NPORT-EX 2 municipal-nport.htm NPORT-EX
1
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
—
5
.95
%
California
Housing
Finance
Agency
2021-2,
0.825%,
03/25/2035
(a)
$
31,614,786‌
$
1,558,925‌
Freddie
Mac
Multifamily
ML
Certificates
2019-ML05,
0.247%,
11/25/2033
(a)
45,755,725‌
722,025‌
2022-ML13,
0.960%,
07/25/2036
(a)
84,068,811‌
4,746,525‌
2022-ML13,
1.004%,
09/25/2036
(a)
53,565,985‌
3,740,513‌
2020-ML07,
2.016%,
10/25/2036
(a)
15,129,076‌
2,106,875‌
2019-ML06,
1.133%,
06/25/2037
(a)
10,597,842‌
837,971‌
2021-ML08,
1.869%,
07/25/2037
(a)
17,866,517‌
2,337,834‌
2021-ML10,
2.127%,
01/25/2038
(a)
14,105,509‌
2,154,335‌
2021-ML11,
0.769%,
03/25/2038
(a)
91,584,319‌
4,968,449‌
2021-ML10,
1.518%,
06/25/2038
(a)
50,485,408‌
5,778,560‌
2021-ML09,
1.490%,
02/25/2040
(a)
38,705,039‌
4,504,105‌
2021-ML12,
1.303%,
07/25/2041
(a)
19,110,678‌
1,839,021‌
TOTAL
AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
(Cost
$38,832,133)
35,295,138‌
MUNICIPAL
BONDS
—
86
.92
%
Alabama
—
3
.49
%
Black
Belt
Energy
Gas
District
5.500%,
11/01/2053
2,590,000‌
2,710,359‌
5.500%,
10/01/2054
3,000,000‌
3,215,862‌
Energy
Southeast
A
Cooperative
District
5.500%,
11/01/2053
4,000,000‌
4,273,736‌
5.750%,
04/01/2054
1,000,000‌
1,094,374‌
Lower
Alabama
Gas
District
5.000%,
09/01/2034
3,355,000‌
3,532,263‌
Southeast
Energy
Authority
A
Cooperative
District
5.500%,
01/01/2053
5,560,000‌
5,892,070‌
20,718,664‌
Alaska
—
0
.75
%
Alaska
Industrial
Development
&
Export
Authority
5.250%,
06/01/2045
2,735,000‌
2,671,793‌
CIVICVentures
5.000%,
09/01/2033
1,750,000‌
1,760,952‌
4,432,745‌
Arizona
—
1
.75
%
Arizona
Industrial
Development
Authority
1.800%,
07/01/2024
175,000‌
170,198‌
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
4.000%,
07/01/2026
1,900,000‌
1,863,533‌
5.000%,
07/01/2045
4,000,000‌
3,645,451‌
2
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Arizona
—
1.75%
(Continued)
Park
Central
Community
Facilities
District
4.375%,
07/01/2024
$
415,000‌
$
410,721‌
State
of
Arizona
Distribution
Revenue
5.500%,
07/01/2038
2,060,000‌
2,455,758‌
5.500%,
07/01/2042
1,545,000‌
1,862,191‌
10,407,852‌
Arkansas
—
0
.19
%
County
of
Pulaski,
AR
5.000%,
03/01/2039
1,025,000‌
1,117,148‌
California
—
14
.12
%
Alhambra
Unified
School
District
0.000%,
08/01/2037
(b)
11,000,000‌
6,400,393‌
California
Educational
Facilities
Authority
5.000%,
03/15/2039
1,015,000‌
1,218,532‌
5.000%,
05/01/2049
5,000,000‌
5,816,127‌
California
Health
Facilities
Financing
Authority
5.000%,
11/01/2047
4,250,000‌
4,820,556‌
California
Municipal
Finance
Authority
4.000%,
12/01/2026
1,500,000‌
1,440,202‌
California
Pollution
Control
Financing
Authority
5.000%,
07/01/2037
1,750,000‌
1,835,452‌
5.000%,
07/01/2038
2,000,000‌
2,084,935‌
California
Public
Finance
Authority
2.875%,
05/15/2027
1,125,000‌
1,028,815‌
City
of
San
Diego,
CA
Tobacco
Settlement
Revenue
Funding
Corp.
4.000%,
06/01/2032
980,000‌
966,807‌
Coachella
Valley
Unified
School
District
0.000%,
08/01/2035
(b)
715,000‌
466,366‌
0.000%,
08/01/2043
(b)
1,015,000‌
416,863‌
El
Rancho
Unified
School
District
0.000%,
08/01/2035
(b)
315,000‌
202,660‌
Fowler
Unified
School
District
5.500%,
08/01/2053
4,945,000‌
5,534,870‌
Gateway
Unified
School
District
0.000%,
08/01/2037
(b)
1,725,000‌
1,007,738‌
Inland
Empire
Tobacco
Securitization
Corp.
3.678%,
06/01/2038
3,010,000‌
2,799,446‌
Mount
San
Antonio
Community
College
District
0.000%,
08/01/2043
(b)
1,395,000‌
1,328,193‌
M-S-R
Energy
Authority
6.500%,
11/01/2039
3,800,000‌
4,673,211‌
6.500%,
11/01/2039
2,645,000‌
3,252,800‌
3
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
California
—
14.12%
(Continued)
Newport
Mesa
Unified
School
District
0.000%,
08/01/2037
(b)
$
100,000‌
$
61,226‌
0.000%,
08/01/2038
(b)
1,000,000‌
579,390‌
Norwalk-La
Mirada
Unified
School
District
0.000%,
08/01/2038
(b)
510,000‌
265,111‌
Oceanside
Unified
School
District
0.000%,
08/01/2035
(b)
135,000‌
88,459‌
0.000%,
08/01/2036
(b)
350,000‌
217,669‌
0.000%,
08/01/2037
(b)
775,000‌
454,575‌
0.000%,
08/01/2039
(b)
310,000‌
162,115‌
Paramount
Unified
School
District
0.000%,
08/01/2037
(b)
525,000‌
305,473‌
Placentia-Yorba
Linda
Unified
School
District
0.000%,
08/01/2041
(b)
5,325,000‌
2,509,072‌
Poway
Unified
School
District
0.000%,
08/01/2037
(b)
6,320,000‌
3,711,498‌
0.000%,
08/01/2038
(b)
5,445,000‌
3,019,124‌
0.000%,
08/01/2040
(b)
905,000‌
448,805‌
0.000%,
08/01/2046
(b)
12,150,000‌
4,206,426‌
San
Bernardino
City
Unified
School
District
0.000%,
08/01/2035
(b)
250,000‌
163,813‌
San
Bernardino
Community
College
District
0.000%,
08/01/2038
(b)
160,000‌
84,888‌
0.000%,
08/01/2044
(b)
12,485,000‌
4,825,186‌
San
Diego
Unified
School
District
0.000%,
07/01/2037
(b)
575,000‌
335,829‌
0.000%,
07/01/2038
(b)
1,655,000‌
911,020‌
0.000%,
07/01/2040
(b)
7,260,000‌
3,568,514‌
0.000%,
07/01/2041
(b)
2,815,000‌
2,660,908‌
Santa
Barbara
Secondary
High
School
District
0.000%,
08/01/2036
(b)
340,000‌
197,514‌
0.000%,
08/01/2040
(b)
5,805,000‌
2,750,062‌
St
Helena
Unified
School
District
0.000%,
06/01/2036
(b)
2,805,000‌
3,355,743‌
West
Contra
Costa
Unified
School
District
0.000%,
08/01/2036
(b)
5,825,000‌
3,586,815‌
83,763,201‌
Colorado
—
3
.43
%
City
&
County
of
Denver,
CO
Airport
System
Revenue
5.750%,
11/15/2036
6,325,000‌
7,655,484‌
5.750%,
11/15/2041
5,485,000‌
6,174,061‌
4
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Colorado
—
3.43%
(Continued)
City
of
Fruita,
CO
Healthcare
Revenue
5.000%,
01/01/2028
$
700,000‌
$
669,873‌
Public
Authority
for
Colorado
Energy
6.500%,
11/15/2038
4,855,000‌
5,847,580‌
20,346,998‌
Connecticut
—
0
.48
%
State
of
Connecticut
Special
Tax
Revenue
5.250%,
07/01/2040
2,500,000‌
2,844,913‌
Florida
—
8
.05
%
Bay
County
School
Board
5.500%,
07/01/2041
1,315,000‌
1,469,146‌
5.500%,
07/01/2042
1,300,000‌
1,444,483‌
City
of
Fort
Lauderdale,
FL
Water
&
Sewer
Revenue
5.500%,
09/01/2048
1,500,000‌
1,699,478‌
City
of
Fort
Myers,
FL
Utility
System
Revenue
5.500%,
10/01/2049
5,000,000‌
5,611,200‌
City
of
Jacksonville,
FL
5.250%,
10/01/2037
6,000,000‌
6,864,579‌
City
of
Lakeland,
FL
Department
of
Electric
Utilities
5.000%,
10/01/2037
1,925,000‌
2,184,928‌
5.000%,
10/01/2038
1,565,000‌
1,767,935‌
County
of
Miami-Dade,
FL
0.000%,
10/01/2040
(b)
5,000,000‌
2,324,403‌
0.000%,
10/01/2041
(b)
1,400,000‌
615,809‌
0.000%,
10/01/2042
(b)
1,360,000‌
563,885‌
0.000%,
10/01/2045
(b)
4,500,000‌
1,634,850‌
County
of
Miami-Dade,
FL
Seaport
Department
5.000%,
10/01/2036
1,450,000‌
1,564,975‌
5.000%,
10/01/2038
4,370,000‌
4,643,812‌
County
of
Sarasota,
FL
Utility
System
Revenue
5.250%,
10/01/2047
2,500,000‌
2,747,395‌
County
of
Seminole,
FL
5.250%,
10/01/2039
3,520,000‌
3,943,529‌
Florida
Development
Finance
Corp.
5.500%,
09/15/2025
750,000‌
735,066‌
5.000%,
09/15/2040
2,050,000‌
1,805,175‌
Palm
Beach
County
School
District
5.250%,
08/01/2036
1,750,000‌
2,019,808‌
5.250%,
08/01/2040
3,645,000‌
4,090,125‌
47,730,581‌
5
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Georgia
—
0
.94
%
City
of
Conyers,
GA
4.300%,
03/01/2031
$
1,185,000‌
$
1,023,819‌
Georgia
Ports
Authority
5.000%,
07/01/2041
4,145,000‌
4,579,094‌
5,602,913‌
Illinois
—
2
.69
%
Chicago
O'Hare
International
Airport
5.250%,
01/01/2039
1,190,000‌
1,298,808‌
City
of
Joliet,
IL
5.500%,
12/15/2042
2,260,000‌
2,512,243‌
DuPage
County
School
District
No.
58
Downers
Grove
5.000%,
12/15/2036
1,070,000‌
1,213,401‌
5.000%,
12/15/2037
2,340,000‌
2,625,673‌
5.250%,
12/15/2038
340,000‌
385,233‌
Metropolitan
Pier
&
Exposition
Authority
0.000%,
12/15/2036
(b)
6,500,000‌
3,746,398‌
Will
County
School
District
No.
114
Manhattan
5.500%,
01/01/2045
3,765,000‌
4,151,983‌
15,933,739‌
Indiana
—
8
.62
%
Avon
Community
School
Building
Corp.
5.500%,
07/15/2040
1,000,000‌
1,137,109‌
5.500%,
07/15/2041
1,000,000‌
1,132,266‌
5.500%,
01/15/2043
2,750,000‌
3,086,915‌
City
of
Valparaiso,
IN
6.750%,
01/01/2034
500,000‌
500,785‌
Clark-Pleasant
Community
School
Building
Corp.
5.250%,
01/15/2042
2,500,000‌
2,777,416‌
Fishers
Town
Hall
Building
Corp.
5.500%,
07/15/2038
1,000,000‌
1,143,059‌
5.500%,
07/15/2039
700,000‌
798,100‌
5.500%,
07/15/2040
1,500,000‌
1,696,948‌
5.500%,
07/15/2043
2,000,000‌
2,225,430‌
Fort
Wayne
Redevelopment
Authority
5.000%,
12/15/2041
2,040,000‌
2,220,016‌
Greater
Clark
Building
Corp.
6.000%,
07/15/2038
5,955,000‌
6,969,628‌
6.000%,
01/15/2042
5,630,000‌
6,486,893‌
Indianapolis
Local
Public
Improvement
Bond
Bank
6.000%,
02/01/2048
8,750,000‌
10,204,044‌
IPS
Multi-School
Building
Corp.
5.500%,
07/15/2042
1,250,000‌
1,396,862‌
6
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Indiana
—
8.62%
(Continued)
Lake
Ridge
Multi-School
Building
Corp.
5.500%,
07/15/2040
$
1,500,000‌
$
1,688,948‌
Noblesville
High
School
Building
Corp.
6.000%,
07/15/2038
350,000‌
419,256‌
6.000%,
07/15/2040
500,000‌
593,535‌
6.000%,
01/15/2043
1,000,000‌
1,173,808‌
Tippecanoe
County
School
Building
Corp.
6.000%,
01/15/2042
600,000‌
691,321‌
Tri-Creek
2002
High
School
Building
Corp.
5.500%,
07/15/2040
4,225,000‌
4,793,347‌
51,135,686‌
Iowa
—
0
.77
%
Iowa
Tobacco
Settlement
Authority
4.000%,
06/01/2049
4,680,000‌
4,548,655‌
Kentucky
—
1
.81
%
County
of
Trimble,
KY
1.300%,
09/01/2044
3,500,000‌
3,022,481‌
Kentucky
Economic
Development
Finance
Authority
5.000%,
05/15/2026
625,000‌
604,896‌
Kentucky
State
Property
&
Building
Commission
5.250%,
06/01/2037
3,095,000‌
3,458,338‌
5.500%,
11/01/2041
1,195,000‌
1,337,823‌
5.500%,
11/01/2042
2,050,000‌
2,282,663‌
10,706,201‌
Louisiana
—
0
.72
%
Ernest
N
Morial
New
Orleans
Exhibition
Hall
Authority
5.000%,
07/15/2039
2,210,000‌
2,420,663‌
Louisiana
Stadium
&
Exposition
District
5.000%,
07/01/2039
1,675,000‌
1,834,478‌
4,255,141‌
Maryland
—
1
.07
%
Maryland
Stadium
Authority
5.000%,
05/01/2050
5,775,000‌
6,324,264‌
Massachusetts
—
0
.61
%
Massachusetts
Development
Finance
Agency
5.000%,
07/15/2040
3,075,000‌
3,645,908‌
Michigan
—
1
.09
%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
5.000%,
07/01/2038
1,000,000‌
1,123,314‌
Michigan
Finance
Authority
3.267%,
06/01/2039
6,000,000‌
5,343,312‌
6,466,626‌
7
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Minnesota
—
0
.35
%
City
of
Minneapolis,
MN
5.750%,
07/01/2055
$
1,000,000‌
$
952,514‌
City
of
Rochester,
MN
5.000%,
11/15/2035
660,000‌
776,352‌
University
of
Minnesota
5.000%,
08/01/2036
305,000‌
366,812‌
2,095,678‌
Nebraska
—
0
.36
%
Central
Plains
Energy
Project
5.000%,
09/01/2034
2,000,000‌
2,135,740‌
Nevada
—
0
.81
%
Las
Vegas
Convention
&
Visitors
Authority
5.000%,
07/01/2038
3,000,000‌
3,304,924‌
State
of
Nevada
Department
of
Business
&
Industry
8.125%,
01/01/2050
1,500,000‌
1,519,329‌
4,824,253‌
New
Jersey
—
1
.92
%
New
Jersey
Economic
Development
Authority
5.500%,
01/01/2027
300,000‌
300,256‌
5.250%,
06/15/2037
1,560,000‌
1,710,639‌
5.250%,
06/15/2038
1,935,000‌
2,097,271‌
New
Jersey
Transportation
Trust
Fund
Authority
5.250%,
06/15/2036
1,900,000‌
2,172,949‌
0.000%,
12/15/2037
(b)
3,395,000‌
1,948,385‌
0.000%,
12/15/2038
(b)
1,125,000‌
613,610‌
0.000%,
12/15/2039
(b)
5,165,000‌
2,532,277‌
11,375,387‌
New
York
—
4
.84
%
Build
NYC
Resource
Corp.
4.000%,
06/15/2031
600,000‌
560,573‌
4.000%,
06/15/2041
1,350,000‌
1,083,509‌
New
York
City
Transitional
Finance
Authority
5.500%,
05/01/2044
3,575,000‌
4,086,807‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
5.500%,
11/01/2045
4,825,000‌
5,438,428‌
New
York
State
Dormitory
Authority
5.000%,
10/01/2047
4,220,000‌
4,912,449‌
5.000%,
10/01/2048
4,000,000‌
4,653,973‌
Port
Authority
of
New
York
&
New
Jersey
5.000%,
07/15/2037
3,000,000‌
3,235,114‌
8
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
New
York
—
4.84%
(Continued)
Triborough
Bridge
&
Tunnel
Authority
5.000%,
05/15/2052
$
4,065,000‌
$
4,724,487‌
28,695,340‌
North
Carolina
—
2
.20
%
University
of
North
Carolina
at
Chapel
Hill
5.000%,
02/01/2045
5,100,000‌
5,597,299‌
5.000%,
02/01/2049
5,500,000‌
6,039,996‌
Watauga
Public
Facilities
Corp.
5.250%,
06/01/2042
1,250,000‌
1,385,105‌
13,022,400‌
North
Dakota
—
0
.34
%
City
of
Larimore,
ND
0.850%,
05/01/2024
2,000,000‌
1,998,145‌
Ohio
—
1
.20
%
County
of
Hamilton,
OH
5.000%,
11/15/2049
6,000,000‌
6,530,482‌
Ohio
Higher
Educational
Facility
Commission
3.750%,
12/01/2023
615,000‌
615,000‌
7,145,482‌
Oregon
—
0
.52
%
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
0.950%,
06/01/2027
1,000,000‌
878,460‌
Port
of
Portland,
OR
Airport
Revenue
5.000%,
07/01/2037
2,000,000‌
2,177,141‌
3,055,601‌
Pennsylvania
—
3
.73
%
Allegheny
County
Sanitary
Authority
5.750%,
06/01/2047
6,835,000‌
7,760,877‌
City
of
Philadelphia,
PA
Water
&
Wastewater
Revenue
5.500%,
06/01/2047
2,365,000‌
2,598,006‌
Delaware
Valley
Regional
Finance
Authority
4.521%
(1
Month
LIBOR
USD
+
0.880%),
09/01/2048
1,000,000‌
990,517‌
Pennsylvania
Turnpike
Commission
5.250%,
12/01/2041
1,000,000‌
1,120,789‌
5.250%,
12/01/2042
1,000,000‌
1,111,016‌
Pittsburgh
Water
&
Sewer
Authority
5.000%,
09/01/2038
2,225,000‌
2,482,042‌
5.000%,
09/01/2039
2,875,000‌
3,184,110‌
Southeastern
Pennsylvania
Transportation
Authority
5.250%,
06/01/2041
2,585,000‌
2,896,061‌
22,143,418‌
9
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Puerto
Rico
—
1
.18
%
Commonwealth
of
Puerto
Rico
0.000%,
07/01/2024
(b)
$
23,978‌
$
23,405‌
0.000%,
07/01/2033
(b)
189,697‌
115,725‌
4.000%,
07/01/2037
113,718‌
101,877‌
4.000%,
07/01/2041
154,613‌
133,886‌
0.000%,
11/01/2043
(b)
651,922‌
339,814‌
4.000%,
07/01/2046
160,797‌
134,017‌
GDB
Debt
Recovery
Authority
of
Puerto
Rico
7.500%,
08/20/2040
2,971,238‌
2,614,689‌
Puerto
Rico
Highway
&
Transportation
Authority
5.850%,
03/01/2027
1,395,000‌
1,397,790‌
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
0.000%,
07/01/2024
(b)
872,000‌
853,084‌
0.000%,
07/01/2029
(b)
1,589,000‌
1,256,833‌
6,971,120‌
Rhode
Island
—
1
.37
%
Rhode
Island
Health
and
Educational
Building
Corp.
5.500%,
05/15/2042
3,335,000‌
3,736,665‌
5.500%,
05/15/2047
4,000,000‌
4,413,777‌
8,150,442‌
South
Carolina
—
1
.34
%
County
of
Horry,
SC
5.250%,
09/01/2047
4,000,000‌
4,331,055‌
South
Island
Public
Service
District
5.250%,
04/01/2042
3,325,000‌
3,621,114‌
7,952,169‌
Tennessee
—
0
.90
%
Metropolitan
Nashville
Airport
Authority
5.250%,
07/01/2035
1,500,000‌
1,680,103‌
5.500%,
07/01/2036
1,625,000‌
1,833,855‌
5.500%,
07/01/2037
1,650,000‌
1,842,946‌
5,356,904‌
Texas
—
8
.17
%
Board
of
Regents
of
the
University
of
Texas
System
5.000%,
08/15/2049
500,000‌
574,213‌
City
of
Austin,
TX
Water
&
Wastewater
System
Revenue
5.000%,
11/15/2040
1,225,000‌
1,341,270‌
5.000%,
11/15/2041
1,700,000‌
1,853,431‌
City
of
Houston,
TX
Airport
System
Revenue
5.250%,
07/01/2039
2,745,000‌
2,993,684‌
City
of
San
Antonio,
TX
Electric
&
Gas
Systems
Revenue
5.000%,
02/01/2038
6,000,000‌
6,724,651‌
10
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Texas
—
8.17%
(Continued)
City
of
San
Antonio,
TX
Electric
&
Gas
Systems
Revenue
(Continued)
5.000%,
02/01/2039
$
3,265,000‌
$
3,630,400‌
5.250%,
02/01/2040
6,000,000‌
6,757,080‌
Colony
Economic
Development
Corp.
7.250%,
10/01/2042
1,500,000‌
1,397,890‌
Colony
Local
Development
Corp.
7.250%,
10/01/2033
700,000‌
700,236‌
Lower
Colorado
River
Authority
5.500%,
05/15/2047
5,000,000‌
5,464,835‌
5.500%,
05/15/2048
3,000,000‌
3,290,666‌
North
Texas
Tollway
Authority
0.000%,
01/01/2036
(b)
1,085,000‌
675,934‌
0.000%,
01/01/2038
(b)
630,000‌
343,601‌
5.250%,
01/01/2038
4,120,000‌
4,610,740‌
Port
of
Beaumont
Industrial
Development
Authority
4.100%,
01/01/2028
3,000,000‌
2,442,651‌
Pottsboro
Higher
Education
Finance
Corp.
2.000%,
08/15/2040
775,000‌
537,291‌
West
Harris
County
Regional
Water
Authority
5.500%,
12/15/2042
4,500,000‌
5,082,264‌
48,420,837‌
Utah
—
2
.17
%
City
of
Salt
Lake
City
UT
Airport
Revenue
5.250%,
07/01/2037
500,000‌
553,358‌
City
of
Salt
Lake
City,
UT
Airport
Revenue
5.250%,
07/01/2038
1,255,000‌
1,374,142‌
5.250%,
07/01/2039
1,000,000‌
1,088,942‌
Wasatch
County
School
District
Local
Building
Authority
5.500%,
06/01/2047
7,570,000‌
8,304,444‌
Wildflower
Improvement
Association
6.625%,
03/01/2031
1,630,204‌
1,546,028‌
12,866,914‌
Washington
—
1
.98
%
Central
Puget
Sound
Regional
Transit
Authority
5.000%,
11/01/2046
10,000,000‌
11,353,388‌
Washington
State
Housing
Finance
Commission
5.000%,
01/01/2055
500,000‌
364,155‌
11,717,543‌
Washington
DC
—
2
.63
%
District
of
Columbia
5.500%,
07/01/2047
9,795,000‌
11,010,558‌
11
Performance
Trust
Municipal
Bond
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
86.92%
(Continued)
Washington
DC
—
2.63%
(Continued)
District
of
Columbia
Income
Tax
Revenue
5.000%,
10/01/2037
$
4,000,000‌
$
4,571,042‌
15,581,600‌
Wisconsin
—
0
.33
%
Public
Finance
Authority
7.500%,
06/01/2029
2,000,000‌
1,936,677‌
TOTAL
MUNICIPAL
BONDS
(Cost
$509,030,728)
515,426,885‌
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
—
2
.18
%
California
Housing
Finance
Agency
2021-1,
0.797%,
11/20/2035
(a)
41,859,238‌
2,073,707‌
2021-3,
0.790%,
08/20/2036
(a)
25,491,566‌
1,331,424‌
National
Finance
Authority
2023-2,
0.813%,
01/20/2038
(a)
60,000,000‌
3,441,600‌
New
Hampshire
Business
Finance
Authority
2022-2,
0.697%,
10/20/2036
(a)
67,661,794‌
3,279,567‌
Washington
State
Housing
Finance
Commission
2021-1,
0.726%,
12/20/2035
(a)
61,486,878‌
2,800,113‌
TOTAL
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
(Cost
$13,660,868)
12,926,411‌
Shares
MONEY
MARKET
FUNDS
—
5
.95
%
First
American
Government
Obligations
Fund
-
X
Class,
5.286%
(c)
35,271,838
35,271,838‌
TOTAL
MONEY
MARKET
FUNDS
(Cost
$35,271,838)
35,271,838‌
Total
Investments
(Cost
$596,795,567)
—
101.00%
$
598,920,272‌
Liabilities
in
Excess
of
Other
Assets
—
(1.00)%
(
5,907,595‌
)
TOTAL
NET
ASSETS
—
100.00%
$
593,012,677‌
Percentages
are
stated
as
a
percent
of
net
assets.
(a)
Represents
an
interest-only
security
that
entitles
holders
to
receive
only
interest
payments
on
underlying
mortgages.
(b)
Represents
a
security
issued
at
a
discount
to
its
face
value
but
pays
no
interest.
(c)
The
rate
shown
represents
the
seven-day
yield
as
of
November
30,
2023.
12
Notes
to
Schedule
of
Investments
November
30,
2023
(Unaudited)
Investment
Valuation 
Each
equity
security
owned
by the
Fund
that
is
listed
on
a
securities
exchange,
except
for
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
a
security
is
listed
on
more
than
one
exchange,
the
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”),
which
may
not
necessarily
represent
the
last
sale
price.
If
the
NOCP
is
not
available,
such
securities
shall
be
valued
at
the
last
sale
price
on
the
day
of
valuation.
If
there
has
been
no
sale
on
such
exchange
or
on
NASDAQ
on
such
day,
the
security
is
valued
at
(i)
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day
or
(ii)
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
over-the
counter
markets
as
published
by
a
pricing
service.
If
market
quotations
are
not
readily
available,
any
security
or
other
asset
will
be
valued
at
its
fair
value
in
accordance
with
Rule
2a-5
of
the
1940
Act
as
determined
under
the
Adviser's
fair
value
procedures,
subject
to
oversight
by
the
Board
of
Trustees.
These
fair
value
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
fair
market
value.
The
intended
effect
of
using
fair
value
pricing
procedures
is
to
ensure
that
the
Fund
is
accurately
priced.
The
Adviser
will
regularly
evaluate
whether
the
Fund’s
fair
value
pricing
procedures
continue
to
be
appropriate
in
light
of
the
specific
circumstances
of
the
Fund
and
the
quality
of
prices
obtained
through
their
application
of
such
procedures. 
In
the
case
of
foreign
securities,
the
occurrence
of
certain
events
after
the
close
of
foreign
markets,
but
prior
to
the
time
the
Fund’s
net
asset
value
(“NAV”)
is
calculated
(such
as
a
significant
surge
or
decline
in
the
U.S.
or
other
markets)
often
will
result
in
an
adjustment
to
the
trading
prices
of
foreign
securities
when
foreign
markets
open
on
the
following
business
day.
If
such
events
occur,
the
Fund
will
value
foreign
securities
at
fair
value,
taking
into
account
such
events,
in
calculating
the
NAV.
In
such
cases,
use
of
fair
valuation
can
reduce
an
investor’s
ability
to
seek
to
profit
by
estimating
the
Fund's
NAV
in
advance
of
the
time
the
NAV
is
calculated. 
Redeemable
securities
issued
by
open-end,
registered
investment
companies,
including
money
market
mutual
funds,
are
valued
at
the
NAVs
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.
Money
market
mutual
funds
are
valued
at
cost.
If
cost
does
not
represent
current
market
value
the
securities
will
be
priced
at
fair
value. 
13
Notes
to
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
The
Trust has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires the
Fund
to
classify
its
securities
based
on
a
valuation
method.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1—Quoted
prices
in
active
markets
for
identical
securities.
Level
2—Other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3—Significant
unobservable
inputs
(including
a
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
carried
at
fair
value
as
of
November
30,
2023: 
Performance
Trust
Municipal
Bond
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Fixed
Income
Securities:
Agency
Commercial
Mortgage
Backed
Securities
$
–‌
$
35,295,138‌
$
–‌
$
35,295,138‌
Municipal
Bonds
–‌
515,426,885‌
–‌
515,426,885‌
Non-Agency
Commercial
Mortgage
Backed
Securities
–‌
12,926,411‌
–‌
12,926,411‌
Total
Fixed
Income
Securities
–‌
563,648,434‌
–‌
563,648,434‌
Money
Market
Funds
35,271,838‌
–‌
–‌
35,271,838‌
Total
Investments
in
Securities
$
35,271,838‌
$
563,648,434‌
$
–‌
$
598,920,272‌
(1)
See
the
Schedule
of
Investments
for
industry
classifications.