UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10401
Trust for Professional Managers
(Exact name of registrant as specified in charter)
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Jay S. Fitton
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
(Name and address of agent for service)
(513) 520-5925
Registrant's telephone number, including area code
Date of fiscal year end: August 31, 2024
Date of reporting period: February 29, 2024
Item 1. Reports to Stockholders.
(a) |
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/performance_trust-cover.jpg)
Semi-Annual Report | February 29, 2024
Performance Trust Total Return Bond Fund
(Symbols: PTIAX, PTAOX, PTCOX),
Performance Trust Municipal Bond Fund
(Symbols: PTIMX, PTRMX) and
Performance Trust Multisector Bond Fund
(Symbol: PTCRX)
© 2024 PT Asset Management, LLC. All Rights Reserved.
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/performance_trust-logo.jpg)
LETTER FROM THE INVESTMENT ADVISER
Dear Fellow Shareholders:
Performance Trust Total Return Bond Fund (PTIAX) Semi-Annual
Management’s Discussion of Fund Performance: 9/1/2023 – 2/29/2024 (Unaudited)
For the six-month period ended February 29, 2024, the Performance Trust Total Return Bond Fund – Institutional Class (“PTIAX” or the “Fund”) posted a return of 4.21% compared to 2.35% for the Bloomberg U.S. Aggregate Bond Index (“Index”). The Morningstar Intermediate Core-Plus Bond Fund category returned 2.45% for the period.
Interest rates fell at the short end of the U.S. Treasury yield curve during the semi-annual period as the Federal Reserve (Fed) hinted they may be done with their aggressive interest rate hiking cycle. The Fed kept their benchmark rate at a target range of 5.25%-5.50% throughout the semi-annual period as they sought to restore inflation to its long-term target of 2.00%. Interest rates were up slightly at the long end of the yield curve. The chart below shows the yield curve at the beginning of the semi-annual period and the end.
U.S. Treasury Yield Curve
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptf-ltrchart1.jpg)
The yield curve steepened during the semi-annual period. 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 4.20%.
While interest rate volatility has ebbed and flowed since the Fed began its hiking cycle, the result has been a more favorable risk-taking environment. For example, high yield corporate (HY) spreads tightened 0.60% and ended the period at 3.12%, very close to the tightest level seen since Q3 2021. Investment grade corporate (IG) spreads tightened 0.22% to end the period at 0.96% (Source: Bloomberg). While inflation still exceeds the Fed’s target, it has fallen from the beginning of the semi-annual period and is now 6% lower than its peak in June 2022. The market is now anticipating that the Fed will begin cutting rates in the second half of 2024.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 3 |
LETTER FROM THE INVESTMENT ADVISER
Spread tightening across most sectors more than offset the increase in interest rates experienced at the long-end and helped to deliver strong total returns during the semi-annual period. U.S. Treasuries, Agency Mortgage-Backed Securities (MBS), and IG Corporates all provided positive total returns and assisted the Index’s performance over the semi-annual period. (Source: Bloomberg).
The Fund’s outperformance relative to the Index during the semi-annual period was driven by nearly all sectors in PTIAX and was led by select Non-Agency Commercial Mortgage-Backed Securities (CMBS), Collateralized Loan Obligations (CLOs), High-Yield (HY) Corporates, and Taxable Municipals, which delivered meaningfully positive total returns. All four sectors benefited from spread tightening experienced during the semi-annual period.
However, outperformance from the above sectors was partially offset by lower returns 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 provided a positive total return during the semi-annual period, they are still quite sensitive to interest rate moves and cannot benefit from spread tightening like other sectors.
The table below shows a general breakdown of the Fund’s portfolio at the beginning and end of the fiscal period.
PTIAX Allocations
Sector Allocation PTIAX | 8/31/2023 | 2/29/2024 | ||
Cash | 1.13% | 0.17% | ||
Asset Backed Securities | 10.16% | 12.36% | ||
Non-Agency RMBS | 7.58% | 5.70% | ||
CLOs | 6.06% | 6.49% | ||
Agency CMBS | 7.89% | 6.03% | ||
Non-Agency CMBS | 16.73% | 14.89% | ||
HY Corporates | 4.13% | 4.41% | ||
U.S. Treasuries | 9.77% | 16.26% | ||
IG Corporates | 14.46% | 13.66% | ||
Taxable Municipals | 18.63% | 15.47% | ||
Tax-Exempt Municipals | 3.46% | 4.56% | ||
Other | 0.00% | 0.00% |
The Fund increased its exposure to Asset-Backed Securities (ABS) as the inverted yield curve coupled with attractive spreads resulted in some of the highest all-in yields we have witnessed. As ABS remained our preferred method of adding Interest Rate Defense, we largely reduced or maintained other defensive sectors such as CMBS and HY Corporates. RMBS holdings also decreased as a result of ongoing amortization.
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 yield 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 yield 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 nearly 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 semi-annual period, but at the same time we have attempted to reduce credit risk.
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 (bonds with less interest rate sensitivity). 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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 4 |
LETTER FROM THE INVESTMENT ADVISER
Performance Trust Municipal Bond Fund (PTIMX) Semi-Annual
Management’s Discussion of Fund Performance: 9/1/2023 – 2/29/2024 (Unaudited)
For the six-month period ended February 29, 2024, the Performance Trust Municipal Bond Fund – Institutional Class (“PTIMX” or the “Fund”) posted a return of 6.55% compared to 4.33% for the Bloomberg Municipal Bond Index (“Index”) and 4.01% for the Morningstar Municipal National Intermediate Bond Category (Morningstar category average). PTIMX’s outperformance 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 Municipal Market Data (MMD) AAA municipal benchmark yield curve (yield curve) making the Fund a little more responsive to movements in interest rates.
The table below shows the yield curve at the beginning and end of the period, as well as at the high in yields during the period on October 30, 2023. The yield for the 15-year spot on the yield curve decreased 51 basis points, one hundredth of one percent (bps) (0.51%), while the 10-year point on the yield curve decreased 47 bps. The 25-year maturity decreased 31 bps. The yield difference between the 10-year and 15-year points on the yield curve decreased slightly from 49 bps as of August 31, 2023, to 45 bps as of February 29, 2024, while the yield difference between the 10-year and 20-year points on the yield curve increased from 72 bps to 81 bps from the beginning to the end of the period. The 81 bps difference between these two points on the yield curve is the highest in nearly a decade. Thus, the 15 to 20-year part of the yield curve continues to provide 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 yield curve provides less income potential and is very flat.
MMD AAA Scale
Maturity | August 31, 2023 | February 29, 2024 | Change (bp) | October 30, 2023 |
1 | 3.25% | 2.98% | -27 | 3.76% |
5 | 2.88% | 2.44% | -44 | 3.51% |
7 | 2.88% | 2.44% | -44 | 3.56% |
10 | 2.93% | 2.46% | -47 | 3.61% |
15 | 3.42% | 2.91% | -51 | 4.09% |
20 | 3.65% | 3.27% | -38 | 4.33% |
25 | 3.82% | 3.51% | -31 | 4.53% |
30 | 3.88% | 3.59% | -29 | 4.57% |
Source: MMD AAA Scale as of August 31, 2023, February 29, 2024 and October 30, 2023
The configuration of the yield curve discussed above has persisted for several months. 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. As a result, the Fund’s yield curve positioning is differentiated from that of the Morningstar category average with much more exposure to the 13 to 20-year part of the curve (43% of the Fund), while largely avoiding the less attractive 5 to 10-year maturities (2% of the Fund).
At the beginning of the period, tax-exempt yields increased relatively swiftly and by the end of October 2023, reached or exceeded levels last seen in the second half of 2013, surpassing the more recent high in yields during the fourth quarter of 2022. While these highs in tax-exempt yields were only available for a brief period prior to a meaningful decent that began in November 2023, the Fund attempted to use the opportunity 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.
In addition, as yields rose early in the period the Fund was provided with another opportunity to mitigate exposure to extension risk by moving “up in coupon” (or the interest rate paid on a bond by its issuer), primarily in the market for new issues. During the first half of the period, through the end of November 2023, approximately 64% of our new purchases were of bonds with coupons greater than 5%. The Fund’s total allocation to bonds with coupons greater than 5% was approximately 39 percent as of February 29, 2024. This is differentiated and higher than the Morningstar category average allocation to coupons greater than 5%.
After yields descended rapidly over the second half of the period, we began to target our new purchases at the very front end of the yield curve and complement the more call-protected bonds the Fund holds out on the curve. Approximately 47% of our new purchases since the beginning of December 2023 were bonds that mature in 2024.
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. To the extent the current structure of the yield curve persists, with meaningful yield curve slope beyond 10-years, our additions are likely to remain relatively consistent with our activities during the last six months.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 5 |
LETTER FROM THE INVESTMENT ADVISER
Performance Trust Multisector Bond Fund (PTCRX) Semi-Annual
Management’s Discussion of Fund Performance: 9/1/2023 – 2/29/2024 (Unaudited)
For the six-month period ended February 29, 2024, the Institutional Class of the Performance Trust Multisector Bond Fund (“PTCRX” or the “Fund”) posted a return of 6.85%, assuming all dividends were reinvested into the Fund. The Bloomberg U.S. Aggregate Bond Index (“Index”) returned 2.35% over the same time, and the Morningstar Multisector US Bond Category (“Category”) returned 4.45%.
The Federal Reserve (Fed) held the Federal Funds Target Rate steady at a range of 5.25% to 5.50% for the six-month period ended February 29, 2024 after raising its target by 525 basis points (5.25%) since the first quarter of 2022 as part of their strategy to bring inflation back down to two percent. Looking forward, the Fed anticipates 75 basis points (0.75%) of rate cuts in 2024, and an additional 100 basis points (1.00%) in 2025. Yields across the U.S. Treasury yield curve (yield curve) were mostly unchanged, especially in the 5-year part of the curve. Rates on the longer end were slightly higher with the 10-year up 14 basis points (0.14%) and the 20-year 11 basis points (0.11%) higher. Rates on the front end of the yield curve modestly rallied especially the 1 year which saw a 39 basis point (0.39%) decline. While rates overall appeared to be less volatile, there were meaningful swings during the six-month period. For example, the 10-year started the semi-annual period at 4.11%, then sold off to just under 5.00% in October before rallying just below 3.79% by year end. The volatility we saw in rates was likely a reflection of the change in inflation expectations and perceived monetary response that persisted throughout the period.
The graph below shows the yield curve at the beginning and end of the period:
U.S. Treasury Yield Curve
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptf-ltrchart2.jpg)
Most credit markets continued to tighten during the period with the expectation that the Fed may be at the end of their tightening campaign and the prospects of a soft landing remained in play. Investment grade Bloomberg US Agg Corporate Avg OAS and high yield Bloomberg US Corporate High Yield Average OAS corporate credit spreads tightened 22 basis points (0.22%) and 60 basis points (0.60%), respectively. However, credit markets were somewhat volatile during this time with high yield corporate spreads (LF98OAS Index) widening 66 basis points (0.66%) from the beginning of the period until early November before rallying over 125 basis points (1.25%) through year-end. This spread volatility in high yield generally followed the moves in the U.S. Treasury market.
The Fund was able to outperform the Index during the semi-annual period due to its higher exposure, relative to the Index, to credit sensitive sectors which for the most part rallied. Notably, Non-Agency CMBS (NA CMBS), High Yield (HY) Corporates and Collateralized Loan Obligations (CLOs) were most responsible for the Fund’s outperformance. The biggest contributor to our outperformance was NA CMBS which rallied meaningfully as the rate outlook appeared to have stabilized allowing for NA CMBS spreads, which have been lagging other credit sectors, to tighten meaningfully during the semi-annual period. HY Corporates also contributed to our out performance as spreads in the sector tightened in the period. While NA CMBS and HY Corporates benefited from spread tightening, CLOs contributed to the Fund’s outperformance due to both spread tightening and their high coupons which are reset quarterly based on 3-Month SOFR (Secured Overnight Financing Rate). These three sectors make up a significant portion of the Fund relative to the Index.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 6 |
LETTER FROM THE INVESTMENT ADVISER
The table below shows a general breakdown of the Fund’s portfolio at the beginning and end of the semi-annual period:
Sector Allocations PTCRX | 8/31/2023 | 2/29/2024 | ||
Cash | 2.43% | 1.72% | ||
Asset Backed Securities | 8.42% | 6.45% | ||
Non-Agency RMBS | 3.56% | 4.02% | ||
CLOs | 12.02% | 14.81% | ||
Agency CMBS | 3.65% | 0.00% | ||
Non-Agency CMBS | 16.68% | 19.25% | ||
HY Corporates | 16.96% | 23.59% | ||
U.S. Treasuries | 5.07% | 6.15% | ||
IG Corporates | 26.39% | 18.39% | ||
Taxable Municipals | 2.33% | 3.26% | ||
Tax-Exempt Municipals | 2.49% | 2.36% |
The Fund increased its allocation to CLOs, NA CMBS and HY Corporates during the period while lowering our allocation to Investment Grade (IG) corporates. Generally, we added seasoned CLOs and shorter HY Corporates, while selling longer IG Corporates that priced off the less attractive belly of the yield curve. The NA CMBS positions we added were at compelling spreads relative to the other credit sectors we surveil.
Looking Forward
We are excited about the opportunities in the markets today. Even though credit spreads have tightened, all in-yields still look attractive on a historical basis. The fears surrounding regional banks and commercial real estate have not gone away and continue to create unique investment opportunities.
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 continue to selectively add credit risk. However, given this historically tight credit spread environment, we will likely focus on positions pricing off the front end of the curve, especially within HY Corporates and CLOs. We will also continue pursuing sectors such as NA CMBS that remain wide relative to other credit alternatives. 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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 7 |
GROWTH OF PERFORMANCE TRUST TOTAL RETURN BOND FUND (PTIAX)
Performance Trust Total Return Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/pttrbf_inst-linechart.jpg)
Average Annual Returns—For the Periods Ended February 29, 2024 (Unaudited)
SIX | ANNUALIZED | |||||
MONTHS | ONE | THREE | FIVE | TEN | SINCE INCEPTION | |
NOT (ANNUALIZED) | YEAR | YEAR | YEAR | YEAR | (AUGUST 31, 2010)(1) | |
Performance Trust Total Return | ||||||
Bond Fund – Institutional Class | 4.21% | 5.38% | -1.45% | 1.30% | 3.00% | 4.36% |
Bloomberg U.S. Aggregate Bond Index | 2.35% | 3.33% | -3.16% | 0.56% | 1.43% | 1.84% |
(1) | The Performance Trust Total Return Bond Fund (the “Fund”) commenced investment operations on September 1, 2010. |
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Bloomberg Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on February 28, 2014 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.
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 0.76% per the prospectus dated December 29, 2023. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 8 |
GROWTH OF PERFORMANCE TRUST TOTAL RETURN BOND FUND (PTAOX)
Performance Trust Total Return Bond Fund – Class A (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/pttrbf_cla-linechart.jpg)
(1) | Reflects 2.25% initial sales load. |
Average Annual Returns—For the Periods Ended February 29, 2024 (Unaudited)
SIX | ANNUALIZED | ||||
MONTHS | ONE | THREE | FIVE | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | YEAR | (JANUARY 2, 2019) | |
Performance Trust Total Return Bond Fund – | |||||
Class A (with sales charge) | 1.74% | 2.78% | -2.44% | 0.61% | 0.77% |
Performance Trust Total Return Bond Fund – | |||||
Class A (without sales charge) | 4.08% | 5.12% | -1.69% | 1.06% | 1.22% |
Bloomberg U.S. Aggregate Bond Index | 2.35% | 3.33% | -3.16% | 0.56% | 0.71% |
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 Total Return 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 1.01% per the prospectus dated December 29, 2023. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 9 |
GROWTH OF PERFORMANCE TRUST TOTAL RETURN BOND FUND (PTCOX)
Performance Trust Total Return Bond Fund – Class C (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/pttrbf_clc-linechart.jpg)
Average Annual Returns—For the Periods Ended February 29, 2024 (Unaudited)
SIX | ANNUALIZED | ||||
MONTHS | ONE | THREE | FIVE | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | YEAR | (JANUARY 2, 2019) | |
Performance Trust Total Return Bond Fund – | |||||
Class C | 3.66% | 4.37% | -2.43% | 0.30% | 0.46% |
Bloomberg U.S. Aggregate Bond Index | 2.35% | 3.33% | -3.16% | 0.56% | 0.71% |
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 Total Return 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 1.76% per the prospectus dated December 29, 2023. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 10 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND (PTIAX, PTAOX, PTCOX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 29, 2024
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/pttrbf-piechart.jpg)
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 11 |
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX)
Performance Trust Municipal Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg Municipal Bond Index
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptmbf_inst-linechart.jpg)
Average Annual Returns—For the Periods Ended February 29, 2024 (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 | 6.55% | 7.48% | -0.34% | 2.05% | 3.21% | 4.17% |
Bloomberg Municipal Bond Index | 4.33% | 5.42% | -0.21% | 1.91% | 2.68% | 3.15% |
The Bloomberg Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Bloomberg Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on February 28, 2014 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.
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 0.50% per the prospectus dated December 29, 2023. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 12 |
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTRMX)
Performance Trust Municipal Bond Fund – Class A (Unaudited)
Total Return vs. Bloomberg Municipal Bond Index
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptmbf_cla-linechart.jpg)
(1) | Reflects 2.25% initial sales load. |
Average Annual Returns—For the Periods Ended February 29, 2024 (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) | 4.00% | 4.80% | -1.33% | 1.34% | 2.74% | 2.57% |
Performance Trust Municipal Bond | ||||||
Fund – Class A (without sales charge) | 6.41% | 7.20% | -0.58% | 1.80% | 2.97% | 2.77% |
Bloomberg Municipal Bond Index | 4.33% | 5.42% | -0.21% | 1.91% | 2.68% | 2.45% |
The Bloomberg Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Bloomberg Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on February 28, 2014, 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.
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 0.75% per the prospectus dated December 29, 2023. Please see the Financial Highlights in this report for the most recent expense ratio.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 13 |
PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX, PTRMX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 29, 2024
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptmbf1-piechart.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptmbf2-piechart.jpg)
* For additional details on allocation of portfolio assets by state, please see the Schedules of Investments.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 14 |
GROWTH OF PERFORMANCE TRUST MULTISECTOR BOND FUND (PTCRX)
Performance Trust Multisector Bond Fund – Institutional Class (Unaudited)
Total Return vs. Bloomberg U.S. Aggregate Bond Index
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptmsbf_inst-linechart.jpg)
Returns—For the Periods Ended February 29, 2024 (Unaudited)
SIX | ANNUALIZED | |||
MONTHS | ONE | THREE | SINCE INCEPTION | |
(NOT ANNUALIZED) | YEAR | YEAR | (DECEMBER 31, 2020)(1) | |
Performance Trust Multisector Bond Fund – | ||||
Institutional Class | 6.85% | 9.45% | 1.26% | 1.12% |
Bloomberg U.S. Aggregate Bond Index | 2.35% | 3.33% | -3.16% | -3.67% |
(1) | The Performance Trust Multisector Bond 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 gross and net expense ratios for Institutional Class shares per the prospectus dated December 29, 2023 were 1.07% and 1.00%, respectively. Please see the Financial Highlights in this report for the most recent expense ratios.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 15 |
PERFORMANCE TRUST MULTISECTOR BOND FUND (PTCRX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 29, 2024
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/ptmsbf-piechart.jpg)
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 16 |
(This Page Intentionally Left Blank.)
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 17 |
STATEMENTS OF ASSETS AND LIABILITIES
February 29, 2024 (Unaudited)
Performance Trust | Performance Trust | Performance Trust | ||||||||||
Total Return | Municipal | Multisector | ||||||||||
Bond Fund | Bond Fund | Bond Fund | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $7,165,174,800, | ||||||||||||
$691,515,355 and $102,352,795, respectively) | $ | 6,673,469,858 | $ | 708,041,937 | $ | 101,938,980 | ||||||
Dividend and interest receivable | 59,845,012 | 6,723,573 | 1,006,615 | |||||||||
Receivable for investments sold | — | 4,726,760 | — | |||||||||
Receivable for fund shares sold | 29,791,598 | 824,631 | 153,252 | |||||||||
Other assets | 155,371 | 53,311 | 18,100 | |||||||||
Total Assets | 6,763,261,839 | 720,370,212 | 103,116,947 | |||||||||
Liabilities | ||||||||||||
Payable for investments purchased | 40,885,341 | 20,844,893 | 1,920,472 | |||||||||
Payable for fund shares redeemed | 4,104,238 | 399,169 | 56,949 | |||||||||
Payable to adviser | 2,220,855 | 159,980 | 34,565 | |||||||||
Payable to affiliates | 620,609 | 75,953 | 19,146 | |||||||||
Payable for distribution fees | 33,448 | 6,996 | — | |||||||||
Payable for shareholder servicing fees | 17,813 | — | — | |||||||||
Accrued expenses and other liabilities | 597,672 | 20,255 | 18,047 | |||||||||
Total Liabilities | 48,479,976 | 21,507,246 | 2,049,179 | |||||||||
Net Assets | 6,714,781,863 | 698,862,966 | 101,067,768 | |||||||||
Net Assets Consist Of: | ||||||||||||
Paid-in capital | $ | 7,696,265,816 | $ | 775,870,775 | $ | 105,339,122 | ||||||
Total accumulated loss | (981,483,953 | ) | (77,007,809 | ) | (4,271,354 | ) | ||||||
Net Assets | $ | 6,714,781,863 | $ | 698,862,966 | $ | 101,067,768 |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 18 |
STATEMENTS OF ASSETS AND LIABILITIES (CONT.)
February 29, 2024 (Unaudited)
Performance Trust | Performance Trust | Performance Trust | ||||||||||
Total Return | Municipal | Multisector | ||||||||||
Bond Fund | Bond Fund | Bond Fund | ||||||||||
Total Return Bond Fund, Municipal Bond Fund | ||||||||||||
and Multisector Bond Fund Shares – | ||||||||||||
Institutional Class | ||||||||||||
Net assets | $ | 6,637,622,872 | $ | 662,508,302 | $ | 101,067,768 | ||||||
Shares of beneficial interest outstanding (unlimited | ||||||||||||
number of shares authorized, $0.001 par value) | 339,856,506 | 28,771,142 | 11,520,138 | |||||||||
Net asset value, redemption | ||||||||||||
and offering price per share | $ | 19.53 | $ | 23.03 | $ | 8.77 | ||||||
Total Return Bond Fund and Municipal | ||||||||||||
Bond Fund Shares – Class A | ||||||||||||
Net assets | $ | 30,702,911 | $ | 36,354,664 | ||||||||
Shares of beneficial interest outstanding (unlimited | ||||||||||||
number of shares authorized, $0.001 par value) | 1,571,941 | 1,577,432 | ||||||||||
Net asset value, redemption | ||||||||||||
and offering price per share | $ | 19.53 | $ | 23.05 | ||||||||
Maximum offering price per share | ||||||||||||
(Net asset value per share divided by 0.9775)(1) | $ | 19.98 | $ | 23.58 | ||||||||
Total Return Bond Fund Shares – Class C | ||||||||||||
Net assets | $ | 46,456,080 | ||||||||||
Shares of beneficial interest outstanding (unlimited | ||||||||||||
number of shares authorized, $0.001 par value) | 2,388,744 | |||||||||||
Net asset value, redemption | ||||||||||||
and offering price per share | $ | 19.45 |
(1) | Reflects a maximum sales charge of 2.25%. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 19 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
MUNICIPAL BONDS – 19.7% | ||||||||
Alabama – 0.3% | ||||||||
Baldwin County Public Building | ||||||||
Authority, 2.00%, 03/01/2046 | $ | 1,210,000 | $ | 760,273 | ||||
Water Works Board of | ||||||||
the City of Birmingham | ||||||||
2.51%, 01/01/2036 | 13,945,000 | 11,054,913 | ||||||
2.71%, 01/01/2038 | 6,835,000 | 5,322,421 | ||||||
3.57%, 01/01/2045 | 385,000 | 311,478 | ||||||
17,449,085 | ||||||||
California – 3.4% | ||||||||
Alvord Unified School District, | ||||||||
0.00%, 08/01/2046 (a) | 2,105,000 | 2,432,851 | ||||||
Bakersfield City School District, | ||||||||
0.00%, 05/01/2047 (a) | 9,765,000 | 7,531,200 | ||||||
Chaffey Community College | ||||||||
District, 3.00%, 06/01/2038 | 3,705,000 | 3,433,242 | ||||||
Chaffey Joint Union High School | ||||||||
District, 3.14%, 08/01/2043 | 3,790,000 | 2,847,910 | ||||||
City of Los Angeles | ||||||||
Department of Airports | ||||||||
1.88%, 05/15/2030 | 230,000 | 188,063 | ||||||
7.05%, 05/15/2040 | 2,660,000 | 3,120,177 | ||||||
City of Ontario, CA, | ||||||||
3.78%, 06/01/2038 | 3,000,000 | 2,574,328 | ||||||
City of Sacramento, CA Transient | ||||||||
Occupancy Tax Revenue, | ||||||||
3.86%, 06/01/2025 | 3,320,000 | 3,256,431 | ||||||
City of San Francisco, CA | ||||||||
Public Utilities Commission Water | ||||||||
Revenue, 2.85%, 11/01/2041 | 2,000,000 | 1,484,260 | ||||||
City of Union City, CA, | ||||||||
0.00%, 07/01/2025 (b) | 2,105,000 | 1,961,610 | ||||||
Clovis Unified School District, | ||||||||
3.07%, 08/01/2039 | 14,455,000 | 11,481,320 | ||||||
Coast Community College District, | ||||||||
2.96%, 08/01/2038 | 15,000,000 | 11,994,322 | ||||||
Cucamonga Valley Water District | ||||||||
Financing Authority, | ||||||||
3.01%, 09/01/2042 | 5,000,000 | 3,784,286 | ||||||
East Side Union High School | ||||||||
District, 5.32%, 04/01/2036 | 6,505,000 | 6,521,622 | ||||||
Fullerton Public Financing Authority, | ||||||||
7.75%, 05/01/2031 | 1,145,000 | 1,257,512 | ||||||
Gateway Unified School District, CA | ||||||||
0.00%, 08/01/2035 (b) | 2,315,000 | 1,551,467 | ||||||
0.00%, 08/01/2036 (b) | 2,315,000 | 1,470,903 | ||||||
Golden State Tobacco | ||||||||
Securitization Corp. | ||||||||
2.79%, 06/01/2031 | 15,930,000 | 13,435,701 | ||||||
3.00%, 06/01/2046 | 10,835,000 | 9,992,920 | ||||||
Inland Empire Tobacco | ||||||||
Securitization Corp., | ||||||||
3.68%, 06/01/2038 | 19,965,000 | 18,829,634 | ||||||
Los Angeles Community College | ||||||||
District, CA, 6.60%, 08/01/2042 | 7,545,000 | 8,712,392 | ||||||
Marin Community College District, | ||||||||
2.70%, 08/01/2041 | 1,025,000 | 737,345 | ||||||
Norwalk-La Mirada Unified School | ||||||||
District, 0.00%, 08/01/2038 (b) | 4,450,000 | 2,444,868 | ||||||
Paramount Unified School District, | ||||||||
3.27%, 08/01/2051 | 13,425,000 | 9,764,437 | ||||||
Peralta Community College District, | ||||||||
0.00%, 08/05/2031 (a) | 12,350,000 | 11,537,363 | ||||||
Perris Union High School District, | ||||||||
2.70%, 09/01/2042 | 3,000,000 | 2,125,347 | ||||||
Riverside County Infrastructure | ||||||||
Financing Authority, | ||||||||
3.19%, 11/01/2041 | 4,755,000 | 3,652,950 | ||||||
San Diego County Regional | ||||||||
Transportation Commission, | ||||||||
3.25%, 04/01/2048 | 3,155,000 | 2,387,655 | ||||||
San Diego Unified School District, | ||||||||
0.00%, 07/01/2036 (b) | 7,915,000 | 5,199,806 | ||||||
San Francisco City & County | ||||||||
Redevelopment Financing | ||||||||
Authority, 0.00%, 08/01/2036 (b) | 5,240,000 | 2,742,467 | ||||||
San Mateo Foster City School | ||||||||
District, 3.06%, 08/01/2044 | 2,245,000 | 1,629,627 | ||||||
Santa Ana Unified School District, | ||||||||
0.00%, 08/01/2037 (b) | 3,955,000 | 2,422,725 | ||||||
Santa Monica Community College | ||||||||
District, 2.80%, 08/01/2044 | 2,300,000 | 1,625,361 | ||||||
State of California, | ||||||||
7.55%, 04/01/2039 | 28,000,000 | 34,141,150 | ||||||
University of California | ||||||||
4.86%, 05/15/2112 | 4,746,000 | 4,361,180 | ||||||
4.77%, 05/15/2115 | 7,397,000 | 6,670,226 | ||||||
Ventura County Public Financing | ||||||||
Authority, 2.91%, 11/01/2038 | 10,545,000 | 8,178,308 | ||||||
West Contra Costa Unified School | ||||||||
District, 0.00%, 08/01/2036 (b) | 5,000,000 | 3,227,631 | ||||||
West Sonoma County Union | ||||||||
High School District, | ||||||||
0.00%, 08/01/2037 (b) | 1,840,000 | 1,108,013 | ||||||
William S. Hart Union High School | ||||||||
District, 0.00%, 08/01/2036 (b) | 1,150,000 | 742,355 | ||||||
Yosemite Community College | ||||||||
District, 0.00%, 08/01/2038 (b) | 6,110,000 | 3,537,474 | ||||||
Yuba Community College District, | ||||||||
0.00%, 08/01/2038 (b) | 5,055,000 | 2,968,347 | ||||||
229,066,786 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 20 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Colorado – 0.3% | ||||||||
City of Aurora, CO Water Revenue, | ||||||||
2.72%, 08/01/2046 | $ | 880,000 | $ | 595,018 | ||||
City of Fountain, CO Electric Water | ||||||||
& Wastewater Utility Enterprise | ||||||||
Revenue, 3.20%, 12/01/2043 | 2,655,000 | 1,986,873 | ||||||
City of Fruita, CO Healthcare | ||||||||
Revenue, 5.00%, 01/01/2028 | 1,825,000 | 1,758,255 | ||||||
Colorado Health Facilities Authority | ||||||||
3.70%, 11/01/2039 | 2,825,000 | 2,391,344 | ||||||
3.80%, 11/01/2044 | 11,815,000 | 9,483,068 | ||||||
3.85%, 11/01/2049 | 2,030,000 | 1,580,898 | ||||||
17,795,456 | ||||||||
Connecticut – 0.5% | ||||||||
State of Connecticut | ||||||||
3.00%, 01/15/2036 | 5,000,000 | 4,752,217 | ||||||
3.00%, 01/15/2037 | 7,090,000 | 6,589,487 | ||||||
3.00%, 06/01/2037 | 8,620,000 | 7,946,919 | ||||||
State of Connecticut Special Tax | ||||||||
Revenue, 3.13%, 05/01/2040 | 6,975,000 | 6,221,185 | ||||||
Town of West Hartford, CT, | ||||||||
2.76%, 07/01/2041 | 7,025,000 | 5,323,027 | ||||||
30,832,835 | ||||||||
District of Columbia – 0.4% | ||||||||
District of Columbia Water & Sewer | ||||||||
Authority, 4.81%, 10/01/2114 | 10,372,000 | 9,536,516 | ||||||
Metropolitan Washington Airports | ||||||||
Authority Dulles Toll Road Revenue | ||||||||
3.56%, 10/01/2041 | 2,995,000 | 2,413,287 | ||||||
8.00%, 10/01/2047 | 10,645,000 | 13,990,896 | ||||||
25,940,699 | ||||||||
Florida – 1.0% | ||||||||
Central Florida Tourism Oversight | ||||||||
District, 2.73%, 06/01/2038 | 18,500,000 | 14,317,951 | ||||||
City of Gainesville, FL | ||||||||
0.00%, 10/01/2027 (b) | 4,610,000 | 3,824,644 | ||||||
0.00%, 10/01/2028 (b) | 1,400,000 | 1,103,829 | ||||||
3.05%, 10/01/2040 | 10,840,000 | 8,127,209 | ||||||
City of Gainesville, FL Utilities | ||||||||
System Revenue, | ||||||||
6.02%, 10/01/2040 | 6,015,000 | 6,446,805 | ||||||
County of Miami-Dade, FL Transit | ||||||||
System, 5.62%, 07/01/2040 | 17,020,000 | 17,511,720 | ||||||
JEA Water & Sewer System | ||||||||
Revenue, 3.00%, 10/01/2041 | 5,045,000 | 4,355,426 | ||||||
Orlando Utilities Commission, | ||||||||
5.66%, 10/01/2040 | 8,000,000 | 8,437,675 | ||||||
61,125,259 | ||||||||
Georgia – 0.2% | ||||||||
City of Atlanta, GA Water & | ||||||||
Wastewater Revenue, | ||||||||
2.91%, 11/01/2043 | 1,625,000 | 1,189,337 | ||||||
Municipal Electric Authority of | ||||||||
Georgia, 2.50%, 01/01/2031 | 10,355,000 | 8,924,694 | ||||||
State of Georgia, | ||||||||
2.25%, 07/01/2039 | 5,000,000 | 3,620,704 | ||||||
Tift County Hospital Authority, | ||||||||
2.98%, 12/01/2042 | 2,950,000 | 2,144,765 | ||||||
15,879,500 | ||||||||
Hawaii – 0.3% | ||||||||
City & County Honolulu, HI | ||||||||
Wastewater System Revenue, | ||||||||
2.57%, 07/01/2041 | 5,000,000 | 3,578,917 | ||||||
State of Hawaii | ||||||||
2.25%, 08/01/2038 | 3,875,000 | 2,802,892 | ||||||
2.80%, 10/01/2038 | 10,000,000 | 7,776,071 | ||||||
2.83%, 10/01/2039 | 3,730,000 | 2,858,719 | ||||||
2.87%, 10/01/2041 | 2,270,000 | 1,683,896 | ||||||
18,700,495 | ||||||||
Illinois – 0.2% | ||||||||
Illinois Finance Authority, | ||||||||
3.51%, 05/15/2041 | 7,000,000 | 5,306,591 | ||||||
Metropolitan Pier & | ||||||||
Exposition Authority | ||||||||
0.00%, 06/15/2036 (b) | 4,025,000 | 2,408,607 | ||||||
0.00%, 12/15/2036 (b) | 5,000,000 | 3,010,505 | ||||||
0.00%, 06/15/2038 (b) | 2,750,000 | 1,461,865 | ||||||
State of Illinois, 5.75%, 01/01/2037 | 3,000,000 | 3,032,677 | ||||||
15,220,245 | ||||||||
Indiana – 0.1% | ||||||||
Indiana Finance Authority, | ||||||||
4.81%, 07/15/2035 | 3,000,000 | 2,922,832 | ||||||
Indianapolis Local Public | ||||||||
Improvement Bond Bank, | ||||||||
2.47%, 01/01/2040 | 9,500,000 | 7,071,317 | ||||||
9,994,149 | ||||||||
Kansas – 0.0% (c) | ||||||||
Kansas Development Finance | ||||||||
Authority, 4.93%, 04/15/2045 | 2,050,000 | 1,971,114 | ||||||
Kentucky – 0.1% | ||||||||
County of Warren, KY, | ||||||||
4.40%, 12/01/2038 | 1,540,000 | 1,425,239 | ||||||
Louisville and Jefferson County | ||||||||
Metropolitan Sewer District, | ||||||||
2.25%, 05/15/2044 | 5,215,000 | 3,636,088 | ||||||
5,061,327 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 21 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Louisiana – 0.4% | ||||||||
City of New Orleans, LA | ||||||||
Water System Revenue | ||||||||
1.69%, 12/01/2029 | $ | 1,800,000 | $ | 1,517,332 | ||||
1.84%, 12/01/2030 | 3,120,000 | 2,573,231 | ||||||
1.94%, 12/01/2031 | 1,635,000 | 1,317,480 | ||||||
2.89%, 12/01/2041 | 3,050,000 | 2,227,951 | ||||||
East Baton Rouge Sewerage | ||||||||
Commission, 2.44%, 02/01/2039 | 2,500,000 | 1,828,770 | ||||||
State of Louisiana Gasoline & | ||||||||
Fuels Tax Revenue | ||||||||
2.53%, 05/01/2041 | 12,055,000 | 8,614,423 | ||||||
2.83%, 05/01/2043 | 9,570,000 | 6,757,627 | ||||||
24,836,814 | ||||||||
Maine – 0.2% | ||||||||
City of Portland, ME | ||||||||
2.50%, 04/01/2039 | 1,760,000 | 1,410,653 | ||||||
2.50%, 04/01/2040 | 1,760,000 | 1,378,759 | ||||||
2.50%, 04/01/2041 | 1,760,000 | 1,351,024 | ||||||
Maine Health & Higher Educational | ||||||||
Facilities Authority, | ||||||||
3.12%, 07/01/2043 | 14,250,000 | 10,439,288 | ||||||
14,579,724 | ||||||||
Maryland – 0.2% | ||||||||
Maryland Health & Higher | ||||||||
Educational Facilities Authority, | ||||||||
3.05%, 07/01/2040 | 10,000,000 | 7,495,067 | ||||||
Maryland Stadium Authority, | ||||||||
2.81%, 05/01/2040 | 7,000,000 | 5,271,112 | ||||||
12,766,179 | ||||||||
Massachusetts – 0.1% | ||||||||
Commonwealth of Massachusetts, | ||||||||
2.38%, 09/01/2043 | 3,250,000 | 2,387,785 | ||||||
Massachusetts Educational | ||||||||
Financing Authority, | ||||||||
3.83%, 07/01/2024 | 450,000 | 447,652 | ||||||
Massachusetts School Building | ||||||||
Authority, 2.95%, 05/15/2043 | 1,540,000 | 1,166,413 | ||||||
Massachusetts State College | ||||||||
Building Authority, | ||||||||
5.93%, 05/01/2040 | 550,000 | 566,683 | ||||||
4,568,533 | ||||||||
Michigan – 0.9% | ||||||||
City of Detroit, MI, | ||||||||
4.00%, 04/01/2044 (d) | 8,700,000 | 6,463,275 | ||||||
Detroit City School District, | ||||||||
7.75%, 05/01/2039 | 11,950,000 | 13,958,524 | ||||||
Michigan Finance Authority | ||||||||
3.08%, 12/01/2034 | 5,095,000 | 4,399,732 | ||||||
3.27%, 06/01/2039 | 19,000,000 | 17,279,979 | ||||||
Plymouth-Canton Community | ||||||||
School District, | ||||||||
3.00%, 05/01/2040 | 1,675,000 | 1,451,025 | ||||||
University of Michigan, | ||||||||
4.45%, 04/01/2122 | 19,211,000 | 16,406,292 | ||||||
59,958,827 | ||||||||
Minnesota – 0.5% | ||||||||
State of Minnesota, | ||||||||
2.88%, 06/01/2041 | 16,435,000 | 12,334,620 | ||||||
Western Minnesota Municipal | ||||||||
Power Agency, | ||||||||
3.16%, 01/01/2039 | 17,700,000 | 14,637,001 | ||||||
White Bear Lake Independent | ||||||||
School District No. 624, | ||||||||
3.00%, 02/01/2044 | 8,330,000 | 7,011,265 | ||||||
33,982,886 | ||||||||
Mississippi – 0.1% | ||||||||
Mississippi Development Bank, | ||||||||
5.46%, 10/01/2036 | 5,005,000 | 5,024,906 | ||||||
Missouri – 0.1% | ||||||||
Kansas City Land Clearance | ||||||||
Redevelopment Authority, | ||||||||
6.40%, 10/15/2040 (e) | 7,915,000 | 7,270,656 | ||||||
Nebraska – 0.1% | ||||||||
Lancaster County School | ||||||||
District 001, 3.00%, 01/15/2043 | 6,075,000 | 5,153,189 | ||||||
Nevada – 0.3% | ||||||||
City of North Las Vegas, NV, | ||||||||
6.57%, 06/01/2040 | 14,155,000 | 15,736,029 | ||||||
County of Clark, NV | ||||||||
3.00%, 07/01/2038 | 4,000,000 | 3,600,775 | ||||||
3.23%, 07/01/2044 | 2,000,000 | 1,496,240 | ||||||
20,833,044 | ||||||||
New Hampshire – 0.0% (c) | ||||||||
New Hampshire Business Finance | ||||||||
Authority, 3.28%, 10/01/2037 | 4,815,000 | 3,353,461 | ||||||
New Jersey – 0.9% | ||||||||
City of Bayonne, NJ, | ||||||||
2.81%, 07/01/2039 | 5,725,000 | 4,247,291 | ||||||
Clifton Board Of Education, | ||||||||
2.13%, 08/15/2044 | 4,560,000 | 3,076,400 | ||||||
County of Essex, NJ, | ||||||||
2.00%, 09/01/2044 | 3,560,000 | 2,375,542 | ||||||
Mercer County Improvement | ||||||||
Authority, 8.27%, 12/01/2034 | 13,390,000 | 15,963,111 | ||||||
New Jersey Economic Development | ||||||||
Authority, 0.00%, 02/15/2025 (b) | 20,188,000 | 19,232,284 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 22 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
New Jersey – 0.9% (Cont.) | ||||||||
New Jersey Institute of Technology | ||||||||
3.32%, 07/01/2024 | $ | 770,000 | $ | 764,772 | ||||
3.42%, 07/01/2042 | 6,455,000 | 5,101,309 | ||||||
New Jersey Transportation | ||||||||
Trust Fund Authority | ||||||||
0.00%, 12/15/2039 (b) | 5,000,000 | 2,687,624 | ||||||
0.00%, 12/15/2040 (b) | 10,045,000 | 5,093,020 | ||||||
New Jersey Turnpike Authority, | ||||||||
2.78%, 01/01/2040 | 5,220,000 | 3,892,865 | ||||||
62,434,218 | ||||||||
New York – 0.6% | ||||||||
New York City Industrial | ||||||||
Development Agency, | ||||||||
2.44%, 01/01/2036 | 5,850,000 | 4,338,517 | ||||||
New York City Transitional Finance | ||||||||
Authority Building Aid Revenue, | ||||||||
3.00%, 07/15/2038 | 1,400,000 | 1,264,648 | ||||||
New York Liberty | ||||||||
Development Corp. | ||||||||
2.25%, 02/15/2041 | 13,595,000 | 10,072,350 | ||||||
3.00%, 02/15/2042 | 5,500,000 | 4,731,709 | ||||||
3.00%, 09/15/2043 | 12,500,000 | 10,450,945 | ||||||
New York State Dormitory Authority, | ||||||||
5.10%, 08/01/2034 | 3,125,000 | 2,806,215 | ||||||
Triborough Bridge & Tunnel | ||||||||
Authority, 2.92%, 05/15/2040 | 3,890,000 | 2,940,168 | ||||||
Western Nassau County Water | ||||||||
Authority, 2.96%, 04/01/2041 | 1,500,000 | 1,126,052 | ||||||
37,730,604 | ||||||||
North Carolina – 0.1% | ||||||||
North Carolina State University at | ||||||||
Raleigh, 3.02%, 10/01/2042 | 4,000,000 | 2,975,808 | ||||||
University of North Carolina at | ||||||||
Charlotte, 2.76%, 04/01/2043 | 2,000,000 | 1,446,828 | ||||||
4,422,636 | ||||||||
Ohio – 1.1% | ||||||||
American Municipal Power, Inc. | ||||||||
7.83%, 02/15/2041 | 10,760,000 | 13,174,616 | ||||||
6.45%, 02/15/2044 | 5,000,000 | 5,432,803 | ||||||
7.50%, 02/15/2050 | 4,430,000 | 5,425,828 | ||||||
County of Hamilton, OH, | ||||||||
3.76%, 06/01/2042 | 11,955,000 | 9,810,695 | ||||||
Franklin County Convention | ||||||||
Facilities Authority, | ||||||||
2.47%, 12/01/2034 | 15,000,000 | 11,656,883 | ||||||
JobsOhio Beverage System, | ||||||||
2.83%, 01/01/2038 | 7,590,000 | 6,139,057 | ||||||
Ohio Higher Educational Facility | ||||||||
Commission, 4.50%, 12/01/2026 | 4,025,000 | 3,875,758 | ||||||
Ohio State University, | ||||||||
4.80%, 06/01/2111 | 14,678,000 | 13,430,069 | ||||||
South-Western City School District, | ||||||||
0.00%, 12/01/2028 (b) | 2,735,000 | 2,180,396 | ||||||
71,126,105 | ||||||||
Oklahoma – 0.5% | ||||||||
Oklahoma Development | ||||||||
Finance Authority | ||||||||
5.45%, 08/15/2028 | 4,520,000 | 4,070,984 | ||||||
5.27%, 10/01/2042 | 9,854,945 | 9,996,201 | ||||||
4.62%, 06/01/2044 | 5,000,000 | 4,774,027 | ||||||
Oklahoma Municipal | ||||||||
Power Authority | ||||||||
2.50%, 01/01/2035 | 3,475,000 | 2,715,385 | ||||||
2.55%, 01/01/2036 | 2,390,000 | 1,833,235 | ||||||
2.80%, 01/01/2041 | 15,500,000 | 11,438,876 | ||||||
34,828,708 | ||||||||
Oregon – 0.1% | ||||||||
Clackamas & Washington Counties | ||||||||
School District No. 3, | ||||||||
0.00%, 06/15/2038 (b) | 1,900,000 | 1,053,271 | ||||||
Salem-Keizer | ||||||||
School District No. 24J | ||||||||
0.00%, 06/15/2039 (b) | 3,000,000 | 1,498,925 | ||||||
0.00%, 06/15/2040 (b) | 12,395,000 | 5,865,600 | ||||||
State of Oregon, | ||||||||
2.37%, 08/01/2041 | 1,205,000 | 843,063 | ||||||
Tri-County Metropolitan | ||||||||
Transportation District of Oregon, | ||||||||
2.86%, 09/01/2041 | 750,000 | 565,968 | ||||||
9,826,827 | ||||||||
Pennsylvania – 0.7% | ||||||||
Berks County Industrial | ||||||||
Development Authority | ||||||||
3.95%, 05/15/2024 | 250,000 | 248,947 | ||||||
4.45%, 05/15/2027 | 800,000 | 782,685 | ||||||
Commonwealth Financing Authority | ||||||||
3.66%, 06/01/2038 | 7,020,000 | 6,069,754 | ||||||
3.81%, 06/01/2041 | 5,060,000 | 4,345,322 | ||||||
2.99%, 06/01/2042 | 10,335,000 | 7,826,978 | ||||||
3.53%, 06/01/2042 | 3,160,000 | 2,540,859 | ||||||
Commonwealth of Pennsylvania, | ||||||||
3.00%, 05/15/2036 | 1,255,000 | 1,194,041 | ||||||
Montgomery County Industrial | ||||||||
Development Authority, | ||||||||
3.15%, 11/15/2028 | 10,000,000 | 8,934,427 | ||||||
Pennsylvania Economic | ||||||||
Development Financing Authority, | ||||||||
3.14%, 06/15/2042 | 7,600,000 | 5,958,097 | ||||||
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 23 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Pennsylvania – 0.7% (Cont.) | ||||||||
Pennsylvania Turnpike | ||||||||
Commission, 3.00%, 12/01/2042 | $ | 9,830,000 | $ | 8,307,913 | ||||
Union County Hospital Authority, | ||||||||
4.40%, 08/01/2028 | 1,060,000 | 1,040,495 | ||||||
47,249,518 | ||||||||
Puerto Rico – 0.2% | ||||||||
Commonwealth of Puerto Rico | ||||||||
0.00%, 07/01/2024 (b) | 74,866 | 73,877 | ||||||
0.00%, 07/01/2033 (b) | 592,257 | 381,735 | ||||||
4.00%, 07/01/2037 | 355,042 | 339,094 | ||||||
4.00%, 07/01/2041 | 482,722 | 448,369 | ||||||
0.00%, 11/01/2043 (d) | 2,034,695 | 1,192,840 | ||||||
4.00%, 07/01/2046 | 502,024 | 453,731 | ||||||
GDB Debt Recovery Authority of | ||||||||
Puerto Rico, 7.50%, 08/20/2040 | 7,991,178 | 7,631,575 | ||||||
Puerto Rico Highway & | ||||||||
Transportation Authority, | ||||||||
0.00%, 07/01/2026 (b) | 7,000,000 | 5,827,980 | ||||||
16,349,201 | ||||||||
Rhode Island – 0.0% (c) | ||||||||
State of Rhode Island, | ||||||||
2.25%, 08/01/2041 | 1,550,000 | 1,128,397 | ||||||
South Carolina – 0.1% | ||||||||
South Carolina Jobs-Economic | ||||||||
Development Authority, | ||||||||
2.73%, 07/01/2030 | 5,725,000 | 5,006,591 | ||||||
Tennessee – 1.0% | ||||||||
County of Putnam, TN | ||||||||
2.00%, 04/01/2038 | 4,115,000 | 3,100,131 | ||||||
2.00%, 04/01/2039 | 4,195,000 | 3,085,101 | ||||||
2.13%, 04/01/2041 | 4,360,000 | 3,114,437 | ||||||
Metropolitan Government | ||||||||
Nashville & Davidson County | ||||||||
Sports Authority, | ||||||||
5.60%, 07/01/2056 | 13,200,000 | 13,452,669 | ||||||
Metropolitan Government of | ||||||||
Nashville & Davidson County, | ||||||||
1.75%, 01/01/2037 | 34,350,000 | 25,328,921 | ||||||
New Memphis Arena Public | ||||||||
Building Authority | ||||||||
0.00%, 04/01/2044 (b) | 6,020,000 | 2,243,922 | ||||||
0.00%, 04/01/2045 (b) | 6,000,000 | 2,107,944 | ||||||
0.00%, 04/01/2046 (b) | 4,900,000 | 1,626,099 | ||||||
Tennessee State School | ||||||||
Bond Authority | ||||||||
2.56%, 11/01/2041 | 8,000,000 | 5,667,206 | ||||||
2.66%, 11/01/2045 | 11,605,000 | 7,679,292 | ||||||
67,405,722 | ||||||||
Texas – 3.4% | ||||||||
Austin Independent School District, | ||||||||
1.88%, 08/01/2038 | 12,265,000 | 8,958,988 | ||||||
Board of Regents of the | ||||||||
University of Texas System, | ||||||||
5.13%, 08/15/2042 | 3,410,000 | 3,457,940 | ||||||
Central Texas Regional Mobility | ||||||||
Authority, 3.27%, 01/01/2045 | 3,900,000 | 2,838,661 | ||||||
City of Dallas, TX, | ||||||||
0.00%, 02/15/2032 (b) | 15,000,000 | 9,950,837 | ||||||
City of Dallas, TX Waterworks & | ||||||||
Sewer System Revenue, | ||||||||
2.77%, 10/01/2040 | 7,690,000 | 5,657,767 | ||||||
City of Frisco, TX | ||||||||
2.00%, 02/15/2039 | 4,835,000 | 3,547,732 | ||||||
2.00%, 02/15/2040 | 4,925,000 | 3,514,470 | ||||||
City of Houston, TX | ||||||||
6.29%, 03/01/2032 | 795,000 | 835,545 | ||||||
5.54%, 03/01/2037 | 7,100,000 | 7,483,854 | ||||||
3.96%, 03/01/2047 | 8,300,000 | 7,245,152 | ||||||
City of Irving, TX, | ||||||||
7.38%, 08/15/2044 | 3,500,000 | 3,500,144 | ||||||
City of San Antonio, TX | ||||||||
Electric & Gas Systems Revenue | ||||||||
5.99%, 02/01/2039 | 13,425,000 | 14,391,464 | ||||||
5.72%, 02/01/2041 | 22,150,000 | 22,917,779 | ||||||
Colony Economic Development | ||||||||
Corp., 7.25%, 10/01/2042 | 5,000,000 | 4,807,954 | ||||||
County of Bexar, TX | ||||||||
3.03%, 08/15/2041 | 1,490,000 | 1,101,462 | ||||||
2.86%, 06/15/2043 | 7,100,000 | 5,154,189 | ||||||
Dallas Convention Center Hotel | ||||||||
Development Corp., | ||||||||
7.09%, 01/01/2042 | 11,075,000 | 12,476,627 | ||||||
Dallas Fort Worth | ||||||||
International Airport | ||||||||
3.09%, 11/01/2040 | 19,070,000 | 15,150,331 | ||||||
5.00%, 11/01/2042 | 1,225,000 | 1,192,813 | ||||||
2.84%, 11/01/2046 | 6,345,000 | 4,636,412 | ||||||
5.05%, 11/01/2047 | 2,500,000 | 2,409,089 | ||||||
Downtown Dallas Development | ||||||||
Authority, 0.00%, 08/15/2036 (b) | 6,730,000 | 3,449,276 | ||||||
Forney Independent School District | ||||||||
3.00%, 02/15/2039 | 1,000,000 | 904,091 | ||||||
2.50%, 08/15/2039 | 7,330,000 | 5,867,300 | ||||||
2.50%, 08/15/2040 | 7,300,000 | 5,715,791 | ||||||
2.50%, 08/15/2041 | 4,385,000 | 3,368,498 | ||||||
Fort Bend Grand Parkway Toll Road | ||||||||
Authority, 3.00%, 03/01/2039 | 2,150,000 | 1,891,602 | ||||||
Metropolitan Transit Authority of | ||||||||
Harris County Sales & Use Tax | ||||||||
Revenue, 2.60%, 11/01/2037 | 17,015,000 | 13,062,880 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 24 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Texas – 3.4% (Cont.) | ||||||||
New Hope Cultural Education | ||||||||
Facilities Corp., | ||||||||
4.00%, 08/01/2020 (f) | $ | 169,148 | $ | 0 | ||||
North Texas Tollway Authority | ||||||||
8.41%, 02/01/2030 | 4,375,000 | 4,842,272 | ||||||
3.00%, 01/01/2038 | 21,695,000 | 19,422,156 | ||||||
3.01%, 01/01/2043 | 2,135,000 | 1,598,890 | ||||||
Port of Beaumont Industrial | ||||||||
Development Authority, | ||||||||
4.10%, 01/01/2028 (e) | 7,000,000 | 5,796,172 | ||||||
Port of Houston Authority, | ||||||||
3.00%, 10/01/2039 | 5,000,000 | 4,513,500 | ||||||
Stafford Municipal School District, | ||||||||
3.08%, 08/15/2041 | 1,525,000 | 1,192,437 | ||||||
State of Texas, 2.13%, 08/01/2037 | 3,430,000 | 2,676,454 | ||||||
Texas A&M University | ||||||||
3.00%, 05/15/2039 | 2,050,000 | 1,835,304 | ||||||
2.81%, 05/15/2041 | 6,750,000 | 5,110,020 | ||||||
Texas Transportation Commission | ||||||||
2.01%, 10/01/2037 | 6,295,000 | 4,508,806 | ||||||
2.56%, 04/01/2042 | 3,000,000 | 2,248,893 | ||||||
Texas Water Development Board, | ||||||||
3.00%, 08/01/2039 | 3,000,000 | 2,683,170 | ||||||
231,916,722 | ||||||||
Utah – 0.2% | ||||||||
County of Salt Lake, UT | ||||||||
Convention Hotel Revenue, | ||||||||
5.75%, 10/01/2047 (e) | 5,000,000 | 4,343,929 | ||||||
Utah Transit Authority, | ||||||||
2.77%, 12/15/2038 | 10,785,000 | 8,391,381 | ||||||
12,735,310 | ||||||||
Virginia – 0.2% | ||||||||
University of Virginia, | ||||||||
4.18%, 09/01/2117 | 16,895,000 | 13,473,075 | ||||||
Virginia Housing | ||||||||
Development Authority | ||||||||
3.90%, 04/01/2042 | 3,155,000 | 2,621,549 | ||||||
2.96%, 09/01/2045 | 1,205,000 | 852,045 | ||||||
16,946,669 | ||||||||
Washington – 0.7% | ||||||||
County of King, WA, | ||||||||
2.73%, 12/01/2041 | 5,000,000 | 3,677,756 | ||||||
County of King, WA Sewer | ||||||||
Revenue, 2.84%, 07/01/2047 | 2,000,000 | 1,348,231 | ||||||
King County Housing Authority | ||||||||
3.00%, 11/01/2039 | 3,500,000 | 2,877,982 | ||||||
3.00%, 06/01/2040 | 18,995,000 | 15,180,149 | ||||||
3.00%, 08/01/2040 | 3,195,000 | 2,543,948 | ||||||
NJB Properties, 5.51%, 12/01/2036 | 6,960,000 | 7,180,132 | ||||||
Pierce County School | ||||||||
District No. 10 Tacoma, | ||||||||
2.36%, 12/01/2039 | 16,810,000 | 12,085,171 | ||||||
44,893,369 | ||||||||
Wisconsin – 0.2% | ||||||||
County of Marathon, WI | ||||||||
2.00%, 02/01/2037 | 1,495,000 | 1,158,056 | ||||||
2.00%, 02/01/2037 | 885,000 | 685,538 | ||||||
2.00%, 02/01/2038 | 1,525,000 | 1,145,022 | ||||||
2.00%, 02/01/2038 | 1,110,000 | 833,426 | ||||||
2.00%, 02/01/2039 | 1,460,000 | 1,066,291 | ||||||
2.00%, 02/01/2039 | 1,105,000 | 806,328 | ||||||
Milwaukee Redevelopment | ||||||||
Authority, 0.00%, 04/01/2039 (b) | 1,000,000 | 434,042 | ||||||
Public Finance Authority | ||||||||
7.50%, 06/01/2029 (e) | 5,750,000 | 5,623,813 | ||||||
4.15%, 05/15/2031 | 3,635,000 | 3,521,933 | ||||||
15,274,449 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $1,429,547,942) | 1,323,640,215 | |||||||
CORPORATE BONDS – 18.0% | ||||||||
Aerospace & Defense – 0.3% | ||||||||
Howmet Aerospace, Inc., | ||||||||
3.00%, 01/15/2029 | 11,337,000 | 10,143,781 | ||||||
Moog, Inc., 4.25%, 12/15/2027 (e) | 3,610,000 | 3,382,041 | ||||||
TransDigm, Inc., | ||||||||
6.63%, 03/01/2032 (e) | 5,000,000 | 5,041,715 | ||||||
18,567,537 | ||||||||
Automobile Components – 0.1% | ||||||||
Dana, Inc. | ||||||||
4.25%, 09/01/2030 | 1,500,000 | 1,295,409 | ||||||
4.50%, 02/15/2032 | 4,208,000 | 3,538,928 | ||||||
4,834,337 | ||||||||
Banks – 5.3% | ||||||||
Atlantic Union Bankshares Corp., | ||||||||
2.88% to 12/15/2026 then 3 mo. | ||||||||
Term SOFR + 1.86%, 12/15/2031 | 5,000,000 | 4,363,338 | ||||||
Australia & New Zealand Banking | ||||||||
Group Ltd., 6.74%, 12/08/2032 (e) | 7,000,000 | 7,436,583 | ||||||
Bank of America Corp., 2.65% to | ||||||||
03/11/2031 then SOFR + 1.22%, | ||||||||
03/11/2032 | 10,000,000 | 8,379,185 | ||||||
Bank of Montreal, 3.09% to | ||||||||
01/10/2032 then 5 yr. CMT Rate + | ||||||||
1.40%, 01/10/2037 | 15,000,000 | 12,181,587 | ||||||
Bank of NT Butterfield & Son Ltd., | ||||||||
5.25% to 06/15/2025 then 3 mo. | ||||||||
Term SOFR + 5.06%, 06/15/2030 | 5,000,000 | 4,795,090 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 25 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Banks – 5.3% (Cont.) | ||||||||
Bank OZK, 2.75% to 10/01/2026 | ||||||||
then 3 mo. Term SOFR + 2.09%, | ||||||||
10/01/2031 | $ | 13,175,000 | $ | 11,024,270 | ||||
Banner Corp., 5.00% to | ||||||||
06/30/2025 then 3 mo. | ||||||||
Term SOFR + 4.89%, 06/30/2030 | 8,000,000 | 7,370,350 | ||||||
Barclays PLC, 6.13% to 06/15/2026 | ||||||||
then 5 yr. CMT Rate + | ||||||||
5.87%, Perpetual | 15,050,000 | 14,348,173 | ||||||
Central Pacific Financial Corp., | ||||||||
4.75% to 11/01/2025 then 3 mo. | ||||||||
Term SOFR + 4.56%, 11/01/2030 | 5,000,000 | 4,518,596 | ||||||
CNB Financial Corp., 3.25% to | ||||||||
06/15/2026 then 3 mo. Term | ||||||||
SOFR + 2.58%, 06/15/2031 (e) | 2,000,000 | 1,650,997 | ||||||
Deutsche Bank AG, 7.08% to | ||||||||
02/10/2033 then SOFR + 3.65%, | ||||||||
02/10/2034 | 3,000,000 | 2,990,081 | ||||||
Fifth Third Bancorp, | ||||||||
8.25%, 03/01/2038 | 10,000,000 | 11,859,934 | ||||||
First Busey Corp. | ||||||||
5.25% to 06/01/2025 then 3 mo. | ||||||||
Term SOFR + 5.11%, 06/01/2030 | 4,500,000 | 4,290,190 | ||||||
5.00% to 06/15/2027 then 3 mo. | ||||||||
Term SOFR + 2.52%, 06/15/2032 | 2,000,000 | 1,650,164 | ||||||
First Financial Bancorp., | ||||||||
5.25% to 05/15/2025 then 3 mo. | ||||||||
Term SOFR + 5.09%, 05/15/2030 | 10,500,000 | 10,096,629 | ||||||
First Foundation, Inc., 3.50% to | ||||||||
02/01/2027 then SOFR + 2.04%, | ||||||||
02/01/2032 | 8,370,000 | 5,816,404 | ||||||
First Interstate BancSystem, Inc., | ||||||||
5.25% to 05/15/2025 then 3 mo. | ||||||||
Term SOFR + 5.18%, 05/15/2030 | 5,000,000 | 4,393,823 | ||||||
First Mid Bancshares, Inc., 3.95% | ||||||||
to 10/15/2025 then 3 mo. Term | ||||||||
SOFR + 3.83%, 10/15/2030 | 5,300,000 | 4,988,882 | ||||||
First Midwest Bancorp, Inc., | ||||||||
5.88%, 09/29/2026 | 7,515,000 | 7,452,980 | ||||||
Firstbank, 4.50% to 09/01/2025 | ||||||||
then SOFR + 4.39%, 09/01/2030 | 9,000,000 | 8,237,093 | ||||||
First-Citizens Bank & Trust Co., | ||||||||
6.13%, 03/09/2028 | 3,792,000 | 3,850,837 | ||||||
Great Southern Bank, 5.50% to | ||||||||
06/15/2025 then 3 mo. Term | ||||||||
SOFR + 5.33%, 06/15/2030 | 4,750,000 | 4,502,065 | ||||||
Heartland Financial USA, Inc., | ||||||||
2.75% to 09/15/2026 then 3 mo. | ||||||||
Term SOFR + 2.10%, 09/15/2031 | 6,000,000 | 4,671,975 | ||||||
Hilltop Holdings, Inc., 6.13% to | ||||||||
05/15/2030 then 3 mo. Term | ||||||||
SOFR + 5.80%, 05/15/2035 | 11,750,000 | 9,426,373 | ||||||
Home BancShares, Inc., 3.13% to | ||||||||
01/30/2027 then 3 mo. Term | ||||||||
SOFR + 1.82%, 01/30/2032 | 16,436,000 | 12,621,082 | ||||||
Huntington National Bank, | ||||||||
5.50% to 05/06/2025 then 3 mo. | ||||||||
Term SOFR + 5.35%, 05/06/2030 | 10,750,000 | 10,468,612 | ||||||
JPMorgan Chase & Co. | ||||||||
6.25% to 10/23/2033 then | ||||||||
SOFR + 1.81%, 10/23/2034 | 10,000,000 | 10,593,232 | ||||||
5.34% to 01/23/2034 then | ||||||||
SOFR + 1.62%, 01/23/2035 | 3,000,000 | 2,981,999 | ||||||
Mercantile Bank Corp., 3.25% to | ||||||||
01/30/2027 then SOFR + 2.12%, | ||||||||
01/30/2032 | 7,000,000 | 5,819,107 | ||||||
National Australia Bank Ltd., | ||||||||
3.35% to 01/12/2032 then | ||||||||
5 yr. CMT Rate + 1.70%, | ||||||||
01/12/2037 (e) | 9,500,000 | 7,928,942 | ||||||
NatWest Group PLC, 6.48% to | ||||||||
06/01/2029 then 5 yr. CMT Rate + | ||||||||
2.20%, 06/01/2034 | 1,000,000 | 1,000,661 | ||||||
NBT Bancorp, Inc., 5.00% to | ||||||||
07/01/2025 then 3 mo. Term | ||||||||
SOFR + 4.85%, 07/01/2030 | 7,500,000 | 6,956,907 | ||||||
Pacific Premier Bancorp, Inc. | ||||||||
4.88% to 05/15/2024 then 3 mo. | ||||||||
Term SOFR + 2.76%, 05/15/2029 | 3,500,000 | 3,321,127 | ||||||
5.38% to 06/15/2025 then 3 mo. | ||||||||
Term SOFR + 5.17%, 06/15/2030 | 6,410,000 | 6,164,022 | ||||||
Park National Corp., 4.50% to | ||||||||
09/01/2025 then 3 mo. Term | ||||||||
SOFR + 4.39%, 09/01/2030 | 15,600,000 | 14,692,030 | ||||||
Peapack-Gladstone Financial Corp., | ||||||||
3.50% to 12/30/2025 then 3 mo. | ||||||||
Term SOFR + 3.26%, 12/30/2030 | 6,000,000 | 5,186,162 | ||||||
PNC Financial Services Group, Inc., | ||||||||
5.68% to 01/22/2034 then | ||||||||
SOFR + 1.90%, 01/22/2035 | 5,000,000 | 5,013,596 | ||||||
RBB Bancorp, 4.00% to 04/01/2026 | ||||||||
then 3 mo. Term SOFR + 3.29%, | ||||||||
04/01/2031 | 5,450,000 | 4,707,763 | ||||||
Regions Bank, 6.45%, 06/26/2037 | 15,601,000 | 15,841,219 | ||||||
Renasant Corp. | ||||||||
3.00% to 12/01/2026 then 3 mo. | ||||||||
Term SOFR + 1.91%, 12/01/2031 | 7,000,000 | 5,683,082 | ||||||
4.50% to 09/15/2030 then 3 mo. | ||||||||
Term SOFR + 4.03%, 09/15/2035 | 9,000,000 | 6,230,992 | ||||||
Santander Holdings USA, Inc., | ||||||||
6.17% to 01/09/2029 then | ||||||||
SOFR + 2.50%, 01/09/2030 | 7,000,000 | 6,979,355 | ||||||
Southside Bancshares, Inc., | ||||||||
3.88% to 11/15/2025 then 3 mo. | ||||||||
Term SOFR + 3.66%, 11/15/2030 | 8,000,000 | 7,068,025 | ||||||
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 26 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Banks – 5.3% (Cont.) | ||||||||
Synovus Financial Corp., 7.54% to | ||||||||
02/07/2029 then 5 Yr. Mid Swap | ||||||||
Rate USD + 3.38%, 02/07/2029 | $ | 4,000,000 | $ | 3,784,015 | ||||
Texas Capital Bancshares, Inc., | ||||||||
4.00% to 05/06/2026 then 5 yr. | ||||||||
CMT Rate + 3.15%, 05/06/2031 | 10,942,000 | 9,353,881 | ||||||
Texas Capital Bank, NA, | ||||||||
5.25%, 01/31/2026 | 5,000,000 | 4,645,963 | ||||||
Towne Bank, 3.13% to 02/15/2027 | ||||||||
then 3 mo. Term SOFR + 1.68%, | ||||||||
02/15/2032 | 4,000,000 | 3,490,996 | ||||||
Trustmark Corp., 3.63% to | ||||||||
12/01/2025 then 3 mo. Term | ||||||||
SOFR + 3.39%, 12/01/2030 | 6,500,000 | 5,493,708 | ||||||
Webster Financial Corp., | ||||||||
4.10%, 03/25/2029 | 10,470,000 | 9,532,719 | ||||||
Western Alliance Bancorp, | ||||||||
3.00% to 06/15/2026 then 3 mo. | ||||||||
Term SOFR + 2.25%, 06/15/2031 | 2,850,000 | 2,506,575 | ||||||
Western Alliance Bank, 5.25% to | ||||||||
06/01/2025 then 3 mo. Term | ||||||||
SOFR + 5.12%, 06/01/2030 | 7,500,000 | 7,240,425 | ||||||
WSFS Financial Corp. | ||||||||
7.70% (3 mo. Term SOFR + | ||||||||
2.31%), 12/15/2027 | 3,500,000 | 3,374,793 | ||||||
2.75% to 12/15/2025 then 3 mo. | ||||||||
Term SOFR + 2.49%, 12/15/2030 | 5,470,000 | 4,369,499 | ||||||
353,346,088 | ||||||||
Biotechnology – 0.2% | ||||||||
AbbVie, Inc. | ||||||||
4.40%, 11/06/2042 | 11,398,000 | 10,222,645 | ||||||
5.50%, 03/15/2064 | 5,000,000 | 5,061,556 | ||||||
15,284,201 | ||||||||
Building Products – 0.1% | ||||||||
Builders FirstSource, Inc., | ||||||||
4.25%, 02/01/2032 (e) | 7,800,000 | 6,860,201 | ||||||
Masonite International Corp., | ||||||||
3.50%, 02/15/2030 (e) | 2,493,000 | 2,202,932 | ||||||
9,063,133 | ||||||||
Capital Markets – 0.5% | ||||||||
Ares Capital Corp. | ||||||||
7.00%, 01/15/2027 | 3,000,000 | 3,058,561 | ||||||
5.88%, 03/01/2029 | 4,000,000 | 3,909,234 | ||||||
3.20%, 11/15/2031 | 15,473,000 | 12,624,719 | ||||||
Brookfield Corp., | ||||||||
7.38%, 03/01/2033 | 3,000,000 | 3,234,993 | ||||||
MSCI, Inc., 3.63%, 11/01/2031 (e) | 15,200,000 | 13,175,477 | ||||||
36,002,984 | ||||||||
Chemicals – 0.1% | ||||||||
Eastman Chemical Co., | ||||||||
5.75%, 03/08/2033 | 3,000,000 | 3,022,678 | ||||||
Commercial Services & | ||||||||
Supplies – 0.1% | ||||||||
Central Storage Safety Project | ||||||||
Trust, 4.82%, 02/01/2038 (e) | 5,763,520 | 4,977,302 | ||||||
Consumer Finance – 0.6% | ||||||||
Ally Financial, Inc., | ||||||||
6.70%, 02/14/2033 | 10,000,000 | 9,855,668 | ||||||
Ford Motor Credit Co., LLC | ||||||||
7.35%, 03/06/2030 | 8,750,000 | 9,275,585 | ||||||
7.20%, 06/10/2030 | 3,000,000 | 3,166,441 | ||||||
OneMain Finance Corp. | ||||||||
3.50%, 01/15/2027 | 7,311,000 | 6,738,611 | ||||||
3.88%, 09/15/2028 | 2,000,000 | 1,749,818 | ||||||
5.38%, 11/15/2029 | 12,603,000 | 11,709,130 | ||||||
42,495,253 | ||||||||
Containers & Packaging – 0.4% | ||||||||
AptarGroup, Inc., | ||||||||
3.60%, 03/15/2032 | 10,000,000 | 8,779,125 | ||||||
Berry Global, Inc., | ||||||||
5.65%, 01/15/2034 (e) | 4,400,000 | 4,342,023 | ||||||
Graphic Packaging | ||||||||
International, LLC | ||||||||
3.50%, 03/01/2029 (e) | 3,000,000 | 2,678,659 | ||||||
3.75%, 02/01/2030 (e) | 13,523,000 | 12,048,520 | ||||||
27,848,327 | ||||||||
Distributors – 0.2% | ||||||||
Genuine Parts Co., | ||||||||
6.88%, 11/01/2033 | 5,000,000 | 5,462,842 | ||||||
LKQ Corp., 6.25%, 06/15/2033 | 6,000,000 | 6,166,638 | ||||||
11,629,480 | ||||||||
Diversified Consumer | ||||||||
Services – 1.3% | ||||||||
California Institute of Technology, | ||||||||
3.65%, 09/01/2119 | 1,994,000 | 1,382,824 | ||||||
Case Western Reserve University, | ||||||||
5.41%, 06/01/2122 | 8,322,000 | 7,953,423 | ||||||
Massachusetts Institute | ||||||||
of Technology | ||||||||
7.25%, 11/02/2096 | 2,750,000 | 3,561,011 | ||||||
5.60%, 07/01/2111 | 10,680,000 | 11,507,229 | ||||||
4.68%, 07/01/2114 | 1,935,000 | 1,769,373 | ||||||
3.89%, 07/01/2116 | 3,233,000 | 2,445,381 | ||||||
Nature Conservancy | ||||||||
1.71%, 07/01/2031 | 1,250,000 | 963,193 | ||||||
1.81%, 07/01/2032 | 1,150,000 | 860,772 | ||||||
1.86%, 07/01/2033 | 532,000 | 385,287 | ||||||
Service Corp. International | ||||||||
3.38%, 08/15/2030 | 8,692,000 | 7,468,688 | ||||||
4.00%, 05/15/2031 | 9,144,000 | 8,043,131 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 27 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Diversified Consumer | ||||||||
Services – 1.3% (Cont.) | ||||||||
Trustees of the University | ||||||||
of Pennsylvania | ||||||||
4.67%, 09/01/2112 | $ | 1,220,000 | $ | 1,079,502 | ||||
3.61%, 02/15/2119 | 22,869,000 | 15,905,241 | ||||||
University of Southern California, | ||||||||
3.23%, 10/01/2120 | 4,740,000 | 2,890,497 | ||||||
Washington University, | ||||||||
4.35%, 04/15/2122 | 17,852,000 | 14,981,063 | ||||||
YMCA of Greater New York, | ||||||||
2.30%, 08/01/2026 | 5,730,000 | 5,252,475 | ||||||
86,449,090 | ||||||||
Electric Utilities – 0.4% | ||||||||
Brazos Securitization LLC, | ||||||||
5.41%, 09/01/2050 (e) | 9,500,000 | 9,790,158 | ||||||
Denton County Electric | ||||||||
Cooperative, Inc., Series 2022, | ||||||||
5.32%, 02/15/2048 (e) | 17,000,000 | 16,689,657 | ||||||
26,479,815 | ||||||||
Electrical Equipment – 0.3% | ||||||||
Regal Rexnord Corp. | ||||||||
6.30%, 02/15/2030 (e) | 4,676,000 | 4,760,890 | ||||||
6.40%, 04/15/2033 (e) | 2,000,000 | 2,056,038 | ||||||
Sensata Technologies BV, | ||||||||
4.00%, 04/15/2029 (e) | 2,000,000 | 1,815,638 | ||||||
Sensata Technologies, Inc. | ||||||||
4.38%, 02/15/2030 (e) | 9,838,000 | 8,969,221 | ||||||
3.75%, 02/15/2031 (e) | 5,955,000 | 5,097,388 | ||||||
22,699,175 | ||||||||
Electronic Equipment, | ||||||||
Instruments & Components – 0.5% | ||||||||
CDW Finance Corp. | ||||||||
3.28%, 12/01/2028 | 4,954,000 | 4,441,038 | ||||||
3.25%, 02/15/2029 | 17,218,000 | 15,367,582 | ||||||
Corning, Inc., 5.75%, 08/15/2040 | 16,707,000 | 16,721,583 | ||||||
36,530,203 | ||||||||
Financial Services – 0.2% | ||||||||
American AGcredit FLCA, | ||||||||
3.38% to 06/15/2031 then | ||||||||
SOFR + 2.12%, 06/15/2036 (e) | 10,000,000 | 7,573,726 | ||||||
Compeer Financial FLCA | ||||||||
2.75% to 06/01/2026 then | ||||||||
SOFR + 2.03%, 06/01/2031 (e) | 5,000,000 | 4,232,245 | ||||||
3.38% to 06/01/2031 then | ||||||||
SOFR + 1.97%, 06/01/2036 (e) | 4,750,000 | 3,359,534 | ||||||
15,165,505 | ||||||||
Food Products – 0.1% | ||||||||
Mars, Inc., 2.38%, 07/16/2040 (e) | 2,100,000 | 1,446,375 | ||||||
Tyson Foods, Inc., | ||||||||
5.70%, 03/15/2034 | 5,000,000 | 5,001,569 | ||||||
6,447,944 | ||||||||
Ground Transportation – 0.3% | ||||||||
ERAC USA Finance, LLC, | ||||||||
7.00%, 10/15/2037 (e) | 18,952,000 | 21,537,732 | ||||||
Healthcare Providers & | ||||||||
Services – 1.5% | ||||||||
Baptist Health South Florida, Inc., | ||||||||
4.34%, 11/15/2041 | 14,760,000 | 12,930,166 | ||||||
Centene Corp. | ||||||||
2.45%, 07/15/2028 | 10,361,000 | 9,146,743 | ||||||
3.00%, 10/15/2030 | 11,090,000 | 9,483,669 | ||||||
Cleveland Clinic Foundation, | ||||||||
4.86%, 01/01/2114 | 13,025,000 | 11,838,117 | ||||||
CommonSpirit Health, | ||||||||
3.82%, 10/01/2049 | 1,800,000 | 1,367,605 | ||||||
Hackensack Meridian Health, Inc., | ||||||||
2.68%, 09/01/2041 | 14,920,000 | 10,457,575 | ||||||
HCA, Inc., 6.00%, 04/01/2054 | 5,000,000 | 4,958,787 | ||||||
HumanGood California Obligated | ||||||||
Group, 3.00%, 10/01/2028 | 2,335,000 | 2,226,866 | ||||||
New York and Presbyterian Hospital, | ||||||||
4.76%, 08/01/2116 | 10,000,000 | 8,656,264 | ||||||
Orlando Health Obligated Group, | ||||||||
2.89%, 10/01/2035 | 1,000,000 | 814,094 | ||||||
Penn State Health, | ||||||||
3.81%, 11/01/2049 | 5,920,000 | 4,406,655 | ||||||
Piedmont Healthcare, Inc., | ||||||||
2.72%, 01/01/2042 | 12,924,000 | 9,139,191 | ||||||
Sutter Health, 3.16%, 08/15/2040 | 2,766,000 | 2,129,814 | ||||||
Toledo Hospital, 6.02%, 11/15/2048 | 6,980,000 | 7,243,805 | ||||||
United Jewish Appeal-Federation | ||||||||
of Jewish Philanthropies of New | ||||||||
York, Inc., 2.15%, 02/01/2031 | 4,565,000 | 3,734,653 | ||||||
98,534,004 | ||||||||
Hotels, Restaurants & Leisure – 0.2% | ||||||||
Hilton Grand Vacations Borrower | ||||||||
Escrow LLC / Hilton Grand | ||||||||
Vacations Borrower Esc, | ||||||||
6.63%, 01/15/2032 (e) | 4,500,000 | 4,503,073 | ||||||
Papa John’s International, Inc., | ||||||||
3.88%, 09/15/2029 (e) | 4,374,000 | 3,880,394 | ||||||
Station Casinos, LLC | ||||||||
4.50%, 02/15/2028 (e) | 1,000,000 | 932,871 | ||||||
4.63%, 12/01/2031 (e) | 4,119,000 | 3,665,766 | ||||||
12,982,104 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 28 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Household Durables – 0.5% | ||||||||
Ashton Woods USA, LLC | ||||||||
6.63%, 01/15/2028 (e) | $ | 2,570,000 | $ | 2,556,879 | ||||
4.63%, 04/01/2030 (e) | 4,100,000 | 3,691,031 | ||||||
KB Home, 4.80%, 11/15/2029 | 1,882,000 | 1,768,534 | ||||||
M/I Homes, Inc., | ||||||||
3.95%, 02/15/2030 | 7,916,000 | 7,072,211 | ||||||
Meritage Homes Corp., | ||||||||
3.88%, 04/15/2029 (e) | 12,874,000 | 11,728,922 | ||||||
Tempur Sealy International, Inc., | ||||||||
3.88%, 10/15/2031 (e) | 9,241,000 | 7,695,240 | ||||||
34,512,817 | ||||||||
IT Services – 0.1% | ||||||||
Gartner, Inc. | ||||||||
3.63%, 06/15/2029 (e) | 1,125,000 | 1,008,889 | ||||||
3.75%, 10/01/2030 (e) | 3,250,000 | 2,879,534 | ||||||
3,888,423 | ||||||||
Machinery – 0.2% | ||||||||
Allison Transmission, Inc., | ||||||||
3.75%, 01/30/2031 (e) | 13,782,000 | 11,927,984 | ||||||
Nordson Corp., 5.80%, 09/15/2033 | 2,000,000 | 2,064,046 | ||||||
13,992,030 | ||||||||
Media – 0.5% | ||||||||
CCO Holdings Capital Corp. | ||||||||
4.75%, 02/01/2032 (e) | 9,912,000 | 8,015,091 | ||||||
4.25%, 01/15/2034 (e) | 10,500,000 | 7,860,887 | ||||||
Charter Communications | ||||||||
Operating, LLC, | ||||||||
3.50%, 03/01/2042 | 2,716,000 | 1,777,007 | ||||||
Sirius XM Radio, Inc., | ||||||||
3.88%, 09/01/2031 (e) | 15,124,000 | 12,516,509 | ||||||
30,169,494 | ||||||||
Mortgage Real Estate Investment | ||||||||
Trusts (REITs) – 0.1% | ||||||||
Arbor Realty SR, Inc., | ||||||||
5.00%, 12/30/2028 (e) | 5,000,000 | 4,163,719 | ||||||
Arbor Realty Trust, Inc., | ||||||||
4.50%, 03/15/2027 (e) | 5,000,000 | 4,419,600 | ||||||
8,583,319 | ||||||||
Pharmaceuticals – 0.6% | ||||||||
Bristol-Myers Squibb Co. | ||||||||
4.13%, 06/15/2039 | 10,481,000 | 9,137,718 | ||||||
5.65%, 02/22/2064 | 10,500,000 | 10,615,808 | ||||||
Pfizer Investment Enterprises | ||||||||
Pte Ltd., 5.11%, 05/19/2043 | 5,000,000 | 4,803,283 | ||||||
Wyeth, LLC, 5.95%, 04/01/2037 | 13,738,000 | 14,673,839 | ||||||
39,230,648 | ||||||||
Professional Services – 0.5% | ||||||||
Booz Allen Hamilton, Inc. | ||||||||
3.88%, 09/01/2028 (e) | 2,220,000 | 2,062,603 | ||||||
4.00%, 07/01/2029 (e) | 12,530,000 | 11,579,161 | ||||||
5.95%, 08/04/2033 | 2,000,000 | 2,055,609 | ||||||
Leidos, Inc. | ||||||||
4.38%, 05/15/2030 | 6,310,000 | 5,937,911 | ||||||
2.30%, 02/15/2031 | 2,840,000 | 2,328,552 | ||||||
Science Applications International | ||||||||
Corp., 4.88%, 04/01/2028 (e) | 8,290,000 | 7,857,921 | ||||||
31,821,757 | ||||||||
Real Estate Management & | ||||||||
Development – 0.4% | ||||||||
CBRE Services, Inc., | ||||||||
5.95%, 08/15/2034 | 5,000,000 | 5,056,288 | ||||||
Cushman & Wakefield US | ||||||||
Borrower LLC, | ||||||||
6.75%, 05/15/2028 (e) | 2,300,000 | 2,267,673 | ||||||
Jones Lang LaSalle, Inc., | ||||||||
6.88%, 12/01/2028 | 5,000,000 | 5,258,531 | ||||||
MMH Master LLC, | ||||||||
6.75%, 02/01/2044 (e) | 8,250,000 | 8,250,000 | ||||||
Wildflower Improvement | ||||||||
Association, 6.63%, 03/01/2031 (e) | 3,112,207 | 2,982,372 | ||||||
23,814,864 | ||||||||
Retail REITs – 0.3% | ||||||||
American Finance Trust, Inc., | ||||||||
4.50%, 09/30/2028 (e) | 10,000,000 | 8,369,235 | ||||||
Simon Property Group LP, | ||||||||
6.75%, 02/01/2040 | 12,702,000 | 13,960,372 | ||||||
22,329,607 | ||||||||
Software – 0.4% | ||||||||
Open Text Corp. | ||||||||
3.88%, 02/15/2028 (e) | 1,800,000 | 1,655,913 | ||||||
3.88%, 12/01/2029 (e) | 6,680,000 | 5,909,729 | ||||||
Oracle Corp. | ||||||||
3.85%, 07/15/2036 | 10,200,000 | 8,573,458 | ||||||
6.50%, 04/15/2038 | 10,000,000 | 10,678,842 | ||||||
26,817,942 | ||||||||
Specialty Retail – 1.1% | ||||||||
Asbury Automotive Group, Inc., | ||||||||
5.00%, 02/15/2032 (e) | 11,700,000 | 10,400,062 | ||||||
AutoNation, Inc., | ||||||||
3.85%, 03/01/2032 | 16,775,000 | 14,647,967 | ||||||
Group 1 Automotive, Inc., | ||||||||
4.00%, 08/15/2028 (e) | 13,014,000 | 11,893,747 | ||||||
Home Depot, Inc. | ||||||||
5.40%, 09/15/2040 | 9,497,000 | 9,563,499 | ||||||
4.88%, 02/15/2044 | 2,113,000 | 1,989,607 | ||||||
Ken Garff Automotive, LLC, | ||||||||
4.88%, 09/15/2028 (e) | 4,500,000 | 4,145,298 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 29 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Specialty Retail – 1.1% (Cont.) | ||||||||
Lithia Motors, Inc. | ||||||||
3.88%, 06/01/2029 (e) | $ | 1,120,000 | $ | 1,000,630 | ||||
4.38%, 01/15/2031 (e) | 7,000,000 | 6,216,864 | ||||||
Penske Automotive Group, Inc., | ||||||||
3.75%, 06/15/2029 | 11,950,000 | 10,597,739 | ||||||
Valvoline, Inc., | ||||||||
3.63%, 06/15/2031 (e) | 1,000,000 | 846,088 | ||||||
71,301,501 | ||||||||
Technology Hardware, Storage & | ||||||||
Peripherals – 0.3% | ||||||||
Dell International, LLC, | ||||||||
8.10%, 07/15/2036 | 18,910,000 | 22,685,698 | ||||||
Trading Companies & | ||||||||
Distributors – 0.3% | ||||||||
Ashtead Capital, Inc. | ||||||||
4.25%, 11/01/2029 (e) | 5,000,000 | 4,613,468 | ||||||
5.50%, 08/11/2032 (e) | 8,553,000 | 8,363,620 | ||||||
5.95%, 10/15/2033 (e) | 2,492,000 | 2,506,735 | ||||||
United Rentals North America, Inc., | ||||||||
3.75%, 01/15/2032 | 5,100,000 | 4,418,783 | ||||||
WESCO Distribution, Inc., | ||||||||
6.63%, 03/15/2032 (e) | 2,000,000 | 2,003,038 | ||||||
21,905,644 | ||||||||
Wireless Telecommunication | ||||||||
Services – 0.0%(c) | ||||||||
T-Mobile USA, Inc., | ||||||||
5.75%, 01/15/2034 | 1,000,000 | 1,030,211 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $1,275,142,846) | 1,205,980,847 | |||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES – 14.7% | ||||||||
Arbor Multifamily Mortgage Securities Trust | ||||||||
Series 2022-MF4, Class B, | ||||||||
3.29%, 02/15/2055 (d)(e) | 7,852,000 | 6,682,124 | ||||||
Series 2022-MF4, Class XD, | ||||||||
1.29%, 02/15/2055 (d)(e)(g) | 19,700,000 | 1,571,648 | ||||||
BANK | ||||||||
Series 2017-BN5, Class A4, | ||||||||
3.13%, 06/15/2060 | 12,685,000 | 11,902,010 | ||||||
Series 2017-BN8, Class A3, | ||||||||
3.23%, 11/15/2050 | 4,782,704 | 4,465,349 | ||||||
Series 2017-BNK4, Class A3, | ||||||||
3.36%, 05/15/2050 | 9,946,550 | 9,424,724 | ||||||
Series 2018-BN10, Class D, | ||||||||
2.60%, 02/15/2061 (e) | 2,000,000 | 1,534,689 | ||||||
Series 2019-BN16, Class XA, | ||||||||
0.94%, 02/15/2052 (d)(g) | 77,096,409 | 2,685,299 | ||||||
Series 2019-BN17, Class XB, | ||||||||
0.56%, 04/15/2052 (d)(g) | 123,653,000 | 3,205,444 | ||||||
Series 2019-BN17, Class XD, | ||||||||
1.59%, 04/15/2052 (d)(e)(g) | 11,541,000 | 783,362 | ||||||
Series 2019-BN19, Class A2, | ||||||||
2.93%, 08/15/2061 | 2,000,000 | 1,802,728 | ||||||
Series 2019-BN21, Class ASB, | ||||||||
2.81%, 10/17/2052 | 6,582,000 | 6,164,204 | ||||||
Series 2019-BN21, Class XD, | ||||||||
1.11%, 10/17/2052 (d)(e)(g) | 18,699,333 | 949,094 | ||||||
Series 2019-BN23, Class C, | ||||||||
3.51%, 12/15/2052 (d) | 8,713,000 | 6,961,979 | ||||||
Series 2019-BN23, Class XB, | ||||||||
0.17%, 12/15/2052 (d)(g) | 238,421,000 | 2,398,015 | ||||||
Series 2019-BN24, Class XB, | ||||||||
0.19%, 11/15/2062 (d)(g) | 174,693,000 | 1,993,038 | ||||||
Series 2019-BN24, Class ASB, | ||||||||
2.93%, 11/15/2062 | 3,250,000 | 3,065,899 | ||||||
Series 2020-BN25, Class B, | ||||||||
3.04%, 01/15/2063 (d) | 2,574,500 | 2,135,766 | ||||||
Series 2020-BN25, Class XA, | ||||||||
0.88%, 01/15/2063 (d)(g) | 157,848,485 | 6,200,336 | ||||||
Series 2020-BN26, Class A2, | ||||||||
2.04%, 03/15/2063 | 5,200,000 | 4,568,641 | ||||||
Series 2020-BN26, Class XB, | ||||||||
0.60%, 03/15/2063 (d)(g) | 226,593,000 | 7,052,707 | ||||||
Series 2020-BN28, Class B, | ||||||||
2.34%, 03/15/2063 | 1,570,000 | 1,261,407 | ||||||
Series 2020-BN28, Class XB, | ||||||||
0.97%, 03/15/2063 (d)(g) | 29,969,467 | 1,575,959 | ||||||
Series 2020-BN29, Class D, | ||||||||
2.50%, 11/15/2053 (e) | 1,250,000 | 826,010 | ||||||
Series 2020-BN29, Class C, | ||||||||
3.03%, 11/15/2053 (d) | 1,170,000 | 879,966 | ||||||
Series 2020-BN29, Class B, | ||||||||
2.42%, 11/15/2053 | 2,625,000 | 2,020,002 | ||||||
Series 2020-BN29, Class XB, | ||||||||
0.65%, 11/15/2053 (d)(g) | 132,417,000 | 4,694,368 | ||||||
Series 2020-BN30, Class B, | ||||||||
2.45%, 12/15/2053 (d) | 1,090,000 | 845,910 | ||||||
Series 2020-BN30, Class C, | ||||||||
2.76%, 12/15/2053 (d) | 5,450,000 | 4,031,614 | ||||||
Series 2020-BN30, Class D, | ||||||||
2.50%, 12/15/2053 (d)(e) | 9,150,000 | 5,989,021 | ||||||
Series 2021-BN31, Class ASB, | ||||||||
1.74%, 02/15/2054 | 7,250,000 | 6,430,758 | ||||||
Series 2021-BN32, Class C, | ||||||||
3.26%, 04/15/2054 (d) | 800,000 | 613,918 | ||||||
Series 2021-BN32, Class D, | ||||||||
2.50%, 04/15/2054 (e) | 5,000,000 | 3,280,029 | ||||||
Series 2021-BN32, Class ASB, | ||||||||
2.33%, 04/15/2054 | 10,727,500 | 9,646,728 | ||||||
Series 2021-BN33, Class ASB, | ||||||||
2.22%, 05/15/2064 | 12,599,000 | 11,181,471 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 30 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
BANK (Cont.) | ||||||||
Series 2021-BN34, Class B, | ||||||||
2.75%, 06/15/2063 (d) | $ | 8,000,000 | $ | 6,149,310 | ||||
Series 2021-BN34, Class XA, | ||||||||
0.97%, 06/15/2063 (d)(g) | 95,541,345 | 4,634,739 | ||||||
Series 2021-BN35, Class XA, | ||||||||
1.04%, 06/15/2064 (d)(g) | 86,369,800 | 4,547,603 | ||||||
Series 2021-BN35, Class C, | ||||||||
2.90%, 06/15/2064 (d) | 8,000,000 | 5,940,549 | ||||||
Series 2021-BN35, Class B, | ||||||||
2.53%, 06/15/2064 | 2,365,000 | 1,879,957 | ||||||
Series 2021-BN36, Class ASB, | ||||||||
2.28%, 09/15/2064 | 12,250,000 | 10,934,510 | ||||||
Series 2021-BN37, Class ASB, | ||||||||
2.49%, 11/15/2064 | 14,400,000 | 12,838,074 | ||||||
Series 2021-BN38, Class XA, | ||||||||
0.81%, 12/15/2064 (d)(g) | 40,193,523 | 1,900,691 | ||||||
Series 2022-BN40, Class D, | ||||||||
2.50%, 03/15/2064 (e) | 3,955,000 | 2,439,273 | ||||||
Series 2023-BN45, Class XD, | ||||||||
2.28%, 02/15/2056 (d)(e)(g) | 22,611,000 | 3,445,674 | ||||||
BANK5 | ||||||||
Series 2023-5YR3, Class A2, | ||||||||
6.26%, 09/15/2056 | 9,998,285 | 10,341,408 | ||||||
Series 2023-5YR4, Class AS, | ||||||||
7.27%, 12/15/2056 (d) | 7,500,000 | 7,980,426 | ||||||
Barclays Commercial Mortgage | ||||||||
Trust, Series 2019-C3, Class ASB, | ||||||||
3.46%, 05/15/2052 | 2,180,248 | 2,102,264 | ||||||
BBCMS Trust | ||||||||
Series 2020-C6, Class XA, | ||||||||
1.04%, 02/15/2053 (d)(g) | 92,316,917 | 4,086,408 | ||||||
Series 2020-C6, Class XB, | ||||||||
0.67%, 02/15/2053 (d)(g) | 59,000,000 | 2,091,355 | ||||||
Series 2020-C7, Class XA, | ||||||||
1.61%, 04/15/2053 (d)(g) | 21,800,965 | 1,310,260 | ||||||
Series 2020-C7, Class XB, | ||||||||
0.99%, 04/15/2053 (d)(g) | 17,140,000 | 900,387 | ||||||
Series 2021-C10, Class XB, | ||||||||
1.02%, 07/15/2054 (d)(g) | 74,931,500 | 4,541,418 | ||||||
Series 2021-C10, Class XA, | ||||||||
1.28%, 07/15/2054 (d)(g) | 64,668,016 | 4,157,766 | ||||||
Series 2021-C11, Class XB, | ||||||||
0.96%, 09/15/2054 (d)(g) | 29,540,000 | 1,791,787 | ||||||
Series 2021-C12, Class XB, | ||||||||
0.59%, 11/15/2054 (d)(g) | 59,992,000 | 2,368,364 | ||||||
Series 2021-C12, Class XA, | ||||||||
0.95%, 11/15/2054 (d)(g) | 101,301,996 | 5,059,994 | ||||||
Series 2021-C12, Class B, | ||||||||
2.76%, 11/15/2054 | 9,000,000 | 6,897,799 | ||||||
Series 2021-C9, Class AS, | ||||||||
2.53%, 02/15/2054 | 8,500,000 | 7,003,017 | ||||||
Series 2021-C9, Class ASB, | ||||||||
1.96%, 02/15/2054 | 10,000,000 | 8,967,077 | ||||||
Series 2021-C9, Class XB, | ||||||||
0.99%, 02/15/2054 (d)(g) | 68,467,000 | 3,799,720 | ||||||
Series 2022-C14, Class XA, | ||||||||
0.71%, 02/15/2055 (d)(g) | 98,624,398 | 3,788,992 | ||||||
Series 2022-C14, Class XB, | ||||||||
0.25%, 02/15/2055 (d)(g) | 166,823,000 | 3,617,790 | ||||||
Series 2022-C15, Class XD, | ||||||||
1.33%, 04/15/2055 (d)(e)(g) | 25,000,000 | 2,195,820 | ||||||
Series 2022-C17, Class XA, | ||||||||
1.15%, 09/15/2055 (d)(g) | 65,112,791 | 4,898,312 | ||||||
Series 2022-C17, Class XB, | ||||||||
0.49%, 09/15/2055 (d)(g) | 52,655,000 | 2,165,432 | ||||||
Series 2023-C19, Class A2B, | ||||||||
5.75%, 04/15/2056 | 10,000,000 | 10,060,208 | ||||||
Series 2023-C21, Class A2, | ||||||||
6.30%, 09/15/2056 (d) | 10,130,000 | 10,462,498 | ||||||
Series 2024-C24, Class XA, | ||||||||
1.63%, 02/15/2057 (d)(g) | 63,558,000 | 6,965,251 | ||||||
Series 2024-C24, Class XB, | ||||||||
1.33%, 02/15/2057 (d)(g) | 32,630,000 | 3,276,930 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2019-B12, Class XB, | ||||||||
0.39%, 08/15/2052 (d)(e)(g) | 93,260,000 | 1,734,048 | ||||||
Series 2019-B13, Class XB, | ||||||||
0.40%, 08/15/2057 (d)(e)(g) | 82,774,000 | 1,520,393 | ||||||
Series 2019-B13, Class XD, | ||||||||
1.50%, 08/15/2057 (d)(e)(g) | 12,071,000 | 802,789 | ||||||
Series 2019-B9, Class XA, | ||||||||
1.02%, 03/15/2052 (d)(g) | 28,483,467 | 1,067,358 | ||||||
Series 2019-B9, Class XD, | ||||||||
1.99%, 03/15/2052 (d)(e)(g) | 11,513,000 | 887,603 | ||||||
Series 2020-B16, Class XB, | ||||||||
0.24%, 02/15/2053 (d)(e)(g) | 70,467,000 | 872,226 | ||||||
Series 2020-B16, Class XA, | ||||||||
0.92%, 02/15/2053 (d)(g) | 118,675,300 | 4,854,781 | ||||||
Series 2020-B20, Class XB, | ||||||||
0.58%, 10/15/2053 (d)(g) | 79,394,000 | 2,328,563 | ||||||
Series 2020-B21, Class AAB, | ||||||||
1.80%, 12/17/2053 | 5,966,000 | 5,334,157 | ||||||
Series 2021-B23, Class XB, | ||||||||
0.91%, 02/15/2054 (d)(e)(g) | 105,441,000 | 5,491,473 | ||||||
Series 2021-B23, Class AAB, | ||||||||
1.77%, 02/15/2054 | 5,000,000 | 4,353,220 | ||||||
Series 2021-B23, Class XA, | ||||||||
1.27%, 02/15/2054 (d)(g) | 66,242,688 | 3,878,847 | ||||||
Series 2021-B24, Class XA, | ||||||||
1.15%, 03/15/2054 (d)(g) | 66,435,392 | 3,424,738 | ||||||
Series 2021-B24, Class ASB, | ||||||||
2.26%, 03/15/2054 | 6,400,000 | 5,683,927 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 31 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Benchmark Mortgage Trust (Cont.) | ||||||||
Series 2021-B24, Class XB, | ||||||||
0.59%, 03/15/2054 (d)(g) | $ | 99,123,000 | $ | 3,508,468 | ||||
Series 2021-B25, Class XA, | ||||||||
1.09%, 04/15/2054 (d)(g) | 78,775,710 | 4,275,741 | ||||||
Series 2021-B25, Class XB, | ||||||||
0.66%, 04/15/2054 (d)(g) | 93,350,000 | 3,679,381 | ||||||
Series 2021-B26, Class B, | ||||||||
2.58%, 06/15/2054 (d) | 6,000,000 | 4,583,639 | ||||||
Series 2021-B26, Class D, | ||||||||
2.00%, 06/15/2054 (e) | 2,250,000 | 1,329,128 | ||||||
Series 2021-B26, Class XD, | ||||||||
1.37%, 06/15/2054 (d)(e)(g) | 10,836,000 | 850,058 | ||||||
Series 2021-B27, Class XD, | ||||||||
1.49%, 07/15/2054 (d)(e)(g) | 28,014,000 | 2,414,815 | ||||||
Series 2021-B27, Class C, | ||||||||
2.70%, 07/15/2054 | 2,000,000 | 1,406,040 | ||||||
Series 2021-B27, Class XA, | ||||||||
1.26%, 07/15/2054 (d)(g) | 51,779,272 | 3,103,562 | ||||||
Series 2021-B27, Class D, | ||||||||
2.00%, 07/15/2054 (e) | 5,000,000 | 2,964,986 | ||||||
Series 2021-B27, Class B, | ||||||||
2.36%, 07/15/2054 | 6,000,000 | 4,303,736 | ||||||
Series 2021-B28, Class XA, | ||||||||
1.27%, 08/15/2054 (d)(g) | 99,161,033 | 6,321,684 | ||||||
Series 2021-B28, Class XB, | ||||||||
0.95%, 08/15/2054 (d)(g) | 32,491,000 | 1,903,618 | ||||||
Series 2021-B28, Class ASB, | ||||||||
1.98%, 08/15/2054 | 10,000,000 | 8,733,745 | ||||||
Series 2021-B29, Class E, | ||||||||
2.00%, 09/15/2054 (e) | 8,953,000 | 4,969,057 | ||||||
Series 2021-B29, Class C, | ||||||||
2.75%, 09/15/2054 (d) | 3,550,000 | 2,574,282 | ||||||
Series 2021-B29, Class XD, | ||||||||
1.30%, 09/15/2054 (d)(e)(g) | 27,615,000 | 2,062,506 | ||||||
Series 2021-B29, Class D, | ||||||||
2.00%, 09/15/2054 (e) | 1,000,000 | 598,478 | ||||||
Series 2021-B30, Class E, | ||||||||
2.00%, 11/15/2054 (e) | 2,250,000 | 1,122,953 | ||||||
Series 2021-B30, Class XB, | ||||||||
0.59%, 11/15/2054 (d)(e)(g) | 83,683,000 | 2,927,926 | ||||||
Series 2021-B30, Class C, | ||||||||
2.88%, 11/15/2054 (d) | 8,181,000 | 5,697,339 | ||||||
Series 2021-B30, Class XD, | ||||||||
1.30%, 11/15/2054 (d)(e)(g) | 18,582,000 | 1,405,531 | ||||||
Series 2021-B31, Class AAB, | ||||||||
2.62%, 12/15/2054 | 10,000,000 | 8,958,227 | ||||||
Series 2021-B31, Class XB, | ||||||||
0.43%, 12/15/2054 (d)(e)(g) | 124,409,000 | 3,665,077 | ||||||
Series 2021-B31, Class XD, | ||||||||
1.14%, 12/15/2054 (d)(e)(g) | 31,991,000 | 2,204,957 | ||||||
Series 2021-B31, Class XA, | ||||||||
0.77%, 12/15/2054 (d)(g) | 143,043,745 | 6,125,863 | ||||||
Series 2022-B32, Class AS, | ||||||||
3.41%, 01/15/2055 (d) | 10,000,000 | 8,112,598 | ||||||
Series 2022-B32, Class XD, | ||||||||
1.52%, 01/15/2055 (d)(e)(g) | 39,202,000 | 3,381,063 | ||||||
Series 2022-B33, Class XD, | ||||||||
1.61%, 03/15/2055 (d)(e)(g) | 21,919,000 | 1,975,684 | ||||||
Series 2023-B38, Class A2, | ||||||||
5.63%, 04/15/2056 | 12,000,000 | 12,246,564 | ||||||
Series 2024-V5, Class AM, | ||||||||
6.42%, 01/10/2057 (d) | 5,900,000 | 6,110,614 | ||||||
BMO Mortgage Trust | ||||||||
Series 2022-C1, Class XD, | ||||||||
1.76%, 02/17/2055 (d)(e)(g) | 30,550,000 | 3,331,264 | ||||||
Series 2023-C5, Class A2, | ||||||||
6.52%, 06/15/2056 | 10,000,000 | 10,365,596 | ||||||
Series 2023-C7, Class XA, | ||||||||
0.81%, 12/15/2056 (d)(e)(g) | 100,366,331 | 5,696,893 | ||||||
Series 2024-5C3, Class AS, | ||||||||
6.29%, 02/15/2057 (d) | 5,750,000 | 5,921,190 | ||||||
Series 2024-5C3, Class XA, | ||||||||
1.12%, 02/15/2057 (d)(g) | 101,189,000 | 4,743,538 | ||||||
California Housing Finance Agency | ||||||||
Series 2021-1, Class X, | ||||||||
0.80%, 11/20/2035 (a)(g) | 27,730,454 | 1,355,742 | ||||||
Series 2021-3, Class X, | ||||||||
0.79%, 08/20/2036 (d)(g) | 25,386,210 | 1,311,452 | ||||||
Cantor Commercial | ||||||||
Real Estate Lending LP, | ||||||||
Series 2019-CF2, Class XB, | ||||||||
0.66%, 11/15/2052 (d)(g) | 134,736,000 | 3,849,879 | ||||||
CCUBS Commercial Mortgage | ||||||||
Trust, Series 2017-C1, Class XB, | ||||||||
0.32%, 11/15/2050 (d)(g) | 40,062,667 | 421,972 | ||||||
Citigroup Commercial | ||||||||
Mortgage Trust | ||||||||
Series 2014-GC19, Class C, | ||||||||
5.02%, 03/11/2047 (d) | 2,771,434 | 2,744,586 | ||||||
Series 2016-C1, Class C, | ||||||||
4.94%, 05/10/2049 (d) | 8,348,000 | 7,895,533 | ||||||
Series 2016-C1, Class B, | ||||||||
4.12%, 05/10/2049 | 3,000,000 | 2,836,411 | ||||||
Series 2016-P6, Class B, | ||||||||
4.16%, 12/10/2049 (d) | 6,835,000 | 6,163,353 | ||||||
Series 2017-B1, Class XB, | ||||||||
0.15%, 08/15/2050 (d)(g) | 38,016,000 | 239,626 | ||||||
Series 2017-C4, Class XA, | ||||||||
0.98%, 10/12/2050 (d)(g) | 30,882,861 | 874,427 | ||||||
Series 2017-C4, Class XB, | ||||||||
0.27%, 10/12/2050 (d)(g) | 42,746,500 | 389,455 | ||||||
Series 2017-P7, Class XB, | ||||||||
0.57%, 04/14/2050 (d)(g) | 45,124,000 | 722,796 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 32 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Citigroup Commercial | ||||||||
Mortgage Trust (Cont.) | ||||||||
Series 2017-P8, Class B, | ||||||||
4.19%, 09/15/2050 | $ | 4,160,000 | $ | 3,756,844 | ||||
Series 2018-B2, Class XB, | ||||||||
0.37%, 03/10/2051 (d)(g) | 49,202,000 | 714,625 | ||||||
Series 2018-C5, Class XB, | ||||||||
0.33%, 06/10/2051 (d)(e)(g) | 28,400,000 | 400,414 | ||||||
Series 2018-C6, Class AAB, | ||||||||
4.34%, 11/10/2051 | 4,673,456 | 4,569,825 | ||||||
Series 2019-C7, Class B, | ||||||||
3.67%, 12/15/2072 (d) | 10,000,000 | 8,567,766 | ||||||
Series 2019-C7, Class XA, | ||||||||
0.86%, 12/15/2072 (d)(g) | 75,202,239 | 2,799,892 | ||||||
Series 2019-C7, Class XD, | ||||||||
1.20%, 12/15/2072 (d)(e)(g) | 39,933,000 | 2,256,318 | ||||||
Series 2019-C7, Class XB, | ||||||||
0.28%, 12/15/2072 (d)(e)(g) | 50,711,000 | 748,302 | ||||||
Series 2019-GC41, Class AS, | ||||||||
3.02%, 08/10/2056 | 10,339,000 | 8,927,546 | ||||||
Series 2019-GC41, Class XA, | ||||||||
1.04%, 08/10/2056 (d)(g) | 52,561,961 | 1,912,399 | ||||||
Series 2020-GC46, Class XA, | ||||||||
0.97%, 02/15/2053 (d)(g) | 88,719,952 | 3,677,779 | ||||||
Series 2020-GC46, Class XB, | ||||||||
0.32%, 02/15/2053 (d)(e)(g) | 92,457,000 | 1,677,817 | ||||||
Citigroup/Deutsche Bank | ||||||||
Commercial Mortgage Trust | ||||||||
Series 2017-CD3, Class XB, | ||||||||
0.55%, 02/10/2050 (d)(g) | 61,857,000 | 932,890 | ||||||
Series 2018-CD7, Class ASB, | ||||||||
4.21%, 08/15/2051 | 2,886,745 | 2,812,350 | ||||||
Commercial Mortgage Pass | ||||||||
Through Certificates | ||||||||
Series 2014-CR18, Class B, | ||||||||
4.46%, 07/15/2047 (d) | 4,550,700 | 4,466,891 | ||||||
Series 2019-GC44, Class XD, | ||||||||
1.02%, 08/15/2057 (d)(e)(g) | 19,460,000 | 964,393 | ||||||
CSAIL Commercial Mortgage Trust | ||||||||
Series 2015-C1, Class XD, | ||||||||
0.50%, 04/15/2050 (d)(e)(g) | 62,192,000 | 245,111 | ||||||
Series 2016-C5, Class XD, | ||||||||
1.00%, 11/15/2048 (d)(e)(g) | 46,821,000 | 625,880 | ||||||
Series 2017-C8, Class XB, | ||||||||
0.35%, 06/15/2050 (d)(g) | 74,773,000 | 753,286 | ||||||
Series 2019-C17, Class XA, | ||||||||
1.32%, 09/15/2052 (d)(g) | 82,035,467 | 4,199,289 | ||||||
Series 2019-C18, Class XA, | ||||||||
1.00%, 12/15/2052 (d)(g) | 94,843,834 | 3,830,648 | ||||||
Series 2019-C18, Class C, | ||||||||
3.92%, 12/15/2052 (d) | 3,901,000 | 3,266,448 | ||||||
GS Mortgage Securities Corp. II | ||||||||
Series 2012-BWTR, Class B, | ||||||||
3.26%, 11/05/2034 (e) | 6,608,000 | 3,357,043 | ||||||
Series 2012-BWTR, Class A, | ||||||||
2.95%, 11/05/2034 (e) | 445,000 | 333,006 | ||||||
Series 2015-GC32, Class B, | ||||||||
4.39%, 07/10/2048 (d) | 6,453,000 | 6,143,677 | ||||||
Series 2015-GC34, Class A3, | ||||||||
3.24%, 10/10/2048 | 8,905,503 | 8,606,595 | ||||||
Series 2016-GS3, Class B, | ||||||||
3.40%, 10/10/2049 (d) | 10,417,000 | 9,386,469 | ||||||
Series 2017-GS8, Class XB, | ||||||||
0.37%, 11/10/2050 (d)(g) | 44,642,000 | 577,502 | ||||||
Series 2018-GS10, Class XD, | ||||||||
1.40%, 07/10/2051 (d)(e)(g) | 24,049,000 | 1,350,034 | ||||||
Series 2019-GC38, Class XD, | ||||||||
1.89%, 02/10/2052 (d)(e)(g) | 20,916,000 | 1,625,681 | ||||||
Series 2019-GC39, Class XB, | ||||||||
0.66%, 05/10/2052 (d)(g) | 69,588,000 | 1,976,515 | ||||||
Series 2019-GC39, Class XD, | ||||||||
1.64%, 05/10/2052 (d)(e)(g) | 24,645,000 | 1,695,413 | ||||||
Series 2019-GSA1, Class XA, | ||||||||
0.81%, 11/10/2052 (d)(g) | 70,165,566 | 2,502,785 | ||||||
Series 2020-GC45, Class AAB, | ||||||||
2.84%, 02/13/2053 | 12,881,000 | 12,017,892 | ||||||
Series 2020-GSA2, Class XB, | ||||||||
0.94%, 12/12/2053 (d)(e)(g) | 73,324,000 | 3,818,384 | ||||||
JP Morgan Chase Commercial | ||||||||
Mortgage Securities Trust | ||||||||
Series 2007-CB20, Class X1, | ||||||||
0.00%, 02/12/2051 (d)(e)(g) | 145,246 | 0 | ||||||
Series 2017-JP6, Class XB, | ||||||||
0.63%, 07/15/2050 (d)(g) | 68,830,000 | 1,292,304 | ||||||
JPMBB Commercial Mortgage | ||||||||
Securities Trust | ||||||||
Series 2015-C30, Class B, | ||||||||
4.23%, 07/15/2048 (d) | 3,585,000 | 3,274,079 | ||||||
Series 2015-C32, Class XD, | ||||||||
0.50%, 11/15/2048 (d)(e)(g) | 23,066,000 | 144,822 | ||||||
JPMDB Commercial Mortgage | ||||||||
Securities Trust, Series 2016-C4, | ||||||||
Class B, 3.64%, 12/15/2049 (d) | 5,500,000 | 4,761,692 | ||||||
Mcp Holding Co. LLC, | ||||||||
Series 2015-GC30, Class B, | ||||||||
4.02%, 05/10/2050 (d) | 2,960,000 | 2,750,304 | ||||||
Morgan Stanley ABS Capital I, Inc., | ||||||||
Series 2021-L7, Class XB, 0.41%, | ||||||||
10/15/2054 (d)(g) | 143,080,000 | 3,905,397 | ||||||
Morgan Stanley Bank of America | ||||||||
Merrill Lynch Trust | ||||||||
Series 2015-C23, Class B, | ||||||||
4.14%, 07/15/2050 (d) | 3,845,000 | 3,597,557 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 33 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Morgan Stanley Bank of America | ||||||||
Merrill Lynch Trust (Cont.) | ||||||||
Series 2015-C27, Class B, | ||||||||
4.49%, 12/15/2047 (d) | $ | 3,000,000 | $ | 2,861,648 | ||||
Series 2016-C31, Class XD, | ||||||||
1.26%, 11/15/2049 (d)(e)(g) | 21,212,500 | 603,207 | ||||||
Series 2017-C34, Class B, | ||||||||
4.11%, 11/15/2052 (d) | 5,054,000 | 4,478,318 | ||||||
Series 2017-C34, Class D, | ||||||||
2.70%, 11/15/2052 (e) | 4,953,000 | 3,389,400 | ||||||
Morgan Stanley Capital I Trust, | ||||||||
Series 2014-MP, Class XB, | ||||||||
0.52%, 11/15/2049 (d)(g) | 58,680,000 | 734,768 | ||||||
Morgan Stanley Capital I, Inc. | ||||||||
Series 2017-H1, Class C, | ||||||||
4.28%, 06/15/2050 (d) | 7,959,000 | 7,063,348 | ||||||
Series 2017-H1, Class XD, | ||||||||
2.15%, 06/15/2050 (d)(e)(g) | 8,725,000 | 498,916 | ||||||
Series 2017-HR2, Class A3, | ||||||||
3.33%, 12/15/2050 | 11,641,970 | 10,895,340 | ||||||
Series 2017-HR2, Class C, | ||||||||
4.32%, 12/15/2050 (d) | 10,576,000 | 9,576,422 | ||||||
Series 2018-H3, Class ASB, | ||||||||
4.12%, 07/15/2051 | 4,277,225 | 4,180,578 | ||||||
Series 2018-H3, Class XB, | ||||||||
0.36%, 07/15/2051 (d)(g) | 135,712,000 | 1,959,030 | ||||||
Series 2018-H3, Class XD, | ||||||||
1.85%, 07/15/2051 (d)(e)(g) | 15,363,500 | 997,471 | ||||||
Series 2019-H7, Class C, | ||||||||
4.13%, 07/15/2052 | 9,593,000 | 8,295,028 | ||||||
Series 2019-H7, Class XB, | ||||||||
0.66%, 07/15/2052 (d)(g) | 130,723,000 | 3,919,520 | ||||||
Series 2019-H7, Class D, | ||||||||
3.00%, 07/15/2052 (e) | 2,402,000 | 1,745,072 | ||||||
Series 2019-L2, Class XB, | ||||||||
0.62%, 03/15/2052 (d)(g) | 127,093,000 | 3,444,945 | ||||||
Series 2021-L5, Class B, | ||||||||
3.10%, 05/15/2054 | 6,627,000 | 5,360,389 | ||||||
Series 2021-L5, Class XB, | ||||||||
0.71%, 05/15/2054 (d)(g) | 70,387,500 | 3,015,985 | ||||||
Series 2021-L5, Class D, | ||||||||
2.50%, 05/15/2054 (e) | 3,500,000 | 2,205,947 | ||||||
Series 2021-L6, Class ASB, | ||||||||
2.25%, 06/15/2054 (d) | 11,900,000 | 10,472,388 | ||||||
Series 2021-L6, Class B, | ||||||||
2.95%, 06/15/2054 (d) | 7,500,000 | 5,860,300 | ||||||
MSWF Commercial Mortgage Trust, | ||||||||
Series 2023-2, Class XA, 0.91%, | ||||||||
12/15/2056 (d)(g) | 16,853,941 | 1,093,475 | ||||||
New Hampshire Business Finance | ||||||||
Authority, Series 2023-2, Class X, | ||||||||
0.81%, 01/20/2038 (d)(g) | 33,000,000 | 1,886,280 | ||||||
UBS Commercial Mortgage Trust | ||||||||
Series 2017-C1, Class XB, | ||||||||
0.95%, 06/15/2050 (d)(g) | 13,000,000 | 341,416 | ||||||
Series 2017-C6, Class XB, | ||||||||
0.50%, 12/15/2050 (d)(g) | 63,420,500 | 1,198,774 | ||||||
Series 2017-C7, Class XB, | ||||||||
0.36%, 12/15/2050 (d)(g) | 170,396,000 | 2,305,117 | ||||||
Series 2018-C12, Class XB, | ||||||||
0.29%, 08/15/2051 (d)(g) | 139,858,000 | 1,950,488 | ||||||
Series 2018-C12, Class XA, | ||||||||
0.88%, 08/15/2051 (d)(g) | 40,443,004 | 1,248,217 | ||||||
Series 2018-C13, Class ASB, | ||||||||
4.24%, 10/15/2051 | 3,095,457 | 3,006,141 | ||||||
Series 2018-C13, Class XB, | ||||||||
0.27%, 10/15/2051 (d)(g) | 128,678,000 | 1,902,118 | ||||||
Series 2018-C13, Class XD, | ||||||||
2.00%, 10/15/2051 (d)(e)(g) | 16,442,000 | 1,297,951 | ||||||
Series 2018-C14, Class XB, | ||||||||
0.25%, 12/15/2051 (d)(g) | 114,392,000 | 1,601,076 | ||||||
Series 2018-C8, Class A3, | ||||||||
3.72%, 02/15/2051 | 2,000,458 | 1,885,587 | ||||||
Series 2019-C17, Class XB, | ||||||||
0.85%, 10/15/2052 (d)(g) | 128,213,000 | 5,120,173 | ||||||
Series 2019-C18, Class AS, | ||||||||
3.38%, 12/15/2052 (d) | 9,000,000 | 7,575,986 | ||||||
Series 2019-C18, Class ASB, | ||||||||
2.99%, 12/15/2052 | 4,500,000 | 4,243,824 | ||||||
UBS-Barclays Commercial | ||||||||
Mortgage Trust | ||||||||
Series 2019-C3, Class XB, | ||||||||
0.76%, 05/15/2052 (d)(g) | 56,340,000 | 1,976,002 | ||||||
Series 2019-C4, Class XB, | ||||||||
1.13%, 08/15/2052 (d)(g) | 43,170,000 | 2,175,444 | ||||||
Series 2019-C5, Class XB, | ||||||||
0.38%, 11/15/2052 (d)(g) | 174,774,000 | 2,730,739 | ||||||
Series 2019-C5, Class XD, | ||||||||
1.36%, 11/15/2052 (d)(e)(g) | 12,996,000 | 770,009 | ||||||
Washington State Housing Finance | ||||||||
Commission, Series 2021-1, | ||||||||
Class X, 0.73%, 12/20/2035 (d)(g) | 20,385,141 | 916,516 | ||||||
Wells Fargo Commercial | ||||||||
Mortgage Trust | ||||||||
Series 2015-C28, Class C, | ||||||||
4.08%, 05/15/2048 (d) | 11,105,000 | 10,117,182 | ||||||
Series 2015-C28, Class D, | ||||||||
4.08%, 05/15/2048 (d) | 4,376,000 | 3,669,019 | ||||||
Series 2015-C30, Class B, | ||||||||
4.40%, 09/15/2058 (d) | 5,800,000 | 5,567,799 | ||||||
Series 2015-NXS1, Class B, | ||||||||
3.66%, 05/15/2048 (d) | 1,320,000 | 1,245,967 | ||||||
Series 2016-C37, Class C, | ||||||||
4.47%, 12/15/2049 (d) | 11,213,000 | 10,267,226 | ||||||
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 34 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Wells Fargo Commercial | ||||||||
Mortgage Trust (Cont.) | ||||||||
Series 2016-C37, Class D, | ||||||||
3.17%, 12/15/2049 (d)(e) | $ | 7,375,000 | $ | 6,088,313 | ||||
Series 2016-LC24, Class XB, | ||||||||
0.98%, 10/15/2049 (d)(g) | 66,264,075 | 1,401,870 | ||||||
Series 2017-C42, Class XB, | ||||||||
0.32%, 12/15/2050 (d)(g) | 116,750,000 | 1,431,238 | ||||||
Series 2017-RB1, Class XB, | ||||||||
0.72%, 03/15/2050 (d)(g) | 69,254,209 | 1,324,480 | ||||||
Series 2018-C43, Class C, | ||||||||
4.51%, 03/15/2051 (d) | 4,033,000 | 3,592,065 | ||||||
Series 2018-C45, Class C, | ||||||||
4.73%, 06/15/2051 | 4,004,000 | 3,731,895 | ||||||
Series 2018-C45, Class B, | ||||||||
4.56%, 06/16/2051 | 2,837,000 | 2,667,539 | ||||||
Series 2018-C47, Class AS, | ||||||||
4.67%, 09/15/2061 (d) | 8,000,000 | 7,694,141 | ||||||
Series 2018-C47, Class XB, | ||||||||
0.15%, 09/15/2061 (d)(g) | 164,144,000 | 1,268,636 | ||||||
Series 2018-C48, Class ASB, | ||||||||
4.25%, 01/15/2052 | 6,635,715 | 6,497,527 | ||||||
Series 2018-C48, Class XB, | ||||||||
0.25%, 01/15/2052 (d)(g) | 138,642,000 | 1,745,905 | ||||||
Series 2019-C49, Class ASB, | ||||||||
3.93%, 03/15/2052 | 4,999,975 | 4,892,419 | ||||||
Series 2019-C49, Class XB, | ||||||||
0.60%, 03/15/2052 (d)(g) | 125,812,000 | 3,423,131 | ||||||
Series 2019-C49, Class B, | ||||||||
4.55%, 03/15/2052 | 8,947,000 | 8,360,748 | ||||||
Series 2019-C50, Class XB, | ||||||||
0.87%, 05/15/2052 (d)(g) | 36,427,311 | 1,403,617 | ||||||
Series 2019-C51, Class XB, | ||||||||
0.67%, 06/15/2052 (d)(g) | 130,394,000 | 3,817,323 | ||||||
Series 2019-C52, Class XB, | ||||||||
1.11%, 08/15/2052 (d)(g) | 113,763,146 | 5,574,315 | ||||||
Series 2019-C52, Class C, | ||||||||
3.56%, 08/15/2052 | 6,206,000 | 4,895,728 | ||||||
Series 2019-C52, Class XA, | ||||||||
1.60%, 08/15/2052 (d)(g) | 55,516,384 | 3,304,402 | ||||||
Series 2019-C53, Class XB, | ||||||||
0.45%, 10/15/2052 (d)(g) | 105,325,000 | 2,540,850 | ||||||
Series 2019-C53, Class B, | ||||||||
3.51%, 10/15/2052 (d) | 5,200,000 | 4,611,923 | ||||||
Series 2020-C55, Class XB, | ||||||||
0.82%, 02/15/2053 (d)(g) | 58,030,370 | 2,288,050 | ||||||
Series 2020-C56, Class XB, | ||||||||
0.31%, 06/15/2053 (d)(g) | 127,035,000 | 1,929,192 | ||||||
Series 2020-C56, Class ASB, | ||||||||
2.42%, 06/15/2053 | 2,250,000 | 2,074,979 | ||||||
Series 2020-C57, Class D, | ||||||||
2.50%, 08/15/2053 (e) | 2,738,000 | 1,946,305 | ||||||
Series 2020-C57, Class XB, | ||||||||
0.73%, 08/15/2053 (d)(g) | 74,972,000 | 2,955,269 | ||||||
Series 2020-C57, Class C, | ||||||||
4.02%, 08/15/2053 (d) | 5,500,000 | 4,739,061 | ||||||
Series 2020-C57, Class ASB, | ||||||||
1.91%, 08/15/2053 | 7,250,000 | 6,539,413 | ||||||
Series 2020-C57, Class XA, | ||||||||
2.07%, 08/15/2053 (d)(g) | 22,183,311 | 2,111,547 | ||||||
Series 2020-C58, Class XB, | ||||||||
1.11%, 07/15/2053 (d)(g) | 109,974,000 | 6,636,480 | ||||||
Series 2021-C59, Class C, | ||||||||
3.28%, 04/15/2054 | 7,648,000 | 5,603,709 | ||||||
Series 2021-C59, Class XB, | ||||||||
0.90%, 04/15/2054 (d)(g) | 65,782,000 | 3,388,345 | ||||||
Series 2021-C59, Class XD, | ||||||||
1.45%, 04/15/2054 (d)(e)(g) | 40,274,000 | 3,223,942 | ||||||
Series 2021-C60, Class B, | ||||||||
2.73%, 08/15/2054 | 7,114,678 | 5,644,753 | ||||||
Series 2021-C60, Class XA, | ||||||||
1.52%, 08/15/2054 (d)(g) | 40,626,708 | 2,879,942 | ||||||
Series 2021-C60, Class XB, | ||||||||
1.10%, 08/15/2054 (d)(g) | 40,551,000 | 2,540,820 | ||||||
Series 2021-C60, Class C, | ||||||||
2.74%, 08/15/2054 | 3,000,000 | 2,206,796 | ||||||
Series 2021-C61, Class ASB, | ||||||||
2.53%, 11/15/2054 | 5,000,000 | 4,479,628 | ||||||
Series 2021-C61, Class B, | ||||||||
3.11%, 11/15/2054 | 4,221,000 | 3,314,251 | ||||||
Series 2021-C61, Class XD, | ||||||||
1.39%, 11/15/2054 (d)(e)(g) | 9,132,000 | 760,476 | ||||||
TOTAL NON-AGENCY | ||||||||
COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES | ||||||||
(Cost $1,149,407,534) | 987,385,869 | |||||||
U.S. TREASURY OBLIGATIONS – 14.0% | ||||||||
United States Treasury Notes/Bonds | ||||||||
1.13%, 08/15/2040 | 40,000,000 | 24,455,469 | ||||||
4.25%, 11/15/2040 | 55,000,000 | 53,762,500 | ||||||
3.38%, 08/15/2042 | 40,000,000 | 34,197,656 | ||||||
4.00%, 11/15/2042 | 45,000,000 | 41,991,504 | ||||||
3.88%, 05/15/2043 | 230,000,000 | 210,247,851 | ||||||
4.38%, 08/15/2043 | 250,000,000 | 244,687,500 | ||||||
4.75%, 11/15/2043 | 250,000,000 | 257,167,970 | ||||||
4.50%, 02/15/2044 | 25,000,000 | 24,982,422 | ||||||
3.13%, 08/15/2044 | 60,000,000 | 48,658,593 | ||||||
TOTAL U.S. TREASURY | ||||||||
OBLIGATIONS | ||||||||
(Cost $934,759,199) | 940,151,465 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 35 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
ASSET-BACKED SECURITIES – 12.2% | ||||||||
American Credit Acceptance | ||||||||
Receivables Trust | ||||||||
Series 2021-2, Class E, | ||||||||
2.54%, 07/13/2027 (e) | $ | 10,000,000 | $ | 9,694,942 | ||||
Series 2021-4, Class C, | ||||||||
1.32%, 02/14/2028 (e) | 246,445 | 245,111 | ||||||
Series 2022-2, Class C, | ||||||||
4.41%, 06/13/2028 (e) | 8,706,517 | 8,669,783 | ||||||
Series 2022-3, Class B, | ||||||||
4.55%, 10/13/2026 (e) | 296,687 | 296,565 | ||||||
Series 2022-3, Class C, | ||||||||
4.86%, 10/13/2028 (e) | 5,000,000 | 4,979,922 | ||||||
Series 2022-4, Class B, | ||||||||
6.75%, 10/13/2026 (e) | 951,269 | 951,900 | ||||||
Series 2022-4, Class C, | ||||||||
7.86%, 02/15/2029 (e) | 5,485,000 | 5,547,369 | ||||||
Series 2023-1, Class A, | ||||||||
5.45%, 09/14/2026 (e) | 2,165,493 | 2,164,594 | ||||||
Series 2023-1, Class C, | ||||||||
5.59%, 04/12/2029 (e) | 5,600,000 | 5,575,790 | ||||||
Series 2023-2, Class B, | ||||||||
5.61%, 06/14/2027 (e) | 4,000,000 | 3,989,462 | ||||||
Series 2023-2, Class C, | ||||||||
5.96%, 08/13/2029 (e) | 8,000,000 | 8,006,550 | ||||||
Series 2023-3, Class C, | ||||||||
6.44%, 10/12/2029 (e) | 6,500,000 | 6,554,367 | ||||||
Series 2023-4, Class C, | ||||||||
6.99%, 09/12/2030 (e) | 7,500,000 | 7,654,193 | ||||||
Series 2024-1, Class B, | ||||||||
5.60%, 11/12/2027 (e) | 5,000,000 | 5,001,800 | ||||||
Series 2024-1, Class C, | ||||||||
5.63%, 01/14/2030 (e) | 5,000,000 | 4,971,610 | ||||||
AmeriCredit Automobile | ||||||||
Receivables Trust | ||||||||
Series 2021-1, Class D, | ||||||||
1.21%, 12/18/2026 | 2,095,000 | 1,974,159 | ||||||
Series 2023-1, Class A2A, | ||||||||
5.84%, 10/19/2026 | 5,926,616 | 5,933,730 | ||||||
Series 2023-2, Class A3, | ||||||||
5.81%, 05/18/2028 | 15,000,000 | 15,084,594 | ||||||
CarMax Auto Owner Trust | ||||||||
Series 2023-1, Class A2A, | ||||||||
5.23%, 01/15/2026 | 1,591,733 | 1,589,913 | ||||||
Series 2023-2, Class A2A, | ||||||||
5.50%, 06/15/2026 | 12,025,418 | 12,020,542 | ||||||
Series 2023-3, Class A2A, | ||||||||
5.72%, 11/16/2026 | 7,750,000 | 7,760,946 | ||||||
Series 2024-1, Class A2A, | ||||||||
5.30%, 03/15/2027 | 8,500,000 | 8,496,264 | ||||||
Series 2024-1, Class B, | ||||||||
5.17%, 08/15/2029 | 4,400,000 | 4,386,275 | ||||||
CNH Equipment Trust | ||||||||
Series 2023-A, Class A2, | ||||||||
5.34%, 09/15/2026 | 7,357,952 | 7,348,356 | ||||||
Series 2023-B, Class A3, | ||||||||
5.60%, 02/15/2029 | 5,000,000 | 5,066,147 | ||||||
Series 2024-A, Class A2, | ||||||||
5.19%, 07/15/2027 | 8,025,000 | 8,015,128 | ||||||
DT Auto Owner Trust, | ||||||||
Series 2020-2A, Class D, | ||||||||
4.73%, 03/16/2026 (e) | 4,243,453 | 4,226,916 | ||||||
Enterprise Fleet Financing, | ||||||||
Series 2024-1, Class A2, | ||||||||
5.23%, 03/20/2030 (e) | 7,000,000 | 6,987,634 | ||||||
Exeter Automobile | ||||||||
Receivables Trust | ||||||||
Series 2020-2A, Class E, | ||||||||
7.19%, 09/15/2027 (e) | 10,000,000 | 10,083,532 | ||||||
Series 2021-2A, Class E, | ||||||||
2.90%, 07/17/2028 (e) | 1,500,000 | 1,410,282 | ||||||
Series 2021-3A, Class E, | ||||||||
3.04%, 12/15/2028 (e) | 5,000,000 | 4,637,710 | ||||||
Series 2022-2A, Class B, | ||||||||
3.65%, 10/15/2026 | 11,871,638 | 11,830,822 | ||||||
Series 2022-2A, Class D, | ||||||||
4.56%, 07/17/2028 | 2,860,000 | 2,786,123 | ||||||
Series 2022-4A, Class B, | ||||||||
4.57%, 01/15/2027 | 3,824,000 | 3,810,590 | ||||||
Series 2022-4A, Class C, | ||||||||
4.92%, 12/15/2028 | 4,000,000 | 3,961,544 | ||||||
Series 2022-5A, Class A3, | ||||||||
5.43%, 04/15/2026 | 1,515,045 | 1,514,969 | ||||||
Series 2022-5A, Class B, | ||||||||
5.97%, 03/15/2027 | 5,000,000 | 4,997,561 | ||||||
Series 2022-5A, Class C, | ||||||||
6.51%, 12/15/2027 | 5,060,000 | 5,091,183 | ||||||
Series 2022-6A, Class B, | ||||||||
6.03%, 08/16/2027 | 10,000,000 | 10,011,919 | ||||||
Series 2022-6A, Class C, | ||||||||
6.32%, 05/15/2028 | 5,202,000 | 5,234,257 | ||||||
Series 2023-1A, Class A2, | ||||||||
5.61%, 06/16/2025 | 153,417 | 153,435 | ||||||
Series 2023-1A, Class A3, | ||||||||
5.58%, 04/15/2026 | 7,110,000 | 7,110,631 | ||||||
Series 2023-2A, Class A3, | ||||||||
5.60%, 08/17/2026 | 10,488,000 | 10,477,452 | ||||||
Series 2023-2A, Class B, | ||||||||
5.61%, 09/15/2027 | 5,623,000 | 5,607,939 | ||||||
Series 2023-3A, Class A3, | ||||||||
6.04%, 07/15/2026 | 6,000,000 | 6,004,690 | ||||||
Series 2023-4A, Class B, | ||||||||
6.31%, 10/15/2027 | 5,000,000 | 5,030,997 | ||||||
Series 2023-4A, Class C, | ||||||||
6.51%, 08/15/2028 | 5,000,000 | 5,069,852 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 36 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Exeter Automobile | ||||||||
Receivables Trust (Cont.) | ||||||||
Series 2023-5A, Class B, | ||||||||
6.58%, 04/17/2028 | $ | 5,000,000 | $ | 5,071,782 | ||||
Series 2024-1A, Class A3, | ||||||||
5.31%, 08/16/2027 | 8,612,000 | 8,600,053 | ||||||
Series 2024-1A, Class B, | ||||||||
5.29%, 08/15/2028 | 7,000,000 | 6,978,120 | ||||||
First Investors Auto Owner Trust | ||||||||
Series 2021-1A, Class C, | ||||||||
1.17%, 03/15/2027 (e) | 1,795,000 | 1,758,265 | ||||||
Series 2022-1A, Class C, | ||||||||
3.13%, 05/15/2028 (e) | 5,000,000 | 4,789,317 | ||||||
Flagship Credit Auto Trust | ||||||||
Series 2020-2, Class D, | ||||||||
5.75%, 04/15/2026 (e) | 4,359,790 | 4,342,091 | ||||||
Series 2022-3, Class A3, | ||||||||
4.55%, 04/15/2027 (e) | 9,663,033 | 9,596,102 | ||||||
Series 2023-1, Class A2, | ||||||||
5.38%, 12/15/2026 (e) | 2,814,027 | 2,807,252 | ||||||
Series 2023-2, Class A2, | ||||||||
5.76%, 04/15/2027 (e) | 8,171,792 | 8,158,985 | ||||||
Ford Credit Auto Owner Trust, | ||||||||
Series 2023-B, Class A2A, | ||||||||
5.57%, 06/15/2026 | 11,587,519 | 11,592,918 | ||||||
GLS Auto Receivables Trust | ||||||||
Series 2019-4A, Class D, | ||||||||
4.09%, 08/17/2026 (e) | 8,295,000 | 8,243,354 | ||||||
Series 2020-3A, Class E, | ||||||||
4.31%, 07/15/2027 (e) | 4,765,000 | 4,700,490 | ||||||
Series 2020-4A, Class E, | ||||||||
3.51%, 10/15/2027 (e) | 7,500,000 | 7,294,315 | ||||||
Series 2021-2A, Class E, | ||||||||
2.87%, 05/15/2028 (e) | 5,410,000 | 5,116,743 | ||||||
Series 2021-3A, Class E, | ||||||||
3.20%, 10/16/2028 (e) | 5,700,000 | 5,301,585 | ||||||
Series 2021-4A, Class C, | ||||||||
1.94%, 10/15/2027 (e) | 8,650,000 | 8,426,287 | ||||||
Series 2021-4A, Class E, | ||||||||
4.43%, 10/16/2028 (e) | 5,000,000 | 4,641,241 | ||||||
Series 2022-2A, Class B, | ||||||||
4.70%, 09/15/2026 (e) | 5,000,000 | 4,967,560 | ||||||
Series 2022-3A, Class B, | ||||||||
4.92%, 01/15/2027 (e) | 3,000,000 | 2,978,252 | ||||||
Series 2023-1A, Class C, | ||||||||
6.38%, 12/15/2028 (e) | 7,172,000 | 7,219,287 | ||||||
Series 2023-2A, Class A2, | ||||||||
5.70%, 01/15/2027 (e) | 3,986,480 | 3,979,906 | ||||||
Series 2023-2A, Class B, | ||||||||
5.52%, 11/15/2027 (e) | 7,500,000 | 7,472,920 | ||||||
Series 2023-2A, Class C, | ||||||||
5.69%, 03/15/2029 (e) | 5,000,000 | 4,983,198 | ||||||
Series 2023-3A, Class C, | ||||||||
6.01%, 05/15/2029 (e) | 5,000,000 | 5,019,901 | ||||||
Series 2023-4A, Class A3, | ||||||||
6.42%, 06/15/2027 (e) | 2,075,000 | 2,101,079 | ||||||
Series 2023-4A, Class B, | ||||||||
6.57%, 03/15/2028 (e) | 10,000,000 | 10,143,708 | ||||||
Series 2024-1A, Class A3, | ||||||||
5.40%, 09/15/2027 (e) | 8,500,000 | 8,487,295 | ||||||
Series 2024-1A, Class B, | ||||||||
5.49%, 07/17/2028 (e) | 10,000,000 | 9,979,014 | ||||||
Series 2024-1A, Class C, | ||||||||
5.64%, 12/17/2029 (e) | 3,500,000 | 3,491,720 | ||||||
GM Financial Consumer | ||||||||
Automobile Receivables Trust | ||||||||
Series 2023-2, Class A2A, | ||||||||
5.10%, 05/18/2026 | 5,481,744 | 5,470,721 | ||||||
Series 2023-3, Class A2A, | ||||||||
5.74%, 09/16/2026 | 7,865,860 | 7,875,345 | ||||||
Honda Auto Receivables | ||||||||
Owner Trust | ||||||||
Series 2022-2, Class A2, | ||||||||
3.81%, 03/18/2025 | 719,473 | 718,266 | ||||||
Series 2023-2, Class A2, | ||||||||
5.41%, 04/15/2026 | 9,118,897 | 9,114,290 | ||||||
Series 2023-2, Class A3, | ||||||||
4.93%, 11/15/2027 | 2,662,000 | 2,653,863 | ||||||
Series 2024-1, Class A2, | ||||||||
5.36%, 09/15/2026 | 15,000,000 | 15,011,106 | ||||||
Series 2024-1, Class A3, | ||||||||
5.21%, 08/15/2028 | 8,500,000 | 8,499,199 | ||||||
John Deere Owner Trust | ||||||||
Series 2023-B, Class A2, | ||||||||
5.59%, 06/15/2026 | 9,500,000 | 9,499,825 | ||||||
Series 2023-C, Class A3, | ||||||||
5.48%, 05/15/2028 | 5,000,000 | 5,036,712 | ||||||
Santander Consumer | ||||||||
USA Holdings, Inc. | ||||||||
Series 2022-2, Class B, | ||||||||
3.44%, 09/15/2027 | 10,000,000 | 9,839,516 | ||||||
Series 2022-2, Class C, | ||||||||
3.76%, 07/16/2029 | 5,075,000 | 4,919,771 | ||||||
Series 2022-4, Class A3, | ||||||||
4.14%, 02/16/2027 | 4,431,957 | 4,408,862 | ||||||
Series 2023-3, Class A3, | ||||||||
5.61%, 10/15/2027 | 6,003,000 | 6,019,373 | ||||||
Series 2023-4, Class A3, | ||||||||
5.73%, 04/17/2028 | 14,300,000 | 14,362,870 | ||||||
Series 2023-5, Class B, | ||||||||
6.16%, 12/17/2029 | 4,500,000 | 4,589,131 | ||||||
Series 2023-6, Class A3, | ||||||||
5.93%, 07/17/2028 | 4,250,000 | 4,313,110 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 37 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Santander Consumer | ||||||||
USA Holdings, Inc. (Cont.) | ||||||||
Series 2023-6, Class C, | ||||||||
6.40%, 03/17/2031 | $ | 5,000,000 | $ | 5,135,622 | ||||
Series 2024-1, Class A3, | ||||||||
5.25%, 04/17/2028 | 5,000,000 | 4,999,458 | ||||||
Series 2024-1, Class C, | ||||||||
5.45%, 03/15/2030 | 1,000,000 | 998,964 | ||||||
Santander Consumer USA, Inc. | ||||||||
Series 2022-5, Class C, | ||||||||
4.74%, 10/16/2028 | 7,500,000 | 7,407,782 | ||||||
Series 2022-6, Class A3, | ||||||||
4.49%, 11/16/2026 | 4,027,277 | 4,012,205 | ||||||
Series 2022-6, Class B, | ||||||||
4.72%, 06/15/2027 | 14,955,000 | 14,826,872 | ||||||
Series 2022-7, Class A3, | ||||||||
5.75%, 04/15/2027 | 6,350,000 | 6,353,087 | ||||||
Series 2022-7, Class B, | ||||||||
5.95%, 01/17/2028 | 10,000,000 | 10,055,240 | ||||||
Series 2022-7, Class C, | ||||||||
6.69%, 03/17/2031 | 9,695,000 | 9,883,782 | ||||||
Series 2023-1, Class A2, | ||||||||
5.36%, 05/15/2026 | 1,834,192 | 1,834,161 | ||||||
Series 2023-1, Class B, | ||||||||
4.98%, 02/15/2028 | 19,386,000 | 19,260,047 | ||||||
Series 2023-2, Class A3, | ||||||||
5.21%, 07/15/2027 | 10,020,000 | 9,990,275 | ||||||
Series 2024-1, Class A3, | ||||||||
5.35%, 02/15/2028 | 7,250,000 | 7,246,218 | ||||||
Series 2024-1, Class B, | ||||||||
5.31%, 01/16/2029 | 7,250,000 | 7,242,879 | ||||||
Santander Drive Auto | ||||||||
Receivables, LLC, Series 2020-1, | ||||||||
Class D, 5.35%, 03/15/2028 | 937,187 | 936,296 | ||||||
Toyota Auto Receivables | ||||||||
Owner Trust | ||||||||
Series 2022-C, Class A2A, | ||||||||
5.60%, 08/17/2026 | 8,849,418 | 8,851,572 | ||||||
Series 2022-C, Class A3, | ||||||||
3.76%, 04/15/2027 | 8,035,000 | 7,900,002 | ||||||
Series 2023-A, Class A2, | ||||||||
5.05%, 01/15/2026 | 2,820,309 | 2,816,494 | ||||||
Series 2023-C, Class A3, | ||||||||
5.16%, 04/17/2028 | 5,124,000 | 5,131,626 | ||||||
Westlake Automobile | ||||||||
Receivables Trust | ||||||||
Series 2021-1A, Class E, | ||||||||
2.33%, 08/17/2026 (e) | 7,020,000 | 6,780,961 | ||||||
Series 2021-2A, Class D, | ||||||||
1.23%, 12/15/2026 (e) | 8,385,000 | 8,039,320 | ||||||
Series 2021-3A, Class E, | ||||||||
3.42%, 04/15/2027 (e) | 5,830,000 | 5,586,543 | ||||||
Series 2022-1A, Class C, | ||||||||
3.11%, 03/15/2027 (e) | 5,000,000 | 4,896,613 | ||||||
Series 2022-1A, Class B, | ||||||||
2.75%, 03/15/2027 (e) | 2,645,000 | 2,627,981 | ||||||
Series 2022-2A, Class A3, | ||||||||
3.75%, 04/15/2026 (e) | 4,536,143 | 4,514,854 | ||||||
Series 2022-2A, Class B, | ||||||||
4.31%, 09/15/2027 (e) | 8,825,000 | 8,735,686 | ||||||
Series 2022-2A, Class D, | ||||||||
5.48%, 09/15/2027 (e) | 5,135,000 | 5,089,714 | ||||||
Series 2022-3A, Class B, | ||||||||
5.99%, 12/15/2027 (e) | 10,000,000 | 10,029,852 | ||||||
Series 2022-3A, Class C, | ||||||||
6.44%, 12/15/2027 (e) | 5,000,000 | 5,044,352 | ||||||
Series 2023-1A, Class A3, | ||||||||
5.21%, 01/18/2028 (e) | 11,000,000 | 10,966,925 | ||||||
Series 2023-1A, Class B, | ||||||||
5.41%, 01/18/2028 (e) | 3,750,000 | 3,740,812 | ||||||
Series 2023-1A, Class C, | ||||||||
5.74%, 08/15/2028 (e) | 3,495,000 | 3,491,871 | ||||||
Series 2023-2A, Class A3, | ||||||||
5.80%, 02/16/2027 (e) | 10,000,000 | 10,030,988 | ||||||
Series 2023-2A, Class B, | ||||||||
6.14%, 03/15/2028 (e) | 2,050,000 | 2,063,431 | ||||||
Series 2023-2A, Class C, | ||||||||
6.29%, 03/15/2028 (e) | 8,760,000 | 8,840,611 | ||||||
Series 2023-3A, Class C, | ||||||||
6.02%, 09/15/2028 (e) | 6,000,000 | 6,032,826 | ||||||
Series 2023-4A, Class C, | ||||||||
6.64%, 11/15/2028 (e) | 8,000,000 | 8,142,954 | ||||||
World Omni Auto Receivables Trust | ||||||||
Series 2023-A, Class A2A, | ||||||||
5.18%, 07/15/2026 | 4,463,375 | 4,458,044 | ||||||
Series 2023-B, Class A2A, | ||||||||
5.25%, 11/16/2026 | 7,243,705 | 7,234,744 | ||||||
TOTAL ASSET-BACKED | ||||||||
SECURITIES | ||||||||
(Cost $818,555,071) | 819,826,414 | |||||||
COLLATERALIZED LOAN OBLIGATIONS – 6.4% | ||||||||
Allegany Park CLO Ltd., | ||||||||
Series 2019-1A, Class DR, 8.42% | ||||||||
(3 mo. Term SOFR + 3.10%), | ||||||||
01/20/2035 (e) | 4,000,000 | 3,955,004 | ||||||
Apidos CLO | ||||||||
Series 2013-12A, Class ER, | ||||||||
10.98% (3 mo. Term SOFR + | ||||||||
5.66%), 04/15/2031 (e) | 6,150,000 | 5,702,397 | ||||||
Series 2013-12A, Class DR, | ||||||||
8.18% (3 mo. Term SOFR + | ||||||||
2.86%), 04/15/2031 (e) | 3,195,000 | 3,138,966 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 38 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Apidos CLO (Cont.) | ||||||||
Series 2013-15A, Class CRR, | ||||||||
7.43% (3 mo. Term SOFR + | ||||||||
2.11%), 04/20/2031 (e) | $ | 5,000,000 | $ | 4,980,435 | ||||
Series 2013-15A, Class DRR, | ||||||||
0.00% (3 mo. Term SOFR + | ||||||||
2.96%), 04/20/2031 (e) | 5,000,000 | 4,950,000 | ||||||
Series 2015-22A, Class CR, | ||||||||
8.53% (3 mo. Term SOFR + | ||||||||
3.21%), 04/20/2031 (e) | 2,000,000 | 1,992,562 | ||||||
Series 2016-24A, Class DR, | ||||||||
11.38% (3 mo. Term SOFR + | ||||||||
6.06%), 10/20/2030 (e) | 2,550,000 | 2,434,666 | ||||||
Series 2017-28A, Class A1B, | ||||||||
6.73% (3 mo. Term SOFR + | ||||||||
1.41%), 01/20/2031 (e) | 12,000,000 | 11,993,004 | ||||||
Series 2018-29A, Class B, | ||||||||
7.49% (3 mo. Term SOFR + | ||||||||
2.16%), 07/25/2030 (e) | 7,600,000 | 7,572,503 | ||||||
Series 2018-29A, Class C, | ||||||||
8.34% (3 mo. Term SOFR + | ||||||||
3.01%), 07/25/2030 (e) | 6,250,000 | 6,157,931 | ||||||
Series 2019-31A, Class ER, | ||||||||
12.18% (3 mo. Term SOFR + | ||||||||
6.86%), 04/15/2031 (e) | 4,400,000 | 4,331,488 | ||||||
Series XXXA, Class B, 7.56% | ||||||||
(3 mo. Term SOFR + 2.26%), | ||||||||
10/18/2031 (e) | 7,680,000 | 7,671,199 | ||||||
ARES CLO | ||||||||
Series 2014-31RA, Class B, | ||||||||
7.19% (3 mo. Term SOFR + | ||||||||
1.86%), 05/24/2030 (e) | 5,750,000 | 5,748,338 | ||||||
Series 2015-38A, Class DR, | ||||||||
8.08% (3 mo. Term SOFR + | ||||||||
2.76%), 04/20/2030 (e) | 7,450,000 | 7,267,885 | ||||||
Series 2016-39A, Class DR2, | ||||||||
8.91% (3 mo. Term SOFR + | ||||||||
3.61%), 04/18/2031 (e) | 7,335,000 | 7,145,757 | ||||||
Series 2016-39A, Class A1R2, | ||||||||
6.61% (3 mo. Term SOFR + | ||||||||
1.31%), 04/18/2031 (e) | 1,750,000 | 1,750,744 | ||||||
Series 2017-42A, Class D, | ||||||||
9.03% (3 mo. Term SOFR + | ||||||||
3.71%), 01/22/2028 (e) | 5,000,000 | 5,000,000 | ||||||
Series 2017-46A, Class B2, | ||||||||
3.57%, 01/15/2030 (e) | 3,600,000 | 3,344,331 | ||||||
Series 2017-46A, Class C2, | ||||||||
7.28% (3 mo. Term SOFR + | ||||||||
1.96%), 01/15/2030 (e) | 1,436,843 | 1,422,755 | ||||||
Series 2018-47A, Class D, | ||||||||
8.28% (3 mo. Term SOFR + | ||||||||
2.96%), 04/15/2030 (e) | 1,915,000 | 1,867,577 | ||||||
BCRED MML CLO, | ||||||||
Series 2022-1A, Class C, 8.07% | ||||||||
(3 mo. Term SOFR + 2.75%), | ||||||||
04/20/2035 (e) | 2,000,000 | 1,967,844 | ||||||
BlueMountain CLO Ltd. | ||||||||
Series 2014-2A, Class BR2, | ||||||||
7.33% (3 mo. Term SOFR + | ||||||||
2.01%), 10/20/2030 (e) | 7,330,000 | 7,319,650 | ||||||
Series 2018-1A, Class B, | ||||||||
7.28% (3 mo. Term SOFR + | ||||||||
1.96%), 07/30/2030 (e) | 9,496,770 | 9,493,465 | ||||||
Bristol Park CLO, Series 2016-1A, | ||||||||
Class AR, 6.57% (3 mo. Term | ||||||||
SOFR + 1.25%), 04/15/2029 (e) | 4,137,693 | 4,138,429 | ||||||
Burnham Park CLO | ||||||||
Series 2016-1A, Class CR, 7.73% | ||||||||
(3 mo. Term SOFR + 2.41%), | ||||||||
10/20/2029 (e) | 5,750,000 | 5,750,724 | ||||||
Series 2016-1A, Class DR, 8.43% | ||||||||
(3 mo. Term SOFR + 3.11%), | ||||||||
10/20/2029 (e) | 1,500,000 | 1,491,840 | ||||||
Buttermilk Park CLO, | ||||||||
Series 2018-1A, Class D, | ||||||||
8.68% (3 mo. Term SOFR + | ||||||||
3.36%), 10/15/2031 (e) | 1,000,000 | 992,668 | ||||||
Carlyle Group, Inc., Series 2014-1A, | ||||||||
Class BR2, 0.00% (3 mo. Term | ||||||||
SOFR + 1.66%), 04/17/2031 (e) | 2,500,000 | 2,495,875 | ||||||
Catskill Park CLO | ||||||||
Series 2017-1A, Class C, | ||||||||
9.28% (3 mo. Term SOFR + | ||||||||
3.96%), 04/20/2029 (e) | 3,850,000 | 3,851,267 | ||||||
Series 2017-1A, Class D, | ||||||||
11.58% (3 mo. Term SOFR + | ||||||||
6.26%), 04/20/2029 (e) | 1,250,000 | 1,238,900 | ||||||
Chenango Park CLO, | ||||||||
Series 2018-1A, Class C, 8.58% | ||||||||
(3 mo. Term SOFR + 3.26%), | ||||||||
04/15/2030 (e) | 1,000,000 | 989,027 | ||||||
CIFC Funding Ltd. | ||||||||
Series 2017-3A, Class A2, | ||||||||
7.38% (3 mo. Term SOFR + | ||||||||
2.06%), 07/20/2030 (e) | 2,100,000 | 2,105,248 | ||||||
Series 2017-4A, Class A1R, | ||||||||
6.53% (3 mo. Term SOFR + | ||||||||
1.21%), 10/24/2030 (e) | 1,942,446 | 1,944,544 | ||||||
Series 2018-1A, Class C, | ||||||||
7.31% (3 mo. Term SOFR + | ||||||||
2.01%), 04/18/2031 (e) | 3,750,000 | 3,719,160 | ||||||
Cook Park CLO, Series 2018-1A, | ||||||||
Class B, 6.98% (3 mo. Term | ||||||||
SOFR + 1.66%), 04/17/2030 (e) | 3,750,000 | 3,726,405 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 39 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Fillmore Park CLO, Series 2018-1A, | ||||||||
Class E, 10.98% (3 mo. Term | ||||||||
SOFR + 5.66%), 07/15/2030 (e) | $ | 1,000,000 | $ | 985,000 | ||||
Gilbert Park CLO | ||||||||
Series 2017-1A, Class D, | ||||||||
8.53% (3 mo. Term SOFR + | ||||||||
3.21%), 10/15/2030 (e) | 10,275,000 | 10,270,726 | ||||||
Series 2017-1A, Class A, | ||||||||
6.77% (3 mo. Term SOFR + | ||||||||
1.45%), 10/15/2030 (e) | 3,739,992 | 3,748,497 | ||||||
Series 2017-1A, Class E, | ||||||||
11.98% (3 mo. Term SOFR + | ||||||||
6.66%), 10/15/2030 (e) | 1,250,000 | 1,247,992 | ||||||
GoldenTree Loan Management | ||||||||
US CLO, Series 2021-9A, Class E, | ||||||||
10.33% (3 mo. Term SOFR + | ||||||||
5.01%), 01/20/2033 (e) | 6,500,000 | 6,241,443 | ||||||
Goldentree Loan Opportunities Ltd. | ||||||||
Series 2015-11A, Class ER2, | ||||||||
10.96% (3 mo. Term SOFR + | ||||||||
5.66%), 01/18/2031 (e) | 5,850,000 | 5,810,840 | ||||||
Series 2015-11A, Class DR2, | ||||||||
7.96% (3 mo. Term SOFR + | ||||||||
2.66%), 01/18/2031 (e) | 4,250,000 | 4,253,927 | ||||||
Series 2017-2A, Class AR, | ||||||||
6.49% (3 mo. Term SOFR + | ||||||||
1.17%), 11/20/2030 (e) | 4,697,875 | 4,700,458 | ||||||
Series 2017-2A, Class E, | ||||||||
10.28% (3 mo. Term SOFR + | ||||||||
4.96%), 11/28/2030 (e) | 8,811,000 | 8,816,040 | ||||||
Series 2017-2A, Class D, | ||||||||
8.23% (3 mo. Term SOFR + | ||||||||
2.91%), 11/28/2030 (e) | 5,000,000 | 5,006,250 | ||||||
Series 2019-4A, Class E, | ||||||||
10.33% (3 mo. Term SOFR + | ||||||||
5.01%), 04/24/2031 (e) | 8,000,000 | 7,676,240 | ||||||
Series 2019-5A, Class E, | ||||||||
10.43% (3 mo. Term SOFR + | ||||||||
5.11%), 10/20/2032 (e) | 7,500,000 | 7,117,755 | ||||||
Series 2019-5A, Class DR, | ||||||||
8.73% (3 mo. Term SOFR + | ||||||||
3.41%), 10/20/2032 (e) | 2,500,000 | 2,468,495 | ||||||
Series 2022-16A, Class DR, | ||||||||
10.11% (3 mo. Term SOFR + | ||||||||
4.75%), 01/20/2034 (e) | 3,500,000 | 3,533,324 | ||||||
Golub Capital BDC, Inc., | ||||||||
Series 2021-1A, Class C1, 8.38% | ||||||||
(3 mo. Term SOFR + 3.06%), | ||||||||
04/15/2033 (e) | 7,000,000 | 6,925,492 | ||||||
Grippen Park CLO | ||||||||
Series 2017-1A, Class D, | ||||||||
8.88% (3 mo. Term SOFR + | ||||||||
3.56%), 01/20/2030 (e) | 7,550,000 | 7,552,265 | ||||||
Series 2017-1A, Class E, | ||||||||
11.28% (3 mo. Term SOFR + | ||||||||
5.96%), 01/20/2030 (e) | 1,150,000 | 1,142,292 | ||||||
Hartwick Park CLO Ltd., | ||||||||
Series 2023-1A, Class D, 9.84% | ||||||||
(3 mo. Term SOFR + 4.50%), | ||||||||
01/21/2036 (e) | 5,000,000 | 5,001,250 | ||||||
LCM LP | ||||||||
Series 15A, Class DR, | ||||||||
9.28% (3 mo. Term SOFR + | ||||||||
3.96%), 07/20/2030 (e) | 9,000,000 | 8,955,531 | ||||||
Series 16A, Class CR2, | ||||||||
7.73% (3 mo. Term SOFR + | ||||||||
2.41%), 10/15/2031 (e) | 5,100,000 | 5,026,019 | ||||||
Series 16A, Class BR2, | ||||||||
7.33% (3 mo. Term SOFR + | ||||||||
2.01%), 10/15/2031 (e) | 4,000,000 | 4,012,964 | ||||||
Series 16A, Class ER2, | ||||||||
11.96% (3 mo. Term SOFR + | ||||||||
6.64%), 10/15/2031 (e) | 1,600,000 | 1,334,851 | ||||||
Series 17A, Class ER, | ||||||||
11.58% (3 mo. Term SOFR + | ||||||||
6.26%), 10/15/2031 (e) | 1,000,000 | 787,965 | ||||||
Series 18A, Class ER, | ||||||||
11.53% (3 mo. Term SOFR + | ||||||||
6.21%), 04/20/2031 (e) | 5,300,000 | 4,244,023 | ||||||
Series 22A, Class CR, | ||||||||
8.38% (3 mo. Term SOFR + | ||||||||
3.06%), 10/20/2028 (e) | 1,895,000 | 1,881,904 | ||||||
Series 25A, Class D, | ||||||||
9.03% (3 mo. Term SOFR + | ||||||||
3.71%), 07/20/2030 (e) | 4,000,000 | 3,852,716 | ||||||
Series 26A, Class D, | ||||||||
8.08% (3 mo. Term SOFR + | ||||||||
2.76%), 01/20/2031 (e) | 1,000,000 | 951,329 | ||||||
Series 27A, Class D, | ||||||||
8.53% (3 mo. Term SOFR + | ||||||||
3.21%), 07/16/2031 (e) | 4,000,000 | 3,793,060 | ||||||
Series 27A, Class C, | ||||||||
7.53% (3 mo. Term SOFR + | ||||||||
2.21%), 07/16/2031 (e) | 2,700,000 | 2,664,252 | ||||||
Series 29A, Class BR, | ||||||||
7.18% (3 mo. Term SOFR + | ||||||||
1.86%), 04/15/2031 (e) | 4,750,000 | 4,744,808 | ||||||
Series 34A, Class E, | ||||||||
12.12% (3 mo. Term SOFR + | ||||||||
6.80%), 10/20/2034 (e) | 3,250,000 | 2,865,779 | ||||||
Series 35A, Class E, | ||||||||
12.19% (3 mo. Term SOFR + | ||||||||
6.87%), 10/15/2034 (e) | 4,750,000 | 4,176,461 | ||||||
Series 36A, Class E, | ||||||||
12.29% (3 mo. Term SOFR + | ||||||||
6.97%), 01/15/2034 (e) | 6,000,000 | 5,292,936 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 40 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
LCM XIII LP | ||||||||
Series 14A, Class CR, | ||||||||
7.43% (3 mo. Term SOFR + | ||||||||
2.11%), 07/20/2031 (e) | $ | 6,000,000 | $ | 5,925,342 | ||||
Series 14A, Class ER, | ||||||||
11.08% (3 mo. Term SOFR + | ||||||||
5.76%), 07/20/2031 (e) | 1,000,000 | 702,345 | ||||||
LCM XIV LP, Series 14A, Class BR, | ||||||||
7.16% (3 mo. Term SOFR + | ||||||||
1.84%), 07/20/2031 (e) | 10,800,000 | 10,782,374 | ||||||
Long Point Park CLO | ||||||||
Series 2017-1A, Class C, | ||||||||
7.98% (3 mo. Term SOFR + | ||||||||
2.66%), 01/17/2030 (e) | 4,000,000 | 3,906,356 | ||||||
Series 2017-1A, Class D2, | ||||||||
11.18% (3 mo. Term SOFR + | ||||||||
5.86%), 01/17/2030 (e) | 2,000,000 | 1,924,962 | ||||||
Magnetite CLO Ltd. | ||||||||
Series 2014-8A, Class DR2, | ||||||||
8.48% (3 mo. Term SOFR + | ||||||||
3.16%), 04/15/2031 (e) | 10,150,000 | 10,169,539 | ||||||
Series 2014-8A, Class AR2, | ||||||||
6.56% (3 mo. Term SOFR + | ||||||||
1.24%), 04/15/2031 (e) | 1,996,319 | 1,997,139 | ||||||
Series 2015-12A, Class ER, | ||||||||
11.26% (3 mo. Term SOFR + | ||||||||
5.94%), 10/15/2031 (e) | 8,923,000 | 8,805,725 | ||||||
Series 2015-14RA, Class D, | ||||||||
8.41% (3 mo. Term SOFR + | ||||||||
3.11%), 10/18/2031 (e) | 5,900,000 | 5,906,519 | ||||||
Series 2015-14RA, Class A1, | ||||||||
6.68% (3 mo. Term SOFR + | ||||||||
1.38%), 10/18/2031 (e) | 5,264,673 | 5,274,949 | ||||||
Series 2015-15A, Class ER, | ||||||||
10.79% (3 mo. Term SOFR + | ||||||||
5.46%), 07/25/2031 (e) | 4,000,000 | 3,881,300 | ||||||
Series 2015-15A, Class DR, | ||||||||
8.34% (3 mo. Term SOFR + | ||||||||
3.01%), 07/25/2031 (e) | 2,000,000 | 1,989,422 | ||||||
Series 2016-18A, Class DR, | ||||||||
8.27% (3 mo. Term SOFR + | ||||||||
2.96%), 11/15/2028 (e) | 10,315,000 | 10,318,621 | ||||||
Series 2016-18A, Class ER, | ||||||||
10.82% (3 mo. Term SOFR + | ||||||||
5.51%), 11/15/2028 (e) | 1,000,000 | 1,000,583 | ||||||
Series 2019-23A, Class ER, | ||||||||
11.89% (3 mo. Term SOFR + | ||||||||
6.56%), 01/25/2035 (e) | 2,750,000 | 2,736,800 | ||||||
Series 2020-27A, Class ER, | ||||||||
11.58% (3 mo. Term SOFR + | ||||||||
6.26%), 10/20/2034 (e) | 5,250,000 | 5,243,984 | ||||||
Series 2020-28A, Class ER, | ||||||||
11.73% (3 mo. Term SOFR + | ||||||||
6.41%), 01/20/2035 (e) | 2,250,000 | 2,250,653 | ||||||
Series 2021-30A, Class E, | ||||||||
11.79% (3 mo. Term SOFR + | ||||||||
6.46%), 10/25/2034 (e) | 4,100,000 | 4,101,554 | ||||||
Series 2023-34A, Class D, | ||||||||
10.52% (3 mo. Term SOFR + | ||||||||
5.20%), 04/20/2036 (e) | 2,950,000 | 2,987,733 | ||||||
Series 2023-39A, Class D, | ||||||||
9.53% (3 mo. Term SOFR + | ||||||||
4.15%), 10/25/2033 (e) | 2,000,000 | 2,003,688 | ||||||
Mountain View CLO Ltd., | ||||||||
Series 2019-2A, Class A2, | ||||||||
7.48% (3 mo. Term SOFR + | ||||||||
2.16%), 01/15/2033 (e) | 3,000,000 | 3,008,664 | ||||||
Myers Park CLO, Series 2018-1A, | ||||||||
Class C, 7.63% (3 mo. Term | ||||||||
SOFR + 2.31%), 10/20/2030 (e) | 1,240,000 | 1,239,962 | ||||||
Neuberger Berman CLO Ltd. | ||||||||
Series 2018-27A, Class D, | ||||||||
8.18% (3 mo. Term SOFR + | ||||||||
2.86%), 01/15/2030 (e) | 7,500,000 | 7,451,062 | ||||||
Series 2019-33A, Class DR, | ||||||||
8.48% (3 mo. Term SOFR + | ||||||||
3.16%), 10/16/2033 (e) | 2,000,000 | 1,975,602 | ||||||
Niagara Park CLO, Series 2019-1A, | ||||||||
Class ER, 11.53% (3 mo. Term | ||||||||
SOFR + 6.21%), 07/17/2032 (e) | 2,000,000 | 1,938,628 | ||||||
Octagon Investment Partners Ltd. | ||||||||
Series 2016-1A, Class CR, | ||||||||
7.38% (3 mo. Term SOFR + | ||||||||
2.06%), 07/15/2030 (e) | 6,220,000 | 6,090,842 | ||||||
Series 2017-1A, Class A1R, | ||||||||
6.58% (3 mo. Term SOFR + | ||||||||
1.26%), 03/17/2030 (e) | 3,245,422 | 3,250,741 | ||||||
Octagon Investment | ||||||||
Partners XXII LLC, Series 2014-1A, | ||||||||
Class CRR, 3.00% (3 mo. Term | ||||||||
SOFR + 2.16%), 01/22/2030 (e) | 3,970,000 | 3,967,023 | ||||||
Webster Park CLO | ||||||||
Series 2015-1A, Class BR, | ||||||||
7.38% (3 mo. Term SOFR + | ||||||||
2.06%), 07/20/2030 (e) | 10,300,000 | 10,246,697 | ||||||
Series 2015-1A, Class CR, | ||||||||
8.58% (3 mo. Term SOFR + | ||||||||
3.16%), 07/20/2030 (e) | 1,800,000 | 1,768,500 | ||||||
Whetstone Park CLO Ltd., | ||||||||
Series 2021-1A, Class B2, | ||||||||
2.79%, 01/20/2035 (e) | 1,400,000 | 1,194,154 | ||||||
TOTAL COLLATERALIZED | ||||||||
LOAN OBLIGATIONS | ||||||||
(Cost $431,177,850) | 430,776,935 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 41 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES – 6.0% | ||||||||
California Housing Finance Agency, | ||||||||
Series 2021-2, Class X, | ||||||||
0.82%, 03/25/2035 (a)(g) | $ | 31,494,287 | $ | 1,524,953 | ||||
Fannie Mae Pool, Pool AN8088, | ||||||||
3.33%, 01/01/2038 | 10,731,000 | 9,020,973 | ||||||
Federal National Mortgage | ||||||||
Association, Pool BS1824, | ||||||||
2.59%, 04/01/2041 | 7,890,000 | 5,780,324 | ||||||
Freddie Mac Multiclass | ||||||||
Certificates Series | ||||||||
Series 2020-RR09, Class CX, | ||||||||
2.68%, 08/27/2029 (d)(g) | 42,360,000 | 4,012,356 | ||||||
Series 2021-RR17, Class X, | ||||||||
2.04%, 08/27/2027 (d)(g) | 70,015,000 | 3,428,614 | ||||||
Freddie Mac Multifamily | ||||||||
ML Certificates | ||||||||
Series 2019-ML06, Class XUS, | ||||||||
1.13%, 06/25/2037 (d)(g) | 10,557,986 | 844,745 | ||||||
Series 2020-ML07, Class XUS, | ||||||||
2.02%, 10/25/2036 (d)(e)(g) | 24,545,097 | 3,550,448 | ||||||
Series 2021-ML08, Class XUS, | ||||||||
1.85%, 07/25/2037 (g) | 32,475,754 | 4,346,230 | ||||||
Series 2021-ML09, Class XUS, | ||||||||
1.49%, 02/25/2040 (d)(e)(g) | 43,419,659 | 5,173,018 | ||||||
Series 2021-ML10, Class XUS, | ||||||||
2.06%, 01/25/2038 (d)(g) | 14,058,370 | 2,200,135 | ||||||
Series 2021-ML10, Class XUS, | ||||||||
1.52%, 06/25/2038 (d)(e)(g) | 39,102,554 | 4,534,723 | ||||||
Series 2021-ML11, Class XUS, | ||||||||
0.77%, 03/25/2038 (e)(g) | 33,711,908 | 1,780,326 | ||||||
Series 2021-ML12, Class XUS, | ||||||||
1.30%, 07/25/2041 (d)(e)(g) | 17,880,864 | 1,754,113 | ||||||
Freddie Mac Multifamily Structured | ||||||||
Pass Through Certificates | ||||||||
Series K042, Class X1, | ||||||||
1.01%, 12/25/2024 (d)(g) | 109,818,407 | 528,106 | ||||||
Series K046, Class X1, | ||||||||
0.33%, 03/25/2025 (d)(g) | 421,844,706 | 1,118,268 | ||||||
Series K049, Class X1, | ||||||||
0.54%, 07/25/2025 (d)(g) | 86,333,811 | 518,599 | ||||||
Series K061, Class XAM, | ||||||||
0.06%, 11/25/2026 (d)(g) | 72,512,000 | 181,077 | ||||||
Series K062, Class XAM, | ||||||||
0.18%, 12/25/2026 (d)(g) | 79,423,000 | 444,904 | ||||||
Series K063, Class X1, | ||||||||
0.27%, 01/25/2027 (d)(g) | 358,111,727 | 2,449,019 | ||||||
Series K064, Class X1, | ||||||||
0.60%, 03/25/2027 (d)(g) | 120,623,156 | 1,830,963 | ||||||
Series K065, Class XAM, | ||||||||
0.55%, 05/25/2027 (d)(g) | 57,193,000 | 975,901 | ||||||
Series K066, Class X1, | ||||||||
0.74%, 06/25/2027 (d)(g) | 30,683,270 | 610,005 | ||||||
Series K067, Class X1, | ||||||||
0.57%, 07/25/2027 (d)(g) | 39,245,596 | 633,232 | ||||||
Series K068, Class X1, | ||||||||
0.42%, 08/25/2027 (d)(g) | 99,993,007 | 1,262,612 | ||||||
Series K069, Class X1, | ||||||||
0.34%, 09/25/2027 (d)(g) | 28,125,934 | 308,859 | ||||||
Series K073, Class X1, | ||||||||
0.30%, 01/25/2028 (d)(g) | 152,227,836 | 1,679,514 | ||||||
Series K073, Class XAM, | ||||||||
0.20%, 01/25/2028 (d)(g) | 54,203,000 | 456,958 | ||||||
Series K080, Class X1, | ||||||||
0.12%, 07/25/2028 (d)(g) | 422,703,240 | 2,609,939 | ||||||
Series K081, Class X1, | ||||||||
0.07%, 08/25/2028 (d)(g) | 152,137,719 | 693,565 | ||||||
Series K084, Class X1, | ||||||||
0.21%, 10/25/2028 (d)(g) | 333,673,173 | 3,225,585 | ||||||
Series K089, Class XAM, | ||||||||
0.46%, 01/25/2029 (d)(g) | 53,965,000 | 1,131,738 | ||||||
Series K090, Class XAM, | ||||||||
0.63%, 03/25/2029 (d)(g) | 50,517,000 | 1,466,226 | ||||||
Series K091, Class XAM, | ||||||||
0.49%, 03/25/2029 (d)(g) | 53,659,000 | 1,242,394 | ||||||
Series K093, Class X1, | ||||||||
0.94%, 05/25/2029 (d)(g) | 58,370,127 | 2,295,802 | ||||||
Series K094, Class X1, | ||||||||
0.88%, 06/25/2029 (d)(g) | 194,205,337 | 7,353,119 | ||||||
Series K097, Class X1, | ||||||||
1.09%, 07/25/2029 (d)(g) | 72,452,144 | 3,448,954 | ||||||
Series K097, Class XAM, | ||||||||
1.35%, 09/25/2051 (d)(g) | 66,115,000 | 4,089,100 | ||||||
Series K098, Class X1, | ||||||||
1.14%, 08/25/2029 (d)(g) | 78,282,321 | 3,934,462 | ||||||
Series K098, Class XAM, | ||||||||
1.39%, 08/25/2029 (d)(g) | 24,691,000 | 1,589,636 | ||||||
Series K099, Class X1, | ||||||||
0.88%, 09/25/2029 (d)(g) | 209,013,642 | 8,206,942 | ||||||
Series K100, Class XAM, | ||||||||
0.91%, 09/25/2029 (d)(g) | 62,086,000 | 2,722,930 | ||||||
Series K101, Class XAM, | ||||||||
1.09%, 10/25/2029 (d)(g) | 65,686,000 | 3,453,455 | ||||||
Series K102, Class X1, | ||||||||
0.82%, 10/25/2029 (d)(g) | 172,355,187 | 6,435,432 | ||||||
Series K103, Class X1, | ||||||||
0.64%, 11/25/2029 (d)(g) | 124,768,194 | 3,743,033 | ||||||
Series K105, Class XAM, | ||||||||
1.77%, 01/25/2030 (d)(g) | 64,122,000 | 5,621,858 | ||||||
Series K107, Class XAM, | ||||||||
1.55%, 02/25/2030 (d)(g) | 118,898,000 | 9,299,892 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 42 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Freddie Mac Multifamily Structured | ||||||||
Pass Through Certificates (Cont.) | ||||||||
Series K108, Class X1, | ||||||||
1.69%, 03/25/2030 (d)(g) | $ | 56,712,109 | $ | 4,618,753 | ||||
Series K108, Class XAM, | ||||||||
1.66%, 03/25/2030 (d)(g) | 70,601,000 | 5,975,767 | ||||||
Series K110, Class X1, | ||||||||
1.70%, 04/25/2030 (d)(g) | 29,779,712 | 2,353,193 | ||||||
Series K111, Class X1, | ||||||||
1.57%, 05/25/2030 (d)(g) | 108,402,827 | 8,314,735 | ||||||
Series K112, Class XAM, | ||||||||
1.67%, 05/25/2030 (d)(g) | 44,272,000 | 3,816,804 | ||||||
Series K112, Class X1, | ||||||||
1.43%, 05/25/2030 (d)(g) | 122,723,096 | 8,670,203 | ||||||
Series K113, Class X1, | ||||||||
1.38%, 06/25/2030 (d)(g) | 113,139,389 | 7,670,817 | ||||||
Series K114, Class XAM, | ||||||||
1.34%, 06/25/2030 (d)(g) | 54,977,000 | 3,875,791 | ||||||
Series K114, Class X1, | ||||||||
1.12%, 06/25/2030 (d)(g) | 135,862,179 | 7,641,568 | ||||||
Series K115, Class X1, | ||||||||
1.32%, 06/25/2030 (d)(g) | 53,870,212 | 3,553,021 | ||||||
Series K115, Class XAM, | ||||||||
1.55%, 07/25/2030 (d)(g) | 40,865,759 | 3,334,393 | ||||||
Series K116, Class X1, | ||||||||
1.42%, 07/25/2030 (d)(g) | 98,538,413 | 6,848,784 | ||||||
Series K116, Class XAM, | ||||||||
1.60%, 08/25/2030 (d)(g) | 23,000,000 | 1,969,338 | ||||||
Series K118, Class X1, | ||||||||
0.96%, 09/25/2030 (d)(g) | 120,122,996 | 5,873,294 | ||||||
Series K118, Class XAM, | ||||||||
1.17%, 09/25/2030 (d)(g) | 35,916,184 | 2,281,123 | ||||||
Series K119, Class XAM, | ||||||||
1.13%, 10/25/2030 (d)(g) | 51,000,000 | 3,131,176 | ||||||
Series K121, Class X1, | ||||||||
1.02%, 10/25/2030 (d)(g) | 48,550,271 | 2,506,602 | ||||||
Series K121, Class XAM, | ||||||||
1.19%, 11/25/2030 (d)(g) | 70,786,000 | 4,706,420 | ||||||
Series K122, Class XAM, | ||||||||
1.08%, 11/25/2030 (d)(g) | 35,211,000 | 2,125,304 | ||||||
Series K122, Class X1, | ||||||||
0.88%, 11/25/2030 (d)(g) | 111,152,984 | 5,081,448 | ||||||
Series K123, Class XAM, | ||||||||
0.98%, 12/25/2030 (d)(g) | 108,000,000 | 5,907,416 | ||||||
Series K124, Class XAM, | ||||||||
0.94%, 01/25/2031 (d)(g) | 89,626,000 | 4,739,772 | ||||||
Series K125, Class XAM, | ||||||||
0.78%, 01/25/2031 (d)(g) | 103,992,000 | 4,686,233 | ||||||
Series K125, Class X1, | ||||||||
0.58%, 01/25/2031 (d)(g) | 282,886,384 | 8,847,837 | ||||||
Series K127, Class XAM, | ||||||||
0.50%, 02/25/2031 (d)(g) | 186,332,000 | 5,425,131 | ||||||
Series K128, Class X1, | ||||||||
0.51%, 03/25/2031 (d)(g) | 153,581,725 | 4,325,414 | ||||||
Series K128, Class XAM, | ||||||||
0.73%, 03/25/2031 (d)(g) | 37,700,000 | 1,628,802 | ||||||
Series K129, Class XAM, | ||||||||
1.22%, 05/25/2031 (d)(g) | 31,700,000 | 2,250,047 | ||||||
Series K130, Class X1, | ||||||||
1.04%, 06/25/2031 (d)(g) | 122,593,956 | 7,187,561 | ||||||
Series K130, Class XAM, | ||||||||
1.21%, 07/25/2031 (d)(g) | 43,372,188 | 3,173,729 | ||||||
Series K131, Class X1, | ||||||||
0.73%, 07/25/2031 (d)(g) | 135,429,026 | 5,870,009 | ||||||
Series K138, Class XAM, | ||||||||
0.69%, 01/25/2032 (d)(g) | 195,000,000 | 8,779,329 | ||||||
Series K141, Class X1, | ||||||||
0.30%, 02/25/2032 (d)(g) | 184,926,831 | 3,886,885 | ||||||
Series K141, Class XAM, | ||||||||
0.32%, 02/25/2032 (d)(g) | 195,000,000 | 4,378,432 | ||||||
Series K149, Class X1, | ||||||||
0.26%, 08/25/2032 (d)(g) | 83,153,845 | 1,751,985 | ||||||
Series K1511, Class X1, | ||||||||
0.78%, 03/25/2034 (d)(g) | 131,200,450 | 6,816,309 | ||||||
Series K1512, Class X1, | ||||||||
0.91%, 04/25/2034 (d)(g) | 47,343,295 | 2,804,977 | ||||||
Series K1513, Class X1, | ||||||||
0.86%, 08/25/2034 (d)(g) | 75,636,121 | 4,379,899 | ||||||
Series K1514, Class X1, | ||||||||
0.58%, 10/25/2034 (d)(g) | 80,233,921 | 3,468,256 | ||||||
Series K1515, Class X1, | ||||||||
1.51%, 02/25/2035 (d)(g) | 78,376,136 | 8,637,693 | ||||||
Series K1516, Class X1, | ||||||||
1.51%, 05/25/2035 (d)(g) | 41,595,760 | 4,891,154 | ||||||
Series K1517, Class X1, | ||||||||
1.32%, 07/25/2035 (d)(g) | 88,273,405 | 9,053,259 | ||||||
Series K152, Class X1, | ||||||||
0.95%, 01/25/2031 (d)(g) | 28,908,266 | 1,369,601 | ||||||
Series K1521, Class X1, | ||||||||
0.98%, 08/25/2036 (d)(g) | 95,467,207 | 7,781,064 | ||||||
Series K155, Class X1, | ||||||||
0.12%, 04/25/2033 (d)(g) | 243,072,249 | 2,581,865 | ||||||
Series K160, Class X1, | ||||||||
0.21%, 08/25/2033 (d)(g) | 254,095,600 | 5,090,500 | ||||||
Series K728, Class X1, | ||||||||
0.46%, 08/25/2024 (d)(g) | 49,529,366 | 88,925 | ||||||
Series K729, Class X1, | ||||||||
0.34%, 10/25/2024 (d)(g) | 39,109,542 | 55,023 | ||||||
Series K734, Class X1, | ||||||||
0.65%, 02/25/2026 (d)(g) | 62,685,650 | 568,540 | ||||||
Series K735, Class XAM, | ||||||||
1.36%, 05/25/2026 (d)(g) | 70,547,000 | 1,804,113 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 43 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Freddie Mac Multifamily Structured | ||||||||
Pass Through Certificates (Cont.) | ||||||||
Series K735, Class X1, | ||||||||
0.96%, 05/25/2026 (d)(g) | $ | 57,609,203 | $ | 944,762 | ||||
Series K737, Class XAM, | ||||||||
1.01%, 10/25/2026 (d)(g) | 20,050,000 | 487,462 | ||||||
Series K738, Class XAM, | ||||||||
1.37%, 03/25/2027 (d)(g) | 24,099,000 | 901,317 | ||||||
Series K739, Class XAM, | ||||||||
1.57%, 09/25/2027 (d)(g) | 32,621,072 | 1,547,325 | ||||||
Series K742, Class XAM, | ||||||||
0.93%, 04/25/2028 (d)(g) | 89,849,000 | 3,030,903 | ||||||
Series K743, Class XAM, | ||||||||
1.29%, 05/25/2028 (d)(g) | 99,488,000 | 4,716,378 | ||||||
Series K744, Class X1, | ||||||||
0.85%, 07/25/2028 (d)(g) | 106,469,246 | 3,310,118 | ||||||
Series K744, Class XAM, | ||||||||
1.23%, 07/25/2028 (d)(g) | 122,906,000 | 5,715,031 | ||||||
Series K747, Class XAM, | ||||||||
0.40%, 12/25/2028 (d)(g) | 160,000,000 | 2,679,136 | ||||||
Series K748, Class XAM, | ||||||||
0.55%, 01/25/2029 (d)(g) | 175,000,000 | 4,206,475 | ||||||
Series KG02, Class X1, | ||||||||
1.02%, 08/25/2029 (d)(g) | 31,848,456 | 1,315,335 | ||||||
Series KG03, Class X1, | ||||||||
1.38%, 06/25/2030 (d)(g) | 15,448,670 | 1,021,257 | ||||||
Series KG04, Class X1, | ||||||||
0.85%, 11/25/2030 (d)(g) | 110,855,384 | 4,864,013 | ||||||
Series KW03, Class X1, | ||||||||
0.81%, 06/25/2027 (d)(g) | 13,839,082 | 262,509 | ||||||
Series KW06, Class X1, | ||||||||
0.12%, 06/25/2028 (d)(g) | 530,651,022 | 2,836,224 | ||||||
Series KW09, Class X1, | ||||||||
0.80%, 05/25/2029 (d)(g) | 62,389,284 | 1,913,242 | ||||||
TOTAL AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $441,000,777) | 399,842,818 | |||||||
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES – 5.6% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
Series 2005-10, Class 4A1, | ||||||||
5.58%, 01/25/2036 (d) | 4,744,661 | 3,385,734 | ||||||
Series 2005-3, Class 2A1, | ||||||||
4.64%, 07/25/2035 (d) | 270,070 | 246,949 | ||||||
Series 2006-2, Class 1A1, | ||||||||
4.18%, 05/25/2036 (d) | 740,309 | 623,409 | ||||||
American Home Mortgage | ||||||||
Investment Trust, Series 2006-2, | ||||||||
Class 3A5, 6.75%, 06/25/2036 (a) | 2,747,648 | 411,660 | ||||||
Banc of America | ||||||||
Alternative Loan Trust | ||||||||
Series 2005-11, Class 4A5, | ||||||||
5.75%, 12/25/2035 | 655,056 | 555,261 | ||||||
Series 2005-11, Class 4A6, | ||||||||
5.75%, 12/25/2035 | 106,791 | 90,522 | ||||||
Series 2006-2, Class 4CB1, | ||||||||
6.50%, 03/25/2036 | 2,344,298 | 1,886,939 | ||||||
Series 2006-4, Class 5CB1, | ||||||||
6.50%, 05/25/2046 | 2,146,064 | 1,827,486 | ||||||
Series 2006-4, Class 3CB4, | ||||||||
6.00%, 05/25/2046 | 818,827 | 698,309 | ||||||
Series 2006-4, Class 4CB1, | ||||||||
6.50%, 05/25/2046 | 455,623 | 396,463 | ||||||
Series 2006-5, Class CB17, | ||||||||
6.00%, 06/25/2046 | 239,022 | 204,532 | ||||||
Series 2006-6, Class CB5, | ||||||||
6.00%, 07/25/2046 | 946,401 | 785,643 | ||||||
Series 2006-9, Class A2, | ||||||||
5.84% (1 mo. Term SOFR + | ||||||||
0.51%), 01/25/2037 | 793,393 | 590,518 | ||||||
Series 2006-9, Class 1CB1, | ||||||||
6.00%, 01/25/2037 | 161,879 | 137,900 | ||||||
Banc of America Funding Corp. | ||||||||
Series 2003-3, Class 1A7, | ||||||||
5.50%, 10/25/2033 | 142,945 | 135,796 | ||||||
Series 2004-1, Class 2A1, | ||||||||
6.00%, 02/25/2034 | 449,860 | 447,665 | ||||||
Series 2004-1, Class 4A1, | ||||||||
6.00%, 03/25/2034 | 2,754,543 | 2,767,374 | ||||||
Series 2004-B, Class 4A2, | ||||||||
5.40%, 11/20/2034 (d) | 1,463,191 | 1,348,128 | ||||||
Series 2005-3, Class 1A20, | ||||||||
5.50%, 06/25/2035 | 55,981 | 48,251 | ||||||
Series 2005-4, Class 2A1, | ||||||||
5.50%, 08/25/2035 | 31,750 | 29,109 | ||||||
Series 2005-5, Class 2A1, | ||||||||
5.50%, 09/25/2035 | 1,389,138 | 1,321,123 | ||||||
Series 2005-5, Class 1A11, | ||||||||
5.50%, 09/25/2035 | 147,502 | 142,019 | ||||||
Series 2005-7, Class 3A15, | ||||||||
5.75%, 11/25/2035 | 2,924 | 2,852 | ||||||
Series 2005-7, Class 3A9, | ||||||||
6.00%, 11/25/2035 | 14,546 | 14,057 | ||||||
Series 2005-7, Class 2A3, | ||||||||
5.50%, 11/25/2035 | 2,563,156 | 2,319,055 | ||||||
Series 2005-8, Class 4A28, | ||||||||
5.75%, 01/25/2036 | 1,818,457 | 1,588,568 | ||||||
Series 2006-5, Class 3A2, | ||||||||
5.75%, 09/25/2036 | 247,467 | 215,042 | ||||||
Series 2006-7, Class 1A9, | ||||||||
6.00%, 09/25/2036 | 398,570 | 326,224 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 44 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Banc of America Funding Corp. (Cont.) | ||||||||
Series 2006-F, Class 2A1, | ||||||||
5.12%, 07/20/2036 (d) | $ | 5,153,875 | $ | 4,415,327 | ||||
Series 2006-I, Class 2A2, | ||||||||
5.42%, 12/20/2036 (d) | 357,914 | 327,635 | ||||||
Series 2006-I, Class 1A1, | ||||||||
5.42%, 12/20/2036 (d) | 502,475 | 477,655 | ||||||
Series 2006-I, Class 2A1, | ||||||||
5.42%, 12/20/2036 (d) | 2,057,622 | 1,925,774 | ||||||
Series 2006-J, Class 4A1, | ||||||||
5.21%, 01/20/2047 (d) | 111,164 | 93,825 | ||||||
Series 2007-1, Class TA7, | ||||||||
6.69%, 01/25/2037 (a) | 660,152 | 582,316 | ||||||
Series 2007-2, Class TA1A, | ||||||||
5.50% (1 mo. Term SOFR + | ||||||||
0.17%), 03/25/2037 | 308,597 | 275,081 | ||||||
Series 2007-3, Class TA4, | ||||||||
6.30% (1 mo. Term SOFR + | ||||||||
0.97%), 04/25/2037 | 816,550 | 687,410 | ||||||
Series 2007-4, Class 5A3, | ||||||||
5.50%, 11/25/2034 | 176,591 | 149,271 | ||||||
Series 2007-5, Class 1A1, | ||||||||
5.50%, 07/25/2037 | 1,266,573 | 980,697 | ||||||
Series 2007-6, Class A2, | ||||||||
6.00% (1 mo. Term SOFR + | ||||||||
0.67%), 07/25/2037 | 3,704,283 | 3,443,493 | ||||||
Series 2007-6, Class A1, | ||||||||
6.02% (1 mo. Term SOFR + | ||||||||
0.69%), 07/25/2037 | 897,495 | 835,068 | ||||||
Series 2010-R3, Class 3A6, | ||||||||
6.00%, 09/26/2037 (d)(e) | 6,128,956 | 5,792,979 | ||||||
Series 2014-R3, Class 1A2, | ||||||||
5.82%, 06/26/2035 (d)(e) | 1,400,801 | 1,366,684 | ||||||
Series 2014-R3, Class 2A2, | ||||||||
5.17%, 06/26/2035 (d)(e) | 2,576,171 | 2,414,093 | ||||||
Banc of America Mortgage Securities, Inc. | ||||||||
Series 2005-A, Class 2A1, | ||||||||
5.00%, 02/25/2035 (d) | 1,117,514 | 1,053,760 | ||||||
Series 2005-F, Class 2A1, | ||||||||
5.18%, 07/25/2035 (d) | 593,237 | 541,282 | ||||||
Series 2006-B, Class 3A1, | ||||||||
3.94%, 10/20/2046 (d) | 361,831 | 299,608 | ||||||
Series 2007-1, Class 1A26, | ||||||||
6.00%, 03/25/2037 | 1,488,307 | 1,187,729 | ||||||
BCAP LLC Trust, Series 2007-AA2, | ||||||||
Class 2A3, 7.50%, 04/25/2037 (d) | 454,900 | 250,866 | ||||||
Bear Stearns Alt-A Trust, | ||||||||
Series 2006-6, Class 2A1, | ||||||||
4.20%, 11/25/2036 (d) | 752,918 | 340,541 | ||||||
Bear Stearns Asset Backed | ||||||||
Securities Trust | ||||||||
Series 2005-AC5, Class 1A1, | ||||||||
5.50% (1 mo. Term SOFR + | ||||||||
1.11%), 08/25/2035 | 412,703 | 254,628 | ||||||
Series 2006-AC4, Class A1, | ||||||||
5.69% (1 mo. Term SOFR + | ||||||||
0.36%), 07/25/2036 | 2,778,696 | 2,056,853 | ||||||
Series 2006-AC4, Class A2, | ||||||||
12.70% (-4 x 1 mo. Term | ||||||||
SOFR + 35.75%), 07/25/2036 (h) | 642,385 | 732,838 | ||||||
Chase Mortgage Finance Corp. | ||||||||
Series 2005-A1, Class 2A2, | ||||||||
4.91%, 12/25/2035 (d) | 712,873 | 653,106 | ||||||
Series 2005-A1, Class 2A1, | ||||||||
4.91%, 12/25/2035 (d) | 683,784 | 626,456 | ||||||
Series 2005-S2, Class A1, | ||||||||
5.50%, 10/25/2035 | 590,851 | 561,512 | ||||||
Series 2005-S3, Class A9, | ||||||||
5.50%, 11/25/2035 | 4,927,346 | 3,524,909 | ||||||
Series 2006-S3, Class 1A1, | ||||||||
6.00%, 11/25/2036 | 6,682,874 | 2,706,077 | ||||||
Series 2006-S4, Class A6, | ||||||||
6.00%, 12/25/2036 | 3,958,334 | 1,697,827 | ||||||
Series 2006-S4, Class A3, | ||||||||
6.00%, 12/25/2036 | 1,226,693 | 526,159 | ||||||
Series 2007-A2, Class 6A2, | ||||||||
5.31%, 07/25/2037 (d) | 787,857 | 686,877 | ||||||
Series 2007-S1, Class A7, | ||||||||
6.00%, 02/25/2037 | 4,005,467 | 1,564,491 | ||||||
Series 2007-S3, Class 1A15, | ||||||||
6.00%, 05/25/2037 | 2,048,892 | 909,183 | ||||||
Series 2007-S3, Class 1A10, | ||||||||
5.75%, 05/25/2037 | 672,430 | 287,545 | ||||||
Chaseflex Trust | ||||||||
Series 2005-1, Class 1A3, | ||||||||
5.50%, 02/25/2035 | 246,217 | 195,372 | ||||||
Series 2006-2, Class A3, | ||||||||
4.38%, 09/25/2036 (d) | 2,019,437 | 1,751,789 | ||||||
Citicorp Mortgage Securities, Inc. | ||||||||
Series 2006-1, Class 1A4, | ||||||||
6.00%, 02/25/2036 | 73,755 | 63,518 | ||||||
Series 2006-3, Class 2A1, | ||||||||
5.50%, 06/25/2021 | 35,840 | 29,944 | ||||||
Series 2006-3, Class 1A10, | ||||||||
6.25%, 06/25/2036 | 1,374,837 | 1,215,143 | ||||||
Series 2006-3, Class 1A4, | ||||||||
6.00%, 06/25/2036 | 1,141,885 | 993,570 | ||||||
Series 2006-3, Class 1A9, | ||||||||
5.75%, 06/25/2036 | 325,561 | 278,805 | ||||||
Series 2006-7, Class 1A1, | ||||||||
6.00%, 12/25/2036 | 2,613,652 | 2,146,486 | ||||||
Series 2007-3, Class 1A4, | ||||||||
6.00%, 04/25/2037 | 421,601 | 384,740 | ||||||
Series 2007-3, Class 3A1, | ||||||||
5.50%, 04/25/2037 | 34,113 | 31,871 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 45 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Citigroup Financial Products, Inc. | ||||||||
Series 2004-2, Class 1A2, | ||||||||
9.25%, 08/25/2033 (e) | $ | 10,612 | $ | 8,267 | ||||
Series 2004-HYB3, Class 2A, | ||||||||
5.31%, 09/25/2034 (d) | 417,951 | 382,235 | ||||||
Series 2005-1, Class 2A2A, | ||||||||
5.03%, 04/25/2035 (d) | 282,592 | 264,861 | ||||||
Series 2005-10, Class 1A1A, | ||||||||
4.90%, 12/25/2035 (d) | 939,955 | 604,859 | ||||||
Series 2005-2, Class 1A4, | ||||||||
3.90%, 05/25/2035 (d) | 310,605 | 296,213 | ||||||
Series 2005-5, Class 22A6, | ||||||||
6.00%, 08/25/2035 | 1,632,932 | 1,466,409 | ||||||
Series 2005-WF1, Class M1, | ||||||||
5.83%, 11/25/2034 (a) | 2,742,380 | 2,684,485 | ||||||
Citigroup Mortgage Loan Trust, Inc. | ||||||||
Series 2005-7, Class 1A2, | ||||||||
4.15%, 09/25/2035 (d) | 368,528 | 316,765 | ||||||
Series 2006-AR7, Class 2A2A, | ||||||||
4.88%, 11/25/2036 (d) | 1,131,699 | 950,627 | ||||||
Series 2007-AR4, Class 1A1A, | ||||||||
4.65%, 03/25/2037 (d) | 917,267 | 754,609 | ||||||
Citimortgage Alternative Loan Trust | ||||||||
Series 2006-A2, Class A5, | ||||||||
6.00% (1 mo. Term SOFR + | ||||||||
0.71%), 05/25/2036 | 349,515 | 289,098 | ||||||
Series 2006-A4, Class 1A1, | ||||||||
6.00%, 09/25/2036 | 912,845 | 803,263 | ||||||
Series 2007-A1, Class 1A7 | ||||||||
, 6.00%, 01/25/2037 | 2,136,891 | 1,857,246 | ||||||
Series 2007-A1, Class 1A5, | ||||||||
6.00%, 01/25/2037 | 1,329,669 | 1,155,661 | ||||||
Countrywide Alternative Loan Trust | ||||||||
Series 2004-13CB, Class A3, | ||||||||
6.00%, 07/25/2034 | 6,129,219 | 6,069,694 | ||||||
Series 2004-24CB, Class 1A1, | ||||||||
6.00%, 11/25/2034 | 1,281,469 | 1,260,518 | ||||||
Series 2004-27CB, Class A1, | ||||||||
6.00%, 12/25/2034 | 887,311 | 783,631 | ||||||
Series 2004-28CB, Class 4A1, | ||||||||
5.00%, 01/25/2020 | 127,195 | 91,112 | ||||||
Series 2004-28CB, Class 6A1, | ||||||||
6.00%, 01/25/2035 | 266,713 | 242,352 | ||||||
Series 2005-13CB, Class A1, | ||||||||
5.50% (1 mo. Term SOFR + | ||||||||
0.61%), 05/25/2035 | 837,302 | 685,056 | ||||||
Series 2005-21CB, Class A3, | ||||||||
5.25%, 06/25/2035 | 2,451,262 | 1,839,350 | ||||||
Series 2005-21CB, Class A17, | ||||||||
6.00%, 06/25/2035 | 1,458,842 | 1,133,277 | ||||||
Series 2005-43, Class 5A1, | ||||||||
5.06%, 09/25/2035 (d) | 105,484 | 87,296 | ||||||
Series 2005-54CB, Class 3A7, | ||||||||
5.50%, 11/25/2035 | 523,492 | 292,976 | ||||||
Series 2005-63, Class 3A1, | ||||||||
4.71%, 11/25/2035 (d) | 714,032 | 622,988 | ||||||
Series 2005-65CB, Class 2A7, | ||||||||
0.00%, 12/25/2035 (b)(i) | 680,847 | 273,105 | ||||||
Series 2005-65CB, Class 1A8, | ||||||||
5.50%, 01/25/2036 | 96,074 | 63,795 | ||||||
Series 2005-6CB, Class 1A5, | ||||||||
5.75%, 04/25/2035 | 1,696,980 | 1,434,438 | ||||||
Series 2005-6CB, Class 1A1, | ||||||||
7.50%, 04/25/2035 | 198,988 | 182,013 | ||||||
Series 2005-73CB, Class 2A2, | ||||||||
5.75%, 01/25/2036 | 330,514 | 174,087 | ||||||
Series 2005-75CB, Class A3, | ||||||||
5.50%, 01/25/2036 | 1,450,224 | 999,880 | ||||||
Series 2005-75CB, Class A6, | ||||||||
5.50%, 01/25/2036 | 1,225,012 | 844,604 | ||||||
Series 2005-80CB, Class 2A1, | ||||||||
6.00%, 02/25/2036 | 4,007,504 | 3,730,965 | ||||||
Series 2005-86CB, Class A8, | ||||||||
5.50%, 02/25/2036 | 890,986 | 513,746 | ||||||
Series 2005-86CB, Class A10, | ||||||||
5.50%, 02/25/2036 | 123,469 | 71,192 | ||||||
Series 2005-9CB, Class 3A1, | ||||||||
6.00%, 05/25/2035 | 8,234,395 | 4,000,917 | ||||||
Series 2005-9CB, Class 1A1, | ||||||||
5.50% (1 mo. Term SOFR + | ||||||||
0.61%), 05/25/2035 | 1,728,912 | 1,447,346 | ||||||
Series 2005-J13, Class 2A7, | ||||||||
5.50%, 11/25/2035 | 570,209 | 390,149 | ||||||
Series 2005-J6, Class 1A6, | ||||||||
5.50% (1 mo. Term SOFR + | ||||||||
0.61%), 07/25/2035 | 2,540,879 | 1,990,187 | ||||||
Series 2006-12CB, Class A3, | ||||||||
5.75% (1 mo. Term SOFR + | ||||||||
5.75%), 05/25/2036 | 537,754 | 268,902 | ||||||
Series 2006-14CB, Class A4, | ||||||||
6.00%, 06/25/2036 | 2,286,155 | 1,254,927 | ||||||
Series 2006-16CB, Class A4, | ||||||||
6.00%, 06/25/2036 | 955,795 | 520,671 | ||||||
Series 2006-16CB, Class A6, | ||||||||
6.00%, 06/25/2036 | 829,497 | 451,846 | ||||||
Series 2006-16CB, Class A2, | ||||||||
6.00%, 06/25/2036 | 364,653 | 198,645 | ||||||
Series 2006-23CB, Class 2A1, | ||||||||
6.50%, 08/25/2036 | 5,672,181 | 1,778,574 | ||||||
Series 2006-23CB, Class 1A6, | ||||||||
6.00%, 08/25/2036 | 1,314,683 | 1,176,428 | ||||||
Series 2006-24CB, Class A12, | ||||||||
5.75%, 08/25/2036 | 2,378,052 | 1,293,321 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 46 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Countrywide Alternative Loan Trust (Cont.) | ||||||||
Series 2006-24CB, Class A11, | ||||||||
5.75%, 08/25/2036 | $ | 3,833,476 | $ | 2,084,864 | ||||
Series 2006-26CB, Class A17, | ||||||||
6.25%, 09/25/2036 | 5,447,613 | 2,779,389 | ||||||
Series 2006-30T1, Class 2A6, | ||||||||
6.50%, 11/25/2036 | 8,388,155 | 2,700,522 | ||||||
Series 2006-31CB, Class A8, | ||||||||
5.75%, 11/25/2036 | 1,839,945 | 1,025,317 | ||||||
Series 2006-31CB, Class A7, | ||||||||
6.00%, 11/25/2036 | 203,957 | 117,469 | ||||||
Series 2006-39CB, Class 1A20, | ||||||||
6.00%, 01/25/2037 | 2,260,821 | 1,784,298 | ||||||
Series 2006-41CB, Class 1A7, | ||||||||
6.00%, 01/25/2037 | 505,048 | 260,918 | ||||||
Series 2006-6CB, Class 1A8, | ||||||||
5.50%, 05/25/2036 | 88,054 | 71,197 | ||||||
Series 2006-J3, Class 4A2, | ||||||||
5.75%, 05/25/2026 | 274,726 | 258,339 | ||||||
Series 2006-J6, Class A5, | ||||||||
6.00%, 09/25/2036 | 2,671,469 | 1,353,290 | ||||||
Series 2006-J6, Class A4, | ||||||||
6.00%, 09/25/2036 | 1,983,230 | 1,004,648 | ||||||
Series 2007-13, Class A1, | ||||||||
6.00%, 06/25/2047 | 2,400,451 | 1,237,317 | ||||||
Series 2007-23CB, Class A1, | ||||||||
6.00%, 09/25/2037 | 4,218,608 | 2,108,527 | ||||||
Series 2007-2CB, Class 2A14, | ||||||||
5.75%, 03/25/2037 | 5,506,984 | 2,826,648 | ||||||
Series 2007-4CB, Class 1A6, | ||||||||
5.75%, 04/25/2037 | 1,382,840 | 1,126,549 | ||||||
Series 2007-4CB, Class 1A7, | ||||||||
5.75%, 04/25/2037 | 1,040,175 | 847,392 | ||||||
Series 2007-8CB, Class A1, | ||||||||
5.50%, 05/25/2037 | 5,597,033 | 2,974,510 | ||||||
Series 2007-8CB, Class A9, | ||||||||
6.00%, 05/25/2037 | 756,261 | 424,082 | ||||||
Series 2007-J2, Class 2A2, | ||||||||
6.00%, 07/25/2037 | 2,713,374 | 2,479,903 | ||||||
Series 2008-2R, Class 3A1, | ||||||||
6.00%, 08/25/2037 (d) | 6,975,204 | 3,401,042 | ||||||
Countrywide Home Loan | ||||||||
Mortgage Pass Through Trust | ||||||||
Series 2003-42, Class 2A4, | ||||||||
5.15%, 10/25/2033 (d) | 681,787 | 619,996 | ||||||
Series 2003-44, Class A3, | ||||||||
5.00%, 10/25/2033 | 215,000 | 194,219 | ||||||
Series 2004-14, Class 3A1, | ||||||||
5.73%, 08/25/2034 (d) | 1,899,608 | 1,744,160 | ||||||
Series 2004-21, Class A1, | ||||||||
4.00%, 11/25/2034 | 468,218 | 403,899 | ||||||
Series 2004-24, Class A4, | ||||||||
5.50%, 12/25/2034 | 2,301,271 | 2,110,486 | ||||||
Series 2004-4, Class A10, | ||||||||
5.50%, 05/25/2034 | 424,005 | 397,709 | ||||||
Series 2004-HYB5, Class 3A1, | ||||||||
5.36%, 04/20/2035 (d) | 673,336 | 616,523 | ||||||
Series 2004-J9, Class 2A5, | ||||||||
5.50%, 01/25/2035 | 427,752 | 410,385 | ||||||
Series 2005-13, Class A6, | ||||||||
5.50%, 06/25/2035 | 1,441,409 | 802,605 | ||||||
Series 2005-20, Class A7, | ||||||||
5.25%, 12/25/2027 | 17,991 | 10,907 | ||||||
Series 2005-27, Class 1A4, | ||||||||
5.50%, 12/25/2035 | 721,225 | 525,198 | ||||||
Series 2005-27, Class 2A1, | ||||||||
5.50%, 12/25/2035 | 508,211 | 213,859 | ||||||
Series 2005-31, Class 4A2, | ||||||||
4.73%, 01/25/2036 (d) | 655,720 | 595,245 | ||||||
Series 2005-HY10, Class 4A1, | ||||||||
4.06%, 02/20/2036 (d) | 1,316,747 | 1,156,041 | ||||||
Series 2005-HY10, Class 1A1, | ||||||||
4.95%, 02/20/2036 (d) | 47,570 | 39,051 | ||||||
Series 2005-HYB2, Class 2A, | ||||||||
4.60%, 05/20/2035 (d) | 639,562 | 599,712 | ||||||
Series 2005-J3, Class 2A5, | ||||||||
5.50%, 09/25/2035 | 45,524 | 41,226 | ||||||
Series 2006-16, Class 2A1, | ||||||||
6.50%, 11/25/2036 | 495,514 | 166,709 | ||||||
Series 2006-17, Class A8, | ||||||||
6.00% (1 mo. Term SOFR + | ||||||||
0.66%), 12/25/2036 | 2,826,704 | 1,157,261 | ||||||
Series 2006-17, Class A6, | ||||||||
6.00%, 12/25/2036 | 2,090,025 | 847,493 | ||||||
Series 2006-21, Class A11, | ||||||||
5.75%, 02/25/2037 | 1,139,558 | 508,252 | ||||||
Series 2006-21, Class A13, | ||||||||
6.00%, 02/25/2037 | 2,631,394 | 1,224,583 | ||||||
Series 2006-21, Class A5, | ||||||||
6.00%, 02/25/2037 | 600,806 | 279,600 | ||||||
Series 2006-6, Class A1, | ||||||||
6.00%, 04/25/2036 | 575,333 | 285,246 | ||||||
Series 2006-9, Class A8, | ||||||||
6.00%, 05/25/2036 | 1,105,124 | 495,598 | ||||||
Series 2007-1, Class A4, | ||||||||
6.00%, 03/25/2037 | 1,954,459 | 919,965 | ||||||
Series 2007-10, Class A22, | ||||||||
6.00%, 07/25/2037 | 1,769,506 | 810,031 | ||||||
Series 2007-5, Class A51, | ||||||||
5.75%, 05/25/2037 | 5,290,722 | 2,599,461 | ||||||
Series 2007-5, Class A29, | ||||||||
5.50%, 05/25/2037 | 2,714,416 | 1,281,453 | ||||||
Series 2007-5, Class A2, | ||||||||
5.75%, 05/25/2037 | 1,558,885 | 765,918 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 47 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Countrywide Home Loan | ||||||||
Mortgage Pass Through Trust (Cont.) | ||||||||
Series 2007-5, Class A4, | ||||||||
5.75%, 05/25/2037 | $ | 807,862 | $ | 396,922 | ||||
Series 2007-HY5, Class 1A1, | ||||||||
4.75%, 09/25/2047 (d) | 5,204,625 | 3,885,533 | ||||||
Series 2007-J2, Class 2A6, | ||||||||
6.00%, 07/25/2037 | 188,415 | 67,318 | ||||||
Series 2007-J2, Class 2A3, | ||||||||
6.00%, 07/25/2037 | 2,917,364 | 1,042,334 | ||||||
Credit Suisse First Boston | ||||||||
Mortgage Securities Corp. | ||||||||
Series 2004-8, Class 3A4, | ||||||||
5.50%, 12/25/2034 | 131,997 | 127,824 | ||||||
Series 2005-10, Class 5A4, | ||||||||
5.50%, 11/25/2035 | 1,475,497 | 1,071,625 | ||||||
Series 2005-10, Class 5A3, | ||||||||
5.50%, 11/25/2035 | 374,352 | 271,952 | ||||||
Series 2005-10, Class 10A3, | ||||||||
6.00%, 11/25/2035 | 811,139 | 204,218 | ||||||
Series 2005-3, Class 3A17, | ||||||||
5.50%, 07/25/2035 | 232,245 | 229,407 | ||||||
Series 2005-9, Class 2A1, | ||||||||
5.50%, 10/25/2035 | 547,101 | 245,737 | ||||||
Credit Suisse Management LLC, | ||||||||
Series 2005-8, Class 7A1, | ||||||||
7.00%, 09/25/2035 | 2,686,459 | 1,237,930 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
Series 2006-1, Class 1A3, | ||||||||
5.50%, 02/25/2036 | 266,904 | 228,529 | ||||||
Series 2006-1, Class 4A14, | ||||||||
5.50%, 02/25/2036 | 31,259 | 27,360 | ||||||
Series 2006-2, Class 5A6, | ||||||||
6.00%, 03/25/2036 | 4,133,863 | 1,745,188 | ||||||
Series 2006-2, Class 4A2, | ||||||||
5.75%, 03/25/2036 | 517,237 | 329,713 | ||||||
Series 2006-4, Class 8A1, | ||||||||
7.00%, 05/25/2036 | 505,758 | 72,910 | ||||||
Series 2006-7, Class 7A5, | ||||||||
6.00%, 08/25/2036 | 688,244 | 519,564 | ||||||
Series 2006-CF1, Class B3, | ||||||||
5.50%, 11/25/2035 (a)(e) | 2,565,000 | 2,429,221 | ||||||
Series 2007-2, Class 3A8, | ||||||||
5.50%, 03/25/2037 | 1,293,906 | 641,549 | ||||||
Series 2007-3, Class 4A15, | ||||||||
5.50%, 04/25/2037 | 373,697 | 296,630 | ||||||
Series 2007-3, Class 4A13, | ||||||||
5.50%, 04/25/2037 | 267,115 | 212,028 | ||||||
Series 2011-12R, Class 3A5, | ||||||||
4.61%, 07/27/2036 (d)(e) | 937,659 | 924,486 | ||||||
Series 2013-2R, Class 5A2, | ||||||||
3.62%, 05/27/2037 (d)(e) | 1,842,552 | 1,232,831 | ||||||
Deutsche ALT-A Securities, Inc. | ||||||||
Series 2005-3, Class 3A1, | ||||||||
5.94% (1 mo. Term SOFR + | ||||||||
0.61%), 05/25/2035 | 788,108 | 675,593 | ||||||
Series 2005-6, Class 1A4, | ||||||||
5.50%, 12/25/2035 | 1,349,592 | 1,073,341 | ||||||
Series 2006-AB4, Class A1B1, | ||||||||
5.54% (1 mo. Term SOFR + | ||||||||
0.21%), 10/25/2036 | 397,747 | 316,358 | ||||||
DFC HEL Trust, Series 2001-1, | ||||||||
Class M1, 7.08% (1 mo. Term | ||||||||
SOFR + 1.76%), 08/15/2031 | 1,274,946 | 1,232,906 | ||||||
Federal National Mortgage | ||||||||
Association, Series 2016-C01, | ||||||||
Class 2M2, 12.39% (30 day avg | ||||||||
SOFR US + 7.06%), 08/25/2028 | 1,041,873 | 1,086,692 | ||||||
First Horizon Alternative | ||||||||
Mortgage Securities | ||||||||
Series 2004-AA6, Class A1, | ||||||||
6.67%, 01/25/2035 (d) | 229,632 | 221,561 | ||||||
Series 2004-AA7, Class 2A1, | ||||||||
6.87%, 02/25/2035 (d) | 657,045 | 609,933 | ||||||
Series 2005-AA5, Class 2A1, | ||||||||
6.45%, 07/25/2035 (d) | 1,054,929 | 951,332 | ||||||
Series 2005-AA7, Class 2A1, | ||||||||
6.09%, 09/25/2035 (d) | 1,140,017 | 976,536 | ||||||
Series 2005-FA11, Class 2A1, | ||||||||
5.25%, 02/25/2021 | 698 | 1 | ||||||
Series 2005-FA8, Class 1A14, | ||||||||
5.50%, 11/25/2035 | 1,146,249 | 574,502 | ||||||
Series 2006-FA1, Class 1A3, | ||||||||
5.75%, 04/25/2036 | 1,857,139 | 825,857 | ||||||
Series 2006-FA2, Class 1A3, | ||||||||
6.00%, 05/25/2036 | 2,154,877 | 901,574 | ||||||
Series 2006-FA2, Class 1A5, | ||||||||
6.00%, 05/25/2036 | 1,367,812 | 572,276 | ||||||
Series 2006-FA6, Class 3A1, | ||||||||
5.75%, 11/25/2021 | 619 | 337 | ||||||
Series 2006-FA6, Class 1A5, | ||||||||
6.25%, 11/25/2036 | 6,688,142 | 3,064,972 | ||||||
Series 2006-FA6, Class 2A5, | ||||||||
6.25%, 11/25/2036 | 1,159,825 | 352,536 | ||||||
Series 2006-FA6, Class 2A8, | ||||||||
6.00%, 11/25/2036 | 915,005 | 267,011 | ||||||
Series 2007-AA1, Class 1A2, | ||||||||
5.15%, 05/25/2037 (d) | 2,033,577 | 1,335,546 | ||||||
Series 2007-FA4, Class 1A6, | ||||||||
6.25%, 08/25/2037 (d) | 1,784,028 | 727,160 | ||||||
First Horizon Asset Securities, Inc. | ||||||||
Series 2005-AR3, Class 4A1, | ||||||||
5.86%, 08/25/2035 (d) | 1,058,267 | 1,003,355 | ||||||
Series 2006-4, Class 1A6, | ||||||||
5.75%, 02/25/2037 | 871,463 | 216,560 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 48 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
First Horizon Asset Securities, Inc. (Cont.) | ||||||||
Series 2006-4, Class 1A15, | ||||||||
6.00%, 02/25/2037 | $ | 527,702 | $ | 136,731 | ||||
Series 2006-AR4, Class 1A2, | ||||||||
5.15%, 01/25/2037 (d) | 2,016,165 | 1,085,030 | ||||||
Series 2007-AR1, Class 1A1, | ||||||||
4.73%, 05/25/2037 (d) | 600,413 | 259,326 | ||||||
Series 2007-AR2, Class 1A2, | ||||||||
5.81%, 08/25/2037 (d) | 4,125,742 | 1,409,313 | ||||||
GSAA Trust | ||||||||
Series 2005-1, Class M2, | ||||||||
6.26%, 11/25/2034 (a) | 2,050,000 | 1,957,322 | ||||||
Series 2006-15, Class AF5, | ||||||||
6.69%, 09/25/2036 (a) | 2,021,774 | 515,872 | ||||||
Series 2006-18, Class AF6, | ||||||||
6.18%, 11/25/2036 (a) | 1,652,460 | 378,570 | ||||||
Series 2007-7, Class 1A2, | ||||||||
5.80% (1 mo. Term SOFR + | ||||||||
0.47%), 07/25/2037 | 588,095 | 533,556 | ||||||
GSR Mortgage Loan Trust | ||||||||
Series 2003-5F, Class 1A1, | ||||||||
3.00%, 08/25/2032 | 767,537 | 693,644 | ||||||
Series 2004-15F, Class 2A1, | ||||||||
6.00%, 12/25/2034 | 815,651 | 669,548 | ||||||
Series 2005-1F, Class 3A3, | ||||||||
6.00%, 01/25/2035 | 10,621 | 9,310 | ||||||
Series 2005-4F, Class 3A1, | ||||||||
6.50%, 04/25/2020 | 46,548 | 46,377 | ||||||
Series 2005-7F, Class 3A9, | ||||||||
6.00%, 09/25/2035 | 16,103 | 15,373 | ||||||
Series 2005-AR4, Class 5A1, | ||||||||
4.88%, 07/25/2035 (d) | 155,337 | 143,776 | ||||||
Series 2005-AR5, Class 4A1, | ||||||||
4.69%, 10/25/2035 (d) | 521,046 | 465,182 | ||||||
Series 2005-AR7, Class 6A1, | ||||||||
4.44%, 11/25/2035 (d) | 345,757 | 298,058 | ||||||
Series 2006-2F, Class 2A1, | ||||||||
5.75%, 02/25/2036 | 411,101 | 360,689 | ||||||
Harborview Mortgage Loan Trust, | ||||||||
Series 2006-6, Class 3A1A, | ||||||||
4.72%, 08/19/2036 (d) | 1,767,666 | 1,364,227 | ||||||
Impac CMB Trust, Series 2005-5, | ||||||||
Class A3W, 5.94% (1 mo. Term | ||||||||
SOFR + 0.36%), 08/25/2035 | 354,954 | 324,945 | ||||||
Impac Funding Corp. | ||||||||
Series 2002-2, Class A3, | ||||||||
6.50%, 04/25/2033 | 785,406 | 756,586 | ||||||
Series 2004-2, Class A5, | ||||||||
4.81%, 08/25/2034 (a) | 81,793 | 79,901 | ||||||
Indymac IMSC Mortgage Loan Trust | ||||||||
Series 2004-AR11, Class 1A, | ||||||||
3.75%, 12/25/2034 (d) | 869,827 | 765,258 | ||||||
Indymac IMSC Mortgage Loan Trust (Cont.) | ||||||||
Series 2004-AR4, Class 3A, | ||||||||
5.00%, 08/25/2034 (d) | 1,931,147 | 1,772,008 | ||||||
Series 2005-AR23, Class 6A1, | ||||||||
3.79%, 11/25/2035 (d) | 949,985 | 872,971 | ||||||
Series 2005-AR23, Class 3A1, | ||||||||
4.01%, 11/25/2035 (d) | 565,091 | 505,479 | ||||||
Series 2005-AR25, Class 1A21, | ||||||||
3.86%, 12/25/2035 (d) | 1,771,806 | 997,032 | ||||||
Series 2005-AR3, Class 4A1, | ||||||||
3.71%, 04/25/2035 (d) | 774,773 | 703,390 | ||||||
Series 2005-AR35, Class 1A1, | ||||||||
3.78%, 02/25/2036 (d) | 1,122,820 | 865,419 | ||||||
Series 2005-AR9, Class 1A1, | ||||||||
4.38%, 07/25/2035 (d) | 2,823,238 | 1,566,882 | ||||||
Series 2006-AR25, Class 4A1, | ||||||||
3.41%, 09/25/2036 (d) | 3,979,617 | 3,529,768 | ||||||
Series 2006-AR25, Class 3A1, | ||||||||
3.97%, 09/25/2036 (d) | 2,038,868 | 1,346,589 | ||||||
Series 2006-AR3, Class 2A1C, | ||||||||
3.80%, 03/25/2036 (d) | 4,811,913 | 3,430,148 | ||||||
Series 2006-AR31, Class A5, | ||||||||
3.83%, 11/25/2036 (d) | 3,693,318 | 3,320,331 | ||||||
Series 2006-AR9, Class 3A1, | ||||||||
3.39%, 06/25/2036 (d) | 1,504,716 | 1,232,875 | ||||||
Series 2007-AR1, Class 2A1, | ||||||||
4.00%, 06/25/2037 (d) | 352,021 | 206,106 | ||||||
Jefferies, LLC, Series 2009-R1, | ||||||||
Class 1A2, 4.44%, 11/26/2035 (d)(e) | 475,728 | 412,288 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2005-S3, Class 1A5, | ||||||||
5.75%, 01/25/2036 | 46,817 | 21,390 | ||||||
Series 2007-A3, Class 2A3, | ||||||||
4.53%, 05/25/2037 (d) | 2,256,895 | 1,844,001 | ||||||
Lehman Mortgage Trust | ||||||||
Series 2005-2, Class 3A7, | ||||||||
5.50%, 12/25/2035 | 1,328,335 | 690,424 | ||||||
Series 2005-2, Class 1A3, | ||||||||
5.75%, 12/25/2035 | 512,453 | 259,953 | ||||||
Series 2005-3, Class 1A6, | ||||||||
5.50% (1 mo. Term SOFR + | ||||||||
0.61%), 01/25/2036 | 805,871 | 321,434 | ||||||
Series 2005-3, Class 1A2, | ||||||||
0.00% (-1 x 1 mo. Term SOFR + | ||||||||
4.64%), 01/25/2036 (g)(h) | 805,871 | 35,933 | ||||||
Series 2006-1, Class 1A4, | ||||||||
5.50%, 02/25/2036 | 360,399 | 176,883 | ||||||
Series 2006-3, Class 1A4, | ||||||||
6.00%, 07/25/2036 | 6,925,442 | 3,497,069 | ||||||
Series 2006-3, Class 1A1, | ||||||||
6.00%, 07/25/2036 | 3,132,512 | 1,577,454 | ||||||
Series 2007-4, Class 1A3, | ||||||||
5.75%, 05/25/2037 | 2,146,297 | 986,168 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 49 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Lehman Mortgage Trust (Cont.) | ||||||||
Series 2007-4, Class 1A2, | ||||||||
5.75%, 05/25/2037 | $ | 982,287 | $ | 451,335 | ||||
Series 2007-5, Class 9A2, | ||||||||
6.00%, 06/25/2037 | 6,237,215 | 1,526,247 | ||||||
Series 2007-5, Class 1A3, | ||||||||
5.75%, 06/25/2037 | 1,285,398 | 1,145,187 | ||||||
Series 2007-5, Class 9A1, | ||||||||
6.00%, 06/25/2037 | 2,283,607 | 558,799 | ||||||
MASTR Adjustable Rate | ||||||||
Mortgages Trust | ||||||||
Series 2004-4, Class 2A2, | ||||||||
5.58%, 05/25/2034 (d) | 76,485 | 70,687 | ||||||
Series 2005-1, Class 7A1, | ||||||||
4.04%, 02/25/2035 (d) | 87,363 | 79,122 | ||||||
MASTR Alternative Loans Trust | ||||||||
Series 2003-5, Class 30B1, | ||||||||
5.87%, 08/25/2033 (d) | 519,519 | 300,934 | ||||||
Series 2003-7, Class 5A1, | ||||||||
6.25%, 11/25/2033 | 32,423 | 32,614 | ||||||
Series 2004-11, Class 7A1, | ||||||||
6.50%, 10/25/2034 | 253,917 | 247,858 | ||||||
Series 2004-6, Class 8A1, | ||||||||
5.50%, 07/25/2034 | 155,047 | 147,254 | ||||||
Series 2004-6, Class 10A1, | ||||||||
6.00%, 07/25/2034 | 91,473 | 87,988 | ||||||
Series 2005-2, Class 4A5, | ||||||||
5.50%, 03/25/2035 | 2,000,000 | 1,918,741 | ||||||
MASTR Asset Backed Securities | ||||||||
Trust, Series 2002-NC1, Class M3, | ||||||||
8.59% (1 mo. Term SOFR + | ||||||||
3.26%), 10/25/2032 | 209,012 | 193,559 | ||||||
MASTR Asset Securitization Trust, | ||||||||
Series 2006-1, Class 2A1, | ||||||||
5.89% (1 mo. Term SOFR + | ||||||||
0.56%), 05/25/2036 | 555,600 | 111,863 | ||||||
Merrill Lynch Mortgage Investors, Inc. | ||||||||
Series 2005-A5, Class A8, | ||||||||
4.40%, 06/25/2035 (d) | 233,477 | 217,248 | ||||||
Series 2005-A7, Class 2A1, | ||||||||
4.84%, 09/25/2035 (d) | 3,513,119 | 2,762,051 | ||||||
Series 2006-F1, Class 1A1, | ||||||||
6.00%, 04/25/2036 | 1,792,854 | 784,713 | ||||||
MLCC Mortgage Investors, Inc., | ||||||||
Series 2004-D, Class A2, | ||||||||
6.40% (6 mo. Term SOFR + | ||||||||
1.15%), 09/25/2029 | 474,529 | 447,868 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
Series 2005-7, Class 6A3, | ||||||||
5.50%, 11/25/2035 | 674,603 | 630,681 | ||||||
Series 2005-7, Class 7A3, | ||||||||
5.50%, 11/25/2035 | 290,729 | 244,435 | ||||||
Series 2006-11, Class 2A1, | ||||||||
6.00%, 08/25/2036 | 1,909,938 | 804,337 | ||||||
Series 2006-2, Class 7A1, | ||||||||
5.47%, 02/25/2036 (d) | 1,243,438 | 700,208 | ||||||
Morgan Stanley Reremic Trust, | ||||||||
Series 2012-R3, Class 1B, | ||||||||
4.02%, 11/26/2036 (d)(e) | 1,804,781 | 1,516,621 | ||||||
Nomura Asset Acceptance Corp. | ||||||||
Series 2005-AR3, Class 3A1, | ||||||||
5.69%, 07/25/2035 (d) | 419,261 | 407,776 | ||||||
Series 2005-WF1, Class 2A5, | ||||||||
5.66%, 03/25/2035 (a) | 15,244 | 14,931 | ||||||
Nomura Resecuritization Trust | ||||||||
Series 2011-4RA, Class 1A10, | ||||||||
2.77%, 12/26/2036 (d)(e) | 5,236,886 | 4,610,062 | ||||||
Series 2014-5R, Class 1A9, | ||||||||
5.50%, 06/26/2035 (d)(e) | 3,143,398 | 2,449,199 | ||||||
Popular ABS, Inc. | ||||||||
Series 2003-1, Class M1, | ||||||||
4.86%, 08/25/2033 (d) | 436,516 | 429,333 | ||||||
Series 2003-3, Class M1, | ||||||||
4.87%, 12/25/2033 (d) | 1,057,109 | 1,036,723 | ||||||
RAAC Series, Series 2005-SP1, | ||||||||
Class 3A7, 6.00%, 09/25/2034 | 2,629 | 1,933 | ||||||
RALI Trust | ||||||||
Series 2006-QS1, Class A3, | ||||||||
5.75%, 01/25/2036 | 165,793 | 131,865 | ||||||
Series 2006-QS13, Class 1A6, | ||||||||
6.00%, 09/25/2036 | 1,820,481 | 1,354,286 | ||||||
Series 2006-QS17, Class A7, | ||||||||
6.00%, 12/25/2036 | 286,785 | 230,021 | ||||||
Series 2006-QS9, Class 1A5, | ||||||||
6.00% (1 mo. Term SOFR + | ||||||||
0.81%), 07/25/2036 | 1,200,628 | 855,282 | ||||||
Series 2007-QS10, Class A1, | ||||||||
6.50%, 09/25/2037 | 257,109 | 202,298 | ||||||
Series 2007-QS6, Class A29, | ||||||||
6.00%, 04/25/2037 | 2,379,027 | 1,867,484 | ||||||
RBSSP Resecuritization Trust, | ||||||||
Series 2009-7, Class 3A2, | ||||||||
6.00%, 03/26/2036 (d)(e) | 3,719,526 | 2,004,992 | ||||||
Renaissance Home Equity Loan | ||||||||
Trust, Series 2005-1, Class AF4, | ||||||||
5.52%, 05/25/2035 (a) | 5,699 | 5,681 | ||||||
Resecuritization Pass-Through | ||||||||
Trust, Series 2005-8R, Class A3, | ||||||||
6.00%, 10/25/2034 | 1,482,391 | 1,406,901 | ||||||
Residential Asset Securitization Trust | ||||||||
Series 2003-A9, Class A2, | ||||||||
4.00%, 08/25/2033 | 820,518 | 698,795 | ||||||
Series 2004-R2, Class A3, | ||||||||
5.50%, 08/25/2034 | 1,488,726 | 1,418,965 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 50 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Residential Asset Securitization Trust (Cont.) | ||||||||
Series 2005-A11, Class 2A1, | ||||||||
4.85%, 10/25/2035 | $ | 3,388,452 | $ | 1,244,552 | ||||
Series 2005-A11, Class 2A5, | ||||||||
6.00%, 10/25/2035 | 385,721 | 172,022 | ||||||
Series 2005-A11, Class 1A4, | ||||||||
5.50%, 10/25/2035 | 231,242 | 153,345 | ||||||
Series 2005-A15, Class 5A1, | ||||||||
5.75%, 02/25/2036 | 3,447,694 | 1,249,778 | ||||||
Series 2005-A5, Class A7, | ||||||||
5.50%, 05/25/2035 | 1,011,889 | 707,709 | ||||||
Series 2006-A15, Class A10, | ||||||||
6.04% (1 mo. Term SOFR + | ||||||||
0.71%), 01/25/2037 | 16,419,567 | 4,355,996 | ||||||
Series 2006-A15, Class A11, | ||||||||
0.21% (-1 x 1 mo. Term SOFR + | ||||||||
5.54%), 01/25/2037 (g)(h) | 16,419,567 | 1,235,686 | ||||||
Series 2006-A5CB, Class A6, | ||||||||
6.00%, 06/25/2036 | 2,283,438 | 939,139 | ||||||
RFMSI Trust | ||||||||
Series 2005-SA4, Class 1A21, | ||||||||
5.12%, 09/25/2035 (d) | 1,622,182 | 1,048,788 | ||||||
Series 2005-SA4, Class 2A1, | ||||||||
5.17%, 09/25/2035 (d) | 1,196,874 | 741,982 | ||||||
Series 2006-S3, Class A1, | ||||||||
5.50%, 03/25/2036 | 1,706,074 | 1,361,951 | ||||||
Series 2006-S4, Class A1, | ||||||||
6.00%, 04/25/2036 | 1,725,868 | 1,339,615 | ||||||
Series 2006-S5, Class A15, | ||||||||
6.00%, 06/25/2036 | 1,340,810 | 1,093,790 | ||||||
Series 2006-S5, Class A14, | ||||||||
6.00%, 06/25/2036 | 319,944 | 261,000 | ||||||
Series 2006-S5, Class A18, | ||||||||
6.00%, 06/25/2036 | 166,639 | 134,194 | ||||||
Series 2006-S5, Class A12, | ||||||||
6.00%, 06/25/2036 | 155,422 | 126,788 | ||||||
Series 2006-S6, Class A15, | ||||||||
6.00%, 07/25/2036 | 476,986 | 394,371 | ||||||
Series 2006-S6, Class A10, | ||||||||
6.00%, 07/25/2036 | 92,651 | 76,603 | ||||||
Series 2006-S7, Class A6, | ||||||||
6.25%, 08/25/2036 | 1,010,446 | 803,400 | ||||||
Series 2006-S7, Class A9, | ||||||||
6.50%, 08/25/2036 | 604,106 | 487,856 | ||||||
Series 2006-S9, Class A3, | ||||||||
5.75%, 09/25/2036 | 1,332,843 | 987,865 | ||||||
Series 2007-S1, Class A10, | ||||||||
6.00%, 01/25/2037 | 422,153 | 314,444 | ||||||
Series 2007-S7, Class A7, | ||||||||
6.00%, 07/25/2037 | 1,391,516 | 1,055,677 | ||||||
Specialty Underwriting & Residential | ||||||||
Finance, Series 2006-BC2, | ||||||||
Class A2D, 3.72%, 02/25/2037 (a) | 755,872 | 266,920 | ||||||
Structured Adjustable Rate | ||||||||
Mortgage Loan Trust | ||||||||
Series 2004-18, Class 3A2, | ||||||||
5.92%, 12/25/2034 (d) | 422,591 | 382,207 | ||||||
Series 2005-12, Class 2A1, | ||||||||
5.41%, 06/25/2035 (d) | 552,668 | 407,308 | ||||||
Series 2005-21, Class 7A1, | ||||||||
5.16%, 11/25/2035 (d) | 3,090,751 | 1,968,326 | ||||||
Series 2006-1, Class 6A1, | ||||||||
4.90%, 02/25/2036 (d) | 996,781 | 789,653 | ||||||
Series 2006-1, Class 7A4, | ||||||||
3.96%, 02/25/2036 (d) | 91,649 | 79,491 | ||||||
Series 2006-12, Class 2A1, | ||||||||
4.56%, 01/25/2037 (d) | 531,359 | 372,585 | ||||||
Series 2006-4, Class 6A, | ||||||||
4.14%, 05/25/2036 (d) | 550,519 | 306,345 | ||||||
Series 2007-5, Class 1A1, | ||||||||
5.88% (1 mo. Term SOFR + | ||||||||
0.55%), 06/25/2037 | 1,255,870 | 1,001,316 | ||||||
Series 2007-6, Class 2A1, | ||||||||
5.82% (1 mo. Term SOFR + | ||||||||
0.49%), 07/25/2037 | 4,117,393 | 3,543,132 | ||||||
Series 2007-9, Class 1A1, | ||||||||
7.07% (6 mo. Term SOFR + | ||||||||
1.93%), 10/25/2037 | 838,252 | 729,066 | ||||||
Suntrust Adjustable Rate | ||||||||
Mortgage Loan Trust | ||||||||
Series 2007-1, Class 2A1, | ||||||||
5.61%, 02/25/2037 (d) | 3,118,253 | 2,590,876 | ||||||
Series 2007-2, Class 1A1, | ||||||||
4.50%, 04/25/2037 (d) | 409,530 | 161,899 | ||||||
Suntrust Alternative Loan Trust | ||||||||
Series 2005-1F, Class 2A8, | ||||||||
6.00%, 12/25/2035 | 1,629,051 | 1,470,094 | ||||||
Series 2005-1F, Class 4A1, | ||||||||
6.50%, 12/25/2035 | 1,447,234 | 1,286,240 | ||||||
Series 2005-1F, Class 2A3, | ||||||||
5.75%, 12/25/2035 | 705,456 | 631,894 | ||||||
TBW Mortgage Backed Pass | ||||||||
Through Certificates, | ||||||||
Series 2006-2, Class 3A1, | ||||||||
5.50%, 07/25/2036 | 80,750 | 7,053 | ||||||
Vericrest Opportunity Loan | ||||||||
Transferee, Series 2021-NPL4, | ||||||||
Class A2, 4.95%, 03/27/2051 (a)(e) | 1,656,804 | 1,444,982 | ||||||
WaMu Mortgage Pass – Through | ||||||||
Certificates, Series 2005-AR14, | ||||||||
Class 1A2, 4.89%, 12/25/2035 (d) | 3,968,657 | 3,472,990 | ||||||
WaMu Mortgage Pass | ||||||||
Through Certificates | ||||||||
Series 2003-AR10, Class A6, | ||||||||
5.86%, 10/25/2033 (d) | 5,757,795 | 5,374,125 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 51 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
WaMu Mortgage Pass | ||||||||
Through Certificates (Cont.) | ||||||||
Series 2003-S4, Class CB1, | ||||||||
5.63%, 06/25/2033 (d) | $ | 2,153,457 | $ | 2,048,990 | ||||
Series 2004-S2, Class 3A2, | ||||||||
6.00%, 06/25/2034 | 42,519 | 41,056 | ||||||
Series 2006-AR10, Class 2A1, | ||||||||
4.18%, 09/25/2036 (d) | 860,988 | 723,625 | ||||||
Series 2006-AR16, Class 1A1, | ||||||||
4.28%, 12/25/2036 (d) | 1,014,691 | 872,595 | ||||||
Series 2006-AR8, Class 1A1, | ||||||||
4.40%, 08/25/2046 (d) | 1,408,568 | 1,221,780 | ||||||
Series 2007-HY2, Class 1A1, | ||||||||
3.96%, 12/25/2036 (d) | 12,525,204 | 10,878,049 | ||||||
Series 2007-HY3, Class 4A1, | ||||||||
4.47%, 03/25/2037 (d) | 2,204,055 | 1,956,515 | ||||||
Series 2007-HY5, Class 3A1, | ||||||||
3.85%, 05/25/2037 (d) | 968,048 | 815,608 | ||||||
Series 2007-HY7, Class 1A1, | ||||||||
3.88%, 07/25/2037 (d) | 199,216 | 146,390 | ||||||
Washington Mutual Alternative | ||||||||
Mortgage Pass-Through Certificates | ||||||||
Series 2005-1, Class 5A1, | ||||||||
6.00%, 03/25/2035 | 851,216 | 762,482 | ||||||
Series 2005-4, Class 5A7, | ||||||||
5.50%, 06/25/2035 | 2,547,203 | 2,072,327 | ||||||
Series 2005-5, Class CB4, | ||||||||
5.50%, 07/25/2035 | 911,732 | 812,139 | ||||||
Series 2005-6, Class 2A1, | ||||||||
5.50%, 08/25/2035 | 2,475,275 | 2,072,291 | ||||||
Series 2005-6, Class 3CB, | ||||||||
5.50%, 08/25/2035 | 1,025,478 | 878,598 | ||||||
Series 2005-6, Class 2A8, | ||||||||
5.50%, 08/25/2035 | 541,128 | 453,030 | ||||||
Series 2005-6, Class 1CB, | ||||||||
6.50%, 08/25/2035 | 230,995 | 203,247 | ||||||
Series 2005-9, Class 4A4, | ||||||||
5.50%, 11/25/2035 | 359,431 | 294,522 | ||||||
Series 2006-8, Class A6, | ||||||||
4.15%, 10/25/2036 (a) | 2,413,681 | 830,232 | ||||||
Series 2007-HY1, Class A2A, | ||||||||
5.76% (1 mo. Term SOFR + | ||||||||
0.43%), 02/25/2037 | 1,634,471 | 1,217,421 | ||||||
Series 2007-HY2, Class 1A1, | ||||||||
3.95%, 04/25/2037 (d) | 1,135,803 | 590,763 | ||||||
Series 2007-OC1, Class A1, | ||||||||
5.92% (1 mo. Term SOFR + | ||||||||
0.59%), 01/25/2047 | 3,345,142 | 3,035,709 | ||||||
Series 2007-OC2, Class A3, | ||||||||
6.06% (1 mo. Term SOFR + | ||||||||
0.73%), 06/25/2037 | 3,654,779 | 3,395,339 | ||||||
Wells Fargo Alternative Loan Trust, | ||||||||
Series 2007-PA1, Class A4, | ||||||||
6.00%, 03/25/2037 | 749,105 | 643,798 | ||||||
Wells Fargo Mortgage Backed | ||||||||
Securities Trust | ||||||||
Series 2004-J, Class A1, | ||||||||
5.37%, 07/25/2034 (d) | 2,910,258 | 2,630,075 | ||||||
Series 2005-AR14, Class A1, | ||||||||
5.95%, 08/25/2035 (d) | 480,032 | 458,023 | ||||||
Series 2006-AR1, Class 1A1, | ||||||||
6.19%, 03/25/2036 (d) | 1,355,652 | 1,253,906 | ||||||
Series 2006-AR19, Class A1, | ||||||||
6.36%, 12/25/2036 (d) | 1,311,940 | 1,253,367 | ||||||
Series 2006-AR5, Class 1A1, | ||||||||
5.11%, 04/25/2036 (d) | 2,994,391 | 2,801,507 | ||||||
Series 2006-AR5, Class 2A1, | ||||||||
5.10%, 04/25/2036 (d) | 1,163,134 | 1,074,535 | ||||||
Series 2007-AR3, Class A1, | ||||||||
5.11%, 04/25/2037 (d) | 563,170 | 479,823 | ||||||
TOTAL NON-AGENCY | ||||||||
RESIDENTIAL MORTGAGE | ||||||||
BACKED SECURITIES | ||||||||
(Cost $497,736,035) | 378,023,988 | |||||||
SHARES | ||||||||
SHORT-TERM INVESTMENTS – 2.8% | ||||||||
Money Market Funds – 0.7% | ||||||||
First American Government | ||||||||
Obligations Fund – | ||||||||
Class X, 5.25% (j) | 49,598,566 | 49,598,566 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 52 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
U.S. Treasury Bills – 2.1% | ||||||||
5.30%, 03/28/2024 (k) | $ | 30,000,000 | $ | 29,881,329 | ||||
5.29%, 04/30/2024 (k) | 30,000,000 | 29,737,675 | ||||||
5.28%, 05/23/2024 (k) | 30,000,000 | 29,637,913 | ||||||
5.31%, 06/18/2024 (k) | 25,000,000 | 24,603,323 | ||||||
5.25%, 08/22/2024 (k) | 25,000,000 | 24,382,501 | ||||||
138,242,741 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $187,847,546) | 187,841,307 | |||||||
TOTAL INVESTMENTS – 99.4% | ||||||||
(Cost $7,165,174,800) | 6,673,469,858 | |||||||
Other Assets in Excess | ||||||||
of Liabilities – 0.6% | 41,312,005 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 6,714,781,863 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (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, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
AG | Aktiengesellschaft |
CMT | Constant Maturity Treasury Rate |
NV | Naamloze Vennootschap |
PLC | Public Limited Company |
PO | Principal Only |
SOFR | Secured Overnight Financing Rate |
TSFR3M | 3 Month Term Secured Overnight Financing Rate |
(a) | Step coupon bond. The rate disclosed is as of February 29, 2024. |
(b) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(c) | Represents less than 0.05% of net assets. |
(d) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024. |
(e) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $1,337,616,851 or 19.9% of the Fund’s net assets. |
(f) | Issuer is currently in default. |
(g) | Interest only security. |
(h) | Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor. |
(i) | Principal only security. |
(j) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
(k) | The rate shown is the effective yield. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 53 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
MUNICIPAL BONDS – 89.7% | ||||||||
Alabama – 3.1% | ||||||||
Black Belt Energy Gas District | ||||||||
5.50%, 06/01/2049 (a) | $ | 3,000,000 | $ | 3,195,788 | ||||
5.50%, 11/01/2053 (a) | 2,625,000 | 2,790,128 | ||||||
5.50%, 10/01/2054 (a) | 3,000,000 | 3,287,443 | ||||||
County of Jefferson AL Sewer | ||||||||
Revenue, 5.25%, 10/01/2040 | 1,000,000 | 1,123,232 | ||||||
Energy Southeast A | ||||||||
Cooperative District | ||||||||
5.50%, 11/01/2053 (a) | 4,000,000 | 4,352,055 | ||||||
5.75%, 04/01/2054 (a) | 1,000,000 | 1,112,128 | ||||||
Southeast Energy Authority A | ||||||||
Cooperative District, | ||||||||
5.50%, 01/01/2053 (a) | 5,635,000 | 6,033,936 | ||||||
21,894,710 | ||||||||
Alaska – 0.6% | ||||||||
Alaska Industrial Development & | ||||||||
Export Authority, 5.25%, 06/01/2045 | 2,735,000 | 2,746,962 | ||||||
CIVICVentures, 5.00%, 09/01/2033 | 1,750,000 | 1,760,685 | ||||||
4,507,647 | ||||||||
Arizona – 1.6% | ||||||||
Arizona Department of Transportation | ||||||||
State Highway Fund Revenue, | ||||||||
5.00%, 07/01/2027 | 2,000,000 | 2,010,118 | ||||||
Arizona Industrial Development | ||||||||
Authority, 1.80%, 07/01/2024 | 175,000 | 172,349 | ||||||
City of Phoenix, AZ, | ||||||||
4.00%, 07/01/2024 | 790,000 | 792,113 | ||||||
City of Phoenix, AZ Park Central | ||||||||
Community Facilities District, | ||||||||
4.38%, 07/01/2024 | 415,000 | 412,778 | ||||||
Industrial Development Authority of | ||||||||
the City of Phoenix Arizona, | ||||||||
4.00%, 07/01/2026 (b) | 1,900,000 | 1,882,043 | ||||||
Maricopa County Unified School | ||||||||
District No 48 Scottsdale, | ||||||||
5.00%, 07/01/2024 | 1,285,000 | 1,292,423 | ||||||
State of Arizona Distribution Revenue | ||||||||
5.50%, 07/01/2038 (c) | 2,060,000 | 2,532,065 | ||||||
5.50%, 07/01/2042 (c) | 1,545,000 | 1,926,408 | ||||||
11,020,297 | ||||||||
Arkansas – 0.2% | ||||||||
County of Pulaski, AR, | ||||||||
5.00%, 03/01/2039 | 1,025,000 | 1,140,815 | ||||||
California – 12.9% | ||||||||
Alhambra Unified School District, | ||||||||
0.00%, 08/01/2037 (d) | 11,000,000 | 6,747,177 | ||||||
Baldwin Park Unified School District, | ||||||||
0.00%, 08/01/2037 (d) | 1,000,000 | 599,020 | ||||||
California Educational | ||||||||
Facilities Authority | ||||||||
5.00%, 03/15/2039 | 1,015,000 | 1,254,585 | ||||||
5.00%, 05/01/2049 | 5,000,000 | 6,105,878 | ||||||
California Health Facilities Financing | ||||||||
Authority, 5.00%, 11/01/2047 | 4,250,000 | 5,048,534 | ||||||
California Infrastructure & Economic | ||||||||
Development Bank, | ||||||||
3.95%, 01/01/2050 (a)(b)(e) | 2,000,000 | 1,999,899 | ||||||
California Municipal Finance | ||||||||
Authority, 4.00%, 12/01/2026 (b) | 1,235,000 | 1,180,167 | ||||||
California Pollution Control | ||||||||
Financing Authority | ||||||||
5.00%, 07/01/2037 (b)(e) | 1,750,000 | 1,876,547 | ||||||
5.00%, 07/01/2038 (b)(e) | 2,000,000 | 2,131,826 | ||||||
City of San Diego, CA Tobacco | ||||||||
Settlement Revenue Funding Corp., | ||||||||
4.00%, 06/01/2032 | 950,000 | 957,334 | ||||||
Coachella Valley Unified School District | ||||||||
0.00%, 08/01/2035 (d) | 795,000 | 535,188 | ||||||
0.00%, 08/01/2043 (d) | 1,015,000 | 441,154 | ||||||
El Rancho Unified School District, | ||||||||
0.00%, 08/01/2035 (d) | 350,000 | 235,089 | ||||||
Fowler Unified School District, | ||||||||
5.50%, 08/01/2053 | 4,945,000 | 5,610,823 | ||||||
Gateway Unified School District, | ||||||||
0.00%, 08/01/2037 (d) | 1,745,000 | 1,063,325 | ||||||
Inland Empire Tobacco Securitization | ||||||||
Corp., 3.68%, 06/01/2038 | 3,000,000 | 2,829,397 | ||||||
Mount San Antonio | ||||||||
Community College District, | ||||||||
0.00%, 08/01/2043 (c) | 1,395,000 | 1,379,448 | ||||||
M-S-R Energy Authority | ||||||||
6.50%, 11/01/2039 | 3,810,000 | 4,898,405 | ||||||
6.50%, 11/01/2039 | 2,645,000 | 3,400,598 | ||||||
Newport Mesa Unified School District | ||||||||
0.00%, 08/01/2037 (d) | 100,000 | 63,895 | ||||||
0.00%, 08/01/2038 (d) | 1,000,000 | 609,222 | ||||||
Norwalk-La Mirada Unified School | ||||||||
District, 0.00%, 08/01/2038 (d) | 680,000 | 373,598 | ||||||
Oceanside Unified School District | ||||||||
0.00%, 08/01/2035 (d) | 135,000 | 90,576 | ||||||
0.00%, 08/01/2036 (d) | 350,000 | 223,469 | ||||||
0.00%, 08/01/2037 (d) | 810,000 | 490,986 | ||||||
0.00%, 08/01/2039 (d) | 400,000 | 218,530 | ||||||
Paramount Unified School District, | ||||||||
0.00%, 08/01/2037 (d) | 630,000 | 382,381 | ||||||
Placentia-Yorba Linda Unified School | ||||||||
District, 0.00%, 08/01/2041 (d) | 5,325,000 | 2,689,930 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 54 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
California – 12.9% (Cont.) | ||||||||
Poway Unified School District | ||||||||
0.00%, 08/01/2037 (d) | $ | 6,320,000 | $ | 3,874,062 | ||||
0.00%, 08/01/2038 (d) | 6,445,000 | 3,755,121 | ||||||
0.00%, 08/01/2040 (d) | 905,000 | 474,134 | ||||||
0.00%, 08/01/2046 (d) | 12,150,000 | 4,465,016 | ||||||
San Bernardino City Unified School | ||||||||
District, 0.00%, 08/01/2035 (d) | 250,000 | 169,055 | ||||||
San Bernardino | ||||||||
Community College District | ||||||||
0.00%, 08/01/2038 (d) | 210,000 | 117,150 | ||||||
0.00%, 08/01/2044 (d) | 12,485,000 | 5,137,177 | ||||||
San Diego Unified School District | ||||||||
0.00%, 07/01/2037 (d) | 595,000 | 371,825 | ||||||
0.00%, 07/01/2038 (d) | 1,655,000 | 984,103 | ||||||
0.00%, 07/01/2040 (d) | 7,760,000 | 4,160,067 | ||||||
0.00%, 07/01/2041 (c) | 3,000,000 | 2,978,488 | ||||||
Santa Barbara Secondary | ||||||||
High School District | ||||||||
0.00%, 08/01/2036 (d) | 340,000 | 203,645 | ||||||
0.00%, 08/01/2040 (d) | 5,825,000 | 2,902,219 | ||||||
St Helena Unified School District, | ||||||||
0.00%, 06/01/2036 (c) | 2,805,000 | 3,471,279 | ||||||
West Contra Costa Unified School | ||||||||
District, 0.00%, 08/01/2036 (d) | 5,945,000 | 3,837,654 | ||||||
90,337,976 | ||||||||
Colorado – 3.0% | ||||||||
City & County of Denver, CO | ||||||||
Airport System Revenue | ||||||||
5.75%, 11/15/2036 (e) | 6,325,000 | 7,825,838 | ||||||
5.75%, 11/15/2041 (e) | 5,760,000 | 6,618,865 | ||||||
City of Fruita, CO Healthcare Revenue, | ||||||||
5.00%, 01/01/2028 | 575,000 | 553,971 | ||||||
Public Authority for Colorado Energy, | ||||||||
6.50%, 11/15/2038 | 4,975,000 | 6,152,588 | ||||||
21,151,262 | ||||||||
Connecticut – 0.4% | ||||||||
State of Connecticut Special Tax | ||||||||
Revenue, 5.25%, 07/01/2040 | 2,500,000 | 2,897,710 | ||||||
District of Columbia – 1.8% | ||||||||
District of Columbia | ||||||||
5.00%, 06/01/2024 | 1,370,000 | 1,375,748 | ||||||
5.50%, 07/01/2047 | 9,795,000 | 11,159,606 | ||||||
12,535,354 | ||||||||
Florida – 6.2% | ||||||||
Bay County School Board | ||||||||
5.50%, 07/01/2041 | 1,315,000 | 1,492,472 | ||||||
5.50%, 07/01/2042 | 1,300,000 | 1,469,266 | ||||||
City of Fort Lauderdale, FL Water & | ||||||||
Sewer Revenue, 5.50%, 09/01/2048 | 1,500,000 | 1,724,214 | ||||||
City of Fort Myers, FL Utility System | ||||||||
Revenue, 5.50%, 10/01/2049 | 5,000,000 | 5,720,500 | ||||||
City of Lakeland, FL Department | ||||||||
of Electric Utilities | ||||||||
5.00%, 10/01/2037 | 1,925,000 | 2,289,393 | ||||||
5.00%, 10/01/2038 | 1,565,000 | 1,857,176 | ||||||
County of Miami-Dade, FL | ||||||||
0.00%, 10/01/2040 (d) | 5,000,000 | 2,494,775 | ||||||
0.00%, 10/01/2041 (d) | 1,445,000 | 683,409 | ||||||
0.00%, 10/01/2042 (d) | 1,380,000 | 619,178 | ||||||
0.00%, 10/01/2045 (d) | 4,500,000 | 1,768,676 | ||||||
County of Miami-Dade, FL | ||||||||
Seaport Department | ||||||||
5.00%, 10/01/2036 (e) | 1,450,000 | 1,590,234 | ||||||
5.00%, 10/01/2038 (e) | 4,370,000 | 4,745,842 | ||||||
County of Sarasota, FL Utility System | ||||||||
Revenue, 5.25%, 10/01/2047 | 2,500,000 | 2,789,029 | ||||||
County of Seminole, FL, | ||||||||
5.25%, 10/01/2039 | 3,520,000 | 4,106,385 | ||||||
Florida Development Finance Corp. | ||||||||
5.50%, 09/15/2025 (b) | 750,000 | 739,082 | ||||||
5.00%, 09/15/2040 (b) | 2,050,000 | 1,916,346 | ||||||
JEA Water & Sewer System Revenue, | ||||||||
5.00%, 10/01/2024 | 3,055,000 | 3,087,530 | ||||||
Palm Beach County School District, | ||||||||
5.25%, 08/01/2040 | 3,645,000 | 4,171,323 | ||||||
43,264,830 | ||||||||
Georgia – 2.9% | ||||||||
City of Conyers, GA, | ||||||||
4.30%, 03/01/2031 | 1,185,000 | 1,048,354 | ||||||
Georgia Ports Authority, | ||||||||
5.00%, 07/01/2041 | 4,145,000 | 4,652,138 | ||||||
Main Street Natural Gas, Inc., | ||||||||
5.00%, 05/01/2054 (a) | 5,000,000 | 5,350,711 | ||||||
State of Georgia | ||||||||
5.00%, 07/01/2024 | 8,000,000 | 8,046,735 | ||||||
5.00%, 07/01/2024 | 975,000 | 980,696 | ||||||
20,078,634 | ||||||||
Hawaii – 0.6% | ||||||||
Honolulu City & County Board of | ||||||||
Water Supply, 4.00%, 07/01/2032 | 4,035,000 | 4,044,484 | ||||||
Illinois – 1.7% | ||||||||
Chicago O’Hare International Airport, | ||||||||
5.25%, 01/01/2039 | 1,190,000 | 1,329,369 | ||||||
City of Joliet, IL, 5.50%, 12/15/2042 | 2,260,000 | 2,557,286 | ||||||
Metropolitan Pier & Exposition | ||||||||
Authority, 0.00%, 12/15/2036 (d) | 6,500,000 | 3,913,656 | ||||||
Will County School District No. 114 | ||||||||
Manhattan, 5.50%, 01/01/2045 | 3,765,000 | 4,224,591 | ||||||
12,024,902 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 55 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Indiana – 7.7% | ||||||||
Avon Community School | ||||||||
Building Corp. | ||||||||
5.50%, 07/15/2040 | $ | 1,000,000 | $ | 1,167,268 | ||||
5.50%, 07/15/2041 | 1,250,000 | 1,451,754 | ||||||
5.50%, 01/15/2043 | 2,750,000 | 3,165,371 | ||||||
City of Valparaiso, IN, | ||||||||
6.75%, 01/01/2034 (e) | 500,000 | 501,197 | ||||||
Clark-Pleasant Community School | ||||||||
Building Corp., 5.25%, 01/15/2042 | 2,500,000 | 2,825,729 | ||||||
Fishers Town Hall Building Corp. | ||||||||
5.50%, 07/15/2038 | 1,000,000 | 1,170,950 | ||||||
5.50%, 07/15/2039 | 700,000 | 818,269 | ||||||
5.50%, 07/15/2040 | 1,500,000 | 1,741,723 | ||||||
5.50%, 07/15/2043 | 2,000,000 | 2,295,854 | ||||||
Fort Wayne Redevelopment Authority, | ||||||||
5.00%, 12/15/2041 | 2,040,000 | 2,261,721 | ||||||
Greater Clark Building Corp. | ||||||||
6.00%, 07/15/2038 | 5,955,000 | 7,188,807 | ||||||
6.00%, 01/15/2042 | 5,655,000 | 6,689,477 | ||||||
6.00%, 01/15/2043 | 1,125,000 | 1,347,248 | ||||||
Indianapolis Local Public Improvement | ||||||||
Bond Bank, 6.00%, 02/01/2048 | 8,750,000 | 10,319,977 | ||||||
IPS Multi-School Building Corp., | ||||||||
5.50%, 07/15/2042 | 1,250,000 | 1,434,418 | ||||||
Lake Ridge Multi-School | ||||||||
Building Corp., 5.50%, 07/15/2040 | 1,500,000 | 1,717,234 | ||||||
Noblesville High School | ||||||||
Building Corp. | ||||||||
6.00%, 07/15/2038 | 350,000 | 428,075 | ||||||
6.00%, 07/15/2040 | 500,000 | 604,431 | ||||||
6.00%, 01/15/2043 | 1,000,000 | 1,194,907 | ||||||
Tippecanoe County School Building | ||||||||
Corp., 6.00%, 01/15/2042 | 695,000 | 823,246 | ||||||
Tri-Creek 2002 High School Building | ||||||||
Corp., 5.50%, 07/15/2040 | 4,260,000 | 4,924,467 | ||||||
54,072,123 | ||||||||
Iowa – 0.7% | ||||||||
Iowa Tobacco Settlement Authority, | ||||||||
4.00%, 06/01/2049 | 4,680,000 | 4,726,783 | ||||||
Kansas – 0.1% | ||||||||
Kansas Development Finance Authority, | ||||||||
5.00%, 05/01/2024 | 1,085,000 | 1,087,652 | ||||||
Kentucky – 1.2% | ||||||||
County of Trimble, KY, | ||||||||
1.30%, 09/01/2044 (a)(e) | 3,500,000 | 3,087,171 | ||||||
Kentucky Economic Development | ||||||||
Finance Authority, 5.00%, 05/15/2026 | 625,000 | 611,255 | ||||||
Kentucky Public Energy Authority, | ||||||||
5.00%, 05/01/2055 (a) | 1,000,000 | 1,050,124 | ||||||
Kentucky State Property & | ||||||||
Building Commission | ||||||||
5.50%, 11/01/2041 | 1,205,000 | 1,390,351 | ||||||
5.50%, 11/01/2042 | 2,050,000 | 2,357,215 | ||||||
8,496,116 | ||||||||
Louisiana – 0.6% | ||||||||
Ernest N Morial New Orleans | ||||||||
Exhibition Hall Authority, | ||||||||
5.00%, 07/15/2039 | 2,210,000 | 2,489,043 | ||||||
Louisiana Stadium & Exposition | ||||||||
District, 5.00%, 07/01/2039 | 1,675,000 | 1,882,565 | ||||||
4,371,608 | ||||||||
Maryland – 2.7% | ||||||||
County of Anne Arundel MD, | ||||||||
5.00%, 10/01/2024 | 500,000 | 505,610 | ||||||
Maryland Stadium Authority, | ||||||||
5.00%, 05/01/2050 | 5,775,000 | 6,617,241 | ||||||
State of Maryland | ||||||||
5.00%, 08/01/2024 | 3,020,000 | 3,042,542 | ||||||
5.00%, 08/01/2024 | 1,065,000 | 1,072,950 | ||||||
Washington Suburban Sanitary | ||||||||
Commission, 4.00%, 06/01/2040 | 7,500,000 | 7,512,537 | ||||||
18,750,880 | ||||||||
Massachusetts – 1.9% | ||||||||
Commonwealth of Massachusetts, | ||||||||
5.00%, 01/01/2040 | 7,000,000 | 8,061,892 | ||||||
Massachusetts Clean Water Trust, | ||||||||
5.00%, 08/01/2024 | 500,000 | 503,773 | ||||||
Massachusetts Development Finance | ||||||||
Agency, 5.00%, 07/15/2040 | 3,710,000 | 4,503,029 | ||||||
13,068,694 | ||||||||
Michigan – 1.3% | ||||||||
Lansing Board of Water & Light, | ||||||||
5.00%, 07/01/2043 | 1,795,000 | 2,013,954 | ||||||
Michigan Finance Authority, | ||||||||
3.27%, 06/01/2039 | 6,000,000 | 5,456,835 | ||||||
University of Michigan, | ||||||||
5.00%, 04/01/2024 | 1,535,000 | 1,536,916 | ||||||
9,007,705 | ||||||||
Minnesota – 0.1% | ||||||||
City of Minneapolis, MN, | ||||||||
5.75%, 07/01/2055 | 1,000,000 | 884,368 | ||||||
Missouri – 0.1% | ||||||||
City of Kansas City, MO Sanitary | ||||||||
Sewer System Revenue, | ||||||||
5.00%, 01/01/2041 | 500,000 | 566,494 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 56 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Nevada – 0.7% | ||||||||
Las Vegas Convention & Visitors | ||||||||
Authority, 5.00%, 07/01/2038 | $ | 3,000,000 | $ | 3,368,233 | ||||
State of Nevada Department of | ||||||||
Business & Industry, | ||||||||
8.13%, 01/01/2050 (a)(b)(e) | 1,500,000 | 1,526,569 | ||||||
4,894,802 | ||||||||
New Jersey – 1.7% | ||||||||
New Jersey Economic | ||||||||
Development Authority | ||||||||
5.50%, 01/01/2027 (e) | 300,000 | 300,292 | ||||||
5.25%, 06/15/2037 | 1,560,000 | 1,836,556 | ||||||
5.25%, 06/15/2038 | 1,935,000 | 2,258,891 | ||||||
New Jersey Transportation | ||||||||
Trust Fund Authority | ||||||||
0.00%, 12/15/2037 (d) | 3,395,000 | 2,049,475 | ||||||
0.00%, 12/15/2038 (d) | 1,125,000 | 643,495 | ||||||
0.00%, 12/15/2038 (d) | 1,000,000 | 562,945 | ||||||
0.00%, 12/15/2039 (d) | 7,565,000 | 4,066,376 | ||||||
11,718,030 | ||||||||
New York – 4.5% | ||||||||
Build NYC Resource Corp. | ||||||||
4.00%, 06/15/2031 (b) | 600,000 | 566,175 | ||||||
4.00%, 06/15/2041 (b) | 1,350,000 | 1,103,596 | ||||||
City of New York NY, | ||||||||
5.00%, 08/01/2024 | 1,870,000 | 1,884,493 | ||||||
New York City Transitional Finance | ||||||||
Authority, 5.50%, 05/01/2044 | 3,575,000 | 4,183,108 | ||||||
New York City Transitional Finance | ||||||||
Authority Future Tax Secured | ||||||||
Revenue, 5.50%, 11/01/2045 | 4,825,000 | 5,538,056 | ||||||
New York State Dormitory Authority | ||||||||
5.00%, 10/01/2047 | 4,235,000 | 5,095,963 | ||||||
5.00%, 10/01/2048 | 4,000,000 | 4,809,251 | ||||||
Port Authority of New York & | ||||||||
New Jersey, 5.00%, 07/15/2037 (e) | 3,000,000 | 3,329,037 | ||||||
Triborough Bridge & Tunnel Authority, | ||||||||
5.00%, 05/15/2052 | 4,065,000 | 4,748,226 | ||||||
31,257,905 | ||||||||
North Carolina – 2.8% | ||||||||
City of Charlotte, NC, | ||||||||
5.00%, 07/01/2024 | 2,000,000 | 2,012,141 | ||||||
City of Winston-Salem NC Water & | ||||||||
Sewer System Revenue, | ||||||||
5.00%, 06/01/2030 | 1,000,000 | 1,004,268 | ||||||
County of Wake, NC, | ||||||||
5.00%, 03/01/2024 | 600,000 | 600,000 | ||||||
North Carolina Medical | ||||||||
Care Commission | ||||||||
3.75%, 10/01/2028 | 550,000 | 551,072 | ||||||
4.25%, 10/01/2028 | 250,000 | 250,483 | ||||||
University of North Carolina | ||||||||
at Chapel Hill | ||||||||
5.00%, 02/01/2045 | 5,250,000 | 6,181,949 | ||||||
5.00%, 02/01/2049 | 6,300,000 | 7,388,033 | ||||||
Watauga Public Facilities Corp., | ||||||||
5.25%, 06/01/2042 | 1,250,000 | 1,412,869 | ||||||
19,400,815 | ||||||||
Ohio – 2.0% | ||||||||
City of Columbus, OH, | ||||||||
5.00%, 08/15/2024 | 6,915,000 | 6,971,346 | ||||||
County of Hamilton, OH, | ||||||||
5.00%, 11/15/2049 | 6,000,000 | 7,055,302 | ||||||
14,026,648 | ||||||||
Oklahoma – 0.3% | ||||||||
City of Oklahoma City, OK, | ||||||||
5.00%, 03/01/2024 | 440,000 | 440,000 | ||||||
City of Tulsa, OK, 5.00%, 03/01/2024 | 2,000,000 | 2,000,000 | ||||||
2,440,000 | ||||||||
Oregon – 0.9% | ||||||||
Hospital Facilities Authority of | ||||||||
Multnomah County Oregon, | ||||||||
0.95%, 06/01/2027 | 250,000 | 226,035 | ||||||
Oregon State Lottery, | ||||||||
5.00%, 04/01/2024 | 1,000,000 | 1,001,248 | ||||||
Port of Portland, OR Airport | ||||||||
Revenue, 5.00%, 07/01/2037 (e) | 2,000,000 | 2,219,348 | ||||||
State of Oregon | ||||||||
5.00%, 05/01/2024 | 1,305,000 | 1,308,588 | ||||||
5.00%, 05/01/2024 | 675,000 | 676,856 | ||||||
5.00%, 08/01/2024 | 570,000 | 574,254 | ||||||
6,006,329 | ||||||||
Pennsylvania – 4.1% | ||||||||
Allegheny County Sanitary Authority, | ||||||||
5.75%, 06/01/2047 | 6,835,000 | 7,873,927 | ||||||
City of Philadelphia, PA Water & | ||||||||
Wastewater Revenue, | ||||||||
5.50%, 06/01/2047 | 2,365,000 | 2,657,991 | ||||||
Commonwealth of Pennsylvania, | ||||||||
5.00%, 07/15/2024 | 7,000,000 | 7,044,118 | ||||||
Delaware Valley Regional Finance | ||||||||
Authority, 4.53% (1 mo. LIBOR US + | ||||||||
0.88%), 09/01/2048 (f) | 1,000,000 | 999,802 | ||||||
Pennsylvania Turnpike Commission | ||||||||
5.00%, 12/01/2041 | 3,000,000 | 3,449,797 | ||||||
5.25%, 12/01/2041 | 1,000,000 | 1,158,901 | ||||||
5.25%, 12/01/2042 | 1,000,000 | 1,145,736 | ||||||
Southeastern Pennsylvania | ||||||||
Transportation Authority | ||||||||
5.00%, 06/01/2024 | 1,305,000 | 1,310,220 | ||||||
5.25%, 06/01/2041 | 2,585,000 | 2,949,512 | ||||||
28,590,004 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 57 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Puerto Rico – 1.0% | ||||||||
Commonwealth of Puerto Rico | ||||||||
0.00%, 07/01/2024 (d) | $ | 99,093 | $ | 97,783 | ||||
0.00%, 07/01/2033 (d) | 189,697 | 122,268 | ||||||
4.00%, 07/01/2037 | 113,718 | 108,610 | ||||||
4.00%, 07/01/2041 | 154,613 | 143,610 | ||||||
0.00%, 11/01/2043 (a) | 651,922 | 382,189 | ||||||
4.00%, 07/01/2046 | 160,797 | 145,329 | ||||||
GDB Debt Recovery Authority of | ||||||||
Puerto Rico, 7.50%, 08/20/2040 | 2,354,799 | 2,248,833 | ||||||
Puerto Rico Highway & Transportation | ||||||||
Authority, 5.85%, 03/01/2027 | 1,395,000 | 1,381,050 | ||||||
Puerto Rico Sales Tax | ||||||||
Financing Corp. Sales Tax Revenue | ||||||||
0.00%, 07/01/2024 (d) | 872,000 | 862,439 | ||||||
0.00%, 07/01/2029 (d) | 1,589,000 | 1,308,558 | ||||||
6,800,669 | ||||||||
Rhode Island – 1.2% | ||||||||
Rhode Island Health and Educational | ||||||||
Building Corp. | ||||||||
5.50%, 05/15/2042 | 3,335,000 | 3,799,125 | ||||||
5.50%, 05/15/2047 | 4,000,000 | 4,481,081 | ||||||
8,280,206 | ||||||||
South Carolina – 1.8% | ||||||||
County of Horry, SC, | ||||||||
5.25%, 09/01/2047 | 4,000,000 | 4,457,541 | ||||||
Patriots Energy Group Financing | ||||||||
Agency, 5.25%, 02/01/2054 (a) | 4,315,000 | 4,663,831 | ||||||
South Island Public Service District, | ||||||||
5.25%, 04/01/2042 | 3,325,000 | 3,683,898 | ||||||
12,805,270 | ||||||||
Tennessee – 1.0% | ||||||||
Metropolitan Government of | ||||||||
Nashville & Davidson County | ||||||||
5.00%, 07/01/2024 | 1,620,000 | 1,629,094 | ||||||
5.00%, 05/15/2042 | 1,500,000 | 1,718,995 | ||||||
Metropolitan Nashville Airport Authority | ||||||||
5.25%, 07/01/2035 (e) | 1,500,000 | 1,708,998 | ||||||
5.50%, 07/01/2037 (e) | 1,650,000 | 1,893,633 | ||||||
6,950,720 | ||||||||
Texas – 8.3% | ||||||||
Board of Regents of the University of | ||||||||
Texas System, 5.00%, 08/15/2049 | 600,000 | 718,003 | ||||||
City of Austin, TX Water & | ||||||||
Wastewater System Revenue | ||||||||
5.00%, 11/15/2040 | 1,225,000 | 1,390,147 | ||||||
5.00%, 11/15/2041 | 1,700,000 | 1,916,618 | ||||||
City of Houston, TX Airport System | ||||||||
Revenue, 5.25%, 07/01/2039 (e) | 2,745,000 | 3,077,188 | ||||||
City of San Antonio, TX Electric & | ||||||||
Gas Systems Revenue | ||||||||
5.00%, 02/01/2039 | 3,265,000 | 3,724,083 | ||||||
5.25%, 02/01/2040 | 6,000,000 | 6,903,457 | ||||||
Colony Economic Development | ||||||||
Corp., 7.25%, 10/01/2042 | 1,500,000 | 1,442,386 | ||||||
Colony Local Development Corp., | ||||||||
7.25%, 10/01/2033 | 700,000 | 694,170 | ||||||
Denton Independent School District | ||||||||
5.00%, 08/15/2024 | 1,655,000 | 1,667,969 | ||||||
4.00%, 08/15/2032 | 3,000,000 | 3,019,303 | ||||||
Lower Colorado River Authority | ||||||||
5.50%, 05/15/2047 | 5,000,000 | 5,594,677 | ||||||
5.50%, 05/15/2048 | 3,000,000 | 3,371,481 | ||||||
North Texas Tollway Authority | ||||||||
0.00%, 01/01/2036 (d) | 1,085,000 | 705,512 | ||||||
0.00%, 01/01/2038 (d) | 1,055,000 | 617,569 | ||||||
Port of Beaumont Industrial | ||||||||
Development Authority, | ||||||||
4.10%, 01/01/2028 (b) | 3,000,000 | 2,484,074 | ||||||
Pottsboro Higher Education | ||||||||
Finance Corp., 2.00%, 08/15/2040 | 775,000 | 564,792 | ||||||
Prosper Independent School District, | ||||||||
5.00%, 02/15/2042 | 5,000,000 | 5,683,182 | ||||||
Tarrant Regional Water District | ||||||||
Water Supply System Revenue | ||||||||
5.00%, 03/01/2033 | 2,420,000 | 2,420,000 | ||||||
5.00%, 03/01/2044 | 2,000,000 | 2,000,000 | ||||||
Texas Transportation Commission | ||||||||
State Highway Fund, | ||||||||
5.00%, 04/01/2033 | 5,000,000 | 5,005,284 | ||||||
West Harris County Regional Water | ||||||||
Authority, 5.50%, 12/15/2042 | 4,500,000 | 5,157,241 | ||||||
58,157,136 | ||||||||
Utah – 1.9% | ||||||||
City of Salt Lake City, UT | ||||||||
Airport Revenue | ||||||||
5.25%, 07/01/2037 (e) | 500,000 | 567,204 | ||||||
5.25%, 07/01/2038 (e) | 1,255,000 | 1,412,693 | ||||||
5.25%, 07/01/2039 (e) | 1,000,000 | 1,121,016 | ||||||
Wasatch County School District | ||||||||
Local Building Authority, | ||||||||
5.50%, 06/01/2047 | 7,570,000 | 8,432,498 | ||||||
Wildflower Improvement Association, | ||||||||
6.63%, 03/01/2031 (b) | 1,630,204 | 1,562,195 | ||||||
13,095,606 | ||||||||
Virginia – 1.0% | ||||||||
City of Alexandria, VA, | ||||||||
5.00%, 07/01/2024 | 1,000,000 | 1,005,874 | ||||||
Virginia Beach Development Authority, | ||||||||
5.38%, 09/01/2029 | 2,000,000 | 2,065,075 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 58 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Virginia – 1.0% (Cont.) | ||||||||
Virginia Public Building Authority, | ||||||||
5.00%, 08/01/2024 | $ | 1,000,000 | $ | 1,007,424 | ||||
Virginia Public School Authority, | ||||||||
5.00%, 03/01/2024 | 2,660,000 | 2,660,000 | ||||||
6,738,373 | ||||||||
Washington – 4.6% | ||||||||
Central Puget Sound | ||||||||
Regional Transit Authority, | ||||||||
5.00%, 11/01/2046 | 10,000,000 | 11,862,769 | ||||||
City of Seattle, WA Drainage & | ||||||||
Wastewater Revenue | ||||||||
4.00%, 05/01/2030 | 3,600,000 | 3,603,482 | ||||||
4.00%, 05/01/2031 | 1,000,000 | 1,000,888 | ||||||
County of King WA Sewer Revenue, | ||||||||
5.00%, 01/01/2047 | 5,000,000 | 5,025,295 | ||||||
State of Washington | ||||||||
5.00%, 06/01/2024 | 2,865,000 | 2,877,509 | ||||||
5.00%, 07/01/2024 | 755,000 | 759,509 | ||||||
5.00%, 08/01/2024 | 1,435,000 | 1,445,946 | ||||||
5.00%, 08/01/2024 | 815,000 | 821,217 | ||||||
5.00%, 06/01/2045 | 4,000,000 | 4,503,113 | ||||||
Washington State Housing Finance | ||||||||
Commission, 5.00%, 01/01/2055 (b) | 500,000 | 330,779 | ||||||
32,230,507 | ||||||||
Wisconsin – 0.5% | ||||||||
Public Finance Authority, | ||||||||
7.50%, 06/01/2029 (b) | 2,000,000 | 1,956,109 | ||||||
State of Wisconsin, | ||||||||
5.00%, 05/01/2024 | 1,460,000 | 1,464,037 | ||||||
3,420,146 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $606,162,159) | 626,744,210 | |||||||
AGENCY COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES – 5.3% | ||||||||
California Housing Finance Agency, | ||||||||
Series 2021-2, Class X, | ||||||||
0.82%, 03/25/2035 (c)(g) | 31,494,287 | 1,524,953 | ||||||
Freddie Mac Multifamily | ||||||||
ML Certificates | ||||||||
Series 2019-ML05, Class XCA, | ||||||||
0.25%, 11/25/2033 (a)(g) | 45,549,543 | 799,394 | ||||||
Series 2019-ML06, Class XUS, | ||||||||
1.13%, 06/25/2037 (a)(g) | 10,557,039 | 844,669 | ||||||
Series 2020-ML07, Class XUS, | ||||||||
2.02%, 10/25/2036 (a)(b)(g) | 15,073,128 | 2,180,328 | ||||||
Series 2021-ML08, Class XUS, | ||||||||
1.85%, 07/25/2037 (g) | 34,617,140 | 4,632,812 | ||||||
Series 2021-ML09, Class XUS, | ||||||||
1.49%, 02/25/2040 (a)(b)(g) | 38,586,545 | 4,597,201 | ||||||
Freddie Mac Multifamily | ||||||||
ML Certificates (Cont.) | ||||||||
Series 2021-ML10, Class XUS, | ||||||||
2.06%, 01/25/2038 (a)(g) | 14,058,370 | 2,200,135 | ||||||
Series 2021-ML10, Class XUS, | ||||||||
1.52%, 06/25/2038 (a)(b)(g) | 50,304,860 | 5,833,855 | ||||||
Series 2021-ML11, Class XUS, | ||||||||
0.77%, 03/25/2038 (b)(g) | 91,256,518 | 4,819,257 | ||||||
Series 2021-ML12, Class XUS, | ||||||||
1.30%, 07/25/2041 (a)(b)(g) | 19,053,941 | 1,869,192 | ||||||
Series 2022-ML13, Class XUS, | ||||||||
0.96%, 07/25/2036 (a)(g) | 83,709,339 | 4,457,522 | ||||||
Series 2022-ML13, Class XUS, | ||||||||
0.98%, 09/25/2036 (a)(g) | 53,412,007 | 3,533,204 | ||||||
TOTAL AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES | ||||||||
(Cost $40,667,460) | 37,292,522 | |||||||
NON-AGENCY COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES – 1.8% | ||||||||
California Housing Finance Agency | ||||||||
Series 2021-1, Class X, | ||||||||
0.80%, 11/20/2035 (c)(g) | 41,686,000 | 2,038,028 | ||||||
Series 2021-3, Class X, | ||||||||
0.79%, 08/20/2036 (a)(g) | 25,386,210 | 1,311,452 | ||||||
New Hampshire Business | ||||||||
Finance Authority | ||||||||
Series 2022-2, Class X, | ||||||||
0.67%, 10/20/2036 (c)(g) | 67,432,737 | 3,240,143 | ||||||
Series 2023-2, Class X, | ||||||||
0.81%, 01/20/2038 (a)(g) | 60,000,000 | 3,429,600 | ||||||
Washington State Housing Finance | ||||||||
Commission, Series 2021-1, | ||||||||
Class X, 0.73%, 12/20/2035 (a)(g) | 61,155,422 | 2,749,548 | ||||||
TOTAL NON-AGENCY | ||||||||
COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES | ||||||||
(Cost $13,441,802) | 12,768,771 | |||||||
CORPORATE BONDS – 0.4% | ||||||||
Real Estate Management & Development – 0.4% | ||||||||
MMH Master LLC, | ||||||||
6.38%, 02/01/2034 (b) | 3,000,000 | 3,000,000 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $3,007,500) | 3,000,000 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 59 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
SHARES | VALUE | |||||||
SHORT-TERM INVESTMENTS – 4.0% | ||||||||
Money Market Funds – 4.0% | ||||||||
First American Government | ||||||||
Obligations Fund – | ||||||||
Class X, 5.25%(h) | 28,236,434 | $ | 28,236,434 | |||||
TOTAL SHORT-TERM | ||||||||
INVESTMENTS | ||||||||
(Cost $28,236,434) | 28,236,434 | |||||||
TOTAL INVESTMENTS – 101.2% | ||||||||
(Cost $691,515,355) | 708,041,937 | |||||||
Liabilities in Excess | ||||||||
of Other Assets – (1.2)% | (9,178,971 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 698,862,966 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (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, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LIBOR | London Interbank Offered Rate |
(a) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024. |
(b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $43,555,240 or 6.2% of the Fund’s net assets. |
(c) | Step coupon bond. The rate disclosed is as of February 29, 2024. |
(d) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(e) | Security subject to the Alternative Minimum Tax (“AMT”). As of February 29, 2024, the total value of securities subject to the AMT was $47,533,397 or 6.7% of net assets. |
(f) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(g) | Interest only security. |
(h) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 60 |
PERFORMANCE TRUST MULTISECTOR BOND FUND — SCHEDULE OF INVESTMENTS
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
CORPORATE BONDS – 41.5% | ||||||||
Aerospace & Defense – 1.0% | ||||||||
TransDigm, Inc., | ||||||||
6.63%, 03/01/2032 (a) | $ | 1,000,000 | $ | 1,008,343 | ||||
Banks – 12.6% | ||||||||
Banner Corp., | ||||||||
5.00% to 06/30/2025 then 3 mo. | ||||||||
Term SOFR + 4.89%, 06/30/2030 | 1,000,000 | 921,294 | ||||||
Barclays PLC, | ||||||||
6.13% to 06/15/2026 then | ||||||||
5 yr. CMT Rate + 5.87%, Perpetual | 1,000,000 | 953,367 | ||||||
Deutsche Bank AG, | ||||||||
7.08% to 02/10/2033 then | ||||||||
SOFR + 3.65%, 02/10/2034 | 1,000,000 | 996,694 | ||||||
First Busey Corp., | ||||||||
5.25% to 06/01/2025 then 3 mo. | ||||||||
Term SOFR + 5.11%, 06/01/2030 | 1,000,000 | 953,376 | ||||||
First Financial Bancorp., | ||||||||
5.25% to 05/15/2025 then 3 mo. | ||||||||
Term SOFR + 5.09%, 05/15/2030 | 1,000,000 | 961,584 | ||||||
Home BancShares, Inc., | ||||||||
3.13% to 01/30/2027 then 3 mo. | ||||||||
Term SOFR + 1.82%, 01/30/2032 | 1,500,000 | 1,151,839 | ||||||
National Australia Bank Ltd., | ||||||||
3.35% to 01/12/2032 then 5 yr. | ||||||||
CMT Rate + 1.70%, 01/12/2037 (a) | 1,000,000 | 834,625 | ||||||
Park National Corp., | ||||||||
4.50% to 09/01/2025 then 3 mo. | ||||||||
Term SOFR + 4.39%, 09/01/2030 | 1,250,000 | 1,177,246 | ||||||
Renasant Corp., | ||||||||
4.50% to 09/15/2030 then 3 mo. | ||||||||
Term SOFR + 4.03%, 09/15/2035 | 1,000,000 | 692,332 | ||||||
Synovus Financial Corp., | ||||||||
7.54% to 02/07/2029 then 5 Yr. | ||||||||
Mid Swap Rate USD + | ||||||||
3.38%, 02/07/2029 | 1,000,000 | 946,004 | ||||||
Texas Capital Bancshares, Inc., | ||||||||
4.00% to 05/06/2026 then 5 yr. | ||||||||
CMT Rate + 3.15%, 05/06/2031 | 1,000,000 | 854,860 | ||||||
Western Alliance Bank, | ||||||||
5.25% to 06/01/2025 then 3 mo. | ||||||||
Term SOFR + 5.12%, 06/01/2030 | 1,500,000 | 1,448,085 | ||||||
WSFS Financial Corp., | ||||||||
2.75% to 12/15/2025 then | ||||||||
TSFR3M + 2.49%, 12/15/2030 | 1,000,000 | 798,811 | ||||||
12,690,117 | ||||||||
Building Products – 0.9% | ||||||||
JELD-WEN, Inc., | ||||||||
4.88%, 12/15/2027 (a) | 1,000,000 | 943,715 | ||||||
Capital Markets – 2.1% | ||||||||
Ares Capital Corp., | ||||||||
3.20%, 11/15/2031 | 1,300,000 | 1,060,695 | ||||||
MSCI, Inc., 3.63%, 11/01/2031 (a) | 1,250,000 | 1,083,510 | ||||||
2,144,205 | ||||||||
Consumer Finance – 3.7% | ||||||||
Ally Financial, Inc., | ||||||||
6.70%, 02/14/2033 | 1,250,000 | 1,231,958 | ||||||
Ford Motor Credit Co., LLC, | ||||||||
7.35%, 03/06/2030 | 1,250,000 | 1,325,083 | ||||||
OneMain Finance Corp., | ||||||||
5.38%, 11/15/2029 | 1,250,000 | 1,161,344 | ||||||
3,718,385 | ||||||||
Containers & Packaging – 1.1% | ||||||||
Graphic Packaging International, LLC, | ||||||||
3.50%, 03/01/2029 (a) | 1,255,000 | 1,120,572 | ||||||
Distributors – 1.0% | ||||||||
LKQ Corp., 6.25%, 06/15/2033 | 1,000,000 | 1,027,773 | ||||||
Diversified Consumer Services – 1.9% | ||||||||
Service Corp. International, | ||||||||
4.00%, 05/15/2031 | 1,000,000 | 879,608 | ||||||
Washington University, | ||||||||
4.35%, 04/15/2122 | 1,200,000 | 1,007,017 | ||||||
1,886,625 | ||||||||
Electrical Equipment – 2.1% | ||||||||
Regal Rexnord Corp., | ||||||||
6.30%, 02/15/2030 (a) | 1,000,000 | 1,018,154 | ||||||
Sensata Technologies, Inc., | ||||||||
4.38%, 02/15/2030 (a) | 1,250,000 | 1,139,615 | ||||||
2,157,769 | ||||||||
Financial Services – 0.2% | ||||||||
Compeer Financial FLCA, | ||||||||
3.38% to 06/01/2031 then | ||||||||
SOFR + 1.97%, 06/01/2036 (a) | 250,000 | 176,818 | ||||||
Household Durables – 2.9% | ||||||||
M/I Homes, Inc., 3.95%, 02/15/2030 | 1,300,000 | 1,161,429 | ||||||
Meritage Homes Corp., | ||||||||
3.88%, 04/15/2029 (a) | 1,000,000 | 911,055 | ||||||
Tempur Sealy International, Inc., | ||||||||
3.88%, 10/15/2031 (a) | 1,000,000 | 832,728 | ||||||
2,905,212 | ||||||||
Media – 2.2% | ||||||||
CCO Holdings Capital Corp., | ||||||||
4.75%, 02/01/2032 (a) | 1,500,000 | 1,212,937 | ||||||
Sirius XM Radio, Inc., | ||||||||
3.88%, 09/01/2031 (a) | 1,250,000 | 1,034,491 | ||||||
2,247,428 | ||||||||
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 61 |
PERFORMANCE TRUST MULTISECTOR BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
Professional Services – 0.9% | ||||||||
Science Applications International | ||||||||
Corp., 4.88%, 04/01/2028 (a) | $ | 1,000,000 | $ | 947,880 | ||||
Real Estate Management & | ||||||||
Development – 1.0% | ||||||||
Cushman & Wakefield US Borrower, | ||||||||
LLC, 8.88%, 09/01/2031 (a) | 1,000,000 | 1,042,365 | ||||||
Retail REITs – 0.8% | ||||||||
American Finance Trust, Inc., | ||||||||
4.50%, 09/30/2028 (a) | 1,000,000 | 836,923 | ||||||
Software – 0.9% | ||||||||
Open Text Corp., | ||||||||
3.88%, 02/15/2028 (a) | 1,000,000 | 919,952 | ||||||
Specialty Retail – 4.0% | ||||||||
Asbury Automotive Group, Inc., | ||||||||
5.00%, 02/15/2032 (a) | 1,250,000 | 1,111,118 | ||||||
AutoNation, Inc., 3.85%, 03/01/2032 | 1,250,000 | 1,091,503 | ||||||
Ken Garff Automotive, LLC, | ||||||||
4.88%, 09/15/2028 (a) | 1,000,000 | 921,177 | ||||||
Lithia Motors, Inc., | ||||||||
4.38%, 01/15/2031 (a) | 1,000,000 | 888,123 | ||||||
4,011,921 | ||||||||
Technology Hardware, | ||||||||
Storage & Peripherals – 1.2% | ||||||||
Dell International, LLC, | ||||||||
8.10%, 07/15/2036 | 1,000,000 | 1,199,667 | ||||||
Trading Companies & | ||||||||
Distributors – 1.0% | ||||||||
WESCO Distribution, Inc., | ||||||||
6.63%, 03/15/2032 (a) | 1,000,000 | 1,001,519 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $41,788,627) | 41,987,189 | |||||||
NON-AGENCY COMMERCIAL | ||||||||
MORTGAGE BACKED SECURITIES – 19.0% | ||||||||
BANK | ||||||||
Series 2018-BN10, Class D, | ||||||||
2.60%, 02/15/2061 (a) | 1,000,000 | 767,345 | ||||||
Series 2019-BN23, Class C, | ||||||||
3.51%, 12/15/2052 (b) | 1,000,000 | 799,034 | ||||||
Series 2020-BN29, Class D, | ||||||||
2.50%, 11/15/2053 (a) | 850,000 | 561,687 | ||||||
Series 2021-BN35, Class C, | ||||||||
2.90%, 06/15/2064 (b) | 1,255,000 | 931,924 | ||||||
Series 2022-BN40, Class D, | ||||||||
2.50%, 03/15/2064 (a) | 1,000,000 | 616,757 | ||||||
BBCMS Trust, Series 2022-C17, | ||||||||
Class XA, 1.15%, 09/15/2055 (b)(c) | 14,954,706 | 1,125,014 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2021-B27, Class XD, | ||||||||
1.49%, 07/15/2054 (a)(b)(c) | 15,000,000 | 1,293,005 | ||||||
Series 2021-B29, Class C, | ||||||||
2.75%, 09/15/2054 (b) | 1,000,000 | 725,150 | ||||||
BMO Mortgage Trust, | ||||||||
Series 2023-C7, Class XA, | ||||||||
0.81%, 12/15/2056 (a)(b)(c) | 24,998,588 | 1,418,944 | ||||||
Citigroup Commercial Mortgage | ||||||||
Trust, Series 2016-C1, Class C, | ||||||||
4.94%, 05/10/2049 (b) | 1,000,000 | 945,799 | ||||||
GS Mortgage Securities Corp. II | ||||||||
Series 2012-BWTR, Class A, | ||||||||
2.95%, 11/05/2034 (a) | 1,000,000 | 748,327 | ||||||
Series 2012-BWTR, Class B, | ||||||||
3.26%, 11/05/2034 (a) | 478,000 | 242,837 | ||||||
Morgan Stanley Bank of America | ||||||||
Merrill Lynch Trust, Series 2017-C34, | ||||||||
Class D, 2.70%, 11/15/2052 (a) | 1,000,000 | 684,313 | ||||||
Morgan Stanley Capital I, Inc. | ||||||||
Series 2017-H1, Class C, | ||||||||
4.28%, 06/15/2050 (b) | 1,500,000 | 1,331,199 | ||||||
Series 2017-HR2, Class C, | ||||||||
4.32%, 12/15/2050 (b) | 1,400,000 | 1,267,681 | ||||||
Series 2019-H7, Class D, | ||||||||
3.00%, 07/15/2052 (a) | 1,000,000 | 726,508 | ||||||
Wells Fargo Commercial | ||||||||
Mortgage Trust | ||||||||
Series 2015-C28, Class D, | ||||||||
4.08%, 05/15/2048 (b) | 1,000,000 | 838,441 | ||||||
Series 2016-C37, Class D, | ||||||||
3.17%, 12/15/2049 (a)(b) | 1,250,000 | 1,031,918 | ||||||
Series 2018-C43, Class C, | ||||||||
4.51%, 03/15/2051 (b) | 1,250,000 | 1,113,335 | ||||||
Series 2019-C52, Class C, | ||||||||
3.56%, 08/15/2052 | 1,000,000 | 788,870 | ||||||
Series 2020-C57, Class C, | ||||||||
4.02%, 08/15/2053 (b) | 1,500,000 | 1,292,471 | ||||||
TOTAL NON-AGENCY | ||||||||
COMMERCIAL MORTGAGE | ||||||||
BACKED SECURITIES | ||||||||
(Cost $19,787,085) | 19,250,559 | |||||||
COLLATERALIZED LOAN | ||||||||
OBLIGATIONS – 14.7% | ||||||||
Apidos CLO | ||||||||
Series 2013-12A, Class ER, | ||||||||
10.98% (3 mo. Term SOFR + | ||||||||
5.66%), 04/15/2031 (a) | 1,000,000 | 927,219 | ||||||
Series 2019-31A, Class ER, | ||||||||
12.18% (3 mo. Term SOFR + | ||||||||
6.86%), 04/15/2031 (a) | 1,000,000 | 984,429 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 62 |
PERFORMANCE TRUST MULTISECTOR BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
PAR | VALUE | |||||||
ARES CLO | ||||||||
Series 2015-4A, Class CR, | ||||||||
8.23% (3 mo. Term SOFR + | ||||||||
2.91%), 10/15/2030 (a) | $ | 1,000,000 | $ | 982,631 | ||||
Series 2016-39A, Class DR2, | ||||||||
8.91% (3 mo. Term SOFR + | ||||||||
3.61%), 04/18/2031 (a) | 1,000,000 | 974,200 | ||||||
Burnham Park CLO, Series 2016-1A, | ||||||||
Class DR, 8.43% (3 mo. Term | ||||||||
SOFR + 3.11%), 10/20/2029 (a) | 1,000,000 | 994,560 | ||||||
Buttermilk Park CLO, Series 2018-1A, | ||||||||
Class D, 8.68% (3 mo. Term SOFR + | ||||||||
3.36%), 10/15/2031 (a) | 1,000,000 | 992,668 | ||||||
Gilbert Park CLO, Series 2017-1A, | ||||||||
Class D, 8.53% (TSFR3M + | ||||||||
3.21%), 10/15/2030 (a) | 1,000,000 | 999,584 | ||||||
Goldentree Loan Opportunities Ltd. | ||||||||
Series 2015-11A, Class ER2, | ||||||||
10.96% (TSFR3M + 5.66%), | ||||||||
01/18/2031 (a) | 1,000,000 | 993,306 | ||||||
Series 2017-2A, Class E, | ||||||||
10.28% (3 mo. Term SOFR + | ||||||||
4.96%), 11/28/2030 (a) | 1,000,000 | 1,000,572 | ||||||
Series 2022-16A, Class DR, | ||||||||
10.11% (3 mo. Term SOFR + | ||||||||
4.75%), 01/20/2034 (a) | 1,000,000 | 1,009,521 | ||||||
LCM LP, Series 22A, Class CR, | ||||||||
8.38% (TSFR3M + 3.06%), | ||||||||
10/20/2028 (a) | 1,000,000 | 993,089 | ||||||
Magnetite CLO Ltd., Series 2016-18A, | ||||||||
Class ER, 10.82% (3 mo. Term | ||||||||
SOFR + 5.51%), 11/15/2028 (a) | 1,000,000 | 1,000,583 | ||||||
Neuberger Berman CLO Ltd. | ||||||||
Series 2018-27A, Class D, | ||||||||
8.18% (TSFR3M + 2.86%), | ||||||||
01/15/2030 (a) | 1,000,000 | 993,475 | ||||||
Series 2019-33A, Class DR, | ||||||||
8.48% (3 mo. Term SOFR + 3.16%), | ||||||||
10/16/2033 (a) | 1,000,000 | 987,801 | ||||||
Series 2019-35A, Class E, | ||||||||
12.57% (3 mo. Term SOFR + | ||||||||
7.26%), 01/19/2033 (a) | 1,000,000 | 980,988 | ||||||
TOTAL COLLATERALIZED | ||||||||
LOAN OBLIGATIONS | ||||||||
(Cost $14,418,626) | 14,814,626 | |||||||
ASSET-BACKED SECURITIES – 6.4% | ||||||||
American Credit Acceptance | ||||||||
Receivables Trust, Series 2021-2, | ||||||||
Class E, 2.54%, 07/13/2027 (a) | 1,000,000 | 969,494 | ||||||
Exeter Automobile Receivables Trust, | ||||||||
Series 2021-2A, Class E, | ||||||||
2.90%, 07/17/2028 (a) | 1,500,000 | 1,410,281 | ||||||
GLS Auto Receivables Trust | ||||||||
Series 2020-2A, Class D, | ||||||||
7.48%, 04/15/2027 (a) | 1,225,000 | 1,235,685 | ||||||
Series 2021-2A, Class E, | ||||||||
2.87%, 05/15/2028 (a) | 1,000,000 | 945,794 | ||||||
Series 2021-3A, Class E, | ||||||||
3.20%, 10/16/2028 (a) | 1,000,000 | 930,103 | ||||||
Westlake Automobile Receivables | ||||||||
Trust, Series 2021-3A, Class E, | ||||||||
3.42%, 04/15/2027 (a) | 1,000,000 | 958,241 | ||||||
TOTAL ASSET-BACKED | ||||||||
SECURITIES | ||||||||
(Cost $6,418,479) | 6,449,598 | |||||||
U.S. TREASURY OBLIGATIONS – 6.1% | ||||||||
United States Treasury Notes/Bonds | ||||||||
4.25%, 11/15/2040 | 1,000,000 | 977,500 | ||||||
3.88%, 05/15/2043 | 2,000,000 | 1,828,242 | ||||||
4.38%, 08/15/2043 | 1,000,000 | 978,750 | ||||||
4.75%, 11/15/2043 | 2,300,000 | 2,365,946 | ||||||
TOTAL U.S. TREASURY | ||||||||
OBLIGATIONS | ||||||||
(Cost $6,290,213) | 6,150,438 | |||||||
MUNICIPAL BONDS – 5.6% | ||||||||
Illinois – 0.7% | ||||||||
Metropolitan Pier & Exposition | ||||||||
Authority, 0.00%, 06/15/2038 (d) | 1,250,000 | 664,484 | ||||||
Michigan – 1.0% | ||||||||
University of Michigan, | ||||||||
4.45%, 04/01/2122 | 1,221,000 | 1,042,740 | ||||||
Ohio – 1.2% | ||||||||
Ohio State University, | ||||||||
4.80%, 06/01/2111 | 1,250,000 | 1,143,723 | ||||||
Pennsylvania – 1.1% | ||||||||
Pennsylvania Turnpike Commission, | ||||||||
3.00%, 12/01/2042 | 1,250,000 | 1,056,449 | ||||||
Tennessee – 0.6% | ||||||||
New Memphis Arena Public Building | ||||||||
Authority, 0.00%, 04/01/2043 (d) | 1,625,000 | 641,067 |
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 63 |
PERFORMANCE TRUST MULTISECTOR BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 29, 2024 (Unaudited)
SHARES | VALUE | |||||||
Texas – 0.8% | ||||||||
Port of Beaumont Industrial | ||||||||
Development Authority, | ||||||||
4.10%, 01/01/2028 (a) | $ | 1,000,000 | $ | 828,025 | ||||
Wisconsin – 0.2% | ||||||||
Public Finance Authority, | ||||||||
7.50%, 06/01/2029 (a) | 250,000 | 244,514 | ||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $5,530,384) | 5,621,002 | |||||||
NON-AGENCY RESIDENTIAL | ||||||||
MORTGAGE BACKED SECURITIES – 4.0% | ||||||||
Banc of America Alternative Loan | ||||||||
Trust, Series 2006-2, Class 4CB1, | ||||||||
6.50%, 03/25/2036 | 1,226,161 | 986,944 | ||||||
Countrywide Home Loan Mortgage | ||||||||
Pass Through Trust, Series 2006-17, | ||||||||
Class A8, 6.00% (1 mo. Term SOFR + | ||||||||
0.66%), 12/25/2036 | 344,029 | 140,847 | ||||||
Credit Suisse Management, LLC, | ||||||||
Series 2005-11, Class 3A3, | ||||||||
5.50%, 12/25/2035 | 355,704 | 149,426 | ||||||
Vericrest Opportunity Loan Transferee, | ||||||||
Series 2021-NPL4, Class A2, | ||||||||
4.95%, 03/27/2051 (a)(e) | 351,443 | 306,511 | ||||||
WaMu Mortgage | ||||||||
Pass – Through Certificates | ||||||||
Series 2005-AR14, Class 1A2, | ||||||||
4.89%, 12/25/2035 (b) | 1,284,436 | 1,124,016 | ||||||
Series 2006-AR12, Class 1A1, | ||||||||
4.48%, 10/25/2036 (b) | 1,490,350 | 1,314,747 | ||||||
TOTAL NON-AGENCY | ||||||||
RESIDENTIAL MORTGAGE | ||||||||
BACKED SECURITIES | ||||||||
(Cost $4,476,304) | 4,022,491 | |||||||
SHORT-TERM INVESTMENTS – 3.6% | ||||||||
Money Market Funds – 3.6% | ||||||||
First American Government | ||||||||
Obligations Fund – | ||||||||
Class X, 5.23%(f) | 3,643,077 | $ | 3,643,077 | |||||
TOTAL SHORT-TERM | ||||||||
INVESTMENTS | ||||||||
(Cost $3,643,077) | 3,643,077 | |||||||
TOTAL INVESTMENTS – 100.9% | ||||||||
(Cost $102,352,795) | 101,938,980 | |||||||
Liabilities in Excess | ||||||||
of Other Assets – (0.9)% | (871,212 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 101,067,768 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (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, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
AG | Aktiengesellschaft |
CMT | Constant Maturity Treasury Rate |
PLC | Public Limited Company |
SOFR | Secured Overnight Financing Rate |
TSFR3M | 3 Month Term Secured Overnight Financing Rate |
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $49,720,535 or 49.2% of the Fund’s net assets. |
(b) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024. |
(c) | Interest only security. |
(d) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(e) | Step coupon bond. The rate disclosed is as of February 29, 2024. |
(f) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 64 |
STATEMENTS OF OPERATIONS
For the Six Months Ended February 29, 2024 (Unaudited)
Performance Trust | Performance Trust | Performance Trust | ||||||||||
Total Return | Municipal | Multisector | ||||||||||
Bond Fund | Bond Fund | Bond Fund | ||||||||||
Investment Income | ||||||||||||
Interest income | $ | 155,170,211 | $ | 13,785,732 | $ | 3,353,490 | ||||||
Total Investment Income | 155,170,211 | 13,785,732 | 3,353,490 | |||||||||
Expenses | ||||||||||||
Advisory fees | 17,829,907 | 1,241,012 | 369,781 | |||||||||
Sub-transfer agent fees | 2,791,420 | — | — | |||||||||
Administration and accounting fees | 1,187,518 | 137,653 | 35,158 | |||||||||
Transfer agent fees and expenses | 467,008 | 53,180 | 11,017 | |||||||||
Distribution fees – Class C | 161,732 | — | — | |||||||||
Custody fees | 140,143 | 14,353 | 2,844 | |||||||||
Federal and state registration fees | 136,576 | 36,782 | 12,757 | |||||||||
Reports to shareholders | 136,240 | 12,099 | 2,367 | |||||||||
Shareholder servicing fees – Class C | 53,911 | — | — | |||||||||
Distribution fees – Class A | 37,026 | 40,407 | — | |||||||||
Audit and tax fees | 21,016 | 10,829 | 10,829 | |||||||||
Legal fees | 16,447 | 7,737 | 7,990 | |||||||||
Insurance expense | 16,086 | 3,358 | 2,077 | |||||||||
Trustees’ fees | 12,371 | 12,371 | 12,371 | |||||||||
Chief Compliance Officer fees | 5,824 | 5,824 | 5,824 | |||||||||
Other expenses | 19,285 | 5,095 | 3,184 | |||||||||
Total Expenses | 23,032,510 | 1,580,700 | 476,199 | |||||||||
Expense Reimbursement by Adviser (Note 4) | — | — | (18,595 | ) | ||||||||
Net Expenses | 23,032,510 | 1,580,700 | 457,604 | |||||||||
Net Investment Income | 132,137,701 | 12,205,032 | 2,895,886 | |||||||||
Realized and Unrealized Loss on Investments | ||||||||||||
Net realized loss from: | ||||||||||||
Investments | (126,050,108 | ) | (8,586,374 | ) | (185,179 | ) | ||||||
Change in net unrealized | ||||||||||||
appreciation/depreciation from investments | 235,085,052 | 32,753,149 | 3,539,311 | |||||||||
Net Realized and Unrealized Gain on Investments | 109,034,944 | 24,166,775 | 3,354,132 | |||||||||
Net Increase in | ||||||||||||
Net Assets from Operations | $ | 241,172,645 | $ | 36,371,807 | $ | 6,250,018 |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 65 |
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Total Return Bond Fund
Six Months Ended | ||||||||
February 29, 2024 | Year Ended | |||||||
(Unaudited) | August 31, 2023 | |||||||
From Operations | ||||||||
Net investment income | $ | 132,137,701 | $ | 204,968,824 | ||||
Net realized loss from investments | (126,050,108 | ) | (231,808,333 | ) | ||||
Change in net unrealized appreciation from investments | 235,085,052 | 22,979,067 | ||||||
Net Increase (Decrease) in net assets from operations | 241,172,645 | (3,860,442 | ) | |||||
From Distributions | ||||||||
Net Distributions | ||||||||
Institutional Class | (136,314,761 | ) | (204,912,825 | ) | ||||
Class A | (647,444 | ) | (1,118,873 | ) | ||||
Class C | (797,293 | ) | (1,234,132 | ) | ||||
Net decrease in net assets resulting from distributions paid | (137,759,498 | ) | (207,265,830 | ) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold | ||||||||
Institutional Class | 1,755,451,991 | 2,537,736,439 | ||||||
Class A | 6,577,577 | 14,637,086 | ||||||
Class C | 8,804,426 | 6,801,990 | ||||||
Shares issued in reinvestment of distributions declared | ||||||||
Institutional Class | 118,784,459 | 179,815,401 | ||||||
Class A | 627,815 | 1,066,967 | ||||||
Class C | 794,798 | 1,232,346 | ||||||
Cost for shares redeemed | ||||||||
Institutional Class | (1,050,977,827 | ) | (2,263,701,105 | ) | ||||
Class A | (6,218,368 | ) | (17,867,623 | ) | ||||
Class C | (5,981,202 | ) | (11,396,206 | ) | ||||
Net increase in net assets from capital share transactions | 827,863,669 | 448,325,295 | ||||||
Total Increase in Net Assets | 931,276,816 | 237,199,023 | ||||||
Net Assets | ||||||||
Beginning of period | 5,783,505,047 | 5,546,306,024 | ||||||
End of period | $ | 6,714,781,863 | $ | 5,783,505,047 |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 66 |
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Municipal Bond Fund
Six Months Ended | ||||||||
February 29, 2024 | Year Ended | |||||||
(Unaudited) | August 31, 2023 | |||||||
From Operations | ||||||||
Net investment income | $ | 12,205,032 | $ | 22,808,967 | ||||
Net realized loss from investments | (8,586,374 | ) | (35,660,856 | ) | ||||
Change in net unrealized appreciation from investments | 32,753,149 | 14,938,824 | ||||||
Net increase in net assets from operations | 36,371,807 | 2,086,935 | ||||||
From Distributions | ||||||||
Net Distributions | ||||||||
Institutional Class | (11,741,086 | ) | (21,059,221 | ) | ||||
Class A | (571,941 | ) | (1,245,577 | ) | ||||
Net decrease in net assets resulting from distributions paid | (12,313,027 | ) | (22,304,798 | ) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold | ||||||||
Institutional Class | 217,675,263 | 323,241,552 | ||||||
Class A | 13,820,018 | 15,146,083 | ||||||
Shares issued in reinvestment of distributions declared | ||||||||
Institutional Class | 10,324,868 | 18,735,579 | ||||||
Class A | 548,019 | 1,177,425 | ||||||
Cost for shares redeemed | ||||||||
Institutional Class | (176,749,387 | ) | (404,806,981 | ) | ||||
Class A | (13,659,854 | ) | (26,368,296 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | 51,958,927 | (72,874,638 | ) | |||||
Total Increase (Decrease) in Net Assets | 76,017,707 | (93,092,501 | ) | |||||
Net Assets | ||||||||
Beginning of period | 622,845,259 | 715,937,760 | ||||||
End of period | $ | 698,862,966 | $ | 622,845,259 |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 67 |
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Multisector Bond Fund
Six Months Ended | ||||||||
February 29, 2024 | Year Ended | |||||||
(Unaudited) | August 31, 2023 | |||||||
From Operations | ||||||||
Net investment income | $ | 2,895,886 | $ | 5,046,932 | ||||
Net realized loss from investments | (185,179 | ) | (3,458,486 | ) | ||||
Change in net unrealized appreciation from investments | 3,539,311 | 1,093,792 | ||||||
Net increase in net assets from operations | 6,250,018 | 2,682,238 | ||||||
From Distributions | ||||||||
Net distributions – Institutional Class | (2,916,445 | ) | (5,020,968 | ) | ||||
Net decrease in net assets resulting from distributions paid | (2,916,445 | ) | (5,020,968 | ) | ||||
From Capital Share Transactions | ||||||||
Proceeds from shares sold – Institutional Class | 14,326,360 | 41,110,523 | ||||||
Shares issued in reinvestment of distributions declared – | ||||||||
Institutional Class | 2,865,556 | 4,935,606 | ||||||
Cost for shares redeemed – Institutional Class | (8,927,623 | ) | (36,252,578 | ) | ||||
Net increase in net assets from capital share transactions | 8,264,293 | 9,793,551 | ||||||
Total Increase in Net Assets | 11,597,866 | 7,454,821 | ||||||
Net Assets | ||||||||
Beginning of period | 89,469,902 | 82,015,081 | ||||||
End of period | $ | 101,067,768 | $ | 89,469,902 |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 68 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 29, 2024 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 19.18 | $ | 19.89 | $ | 23.17 | $ | 22.99 | $ | 23.22 | $ | 22.21 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.42 | 0.75 | 0.72 | 0.78 | 0.82 | 0.83 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments(2) | 0.37 | (0.70 | ) | (3.22 | ) | 0.23 | (0.18 | ) | 1.07 | |||||||||||||||
Total from investment operations | 0.79 | 0.05 | (2.50 | ) | 1.01 | 0.64 | 1.90 | |||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.44 | ) | (0.76 | ) | (0.70 | ) | (0.83 | ) | (0.87 | ) | (0.89 | ) | ||||||||||||
From net realized gain on investments | — | — | (0.08 | ) | — | — | — | |||||||||||||||||
Total distributions paid | (0.44 | ) | (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 Period | $ | 19.53 | $ | 19.18 | $ | 19.89 | $ | 23.17 | $ | 22.99 | $ | 23.22 | ||||||||||||
Total Return(4) | 4.21 | % | 0.30 | % | -11.00 | % | 4.49 | % | 2.87 | % | 8.79 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 6,637,623 | $ | 5,712,347 | $ | 5,466,750 | $ | 6,327,797 | $ | 4,264,846 | $ | 2,836,855 | ||||||||||||
Ratio of expenses to | ||||||||||||||||||||||||
average net assets(5) | 0.77 | % | 0.76 | % | 0.75 | % | 0.76 | % | 0.78 | % | 0.80 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(5) | 4.46 | % | 3.90 | % | 3.34 | % | 3.39 | % | 3.64 | % | 3.68 | % | ||||||||||||
Portfolio turnover rate(4) | 16.73 | % | 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) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 69 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 29, 2024 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019(1) | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 19.18 | $ | 19.89 | $ | 23.18 | $ | 22.99 | $ | 23.23 | $ | 22.13 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(2) | 0.40 | 0.70 | 0.67 | 0.72 | 0.76 | 0.58 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments(3) | 0.37 | (0.70 | ) | (3.23 | ) | 0.24 | (0.18 | ) | 1.08 | |||||||||||||||
Total from investment operations | 0.77 | 0.00 | (2.56 | ) | 0.96 | 0.58 | 1.66 | |||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.42 | ) | (0.71 | ) | (0.65 | ) | (0.77 | ) | (0.82 | ) | (0.57 | ) | ||||||||||||
From net realized gain on investments | — | — | (0.08 | ) | — | — | — | |||||||||||||||||
Total distributions paid | (0.42 | ) | (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 Period | $ | 19.53 | $ | 19.18 | $ | 19.89 | $ | 23.18 | $ | 22.99 | $ | 23.23 | ||||||||||||
Total Return(5)(6) | 4.08 | % | 0.05 | % | -11.26 | % | 4.28 | % | 2.60 | % | 7.67 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 30,703 | $ | 29,145 | $ | 32,476 | $ | 32,802 | $ | 19,297 | $ | 7,549 | ||||||||||||
Ratio of expenses | ||||||||||||||||||||||||
to average net assets(7) | 1.02 | % | 1.01 | % | 1.00 | % | 1.01 | % | 1.03 | % | 1.05 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(7) | 4.21 | % | 3.63 | % | 3.12 | % | 3.12 | % | 3.40 | % | 3.80 | % | ||||||||||||
Portfolio turnover rate(6)(8) | 16.73 | % | 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 MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 70 |
PERFORMANCE TRUST TOTAL RETURN BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 29, 2024 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019(1) | |||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 19.11 | $ | 19.81 | $ | 23.10 | $ | 22.92 | $ | 23.18 | $ | 22.13 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(2) | 0.33 | 0.56 | 0.52 | 0.55 | 0.59 | 0.46 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments(3) | 0.36 | (0.69 | ) | (3.23 | ) | 0.24 | (0.18 | ) | 1.09 | |||||||||||||||
Total from investment operations | 0.69 | (0.13 | ) | (2.71 | ) | 0.79 | 0.41 | 1.55 | ||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.35 | ) | (0.57 | ) | (0.50 | ) | (0.61 | ) | (0.67 | ) | (0.50 | ) | ||||||||||||
From net realized gain on investments | — | — | (0.08 | ) | — | — | — | |||||||||||||||||
Total distributions paid | (0.35 | ) | (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 Period | $ | 19.45 | $ | 19.11 | $ | 19.81 | $ | 23.10 | $ | 22.92 | $ | 23.18 | ||||||||||||
Total Return(5) | 3.66 | % | -0.65 | % | -11.92 | % | 3.49 | % | 1.83 | % | 7.10 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 46,456 | $ | 42,012 | $ | 47,081 | $ | 56,625 | $ | 31,184 | $ | 7,418 | ||||||||||||
Ratio of expenses | ||||||||||||||||||||||||
to average net assets(6) | 1.77 | % | 1.76 | % | 1.75 | % | 1.76 | % | 1.78 | % | 1.80 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(6) | 3.46 | % | 2.88 | % | 2.33 | % | 2.37 | % | 2.66 | % | 3.04 | % | ||||||||||||
Portfolio turnover rate(5)(7) | 16.73 | % | 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 MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 71 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 29, 2024 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 22.05 | $ | 22.65 | $ | 25.94 | $ | 25.52 | $ | 25.49 | $ | 23.79 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.44 | 0.82 | 0.50 | 0.49 | 0.54 | 0.72 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | 0.99 | (0.62 | ) | (3.31 | ) | 0.61 | 0.22 | 1.69 | ||||||||||||||||
Total from investment operations | 1.43 | 0.20 | (2.81 | ) | 1.10 | 0.76 | 2.41 | |||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.45 | ) | (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 | (0.45 | ) | (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 Period | $ | 23.03 | $ | 22.05 | $ | 22.65 | $ | 25.94 | $ | 25.52 | $ | 25.49 | ||||||||||||
Total Return(3) | 6.55 | % | 0.88 | % | -10.96 | % | 4.35 | % | 3.07 | % | 10.31 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 662,508 | $ | 588,234 | $ | 670,095 | $ | 818,825 | $ | 500,176 | $ | 307,384 | ||||||||||||
Ratio of expenses to | ||||||||||||||||||||||||
average net assets: | ||||||||||||||||||||||||
Before waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(4) | 0.50 | % | 0.49 | % | 0.48 | % | 0.49 | % | 0.53 | % | 0.57 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(4) | 0.50 | % | 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(4) | 3.95 | % | 3.65 | % | 2.02 | % | 1.92 | % | 2.19 | % | 2.94 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(4) | 3.95 | % | 3.65 | % | 2.02 | % | 1.91 | % | 2.17 | % | 2.96 | % | ||||||||||||
Portfolio turnover rate(3) | 38.46 | % | 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) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 72 |
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
February 29, 2024 | August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Period | $ | 22.07 | $ | 22.67 | $ | 25.96 | $ | 25.54 | $ | 25.51 | $ | 23.81 | ||||||||||||
Income (loss) from | ||||||||||||||||||||||||
investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.41 | 0.76 | 0.44 | 0.42 | 0.48 | 0.66 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||
gain (loss) on investments | 0.99 | (0.62 | ) | (3.31 | ) | 0.61 | 0.22 | 1.69 | ||||||||||||||||
Total from investment operations | 1.40 | 0.14 | (2.87 | ) | 1.03 | 0.70 | 2.35 | |||||||||||||||||
Less distributions paid: | ||||||||||||||||||||||||
From net investment income | (0.42 | ) | (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 | (0.42 | ) | (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 Period | $ | 23.05 | $ | 22.07 | $ | 22.67 | $ | 25.96 | $ | 25.54 | $ | 25.51 | ||||||||||||
Total Return(3)(4) | 6.41 | % | 0.62 | % | -11.17 | % | 4.09 | % | 2.83 | % | 10.02 | % | ||||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||||||
Net assets at end of Period (000’s) | $ | 36,355 | $ | 34,611 | $ | 45,843 | $ | 55,918 | $ | 42,552 | $ | 22,141 | ||||||||||||
Ratio of expenses to | ||||||||||||||||||||||||
average net assets: | ||||||||||||||||||||||||
Before waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(5) | 0.75 | % | 0.74 | % | 0.73 | % | 0.74 | % | 0.78 | % | 0.82 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(5) | 0.75 | % | 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(5) | 3.69 | % | 3.39 | % | 1.78 | % | 1.67 | % | 1.93 | % | 2.69 | % | ||||||||||||
After waiver, expense | ||||||||||||||||||||||||
reimbursements and recoupments(5) | 3.69 | % | 3.39 | % | 1.78 | % | 1.64 | % | 1.91 | % | 2.71 | % | ||||||||||||
Portfolio turnover rate(4) | 38.46 | % | 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) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 73 |
PERFORMANCE TRUST MULTISECTOR BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
Six Months | Year | Year | Period | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
February 29, 2024 | August 31, | August 31, | August 31, | |||||||||||||
(Unaudited) | 2023 | 2022 | 2021(1) | |||||||||||||
Institutional Class Shares | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 8.47 | $ | 8.72 | $ | 10.07 | $ | 10.00 | ||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income(2) | 0.27 | 0.51 | 0.38 | 0.39 | ||||||||||||
Net realized and unrealized gain (loss) on investments(3) | 0.30 | (0.25 | ) | (1.33 | ) | 0.01 | ||||||||||
Total from investment operations | 0.57 | 0.26 | (0.95 | ) | 0.40 | |||||||||||
Less distributions paid: | ||||||||||||||||
From net investment income | (0.27 | ) | (0.51 | ) | (0.39 | ) | (0.33 | ) | ||||||||
From net realized gain on investments | — | — | (0.01 | ) | — | |||||||||||
Total distributions paid | (0.27 | ) | (0.51 | ) | (0.40 | ) | (0.33 | ) | ||||||||
Paid-in capital from redemption fees (Note 2) | — | — | — | — | ||||||||||||
Net Asset Value, End of Period | $ | 8.77 | $ | 8.47 | $ | 8.72 | $ | 10.07 | ||||||||
Total Return(4) | 6.85 | % | 3.12 | % | -9.66 | % | 4.06 | % | ||||||||
Supplemental Data and Ratios: | ||||||||||||||||
Net assets at end of Period (000’s) | $ | 101,068 | $ | 89,470 | $ | 82,015 | $ | 13,025 | ||||||||
Ratio of expenses to average net assets: | ||||||||||||||||
Before waiver and expense reimbursement(5) | 1.03 | % | 1.06 | % | 1.19 | % | 2.47 | % | ||||||||
After waiver and expense reimbursement(5) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||
Before waiver and expense reimbursement(5) | 6.23 | % | 5.91 | % | 3.98 | % | 4.34 | % | ||||||||
After waiver and expense reimbursement(5) | 6.27 | % | 5.98 | % | 4.18 | % | 5.82 | % | ||||||||
Portfolio turnover rate(4) | 24.32 | % | 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 (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 74 |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS
February 29, 2024 (Unaudited)
1. | Organization |
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Performance Trust Mutual Funds (the “Funds”) are comprised of the Performance Trust Total Return Bond Fund (the “Total Return Bond Fund”) (f/k/a/Performance Trust Strategic Bond Fund), the Performance Trust Municipal Bond Fund (the “Municipal Bond Fund”), and the Performance Trust Multisector Bond Fund (the “Multisector Bond Fund”) (f/k/a/Performance Trust Credit Fund), each representing a distinct diversified series with its own investment objective and policies within the Trust. The investment objective of the Total Return 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 Multisector Bond 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 Total Return Bond Fund commenced investment operations on September 1, 2010. The Class A and Class C shares of the Total Return 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 Multisector Bond 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 (DBA: PTAM) (the “Adviser”), the Funds’ investment adviser. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services—Investment Companies. | |
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). | |
a. | Investment Valuation |
Each equity security owned by a Fund that is listed on a securities exchange, except securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, a Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded. Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a “Pricing Service”). | |
Debt securities, such as U.S. government securities, corporate securities, municipal securities, collateralized loan obligations and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. 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. | |
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. | |
If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser’s fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Adviser will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures. | |
FASB Accounting Standards Codification, Fair Value Measurements and Disclosures Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out |
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a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below: | |
» Level 1: Quoted prices in active markets for identical securities. | |
» Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
» Level 3: Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments). | |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 29, 2024: |
Performance Trust Total Return Bond Fund | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Municipal | |||||||||||||||||
Bonds | $ | — | $ | 1,323,640,215 | $ | — | $ | 1,323,640,215 | |||||||||
Corporate | |||||||||||||||||
Bonds | — | 1,205,980,847 | — | 1,205,980,847 | |||||||||||||
Non-Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 987,385,869 | — | 987,385,869 | |||||||||||||
U.S. Treasury | |||||||||||||||||
Obligations | — | 940,151,465 | — | 940,151,465 | |||||||||||||
Asset-Backed | |||||||||||||||||
Securities | — | 819,826,414 | — | 819,826,414 | |||||||||||||
Collateralized | |||||||||||||||||
Loan | |||||||||||||||||
Obligations | — | 430,776,935 | — | 430,776,935 | |||||||||||||
Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 399,842,818 | — | 399,842,818 | |||||||||||||
Non-Agency | |||||||||||||||||
Residential | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 378,023,988 | — | 378,023,988 | |||||||||||||
Money | |||||||||||||||||
Market Funds | 49,598,566 | — | — | 49,598,566 | |||||||||||||
U.S. Treasury | |||||||||||||||||
Bills | — | 138,242,741 | — | 138,242,741 | |||||||||||||
Total Assets | $ | 49,598,566 | $ | 6,623,871,292 | $ | — | $ | 6,673,469,858 | |||||||||
Performance Trust Municipal Bond Fund | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Municipal | |||||||||||||||||
Bonds | $ | — | $ | 626,744,210 | $ | — | $ | 626,744,210 | |||||||||
Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 37,292,522 | — | 37,292,522 | |||||||||||||
Non-Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 12,768,771 | — | 12,768,771 | |||||||||||||
Corporate | |||||||||||||||||
Bonds | — | 3,000,000 | — | 3,000,000 | |||||||||||||
Money | |||||||||||||||||
Market Funds | 28,236,434 | — | — | 28,236,434 | |||||||||||||
Total Assets | $ | 28,236,434 | $ | 679,805,503 | $ | — | $ | 708,041,937 | |||||||||
Performance Trust Multisector Bond Fund | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate | |||||||||||||||||
Bonds | $ | — | $ | 41,987,189 | $ | — | $ | 41,987,189 | |||||||||
Non-Agency | |||||||||||||||||
Commercial | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 19,250,559 | — | 19,250,559 | |||||||||||||
Collateralized | |||||||||||||||||
Loan | |||||||||||||||||
Obligations | — | 14,814,626 | — | 14,814,626 | |||||||||||||
Asset-Backed | |||||||||||||||||
Securities | — | 6,449,598 | — | 6,449,598 | |||||||||||||
U.S. Treasury | |||||||||||||||||
Obligations | — | 6,150,438 | — | 6,150,438 | |||||||||||||
Municipal | |||||||||||||||||
Bonds | — | 5,621,002 | — | 5,621,002 | |||||||||||||
Non-Agency | |||||||||||||||||
Residential | |||||||||||||||||
Mortgage | |||||||||||||||||
Backed | |||||||||||||||||
Securities | — | 4,022,491 | — | 4,022,491 | |||||||||||||
Money | |||||||||||||||||
Market Funds | 3,643,077 | — | — | 3,643,077 | |||||||||||||
Total Assets | $ | 3,643,077 | $ | 98,295,903 | $ | — | $ | 101,938,980 |
The Funds did not hold any Level 3 securities during the six months ended February 29, 2024. | |
The Funds did not hold any financial derivative instruments during the six months ended February 29, 2024. |
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 |
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PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 29, 2024 (Unaudited)
securities are in a short position. Such amounts are recorded on the ex-dividend date as a dividend expense. As collateral for its short positions, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities. The segregated assets are valued consistent with Note 2a above. The amount of segregated assets are required to be adjusted daily to reflect changes in the fair value of the securities sold short. As of February 29, 2024, the Funds did not have any open short positions and accordingly did not have securities or cash held as collateral. | |
c. | Federal Income Taxes |
Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided. | |
As of and during the six months ended February 29, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the six months ended February 29, 2024, 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. | |
d. | Distributions to Shareholders |
The Funds will distribute any net investment income monthly. The Funds will distribute any net realized long- or short-term capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Income and capital gain distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted. | |
e. | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
f. | Share Valuation |
The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. The Total Return 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 Total Return Bond Fund and the Municipal Bond Fund eliminated the redemption fees. | |
g. | Allocation of Income, Expenses and Gains/Losses |
Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most expenses are allocated by class based on relative net assets. Distribution and service (Rule 12b-1) fees are expensed at 0.25% of average daily net assets of the Class A shares of the Total Return Bond Fund and the Municipal Bond Fund and 0.75% of average daily net assets of the Class C shares of the Total Return Bond Fund. Shareholder servicing fees are expensed at 0.25% of average daily net assets of Class C shares of the Total Return Bond Fund. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses of the Trust are typically allocated evenly between the funds of the Trust, or by other equitable means. | |
h. | Other |
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on an identified cost basis by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income, less foreign withholding tax, is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Discounts, premiums and interest-only strips are accreted or amortized over the expected life of the respective securities using the constant yield method. Gains and losses on principal payments and short-falls of mortgage backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statements of Operations. | |
3. | Federal Tax Matters |
The tax character of distributions paid during the years ended August 31, 2023 and August 31, 2022 was as follows: |
PERFORMANCE TRUST TOTAL RETURN 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 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 | — | — |
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PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 29, 2024 (Unaudited)
PERFORMANCE TRUST MULTISECTOR BOND 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 TOTAL RETURN 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 MULTISECTOR 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 | ||
Total Return Bond Fund | $168,578,494 | $207,845,889 | |
Municipal Bond Fund | 44,295,652 | 42,528,011 | |
Multisector Bond 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: |
TOTAL | ||||
RETURN | MUNICIPAL | MULTISECTOR | ||
BOND FUND | BOND FUND | BOND 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 Total Return Bond Fund, 0.40% for the Municipal Bond Fund, and 0.80% for the Multisector Bond Fund of the respective Fund’s average daily net assets. | |
The Adviser has contractually agreed to waive its management fee and/or reimburse Fund expenses at 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 Total Return Bond Fund, Municipal Bond Fund, and Multisector Bond 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: |
TOTAL | |||||||||||||
RETURN | MUNICIPAL | MULTISECTOR | |||||||||||
BOND FUND | BOND FUND | BOND FUND | |||||||||||
August 31, 2024 | $ | — | $ | — | $ | 102,789 | |||||||
August 31, 2025 | $ | — | $ | — | $ | 81,663 | |||||||
August 31, 2026 | $ | — | $ | — | $ | 57,546 | |||||||
February 29, 2027 | $ | — | $ | — | $ | 18,595 |
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 Total Return Bond Fund and the Municipal Bond Fund, which authorizes |
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PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 29, 2024 (Unaudited)
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 Total Return 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 Total Return Bond Fund’s average daily net assets of Class C shares for shareholder servicing, as applicable. During the six months ended February 29, 2024, the Funds accrued expenses pursuant to the 12b-1 Plan as follows: |
Shareholder | ||||
12b-1 Fees | Servicing Fees | |||
Total Return Bond Fund | ||||
Class A | $ 37,026 | N/A | ||
Class C | $ 161,732 | $53,911 | ||
Municipal Bond Fund | ||||
Class A | $ 40,407 | N/A |
6. | Related Party Transactions |
U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ administrator and fund accountant under an Administration Agreement. Fund Services performs various administrative and accounting services including: preparing various federal and state regulatory filings, reports and returns for the Funds; preparing reports and materials to be supplied to the Trustees; monitoring the activities of the Funds’ custodian, transfer agent and accountants; coordinating the preparation and payment of the Funds’ expenses; and reviewing the Funds’ expense accruals. Fund Services also serves as the transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of Fund Services, serves as each Fund’s custodian. Fees incurred for the six months ended February 29, 2024, and owed as of February 29, 2024 are as follows: |
Administration | |||||||||
and Accounting | Incurred | Owed | |||||||
Total Return Bond Fund | $ | 1,187,518 | $ | 405,766 | |||||
Municipal Bond Fund | 137,653 | 48,661 | |||||||
Multisector Bond Fund | 35,158 | 12,408 | |||||||
Transfer Agency | Incurred | Owed | |||||||
Total Return Bond Fund | $ | 467,008 | (1) | $ | 167,605 | (1) | |||
Municipal Bond Fund | 53,180 | 20,529 | |||||||
Multisector Bond Fund | 11,017 | 3,259 | |||||||
(1) This amount does not include sub-transfer agency fees. | |||||||||
Custody | Incurred | Owed | |||||||
Total Return Bond Fund | $ | 140,143 | $ | 45,302 | |||||
Municipal Bond Fund | 14,353 | 4,827 | |||||||
Multisector Bond Fund | 2,844 | 1,543 |
The Funds each have a line of credit with US Bank (see Note 10). | |
Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and US Bank. | |
The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 29, 2024, and owed as of February 29, 2024, are as follows: |
Incurred | Owed | ||||||||
Total Return Bond Fund | $ | 5,824 | $ | 1,936 | |||||
Municipal Bond Fund | 5,824 | 1,936 | |||||||
Multisector Bond Fund | 5,824 | 1,936 |
7. | Capital Share Transactions |
Transactions in shares of the Funds were as follows: |
TOTAL RETURN BOND FUND – INSTITUTIONAL CLASS | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 29, 2024 | AUGUST 31, 2023 | ||||||||
Shares sold | 91,238,030 | 131,375,592 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment | |||||||||
of distributions | 6,203,375 | 9,309,147 | |||||||
Shares redeemed | (55,358,429 | ) | (117,749,091 | ) | |||||
Net increase | 42,082,976 | 22,935,648 | |||||||
TOTAL RETURN BOND FUND – CLASS A | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 29, 2024 | AUGUST 31, 2023 | ||||||||
Shares sold | 343,559 | 755,662 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment of | |||||||||
distributions | 32,783 | 55,229 | |||||||
Shares redeemed | (323,588 | ) | (924,350 | ) | |||||
Net increase (decrease) | 52,754 | (113,459 | ) | ||||||
TOTAL RETURN BOND FUND – CLASS C | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 29, 2024 | AUGUST 31, 2023 | ||||||||
Shares sold | 460,252 | 353,323 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment of | |||||||||
distributions | 41,634 | 64,024 | |||||||
Shares redeemed | (312,136 | ) | (594,892 | ) | |||||
Net increase (decrease) | 189,750 | (177,545 | ) | ||||||
MUNICIPAL BOND FUND – INSTITUTIONAL CLASS | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 29, 2024 | AUGUST 31, 2023 | ||||||||
Shares sold | 9,696,979 | 14,508,691 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment of | |||||||||
distributions | 463,792 | 835,569 | |||||||
Shares redeemed | (8,063,605 | ) | (18,249,919 | ) | |||||
Net increase (decrease) | 2,097,166 | (2,905,659 | ) | ||||||
MUNICIPAL BOND FUND – CLASS A | |||||||||
SIX MONTHS ENDED | YEAR ENDED | ||||||||
FEBRUARY 29, 2024 | AUGUST 31, 2023 | ||||||||
Shares sold | 609,103 | 676,462 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment of | |||||||||
distributions | 24,625 | 52,486 | |||||||
Shares redeemed | (624,538 | ) | (1,182,877 | ) | |||||
Net increase (decrease) | 9,190 | (453,929 | ) |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 79 |
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 29, 2024 (Unaudited)
MULTISECTOR BOND FUND – INSTITUTIONAL CLASS | |||||||||
SIX MONTHS ENDED | PERIOD ENDED | ||||||||
FEBRUARY 29, 2024 | AUGUST 31, 2023(1) | ||||||||
Shares sold | 1,664,982 | 4,853,465 | |||||||
Shares issued | |||||||||
to holders in | |||||||||
reinvestment of | |||||||||
distributions | 336,704 | 583,958 | |||||||
Shares redeemed | (1,044,816 | ) | (4,275,220 | ) | |||||
Net increase | 956,870 | 1,162,203 |
8. | Investment Transactions |
The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 29, 2024, are summarized below. |
TOTAL | |||||||||||||
MULTISECTOR | RETURN | MUNICIPAL | |||||||||||
BOND FUND | BOND FUND | BOND FUND | |||||||||||
Purchases | |||||||||||||
U.S. | |||||||||||||
Government | $ | 698,412,297 | $ | — | $ | 4,353,039 | |||||||
Other | 1,056,851,560 | 223,254,400 | 26,142,714 | ||||||||||
Sales | |||||||||||||
U.S. | |||||||||||||
Government | $ | 362,061,945 | $ | — | $ | 5,634,901 | |||||||
Other | 617,054,234 | 235,574,317 | 16,253,630 | ||||||||||
9. | Beneficial Ownership |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At February 29, 2024, Morgan Stanley Smith Barney, LLC and Raymond James, for the benefit of its customers, held 40.21% and 35.76%, respectively, of the Total Return Bond Fund’s outstanding Class A shares. At February 29, 2024, Morgan Stanley Smith Barney, LLC and Raymond James, for the benefit of its customers, held 51.52% and 28.38%, respectively, of the Total Return Bond Fund’s outstanding Class C shares. At February 29, 2024, Charles Schwab & Company, Inc., for the benefit of its customers, held 31.02% of the Total Return Bond Fund’s outstanding Institutional Class shares. At February 29, 2024, Charles Schwab & Company, Inc. for the benefit of its customers, held 61.86% of the Municipal Bond Fund’s outstanding Class A shares. At February 29, 2024, Charles Schwab & Company, Inc., for the benefit of its customers, held 28.66% of the Municipal Bond Fund’s outstanding Institutional Class shares. At February 29, 2024, Charles Schwab & Company, Inc., for the benefit of its customers, held 76.59% of the Multisector Bond Fund’s outstanding Institutional Class shares. | |
10. | Line of Credit |
At February 29, 2024, the Total Return Bond Fund, Municipal Bond Fund and Multisector Bond Fund each had an unsecured line of credit which matures on August 3, 2024 with a maximum borrowing equal to the lesser of $250,000,000, $35,000,000 and $7,500,000, respectively, or 20%, 33.33% and 20% respectively, of gross market value of unencumbered assets of each 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 (8.50% as of February 29, 2024). The Funds did not utilize their lines of credit during the six months ended February 29, 2024. The Funds did not have any outstanding balances on the lines of credit at February 29, 2024. | |
11. | Recent Market Events |
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflict between Israel and Hamas in the Middle East, and the impact of the coronavirus (COVID-19) global pandemic. The impact of 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. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Funds. | |
12. | Subsequent Events |
On March 15, 2024, the Funds declared and paid distributions from ordinary income to shareholders of record as of March 14, 2024, as follows: |
Ordinary | |||||
Income | |||||
Total Return Bond Fund | |||||
Institutional Class | $ | 20,741,687 | |||
Class A | $ | 91,186 | |||
Class C | $ | 107,041 | |||
Municipal Bond Fund | |||||
Institutional Class | $ | 2,041,139 | |||
Class A | $ | 100,939 | |||
Multisector Bond Fund | |||||
Institutional Class | $ | 486,901 |
The Funds have evaluated events and transactions that have occurred subsequent to February 29, 2024 through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements. |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 80 |
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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 81 |
EXPENSE EXAMPLES
Period Ended February 29, 2024 (Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charge (loads) on purchase payments (Class A shares only) and (2) ongoing costs, including management fees, distribution 12b-1 and service fees (Class A and Class C shares only) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (9/1/23 – 2/29/24).
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 | ||
TOTAL RETURN BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2023 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2023 | FEBRUARY 29, 2024 | FEBRUARY 29, 2024* |
Actual | $1,000.00 | $1,042.10 | $3.86 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,021.08 | $3.82 |
* Expenses are equal to the Fund’s annualized expense ratio of 0.76%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
TOTAL RETURN BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2023 – |
CLASS A | SEPTEMBER 1, 2023 | FEBRUARY 29, 2024 | FEBRUARY 29, 2024* |
Actual | $1,000.00 | $1,040.80 | $5.12 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,019.84 | $5.07 |
* Expenses are equal to the Fund’s annualized expense ratio of 1.01%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
TOTAL RETURN BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2023 – |
CLASS C | SEPTEMBER 1, 2023 | FEBRUARY 29, 2024 | FEBRUARY 29, 2024* |
Actual | $1,000.00 | $1,036.60 | $8.91 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,016.11 | $8.82 |
* Expenses are equal to the Fund’s annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 82 |
EXPENSE EXAMPLES (CONT.)
Period Ended February 29, 2024 (Unaudited)
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2023 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2023 | FEBRUARY 29, 2024 | FEBRUARY 29, 2024* |
Actual | $1,000.00 | $1,065.50 | $2.57 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,022.38 | $2.51 |
* Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
MUNICIPAL BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2023 – |
CLASS A | SEPTEMBER 1, 2023 | FEBRUARY 29, 2024 | FEBRUARY 29, 2024* |
Actual | $1,000.00 | $1,064.10 | $3.80 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,021.18 | $3.72 |
* Expenses are equal to the Fund’s annualized expense ratio of 0.74%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.
EXPENSES PAID | |||
PERFORMANCE TRUST | DURING PERIOD | ||
MULTISECTOR BOND FUND – | BEGINNING ACCOUNT VALUE | ENDING ACCOUNT VALUE | SEPTEMBER 1, 2023 – |
INSTITUTIONAL CLASS | SEPTEMBER 1, 2023 | FEBRUARY 29, 2024 | FEBRUARY 29, 2024* |
Actual | $1,000.00 | $1,068.50 | $5.08 |
Hypothetical | |||
(5% annual return before expenses) | $1,000.00 | $1,019.95 | $4.96 |
* 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 182/366 to reflect the one-half year period.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 83 |
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:
Total Return Bond Fund | 0.00% |
Municipal Bond Fund | 0.00% |
Multisector Bond 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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 84 |
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; | 31 | 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; | 31 | 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; | 31 | 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). | |||||
Erik K. Olstein | Trustee | Indefinite Term; | 31 | 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). | |||||
Lisa Zúñiga Ramírez | Trustee | Indefinite Term; | 31 | 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). | holding company) | ||||
(2022-present); | |||||
Independent | |||||
Director, Century | |||||
Communities, Inc. | |||||
(a publicly-traded | |||||
homebuilding | |||||
company) | |||||
(2023-present). | |||||
Gregory M. Wesley | Trustee | Indefinite Term; | 31 | 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). |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 85 |
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; | 31 | 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). |
* 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.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 86 |
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). | ||||
Marissa Pawlinksi | Assistant | Indefinite Term; | N/A | Assistant Vice President, | N/A |
615 E. Michigan St. | Secretary | Since January | U.S. Bancorp Fund | ||
Milwaukee, WI 53202 | 2024 | Services, LLC (since 2023); | |||
Year of Birth: 1996 | Regulatory Administration | ||||
Attorney, U.S. Bancorp Fund | |||||
Services, LLC (since 2022); | |||||
Judicial Law Clerk, Milwaukee | |||||
County Circuit Court | |||||
(2021-2022); Legal Intern, | |||||
City of Brookfield (2020-2021); | |||||
Student, Marquette University | |||||
Law School (2019-2021). |
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX) | PAGE 87 |
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
![](https://capedge.com/proxy/N-CSRS/0000898531-24-000180/performance_trust-logo.jpg)
(b) | Not applicable for this Registrant. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not Applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable. |
(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Trust for Professional Managers
By (Signature and Title)* /s/ John Buckel
John Buckel, Principal Executive
Date: 4/29/24
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, Principal Executive
Date: 4/29/24
By (Signature and Title)* /s/ Jennifer Lima
Jennifer Lima, Principal Financial Officer
Date: 4/29/2024
* Print the name and title of each signing officer under his or her signature.