Performance Trust Municipal Bond Fund | |||||||
Schedule of Investments | |||||||
November 30, 2022 (Unaudited) | |||||||
Principal | |||||||
Amount | Value | ||||||
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 4.29% | |||||||
Freddie Mac Multifamily ML Certificates | |||||||
0.953%, 07/25/2036 (a) | $ | 86,000,000 | $ | 5,012,940 | |||
0.984%, 09/25/2036 (a) | 54,393,000 | 3,830,899 | |||||
2020-ML07, 2.015%, 10/25/2036 (a)(b)(c) | 15,346,849 | 2,482,199 | |||||
2019-ML06, 1.132%, 06/25/2037 (b)(c) | 10,756,465 | 951,194 | |||||
2021-ML08, 1.869%, 07/25/2037 (b)(c) | 18,137,889 | 2,734,650 | |||||
2021-ML10, 2.126%, 01/25/2038 (b)(c) | 14,288,932 | 2,512,137 | |||||
2021-ML11, 0.771%, 03/25/2038 (a)(b)(c) | 34,315,425 | 2,013,972 | |||||
2021-ML10, 1.578%, 06/25/2038 (b)(c) | 15,165,540 | 1,961,360 | |||||
2021-ML09, 1.552%, 02/25/2040 (a)(b)(c) | 25,223,159 | 3,352,662 | |||||
2021-ML12, 1.300%, 07/25/2041 (b)(c) | 19,311,589 | 1,848,892 | |||||
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $27,882,004) | 26,700,905 | ||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.45% | |||||||
California Housing Finance Agency | |||||||
2021-2, 0.844%, 03/25/2035 (c) | 32,041,799 | 1,827,344 | |||||
0.797%, 11/20/2035 (c) | 42,533,642 | 2,403,151 | |||||
2021-3, 0.788%, 08/20/2036 (c) | 25,903,985 | 1,595,167 | |||||
Washington State Housing Finance Commission | |||||||
0.726%, 12/20/2035 (c) | 62,374,279 | 3,227,245 | |||||
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $9,586,512) | 9,052,907 | ||||||
MUNICIPAL BONDS - 91.54% | |||||||
Alabama - 1.16% | |||||||
Black Belt Energy Gas District | |||||||
4.000%, 06/01/2028 | 2,450,000 | 2,455,987 | |||||
5.500%, 11/01/2053 | 2,000,000 | 2,098,891 | |||||
Lower Alabama Gas District | |||||||
5.000%, 09/01/2031 | 1,005,000 | 1,061,418 | |||||
Southeast Energy Authority A Cooperative District | |||||||
5.500%, 01/01/2053 | 1,500,000 | 1,595,048 | |||||
7,211,344 | |||||||
Alaska - 0.72% | |||||||
Alaska Industrial Development & Export Authority | |||||||
5.250%, 06/01/2045 | 2,735,000 | 2,727,973 | |||||
CIVIC Ventures, AK | |||||||
5.000%, 09/01/2033 | 1,750,000 | 1,773,286 | |||||
4,501,259 | |||||||
Arizona - 4.66% | |||||||
Arizona Industrial Development Authority | |||||||
1.500%, 07/01/2023 | 150,000 | 146,129 | |||||
1.800%, 07/01/2024 | 175,000 | 163,803 | |||||
3.250%, 07/01/2031 | 2,000,000 | 1,725,522 | |||||
4.000%, 11/01/2045 | 2,000,000 | 1,817,976 | |||||
4.000%, 11/01/2050 | 2,500,000 | 2,213,512 | |||||
City of Phoenix Civic Improvement Corp. | |||||||
5.000%, 07/01/2043 | 7,645,000 | 8,484,055 | |||||
5.500%, 07/01/2038 | 2,000,000 | 2,428,564 | |||||
5.500%, 07/01/2042 | 1,545,000 | 1,876,666 | |||||
Florence Town, Inc. Industrial Development Authority | |||||||
5.000%, 07/01/2023 (a) | 100,000 | 101,277 | |||||
Industrial Development Authority of the City of Phoenix | |||||||
4.000%, 07/01/2026 (a) | 2,475,000 | 2,434,420 | |||||
5.000%, 07/01/2045 (a) | 4,000,000 | 3,728,309 | |||||
6.750%, 07/01/2044 (a) | 3,000,000 | 3,071,801 | |||||
Park Central Community Facilities District | |||||||
4.375%, 07/01/2024 | 820,000 | 809,494 | |||||
29,001,528 | |||||||
Arkansas - 0.00% | |||||||
County of Saline, AR | |||||||
3.550%, 06/01/2042 | 20,000 | 20,000 | |||||
California - 7.98% | |||||||
California County Tobacco Securitization Agency | |||||||
5.000%, 06/01/2033 | 1,950,000 | 2,054,896 | |||||
California Educational Facilities Authority | |||||||
5.000%, 03/15/2039 | 1,015,000 | 1,216,412 | |||||
California Health Facilities Financing Authority | |||||||
5.000%, 11/01/2047 | 4,250,000 | 4,837,407 | |||||
California Municipal Finance Authority | |||||||
4.000%, 12/01/2026 (a) | 1,750,000 | 1,671,055 | |||||
California Public Finance Authority | |||||||
2.875%, 05/15/2027 (a) | 1,125,000 | 1,016,563 | |||||
City of San Diego, CA Tobacco Settlement Revenue Funding Corp. | |||||||
4.000%, 06/01/2032 | 1,230,000 | 1,182,892 | |||||
Coachella Valley Unified School District | |||||||
0.000%, 08/01/2034 (d) | 1,145,000 | 724,058 | |||||
0.000%, 08/01/2035 (d) | 515,000 | 308,692 | |||||
0.000%, 08/01/2043 (d) | 1,015,000 | 387,640 | |||||
Encinitas Union School District | |||||||
6.750%, 08/01/2035 | 1,070,000 | 1,356,739 | |||||
Fowler Unified School District | |||||||
5.500%, 08/01/2053 | 4,945,000 | 5,650,270 | |||||
Freddie Mac Multifamily ML Certificates | |||||||
0.247%, 11/25/2033 (b)(c) | 46,559,240 | 825,495 | |||||
Golden State Tobacco Securitization Corp. | |||||||
3.000%, 06/01/2046 | 3,865,000 | 3,577,939 | |||||
Inland Empire Tobacco Securitization Corp. | |||||||
3.678%, 06/01/2038 | 2,945,000 | 2,758,433 | |||||
Low Income Investment Fund | |||||||
3.711%, 07/01/2029 | 1,000,000 | 940,461 | |||||
Manteca Redevelopment Agency Successor Agency | |||||||
2.393%, 10/01/2030 | 500,000 | 419,588 | |||||
M-S-R Energy Authority | |||||||
6.500%, 11/01/2039 | 2,350,000 | 2,851,288 | |||||
7.000%, 11/01/2034 | 1,160,000 | 1,435,400 | |||||
Placentia-Yorba Linda Unified School District | |||||||
0.000%, 08/01/2041 (d) | 5,325,000 | 2,366,608 | |||||
Poway Unified School District | |||||||
0.000%, 08/01/2046 (d) | 12,000,000 | 3,911,582 | |||||
San Diego Unified School District | |||||||
0.000%, 07/01/2041 (d) | 2,115,000 | 1,865,177 | |||||
San Leandro Unified School District | |||||||
0.000%, 08/01/2039 (d) | 2,175,000 | 1,998,192 | |||||
San Mateo Union High School District | |||||||
0.000%, 09/01/2041 (d) | 1,285,000 | 1,225,226 | |||||
Santa Barbara Secondary High School District | |||||||
0.000%, 08/01/2040 (d) | 1,400,000 | 636,301 | |||||
St. Helena Unified School District | |||||||
0.000%, 06/01/2036 (d) | 2,805,000 | 3,141,045 | |||||
West Contra Costa Unified School District | |||||||
0.000%, 08/01/2036 (d) | 2,220,000 | 1,298,738 | |||||
49,658,097 | |||||||
Colorado - 5.80% | |||||||
City & County of Denver CO Airport System Revenue | |||||||
5.750%, 11/15/2036 | 6,150,000 | 7,228,680 | |||||
5.750%, 11/15/2041 | 5,325,000 | 5,934,410 | |||||
City of Fruita, CO Healthcare Revenue | |||||||
5.000%, 01/01/2028 | 800,000 | 762,596 | |||||
Colorado Health Facilities Authority | |||||||
5.000%, 05/15/2047 | 6,000,000 | 6,478,956 | |||||
Denver City & County School District No. 1 | |||||||
5.000%, 12/01/2045 | 10,000,000 | 11,075,627 | |||||
Public Authority for Colorado Energy | |||||||
6.500%, 11/15/2038 | 3,845,000 | 4,629,988 | |||||
36,110,257 | |||||||
Connecticut - 0.46% | |||||||
State of Connecticut Special Tax Revenue | |||||||
5.250%, 07/01/2040 | 2,500,000 | 2,834,708 | |||||
Delaware - 0.57% | |||||||
University of Delaware | |||||||
5.000%, 11/01/2038 | 1,595,000 | 1,832,196 | |||||
5.000%, 11/01/2039 | 1,510,000 | 1,734,020 | |||||
3,566,216 | |||||||
District of Columbia - 1.18% | |||||||
District of Columbia | |||||||
5.000%, 06/01/2055 | 2,000,000 | 1,908,813 | |||||
5.500%, 07/01/2047 | 4,750,000 | 5,451,504 | |||||
7,360,317 | |||||||
Florida - 9.03% | |||||||
Bay County School Board | |||||||
5.500%, 07/01/2041 | 1,300,000 | 1,447,031 | |||||
5.500%, 07/01/2042 | 1,300,000 | 1,435,447 | |||||
Capital Trust Agency, Inc. | |||||||
5.000%, 08/01/2040 | 300,000 | 303,402 | |||||
5.000%, 08/01/2055 | 800,000 | 782,865 | |||||
City of Jacksonville, FL | |||||||
5.250%, 10/01/2037 | 6,000,000 | 6,774,713 | |||||
County of Miami-Dade, FL | |||||||
0.000%, 10/01/2041 (d) | 1,375,000 | 554,371 | |||||
0.000%, 10/01/2042 (d) | 985,000 | 377,211 | |||||
0.000%, 10/01/2045 (d) | 4,500,000 | 1,493,584 | |||||
County of Miami-Dade, FL Transit System | |||||||
5.000%, 07/01/2047 | 7,500,000 | 8,025,035 | |||||
County of Pasco, FL Sales Tax Revenue | |||||||
5.000%, 10/01/2042 | 4,240,000 | 4,617,875 | |||||
County of Sarasota, FL Utility System Revenue | |||||||
5.250%, 10/01/2047 | 2,500,000 | 2,793,122 | |||||
County of Seminole FL | |||||||
5.250%, 10/01/2039 | 3,520,000 | 3,962,180 | |||||
Florida Development Finance Corp. | |||||||
5.000%, 09/15/2040 (a) | 2,050,000 | 1,875,718 | |||||
5.500%, 09/15/2025 (a) | 1,095,000 | 1,072,289 | |||||
6.500%, 01/01/2049 (a) | 2,735,000 | 2,462,356 | |||||
7.375%, 01/01/2049 (a) | 3,000,000 | 2,675,167 | |||||
Palm Beach County School District | |||||||
5.250%, 08/01/2036 | 1,750,000 | 1,998,828 | |||||
5.250%, 08/01/2040 | 3,500,000 | 3,925,073 | |||||
Sarasot Beach County School District | |||||||
5.000%, 07/01/2036 | 800,000 | 912,016 | |||||
5.000%, 07/01/2037 | 875,000 | 991,314 | |||||
School District of Broward County | |||||||
5.000%, 07/01/2047 | 7,000,000 | 7,687,781 | |||||
56,167,378 | |||||||
Georgia - 1.36% | |||||||
Americus & Sumter County Hospital Authority | |||||||
5.125%, 05/15/2023 | 90,000 | 90,245 | |||||
City of Conyers, GA | |||||||
4.300%, 03/01/2031 (e) | 1,185,000 | 1,004,250 | |||||
Main Street Natural Gas, Inc. | |||||||
5.000%, 05/15/2029 | 1,250,000 | 1,299,223 | |||||
5.000%, 12/01/2052 | 5,000,000 | 5,160,664 | |||||
Walton County Water & Sewer Authority | |||||||
5.250%, 02/01/2047 | 785,000 | 879,794 | |||||
8,434,176 | |||||||
Hawaii - 1.23% | |||||||
City & County Honolulu HI Wastewater System Revenue | |||||||
5.000%, 07/01/2042 | 6,855,000 | 7,627,093 | |||||
Illinois - 3.60% | |||||||
Chicago Board of Education | |||||||
0.000%, 12/01/2022 (d) | 840,000 | 840,000 | |||||
City of Joliet, IL | |||||||
5.500%, 12/15/2042 | 2,250,000 | 2,550,739 | |||||
Cook County School District No. 103 | |||||||
0.000%, 12/01/2022 (d) | 850,000 | 850,000 | |||||
County of Cook, IL Sales Tax Revenue | |||||||
5.250%, 11/15/2045 | 5,000,000 | 5,360,441 | |||||
Metropolitan Pier & Exposition Authority | |||||||
0.000%, 12/15/2036 (d) | 6,500,000 | 3,380,833 | |||||
Regional Transportation Authority | |||||||
5.750%, 06/01/2034 | 3,000,000 | 3,559,907 | |||||
State of Illinois Sales Tax Revenue | |||||||
6.000%, 06/15/2026 | 1,575,000 | 1,697,262 | |||||
Will County School District No. 114 Manhattan | |||||||
5.500%, 01/01/2045 | 3,765,000 | 4,180,224 | |||||
22,419,406 | |||||||
Indiana - 6.11% | |||||||
City of Valparaiso, IN | |||||||
6.750%, 01/01/2034 | 500,000 | 513,202 | |||||
Clark-Pleasant Community School Building Corp. | |||||||
5.250%, 01/15/2042 | 2,500,000 | 2,787,722 | |||||
Fort Wayne Redevelopment Authority | |||||||
5.000%, 12/15/2041 | 2,040,000 | 2,231,499 | |||||
Franklin Township-Marion County Multiple School Building Corp. | |||||||
5.000%, 07/15/2040 | 4,520,000 | 4,953,344 | |||||
Greater Clark Building Corp. | |||||||
6.000%, 07/15/2038 | 1,660,000 | 1,993,349 | |||||
6.000%, 01/15/2042 | 5,250,000 | 6,290,554 | |||||
Indiana Finance Authority | |||||||
5.000%, 01/01/2042 | 1,000,000 | 1,071,610 | |||||
IPS Multi-School Building Corp. | |||||||
5.500%, 07/15/2042 | 1,000,000 | 1,119,667 | |||||
Lake Ridge Multi-School Building Corp. | |||||||
5.500%, 07/15/2040 | 1,500,000 | 1,685,750 | |||||
Merrillville Multi School Building Corp. | |||||||
5.000%, 01/15/2042 | 8,890,000 | 9,698,137 | |||||
Tippecanoe County School Building Corp. | |||||||
6.000%, 01/15/2042 | 4,740,000 | 5,692,321 | |||||
38,037,155 | |||||||
Iowa - 0.87% | |||||||
Iowa Tobacco Settlement Authority | |||||||
4.000%, 06/01/2049 | 5,435,000 | 5,405,084 | |||||
Kentucky - 1.14% | |||||||
County of Trimble, KY | |||||||
1.300%, 09/01/2044 | 3,500,000 | 2,931,828 | |||||
Kentucky Economic Development Finance Authority | |||||||
5.000%, 05/15/2026 | 815,000 | 804,400 | |||||
Kentucky State Property & Building Commission | |||||||
5.250%, 06/01/2037 | 3,000,000 | 3,358,641 | |||||
7,094,869 | |||||||
Louisiana - 0.11% | |||||||
Tobacco Settlement Financing Corp. | |||||||
5.250%, 05/15/2033 | 645,000 | 658,476 | |||||
Maryland - 0.44% | |||||||
Maryland Stadium Authority | |||||||
5.000%, 05/01/2050 | 2,500,000 | 2,743,891 | |||||
Michigan - 6.34% | |||||||
City of Detroit, MI | |||||||
4.000%, 04/01/2044 | 3,000,000 | 2,208,776 | |||||
5.000%, 04/01/2046 | 1,850,000 | 1,815,409 | |||||
Garden City School District, MI | |||||||
5.000%, 05/01/2046 | 1,505,000 | 1,644,526 | |||||
5.000%, 05/01/2048 | 1,640,000 | 1,786,887 | |||||
Great Lakes Water Authority Sewage Disposal System Revenue | |||||||
5.250%, 07/01/2042 | 9,905,000 | 10,874,383 | |||||
Great Lakes Water Authority Water Supply System Revenue | |||||||
5.250%, 07/01/2042 | 3,000,000 | 3,293,604 | |||||
Hemlock Public School District | |||||||
5.000%, 05/01/2045 | 1,200,000 | 1,307,121 | |||||
Holly Area School District | |||||||
5.250%, 05/01/2048 | 8,235,000 | 9,175,087 | |||||
Kalamazoo Economic Development Corp. | |||||||
2.625%, 05/15/2025 | 1,150,000 | 1,091,733 | |||||
Michigan Finance Authority | |||||||
3.267%, 06/01/2039 | 6,000,000 | 4,905,926 | |||||
3.875%, 10/01/2023 | 250,000 | 249,957 | |||||
Schoolcraft Community Schools | |||||||
5.000%, 05/01/2046 | 1,000,000 | 1,081,706 | |||||
39,435,115 | |||||||
Minnesota - 0.49% | |||||||
City of Minneapolis, MN | |||||||
5.750%, 07/01/2055 | 2,000,000 | 1,959,521 | |||||
City of Rochester, MN | |||||||
5.000%, 11/15/2035 | 635,000 | 747,010 | |||||
University of Minnesota | |||||||
5.000%, 08/01/2036 | 300,000 | 358,557 | |||||
3,065,088 | |||||||
Missouri - 0.17% | |||||||
St. Louis County Industrial Development Authority | |||||||
5.125%, 09/01/2048 | 1,250,000 | 1,081,012 | |||||
Nebraska - 0.34% | |||||||
Central Plains Energy Project | |||||||
5.000%, 09/01/2034 | 2,000,000 | 2,115,223 | |||||
Nevada - 0.52% | |||||||
Las Vegas Convention & Visitors Authority | |||||||
5.000%, 07/01/2038 | 3,000,000 | 3,254,040 | |||||
New Hampshire - 0.57% | |||||||
New Hampshire Business Finance Authority | |||||||
0.674%, 10/20/2036 | 68,500,000 | 3,529,805 | |||||
New Jersey - 1.09% | |||||||
Garden State Preservation Trust | |||||||
5.750%, 11/01/2028 | 965,000 | 1,060,531 | |||||
New Jersey Economic Development Authority | |||||||
3.375%, 07/01/2030 | 1,000,000 | 962,401 | |||||
5.500%, 01/01/2027 | 300,000 | 302,993 | |||||
New Jersey Transportation Trust Fund Authority | |||||||
0.000%, 12/15/2037 (d) | 395,000 | 200,741 | |||||
0.000%, 12/15/2038 (d) | 1,000,000 | 479,957 | |||||
0.000%, 12/15/2030 (d) | 1,870,000 | 1,413,496 | |||||
New Jersey Transportation Trust Fund Authority Program | |||||||
5.250%, 06/15/2036 | 1,200,000 | 1,315,992 | |||||
Tobacco Settlement Financing Corp. | |||||||
5.000%, 06/01/2033 | 1,035,000 | 1,073,067 | |||||
6,809,178 | |||||||
New York - 6.68% | |||||||
Build NYC Resource Corp. | |||||||
4.000%, 06/15/2031 | 600,000 | 564,687 | |||||
4.000%, 06/15/2041 | 1,350,000 | 1,104,181 | |||||
City of New York, NY | |||||||
5.250%, 10/01/2041 | 2,500,000 | 2,805,262 | |||||
New York City Transitional Finance Authority Future Tax Secured Revenue | |||||||
5.250%, 08/01/2042 | 5,000,000 | 5,556,234 | |||||
5.500%, 11/01/2045 | 9,825,000 | 11,193,998 | |||||
New York State Dormitory Authority | |||||||
2.692%, 07/01/2035 | 1,000,000 | 757,398 | |||||
2.742%, 07/01/2036 | 1,205,000 | 896,595 | |||||
2.792%, 07/01/2037 | 1,200,000 | 878,878 | |||||
2.842%, 07/01/2038 | 1,100,000 | 792,896 | |||||
5.000%, 10/01/2048 | 4,000,000 | 4,714,886 | |||||
New York Transportation Development Corp. | |||||||
5.000%, 12/01/2037 | 1,280,000 | 1,289,001 | |||||
5.000%, 12/01/2032 | 3,900,000 | 4,063,620 | |||||
Triborough Bridge & Tunnel Authority | |||||||
5.000%, 05/15/2043 | 2,105,000 | 2,293,013 | |||||
5.000%, 05/15/2041 | 4,245,000 | 4,645,370 | |||||
41,556,019 | |||||||
North Carolina - 3.79% | |||||||
City of Charlotte NC Airport Revenue | |||||||
5.000%, 07/01/2042 | 5,035,000 | 5,503,884 | |||||
City of Charlotte NC Water & Sewer System Revenue | |||||||
5.000%, 07/01/2035 | 2,655,000 | 3,193,534 | |||||
North Carolina Medical Care Commission | |||||||
2.500%, 10/01/2024 | 740,000 | 715,759 | |||||
University of North Carolina at Chapel Hill | |||||||
5.000%, 02/01/2045 | 2,960,000 | 3,340,828 | |||||
5.000%, 02/01/2049 | 8,375,000 | 9,388,587 | |||||
Watauga Public Facilities Corp. | |||||||
5.250%, 06/01/2042 | 1,250,000 | 1,414,748 | |||||
23,557,340 | |||||||
North Dakota - 0.32% | |||||||
City of Larimore, ND | |||||||
0.850%, 05/01/2024 | 2,000,000 | 1,908,218 | |||||
City of Mandan, ND | |||||||
2.750%, 09/01/2041 | 80,000 | 64,570 | |||||
1,972,788 | |||||||
Ohio - 0.77% | |||||||
County of Hamilton, OH | |||||||
5.000%, 11/15/2049 | 3,250,000 | 3,588,591 | |||||
Ohio Higher Educational Facility Commission | |||||||
3.750%, 12/01/2023 | 1,215,000 | 1,198,477 | |||||
4,787,068 | |||||||
Oregon - 0.21% | |||||||
Hospital Facilities Authority of Multnomah County Oregon | |||||||
0.950%, 06/01/2027 | 1,000,000 | 872,953 | |||||
Medford Hospital Facilities Authority | |||||||
5.000%, 10/01/2024 | 450,000 | 456,376 | |||||
1,329,329 | |||||||
Pennsylvania - 4.02% | |||||||
Allegheny County Sanitary Authority | |||||||
5.750%, 06/01/2047 | 6,000,000 | 6,879,976 | |||||
City of Philadelphia PA Water & Wastewater Revenue | |||||||
5.500%, 06/01/2047 | 5,000,000 | 5,550,956 | |||||
Commonwealth Financing Authority | |||||||
5.000%, 06/01/2034 | 1,750,000 | 1,890,254 | |||||
5.000%, 06/01/2035 | 730,000 | 783,549 | |||||
Delaware Valley Regional Finance Authority | |||||||
3.404% (1 Month LIBOR USD + 0.880%), 09/01/2048 | 1,000,000 | 988,131 | |||||
Pennsylvania Economic Development Financing Authority | |||||||
5.000%, 06/30/2028 | 750,000 | 771,435 | |||||
Pennsylvania Turnpike Commission | |||||||
5.250%, 12/01/2041 | 1,000,000 | 1,108,906 | |||||
5.250%, 12/01/2042 | 1,000,000 | 1,098,778 | |||||
6.000%, 12/01/2030 | 625,000 | 718,249 | |||||
6.375%, 12/01/2038 | 2,000,000 | 2,294,058 | |||||
Southeastern Pennsylvania Transportation Authority | |||||||
5.250%, 06/01/2041 | 2,585,000 | 2,905,038 | |||||
24,989,330 | |||||||
Puerto Rico - 1.37% | |||||||
Children's Trust Fund | |||||||
5.375%, 05/15/2033 | 50,000 | 50,016 | |||||
Commonwealth of Puerto Rico | |||||||
0.000%, 07/01/2024 (d) | 49,219 | 45,230 | |||||
0.000%, 07/01/2033 (d) | 189,697 | 104,129 | |||||
0.000%, 11/01/2043 (d) | 734,362 | 335,053 | |||||
4.000%, 07/01/2033 | 147,407 | 128,442 | |||||
4.000%, 07/01/2035 | 132,497 | 112,995 | |||||
4.000%, 07/01/2037 | 113,718 | 95,042 | |||||
4.000%, 07/01/2041 | 154,613 | 124,266 | |||||
4.000%, 07/01/2046 | 160,797 | 124,191 | |||||
5.250%, 07/01/2023 | 81,902 | 82,261 | |||||
5.375%, 07/01/2025 | 164,169 | 166,539 | |||||
5.625%, 07/01/2027 | 162,682 | 166,624 | |||||
5.625%, 07/01/2029 | 160,042 | 164,053 | |||||
5.750%, 07/01/2031 | 155,448 | 159,674 | |||||
GDB Debt Recovery Authority of Puerto Rico | |||||||
7.500%, 08/20/2040 | 3,164,947 | 2,650,643 | |||||
Puerto Rico Highway & Transportation Authority | |||||||
5.850%, 03/01/2027 (e) | 1,395,000 | 1,397,790 | |||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | |||||||
0.000%, 07/01/2024 (d) | 1,543,000 | 1,434,649 | |||||
0.000%, 07/01/2029 (d) | 1,589,000 | 1,156,007 | |||||
8,497,604 | |||||||
Rhode Island - 0.60% | |||||||
Rhode Island Health and Educational Building Corp. | |||||||
5.500%, 05/15/2042 | 3,335,000 | 3,745,233 | |||||
South Carolina - 1.29% | |||||||
County of Horry SC | |||||||
5.250%, 09/01/2047 | 4,000,000 | 4,333,421 | |||||
South Island Public Service District, SC | |||||||
5.250%, 04/01/2042 | 3,325,000 | 3,722,997 | |||||
8,056,418 | |||||||
Tennessee - 0.81% | |||||||
Metropolitan Nashville Airport Authority | |||||||
5.250%, 07/01/2035 | 1,250,000 | 1,363,122 | |||||
5.500%, 07/01/2036 | 1,000,000 | 1,106,679 | |||||
5.500%, 07/01/2037 | 1,125,000 | 1,238,962 | |||||
New Memphis Arena Public Building Authority | |||||||
0.000%, 04/01/2031 (d) | 1,500,000 | 1,318,081 | |||||
5,026,844 | |||||||
Texas - 11.35% | |||||||
Alvarado Independent School District | |||||||
5.000%, 02/15/2047 | 8,000,000 | 8,792,521 | |||||
Barbers Hill Independent School District | |||||||
5.000%, 02/15/2042 | 5,000,000 | 5,556,703 | |||||
Board of Regents of the University of Texas System | |||||||
5.000%, 08/15/2049 | 620,000 | 713,282 | |||||
Bullard Independent School District | |||||||
5.000%, 02/15/2047 | 4,405,000 | 4,826,991 | |||||
Celina Independent School District | |||||||
5.000%, 02/15/2047 | 5,000,000 | 5,492,087 | |||||
City of Austin TX Water & Wastewater System Revenue | |||||||
5.000%, 11/15/2040 | 1,225,000 | 1,375,293 | |||||
5.000%, 11/15/2041 | 1,700,000 | 1,898,913 | |||||
City of Fort Worth, TX | |||||||
5.250%, 03/01/2036 | 1,800,000 | 1,845,200 | |||||
Clifton Higher Education Finance Corp. | |||||||
6.000%, 03/01/2029 | 2,915,000 | 2,958,722 | |||||
Colony Economic Development Corp. | |||||||
7.250%, 10/01/2042 | 1,500,000 | 1,522,783 | |||||
Colony Local Development Corp. | |||||||
7.250%, 10/01/2033 | 700,000 | 710,738 | |||||
County of Harris, TX | |||||||
3.756% (3 Month LIBOR USD + 0.670%), 08/15/2035 | 1,020,000 | 922,625 | |||||
Lower Colorado River Authority | |||||||
5.500%, 05/15/2047 | 5,000,000 | 5,499,322 | |||||
Melissa Independent School District | |||||||
5.000%, 02/01/2047 | 6,000,000 | 6,558,065 | |||||
North Texas Tollway Authority | |||||||
5.250%, 01/01/2038 | 4,060,000 | 4,531,418 | |||||
Port of Beaumont Industrial Development Authority | |||||||
4.100%, 01/01/2028 (a) | 3,000,000 | 2,452,858 | |||||
Pottsboro Higher Education Finance Corp. | |||||||
2.000%, 08/15/2040 | 775,000 | 533,471 | |||||
State of Texas | |||||||
4.000%, 08/01/2033 | 1,315,000 | 1,378,842 | |||||
4.000%, 08/01/2034 | 1,350,000 | 1,410,450 | |||||
Van Alstyne Independent School District | |||||||
5.000%, 02/15/2047 | 5,935,000 | 6,559,742 | |||||
West Harris County Regional Water Authority | |||||||
5.500%, 12/15/2042 | 4,500,000 | 5,089,485 | |||||
70,629,511 | |||||||
Utah - 1.81% | |||||||
Wasatch County School District Local Building Authority | |||||||
5.500%, 06/01/2047 | 7,570,000 | 8,486,436 | |||||
Wildflower Improvement Association | |||||||
6.625%, 03/01/2031 (a)(e) | 2,895,549 | 2,763,501 | |||||
11,249,937 | |||||||
Virginia - 0.33% | |||||||
County of Botetourt, VA | |||||||
6.000%, 07/01/2044 | 2,000,000 | 2,038,153 | |||||
Washington - 1.93% | |||||||
Central Puget Sound Regional Transit Authority | |||||||
5.000%, 11/01/2046 | 10,000,000 | 11,652,348 | |||||
Washington State Housing Finance Commission | |||||||
5.000%, 01/01/2055 (a) | 500,000 | 389,500 | |||||
12,041,848 | |||||||
Wisconsin - 0.32% | |||||||
Public Finance Authority | |||||||
7.500%, 06/01/2029 (a) | 2,000,000 | 1,979,276 | |||||
TOTAL MUNICIPAL BONDS (Cost $584,986,219) | 569,597,413 | ||||||
SHORT-TERM INVESTMENT - 1.96% | |||||||
First American Government Obligations Fund - Class X, 3.660% (f) | 12,200,790 | 12,200,790 | |||||
TOTAL SHORT-TERM INVESTMENT (Cost $12,200,790) | 12,200,790 | ||||||
Total Investments (Cost $634,655,525) - 99.24% | 617,552,015 | ||||||
Other Assets in Excess of Liabilities - 0.75% | 4,684,248 | ||||||
TOTAL NET ASSETS - 100.00% | $ | 622,236,263 |
Percentages are stated as a percent of net assets. |
(a) | Securities issued pursuant to Rule 144A under the Securities Act of 1933. | ||||
(b) | Variable rate security; the rate shown represents the rate at November 30, 2022. The coupon is based on an underlying pool of loans. | ||||
(c) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. | ||||
(d) | Represents a security issued at a discount to its face value but pays no interest. | ||||
(e) | Represents an illiquid security. The total market value of these securities were $5,165,541, representing 0.83% of net assets as of November 30, 2022. | ||||
(f) | Seven day yield at November 30, 2022. |
Summary of Fair Value Exposure at November 30, 2022 | |||||
Various inputs are used in determining the value of the Fund’s 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 the Fund’s own assumptions in | |||||
determining the fair value of investments.) | |||||
The inputs or methodology used for valuing securities are not an indication of the risk associated | |||||
with investing in those securities. | |||||
The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund’s investments | |||||
carried at fair value: |
Performance Trust Municipal Bond Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income: | ||||||||||||||||
Agency Commercial Mortgage Backed Securities | $ | - | $ | 26,700,905 | $ | - | $ | 26,700,905 | ||||||||
Non-Agency Commercial Mortgage Backed Securities | - | 9,052,907 | - | 9,052,907 | ||||||||||||
Municipal Bonds | - | 569,597,413 | - | 569,597,413 | ||||||||||||
Total Fixed Income | - | 605,351,225 | - | 605,351,225 | ||||||||||||
Short-Term Investments | 12,200,790 | - | - | 12,200,790 | ||||||||||||
Total Investments In Securities | $ | 12,200,790 | $ | 605,351,225 | $ | - | $ | 617,552,015 |
For the period ended November 30, 2022, the Fund did not have significant unobservable inputs (Level 3 securities) used in determining fair value. | |||||
Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable. | |||||
Disclosures about Derivative Instruments and Hedging Activities | |||||
The Fund did not invest in derivative securities or engage in hedging activities during the period ended November 30, 2022. |