| Performance Trust Short Term Bond ETF | |
| Schedule of Investments | |
| November 30, 2024 (Unaudited) | |
| | |
| COLLATERALIZED LOAN OBLIGATIONS - 24.0% | Par | | Value | |
AMMC CDO, Series 2016-18A, Class BR, 6.38% (3 mo. Term SOFR + 1.86%), 05/26/2031 (a) | | $ | 250,000 | | | $ | 250,285 | |
| ARES CLO | |
Series 2014-32RA, Class B, 6.59% (3 mo. Term SOFR + 2.06%), 05/15/2030 (a) | | | 250,000 | | | | 249,451 | |
Series 2015-4A, Class A3RR, 6.06% (3 mo. Term SOFR + 1.40%), 10/15/2030 (a) | | | 250,000 | | | | 250,045 | |
Blackstone, Inc., Series 2018-1A, Class D, 7.51% (3 mo. Term SOFR + 2.86%), 04/17/2030 (a) | | | 250,000 | | | | 249,689 | |
BlueMountain CLO Ltd., Series 2017-3A, Class C, 6.62% (3 mo. Term SOFR + 1.96%), 01/15/2030 (a) | | | 250,000 | | | | 250,010 | |
Galaxy CLO Ltd., Series 2018-26A, Class BR, 6.11% (3 mo. Term SOFR + 1.60%), 11/22/2031 (a) | | | 250,000 | | | | 250,019 | |
Invesco CLO Ltd., Series 2023-2A, Class D, 9.57% (3 mo. Term SOFR + 4.95%), 04/21/2036 (a) | | | 250,000 | | | | 252,203 | |
| Madison Park Funding Ltd. | |
Series 2016-24A, Class BR2, 6.17% (3 mo. Term SOFR + 1.55%), 10/20/2029 (a) | | | 225,000 | | | | 225,279 | |
Series 2016-24A, Class CR2, 6.67% (3 mo. Term SOFR + 2.05%), 10/20/2029 (a) | | | 250,000 | | | | 250,463 | |
Myers Park CLO, Series 2018-1A, Class B1, 6.48% (3 mo. Term SOFR + 1.86%), 10/20/2030 (a) | | | 310,000 | | | | 309,947 | |
Octagon Credit Investors LLC, Series 2022-1A, Class A1R, 6.24% (3 mo. Term SOFR + 1.75%), 11/16/2036 (a) | | | 250,000 | | | | 251,847 | |
Octagon Investment Partners XXII LLC, Series 2014-1A, Class DRR, 7.64% (3 mo. Term SOFR + 3.01%), 01/22/2030 (a) | | | 250,000 | | | | 249,516 | |
Voya CLO Ltd., Series 2016-3A, Class A3R2, 6.33% (3 mo. Term SOFR + 1.70%), 10/18/2031 (a) | | | 250,000 | | | | 250,122 | |
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $3,289,408) | | | | 3,288,876 | |
| | | | | | | | | |
| NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 20.9% | Par | | Value | |
| BANK5 | |
Series 2023-5YR3, Class B, 7.56%, 09/15/2056 (b) | | | 225,000 | | | | 238,525 | |
Series 2024-5YR6, Class XA, 0.98%, 05/15/2057 (a)(b)(c) | | | 9,998,273 | | | | 289,634 | |
Series 2024-5YR7, Class XA, 1.57%, 06/15/2057 (b)(c) | | | 4,799,570 | | | | 254,419 | |
Series 2024-5YR9, Class AS, 6.18%, 08/15/2057 (b) | | | 300,000 | | | | 310,753 | |
BBCMS Trust, Series 2024-5C27, Class XA, 1.04%, 07/15/2057 (a)(b)(c) | | | 8,397,485 | | | | 273,631 | |
Benchmark Mortgage Trust, Series 2021-B28, Class XA, 1.38%, 08/15/2054 (b)(c) | | | 5,000,880 | | | | 294,428 | |
Commercial Mortgage Pass Through Certificates, Series 2024-CBM, Class A2, 5.87%, 12/10/2041 (a)(b) | | | 250,000 | | | | 253,741 | |
| Computershare Corporate Trust | |
Series 2016-C37, Class D, 3.31%, 12/15/2049 (a)(b) | | | 250,000 | | | | 223,476 | |
Series 2018-C43, Class B, 4.25%, 03/15/2051 (b) | | | 250,000 | | | | 235,472 | |
Series 2019-C49, Class D, 3.00%, 03/15/2052 (a) | | | 250,000 | | | | 204,888 | |
| Morgan Stanley Capital I Trust, Series 2017-H1, Class B, 4.08%, 06/15/2050 | | | 300,000 | | | | 280,799 | |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $2,825,091) | | | | 2,859,766 | |
| | | | | | | | | |
| ASSET-BACKED SECURITIES - 19.1% | Par | | Value | |
American Credit Acceptance Receivables Trust, Series 2024-2, Class C, 6.24%, 04/12/2030 (a) | | | 250,000 | | | | 254,268 | |
| AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A2, 6.19%, 04/19/2027 | | | 100,599 | | | | 101,121 | |
CPS Auto Trust, Series 2023-A, Class C, 5.54%, 04/16/2029 (a) | | | 250,000 | | | | 250,746 | |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 06/15/2029 | | | 250,000 | | | | 254,116 | |
| GLS Auto Receivables Trust | |
Series 2023-2A, Class B, 5.52%, 11/15/2027 (a) | | | 250,000 | | | | 250,696 | |
Series 2023-2A, Class C, 5.69%, 03/15/2029 (a) | | | 250,000 | | | | 251,521 | |
| Santander Drive Auto Receivables Trust | |
| Series 2023-2, Class A3, 5.21%, 07/15/2027 | | | 136,430 | | | | 136,567 | |
| Series 2023-4, Class B, 5.77%, 12/15/2028 | | | 250,000 | | | | 253,460 | |
| Series 2024-2, Class A3, 5.63%, 11/15/2028 | | | 200,000 | | | | 202,044 | |
| Westlake Automobile Receivables Trust | |
Series 2021-1A, Class E, 2.33%, 08/17/2026 (a) | | | 250,000 | | | | 247,435 | |
Series 2021-2A, Class E, 2.38%, 03/15/2027 (a) | | | 250,000 | | | | 245,195 | |
Series 2023-3A, Class B, 5.92%, 09/15/2028 (a) | | | 170,000 | | | | 171,677 | |
TOTAL ASSET-BACKED SECURITIES (Cost $2,593,644) | | | | 2,618,846 | |
| | | | | | | | | |
| CORPORATE BONDS - 10.9% | Par | | Value | |
| Aerospace & Defense - 1.8% | |
Moog, Inc., 4.25%, 12/15/2027 (a) | | | 250,000 | | | | 240,358 | |
| | | | | | | | | |
| Banks - 5.3% | |
| Bank of America Corp., 6.30% to 03/10/2026 then 3 mo. Term SOFR + 4.81%, Perpetual | | | 175,000 | | | | 176,316 | |
| Bank OZK, 2.75% to 10/01/2026 then 3 mo. Term SOFR + 2.09%, 10/01/2031 | | | 200,000 | | | | 167,250 | |
| Pacific Premier Bancorp, Inc., 5.38% to 06/15/2025 then 3 mo. Term SOFR + 5.17%, 06/15/2030 | | | 138,000 | | | | 135,067 | |
| Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | | | 250,000 | | | | 241,250 | |
| | | | | | | | 719,883 | |
| | | | | | | | | |
| Consumer Finance - 2.5% | |
| Ford Motor Credit Co., LLC, 6.08% (SOFR + 1.45%), 11/05/2026 | | | 250,000 | | | | 250,761 | |
| OneMain Finance Corp., 5.38%, 11/15/2029 | | | 100,000 | | | | 97,245 | |
| | | | | | | | 348,006 | |
| | | | | | | | | |
| Media - 1.3% | |
Sirius XM Radio, Inc., 5.00%, 08/01/2027 (a) | | | 183,000 | | | | 179,639 | |
TOTAL CORPORATE BONDS (Cost $1,476,594) | | | | 1,487,886 | |
| | | | | | | | | |
| AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 8.6% | Par | | Value | |
| Freddie Mac Multifamily Structured Pass Through Certificates | |
Series K098, Class XAM, 1.52%, 08/25/2029 (b)(c) | | | 1,985,000 | | | | 113,970 | |
Series K107, Class X1, 1.71%, 01/25/2030 (b)(c) | | | 4,220,275 | | | | 283,530 | |
Series K115, Class X1, 1.42%, 06/25/2030 (b)(c) | | | 3,486,158 | | | | 206,628 | |
Series K165, Class X1, 0.60%, 09/25/2034 (b)(c) | | | 6,150,000 | | | | 301,336 | |
Series K744, Class X1, 0.96%, 07/25/2028 (b)(c) | | | 10,437,083 | | | | 273,296 | |
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $1,174,814) | | | | 1,178,760 | |
| | | | | | | | | |
| U.S. TREASURY SECURITIES - 7.3% | Par | | Value | |
| United States Treasury Notes/Bonds | |
| 3.88%, 05/15/2043 | | | 175,000 | | | | 162,015 | |
| 4.38%, 08/15/2043 | | | 175,000 | | | | 173,165 | |
| 4.75%, 11/15/2043 | | | 175,000 | | | | 181,583 | |
| United States Treasury Strip Principal | |
0.00%, 05/15/2042 (d) | | | 430,000 | | | | 199,306 | |
0.00%, 08/15/2042 (d) | | | 400,000 | | | | 182,636 | |
0.00%, 08/15/2044 (d) | | | 250,000 | | | | 103,313 | |
TOTAL U.S. TREASURY SECURITIES (Cost $969,439) | | | | 1,002,018 | |
| | | | | | | | | |
| NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 1.9% | Par | | Value | |
Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6, Class A1, 7.07%, 10/25/2037 (b) | | | 264,526 | | | | 255,096 | |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $249,667) | | | | 255,096 | |
| | | | | | | | | |
| MUNICIPAL BONDS - 1.8% | Par | | Value | |
| Oklahoma Development Finance Authority, 5.45%, 08/15/2028 (Obligor: Ou Medicine Obligated Grp) | | | 250,000 | | | | 241,831 | |
TOTAL MUNICIPAL BONDS (Cost $237,730) | | | | 241,831 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 6.6% | | | | | Value | |
| Money Market Funds - 2.3% | Shares | | | | | |
First American Government Obligations Fund - Class X, 4.56% (e) | | | 310,156 | | | | 310,156 | |
| | | | | | | | | |
| U.S. Treasury Bills - 4.3% | Par | | | | | |
4.66%, 12/17/2024 (f) | | | 250,000 | | | | 249,527 | |
5.04%, 03/20/2025 (f) | | | 350,000 | | | | 345,451 | |
| | | | | | | | 594,978 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $904,551) | | | | 905,134 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 101.1% (Cost $13,720,938) | | | | 13,838,213 | |
| Liabilities in Excess of Other Assets - (1.1)% | | | | (146,209 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 13,692,004 | |
| two | | | | – | % |
| Percentages are stated as a percent of net assets. | | | | – | % |
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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. | |
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 November 30, 2024:
