Performance Trust Multisector Bond Fund |
Schedule of Investments |
as of May 31, 2024 (Unaudited) |
CORPORATE BONDS - 40.3% | Par | Value | ||||||
Aerospace & Defense - 1.6% | ||||||||
Moog, Inc., 4.25%, 12/15/2027 (a) | $ | 1,000,000 | $ | 937,142 | ||||
TransDigm, Inc., 6.63%, 03/01/2032 (a) | 1,000,000 | 1,004,101 | ||||||
1,941,243 | ||||||||
Banks - 12.0% | ||||||||
Banner Corp., 5.00% to 06/30/2025 then 3 mo. Term SOFR + 4.89%, 06/30/2030 | 1,000,000 | 954,920 | ||||||
Barclays PLC, 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | 1,000,000 | 973,685 | ||||||
Deutsche Bank AG, 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | 1,000,000 | 1,026,314 | ||||||
First Busey Corp., 5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.11%, 06/01/2030 | 1,000,000 | 956,038 | ||||||
First Financial Bancorp., 5.25% to 05/15/2025 then 3 mo. Term SOFR + 5.09%, 05/15/2030 | 1,000,000 | 965,838 | ||||||
Home BancShares, Inc., 3.13% to 01/30/2027 then 3 mo. Term SOFR + 1.82%, 01/30/2032 | 1,500,000 | 1,220,035 | ||||||
National Australia Bank Ltd., 3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037 (a) | 1,000,000 | 837,954 | ||||||
Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | 1,250,000 | 1,170,271 | ||||||
Renasant Corp., 4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 | 1,500,000 | 1,152,205 | ||||||
Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | 1,000,000 | 944,870 | ||||||
Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | 1,000,000 | 909,358 | ||||||
Webster Financial Corp., 3.88% to 11/01/2025 then 3 mo. Term SOFR + 3.69%, 11/01/2030 | 1,000,000 | 902,038 | ||||||
Western Alliance Bank, 5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.12%, 06/01/2030 | 1,500,000 | 1,462,500 | ||||||
WSFS Financial Corp., 2.75% to 12/15/2025 then 3 mo. Term SOFR + 2.49%, 12/15/2030 | 1,000,000 | 854,402 | ||||||
14,330,428 | ||||||||
Building Products - 0.8% | ||||||||
JELD-WEN, Inc., 4.88%, 12/15/2027 (a) | 1,000,000 | 938,034 | ||||||
Capital Markets - 1.8% | ||||||||
Ares Capital Corp., 3.20%, 11/15/2031 | 1,300,000 | 1,076,124 | ||||||
MSCI, Inc., 3.63%, 11/01/2031 (a) | 1,250,000 | 1,089,288 | ||||||
2,165,412 | ||||||||
Consumer Finance - 3.1% | ||||||||
Ally Financial, Inc., 6.70%, 02/14/2033 | 1,250,000 | 1,249,607 | ||||||
Ford Motor Credit Co., LLC, 7.35%, 03/06/2030 | 1,250,000 | 1,316,278 | ||||||
OneMain Finance Corp., 5.38%, 11/15/2029 | 1,250,000 | 1,163,364 | ||||||
3,729,249 | ||||||||
Containers & Packaging - 0.9% | ||||||||
Graphic Packaging International, LLC, 3.50%, 03/01/2029 (a) | 1,255,000 | 1,121,422 | ||||||
Distributors - 0.9% | ||||||||
LKQ Corp., 6.25%, 06/15/2033 | 1,000,000 | 1,026,103 | ||||||
Diversified Consumer Services - 2.3% | ||||||||
Prime Security Services Borrower, LLC, 3.38%, 08/31/2027 (a) | 1,000,000 | 918,530 | ||||||
Service Corp. International, 4.00%, 05/15/2031 | 1,000,000 | 876,176 | ||||||
Washington University, 4.35%, 04/15/2122 | 1,200,000 | 945,713 | ||||||
2,740,419 | ||||||||
Electrical Equipment - 1.8% | ||||||||
Regal Rexnord Corp., 6.30%, 02/15/2030 | 1,000,000 | 1,022,860 | ||||||
Sensata Technologies, Inc., 4.38%, 02/15/2030 (a) | 1,250,000 | 1,141,534 | ||||||
2,164,394 | ||||||||
Financial Services - 0.2% | ||||||||
Compeer Financial FLCA, 3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036 (a) | 250,000 | 183,447 | ||||||
Hotels, Restaurants & Leisure - 2.1% | ||||||||
Station Casinos, LLC, 4.50%, 02/15/2028 (a) | 1,250,000 | 1,164,825 | ||||||
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (a) | 1,500,000 | 1,393,097 | ||||||
2,557,922 | ||||||||
Household Durables - 1.7% | ||||||||
M/I Homes, Inc., 3.95%, 02/15/2030 | 1,300,000 | 1,136,174 | ||||||
Meritage Homes Corp., 3.88%, 04/15/2029 (a) | 1,000,000 | 915,394 | ||||||
2,051,568 | ||||||||
Machinery - 0.9% | ||||||||
Gates Corp., 6.88%, 07/01/2029 (a) | 1,000,000 | 1,010,248 | ||||||
Media - 2.0% | ||||||||
CCO Holdings Capital Corp., 4.75%, 02/01/2032 (a) | 1,500,000 | 1,208,170 | ||||||
Sirius XM Radio, Inc., 3.88%, 09/01/2031 (a) | 1,500,000 | 1,198,994 | ||||||
2,407,164 | ||||||||
Professional Services - 1.0% | ||||||||
Science Applications International Corp., 4.88%, 04/01/2028 (a) | 1,250,000 | 1,187,803 | ||||||
Real Estate Management & Development - 0.9% | ||||||||
Cushman & Wakefield US Borrower, LLC, 8.88%, 09/01/2031 (a) | 1,000,000 | 1,052,004 | ||||||
Retail REITs - 0.7% | ||||||||
American Finance Trust, Inc., 4.50%, 09/30/2028 (a) | 1,000,000 | 867,113 | ||||||
Software - 1.0% | ||||||||
Open Text Corp., 3.88%, 02/15/2028 (a) | 1,250,000 | 1,149,946 | ||||||
Specialty Retail - 3.6% | ||||||||
Asbury Automotive Group, Inc., 5.00%, 02/15/2032 (a) | 1,250,000 | 1,119,518 | ||||||
Group 1 Automotive, Inc., 4.00%, 08/15/2028 (a) | 1,000,000 | 911,155 | ||||||
Ken Garff Automotive, LLC, 4.88%, 09/15/2028 (a) | 1,500,000 | 1,385,081 | ||||||
Lithia Motors, Inc., 4.38%, 01/15/2031 (a) | 1,000,000 | 882,114 | ||||||
4,297,868 | ||||||||
Technology Hardware, Storage & Peripherals - 1.0% | ||||||||
Dell International, LLC, 8.10%, 07/15/2036 | 1,000,000 | 1,195,471 | ||||||
TOTAL CORPORATE BONDS (Cost $47,818,661) | 48,117,258 | |||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 20.3% | Par | Value | ||||||
BANK | ||||||||
Series 2018-BN10, Class D, 2.60%, 02/15/2061(a) | 1,000,000 | 788,946 | ||||||
Series 2019-BN23, Class C, 3.50%, 12/15/2052(b) | 1,000,000 | 812,238 | ||||||
Series 2020-BN29, Class D, 2.50%, 11/15/2053(a) | 850,000 | 585,600 | ||||||
Series 2021-BN35, Class C, 2.90%, 06/15/2064(b) | 1,500,000 | 1,166,308 | ||||||
Series 2022-BN40, Class D, 2.50%, 03/15/2064(a) | 1,000,000 | 667,793 | ||||||
BBCMS Trust, Series 2022-C17, Class XA, 1.15%, 09/15/2055 (b)(c) | 14,945,785 | 1,103,038 | ||||||
Benchmark Mortgage Trust | ||||||||
Series 2021-B26, Class C, 2.87%, 06/15/2054(b) | 1,250,000 | 864,177 | ||||||
Series 2021-B27, Class XD, 1.49%, 07/15/2054(a)(b)(c) | 15,000,000 | 1,286,904 | ||||||
Series 2021-B29, Class C, 2.75%, 09/15/2054(b) | 1,250,000 | 947,248 | ||||||
Series 2024-V6, Class XA, 1.34%, 10/15/2028(b)(c) | 24,996,864 | 1,346,049 | ||||||
BMO Mortgage Trust, Series 2023-C7, Class XA, 0.81%, 12/15/2056 (a)(b)(c) | 24,995,391 | 1,369,960 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class C, 4.94%, 05/10/2049 (b) | 1,000,000 | 949,314 | ||||||
Computershare Corporate Trust | ||||||||
Series 2016-C37, Class D, 3.17%, 12/15/2049(a)(b) | 1,250,000 | 1,083,114 | ||||||
Series 2019-C49, Class D, 3.00%, 03/15/2052(a) | 1,500,000 | 1,176,519 | ||||||
GS Mortgage Securities Corp. II | ||||||||
Series 2012-BWTR, Class A, 2.95%, 11/05/2034(a) | 1,000,000 | 812,286 | ||||||
Series 2012-BWTR, Class B, 3.26%, 11/05/2034(a) | 478,000 | 256,522 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class D, 2.70%, 11/15/2052 (a) | 1,000,000 | 595,042 | ||||||
Morgan Stanley Capital I, Inc. | ||||||||
Series 2017-H1, Class C, 4.28%, 06/15/2050(b) | 1,500,000 | 1,333,645 | ||||||
Series 2017-HR2, Class C, 4.32%, 12/15/2050(b) | 1,400,000 | 1,248,120 | ||||||
Series 2019-H7, Class D, 3.00%, 07/15/2052(a) | 1,000,000 | 749,091 | ||||||
Series 2021-L5, Class C, 3.16%, 05/15/2054 | 1,385,000 | 1,113,112 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
Series 2015-C28, Class D, 4.08%, 05/15/2048(b) | 1,000,000 | 798,661 | ||||||
Series 2018-C43, Class C, 4.51%, 03/15/2051(b) | 1,250,000 | 1,117,087 | ||||||
Series 2019-C52, Class C, 3.56%, 08/15/2052 | 1,000,000 | 794,250 | ||||||
Series 2020-C57, Class C, 4.02%, 08/15/2053(b) | 1,500,000 | 1,293,816 | ||||||
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $24,521,354) | 24,258,840 | |||||||
COLLATERALIZED LOAN OBLIGATIONS - 12.9% | Par | Value | ||||||
Apidos CLO | ||||||||
Series 2013-12A, Class ER, 10.99% (3 mo. Term SOFR + 5.66%), 04/15/2031(a) | 1,000,000 | 992,585 | ||||||
Series 2019-31A, Class ER, 12.19% (3 mo. Term SOFR + 6.86%), 04/15/2031(a) | 1,000,000 | 1,000,588 | ||||||
ARES CLO | ||||||||
Series 2015-4A, Class CR, 8.24% (3 mo. Term SOFR + 2.91%), 10/15/2030(a) | 1,000,000 | 1,000,280 | ||||||
Series 2016-39A, Class DR2, 8.94% (3 mo. Term SOFR + 3.61%), 04/18/2031(a) | 1,000,000 | 998,312 | ||||||
Series 2018-47A, Class D, 8.29% (3 mo. Term SOFR + 2.96%), 04/15/2030(a) | 1,000,000 | 1,000,000 | ||||||
Blackstone, Inc., Series 2018-1A, Class D, 8.09% (3 mo. Term SOFR + 2.76%), 04/15/2031 (a) | 1,425,000 | 1,426,495 | ||||||
Buttermilk Park CLO, Series 2018-1A, Class D, 8.69% (3 mo. Term SOFR + 3.36%), 10/15/2031 (a) | 1,000,000 | 1,000,000 | ||||||
Gilbert Park CLO, Series 2017-1A, Class D, 8.54% (3 mo. Term SOFR + 3.21%), 10/15/2030 (a) | 1,000,000 | 1,008,969 | ||||||
Goldentree Loan Opportunities Ltd. | ||||||||
Series 2017-2A, Class E, 10.29% (3 mo. Term SOFR + 4.96%), 11/28/2030(a) | 1,000,000 | 1,008,600 | ||||||
Series 2022-16A, Class DR, 10.07% (3 mo. Term SOFR + 4.75%), 01/20/2034(a) | 1,000,000 | 1,018,747 | ||||||
LCM LP, Series 22A, Class CR, 8.39% (3 mo. Term SOFR + 3.06%), 10/20/2028 (a) | 1,000,000 | 1,003,003 | ||||||
Neuberger Berman CLO Ltd. | ||||||||
Series 2014-17A, Class ER2, 12.79% (3 mo. Term SOFR + 7.46%), 04/22/2029(a) | 1,000,000 | 1,003,134 | ||||||
Series 2018-27A, Class D, 8.19% (3 mo. Term SOFR + 2.86%), 01/15/2030(a) | 1,000,000 | 1,000,642 | ||||||
Series 2019-33A, Class DR, 8.49% (3 mo. Term SOFR + 3.16%), 10/16/2033(a) | 1,000,000 | 996,194 | ||||||
Series 2019-35A, Class E, 12.59% (3 mo. Term SOFR + 7.26%), 01/19/2033(a) | 1,000,000 | 1,004,526 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $14,913,131) | 15,462,075 | |||||||
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 7.2% | Par | Value | ||||||
Banc of America Alternative Loan Trust, Series 2006-2, Class 4CB1, 6.50%, 03/25/2036 | 1,196,068 | 953,304 | ||||||
Citimortgage Alternative Loan Trust | ||||||||
Series 2006-A5, Class 1A13, 5.89% (1 mo. Term SOFR + 0.56%), 10/25/2036 | 1,203,557 | 881,226 | ||||||
Series 2007-A1, Class 1A5, 6.00%, 01/25/2037 | 1,679,441 | 1,421,056 | ||||||
Countrywide Alternative Loan Trust, Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036 | 1,360,437 | 1,318,422 | ||||||
Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-17, Class A8, 6.00% (1 mo. Term SOFR + 0.66%), 12/25/2036 | 344,061 | 138,440 | ||||||
Credit Suisse Management, LLC, Series 2005-11, Class 3A3, 5.50%, 12/25/2035 | 355,704 | 145,351 | ||||||
Vericrest Opportunity Loan Transferee, Series 2021-NPL4, Class A2, 4.95%, 03/27/2051 (a)(d) | 355,809 | 320,516 | ||||||
WaMu Mortgage Pass Through Certificates | ||||||||
Series 2005-AR14, Class 1A2, 4.87%, 12/25/2035(b) | 1,234,175 | 1,104,430 | ||||||
Series 2006-AR12, Class 1A1, 4.48%, 10/25/2036(b) | 1,465,176 | 1,283,766 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6, Class A1, 6.08%, 10/25/2037 (b) | 1,163,260 | 1,084,402 | ||||||
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $9,120,751) | 8,650,913 | |||||||
U.S. TREASURY SECURITIES - 6.9% | Par | Value | ||||||
United States Treasury Notes/Bonds | ||||||||
4.25%, 11/15/2040 | 1,000,000 | 952,969 | ||||||
3.88%, 05/15/2043 | 2,000,000 | 1,780,234 | ||||||
4.38%, 08/15/2043 | 1,000,000 | 952,578 | ||||||
4.75%, 11/15/2043 | 2,300,000 | 2,300,000 | ||||||
4.50%, 02/15/2044 | 1,250,000 | 1,209,766 | ||||||
4.63%, 05/15/2044 | 1,000,000 | 986,484 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $8,496,532) | 8,182,031 | |||||||
ASSET-BACKED SECURITIES - 6.2% | Par | Value | ||||||
American Credit Acceptance Receivables Trust | ||||||||
Series 2021-2, Class E, 2.54%, 07/13/2027(a) | 1,000,000 | 975,818 | ||||||
Series 2021-3, Class E, 2.56%, 11/15/2027(a) | 1,000,000 | 970,483 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2A, Class E, 2.90%, 07/17/2028 (a) | 1,500,000 | 1,425,698 | ||||||
GLS Auto Receivables Trust | ||||||||
Series 2020-2A, Class D, 7.48%, 04/15/2027(a) | 1,225,000 | 1,232,851 | ||||||
Series 2021-2A, Class E, 2.87%, 05/15/2028(a) | 1,000,000 | 951,365 | ||||||
Series 2021-3A, Class E, 3.20%, 10/16/2028(a) | 1,000,000 | 932,343 | ||||||
Westlake Automobile Receivables Trust, Series 2021-3A, Class E, 3.42%, 04/15/2027 (a) | 1,000,000 | 964,694 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $7,432,474) | 7,453,252 | |||||||
MUNICIPAL BONDS - 5.5% | Par | Value | ||||||
Florida - 0.9% | ||||||||
City of Gainesville, FL Utilities System Revenue, 6.02%, 10/01/2040 | 1,000,000 | 1,046,681 | ||||||
Illinois - 0.6% | ||||||||
Metropolitan Pier & Exposition Authority, 0.00%, 06/15/2038 (e) | 1,250,000 | 655,743 | ||||||
Michigan - 0.9% | ||||||||
University of Michigan, 4.45%, 04/01/2122 | 1,221,000 | 992,421 | ||||||
Ohio - 0.9% | ||||||||
Ohio State University, 4.80%, 06/01/2111 | 1,250,000 | 1,093,158 | ||||||
Pennsylvania - 0.8% | ||||||||
Pennsylvania Turnpike Commission, 3.00%, 12/01/2042 | 1,250,000 | 991,086 | ||||||
Tennessee - 0.5% | ||||||||
New Memphis Arena Public Building Authority, 0.00%, 04/01/2043 (e) | 1,625,000 | 631,813 | ||||||
Texas - 0.7% | ||||||||
Port of Beaumont Industrial Development Authority, 4.10%, 01/01/2028 (a) | 1,000,000 | 859,556 | ||||||
Wisconsin - 0.2% | ||||||||
Public Finance Authority, 7.50%, 06/01/2029 (a) | 250,000 | 243,457 | ||||||
TOTAL MUNICIPAL BONDS (Cost $6,631,214) | 6,513,915 | |||||||
SHORT-TERM INVESTMENTS - 1.2% | ||||||||
Money Market Funds - 1.2% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.23%(f) | 1,402,197 | 1,402,197 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,402,197) | 1,402,197 | |||||||
TOTAL INVESTMENTS - 100.5% (Cost $120,336,314) | $ | 120,040,481 | ||||||
Liabilities in Excess of Other Assets - (0.5)% | (594,884 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 119,445,597 | ||||||
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 |
REIT - Real Estate Investment Trust |
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 May 31, 2024, the value of these securities total $57,327,547 or 48.0% 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 May 31, 2024. |
(c) | Interest only security. |
(d) | Step coupon bond. The rate disclosed is as of May 31, 2024. |
(e) | Zero coupon bonds make no periodic interest payments. |
(f) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Performance Trust Multisector Bond Fund
Notes to Schedule of Investments |
May 31, 2024 (Unaudited) |
Investment Valuation
Each equity security owned by a Fund that is listed on a securities exchange, except securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, a Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded. Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a “Pricing Service”).
Debt securities, such as U.S. government securities, corporate securities, municipal securities, collateralized loan obligations and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.
Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. In the event market quotations are not readily available, such security will be valued at its fair value, discussed below.
If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser’s fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Adviser will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures.
FASB Accounting Standards Codification, Fair Value Measurements and Disclosures Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out 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:
The Trust has adopted Statement of Financial Accounting Standards, “Fair Value Measurements and Disclosures,” which requires the Fund to classify its securities based on a valuation method. 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 Fund's investments carried at fair value as of May 31, 2024:
Performance Trust Multisector Bond Fund |
Notes to Schedule of Investments (Continued) |
May 31, 2024 (Unaudited) |
Performance Trust Multisector Bond Fund |
Schedule of Reverse Repurchase Agreements |
as of May 31, 2024 (Unaudited) |
Counterparty | Interest Rate | Trade Date | Maturity Date | Net Closing Amount | Face Value | ||||||||||
RBC Capital Markets | 5.60% | 5/7/2024 | 5/7/2025 | $ | 1,158,750 | $ | (1,158,750 | ) | |||||||
$ | 1,158,750 | $ | (1,158,750 | ) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Corporate Bonds | $ | – | $ | 48,117,258 | $ | – | $ | 48,117,258 | ||||||||
Non-Agency Commercial Mortgage Backed Securities | – | 24,258,840 | – | 24,258,840 | ||||||||||||
Collateralized Loan Obligations | – | 15,462,075 | – | 15,462,075 | ||||||||||||
Non-Agency Residential Mortgage Backed Securities | – | 8,650,913 | – | 8,650,913 | ||||||||||||
U.S. Treasury Securities | – | 8,182,031 | – | 8,182,031 | ||||||||||||
Asset-Backed Securities | – | 7,453,252 | – | 7,453,252 | ||||||||||||
Municipal Bonds | – | 6,513,915 | – | 6,513,915 | ||||||||||||
Money Market Funds | 1,402,197 | – | – | 1,402,197 | ||||||||||||
Total Investments | $ | 1,402,197 | $ | 118,638,284 | $ | – | $ | 120,040,481 | ||||||||
Liabilities: | ||||||||||||||||
Investments: | ||||||||||||||||
Reverse Repurchase Agreements | $ | – | $ | (1,158,750 | ) | $ | – | $ | (1,158,750 | ) | ||||||
Total Investments | $ | – | $ | (1,158,750 | ) | $ | – | $ | (1,158,750 | ) | ||||||
Refer to the Schedule of Investments for additional information. | ||||||||||||||||