UNITED STATES
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)
615 East Michigan Street
Milwaukee, WI 53202
(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)
(513) 520-5925
Registrant's telephone number, including area code
Date of fiscal year end: August 31, 2024
Date of reporting period: August 31, 2024
Item 1. Reports to Stockholders.
| | |
| Performance Trust Total Return Bond Fund | |
| Institutional Class | PTIAX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Performance Trust Total Return Bond Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095. This report describes changes to the Fund that occured during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $80 | 0.76% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
U.S. Treasury rates fell across the yield curve, falling most in the 1- to 5-year part of the curve. Credit spreads tightened across most fixed income sectors.
The Fund began implementing a barbell strategy in 2022, when the yield curve first inverted. The Fund continued this strategy during the fiscal year targeting the short-end of the curve (securities less than 5-years) and the long-end of the curve (particularly the 20-year part of the curve).
As credit spreads narrowed to historically tight levels and as rates fell during the fiscal year, the Fund began to shift its credit risk to the short-end of the yield curve in best efforts to mitigate risk of spreads widening.
During the fiscal year, the Fund primarily reduced positions in Commercial Mortgage-Backed Securities (CMBS), Investment Grade Corporates, and Non-Agency Residential Mortgage-Backed Securities (Non-Agency RMBS). The Fund primarily increased its positioning in U.S. Treasuries and Asset Backed Securities (ABS).
| |
Top Contributors |
| ↑ | Collateralized Loan Obligations (CLOs), CMBS, Investment-Grade Corporates, High-Yield Corporates, Non-Agency RMBS, Taxable Municipals, Tax-Exempt Municipals |
| |
Top Detractors |
| ↓ | Long U.S. Treasuries, Short U.S. Treasuries, ABS |
The Fund posted positive returns for the fiscal year ended 8/31/2024. Outperformance relative to the benchmark (Bloomberg U.S. Aggregate Bond Index) can be generally attributed to yield curve positioning, sector allocation, and security selection. Exposure to sectors experiencing meaningful spread tightening was the largest driver of outperformance over the fiscal year, led by CMBS, High-Yield Corporates, Investment-Grade Corporates, and CLOs.
Our Investment-Grade Corporates outperformed the corporate exposure in the benchmark, highlighting successful security selection and yield curve positioning during the fiscal year. Our exposure to securitized assets (especially CMBS and CLOs), Municipal bonds, and High-Yield Corporates drove outperformance of the benchmark as well, illustrating the benefit of sector allocation beyond the traditional sectors that dominate the benchmark.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
| Performance Trust Total Return Bond Fund | PAGE 1 | TSR-AR-89833W394 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Institutional Class (without sales charge) | 9.45 | 0.99 | 3.12 |
Bloomberg U.S. Aggregate Bond Index | 7.30 | -0.04 | 1.64 |
Visit https://ptam.com/resources/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $8,052,332,259 |
Number of Holdings | 1,566 |
Net Advisory Fee | $39,787,564 |
Portfolio Turnover | 34% |
Average Credit Quality | AA- |
Effective Duration | 6.65 years |
30-Day SEC Yield | 5.94% |
30-Day SEC Yield Unsubsidized | 5.91% |
Weighted Average Life | 12.04 years |
Distribution Yield | 4.30% |
| Performance Trust Total Return Bond Fund | PAGE 2 | TSR-AR-89833W394 |
WHAT DID THE FUND INVEST IN? (% of net assets as of August 31, 2024)
| |
Top 10 Issuers | |
United States Treasury Notes/Bonds | 11.1% |
Freddie Mac Multifamily Structured Pass Through Certificates | 4.2% |
Santander Drive Auto Receivables Trust | 2.7% |
United States Treasury Strip Principal | 2.6% |
Westlake Automobile Receivables Trust | 2.3% |
United States Treasury Bill | 2.2% |
Wells Fargo Commercial Mortgage Trust | 2.1% |
Benchmark Mortgage Trust | 2.0% |
Bank Securitization Trust | 2.0% |
GLS Auto Receivables Trust | 1.9% |
| |
Top Sectors | |
Mortgage Securities | 24.2% |
US Municipal | 22.0% |
Asset Backed Securities | 19.3% |
Government | 13.7% |
| Financials* | 6.2% |
| Consumer Discretionary* | 4.2% |
| Health Care* | 2.2% |
| Industrials* | 1.2% |
| Technology* | 0.8% |
Cash & Other | 6.2% |
| |
Credit Breakdown** | |
AAA | 39.7% |
AA | 24.4% |
A | 13.9% |
BBB | 10.4% |
BB | 5.4% |
B | 0.7% |
CCC | 1.1% |
CC | 0.0% |
C | 0.6% |
D | 0.1% |
Not Rated | 3.7% |
| * | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ** | Credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standards & Poor’s Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (‘’NRSROs’’). For example, if Fitch, Moody’s, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s prospectus.
Changes to Fund’s Portfolio Manager or Portfolio Management Team:
Mark Peiler, CFA and Lars Anderson, CFA were added as portfolio managers in December 2023.
The Performance Trust Strategic Bond Fund became Performance Trust Total Return Bond Fund, effective 12/29/23.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Performance Trust Total Return Bond Fund | PAGE 3 | TSR-AR-89833W394 |
10000103131108411661118941293913311139081237912416135901000010156107611081410701117891255312542110981096511765
| | |
| Performance Trust Total Return Bond Fund | |
| Class A | PTAOX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Performance Trust Total Return Bond Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095. This report describes changes to the Fund that occured during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $106 | 1.01% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
U.S. Treasury rates fell across the yield curve, falling most in the 1- to 5-year part of the curve. Credit spreads tightened across most fixed income sectors.
The Fund began implementing a barbell strategy in 2022, when the yield curve first inverted. The Fund continued this strategy during the fiscal year targeting the short-end of the curve (securities less than 5-years) and the long-end of the curve (particularly the 20-year part of the curve).
As credit spreads narrowed to historically tight levels and as rates fell during the fiscal year, the Fund began to shift its credit risk to the short-end of the yield curve in best efforts to mitigate risk of spreads widening.
During the fiscal year, the Fund primarily reduced positions in Commercial Mortgage-Backed Securities (CMBS), Investment Grade Corporates, and Non-Agency Residential Mortgage-Backed Securities (Non-Agency RMBS). The Fund primarily increased its positioning in U.S. Treasuries and Asset Backed Securities (ABS).
| |
Top Contributors |
| ↑ | Collateralized Loan Obligations (CLOs), CMBS, Investment-Grade Corporates, High-Yield Corporates, Non-Agency RMBS, Taxable Municipals, Tax-Exempt Municipals |
| |
Top Detractors |
| ↓ | Long U.S. Treasuries, Short U.S. Treasuries, ABS |
The Fund posted positive returns for the fiscal year ended 8/31/2024. Outperformance relative to the benchmark (Bloomberg U.S. Aggregate Bond Index) can be generally attributed to yield curve positioning, sector allocation, and security selection. Exposure to sectors experiencing meaningful spread tightening was the largest driver of outperformance over the fiscal year, led by CMBS, High-Yield Corporates, Investment-Grade Corporates, and CLOs.
Our Investment-Grade Corporates outperformed the corporate exposure in the benchmark, highlighting successful security selection and yield curve positioning during the fiscal year. Our exposure to securitized assets (especially CMBS and CLOs), Municipal bonds, and High-Yield Corporates drove outperformance of the benchmark as well, illustrating the benefit of sector allocation beyond the traditional sectors that dominate the benchmark.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Performance Trust Total Return Bond Fund | PAGE 1 | TSR-AR-89833W121 |
CUMULATIVE PERFORMANCE (January 2, 2019 - August 31, 2024. Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(01/02/2019) |
Class A (without sales charge) | 9.19 | 0.73 | 1.97 |
Class A (with sales charge) | 6.74 | 0.28 | 1.56 |
Bloomberg U.S. Aggregate Bond Index | 7.30 | -0.04 | 1.49 |
Visit https://ptam.com/resources/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $8,052,332,259 |
Number of Holdings | 1,566 |
Net Advisory Fee | $39,787,564 |
Portfolio Turnover | 34% |
Average Credit Quality | AA- |
Effective Duration | 6.65 years |
30-Day SEC Yield | 5.56% |
30-Day SEC Yield Unsubsidized | 5.53% |
Weighted Average Life | 12.04 years |
Distribution Yield | 4.06% |
| Performance Trust Total Return Bond Fund | PAGE 2 | TSR-AR-89833W121 |
WHAT DID THE FUND INVEST IN? (% of net assets as of August 31, 2024)
| |
Top 10 Issuers | |
United States Treasury Notes/Bonds | 11.1% |
Freddie Mac Multifamily Structured Pass Through Certificates | 4.2% |
Santander Drive Auto Receivables Trust | 2.7% |
United States Treasury Strip Principal | 2.6% |
Westlake Automobile Receivables Trust | 2.3% |
United States Treasury Bill | 2.2% |
Wells Fargo Commercial Mortgage Trust | 2.1% |
Benchmark Mortgage Trust | 2.0% |
Bank Securitization Trust | 2.0% |
GLS Auto Receivables Trust | 1.9% |
| |
Top Sectors | |
Mortgage Securities | 24.2% |
US Municipal | 22.0% |
Asset Backed Securities | 19.3% |
Government | 13.7% |
| Financials* | 6.2% |
| Consumer Discretionary* | 4.2% |
| Health Care* | 2.2% |
| Industrials* | 1.2% |
| Technology* | 0.8% |
Cash & Other | 6.2% |
| |
Credit Breakdown** | |
AAA | 39.7% |
AA | 24.4% |
A | 13.9% |
BBB | 10.4% |
BB | 5.4% |
B | 0.7% |
CCC | 1.1% |
CC | 0.0% |
C | 0.6% |
D | 0.1% |
Not Rated | 3.7% |
| * | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ** | Credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standards & Poor’s Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (‘’NRSROs’’). For example, if Fitch, Moody’s, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s prospectus.
Changes to Fund’s Portfolio Manager or Portfolio Management Team:
Mark Peiler, CFA and Lars Anderson, CFA were added as portfolio managers in December 2023.
The Performance Trust Strategic Bond Fund became Performance Trust Total Return Bond Fund, effective 12/29/23.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Performance Trust Total Return Bond Fund | PAGE 3 | TSR-AR-89833W121 |
1052510799112619993999810917108961160211592102571013510874
| | |
| Performance Trust Total Return Bond Fund | |
| Class C | PTCOX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Performance Trust Total Return Bond Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095. This report describes changes to the Fund that occured during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $183 | 1.76% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
U.S. Treasury rates fell across the yield curve, falling most in the 1- to 5-year part of the curve. Credit spreads tightened across most fixed income sectors.
The Fund began implementing a barbell strategy in 2022, when the yield curve first inverted. The Fund continued this strategy during the fiscal year targeting the short-end of the curve (securities less than 5-years) and the long-end of the curve (particularly the 20-year part of the curve).
As credit spreads narrowed to historically tight levels and as rates fell during the fiscal year, the Fund began to shift its credit risk to the short-end of the yield curve in best efforts to mitigate risk of spreads widening.
During the fiscal year, the Fund primarily reduced positions in Commercial Mortgage-Backed Securities (CMBS), Investment Grade Corporates, and Non-Agency Residential Mortgage-Backed Securities (Non-Agency RMBS). The Fund primarily increased its positioning in U.S. Treasuries and Asset Backed Securities (ABS).
| |
Top Contributors |
| ↑ | Collateralized Loan Obligations (CLOs), CMBS, Investment-Grade Corporates, High-Yield Corporates, Non-Agency RMBS, Taxable Municipals, Tax-Exempt Municipals |
| |
Top Detractors |
| ↓ | Long U.S. Treasuries, Short U.S. Treasuries, ABS |
The Fund posted positive returns for the fiscal year ended 8/31/2024. Outperformance relative to the benchmark (Bloomberg U.S. Aggregate Bond Index) can be generally attributed to yield curve positioning, sector allocation, and security selection. Exposure to sectors experiencing meaningful spread tightening was the largest driver of outperformance over the fiscal year, led by CMBS, High-Yield Corporates, Investment-Grade Corporates, and CLOs.
Our Investment-Grade Corporates outperformed the corporate exposure in the benchmark, highlighting successful security selection and yield curve positioning during the fiscal year. Our exposure to securitized assets (especially CMBS and CLOs), Municipal bonds, and High-Yield Corporates drove outperformance of the benchmark as well, illustrating the benefit of sector allocation beyond the traditional sectors that dominate the benchmark.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Performance Trust Total Return Bond Fund | PAGE 1 | TSR-AR-89833W113 |
CUMULATIVE PERFORMANCE (January 2, 2019 - August 31, 2024. Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(01/02/2019) |
Class C (without sales charge) | 8.31 | -0.02 | 1.20 |
Bloomberg U.S. Aggregate Bond Index | 7.30 | -0.04 | 1.49 |
Visit https://ptam.com/resources/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $8,052,332,259 |
Number of Holdings | 1,566 |
Net Advisory Fee | $39,787,564 |
Portfolio Turnover | 34% |
Average Credit Quality | AA- |
Effective Duration | 6.65 years |
30-Day SEC Yield | 4.94% |
30-Day SEC Yield Unsubsidized | 4.91% |
Weighted Average Life | 12.04 years |
Distribution Yield | 3.37% |
| Performance Trust Total Return Bond Fund | PAGE 2 | TSR-AR-89833W113 |
WHAT DID THE FUND INVEST IN? (% of net assets as of August 31, 2024)
| |
Top 10 Issuers | |
United States Treasury Notes/Bonds | 11.1% |
Freddie Mac Multifamily Structured Pass Through Certificates | 4.2% |
Santander Drive Auto Receivables Trust | 2.7% |
United States Treasury Strip Principal | 2.6% |
Westlake Automobile Receivables Trust | 2.3% |
United States Treasury Bill | 2.2% |
Wells Fargo Commercial Mortgage Trust | 2.1% |
Benchmark Mortgage Trust | 2.0% |
Bank Securitization Trust | 2.0% |
GLS Auto Receivables Trust | 1.9% |
| |
Top Sectors | |
Mortgage Securities | 24.2% |
US Municipal | 22.0% |
Asset Backed Securities | 19.3% |
Government | 13.7% |
| Financials* | 6.2% |
| Consumer Discretionary* | 4.2% |
| Health Care* | 2.2% |
| Industrials* | 1.2% |
| Technology* | 0.8% |
Cash & Other | 6.2% |
| |
Credit Breakdown** | |
AAA | 39.7% |
AA | 24.4% |
A | 13.9% |
BBB | 10.4% |
BB | 5.4% |
B | 0.7% |
CCC | 1.1% |
CC | 0.0% |
C | 0.6% |
D | 0.1% |
Not Rated | 3.7% |
| * | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ** | Credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standards & Poor’s Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (‘’NRSROs’’). For example, if Fitch, Moody’s, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s prospectus.
Changes to Fund’s Portfolio Manager or Portfolio Management Team:
Mark Peiler, CFA and Lars Anderson, CFA were added as portfolio managers in December 2023.
The Performance Trust Strategic Bond Fund became Performance Trust Total Return Bond Fund, effective 12/29/23.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Performance Trust Total Return Bond Fund | PAGE 3 | TSR-AR-89833W113 |
1071010907112879942987710698108961160211592102571013510874
| | |
| Performance Trust Municipal Bond Fund | |
| Institutional Class | PTIMX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Performance Trust Municipal Bond Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $52 | 0.50% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Given the municipal bond benchmark curve’s inversion, the Fund focused on a barbell strategy, combining short-term securities (0- to 5-years) and long-term securities (15- to 20-years). This approach focused on the highest yielding parts of the municipal bond curve, maximizing income and yield curve roll potential.
Furthermore, considering the historically relative high yielding environment for municipal bonds, the Fund also targeted a higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve.
| |
Top Contributors |
| ↑ | Yield Curve Positioning, Bond Structure (Coupon and Call Protection), Longer Maturities |
The Fund posted positive returns for the fiscal year ended 8/31/2024 as rates fell across the AAA curve (all municipal bond yields quoted are sourced from the MMD AAA scale). Outperformance relative to the benchmark (Bloomberg Municipal Bond Index) and the Morningstar Category (Morningstar Municipal National Intermediate) can generally be attributed to the Fund’s higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve, making the Fund a little more responsive to movements in interest rates.
Outperformance can also be attributed to the Fund’s yield curve positioning. For much of the fiscal year, the municipal bond benchmark curve was inverted and had lower yields from 5- to 10-years. This lowered or eliminated total return potential derived from income (yield) as well as yield curve roll for this part of the curve. As a result, the Fund largely avoided the 5- to 10-year part of the curve and instead focused on a combination of the short end of the curve (0- to 5-years) and the longer end of the curve (particularly the 15- to 20-year part of the curve). This positioning contributed to outperformance by increasing the Fund’s yield, allowing for greater yield curve roll potential, and increasing the Fund’s convexity.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
| Performance Trust Municipal Bond Fund | PAGE 1 | TSR-AR-89833W170 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Institutional Class (without sales charge) | 9.14 | 1.06 | 2.88 |
Bloomberg Municipal Bond Index | 6.09 | 1.02 | 2.43 |
Visit https://ptam.com/resources/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $726,757,400 |
Number of Holdings | 262 |
Net Advisory Fee | $2,681,761 |
Portfolio Turnover | 60% |
Average Credit Quality | AA |
Effective Duration | 9.83 years |
30-Day SEC Yield | 3.90% |
30-Day SEC Yield Unsubsidized | 3.90% |
Weighted Average Life | 9.83 years |
Distribution Yield | 3.74% |
| Performance Trust Municipal Bond Fund | PAGE 2 | TSR-AR-89833W170 |
WHAT DID THE FUND INVEST IN? (% of net assets as of August 31, 2024)
| |
Top 10 Issuers | |
Freddie Mac Multifamily ML Certificates | 5.0% |
First American Government Obligations Fund | 4.2% |
San Diego Unified School District | 2.1% |
Poway Unified School District | 2.1% |
Greater Clark Building Corp. | 2.1% |
City & County of Denver, CO Airport System Revenue | 2.0% |
University of North Carolina at Chapel Hill | 1.9% |
State of Texas | 1.8% |
Central Puget Sound Regional Transit Authority | 1.6% |
Minneapolis-St Paul Metropolitan Airports Commission | 1.5% |
| |
Top Sectors | |
US Municipal | 91.3% |
Mortgage Securities | 7.0% |
| Financials* | 0.4% |
Cash & Other | 1.3% |
| |
Credit Breakdown** | |
AAA | 16.2% |
AA | 55.6% |
A | 18.8% |
BBB | 4.6% |
BB | 0.5% |
B | 0.0% |
CCC | 0.0% |
CC | 0.0% |
C | 0.0% |
D | 0.0% |
Not Rated | 4.3% |
| * | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ** | Credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standards & Poor’s Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (‘’NRSROs’’). For example, if Fitch, Moody’s, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Performance Trust Municipal Bond Fund | PAGE 3 | TSR-AR-89833W170 |
10000103411131611372114251260212990135531206812174132861000010252109581105411108120771246812891117781197912708
| | |
| Performance Trust Municipal Bond Fund | |
| Class A | PTRMX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Performance Trust Municipal Bond Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $77 | 0.74% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Given the municipal bond benchmark curve’s inversion, the Fund focused on a barbell strategy, combining short-term securities (0- to 5-years) and long-term securities (15- to 20-years). This approach focused on the highest yielding parts of the municipal bond curve, maximizing income and yield curve roll potential.
Furthermore, considering the historically relative high yielding environment for municipal bonds, the Fund also targeted a higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve.
| |
Top Contributors |
| ↑ | Yield Curve Positioning, Bond Structure (Coupon and Call Protection), Longer Maturities |
The Fund posted positive returns for the fiscal year ended 8/31/2024 as rates fell across the AAA curve (all municipal bond yields quoted are sourced from the MMD AAA scale). Outperformance relative to the benchmark (Bloomberg Municipal Bond Index) and the Morningstar Category (Morningstar Municipal National Intermediate) can generally be attributed to the Fund’s higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve, making the Fund a little more responsive to movements in interest rates.
Outperformance can also be attributed to the Fund’s yield curve positioning. For much of the fiscal year, the municipal bond benchmark curve was inverted and had lower yields from 5- to 10-years. This lowered or eliminated total return potential derived from income (yield) as well as yield curve roll for this part of the curve. As a result, the Fund largely avoided the 5- to 10-year part of the curve and instead focused on a combination of the short end of the curve (0- to 5-years) and the longer end of the curve (particularly the 15- to 20-year part of the curve). This positioning contributed to outperformance by increasing the Fund’s yield, allowing for greater yield curve roll potential, and increasing the Fund’s convexity.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Performance Trust Municipal Bond Fund | PAGE 1 | TSR-AR-89833W162 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Class A (without sales charge) | 8.84 | 0.81 | 2.64 |
Class A (with sales charge) | 6.38 | 0.35 | 2.41 |
Bloomberg Municipal Bond Index | 6.09 | 1.02 | 2.43 |
Visit https://ptam.com/resources/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $726,757,400 |
Number of Holdings | 262 |
Net Advisory Fee | $2,681,761 |
Portfolio Turnover | 60% |
Average Credit Quality | AA |
Effective Duration | 9.83 years |
30-Day SEC Yield | 3.57% |
30-Day SEC Yield Unsubsidized | 3.57% |
Weighted Average Life | 9.83 years |
Distribution Yield | 3.48% |
| Performance Trust Municipal Bond Fund | PAGE 2 | TSR-AR-89833W162 |
WHAT DID THE FUND INVEST IN? (% of net assets as of August 31, 2024)
| |
Top 10 Issuers | |
Freddie Mac Multifamily ML Certificates | 5.0% |
First American Government Obligations Fund | 4.2% |
San Diego Unified School District | 2.1% |
Poway Unified School District | 2.1% |
Greater Clark Building Corp. | 2.1% |
City & County of Denver, CO Airport System Revenue | 2.0% |
University of North Carolina at Chapel Hill | 1.9% |
State of Texas | 1.8% |
Central Puget Sound Regional Transit Authority | 1.6% |
Minneapolis-St Paul Metropolitan Airports Commission | 1.5% |
| |
Top Sectors | |
US Municipal | 91.3% |
Mortgage Securities | 7.0% |
| Financials* | 0.4% |
Cash & Other | 1.3% |
| |
Credit Breakdown** | |
AAA | 16.2% |
AA | 55.6% |
A | 18.8% |
BBB | 4.6% |
BB | 0.5% |
B | 0.0% |
CCC | 0.0% |
CC | 0.0% |
C | 0.0% |
D | 0.0% |
Not Rated | 4.3% |
| * | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ** | Credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standards & Poor’s Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (‘’NRSROs’’). For example, if Fitch, Moody’s, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Performance Trust Municipal Bond Fund | PAGE 3 | TSR-AR-89833W162 |
9776100971102211048110761218612531130451158711659126901000010252109581105411108120771246812891117781197912708
| | |
| Performance Trust Multisector Bond Fund | |
| Institutional Class | PTCRX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Performance Trust Multisector Bond Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $108 | 1.01% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
U.S. Treasury rates fell across the yield curve, falling most in the 1- to 5-year part of the curve. Credit spreads tightened across most fixed income sectors.
The Fund used different positioning tactics during the fiscal year. Generally speaking, the Fund attempted to take advantage of higher rates and wider credit spreads by targeting the intermediate part of the curve early in the fiscal year. Later in the fiscal year, as credit spreads narrowed to historically tight levels and as rates fell, the Fund began to shift its credit risk to the short-end of the curve in best efforts to mitigate risk of spreads widening.
During the fiscal year, The Fund reduced positions primarily in Investment-Grade Corporates, Agency Commercial Mortgage-Backed Securities (CMBS), and Asset Backed Securities (ABS). The Fund increased its positioning primarily in Non-Agency CMBS, Taxable Municipals, Non-Agency Residential Mortgage-Backed Securities (RMBS), and U.S. Treasuries.
| |
Top Contributors |
| ↑ | Collateralized Loan Obligations (CLOs), CMBS, Investment-Grade Corporates, High-Yield Corporates, Non-Agency RMBS, Taxable Municipals, Tax-Exempt Municipals |
| |
Top Detractors |
| ↓ | Long U.S. Treasuries, ABS |
The Fund posted positive returns for the fiscal year ended 8/31/2024. Outperformance relative to the benchmark (Bloomberg U.S. Aggregate Bond Index) can be generally attributed to yield curve positioning, greater credit risk exposure, sector allocation, and security selection. The Fund had greater exposure to credit risk compared to the benchmark. Spreads tightened across most fixed income sectors, which positively contributed to the Fund’s outperformance.
Exposure to sectors experiencing meaningful spread tightening was the largest driver of outperformance over the fiscal year, led by CMBS, High-Yield Corporates, Investment-Grade Corporates, and CLOs. The Fund has greater exposure to securitized assets, municipal bonds, and High Yield Corporates than what is found in the benchmark. Non-Agency RMBS, Taxable Municipals, and Tax-Exempt Municipals also meaningfully contributed to outperformance versus the benchmark. Furthermore, our Investment-Grade Corporates outperformed the corporate exposure in the benchmark, highlighting successful security selection and yield curve positioning during the fiscal year.
| Performance Trust Multisector Bond Fund | PAGE 1 | TSR-AR-89834E195 |
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (December 31, 2020 - August 31, 2024. Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | |
| | 1 Year | Since Inception
(12/31/2020) |
Institutional Class (without sales charge) | 13.49 | 2.64 |
Bloomberg U.S. Aggregate Bond Index | 7.30 | -1.92 |
Visit https://ptam.com/resources/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $136,140,870 |
Number of Holdings | 122 |
Net Advisory Fee | $811,320 |
Portfolio Turnover | 40% |
Average Credit Quality | BBB |
Effective Duration | 4.12 years |
30-Day SEC Yield | 5.63% |
30-Day SEC Yield Unsubsidized | 5.59% |
Weighted Average Life | 8.09 years |
Distribution Yield | 5.79% |
| Performance Trust Multisector Bond Fund | PAGE 2 | TSR-AR-89834E195 |
WHAT DID THE FUND INVEST IN? (% of net assets as of August 31, 2024)
| |
Top 10 Issuers | |
United States Treasury Notes/Bonds | 6.4% |
First American Government Obligations Fund | 4.6% |
Benchmark Mortgage Trust | 3.3% |
Wells Fargo Commercial Mortgage Trust | 3.1% |
Bank Securitization Trust | 3.0% |
Morgan Stanley Capital I Trust | 2.5% |
Apidos CLO | 2.4% |
GLS Auto Receivables Trust | 2.3% |
ARES CLO | 2.2% |
Blackstone, Inc. | 1.8% |
| |
Top Sectors | |
Mortgage Securities | 26.9% |
Asset Backed Securities | 18.5% |
| Financials* | 15.4% |
| Consumer Discretionary* | 10.6% |
US Municipal | 6.9% |
Government | 6.4% |
| Industrials* | 3.4% |
| Communications* | 1.9% |
| Technology* | 1.7% |
Cash & Other | 8.3% |
| |
Credit Breakdown** | |
AAA | 15.5% |
AA | 4.5% |
A | 14.6% |
BBB | 26.8% |
BB | 24.9% |
B | 5.3% |
CCC | 1.1% |
CC | 0.0% |
C | 0.0% |
D | 0.8% |
Not Rated | 6.5% |
| * | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ** | Credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standards & Poor’s Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (‘’NRSROs’’). For example, if Fitch, Moody’s, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s prospectus.
The Performance Trust Credit Fund became Performance Trust Multisector Bond Fund, effective 12/29/23.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Performance Trust Multisector Bond Fund | PAGE 3 | TSR-AR-89834E195 |
1040694019694110029931878786829316
| | |
| Performance Trust Short Term Bond ETF | |
| STBF (Principal U.S. Listing Exchange: CBOE) |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Performance Trust Short Term Bond ETF (the “Fund”) for the period of April 8, 2024, to August 31, 2024. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Performance Trust Short Term Bond ETF* | $66 | 0.65% |
| * | Amount shown reflects the expenses of the Fund from inception date through August 31, 2024. Expenses would be higher if the Fund had been in operations for the full year. |
HOW DID THE FUND PERFORM LAST PERIOD AND WHAT AFFECTED ITS PERFORMANCE?
Given the Fund targets an average portfolio duration of less than 4 years, the Fund targeted securities that had attractive spreads to an already historically high-yielding short-end of the U.S. Treasury yield curve.
U.S. Treasury rates fell across the yield curve, falling most in the 1- to 5-year part of the curve. Credit spreads tightened across most fixed income sectors. While offering an attractive starting yield, the Fund’s total return was only further enhanced by falling rates and tighter spreads.
During the period, the Fund mainly worked to implement its targeted portfolio allocation given its recent launch date. While Cash and U.S. Treasuries maintained the heaviest allocation at the Fund’s launch, over time, the Fund grew its allocation to Asset Backed Securities (ABS), Collateralized Loan Obligations (CLOs), and Commercial Mortgage-Backed Securities (CMBS) most significantly. It also modestly added exposure to High-Yield Corporates, Investment-Grade Corporates, Non-Agency Residential Mortgage-Backed Securities (Non-Agency RMBS), and Taxable Municipals.
| |
Top Contributors |
| ↑ | Long U.S. Treasuries, CMBS, High-Yield Corporates, Non-Agency RMBS, and Taxable Municipals |
| |
Top Detractors |
| ↓ | Cash, Short U.S. Treasuries, CLOs, and Investment-Grade Corporates |
The Fund posted positive total returns for the commencement of investment operations period beginning 4/9/24 (the Fund’s launch date) and ending 8/31/2024. Mild underperformance relative to the strategy benchmark index (Bloomberg U.S. Aggregate Bond Index) can generally be attributed to cash drag and yield curve positioning.
The Fund was able to invest in highly rated securities in sectors that provide meaningful spreads over U.S. Treasuries, where over two-thirds of the strategy benchmark index is allocated.
The Fund has an overall portfolio duration similar to that of the strategy benchmark index, but this is achieved by investing primarily at the very front end of the yield curve coupled with a modest exposure at the long end of the curve (“barbell”). This resulted in slight underperformance given the rally in the belly of the yield curve relative to the long end. Going forward, we still believe this barbell strategy will be the best approach.
Given its launch in April, the greatest detractor from Fund performance was likely cash drag as the portfolio management team was patient with initial allocations and seeking the best risk-reward profiles for the objective of the Fund.
| Performance Trust Short Term Bond ETF | PAGE 1 | TSR-AR-89834G570 |
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV and market performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (April 8, 2024 - August 31, 2024. Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(04/08/2024) |
Performance Trust Short Term Bond ETF NAV | 3.13 |
Performance Trust Short Term Bond ETF Market | 3.24 |
Bloomberg U.S. Aggregate Bond Index | 5.08 |
Bloomberg U.S. Aggregate 1-3 Year Index (USD) | 3.26 |
Visit https://ptam.com/resources/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $12,664,873 |
Number of Holdings | 54 |
Net Advisory Fee | $27,127 |
Portfolio Turnover | 13% |
Average Credit Quality | AA- |
Effective Duration | 2.00 years |
30-Day SEC Yield | 7.95% |
30-Day SEC Yield Unsubsidized | 7.95% |
Weighted Average Life | 3.87 years |
| Performance Trust Short Term Bond ETF | PAGE 2 | TSR-AR-89834G570 |
WHAT DID THE FUND INVEST IN? (% of net assets as of August 31, 2024)
| |
Top 10 Issuers | |
United States Treasury Bill | 9.8% |
Bank5 Securitization Trust | 8.8% |
Freddie Mac Multifamily Structured Pass Through Certificates | 7.3% |
United States Treasury Notes/Bonds | 5.8% |
Westlake Automobile Receivables Trust | 5.2% |
Computershare Corporate Trust | 5.2% |
Santander Drive Auto Receivables Trust | 4.9% |
GLS Auto Receivables Trust | 4.0% |
ARES CLO | 3.9% |
First American Government Obligations Fund | 2.9% |
| |
Top Sectors | |
Asset Backed Securities | 45.6% |
Mortgage Securities | 28.0% |
| Financials* | 6.3% |
Government | 5.8% |
US Municipal | 1.9% |
| Communications* | 1.4% |
Cash & Other | 11.0% |
| |
Credit Breakdown** | |
AAA | 44.0% |
AA | 18.4% |
A | 14.4% |
BBB | 15.0% |
BB | 6.0% |
B | 0.0% |
CCC | 0.0% |
CC | 0.0% |
C | 0.0% |
D | 0.0% |
Not Rated | 2.2% |
| * | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ** | Credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standards & Poor’s Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC (“PTAM”), the Fund’s investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (‘’NRSROs’’). For example, if Fitch, Moody’s, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Performance Trust Short Term Bond ETF | PAGE 3 | TSR-AR-89834G570 |
10313103241050810326
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s Code of Ethics is incorporated by reference to the Registrant’s Form N-CSR filed on November 7, 2011.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers and Lisa Zúñiga Ramírez are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| | FYE 8/31/2024 | FYE 8/31/2023 |
| (a) Audit Fees | $94,850 | $75,950 |
| (b) Audit-Related Fees | 0 | 0 |
| (c) Tax Fees | 12,000 | 9,000 |
| (d) All Other Fees | 0 | 0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| | FYE 8/31/2024 | FYE 8/31/2023 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) During the audit of the registrant’s financial statements all of the hours were attributed to work performed by persons other than full-time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 8/31/2024 | FYE 8/31/2023 |
| Registrant | $0 | $0 |
| Registrant’s Investment Adviser | $0 | $0 |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable
(j) Not applicable
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the Board.
(b) Not applicable
Item 6. Investments
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Performance Trust Total Return Bond Fund
Performance Trust Municipal Bond Fund
Performance Trust Multisector Bond Fund
Performance Trust Short Term Bond ETF
Core Financial Statements
August 31, 2024
TABLE OF CONTENTS
| | | | |
Schedule of Investments
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Statement of Changes in Net Assets
| | | |
| | | |
| | | |
| | | |
| | | |
Financial Highlights
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | | |
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024
| | | | | | | |
MUNICIPAL BONDS - 22.0%
|
Alabama - 0.1%
| | | | | | |
Baldwin County Public Building Authority, 2.00%, 03/01/2046 | | | $1,260,000 | | | $785,014 |
Water Works Board of the City of Birmingham
| | | | | | |
2.71%, 01/01/2038 | | | 6,835,000 | | | 5,529,466 |
3.57%, 01/01/2045 | | | 385,000 | | | 320,284 |
| | | | | | 6,634,764 |
California - 5.3%
| | | | | | |
Acton-Agua Dulce Unified School District, 0.00%, 05/01/2039(a) | | | 5,550,000 | | | 3,050,002 |
Alameda County Joint Powers Authority, 7.05%, 12/01/2044 | | | 25,000,000 | | | 29,870,820 |
Alvord Unified School District,
0.00%, 08/01/2046 | | | 2,105,000 | | | 2,483,669 |
Bakersfield City School District,
0.00%, 05/01/2047 | | | 9,765,000 | | | 7,619,047 |
Bay Area Toll Authority
| | | | | | |
6.92%, 04/01/2040 | | | 7,105,000 | | | 8,322,255 |
6.26%, 04/01/2049 | | | 12,010,000 | | | 13,648,972 |
7.04%, 04/01/2050 | | | 3,455,000 | | | 4,303,033 |
6.91%, 10/01/2050 | | | 6,850,000 | | | 8,492,360 |
California Infrastructure & Economic Development Bank,
8.00%, 01/01/2050(b)(c) | | | 9,000,000 | | | 9,086,157 |
Campbell Union School District,
0.00%, 08/01/2040(a) | | | 4,600,000 | | | 2,569,596 |
Chaffey Community College District, 3.00%, 06/01/2038 | | | 3,705,000 | | | 3,441,052 |
Chaffey Joint Union High School District, 3.14%, 08/01/2043 | | | 3,790,000 | | | 2,994,698 |
City of Fresno, CA Water System Revenue, 6.75%, 06/01/2040 | | | 1,695,000 | | | 1,935,806 |
City of Los Angeles, CA Department of Airports
| | | | | | |
1.88%, 05/15/2030 | | | 230,000 | | | 196,035 |
7.05%, 05/15/2040 | | | 13,160,000 | | | 15,786,231 |
City of Los Angeles, CA Wastewater System Revenue
| | | | | | |
5.71%, 06/01/2039 | | | 20,075,000 | | | 21,634,749 |
5.81%, 06/01/2040 | | | 15,110,000 | | | 16,398,507 |
City of Ontario, CA, 3.78%, 06/01/2038 | | | 3,000,000 | | | 2,674,553 |
City of Sacramento, CA Transient Occupancy Tax Revenue,
3.86%, 06/01/2025 | | | 3,320,000 | | | 3,294,902 |
City of Union City, CA,
0.00%, 07/01/2025(a) | | | 2,105,000 | | | 2,019,111 |
Cucamonga Valley Water District Financing Authority,
3.01%, 09/01/2042 | | | 5,000,000 | | | 3,968,641 |
| | | | | | | |
| | | | | | | |
Dry Creek Joint Elementary School District
| | | | | | |
0.00%, 08/01/2037(a) | | | $2,960,000 | | | $1,894,844 |
0.00%, 08/01/2038(a) | | | 3,640,000 | | | 2,220,260 |
East Bay Municipal Utility District Water System Revenue, 5.87%, 06/01/2040 | | | 11,740,000 | | | 12,695,955 |
East Side Union High School District, 5.32%, 04/01/2036 | | | 6,240,000 | | | 6,399,579 |
Fullerton Public Financing Authority, 7.75%, 05/01/2031 | | | 1,025,000 | | | 1,148,237 |
Glendora Unified School District, 0.00%, 08/01/2039(a) | | | 5,175,000 | | | 3,019,854 |
Golden State Tobacco Securitization Corp.
| | | | | | |
2.79%, 06/01/2031 | | | 10,930,000 | | | 9,611,734 |
3.00%, 06/01/2046 | | | 9,925,000 | | | 9,185,523 |
Inland Empire Tobacco Securitization Corp., 3.68%, 06/01/2038 | | | 17,720,000 | | | 16,879,248 |
Lakeside Union School District,
0.00%, 08/01/2040(a) | | | 4,000,000 | | | 2,196,372 |
Los Angeles Community College District, CA
| | | | | | |
6.60%, 08/01/2042 | | | 13,620,000 | | | 15,707,343 |
6.75%, 08/01/2049 | | | 4,000,000 | | | 4,764,362 |
Los Angeles Department of Water & Power
| | | | | | |
6.57%, 07/01/2045 | | | 6,055,000 | | | 7,049,019 |
6.60%, 07/01/2050 | | | 2,000,000 | | | 2,359,954 |
Marin Community College District, 2.70%, 08/01/2041 | | | 1,025,000 | | | 771,431 |
Norwalk-La Mirada Unified School District, 0.00%, 08/01/2038(a) | | | 4,450,000 | | | 2,690,761 |
Paramount Unified School District, 3.27%, 08/01/2051 | | | 13,425,000 | | | 10,202,914 |
Peralta Community College District, 0.00%, 08/05/2031 | | | 12,350,000 | | | 11,805,719 |
Perris Union High School District, 2.70%, 09/01/2042 | | | 3,000,000 | | | 2,251,102 |
Poway Unified School District
| | | | | | |
0.00%, 08/01/2039(a) | | | 8,335,000 | | | 4,821,156 |
0.00%, 08/01/2040(a) | | | 12,000,000 | | | 6,577,813 |
Riverside County Infrastructure Financing Authority,
3.19%, 11/01/2041 | | | 4,755,000 | | | 3,806,286 |
Riverside County Transportation Commission Sales Tax Revenue, 6.81%, 06/01/2039 | | | 11,000,000 | | | 12,831,140 |
San Diego County Regional Transportation Commission,
5.91%, 04/01/2048 | | | 8,125,000 | | | 8,771,337 |
San Diego Unified School District, 0.00%, 07/01/2041(a) | | | 8,500,000 | | | 4,525,675 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
California - (Continued)
|
San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.82%, 10/01/2040 | | | $16,035,000 | | | $17,322,540 |
San Francisco City & County Redevelopment Financing Authority, 0.00%, 08/01/2036(a) | | | 5,240,000 | | | 2,923,882 |
San Mateo Foster City School District, 3.06%, 08/01/2044 | | | 2,245,000 | | | 1,787,075 |
Santa Ana Unified School District, 0.00%, 08/01/2037(a) | | | 3,955,000 | | | 2,522,173 |
Santa Monica Community College District, 2.80%, 08/01/2044 | | | 2,300,000 | | | 1,695,804 |
State of California
| | | | | | |
7.55%, 04/01/2039 | | | 9,500,000 | | | 11,852,457 |
7.60%, 11/01/2040 | | | 18,500,000 | | | 23,208,975 |
University of California
| | | | | | |
4.86%, 05/15/2112 | | | 16,146,000 | | | 14,919,351 |
4.77%, 05/15/2115 | | | 16,372,000 | | | 14,817,680 |
West Contra Costa Unified School District, 0.00%, 08/01/2036(a) | | | 5,000,000 | | | 3,339,882 |
West Sonoma County Union High School District,
0.00%, 08/01/2037(a) | | | 1,840,000 | | | 1,155,675 |
Yosemite Community College District, 0.00%, 08/01/2038(a) | | | 6,110,000 | | | 3,691,388 |
Yuba Community College District, 0.00%, 08/01/2038(a) | | | 5,055,000 | | | 3,100,258 |
| | | | | | 430,314,954 |
Colorado - 0.4%
| | | | | | |
Board of Governors of Colorado State University System,
6.06%, 03/01/2040 | | | 3,500,000 | | | 3,757,723 |
City of Aurora, CO Water Revenue, 2.72%, 08/01/2046 | | | 890,000 | | | 655,041 |
City of Colorado Springs, CO Utilities System Revenue, 6.01%, 11/15/2039 | | | 1,000,000 | | | 1,091,409 |
City of Fountain, CO Electric Water & Wastewater Utility Enterprise Revenue, 3.20%, 12/01/2043 | | | 2,655,000 | | | 2,062,378 |
City of Fruita, CO Healthcare Revenue, 5.00%, 01/01/2028 | | | 1,825,000 | | | 1,794,147 |
Colorado Health Facilities Authority
| | | | | | |
3.80%, 11/01/2044 | | | 13,815,000 | | | 11,556,379 |
3.85%, 11/01/2049 | | | 2,030,000 | | | 1,647,056 |
Regional Transportation District Sales Tax Revenue, 5.84%, 11/01/2050 | | | 10,000,000 | | | 10,843,015 |
| | | | | | 33,407,148 |
| | | | | | | |
| | | | | | | |
Connecticut - 0.4%
| | | | | | |
State of Connecticut
| | | | | | |
3.00%, 01/15/2036 | | | $10,595,000 | | | $9,988,615 |
3.00%, 01/15/2037 | | | 7,090,000 | | | 6,614,166 |
3.00%, 06/01/2037 | | | 8,865,000 | | | 8,232,100 |
State of Connecticut Special Tax Revenue, 3.13%, 05/01/2040 | | | 7,075,000 | | | 6,356,793 |
Town of West Hartford, CT,
2.76%, 07/01/2041 | | | 7,025,000 | | | 5,454,511 |
| | | | | | 36,646,185 |
Delaware - 0.2%
| | | | | | |
University of Delaware,
5.87%, 11/01/2040 | | | 15,250,000 | | | 16,175,506 |
District of Columbia - 0.7%
| | | | | | |
District of Columbia Water & Sewer Authority
| | | | | | |
5.52%, 10/01/2044 | | | 6,450,000 | | | 6,597,887 |
4.81%, 10/01/2114 | | | 16,651,000 | | | 15,940,680 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, 8.00%, 10/01/2047 | | | 27,000,000 | | | 35,676,971 |
| | | | | | 58,215,538 |
Florida - 0.8%
| | | | | | |
City of Gainesville, FL
| | | | | | |
0.00%, 10/01/2027(a) | | | 4,610,000 | | | 4,024,880 |
0.00%, 10/01/2028(a) | | | 1,400,000 | | | 1,171,092 |
3.05%, 10/01/2040 | | | 10,840,000 | | | 8,664,506 |
City of Gainesville, FL Utilities System Revenue, 6.02%, 10/01/2040 | | | 16,980,000 | | | 18,422,376 |
County of Miami-Dade, FL Transit System, 5.62%, 07/01/2040 | | | 17,395,000 | | | 18,472,753 |
JEA Water & Sewer System Revenue, 3.00%, 10/01/2041 | | | 5,045,000 | | | 4,408,360 |
Orlando Utilities Commission, 5.66%, 10/01/2040 | | | 9,000,000 | | | 9,561,841 |
| | | | | | 64,725,808 |
Georgia - 0.0%(d)
| | | | | | |
City of Atlanta, GA Water & Wastewater Revenue, 2.91%, 11/01/2043 | | | 2,125,000 | | | 1,607,184 |
Tift County Hospital Authority,
2.98%, 12/01/2042 | | | 2,950,000 | | | 2,249,646 |
| | | | | | 3,856,830 |
Hawaii - 0.1%
| | | | | | |
City & County Honolulu, HI Wastewater System Revenue, 2.57%, 07/01/2041 | | | 5,000,000 | | | 3,734,611 |
State of Hawaii
| | | | | | |
2.25%, 08/01/2038 | | | 3,950,000 | | | 2,979,424 |
2.83%, 10/01/2039 | | | 3,950,000 | | | 3,151,057 |
2.87%, 10/01/2041 | | | 2,270,000 | | | 1,756,848 |
| | | | | | 11,621,940 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - 0.4%
| | | | | | |
Chicago O’Hare International Airport, 6.40%, 01/01/2040 | | | $16,730,000 | | | $18,947,640 |
Illinois Finance Authority,
3.51%, 05/15/2041 | | | 7,000,000 | | | 5,713,201 |
Metropolitan Pier & Exposition Authority
| | | | | | |
0.00%, 06/15/2036(a) | | | 4,025,000 | | | 2,483,336 |
0.00%, 06/15/2038(a) | | | 2,750,000 | | | 1,545,339 |
| | | | | | 28,689,516 |
Indiana - 0.2%
| | | | | | |
Indianapolis Local Public Improvement Bond Bank
| | | | | | |
2.47%, 01/01/2040 | | | 9,500,000 | | | 7,387,915 |
6.12%, 01/15/2040 | | | 7,700,000 | | | 8,317,321 |
| | | | | | 15,705,236 |
Kansas - 0.0%(d)
| | | | | | |
Kansas Development Finance Authority, 4.93%, 04/15/2045 | | | 2,050,000 | | | 2,050,338 |
Kentucky - 0.1%
| | | | | | |
County of Warren, KY,
4.40%, 12/01/2038 | | | 1,540,000 | | | 1,457,023 |
Louisville and Jefferson County Metropolitan Sewer District,
2.25%, 05/15/2044 | | | 5,215,000 | | | 3,599,550 |
| | | | | | 5,056,573 |
Louisiana - 0.3%
| | | | | | |
City of New Orleans, LA Water System Revenue
| | | | | | |
2.89%, 12/01/2041 | | | 3,050,000 | | | 2,412,973 |
2.99%, 12/01/2045 | | | 5,000,000 | | | 3,790,721 |
East Baton Rouge Sewerage Commission, 2.44%, 02/01/2039 | | | 2,500,000 | | | 1,929,616 |
State of Louisiana Gasoline & Fuels Tax Revenue
| | | | | | |
2.53%, 05/01/2041 | | | 12,065,000 | | | 9,030,818 |
2.83%, 05/01/2043 | | | 9,685,000 | | | 7,163,249 |
| | | | | | 24,327,377 |
Maine - 0.2%
| | | | | | |
City of Portland, ME
| | | | | | |
2.50%, 04/01/2039 | | | 1,760,000 | | | 1,429,579 |
2.50%, 04/01/2040 | | | 1,760,000 | | | 1,399,197 |
2.50%, 04/01/2041 | | | 1,760,000 | | | 1,371,450 |
Maine Health & Higher Educational Facilities Authority, 3.12%, 07/01/2043 | | | 14,250,000 | | | 11,069,045 |
| | | | | | 15,269,271 |
Maryland - 0.2%
| | | | | | |
Maryland Economic Development Corp., 5.43%, 05/31/2056 | | | 3,800,000 | | | 3,873,739 |
| | | | | | | |
| | | | | | | |
Maryland Health & Higher Educational Facilities Authority,
3.05%, 07/01/2040 | | | $10,000,000 | | | $7,723,271 |
Maryland Stadium Authority,
2.81%, 05/01/2040 | | | 7,000,000 | | | 5,520,690 |
| | | | | | 17,117,700 |
Massachusetts - 0.2%
| | | | | | |
Commonwealth of Massachusetts, 2.38%, 09/01/2043 | | | 3,250,000 | | | 2,452,998 |
Commonwealth of Massachusetts Transportation Fund Revenue,
5.73%, 06/01/2040 | | | 11,165,000 | | | 11,658,155 |
Massachusetts State College Building Authority, 5.93%, 05/01/2040 | | | 550,000 | | | 585,709 |
| | | | | | 14,696,862 |
Michigan - 1.0%
| | | | | | |
City of Detroit, MI, 4.00%, 04/01/2044(e) | | | 8,700,000 | | | 6,966,818 |
Detroit City School District,
7.75%, 05/01/2039 | | | 12,655,000 | | | 15,052,267 |
Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 07/01/2039 | | | 2,110,000 | | | 1,749,401 |
Michigan Finance Authority
| | | | | | |
3.27%, 06/01/2039 | | | 20,070,000 | | | 19,076,035 |
3.56%, 06/15/2045 | | | 5,215,000 | | | 4,286,854 |
Michigan State University,
4.17%, 08/15/2122 | | | 12,783,000 | | | 10,371,538 |
Plymouth-Canton Community School District, 3.00%, 05/01/2040 | | | 1,675,000 | | | 1,456,244 |
University of Michigan,
4.45%, 04/01/2122 | | | 19,211,000 | | | 16,855,445 |
Western School District,
2.90%, 05/01/2040 | | | 1,500,000 | | | 1,182,162 |
| | | | | | 76,996,764 |
Minnesota - 0.3%
| | | | | | |
Southern Minnesota Municipal Power Agency, 5.93%, 01/01/2043 | | | 1,450,000 | | | 1,574,264 |
Western Minnesota Municipal Power Agency, 6.77%, 01/01/2046 | | | 13,000,000 | | | 15,128,226 |
White Bear Lake Independent School District No. 624, 3.00%, 02/01/2044 | | | 8,330,000 | | | 7,041,251 |
| | | | | | 23,743,741 |
Mississippi - 0.1%
| | | | | | |
Mississippi Development Bank,
5.46%, 10/01/2036 | | | 5,005,000 | | | 5,145,116 |
Missouri - 0.1%
| | | | | | |
Kansas City Land Clearance Redevelopment Authority,
6.40%, 10/15/2040(b) | | | 7,895,000 | | | 7,598,105 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Nebraska - 0.1%
| | | | | | |
Lancaster County School District 001, 3.00%, 01/15/2043 | | | $6,075,000 | | | $5,195,172 |
West Haymarket Joint Public Agency, 6.75%, 12/15/2045 | | | 5,000,000 | | | 5,877,263 |
| | | | | | 11,072,435 |
Nevada - 0.4%
| | | | | | |
City of North Las Vegas, NV,
6.57%, 06/01/2040 | | | 14,700,000 | | | 16,636,884 |
County of Clark Department of Aviation, 6.82%, 07/01/2045 | | | 8,605,000 | | | 10,143,074 |
County of Clark, NV
| | | | | | |
3.00%, 07/01/2038 | | | 4,000,000 | | | 3,611,569 |
3.23%, 07/01/2044 | | | 2,000,000 | | | 1,549,577 |
| | | | | | 31,941,104 |
New Hampshire - 0.0%(d)
| | | | | | |
New Hampshire Business Finance Authority, 3.28%, 10/01/2037 | | | 4,855,000 | | | 3,644,771 |
New Jersey - 1.0%
| | | | | | |
City of Bayonne, NJ,
2.81%, 07/01/2039 | | | 5,725,000 | | | 4,487,343 |
Clifton Board Of Education,
2.13%, 08/15/2044 | | | 4,560,000 | | | 3,019,570 |
County of Essex, NJ,
2.00%, 09/01/2044 | | | 3,560,000 | | | 2,438,503 |
New Jersey Economic Development Authority, 0.00%, 02/15/2025(a) | | | 20,188,000 | | | 19,711,771 |
New Jersey Institute of Technology, 3.42%, 07/01/2042 | | | 6,455,000 | | | 5,346,952 |
New Jersey Transportation Trust Fund Authority
| | | | | | |
0.00%, 12/15/2039(a) | | | 5,000,000 | | | 2,715,143 |
0.00%, 12/15/2040(a) | | | 10,045,000 | | | 5,134,226 |
New Jersey Turnpike Authority
| | | | | | |
7.41%, 01/01/2040 | | | 11,396,000 | | | 13,929,952 |
7.10%, 01/01/2041 | | | 17,054,000 | | | 20,255,907 |
| | | | | | 77,039,367 |
New York - 1.3%
| | | | | | |
Metropolitan Transportation Authority, 7.34%, 11/15/2039 | | | 18,085,000 | | | 22,035,641 |
New York City Industrial Development Agency, 2.44%, 01/01/2036 | | | 5,850,000 | | | 4,600,686 |
New York City Municipal Water Finance Authority
| | | | | | |
5.75%, 06/15/2041 | | | 12,480,000 | | | 13,292,475 |
5.72%, 06/15/2042 | | | 5,650,000 | | | 5,982,885 |
6.01%, 06/15/2042 | | | 15,900,000 | | | 17,336,150 |
5.44%, 06/15/2043 | | | 4,000,000 | | | 4,082,147 |
5.88%, 06/15/2044 | | | 1,165,000 | | | 1,246,139 |
| | | | | | | |
| | | | | | | |
New York City Transitional Finance Authority Building Aid Revenue, 3.00%, 07/15/2038 | | | $1,400,000 | | | $1,291,826 |
New York Liberty Development Corp.
| | | | | | |
2.25%, 02/15/2041 | | | 13,595,000 | | | 9,809,165 |
3.00%, 02/15/2042 | | | 5,500,000 | | | 4,679,063 |
3.00%, 09/15/2043 | | | 12,500,000 | | | 10,485,220 |
New York State Dormitory Authority, 5.10%, 08/01/2034 | | | 3,125,000 | | | 3,000,610 |
Triborough Bridge & Tunnel Authority, 2.92%, 05/15/2040 | | | 3,890,000 | | | 3,019,908 |
Western Nassau County Water Authority, 2.96%, 04/01/2041 | | | 1,500,000 | | | 1,187,656 |
| | | | | | 102,049,571 |
North Carolina - 0.0%(d)
| | | | | | |
University of North Carolina at Charlotte, 2.76%, 04/01/2043 | | | 2,000,000 | | | 1,496,013 |
Ohio - 0.9%
| | | | | | |
American Municipal Power, Inc.
| | | | | | |
6.45%, 02/15/2044 | | | 16,620,000 | | | 18,553,061 |
8.08%, 02/15/2050 | | | 5,000,000 | | | 6,777,961 |
County of Hamilton, OH,
3.76%, 06/01/2042 | | | 11,955,000 | | | 10,174,932 |
Franklin County Convention Facilities Authority, 2.47%, 12/01/2034 | | | 15,000,000 | | | 12,200,445 |
Ohio Higher Educational Facility Commission, 4.50%, 12/01/2026 | | | 4,025,000 | | | 3,947,678 |
Ohio State University,
4.80%, 06/01/2111 | | | 18,448,000 | | | 17,302,676 |
| | | | | | 68,956,753 |
Oklahoma - 0.4%
| | | | | | |
Oklahoma Development Finance Authority
| | | | | | |
5.45%, 08/15/2028 | | | 5,270,000 | | | 5,076,216 |
5.27%, 10/01/2042 | | | 9,608,323 | | | 9,840,241 |
4.62%, 06/01/2044 | | | 5,000,000 | | | 4,899,224 |
Oklahoma Municipal Power Authority
| | | | | | |
2.55%, 01/01/2036 | | | 2,390,000 | | | 1,986,366 |
2.80%, 01/01/2041 | | | 15,500,000 | | | 12,406,092 |
6.44%, 01/01/2045 | | | 500,000 | | | 562,816 |
| | | | | | 34,770,955 |
Oregon - 0.2%
| | | | | | |
Clackamas & Washington Counties School District No. 3, 0.00%, 06/15/2038(a) | | | 1,900,000 | | | 1,063,374 |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, 0.00%, 06/15/2039(a) | | | 9,500,000 | | | 5,149,738 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Oregon - (Continued)
|
Salem-Keizer School District No. 24J
| | | | | | |
0.00%, 06/15/2039(a) | | | $3,000,000 | | | $1,534,803 |
0.00%, 06/15/2040(a) | | | 12,395,000 | | | 5,959,082 |
Tri-County Metropolitan Transportation District of Oregon,
2.86%, 09/01/2041 | | | 750,000 | | | 586,750 |
| | | | | | 14,293,747 |
Pennsylvania - 0.6%
| | | | | | |
Berks County Industrial Development Authority, 4.45%, 05/15/2027 | | | 800,000 | | | 796,274 |
Commonwealth Financing Authority
| | | | | | |
3.66%, 06/01/2038 | | | 7,020,000 | | | 6,367,047 |
3.53%, 06/01/2042 | | | 3,160,000 | | | 2,683,362 |
Commonwealth of Pennsylvania,
3.00%, 05/15/2036 | | | 1,255,000 | | | 1,151,286 |
Montgomery County Industrial Development Authority,
3.15%, 11/15/2028 | | | 10,000,000 | | | 9,281,170 |
Pennsylvania Economic Development Financing Authority, 3.14%, 06/15/2042 | | | 7,615,000 | | | 6,158,094 |
Pennsylvania Turnpike Commission
| | | | | | |
6.11%, 12/01/2039 | | | 9,296,000 | | | 10,212,957 |
3.00%, 12/01/2042 | | | 9,830,000 | | | 8,472,301 |
5.51%, 12/01/2045 | | | 1,500,000 | | | 1,542,153 |
Union County Hospital Authority, 4.40%, 08/01/2028 | | | 865,000 | | | 861,458 |
University of Pittsburgh-of the Commonwealth System of Higher Education, 3.56%, 09/15/2119 | | | 4,855,000 | | | 3,429,147 |
| | | | | | 50,955,249 |
Puerto Rico - 0.2%
| | | | | | |
Commonwealth of Puerto Rico
| | | | | | |
0.00%, 07/01/2033(a) | | | 592,257 | | | 399,168 |
4.00%, 07/01/2041 | | | 482,722 | | | 458,808 |
0.00%, 11/01/2043(e) | | | 2,034,695 | | | 1,289,488 |
4.00%, 07/01/2046 | | | 502,024 | | | 466,147 |
GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | | | 7,404,885 | | | 7,219,763 |
Puerto Rico Highway & Transportation Authority, 0.00%, 07/01/2026(a) | | | 7,000,000 | | | 6,063,750 |
| | | | | | 15,897,124 |
Rhode Island - 0.0%(d)
| | | | | | |
State of Rhode Island,
2.25%, 08/01/2041 | | | 1,550,000 | | | 1,130,435 |
| | | | | | | |
| | | | | | | |
Tennessee - 0.8%
| | | | | | |
County of Putnam, TN
| | | | | | |
2.00%, 04/01/2038 | | | $4,115,000 | | | $3,175,921 |
2.00%, 04/01/2039 | | | 4,195,000 | | | 3,148,608 |
2.13%, 04/01/2041 | | | 4,360,000 | | | 3,182,707 |
Metropolitan Government Nashville & Davidson County Sports Authority, 5.60%, 07/01/2056 | | | 13,200,000 | | | 13,989,718 |
Metropolitan Government of Nashville & Davidson County,
1.75%, 01/01/2037 | | | 34,350,000 | | | 25,261,904 |
New Memphis Arena Public Building Authority
| | | | | | |
0.00%, 04/01/2044(a) | | | 6,020,000 | | | 2,384,717 |
0.00%, 04/01/2045(a) | | | 6,000,000 | | | 2,246,907 |
0.00%, 04/01/2046(a) | | | 4,900,000 | | | 1,742,180 |
Tennessee State School Bond Authority, 2.66%, 11/01/2045 | | | 11,645,000 | | | 8,367,240 |
| | | | | | 63,499,902 |
Texas - 3.0%
| | | | | | |
Austin Independent School District, 1.88%, 08/01/2038 | | | 12,265,000 | | | 8,950,232 |
Central Texas Regional Mobility Authority, 3.27%, 01/01/2045 | | | 3,900,000 | | | 3,003,105 |
City of Dallas, TX, 0.00%, 02/15/2032(a) | | | 15,000,000 | | | 10,683,812 |
City of Frisco, TX
| | | | | | |
2.00%, 02/15/2039 | | | 4,835,000 | | | 3,524,755 |
2.00%, 02/15/2040 | | | 4,925,000 | | | 3,493,450 |
City of Houston, TX
| | | | | | |
6.29%, 03/01/2032 | | | 730,000 | | | 784,551 |
5.54%, 03/01/2037 | | | 7,100,000 | | | 7,657,223 |
3.96%, 03/01/2047 | | | 8,300,000 | | | 7,288,987 |
City of Irving, TX, 7.38%, 08/15/2044 | | | 3,500,000 | | | 3,501,648 |
City of San Antonio, TX Electric & Gas Systems Revenue
| | | | | | |
5.99%, 02/01/2039 | | | 15,891,000 | | | 17,267,159 |
5.72%, 02/01/2041 | | | 21,910,000 | | | 23,007,833 |
Colony Economic Development Corp., 7.25%, 10/01/2042 | | | 5,000,000 | | | 4,989,817 |
County of Bexar, TX,
3.03%, 08/15/2041 | | | 1,555,000 | | | 1,189,849 |
Dallas Area Rapid Transit,
6.00%, 12/01/2044 | | | 3,500,000 | | | 3,775,920 |
Dallas Convention Center Hotel Development Corp.,
7.09%, 01/01/2042 | | | 23,220,000 | | | 26,637,106 |
Dallas Fort Worth International Airport
| | | | | | |
3.09%, 11/01/2040 | | | 18,265,000 | | | 15,075,107 |
5.00%, 11/01/2042 | | | 1,225,000 | | | 1,240,831 |
5.05%, 11/01/2047 | | | 2,500,000 | | | 2,488,624 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Downtown Dallas Development Authority, 0.00%, 08/15/2036(a) | | | $6,730,000 | | | $3,769,140 |
Forney Independent School District
| | | | | | |
3.00%, 02/15/2039 | | | 1,000,000 | | | 890,398 |
2.50%, 08/15/2039 | | | 7,330,000 | | | 5,815,183 |
2.50%, 08/15/2040 | | | 7,300,000 | | | 5,668,419 |
2.50%, 08/15/2041 | | | 4,385,000 | | | 3,339,140 |
Fort Bend Grand Parkway Toll Road Authority, 3.00%, 03/01/2039 | | | 2,150,000 | | | 1,919,896 |
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 | | | 4,796,940 |
3.00%, 01/01/2038 | | | 21,860,000 | | | 19,793,522 |
3.01%, 01/01/2043 | | | 1,160,000 | | | 925,465 |
6.72%, 01/01/2049 | | | 17,429,000 | | | 20,580,963 |
Port of Beaumont Industrial Development Authority,
4.10%, 01/01/2028(b) | | | 10,500,000 | | | 9,337,196 |
Port of Beaumont Navigation District,
10.00%, 07/01/2026(b) | | | 3,500,000 | | | 3,578,786 |
Port of Houston Authority,
3.00%, 10/01/2039 | | | 5,000,000 | | | 4,642,755 |
San Antonio Water System,
5.92%, 05/15/2040 | | | 1,540,000 | | | 1,661,121 |
Stafford Municipal School District, 3.08%, 08/15/2041 | | | 1,525,000 | | | 1,229,220 |
State of Texas,
2.13%, 08/01/2037 | | | 3,430,000 | | | 2,661,496 |
Texas A&M University,
3.00%, 05/15/2039 | | | 2,395,000 | | | 2,156,117 |
Texas Public Finance Authority,
2.47%, 02/01/2040 | | | 1,000,000 | | | 744,289 |
Texas Water Development Board, 3.00%, 08/01/2039 | | | 3,000,000 | | | 2,688,919 |
| | | | | | 240,758,974 |
Utah - 0.1%
| | | | | | |
County of Salt Lake, UT Convention Hotel Revenue,
5.75%, 10/01/2047(b) | | | 5,000,000 | | | 4,531,017 |
Virginia - 0.4%
| | | | | | |
Hampton Roads Sanitation District, 2.78%, 02/01/2039 | | | 1,300,000 | | | 1,060,378 |
University of Virginia
| | | | | | |
6.20%, 09/01/2039 | | | 1,120,000 | | | 1,246,196 |
4.18%, 09/01/2117 | | | 18,500,000 | | | 15,643,994 |
3.23%, 09/01/2119 | | | 22,240,000 | | | 14,421,401 |
| | | | | | | |
| | | | | | | |
Virginia Housing Development Authority
| | | | | | |
3.90%, 04/01/2042 | | | $3,155,000 | | | $2,620,069 |
2.96%, 09/01/2045 | | | 1,205,000 | | | 834,749 |
| | | | | | 35,826,787 |
Washington - 1.3%
| | | | | | |
Central Puget Sound Regional Transit Authority, 5.49%, 11/01/2039 | | | 15,230,000 | | | 15,961,148 |
City of Tacoma, WA Water Revenue
| | | | | | |
5.75%, 12/01/2039 | | | 20,000,000 | | | 21,392,756 |
5.62%, 12/01/2040 | | | 4,750,000 | | | 5,008,771 |
County of King, WA Sewer Revenue, 2.84%, 07/01/2047 | | | 2,000,000 | | | 1,426,621 |
Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue, 5.50%, 09/01/2040 | | | 8,750,000 | | | 8,923,568 |
King County Housing Authority
| | | | | | |
3.00%, 11/01/2039 | | | 3,600,000 | | | 3,103,958 |
3.00%, 06/01/2040 | | | 18,995,000 | | | 15,986,901 |
3.00%, 08/01/2040 | | | 3,195,000 | | | 2,684,275 |
NJB Properties, 5.51%, 12/01/2036 | | | 6,960,000 | | | 7,402,660 |
University of Washington
| | | | | | |
6.06%, 07/01/2039 | | | 10,515,000 | | | 11,550,576 |
5.00%, 10/01/2040 | | | 9,835,000 | | | 9,928,411 |
| | | | | | 103,369,645 |
Wisconsin - 0.2%
| | | | | | |
County of Marathon, WI
| | | | | | |
2.00%, 02/01/2037 | | | 1,495,000 | | | 1,186,169 |
2.00%, 02/01/2037 | | | 885,000 | | | 702,181 |
2.00%, 02/01/2038 | | | 1,525,000 | | | 1,184,280 |
2.00%, 02/01/2038 | | | 1,110,000 | | | 862,001 |
2.00%, 02/01/2039 | | | 1,460,000 | | | 1,099,830 |
2.00%, 02/01/2039 | | | 1,105,000 | | | 831,697 |
Milwaukee Redevelopment Authority, 0.00%, 04/01/2039(a) | | | 1,000,000 | | | 474,608 |
Public Finance Authority
| | | | | | |
7.50%, 06/01/2029(b) | | | 5,750,000 | | | 5,659,821 |
4.15%, 05/15/2031 | | | 3,635,000 | | | 3,624,534 |
| | | | | | 15,625,121 |
TOTAL MUNICIPAL BONDS
(Cost $1,798,198,665) | | | | | | 1,774,854,242 |
CORPORATE BONDS - 17.1%
|
Aerospace & Defense - 0.1%
| | | | | | |
Moog, Inc.,
4.25%, 12/15/2027(b) | | | 4,440,000 | | | 4,280,819 |
TransDigm, Inc., 6.63%, 03/01/2032(b) | | | 5,000,000 | | | 5,205,430 |
| | | | | | 9,486,249 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Automobile Components - 0.1%
| | | | | | |
Dana, Inc.
| | | | | | |
4.25%, 09/01/2030 | | | $1,500,000 | | | $1,352,617 |
4.50%, 02/15/2032 | | | 4,208,000 | | | 3,749,344 |
| | | | | | 5,101,961 |
Banks - 4.4%
| | | | | | |
Atlantic Union Bankshares Corp., 2.88% to 12/15/2026 then 3 mo. Term SOFR + 1.86%, 12/15/2031 | | | 5,000,000 | | | 4,100,000 |
Australia & New Zealand Banking Group Ltd., 6.74%, 12/08/2032(b) | | | 7,000,000 | | | 7,682,106 |
Bank of America Corp.
| | | | | | |
6.30% to 03/10/2026 then 3 mo. Term SOFR + 4.81%, Perpetual | | | 2,565,000 | | | 2,594,789 |
2.65% to 03/11/2031 then SOFR + 1.22%, 03/11/2032 | | | 10,000,000 | | | 8,779,594 |
Bank of Montreal, 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 | | | 15,000,000 | | | 12,841,061 |
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 | | | 4,861,429 |
Bank OZK, 2.75% to 10/01/2026 then 3 mo. Term SOFR + 2.09%, 10/01/2031 | | | 13,175,000 | | | 10,563,837 |
Banner Corp., 5.00% to 06/30/2025 then 3 mo. Term SOFR + 4.89%, 06/30/2030 | | | 8,000,000 | | | 7,840,000 |
Barclays PLC, 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | | | 15,050,000 | | | 14,967,923 |
CapStar Bank,
5.88%, 09/29/2026 | | | 7,515,000 | | | 7,581,675 |
Central Pacific Financial Corp., 4.75% to 11/01/2025 then 3 mo. Term SOFR + 4.56%, 11/01/2030 | | | 5,000,000 | | | 4,826,251 |
CNB Financial Corp., 3.25% to 06/15/2026 then 3 mo. Term SOFR + 2.58%, 06/15/2031(b) | | | 2,000,000 | | | 1,720,000 |
Commonwealth Bank of Australia, 5.84%, 03/13/2034(b) | | | 5,000,000 | | | 5,219,598 |
Deutsche Bank AG, 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | | | 3,000,000 | | | 3,177,268 |
Fifth Third Bancorp, 8.25%, 03/01/2038 | | | 10,000,000 | | | 12,418,812 |
First Busey Corp.
| | | | | | |
5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.11%, 06/01/2030 | | | 4,500,000 | | | 4,421,250 |
| | | | | | | |
| | | | | | | |
5.00% to 06/15/2027 then 3 mo. Term SOFR + 2.52%, 06/15/2032 | | | $2,000,000 | | | $1,730,000 |
First Financial Bancorp., 5.25% to 05/15/2025 then 3 mo. Term SOFR + 5.09%, 05/15/2030 | | | 10,500,000 | | | 10,188,470 |
First Interstate BancSystem, Inc., 5.25% to 05/15/2025 then 3 mo. Term SOFR + 5.18%, 05/15/2030 | | | 5,000,000 | | | 4,919,262 |
First Mid Bancshares, Inc., 3.95% to 10/15/2025 then 3 mo. Term SOFR + 3.83%, 10/15/2030 | | | 5,300,000 | | | 5,046,511 |
Firstbank, 4.50% to 09/01/2025 then SOFR + 4.39%, 09/01/2030 | | | 9,000,000 | | | 8,640,000 |
Heartland Financial USA, Inc., 2.75% to 09/15/2026 then 3 mo. Term SOFR + 2.10%, 09/15/2031 | | | 6,000,000 | | | 4,979,895 |
Hilltop Holdings, Inc., 6.13% to 05/15/2030 then 3 mo. Term SOFR + 5.80%, 05/15/2035 | | | 11,750,000 | | | 9,563,207 |
Home BancShares, Inc., 3.13% to 01/30/2027 then 3 mo. Term SOFR + 1.82%, 01/30/2032 | | | 18,436,000 | | | 15,487,732 |
Huntington National Bank, 5.50% to 05/06/2025 then 3 mo. Term SOFR + 5.35%, 05/06/2030 | | | 10,750,000 | | | 10,597,219 |
JPMorgan Chase & Co.
| | | | | | |
6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | | | 10,000,000 | | | 10,978,634 |
5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 | | | 3,000,000 | | | 3,093,212 |
Mercantile Bank Corp.,
3.25% to 01/30/2027 then SOFR + 2.12%, 01/30/2032 | | | 7,000,000 | | | 5,705,000 |
National Australia Bank Ltd., 3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037(b) | | | 9,500,000 | | | 8,307,078 |
NatWest Group PLC, 6.48% to 06/01/2029 then 5 yr. CMT Rate + 2.20%, 06/01/2034 | | | 1,000,000 | | | 1,046,230 |
NBT Bancorp, Inc., 5.00% to 07/01/2025 then 3 mo. Term SOFR + 4.85%, 07/01/2030 | | | 7,500,000 | | | 7,178,794 |
Pacific Premier Bancorp, Inc.
| | | | | | |
7.88% (3 mo. Term SOFR + 2.76%), 05/15/2029 | | | 3,500,000 | | | 3,337,279 |
5.38% to 06/15/2025 then 3 mo. Term SOFR + 5.17%, 06/15/2030 | | | 6,410,000 | | | 6,199,686 |
Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | | | 15,600,000 | | | 15,054,001 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Banks - (Continued)
|
Peapack-Gladstone Financial Corp., 3.50% to 12/30/2025 then 3 mo. Term SOFR + 3.26%, 12/30/2030 | | | $4,500,000 | | | $3,963,787 |
PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | | | 5,000,000 | | | 5,221,973 |
Regions Bank,
6.45%, 06/26/2037 | | | 15,601,000 | | | 16,663,511 |
Renasant Corp.
| | | | | | |
3.00% to 12/01/2026 then 3 mo. Term SOFR + 1.91%, 12/01/2031 | | | 7,000,000 | | | 5,775,835 |
4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 | | | 9,000,000 | | | 6,836,590 |
Santander Holdings USA, Inc., 6.17% to 01/09/2029 then SOFR + 2.50%, 01/09/2030 | | | 7,000,000 | | | 7,258,725 |
Southside Bancshares, Inc., 3.88% to 11/15/2025 then 3 mo. Term SOFR + 3.66%, 11/15/2030 | | | 8,000,000 | | | 7,444,481 |
Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | | | 4,000,000 | | | 3,891,295 |
Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | | | 10,942,000 | | | 10,192,322 |
Texas Capital Bank, NA, 5.25%, 01/31/2026 | | | 5,000,000 | | | 4,842,038 |
Towne Bank, 3.13% to 02/15/2027 then 3 mo. Term SOFR + 1.68%, 02/15/2032 | | | 4,000,000 | | | 3,360,000 |
Trustmark Corp., 3.63% to 12/01/2025 then 3 mo. Term SOFR + 3.39%, 12/01/2030 | | | 6,500,000 | | | 5,715,551 |
Webster Financial Corp.
| | | | | | |
4.10%, 03/25/2029 | | | 6,595,000 | | | 6,312,401 |
4.00% to 12/30/2024 then 3 mo. Term SOFR + 2.53%, 12/30/2029 | | | 1,500,000 | | | 1,379,480 |
Western Alliance Bank, 5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.12%, 06/01/2030 | | | 10,000,000 | | | 9,706,443 |
WSFS Financial Corp.
| | | | | | |
7.65% (3 mo. Term SOFR + 2.31%), 12/15/2027 | | | 3,500,000 | | | 3,204,754 |
2.75% to 12/15/2025 then 3 mo. Term SOFR + 2.49%, 12/15/2030 | | | 5,470,000 | | | 4,875,773 |
| | | | | | 352,292,762 |
| | | | | | | |
| | | | | | | |
Beverages - 0.1%
| | | | | | |
Coca-Cola Co., 5.40%, 05/13/2064 | | | $5,000,000 | | | $5,186,007 |
Biotechnology - 0.2%
| | | | | | |
AbbVie, Inc.
| | | | | | |
4.40%, 11/06/2042 | | | 11,398,000 | | | 10,497,663 |
5.50%, 03/15/2064 | | | 5,000,000 | | | 5,210,952 |
| | | | | | 15,708,615 |
Building Products - 0.1%
| | | | | | |
Builders FirstSource, Inc., 4.25%, 02/01/2032(b) | | | 7,800,000 | | | 7,132,840 |
Capital Markets - 0.5%
| | | | | | |
Ares Capital Corp.
| | | | | | |
7.00%, 01/15/2027 | | | 3,000,000 | | | 3,112,757 |
5.88%, 03/01/2029 | | | 4,000,000 | | | 4,068,608 |
3.20%, 11/15/2031 | | | 15,473,000 | | | 13,359,999 |
Brookfield Corp., 7.38%, 03/01/2033 | | | 3,000,000 | | | 3,397,839 |
MSCI, Inc.,
3.63%, 11/01/2031(b) | | | 15,200,000 | | | 13,805,360 |
| | | | | | 37,744,563 |
Chemicals - 0.1%
| | | | | | |
Eastman Chemical Co.
| | | | | | |
5.75%, 03/08/2033 | | | 3,000,000 | | | 3,134,518 |
5.63%, 02/20/2034 | | | 7,000,000 | | | 7,214,171 |
| | | | | | 10,348,689 |
Commercial Services & Supplies - 0.1%
|
Central Storage Safety Project Trust, 4.82%, 02/01/2038(b) | | | 5,557,440 | | | 5,181,380 |
Consumer Finance - 0.5%
| | | | | | |
Ally Financial, Inc., 6.70%, 02/14/2033 | | | 10,000,000 | | | 10,307,209 |
Ford Motor Credit Co., LLC
| | | | | | |
7.35%, 03/06/2030 | | | 8,750,000 | | | 9,476,727 |
7.20%, 06/10/2030 | | | 3,000,000 | | | 3,230,736 |
OneMain Finance Corp.
| | | | | | |
3.88%, 09/15/2028 | | | 8,545,000 | | | 7,877,658 |
5.38%, 11/15/2029 | | | 12,603,000 | | | 12,135,054 |
| | | | | | 43,027,384 |
Containers & Packaging - 0.6%
| | | | | | |
AptarGroup, Inc., 3.60%, 03/15/2032 | | | 10,000,000 | | | 9,093,774 |
Berry Global, Inc.
| | | | | | |
4.50%, 02/15/2026(b) | | | 7,250,000 | | | 7,160,571 |
5.63%, 07/15/2027(b) | | | 3,750,000 | | | 3,756,069 |
5.65%, 01/15/2034(b) | | | 9,102,000 | | | 9,271,906 |
Graphic Packaging International, LLC
| | | | | | |
3.50%, 03/01/2029(b) | | | 3,000,000 | | | 2,788,958 |
3.75%, 02/01/2030(b) | | | 13,523,000 | | | 12,519,019 |
| | | | | | 44,590,297 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Distributors - 0.1%
| | | | | | |
Genuine Parts Co., 2.75%, 02/01/2032 | | | $5,000,000 | | | $4,298,498 |
LKQ Corp., 6.25%, 06/15/2033 | | | 2,175,000 | | | 2,287,281 |
| | | | | | 6,585,779 |
Diversified Consumer Services - 2.0%
|
California Institute of Technology
| | | | | | |
4.70%, 11/01/2111 | | | 16,053,000 | | | 14,353,259 |
3.65%, 09/01/2119 | | | 5,172,000 | | | 3,656,735 |
Case Western Reserve University, 5.41%, 06/01/2122 | | | 15,322,000 | | | 15,632,576 |
Massachusetts Institute of Technology
| | | | | | |
7.25%, 11/02/2096 | | | 2,750,000 | | | 3,618,580 |
5.60%, 07/01/2111 | | | 14,180,000 | | | 15,859,452 |
4.68%, 07/01/2114 | | | 11,861,000 | | | 11,177,960 |
3.89%, 07/01/2116 | | | 10,233,000 | | | 8,060,345 |
Nature Conservancy
| | | | | | |
1.71%, 07/01/2031 | | | 1,250,000 | | | 1,006,032 |
1.81%, 07/01/2032 | | | 1,150,000 | | | 906,063 |
1.86%, 07/01/2033 | | | 532,000 | | | 407,965 |
Prime Security Services Borrower, LLC
| | | | | | |
5.75%, 04/15/2026(b) | | | 3,655,000 | | | 3,664,861 |
3.38%, 08/31/2027(b) | | | 8,870,000 | | | 8,406,765 |
Service Corp. International
| | | | | | |
3.38%, 08/15/2030 | | | 8,692,000 | | | 7,808,641 |
4.00%, 05/15/2031 | | | 9,144,000 | | | 8,400,286 |
Trustees of the University of Pennsylvania
| | | | | | |
4.67%, 09/01/2112 | | | 9,124,000 | | | 8,382,837 |
3.61%, 02/15/2119 | | | 23,739,000 | | | 16,931,777 |
United Jewish Appeal-Federation of Jewish Philanthropies of New York, Inc., 2.15%, 02/01/2031 | | | 4,565,000 | | | 3,989,183 |
University of Southern California
| | | | | | |
5.25%, 10/01/2111 | | | 2,528,000 | | | 2,638,410 |
3.23%, 10/01/2120 | | | 7,200,000 | | | 4,672,818 |
Washington University, 4.35%, 04/15/2122 | | | 20,202,000 | | | 17,281,864 |
YMCA of Greater New York, 2.30%, 08/01/2026 | | | 5,730,000 | | | 5,389,651 |
| | | | | | 162,246,060 |
Electric Utilities - 0.6%
| | | | | | |
Brazos Securitization LLC, 5.41%, 09/01/2050(b) | | | 9,700,000 | | | 10,051,208 |
Denton County Electric Cooperative, Inc., Series 2022,
5.32%, 02/15/2048(b) | | | 17,000,000 | | | 16,880,551 |
PG&E Recovery Funding LLC, 5.53%, 06/01/2049 | | | 20,000,000 | | | 20,913,805 |
| | | | | | 47,845,564 |
| | | | | | | |
| | | | | | | |
Electrical Equipment - 0.3%
| | | | | | |
Regal Rexnord Corp.
| | | | | | |
6.30%, 02/15/2030 | | | $4,676,000 | | | $4,938,240 |
6.40%, 04/15/2033 | | | 2,000,000 | | | 2,122,487 |
Sensata Technologies BV, 4.00%, 04/15/2029(b) | | | 2,000,000 | | | 1,884,833 |
Sensata Technologies, Inc.
| | | | | | |
4.38%, 02/15/2030(b) | | | 9,838,000 | | | 9,299,595 |
3.75%, 02/15/2031(b) | | | 5,955,000 | | | 5,384,175 |
6.63%, 07/15/2032(b) | | | 1,500,000 | | | 1,553,014 |
| | | | | | 25,182,344 |
Electronic Equipment, Instruments & Components - 0.4%
| | | |
CDW Finance Corp.
| | | | | | |
3.25%, 02/15/2029 | | | 12,703,000 | | | 11,919,761 |
5.55%, 08/22/2034 | | | 7,887,000 | | | 7,963,110 |
Corning, Inc.,
5.75%, 08/15/2040 | | | 15,588,000 | | | 16,142,807 |
| | | | | | 36,025,678 |
Financial Services - 0.2%
| | | | | | |
American AGcredit FLCA, 3.38% to 06/15/2031 then SOFR + 2.12%, 06/15/2036(b) | | | 10,000,000 | | | 7,900,000 |
Compeer Financial FLCA
| | | | | | |
2.75% to 06/01/2026 then SOFR + 2.03%, 06/01/2031(b) | | | 5,000,000 | | | 4,421,705 |
3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036(b) | | | 4,750,000 | | | 3,682,438 |
| | | | | | 16,004,143 |
Food Products - 0.0%(d)
| | | | | | |
Mars, Inc., 2.38%, 07/16/2040(b) | | | 4,960,000 | | | 3,463,483 |
Ground Transportation - 0.3%
| | | | | | |
ERAC USA Finance, LLC, 7.00%, 10/15/2037(b) | | | 18,952,000 | | | 22,436,756 |
Healthcare Providers & Services - 1.5%
| | | |
Baptist Health South Florida, Inc., 4.34%, 11/15/2041 | | | 14,760,000 | | | 13,271,556 |
Centene Corp.
| | | | | | |
3.00%, 10/15/2030 | | | 11,090,000 | | | 9,865,528 |
2.50%, 03/01/2031 | | | 11,000,000 | | | 9,353,728 |
Cleveland Clinic Foundation,
4.86%, 01/01/2114 | | | 17,636,000 | | | 16,595,804 |
Dignity Health, 5.27%, 11/01/2064 | | | 10,000,000 | | | 9,608,802 |
Hackensack Meridian Health, Inc., 2.68%, 09/01/2041 | | | 14,920,000 | | | 10,964,567 |
HCA, Inc., 5.45%, 09/15/2034 | | | 2,000,000 | | | 2,027,832 |
HumanGood California Obligated Group, 3.00%, 10/01/2028 | | | 2,335,000 | | | 2,251,713 |
New York and Presbyterian Hospital
| | | | | | |
4.76%, 08/01/2116 | | | 13,700,000 | | | 12,409,182 |
3.95%, 08/01/2119 | | | 5,000,000 | | | 3,786,330 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Healthcare Providers & Services - (Continued)
|
Orlando Health Obligated Group, 2.89%, 10/01/2035 | | | $1,000,000 | | | $850,624 |
Penn State Health, 3.81%, 11/01/2049 | | | 5,920,000 | | | 4,526,192 |
Piedmont Healthcare, Inc.,
2.72%, 01/01/2042 | | | 12,924,000 | | | 9,423,224 |
Sutter Health,
3.16%, 08/15/2040 | | | 2,766,000 | | | 2,209,185 |
Toledo Hospital, 6.02%, 11/15/2048 | | | 6,980,000 | | | 7,310,670 |
UnitedHealth Group, Inc.,
5.50%, 07/15/2044 | | | 5,000,000 | | | 5,163,397 |
| | | | | | 119,618,334 |
Hotel & Resort REITs - 0.1%
| | | | | | |
Host Hotels & Resorts LP
| | | | | | |
5.70%, 07/01/2034 | | | 2,000,000 | | | 2,029,716 |
5.50%, 04/15/2035 | | | 5,000,000 | | | 4,958,462 |
| | | | | | 6,988,178 |
Hotels, Restaurants & Leisure - 0.2%
|
Hilton Grand Vacations Borrower Escrow LLC, 6.63%, 01/15/2032(b) | | | 4,000,000 | | | 4,051,172 |
Papa John’s International, Inc., 3.88%, 09/15/2029(b) | | | 4,374,000 | | | 4,013,535 |
Station Casinos, LLC, 4.50%, 02/15/2028(b) | | | 3,750,000 | | | 3,600,450 |
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(b) | | | 5,730,000 | | | 5,488,920 |
| | | | | | 17,154,077 |
Household Durables - 0.4%
| | | | | | |
Ashton Woods USA, LLC
| | | | | | |
6.63%, 01/15/2028(b) | | | 2,570,000 | | | 2,590,987 |
4.63%, 04/01/2030(b) | | | 4,100,000 | | | 3,862,523 |
KB Home, 4.80%, 11/15/2029 | | | 1,882,000 | | | 1,839,279 |
M/I Homes, Inc.
| | | | | | |
4.95%, 02/01/2028 | | | 4,588,000 | | | 4,511,359 |
3.95%, 02/15/2030 | | | 7,916,000 | | | 7,312,280 |
Meritage Homes Corp., 3.88%, 04/15/2029(b) | | | 8,874,000 | | | 8,431,320 |
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b) | | | 5,241,000 | | | 4,612,418 |
| | | | | | 33,160,166 |
IT Services - 0.1%
| | | | | | |
Gartner, Inc.
| | | | | | |
3.63%, 06/15/2029(b) | | | 1,125,000 | | | 1,062,976 |
3.75%, 10/01/2030(b) | | | 3,250,000 | | | 3,011,706 |
| | | | | | 4,074,682 |
Life Sciences Tools & Services - 0.0%(d)
| | | |
IQVIA, Inc.,
5.00%, 10/15/2026(b) | | | 2,000,000 | | | 1,988,176 |
| | | | | | | |
| | | | | | | |
Machinery - 0.2%
| | | | | | |
AGCO Corp.,
5.80%, 03/21/2034 | | | $7,000,000 | | | $7,208,293 |
Allison Transmission, Inc., 3.75%, 01/30/2031(b) | | | 13,782,000 | | | 12,538,067 |
| | | | | | 19,746,360 |
Media - 0.4%
| | | | | | |
CCO Holdings Capital Corp.
| | | | | | |
4.75%, 02/01/2032(b) | | | 9,912,000 | | | 8,647,216 |
4.25%, 01/15/2034(b) | | | 6,500,000 | | | 5,258,075 |
Charter Communications Operating, LLC, 3.50%, 03/01/2042 | | | 2,716,000 | | | 1,875,320 |
Sirius XM Radio, Inc.
| | | | | | |
5.00%, 08/01/2027(b) | | | 2,317,000 | | | 2,266,919 |
3.88%, 09/01/2031(b) | | | 15,124,000 | | | 12,991,418 |
| | | | | | 31,038,948 |
Mortgage Real Estate Investment
Trusts (REITs) - 0.1%
| | | |
Arbor Realty SR, Inc., 5.00%, 12/30/2028(b) | | | 5,000,000 | | | 3,885,744 |
Arbor Realty Trust, Inc., 4.50%, 03/15/2027(b) | | | 5,000,000 | | | 4,333,609 |
| | | | | | 8,219,353 |
Pharmaceuticals - 0.5%
| | | | | | |
Bristol-Myers Squibb Co.
| | | | | | |
4.13%, 06/15/2039 | | | 10,481,000 | | | 9,505,536 |
5.65%, 02/22/2064 | | | 10,500,000 | | | 10,858,401 |
Pfizer Investment Enterprises Pte Ltd., 5.11%, 05/19/2043 | | | 5,000,000 | | | 4,956,567 |
Wyeth, LLC, 5.95%, 04/01/2037 | | | 13,738,000 | | | 15,032,413 |
| | | | | | 40,352,917 |
Professional Services - 0.5%
| | | | | | |
Amentum Escrow Corp., 7.25%, 08/01/2032(b) | | | 1,503,000 | | | 1,575,865 |
Booz Allen Hamilton, Inc.
| | | | | | |
3.88%, 09/01/2028(b) | | | 2,220,000 | | | 2,137,292 |
4.00%, 07/01/2029(b) | | | 10,895,000 | | | 10,535,360 |
Leidos, Inc.
| | | | | | |
4.38%, 05/15/2030 | | | 6,310,000 | | | 6,141,126 |
2.30%, 02/15/2031 | | | 2,840,000 | | | 2,433,162 |
Science Applications International Corp., 4.88%, 04/01/2028(b) | | | 14,388,000 | | | 13,968,608 |
| | | | | | 36,791,413 |
Real Estate Management &
Development - 0.2%
| | | | | | |
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028(b) | | | 2,300,000 | | | 2,335,014 |
MMH Master LLC,
6.75%, 02/01/2044(b) | | | 10,250,000 | | | 10,652,925 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Real Estate Management & Development - (Continued)
|
Wildflower Improvement Association, 6.63%, 03/01/2031(b) | | | $2,384,181 | | | $2,342,145 |
| | | | | | 15,330,084 |
Retail REITs - 0.2%
| | | | | | |
American Finance Trust, Inc.,
4.50%, 09/30/2028(b) | | | 5,000,000 | | | 4,597,704 |
Simon Property Group LP,
6.75%, 02/01/2040 | | | 12,702,000 | | | 14,428,515 |
| | | | | | 19,026,219 |
Software - 0.4%
| | | | | | |
Open Text Corp.
| | | | | | |
3.88%, 02/15/2028(b) | | | 7,875,000 | | | 7,471,854 |
3.88%, 12/01/2029(b) | | | 6,680,000 | | | 6,163,072 |
Oracle Corp.
| | | | | | |
3.85%, 07/15/2036 | | | 10,200,000 | | | 8,980,087 |
6.50%, 04/15/2038 | | | 10,000,000 | | | 11,155,691 |
| | | | | | 33,770,704 |
Specialty Retail - 1.0%
| | | | | | |
Asbury Automotive Group, Inc.,
5.00%, 02/15/2032(b) | | | 11,700,000 | | | 11,026,621 |
AutoNation, Inc., 3.85%, 03/01/2032 | | | 11,525,000 | | | 10,548,926 |
Group 1 Automotive, Inc.,
4.00%, 08/15/2028(b) | | | 18,014,000 | | | 17,056,728 |
Home Depot, Inc.
| | | | | | |
5.40%, 09/15/2040 | | | 11,497,000 | | | 12,004,446 |
4.88%, 02/15/2044 | | | 2,113,000 | | | 2,046,773 |
Ken Garff Automotive, LLC,
4.88%, 09/15/2028(b) | | | 10,159,000 | | | 9,879,635 |
Lithia Motors, Inc.
| | | | | | |
3.88%, 06/01/2029(b) | | | 1,120,000 | | | 1,039,782 |
4.38%, 01/15/2031(b) | | | 7,000,000 | | | 6,457,986 |
Penske Automotive Group, Inc.,
3.75%, 06/15/2029 | | | 11,950,000 | | | 11,132,701 |
| | | | | | 81,193,598 |
Technology Hardware, Storage & Peripherals - 0.3%
| | | | | | |
Dell International, LLC, 8.10%, 07/15/2036 | | | 18,910,000 | | | 23,287,790 |
Trading Companies & Distributors - 0.3%
| | | |
Ashtead Capital, Inc.
| | | | | | |
4.25%, 11/01/2029(b) | | | 5,000,000 | | | 4,815,178 |
5.50%, 08/11/2032(b) | | | 8,553,000 | | | 8,647,132 |
5.95%, 10/15/2033(b) | | | 2,492,000 | | | 2,588,460 |
Herc Holdings, Inc.,
6.63%, 06/15/2029(b) | | | 2,000,000 | | | 2,058,402 |
| | | | | | | |
| | | | | | | |
United Rentals North America, Inc., 3.75%, 01/15/2032 | | | $5,100,000 | | | $4,606,874 |
| | | | | | 22,716,046 |
TOTAL CORPORATE BONDS
(Cost $1,385,799,440) | | | | | | 1,370,047,599 |
ASSET-BACKED SECURITIES - 13.2%
|
American Credit Acceptance Receivables Trust
| | | | | | |
Series 2021-2, Class E, 2.54%, 07/13/2027(b) | | | 10,000,000 | | | 9,878,731 |
Series 2021-3, Class E, 2.56%, 11/15/2027(b) | | | 9,094,000 | | | 8,915,426 |
Series 2021-4, Class E, 3.12%, 02/14/2028(b) | | | 5,700,000 | | | 5,586,422 |
Series 2022-2, Class C, 4.41%, 06/13/2028(b) | | | 2,344,986 | | | 2,342,443 |
Series 2022-3, Class C, 4.86%, 10/13/2028(b) | | | 1,894,995 | | | 1,892,440 |
Series 2022-4, Class C, 7.86%, 02/15/2029(b) | | | 3,359,184 | | | 3,382,492 |
Series 2022-4, Class D, 8.00%, 02/15/2029(b) | | | 7,500,000 | | | 7,700,760 |
Series 2023-1, Class C, 5.59%, 04/12/2029(b) | | | 5,600,000 | | | 5,610,706 |
Series 2023-2, Class B, 5.61%, 06/14/2027(b) | | | 4,000,000 | | | 3,998,271 |
Series 2023-2, Class C, 5.96%, 08/13/2029(b) | | | 10,580,000 | | | 10,638,953 |
Series 2023-3, Class C, 6.44%, 10/12/2029(b) | | | 7,020,000 | | | 7,116,346 |
Series 2023-4, Class C, 6.99%, 09/12/2030(b) | | | 7,500,000 | | | 7,702,856 |
Series 2024-1, Class B, 5.60%, 11/12/2027(b) | | | 5,000,000 | | | 5,010,482 |
Series 2024-1, Class C, 5.63%, 01/14/2030(b) | | | 5,000,000 | | | 5,030,403 |
Series 2024-2, Class B, 6.10%, 12/13/2027(b) | | | 5,750,000 | | | 5,800,525 |
Series 2024-2, Class C, 6.24%, 04/12/2030(b) | | | 4,750,000 | | | 4,838,590 |
Series 2024-3, Class B, 5.66%, 08/14/2028(b) | | | 8,000,000 | | | 8,071,718 |
Series 2024-3, Class C, 5.73%, 07/12/2030(b) | | | 6,350,000 | | | 6,439,671 |
AmeriCredit Automobile Receivables Trust
| | | | | | |
Series 2021-1, Class D, 1.21%, 12/18/2026 | | | 2,360,000 | | | 2,282,877 |
Series 2023-1, Class A2A, 5.84%, 10/19/2026 | | | 3,000,867 | | | 3,003,378 |
Series 2023-2, Class A3, 5.81%, 05/18/2028 | | | 15,000,000 | | | 15,229,227 |
Series 2024-1, Class A2A, 5.75%, 02/18/2028 | | | 2,705,000 | | | 2,713,576 |
Series 2024-1, Class A3, 5.43%, 01/18/2029 | | | 12,000,000 | | | 12,166,261 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
|
CarMax Auto Owner Trust
| | | | | | |
Series 2022-3, Class D, 6.20%, 01/16/2029 | | | $6,250,000 | | | $6,359,075 |
Series 2023-1, Class A2A, 5.23%, 01/15/2026 | | | 314,683 | | | 314,614 |
Series 2023-2, Class A2A, 5.50%, 06/15/2026 | | | 5,603,675 | | | 5,604,994 |
Series 2023-3, Class A2A, 5.72%, 11/16/2026 | | | 4,453,780 | | | 4,459,597 |
Series 2024-1, Class A2A, 5.30%, 03/15/2027 | | | 7,777,709 | | | 7,782,550 |
Series 2024-1, Class B, 5.17%, 08/15/2029 | | | 4,400,000 | | | 4,475,814 |
Series 2024-2, Class A3, 5.50%, 01/16/2029 | | | 13,000,000 | | | 13,275,920 |
CNH Equipment Trust
| | | | | | |
Series 2023-A, Class A2, 5.34%, 09/15/2026 | | | 4,367,850 | | | 4,368,948 |
Series 2023-B, Class A3, 5.60%, 02/15/2029 | | | 5,000,000 | | | 5,103,217 |
Series 2024-A, Class A2, 5.19%, 07/15/2027 | | | 8,025,000 | | | 8,027,424 |
CPS Auto Trust
| | | | | | |
Series 2021-D, Class E, 4.06%, 12/15/2028(b) | | | 5,000,000 | | | 4,851,210 |
Series 2023-A, Class C, 5.54%, 04/16/2029(b) | | | 2,500,000 | | | 2,506,110 |
Series 2024-C, Class B, 5.68%, 12/15/2028(b) | | | 3,920,000 | | | 3,965,336 |
DT Auto Owner Trust, Series 2020-2A, Class D, 4.73%, 03/16/2026(b) | | | 527,293 | | | 527,012 |
Enterprise Fleet Financing, Series 2024-1, Class A2, 5.23%, 03/20/2030(b) | | | 7,000,000 | | | 7,045,240 |
Enterprise Fleet Financing LLC
| | | | | | |
Series 2024-3, Class A2, 5.31%, 04/20/2027(b) | | | 3,250,000 | | | 3,273,847 |
Series 2024-3, Class A3, 4.98%, 08/21/2028(b) | | | 3,000,000 | | | 3,041,855 |
Exeter Automobile Receivables Trust
| | | | | | |
Series 2020-2A, Class E, 7.19%, 09/15/2027(b) | | | 9,948,822 | | | 10,011,606 |
Series 2021-2A, Class D, 1.40%, 04/15/2027 | | | 1,234,981 | | | 1,196,287 |
Series 2021-2A, Class E, 2.90%, 07/17/2028(b) | | | 1,500,000 | | | 1,448,248 |
Series 2021-3A, Class E, 3.04%, 12/15/2028(b) | | | 5,000,000 | | | 4,766,578 |
Series 2022-2A, Class D, 4.56%, 07/17/2028 | | | 2,860,000 | | | 2,832,462 |
Series 2022-4A, Class B, 4.57%, 01/15/2027 | | | 745,738 | | | 745,353 |
Series 2022-4A, Class C, 4.92%, 12/15/2028 | | | 4,000,000 | | | 3,989,022 |
| | | | | | | |
| | | | | | | |
Series 2022-5A, Class B, 5.97%, 03/15/2027 | | | $2,801,597 | | | $2,802,356 |
Series 2022-5A, Class C, 6.51%, 12/15/2027 | | | 5,060,000 | | | 5,090,587 |
Series 2022-6A, Class B, 6.03%, 08/16/2027 | | | 7,639,532 | | | 7,648,149 |
Series 2022-6A, Class C, 6.32%, 05/15/2028 | | | 5,202,000 | | | 5,250,017 |
Series 2023-1A, Class D, 6.69%, 06/15/2029 | | | 2,960,000 | | | 3,027,264 |
Series 2023-2A, Class A3, 5.60%, 08/17/2026 | | | 1,896,187 | | | 1,896,045 |
Series 2023-2A, Class B, 5.61%, 09/15/2027 | | | 5,623,000 | | | 5,638,771 |
Series 2023-3A, Class A3, 6.04%, 07/15/2026 | | | 3,005,332 | | | 3,005,815 |
Series 2023-4A, Class B, 6.31%, 10/15/2027 | | | 7,945,000 | | | 7,994,327 |
Series 2023-4A, Class C, 6.51%, 08/15/2028 | | | 5,000,000 | | | 5,089,571 |
Series 2023-5A, Class B, 6.58%, 04/17/2028 | | | 5,330,000 | | | 5,419,142 |
Series 2024-1A, Class A3, 5.31%, 08/16/2027 | | | 8,612,000 | | | 8,623,514 |
Series 2024-1A, Class B, 5.29%, 08/15/2028 | | | 7,000,000 | | | 7,026,935 |
Series 2024-2A, Class C, 5.74%, 05/15/2029 | | | 5,000,000 | | | 5,076,601 |
Series 2024-3A, Class A3, 5.65%, 12/15/2027 | | | 4,000,000 | | | 4,034,498 |
Series 2024-3A, Class C, 5.70%, 07/16/2029 | | | 3,250,000 | | | 3,308,765 |
Series 2024-4A, Class A3, 5.28%, 08/15/2030 | | | 4,300,000 | | | 4,323,142 |
Series 2024-4A, Class B, 5.29%, 08/15/2030 | | | 1,800,000 | | | 1,812,127 |
Series 2024-4A, Class C, 5.48%, 08/15/2030 | | | 1,200,000 | | | 1,213,127 |
First Investors Auto Owner Trust
| | | | | | |
Series 2021-1A, Class C, 1.17%, 03/15/2027(b) | | | 942,341 | | | 932,027 |
Series 2022-1A, Class C, 3.13%, 05/15/2028(b) | | | 5,000,000 | | | 4,876,670 |
Flagship Credit Auto Trust
| | | | | | |
Series 2020-2, Class D, 5.75%, 04/15/2026(b) | | | 2,077,577 | | | 2,078,827 |
Series 2022-3, Class A3, 4.55%, 04/15/2027(b) | | | 5,637,565 | | | 5,620,184 |
Series 2023-1, Class A2, 5.38%, 12/15/2026(b) | | | 1,270,807 | | | 1,270,158 |
Series 2023-2, Class A2, 5.76%, 04/15/2027(b) | | | 4,518,715 | | | 4,521,749 |
Ford Credit Auto Owner Trust
| | | | | | |
Series 2023-B, Class A2A, 5.57%, 06/15/2026 | | | 6,198,657 | | | 6,202,407 |
Series 2023-B, Class A3, 5.23%, 05/15/2028 | | | 7,120,000 | | | 7,187,995 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
|
GLS Auto Receivables Trust
| | | | | | |
Series 2020-3A, Class E, 4.31%, 07/15/2027(b) | | | $4,765,000 | | | $4,736,585 |
Series 2020-4A, Class E, 3.51%, 10/15/2027(b) | | | 7,500,000 | | | 7,392,091 |
Series 2021-1A, Class E, 3.14%, 01/18/2028(b) | | | 3,250,000 | | | 3,170,519 |
Series 2021-2A, Class E, 2.87%, 05/15/2028(b) | | | 5,410,000 | | | 5,174,672 |
Series 2021-3A, Class E, 3.20%, 10/16/2028(b) | | | 5,700,000 | | | 5,423,001 |
Series 2021-4A, Class C, 1.94%, 10/15/2027(b) | | | 6,151,980 | | | 6,076,294 |
Series 2021-4A, Class E, 4.43%, 10/16/2028(b) | | | 5,000,000 | | | 4,817,252 |
Series 2022-2A, Class B, 4.70%, 09/15/2026(b) | | | 2,212,102 | | | 2,209,629 |
Series 2022-3A, Class B, 4.92%, 01/15/2027(b) | | | 2,312,372 | | | 2,308,451 |
Series 2023-1A, Class B, 6.19%, 06/15/2027(b) | | | 1,901,000 | | | 1,904,954 |
Series 2023-1A, Class C, 6.38%, 12/15/2028(b) | | | 7,172,000 | | | 7,249,351 |
Series 2023-2A, Class A2, 5.70%, 01/15/2027(b) | | | 1,990,550 | | | 1,991,430 |
Series 2023-2A, Class B, 5.52%, 11/15/2027(b) | | | 7,800,000 | | | 7,820,596 |
Series 2023-2A, Class C, 5.69%, 03/15/2029(b) | | | 7,893,000 | | | 7,917,333 |
Series 2023-3A, Class C, 6.01%, 05/15/2029(b) | | | 5,000,000 | | | 5,067,996 |
Series 2023-4A, Class A3, 6.42%, 06/15/2027(b) | | | 2,075,000 | | | 2,097,211 |
Series 2023-4A, Class B, 6.57%, 03/15/2028(b) | | | 10,000,000 | | | 10,175,270 |
Series 2024-1A, Class A3, 5.40%, 09/15/2027(b) | | | 8,500,000 | | | 8,534,712 |
Series 2024-1A, Class B, 5.49%, 07/17/2028(b) | | | 10,000,000 | | | 10,094,618 |
Series 2024-1A, Class C, 5.64%, 12/17/2029(b) | | | 3,500,000 | | | 3,548,244 |
Series 2024-2A, Class A3, 5.64%, 01/18/2028(b) | | | 10,000,000 | | | 10,099,871 |
Series 2024-2A, Class B, 5.77%, 11/15/2028(b) | | | 10,000,000 | | | 10,150,531 |
Series 2024-2A, Class C, 6.03%, 02/15/2030(b) | | | 3,250,000 | | | 3,325,699 |
Series 2024-3A, Class A3, 5.02%, 04/17/2028(b) | | | 8,000,000 | | | 8,015,478 |
Series 2024-3A, Class B, 5.08%, 01/16/2029(b) | | | 7,137,000 | | | 7,157,363 |
Series 2024-3A, Class C, 5.21%, 02/18/2031(b) | | | 3,500,000 | | | 3,511,157 |
| | | | | | | |
| | | | | | | |
GM Financial Consumer Automobile Receivables Trust
| | | | | | |
Series 2023-2, Class A2A, 5.10%, 05/18/2026 | | | $2,438,329 | | | $2,436,869 |
Series 2023-3, Class A2A, 5.74%, 09/16/2026 | | | 4,384,404 | | | 4,390,490 |
Series 2024-2, Class A3, 5.10%, 03/16/2029 | | | 6,000,000 | | | 6,085,651 |
Honda Auto Receivables Owner Trust
| | | | | | |
Series 2023-2, Class A2, 5.41%, 04/15/2026 | | | 4,959,573 | | | 4,960,252 |
Series 2023-2, Class A3, 4.93%, 11/15/2027 | | | 7,662,000 | | | 7,687,678 |
Series 2023-3, Class A3, 5.41%, 02/18/2028 | | | 12,586,000 | | | 12,708,522 |
Series 2024-1, Class A2, 5.36%, 09/15/2026 | | | 15,000,000 | | | 15,018,579 |
Series 2024-1, Class A3, 5.21%, 08/15/2028 | | | 8,500,000 | | | 8,607,649 |
John Deere Owner Trust
| | | | | | |
Series 2023-B, Class A2, 5.59%, 06/15/2026 | | | 4,896,352 | | | 4,899,779 |
Series 2023-C, Class A3, 5.48%, 05/15/2028 | | | 5,000,000 | | | 5,068,570 |
NextGear Floorplan Master Trust, Series 2024-1A, Class A2, 5.12%, 03/15/2029(b) | | | 10,000,000 | | | 10,158,604 |
Santander Consumer USA Holdings, Inc.
| | | | | | |
Series 2024-4, Class A3, 4.85%, 01/16/2029 | | | 13,500,000 | | | 13,522,505 |
Series 2024-4, Class C, 4.95%, 04/15/2030 | | | 6,500,000 | | | 6,514,361 |
Santander Drive Auto Receivables Trust
| | | | | | |
Series 2022-2, Class B, 3.44%, 09/15/2027 | | | 7,495,774 | | | 7,432,788 |
Series 2022-2, Class C, 3.76%, 07/16/2029 | | | 5,075,000 | | | 4,990,310 |
Series 2022-4, Class A3, 4.14%, 02/16/2027 | | | 1,402,077 | | | 1,399,595 |
Series 2022-5, Class C, 4.74%, 10/16/2028 | | | 8,000,000 | | | 7,970,969 |
Series 2022-6, Class A3, 4.49%, 11/16/2026 | | | 931,777 | | | 930,972 |
Series 2022-6, Class B, 4.72%, 06/15/2027 | | | 14,955,000 | | | 14,908,059 |
Series 2022-7, Class A3, 5.75%, 04/15/2027 | | | 3,705,223 | | | 3,707,926 |
Series 2022-7, Class B, 5.95%, 01/17/2028 | | | 10,000,000 | | | 10,075,624 |
Series 2022-7, Class C, 6.69%, 03/17/2031 | | | 9,695,000 | | | 9,981,417 |
Series 2023-1, Class B, 4.98%, 02/15/2028 | | | 19,386,000 | | | 19,362,493 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
|
Series 2023-1, Class C, 5.09%, 05/15/2030 | | | $10,000,000 | | | $10,047,042 |
Series 2023-2, Class A3, 5.21%, 07/15/2027 | | | 9,223,689 | | | 9,218,227 |
Series 2023-2, Class B, 5.24%, 05/15/2028 | | | 1,360,000 | | | 1,363,056 |
Series 2023-2, Class C, 5.47%, 12/16/2030 | | | 5,000,000 | | | 5,080,315 |
Series 2023-3, Class A3, 5.61%, 10/15/2027 | | | 6,003,000 | | | 6,017,974 |
Series 2023-4, Class A3, 5.73%, 04/17/2028 | | | 14,300,000 | | | 14,418,305 |
Series 2023-4, Class B, 5.77%, 12/15/2028 | | | 4,379,000 | | | 4,452,139 |
Series 2023-5, Class B, 6.16%, 12/17/2029 | | | 4,500,000 | | | 4,615,215 |
Series 2023-6, Class A3, 5.93%, 07/17/2028 | | | 4,280,000 | | | 4,342,360 |
Series 2023-6, Class C, 6.40%, 03/17/2031 | | | 5,000,000 | | | 5,235,211 |
Series 2024-1, Class A3, 5.35%, 02/15/2028 | | | 7,250,000 | | | 7,279,770 |
Series 2024-1, Class A3, 5.25%, 04/17/2028 | | | 15,000,000 | | | 15,068,598 |
Series 2024-1, Class B, 5.31%, 01/16/2029 | | | 7,320,000 | | | 7,385,022 |
Series 2024-1, Class C, 5.45%, 03/15/2030 | | | 1,000,000 | | | 1,011,412 |
Series 2024-2, Class A3, 5.63%, 11/15/2028 | | | 12,300,000 | | | 12,475,876 |
Series 2024-2, Class B, 5.78%, 07/16/2029 | | | 10,000,000 | | | 10,254,926 |
Series 2024-3, Class A3, 5.63%, 01/16/2029 | | | 7,000,000 | | | 7,102,729 |
Series 2024-3, Class B, 5.55%, 09/17/2029 | | | 8,600,000 | | | 8,765,730 |
Series 2024-3, Class C, 5.64%, 08/15/2030 | | | 3,500,000 | | | 3,580,445 |
SBNA Auto Receivables Trust, Series 2024-A, Class A3, 5.32%, 12/15/2028(b) | | | 6,285,000 | | | 6,327,500 |
Toyota Auto Receivables Owner Trust
| | | | | | |
Series 2022-C, Class A3, 3.76%, 04/15/2027 | | | 7,472,660 | | | 7,414,036 |
Series 2023-A, Class A2, 5.05%, 01/15/2026 | | | 934,983 | | | 934,571 |
Series 2023-C, Class A2A, 5.60%, 08/17/2026 | | | 5,176,891 | | | 5,183,072 |
Series 2023-C, Class A3, 5.16%, 04/17/2028 | | | 5,124,000 | | | 5,166,996 |
Westlake Automobile Receivables Trust
| | | | | | |
Series 2021-1A, Class E, 2.33%, 08/17/2026(b) | | | 8,370,000 | | | 8,210,765 |
| | | | | | | |
| | | | | | | |
Series 2021-2A, Class D, 1.23%, 12/15/2026(b) | | | $8,385,000 | | | $8,209,207 |
Series 2021-2A, Class E, 2.38%, 03/15/2027(b) | | | 2,225,000 | | | 2,161,396 |
Series 2021-3A, Class E, 3.42%, 04/15/2027(b) | | | 10,030,000 | | | 9,818,373 |
Series 2022-1A, Class C, 3.11%, 03/15/2027(b) | | | 4,716,107 | | | 4,684,016 |
Series 2022-2A, Class A3, 3.75%, 04/15/2026(b) | | | 63,441 | | | 63,399 |
Series 2022-2A, Class B, 4.31%, 09/15/2027(b) | | | 8,825,000 | | | 8,802,857 |
Series 2022-2A, Class D, 5.48%, 09/15/2027(b) | | | 10,385,000 | | | 10,409,010 |
Series 2022-3A, Class B, 5.99%, 12/15/2027(b) | | | 10,000,000 | | | 10,026,639 |
Series 2022-3A, Class C, 6.44%, 12/15/2027(b) | | | 5,160,000 | | | 5,214,955 |
Series 2023-1A, Class A3, 5.21%, 01/18/2028(b) | | | 11,000,000 | | | 10,991,103 |
Series 2023-1A, Class B, 5.41%, 01/18/2028(b) | | | 3,750,000 | | | 3,757,697 |
Series 2023-1A, Class C, 5.74%, 08/15/2028(b) | | | 6,275,000 | | | 6,323,999 |
Series 2023-2A, Class A3, 5.80%, 02/16/2027(b) | | | 10,000,000 | | | 10,028,669 |
Series 2023-2A, Class B, 6.14%, 03/15/2028(b) | | | 5,690,000 | | | 5,740,983 |
Series 2023-2A, Class C, 6.29%, 03/15/2028(b) | | | 8,760,000 | | | 8,872,854 |
Series 2023-3A, Class A3, 5.82%, 05/17/2027(b) | | | 6,655,000 | | | 6,702,910 |
Series 2023-3A, Class B, 5.92%, 09/15/2028(b) | | | 2,818,000 | | | 2,852,310 |
Series 2023-3A, Class C, 6.02%, 09/15/2028(b) | | | 6,350,000 | | | 6,451,871 |
Series 2023-4A, Class C, 6.64%, 11/15/2028(b) | | | 8,060,000 | | | 8,279,811 |
Series 2024-1A, Class A3, 5.44%, 05/17/2027(b) | | | 7,250,000 | | | 7,297,505 |
Series 2024-1A, Class B, 5.55%, 11/15/2027(b) | | | 10,000,000 | | | 10,066,502 |
Series 2024-1A, Class C, 5.65%, 02/15/2029(b) | | | 6,330,000 | | | 6,396,092 |
Series 2024-2A, Class A3, 5.56%, 02/15/2028(b) | | | 10,000,000 | | | 10,096,482 |
Series 2024-2A, Class B, 5.62%, 03/15/2030(b) | | | 7,000,000 | | | 7,089,356 |
Series 2024-2A, Class C, 5.68%, 03/15/2030(b) | | | 5,000,000 | | | 5,077,903 |
World Omni Auto Receivables Trust
| | | | | | |
Series 2023-A, Class A2A, 5.18%, 07/15/2026 | | | 1,603,702 | | | 1,603,135 |
Series 2023-B, Class A2A, 5.25%, 11/16/2026 | | | 3,308,544 | | | 3,307,674 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
|
World Omni Select Auto Trust
| | | | | | |
Series 2024-A, Class A2A, 5.37%, 02/15/2028 | | | $3,000,000 | | | $3,012,014 |
Series 2024-A, Class A3, 4.98%, 02/15/2030 | | | 2,000,000 | | | 2,019,908 |
TOTAL ASSET-BACKED SECURITIES
(Cost $1,056,951,746) | | | | | | 1,065,395,535 |
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 13.1%
|
Arbor Multifamily Mortgage Securities Trust
| | | | | | |
Series 2022-MF4, Class B, 3.39%, 02/15/2055(b)(e) | | | 7,852,000 | | | 6,786,331 |
Series 2022-MF4, Class XD, 1.39%, 02/15/2055(b)(e)(g) | | | 19,700,000 | | | 1,536,157 |
BANK
| | | | | | |
Series 2017-BN4, Class A3, 3.36%, 05/15/2050 | | | 9,946,550 | | | 9,640,706 |
Series 2017-BN5, Class A4, 3.13%, 06/15/2060 | | | 12,685,000 | | | 12,160,947 |
Series 2017-BN8, Class A3, 3.23%, 11/15/2050 | | | 4,782,688 | | | 4,553,538 |
Series 2018-BN10, Class D, 2.60%, 02/15/2061(b) | | | 2,000,000 | | | 1,622,781 |
Series 2019-BN16, Class XA, 1.10%, 02/15/2052(e)(g) | | | 75,109,503 | | | 2,403,399 |
Series 2019-BN17, Class XB, 0.71%, 04/15/2052(e)(g) | | | 123,653,000 | | | 2,954,256 |
Series 2019-BN17, Class XD, 1.74%, 04/15/2052(b)(e)(g) | | | 11,541,000 | | | 708,577 |
Series 2019-BN19, Class A2, 2.93%, 08/15/2061 | | | 2,000,000 | | | 1,825,567 |
Series 2019-BN21, Class ASB, 2.81%, 10/17/2052 | | | 6,582,000 | | | 6,267,377 |
Series 2019-BN21, Class XD, 1.23%, 10/17/2052(b)(e)(g) | | | 18,699,333 | | | 894,008 |
Series 2019-BN23, Class C, 3.62%, 12/15/2052(e) | | | 8,713,000 | | | 7,344,762 |
Series 2019-BN23, Class XB, 0.26%, 12/15/2052(e)(g) | | | 238,421,000 | | | 2,223,633 |
Series 2019-BN24, Class ASB, 2.93%, 11/15/2062 | | | 3,250,000 | | | 3,114,514 |
Series 2019-BN24, Class XB, 0.30%, 11/15/2062(e)(g) | | | 174,693,000 | | | 1,877,059 |
Series 2020-BN25, Class B, 3.04%, 01/15/2063(e) | | | 2,574,500 | | | 2,217,497 |
Series 2020-BN25, Class XA, 0.99%, 01/15/2063(e)(g) | | | 157,574,103 | | | 5,765,022 |
Series 2020-BN26, Class A2, 2.04%, 03/15/2063 | | | 5,161,575 | | | 4,735,587 |
Series 2020-BN26, Class XB, 0.71%, 03/15/2063(e)(g) | | | 226,593,000 | | | 6,730,379 |
Series 2020-BN28, Class B, 2.34%, 03/15/2063 | | | 1,938,000 | | | 1,604,941 |
| | | | | | | |
| | | | | | | |
Series 2020-BN28, Class XB, 1.09%, 03/15/2063(e)(g) | | | $29,969,467 | | | $1,526,726 |
Series 2020-BN29, Class B, 2.42%, 11/15/2053 | | | 2,625,000 | | | 2,111,732 |
Series 2020-BN29, Class C, 3.14%, 11/15/2053(e) | | | 1,170,000 | | | 926,324 |
Series 2020-BN29, Class D, 2.50%, 11/15/2053(b) | | | 1,250,000 | | | 899,420 |
Series 2020-BN29, Class XB, 0.73%, 11/15/2053(e)(g) | | | 132,417,000 | | | 4,571,406 |
Series 2020-BN30, Class B, 2.45%, 12/15/2053(e) | | | 1,090,000 | | | 883,810 |
Series 2020-BN30, Class C, 2.76%, 12/15/2053(e) | | | 5,450,000 | | | 4,251,822 |
Series 2020-BN30, Class D, 2.50%, 12/15/2053(b)(e) | | | 9,150,000 | | | 6,601,448 |
Series 2021-BN31, Class ASB, 1.74%, 02/15/2054 | | | 7,704,000 | | | 7,007,183 |
Series 2021-BN32, Class C, 3.37%, 04/15/2054(e) | | | 800,000 | | | 651,788 |
Series 2021-BN32, Class D, 2.50%, 04/15/2054(b) | | | 5,000,000 | | | 3,723,591 |
Series 2021-BN34, Class AS, 2.57%, 06/15/2063 | | | 1,500,000 | | | 1,226,542 |
Series 2021-BN34, Class B, 2.75%, 06/15/2063(e) | | | 8,000,000 | | | 6,371,430 |
Series 2021-BN34, Class XA, 1.08%, 06/15/2063(e)(g) | | | 95,472,124 | | | 4,467,694 |
Series 2021-BN35, Class B, 2.53%, 06/15/2064 | | | 2,365,000 | | | 1,944,330 |
Series 2021-BN35, Class C, 2.90%, 06/15/2064(e) | | | 8,755,000 | | | 6,859,384 |
Series 2021-BN35, Class XA, 1.14%, 06/15/2064(e)(g) | | | 105,598,014 | | | 5,346,153 |
Series 2021-BN38, Class XA, 0.92%, 12/15/2064(e)(g) | | | 40,143,643 | | | 1,849,602 |
Series 2022-BN40, Class D, 2.50%, 03/15/2064(b) | | | 3,955,000 | | | 2,759,297 |
Series 2023-BN45, Class XD, 2.49%, 02/15/2056(b)(e)(g) | | | 22,611,000 | | | 3,402,397 |
Series 2024-BNK47, Class XA, 1.04%, 06/15/2057(e)(g) | | | 65,135,285 | | | 4,009,181 |
Series 2024-BNK47, Class XB, 0.61%, 06/15/2057(e)(g) | | | 220,695,000 | | | 7,340,272 |
BANK5
| | | | | | |
Series 2023-5YR3, Class A2, 6.26%, 09/15/2056 | | | 9,995,908 | | | 10,512,872 |
Series 2023-5YR3, Class B, 7.56%, 09/15/2056(e) | | | 2,000,000 | | | 2,130,486 |
Series 2023-5YR4, Class AS, 7.27%, 12/15/2056(e) | | | 7,500,000 | | | 8,026,305 |
Series 2024-5YR6, Class XA, 0.98%, 05/15/2057(b)(e)(g) | | | 112,690,361 | | | 3,447,063 |
Series 2024-5YR7, Class AS, 6.49%, 06/15/2057(e) | | | 7,000,000 | | | 7,321,666 |
Series 2024-5YR7, Class XA, 1.57%, 06/15/2057(e)(g) | | | 142,420,811 | | | 7,830,738 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2024-5YR8, Class B, 6.91%, 08/15/2057(e) | | | $7,000,000 | | | $7,343,041 |
Series 2024-5YR8, Class C, 7.00%, 08/15/2057(e) | | | 6,000,000 | | | 6,054,871 |
Series 2024-5YR9, Class AS, 6.18%, 08/15/2057(e) | | | 8,200,000 | | | 8,479,303 |
Barclays Commercial Mortgage Trust, Series 2019-C3, Class ASB,
3.46%, 05/15/2052 | | | 1,969,258 | | | 1,923,608 |
BBCMS Trust
| | | | | | |
Series 2020-C6, Class XA, 1.15%, 02/15/2053(e)(g) | | | 92,009,198 | | | 3,887,407 |
Series 2020-C6, Class XB, 0.79%, 02/15/2053(e)(g) | | | 59,000,000 | | | 2,044,120 |
Series 2020-C7, Class XA, 1.72%, 04/15/2053(e)(g) | | | 21,705,665 | | | 1,194,667 |
Series 2020-C7, Class XB, 1.10%, 04/15/2053(e)(g) | | | 17,140,000 | | | 852,089 |
Series 2021-C10, Class XA, 1.40%, 07/15/2054(e)(g) | | | 73,464,103 | | | 4,429,290 |
Series 2021-C10, Class XB, 1.14%, 07/15/2054(e)(g) | | | 74,931,500 | | | 4,340,077 |
Series 2021-C11, Class XB, 1.08%, 09/15/2054(e)(g) | | | 29,540,000 | | | 1,715,208 |
Series 2021-C12, Class B, 2.76%, 11/15/2054 | | | 9,000,000 | | | 7,196,348 |
Series 2021-C12, Class XA, 1.06%, 11/15/2054(e)(g) | | | 101,096,218 | | | 4,807,813 |
Series 2021-C12, Class XB, 0.71%, 11/15/2054(e)(g) | | | 59,992,000 | | | 2,295,318 |
Series 2021-C9, Class AS, 2.53%, 02/15/2054 | | | 8,500,000 | | | 7,259,518 |
Series 2021-C9, Class ASB, 1.96%, 02/15/2054 | | | 10,000,000 | | | 9,169,240 |
Series 2021-C9, Class XB, 1.11%, 02/15/2054(e)(g) | | | 68,467,000 | | | 3,698,765 |
Series 2022-C14, Class XA, 0.83%, 02/15/2055(e)(g) | | | 98,039,413 | | | 3,690,753 |
Series 2022-C14, Class XB, 0.37%, 02/15/2055(e)(g) | | | 166,823,000 | | | 3,643,164 |
Series 2022-C15, Class XD, 1.46%, 04/15/2055(b)(e)(g) | | | 25,000,000 | | | 2,185,305 |
Series 2022-C17, Class XA, 1.32%, 09/15/2055(e)(g) | | | 65,037,797 | | | 4,788,460 |
Series 2022-C17, Class XB, 0.66%, 09/15/2055(e)(g) | | | 52,655,000 | | | 2,144,628 |
Series 2023-C19, Class A2B, 5.75%, 04/15/2056 | | | 10,000,000 | | | 10,188,518 |
Series 2023-C21, Class A2, 6.51%, 09/15/2056(e) | | | 10,130,000 | | | 10,669,765 |
Series 2024-5C27, Class XA, 1.04%, 07/15/2057(b)(e)(g) | | | 58,995,994 | | | 2,025,492 |
Series 2024-C24, Class XA, 1.86%, 02/15/2057(e)(g) | | | 63,456,106 | | | 6,754,230 |
| | | | | | | |
| | | | | | | |
Series 2024-C24, Class XB, 1.57%, 02/15/2057(e)(g) | | | $32,630,000 | | | $3,178,635 |
Series 2024-C26, Class XA, 1.24%, 05/15/2057(e)(g) | | | 111,953,318 | | | 8,735,964 |
Series 2024-C28, Class AS, 5.84%, 09/15/2057 | | | 5,000,000 | | | 5,201,151 |
Series 2024-C28, Class XA, 1.33%, 09/15/2057(e)(g) | | | 36,500,000 | | | 3,022,131 |
Series 2024-C28, Class XB, 0.82%, 09/15/2057(b)(e)(g) | | | 154,907,000 | | | 8,117,204 |
Benchmark Mortgage Trust
| | | | | | |
Series 2019-B12, Class XB, 0.58%, 08/15/2052(b)(e)(g) | | | 93,260,000 | | | 1,659,142 |
Series 2019-B13, Class XB, 0.53%, 08/15/2057(b)(e)(g) | | | 82,774,000 | | | 1,462,799 |
Series 2019-B13, Class XD, 1.63%, 08/15/2057(b)(e)(g) | | | 12,071,000 | | | 751,050 |
Series 2019-B9, Class XA, 1.18%, 03/15/2052(e)(g) | | | 28,337,167 | | | 1,048,158 |
Series 2019-B9, Class XD, 2.16%, 03/15/2052(b)(e)(g) | | | 11,513,000 | | | 835,567 |
Series 2020-B16, Class XA, 1.04%, 02/15/2053(e)(g) | | | 118,539,636 | | | 4,592,972 |
Series 2020-B16, Class XB, 0.30%, 02/15/2053(b)(e)(g) | | | 70,467,000 | | | 835,992 |
Series 2020-B20, Class XB, 0.70%, 10/15/2053(e)(g) | | | 79,394,000 | | | 2,228,590 |
Series 2020-B21, Class AAB, 1.80%, 12/17/2053 | | | 5,966,000 | | | 5,473,991 |
Series 2021-B23, Class AAB, 1.77%, 02/15/2054 | | | 5,000,000 | | | 4,506,440 |
Series 2021-B23, Class XA, 1.37%, 02/15/2054(e)(g) | | | 66,055,203 | | | 3,679,433 |
Series 2021-B23, Class XB, 1.01%, 02/15/2054(b)(e)(g) | | | 105,441,000 | | | 5,310,473 |
Series 2021-B24, Class ASB, 2.26%, 03/15/2054 | | | 6,400,000 | | | 5,852,957 |
Series 2021-B24, Class XA, 1.26%, 03/15/2054(e)(g) | | | 66,302,520 | | | 3,264,192 |
Series 2021-B24, Class XB, 0.71%, 03/15/2054(e)(g) | | | 99,123,000 | | | 3,452,464 |
Series 2021-B25, Class XA, 1.20%, 04/15/2054(e)(g) | | | 78,553,672 | | | 4,117,516 |
Series 2021-B25, Class XB, 0.78%, 04/15/2054(e)(g) | | | 93,350,000 | | | 3,607,109 |
Series 2021-B26, Class B, 2.69%, 06/15/2054(e) | | | 6,000,000 | | | 4,761,511 |
Series 2021-B26, Class C, 2.99%, 06/15/2054(e) | | | 1,650,000 | | | 1,191,462 |
Series 2021-B26, Class D, 2.00%, 06/15/2054(b) | | | 2,250,000 | | | 1,441,389 |
Series 2021-B26, Class XD, 1.48%, 06/15/2054(b)(e)(g) | | | 10,836,000 | | | 839,975 |
Series 2021-B27, Class B, 2.36%, 07/15/2054 | | | 6,000,000 | | | 4,545,865 |
Series 2021-B27, Class C, 2.70%, 07/15/2054 | | | 2,000,000 | | | 1,399,046 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2021-B27, Class D, 2.00%, 07/15/2054(b) | | | $5,000,000 | | | $2,995,486 |
Series 2021-B27, Class XA, 1.37%, 07/15/2054(e)(g) | | | 51,638,874 | | | 2,917,994 |
Series 2021-B27, Class XD, 1.60%, 07/15/2054(b)(e)(g) | | | 28,014,000 | | | 2,390,471 |
Series 2021-B28, Class XA, 1.38%, 08/15/2054(e)(g) | | | 98,817,852 | | | 6,032,415 |
Series 2021-B28, Class XB, 1.07%, 08/15/2054(e)(g) | | | 32,491,000 | | | 1,855,538 |
Series 2021-B29, Class C, 2.75%, 09/15/2054(e) | | | 5,300,000 | | | 4,186,261 |
Series 2021-B29, Class D, 2.00%, 09/15/2054(b) | | | 1,000,000 | | | 666,098 |
Series 2021-B29, Class E, 2.00%, 09/15/2054(b) | | | 6,000,000 | | | 3,710,471 |
Series 2021-B29, Class XD, 1.41%, 09/15/2054(b)(e)(g) | | | 27,615,000 | | | 2,038,335 |
Series 2021-B30, Class C, 2.99%, 11/15/2054(e) | | | 8,181,000 | | | 6,016,267 |
Series 2021-B30, Class E, 2.00%, 11/15/2054(b) | | | 2,250,000 | | | 1,245,543 |
Series 2021-B30, Class XB, 0.59%, 11/15/2054(b)(e)(g) | | | 83,683,000 | | | 2,852,285 |
Series 2021-B30, Class XD, 1.41%, 11/15/2054(b)(e)(g) | | | 18,582,000 | | | 1,392,485 |
Series 2021-B31, Class XA, 0.88%, 12/15/2054(e)(g) | | | 142,785,719 | | | 5,920,553 |
Series 2021-B31, Class XB, 0.54%, 12/15/2054(b)(e)(g) | | | 124,409,000 | | | 3,599,899 |
Series 2021-B31, Class XD, 1.26%, 12/15/2054(b)(e)(g) | | | 31,991,000 | | | 2,247,956 |
Series 2022-B32, Class AS, 3.53%, 01/15/2055(e) | | | 10,000,000 | | | 8,561,523 |
Series 2022-B32, Class XD, 1.64%, 01/15/2055(b)(e)(g) | | | 39,202,000 | | | 3,369,083 |
Series 2022-B33, Class XD, 1.73%, 03/15/2055(b)(e)(g) | | | 21,919,000 | | | 2,084,617 |
Series 2023-B38, Class A2, 5.63%, 04/15/2056 | | | 12,000,000 | | | 12,111,622 |
Series 2024-V5, Class AM, 6.42%, 01/10/2057(e) | | | 5,900,000 | | | 6,155,843 |
Series 2024-V6, Class XA, 1.58%, 10/15/2028(e)(g) | | | 117,539,521 | | | 6,081,695 |
Series 2024-V8, Class AM, 6.86%, 07/15/2057(e) | | | 5,000,000 | | | 5,297,559 |
Series 2024-V9, Class AS, 6.06%, 08/15/2057(e) | | | 3,500,000 | | | 3,610,278 |
BMO Mortgage Trust
| | | | | | |
Series 2022-C1, Class C, 3.62%, 02/17/2055(e) | | | 2,000,000 | | | 1,647,416 |
Series 2022-C1, Class XD, 1.89%, 02/17/2055(b)(e)(g) | | | 30,550,000 | | | 3,276,594 |
Series 2023-C5, Class A2, 6.52%, 06/15/2056 | | | 10,000,000 | | | 10,396,062 |
| | | | | | | |
| | | | | | | |
Series 2023-C7, Class XA, 1.04%, 12/15/2056(b)(e)(g) | | | $100,343,190 | | | $5,487,388 |
Series 2024-5C3, Class AS, 6.29%, 02/15/2057(e) | | | 5,750,000 | | | 5,963,857 |
Series 2024-5C3, Class XA, 1.35%, 02/15/2057(e)(g) | | | 101,189,000 | | | 4,263,922 |
Series 2024-C9, Class XA, 1.08%, 07/15/2057(e)(g) | | | 50,007,587 | | | 3,440,372 |
Series 2024-C9, Class XB, 0.55%, 07/15/2057(e)(g) | | | 181,757,000 | | | 6,369,020 |
California Housing Finance Agency
| | | | | | |
Series 2021-1, Class X, 0.80%, 11/20/2035(g) | | | 27,496,173 | | | 1,310,743 |
Series 2021-3, Class X, 0.77%, 08/20/2036(g) | | | 25,171,214 | | | 1,265,105 |
Cantor Commercial Real Estate Lending LP, Series 2019-CF2, Class XB, 0.75%, 11/15/2052(e)(g) | | | 134,736,000 | | | 3,667,447 |
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class XB, 0.42%, 11/15/2050(e)(g) | | | 40,062,667 | | | 372,058 |
Citigroup Commercial Mortgage Trust
| | | | | | |
Series 2016-C1, Class B, 4.12%, 05/10/2049 | | | 3,000,000 | | | 2,891,679 |
Series 2016-C1, Class C, 5.10%, 05/10/2049(e) | | | 8,348,000 | | | 8,023,165 |
Series 2016-C2, Class B, 3.18%, 08/10/2049 | | | 2,483,500 | | | 2,329,908 |
Series 2016-P6, Class B, 4.30%, 12/10/2049(e) | | | 6,835,000 | | | 6,035,785 |
Series 2017-B1, Class XB, 0.29%, 08/15/2050(e)(g) | | | 38,016,000 | | | 204,142 |
Series 2017-C4, Class XA, 1.13%, 10/12/2050(e)(g) | | | 30,473,850 | | | 738,866 |
Series 2017-C4, Class XB, 0.35%, 10/12/2050(e)(g) | | | 42,746,500 | | | 337,501 |
Series 2017-P7, Class XB, 0.73%, 04/14/2050(e)(g) | | | 45,124,000 | | | 606,588 |
Series 2017-P8, Class B, 4.19%, 09/15/2050 | | | 4,160,000 | | | 3,833,535 |
Series 2018-B2, Class XB, 0.53%, 03/10/2051(e)(g) | | | 49,202,000 | | | 633,441 |
Series 2018-C5, Class XB, 0.49%, 06/10/2051(b)(e)(g) | | | 28,400,000 | | | 360,728 |
Series 2018-C6, Class AAB, 4.34%, 11/10/2051 | | | 4,205,167 | | | 4,152,099 |
Series 2019-C7, Class B, 3.67%, 12/15/2072(e) | | | 10,000,000 | | | 8,940,954 |
Series 2019-C7, Class XA, 0.98%, 12/15/2072(e)(g) | | | 74,878,110 | | | 2,646,889 |
Series 2019-C7, Class XB, 0.41%, 12/15/2072(b)(e)(g) | | | 50,711,000 | | | 708,874 |
Series 2019-C7, Class XD, 1.33%, 12/15/2072(b)(e)(g) | | | 39,933,000 | | | 2,200,959 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | | | $10,339,000 | | | $9,143,253 |
Series 2019-GC41, Class XA, 1.16%, 08/10/2056(e)(g) | | | 49,173,779 | | | 1,813,244 |
Series 2020-GC46, Class XA, 1.09%, 02/15/2053(e)(g) | | | 88,438,934 | | | 3,574,374 |
Series 2020-GC46, Class XB, 0.44%, 02/15/2053(b)(e)(g) | | | 92,457,000 | | | 1,668,081 |
Citigroup/Deutsche Bank Commercial Mortgage Trust
| | | | | | |
Series 2017-CD3, Class XB, 0.70%, 02/10/2050(e)(g) | | | 61,857,000 | | | 871,305 |
Series 2018-CD7, Class ASB, 4.21%, 08/15/2051 | | | 2,562,000 | | | 2,534,383 |
Commercial Mortgage Pass Through Certificates
| | | | | | |
Series 2019-GC44, Class XD, 1.14%, 08/15/2057(b)(e)(g) | | | 19,460,000 | | | 914,624 |
Series 2024-277P, Class A, 6.34%, 08/10/2044(b) | | | 8,000,000 | | | 8,376,382 |
Computershare Corporate Trust
| | | | | | |
Series 2016-C37, Class D, 3.31%, 12/15/2049(b)(e) | | | 9,625,000 | | | 8,578,201 |
Series 2017-C40, Class B, 4.38%, 10/15/2050(e) | | | 2,000,000 | | | 1,847,405 |
Series 2017-C40, Class C, 4.44%, 10/15/2050(e) | | | 1,670,000 | | | 1,486,697 |
Series 2018-C48, Class B, 4.90%, 01/15/2052(e) | | | 5,000,000 | | | 4,729,920 |
Series 2019-C49, Class D, 3.00%, 03/15/2052(b) | | | 3,250,000 | | | 2,644,442 |
Series 2019-C53, Class C, 3.58%, 10/15/2052(e) | | | 3,275,000 | | | 2,778,654 |
Series 2024-C63, Class XA, 1.21%, 08/15/2057(e)(g) | | | 65,445,552 | | | 5,066,173 |
Series 2024-C63, Class XB, 0.59%, 08/15/2057(e)(g) | | | 147,039,000 | | | 5,283,052 |
CSAIL Commercial Mortgage Trust
| | | | | | |
Series 2015-C1, Class XD, 0.50%, 04/15/2050(b)(e)(g) | | | 62,192,000 | | | 103,382 |
Series 2016-C5, Class XD, 1.00%, 11/15/2048(b)(e)(g) | | | 46,821,000 | | | 414,843 |
Series 2017-C8, Class XB, 0.43%, 06/15/2050(e)(g) | | | 74,773,000 | | | 640,962 |
Series 2019-C17, Class XA, 1.46%, 09/15/2052(e)(g) | | | 78,926,298 | | | 4,024,476 |
Series 2019-C18, Class C, 4.05%, 12/15/2052(e) | | | 3,987,000 | | | 3,471,189 |
Series 2019-C18, Class XA, 1.13%, 12/15/2052(e)(g) | | | 94,228,469 | | | 3,574,246 |
GS Mortgage Securities Corp. II
| | | | | | |
Series 2012-BWTR, Class A, 2.95%, 11/05/2034(b) | | | 443,337 | | | 367,364 |
| | | | | | | |
| | | | | | | |
Series 2012-BWTR, Class B, 3.26%, 11/05/2034(b) | | | $6,608,000 | | | $3,654,247 |
Series 2015-GC32, Class B, 4.54%, 07/10/2048(e) | | | 6,453,000 | | | 6,275,515 |
Series 2015-GC34, Class A3, 3.24%, 10/10/2048 | | | 8,905,503 | | | 8,736,808 |
Series 2016-GS3, Class B, 3.40%, 10/10/2049(e) | | | 10,417,000 | | | 9,657,064 |
Series 2017-GS8, Class XB, 0.51%, 11/10/2050(e)(g) | | | 44,642,000 | | | 505,106 |
Series 2018-GS10, Class XD, 1.55%, 07/10/2051(b)(e)(g) | | | 24,049,000 | | | 1,265,341 |
Series 2019-GC38, Class XD, 2.06%, 02/10/2052(b)(e)(g) | | | 20,916,000 | | | 1,505,335 |
Series 2019-GC39, Class XB, 0.78%, 05/10/2052(e)(g) | | | 69,588,000 | | | 1,862,140 |
Series 2019-GC39, Class XD, 1.76%, 05/10/2052(b)(e)(g) | | | 24,645,000 | | | 1,589,627 |
Series 2019-GSA1, Class XA, 0.93%, 11/10/2052(e)(g) | | | 69,732,907 | | | 2,367,300 |
Series 2020-GC45, Class AAB, 2.84%, 02/13/2053 | | | 12,881,000 | | | 12,275,237 |
Series 2020-GSA2, Class XB, 1.05%, 12/12/2053(b)(e)(g) | | | 73,324,000 | | | 3,724,925 |
JP Morgan Chase Commercial Mortgage Securities Trust
| | | | | | |
Series 2007-CB20, Class X1, 0.00%, 02/12/2051(b)(e)(g) | | | 107,062 | | | 0 |
Series 2017-JP6, Class XB, 0.70%, 07/15/2050(e)(g) | | | 68,830,000 | | | 1,100,124 |
JPMBB Commercial Mortgage Securities Trust
| | | | | | |
Series 2015-C30, Class B, 4.37%, 07/15/2048(e) | | | 3,585,000 | | | 2,893,937 |
Series 2015-C32, Class XD, 0.50%, 11/15/2048(b)(e)(g) | | | 23,066,000 | | | 92,949 |
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class B, 3.64%, 12/15/2049(e) | | | 5,500,000 | | | 4,946,262 |
Mcp Holding Co. LLC, Series 2015-GC30, Class B, 4.16%, 05/10/2050(e) | | | 2,960,000 | | | 2,807,618 |
Morgan Stanley ABS Capital I, Inc., Series 2021-L7, Class XB, 0.52%, 10/15/2054(e)(g) | | | 143,080,000 | | | 3,876,123 |
Morgan Stanley Bank of America Merrill Lynch Trust
| | | | | | |
Series 2015-C23, Class B, 4.28%, 07/15/2050(e) | | | 3,845,000 | | | 3,726,166 |
Series 2015-C27, Class B, 4.64%, 12/15/2047(e) | | | 3,000,000 | | | 2,911,643 |
Series 2016-C31, Class XD, 1.40%, 11/15/2049(b)(e)(g) | | | 21,212,500 | | | 481,573 |
Series 2017-C34, Class B, 4.11%, 11/15/2052(e) | | | 5,224,000 | | | 4,717,182 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2017-C34, Class D, 2.70%, 11/15/2052(b) | | | $4,953,000 | | | $2,978,866 |
Morgan Stanley Capital I Trust
| | | | | | |
Series 2016-BN2, Class XB, 0.65%, 11/15/2049(e)(g) | | | 58,680,000 | | | 589,435 |
Series 2017-H1, Class B, 4.08%, 06/15/2050 | | | 1,270,000 | | | 1,188,713 |
Series 2017-H1, Class C, 4.28%, 06/15/2050(e) | | | 7,959,000 | | | 7,267,098 |
Series 2017-H1, Class XD, 2.30%, 06/15/2050(b)(e)(g) | | | 8,725,000 | | | 443,107 |
Series 2017-HR2, Class A3, 3.33%, 12/15/2050 | | | 11,639,332 | | | 11,131,381 |
Series 2017-HR2, Class C, 4.46%, 12/15/2050(e) | | | 10,576,000 | | | 9,716,439 |
Series 2018-H3, Class ASB, 4.12%, 07/15/2051 | | | 4,922,276 | | | 4,863,615 |
Series 2018-H3, Class XB, 0.52%, 07/15/2051(e)(g) | | | 135,712,000 | | | 1,764,514 |
Series 2018-H3, Class XD, 2.01%, 07/15/2051(b)(e)(g) | | | 15,363,500 | | | 927,571 |
Series 2019-H7, Class C, 4.13%, 07/15/2052 | | | 9,593,000 | | | 8,600,758 |
Series 2019-H7, Class D, 3.00%, 07/15/2052(b) | | | 2,402,000 | | | 1,871,387 |
Series 2019-H7, Class XB, 0.79%, 07/15/2052(e)(g) | | | 130,723,000 | | | 3,692,846 |
Series 2019-L2, Class XB, 0.79%, 03/15/2052(e)(g) | | | 127,093,000 | | | 3,213,953 |
Series 2021-L5, Class B, 3.10%, 05/15/2054 | | | 6,627,000 | | | 5,638,202 |
Series 2021-L5, Class D, 2.50%, 05/15/2054(b) | | | 3,500,000 | | | 2,478,079 |
Series 2021-L5, Class XB, 0.84%, 05/15/2054(e)(g) | | | 70,387,500 | | | 2,994,742 |
Series 2021-L6, Class B, 2.95%, 06/15/2054(e) | | | 7,500,000 | | | 6,108,941 |
MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 1.14%, 12/15/2056(e)(g) | | | 16,846,331 | | | 1,084,159 |
New Hampshire Business Finance Authority, Series 2023-2, Class X, 0.81%, 01/20/2038(e)(g) | | | 33,000,000 | | | 1,853,280 |
UBS Commercial Mortgage Trust
| | | | | | |
Series 2017-C1, Class XB, 1.08%, 06/15/2050(e)(g) | | | 13,000,000 | | | 285,314 |
Series 2017-C6, Class XB, 0.62%, 12/15/2050(e)(g) | | | 63,420,500 | | | 1,057,239 |
Series 2017-C7, Class XB, 0.48%, 12/15/2050(e)(g) | | | 170,396,000 | | | 2,043,883 |
Series 2018-C12, Class XA, 1.02%, 08/15/2051(e)(g) | | | 40,434,535 | | | 1,118,160 |
Series 2018-C12, Class XB, 0.40%, 08/15/2051(e)(g) | | | 139,858,000 | | | 1,720,757 |
| | | | | | | |
| | | | | | | |
Series 2018-C13, Class ASB, 4.24%, 10/15/2051 | | | $2,754,416 | | | $2,714,172 |
Series 2018-C13, Class XB, 0.40%, 10/15/2051(e)(g) | | | 128,678,000 | | | 1,781,264 |
Series 2018-C13, Class XD, 2.18%, 10/15/2051(b)(e)(g) | | | 16,442,000 | | | 1,201,848 |
Series 2018-C14, Class XB, 0.38%, 12/15/2051(e)(g) | | | 114,392,000 | | | 1,471,973 |
Series 2018-C8, Class A3, 3.72%, 02/15/2051 | | | 2,000,458 | | | 1,938,742 |
Series 2019-C17, Class XB, 0.99%, 10/15/2052(e)(g) | | | 128,213,000 | | | 4,862,888 |
Series 2019-C18, Class AS, 3.38%, 12/15/2052(e) | | | 9,000,000 | | | 7,901,324 |
Series 2019-C18, Class ASB, 2.99%, 12/15/2052 | | | 4,500,000 | | | 4,324,632 |
UBS-Barclays Commercial Mortgage Trust
| | | | | | |
Series 2019-C3, Class XB, 0.92%, 05/15/2052(e)(g) | | | 56,340,000 | | | 1,843,777 |
Series 2019-C4, Class XB, 1.26%, 08/15/2052(e)(g) | | | 43,170,000 | | | 2,068,111 |
Series 2019-C5, Class XB, 0.47%, 11/15/2052(e)(g) | | | 174,774,000 | | | 2,571,834 |
Series 2019-C5, Class XD, 1.45%, 11/15/2052(b)(e)(g) | | | 12,996,000 | | | 743,660 |
Washington State Housing Finance Commission, Series 2021-1, Class X, 0.73%, 12/20/2035(e)(g) | | | 20,216,392 | | | 879,009 |
Wells Fargo Commercial Mortgage Trust
| | | | | | |
Series 2015-C28, Class C, 4.22%, 05/15/2048(e) | | | 11,105,000 | | | 10,130,102 |
Series 2015-C28, Class D, 4.22%, 05/15/2048(e) | | | 4,376,000 | | | 3,551,551 |
Series 2015-C30, Class B, 4.40%, 09/15/2058(e) | | | 5,800,000 | | | 5,611,659 |
Series 2015-NXS1, Class B, 3.66%, 05/15/2048(e) | | | 1,320,000 | | | 1,278,280 |
Series 2016-C37, Class C, 4.61%, 12/15/2049(e) | | | 11,213,000 | | | 10,551,000 |
Series 2016-LC24, Class XB, 1.12%, 10/15/2049(e)(g) | | | 66,264,075 | | | 1,175,028 |
Series 2017-C42, Class XB, 0.46%, 12/15/2050(e)(g) | | | 116,750,000 | | | 1,256,463 |
Series 2017-RB1, Class XB, 0.88%, 03/15/2050(e)(g) | | | 69,254,209 | | | 1,110,934 |
Series 2018-C43, Class C, 4.51%, 03/15/2051(e) | | | 4,033,000 | | | 3,708,261 |
Series 2018-C45, Class B, 4.56%, 06/16/2051 | | | 3,317,000 | | | 3,172,342 |
Series 2018-C45, Class C, 4.73%, 06/15/2051 | | | 4,004,000 | | | 3,727,730 |
Series 2018-C47, Class AS, 4.67%, 09/15/2061(e) | | | 8,000,000 | | | 7,836,670 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2018-C47, Class XB, 0.27%, 09/15/2061(e)(g) | | | $164,144,000 | | | $1,148,433 |
Series 2018-C48, Class ASB, 4.25%, 01/15/2052 | | | 6,012,117 | | | 5,941,575 |
Series 2018-C48, Class XB, 0.37%, 01/15/2052(e)(g) | | | 138,642,000 | | | 1,653,334 |
Series 2019-C49, Class ASB, 3.93%, 03/15/2052 | | | 4,507,001 | | | 4,444,630 |
Series 2019-C49, Class B, 4.55%, 03/15/2052 | | | 8,947,000 | | | 8,569,582 |
Series 2019-C49, Class XB, 0.77%, 03/15/2052(e)(g) | | | 125,812,000 | | | 3,174,413 |
Series 2019-C50, Class XB, 1.03%, 05/15/2052(e)(g) | | | 36,427,311 | | | 1,313,725 |
Series 2019-C51, Class XB, 0.77%, 06/15/2052(e)(g) | | | 130,394,000 | | | 3,589,421 |
Series 2019-C52, Class C, 3.56%, 08/15/2052 | | | 6,206,000 | | | 5,117,560 |
Series 2019-C52, Class XA, 1.71%, 08/15/2052(e)(g) | | | 52,050,827 | | | 3,074,663 |
Series 2019-C52, Class XB, 1.22%, 08/15/2052(e)(g) | | | 113,763,146 | | | 5,302,068 |
Series 2019-C53, Class B, 3.51%, 10/15/2052(e) | | | 5,200,000 | | | 4,596,123 |
Series 2019-C53, Class XB, 0.58%, 10/15/2052(e)(g) | | | 105,325,000 | | | 2,460,308 |
Series 2020-C55, Class XB, 0.94%, 02/15/2053(e)(g) | | | 58,030,370 | | | 2,185,511 |
Series 2020-C56, Class ASB, 2.42%, 06/15/2053 | | | 2,250,000 | | | 2,113,698 |
Series 2020-C56, Class XB, 0.37%, 06/15/2053(e)(g) | | | 127,035,000 | | | 1,852,704 |
Series 2020-C57, Class ASB, 1.91%, 08/15/2053 | | | 7,250,000 | | | 6,696,310 |
Series 2020-C57, Class C, 4.16%, 08/15/2053(e) | | | 5,500,000 | | | 5,023,756 |
Series 2020-C57, Class D, 2.50%, 08/15/2053(b) | | | 3,254,077 | | | 2,484,311 |
Series 2020-C57, Class XA, 2.19%, 08/15/2053(e)(g) | | | 21,998,643 | | | 1,984,124 |
Series 2020-C57, Class XB, 0.81%, 08/15/2053(e)(g) | | | 74,972,000 | | | 2,824,465 |
Series 2020-C58, Class XB, 1.24%, 07/15/2053(e)(g) | | | 109,974,000 | | | 6,381,549 |
Series 2021-C59, Class C, 3.28%, 04/15/2054 | | | 7,648,000 | | | 5,804,254 |
Series 2021-C59, Class XB, 1.04%, 04/15/2054(e)(g) | | | 65,782,000 | | | 3,316,880 |
Series 2021-C59, Class XD, 1.58%, 04/15/2054(b)(e)(g) | | | 40,274,000 | | | 3,125,057 |
Series 2021-C60, Class B, 2.73%, 08/15/2054 | | | 7,114,678 | | | 5,878,205 |
Series 2021-C60, Class C, 2.74%, 08/15/2054 | | | 4,475,000 | | | 3,560,805 |
| | | | | | | |
| | | | | | | |
Series 2021-C60, Class XA, 1.62%, 08/15/2054(e)(g) | | | $40,289,116 | | | $2,865,612 |
Series 2021-C60, Class XB, 1.21%, 08/15/2054(e)(g) | | | 40,551,000 | | | 2,534,154 |
Series 2021-C61, Class B, 3.11%, 11/15/2054 | | | 6,221,000 | | | 5,226,494 |
Series 2021-C61, Class XD, 1.53%, 11/15/2054(b)(e)(g) | | | 9,132,000 | | | 759,412 |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $1,163,082,002) | | | | | | 1,054,234,953 |
U.S. TREASURY SECURITIES - 11.4%
|
United States Treasury Notes/Bonds
| | | | | | |
4.25%, 11/15/2040 | | | 30,000,000 | | | 30,501,562 |
3.38%, 08/15/2042 | | | 30,000,000 | | | 26,603,906 |
4.00%, 11/15/2042 | | | 10,000,000 | | | 9,668,359 |
3.88%, 05/15/2043 | | | 100,000,000 | | | 94,628,906 |
4.38%, 08/15/2043 | | | 250,000,000 | | | 252,998,048 |
4.75%, 11/15/2043 | | | 225,000,000 | | | 239,027,344 |
4.50%, 02/15/2044 | | | 124,750,000 | | | 128,161,133 |
4.63%, 05/15/2044 | | | 60,000,000 | | | 62,625,000 |
3.13%, 08/15/2044 | | | 60,000,000 | | | 50,402,344 |
United States Treasury Strip Principal,
0.00%, 02/15/2044(a) | | | 50,000,000 | | | 21,597,597 |
TOTAL U.S. TREASURY SECURITIES
(Cost $871,230,020) | | | | | | 916,214,199 |
COLLATERALIZED LOAN OBLIGATIONS - 6.1%
|
Allegany Park CLO Ltd.,
Series 2019-1A, Class DR, 8.38% (3 mo. Term SOFR + 3.10%), 01/20/2035(b) | | | 4,000,000 | | | 3,988,628 |
Anchorage Capital CLO Ltd., Series 2018-10A, Class BR, 7.00% (3 mo. Term SOFR + 1.70%), 10/15/2031(b) | | | 7,500,000 | | | 7,500,000 |
Annisa CLO Ltd., Series 2016-2A, Class BRR, 6.78% (3 mo. Term SOFR + 1.50%),
07/20/2031(b) | | | 13,925,000 | | | 13,923,983 |
Apidos CLO
| | | | | | |
Series 2013-12A, Class BRR, 6.75% (3 mo. Term SOFR + 1.45%), 04/15/2031(b) | | | 6,200,000 | | | 6,205,499 |
Series 2013-12A, Class CRR, 7.10% (3 mo. Term SOFR + 1.80%), 04/15/2031(b) | | | 5,000,000 | | | 4,999,595 |
Series 2013-12A, Class ER, 10.96% (3 mo. Term SOFR + 5.66%), 04/15/2031(b) | | | 6,150,000 | | | 6,130,074 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
|
Series 2013-15A, Class CRR, 7.39% (3 mo. Term SOFR + 2.11%), 04/20/2031(b) | | | $5,500,000 | | | $5,500,561 |
Series 2013-15A, Class DRR, 8.24% (3 mo. Term SOFR + 2.96%), 04/20/2031(b) | | | 5,000,000 | | | 5,001,490 |
Series 2015-22A, Class CR, 8.49% (3 mo. Term SOFR + 3.21%), 04/20/2031(b) | | | 2,000,000 | | | 2,003,240 |
Series 2016-24A, Class DR, 11.34% (3 mo. Term SOFR + 6.06%), 10/20/2030(b) | | | 2,550,000 | | | 2,545,869 |
Series 2016-25A, Class A2R2, 7.08% (3 mo. Term SOFR + 1.80%), 10/20/2031(b) | | | 2,750,000 | | | 2,755,879 |
Series 2017-28A, Class A1B, 6.69% (3 mo. Term SOFR + 1.41%), 01/20/2031(b) | | | 12,000,000 | | | 12,011,616 |
Series 2018-29A, Class B, 7.45% (3 mo. Term SOFR + 2.16%), 07/25/2030(b) | | | 7,600,000 | | | 7,600,988 |
Series 2018-29A, Class C, 8.30% (3 mo. Term SOFR + 3.01%), 07/25/2030(b) | | | 6,250,000 | | | 6,197,131 |
Series 2019-31A, Class ER, 12.16% (3 mo. Term SOFR + 6.86%), 04/15/2031(b) | | | 4,400,000 | | | 4,402,574 |
Series 2019-32A, Class B1R, 6.78% (3 mo. Term SOFR + 1.50%), 01/20/2033(b) | | | 7,160,000 | | | 7,148,616 |
Series 2023-45A, Class D, 10.48% (3 mo. Term SOFR + 5.20%), 04/26/2036(b) | | | 1,750,000 | | | 1,791,165 |
Series 2023-46A, Class D, 10.28% (3 mo. Term SOFR + 5.00%), 10/24/2036(b) | | | 1,000,000 | | | 1,037,146 |
Series XXXA, Class A2R, 6.70% (3 mo. Term SOFR + 1.50%), 10/18/2031(b) | | | 9,000,000 | | | 9,000,000 |
Series XXXA, Class BR, 7.05% (3 mo. Term SOFR + 1.85%), 10/18/2031(b) | | | 7,680,000 | | | 7,680,000 |
ARES CLO
| | | | | | |
Series 2014-32RA, Class B, 7.18% (3 mo. Term SOFR + 2.06%), 05/15/2030(b) | | | 250,000 | | | 250,080 |
Series 2015-38A, Class A2R, 6.64% (3 mo. Term SOFR + 1.36%), 04/20/2030(b) | | | 1,400,000 | | | 1,400,111 |
Series 2015-38A, Class DR, 8.04% (3 mo. Term SOFR + 2.76%), 04/20/2030(b) | | | 7,450,000 | | | 7,452,242 |
Series 2015-4A, Class A3RR, 6.70% (3 mo. Term SOFR + 1.40%), 10/15/2030(b) | | | 10,100,000 | | | 10,087,446 |
| | | | | | | |
| | | | | | | |
Series 2015-4A, Class BRR, 7.05% (3 mo. Term SOFR + 1.75%), 10/15/2030(b) | | | $3,000,000 | | | $2,999,760 |
Series 2018-47A, Class D, 8.26% (3 mo. Term SOFR + 2.96%), 04/15/2030(b) | | | 3,165,000 | | | 3,167,035 |
Series 2018-48A, Class B, 7.12% (3 mo. Term SOFR + 1.84%), 07/20/2030(b) | | | 1,450,000 | | | 1,452,408 |
Series 2018-48A, Class D, 8.24% (3 mo. Term SOFR + 2.96%), 07/20/2030(b) | | | 1,050,000 | | | 1,050,319 |
Series 2022-66A, Class DR, 10.28% (3 mo. Term SOFR + 5.00%), 07/25/2036(b) | | | 1,400,000 | | | 1,443,112 |
BCRED MML CLO, Series 2022-1A, Class C, 8.03% (3 mo. Term SOFR + 2.75%), 04/20/2035(b) | | | 2,000,000 | | | 2,007,116 |
Blackstone, Inc.
| | | | | | |
Series 2017-1A, Class C, 9.24% (3 mo. Term SOFR + 3.96%), 04/20/2029(b) | | | 3,850,000 | | | 3,857,723 |
Series 2017-1A, Class C, 7.95% (3 mo. Term SOFR + 2.66%), 01/17/2030(b) | | | 7,650,000 | | | 7,657,367 |
Series 2017-1A, Class D, 8.84% (3mo. Term SOFR + 3.56%), 01/20/2030(b) | | | 7,550,000 | | | 7,576,138 |
Series 2017-1A, Class D2, 11.15% (3mo. Term SOFR + 5.86%), 01/17/2030(b) | | | 2,000,000 | | | 1,977,420 |
Series 2017-1A, Class E, 11.24% (3mo. Term SOFR + 5.96%), 01/20/2030(b) | | | 1,150,000 | | | 1,152,435 |
Series 2018-1A, Class B, 6.95% (3mo. Term SOFR + 1.66%), 04/17/2030(b) | | | 3,750,000 | | | 3,750,356 |
Series 2018-1A, Class D, 8.15% (3mo. Term SOFR + 2.86%), 04/17/2030(b) | | | 1,600,000 | | | 1,597,126 |
Series 2018-1A, Class E, 10.95% (3mo. Term SOFR + 5.66%), 04/17/2030(b) | | | 5,000,000 | | | 4,948,485 |
BlueMountain CLO Ltd.
| | | | | | |
Series 2014-2A, Class BR2, 7.29% (3mo. Term SOFR + 2.01%), 10/20/2030(b) | | | 7,330,000 | | | 7,332,126 |
Series 2017-3A, Class A2, 6.71% (3mo. Term SOFR + 1.41%), 01/15/2030(b) | | | 1,120,000 | | | 1,117,301 |
Series 2018-1A, Class B, 7.22% (3mo. Term SOFR + 1.96%), 07/30/2030(b) | | | 9,496,770 | | | 9,507,786 |
Series 2018-3A, Class BR, 7.13% (3mo. Term SOFR + 1.85%), 10/25/2030(b) | | | 1,000,000 | | | 995,746 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
|
Bristol Park CLO, Series 2016-1A, Class AR, 6.55% (3mo. Term SOFR + 1.25%),
04/15/2029(b) | | | $2,514,145 | | | $2,516,128 |
Carlyle Group, Inc.
| | | | | | |
Series 2014-1A, Class BR2, 6.95% (3mo. Term SOFR + 1.66%), 04/17/2031(b) | | | 2,500,000 | | | 2,504,010 |
Series 2015-1A, Class BR3, 7.09% (3mo. Term SOFR + 1.81%), 07/20/2031(b) | | | 7,500,000 | | | 7,504,350 |
Cedar Funding Ltd., Series 2018-7A, Class BR, 6.65% (3mo. Term SOFR + 1.55%), 01/20/2031(b) | | | 8,835,000 | | | 8,835,000 |
Chenango Park CLO, Series 2018-1A, Class C, 8.56% (3mo. Term SOFR + 3.26%),
04/15/2030(b) | | | 1,000,000 | | | 998,547 |
CIFC Funding Ltd.
| | | | | | |
Series 2017-4A, Class A1R, 6.49% (3mo. Term SOFR + 1.21%), 10/24/2030(b) | | | 1,319,051 | | | 1,321,457 |
Series 2018-1A, Class C, 7.29% (3mo. Term SOFR + 2.01%), 04/18/2031(b) | | | 3,750,000 | | | 3,748,695 |
Fillmore Park CLO, Series 2018-1A, Class E, 10.96% (3mo. Term SOFR + 5.66%), 07/15/2030(b) | | | 1,000,000 | | | 1,000,582 |
Galaxy CLO Ltd., Series 2018-26A, Class BR, 6.72% (3mo. Term SOFR + 1.60%), 11/22/2031(b) | | | 3,850,000 | | | 3,854,555 |
Goldentree Loan Opportunities Ltd.
| | | | | | |
Series 2019-4A, Class E, 10.29% (3mo. Term SOFR + 5.01%), 04/24/2031(b) | | | 8,000,000 | | | 8,003,760 |
Series 2019-5A, Class DRR, 8.07% (3mo. Term SOFR + 2.80%), 10/20/2032(b) | | | 5,000,000 | | | 4,995,720 |
Series 2019-5A, Class E, 10.39% (3mo. Term SOFR + 5.11%), 10/20/2032(b) | | | 7,500,000 | | | 7,493,033 |
Series 2022-16A, Class DR, 10.03% (3mo. Term SOFR + 4.75%), 01/20/2034(b) | | | 3,500,000 | | | 3,534,916 |
Series 2023-17A, Class D, 10.28% (3mo. Term SOFR + 5.00%), 07/20/2036(b) | | | 1,750,000 | | | 1,796,634 |
Golub Capital BDC, Inc., Series 2021-1A, Class C1, 8.36% (3mo. Term SOFR + 3.06%), 04/15/2033(b) | | | 7,000,000 | | | 7,006,272 |
| | | | | | | |
| | | | | | | |
Hartwick Park CLO Ltd., Series 2023-1A, Class D, 9.78% (3mo. Term SOFR + 4.50%), 01/21/2036(b) | | | $5,000,000 | | | $5,049,950 |
Invesco CLO Ltd., Series 2024-1RA, Class BR, 7.40% (3mo. Term SOFR + 2.10%), 04/15/2037(b) | | | 8,000,000 | | | 8,062,016 |
KKR CLO Trust
| | | | | | |
Series 15, Class BR2, 6.77% (3mo. Term SOFR + 1.55%), 01/18/2032(b) | | | 3,350,000 | | | 3,349,900 |
Series 20, Class BR, 0.00% (3mo. Term SOFR + 1.55%), 10/16/2030 | | | 15,000,000 | | | 15,000,000 |
Series 23, Class BR, 0.00% (3mo. Term SOFR + 1.55%), 10/20/2031(b) | | | 10,000,000 | | | 10,000,000 |
LCM LP
| | | | | | |
Series 15A, Class DR, 9.24% (3mo. Term SOFR + 3.96%), 07/20/2030(b) | | | 9,000,000 | | | 9,022,077 |
Series 16A, Class BR2, 7.31% (3mo. Term SOFR + 2.01%), 10/15/2031(b) | | | 4,000,000 | | | 4,011,060 |
Series 16A, Class CR2, 7.71% (3mo. Term SOFR + 2.41%), 10/15/2031(b) | | | 5,100,000 | | | 5,100,474 |
Series 17A, Class BRR, 7.16% (3mo. Term SOFR + 1.86%), 10/15/2031(b) | | | 1,650,000 | | | 1,649,944 |
Series 17A, Class ER, 11.56% (3mo. Term SOFR + 6.26%), 10/15/2031(b) | | | 1,000,000 | | | 811,886 |
Series 22A, Class CR, 8.34% (3mo. Term SOFR + 3.06%), 10/20/2028(b) | | | 1,895,000 | | | 1,898,032 |
Series 26A, Class D, 8.04% (3mo. Term SOFR + 2.76%), 01/20/2031(b) | | | 1,000,000 | | | 962,130 |
Series 27A, Class C, 7.50% (3mo. Term SOFR + 2.21%), 07/16/2031(b) | | | 2,700,000 | | | 2,701,720 |
Series 27A, Class D, 8.50% (3mo. Term SOFR + 3.21%), 07/16/2031(b) | | | 4,000,000 | | | 3,848,888 |
Series 29A, Class BR, 7.16% (3mo. Term SOFR + 1.86%), 04/15/2031(b) | | | 4,750,000 | | | 4,745,126 |
Series 34A, Class E, 12.08% (3mo. Term SOFR + 6.80%), 10/20/2034(b) | | | 3,250,000 | | | 2,917,431 |
Series 35A, Class E, 12.17% (3mo. Term SOFR + 6.87%), 10/15/2034(b) | | | 4,750,000 | | | 4,067,458 |
Series 36A, Class E, 12.27% (3mo. Term SOFR + 6.97%), 01/15/2034(b) | | | 6,000,000 | | | 5,151,774 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
|
LCM XIII LP
| | | | | | |
Series 14A, Class CR, 7.39% (3mo. Term SOFR + 2.11%), 07/20/2031(b) | | | $6,000,000 | | | $6,013,614 |
Series 14A, Class ER, 11.04% (3mo. Term SOFR + 5.76%), 07/20/2031(b) | | | 1,000,000 | | | 757,888 |
LCM XIV LP, Series 14A, Class BR, 7.12% (3mo. Term SOFR + 1.84%), 07/20/2031(b) | | | 10,800,000 | | | 10,811,837 |
Madison Park Funding Ltd.
| | | | | | |
Series 2016-24A, Class BR2, 6.83% (3mo. Term SOFR + 1.55%), 10/20/2029(b) | | | 11,000,000 | | | 11,014,971 |
Series 2016-24A, Class CR2, 7.33% (3mo. Term SOFR + 2.05%), 10/20/2029(b) | | | 5,250,000 | | | 5,256,946 |
Series 2018-28A, Class A2, 6.84% (3mo. Term SOFR + 1.54%), 07/15/2030(b) | | | 1,000,000 | | | 1,000,207 |
Magnetite CLO Ltd.
| | | | | | |
Series 2015-12A, Class ER, 11.24% (3mo. Term SOFR + 5.94%), 10/15/2031(b) | | | 8,923,000 | | | 8,947,770 |
Series 2015-15A, Class DR, 8.30% (3mo. Term SOFR + 3.01%), 07/25/2031(b) | | | 2,000,000 | | | 2,000,594 |
Series 2015-15A, Class ER, 10.75% (3mo. Term SOFR + 5.46%), 07/25/2031(b) | | | 4,000,000 | | | 4,008,184 |
Series 2019-23A, Class ER, 11.85% (3mo. Term SOFR + 6.56%), 01/25/2035(b) | | | 2,750,000 | | | 2,759,355 |
Series 2020-27A, Class ER, 11.54% (3mo. Term SOFR + 6.26%), 10/20/2034(b) | | | 5,250,000 | | | 5,267,692 |
Series 2020-28A, Class ER, 11.69% (3mo. Term SOFR + 6.41%), 01/20/2035(b) | | | 2,250,000 | | | 2,223,623 |
Series 2021-30A, Class E, 11.75% (3mo. Term SOFR + 6.46%), 10/25/2034(b) | | | 4,100,000 | | | 4,061,087 |
Series 2023-34A, Class D, 10.48% (3mo. Term SOFR + 5.20%), 04/20/2036(b) | | | 2,950,000 | | | 3,001,752 |
Series 2023-36A, Class E, 13.28% (3mo. Term SOFR + 8.00%), 04/22/2036(b) | | | 1,500,000 | | | 1,552,040 |
Series 2023-39A, Class D, 9.43% (3mo. Term SOFR + 4.15%), 10/25/2033(b) | | | 2,000,000 | | | 2,007,088 |
Myers Park CLO, Series 2018-1A, Class C, 7.59% (3mo. Term SOFR + 2.31%),
10/20/2030(b) | | | 1,240,000 | | | 1,240,138 |
| | | | | | | |
| | | | | | | |
Neuberger Berman CLO Ltd., Series 2019-33A, Class DR, 8.45% (3mo. Term SOFR + 3.16%), 10/16/2033(b) | | | $2,000,000 | | | $1,988,150 |
Niagara Park CLO, Series 2019-1A, Class ER, 11.50% (3mo. Term SOFR + 6.21%), 07/17/2032(b) | | | 2,000,000 | | | 2,004,746 |
Octagon Investment Partners Ltd.
| | | | | | |
Series 2013-1A, Class CR2, 7.25% (3mo. Term SOFR + 1.96%), 01/25/2031(b) | | | 1,500,000 | | | 1,500,897 |
Series 2014-1A, Class BR3, 7.13% (3mo. Term SOFR + 2.01%), 02/14/2031(b) | | | 2,575,000 | | | 2,575,917 |
Series 2016-1A, Class CR, 7.36% (3mo. Term SOFR + 2.06%), 07/15/2030(b) | | | 6,220,000 | | | 6,230,114 |
Series 2017-1A, Class A1R, 6.54% (3mo. Term SOFR + 1.26%), 03/17/2030(b) | | | 2,293,166 | | | 2,294,367 |
Series 2018-2A, Class B, 7.30% (3mo. Term SOFR + 2.01%), 07/25/2030(b) | | | 1,060,000 | | | 1,061,366 |
Series 2018-3A, Class BR, 7.08% (3mo. Term SOFR + 1.80%), 10/20/2030(b) | | | 5,000,000 | | | 4,999,605 |
Octagon Investment Partners XXII LLC
| | | | | | |
Series 2014-1A, Class CRR, 7.44% (3mo. Term SOFR + 2.16%), 01/22/2030(b) | | | 3,970,000 | | | 3,975,796 |
Series 2014-1A, Class DRR, 8.29% (3mo. Term SOFR + 3.01%), 01/22/2030(b) | | | 1,750,000 | | | 1,741,040 |
OHA Credit Funding
| | | | | | |
Series 2023-15A, Class C, 8.38% (3mo. Term SOFR + 3.10%), 04/20/2035(b) | | | 2,500,000 | | | 2,530,323 |
Series 2023-15A, Class D, 10.28% (3mo. Term SOFR + 5.00%), 04/20/2035(b) | | | 1,000,000 | | | 1,021,731 |
Symphony CLO Ltd., Series 2022-34A, Class DR, 10.53% (3mo. Term SOFR + 5.25%), 07/24/2036(b) | | | 1,000,000 | | | 1,029,498 |
Voya CLO Ltd., Series 2016-3A, Class A3R2, 6.98% (3mo. Term SOFR + 1.70%),
10/18/2031(b) | | | 7,500,000 | | | 7,499,408 |
Whetstone Park CLO Ltd., Series 2021-1A, Class B2, 2.79%, 01/20/2035(b) | | | 1,400,000 | | | 1,235,132 |
Wind River CLO Ltd.
| | | | | | |
Series 2018-2A, Class A2R, 6.60% (3mo. Term SOFR + 1.30%), 07/15/2030(b) | | | 5,000,000 | | | 4,999,650 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
|
Series 2018-2A, Class BR, 6.90% (3mo. Term SOFR + 1.60%), 07/15/2030(b) | | | $10,000,000 | | | $9,984,810 |
Zais CLO Ltd., Series 2018-11A, Class A2R, 6.68% (3mo. Term SOFR + 1.40%),
01/20/2032(b) | | | 5,000,000 | | | 4,999,650 |
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $485,968,139) | | | | | | 487,264,203 |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 5.6%
|
Adjustable Rate Mortgage Trust
| | | | | | |
Series 2005-10, Class 4A1, 6.33%, 01/25/2036(e) | | | 4,558,036 | | | 3,311,225 |
Series 2005-3, Class 2A1, 4.81%, 07/25/2035(e) | | | 247,405 | | | 228,948 |
Series 2006-2, Class 1A1, 4.79%, 05/25/2036(e) | | | 696,500 | | | 609,816 |
American Home Mortgage Investment Trust,
Series 2006-2, Class 3A5, 6.75%, 06/25/2036(h) | | | 2,747,648 | | | 405,969 |
Banc of America Alternative Loan Trust
| | | | | | |
Series 2005-11, Class 4A5, 5.75%, 12/25/2035 | | | 627,454 | | | 550,452 |
Series 2005-11, Class 4A6, 5.75%, 12/25/2035 | | | 102,291 | | | 89,738 |
Series 2006-2, Class 4CB1, 6.50%, 03/25/2036 | | | 2,203,093 | | | 1,829,153 |
Series 2006-4, Class 3CB4, 6.00%, 05/25/2046 | | | 733,811 | | | 651,866 |
Series 2006-4, Class 4CB1, 6.50%, 05/25/2046 | | | 416,085 | | | 378,514 |
Series 2006-4, Class 5CB1, 6.50%, 05/25/2046 | | | 2,016,977 | | | 1,771,479 |
Series 2006-5, Class CB17, 6.00%, 06/25/2046 | | | 224,171 | | | 193,318 |
Series 2006-6, Class CB5, 6.00%, 07/25/2046 | | | 916,555 | | | 787,957 |
Series 2006-9, Class 1CB1, 6.00%, 01/25/2037 | | | 151,131 | | | 133,225 |
Series 2006-9, Class A2, 5.79% (1 mo. Term SOFR + 0.51%), 01/25/2037 | | | 749,286 | | | 559,209 |
Banc of America Funding Corp.
| | | | | | |
Series 2003-3, Class 1A7, 5.50%, 10/25/2033 | | | 136,129 | | | 133,303 |
Series 2004-1, Class 2A1, 6.00%, 02/25/2034 | | | 427,888 | | | 439,781 |
Series 2004-1, Class 4A1, 6.00%, 03/25/2034 | | | 2,598,094 | | | 2,693,834 |
Series 2004-B, Class 4A2, 5.32%, 11/20/2034(e) | | | 1,327,602 | | | 1,250,123 |
| | | | | | | |
| | | | | | | |
Series 2005-3, Class 1A20, 5.50%, 06/25/2035 | | | $55,457 | | | $50,607 |
Series 2005-4, Class 2A1, 5.50%, 08/25/2035 | | | 30,954 | | | 29,475 |
Series 2005-5, Class 1A11, 5.50%, 09/25/2035 | | | 140,916 | | | 140,364 |
Series 2005-5, Class 2A1, 5.50%, 09/25/2035 | | | 1,360,194 | | | 1,349,547 |
Series 2005-7, Class 2A3, 5.50%, 11/25/2035 | | | 2,423,023 | | | 2,267,971 |
Series 2005-7, Class 3A15, 5.75%, 11/25/2035 | | | 2,851 | | | 2,881 |
Series 2005-7, Class 3A9, 6.00%, 11/25/2035 | | | 14,180 | | | 14,184 |
Series 2005-8, Class 4A28, 5.75%, 01/25/2036 | | | 1,749,526 | | | 1,587,963 |
Series 2006-5, Class 3A2, 5.75%, 09/25/2036 | | | 242,294 | | | 220,335 |
Series 2006-7, Class 1A9, 6.00%, 09/25/2036 | | | 389,353 | | | 330,156 |
Series 2006-F, Class 2A1, 6.09%, 07/20/2036(e) | | | 4,705,851 | | | 4,083,023 |
Series 2006-I, Class 1A1, 6.49%, 12/20/2036(e) | | | 445,773 | | | 438,837 |
Series 2006-I, Class 2A1, 6.37%, 12/20/2036(e) | | | 1,831,608 | | | 1,804,062 |
Series 2006-I, Class 2A2, 6.37%, 6/20/2036(e) | | | 318,600 | | | 299,996 |
Series 2006-J, Class 4A1, 5.02%, 01/20/2047(e) | | | 94,697 | | | 81,692 |
Series 2007-1, Class TA7, 6.69%, 01/25/2037(h) | | | 630,661 | | | 579,252 |
Series 2007-2, Class TA1A, 5.45% (1 mo. Term SOFR + 0.17%), 03/25/2037 | | | 299,387 | | | 260,820 |
Series 2007-3, Class TA4, 6.25% (1 mo. Term SOFR + 0.97%), 04/25/2037 | | | 794,194 | | | 646,642 |
Series 2007-4, Class 5A3, 5.50%, 11/25/2034 | | | 164,064 | | | 142,314 |
Series 2007-5, Class 1A1, 5.50%, 07/25/2037 | | | 1,235,219 | | | 995,904 |
Series 2007-6, Class A1, 5.97% (1 mo. Term SOFR + 0.69%), 07/25/2037 | | | 873,468 | | | 824,801 |
Series 2007-6, Class A2, 5.95% (1 mo. Term SOFR + 0.67%), 07/25/2037 | | | 3,605,114 | | | 3,400,651 |
Series 2010-R3, Class 3A6, 6.00%, 09/26/2037(b)(e) | | | 6,051,942 | | | 5,944,901 |
Series 2014-R3, Class 1A2, 6.33%, 06/26/2035(b)(e) | | | 1,249,467 | | | 1,247,366 |
Series 2014-R3, Class 2A2, 6.66%, 06/26/2035(b)(e) | | | 1,843,875 | | | 1,775,973 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Banc of America Mortgage Securities, Inc.
| | | | | | |
Series 2005-A, Class 2A1, 4.98%, 02/25/2035(e) | | | $1,032,587 | | | $1,003,126 |
Series 2005-F, Class 2A1, 6.20%, 07/25/2035(e) | | | 548,826 | | | 514,110 |
Series 2006-B, Class 3A1, 3.93%, 10/20/2046(e) | | | 356,289 | | | 306,555 |
Series 2007-1, Class 1A26, 6.00%, 03/25/2037 | | | 1,463,002 | | | 1,235,947 |
BCAP LLC Trust, Series 2007-AA2, Class 2A3, 7.50%, 04/25/2037(e) | | | 445,478 | | | 236,187 |
Bear Stearns Alt-A Trust, Series 2006-6, Class 2A1, 4.50%, 11/25/2036(e) | | | 713,952 | | | 327,215 |
Bear Stearns Asset Backed Securities Trust
| | | | | | |
Series 2005-AC5, Class 1A1, 5.50% (1 mo. Term SOFR + 1.11%), 08/25/2035 | | | 403,474 | | | 246,807 |
Series 2006-AC4, Class A1, 5.64% (1 mo. Term SOFR + 0.36%), 07/25/2036 | | | 2,632,986 | | | 1,979,007 |
Series 2006-AC4, Class A2, 12.88% (-4 x 1 mo. Term SOFR + 35.75%), 07/25/2036(i) | | | 608,700 | | | 755,591 |
Chase Mortgage Finance Corp.
| | | | | | |
Series 2005-A1, Class 2A1, 4.87%, 12/25/2035(e) | | | 615,284 | | | 579,074 |
Series 2005-A1, Class 2A2, 4.87%, 12/25/2035(e) | | | 641,459 | | | 603,709 |
Series 2005-S2, Class A1, 5.50%, 10/25/2035 | | | 571,738 | | | 551,870 |
Series 2005-S3, Class A9, 5.50%, 11/25/2035 | | | 4,793,697 | | | 3,488,083 |
Series 2006-S3, Class 1A1, 6.00%, 11/25/2036 | | | 6,682,873 | | | 2,762,993 |
Series 2006-S4, Class A3, 6.00%, 12/25/2036 | | | 1,226,693 | | | 538,333 |
Series 2006-S4, Class A6, 6.00%, 12/25/2036 | | | 3,958,334 | | | 1,737,111 |
Series 2007-A2, Class 6A2, 5.77%, 07/25/2037(e) | | | 749,777 | | | 638,723 |
Series 2007-S1, Class A7, 6.00%, 02/25/2037 | | | 4,011,435 | | | 1,567,155 |
Series 2007-S3, Class 1A10, 5.75%, 05/25/2037 | | | 668,665 | | | 282,065 |
Series 2007-S3, Class 1A15, 6.00%, 05/25/2037 | | | 2,037,419 | | | 892,226 |
Chaseflex Trust
| | | | | | |
Series 2005-1, Class 1A3, 5.50%, 02/25/2035 | | | 226,944 | | | 199,189 |
| | | | | | | |
| | | | | | | |
Series 2006-2, Class A3, 4.37%, 09/25/2036(e) | | | $1,898,184 | | | $1,716,147 |
Citicorp Mortgage Securities, Inc.
| | | | | | |
Series 2006-1, Class 1A4, 6.00%, 02/25/2036 | | | 71,572 | | | 64,700 |
Series 2006-3, Class 1A10, 6.25%, 06/25/2036 | | | 1,350,992 | | | 1,243,257 |
Series 2006-3, Class 1A4, 6.00%, 06/25/2036 | | | 1,122,080 | | | 1,016,761 |
Series 2006-3, Class 1A9, 5.75%, 06/25/2036 | | | 319,915 | | | 285,371 |
Series 2006-3, Class 2A1, 5.50%, 09/25/2024 | | | 34,296 | | | 29,617 |
Series 2006-7, Class 1A1, 6.00%, 12/25/2036 | | | 2,570,730 | | | 2,090,370 |
Series 2007-3, Class 1A4, 6.00%, 04/25/2037 | | | 376,838 | | | 353,671 |
Series 2007-3, Class 3A1, 5.50%, 04/25/2037 | | | 32,727 | | | 31,915 |
Citigroup Financial Products, Inc.
| | | | | | |
Series 2004-2, Class 1A2, 9.25%, 08/25/2033(b) | | | 10,373 | | | 8,125 |
Series 2004-HYB3, Class 2A, 6.45%, 09/25/2034(e) | | | 397,082 | | | 372,961 |
Series 2005-1, Class 2A2A, 5.09%, 04/25/2035(e) | | | 268,943 | | | 252,764 |
Series 2005-10, Class 1A1A, 5.00%, 12/25/2035(e) | | | 914,504 | | | 591,589 |
Series 2005-2, Class 1A4, 4.73%, 05/25/2035(e) | | | 286,929 | | | 275,632 |
Series 2005-5, Class 22A6, 6.00%, 08/25/2035 | | | 1,501,384 | | | 1,385,564 |
Series 2005-WF1, Class M1, 5.83%, 11/25/2034(h) | | | 2,583,376 | | | 2,588,165 |
Citigroup Mortgage Loan Trust, Inc.
| | | | | | |
Series 2005-7, Class 1A2, 4.82%, 09/25/2035(e) | | | 331,928 | | | 292,369 |
Series 2006-AR7, Class 2A2A, 5.09%, 11/25/2036(e) | | | 1,085,934 | | | 933,324 |
Series 2007-AR4, Class 1A1A, 4.71%, 03/25/2037(e) | | | 883,225 | | | 738,258 |
Citimortgage Alternative Loan Trust
| | | | | | |
Series 2006-A2, Class A5, 5.99% (1 mo. Term SOFR + 0.71%), 05/25/2036 | | | 340,804 | | | 284,340 |
Series 2006-A4, Class 1A1, 6.00%, 09/25/2036 | | | 872,639 | | | 799,015 |
Series 2007-A1, Class 1A5, 6.00%, 01/25/2037 | | | 1,259,943 | | | 1,120,547 |
Series 2007-A1, Class 1A7, 6.00%, 01/25/2037 | | | 2,024,836 | | | 1,800,813 |
Countrywide Alternative Loan Trust
| | | | | | |
Series 2004-13CB, Class A3, 6.00%, 07/25/2034 | | | 5,736,560 | | | 5,862,171 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034 | | | $1,211,825 | | | $1,234,846 |
Series 2004-27CB, Class A1, 6.00%, 12/25/2034 | | | 817,667 | | | 740,730 |
Series 2004-28CB, Class 4A1, 5.00%, 01/25/2020(f) | | | 127,195 | | | 91,464 |
Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035 | | | 247,508 | | | 229,376 |
Series 2005-13CB, Class A1, 5.50% (1 mo. Term SOFR + 0.61%), 05/25/2035 | | | 798,323 | | | 645,048 |
Series 2005-21CB, Class A17, 6.00%, 06/25/2035 | | | 1,386,475 | | | 1,093,239 |
Series 2005-21CB, Class A3, 5.25%, 06/25/2035 | | | 2,329,665 | | | 1,773,576 |
Series 2005-43, Class 5A1, 5.77%, 09/25/2035(e) | | | 102,997 | | | 88,748 |
Series 2005-54CB, Class 3A7, 5.50%, 11/25/2035 | | | 523,272 | | | 294,399 |
Series 2005-63, Class 3A1, 4.62%, 11/25/2035(e) | | | 647,192 | | | 590,186 |
Series 2005-65CB, Class 1A8, 5.50%, 01/25/2036 | | | 91,912 | | | 61,247 |
Series 2005-65CB, Class 2A7, 0.00%, 12/25/2035(j) | | | 660,261 | | | 263,827 |
Series 2005-6CB, Class 1A1, 7.50%, 04/25/2035 | | | 184,836 | | | 172,454 |
Series 2005-6CB, Class 1A5, 5.75%, 04/25/2035 | | | 1,576,290 | | | 1,360,594 |
Series 2005-73CB, Class 2A2, 5.75%, 01/25/2036 | | | 329,289 | | | 172,912 |
Series 2005-75CB, Class A3, 5.50%, 01/25/2036 | | | 1,398,900 | | | 973,341 |
Series 2005-75CB, Class A6, 5.50%, 01/25/2036 | | | 1,181,659 | | | 822,187 |
Series 2005-80CB, Class 2A1, 6.00%, 02/25/2036 | | | 3,577,102 | | | 3,447,858 |
Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036 | | | 8,299,988 | | | 8,398,331 |
Series 2005-86CB, Class A10, 5.50%, 02/25/2036 | | | 121,552 | | | 72,319 |
Series 2005-86CB, Class A8, 5.50%, 02/25/2036 | | | 877,151 | | | 521,875 |
Series 2005-9CB, Class 1A1, 5.50% (1 mo. Term SOFR + 0.61%), 05/25/2035 | | | 1,630,706 | | | 1,412,800 |
Series 2005-9CB, Class 3A1, 6.00%, 05/25/2035 | | | 8,028,631 | | | 3,784,229 |
Series 2005-J13, Class 2A7, 5.50%, 11/25/2035 | | | 636,580 | | | 446,215 |
Series 2005-J6, Class 1A6, 5.50% (1 mo. Term SOFR + 0.61%), 07/25/2035 | | | 1,991,069 | | | 1,555,888 |
| | | | | | | |
| | | | | | | |
Series 2006-12CB, Class A3, 5.75% (1 mo. Term SOFR + 5.75%), 05/25/2036 | | | $533,279 | | | $268,148 |
Series 2006-14CB, Class A4, 6.00%, 06/25/2036 | | | 2,276,773 | | | 1,277,988 |
Series 2006-16CB, Class A2, 6.00%, 06/25/2036 | | | 358,029 | | | 196,829 |
Series 2006-16CB, Class A4, 6.00%, 06/25/2036 | | | 938,433 | | | 515,911 |
Series 2006-16CB, Class A6, 6.00%, 06/25/2036 | | | 814,407 | | | 447,703 |
Series 2006-23CB, Class 1A6, 6.00%, 08/25/2036 | | | 1,237,277 | | | 1,154,878 |
Series 2006-23CB, Class 2A1, 6.50%, 08/25/2036 | | | 5,664,140 | | | 1,872,576 |
Series 2006-24CB, Class A11, 5.75%, 08/25/2036 | | | 3,720,256 | | | 2,013,113 |
Series 2006-24CB, Class A12, 5.75%, 08/25/2036 | | | 2,307,818 | | | 1,248,811 |
Series 2006-26CB, Class A17, 6.25%, 09/25/2036 | | | 5,392,545 | | | 2,697,130 |
Series 2006-30T1, Class 2A6, 6.50%, 11/25/2036 | | | 8,388,155 | | | 2,752,890 |
Series 2006-31CB, Class A7, 6.00%, 11/25/2036 | | | 202,489 | | | 117,460 |
Series 2006-31CB, Class A8, 5.75%, 11/25/2036 | | | 1,826,706 | | | 1,024,633 |
Series 2006-39CB, Class 1A20, 6.00%, 01/25/2037 | | | 2,154,279 | | | 1,811,294 |
Series 2006-41CB, Class 1A7, 6.00%, 01/25/2037 | | | 490,173 | | | 257,667 |
Series 2006-6CB, Class 1A8, 5.50%, 05/25/2036 | | | 85,452 | | | 70,473 |
Series 2006-J3, Class 4A2, 5.75%, 05/25/2026 | | | 262,140 | | | 251,412 |
Series 2006-J6, Class A4, 6.00%, 09/25/2036 | | | 1,944,766 | | | 941,893 |
Series 2006-J6, Class A5, 6.00%, 09/25/2036 | | | 2,619,657 | | | 1,268,758 |
Series 2007-13, Class A1, 6.00%, 06/25/2047 | | | 2,403,794 | | | 1,277,524 |
Series 2007-23CB, Class A1, 6.00%, 09/25/2037 | | | 4,194,012 | | | 2,101,426 |
Series 2007-2CB, Class 2A14, 5.75%, 03/25/2037 | | | 5,414,940 | | | 2,772,549 |
Series 2007-4CB, Class 1A6, 5.75%, 04/25/2037 | | | 1,355,259 | | | 1,134,956 |
Series 2007-4CB, Class 1A7, 5.75%, 04/25/2037 | | | 1,019,429 | | | 853,717 |
Series 2007-8CB, Class A1, 5.50%, 05/25/2037 | | | 5,501,153 | | | 2,922,699 |
Series 2007-8CB, Class A9, 6.00%, 05/25/2037 | | | 743,306 | | | 417,169 |
Series 2007-J2, Class 2A2, 6.00%, 07/25/2037 | | | 2,259,931 | | | 2,129,923 |
Series 2008-2R, Class 3A1, 6.00%, 08/25/2037(e) | | | 6,950,962 | | | 3,373,499 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Countrywide Home Loan Mortgage Pass Through Trust
| | | | | | |
Series 2003-42, Class 2A4, 5.15%, 10/25/2033(e) | | | $656,615 | | | $613,043 |
Series 2003-44, Class A3, 5.00%, 10/25/2033 | | | 212,000 | | | 194,484 |
Series 2004-14, Class 3A1, 6.83%, 08/25/2034(e) | | | 1,694,424 | | | 1,594,956 |
Series 2004-21, Class A1, 4.00%, 11/25/2034 | | | 454,303 | | | 409,236 |
Series 2004-24, Class A1, 5.50%, 12/25/2034 | | | 3,254,963 | | | 3,244,904 |
Series 2004-24, Class A4, 5.50%, 12/25/2034 | | | 2,241,597 | | | 2,234,274 |
Series 2004-4, Class A10, 5.50%, 05/25/2034 | | | 424,005 | | | 412,124 |
Series 2004-HYB5, Class 3A1, 5.75%, 04/20/2035(e) | | | 654,485 | | | 612,909 |
Series 2004-J9, Class 2A5, 5.50%, 01/25/2035 | | | 413,567 | | | 410,572 |
Series 2005-13, Class A6, 5.50%, 06/25/2035 | | | 1,378,949 | | | 773,762 |
Series 2005-20, Class A7, 5.25%, 12/25/2027 | | | 17,618 | | | 10,801 |
Series 2005-27, Class 1A4, 5.50%, 12/25/2035 | | | 707,318 | | | 533,003 |
Series 2005-27, Class 2A1, 5.50%, 12/25/2035 | | | 508,211 | | | 216,257 |
Series 2005-31, Class 4A2, 4.77%, 01/25/2036(e) | | | 641,748 | | | 603,985 |
Series 2005-HY10, Class 1A1, 5.46%, 02/20/2036(e) | | | 46,225 | | | 38,915 |
Series 2005-HY10, Class 4A1, 4.06%, 02/20/2036(e) | | | 1,288,392 | | | 1,135,235 |
Series 2005-HYB2, Class 2A, 4.98%, 05/20/2035(e) | | | 585,704 | | | 566,064 |
Series 2005-J3, Class 2A5, 5.50%, 09/25/2035 | | | 44,519 | | | 41,464 |
Series 2006-16, Class 2A1, 6.50%, 11/25/2036 | | | 472,260 | | | 153,166 |
Series 2006-17, Class A6, 6.00%, 12/25/2036 | | | 2,090,360 | | | 888,443 |
Series 2006-17, Class A8, 6.00% (1 mo. Term SOFR + 0.66%), 12/25/2036 | | | 2,827,162 | | | 1,199,220 |
Series 2006-21, Class A11, 5.75%, 02/25/2037 | | | 1,120,897 | | | 493,382 |
Series 2006-21, Class A13, 6.00%, 02/25/2037 | | | 2,588,303 | | | 1,189,191 |
Series 2006-21, Class A5, 6.00%, 02/25/2037 | | | 590,968 | | | 271,519 |
Series 2006-6, Class A1, 6.00%, 04/25/2036 | | | 566,230 | | | 279,212 |
Series 2006-9, Class A8, 6.00%, 05/25/2036 | | | 1,105,101 | | | 528,086 |
| | | | | | | |
| | | | | | | |
Series 2007-1, Class A4, 6.00%, 03/25/2037 | | | $1,903,974 | | | $859,013 |
Series 2007-10, Class A22, 6.00%, 07/25/2037 | | | 1,764,402 | | | 804,665 |
Series 2007-5, Class A2, 5.75%, 05/25/2037 | | | 1,489,128 | | | 744,746 |
Series 2007-5, Class A29, 5.50%, 05/25/2037 | | | 2,592,952 | | | 1,244,290 |
Series 2007-5, Class A4, 5.75%, 05/25/2037 | | | 771,712 | | | 385,950 |
Series 2007-5, Class A51, 5.75%, 05/25/2037 | | | 5,053,974 | | | 2,527,604 |
Series 2007-HY5, Class 1A1, 5.26%, 09/25/2047(e) | | | 5,139,872 | | | 4,037,684 |
Series 2007-J2, Class 2A3, 6.00%, 07/25/2037 | | | 2,878,087 | | | 1,000,225 |
Series 2007-J2, Class 2A6, 6.00%, 07/25/2037 | | | 185,878 | | | 64,599 |
Credit Suisse First Boston Mortgage Securities Corp.
| | | | | | |
Series 2004-8, Class 3A4, 5.50%, 12/25/2034 | | | 127,061 | | | 127,561 |
Series 2005-10, Class 10A3, 6.00%, 11/25/2035 | | | 811,139 | | | 202,873 |
Series 2005-10, Class 5A3, 5.50%, 11/25/2035 | | | 348,740 | | | 255,626 |
Series 2005-10, Class 5A4, 5.50%, 11/25/2035 | | | 1,374,698 | | | 1,007,384 |
Series 2005-3, Class 3A17, 5.50%, 07/25/2035 | | | 221,987 | | | 222,355 |
Series 2005-9, Class 2A1, 5.50%, 10/25/2035 | | | 541,668 | | | 241,318 |
Credit Suisse Management LLC, Series 2005-8, Class 7A1, 7.00%, 09/25/2035 | | | 2,548,248 | | | 1,117,241 |
Credit Suisse Mortgage Capital Certificates
| | | | | | |
Series 2006-1, Class 1A3, 5.50%, 02/25/2036 | | | 250,921 | | | 221,081 |
Series 2006-1, Class 4A14, 5.50%, 02/25/2036 | | | 31,259 | | | 28,804 |
Series 2006-2, Class 4A2, 5.75%, 03/25/2036 | | | 488,730 | | | 307,835 |
Series 2006-2, Class 5A6, 6.00%, 03/25/2036 | | | 4,043,012 | | | 1,667,031 |
Series 2006-4, Class 8A1, 7.00%, 05/25/2036 | | | 1,179,251 | | | 120,712 |
Series 2006-7, Class 7A5, 6.00%, 08/25/2036 | | | 665,860 | | | 512,125 |
Series 2006-CF1, Class B3, 5.50%, 11/25/2035(b)(h) | | | 2,565,000 | | | 2,506,654 |
Series 2007-2, Class 3A8, 5.50%, 03/25/2037 | | | 1,239,041 | | | 597,425 |
Series 2007-3, Class 4A13, 5.50%, 04/25/2037 | | | 249,451 | | | 202,714 |
Series 2007-3, Class 4A15, 5.50%, 04/25/2037 | | | 348,986 | | | 283,599 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2011-12R, Class 3A5, 5.53%, 07/27/2036(b)(e) | | | $614,907 | | | $621,104 |
Series 2013-2R, Class 5A2, 3.90%, 05/27/2037(b)(e) | | | 1,709,327 | | | 1,152,024 |
Deutsche ALT-A Securities, Inc.
| | | | | | |
Series 2005-3, Class 3A1, 5.89% (1 mo. Term SOFR + 0.61%), 05/25/2035 | | | 732,338 | | | 629,248 |
Series 2005-6, Class 1A4, 5.50%, 12/25/2035 | | | 1,307,570 | | | 1,054,164 |
Series 2006-AB4, Class A1B1, 5.49% (1 mo. Term SOFR + 0.21%), 10/25/2036 | | | 381,904 | | | 306,715 |
DFC HEL Trust, Series 2001-1, Class M1, 7.10% (1 mo. Term
SOFR + 1.76%), 08/15/2031 | | | 1,175,222 | | | 1,149,828 |
Federal National Mortgage Association, Series 2016-C01, Class 2M2, 12.41% (30 day avg SOFR US + 7.06%), 08/25/2028 | | | 837,296 | | | 879,142 |
First Horizon Alternative Mortgage Securities
| | | | | | |
Series 2004-AA6, Class A1, 6.44%, 01/25/2035(e) | | | 217,059 | | | 211,360 |
Series 2004-AA7, Class 2A1, 6.73%, 02/25/2035(e) | | | 622,671 | | | 586,903 |
Series 2005-AA5, Class 2A1, 6.17%, 07/25/2035(e) | | | 941,568 | | | 874,438 |
Series 2005-AA7, Class 2A1, 6.01%, 09/25/2035(e) | | | 1,056,319 | | | 929,711 |
Series 2005-FA11, Class 2A1, 5.25%, 01/25/2036 | | | 698 | | | 0 |
Series 2005-FA8, Class 1A14, 5.50%, 11/25/2035 | | | 1,117,535 | | | 546,888 |
Series 2006-FA1, Class 1A3, 5.75%, 04/25/2036 | | | 1,783,558 | | | 761,661 |
Series 2006-FA2, Class 1A3, 6.00%, 05/25/2036 | | | 2,155,734 | | | 919,136 |
Series 2006-FA2, Class 1A5, 6.00%, 05/25/2036 | | | 1,410,524 | | | 601,402 |
Series 2006-FA6, Class 1A5, 6.25%, 11/25/2036 | | | 6,649,849 | | | 3,028,682 |
Series 2006-FA6, Class 3A1, 5.75%, 11/25/2036 | | | 526 | | | 241 |
Series 2007-AA1, Class 1A2, 4.83%, 05/25/2037(e) | | | 1,933,242 | | | 1,251,981 |
Series 2007-FA4, Class 1A6, 6.25%, 08/25/2037(e) | | | 1,777,087 | | | 692,459 |
First Horizon Asset Securities, Inc.
| | | | | | |
Series 2005-AR3, Class 4A1, 7.54%, 08/25/2035(e) | | | 652,666 | | | 629,337 |
Series 2006-4, Class 1A15, 6.00%, 02/25/2037 | | | 527,691 | | | 137,274 |
| | | | | | | |
| | | | | | | |
Series 2006-4, Class 1A6, 5.75%, 02/25/2037 | | | $871,445 | | | $217,344 |
Series 2006-AR4, Class 1A2, 5.11%, 01/25/2037(e) | | | 2,005,397 | | | 1,075,310 |
Series 2007-AR1, Class 1A1, 5.16%, 05/25/2037(e) | | | 600,381 | | | 259,170 |
Series 2007-AR2, Class 1A2, 7.29%, 08/25/2037(e) | | | 3,969,409 | | | 1,190,981 |
GS Mortgage-Backed Securities Trust
| | | | | | |
Series 2021-MM1, Class A8, 2.50%, 04/25/2052(b)(e) | | | 2,000,000 | | | 1,355,132 |
Series 2021-PJ7, Class A14, 2.50%, 01/25/2052(b)(e) | | | 4,491,250 | | | 3,067,124 |
Series 2022-PJ2, Class A31, 2.50%, 06/25/2052(b)(e) | | | 2,250,000 | | | 1,521,532 |
Series 2022-PJ5, Class A31, 2.50%, 10/25/2052(b)(e) | | | 5,500,000 | | | 3,689,506 |
GSAA Trust
| | | | | | |
Series 2005-1, Class M2, 6.26%, 11/25/2034(h) | | | 1,991,398 | | | 1,954,625 |
Series 2006-15, Class AF5, 6.69%, 09/25/2036(h) | | | 1,997,067 | | | 508,266 |
Series 2006-18, Class AF6, 6.18%, 11/25/2036(h) | | | 1,810,959 | | | 447,316 |
Series 2007-7, Class 1A2, 5.75% (1 mo. Term SOFR + 0.47%), 07/25/2037 | | | 529,337 | | | 495,774 |
GSR Mortgage Loan Trust
| | | | | | |
Series 2003-5F, Class 1A1, 3.00%, 08/25/2032 | | | 745,958 | | | 693,702 |
Series 2004-15F, Class 2A1, 6.00%, 12/25/2034 | | | 709,738 | | | 594,488 |
Series 2005-1F, Class 3A3, 6.00%, 01/25/2035 | | | 9,464 | | | 8,540 |
Series 2005-4F, Class 3A1, 6.50%, 05/25/2035 | | | 46,019 | | | 45,846 |
Series 2005-7F, Class 3A9, 6.00%, 09/25/2035 | | | 15,547 | | | 15,304 |
Series 2005-AR4, Class 5A1, 6.21%, 07/25/2035(e) | | | 116,443 | | | 111,062 |
Series 2005-AR5, Class 4A1, 5.51%, 10/25/2035(e) | | | 507,476 | | | 465,779 |
Series 2005-AR7, Class 6A1, 4.35%, 11/25/2035(e) | | | 315,443 | | | 276,802 |
Series 2006-2F, Class 2A1, 5.75%, 02/25/2036 | | | 382,977 | | | 329,302 |
Harborview Mortgage Loan Trust, Series 2006-6, Class 3A1A, 4.86%, 08/19/2036(e) | | | 1,754,791 | | | 1,362,183 |
Impac CMB Trust, Series 2005-5, Class A3W, 5.89% (1 mo. Term SOFR + 0.36%), 08/25/2035 | | | 332,934 | | | 311,939 |
Impac Funding Corp.
| | | | | | |
Series 2002-2, Class A3, 6.50%, 04/25/2033 | | | 726,350 | | | 709,997 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2004-2, Class A5, 4.83%, 08/25/2034(h) | | | $65,355 | | | $64,331 |
Indymac IMSC Mortgage Loan Trust, Series 2007-AR1, Class 2A1, 4.14%, 06/25/2037(e) | | | 340,956 | | | 217,426 |
Indymac Index Mortgage Loan Trust
| | | | | | |
Series 2004-AR11, Class 1A, 3.76%, 12/25/2034(e) | | | 842,597 | | | 760,311 |
Series 2004-AR4, Class 3A, 5.53%, 08/25/2034(e) | | | 1,883,254 | | | 1,769,810 |
Series 2005-AR23, Class 3A1, 3.88%, 11/25/2035(e) | | | 531,281 | | | 479,235 |
Series 2005-AR23, Class 6A1, 4.01%, 11/25/2035(e) | | | 918,395 | | | 835,558 |
Series 2005-AR25, Class 1A21, 4.05%, 12/25/2035(e) | | | 1,720,144 | | | 965,348 |
Series 2005-AR3, Class 4A1, 3.98%, 04/25/2035(e) | | | 760,506 | | | 709,292 |
Series 2005-AR35, Class 1A1, 3.72%, 02/25/2036(e) | | | 1,087,502 | | | 851,732 |
Series 2005-AR9, Class 1A1, 4.73%, 07/25/2035(e) | | | 2,796,999 | | | 1,508,897 |
Series 2006-AR25, Class 3A1, 4.10%, 09/25/2036(e) | | | 1,974,187 | | | 1,281,907 |
Series 2006-AR25, Class 4A1, 3.75%, 09/25/2036(e) | | | 3,443,898 | | | 3,095,747 |
Series 2006-AR3, Class 2A1C, 3.91%, 03/25/2036(e) | | | 4,605,820 | | | 3,194,925 |
Series 2006-AR31, Class A5, 3.85%, 11/25/2036(e) | | | 3,559,759 | | | 3,288,126 |
Series 2006-AR9, Class 3A1, 3.53%, 06/25/2036(e) | | | 1,491,194 | | | 1,290,843 |
Jefferies, LLC, Series 2009-R1, Class 1A2, 4.44%, 11/26/2035(b)(e) | | | 444,308 | | | 392,835 |
JP Morgan Mortgage Trust
| | | | | | |
Series 2005-S3, Class 1A5, 5.75%, 01/25/2036 | | | 46,420 | | | 20,910 |
Series 2007-A3, Class 2A3, 5.34%, 05/25/2037(e) | | | 2,084,998 | | | 1,720,116 |
Series 2021-12, Class A3, 2.50%, 02/25/2052(b)(e) | | | 11,348,848 | | | 9,439,307 |
Series 2021-13, Class A5, 2.50%, 04/25/2052(b)(e) | | | 30,000,000 | | | 20,565,159 |
Series 2021-14, Class A5, 2.50%, 05/25/2052(b)(e) | | | 6,082,500 | | | 4,140,067 |
Series 2021-15, Class A5, 2.50%, 06/25/2052(b)(e) | | | 2,750,000 | | | 1,865,279 |
Series 2022-3, Class A5A, 2.50%, 08/25/2052(b)(e) | | | 11,588,632 | | | 7,820,282 |
Series 2022-4, Class A5, 3.00%, 10/25/2052(b)(e) | | | 5,000,000 | | | 3,651,774 |
| | | | | | | |
| | | | | | | |
Series 2024-3, Class A5, 3.00%, 05/25/2054(b)(e) | | | $10,000,000 | | | $7,261,037 |
Series 2024-7, Class A5, 3.00%, 04/25/2053(b)(e) | | | 8,000,000 | | | 5,809,682 |
Lehman Mortgage Trust
| | | | | | |
Series 2005-2, Class 1A3, 5.75%, 12/25/2035 | | | 503,402 | | | 252,944 |
Series 2005-3, Class 1A2, 0.00% (-1 x 1 mo. Term SOFR + 4.64%), 01/25/2036(g)(i) | | | 774,921 | | | 50,862 |
Series 2005-3, Class 1A6, 5.50% (1 mo. Term SOFR + 0.61%), 01/25/2036 | | | 774,921 | | | 288,051 |
Series 2006-1, Class 1A4, 5.50%, 02/25/2036 | | | 348,302 | | | 169,027 |
Series 2006-3, Class 1A1, 6.00%, 07/25/2036 | | | 3,132,463 | | | 1,566,350 |
Series 2006-3, Class 1A4, 6.00%, 07/25/2036 | | | 6,925,334 | | | 3,503,635 |
Series 2007-4, Class 1A2, 5.75%, 05/25/2037 | | | 970,985 | | | 438,325 |
Series 2007-4, Class 1A3, 5.75%, 05/25/2037 | | | 2,121,602 | | | 957,740 |
Series 2007-5, Class 1A3, 5.75%, 06/25/2037 | | | 1,247,441 | | | 1,156,192 |
Series 2007-5, Class 9A1, 6.00%, 06/25/2037 | | | 2,287,220 | | | 539,013 |
Series 2007-5, Class 9A2, 6.00%, 06/25/2037 | | | 6,247,084 | | | 1,472,205 |
MASTR Adjustable Rate Mortgages Trust
| | | | | | |
Series 2004-4, Class 2A2, 5.71%, 05/25/2034(e) | | | 74,786 | | | 70,299 |
Series 2005-1, Class 7A1, 4.16%, 02/25/2035(e) | | | 80,641 | | | 73,766 |
MASTR Alternative Loans Trust
| | | | | | |
Series 2003-5, Class 30B1, 5.86%, 08/25/2033(e) | | | 430,587 | | | 250,853 |
Series 2003-7, Class 5A1, 6.25%, 11/25/2033 | | | 31,332 | | | 32,607 |
Series 2004-11, Class 7A1, 6.50%, 10/25/2034 | | | 220,831 | | | 220,442 |
Series 2004-6, Class 10A1, 6.00%, 07/25/2034 | | | 86,717 | | | 85,316 |
Series 2004-6, Class 8A1, 5.50%, 07/25/2034 | | | 150,233 | | | 146,495 |
Series 2005-2, Class 4A5, 5.50%, 03/25/2035 | | | 2,000,000 | | | 1,999,195 |
MASTR Asset Securitization Trust, Series 2006-1, Class 2A1, 5.84% (1 mo. Term SOFR + 0.56%), 05/25/2036 | | | 555,600 | | | 107,595 |
Merrill Lynch Mortgage Investors, Inc.
| | | | | | |
Series 2005-A5, Class A8, 5.22%, 06/25/2035(e) | | | 227,031 | | | 217,314 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2005-A7, Class 2A1, 5.44%, 09/25/2035(e) | | | $3,355,894 | | | $2,697,226 |
Series 2006-F1, Class 1A1, 6.00%, 04/25/2036 | | | 1,780,224 | | | 766,578 |
MLCC Mortgage Investors, Inc., Series 2004-D, Class A2, 5.90% (6 mo. Term SOFR + 1.15%), 09/25/2029 | | | 387,229 | | | 372,003 |
Morgan Stanley Mortgage Loan Trust
| | | | | | |
Series 2005-7, Class 6A3, 5.50%, 11/25/2035 | | | 604,786 | | | 587,141 |
Series 2005-7, Class 7A3, 5.50%, 11/25/2035 | | | 285,635 | | | 246,365 |
Series 2006-11, Class 2A1, 6.00%, 08/25/2036 | | | 1,907,164 | | | 827,367 |
Series 2006-2, Class 7A1, 5.47%, 02/25/2036(e) | | | 1,238,038 | | | 724,643 |
Morgan Stanley Reremic Trust, Series 2012-R3, Class 1B, 3.99%, 11/26/2036(b)(e) | | | 1,749,055 | | | 1,529,326 |
Nomura Asset Acceptance Corp.
| | | | | | |
Series 2005-AR3, Class 3A1, 5.69%, 07/25/2035(e) | | | 189,966 | | | 188,293 |
Series 2005-WF1, Class 2A5, 5.66%, 03/25/2035(h) | | | 12,248 | | | 12,206 |
Nomura Resecuritization Trust
| | | | | | |
Series 2011-4RA, Class 1A10, 2.77%, 12/26/2036(b)(e) | | | 5,031,169 | | | 4,508,369 |
Series 2014-5R, Class 1A9, 5.50%, 06/26/2035(b)(e) | | | 2,994,118 | | | 2,420,670 |
Popular ABS, Inc.
| | | | | | |
Series 2003-1, Class M1, 4.86%, 08/25/2033(e) | | | 377,927 | | | 375,065 |
Series 2003-3, Class M1, 4.20%, 12/25/2033(e) | | | 814,951 | | | 805,321 |
RAAC Series, Series 2005-SP1, Class 3A7, 6.00%, 09/25/2034 | | | 2,354 | | | 1,675 |
RALI Trust
| | | | | | |
Series 2006-QS1, Class A3, 5.75%, 01/25/2036 | | | 154,684 | | | 120,987 |
Series 2006-QS13, Class 1A6, 6.00%, 09/25/2036 | | | 1,750,271 | | | 1,396,748 |
Series 2006-QS17, Class A7, 6.00%, 12/25/2036 | | | 270,026 | | | 222,257 |
Series 2006-QS9, Class 1A5, 6.00% (1 mo. Term SOFR + 0.81%), 07/25/2036 | | | 1,142,199 | | | 834,755 |
Series 2007-QS10, Class A1, 6.50%, 09/25/2037 | | | 245,031 | | | 201,823 |
Series 2007-QS6, Class A29, 6.00%, 04/25/2037 | | | 2,447,640 | | | 2,010,058 |
RBSSP Resecuritization Trust, Series 2009-7, Class 3A2, 6.00%, 03/26/2036(b)(e) | | | 3,711,745 | | | 2,000,896 |
| | | | | | | |
| | | | | | | |
RCKT Mortgage Trust
| | | | | | |
Series 2021-4, Class A17, 2.50%, 09/25/2051(b)(e) | | | $5,000,000 | | | $3,422,612 |
Series 2022-2, Class A18, 2.50%, 02/25/2052(b)(e) | | | 4,500,000 | | | 3,038,340 |
Resecuritization Pass-Through Trust, Series 2005-8R, Class A3, 6.00%, 10/25/2034 | | | 1,439,693 | | | 1,414,070 |
Residential Asset Securitization Trust
| | | | | | |
Series 2003-A9, Class A2, 4.00%, 08/25/2033 | | | 800,837 | | | 734,714 |
Series 2004-R2, Class A3, 5.50%, 08/25/2034 | | | 1,423,622 | | | 1,405,932 |
Series 2005-A11, Class 1A4, 5.50%, 10/25/2035 | | | 222,650 | | | 146,289 |
Series 2005-A11, Class 2A1, 4.85%, 10/25/2035 | | | 3,388,540 | | | 1,210,446 |
Series 2005-A11, Class 2A5, 6.00%, 10/25/2035 | | | 385,727 | | | 169,630 |
Series 2005-A15, Class 5A1, 5.75%, 02/25/2036 | | | 3,447,927 | | | 1,252,645 |
Series 2005-A5, Class A7, 5.50%, 05/25/2035 | | | 993,864 | | | 707,289 |
Series 2006-A15, Class A10, 5.99% (1 mo. Term SOFR + 0.71%), 01/25/2037 | | | 16,434,022 | | | 3,879,931 |
Series 2006-A15, Class A11, 0.26% (-1 x 1 mo. Term SOFR + 5.54%), 01/25/2037(g)(i) | | | 16,434,022 | | | 1,558,368 |
Series 2006-A5CB, Class A6, 6.00%, 06/25/2036 | | | 2,288,338 | | | 929,235 |
RFMSI Trust
| | | | | | |
Series 2005-SA4, Class 1A21, 5.87%, 09/25/2035(e) | | | 1,595,952 | | | 1,089,810 |
Series 2005-SA4, Class 2A1, 5.61%, 09/25/2035(e) | | | 1,140,360 | | | 703,735 |
Series 2006-S3, Class A1, 5.50%, 03/25/2036 | | | 1,577,966 | | | 1,271,685 |
Series 2006-S4, Class A1, 6.00%, 04/25/2036 | | | 1,691,291 | | | 1,350,348 |
Series 2006-S5, Class A12, 6.00%, 06/25/2036 | | | 151,159 | | | 127,889 |
Series 2006-S5, Class A14, 6.00%, 06/25/2036 | | | 311,168 | | | 263,266 |
Series 2006-S5, Class A15, 6.00%, 06/25/2036 | | | 1,304,036 | | | 1,103,289 |
Series 2006-S5, Class A18, 6.00%, 06/25/2036 | | | 162,069 | | | 137,124 |
Series 2006-S6, Class A10, 6.00%, 07/25/2036 | | | 88,041 | | | 76,044 |
Series 2006-S6, Class A15, 6.00%, 07/25/2036 | | | 453,256 | | | 391,490 |
Series 2006-S7, Class A6, 6.25%, 08/25/2036 | | | 956,505 | | | 783,770 |
Series 2006-S7, Class A9, 6.50%, 08/25/2036 | | | 571,858 | | | 475,966 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series 2006-S9, Class A3, 5.75%, 09/25/2036 | | | $1,297,058 | | | $1,036,550 |
Series 2007-S1, Class A10, 6.00%, 01/25/2037 | | | 384,656 | | | 291,951 |
Series 2007-S7, Class A7, 6.00%, 07/25/2037 | | | 1,367,805 | | | 1,075,312 |
Specialty Underwriting & Residential Finance, Series 2006-BC2, Class A2D, 3.74%, 02/25/2037(h) | | | 746,195 | | | 257,818 |
Structured Adjustable Rate Mortgage Loan Trust
| | | | | | |
Series 2004-18, Class 3A2, 5.72%, 12/25/2034(e) | | | 374,764 | | | 343,908 |
Series 2005-12, Class 2A1, 5.83%, 06/25/2035(e) | | | 514,610 | | | 391,886 |
Series 2005-21, Class 7A1, 4.86%, 11/25/2035(e) | | | 2,938,090 | | | 1,919,231 |
Series 2006-1, Class 6A1, 4.87%, 02/25/2036(e) | | | 982,478 | | | 731,888 |
Series 2006-1, Class 7A4, 3.94%, 02/25/2036(e) | | | 89,238 | | | 76,041 |
Series 2006-12, Class 2A1, 4.55%, 01/25/2037(e) | | | 519,725 | | | 380,090 |
Series 2006-4, Class 6A, 4.09%, 05/25/2036(e) | | | 513,016 | | | 282,189 |
Series 2007-5, Class 1A1, 5.83% (1 mo. Term SOFR + 0.55%), 06/25/2037 | | | 1,223,915 | | | 1,014,982 |
Series 2007-6, Class 2A1, 5.77% (1 mo. Term SOFR + 0.49%), 07/25/2037 | | | 4,024,907 | | | 3,524,746 |
Series 2007-9, Class 1A1, 7.01% (6 mo. Term SOFR + 1.93%), 10/25/2037 | | | 789,320 | | | 722,981 |
Suntrust Adjustable Rate Mortgage Loan Trust
| | | | | | |
Series 2007-1, Class 2A1, 5.61%, 02/25/2037(e) | | | 3,046,938 | | | 2,634,605 |
Series 2007-2, Class 1A1, 6.05%, 04/25/2037(e) | | | 409,209 | | | 156,316 |
Suntrust Alternative Loan Trust
| | | | | | |
Series 2005-1F, Class 2A3, 5.75%, 12/25/2035 | | | 657,993 | | | 604,277 |
Series 2005-1F, Class 2A8, 6.00%, 12/25/2035 | | | 1,519,448 | | | 1,405,279 |
Series 2005-1F, Class 4A1, 6.50%, 12/25/2035 | | | 1,325,293 | | | 1,212,537 |
TBW Mortgage Backed Pass Through Certificates, Series 2006-2, Class 3A1, 5.50%, 07/25/2036 | | | 80,750 | | | 7,268 |
Vericrest Opportunity Loan Transferee, Series 2021-NPL4, Class A2, 4.95%, 03/27/2051(b)(h) | | | 1,698,225 | | | 1,632,040 |
| | | | | | | |
| | | | | | | |
WaMu Mortgage Pass Through Certificates
| | | | | | |
Series 2003-AR10, Class A6, 5.83%, 10/25/2033(e) | | | $5,324,549 | | | $5,094,988 |
Series 2003-S4, Class CB1, 5.63%, 06/25/2033(e) | | | 2,067,832 | | | 2,044,965 |
Series 2004-S2, Class 3A2, 6.00%, 06/25/2034 | | | 35,506 | | | 35,367 |
Series 2005-AR14, Class 1A2, 4.90%, 12/25/2035(e) | | | 3,679,119 | | | 3,387,114 |
Series 2006-AR10, Class 2A1, 4.44%, 09/25/2036(e) | | | 849,700 | | | 719,610 |
Series 2006-AR16, Class 1A1, 4.26%, 12/25/2036(e) | | | 928,808 | | | 835,744 |
Series 2006-AR8, Class 1A1, 4.89%, 08/25/2046(e) | | | 1,362,158 | | | 1,246,927 |
Series 2007-HY2, Class 1A1, 4.30%, 12/25/2036(e) | | | 12,033,183 | | | 10,754,920 |
Series 2007-HY3, Class 4A1, 5.15%, 03/25/2037(e) | | | 2,130,508 | | | 1,956,173 |
Series 2007-HY5, Class 3A1, 4.09%, 05/25/2037(e) | | | 847,031 | | | 716,273 |
Series 2007-HY7, Class 1A1, 4.13%, 07/25/2037(e) | | | 187,324 | | | 146,036 |
Washington Mutual Alternative Mortgage Pass-Through Certificates
| | | | | | |
Series 2005-1, Class 5A1, 6.00%, 03/25/2035 | | | 741,205 | | | 696,642 |
Series 2005-4, Class 5A7, 5.50%, 06/25/2035 | | | 2,488,930 | | | 2,108,051 |
Series 2005-5, Class CB4, 5.50%, 07/25/2035 | | | 860,995 | | | 796,036 |
Series 2005-6, Class 1CB, 6.50%, 08/25/2035 | | | 207,148 | | | 188,421 |
Series 2005-6, Class 2A1, 5.50%, 08/25/2035 | | | 2,311,619 | | | 2,004,237 |
Series 2005-6, Class 2A8, 5.50%, 08/25/2035 | | | 505,350 | | | 438,152 |
Series 2005-6, Class 3CB, 5.50%, 08/25/2035 | | | 1,000,900 | | | 890,489 |
Series 2005-9, Class 4A4, 5.50%, 11/25/2035 | | | 349,873 | | | 298,177 |
Series 2006-8, Class A6, 4.13%, 10/25/2036(h) | | | 2,380,060 | | | 827,637 |
Series 2007-HY1, Class A2A, 5.71% (1 mo. Term SOFR + 0.43%), 02/25/2037 | | | 1,528,143 | | | 1,168,141 |
Series 2007-HY2, Class 1A1, 4.19%, 04/25/2037(e) | | | 1,113,878 | | | 580,096 |
Series 2007-OC1, Class A1, 5.87% (1 mo. Term SOFR + 0.59%), 01/25/2047 | | | 3,261,165 | | | 2,901,944 |
Series 2007-OC2, Class A3, 6.01% (1 mo. Term SOFR + 0.73%), 06/25/2037 | | | 3,466,914 | | | 3,217,767 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A4, 6.00%, 03/25/2037 | | | $678,562 | | | $613,723 |
Wells Fargo Mortgage Backed Securities Trust
| | | | | | |
Series 2004-J, Class A1, 6.86%, 07/25/2034(e) | | | 2,682,223 | | | 2,488,971 |
Series 2005-AR14, Class A1, 7.36%, 08/25/2035(e) | | | 433,150 | | | 422,811 |
Series 2006-AR1, Class 1A1, 6.45%, 03/25/2036(e) | | | 1,274,162 | | | 1,213,852 |
Series 2006-AR19, Class A1, 6.36%, 12/25/2036(e) | | | 1,274,574 | | | 1,253,873 |
Series 2006-AR5, Class 1A1, 6.70%, 04/25/2036(e) | | | 2,747,172 | | | 2,723,453 |
Series 2006-AR5, Class 2A1, 6.57%, 04/25/2036(e) | | | 1,098,648 | | | 1,049,570 |
Series 2007-AR3, Class A1, 6.33%, 04/25/2037(e) | | | 525,823 | | | 461,293 |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $560,140,195) | | | | | | 454,226,109 |
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.1%
|
California Housing Finance Agency, Series 2021-2, Class X, 0.82%, 03/25/2035(g) | | | 31,245,541 | | | 1,421,047 |
Fannie Mae Pool, Pool AN8088, 3.33%, 01/01/2038 | | | 10,731,000 | | | 9,455,863 |
Federal Home Loan Mortgage Corp.
| | | | | | |
Pool WA3427, 3.33%, 07/01/2041 | | | 3,941,851 | | | 3,409,187 |
Pool WA3428, 3.05%, 11/01/2041 | | | 3,369,280 | | | 2,787,264 |
Series K164, Class X1, 0.47%, 05/25/2034(e)(g) | | | 248,196,665 | | | 6,518,017 |
Series K513, Class X1, 0.88%, 12/25/2028(e)(g) | | | 107,810,500 | | | 2,965,791 |
Series K522, Class X1, 0.63%, 05/25/2029(e)(g) | | | 129,030,259 | | | 2,578,889 |
Federal National Mortgage Association
| | | | | | |
Pool AN8580, 3.51%, 04/01/2038 | | | 3,300,000 | | | 3,023,529 |
Pool BS1824, 2.59%, 04/01/2041 | | | 7,890,000 | | | 6,095,400 |
Pool BZ0164, 2.80%, 06/01/2041 | | | 1,761,498 | | | 1,434,436 |
Freddie Mac Multiclass Certificates Series
| | | | | | |
Series 2020-RR09, Class CX, 2.68%, 08/27/2029(e)(g) | | | 42,360,000 | | | 3,603,150 |
| | | | | | | |
| | | | | | | |
Series 2021-RR17, Class X, 2.04%, 08/27/2027(e)(g) | | | $70,015,000 | | | $2,804,563 |
Freddie Mac Multifamily ML Certificates
| | | | | | |
Series 2019-ML06, Class XUS, 1.13%, 06/25/2037(b)(e)(g) | | | 10,474,959 | | | 814,742 |
Series 2020-ML07, Class XUS, 2.02%, 10/25/2036(e)(g) | | | 24,359,513 | | | 3,419,101 |
Series 2021-ML08, Class XUS, 1.85%, 07/25/2037(g) | | | 32,216,231 | | | 4,195,198 |
Series 2021-ML09, Class XUS, 1.49%, 02/25/2040(b)(e)(g) | | | 43,143,128 | | | 5,050,766 |
Series 2021-ML10, Class XUS, 2.13%, 01/25/2038(b)(e)(g) | | | 13,960,512 | | | 2,005,567 |
Series 2021-ML10, Class XUS, 1.52%, 06/25/2038(b)(e)(g) | | | 38,812,799 | | | 4,397,102 |
Series 2021-ML11, Class XUS, 0.77%, 03/25/2038(b)(g) | | | 33,460,768 | | | 1,726,910 |
Series 2021-ML12, Class XUS, 1.30%, 07/25/2041(b)(e)(g) | | | 17,766,412 | | | 1,707,708 |
Freddie Mac Multifamily Structured Pass Through Certificates
| | | | | | |
Series K042, Class X1, 1.13%, 12/25/2024(e)(g) | | | 101,772,400 | | | 60,779 |
Series K046, Class X1, 0.45%, 03/25/2025(e)(g) | | | 417,135,278 | | | 298,961 |
Series K049, Class X1, 0.67%, 07/25/2025(e)(g) | | | 85,295,552 | | | 273,824 |
Series K061, Class XAM, 0.18%, 11/25/2026(e)(g) | | | 72,512,000 | | | 141,014 |
Series K062, Class XAM, 0.31%, 12/25/2026(e)(g) | | | 79,423,000 | | | 361,065 |
Series K063, Class X1, 0.40%, 01/25/2027(e)(g) | | | 353,669,108 | | | 1,993,314 |
Series K064, Class X1, 0.73%, 03/25/2027(e)(g) | | | 119,228,975 | | | 1,518,453 |
Series K065, Class XAM, 0.70%, 05/25/2027(e)(g) | | | 57,193,000 | | | 850,700 |
Series K066, Class X1, 0.88%, 06/25/2027(e)(g) | | | 30,420,281 | | | 504,222 |
Series K067, Class X1, 0.70%, 07/25/2027(e)(g) | | | 38,903,242 | | | 536,666 |
Series K068, Class X1, 0.55%, 08/25/2027(e)(g) | | | 98,886,749 | | | 1,080,130 |
Series K069, Class X1, 0.47%, 09/25/2027(e)(g) | | | 27,852,338 | | | 268,552 |
Series K073, Class X1, 0.43%, 01/25/2028(e)(g) | | | 147,104,543 | | | 1,401,083 |
Series K073, Class XAM, 0.33%, 01/25/2028(e)(g) | | | 54,203,000 | | | 392,175 |
Series K080, Class X1, 0.27%, 07/25/2028(e)(g) | | | 419,558,631 | | | 2,285,084 |
Series K081, Class X1, 0.22%, 08/25/2028(e)(g) | | | 151,116,108 | | | 600,989 |
Series K084, Class X1, 0.33%, 10/25/2028(e)(g) | | | 331,582,586 | | | 2,917,628 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series K089, Class XAM, 0.60%, 01/25/2029(e)(g) | | | $53,965,000 | | | $1,047,142 |
Series K090, Class XAM, 0.77%, 03/25/2029(e)(g) | | | 50,517,000 | | | 1,351,072 |
Series K091, Class XAM, 0.64%, 03/25/2029(e)(g) | | | 53,659,000 | | | 1,175,357 |
Series K093, Class X1, 1.08%, 05/25/2029(e)(g) | | | 70,158,347 | | | 2,533,144 |
Series K094, Class X1, 1.01%, 06/25/2029(e)(g) | | | 193,363,009 | | | 6,789,304 |
Series K095, Class X1, 1.08%, 06/25/2029(e)(g) | | | 45,602,591 | | | 1,716,965 |
Series K097, Class X1, 1.22%, 07/25/2029(e)(g) | | | 72,239,980 | | | 3,223,449 |
Series K097, Class XAM, 1.48%, 09/25/2051(e)(g) | | | 66,115,000 | | | 3,854,928 |
Series K098, Class X1, 1.26%, 08/25/2029(e)(g) | | | 78,063,397 | | | 3,679,854 |
Series K098, Class XAM, 1.52%, 08/25/2029(e)(g) | | | 24,691,000 | | | 1,496,884 |
Series K099, Class X1, 1.00%, 09/25/2029(e)(g) | | | 208,373,450 | | | 7,682,396 |
Series K100, Class XAM, 1.03%, 09/25/2029(e)(g) | | | 62,086,000 | | | 2,556,838 |
Series K101, Class XAM, 1.21%, 10/25/2029(e)(g) | | | 65,686,000 | | | 3,192,129 |
Series K102, Class X1, 0.94%, 10/25/2029(e)(g) | | | 172,021,827 | | | 6,071,201 |
Series K103, Class X1, 0.76%, 11/25/2029(e)(g) | | | 124,526,228 | | | 3,461,518 |
Series K105, Class XAM, 1.89%, 01/25/2030(e)(g) | | | 64,122,000 | | | 5,277,882 |
Series K107, Class X1, 1.71%, 01/25/2030(e)(g) | | | 45,809,236 | | | 3,224,191 |
Series K107, Class XAM, 1.67%, 02/25/2030(e)(g) | | | 118,898,000 | | | 8,720,942 |
Series K108, Class X1, 1.81%, 03/25/2030(e)(g) | | | 56,655,251 | | | 4,357,191 |
Series K108, Class XAM, 1.78%, 03/25/2030(e)(g) | | | 70,601,000 | | | 5,679,088 |
Series K110, Class X1, 1.81%, 04/25/2030(e)(g) | | | 34,387,144 | | | 2,538,108 |
Series K111, Class X1, 1.68%, 05/25/2030(e)(g) | | | 108,180,813 | | | 7,870,836 |
Series K112, Class X1, 1.54%, 05/25/2030(e)(g) | | | 152,224,930 | | | 10,184,807 |
Series K112, Class XAM, 1.77%, 05/25/2030(e)(g) | | | 44,272,000 | | | 3,680,677 |
Series K113, Class X1, 1.48%, 06/25/2030(e)(g) | | | 113,015,961 | | | 7,232,208 |
Series K114, Class X1, 1.21%, 06/25/2030(e)(g) | | | 135,698,724 | | | 7,209,551 |
Series K114, Class XAM, 1.44%, 06/25/2030(e)(g) | | | 54,977,000 | | | 3,678,819 |
| | | | | | | |
| | | | | | | |
Series K115, Class X1, 1.42%, 06/25/2030(e)(g) | | | $53,724,955 | | | $3,345,705 |
Series K115, Class XAM, 1.65%, 07/25/2030(e)(g) | | | 40,865,759 | | | 3,164,469 |
Series K116, Class X1, 1.52%, 07/25/2030(e)(g) | | | 104,797,188 | | | 6,861,774 |
Series K116, Class XAM, 1.70%, 08/25/2030(e)(g) | | | 23,000,000 | | | 1,869,302 |
Series K118, Class X1, 1.05%, 09/25/2030(e)(g) | | | 119,810,697 | | | 5,561,565 |
Series K118, Class XAM, 1.26%, 09/25/2030(e)(g) | | | 35,916,184 | | | 2,177,670 |
Series K119, Class XAM, 1.23%, 10/25/2030(e)(g) | | | 51,000,000 | | | 3,004,267 |
Series K121, Class X1, 1.12%, 10/25/2030(e)(g) | | | 48,355,905 | | | 2,363,637 |
Series K121, Class XAM, 1.29%, 11/25/2030(e)(g) | | | 70,786,000 | | | 4,491,039 |
Series K122, Class X1, 0.97%, 11/25/2030(e)(g) | | | 128,465,038 | | | 5,528,788 |
Series K122, Class XAM, 1.17%, 11/25/2030(e)(g) | | | 35,211,000 | | | 2,011,150 |
Series K123, Class XAM, 1.07%, 12/25/2030(e)(g) | | | 108,000,000 | | | 5,626,163 |
Series K124, Class XAM, 1.03%, 01/25/2031(e)(g) | | | 89,626,000 | | | 4,524,312 |
Series K125, Class X1, 0.67%, 01/25/2031(e)(g) | | | 282,421,431 | | | 8,352,021 |
Series K125, Class XAM, 0.87%, 01/25/2031(e)(g) | | | 103,992,000 | | | 4,469,659 |
Series K127, Class XAM, 0.59%, 02/25/2031(e)(g) | | | 186,332,000 | | | 5,199,017 |
Series K128, Class X1, 0.61%, 03/25/2031(e)(g) | | | 162,376,321 | | | 4,336,308 |
Series K128, Class XAM, 0.83%, 03/25/2031(e)(g) | | | 37,700,000 | | | 1,561,489 |
Series K129, Class XAM, 1.32%, 05/25/2031(e)(g) | | | 31,700,000 | | | 2,161,807 |
Series K130, Class X1, 1.14%, 06/25/2031(e)(g) | | | 130,564,318 | | | 7,339,556 |
Series K130, Class XAM, 1.32%, 07/25/2031(e)(g) | | | 43,372,188 | | | 3,065,420 |
Series K131, Class X1, 0.83%, 07/25/2031(e)(g) | | | 140,121,686 | | | 5,746,068 |
Series K138, Class XAM, 0.79%, 01/25/2032(e)(g) | | | 195,000,000 | | | 8,546,168 |
Series K141, Class X1, 0.41%, 02/25/2032(e)(g) | | | 184,884,464 | | | 3,746,832 |
Series K141, Class XAM, 0.43%, 02/25/2032(e)(g) | | | 195,000,000 | | | 4,236,219 |
Series K149, Class X1, 0.40%, 08/25/2032(e)(g) | | | 83,075,484 | | | 1,720,086 |
Series K1511, Class X1, 0.93%, 03/25/2034(e)(g) | | | 130,644,637 | | | 6,615,374 |
Series K1512, Class X1, 1.05%, 04/25/2034(e)(g) | | | 47,109,413 | | | 2,710,266 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)
|
Series K1513, Class X1, 0.99%, 08/25/2034(e)(g) | | | $75,479,973 | | | $4,265,464 |
Series K1514, Class X1, 0.70%, 10/25/2034(e)(g) | | | 80,165,434 | | | 3,397,066 |
Series K1515, Class X1, 1.63%, 02/25/2035(e)(g) | | | 78,258,781 | | | 8,528,603 |
Series K1516, Class X1, 1.63%, 05/25/2035(e)(g) | | | 41,528,867 | | | 4,840,164 |
Series K1517, Class X1, 1.44%, 07/25/2035(e)(g) | | | 88,223,999 | | | 8,946,522 |
Series K152, Class X1, 1.10%, 01/25/2031(e)(g) | | | 28,598,323 | | | 1,291,583 |
Series K1521, Class X1, 1.09%, 08/25/2036(e)(g) | | | 95,292,141 | | | 7,740,933 |
Series K155, Class X1, 0.26%, 04/25/2033(e)(g) | | | 242,228,466 | | | 2,473,080 |
Series K160, Class X1, 0.38%, 08/25/2033(e)(g) | | | 254,060,687 | | | 4,949,356 |
Series K729, Class X1, 0.46%, 10/25/2024(e)(g) | | | 29,960,324 | | | 1,666 |
Series K734, Class X1, 0.78%, 02/25/2026(e)(g) | | | 61,841,856 | | | 379,091 |
Series K735, Class X1, 1.09%, 05/25/2026(e)(g) | | | 57,149,657 | | | 678,001 |
Series K735, Class XAM, 1.50%, 05/25/2026(e)(g) | | | 70,547,000 | | | 1,352,654 |
Series K737, Class XAM, 1.12%, 10/25/2026(e)(g) | | | 20,050,000 | | | 419,667 |
Series K738, Class XAM, 1.48%, 03/25/2027(e)(g) | | | 24,099,000 | | | 739,678 |
Series K739, Class XAM, 1.66%, 09/25/2027(e)(g) | | | 32,621,072 | | | 1,323,923 |
Series K742, Class XAM, 1.02%, 04/25/2028(e)(g) | | | 89,849,000 | | | 2,859,921 |
Series K743, Class XAM, 1.39%, 05/25/2028(e)(g) | | | 99,488,000 | | | 4,259,300 |
Series K744, Class X1, 0.96%, 07/25/2028(e)(g) | | | 113,891,595 | | | 3,183,498 |
Series K744, Class XAM, 1.33%, 07/25/2028(e)(g) | | | 122,906,000 | | | 5,120,055 |
Series K747, Class XAM, 0.48%, 12/25/2028(e)(g) | | | 160,000,000 | | | 2,418,928 |
Series K748, Class XAM, 0.64%, 01/25/2029(e)(g) | | | 175,000,000 | | | 3,842,003 |
Series KG02, Class X1, 1.15%, 08/25/2029(e)(g) | | | 31,750,552 | | | 1,198,739 |
Series KG03, Class X1, 1.48%, 06/25/2030(e)(g) | | | 15,395,432 | | | 959,668 |
Series KG04, Class X1, 0.94%, 11/25/2030(e)(g) | | | 110,677,922 | | | 4,553,079 |
Series KW03, Class X1, 0.91%, 06/25/2027(e)(g) | | | 12,727,496 | | | 216,807 |
| | | | | | | |
| | | | | | | |
Series KW06, Class X1, 0.27%, 06/25/2028(e)(g) | | | $501,560,014 | | | $2,426,798 |
Series KW09, Class X1, 0.94%, 05/25/2029(e)(g) | | | 61,695,570 | | | 1,709,103 |
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $438,397,208) | | | | | | 408,796,831 |
U.S. GOVERNMENT AGENCY ISSUES - 2.3%
| | | | | | |
United States Treasury Strip Principal
| | | | | | |
0.00%, 02/15/2042(a) | | | 100,000,000 | | | 47,833,181 |
0.00%, 05/15/2042(a) | | | 100,000,000 | | | 47,037,686 |
0.00%, 02/15/2043(a) | | | 100,000,000 | | | 45,232,493 |
0.00%, 05/15/2043(a) | | | 100,000,000 | | | 44,638,552 |
TOTAL U.S. GOVERNMENT AGENCY ISSUES
(Cost $178,388,852) | | | | | | 184,741,912 |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.4%
|
Federal Home Loan Mortgage Corp.
| | | | | | |
Series 4937, Class MB, 3.00%, 12/25/2049 | | | 6,621,000 | | | 4,765,636 |
Series 5200, Class YZ, 2.50%, 02/25/2052 | | | 14,848,217 | | | 10,114,653 |
Series 5201, Class CB, 2.50%, 03/25/2052 | | | 5,797,999 | | | 4,140,257 |
Federal National Mortgage Association, Series 2021-52, Class JZ, 2.50%, 08/25/2051 | | | 17,038,001 | | | 10,660,350 |
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $28,808,291) | | | | | | 29,680,896 |
| | | Shares | | | |
EXCHANGE TRADED FUNDS - 0.0%(d)(m)
|
Performance Trust Short Term Bond ETF | | | 40,000 | | | 1,014,200 |
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,011,600) | | | | | | 1,014,200 |
SHORT-TERM INVESTMENTS - 3.4%
| | | | | | |
Money Market Funds - 1.2%
| | | | | | |
First American Government Obligations Fund - Class X, 5.23%(k) | | | 98,984,789 | | | 98,984,789 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
U.S. Treasury Bills - 2.2%
| | | | | | |
5.38%, 09/10/2024(l) | | | $30,000,000 | | | $29,969,576 |
5.19%, 10/01/2024(l) | | | 15,000,000 | | | 14,939,683 |
5.37%, 10/08/2024(l) | | | 30,000,000 | | | 29,850,302 |
5.17%, 10/31/2024(l) | | | 15,000,000 | | | 14,876,589 |
5.32%, 11/05/2024(l) | | | 30,000,000 | | | 29,735,662 |
4.96%, 11/21/2024(l) | | | 15,000,000 | | | 14,835,746 |
5.25%, 12/05/2024(l) | | | 30,000,000 | | | 29,621,645 |
4.90%, 12/19/2024(l) | | | 15,000,000 | | | 14,783,827 |
| | | | | | 178,613,030 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $277,538,082) | | | | | | 277,597,819 |
TOTAL INVESTMENTS - 99.7%
(Cost $8,245,514,240) | | | | | | $8,024,068,498 |
Other Assets in Excess of
Liabilities - 0.3% | | | | | | 28,263,761 |
TOTAL NET
ASSETS - 100.0% | | | | | | $8,052,332,259 |
| | | | | | | |
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. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
AG - Aktiengesellschaft
CMT - Constant Maturity Treasury Rate
NV - Naamloze Vennootschap
PLC - Public Limited Company
PO - Principal Only
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate
STRIP - Separate Trading of Registered Interest and Principal
(a)
| Zero coupon bonds make no periodic interest payments. |
(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 August 31, 2024, the value of these securities total $1,712,835,020 or 21.27% of the Fund’s net assets. |
(c)
| Security subject to the Alternative Minimum Tax (“AMT”). As of August 31, 2024, the total value of securities subject to the AMT was $9,086,157 or 0.1% of net assets. |
(d)
| Represents less than 0.05% of net assets. |
(e)
| 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 August 31, 2024. |
(f)
| Issuer is currently in default. |
(g)
| Interest only security. |
(h)
| Step coupon bond. The rate disclosed is as of August 31, 2024. |
(i)
| 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. |
(j)
| Principal only security. |
(k)
| The rate shown represents the 7-day annualized effective yield as of August 31, 2024. |
(l)
| The rate shown is the effective yield as of August 31, 2024. |
(m)
| Affiliated security at August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Schedule of Investments
August 31, 2024
| | | | | | | |
MUNICIPAL BONDS - 91.3%
| | | | | | |
Alabama - 3.1%
| | | | | | |
Black Belt Energy Gas District
| | | | | | |
5.50%, 06/01/2049(a) | | | $3,040,000 | | | $3,256,516 |
5.50%, 11/01/2053(a) | | | 2,815,000 | | | 2,999,016 |
5.50%, 10/01/2054(a) | | | 3,000,000 | | | 3,307,303 |
County of Jefferson, AL Sewer Revenue, 5.25%, 10/01/2040 | | | 1,000,000 | | | 1,113,305 |
Energy Southeast A Cooperative District
| | | | | | |
5.50%, 11/01/2053(a) | | | 4,020,000 | | | 4,385,090 |
5.75%, 04/01/2054(a) | | | 1,000,000 | | | 1,114,691 |
Southeast Energy Authority A Cooperative District,
5.50%, 01/01/2053(a) | | | 5,730,000 | | | 6,208,388 |
| | | | | | 22,384,309 |
Alaska - 0.2%
| | | | | | |
CIVIC Ventures, 5.00%, 09/01/2033 | | | 1,750,000 | | | 1,762,453 |
Arizona - 0.8%
| | | | | | |
Industrial Development Authority of the City of Phoenix Arizona, 4.00%, 07/01/2026(b) | | | 1,300,000 | | | 1,308,026 |
State of Arizona Distribution Revenue
| | | | | | |
5.50%, 07/01/2038 | | | 2,060,000 | | | 2,581,060 |
5.50%, 07/01/2042 | | | 1,545,000 | | | 1,937,594 |
| | | | | | 5,826,680 |
California - 19.6%
| | | | | | |
Acton-Agua Dulce Unified School District, 0.00%, 05/01/2039(c) | | | 2,000,000 | | | 1,099,100 |
Alhambra Unified School District, 0.00%, 08/01/2037(c) | | | 11,000,000 | | | 7,095,476 |
Baldwin Park Unified School District, 0.00%, 08/01/2037(c) | | | 1,000,000 | | | 624,907 |
Belmont-Redwood Shores School District, 0.00%, 08/01/2039(c) | | | 4,000,000 | | | 2,269,136 |
California Educational Facilities Authority, 5.00%, 05/01/2049 | | | 5,000,000 | | | 6,210,325 |
California Health Facilities Financing Authority, 5.00%, 11/01/2047 | | | 5,285,000 | | | 6,414,276 |
California Municipal Finance Authority, 4.00%, 12/01/2026(b) | | | 1,235,000 | | | 1,204,934 |
California Pollution Control Financing Authority
| | | | | | |
5.00%, 07/01/2037(b)(d) | | | 1,750,000 | | | 1,929,617 |
5.00%, 07/01/2038(b)(d) | | | 2,000,000 | | | 2,192,609 |
Campbell Union School District
| | | | | | |
0.00%, 08/01/2038(c) | | | 4,700,000 | | | 2,898,340 |
0.00%, 08/01/2039(c) | | | 4,700,000 | | | 2,762,828 |
City of San Diego, CA Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | | | 855,000 | | | 858,503 |
Coachella Valley Unified School District, 0.00%, 08/01/2043(c) | | | 1,015,000 | | | 464,116 |
| | | | | | | |
| | | | | | | |
Dry Creek Joint Elementary School District, 0.00%, 08/01/2036(c) | | | $3,375,000 | | | $2,257,062 |
El Rancho Unified School District, 0.00%, 08/01/2035(c) | | | 350,000 | | | 242,949 |
Fowler Unified School District, 5.50%, 08/01/2053 | | | 4,945,000 | | | 5,561,880 |
Gateway Unified School District, 0.00%, 08/01/2037(c) | | | 1,745,000 | | | 1,101,581 |
Hope Elementary School District
| | | | | | |
0.00%, 08/01/2036(c) | | | 500,000 | | | 333,988 |
0.00%, 08/01/2037(c) | | | 540,000 | | | 345,243 |
0.00%, 08/01/2038(c) | | | 550,000 | | | 335,021 |
0.00%, 08/01/2040(c) | | | 1,085,000 | | | 594,836 |
Inland Empire Tobacco Securitization Corp., 3.68%, 06/01/2038 | | | 5,905,000 | | | 5,624,828 |
Lakeside Union School District
| | | | | | |
0.00%, 08/01/2037(c) | | | 4,000,000 | | | 2,534,741 |
0.00%, 08/01/2038(c) | | | 4,035,000 | | | 2,441,099 |
0.00%, 08/01/2039(c) | | | 4,375,000 | | | 2,523,287 |
Lemon Grove School District,
0.00%, 08/01/2039(c) | | | 940,000 | | | 538,981 |
Los Angeles County Public Works Financing Authority,
5.50%, 12/01/2049 | | | 7,000,000 | | | 8,154,504 |
Manhattan Beach Unified School District
| | | | | | |
0.00%, 09/01/2038(c) | | | 2,700,000 | | | 1,649,130 |
0.00%, 09/01/2040(c) | | | 2,085,000 | | | 1,146,841 |
0.00%, 09/01/2041(c) | | | 1,295,000 | | | 674,373 |
Millbrae School District,
0.00%, 07/01/2039(c) | | | 1,735,000 | | | 1,028,784 |
Mount San Antonio Community College District, 0.00%, 08/01/2043 | | | 1,505,000 | | | 1,503,480 |
M-S-R Energy Authority,
6.50%, 11/01/2039 | | | 2,695,000 | | | 3,496,454 |
Newport Mesa Unified School District
| | | | | | |
0.00%, 08/01/2037(c) | | | 100,000 | | | 65,080 |
0.00%, 08/01/2038(c) | | | 1,000,000 | | | 620,898 |
Norwalk-La Mirada Unified School District, 0.00%, 08/01/2038(c) | | | 680,000 | | | 411,173 |
Oceanside Unified School District
| | | | | | |
0.00%, 08/01/2035(c) | | | 135,000 | | | 92,908 |
0.00%, 08/01/2036(c) | | | 370,000 | | | 242,565 |
0.00%, 08/01/2037(c) | | | 810,000 | | | 507,460 |
0.00%, 08/01/2039(c) | | | 435,000 | | | 245,799 |
Paramount Unified School District, 0.00%, 08/01/2037(c) | | | 630,000 | | | 400,236 |
Pittsburg Unified School District Financing Authority
| | | | | | |
0.00%, 09/01/2041(c) | | | 2,650,000 | | | 1,370,819 |
0.00%, 09/01/2042(c) | | | 1,925,000 | | | 937,880 |
Placentia-Yorba Linda Unified School District, 0.00%, 08/01/2041(c) | | | 5,325,000 | | | 2,799,364 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Schedule of Investments
August 31, 2024 (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
California - (Continued)
| | | | | | |
Poway Unified School District
| | | | | | |
0.00%, 08/01/2037(c) | | | $6,320,000 | | | $4,041,716 |
0.00%, 08/01/2038(c) | | | 6,445,000 | | | 3,926,088 |
0.00%, 08/01/2040(c) | | | 4,905,000 | | | 2,688,681 |
0.00%, 08/01/2046(c) | | | 12,165,000 | | | 4,609,143 |
Rowland Unified School District, 0.00%, 08/01/2041(c) | | | 5,145,000 | | | 2,709,230 |
San Bernardino City Unified School District, 0.00%, 08/01/2035(c) | | | 250,000 | | | 174,656 |
San Bernardino Community College District
| | | | | | |
0.00%, 08/01/2038(c) | | | 210,000 | | | 123,201 |
0.00%, 08/01/2044(c) | | | 12,485,000 | | | 5,413,225 |
San Diego Community College District
| | | | | | |
0.00%, 08/01/2039(c) | | | 8,525,000 | | | 4,982,026 |
0.00%, 08/01/2041(c) | | | 1,860,000 | | | 977,806 |
San Diego Unified School District
| | | | | | |
0.00%, 07/01/2037(c) | | | 595,000 | | | 387,626 |
0.00%, 07/01/2038(c) | | | 1,655,000 | | | 1,028,926 |
0.00%, 07/01/2040(c) | | | 7,760,000 | | | 4,354,134 |
0.00%, 07/01/2041(c) | | | 7,870,000 | | | 4,190,242 |
0.00%, 07/01/2041 | | | 3,270,000 | | | 3,338,503 |
0.00%, 07/01/2043(c) | | | 4,370,000 | | | 2,109,493 |
Santa Barbara Secondary High School District, 0.00%, 08/01/2040(c) | | | 6,365,000 | | | 3,426,708 |
St Helena Unified School District, 0.00%, 06/01/2036 | | | 2,805,000 | | | 3,524,265 |
State of California,
5.00%, 09/01/2024 | | | 755,000 | | | 755,000 |
West Contra Costa Unified School District, 0.00%, 08/01/2036(c) | | | 5,995,000 | | | 4,004,519 |
| | | | | | 142,572,599 |
Colorado - 2.4%
| | | | | | |
City & County of Denver, CO Airport System Revenue
| | | | | | |
5.75%, 11/15/2036(d) | | | 6,325,000 | | | 7,674,945 |
5.75%, 11/15/2041(d) | | | 5,805,000 | | | 6,617,013 |
City of Fruita, CO Healthcare Revenue, 5.00%, 01/01/2028 | | | 575,000 | | | 565,279 |
Colorado Bridge & Tunnel Enterprise, 5.00%, 12/01/2042 | | | 1,000,000 | | | 1,113,395 |
E-470 Public Highway Authority, 5.00%, 09/01/2040 | | | 1,270,000 | | | 1,270,000 |
| | | | | | 17,240,632 |
Connecticut - 0.7%
| | | | | | |
Connecticut State Health & Educational Facilities Authority, 5.00%, 07/01/2032 | | | 2,400,000 | | | 2,402,523 |
State of Connecticut Special Tax Revenue, 5.25%, 07/01/2040 | | | 2,500,000 | | | 2,865,178 |
| | | | | | 5,267,701 |
| | | | | | | |
| | | | | | | |
District of Columbia - 1.2%
| | | | | | |
District of Columbia,
5.50%, 07/01/2047 | | | $6,150,000 | | | $6,944,276 |
Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2024(d) | | | 1,975,000 | | | 1,977,348 |
| | | | | | 8,921,624 |
Florida - 4.5%
| | | | | | |
Bay County School Board
| | | | | | |
5.50%, 07/01/2041 | | | 1,315,000 | | | 1,468,941 |
5.50%, 07/01/2042 | | | 1,300,000 | | | 1,446,460 |
City of Fort Lauderdale, FL Water & Sewer Revenue,
5.50%, 09/01/2048 | | | 1,500,000 | | | 1,706,820 |
City of Fort Myers, FL Utility System Revenue, 5.50%, 10/01/2049 | | | 5,000,000 | | | 5,654,379 |
City of Lakeland, FL Department of Electric Utilities
| | | | | | |
5.00%, 10/01/2037 | | | 1,925,000 | | | 2,287,812 |
5.00%, 10/01/2038 | | | 1,565,000 | | | 1,843,745 |
County of Miami-Dade, FL
| | | | | | |
0.00%, 10/01/2040(c) | | | 5,000,000 | | | 2,589,564 |
0.00%, 10/01/2041(c) | | | 1,820,000 | | | 890,224 |
0.00%, 10/01/2042(c) | | | 1,550,000 | | | 719,346 |
0.00%, 10/01/2045(c) | | | 4,500,000 | | | 1,831,550 |
County of Sarasota, FL Utility System Revenue, 5.25%, 10/01/2047 | | | 2,500,000 | | | 2,755,306 |
Florida Development Finance Corp. | | | | | | |
5.50%, 09/15/2025(b) | | | 570,000 | | | 565,613 |
5.00%, 09/15/2040(b) | | | 2,050,000 | | | 1,988,365 |
Hillsborough County Aviation Authority, 5.50%, 10/01/2049(d) | | | 2,000,000 | | | 2,219,985 |
JEA Water & Sewer System Revenue, 5.00%, 10/01/2024 | | | 3,085,000 | | | 3,089,108 |
Lee County Industrial Development Authority, 4.13%, 11/15/2029 | | | 2,000,000 | | | 2,009,304 |
| | | | | | 33,066,522 |
Georgia - 2.6%
| | | | | | |
City of Atlanta, GA,
4.50%, 12/01/2029 | | | 2,445,000 | | | 2,453,662 |
City of Atlanta, GA Department of Aviation
| | | | | | |
5.25%, 07/01/2043(d) | | | 1,000,000 | | | 1,099,256 |
5.25%, 07/01/2044(d) | | | 2,000,000 | | | 2,183,336 |
City of Conyers, GA,
4.30%, 03/01/2031 | | | 1,185,000 | | | 1,116,965 |
Georgia Ports Authority, 5.00%, 07/01/2041 | | | 4,145,000 | | | 4,608,823 |
Main Street Natural Gas, Inc. | | | | | | |
5.00%, 05/01/2054(a) | | | 5,040,000 | | | 5,448,045 |
5.00%, 12/01/2054(a) | | | 1,685,000 | | | 1,803,802 |
| | | | | | 18,713,889 |
Hawaii - 0.2%
| | | | | | |
State of Hawaii, 5.00%, 10/01/2024 | | | 1,270,000 | | | 1,271,782 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Schedule of Investments
August 31, 2024 (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - 2.2%
| | | | | | |
Chicago O’Hare International Airport
| | | | | | |
5.00%, 01/01/2025 | | | $1,125,000 | | | $1,132,235 |
5.00%, 01/01/2043 | | | 2,000,000 | | | 2,200,265 |
5.50%, 01/01/2044 | | | 2,000,000 | | | 2,220,246 |
City of Joliet, IL, 5.50%,
12/15/2042 | | | 2,315,000 | | | 2,579,936 |
Metropolitan Pier & Exposition Authority, 0.00%, 12/15/2036(c) | | | 6,500,000 | | | 3,977,585 |
Will County School District No. 114 Manhattan, 5.50%, 01/01/2045 | | | 3,765,000 | | | 4,155,502 |
| | | | | | 16,265,769 |
Indiana - 9.4%
| | | | | | |
Avon Community School Building Corp.
| | | | | | |
5.50%, 07/15/2040 | | | 1,120,000 | | | 1,299,212 |
5.50%, 07/15/2041 | | | 1,370,000 | | | 1,579,338 |
5.50%, 01/15/2043 | | | 2,750,000 | | | 3,132,986 |
Clark-Pleasant Community School Building Corp.,
5.25%, 01/15/2042 | | | 2,500,000 | | | 2,780,662 |
Fishers Town Hall Building Corp.
| | | | | | |
5.50%, 07/15/2038 | | | 1,030,000 | | | 1,200,267 |
5.50%, 07/15/2039 | | | 700,000 | | | 810,633 |
5.50%, 07/15/2040 | | | 1,500,000 | | | 1,728,127 |
5.50%, 07/15/2043 | | | 2,000,000 | | | 2,281,518 |
Fort Wayne Redevelopment Authority, 5.00%, 12/15/2041 | | | 2,040,000 | | | 2,227,277 |
Franklin Township-Marion County Multiple School Building Corp.
| | | | | | |
5.00%, 07/15/2042 | | | 1,250,000 | | | 1,381,958 |
5.00%, 07/15/2043 | | | 1,250,000 | | | 1,375,985 |
Greater Clark Building Corp.
| | | | | | |
6.00%, 07/15/2038 | | | 6,050,000 | | | 7,232,751 |
6.00%, 01/15/2042 | | | 5,655,000 | | | 6,597,626 |
6.00%, 01/15/2043 | | | 1,135,000 | | | 1,341,390 |
Greater Clark County School Building Corp., 5.00%, 07/15/2041 | | | 1,280,000 | | | 1,423,342 |
Indianapolis Local Public Improvement Bond Bank,
6.00%, 02/01/2048 | | | 8,750,000 | | | 10,196,395 |
IPS Multi-School Building Corp., 5.50%, 07/15/2042 | | | 1,250,000 | | | 1,413,846 |
Lake Ridge Multi-School Building Corp., 5.50%, 07/15/2040 | | | 1,805,000 | | | 2,034,804 |
Lebanon Middle School Building Corp., 5.00%, 01/15/2044 | | | 2,000,000 | | | 2,190,191 |
Noblesville High School Building Corp.
| | | | | | |
6.00%, 07/15/2038 | | | 390,000 | | | 473,310 |
6.00%, 07/15/2040 | | | 500,000 | | | 601,130 |
6.00%, 01/15/2043 | | | 1,015,000 | | | 1,202,959 |
Tippecanoe County School Building Corp., 6.00%, 01/15/2042 | | | 970,000 | | | 1,133,138 |
| | | | | | | |
| | | | | | | |
Tri-Creek High School Building Corp., 5.50%, 07/15/2040 | | | $4,260,000 | | | $4,874,966 |
Wawasee High School Building Corp., 5.00%, 07/15/2042 | | | 6,865,000 | | | 7,575,221 |
| | | | | | 68,089,032 |
Iowa - 0.2%
| | | | | | |
Iowa Tobacco Settlement Authority, 4.00%, 06/01/2049 | | | 1,630,000 | | | 1,635,664 |
Kansas - 0.2%
| | | | | | |
Johnson County Unified School District No. 229 Blue Valley, 5.00%, 10/01/2024 | | | 1,390,000 | | | 1,391,939 |
Kentucky - 1.2%
| | | | | | |
County of Trimble, KY,
1.30%, 09/01/2044(a)(d) | | | 3,500,000 | | | 3,217,511 |
Kentucky Economic Development Finance Authority,
5.00%, 05/15/2026 | | | 425,000 | | | 420,343 |
Kentucky Public Energy Authority, 5.00%, 05/01/2055(a) | | | 1,050,000 | | | 1,115,166 |
Kentucky State Property & Building Commission
| | | | | | |
5.50%, 11/01/2041 | | | 1,215,000 | | | 1,392,525 |
5.50%, 11/01/2042 | | | 2,050,000 | | | 2,351,351 |
| | | | | | 8,496,896 |
Louisiana - 0.3%
| | | | | | |
Louisiana Stadium & Exposition District, 5.00%, 07/01/2039 | | | 1,675,000 | | | 1,870,629 |
Maryland - 1.0%
| | | | | | |
County of Anne Arundel, MD,
5.00%, 10/01/2024 | | | 825,000 | | | 826,223 |
Maryland Stadium Authority,
5.00%, 05/01/2050 | | | 5,775,000 | | | 6,601,574 |
| | | | | | 7,427,797 |
Massachusetts - 1.5%
| | | | | | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, 4.00%, 07/01/2039 | | | 6,420,000 | | | 6,423,410 |
Massachusetts Development Finance Agency, 5.00%, 07/15/2040 | | | 3,750,000 | | | 4,556,072 |
| | | | | | 10,979,482 |
Michigan - 1.1%
| | | | | | |
Lansing Board of Water & Light, 5.00%, 07/01/2043 | | | 1,795,000 | | | 2,012,920 |
Michigan Finance Authority,
3.27%, 06/01/2039 | | | 6,100,000 | | | 5,797,898 |
| | | | | | 7,810,818 |
Minnesota - 1.7%
| | | | | | |
Minneapolis-St Paul Metropolitan Airports Commission,
5.25%, 01/01/2042(d) | | | 10,000,000 | | | 11,036,838 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Schedule of Investments
August 31, 2024 (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Minnesota - (Continued)
| | | | | | |
State of Minnesota,
5.00%, 10/01/2024 | | | $975,000 | | | $976,446 |
| | | | | | 12,013,284 |
Missouri - 0.4%
| | | | | | |
Jackson County School District No. R-IV Blue Springs,
5.50%, 03/01/2044 | | | 2,280,000 | | | 2,646,411 |
Nevada - 0.4%
| | | | | | |
Las Vegas Valley Water District, 5.00%, 12/01/2024 | | | 585,000 | | | 587,950 |
State of Nevada Department of Business & Industry,
8.13%, 01/01/2050(d) | | | 2,000,000 | | | 2,019,147 |
| | | | | | 2,607,097 |
New Hampshire - 0.4%
| | | | | | |
New Hampshire Business Finance Authority, 4.88%, 12/01/2033(b) | | | 3,220,000 | | | 3,226,758 |
New Jersey - 1.1%
| | | | | | |
New Jersey Economic Development Authority, 5.50%, 01/01/2027(d) | | | 300,000 | | | 300,401 |
New Jersey Transportation Trust Fund Authority
| | | | | | |
0.00%, 12/15/2038(c) | | | 1,050,000 | | | 597,800 |
0.00%, 12/15/2039(c) | | | 5,000,000 | | | 2,747,886 |
0.00%, 12/15/2039(c) | | | 7,635,000 | | | 4,146,023 |
| | | | | | 7,792,110 |
New York - 4.2%
| | | | | | |
Build NYC Resource Corp.
| | | | | | |
4.00%, 06/15/2031(b) | | | 600,000 | | | 583,280 |
4.00%, 06/15/2041(b) | | | 1,350,000 | | | 1,196,378 |
New York City Transitional Finance Authority, 5.50%, 05/01/2044 | | | 3,575,000 | | | 4,111,046 |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.50%, 11/01/2045 | | | 8,830,000 | | | 9,999,788 |
New York State Dormitory Authority
| | | | | | |
5.00%, 10/01/2047 | | | 4,235,000 | | | 5,167,977 |
5.00%, 10/01/2048 | | | 4,000,000 | | | 4,878,281 |
Triborough Bridge & Tunnel Authority, 5.00%, 05/15/2052 | | | 4,065,000 | | | 4,885,015 |
| | | | | | 30,821,765 |
North Carolina - 2.2%
| | | | | | |
North Carolina Medical Care Commission
| | | | | | |
3.75%, 10/01/2028 | | | 550,000 | | | 552,299 |
4.25%, 10/01/2028 | | | 250,000 | | | 252,356 |
University of North Carolina at Chapel Hill
| | | | | | |
5.00%, 02/01/2045 | | | 5,785,000 | | | 6,754,861 |
5.00%, 02/01/2049 | | | 6,325,000 | | | 7,366,972 |
| | | | | | | |
| | | | | | | |
Watauga Public Facilities Corp., 5.25%, 06/01/2042 | | | $1,250,000 | | | $1,396,134 |
| | | | | | 16,322,622 |
North Dakota - 0.4%
| | | | | | |
Cass County Joint Water Resource District, 3.45%, 04/01/2027 | | | 3,000,000 | | | 3,014,991 |
Ohio - 1.3%
| | | | | | |
County of Cuyahoga, OH Sales Tax Revenue, 4.00%, 01/01/2025 | | | 1,625,000 | | | 1,630,416 |
County of Hamilton, OH,
5.00%, 11/15/2049 | | | 6,095,000 | | | 7,161,298 |
State of Ohio, 5.00%, 10/01/2024 | | | 990,000 | | | 991,491 |
| | | | | | 9,783,205 |
Oklahoma - 1.3%
| | | | | | |
Grand River Dam Authority,
5.00%, 06/01/2042 | | | 8,425,000 | | | 9,466,398 |
Oregon - 0.4%
| | | | | | |
Port of Portland, OR Airport Revenue, 5.25%, 07/01/2042(d) | | | 2,450,000 | | | 2,698,411 |
Pennsylvania - 3.5%
| | | | | | |
Allegheny County Sanitary Authority, 5.75%, 06/01/2047 | | | 6,835,000 | | | 7,826,942 |
City of Philadelphia, PA Water & Wastewater Revenue,
5.50%, 06/01/2047 | | | 2,365,000 | | | 2,652,429 |
Commonwealth of Pennsylvania, 5.00%, 09/15/2024 | | | 2,705,000 | | | 2,706,539 |
Delaware Valley Regional Finance Authority, 4.54% (1 mo. Term SOFR + 0.88%), 09/01/2048 | | | 1,000,000 | | | 1,000,104 |
Pennsylvania Turnpike Commission
| | | | | | |
5.00%, 12/01/2041 | | | 3,000,000 | | | 3,357,274 |
5.25%, 12/01/2041 | | | 1,000,000 | | | 1,119,823 |
5.25%, 12/01/2042 | | | 1,000,000 | | | 1,115,361 |
5.00%, 12/01/2043 | | | 2,350,000 | | | 2,632,471 |
Southeastern Pennsylvania Transportation Authority,
5.25%, 06/01/2041 | | | 2,585,000 | | | 2,901,993 |
| | | | | | 25,312,936 |
Puerto Rico - 0.8%
| | | | | | |
Commonwealth of Puerto Rico
| | | | | | |
0.00%, 07/01/2033(c) | | | 189,697 | | | 127,852 |
4.00%, 07/01/2041 | | | 154,613 | | | 146,954 |
0.00%, 11/01/2043(a) | | | 651,922 | | | 413,155 |
4.00%, 07/01/2046 | | | 160,797 | | | 149,305 |
GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | | | 2,182,033 | | | 2,127,482 |
Puerto Rico Highway & Transportation Authority,
5.85%, 03/01/2027 | | | 1,395,000 | | | 1,388,025 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Schedule of Investments
August 31, 2024 (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Puerto Rico - (Continued)
| | | | | | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 0.00%, 07/01/2029(c) | | | $1,589,000 | | | $1,324,250 |
| | | | | | 5,677,023 |
Rhode Island - 1.1%
| | | | | | |
Rhode Island Health and Educational Building Corp.
| | | | | | |
5.50%, 05/15/2042 | | | 3,335,000 | | | 3,721,656 |
5.50%, 05/15/2047 | | | 4,000,000 | | | 4,390,078 |
| | | | | | 8,111,734 |
South Carolina - 2.0%
| | | | | | |
County of Horry, SC,
5.25%, 09/01/2047 | | | 4,000,000 | | | 4,414,628 |
Patriots Energy Group Financing Agency, 5.25%, 02/01/2054(a) | | | 6,000,000 | | | 6,527,169 |
South Island Public Service District, 5.25%, 04/01/2042 | | | 3,325,000 | | | 3,706,494 |
| | | | | | 14,648,291 |
Tennessee - 1.0%
| | | | | | |
Metropolitan Government of Nashville & Davidson County, 5.00%, 05/15/2042 | | | 1,500,000 | | | 1,695,248 |
Metropolitan Nashville Airport Authority, 5.50%, 07/01/2037(d) | | | 1,650,000 | | | 1,874,229 |
Tennergy Corp.,
5.00%, 10/01/2054(a) | | | 3,255,000 | | | 3,470,254 |
| | | | | | 7,039,731 |
Texas - 10.9%
| | | | | | |
Board of Regents of the University of Texas System, 5.00%, 08/15/2049 | | | 4,915,000 | | | 5,857,819 |
Central Texas Turnpike System, 5.00%, 08/15/2037 | | | 7,245,000 | | | 7,266,956 |
City of Austin, TX Electric Utility Revenue, 5.00%, 11/15/2024 | | | 1,000,000 | | | 1,003,750 |
City of Austin, TX Water & Wastewater System Revenue
| | | | | | |
5.00%, 11/15/2040 | | | 1,225,000 | | | 1,366,165 |
5.00%, 11/15/2041 | | | 1,700,000 | | | 1,882,816 |
City of Dallas, TX Waterworks & Sewer System Revenue,
5.00%, 10/01/2024 | | | 1,285,000 | | | 1,286,732 |
City of Houston, TX Airport System Revenue, 5.25%, 07/01/2039(d) | | | 2,745,000 | | | 3,052,891 |
City of San Antonio, TX Electric & Gas Systems Revenue | | | | | | |
5.25%, 02/01/2040 | | | 6,000,000 | | | 6,820,099 |
5.50%, 02/01/2049 | | | 1,950,000 | | | 2,210,770 |
Colony Economic Development Corp., 7.25%, 10/01/2042 | | | 1,500,000 | | | 1,496,945 |
Colony Local Development Corp., 7.25%, 10/01/2033 | | | 700,000 | | | 700,170 |
| | | | | | | |
| | | | | | | |
Dallas Fort Worth International Airport, 5.00%, 11/01/2041 | | | $5,000,000 | | | $5,597,255 |
Denton Independent School District, 4.00%, 08/15/2032 | | | 3,035,000 | | | 3,049,720 |
Lower Colorado River Authority
| | | | | | |
5.50%, 05/15/2047 | | | 5,000,000 | | | 5,566,087 |
5.50%, 05/15/2048 | | | 3,000,000 | | | 3,328,170 |
North Texas Tollway Authority, 0.00%, 01/01/2038(c) | | | 1,055,000 | | | 642,902 |
Port of Beaumont Industrial Development Authority,
4.10%, 01/01/2028(b) | | | 3,000,000 | | | 2,667,770 |
Port of Beaumont Navigation District, 10.00%, 07/01/2026(b) | | | 1,500,000 | | | 1,533,766 |
Pottsboro Higher Education Finance Corp., 2.00%, 08/15/2040 | | | 775,000 | | | 560,855 |
Prosper Independent School District, 5.00%, 02/15/2042 | | | 5,000,000 | | | 5,628,144 |
State of Texas
| | | | | | |
5.00%, 10/01/2024 | | | 3,790,000 | | | 3,795,107 |
5.00%, 10/01/2024 | | | 1,390,000 | | | 1,391,873 |
4.00%, 10/01/2031 | | | 2,965,000 | | | 2,966,609 |
5.00%, 10/01/2044 | | | 4,720,000 | | | 4,726,735 |
West Harris County Regional Water Authority, 5.50%, 12/15/2042 | | | 4,500,000 | | | 5,062,509 |
| | | | | | 79,462,615 |
Utah - 1.4%
| | | | | | |
City of Salt Lake City, UT Airport Revenue, 5.25%, 07/01/2041(d) | | | 600,000 | | | 658,958 |
Wasatch County School District Local Building Authority, 5.50%, 06/01/2047 | | | 7,570,000 | | | 8,331,922 |
Wildflower Improvement Association, 6.63%, 03/01/2031(b) | | | 1,248,857 | | | 1,226,838 |
| | | | | | 10,217,718 |
Virginia - 0.3%
| | | | | | |
Virginia Beach Development Authority, 5.38%, 09/01/2029 | | | 2,000,000 | | | 2,081,039 |
Washington - 3.4%
| | | | | | |
Central Puget Sound Regional Transit Authority, 5.00%, 11/01/2046 | | | 10,000,000 | | | 11,869,119 |
County of Snohomish, WA, 5.00%, 12/01/2024 | | | 650,000 | | | 653,246 |
King & Snohomish Counties School District No. 417 Northshore, 5.00%, 12/01/2042 | | | 5,000,000 | | | 5,631,245 |
Port of Seattle, WA, 5.25%, 07/01/2043(d) | | | 1,500,000 | | | 1,636,153 |
State of Washington, 5.00%, 06/01/2045 | | | 4,000,000 | | | 4,452,935 |
Washington State Housing Finance Commission, 5.00%,
01/01/2055(b) | | | 500,000 | | | 441,235 |
| | | | | | 24,683,933 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Schedule of Investments
August 31, 2024 (Continued)
| | | | | | | |
Wisconsin - 0.7%
| | | | | | |
Public Finance Authority
| | | | | | |
5.50%, 12/15/2028(b) | | | $2,000,000 | | | $2,011,895 |
7.50%, 06/01/2029(b) | | | 2,000,000 | | | 1,968,634 |
5.00%, 07/15/2030(b) | | | 1,000,000 | | | 1,005,100 |
| | | | | | 4,985,629 |
TOTAL MUNICIPAL BONDS
(Cost $640,070,595) | | | | | | 663,609,918 |
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.2%
|
California Housing Finance Agency, Series 2021-2, Class X,
0.82%, 03/25/2035(e) | | | 40,859,554 | | | 1,858,292 |
Freddie Mac Multifamily ML Certificates
| | | | | | |
Series 2019-ML05, Class XCA, 0.25%, 11/25/2033(a)(e) | | | 45,130,659 | | | 755,939 |
Series 2019-ML06, Class XUS, 1.13%, 06/25/2037(a)(b)(e) | | | 10,474,019 | | | 814,669 |
Series 2020-ML07, Class XUS, 2.02%, 10/25/2036(a)(b)(e) | | | 14,959,161 | | | 2,099,668 |
Series 2021-ML08, Class XUS, 1.85%, 07/25/2037(e) | | | 34,340,504 | | | 4,471,820 |
Series 2021-ML09, Class XUS, 1.49%, 02/25/2040(a)(b)(e) | | | 38,340,795 | | | 4,488,557 |
Series 2021-ML10, Class XUS, 2.13%, 01/25/2038(a)(b)(e) | | | 19,137,384 | | | 2,749,277 |
Series 2021-ML10, Class XUS, 1.52%, 06/25/2038(a)(b)(e) | | | 49,932,095 | | | 5,656,807 |
Series 2021-ML11, Class XUS, 0.77%, 03/25/2038(b)(e) | | | 90,576,695 | | | 4,674,663 |
Series 2021-ML12, Class XUS, 1.30%, 07/25/2041(a)(b)(e) | | | 24,644,141 | | | 2,368,795 |
Series 2022-ML13, Class XUS, 0.96%, 07/25/2036(a)(e) | | | 82,244,663 | | | 4,444,502 |
Series 2022-ML13, Class XUS, 0.98%, 09/25/2036(e) | | | 52,783,772 | | | 3,557,626 |
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $40,708,225) | | | | | | 37,940,615 |
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.8%
|
California Housing Finance Agency
| | | | | | |
Series 2021-1, Class X,
0.80%, 11/20/2035(e) | | | 48,215,443 | | | 2,298,430 |
Series 2021-3, Class X,
0.77%, 08/20/2036(e) | | | 25,171,214 | | | 1,265,105 |
New Hampshire Business Finance Authority
| | | | | | |
Series 2022-2, Class X,
0.69%, 10/20/2036(e) | | | 67,278,478 | | | 3,148,633 |
Series 2023-2, Class X,
0.81%, 01/20/2038(a)(e) | | | 60,000,000 | | | 3,369,600 |
| | | | | | | |
| | | | | | | |
Washington State Housing Finance Commission, Series 2021-1, Class X, 0.73%, 12/20/2035(a)(e) | | | $65,083,714 | | | $2,829,840 |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $13,373,001) | | | | | | 12,911,608 |
CORPORATE BONDS - 0.4%
| | | | | | |
Real Estate Management & Development - 0.4%
| | | | | | |
MMH Master LLC,
6.38%, 02/01/2034(b) | | | 2,897,000 | | | 3,010,334 |
TOTAL CORPORATE BONDS
(Cost $2,903,418) | | | | | | 3,010,334 |
| | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 4.2%
|
Money Market Funds - 4.2%
| | | | | | |
First American Government Obligations Fund - Class X, 5.23%(f) | | | 30,307,392 | | | 30,307,392 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $30,307,392) | | | | | | 30,307,392 |
TOTAL INVESTMENTS - 102.9% (Cost $727,362,629) | | | | | | $747,779,867 |
Liabilities in Excess of
Other Assets - (2.9)% | | | | | | (21,022,467) |
TOTAL NET ASSETS - 100.0% | | | | | | $726,757,400 |
| | | | | | | |
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. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
SOFR - Secured Overnight Financing 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 August 31, 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 August 31, 2024, the value of these securities total $50,913,588 or 7.0% of the Fund’s net assets. |
(c)
| Zero coupon bonds make no periodic interest payments. |
(d)
| Security subject to the Alternative Minimum Tax (“AMT”). As of August 31, 2024, the total value of securities subject to the AMT was $52,388,647 or 7.2% of net assets. |
(e)
| Interest only security. |
(f)
| The rate shown represents the 7-day effective yield as of August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Multisector Bond Fund
Schedule of Investments
August 31, 2024
| | | | | | | |
CORPORATE BONDS - 35.5%
|
Aerospace & Defense - 1.5%
| | | | | | |
Moog, Inc., 4.25%, 12/15/2027(a) | | | $ 1,000,000 | | | $ 964,148 |
TransDigm, Inc.,
6.63%, 03/01/2032(a) | | | 1,000,000 | | | 1,041,086 |
| | | | | | 2,005,234 |
Banks - 10.9%
| | | | | | |
Banner Corp., 5.00% to 06/30/2025 then 3 mo. Term SOFR + 4.89%, 06/30/2030 | | | 1,000,000 | | | 980,000 |
Barclays PLC, 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | | | 1,000,000 | | | 994,546 |
Deutsche Bank AG,
7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | | | 1,000,000 | | | 1,059,089 |
First Busey Corp.,
5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.11%,
06/01/2030 | | | 1,000,000 | | | 982,500 |
First Financial Bancorp.,
5.25% to 05/15/2025 then 3 mo. Term SOFR + 5.09%,
05/15/2030 | | | 1,000,000 | | | 970,331 |
Home BancShares, Inc.,
3.13% to 01/30/2027 then 3 mo. Term SOFR + 1.82%,
01/30/2032 | | | 1,500,000 | | | 1,260,121 |
National Australia Bank Ltd.,
3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%,
01/12/2037(a) | | | 1,000,000 | | | 874,429 |
Park National Corp.,
4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%,
09/01/2030 | | | 1,400,000 | | | 1,351,000 |
Renasant Corp., 4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 | | | 1,500,000 | | | 1,139,432 |
Synovus Financial Corp.,
7.54% to 02/07/2029 then 5 yr. Mid
Swap Rate USD + 3.38%, 02/07/2029 | | | 1,000,000 | | | 972,824 |
Texas Capital Bancshares, Inc.,
4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%,
05/06/2031 | | | 1,000,000 | | | 931,486 |
Webster Financial Corp.,
3.88% to 11/01/2025 then 3 mo. Term SOFR + 3.69%,
11/01/2030 | | | 1,000,000 | | | 930,031 |
Western Alliance Bank,
5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.12%,
06/01/2030 | | | 1,500,000 | | | 1,455,967 |
| | | | | | | |
| | | | | | | |
WSFS Financial Corp.,
2.75% to 12/15/2025 then 3 mo. Term SOFR + 2.49%,
12/15/2030 | | | $ 1,000,000 | | | $ 891,366 |
| | | | | | 14,793,122 |
Building Products - 0.7%
| | | | | | |
JELD-WEN, Inc.,
4.88%, 12/15/2027(a) | | | 1,000,000 | | | 967,952 |
Capital Markets - 1.7%
| | | | | | |
Ares Capital Corp.,
3.20%, 11/15/2031 | | | 1,300,000 | | | 1,122,472 |
MSCI, Inc., 3.63%, 11/01/2031(a) | | | 1,250,000 | | | 1,135,309 |
| | | | | | 2,257,781 |
Consumer Finance - 2.8%
| | | | | | |
Ally Financial, Inc.,
6.70%, 02/14/2033 | | | 1,250,000 | | | 1,288,401 |
Ford Motor Credit Co., LLC,
7.35%, 03/06/2030 | | | 1,250,000 | | | 1,353,818 |
OneMain Finance Corp.,
5.38%, 11/15/2029 | | | 1,250,000 | | | 1,203,588 |
| | | | | | 3,845,807 |
Containers & Packaging - 1.6%
| | | | | | |
Berry Global, Inc.,
5.63%, 07/15/2027(a) | | | 1,000,000 | | | 1,001,619 |
Graphic Packaging International, LLC, 3.50%, 03/01/2029(a) | | | 1,255,000 | | | 1,166,714 |
| | | | | | 2,168,333 |
Diversified Consumer Services - 2.1%
| | | |
Prime Security Services Borrower, LLC, 3.38%, 08/31/2027(a) | | | 1,000,000 | | | 947,775 |
Service Corp. International,
4.00%, 05/15/2031 | | | 1,000,000 | | | 918,666 |
Washington University,
4.35%, 04/15/2122 | | | 1,200,000 | | | 1,026,544 |
| | | | | | 2,892,985 |
Electrical Equipment - 0.9%
| | | | | | |
Sensata Technologies, Inc.,
4.38%, 02/15/2030(a) | | | 1,250,000 | | | 1,181,591 |
Financial Services - 0.2%
| | | | | | |
Compeer Financial FLCA,
3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036(a) | | | 250,000 | | | 193,813 |
Hotels, Restaurants & Leisure - 1.9%
| | | |
Station Casinos, LLC,
4.50%, 02/15/2028(a) | | | 1,250,000 | | | 1,200,150 |
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028(a) | | | 1,500,000 | | | 1,436,890 |
| | | | | | 2,637,040 |
Household Durables - 1.6%
| | | | | | |
Ashton Woods USA, LLC,
6.63%, 01/15/2028(a) | | | 1,000,000 | | | 1,008,166 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Multisector Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Household Durables - (Continued)
|
M/I Homes, Inc.,
3.95%, 02/15/2030 | | | $ 1,300,000 | | | $ 1,200,854 |
| | | | | | 2,209,020 |
Media - 1.9%
| | | | | | |
CCO Holdings Capital Corp.,
4.75%, 02/01/2032(a) | | | 1,500,000 | | | 1,308,598 |
Sirius XM Radio, Inc.,
3.88%, 09/01/2031(a) | | | 1,500,000 | | | 1,288,490 |
| | | | | | 2,597,088 |
Professional Services - 1.8%
| | | | | | |
Amentum Escrow Corp.,
7.25%, 08/01/2032(a) | | | 1,000,000 | | | 1,048,479 |
Science Applications International Corp., 4.88%, 04/01/2028(a) | | | 1,500,000 | | | 1,456,277 |
| | | | | | 2,504,756 |
Real Estate Management & Development - 0.8%
| | | | | | |
Cushman & Wakefield US Borrower, LLC, 8.88%, 09/01/2031(a) | | | 1,000,000 | | | 1,083,942 |
Software - 0.9%
| | | | | | |
Open Text Corp.,
3.88%, 02/15/2028(a) | | | 1,250,000 | | | 1,186,009 |
Specialty Retail - 3.3%
| | | | | | |
Asbury Automotive Group, Inc., 5.00%, 02/15/2032(a) | | | 1,250,000 | | | 1,178,058 |
Group 1 Automotive, Inc.,
4.00%, 08/15/2028(a) | | | 1,000,000 | | | 946,860 |
Ken Garff Automotive, LLC,
4.88%, 09/15/2028(a) | | | 1,500,000 | | | 1,458,751 |
Lithia Motors, Inc.,
4.38%, 01/15/2031(a) | | | 1,000,000 | | | 922,569 |
| | | | | | 4,506,238 |
Technology Hardware, Storage & Peripherals - 0.9%
| | | | | | |
Dell International, LLC,
8.10%, 07/15/2036 | | | 1,000,000 | | | 1,231,507 |
TOTAL CORPORATE BONDS (Cost $46,515,310) | | | | | | 48,262,218 |
NON-AGENCY COMMERCIAL
MORTGAGE BACKED
SECURITIES - 20.5%
| | | |
BANK
| | | | | | |
Series 2018-BN10, Class D, 2.60%, 02/15/2061(a) | | | 1,000,000 | | | 811,390 |
Series 2019-BN23, Class C,
3.62%, 12/15/2052(b) | | | 1,000,000 | | | 842,966 |
Series 2020-BN29, Class D, 2.50%, 11/15/2053(a) | | | 850,000 | | | 611,605 |
Series 2021-BN35, Class C,
2.90%, 06/15/2064(b) | | | 1,500,000 | | | 1,175,223 |
| | | | | | | |
| | | | | | | |
Series 2022-BN40, Class D, 2.50%, 03/15/2064(a) | | | $ 1,000,000 | | | $ 697,673 |
BANK5, Series 2024-5YR8,
Class C, 7.00%, 08/15/2057(b) | | | 1,000,000 | | | 1,009,145 |
BBCMS Trust
| | | | | | |
Series 2022-C17, Class XA, 1.32%, 09/15/2055(b)(c) | | | 14,937,482 | | | 1,099,784 |
Series 2024-5C27, Class XA, 1.04%, 07/15/2057(a)(b)(c) | | | 35,497,590 | | | 1,218,728 |
Benchmark Mortgage Trust
| | | | | | |
Series 2021-B26, Class C,
2.99%, 06/15/2054(b) | | | 1,250,000 | | | 902,623 |
Series 2021-B27, Class XD, 1.60%, 07/15/2054(a)(b)(c) | | | 15,000,000 | | | 1,279,970 |
Series 2021-B29, Class C,
2.75%, 09/15/2054(b) | | | 1,250,000 | | | 987,326 |
Series 2024-V6, Class XA,
1.58%, 10/15/2028(b)(c) | | | 24,992,350 | | | 1,293,147 |
BMO Mortgage Trust,
Series 2023-C7, Class XA,
1.04%, 12/15/2056(a)(b)(c) | | | 24,992,824 | | | 1,366,763 |
Citigroup Commercial Mortgage Trust
| | | |
Series 2016-C1, Class C,
5.10%, 05/10/2049(b) | | | 1,000,000 | | | 961,088 |
Series 2016-C2, Class B,
3.18%, 08/10/2049 | | | 1,000,000 | | | 938,155 |
Computershare Corporate Trust
| | | | | | |
Series 2016-C37, Class D,
3.31%, 12/15/2049(a)(b) | | | 1,250,000 | | | 1,114,052 |
Series 2019-C49, Class D,
3.00%, 03/15/2052(a) | | | 1,500,000 | | | 1,220,512 |
GS Mortgage Securities Corp. II
| | | | | | |
Series 2012-BWTR, Class A, 2.95%, 11/05/2034(a) | | | 996,262 | | | 825,536 |
Series 2012-BWTR, Class B, 3.26%, 11/05/2034(a) | | | 478,000 | | | 264,336 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series
2017-C34, Class D,
2.70%, 11/15/2052(a) | | | 1,000,000 | | | 601,427 |
Morgan Stanley Capital I Trust
| | | | | | |
Series 2017-H1, Class C,
4.28%, 06/15/2050(b) | | | 1,500,000 | | | 1,369,600 |
Series 2017-HR2, Class C,
4.46%, 12/15/2050(b) | | | 1,400,000 | | | 1,286,215 |
Series 2019-H7, Class D,
3.00%, 07/15/2052(a) | | | 1,000,000 | | | 779,095 |
Morgan Stanley Capital I, Inc., Series 2021-L5, Class C,
3.16%, 05/15/2054 | | | 1,385,000 | | | 1,157,607 |
Wells Fargo Commercial Mortgage Trust
| | | |
Series 2015-C28, Class D,
4.22%, 05/15/2048(b) | | | 1,000,000 | | | 811,598 |
Series 2018-C43, Class C,
4.51%, 03/15/2051(b) | | | 1,250,000 | | | 1,149,349 |
Series 2019-C52, Class C,
3.56%, 08/15/2052 | | | 1,000,000 | | | 824,615 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Multisector Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE
BACKED SECURITIES - (Continued)
|
Series 2020-C57, Class C,
4.16%, 08/15/2053(b) | | | $ 1,500,000 | | | $1,370,115 |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $27,470,793) | | | | | | 27,969,643 |
COLLATERALIZED LOAN OBLIGATIONS - 12.3%
| | | | | | |
Apidos CLO
| | | | | | |
Series 2013-12A, Class ER,
10.96% (3 mo. Term SOFR + 5.66%), 04/15/2031(a) | | | 1,250,000 | | | 1,245,950 |
Series 2019-31A, Class ER,
12.16% (3 mo. Term SOFR + 6.86%), 04/15/2031(a) | | | 1,000,000 | | | 1,000,585 |
Series 2023-46A, Class D,
10.28% (3 mo. Term SOFR + 5.00%), 10/24/2036(a) | | | 1,000,000 | | | 1,037,146 |
ARES CLO
| | | | | | |
Series 2015-4A, Class CRR,
8.05% (3 mo. Term SOFR + 2.75%), 10/15/2030(a) | | | 1,000,000 | | | 1,000,544 |
Series 2018-47A, Class D,
8.26% (3 mo. Term SOFR + 2.96%), 04/15/2030(a) | | | 1,000,000 | | | 1,000,643 |
Series 2018-48A, Class D,
8.24% (3 mo. Term SOFR + 2.96%), 07/20/2030(a) | | | 1,000,000 | | | 1,000,304 |
Blackstone, Inc.
| | | | | | |
Series 2018-1A, Class D,
8.06% (3 mo. Term SOFR + 2.76%), 04/15/2031(a) | | | 1,425,000 | | | 1,423,926 |
Series 2018-1A, Class E,
10.95% (3 mo. Term SOFR + 5.66%), 04/17/2030(a) | | | 1,000,000 | | | 989,697 |
Dryden Senior Loan Fund, Series 2023-105A, Class D, 10.48% (3 mo. Term SOFR + 5.20%), 04/18/2036(a) | | | 1,500,000 | | | 1,525,414 |
Goldentree Loan Opportunities Ltd., Series 2022-16A, Class DR, 10.03% (3 mo. Term SOFR + 4.75%), 01/20/2034(a) | | | 1,000,000 | | | 1,009,976 |
LCM LP, Series 22A, Class CR, 8.34% (3 mo. Term SOFR + 3.06%), 10/20/2028(a) | | | 1,000,000 | | | 1,001,600 |
Long Point Park CLO, Series 2017-1A, Class C, 7.95% (3 mo. Term SOFR + 2.66%), 01/17/2030(a) | | | 1,250,000 | | | 1,251,204 |
Neuberger Berman CLO Ltd.
| | | | | | |
Series 2019-33A, Class DR,
8.45% (3 mo. Term SOFR + 3.16%), 10/16/2033(a) | | | 1,000,000 | | | 994,075 |
| | | | | | | |
| | | | | | | |
Series 2019-35A, Class E,
12.54% (3 mo. Term SOFR + 7.26%), 01/19/2033(a) | | | $ 1,000,000 | | | $ 998,075 |
Octagon Credit Investors LLC, Series 2022-1A, Class DR,
10.19% (3 mo. Term SOFR + 5.09%), 11/16/2036(a) | | | 1,250,000 | | | 1,282,105 |
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $16,506,335) | | | | | | 16,761,244 |
MUNICIPAL BONDS - 6.9%
| | | | | | |
California - 0.7%
| | | | | | |
California Infrastructure & Economic Development Bank,
8.00%, 01/01/2050(a)(d) | | | 1,000,000 | | | 1,009,573 |
Florida - 0.8%
| | | | | | |
City of Gainesville, FL Utilities System Revenue,
6.02%, 10/01/2040 | | | 1,000,000 | | | 1,084,946 |
Illinois - 0.5%
| | | | | | |
Metropolitan Pier & Exposition Authority,
0.00%, 06/15/2038(e) | | | 1,250,000 | | | 702,427 |
Michigan - 0.8%
| | | | | | |
University of Michigan,
4.45%, 04/01/2122 | | | 1,221,000 | | | 1,071,287 |
Ohio - 0.9%
| | | | | | |
Ohio State University,
4.80%, 06/01/2111 | | | 1,250,000 | | | 1,172,395 |
Oklahoma - 0.7%
| | | | | | |
Oklahoma Development
Finance Authority,
5.45%, 08/15/2028 | | | 1,000,000 | | | 963,229 |
Pennsylvania - 0.8%
| | | | | | |
Pennsylvania Turnpike
Commission,
3.00%, 12/01/2042 | | | 1,250,000 | | | 1,077,353 |
Tennessee - 0.5%
| | | | | | |
New Memphis Arena Public
Building Authority,
0.00%, 04/01/2043(e) | | | 1,625,000 | | | 680,965 |
Texas - 1.0%
| | | | | | |
Port of Beaumont Industrial Development Authority,
4.10%, 01/01/2028(a) | | | 1,500,000 | | | 1,333,885 |
Wisconsin - 0.2%
| | | | | | |
Public Finance Authority,
7.50%, 06/01/2029(a) | | | 250,000 | | | 246,079 |
TOTAL MUNICIPAL BONDS
(Cost $9,053,532) | | | | | | 9,342,139 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Multisector Bond Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 6.4%
| | | |
Banc of America Alternative Loan Trust, Series 2006-2, Class 4CB1, 6.50%, 03/25/2036 | | | $ 1,152,306 | | | $ 956,720 |
Citimortgage Alternative Loan Trust
| | | | | | |
Series 2006-A5, Class 1A13, 5.84% (1 mo. Term SOFR + 0.56%), 10/25/2036 | | | 1,141,973 | | | 841,790 |
Series 2007-A1, Class 1A5,
6.00%, 01/25/2037 | | | 1,636,488 | | | 1,455,432 |
Countrywide Alternative Loan Trust, Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036 | | | 1,337,136 | | | 1,352,979 |
Countrywide Home Loan Mortgage Pass Through Trust, Series
2006-17, Class A8, 6.00% (1 mo. Term SOFR + 0.66%),
12/25/2036 | | | 344,085 | | | 145,953 |
Credit Suisse Management, LLC, Series 2005-11, Class 3A3,
5.50%, 12/25/2035 | | | 355,704 | | | 151,198 |
Vericrest Opportunity Loan Transferee, Series
2021-NPL4, Class A2,
4.95%, 03/27/2051(a)(f) | | | 360,229 | | | 346,190 |
WaMu Mortgage Pass Through Certificates
| | | |
Series 2005-AR14, Class 1A2, 4.90%, 12/25/2035(b) | | | 1,190,728 | | | 1,096,222 |
Series 2006-AR12, Class 1A1, 4.49%, 10/25/2036(b) | | | 1,437,495 | | | 1,312,287 |
Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6, Class A1, 6.73%, 10/25/2037(b) | | | 1,129,570 | | | 1,087,241 |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $8,916,186) | | | | | | 8,746,012 |
U.S. TREASURY SECURITIES - 6.4%
| | | |
United States Treasury Notes/Bonds
| | | | | | |
4.25%, 11/15/2040 | | | 1,000,000 | | | 1,016,719 |
3.88%, 05/15/2043 | | | 2,000,000 | | | 1,892,578 |
4.38%, 08/15/2043 | | | 1,000,000 | | | 1,011,992 |
4.75%, 11/15/2043 | | | 2,300,000 | | | 2,443,390 |
4.50%, 02/15/2044 | | | 1,250,000 | | | 1,284,180 |
4.63%, 05/15/2044 | | | 1,000,000 | | | 1,043,750 |
TOTAL U.S. TREASURY SECURITIES
(Cost $8,496,107) | | | | | | 8,692,609 |
ASSET-BACKED SECURITIES - 6.2%
| | | |
American Credit Acceptance Receivables Trust
| | | |
Series 2021-2, Class E,
2.54%, 07/13/2027(a) | | | 1,000,000 | | | 987,873 |
| | | | | | | |
| | | | | | | |
Series 2021-3, Class E,
2.56%, 11/15/2027(a) | | | $ 1,000,000 | | | $980,363 |
CPS Auto Trust, Series 2021-D, Class E, 4.06%, 12/15/2028(a) | | | 1,000,000 | | | 970,242 |
Exeter Automobile Receivables Trust, Series 2021-2A, Class E,
2.90%, 07/17/2028(a) | | | 1,500,000 | | | 1,448,248 |
GLS Auto Receivables Trust
| | | | | | |
Series 2020-2A, Class D,
7.48%, 04/15/2027(a) | | | 1,194,296 | | | 1,199,340 |
Series 2021-2A, Class E,
2.87%, 05/15/2028(a) | | | 1,000,000 | | | 956,501 |
Series 2021-3A, Class E,
3.20%, 10/16/2028(a) | | | 1,000,000 | | | 951,404 |
Westlake Automobile Receivables Trust, Series 2021-3A, Class E, 3.42%, 04/15/2027(a) | | | 1,000,000 | | | 978,901 |
TOTAL ASSET-BACKED SECURITIES
(Cost $8,406,322) | | | | | | 8,472,872 |
| | | Shares | | | |
SHORT-TERM INVESTMENTS - 4.6%
|
Money Market Funds - 4.6%
| | | | | | |
First American Government Obligations Fund - Class X,
5.23%(g) | | | 6,201,867 | | | 6,201,867 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,201,867) | | | | | | 6,201,867 |
TOTAL INVESTMENTS - 98.8% (Cost $131,566,452) | | | | | | $134,448,604 |
Other Assets in Excess of
Liabilities - 1.2% | | | | | | 1,692,266 |
TOTAL NET ASSETS - 100.0% | | | | | | $136,140,870 |
| | | | | | | |
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. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
AG - Aktiengesellschaft
CMT - Constant Maturity Treasury Rate
PLC - Public Limited Company
SOFR - 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 August 31, 2024, the value of these securities total $63,958,605 or 47.0% 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 August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Multisector Bond Fund
Schedule of Investments
August 31, 2024(Continued)
(c)
| Interest only security. |
(d)
| Security subject to the Alternative Minimum Tax (“AMT”). As of August 31, 2024, the total value of securities subject to the AMT was $1,009,573 or 0.7% of net assets. |
(e)
| Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(f)
| Step coupon bond. The rate disclosed is as of August 31, 2024. |
(g)
| The rate shown represents the 7-day effective yield as of August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Short Term Bond ETF
Schedule of Investments
August 31, 2024
| | | | | | | |
COLLATERALIZED LOAN OBLIGATIONS - 24.5%
|
AMMC CDO, Series 2016-18A, Class BR, 6.93% (3 mo. Term
SOFR + 1.86%), 05/26/2031(a) | | | $250,000 | | | $249,988 |
Apidos CLO, Series 2013-12A, Class ER, 10.96% (3 mo. Term
SOFR + 5.66%), 04/15/2031(a) | | | 250,000 | | | 247,315 |
ARES CLO | | | | | | |
Series 2014-32RA, Class B,
7.18% (3 mo. Term SOFR + 2.06%), 05/15/2030(a) | | | 250,000 | | | 249,455 |
Series 2015-4A, Class A3RR,
6.70% (3 mo. Term SOFR + 1.40%), 10/15/2030(a) | | | 250,000 | | | 249,439 |
Blackstone, Inc.,
Series 2018-1A, Class D,
8.15% (3 mo. Term SOFR + 2.86%), 04/17/2030(a) | | | 250,000 | | | 248,676 |
BlueMountain CLO Ltd., Series 2017-3A, Class C, 7.26% (3 mo. Term SOFR + 1.96%), 01/15/2030(a) | | | 250,000 | | | 249,518 |
Galaxy CLO Ltd., Series 2018-26A, Class BR, 6.72% (3 mo. Term
SOFR + 1.60%), 11/22/2031(a) | | | 250,000 | | | 250,046 |
Madison Park Funding Ltd., Series 2016-24A, Class CR2,
7.33% (3 mo. Term SOFR + 2.05%), 10/20/2029(a) | | | 250,000 | | | 250,206 |
Myers Park CLO, Series 2018-1A, Class B1, 7.14% (3 mo. Term
SOFR + 1.86%), 10/20/2030(a) | | | 310,000 | | | 309,966 |
Octagon Investment Partners Ltd., Series 2017-1A, Class CR,
7.61% (3 mo. Term SOFR + 2.31%), 07/15/2029(a) | | | 300,000 | | | 299,785 |
Octagon Investment Partners XXII LLC, Series 2014-1A, Class DRR,
8.29% (3 mo. Term SOFR + 3.01%), 01/22/2030(a) | | | 250,000 | | | 247,845 |
Voya CLO Ltd., Series 2016-3A, Class A3R2, 6.98% (3 mo. Term SOFR + 1.70%), 10/18/2031(a) | | | 250,000 | | | 249,730 |
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $3,108,218) | | | | | | 3,101,969 |
ASSET-BACKED SECURITIES - 21.1%
|
American Credit Acceptance Receivables Trust, Series 2024-2, Class C, 6.24%, 04/12/2030(a) | | | 250,000 | | | 254,349 |
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A2, 6.19%, 04/19/2027 | | | 135,309 | | | 135,838 |
CPS Auto Trust, Series 2023-A, Class C, 5.54%, 04/16/2029(a) | | | 250,000 | | | 250,455 |
| | | | | | | |
| | | | | | | |
Exeter Automobile Receivables Trust, Series 2023-1A, Class D,
6.69%, 06/15/2029 | | | $250,000 | | | $255,369 |
GLS Auto Receivables Trust
| | | | | | |
Series 2023-2A, Class B,
5.52%, 11/15/2027(a) | | | 250,000 | | | 250,511 |
Series 2023-2A, Class C,
5.69%, 03/15/2029(a) | | | 250,000 | | | 250,495 |
Santander Drive Auto Receivables Trust
| | | | | | |
Series 2023-2, Class A3,
5.21%, 07/15/2027 | | | 211,721 | | | 211,548 |
Series 2023-4, Class B,
5.77%, 12/15/2028 | | | 200,000 | | | 202,875 |
Series 2024-2, Class A3,
5.63%, 11/15/2028 | | | 200,000 | | | 202,661 |
Westlake Automobile Receivables Trust
| | | | | | |
Series 2021-1A, Class E,
2.33%, 08/17/2026(a) | | | 250,000 | | | 245,148 |
Series 2021-2A, Class E,
2.38%, 03/15/2027(a) | | | 250,000 | | | 242,687 |
Series 2023-3A, Class B,
5.92%, 09/15/2028(a) | | | 170,000 | | | 171,942 |
TOTAL ASSET-BACKED SECURITIES
(Cost $2,649,659) | | | | | | 2,673,878 |
NON-AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES - 18.5%
|
BANK5
| | | | | | |
Series 2023-5YR3, Class B,
7.56%, 09/15/2056(b) | | | 225,000 | | | 238,896 |
Series 2024-5YR6, Class XA,
0.98%, 05/15/2057(a)(b)(c) | | | 9,999,145 | | | 305,554 |
Series 2024-5YR7, Class XA,
1.57%, 06/15/2057(b)(c) | | | 4,799,825 | | | 263,634 |
Series 2024-5YR9, Class AS,
6.18%, 08/15/2057(b) | | | 300,000 | | | 309,093 |
BBCMS Trust, Series 2024-5C27, Class XA,
1.04%, 07/15/2057(a)(b)(c) | | | 8,399,430 | | | 288,089 |
Computershare Corporate Trust | | | | | | |
Series 2016-C37, Class D,
3.31%, 12/15/2049(a)(b) | | | 250,000 | | | 221,724 |
Series 2018-C43, Class B,
4.25%, 03/15/2051(b) | | | 250,000 | | | 234,507 |
Series 2019-C49, Class D,
3.00%, 03/15/2052(a) | | | 250,000 | | | 201,682 |
Morgan Stanley Capital I Trust, Series 2017-H1, Class B,
4.08%, 06/15/2050 | | | 300,000 | | | 279,798 |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $2,313,557) | | | | | | 2,342,977 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Short Term Bond ETF
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - 7.7%
|
Banks - 5.6%
| | | | | | |
Bank of America Corp., 6.30% to 03/10/2026 then 3 mo. Term SOFR + 4.81%, Perpetual | | | $175,000 | | | $176,157 |
Bank OZK, 2.75% to 10/01/2026 then
3 mo. Term SOFR + 2.09%, 10/01/2031 | | | 200,000 | | | 159,603 |
Pacific Premier Bancorp, Inc., 5.38% to 06/15/2025 then 3 mo. Term SOFR + 5.17%, 06/15/2030 | | | 138,000 | | | 133,027 |
Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | | | 250,000 | | | 238,750 |
| | | | | | 707,537 |
Consumer Finance - 0.7%
| | | | | | |
OneMain Finance Corp.,
3.88%, 09/15/2028 | | | 100,000 | | | 91,989 |
Media - 1.4%
| | | | | | |
Sirius XM Radio, Inc.,
5.00%, 08/01/2027(a) | | | 183,000 | | | 178,681 |
TOTAL CORPORATE BONDS
(Cost $978,254) | | | | | | 978,207 |
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 7.3%
|
Freddie Mac Multifamily Structured Pass Through Certificates
| | | | | | |
Series K098, Class XAM,
1.52%, 08/25/2029(b)(c) | | | 1,985,000 | | | 120,246 |
Series K107, Class X1,
1.71%, 01/25/2030(b)(c) | | | 4,224,854 | | | 297,019 |
Series K115, Class X1,
1.42%, 06/25/2030(b)(c) | | | 3,490,968 | | | 217,161 |
Series K744, Class X1,
0.96%, 07/25/2028(b)(c) | | | 10,472,903 | | | 292,554 |
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $918,974) | | | | | | 926,980 |
U.S. TREASURY SECURITIES - 5.8%
|
United States Treasury Notes/Bonds
| | | | | | |
3.88%, 05/15/2043 | | | 175,000 | | | 165,600 |
4.38%, 08/15/2043 | | | 175,000 | | | 177,099 |
4.75%, 11/15/2043 | | | 175,000 | | | 185,910 |
4.50%, 02/15/2044 | | | 200,000 | | | 205,469 |
TOTAL U.S. TREASURY SECURITIES
(Cost $678,691) | | | | | | 734,078 |
| | | | | | | |
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 2.2%
|
Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6, Class A1, 6.73%, 10/25/2037(b) | | | $282,393 | | | $270,978 |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $265,726) | | | | | | 270,978 |
MUNICIPAL BONDS - 1.9%
|
Oklahoma Development Finance Authority, 5.45%, 08/15/2028 | | | 250,000 | | | 240,512 |
TOTAL MUNICIPAL BONDS
(Cost $237,012) | | | | | | 240,512 |
| | | Shares | | | |
SHORT-TERM INVESTMENTS - 12.6%
|
Money Market Funds - 2.9%
|
First American Government Obligations Fund - Class X, 5.23%(d) | | | 363,400 | | | 363,400 |
| | | Par | | | |
U.S. Treasury Bills - 9.7%
|
5.45%, 09/17/2024(e) | | | 250,000 | | | 249,492 |
5.43%, 10/22/2024(e) | | | 400,000 | | | 397,217 |
5.94%, 11/14/2024(e) | | | 250,000 | | | 247,503 |
7.11%, 03/20/2025(e) | | | 350,000 | | | 341,696 |
| | | | | | 1,235,908 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,597,922) | | | | | | 1,599,308 |
TOTAL INVESTMENTS - 101.6% (Cost $12,748,013) | | | | | | $12,868,887 |
Liabilities in Excess of Other
Assets - (1.6)% | | | | | | (204,014) |
TOTAL NET ASSETS - 100.0% | | | | | | $12,664,873 |
| | | | | | | |
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. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
SOFR - 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 August 31, 2024, the value of these securities total $5,963,286 or 47.1% 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 August 31, 2024. |
(c)
| Interest only security. |
(d)
| The rate shown represents the 7-day effective yield as of August 31, 2024. |
(e)
| The rate shown is the effective yield as of August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2024
| | | | | | | | | | | | | |
Assets
| | | | | | | | | | | | |
Investments in unaffiliated securities, at value (cost $8,244,502,640, $727,362,629, $131,566,452 and $12,748,013, respectively) | | | $8,023,054,298 | | | $747,779,867 | | | $134,448,604 | | | $12,868,887 |
Investments in affiliated securities, at value (cost $1,011,600) (Note 8) | | | 1,014,200 | | | — | | | — | | | — |
Dividend and interest receivable | | | 72,180,814 | | | 6,625,304 | | | 1,249,011 | | | 105,340 |
Receivable for fund shares sold | | | 16,418,313 | | | 564,492 | | | 498,761 | | | — |
Other assets | | | 158,552 | | | 36,528 | | | 8,082 | | | 1,139 |
Total assets | | | 8,112,826,177 | | | 755,006,191 | | | 136,204,458 | | | 12,975,366 |
Liabilities
| | | | | | | | | | | | |
Payable for investments purchased | | | 54,630,457 | | | 27,878,539 | | | — | | | 310,493 |
Payable for fund shares redeemed | | | 2,931,757 | | | 251,710 | | | 21,379 | | | — |
Payable to adviser (Note 4) | | | 1,301,717 | | | 15,115 | | | 11,414 | | | — |
Payable to affiliates | | | 762,463 | | | 80,347 | | | 22,288 | | | — |
Payable for distribution fees | | | 39,392 | | | 4,194 | | | — | | | — |
Payable for shareholder servicing fees | | | 20,462 | | | — | | | — | | | — |
Accrued expenses and other liabilities | | | 807,670 | | | 18,886 | | | 8,507 | | | — |
Total liabilities | | | 60,493,918 | | | 28,248,791 | | | 63,588 | | | 310,493 |
Net Assets | | | 8,052,332,259 | | | 726,757,400 | | | 136,140,870 | | | 12,664,873 |
Net Assets Consist of:
| | | | | | | | | | | | |
Paid-in capital | | | $8,821,079,865 | | | $799,737,048 | | | $136,648,922 | | | $12,508,752 |
Total accumulated gain (loss) | | | (768,747,606) | | | (72,979,648) | | | (508,052) | | | 156,121 |
Net assets | | | $8,052,332,259 | | | $726,757,400 | | | $136,140,870 | | | $12,664,873 |
Total Return Bond Fund, Municipal Bond Fund and Multisector Bond Fund Shares - Institutional Class
| | | | | | | | | | | | |
Net assets | | | $7,962,595,613 | | | $706,807,451 | | | $136,140,870 | | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value) | | | 396,551,955 | | | 30,516,329 | | | 15,045,150 | | | |
Net asset value, redemption and offering price per share | | | $20.08 | | | $23.16 | | | $9.05 | | | |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2024(Continued)
| | | | | | | | | | | | | |
Total Return Bond Fund and Municipal Bond Fund Shares - Class A
| | | | | | | | | | | | |
Net assets | | | $38,273,257 | | | $19,949,949 | | | | | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value) | | | 1,906,025 | | | 860,578 | | | | | | |
Net asset value, redemption and offering price per share | | | $20.08 | | | $23.18 | | | | | | |
Maximum offering price per share
(Net asset value per share divided by 0.9775)(1) | | | $20.54 | | | $23.72 | | | | | | |
Total Return Bond Fund Shares - Class C
| | | | | | | | | | | | |
Net assets | | | $51,463,389 | | | | | | | | | |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value) | | | 2,574,341 | | | | | | | | | |
Net asset value, redemption and offering price per share | | | $19.99 | | | | | | | | | |
Short Term Bond ETF Shares - Total Fund
| | | | | | | | | | | | |
Net assets | | | | | | | | | | | | $12,664,873 |
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value) | | | | | | | | | | | | 500,000 |
Net asset value, redemption and offering price per share | | | | | | | | | | | | $25.33 |
| | | | | | | | | | | | | |
(1)
| Reflects a maximum sales charge of 2.25% |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF OPERATIONS
For the Year/Period Ended August 31, 2024
| | | | | | | | | | | | | |
Investment Income
| | | | | | | | | | | | |
Interest income | | | $346,118,631 | | | $28,835,533 | | | $7,338,138 | | | $269,013 |
Total investment income | | | 346,118,631 | | | 28,835,533 | | | 7,338,138 | | | 269,013 |
Expenses
| | | | | | | | | | | | |
Advisory fees (Note 4) | | | 39,787,564 | | | 2,681,761 | | | 837,896 | | | 27,127 |
Sub-transfer agent fees | | | 5,700,427 | | | — | | | — | | | — |
Administration and accounting fees | | | 2,601,023 | | | 292,935 | | | 77,620 | | | — |
Transfer agent fees and expenses | | | 1,025,135 | | | 105,144 | | | 25,022 | | | — |
Federal and state registration fees | | | 518,290 | | | 95,477 | | | 31,273 | | | — |
Distribution fees – Class C | | | 343,407 | | | — | | | — | | | — |
Reports to shareholders | | | 335,599 | | | 21,732 | | | 5,475 | | | — |
Custody fees | | | 327,847 | | | 34,422 | | | 6,077 | | | — |
Shareholder servicing fees – Class C | | | 114,469 | | | — | | | — | | | — |
Distribution fees – Class A | | | 78,658 | | | 77,765 | | | — | | | — |
Audit and tax fees | | | 41,750 | | | 21,600 | | | 21,600 | | | — |
Legal fees | | | 34,841 | | | 14,209 | | | 12,265 | | | — |
Insurance expense | | | 30,429 | | | 5,867 | | | 3,257 | | | — |
Trustees’ fees | | | 24,854 | | | 24,854 | | | 24,854 | | | — |
Chief Compliance Officer fees | | | 11,667 | | | 11,667 | | | 11,667 | | | — |
Interest expense | | | — | | | — | | | 17,110 | | | — |
Other expenses | | | 41,904 | | | 9,854 | | | 6,179 | | | — |
Total expenses | | | 51,017,864 | | | 3,397,287 | | | 1,080,295 | | | 27,127 |
Expense reimbursement by adviser
(Note 4) | | | — | | | — | | | (26,576) | | | — |
Net expenses | | | 51,017,864 | | | 3,397,287 | | | 1,053,719 | | | 27,127 |
Net investment income | | | 295,100,767 | | | 25,438,246 | | | 6,284,419 | | | 241,886 |
Realized and Unrealized Gain (Loss) on Investments
| | | | | | | | | | | | |
Net realized gain (loss) from:
| | | | | | | | | | | | |
Unaffiliated issuers | | | (191,084,206) | | | (8,530,162) | | | 222,773 | | | (3,814) |
Affiliated issuers (Note 8) | | | — | | | — | | | — | | | — |
Change in net unrealized appreciation/
depreciation from investments
| | | | | | | | | | | | |
Unaffiliated issuers | | | 505,341,652 | | | 36,643,805 | | | 6,835,278 | | | 120,874 |
Affiliated issuers (Note 8) | | | 2,600 | | | — | | | — | | | — |
Net realized and unrealized gain on investments | | | 314,260,046 | | | 28,113,643 | | | 7,058,051 | | | 117,060 |
Net Increase in Net Assets from Operations | | | $609,360,813 | | | $53,551,889 | | | $13,342,470 | | | $358,946 |
| | | | | | | | | | | | | |
(1)
| The inception date for the Fund was April 8, 2024 and investment operations commenced April 9, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Total Return Bond Fund
| | | | |
From Operations
| | | | | | |
Net investment income | | | $295,100,767 | | | $204,968,824 |
Net realized loss from investments | | | (191,084,206) | | | (231,808,333) |
Change in net unrealized appreciation from investments | | | 505,344,252 | | | 22,979,067 |
Net increase (decrease) in net assets from operations | | | 609,360,813 | | | (3,860,442) |
From Distributions
| | | | | | |
Distributions
| | | | | | |
Institutional Class | | | (290,301,547) | | | (204,912,825) |
Class A | | | (1,316,452) | | | (1,118,873) |
Class C | | | (1,593,320) | | | (1,234,132) |
Decrease in net assets resulting from distributions paid | | | (293,211,319) | | | (207,265,830) |
From Capital Share Transactions
| | | | | | |
Proceeds from shares sold
| | | | | | |
Institutional Class | | | 3,566,155,574 | | | 2,537,736,439 |
Class A | | | 19,783,554 | | | 14,637,086 |
Class C | | | 17,996,780 | | | 6,801,990 |
Shares issued in reinvestment of distributions declared
| | | | | | |
Institutional Class | | | 252,281,268 | | | 179,815,401 |
Class A | | | 1,268,006 | | | 1,066,967 |
Class C | | | 1,585,632 | | | 1,232,346 |
Cost for shares redeemed
| | | | | | |
Institutional Class | | | (1,880,613,477) | | | (2,263,701,105) |
Class A | | | (13,436,801) | | | (17,867,623) |
Class C | | | (12,342,818) | | | (11,396,206) |
Net increase in net assets from capital share transactions | | | 1,952,677,718 | | | 448,325,295 |
Total increase in net assets | | | $2,268,827,212 | | | $237,199,023 |
Net Assets
| | | | | | |
Beginning of year | | | 5,783,505,047 | | | 5,546,306,024 |
End of year | | | $8,052,332,259 | | | $5,783,505,047 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Municipal Bond Fund
| | | | |
From Operations
| | | | | | |
Net investment income | | | $25,438,246 | | | $22,808,967 |
Net realized loss from investments | | | (8,530,162) | | | (35,660,856) |
Change in net unrealized appreciation from investments | | | 36,643,805 | | | 14,938,824 |
Net increase in net assets from operations | | | 53,551,889 | | | 2,086,935 |
From Distributions
| | | | | | |
Distributions
| | | | | | |
Institutional Class | | | (24,385,730) | | | (21,059,221) |
Class A | | | (1,079,218) | | | (1,245,577) |
Decrease in net assets resulting from distributions paid | | | (25,464,948) | | | (22,304,798) |
From Capital Share Transactions
| | | | | | |
Proceeds from shares sold
| | | | | | |
Institutional Class | | | 333,841,958 | | | 323,241,552 |
Class A | | | 17,475,083 | | | 15,146,083 |
Shares issued in reinvestment of distributions declared
| | | | | | |
Institutional Class | | | 21,502,857 | | | 18,735,579 |
Class A | | | 1,032,054 | | | 1,177,425 |
Cost for shares redeemed
| | | | | | |
Institutional Class | | | (263,739,709) | | | (404,806,981) |
Class A | | | (34,287,043) | | | (26,368,296) |
Net increase (decrease) in net assets from capital share transactions | | | 75,825,200 | | | (72,874,638) |
Total increase (decrease) in net assets | | | $103,912,141 | | | $(93,092,501) |
Net Assets
| | | | | | |
Beginning of year | | | 622,845,259 | | | 715,937,760 |
End of year | | | $726,757,400 | | | $622,845,259 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
Performance Multisector Bond Fund
| | | | |
From Operations
| | | | | | |
Net investment income | | | $6,284,419 | | | $5,046,932 |
Net realized income (loss) from investments | | | 222,773 | | | (3,458,486) |
Change in net unrealized appreciation from investments | | | 6,835,278 | | | 1,093,792 |
Net increase in net assets from operations | | | 13,342,470 | | | 2,682,238 |
From Distributions
| | | | | | |
Distributions - Institutional Class | | | (6,245,595) | | | (5,020,968) |
Decrease in net assets resulting from distributions paid | | | (6,245,595) | | | (5,020,968) |
From Capital Share Transactions
| | | | | | |
Proceeds from shares sold - Institutional Class | | | 51,101,277 | | | 41,110,523 |
Shares issued in reinvestment of distributions declared -
Institutional Class | | | 6,135,817 | | | 4,935,606 |
Cost for shares redeemed - Institutional Class | | | (17,663,001) | | | (36,252,578) |
Net increase in net assets from capital share transactions | | | 39,574,093 | | | 9,793,551 |
Total increase in net assets | | | $46,670,968 | | | $7,454,821 |
Net Assets
| | | | | | |
Beginning of year | | | 89,469,902 | | | 82,015,081 |
End of year | | | $136,140,870 | | | $89,469,902 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
Performance Short Term Bond ETF
| | | | |
From Operations
| | | |
Net investment income | | | $241,886 |
Net realized loss from investments | | | (3,814) |
Change in net unrealized appreciation from investments | | | 120,874 |
Net increase in net assets from operations | | | 358,946 |
From Distributions
| | | |
Distributions - Institutional Class | | | (202,825) |
Decrease in net assets resulting from distributions paid | | | (202,825) |
From Capital Share Transactions
| | | |
Proceeds from shares sold | | | 12,502,750 |
Transaction fees | | | 6,002 |
Net increase in net assets from capital share transactions | | | 12,508,752 |
Total increase in net assets | | | $12,664,873 |
Net Assets
| | | |
Beginning of period | | | — |
End of period | | | $12,664,873 |
| | | | |
(1)
| The inception date for the Fund was April 8, 2024 and investment operations commenced April 9, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return BOND Fund
FINANCIAL HIGHLIGHTS
Institutional Class Shares
Per share data for a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $19.18 | | | $19.89 | | | $23.17 | | | $22.99 | | | $23.22 |
Income (loss) from investment operations:
| | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.86 | | | 0.75 | | | 0.72 | | | 0.78 | | | 0.82 |
Net realized and unrealized gain (loss) on investments(2) | | | 0.90 | | | (0.70) | | | (3.22) | | | 0.23 | | | (0.18) |
Total from investment operations | | | 1.76 | | | 0.05 | | | (2.50) | | | 1.01 | | | 0.64 |
Less distributions paid:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.86) | | | (0.76) | | | (0.70) | | | (0.83) | | | (0.87) |
From net realized gain on investments | | | — | | | — | | | (0.08) | | | — | | | — |
Total distributions paid | | | (0.86) | | | (0.76) | | | (0.78) | | | (0.83) | | | (0.87) |
Paid-in capital from redemption fees (Note 2) | | | — | | | — | | | — | | | — | | | 0.00(3) |
Net asset value, end of year | | | $20.08 | | | $19.18 | | | $19.89 | | | $23.17 | | | $22.99 |
Total return | | | 9.45% | | | 0.30% | | | -11.00% | | | 4.49% | | | 2.87% |
Supplemental Data and Ratios:
| | | | | | | | | | | | | | | |
Net assets at end of year (000’s) | | | $7,962,596 | | | $5,712,347 | | | $5,466,750 | | | $6,327,797 | | | $4,264,846 |
Ratio of expenses to average
net assets | | | 0.76% | | | 0.76% | | | 0.75% | | | 0.76% | | | 0.78% |
Ratio of net investment income to average net assets | | | 4.46% | | | 3.90% | | | 3.34% | | | 3.39% | | | 3.64% |
Portfolio turnover rate(4) | | | 33.62% | | | 35.55% | | | 53.11% | | | 30.80% | | | 41.75% |
| | | | | | | | | | | | | | | | |
(1)
| Per share net investment income was calculated using the average shares outstanding method. |
(2)
| Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
(3)
| Rounds to less than $0.005 per share. |
(4)
| Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Total Return BOND Fund
FINANCIAL HIGHLIGHTS
CLASS A SHARES
Per share data for a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $19.18 | | | $19.89 | | | $23.18 | | | $22.99 | | | $23.23 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
| | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.82 | | | 0.70 | | | 0.67 | | | 0.72 | | | 0.76 |
Net realized and unrealized gain (loss) on investments(2) | | | 0.90 | | | (0.70) | | | (3.23) | | | 0.24 | | | (0.18) |
Total from investment operations | | | 1.72 | | | 0.00 | | | (2.56) | | | 0.96 | | | 0.58 |
LESS DISTRIBUTIONS PAID:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.82) | | | (0.71) | | | (0.65) | | | (0.77) | | | (0.82) |
From net realized gain on investments | | | — | | | — | | | (0.08) | | | — | | | — |
Total distributions paid | | | (0.82) | | | (0.71) | | | (0.73) | | | (0.77) | | | (0.82) |
Paid-in capital from redemption fees (Note 2) | | | — | | | — | | | — | | | — | | | 0.00(3) |
Net asset value, end of year | | | $20.08 | | | $19.18 | | | $19.89 | | | $23.18 | | | $22.99 |
Total return(4) | | | 9.19% | | | 0.05% | | | -11.26% | | | 4.28% | | | 2.60% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | |
Net assets at end of year (000’s) | | | $38,273 | | | $29,145 | | | $32,476 | | | $32,802 | | | $19,297 |
Ratio of expenses to average net assets | | | 1.01% | | | 1.01% | | | 1.00% | | | 1.01% | | | 1.03% |
Ratio of net investment income to average net assets | | | 4.21% | | | 3.63% | | | 3.12% | | | 3.12% | | | 3.40% |
Portfolio turnover rate(5) | | | 33.62% | | | 35.55% | | | 53.11% | | | 30.80% | | | 41.75% |
| | | | | | | | | | | | | | | | |
(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)
| Based on net asset value, which does not reflect sales charge. |
(5)
| 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.
TABLE OF CONTENTS
Performance Trust Total Return BOND Fund
FINANCIAL HIGHLIGHTS
CLASS C SHARES
Per share data for a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $19.11 | | | $19.81 | | | $23.10 | | | $22.92 | | | $23.18 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
| | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.67 | | | 0.56 | | | 0.52 | | | 0.55 | | | 0.59 |
Net realized and unrealized gain (loss) on investments(2) | | | 0.88 | | | (0.69) | | | (3.23) | | | 0.24 | | | (0.18) |
Total from investment operations | | | 1.55 | | | (0.13) | | | (2.71) | | | 0.79 | | | 0.41 |
LESS DISTRIBUTIONS PAID:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.67) | | | (0.57) | | | (0.50) | | | (0.61) | | | (0.67) |
From net realized gain on investments | | | — | | | — | | | (0.08) | | | — | | | — |
Total distributions paid | | | (0.67) | | | (0.57) | | | (0.58) | | | (0.61) | | | (0.67) |
Paid-in capital from redemption fees (Note 2) | | | — | | | — | | | — | | | — | | | 0.00 (3) |
Net asset value, end of year | | | $19.99 | | | $19.11 | | | $19.81 | | | $23.10 | | | $22.92 |
Total return | | | 8.31% | | | -0.65% | | | -11.92% | | | 3.49% | | | 1.83% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | |
Net assets at end of year (000’s) | | | $51,463 | | | $42,012 | | | $47,081 | | | $56,625 | | | $31,184 |
Ratio of expenses to average net assets | | | 1.76% | | | 1.76% | | | 1.75% | | | 1.76% | | | 1.78% |
Ratio of net investment income to average net assets | | | 3.46% | | | 2.88% | | | 2.33% | | | 2.37% | | | 2.66% |
Portfolio turnover rate(4) | | | 33.62% | | | 35.55% | | | 53.11% | | | 30.80% | | | 41.75% |
| | | | | | | | | | | | | | | | |
(1)
| Per share net investment income was calculated using the average shares outstanding method. |
(2)
| Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per
|
share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(3)
| Rounds to less than $0.005 per share. |
(4)
| Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Financial Highlights
Institutional Class Shares
Per share data for a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $22.05 | | | $22.65 | | | $25.94 | | | $25.52 | | | $25.49 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
| | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.86 | | | 0.82 | | | 0.50 | | | 0.49 | | | 0.54 |
Net realized and unrealized gain (loss) on investments(2) | | | 1.12 | | | (0.62) | | | (3.31) | | | 0.61 | | | 0.22 |
Total from investment operations | | | 1.98 | | | 0.20 | | | (2.81) | | | 1.10 | | | 0.76 |
LESS DISTRIBUTIONS PAID:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.87) | | | (0.80) | | | (0.48) | | | (0.58) | | | (0.66) |
From return of capital | | | — | | | — | | | — | | | (0.06) | | | — |
From net realized gain on investments | | | — | | | — | | | — | | | (0.04) | | | (0.07) |
Total distributions paid | | | (0.87) | | | (0.80) | | | (0.48) | | | (0.68) | | | (0.73) |
Paid-in capital from redemption fees (Note 2) | | | — | | | — | | | — | | | — | | | 0.00(3) |
Net asset value, end of year | | | $23.16 | | | $22.05 | | | $22.65 | | | $25.94 | | | $25.52 |
Total return | | | 9.14% | | | 0.88% | | | -10.96% | | | 4.35% | | | 3.07% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | |
Net assets at end of year (000’s) | | | $706,807 | | | $588,234 | | | $670,095 | | | $818,825 | | | $500,176 |
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
| | | | | | | | | | | | | | | |
Before waiver, expense reimbursements and recoupments | | | 0.50% | | | 0.49% | | | 0.48% | | | 0.49% | | | 0.53% |
After waiver, expense reimbursements and recoupments | | | 0.50% | | | 0.49% | | | 0.48% | | | 0.50% | | | 0.55% |
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
| | | | | | | | | | | | | | | |
Before waiver, expense reimbursements and recoupments | | | 3.81% | | | 3.65% | | | 2.02% | | | 1.92% | | | 2.19% |
After waiver, expense reimbursements and recoupments | | | 3.81% | | | 3.65% | | | 2.02% | | | 1.91% | | | 2.17% |
Portfolio turnover rate(4) | | | 59.72% | | | 68.24% | | | 81.53% | | | 15.91% | | | 27.12% |
| | | | | | | | | | | | | | | | |
(1)
| Per share net investment income was calculated using the average shares outstanding method. |
(2)
| Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period. |
(3)
| Rounds to less than $0.005 per share. |
(4)
| Portfolio turnover rates are calculated at the Fund level (not by individual share class). |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Performance Trust Municipal Bond Fund
Financial Highlights
Class A Shares
Per share data for a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $22.07 | | | $22.67 | | | $25.96 | | | $25.54 | | | $25.51 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
| | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.80 | | | 0.76 | | | 0.44 | | | 0.42 | | | 0.48 |
Net realized and unrealized gain (loss) on investments(2) | | | 1.11 | | | (0.62) | | | (3.31) | | | 0.61 | | | 0.22 |
Total from investment operations | | | 1.91 | | | 0.14 | | | (2.87) | | | 1.03 | | | 0.70 |
LESS DISTRIBUTIONS PAID:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.80) | | | (0.74) | | | (0.42) | | | (0.50) | | | (0.60) |
From return of capital | | | — | | | — | | | — | | | (0.07) | | | — |
From net realized gain on investments | | | — | | | — | | | — | | | (0.04) | | | (0.07) |
Total distributions paid | | | (0.80) | | | (0.74) | | | (0.42) | | | (0.61) | | | (0.67) |
Paid-in capital from redemption fees (Note 2) | | | — | | | — | | | — | | | — | | | 0.00(3) |
Net asset value, end of year | | | $23.18 | | | $22.07 | | | $22.67 | | | $25.96 | | | $25.54 |
Total return(4) | | | 8.84% | | | 0.62% | | | -11.17% | | | 4.09% | | | 2.83% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | |
Net assets at end of year (000’s) | | | $19,950 | | | $34,611 | | | $45,843 | | | $55,918 | | | $42,552 |
RATIO OF EXPENSES TO AVERAGE
NET ASSETS:
| | | | | | | | | | | | | | | |
Before waiver, expense reimbursements and recoupments | | | 0.74% | | | 0.74% | | | 0.73% | | | 0.74% | | | 0.78% |
After waiver, expense reimbursements and recoupments | | | 0.74% | | | 0.74% | | | 0.73% | | | 0.77% | | | 0.80% |
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS:
| | | | | | | | | | | | | | | |
Before waiver, expense reimbursements and recoupments | | | 3.56% | | | 3.39% | | | 1.78% | | | 1.67% | | | 1.93% |
After waiver, expense reimbursements and recoupments | | | 3.56% | | | 3.39% | | | 1.78% | | | 1.64% | | | 1.91% |
Portfolio turnover rate(5) | | | 59.72% | | | 68.24% | | | 81.53% | | | 15.91% | | | 27.12% |
| | | | | | | | | | | | | | | | |
(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)
| Based on net asset value, which does not reflect sales charge. |
(5)
| 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.
TABLE OF CONTENTS
Performance Trust Multisector Bond Fund
Financial Highlights
Institutional Class Shares
Per share data for a share outstanding throughout each year/period
| | | | | | | |
Net asset value, beginning of year/period | | | $8.47 | | | $8.72 | | | $10.07 | | | $10.00 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
|
Net investment income(2) | | | 0.52 | | | 0.51 | | | 0.38 | | | 0.39 |
Net realized and unrealized gain (loss) on investments(3) | | | 0.58 | | | (0.25) | | | (1.33) | | | 0.01 |
Total from investment operations | | | 1.10 | | | 0.26 | | | (0.95) | | | 0.40 |
LESS DISTRIBUTIONS PAID:
| | | | | | | | | | | | |
From net investment income | | | (0.52) | | | (0.51) | | | (0.39) | | | (0.33) |
From net realized gain on investments | | | — | | | — | | | (0.01) | | | — |
Total distributions paid | | | (0.52) | | | (0.51) | | | (0.40) | | | (0.33) |
Paid-in capital from redemption fees (Note 2) | | | — | | | — | | | — | | | — |
Net asset value, end of year/period | | | $9.05 | | | $8.47 | | | $8.72 | | | $10.07 |
Total return(4) | | | 13.49% | | | 3.12% | | | -9.66% | | | 4.06% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | |
Net assets at end of year/period (000’s) | | | $136,141 | | | $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) | | | 1.01% | | | 0.99% | | | 0.99% | | | 0.99% |
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
| | | | | | | | | | | | |
Before waiver and expense reimbursement(5) | | | 5.98% | | | 5.91% | | | 3.98% | | | 4.34% |
After waiver and expense reimbursement(5) | | | 6.00% | | | 5.98% | | | 4.18% | | | 5.82% |
Portfolio turnover rate(4) | | | 40.36% | | | 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.
TABLE OF CONTENTS
Performance Trust Short Term Bond ETF
Financial Highlights
Per share data for a share outstanding throughout each period
| | | | |
Net asset value, beginning of period | | | $25.00 |
INCOME FROM INVESTMENT OPERATIONS:
| | | |
Net investment income(2) | | | 0.58 |
Net realized and unrealized gain on investments(3) | | | 0.20 |
Total from investment operations | | | 0.78 |
LESS DISTRIBUTIONS PAID:
| | | |
From net investment income | | | (0.45) |
From net realized gain on investments | | | — |
Total distributions paid | | | (0.45) |
Paid-in capital from redemption fees (Note 2) | | | — |
Net asset value, end of period | | | $25.33 |
Total return(4)(6) | | | 3.13% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets at end of period (000’s) | | | $12,665 |
Ratio of expenses to average net assets(5) | | | 0.65% |
Ratio of net investment income to average net assets(5) | | | 5.80% |
Portfolio turnover rate(4) | | | 13.30% |
| | | | |
(1)
| The inception date for the Fund was April 8, 2024 and investment operations commenced April 9, 2024. |
(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. |
(6)
| Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 3.24% for the period ended August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024
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 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”), the Performance Trust Multisector Bond Fund (the “Multisector Bond Fund”) (f/k/a Performance Trust Credit Fund) (collectively, the “Mutual Funds”), and the Performance Trust Short Term Bond ETF (the “Short Term Bond ETF”), 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 investment objective of the Short Term Bond ETF is to seek total return from income and preservation of capital. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The assets of the Funds are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Institutional Class shares of the 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. The Short Term Bond ETF commenced investment operations April 9, 2024. 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 Mutual 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
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
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 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 August 31, 2024: |
Performance Trust Total Return Bond Fund
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $1,774,854,242 | | | $— | | | $1,774,854,242 |
Corporate Bonds | | | — | | | 1,370,047,599 | | | — | | | 1,370,047,599 |
Asset-Backed Securities | | | — | | | 1,065,395,535 | | | — | | | 1,065,395,535 |
Non-Agency Commercial Mortgage Backed Securities | | | — | | | 1,054,234,953 | | | — | | | 1,054,234,953 |
U.S. Treasury Securities | | | — | | | 916,214,199 | | | — | | | 916,214,199 |
Collateralized Loan Obligations | | | — | | | 487,264,203 | | | — | | | 487,264,203 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
| | | | | | | | | | | | | |
Non-Agency Residential Mortgage Backed Securities | | | $— | | | $454,226,109 | | | $— | | | $454,226,109 |
Agency Commercial Mortgage Backed Securities | | | — | | | 408,796,831 | | | — | | | 408,796,831 |
U.S. Government Agency
Issues | | | — | | | 184,741,912 | | | — | | | 184,741,912 |
Agency Residential Mortgage-Backed Securities | | | — | | | 29,680,896 | | | — | | | 29,680,896 |
Exchange Traded Funds | | | 1,014,200 | | | — | | | — | | | 1,014,200 |
Money Market Funds | | | 98,984,789 | | | — | | | — | | | 98,984,789 |
U.S. Treasury Bills | | | — | | | 178,613,030 | | | — | | | 178,613,030 |
Total Investments | | | $99,998,989 | | | $7,924,069,509 | | | $— | | | $8,024,068,498 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for further disaggregation of investment categories.
Performance Trust Municipal Bond Fund
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $663,609,918 | | | $— | | | $663,609,918 |
Agency Commercial Mortgage Backed Securities | | | — | | | 37,940,615 | | | — | | | 37,940,615 |
Non-Agency Commercial Mortgage Backed Securities | | | — | | | 12,911,608 | | | — | | | 12,911,608 |
Corporate Bonds | | | — | | | 3,010,334 | | | — | | | 3,010,334 |
Money Market Funds | | | 30,307,392 | | | — | | | — | | | 30,307,392 |
Total Investments | | | $30,307,392 | | | $717,472,475 | | | $– | | | $747,779,867 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for further disaggregation of investment categories.
Performance Trust Multisector Bond Fund
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Corporate Bonds | | | $— | | | $48,262,218 | | | $— | | | $48,262,218 |
Non-Agency Commercial Mortgage Backed Securities | | | — | | | 27,969,643 | | | — | | | 27,969,643 |
Collateralized Loan Obligations | | | — | | | 16,761,244 | | | — | | | 16,761,244 |
Municipal Bonds | | | — | | | 9,342,139 | | | — | | | 9,342,139 |
Non-Agency Residential Mortgage Backed Securities | | | — | | | 8,746,012 | | | — | | | 8,746,012 |
U.S. Treasury Securities | | | — | | | 8,692,609 | | | — | | | 8,692,609 |
Asset-Backed Securities | | | — | | | 8,472,872 | | | — | | | 8,472,872 |
Money Market Funds | | | 6,201,867 | | | — | | | — | | | 6,201,867 |
Total Investments | | | $6,201,867 | | | $128,246,737 | | | $– | | | $134,448,604 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for further disaggregation of investment categories.
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
Performance Trust Short Term Bond ETF
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Collateralized Loan Obligations | | | $— | | | $3,101,969 | | | $— | | | $3,101,969 |
Asset-Backed Securities | | | — | | | 2,673,878 | | | — | | | 2,673,878 |
Non-Agency Commercial Mortgage Backed Securities | | | — | | | 2,342,977 | | | — | | | 2,342,977 |
Corporate Bonds | | | — | | | 978,207 | | | — | | | 978,207 |
Agency Commercial Mortgage Backed Securities | | | — | | | 926,980 | | | — | | | 926,980 |
U.S. Treasury Securities | | | — | | | 734,078 | | | — | | | 734,078 |
Non-Agency Residential Mortgage Backed Securities | | | — | | | 270,978 | | | — | | | 270,978 |
Municipal Bonds | | | — | | | 240,512 | | | — | | | 240,512 |
Money Market Funds | | | 363,400 | | | — | | | — | | | 363,400 |
U.S. Treasury Bills | | | — | | | 1,235,908 | | | — | | | 1,235,908 |
Total Investments | | | $363,400 | | | $12,505,487 | | | $— | | | $12,868,887 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for further disaggregation of investment categories.
The Funds did not hold any Level 3 securities during the year/period ended August 31, 2024.
The Funds did not hold any financial derivative instruments during the year/period ended August 31, 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 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 is required to be adjusted daily to reflect changes in the fair value of the securities sold short. As of August 31, 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 year/period ended August 31, 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 year/period ended August 31, 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/period ended August 31, 2021. |
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. |
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
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 year/period ended August 31, 2024, and the year ended August 31, 2023 was as follows:
Performance Trust Total Return Bond Fund
| | | | |
Ordinary Income | | | $293,211,319 | | | $207,265,830 |
Tax-Exempt Income | | | — | | | — |
Long-Term Capital Gain | | | — | | | — |
Return of Capital | | | — | | | — |
| | | | | | | |
Performance Trust Municipal Bond Fund
| | | | |
Ordinary Income | | | $2,924,724 | | | $2,634,721 |
Tax-Exempt Income | | | 22,540,224 | | | 19,670,077 |
Long-Term Capital Gain | | | — | | | — |
Return of Capital | | | — | | | — |
| | | | | | | |
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
Performance Trust Multisector Bond Fund
| | | | |
Ordinary Income | | | $6,245,595 | | | $5,020,968 |
Tax-Exempt Income | | | — | | | — |
Long-Term Capital Gain | | | — | | | — |
Return of Capital | | | — | | | — |
| | | | | | | |
Performance Trust Short Term Bond ETF
| | | | |
Ordinary Income | | | $202,825 | | | N/A |
Tax-Exempt Income | | | — | | | N/A |
Long-Term Capital Gain | | | — | | | N/A |
Return of Capital | | | — | | | N/A |
| | | | | | | |
As of August 31, 2024, 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 | | | $8,246,125,301 |
Gross tax unrealized appreciation | | | $178,128,503 |
Gross tax unrealized depreciation | | | (400,185,306) |
Net tax unrealized depreciation | | | (222,056,803) |
Undistributed ordinary income | | | 18,021,195 |
Undistributed long-term capital gain | | | — |
Total distributable earnings | | | 18,021,195 |
Other accumulated losses | | | (564,711,998) |
Total accumulated loss | | | $(768,747,606) |
| | | | |
Performance Trust Municipal Bond Fund
| | | | |
Cost basis of investments for federal income tax purposes | | | $727,371,165 |
Gross tax unrealized appreciation | | | $28,191,935 |
Gross tax unrealized depreciation | | | (7,783,233) |
Net tax unrealized depreciation | | | 20,408,702 |
Undistributed ordinary income | | | 1,219,626 |
Undistributed long-term capital gain | | | — |
Total distributable earnings | | | 1,219,626 |
Other accumulated losses | | | (94,607,976) |
Total accumulated loss | | | $(72,979,648) |
| | | | |
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
Performance Trust Multisector Bond Fund
| | | | |
Cost basis of investments for federal income tax purposes | | | $131,566,452 |
Gross tax unrealized appreciation | | | $4,644,621 |
Gross tax unrealized depreciation | | | (1,762,469) |
Net tax unrealized appreciation | | | 2,882,152 |
Undistributed ordinary income | | | 340,642 |
Undistributed long-term capital gain | | | — |
Total distributable earnings | | | 340,642 |
Other accumulated losses | | | (3,730,846) |
Total accumulated loss | | | $(508,052) |
| | | | |
Performance Trust Short Term Bond ETF
| | | | |
Cost basis of investments for federal income tax purposes | | | $12,748,013 |
Gross tax unrealized appreciation | | | $139,829 |
Gross tax unrealized depreciation | | | (18,955) |
Net tax unrealized appreciation | | | 120,874 |
Undistributed ordinary income | | | 39,886 |
Undistributed long-term capital gain | | | — |
Total distributable earnings | | | 39,886 |
Other accumulated losses | | | (4,639) |
Total accumulated gains | | | $156,121 |
| | | | |
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, 2024, the Funds had capital loss carryovers as follows:
| | | | | | | |
Total Return Bond Fund | | | $212,029,822 | | | $352,682,156 |
Municipal Bond Fund | | | 46,273,069 | | | 48,334,907 |
Multisector Bond Fund | | | 1,246,008 | | | 2,484,838 |
Short Term Bond ETF | | | 4,639 | | | — |
| | | | | | | |
During fiscal year ended August 31, 2024 the Multisector Bond Fund utilized capital losses of $187,062.
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the year/period ended August 31, 2024, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:
| | | | | | | |
Total Return Bond Fund | | | $ — | | | $ — |
Municipal Bond Fund | | | — | | | — |
Multisector Bond Fund | | | — | | | — |
Short Term Bond ETF | | | — | | | — |
| | | | | | | |
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
4. Investment Adviser
The Trust has an Investment Advisory Agreement (the “Mutual Funds Agreement”) with the Adviser to furnish investment advisory services to the Mutual Funds. Under the terms of the Agreement, the Mutual 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 Expense Limitation Cap is in place at least through December 29, 2025 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:
| | | | | | | | | | |
August 31, 2025 | | | $ — | | | $ — | | | $ 81,663 |
August 31, 2026 | | | $— | | | $— | | | $57,546 |
August 31, 2027 | | | $— | | | $— | | | $26,576 |
| | | | | | | | | | |
In addition, the Trust, on behalf of the Short Term Bond ETF, has entered into an investment advisory agreement (the “ETF Agreement”) with the Adviser to furnish investment advisory services to the Short Term Bond ETF. Pursuant to the ETF Agreement, the Short Term Bond ETF pays a unitary management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.65% of the Short Term Bond ETF’s average daily net assets. The Adviser has agreed to pay all expenses of the Short Term Bond ETF except the unitary management fee paid to the Adviser under the ETF Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Short Term Bond ETF under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.
5. Distribution Agreement
Foreside Fund Services, LLC (the “Distributor”) serves as the Mutual Funds’ distributor pursuant to a Distribution Agreement and the Short Term Bond ETF’s distributor pursuant to an ETF Distribution Agreement. The Distributor receives compensation for the statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be “Authorized Participants” and to subscribe for and redeem shares of the Short Term Bond ETF. With respect to the Short Term Bond ETF, the Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.
6. 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 the Funds to pay 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
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
Return Bond Fund’s average daily net assets of Class C shares for shareholder servicing, as applicable. During the year ended August 31, 2024, the Funds accrued expenses pursuant to the 12b-1 Plan as follows:
| | | | | | | |
Total Return Bond Fund
| | | | | | |
Class A | | | $78,658 | | | N/A |
Class C | | | $343,407 | | | $114,469 |
Municipal Bond Fund
| | | | | | |
Class A | | | $77,765 | | | N/A |
| | | | | | | |
7. 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 a Fund Administration Servicing Agreement and Fund Accounting Servicing Agreement, respectively. 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. The Trust’s Chief Compliance Officer is also an employee of Fund Services. Under the terms of the ETF Agreement, the Adviser pays the Short Term Bond ETF’s administrative, custody, transfer agency, accounting and Chief Compliance Officer fees. Fees incurred by the Mutual Funds for the year ended August 31, 2024, and owed as of August 31, 2024:
| | | | | | | |
Total Return Bond Fund | | | $2,601,023 | | | $500,134 |
Municipal Bond Fund | | | 292,935 | | | 52,901 |
Multisector Bond Fund | | | 77,620 | | | 14,789 |
| | | | | | | |
| | | | | | | |
Total Return Bond Fund | | | $1,025,135(1) | | | $194,690 |
Municipal Bond Fund | | | 105,144 | | | 18,878 |
Multisector Bond Fund | | | 25,022 | | | 4,501 |
| | | | | | | |
(1)
| This amount does not include sub-transfer agency fees. |
| | | | | | | |
Total Return Bond Fund | | | $327,847 | | | $65,693 |
Municipal Bond Fund | | | 34,422 | | | 6,622 |
Multisector Bond Fund | | | 6,077 | | | 1,053 |
| | | | | | | |
| | | | | | | |
Total Return Bond Fund | | | $11,667 | | | $1,946 |
Municipal Bond Fund | | | 11,667 | | | 1,946 |
Multisector Bond Fund | | | 11,667 | | | 1,945 |
| | | | | | | |
The Mutual Funds each have a line of credit with US Bank (see Note 13).
Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and US Bank.
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
8. Transactions with Affiliates
The following is a summary of transactions during the year ended August 31, 2024 in which the issuer was an affiliate of the Total Return Bond Fund as defined in Section (2)(a)(3) of the 1940 Act.
| | | | | | | | | | | | | | | | | | | | | | | | | |
Performance Trust Short Term Bond ETF | | | 40,000 | | | $ — | | | $1,011,600 | | | $ — | | | $ — | | | $2,600 | | | $1,014,200 | | | $ — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
(1)
| Dividend income and realized gain amounts are reported for the period in which the security was deemed an affiliate. |
The Total Return Bond Fund is not paying the advisory fees attributable to its investment in shares of the Short Term Bond ETF as the Adviser is paid an advisory fee from the Short Term Bond ETF.
9. Capital Share Transactions
Transactions in shares of the Funds were as follows:
Total Return Bond Fund – Institutional Class
| | | | |
Shares sold | | | 183,406,541 | | | 131,375,592 |
Shares issued to holders in reinvestment of distributions | | | 13,008,865 | | | 9,309,147 |
Shares redeemed | | | (97,636,980) | | | (117,749,091) |
Net increase | | | 98,778,426 | | | 22,935,648 |
| | | | | | | |
Total Return Bond Fund – Class A
| | | | |
Shares sold | | | 1,013,823 | | | 755,662 |
Shares issued to holders in reinvestment of distributions | | | 65,410 | | | 55,229 |
Shares redeemed | | | (692,395) | | | (924,350) |
Net increase (decrease) | | | 386,838 | | | (113,459) |
| | | | | | | |
Total Return Bond Fund – Class C
| | | | |
Shares sold | | | 929,405 | | | 353,323 |
Shares issued to holders in reinvestment of distributions | | | 82,114 | | | 64,024 |
Shares redeemed | | | (636,173) | | | (594,892) |
Net increase (decrease) | | | 375,346 | | | (177,545) |
| | | | | | | |
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
Municipal Bond Fund – Institutional Class
| | | | |
Shares sold | | | 14,756,272 | | | 14,508,691 |
Shares issued to holders in reinvestment of distributions | | | 951,165 | | | 835,569 |
Shares redeemed | | | (11,865,084) | | | (18,249,919) |
Net increase (decrease) | | | 3,842,353 | | | (2,905,659) |
| | | | | | | |
Municipal Bond Fund – Class A
| | | | |
Shares sold | | | 768,198 | | | 676,462 |
Shares issued to holders in reinvestment of distributions | | | 45,732 | | | 52,486 |
Shares redeemed | | | (1,521,594) | | | (1,182,877) |
Net decrease | | | (707,664) | | | (453,929) |
| | | | | | | |
Multisector Bond Fund – Institutional Class
| | | | |
Shares sold | | | 5,806,759 | | | 4,853,465 |
Shares issued to holders in reinvestment of distributions | | | 706,606 | | | 583,958 |
Shares redeemed | | | (2,031,483) | | | (4,275,220) |
Net increase | | | 4,481,882 | | | 1,162,203 |
| | | | | | | |
Short Term Bond ETF
| | | | |
Shares sold | | | 500,000 | | | N/A |
Shares issued to holders in reinvestment of distributions | | | — | | | N/A |
Shares redeemed | | | — | | | N/A |
Net increase | | | 500,000 | | | N/A |
| | | | | | | |
10. Creation and Redemption Transactions
Shares of the Short Term Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (the “Exchange”). The Short Term Bond ETF issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” Creation Units are to be issued and redeemed principally in-kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of the Short Term Bond ETF will be equal to a Fund’s total assets minus a Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places.
Only “Authorized Participants” may purchase or redeem shares directly from the Short Term Bond ETF. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Short Term Bond ETF. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.
Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the “Creation Transaction Fee”) in connection with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for the Short Term Bond ETF is $500. An additional variable fee of up to a maximum of 3% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial purchase of Creation Units. The Short Term Bond ETF may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.
A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Short Term Bond ETF and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Short Term Bond ETF will be issued to such authorized participant notwithstanding the fact that the Short Term Bond ETF’s deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Short Term Bond ETF or its agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Short Term Bond ETF for losses, if any.
11. Investment Transactions
The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the year/period ended August 31, 2024, are summarized below.
| | | | | | | | | | | | | |
Purchases
| | | | | | | | | | | | |
U.S Government | | | $1,049,917,318 | | | $— | | | $6,559,807 | | | $1,070,146 |
Other | | | 3,011,874,897 | | | 424,530,010 | | | 69,167,327 | | | 11,360,679 |
Sales
| | | | | | | | | | | | |
U.S Government | | | $566,369,734 | | | $— | | | $5,634,901 | | | $380,500 |
Other | | | 1,604,598,042 | | | 362,610,411 | | | 35,620,274 | | | 838,922 |
| | | | | | | | | | | | | |
12. Beneficial Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At August 31, 2024, Morgan Stanley Smith Barney, LLC and Raymond James, for the benefit of its customers, held 47.64% and 27.53%, respectively, of the Total Return Bond Fund’s outstanding Class A shares. At August 31, 2024, Morgan Stanley Smith Barney, LLC and Raymond James, for the benefit of its customers, held 53.64% and 27.71%, respectively, of the Total Return Bond Fund’s outstanding Class C shares. At August 31, 2024, Charles Schwab & Company, Inc., for the benefit of its customers, held 31.17% of the Total Return Bond Fund’s outstanding Institutional Class shares. At August 31, 2024, Charles Schwab & Company, Inc., and Raymond James, for the benefit of its customers, held 34.32% and 25.25%, respectively, of the Municipal Bond Fund’s outstanding Class A shares. At August 31, 2024, Charles Schwab & Company, Inc., for the benefit of its customers, held 27.96% of the Municipal Bond Fund’s outstanding Institutional Class shares. At August 31, 2024, Charles Schwab & Company, Inc., for the benefit of its customers, held 67.10% of the Multisector Bond Fund’s outstanding Institutional Class shares.
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
13. Line of Credit
At August 31, 2024, the Total Return Bond Fund, Municipal Bond Fund and Multisector Bond Fund each had an unsecured line of credit which matures on August 2, 2025 with a maximum borrowing equal to the lesser of $250,000,000, $35,000,000 and $11,000,000, 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 August 31, 2024). The Funds did not utilize their lines of credit during the year ended August 31, 2024. The Funds did not have any outstanding balances on the lines of credit at August 31, 2024.
14. Principal Risks of the Funds
As with all investment companies, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to its principal risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective as applicable. A description of the principal risks of each Fund is included in the applicable prospectus under the heading “Principal Risks”.
15. 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 and, significant conflict between Israel and Hamas in the Middle East. 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.
16. Subsequent Events
On September 13, 2024, the Funds declared and paid distributions from ordinary income to shareholders of record as of September 16, 2024, as follows:
| | | | |
Short Term Bond ETF | | | $66,461 |
| | | | |
On September 15, 2024, the Funds declared and paid distributions from ordinary income to shareholders of record as of September 13, 2024, as follows:
| | | | |
Total Return Bond Fund
| | | |
Institutional Class | | | $32,482,064 |
Class A | | | 151,194 |
Class C | | | 186,395 |
Municipal Bond Fund
| | | |
Institutional Class | | | $2,138,427 |
Class A | | | 57,796 |
Multisector Bond Fund
| | | |
Institutional Class | | | $609,813 |
| | | | |
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2024(Continued)
On October 17, 2024, the Funds declared and paid distributions from ordinary income to shareholders of record as of October 16, 2024, as follows:
| | | | |
Short Term Bond ETF | | | $73,532 |
| | | | |
On October 15, 2024, the Funds declared and paid distributions from ordinary income to shareholders of record as of October 11, 2024, as follows:
| | | | |
Total Return Bond Fund
| | | |
Institutional Class | | | $31,084,042 |
Class A | | | 144,482 |
Class C | | | 156,234 |
Municipal Bond Fund
| | | |
Institutional Class | | | $2,085,779 |
Class A | | | 50,951 |
Multisector Bond Fund
| | | |
Institutional Class | | | $609,902 |
| | | | |
The Funds have evaluated events and transactions that have occurred subsequent to August 31, 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.
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
Report of Independent Registered Public Accounting Firm
To the Shareholders of Performance Trust Funds and
Board of Trustees of Trust for Professional Managers
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Performance Trust Funds comprising the funds listed below (the “Funds”), each a series of Trust for Professional Managers as of August 31, 2024, the related statements of operations and changes in net assets, the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
Performance Trust Total Return Bond Fund (formerly Performance Trust Strategic Bond Fund) and Performance Trust Municipal Bond Fund | | | For the year ended August 31, 2024 | | | For the years ended
August 31, 2024 and 2023 | | | For the years ended August 31, 2024, 2023, 2022, 2021, and 2020 |
Performance Trust Multisector Bond Fund (formerly Performance Trust Credit Fund) | | | For the year ended August 31, 2024 | | | For the years ended
August 31, 2024 and 2023 | | | For the years ended August 31, 2024, 2023, 2022, and for the period from January 4, 2021 (commencement of operations) through
August 31, 2021 |
Performance Trust Short Term Bond ETF | | | For the period from April 9, 2024 (commencement of operations)
through August 31, 2024 |
| | | | |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2011.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
October 29, 2024
TABLE OF CONTENTS
PERFORMANCE TRUST MUTUAL FUNDS
Investment Advisory Agreement (Unaudited)
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on August 15, 2024 to consider the renewal of the Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of the Performance Trust Municipal Bond Fund, the Performance Trust Total Return Bond Fund and the Performance Trust Multisector Bond Fund (each, a “Fund,” and together, the “Funds”), each a series of the Trust, and PT Asset Management, LLC, the Funds’ investment adviser (the “Adviser”). The Trustees also met at a prior meeting held on June 20, 2024 (the “June 20, 2024 meeting”) to review materials related to the renewal of the Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Agreement, detailed comparative information relating to the Funds’ performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, biographical information of the Adviser’s key management and compliance personnel, comparative fee information for the Funds and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the Funds’ other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the continuation of the Agreement for an additional one-year term ending August 31, 2025.
DISCUSSION OF FACTORS CONSIDERED
In considering the renewal of the Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS
The Trustees considered the nature, extent and quality of services provided by the Adviser to the Funds and the amount of time devoted to the Funds’ operations by the Adviser’s staff. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the Funds, including the investment strategies implemented by the Adviser, as well as the qualifications, experience and responsibilities of G. Michael Plaiss, co-portfolio manager for each of the Funds, Anthony J. Harris, co-portfolio manager for each of the Funds, Mark Peiler, co-portfolio manager for the Performance Trust Total Return Bond Fund and Performance Trust Municipal Bond Fund, and Lars Anderson, co-portfolio manager for the Performance Trust Total Return Bond Fund and Performance Trust Multisector Bond Fund, and Michael Isroff, co-portfolio manager for the Performance Trust Total Return Bond Fund and Performance Trust Multisector Bond Fund, and other key personnel at the Adviser involved in the day-to-day activities of the Funds. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser’s compliance program and its continuing commitment to the Funds. The Trustees noted that during the course of the prior year the Adviser had participated in a Trust board meeting to discuss the Funds’ performance and outlook, along with the compliance efforts made by the Adviser, including reports provided by the Adviser in its role as the Funds’ valuation designee. The Trustees also noted any services that extended beyond portfolio management, and they considered the brokerage practices of the Adviser. The Trustees discussed the Adviser’s handling of compliance matters, including the reports of the Trust’s chief compliance officer to the Trustees on the effectiveness of the Adviser’s compliance program. The Trustees also considered the Adviser’s overall financial condition, as well as the implementation and operational effectiveness of the Adviser’s business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser’s compliance program, were satisfactory and reliable.
TABLE OF CONTENTS
PERFORMANCE TRUST MUTUAL FUNDS
Investment Advisory Agreement (Unaudited)(Continued)
2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER
The Trustees discussed the performance of each Fund’s Institutional Class shares for the quarter, one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2024, as applicable. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of the Funds on both an absolute basis and in comparison to a benchmark index (the Bloomberg U.S. Aggregate Bond Index for both the Performance Trust Total Return Bond Fund and Performance Trust Multisector Bond Fund, and the Bloomberg Municipal Bond Index for the Performance Trust Municipal Bond Fund) and in comparison to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. open-end intermediate core-plus bond and intermediate core bond funds for the Performance Trust Total Return Bond Fund, a peer group of U.S. open-end multisector bond and non-traditional bond funds for the Performance Trust Multisector Bond Fund, and a peer group of U.S. open-end municipal national intermediate-term bond and municipal national long-term bond funds for the Performance Trust Municipal Bond Fund) (each, a “Barrington Cohort”). The Trustees noted the Adviser’s representation that it does not calculate composite performance for its separately-managed accounts and as such the Adviser could not provide composite performance information for those accounts.
The Trustees noted that for each of the one-year, three-year, five-year and ten-year periods ended March 31, 2024, the performance of the Institutional Class shares of the Performance Trust Total Return Bond Fund was above the Barrington Cohort average. The Trustees noted that for the quarter, one-year, three-year, five-year and ten-year and since inception periods ended March 31, 2024, the Performance Trust Total Return Bond Fund’s Institutional Class shares had outperformed the Bloomberg U.S. Aggregate Bond Index.
The Trustees noted that for each of the one-year, three-year, five-year and ten-year periods ended March 31, 2024, the performance of the Institutional Class shares of the Performance Trust Municipal Bond Fund was above the Barrington Cohort average. The Trustees noted that for the quarter, one-year, five-year, ten-year and since inception periods ended March 31, 2024, the Institutional Class shares of the Performance Trust Municipal Bond Fund had outperformed the Bloomberg Municipal Bond Index. The Trustees then noted that for the three-year period ended March 31, 2024 the Performance Trust Municipal Bond Fund Institutional Class shares had underperformed the Bloomberg Municipal Bond Index.
The Trustees noted the performance of the Institutional Class shares of the Performance Trust Multisector Bond Fund’s performance for the one-year and three-year periods ended March 31, 2024 was above the Barrington Cohort average. The Trustees noted that for the quarter, one-year, three-year and since inception periods ended March 31, 2024, the Performance Trust Multisector Bond Fund’s Institutional Class shares had outperformed the Bloomberg U.S. Aggregate Bond Index.
After considering all of the information, the Trustees concluded that the performance obtained by the Adviser for each Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that each Fund and its shareholders were likely to benefit from the Adviser’s continued management.
3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER
The Trustees considered the cost of services and the structure of the Adviser’s fees, including a review of the expense analyses and other pertinent material with respect to the Funds. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses and Barrington Cohort comparisons. The Trustees considered the cost structure of each Fund relative to its Barrington Cohort, the Adviser’s separately-managed accounts, as well as any fee waivers and expense reimbursements of the Adviser.
The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser’s financial information and noted that the Adviser continues to the subsidize the Performance Trust Multisector Bond Fund’s operations. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under the Advisory Agreement, as well as the Funds’ brokerage practices. These considerations were based on
TABLE OF CONTENTS
PERFORMANCE TRUST MUTUAL FUNDS
Investment Advisory Agreement (Unaudited)(Continued)
materials requested by the Trustees and the Funds’ administrator specifically for the June 20, 2024 meeting and the August 15, 2024 meeting at which the Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year.
The Trustees noted that the Performance Trust Total Return Bond Fund’s contractual management fee of 0.60% was above the Barrington Cohort average of 0.38%. The Trustees noted that the Performance Trust Total Return Bond Fund was operating below its expense cap of 0.95%. The Trustees observed that the Performance Trust Total Return Bond Fund’s total expense ratio of 0.76% for Institutional Class shares was above the Barrington Cohort average of 0.49%.
The Trustees noted that the Performance Trust Municipal Bond Fund’s contractual management fee of 0.40% was above the Barrington Cohort average of 0.39%. The Trustees noted that the Performance Trust Municipal Bond Fund was operating below its expense cap of 0.55%. The Trustees observed that the Performance Trust Municipal Bond Fund’s total expense ratio of 0.49% for Institutional Class shares was below the Barrington Cohort average of 0.52%. The Trustees also compared the fees paid by the Performance Trust Municipal Bond Fund to the fees paid by separately-managed accounts of the Adviser.
The Trustees noted that the Performance Trust Multisector Bond Fund’s contractual management fee of 0.80% was above the Barrington Cohort average of 0.59%. The Trustees noted that the Performance Trust Multisector Bond Fund was operating above its expense cap of 0.99%. The Trustees observed that the Performance Trust Multisector Bond Fund’s total expense ratio (net of fee waivers and expense reimbursements) of 0.99% for Institutional Class shares was above the Barrington Cohort average of 0.76%.
The Trustees concluded that each Fund’s expenses and the management fees paid to the Adviser were fair and reasonable in light of the comparative performance, expense and management fee information. The Trustees further concluded, based on a profitability analysis prepared by the Adviser, that the Adviser’s profits from sponsoring the Performance Trust Strategic Bond Fund and Performance Trust Multisector Bond Fund were not excessive, and while the Performance Trust Municipal Bond Fund was not yet profitable to the Adviser, the Adviser maintained adequate profit levels to support the services to each Fund from the revenues of its overall investment advisory business, despite subsidizing the operations of the Performance Trust Multisector Bond Fund.
4. EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW
The Trustees compared each Fund’s expenses relative to its peer group and discussed realized and potential economies of scale. The Trustees also reviewed the structure of each Fund’s management fee and whether each Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees reviewed all fee waivers, expense reimbursements and potential recoupments by the Adviser with respect to the Performance Trust Multisector Bond Fund. The Trustees noted that the Funds’ management fee structures did not contain any breakpoint reductions as the Funds’ assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. With respect to the Adviser’s fee structures, the Trustees concluded that the current fee structures were reasonable and reflected a sharing of economies of scale between the Adviser and each Fund at the Fund’s current asset level.
5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS
The Trustees considered the direct and indirect benefits that could be received by the Adviser from its association with the Funds. The Trustees examined the brokerage practices of the Adviser with respect to the Funds. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition and increased ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Funds.
CONCLUSIONS
The Trustees considered all of the foregoing factors. In considering the renewal of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of each Fund’s surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the continuation of the Advisory Agreement for an additional one-year term ending August 31, 2025 as being in the best interests of each Fund and its shareholders.
TABLE OF CONTENTS
PERFORMANCE TRUST SHORT TERM BOND ETF
Investment Advisory Agreement (Unaudited)
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees (the “Trustees”) of Trust for Professional Managers (the “Trust”) met on January 18, 2024 to consider the initial approval of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the Performance Trust Short Term Bond ETF (the “PTAM ETF” or the “Fund”), a series of the Trust, and PT Asset Management, LLC (“PTAM”), the PTAM ETF’s investment adviser (the “Adviser”). In advance of the meeting, the Trustees requested and received materials to assist them in considering the approval of the Advisory Agreement, including a memorandum provided by the PTAM ETF’s legal counsel, which outlined the Trustees’ responsibilities in considering the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, detailed comparative information relating to the PTAM ETF’s performance, as well as the management fees and other expenses of the PTAM ETF, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the PTAM ETF by the Adviser, the Adviser’s Form ADV, select financial statements of the Adviser, biographical information of the Adviser’s key management and compliance personnel, comparative fee information for the PTAM ETF and a summary detailing key provisions of the Adviser’s written compliance program, including its code of ethics) and other pertinent information. In considering approval of the Advisory Agreement, the Trustees also reviewed the Trust’s post-effective amendment to its Form N-1A registration statement, including the prospectus and statement of additional information included therein, relating to the initial registration of the PTAM ETF.
Based on its evaluation of information provided by the Adviser, in conjunction with the PTAM ETF’s other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Advisory Agreement for an initial term ending two years following the PTAM ETF’s commencement of operations pursuant to an effective registration statement.
1. NATURE, EXTENT AND QUALITY OF SERVICES TO BE PROVIDED TO THE FUND
The Trustees considered the nature, extent and quality of services to be provided by the Adviser to the PTAM ETF and the amount of time to be devoted by the Adviser’s staff to the PTAM ETF’s operations. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the PTAM ETF, as well as the qualifications, experience and responsibilities of G. Michael Plaiss, Anthony J. Harris, Mark Peiler, Lars Anderson, and Michael Isroff, who will serve as co-portfolio managers for the PTAM ETF and other key personnel at the Adviser involved in the day-to-day activities of the PTAM ETF. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser’s compliance program and discussed the Adviser’s commitment to the growth of assets for the PTAM ETF. The Trustees also noted any services that extended beyond portfolio management, and they considered the overall capability of the Adviser. The Trustees discussed the Adviser’s handling of compliance matters, including the reports of the Trust’s chief compliance officer to the Trustees on the effectiveness of the Adviser’s compliance program with respect to other series of the Trust managed by the Adviser. The Trustees also considered the Adviser’s overall financial condition, as well as the implementation and operational effectiveness of the Adviser’s business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided to the PTAM ETF, as well as the Adviser’s compliance program, were satisfactory and reliable.
2. INVESTMENT PERFORMANCE OF THE FUND AND THE ADVISER
The Trustees noted that the PTAM ETF had not yet commenced operations and, therefore, that performance of the PTAM ETF was not a relevant factor for consideration. In assessing the portfolio management services to be provided by the Adviser, the Trustees considered the investment management experience of Messrs. Plaiss, Harris, Peiler, Anderson, and Isroff, who will serve as co-portfolio managers for the PTAM ETF. The Trustees noted that the Adviser did not manage any other accounts with the same or similar investment strategies as the PTAM ETF. After considering all of the information, the Trustees determined that the PTAM ETF and its shareholders were likely to benefit from the Adviser’s management.
TABLE OF CONTENTS
PERFORMANCE TRUST SHORT TERM BOND ETF
Investment Advisory Agreement (Unaudited)(Continued)
3. COSTS OF SERVICES TO BE PROVIDED AND PROFITS TO BE REALIZED BY THE ADVISER
The Trustees considered the cost of services and the structure of the Adviser’s proposed management fee, including a review of the expense analyses and other pertinent material with respect to the PTAM ETF. The Trustees took into consideration that the management fee was a “unitary management fee” whereby the Adviser agrees to pay all expenses incurred by the PTAM ETF, except the unitary management fee payable to the Adviser and certain other costs of the PTAM ETF, specifically interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and any Rule 12b-1 plan fees. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses, expense components and peer group selection. The Trustees also considered the cost structure of the PTAM ETF relative to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. short-term bond exchange-traded funds) (the “Barrington Cohort”)).
The Trustees noted that the PTAM ETF’s proposed contractual management fee of 0.65% was above the Barrington Cohort average of 0.29%. The Trustees further noted that the PTAM ETF’s proposed unitary fee structure will limit the Fund’s total annual fund operating expenses to 0.66% (which includes estimated acquired fund fees and expenses of 0.01%) of the PTAM ETF’s average annual assets and was higher than the Barrington Cohort average of 0.28%. The Trustees noted that PTAM had provided additional supplemental materials to support the reasonableness of the proposed unitary management fee.
The Trustees also considered the overall profitability that may result from the Adviser’s management of the PTAM ETF and reviewed the Adviser’s financial information. The Trustees also examined the level of profits that could be realized by the Adviser from the fees payable under the Advisory Agreement anticipated by the Adviser.
The Trustees concluded that the estimated expenses and the proposed unitary management fee to be paid to the Adviser was fair and reasonable in light of the comparative expense and management fee information and the investment management services to be provided to the PTAM ETF by the Adviser. The Trustees further concluded, based on a pro forma profitability analysis prepared by the Adviser, that the Adviser did not anticipate that the PTAM ETF would be profitable to the Adviser during the first twelve months of operation, but the Adviser maintained adequate profit levels to support its services to the PTAM ETF.
4. EXTENT OF ECONOMIES OF SCALE AS THE FUND GROWS
The Trustees compared the PTAM ETF’s estimated expenses relative to its Barrington Cohort and discussed economies of scale. With respect to the PTAM ETF, the Trustees noted that the PTAM ETF’s proposed unitary management fee structure did not contain any breakpoint reductions as the PTAM ETF’s assets grow in size, but that the feasibility of incorporating breakpoints would be reviewed on a regular basis. With respect to the Adviser’s fee structure, the Trustees concluded that the potential economies of scale with respect to the PTAM ETF was acceptable.
5. BENEFITS TO BE DERIVED FROM THE RELATIONSHIP WITH THE FUND
The Trustees considered the direct and indirect benefits that could be realized by the Adviser from its association with the PTAM ETF. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the PTAM ETF.
CONCLUSIONS
The Trustees considered all of the foregoing factors. In considering the approval of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the PTAM ETF’s surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the proposed Advisory Agreement for an initial two-year term as being in the best interests of the PTAM ETF and its shareholders.
TABLE OF CONTENTS
PERFORMANCE TRUST FUNDS
Additional Information
(Unaudited)
Tax Information
For the year ended August 31, 2024, 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% |
Short Term Bond ETF | | | 0.00% |
| | | | |
TABLE OF CONTENTS
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 Funds are distributed by Foreside Fund Services, LLC
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a) for compensation information related to the Performance Trust mutual funds. For the Performance Trust Short Term Bond ETF, all fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund’s Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is included within the financial statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. 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 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. 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. Incorporated by reference to the Registrant’s Form N-CSR filed November 7, 2011. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) 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.
(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
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 Officer | |
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 Officer | |
| | By (Signature and Title)* | /s/ Jennifer Lima | |
| | | Jennifer Lima, Principal Financial Officer | |
* Print the name and title of each signing officer under his or her signature.
