR3M + 3.885%, | | | | | | | | |
| 09/15/2030 (a) | | | 4,000,000 | | | | 3,499,129 | |
| | | | | | | | | |
| JPMorgan Chase & Co. | | | | | | | | |
| 2.963% to 01/25/2032 | | | | | | | | |
| then SOFR + 1.260%, | | | | | | | | |
| 01/25/2033 (a) | | | 10,000,000 | | | | 8,318,896 | |
| | | | | | | | | |
| Mercantile Bank Corp. | | | | | | | | |
| 3.250% to 01/30/2027 | | | | | | | | |
| then SOFR + 2.120%, | | | | | | | | |
| 01/30/2032 (a) | | | 7,000,000 | | | | 5,613,624 | |
| | | | | | | | | |
| National Australia Bank Ltd. | | | | | | | | |
| 3.347% (5 Year CMT Rate + | | | | | | | | |
| 1.700%), 01/12/2037 (a) | | | 9,500,000 | | | | 7,441,547 | |
| | | | | | | | | |
| NBT Bancorp, Inc. | | | | | | | | |
| 5.000% to 07/01/2025 | | | | | | | | |
| then TSFR3M + 4.850%, | | | | | | | | |
| 07/01/2030 (a) | | | 7,500,000 | | | | 6,798,611 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| NexBank Capital, Inc. | | | | | | |
| 4.000% to 08/15/2026 | | | | | | |
| then TSFR3M + 3.390%, | | | | | | |
| 08/15/2031 (a) | | $ | 6,500,000 | | | $ | 5,278,244 | |
| | | | | | | | | |
| Pacific Premier Bancorp, Inc. | | | | | | | | |
| 4.875% to 05/15/2024 | | | | | | | | |
| then TSFR3M + 2.500%, | | | | | | | | |
| 05/15/2029 (a) | | | 3,500,000 | | | | 3,045,867 | |
| 5.375% to 06/15/2025 | | | | | | | | |
| then TSFR3M + 5.170%, | | | | | | | | |
| 06/15/2030 (a) | | | 6,410,000 | | | | 5,898,455 | |
| | | | | | | | | |
| Park National Corp. | | | | | | | | |
| 4.500% to 09/01/2025 | | | | | | | | |
| then TSFR3M + 4.390%, | | | | | | | | |
| 09/01/2030 (a) | | | 15,600,000 | | | | 13,820,263 | |
| | | | | | | | | |
| Peapack-Gladstone | | | | | | | | |
| Financial Corp. | | | | | | | | |
| 3.500% to 12/30/2025 | | | | | | | | |
| then TSFR3M + 3.260%, | | | | | | | | |
| 12/30/2030 (a) | | | 6,000,000 | | | | 4,949,717 | |
| | | | | | | | | |
| RBB Bancorp. | | | | | | | | |
| 4.000% to 04/01/2026 | | | | | | | | |
| then TSFR3M + 3.290%, | | | | | | | | |
| 04/01/2031 (a) | | | 5,450,000 | | | | 4,734,113 | |
| | | | | | | | | |
| Renasant Corp. | | | | | | | | |
| 3.000% to 12/01/2026 | | | | | | | | |
| then TSFR3M + 1.910%, | | | | | | | | |
| 12/01/2031 (a) | | | 7,000,000 | | | | 5,854,936 | |
| 4.500% to 09/15/2030 | | | | | | | | |
| then TSFR3M + 4.025%, | | | | | | | | |
| 09/15/2035 (a) | | | 9,000,000 | | | | 6,193,231 | |
| | | | | | | | | |
| Sandy Spring Bancorp, Inc. | | | | | | | | |
| 4.250% to 11/15/2024 | | | | | | | | |
| then TSFR3M + 2.882%, | | | | | | | | |
| 11/15/2029 (a) | | | 5,500,000 | | | | 4,920,287 | |
| | | | | | | | | |
| Santander Holdings USA, Inc. | | | | | | | | |
| 6.499% to 02/29/2029 | | | | | | | | |
| then SOFR + 2.356%, | | | | | | | | |
| 03/09/2029 (a) | | | 5,000,000 | | | | 4,974,343 | |
| | | | | | | | | |
| Southside Bancshares, Inc. | | | | | | | | |
| 3.875% to 11/15/2025 | | | | | | | | |
| then TSFR3M + 3.660%, | | | | | | | | |
| 11/15/2030 (a) | | | 8,000,000 | | | | 6,980,974 | |
| | | | | | | | | |
| Summit Financial Group, Inc. | | | | | | | | |
| 3.250% to 12/01/2026 | | | | | | | | |
| then TSFR3M + 2.300%, | | | | | | | | |
| 12/01/2031(a) | | | 4,000,000 | | | | 2,948,048 | |
| | | | | | | | | |
| Synovus Financial Corp. | | | | | | | | |
| 5.900% (5 Year Swap Rate USD + | | | | | | | | |
| 3.379%), 02/07/2029 (a) | | | 4,000,000 | | | | 3,750,631 | |
| | | | | | | | | |
| Texas Capital Bancshares, Inc. | | | | | | | | |
| 4.000% (5 Year CMT Rate + | | | | | | | | |
| 3.150%), 05/06/2031 (a) | | | 10,942,000 | | | | 9,075,504 | |
| | | | | | | | | |
| Texas Capital Bank, NA | | | | | | | | |
| 5.250%, 01/31/2026 | | | 5,000,000 | | | | 4,706,758 | |
| | | | | | | | | |
| Towne Bank | | | | | | | | |
| 3.125% to 02/15/2027 | | | | | | | | |
| then TSFR3M + 1.680%, | | | | | | | | |
| 02/15/2032 (a) | | | 4,000,000 | | | | 3,390,500 | |
| | | | | | | | | |
| Trustmark Corp. | | | | | | | | |
| 3.625% to 12/01/2025 | | | | | | | | |
| then TSFR3M + 3.387%, | | | | | | | | |
| 12/01/2030 (a) | | | 6,500,000 | | | | 5,575,620 | |
| | | | | | | | | |
| Webster Financial Corp. | | | | | | | | |
| 4.100%, 03/25/2029 | | | 10,470,000 | | | | 9,144,136 | |
| | | | | | | | | |
| Western Alliance Bancorp. | | | | | | | | |
| 3.000% to 06/15/2026 | | | | | | | | |
| then TSFR3M + 2.250%, | | | | | | | | |
| 06/15/2031 (a) | | | 5,900,000 | | | | 4,680,883 | |
| | | | | | | | | |
| Western Alliance Bank | | | | | | | | |
| 5.250% to 06/01/2025 | | | | | | | | |
| then TSFR3M + 5.120%, | | | | | | | | |
| 06/01/2030 (a) | | | 7,500,000 | | | | 6,862,500 | |
| | | | | | | | | |
| WSFS Financial Corp. | | | | | | | | |
| 7.602% to 10/20/23 then SOFR + | | | | | | | | |
| 4.250%, 12/15/2027 (a) | | | 3,500,000 | | | | 3,371,497 | |
| 2.750% to 12/15/2025 then SOFR | | | | | | | | |
| + 2.485%, 12/15/2030 (a) | | | 5,470,000 | | | | 4,119,109 | |
| | | | | | | | | |
| Building Products – 0.26% | | | | | | | | |
| | | | | | | | | |
| Masonite International Corp. | | | | | | | | |
| 3.500%, 02/15/2030 | | | 9,093,000 | | | | 7,623,480 | |
| | | | | | | | | |
| TopBuild Corp. | | | | | | | | |
| 3.625%, 03/15/2029 | | | 7,065,000 | | | | 6,087,134 | |
| 4.125%, 02/15/2032 | | | 1,565,000 | | | | 1,304,271 | |
| | | | | | | | | |
| Capital Markets – 0.76% | | | | | | | | |
| | | | | | | | | |
| Ares Capital Corp. | | | | | | | | |
| 7.000%, 01/15/2027 | | | 3,000,000 | | | | 3,008,459 | |
| 3.200%, 11/15/2031 | | | 15,473,000 | | | | 12,044,910 | |
| | | | | | | | | |
| Blackstone Holdings | | | | | | | | |
| Finance Co., LLC | | | | | | | | |
| 1.625%, 08/05/2028 | | | 15,000,000 | | | | 12,609,576 | |
| | | | | | | | | |
| Brookfield Corp. | | | | | | | | |
| 7.375%, 03/01/2033 | | | 3,000,000 | | | | 3,255,614 | |
| | | | | | | | | |
| MSCI, Inc. | | | | | | | | |
| 3.625%, 11/01/2031 | | | 15,200,000 | | | | 12,905,022 | |
| | | | | | | | | |
| Chemicals – 0.18% | | | | | | | | |
| | | | | | | | | |
| Axalta Coating Systems, LLC | | | | | | | | |
| 3.375%, 02/15/2029 | | | 2,194,000 | | | | 1,862,773 | |
| | | | | | | | | |
| Eastman Chemical Co. | | | | | | | | |
| 5.750%, 03/08/2033 | | | 3,000,000 | | | | 2,963,353 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Scotts Miracle-Gro Co. | | | | | | |
| 4.375%, 02/01/2032 | | | 6,828,000 | | | | 5,412,556 | |
| | | | | | | | | |
| Commercial Services & | | | | | | | | |
| Supplies – 0.09% | | | | | | | | |
| | | | | | | | | |
| Central Storage Safety | | | | | | | | |
| Project Trust | | | | | | | | |
| 4.823%, 02/01/2038 | | | 5,969,600 | | | | 5,072,084 | |
| | | | | | | | | |
| Consumer Finance – 0.63% | | | | | | | | |
| | | | | | | | | |
| Ally Financial, Inc. | | | | | | | | |
| 6.700%, 02/14/2033 | | | 10,000,000 | | | | 9,065,668 | |
| | | | | | | | | |
| Ford Motor Credit Co., LLC | | | | | | | | |
| 7.350%, 03/06/2030 | | | 8,750,000 | | | | 8,914,990 | |
| 7.200%, 06/10/2030 | | | 3,000,000 | | | | 3,048,360 | |
| | | | | | | | | |
| OneMain Finance Corp. | | | | | | | | |
| 3.500%, 01/15/2027 | | | 5,000,000 | | | | 4,355,750 | |
| 5.375%, 11/15/2029 | | | 12,603,000 | | | | 10,916,719 | |
| | | | | | | | | |
| Containers & Packaging – 0.45% | | | | | | | | |
| | | | | | | | | |
| Amcor Finance USA, Inc. | | | | | | | | |
| 5.625%, 05/26/2033 | | | 5,000,000 | | | | 4,968,562 | |
| | | | | | | | | |
| AptarGroup, Inc. | | | | | | | | |
| 3.600%, 03/15/2032 | | | 10,000,000 | | | | 8,505,782 | |
| | | | | | | | | |
| Graphic Packaging | | | | | | | | |
| International, LLC | | | | | | | | |
| 3.750%, 02/01/2030 | | | 14,680,000 | | | | 12,526,965 | |
| | | | | | | | | |
| Distributors – 0.10% | | | | | | | | |
| | | | | | | | | |
| LKQ Corp. | | | | | | | | |
| 6.250%, 06/15/2033 | | | 6,000,000 | | | | 5,962,387 | |
| | | | | | | | | |
| Diversified Consumer | | | | | | | | |
| Services – 1.04% | | | | | | | | |
| | | | | | | | | |
| Case Western Reserve University | | | | | | | | |
| 5.405%, 06/01/2122 | | | 7,322,000 | | | | 6,929,008 | |
| | | | | | | | | |
| Massachusetts Institute | | | | | | | | |
| of Technology | | | | | | | | |
| 5.600%, 07/01/2111 | | | 680,000 | | | | 730,518 | |
| 4.678%, 07/01/2114 | | | 1,935,000 | | | | 1,745,744 | |
| 3.885%, 07/01/2116 | | | 3,233,000 | | | | 2,420,089 | |
| | | | | | | | | |
| Nature Conservancy | | | | | | | | |
| 1.711%, 07/01/2031 | | | 1,250,000 | | | | 922,951 | |
| 1.811%, 07/01/2032 | | | 1,150,000 | | | | 827,481 | |
| 1.861%, 07/01/2033 | | | 532,000 | | | | 372,216 | |
| | | | | | | | | |
| Prime Security | | | | | | | | |
| Services Borrower, LLC | | | | | | | | |
| 5.750%, 04/15/2026 | | | 3,500,000 | | | | 3,437,881 | |
| | | | | | | | | |
| Service Corp. International | | | | | | | | |
| 3.375%, 08/15/2030 | | | 12,676,000 | | | | 10,524,839 | |
| 4.000%, 05/15/2031 | | | 8,375,000 | | | | 7,108,281 | |
| | | | | | | | | |
| Trustees of the University | | | | | | | | |
| of Pennsylvania | | | | | | | | |
| 3.610%, 02/15/2119 | | | 1,574,000 | | | | 1,097,479 | |
| | | | | | | | | |
| United Jewish Appeal-Federation | | | | | | | | |
| of Jewish Philanthropies | | | | | | | | |
| of New York, Inc. | | | | | | | | |
| 2.145%, 02/01/2031 | | | 4,565,000 | | | | 3,704,377 | |
| | | | | | | | | |
| University of Southern California | | | | | | | | |
| 3.226%, 10/01/2120 | | | 3,935,000 | | | | 2,305,588 | |
| | | | | | | | | |
| Washington University | | | | | | | | |
| 4.349%, 04/15/2122 | | | 16,092,000 | | | | 13,075,885 | |
| | | | | | | | | |
| YMCA of Greater New York | | | | | | | | |
| 2.303%, 08/01/2026 | | | 5,730,000 | | | | 5,174,985 | |
| | | | | | | | | |
| Diversified Telecommunication | | | | | | | | |
| Services – 0.15% | | | | | | | | |
| | | | | | | | | |
| AT&T, Inc. | | | | | | | | |
| 5.400%, 02/15/2034 | | | 5,000,000 | | | | 4,862,690 | |
| | | | | | | | | |
| Verizon Communications, Inc. | | | | | | | | |
| 4.500%, 08/10/2033 | | | 4,180,000 | | | | 3,865,909 | |
| | | | | | | | | |
| Electric Utilities – 0.60% | | | | | | | | |
| | | | | | | | | |
| Brazos Securitization, LLC | �� | | | | | | | |
| 5.413%, 09/01/2050 | | | 9,500,000 | | | | 9,426,774 | |
| | | | | | | | | |
| CoServ Securitization, LLC | | | | | | | | |
| 2022, 5.321%, 02/15/2048 | | | 19,000,000 | | | | 18,467,721 | |
| | | | | | | | | |
| Oglethorpe Power Corp. | | | | | | | | |
| 6.191%, 01/01/2031 | | | 6,445,000 | | | | 6,581,863 | |
| | | | | | | | | |
| Electrical Equipment – 0.29% | | | | | | | | |
| | | | | | | | | |
| Regal Rexnord Corp. | | | | | | | | |
| 6.300%, 02/15/2030 | | | 4,676,000 | | | | 4,659,408 | |
| 6.400%, 04/15/2033 | | | 2,000,000 | | | | 1,983,924 | |
| | | | | | | | | |
| Sensata Technologies, Inc. | | | | | | | | |
| 4.000%, 04/15/2029 | | | 2,000,000 | | | | 1,758,208 | |
| 4.375%, 02/15/2030 | | | 5,446,000 | | | | 4,821,968 | |
| 3.750%, 02/15/2031 | | | 3,955,000 | | | | 3,317,766 | |
| | | | | | | | | |
| Electronic Equipment, | | | | | | | | |
| Instruments & Components – 0.55% | | | | | | | | |
| | | | | | | | | |
| CDW Finance Corp. | | | | | | | | |
| 3.276%, 12/01/2028 | | | 4,954,000 | | | | 4,353,550 | |
| 3.250%, 02/15/2029 | | | 17,218,000 | | | | 14,974,495 | |
| | | | | | | | | |
| Corning, Inc. | | | | | | | | |
| 5.750%, 08/15/2040 | | | 12,757,000 | | | | 12,627,103 | |
| | | | | | | | | |
| Financial Services – 0.32% | | | | | | | | |
| | | | | | | | | |
| American AGcredit FLCA | | | | | | | | |
| 3.375% to 06/15/2031 | | | | | | | | |
| then SOFR + 2.120%, | | | | | | | | |
| 06/15/2036 (a) | | | 10,000,000 | | | | 6,389,943 | |
| | | | | | | | | |
| Compeer Financial FLCA | | | | | | | | |
| 2.750% to 06/01/2026 | | | | | | | | |
| then SOFR + 2.030%, | | | | | | | | |
| 06/01/2031 (a) | | | 5,000,000 | | | | 4,092,142 | |
| 3.375% to 06/01/2031 | | | | | | | | |
| then SOFR + 1.965%, | | | | | | | | |
| 06/01/2036 (a) | | | 4,750,000 | | | | 3,179,651 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Enterprise Community | | | | | | |
| Loan Fund, Inc. | | | | | | |
| 3.685%, 11/01/2023 | | $ | 4,810,000 | | | $ | 4,790,300 | |
| | | | | | | | | |
| Ground Transportation – 0.35% | | | | | | | | |
| ERAC USA Finance, LLC | | | | | | | | |
| 7.000%, 10/15/2037 | | | 18,000,000 | | | | 20,284,546 | |
| | | | | | | | | |
| Healthcare Providers | | | | | | | | |
| & Services – 1.38% | | | | | | | | |
| | | | | | | | | |
| Baptist Health South Florida, Inc. | | | | | | | | |
| 4.342%, 11/15/2041 | | | 14,760,000 | | | | 12,069,590 | |
| | | | | | | | | |
| Centene Corp. | | | | | | | | |
| 2.450%, 07/15/2028 | | | 16,390,000 | | | | 14,049,135 | |
| 3.000%, 10/15/2030 | | | 7,715,000 | | | | 6,460,541 | |
| | | | | | | | | |
| Cleveland Clinic Foundation | | | | | | | | |
| 4.858%, 01/01/2114 | | | 1,460,000 | | | | 1,282,240 | |
| | | | | | | | | |
| CommonSpirit Health | | | | | | | | |
| 2.782%, 10/01/2030 | | | 10,000,000 | | | | 8,416,503 | |
| 3.817%, 10/01/2049 | | | 1,800,000 | | | | 1,352,200 | |
| | | | | | | | | |
| Hackensack Meridian Health, Inc. | | | | | | | | |
| 2.675%, 09/01/2041 | | | 14,920,000 | | | | 10,168,848 | |
| | | | | | | | | |
| HumanGood California | | | | | | | | |
| Obligated Group | | | | | | | | |
| 3.000%, 10/01/2028 | | | 2,850,000 | | | | 2,691,596 | |
| | | | | | | | | |
| Northwell Healthcare, Inc. | | | | | | | | |
| 3.391%, 11/01/2027 | | | 4,652,000 | | | | 4,249,489 | |
| | | | | | | | | |
| Orlando Health Obligated Group | | | | | | | | |
| 2.891%, 10/01/2035 | | | 1,000,000 | | | | 810,497 | |
| | | | | | | | | |
| Penn State Health | | | | | | | | |
| 3.806%, 11/01/2049 | | | 5,920,000 | | | | 4,299,003 | |
| | | | | | | | | |
| Piedmont Healthcare, Inc. | | | | | | | | |
| 2.719%, 01/01/2042 | | | 7,430,000 | | | | 4,956,915 | |
| | | | | | | | | |
| Sutter Health | | | | | | | | |
| 3.161%, 08/15/2040 | | | 2,766,000 | | | | 2,040,172 | |
| | | | | | | | | |
| Toledo Hospital | | | | | | | | |
| 6.015%, 11/15/2048 | | | 6,980,000 | | | | 6,869,674 | |
| | | | | | | | | |
| Hotels, Restaurants | | | | | | | | |
| & Leisure – 0.16% | | | | | | | | |
| | | | | | | | | |
| Papa John’s International, Inc. | | | | | | | | |
| 3.875%, 09/15/2029 | | | 4,374,000 | | | | 3,683,106 | |
| | | | | | | | | |
| Station Casinos, LLC | | | | | | | | |
| 4.625%, 12/01/2031 | | | 6,919,000 | | | | 5,710,043 | |
| | | | | | | | | |
| Household Durables – 0.52% | | | | | | | | |
| | | | | | | | | |
| Ashton Woods USA, LLC | | | | | | | | |
| 6.625%, 01/15/2028 | | | 3,620,000 | | | | 3,463,514 | |
| 4.625%, 04/01/2030 | | | 5,746,000 | | | | 4,954,603 | |
| | | | | | | | | |
| KB Home | | | | | | | | |
| 4.800%, 11/15/2029 | | | 1,882,000 | | | | 1,700,359 | |
| 7.250%, 07/15/2030 | | | 1,000,000 | | | | 1,003,789 | |
| | | | | | | | | |
| M/I Homes, Inc. | | | | | | | | |
| 3.950%, 02/15/2030 | | | 7,916,000 | | | | 6,774,592 | |
| | | | | | | | | |
| Meritage Homes Corp. | | | | | | | | |
| 3.875%, 04/15/2029 | | | 6,950,000 | | | | 6,072,250 | |
| | | | | | | | | |
| Tempur Sealy International, Inc. | | | | | | | | |
| 3.875%, 10/15/2031 | | | 7,541,000 | | | | 6,068,105 | |
| | | | | | | | | |
| Machinery – 0.20% | | | | | | | | |
| | | | | | | | | |
| Allison Transmission, Inc. | | | | | | | | |
| 3.750%, 01/30/2031 | | | 13,782,000 | | | | 11,525,756 | |
| | | | | | | | | |
| Media – 0.54% | | | | | | | | |
| | | | | | | | | |
| CCO Holdings Capital Corp. | | | | | | | | |
| 4.750%, 02/01/2032 | | | 9,912,000 | | | | 8,211,249 | |
| 4.250%, 01/15/2034 | | | 12,500,000 | | | | 9,583,951 | |
| | | | | | | | | |
| Charter Communications | | | | | | | | |
| Operating, LLC | | | | | | | | |
| 3.500%, 03/01/2042 | | | 1,500,000 | | | | 982,036 | |
| | | | | | | | | |
| Sirius XM Radio, Inc. | | | | | | | | |
| 3.875%, 09/01/2031 | | | 15,874,000 | | | | 12,369,469 | |
| | | | | | | | | |
| Mortgage Real Estate | | | | | | | | |
| Investment Trusts (REITs) – 0.14% | | | | | | | | |
| | | | | | | | | |
| Arbor Realty SR, Inc. | | | | | | | | |
| 5.000%, 12/30/2028 | | | 5,000,000 | | | | 4,081,806 | |
| | | | | | | | | |
| Arbor Realty Trust, Inc. | | | | | | | | |
| 4.500%, 03/15/2027 | | | 5,000,000 | | | | 4,297,984 | |
| | | | | | | | | |
| Pharmaceuticals – 0.79% | | | | | | | | |
| | | | | | | | | |
| Bristol-Myers Squibb Co. | | | | | | | | |
| 4.125%, 06/15/2039 | | | 19,081,000 | | | | 16,875,613 | |
| | | | | | | | | |
| Johnson & Johnson | | | | | | | | |
| 5.850%, 07/15/2038 | | | 8,180,000 | | | | 8,963,151 | |
| | | | | | | | | |
| Pfizer Investment | | | | | | | | |
| Enterprises Pte Ltd. | | | | | | | | |
| 5.110%, 05/19/2043 | | | 5,000,000 | | | | 4,883,026 | |
| | | | | | | | | |
| Wyeth, LLC | | | | | | | | |
| 5.950%, 04/01/2037 | | | 13,738,000 | | | | 14,742,654 | |
| | | | | | | | | |
| Professional Services – 0.41% | | | | | | | | |
| Booz Allen Hamilton, Inc. | | | | | | | | |
| 3.875%, 09/01/2028 | | | 1,220,000 | | | | 1,108,889 | |
| 4.000%, 07/01/2029 | | | 12,530,000 | | | | 11,256,616 | |
| 5.950%, 08/04/2033 | | | 3,000,000 | | | | 3,039,780 | |
| | | | | | | | | |
| Leidos, Inc. | | | | | | | | |
| 4.375%, 05/15/2030 | | | 6,310,000 | | | | 5,824,461 | |
| 2.300%, 02/15/2031 | | | 2,840,000 | | | | 2,252,470 | |
| | | | | | | | | |
| Real Estate Management | | | | | | | | |
| & Development – 0.17% | | | | | | | | |
| | | | | | | | | |
| CBRE Services, Inc. | | | | | | | | |
| 5.950%, 08/15/2034 | | | 5,000,000 | | | | 4,954,822 | |
| | | | | | | | | |
| Wildflower Improvement | | | | | | | | |
| Association | | | | | | | | |
| 6.625%, 03/01/2031 | | | 5,059,095 | | | | 4,799,645 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Retail REITs – 0.30% | | | | | | |
| | | | | | | |
| American Finance Trust, Inc. | | | | | | |
| 4.500%, 09/30/2028 | | $ | 10,000,000 | | | $ | 7,597,584 | |
| | | | | | | | | |
| Simon Property Group LP | | | | | | | | |
| 6.750%, 02/01/2040 | | | 9,353,000 | | | | 10,059,712 | |
| | | | | | | | | |
| Software – 0.43% | | | | | | | | |
| | | | | | | | | |
| Open Text Corp. | | | | | | | | |
| 3.875%, 12/01/2029 | | | 6,680,000 | | | | 5,672,787 | |
| | | | | | | | | |
| Oracle Corp. | | | | | | | | |
| 3.850%, 07/15/2036 | | | 10,200,000 | | | | 8,464,824 | |
| 6.500%, 04/15/2038 | | | 10,000,000 | | | | 10,563,315 | |
| | | | | | | | | |
| Specialty Retail – 1.10% | | | | | | | | |
| | | | | | | | | |
| Asbury Automotive Group, Inc. | | | | | | | | |
| 5.000%, 02/15/2032 | | | 6,600,000 | | | | 5,667,516 | |
| | | | | | | | | |
| AutoNation, Inc. | | | | | | | | |
| 3.850%, 03/01/2032 | | | 16,775,000 | | | | 14,217,013 | |
| | | | | | | | | |
| Group 1 Automotive, Inc. | | | | | | | | |
| 4.000%, 08/15/2028 | | | 17,214,000 | | | | 15,301,318 | |
| | | | | | | | | |
| Home Depot, Inc. | | | | | | | | |
| 5.400%, 09/15/2040 | | | 7,709,000 | | | | 7,751,169 | |
| 4.875%, 02/15/2044 | | | 2,113,000 | | | | 1,997,310 | |
| | | | | | | | | |
| Ken Garff Automotive, LLC | | | | | | | | |
| 4.875%, 09/15/2028 | | | 3,000,000 | | | | 2,612,896 | |
| | | | | | | | | |
| Lithia Motors, Inc. | | | | | | | | |
| 3.875%, 06/01/2029 | | | 3,120,000 | | | | 2,681,746 | |
| 4.375%, 01/15/2031 | | | 7,000,000 | | | | 5,961,913 | |
| | | | | | | | | |
| Penske Automotive Group, Inc. | | | | | | | | |
| 3.750%, 06/15/2029 | | | 8,950,000 | | | | 7,679,474 | |
| | | | | | | | | |
| Technology Hardware, | | | | | | | | |
| Storage & Peripherals – 0.29% | | | | | | | | |
| | | | | | | | | |
| Dell International, LLC | | | | | | | | |
| 8.100%, 07/15/2036 | | | 14,660,000 | | | | 16,906,538 | |
| | | | | | | | | |
| Trading Companies | | | | | | | | |
| & Distributors – 0.30% | | | | | | | | |
| | | | | | | | | |
| Ashtead Capital, Inc. | | | | | | | | |
| 4.250%, 11/01/2029 | | $ | 5,000,000 | | | $ | 4,490,925 | |
| 5.500%, 08/11/2032 | | | 8,000,000 | | | | 7,633,743 | |
| | | | | | | | | |
| United Rentals | | | | | | | | |
| North America, Inc. | | | | | | | | |
| 3.750%, 01/15/2032 | | | 6,300,000 | | | | 5,303,469 | |
| | | | | | | | | |
| Wireless Telecommunication | | | | | | | | |
| Services – 0.06% | | | | | | | | |
| | | | | | | | | |
| T-Mobile USA, Inc. | | | | | | | | |
| 2.625%, 02/15/2029 | | | 4,270,000 | | | | 3,699,970 | |
| TOTAL CORPORATE BONDS | | | | | | | | |
| (Cost $1,194,919,471) | | | | | | | 1,062,847,282 | |
| | | | | | | | | |
| NON-AGENCY RESIDENTIAL MORTGAGE | | | | | | | | |
| BACKED SECURITIES – 7.50% | | | | | | | | |
| | | | | | | | | |
| Adjustable Rate Mortgage Trust | | | | | | | | |
| 2005-3, 3.910%, 07/25/2035 (c) | | | 275,433 | | | | 263,912 | |
| 2005-10, 5.002%, 01/25/2036 (c) | | | 4,888,635 | | | | 3,801,331 | |
| 2006-2, 4.185%, 05/25/2036 (c) | | | 807,821 | | | | 699,603 | |
| | | | | | | | | |
| Alternative Loan Trust | | | | | | | | |
| 2004-28CB, 5.000%, 01/25/2020 | | | 127,195 | | | | 89,764 | |
| 2006-J3, 5.750%, 05/25/2026 | | | 366,170 | | | | 345,125 | |
| 2004-13CB, 6.000%, 07/25/2034 | | | 6,795,194 | | | | 6,707,243 | |
| 2004-24CB, 6.000%, 11/25/2034 | | | 1,310,499 | | | | 1,284,627 | |
| 2004-27CB, 6.000%, 12/25/2034 | | | 939,015 | | | | 833,477 | |
| 2004-28CB, 6.000%, 01/25/2035 | | | 279,889 | | | | 254,631 | |
| 2005-6CB, 5.750%, 04/25/2035 | | | 1,770,903 | | | | 1,528,507 | |
| 2005-6CB, 7.500%, 04/25/2035 | | | 207,656 | | | | 192,250 | |
| 2005-13CB, 5.500% (TSFR1M + | | | | | | | | |
| 0.614%), 05/25/2035 (a) | | | 882,431 | | | | 724,240 | |
| 2005-9CB, 5.500% (TSFR1M + | | | | | | | | |
| 0.614%), 05/25/2035 (a) | | | 1,837,118 | | | | 1,593,437 | |
| 2005-9CB, 6.000%, 05/25/2035 | | | 6,891,738 | | | | 3,543,601 | |
| 2005-21CB, 5.250%, 06/25/2035 | | | 2,525,009 | | | | 1,930,179 | |
| 2005-21CB, 6.000%, 06/25/2035 | | | 1,523,791 | | | | 1,205,152 | |
| 2005-J6, 5.500% (TSFR1M + | | | | | | | | |
| 0.614%), 07/25/2035 (a) | | | 2,643,811 | | | | 2,074,704 | |
| 2005-43, 5.056%, 09/25/2035 (c) | | | 107,924 | | | | 90,907 | |
| 2005-63, 3.809%, 11/25/2035 (c) | | | 765,016 | | | | 672,746 | |
| 2005-54CB, 5.500%, 11/25/2035 | | | 528,286 | | | | 298,231 | |
| 2005-J13, 5.500%, 11/25/2035 | | | 412,113 | | | | 287,896 | |
| 2005-65CB, 0.000%, 12/25/2035 (e) | | | 693,697 | | | | 284,338 | |
| 2005-65CB, 5.500%, 01/25/2036 | | | 99,340 | | | | 67,449 | |
| 2005-75CB, 5.500%, 01/25/2036 | | | 1,260,650 | | | | 872,924 | |
| 2005-73CB, 5.750%, 01/25/2036 | | | 331,705 | | | | 180,252 | |
| 2005-86CB, 5.500%, 02/25/2036 | | | 127,969 | | | | 76,026 | |
| 2005-86CB, 5.500%, 02/25/2036 | | | 923,461 | | | | 548,626 | |
| 2005-80CB, 6.000%, 02/25/2036 | | | 4,189,677 | | | | 3,906,388 | |
| 2006-6CB, 5.500%, 05/25/2036 | | | 92,849 | | | | 76,343 | |
| 2006-12CB, 5.750% (TSFR1M + | | | | | | | | |
| 5.750%), 05/25/2036 (a) | | | 548,429 | | | | 285,647 | |
| 2006-14CB, 6.000%, 06/25/2036 | | | 2,327,404 | | | | 1,273,963 | |
| 2006-16CB, 6.000%, 06/25/2036 | | | 839,022 | | | | 462,838 | |
| 2006-16CB, 6.000%, 06/25/2036 | | | 966,575 | | | | 533,224 | |
| 2006-16CB, 6.000%, 06/25/2036 | | | 368,766 | | | | 203,434 | |
| 2006-24CB, 5.750%, 08/25/2036 | | | 2,412,547 | | | | 1,319,584 | |
| 2006-24CB, 5.750%, 08/25/2036 | | | 3,889,082 | | | | 2,127,201 | |
| 2006-23CB, 6.000%, 08/25/2036 | | | 588,138 | | | | 531,221 | |
| 2006-23CB, 6.500%, 08/25/2036 | | | 5,686,289 | | | | 1,887,893 | |
| 2006-J6, 6.000%, 09/25/2036 | | | 2,671,469 | | | | 1,376,590 | |
| 2006-J6, 6.000%, 09/25/2036 | | | 1,983,230 | | | | 1,021,945 | |
| 2006-26CB, 6.250%, 09/25/2036 | | | 5,461,659 | | | | 2,904,557 | |
| 2006-31CB, 5.750%, 11/25/2036 | | | 1,899,060 | | | | 1,099,904 | |
| 2006-31CB, 6.000%, 11/25/2036 | | | 210,518 | | | | 125,933 | |
| 2006-30T1, 6.500%, 11/25/2036 | | | 8,388,155 | | | | 2,765,410 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Alternative Loan Trust (Cont.) | | | | | | |
| 2006-39CB, 6.000%, 01/25/2037 | | $ | 2,320,475 | | | $ | 1,864,388 | |
| 2006-41CB, 6.000%, 01/25/2037 | | | 516,390 | | | | 286,590 | |
| 2007-2CB, 5.750%, 03/25/2037 | | | 5,623,501 | | | | 3,005,948 | |
| 2007-4CB, 5.750%, 04/25/2037 | | | 1,078,657 | | | | 899,149 | |
| 2007-4CB, 5.750%, 04/25/2037 | | | 1,433,999 | | | | 1,195,356 | |
| 2007-8CB, 5.500%, 05/25/2037 | | | 5,692,374 | | | | 3,121,950 | |
| 2007-8CB, 6.000%, 05/25/2037 | | | 769,143 | | | | 444,728 | |
| 2007-J2, 6.000%, 07/25/2037 | | | 2,756,845 | | | | 2,522,432 | |
| 2008-2R, 6.000%, 08/25/2037 (c) | | | 6,996,812 | | | | 3,535,804 | |
| 2007-23CB, 6.000%, 09/25/2037 | | | 4,265,301 | | | | 2,215,300 | |
| 2007-13, 6.000%, 06/25/2047 | | | 2,430,055 | | | | 1,292,253 | |
| | | | | | | | | |
| American Home | | | | | | | | |
| Mortgage Investment Trust | | | | | | | | |
| 2006-2, 6.750%, 06/25/2036 (f) | | | 2,747,648 | | | | 454,028 | |
| | | | | | | | | |
| Banc of America | | | | | | | | |
| Alternative Loan Trust | | | | | | | | |
| 2005-11, 5.750%, 12/25/2035 | | | 682,219 | | | | 581,770 | |
| 2005-11, 5.750%, 12/25/2035 | | | 111,219 | | | | 94,843 | |
| 2006-2, 6.500%, 03/25/2036 | | | 2,769,167 | | | | 2,221,984 | |
| 2006-9, 5.829% (TSFR1M + | | | | | | | | |
| 0.514%), 01/25/2037 (a) | | | 848,461 | | | | 654,396 | |
| 2006-9, 6.000%, 01/25/2037 | | | 175,502 | | | | 150,038 | |
| 2006-4, 6.000%, 05/25/2046 | | | 838,882 | | | | 718,286 | |
| 2006-4, 6.500%, 05/25/2046 | | | 521,364 | | | | 458,325 | |
| 2006-4, 6.500%, 05/25/2046 | | | 2,306,784 | | | | 1,975,899 | |
| 2006-5, 6.000%, 06/25/2046 | | | 258,478 | | | | 225,146 | |
| 2006-6, 6.000%, 07/25/2046 | | | 1,007,109 | | | | 841,647 | |
| | | | | | | | | |
| Banc of America Funding Trust | | | | | | | | |
| 2003-3, 5.500%, 10/25/2033 | | | 160,191 | | | | 151,622 | |
| 2004-1, 6.000%, 02/25/2034 | | | 504,380 | | | | 503,369 | |
| 2004-1, 6.000%, 03/25/2034 | | | 2,996,683 | | | | 3,004,900 | |
| 2004-B, 3.915%, 11/20/2034 (c) | | | 1,507,573 | | | | 1,408,951 | |
| 2007-4, 5.500%, 11/25/2034 | | | 191,509 | | | | 161,999 | |
| 2005-3, 5.500%, 06/25/2035 | | | 63,402 | | | | 56,123 | |
| 2014-R3, 4.796%, 06/26/2035 (c) | | | 1,450,323 | | | | 1,421,490 | |
| 2014-R3, 5.017%, 06/26/2035 (c) | | | 2,717,794 | | | | 2,560,648 | |
| 2005-4, 5.500%, 08/25/2035 | | | 32,520 | | | | 31,557 | |
| 2005-5, 5.500%, 09/25/2035 | | | 153,296 | | | | 147,703 | |
| 2005-5, 5.500%, 09/25/2035 | | | 1,418,425 | | | | 1,358,918 | |
| 2005-7, 5.500%, 11/25/2035 | | | 2,823,638 | | | | 2,539,830 | |
| 2005-7, 5.750%, 11/25/2035 | | | 3,571 | | | | 3,493 | |
| 2005-7, 6.000%, 11/25/2035 | | | 17,764 | | | | 17,211 | |
| 2005-8, 5.750%, 01/25/2036 | | | 1,884,283 | | | | 1,655,372 | |
| 2006-F, 4.990%, 07/20/2036 (c) | | | 6,302,124 | | | | 5,454,246 | |
| 2006-5, 5.750%, 09/25/2036 | | | 252,525 | | | | 220,645 | |
| 2006-7, 6.000%, 09/25/2036 | | | 426,937 | | | | 359,147 | |
| 2006-I, 4.447%, 12/20/2036 (c) | | | 2,137,229 | | | | 2,019,157 | |
| 2006-I, 4.447%, 12/20/2036 (c) | | | 371,761 | | | | 344,390 | |
| 2006-I, 4.806%, 12/20/2036 (c) | | | 523,828 | | | | 505,994 | |
| 2007-1, 6.689%, 01/25/2037 (f) | | | 675,822 | | | | 593,627 | |
| 2007-2, 5.489% (TSFR1M + | | | | | | | | |
| 0.174%), 03/25/2037 (a) | | | 343,578 | | | | 299,623 | |
| 2007-3, 6.289% (TSFR1M + | | | | | | | | |
| 0.974%), 04/25/2037 (a) | | | 856,793 | | | | 719,529 | |
| 2007-5, 5.500%, 07/25/2037 | | | 1,284,870 | | | | 1,002,150 | |
| 2007-6, 5.989% (TSFR1M + | | | | | | | | |
| 0.674%), 07/25/2037 (a) | | | 3,915,314 | | | | 3,590,598 | |
| 2007-6, 6.009% (TSFR1M + | | | | | | | | |
| 0.694%), 07/25/2037 (a) | | | 948,625 | | | | 870,868 | |
| 2010-R3, 6.000%, 09/26/2037 (c) | | | 6,252,637 | | | | 5,933,134 | |
| 2006-J, 4.418%, 01/20/2047 (c) | | | 113,272 | | | | 104,952 | |
| | | | | | | | | |
| Banc of America Mortgage Trust | | | | | | | | |
| 2005-A, 3.869%, 02/25/2035 (c) | | | 1,049,264 | | | | 1,004,955 | |
| 2005-F, 5.237%, 07/25/2035 (c) | | | 662,138 | | | | 606,586 | |
| 2007-1, 6.000%, 03/25/2037 | | | 1,512,763 | | | | 1,214,695 | |
| 2006-B, 3.378%, 10/20/2046 (c) | | | 364,154 | | | | 303,408 | |
| | | | | | | | | |
| BCAP LLC Trust | | | | | | | | |
| 2007-AA2, 7.500%, 04/25/2037 | | | 298,227 | | | | 167,342 | |
| | | | | | | | | |
| Bear Stearns ALT-A Trust | | | | | | | | |
| 2006-6, 4.026%, 11/25/2036 (c) | | | 801,106 | | | | 379,162 | |
| | | | | | | | | |
| Bear Stearns ARM Trust | | | | | | | | |
| 2004-12, 2.850%, 02/25/2035 (c) | | | 45,216 | | | | 42,555 | |
| | | | | | | | | |
| Bear Stearns Asset | | | | | | | | |
| Backed Securities I Trust | | | | | | | | |
| 2005-AC5, 5.500% (TSFR1M + | | | | | | | | |
| 1.114%), 08/25/2035 (a) | | | 424,605 | | | | 264,754 | |
| 2006-AC4, 5.679% (TSFR1M + | | | | | | | | |
| 0.364%), 07/25/2036 (a) | | | 2,895,899 | | | | 2,131,389 | |
| 2006-AC4, 12.724% (-4.33x | | | | | | | | |
| TSFR1M + 35.754%), | | | | | | | | |
| 07/25/2036 (a)(g) | | | 669,383 | | | | 767,892 | |
| | | | | | | | | |
| Chase Funding Trust | | | | | | | | |
| 2004-1, 6.179% (TSFR1M + | | | | | | | | |
| 0.864%), 09/25/2033 (a) | | | 1,364 | | | | 1,347 | |
| | | | | | | | | |
| Chase Mortgage Finance Trust | | | | | | | | |
| 2005-S2, 5.500%, 10/25/2035 | | | 611,144 | | | | 579,417 | |
| 2005-S3, 5.500%, 11/25/2035 | | | 5,270,321 | | | | 3,898,080 | |
| 2005-A1, 3.993%, 12/25/2035 (c) | | | 725,937 | | | | 680,283 | |
| 2005-A1, 3.993%, 12/25/2035 (c) | | | 756,820 | | | | 709,224 | |
| 2006-S3, 6.000%, 11/25/2036 | | | 6,697,995 | | | | 2,883,879 | |
| 2006-S4, 6.000%, 12/25/2036 | | | 1,226,693 | | | | 552,571 | |
| 2006-S4, 6.000%, 12/25/2036 | | | 3,958,334 | | | | 1,783,055 | |
| 2007-S1, 6.000%, 02/25/2037 | | | 4,005,467 | | | | 1,601,409 | |
| 2007-S3, 5.750%, 05/25/2037 | | | 676,442 | | | | 302,194 | |
| 2007-S3, 6.000%, 05/25/2037 | | | 2,061,118 | | | | 959,301 | |
| 2007-A2, 4.635%, 07/25/2037 (c) | | | 830,263 | | | | 734,967 | |
| | | | | | | | | |
| ChaseFlex Trust | | | | | | | | |
| 2005-1, 5.500%, 02/25/2035 | | | 264,565 | | | | 213,405 | |
| 2006-2, 4.421%, 09/25/2036 (c) | | | 2,243,917 | | | | 1,953,703 | |
| 2007-M1, 4.188%, 08/25/2037 (f) | | | 1,338,257 | | | | 1,037,670 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| CHL Mortgage Pass-Through Trust | | | | | | |
| 2005-20, 5.250%, 12/25/2027 | | $ | 18,160 | | | $ | 11,248 | |
| 2003-42, 3.721%, 10/25/2033 (c) | | | 706,453 | | | | 653,987 | |
| 2003-44, 5.000%, 10/25/2033 | | | 226,000 | | | | 209,468 | |
| 2004-4, 5.500%, 05/25/2034 | | | 430,726 | | | | 400,955 | |
| 2004-14, 5.739%, 08/25/2034 (c) | | | 2,011,763 | | | | 1,864,567 | |
| 2004-21, 4.000%, 11/25/2034 | | | 480,498 | | | | 413,880 | |
| 2004-24, 5.500%, 12/25/2034 | | | 2,360,569 | | | | 2,206,601 | |
| 2004-J9, 5.500%, 01/25/2035 | | | 454,116 | | | | 439,905 | |
| 2004-HYB5, 4.717%, | | | | | | | | |
| 04/20/2035 (c) | | | 860,980 | | | | 802,973 | |
| 2005-HYB2, 4.045%, | | | | | | | | |
| 05/20/2035 (c) | | | 723,525 | | | | 693,577 | |
| 2005-13, 5.500%, 06/25/2035 | | | 1,666,426 | | | | 1,001,812 | |
| 2005-J3, 5.500%, 09/25/2035 | | | 48,447 | | | | 44,304 | |
| 2005-27, 5.500%, 12/25/2035 | | | 508,701 | | | | 225,083 | |
| 2005-27, 5.500%, 12/25/2035 | | | 813,011 | | | | 615,451 | |
| 2005-31, 3.908%, 01/25/2036 (c) | | | 671,017 | | | | 615,643 | |
| 2005-HY10, 3.676%, | | | | | | | | |
| 02/20/2036 (c) | | | 1,478,393 | | | | 1,290,342 | |
| 2005-HY10, 4.316%, | | | | | | | | |
| 02/20/2036 (c) | | | 58,900 | | | | 48,913 | |
| 2006-6, 6.000%, 04/25/2036 | | | 598,063 | | | | 313,582 | |
| 2006-9, 6.000%, 05/25/2036 | | | 1,138,603 | | | | 523,702 | |
| 2006-J4, 6.250%, 09/25/2036 | | | 95,030 | | | | 37,141 | |
| 2006-16, 6.500%, 11/25/2036 | | | 495,514 | | | | 172,130 | |
| 2006-17, 6.000% (TSFR1M + | | | | | | | | |
| 0.664%), 12/25/2036 (a) | | | 2,826,213 | | | | 1,182,246 | |
| 2006-17, 6.000%, 12/25/2036 | | | 2,089,666 | | | | 886,797 | |
| 2006-21, 5.750%, 02/25/2037 | | | 1,149,873 | | | | 532,642 | |
| 2006-21, 6.000%, 02/25/2037 | | | 2,655,214 | | | | 1,282,130 | |
| 2006-21, 6.000%, 02/25/2037 | | | 606,245 | | | | 292,739 | |
| 2007-1, 6.000%, 03/25/2037 | | | 1,954,462 | | | | 963,639 | |
| 2007-5, 5.500%, 05/25/2037 | | | 775,034 | | | | 371,655 | |
| 2007-5, 5.750%, 05/25/2037 | | | 5,517,097 | | | | 2,746,203 | |
| 2007-5, 5.750%, 05/25/2037 | | | 842,428 | | | | 419,329 | |
| 2007-5, 5.750%, 05/25/2037 | | | 1,625,585 | | | | 809,155 | |
| 2007-10, 6.000%, 07/25/2037 | | | 1,778,624 | | | | 851,473 | |
| 2007-J2, 6.000%, 07/25/2037 | | | 2,939,408 | | | | 1,095,536 | |
| 2007-J2, 6.000%, 07/25/2037 | | | 189,839 | | | | 70,754 | |
| 2007-HY6, 3.999%, | | | | | | | | |
| 11/25/2037 (c) | | | 240,756 | | | | 215,137 | |
| 2007-HY5, 4.715%, | | | | | | | | |
| 09/25/2047 (c) | | | 5,268,991 | | | | 4,036,755 | |
| | | | | | | | | |
| Citicorp Mortgage Securities Trust | | | | | | | | |
| 2006-3, 5.500%, 06/25/2021 | | | 50,846 | | | | 32,296 | |
| 2006-1, 6.000%, 02/25/2036 | | | 76,500 | | | | 73,003 | |
| 2006-3, 5.750%, 06/25/2036 | | | 337,680 | | | | 288,517 | |
| 2006-3, 6.000%, 06/25/2036 | | | 1,184,389 | | | | 1,026,634 | |
| 2006-3, 6.250%, 06/25/2036 | | | 1,426,013 | | | | 1,253,750 | |
| 2006-7, 6.000%, 12/25/2036 | | | 2,654,329 | | | | 2,206,859 | |
| 2007-3, 5.500%, 04/25/2037 | | | 35,469 | | | | 33,537 | |
| 2007-3, 6.000%, 04/25/2037 | | | 433,885 | | | | 397,032 | |
| | | | | | | | | |
| Citigroup Mortgage Loan Trust | | | | | | | | |
| 2004-2, 9.250%, 08/25/2033 | | | 11,298 | | | | 9,334 | |
| 2004-HYB3, 4.991%, | | | | | | | | |
| 09/25/2034 (c) | | | 431,742 | | | | 398,532 | |
| 2005-WF1, 5.830%, | | | | | | | | |
| 11/25/2034 (f) | | | 2,742,380 | | | | 2,677,170 | |
| 2005-1, 3.969%, 04/25/2035 (c) | | | 296,310 | | | | 280,518 | |
| 2005-2, 3.923%, 05/25/2035 (c) | | | 349,822 | | | | 336,474 | |
| 2005-5, 6.000%, 08/25/2035 | | | 1,699,059 | | | | 1,538,734 | |
| 2005-7, 3.887%, 09/25/2035 (c) | | | 377,412 | | | | 338,290 | |
| 2005-10, 3.993%, 12/25/2035 (c) | | | 991,337 | | | | 652,362 | |
| 2006-AR7, 4.737%, | | | | | | | | |
| 11/25/2036 (c) | | | 1,211,270 | | | | 1,073,469 | |
| 2007-AR4, 4.109%, | | | | | | | | |
| 03/25/2037 (c) | | | 953,635 | | | | 817,792 | |
| | | | | | | | | |
| CitiMortgage Alternative Loan Trust | | | | | | | | |
| 2006-A2, 6.000% (TSFR1M + | | | | | | | | |
| 0.714%), 05/25/2036 (a) | | | 372,022 | | | | 298,040 | |
| 2006-A4, 6.000%, 09/25/2036 | | | 942,625 | | | | 816,206 | |
| 2007-A1, 6.000%, 01/25/2037 | | | 1,396,243 | | | | 1,240,669 | |
| 2007-A1, 6.000%, 01/25/2037 | | | 2,243,881 | | | | 1,993,860 | |
| | | | | | | | | |
| Credit Suisse First Boston | | | | | | | | |
| Mortgage Securities Corp. | | | | | | | | |
| 2005-8, 7.000%, 09/25/2035 | | | 2,686,215 | | | | 1,298,867 | |
| | | | | | | | | |
| CSFB Mortgage-Backed | | | | | | | | |
| Pass-Through Certificates | | | | | | | | |
| 2004-8, 5.500%, 12/25/2034 | | | 136,805 | | | | 132,763 | |
| 2005-3, 5.500%, 07/25/2035 | | | 274,701 | | | | 270,069 | |
| 2005-9, 5.500%, 10/25/2035 | | | 522,669 | | | | 243,331 | |
| 2005-10, 5.500%, 11/25/2035 | | | 395,413 | | | | 291,649 | |
| 2005-10, 5.500%, 11/25/2035 | | | 1,558,063 | | | | 1,149,301 | |
| 2005-10, 6.000%, 11/25/2035 | | | 815,038 | | | | 231,246 | |
| | | | | | | | | |
| CSMC Mortgage-Backed Trust | | | | | | | | |
| 2006-CF1, 5.500%, | | | | | | | | |
| 11/25/2035 (f) | | | 2,565,000 | | | | 2,335,765 | |
| 2006-1, 5.500%, 02/25/2036 | | | 277,585 | | | | 241,698 | |
| 2006-1, 5.500%, 02/25/2036 | | | 31,260 | | | | 28,489 | |
| 2006-2, 5.750%, 03/25/2036 | | | 517,237 | | | | 337,152 | |
| 2006-2, 6.000%, 03/25/2036 | | | 4,146,606 | | | | 1,812,810 | |
| 2006-4, 7.000%, 05/25/2036 | | | 505,758 | | | | 76,312 | |
| 2011-12R, 4.753%, 07/27/2036 (c) | | | 1,005,161 | | | | 998,649 | |
| 2006-7, 6.000%, 08/25/2036 | | | 700,480 | | | | 544,691 | |
| 2007-2, 5.500%, 03/25/2037 | | | 1,309,444 | | | | 707,846 | |
| 2007-3, 5.500%, 04/25/2037 | | | 295,967 | | | | 241,272 | |
| 2007-3, 5.500%, 04/25/2037 | | | 414,061 | | | | 337,543 | |
| 2013-2R, 3.580%, 05/27/2037 (c) | | | 1,876,675 | | | | 1,307,593 | |
| | | | | | | | | |
| Deutsche Alt-A Securities, Inc. | | | | | | | | |
| Mortgage Loan Trust | | | | | | | | |
| 2005-3, 5.929% (TSFR1M + | | | | | | | | |
| 0.614%), 05/25/2035 (a) | | | 868,443 | | | | 741,377 | |
| 2005-6, 5.500%, 12/25/2035 | | | 1,384,805 | | | | 1,107,145 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Deutsche Alt-B Securities, Inc. | | | | | | |
| Mortgage Loan Trust | | | | | | |
| 2006-AB4, 5.529% (TSFR1M + | | | | | | |
| 0.214%), 10/25/2036 (a) | | $ | 417,784 | | | | 322,923 | |
| | | | | | | | | |
| DFC HEL Trust | | | | | | | | |
| 2001-1, 7.075% (TSFR1M + | | | | | | | | |
| 1.764%), 08/15/2031 (a) | | | 1,430,577 | | | | 1,368,570 | |
| | | | | | | | | |
| Equity One Mortgage | | | | | | | | |
| Pass-Through Trust | | | | | | | | |
| 2003-1, 4.860%, 08/25/2033 (c) | | | 354,520 | | | | 347,489 | |
| 2003-3, 4.868%, 12/25/2033 (c) | | | 1,298,338 | | | | 1,236,166 | |
| | | | | | | | | |
| Fannie Mae Connecticut | | | | | | | | |
| Avenue Securities | | | | | | | | |
| 2016-C01, 12.352% (SOFR30A + | | | | | | | | |
| 7.064%), 08/25/2028 (a) | | | 1,269,714 | | | | 1,340,280 | |
| | | | | | | | | |
| First Horizon Alternative | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
| 2005-FA11, 5.250%, 02/25/2021 (d) | | | 698 | | | | — | |
| 2006-FA6, 5.750%, 11/25/2021 | | | 728 | | | | 480 | |
| 2004-AA6, 6.237%, 01/25/2035 (c) | | | 240,837 | | | | 234,319 | |
| 2004-AA7, 6.506%, 02/25/2035 (c) | | | 706,663 | | | | 662,775 | |
| 2005-AA5, 6.051%, 07/25/2035 (c) | | | 1,133,191 | | | | 1,034,818 | |
| 2005-AA7, 6.011%, 09/25/2035 (c) | | | 1,230,154 | | | | 1,073,154 | |
| 2005-FA8, 5.500%, 11/25/2035 | | | 1,162,920 | | | | 605,289 | |
| 2006-FA1, 5.750%, 04/25/2036 | | | 1,915,776 | | | | 910,292 | |
| 2006-FA2, 6.000%, 05/25/2036 | | | 2,166,555 | | | | 928,249 | |
| 2006-FA2, 6.000%, 05/25/2036 | | | 1,375,225 | | | | 589,208 | |
| 2006-FA6, 6.000%, 11/25/2036 | | | 915,276 | | | | 275,923 | |
| 2006-FA6, 6.250%, 11/25/2036 | | | 1,160,168 | | | | 364,298 | |
| 2006-FA6, 6.250%, 11/25/2036 | | | 6,835,865 | | | | 3,311,885 | |
| 2007-AA1, 4.758%, 05/25/2037 (c) | | | 2,136,624 | | | | 1,479,571 | |
| 2007-FA4, 6.250%, 08/25/2037 | | | 1,796,029 | | | | 761,103 | |
| | | | | | | | | |
| First Horizon Mortgage | | | | | | | | |
| Pass-Through Trust | | | | | | | | |
| 2005-AR3, 5.854%, | | | | | | | | |
| 08/25/2035 (c) | | | 1,134,834 | | | | 1,083,870 | |
| 2006-AR4, 4.140%, | | | | | | | | |
| 01/25/2037 (c) | | | 2,023,055 | | | | 1,117,548 | |
| 2006-4, 5.750%, 02/25/2037 | | | 871,466 | | | | 223,623 | |
| 2006-4, 6.000%, 02/25/2037 | | | 527,704 | | | | 141,194 | |
| 2007-AR1, 4.010%, | | | | | | | | |
| 05/25/2037 (c) | | | 493,593 | | | | 210,875 | |
| 2007-AR2, 5.544%, | | | | | | | | |
| 08/25/2037 (c) | | | 2,263,103 | | | | 747,113 | |
| | | | | | | | | |
| Freddie Mac STACR REMIC Trust | | | | | | | | |
| 2021-DNA7, 7.088% | | | | | | | | |
| (SOFR30A + 1.800%), | | | | | | | | |
| 11/25/2041 (a) | | | 7,750,000 | | | | 7,585,609 | |
| | | | | | | | | |
| Freddie Mac Structured Agency | | | | | | | | |
| Credit Risk Debt Notes | | | | | | | | |
| 2022-DNA1, 7.138% | | | | | | | | |
| (SOFR30A + 1.850%), | | | | | | | | |
| 01/25/2042 (a) | | | 6,800,000 | | | | 6,683,960 | |
| 2020-DNA5, 10.088% | | | | | | | | |
| (SOFR30A + 4.800%), | | | | | | | | |
| 10/25/2050 (a) | | | 10,606,000 | | | | 11,466,688 | |
| | | | | | | | | |
| GSAA Home Equity Trust | | | | | | | | |
| 2005-1, 6.260%, 11/25/2034 (f) | | | 2,050,000 | | | | 1,972,950 | |
| 2006-15, 6.692%, 09/25/2036 (f) | | | 2,055,290 | | | | 543,588 | |
| 2006-18, 6.182%, 11/25/2036 (f) | | | 1,670,381 | | | | 395,854 | |
| 2007-7, 5.789% (TSFR1M + | | | | | | | | |
| 0.474%), 07/25/2037 (a) | | | 730,437 | | | | 656,637 | |
| | | | | | | | | |
| GSR Mortgage Loan Trust | | | | | | | | |
| 2005-4F, 6.500%, 04/25/2020 | | | 47,091 | | | | 46,898 | |
| 2003-5F, 3.000%, 08/25/2032 | | | 852,190 | | | | 788,807 | |
| 2004-15F, 6.000%, 12/25/2034 | | | 838,608 | | | | 696,418 | |
| 2005-1F, 6.000%, 01/25/2035 | | | 13,928 | | | | 12,244 | |
| 2005-AR4, 4.887%, 07/25/2035 (c) | | | 159,058 | | | | 148,689 | |
| 2005-7F, 6.000%, 09/25/2035 | | | 16,628 | | | | 15,897 | |
| 2005-AR5, 4.702%, 10/25/2035 (c) | | | 532,288 | | | | 483,647 | |
| 2005-AR7, 3.699%, 11/25/2035 (c) | | | 363,747 | | | | 323,829 | |
| 2006-2F, 5.750%, 02/25/2036 | | | 420,240 | | | | 369,019 | |
| | | | | | | | | |
| HarborView Mortgage Loan Trust | | | | | | | | |
| 2006-6, 4.275%, 08/19/2036 (c) | | | 2,015,647 | | | | 1,615,960 | |
| | | | | | | | | |
| Impac CMB Trust | | | | | | | | |
| 2005-5, 5.929% (TSFR1M + | | | | | | | | |
| 0.364%), 08/25/2035 (a) | | | 387,333 | | | | 357,732 | |
| | | | | | | | | |
| Impac Secured Assets | | | | | | | | |
| CMN Owner Trust | | | | | | | | |
| 2002-2, 6.500%, 04/25/2033 | | | 867,117 | | | | 831,684 | |
| 2004-2, 4.830%, 08/25/2034 (f) | | | 98,609 | | | | 95,903 | |
| | | | | | | | | |
| IndyMac IMSC Mortgage Loan Trust | | | | | | | | |
| 2007-AR1, 3.786%, 06/25/2037 (c) | | | 354,891 | | | | 231,812 | |
| | | | | | | | | |
| IndyMac INDA Mortgage Loan Trust | | | | | | | | |
| 2007-AR1, 3.547%, | | | | | | | | |
| 03/25/2037 (c) | | | 307,115 | | | | 260,412 | |
| | | | | | | | | |
| IndyMac INDX Mortgage Loan Trust | | | | | | | | |
| 2004-AR4, 4.703%, 08/25/2034 (c) | | | 2,292,472 | | | | 2,129,983 | |
| 2004-AR11, 3.210%, 12/25/2034 (c) | | | 893,420 | | | | 858,718 | |
| 2005-AR3, 3.397%, 04/25/2035 (c) | | | 787,333 | | | | 726,441 | |
| 2005-AR9, 4.250%, 07/25/2035 (c) | | | 2,846,835 | | | | 1,617,351 | |
| 2005-AR23, 3.547%, 11/25/2035 (c) | | | 970,180 | | | | 897,319 | |
| 2005-AR23, 3.745%, 11/25/2035 (c) | | | 598,323 | | | | 541,985 | |
| 2005-AR25, 3.590%, 12/25/2035 (c) | | | 1,781,262 | | | | 1,148,037 | |
| 2005-AR35, 3.437%, 02/25/2036 (c) | | | 1,137,321 | | | | 919,808 | |
| 2006-AR3, 3.489%, 03/25/2036 (c) | | | 4,938,327 | | | | 3,609,367 | |
| 2006-AR9, 3.322%, 06/25/2036 (c) | | | 1,517,556 | | | | 1,272,403 | |
| 2006-AR25, 3.419%, 09/25/2036 (c) | | | 4,060,934 | | | | 3,713,078 | |
| 2006-AR25, 3.900%, 09/25/2036 (c) | | | 1,932,308 | | | | 1,357,833 | |
| 2006-AR31, 3.433%, 11/25/2036 (c) | | | 3,742,282 | | | | 3,454,370 | |
| | | | | | | | | |
| Jefferies Resecuritization Trust | | | | | | | | |
| 2009-R1, 3.699%, 11/26/2035 (c) | | | 500,482 | | | | 444,306 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| JP Morgan Alternative Loan Trust | | | | | | |
| 2006-S4, 6.460%, 12/25/2036 (f) | | $ | 397,734 | | | $ | 379,062 | |
| | | | | | | | | |
| JP Morgan Mortgage Trust | | | | | | | | |
| 2005-S3, 5.750%, 01/25/2036 | | | 46,817 | | | | 22,153 | |
| 2007-A3, 4.217%, 05/25/2037 (c) | | | 2,446,809 | | | | 2,020,327 | |
| | | | | | | | | |
| Lehman Mortgage Trust | | | | | | | | |
| 2005-2, 5.500%, 12/25/2035 | | | 1,412,887 | | | | 768,461 | |
| 2005-2, 5.750%, 12/25/2035 | | | 520,672 | | | | 274,243 | |
| 2005-3, 0.000% (-1x TSFR1M + | | | | | | | | |
| 4.636%), 01/25/2036 (a)(e)(g)(h) | | | 832,129 | | | | 51,965 | |
| 2005-3, 5.500% (TSFR1M + | | | | | | | | |
| 0.614%), 01/25/2036 (a) | | | 832,129 | | | | 351,482 | |
| 2006-1, 5.500%, 02/25/2036 | | | 360,465 | | | | 181,879 | |
| 2006-3, 6.000%, 07/25/2036 | | | 3,166,668 | | | | 1,576,190 | |
| 2006-3, 6.000%, 07/25/2036 | | | 7,000,955 | | | | 3,484,693 | |
| 2007-4, 5.750%, 05/25/2037 | | | 998,500 | | | | 481,049 | |
| 2007-4, 5.750%, 05/25/2037 | | | 2,181,723 | | | | 1,051,091 | |
| 2007-5, 5.750%, 06/25/2037 | | | 1,361,347 | | | | 1,217,274 | |
| 2007-5, 6.000%, 06/25/2037 | | | 2,310,470 | | | | 645,699 | |
| 2007-5, 6.000%, 06/25/2037 | | | 6,310,587 | | | | 1,763,599 | |
| | | | | | | | | |
| MASTR Adjustable | | | | | | | | |
| Rate Mortgages Trust | | | | | | | | |
| 2004-4, 3.809%, 05/25/2034 (c) | | | 77,939 | | | | 72,366 | |
| 2005-1, 3.678%, 02/25/2035 (c) | | | 96,006 | | | | 88,856 | |
| | | | | | | | | |
| MASTR Alternative Loan Trust | | | | | | | | |
| 2003-5, 5.872%, 08/25/2033 (c) | | | 577,797 | | | | 342,768 | |
| 2003-7, 6.250%, 11/25/2033 | | | 64,803 | | | | 65,305 | |
| 2004-6, 5.500%, 07/25/2034 | | | 159,833 | | | | 151,109 | |
| 2004-6, 6.000%, 07/25/2034 | | | 96,245 | | | | 92,481 | |
| 2004-11, 6.500%, 10/25/2034 | | | 325,124 | | | | 316,764 | |
| 2005-2, 5.500%, 03/25/2035 | | | 2,000,000 | | | | 1,945,104 | |
| | | | | | | | | |
| MASTR Asset Securitization Trust | | | | | | | | |
| 2002-NC1, 8.579% (TSFR1M + | | | | | | | | |
| 3.264%), 10/25/2032 (a) | | | 224,684 | | | | 222,513 | |
| 2006-1, 5.879% (TSFR1M + | | | | | | | | |
| 0.564%), 05/25/2036 (a) | | | 574,475 | | | | 84,415 | |
| | | | | | | | | |
| Merrill Lynch Mortgage | | | | | | | | |
| Investors Trust | | | | | | | | |
| 2006-F1, 6.000%, 04/25/2036 | | | 1,991,373 | | | | 957,838 | |
| | | | | | | | | |
| Merrill Lynch Mortgage | | | | | | | | |
| Investors Trust MLCC | | | | | | | | |
| 2004-D, 6.606% (TSFR6M + | | | | | | | | |
| 1.148%), 09/25/2029 (a) | | | 542,738 | | | | 514,449 | |
| | | | | | | | | |
| Merrill Lynch Mortgage | | | | | | | | |
| Investors Trust MLMI | | | | | | | | |
| 2005-A5, 4.418%, 06/25/2035 (c) | | | 246,142 | | | | 231,434 | |
| 2005-A7, 4.762%, 09/25/2035 (c) | | | 3,660,474 | | | | 2,977,329 | |
| | | | | | | | | |
| Morgan Stanley | | | | | | | | |
| Mortgage Loan Trust | | | | | | | | |
| 2005-7, 5.500%, 11/25/2035 | | | 689,777 | | | | 646,177 | |
| 2005-7, 5.500%, 11/25/2035 | | | 305,333 | | | | 258,886 | |
| 2006-2, 5.461%, 02/25/2036 (c) | | | 1,273,315 | | | | 737,496 | |
| 2006-11, 6.000%, 08/25/2036 | | | 1,933,397 | | | | 869,921 | |
| 2006-11, 6.000%, 08/25/2036 | | | 1,312,049 | | | | 833,113 | |
| | | | | | | | | |
| Morgan Stanley Reremic Trust | | | | | | | | |
| 2012-R3, 3.335%, 11/26/2036 (c) | | | 1,868,122 | | | | 1,499,561 | |
| | | | | | | | | |
| Nomura Asset Acceptance Corp. | | | | | | | | |
| Alternative Loan Trust | | | | | | | | |
| 2005-WF1, 5.659%, 03/25/2035 (f) | | | 17,981 | | | | 17,555 | |
| 2005-AR3, 5.688%, 07/25/2035 (c) | | | 524,989 | | | | 512,516 | |
| | | | | | | | | |
| Nomura Resecuritization Trust | | | | | | | | |
| 2014-5R, 5.500%, 06/26/2035 (c) | | | 3,336,174 | | | | 2,733,302 | |
| 2011-4RA, 2.768%, 12/26/2036 (c) | | | 5,389,548 | | | | 4,790,369 | |
| | | | | | | | | |
| Opteum Mortgage Acceptance | | | | | | | | |
| Corp. Asset Backed | | | | | | | | |
| Pass-Through Certificates | | | | | | | | |
| 2005-5, 5.850%, 12/25/2035 (c) | | | 39,624 | | | | 39,276 | |
| | | | | | | | | |
| RAAC Trust | | | | | | | | |
| 2005-SP1, 6.000%, 09/25/2034 | | | 2,788 | | | | 2,596 | |
| | | | | | | | | |
| RALI Trust | | | | | | | | |
| 2006-QS1, 5.750%, 01/25/2036 | | | 174,812 | | | | 141,254 | |
| 2006-QS9, 6.000% (TSFR1M + | | | | | | | | |
| 0.814%), 07/25/2036 (a) | | | 1,276,245 | | | | 911,853 | |
| 2006-QS13, 6.000%, 09/25/2036 | | | 1,901,312 | | | | 1,420,914 | |
| 2006-QS17, 6.000%, 12/25/2036 | | | 297,853 | | | | 240,445 | |
| 2007-QS6, 6.000%, 04/25/2037 | | | 2,501,581 | | | | 1,988,255 | |
| 2007-QS10, 6.500%, 09/25/2037 | | | 270,431 | | | | 213,157 | |
| | | | | | | | | |
| RBSSP Resecuritization Trust | | | | | | | | |
| 2009-7, 6.000%, 03/26/2036 (c) | | | 3,720,771 | | | | 2,083,901 | |
| | | | | | | | | |
| Renaissance Home | | | | | | | | |
| Equity Loan Trust | | | | | | | | |
| 2005-1, 5.516%, 05/25/2035 (f) | | | 28,399 | | | | 28,278 | |
| | | | | | | | | |
| Resecuritization | | | | | | | | |
| Pass-Through Trust | | | | | | | | |
| 2005-8R, 6.000%, 10/25/2034 | | | 1,596,863 | | | | 1,520,267 | |
| | | | | | | | | |
| Residential Asset | | | | | | | | |
| Securitization Trust | | | | | | | | |
| 2003-A9, 4.000%, 08/25/2033 | | | 863,722 | | | | 735,740 | |
| 2004-R2, 5.500%, 08/25/2034 | | | 1,590,156 | | | | 1,516,641 | |
| 2005-A5, 5.500%, 05/25/2035 | | | 1,035,588 | | | | 730,311 | |
| 2005-A11, 4.850%, 10/25/2035 | | | 3,457,342 | | | | 1,350,552 | |
| 2005-A11, 5.500%, 10/25/2035 | | | 239,461 | | | | 164,198 | |
| 2005-A11, 6.000%, 10/25/2035 | | | 393,760 | | | | 185,995 | |
| 2005-A15, 5.750%, 02/25/2036 | | | 3,468,199 | | | | 1,385,259 | |
| 2006-A5CB, 6.000%, 06/25/2036 | | | 2,283,825 | | | | 972,780 | |
| 2006-A10, 0.421% (-1x TSFR1M + | | | | | | | | |
| 5.736%), 09/25/2036 (a)(g)(h) | | | 10,209,584 | | | | 844,396 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Residential Asset | | | | | | |
| Securitization Trust (Cont.) | | | | | | |
| 2006-A10, 6.079% (TSFR1M + | | | | | | |
| 0.764%), 09/25/2036 (a) | | $ | 10,209,584 | | | $ | 2,655,234 | |
| 2006-A15, 0.221% (-1x TSFR1M + | | | | | | | | |
| 5.536%), 01/25/2037 (a)(g)(h) | | | 16,544,926 | | | | 1,418,329 | |
| 2006-A15, 6.029% (TSFR1M + | | | | | | | | |
| 0.714%), 01/25/2037 (a) | | | 16,544,926 | | | | 4,588,017 | |
| | | | | | | | | |
| RFMSI Trust | | | | | | | | |
| 2005-SA4, 4.856%, 09/25/2035 (c) | | | 1,629,093 | | | | 1,096,553 | |
| 2005-SA4, 5.048%, 09/25/2035 (c) | | | 1,238,200 | | | | 805,026 | |
| 2006-S3, 5.500%, 03/25/2036 | | | 1,785,146 | | | | 1,427,450 | |
| 2006-S4, 6.000%, 04/25/2036 | | | 1,778,569 | | | | 1,399,086 | |
| 2006-S5, 6.000%, 06/25/2036 | | | 162,011 | | | | 133,794 | |
| 2006-S5, 6.000%, 06/25/2036 | | | 333,509 | | | | 275,422 | |
| 2006-S5, 6.000%, 06/25/2036 | | | 1,397,659 | | | | 1,154,231 | |
| 2006-S5, 6.000%, 06/25/2036 | | | 173,704 | | | | 141,089 | |
| 2006-S6, 6.000%, 07/25/2036 | | | 95,081 | | | | 78,819 | |
| 2006-S6, 6.000%, 07/25/2036 | | | 489,499 | | | | 405,775 | |
| 2006-S7, 6.250%, 08/25/2036 | | | 1,124,520 | | | | 927,110 | |
| 2006-S7, 6.500%, 08/25/2036 | | | 672,307 | | | | 563,114 | |
| 2006-S9, 5.750%, 09/25/2036 | | | 1,360,407 | | | | 1,010,258 | |
| 2007-S1, 6.000%, 01/25/2037 | | | 440,182 | | | | 342,205 | |
| 2007-S7, 6.000%, 07/25/2037 | | | 1,421,248 | | | | 1,097,840 | |
| | | | | | | | | |
| Specialty Underwriting & | | | | | | | | |
| Residential Finance Trust | | | | | | | | |
| 2006-BC2, 3.860%, 02/25/2037 (f) | | | 773,968 | | | | 298,868 | |
| | | | | | | | | |
| STARM Mortgage Loan Trust | | | | | | | | |
| 2007-1, 4.345%, 02/25/2037 (c) | | | 3,279,421 | | | | 2,832,201 | |
| 2007-2, 4.178%, 04/25/2037 (c) | | | 415,490 | | | | 171,933 | |
| | | | | | | | | |
| Structured Adjustable Rate | | | | | | | | |
| Mortgage Loan Trust | | | | | | | | |
| 2004-18, 5.497%, 12/25/2034 (c) | | | 446,768 | | | | 411,138 | |
| 2005-12, 4.868%, 06/25/2035 (c) | | | 577,832 | | | | 445,465 | |
| 2005-21, 4.815%, 11/25/2035 (c) | | | 3,236,533 | | | | 2,257,981 | |
| 2006-1, 3.390%, 02/25/2036 (c) | | | 109,735 | | | | 96,409 | |
| 2006-1, 4.447%, 02/25/2036 (c) | | | 1,035,145 | | | | 835,350 | |
| 2006-4, 4.131%, 05/25/2036 (c) | | | 573,851 | | | | 365,661 | |
| 2006-12, 4.228%, 01/25/2037 (c) | | | 566,144 | | | | 406,333 | |
| 2007-5, 5.869% (TSFR1M + | | | | | | | | |
| 0.554%), 06/25/2037 (a) | | | 1,313,471 | | | | 1,153,283 | |
| 2007-6, 5.809% (TSFR1M + | | | | | | | | |
| 0.494%), 07/25/2037 (a) | | | 4,210,994 | | | | 3,674,853 | |
| 2007-9, 7.376% (TSFR6M + | | | | | | | | |
| 1.928%), 10/25/2037 (a) | | | 868,929 | | | | 759,298 | |
| | | | | | | | | |
| Suntrust Alternative Loan Trust | | | | | | | | |
| 2005-1F, 5.750%, 12/25/2035 | | | 751,532 | | | | 675,172 | |
| 2005-1F, 6.000%, 12/25/2035 | | | 1,735,449 | | | | 1,572,402 | |
| 2005-1F, 6.500%, 12/25/2035 | | | 1,807,268 | | | | 1,623,926 | |
| | | | | | | | | |
| TBW Mortgage-Backed Trust | | | | | | | | |
| 2006-2, 5.500%, 07/25/2036 | | | 80,750 | | | | 7,342 | |
| | | | | | | | | |
| Volt, LLC | | | | | | | | |
| 2021-NPL4, 4.949%, | | | | | | | | |
| 03/27/2051 (f) | | | 1,650,000 | | | | 1,309,527 | |
| | | | | | | | | |
| WaMu Mortgage Pass-Through | | | | | | | | |
| Certificates Trust | | | | | | | | |
| 2003-S4, 5.664%, 06/25/2033 (c) | | | 2,271,393 | | | | 2,152,021 | |
| 2003-AR10, 4.245%, | | | | | | | | |
| 10/25/2033 (c) | | | 6,399,456 | | | | 6,034,368 | |
| 2004-S2, 6.000%, 06/25/2034 | | | 44,091 | | | | 42,636 | |
| 2005-AR14, 3.942%, | | | | | | | | |
| 12/25/2035 (c) | | | 4,100,813 | | | | 3,726,509 | |
| 2006-AR10, 4.043%, | | | | | | | | |
| 09/25/2036 (c) | | | 902,215 | | | | 780,836 | |
| 2006-AR16, 3.528%, | | | | | | | | |
| 12/25/2036 (c) | | | 1,048,472 | | | | 918,298 | |
| 2007-HY2, 3.910%, 12/25/2036 (c) | | | 12,890,330 | | | | 11,497,626 | |
| 2007-HY3, 4.229%, 03/25/2037 (c) | | | 2,285,697 | | | | 2,077,960 | |
| 2007-HY5, 3.888%, 05/25/2037 (c) | | | 983,731 | | | | 849,826 | |
| 2007-HY7, 3.882%, 07/25/2037 (c) | | | 202,106 | | | | 151,319 | |
| 2006-AR8, 4.436%, 08/25/2046 (c) | | | 1,493,162 | | | | 1,331,395 | |
| | | | | | | | | |
| Washington Mutual | | | | | | | | |
| Mortgage Pass-Through | | | | | | | | |
| Certificates WMALT Trust | | | | | | | | |
| 2005-1, 6.000%, 03/25/2035 | | | 896,609 | | | | 801,975 | |
| 2005-4, 5.500%, 06/25/2035 | | | 2,664,545 | | | | 2,182,327 | |
| 2005-5, 5.500%, 07/25/2035 | | | 956,502 | | | | 856,734 | |
| 2005-6, 5.500%, 08/25/2035 | | | 2,522,768 | | | | 2,118,000 | |
| 2005-6, 5.500%, 08/25/2035 | | | 551,510 | | | | 463,023 | |
| 2005-6, 5.500%, 08/25/2035 | | | 1,140,825 | | | | 981,136 | |
| 2005-6, 6.500%, 08/25/2035 | | | 256,210 | | | | 226,792 | |
| 2005-9, 5.500%, 11/25/2035 | | | 379,732 | | | | 311,999 | |
| 2006-8, 4.161%, 10/25/2036 (f) | | | 2,257,172 | | | | 826,813 | |
| 2007-HY1, 5.749% (TSFR1M + | | | | | | | | |
| 0.434%), 02/25/2037 (a) | | | 1,710,713 | | | | 1,303,356 | |
| 2007-HY2, 3.860%, | | | | | | | | |
| 04/25/2037 (c) | | | 1,145,388 | | | | 597,513 | |
| 2007-OC2, 6.049% (TSFR1M + | | | | | | | | |
| 0.734%), 06/25/2037 (a) | | | 3,824,435 | | | | 3,537,139 | |
| 2007-OC1, 5.909% (TSFR1M + | | | | | | | | |
| 0.594%), 01/25/2047 (a) | | | 3,493,245 | | | | 3,176,196 | |
| | | | | | | | | |
| Wells Fargo Alternative Loan Trust | | | | | | | | |
| 2007-PA1, 6.000%, 03/25/2037 | | | 785,135 | | | | 677,273 | |
| 2007-PA6, 4.824%, 12/28/2037 (c) | | | 2,997,248 | | | | 2,751,005 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Wells Fargo Mortgage | | | | | | |
| Backed Securities Trust | | | | | | |
| 2004-J, 5.383%, 07/25/2034 (c) | | $ | 3,068,898 | | | $ | 2,797,259 | |
| 2005-AR14, 5.952%, | | | | | | | | |
| 08/25/2035 (c) | | | 494,121 | | | | 475,490 | |
| 2006-AR1, 4.651%, 03/25/2036 (c) | | | 1,405,269 | | | | 1,311,699 | |
| 2006-AR5, 4.678%, 04/25/2036 (c) | | | 1,373,979 | | | | 1,284,478 | |
| 2006-AR5, 4.724%, 04/25/2036 (c) | | | 3,353,591 | | | | 3,164,459 | |
| 2006-AR19, 4.623%, | | | | | | | | |
| 12/25/2036 (c) | | | 1,368,546 | | | | 1,322,263 | |
| 2007-AR3, 4.624%, 04/25/2037 (c) | | | 628,592 | | | | 539,058 | |
| | | | | | | | | |
| TOTAL NON-AGENCY RESIDENTIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $552,565,495) | | | | | | | 433,526,490 | |
| | | | | | | | | |
| NON-AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES – 16.54% | | | | | | | | |
| | | | | | | | | |
| Arbor Multifamily | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
| 2022-MF4, 1.403%, | | | | | | | | |
| 02/15/2055 (c)(h) | | | 19,700,000 | | | | 1,650,293 | |
| 2022-MF4, 3.403%, | | | | | | | | |
| 02/15/2055 (c) | | | 7,852,000 | | | | 6,191,156 | |
| | | | | | | | | |
| BANK | | | | | | | | |
| 2017-BNK4, 3.362%, 05/15/2050 | | | 9,946,550 | | | | 9,264,678 | |
| 2017-BNK8, 3.229%, 11/15/2050 | | | 4,783,333 | | | | 4,378,224 | |
| 2019-BNK16, 1.102%, | | | | | | | | |
| 02/15/2052 (c)(h) | | | 77,558,173 | | | | 2,944,124 | |
| 2019-BNK17, 0.715%, | | | | | | | | |
| 04/15/2052 (c)(h) | | | 123,653,000 | | | | 3,403,277 | |
| 2019-BNK17, 1.743%, | | | | | | | | |
| 04/15/2052 (c)(h) | | | 11,541,000 | | | | 844,627 | |
| 2019-BNK21, 1.229%, | | | | | | | | |
| 10/17/2052 (c)(h) | | | 18,699,333 | | | | 1,020,641 | |
| 2019-BNK21, 2.808%, | | | | | | | | |
| 10/17/2052 | | | 11,582,000 | | | | 10,519,752 | |
| 2019-BNK23, 0.266%, | | | | | | | | |
| 12/15/2052 (c)(h) | | | 238,421,000 | | | | 2,510,120 | |
| 2019-BNK23, 2.846%, | | | | | | | | |
| 12/15/2052 | | | 12,000,000 | | | | 10,906,786 | |
| 2019-BNK23, 3.623%, | | | | | | | | |
| 12/15/2052 (c) | | | 960,000 | | | | 705,411 | |
| 2020-BNK29, 0.726%, | | | | | | | | |
| 11/15/2053 (c)(h) | | | 132,417,000 | | | | 4,980,985 | |
| 2020-BNK29, 2.500%, | | | | | | | | |
| 11/15/2053 | | | 1,250,000 | | | | 678,400 | |
| 2020-BNK29, 3.135%, | | | | | | | | |
| 11/15/2053 (c) | | | 1,170,000 | | | | 780,741 | |
| 2020-BNK30, 2.500%, | | | | | | | | |
| 12/15/2053 (c) | | | 5,550,000 | | | | 2,719,193 | |
| 2020-BNK30, 2.757%, | | | | | | | | |
| 12/15/2053 (c) | | | 5,450,000 | | | | 3,442,861 | |
| 2021-BNK31, 1.739%, | | | | | | | | |
| 02/15/2054 | | | 7,250,000 | | | | 6,170,674 | |
| 2021-BNK32, 2.332%, | | | | | | | | |
| 04/15/2054 | | | 10,727,500 | | | | 9,260,569 | |
| 2021-BNK32, 2.500%, | | | | | | | | |
| 04/15/2054 | | | 5,000,000 | | | | 2,608,815 | |
| 2021-BNK32, 3.372%, | | | | | | | | |
| 04/15/2054 (c) | | | 800,000 | | | | 543,353 | |
| 2023-BNK45, 2.489%, | | | | | | | | |
| 02/15/2056 (c)(h) | | | 22,611,000 | | | | 3,603,714 | |
| 2017-BNK5, 3.131%, 06/15/2060 | | | 12,685,000 | | | | 11,667,619 | |
| 2019-BNK19, 2.926%, | | | | | | | | |
| 08/15/2061 | | | 2,000,000 | | | | 1,681,880 | |
| 2019-BNK20, 2.933%, | | | | | | | | |
| 09/15/2062 | | | 2,100,000 | | | | 1,912,482 | |
| 2019-BNK24, 0.303%, | | | | | | | | |
| 11/15/2062 (c)(h) | | | 174,693,000 | | | | 2,063,718 | |
| 2019-BNK24, 2.929%, | | | | | | | | |
| 11/15/2062 | | | 3,250,000 | | | | 2,968,950 | |
| 2020-BNK25, 0.989%, | | | | | | | | |
| 01/15/2063 (c)(h) | | | 158,112,996 | | | | 6,718,474 | |
| 2020-BNK26, 0.715%, | | | | | | | | |
| 03/15/2063 (c)(h) | | | 226,593,000 | | | | 7,560,887 | |
| 2020-BNK28, 1.090%, | | | | | | | | |
| 03/15/2063 (c)(h) | | | 29,969,467 | | | | 1,675,281 | |
| 2020-BNK26, 2.041%, | | | | | | | | |
| 03/15/2063 | | | 5,200,000 | | | | 4,596,187 | |
| 2021-BNK34, 1.085%, | | | | | | | | |
| 06/15/2063 (c)(h) | | | 95,603,427 | | | | 4,961,818 | |
| 2021-BNK34, 2.754%, | | | | | | | | |
| 06/15/2063 (c) | | | 8,000,000 | | | | 5,722,770 | |
| 2022-BNK40, 2.500%, | | | | | | | | |
| 03/15/2064 | | | 2,470,000 | | | | 1,277,408 | |
| 2021-BNK33, 2.218%, | | | | | | | | |
| 05/15/2064 | | | 12,599,000 | | | | 10,803,771 | |
| 2021-BNK35, 1.148%, | | | | | | | | |
| 06/15/2064 (c)(h) | | | 61,035,786 | | | | 3,417,070 | |
| 2021-BNK35, 2.067%, | | | | | | | | |
| 06/15/2064 | | | 10,400,000 | | | | 8,845,840 | |
| 2021-BNK35, 2.902%, | | | | | | | | |
| 06/15/2064 (c) | | | 8,000,000 | | | | 5,196,973 | |
| 2021-BNK36, 2.283%, | | | | | | | | |
| 09/15/2064 | | | 12,250,000 | | | | 10,523,562 | |
| 2021-BNK37, 2.487%, | | | | | | | | |
| 11/15/2064 | | | 14,400,000 | | | | 12,367,115 | |
| | | | | | | | | |
| Barclays Commercial Mortgage Trust | | | | | | | | |
| 2019-C3, 0.918%, | | | | | | | | |
| 05/15/2052 (c)(h) | | | 56,340,000 | | | | 2,140,148 | |
| 2019-C3, 3.458%, 05/15/2052 | | | 2,200,000 | | | | 2,079,740 | |
| 2019-C4, 1.282%, | | | | | | | | |
| 08/15/2052 (c)(h) | | | 43,170,000 | | | | 2,352,692 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Barclays Commercial | | | | | | |
| Mortgage Trust (Cont.) | | | | | | |
2019-C5, 0.500%, 11/15/2052 (c)(h) | | | | | | |
| | $ | 174,774,000 | | | $ | 2,961,808 | |
2019-C5, 1.479%, 11/15/2052 (c)(h) | | | | | | | | |
| | | 12,996,000 | | | | 828,700 | |
| | | | | | | | | |
| BBCMS Mortgage Trust | | | | | | | | |
2020-C6, 0.789%, 02/15/2053 (c)(h) | | | | | | | | |
| | | 59,000,000 | | | | 2,229,232 | |
2020-C6, 1.160%, 02/15/2053 (c)(h) | | | | | | | | |
| | | 92,612,106 | | | | 4,441,769 | |
2020-C7, 1.099%, 04/15/2053 (c)(h) | | | | | | | | |
| | | 17,140,000 | | | | 959,187 | |
2020-C7, 1.732%, 04/15/2053 (c)(h) | | | | | | | | |
| | | 21,892,393 | | | | 1,444,618 | |
2021-C9, 1.116%, 02/15/2054 (c)(h) | | | | | | | | |
| | | 68,467,000 | | | | 4,029,447 | |
| 2021-C9, 1.960%, 02/15/2054 | | | 10,000,000 | | | | 8,624,328 | |
| 2021-C9, 2.534%, 02/15/2054 | | | 8,500,000 | | | | 6,701,601 | |
2021-C10, 1.146%, 07/15/2054 (c)(h) | | | | | | | | |
| | | 74,931,500 | | | | 4,471,035 | |
2021-C10, 1.413%, 07/15/2054 (c)(h) | | | | | | | | |
| | | 64,927,531 | | | | 4,174,840 | |
| 2021-C10, 2.268%, 07/15/2054 | | | 10,000,000 | | | | 8,610,280 | |
2021-C11, 1.082%, 09/15/2054 (c)(h) | | | | | | | | |
| | | 29,540,000 | | | | 1,889,417 | |
2021-C12, 0.711%, 11/15/2054 (c)(h) | | | | | | | | |
| | | 59,992,000 | | | | 2,490,424 | |
2021-C12, 1.070%, 11/15/2054 (c)(h) | | | | | | | | |
| | | 101,482,632 | | | | 5,404,427 | |
| 2021-C12, 2.758%, 11/15/2054 | | | 9,000,000 | | | | 6,369,204 | |
2022-C14, 0.372%, 02/15/2055 (c)(h) | | | | | | | | |
| | | 166,823,000 | | | | 3,753,150 | |
2022-C14, 0.840%, 02/15/2055 (c)(h) | | | | | | | | |
| | | 99,176,224 | | | | 4,033,755 | |
2022-C15, 1.458%, 04/15/2055 (c)(h) | | | | | | | | |
| | | 25,000,000 | | | | 2,293,843 | |
2022-C17, 1.325%, 09/15/2055 (c)(h) | | | | | | | | |
| | | 65,182,367 | | | | 5,041,107 | |
| 2023-C19, 5.753%, 04/15/2056 | | | 10,000,000 | | | | 9,936,995 | |
| | | | | | | | | |
| Benchmark Mortgage Trust | | | | | | | | |
2019-B9, 1.183%, 03/15/2052 (c)(h) | | | | | | | | |
| | | 28,648,942 | | | | 1,218,302 | |
2019-B9, 2.160%, 03/15/2052 (c)(h) | | | | | | | | |
| | | 11,513,000 | | | | 1,002,057 | |
2019-B12, 0.526%, 08/15/2052 (c)(h) | | | | | | | | |
| | | 93,260,000 | | | | 1,842,501 | |
2020-B16, 0.302%, 02/15/2053 (c)(h) | | | | | | | | |
| | | 70,467,000 | | | | 931,179 | |
2020-B16, 1.043%, 02/15/2053 (c)(h) | | | | | | | | |
| | | 102,497,407 | | | | 4,520,043 | |
2020-B20, 0.696%, 10/15/2053 (c)(h) | | | | | | | | |
| | | 79,394,000 | | | | 2,493,321 | |
| 2020-B21, 1.798%, 12/17/2053 | | | 5,966,000 | | | | 5,080,465 | |
2021-B23, 1.013%, 02/15/2054 (c)(h) | | | | | | | | |
| | | 105,441,000 | | | | 5,814,892 | |
2021-B23, 1.375%, 02/15/2054 (c)(h) | | | | | | | | |
| | | 66,376,987 | | | | 4,182,421 | |
| 2021-B23, 1.766%, 02/15/2054 | | | 5,000,000 | | | | 4,165,993 | |
2021-B24, 0.707%, 03/15/2054 (c)(h) | | | | | | | | |
| | | 99,123,000 | | | | 3,817,227 | |
2021-B24, 1.266%, 03/15/2054 (c)(h) | | | | | | | | |
| | | 66,502,616 | | | | 3,794,327 | |
| 2021-B24, 2.256%, 03/15/2054 | | | 6,400,000 | | | | 5,481,224 | |
2021-B25, 0.779%, 04/15/2054 (c)(h) | | | | | | | | |
| | | 93,350,000 | | | | 3,758,672 | |
2021-B25, 1.214%, 04/15/2054 (c)(h) | | | | | | | | |
| | | 78,982,077 | | | | 4,431,692 | |
2021-B26, 1.481%, 06/15/2054 (c)(h) | | | | | | | | |
| | | 10,836,000 | | | | 895,240 | |
| 2021-B26, 2.000%, 06/15/2054 | | | 2,250,000 | | | | 1,085,329 | |
2021-B26, 2.688%, 06/15/2054 (c) | | | | | | | | |
| | | 6,000,000 | | | | 4,256,727 | |
2021-B27, 1.379%, 07/15/2054 (c)(h) | | | | | | | | |
| | | 51,910,934 | | | | 3,495,630 | |
2021-B27, 1.604%, 07/15/2054 (c)(h) | | | | | | | | |
| | | 28,014,000 | | | | 2,541,290 | |
| 2021-B27, 2.000%, 07/15/2054 | | | 5,000,000 | | | | 2,434,799 | |
| 2021-B27, 2.355%, 07/15/2054 | | | 6,000,000 | | | | 4,147,130 | |
| 2021-B27, 2.703%, 07/15/2054 | | | 2,000,000 | | | | 1,229,136 | |
2021-B28, 1.067%, 08/15/2054 (c)(h) | | | | | | | | |
| | | 32,491,000 | | | | 2,008,025 | |
2021-B28, 1.389%, 08/15/2054 (c)(h) | | | | | | | | |
| | | 85,763,779 | | | | 5,841,311 | |
| 2021-B28, 1.980%, 08/15/2054 | | | 10,000,000 | | | | 8,382,471 | |
2021-B29, 1.416%, 09/15/2054 (c)(h) | | | | | | | | |
| | | 27,615,000 | | | | 2,169,686 | |
| 2021-B29, 2.000%, 09/15/2054 | | | 8,953,000 | | | | 3,603,523 | |
2021-B30, 0.594%, 11/15/2054 (c)(h) | | | | | | | | |
| | | 83,683,000 | | | | 3,093,250 | |
2021-B30, 1.409%, 11/15/2054 (c)(h) | | | | | | | | |
| | | 18,582,000 | | | | 1,478,921 | |
| 2021-B30, 2.000%, 11/15/2054 | | | 2,250,000 | | | | 909,963 | |
| 2021-B30, 2.000%, 11/15/2054 | | | 1,500,000 | | | | 718,499 | |
| 2021-B30, 2.431%, 11/15/2054 | | | 5,250,000 | | | | 4,486,398 | |
2021-B30, 2.989%, 11/15/2054 (c) | | | | | | | | |
| | | 8,181,000 | | | | 4,812,981 | |
2021-B31, 0.541%, 12/15/2054 (c)(h) | | | | | | | | |
| | | 124,409,000 | | | | 3,848,704 | |
2021-B31, 0.883%, 12/15/2054 (c)(h) | | | | | | | | |
| | | 143,292,721 | | | | 6,518,715 | |
2021-B31, 1.256%, 12/15/2054 (c)(h) | | | | | | | | |
| | | 31,991,000 | | | | 2,314,555 | |
| 2021-B31, 2.615%, 12/15/2054 | | | 10,000,000 | | | | 8,653,181 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Benchmark Mortgage Trust (Cont.) | | | | | | |
2022-B32, 1.639%, 01/15/2055 (c)(h) | | | | | | |
| | $ | 39,202,000 | | | $ | 3,565,293 | |
| 2022-B32, 2.000%, 01/15/2055 | | | 5,000,000 | | | | 2,504,568 | |
2022-B32, 3.528%, 01/15/2055 (c) | | | | | | | | |
| | | 10,000,000 | | | | 7,856,088 | |
2022-B33, 1.735%, 03/15/2055 (c)(h) | | | | | | | | |
| | | 21,919,000 | | | | 2,070,605 | |
| 2023-B38, 5.626%, 04/15/2056 | | | 12,000,000 | | | | 11,748,684 | |
2019-B13, 0.535%, 08/15/2057 (c)(h) | | | | | | | | |
| | | 82,774,000 | | | | 1,637,932 | |
2019-B13, 1.636%, 08/15/2057 (c)(h) | | | | | | | | |
| | | 12,071,000 | | | | 863,132 | |
| | | | | | | | | |
| BMO Mortgage Trust | | | | | | | | |
2022-C1, 1.890%, 02/17/2055 (c)(h) | | | | | | | | |
| | | 30,550,000 | | | | 3,496,264 | |
| 2023-C5, 6.518%, 06/15/2056 | | | 10,000,000 | | | | 10,203,694 | |
| | | | | | | | | |
| California Housing | | | | | | | | |
| Finance Agency | | | | | | | | |
| 2021-1, 0.797%, 11/20/2035 (h) | | | 27,959,690 | | | | 1,409,728 | |
| 2021-3, 0.789%, 08/20/2036 (c)(h) | | | 25,595,855 | | | | 1,358,116 | |
| | | | | | | | | |
| Cantor Commercial | | | | | | | | |
| Real Estate Lending | | | | | | | | |
2019-CF2, 0.747%, 11/15/2052 (c)(h) | | | | | | | | |
| | | 134,736,000 | | | | 4,145,530 | |
| | | | | | | | | |
| CCUBS Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2017-C1, 0.425%, 11/15/2050 (c)(h) | | | | | | | | |
| | | 40,062,667 | | | | 470,115 | |
| | | | | | | | | |
| CD Mortgage Trust | | | | | | | | |
2017-CD3, 0.713%, 02/10/2050 (c)(h) | | | | | | | | |
| | | 61,857,000 | | | | 1,088,832 | |
| 2018-CD7, 4.213%, 08/15/2051 | | | 3,194,867 | | | | 3,058,391 | |
| | | | | | | | | |
| CGMS Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2017-B1, 0.289%, 08/15/2050 (c)(h) | | | | | | | | |
| | | 38,016,000 | | | | 268,431 | |
| | | | | | | | | |
| Citigroup Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2013-GC17, 5.235%, 11/10/2046 (c) | | | | | | | | |
| | | 5,000,000 | | | | 4,683,895 | |
2014-GC19, 4.805%, 03/11/2047 (c) | | | | | | | | |
| | | 3,030,000 | | | | 2,951,343 | |
2014-GC19, 5.257%, 03/11/2047 (c) | | | | | | | | |
| | | 2,882,579 | | | | 2,780,557 | |
| 2016-C1, 4.117%, 05/10/2049 | | | 3,000,000 | | | | 2,704,140 | |
| 2016-C1, 5.105%, 05/10/2049 (c) | | | 8,348,000 | | | | 7,418,371 | |
| 2016-P6, 4.300%, 12/10/2049 (c) | | | 6,835,000 | | | | 5,882,975 | |
2017-P7, 0.745%, 04/14/2050 (c)(h) | | | | | | | | |
| | | 45,124,000 | | | | 847,523 | |
| 2017-P8, 4.192%, 09/15/2050 | | | 4,160,000 | | | | 3,596,033 | |
2017-P8, 4.400%, 09/15/2050 (c) | | | | | | | | |
| | | 5,000,000 | | | | 4,143,699 | |
2017-C4, 0.366%, 10/12/2050 (c)(h) | | | | | | | | |
| | | 42,746,500 | | | | 433,757 | |
2017-C4, 1.172%, 10/12/2050 (c)(h) | | | | | | | | |
| | | 28,014,855 | | | | 830,893 | |
2018-B2, 0.529%, 03/10/2051 (c)(h) | | | | | | | | |
| | | 49,202,000 | | | | 791,931 | |
2018-C5, 0.488%, 06/10/2051 (c)(h) | | | | | | | | |
| | | 28,400,000 | | | | 439,922 | |
| 2018-C6, 4.343%, 11/10/2051 | | | 5,000,000 | | | | 4,816,376 | |
2020-GC46, 0.437%, 02/15/2053 (c)(h) | | | | | | | | |
| | | 92,457,000 | | | | 1,804,095 | |
2020-GC46, 1.097%, 02/15/2053 (c)(h) | | | | | | | | |
| | | 88,972,118 | | | | 4,033,578 | |
2019-GC41, 1.168%, 08/10/2056 (c)(h) | | | | | | | | |
| | | 52,656,398 | | | | 2,109,942 | |
| 2019-GC41, 3.018%, 08/10/2056 | | | 10,339,000 | | | | 8,650,823 | |
2019-C7, 0.410%, 12/15/2072 (c)(h) | | | | | | | | |
| | | 50,711,000 | | | | 805,595 | |
2019-C7, 0.989%, 12/15/2072 (c)(h) | | | | | | | | |
| | | 75,515,540 | | | | 3,042,936 | |
2019-C7, 1.327%, 12/15/2072 (c)(h) | | | | | | | | |
| | | 39,933,000 | | | | 2,420,271 | |
| 2019-C7, 3.667%, 12/15/2072 (c) | | | 10,000,000 | | | | 7,989,249 | |
| | | | | | | | | |
| COMM Mortgage Trust | | | | | | | | |
2014-CR18, 4.456%, 07/15/2047 (c) | | | | | | | | |
| | | 4,550,700 | | | | 4,367,479 | |
2019-GC44, 1.140%, 08/15/2057 (c)(h) | | | | | | | | |
| | | 19,460,000 | | | | 1,031,660 | |
| | | | | | | | | |
| CSAIL Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2016-C5, 1.000%, 11/15/2048 (c)(h) | | | | | | | | |
| | | 46,821,000 | | | | 826,817 | |
2015-C1, 0.500%, 04/15/2050 (c)(h) | | | | | | | | |
| | | 62,192,000 | | | | 376,678 | |
2017-C8, 0.444%, 06/15/2050 (c)(h) | | | | | | | | |
| | | 74,773,000 | | | | 883,361 | |
2019-C17, 1.488%, 09/15/2052 (c)(h) | | | | | | | | |
| | | 84,186,449 | | | | 4,470,351 | |
2019-C18, 1.180%, 12/15/2052 (c)(h) | | | | | | | | |
| | | 103,486,301 | | | | 4,291,194 | |
2019-C18, 4.086%, 12/15/2052 (c) | | | | | | | | |
| | | 3,901,000 | | | | 2,951,254 | |
| | | | | | | | | |
| GS Mortgage Securities Corp. II | | | | | | | | |
| 2012-BWTR, 3.255%, 11/05/2034 | | | 6,608,000 | | | | 3,170,899 | |
2018-GS10, 1.553%, 07/10/2051 (c)(h) | | | | | | | | |
| | | 24,049,000 | | | | 1,471,917 | |
| | | | | | | | | |
| GS Mortgage Securities Corp. Trust | | | | | | | | |
| 2012-BWTR, 2.954%, 11/05/2034 | | | 445,000 | | | | 328,351 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| GS Mortgage Securities Trust | | | | | | |
2015-GC32, 4.544%, 07/10/2048 (c) | | | | | | |
| | $ | 6,453,000 | | | $ | 5,993,786 | |
| 2015-GC34, 3.244%, 10/10/2048 | | | 8,905,503 | | | | 8,466,566 | |
2016-GS3, 3.395%, 10/10/2049 (c) | | | | | | | | |
| | | 10,417,000 | | | | 8,769,558 | |
2015-GC30, 4.160%, 05/10/2050 (c) | | | | | | | | |
| | | 2,960,000 | | | | 2,676,872 | |
2017-GS8, 0.515%, 11/10/2050 (c)(h) | | | | | | | | |
| | | 44,642,000 | | | | 647,001 | |
2019-GC38, 1.993%, 02/10/2052 (c)(h) | | | | | | | | |
| | | 20,916,000 | | | | 1,767,538 | |
2019-GC39, 0.773%, 05/10/2052 (c)(h) | | | | | | | | |
| | | 69,588,000 | | | | 2,183,991 | |
2019-GC39, 1.760%, 05/10/2052 (c)(h) | | | | | | | | |
| | | 24,645,000 | | | | 1,857,503 | |
2019-GSA1, 0.935%, 11/10/2052 (c)(h) | | | | | | | | |
| | | 70,356,812 | | | | 2,709,778 | |
| 2020-GC45, 2.843%, 02/13/2053 | | | 12,881,000 | | | | 11,674,138 | |
2020-GSA2, 1.052%, 12/12/2053 (c)(h) | | | | | | | | |
| | | 73,324,000 | | | | 4,048,013 | |
| | | | | | | | | |
| JP Morgan Chase Commercial | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2015-JP1, 4.881%, 01/15/2049 (c) | | | | | | | | |
| | | 7,485,000 | | | | 6,295,886 | |
2007-CB20, 0.000%, 02/12/2051 (c)(e)(h) | | | | | | | | |
| | | 166,195 | | | | — | |
| | | | | | | | | |
| JPMBB Commercial | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2015-C30, 4.370%, 07/15/2048 (c) | | | | | | | | |
| | | 3,085,000 | | | | 2,803,794 | |
2015-C32, 0.500%, 11/15/2048 (c)(h) | | | | | | | | |
| | | 23,066,000 | | | | 194,022 | |
| | | | | | | | | |
| JPMCC Commercial | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2017-JP6, 0.704%, 07/15/2050 (c)(h) | | | | | | | | |
| | | 68,830,000 | | | | 1,481,428 | |
| | | | | | | | | |
| JPMDB Commercial | | | | | | | | |
| Mortgage Securities Trust | | | | | | | | |
2016-C4, 3.638%, 12/15/2049 (c) | | | | | | | | |
| | | 5,500,000 | | | | 4,498,844 | |
| | | | | | | | | |
| Morgan Stanley Bank of | | | | | | | | |
| America Merrill Lynch Trust | | | | | | | | |
2013-C12, 4.482%, 10/15/2046 (c) | | | | | | | | |
| | | 5,000,000 | | | | 4,983,624 | |
2015-C27, 4.643%, 12/15/2047 (c) | | | | | | | | |
| | | 3,000,000 | | | | 2,743,446 | |
2016-C31, 1.403%, 11/15/2049 (c)(h) | | | | | | | | |
| | | 21,212,500 | | | | 718,809 | |
2015-C23, 4.276%, 07/15/2050 (c) | | | | | | | | |
| | | 3,845,000 | | | | 3,532,506 | |
| 2017-C34, 2.700%, 11/15/2052 | | | 4,953,000 | | | | 2,950,427 | |
2017-C34, 4.111%, 11/15/2052 (c) | | | | | | | | |
| | | 5,054,000 | | | | 4,364,959 | |
| | | | | | | | | |
| Morgan Stanley Capital I Trust | | | | | | | | |
2016-BNK2, 0.654%, 11/15/2049 (c)(h) | | | | | | | | |
| | | 58,680,000 | | | | 868,570 | |
2017-H1, 2.307%, 06/15/2050 (c)(h) | | | | | | | | |
| | | 8,725,000 | | | | 571,310 | |
| 2017-H1, 4.281%, 06/15/2050 (c) | | | 7,890,000 | | | | 6,261,495 | |
2017-HR2, 4.463%, 12/15/2050 (c) | | | | | | | | |
| | | 10,576,000 | | | | 8,629,201 | |
2018-H3, 0.521%, 07/15/2051 (c)(h) | | | | | | | | |
| | | 135,712,000 | | | | 2,166,954 | |
2018-H3, 2.013%, 07/15/2051 (c)(h) | | | | | | | | |
| | | 15,363,500 | | | | 1,100,377 | |
| 2018-H3, 4.120%, 07/15/2051 | | | 4,768,378 | | | | 4,582,801 | |
2019-L2, 0.786%, 03/15/2052 (c)(h) | | | | | | | | |
| | | 127,093,000 | | | | 3,726,100 | |
2019-H7, 0.804%, 07/15/2052 (c)(h) | | | | | | | | |
| | | 130,723,000 | | | | 4,242,981 | |
| 2019-H7, 3.000%, 07/15/2052 | | | 2,402,000 | | | | 1,470,932 | |
| 2019-H7, 4.128%, 07/15/2052 | | | 9,593,000 | | | | 7,369,641 | |
2021-L5, 0.836%, 05/15/2054 (c)(h) | | | | | | | | |
| | | 70,387,500 | | | | 3,177,214 | |
| 2021-L5, 2.500%, 05/15/2054 | | | 3,500,000 | | | | 1,768,585 | |
| 2021-L5, 3.102%, 05/15/2054 | | | 6,627,000 | | | | 4,900,779 | |
| 2021-L6, 2.250%, 06/15/2054 (c) | | | 11,900,000 | | | | 10,060,218 | |
| 2021-L6, 2.951%, 06/15/2054 (c) | | | 7,500,000 | | | | 5,571,358 | |
2021-L7, 0.525%, 10/15/2054 (c)(h) | | | | | | | | |
| | | 143,080,000 | | | | 4,092,789 | |
| | | | | | | | | |
| National Finance Authority | | | | | | | | |
| 2023-2, 0.813%, 01/20/2038 (c)(h) | | | 33,000,000 | | | | 1,897,170 | |
| | | | | | | | | |
| UBS Commercial Mortgage Trust | | | | | | | | |
2017-C1, 1.104%, 06/15/2050 (c)(h) | | | | | | | | |
| | | 13,000,000 | | | | 393,180 | |
2017-C7, 0.491%, 12/15/2050 (c)(h) | | | | | | | | |
| | | 170,396,000 | | | | 2,559,024 | |
2017-C6, 0.621%, 12/15/2050 (c)(h) | | | | | | | | |
| | | 63,420,500 | | | | 1,326,243 | |
| 2018-C8, 3.720%, 02/15/2051 | | | 2,000,458 | | | | 1,835,012 | |
2018-C12, 0.406%, 08/15/2051 (c)(h) | | | | | | | | |
| | | 139,858,000 | | | | 2,137,618 | |
2018-C12, 1.033%, 08/15/2051 (c)(h) | | | | | | | | |
| | | 40,873,468 | | | | 1,383,522 | |
2018-C13, 0.417%, 10/15/2051 (c)(h) | | | | | | | | |
| | | 128,678,000 | | | | 2,072,436 | |
2018-C13, 2.192%, 10/15/2051 (c)(h) | | | | | | | | |
| | | 16,442,000 | | | | 1,416,799 | |
| 2018-C13, 4.241%, 10/15/2051 | | | 3,274,000 | | | | 3,123,034 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| UBS Commercial | | | | | | |
| Mortgage Trust (Cont.) | | | | | | |
2018-C14, 0.387%, 12/15/2051 (c)(h) | | | | | | |
| | $ | 114,392,000 | | | $ | 1,777,091 | |
| 2019-C16, 3.460%, 04/15/2052 | | | 9,000,000 | | | | 8,425,526 | |
2019-C17, 0.992%, 10/15/2052 (c)(h) | | | | | | | | |
| | | 128,213,000 | | | | 5,513,954 | |
| 2019-C18, 2.987%, 12/15/2052 | | | 4,500,000 | | | | 4,079,315 | |
2019-C18, 3.378%, 12/15/2052 (c) | | | | | | | | |
| | | 9,000,000 | | | | 7,503,368 | |
| | | | | | | | | |
| Washington State Housing | | | | | | | | |
| Finance Commission | | | | | | | | |
| 2021-1, 0.726%, 12/20/2035 (h) | | | 20,550,279 | | | | 952,094 | |
| | | | | | | | | |
| Wells Fargo Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
2015-NXS1, 3.658%, 05/15/2048 (c) | | | | | | | | |
| | | 1,320,000 | | | | 1,181,915 | |
| 2015-C28, 4.216%, 05/15/2048 (c) | | | 11,105,000 | | | | 9,917,787 | |
| 2015-C28, 4.216%, 05/15/2048 (c) | | | 4,376,000 | | | | 3,469,570 | |
2016-LC24, 1.122%, 10/15/2049 (c)(h) | | | | | | | | |
| | | 66,264,075 | | | | 1,679,198 | |
| 2016-C37, 3.335%, 12/15/2049 (c) | | | 7,375,000 | | | | 5,290,294 | |
| 2016-C37, 4.635%, 12/15/2049 (c) | | | 11,213,000 | | | | 9,562,884 | |
2017-RB1, 0.880%, 03/15/2050 (c)(h) | | | | | | | | |
| | | 69,254,209 | | | | 1,458,480 | |
2017-C42, 0.464%, 12/15/2050 (c)(h) | | | | | | | | |
| | | 116,750,000 | | | | 1,594,501 | |
| 2018-C43, 4.514%, 03/15/2051 (c) | | | 4,033,000 | | | | 3,314,894 | |
2018-C48, 0.373%, 01/15/2052 (c)(h) | | | | | | | | |
| | | 138,642,000 | | | | 1,898,785 | |
| 2018-C48, 4.245%, 01/15/2052 | | | 7,000,000 | | | | 6,747,310 | |
2019-C49, 0.772%, 03/15/2052 (c)(h) | | | | | | | | |
| | | 125,812,000 | | | | 3,715,191 | |
| 2019-C49, 3.933%, 03/15/2052 | | | 5,000,000 | | | | 4,788,597 | |
| 2019-C49, 4.546%, 03/15/2052 | | | 8,947,000 | | | | 7,586,746 | |
2019-C50, 1.037%, 05/15/2052 (c)(h) | | | | | | | | |
| | | 36,427,311 | | | | 1,503,180 | |
2019-C51, 0.823%, 06/15/2052 (c)(h) | | | | | | | | |
| | | 130,394,000 | | | | 4,140,114 | |
2019-C52, 1.255%, 08/15/2052 (c)(h) | | | | | | | | |
| | | 113,763,146 | | | | 6,033,007 | |
2019-C52, 1.749%, 08/15/2052 (c)(h) | | | | | | | | |
| | $ | 57,051,972 | | | $ | 3,648,896 | |
| 2019-C52, 3.561%, 08/15/2052 | | | 6,171,000 | | | | 4,601,314 | |
2019-C53, 0.579%, 10/15/2052 (c)(h) | | | | | | | | |
| | | 105,325,000 | | | | 2,708,201 | |
| 2019-C53, 3.514%, 10/15/2052 (c) | | | 5,200,000 | | | | 4,021,899 | |
2020-C55, 0.945%, 02/15/2053 (c)(h) | | | | | | | | |
| | | 58,030,370 | | | | 2,448,922 | |
2020-C56, 0.370%, 06/15/2053 (c)(h) | | | | | | | | |
| | | 127,035,000 | | | | 2,056,227 | |
| 2020-C56, 2.422%, 06/15/2053 | | | 2,250,000 | | | | 1,997,565 | |
2020-C58, 1.238%, 07/15/2053 (c)(h) | | | | | | | | |
| | | 109,974,000 | | | | 6,924,546 | |
2020-C57, 0.812%, 08/15/2053 (c)(h) | | | | | | | | |
| | | 74,972,000 | | | | 3,078,343 | |
| 2020-C57, 1.914%, 08/15/2053 | | | 7,250,000 | | | | 6,251,777 | |
| 2020-C57, 4.157%, 08/15/2053 (c) | | | 5,500,000 | | | | 4,450,645 | |
2021-C59, 1.037%, 04/15/2054 (c)(h) | | | | | | | | |
| | | 65,782,000 | | | | 3,660,393 | |
2021-C59, 1.580%, 04/15/2054 (c)(h) | | | | | | | | |
| | | 40,274,000 | | | | 3,411,945 | |
| 2021-C59, 3.284%, 04/15/2054 | | | 7,648,000 | | | | 4,923,619 | |
2021-C60, 1.224%, 08/15/2054 (c)(h) | | | | | | | | |
| | | 40,551,000 | | | | 2,711,503 | |
2021-C60, 1.654%, 08/15/2054 (c)(h) | | | | | | | | |
| | | 40,822,646 | | | | 3,193,539 | |
| 2021-C60, 2.730%, 08/15/2054 | | | 7,114,678 | | | | 5,211,935 | |
| 2021-C60, 2.738%, 08/15/2054 | | | 3,000,000 | | | | 1,937,503 | |
2021-C61, 1.520%, 11/15/2054 (c)(h) | | | | | | | | |
| | | 9,132,000 | | | | 799,656 | |
| 2021-C61, 2.525%, 11/15/2054 | | | 15,000,000 | | | | 12,996,012 | |
| 2021-C61, 3.113%, 11/15/2054 | | | 4,221,000 | | | | 3,078,090 | |
| 2015-C30, 4.400%, 09/15/2058 (c) | | | 5,800,000 | | | | 5,353,356 | |
2018-C47, 0.278%, 09/15/2061 (c)(h) | | | | | | | | |
| | | 164,144,000 | | | | 1,378,334 | |
| 2018-C47, 4.673%, 09/15/2061 (c) | | | 8,000,000 | | | | 7,417,925 | |
| | | | | | | | | |
| WFRBS Commercial Mortgage Trust | | | | | | | | |
2013-UBS1, 5.207%, 03/15/2046 (c) | | | | | | | | |
| | | 7,500,000 | | | | 7,418,970 | |
| | | | | | | | | |
| TOTAL NON-AGENCY | | | | | | | | |
| COMMERCIAL MORTGAGE | | | | | | | | |
| BACKED SECURITIES | | | | | | | | |
| (Cost $1,176,582,839) | | | | | | | 956,787,742 | |
| | | | | | | | | |
| AGENCY COMMERCIAL MORTGAGE | | | | | | | | |
| BACKED SECURITIES – 7.81% | | | | | | | | |
| | | | | | | | | |
| California Housing Finance Agency | | | | | | | | |
2021-2, 0.845%, 03/25/2035 (c)(h) | | | | | | | | |
| | | 31,730,999 | | | | 1,593,531 | |
| | | | | | | | | |
| FNMA MBS | | | | | | | | |
| 3.330%, 01/01/2038 (c) | | | 10,731,000 | | | | 8,918,958 | |
| | | | | | | | | |
| Freddie Mac Multiclass | | | | | | | | |
| Certificates Series | | | | | | | | |
2021-RR17, 2.038%, 08/27/2027 (c)(h) | | | | | | | | |
| | | 70,015,000 | | | | 4,046,097 | |
2020-RR09, 2.676%, 08/27/2029 (c)(h) | | | | | | | | |
| | | 42,360,000 | | | | 4,454,810 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Freddie Mac Multifamily | | | | | | |
| ML Certificates | | | | | | |
2020-ML07, 2.016%, 10/25/2036 (c)(h) | | | | | | |
| | $ | 24,726,723 | | | $ | 3,505,013 | |
2019-ML06, 1.133%, 06/25/2037 (c)(h) | | | | | | | | |
| | | 10,639,135 | | | | 854,855 | |
2021-ML08, 1.869%, 07/25/2037 (c)(h) | | | | | | | | |
| | | 32,728,794 | | | | 4,354,566 | |
2021-ML10, 2.127%, 01/25/2038 (c)(h) | | | | | | | | |
| | | 14,152,082 | | | | 2,188,195 | |
2021-ML11, 0.770%, 03/25/2038 (c)(h) | | | | | | | | |
| | | 33,953,030 | | | | 1,866,059 | |
2021-ML10, 1.578%, 06/25/2038 (c)(h) | | | | | | | | |
| | | 39,381,732 | | | | 4,565,524 | |
2021-ML09, 1.490%, 02/25/2040 (c)(h) | | | | | | | | |
| | | 43,683,536 | | | | 5,139,805 | |
2021-ML12, 1.302%, 07/25/2041 (c)(h) | | | | | | | | |
| | | 17,986,790 | | | | 1,750,474 | |
| | | | | | | | | |
| Freddie Mac Multifamily Structured | | | | | | | | |
| Pass Through Certificates | | | | | | | | |
| K723, 0.792%, 09/25/2023 (c)(h) | | | 5,915,474 | | | | 59 | |
| K728, 0.506%, 08/25/2024 (c)(h) | | | 56,421,908 | | | | 190,565 | |
| K729, 0.465%, 10/25/2024 (c)(h) | | | 46,279,539 | | | | 118,929 | |
| K042, 1.148%, 12/25/2024 (c)(h) | | | 111,029,645 | | | | 1,160,759 | |
| K046, 0.454%, 03/25/2025 (c)(h) | | | 426,379,608 | | | | 1,837,824 | |
| K049, 0.678%, 07/25/2025 (c)(h) | | | 87,332,384 | | | | 747,495 | |
| K734, 0.784%, 02/25/2026 (c)(h) | | | 63,662,742 | | | | 746,458 | |
| K735, 1.094%, 05/25/2026 (c)(h) | | | 58,046,903 | | | | 1,176,901 | |
| K735, 1.501%, 05/25/2026 (c)(h) | | | 70,547,000 | | | | 2,228,114 | |
| K737, 1.121%, 10/25/2026 (c)(h) | | | 20,050,000 | | | | 577,592 | |
| K061, 0.183%, 11/25/2026 (c)(h) | | | 72,512,000 | | | | 207,776 | |
| K062, 0.305%, 12/25/2026 (c)(h) | | | 79,423,000 | | | | 501,461 | |
| K063, 0.411%, 01/25/2027 (c)(h) | | | 362,365,580 | | | | 2,903,780 | |
| K064, 0.735%, 03/25/2027 (c)(h) | | | 121,950,451 | | | | 2,155,718 | |
| K738, 1.480%, 03/25/2027 (c)(h) | | | 24,099,000 | | | | 1,034,811 | |
| K065, 0.693%, 05/25/2027 (c)(h) | | | 57,193,000 | | | | 1,098,941 | |
| K066, 0.885%, 06/25/2027 (c)(h) | | | 30,933,815 | | | | 708,462 | |
| KW03, 0.969%, 06/25/2027 (c)(h) | | | 14,764,639 | | | | 310,480 | |
| K067, 0.706%, 07/25/2027 (c)(h) | | | 39,572,290 | | | | 727,624 | |
| K068, 0.552%, 08/25/2027 (c)(h) | | | 100,654,782 | | | | 1,433,113 | |
| K069, 0.473%, 09/25/2027 (c)(h) | | | 28,387,933 | | | | 352,550 | |
| K739, 1.665%, 09/25/2027 (c)(h) | | | 32,621,072 | | | | 1,720,944 | |
| K072, 0.492%, 12/25/2027 (c)(h) | | | 59,638,266 | | | | 811,522 | |
| K073, 0.336%, 01/25/2028 (c)(h) | | | 54,203,000 | | | | 508,061 | |
| K073, 0.436%, 01/25/2028 (c)(h) | | | 153,552,821 | | | | 1,886,596 | |
| K742, 1.016%, 04/25/2028 (c)(h) | | | 89,849,000 | | | | 3,366,759 | |
| K743, 1.391%, 05/25/2028 (c)(h) | | | 99,488,000 | | | | 5,228,303 | |
| KW06, 0.270%, 06/25/2028 (c)(h) | | | 535,427,378 | | | | 3,178,350 | |
| K080, 0.265%, 07/25/2028 (c)(h) | | | 425,685,928 | | | | 2,877,169 | |
| K744, 0.957%, 07/25/2028 (c)(h) | | | 106,987,976 | | | | 3,683,617 | |
| K744, 1.329%, 07/25/2028 (c)(h) | | | 122,906,000 | | | | 6,317,983 | |
| K081, 0.216%, 08/25/2028 (c)(h) | | | 153,098,184 | | | | 747,762 | |
| K084, 0.335%, 10/25/2028 (c)(h) | | | 335,443,816 | | | | 3,534,471 | |
| K747, 0.486%, 12/25/2028 (c)(h) | | | 160,000,000 | | | | 2,934,016 | |
| K089, 0.601%, 01/25/2029 (c)(h) | | | 53,965,000 | | | | 1,232,652 | |
| K748, 0.638%, 01/25/2029 (c)(h) | | | 175,000,000 | | | | 4,574,255 | |
| K091, 0.636%, 03/25/2029 (c)(h) | | | 53,659,000 | | | | 1,352,829 | |
| K090, 0.773%, 03/25/2029 (c)(h) | | | 50,517,000 | | | | 1,595,221 | |
| KW09, 0.941%, 05/25/2029 (c)(h) | | | 62,657,243 | | | | 2,115,872 | |
| K093, 1.092%, 05/25/2029 (c)(h) | | | 52,720,557 | | | | 2,227,575 | |
| K094, 1.014%, 06/25/2029 (c)(h) | | | 194,706,042 | | | | 8,015,872 | |
| K097, 1.220%, 07/25/2029 (c)(h) | | | 72,578,689 | | | | 3,753,668 | |
| KG02, 1.147%, 08/25/2029 (c)(h) | | | 31,907,919 | | | | 1,442,113 | |
| K098, 1.267%, 08/25/2029 (c)(h) | | | 78,476,788 | | | | 4,278,170 | |
| K098, 1.517%, 08/25/2029 (c)(h) | | | 24,691,000 | | | | 1,718,597 | |
| K099, 1.002%, 09/25/2029 (c)(h) | | | 209,560,763 | | | | 8,920,394 | |
| K100, 1.035%, 09/25/2029 (c)(h) | | | 62,086,000 | | | | 2,939,840 | |
| K102, 0.944%, 10/25/2029 (c)(h) | | | 172,667,395 | | | | 6,976,523 | |
| K101, 1.206%, 10/25/2029 (c)(h) | | | 65,686,000 | | | | 3,719,286 | |
| K103, 0.757%, 11/25/2029 (c)(h) | | | 124,969,813 | | | | 4,018,079 | |
| K105, 1.889%, 01/25/2030 (c)(h) | | | 64,122,000 | | | | 5,984,840 | |
| K107, 1.668%, 02/25/2030 (c)(h) | | | 118,898,000 | | | | 9,842,174 | |
| K108, 1.780%, 03/25/2030 (c)(h) | | | 70,601,000 | | | | 6,331,999 | |
| K108, 1.810%, 03/25/2030 (c)(h) | | | 56,744,956 | | | | 4,921,467 | |
| K110, 1.813%, 04/25/2030 (c)(h) | | | 29,835,146 | | | | 2,522,803 | |
| K112, 1.537%, 05/25/2030 (c)(h) | | | 115,054,062 | | | | 8,677,400 | |
| K111, 1.680%, 05/25/2030 (c)(h) | | | 108,581,483 | | | | 8,866,720 | |
| K112, 1.769%, 05/25/2030 (c)(h) | | | 44,272,000 | | | | 4,062,191 | |
| K114, 1.210%, 06/25/2030 (c)(h) | | | 136,020,782 | | | | 8,139,076 | |
| K115, 1.428%, 06/25/2030 (c)(h) | | | 53,994,873 | | | | 3,783,145 | |
| K114, 1.436%, 06/25/2030 (c)(h) | | | 54,977,000 | | | | 4,141,511 | |
| KG03, 1.480%, 06/25/2030 (c)(h) | | | 15,500,059 | | | | 1,067,970 | |
| K113, 1.483%, 06/25/2030 (c)(h) | | | 113,241,383 | | | | 8,231,267 | |
| K116, 1.528%, 07/25/2030 (c)(h) | | | 98,787,414 | | | | 7,302,050 | |
| K115, 1.649%, 07/25/2030 (c)(h) | | | 40,865,759 | | | | 3,531,214 | |
| K116, 1.704%, 08/25/2030 (c)(h) | | | 23,000,000 | | | | 2,082,326 | |
| K118, 1.051%, 09/25/2030 (c)(h) | | | 120,409,395 | | | | 6,278,218 | |
| K118, 1.263%, 09/25/2030 (c)(h) | | | 35,916,184 | | | | 2,424,195 | |
| K121, 1.119%, 10/25/2030 (c)(h) | | | 48,705,051 | | | | 2,678,909 | |
| K119, 1.229%, 10/25/2030 (c)(h) | | | 51,000,000 | | | | 3,338,302 | |
| KG04, 0.938%, 11/25/2030 (c)(h) | | | 110,986,561 | | | | 5,129,366 | |
| K122, 0.971%, 11/25/2030 (c)(h) | | | 111,471,219 | | | | 5,378,442 | |
| K122, 1.172%, 11/25/2030 (c)(h) | | | 35,211,000 | | | | 2,233,758 | |
| K121, 1.290%, 11/25/2030 (c)(h) | | | 70,786,000 | | | | 4,985,529 | |
| K123, 1.067%, 12/25/2030 (c)(h) | | | 108,000,000 | | | | 6,275,956 | |
| K125, 0.674%, 01/25/2031 (c)(h) | | | 283,219,781 | | | | 9,370,270 | |
| K125, 0.873%, 01/25/2031 (c)(h) | | | 103,992,000 | | | | 4,926,954 | |
| K124, 1.027%, 01/25/2031 (c)(h) | | | 89,626,000 | | | | 4,991,344 | |
| K1502, 1.100%, 01/25/2031 (c)(h) | | | 29,204,180 | | | | 1,474,096 | |
| K127, 0.594%, 02/25/2031 (c)(h) | | | 186,332,000 | | | | 5,758,702 | |
| K128, 0.612%, 03/25/2031 (c)(h) | | | 153,772,585 | | | | 4,644,009 | |
| K128, 0.829%, 03/25/2031 (c)(h) | | | 37,700,000 | | | | 1,726,155 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Freddie Mac Multifamily Structured | | | | | | |
| Pass Through Certificates (Cont.) | | | | | | |
| K129, 1.325%, 05/25/2031 (c)(h) | | $ | 31,700,000 | | | $ | 2,386,626 | |
| K130, 1.143%, 06/25/2031 (c)(h) | | | 122,647,082 | | | | 7,665,259 | |
| K131, 0.830%, 07/25/2031 (c)(h) | | | 135,508,970 | | | | 6,141,510 | |
| K130, 1.321%, 07/25/2031 (c)(h) | | | 43,372,188 | | | | 3,367,313 | |
| K138, 0.794%, 01/25/2032 (c)(h) | | | 195,000,000 | | | | 9,234,635 | |
| K141, 0.407%, 02/25/2032 (c)(h) | | | 184,939,545 | | | | 4,075,346 | |
| K141, 0.426%, 02/25/2032 (c)(h) | | | 195,000,000 | | | | 4,579,614 | |
| K146, 2.920%, 06/25/2032 (c) | | | 11,400,000 | | | | 9,878,632 | |
| K149, 0.403%, 08/25/2032 (c)(h) | | | 83,222,283 | | | | 1,829,059 | |
| K154, 4.350%, 01/25/2033 (c) | | | 10,000,000 | | | | 9,665,275 | |
| K156, 4.430%, 02/25/2033 (c) | | | 8,000,000 | | | | 7,780,125 | |
| K155, 0.259%, 04/25/2033 (c)(h) | | | 243,802,650 | | | | 2,697,701 | |
| K157, 4.200%, 05/25/2033 (c) | | | 10,000,000 | | | | 9,550,660 | |
| K1511, 0.929%, 03/25/2034 (c)(h) | | | 131,457,111 | | | | 7,026,803 | |
| K1512, 1.052%, 04/25/2034 (c)(h) | | | 47,399,167 | | | | 2,943,228 | |
| K1513, 0.992%, 08/25/2034 (c)(h) | | | 75,754,968 | | | | 4,494,800 | |
| K1514, 0.700%, 10/25/2034 (c)(h) | | | 80,299,771 | | | | 3,595,029 | |
| K1515, 1.636%, 02/25/2035 (c)(h) | | | 78,488,462 | | | | 8,826,090 | |
| K1516, 1.629%, 05/25/2035 (c)(h) | | | 41,658,636 | | | | 4,787,919 | |
| K1517, 1.436%, 07/25/2035 (c)(h) | | | 80,189,657 | | | | 8,414,261 | |
| K1521, 1.095%, 08/25/2036 (c)(h) | | | 95,634,108 | | | | 7,883,483 | |
| K097, 1.480%, 09/25/2051 (c)(h) | | | 66,115,000 | | | | 4,425,930 | |
| | | | | | | | | |
| TOTAL AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $497,548,424) | | | | | | | 451,485,454 | |
| | | | | | | | | |
| MUNICIPAL BONDS – 21.85% | | | | | | | | |
| | | | | | | | | |
| Alabama – 0.30% | | | | | | | | |
| | | | | | | | | |
| Baldwin County Public | | | | | | | | |
| Building Authority | | | | | | | | |
| 2.000%, 03/01/2046 | | | 1,210,000 | | | | 723,487 | |
| | | | | | | | | |
| Water Works Board of the | | | | | | | | |
| City of Birmingham | | | | | | | | |
| 2.513%, 01/01/2036 | | | 13,945,000 | | | | 10,833,437 | |
| 2.710%, 01/01/2038 | | | 6,835,000 | | | | 5,210,727 | |
| 3.573%, 01/01/2045 | | | 385,000 | | | | 303,692 | |
| | | | | | | | 17,071,343 | |
| Arizona – 0.21% | | | | | | | | |
| | | | | | | | | |
| City of Tucson, AZ | | | | | | | | |
| 2.232%, 07/01/2034 | | | 11,605,000 | | | | 8,737,262 | |
| | | | | | | | | |
| Glendale Municipal | | | | | | | | |
| Property Corp. | | | | | | | | |
| 6.157%, 07/01/2033 | | | 3,050,000 | | | | 3,271,078 | |
| | | | | | | | 12,008,340 | |
| California – 4.03% | | | | | | | | |
| | | | | | | | | |
| Alvord Unified School District | | | | | | | | |
| 0.000%, 08/01/2046 (e) | | | 2,105,000 | | | | 2,274,413 | |
| | | | | | | | | |
| Bakersfield City School District | | | | | | | | |
| 0.000%, 05/01/2047 (e) | | | 9,715,000 | | | | 6,686,485 | |
| | | | | | | | | |
| California Pollution Control | | | | | | | | |
| Financing Authority | | | | | | | | |
| 5.000%, 07/01/2038 | | | 1,000,000 | | | | 1,029,668 | |
| | | | | | | | | |
| California Statewide Communities | | | | | | | | |
| Development Authority | | | | | | | | |
| 6.076%, 06/01/2034 | | | 10,000,000 | | | | 10,403,110 | |
| | | | | | | | | |
| Chaffey Community | | | | | | | | |
| College District | | | | | | | | |
| 3.000%, 06/01/2038 | | | 3,705,000 | | | | 3,150,402 | |
| | | | | | | | | |
| Chaffey Joint Union | | | | | | | | |
| High School District | | | | | | | | |
| 3.143%, 08/01/2043 | | | 3,790,000 | | | | 2,780,443 | |
| | | | | | | | | |
| City of Industry, CA | | | | | | | | |
| 4.000%, 01/01/2028 | | | 2,885,000 | | | | 2,728,175 | |
| | | | | | | | | |
| City of Los Angeles, CA | | | | | | | | |
| Department of Airports | | | | | | | | |
| 1.876%, 05/15/2030 | | | 230,000 | | | | 185,908 | |
| | | | | | | | | |
| City of Montebello, CA | | | | | | | | |
| 3.393%, 06/01/2032 | | | 2,825,000 | | | | 2,451,311 | |
| | | | | | | | | |
| City of Ontario, CA | | | | | | | | |
| 3.779%, 06/01/2038 | | | 3,000,000 | | | | 2,593,130 | |
| | | | | | | | | |
| City of Orange, CA | | | | | | | | |
| 2.270%, 06/01/2031 | | | 12,370,000 | | | | 10,069,692 | |
| | | | | | | | | |
| City of Sacramento, CA | | | | | | | | |
| Transient Occupancy Tax Revenue | | | | | | | | |
| 3.858%, 06/01/2025 | | | 3,320,000 | | | | 3,219,645 | |
| | | | | | | | | |
| City of San Francisco, CA | | | | | | | | |
| Public Utilities Commission | | | | | | | | |
| Water Revenue | | | | | | | | |
| 2.845%, 11/01/2041 | | | 2,000,000 | | | | 1,447,521 | |
| | | | | | | | | |
| City of Union City, CA | | | | | | | | |
| 0.000%, 07/01/2025 (e) | | | 2,105,000 | | | | 1,904,250 | |
| | | | | | | | | |
| City of Whittier, CA | | | | | | | | |
| 1.566%, 06/01/2028 | | | 1,085,000 | | | | 924,974 | |
| | | | | | | | | |
| Coast Community | | | | | | | | |
| College District | | | | | | | | |
| 2.957%, 08/01/2038 | | | 15,000,000 | | | | 11,718,577 | |
| | | | | | | | | |
| Cucamonga Valley Water | | | | | | | | |
| District Financing Authority | | | | | | | | |
| 3.010%, 09/01/2042 | | | 5,000,000 | | | | 3,667,083 | |
| | | | | | | | | |
| East Side Union | | | | | | | | |
| High School District | | | | | | | | |
| 5.320%, 04/01/2036 | | | 6,505,000 | | | | 6,445,340 | |
| | | | | | | | | |
| Fullerton Public | | | | | | | | |
| Financing Authority | | | | | | | | |
| 7.750%, 05/01/2031 | | | 1,145,000 | | | | 1,263,639 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| California – 4.03% (Cont.) | | | | | | |
| | | | | | | |
| Gateway Unified | | | | | | |
| School District, CA | | | | | | |
| 0.000%, 08/01/2035 (e) | | $ | 2,315,000 | | | $ | 1,448,910 | |
| 0.000%, 08/01/2036 (e) | | | 2,315,000 | | | | 1,363,048 | |
| | | | | | | | | |
| Golden State Tobacco | | | | | | | | |
| Securitization Corp. | | | | | | | | |
| 2.787%, 06/01/2031 | | | 15,930,000 | | | | 13,091,983 | |
| 3.000%, 06/01/2046 | | | 10,840,000 | | | | 9,959,164 | |
| | | | | | | | | |
| Inland Empire Tobacco | | | | | | | | |
| Securitization Corp. | | | | | | | | |
| 3.678%, 06/01/2038 | | | 20,050,000 | | | | 18,644,148 | |
| | | | | | | | | |
| Los Angeles Community | | | | | | | | |
| College District, CA | | | | | | | | |
| 6.600%, 08/01/2042 | | | 7,545,000 | | | | 8,728,445 | |
| | | | | | | | | |
| Norwalk-La Mirada | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2038 (e) | | | 4,450,000 | | | | 2,246,248 | |
| | | | | | | | | |
| Paramount Unified | | | | | | | | |
| School District | | | | | | | | |
| 3.272%, 08/01/2051 | | | 13,425,000 | | | | 9,585,467 | |
| | | | | | | | | |
| Pasadena Unified | | | | | | | | |
| School District | | | | | | | | |
| 2.881%, 05/01/2037 | | | 6,030,000 | | | | 4,862,465 | |
| | | | | | | | | |
| Peralta Community | | | | | | | | |
| College District | | | | | | | | |
| 0.000%, 08/05/2031 (e) | | | 12,350,000 | | | | 10,627,168 | |
| | | | | | | | | |
| Perris Union High School District | | | | | | | | |
| 2.700%, 09/01/2042 | | | 3,000,000 | | | | 2,067,482 | |
| | | | | | | | | |
| Placentia-Yorba Linda | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2035 (e) | | | 7,600,000 | | | | 4,829,441 | |
| | | | | | | | | |
| Riverside County Infrastructure | | | | | | | | |
| Financing Authority | | | | | | | | |
| 3.185%, 11/01/2041 | | | 4,755,000 | | | | 3,529,755 | |
| | | | | | | | | |
| San Diego County | | | | | | | | |
| Regional Airport Authority | | | | | | | | |
| 3.103%, 07/01/2043 | | | 6,475,000 | | | | 4,703,655 | |
| | | | | | | | | |
| San Diego Unified School District | | | | | | | | |
| 0.000%, 07/01/2036 (e) | | | 7,915,000 | | | | 4,772,329 | |
| | | | | | | | | |
| San Francisco City & | | | | | | | | |
| County Redevelopment | | | | | | | | |
| Financing Authority | | | | | | | | |
| 0.000%, 08/01/2036 (e) | | | 5,240,000 | | | | 2,600,291 | |
| | | | | | | | | |
| Santa Ana Unified School District | | | | | | | | |
| 0.000%, 08/01/2037 (e) | | | 3,955,000 | | | | 2,181,637 | |
| | | | | | | | | |
| State of California | | | | | | | | |
| 7.550%, 04/01/2039 | | | 28,000,000 | | | | 34,616,162 | |
| | | | | | | | | |
| University of California | | | | | | | | |
| 4.767%, 05/15/2115 | | | 3,987,000 | | | | 3,448,093 | |
| 4.858%, 05/15/2112 | | | 4,486,000 | | | | 3,953,770 | |
| | | | | | | | | |
| West Contra Costa | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2036 (e) | | | 5,000,000 | | | | 2,955,137 | |
| | | | | | | | | |
| West Sonoma County | | | | | | | | |
| Union High School District | | | | | | | | |
| 0.000%, 08/01/2037 (e) | | | 1,840,000 | | | | 1,034,504 | |
| | | | | | | | | |
| William S. Hart Union | | | | | | | | |
| High School District | | | | | | | | |
| 0.000%, 08/01/2036 (e) | | | 1,150,000 | | | | 683,993 | |
| | | | | | | | | |
| Yosemite Community | | | | | | | | |
| College District | | | | | | | | |
| 0.000%, 08/01/2038 (e) | | | 6,110,000 | | | | 3,210,854 | |
| | | | | | | | | |
| Yuba Community College District | | | | | | | | |
| 0.000%, 08/01/2038 (e) | | | 5,055,000 | | | | 2,691,556 | |
| | | | | | | | 232,779,471 | |
| Colorado – 0.27% | | | | | | | | |
| | | | | | | | | |
| City of Aurora, CO Water Revenue | | | | | | | | |
| 2.720%, 08/01/2046 | | | 880,000 | | | | 587,890 | |
| | | | | | | | | |
| City of Fruita, CO | | | | | | | | |
| Healthcare Revenue | | | | | | | | |
| 5.000%, 01/01/2028 | | | 2,225,000 | | | | 2,117,942 | |
| | | | | | | | | |
| Colorado Health | | | | | | | | |
| Facilities Authority | | | | | | | | |
| 3.696%, 11/01/2039 | | | 4,825,000 | | | | 3,936,778 | |
| 3.796%, 11/01/2044 | | | 11,815,000 | | | | 9,089,119 | |
| | | | | | | | 15,731,729 | |
| Connecticut – 0.50% | | | | | | | | |
| | | | | | | | | |
| State of Connecticut | | | | | | | | |
| 3.000%, 01/15/2036 | | | 5,000,000 | | | | 4,479,409 | |
| 3.000%, 01/15/2037 | | | 7,075,000 | | | | 6,187,943 | |
| 3.000%, 06/01/2037 | | | 8,620,000 | | | | 7,461,774 | |
| | | | | | | | | |
| State of Connecticut | | | | | | | | |
| Special Tax Revenue | | | | | | | | |
| 3.125%, 05/01/2040 | | | 6,975,000 | | | | 5,795,054 | |
| | | | | | | | | |
| Town of West Hartford, CT | | | | | | | | |
| 2.764%, 07/01/2041 | | | 7,025,000 | | | | 5,240,408 | |
| | | | | | | | 29,164,588 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| District of Columbia – 0.29% | | | | | | |
| | | | | | | |
| District of Columbia | | | | | | |
| Water & Sewer Authority | | | | | | |
| 4.814%, 10/01/2114 | | $ | 2,095,000 | | | $ | 1,850,229 | |
| | | | | | | | | |
| Metropolitan Washington | | | | | | | | |
| Airports Authority Dulles | | | | | | | | |
| Toll Road Revenue | | | | | | | | |
| 3.562%, 10/01/2041 | | | 1,825,000 | | | | 1,450,075 | |
| 8.000%, 10/01/2047 | | | 10,460,000 | | | | 13,404,079 | |
| | | | | | | | 16,704,383 | |
| Florida – 1.33% | | | | | | | | |
| | | | | | | | | |
| Central Florida Tourism | | | | | | | | |
| Oversight District | | | | | | | | |
| 2.547%, 06/01/2035 | | | 4,500,000 | | | | 3,499,634 | |
| 2.731%, 06/01/2038 | | | 18,500,000 | | | | 13,976,547 | |
| | | | | | | | | |
| City of Gainesville, FL | | | | | | | | |
| 0.000%, 10/01/2027 (e) | | | 4,610,000 | | | | 3,701,023 | |
| 0.000%, 10/01/2028 (e) | | | 1,400,000 | | | | 1,066,741 | |
| 3.047%, 10/01/2040 | | | 10,840,000 | | | | 7,958,855 | |
| | | | | | | | | |
| City of Gainesville, FL | | | | | | | | |
| Utilities System Revenue | | | | | | | | |
| 6.024%, 10/01/2040 | | | 4,445,000 | | | | 4,713,302 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Seaport Department | | | | | | | | |
| 1.962%, 10/01/2031 | | | 4,235,000 | | | | 3,366,276 | |
| 2.012%, 10/01/2031 | | | 6,940,000 | | | | 5,539,131 | |
| 2.162%, 10/01/2032 | | | 4,000,000 | | | | 3,148,975 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Transit System | | | | | | | | |
| 5.624%, 07/01/2040 | | | 17,000,000 | | | | 17,645,548 | |
| | | | | | | | | |
| JEA Water & Sewer | | | | | | | | |
| System Revenue | | | | | | | | |
| 3.000%, 10/01/2041 | | | 5,045,000 | | | | 4,084,595 | |
| | | | | | | | | |
| Orlando Utilities Commission | | | | | | | | |
| 5.662%, 10/01/2040 | | | 8,000,000 | | | | 8,348,270 | |
| | | | | | | | 77,048,897 | |
| Georgia – 0.31% | | | | | | | | |
| | | | | | | | | |
| City of Atlanta, GA Water & | | | | | | | | |
| Wastewater Revenue | | | | | | | | |
| 2.913%, 11/01/2043 | | | 1,625,000 | | | | 1,155,237 | |
| | | | | | | | | |
| Municipal Electric | | | | | | | | |
| Authority of Georgia | | | | | | | | |
| 2.497%, 01/01/2031 | | | 10,355,000 | | | | 8,541,706 | |
| | | | | | | | | |
| State of Georgia | | | | | | | | |
| 2.250%, 07/01/2039 | | | 5,000,000 | | | | 3,452,929 | |
| | | | | | | | | |
| Tift County Hospital Authority | | | | | | | | |
| 2.977%, 12/01/2042 | | | 2,150,000 | | | | 1,527,913 | |
| | | | | | | | | |
| Valdosta & Lowndes | | | | | | | | |
| County Hospital Authority | | | | | | | | |
| 2.604%, 10/01/2030 | | | 2,000,000 | | | | 1,687,766 | |
| 3.000%, 10/01/2029 | | | 2,000,000 | | | | 1,770,247 | |
| | | | | | | | 18,135,798 | |
| Hawaii – 0.29% | | | | | | | | |
| | | | | | | | | |
| City & County Honolulu, HI | | | | | | | | |
| Wastewater System Revenue | | | | | | | | |
| 2.574%, 07/01/2041 | | | 5,000,000 | | | | 3,475,855 | |
| | | | | | | | | |
| State of Hawaii | | | | | | | | |
| 2.245%, 08/01/2038 | | | 3,875,000 | | | | 2,720,458 | |
| 2.800%, 10/01/2038 | | | 10,000,000 | | | | 7,566,757 | |
| 2.830%, 10/01/2039 | | | 1,730,000 | | | | 1,286,471 | |
| 2.870%, 10/01/2041 | | | 2,270,000 | | | | 1,630,679 | |
| | | | | | | | 16,680,220 | |
| Illinois – 0.25% | | | | | | | | |
| | | | | | | | | |
| Illinois Finance Authority | | | | | | | | |
| 3.510%, 05/15/2041 | | | 7,000,000 | | | | 5,243,295 | |
| | | | | | | | | |
| Metropolitan Pier & | | | | | | | | |
| Exposition Authority | | | | | | | | |
| 0.000%, 06/15/2036 (e) | | | 4,025,000 | | | | 2,296,820 | |
| 0.000%, 06/15/2038 (e) | | | 2,750,000 | | | | 1,387,139 | |
| 0.000%, 12/15/2036 (e) | | | 5,000,000 | | | | 2,802,189 | |
| | | | | | | | | |
| State of Illinois | | | | | | | | |
| 5.750%, 01/01/2037 | | | 3,000,000 | | | | 2,994,146 | |
| | | | | | | | 14,723,589 | |
| Indiana – 0.17% | | | | | | | | |
| | | | | | | | | |
| Indiana Finance Authority | | | | | | | | |
| 4.807%, 07/15/2035 | | | 3,000,000 | | | | 2,953,201 | |
| | | | | | | | | |
| Indianapolis Local Public | | | | | | | | |
| Improvement Bond Bank | | | | | | | | |
| 2.473%, 01/01/2040 | | | 9,500,000 | | | | 6,938,229 | |
| | | | | | | | 9,891,430 | |
| Kansas – 0.03% | | | | | | | | |
| | | | | | | | | |
| Kansas Development | | | | | | | | |
| Finance Authority | | | | | | | | |
| 4.927%, 04/15/2045 | | | 2,015,000 | | | | 1,944,622 | |
| | | | | | | | | |
| Kentucky – 0.10% | | | | | | | | |
| | | | | | | | | |
| County of Warren, KY | | | | | | | | |
| 3.921%, 12/01/2031 | | | 825,000 | | | | 769,787 | |
| 4.397%, 12/01/2038 | | | 1,540,000 | | | | 1,421,721 | |
| | | | | | | | | |
| Louisville and Jefferson County | | | | | | | | |
| Metropolitan Sewer District | | | | | | | | |
| 2.250%, 05/15/2044 | | | 5,215,000 | | | | 3,505,596 | |
| | | | | | | | 5,697,104 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Louisiana – 0.47% | | | | | | |
| | | | | | | |
| City of New Orleans, LA | | | | | | |
| Sewerage Service Revenue | | | | | | |
| 1.791%, 06/01/2030 | | $ | 1,000,000 | | | $ | 819,661 | |
| 1.891%, 06/01/2031 | | | 1,575,000 | | | | 1,262,896 | |
| | | | | | | | | |
| City of New Orleans, LA | | | | | | | | |
| Water System Revenue | | | | | | | | |
| 1.691%, 12/01/2029 | | | 1,800,000 | | | | 1,479,817 | |
| 1.841%, 12/01/2030 | | | 3,120,000 | | | | 2,511,947 | |
| 1.941%, 12/01/2031 | | | 1,635,000 | | | | 1,288,370 | |
| 2.889%, 12/01/2041 | | | 3,030,000 | | | | 2,158,933 | |
| | | | | | | | | |
| East Baton Rouge | | | | | | | | |
| Sewerage Commission | | | | | | | | |
| 2.437%, 02/01/2039 | | | 2,500,000 | | | | 1,831,121 | |
| | | | | | | | | |
| Louisiana Local Government | | | | | | | | |
| Environmental Facilities & | | | | | | | | |
| Community Development Auth | | | | | | | | |
| 2.587%, 02/01/2043 | | | 1,375,000 | | | | 908,205 | |
| | | | | | | | | |
| State of Louisiana Gasoline | | | | | | | | |
| & Fuels Tax Revenue | | | | | | | | |
| 2.530%, 05/01/2041 | | | 12,055,000 | | | | 8,522,664 | |
| 2.830%, 05/01/2043 | | | 9,535,000 | | | | 6,660,625 | |
| | | | | | | | 27,444,239 | |
| Maine – 0.18% | | | | | | | | |
| | | | | | | | | |
| Maine Health & Higher | | | | | | | | |
| Educational Facilities Authority | | | | | | | | |
| 3.118%, 07/01/2043 | | | 14,250,000 | | | | 10,228,127 | |
| | | | | | | | | |
| Maryland – 0.22% | | | | | | | | |
| | | | | | | | | |
| Maryland Health & Higher | | | | | | | | |
| Educational Facilities Authority | | | | | | | | |
| 3.052%, 07/01/2040 | | | 10,000,000 | | | | 7,411,121 | |
| | | | | | | | | |
| Maryland Stadium Authority | | | | | | | | |
| 2.805%, 05/01/2040 | | | 7,000,000 | | | | 5,251,994 | |
| | | | | | | | 12,663,115 | |
| Massachusetts – 0.13% | | | | | | | | |
| | | | | | | | | |
| Commonwealth of Massachusetts | | | | | | | | |
| 2.375%, 09/01/2043 | | | 3,250,000 | | | | 2,275,855 | |
| 2.514%, 07/01/2041 | | | 3,370,000 | | | | 2,451,043 | |
| | | | | | | | | |
| Massachusetts Educational | | | | | | | | |
| Financing Authority | | | | | | | | |
| 3.455%, 07/01/2028 | | | 2,000,000 | | | | 1,845,021 | |
| 3.831%, 07/01/2024 | | | 450,000 | | | | 443,923 | |
| | | | | | | | | |
| Massachusetts State College | | | | | | | | |
| Building Authority | | | | | | | | |
| 5.932%, 05/01/2040 | | | 550,000 | | | | 565,701 | |
| | | | | | | | 7,581,543 | |
| Michigan – 1.22% | | | | | | | | |
| | | | | | | | | |
| City of Detroit, MI | | | | | | | | |
| 4.000%, 04/01/2044 | | | 8,700,000 | | | | 6,510,760 | |
| | | | | | | | | |
| Detroit City School District | | | | | | | | |
| 7.747%, 05/01/2039 | | | 11,625,000 | | | | 13,493,113 | |
| | | | | | | | | |
| Great Lakes Water Authority | | | | | | | | |
| Sewage Disposal System Revenue | | | | | | | | |
| 3.056%, 07/01/2039 | | | 14,060,000 | | | | 11,068,452 | |
| | | | | | | | | |
| Michigan Finance Authority | | | | | | | | |
| 3.084%, 12/01/2034 | | | 5,095,000 | | | | 4,312,377 | |
| 3.267%, 06/01/2039 | | | 19,000,000 | | | | 16,752,443 | |
| 3.610%, 11/01/2032 | | | 3,000,000 | | | | 2,753,955 | |
| | | | | | | | | |
| University of Michigan | | | | | | | | |
| 4.454%, 04/01/2122 | | | 19,061,000 | | | | 15,804,537 | |
| | | | | | | | 70,695,637 | |
| Minnesota – 0.57% | | | | | | | | |
| | | | | | | | | |
| State of Minnesota | | | | | | | | |
| 2.875%, 06/01/2041 | | | 16,435,000 | | | | 12,144,809 | |
| | | | | | | | | |
| Western Minnesota | | | | | | | | |
| Municipal Power Agency | | | | | | | | |
| 3.156%, 01/01/2039 | | | 17,500,000 | | | | 14,235,185 | |
| | | | | | | | | |
| White Bear Lake Independent | | | | | | | | |
| School District No. 624 | | | | | | | | |
| 3.000%, 02/01/2044 | | | 8,330,000 | | | | 6,637,692 | |
| | | | | | | | 33,017,686 | |
| Mississippi – 0.09% | | | | | | | | |
| | | | | | | | | |
| Mississippi Development Bank | | | | | | | | |
| 5.460%, 10/01/2036 | | | 5,260,000 | | | | 5,258,990 | |
| | | | | | | | | |
| Missouri – 0.12% | | | | | | | | |
| | | | | | | | | |
| Kansas City Land Clearance | | | | | | | | |
| Redevelopment Authority | | | | | | | | |
| 6.400%, 10/15/2040 | | | 7,935,000 | | | | 6,931,299 | |
| | | | | | | | | |
| Nebraska – 0.04% | | | | | | | | |
| | | | | | | | | |
| District Energy Corp. | | | | | | | | |
| 2.390%, 07/01/2036 | | | 2,830,000 | | | | 2,206,707 | |
| | | | | | | | | |
| Nevada – 0.31% | | | | | | | | |
| | | | | | | | | |
| City of North Las Vegas, NV | | | | | | | | |
| 6.572%, 06/01/2040 | | | 13,200,000 | | | | 14,575,781 | |
| | | | | | | | | |
| County of Clark, NV | | | | | | | | |
| 3.000%, 07/01/2038 | | | 4,000,000 | | | | 3,338,006 | |
| | | | | | | | 17,913,787 | |
| New Hampshire – 0.06% | | | | | | | | |
| | | | | | | | | |
| New Hampshire Business | | | | | | | | |
| Finance Authority | | | | | | | | |
| 3.278%, 10/01/2037 | | | 4,845,000 | | | | 3,206,761 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| New Jersey – 1.02% | | | | | | |
| | | | | | | |
| City of Bayonne, NJ | | | | | | |
| 2.814%, 07/01/2039 | | $ | 5,725,000 | | | $ | 4,113,322 | |
| | | | | | | | | |
| Clifton Board Of Education | | | | | | | | |
| 2.125%, 08/15/2044 | | | 4,560,000 | | | | 2,905,779 | |
| | | | | | | | | |
| County of Essex, NJ | | | | | | | | |
| 2.000%, 09/01/2044 | | | 3,560,000 | | | | 2,257,232 | |
| | | | | | | | | |
| Mercer County | | | | | | | | |
| Improvement Authority | | | | | | | | |
| 8.270%, 12/01/2034 | | | 13,960,000 | | | | 16,655,481 | |
| | | | | | | | | |
| New Jersey Economic | | | | | | | | |
| Development Authority | | | | | | | | |
| 0.000%, 02/15/2025 (e) | | | 20,188,000 | | | | 18,613,600 | |
| | | | | | | | | |
| New Jersey Institute | | | | | | | | |
| of Technology | | | | | | | | |
| 3.323%, 07/01/2024 | | | 770,000 | | | | 754,639 | |
| 3.415%, 07/01/2042 | | | 6,455,000 | | | | 5,160,798 | |
| | | | | | | | | |
| New Jersey Transportation | | | | | | | | |
| Trust Fund Authority | | | | | | | | |
| 0.000%, 12/15/2040 (e) | | | 10,045,000 | | | | 4,450,439 | |
| | | | | | | | | |
| New Jersey Turnpike Authority | | | | | | | | |
| 2.782%, 01/01/2040 | | | 5,220,000 | | | | 3,783,354 | |
| | | | | | | | 58,694,644 | |
| New York – 0.60% | | | | | | | | |
| | | | | | | | | |
| New York City Industrial | | | | | | | | |
| Development Agency | | | | | | | | |
| 2.436%, 01/01/2036 | | | 5,850,000 | | | | 4,242,128 | |
| | | | | | | | | |
| New York Liberty | | | | | | | | |
| Development Corp. | | | | | | | | |
| 2.250%, 02/15/2041 | | | 13,595,000 | | | | 9,413,054 | |
| 3.000%, 02/15/2042 | | | 5,500,000 | | | | 4,215,603 | |
| 3.000%, 09/15/2043 | | | 12,500,000 | | | | 9,891,518 | |
| | | | | | | | | |
| New York State | | | | | | | | |
| Dormitory Authority | | | | | | | | |
| 5.096%, 08/01/2034 | | | 3,125,000 | | | | 2,783,270 | |
| | | | | | | | | |
| Triborough Bridge & | | | | | | | | |
| Tunnel Authority | | | | | | | | |
| 2.917%, 05/15/2040 | | | 3,890,000 | | | | 2,839,909 | |
| | | | | | | | | |
| Western Nassau County | | | | | | | | |
| Water Authority | | | | | | | | |
| 2.958%, 04/01/2041 | | | 1,500,000 | | | | 1,087,542 | |
| | | | | | | | 34,473,024 | |
| North Carolina – 0.08% | | | | | | | | |
| | | | | | | | | |
| North Carolina State | | | | | | | | |
| University at Raleigh | | | | | | | | |
| 3.020%, 10/01/2042 | | | 4,000,000 | | | | 2,944,777 | |
| | | | | | | | | |
| University of North | | | | | | | | |
| Carolina at Charlotte | | | | | | | | |
| 2.762%, 04/01/2043 | | | 2,000,000 | | | | 1,429,052 | |
| | | | | | | | 4,373,829 | |
| Ohio – 1.10% | | | | | | | | |
| | | | | | | | | |
| American Municipal Power, Inc. | | | | | | | | |
| 6.449%, 02/15/2044 | | | 5,000,000 | | | | 5,468,753 | |
| 7.499%, 02/15/2050 | | | 4,500,000 | | | | 5,453,463 | �� |
| 7.834%, 02/15/2041 | | | 9,400,000 | | | | 11,571,976 | |
| | | | | | | | | |
| County of Hamilton, OH | | | | | | | | |
| 3.374%, 06/01/2034 | | | 285,000 | | | | 240,436 | |
| 3.756%, 06/01/2042 | | | 11,655,000 | | | | 9,070,406 | |
| | | | | | | | | |
| Franklin County Convention | | | | | | | | |
| Facilities Authority | | | | | | | | |
| 2.472%, 12/01/2034 | | | 22,100,000 | | | | 16,950,707 | |
| | | | | | | | | |
| JobsOhio Beverage System | | | | | | | | |
| 2.833%, 01/01/2038 | | | 7,540,000 | | | | 5,929,564 | |
| | | | | | | | | |
| Ohio Higher Educational | | | | | | | | |
| Facility Commission | | | | | | | | |
| 4.500%, 12/01/2026 | | | 4,025,000 | | | | 3,822,195 | |
| | | | | | | | | |
| Ohio State University | | | | | | | | |
| 4.800%, 06/01/2111 | | | 3,111,000 | | | | 2,719,448 | |
| | | | | | | | | |
| South-Western City | | | | | | | | |
| School District | | | | | | | | |
| 0.000%, 12/01/2028 (e) | | | 2,735,000 | | | | 2,105,175 | |
| | | | | | | | 63,332,123 | |
| Oklahoma – 0.62% | | | | | | | | |
| | | | | | | | | |
| Oklahoma City Economic | | | | | | | | |
| Development Trust | | | | | | | | |
| 1.891%, 03/01/2031 | | | 1,545,000 | | | | 1,251,196 | |
| | | | | | | | | |
| Oklahoma Development | | | | | | | | |
| Finance Authority | | | | | | | | |
| 4.623%, 06/01/2044 | | | 5,000,000 | | | | 4,812,793 | |
| 5.269%, 10/01/2042 | | | 10,000,000 | | | | 9,979,505 | |
| 5.450%, 08/15/2028 | | | 4,520,000 | | | | 3,930,837 | |
| | | | | | | | | |
| Oklahoma Municipal | | | | | | | | |
| Power Authority | | | | | | | | |
| 2.501%, 01/01/2035 | | | 3,475,000 | | | | 2,673,500 | |
| 2.551%, 01/01/2036 | | | 2,390,000 | | | | 1,805,728 | |
| 2.803%, 01/01/2041 | | | 15,500,000 | | | | 11,218,801 | |
| | | | | | | | 35,672,360 | |
| Oregon – 0.07% | | | | | | | | |
| | | | | | | | | |
| Hospital Facilities Authority of | | | | | | | | |
| Multnomah County Oregon | | | | | | | | |
| 1.250%, 06/01/2026 | | | 2,610,000 | | | | 2,376,540 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Oregon – 0.07% (Cont.) | | | | | | |
| | | | | | | |
| Oregon Health & | | | | | | |
| Science University | | | | | | |
| 2.850%, 07/01/2030 | | $ | 1,000,000 | | | $ | 880,867 | |
| | | | | | | | | |
| State of Oregon | | | | | | | | |
| 2.369%, 08/01/2041 | | | 1,205,000 | | | | 838,712 | |
| | | | | | | | 4,096,119 | |
| Pennsylvania – 0.85% | | | | | | | | |
| | | | | | | | | |
| Berks County Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
| 3.950%, 05/15/2024 | | | 250,000 | | | | 245,794 | |
| 4.450%, 05/15/2027 | | | 800,000 | | | | 775,755 | |
| | | | | | | | | |
| Commonwealth | | | | | | | | |
| Financing Authority | | | | | | | | |
| 2.991%, 06/01/2042 | | | 10,260,000 | | | | 7,579,766 | |
| 3.657%, 06/01/2038 | | | 13,820,000 | | | | 11,912,225 | |
| 3.807%, 06/01/2041 | | | 5,055,000 | | | | 4,270,110 | |
| | | | | | | | | |
| Commonwealth of Pennsylvania | | | | | | | | |
| 3.000%, 05/15/2036 | | | 1,255,000 | | | | 1,112,164 | |
| | | | | | | | | |
| Montgomery County Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
| 3.150%, 11/15/2028 | | | 10,000,000 | | | | 8,673,950 | |
| | | | | | | | | |
| Pennsylvania Economic | | | | | | | | |
| Development Financing Authority | | | | | | | | |
| 3.143%, 06/15/2042 | | | 7,600,000 | | | | 5,991,099 | |
| | | | | | | | | |
| Pennsylvania | | | | | | | | |
| Turnpike Commission | | | | | | | | |
| 3.000%, 12/01/2042 | | | 9,830,000 | | | | 7,556,379 | |
| | | | | | | | | |
| Union County Hospital Authority | | | | | | | | |
| 4.400%, 08/01/2028 | | | 1,060,000 | | | | 1,036,696 | |
| | | | | | | | 49,153,938 | |
| Puerto Rico – 0.34% | | | | | | | | |
| | | | | | | | | |
| Commonwealth of Puerto Rico | | | | | | | | |
| 0.000%, 07/01/2024 (e) | | | 74,866 | | | | 72,147 | |
| 0.000%, 07/01/2033 (e) | | | 592,257 | | | | 360,865 | |
| 0.000%, 11/01/2043 (e) | | | 2,173,403 | | | | 1,122,019 | |
| 4.000%, 07/01/2033 | | | 460,219 | | | | 430,941 | |
| 4.000%, 07/01/2035 | | | 413,675 | | | | 380,192 | |
| 4.000%, 07/01/2037 | | | 355,042 | | | | 319,433 | |
| 4.000%, 07/01/2041 | | | 482,722 | | | | 417,437 | |
| 4.000%, 07/01/2046 | | | 502,024 | | | | 417,923 | |
| 5.375%, 07/01/2025 | | | 512,555 | | | | 522,305 | |
| 5.625%, 07/01/2027 | | | 507,913 | | | | 529,730 | |
| 5.625%, 07/01/2029 | | | 499,673 | | | | 528,674 | |
| 5.750%, 07/01/2031 | | | 485,328 | | | | 524,924 | |
| | | | | | | | | |
| GDB Debt Recovery | | | | | | | | |
| Authority of Puerto Rico | | | | | | | | |
| 7.500%, 08/20/2040 | | | 10,083,109 | | | | 8,242,942 | |
| | | | | | | | | |
| Puerto Rico Highway & | | | | | | | | |
| Transportation Authority | | | | | | | | |
| 0.000%, 07/01/2026 (e) | | | 7,000,000 | | | | 5,825,717 | |
| | | | | | | | 19,695,249 | |
| South Carolina – 0.08% | | | | | | | | |
| | | | | | | | | |
| South Carolina Jobs-Economic | | | | | | | | |
| Development Authority | | | | | | | | |
| 2.729%, 07/01/2030 | | | 5,725,000 | | | | 4,789,793 | |
| | | | | | | | | |
| Tennessee – 0.51% | | | | | | | | |
| | | | | | | | | |
| Metropolitan Government | | | | | | | | |
| Nashville & Davidson County | | | | | | | | |
| Sports Authority | | | | | | | | |
| 5.597%, 07/01/2056 | | | 13,000,000 | | | | 13,543,538 | |
| | | | | | | | | |
| New Memphis Arena | | | | | | | | |
| Public Building Authority | | | | | | | | |
| 0.000%, 04/01/2044 (e) | | | 4,220,000 | | | | 1,466,954 | |
| 0.000%, 04/01/2045 (e) | | | 2,000,000 | | | | 655,897 | |
| 0.000%, 04/01/2046 (e) | | | 3,200,000 | | | | 990,587 | |
| | | | | | | | | |
| Tennessee State School | | | | | | | | |
| Bond Authority | | | | | | | | |
| 2.561%, 11/01/2041 | | | 8,000,000 | | | | 5,641,687 | |
| 2.661%, 11/01/2045 | | | 11,405,000 | | | | 7,431,850 | |
| | | | | | | | 29,730,513 | |
| Texas – 3.43% | | | | | | | | |
| | | | | | | | | |
| Board of Regents of the | | | | | | | | |
| University of Texas System | | | | | | | | |
| 5.134%, 08/15/2042 | | | 3,410,000 | | | | 3,409,377 | |
| | | | | | | | | |
| Central Texas Regional | | | | | | | | |
| Mobility Authority | | | | | | | | |
| 3.267%, 01/01/2045 | | | 3,900,000 | | | | 2,768,149 | |
| | | | | | | | | |
| City of Dallas, TX | | | | | | | | |
| 0.000%, 02/15/2032 (e) | | | 15,000,000 | | | | 9,608,765 | |
| | | | | | | | | |
| City of Dallas, TX Waterworks & | | | | | | | | |
| Sewer System Revenue | | | | | | | | |
| 2.772%, 10/01/2040 | | | 6,525,000 | | | | 4,776,928 | |
| | | | | | | | | |
| City of El Paso, TX | | | | | | | | |
| 6.018%, 08/15/2035 | | | 3,000,000 | | | | 3,199,943 | |
| | | | | | | | | |
| City of Houston, TX | | | | | | | | |
| 3.961%, 03/01/2047 | | | 8,300,000 | | | | 7,227,259 | |
| 5.508%, 03/01/2036 | | | 5,400,000 | | | | 5,544,656 | |
| 5.538%, 03/01/2037 | | | 4,100,000 | | | | 4,220,616 | |
| 6.290%, 03/01/2032 | | | 795,000 | | | | 830,071 | |
| | | | | | | | | |
| City of Houston, TX | | | | | | | | |
| Airport System Revenue | | | | | | | | |
| 6.880%, 01/01/2028 | | | 1,750,000 | | | | 1,805,604 | |
| | | | | | | | | |
| City of Irving, TX | | | | | | | | |
| 7.375%, 08/15/2044 | | | 3,500,000 | | | | 3,499,738 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Texas – 3.43% (Cont.) | | | | | | |
| | | | | | | |
| City of San Antonio TX | | | | | | |
| Electric & Gas Systems Revenue | | | | | | |
| 5.000%, 02/01/2039 | | $ | 10,000,000 | | | $ | 10,947,976 | |
| 5.250%, 02/01/2040 | | | 5,000,000 | | | | 5,551,078 | |
| | | | | | | | | |
| City of San Antonio, TX | | | | | | | | |
| Electric & Gas Systems Revenue | | | | | | | | |
| 5.718%, 02/01/2041 | | | 15,650,000 | | | | 16,363,629 | |
| 5.985%, 02/01/2039 | | | 13,425,000 | | | | 14,346,743 | |
| | | | | | | | | |
| Colony Economic | | | | | | | | |
| Development Corp. | | | | | | | | |
| 7.250%, 10/01/2042 | | | 5,000,000 | | | | 4,739,787 | |
| | | | | | | | | |
| County of Bexar, TX | | | | | | | | |
| 2.863%, 06/15/2043 | | | 7,100,000 | | | | 5,038,811 | |
| | | | | | | | | |
| Dallas Fort Worth | | | | | | | | |
| International Airport | | | | | | | | |
| 2.843%, 11/01/2046 | | | 5,435,000 | | | | 3,897,371 | |
| 2.994%, 11/01/2038 | | | 16,480,000 | | | | 13,462,596 | |
| 3.089%, 11/01/2040 | | | 16,690,000 | | | | 13,046,381 | |
| 5.045%, 11/01/2047 | | | 2,500,000 | | | | 2,455,784 | |
| | | | | | | | | |
| Downtown Dallas | | | | | | | | |
| Development Authority | | | | | | | | |
| 0.000%, 08/15/2036 (e) | | | 6,730,000 | | | | 3,160,234 | |
| | | | | | | | | |
| Metropolitan Transit Authority | | | | | | | | |
| of Harris County Sales & | | | | | | | | |
| Use Tax Revenue | | | | | | | | |
| 2.599%, 11/01/2037 | | | 17,015,000 | | | | 12,679,265 | |
| | | | | | | | | |
| New Hope Cultural | | | | | | | | |
| Education Facilities Corp. | | | | | | | | |
| 4.000%, 08/01/2020 (d) | | | 169,148 | | | | — | |
| | | | | | | | | |
| North Texas Tollway Authority | | | | | | | | |
| 3.000%, 01/01/2038 | | | 21,695,000 | | | | 18,223,967 | |
| 8.410%, 02/01/2030 | | | 4,973,000 | | | | 5,484,192 | |
| | | | | | | | | |
| Port of Beaumont Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
| 4.100%, 01/01/2028 | | | 7,000,000 | | | | 5,582,116 | |
| | | | | | | | | |
| Port of Houston Authority | | | | | | | | |
| 3.000%, 10/01/2039 | | | 5,000,000 | | | | 4,190,305 | |
| | | | | | | | | |
| Stafford Municipal | | | | | | | | |
| School District | | | | | | | | |
| 3.084%, 08/15/2041 | | | 1,525,000 | | | | 1,165,660 | |
| | | | | | | | | |
| Texas A&M University | | | | | | | | |
| 2.806%, 05/15/2041 | | | 6,750,000 | | | | 4,938,957 | |
| | | | | | | | | |
| Texas Transportation | | | | | | | | |
| Commission | | | | | | | | |
| 2.013%, 10/01/2037 | | | 6,295,000 | | | | 4,459,019 | |
| 2.562%, 04/01/2042 | | | 2,500,000 | | | | 1,847,014 | |
| | | | | | | | 198,471,991 | |
| Utah – 0.35% | | | | | | | | |
| | | | | | | | | |
| County of Salt Lake, UT | | | | | | | | |
| Convention Hotel Revenue | | | | | | | | |
| 5.750%, 10/01/2047 | | | 5,000,000 | | | | 4,224,262 | |
| | | | | | | | | |
| Utah Transit Authority | | | | | | | | |
| 2.774%, 12/15/2038 | | | 9,785,000 | | | | 7,363,120 | |
| 3.443%, 12/15/2042 | | | 11,390,000 | | | | 8,769,598 | |
| | | | | | | | 20,356,980 | |
| Virginia – 0.23% | | | | | | | | |
| | | | | | | | | |
| University of Virginia | | | | | | | | |
| 4.179%, 09/01/2117 | | | 1,470,000 | | | | 1,140,368 | |
| 6.200%, 09/01/2039 | | | 11,130,000 | | | | 12,265,148 | |
| | | | | | | | 13,405,516 | |
| Washington – 0.85% | | | | | | | | |
| | | | | | | | | |
| County of King, WA | | | | | | | | |
| 2.730%, 12/01/2041 | | | 5,000,000 | | | | 3,648,545 | |
| | | | | | | | | |
| King County Housing Authority | | | | | | | | |
| 3.000%, 11/01/2039 | | | 3,500,000 | | | | 2,752,474 | |
| 3.000%, 06/01/2040 | | | 18,395,000 | | | | 14,617,198 | |
| 3.000%, 08/01/2040 | | | 1,200,000 | | | | 934,002 | |
| | | | | | | | | |
| NJB Properties | | | | | | | | |
| 5.510%, 12/01/2036 | | | 7,320,000 | | | | 7,503,802 | |
| | | | | | | | | |
| Pierce County School | | | | | | | | |
| District No. 10 Tacoma | | | | | | | | |
| 2.357%, 12/01/2039 | | | 16,810,000 | | | | 11,954,603 | |
| | | | | | | | | |
| University of Washington | | | | | | | | |
| 3.350%, 07/01/2041 | | | 10,000,000 | | | | 7,860,110 | |
| | | | | | | | 49,270,734 | |
| West Virginia – 0.07% | | | | | | | | |
| | | | | | | | | |
| Tobacco Settlement | | | | | | | | |
| Finance Authority | | | | | | | | |
| 2.701%, 06/01/2030 | | | 4,770,000 | | | | 4,040,826 | |
| | | | | | | | | |
| Wisconsin – 0.16% | | | | | | | | |
| | | | | | | | | |
| Milwaukee Redevelopment | | | | | | | | |
| Authority | | | | | | | | |
| 0.000%, 04/01/2039 (e) | | | 1,000,000 | | | | 416,442 | |
| | | | | | | | | |
| Public Finance Authority | | | | | | | | |
| 4.153%, 05/15/2031 | | | 3,635,000 | | | | 3,488,379 | |
| 7.500%, 06/01/2029 | | | 5,750,000 | | | | 5,629,589 | |
| | | | | | | | 9,534,410 | |
| TOTAL MUNICIPAL BONDS | | | | | | | | |
| (Cost $1,423,871,401) | | | | | | | 1,263,821,454 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| US GOVERNMENT NOTES/BONDS – 9.67% | | | | | | |
| | | | | | | |
| United States Treasury Notes/Bonds | | | | | | |
| 2.375%, 02/15/2042 | | $ | 50,000,000 | | | $ | 37,225,586 | |
| 3.250%, 05/15/2042 | | | 25,000,000 | | | | 21,362,793 | |
| 3.375%, 08/15/2042 | | | 40,000,000 | | | | 34,735,938 | |
| 4.000%, 11/15/2042 | | | 160,000,000 | | | | 151,893,750 | |
| 3.875%, 02/15/2043 | | | 155,000,000 | | | | 144,319,531 | |
| 3.875%, 05/15/2043 | | | 150,000,000 | | | | 139,593,750 | |
| 4.375%, 08/15/2043 | | | 30,000,000 | | | | 29,939,063 | |
| | | | | | | | | |
| TOTAL US GOVERNMENT | | | | | | | | |
| NOTES/BONDS | | | | | | | | |
| (Cost $595,975,226) | | | | | | | 559,070,411 | |
| | | | | | | | | |
| | | SHARES | | | | | |
| | | | | | | | | |
| MONEY MARKET FUNDS – 1.11% | | | | | | | | |
| First American Government | | | | | | | | |
| Obligations Fund – | | | | | | | | |
| X Class, 5.248% (i) | | $ | 64,364,314 | | | $ | 64,364,314 | |
| | | | | | | | | |
| TOTAL MONEY MARKET | | | | | | | | |
| FUNDS (Cost $64,364,314) | | | | | | | 64,364,314 | |
| | | | | | | | | |
| Total Investments | | | | | | | | |
| (Cost $6,446,253,437) – 98.89% | | | | | | | 5,719,463,443 | |
| | | | | | | | | |
| Other Assets in Excess | | | | | | | | |
| of Liabilities – 1.11% | | | | | | | 64,041,604 | |
| | | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | | | | $ | 5,783,505,047 | |
Percentages are stated as a percent of net assets.
| (a) | Variable rate security; the rate shown represents the rate at August 31, 2023. |
| (b) | Perpetual maturity. The date referenced is the next call date. |
| (c) | Variable rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans. |
| (d) | Default or other conditions exist at August 31, 2023. |
| (e) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
| (f) | Step-up bond; the rate shown represents the rate at August 31, 2023. |
| (g) | 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. |
| (h) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
| (i) | Seven day yield at August 31, 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. |
| 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.
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| AGENCY COMMERCIAL MORTGAGE | | | | | | |
| BACKED SECURITIES — 5.74% | | | | | | |
| | | | | | | |
| California Housing Finance Agency | | | | | | |
| 2021-2, 0.845%, 03/25/2035 (a)(b) | | $ | 31,730,999 | | | $ | 1,593,531 | |
| | | | | | | | | |
| Freddie Mac Multifamily | | | | | | | | |
| ML Certificates | | | | | | | | |
2019-ML05, 0.247%, 11/25/2033 (a)(b) | | | | | | | | |
| | | 45,959,763 | | | | 739,493 | |
2022-ML13, 0.954%, 07/25/2036 (a)(b) | | | | | | | | |
| | | 84,602,840 | | | | 4,747,911 | |
2022-ML13, 1.004%, 09/25/2036 (a)(b) | | | | | | | | |
| | | 53,718,751 | | | | 3,732,379 | |
2020-ML07, 2.016%, 10/25/2036 (a)(b) | | | | | | | | |
| | | 15,184,664 | | | | 2,152,426 | |
2019-ML06, 1.133%, 06/25/2037 (a)(b) | | | | | | | | |
| | | 10,638,180 | | | | 854,778 | |
2021-ML08, 1.869%, 07/25/2037 (a)(b) | | | | | | | | |
| | | 17,935,445 | | | | 2,386,311 | |
2021-ML10, 2.127%, 01/25/2038 (a)(b) | | | | | | | | |
| | | 14,152,082 | | | | 2,188,195 | |
2021-ML11, 0.769%, 03/25/2038 (a)(b) | | | | | | | | |
| | | 91,909,225 | | | | 5,051,331 | |
2021-ML10, 1.578%, 06/25/2038 (a)(b) | | | | | | | | |
| | | 50,664,018 | | | | 5,873,480 | |
2021-ML09, 1.490%, 02/25/2040 (a)(b) | | | | | | | | |
| | | 38,821,050 | | | | 4,567,685 | |
2021-ML12, 1.302%, 07/25/2041 (a)(b) | | | | | | | | |
| | | 19,166,816 | | | | 1,865,314 | |
| | | | | | | | | |
| TOTAL AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $39,204,796) | | | | | | | 35,752,834 | |
| | | | | | | | | |
| NON-AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED | | | | | | | | |
| SECURITIES — 2.11% | | | | | | | | |
| | | | | | | | | |
| California Housing Finance Agency | | | | | | | | |
| 2021-1, 0.797%, 11/20/2035 (b) | | | 42,030,600 | | | | 2,119,183 | |
| 2021-3, 0.789%, 08/20/2036 (b) | | | 25,595,855 | | | | 1,358,116 | |
| | | | | | | | | |
| National Finance Authority | | | | | | | | |
| 2023-2, 0.813%, 01/20/2038 (b) | | | 60,000,000 | | | | 3,449,400 | |
| | | | | | | | | |
| New Hampshire Business | | | | | | | | |
| Finance Authority | | | | | | | | |
| 2022-2, 0.697%, 10/20/2036 (b) | | | 67,735,345 | | | | 3,338,675 | |
| | | | | | | | | |
| Washington State Housing | | | | | | | | |
| Finance Commission | | | | | | | | |
| 2021-1, 0.726%, 12/20/2035 (b) | | | 61,650,837 | | | | 2,856,283 | |
| | | | | | | | | |
| TOTAL NON-AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $13,926,290) | | | | | | | 13,121,657 | |
| | | | | | | | | |
| MUNICIPAL BONDS — 89.31% | | | | | | | | |
| | | | | | | | | |
| Alabama — 2.58% | | | | | | | | |
| | | | | | | | | |
| Black Belt Energy Gas District | | | | | | | | |
| 5.250%, 02/01/2053 | | | 4,000,000 | | | | 4,149,015 | |
| 5.500%, 11/01/2053 | | | 2,585,000 | | | | 2,694,114 | |
| | | | | | | | | |
| Lower Alabama Gas District | | | | | | | | |
| 5.000%, 09/01/2034 | | | 3,355,000 | | | | 3,457,061 | |
| | | | | | | | | |
| Southeast Energy Authority A | | | | | | | | |
| Cooperative District | | | | | | | | |
| 5.500%, 01/01/2053 | | | 5,500,000 | | | | 5,769,450 | |
| | | | | | | | 16,069,640 | |
| Alaska — 0.70% | | | | | | | | |
| | | | | | | | | |
| Alaska Industrial Development | | | | | | | | |
| & Export Authority | | | | | | | | |
| 5.250%, 06/01/2045 | | | 2,735,000 | | | | 2,633,370 | |
| | | | | | | | | |
| CIVIC Ventures | | | | | | | | |
| 5.000%, 09/01/2033 | | | 1,750,000 | | | | 1,752,961 | |
| | | | | | | | 4,386,331 | |
| Arizona — 1.65% | | | | | | | | |
| | | | | | | | | |
| Arizona Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
| 1.800%, 07/01/2024 | | | 175,000 | | | | 167,903 | |
| | | | | | | | | |
| Industrial Development Authority | | | | | | | | |
| of the City of Phoenix Arizona | | | | | | | | |
| 4.000%, 07/01/2026 | | | 1,900,000 | | | | 1,842,687 | |
| 5.000%, 07/01/2045 | | | 4,000,000 | | | | 3,629,361 | |
| | | | | | | | | |
| Park Central Community | | | | | | | | |
| Facilities District | | | | | | | | |
| 4.375%, 07/01/2024 | | | 415,000 | | | | 408,257 | |
| | | | | | | | | |
| State of Arizona | | | | | | | | |
| Distribution Revenue | | | | | | | | |
| 5.500%, 07/01/2038 | | | 2,060,000 | | | | 2,421,876 | |
| 5.500%, 07/01/2042 | | | 1,545,000 | | | | 1,813,305 | |
| | | | | | | | 10,283,389 | |
| Arkansas — 0.18% | | | | | | | | |
| | | | | | | | | |
| County of Pulaski, AR | | | | | | | | |
| 5.000%, 03/01/2039 | | | 1,025,000 | | | | 1,089,454 | |
| | | | | | | | | |
| California — 12.45% | | | | | | | | |
| | | | | | | | | |
| Alhambra Unified School District | | | | | | | | |
| 0.000%, 08/01/2037 (c) | | | 11,000,000 | | | | 6,260,835 | |
| | | | | | | | | |
| California Educational | | | | | | | | |
| Facilities Authority | | | | | | | | |
| 5.000%, 03/15/2039 | | | 1,015,000 | | | | 1,168,489 | |
| | | | | | | | | |
| California Health Facilities | | | | | | | | |
| Financing Authority | | | | | | | | |
| 5.000%, 11/01/2047 | | | 7,950,000 | | | | 8,683,238 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| California — 12.45% (Cont.) | | | | | | |
| | | | | | | |
| California Municipal | | | | | | |
| Finance Authority | | | | | | |
| 4.000%, 12/01/2026 | | $ | 1,500,000 | | | $ | 1,430,856 | |
| | | | | | | | | |
| California Pollution Control | | | | | | | | |
| Financing Authority | | | | | | | | |
| 5.000%, 07/01/2037 | | | 1,750,000 | | | | 1,811,708 | |
| 5.000%, 07/01/2038 | | | 2,000,000 | | | | 2,059,336 | |
| | | | | | | | | |
| California Public Finance Authority | | | | | | | | |
| 2.875%, 05/15/2027 | | | 1,125,000 | | | | 1,021,316 | |
| | | | | | | | | |
| City of San Diego, CA Tobacco | | | | | | | | |
| Settlement Revenue Funding Corp. | | | | | | | | |
| 4.000%, 06/01/2032 | | | 980,000 | | | | 967,853 | |
| | | | | | | | | |
| Coachella Valley | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2035 (c) | | | 680,000 | | | | 427,590 | |
| 0.000%, 08/01/2043 (c) | | | 1,015,000 | | | | 396,050 | |
| | | | | | | | | |
| El Rancho Unified School District | | | | | | | | |
| 0.000%, 08/01/2035 (c) | | | 310,000 | | | | 193,570 | |
| | | | | | | | | |
| Fowler Unified School District | | | | | | | | |
| 5.500%, 08/01/2053 | | | 4,945,000 | | | | 5,512,115 | |
| | | | | | | | | |
| Gateway Unified School District, CA | | | | | | | | |
| 0.000%, 08/01/2037 (c) | | | 1,725,000 | | | | 967,210 | |
| | | | | | | | | |
| Inland Empire Tobacco | | | | | | | | |
| Securitization Corp. | | | | | | | | |
| 3.678%, 06/01/2038 | | | 3,010,000 | | | | 2,798,947 | |
| | | | | | | | | |
| M-S-R Energy Authority | | | | | | | | |
| 6.500%, 11/01/2039 | | | 3,685,000 | | | | 4,378,692 | |
| 6.500%, 11/01/2039 | | | 2,645,000 | | | | 3,149,530 | |
| | | | | | | | | |
| Newport Mesa | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2037 (c) | | | 100,000 | | | | 58,014 | |
| 0.000%, 08/01/2038 (c) | | | 1,000,000 | | | | 548,232 | |
| | | | | | | | | |
| Oceanside Unified School District | | | | | | | | |
| 0.000%, 08/01/2035 (c) | | | 135,000 | | | | 83,708 | |
| 0.000%, 08/01/2036 (c) | | | 175,000 | | | | 102,260 | |
| 0.000%, 08/01/2037 (c) | | | 775,000 | | | | 426,920 | |
| 0.000%, 08/01/2039 (c) | | | 310,000 | | | | 150,630 | |
| | | | | | | | | |
| Placentia-Yorba Linda | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2041 (c) | | | 5,325,000 | | | | 2,371,996 | |
| | | | | | | | | |
| Poway Unified School District | | | | | | | | |
| 0.000%, 08/01/2037 (c) | | | 6,320,000 | | | | 3,567,256 | |
| 0.000%, 08/01/2038 (c) | | | 5,445,000 | | | | 2,898,510 | |
| 0.000%, 08/01/2046 (c) | | | 12,000,000 | | | | 3,930,786 | |
| | | | | | | | | |
| San Bernardino City | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2035 (c) | | | 250,000 | | | | 157,938 | |
| | | | | | | | | |
| San Bernardino | | | | | | | | |
| Community College District | | | | | | | | |
| 0.000%, 08/01/2038 (c) | | | 150,000 | | | | 76,194 | |
| 0.000%, 08/01/2044 (c) | | | 12,485,000 | | | | 4,552,051 | |
| | | | | | | | | |
| San Diego Unified School District | | | | | | | | |
| 0.000%, 07/01/2037 (c) | | | 575,000 | | | | 328,887 | |
| 0.000%, 07/01/2038 (c) | | | 1,655,000 | | | | 893,326 | |
| 0.000%, 07/01/2040 (c) | | | 7,260,000 | | | | 3,498,092 | |
| 0.000%, 07/01/2041 (c) | | | 2,150,000 | | | | 1,869,909 | |
| | | | | | | | | |
| San Mateo Union | | | | | | | | |
| High School District | | | | | | | | |
| 0.000%, 09/01/2041 (c) | | | 1,395,000 | | | | 1,323,431 | |
| | | | | | | | | |
| Santa Barbara Secondary | | | | | | | | |
| High School District | | | | | | | | |
| 0.000%, 08/01/2036 (c) | | | 335,000 | | | | 187,775 | |
| 0.000%, 08/01/2040 (c) | | | 5,805,000 | | | | 2,638,084 | |
| | | | | | | | | |
| St Helena Unified School District | | | | | | | | |
| 0.000%, 06/01/2036 | | | 2,805,000 | | | | 3,193,437 | |
| | | | | | | | | |
| West Contra Costa | | | | | | | | |
| Unified School District | | | | | | | | |
| 0.000%, 08/01/2036 (c) | | | 5,795,000 | | | | 3,425,003 | |
| | | | | | | | 77,509,774 | |
| Colorado — 3.14% | | | | | | | | |
| | | | | | | | | |
| City & County of Denver, CO | | | | | | | | |
| Airport System Revenue | | | | | | | | |
| 5.750%, 11/15/2036 | | | 6,315,000 | | | | 7,447,956 | |
| 5.750%, 11/15/2041 | | | 5,375,000 | | | | 5,996,733 | |
| | | | | | | | | |
| City of Fruita, CO | | | | | | | | |
| Healthcare Revenue | | | | | | | | |
| 5.000%, 01/01/2028 | | | 700,000 | | | | 666,319 | |
| | | | | | | | | |
| Public Authority for | | | | | | | | |
| Colorado Energy | | | | | | | | |
| 6.500%, 11/15/2038 | | | 4,665,000 | | | | 5,471,567 | |
| | | | | | | | 19,582,575 | |
| Connecticut — 0.63% | | | | | | | | |
| | | | | | | | | |
| State of Connecticut | | | | | | | | |
| 5.000%, 11/15/2037 | | | 1,010,000 | | | | 1,122,875 | |
| | | | | | | | | |
| State of Connecticut | | | | | | | | |
| Special Tax Revenue | | | | | | | | |
| 5.250%, 07/01/2040 | | | 2,500,000 | | | | 2,793,318 | |
| | | | | | | | 3,916,193 | |
| Delaware — 0.57% | | | | | | | | |
| | | | | | | | | |
| University of Delaware | | | | | | | | |
| 5.000%, 11/01/2038 | | | 1,600,000 | | | | 1,818,592 | |
| 5.000%, 11/01/2039 | | | 1,510,000 | | | | 1,703,751 | |
| | | | | | | | 3,522,343 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Florida — 9.69% | | | | | | |
| | | | | | | |
| Bay County School Board | | | | | | |
| 5.500%, 07/01/2041 | | $ | 1,315,000 | | | $ | 1,448,184 | |
| 5.500%, 07/01/2042 | | | 1,300,000 | | | | 1,425,466 | |
| | | | | | | | | |
| City of Jacksonville, FL | | | | | | | | |
| 5.250%, 10/01/2037 | | | 6,000,000 | | | | 6,719,169 | |
| | | | | | | | | |
| City of Lakeland, FL | | | | | | | | |
| Department of Electric Utilities | | | | | | | | |
| 5.000%, 10/01/2037 | | | 1,750,000 | | | | 1,970,187 | |
| 5.000%, 10/01/2038 | | | 1,480,000 | | | | 1,661,308 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| 0.000%, 10/01/2040 (c) | | | 5,000,000 | | | | 2,240,543 | |
| 0.000%, 10/01/2041 (c) | | | 1,400,000 | | | | 593,212 | |
| 0.000%, 10/01/2042 (c) | | | 1,360,000 | | | | 543,249 | |
| 0.000%, 10/01/2045 (c) | | | 4,500,000 | | | | 1,584,447 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Seaport Department | | | | | | | | |
| 5.000%, 10/01/2036 | | | 1,450,000 | | | | 1,536,597 | |
| 5.000%, 10/01/2038 | | | 4,370,000 | | | | 4,567,660 | |
| | | | | | | | | |
| County of Miami-Dade, FL | | | | | | | | |
| Transit System | | | | | | | | |
| 5.000%, 07/01/2047 | | | 7,500,000 | | | | 7,948,544 | |
| | | | | | | | | |
| County of Pasco, FL | | | | | | | | |
| Sales Tax Revenue | | | | | | | | |
| 5.000%, 10/01/2042 | | | 4,240,000 | | | | 4,492,599 | |
| | | | | | | | | |
| County of Sarasota, FL | | | | | | | | |
| Utility System Revenue | | | | | | | | |
| 5.250%, 10/01/2047 | | | 2,500,000 | | | | 2,765,967 | |
| | | | | | | | | |
| County of Seminole, FL | | | | | | | | |
| 5.250%, 10/01/2039 | | | 3,520,000 | | | | 3,881,258 | |
| | | | | | | | | |
| Florida Development Finance Corp. | | | | | | | | |
| 5.500%, 09/15/2025 | | | 925,000 | | | | 904,898 | |
| 5.000%, 09/15/2040 | | | 2,050,000 | | | | 1,795,407 | |
| | | | | | | | | |
| Palm Beach County School District | | | | | | | | |
| 5.250%, 08/01/2036 | | | 1,750,000 | | | | 1,981,671 | |
| 5.250%, 08/01/2040 | | | 3,500,000 | | | | 3,854,655 | |
| | | | | | | | | |
| Sarasota County School Board | | | | | | | | |
| 5.000%, 07/01/2037 | | | 875,000 | | | | 985,275 | |
| | | | | | | | | |
| School District of Broward County | | | | | | | | |
| 5.000%, 07/01/2047 | | | 7,000,000 | | | | 7,450,533 | |
| | | | | | | | 60,350,829 | |
| Georgia — 0.30% | | | | | | | | |
| | | | | | | | | |
| City of Conyers, GA | | | | | | | | |
| 4.300%, 03/01/2031 | | | 1,185,000 | | | | 1,017,590 | |
| | | | | | | | | |
| Walton County Water & | | | | | | | | |
| Sewer Authority | | | | | | | | |
| 5.250%, 02/01/2047 | | | 785,000 | | | | 859,284 | |
| | | | | | | | 1,876,874 | |
| Hawaii — 0.87% | | | | | | | | |
| | | | | | | | | |
| City & County Honolulu, HI | | | | | | | | |
| Wastewater System Revenue | | | | | | | | |
| 5.000%, 07/01/2042 | | | 5,000,000 | | | | 5,403,158 | |
| | | | | | | | | |
| Illinois — 4.30% | | | | | | | | |
| | | | | | | | | |
| Chicago O’Hare | | | | | | | | |
| International Airport | | | | | | | | |
| 5.250%, 01/01/2039 | | | 1,190,000 | | | | 1,287,404 | |
| | | | | | | | | |
| City of Joliet, IL | | | | | | | | |
| 5.500%, 12/15/2042 | | | 2,260,000 | | | | 2,479,975 | |
| | | | | | | | | |
| County of Cook, IL | | | | | | | | |
| Sales Tax Revenue | | | | | | | | |
| 5.250%, 11/15/2045 | | | 5,000,000 | | | | 5,252,054 | |
| | | | | | | | | |
| DuPage County School District | | | | | | | | |
| No. 58 Downers Grove | | | | | | | | |
| 5.000%, 12/15/2036 | | | 1,045,000 | | | | 1,172,456 | |
| 5.000%, 12/15/2037 | | | 2,230,000 | | | | 2,459,541 | |
| 5.250%, 12/15/2038 | | | 180,000 | | | | 198,799 | |
| | | | | | | | | |
| Illinois State Toll Highway Authority | | | | | | | | |
| 5.250%, 01/01/2045 | | | 2,070,000 | | | | 2,259,785 | |
| �� | | | | | | | | |
| Metropolitan Pier & | | | | | | | | |
| Exposition Authority | | | | | | | | |
| 0.000%, 12/15/2036 (c) | | | 6,500,000 | | | | 3,642,845 | |
| | | | | | | | | |
| Sales Tax Securitization Corp. | | | | | | | | |
| 5.000%, 01/01/2035 | | | 1,000,000 | | | | 1,093,194 | |
| 5.000%, 01/01/2035 | | | 1,500,000 | | | | 1,633,686 | |
| 5.000%, 01/01/2036 | | | 1,100,000 | | | | 1,185,372 | |
| | | | | | | | | |
| Will County School District | | | | | | | | |
| No. 114 Manhattan | | | | | | | | |
| 5.500%, 01/01/2045 | | | 3,765,000 | | | | 4,114,661 | |
| | | | | | | | 26,779,772 | |
| Indiana — 6.04% | | | | | | | | |
| | | | | | | | | |
| City of Valparaiso, IN | | | | | | | | |
| 6.750%, 01/01/2034 | | | 500,000 | | | | 504,476 | |
| | | | | | | | | |
| Clark-Pleasant Community | | | | | | | | |
| School Building Corp. | | | | | | | | |
| 5.250%, 01/15/2042 | | | 2,500,000 | | | | 2,724,975 | |
| | | | | | | | | |
| Fort Wayne | | | | | | | | |
| Redevelopment Authority | | | | | | | | |
| 5.000%, 12/15/2041 | | | 2,040,000 | | | | 2,185,861 | |
| | | | | | | | | |
| Franklin Township-Marion County | | | | | | | | |
| Multiple School Building Corp. | | | | | | | | |
| 5.000%, 07/15/2040 | | | 4,520,000 | | | | 4,854,493 | |
| | | | | | | | | |
| Greater Clark Building Corp. | | | | | | | | |
| 6.000%, 07/15/2038 | | | 1,875,000 | | | | 2,191,238 | |
| 6.000%, 01/15/2042 | | | 5,260,000 | | | | 6,136,405 | |
| | | | | | | | | |
| Indiana Finance Authority | | | | | | | | |
| 5.000%, 01/01/2042 | | | 1,000,000 | | | | 1,051,410 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Indiana — 6.04% (Cont.) | | | | | | |
| | | | | | | |
| IPS Multi-School Building Corp. | | | | | | |
| 5.500%, 07/15/2042 | | $ | 1,250,000 | | | $ | 1,366,977 | |
| | | | | | | | | |
| Lake Ridge Multi-School | | | | | | | | |
| Building Corp. | | | | | | | | |
| 5.500%, 07/15/2040 | | | 1,500,000 | | | | 1,665,313 | |
| | | | | | | | | |
| Merrillville Multi | | | | | | | | |
| School Building Corp. | | | | | | | | |
| 5.000%, 01/15/2042 | | | 8,890,000 | | | | 9,417,018 | |
| | | | | | | | | |
| Tippecanoe County | | | | | | | | |
| School Building Corp. | | | | | | | | |
| 6.000%, 01/15/2042 | | | 4,740,000 | | | | 5,533,653 | |
| | | | | | | | 37,631,819 | |
| Iowa — 0.73% | | | | | | | | |
| | | | | | | | | |
| Iowa Tobacco Settlement Authority | | | | | | | | |
| 4.000%, 06/01/2049 | | | 4,680,000 | | | | 4,562,137 | |
| | | | | | | | | |
| Kentucky — 1.12% | | | | | | | | |
| | | | | | | | | |
| County of Trimble, KY | | | | | | | | |
| 1.300%, 09/01/2044 | | | 3,500,000 | | | | 3,017,042 | |
| | | | | | | | | |
| Kentucky Economic | | | | | | | | |
| Development Finance Authority | | | | | | | | |
| 5.000%, 05/15/2026 | | | 625,000 | | | | 604,195 | |
| | | | | | | | | |
| Kentucky State Property & | | | | | | | | |
| Building Commission | | | | | | | | |
| 5.250%, 06/01/2037 | | | 3,025,000 | | | | 3,360,282 | |
| | | | | | | | 6,981,519 | |
| Louisiana — 0.67% | | | | | | | | |
| | | | | | | | | |
| Ernest N Morial New Orleans | | | | | | | | |
| Exhibition Hall Authority | | | | | | | | |
| 5.000%, 07/15/2039 | | | 2,210,000 | | | | 2,379,192 | |
| | | | | | | | | |
| Louisiana Stadium & | | | | | | | | |
| Exposition District | | | | | | | | |
| 5.000%, 07/01/2039 | | | 1,655,000 | | | | 1,791,138 | |
| | | | | | | | 4,170,330 | |
| Maryland — 0.99% | | | | | | | | |
| | | | | | | | | |
| Maryland Stadium Authority | | | | | | | | |
| 5.000%, 05/01/2050 | | | 5,775,000 | | | | 6,181,481 | |
| | | | | | | | | |
| Michigan — 5.32% | | | | | | | | |
| | | | | | | | | |
| Garden City School District, MI | | | | | | | | |
| 5.000%, 05/01/2046 | | | 1,505,000 | | | | 1,579,952 | |
| 5.000%, 05/01/2048 | | | 1,640,000 | | | | 1,711,020 | |
| | | | | | | | | |
| Great Lakes Water Authority | | | | | | | | |
| Sewage Disposal System Revenue | | | | | | | | |
| 5.250%, 07/01/2042 | | | 9,905,000 | | | | 10,786,609 | |
| | | | | | | | | |
| Great Lakes Water Authority | | | | | | | | |
| Water Supply System Revenue | | | | | | | | |
| 5.250%, 07/01/2042 | | | 3,000,000 | | | | 3,264,697 | |
| | | | | | | | | |
| Hemlock Public School District | | | | | | | | |
| 5.000%, 05/01/2045 | | | 1,200,000 | | | | 1,270,067 | |
| | | | | | | | | |
| Holly Area School District | | | | | | | | |
| 5.250%, 05/01/2048 | | | 8,235,000 | | | | 8,986,235 | |
| | | | | | | | | |
| Michigan Finance Authority | | | | | | | | |
| 3.875%, 10/01/2023 | | | 250,000 | | | | 249,904 | |
| 3.267%, 06/01/2039 | | | 6,000,000 | | | | 5,290,245 | |
| | | | | | | | 33,138,729 | |
| Minnesota — 0.33% | | | | | | | | |
| | | | | | | | | |
| City of Minneapolis, MN | | | | | | | | |
| 5.750%, 07/01/2055 | | | 1,000,000 | | | | 964,586 | |
| | | | | | | | | |
| City of Rochester, MN | | | | | | | | |
| 5.000%, 11/15/2035 | | | 645,000 | | | | 756,036 | |
| | | | | | | | | |
| University of Minnesota | | | | | | | | |
| 5.000%, 08/01/2036 | | | 300,000 | | | | 354,735 | |
| | | | | | | | 2,075,357 | |
| Nebraska — 0.34% | | | | | | | | |
| | | | | | | | | |
| Central Plains Energy Project | | | | | | | | |
| 5.000%, 09/01/2034 | | | 2,000,000 | | | | 2,117,374 | |
| | | | | | | | | |
| Nevada — 1.29% | | | | | | | | |
| | | | | | | | | |
| County of Clark, NV | | | | | | | | |
| 5.000%, 07/01/2038 | | | 3,000,000 | | | | 3,299,111 | |
| | | | | | | | | |
| Las Vegas Convention & | | | | | | | | |
| Visitors Authority | | | | | | | | |
| 5.000%, 07/01/2038 | | | 3,000,000 | | | | 3,239,019 | |
| | | | | | | | | |
| State of Nevada Department | | | | | | | | |
| of Business & Industry | | | | | | | | |
| 8.125%, 01/01/2050 | | | 1,500,000 | | | | 1,500,404 | |
| | | | | | | | 8,038,534 | |
| New Jersey — 1.75% | | | | | | | | |
| | | | | | | | | |
| New Jersey Economic | | | | | | | | |
| Development Authority | | | | | | | | |
| 5.500%, 01/01/2027 | | | 300,000 | | | | 301,394 | |
| 5.250%, 06/15/2037 | | | 1,560,000 | | | | 1,671,628 | |
| 5.250%, 06/15/2038 | | | 1,935,000 | | | | 2,056,043 | |
| | | | | | | | | |
| New Jersey Transportation | | | | | | | | |
| Trust Fund Authority | | | | | | | | |
| 5.250%, 06/15/2036 | | | 1,900,000 | | | | 2,120,039 | |
| 0.000%, 12/15/2037 (c) | | | 3,395,000 | | | | 1,806,099 | |
| 0.000%, 12/15/2038 (c) | | | 1,125,000 | | | | 565,346 | |
| 0.000%, 12/15/2039 (c) | | | 5,000,000 | | | | 2,354,714 | |
| | | | | | | | 10,875,263 | |
| New York — 4.95% | | | | | | | | |
| | | | | | | | | |
| Build NYC Resource Corp. | | | | | | | | |
| 4.000%, 06/15/2031 | | | 600,000 | | | | 558,022 | |
| 4.000%, 06/15/2041 | | | 1,350,000 | | | | 1,079,985 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| New York — 4.95% (Cont.) | | | | | | |
| | | | | | | |
| City of New York, NY | | | | | | |
| 5.250%, 10/01/2041 | | $ | 2,500,000 | | | $ | 2,756,083 | |
| | | | | | | | | |
| New York City Transitional | | | | | | | | |
| Finance Authority Future | | | | | | | | |
| Tax Secured Revenue | | | | | | | | |
| 5.250%, 08/01/2042 | | | 5,000,000 | | | | 5,487,807 | |
| 5.500%, 11/01/2045 | | | 9,825,000 | | | | 10,940,558 | |
| | | | | | | | | |
| New York State | | | | | | | | |
| Dormitory Authority | | | | | | | | |
| 5.000%, 10/01/2048 | | | 4,000,000 | | | | 4,473,195 | |
| | | | | | | | | |
| Port Authority of | | | | | | | | |
| New York & New Jersey | | | | | | | | |
| 5.000%, 07/15/2037 | | | 3,000,000 | | | | 3,267,985 | |
| | | | | | | | | |
| Triborough Bridge & | | | | | | | | |
| Tunnel Authority | | | | | | | | |
| 5.000%, 05/15/2043 | | | 2,105,000 | | | | 2,258,918 | |
| | | | | | | | 30,822,553 | |
| North Carolina — 2.17% | | | | | | | | |
| | | | | | | | | |
| Town of Clayton, NC | | | | | | | | |
| Water & Sewer Revenue | | | | | | | | |
| 5.000%, 08/01/2038 | | | 925,000 | | | | 1,024,003 | |
| | | | | | | | | |
| University of North Carolina | | | | | | | | |
| at Chapel Hill | | | | | | | | |
| 5.000%, 02/01/2045 | | | 5,100,000 | | | | 5,524,582 | |
| 5.000%, 02/01/2049 | | | 5,225,000 | | | | 5,612,284 | |
| | | | | | | | | |
| Watauga Public Facilities Corp. | | | | | | | | |
| 5.250%, 06/01/2042 | | | 1,250,000 | | | | 1,375,829 | |
| | | | | | | | 13,536,698 | |
| North Dakota — 0.31% | | | | | | | | |
| | | | | | | | | |
| City of Larimore, ND | | | | | | | | |
| 0.850%, 05/01/2024 | | | 2,000,000 | | | | 1,942,599 | |
| | | | | | | | | |
| Ohio — 1.04% | | | | | | | | |
| | | | | | | | | |
| County of Hamilton, OH | | | | | | | | |
| 5.000%, 11/15/2049 | | | 5,500,000 | | | | 5,861,487 | |
| | | | | | | | | |
| Ohio Higher Educational | | | | | | | | |
| Facility Commission | | | | | | | | |
| 3.750%, 12/01/2023 | | | 615,000 | | | | 609,660 | |
| | | | | | | | 6,471,147 | |
| Oregon — 1.01% | | | | | | | | |
| | | | | | | | | |
| Hospital Facilities Authority of | | | | | | | | |
| Multnomah County Oregon | | | | | | | | |
| 0.950%, 06/01/2027 | | | 1,000,000 | | | | 874,967 | |
| | | | | | | | | |
| Medford Hospital | | | | | | | | |
| Facilities Authority | | | | | | | | |
| 5.000%, 10/01/2024 | | | 450,000 | | | | 450,509 | |
| | | | | | | | | |
| Port of Portland OR | | | | | | | | |
| Airport Revenue | | | | | | | | |
| 5.000%, 07/01/2037 | | | 2,000,000 | | | | 2,131,894 | |
| | | | | | | | | |
| State of Oregon Department | | | | | | | | |
| of Transportation | | | | | | | | |
| 5.000%, 11/15/2038 | | | 2,500,000 | | | | 2,811,382 | |
| | | | | | | | 6,268,752 | |
| Pennsylvania — 4.05% | | | | | | | | |
| | | | | | | | | |
| Allegheny County | | | | | | | | |
| Sanitary Authority | | | | | | | | |
| 5.750%, 06/01/2047 | | | 6,835,000 | | | | 7,731,583 | |
| | | | | | | | | |
| City of Philadelphia, PA | | | | | | | | |
| Water & Wastewater Revenue | | | | | | | | |
| 5.500%, 06/01/2047 | | | 5,365,000 | | | | 5,824,928 | |
| | | | | | | | | |
| Delaware Valley Regional | | | | | | | | |
| Finance Authority | | | | | | | | |
| 4.520% (1 Month LIBOR USD + | | | | | | | | |
| 0.880%), 09/01/2048 | | | 1,000,000 | | | | 997,230 | |
| | | | | | | | | |
| Pennsylvania Turnpike Commission | | | | | | | | |
| 5.250%, 12/01/2041 | | | 1,000,000 | | | | 1,099,440 | |
| 5.250%, 12/01/2042 | | | 1,000,000 | | | | 1,094,977 | |
| | | | | | | | | |
| Pittsburgh Water & Sewer Authority | | | | | | | | |
| 5.000%, 09/01/2038 | | | 2,225,000 | | | | 2,457,856 | |
| 5.000%, 09/01/2039 | | | 2,860,000 | | | | 3,138,064 | |
| | | | | | | | | |
| Southeastern Pennsylvania | | | | | | | | |
| Transportation Authority | | | | | | | | |
| 5.250%, 06/01/2041 | | | 2,585,000 | | | | 2,860,693 | |
| | | | | | | | 25,204,771 | |
| Puerto Rico — 1.24% | | | | | | | | |
| | | | | | | | | |
| Commonwealth of Puerto Rico | | | | | | | | |
| 0.000%, 07/01/2024 (c) | | | 23,978 | | | | 23,107 | |
| 5.375%, 07/01/2025 | | | 164,169 | | | | 167,292 | |
| 5.625%, 07/01/2027 | | | 162,682 | | | | 169,670 | |
| 5.625%, 07/01/2029 | | | 160,042 | | | | 169,331 | |
| 5.750%, 07/01/2031 | | | 155,448 | | | | 168,130 | |
| 0.000%, 07/01/2033 (c) | | | 189,697 | | | | 115,583 | |
| 4.000%, 07/01/2033 | | | 147,407 | | | | 138,029 | |
| 4.000%, 07/01/2035 | | | 132,497 | | | | 121,772 | |
| 4.000%, 07/01/2037 | | | 113,718 | | | | 102,313 | |
| 4.000%, 07/01/2041 | | | 154,613 | | | | 133,703 | |
| 0.000%, 11/01/2043 (c) | | | 696,364 | | | | 359,498 | |
| 4.000%, 07/01/2046 | | | 160,797 | | | | 133,860 | |
| | | | | | | | | |
| GDB Debt Recovery | | | | | | | | |
| Authority of Puerto Rico | | | | | | | | |
| 7.500%, 08/20/2040 | | | 2,971,238 | | | | 2,428,987 | |
| | | | | | | | | |
| Puerto Rico Highway & | | | | | | | | |
| Transportation Authority | | | | | | | | |
| 5.850%, 03/01/2027 | | | 1,395,000 | | | | 1,397,790 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Puerto Rico — 1.24% (Cont.) | | | | | | |
| | | | | | | |
| Puerto Rico Sales Tax Financing | | | | | | |
| Corp. Sales Tax Revenue | | | | | | |
| 0.000%, 07/01/2024 (c) | | $ | 872,000 | | | $ | 843,857 | |
| 0.000%, 07/01/2029 (c) | | | 1,589,000 | | | | 1,243,193 | |
| | | | | | | | 7,716,115 | |
| Rhode Island — 1.30% | | | | | | | | |
| | | | | | | | | |
| Rhode Island Health and | | | | | | | | |
| Educational Building Corp. | | | | | | | | |
| 5.500%, 05/15/2042 | | | 3,335,000 | | | | 3,714,136 | |
| 5.500%, 05/15/2047 | | | 4,000,000 | | | | 4,406,683 | |
| | | | | | | | 8,120,819 | |
| South Carolina — 1.26% | | | | | | | | |
| | | | | | | | | |
| County of Horry, SC | | | | | | | | |
| 5.250%, 09/01/2047 | | | 4,000,000 | | | | 4,263,250 | |
| | | | | | | | | |
| South Island Public Service District | | | | | | | | |
| 5.250%, 04/01/2042 | | | 3,325,000 | | | | 3,571,593 | |
| | | | | | | | 7,834,843 | |
| Tennessee — 0.74% | | | | | | | | |
| | | | | | | | | |
| Metropolitan Nashville | | | | | | | | |
| Airport Authority | | | | | | | | |
| 5.250%, 07/01/2035 | | | 1,500,000 | | | | 1,644,889 | |
| 5.500%, 07/01/2036 | | | 1,125,000 | | | | 1,259,553 | |
| 5.500%, 07/01/2037 | | | 1,550,000 | | | | 1,718,397 | |
| | | | | | | | 4,622,839 | |
| Texas — 10.33% | | | | | | | | |
| | | | | | | | | |
| Board of Regents of the | | | | | | | | |
| University of Texas System | | | | | | | | |
| 5.000%, 08/15/2049 | | | 7,000,000 | | | | 7,800,423 | |
| | | | | | | | | |
| Celina Independent School District | | | | | | | | |
| 5.000%, 02/15/2047 | | | 5,000,000 | | | | 5,332,371 | |
| | | | | | | | | |
| City of Austin, TX Water & | | | | | | | | |
| Wastewater System Revenue | | | | | | | | |
| 5.000%, 11/15/2040 | | | 1,225,000 | | | | 1,329,997 | |
| 5.000%, 11/15/2041 | | | 1,700,000 | | | | 1,838,495 | |
| | | | | | | | | |
| City of Houston, TX | | | | | | | | |
| Airport System Revenue | | | | | | | | |
| 5.250%, 07/01/2039 | | | 2,745,000 | | | | 2,954,250 | |
| | | | | | | | | |
| City of San Antonio, TX | | | | | | | | |
| Electric & Gas Systems Revenue | | | | | | | | |
| 5.000%, 02/01/2038 | | | 6,000,000 | | | | 6,612,957 | |
| 5.000%, 02/01/2039 | | | 3,265,000 | | | | 3,574,514 | |
| 5.250%, 02/01/2040 | | | 6,000,000 | | | | 6,661,294 | |
| | | | | | | | | |
| Colony Economic | | | | | | | | |
| Development Corp. | | | | | | | | |
| 7.250%, 10/01/2042 | | | 1,500,000 | | | | 1,421,936 | |
| | | | | | | | | |
| Colony Local Development Corp. | | | | | | | | |
| 7.250%, 10/01/2033 | | | 700,000 | | | | 700,322 | |
| | | | | | | | | |
| Lower Colorado River Authority | | | | | | | | |
| 5.500%, 05/15/2047 | | | 5,000,000 | | | | 5,404,647 | |
| | | | | | | | | |
| North Texas Tollway Authority | | | | | | | | |
| 0.000%, 01/01/2036 (c) | | | 1,000,000 | | | | 601,830 | |
| 0.000%, 01/01/2038 (c) | | | 545,000 | | | | 286,725 | |
| 5.250%, 01/01/2038 | | | 4,100,000 | | | | 4,473,777 | |
| | | | | | | | | |
| Port of Beaumont Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
| 4.100%, 01/01/2028 | | | 3,000,000 | | | | 2,392,336 | |
| | | | | | | | | |
| Pottsboro Higher Education | | | | | | | | |
| Finance Corp. | | | | | | | | |
| 2.000%, 08/15/2040 | | | 775,000 | | | | 512,293 | |
| | | | | | | | | |
| Van Alstyne Independent | | | | | | | | |
| School District | | | | | | | | |
| 5.000%, 02/15/2047 | | | 5,935,000 | | | | 6,329,524 | |
| | | | | | | | | |
| Waxahachie Independent | | | | | | | | |
| School District | | | | | | | | |
| 5.000%, 02/15/2039 | | | 1,000,000 | | | | 1,096,851 | |
| | | | | | | | | |
| West Harris County | | | | | | | | |
| Regional Water Authority | | | | | | | | |
| 5.500%, 12/15/2042 | | | 4,500,000 | | | | 5,018,491 | |
| | | | | | | | 64,343,033 | |
| Utah — 2.09% | | | | | | | | |
| | | | | | | | | |
| City of Salt Lake City, UT | | | | | | | | |
| Airport Revenue | | | | | | | | |
| 5.250%, 07/01/2038 | | | 1,075,000 | | | | 1,167,269 | |
| 5.250%, 07/01/2039 | | | 1,000,000 | | | | 1,080,394 | |
| | | | | | | | | |
| Wasatch County School District | | | | | | | | |
| Local Building Authority | | | | | | | | |
| 5.500%, 06/01/2047 | | | 7,570,000 | | | | 8,266,472 | |
| | | | | | | | | |
| Wildflower Improvement | | | | | | | | |
| Association | | | | | | | | |
| 6.625%, 03/01/2031 | | | 2,650,002 | | | | 2,514,100 | |
| | | | | | | | 13,028,235 | |
| Washington — 1.83% | | | | | | | | |
| | | | | | | | | |
| Central Puget Sound | | | | | | | | |
| Regional Transit Authority | | | | | | | | |
| 5.000%, 11/01/2046 | | | 10,000,000 | | | | 11,046,041 | |
| | | | | | | | | |
| Washington State Housing | | | | | | | | |
| Finance Commission | | | | | | | | |
| 5.000%, 01/01/2055 | | | 500,000 | | | | 370,168 | |
| | | | | | | | 11,416,209 | |
| Washington DC — 1.03% | | | | | | | | |
| | | | | | | | | |
| District of Columbia | | | | | | | | |
| 5.500%, 07/01/2047 | | | 4,750,000 | | | | 5,296,205 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Washington DC — 1.03% (Cont.) | | | | | | |
| | | | | | | |
| Washington Metropolitan | | | | | | |
| Area Transit Authority | | | | | | |
| Dedicated Revenue | | | | | | |
| 5.000%, 07/15/2038 | | $ | 1,000,000 | | | $ | 1,109,603 | |
| | | | | | | | 6,405,808 | |
| Wisconsin — 0.32% | | | | | | | | |
| | | | | | | | | |
| Public Finance Authority | | | | | | | | |
| 7.500%, 06/01/2029 | | | 2,000,000 | | | | 1,958,118 | |
| | | | | | | | | |
| TOTAL MUNICIPAL BONDS | | | | | | | | |
| (Cost $568,094,073) | | | | | | | 556,235,414 | |
| | | | | | | | | |
| | | SHARES | | | | | |
| | | | | | | | |
| MONEY MARKET FUNDS — 3.28% | | | | | | | | |
| First American Government | | | | | | | | |
| Obligations Fund – | | | | | | | | |
| X Class, 5.248% (d) | | | 20,441,139 | | | $ | 20,441,139 | |
| | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | | | | | | | | |
| (Cost $20,441,139) | | | | | | | 20,441,139 | |
| | | | | | | | | |
| Total Investments | | | | | | | | |
| (Cost $641,666,298) — 100.44% | | | | | | | 625,551,044 | |
| | | | | | | | | |
| Liabilities in Excess | | | | | | | | |
| of Other Assets — (0.44)% | | | | | | | (2,705,785 | ) |
| | | | | | | | | |
| TOTAL NET ASSETS — 100.00% | | | | | | $ | 622,845,259 | |
Percentages are stated as a percent of net assets.
| (a) | Variable rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans. |
| (b) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
| (c) | Represents a security issued at a discount to its face value but pays no interest. |
| (d) | Seven-day yield as of August 31, 2023. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| ASSET BACKED SECURITIES – 8.29% | | | | | | |
| | | | | | | |
| American Credit Acceptance | | | | | | |
| Receivables Trust | | | | | | |
| 2021-2, 2.540%, 07/13/2027 | | $ | 1,000,000 | | | $ | 942,662 | |
| 2022-3, 4.860%, 10/13/2028 | | | 1,000,000 | | | | 981,139 | |
| | | | | | | | | |
| Exeter Automobile | | | | | | | | |
| Receivables Trust | | | | | | | | |
| 2021-2A, 2.900%, 07/17/2028 | | | 1,500,000 | | | | 1,394,980 | |
| 2022-2A, 3.850%, 07/17/2028 | | | 1,000,000 | | | | 970,861 | |
| | | | | | | | | |
| GLS Auto Receivables Issuer Trust | | | | | | | | |
| 2022-3A, 4.920%, 01/15/2027 | | | 1,000,000 | | | | 984,345 | |
| 2020-2A, 7.480%, 04/15/2027 | | | 1,225,000 | | | | 1,232,695 | |
| 2021-2A, 2.870%, 05/15/2028 | | | 1,000,000 | | | | 908,711 | |
| | | | | | | | | |
| TOTAL ASSET BACKED SECURITIES | | | | | | | | |
| (Cost $7,451,121) | | | | | | | 7,415,393 | |
| | | | | | | | | |
| COLLATERALIZED LOAN | | | | | | | | |
| OBLIGATIONS – 11.83% | | | | | | | | |
| | | | | | | | | |
| Apidos CLO XII | | | | | | | | |
| 2013-12A, 10.970% (TSFR3M + | | | | | | | | |
| 5.662%), 04/15/2031 (a) | | | 1,000,000 | | | | 865,888 | |
| | | | | | | | | |
| Apidos CLO XXXI | | | | | | | | |
| 2019-31A, 12.170% (TSFR3M + | | | | | | | | |
| 6.862%), 04/15/2031 (a) | | | 1,000,000 | | | | 955,171 | |
| | | | | | | | | |
| Ares XXXIX CLO Ltd. | | | | | | | | |
| 2016-39A, 8.922% (TSFR3M + | | | | | | | | |
| 3.612%), 04/18/2031 (a) | | | 1,000,000 | | | | 951,457 | |
| | | | | | | | | |
| Ares XXXVII CLO Ltd. | | | | | | | | |
| 2015-4A, 8.220% (TSFR3M + | | | | | | | | |
| 2.912%), 10/15/2030 (a) | | | 1,000,000 | | | | 959,953 | |
| | | | | | | | | |
| Burnham Park CLO Ltd. | | | | | | | | |
| 2016-1A, 8.438% (TSFR3M + | | | | | | | | |
| 3.112%), 10/20/2029 (a) | | | 1,000,000 | | | | 974,931 | |
| | | | | | | | | |
| Buttermilk Park CLO Ltd. | | | | | | | | |
| 2018-1A, 8.670% (TSFR3M + | | | | | | | | |
| 3.362%), 10/15/2031 (a) | | | 1,000,000 | | | | 912,175 | |
| | | | | | | | | |
| Cayuga Park CLO Ltd. | | | | | | | | |
| 2020-1A, 11.570% (TSFR3M + | | | | | | | | |
| 6.262%), 07/17/2034 (a) | | | 1,250,000 | | | | 1,177,285 | |
| | | | | | | | | |
| Goldentree Loan | | | | | | | | |
| Management US CLO 2 Ltd. | | | | | | | | |
| 2017-2A, 10.288% (TSFR3M + | | | | | | | | |
| 4.962%), 11/28/2030 (a) | | | 1,000,000 | | | | 939,859 | |
| | | | | | | | | |
| Magnetite XV Ltd. | | | | | | | | |
| 2015-15A, 10.813% (TSFR3M + | | | | | | | | |
| 5.462%), 07/25/2031 (a) | | | 1,000,000 | | | | 954,006 | |
| | | | | | | | | |
| Neuberger Berman Loan | | | | | | | | |
| Advisers CLO 33 Ltd. | | | | | | | | |
| 2019-33A, 8.470% (TSFR3M + | | | | | | | | |
| 3.162%), 10/16/2033 (a) | | | 1,000,000 | | | | 953,985 | |
| | | | | | | | | |
| Neuberger Berman Loan | | | | | | | | |
| Advisers CLO 35 Ltd. | | | | | | | | |
| 2019-35A, 12.582% (TSFR3M + | | | | | | | | |
| 7.262%), 01/19/2033 (a) | | | 1,000,000 | | | | 944,043 | |
| | | | | | | | | |
| TOTAL COLLATERALIZED LOAN | | | | | | | | |
| OBLIGATIONS (Cost $10,358,975) | | | | | | | 10,588,753 | |
| | | | | | | | | |
| CORPORATE BONDS – 42.68% | | | | | | | | |
| | | | | | | | | |
| Diversified Consumer | | | | | | | | |
| Services – 2.25% | | | | | | | | |
| | | | | | | | | |
| Prime Security Services | | | | | | | | |
| Borrower, LLC | | | | | | | | |
| 3.375%, 08/31/2027 | | | 1,163,000 | | | | 1,035,404 | |
| | | | | | | | | |
| Washington University | | | | | | | | |
| 4.349%, 04/15/2122 | | | 1,200,000 | | | | 975,085 | |
| | | | | | | | | |
| Real Estate Management | | | | | | | | |
| & Development – 1.13% | | | | | | | | |
| | | | | | | | | |
| Cushman & Wakefield | | | | | | | | |
| US Borrower, LLC | | | | | | | | |
| 8.875%, 09/01/2031 | | | 1,000,000 | | | | 1,009,410 | |
| | | | | | | | | |
| Banks – 12.49% | | | | | | | | |
| | | | | | | | | |
| Banner Corp. | | | | | | | | |
| 5.000% to 06/30/2025 | | | | | | | | |
| then TSFR3M + 4.890%, | | | | | | | | |
| 06/30/2030 (a) | | | 1,000,000 | | | | 908,871 | |
| | | | | | | | | |
| Barclays PLC | | | | | | | | |
| 6.125% (5 Year CMT Rate + | | | | | | | | |
| 5.867%), 12/15/2025 (a)(b) | | | 1,000,000 | | | | 888,700 | |
| | | | | | | | | |
| Deutsche Bank AG | | | | | | | | |
| 7.079% to 11/10/2032 then SOFR + | | | | | | | | |
| 3.650%, 02/10/2034 (a) | | | 1,000,000 | | | | 951,514 | |
| | | | | | | | | |
| First Busey Corp. | | | | | | | | |
| 5.250% to 06/01/25 then TSFR3M + | | | | | | | | |
| 5.110%, 06/01/2030 (a) | | | 1,000,000 | | | | 895,507 | |
| | | | | | | | | |
| First Financial Bancorp. | | | | | | | | |
| 5.250% to 05/15/2025 | | | | | | | | |
| then TSFR3M + 5.090%, | | | | | | | | |
| 05/15/2030 (a) | | | 1,000,000 | | | | 918,241 | |
| | | | | | | | | |
| National Australia Bank Ltd. | | | | | | | | |
| 3.347% (5 Year CMT Rate + | | | | | | | | |
| 1.700%), 01/12/2037 (a) | | | 1,000,000 | | | | 783,321 | |
| | | | | | | | | |
| Park National Corp. | | | | | | | | |
| 4.500% to 09/01/2025 | | | | | | | | |
| then TSFR3M + 4.390%, | | | | | | | | |
| 09/01/2030 (a) | | | 1,250,000 | | | | 1,107,393 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| Banks – 12.49% (Cont.) | | | | | | |
| | | | | | | |
| Renasant Corp. | | | | | | |
| 3.000% to 12/01/2026 then TSFR3M + | | | | | | |
| �� 1.910%, 12/01/2031 (a) | | $ | 1,000,000 | | | $ | 836,419 | |
| | | | | | | | | |
| Synovus Financial Corp. | | | | | | | | |
| 5.900% (5 Year Swap Rate USD + | | | | | | | | |
| 3.379%), 02/07/2029 (a) | | | 1,000,000 | | | | 937,658 | |
| | | | | | | | | |
| Texas Capital Bancshares, Inc. | | | | | | | | |
| 4.000% (5 Year CMT Rate + | | | | | | | | |
| 3.150%), 05/06/2031 (a) | | | 1,000,000 | | | | 829,419 | |
| | | | | | | | | |
| Western Alliance Bank | | | | | | | | |
| 5.250% to 06/01/2025 then TSFR3M + | | | | | | | | |
| 5.120%, 06/01/2030 (a) | | | 1,500,000 | | | | 1,372,500 | |
| | | | | | | | | |
| WSFS Financial Corp. | | | | | | | | |
| 2.750% to 12/15/25 then SOFR + | | | | | | | | |
| 2.485%, 12/15/2030 (a) | | | 1,000,000 | | | | 753,036 | |
| | | | | | | | | |
| Capital Markets – 2.32% | | | | | | | | |
| | | | | | | | | |
| Ares Capital Corp. | | | | | | | | |
| 3.200%, 11/15/2031 | | | 1,300,000 | | | | 1,011,981 | |
| | | | | | | | | |
| MSCI, Inc. | | | | | | | | |
| 3.625%, 11/01/2031 | | | 1,250,000 | | | | 1,061,268 | |
| | | | | | | | | |
| Consumer Finance – 3.90% | | | | | | | | |
| | | | | | | | | |
| Ally Financial, Inc. | | | | | | | | |
| 6.700%, 02/14/2033 | | | 1,250,000 | | | | 1,133,209 | |
| | | | | | | | | |
| Ford Motor Credit Co. LLC | | | | | | | | |
| 7.350%, 03/06/2030 | | | 1,250,000 | | | | 1,273,570 | |
| | | | | | | | | |
| OneMain Finance Corp. | | | | | | | | |
| 5.375%, 11/15/2029 | | | 1,250,000 | | | | 1,082,750 | |
| | | | | | | | | |
| Containers & Packaging – 0.95% | | | | | | | | |
| | | | | | | | | |
| Graphic Packaging International, LLC | | | | | | | | |
| 3.750%, 02/01/2030 | | | 1,000,000 | | | | 853,335 | |
| | | | | | | | | |
| Distributors – 1.11% | | | | | | | | |
| | | | | | | | | |
| LKQ Corp. | | | | | | | | |
| 6.250%, 06/15/2033 | | | 1,000,000 | | | | 993,731 | |
| | | | | | | | | |
| Electrical Equipment – 1.11% | | | | | | | | |
| | | | | | | | | |
| Regal Rexnord Corp. | | | | | | | | |
| 6.300%, 02/15/2030 | | | 1,000,000 | | | | 996,452 | |
| | | | | | | | | |
| Financial Services – 0.19% | | | | | | | | |
| | | | | | | | | |
| Compeer Financial FLCA | | | | | | | | |
| 3.375% to 06/01/2031 then SOFR + | | | | | | | | |
| 1.965%, 06/01/2036 (a) | | | 250,000 | | | | 167,350 | |
| | | | | | | | | |
| Healthcare Providers | | | | | | | | |
| & Services – 0.94% | | | | | | | | |
| | | | | | | | | |
| Centene Corp. | | | | | | | | |
| 3.000%, 10/15/2030 | | | 1,000,000 | | | | 837,400 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure – 0.92% | | | | | | | | |
| | | | | | | | | |
| Station Casinos, LLC | | | | | | | | |
| 4.625%, 12/01/2031 | | | 1,000,000 | | | | 825,270 | |
| | | | | | | | | |
| Household Durables – 2.22% | | | | | | | | |
| | | | | | | | | |
| M/I Homes, Inc. | | | | | | | | |
| 3.950%, 02/15/2030 | | | 1,300,000 | | | | 1,112,553 | |
| | | | | | | | | |
| Meritage Homes Corp. | | | | | | | | |
| 3.875%, 04/15/2029 | | | 1,000,000 | | | | 873,705 | |
| | | | | | | | | |
| Machinery – 0.93% | | | | | | | | |
| | | | | | | | | |
| Allison Transmission, Inc. | | | | | | | | |
| 3.750%, 01/30/2031 | | | 1,000,000 | | | | 836,291 | |
| | | | | | | | | |
| Media – 2.70% | | | | | | | | |
| | | | | | | | | |
| CCO Holdings Capital Corp. | | | | | | | | |
| 4.750%, 02/01/2032 | | | 1,500,000 | | | | 1,242,623 | |
| | | | | | | | | |
| Sirius XM Radio, Inc. | | | | | | | | |
| 3.875%, 09/01/2031 | | | 1,500,000 | | | | 1,168,842 | |
| | | | | | | | | |
| Retail REITs – 0.85% | | | | | | | | |
| | | | | | | | | |
| American Finance Trust, Inc. | | | | | | | | |
| 4.500%, 09/30/2028 | | | 1,000,000 | | | | 759,758 | |
| | | | | | | | | |
| Software – 0.93% | | | | | | | | |
| | | | | | | | | |
| Oracle Corp. | | | | | | | | |
| 3.850%, 07/15/2036 | | | 1,000,000 | | | | 829,885 | |
| | | | | | | | | |
| Specialty Retail – 5.36% | | | | | | | | |
| | | | | | | | | |
| Asbury Automotive Group, Inc. | | | | | | | | |
| 5.000%, 02/15/2032 | | | 1,000,000 | | | | 858,715 | |
| | | | | | | | | |
| AutoNation, Inc. | | | | | | | | |
| 3.850%, 03/01/2032 | | | 1,250,000 | | | | 1,059,390 | |
| | | | | | | | | |
| Group 1 Automotive, Inc. | | | | | | | | |
| 4.000%, 08/15/2028 | | | 1,300,000 | | | | 1,155,554 | |
| | | | | | | | | |
| Ken Garff Automotive, LLC | | | | | | | | |
| 4.875%, 09/15/2028 | | | 1,000,000 | | | | 870,965 | |
| | | | | | | | | |
| Lithia Motors, Inc. | | | | | | | | |
| 4.375%, 01/15/2031 | | | 1,000,000 | | | | 851,702 | |
| | | | | | | | | |
| Technology Hardware, | | | | | | | | |
| Storage & Peripherals – 1.29% | | | | | | | | |
| | | | | | | | | |
| Dell International, LLC | | | | | | | | |
| 8.100%, 07/15/2036 | | | 1,000,000 | | | | 1,153,242 | |
| | | | | | | | | |
| Utilities – 1.09% | | | | | | | | |
| | | | | | | | | |
| CoServ Securitization, LLC | | | | | | | | |
| 2022, 5.321%, 02/15/2048 | | | 1,000,000 | | | | 971,985 | |
| | | | | | | | | |
| TOTAL CORPORATE BONDS | | | | | | | | |
| (Cost $39,461,756) | | | | | | | 38,184,004 | |
| | | | | | | | | |
| NON-AGENCY RESIDENTIAL | | | | | | | | |
| MORTGAGE BACKED | | | | | | | | |
| SECURITIES – 3.50% | | | | | | | | |
| | | | | | | | | |
| Banc of America | | | | | | | | |
| Alternative Loan Trust | | | | | | | | |
| 2006-2, 6.500%, 03/25/2036 | | | 1,448,385 | | | | 1,162,186 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| CHL Mortgage Pass-Through Trust | | | | | | |
| 2006-17, 6.000% (TSFR1M + | | | | | | |
| 0.664%), 12/25/2036 (a) | | $ | 343,969 | | | $ | 143,887 | |
| | | | | | | | | |
| Credit Suisse First Boston | | | | | | | | |
| Mortgage Securities Corp. | | | | | | | | |
| 2005-11, 5.500%, 12/25/2035 | | | 355,648 | | | | 153,976 | |
| | | | | | | | | |
| Volt, LLC | | | | | | | | |
| 2021-NPL4, 4.949%, 03/27/2051 (c) | | | 350,000 | | | | 277,778 | |
| | | | | | | | | |
| WaMu Mortgage Pass-Through | | | | | | | | |
| Certificates Series Trust | | | | | | | | |
| 2006-AR12, 3.840%, 10/25/2036 (d) | | | 1,542,659 | | | | 1,395,140 | |
| | | | | | | | | |
| TOTAL NON-AGENCY RESIDENTIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $3,554,579) | | | | | | | 3,132,967 | |
| | | | | | | | | |
| NON-AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED | | | | | | | | |
| SECURITIES – 16.43% | | | | | | | | |
| | | | | | | | | |
| BANK | | | | | | | | |
| 2019-BNK23, 3.623%, | | | | | | | | |
| 12/15/2052 (d) | | | 1,000,000 | | | | 734,803 | |
| 2020-BNK29, 2.500%, 11/15/2053 | | | 850,000 | | | | 461,312 | |
| 2022-BNK40, 2.500%, 03/15/2064 | | | 500,000 | | | | 258,585 | |
2021-BNK35, 2.902%, 06/15/2064 (d) | | | | | | | | |
| | | 1,000,000 | | | | 649,622 | |
| | | | | | | | | |
| BBCMS Mortgage Trust | | | | | | | | |
2022-C17, 1.325%, 09/15/2055 (d)(e) | | | | | | | | |
| | | 14,970,686 | | | | 1,157,810 | |
| | | | | | | | | |
| Benchmark Mortgage Trust | | | | | | | | |
2021-B27, 1.604%, 07/15/2054 (d)(e) | | | | | | | | |
| | | 15,000,000 | | | | 1,360,725 | |
| | | | | | | | | |
| Citigroup Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
| 2016-C1, 5.105%, 05/10/2049 (d) | | | 1,000,000 | | | | 888,641 | |
| | | | | | | | | |
| GS Mortgage Securities Corp. II | | | | | | | | |
| 2012-BWTR, 3.255%, 11/05/2034 | | | 478,000 | | | | 229,372 | |
| | | | | | | | | |
| GS Mortgage Securities Corp. Trust | | | | | | | | |
| 2012-BWTR, 2.954%, 11/05/2034 | | | 1,000,000 | | | | 737,868 | |
| | | | | | | | | |
| Morgan Stanley Bank of | | | | | | | | |
| America Merrill Lynch Trust | | | | | | | | |
| 2017-C34, 2.700%, 11/15/2052 | | | 1,000,000 | | | | 595,685 | |
| | | | | | | | | |
| Morgan Stanley Capital I Trust | | | | | | | | |
| 2017-H1, 4.281%, 06/15/2050 (d) | | | 1,500,000 | | | | 1,190,398 | |
| 2017-HR2, 4.463%, 12/15/2050 (d) | | | 1,400,000 | | | | 1,142,292 | |
| 2019-H7, 3.000%, 07/15/2052 | | | 1,000,000 | | | | 612,378 | |
| | | | | | | | | |
| Wells Fargo Commercial | | | | | | | | |
| Mortgage Trust | | | | | | | | |
| 2015-C28, 4.216%, 05/15/2048 (d) | | | 1,000,000 | | | | 792,863 | |
| 2016-C37, 3.335%, 12/15/2049 (d) | | | 1,250,000 | | | | 896,660 | |
| 2018-C43, 4.514%, 03/15/2051 (d) | | | 1,250,000 | | | | 1,027,428 | |
| 2019-C52, 3.561%, 08/15/2052 | | | 1,000,000 | | | | 745,635 | |
| 2020-C57, 4.157%, 08/15/2053 (d) | | | 1,500,000 | | | | 1,213,812 | |
| | | | | | | | | |
| TOTAL NON-AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $16,555,309) | | | | | | | 14,695,889 | |
| | | | | | | | | |
| AGENCY COMMERCIAL MORTGAGE | | | | | | | | |
| BACKED SECURITIES – 3.59% | | | | | | | | |
| | | | | | | | | |
| Freddie Mac Multifamily Structured | | | | | | | | |
| Pass Through Certificates | | | | | | | | |
| K072, 0.492%, 12/25/2027 (d)(e) | | | 71,383,157 | | | | 971,339 | |
| K118, 1.051%, 09/25/2030 (d)(e) | | | 20,807,451 | | | | 1,084,913 | |
| K130, 1.143%, 06/25/2031 (d)(e) | | | 18,468,863 | | | | 1,154,276 | |
| | | | | | | | | |
| TOTAL AGENCY COMMERCIAL | | | | | | | | |
| MORTGAGE BACKED SECURITIES | | | | | | | | |
| (Cost $3,450,660) | | | | | | | 3,210,528 | |
| | | | | | | | | |
| MUNICIPAL BONDS – 4.74% | | | | | | | | |
| | | | | | | | | |
| Illinois – 0.70% | | | | | | | | |
| | | | | | | | | |
| Metropolitan Pier & | | | | | | | | |
| Exposition Authority | | | | | | | | |
| 0.000%, 06/15/2038 (f) | | | 1,250,000 | | | | 630,518 | |
| | | | | | | | | |
| Michigan – 1.14% | | | | | | | | |
| | | | | | | | | |
| University of Michigan | | | | | | | | |
| 4.454%, 04/01/2122 | | | 1,221,000 | | | | 1,012,400 | |
| | | | | | | | | |
| Pennsylvania – 1.07% | | | | | | | | |
| | | | | | | | | |
| Pennsylvania Turnpike Commission | | | | | | | | |
| 3.000%, 12/01/2042 | | | 1,250,000 | | | | 960,882 | |
| | | | | | | | | |
| Tennessee – 0.67% | | | | | | | | |
| | | | | | | | | |
| New Memphis Arena | | | | | | | | |
| Public Building Authority | | | | | | | | |
| 0.000%, 04/01/2043 (f) | | | 1,625,000 | | | | 598,912 | |
| | | | | | | | | |
| Texas – 0.89% | | | | | | | | |
| | | | | | | | | |
| Port of Beaumont Industrial | | | | | | | | |
| Development Authority | | | | | | | | |
| 4.100%, 01/01/2028 | | | 1,000,000 | | | | 797,445 | |
| | | | | | | | | |
| Wisconsin – 0.27% | | | | | | | | |
| | | | | | | | | |
| Public Finance Authority | | | | | | | | |
| 7.500%, 06/01/2029 | | | 250,000 | | | | 244,765 | |
| | | | | | | | | |
| TOTAL MUNICIPAL BONDS | | | | | | | | |
| (Cost $4,349,724) | | | | | | | 4,244,922 | |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS (CONT.)
August 31, 2023
| | | PRINCIPAL | | | | |
| | | AMOUNT | | | VALUE | |
| | | | | | | |
| US GOVERNMENT | | | | | | |
| NOTES/BONDS – 4.99% | | | | | | |
| | | | | | | |
| United States Treasury Notes/Bonds | | | | | | |
| 3.875%, 02/15/2043 | | $ | 2,800,000 | | | $ | 2,607,063 | |
| 3.875%, 05/15/2043 | | | 2,000,000 | | | | 1,861,250 | |
| | | | | | | | | |
| TOTAL US GOVERNMENT | | | | | | | | |
| NOTES/BONDS | | | | | | | | |
| (Cost $4,711,771) | | | | | | | 4,468,313 | |
| | | | | | | | | |
| | | SHARES | | | | | |
| | | | | | | | | |
| MONEY MARKET FUNDS – 2.39% | | | | | | | | |
| First American Government | | | | | | | | |
| Obligations Fund – | | | | | | | | |
| Class X, 5.248% (g) | | | 2,136,321 | | | $ | 2,136,321 | |
| | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | | | | | | | | |
| (Cost $2,136,321) | | | | | | | 2,136,321 | |
| | | | | | | | | |
| Total Investments | | | | | | | | |
| (Cost $92,030,216) – 98.44% | | | | | | | 88,077,090 | |
| | | | | | | | | |
| Other Assets in Excess | | | | | | | | |
| of Liabilities – 1.56% | | | | | | | 1,392,812 | |
| | | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | | | | $ | 89,469,902 | |
Percentages are stated as a percent of net assets.
| (a) | Variable rate security; the rate shown represents the rate at August 31, 2023. |
| (b) | Perpetual maturity. The date referenced is the next call date. |
| (c) | Step-up bond; the rate shown represents the rate at August 31, 2023. |
| (d) | Variable rate security; the rate shown represents the rate at August 31, 2023. The coupon is based on an underlying pool of loans. |
| (e) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
| (f) | Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages. |
| (g) | Seven day yield at August 31, 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 Treasury 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.
STATEMENTS OF OPERATIONS
For the Year Ended August 31, 2023
| | Performance Trust | | Performance Trust | | | | |
| | | Strategic | | | Municipal | | Performance Trust | |
| | | Bond Fund | | | Bond Fund | | | Credit Fund | |
| Investment Income | | | | | | | | | |
| Interest income | | $ | 245,675,005 | | | $ | 25,993,638 | | | $ | 5,882,971 | |
| Total Investment Income | | | 245,675,005 | | | | 25,993,638 | | | | 5,882,971 | |
| | | | | | | | | | | | | |
| Expenses | | | | | | | | | | | | |
| Advisory fees | | | 31,619,811 | | | | 2,508,229 | | | | 675,553 | |
| Sub-transfer agent fees | | | 4,654,225 | | | | — | | | | — | |
| Administration and accounting fees | | | 2,163,806 | | | | 274,424 | | | | 70,237 | |
| Transfer agent fees and expenses | | | 812,875 | | | | 101,470 | | | | 24,343 | |
| Distribution fees – Class C | | | 312,886 | | | | — | | | | — | |
| Reports to shareholders | | | 271,775 | | | | 22,993 | | | | 4,639 | |
| Federal and state registration fees | | | 258,249 | | | | 62,052 | | | | 28,297 | |
| Custody fees | | | 246,528 | | | | 30,798 | | | | 6,760 | |
| Shareholder servicing fees – Class C | | | 104,295 | | | | — | | | | — | |
| Distribution fees – Class A | | | 75,780 | | | | 94,181 | | | | — | |
| Audit and tax fees | | | 41,745 | | | | 21,600 | | | | 21,600 | |
| Insurance expense | | | 36,066 | | | | 8,324 | | | | 4,551 | |
| Legal fees | | | 34,820 | | | | 16,755 | | | | 17,586 | |
| Trustees’ fees | | | 20,963 | | | | 20,963 | | | | 20,963 | |
| Chief Compliance Officer fees | | | 11,666 | | | | 11,666 | | | | 11,666 | |
| Other expenses | | | 40,691 | | | | 11,216 | | | | 7,390 | |
| Total Expenses | | | 40,706,181 | | | | 3,184,671 | | | | 893,585 | |
| Expense Reimbursement by Adviser (Note 4) | | | — | | | | — | | | | (57,546 | ) |
| Net Expenses | | | 40,706,181 | | | | 3,184,671 | | | | 836,039 | |
| | | | | | | | | | | | | |
| Net Investment Income | | | 204,968,824 | | | | 22,808,967 | | | | 5,046,932 | |
| | | | | | | | | | | | | |
| Realized and Unrealized Loss on Investments | | | | | | | | | | | | |
| Net realized loss from: | | | | | | | | | | | | |
| Investments | | | (231,808,333 | ) | | | (35,660,856 | ) | | | (3,458,486 | ) |
| Change in net unrealized | | | | | | | | | | | | |
| appreciation/depreciation from investments | | | 22,979,067 | | | | 14,938,824 | | | | 1,093,792 | |
| Net Realized and Unrealized Loss on Investments | | | (208,829,266 | ) | | | (20,722,032 | ) | | | (2,364,694 | ) |
| | | | | | | | | | | | | |
| Net Increase (Decrease) in | | | | | | | | | | | | |
| Net Assets from Operations | | $ | (3,860,442 | ) | | $ | 2,086,935 | | | $ | 2,682,238 | |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Strategic Bond Fund
| | | Year Ended | | | Year Ended | |
| | | August 31, 2023 | | | August 31, 2022 | |
| From Operations | | | | | | |
| Net investment income | | $ | 204,968,824 | | | $ | 209,332,420 | |
| Net realized loss from investments | | | (231,808,333 | ) | | | (132,925,876 | ) |
| Change in net unrealized appreciation/depreciation from investments | | | 22,979,067 | | | | (826,306,858 | ) |
| Net decrease in net assets from operations | | | (3,860,442 | ) | | | (749,900,314 | ) |
| | | | | | | | | |
| From Distributions | | | | | | | | |
| Net Distributions | | | | | | | | |
| Institutional Class | | | (204,912,825 | ) | | | (222,486,617 | ) |
| Class A | | | (1,118,873 | ) | | | (1,124,676 | ) |
| Class C | | | (1,234,132 | ) | | | (1,457,632 | ) |
| Net decrease in net assets resulting from distributions paid | | | (207,265,830 | ) | | | (225,068,925 | ) |
| | | | | | | | | |
| From Capital Share Transactions | | | | | | | | |
| Proceeds from shares sold | | | | | | | | |
| Institutional Class | | | 2,537,736,439 | | | | 2,660,072,549 | |
| Class A | | | 14,637,086 | | | | 20,808,513 | |
| Class C | | | 6,801,990 | | | | 12,717,654 | |
| Shares issued in reinvestment of distributions declared | | | | | | | | |
| Institutional Class | | | 179,815,401 | | | | 197,355,016 | |
| Class A | | | 1,066,967 | | | | 1,117,606 | |
| Class C | | | 1,232,346 | | | | 1,455,550 | |
| Cost for shares redeemed | | | | | | | | |
| Institutional Class | | | (2,263,701,105 | ) | | | (2,757,178,671 | ) |
| Class A | | | (17,867,623 | ) | | | (16,977,659 | ) |
| Class C | | | (11,396,206 | ) | | | (15,319,692 | ) |
| Net increase in net assets from capital share transactions | | | 448,325,295 | | | | 104,050,866 | |
| | | | | | | | | |
| Total Increase (Decrease) in Net Assets | | | 237,199,023 | | | | (870,918,373 | ) |
| | | | | | | | | |
| Net Assets | | | | | | | | |
| Beginning of year | | | 5,546,306,024 | | | | 6,417,224,397 | |
| End of year | | $ | 5,783,505,047 | | | $ | 5,546,306,024 | |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Municipal Bond Fund
| | | Year Ended | | | Year Ended | |
| | | August 31, 2023 | | | August 31, 2022 | |
| From Operations | | | | | | |
| Net investment income | | $ | 22,808,967 | | | $ | 17,122,863 | |
| Net realized loss from investments | | | (35,660,856 | ) | | | (50,813,393 | ) |
| Change in net unrealized appreciation/depreciation from investments | | | 14,938,824 | | | | (69,361,094 | ) |
| Net increase/decrease in net assets from operations | | | 2,086,935 | | | | (103,051,624 | ) |
| | | | | | | | | |
| From Distributions | | | | | | | | |
| Net Distributions | | | | | | | | |
| Institutional Class | | | (21,059,221 | ) | | | (15,488,839 | ) |
| Class A | | | (1,245,577 | ) | | | (891,864 | ) |
| Net decrease in net assets resulting from distributions paid | | | (22,304,798 | ) | | | (16,380,703 | ) |
| | | | | | | | | |
| From Capital Share Transactions | | | | | | | | |
| Proceeds from shares sold | | | | | | | | |
| Institutional Class | | | 323,241,552 | | | | 418,242,304 | |
| Class A | | | 15,146,083 | | | | 28,238,385 | |
| Shares issued in reinvestment of distributions declared | | | | | | | | |
| Institutional Class | | | 18,735,579 | | | | 13,947,716 | |
| Class A | | | 1,177,425 | | | | 836,833 | |
| Cost for shares redeemed | | | | | | | | |
| Institutional Class | | | (404,806,981 | ) | | | (468,786,042 | ) |
| Class A | | | (26,368,296 | ) | | | (31,852,481 | ) |
| Net decrease in net assets from capital share transactions | | | (72,874,638 | ) | | | (39,373,285 | ) |
| | | | | | | | | |
| Total Decrease in Net Assets | | | (93,092,501 | ) | | | (158,805,612 | ) |
| | | | | | | | | |
| Net Assets | | | | | | | | |
| Beginning of year | | | 715,937,760 | | | | 874,743,372 | |
| End of year | | $ | 622,845,259 | | | $ | 715,937,760 | |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Credit Fund
| | | Year Ended | | | Year Ended | |
| | | August 31, 2023 | | | August 31, 2022 | |
| From Operations | | | | | | |
| Net investment income | | $ | 5,046,932 | | | $ | 1,685,100 | |
| Net realized loss from investments | | | (3,458,486 | ) | | | (418,213 | ) |
| Change in net unrealized appreciation/depreciation from investments | | | 1,093,792 | | | | (5,054,533 | ) |
| Net increase (decrease) in net assets from operations | | | 2,682,238 | | | | (3,787,646 | ) |
| | | | | | | | | |
| From Distributions | | | | | | | | |
| Net distributions – Institutional Class | | | (5,020,968 | ) | | | (1,579,174 | ) |
| Net decrease in net assets resulting from distributions paid | | | (5,020,968 | ) | | | (1,579,174 | ) |
| | | | | | | | | |
| From Capital Share Transactions | | | | | | | | |
| Proceeds from shares sold – Institutional Class | | | 41,110,523 | | | | 87,543,695 | |
| Shares issued in reinvestment of distributions declared – | | | | | | | | |
| Institutional Class | | | 4,935,606 | | | | 1,567,536 | |
| Cost for shares redeemed – Institutional Class | | | (36,252,578 | ) | | | (14,754,428 | ) |
| Net increase in net assets from capital share transactions | | | 9,793,551 | | | | 74,356,803 | |
| | | | | | | | | |
| Total Increase in Net Assets | | | 7,454,821 | | | | 68,989,983 | |
| | | | | | | | | |
| Net Assets | | | | | | | | |
| Beginning of year | | | 82,015,081 | | | | 13,025,098 | |
| End of year | | $ | 89,469,902 | | | $ | 82,015,081 | |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
| | | Year | | | Year | | | Year | | | Year | | | Year | |
| | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Institutional Class Shares | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 19.89 | | | $ | 23.17 | | | $ | 22.99 | | | $ | 23.22 | | | $ | 22.21 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.75 | | | | 0.72 | | | | 0.78 | | | | 0.82 | | | | 0.83 | |
| Net realized and unrealized | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments(2) | | | (0.70 | ) | | | (3.22 | ) | | | 0.23 | | | | (0.18 | ) | | | 1.07 | |
| Total from investment operations | | | 0.05 | | | | (2.50 | ) | | | 1.01 | | | | 0.64 | | | | 1.90 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.76 | ) | | | (0.70 | ) | | | (0.83 | ) | | | (0.87 | ) | | | (0.89 | ) |
| From net realized gain on investments | | | — | | | | (0.08 | ) | | | — | | | | — | | | | — | |
| Total distributions paid | | | (0.76 | ) | | | (0.78 | ) | | | (0.83 | ) | | | (0.87 | ) | | | (0.89 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital from redemption fees (Note 2) | | | — | | | | — | | | | — | | | | 0.00 | (3) | | | 0.00 | (3) |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Year | | $ | 19.18 | | | $ | 19.89 | | | $ | 23.17 | | | $ | 22.99 | | | $ | 23.22 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | 0.30 | % | | | -11.00 | % | | | 4.49 | % | | | 2.87 | % | | | 8.79 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of Year (000’s) | | $ | 5,712,347 | | | $ | 5,466,750 | | | $ | 6,327,797 | | | $ | 4,264,846 | | | $ | 2,836,855 | |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.76 | % | | | 0.75 | % | | | 0.76 | % | | | 0.78 | % | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income | | | | | | | | | | | | | | | | | | | | |
| to average net assets | | | 3.90 | % | | | 3.34 | % | | | 3.39 | % | | | 3.64 | % | | | 3.68 | % |
| | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(4) | | | 35.55 | % | | | 53.11 | % | | | 30.80 | % | | | 41.75 | % | | | 40.59 | % |
| (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 Statements of Operations due to share transactions for the period. |
| (3) | Rounds to less than $0.005 per share. |
| (4) | Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year/Period
| | | Year | | | Year | | | Year | | | Year | | | Period | |
| | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Class A Shares | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year/Period | | $ | 19.89 | | | $ | 23.18 | | | $ | 22.99 | | | $ | 23.23 | | | $ | 22.13 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | 0.70 | | | | 0.67 | | | | 0.72 | | | | 0.76 | | | | 0.58 | |
| Net realized and unrealized | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments(3) | | | (0.70 | ) | | | (3.23 | ) | | | 0.24 | | | | (0.18 | ) | | | 1.08 | |
| Total from investment operations | | | 0.00 | | | | (2.56 | ) | | | 0.96 | | | | 0.58 | | | | 1.66 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.71 | ) | | | (0.65 | ) | | | (0.77 | ) | | | (0.82 | ) | | | (0.57 | ) |
| From net realized gain on investments | | | — | | | | (0.08 | ) | | | — | | | | — | | | | — | |
| Total distributions paid | | | (0.71 | ) | | | (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 Year/Period | | $ | 19.18 | | | $ | 19.89 | | | $ | 23.18 | | | $ | 22.99 | | | $ | 23.23 | |
| | | | | | | | | | | | | | | | | | | | | |
Total Return(5)(6) | | | 0.05 | % | | | -11.26 | % | | | 4.28 | % | | | 2.60 | % | | | 7.67 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of Year/Period (000’s) | | $ | 29,145 | | | $ | 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) | | | 3.63 | % | | | 3.12 | % | | | 3.12 | % | | | 3.40 | % | | | 3.80 | % |
| | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(6)(8) | | | 35.55 | % | | | 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 Statements 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.
PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year/Period
| | | Year | | | Year | | | Year | | | Year | | | Period | |
| | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019(1) | |
| Class C Shares | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year/Period | | $ | 19.81 | | | $ | 23.10 | | | $ | 22.92 | | | $ | 23.18 | | | $ | 22.13 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income(2) | | | 0.56 | | | | 0.52 | | | | 0.55 | | | | 0.59 | | | | 0.46 | |
| Net realized and unrealized | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments(3) | | | (0.69 | ) | | | (3.23 | ) | | | 0.24 | | | | (0.18 | ) | | | 1.09 | |
| Total from investment operations | | | (0.13 | ) | | | (2.71 | ) | | | 0.79 | | | | 0.41 | | | | 1.55 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.57 | ) | | | (0.50 | ) | | | (0.61 | ) | | | (0.67 | ) | | | (0.50 | ) |
| From net realized gain on investments | | | — | | | | (0.08 | ) | | | — | | | | — | | | | — | |
| Total distributions paid | | | (0.57 | ) | | | (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 Year/Period | | $ | 19.11 | | | $ | 19.81 | | | $ | 23.10 | | | $ | 22.92 | | | $ | 23.18 | |
| | | | | | | | | | | | | | | | | | | | | |
Total Return(5) | | | -0.65 | % | | | -11.92 | % | | | 3.49 | % | | | 1.83 | % | | | 7.10 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of Year/Period (000’s) | | $ | 42,012 | | | $ | 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) | | | 2.88 | % | | | 2.33 | % | | | 2.37 | % | | | 2.66 | % | | | 3.04 | % |
| | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(5)(7) | | | 35.55 | % | | | 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 Statements 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.
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
| | | Year | | | Year | | | Year | | | Year | | | Year | |
| | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Institutional Class Shares | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 22.65 | | | $ | 25.94 | | | $ | 25.52 | | | $ | 25.49 | | | $ | 23.79 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.82 | | | | 0.50 | | | | 0.49 | | | | 0.54 | | | | 0.72 | |
| Net realized and unrealized | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments(4) | | | (0.62 | ) | | | (3.31 | ) | | | 0.61 | | | | 0.22 | | | | 1.69 | |
| Total from investment operations | | | 0.20 | | | | (2.81 | ) | | | 1.10 | | | | 0.76 | | | | 2.41 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.80 | ) | | | (0.48 | ) | | | (0.58 | ) | | | (0.66 | ) | | | (0.71 | ) |
| From return of capital | | | — | | | | — | | | | (0.06 | ) | | | — | | | | — | |
| From net realized gain on investments | | | — | | | | — | | | | (0.04 | ) | | | (0.07 | ) | | | — | |
| Total distributions paid | | | (0.80 | ) | | | (0.48 | ) | | | (0.68 | ) | | | (0.73 | ) | | | (0.71 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital from redemption fees (Note 2) | | | — | | | | — | | | | — | | | | 0.00 | (2) | | | 0.00 | (2) |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Year | | $ | 22.05 | | | $ | 22.65 | | | $ | 25.94 | | | $ | 25.52 | | | $ | 25.49 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total Return | | | 0.88 | % | | | -10.96 | % | | | 4.35 | % | | | 3.07 | % | | | 10.31 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of Year (000’s) | | $ | 588,234 | | | $ | 670,095 | | | $ | 818,825 | | | $ | 500,176 | | | $ | 307,384 | |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
| Before waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 0.49 | % | | | 0.48 | % | | | 0.49 | % | | | 0.53 | % | | | 0.57 | % |
| After waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 0.49 | % | | | 0.48 | % | | | 0.50 | % | | | 0.55 | % | | | 0.55 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income | | | | | | | | | | | | | | | | | | | | |
| to average net assets: | | | | | | | | | | | | | | | | | | | | |
| Before waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 3.65 | % | | | 2.02 | % | | | 1.92 | % | | | 2.19 | % | | | 2.94 | % |
| After waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 3.65 | % | | | 2.02 | % | | | 1.91 | % | | | 2.17 | % | | | 2.96 | % |
| | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(3) | | | 68.24 | % | | | 81.53 | % | | | 15.91 | % | | | 27.12 | % | | | 35.29 | % |
| (1) | Per share net investment income was calculated using the average shares outstanding method. |
| (2) | Rounds to less than $0.005 per share. |
| (3) | Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
| (4) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year
| | | Year | | | Year | | | Year | | | Year | | | Year | |
| | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | August 31, | | | August 31, | | | August 31, | | | August 31, | | | August 31, | |
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Class A Shares | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Year | | $ | 22.67 | | | $ | 25.96 | | | $ | 25.54 | | | $ | 25.51 | | | $ | 23.81 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.76 | | | | 0.44 | | | | 0.42 | | | | 0.48 | | | | 0.66 | |
| Net realized and unrealized | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments(5) | | | (0.62 | ) | | | (3.31 | ) | | | 0.61 | | | | 0.22 | | | | 1.69 | |
| Total from investment operations | | | 0.14 | | | | (2.87 | ) | | | 1.03 | | | | 0.70 | | | | 2.35 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (0.74 | ) | | | (0.42 | ) | | | (0.50 | ) | | | (0.60 | ) | | | (0.65 | ) |
| From return of capital | | | — | | | | — | | | | (0.07 | ) | | | — | | | | — | |
| From net realized gain on investments | | | — | | | | — | | | | (0.04 | ) | | | (0.07 | ) | | | — | |
| Total distributions paid | | | (0.74 | ) | | | (0.42 | ) | | | (0.61 | ) | | | (0.67 | ) | | | (0.65 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital from redemption fees (Note 2) | | | — | | | | — | | | | — | | | | 0.00 | (2) | | | 0.00 | (2) |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Year | | $ | 22.07 | | | $ | 22.67 | | | $ | 25.96 | | | $ | 25.54 | | | $ | 25.51 | |
| | | | | | | | | | | | | | | | | | | | | |
Total Return(3) | | | 0.62 | % | | | -11.17 | % | | | 4.09 | % | | | 2.83 | % | | | 10.02 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of Year (000’s) | | $ | 34,611 | | | $ | 45,843 | | | $ | 55,918 | | | $ | 42,552 | | | $ | 22,141 | |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
| Before waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 0.74 | % | | | 0.73 | % | | | 0.74 | % | | | 0.78 | % | | | 0.82 | % |
| After waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 0.74 | % | | | 0.73 | % | | | 0.77 | % | | | 0.80 | % | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income | | | | | | | | | | | | | | | | | | | | |
| to average net assets: | | | | | | | | | | | | | | | | | | | | |
| Before waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 3.39 | % | | | 1.78 | % | | | 1.67 | % | | | 1.93 | % | | | 2.69 | % |
| After waiver, expense | | | | | | | | | | | | | | | | | | | | |
| reimbursements and recoupments | | | 3.39 | % | | | 1.78 | % | | | 1.64 | % | | | 1.91 | % | | | 2.71 | % |
| | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate(4) | | | 68.24 | % | | | 81.53 | % | | | 15.91 | % | | | 27.12 | % | | | 35.29 | % |
| (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) | Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
| (5) | Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST CREDIT FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Year/Period
| | | Year | | | Year | | | Period | |
| | | Ended | | | Ended | | | Ended | |
| | | August 31, | | | August 31, | | | August 31, | |
| | | 2023 | | | 2022 | | | 2021(1) | |
| Institutional Class Shares | | | | | | | | | |
| | | | | | | | | | |
| Net Asset Value, Beginning of Year/Period | | $ | 8.72 | | | $ | 10.07 | | | $ | 10.00 | |
| | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | |
Net investment income(2) | | | 0.51 | | | | 0.38 | | | | 0.39 | |
Net realized and unrealized gain (loss) on investments(3) | | | (0.25 | ) | | | (1.33 | ) | | | 0.01 | |
| Total from investment operations | | | 0.26 | | | | (0.95 | ) | | | 0.40 | |
| | | | | | | | | | | | | |
| Less distributions paid: | | | | | | | | | | | | |
| From net investment income | | | (0.51 | ) | | | (0.39 | ) | | | (0.33 | ) |
| From net realized gain on investments | | | — | | | | (0.01 | ) | | | — | |
| Total distributions paid | | | (0.51 | ) | | | (0.40 | ) | | | (0.33 | ) |
| | | | | | | | | | | | | |
| Net Asset Value, End of Year/Period | | $ | 8.47 | | | $ | 8.72 | | | $ | 10.07 | |
| | | | | | | | | | | | | |
Total Return(4) | | | 3.12 | % | | | -9.66 | % | | | 4.06 | % |
| | | | | | | | | | | | | |
| Supplemental Data and Ratios: | | | | | | | | | | | | |
| Net assets at end of Year/Period (000’s) | | $ | 89,470 | | | $ | 82,015 | | | $ | 13,025 | |
| | | | | | | | | | | | | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | |
Before waiver and expense reimbursement(5) | | | 1.06 | % | | | 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) | | | 5.91 | % | | | 3.98 | % | | | 4.34 | % |
After waiver and expense reimbursement(5) | | | 5.98 | % | | | 4.18 | % | | | 5.82 | % |
| | | | | | | | | | | | | |
Portfolio turnover rate(4) | | | 74.40 | % | | | 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 Statements of Operations due to share transactions for the period. |
| (4) | Not annualized for periods less than one year. |
| (5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS
August 31, 2023
| 1. | Organization |
| | Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. 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. |
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| 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”). |
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| 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”). |
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| | 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. 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. |
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| | Redeemable securities issued by open-end, registered investment companies, including money market funds, 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. |
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| | 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. |
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| | FASB Accounting Standards Codification, Fair Value Measurements and Disclosures Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
August 31, 2023
| | 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. |
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| | » | Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
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| | » | 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 August 31, 2023: |
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| | Performance Trust Strategic Bond Fund |
| | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | Fixed Income: | | | | | | | | | | | | |
| | Asset Backed | | | | | | | | | | | | |
| | Securities | | $ | — | | | $ | 580,872,024 | | | $ | — | | | $ | 580,872,024 | |
| | Collateralized | | | | | | | | | | | | | | | | |
| | Loan | | | | | | | | | | | | | | | | |
| | Obligations | | | — | | | | 346,688,272 | | | | ��� | | | | 346,688,272 | |
| | Corporate | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 1,062,847,282 | | | | — | | | | 1,062,847,282 | |
| | Non – Agency | | | | | | | | | | | | | | | | |
| | Residential | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 433,526,490 | | | | — | | | | 433,526,490 | |
| | Non – Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 956,787,742 | | | | — | | | | 956,787,742 | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 451,485,454 | | | | — | | | | 451,485,454 | |
| | Municipal | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 1,263,821,454 | | | | — | | | | 1,263,821,454 | |
| | US | | | | | | | | | | | | | | | | |
| | Government | | | | | | | | | | | | | | | | |
| | Notes/Bonds | | | — | | | | 559,070,411 | | | | — | | | | 559,070,411 | |
| | Total Fixed | | | | | | | | | | | | | | | | |
| | Income: | | | — | | | | 5,655,099,129 | | | | — | | | | 5,655,099,129 | |
| | Money | | | | | | | | | | | | | | | | |
| | Market Funds | | | 64,364,314 | | | | — | | | | — | | | | 64,364,314 | |
| | Total Money | | | | | | | | | | | | | | | | |
| | Market Funds | | | 64,364,314 | | | | — | | | | — | | | | 64,364,314 | |
| | Total | | | | | | | | | | | | | | | | |
| | Investments | | | | | | | | | | | | | | | | |
| | in Securities | | $ | 64,364,314 | | | $ | 5,655,099,129 | | | $ | — | | | $ | 5,719,463,443 | |
| | | | | | | | | | | | | | | | | | |
| | Performance Trust Municipal Bond Fund | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | Fixed Income: | | | | | | | | | | | | | | | | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | $ | — | | | $ | 35,752,834 | | | $ | — | | | $ | 35,752,834 | |
| | Non-Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 13,121,657 | | | | — | | | | 13,121,657 | |
| | Municipal | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 556,235,414 | | | | — | | | | 556,235,414 | |
| | Total Fixed | | | | | | | | | | | | | | | | |
| | Income: | | | — | | | | 605,109,905 | | | | — | | | | 605,109,905 | |
| | Money | | | | | | | | | | | | | | | | |
| | Market Funds | | | 20,441,139 | | | | — | | | | — | | | | 20,441,139 | |
| | Total Money | | | | | | | | | | | | | | | | |
| | Market Funds | | | 20,441,139 | | | | — | | | | — | | | | 20,441,139 | |
| | Total | | | | | | | | | | | | | | | | |
| | Investments | | | | | | | | | | | | | | | | |
| | in Securities | | $ | 20,441,139 | | | $ | 605,109,905 | | | $ | — | | | $ | 625,551,044 | |
| | | | | | | | | | | | | | | | | | |
| | Performance Trust Credit Fund | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | Fixed Income: | | | | | | | | | | | | | | | | |
| | Asset Backed | | | | | | | | | | | | | | | | |
| | Securities | | $ | — | | | $ | 7,415,393 | | | $ | — | | | $ | 7,415,393 | |
| | Collateralized | | | | | | | | | | | | | | | | |
| | Loan | | | | | | | | | | | | | | | | |
| | Obligations | | | — | | | | 10,588,753 | | | | — | | | | 10,588,753 | |
| | Corporate | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 38,184,004 | | | | — | | | | 38,184,004 | |
| | Non – Agency | | | | | | | | | | | | | | | | |
| | Residential | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 3,132,967 | | | | — | | | | 3,132,967 | |
| | Non – Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 14,695,889 | | | | — | | | | 14,695,889 | |
| | Agency | | | | | | | | | | | | | | | | |
| | Commercial | | | | | | | | | | | | | | | | |
| | Mortgage | | | | | | | | | | | | | | | | |
| | Backed | | | | | | | | | | | | | | | | |
| | Securities | | | — | | | | 3,210,528 | | | | — | | | | 3,210,528 | |
| | Municipal | | | | | | | | | | | | | | | | |
| | Bonds | | | — | | | | 4,244,922 | | | | — | | | | 4,244,922 | |
| | US | | | | | | | | | | | | | | | | |
| | Government | | | | | | | | | | | | | | | | |
| | Notes/Bonds | | | — | | | | 4,468,313 | | | | — | | | | 4,468,313 | |
| | Total Fixed | | | | | | | | | | | | | | | | |
| | Income: | | | — | | | | 85,940,769 | | | | — | | | | 85,940,769 | |
| | Money | | | | | | | | | | | | | | | | |
| | Market Funds | | | 2,136,321 | | | | — | | | | — | | | | 2,136,321 | |
| | Total Money | | | | | | | | | | | | | | | | |
| | Market Funds | | | 2,136,321 | | | | — | | | | — | | | | 2,136,321 | |
| | Total | | | | | | | | | | | | | | | | |
| | Investments | | | | | | | | | | | | | | | | |
| | in Securities | | $ | 2,136,321 | | | $ | 85,940,769 | | | $ | — | | | $ | 88,077,090 | |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
August 31, 2023
| | The Funds did not hold any Level 3 securities during the year ended August 31, 2023. |
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| | The Funds did not hold any financial derivative instruments during the year ended August 31, 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 August 31, 2023, the Funds did not have any open short positions and accordingly did not have securities or cash held as collateral. |
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| 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 year ended August 31, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the year ended August 31, 2023, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. taxing authorities for the tax periods prior to the year ended August 31, 2020. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 3. | Federal Tax Matters |
| | The tax character of distributions paid during the years ended August 31, 2023 and August 31, 2022 was as follows: |
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| | PERFORMANCE TRUST STRATEGIC BOND FUND |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Ordinary Income | | $ | 207,265,830 | | | $ | 208,508,008 | |
| | Tax-Exempt Income | | | — | | | | — | |
| | Long-Term Capital Gain | | | — | | | | 16,560,917 | |
| | Return of Capital | | | — | | | | — | |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
August 31, 2023
| | PERFORMANCE TRUST MUNICIPAL BOND FUND | | | | | | |
| | | | | | | | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Ordinary Income | | $ | 2,634,721 | | | $ | 3,026,501 | |
| | Tax-Exempt Income | | | 19,670,077 | | | | 13,354,202 | |
| | Long-Term Capital Gain | | | — | | | | — | |
| | Return of Capital | | | — | | | | — | |
| | | | | | | | | | |
| | PERFORMANCE TRUST CREDIT FUND | | | | | | | | |
| | | | | | | | | | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Ordinary Income | | $ | 5,020,968 | | | $ | 1,579,174 | |
| | Tax-Exempt Income | | | — | | | | — | |
| | Long-Term Capital Gain | | | — | | | | — | |
| | Return of Capital | | | — | | | | — | |
| | As of August 31, 2023, 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 | | $ | 6,446,656,675 | |
| | Gross tax unrealized appreciation | | $ | 20,841,771 | |
| | Gross tax unrealized depreciation | | | (743,089,761 | ) |
| | Net tax unrealized appreciation | | | (722,247,990 | ) |
| | Undistributed ordinary income | | | 13,775,373 | |
| | Undistributed long-term capital gain | | | — | |
| | Total distributable earnings | | | 13,775,373 | |
| | Other accumulated losses | | | (376,424,383 | ) |
| | Total accumulated gains | | $ | (1,084,897,100 | ) |
| | | | | | |
| | PERFORMANCE TRUST MUNICIPAL BOND FUND | | | | |
| | Cost basis of investments for federal | | | | |
| | income tax purposes | | $ | 641,674,834 | |
| | Gross tax unrealized appreciation | | $ | 5,372,597 | |
| | Gross tax unrealized depreciation | | | (20,861,853 | ) |
| | Net tax unrealized appreciation | | | (15,489,256 | ) |
| | Undistributed ordinary income | | | 1,246,329 | |
| | Undistributed long-term capital gain | | | — | |
| | Total distributable earnings | | | 1,246,329 | |
| | Other accumulated losses | | | (86,823,662 | ) |
| | Total accumulated gains | | $ | (101,066,589 | ) |
| | | | | | |
| | PERFORMANCE TRUST CREDIT BOND FUND | | | | |
| | Cost basis of investments for federal | | | | |
| | income tax purposes | | $ | 92,030,216 | |
| | Gross tax unrealized appreciation | | $ | 979,409 | |
| | Gross tax unrealized depreciation | | | (4,932,535 | ) |
| | Net tax unrealized appreciation | | | (3,953,126 | ) |
| | Undistributed ordinary income | | | 266,107 | |
| | Undistributed long-term capital gain | | | — | |
| | Total distributable earnings | | | 266,107 | |
| | Other accumulated losses | | | (3,917,908 | ) |
| | Total accumulated gains | | $ | (7,604,927 | ) |
| | 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, 2023, the Funds had capital loss carryovers as follows: |
| | | | SHORT-TERM | | | LONG-TERM | |
| | Strategic Bond Fund | | $ | 168,578,494 | | | $ | 207,845,889 | |
| | Municipal Bond Fund | | | 44,295,652 | | | | 42,528,011 | |
| | Credit Fund | | | 1,419,609 | | | | 2,498,299 | |
| | 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, 2023, 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 | |
| $— | | |
| $— | | |
| $— | |
| | Paid-in capital | |
| $— | | |
| $— | | |
| $— | |
| 4. | Investment Adviser |
| | The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services 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, 2024 for each 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, 2024 | | $ | — | | | $ | — | | | $ | 102,789 | |
| | August 31, 2025 | | $ | — | | | $ | — | | | $ | 81,663 | |
| | August 31, 2026 | | $ | — | | | $ | — | | | $ | 57,546 | |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
August 31, 2023
| 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 authorizes 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 year ended August 31, 2023, the Funds accrued expenses pursuant to the 12b-1 Plan as follows: |
| | | | | | | Shareholder | |
| | | | 12b-1 Fees | | | Servicing Fees | |
| | Strategic Bond Fund | | | | | | |
| | Class A | | $ | 75,780 | | | | N/A | |
| | Class C | | $ | 312,886 | | | $ | 104,295 | |
| | Municipal Bond Fund | | | | | | | | |
| | Class A | | $ | 94,181 | | | | 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 year ended August 31, 2023, and owed as of August 31, 2023 are as follows: |
| | Administration | | | | | | |
| | and Accounting | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 2,163,806 | | | $ | 400,471 | |
| | Municipal Bond Fund | | | 274,424 | | | | 48,554 | |
| | Credit Fund | | | 70,237 | | | | 11,915 | |
| | | | | | | | | | |
| | Transfer Agency | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 812,875 | (1) | | $ | 143,893 | |
| | Municipal Bond Fund | | | 101,470 | | | | 17,273 | |
| | Credit Fund | | | 24,343 | | | | 4,233 | |
| | | | | | | | | | |
| | (1) This amount does not include sub-transfer agency fees. | | | | | | | | |
| | Custody | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 246,528 | | | $ | 45,124 | |
| | Municipal Bond Fund | | | 30,798 | | | | 5,691 | |
| | Credit Fund | | | 6,760 | | | | 1,218 | |
| | 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 year ended August 31, 2023, and owed as of August 31, 2023, are as follows: |
| | | | Incurred | | | Owed | |
| | Strategic Bond Fund | | $ | 11,666 | | | $ | 1,945 | |
| | Municipal Bond Fund | | | 11,666 | | | | 1,945 | |
| | Credit Fund | | | 11,666 | | | | 1,945 | |
| 7. | Capital Share Transactions |
| | Transactions in shares of the Funds were as follows: |
| | |
| | STRATEGIC BOND FUND – INSTITUTIONAL CLASS |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Shares sold | | | 131,375,592 | | | | 122,458,153 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 9,309,147 | | | | 9,155,853 | |
| | Shares redeemed | | | (117,749,091 | ) | | | (129,826,449 | ) |
| | Net increase | | | 22,935,648 | | | | 1,787,557 | |
| | | | | | | | | | |
| | STRATEGIC BOND FUND – CLASS A | | | | | | | | |
| | | | | | | | | | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Shares sold | | | 755,662 | | | | 953,439 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 55,229 | | | | 52,014 | |
| | Shares redeemed | | | (924,350 | ) | | | (788,198 | ) |
| | Net increase (decrease) | | | (113,459 | ) | | | 217,255 | |
| | | | | | | | | | |
| | STRATEGIC BOND FUND – CLASS C | | | | | | | | |
| | | | | | | | | | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Shares sold | | | 353,323 | | | | 570,173 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 64,024 | | | | 67,724 | |
| | Shares redeemed | | | (594,892 | ) | | | (713,115 | ) |
| | Net decrease | | | (177,545 | ) | | | (75,218 | ) |
| | | | | | | | | | |
| | MUNICIPAL BOND FUND – INSTITUTIONAL CLASS | | | | | | | | |
| | | | | | | | | | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Shares sold | | | 14,508,691 | | | | 17,207,506 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 835,569 | | | | 572,826 | |
| | Shares redeemed | | | (18,249,919 | ) | | | (19,762,459 | ) |
| | Net decrease | | | (2,905,659 | ) | | | (1,982,127 | ) |
| | | | | | | | | | |
| | MUNICIPAL BOND FUND – CLASS A | | | | | | | | |
| | | | | | | | | | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Shares sold | | | 676,462 | | | | 1,148,257 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 52,486 | | | | 34,305 | |
| | Shares redeemed | | | (1,182,877 | ) | | | (1,314,288 | ) |
| | Net decrease | | | (453,929 | ) | | | (131,726 | ) |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
August 31, 2023
| | CREDIT FUND – INSTITUTIONAL CLASS | | | | | | |
| | | | | | | | |
| | | | YEAR ENDED | | | YEAR ENDED | |
| | | | AUGUST 31, 2023 | | | AUGUST 31, 2022 | |
| | Shares sold | | | 4,853,465 | | | | 9,583,852 | |
| | Shares issued | | | | | | | | |
| | to holders in | | | | | | | | |
| | reinvestment | | | | | | | | |
| | of distributions | | | 583,958 | | | | 170,652 | |
| | Shares redeemed | | | (4,275,220 | ) | | | (1,646,506 | ) |
| | Net increase | | | 1,162,203 | | | | 8,107,998 | |
| 8. | Investment Transactions |
| | The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the year ended August 31, 2023, are summarized below. |
| | | | STRATEGIC | | | MUNICIPAL | | | CREDIT | |
| | | | BOND FUND | | | BOND FUND | | | FUND | |
| | Purchases | | | | | | | | | |
| | U.S. | | | | | | | | | |
| | Government | | $ | 611,032,036 | | | $ | — | | | $ | 8,300,790 | |
| | Other | | | 1,704,007,241 | | | | 416,033,458 | | | | 60,091,949 | |
| | Sales | | | | | | | | | | | | |
| | U.S. | | | | | | | | | | | | |
| | Government | | $ | 275,035,370 | | | $ | — | | | $ | 10,150,792 | |
| | Other | | | 1,564,935,491 | | | | 504,381,458 | | | | 49,721,494 | |
| 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 August 31, 2023, Raymond James and Morgan Stanley Smith Barney, LLC, for the benefit of its customers, held 35.57% and 35.47%, respectively, of the Strategic Bond Fund’s outstanding Class A shares. At August 31, 2023, Morgan Stanley Smith Barney, LLC and Raymond James, for the benefit of its customers, held 48.63% and 31.99%, respectively, of the Strategic Bond Fund’s outstanding Class C shares. At August 31, 2023, Charles Schwab & Company, Inc., for the benefit of its customers, held 25.82% of the Strategic Bond Fund’s outstanding Institutional Class shares. At August 31, 2023, Charles Schwab & Company, Inc. for the benefit of its customers, held 55.72% of the Municipal Bond Fund’s outstanding Class A shares. At August 31, 2023, Charles Schwab & Company, Inc., for the benefit of its customers, held 26.67% of the Municipal Bond Fund’s outstanding Institutional Class shares. At August 31, 2023, Charles Schwab & Company, Inc., for the benefit of its customers, held 65.80% of the Credit Fund’s outstanding Institutional Class shares. |
| | |
| 10. | Line of Credit |
| | At August 31, 2023, the Strategic Bond Fund and the Municipal Bond Fund each had an unsecured line of credit which matures on August 5, 2024 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. The Credit Fund had a secured line of credit that matured on August 5, 2023 with a maximum borrowing equal to the lesser of $4,000,000. Thereafter the Fund had a secured line of credit which matures on August 5, 2024 with a maximum borrowing equal to the lesser of $7,500,000 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 March 22, 2023, and 8.00% from March 23, 2023 through May 3, 2023, and 8.25% from May 4, 2023 through July 26, 2023, and 8.50% from July 27, 2023 through August 31, 2023. The following table provides information regarding usage of the line of credit for the year ended August 31, 2023 for the Funds. The Funds did not have an outstanding balance on either line of credit as of August 31, 2023. |
| | | | STRATEGIC | | | MUNICIPAL | | | CREDIT | |
| | | | BOND FUND | | | BOND FUND | | | FUND | |
| | Days Utilized | | | — | | | | 1 | | | | 1 | |
| | Average Amount | | | | | | | | | | | | |
| | of Borrowing | | $ | — | | | $ | 2,497,000 | | | $ | 276,000 | |
| | Weighted Average | | | | | | | | | | | | |
| | Borrowing Rate | | | — | | | | 7.50% |
| | | 5.50% |
|
| | Interest Expense* | | $ | — | | | $ | 520 | | | $ | 42 | |
| | Maximum Amount | | | | | | | | | | | | |
| | of Borrowing | | $ | — | | | $ | 2,497,000 | | | $ | 276,000 | |
| | Date of Maximum | | | | | | | | | | | | |
| | Borrowing | | | — | | | 12/29/22 | | | 9/12/22 | |
| | * Interest expense is reported within Other Expenses on the Statements of Operations. |
| 11. | Recent Market Events |
| | U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Funds. |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
August 31, 2023
| 12. | Subsequent Events |
| | On September 15, 2023, the Funds declared and paid distributions from ordinary income to shareholders of record as of September 14, 2023, as follows: |
| | | | Ordinary | |
| | | | Income | |
| | Strategic Bond Fund | | | |
| | Institutional Class | | $ | 24,115,119 | |
| | Class A | | $ | 118,803 | |
| | Class C | | $ | 163,145 | |
| | | | | | |
| | Municipal Bond Fund | | | | |
| | Institutional Class | | $ | 1,878,091 | |
| | Class A | | $ | 106,972 | |
| | | | | | |
| | Credit Fund | | | | |
| | Institutional Class | | $ | 485,652 | |
On October 16, 2023, the Funds declared and paid distributions from ordinary income to shareholders of record as of October 13, 2023, as follows:
| | | | Ordinary | |
| | | | Income | |
| | Strategic Bond Fund | | | |
| | Institutional Class | | $ | 20,170,370 | |
| | Class A | | $ | 103,595 | |
| | Class C | | $ | 112,997 | |
| | | | | | |
| | Municipal Bond Fund | | | | |
| | Institutional Class | | $ | 1,834,302 | |
| | Class A | | $ | 98,219 | |
| | | | | | |
| | Credit Fund | | | | |
| | Institutional Class | | $ | 465,511 | |
The Funds have evaluated events and transactions that have occurred subsequent to August 31, 2023 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Performance Trust Mutual Funds and
Board of Trustees of Trust for Professional Managers
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Performance Trust Mutual Funds comprising the funds listed below (the “Funds”), each a series of Trust for Professional Managers, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| | Statements of | Statements of | Financial |
| Fund Name | Operations | Changes in Net Assets | Highlights |
| Performance Trust Strategic Bond Fund | For the year ended | For the years ended | For the years ended August 31, 2023, |
| | August 31, 2023 | August 31, 2023 and 2022 | 2022, 2021, 2020, and 2019 |
| Performance Trust Municipal Bond Fund | For the year ended | For the years ended | For the years ended August 31, 2023, |
| | August 31, 2023 | August 31, 2023 and 2022 | 2022, 2021, 2020, and 2019 |
| Performance Trust Credit Fund | For the year ended | For the years ended | For the years ended August 31, 2023, |
| | August 31, 2023 | August 31, 2023 and 2022 | 2022, and for the period from |
| | | | January 4, 2021 (commencement of |
| | | | operations) through August 31, 2021 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2011.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
October 26, 2023
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended, Trust for Professional Managers (the “Trust”) has adopted and implemented a liquidity risk management program (the “Trust Program”). As required under the Trust Program, PT Asset Management, LLC (“PTAM”), the investment adviser to the Performance Trust Municipal Bond Fund, Performance Trust Strategic Bond Fund and Performance Trust Credit Fund (the “Funds”), each a series of the Trust, have adopted and implemented a liquidity risk management program tailored specifically to each Fund (the “Adviser Program”). The Adviser Program seeks to promote effective liquidity risk management for each Fund and to protect Fund shareholders from dilution of their interests. The Board of Trustees (the “Board”) of the Trust has approved PTAM as the administrator for the Adviser Program (the “Program Administrator”). The Program Administrator has further delegated administration of the Adviser Program to its Trading and Oversight Committee. The Program Administrator is required to provide a written annual report to the Board and the Trust’s chief compliance officer regarding the adequacy and effectiveness of the Adviser Program, including the operation of each Fund’s highly liquid investment minimum, if applicable, and any material changes to the Adviser Program.
On April 20, 2023, the Board reviewed the Program Administrator’s written annual report for the period January 1, 2022 through December 31, 2022 (the “Report”). The Report provided an assessment of each Fund’s liquidity risk: the risk that a Fund could not meet requests to redeem shares issued by a Fund without significant dilution of the remaining investors’ interests in the Fund. The Adviser Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Program Administrator has retained ICE Data Services, Inc., a third party vendor, to provide portfolio investment classification services, and the Report noted that the Funds primarily held investments that were classified as highly liquid during the review period. The Report noted that the Funds’ portfolios are expected to continue to primarily hold highly liquid investments and the determination that each Fund be designated as a “primarily highly liquid fund” (as defined in Rule 22e-4) remains appropriate and the Funds can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a highly liquid investment minimum for the Funds and to adopt policies and procedures for responding to a highly liquid investment minimum shortfall. The Report noted that there were no breaches of the Funds’ restriction on holding illiquid investments exceeding 15% of its net assets during the review period. The Report confirmed that each Fund’s investment strategy was appropriate for an open-end management investment company. The Report also indicated that no material changes had been made to the Adviser Program during the review period.
The Program Administrator determined that the Funds are reasonably likely to be able to meet redemption requests without adversely affecting non-redeeming Fund shareholders through significant dilution. The Program Administrator concluded that the Adviser Program was adequately designed and effectively implemented during the review period.
NOTICE OF PRIVACY POLICY & PRACTICES
(Unaudited)
We collect non-public personal information about you from the following sources:
» information we receive about you on applications or other forms;
» information you give us orally; and
» information about your transactions with us or others.
The types of non-public personal information we collect and share can include:
» social security numbers;
» account balances;
» account transactions;
» transaction history;
» wire transfer instructions; and
» checking account information.
What Information We Disclose
We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility.
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 a 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.
EXPENSE EXAMPLES
Period Ended August 31, 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 (3/1/23 – 8/31/23).
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 | MARCH 1, 2023 – |
| INSTITUTIONAL CLASS | MARCH 1, 2023 | AUGUST 31, 2023 | AUGUST 31, 2023* |
| Actual | $1,000.00 | $1,011.30 | $3.85 |
| Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,021.37 | $3.87 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.76%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period. |
| | | | EXPENSES PAID |
| PERFORMANCE TRUST | | | DURING PERIOD |
| STRATEGIC BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | MARCH 1, 2023 – |
| CLASS A | MARCH 1, 2023 | AUGUST 31, 2023 | AUGUST 31, 2023* |
| Actual | $1,000.00 | $1,010.00 | $5.12 |
| Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,020.11 | $5.14 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.01%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period. |
| | | | EXPENSES PAID |
| PERFORMANCE TRUST | | | DURING PERIOD |
| STRATEGIC BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | MARCH 1, 2023 – |
| CLASS C | MARCH 1, 2023 | AUGUST 31, 2023 | AUGUST 31, 2023* |
| Actual | $1,000.00 | $1,006.90 | $8.90 |
| Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,016.33 | $8.94 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period. |
EXPENSE EXAMPLES (CONT.)
Period Ended August 31, 2023 (Unaudited)
| | | | EXPENSES PAID |
| PERFORMANCE TRUST | | | DURING PERIOD |
| MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | MARCH 1, 2023 – |
| INSTITUTIONAL CLASS | MARCH 1, 2023 | AUGUST 31, 2023 | AUGUST 31, 2023* |
| Actual | $1,000.00 | $1,008.70 | $2.48 |
| Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,022.74 | $2.50 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.49%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period. |
| | | | EXPENSES PAID |
| PERFORMANCE TRUST | | | DURING PERIOD |
| MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | MARCH 1, 2023 – |
| CLASS A | MARCH 1, 2023 | AUGUST 31, 2023 | AUGUST 31, 2023* |
| Actual | $1,000.00 | $1,007.40 | $3.74 |
| Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,021.48 | $3.77 |
| * | Expenses are equal to the Fund’s annualized expense ratio of 0.74%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period. |
| | | | EXPENSES PAID |
| PERFORMANCE TRUST | | | DURING PERIOD |
| CREDIT FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | MARCH 1, 2023 – |
| INSTITUTIONAL CLASS | MARCH 1, 2023 | AUGUST 31, 2023 | AUGUST 31, 2023* |
| Actual | $1,000.00 | $1,024.30 | $5.05 |
| Hypothetical | | | |
| (5% annual return before expenses) | $1,000.00 | $1,020.21 | $5.04 |
| * | Expenses are equal to the Fund’s annualized net expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the period. |
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)
The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on August 17, 2023 to consider the renewal of the Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of the Performance Trust Municipal Bond Fund, the Performance Trust Strategic Bond Fund and the Performance Trust Credit Fund (each, a “Fund,” and together, the “Funds”), each a series of the Trust, and PT Asset Management, LLC, the Funds’ investment adviser (the “Adviser”). The Trustees also met at a prior meeting held on June 22, 2023 (the “June 22, 2023 meeting”) to review materials related to the renewal of the Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Agreement, detailed comparative information relating to the Funds’ performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, biographical information of the Adviser’s key management and compliance personnel, comparative fee information for the Funds and the Adviser’s other separately-managed accounts and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the Funds’ other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the continuation of the Agreement for an additional one-year term ending August 31, 2024.
DISCUSSION OF FACTORS CONSIDERED
In considering the renewal of the Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
| 1. | NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS |
| | The Trustees considered the nature, extent and quality of services provided by the Adviser to the Funds and the amount of time devoted to the Funds’ operation by the Adviser’s staff. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the Funds, including the investment strategies implemented by the Adviser, as well as the qualifications, experience and responsibilities of G. Michael Plaiss, co-portfolio manager for each of the Funds, Anthony J. Harris, co-portfolio manager for the Performance Trust Strategic Bond Fund and Performance Trust Credit Fund, Mark Peiler, co-portfolio manager for the Performance Trust Municipal Bond Fund, and Lars Anderson and Michael Isroff, each a co-portfolio manager for the Performance Trust Credit Fund, and other key personnel at the Adviser involved in the day-to-day activities of the Funds. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser’s compliance program and its continuing commitment to the Funds. The Trustees noted that during the course of the prior year the Adviser had participated in a Trust board meeting to discuss the Funds’ performance and outlook, along with the compliance efforts made by the Adviser, including reports provided by the Adviser in its role as the Funds’ valuation designee. The Trustees also noted any services that extended beyond portfolio management, and they considered the brokerage practices of the Adviser. The Trustees discussed the Adviser’s handling of compliance matters, including the reports of the Trust’s chief compliance officer to the Trustees on the effectiveness of the Adviser’s compliance program. The Trustees also considered the Adviser’s overall financial condition, as well as the implementation and operational effectiveness of the Adviser’s business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser’s compliance program, were satisfactory and reliable. |
| | |
| 2. | INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER |
| | The Trustees discussed the performance of each Fund’s Institutional Class shares for the quarter, one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2023, as applicable. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of the Funds on both an absolute basis and in comparison to a benchmark index (the Bloomberg U.S. Aggregate Bond Index for both the Performance Trust Strategic Bond Fund and Performance Trust Credit Fund, and the Bloomberg Municipal Bond Index for the Performance Trust Municipal Bond Fund) and in comparison to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. open-end intermediate core-plus bond, multisector bond and non-traditional bond funds for the Performance Trust Strategic Bond Fund, a peer group of U.S. open-end multisector bond and non-traditional bond funds for the Performance Trust Credit Fund, and a peer group of U.S. open-end municipal national intermediate-term bond and municipal national long-term bond funds for the Performance Trust Municipal Bond Fund) (each, a “Barrington Cohort”). The Trustees noted the Adviser’s representation that it does not calculate composite performance for its separately-managed accounts and as such the Adviser could not provide composite performance information for those accounts. |
| | |
| | The Trustees noted that for each of the one-year, three-year and five-year periods ended March 31, 2023, the performance of the Institutional Class shares of the Performance Trust |
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (CONT.)
(Unaudited)
| | Strategic Bond Fund was below the Barrington Cohort average. The Trustees then noted that for the ten-year period ended March 31, 2023, the performance of the Institutional Class shares of the Performance Trust Strategic Bond Fund was above the Barrington Cohort average. The Trustees noted that for the one-year period ended March 31, 2023, the Performance Trust Strategic Bond Fund’s Institutional Class shares had slightly underperformed the Bloomberg U.S. Aggregate Bond Index. The Trustees noted that for the quarter, three-year, five-year and ten-year periods ended March 31, 2023, the Performance Trust Strategic Bond Fund’s Institutional Class shares had outperformed the Bloomberg U.S. Aggregate Bond Index. |
| | |
| | The Trustees noted that for each of the one-year, three-year and five-year periods ended March 31, 2023, the performance of the Institutional Class shares of the Performance Trust Municipal Bond Fund was below the Barrington Cohort average. The Trustees then noted that the performance of the Institutional Class shares of the Performance Trust Municipal Bond Fund for the ten-year period ended March 31, 2023 was above the Barrington Cohort average. The Trustees noted that for the one-year, three-year and five-year periods ended March 31, 2023, the Institutional Class shares of the Performance Trust Municipal Bond Fund had underperformed the Bloomberg Municipal Bond Index. The Trustees then noted that for the quarter and ten-year periods ended March 31, 2023 the Performance Trust Municipal Bond Fund Institutional Class shares had outperformed the Bloomberg Municipal Bond Index. |
| | |
| | The Trustees noted the performance of the Institutional Class shares of the Performance Trust Credit Fund’s performance for the one-year period ended March 31, 2023 was below the Barrington Cohort average. The Trustees noted that for the quarter ended March 31, 2023, the Performance Trust Credit Fund’s Institutional Class shares had underperformed the Bloomberg U.S. Aggregate Bond Index, but outperformed the Index for the one-year period ended March 31, 2023. |
| | |
| | After considering all of the information, the Trustees concluded that the performance obtained by the Adviser for each Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that each Fund and its shareholders were likely to benefit from the Adviser’s continued management. |
| | |
| 3. | COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER |
| | The Trustees considered the cost of services and the structure of the Adviser’s fees, including a review of the expense analyses and other pertinent material with respect to the Funds. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses and Barrington Cohort comparisons. The Trustees considered the cost structure of each Fund relative to its Barrington Cohort, the Adviser’s separately-managed accounts, as well as any fee waivers and expense reimbursements of the Adviser. |
| | |
| | The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser’s financial information and noted that the Adviser continues to the subsidize the Performance Trust Credit Fund’s operations. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under the Advisory Agreement, as well as the Funds’ brokerage practices. These considerations were based on materials requested by the Trustees and the Funds’ administrator specifically for the June 22, 2023 meeting and the August 17, 2023 meeting at which the Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year. |
| | |
| | The Trustees noted that the Performance Trust Strategic Bond Fund’s contractual management fee of 0.60% was above the Barrington Cohort average of 0.47%. The Trustees noted that the Performance Trust Strategic Bond Fund was operating below its expense cap of 0.95%. The Trustees observed that the Performance Trust Strategic Bond Fund’s total expense ratio for Institutional Class shares of 0.75% was above the Barrington Cohort average of 0.56%. |
| | |
| | The Trustees noted that the Performance Trust Municipal Bond Fund’s contractual management fee of 0.40% was above the Barrington Cohort average of 0.38%. The Trustees noted that the Performance Trust Municipal Bond Fund was operating below its expense cap of 0.55%. The Trustees observed that the Performance Trust Municipal Bond Fund’s total expense ratio of 0.48% for Institutional Class shares was equal to the Barrington Cohort average of 0.48%. The Trustees also compared the fees paid by the Performance Trust Municipal Bond Fund to the fees paid by separately-managed accounts of the Adviser. |
| | |
| | The Trustees noted that the Performance Trust Credit Fund’s contractual management fee of 0.80% was above the Barrington Cohort average of 0.59%. The Trustees noted that the Performance Trust Credit Fund was operating above its expense cap of 0.99%. The Trustees observed that the Performance Trust Credit Fund’s total expense ratio (net of fee waivers and expense reimbursements) of 0.99% for Institutional Class shares was above the Barrington Cohort average of 0.71%. |
| | |
| | The Trustees concluded that each Fund’s expenses and the management fees paid to the Adviser were fair and reasonable in light of the comparative performance, expense and management fee information. The Trustees further concluded, based on a profitability analysis prepared by the Adviser, that the Adviser’s profits from sponsoring the Performance Trust Strategic Bond Fund and Performance Trust Municipal Bond Fund were not excessive, and while the Performance Trust Credit Fund was not yet profitable to the Adviser, the Adviser maintained adequate profit levels to support the services to each Fund from the revenues of its overall investment advisory business, despite subsidizing the operations of the Performance Trust Credit Fund. |
| | |
| 4. | EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW |
| | The Trustees compared each Fund’s expenses relative to its peer group and discussed realized and potential economies of scale. The Trustees also reviewed the structure of each Fund’s management fee and whether each Fund was large enough to |
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (CONT.)
(Unaudited)
| | generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees reviewed all fee waivers, expense reimbursements and potential recoupments by the Adviser with respect to the Performance Trust Credit Fund. The Trustees noted that the Funds’ management fee structures did not contain any breakpoint reductions as the Funds’ assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. With respect to the Adviser’s fee structures, the Trustees concluded that the current fee structures were reasonable and reflected a sharing of economies of scale between the Adviser and each Fund at the Fund’s current asset level. |
| | |
| 5. | BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS |
| | The Trustees considered the direct and indirect benefits that could be received by the Adviser from its association with the Funds. The Trustees examined the brokerage practices of the Adviser with respect to the Funds. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition and increased ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Funds. |
CONCLUSIONS
The Trustees considered all of the foregoing factors. In considering the renewal of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of each Fund’s surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the continuation of the Advisory Agreement for an additional one-year term ending August 31, 2024 as being in the best interests of each Fund and its shareholders.
ADDITIONAL INFORMATION
(Unaudited)
Tax Information
For the year ended August 31, 2023, 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 | 0.00% |
| Municipal Bond Fund | 0.00% |
| Credit Fund | 0.00% |
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.
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; | 28 | 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; | 28 | 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; | 28 | 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; | 28 | 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; | 28 | Retired; Principal and | Director, Peoples |
| 615 E. Michigan St. | | Since April 6, | | Senior Portfolio Manager, | Financial Services |
| Milwaukee, WI 53202 | | 2022 | | Segall, Bryant & Hamill, LLC | Corp. (a publicly- |
| Year of Birth: 1969 | | | | (asset management firm) | traded bank |
| | | | | (2018-2020); Partner and | holding company) |
| | | | | Senior Portfolio Manager, | (2022-present). |
| | | | | Denver Investments LLC | |
| | | | | (asset management firm) | |
| | | | | (2009-2018). | |
| | | | | | |
| Gregory M. Wesley | Trustee | Indefinite Term; | 28 | 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). | |
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; | 28 | 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 | President and | | | |
| | Officer | 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). | |
| * | 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. |
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). | |
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
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s Code of Ethics is incorporated by reference to the Registrant’s Form N-CSR filed on November 7, 2011.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N‑CSR. Dr. Akers holds a Ph.D. in accountancy and is a professor Emeritus of accounting at Marquette University in Milwaukee, Wisconsin.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| | FYE 8/31/2023 | FYE 8/31/2022 |
Audit Fees | $75,950 | $73,500 |
Audit-Related Fees | 0 | 0 |
Tax Fees | 9,000 | 9,000 |
All Other Fees | 0 | 0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2)The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| | FYE 8/31/2023 | FYE 8/31/2022 |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f)All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.
(g)The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
Non-Audit Related Fees | FYE 8/31/2023 | FYE 8/31/2022 |
Registrant | $0 | $0 |
Registrant’s Investment Adviser | $0 | $0 |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
| (a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the 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.
(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: 10/26/2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ John Buckel
John Buckel, President
Date: 10/26/2023
By (Signature and Title)* /s/ Jennifer Lima
Jennifer Lima, Treasurer
Date: 10/26/2023
* Print the name and title of each signing officer under his or her signature.
