UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10401

Trust for Professional Managers
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI  53202
(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

 615 East Michigan Street

Milwaukee, WI  53202
(Name and address of agent for service)

(513) 629-8104

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2022

Date of reporting period:  February 28, 2022

Item 1. Reports to Stockholders.

(a)

Semi-Annual Report  |  February 28, 2022

Performance Trust Strategic Bond Fund

(Symbols: PTIAX, PTAOX, PTCOX),

Performance Trust Municipal Bond Fund

(Symbols: PTIMX, PTRMX) and

Performance Trust Credit Fund

(Symbol: PTCRX)

^© 2022 PT Asset Management, LLC. All Rights Reserved.

LETTER FROM THE INVESTMENT ADVISER

Dear Fellow Shareholders:

Institutional Class of Performance Trust Strategic Bond Fund (PTIAX)

Semi-Annual Management Discussion and Analysis

For the six-month period ended February 28, 2022, the Institutional Class of Performance Trust Strategic Bond Fund (“PTIAX” or the “Fund”) posted a return of -3.03%, assuming all dividends were reinvested into the Fund. The Bloomberg U.S. Aggregate Bond Index (“Index”) returned -4.07%, and the Morningstar Intermediate Core-Plus Bond Fund category returned -4.10% over the same period.

Interest rates rose significantly during the period with Treasury yield increases accelerating during the final two months in January and February. The Treasury selloff was most intense at the front end of the curve with 2-year Treasuries up 122 basis points (1.22%) while 10-year Treasuries were up 52 basis points (0.52%). The rise in interest rates coincided with weak performance in equity markets and significantly wider credit spreads. Risk markets became increasing concerned with rising inflation, the impending rate hike cycle, and Russia’s invasion of Ukraine.

The graph below shows the Treasury yield curve at the beginning and ends of the period.

Source: Bloomberg

Breaking down the performance within the Fund, our structured credit sectors were the best performing asset classes. Collateralized Loan Obligations (CLOs) and Non-Agency Residential Mortgage Backed Securities (RMBS) both produced slightly positive total returns during the period. Commercial Mortgage Backed Securities (CMBS) delivered negative returns, but contributed meaningfully to the Fund’s outperformance of the Index. These sectors tend to have less interest rate sensitivity as a result of having lower duration or, in the case of most CLOs and some RMBS and CMBS, having floating rate coupons. Tax-Exempt Municipal bonds contributed negative returns, but also contributed to the Fund’s outperformance of the Index.

Our other larger allocations to Taxable Municipal, Corporate, and Treasury bonds were relatively in line with the Index, detracting slightly from the Fund’s relative performance. The combination of Tax-Exempt Municipal bonds outperforming other long duration sectors within the Index and strong relative performance from the Fund’s structured credit sectors resulted in meaningful outperformance relative to the Index.

The Fund reduced its allocation to CLOs and RMBS during the period.  While these less interest rate-sensitive sectors performed admirably during the period, by the end of the period, interest rates had risen and credit spreads had widened significantly within CMBS, Investment Grade (IG), and High Yield (HY) bonds.  This prompted a shift into these three sectors at valuations that we believed were much more attractive going forward.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 3

LETTER FROM THE INVESTMENT ADVISER

After a strong performance in fiscal 2021, Tax-Exempt Municipal bonds’ continued strong performance relative to taxable alternatives during the period has further diminished their relative attractiveness in our opinion.  As such, we continued to favor Taxable Municipal, IG Corporates, US Treasuries, and highly rated CMBS to Tax-Exempt Municipal bonds when taking interest rate risk.

SECTOR	8/31/2021	2/28/2022
Non-Agency RMBS	12.0%	10.4%
CLOs	9.8%	7.1%
CMBS	22.0%	25.6%
ABS	0.5%	0.4%
Sub-total Structured Credit	44.3%	43.5%
Cash	2.5%	1.4%
Government Security & Agency Issue	3.4%	2.7%
Investment Grade Corporates	14.0%	18.2%
High Yield	2.9%	5.7%
Taxable Municipals	21.1%	22.3%
Tax-Exempt Municipals	11.8%	6.2%

Looking Forward

When interest rate moves are as pronounced and rapid as what we saw during the period, it often takes the market time to adjust. Not only are rates higher, credit spreads are sharply wider, and yield curves are much flatter. Guided by our methodology, we will steer the more interest rate-sensitive portion of the portfolio into those sectors that offer the best total returns across a spectrum of potential interest rate environments. We believe Taxable Municipals, IG corporates, U.S. Treasuries, and highly rated CMBS will likely be favored relative to Tax-Exempt Municipals unless the relative value landscape changes meaningfully. We will also continue to prudently add higher yielding structured credit and corporate securities to take advantage of widening spreads and, in our opinion, much stronger total return prospects.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 4

LETTER FROM THE INVESTMENT ADVISER

Institutional Class of Performance Trust Municipal Bond Fund (PTIMX)

Semi-Annual Management Discussion of Fund Performance

Over the six-month period ended February 28, 2022, Performance Trust Municipal Bond Fund – Institutional Class (“PTIMX” or the “Fund”) returned -3.14%, modestly underperforming the Bloomberg Municipal Bond Index (“Index”) return of -3.09%. Interest rates rose aggressively during the period resulting in negative returns for both the Fund and the Index. While we hate to report underperformance, we have stated many times in these commentaries that PTIMX tends to carry more duration than the Index making the Fund a little more sensitive to movements in interest rates. We regard it as something of a victory to have nearly tied the Index into such an aggressive short-term increase in rates. The 10-year spot on the municipal bond yield curve increased more than 60 basis points (0.60%), while yields on the longer end of the curve rose by around 45 basis points (0.45%).

Among the reasons that we are comfortable carrying more duration than the Index is that we are confident in the stability of that duration, which we regard as equally important as the absolute number at any given time. We have stayed very disciplined in our coupon preference (mostly 5.0% coupons), which helps to protect the Fund’s portfolio from extension risk as interest rates rise. The duration of bonds can, in fact, change if optionality is involved.  Lower coupon bonds are much more likely to experience increasing durations, and thus increasing interest rate risk, as rates rise. While this phenomenon only had modest impact during this most recent period, we have reached an absolute level of rates that makes extension risk much more likely if rates should rise further.  Many 3.0% and even 4.0% coupon bonds could extend meaningfully.

The Fund grew by roughly $66.0 million over the six-month period, from $875.0 million in assets to $941.0 million. Most of those inflows were invested in high credit quality bonds, often essential purpose revenue bonds, pricing in steeper parts of the yield curve. We have also begun to target some assets that have bounced back particularly well from the worst of the Covid-19 pandemic, such as airports. Some of our largest purchases during the period, for example, were in large hub airports including Salt Lake City, Tampa, Hawaii, and San Diego.

Over the past six months we have seen a general strengthening in municipal credits. Much of this is certainly a normalizing of the economy as we have emerged from Covid-19, but also much of the federal stimulus money that has flowed has found its way onto the balance sheets of municipalities. Much of the money from the CARES Act passed in 2020 ($2.0+ trillion), and the American Rescue Plan (ARPA) in March of 2021 (just under $2.0 trillion), was specifically intended for state and local governments, hospitals and airports. All of this has been a credit positive even for the municipal market. During 2021, credit upgrades outpaced downgrades 73.0% to 27.0% according to Moody’s Investor Service.  Of course, the invasion of Ukraine in late February has caused tremendous volatility in all financial markets, and while the municipal market was not immune, it remains an island of relative stability and we believe that fundamental credit quality across most municipal sectors is very strong.

As rates have risen PTIMX has taken the opportunity to shore up call protection to more completely lock in higher yields. We have swapped out of many bonds, for example, with calls that have deteriorated into the six-to-eight-year range, and back into bonds with a full ten years of call protection. While we don’t speculate on the direction or magnitude of rate changes, when rates rise by some amount, we know we are that much closer to peak levels of rates. This is something we typically do into rising rate events, and we see no reason not to do so this time as well.

As we look ahead, we expect many of our portfolio strategies to remain consistent: extending into higher rates (shortening into lower rates), adding taxable exposure as justified, taking advantage of wider pre-pandemic spreads in the high yield sector, focus on higher coupons to mitigate extension risk, and position ourselves on the 20-25-year portion of the yield curve to take advantage of return that occurs over the course of a medium-term horizon. As we enter a  more challenging rate environment, we continue to stress the importance of a target horizon. Our Shape Management process evaluates total return outcomes over various interest rate scenarios. Shape Management also emphasizes forms of return that require the passage of time, such as, income, spread widening, and rolling the yield curve. This methodology provides a stable, systematic approach even when markets become volatile.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 5

LETTER FROM THE INVESTMENT ADVISER

Institutional Class of Performance Trust Credit Fund (PTCRX)

Semi-Annual Management Discussion and Analysis

For the six-month period ended February 28, 2022, the Institutional Class of Performance Trust Credit Fund (“PTCRX” or the “Fund”) posted a return of -2.57%, assuming all dividends were reinvested into the Fund. The Bloomberg

U.S. Aggregate Bond Index (“Index”) returned -4.07% over the same time, and the Morningstar Multisector U.S. Bond category returned -3.38%.

Interest rates rose significantly during the period. The shorter end of the curve was more impacted with the 2-year Treasury rising 122 basis points (1.22%) while the 10-year and 30-year Treasuries rose 52 basis points (0.52%) and 23 basis points (0.23%), respectively.  These interest rate moves have caused the curve to flatten significantly with the spread between the 10-year and 2-year Treasuries now at 40 basis points (0.40%).  Credit spreads were also wider during the period as the impact of the latest COVID-19 variant, anticipated Fed action due to persistently high inflation, and geopolitical risks weighed on markets.

The graph below shows the Treasury yield curve at the beginning and end of the period.

Source: Bloomberg

Collateralized Loan Obligations (CLOs) and Non-Agency Residential Mortgage-Backed Securities (RMBS) were the best performing sectors during the period, delivering positive total returns. CLOs benefited from strong carry and, as uncapped floating rate securities, were relatively unimpacted by the large interest rate moves.  Additionally, CLOs, and other floating-rate instruments in general, saw strong investor demand as the market began pricing in additional Fed hikes.  Non-Agency RMBS benefited from modest spread widening along with the amortizing nature of the sector.  Taxable Municipals were roughly unchanged as tighter spreads offset the move in interest rates. Commercial Mortgage-Backed Securities (CMBS), Treasuries, Investment Grade Corporates (IG Corporates), High Yield Corporates (HY Corporates), and Tax-Exempt Municipals all detracted from performance during the period as a result of higher interest rates and wider credit spreads.

The combination of positive total returns from portions of the Fund’s structured credit sectors, resilience to interest rate moves in our Municipal and CMBS sectors, along with lower weightings to Treasuries and IG Corporates compared to the Index resulted in the Fund’s significant outperformance of the Index.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 6

LETTER FROM THE INVESTMENT ADVISER

A flatter interest rate curve makes it less efficient to take interest rate risk.  This coupled with wider credit spreads, has led the Fund to increase its allocation to credit risk, specifically in HY Corporates and CMBS.  HY Corporate spreads have widened the most compared to other sectors and are now pricing at meaningful discounts to par which has created a more balanced risk/reward profile.  This allocation has largely replaced the Fund’s exposure to Municipals which have performed relatively well over the past six months.  Within structured credit, CMBS allocations have replaced CLOs and Non-Agency RMBS as the latter have outperformed and forward looking returns look relatively less attractive.

SECTOR	8/31/2021	2/28/2022
Non-Agency RMBS	16.3%	5.8%
CLOs	14.8%	9.3%
Non-Agency CMBS	12.6%	24.3%
Agency CMBS	2.1%	3.2%
Sub-totals Structured Credit	45.8%	42.6%
Cash	0.6%	-0.5%
Treasuries	0.0%	2.7%
IG Corporate	18.5%	17.2%
HY Corporate	14.0%	27.9%
Taxable Municipals	8.6%	4.0%
Tax-Exempt Municipals	12.5%	6.3%
	53.6%	55.3%

Looking Forward

A flatter interest rate curve and higher credit spreads lead us to believe it is more efficient to take a little more credit risk at this time.  However, the portfolio management team also recognizes that while credit spreads are wide relative to the last 12 months, they are more fairly valued when compared over a longer horizon.  In addition, inflation and the subsequent Fed action, lingering effects of the pandemic, and geopolitical risk all create a highly uncertain future.  We will continue to prudently add higher yielding structured credit and corporate securities that are not exposed, in our opinion, to excessive credit risk or structural leverage.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 7

GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX)

Performance Trust Strategic Bond Fund – Institutional Class (Unaudited)

Total Return vs. Bloomberg U.S. Aggregate Bond Index

Average Annual Returns—For the Periods Ended February 28, 2022 (Unaudited)

					ANNUALIZED
	ONE	THREE	FIVE	TEN	SINCE INCEPTION
	YEAR	YEAR	YEAR	YEAR	(AUGUST 31, 2010)(1)
Performance Trust Strategic
Bond Fund – Institutional Class	-0.22%	3.61%	3.89%	4.83%	5.51%
Bloomberg U.S. Aggregate Bond Index	-2.64%	3.30%	2.71%	2.47%	2.79%

⁽¹⁾ The Performance Trust Strategic Bond Fund (the “Fund”) commenced investment operations on September 1, 2010.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Bloomberg Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on February 29, 2012 for Institutional Class shares of the Performance Trust Strategic Bond Fund (the “Fund”).

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.

The expense ratio for Institutional Class shares is 0.76% per the prospectus dated December 29, 2021. Please see the Financial Highlights in this report for the most recent expense ratio.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 8

GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTAOX)

Performance Trust Strategic Bond Fund – Class A (Unaudited)

Total Return vs. Bloomberg U.S. Aggregate Bond Index

⁽¹⁾ Reflects 2.25% initial sales load.

Average Annual Returns—For the Periods Ended February 28, 2022 (Unaudited)

			ANNUALIZED
	ONE	THREE	SINCE INCEPTION
	YEAR	YEAR	(JANUARY 2, 2019)
Performance Trust Strategic Bond Fund – Class A (with sales charge)	-2.72%	2.59%	2.77%
Performance Trust Strategic Bond Fund – Class A (without sales charge)	-0.47%	3.37%	3.51%
Bloomberg U.S. Aggregate Bond Index	-2.64%	3.30%	3.42%

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Bloomberg Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on January 2, 2019, the inception date for Class A shares of the Performance Trust Strategic Bond Fund (the “Fund”).

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.

The expense ratio for Class A shares is 1.01% per the prospectus dated December 29, 2021. Please see the Financial Highlights in this report for the most recent expense ratio.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 9

GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTCOX)

Performance Trust Strategic Bond Fund – Class C (Unaudited)

Total Return vs. Bloomberg U.S. Aggregate Bond Index

Average Annual Returns—For the Periods Ended February 28, 2022 (Unaudited)

			ANNUALIZED
	ONE	THREE	SINCE INCEPTION
	YEAR	YEAR	(JANUARY 2, 2019)
Performance Trust Strategic Bond Fund – Class C	-1.21%	2.58%	2.73%
Bloomberg U.S. Aggregate Bond Index	-2.64%	3.30%	3.42%

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Bloomberg Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on January 2, 2019, the inception date for Class C shares of the Performance Trust Strategic Bond Fund (the “Fund”).

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.

The expense ratio for Class C shares is 1.76% per the prospectus dated December 29, 2021. Please see the Financial Highlights in this report for the most recent expense ratio.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 10

PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX, PTAOX, PTCOX)

Allocation of Portfolio Holdings (% of Investments) (Unaudited)

As of February 28, 2022

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 11

GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX)

Performance Trust Municipal Bond Fund – Institutional Class (Unaudited)

Total Return vs. Bloomberg Municipal Bond Index

Average Annual Returns—For the Periods Ended February 28, 2022 (Unaudited)

					ANNUALIZED
	ONE	THREE	FIVE	TEN	SINCE INCEPTION
	YEAR	YEAR	YEAR	YEAR	(JUNE 30, 2011)
Performance Trust Municipal
Bond Fund – Institutional Class	0.18%	3.85%	3.88%	4.35%	5.08%
Bloomberg Municipal Bond Index	-0.66%	3.19%	3.24%	3.15%	3.75%

The Bloomberg Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Bloomberg Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on February 29, 2012 for the Institutional Class shares of the Performance Trust Municipal Bond Fund (the “Fund”).

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.

The expense ratio for Institutional Class shares is 0.49% per the prospectus dated December 29, 2021. Please see the Financial Highlights in this report for the most recent expense ratio.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 12

GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTRMX)

Performance Trust Municipal Bond Fund – Class A (Unaudited)

Total Return vs. Bloomberg Municipal Bond Index

⁽¹⁾ Reflects 2.25% initial sales load.

Average Annual Returns—For the Periods Ended February 28, 2022 (Unaudited)

				ANNUALIZED
	ONE	THREE	FIVE	SINCE INCEPTION
	YEAR	YEAR	YEAR	(SEPTEMBER 28, 2012)
Performance Trust Municipal Bond Fund – Class A
(with sales charge)	-2.30%	2.82%	3.16%	3.31%
Performance Trust Municipal Bond Fund – Class A
(without sales charge)	-0.07%	3.60%	3.63%	3.56%
Bloomberg Municipal Bond Index	-0.66%	3.19%	3.24%	2.97%

The Bloomberg Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Bloomberg Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on September 28, 2012, the inception date for the Class A shares of the Performance Trust Municipal Bond Fund (the “Fund”).

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.

The expense ratio for Class A shares is 0.74% per the prospectus dated December 29, 2021. Please see the Financial Highlights in this report for the most recent expense ratio.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 13

PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX, PTRMX)

Allocation of Portfolio Holdings (% of Investments) (Unaudited)

As of February 28, 2022

                         

* For additional details on allocation of portfolio assets by state, please see the Schedule of Investments.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 14

GROWTH OF PERFORMANCE TRUST CREDIT FUND (PTCRX)

Performance Trust Credit Fund – Institutional Class (Unaudited)

Total Return vs. Bloomberg U.S. Aggregate Bond Index

Returns—For the Periods Ended February 28, 2022 (Unaudited)

		ANNUALIZED
	ONE	SINCE INCEPTION
	YEAR	(DECEMBER 31, 2020)(1)
Performance Trust Credit Fund – Institutional Class	1.62%	1.19%
Bloomberg U.S. Aggregate Bond Index	-2.64%	-4.09%

⁽¹⁾ The Performance Trust Credit Fund (the “Fund”) commenced investment operations on January 4, 2021.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on December 31, 2020, the inception date for Institutional Class shares of the Performance Trust Credit Fund (the “Fund”).

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown include the reinvestment of all Fund distributions. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling 1 (877) 738-9095 or by visiting www.PTAM.com.

The Fund’s investment adviser, PT Asset Management, LLC, has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation expenses) do not exceed 0.99% of the average daily net assets of the Fund. This agreement is effective at least through December 31, 2023.

The net expense ratio for Institutional Class shares is 0.99% per the prospectus dated December 29, 2021. Please see the Financial Highlights in this report for the most recent expense ratio.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 15

PERFORMANCE TRUST CREDIT FUND (PTCRX)

Allocation of Portfolio Holdings (% of Investments) (Unaudited)

As of February 28, 2022

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 16

(This Page Intentionally Left Blank.)

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 17

STATEMENTS OF ASSETS AND LIABILITIES

February 28, 2022 (Unaudited)

	Performance Trust			Performance Trust
	Strategic			Municipal			Performance Trust
	Bond Fund			Bond Fund			Credit Fund
Assets
Investments, at value (cost $6,894,157,417,
$944,471,840 and $34,510,168, respectively)	$	6,663,923,492		$	945,521,898		$	33,174,695
Cash		341,704			—			—
Dividend and interest receivable		49,156,872			9,430,911			1,741,308
Receivable for investments sold		72,164,550			12,894,378			11,500
Receivable for Fund shares sold		16,738,043			3,177,647			6,000
Other assets		141,489			33,264			23,566
Total Assets		6,802,466,150			971,058,098			34,957,069
Liabilities
Payable for investments purchased		62,774,966			28,863,239			1,899,616
Payable for Fund shares redeemed		12,939,734			436,622			—
Payable to Adviser		2,140,732			183,761			7,969
Payable to affiliates		567,000			85,343			14,597
Payable for distribution fees		40,250			11,081			—
Payable for shareholder servicing fees		22,154			—			—
Accrued expenses and other liabilities		335,316			29,491			17,268
Total Liabilities		78,820,152			29,609,537			1,939,450
Net Assets		6,723,645,998			941,448,561			33,017,619
Net Assets Consist Of:
Paid-in capital	$	6,951,283,570		$	942,267,185		$	34,287,796
Accumulated deficit		(227,637,572	)		(818,624	)		(1,270,177	)
Net Assets	$	6,723,645,998		$	941,448,561		$	33,017,619

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 18

STATEMENTS OF ASSETS AND LIABILITIES (CONT.)

February 28, 2022 (Unaudited)

	Performance Trust		Performance Trust
	Strategic		Municipal		Performance Trust
	Bond Fund		Bond Fund		Credit Fund
Strategic Bond Fund, Municipal Bond Fund
and Credit Fund Shares – Institutional Class
Net assets	$	6,629,359,432	$	883,410,168	$	33,017,619
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		300,516,724		35,492,338		3,447,621
Net asset value, redemption
and offering price per share	$	22.06	$	24.89	$	9.58
Strategic Bond Fund and Municipal
Bond Fund Shares – Class A
Net assets	$	36,962,836	$	58,038,393
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		1,675,450		2,330,118
Net asset value, redemption
and offering price per share	$	22.06	$	24.91
Maximum offering price per share
(Net asset value per share divided by 0.9775)(1)	$	22.57	$	25.48
Strategic Bond Fund Shares – Class C
Net assets	$	57,323,730
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		2,607,322
Net asset value, redemption
and offering price per share	$	21.99

(1) Reflects a maximum sales charge of 2.25%.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 19

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
ASSET BACKED SECURITIES – 0.39%
First Investors Auto Owner Trust
2021-1A, 1.170%, 03/15/2027 (a)	$	1,795,000	$	1,750,082
2022-1A, 3.130%, 05/15/2028 (a)		5,000,000		5,022,656
GLS Auto Receivables
Issuer Trust
2020-1A, 2.170%, 02/15/2024 (a)		159,238		159,357
2020-2A, 3.160%, 06/16/2025 (a)		4,500,000		4,556,943
2021-4A, 1.940%, 10/15/2027 (a)		8,500,000		8,361,290
New Residential Advance
Receivables Trust
2020-T1, 2.269%, 08/15/2053 (a)		1,700,000		1,679,595
2020-T1, 3.011%, 08/15/2053 (a)		4,400,000		4,349,904
SoFi Consumer Loan
Program Trust
2020-1, 2.020%, 01/25/2029 (a)		192,478		192,904
TOTAL ASSET BACKED
SECURITIES (Cost $26,222,428)				26,072,731
COLLATERALIZED LOAN
OBLIGATIONS – 7.05%
Apidos CLO XI
2012-11A, 3.991%     (3 Month LIBOR USD + 3.750%),
04/17/2034 (a)(b)(c)		1,500,000		1,509,012
Apidos CLO XII
2013-12A, 5.641%     (3 Month LIBOR USD + 5.400%),
04/15/2031 (a)(b)(c)		6,150,000		5,545,160
Apidos CLO XV
2013-15A, 1.804%     (3 Month LIBOR USD + 1.550%),
04/20/2031 (a)(b)(c)		4,000,000		3,977,020
2013-15A, 2.104%     (3 Month LIBOR USD + 1.850%),
04/20/2031 (a)(b)(c)		5,000,000		4,936,595
2013-15A, 5.954%     (3 Month LIBOR USD + 5.700%),
04/20/2031 (a)(b)(c)		3,843,000		3,575,024
Apidos CLO XX
2015-20A, 1.791%     (3 Month LIBOR USD + 1.550%),
07/16/2031 (a)(b)(c)		10,000,000		9,940,550
2015-20A, 2.191%     (3 Month LIBOR USD + 1.950%),
07/16/2031 (a)(b)(c)		1,250,000		1,240,314
Apidos CLO XXIII
2015-23A, 1.841%     (3 Month LIBOR USD + 1.600%),
04/15/2033 (a)(b)(c)		6,500,000		6,461,988
Apidos CLO XXIV
2016-24A, 6.054%     (3 Month LIBOR USD + 5.800%),
10/20/2030 (a)(b)(c)		2,550,000		2,370,411
Apidos CLO XXIX
2018-29A, 1.808%     (3 Month LIBOR USD + 1.550%),
07/25/2030 (a)(b)(c)		4,250,000		4,220,450
2018-29A, 2.158%     (3 Month LIBOR USD + 1.900%),
07/25/2030 (a)(b)(c)		7,600,000		7,508,823
2018-29A, 3.008%     (3 Month LIBOR USD + 2.750%),
07/25/2030 (a)(b)(c)		6,250,000		6,083,006
Apidos CLO XXVI
2017-26A, 1.741%     (3 Month LIBOR USD + 1.500%),
07/18/2029 (a)(b)(c)		11,200,000		11,135,869
Apidos CLO XXVIII
2017-28A, 1.404%     (3 Month LIBOR USD + 1.150%),
01/20/2031 (a)(b)(c)		2,000,000		1,982,772
Apidos CLO XXX
XXXA, 2.241%     (3 Month LIBOR USD + 2.000%),
10/18/2031 (a)(b)(c)		3,100,000		3,083,362
Ares LI CLO Ltd.
2019-51A, 1.991%     (3 Month LIBOR USD + 1.750%),
07/15/2034 (a)(b)(c)		5,000,000		4,976,960
Ares XLVI CLO Ltd.
2017-46A, 1.941%     (3 Month LIBOR USD + 1.700%),
01/15/2030 (a)(b)(c)		1,436,843		1,417,217
2017-46A, 3.570%,     01/15/2030 (a)(c)
		3,600,000		3,593,232
Ares XXVII CLO Ltd.
2013-2A, 1.928%     (3 Month LIBOR USD + 1.650%),
10/28/2034 (a)(b)(c)		10,000,000		9,918,620
Ares XXXIR CLO Ltd.
2014-31RA, 2.088%     (3 Month LIBOR USD + 1.600%),
05/24/2030 (a)(b)(c)		3,000,000		2,971,464
Ares XXXVIII CLO Ltd.
2015-38A, 2.754%     (3 Month LIBOR USD + 2.500%),
04/20/2030 (a)(b)(c)		7,200,000		7,026,084
BCRED MML CLO, LLC
2022-1A, 0.000% (TSFR3M + 2.750%),
04/20/2035 (a)(b)(d)		2,000,000		1,986,956

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 20

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Betony CLO 2 Ltd.
2018-1A, 2.149%     (3 Month LIBOR USD + 1.850%),
04/30/2031 (a)(b)(c)	$	1,200,000	$	1,189,346
BlueMountain CLO Ltd.
2018-1A, 1.999%     (3 Month LIBOR USD + 1.700%),
07/30/2030 (a)(b)(c)		6,996,770		6,930,364
2014-2A, 2.004%     (3 Month LIBOR USD + 1.750%),
10/20/2030 (a)(b)(c)		5,500,000		5,459,377
2013-2A, 1.859%     (3 Month LIBOR USD + 1.600%),
10/22/2030 (a)(b)(c)		2,750,000		2,738,942
2018-2A, 2.206%     (3 Month LIBOR USD + 1.700%),
08/15/2031 (a)(b)(c)		8,500,000		8,452,689
Burnham Park CLO Ltd.
2016-1A, 2.404%     (3 Month LIBOR USD + 2.150%),
10/20/2029 (a)(b)(c)		5,250,000		5,227,593
Catskill Park CLO Ltd.
2017-1A, 3.954%     (3 Month LIBOR USD + 3.700%),
04/20/2029 (a)(b)(c)		3,500,000		3,495,100
Chenango Park CLO Ltd.
2018-1A, 1.791%     (3 Month LIBOR USD + 1.550%),
04/15/2030 (a)(b)(c)		7,000,000		6,952,750
2018-1A, 2.091%     (3 Month LIBOR USD + 1.850%),
04/15/2030 (a)(b)(c)		5,500,000		5,455,103
2018-1A, 3.241%     (3 Month LIBOR USD + 3.000%),
04/15/2030 (a)(b)(c)		1,000,000		994,689
CIFC Funding Ltd.
2017-3A, 2.054%     (3 Month LIBOR USD + 1.800%),
07/20/2030 (a)(b)(c)		2,100,000		2,093,497
2018-1A, 1.991%     (3 Month LIBOR USD + 1.750%),
04/18/2031 (a)(b)(c)		3,750,000		3,707,111
Dryden 77 CLO Ltd.
2020-77A, 2.130%     (3 Month LIBOR USD + 1.650%),
05/20/2034 (a)(b)(c)		8,000,000		7,953,240
Gilbert Park CLO Ltd.
2017-1A, 3.191%     (3 Month LIBOR USD + 2.950%),
10/15/2030 (a)(b)(c)		8,475,000		8,428,032
Goldentree Loan Management
US CLO 2 Ltd.
2017-2A, 4.954%     (3 Month LIBOR USD + 4.700%),
11/28/2030 (a)(b)(c)		4,475,000		4,183,445
Goldentree Loan Management
US CLO 3 Ltd.
2018-3A, 1.804%     (3 Month LIBOR USD + 1.550%),
04/20/2030 (a)(b)(c)		7,865,000		7,864,961
Goldentree Loan Management
US CLO 4 Ltd.
2019-4A, 5.009%     (3 Month LIBOR USD + 4.750%),
04/24/2031 (a)(b)(c)		8,150,000		7,583,396
Goldentree Loan Management
US CLO 5 Ltd.
2019-5A, 5.104%     (3 Month LIBOR USD + 4.850%),
10/20/2032 (a)(b)(c)		7,500,000		6,972,120
Goldentree Loan Management
US CLO 7 Ltd.
2020-7A, 1.954%     (3 Month LIBOR USD + 1.700%),
04/20/2034 (a)(b)(c)		5,750,000		5,716,696
Goldentree Loan
Opportunities X Ltd.
2015-10A, 1.704%     (3 Month LIBOR USD + 1.450%),
07/20/2031 (a)(b)(c)		3,250,000		3,240,809
Goldentree Loan
Opportunities XI Ltd.
2015-11A, 2.641%     (3 Month LIBOR USD + 2.400%),
01/18/2031 (a)(b)(c)		2,250,000		2,203,036
2015-11A, 5.641%     (3 Month LIBOR USD + 5.400%),
01/18/2031 (a)(b)(c)		3,750,000		3,552,720
GoldentTree Loan Management
US CLO 1 Ltd.
2021-9A, 5.004%     (3 Month LIBOR USD + 4.750%),
01/20/2033 (a)(b)(c)		6,500,000		6,045,494
Golub Capital BDC 3 CLO 1, LLC
2021-1A, 3.041%     (3 Month LIBOR USD + 2.800%),
04/15/2033 (a)(b)(c)		7,000,000		6,919,500
Golub Capital Partners CLO 47M Ltd.
2020-47A, 1.995%     (3 Month LIBOR USD + 1.680%),
05/05/2032 (a)(b)(c)		15,000,000		14,967,585

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 21

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Greenwood Park CLO Ltd.
2018-1A, 5.191%     (3 Month LIBOR USD + 4.950%),
04/15/2031 (a)(b)(c)	$	3,250,000	$	3,056,063
Grippen Park CLO Ltd.
2017-1A, 1.904%     (3 Month LIBOR USD + 1.650%),
01/20/2030 (a)(b)(c)		3,000,000		2,989,023
2017-1A, 3.554%     (3 Month LIBOR USD + 3.300%),
01/20/2030 (a)(b)(c)		7,350,000		7,333,249
2017-1A, 5.954%     (3 Month LIBOR USD + 5.700%),
01/20/2030 (a)(b)(c)		1,150,000		1,125,923
Jay Park CLO Ltd.
2016-1A, 2.904%     (3 Month LIBOR USD + 2.650%),
10/20/2027 (a)(b)(c)		1,124,000		1,113,075
LCM 26 Ltd.
26A, 2.754%     (3 Month LIBOR USD + 2.500%),
01/20/2031 (a)(b)(c)		1,000,000		945,473
26A, 5.554%     (3 Month LIBOR USD + 5.300%),
01/20/2031 (a)(b)(c)		4,000,000		3,565,756
LCM 28 Ltd.
28A, 1.854%     (3 Month LIBOR USD + 1.600%),
10/20/2030 (a)(b)(c)		4,000,000		3,968,040
LCM 29 Ltd.
29A, 1.841%     (3 Month LIBOR USD + 1.600%),
04/15/2031 (a)(b)(c)		7,750,000		7,672,167
LCM 34 Ltd.
34A, 6.794%     (3 Month LIBOR USD + 6.540%),
10/20/2034 (a)(b)(c)		3,250,000		3,110,305
LCM 35 Ltd.
35A, 3.920%     (3 Month LIBOR USD + 6.610%),
10/15/2034 (a)(b)(c)		4,750,000		4,558,033
LCM 36 Ltd.
36A, 6.958%     (3 Month LIBOR USD + 6.710%),
01/15/2034 (a)(b)(c)		4,500,000		4,342,500
LCM Loan Income Fund I
Income Note Issuer Ltd.
27A, 2.191%     (3 Month LIBOR USD + 1.950%),
07/16/2031 (a)(b)(c)		2,700,000		2,652,153
27A, 3.191%     (3 Month LIBOR USD + 2.950%),
07/16/2031 (a)(b)(c)		4,000,000		3,874,064
27A, 5.841%     (3 Month LIBOR USD + 5.600%),
07/16/2031 (a)(b)(c)		2,000,000		1,806,002
LCM XIV LP
14A, 1.834%     (3 Month LIBOR USD + 1.580%),
07/20/2031 (a)(b)(c)		10,800,000		10,695,283
14A, 2.104%     (3 Month LIBOR USD + 1.850%),
07/20/2031 (a)(b)(c)		6,000,000		5,916,000
14A, 5.754%     (3 Month LIBOR USD + 5.500%),
07/20/2031 (a)(b)(c)		1,000,000		888,826
LCM XV LP
15A, 3.954%     (3 Month LIBOR USD + 3.700%),
07/20/2030 (a)(b)(c)		9,000,000		8,942,040
LCM XVI LP
16A, 1.991%     (3 Month LIBOR USD + 1.750%),
10/15/2031 (a)(b)(c)		4,000,000		3,981,376
16A, 2.391%     (3 Month LIBOR USD + 2.150%),
10/15/2031 (a)(b)(c)		5,100,000		5,043,212
16A, 6.621%     (3 Month LIBOR USD + 6.380%),
10/15/2031 (a)(b)(c)		1,600,000		1,481,779
LCM XVII LP
17A, 6.241%     (3 Month LIBOR USD + 6.000%),
10/15/2031 (a)(b)(c)		1,000,000		900,816
LCM XVIII LP
19A, 1.991%     (3 Month LIBOR USD + 1.750%),
07/15/2027 (a)(b)(c)		2,500,000		2,501,668
19A, 2.941%     (3 Month LIBOR USD + 2.700%),
07/15/2027 (a)(b)(c)		4,000,000		4,002,052
18A, 6.204%
(3 Month LIBOR USD + 5.950%),
04/20/2031 (a)(b)(c)		5,300,000		4,842,424
LCM XXII Ltd.
22A, 1.704%     (3 Month LIBOR USD + 1.450%),
10/20/2028 (a)(b)(c)		5,000,000		4,958,145

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 22

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
LCM XXII Ltd. (Cont.)
22A, 3.054%     (3 Month LIBOR USD + 2.800%),
10/20/2028 (a)(b)(c)	$	2,000,000	$	1,971,286
LCM XXV Ltd.
25A, 3.704%     (3 Month LIBOR USD + 3.450%),
07/20/2030 (a)(b)(c)		4,000,000		3,901,608
Long Point Park CLO Ltd.
2017-1A, 2.641%     (3 Month LIBOR USD + 2.400%),
01/17/2030 (a)(b)(c)		4,000,000		3,853,904
2017-1A, 5.841%     (3 Month LIBOR USD + 5.600%),
01/17/2030 (a)(b)(c)		2,000,000		1,893,382
Magnetite VIII Ltd.
2014-8A, 3.141%     (3 Month LIBOR USD + 2.900%),
04/15/2031 (a)(b)(c)		10,150,000		10,104,031
Magnetite XII Ltd.
2015-12A, 5.921%     (3 Month LIBOR USD + 5.680%),
10/15/2031 (a)(b)(c)		8,923,000		8,584,934
Magnetite XIV-R Ltd.
2018-14A, 3.091%     (3 Month LIBOR USD + 2.850%),
10/18/2031 (a)(b)(c)		1,500,000		1,495,903
Magnetite XV Ltd.
2015-15A, 3.008%     (3 Month LIBOR USD + 2.750%),
07/25/2031 (a)(b)(c)		2,000,000		1,990,414
Magnetite XVIII Ltd.
2016-18A, 3.206%     (3 Month LIBOR USD + 2.700%),
11/15/2028 (a)(b)(c)		9,315,000		9,294,731
Magnetite XXII Ltd.
2019-22A, 3.341%     (3 Month LIBOR USD + 3.100%),
04/15/2031 (a)(b)(c)		2,000,000		1,999,000
Magnetite XXIII Ltd.
2019-23A, 6.421%     (3 Month LIBOR USD + 6.300%),
01/25/2035 (a)(b)(c)		2,750,000		2,677,064
Magnetite XXVII Ltd.
2020-27A, 6.254%     (3 Month LIBOR USD + 6.000%),
10/20/2034 (a)(b)(c)		5,250,000		5,123,002
Magnetite XXVIII Ltd.
2020-28A, 6.380%     (3 Month LIBOR USD + 6.150%),
01/20/2035 (a)(b)(c)		2,250,000		2,197,660
Magnetite XXX Ltd.
2021-30A, 6.332%     (3 Month LIBOR USD + 6.200%),
10/25/2034 (a)(b)(c)		4,100,000		4,047,930
Mountain View CLO XV Ltd.
2019-2A, 2.141%     (3 Month LIBOR USD + 1.900%),
01/15/2033 (a)(b)(c)		3,000,000		2,992,008
Neuberger Berman Loan
Advisers CLO 35 Ltd.
2019-35A, 3.948%     (3 Month LIBOR USD + 3.700%),
01/19/2033 (a)(b)(c)		5,000,000		4,970,415
Neuberger Berman Loan
Advisers CLO 38 Ltd.
2020-38A, 1.904%     (3 Month LIBOR USD + 1.650%),
10/20/2035 (a)(b)(c)		7,000,000		6,952,603
Niagara Park CLO Ltd.
2019-1A, 6.191%     (3 Month LIBOR USD + 5.950%),
07/17/2032 (a)(b)(c)		2,000,000		1,957,570
Octagon Investment
Partners 26 Ltd.
2016-1A, 2.041%     (3 Month LIBOR USD + 1.800%),
07/15/2030 (a)(b)(c)		6,220,000		6,116,630
Octagon Investment
Partners 41 Ltd.
2019-2A, 1.941%     (3 Month LIBOR USD + 1.700%),
10/15/2033 (a)(b)(c)		10,000,000		9,938,500
Octagon Investment
Partners 49 Ltd.
2020-5A, 1.791%     (3 Month LIBOR USD + 1.550%),
01/15/2033 (a)(b)(c)		1,750,000		1,736,541
OHA Credit XIII Ltd.
2016-13A, 1.955%     (3 Month LIBOR USD + 1.700%),
10/25/2034 (a)(b)(c)		5,000,000		4,969,465
RR Ltd.
2021-17A, 1.891%     (3 Month LIBOR USD + 1.650%),
07/15/2034 (a)(b)(c)		5,000,000		4,977,260
Treman Park CLO Ltd.
2015-1A, 7.664%     (3 Month LIBOR USD + 7.410%),
10/20/2028 (a)(b)(c)		1,750,000		1,721,723

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 23

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Verde CLO Ltd.
2019-1A, 1.841%     (3 Month LIBOR USD + 1.600%),
04/15/2032 (a)(b)(c)	$	2,000,000	$	1,984,142
Webster Park CLO Ltd.
2015-1A, 2.054%     (3 Month LIBOR USD + 1.800%),
07/20/2030 (a)(b)(c)		10,300,000		10,179,861
2015-1A, 3.154%     (3 Month LIBOR USD + 2.900%),
07/20/2030 (a)(b)(c)		4,800,000		4,748,203
Whetstone Park CLO Ltd.
2021-1A, 2.790%,     01/20/2035 (a)(c)
		1,400,000		1,373,050
TOTAL COLLATERALIZED LOAN
OBLIGATIONS (Cost $475,134,922)				473,806,751
CORPORATE BONDS – 23.93%
Accommodation – 0.05%
Station Casinos, LLC
4.625%, 12/01/2031 (a)		3,250,000		3,066,960
Administrative and
Support Services – 1.15%
ADT Security Corp.
4.125%, 08/01/2029 (a)		9,650,000		9,114,956
Central Storage
Safety Project Trust
4.823%, 02/01/2038 (a)		6,587,840		7,363,620
Equifax, Inc.
2.350%, 09/15/2031		5,000,000		4,596,397
ERAC USA Finance, LLC
7.000%, 10/15/2037 (a)		7,957,000		11,197,366
MSCI, Inc.
4.000%, 11/15/2029 (a)		5,000,000		5,035,150
3.625%, 11/01/2031 (a)		5,000,000		4,919,100
3.250%, 08/15/2033 (a)		4,310,000		4,079,372
Northwell Healthcare, Inc.
3.391%, 11/01/2027		4,652,000		4,759,019
Scotts Miracle-Gro Co.
4.000%, 04/01/2031		2,425,000		2,228,672
4.375%, 02/01/2032		9,878,000		9,134,187
Visa, Inc.
4.150%, 12/14/2035		7,450,000		8,392,977
Wildflower Improvement
Association
6.625%, 03/01/2031 (a)(e)		6,682,236		6,686,809
Air Transportation – 0.25%
Delta Air Lines, Inc.
7.000%, 05/01/2025 (a)		6,190,000		6,885,368
Southwest Airlines Co.
5.125%, 06/15/2027		8,780,000		9,749,355
Ambulatory Health
Care Services – 0.43%
Ascension Health
3.106%, 11/15/2039		15,000,000		14,785,639
Piedmont Healthcare, Inc.
2.044%, 01/01/2032		5,000,000		4,610,702
Toledo Hospital
6.015%, 11/15/2048		6,980,000		9,686,722
Amusement, Gambling, and
Recreation Industries – 0.08%
YMCA of Greater New York
2.303%, 08/01/2026		5,730,000		5,677,774
Beverage and Tobacco
Product Manufacturing – 0.27%
Coca-Cola Co.
2.000%, 03/05/2031		10,000,000		9,480,800
Keurig Dr. Pepper, Inc.
4.597%, 05/25/2028		7,974,000		8,717,914
Broadcasting
(except Internet) – 0.35%
CCO Holdings Capital Corp.
4.750%, 02/01/2032 (a)		2,000,000		1,944,430
4.250%, 01/15/2034 (a)		11,250,000		10,320,948
Sirius XM Radio, Inc.
3.125%, 09/01/2026 (a)		5,500,000		5,259,981
3.875%, 09/01/2031 (a)		6,500,000		5,998,297
Building Material and
Garden Equipment and
Supplies Dealers – 0.48%
Home Depot, Inc.
1.375%, 03/15/2031		10,000,000		8,961,415
5.875%, 12/16/2036		5,000,000		6,613,345
5.400%, 09/15/2040		5,000,000		6,254,549
Lowe’s Companies, Inc.
1.700%, 09/15/2028		10,846,000		10,200,737
Chemical Manufacturing – 0.70%
Axalta Coating Systems, LLC
3.375%, 02/15/2029 (a)		14,105,000		12,891,124
Bristol-Myers Squibb Co.
4.125%, 06/15/2039		8,734,000		9,570,416
Roche Holdings, Inc.
1.930%, 12/13/2028 (a)		7,000,000		6,734,614
Wyeth LLC
5.950%, 04/01/2037		13,738,000		18,027,218

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 24

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Computer and Electronic
Product Manufacturing – 0.96%
Apple, Inc.
1.650%, 02/08/2031	$	20,000,000	$	18,602,738
2.375%, 02/08/2041		10,000,000		8,895,086
Ciena Corp.
4.000%, 01/31/2030 (a)		1,000,000		986,160
Dell International, LLC
5.300%, 10/01/2029		10,100,000		11,292,228
Intel Corp.
3.900%, 03/25/2030		10,000,000		10,779,720
NVIDIA Corp.
2.000%, 06/15/2031		5,000,000		4,705,660
Siemens
Financieringsmaatschappij NV
2.150%, 03/11/2031 (a)(c)		9,650,000		9,185,834
Construction of Buildings – 0.35%
Ashton Woods USA, LLC
4.625%, 04/01/2030 (a)		2,600,000		2,453,711
Century Communities, Inc.
3.875%, 08/15/2029 (a)		3,925,000		3,646,521
KB Home
4.800%, 11/15/2029		6,197,000		6,203,972
4.000%, 06/15/2031		483,000		462,195
LGI Homes, Inc.
4.000%, 07/15/2029 (a)		7,000,000		6,542,900
M/I Homes, Inc.
3.950%, 02/15/2030		5,000,000		4,555,375
Credit Intermediation and
Related Activities – 7.10%
JPMorgan Chase & Co.
2.963% (SOFR + 1.260%),
01/25/2033 (b)		10,000,000		9,896,494
National Australia Bank Ltd.
3.347% (5 Year CMT
Rate + 1.700%),
01/12/2037 (a)(b)(c)		9,500,000		9,074,559
American AGcredit FLCA
3.375% to 06/15/2031 then
SOFR + 2.120%,
06/15/2036 (a)(b)		10,000,000		9,852,847
Atlantic Union Bankshares Corp.
2.875% to 12/15/2026 then
SOFR + 1.860%, 12/15/2031 (b)		9,500,000		9,301,002
Bank of America Corp.
2.087% to 05/14/2029 then
SOFR + 1.060%, 06/14/2029 (b)		12,000,000		11,369,770
2.651% to 03/11/31 then
SOFR + 1.220%, 03/11/2032 (b)		10,000,000		9,570,785
Bank of Montreal
3.088% (5 Year CMT
Rate + 1.400%),
01/10/2037 (b)(c)		15,000,000		14,318,079
Bank of Nova Scotia
2.450%, 02/02/2032 (c)		15,000,000		14,240,890
Bank of NT Butterfield & Son Ltd.
5.250% to 06/01/2023 then
3 Month LIBOR USD + 2.255%,
06/01/2028 (b)(c)		3,000,000		3,083,401
5.250% to 06/15/2025 then
SOFR + 5.060%,
06/15/2030 (b)(c)		5,000,000		5,364,522
Bank OZK
2.750% to 10/01/2026 then
SOFR + 2.090%, 10/01/2031 (b)		15,175,000		15,199,170
Banner Corp.
5.000% to 06/30/2025 then
SOFR + 4.890%, 06/30/2030 (b)		5,000,000		5,241,775
Barclays PLC
6.125% to 12/15/2025, then 5 Year
CMT Rate + 5.867% (b)(c)(i)(k)		12,050,000		12,501,875
BlueHub Loan Fund, Inc.
3.099%, 01/01/2030		3,040,000		3,085,236
Bryn Mawr Bank Corp.
4.250% to 12/15/2022 then
3 Month LIBOR USD + 2.050%,
12/15/2027 (b)		3,500,000		3,530,896
Citigroup, Inc.
3.980% to 03/20/2029 then
3 Month LIBOR USD + 1.338%,
03/20/2030 (b)		8,679,000		9,139,452
CNB Financial Corp.
3.250% to 6/15/2026 then
SOFR + 2.580%,
06/15/2031 (a)(b)		8,000,000		7,922,736
Compeer Financial FLCA
2.750% to 06/01/2026 then
SOFR + 2.030%,
06/01/2031 (a)(b)		5,000,000		4,886,565
3.375% to 06/01/2031 then
SOFR + 1.965%,
06/01/2036 (a)(b)		4,750,000		4,689,564
First Busey Corp.
5.250% to 06/01/2025 then
SOFR + 5.110%, 06/01/2030 (b)		4,000,000		4,187,634
First Citizens BancShares, Inc.
3.375% to 03/15/2025 then
SOFR + 2.465%, 03/15/2030 (b)		7,500,000		7,498,713

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 25

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
First Financial Bancorp
5.250% to 05/15/2025 then
SOFR + 5.090%, 05/15/2030 (b)	$	4,000,000	$	4,200,088
First Foundation, Inc.
3.500% to 02/01/2027 then
SOFR + 2.040%, 02/01/2032 (b)		9,500,000		9,495,787
First Mid Bancshares, Inc.
3.950% to 10/15/2025 then
SOFR + 3.830%, 10/15/2030 (b)		5,300,000		5,381,340
First Midwest Bancorp, Inc.
5.875%, 09/29/2026		8,500,000		9,587,463
Firstbank
4.500% to 09/01/2025 then
SOFR + 4.390%, 09/01/2030 (b)		5,000,000		5,147,635
First-Citizens Bank & Trust Co.
6.125%, 03/09/2028		6,406,000		7,337,904
Flushing Financial Corp.
3.125% to 12/01/2026 then
SOFR + 2.035%, 12/01/2031 (b)		5,000,000		4,940,912
Great Southern Bank
5.500% to 06/15/2025 then
SOFR + 5.325%, 06/15/2030 (b)		4,750,000		5,020,511
Heartland Financial USA, Inc.
2.750% to 09/15/2026 then
SOFR + 2.100%, 09/15/2031 (b)		6,000,000		5,892,916
Heritage Commerce Corp.
5.250% to 06/01/2022 then
3 Month LIBOR USD + 3.365%,
06/01/2027 (b)		3,935,000		3,940,852
Hilltop Holdings, Inc.
6.125% to 05/15/2030 then
SOFR + 5.800%, 05/15/2035 (b)		9,000,000		9,951,510
HomeStreet, Inc.
3.500% to 01/30/2027 then
SOFR + 2.150%, 01/30/2032 (b)		6,500,000		6,473,124
Huntington National Bank
5.500% to 05/06/2025 then
3 Month LIBOR USD + 5.090%,
05/06/2030 (b)		2,000,000		2,152,295
Independent Bank Group, Inc.
4.000% to 09/15/2025 then
SOFR + 3.885%, 09/15/2030 (b)		7,000,000		7,221,296
John Deere Capital Corp.
2.000%, 06/17/2031		10,000,000		9,522,556
JPMorgan Chase & Co.
2.069% to 06/01/2028 then
SOFR + 1.015%, 06/01/2029 (b)		5,000,000		4,744,076
Mercantile Bank Corp.
3.250% to 01/30/2032 then
SOFR + 2.120%,
01/30/2032 (a)(b)		7,000,000		6,860,525
NBT Bancorp, Inc.
5.000% to 07/01/2025 then
SOFR + 4.850%, 07/01/2030 (b)		7,500,000		7,920,698
NexBank Capital, Inc.
4.000% to 08/15/2026 then
SOFR + 3.390%,
08/15/2031 (a)(b)		6,500,000		6,580,615
OceanFirst Financial Corp.
5.250%  to 05/15/2025 then
SOFR + 5.095%, 05/15/2030 (b)		5,000,000		5,285,868
OneMain Finance Corp.
3.500%, 01/15/2027		5,000,000		4,737,300
5.375%, 11/15/2029		10,003,000		10,078,022
Oxford Finance Co-Issuer II, Inc.
6.375%, 02/01/2027 (a)		750,000		768,510
Pacific Life Global Funding II
2.450%, 01/11/2032 (a)		14,000,000		13,629,240
Pacific Premier Bancorp, Inc.
4.875% to 05/15/2024 then
3 Month LIBOR USD + 2.500%,
05/15/2029 (b)		4,000,000		4,094,590
5.375% to 06/15/2025 then
SOFR + 5.170%, 06/15/2030 (b)		5,000,000		5,353,238
Park National Corp.
4.500% to 09/01/2025 then
SOFR + 4.390%, 09/01/2030 (b)		5,100,000		5,265,595
Peapack-Gladstone Financial Corp.
3.500% to 12/30/2025 then
SOFR + 3.260%, 12/30/2030 (b)		7,500,000		7,500,931
Pinnacle Financial Partners, Inc.
4.125% to 09/15/2024 then
3 Month LIBOR USD + 2.775%,
09/15/2029 (b)		6,000,000		6,166,403
RBB Bancorp
4.000% to 04/01/2026 then
SOFR + 3.290%, 04/01/2031 (b)		5,450,000		5,524,809
Sandy Spring Bancorp, Inc.
4.250% to 11/15/2024 then
SOFR + 2.882%, 11/15/2029 (b)		5,500,000		5,706,724
Signature Bank
4.125% to 11/01/2024 then
3 Month LIBOR USD + 2.559%,
11/01/2029 (b)		5,000,000		5,140,237
Southside Bancshares, Inc.
3.875% to 11/15/2025 then
SOFR + 3.660%, 11/15/2030 (b)		7,000,000		7,091,357
Summit Financial Group, Inc.
3.250% to 12/01/2026 then
SOFR + 2.300%,
12/01/2031 (a)(b)		4,000,000		3,932,100

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 26

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Texas Capital Bancshares, Inc.
4.000% (5 Year CMT Rate +
3.150%), 05/06/2031 (b)	$	10,942,000	$	11,035,342
Texas Capital Bank, NA
5.250%, 01/31/2026		5,000,000		5,312,339
Toronto-Dominion Bank
2.000%, 09/10/2031 (c)		10,000,000		9,296,117
2.450%, 01/12/2032 (c)		6,000,000		5,776,422
Towne Bank
3.125% to 02/15/2027 then
SOFR + 1.680%, 02/15/2032 (b)		7,000,000		6,981,321
4.500% to 07/30/2022 then
3 Month LIBOR USD + 2.550%,
07/30/2027 (b)		4,000,000		4,033,325
Toyota Motor Credit Corp.
1.900%, 09/12/2031		5,000,000		4,625,569
Trustmark Corp.
3.625% to 12/01/2025 then
SOFR + 3.387%, 12/01/2030 (b)		6,500,000		6,555,662
UBS Group AG
2.746% (1 Year CMT
Rate + 1.100%),
02/11/2033 (a)(b)(c)		10,000,000		9,539,459
UMB Financial Corp.
3.700% (5 Year CMT
Rate + 3.437%), 09/17/2030 (b)		5,000,000		5,045,244
Valley National Bancorp
3.000% to 06/15/2026 then
SOFR + 2.360%, 06/15/2031 (b)		7,300,000		7,255,977
Western Alliance Bancorp
3.000% to 06/15/2026 then
SOFR + 2.250%, 06/15/2031 (b)		5,900,000		5,873,992
Western Alliance Bank
5.250% to 06/01/2025 then
SOFR + 5.120%, 06/01/2030 (b)		5,000,000		5,296,047
WSFS Financial Corp.
2.750% to 12/15/2025 then
SOFR + 2.485%, 12/15/2030 (b)		4,470,000		4,406,455
Educational Services – 0.27%
Austin Achieve Public
Schools, Inc.
5.750%, 06/15/2026		1,710,000		1,712,138
Liberty University, Inc.
3.338%, 03/01/2034		16,000,000		16,122,545
Fabricated Metal Product
Manufacturing – 0.28%
Ball Corp.
2.875%, 08/15/2030		15,475,000		14,170,690
3.125%, 09/15/2031		5,000,000		4,589,600
Food Manufacturing – 0.31%
Archer-Daniels-Midland Co.
3.250%, 03/27/2030		10,900,000		11,314,083
Hormel Foods Corp.
1.700%, 06/03/2028		10,000,000		9,568,584
Food Services and
Drinking Places – 0.24%
Papa John’s International, Inc.
3.875%, 09/15/2029 (a)		10,274,000		9,569,203
Yum! Brands, Inc.
4.750%, 01/15/2030 (a)		2,100,000		2,135,301
3.625%, 03/15/2031		4,467,000		4,180,956
Funds, Trusts, and Other
Financial Vehicles – 0.65%
Ares Capital Corp.
3.200%, 11/15/2031		15,000,000		13,565,646
New York Life Global Funding
1.850%, 08/01/2031 (a)		25,000,000		22,740,957
RGA Global Funding
2.700%, 01/18/2029 (a)		7,750,000		7,630,846
Furniture and Related
Product Manufacturing – 0.16%
Tempur Sealy International, Inc.
3.875%, 10/15/2031 (a)		11,701,000		10,530,900
Hospitals – 1.27%
Advocate Health &
Hospitals Corp.
3.829%, 08/15/2028		15,000,000		16,071,228
Cedars-Sinai Health System
2.288%, 08/15/2031		10,000,000		9,463,532
CHRISTUS Health
4.341%, 07/01/2028		20,145,000		21,884,863
CommonSpirit Health
2.782%, 10/01/2030		10,000,000		9,765,726
3.817%, 10/01/2049		1,800,000		1,818,529
Hackensack Meridian Health, Inc.
2.675%, 09/01/2041		9,920,000		8,919,089
Memorial Health Services
3.496%, 05/01/2022		575,000		576,418
3.447%, 11/01/2049		4,820,000		4,777,811
Orlando Health Obligated Group
2.891%, 10/01/2035		1,000,000		951,712
Sutter Health
3.695%, 08/15/2028		10,225,000		10,821,637
Insurance Carriers and
Related Activities – 0.88%
Centene Corp.
2.450%, 07/15/2028		13,441,000		12,681,852
3.000%, 10/15/2030		5,965,000		5,695,060

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 27

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Chubb INA Holdings, Inc.
1.375%, 09/15/2030	$	12,483,000	$	11,182,192
Metropolitan Life
Global Funding I
2.400%, 01/11/2032 (a)		20,000,000		19,286,909
Renasant Corp.
3.000% to 12/01/2026 then
SOFR + 1.910%, 12/01/2031 (b)		5,000,000		4,913,723
4.500% to 09/15/2030 then
SOFR + 4.025%, 09/15/2035 (b)		5,000,000		5,344,124
Management of Companies
and Enterprises – 0.38%
Central Pacific Financial Corp.
4.750% to 11/01/2025 then
SOFR + 4.560%, 11/01/2030 (b)		5,000,000		5,143,825
First Interstate BancSystem, Inc.
5.250% to 05/15/2025 then
SOFR + 5.180%, 05/15/2030 (b)		5,000,000		5,204,944
Home BancShares, Inc.
3.125% to 01/30/2027 then
SOFR + 1.820%, 01/30/2032 (b)		9,000,000		9,011,361
New Red Finance, Inc.
3.875%, 01/15/2028 (a)(c)		4,000,000		3,896,400
3.500%, 02/15/2029 (a)(c)		2,400,000		2,266,428
Merchant Wholesalers,
Durable Goods – 0.25%
CDW Finance Corp.
3.276%, 12/01/2028		1,650,000		1,620,490
3.250%, 02/15/2029		4,915,000		4,587,956
3.569%, 12/01/2031		800,000		778,012
Genuine Parts Co.
2.750%, 02/01/2032		10,000,000		9,575,374
Merchant Wholesalers,
Nondurable Goods – 0.36%
Cargill, Inc.
2.125%, 04/23/2030 (a)		5,632,000		5,362,347
2.125%, 11/10/2031 (a)		20,000,000		18,863,607
Miscellaneous
Manufacturing – 0.16%
Johnson & Johnson
5.850%, 07/15/2038		8,180,000		10,947,857
Motor Vehicle and
Parts Dealers – 0.78%
Asbury Automotive Group, Inc.
5.000%, 02/15/2032 (a)		5,800,000		5,638,876
AutoNation, Inc.
3.850%, 03/01/2032		5,000,000		5,050,134
Group 1 Automotive, Inc.
4.000%, 08/15/2028 (a)		13,117,000		12,664,136
Lithia Motors, Inc.
4.625%, 12/15/2027 (a)		5,000,000		5,118,425
3.875%, 06/01/2029 (a)		4,750,000		4,687,157
4.375%, 01/15/2031 (a)		3,000,000		3,027,420
Penske Automotive Group, Inc.
3.750%, 06/15/2029		6,450,000		6,034,136
Volkswagen Group of
America Finance, LLC
3.750%, 05/13/2030 (a)		10,000,000		10,438,282
Nonmetallic Mineral Product
Manufacturing – 0.10%
Corning, Inc.
5.750%, 08/15/2040		5,107,000		6,418,959
Nursing and Residential
Care Facilities – 0.10%
HumanGood California
Obligated Group
3.000%, 10/01/2028		6,880,000		6,772,543
Paper Manufacturing – 0.40%
Georgia-Pacific, LLC
2.300%, 04/30/2030 (a)		10,000,000		9,645,646
Graphic Packaging
International, LLC
4.750%, 07/15/2027 (a)		1,700,000		1,745,424
3.500%, 03/15/2028 (a)		9,888,000		9,407,394
3.750%, 02/01/2030 (a)		6,575,000		6,274,457
Personal and Laundry
Services – 0.29%
Service Corp. International
5.125%, 06/01/2029		5,250,000		5,390,962
3.375%, 08/15/2030		7,535,000		6,937,512
4.000%, 05/15/2031		7,475,000		7,094,635
Primary Metal
Manufacturing – 0.29%
Howmet Aerospace, Inc.
5.900%, 02/01/2027		6,826,000		7,425,971
3.000%, 01/15/2029		12,937,000		12,295,972
Professional, Scientific, and
Technical Services – 0.76%
AECOM
5.125%, 03/15/2027		20,000,000		20,517,200
Booz Allen Hamilton, Inc.
3.875%, 09/01/2028 (a)		9,324,000		9,142,555
Gartner, Inc.
3.625%, 06/15/2029 (a)		10,000,000		9,719,900
Open Text Corp.
3.875%, 12/01/2029 (a)(c)		8,830,000		8,346,999
Science Applications
International Corp.
4.875%, 04/01/2028 (a)		3,163,000		3,090,884

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 28

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Publishing Industries
(except Internet) – 0.66%
Adobe, Inc.
2.300%, 02/01/2030	$	7,000,000	$	6,812,651
Microsoft Corp.
3.500%, 02/12/2035		6,076,000		6,553,776
News Corp.
3.875%, 05/15/2029 (a)		1,500,000		1,438,875
Open Text Holdings, Inc.
4.125%, 12/01/2031 (a)		6,250,000		5,946,344
Oracle Corp.
2.300%, 03/25/2028		10,000,000		9,544,619
3.850%, 07/15/2036		10,000,000		9,620,631
Salesforce.com, Inc.
1.950%, 07/15/2031		5,000,000		4,728,233
Real Estate – 0.64%
American Finance Trust, Inc.
4.500%, 09/30/2028 (a)		10,000,000		9,333,800
Arbor Realty SR, Inc.
5.000%, 12/30/2028 (a)		5,000,000		4,992,166
Arbor Realty Trust, Inc.
4.750%, 10/15/2024 (a)		4,000,000		3,960,253
4.500%, 03/15/2027 (a)		5,000,000		4,894,446
Enterprise Community
Loan Fund, Inc.
3.685%, 11/01/2023		5,010,000		5,125,995
4.152%, 11/01/2028		5,000,000		5,168,423
Simon Property Group LP
6.750%, 02/01/2040		6,738,000		9,238,234
Religious, Grantmaking, Civic,
Professional, and
Similar Organizations – 0.16%
Nature Conservancy
1.711%, 07/01/2031		1,250,000		1,115,093
1.811%, 07/01/2032		1,150,000		1,016,733
1.861%, 07/01/2033		532,000		462,564
Penn State Health
3.806%, 11/01/2049		3,500,000		3,675,061
United Jewish Appeal-Federation
of Jewish Philanthropies
of New York, Inc.
2.145%, 02/01/2031		4,565,000		4,321,485
Rental and Leasing
Services – 0.12%
United Rentals
North America, Inc.
3.750%, 01/15/2032		8,500,000		8,108,702
Repair and Maintenance – 0.27%
Allison Transmission, Inc.
3.750%, 01/30/2031 (a)		11,415,000		10,616,749
Valvoline, Inc.
3.625%, 06/15/2031 (a)		8,734,000		7,836,713
Securities, Commodity Contracts,
and Other Financial Investments
and Related Activities – 0.56%
Blackstone Holdings
Finance Co., LLC
1.625%, 08/05/2028 (a)		15,000,000		13,900,599
Brookfield Asset
Management, Inc.
7.375%, 03/01/2033 (c)		3,000,000		3,976,812
Charles Schwab Corp.
2.300%, 05/13/2031		10,000,000		9,569,882
Northwestern Mutual
Global Funding
1.700%, 06/01/2028 (a)		10,000,000		9,584,396
Prime Security Services
Borrower, LLC
3.375%, 08/31/2027 (a)		1,000,000		926,577
Specialty Trade
Contractors – 0.09%
TopBuild Corp.
3.625%, 03/15/2029 (a)		4,650,000		4,369,000
4.125%, 02/15/2032 (a)		1,565,000		1,490,702
Telecommunications – 0.26%
T-Mobile USA, Inc.
2.625%, 02/15/2029		7,939,000		7,459,048
Verizon Communications, Inc.
4.500%, 08/10/2033		9,180,000		10,211,043
Transportation Equipment
Manufacturing – 0.74%
Dana, Inc.
5.375%, 11/15/2027		5,000,000		5,106,275
4.250%, 09/01/2030		5,000,000		4,757,725
4.500%, 02/15/2032		5,000,000		4,695,375
General Dynamics Corp.
3.625%, 04/01/2030		5,000,000		5,312,500
Sensata Technologies, Inc.
4.375%, 02/15/2030 (a)		8,593,000		8,371,172
3.750%, 02/15/2031 (a)		6,355,000		5,920,381
Thor Industries, Inc.
4.000%, 10/15/2029 (a)		5,340,000		4,879,425
TransDigm, Inc.
8.000%, 12/15/2025 (a)		9,110,000		9,523,230

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 29

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Winnebago Industries, Inc.
6.250%, 07/15/2028 (a)	$	1,000,000	$	1,033,760
Utilities – 0.11%
Oglethorpe Power Corp.
6.191%, 01/01/2031 (a)		6,445,000		7,483,225
Wood Product
Manufacturing – 0.22%
Builders FirstSource, Inc.
4.250%, 02/01/2032 (a)		5,750,000		5,516,464
Masonite International Corp.
3.500%, 02/15/2030 (a)(c)		10,000,000		9,291,950
TOTAL CORPORATE BONDS
(Cost $1,652,925,867)				1,608,915,417
NON-AGENCY RESIDENTIAL
MORTGAGE BACKED SECURITIES – 10.09%
Adjustable Rate Mortgage Trust
2005-3, 2.887%, 07/25/2035 (f)		320,027		329,507
2005-10, 2.652%, 01/25/2036 (f)		5,976,097		5,346,129
2006-2, 3.135%, 05/25/2036 (f)		946,725		922,508
Alternative Loan Trust
2004-28CB, 5.000%, 01/25/2020 (g)		127,195		101,326
2006-J3, 5.750%, 05/25/2026		557,579		551,734
2004-27CB, 6.000%, 12/25/2034		1,098,626		1,095,082
2004-28CB, 6.000%, 01/25/2035		342,974		345,154
2005-6CB, 5.750%, 04/25/2035		2,184,502		2,125,648
2005-6CB, 7.500%, 04/25/2035		256,155		254,541
2005-13CB, 0.687%     (1 Month LIBOR USD + 0.500%),
05/25/2035 (b)		1,069,549		952,946
2005-9CB, 0.687%     (1 Month LIBOR USD + 0.500%),
05/25/2035 (b)		2,335,485		2,193,322
2005-9CB, 6.000%, 05/25/2035		8,045,867		5,511,644
2005-21CB, 5.250%, 06/25/2035		3,092,321		2,847,882
2005-21CB, 6.000%, 06/25/2035		1,866,153		1,773,191
2005-J6, 0.687%     (1 Month LIBOR USD + 0.500%),
07/25/2035 (b)		3,554,989		3,063,118
2005-20CB, 5.500%, 07/25/2035		1,174,389		1,075,786
2005-43, 3.363%, 09/25/2035 (f)		191,481		183,560
2005-63, 2.797%, 11/25/2035 (f)		990,704		957,018
2005-54CB, 5.500%, 11/25/2035		609,202		446,806
2005-J13, 5.500%, 11/25/2035		549,667		465,628
2005-65CB, 0.000%,     12/25/2035 (d)(e)
		821,801		452,768
2005-65CB, 5.500%, 01/25/2036		118,308		100,506
2005-75CB, 5.500%, 01/25/2036		1,473,761		1,266,126
2005-73CB, 5.750%, 01/25/2036		379,973		271,252
2005-86CB, 5.500%, 02/25/2036		141,431		108,119
2005-86CB, 5.500%, 02/25/2036		1,020,605		780,216
2005-80CB, 6.000%, 02/25/2036		4,763,133		4,791,610
2006-6CB, 5.500%, 05/25/2036		110,562		105,402
2006-12CB, 5.750%     (1 Month LIBOR USD + 5.750%),     05/25/2036 (b)
		586,038		407,422
2006-14CB, 6.000%, 06/25/2036		2,613,726		1,900,765
2006-16CB, 6.000%, 06/25/2036		910,187		679,210
2006-16CB, 6.000%, 06/25/2036		1,048,405		782,387
2006-16CB, 6.000%, 06/25/2036		399,985		298,494
2006-19CB, 0.587%     (1 Month LIBOR USD + 0.400%),     08/25/2036 (b)
		708,791		348,690
2006-24CB, 5.750%, 08/25/2036		2,683,690		1,973,513
2006-24CB, 5.750%, 08/25/2036		4,326,172		3,181,348
2006-19CB, 6.000%, 08/25/2036		4,129,518		3,153,554
2006-19CB, 6.000%, 08/25/2036		239,265		182,589
2006-19CB, 6.000%     (1 Month LIBOR USD + 1.000%),     08/25/2036 (b)
		2,702,322		2,063,116
2006-19CB, 6.000%     (1 Month LIBOR USD + 1.000%),     08/25/2036 (b)
		1,065,458		813,366
2006-23CB, 6.000%, 08/25/2036		705,205		717,544
2006-23CB, 6.500%, 08/25/2036		5,849,069		2,856,559
2006-J6, 6.000%, 09/25/2036		3,050,568		2,169,057
2006-J6, 6.000%, 09/25/2036		2,264,664		1,610,253
2006-26CB, 6.250%, 09/25/2036		5,623,414		3,806,667
2006-J5, 6.500%, 09/25/2036		2,096,311		1,605,592
2006-J5, 6.500%, 09/25/2036		10,148,422		7,772,806
2006-31CB, 5.750%, 11/25/2036		2,060,657		1,532,373
2006-31CB, 6.000%, 11/25/2036		228,443		173,582
2006-30T1, 6.500%, 11/25/2036		8,340,836		3,503,904
2006-39CB, 6.000%, 01/25/2037		2,625,585		2,595,868
2006-41CB, 6.000%, 01/25/2037		559,471		408,431
2007-2CB, 5.750%, 03/25/2037		6,026,256		4,238,186
2007-4CB, 5.750%, 04/25/2037		1,287,855		1,265,889
2007-4CB, 5.750%, 04/25/2037		1,712,113		1,682,911
2007-8CB, 5.500%, 05/25/2037		6,261,859		4,550,266
2007-8CB, 6.000%, 05/25/2037		846,091		638,598
2007-J2, 6.000%, 07/25/2037		6,004,513		5,863,576
2008-2R, 6.000%, 08/25/2037 (f)		7,365,450		5,018,447
2007-23CB, 6.000%, 09/25/2037		4,599,285		3,264,131
2007-13, 6.000%, 06/25/2047		2,637,466		1,853,868
American Home Mortgage
Investment Trust
2006-2, 6.750%, 06/25/2036 (h)		2,756,123		618,698
Banc of America Alternative
Loan Trust
2005-11, 5.750%, 12/25/2035		780,080		763,002
2005-11, 5.750%, 12/25/2035		127,173		124,389

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 30

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Banc of America Alternative
Loan Trust (Cont.)
2006-9, 0.587%     (1 Month LIBOR USD + 0.400%),     01/25/2037 (b)
	$	1,038,829	$	816,132
2006-9, 6.000%, 01/25/2037		214,633		208,752
2006-4, 6.000%, 05/25/2046		1,068,632		1,050,921
2006-4, 6.500%, 05/25/2046		757,275		745,058
2006-4, 6.500%, 05/25/2046		1,240,496		1,211,071
2006-5, 6.000%, 06/25/2046		318,747		312,960
2006-6, 6.000%, 07/25/2046		1,257,712		1,201,689
Banc of America Funding Trust
2003-3, 5.500%, 10/25/2033		261,747		264,358
2004-1, 6.000%, 02/25/2034		657,224		704,021
2004-1, 6.000%, 03/25/2034		3,992,239		4,307,937
2004-B, 2.398%, 11/20/2034 (f)		2,112,833		2,156,871
2007-4, 5.500%, 11/25/2034		342,728		339,947
2005-3, 5.500%, 06/25/2035		85,451		87,791
2014-R3, 2.378%,     06/26/2035 (a)(f)
		1,615,478		1,610,851
2014-R3, 2.429%,     06/26/2035 (a)(f)
		3,424,684		3,353,537
2005-4, 5.500%, 08/25/2035		37,717		39,417
2005-5, 5.500%, 09/25/2035		233,259		237,498
2005-5, 5.500%, 09/25/2035		1,902,073		1,975,670
2005-7, 5.500%, 11/25/2035		3,598,660		3,554,921
2005-7, 5.750%, 11/25/2035		8,586		8,985
2005-7, 6.000%, 11/25/2035		42,709		44,096
2005-8, 5.750%, 01/25/2036		2,428,113		2,389,441
2006-B, 2.385%, 03/20/2036 (f)		648,921		586,348
2006-F, 2.766%, 07/20/2036 (f)		6,804,499		6,452,735
2006-5, 5.750%, 09/25/2036		404,963		409,666
2006-7, 6.000%, 09/25/2036		547,705		532,495
2006-I, 1.877%, 12/20/2036 (f)		534,641		524,385
2006-I, 1.877%, 12/20/2036 (f)		3,073,613		3,070,313
2006-I, 2.110%, 12/20/2036 (f)		734,406		758,160
2007-1, 6.689%, 01/25/2037 (h)		810,684		806,734
2007-2, 0.247%     (1 Month LIBOR USD + 0.060%),     03/25/2037 (b)
		429,590		416,591
2007-3, 1.047%     (1 Month LIBOR USD + 0.860%),     04/25/2037 (b)
		1,039,671		1,023,272
2007-6, 0.467%     (1 Month LIBOR USD + 0.280%),     07/25/2037 (b)
		4,871,031		4,794,523
2007-6, 0.477%     (1 Month LIBOR USD + 0.290%),     07/25/2037 (b)
		1,180,181		1,162,236
2007-5, 5.500%, 07/25/2037		1,495,598		1,489,793
2010-R3, 6.000%, 09/26/2037 (a)(f)		7,064,108		7,076,591
2006-J, 3.443%, 01/20/2047 (f)		149,905		145,506
Banc of America Mortgage Trust
2005-A, 2.575%, 02/25/2035 (f)		1,701,395		1,762,965
2005-F, 2.689%, 07/25/2035 (f)		871,348		869,815
2007-1, 6.000%, 03/25/2037		1,765,710		1,652,895
2006-B, 2.529%, 10/20/2046 (f)		577,066		560,080
BCAP LLC Trust
2007-AA2, 7.500%, 04/25/2037 (i)		312,909		219,743
Bear Stearns ALT-A Trust
2006-6, 3.185%, 11/25/2036 (f)		830,723		536,798
Bear Stearns ARM Trust
2004-12, 2.865%, 02/25/2035 (f)		48,434		48,691
Bear Stearns Asset Backed
Securities I Trust
2005-AC5, 1.187% (1 Month
LIBOR USD + 1.000%),     08/25/2035 (b)
		559,634		408,735
2006-AC4, 0.437% (1 Month
LIBOR USD + 0.250%),     07/25/2036 (b)
		3,492,573		3,177,954
2006-AC4, 33.583% (1 Month
LIBOR USD + 36.250%),     07/25/2036 (b)(e)(i)
		807,079		1,013,702
Charlie Mac Trust
2004-2, 6.000%, 10/25/2034		38,216		38,268
Chase Funding Trust
2004-1, 0.937% (1 Month LIBOR
USD + 0.750%), 09/25/2033 (b)		160,231		159,966
Chase Mortgage Finance Trust
2005-S2, 5.500%, 10/25/2035		698,786		707,927
2005-S3, 5.500%, 11/25/2035		6,168,380		5,604,851
2005-A1, 2.939%, 12/25/2035 (f)		906,719		906,609
2005-A1, 2.939%, 12/25/2035 (f)		945,293		945,178
2006-S3, 6.000%, 11/25/2036		7,043,529		4,287,889
2006-S4, 6.000%, 12/25/2036		1,070,484		673,932
2006-S4, 6.000%, 12/25/2036		4,053,844		2,552,132
2007-S1, 6.000%, 02/25/2037		4,087,834		2,226,538
2007-S3, 5.750%, 05/25/2037		709,214		437,286
2007-S3, 6.000%, 05/25/2037		2,160,973		1,356,973
2007-A2, 2.758%, 07/25/2037 (f)		969,519		917,984
ChaseFlex Trust
2005-1, 5.500%, 02/25/2035		361,381		316,416
2006-2, 4.478%, 09/25/2036 (f)		2,682,626		2,633,236
2007-M1, 4.161%, 08/25/2037 (h)		1,585,866		1,519,352
CHL Mortgage Pass-Through Trust
2005-20, 5.250%, 12/25/2027		23,645		18,931
2003-42, 2.249%, 10/25/2033 (f)		951,010		949,472
2003-44, 5.000%, 10/25/2033		290,000		292,758
2004-4, 5.500%, 05/25/2034		497,511		492,566
2004-14, 2.739%, 08/25/2034 (f)		2,634,769		2,659,637
2004-21, 4.000%, 11/25/2034		577,833		581,593
2004-24, 5.500%, 12/25/2034		2,705,022		2,745,762

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 31

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CHL Mortgage
Pass-Through Trust (Cont.)
2004-J9, 5.500%, 01/25/2035	$	571,422	$	576,025
2004-HYB5, 2.617%,     04/20/2035 (f)
		770,382		818,280
2005-HYB2, 2.819%,     05/20/2035 (f)
		829,143		860,879
2005-13, 5.500%, 06/25/2035		1,734,425		1,302,351
2005-J3, 5.500%, 09/25/2035		71,901		70,062
2005-27, 5.500%, 12/25/2035		588,742		364,865
2005-27, 5.500%, 12/25/2035		1,125,041		1,018,160
2005-31, 2.754%, 01/25/2036 (f)		1,088,197		1,035,565
2005-30, 5.500%, 01/25/2036		71,087		55,943
2005-HY10, 3.058%,     02/20/2036 (f)
		117,809		102,482
2005-HY10, 3.115%,     02/20/2036 (f)
		59,639		49,929
2005-HY10, 3.269%,     02/20/2036 (f)
		1,681,990		1,699,116
2006-6, 6.000%, 04/25/2036		662,723		457,643
2006-9, 6.000%, 05/25/2036		1,196,214		793,503
2006-J4, 6.250%, 09/25/2036		101,499		54,130
2006-16, 6.500%, 11/25/2036		558,556		302,162
2006-17, 6.000%     (1 Month LIBOR USD + 0.550%),
12/25/2036 (b)		3,150,759		1,878,630
2006-17, 6.000%, 12/25/2036		2,329,635		1,377,728
2006-18, 6.000%, 12/25/2036		279,398		203,292
2006-21, 5.750%, 02/25/2037		1,381,652		919,334
2006-21, 6.000%, 02/25/2037		3,190,423		2,177,307
2006-21, 6.000%, 02/25/2037		728,445		497,128
2007-1, 6.000%, 03/25/2037		2,146,768		1,476,269
2007-5, 5.500%, 05/25/2037		829,124		558,775
2007-5, 5.750%, 05/25/2037		5,902,142		4,078,920
2007-5, 5.750%, 05/25/2037		901,222		622,827
2007-5, 5.750%, 05/25/2037		1,739,037		1,201,833
2007-10, 6.000%, 07/25/2037		1,997,379		1,325,778
2007-J2, 6.000%, 07/25/2037		3,003,307		1,588,687
2007-J2, 6.000%, 07/25/2037		193,966		102,604
2007-HY5, 3.011%, 09/25/2037 (f)		2,234,028		2,205,446
2007-HY6, 3.217%, 11/25/2037 (f)		276,831		264,626
2007-HY5, 3.434%, 09/25/2047 (f)		6,308,469		5,927,449
Citicorp Mortgage
Securities Trust
2006-3, 5.500%, 06/25/2021 (g)		50,926		41,474
2006-1, 6.000%, 02/25/2036		113,382		115,017
2006-3, 5.750%, 06/25/2036		428,327		425,984
2006-3, 6.000%, 06/25/2036		1,502,328		1,506,996
2006-3, 6.250%, 06/25/2036		940,583		951,572
2006-7, 6.000%, 12/25/2036		3,233,846		3,168,186
2007-3, 5.500%, 04/25/2037		39,401		40,923
2007-3, 6.000%, 04/25/2037		560,273		559,506
Citigroup Mortgage Loan Trust
2004-2, 9.250%, 08/25/2033 (a)		25,942		26,696
2004-HYB3, 2.835%,     09/25/2034 (f)
		492,205		500,571
2005-WF1, 5.330%,     11/25/2034 (h)
		2,742,380		2,824,780
2005-1, 2.381%, 04/25/2035 (f)		396,519		398,536
2005-2, 2.541%, 05/25/2035 (f)		508,527		513,446
2005-5, 6.000%, 08/25/2035		2,174,398		2,191,780
2005-7, 2.238%, 09/25/2035 (f)		485,863		465,568
2005-10, 2.667%, 12/25/2035 (f)		1,254,886		942,069
2006-WF1, 5.080%,     03/25/2036 (h)
		28,143,361		17,582,978
2006-AR7, 2.722%,     11/25/2036 (f)
		1,640,890		1,613,606
2007-AR4, 3.165%,     03/25/2037 (f)
		1,176,881		1,170,509
CitiMortgage Alternative
Loan Trust
2006-A2, 0.787% (1 Month LIBOR
USD + 0.600%), 05/25/2036 (b)		486,654		428,417
2006-A4, 6.000%, 09/25/2036		1,127,735		1,089,447
2007-A1, 6.000%, 01/25/2037		1,645,116		1,632,918
2007-A1, 6.000%, 01/25/2037		2,643,841		2,624,238
Credit Suisse First Boston
Mortgage Securities Corp.
2005-8, 7.000%, 09/25/2035		2,797,543		1,770,274
CSFB Mortgage-Backed
Pass-Through Certificates
2004-8, 5.500%, 12/25/2034		150,080		150,577
2005-3, 5.500%, 07/25/2035		781,591		798,422
2005-9, 5.500%, 10/25/2035		677,404		473,891
2005-10, 5.500%, 11/25/2035		468,282		421,817
2005-10, 5.500%, 11/25/2035		1,845,663		1,662,692
2005-10, 6.000%, 11/25/2035		837,399		309,596
CSMC Mortgage-Backed Trust
2006-CF1, 5.500%,
11/25/2035 (a)(h)		2,565,000		2,535,082
2006-1, 5.500%, 02/25/2036		343,293		339,394
2006-1, 5.500%, 02/25/2036		38,556		38,330
2006-2, 5.750%, 03/25/2036		564,903		455,260
2006-2, 6.000%, 03/25/2036		4,347,196		2,562,302
2006-4, 6.000%, 05/25/2036		566,119		432,726
2006-4, 7.000%, 05/25/2036		547,437		151,519
2011-12R, 2.338%,     07/27/2036 (a)(f)
		1,313,042		1,338,349
2006-7, 6.000%, 08/25/2036		813,540		769,521
2007-2, 5.500%, 03/25/2037		1,419,785		983,358
2007-3, 5.500%, 04/25/2037		361,019		338,630
2007-3, 5.500%, 04/25/2037		505,070		473,748
2013-2R, 3.033%,     05/27/2037 (a)(f)
		2,182,741		1,577,347

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 32

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Deutsche Alt-A Securities, Inc.
Mortgage Loan Trust
2005-3, 0.687%     (1 Month LIBOR USD + 0.500%),
05/25/2035 (b)	$	1,390,292	$	1,335,169
2005-6, 5.500%, 12/25/2035		1,613,633		1,567,034
Deutsche Alt-B Securities, Inc.
Mortgage Loan Trust
2006-AB4, 0.287%     (1 Month LIBOR USD + 0.100%),
10/25/2036 (b)		522,893		434,065
DFC HEL Trust
2001-1, 1.841% (1 Month LIBOR
USD + 1.650%), 08/15/2031 (b)		1,565,739		1,647,093
Equity One Mortgage
Pass-Through Trust
2003-1, 4.860%, 08/25/2033 (f)		780,147		781,639
2003-3, 4.868%, 12/25/2033 (f)		1,318,929		1,300,429
Fannie Mae Connecticut
Avenue Securities
2015-C03, 5.187%     (1 Month LIBOR USD + 5.000%),
07/25/2025 (b)		3,396,981		3,488,778
2016-C01, 7.137%     (1 Month LIBOR USD + 6.950%),
08/25/2028 (b)		2,051,120		2,168,276
2016-C05, 4.637%     (1 Month LIBOR USD + 4.450%),
01/25/2029 (b)		2,338,130		2,418,311
2016-C07, 4.537%     (1 Month LIBOR USD + 4.350%),
05/25/2029 (b)		2,874,251		2,995,286
2017-C01, 3.737%     (1 Month LIBOR USD + 3.550%),
07/25/2029 (b)		3,153,520		3,237,298
2017-C05, 3.787%     (1 Month LIBOR USD + 3.600%),
01/25/2030 (b)		6,599,636		6,682,680
2018-C03, 3.937%     (1 Month LIBOR USD + 3.750%),
10/25/2030 (b)		5,000,000		5,052,328
2021-R02, 2.049% (SOFR30A
+ 2.000%), 11/25/2041 (a)(b)		2,250,000		2,155,452
First Horizon Alternative
Mortgage Securities Trust
2005-FA11, 5.250%, 02/25/2021 (g)		698		—
2006-FA6, 5.750%, 11/25/2021 (g)		909		690
2004-AA6, 2.292%, 01/25/2035 (f)		316,814		326,319
2004-AA7, 2.294%, 02/25/2035 (f)		982,505		998,796
2005-AA5, 2.412%, 07/25/2035 (f)		1,591,948		1,558,601
2005-AA7, 2.428%, 09/25/2035 (f)		1,706,260		1,661,700
2005-FA8, 5.500%, 11/25/2035		1,321,802		921,615
2006-FA1, 5.750%, 04/25/2036		2,067,468		1,337,769
2006-FA2, 6.000%, 05/25/2036		2,469,696		1,522,632
2006-FA2, 6.000%, 05/25/2036		1,567,645		966,494
2006-FA6, 6.000%, 11/25/2036		1,021,725		487,137
2006-FA6, 6.250%, 11/25/2036		1,295,099		635,904
2006-FA6, 6.250%, 11/25/2036		6,598,260		4,128,451
2007-AA1, 2.642%, 05/25/2037 (f)		2,696,694		2,173,139
2007-FA4, 6.250%, 08/25/2037		2,029,094		1,248,002
First Horizon Mortgage
Pass-Through Trust
2005-AR3, 2.569%, 08/25/2035 (f)		1,430,516		1,458,896
2006-AR4, 2.920%, 01/25/2037 (f)		2,913,391		2,241,299
2006-4, 5.750%, 02/25/2037		1,071,485		508,594
2006-4, 6.000%, 02/25/2037		648,822		318,861
2007-AR1, 2.842%, 05/25/2037 (f)		565,936		306,188
2007-AR2, 2.590%, 08/25/2037 (f)		2,416,639		1,123,423
Freddie Mac Structured Agency
Credit Risk Debt Notes
2018-DNA2, 3.887%     (1 Month LIBOR USD + 3.700%),
12/25/2030 (a)(b)		5,000,000		5,055,935
2021-DNA7, 1.849% (SOFR30A
+ 1.800%), 11/25/2041 (a)(b)		7,750,000		7,488,300
2022-DNA1, 1.900% (SOFR30A
+ 1.850%), 01/25/2042 (a)(b)		6,800,000		6,704,062
2022-DNA1, 2.550% (SOFR30A
+ 2.500%), 01/25/2042 (a)(b)		9,000,000		8,437,055
2018-HRP2, 4.387%     (1 Month LIBOR USD + 4.200%),
02/25/2047 (a)(b)		10,000,000		10,307,657
2020-DNA5, 4.849% (SOFR30A
+ 4.800%), 10/25/2050 (a)(b)		10,606,000		10,901,173
GSAA Home Equity Trust
2005-1, 6.260%, 11/25/2034 (h)		2,050,000		2,076,030
2006-15, 6.692%, 09/25/2036 (h)		2,172,441		807,996
2006-18, 6.182%, 11/25/2036 (h)		1,777,176		627,214
2007-7, 0.547%     (1 Month LIBOR USD + 0.360%),
07/25/2037 (b)		984,736		980,008
GSR Mortgage Loan Trust
2005-4F, 6.500%, 04/25/2020 (g)		48,363		48,208
2003-5F, 3.000%, 08/25/2032		1,131,432		1,121,344
2004-15F, 6.000%, 12/25/2034		1,258,616		1,289,931
2005-1F, 6.000%, 01/25/2035		14,681		14,487
2005-AR4, 3.041%, 07/25/2035 (f)		173,011		163,375
2005-6F, 5.250%, 07/25/2035		92,814		93,634
2005-7F, 6.000%, 09/25/2035		22,737		23,152
2005-AR5, 3.079%, 10/25/2035 (f)		340,334		339,462
2005-AR7, 2.646%, 11/25/2035 (f)		578,016		580,231
2006-2F, 5.750%, 02/25/2036		547,205		546,354

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 33

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
HarborView Mortgage Loan Trust
2006-6, 2.928%, 08/19/2036 (f)	$	2,588,613	$	2,528,350
Home Partners of America Trust
2019-1, 2.908%, 09/17/2039 (a)		2,585,294		2,565,848
2019-2, 2.703%, 10/19/2039 (a)		3,388,100		3,361,569
Impac CMB Trust
2005-5, 0.687%     (1 Month LIBOR USD + 0.250%),
08/25/2035 (b)		489,171		475,163
Impac Secured Assets
CMN Owner Trust
2002-2, 6.500%, 04/25/2033		1,064,258		1,086,465
2004-2, 4.868%, 08/25/2034 (h)		332,784		336,235
IndyMac IMSC Mortgage
Loan Trust
2007-AR1, 2.864%, 06/25/2037 (f)		402,457		319,823
IndyMac INDA Mortgage
Loan Trust
2007-AR1, 3.005%, 03/25/2037 (f)		409,676		381,739
IndyMac INDX
Mortgage Loan Trust
2004-AR4, 2.897%, 08/25/2034 (f)		2,570,778		2,629,119
2004-AR11, 2.528%, 12/25/2034 (f)		1,027,418		1,036,743
2005-AR3, 2.724%, 04/25/2035 (f)		928,218		924,867
2005-AR9, 3.313%, 07/25/2035 (f)		3,064,862		2,165,590
2005-AR23, 2.518%, 11/25/2035 (f)		637,748		619,318
2005-AR23, 2.823%, 11/25/2035 (f)		1,123,266		1,098,438
2005-AR25, 2.934%, 12/25/2035 (f)		2,069,813		1,558,925
2005-AR35, 2.928%, 02/25/2036 (f)		1,260,794		1,183,763
2006-AR3, 2.899%, 03/25/2036 (f)		5,721,040		4,953,959
2006-AR9, 2.938%, 06/25/2036 (f)		1,688,793		1,673,660
2006-AR25, 2.912%, 09/25/2036 (f)		1,372,843		1,375,163
2006-AR25, 3.085%, 09/25/2036 (f)		2,093,426		1,638,211
2006-AR31, 3.063%, 11/25/2036 (f)		4,445,536		4,411,965
Jefferies Resecuritization Trust
2009-R1, 2.643%, 11/26/2035 (a)(f)		795,296		788,905
JP Morgan Alternative Loan Trust
2006-S4, 6.460%, 12/25/2036 (h)		655,335		649,794
2008-R4, 6.000%, 12/27/2036 (a)		6,683,737		4,458,996
JP Morgan Mortgage Trust
2005-S3, 5.750%, 01/25/2036		47,917		29,965
2007-A3, 2.616%, 05/25/2037 (f)		2,977,755		2,587,517
JP Morgan Resecuritization Trust
2009-7, 6.009%, 07/27/2037 (a)(f)		70,105		70,264
Lehman Mortgage Trust
2005-2, 5.500%, 12/25/2035		1,583,341		1,104,368
2005-2, 5.750%, 12/25/2035		546,038		397,174
2005-3, 0.687%     (1 Month LIBOR USD + 0.500%),
01/25/2036 (b)		938,977		469,971
2005-3, 4.563%     (1 Month LIBOR USD + 4.750%),
01/25/2036 (b)(e)(i)(j)		938,977		183,301
2005-3, 5.500%, 01/25/2036		236,008		170,822
2006-1, 5.500%, 02/25/2036		396,802		287,848
2006-3, 6.000%, 07/25/2036		3,492,708		2,370,199
2006-3, 6.000%, 07/25/2036		7,736,291		5,240,534
2007-4, 5.750%, 05/25/2037		1,066,587		752,351
2007-4, 5.750%, 05/25/2037		2,330,494		1,643,888
2007-5, 5.750%, 06/25/2037		1,876,918		1,890,519
2007-5, 6.000%, 06/25/2037		2,376,799		946,800
2007-5, 6.000%, 06/25/2037		6,491,750		2,585,995
MASTR Adjustable Rate
Mortgages Trust
2004-4, 1.945%, 05/25/2034 (f)		97,527		95,253
2005-1, 2.483%, 02/25/2035 (f)		130,210		133,001
MASTR Alternative Loan Trust
2003-5, 5.932%, 08/25/2033 (f)		735,930		624,789
2003-7, 6.250%, 11/25/2033		71,849		74,051
2004-6, 5.500%, 07/25/2034		194,788		198,847
2004-6, 6.000%, 07/25/2034		171,225		177,664
2004-11, 6.500%, 10/25/2034		510,979		539,069
2005-2, 5.500%, 03/25/2035		2,000,000		2,192,993
2005-6, 5.500%, 12/25/2035		360,905		310,753
MASTR Asset Securitization Trust
2002-NC1, 2.287% (1 Month LIBOR
USD + 3.150%), 10/25/2032 (b)		269,740		270,120
2006-1, 0.637% (1 Month LIBOR
USD + 0.450%), 05/25/2036 (b)		642,910		112,906
2006-2, 6.000% (1 Month LIBOR
USD + 6.000%), 06/25/2036 (b)		1,286,138		1,057,794
Merrill Lynch Mortgage
Investors Trust
2006-F1, 6.000%, 04/25/2036		2,283,650		1,498,842
Merrill Lynch Mortgage
Investors Trust MLCC
2004-D, 1.546% (6 Month LIBOR
USD + 0.720%), 09/25/2029 (b)		601,578		586,312
Merrill Lynch Mortgage
Investors Trust MLMI
2005-A5, 2.999%, 06/25/2035 (f)		337,573		343,393
2005-A7, 2.899%, 09/25/2035 (f)		4,294,554		3,858,064
Morgan Stanley
Mortgage Loan Trust
2005-7, 5.500%, 11/25/2035		921,084		931,977
2005-7, 5.500%, 11/25/2035		345,800		335,365
2006-2, 5.490%, 02/25/2036 (f)		802,052		625,738
2006-2, 6.500%, 02/25/2036		903,281		555,022
2006-11, 6.000%, 08/25/2036		2,024,149		1,237,325
2006-11, 6.000%, 08/25/2036		1,576,971		1,365,133
2007-8XS, 6.000%, 04/25/2037 (f)		1,364,873		641,537
2007-3XS, 5.763%, 01/25/2047 (h)		6,842,677		2,837,400

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 34

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Morgan Stanley Reremic Trust
2012-R3, 2.552%,     11/26/2036 (a)(f)
	$	1,016,787	$	981,813
Nomura Asset Acceptance
Corp. Alternative Loan Trust
2005-WF1, 5.659%, 03/25/2035 (h)		39,180		39,328
2005-AR3, 5.688%, 07/25/2035 (f)		484,886		495,441
2007-1, 5.669%, 03/25/2047 (h)		962,699		950,959
2007-1, 5.995%, 03/25/2047 (h)		1,770,232		1,754,966
Nomura Resecuritization Trust
2011-4RA, 2.768%,     12/26/2036 (a)(f)
		6,150,328		6,068,626
Opteum Mortgage Acceptance
Corp. Asset Backed
Pass-Through Certificates
2005-5, 5.850%, 12/25/2035 (f)		168,763		169,470
RAAC Trust
2005-SP1, 6.000%, 09/25/2034		2,788		2,715
RALI Trust
2006-QA1, 5.329%, 01/25/2036 (f)		202,815		194,959
2006-QS1, 5.750%, 01/25/2036		219,788		214,975
2006-QS6, 6.000%, 06/25/2036		906,900		880,783
2006-QS6, 6.000%, 06/25/2036		465,816		452,401
2006-QS9, 0.887%     (1 Month LIBOR USD + 0.700%),
07/25/2036 (b)		1,576,487		1,148,664
2006-QS13, 6.000%, 09/25/2036		2,533,840		2,365,165
2006-QS17, 0.537%     (1 Month LIBOR USD + 0.350%),
12/25/2036 (b)		871,471		688,643
2006-QS17, 6.000%, 12/25/2036		345,666		329,169
2007-QS1, 5.750%, 01/25/2037		421,093		390,223
2007-QS1, 6.000%, 01/25/2037		1,306,769		1,222,375
2007-QS6, 6.000%, 04/25/2037		2,995,715		2,913,776
2007-QS10, 6.500%, 09/25/2037		342,455		331,725
RBSSP Resecuritization Trust
2009-7, 6.000%, 03/26/2036 (a)(f)		3,900,109		2,762,667
Renaissance Home
Equity Loan Trust
2005-1, 5.516%, 05/25/2035 (h)		229,377		231,940
Resecuritization
Pass-Through Trust
2005-8R, 6.000%, 10/25/2034		1,817,526		1,861,368
Residential Asset
Securitization Trust
2003-A9, 4.000%, 08/25/2033		1,115,992		1,126,001
2004-R2, 5.500%, 08/25/2034		1,840,726		1,870,855
2005-A5, 5.500%, 05/25/2035		1,125,147		956,708
2005-A11, 4.850%, 10/25/2035		3,585,050		2,102,362
2005-A11, 5.500%, 10/25/2035		265,613		227,358
2005-A11, 6.000%, 10/25/2035		408,179		278,855
2005-A15, 5.750%, 02/25/2036		3,536,251		1,979,533
2006-A5CB, 6.000%, 06/25/2036		2,310,874		1,303,679
2006-A10, 0.837%     (1 Month LIBOR USD + 0.650%),
09/25/2036 (b)		10,488,641		2,682,807
2006-A10, 5.663%     (1 Month LIBOR USD + 5.850%),
09/25/2036 (b)(e)(i)(j)		10,488,641		2,796,001
2006-A15, 0.787%     (1 Month LIBOR USD + 0.600%),
01/25/2037 (b)		16,674,797		4,216,831
2006-A15, 5.463%     (1 Month LIBOR USD + 5.650%),
01/25/2037 (b)(e)(i)(j)		16,674,797		4,209,746
RFMSI Trust
2005-SA4, 2.970%, 09/25/2035 (f)		1,739,518		1,256,552
2005-SA4, 3.162%, 09/25/2035 (f)		1,498,062		1,144,686
2005-SA4, 3.258%, 09/25/2035 (f)		127,592		122,783
2006-S3, 5.500%, 03/25/2036		2,127,131		1,987,213
2006-S4, 6.000%, 04/25/2036		1,975,801		1,860,982
2006-S5, 6.000%, 06/25/2036		203,387		195,864
2006-S5, 6.000%, 06/25/2036		418,682		403,196
2006-S5, 6.000%, 06/25/2036		1,754,602		1,689,704
2006-S5, 6.000%, 06/25/2036		218,066		207,571
2006-S6, 6.000%, 07/25/2036		115,320		111,602
2006-S6, 6.000%, 07/25/2036		593,694		574,550
2006-S7, 6.250%, 08/25/2036		1,220,849		1,187,756
2006-S7, 6.500%, 08/25/2036		729,898		711,077
2006-S9, 5.750%, 09/25/2036		1,628,811		1,516,274
2007-S1, 6.000%, 01/25/2037		503,468		485,005
2007-S7, 6.000%, 07/25/2037		1,679,683		1,582,963
Specialty Underwriting &
Residential Finance Trust
2006-BC2, 3.684%, 02/25/2037 (h)		840,759		410,360
STARM Mortgage Loan Trust
2007-S1, 2.379%, 01/25/2037 (f)		401,784		343,452
2007-1, 2.295%, 02/25/2037 (f)		5,262,682		4,871,828
2007-2, 2.182%, 04/25/2037 (f)		500,707		269,724
Structured Adjustable
Rate Mortgage Loan Trust
2004-18, 2.414%, 12/25/2034 (f)		539,548		537,200
2005-12, 2.661%, 06/25/2035 (f)		698,098		597,579
2005-21, 3.323%, 11/25/2035 (f)		3,512,904		2,787,908
2005-21, 3.477%, 11/25/2035 (f)		179,439		171,513
2006-1, 2.827%, 02/25/2036 (f)		352,809		335,237
2006-1, 2.875%, 02/25/2036 (f)		1,266,479		1,152,695
2006-4, 3.230%, 05/25/2036 (f)		648,579		506,166
2006-12, 3.732%, 01/25/2037 (f)		617,002		552,815
2007-5, 0.627%     (1 Month LIBOR USD + 0.440%),
06/25/2037 (b)		1,843,414		1,777,709

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 35

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Structured Adjustable
Rate Mortgage Loan Trust (Cont.)
2007-6, 0.567% (1 Month LIBOR
USD + 0.380%), 07/25/2037 (b)	$	5,259,854	$	5,189,758
2007-9, 2.034% (6 Month LIBOR
USD + 1.500%), 10/25/2037 (b)		1,012,400		1,039,318
Suntrust Alternative Loan Trust
2005-1F, 5.750%, 12/25/2035		1,022,522		1,003,138
2005-1F, 6.000%, 12/25/2035		2,361,225		2,334,239
2005-1F, 6.500%, 12/25/2035		2,423,029		2,410,837
TBW Mortgage-Backed Trust
2006-2, 5.500%, 07/25/2036 (e)		80,771		4,700
Volt LLC
2021-NPL4, 4.949%,     03/27/2051 (a)(h)
		1,650,000		1,612,384
WaMu Mortgage Pass-Through
Certificates Trust
2003-S4, 5.649%, 06/25/2033 (f)		1,987,601		2,029,389
2003-AR10, 2.494%,
10/25/2033 (f)		8,294,106		8,367,262
2004-S2, 6.000%, 06/25/2034		48,654		49,229
2005-AR14, 2.829%, 12/25/2035 (f)		5,295,249		5,370,741
2006-AR10, 2.738%, 09/25/2036 (f)		1,051,495		1,014,250
2006-AR16, 2.716%, 12/25/2036 (f)		1,154,389		1,136,970
2007-HY2, 3.008%, 12/25/2036 (f)		14,709,907		14,662,025
2007-HY3, 2.856%, 03/25/2037 (f)		2,580,961		2,543,981
2007-HY5, 2.882%, 05/25/2037 (f)		1,275,451		1,268,905
2007-HY7, 3.009%, 07/25/2037 (f)		244,198		200,019
2006-AR8, 2.839%, 08/25/2046 (f)		1,693,906		1,685,027
Washington Mutual
Mortgage Pass-Through
Certificates WMALT Trust
2005-1, 6.000%, 03/25/2035		1,168,271		1,153,327
2005-4, 5.500%, 06/25/2035		1,107,677		1,091,013
2005-5, 5.500%, 07/25/2035		1,195,532		1,179,298
2005-6, 5.500%, 08/25/2035		2,989,519		2,899,492
2005-6, 5.500%, 08/25/2035		653,548		633,867
2005-6, 5.500%, 08/25/2035		1,317,226		1,279,712
2005-6, 6.500%, 08/25/2035		360,320		350,742
2005-9, 5.500%, 11/25/2035		454,847		446,803
2006-8, 4.201%, 10/25/2036 (h)		2,435,528		1,177,986
2007-HY1, 0.507%     (1 Month LIBOR USD + 0.160%),
02/25/2037 (b)		2,049,058		1,863,758
2007-HY2, 3.493%, 04/25/2037 (f)		1,249,813		769,950
2007-OC2, 0.497%     (1 Month LIBOR USD + 0.310%),
06/25/2037 (b)		3,435,680		3,385,674
2007-OC1, 0.427%     (1 Month LIBOR USD + 0.240%),
01/25/2047 (b)		4,068,160		4,169,184
Wells Fargo Alternative Loan Trust
2007-PA1, 6.000%, 03/25/2037		991,672		964,407
2007-PA6, 2.774%, 12/28/2037 (f)		4,554,719		4,487,258
Wells Fargo Mortgage
Backed Securities Trust
2004-J, 2.596%, 07/25/2034 (f)		4,535,240		4,527,195
2005-AR14, 2.623%, 08/25/2035 (f)		667,169		674,965
2006-AR1, 2.649%, 03/25/2036 (f)		1,697,388		1,709,201
2006-AR5, 2.614%, 04/25/2036 (f)		3,014,338		2,996,259
2006-AR5, 2.640%, 04/25/2036 (f)		1,714,617		1,700,295
2006-AR19, 2.727%, 12/25/2036 (f)		2,035,764		2,028,845
2007-AR3, 2.694%, 04/25/2037 (f)		875,475		820,453
TOTAL NON-AGENCY RESIDENTIAL
MORTGAGE BACKED SECURITIES
(Cost $741,592,836)				678,489,401
NON-AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES – 18.20%
225 Liberty Street Trust
2016-225L, 4.649%,     02/10/2036 (a)(f)
		5,000,000		4,990,522
2016-225L, 4.649%,     02/10/2036 (a)(f)
		4,500,000		4,421,012
Arbor Multifamily Mortgage Securities Trust
2022-MF4, 3.293%,     12/15/2054 (a)(f)
		7,852,000		7,821,471
2022-MF4, 1.293%,     12/15/2054
		19,700,000		2,163,040
BANK
2021-BNK35, 1.052%,     06/15/2064 (j)
		48,791,353		3,645,787
2019-BNK16, 0.944%,     02/15/2052 (f)(j)
		78,830,434		4,241,842
2019-BNK17, 0.567%,     04/15/2052 (f)(j)
		123,653,000		4,827,042
2019-BNK17, 1.595%,     04/15/2052 (a)(f)(j)
		11,541,000		1,149,407
2019-BNK21, 1.112%,     10/17/2052 (a)(f)(j)
		18,699,333		1,388,207
2019-BNK21, 2.808%,     10/17/2052
		11,582,000		11,772,651
2019-BNK23, 0.176%,     12/15/2052 (f)(j)
		238,421,000		3,480,923
2019-BNK23, 0.695%,     12/15/2052 (j)
		85,280,802		4,016,990
2020-BNK29, 0.654%,     11/15/2053 (f)(j)
		132,417,000		6,784,690
2020-BNK29, 2.500%,     11/15/2053 (a)
		1,250,000		1,036,868
2020-BNK29, 3.028%,     11/15/2053 (f)
		1,170,000		1,102,761

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 36

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
BANK (Cont.)
2020-BNK30, 2.500%,     12/15/2053 (a)(f)
	$	5,550,000	$	4,596,860
2020-BNK30, 2.757%,     12/15/2053 (f)
		2,450,000		2,236,458
2021-BNK31, 1.739%,     02/15/2054
		7,250,000		6,920,160
2021-BNK32, 2.332%,     04/15/2054
		10,727,500		10,557,632
2021-BNK32, 2.500%,     04/15/2054 (a)
		5,000,000		4,164,616
2019-BNK20, 2.933%,     09/15/2062
		2,100,000		2,141,923
2019-BNK24, 0.186%,     11/15/2062 (f)(j)
		174,693,000		2,867,411
2020-BNK25, 0.885%,     01/15/2063 (f)(j)
		108,994,649		6,380,623
2020-BNK26, 0.600%,     03/15/2063 (f)(j)
		226,593,000		10,149,848
2020-BNK28, 0.972%,     03/15/2063 (f)(j)
		29,969,467		2,252,811
2020-BNK26, 2.041%,     03/15/2063
		5,200,000		5,042,337
2021-BNK34, 0.979%,     06/15/2063 (j)
		95,786,855		6,745,531
2021-BNK34, 2.754%,     06/15/2063 (f)
		8,000,000		7,611,177
2022-BNK40, 2.500%,     03/15/2064
		2,470,000		1,957,201
2022-BNK40, 3.507%,     03/15/2064
		5,000,000		4,999,135
2021-BNK33, 2.218%,     05/15/2064
		12,599,000		12,354,884
2021-BNK35, 2.067%,     06/15/2064
		10,400,000		10,052,760
2021-BNK36, 0.918%,     09/15/2064 (j)
		94,115,689		5,678,809
2021-BNK36, 2.283%,     09/15/2064
		12,250,000		11,980,284
2021-BNK37, 2.487%,     11/15/2064
		14,400,000		14,259,954
Barclays Commercial
Mortgage Trust
2019-C3, 0.774%,     05/15/2052 (f)(j)
		56,340,000		2,992,629
2019-C4, 1.144%,     08/15/2052 (f)(j)
		43,170,000		3,223,832
2019-C5, 0.372%,     11/15/2052 (f)(j)
		174,774,000		4,281,613
2019-C5, 1.351%,     11/15/2052 (a)(f)(j)
		12,996,000		1,124,349
BBCMS Mortgage Trust
2020-C6, 0.677%,     02/15/2053 (f)(j)
		59,000,000		2,999,094
2020-C6, 1.054%,     02/15/2053 (f)(j)
		93,389,761		6,190,938
2020-C7, 0.987%,     04/15/2053 (f)(j)
		17,140,000		1,268,302
2020-C7, 1.627%,     04/15/2053 (f)(j)
		22,065,278		2,058,344
2021-C9, 0.995%,     02/15/2054 (f)(j)
		68,467,000		5,380,479
2021-C9, 1.960%, 02/15/2054		10,000,000		9,656,864
2021-C9, 2.534%, 02/15/2054		8,500,000		8,070,583
2021-C10, 2.268%, 07/15/2054		10,000,000		9,785,809
2021-C10, 1.022%, 07/15/2054 (j)		73,112,500		6,092,735
2021-C10, 1.306%, 07/15/2054 (j)		65,559,583		5,972,295
2021-C11, 0.967%, 09/15/2054 (j)		29,540,000		2,459,382
2021-C11, 2.108%, 09/15/2054		29,000,000		27,979,896
2021-C12, 0.595%, 11/15/2054 (j)		59,992,000		3,243,893
2021-C12, 0.959%, 11/15/2054 (j)		101,906,195		7,193,650
2021-C12, 2.500%, 11/15/2054 (a)		4,750,000		3,812,140
2021-C12, 2.542%, 11/15/2054		12,000,000		11,913,666
2021-C12, 2.758%, 11/15/2054		9,000,000		8,466,482
2022-C14, 0.256%,     02/15/2055 (f)(j)
		166,823,000		4,900,809
2022-C14, 0.740%,     02/15/2055 (f)(j)
		100,757,000		5,504,637
2022-C14, 3.350%, 02/15/2055		10,000,000		10,090,127
Benchmark Mortgage Trust
2021-B28, 1.290%, 08/15/2054 (j)		86,479,655		7,891,234
2019-B9, 1.038%,     03/15/2052 (f)(j)
		29,725,135		1,773,051
2019-B9, 2.001%,     03/15/2052 (a)(f)(j)
		11,513,000		1,390,416
2019-B12, 0.416%,     08/15/2052 (a)(f)(j)
		93,260,000		2,688,425
2020-B16, 0.240%,     02/15/2053 (a)(f)(j)
		70,467,000		1,278,053
2020-B16, 0.927%,     02/15/2053 (f)(j)
		102,946,938		6,319,192
2020-B20, 0.582%,     10/15/2053 (f)(j)
		79,394,000		3,436,466
2020-B21, 1.798%, 12/17/2053		5,966,000		5,727,444
2020-B22, 1.731%, 01/15/2054		2,490,000		2,364,418
2021-B23, 0.905%,     02/15/2054 (a)(f)(j)
		105,441,000		7,787,240
2021-B23, 1.276%,     02/15/2054 (f)(j)
		119,031,821		10,289,968
2021-B23, 1.766%, 02/15/2054		5,000,000		4,786,776
2021-B24, 0.591%,     03/15/2054 (f)(j)
		99,123,000		5,068,407
2021-B24, 1.154%,     03/15/2054 (f)(j)
		66,665,201		5,225,925

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 37

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Benchmark Mortgage Trust (Cont.)
2021-B24, 2.256%, 03/15/2054	$	5,400,000	$	5,314,657
2021-B25, 0.661%, 04/15/2054 (j)		93,350,000		5,239,866
2021-B25, 1.109%, 04/15/2054 (j)		79,524,908		6,289,681
2021-B26, 1.369%, 06/15/2054 (j)		10,836,000		1,211,712
2021-B26, 2.000%, 06/15/2054 (a)		2,250,000		1,773,451
2021-B26, 2.688%, 06/15/2054 (f)		6,000,000		5,598,451
2021-B27, 1.271%, 07/15/2054 (j)		100,852,083		9,076,445
2021-B27, 1.488%, 07/15/2054 (j)		21,507,000		2,639,195
2021-B27, 2.000%, 07/15/2054 (a)		5,000,000		3,931,026
2021-B27, 2.355%, 07/15/2054		6,000,000		5,457,108
2021-B27, 2.703%, 07/15/2054		2,000,000		1,823,308
2021-B28, 0.955%, 08/15/2054 (j)		32,491,000		2,634,984
2021-B28, 1.980%, 08/15/2054		10,000,000		9,615,098
2021-B29, 1.308%, 09/15/2054 (j)		27,615,000		2,941,831
2021-B29, 2.000%, 09/15/2054 (a)		8,953,000		6,432,606
2021-B29, 2.205%, 09/15/2054		24,171,000		23,533,151
2021-B30, 0.594%,     11/15/2054 (a)(f)(j)
		83,683,000		4,063,496
2021-B30, 1.301%,     11/15/2054 (a)(f)(j)
		18,582,000		1,960,377
2021-B30, 2.000%, 11/15/2054 (a)		2,250,000		1,601,325
2021-B30, 2.000%, 11/15/2054 (a)		1,500,000		1,168,686
2021-B30, 2.431%, 11/15/2054		5,250,000		5,185,692
2021-B30, 2.881%, 11/15/2054 (f)		7,250,000		6,717,275
2021-B31, 0.427%, 12/15/2054		124,409,000		5,059,851
2021-B31, 0.776%, 12/15/2054		143,951,519		8,764,963
2021-B31, 1.142%, 12/15/2054		31,991,000		3,019,480
2021-B31, 2.250%, 12/15/2054 (a)		3,000,000		2,369,126
2021-B31, 2.615%, 12/15/2054		10,000,000		9,939,725
2021-B31, 3.195%, 12/15/2054 (f)		5,000,000		4,745,792
2022-B32, 1.522%,     01/15/2055 (a)(f)(j)
		39,202,000		4,652,074
2022-B32, 2.000%, 01/15/2055 (a)		10,000,000		7,440,960
2022-B32, 3.411%, 01/15/2055 (f)		10,000,000		10,063,923
2022-B33, 0.000%, 03/17/2055 (d)		21,919,000		2,739,020
2019-B13, 0.404%,     08/15/2057 (a)(f)(j)
		82,774,000		2,314,469
2019-B13, 1.505%,     08/15/2057 (a)(f)(j)
		12,071,000		1,189,834
BMO Mortgage Trust
2022-C1, 1.767%,     02/15/2055 (a)(f)(j)
		30,550,000		4,420,310
2022-C1, 3.468%, 02/15/2055		10,000,000		10,049,842
California Housing Finance Agency
2021-2, 0.816%, 03/25/2035 (j)		32,371,583		2,065,955
2021-1, 0.796%, 11/20/2035 (j)		28,653,555		1,832,681
2021-3, 0.764%, 08/20/2036 (j)		26,202,898		1,812,192
Cantor Commercial
Real Estate Lending
2019-CF2, 0.653%,     11/15/2052 (f)(j)
		134,736,000		5,779,811
CCUBS Commercial
Mortgage Trust
2017-C1, 0.289%,     11/15/2050 (f)(j)
		40,062,667		690,684
CD Mortgage Trust
2017-CD3, 0.570%,     02/10/2050 (f)(j)
		61,857,000		1,727,753
2018-CD7, 4.213%, 08/15/2051		3,236,000		3,432,874
CGMS Commercial
Mortgage Trust
2017-B1, 0.206%,     08/15/2050 (f)(j)
		38,016,000		408,634
Citigroup Commercial
Mortgage Trust
2013-GC17, 5.102%,     11/10/2046 (f)
		5,000,000		5,048,338
2014-GC19, 4.805%,     03/10/2047 (f)
		3,030,000		3,134,476
2014-GC19, 5.091%,     03/10/2047 (f)
		2,757,579		2,835,269
2016-C1, 4.117%, 05/10/2049		3,000,000		3,081,036
2016-C1, 4.943%, 05/10/2049 (f)		6,840,000		7,143,004
2016-P6, 4.167%, 12/10/2049 (f)		6,835,000		7,040,349
2017-P7, 0.557%, 04/14/2050 (f)(j)		45,124,000		1,300,708
2017-P8, 4.192%, 09/15/2050		4,160,000		4,339,246
2017-P8, 4.265%, 09/15/2050 (f)		5,000,000		5,106,350
2017-C4, 0.305%, 10/12/2050 (f)(j)		42,746,500		653,902
2017-C4, 1.081%, 10/12/2050 (f)(j)		31,834,248		1,328,268
2018-B2, 0.391%, 03/10/2051 (f)(j)		49,202,000		1,147,150
2018-C5, 0.176%,     06/10/2051 (a)(f)(j)
		28,400,000		599,462
2018-C6, 4.343%, 11/10/2051		5,000,000		5,368,390
2018-C6, 4.412%, 11/10/2051		3,000,000		3,279,728
2020-GC46, 0.319%,     02/15/2053 (a)(f)(j)
		92,457,000		2,453,800
2020-GC46, 0.985%,     02/15/2053 (f)(j)
		89,627,391		5,665,948
2019-GC41, 1.056%,     08/10/2056 (f)(j)
		53,332,274		3,202,043
2019-GC41, 3.018%, 08/10/2056		10,339,000		10,325,920
2019-C7, 0.285%,     12/15/2072 (a)(f)(j)
		50,711,000		1,118,031
2019-C7, 0.873%,     12/15/2072 (f)(j)
		76,287,876		4,270,000
2019-C7, 1.202%,     12/15/2072 (a)(f)(j)
		39,933,000		3,329,785
2019-C7, 3.667%, 12/15/2072 (f)		10,000,000		10,123,786
COMM Mortgage Trust
2014-CR18, 4.456%,     07/15/2047 (f)
		4,550,700		4,659,412
2013-CR11, 0.907%,     08/10/2050 (f)(j)
		49,545,979		563,466

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 38

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
COMM Mortgage Trust (Cont.)
2019-GC44, 1.027%,     08/15/2057 (a)(f)(j)
	$	19,460,000	$	1,392,758
Connecticut Avenue
Securities Trust
2021-R03, 2.799% (SOFR30A
+ 2.750%), 12/25/2041 (a)(b)		5,685,000		5,288,820
2022-R02, 3.049% (SOFR30A
+ 3.000%), 01/25/2042 (a)(b)		10,000,000		9,858,348
CSAIL Commercial
Mortgage Trust
2016-C5, 1.000%,     11/15/2048 (a)(f)(j)
		46,821,000		1,475,831
2015-C1, 0.500%,     04/15/2050 (a)(f)(j)
		62,192,000		768,183
2017-C8, 0.383%,     06/15/2050 (f)(j)
		74,773,000		1,356,607
2019-C17, 1.360%,     09/15/2052 (f)(j)
		85,356,379		6,563,666
2019-C18, 1.069%,     12/15/2052 (f)(j)
		92,708,484		5,458,073
Freddie Mac Multifamily
Structured Credit Risk
2021-MN3, 4.049% (SOFR30A
+ 4.000%), 11/25/2051 (a)(b)		7,000,000		6,711,242
FREMF Mortgage Trust
2019-KF62, 2.157%     (1 Month LIBOR USD + 2.050%),
04/25/2026 (a)(b)		2,802,772		2,790,681
2019-K735, 4.019%,     05/25/2026 (a)(f)
		6,000,000		6,303,051
2018-KF48, 2.157%     (1 Month LIBOR USD + 2.050%),
06/25/2028 (a)(b)		4,459,116		4,398,071
2018-KF50, 2.007%     (1 Month LIBOR USD + 1.900%),
07/25/2028 (a)(b)		2,916,178		2,886,438
2019-K734, 4.051%,     02/25/2051 (a)(f)
		5,000,000		5,211,831
2019-K101, 3.527%,     10/25/2052 (a)(f)
		10,000,000		10,144,622
GS Mortgage Securities Corp. II
2012-BWTR, 3.255%,     11/05/2034 (a)
		6,608,000		6,565,622
2018-GS10, 1.409%,     07/10/2051 (a)(f)(j)
		24,049,000		2,014,500
GS Mortgage Securities Trust
2015-GC32, 4.412%,     07/10/2048 (f)
		5,100,000		5,275,771
2016-GS3, 3.395%,     10/10/2049 (f)
		10,417,000		10,277,865
2015-GC30, 4.028%,     05/10/2050 (f)
		2,960,000		3,024,362
2017-GS8, 0.382%,     11/10/2050 (f)(j)
		44,642,000		946,312
2019-GC38, 1.834%,     02/10/2052 (a)(f)(j)
		20,916,000		2,408,193
2019-GC39, 0.636%,     05/10/2052 (f)(j)
		69,588,000		3,017,746
2019-GC39, 1.623%,     05/10/2052 (a)(f)(j)
		8,215,000		847,637
2019-GC40, 1.158%,     07/10/2052 (a)(f)(j)
		5,920,000		479,469
2019-GC42, 3.212%, 09/01/2052		6,775,000		6,787,872
2019-GSA1, 0.826%,     11/10/2052 (f)(j)
		72,661,531		3,921,528
2020-GSA2, 0.940%,     12/12/2053 (a)(f)(j)
		73,324,000		5,423,417
JP Morgan Chase Commercial
Mortgage Securities Trust
2012-CBX, 4.775%, 06/15/2045 (f)		6,680,000		6,500,701
2015-JP1, 4.719%, 01/15/2049 (f)		7,485,000		7,692,718
2007-CB20, 0.000%,     02/12/2051 (a)(d)(e)(f)(j)
		288,528		—
JPMBB Commercial
Mortgage Securities Trust
2015-C30, 4.263%, 07/15/2048 (f)		2,985,000		3,018,128
2015-C28, 3.532%, 10/15/2048		5,000,000		5,015,048
2015-C32, 0.500%,     11/15/2048 (a)(f)(j)
		23,066,000		351,664
JPMCC Commercial
Mortgage Securities Trust
2017-JP6, 0.655%,     07/15/2050 (f)(j)
		68,830,000		2,219,375
JPMDB Commercial
Mortgage Securities Trust
2016-C4, 3.638%, 12/15/2049 (f)		5,500,000		5,455,392
Morgan Stanley Bank of
America Merrill Lynch Trust
2013-C12, 4.482%, 10/15/2046 (f)		5,000,000		5,131,575
2015-C27, 4.503%, 12/15/2047 (f)		3,000,000		3,098,749
2015-C25, 4.526%, 10/15/2048 (f)		5,195,000		5,268,967
2016-C31, 1.274%,     11/15/2049 (a)(f)(j)
		21,212,500		1,057,982
2015-C23, 4.143%, 07/15/2050 (f)		3,845,000		3,989,163
2017-C34, 2.700%, 11/15/2052 (a)		3,310,000		2,734,429
2017-C34, 4.111%, 11/15/2052 (f)		5,054,000		5,217,892
Morgan Stanley Capital I Trust
2016-BNK2, 0.532%,     11/15/2049 (f)(j)
		58,680,000		1,405,151
2017-H1, 2.161%, 06/15/2050		8,725,000		868,018

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 39

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Morgan Stanley
Capital I Trust (Cont.)
2017-H1, 4.281%, 06/15/2050 (f)	$	2,880,000	$	2,855,138
2018-H3, 0.372%,     07/15/2051 (f)(j)
		135,712,000		3,157,340
2018-H3, 1.864%,     07/15/2051 (a)(f)(j)
		15,363,500		1,536,278
2018-H3, 4.120%, 07/15/2051		5,000,000		5,295,431
2019-L2, 0.624%,     03/15/2052 (f)(j)
		127,093,000		5,265,298
2019-H7, 0.660%,     07/15/2052 (f)(j)
		130,723,000		5,846,952
2021-L5, 0.714%, 05/15/2031 (j)		70,387,500		4,316,408
2021-L5, 2.500%, 05/15/2054 (a)		3,500,000		2,850,202
2021-L5, 3.102%, 05/15/2054		6,627,000		6,418,158
2021-L6, 2.250%, 06/15/2054 (f)		11,900,000		11,628,216
2021-L6, 2.951%, 06/15/2054 (f)		7,500,000		7,170,740
2021-L7, 0.412%, 10/15/2031		143,080,000		5,504,531
2021-L7, 2.336%, 10/15/2054		15,100,000		14,797,689
RBS Commercial
Funding, Inc. Trust
2013-SMV, 3.584%,     03/11/2031 (a)(f)
		6,100,000		6,064,675
UBS Commercial Mortgage Trust
2017-C1, 0.944%,     06/15/2050 (f)(j)
		13,000,000		606,196
2017-C6, 0.355%,     12/15/2050 (f)(j)
		63,420,500		1,742,015
2017-C7, 0.360%,     12/15/2050 (f)(j)
		170,396,000		3,427,993
2018-C12, 0.227%,     08/15/2051 (f)(j)
		139,858,000		2,802,377
2018-C12, 0.807%,     08/15/2051 (f)(j)
		48,595,274		2,051,828
2018-C13, 0.252%,     10/15/2051 (f)(j)
		128,678,000		2,855,159
2018-C13, 1.975%,     10/15/2051 (a)(f)(j)
		16,442,000		1,942,070
2018-C13, 4.241%, 10/15/2051		3,274,000		3,462,679
2018-C14, 0.300%,     12/15/2051 (f)(j)
		114,392,000		2,620,892
2019-C17, 0.852%,     10/15/2052 (f)(j)
		128,213,000		7,460,061
2019-C18, 2.987%, 12/15/2052		4,500,000		4,601,273
2019-C18, 3.378%, 12/15/2052 (f)		9,000,000		9,011,945
UBS-Barclays Commercial
Mortgage Trust
2012-C3, 4.365%,     08/10/2049 (a)(f)
		6,000,000		6,044,374
Washington State Housing
Finance Commission
2021-1, 0.725%, 12/20/2035 (j)		21,050,384		1,217,344
Wells Fargo Commercial
Mortgage Trust
2015-NXS1, 3.658%,     05/15/2048 (f)
		1,320,000		1,334,885
2016-LC24, 0.979%,     10/15/2049 (f)(j)
		66,264,075		2,703,077
2017-RB1, 0.695%,     03/15/2050 (f)(j)
		69,254,209		2,420,040
2017-C42, 0.324%,     12/15/2050 (f)(j)
		116,750,000		2,352,956
2018-C48, 0.254%,     01/15/2052 (f)(j)
		138,642,000		2,646,135
2018-C48, 4.245%, 01/15/2052		7,000,000		7,470,459
2019-C49, 0.602%,     03/15/2052 (f)(j)
		125,812,000		5,183,568
2019-C49, 3.933%, 03/15/2052		5,000,000		5,300,944
2019-C49, 4.546%, 03/15/2052		4,647,000		4,934,260
2019-C50, 0.864%,     05/15/2052 (f)(j)
		36,427,311		2,066,310
2019-C51, 0.676%,     06/15/2052 (f)(j)
		130,394,000		5,818,624
2019-C52, 1.094%,     08/15/2052 (f)(j)
		113,763,146		8,185,338
2019-C52, 1.591%,     08/15/2052 (f)(j)
		59,008,815		5,315,550
2019-C53, 0.452%,     10/15/2052 (f)(j)
		105,325,000		3,682,762
2019-C53, 3.514%, 10/15/2052 (f)		5,200,000		5,194,482
2020-C55, 0.816%,     02/15/2053 (f)(j)
		58,030,370		3,378,696
2020-C56, 0.314%,     06/15/2053 (f)(j)
		127,035,000		2,968,236
2020-C56, 2.422%, 06/15/2053		2,250,000		2,242,922
2020-C58, 1.128%,     07/15/2053 (f)(j)
		109,974,000		9,532,106
2020-C57, 0.733%,     08/15/2053 (f)(j)
		74,972,000		4,156,448
2020-C57, 1.914%, 08/15/2053		7,250,000		6,950,106
2021-C59, 0.908%, 04/15/2054 (j)		65,782,000		4,832,931
2017-NPL5, 1.451%,     04/15/2054 (j)
		40,274,000		4,563,709
2021-C59, 3.284%, 04/15/2054		7,648,000		7,335,825
2021-C60, 1.101%, 08/15/2054		40,551,000		3,784,455
2021-C60, 1.556%, 08/15/2054		41,488,438		4,628,931
2021-C60, 2.130%, 08/15/2054		5,658,000		5,490,396
2021-C60, 2.730%, 08/15/2054		6,814,678		6,456,689
2021-C60, 2.738%, 08/15/2054		3,000,000		2,749,457
2021-C61, 1.391%, 11/15/2054		9,132,000		1,029,734
2021-C61, 2.525%, 11/15/2054		15,000,000		14,854,893
2021-C61, 3.113%, 11/15/2054		4,221,000		4,103,523
2015-C30, 4.067%, 09/15/2058 (f)		10,000,000		10,341,840
2015-C30, 4.400%, 09/15/2058 (f)		5,800,000		5,947,042

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 40

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Wells Fargo Commercial
Mortgage Trust (Cont.)
2018-C47, 0.156%,     09/15/2061 (f)(j)
	$	164,144,000	$	1,939,624
2018-C47, 4.673%,     09/15/2061 (f)
		8,000,000		8,667,041
WFRBS Commercial
Mortgage Trust
2013-UBS1, 5.039%,     03/15/2046 (f)
		7,500,000		7,723,610
TOTAL NON-AGENCY
COMMERCIAL MORTGAGE
BACKED SECURITIES
(Cost $1,312,770,491)				1,223,794,765
AGENCY COMMERCIAL MORTGAGE
BACKED SECURITIES – 7.43%
FHMR
2021-RR17, 2.038%,     08/27/2027 (f)(j)
		70,015,000		6,246,199
2020-RR09, 2.676%,     08/27/2029 (f)(j)
		42,360,000		6,154,226
Freddie Mac Multifamily
ML Certificates
2020-ML07, 2.021%,     10/25/2036 (a)(f)(j)
		25,252,973		4,609,425
2019-ML06, 1.132%,     06/25/2037 (f)(j)
		10,884,195		1,080,910
2021-ML08, 1.846%,     07/25/2037 (f)(j)
		33,460,379		5,667,519
2021-ML10, 2.056%,     01/25/2038 (f)(j)
		14,414,586		2,862,737
2021-ML11, 0.667%,     03/25/2038 (f)(j)
		34,705,308		2,277,015
2021-ML10, 1.518%,     06/25/2038 (f)(j)
		15,322,106		2,240,245
2021-ML09, 1.489%,     02/25/2040 (f)(j)
		44,391,844		6,672,538
2021-ML12, 1.220%,     07/25/2041 (f)(j)
		18,251,056		2,291,055
Freddie Mac Multifamily Structured
Pass Through Certificates
K021, 1.375%, 06/25/2022 (f)(j)		58,456,387		6,722
K723, 0.912%, 08/25/2023 (f)(j)		63,643,092		703,161
K723, 0.839%, 09/25/2023 (f)(j)		61,645,000		755,971
K728, 0.385%, 08/25/2024 (f)(j)		57,838,577		497,418
K729, 0.343%, 10/25/2024 (f)(j)		47,953,299		364,786
K042, 1.029%, 12/25/2024 (f)(j)		114,585,264		2,868,333
K046, 0.351%, 03/25/2025 (f)(j)		447,021,869		4,508,171
K049, 0.584%, 07/25/2025 (f)(j)		90,922,804		1,550,743
K734, 0.647%, 02/25/2026 (f)(j)		64,674,589		1,419,083
K735, 0.957%, 05/25/2026 (f)(j)		59,206,683		2,078,125
K735, 1.364%, 05/25/2026 (f)(j)		70,547,000		3,766,137
K737, 1.004%, 10/25/2026 (f)(j)		20,050,000		871,387
K061, 0.049%, 11/25/2026 (f)(j)		72,512,000		337,957
K062, 0.175%, 12/25/2026 (f)(j)		79,423,000		790,410
K063, 0.286%, 01/25/2027 (f)(j)		374,905,250		4,673,944
K064, 0.605%, 03/25/2027 (f)(j)		125,815,836		3,407,596
K738, 1.368%, 03/25/2027 (f)(j)		24,099,000		1,517,119
K065, 0.548%, 05/25/2027 (f)(j)		57,193,000		1,598,630
K066, 0.750%, 06/25/2027 (f)(j)		31,566,060		1,089,458
KW03, 0.835%, 06/25/2027 (f)(j)		15,654,009		505,518
K067, 0.577%, 07/25/2027 (f)(j)		40,472,603		1,126,850
K068, 0.429%, 08/25/2027 (f)(j)		103,444,014		2,222,681
K069, 0.362%, 09/25/2027 (f)(j)		28,987,673		534,101
K739, 1.611%, 09/25/2027 (f)(j)		32,621,072		2,549,591
K070, 0.326%, 11/25/2027 (f)(j)		276,954,820		4,846,848
K072, 0.368%, 12/25/2027 (f)(j)		60,770,965		1,182,567
K073, 0.202%, 01/25/2028 (f)(j)		54,203,000		733,605
K073, 0.302%, 01/25/2028 (f)(j)		155,930,221		2,752,745
K742, 0.926%, 04/25/2028 (f)(j)		89,849,000		4,774,019
K743, 1.290%, 05/25/2028 (f)(j)		99,488,000		7,392,187
KW06, 0.100%, 06/25/2028 (f)(j)		584,302,010		4,984,739
K080, 0.120%, 07/25/2028 (f)(j)		429,078,549		4,072,084
K081, 0.073%, 08/25/2028 (f)(j)		154,434,284		1,043,667
K084, 0.204%, 10/25/2028 (f)(j)		338,111,315		4,683,315
K747, 0.398%, 12/25/2028 (f)(j)		160,000,000		4,117,661
K748, 0.000%, 01/25/2029 (f)(j)		175,000,000		6,166,650
K089, 0.454%, 01/25/2029 (f)(j)		53,965,000		1,696,007
K088, 0.509%, 01/25/2029 (f)(j)		149,604,720		4,929,221
K090, 0.705%, 02/25/2029 (f)(j)		77,821,800		3,533,623
K091, 0.487%, 03/25/2029 (f)(j)		53,659,000		1,815,305
K090, 0.621%, 03/25/2029 (f)(j)		50,517,000		2,132,701
KW09, 0.802%, 05/25/2029 (f)(j)		63,288,843		3,013,751
K093, 0.952%, 05/25/2029 (f)(j)		54,516,185		3,252,610
K094, 0.880%, 06/25/2029 (f)(j)		194,776,325		11,032,852
K097, 1.090%, 07/25/2029 (f)(j)		72,857,314		5,151,005
KG02, 1.023%, 08/25/2029 (f)(j)		33,000,000		2,087,649
K098, 1.144%, 08/25/2029 (f)(j)		62,017,393		4,600,407
K098, 1.391%, 08/25/2029 (f)(j)		14,661,000		1,387,454
K099, 0.885%, 09/25/2029 (f)(j)		210,843,035		12,283,399
K100, 0.913%, 09/25/2029 (f)(j)		62,086,000		3,950,209
K102, 0.825%, 10/25/2029 (f)(j)		165,682,419		9,182,617
K101, 1.093%, 10/25/2029 (f)(j)		65,686,000		4,989,154
K103, 0.638%, 11/25/2029 (f)(j)		125,298,300		5,509,955
K107, 1.549%, 02/25/2030 (f)(j)		118,898,000		13,161,188
K108, 1.660%, 03/25/2030 (f)(j)		70,601,000		8,498,355
K108, 1.690%, 03/25/2030 (f)(j)		16,047,582		1,880,934
K110, 1.697%, 04/25/2030 (f)(j)		29,931,278		3,420,412
K112, 1.432%, 05/25/2030 (f)(j)		96,495,025		9,736,724
K111, 1.572%, 05/25/2030 (f)(j)		108,974,737		11,938,444

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 41

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Freddie Mac Multifamily Structured
Pass Through Certificates (Cont.)
K112, 1.663%, 05/25/2030 (f)(j)	$	44,272,000	$	5,401,627
K114, 1.118%, 06/25/2030 (f)(j)		58,852,146		4,708,966
K115, 1.327%, 06/25/2030 (f)(j)		54,142,100		5,091,761
K114, 1.342%, 06/25/2030 (f)(j)		42,500,000		4,246,579
KG03, 1.381%, 06/25/2030 (f)(j)		15,600,000		1,487,316
K113, 1.387%, 06/25/2030 (f)(j)		91,756,392		8,944,753
K115, 1.547%, 07/25/2030 (f)(j)		22,290,414		2,566,117
K118, 0.960%, 09/25/2030 (f)(j)		120,824,684		8,422,761
K118, 1.170%, 09/25/2030 (f)(j)		35,916,184		3,213,830
K116, 1.600%, 09/25/2030 (f)(j)		23,000,000		2,771,219
K121, 1.028%, 10/25/2030 (f)(j)		48,953,558		3,597,152
K119, 1.134%, 10/25/2030 (f)(j)		51,000,000		4,430,982
KG04, 0.853%, 11/25/2030 (f)(j)		111,132,729		6,908,110
K122, 0.883%, 11/25/2030 (f)(j)		111,997,059		7,269,863
K122, 1.081%, 11/25/2030 (f)(j)		35,211,000		2,978,851
K121, 1.195%, 11/25/2030 (f)(j)		49,550,000		4,598,181
K123, 0.977%, 12/25/2030 (f)(j)		50,000,000		3,856,965
K125, 0.585%, 01/25/2031 (f)(j)		179,613,167		8,011,609
K125, 0.782%, 01/25/2031 (f)(j)		52,600,000		3,321,706
K124, 0.936%, 01/25/2031 (f)(j)		54,248,000		4,039,556
K152, 0.956%, 01/25/2031 (f)(j)		30,070,494		1,995,517
K127, 0.503%, 02/25/2031 (f)(j)		186,332,000		7,693,928
K128, 0.529%, 03/25/2031 (f)(j)		154,863,061		6,321,913
K128, 0.740%, 03/25/2031 (f)(j)		37,700,000		2,292,220
K129, 1.050%, 05/25/2031 (f)(j)		71,534,757		5,650,015
K129, 1.225%, 05/25/2031 (f)(j)		31,700,000		3,158,154
K130, 1.037%, 06/25/2031 (f)(j)		122,804,002		10,130,053
K131, 0.729%, 07/25/2031 (f)(j)		135,712,994		8,120,781
K130, 1.214%, 07/25/2031 (f)(j)		43,372,188		4,410,266
K138, 0.691%, 01/25/2032 (f)(j)		195,000,000		12,009,211
K155, 0.113%, 04/25/2033 (f)(j)		245,667,384		3,610,205
K1511, 0.777%, 03/25/2034 (f)(j)		132,176,852		9,424,593
K1512, 0.910%, 04/25/2034 (f)(j)		47,561,510		3,901,314
K1513, 0.860%, 08/25/2034 (f)(j)		76,011,643		6,085,234
K1514, 0.579%, 10/25/2034 (f)(j)		81,397,997		4,780,244
K1515, 1.512%, 02/25/2035 (f)(j)		78,782,909		11,485,233
K1516, 1.512%, 05/25/2035 (f)(j)		41,831,705		6,615,835
K1517, 1.331%, 07/25/2035 (f)(j)		81,886,215		11,399,126
K1521, 0.981%, 08/25/2036 (f)(j)		113,361,959		11,954,053
K097, 1.349%, 09/25/2051 (f)(j)		66,115,000		6,006,039
K105, 1.767%, 03/25/2053 (f)(j)		64,122,000		8,029,382
FREMF Mortgage Trust
2018-K82, 4.131%,     09/25/2028 (a)(f)
		3,065,000		3,254,432
TOTAL AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $492,900,036)				499,975,476
MUNICIPAL BONDS – 28.08%
Alabama – 0.43%
Alabama Federal Aid Highway
Finance Authority
1.727%, 09/01/2028		29,500,000		28,756,815
Alaska – 0.31%
Alaska Municipal Bond
Bank Authority
2.022%, 12/01/2030		5,020,000		4,814,583
2.122%, 12/01/2031		3,500,000		3,347,004
Municipality of Anchorage, AK
1.896%, 09/01/2028		1,685,000		1,661,931
1.896%, 09/01/2028		1,525,000		1,504,202
5.000%, 12/01/2050		8,000,000		9,188,262
				20,515,982
Arizona – 0.29%
City of Tucson, AZ
2.232%, 07/01/2034		11,605,000		11,152,672
Glendale Municipal Property Corp.
6.157%, 07/01/2033		3,000,000		3,754,538
Industrial Development Authority
of the City of Phoenix
5.000%, 07/01/2045 (a)		4,285,000		4,602,412
				19,509,622
California – 6.13%
Alvord Unified School District
0.000%, 08/01/2046 (d)		1,975,000		2,509,772
California Pollution Control
Financing Authority
4.000%, 11/01/2023 (a)(e)		7,000,000		6,886,760
Chaffey Joint Union
High School District
3.143%, 08/01/2043		2,620,000		2,626,063
City of Chula Vista, CA
1.728%, 06/01/2030		2,235,000		2,081,959
1.828%, 06/01/2031		2,000,000		1,849,635
City of Corona, CA
1.863%, 05/01/2028		4,515,000		4,392,189
City of Huntington Beach, CA
2.453%, 06/15/2031		4,000,000		3,895,385
City of Industry, CA
4.000%, 01/01/2028		2,885,000		3,098,538
City of Los Angeles
Department of Airports
1.876%, 05/15/2030		2,000,000		1,885,400
5.000%, 05/15/2046		6,000,000		7,244,198
5.000%, 05/15/2045		15,000,000		18,277,032
6.582%, 05/15/2039		5,300,000		6,887,263

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 42

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
California – 6.13%  (Cont.)
City of Los Angeles, CA
3.550%, 09/01/2031	$	3,000,000	$	3,242,160
City of Ontario
3.779%, 06/01/2038		3,000,000		3,223,232
City of Orange, CA
2.220%, 06/01/2030		7,500,000		7,433,911
2.270%, 06/01/2031		12,370,000		12,222,626
City of Sacramento, CA Transient
Occupancy Tax Revenue
3.858%, 06/01/2025		3,320,000		3,357,785
City of San Francisco, CA
Public Utilities Commission
Water Revenue
2.845%, 11/01/2041		2,000,000		1,901,195
City of Santa Ana, CA
1.665%, 08/01/2028		5,500,000		5,257,557
1.869%, 08/01/2029		3,180,000		3,038,279
2.089%, 08/01/2030		1,800,000		1,723,258
City of South Lake Tahoe, CA
4.000%, 06/01/2027		1,600,000		1,718,999
City of Union City, CA
0.000%, 07/01/2025 (d)		2,105,000		1,920,782
City of Whittier, CA
1.566%, 06/01/2028		1,085,000		1,033,194
1.724%, 06/01/2029		1,685,000		1,598,920
Coachella Valley
Unified School District
0.000%, 08/01/2034 (d)		1,100,000		799,258
Coast Community
College District
2.957%, 08/01/2038		15,000,000		14,934,462
County of San Diego, CA
6.029%, 08/15/2026		645,000		727,742
County of Santa Cruz, CA
1.444%, 06/01/2028		3,385,000		3,228,084
1.661%, 06/01/2029		2,965,000		2,824,044
1.811%, 06/01/2030		3,900,000		3,704,209
East Side Union
High School District
5.320%, 04/01/2036		7,000,000		8,145,385
Fullerton Public
Financing Authority
7.750%, 05/01/2031		1,380,000		1,699,050
Gateway Unified
School District, CA
0.000%, 08/01/2033 (d)		2,315,000		1,724,774
0.000%, 08/01/2035 (d)		2,315,000		1,618,981
0.000%, 08/01/2036 (d)		2,315,000		1,566,517
Golden State Tobacco
Securitization Corp.
2.332%, 06/01/2027		17,795,000		17,377,300
3.000%, 06/01/2046		10,000,000		10,140,288
Hayward Unified School District
4.000%, 08/01/2030		2,400,000		2,708,952
Inland Empire Tobacco
Securitization Corp.
3.678%, 06/01/2038		16,720,000		17,259,126
Los Angeles County Metropolitan
Transportation Authority
5.735%, 06/01/2039		12,775,000		16,329,880
Los Angeles Housing Authority
5.000%, 06/01/2044		6,510,000		7,376,757
Los Angeles Unified
School District, CA
5.750%, 07/01/2034		12,605,000		15,862,471
Monrovia School Facilities
Grant Financing Authority
7.000%, 06/01/2027		2,800,000		3,464,684
Northern California
Power Agency
5.679%, 06/01/2035		9,400,000		11,251,219
Norwalk-La Mirada
Unified School District
0.000%, 08/01/2038 (d)		4,400,000		2,648,804
Palmdale Elementary
School District
0.000%, 08/01/2029 (d)		540,000		454,627
Pasadena Unified School District
2.881%, 05/01/2037		6,030,000		5,957,448
Peralta Community
College District
0.000%, 08/05/2031 (d)		12,350,000		11,503,593
Placentia-Yorba Linda
Unified School District
0.000%, 08/01/2035 (d)		7,600,000		5,407,291
Port of Oakland
1.667%, 05/01/2027		4,145,000		4,039,189
1.949%, 05/01/2028		2,765,000		2,701,806
2.049%, 05/01/2029		3,935,000		3,817,451
San Diego Community
College District
1.883%, 08/01/2029		24,000,000		23,430,468
San Diego County Regional
Airport Authority
5.000%, 07/01/2046		20,250,000		24,011,089
San Diego Unified School District
0.000%, 07/01/2036 (d)		7,895,000		5,478,082

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 43

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
San Francisco City & County
Redevelopment Agency
Successor Agency
2.221%, 08/01/2028	$	5,000,000	$	4,917,528
San Francisco City & County
Redevelopment Financing Authority
0.000%, 08/01/2036 (d)		5,225,000		3,312,998
5.750%, 08/01/2037		19,400,000		24,394,493
8.406%, 08/01/2039		4,515,000		7,025,620
San Joaquin Hills
Transportation Corridor Agency
2.303%, 01/15/2028		9,980,000		9,881,100
Santa Ana Unified School District
0.000%, 08/01/2037 (d)		3,955,000		2,604,954
State of California
1.650%, 10/01/2028		4,165,000		3,986,233
West Contra Costa
Unified School District
0.000%, 08/01/2036 (d)		5,000,000		3,388,220
West Sonoma County Union
High School District
0.000%, 08/01/2037 (d)		1,840,000		1,253,165
William S. Hart Union
High School District
0.000%, 08/01/2034 (d)		2,380,000		1,774,411
0.000%, 08/01/2036 (d)		1,000,000		700,187
Yosemite Community
College District
0.000%, 08/01/2038 (d)		6,110,000		4,081,263
Yuba Community College District
0.000%, 08/01/2038 (d)		5,055,000		3,284,802
				412,104,097
Colorado – 0.55%
Board of Governors of Colorado
State University System
2.594%, 03/01/2033		4,560,000		4,500,315
2.644%, 03/01/2034		6,275,000		6,130,623
City of Fruita, CO
Healthcare Revenue
5.000%, 01/01/2028		2,650,000		2,679,778
Colorado Health
Facilities Authority
3.796%, 11/01/2044		10,815,000		11,633,434
Ebert Metropolitan District
5.000%, 12/01/2043		10,000,000		11,834,818
				36,778,968
District of Columbia – 0.26%
Metropolitan Washington
Airports Authority Dulles
Toll Road Revenue
8.000%, 10/01/2047		10,260,000		17,202,990
Florida – 2.10%
City of Fort Lauderdale, FL
1.600%, 01/01/2029		5,000,000		4,864,287
1.700%, 01/01/2030		15,085,000		14,537,970
City of Gainesville, FL
0.000%, 10/01/2027 (d)		4,610,000		3,953,679
0.000%, 10/01/2028 (d)		1,400,000		1,160,778
County of Lee, FL
Airport Revenue
5.000%, 10/01/2046		4,260,000		5,081,742
County of Miami-Dade, FL
6.875%, 10/01/2034		1,550,000		2,120,591
County of Miami-Dade, FL
Aviation Revenue
3.275%, 10/01/2029		5,380,000		5,570,384
3.712%, 10/01/2027		4,500,000		4,784,523
County of Miami-Dade, FL
Seaport Department
1.862%, 10/01/2029		11,500,000		11,039,071
2.012%, 10/01/2031		6,940,000		6,576,920
County of Miami-Dade, FL
Transit System
1.650%, 07/01/2030		16,095,000		15,296,582
Florida Development
Finance Corp.
7.375%, 01/01/2049 (a)		7,000,000		7,547,575
Hillsborough County
Aviation Authority
5.000%, 10/01/2047		9,500,000		11,429,618
Reedy Creek Improvement District
2.497%, 06/01/2034		4,500,000		4,400,333
2.547%, 06/01/2035		4,500,000		4,369,667
2.731%, 06/01/2038		18,500,000		17,974,541
State Board of Administration
Finance Corp.
2.154%, 07/01/2030		9,500,000		9,227,602
Tampa-Hillsborough County
Expressway Authority
1.792%, 07/01/2028		3,900,000		3,742,096
1.892%, 07/01/2029		4,750,000		4,529,715
1.942%, 07/01/2030		3,345,000		3,162,257
				141,369,931

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 44

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Georgia – 0.21%
Municipal Electric
Authority of Georgia
2.497%, 01/01/2031	$	10,355,000	$	10,050,488
Valdosta & Lowndes
County Hospital Authority
2.604%, 10/01/2030		2,000,000		2,039,642
3.000%, 10/01/2029		2,000,000		2,107,648
				14,197,778
Hawaii – 0.56%
State of Hawaii Airports
System Revenue
5.000%, 07/01/2043		11,450,000		13,187,234
5.000%, 07/01/2047		20,000,000		24,145,974
				37,333,208
Illinois – 0.37%
Chicago O’Hare
International Airport
2.316%, 01/01/2029		10,000,000		9,830,916
County of Cook, IL
1.941%, 11/15/2027		4,485,000		4,407,104
Illinois Finance Authority
3.510%, 05/15/2041		7,000,000		6,856,674
State of Illinois
5.750%, 01/01/2037		3,000,000		3,677,629
				24,772,323
Indiana – 0.19%
GCS School Building Corp.
5.000%, 01/15/2040		2,100,000		2,530,809
Indiana Finance Authority
4.807%, 07/15/2035		3,000,000		3,642,369
Indianapolis Local Public
Improvement Bond Bank
2.473%, 01/01/2040		4,500,000		4,393,810
5.854%, 01/15/2030		1,810,000		2,078,048
				12,645,036
Kansas – 0.06%
State of Kansas Department
of Transportation
4.596%, 09/01/2035		3,480,000		4,126,950
Kentucky – 0.57%
County of Warren, KY
3.921%, 12/01/2031		825,000		912,048
4.397%, 12/01/2038		1,540,000		1,843,848
Kentucky Higher Education
Student Loan Corp.
3.860%, 06/01/2025		2,000,000		2,092,367
Kentucky State Property &
Building Commission
2.023%, 09/01/2029		6,310,000		6,176,058
2.123%, 09/01/2030		2,755,000		2,699,258
2.223%, 09/01/2031		3,350,000		3,282,150
Kentucky Turnpike Authority
1.668%, 07/01/2028		4,250,000		4,115,309
1.768%, 07/01/2029		12,765,000		12,275,217
1.968%, 07/01/2031		5,335,000		5,081,119
				38,477,374
Louisiana – 0.84%
City of New Orleans, LA
2.220%, 09/01/2029		6,400,000		6,281,081
City of New Orleans, LA
Sewerage Service Revenue
1.791%, 06/01/2030		1,000,000		949,756
1.891%, 06/01/2031		1,575,000		1,489,413
City of New Orleans, LA
Water System Revenue
1.691%, 12/01/2029		1,800,000		1,700,919
1.841%, 12/01/2030		3,120,000		2,945,946
1.941%, 12/01/2031		1,635,000		1,538,236
East Baton Rouge
Sewerage Commission
2.437%, 02/01/2039		2,500,000		2,318,405
Parish of East Baton Rouge
Capital Improvements District
5.000%, 08/01/2048		10,000,000		11,881,618
State of Louisiana
1.742%, 06/15/2032		2,520,000		2,313,898
1.792%, 06/15/2033		1,900,000		1,722,260
State of Louisiana Gasoline
& Fuels Tax Revenue
2.230%, 05/01/2036		8,000,000		7,395,648
2.530%, 05/01/2041		8,995,000		8,270,194
2.830%, 05/01/2043		8,000,000		7,494,698
				56,302,072
Maine – 0.21%
Maine Health & Higher
Educational Facilities Authority
3.118%, 07/01/2043		14,250,000		14,035,482
Maryland – 0.27%
Maryland Stadium Authority
2.805%, 05/01/2040		7,000,000		6,767,949
5.000%, 05/01/2050		7,000,000		9,580,500
State of Maryland
Department of Transportation
1.686%, 08/01/2030		2,110,000		1,993,080
				18,341,529

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 45

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Massachusetts – 0.58%
City of Quincy, MA
1.789%, 12/15/2027	$	10,570,000	$	10,295,020
City of Worcester, MA
6.250%, 01/01/2028		2,585,000		2,960,797
Commonwealth of Massachusetts
Transportation Fund Revenue
5.631%, 06/01/2030		1,050,000		1,258,567
Massachusetts Bay
Transportation Authority
Sales Tax Revenue
2.235%, 07/01/2031		8,795,000		8,847,385
Massachusetts Educational
Financing Authority
3.455%, 07/01/2028		2,000,000		2,107,905
3.831%, 07/01/2024		450,000		468,786
Massachusetts Port Authority
5.000%, 07/01/2046		10,000,000		12,012,400
Massachusetts State College
Building Authority
5.932%, 05/01/2040		550,000		737,723
				38,688,583
Michigan – 1.18%
Brandon School District
2.469%, 05/01/2030		2,430,000		2,451,718
City of Detroit, MI
4.000%, 04/01/2044		8,700,000		7,949,810
Detroit City School District
7.747%, 05/01/2039		9,955,000		14,555,970
Great Lakes Water Authority
Sewage Disposal System Revenue
2.365%, 07/01/2032		3,500,000		3,420,832
2.615%, 07/01/2036		1,000,000		990,341
3.056%, 07/01/2039		12,365,000		12,309,965
Michigan Finance Authority
2.610%, 11/01/2025		2,180,000		2,223,734
2.710%, 11/01/2026		7,145,000		7,329,650
3.084%, 12/01/2034		5,095,000		5,272,667
3.267%, 06/01/2039		19,000,000		19,591,249
3.610%, 11/01/2032		3,000,000		3,184,957
				79,280,893
Minnesota – 0.27%
Western Minnesota Municipal
Power Agency
3.156%, 01/01/2039 (e)		17,500,000		18,243,713
Mississippi – 0.10%
Mississippi Development Bank
5.460%, 10/01/2036		5,505,000		6,661,877
Missouri – 0.46%
Kansas City Industrial
Development Authority
5.000%, 03/01/2049		15,585,000		17,864,975
Kansas City Land Clearance
Redevelopment Authority
6.400%, 10/15/2040 (a)		7,985,000		8,320,893
St. Louis School District
6.450%, 04/01/2028		3,800,000		4,614,175
				30,800,043
Nebraska – 0.04%
District Energy Corp.
2.390%, 07/01/2036		2,830,000		2,835,497
Nevada – 0.34%
City of North Las Vegas, NV
6.572%, 06/01/2040		11,960,000		16,040,221
Clark County School District
5.510%, 06/15/2024		6,510,000		6,790,260
				22,830,481
New Hampshire – 0.07%
New Hampshire Business
Finance Authority
3.278%, 10/01/2037		4,940,000		4,588,025
New Jersey – 1.05%
City of Newark, NJ
4.100%, 11/01/2028		2,830,000		3,096,955
Mercer County
Improvement Authority
8.270%, 12/01/2034		14,455,000		20,227,087
New Jersey Economic
Development Authority
0.000%, 02/15/2025 (d)		20,133,000		18,912,970
7.425%, 02/15/2029		10,000,000		12,232,026
New Jersey Institute
of Technology
3.323%, 07/01/2024		1,540,000		1,575,683
3.415%, 07/01/2042		3,500,000		3,550,395
New Jersey Turnpike Authority
1.863%, 01/01/2031		11,500,000		10,882,002
				70,477,118
New York – 1.23%
City of New York, NY
5.000%, 08/01/2043		5,000,000		5,955,968
Dutchess County Local
Development Corp.
4.550%, 07/01/2022		1,055,000		1,066,280
New York City Industrial
Development Agency
2.436%, 01/01/2036		5,850,000		5,300,087

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 46

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
New York State
Dormitory Authority
1.748%, 03/15/2028	$	19,835,000	$	19,195,817
2.152%, 03/15/2031		20,000,000		19,352,806
2.746%, 07/01/2030		6,430,000		6,505,649
5.096%, 08/01/2034		3,125,000		3,501,446
New York State
Thruway Authority
2.900%, 01/01/2035		10,420,000		10,497,095
New York State Urban
Development Corp.
1.750%, 03/15/2028		10,000,000		9,700,900
Western Nassau County
Water Authority
2.958%, 04/01/2041		1,500,000		1,495,224
				82,571,272
Ohio – 1.25%
American Municipal Power, Inc.
7.499%, 02/15/2050		3,270,000		5,152,353
7.834%, 02/15/2041		3,795,000		6,023,497
County of Hamilton, OH
3.374%, 06/01/2034		285,000		295,540
3.756%, 06/01/2042		8,000,000		8,404,635
Franklin County Convention
Facilities Authority
2.022%, 12/01/2030		5,485,000		5,294,101
2.472%, 12/01/2034		22,100,000		21,514,175
JobsOhio Beverage System
2.833%, 01/01/2038		7,225,000		7,074,767
4.532%, 01/01/2035		20,170,000		23,301,191
Ohio Higher Educational
Facility Commission
4.500%, 12/01/2026		4,025,000		4,159,269
South-Western City }
School District
0.000%, 12/01/2028 (d)		2,735,000		2,316,841
Sycamore Community
City School District
5.850%, 12/01/2028		605,000		732,420
				84,268,789
Oklahoma – 0.56%
Oklahoma City Economic
Development Trust
1.471%, 03/01/2028		1,700,000		1,625,053
1.691%, 03/01/2029		1,600,000		1,532,079
1.791%, 03/01/2030		1,455,000		1,389,077
1.891%, 03/01/2031		1,545,000		1,474,982
Oklahoma Development
Finance Authority
5.450%, 08/15/2028		4,120,000		4,513,900
Oklahoma Municipal
Power Authority
2.431%, 01/01/2034		3,870,000		3,766,247
2.501%, 01/01/2035		3,475,000		3,373,588
2.551%, 01/01/2036		2,390,000		2,304,191
2.803%, 01/01/2041		15,500,000		14,811,453
Oklahoma Turnpike Authority
1.722%, 01/01/2030		3,260,000		3,065,748
				37,856,318
Oregon – 0.05%
Hospital Facilities Authority of
Multnomah County Oregon
1.250%, 06/01/2026		2,610,000		2,541,646
Oregon Health &
Science University
2.850%, 07/01/2030		1,000,000		1,027,079
				3,568,725
Pennsylvania – 0.74%
Berks County Industrial
Development Authority
3.950%, 05/15/2024		720,000		727,579
4.450%, 05/15/2027		800,000		823,761
City of Philadelphia, PA
1.492%, 07/15/2028		3,725,000		3,547,841
1.618%, 07/15/2029		2,505,000		2,378,091
1.738%, 07/15/2030		2,250,000		2,134,717
Commonwealth
Financing Authority
2.758%, 06/01/2030		4,500,000		4,579,920
2.758%, 06/01/2030		1,040,000		1,058,470
3.657%, 06/01/2038		5,820,000		6,233,347
3.807%, 06/01/2041		6,110,000		6,647,811
4.014%, 06/01/2033		3,775,000		4,234,582
Montgomery County
Industrial Development Authority
3.150%, 11/15/2028		10,000,000		10,010,024
Pennsylvania Economic
Development Financing Authority
2.502%, 06/15/2032		6,000,000		5,864,322
Union County Hospital Authority
3.800%, 08/01/2023		570,000		578,418
4.400%, 08/01/2028		1,060,000		1,128,934
				49,947,817

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 47

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Puerto Rico – 0.42%
Children’s Trust Fund
5.375%, 05/15/2033	$	1,870,000	$	1,919,420
Commonwealth of Puerto Rico
3.650%, 07/01/2016 (g)		2,400,000		2,178,000
4.000%, 07/01/2021 (g)		6,395,000		5,835,437
4.400%, 07/01/2020 (g)		3,240,000		2,956,500
GDB Debt Recovery
Authority of Puerto Rico
7.500%, 08/20/2040		10,710,299		10,067,681
Puerto Rico Highway &
Transportation Authority
0.000%, 07/01/2026 (d)(e)		7,000,000		5,367,276
				28,324,314
South Carolina – 0.18%
Charleston Educational
Excellence Finance Corp.
1.919%, 12/01/2030		5,000,000		4,816,341
Commission of Public
Works, City of Greer
5.500%, 09/01/2032		2,000,000		2,570,412
South Carolina Jobs-Economic
Development Authority
2.729%, 07/01/2030		5,015,000		5,025,865
				12,412,618
Tennessee – 0.35%
Memphis-Shelby County
Airport Authority
5.000%, 07/01/2045		8,500,000		10,123,008
Tennessee State School
Bond Authority
4.848%, 09/15/2027		12,000,000		13,587,992
				23,711,000
Texas – 4.11%
Board of Regents of the
University of Texas System
5.134%, 08/15/2042		2,500,000		3,190,550
City of Austin, TX Electric
Utility Revenue
5.000%, 11/15/2049		11,285,000		13,634,739
City of Dallas, TX
0.000%, 02/15/2031 (d)		10,000,000		7,882,384
0.000%, 02/15/2032 (d)		15,000,000		11,414,423
City of Dallas, TX Waterworks
& Sewer System Revenue
5.000%, 10/01/2045		21,635,000		26,740,996
City of El Paso, TX
6.018%, 08/15/2035		3,000,000		3,949,813
City of Houston, TX
5.508%, 03/01/2036		4,900,000		6,270,271
5.538%, 03/01/2037		4,100,000		5,292,246
6.290%, 03/01/2032		920,000		1,137,181
City of Houston, TX
Airport System Revenue
1.816%, 07/01/2027		3,250,000		3,157,192
2.085%, 07/01/2028		10,000,000		9,765,741
2.385%, 07/01/2031		15,000,000		14,522,929
6.880%, 01/01/2028		1,910,000		2,153,795
City of Irving, TX
7.375%, 08/15/2044		3,500,000		3,656,016
City of San Antonio, TX
Electric & Gas Systems Revenue
5.718%, 02/01/2041		5,645,000		7,477,333
5.985%, 02/01/2039		13,020,000		17,684,813
Colony Economic
Development Corp.
7.250%, 10/01/2042		5,000,000		5,294,539
Dallas Fort Worth
International Airport
2.454%, 11/01/2029		4,500,000		4,455,996
2.994%, 11/01/2038		15,100,000		15,453,600
Lower Colorado River Authority
5.000%, 05/15/2045		7,160,000		8,460,367
5.000%, 05/15/2050		10,310,000		12,086,638
Metropolitan Transit Authority
of Harris County Sales
& Use Tax Revenue
2.599%, 11/01/2037		17,015,000		16,466,911
New Hope Cultural
Education Facilities Corp.
4.000%, 08/01/2020 (e)(g)		220,000		66,000
North Texas Tollway Authority
1.727%, 01/01/2028		3,250,000		3,137,953
8.410%, 02/01/2030		5,090,000		6,559,631
Port of Beaumont Industrial
Development Authority
4.100%, 01/01/2028 (a)		6,000,000		5,682,641
Stafford Municipal
School District
3.084%, 08/15/2041		1,000,000		1,016,555
Tarrant Regional Water District
1.550%, 09/01/2030		6,720,000		6,334,251
Texas Public Finance Authority
8.250%, 07/01/2024		23,340,000		23,590,277

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 48

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Texas – 4.11% (Cont.)
Texas Transportation
Commission
2.013%, 10/01/2037	$	6,295,000	$	5,477,649
2.063%, 10/01/2038		6,445,000		5,559,607
Texas Water
Development Board
5.000%, 04/15/2049		15,000,000		17,805,165
White Settlement
Independent School District
0.000%, 08/15/2030 (d)		1,420,000		1,149,143
				276,527,345
Utah – 0.43%
County of Salt Lake, UT
Convention Hotel Revenue
5.750%, 10/01/2047 (a)		5,000,000		5,183,410
Salt Lake City Corp.
Airport Revenue
5.000%, 07/01/2046		20,000,000		23,750,904
				28,934,314
Virginia – 0.46%
County of Botetourt, VA
6.000%, 07/01/2044		4,485,000		4,826,427
Hampton Roads Transportation
Accountability Commission
5.000%, 07/01/2045		17,770,000		21,622,909
Virginia Commonwealth
Transportation Board
5.350%, 05/15/2035		3,755,000		4,508,169
				30,957,505
Washington – 0.62%
NJB Properties
5.510%, 12/01/2036		7,665,000		9,558,535
Pierce County School
District No. 10 Tacoma
2.357%, 12/01/2039		14,560,000		13,810,269
Port of Seattle, WA
5.000%, 08/01/2046		12,365,000		14,736,349
Spokane Public
Facilities District
1.826%, 12/01/2029		2,000,000		1,928,068
1.996%, 12/01/2030		1,950,000		1,887,155
				41,920,376
West Virginia – 0.07%
Tobacco Settlement
Finance Authority
2.701%, 06/01/2030		4,770,000		4,694,538
Wisconsin – 0.17%
Milwaukee Redevelopment
Authority
0.000%, 04/01/2039 (d)		1,000,000		554,927
Public Finance Authority
4.153%, 05/15/2031		3,635,000		4,057,468
5.000%, 05/15/2032 (a)		1,275,000		1,346,041
9.000%, 06/01/2029 (a)(e)		5,750,000		5,733,644
				11,692,080
TOTAL MUNICIPAL BONDS
(Cost $1,922,137,875)				1,888,263,398
GOVERNMENT SECURITIES
& AGENCY ISSUES – 0.07%
United States International
Development Finance Corp.
1.320%, 03/15/2035		5,000,000		4,655,926
TOTAL GOVERNMENT
SECURITIES & AGENCY ISSUES
(Cost $5,000,000)				4,655,926
US GOVERNMENT NOTES/BONDS – 2.58%
United States Treasury
Notes/Bonds
1.250%, 04/30/2028		100,000,000		96,824,219
2.875%, 05/15/2028		50,000,000		53,138,672
1.875%, 02/15/2041		25,000,000		23,458,008
TOTAL US GOVERNMENT
NOTES/BONDS
(Cost $178,944,234)				173,420,899

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 49

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
SHORT-TERM INVESTMENTS – 1.29%
First American Government
Obligations Fund –
Class X, 0.026% (l)	$	86,528,728	$	86,528,728
TOTAL SHORT-TERM
INVESTMENTS
(Cost $86,528,728)				86,528,728
Total Investments
(Cost $6,894,157,417) – 99.11%				6,663,923,492
Other Assets in Excess
of Liabilities – 0.89%				59,722,506
TOTAL NET ASSETS – 100.00%			$	6,723,645,998

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 February 28, 2022.
(c)	Foreign issued security.
(d)	Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
(e)	Represents an illiquid security. The total market value of these securities were $51,644,420, representing 0.77% of net assets as of February 28, 2022.
(f)	Variable rate security; the rate shown represents the rate at February 28, 2022.  The coupon is based on an underlying pool of loans.
(g)	Default or other conditions exist at February 28, 2022.
(h)	Step-up bond; the rate shown represents the rate at February 28, 2022.
(i)	Inverse floating rate security whose interest rate moves in opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier slope.
(j)	Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
(k)	Perpetual maturity. The date referenced is the next call date.
(l)	Seven day yield at February 28, 2022.
Abbreviations:
NV	Naamloze Vennootschap is a Dutch term for publicly traded companies.
PLC	Public Limited Company.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 50

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
AGENCY COMMERCIAL MORTGAGE
BACKED SECURITIES – 2.28%
Freddie Mac Multifamily ML Certificates
2019-ML05, 0.247%,     11/25/2033 (a)(b)
	$	47,140,216	$	939,505
2020-ML07, 0.000%,     10/25/2036 (a)(b)(c)(d)
		15,507,834		2,830,645
2019-ML06, 1.132%,     06/25/2037 (a)(b)
		10,883,218		1,080,812
2021-ML08, 1.846%,     07/25/2037 (a)(b)
		18,336,355		3,105,812
2021-ML10, 2.055%,     01/25/2038 (a)(b)
		14,414,586		2,862,737
2021-ML11, 0.769%,     03/25/2038 (a)(b)
		34,705,309		2,277,015
2021-ML10, 1.517%,     06/25/2038 (a)(b)
		15,322,106		2,240,245
2021-ML09, 0.000%,     02/25/2040 (a)(b)(d)
		25,421,151		3,821,053
2021-ML12, 1.219%,     01/25/2041 (a)(b)
		18,251,056		2,291,055
TOTAL AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $21,157,745)				21,448,879
NON-AGENCY COMMERCIAL
MORTGAGE BACKED
SECURITIES – 1.09%
California Housing Finance Agency
2021-2, 0.816%, 03/25/2035 (b)		32,371,583		2,065,955
2021-1, 0.796%, 11/20/2035 (b)		43,073,659		2,754,991
2021-3, 0.764%, 08/20/2036 (b)		26,202,898		1,812,193
Washington State Housing
Finance Commission
2021-1, 0.725%, 12/20/2035 (b)		63,151,151		3,652,031
TOTAL NON-AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $10,481,077)				10,285,170
MUNICIPAL BONDS – 94.85%
Alabama – 1.62%
Alabama Highway Finance Corp.
5.000%, 08/01/2038		2,025,000		2,508,555
5.000%, 08/01/2039		525,000		649,191
5.000%, 08/01/2040		1,060,000		1,308,637
Alabama Public School
and College Authority
5.000%, 11/01/2039		4,000,000		4,936,105
Huntsville Public Building Authority
5.000%, 02/01/2047		3,715,000		4,588,957
Lower Alabama Gas District
5.000%, 09/01/2031		1,005,000		1,215,308
				15,206,753
Alaska – 0.66%
Alaska Housing Finance Corp.
5.000%, 12/01/2031		1,145,000		1,355,519
Alaska Industrial Development
& Export Authority
5.250%, 06/01/2045		2,735,000		3,020,759
CIVIC Ventures, AK
5.000%, 09/01/2033		1,750,000		1,845,393
				6,221,671
Arizona – 4.16%
Arizona Industrial
Development Authority
1.400%, 07/01/2022		150,000		149,675
1.500%, 07/01/2023		150,000		148,881
1.800%, 07/01/2024		175,000		172,342
3.250%, 07/01/2031		2,000,000		1,972,248
4.000%, 02/01/2040		850,000		963,571
4.000%, 11/01/2045		2,000,000		2,195,760
4.000%, 11/01/2050		2,500,000		2,726,936
5.000%, 02/01/2037		1,500,000		1,874,148
City of Phoenix Civic
Improvement Corp.
5.000%, 07/01/2044		2,500,000		2,900,624
5.000%, 07/01/2044		2,335,000		2,846,861
5.500%, 07/01/2038		2,000,000		2,802,466
5.500%, 07/01/2042		1,545,000		2,236,752
Florence Town, Inc. Industrial
Development Authority
5.000%, 07/01/2023		175,000		180,573
Industrial Development
Authority of the City of Phoenix
4.000%, 07/01/2026 (c)		2,925,000		3,058,209
5.000%, 07/01/2045 (c)		4,000,000		4,296,301
6.750%, 07/01/2044 (c)		3,000,000		3,338,072
Park Central Community
Facilities District
4.375%, 07/01/2024		1,205,000		1,230,020
Salt River Project Agricultural
Improvement & Power District
5.000%, 01/01/2047		5,000,000		6,034,575
				39,128,014
Arkansas – 0.04%
County of Saline, AR
3.550%, 06/01/2042		350,000		356,190

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 51

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
California – 12.29%
Adventist Health System
2.952%, 03/01/2029	$	4,175,000	$	4,211,397
California County Tobacco
Securitization Agency
1.750%, 06/01/2030		75,000		75,065
5.000%, 06/01/2033		1,950,000		2,310,119
California Educational
Facilities Authority
5.000%, 03/15/2039		1,015,000		1,385,800
5.000%, 06/01/2046		3,500,000		4,987,031
California Municipal
Finance Authority
4.000%, 12/01/2026 (c)		1,750,000		1,769,182
5.000%, 12/01/2054 (c)		1,000,000		1,124,838
5.000%, 12/01/2046 (c)		750,000		847,303
California Pollution Control
Financing Authority
4.000%, 11/01/2023 (c)(e)		3,000,000		2,951,468
California Public Finance Authority
2.125%, 11/15/2027 (c)		3,000,000		3,000,846
2.875%, 05/15/2027 (c)		1,125,000		1,126,044
California State Public Works Board
5.000%, 11/01/2046		1,250,000		1,538,355
California Statewide Communities
Development Authority
6.400%, 06/01/2039		2,415,000		3,151,261
City of Los Angeles
Department of Airports
5.000%, 05/15/2046		3,000,000		3,593,664
5.000%, 05/15/2046		3,075,000		3,712,651
5.000%, 05/15/2045		5,000,000		6,092,344
City of San Diego, CA Tobacco
Settlement Revenue Funding Corp.
4.000%, 06/01/2032		1,520,000		1,611,287
Clovis Unified School District
0.000%, 08/01/2028 (d)		2,175,000		1,913,460
Coachella Valley Unified
School District
0.000%, 08/01/2034 (d)		1,145,000		831,955
El Camino Healthcare District
0.000%, 08/01/2028 (d)		1,935,000		1,706,650
Encinitas Union School District
0.000%, 08/01/2035 (d)		1,070,000		1,485,948
Golden State Tobacco
Securitization Corp.
3.000%, 06/01/2046		3,750,000		3,802,608
Inland Empire Tobacco
Securitization Corp.
3.678%, 06/01/2038		3,415,000		3,525,115
Los Angeles County Public
Works Financing Authority
5.000%, 12/01/2042		2,750,000		3,377,661
Los Angeles Department
of Water & Power
5.000%, 07/01/2046		5,520,000		6,743,702
Los Angeles Housing Authority
5.000%, 06/01/2044		2,200,000		2,492,913
Low Income Investment Fund
3.711%, 07/01/2029		1,000,000		1,055,423
Manteca Redevelopment
Agency Successor Agency
2.393%, 10/01/2030		500,000		482,441
Mesa Water District
5.000%, 03/15/2050		4,875,000		5,934,775
Mountain View Shoreline
Regional Park Community
5.000%, 08/01/2043		3,145,000		3,678,952
M-S-R Energy Authority
6.500%, 11/01/2039		2,350,000		3,471,640
7.000%, 11/01/2034		1,160,000		1,655,927
Palmdale Elementary School District
0.000%, 08/01/2028 (d)		500,000		434,052
Ravenswood City School District
5.000%, 08/01/2038		1,360,000		1,550,472
Rialto Redevelopment Agency
5.000%, 09/01/2037		1,000,000		1,184,780
Riverside County Redevelopment
Successor Agency
5.000%, 10/01/2031		840,000		965,949
San Diego County Regional
Transportation Commission
5.000%, 04/01/2048		2,200,000		2,708,177
San Diego Unified School District
0.000%, 07/01/2041 (d)		2,005,000		2,238,959
San Leandro Unified School District
0.000%, 08/01/2039 (d)		2,175,000		2,110,043
San Mateo Foster City
Public Financing Authority
5.000%, 08/01/2049		2,000,000		2,431,130
San Mateo Union
High School District
0.000%, 09/01/2041 (d)		1,285,000		1,442,669
Santa Barbara Secondary
High School District
0.000%, 08/01/2040 (d)		1,000,000		578,764
St. Helena Unified School District
0.000%, 06/01/2036 (d)		2,805,000		3,497,392

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 52

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
California – 12.29% (Cont.)
State of California
5.000%, 09/01/2041	$	4,000,000	$	5,064,068
University of California
5.500%, 05/15/2058		3,720,000		4,516,592
West Contra Costa Unified
School District
0.000%, 08/01/2036 (d)		2,020,000		1,368,841
				115,739,713
Colorado – 3.21%
City & County of Denver, CO
Airport System Revenue
5.000%, 12/01/2034		2,500,000		3,208,606
City of Fruita, CO
Healthcare Revenue
5.000%, 01/01/2028		800,000		808,990
Colorado Health Facilities Authority
5.000%, 08/01/2044		2,410,000		2,798,456
CommonSpirit Health
2.950%, 11/01/2022		1,725,000		1,744,332
El Paso County School
District No. 49
5.000%, 12/15/2031		1,500,000		1,678,653
Public Authority for
Colorado Energy
6.500%, 11/15/2038		3,845,000		5,543,205
Pueblo City Schools
5.000%, 12/15/2039		2,000,000		2,459,852
Regional Transportation District
4.000%, 07/15/2039		3,535,000		4,201,711
Vauxmont Metropolitan District
5.000%, 12/01/2050		3,450,000		4,120,476
Weld County School
District No. RE-2
5.000%, 12/01/2044		3,015,000		3,686,344
				30,250,625
Connecticut – 1.84%
Connecticut State Health &
Educational Facilities Authority
4.000%, 07/01/2041		2,250,000		2,448,635
4.000%, 07/01/2042		1,500,000		1,628,618
State of Connecticut
5.000%, 06/01/2041		1,625,000		2,020,361
5.000%, 07/15/2030		6,000,000		7,501,047
State of Connecticut
Special Tax Revenue
5.000%, 05/01/2041		3,000,000		3,723,938
				17,322,599
Delaware – 0.44%
University of Delaware
5.000%, 11/01/2038		1,595,000		2,132,150
5.000%, 11/01/2039		1,510,000		2,028,516
				4,160,666
District of Columbia – 1.62%
District of Columbia
5.000%, 03/01/2044		3,460,000		4,185,873
5.000%, 06/01/2055		2,000,000		2,228,111
5.000%, 10/01/2047		2,000,000		2,501,602
Metropolitan Washington Airports
Authority Aviation Revenue
5.000%, 10/01/2032		2,360,000		2,669,059
Washington Metropolitan
Area Transit Authority
5.000%, 07/15/2046		3,000,000		3,713,059
				15,297,704
Florida – 6.86%
Broward County, FL Water
& Sewer Utility Revenue
5.000%, 10/01/2038		1,915,000		2,339,262
Capital Trust Agency, Inc.
5.000%, 08/01/2040		300,000		343,311
5.000%, 08/01/2055		800,000		899,084
City of Belle Isle, FL
5.500%, 10/01/2022		120,000		122,648
City of Orlando, FL Tourist
Development Tax Revenue
5.000%, 11/01/2038		1,000,000		1,162,742
City of Tampa, FL
5.000%, 07/01/2050		3,500,000		4,104,874
County of Lake, FL
3.375%, 08/15/2026		1,400,000		1,405,523
5.000%, 08/15/2025		4,810,000		4,811,281
County of Miami-Dade, FL
5.000%, 07/01/2043		2,000,000		2,447,667
5.000%, 07/01/2043		1,500,000		1,695,164
5.000%, 07/01/2043		3,500,000		4,246,677
County of Miami-Dade, FL
Aviation Revenue
5.000%, 10/01/2038		3,250,000		3,563,819
County of Miami-Dade, FL
Seaport Revenue
5.750%, 10/01/2028		545,000		585,191
County of Miami-Dade, FL
Water & Sewer System Revenue
5.000%, 10/01/2046		5,500,000		6,743,155

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 53

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Florida – 6.86% (Cont.)
County of Sarasota, FL
Utility System Revenue
5.000%, 10/01/2039	$	2,055,000	$	2,484,358
Dade County, FL
Professional Sports Franchise
Facilities Tax Revenue
5.250%, 10/01/2030		1,040,000		1,309,864
Florida Development Finance Corp.
5.000%, 09/15/2040 (c)		2,050,000		2,218,525
5.500%, 09/15/2025 (c)		1,420,000		1,447,796
6.500%, 01/01/2049 (c)		2,735,000		2,760,634
7.375%, 01/01/2049 (c)		3,000,000		3,234,675
Greater Orlando Aviation Authority
5.000%, 10/01/2046		1,500,000		1,698,038
Hillsborough County
Aviation Authority
5.000%, 10/01/2047		7,500,000		9,023,383
School Board of Miami-Dade County
5.000%, 03/15/2039		2,645,000		2,967,370
School District of Broward County
5.000%, 07/01/2040		2,500,000		2,946,760
Venetian Community
Development District
5.000%, 05/01/2023		55,000		55,401
				64,617,202
Georgia – 2.00%
Americus & Sumter
County Hospital Authority
5.125%, 05/15/2023		170,000		173,570
Brookhaven Development Authority
5.000%, 07/01/2039		875,000		1,057,835
City of Atlanta, GA Water
& Wastewater Revenue
5.500%, 11/01/2027		1,550,000		1,781,806
City of Conyers, GA
4.300%, 03/01/2031 (e)		1,185,000		1,100,674
Cobb County Kennestone
Hospital Authority
4.000%, 04/01/2041		225,000		249,514
5.000%, 04/01/2050		5,000,000		5,892,634
5.000%, 04/01/2037		175,000		210,266
5.000%, 04/01/2038		550,000		659,663
Georgia Municipal Association, Inc.
5.000%, 12/01/2037		500,000		585,858
Macon-Bibb County
Housing Authority
1.400%, 11/01/2024		1,200,000		1,200,265
1.625%, 10/01/2024		3,250,000		3,250,979
Main Street Natural Gas, Inc.
5.000%, 05/15/2029		1,250,000		1,472,630
Municipal Electric
Authority of Georgia
5.000%, 01/01/2045		1,000,000		1,194,889
				18,830,583
Hawaii – 1.00%
City & County of Honolulu, HI
5.000%, 07/01/2035		900,000		1,122,420
State of Hawaii
5.000%, 01/01/2038		1,885,000		2,223,862
State of Hawaii Airports
System Revenue
5.000%, 07/01/2047		5,000,000		6,036,494
				9,382,776
Illinois – 4.75%
Boone & Winnebago
Counties Community Unit
School District No. 200
0.000%, 01/01/2024 (d)		815,000		794,082
Boone Mchenry & Dekalb
Counties Community Unit
School District No. 100
0.000%, 12/01/2023 (d)		520,000		507,994
0.000%, 12/01/2023 (d)		615,000		601,531
0.000%, 12/01/2024 (d)		365,000		350,157
Chicago Board of Education
0.000%, 12/01/2022 (d)		840,000		833,429
Chicago O’Hare
International Airport
5.000%, 01/01/2037		2,000,000		2,258,431
5.000%, 01/01/2042		510,000		572,853
Chicago Transit Authority
5.000%, 06/01/2024		750,000		809,562
Cook County School District No. 103
0.000%, 12/01/2022 (d)		850,000		842,786
County of Cook, IL
Sales Tax Revenue
4.000%, 11/15/2040		1,905,000		2,134,801
4.000%, 11/15/2041		3,500,000		3,913,407
Illinois Finance Authority
5.000%, 01/01/2034		500,000		567,572
5.000%, 07/01/2037		4,810,000		5,837,673
Illinois State Toll Highway Authority
5.000%, 01/01/2046		5,000,000		6,136,609
Macon County School District No. 61
5.000%, 12/01/2040		1,580,000		1,869,867

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 54

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Illinois – 4.75% (Cont.)
Metropolitan Pier &
Exposition Authority
0.000%, 06/15/2026 (d)	$	2,455,000	$	2,229,926
Metropolitan Water Reclamation
District of Greater Chicago
5.000%, 12/01/2041		3,500,000		3,991,555
Railsplitter Tobacco
Settlement Authority
5.000%, 06/01/2027		1,375,000		1,538,148
Regional Transportation Authority
5.750%, 06/01/2034		3,000,000		3,959,358
Sales Tax Securitization Corp.
5.000%, 01/01/2027		1,700,000		1,955,934
State of Illinois
5.000%, 03/01/2046		1,000,000		1,156,861
State of Illinois Sales Tax Revenue
6.000%, 06/15/2026		1,575,000		1,852,800
				44,715,336
Indiana – 4.34%
Avon Community School
Building Corp.
5.000%, 01/15/2041		3,550,000		4,424,079
City of Valparaiso, IN
6.750%, 01/01/2034		500,000		541,143
Crown Point Multi-School
Building Corp.
5.000%, 01/15/2040		7,000,000		8,627,197
Hammond Multi-School
Building Corp.
5.000%, 07/15/2034		2,000,000		2,356,303
Indiana Finance Authority
5.000%, 10/01/2044		5,000,000		6,047,939
5.000%, 09/01/2036		1,000,000		1,133,577
Indiana Health Facility
Financing Authority
5.000%, 11/15/2034		1,350,000		1,508,678
Indiana Municipal Power Agency
5.000%, 01/01/2042		3,850,000		4,327,005
Indianapolis Local Public
Improvement Bond Bank
5.000%, 01/01/2038		1,715,000		2,076,808
5.000%, 01/01/2039		2,500,000		3,051,956
5.250%, 02/01/2039		2,155,000		2,616,097
Northern Indiana Commuter
Transportation District
5.000%, 07/01/2033		1,130,000		1,286,623
Purdue University
5.000%, 07/01/2035		700,000		874,836
5.000%, 07/01/2036		1,500,000		1,872,824
5.000%, 07/01/2037		100,000		124,673
				40,869,738
Iowa – 0.45%
Iowa Tobacco Settlement Authority
4.000%, 06/01/2049		4,000,000		4,254,243
Kentucky – 1.26%
County of Trimble, KY
1.300%, 09/01/2044		3,500,000		3,427,611
Grant County School
District Finance Corp.
1.400%, 08/01/2022		85,000		85,220
Kentucky Bond Development Corp.
5.000%, 09/01/2049		3,000,000		3,607,510
Kentucky Economic Development
Finance Authority
5.000%, 05/15/2026		1,000,000		1,064,654
Kentucky Public Energy Authority
4.000%, 02/01/2050		3,370,000		3,718,034
				11,903,029
Louisiana – 1.18%
City of New Orleans, LA
5.000%, 12/01/2040		5,000,000		6,111,897
Louisiana Energy & Power Authority
5.250%, 06/01/2028		410,000		431,343
Louisiana Local Government
Environmental Facilities &
Community Development Authority
5.000%, 11/01/2032		1,200,000		1,347,017
5.000%, 12/01/2037		1,685,000		2,029,963
Tobacco Settlement Financing Corp.
5.000%, 05/15/2022		400,000		403,165
5.250%, 05/15/2033		745,000		751,585
				11,074,970
Maine – 0.26%
Maine Governmental
Facilities Authority
5.000%, 10/01/2038		2,010,000		2,425,316
Maryland – 1.58%
City of Baltimore, MD
5.000%, 07/01/2050		2,550,000		3,096,806
County of Anne Arundel, MD
5.000%, 10/01/2046		3,000,000		3,665,234

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 55

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Maryland – 1.58% (Cont.)
Maryland Stadium Authority
5.000%, 05/01/2050	$	4,000,000	$	5,474,571
State of Maryland Department
of Transportation
5.000%, 12/01/2029		2,250,000		2,664,825
				14,901,436
Massachusetts – 2.25%
Commonwealth of Massachusetts
5.000%, 11/01/2045		4,000,000		4,898,889
5.250%, 09/01/2043		2,000,000		2,407,482
Commonwealth of Massachusetts
Transportation Fund Revenue
5.000%, 06/01/2049		5,000,000		5,932,169
Massachusetts Educational
Financing Authority
5.000%, 07/01/2028		2,250,000		2,620,119
Massachusetts Port Authority
5.000%, 07/01/2039		1,000,000		1,254,252
5.000%, 07/01/2040		875,000		1,095,543
Massachusetts School
Building Authority
5.000%, 02/15/2044		2,500,000		3,008,715
				21,217,169
Michigan – 3.47%
Battle Creek School District
5.000%, 05/01/2037		775,000		874,074
Bedford Public School District
5.000%, 05/01/2037		1,150,000		1,392,195
Charter Township of Commerce, MI
5.000%, 12/01/2038		1,000,000		1,119,955
City of Detroit, MI
4.000%, 04/01/2044		3,000,000		2,741,313
5.000%, 04/01/2046		1,850,000		2,148,368
Detroit City School District
5.250%, 05/01/2027		715,000		848,520
Grand Rapids Public Schools
5.000%, 11/01/2040		1,000,000		1,196,187
Kalamazoo Economic
Development Corp.
2.625%, 05/15/2025		1,150,000		1,150,240
Michigan Finance Authority
1.250%, 06/01/2030		115,000		115,000
3.267%, 06/01/2039		6,000,000		6,186,710
3.875%, 10/01/2023		250,000		256,139
5.000%, 12/01/2041		1,990,000		2,371,999
Michigan Strategic Fund
4.000%, 10/01/2061		2,250,000		2,419,418
Schoolcraft Community Schools
5.000%, 05/01/2046		2,000,000		2,424,467
Thornapple Kellogg School District
5.000%, 05/01/2043		2,360,000		2,850,951
Walled Lake Consolidated
School District
5.000%, 05/01/2045		2,300,000		2,774,255
Western Michigan University
5.000%, 11/15/2046		1,500,000		1,832,593
				32,702,384
Minnesota – 0.49%
City of Minneapolis, MN
5.000%, 03/01/2029		450,000		464,168
5.750%, 07/01/2055		2,000,000		2,243,783
City of St. Anthony, MN
6.000%, 12/01/2030		1,000,000		1,051,472
Minneapolis-St. Paul Metropolitan
Airports Commission
5.000%, 01/01/2041		750,000		860,087
				4,619,510
Missouri – 1.68%
Jackson County School District
5.500%, 03/01/2035		1,015,000		1,276,163
5.500%, 03/01/2037		990,000		1,244,071
Kansas City Industrial
Development Authority
5.000%, 03/01/2057		3,250,000		3,753,688
Missouri Joint Municipal
Electric Utility Commission
5.000%, 12/01/2040		2,000,000		2,261,931
Platte County Reorganized
School District
5.250%, 03/01/2040		4,600,000		5,927,796
St. Louis County Industrial
Development Authority
5.125%, 09/01/2048		1,250,000		1,359,519
				15,823,168
Nebraska – 1.17%
Central Plains Energy Project
5.000%, 09/01/2034		2,000,000		2,487,415
Omaha Public Power District
5.000%, 02/01/2046		7,000,000		8,551,346
				11,038,761
Nevada – 0.66%
City of Las Vegas, NV
5.000%, 09/01/2031		1,150,000		1,295,126

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 56

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Nevada – 0.66% (Cont.)
County of Clark, NV
Department of Aviation
5.000%, 07/01/2041	$	2,500,000	$	2,987,849
5.000%, 07/01/2036		1,535,000		1,924,162
				6,207,137
New Hampshire – 0.26%
New Hampshire Health and
Education Facilities Authority Act
5.000%, 07/01/2041		2,065,000		2,412,685
New Jersey – 0.86%
Garden State Preservation Trust
5.750%, 11/01/2028		965,000		1,137,106
New Jersey Economic
Development Authority
3.375%, 07/01/2030		1,000,000		1,024,838
5.500%, 01/01/2027		300,000		322,057
New Jersey Higher Education
Student Assistance Authority
5.000%, 12/01/2027		765,000		888,662
New Jersey Transportation
Trust Fund Authority
0.000%, 12/15/2027 (d)		2,210,000		1,975,212
0.000%, 12/15/2030 (d)		1,870,000		1,538,544
Tobacco Settlement Financing Corp.
5.000%, 06/01/2033		1,035,000		1,186,540
				8,072,959
New Mexico – 0.08%
City of Santa Fe, NM
2.250%, 05/15/2024		710,000		710,190
New York – 5.36%
Build NYC Resource Corp.
4.000%, 06/15/2031		600,000		639,786
4.000%, 06/15/2041		1,350,000		1,420,581
City of New York, NY
5.000%, 12/01/2037		2,000,000		2,389,785
New York City Industrial
Development Agency
0.000%, 03/01/2031 (d)		2,520,000		1,984,289
New York City Transitional
Finance Authority Future
Tax Secured Revenue
5.000%, 08/01/2040		5,000,000		5,907,908
New York City Water
& Sewer System
5.000%, 06/15/2040		2,040,000		2,420,707
5.000%, 06/15/2050		3,260,000		3,970,471
New York State Dormitory Authority
2.692%, 07/01/2035		1,000,000		964,865
2.742%, 07/01/2036		1,205,000		1,159,201
2.792%, 07/01/2037		1,200,000		1,143,271
2.842%, 07/01/2038		1,100,000		1,043,734
4.000%, 08/01/2043		4,700,000		5,182,458
5.000%, 03/15/2041		2,435,000		2,899,839
New York State Urban
Development Corp.
5.000%, 03/15/2044		5,615,000		6,819,950
New York Transportation
Development Corp.
5.000%, 12/01/2037		1,280,000		1,490,879
Port Authority of
New York & New Jersey
5.000%, 09/01/2032		1,525,000		1,642,404
5.000%, 10/15/2040		3,165,000		3,849,234
5.000%, 10/15/2041		2,500,000		3,035,637
Triborough Bridge &
Tunnel Authority
5.000%, 05/15/2047		2,000,000		2,472,512
				50,437,511
North Carolina – 0.69%
Durham Housing Authority
2.000%, 09/01/2024		1,000,000		999,394
North Carolina Medical
Care Commission
2.500%, 10/01/2024		740,000		740,117
University of North Carolina
at Chapel Hill
5.000%, 12/01/2038		1,500,000		1,926,770
5.000%, 12/01/2039		1,475,000		1,890,775
5.000%, 12/01/2040		700,000		895,679
				6,452,735
North Dakota – 0.25%
City of Larimore, ND
0.850%, 05/01/2024		2,000,000		1,946,495
City of Mandan, ND
2.750%, 09/01/2041		395,000		395,033
				2,341,528
Ohio – 3.59%
City of Columbus, OH
5.000%, 04/01/2040		3,000,000		3,740,643
5.000%, 04/01/2041		2,400,000		2,988,158
County of Cuyahoga, OH
5.500%, 02/15/2052		1,300,000		1,519,430

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 57

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Ohio – 3.59% (Cont.)
County of Hamilton, OH
3.374%, 06/01/2034	$	3,020,000	$	3,131,683
Franklin County Convention
Facilities Authority
5.000%, 12/01/2046		3,000,000		3,559,736
Licking Heights Local
School District
5.000%, 10/01/2042		1,000,000		1,157,434
Ohio Higher Educational
Facility Commission
3.750%, 12/01/2023		1,215,000		1,224,209
Ohio Water Development Authority
Water Pollution Control Loan Fund
5.000%, 12/01/2050		5,230,000		6,380,946
State of Ohio
5.000%, 05/01/2040		5,275,000		6,607,996
5.000%, 01/01/2033		1,000,000		1,183,792
5.000%, 01/01/2037		500,000		631,344
5.000%, 01/01/2038		430,000		540,943
5.000%, 01/01/2039		920,000		1,153,131
				33,819,445
Oklahoma – 0.98%
University of Oklahoma
5.000%, 07/01/2046		7,450,000		9,192,858
Oregon – 1.05%
Benton & Linn Counties
Consolidated School District
No. 509J & 509A
5.000%, 06/15/2038		1,455,000		1,740,691
Clackamas County Hospital
Facility Authority
2.750%, 11/15/2025		500,000		500,215
5.375%, 11/15/2055		500,000		536,172
Hospital Facilities Authority
of Multnomah County Oregon
0.950%, 06/01/2027		1,000,000		933,149
Medford Hospital Facilities Authority
5.000%, 10/01/2024		450,000		474,067
5.000%, 08/15/2045		2,420,000		2,881,686
Port of Portland, OR
Airport Revenue
5.000%, 07/01/2042		2,485,000		2,815,580
				9,881,560
Pennsylvania – 3.17%
Commonwealth Financing Authority
5.000%, 06/01/2034		1,750,000		2,049,339
5.000%, 06/01/2035		730,000		854,168
Delaware Valley Regional
Finance Authority
0.951%, 09/01/2048		1,000,000		1,009,098
Geisinger Authority
5.000%, 04/01/2050		4,080,000		4,877,480
Hopewell Area School District
0.000%, 09/01/2026 (d)		900,000		817,915
Montour School District
5.000%, 04/01/2035		1,825,000		2,028,528
Pennsylvania Economic
Development Financing Authority
5.000%, 06/30/2028		750,000		836,496
Pennsylvania Turnpike Commission
5.000%, 12/01/2046		6,000,000		7,477,721
5.000%, 12/01/2045		2,500,000		3,007,023
5.000%, 12/01/2046		2,500,000		3,054,281
6.000%, 12/01/2030		625,000		779,013
6.375%, 12/01/2038		2,000,000		2,508,908
Scranton School District
5.000%, 12/01/2035		500,000		577,008
				29,876,978
Puerto Rico – 1.51%
Children’s Trust Fund
5.375%, 05/15/2033		760,000		780,085
Commonwealth of Puerto Rico
3.650%, 07/01/2016 (f)		600,000		544,500
4.000%, 07/01/2021 (f)		1,820,000		1,660,750
4.400%, 07/01/2020 (f)		950,000		866,875
8.000%, 07/01/2035 (f)		500,000		450,625
GDB Debt Recovery
Authority of Puerto Rico
7.500%, 08/20/2040		3,572,803		3,358,435
Puerto Rico Convention
Center District Authority
4.500%, 07/01/2036		1,900,000		1,926,784
Puerto Rico Highway &
Transportation Authority
5.850%, 03/01/2027		1,395,000		1,400,231
Puerto Rico Sales Tax Financing
Corp. Sales Tax Revenue
0.000%, 07/01/2024 (d)		2,000,000		1,903,420
0.000%, 07/01/2029 (d)		1,589,000		1,331,196
				14,222,901
Rhode Island – 0.57%
City of Cranston, RI
5.000%, 08/01/2039		1,950,000		2,375,329

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 58

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Rhode Island – 0.57% (Cont.)
Rhode Island Student Loan Authority
5.000%, 12/01/2023	$	905,000	$	960,998
5.000%, 12/01/2025		525,000		586,760
5.000%, 12/01/2030		1,175,000		1,424,954
Tobacco Settlement Financing Corp.
2.250%, 06/01/2041		45,000		46,413
				5,394,454
South Carolina – 0.14%
Commission of Public Works,
City of Greer
5.500%, 09/01/2032		1,000,000		1,285,206
Tennessee – 0.75%
City of Memphis, TN Sanitary
Sewerage System Revenue
5.000%, 10/01/2045		1,000,000		1,224,520
Memphis-Shelby County
Airport Authority
5.000%, 07/01/2045		3,000,000		3,572,826
New Memphis Arena Public
Building Authority
0.000%, 04/01/2030 (d)		750,000		740,686
0.000%, 04/01/2031 (d)		1,500,000		1,501,462
				7,039,494
Texas – 9.58%
Alamo Regional Mobility Authority
5.000%, 06/15/2039		1,335,000		1,470,617
Arlington Higher Education
Finance Corp.
5.000%, 02/15/2030		1,000,000		1,090,468
5.000%, 08/15/2033		610,000		758,862
5.000%, 08/15/2034		525,000		652,457
Austin Achieve Public Schools, Inc.
5.750%, 06/15/2026		1,000,000		1,001,250
Bexar County Hospital District
5.000%, 02/15/2038		2,135,000		2,522,501
City of Austin, TX Water &
Wastewater System Revenue
5.000%, 11/15/2046		2,500,000		3,110,723
City of Fort Worth, TX
5.250%, 03/01/2036		1,800,000		1,940,805
City of Houston, TX Combined
Utility System Revenue
5.000%, 11/15/2042		2,000,000		2,355,559
City of San Antonio, TX Electric
& Gas Systems Revenue
5.000%, 02/01/2044		1,015,000		1,210,285
Clifton Higher Education
Finance Corp.
6.000%, 03/01/2029		2,915,000		3,124,361
Colony Economic
Development Corp.
7.250%, 10/01/2042		1,500,000		1,588,362
Colony Local Development Corp.
7.250%, 10/01/2033		700,000		744,301
County of Bexar, TX
5.000%, 06/15/2039		1,265,000		1,477,940
County of Fort Bend, TX
5.000%, 03/01/2041		1,500,000		1,849,475
County of Harris, TX
1.009%, 08/15/2035		1,020,000		989,486
5.000%, 08/15/2034		1,000,000		1,144,840
Dallas Area Rapid Transit
5.000%, 12/01/2047		2,000,000		2,456,167
5.250%, 12/01/2031		800,000		1,043,404
El Paso Independent School District
5.000%, 08/15/2037		1,250,000		1,418,951
Grand Parkway Transportation Corp.
5.000%, 10/01/2038		2,000,000		2,352,708
Lower Colorado River Authority
5.000%, 05/15/2051		3,925,000		4,673,651
New Hope Cultural Education
Facilities Finance Corp.
10.000%, 12/01/2025 (c)(e)		1,000,000		1,096,300
North East Independent
School District
5.250%, 02/01/2030		1,025,000		1,294,631
Port Authority of Houston
of Harris County Texas
4.000%, 10/01/2046		5,000,000		5,697,521
5.000%, 10/01/2041		5,000,000		6,372,530
Port of Beaumont Industrial
Development Authority
4.100%, 01/01/2028 (c)		3,000,000		2,841,321
Pottsboro Higher Education
Finance Corp.
2.000%, 08/15/2040		775,000		676,210
San Antonio Water System
5.000%, 05/15/2050		3,010,000		3,633,827
5.000%, 05/15/2042		3,000,000		3,801,547
State of Texas
4.000%, 08/01/2033		1,315,000		1,563,672
4.000%, 08/01/2034		1,350,000		1,614,417
5.500%, 08/01/2033		1,000,000		1,170,991

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 59

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Texas – 9.58% (Cont.)
Tarrant County Cultural Education
Facilities Finance Corp.
3.000%, 11/15/2026	$	1,000,000	$	1,001,473
5.000%, 10/01/2040		1,350,000		1,689,792
5.000%, 07/01/2036		1,500,000		1,791,569
5.250%, 11/15/2025		2,070,000		2,069,896
Texas Municipal Gas
Acquisition & Supply Corp. I
6.250%, 12/15/2026		1,505,000		1,693,638
Texas Municipal Gas
Acquisition & Supply Corp. III
5.000%, 12/15/2032		2,175,000		2,689,258
Texas Public Finance Authority
8.250%, 07/01/2024		1,500,000		1,516,085
Texas Water Development Board
5.000%, 04/15/2049		4,825,000		5,727,328
University of Texas System
5.000%, 08/15/2039		2,645,000		3,247,494
				90,166,673
Utah – 2.71%
County of Utah, UT
5.000%, 05/15/2041		1,500,000		1,687,497
5.000%, 05/15/2043		3,405,000		4,142,074
Salt Lake City Corp.
Airport Revenue
5.000%, 07/01/2042		3,000,000		3,381,644
5.000%, 07/01/2043		1,000,000		1,147,294
University of Utah
5.000%, 08/01/2040		1,560,000		1,931,376
5.000%, 08/01/2046		4,000,000		4,958,681
Utah Associated
Municipal Power Systems
5.000%, 09/01/2037		2,030,000		2,357,937
Utah Charter School
Finance Authority
5.000%, 10/15/2035		1,500,000		1,636,347
5.000%, 04/15/2039		700,000		817,484
Wildflower
Improvement Association
6.625%, 03/01/2031 (c)(e)		3,500,219		3,502,614
				25,562,948
Virginia – 0.29%
Arlington County Industrial
Development Authority
5.000%, 07/01/2037		500,000		613,812
County of Botetourt, VA
6.000%, 07/01/2044		2,000,000		2,152,253
				2,766,065
Washington – 2.08%
Chelan County Public
Utility District No. 1
0.000%, 06/01/2026 (d)		450,000		419,598
City of Bellingham, WA
Water & Sewer Revenue
5.000%, 08/01/2039		1,100,000		1,393,835
5.000%, 08/01/2041		1,225,000		1,547,037
City of Seattle, WA Municipal
Light & Power Revenue
5.000%, 04/01/2042		3,000,000		3,626,666
Port of Seattle, WA
5.000%, 04/01/2034		1,500,000		1,615,347
Spokane County School
District No. 81
5.000%, 12/01/2036		2,000,000		2,438,510
State of Washington
5.000%, 02/01/2043		5,000,000		5,871,758
Washington Health Care
Facilities Authority
5.000%, 10/01/2038		1,555,000		1,707,012
Washington State Housing
Finance Commission
2.375%, 01/01/2026 (c)		450,000		445,189
5.000%, 01/01/2055 (c)		500,000		522,738
				19,587,690
West Virginia – 0.59%
State of West Virginia
5.000%, 06/01/2041		2,510,000		3,045,362
5.000%, 12/01/2043		2,110,000		2,550,584
				5,595,946
Wisconsin – 1.06%
County of Milwaukee, WI
Airport Revenue
5.000%, 12/01/2028		1,000,000		1,132,697
Plateville Redevelopment Authority
5.000%, 07/01/2022		170,000		172,064
Public Finance Authority
5.000%, 10/01/2044		1,000,000		1,173,644
5.000%, 07/01/2038		2,000,000		2,382,103
5.250%, 05/15/2037 (c)		510,000		541,912
9.000%, 06/01/2029 (c)(e)		2,000,000		1,994,311
Wisconsin Center District, WI
Tax Revenue
0.000%, 12/15/2027 (d)		410,000		359,172
0.000%, 12/15/2028 (d)		255,000		216,822
0.000%, 12/15/2029 (d)		260,000		214,310
0.000%, 12/15/2030 (d)		460,000		367,138

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 60

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Wisconsin – 1.06% (Cont.)
Wisconsin Health & Educational
Facilities Authority
5.000%, 08/15/2034	$	1,180,000	$	1,379,711
				9,933,884
TOTAL MUNICIPAL BONDS
(Cost $892,065,572)				893,020,403
SHORT-TERM INVESTMENTS – 2.21%
First American Government
Obligations Fund –
Class X, 0.026% (g)		20,767,446		20,767,446
TOTAL SHORT-TERM
INVESTMENTS
(Cost $20,767,446)				20,767,446
Total Investments
(Cost $944,471,840) – 100.43%				945,521,898
Liabilities in Excess
of Other Assets – (0.43)%				(4,073,337	)
TOTAL NET ASSETS – 100.00%			$	941,448,561

Percentages are stated as a percent of net assets.

(a)	Variable rate security; the rate shown represents the rate at February 28, 2022.  The coupon is based on an underlying pool of loans.
(b)	Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
(c)	Securities issued pursuant to Rule 144A under the Securities Act of 1933.
(d)	Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
(e)	Represents an illiquid security. The total market value of these securities were $10,645,367, representing 1.13% of net assets as of February 28, 2022.
(f)	Default or other conditions exist at February 28, 2022.
(g)	Seven day yield at February 28, 2022.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 61

PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
COLLATERALIZED LOAN
OBLIGATIONS – 9.20%
Apidos CLO XI
2012-11A, 3.991%     (3 Month LIBOR USD + 3.750%),
04/17/2034 (a)(b)(c)	$	500,000	$	501,504
Apidos CLO XII
2013-12A, 5.641%     (3 Month LIBOR USD + 5.400%),
04/15/2031 (a)(b)(c)		350,000		313,828
Apidos CLO XXXII
2019-32A, 7.004%     (3 Month LIBOR USD + 6.750%),
01/20/2033 (a)(b)(c)		500,000		485,691
Goldentree Loan
Management US CLO 2 Ltd.
2017-2A, 4.954%     (3 Month LIBOR USD + 4.700%),
11/28/2030 (a)(b)(c)		400,000		371,939
Goldentree Loan
Management US CLO 4 Ltd.
2019-4A, 5.009%     (3 Month LIBOR USD + 4.750%),
04/24/2031 (a)(b)(c)		350,000		323,917
LCM Loan Income Fund I
Income Note Issuer Ltd.
27A, 5.841%     (3 Month LIBOR USD + 5.600%),
07/16/2031 (a)(b)(c)		500,000		449,001
LCM XVIII LP
18A, 6.204%     (3 Month LIBOR USD + 5.950%),
04/20/2031 (a)(b)(c)		650,000		590,632
TOTAL COLLATERALIZED
LOAN OBLIGATIONS
(Cost $3,120,499)				3,036,512
CORPORATE BONDS – 44.69%
Administrative and
Support Services – 4.00%
ADT Security Corp.
4.125%, 08/01/2029 (a)		350,000		329,408
ERAC USA Finance, LLC
7.000%, 10/15/2037 (a)		210,000		294,594
MSCI, Inc.
3.250%, 08/15/2033 (a)		250,000		235,878
Scotts Miracle-Gro Co.
4.375%, 02/01/2032		500,000		460,750
Chemical Manufacturing – 1.10%
Axalta Coating Systems, LLC
3.375%, 02/15/2029 (a)		400,000		364,424
Construction of Buildings – 1.41%
LGI Homes, Inc.
4.000%, 07/15/2029 (a)		500,000		465,825
Credit Intermediation and
Related Activities – 12.27%
Atlantic Union Bankshares Corp.
2.875% to 12/15/2026 then
SOFR + 1.860%, 12/15/2031 (b)(d)		500,000		488,588
Barclays PLC
6.125% to 12/15/2025, then 5 Year
CMT Rate + 5.867% (b)(c)(i)		250,000		258,750
Compeer Financial FLCA
3.375% to 06/01/2031 then
SOFR + 1.965%, 06/01/2036 (a)(b)(d)		250,000		244,881
First Foundation, Inc.
3.500% to 02/01/2027 then
SOFR + 2.040%, 02/01/2032 (b)(d)		500,000		499,297
HomeStreet, Inc.
3.500% to 01/30/2027 then
SOFR + 2.150%, 01/30/2032 (b)(d)		500,000		496,971
National Australia Bank Ltd.
3.347% (5 Year CMT Rate + 1.700%),
01/12/2037 (a)(b)(c)		500,000		476,554
OneMain Finance Corp.
5.375%, 11/15/2029		600,000		602,532
Oxford Finance, LLC
6.375%, 02/01/2027 (a)		250,000		255,550
Texas Capital Bancshares, Inc.
4.000% (5 Year CMT Rate + 3.150%),
05/06/2031 (b)		725,000		729,922
Fabricated Metal
Product Manufacturing – 1.94%
Ball Corp.
2.875%, 08/15/2030		700,000		638,782
Food Services and
Drinking Places – 1.27%
Papa John’s International, Inc.
3.875%, 09/15/2029 (a)		450,000		417,870
Funds, Trusts, and Other
Financial Vehicles – 1.37%
Ares Capital Corp.
3.200%, 11/15/2031		500,000		451,307

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 62

PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Insurance Carriers and
Related Activities – 2.23%
Renasant Corp.
3.000% to 12/01/2026 then
SOFR + 1.910%, 12/01/2031 (b)(d)	$	750,000	$	735,641
Merchant Wholesalers,
Durable Goods – 0.72%
Genuine Parts Co.
2.750%, 02/01/2032		250,000		238,921
Motor Vehicle and
Parts Dealers – 4.74%
Asbury Automotive Group, Inc.
5.000%, 02/15/2032 (a)		600,000		581,496
Group 1 Automotive, Inc.
4.000%, 08/15/2028 (a)		500,000		481,013
Lithia Motors, Inc.
4.375%, 01/15/2031 (a)		500,000		502,930
Paper Manufacturing – 1.84%
Graphic Packaging
International, LLC
4.750%, 07/15/2027 (a)		200,000		204,656
3.750%, 02/01/2030 (a)		425,000		404,371
Primary Metal
Manufacturing – 1.43%
Howmet Aerospace, Inc.
3.000%, 01/15/2029		500,000		473,525
Professional, Scientific, and
Technical Services – 1.55%
AECOM
5.125%, 03/15/2027		500,000		511,290
Publishing Industries
(except Internet) – 2.15%
Open Text Holdings, Inc.
4.125%, 12/01/2031 (a)		750,000		711,439
Real Estate – 1.41%
American Finance Trust, Inc.
4.500%, 09/30/2028 (a)		500,000		465,060
Repair and Maintenance – 1.40%
Allison Transmission, Inc.
3.750%, 01/30/2031 (a)		500,000		463,715
Securities, Commodity Contracts,
and Other Financial Investments
and Related Activities – 0.56%
Prime Security Services
Borrower, LLC
3.375%, 08/31/2027 (a)		200,000		184,661
Transportation Equipment
Manufacturing – 2.60%
Dana, Inc.
4.500%, 02/15/2032		500,000		467,962
Sensata Technologies, Inc.
4.375%, 02/15/2030 (a)		400,000		388,326
Wood Product
Manufacturing – 0.70%
Masonite International Corp.
3.500%, 02/15/2030 (a)(c)		250,000		231,451
TOTAL CORPORATE BONDS
(Cost $15,371,708)				14,758,340
NON-AGENCY RESIDENTIAL
MORTGAGE BACKED
SECURITIES – 5.74%
Alternative Loan Trust
2006-J5, 6.500%, 09/25/2036		265,542		200,735
2006-31CB, 6.000%, 11/25/2036		223,732		167,814
CHL Mortgage Pass-Through Trust
2006-17, 6.000%     (1 Month LIBOR USD + 0.550%),
12/25/2036 (b)		383,469		224,311
2007-HY5, 3.011%, 09/25/2037 (d)		272,139		267,783
Citicorp Mortgage Securities Trust
2006-3, 6.000%, 06/25/2036		289,410		289,730
Credit Suisse First Boston
Mortgage Securities Corp.
2005-11, 5.500%, 12/25/2035		378,969		238,326
First Horizon Alternative
Mortgage Securities Trust
2005-FA11, 5.750%, 02/25/2036		263,239		165,387
Volt, LLC
2021-NPL4, 4.949%,     03/27/2051 (a)(e)
		350,000		340,394
TOTAL NON-AGENCY RESIDENTIAL
MORTGAGE BACKED SECURITIES
(Cost $2,131,604)				1,894,480
NON-AGENCY COMMERCIAL
MORTGAGE BACKED
SECURITIES – 24.17%
225 Liberty Street Trust
2016-225L, 4.649%,     02/10/2036 (a)(d)
		500,000		488,256
BANK
2020-BNK29, 2.500%, 11/15/2053 (a)		850,000		696,949
2022-BNK40, 2.500%, 03/15/2064		500,000		396,195

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 63

PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
BBCMS Mortgage Trust
2021-C11, 0.967%, 09/15/2054 (f)	$	4,500,000	$	373,776
2021-C12, 2.500%, 11/15/2054 (a)		750,000		593,973
Benchmark Mortgage Trust
2021-B26, 1.369%, 06/15/2054 (f)		2,300,000		256,272
2021-B27, 1.271%, 07/15/2054 (f)		3,242,944		291,128
2021-B29, 1.308%, 09/15/2054 (f)		3,000,000		318,400
2021-B30, 1.301%,     11/15/2054 (a)(d)(f)
		4,600,000		482,964
BMO Mortgage Trust
2022-C1, 1.767%,     02/15/2055 (a)(d)(f)
		5,000,000		719,844
Citigroup Commercial
Mortgage Trust
2016-C1, 4.943%, 05/10/2049 (d)		534,000		555,447
Freddie Mac Multifamily
Structured Credit Risk
2021-MN3, 4.049%     (SOFR30A + 4.000%),
11/25/2051 (a)(b)		500,000		474,488
GS Mortgage Securities Corp. II
2012-BWTR, 3.255%, 11/05/2034 (a)		298,000		295,765
GS Mortgage Securities Trust
2019-GC42, 2.800%, 09/1/2052 (a)		450,000		376,671
Morgan Stanley Capital I Trust
2017-H1, 4.281%, 06/15/2050 (d)		500,000		492,652
RBS Commercial Funding, Inc. Trust
2013-SMV, 3.584%, 03/11/2031 (a)(d)		300,000		297,835
Wells Fargo Commercial
Mortgage Trust
2019-C52, 1.094%, 08/15/2052 (d)(f)		7,000,000		502,466
2021-C59, 1.451%, 04/15/2054 (f)		3,250,000		366,932
TOTAL NON-AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $8,343,867)				7,980,013
AGENCY COMMERCIAL MORTGAGE
BACKED SECURITIES – 3.19%
Freddie Mac Multifamily Structured
Pass Through Certificates
K098, 1.391%, 08/25/2029 (d)(f)		3,000,000		283,530
K118, 0.960%, 09/25/2030 (d)(f)		6,981,592		485,837
K1521, 0.981%, 08/25/2036 (d)(f)		2,697,541		283,033
TOTAL AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $1,059,796)				1,052,400
MUNICIPAL BONDS – 10.16%
California – 5.55%
California Public Finance Authority
2.875%, 05/15/2027 (a)		300,000		300,067
City of Santa Ana, CA
1.869%, 08/01/2029		300,000		286,237
Golden State Tobacco
Securitization Corp.
3.000%, 06/01/2046		500,000		505,742
Newport Mesa Unified
School District
6.300%, 08/01/2042		200,000		272,640
Peralta Community College District
0.000%, 08/05/2031 (g)		500,000		464,786
				1,829,472
Florida – 0.82%
Florida Development Finance Corp.
7.375%, 01/01/2049 (a)		250,000		269,556
Missouri – 1.73%
Kansas City Industrial
Development Authority
5.000%, 03/01/2049		500,000		572,460
Puerto Rico – 0.76%
GDB Debt Recovery
Authority of Puerto Rico
7.500%, 08/20/2040		267,784		251,717
Texas – 0.55%
Clifton Higher Education
Finance Corp.
6.125%, 08/15/2048		165,000		182,991
Wisconsin – 0.75%
Public Finance Authority
9.000%, 06/01/2029 (a)(h)		250,000		249,240
TOTAL MUNICIPAL BONDS
(Cost $3,350,855)				3,355,436
US GOVERNMENT NOTES/BONDS – 2.63%
United States Treasury Notes/Bonds
1.250%, 09/30/2028		425,000		410,025
1.750%, 08/15/2041		500,000		457,500
TOTAL US GOVERNMENT
NOTES/BONDS (Cost $901,850)				867,525

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 64

PERFORMANCE TRUST CREDIT FUND — SCHEDULE OF INVESTMENTS

February 28, 2022 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
SHORT-TERM INVESTMENTS – 0.70%
First American Government
Obligations Fund –
Class X, 0.026% (j)	$	229,989	$	229,989
TOTAL SHORT-TERM
INVESTMENTS
(Cost $229,989)				229,989
Total Investments
(Cost $34,510,168) – 100.48%				33,174,695
Liabilities in Excess
of Other Assets – (0.48)%				(157,076	)
TOTAL NET ASSETS – 100.00%			$	33,017,619

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 February 28, 2022.
(c)	Foreign issued security.
(d)	Variable rate security; the rate shown represents the rate at February 28, 2022.  The coupon is based on an underlying pool of loans.
(e)	Step-up bond; the rate shown represents the rate at February 28, 2022.
(f)	Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
(g)	Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
(h)	Represents an illiquid security. The total market value of these securities were $249,240, representing 0.75% of net assets as of February 28, 2022.
(i)	Perpetual maturity. The date referenced is the next call date.
(j)	Seven day yield at February 28, 2022.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 65

STATEMENTS OF OPERATIONS

For the Six Months Ended February 28, 2022 (Unaudited)

	Performance Trust			Performance Trust
	Strategic			Municipal			Performance Trust
	Bond Fund			Bond Fund			Credit Fund
Investment Income
Interest income	$	121,495,818		$	10,775,871		$	652,137
Dividend income		3,750			—			—
Total Investment Income		121,499,568			10,775,871			652,137
Expenses
Advisory fees		19,710,902			1,838,588			101,066
Transfer agent fees and expenses		3,059,711			52,720			6,632
Administration and accounting fees		1,133,464			171,394			12,371
Distribution fees – Class C		220,667			—			—
Federal and state registration fees		179,617			48,939			21,691
Custody fees		144,426			19,095			2,830
Reports to shareholders		101,734			13,290			920
Service fees – Class C		73,555			—			—
Distribution fees – Class A		41,556			72,001			—
Audit and tax fees		20,278			10,501			10,584
Insurance expense		17,420			3,430			1,555
Legal fees		11,411			6,384			6,268
Chief Compliance Officer fees		5,792			5,792			5,792
Trustees’ fees		5,761			5,761			5,115
Other expenses		16,628			3,439			1,418
Total Expenses		24,742,922			2,251,334			176,242
Reimbursement by Adviser		—			—			(51,172	)
Net Expenses		24,742,922			2,251,334			125,070
Net Investment Income		96,756,646			8,524,537			527,067
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		6,824,140			(1,450,896	)		248
Change in net unrealized depreciation from investments		(311,716,964	)		(37,891,492	)		(1,343,088	)
Net Realized and Unrealized Loss on Investments		(304,892,824	)		(39,342,388	)		(1,342,840	)
Net Decrease in Net Assets from Operations	$	(208,136,178	)	$	(30,817,851	)	$	(815,773	)

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 66

STATEMENTS OF CHANGES IN NET ASSETS

Performance Trust Strategic Bond Fund

	Six Months Ended
	February 28, 2022			Year Ended
	(Unaudited)			August 31, 2021
From Operations
Net investment income	$	96,756,646		$	178,890,831
Net realized gain from investments		6,824,140			25,835,812
Change in net unrealized appreciation (depreciation) from investments		(311,716,964	)		29,142,563
Net increase (decrease) in net assets from operations		(208,136,178	)		233,869,206
From Distributions
Net dividends and distributions – Institutional Class		(119,334,611	)		(185,602,038	)
Net dividends and distributions – Class A		(574,351	)		(952,554	)
Net dividends and distributions – Class C		(790,843	)		(1,139,603	)
Net decrease in net assets resulting from distributions paid		(120,699,805	)		(187,694,195	)
From Capital Share Transactions
Proceeds from shares sold – Institutional Class		1,493,599,636			3,055,779,908
Proceeds from shares sold – Class A		13,074,962			24,607,234
Proceeds from shares sold – Class C		10,122,157			32,976,293
Shares issued in reinvestment of distributions declared –
Institutional Class		105,749,276			162,114,245
Shares issued in reinvestment of distributions declared – Class A		569,070			949,912
Shares issued in reinvestment of distributions declared – Class C		789,510			1,137,047
Cost for shares redeemed – Institutional Class		(973,520,460	)		(1,200,615,875	)
Cost for shares redeemed – Class A		(7,837,412	)		(12,222,134	)
Cost for shares redeemed – Class C		(7,289,155	)		(9,003,791	)
Net increase in net assets from capital share transactions		635,257,584			2,055,722,839
Total Increase in Net Assets		306,421,601			2,101,897,850
Net Assets
Beginning of period		6,417,224,397			4,315,326,547
End of period	$	6,723,645,998		$	6,417,224,397

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 67

STATEMENTS OF CHANGES IN NET ASSETS

Performance Trust Municipal Bond Fund

	Six Months Ended
	February 28, 2022			Year Ended
	(Unaudited)			August 31, 2021
From Operations
Net investment income	$	8,524,537		$	13,558,043
Net realized gain (loss) from investments		(1,450,896	)		2,284,058
Change in net unrealized appreciation (depreciation) from investments		(37,891,492	)		13,396,446
Net increase (decrease) in net assets from operations		(30,817,851	)		29,238,547
From Distributions
Net dividends and distributions – Institutional Class		(8,113,882	)		(15,224,038	)
Return of capital – Institutional Class		—			(2,045,478	)
Net dividends and distributions – Class A		(470,491	)		(1,101,862	)
Return of capital – Class A		—			(146,419	)
Net decrease in net assets resulting from distributions paid		(8,584,373	)		(18,517,797	)
From Capital Share Transactions
Proceeds from shares sold – Institutional Class		202,106,634			412,357,191
Proceeds from shares sold – Class A		16,296,027			31,022,237
Shares issued in reinvestment of distributions declared –
Institutional Class		7,254,649			15,363,740
Shares issued in reinvestment of distributions declared – Class A		441,640			1,152,135
Cost for shares redeemed – Institutional Class		(107,790,797	)		(118,952,857	)
Cost for shares redeemed – Class A		(12,200,740	)		(19,646,947	)
Net increase in net assets from capital share transactions		106,107,413			321,295,499
Total Increase in Net Assets		66,705,189			332,016,249
Net Assets
Beginning of period		874,743,372			542,727,123
End of period	$	941,448,561		$	874,743,372

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 68

STATEMENT OF CHANGES IN NET ASSETS

Performance Trust Credit Fund

	Six Months Ended
	February 28, 2022			Year Ended
	(Unaudited)			August 31, 2021(1)
From Operations
Net investment income	$	527,067		$	403,221
Net realized gain from investments		248			50,384
Change in net unrealized appreciation (depreciation) from investments		(1,343,088	)		7,615
Net increase (decrease) in net assets from operations		(815,773	)		461,220
From Distributions
Net dividends and distributions – Institutional Class		(555,027	)		(360,597	)
Net decrease in net assets resulting from distributions paid		(555,027	)		(360,597	)
From Capital Share Transactions
Proceeds from shares sold – Institutional Class		22,356,690			12,771,622
Shares issued in reinvestment of distributions declared –
Institutional Class		554,689			355,596
Cost for shares redeemed – Institutional Class		(1,548,058	)		(202,743	)
Net increase in net assets from capital share transactions		21,363,321			12,924,475
Total Increase in Net Assets		19,992,521			13,025,098
Net Assets
Beginning of period		13,025,098			—
End of period	$	33,017,619		$	13,025,098

(1) The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 69

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

		Six Months			Year			Year			Year			Year			Year
		Ended			Ended			Ended			Ended			Ended			Ended
	February 28, 2022				August 31,			August 31,			August 31,			August 31,			August 31,
		(Unaudited)			2021			2020			2019			2018			2017
Institutional Class Shares
Net Asset Value,
Beginning of Period		$	23.17		$	22.99		$	23.22		$	22.21		$	22.84		$	22.98
Income (loss) from
investment operations:
Net investment income(1)			0.34			0.78			0.82			0.83			0.94			1.09
Net realized and unrealized
gain (loss) on investments(2)			(1.03	)		0.23			(0.18	)		1.07			(0.50	)		0.05
Total from investment operations			(0.69	)		1.01			0.64			1.90			0.44			1.14
Less distributions paid:
From net investment income			(0.34	)		(0.83	)		(0.87	)		(0.89	)		(1.07	)		(1.28	)
From net realized gain on investments			(0.08	)		—			—			—			—			—
Total distributions paid			(0.42	)		(0.83	)		(0.87	)		(0.89	)		(1.07	)		(1.28	)
Paid-in capital from
redemption fees (Note 2)			—			—			0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)
Net Asset Value, End of Period		$	22.06		$	23.17		$	22.99		$	23.22		$	22.21		$	22.84
Total Return(4)			-3.03	%		4.49	%		2.87	%		8.79	%		2.00	%		5.20	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)		$	6,629,359		$	6,327,797		$	4,264,846		$	2,836,855		$	1,559,737		$	1,057,374
Ratio of expenses to
average net assets(5)			0.74	%		0.76	%		0.78	%		0.80	%		0.81	%		0.76	%
Ratio of net investment income
to average net assets(5)			2.96	%		3.39	%		3.64	%		3.68	%		4.19	%		4.83	%
Portfolio turnover rate(4)			22.71	%		30.80	%		41.75	%		40.59	%		37.99	%		78.53	%

(1)	Per share net investment income was calculated using the average shares outstanding method.
(2)	Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(3)	Rounds to less than 0.5 cent per share.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 70

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Year			Year			Period
	Ended			Ended			Ended			Ended
	February 28, 2022			August 31,			August 31,			August 31,
	(Unaudited)			2021			2020			2019(1)
Class A Shares
Net Asset Value, Beginning of Period	$	23.18		$	22.99		$	23.23		$	22.13
Income from investment operations:
Net investment income(2)		0.31			0.72			0.76			0.58
Net realized and unrealized
gain (loss) on investments(3)		(1.04	)		0.24			(0.18	)		1.08
Total from investment operations		(0.73	)		0.96			0.58			1.66
Less distributions paid:
From net investment income		(0.31	)		(0.77	)		(0.82	)		(0.57	)
From net realized gain on investments		(0.08	)		—			—			—
Total distributions paid		(0.39	)		(0.77	)		(0.82	)		(0.57	)
Paid-in capital from redemption fees (Note 2)		—			—			0.00	(4)		0.01
Net Asset Value, End of Period	$	22.06		$	23.18		$	22.99		$	23.23
Total Return(5)(6)		-3.20	%		4.28	%		2.60	%		7.67	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	36,963		$	32,802		$	19,297		$	7,549
Ratio of expenses to average net assets(7)		0.99	%		1.01	%		1.03	%		1.05	%
Ratio of net investment income
to average net assets(7)		2.77	%		3.12	%		3.40	%		3.80	%
Portfolio turnover rate(6)(8)		22.71	%		30.80	%		41.75	%		40.59	%

(1)	The Class A shares commenced operations on January 2, 2019.
(2)	Per share net investment income was calculated using the average shares outstanding method.
(3)	Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Rounds to less than 0.5 cent per share.
(5)	Based on net asset value, which does not reflect sales charge.
(6)	Not annualized for periods less than one year.
(7)	Annualized for periods less than one year.
(8)	Portfolio turnover rates are calculated at the Fund level (not by individual share class).

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 71

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Year			Year			Period
	Ended			Ended			Ended			Ended
	February 28, 2022			August 31,			August 31,			August 31,
	(Unaudited)			2021			2020			2019(1)
Class C Shares
Net Asset Value, Beginning of Period	$	23.10		$	22.92		$	23.18		$	22.13
Income (loss) from investment operations:
Net investment income(2)		0.22			0.55			0.59			0.46
Net realized and unrealized
gain (loss) on investments(3)		(1.03	)		0.24			(0.18	)		1.09
Total from investment operations		(0.81	)		0.79			0.41			1.55
Less distributions paid:
From net investment income		(0.22	)		(0.61	)		(0.67	)		(0.50	)
From net realized gain on investments		(0.08	)		—			—			—
Total distributions paid		(0.30	)		(0.61	)		(0.67	)		(0.50	)
Paid-in capital from redemption fees (Note 2)		—			—			0.00	(4)		0.00	(4)
Net Asset Value, End of Period	$	21.99		$	23.10		$	22.92		$	23.18
Total Return(5)		-3.53	%		3.49	%		1.83	%		7.10	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	57,324		$	56,625		$	31,184		$	7,418
Ratio of expenses to average net assets(6)		1.74	%		1.76	%		1.78	%		1.80	%
Ratio of net investment income
to average net assets(6)		1.95	%		2.37	%		2.66	%		3.04	%
Portfolio turnover rate(5)(7)		22.71	%		30.80	%		41.75	%		40.59	%

(1)	The Class C shares commenced operations on January 2, 2019.
(2)	Per share net investment income was calculated using the average shares outstanding method.
(3)	Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Rounds to less than 0.5 cent per share.
(5)	Not annualized for periods less than one year.
(6)	Annualized for periods less than one year.
(7)	Portfolio turnover rates are calculated at the Fund level (not by individual share class).

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 72

PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

		Six Months			Year			Year			Year			Year			Year
		Ended			Ended			Ended			Ended			Ended			Ended
	February 28, 2022				August 31,			August 31,			August 31,			August 31,			August 31,
		(Unaudited)			2021			2020			2019			2018			2017
Institutional Class Shares
Net Asset Value,
Beginning of Period		$	25.94		$	25.52		$	25.49		$	23.79		$	24.34		$	24.87
Income (loss) from
investment operations:
Net investment income(1)			0.24			0.49			0.54			0.72			0.67			0.62
Net realized and unrealized
gain (loss) on investments			(1.05	)		0.61			0.22			1.69			(0.55	)		(0.53	)
Total from investment operations			(0.81	)		1.10			0.76			2.41			0.12			0.09
Less distributions paid:
From net investment income			(0.24	)		(0.58	)		(0.66	)		(0.71	)		(0.67	)		(0.61	)
From return of capital			—			(0.06	)		—			—			—			—
From net realized gain on investments			—			(0.04	)		(0.07	)		—			—			(0.01	)
Total distributions paid			(0.24	)		(0.68	)		(0.73	)		(0.71	)		(0.67	)		(0.62	)
Paid-in capital from
redemption fees (Note 2)			—			—			0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)
Net Asset Value, End of Period			24.89			25.94		$	25.52		$	25.49		$	23.79		$	24.34
Total Return(3)			-3.14	%		4.35	%		3.07	%		10.31	%		0.46	%		0.50	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)		$	883,410		$	818,825		$	500,176		$	307,384		$	208,325		$	172,201
Ratio of expenses to
average net assets:
Before waiver, expense
reimbursements and recoupments(4)			0.47	%		0.49	%		0.53	%		0.57	%		0.60	%		0.66	%
After waiver, expense
reimbursements and recoupments(4)			0.47	%		0.50	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income
to average net assets:
Before waiver, expense
reimbursements and recoupments(4)			1.87	%		1.92	%		2.19	%		2.94	%		2.76	%		2.50	%
After waiver, expense
reimbursements and recoupments(4)			1.87	%		1.91	%		2.17	%		2.96	%		2.81	%		2.61	%
Portfolio turnover rate(3)			6.99	%		15.91	%		27.12	%		35.29	%		28.49	%		42.53	%

(1)	Per share net investment income was calculated using the average shares outstanding method.
(2)	Rounds to less than 0.5 cent per share.
(3)	Not annualized for periods less than one year.
(4)	Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 73

PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

		Six Months			Year			Year			Year			Year			Year
		Ended			Ended			Ended			Ended			Ended			Ended
	February 28, 2022				August 31,			August 31,			August 31,			August 31,			August 31,
		(Unaudited)			2021			2020			2019			2018			2017
Class A Shares
Net Asset Value,
Beginning of Period		$	25.96		$	25.54		$	25.51		$	23.81		$	24.36		$	24.91
Income (loss) from
investment operations:
Net investment income(1)			0.21			0.42			0.48			0.66			0.61			0.56
Net realized and unrealized
gain (loss) on investments			(1.05	)		0.61			0.22			1.69			(0.55	)		(0.53	)
Total from investment operations			(0.84	)		1.03			0.70			2.35			0.06			0.03
Less distributions paid:
From net investment income			(0.21	)		(0.50	)		(0.60	)		(0.65	)		(0.61	)		(0.57	)
From return of capital			—			(0.07	)		—			—			—			—
From net realized gain on investments			—			(0.04	)		(0.07	)		—			—			(0.01	)
Total distributions paid			(0.21	)		(0.61	)		(0.67	)		(0.65	)		(0.61	)		(0.58	)
Paid-in capital from
redemption fees (Note 2)			—			—			0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)
Net Asset Value, End of Period		$	24.91		$	25.96		$	25.54		$	25.51		$	23.81		$	24.36
Total Return(3)(4)			-3.26	%		4.09	%		2.83	%		10.02	%		0.25	%		0.24	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)		$	58,038		$	55,918		$	42,552		$	22,141		$	22,807		$	25,495
Ratio of expenses to
average net assets:
Before waiver, expense
reimbursements and recoupments(5)			0.72	%		0.74	%		0.78	%		0.82	%		0.85	%		0.80	%
After waiver, expense
reimbursements and recoupments(5)			0.72	%		0.77	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of net investment income
to average net assets:
Before waiver, expense
reimbursements and recoupments(5)			1.63	%		1.67	%		1.93	%		2.69	%		2.50	%		2.34	%
After waiver, expense
reimbursements and recoupments(5)			1.63	%		1.64	%		1.91	%		2.71	%		2.55	%		2.34	%
Portfolio turnover rate(4)			6.99	%		15.91	%		27.12	%		35.29	%		28.49	%		42.53	%

(1)	Per share net investment income was calculated using the average shares outstanding method.
(2)	Rounds to less than 0.5 cent per share.
(3)	Based on net asset value, which does not reflect sales charge.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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PAGE 74

PERFORMANCE TRUST CREDIT FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Period
	Ended			Ended
	February 28, 2022			August 31,
	(Unaudited)			2021(1)
Institutional Class Shares
Net Asset Value, Beginning of Period	$	10.07		$	10.00
Income (loss) from investment operations:
Net investment income(2)		0.20			0.39
Net realized and unrealized gain (loss) on investments(3)		(0.46	)		0.01
Total from investment operations		(0.26	)		0.40
Less distributions paid:
From net investment income		(0.22	)		(0.33	)
From net realized gain on investments		(0.01	)		—
Total distributions paid		(0.23	)		(0.33	)
Paid-in capital from redemption fees (Note 2)		—			—
Net Asset Value, End of Period	$	9.58		$	10.07
Total Return(4)		-2.57	%		4.06	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	33,018		$	13,025
Ratio of expenses to average net assets:
Before waiver and expense reimbursement(5)		1.40	%		2.47	%
After waiver and expense reimbursement(5)		0.99	%		0.99	%
Ratio of net investment income to average net assets:
Before waiver and expense reimbursement(5)		3.76	%		4.34	%
After waiver and expense reimbursement(5)		4.17	%		5.82	%
Portfolio turnover rate(4)		33.96	%		109.25	%

(1)	The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021.
(2)	Per share net investment income was calculated using the average shares outstanding method.
(3)	Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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1.	Organization
	Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Performance Trust Mutual Funds (the “Funds”) are comprised of the Performance Trust Strategic Bond Fund (the “Strategic Bond Fund”), the Performance Trust Municipal Bond Fund (the “Municipal Bond Fund”), and the Performance Trust Credit Fund (the “Credit Fund”), each representing a distinct diversified series with its own investment objective and policies within the Trust. The investment objective of the Strategic Bond Fund is to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation. The investment objective of the Municipal Bond Fund is to provide a high level of current interest income that is substantially exempt from regular federal income taxes and is consistent with preservation of capital. The investment objective of the Credit Fund is to achieve long-term investment returns primarily by investing in a portfolio of income producing securities that may have the potential for capital appreciation. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The assets of the Funds are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Institutional Class shares of the Strategic Bond Fund commenced investment operations on September 1, 2010. The Class A and Class C shares of the Strategic Bond Fund commenced investment operations on January 2, 2019. The Municipal Bond Fund commenced investment operations on June 30, 2011 and September 28, 2012 for the Institutional Class and Class A shares, respectively. The Institutional Class shares of the Credit Fund commenced investment operations on January 4, 2021. Effective January 2, 2019, the Retail Class shares of the Municipal Bond Fund were redesignated as Class A shares. Class A shares are subject to an initial maximum sales charge of 2.25% imposed at the time of purchase. The sales charge declines as the amount purchased increases in accordance with the Funds’ current prospectus. Class A shares are subject to a 0.25% Rule 12b-1 distribution and service fee. Class C shares are subject to a 1.00% Rule 12b-1 distribution and service fee. Each class of shares has identical rights and privileges except with respect to distribution fees, and voting rights on matters affecting a single class of shares. Costs incurred by the Funds in connection with the organization and the initial public offering of shares were paid by PT Asset Management, LLC (the “Adviser”), the Funds’ investment adviser. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies.
2.	Significant Accounting Policies
	The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
a.	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 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. Any discount or premium is accreted or amortized over the expected life of the respective security using the constant yield to maturity method. 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.
	Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
	Redeemable securities issued by open-end, registered investment companies 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 as determined under fair value pricing procedures approved 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 Board of Trustees 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 by the Trust’s valuation committee.
	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

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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:

»	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 Funds’ investments carried at fair value as of February 28, 2022:

Performance Trust Strategic Bond Fund
	Level 1		Level 2		Level 3		Total
Fixed Income:
Asset Backed
Securities	$	—	$	26,072,731	$	—	$	26,072,731
Collateralized
Loan
Obligations		—		473,806,751		—		473,806,751
Corporate
Bonds		—		1,608,915,417		—		1,608,915,417
Non –
Agency
Residential
Mortgage
Backed
Securities		—		678,489,401		—		678,489,401
Non –
Agency
Commercial
Mortgage
Backed
Securities		—		1,223,794,765		—		1,223,794,765
Agency
Commercial
Mortgage
Backed
Securities		—		499,975,476		—		499,975,476
Municipal
Bonds		—		1,888,263,398		—		1,888,263,398
Government
Security &
Agency
Issues		—		4,655,926		—		4,655,926
US
Government
Notes/Bonds		—		173,420,899		—		173,420,899
Total Fixed
Income:		—		6,577,394,764		—		6,577,394,764
Equity:
Short-Term
Investments		86,528,728		—		—		86,528,728
Total
Short-Term
Investments		86,528,728		—		—		86,528,728
Total
Investments
in Securities	$	86,528,728	$	6,577,394,764	$	—	$	6,663,923,492
Performance Trust Municipal Bond Fund
	Level 1		Level 2		Level 3		Total
Fixed Income:
Agency
Commercial
Mortgage
Backed
Securities	$	—	$	21,448,879	$	—	$	21,448,879
Non-Agency
Commercial
Mortgage
Backed
Securities		—		10,285,170		—		10,285,170
Municipal
Bonds		—		893,020,403		—		893,020,403
Total Fixed
Income:		—		924,754,452		—		924,754,452
Short-Term
Investments		20,767,446		—		—		20,767,446
Total
Short-Term
Investments		20,767,446		—		—		20,767,446
Total
Investments
in Securities	$	20,767,446	$	924,754,452	$	—	$	945,521,898
Performance Trust Credit Fund
	Level 1		Level 2		Level 3		Total
Fixed Income:
Collateralized
Loan
Obligations	$	—	$	3,036,512	$	—	$	3,036,512
Corporate
Bonds		—		14,758,340		—		14,758,340
Non – Agency
Residential
Mortgage
Backed
Securities		—		1,894,480		—		1,894,480
Non – Agency
Commercial
Mortgage
Backed
Securities		—		7,980,013		—		7,980,013
Agency
Commercial
Mortgage
Backed
Securities		—		1,052,400		—		1,052,400
Municipal
Bonds		—		3,355,436		—		3,355,436
US
Government
Notes/Bonds		—		867,525		—		867,525
Total Fixed
Income:		—		32,944,706		—		32,944,706
Short-Term
Investments		229,989		—		—		229,989
Total
Short-Term
Investments		229,989		—		—		229,989
Total
Investments
in Securities	$	229,989	$	32,944,706	$	—	$	33,174,695

The Funds did not hold any Level 3 securities during the six months ended February 28, 2022.

The Funds did not hold any financial derivative instruments during the six months ended February 28, 2022.

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February 28, 2022 (Unaudited)

b.	Short Positions
	The Funds may sell a security they do not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Funds are liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as a dividend expense. As collateral for its short positions, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities. The segregated assets are valued consistent with Note 2a above. The amount of segregated assets are required to be adjusted daily to reflect changes in the fair value of the securities sold short.  As of February 28, 2022, the Funds did not have any open short positions and accordingly did not have securities or cash held as collateral.
c.	Federal Income Taxes
	The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
	As of and during the six months ended February 28, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the six months ended February 28, 2022, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. taxing authorities for the tax periods prior to the year ended August 31, 2018.
d.	Distributions to Shareholders
	The Funds will distribute any net investment income monthly. The Funds will distribute any net realized long- or short-term capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.  Income and capital gain distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds.  To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.
e.	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
f.	Share Valuation
	The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. The Strategic Bond Fund and the Municipal Bond Fund charged a 2.00% redemption fee on shares redeemed within sixty days of purchase through December 28, 2019. These fees were deducted from the redemption proceeds otherwise payable to the shareholder. Effective December 29, 2019, the Strategic Bond Fund and the Municipal Bond Fund eliminated the redemption fees.
g.	Allocation of Income, Expenses and Gains/Losses
	Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most expenses are allocated by class based on relative net assets. Distribution and service (Rule 12b-1) fees are expensed at 0.25% of average daily net assets of the Class A shares of the Strategic Bond Fund and the Municipal Bond Fund and 0.75% of average daily net assets of the Class C shares of the Strategic Bond Fund. Shareholder servicing fees are expensed at 0.25% of average daily net assets of Class C shares of the Strategic Bond Fund. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses of the Trust are typically allocated evenly between the funds of the Trust, or by other equitable means.
h.	Other
	Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on an identified cost basis by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income, less foreign withholding tax, is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Discounts, premiums and interest only strips are accreted or amortized over the expected life of the respective securities using the constant yield method. Gains and losses on principal payments and short-falls of mortgage backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statements of Operations.
3.	Federal Tax Matters
	The tax character of distributions paid during the years ended August 31, 2021 and August 31, 2020 was as follows:
	PERFORMANCE TRUST STRATEGIC BOND FUND

	YEAR ENDED		YEAR ENDED
	AUGUST 31, 2021		AUGUST 31, 2020
Ordinary Income	$	187,694,195	$	133,781,747
Tax-Exempt Income		—		—
Long-Term Capital Gain		—		—
Return of Capital		—		—
PERFORMANCE TRUST MUNICIPAL BOND FUND
	YEAR ENDED		YEAR ENDED
	AUGUST 31, 2021		AUGUST 31, 2020
Ordinary Income	$	3,035,732	$	1,467,792
Tax-Exempt Income		11,352,033		7,749,897
Long-Term Capital Gain		1,938,135		2,490,218
Return of Capital		2,191,897		—

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February 28, 2022 (Unaudited)

PERFORMANCE TRUST CREDIT FUND
	YEAR ENDED		YEAR ENDED
	AUGUST 31, 2021		AUGUST 31, 2020
Ordinary Income	$	360,597		N/A
Tax-Exempt Income		—		N/A
Long-Term Capital Gain		—		N/A
Return of Capital		—		N/A

As of August 31, 2021, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

PERFORMANCE TRUST STRATEGIC BOND FUND
Cost basis of investments for federal
income tax purposes	$	6,336,655,473
Gross tax unrealized appreciation	$	190,168,950
Gross tax unrealized depreciation		(109,040,235	)
Net tax unrealized appreciation		81,128,715
Undistributed ordinary income		6,045,973
Undistributed long-term capital gain		14,023,723
Total distributable earnings		20,069,696
Other accumulated losses		—
Total accumulated gains	$	101,198,411
PERFORMANCE TRUST MUNICIPAL BOND FUND
Cost basis of investments for federal
income tax purposes	$	842,317,436
Gross tax unrealized appreciation	$	40,639,431
Gross tax unrealized depreciation		(1,857,979	)
Net tax unrealized appreciation		38,781,452
Undistributed ordinary income		—
Undistributed long-term capital gain		—
Total distributable earnings		—
Other accumulated losses		(197,852	)
Total accumulated gains	$	38,583,600
PERFORMANCE TRUST CREDIT BOND FUND
Cost basis of investments for federal
income tax purposes	$	1,405,209
Gross tax unrealized appreciation	$	158,043
Gross tax unrealized depreciation		(150,428	)
Net tax unrealized appreciation		7,615
Undistributed ordinary income		93,008
Undistributed long-term capital gain		—
Total distributable earnings		93,008
Other accumulated losses		—
Total accumulated gains	$	100,623

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sale adjustments and non-REIT return of capital.

During the year ended August 31, 2021, short-term capital loss carryovers of $1,195,149 were utilized by the Strategic Bond Fund.

At August 31, 2021, the Municipal Bond Fund deferred, on tax basis, post October losses of $197,852.

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are due to equalization and book versus tax treatment of callable bonds and have no effect on net assets or NAV per share. For the year ended August 31, 2021, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:

	STRATEGIC			MUNICIPAL		CREDIT
	BOND FUND			BOND FUND		FUND
Total
distributable
earnings	$	(1,074,033	)	$	—	$	—
Paid-in capital	$	1,074,033		$	—	$	—

4.	Investment Adviser
	The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services at the annual rate of 0.60% for the Strategic Bond Fund, 0.40% for the Municipal Bond Fund, and 0.80% for the Credit Fund of the respective Fund’s average daily net assets.
	The Adviser has contractually agreed to waive its management fee and/or reimburse Fund expenses at the discretion of the Adviser and the Board of Trustees, to the extent necessary to ensure that the total annual Fund operating expenses (exclusive of front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by a Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest expense on short positions, acquired fund fees and expenses and extraordinary expenses such as litigation) do not exceed 0.95%, 0.55%, and 0.99% (the “Expense Limitation Cap”) of the average daily net assets of the Strategic Bond Fund, Municipal Bond Fund, and Credit Fund, respectively.  The operating expense limitation agreement is in place at least through December 29, 2022 for the Strategic Bond Fund and Municipal Bond Fund and at least through December 31, 2023 for the Credit Fund. Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recover amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of: (1) the Expense Limitation Cap in place at the time of the waiver and/or reimbursement; or (2) the Expense Limitation Cap in place at the time of recovery; provided, however, that the Adviser shall only be entitled to recover such amounts for a period of up to three years from the date such amount was waived or reimbursed.
	The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:

	STRATEGIC		MUNICIPAL		CREDIT
	BOND FUND		BOND FUND		FUND
August 31, 2022	$	—	$	—	$	—
August 31, 2023	$	—	$	—	$	—
August 31, 2024	$	—	$	—	$	102,789
February 28, 2025	$	—	$	—	$	51,172

5.

Distribution and Shareholder Servicing Plan

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”) on behalf of the Strategic Bond Fund and the Municipal Bond Fund, which authorize the Funds to pay Foreside Fund Services, LLC (the “Distributor”) a distribution fee of 0.25% of each Fund’s average daily net assets of Class A shares and 0.75% of the Strategic Bond Fund’s average daily net assets for Class C shares, for services to prospective Fund shareholders and distribution of Fund shares, and 0.25% of the Strategic Bond Fund’s average daily

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net assets of Class C shares for shareholder servicing, as applicable. During the six months ended February 28, 2022, the Funds accrued expenses pursuant to the 12b-1 Plan as follows:

			Shareholder
	12b-1 Fees		Servicing Fees
Strategic Bond Fund
Class A	$	41,556		N/A
Class C	$	220,667	$	73,555
Municipal Bond Fund
Class A	$	72,001		N/A

6.

Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ administrator and fund accountant under an Administration Agreement. Fund Services performs various administrative and accounting services including: preparing various federal and state regulatory filings, reports and returns for the Funds; preparing reports and materials to be supplied to the Trustees; monitoring the activities of the Funds’ custodian, transfer agent and accountants; coordinating the preparation and payment of the Funds’ expenses; and reviewing the Funds’ expense accruals.  Fund Services also serves as the transfer agent to the Funds. U.S. Bank, N.A. (“U.S. Bank”), an affiliate of Fund Services, serves as each Fund’s custodian.  Fees incurred for the six months ended February 28, 2022, and owed as of February 28, 2022, are as follows:

Administration
and Accounting	Incurred			Owed
Strategic Bond Fund	$	1,133,464		$	393,272
Municipal Bond Fund		171,394			59,378
Credit Fund		12,371			7,763
Transfer Agency	Incurred			Owed
Strategic Bond Fund	$	352,271	(1)	$	122,057	(1)
Municipal Bond Fund		52,720			17,163
Credit Fund		6,632			4,157
(1)  This amount does not include sub-transfer agency fees.
Custody	Incurred			Owed
Strategic Bond Fund	$	144,426		$	49,765
Municipal Bond Fund		19,095			6,896
Credit Fund		2,830			776

The Funds each have a line of credit with US Bank (see Note 10).

Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and U.S. Bank.

The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 28, 2022, and owed as of February 28, 2022, are as follows:

	Incurred		Owed
Strategic Bond Fund	$	5,792	$	1,906
Municipal Bond Fund		5,792		1,906
Credit Fund		5,792		1,901

7.	Capital Share Transactions
	Transactions in shares of the Funds were as follows:
	STRATEGIC BOND FUND – INSTITUTIONAL CLASS

	SIX MONTHS ENDED			YEAR ENDED
	FEBRUARY 28, 2022			AUGUST 31, 2021
Shares sold		65,888,637			132,683,016
Shares issued
to holders in
reinvestment
of distributions		4,661,099			7,046,695
Shares redeemed		(43,083,336	)		(52,194,718	)
Net increase		27,466,400			87,534,993
STRATEGIC BOND FUND – CLASS A
	SIX MONTHS ENDED			YEAR ENDED
	FEBRUARY 28, 2022			AUGUST 31, 2021
Shares sold		580,532			1,066,414
Shares issued
to holders in
reinvestment
of distributions		25,090			41,290
Shares redeemed		(345,563	)		(531,640	)
Net increase		260,059			576,064
STRATEGIC BOND FUND – CLASS C
	SIX MONTHS ENDED			YEAR ENDED
	FEBRUARY 28, 2022			AUGUST 31, 2021
Shares sold		443,940			1,434,889
Shares issued
to holders in
reinvestment
of distributions		34,871			49,565
Shares redeemed		(323,247	)		(393,333	)
Net increase		155,564			1,091,121
MUNICIPAL BOND FUND – INSTITUTIONAL CLASS
	SIX MONTHS ENDED			YEAR ENDED
	FEBRUARY 28, 2022			AUGUST 31, 2021
Shares sold		7,883,203			15,992,833
Shares issued
to holders in
reinvestment
of distributions		284,020			595,759
Shares redeemed		(4,236,647	)		(4,622,606	)
Net increase		3,930,576			11,965,986
MUNICIPAL BOND FUND – CLASS A
	SIX MONTHS ENDED			YEAR ENDED
	FEBRUARY 28, 2022			AUGUST 31, 2021
Shares sold		633,717			1,203,433
Shares issued
to holders in
reinvestment
of distributions		17,276			44,651
Shares redeemed		(474,772	)		(759,937	)
Net increase		176,221			488,147

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PAGE 80

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)

February 28, 2022 (Unaudited)

CREDIT FUND – INSTITUTIONAL CLASS
	SIX MONTHS ENDED			PERIOD ENDED
	FEBRUARY 28, 2022			AUGUST 31, 2021(1)
Shares sold		2,254,611			1,277,485
Shares issued
to holders in
reinvestment
of distributions		56,447			35,675
Shares redeemed		(156,504	)		(20,093	)
Net increase		2,154,554			1,293,067

⁽¹⁾ The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021.

8.	Investment Transactions
	The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 28, 2022, are summarized below.

	STRATEGIC		MUNICIPAL		CREDIT
	BOND FUND		BOND FUND		FUND
Purchases
U.S. Government	$	178,454,896	$	—	$	2,847,060
Other		2,016,200,228		184,371,818		26,986,698
Sales
U.S. Government	$	64,767,846	$	—	$	586,546
Other		1,410,062,541		62,942,225		7,784,669

9.	Beneficial Ownership
	The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At February 28, 2022, Raymond James and Morgan Stanley Smith Barney, LLC held 40.40% and 34.02%, respectively, of the Strategic Bond Fund’s outstanding Class A shares for the benefit of their customers. At February 28, 2022, Morgan Stanley Smith Barney, LLC and Raymond James held 44.91% and 35.15%, respectively, of the Strategic Bond Fund’s outstanding Class C shares for the benefit of their customers. At February 28, 2022, Charles Schwab & Company, Inc. held 27.31% of the Strategic Bond Fund’s outstanding Institutional Class shares for the benefit of its customers. At February 28, 2022, Charles Schwab & Company, Inc. held 26.67% of the Municipal Bond Fund’s outstanding Institutional Class shares for the benefit of its customers. At February 28, 2022, Charles Schwab & Company, Inc. held 63.18% of the Municipal Bond Fund’s outstanding Class A shares for the benefit of its customers. At February 28, 2022, Charles Schwab & Company, Inc held 49.45% of the Credit Fund’s outstanding Institutional Class shares for the benefit of its customers,.
10.	Line of Credit
	At February 28, 2022, the Strategic Bond Fund and the Municipal Bond Fund each had an unsecured line of credit which matures on August 6, 2022 with a maximum borrowing equal to the lesser of $250,000,000 and $35,000,000, respectively, or 20% and 33.33% respectively, of gross market value of unencumbered assets of each Fund. The Credit Fund has a secured line of credit which matures on August 6, 2022 with a maximum borrowing equal to the lesser of $4,000,000 or 20% of gross market value of unencumbered assets of the Fund. These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, U.S. Bank. Interest will be accrued at the prime rate (3.25% as of February 28, 2022). The Funds did not utilize their lines of credit during the six months ended February 28, 2022. The Funds did not have any outstanding balances on the lines of credit at February 28, 2022.
11.	Recent Market Events
	U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic and related public health crisis, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, rising inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. In particular, the global spread of COVID-19 has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Health crises and related political, social and economic disruptions caused by the spread of COVID-19 may also exacerbate other pre-existing political, social and economic risks in certain countries. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.
12.	LIBOR
	The London Interbank Offered Rate (“LIBOR”) is an interest-rate average calculated from estimates submitted by the leading banks in London. LIBOR represents the rate which banks may obtain short-term borrowings from each other. It is the primary interest rate benchmark for short-term interest rates around the world. The regulator of the LIBOR administrator phased out the use of LIBOR on December 30, 2021 such that the one-week and 2-month USD LIBOR settings ceased to be published or will no longer be representative. The remaining USD LIBOR settings will cease to be published or will no longer be representative after June 30, 2023. Because the usefulness of LIBOR as a reference rate could deteriorate during the transition from LIBOR to an alternative reference rate, these effects could occur prior to June 30, 2023. The expected discontinuation of

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PAGE 81

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)

February 28, 2022 (Unaudited)

	LIBOR could have a significant impact on the financial markets, and may present a risk for certain market participants, including the risk that the transition from LIBOR to an alternative interest rate will not be orderly, will occur over various time periods or will have unintended consequences.
13.	Subsequent Events
	On March 15, 2022, the Funds declared and paid distributions from ordinary income to shareholders of record as of March 14, 2022, as follows:

	Ordinary
	Income
Strategic Bond Fund
Institutional Class	$	10,118,575
Class A	$	49,777
Class C	$	41,445
Municipal Bond Fund
Institutional Class	$	1,275,187
Class A	$	72,241
Credit Fund
Institutional Class	$	128,230

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 82

NOTICE OF PRIVACY POLICY & PRACTICES

We collect non-public personal information about you from the following sources:

»  information we receive about you on applications or other forms;

»  information you give us orally; and

»  information about your transactions with us or others.

We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds.  We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility.  All shareholder records will be disposed of in accordance with applicable law.  We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your nonpublic personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 83

EXPENSE EXAMPLE

Period Ended February 28, 2022 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charge (loads) on purchase payments (Class A shares only) and (2) ongoing costs, including management fees, distribution 12b-1 and service fees (Class A and Class C shares only) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (9/1/21 – 2/28/22).

Actual Expenses

The first line of the following tables provides information about actual account values and actual expenses for each Fund.  If you purchase Class A shares of a Fund you will pay an initial sales charge of 2.25% when you invest. The tables do not include shareholder specific fees, such as the $15.00 fee charged to IRA accounts, or the $15.00 fee charged for wire redemptions. The tables also do not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following tables provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios for each Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of each of the tables is useful in comparing ongoing costs only, and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2021 –
INSTITUTIONAL CLASS	SEPTEMBER 1, 2021	FEBRUARY 28, 2022	FEBRUARY 28, 2022*
Actual	$1,000.00	$   969.70	$3.63
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,021.11	$3.72

* Expenses are equal to the Fund’s annualized expense ratio of 0.74%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2021 –
CLASS A	SEPTEMBER 1, 2021	FEBRUARY 28, 2022	FEBRUARY 28, 2022*
Actual	$1,000.00	$   968.00	$4.85
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,019.87	$4.98

* Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2021 –
CLASS C	SEPTEMBER 1, 2021	FEBRUARY 28, 2022	FEBRUARY 28, 2022*
Actual	$1,000.00	$   964.70	$8.49
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,016.15	$8.71

* Expenses are equal to the Fund’s annualized expense ratio of 1.74%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

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PAGE 84

EXPENSE EXAMPLE (CONT.)

Period Ended February 28, 2022 (Unaudited)

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
MUNICIPAL BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2021 –
INSTITUTIONAL CLASS	SEPTEMBER 1, 2021	FEBRUARY 28, 2022	FEBRUARY 28, 2022*
Actual	$1,000.00	$   968.60	$2.31
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,022.44	$2.38

* Expenses are equal to the Fund’s annualized expense ratio of 0.47%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
MUNICIPAL BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2021 –
CLASS A	SEPTEMBER 1, 2021	FEBRUARY 28, 2022	FEBRUARY 28, 2022*
Actual	$1,000.00	$   967.40	$3.53
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,021.20	$3.63

* Expenses are equal to the Fund’s annualized expense ratio of 0.72%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
CREDIT FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2021 –
INSTITUTIONAL CLASS	SEPTEMBER 1, 2021	FEBRUARY 28, 2022	FEBRUARY 28, 2022*
Actual	$1,000.00	$   974.30	$4.85
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,019.89	$4.96

* Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the period.

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PAGE 85

ADDITIONAL INFORMATION

(Unaudited)

Results of Shareholder Meeting

A Special Joint Meeting of Shareholders (the “Meeting”) took place on April 6, 2022. The Meeting was held for all series in the Trust. All Trust shareholders of record, in the aggregate across all series of the Trust, were entitled to attend or submit proxies. As of the record date, February 7, 2022, the Trust had 534,673,511 shares outstanding. The results of the voting for the proposals were as follows:

Proposal 1: To approve the election of four Trustees to the Board of Trustees of the Trust to serve until his or her successor is elected and qualified.

	For	Votes	Broker
	Votes	Withheld	Non-Vote
Vincent P. Lyles	465,453,094	2,962,687	15,025,189
Erik K. Olstein	465,703,874	2,711,906	15,025,189
Lisa Zúñiga Ramírez	465,728,682	2,662,552	15,025,189
Gregory M. Wesley	465,394,219	2,984,741	15,025,189

Accordingly, effective April 6, 2022, the Board of Trustees of Trust for Professional Managers consists of the following individuals, each of whom have been elected by shareholders:

Michael D. Akers, Independent Trustee

Gary A. Drska, Independent Trustee

Vincent P. Lyles, Independent Trustee

Erik K. Olstein, Independent Trustee

Lisa Zúñiga Ramírez, Independent Trustee

Gregory M. Wesley, Independent Trustee

Joseph C. Neuberger, Interested Trustee

Proposal 2: To approve one or more adjournments of the Meeting to a later date to solicit additional proxies.

For Votes	Votes Against	Votes Abstained
476,848,750	2,932,139	3,647,484

Tax Information

For the year ended August 31, 2021, taxable ordinary income distributions are designed as short-term capital gain distributions under Section 871(k)(2)(c) of the Code for the Funds as follows:

Municipal Bond Fund 19.65%

Availability of Proxy Voting Information

The Funds have adopted proxy voting policies and procedures that delegate to the Adviser the authority to vote proxies. A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 1 (877) 738-9095. A description of these policies and procedures is also included in the Funds’ Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.

The Funds’ proxy voting record for the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 1 (877) 738-9095, or by accessing the SEC’s website at http://www.sec.gov.

Portfolio Holdings

The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds’ Form N-PORT filings are available on the SEC’s website at www.sec.gov.

Householding

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and certain other shareholder documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Funds reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1 (877) 738-9095 to request individual copies of these documents. Once the Funds receive notice to stop householding, the Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

Forward Looking Statements

Except for historical information contained in this report for the Funds, the matters discussed in this report may constitute forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These include any Adviser or portfolio manager predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Funds in the most recent prospectus, other factors bearing on this report include the accuracy of the Adviser’s or portfolio manager’s data, forecasts and predictions, and the appropriateness of the investment programs designed by the Adviser or portfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with the Funds.

Indemnification

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnification to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Information About Trustees

The business and affairs of the Trust are managed under the direction of the Trust’s Board of Trustees. Information pertaining to the Trustees of the Trust is set forth below. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request by calling 1 (877) 738-9095.

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PAGE 86

INDEPENDENT TRUSTEES

(Unaudited)

			NUMBER OF		OTHER
			PORTFOLIOS	PRINCIPAL	DIRECTORSHIPS
NAME,	POSITION(S)	TERM OF OFFICE	IN THE TRUST	OCCUPATION(S)	HELD BY TRUSTEE
ADDRESS, AND	HELD WITH	AND LENGTH OF	OVERSEEN BY	DURING THE	DURING THE PAST
YEAR OF BIRTH	THE TRUST	TIME SERVED	THE TRUSTEE	PAST FIVE YEARS	FIVE YEARS
Independent Trustees
Michael D. Akers, Ph.D.	Trustee	Indefinite Term;	24	Professor Emeritus,	Independent
615 E. Michigan St.		Since August 22,		Department of Accounting	Trustee, USA
Milwaukee, WI 53202		2001		(June 2019-present),	MUTUALS
Year of Birth: 1955				Professor, Department of	(an open-end
				Accounting (2004-2019),	investment
				Chair, Department of	company)
				Accounting (2004-2017),	(2001-2021).
				Marquette University.
Gary A. Drska	Trustee	Indefinite Term;	24	Retired; Pilot,	Independent
615 E. Michigan St.		Since August 22,		Frontier/Midwest Airlines,	Trustee, USA
Milwaukee, WI 53202		2001		Inc. (airline company)	MUTUALS
Year of Birth: 1956				(1986-2021).	(an open-end
					investment
					company)
					(2001-2021).

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PAGE 87

INTERESTED TRUSTEE AND OFFICERS

(Unaudited)

			NUMBER OF		OTHER
			PORTFOLIOS	PRINCIPAL	DIRECTORSHIPS
NAME,	POSITION(S)	TERM OF OFFICE	IN THE TRUST	OCCUPATION(S)	HELD BY TRUSTEE
ADDRESS, AND	HELD WITH	AND LENGTH OF	OVERSEEN BY	DURING THE	DURING THE PAST
YEAR OF BIRTH	THE TRUST	TIME SERVED	THE TRUSTEE	PAST FIVE YEARS	FIVE YEARS
Interested Trustee and Officers
Joseph C. Neuberger*	Chairperson	Indefinite Term;	24	President (2017-present),	Trustee, Buffalo
615 E. Michigan St.	and Trustee	Since August 22,		Chief Operating Officer	Funds (an open-end
Milwaukee, WI 53202		2001		(2016-2020), Executive	investment
Year of Birth: 1962				Vice President (1994-2017),	company) (2003-
				U.S. Bancorp Fund	2017); Trustee,
				Services, LLC.	USA MUTUALS
					(an open-end
					investment
					company)
					(2001-2018).
John P. Buckel	President	Indefinite Term;	N/A	Vice President,U.S. Bancorp	N/A
615 E. Michigan St.	and Principal	Since January 24,		Fund Services, LLC
Milwaukee, WI 53202	Executive	2013		(2004-present).
Year of Birth: 1957	Officer
Jennifer A. Lima	Vice	Indefinite Term;	N/A	Vice President, U.S. Bancorp	N/A
615 E. Michigan St.	President,	Since January 24,		Fund Services, LLC
Milwaukee, WI 53202	Treasurer	2013		(2002-present).
Year of Birth: 1974	and Principal
	Financial and
	Accounting
	Officer
Deanna B. Marotz	Chief	Indefinite Term;	N/A	Senior Vice President,	N/A
615 E. Michigan St.	Compliance	Since October 21,		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	Officer, Vice	2021		LLC (2021-present); Chief
Year of Birth: 1965	President			Compliance Officer of
	and Anti-			Keeley-Teton Advisors, LLC
	Money			and Teton Advisors, Inc.
	Laundering			(2017-2021); Chief
	Officer			Compliance Officer of
				Keeley Asset Management
				Corp. (2015-2017).
Jay S. Fitton	Secretary	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.		Since July 22,		U.S. Bancorp Fund
Milwaukee, WI 53202		2019		Services, LLC
Year of Birth: 1970				(2019-present); Partner,
				Practus, LLP (2018-2019);
				Counsel, Drinker Biddle &
				Reath (2016-2018).

* Mr. Neuberger is deemed to be an “interested person” of the Trust as defined by the 1940 Act due to his position and material business relationship with the Trust.

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PAGE 88

INTERESTED TRUSTEE AND OFFICERS

(Unaudited)

			NUMBER OF		OTHER
			PORTFOLIOS	PRINCIPAL	DIRECTORSHIPS
NAME,	POSITION(S)	TERM OF OFFICE	IN THE TRUST	OCCUPATION(S)	HELD BY TRUSTEE
ADDRESS, AND	HELD WITH	AND LENGTH OF	OVERSEEN BY	DURING THE	DURING THE PAST
YEAR OF BIRTH	THE TRUST	TIME SERVED	THE TRUSTEE	PAST FIVE YEARS	FIVE YEARS
Officers
Kelly A. Strauss	Assistant	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Since April 23,		U.S. Bancorp Fund
Milwaukee, WI 53202		2015		Services, LLC
Year of Birth: 1987				(2011-present).
Melissa Aguinaga	Assistant	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Since July 1,		U.S. Bancorp Fund
Milwaukee, WI 53202		2015		Services, LLC
Year of Birth: 1987				(2010-present).
Laura A. Carroll	Assistant	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Since August 20,		U.S. Bancorp Fund
Milwaukee, WI 53202		2018		Services, LLC
Year of Birth: 1985				(2007-present).

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX, PTCRX)

PAGE 89

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Investment Adviser

PT Asset Management, LLC

500 W. Madison, Suite 470

Chicago, IL  60661

888.282.3220

www.PTAM.com

Fund Administrator, Transfer Agent,

and Fund Accountant

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI  53202

Custodian

U.S. Bank, N.A.

Custody Operations

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI  53212

Legal Counsel

Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, WI  53202

Independent Registered

Public Accounting Firm

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH  44115

Distributor

Foreside Fund Services, LLC

3 Canal Plaza, Suite 100

Portland, ME  04101

This report has been prepared for shareholders

and may be distributed to others only if preceded

or accompanied by a current prospectus.

The Performance Trust Mutual Funds are distributed

by Foreside Fund Services, LLC

(b) Not applicable for this Registrant.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

 Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.  Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Trust for Professional Managers

By (Signature and Title)*    /s/ John Buckel

John Buckel, President

Date:    4/28/2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*    /s/ John Buckel

John Buckel, President

Date:    4/28/2022

By (Signature and Title)*    /s/ Jennifer Lima

Jennifer Lima, Treasurer

Date:    4/28/2022

* Print the name and title of each signing officer under his or her signature.