Performance Trust Municipal Bond Fund | |||||||
Schedule of Investments | |||||||
May 31, 2023 (Unaudited) | |||||||
Principal | |||||||
Amount | Value | ||||||
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.38% | |||||||
Freddie Mac Multifamily ML Certificates | |||||||
2022-ML13, 0.954%, 07/25/2036 | $ | 85,131,482 | $ | 4,974,232 | |||
2022-ML13, 0.984%, 09/25/2036 | 54,020,698 | 3,833,849 | |||||
2020-ML07, 2.000%, 10/25/2036 (a)(b)(c) | 15,239,624 | 2,248,911 | |||||
2019-ML05 0.247%, 11/25/2033 (b)(c) | 46,161,681 | 773,670 | |||||
2019-ML06, 1.133%, 06/25/2037 (b)(c) | 10,678,060 | 892,686 | |||||
2021-ML08, 1.861%, 07/25/2037 (b)(c) | 18,003,575 | 2,489,894 | |||||
2021-ML10, 2.057%, 01/25/2038 (b)(c) | 14,198,100 | 2,273,826 | |||||
2021-ML11, 0.770%, 03/25/2038 (a)(b)(c) | 92,231,293 | 5,319,901 | |||||
2021-ML10, 1.518%, 06/25/2038 (a)(b)(c) | 50,840,723 | 6,110,038 | |||||
2021-ML09, 1.490%, 02/25/2040 (a)(b)(c) | 25,086,639 | 3,110,743 | |||||
2021-ML12, 1.223%, 07/25/2041 (b)(c) | 19,216,840 | 1,934,752 | |||||
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $35,973,779) | 33,962,502 | ||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.86% | |||||||
California Housing Finance Agency | |||||||
2021-2, 0.844%, 03/25/2035 (c) | 31,837,776 | 1,661,295 | |||||
2021-1, 0.797%, 11/20/2035 (c) | 42,200,109 | 2,210,019 | |||||
2021-3, 0.765%, 08/20/2036 (c) | 25,699,090 | 1,416,791 | |||||
New Hampshire Business Finance Authority | |||||||
2022-2, 0.696%, 10/20/2036 (c) | 68,016,981 | 3,483,830 | |||||
Washington State Housing Finance Commission | |||||||
2021-1, 0.726%, 12/20/2035 (c) | 61,894,570 | 2,977,749 | |||||
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $12,630,004) | 11,749,684 | ||||||
MUNICIPAL BONDS - 90.04% | |||||||
Alabama - 2.06% | |||||||
Black Belt Energy Gas District | |||||||
5.250%, 02/01/2053 | 4,000,000 | 4,179,707 | |||||
5.500%, 11/01/2053 | 2,345,000 | 2,486,607 | |||||
Lower Alabama Gas District | |||||||
5.000%, 09/01/2034 | 2,840,000 | 2,940,821 | |||||
Southeast Energy Authority A Cooperative District | |||||||
5.500%, 01/01/2053 | 3,180,000 | 3,391,358 | |||||
12,998,493 | |||||||
Alaska - 0.71% | |||||||
Alaska Industrial Development & Export Authority | |||||||
5.250%, 06/01/2045 | 2,735,000 | 2,724,961 | |||||
CIVIC Ventures, AK | |||||||
5.000%, 09/01/2033 | 1,750,000 | 1,757,777 | |||||
4,482,738 | |||||||
Arizona - 2.99% | |||||||
Arizona Industrial Development Authority | |||||||
1.500%, 07/01/2023 | 150,000 | 149,420 | |||||
1.800%, 07/01/2024 | 175,000 | 167,014 | |||||
3.250%, 07/01/2031 | 2,000,000 | 1,752,297 | |||||
City of Phoenix, AZ Civic Improvement Corp. | |||||||
5.000%, 07/01/2043 | 5,000,000 | 5,529,691 | |||||
Florence Town, Inc. Industrial Development Authority | |||||||
5.000%, 07/01/2023 (a) | 100,000 | 100,099 | |||||
Industrial Development Authority of the City of Phoenix | |||||||
4.000%, 07/01/2026 (a) | 2,475,000 | 2,406,434 | |||||
5.000%, 07/01/2045 (a) | 4,000,000 | 3,678,834 | |||||
Park Central Community Facilities District | |||||||
4.375%, 07/01/2024 | 820,000 | 811,439 | |||||
State of Arizona Distribution Revenue | |||||||
5.500%, 07/01/2038 | 2,000,000 | 2,415,952 | |||||
5.500%, 07/01/2042 | 1,545,000 | 1,863,905 | |||||
18,875,085 | |||||||
California - 12.43% | |||||||
Alhambra Unified School District | |||||||
0.000%, 08/01/2037 (d) | 11,000,000 | 6,261,684 | |||||
California Educational Facilities Authority | |||||||
5.000%, 03/15/2039 | 1,015,000 | 1,197,575 | |||||
California Health Facilities Financing Authority | |||||||
5.000%, 11/01/2047 | 7,950,000 | 8,826,461 | |||||
California Municipal Finance Authority | |||||||
4.000%, 12/01/2026 (a) | 1,500,000 | 1,436,070 | |||||
California Pollution Control Financing Authority | |||||||
5.000%, 07/01/2037 (a) | 1,750,000 | 1,839,054 | |||||
5.000%, 07/01/2038 (a) | 1,500,000 | 1,570,099 | |||||
California Public Finance Authority | |||||||
2.875%, 05/15/2027 (a) | 1,125,000 | 1,029,591 | |||||
City of San Diego, CA Tobacco Settlement Revenue Funding Corp. | |||||||
4.000%, 06/01/2032 | 1,205,000 | 1,185,323 | |||||
Coachella Valley Unified School District | |||||||
0.000%, 08/01/2035 (d) | 615,000 | 388,460 | |||||
0.000%, 08/01/2043 (d) | 1,015,000 | 415,832 | |||||
El Rancho Unified School District | |||||||
0.000%, 08/01/2035 (d) | 310,000 | 194,412 | |||||
Fowler Unified School District | |||||||
5.500%, 08/01/2053 | 4,945,000 | 5,639,589 | |||||
Gateway Unified School District | |||||||
0.000%, 08/01/2037 (d) | 1,725,000 | 960,380 | |||||
Inland Empire Tobacco Securitization Corp. | |||||||
3.678%, 06/01/2038 | 3,475,000 | 3,255,421 | |||||
M-S-R Energy Authority | |||||||
6.500%, 11/01/2039 | 2,635,000 | 3,062,223 | |||||
6.500%, 11/01/2039 | 3,535,000 | 4,108,143 | |||||
Newport Mesa Unified School District | |||||||
0.000%, 08/01/2037 (d) | 100,000 | 57,962 | |||||
0.000%, 08/01/2038 (d) | 1,000,000 | 549,586 | |||||
Oceanside Unified School District | |||||||
0.000%, 08/01/2035 (d) | 135,000 | 84,059 | |||||
0.000%, 08/01/2036 (d) | 175,000 | 102,824 | |||||
0.000%, 08/01/2037 (d) | 775,000 | 429,087 | |||||
Placentia-Yorba Linda Unified School District | |||||||
0.000%, 08/01/2041 (d) | 5,325,000 | 2,464,426 | |||||
Poway Unified School District | |||||||
0.000%, 08/01/2037 (d) | 6,320,000 | 3,604,249 | |||||
0.000%, 08/01/2038 (d) | 5,445,000 | 2,942,860 | |||||
0.000%, 08/01/2046 (d) | 12,000,000 | 4,087,166 | |||||
San Bernardino, CA City Unified School District | |||||||
0.000%, 08/01/2035 (d) | 180,000 | 114,240 | |||||
San Bernardino, CA Community College District | |||||||
0.000%, 08/01/2038 (d) | 150,000 | 79,654 | |||||
0.000%, 08/01/2044 (d) | 12,485,000 | 4,826,167 | |||||
San Diego, CA Unified School District | |||||||
0.000%, 07/01/2037 (d) | 550,000 | 321,077 | |||||
0.000%, 07/01/2038 (d) | 1,655,000 | 912,111 | |||||
0.000%, 07/01/2040 (d) | 7,215,000 | 3,556,999 | |||||
0.000%, 07/01/2041 (d) | 2,150,000 | 1,973,236 | |||||
San Mateo, CA Union High School District | |||||||
0.000%, 09/01/2041 (d) | 1,390,000 | 1,328,714 | |||||
Santa Barbara, CA Secondary High School District | |||||||
0.000%, 08/01/2036 (d) | 335,000 | 194,479 | |||||
0.000%, 08/01/2040 (d) | 5,680,000 | 2,736,882 | |||||
St. Helena Unified School District | |||||||
0.000%, 06/01/2036 (d) | 2,805,000 | 3,214,653 | |||||
West Contra Costa Unified School District | |||||||
0.000%, 08/01/2036 (d) | 5,795,000 | 3,521,154 | |||||
78,471,902 | |||||||
Colorado - 3.08% | |||||||
City & County of Denver, CO Airport System Revenue | |||||||
5.750%, 11/15/2036 | 6,190,000 | 7,381,239 | |||||
5.750%, 11/15/2041 | 5,325,000 | 6,035,105 | |||||
City of Fruita, CO Healthcare Revenue | |||||||
5.000%, 01/01/2028 | 700,000 | 669,230 | |||||
Public Authority for Colorado Energy | |||||||
6.500%, 11/15/2038 | 4,555,000 | 5,333,252 | |||||
19,418,826 | |||||||
Connecticut - 0.63% | |||||||
State of Connecticut | |||||||
5.000%, 11/15/2037 | 1,010,000 | 1,136,751 | |||||
State of Connecticut Special Tax Revenue | |||||||
5.250%, 07/01/2040 | 2,500,000 | 2,839,426 | |||||
3,976,177 | |||||||
Delaware - 0.57% | |||||||
University of Delaware | |||||||
5.000%, 11/01/2038 | 1,595,000 | 1,869,929 | |||||
5.000%, 11/01/2039 | 1,510,000 | 1,760,796 | |||||
3,630,725 | |||||||
District of Columbia - 1.03% | |||||||
District of Columbia | |||||||
5.500%, 07/01/2047 | 4,750,000 | 5,381,321 | |||||
Washington Metropolitan Area Transit Authority Dedicated Revenue | |||||||
5.000%, 07/15/2038 | 1,000,000 | 1,135,145 | |||||
6,516,466 | |||||||
Florida - 8.93% | |||||||
Bay County School Board | |||||||
5.500%, 07/01/2041 | 1,315,000 | 1,480,056 | |||||
5.500%, 07/01/2042 | 1,300,000 | 1,456,730 | |||||
Capital Trust Agency, Inc. | |||||||
5.000%, 08/01/2040 | 170,000 | 170,860 | |||||
City of Jacksonville, FL | |||||||
5.250%, 10/01/2037 | 6,000,000 | 6,857,337 | |||||
County of Miami-Dade, FL | |||||||
0.000%, 10/01/2041 (d) | 1,375,000 | 600,755 | |||||
0.000%, 10/01/2042 (d) | 1,085,000 | 448,777 | |||||
0.000%, 10/01/2045 (d) | 4,500,000 | 1,644,754 | |||||
County of Miami-Dade, FL Seaport Department | |||||||
5.000%, 10/01/2036 | 1,450,000 | 1,559,251 | |||||
5.000%, 10/01/2038 | 4,370,000 | 4,634,138 | |||||
County of Miami-Dade, FL Transit System | |||||||
5.000%, 07/01/2047 | 7,500,000 | 8,084,877 | |||||
County of Pasco, FL Sales Tax Revenue | |||||||
5.000%, 10/01/2042 | 4,240,000 | 4,591,480 | |||||
County of Sarasota, FL Utility System Revenue | |||||||
5.250%, 10/01/2047 | 2,500,000 | 2,784,824 | |||||
County of Seminole, FL | |||||||
5.250%, 10/01/2039 | 3,520,000 | 3,936,368 | |||||
Florida Development Finance Corp. | |||||||
5.000%, 09/15/2040 (a) | 2,050,000 | 1,810,973 | |||||
5.500%, 09/15/2025 (a) | 925,000 | 907,146 | |||||
Palm Beach County School District | |||||||
5.250%, 08/01/2036 | 1,750,000 | 2,001,145 | |||||
5.250%, 08/01/2040 | 3,500,000 | 3,905,438 | |||||
Sarasota County, FL School Board | |||||||
5.000%, 07/01/2036 | 800,000 | 929,031 | |||||
5.000%, 07/01/2037 | 875,000 | 1,003,341 | |||||
School District of Broward County | |||||||
5.000%, 07/01/2047 | 7,000,000 | 7,562,516 | |||||
56,369,797 | |||||||
Georgia - 0.63% | |||||||
City of Conyers, GA | |||||||
4.300%, 03/01/2031 (e) | 1,185,000 | 1,017,069 | |||||
Main Street Natural Gas, Inc. | |||||||
5.000%, 07/01/2053 | 2,000,000 | 2,110,005 | |||||
Walton County Water & Sewer Authority | |||||||
5.250%, 02/01/2047 | 785,000 | 878,256 | |||||
4,005,330 | |||||||
Hawaii - 1.20% | |||||||
City & County Honolulu, HI Wastewater System Revenue | |||||||
5.000%, 07/01/2042 | 6,855,000 | 7,564,913 | |||||
Illinois - 4.07% | |||||||
City of Joliet, IL | |||||||
5.500%, 12/15/2042 | 2,250,000 | 2,519,251 | |||||
County of Cook, IL Sales Tax Revenue | |||||||
5.250%, 11/15/2045 | 5,000,000 | 5,358,280 | |||||
DuPage County School District No. 58 Downers Grove | |||||||
5.000%, 12/15/2036 | 1,045,000 | 1,191,344 | |||||
5.000%, 12/15/2037 | 2,205,000 | 2,477,042 | |||||
5.250%, 12/15/2038 | 155,000 | 174,830 | |||||
Illinois State Toll Highway Authority | |||||||
5.250%, 01/01/2045 | 2,070,000 | 2,274,136 | |||||
Metropolitan Pier & Exposition Authority | |||||||
0.000%, 12/15/2036 (d) | 6,500,000 | 3,573,964 | |||||
Sales Tax Securitization Corp. | |||||||
5.000%, 01/01/2035 | 1,500,000 | 1,652,141 | |||||
5.000%, 01/01/2035 | 1,000,000 | 1,105,552 | |||||
5.000%, 01/01/2036 | 1,100,000 | 1,199,323 | |||||
Will County School District No. 114 Manhattan | |||||||
5.500%, 01/01/2045 | 3,765,000 | 4,201,655 | |||||
25,727,518 | |||||||
Indiana - 6.08% | |||||||
City of Valparaiso, IN | |||||||
6.750%, 01/01/2034 | 500,000 | 507,907 | |||||
Clark-Pleasant Community School Building Corp. | |||||||
5.250%, 01/15/2042 | 2,500,000 | 2,779,219 | |||||
Fort Wayne Redevelopment Authority | |||||||
5.000%, 12/15/2041 | 2,040,000 | 2,229,390 | |||||
Franklin Township-Marion County Multiple School Building Corp. | |||||||
5.000%, 07/15/2040 | 4,520,000 | 4,932,989 | |||||
Greater Clark Building Corp. | |||||||
6.000%, 07/15/2038 | 1,875,000 | 2,236,699 | |||||
6.000%, 01/15/2042 | 5,260,000 | 6,274,576 | |||||
Indiana Finance Authority | |||||||
5.000%, 01/01/2042 | 1,000,000 | 1,060,844 | |||||
IPS Multi-School Building Corp. | |||||||
5.500%, 07/15/2042 | 1,250,000 | 1,395,128 | |||||
Lake Ridge Multi-School Building Corp. | |||||||
5.500%, 07/15/2040 | 1,500,000 | 1,699,329 | |||||
Merrillville Multi School Building Corp. | |||||||
5.000%, 01/15/2042 | 8,890,000 | 9,606,063 | |||||
Tippecanoe County School Building Corp. | |||||||
6.000%, 01/15/2042 | 4,740,000 | 5,658,361 | |||||
38,380,505 | |||||||
Iowa - 0.84% | |||||||
Iowa Tobacco Settlement Authority | |||||||
4.000%, 06/01/2049 | 5,435,000 | 5,322,175 | |||||
Kentucky - 1.10% | |||||||
County of Trimble, KY | |||||||
1.300%, 09/01/2044 | 3,500,000 | 2,929,176 | |||||
Kentucky Economic Development Finance Authority | |||||||
5.000%, 05/15/2026 | 625,000 | 604,371 | |||||
Kentucky State Property & Building Commission | |||||||
5.250%, 06/01/2037 | 3,010,000 | 3,397,784 | |||||
6,931,331 | |||||||
Louisiana - 0.38% | |||||||
Ernest N Morial New Orleans Exhibition Hall Authority | |||||||
5.000%, 07/15/2039 | 2,210,000 | 2,429,790 | |||||
Maryland - 1.01% | |||||||
Maryland Stadium Authority | |||||||
5.000%, 05/01/2050 | 5,750,000 | 6,391,658 | |||||
Michigan - 6.02% | |||||||
City of Detroit, MI | |||||||
4.000%, 04/01/2044 | 3,000,000 | 2,213,805 | |||||
Clarkston Community Schools | |||||||
5.000%, 05/01/2037 | 345,000 | 388,527 | |||||
5.000%, 05/01/2038 | 540,000 | 601,157 | |||||
Garden City School District, MI | |||||||
5.000%, 05/01/2046 | 1,505,000 | 1,611,684 | |||||
5.000%, 05/01/2048 | 1,640,000 | 1,745,344 | |||||
Great Lakes Water Authority Sewage Disposal System Revenue | |||||||
5.250%, 07/01/2042 | 9,905,000 | 10,847,983 | |||||
Great Lakes Water Authority Water Supply System Revenue | |||||||
5.250%, 07/01/2042 | 3,000,000 | 3,266,527 | |||||
Hemlock Public School District | |||||||
5.000%, 05/01/2045 | 1,200,000 | 1,296,820 | |||||
Holly Area School District | |||||||
5.250%, 05/01/2048 | 8,235,000 | 9,176,057 | |||||
Kalamazoo Economic Development Corp. | |||||||
2.625%, 05/15/2025 | 115,000 | 110,120 | |||||
Michigan Finance Authority | |||||||
3.267%, 06/01/2039 | 6,000,000 | 5,365,757 | |||||
3.875%, 10/01/2023 | 250,000 | 249,537 | |||||
Michigan State University | |||||||
5.000%, 08/15/2039 | 1,000,000 | 1,121,920 | |||||
37,995,238 | |||||||
Minnesota - 0.49% | |||||||
City of Minneapolis, MN | |||||||
5.750%, 07/01/2055 | 2,000,000 | 1,948,490 | |||||
City of Rochester, MN | |||||||
5.000%, 11/15/2035 | 645,000 | 765,348 | |||||
University of Minnesota | |||||||
5.000%, 08/01/2036 | 300,000 | 361,125 | |||||
3,074,963 | |||||||
Missouri - 0.43% | |||||||
City of St Louis, MO Airport Revenue | |||||||
5.000%, 07/01/2036 | 500,000 | 566,760 | |||||
5.000%, 07/01/2037 | 605,000 | 679,370 | |||||
5.000%, 07/01/2038 | 380,000 | 424,658 | |||||
St. Louis County Industrial Development Authority | |||||||
5.125%, 09/01/2048 | 1,250,000 | 1,059,872 | |||||
2,730,660 | |||||||
Nebraska - 0.34% | |||||||
Central Plains Energy Project | |||||||
5.000%, 09/01/2034 | 2,000,000 | 2,143,699 | |||||
Nevada - 1.05% | |||||||
County of Clark, NV | |||||||
5.000%, 07/01/2038 | 3,000,000 | 3,368,345 | |||||
Las Vegas Convention & Visitors Authority | |||||||
5.000%, 07/01/2038 | 3,000,000 | 3,264,766 | |||||
6,633,111 | |||||||
New Jersey - 1.76% | |||||||
New Jersey Economic Development Authority | |||||||
5.250%, 06/15/2037 | 1,560,000 | 1,661,334 | |||||
5.250%, 06/15/2038 | 1,935,000 | 2,048,890 | |||||
5.500%, 01/01/2027 | 300,000 | 302,649 | |||||
New Jersey Transportation Trust Fund Authority | |||||||
0.000%, 12/15/2037 (d) | 3,395,000 | 1,920,172 | |||||
0.000%, 12/15/2038 (d) | 1,125,000 | 606,255 | |||||
0.000%, 12/15/2039 (d) | 5,000,000 | 2,483,798 | |||||
5.250%, 06/15/2036 | 1,900,000 | 2,120,680 | |||||
11,143,778 | |||||||
New York - 4.80% | |||||||
Build NYC Resource Corp. | |||||||
4.000%, 06/15/2031 (a) | 600,000 | 558,796 | |||||
4.000%, 06/15/2041 (a) | 1,350,000 | 1,100,052 | |||||
City of New York, NY | |||||||
5.250%, 10/01/2041 | 2,500,000 | 2,826,752 | |||||
New York City Transitional Finance Authority Future Tax Secured Revenue | |||||||
5.250%, 08/01/2042 | 5,000,000 | 5,597,656 | |||||
5.500%, 11/01/2045 | 9,825,000 | 11,229,471 | |||||
New York State Dormitory Authority | |||||||
5.000%, 10/01/2048 | 4,000,000 | 4,710,480 | |||||
Triborough Bridge & Tunnel Authority | |||||||
5.000%, 05/15/2043 | 2,105,000 | 2,298,434 | |||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue | |||||||
5.000%, 05/15/2037 | 875,000 | 998,829 | |||||
5.000%, 05/15/2038 | 875,000 | 990,842 | |||||
30,311,312 | |||||||
North Carolina - 3.08% | |||||||
City of Charlotte, NC Airport Revenue | |||||||
5.000%, 07/01/2042 | 5,035,000 | 5,515,659 | |||||
Town of Clayton NC Water & Sewer Revenue | |||||||
5.000%, 08/01/2038 | 925,000 | 1,044,599 | |||||
University of North Carolina at Chapel Hill | |||||||
5.000%, 02/01/2045 | 5,100,000 | 5,693,135 | |||||
5.000%, 02/01/2049 | 5,175,000 | 5,760,554 | |||||
Watauga Public Facilities Corp. | |||||||
5.250%, 06/01/2042 | 1,250,000 | 1,405,327 | |||||
19,419,274 | |||||||
North Dakota - 0.30% | |||||||
City of Larimore, ND | |||||||
0.850%, 05/01/2024 | 2,000,000 | 1,920,819 | |||||
Ohio - 1.06% | |||||||
County of Hamilton, OH | |||||||
5.000%, 11/15/2049 | 5,500,000 | 6,058,750 | |||||
Ohio Higher Educational Facility Commission | |||||||
3.750%, 12/01/2023 | 615,000 | 604,906 | |||||
6,663,656 | |||||||
Oregon - 1.00% | |||||||
Hospital Facilities Authority of Multnomah County Oregon | |||||||
0.950%, 06/01/2027 | 1,000,000 | 868,438 | |||||
Medford Hospital Facilities Authority | |||||||
5.000%, 10/01/2024 | 450,000 | 450,297 | |||||
Port of Portland, OR Airport Revenue | |||||||
5.000%, 07/01/2037 | 2,000,000 | 2,159,497 | |||||
State of Oregon Department of Transportation | |||||||
5.000%, 11/15/2038 | 2,500,000 | 2,848,749 | |||||
6,326,981 | |||||||
Pennsylvania - 3.29% | |||||||
Allegheny County Sanitary Authority | |||||||
5.750%, 06/01/2047 | 6,835,000 | 7,826,762 | |||||
Bucks County Water and Sewer Authority | |||||||
5.000%, 12/01/2036 | 380,000 | 431,206 | |||||
5.000%, 12/01/2037 | 425,000 | 476,991 | |||||
City of Philadelphia, PA Water & Wastewater Revenue | |||||||
5.500%, 06/01/2047 | 5,365,000 | 5,943,133 | |||||
Delaware Valley Regional Finance Authority | |||||||
4.253% (1 Month LIBOR USD + 0.880%), 09/01/2048 | 1,000,000 | 994,861 | |||||
Pennsylvania Turnpike Commission | |||||||
5.250%, 12/01/2041 | 1,000,000 | 1,099,744 | |||||
5.250%, 12/01/2042 | 1,000,000 | 1,098,840 | |||||
Southeastern Pennsylvania Transportation Authority | |||||||
5.250%, 06/01/2041 | 2,585,000 | 2,912,751 | |||||
20,784,288 | |||||||
Puerto Rico - 1.35% | |||||||
Commonwealth of Puerto Rico | |||||||
0.000%, 07/01/2024 (d) | 49,219 | 46,923 | |||||
0.000%, 07/01/2033 (d) | 189,697 | 111,442 | |||||
0.000%, 11/01/2043 (d) | 696,364 | 340,348 | |||||
4.000%, 07/01/2033 | 147,407 | 135,621 | |||||
4.000%, 07/01/2035 | 132,497 | 118,692 | |||||
4.000%, 07/01/2037 | 113,718 | 98,970 | |||||
4.000%, 07/01/2041 | 154,613 | 129,503 | |||||
4.000%, 07/01/2046 | 160,797 | 130,014 | |||||
5.250%, 07/01/2023 | 81,902 | 81,987 | |||||
5.375%, 07/01/2025 | 164,169 | 167,738 | |||||
5.625%, 07/01/2027 | 162,682 | 170,231 | |||||
5.625%, 07/01/2029 | 160,042 | 169,782 | |||||
5.750%, 07/01/2031 | 155,448 | 167,719 | |||||
GDB Debt Recovery Authority of Puerto Rico | |||||||
7.500%, 08/20/2040 | 3,084,170 | 2,552,151 | |||||
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 | 1,476,345 | |||||
0.000%, 07/01/2029 (d) | 1,589,000 | 1,218,074 | |||||
8,513,330 | |||||||
Rhode Island - 0.59% | |||||||
Rhode Island Health and Educational Building Corp. | |||||||
5.500%, 05/15/2042 | 3,335,000 | 3,732,382 | |||||
South Carolina - 1.27% | |||||||
County of Horry, SC | |||||||
5.250%, 09/01/2047 | 4,000,000 | 4,354,555 | |||||
South Island Public Service District, SC | |||||||
5.250%, 04/01/2042 | 3,325,000 | 3,657,576 | |||||
8,012,131 | |||||||
Tennessee - 0.69% | |||||||
Metropolitan Nashville Airport Authority | |||||||
5.250%, 07/01/2035 | 1,500,000 | 1,670,898 | |||||
5.500%, 07/01/2036 | 1,125,000 | 1,268,617 | |||||
5.500%, 07/01/2037 | 1,250,000 | 1,397,693 | |||||
4,337,208 | |||||||
Texas - 10.86% | |||||||
Board of Regents of the University of Texas System | |||||||
5.000%, 08/15/2049 | 7,000,000 | 8,155,198 | |||||
Celina Independent School District | |||||||
5.000%, 02/15/2047 | 5,000,000 | 5,438,374 | |||||
City of Austin, TX Water & Wastewater System Revenue | |||||||
5.000%, 11/15/2040 | 1,225,000 | 1,370,169 | |||||
5.000%, 11/15/2041 | 1,700,000 | 1,894,782 | |||||
City of San Antonio, TX Electric & Gas Systems Revenue | |||||||
5.000%, 02/01/2038 | 6,000,000 | 6,788,205 | |||||
5.000%, 02/01/2039 | 3,265,000 | 3,677,017 | |||||
5.250%, 02/01/2040 | 6,000,000 | 6,835,541 | |||||
Colony Economic Development Corp. | |||||||
7.250%, 10/01/2042 | 1,500,000 | 1,450,898 | |||||
Colony Local Development Corp. | |||||||
7.250%, 10/01/2033 | 700,000 | 702,512 | |||||
County of Harris, TX | |||||||
4.235% (3 Month LIBOR USD + 0.670%), 08/15/2035 | 1,020,000 | 959,195 | |||||
Lower Colorado River Authority | |||||||
5.500%, 05/15/2047 | 5,000,000 | 5,528,571 | |||||
Melissa Independent School District | |||||||
5.000%, 02/01/2047 | 6,000,000 | 6,553,280 | |||||
North Texas Tollway Authority | |||||||
5.250%, 01/01/2038 | 4,100,000 | 4,566,885 | |||||
Port of Beaumont Industrial Development Authority | |||||||
4.100%, 01/01/2028 (a) | 3,000,000 | 2,399,418 | |||||
Pottsboro Higher Education Finance Corp. | |||||||
2.000%, 08/15/2040 | 775,000 | 530,747 | |||||
Van Alstyne Independent School District | |||||||
5.000%, 02/15/2047 | 5,935,000 | 6,552,125 | |||||
West Harris County Regional Water Authority | |||||||
5.500%, 12/15/2042 | 4,500,000 | 5,146,030 | |||||
68,548,947 | |||||||
Utah - 1.74% | |||||||
Wasatch County School District Local Building Authority | |||||||
5.500%, 06/01/2047 | 7,570,000 | 8,446,171 | |||||
Wildflower Improvement Association | |||||||
6.625%, 03/01/2031 (a)(e) | 2,650,002 | 2,545,055 | |||||
10,991,226 | |||||||
Washington - 1.86% | |||||||
Central Puget Sound Regional Transit Authority | |||||||
5.000%, 11/01/2046 | 10,000,000 | 11,404,236 | |||||
Washington State Housing Finance Commission | |||||||
5.000%, 01/01/2055 (a) | 500,000 | 354,611 | |||||
11,758,847 | |||||||
Wisconsin - 0.32% | |||||||
Public Finance Authority | |||||||
7.500%, 06/01/2029 (a) | 2,000,000 | 1,994,832 | |||||
TOTAL MUNICIPAL BONDS (Cost $572,646,101) | 568,530,111 | ||||||
SHORT-TERM INVESTMENT - 6.35% | |||||||
First American Government Obligations Fund - Class X, 4.965% (f) | 40,075,587 | 40,075,587 | |||||
TOTAL SHORT-TERM INVESTMENT (Cost $40,075,587) | 40,075,587 | ||||||
Total Investments (Cost $661,325,471) - 103.63% | 654,317,884 | ||||||
Liabilities in Excess of Other Assets - (3.63)% | (22,893,118) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 631,424,766 |
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 May 31, 2023. The coupon is based on an underlying pool of loans. | ||||
(c) | Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. | ||||
(d) | Represents a security issued at a discount to its face value but pays no interest. | ||||
(e) | Represents an illiquid security. The total market value of these securities was $4,959,914, representing 0.79% of net assets as of May 31, 2023. | ||||
(f) | Seven day yield at May 31, 2023. |
The accompanying notes are an integral part of these financial statements. |
Summary of Fair Value Exposure at May 31, 2023 | |||||
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 May 31, 2023, 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 | $ | - | $ | 33,962,502 | $ | - | $ | 33,962,502 | ||||||||
Non-Agency Commercial Mortgage Backed Securities | - | 11,749,684 | - | 11,749,684 | ||||||||||||
Municipal Bonds | - | 568,530,111 | - | 568,530,111 | ||||||||||||
Total Fixed Income | - | 614,242,297 | - | 614,242,297 | ||||||||||||
Short-Term Investments | 40,075,587 | - | - | 40,075,587 | ||||||||||||
Total Investments In Securities | $ | 40,075,587 | $ | 614,242,297 | $ | - | $ | 654,317,884 |
For the period ended May 31, 2023, 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 May 31, 2023. |