NPORT-EX 2 municipal-nport.htm NPORT-EX
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.