Performance Trust Municipal Bond Fund
|
|||||||
Schedule of Investments
|
|||||||
November 30, 2022 (Unaudited)
|
|||||||
Principal
|
|||||||
Amount
|
Value
|
||||||
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 4.29%
|
|||||||
Freddie Mac Multifamily ML Certificates
|
|||||||
0.953%, 07/25/2036 (a)
|
$ |
86,000,000
|
$ |
5,012,940
|
|||
0.984%, 09/25/2036 (a)
|
54,393,000
|
3,830,899
|
|||||
2020-ML07, 2.015%, 10/25/2036 (a)(b)(c)
|
15,346,849
|
2,482,199
|
|||||
2019-ML06, 1.132%, 06/25/2037 (b)(c)
|
10,756,465
|
951,194
|
|||||
2021-ML08, 1.869%, 07/25/2037 (b)(c)
|
18,137,889
|
2,734,650
|
|||||
2021-ML10, 2.126%, 01/25/2038 (b)(c)
|
14,288,932
|
2,512,137
|
|||||
2021-ML11, 0.771%, 03/25/2038 (a)(b)(c)
|
34,315,425
|
2,013,972
|
|||||
2021-ML10, 1.578%, 06/25/2038 (b)(c)
|
15,165,540
|
1,961,360
|
|||||
2021-ML09, 1.552%, 02/25/2040 (a)(b)(c)
|
25,223,159
|
3,352,662
|
|||||
2021-ML12, 1.300%, 07/25/2041 (b)(c)
|
19,311,589
|
1,848,892
|
|||||
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $27,882,004)
|
26,700,905
|
||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.45%
|
|||||||
California Housing Finance Agency
|
|||||||
2021-2, 0.844%, 03/25/2035 (c)
|
32,041,799
|
1,827,344
|
|||||
0.797%, 11/20/2035 (c)
|
42,533,642
|
2,403,151
|
|||||
2021-3, 0.788%, 08/20/2036 (c)
|
25,903,985
|
1,595,167
|
|||||
Washington State Housing Finance Commission
|
|||||||
0.726%, 12/20/2035 (c)
|
62,374,279
|
3,227,245
|
|||||
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $9,586,512)
|
9,052,907
|
||||||
MUNICIPAL BONDS - 91.54%
|
|||||||
Alabama - 1.16%
|
|||||||
Black Belt Energy Gas District
|
|||||||
4.000%, 06/01/2028
|
2,450,000
|
2,455,987
|
|||||
5.500%, 11/01/2053
|
2,000,000
|
2,098,891
|
|||||
Lower Alabama Gas District
|
|||||||
5.000%, 09/01/2031
|
1,005,000
|
1,061,418
|
|||||
Southeast Energy Authority A Cooperative District
|
|||||||
5.500%, 01/01/2053
|
1,500,000
|
1,595,048
|
|||||
7,211,344
|
|||||||
Alaska - 0.72%
|
|||||||
Alaska Industrial Development & Export Authority
|
|||||||
5.250%, 06/01/2045
|
2,735,000
|
2,727,973
|
|||||
CIVIC Ventures, AK
|
|||||||
5.000%, 09/01/2033
|
1,750,000
|
1,773,286
|
|||||
4,501,259
|
|||||||
Arizona - 4.66%
|
|||||||
Arizona Industrial Development Authority
|
|||||||
1.500%, 07/01/2023
|
150,000
|
146,129
|
|||||
1.800%, 07/01/2024
|
175,000
|
163,803
|
|||||
3.250%, 07/01/2031
|
2,000,000
|
1,725,522
|
|||||
4.000%, 11/01/2045
|
2,000,000
|
1,817,976
|
|||||
4.000%, 11/01/2050
|
2,500,000
|
2,213,512
|
|||||
City of Phoenix Civic Improvement Corp.
|
|||||||
5.000%, 07/01/2043
|
7,645,000
|
8,484,055
|
|||||
5.500%, 07/01/2038
|
2,000,000
|
2,428,564
|
|||||
5.500%, 07/01/2042
|
1,545,000
|
1,876,666
|
|||||
Florence Town, Inc. Industrial Development Authority
|
|||||||
5.000%, 07/01/2023 (a)
|
100,000
|
101,277
|
|||||
Industrial Development Authority of the City of Phoenix
|
|||||||
4.000%, 07/01/2026 (a)
|
2,475,000
|
2,434,420
|
|||||
5.000%, 07/01/2045 (a)
|
4,000,000
|
3,728,309
|
|||||
6.750%, 07/01/2044 (a)
|
3,000,000
|
3,071,801
|
|||||
Park Central Community Facilities District
|
|||||||
4.375%, 07/01/2024
|
820,000
|
809,494
|
|||||
29,001,528 | |||||||
Arkansas - 0.00%
|
|||||||
County of Saline, AR
|
|||||||
3.550%, 06/01/2042
|
20,000
|
20,000
|
|||||
California - 7.98%
|
|||||||
California County Tobacco Securitization Agency
|
|||||||
5.000%, 06/01/2033
|
1,950,000
|
2,054,896
|
|||||
California Educational Facilities Authority
|
|||||||
5.000%, 03/15/2039
|
1,015,000
|
1,216,412
|
|||||
California Health Facilities Financing Authority
|
|||||||
5.000%, 11/01/2047
|
4,250,000
|
4,837,407
|
|||||
California Municipal Finance Authority
|
|||||||
4.000%, 12/01/2026 (a)
|
1,750,000
|
1,671,055
|
|||||
California Public Finance Authority
|
|||||||
2.875%, 05/15/2027 (a)
|
1,125,000
|
1,016,563
|
|||||
City of San Diego, CA Tobacco Settlement Revenue Funding Corp.
|
|||||||
4.000%, 06/01/2032
|
1,230,000
|
1,182,892
|
|||||
Coachella Valley Unified School District
|
|||||||
0.000%, 08/01/2034 (d)
|
1,145,000
|
724,058
|
|||||
0.000%, 08/01/2035 (d)
|
515,000
|
308,692
|
|||||
0.000%, 08/01/2043 (d)
|
1,015,000
|
387,640
|
|||||
Encinitas Union School District
|
|||||||
6.750%, 08/01/2035
|
1,070,000
|
1,356,739
|
|||||
Fowler Unified School District
|
|||||||
5.500%, 08/01/2053
|
4,945,000
|
5,650,270
|
|||||
Freddie Mac Multifamily ML Certificates
|
|||||||
0.247%, 11/25/2033 (b)(c)
|
46,559,240
|
825,495
|
|||||
Golden State Tobacco Securitization Corp.
|
|||||||
3.000%, 06/01/2046
|
3,865,000
|
3,577,939
|
|||||
Inland Empire Tobacco Securitization Corp.
|
|||||||
3.678%, 06/01/2038
|
2,945,000
|
2,758,433
|
|||||
Low Income Investment Fund
|
|||||||
3.711%, 07/01/2029
|
1,000,000
|
940,461
|
|||||
Manteca Redevelopment Agency Successor Agency
|
|||||||
2.393%, 10/01/2030
|
500,000
|
419,588
|
|||||
M-S-R Energy Authority
|
|||||||
6.500%, 11/01/2039
|
2,350,000
|
2,851,288
|
|||||
7.000%, 11/01/2034
|
1,160,000
|
1,435,400
|
|||||
Placentia-Yorba Linda Unified School District
|
|||||||
0.000%, 08/01/2041 (d)
|
5,325,000
|
2,366,608
|
|||||
Poway Unified School District
|
|||||||
0.000%, 08/01/2046 (d)
|
12,000,000
|
3,911,582
|
|||||
San Diego Unified School District
|
|||||||
0.000%, 07/01/2041 (d)
|
2,115,000
|
1,865,177
|
|||||
San Leandro Unified School District
|
|||||||
0.000%, 08/01/2039 (d)
|
2,175,000
|
1,998,192
|
|||||
San Mateo Union High School District
|
|||||||
0.000%, 09/01/2041 (d)
|
1,285,000
|
1,225,226
|
|||||
Santa Barbara Secondary High School District
|
|||||||
0.000%, 08/01/2040 (d)
|
1,400,000
|
636,301
|
|||||
St. Helena Unified School District
|
|||||||
0.000%, 06/01/2036 (d)
|
2,805,000
|
3,141,045
|
|||||
West Contra Costa Unified School District
|
|||||||
0.000%, 08/01/2036 (d)
|
2,220,000
|
1,298,738
|
|||||
49,658,097
|
|||||||
Colorado - 5.80%
|
|||||||
City & County of Denver CO Airport System Revenue
|
|||||||
5.750%, 11/15/2036
|
6,150,000
|
7,228,680
|
|||||
5.750%, 11/15/2041
|
5,325,000
|
5,934,410
|
|||||
City of Fruita, CO Healthcare Revenue
|
|||||||
5.000%, 01/01/2028
|
800,000
|
762,596
|
|||||
Colorado Health Facilities Authority
|
|||||||
5.000%, 05/15/2047
|
6,000,000
|
6,478,956
|
|||||
Denver City & County School District No. 1
|
|||||||
5.000%, 12/01/2045
|
10,000,000
|
11,075,627
|
|||||
Public Authority for Colorado Energy
|
|||||||
6.500%, 11/15/2038
|
3,845,000
|
4,629,988
|
|||||
36,110,257
|
|||||||
Connecticut - 0.46%
|
|||||||
State of Connecticut Special Tax Revenue
|
|||||||
5.250%, 07/01/2040
|
2,500,000
|
2,834,708
|
|||||
Delaware - 0.57%
|
|||||||
University of Delaware
|
|||||||
5.000%, 11/01/2038
|
1,595,000
|
1,832,196
|
|||||
5.000%, 11/01/2039
|
1,510,000
|
1,734,020
|
|||||
3,566,216
|
|||||||
District of Columbia - 1.18%
|
|||||||
District of Columbia
|
|||||||
5.000%, 06/01/2055
|
2,000,000
|
1,908,813
|
|||||
5.500%, 07/01/2047
|
4,750,000
|
5,451,504
|
|||||
7,360,317
|
|||||||
Florida - 9.03%
|
|||||||
Bay County School Board
|
|||||||
5.500%, 07/01/2041
|
1,300,000
|
1,447,031
|
|||||
5.500%, 07/01/2042
|
1,300,000
|
1,435,447
|
|||||
Capital Trust Agency, Inc.
|
|||||||
5.000%, 08/01/2040
|
300,000
|
303,402
|
|||||
5.000%, 08/01/2055
|
800,000
|
782,865
|
|||||
City of Jacksonville, FL
|
|||||||
5.250%, 10/01/2037
|
6,000,000
|
6,774,713
|
|||||
County of Miami-Dade, FL
|
|||||||
0.000%, 10/01/2041 (d)
|
1,375,000
|
554,371
|
|||||
0.000%, 10/01/2042 (d)
|
985,000
|
377,211
|
|||||
0.000%, 10/01/2045 (d)
|
4,500,000
|
1,493,584
|
|||||
County of Miami-Dade, FL Transit System
|
|||||||
5.000%, 07/01/2047
|
7,500,000
|
8,025,035
|
|||||
County of Pasco, FL Sales Tax Revenue
|
|||||||
5.000%, 10/01/2042
|
4,240,000
|
4,617,875
|
|||||
County of Sarasota, FL Utility System Revenue
|
|||||||
5.250%, 10/01/2047
|
2,500,000
|
2,793,122
|
|||||
County of Seminole FL
|
|||||||
5.250%, 10/01/2039
|
3,520,000
|
3,962,180
|
|||||
Florida Development Finance Corp.
|
|||||||
5.000%, 09/15/2040 (a)
|
2,050,000
|
1,875,718
|
|||||
5.500%, 09/15/2025 (a)
|
1,095,000
|
1,072,289
|
|||||
6.500%, 01/01/2049 (a)
|
2,735,000
|
2,462,356
|
|||||
7.375%, 01/01/2049 (a)
|
3,000,000
|
2,675,167
|
|||||
Palm Beach County School District
|
|||||||
5.250%, 08/01/2036
|
1,750,000
|
1,998,828
|
|||||
5.250%, 08/01/2040
|
3,500,000
|
3,925,073
|
|||||
Sarasot Beach County School District
|
|||||||
5.000%, 07/01/2036
|
800,000
|
912,016
|
|||||
5.000%, 07/01/2037
|
875,000
|
991,314
|
|||||
School District of Broward County
|
|||||||
5.000%, 07/01/2047
|
7,000,000
|
7,687,781
|
|||||
56,167,378
|
|||||||
Georgia - 1.36%
|
|||||||
Americus & Sumter County Hospital Authority
|
|||||||
5.125%, 05/15/2023
|
90,000
|
90,245
|
|||||
City of Conyers, GA
|
|||||||
4.300%, 03/01/2031 (e)
|
1,185,000
|
1,004,250
|
|||||
Main Street Natural Gas, Inc.
|
|||||||
5.000%, 05/15/2029
|
1,250,000
|
1,299,223
|
|||||
5.000%, 12/01/2052
|
5,000,000
|
5,160,664
|
|||||
Walton County Water & Sewer Authority
|
|||||||
5.250%, 02/01/2047
|
785,000
|
879,794
|
|||||
8,434,176
|
|||||||
Hawaii - 1.23%
|
|||||||
City & County Honolulu HI Wastewater System Revenue
|
|||||||
5.000%, 07/01/2042
|
6,855,000
|
7,627,093
|
|||||
Illinois - 3.60%
|
|||||||
Chicago Board of Education
|
|||||||
0.000%, 12/01/2022 (d)
|
840,000
|
840,000
|
|||||
City of Joliet, IL
|
|||||||
5.500%, 12/15/2042
|
2,250,000
|
2,550,739
|
|||||
Cook County School District No. 103
|
|||||||
0.000%, 12/01/2022 (d)
|
850,000
|
850,000
|
|||||
County of Cook, IL Sales Tax Revenue
|
|||||||
5.250%, 11/15/2045
|
5,000,000
|
5,360,441
|
|||||
Metropolitan Pier & Exposition Authority
|
|||||||
0.000%, 12/15/2036 (d)
|
6,500,000
|
3,380,833
|
|||||
Regional Transportation Authority
|
|||||||
5.750%, 06/01/2034
|
3,000,000
|
3,559,907
|
|||||
State of Illinois Sales Tax Revenue
|
|||||||
6.000%, 06/15/2026
|
1,575,000
|
1,697,262
|
|||||
Will County School District No. 114 Manhattan
|
|||||||
5.500%, 01/01/2045
|
3,765,000
|
4,180,224
|
|||||
22,419,406
|
|||||||
Indiana - 6.11%
|
|||||||
City of Valparaiso, IN
|
|||||||
6.750%, 01/01/2034
|
500,000
|
513,202
|
|||||
Clark-Pleasant Community School Building Corp.
|
|||||||
5.250%, 01/15/2042
|
2,500,000
|
2,787,722
|
|||||
Fort Wayne Redevelopment Authority
|
|||||||
5.000%, 12/15/2041
|
2,040,000
|
2,231,499
|
|||||
Franklin Township-Marion County Multiple School Building Corp.
|
|||||||
5.000%, 07/15/2040
|
4,520,000
|
4,953,344
|
|||||
Greater Clark Building Corp.
|
|||||||
6.000%, 07/15/2038
|
1,660,000
|
1,993,349
|
|||||
6.000%, 01/15/2042
|
5,250,000
|
6,290,554
|
|||||
Indiana Finance Authority
|
|||||||
5.000%, 01/01/2042
|
1,000,000
|
1,071,610
|
|||||
IPS Multi-School Building Corp.
|
|||||||
5.500%, 07/15/2042
|
1,000,000
|
1,119,667
|
|||||
Lake Ridge Multi-School Building Corp.
|
|||||||
5.500%, 07/15/2040
|
1,500,000
|
1,685,750
|
|||||
Merrillville Multi School Building Corp.
|
|||||||
5.000%, 01/15/2042
|
8,890,000
|
9,698,137
|
|||||
Tippecanoe County School Building Corp.
|
|||||||
6.000%, 01/15/2042
|
4,740,000
|
5,692,321
|
|||||
38,037,155
|
|||||||
Iowa - 0.87%
|
|||||||
Iowa Tobacco Settlement Authority
|
|||||||
4.000%, 06/01/2049
|
5,435,000
|
5,405,084
|
|||||
Kentucky - 1.14%
|
|||||||
County of Trimble, KY
|
|||||||
1.300%, 09/01/2044
|
3,500,000
|
2,931,828
|
|||||
Kentucky Economic Development Finance Authority
|
|||||||
5.000%, 05/15/2026
|
815,000
|
804,400
|
|||||
Kentucky State Property & Building Commission
|
|||||||
5.250%, 06/01/2037
|
3,000,000
|
3,358,641
|
|||||
7,094,869
|
|||||||
Louisiana - 0.11%
|
|||||||
Tobacco Settlement Financing Corp.
|
|||||||
5.250%, 05/15/2033
|
645,000
|
658,476
|
|||||
Maryland - 0.44%
|
|||||||
Maryland Stadium Authority
|
|||||||
5.000%, 05/01/2050
|
2,500,000
|
2,743,891
|
|||||
Michigan - 6.34%
|
|||||||
City of Detroit, MI
|
|||||||
4.000%, 04/01/2044
|
3,000,000
|
2,208,776
|
|||||
5.000%, 04/01/2046
|
1,850,000
|
1,815,409
|
|||||
Garden City School District, MI
|
|||||||
5.000%, 05/01/2046
|
1,505,000
|
1,644,526
|
|||||
5.000%, 05/01/2048
|
1,640,000
|
1,786,887
|
|||||
Great Lakes Water Authority Sewage Disposal System Revenue
|
|||||||
5.250%, 07/01/2042
|
9,905,000
|
10,874,383
|
|||||
Great Lakes Water Authority Water Supply System Revenue
|
|||||||
5.250%, 07/01/2042
|
3,000,000
|
3,293,604
|
|||||
Hemlock Public School District
|
|||||||
5.000%, 05/01/2045
|
1,200,000
|
1,307,121
|
|||||
Holly Area School District
|
|||||||
5.250%, 05/01/2048
|
8,235,000
|
9,175,087
|
|||||
Kalamazoo Economic Development Corp.
|
|||||||
2.625%, 05/15/2025
|
1,150,000
|
1,091,733
|
|||||
Michigan Finance Authority
|
|||||||
3.267%, 06/01/2039
|
6,000,000
|
4,905,926
|
|||||
3.875%, 10/01/2023
|
250,000
|
249,957
|
|||||
Schoolcraft Community Schools
|
|||||||
5.000%, 05/01/2046
|
1,000,000
|
1,081,706
|
|||||
39,435,115
|
|||||||
Minnesota - 0.49%
|
|||||||
City of Minneapolis, MN
|
|||||||
5.750%, 07/01/2055
|
2,000,000
|
1,959,521
|
|||||
City of Rochester, MN
|
|||||||
5.000%, 11/15/2035
|
635,000
|
747,010
|
|||||
University of Minnesota
|
|||||||
5.000%, 08/01/2036
|
300,000
|
358,557
|
|||||
3,065,088
|
|||||||
Missouri - 0.17%
|
|||||||
St. Louis County Industrial Development Authority
|
|||||||
5.125%, 09/01/2048
|
1,250,000
|
1,081,012
|
|||||
Nebraska - 0.34%
|
|||||||
Central Plains Energy Project
|
|||||||
5.000%, 09/01/2034
|
2,000,000
|
2,115,223
|
|||||
Nevada - 0.52%
|
|||||||
Las Vegas Convention & Visitors Authority
|
|||||||
5.000%, 07/01/2038
|
3,000,000
|
3,254,040
|
|||||
New Hampshire - 0.57%
|
|||||||
New Hampshire Business Finance Authority
|
|||||||
0.674%, 10/20/2036
|
68,500,000
|
3,529,805
|
|||||
New Jersey - 1.09%
|
|||||||
Garden State Preservation Trust
|
|||||||
5.750%, 11/01/2028
|
965,000
|
1,060,531
|
|||||
New Jersey Economic Development Authority
|
|||||||
3.375%, 07/01/2030
|
1,000,000
|
962,401
|
|||||
5.500%, 01/01/2027
|
300,000
|
302,993
|
|||||
New Jersey Transportation Trust Fund Authority
|
|||||||
0.000%, 12/15/2037 (d)
|
395,000
|
200,741
|
|||||
0.000%, 12/15/2038 (d)
|
1,000,000
|
479,957
|
|||||
0.000%, 12/15/2030 (d)
|
1,870,000
|
1,413,496
|
|||||
New Jersey Transportation Trust Fund Authority Program
|
|||||||
5.250%, 06/15/2036
|
1,200,000
|
1,315,992
|
|||||
Tobacco Settlement Financing Corp.
|
|||||||
5.000%, 06/01/2033
|
1,035,000
|
1,073,067
|
|||||
6,809,178
|
|||||||
New York - 6.68%
|
|||||||
Build NYC Resource Corp.
|
|||||||
4.000%, 06/15/2031
|
600,000
|
564,687
|
|||||
4.000%, 06/15/2041
|
1,350,000
|
1,104,181
|
|||||
City of New York, NY
|
|||||||
5.250%, 10/01/2041
|
2,500,000
|
2,805,262
|
|||||
New York City Transitional Finance Authority Future Tax Secured Revenue
|
|||||||
5.250%, 08/01/2042
|
5,000,000
|
5,556,234
|
|||||
5.500%, 11/01/2045
|
9,825,000
|
11,193,998
|
|||||
New York State Dormitory Authority
|
|||||||
2.692%, 07/01/2035
|
1,000,000
|
757,398
|
|||||
2.742%, 07/01/2036
|
1,205,000
|
896,595
|
|||||
2.792%, 07/01/2037
|
1,200,000
|
878,878
|
|||||
2.842%, 07/01/2038
|
1,100,000
|
792,896
|
|||||
5.000%, 10/01/2048
|
4,000,000
|
4,714,886
|
|||||
New York Transportation Development Corp.
|
|||||||
5.000%, 12/01/2037
|
1,280,000
|
1,289,001
|
|||||
5.000%, 12/01/2032
|
3,900,000
|
4,063,620
|
|||||
Triborough Bridge & Tunnel Authority
|
|||||||
5.000%, 05/15/2043
|
2,105,000
|
2,293,013
|
|||||
5.000%, 05/15/2041
|
4,245,000
|
4,645,370
|
|||||
41,556,019
|
|||||||
North Carolina - 3.79%
|
|||||||
City of Charlotte NC Airport Revenue
|
|||||||
5.000%, 07/01/2042
|
5,035,000
|
5,503,884
|
|||||
City of Charlotte NC Water & Sewer System Revenue
|
|||||||
5.000%, 07/01/2035
|
2,655,000
|
3,193,534
|
|||||
North Carolina Medical Care Commission
|
|||||||
2.500%, 10/01/2024
|
740,000
|
715,759
|
|||||
University of North Carolina at Chapel Hill
|
|||||||
5.000%, 02/01/2045
|
2,960,000
|
3,340,828
|
|||||
5.000%, 02/01/2049
|
8,375,000
|
9,388,587
|
|||||
Watauga Public Facilities Corp.
|
|||||||
5.250%, 06/01/2042
|
1,250,000
|
1,414,748
|
|||||
23,557,340
|
|||||||
North Dakota - 0.32%
|
|||||||
City of Larimore, ND
|
|||||||
0.850%, 05/01/2024
|
2,000,000
|
1,908,218
|
|||||
City of Mandan, ND
|
|||||||
2.750%, 09/01/2041
|
80,000
|
64,570
|
|||||
1,972,788
|
|||||||
Ohio - 0.77%
|
|||||||
County of Hamilton, OH
|
|||||||
5.000%, 11/15/2049
|
3,250,000
|
3,588,591
|
|||||
Ohio Higher Educational Facility Commission
|
|||||||
3.750%, 12/01/2023
|
1,215,000
|
1,198,477
|
|||||
4,787,068
|
|||||||
Oregon - 0.21%
|
|||||||
Hospital Facilities Authority of Multnomah County Oregon
|
|||||||
0.950%, 06/01/2027
|
1,000,000
|
872,953
|
|||||
Medford Hospital Facilities Authority
|
|||||||
5.000%, 10/01/2024
|
450,000
|
456,376
|
|||||
1,329,329
|
|||||||
Pennsylvania - 4.02%
|
|||||||
Allegheny County Sanitary Authority
|
|||||||
5.750%, 06/01/2047
|
6,000,000
|
6,879,976
|
|||||
City of Philadelphia PA Water & Wastewater Revenue
|
|||||||
5.500%, 06/01/2047
|
5,000,000
|
5,550,956
|
|||||
Commonwealth Financing Authority
|
|||||||
5.000%, 06/01/2034
|
1,750,000
|
1,890,254
|
|||||
5.000%, 06/01/2035
|
730,000
|
783,549
|
|||||
Delaware Valley Regional Finance Authority
|
|||||||
3.404% (1 Month LIBOR USD + 0.880%), 09/01/2048
|
1,000,000
|
988,131
|
|||||
Pennsylvania Economic Development Financing Authority
|
|||||||
5.000%, 06/30/2028
|
750,000
|
771,435
|
|||||
Pennsylvania Turnpike Commission
|
|||||||
5.250%, 12/01/2041
|
1,000,000
|
1,108,906
|
|||||
5.250%, 12/01/2042
|
1,000,000
|
1,098,778
|
|||||
6.000%, 12/01/2030
|
625,000
|
718,249
|
|||||
6.375%, 12/01/2038
|
2,000,000
|
2,294,058
|
|||||
Southeastern Pennsylvania Transportation Authority
|
|||||||
5.250%, 06/01/2041
|
2,585,000
|
2,905,038
|
|||||
24,989,330
|
|||||||
Puerto Rico - 1.37%
|
|||||||
Children's Trust Fund
|
|||||||
5.375%, 05/15/2033
|
50,000
|
50,016
|
|||||
Commonwealth of Puerto Rico
|
|||||||
0.000%, 07/01/2024 (d)
|
49,219
|
45,230
|
|||||
0.000%, 07/01/2033 (d)
|
189,697
|
104,129
|
|||||
0.000%, 11/01/2043 (d)
|
734,362
|
335,053
|
|||||
4.000%, 07/01/2033
|
147,407
|
128,442
|
|||||
4.000%, 07/01/2035
|
132,497
|
112,995
|
|||||
4.000%, 07/01/2037
|
113,718
|
95,042
|
|||||
4.000%, 07/01/2041
|
154,613
|
124,266
|
|||||
4.000%, 07/01/2046
|
160,797
|
124,191
|
|||||
5.250%, 07/01/2023
|
81,902
|
82,261
|
|||||
5.375%, 07/01/2025
|
164,169
|
166,539
|
|||||
5.625%, 07/01/2027
|
162,682
|
166,624
|
|||||
5.625%, 07/01/2029
|
160,042
|
164,053
|
|||||
5.750%, 07/01/2031
|
155,448
|
159,674
|
|||||
GDB Debt Recovery Authority of Puerto Rico
|
|||||||
7.500%, 08/20/2040
|
3,164,947
|
2,650,643
|
|||||
Puerto Rico Highway & Transportation Authority
|
|||||||
5.850%, 03/01/2027 (e)
|
1,395,000
|
1,397,790
|
|||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
|
|||||||
0.000%, 07/01/2024 (d)
|
1,543,000
|
1,434,649
|
|||||
0.000%, 07/01/2029 (d)
|
1,589,000
|
1,156,007
|
|||||
8,497,604
|
|||||||
Rhode Island - 0.60%
|
|||||||
Rhode Island Health and Educational Building Corp.
|
|||||||
5.500%, 05/15/2042
|
3,335,000
|
3,745,233
|
|||||
South Carolina - 1.29%
|
|||||||
County of Horry SC
|
|||||||
5.250%, 09/01/2047
|
4,000,000
|
4,333,421
|
|||||
South Island Public Service District, SC
|
|||||||
5.250%, 04/01/2042
|
3,325,000
|
3,722,997
|
|||||
8,056,418
|
|||||||
Tennessee - 0.81%
|
|||||||
Metropolitan Nashville Airport Authority
|
|||||||
5.250%, 07/01/2035
|
1,250,000
|
1,363,122
|
|||||
5.500%, 07/01/2036
|
1,000,000
|
1,106,679
|
|||||
5.500%, 07/01/2037
|
1,125,000
|
1,238,962
|
|||||
New Memphis Arena Public Building Authority
|
|||||||
0.000%, 04/01/2031 (d)
|
1,500,000
|
1,318,081
|
|||||
5,026,844
|
|||||||
Texas - 11.35%
|
|||||||
Alvarado Independent School District
|
|||||||
5.000%, 02/15/2047
|
8,000,000
|
8,792,521
|
|||||
Barbers Hill Independent School District
|
|||||||
5.000%, 02/15/2042
|
5,000,000
|
5,556,703
|
|||||
Board of Regents of the University of Texas System
|
|||||||
5.000%, 08/15/2049
|
620,000
|
713,282
|
|||||
Bullard Independent School District
|
|||||||
5.000%, 02/15/2047
|
4,405,000
|
4,826,991
|
|||||
Celina Independent School District
|
|||||||
5.000%, 02/15/2047
|
5,000,000
|
5,492,087
|
|||||
City of Austin TX Water & Wastewater System Revenue
|
|||||||
5.000%, 11/15/2040
|
1,225,000
|
1,375,293
|
|||||
5.000%, 11/15/2041
|
1,700,000
|
1,898,913
|
|||||
City of Fort Worth, TX
|
|||||||
5.250%, 03/01/2036
|
1,800,000
|
1,845,200
|
|||||
Clifton Higher Education Finance Corp.
|
|||||||
6.000%, 03/01/2029
|
2,915,000
|
2,958,722
|
|||||
Colony Economic Development Corp.
|
|||||||
7.250%, 10/01/2042
|
1,500,000
|
1,522,783
|
|||||
Colony Local Development Corp.
|
|||||||
7.250%, 10/01/2033
|
700,000
|
710,738
|
|||||
County of Harris, TX
|
|||||||
3.756% (3 Month LIBOR USD + 0.670%), 08/15/2035
|
1,020,000
|
922,625
|
|||||
Lower Colorado River Authority
|
|||||||
5.500%, 05/15/2047
|
5,000,000
|
5,499,322
|
|||||
Melissa Independent School District
|
|||||||
5.000%, 02/01/2047
|
6,000,000
|
6,558,065
|
|||||
North Texas Tollway Authority
|
|||||||
5.250%, 01/01/2038
|
4,060,000
|
4,531,418
|
|||||
Port of Beaumont Industrial Development Authority
|
|||||||
4.100%, 01/01/2028 (a)
|
3,000,000
|
2,452,858
|
|||||
Pottsboro Higher Education Finance Corp.
|
|||||||
2.000%, 08/15/2040
|
775,000
|
533,471
|
|||||
State of Texas
|
|||||||
4.000%, 08/01/2033
|
1,315,000
|
1,378,842
|
|||||
4.000%, 08/01/2034
|
1,350,000
|
1,410,450
|
|||||
Van Alstyne Independent School District
|
|||||||
5.000%, 02/15/2047
|
5,935,000
|
6,559,742
|
|||||
West Harris County Regional Water Authority
|
|||||||
5.500%, 12/15/2042
|
4,500,000
|
5,089,485
|
|||||
70,629,511
|
|||||||
Utah - 1.81%
|
|||||||
Wasatch County School District Local Building Authority
|
|||||||
5.500%, 06/01/2047
|
7,570,000
|
8,486,436
|
|||||
Wildflower Improvement Association
|
|||||||
6.625%, 03/01/2031 (a)(e)
|
2,895,549
|
2,763,501
|
|||||
11,249,937
|
|||||||
Virginia - 0.33%
|
|||||||
County of Botetourt, VA
|
|||||||
6.000%, 07/01/2044
|
2,000,000
|
2,038,153
|
|||||
Washington - 1.93%
|
|||||||
Central Puget Sound Regional Transit Authority
|
|||||||
5.000%, 11/01/2046
|
10,000,000
|
11,652,348
|
|||||
Washington State Housing Finance Commission
|
|||||||
5.000%, 01/01/2055 (a)
|
500,000
|
389,500
|
|||||
12,041,848
|
|||||||
Wisconsin - 0.32%
|
|||||||
Public Finance Authority
|
|||||||
7.500%, 06/01/2029 (a)
|
2,000,000
|
1,979,276
|
|||||
TOTAL MUNICIPAL BONDS (Cost $584,986,219)
|
569,597,413
|
||||||
SHORT-TERM INVESTMENT - 1.96%
|
|||||||
First American Government Obligations Fund - Class X, 3.660% (f)
|
12,200,790
|
12,200,790
|
|||||
TOTAL SHORT-TERM INVESTMENT (Cost $12,200,790)
|
12,200,790
|
||||||
Total Investments (Cost $634,655,525) - 99.24%
|
617,552,015
|
||||||
Other Assets in Excess of Liabilities - 0.75%
|
4,684,248
|
||||||
TOTAL NET ASSETS - 100.00%
|
$ |
622,236,263
|
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 November 30, 2022. The coupon is based on an underlying pool of loans.
|
||||
(c)
|
Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
|
||||
(d)
|
Represents a security issued at a discount to its face value but pays no interest.
|
||||
(e)
|
Represents an illiquid security. The total market value of these securities were $5,165,541, representing 0.83% of net assets as of November 30, 2022.
|
||||
(f)
|
Seven day yield at November 30, 2022.
|
Summary of Fair Value Exposure at November 30, 2022
|
|||||
Various inputs are used in determining the value of the Fund’s investments. These inputs are
|
|||||
summarized in the three broad levels listed below:
|
|||||
Level 1 - Quoted prices in active markets for identical securities.
|
|||||
Level 2 - Other significant observable inputs (including quoted prices for similar
|
|||||
securities, interest rates, prepayment speeds, credit risk, etc.)
|
|||||
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in
|
|||||
determining the fair value of investments.)
|
|||||
The inputs or methodology used for valuing securities are not an indication of the risk associated
|
|||||
with investing in those securities.
|
|||||
The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund’s investments
|
|||||
carried at fair value:
|
Performance Trust Municipal Bond Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Fixed Income:
|
||||||||||||||||
Agency Commercial Mortgage Backed Securities
|
$
|
-
|
$
|
26,700,905
|
$
|
-
|
$
|
26,700,905
|
||||||||
Non-Agency Commercial Mortgage Backed Securities
|
-
|
9,052,907
|
-
|
9,052,907
|
||||||||||||
Municipal Bonds
|
-
|
569,597,413
|
-
|
569,597,413
|
||||||||||||
Total Fixed Income
|
-
|
605,351,225
|
-
|
605,351,225
|
||||||||||||
Short-Term Investments
|
12,200,790
|
-
|
-
|
12,200,790
|
||||||||||||
Total Investments In Securities
|
$
|
12,200,790
|
$
|
605,351,225
|
$
|
-
|
$
|
617,552,015
|
For the period ended November 30, 2022, the Fund did not have significant unobservable inputs (Level 3 securities) used in determining fair value.
|
|||||
Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.
|
|||||
Disclosures about Derivative Instruments and Hedging Activities
|
|||||
The Fund did not invest in derivative securities or engage in hedging activities during the period ended November 30, 2022.
|