Performance Trust Municipal Bond Fund | ||||||||
Schedule of Investments | ||||||||
as of May 31, 2024 (Unaudited) | ||||||||
MUNICIPAL BONDS - 89.9% | Par | Value | ||||||
Alabama - 3.1% | ||||||||
Black Belt Energy Gas District | ||||||||
5.50%, 06/01/2049(a) | $ | 3,040,000 | $ | 3,209,417 | ||||
5.50%, 11/01/2053(a) | 2,815,000 | 2,964,074 | ||||||
5.50%, 10/01/2054(a) | 3,000,000 | 3,247,519 | ||||||
County of Jefferson, AL Sewer Revenue, 5.25%, 10/01/2040 | 1,000,000 | 1,100,143 | ||||||
Energy Southeast A Cooperative District | ||||||||
5.50%, 11/01/2053(a) | 4,000,000 | 4,285,348 | ||||||
5.75%, 04/01/2054(a) | 1,000,000 | 1,093,532 | ||||||
Southeast Energy Authority A Cooperative District, 5.50%, 01/01/2053 (a) | 5,660,000 | 6,000,739 | ||||||
21,900,772 | ||||||||
Alaska - 0.6% | ||||||||
Alaska Industrial Development & Export Authority, 5.25%, 06/01/2045 | 2,735,000 | 2,623,925 | ||||||
CIVIC Ventures, 5.00%, 09/01/2033 | 1,750,000 | 1,723,864 | ||||||
4,347,789 | ||||||||
Arizona - 1.6% | ||||||||
Arizona Department of Transportation State Highway Fund Revenue, 5.00%, 07/01/2027 | 2,000,000 | 2,001,293 | ||||||
Arizona Industrial Development Authority, 1.80%, 07/01/2024 | 175,000 | 174,338 | ||||||
City of Glendale, AZ, 5.00%, 07/01/2024 | 750,000 | 750,634 | ||||||
City of Phoenix, AZ, 4.00%, 07/01/2024 | 1,615,000 | 1,614,910 | ||||||
City of Phoenix, AZ Park Central Community Facilities District, 4.38%, 07/01/2024 | 415,000 | 414,407 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, 4.00%, 07/01/2026 (b) | 1,900,000 | 1,881,670 | ||||||
State of Arizona Distribution Revenue | ||||||||
5.50%, 07/01/2038 | 2,060,000 | 2,485,896 | ||||||
5.50%, 07/01/2042 | 1,545,000 | 1,857,682 | ||||||
11,180,830 | ||||||||
Arkansas - 0.2% | ||||||||
County of Pulaski, AR, 5.00%, 03/01/2039 | 1,025,000 | 1,100,917 | ||||||
California - 18.1% | ||||||||
Acton-Agua Dulce Unified School District, 0.00%, 05/01/2039 (c) | 2,000,000 | 1,029,796 | ||||||
Alhambra Unified School District, 0.00%, 08/01/2037 (c) | 11,000,000 | 6,606,502 | ||||||
Baldwin Park Unified School District, 0.00%, 08/01/2037 (c) | 1,000,000 | 585,291 | ||||||
Belmont-Redwood Shores School District, 0.00%, 08/01/2039 (c) | 4,000,000 | 2,120,753 | ||||||
California Educational Facilities Authority | ||||||||
5.00%, 03/15/2039 | 1,015,000 | 1,196,730 | ||||||
5.00%, 05/01/2049 | 5,000,000 | 5,787,545 | ||||||
California Health Facilities Financing Authority, 5.00%, 11/01/2047 | 4,250,000 | 4,797,704 | ||||||
California Infrastructure & Economic Development Bank, 3.95%, 01/01/2050 (a)(b)(d) | 2,000,000 | 2,000,009 | ||||||
California Municipal Finance Authority, 4.00%, 12/01/2026 (b) | 1,235,000 | 1,183,480 | ||||||
California Pollution Control Financing Authority | ||||||||
5.00%, 07/01/2037(b)(d) | 1,750,000 | 1,886,211 | ||||||
5.00%, 07/01/2038(b)(d) | 2,000,000 | 2,143,064 | ||||||
Campbell Union School District | ||||||||
0.00%, 08/01/2038(c) | 4,700,000 | 2,714,298 | ||||||
0.00%, 08/01/2039(c) | 4,700,000 | 2,575,354 | ||||||
City of San Diego, CA Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 950,000 | 942,300 | ||||||
Coachella Valley Unified School District | ||||||||
0.00%, 08/01/2035(c) | 795,000 | 519,859 | ||||||
0.00%, 08/01/2043(c) | 1,015,000 | 424,364 | ||||||
Dry Creek Joint Elementary School District, 0.00%, 08/01/2036 (c) | 3,375,000 | 2,109,698 | ||||||
El Rancho Unified School District, 0.00%, 08/01/2035 (c) | 350,000 | 228,368 | ||||||
Fowler Unified School District, 5.50%, 08/01/2053 | 4,945,000 | 5,447,536 | ||||||
Gateway Unified School District, 0.00%, 08/01/2037 (c) | 1,745,000 | 1,038,606 | ||||||
Hope Elementary School District | ||||||||
0.00%, 08/01/2036(c) | 500,000 | 314,418 | ||||||
0.00%, 08/01/2037(c) | 540,000 | 323,483 | ||||||
0.00%, 08/01/2038(c) | 500,000 | 283,984 | ||||||
0.00%, 08/01/2040(c) | 1,085,000 | 551,512 | ||||||
Inland Empire Tobacco Securitization Corp., 3.68%, 06/01/2038 | 3,070,000 | 2,903,096 | ||||||
Lakeside Union School District | ||||||||
0.00%, 08/01/2037(c) | 4,000,000 | 2,353,274 | ||||||
0.00%, 08/01/2038(c) | 4,035,000 | 2,253,902 | ||||||
0.00%, 08/01/2039(c) | 4,375,000 | 2,337,481 | ||||||
Lemon Grove School District, 0.00%, 08/01/2039 (c) | 910,000 | 485,475 | ||||||
Los Angeles Department of Water & Power, 5.00%, 07/01/2024 | 2,000,000 | 2,001,928 | ||||||
Manhattan Beach Unified School District | ||||||||
0.00%, 09/01/2038(c) | 2,700,000 | 1,537,517 | ||||||
0.00%, 09/01/2040(c) | 2,085,000 | 1,063,313 | ||||||
0.00%, 09/01/2041(c) | 1,295,000 | 624,095 | ||||||
Millbrae School District, 0.00%, 07/01/2039 (c) | 1,735,000 | 957,921 | ||||||
Mount San Antonio Community College District, 0.00%, 08/01/2043 | 1,395,000 | 1,334,841 | ||||||
M-S-R Energy Authority | ||||||||
6.50%, 11/01/2039 | 3,830,000 | 4,740,710 | ||||||
6.50%, 11/01/2039 | 2,695,000 | 3,335,826 | ||||||
Newport Mesa Unified School District | ||||||||
0.00%, 08/01/2037(c) | 100,000 | 61,234 | ||||||
0.00%, 08/01/2038(c) | 1,000,000 | 581,535 | ||||||
Norwalk-La Mirada Unified School District, 0.00%, 08/01/2038 (c) | 680,000 | 387,567 | ||||||
Oceanside Unified School District | ||||||||
0.00%, 08/01/2035(c) | 135,000 | 87,317 | ||||||
0.00%, 08/01/2036(c) | 370,000 | 228,271 | ||||||
0.00%, 08/01/2037(c) | 810,000 | 475,310 | ||||||
0.00%, 08/01/2039(c) | 435,000 | 228,648 | ||||||
Paramount Unified School District, 0.00%, 08/01/2037 (c) | 630,000 | 374,969 | ||||||
Placentia-Yorba Linda Unified School District, 0.00%, 08/01/2041 (c) | 5,325,000 | 2,590,279 | ||||||
Poway Unified School District | ||||||||
0.00%, 08/01/2037(c) | 6,320,000 | 3,788,438 | ||||||
0.00%, 08/01/2038(c) | 6,445,000 | 3,658,602 | ||||||
0.00%, 08/01/2040(c) | 4,905,000 | 2,491,727 | ||||||
0.00%, 08/01/2046(c) | 12,165,000 | 4,263,454 | ||||||
Rowland Unified School District, 0.00%, 08/01/2041 (c) | 5,145,000 | 2,506,930 | ||||||
San Bernardino City Unified School District, 0.00%, 08/01/2035 (c) | 250,000 | 164,195 | ||||||
San Bernardino Community College District | ||||||||
0.00%, 08/01/2038(c) | 210,000 | 115,884 | ||||||
0.00%, 08/01/2044(c) | 12,485,000 | 5,023,328 | ||||||
San Diego Community College District | ||||||||
0.00%, 08/01/2039(c) | 8,525,000 | 4,636,671 | ||||||
0.00%, 08/01/2041(c) | 1,860,000 | 904,774 | ||||||
San Diego Unified School District | ||||||||
0.00%, 07/01/2037(c) | 595,000 | 362,616 | ||||||
0.00%, 07/01/2038(c) | 1,655,000 | 957,217 | ||||||
0.00%, 07/01/2040(c) | 7,760,000 | 4,025,742 | ||||||
0.00%, 07/01/2041(c) | 7,870,000 | 3,863,883 | ||||||
0.00%, 07/01/2041 | 3,045,000 | 2,872,499 | ||||||
Santa Barbara Secondary High School District, 0.00%, 08/01/2040 (c) | 6,365,000 | 3,221,922 | ||||||
St Helena Unified School District, 0.00%, 06/01/2036 | 2,805,000 | 3,398,117 | ||||||
West Contra Costa Unified School District, 0.00%, 08/01/2036 (c) | 5,995,000 | 3,694,204 | ||||||
127,705,577 | ||||||||
Colorado - 2.2% | ||||||||
City & County of Denver, CO Airport System Revenue | ||||||||
5.75%, 11/15/2036(d) | 6,325,000 | 7,530,737 | ||||||
5.75%, 11/15/2041(d) | 5,790,000 | 6,506,401 | ||||||
City of Fruita, CO Healthcare Revenue, 5.00%, 01/01/2028 | 575,000 | 554,820 | ||||||
Colorado Bridge & Tunnel Enterprise, 5.00%, 12/01/2042 | 1,000,000 | 1,084,495 | ||||||
15,676,453 | ||||||||
Connecticut - 0.4% | ||||||||
State of Connecticut Special Tax Revenue, 5.25%, 07/01/2040 | 2,500,000 | 2,799,086 | ||||||
Delaware - 0.1% | ||||||||
Delaware Transportation Authority, 5.00%, 07/01/2024 | 950,000 | 950,727 | ||||||
District of Columbia - 1.2% | ||||||||
District of Columbia | ||||||||
5.00%, 06/01/2024 | 1,915,000 | 1,915,000 | ||||||
5.50%, 07/01/2047 | 6,045,000 | 6,705,932 | ||||||
8,620,932 | ||||||||
Florida - 5.0% | ||||||||
Bay County School Board | ||||||||
5.50%, 07/01/2041 | 1,315,000 | 1,445,792 | ||||||
5.50%, 07/01/2042 | 1,300,000 | 1,424,672 | ||||||
City of Fort Lauderdale, FL Water & Sewer Revenue, 5.50%, 09/01/2048 | 1,500,000 | 1,666,386 | ||||||
City of Fort Myers, FL Utility System Revenue, 5.50%, 10/01/2049 | 5,000,000 | 5,543,637 | ||||||
City of Lakeland, FL Department of Electric Utilities | ||||||||
5.00%, 10/01/2037 | 1,925,000 | 2,214,666 | ||||||
5.00%, 10/01/2038 | 1,565,000 | 1,778,420 | ||||||
County of Miami-Dade, FL | ||||||||
0.00%, 10/01/2040(c) | 5,000,000 | 2,400,424 | ||||||
0.00%, 10/01/2041(c) | 1,795,000 | 812,257 | ||||||
0.00%, 10/01/2042(c) | 1,505,000 | 641,662 | ||||||
0.00%, 10/01/2045(c) | 4,500,000 | 1,646,288 | ||||||
County of Miami-Dade, FL Seaport Department | ||||||||
5.00%, 10/01/2036(d) | 1,715,000 | 1,818,334 | ||||||
5.00%, 10/01/2038(d) | 5,370,000 | 5,679,303 | ||||||
County of Sarasota, FL Utility System Revenue, 5.25%, 10/01/2047 | 2,500,000 | 2,710,796 | ||||||
Florida Development Finance Corp. | ||||||||
5.50%, 09/15/2025(b) | 570,000 | 560,962 | ||||||
5.00%, 09/15/2040(b) | 2,050,000 | 1,917,443 | ||||||
JEA Water & Sewer System Revenue, 5.00%, 10/01/2024 | 3,085,000 | 3,097,848 | ||||||
35,358,890 | ||||||||
Georgia - 2.8% | ||||||||
City of Conyers, GA, 4.30%, 03/01/2031 | 1,185,000 | 1,073,776 | ||||||
Georgia Ports Authority, 5.00%, 07/01/2041 | 4,145,000 | 4,512,465 | ||||||
Main Street Natural Gas, Inc., 5.00%, 05/01/2054 (a) | 5,040,000 | 5,331,012 | ||||||
State of Georgia | ||||||||
5.00%, 07/01/2024 | 8,110,000 | 8,117,173 | ||||||
5.00%, 07/01/2024 | 1,025,000 | 1,025,906 | ||||||
20,060,332 | ||||||||
Hawaii - 0.6% | ||||||||
Honolulu City & County Board of Water Supply, 4.00%, 07/01/2032 | 4,035,000 | 4,035,172 | ||||||
Illinois - 1.7% | ||||||||
Chicago O'Hare International Airport, 5.25%, 01/01/2039 | 1,190,000 | 1,303,959 | ||||||
City of Joliet, IL, 5.50%, 12/15/2042 | 2,270,000 | 2,487,947 | ||||||
Metropolitan Pier & Exposition Authority, 0.00%, 12/15/2036 (c) | 6,500,000 | 3,791,075 | ||||||
Will County School District No. 114 Manhattan, 5.50%, 01/01/2045 | 3,765,000 | 4,097,251 | ||||||
11,680,232 | ||||||||
Indiana - 7.7% | ||||||||
Avon Community School Building Corp. | ||||||||
5.50%, 07/15/2040 | 1,115,000 | 1,263,064 | ||||||
5.50%, 07/15/2041 | 1,370,000 | 1,543,602 | ||||||
5.50%, 01/15/2043 | 2,750,000 | 3,064,430 | ||||||
Clark-Pleasant Community School Building Corp., 5.25%, 01/15/2042 | 2,500,000 | 2,737,404 | ||||||
Fishers Town Hall Building Corp. | ||||||||
5.50%, 07/15/2038 | 1,030,000 | 1,161,424 | ||||||
5.50%, 07/15/2039 | 700,000 | 787,638 | ||||||
5.50%, 07/15/2040 | 1,500,000 | 1,677,453 | ||||||
5.50%, 07/15/2043 | 2,000,000 | 2,217,079 | ||||||
Fort Wayne Redevelopment Authority, 5.00%, 12/15/2041 | 2,040,000 | 2,189,300 | ||||||
Greater Clark Building Corp. | ||||||||
6.00%, 07/15/2038 | 6,050,000 | 7,079,713 | ||||||
6.00%, 01/15/2042 | 5,655,000 | 6,475,930 | ||||||
6.00%, 01/15/2043 | 1,135,000 | 1,313,423 | ||||||
Greater Clark County School Building Corp., 5.00%, 07/15/2041 | 1,250,000 | 1,357,359 | ||||||
Indianapolis Local Public Improvement Bond Bank, 6.00%, 02/01/2048 | 8,750,000 | 10,006,957 | ||||||
IPS Multi-School Building Corp., 5.50%, 07/15/2042 | 1,250,000 | 1,392,863 | ||||||
Lake Ridge Multi-School Building Corp., 5.50%, 07/15/2040 | 1,805,000 | 1,998,821 | ||||||
Noblesville High School Building Corp. | ||||||||
6.00%, 07/15/2038 | 360,000 | 426,446 | ||||||
6.00%, 07/15/2040 | 500,000 | 587,646 | ||||||
6.00%, 01/15/2043 | 1,015,000 | 1,177,935 | ||||||
Tippecanoe County School Building Corp., 6.00%, 01/15/2042 | 950,000 | 1,089,334 | ||||||
Tri-Creek High School Building Corp., 5.50%, 07/15/2040 | 4,260,000 | 4,759,466 | ||||||
54,307,287 | ||||||||
Iowa - 0.7% | ||||||||
Iowa Tobacco Settlement Authority, 4.00%, 06/01/2049 | 4,680,000 | 4,554,979 | ||||||
Kentucky - 1.2% | ||||||||
County of Trimble, KY, 1.30%, 09/01/2044 (a)(d) | 3,500,000 | 3,169,207 | ||||||
Kentucky Economic Development Finance Authority, 5.00%, 05/15/2026 | 425,000 | 416,588 | ||||||
Kentucky Public Energy Authority, 5.00%, 05/01/2055 (a) | 1,050,000 | 1,097,678 | ||||||
Kentucky State Property & Building Commission | ||||||||
5.50%, 11/01/2041 | 1,215,000 | 1,356,435 | ||||||
5.50%, 11/01/2042 | 2,050,000 | 2,290,286 | ||||||
8,330,194 | ||||||||
Louisiana - 0.6% | ||||||||
Ernest N Morial New Orleans Exhibition Hall Authority, 5.00%, 07/15/2039 | 2,210,000 | 2,415,509 | ||||||
Louisiana Stadium & Exposition District, 5.00%, 07/01/2039 | 1,675,000 | 1,826,460 | ||||||
4,241,969 | ||||||||
Maryland - 2.0% | ||||||||
County of Anne Arundel MD, 5.00%, 10/01/2024 | 825,000 | 829,059 | ||||||
Maryland Stadium Authority, 5.00%, 05/01/2050 | 5,775,000 | 6,241,682 | ||||||
State of Maryland | ||||||||
5.00%, 08/01/2024 | 4,120,000 | 4,128,069 | ||||||
5.00%, 08/01/2024 | 2,645,000 | 2,650,180 | ||||||
13,848,990 | ||||||||
Massachusetts - 0.9% | ||||||||
Massachusetts Clean Water Trust, 5.00%, 08/01/2024 | 2,255,000 | 2,259,453 | ||||||
Massachusetts Development Finance Agency, 5.00%, 07/15/2040 | 3,750,000 | 4,395,150 | ||||||
6,654,603 | ||||||||
Michigan - 1.1% | ||||||||
Lansing Board of Water & Light, 5.00%, 07/01/2043 | 1,795,000 | 1,962,744 | ||||||
Michigan Finance Authority, 3.27%, 06/01/2039 | 6,100,000 | 5,608,954 | ||||||
7,571,698 | ||||||||
Minnesota - 0.1% | ||||||||
City of Minneapolis, MN, 5.75%, 07/01/2055 | 1,000,000 | 850,157 | ||||||
Missouri - 0.4% | ||||||||
Jackson County School District No. R-IV Blue Springs, 5.50%, 03/01/2044 | 2,280,000 | 2,586,726 | ||||||
Nevada - 0.7% | ||||||||
Las Vegas Convention & Visitors Authority, 5.00%, 07/01/2038 | 3,000,000 | 3,262,814 | ||||||
State of Nevada Department of Business & Industry, 8.13%, 01/01/2050 (a)(b)(d) | 1,500,000 | 1,549,835 | ||||||
4,812,649 | ||||||||
New Jersey - 1.0% | ||||||||
New Jersey Economic Development Authority, 5.50%, 01/01/2027 (d) | 300,000 | 300,292 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
0.00%, 12/15/2037(c) | 3,395,000 | 1,934,793 | ||||||
0.00%, 12/15/2038(c) | 1,125,000 | 608,499 | ||||||
0.00%, 12/15/2038(c) | 1,050,000 | 559,911 | ||||||
0.00%, 12/15/2039(c) | 7,635,000 | 3,851,627 | ||||||
7,255,122 | ||||||||
New Mexico - 0.3% | ||||||||
City of Albuquerque, NM | ||||||||
5.00%, 07/01/2024 | 1,335,000 | 1,336,075 | ||||||
5.00%, 07/01/2024 | 1,000,000 | 1,000,805 | ||||||
2,336,880 | ||||||||
New York - 5.0% | ||||||||
Build NYC Resource Corp. | ||||||||
4.00%, 06/15/2031(b) | 600,000 | 570,248 | ||||||
4.00%, 06/15/2041(b) | 1,350,000 | 1,149,269 | ||||||
City of New York, NY, 5.00%, 08/01/2024 | 2,550,000 | 2,555,119 | ||||||
New York City Transitional Finance Authority, 5.50%, 05/01/2044 | 3,575,000 | 4,033,309 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.50%, 11/01/2045 | 8,825,000 | 9,815,030 | ||||||
New York State Dormitory Authority | ||||||||
5.00%, 10/01/2047 | 4,235,000 | 4,848,575 | ||||||
5.00%, 10/01/2048 | 4,000,000 | 4,571,678 | ||||||
Port Authority of New York & New Jersey, 5.00%, 07/15/2037 (d) | 3,000,000 | 3,219,382 | ||||||
Triborough Bridge & Tunnel Authority, 5.00%, 05/15/2052 | 4,065,000 | 4,688,155 | ||||||
35,450,765 | ||||||||
North Carolina - 2.4% | ||||||||
City of Winston-Salem, NC Water & Sewer System Revenue, 5.00%, 06/01/2030 | 1,000,000 | 1,000,000 | ||||||
North Carolina Medical Care Commission | ||||||||
3.75%, 10/01/2028 | 550,000 | 545,641 | ||||||
4.25%, 10/01/2028 | 250,000 | 250,789 | ||||||
University of North Carolina at Chapel Hill | ||||||||
5.00%, 02/01/2045 | 5,785,000 | 6,436,102 | ||||||
5.00%, 02/01/2049 | 6,325,000 | 6,998,139 | ||||||
Watauga Public Facilities Corp., 5.25%, 06/01/2042 | 1,250,000 | 1,368,913 | ||||||
16,599,584 | ||||||||
North Dakota - 0.4% | ||||||||
Cass County Joint Water Resource District, 3.45%, 04/01/2027 | 3,000,000 | 2,965,635 | ||||||
Ohio - 1.9% | ||||||||
City of Columbus, OH, 5.00%, 08/15/2024 | 6,930,000 | 6,946,085 | ||||||
County of Hamilton, OH, 5.00%, 11/15/2049 | 6,095,000 | 6,755,424 | ||||||
13,701,509 | ||||||||
Oregon - 0.4% | ||||||||
Port of Portland, OR Airport Revenue, 5.00%, 07/01/2037 (d) | 2,000,000 | 2,162,100 | ||||||
State of Oregon, 5.00%, 08/01/2024 | 770,000 | 771,446 | ||||||
2,933,546 | ||||||||
Pennsylvania - 4.2% | ||||||||
Allegheny County Sanitary Authority, 5.75%, 06/01/2047 | 6,835,000 | 7,653,858 | ||||||
City of Philadelphia, PA Water & Wastewater Revenue, 5.50%, 06/01/2047 | 2,365,000 | 2,596,317 | ||||||
Commonwealth of Pennsylvania, 5.00%, 07/15/2024 | 8,185,000 | 8,196,127 | ||||||
Delaware Valley Regional Finance Authority, 4.53% (1 mo. Term SOFR + 0.88%), 09/01/2048 | 1,000,000 | 1,000,000 | ||||||
Pennsylvania Turnpike Commission | ||||||||
5.00%, 12/01/2041 | 3,000,000 | 3,305,073 | ||||||
5.25%, 12/01/2041 | 1,000,000 | 1,124,696 | ||||||
5.25%, 12/01/2042 | 1,000,000 | 1,110,667 | ||||||
Southeastern Pennsylvania Transportation Authority | ||||||||
5.00%, 06/01/2024 | 1,665,000 | 1,665,000 | ||||||
5.25%, 06/01/2041 | 2,585,000 | 2,856,506 | ||||||
29,508,244 | ||||||||
Puerto Rico - 1.0% | ||||||||
Commonwealth of Puerto Rico | ||||||||
0.00%, 07/01/2024(c) | 99,093 | 98,744 | ||||||
0.00%, 07/01/2033(c) | 189,697 | 125,983 | ||||||
4.00%, 07/01/2037 | 113,718 | 110,329 | ||||||
4.00%, 07/01/2041 | 154,613 | 143,717 | ||||||
0.00%, 11/01/2043(a) | 651,922 | 405,006 | ||||||
4.00%, 07/01/2046 | 160,797 | 145,431 | ||||||
GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | 2,354,799 | 2,292,986 | ||||||
Puerto Rico Highway & Transportation Authority, 5.85%, 03/01/2027 | 1,395,000 | 1,388,025 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | ||||||||
0.00%, 07/01/2024(c) | 872,000 | 869,410 | ||||||
0.00%, 07/01/2029(c) | 1,589,000 | 1,313,843 | ||||||
6,893,474 | ||||||||
Rhode Island - 1.1% | ||||||||
Rhode Island Health and Educational Building Corp. | ||||||||
5.50%, 05/15/2042 | 3,335,000 | 3,683,813 | ||||||
5.50%, 05/15/2047 | 4,000,000 | 4,381,251 | ||||||
8,065,064 | ||||||||
South Carolina - 2.0% | ||||||||
County of Horry, SC, 5.25%, 09/01/2047 | 4,000,000 | 4,328,905 | ||||||
Patriots Energy Group Financing Agency, 5.25%, 02/01/2054 (a) | 6,000,000 | 6,421,628 | ||||||
South Island Public Service District, 5.25%, 04/01/2042 | 3,325,000 | 3,621,408 | ||||||
14,371,941 | ||||||||
Tennessee - 1.2% | ||||||||
Metropolitan Government of Nashville & Davidson County | ||||||||
5.00%, 07/01/2024 | 1,930,000 | 1,931,692 | ||||||
5.00%, 07/01/2024 | 1,110,000 | 1,110,850 | ||||||
5.00%, 05/15/2042 | 1,500,000 | 1,660,288 | ||||||
Metropolitan Nashville Airport Authority | ||||||||
5.25%, 07/01/2035(d) | 1,500,000 | 1,653,937 | ||||||
5.50%, 07/01/2037(d) | 1,650,000 | 1,837,489 | ||||||
8,194,256 | ||||||||
Texas - 7.3% | ||||||||
Board of Regents of the University of Texas System, 5.00%, 08/15/2049 | 690,000 | 774,624 | ||||||
City of Austin, TX Water & Wastewater System Revenue | ||||||||
5.00%, 11/15/2040 | 1,225,000 | 1,345,859 | ||||||
5.00%, 11/15/2041 | 1,700,000 | 1,856,361 | ||||||
City of Houston, TX Airport System Revenue, 5.25%, 07/01/2039 (d) | 2,745,000 | 2,998,739 | ||||||
City of San Antonio, TX Electric & Gas Systems Revenue | ||||||||
5.00%, 02/01/2039 | 3,265,000 | 3,591,061 | ||||||
5.25%, 02/01/2040 | 6,000,000 | 6,665,007 | ||||||
Colony Economic Development Corp., 7.25%, 10/01/2042 | 1,500,000 | 1,436,082 | ||||||
Colony Local Development Corp., 7.25%, 10/01/2033 | 700,000 | 694,228 | ||||||
Denton Independent School District | ||||||||
5.00%, 08/15/2024 | 1,690,000 | 1,693,786 | ||||||
4.00%, 08/15/2032 | 3,035,000 | 3,041,690 | ||||||
Leander Independent School District, 0.00%, 08/15/2049 (c) | 6,000,000 | 1,503,401 | ||||||
Lower Colorado River Authority | ||||||||
5.50%, 05/15/2047 | 5,000,000 | 5,430,459 | ||||||
5.50%, 05/15/2048 | 3,000,000 | 3,276,633 | ||||||
North Texas Tollway Authority | ||||||||
0.00%, 01/01/2036(c) | 1,300,000 | 833,814 | ||||||
0.00%, 01/01/2038(c) | 1,055,000 | 615,193 | ||||||
Permanent University Fund - University of Texas System, 5.00%, 07/01/2024 | 890,000 | 890,787 | ||||||
Port of Beaumont Industrial Development Authority, 4.10%, 01/01/2028 (b) | 3,000,000 | 2,578,668 | ||||||
Port of Beaumont Navigation District, 10.00%, 07/01/2026 (b) | 1,500,000 | 1,500,000 | ||||||
Pottsboro Higher Education Finance Corp., 2.00%, 08/15/2040 | 775,000 | 526,982 | ||||||
Prosper Independent School District, 5.00%, 02/15/2042 | 5,000,000 | 5,463,263 | ||||||
West Harris County Regional Water Authority, 5.50%, 12/15/2042 | 4,500,000 | 4,993,469 | ||||||
51,710,106 | ||||||||
Utah - 1.9% | ||||||||
City of Salt Lake City, UT Airport Revenue | ||||||||
5.25%, 07/01/2037(d) | 500,000 | 552,000 | ||||||
5.25%, 07/01/2038(d) | 1,255,000 | 1,377,088 | ||||||
5.25%, 07/01/2039(d) | 1,060,000 | 1,157,983 | ||||||
5.25%, 07/01/2041(d) | 600,000 | 649,059 | ||||||
Wasatch County School District Local Building Authority, 5.50%, 06/01/2047 | 7,570,000 | 8,202,893 | ||||||
Wildflower Improvement Association, 6.63%, 03/01/2031 (b) | 1,248,857 | 1,194,433 | ||||||
13,133,456 | ||||||||
Virginia - 0.8% | ||||||||
City of Alexandria, VA, 5.00%, 07/01/2024 | 2,010,000 | 2,011,778 | ||||||
Virginia Beach Development Authority, 5.38%, 09/01/2029 | 2,000,000 | 2,073,581 | ||||||
Virginia Public Building Authority, 5.00%, 08/01/2024 | 1,175,000 | 1,177,263 | ||||||
5,262,622 | ||||||||
Washington - 5.4% | ||||||||
Central Puget Sound Regional Transit Authority, 5.00%, 11/01/2046 | 10,000,000 | 11,271,077 | ||||||
County of King WA, Sewer Revenue, 5.00%, 01/01/2047 | 6,440,000 | 6,444,420 | ||||||
King & Snohomish Counties School District No. 417 Northshore, 5.00%, 12/01/2042 | 5,000,000 | 5,536,360 | ||||||
State of Washington | ||||||||
5.00%, 06/01/2024 | 2,865,000 | 2,865,000 | ||||||
5.00%, 07/01/2024 | 1,905,000 | 1,906,519 | ||||||
5.00%, 07/01/2024 | 1,705,000 | 1,706,360 | ||||||
5.00%, 08/01/2024 | 2,160,000 | 2,163,772 | ||||||
5.00%, 08/01/2024 | 1,410,000 | 1,412,463 | ||||||
5.00%, 06/01/2045 | 4,000,000 | 4,364,490 | ||||||
Washington State Housing Finance Commission, 5.00%, 01/01/2055 (b) | 500,000 | 380,613 | ||||||
38,051,074 | ||||||||
Wisconsin - 0.6% | ||||||||
Public Finance Authority | ||||||||
5.50%, 12/15/2028(b) | 2,000,000 | 2,000,715 | ||||||
7.50%, 06/01/2029(b) | 2,000,000 | 1,947,654 | ||||||
3,948,369 | ||||||||
TOTAL MUNICIPAL BONDS (Cost $629,195,667) | 633,558,608 | |||||||
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.4% | Par | Value | ||||||
California Housing Finance Agency, Series 2021-2, Class X, 0.82%, 03/25/2035 (e) | 41,023,137 | 1,877,219 | ||||||
Freddie Mac Multifamily ML Certificates | ||||||||
Series 2019-ML05, Class XCA, 0.25%, 11/25/2033(a)(e) | 45,341,195 | 766,266 | ||||||
Series 2019-ML06, Class XUS, 1.13%, 06/25/2037(a)(b)(e) | 10,515,766 | 815,708 | ||||||
Series 2020-ML07, Class XUS, 2.00%, 10/25/2036(a)(b)(e) | 15,016,262 | 2,104,079 | ||||||
Series 2021-ML08, Class XUS, 1.85%, 07/25/2037(e) | 34,479,359 | 4,477,835 | ||||||
Series 2021-ML09, Class XUS, 1.49%, 02/25/2040(a)(b)(e) | 38,462,185 | 4,454,690 | ||||||
Series 2021-ML10, Class XUS, 2.06%, 01/25/2038(a)(b)(e) | 18,507,867 | 2,644,774 | ||||||
Series 2021-ML10, Class XUS, 1.52%, 06/25/2038(a)(b)(e) | 50,116,603 | 5,648,642 | ||||||
Series 2021-ML11, Class XUS, 0.77%, 03/25/2038(b)(e) | 90,910,401 | 4,669,158 | ||||||
Series 2021-ML12, Class XUS, 1.30%, 07/25/2041(a)(b)(e) | 24,725,280 | 2,348,654 | ||||||
Series 2022-ML13, Class XUS, 0.95%, 07/25/2036(a)(e) | 82,982,401 | 4,388,939 | ||||||
Series 2022-ML13, Class XUS, 0.98%, 09/25/2036(e) | 53,100,377 | 3,484,978 | ||||||
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $41,806,479) | 37,680,942 | |||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.8% | Par | Value | ||||||
California Housing Finance Agency | ||||||||
Series 2021-1, Class X, 0.80%, 11/20/2035(e) | 48,421,971 | 2,312,149 | ||||||
Series 2021-3, Class X, 0.79%, 08/20/2036(e) | 25,278,742 | 1,267,729 | ||||||
New Hampshire Business Finance Authority | ||||||||
Series 2022-2, Class X, 0.65%, 10/20/2036(e) | 67,278,478 | 3,139,887 | ||||||
Series 2023-2, Class X, 0.75%, 01/20/2038(a)(e) | 60,000,000 | 3,339,600 | ||||||
Washington State Housing Finance Commission, Series 2021-1, Class X, 0.73%, 12/20/2035 (a)(e) | 65,356,790 | 2,844,327 | ||||||
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $13,738,625) | 12,903,692 | |||||||
CORPORATE BONDS - 0.4% | Par | Value | ||||||
Real Estate Management & Development - 0.4% | ||||||||
MMH Master LLC, 6.38%, 02/01/2034 (b) | 3,000,000 | 3,027,819 | ||||||
TOTAL CORPORATE BONDS (Cost $3,007,326) | 3,027,819 | |||||||
SHORT-TERM INVESTMENTS - 1.5% | ||||||||
Money Market Funds - 1.5% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.23%(f) | 10,806,193 | 10,806,193 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,806,193) | 10,806,193 | |||||||
TOTAL INVESTMENTS - 99.0% (Cost $698,554,290) | $ | 697,977,254 | ||||||
Other Assets in Excess of Liabilities - 1.0% | 7,023,349 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 705,000,603 | ||||||
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 May 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 May 31, 2024, the value of these securities total $50,157,798 or 7.1% 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 May 31, 2024, the total value of securities subject to the AMT was $48,191,170 or 6.8% of net assets. |
(e) | Interest only security. |
(f) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Performance Trust Municipal 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 Municipal Bond Fund | ||||||||||||||||
Notes to Schedule of Investments (Continued) | ||||||||||||||||
May 31, 2024 (Unaudited) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Municipal Bonds | $ | – | $ | 633,558,608 | $ | – | $ | 633,558,608 | ||||||||
Agency Commercial Mortgage Backed Securities | – | 37,680,942 | – | 37,680,942 | ||||||||||||
Non-Agency Commercial Mortgage Backed Securities | – | 12,903,692 | – | 12,903,692 | ||||||||||||
Corporate Bonds | – | 3,027,819 | – | 3,027,819 | ||||||||||||
Money Market Funds | 10,806,193 | – | – | 10,806,193 | ||||||||||||
Total Investments | $ | 10,806,193 | $ | 687,171,061 | $ | – | $ | 697,977,254 | ||||||||
Refer to the Schedule of Investments for additional information. | ||||||||||||||||