# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001133228-25-011754
**Filing Date:** 2025-11
**Character Count:** 482273
**Document Hash:** cae166f19c5910438e5a3bf360c5cf1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011754.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001133228-25-011754

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251452357

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### Performance Trust Total Return Bond Fund (Series ID: S000029835)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000091754 | Performance Trust Total Return Bond Fund - Institutional Class | PTIAX           |
| C000207405 | Performance Trust Total Return Bond Fund - Class A             | PTAOX           |
| C000207406 | Performance Trust Total Return Bond Fund - Class C             | PTCOX           |

### Performance Trust Municipal Bond Fund (Series ID: S000033197)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000102162 | Performance Trust Municipal Bond Fund - Institutional Class | PTIMX           |
| C000102163 | Performance Trust Municipal Bond Fund - Class A             | PTRMX           |

### Performance Trust Multisector Bond Fund (Series ID: S000070558)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000224122 | Performance Trust Multisector Bond Fund - Institutional Class | PTCRX           |

### Performance Trust Short Term Bond ETF (Series ID: S000084154)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000248427 | Performance Trust Short Term Bond ETF | STBF            |

?xml version='1.0' encoding='ASCII'? 2025-07-30196795_PerformanceTrustTotalReturnBondFund_InstitutionalClass_TSRAnnual

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 **<u>811-10401</u>**

**<u>Trust for Professional Managers</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Jay S. Fitton</u>**

**<u>U.S. Bancorp Fund Services, LLC</u>**

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(513) 520-5925</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>August 31, 2025</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img123597_202409062132100.jpg) | **Performance Trust Total Return Bond Fund**  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Institutional Class \| PTIAX  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img208769_202509051245200.jpg) |

---

This annual shareholder report contains important information about the Performance Trust Total Return Bond Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $76 | 0.75% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

**POSITIONING**

During the fiscal year, the yield curve steepened and pivoted around the 5-year point, with the yield on the 5-year U.S. Treasury relatively unchanged, short-dated Treasury yields lower, and long-dated Treasury yields meaningfully higher during the fiscal year. The Fund continued to pair more interest rate sensitive securities positioned primarily at the 15- to 20-year part of the yield curve with less interest rate sensitive securities positioned primarily at the front end of the curve.

While risk markets began and ended the fiscal year on solid footing, the market briefly experienced heightened volatility around the middle of the fiscal year as economic data began to undershoot market expectations and the market responded to increased uncertainty surrounding tariffs and the potential for trade wars. For example, from late February 2025 to early April 2025, high yield (HY) spreads widened nearly 2.00% (Source: Bloomberg).

Within its less interest rate sensitive sectors, the Fund decreased exposure to Asset Backed Securities (ABS) and short-dated U.S. Treasuries. As the front end of the U.S. Treasury yield curve rallied during the fiscal year, these two sectors became comparably less attractive and the Fund instead added to Collateralized Loan Obligations (CLOs), Commercial Mortgage-Backed Securities (CMBS), and HY. The CLOs added were shorter than the sector at large and are primarily floating rate while the Non-Agency CMBS added was primarily positioned near the 5-year part of the curve. HY bonds were added opportunistically, especially during the brief bout of volatility in the middle of the fiscal year.

Within more interest rate sensitive sectors, the Fund modestly decreased it exposure to long-dated U.S. Treasuries and Tax-Exempt Municipal bonds. The Fund chose to add to Taxable Municipals, Investment Grade (IG) Corporates, and Agency Collateralized Mortgage Obligations (CMOs). This was especially the case when opportunities were more plentiful during the mid-year volatility. Taxable Municipal and CMO purchases continued to focus primarily on the 15- to 20-year part of the curve while the IG purchases were more balanced with some exposure added to the intermediate part of the curve and some farther out the curve.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High-Yield Corporates |
| ↑ | Commercial Mortgage-Backed Securities |
| ↑ | Non-Agency Residential Mortgage-Backed Securities |
| ↑ | Collateralized Loan Obligations |
| ↑ | Asset Backed Securities |
| ↑ | Investment Grade Corporates (Banks) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Long U.S. Treasuries |
| ↓ | Taxable Municipals |
| ↓ | Tax-Exempt Municipals |

---

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 1 | TSR-AR-89833W394 |

---

------

**PERFORMANCE**

The Fund posted positive returns for the year ended 8/31/2025 as interest rates fell at the short end of the U.S. Treasury yield curve, interest rates rose at the long end of the yield curve, and credit spreads generally tightened during the fiscal year. The Fund's modest underperformance relative to the Bloomberg U.S. Aggregate Bond Index (Index) was driven largely by its more interest rate-sensitive sectors. The Fund's U.S. Treasury and Taxable Municipal exposure were primarily positioned in the 15- to 20-year part of the U.S. Treasury yield curve where interest rates rose significantly.

Underperformance from the more interest-rate sensitive sectors was largely offset by strong performance from less interest rate-sensitive sectors. High-Yield Corporates (HY), Commercial Mortgage-Backed Securities (CMBS), Non-Agency Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligations (CLOs), Asset Backed Securities (ABS), and the Fund's Investment-Grade Corporate (IG) exposure to banks all contributed meaningfully positive total returns. These sectors were largely positioned on the better performing front end of the U.S. Treasury yield curve, had relatively higher coupon interest income, and also benefitted from tighter credit spreads.

The major components of the Index, namely U.S. Treasuries, IG, and Agency Mortgage Backed Securities (MBS), benefitted from comparatively more exposure to the intermediate part of the U.S. Treasury yield curve relative to the long end where interest rates rose more meaningfully.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5296img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | 3.01 | 1.01 | 3.10 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.14 | -0.68 | 1.80 |

---

Visit https://ptam.com/resources/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 2 | TSR-AR-89833W394 |

---

------

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9696472255 |
| **Number of Holdings** | 1717 |
| **Net Advisory Fee** | $53946286 |
| **Portfolio Turnover** | 29% |
| **Average Credit Quality** | AA- |
| **Effective Duration** | 6.75 years |
| **30-Day SEC Yield** | 4.56% |
| **30-Day SEC Yield Unsubsidized** | 4.56% |
| **Weighted Average Life** | 12.67 years |
| **Distribution Yield** | 4.56% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Notes/Bonds  | 6.4% |
|  United States Treasury Strip Principal  | 6.0% |
|  Freddie Mac Multifamily Structured Pass Through Certificates  | 3.7% |
|  Benchmark Mortgage Trust  | 2.9% |
|  Wells Fargo Commercial Mortgage Trust  | 2.3% |
|  BBCMS Trust  | 2.2% |
|  BANK  | 2.0% |
|  GLS Auto Receivables Trust  | 1.6% |
|  BANK5  | 1.3% |
|  American Credit Acceptance Receivables Trust  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Mortgage Securities  | 26.4% |
|  US Municipal  | 23.3% |
|  Asset Backed Securities  | 17.5% |
|  Government  | 12.4% |
|  Financials\* | 5.8% |
|  Consumer Discretionary\*  | 5.8% |
|  Health Care\*  | 2.7% |
|  Industrials\*  | 1.6% |
|  Information Technology\*  | 0.7% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **Credit Breakdown** **\*\*** |
|  AAA  | 21.6% |
|  AA  | 43.4% |
|  A  | 13.2% |
|  BBB  | 10.5% |
|  BB  | 5.6% |
|  B  | 1.6% |
|  CCC  | 1.3% |
|  CC  | 0.0% |
|  C  | 0.1% |
|  D  | 0.0% |
|  Not Rated  | 2.7% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Credit rating agencies Fitch Ratings, Moody's Investor Service, and Standards & Poor's Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC ("PTAM"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (''NRSROs''). For example, if Fitch, Moody's, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 3 | TSR-AR-89833W394 |

---

------

---

| | | |
|:---|:---|:---|
| ![image](img123597_202409062132100.jpg) | **Performance Trust Total Return Bond Fund**  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Class A \| PTAOX  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img208769_202509051245200.jpg) |

---

This annual shareholder report contains important information about the Performance Trust Total Return Bond Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $101 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

**POSITIONING**

During the fiscal year, the yield curve steepened and pivoted around the 5-year point, with the yield on the 5-year U.S. Treasury relatively unchanged, short-dated Treasury yields lower, and long-dated Treasury yields meaningfully higher during the fiscal year. The Fund continued to pair more interest rate sensitive securities positioned primarily at the 15- to 20-year part of the yield curve with less interest rate sensitive securities positioned primarily at the front end of the curve.

While risk markets began and ended the fiscal year on solid footing, the market briefly experienced heightened volatility around the middle of the fiscal year as economic data began to undershoot market expectations and the market responded to increased uncertainty surrounding tariffs and the potential for trade wars. For example, from late February 2025 to early April 2025, high yield (HY) spreads widened nearly 2.00% (Source: Bloomberg).

Within its less interest rate sensitive sectors, the Fund decreased exposure to Asset Backed Securities (ABS) and short-dated U.S. Treasuries. As the front end of the U.S. Treasury yield curve rallied during the fiscal year, these two sectors became comparably less attractive and the Fund instead added to Collateralized Loan Obligations (CLOs), Commercial Mortgage-Backed Securities (CMBS), and HY. The CLOs added were shorter than the sector at large and are primarily floating rate while the Non-Agency CMBS added was primarily positioned near the 5-year part of the curve. HY bonds were added opportunistically, especially during the brief bout of volatility in the middle of the fiscal year.

Within more interest rate sensitive sectors, the Fund modestly decreased it exposure to long-dated U.S. Treasuries and Tax-Exempt Municipal bonds. The Fund chose to add to Taxable Municipals, Investment Grade (IG) Corporates, and Agency Collateralized Mortgage Obligations (CMOs). This was especially the case when opportunities were more plentiful during the mid-year volatility. Taxable Municipal and CMO purchases continued to focus primarily on the 15- to 20-year part of the curve while the IG purchases were more balanced with some exposure added to the intermediate part of the curve and some farther out the curve.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High-Yield Corporates |
| ↑ | Commercial Mortgage-Backed Securities |
| ↑ | Non-Agency Residential Mortgage-Backed Securities |
| ↑ | Collateralized Loan Obligations |
| ↑ | Asset Backed Securities |
| ↑ | Investment Grade Corporates (Banks) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Long U.S. Treasuries |
| ↓ | Taxable Municipals |
| ↓ | Tax-Exempt Municipals |

---

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 1 | TSR-AR-89833W121 |

---

------

**PERFORMANCE**

The Fund posted positive returns for the year ended 8/31/2025 as interest rates fell at the short end of the U.S. Treasury yield curve, interest rates rose at the long end of the yield curve, and credit spreads generally tightened during the fiscal year. The Fund's modest underperformance relative to the Bloomberg U.S. Aggregate Bond Index (Index) was driven largely by its more interest rate-sensitive sectors. The Fund's U.S. Treasury and Taxable Municipal exposure were primarily positioned in the 15- to 20-year part of the U.S. Treasury yield curve where interest rates rose significantly.

Underperformance from the more interest-rate sensitive sectors was largely offset by strong performance from less interest rate-sensitive sectors. High-Yield Corporates (HY), Commercial Mortgage-Backed Securities (CMBS), Non-Agency Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligations (CLOs), Asset Backed Securities (ABS), and the Fund's Investment-Grade Corporate (IG) exposure to banks all contributed meaningfully positive total returns. These sectors were largely positioned on the better performing front end of the U.S. Treasury yield curve, had relatively higher coupon interest income, and also benefitted from tighter credit spreads.

The major components of the Index, namely U.S. Treasuries, IG, and Agency Mortgage Backed Securities (MBS), benefitted from comparatively more exposure to the intermediate part of the U.S. Treasury yield curve relative to the long end where interest rates rose more meaningfully.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (January 2, 2019 - August 31, 2025. Initial Investment of $10,000)

![image](ts5295img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/02/2019)** |
| **Class A (without sales charge)**  | 2.74 | 0.76 | 2.09 |
| **Class A (with sales charge)**  | 0.44 | 0.30 | 1.74 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.14 | -0.68 | 1.74 |

---

Visit https://ptam.com/resources/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 2 | TSR-AR-89833W121 |

---

------

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9696472255 |
| **Number of Holdings** | 1717 |
| **Net Advisory Fee** | $53946286 |
| **Portfolio Turnover** | 29% |
| **Average Credit Quality** | AA- |
| **Effective Duration** | 6.75 years |
| **30-Day SEC Yield** | 4.21% |
| **30-Day SEC Yield Unsubsidized** | 4.21% |
| **Weighted Average Life** | 12.67 years |
| **Distribution Yield** | 4.20% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Notes/Bonds  | 6.4% |
|  United States Treasury Strip Principal  | 6.0% |
|  Freddie Mac Multifamily Structured Pass Through Certificates  | 3.7% |
|  Benchmark Mortgage Trust  | 2.9% |
|  Wells Fargo Commercial Mortgage Trust  | 2.3% |
|  BBCMS Trust  | 2.2% |
|  BANK  | 2.0% |
|  GLS Auto Receivables Trust  | 1.6% |
|  BANK5  | 1.3% |
|  American Credit Acceptance Receivables Trust  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Mortgage Securities  | 26.4% |
|  US Municipal  | 23.3% |
|  Asset Backed Securities  | 17.5% |
|  Government  | 12.4% |
|  Financials\* | 5.8% |
|  Consumer Discretionary\*  | 5.8% |
|  Health Care\*  | 2.7% |
|  Industrials\*  | 1.6% |
|  Information Technology\*  | 0.7% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **Credit Breakdown** **\*\*** |
|  AAA  | 21.6% |
|  AA  | 43.4% |
|  A  | 13.2% |
|  BBB  | 10.5% |
|  BB  | 5.6% |
|  B  | 1.6% |
|  CCC  | 1.3% |
|  CC  | 0.0% |
|  C  | 0.1% |
|  D  | 0.0% |
|  Not Rated  | 2.7% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Credit rating agencies Fitch Ratings, Moody's Investor Service, and Standards & Poor's Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC ("PTAM"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (''NRSROs''). For example, if Fitch, Moody's, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 3 | TSR-AR-89833W121 |

---

------

---

| | | |
|:---|:---|:---|
| ![image](img123597_202409062132100.jpg) | **Performance Trust Total Return Bond Fund**  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Class C \| PTCOX  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img208769_202509051245200.jpg) |

---

This annual shareholder report contains important information about the Performance Trust Total Return Bond Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $177 | 1.75% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

**POSITIONING**

During the fiscal year, the yield curve steepened and pivoted around the 5-year point, with the yield on the 5-year U.S. Treasury relatively unchanged, short-dated Treasury yields lower, and long-dated Treasury yields meaningfully higher during the fiscal year. The Fund continued to pair more interest rate sensitive securities positioned primarily at the 15- to 20-year part of the yield curve with less interest rate sensitive securities positioned primarily at the front end of the curve.

While risk markets began and ended the fiscal year on solid footing, the market briefly experienced heightened volatility around the middle of the fiscal year as economic data began to undershoot market expectations and the market responded to increased uncertainty surrounding tariffs and the potential for trade wars. For example, from late February 2025 to early April 2025, high yield (HY) spreads widened nearly 2.00% (Source: Bloomberg).

Within its less interest rate sensitive sectors, the Fund decreased exposure to Asset Backed Securities (ABS) and short-dated U.S. Treasuries. As the front end of the U.S. Treasury yield curve rallied during the fiscal year, these two sectors became comparably less attractive and the Fund instead added to Collateralized Loan Obligations (CLOs), Commercial Mortgage-Backed Securities (CMBS), and HY. The CLOs added were shorter than the sector at large and are primarily floating rate while the Non-Agency CMBS added was primarily positioned near the 5-year part of the curve. HY bonds were added opportunistically, especially during the brief bout of volatility in the middle of the fiscal year.

Within more interest rate sensitive sectors, the Fund modestly decreased it exposure to long-dated U.S. Treasuries and Tax-Exempt Municipal bonds. The Fund chose to add to Taxable Municipals, Investment Grade (IG) Corporates, and Agency Collateralized Mortgage Obligations (CMOs). This was especially the case when opportunities were more plentiful during the mid-year volatility. Taxable Municipal and CMO purchases continued to focus primarily on the 15- to 20-year part of the curve while the IG purchases were more balanced with some exposure added to the intermediate part of the curve and some farther out the curve.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High-Yield Corporates |
| ↑ | Commercial Mortgage-Backed Securities |
| ↑ | Non-Agency Residential Mortgage-Backed Securities |
| ↑ | Collateralized Loan Obligations |
| ↑ | Asset Backed Securities |
| ↑ | Investment Grade Corporates (Banks) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Long U.S. Treasuries |
| ↓ | Taxable Municipals |
| ↓ | Tax-Exempt Municipals |

---

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 1 | TSR-AR-89833W113 |

---

------

**PERFORMANCE**

The Fund posted positive returns for the year ended 8/31/2025 as interest rates fell at the short end of the U.S. Treasury yield curve, interest rates rose at the long end of the yield curve, and credit spreads generally tightened during the fiscal year. The Fund's modest underperformance relative to the Bloomberg U.S. Aggregate Bond Index (Index) was driven largely by its more interest rate-sensitive sectors. The Fund's U.S. Treasury and Taxable Municipal exposure were primarily positioned in the 15- to 20-year part of the U.S. Treasury yield curve where interest rates rose significantly.

Underperformance from the more interest-rate sensitive sectors was largely offset by strong performance from less interest rate-sensitive sectors. High-Yield Corporates (HY), Commercial Mortgage-Backed Securities (CMBS), Non-Agency Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligations (CLOs), Asset Backed Securities (ABS), and the Fund's Investment-Grade Corporate (IG) exposure to banks all contributed meaningfully positive total returns. These sectors were largely positioned on the better performing front end of the U.S. Treasury yield curve, had relatively higher coupon interest income, and also benefitted from tighter credit spreads.

The major components of the Index, namely U.S. Treasuries, IG, and Agency Mortgage Backed Securities (MBS), benefitted from comparatively more exposure to the intermediate part of the U.S. Treasury yield curve relative to the long end where interest rates rose more meaningfully.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (January 2, 2019 - August 31, 2025. Initial Investment of $10,000)

![image](ts5294img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/02/2019)** |
| **Class C**  | 1.98 | 0.01 | 1.32 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.14 | -0.68 | 1.74 |

---

Visit https://ptam.com/resources/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 2 | TSR-AR-89833W113 |

---

------

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9696472255 |
| **Number of Holdings** | 1717 |
| **Net Advisory Fee** | $53946286 |
| **Portfolio Turnover** | 29% |
| **Average Credit Quality** | AA- |
| **Effective Duration** | 6.75 years |
| **30-Day SEC Yield** | 3.56% |
| **30-Day SEC Yield Unsubsidized** | 3.56% |
| **Weighted Average Life** | 12.67 years |
| **Distribution Yield** | 3.47% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Notes/Bonds  | 6.4% |
|  United States Treasury Strip Principal  | 6.0% |
|  Freddie Mac Multifamily Structured Pass Through Certificates  | 3.7% |
|  Benchmark Mortgage Trust  | 2.9% |
|  Wells Fargo Commercial Mortgage Trust  | 2.3% |
|  BBCMS Trust  | 2.2% |
|  BANK  | 2.0% |
|  GLS Auto Receivables Trust  | 1.6% |
|  BANK5  | 1.3% |
|  American Credit Acceptance Receivables Trust  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Mortgage Securities  | 26.4% |
|  US Municipal  | 23.3% |
|  Asset Backed Securities  | 17.5% |
|  Government  | 12.4% |
|  Financials\* | 5.8% |
|  Consumer Discretionary\*  | 5.8% |
|  Health Care\*  | 2.7% |
|  Industrials\*  | 1.6% |
|  Information Technology\*  | 0.7% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **Credit Breakdown** **\*\*** |
|  AAA  | 21.6% |
|  AA  | 43.4% |
|  A  | 13.2% |
|  BBB  | 10.5% |
|  BB  | 5.6% |
|  B  | 1.6% |
|  CCC  | 1.3% |
|  CC  | 0.0% |
|  C  | 0.1% |
|  D  | 0.0% |
|  Not Rated  | 2.7% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Credit rating agencies Fitch Ratings, Moody's Investor Service, and Standards & Poor's Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC ("PTAM"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (''NRSROs''). For example, if Fitch, Moody's, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

---

| | | |
|:---|:---|:---|
| Performance Trust Total Return Bond Fund | PAGE 3 | TSR-AR-89833W113 |

---

------

---

| | | |
|:---|:---|:---|
| ![image](img123597_202409062132100.jpg) | **Performance Trust Municipal Bond Fund**  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Institutional Class \| PTIMX  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img208769_202509051245200.jpg) |

---

This annual shareholder report contains important information about the Performance Trust Municipal Bond Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $48 | 0.48% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

**POSITIONING**

Given the steepness of the yield curve during the fiscal year(for example the 20-year point yields 1.17% more than the 10-year point), the Fund continues to overweight the 15- to 20-year area of the curve while holding very little exposure to the 5- to 10-year part of the curve. This approach focused on the highest yielding parts of the municipal benchmark curve along with the additional potential return derived from "rolling down" a portion of the yield that is very steep in relation to history.

Furthermore, considering the historically relative high yield environment for municipal bonds, the Fund also targeted a higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve.

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Yield Curve Positioning |
| ↓ | Bond Structure (More Call Protection) |
| ↓ | Longer Maturities |

---

**PERFORMANCE**

The Fund posted a negative return for the year ended 8/31/2025 as rates rose across the AAA curve (all municipal bond yields quoted are sourced from the MMD AAA scale) beyond 5-year maturities with longer-term yields increasing more than shorter-term yields. Underperformance relative to the benchmark (Bloomberg Municipal Bond Index) and the Morningstar Category (Morningstar Municipal National Intermediate) can generally be attributed to the Fund's differentiated yield curve positioning and higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve, making the Fund more responsive to movements in interest rates.

The increase and steepening of the yield curve detracted from the Fund's performance as yields rose by more in the 15- to 20-year part of the yield curve where the Fund was overweight while yields rose a lot less (or were down) in the area of the yield curve where the Fund had very little exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance Trust Municipal Bond Fund PAGE 1 TSR-AR-89833W170

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5292img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | -1.34 | 0.18 | 2.40 |
| **Bloomberg Municipal Bond Index**  | 0.08 | 0.40 | 2.18 |

---

Visit https://ptam.com/resources/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $638482212 |
| **Number of Holdings** | 219 |
| **Net Advisory Fee** | $2820402 |
| **Portfolio Turnover** | 62% |
| **Average Credit Quality** | AA |
| **Effective Duration** | 7.75 years |
| **30-Day SEC Yield** | 4.37% |
| **30-Day SEC Yield Unsubsidized** | 4.37% |
| **Weighted Average Life** | 9.17 years |
| **Distribution Yield** | 3.97% |

---

Performance Trust Municipal Bond Fund PAGE 2 TSR-AR-89833W170

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Freddie Mac Multifamily ML Certificates  | 6.1% |
|  First American Government Obligations Fund  | 3.9% |
|  University of North Carolina at Chapel Hill  | 2.4% |
|  Greater Clark Building Corp.  | 2.3% |
|  City & County of Denver, CO Airport System Revenue  | 2.2% |
|  Denver City & County School District No. 1  | 2.2% |
|  San Diego Unified School District  | 2.1% |
|  Greater Orlando Aviation Authority  | 1.8% |
|  New Hampshire Business Finance Authority  | 1.8% |
|  Indianapolis Local Public Improvement Bond Bank  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  US Municipal  | 95.3% |
|  Mortgage Securities  | 0.7% |
|  Consumer Discretionary\* | 0.2% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **Credit Breakdown** **\*\*** |
|  AAA  | 16.3% |
|  AA  | 63.0% |
|  A  | 11.6% |
|  BBB  | 3.3% |
|  BB  | 0.6% |
|  B  | 0.0% |
|  CCC  | 0.0% |
|  CC  | 0.0% |
|  C  | 0.0% |
|  D  | 0.0% |
|  Not Rated  | 5.2% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Credit rating agencies Fitch Ratings, Moody's Investor Service, and Standards & Poor's Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC ("PTAM"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (''NRSROs''). For example, if Fitch, Moody's, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Performance Trust Municipal Bond Fund PAGE 3 TSR-AR-89833W170

------

---

| | | |
|:---|:---|:---|
| ![image](img123597_202409062132100.jpg) | **Performance Trust Municipal Bond Fund**  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Class A \| PTRMX  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img208769_202509051245200.jpg) |

---

This annual shareholder report contains important information about the Performance Trust Municipal Bond Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $72 | 0.73% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

**POSITIONING**

Given the steepness of the yield curve during the fiscal year(for example the 20-year point yields 1.17% more than the 10-year point), the Fund continues to overweight the 15- to 20-year area of the curve while holding very little exposure to the 5- to 10-year part of the curve. This approach focused on the highest yielding parts of the municipal benchmark curve along with the additional potential return derived from "rolling down" a portion of the yield that is very steep in relation to history.

Furthermore, considering the historically relative high yield environment for municipal bonds, the Fund also targeted a higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve.

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Yield Curve Positioning |
| ↓ | Bond Structure (More Call Protection) |
| ↓ | Longer Maturities |

---

**PERFORMANCE**

The Fund posted a negative return for the year ended 8/31/2025 as rates rose across the AAA curve (all municipal bond yields quoted are sourced from the MMD AAA scale) beyond 5-year maturities with longer-term yields increasing more than shorter-term yields. Underperformance relative to the benchmark (Bloomberg Municipal Bond Index) and the Morningstar Category (Morningstar Municipal National Intermediate) can generally be attributed to the Fund's differentiated yield curve positioning and higher allocation to bonds that carry more call-protection and price off a longer part of the yield curve, making the Fund more responsive to movements in interest rates.

The increase and steepening of the yield curve detracted from the Fund's performance as yields rose by more in the 15- to 20-year part of the yield curve where the Fund was overweight while yields rose a lot less (or were down) in the area of the yield curve where the Fund had very little exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Performance Trust Municipal Bond Fund PAGE 1 TSR-AR-89833W162

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5291img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | -1.56 | -0.06 | 2.15 |
| **Class A (with sales charge)**  | -3.76 | -0.52 | 1.92 |
| **Bloomberg Municipal Bond Index**  | 0.08 | 0.40 | 2.18 |

---

Visit https://ptam.com/resources/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $638482212 |
| **Number of Holdings** | 219 |
| **Net Advisory Fee** | $2820402 |
| **Portfolio Turnover** | 62% |
| **Average Credit Quality** | AA |
| **Effective Duration** | 7.75 years |
| **30-Day SEC Yield** | 4.02% |
| **30-Day SEC Yield Unsubsidized** | 4.02% |
| **Weighted Average Life** | 9.17 years |
| **Distribution Yield** | 3.55% |

---

Performance Trust Municipal Bond Fund PAGE 2 TSR-AR-89833W162

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Freddie Mac Multifamily ML Certificates  | 6.1% |
|  First American Government Obligations Fund  | 3.9% |
|  University of North Carolina at Chapel Hill  | 2.4% |
|  Greater Clark Building Corp.  | 2.3% |
|  City & County of Denver, CO Airport System Revenue  | 2.2% |
|  Denver City & County School District No. 1  | 2.2% |
|  San Diego Unified School District  | 2.1% |
|  Greater Orlando Aviation Authority  | 1.8% |
|  New Hampshire Business Finance Authority  | 1.8% |
|  Indianapolis Local Public Improvement Bond Bank  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  US Municipal  | 95.3% |
|  Mortgage Securities  | 0.7% |
|  Consumer Discretionary\* | 0.2% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **Credit Breakdown** **\*\*** |
|  AAA  | 16.3% |
|  AA  | 63.0% |
|  A  | 11.6% |
|  BBB  | 3.3% |
|  BB  | 0.6% |
|  B  | 0.0% |
|  CCC  | 0.0% |
|  CC  | 0.0% |
|  C  | 0.0% |
|  D  | 0.0% |
|  Not Rated  | 5.2% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Credit rating agencies Fitch Ratings, Moody's Investor Service, and Standards & Poor's Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC ("PTAM"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (''NRSROs''). For example, if Fitch, Moody's, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Performance Trust Municipal Bond Fund PAGE 3 TSR-AR-89833W162

------

---

| | | |
|:---|:---|:---|
| ![image](img123597_202409062132100.jpg) | **Performance Trust Multisector Bond Fund**  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Institutional Class \| PTCRX  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img208769_202509051245200.jpg) |

---

This annual shareholder report contains important information about the Performance Trust Multisector Bond Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-877-738-9095.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $102 | 0.99% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

**POSITIONING**

During the fiscal year, the yield curve steepened and pivoted around the 5-year point, with the yield on the 5-year U.S. Treasury relatively unchanged, short-dated Treasury yields lower, and long-dated Treasury yields meaningfully higher during the fiscal year.

While risk markets began and ended the fiscal year on solid footing, the market briefly experienced heightened volatility around the middle of the fiscal year as economic data began to undershoot market expectations and the market responded to increased uncertainty surrounding tariffs and the potential for trade wars. For example, from late February 2025 to early April 2025, high yield (HY) spreads widened nearly 2.00% (Source: Bloomberg).

The Fund increased its allocation to Investment Grade (IG) Corporates, Collateralized Loan Obligations (CLOs), Taxable Municipals and US Treasuries while reducing allocations to Asset-Backed Securities (ABS), Non-Agency Commercial mortgage-backed securities (CMBS) and Residential mortgage-backed securities (RMBS). Generally, we added Corporates opportunistically when the tariff volatility impacted the market. Although it was somewhat short lived, the more liquid corporate sectors, including both IG and HY, were more impacted than other credit sectors, including structured credit. We balanced our purchases in these less interest rate sensitive sectors by adding longer dated Taxable Municipals and U.S. Treasuries, which cheapened meaningfully during the annual period as the U.S. Treasury curve steepened.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Investment Grade Corporates |
| ↑ | High-Yield Corporates |
| ↑ | Commercial Mortgage-Backed Securities |
| ↑ | Non-Agency Residential Mortgage-Backed Securities |
| ↑ | Collateralized Loan Obligations |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Long U.S. Treasuries |
| ↓ | Taxable Municipals |
| ↓ | Tax-Exempt Municipals |

---

**PERFORMANCE**

The Fund posted positive returns for the year ended 8/31/2025 as interest rates fell at the short end of the U.S. Treasury yield curve, interest rates rose at the long end of the yield curve, and credit spreads generally tightened during the fiscal year.

Performance Trust Multisector Bond Fund PAGE 1 TSR-AR-89834E195

------

Outperformance relative to the benchmark (Bloomberg U.S. Aggregate Bond Index) can be generally attributed to the Fund's higher exposure, relative to the Index, to credit sensitive sectors which for the most part rallied during the fiscal year.

Investment Grade Corporates (IG), especially within the banking sector, Commercial Mortgage-Backed Securities (CMBS), Non-Agency Residential Mortgage-Backed Securities (RMBS) and High Yield (HY) Corporates all made strong contributions to the Fund's outperformance. These sectors we consider less interest rate sensitive, yet they benefitted from both spread tightening and their positioning on the better performing front end of the U.S. Treasury curve. Outperformance was tempered somewhat by the Fund's allocation to long-dated U.S. Treasuries and Taxable Municipal bonds.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (December 31, 2020 - August 31, 2025. Initial Investment of $10,000)

![image](ts5290img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/31/2020)** |
| **Institutional Class**  | 5.66 | 3.28 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.14 | -0.85 |

---

Visit https://ptam.com/resources/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $351856726 |
| **Number of Holdings** | 293 |
| **Net Advisory Fee** | $1936658 |
| **Portfolio Turnover** | 22% |
| **Average Credit Quality** | BBB+ |
| **Effective Duration** | 4.63 years |
| **30-Day SEC Yield** | 5.04% |
| **30-Day SEC Yield Unsubsidized** | 5.01% |
| **Weighted Average Life** | 9.78 years |
| **Distribution Yield** | 5.24% |

---

Performance Trust Multisector Bond Fund PAGE 2 TSR-AR-89834E195

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Notes/Bonds  | 4.7% |
|  Wells Fargo Commercial Mortgage Trust  | 3.3% |
|  First American Government Obligations Fund  | 3.2% |
|  BANK  | 2.3% |
|  Apidos CLO  | 2.2% |
|  BBCMS Trust  | 2.1% |
|  United States Treasury Strip Principal  | 2.0% |
|  Benchmark Mortgage Trust  | 2.0% |
|  Freddie Mac Multifamily Structured Pass Through Certificates  | 1.9% |
|  Magnetite CLO Ltd.  | 1.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Mortgage Securities  | 21.5% |
|  Asset Backed Securities  | 18.7% |
|  Financials\*\* | 15.6% |
|  Consumer Discretionary\*  | 12.5% |
|  US Municipal  | 8.5% |
|  Government  | 8.1% |
|  Industrials\*  | 4.7% |
|  Health Care\*  | 2.6% |
|  Materials\*  | 1.2% |
|  Cash & Other  | 6.6% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **Credit Breakdown** **\*\*** |
|  AAA  | 11.0% |
|  AA  | 16.7% |
|  A  | 9.7% |
|  BBB  | 32.7% |
|  BB  | 19.5% |
|  B  | 6.5% |
|  CCC  | 1.3% |
|  CC  | 0.0% |
|  C  | 0.0% |
|  D  | 0.0% |
|  Not Rated  | 2.6% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Credit rating agencies Fitch Ratings, Moody's Investor Service, and Standards & Poor's Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC ("PTAM"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (''NRSROs''). For example, if Fitch, Moody's, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-877-738-9095, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Performance Trust Multisector Bond Fund PAGE 3 TSR-AR-89834E195

------

---

| | | |
|:---|:---|:---|
| ![image](img123597_202409062132100.jpg) | **Performance Trust Short Term Bond ETF**  | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | STBF (Principal U.S. Listing Exchange: CBOE) | ![image](img208769_202509051245200.jpg) |
| ![image](img123597_202409062132100.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img208769_202509051245200.jpg) |

---

This annual shareholder report contains important information about the Performance Trust Short Term Bond ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://ptam.com/resources/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Performance Trust Short Term Bond ETF | $67 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR** **AND WHAT AFFECTED ITS PERFORMANCE?**

**POSITIONING**

During the fiscal year, the yield curve steepened and pivoted around the 5-year point, with the yield on the 5-year U.S. Treasury relatively unchanged, short-dated Treasury yields lower, and long-dated Treasury yields meaningfully higher during the fiscal year.

While risk markets began and ended the fiscal year on solid footing, the market briefly experienced heightened volatility around the middle of the fiscal year as economic data began to undershoot market expectations and the market responded to increased uncertainty surrounding tariffs and the potential for trade wars. For example, from late February 2025 to early April 2025, high yield (HY) spreads widened nearly 2.00% (Source: Bloomberg).

The Fund has reduced allocations to sectors pricing off the now less attractive front part of the Treasury curve, such as Asset Backed Securities (ABS) and Collateralized Loan Obligations (CLOs), and added to its Investment Grade (IG) Corporates and HY Corporates and Non-Agency commercial mortgage-backed securities (CMBS) exposures. Specifically, within IG Corporates, the Fund has been adding to its regional bank exposure. These sectors, while not materially longer, price off a better part of the yield curve and provide meaningful credit spreads.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Investment Grade Corporates |
| ↑ | High-Yield Corporates |
| ↑ | Non-Agency CMBS |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | U.S. Treasuries |

---

**PERFORMANCE**

The Fund posted positive total returns for the period ended 8/31/2025 as interest rates fell at the short end of the U.S. Treasury yield curve, interest rates rose at the long end of the yield curve, and credit spreads generally tightened during the fiscal year. Outperformance relative to the benchmark (Bloomberg U.S. Aggregate 1-3 Year Index) can be attributed to nearly all the sectors within the Fund as the additional coupon income and tighter credit spreads led to total returns beyond what short-term Treasuries delivered (the Index's main allocation).

Investment Grade Corporates (IG), High Yield Corporates (HY), and Non-Agency Commercial Mortgage-Backed Securities (CMBS) were the biggest contributors to the outperformance given this environment. U.S. Treasuries were the only sector within the Fund that underperformed as a portion of that allocation is in longer-dated Treasuries where higher rates subtracted from performance.

Performance Trust Short Term Bond ETF PAGE 1 TSR-AR-89834G570

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (April 8, 2024 - August 31, 2025. Initial Investment of $10,000)

![image](ts5293img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(04/08/2024)** |
| **Performance Trust Short Term Bond ETF NAV**  | 5.64 | 6.33 |
| **Bloomberg U.S. Aggregate Bond Index**  | 3.14 | 5.93 |
| **Bloomberg U.S. Aggregate 1-3 Year Index (USD)**  | 4.65 | 5.71 |

---

Visit https://ptam.com/resources/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19275041 |
| **Number of Holdings** | 82 |
| **Net Advisory Fee** | $100617 |
| **Portfolio Turnover** | 44% |
| **Average Credit Quality** | A+ |
| **Effective Duration** | 2.48 years |
| **30-Day SEC Yield** | 5.39% |
| **30-Day SEC Yield Unsubsidized** | 5.39% |
| **Weighted Average Life** | 4.43 years |
| **Distribution Yield** | 5.27% |

---

Performance Trust Short Term Bond ETF PAGE 2 TSR-AR-89834G570

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Freddie Mac Multifamily Structured Pass Through Certificates  | 8.2% |
|  BANK5  | 6.8% |
|  United States Treasury Bill  | 5.1% |
|  Morgan Stanley Bank of America Merrill Lynch Trust  | 4.2% |
|  American Credit Acceptance Receivables Trust  | 4.0% |
|  United States Treasury Notes/Bonds  | 3.8% |
|  Wells Fargo Commercial Mortgage Trust  | 3.5% |
|  BBCMS Trust  | 2.7% |
|  Morgan Stanley Capital I, Inc.  | 2.7% |
|  GLS Auto Receivables Trust  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Sectors\*** | **(%)** |
|  Mortgage Securities  | 34.5% |
|  Asset Backed Securities  | 31.5% |
|  Financials\* | 7.4% |
|  Government  | 5.2% |
|  Consumer Discretionary\*  | 4.0% |
|  US Municipal  | 3.0% |
|  Industrials\*  | 2.6% |
|  Health Care\*  | 1.9% |
|  Communications\*  | 1.0% |
|  Cash & Other  | 8.9% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **Credit Breakdown** **\*\*** |
|  AAA  | 30.3% |
|  AA  | 28.1% |
|  A  | 7.8% |
|  BBB  | 20.4% |
|  BB  | 8.3% |
|  B  | 3.9% |
|  CCC  | 0.0% |
|  CC  | 0.0% |
|  C  | 0.0% |
|  D  | 0.0% |
|  Not Rated  | 1.2% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Credit rating agencies Fitch Ratings, Moody's Investor Service, and Standards & Poor's Corporation (S&P) rate the credit quality of debt issues. For reporting purposes, PT Asset Management, LLC ("PTAM"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations (''NRSROs''). For example, if Fitch, Moody's, and S&P all provide ratings, PTAM assigns the median rating. In certain instances, such as US Treasury and Agency securities, PTAM will assign an internal PTAM rating. The internal PTAM rating can only be as high as the highest stated credit rating from an NRSRO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://ptam.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Performance Trust Short Term Bond ETF PAGE 3 TSR-AR-89834G570

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is incorporated by reference to the Registrant's Form N-CSR filed on November 7, 2011.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers and Lisa Zúñiga Ramírez are the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 8/31/2025 | FYE 8/31/2024 |
| (a) Audit Fees | $97500 | $94850 |
| (b) Audit-Related Fees | 0 | 0 |
| (c) Tax Fees | 12000 | 12000 |
| (d) All Other Fees | 0 | 0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Co applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 8/31/2025 | FYE 8/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 8/31/2025 | FYE 8/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the Board.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under
 Item 7(a) of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](performance_trust-logo.jpg)

**PERFORMANCE TRUST FUNDS** 

**Performance Trust Total Return Bond Fund** 

**Performance Trust Municipal Bond Fund** 

**Performance Trust Multisector Bond Fund** 

**Performance Trust Short Term Bond ETF** 

Annual Financial Statements and Additional Information

August 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Performance Trust Total Return Bond Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Municipal Bond Fund](#soi2) | [39](#soi2) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Multisector Bond Fund](#soi3) | [44](#soi3) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Short Term Bond ETF](#soi4) | [53](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [56](#sal) |
| [Statements of Operations](#sop) | [58](#sop) |
| [Statements of Changes in Net Assets](#scna1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Performance Trust Total Return Bond Fund](#scna1) | [59](#scna1) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Municipal Bond Fund](#scna1) | [59](#scna1) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Multisector Bond Fund](#scna3) | [61](#scna3) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Short Term Bond ETF](#scna3) | [61](#scna3) |
| [Financial Highlights](#fihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Performance Trust Total Return Bond Fund](#fihi1) | [62](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Municipal Bond Fund](#fihi2) | [65](#fihi2) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Multisector Bond Fund](#fihi3) | [67](#fihi3) |
| &nbsp;&nbsp;&nbsp; [Performance Trust Short Term Bond ETF](#fihi4) | [68](#fihi4) |
| [Notes to Financial Statements](#notes) | [69](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [82](#report) |
| [Additional Information](#add) | [83](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 23.2%**<br>|  |  |
| **Alabama - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Baldwin County Public Building Authority, 2.00%, 03/01/2046 | $1260000 | $713461  |
| **Alaska - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Alaska Municipal Bond Bank Authority, 3.03%, 12/01/2041 | 4100000 | 3105900  |
| **Arizona - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Salt River Project Agricultural Improvement & Power District, 4.84%, 01/01/2041 | 3995000 | 3835113  |
| **California - 4.9%**<br>|  |  |
|  Acton-Agua Dulce Unified School District, 0.00%, 05/01/2039<sup>(b)</sup> | 5550000 | 2992788  |
|  Alameda Corridor Transportation Authority, 0.00%, 10/01/2038<sup>(b)</sup> | 2050000 | 1075032  |
|  Alameda County Joint Powers Authority, 7.05%, 12/01/2044 | 31000000 | 34861276  |
|  Alvord Unified School District, 0.00%, 08/01/2046<sup>(b)</sup> | 2105000 | 2419011  |
|  Bakersfield City School District, 0.00%, 05/01/2047<sup>(b)</sup> | 9765000 | 7107230  |
| Bay Area Toll Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92%, 04/01/2040 | 7180000 | 8034038  |
| &nbsp;&nbsp;&nbsp; 6.26%, 04/01/2049 | 12010000 | 12481257  |
| &nbsp;&nbsp;&nbsp; 7.04%, 04/01/2050 | 3455000 | 3898075  |
| &nbsp;&nbsp;&nbsp; 6.91%, 10/01/2050 | 6850000 | 7663143  |
|  California Health Facilities Financing Authority, 5.00%, 11/01/2047 | 12000000 | 12361111  |
|  California Infrastructure & Economic Development Bank, 9.50%, 01/01/2065<sup>(c)(d)</sup> | 10400000 | 9563199  |
|  Campbell Union School District, 0.00%, 08/01/2040<sup>(b)</sup> | 4600000 | 2375696  |
|  City of Fresno, CA Water System Revenue, 6.75%, 06/01/2040 | 1985000 | 2170627  |
|  City of Los Angeles, CA Department of Airports<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 05/15/2030 | 230000 | 202106  |
| &nbsp;&nbsp;&nbsp; 7.05%, 05/15/2040 | 15620000 | 17924370  |
|  City of Los Angeles, CA Wastewater System Revenue, 5.81%, 06/01/2040 | 15110000 | 15704228  |
|  City of Ontario, CA, 3.78%, 06/01/2038 | 3000000 | 2662446  |
|  City of San Francisco, CA Public Utilities Commission Water Revenue, 6.95%, 11/01/2050 | 5000000 | 5520318  |
|  Contra Costa Community College District, 6.50%, 08/01/2034 | 2470000 | 2657504  |
|  Cucamonga Valley Water District Financing Authority, 3.01%, 09/01/2042 | 5000000 | 3822353  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Dry Creek Joint Elementary School District, 0.00%, 08/01/2038<sup>(b)</sup> | $3640000 | $2094457  |
|  East Bay Municipal Utility District Water System Revenue, 5.87%, 06/01/2040 | 23755000 | 25108368  |
|  East Side Union High School District, 5.32%, 04/01/2036 | 5920000 | 6008323  |
|  Fullerton Public Financing Authority, 7.75%, 05/01/2031 | 895000 | 979844  |
|  Glendora Unified School District, 0.00%, 08/01/2039<sup>(b)</sup> | 5175000 | 2860862  |
|  Golden State Tobacco Securitization Corp., 3.00%, 06/01/2046 | 8750000 | 7756227  |
|  Inland Empire Tobacco Securitization Corp., 3.68%, 06/01/2038 | 15350000 | 14801980  |
|  Lakeside Union School District, 0.00%, 08/01/2040<sup>(b)</sup> | 4000000 | 2083985  |
|  Los Angeles Community College District, CA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.60%, 08/01/2042 | 13620000 | 14536099  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/01/2049 | 8045000 | 8733816  |
|  Los Angeles Department of Water & Power<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.57%, 07/01/2045 | 18900000 | 19791105  |
| &nbsp;&nbsp;&nbsp; 6.60%, 07/01/2050 | 23010000 | 23868190  |
|  Northern California Sanitation Agencies Financing Authority, 6.33%, 08/01/2040 | 13320000 | 14491891  |
|  Orange County Sanitation District, 5.58%, 02/01/2040 | 1000000 | 1026353  |
|  Paramount Unified School District, 3.27%, 08/01/2051 | 13425000 | 9094322  |
|  Perris Union High School District, 2.70%, 09/01/2042 | 3000000 | 2152337  |
|  Poway Unified School District, 0.00%, 08/01/2040<sup>(b)</sup> | 12000000 | 6235285  |
|  Riverside County Infrastructure Financing Authority, 3.19%, 11/01/2041 | 4755000 | 3686985  |
|  Riverside County Transportation Commission Sales Tax Revenue, 6.81%, 06/01/2039 | 15505000 | 17284613  |
|  San Diego County Regional Transportation Commission, 5.91%, 04/01/2048 | 13960000 | 13972112  |
| San Diego Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2039<sup>(b)</sup> | 1495000 | 846377  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2041<sup>(b)</sup> | 8500000 | 4232205  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2044<sup>(b)</sup> | 3000000 | 1241345  |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.82%, 10/01/2040 | 16035000 | 16568202  |
|  San Francisco City & County Redevelopment Financing Authority, 0.00%, 08/01/2036<sup>(b)</sup> | 5240000 | 3061988  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **California - (Continued)** | **California - (Continued)** | **California - (Continued)** |
| State of California<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.55%, 04/01/2039 | $20000000 | $24020446  |
| &nbsp;&nbsp;&nbsp; 7.60%, 11/01/2040 | 28000000 | 34164903  |
| University of California<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.86%, 05/15/2112 | 22360000 | 18568062  |
| &nbsp;&nbsp;&nbsp; 4.77%, 05/15/2115 | 23732000 | 19336501  |
|  Yuba Community College District, 0.00%, 08/01/2038<sup>(b)</sup> | 5055000 | 2986933  |
|  |  | 477089924  |
| **Colorado - 0.5%**<br>|  |  |
|  Board of Governors of Colorado State University System, 6.06%, 03/01/2040 | 3730000 | 3900867  |
|  City of Aurora, CO Water Revenue, 2.72%, 08/01/2046 | 890000 | 590630  |
|  City of Colorado Springs, CO Utilities System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/15/2039 | 5875000 | 6035130  |
| &nbsp;&nbsp;&nbsp; 6.01%, 11/15/2039 | 1000000 | 1063490  |
| &nbsp;&nbsp;&nbsp; 6.62%, 11/15/2040 | 14860000 | 16689875  |
|  City of Fountain, CO Electric Water & Wastewater Utility Enterprise Revenue, 3.20%, 12/01/2043 | 2655000 | 2003354  |
|  City of Fruita, CO Healthcare Revenue, 5.00%, 01/01/2028 | 1410000 | 1397373  |
|  Colorado Health Facilities Authority, 3.85%, 11/01/2049 | 2030000 | 1532293  |
|  Regional Transportation District Sales Tax Revenue, 5.84%, 11/01/2050 | 15560000 | 15623389  |
|  State of Colorado, 6.65%, 09/15/2045 | 3500000 | 3802943  |
|  |  | 52639344  |
| **District of Columbia - 0.6%**<br>|  |  |
|  District of Columbia Water & Sewer Authority, 4.81%, 10/01/2114 | 23106000 | 19450469  |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.46%, 10/01/2046 | 7400000 | 8742081  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/01/2047 | 27815000 | 34063907  |
|  |  | 62256457  |
| **Florida - 1.2%**<br>|  |  |
| City of Gainesville, FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2028<sup>(b)</sup> | 1400000 | 1233434  |
| &nbsp;&nbsp;&nbsp; 3.05%, 10/01/2040 | 10840000 | 8519171  |
|  City of Gainesville, FL Utilities System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.66%, 10/01/2039 | 8025000 | 8295058  |
| &nbsp;&nbsp;&nbsp; 6.02%, 10/01/2040 | 32020000 | 34220142  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| County of Miami-Dade, FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2045<sup>(b)</sup> | $16110000 | $5907725  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2042<sup>(b)</sup> | 19460000 | 8677896  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2044<sup>(b)</sup> | 51500000 | 19951146  |
|  County of Miami-Dade, FL Transit System, 5.62%, 07/01/2040 | 18645000 | 19236526  |
| JEA Water & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.89%, 10/01/2040 | 1000000 | 1032596  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2041 | 5045000 | 4130612  |
|  |  | 111204306  |
| **Georgia - 0.1%**<br>|  |  |
|  County of Fulton, GA, 5.15%, 07/01/2039 | 2410000 | 2438793  |
|  Tift County Hospital Authority, 2.98%, 12/01/2042 | 2950000 | 2187650  |
|  |  | 4626443  |
| **Hawaii - 0.1%**<br>|  |  |
|  City & County Honolulu, HI Wastewater System Revenue, 2.57%, 07/01/2041 | 5000000 | 3684013  |
| &nbsp;&nbsp;&nbsp; State of Hawaii, <br>2.83%, 10/01/2039 | 3950000 | 3048100  |
|  |  | 6732113  |
| **Illinois - 0.5%**<br>|  |  |
|  Chicago O'Hare International Airport, 6.40%, 01/01/2040 | 25935000 | 28632920  |
|  Illinois Finance Authority, 3.51%, 05/15/2041 | 7000000 | 5538828  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2036<sup>(b)</sup> | 4025000 | 2526986  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2038<sup>(b)</sup> | 2750000 | 1523706  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2043<sup>(b)</sup> | 9960000 | 4026136  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2045<sup>(b)</sup> | 23055000 | 8333850  |
|  Metropolitan Water Reclamation District of Greater Chicago, 5.72%, 12/01/2038 | 1000000 | 1033006  |
|  |  | 51615432  |
| **Indiana - 0.6%**<br>|  |  |
|  Indiana Finance Authority, 6.60%, 02/01/2039 | 34760000 | 38480891  |
|  Indianapolis Local Public Improvement Bond Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.47%, 01/01/2040 | 9500000 | 7282459  |
| &nbsp;&nbsp;&nbsp; 6.12%, 01/15/2040 | 14620000 | 15263448  |
|  |  | 61026798  |
| **Kansas - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Kansas Development Finance Authority, 4.93%, 04/15/2045 | 2040000 | 1951468  |
| **Kentucky - 0.2%**<br>|  |  |
|  County of Warren, KY, 4.40%, 12/01/2038 | 3100000 | 2951787  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Kentucky - (Continued)** | **Kentucky - (Continued)** | **Kentucky - (Continued)** |
|  Louisville and Jefferson County Metropolitan Sewer District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.98%, 05/15/2040 | $4140000 | $4318741  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2044 | 5215000 | 3233797  |
|  University of Kentucky, 5.70%, 11/01/2039 | 6250000 | 6437135  |
|  |  | 16941460  |
| **Louisiana - 0.1%**<br>|  |  |
|  City of New Orleans, LA Sewerage Service Revenue, 2.84%, 06/01/2041 | 2500000 | 1872070  |
|  City of New Orleans, LA Water System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.89%, 12/01/2041 | 5400000 | 4124339  |
| &nbsp;&nbsp;&nbsp; 2.99%, 12/01/2045 | 5060000 | 3545795  |
| &nbsp;&nbsp;&nbsp; East Baton Rouge Sewerage Commission, <br>2.44%, 02/01/2039 | 2500000 | 1928248  |
|  |  | 11470452  |
| **Maine - 0.2%**<br>|  |  |
| City of Portland, ME<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/2039 | 1760000 | 1365657  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/2040 | 1760000 | 1318119  |
| &nbsp;&nbsp;&nbsp; 2.50%, 04/01/2041 | 1760000 | 1275709  |
|  Maine Health & Higher Educational Facilities Authority, 3.12%, 07/01/2043 | 14270000 | 10309751  |
|  |  | 14269236  |
| **Maryland - 0.2%**<br>|  |  |
|  Maryland Economic Development Corp., 5.43%, 05/31/2056 | 3800000 | 3593592  |
|  Maryland Health & Higher Educational Facilities Authority, 3.05%, 07/01/2040 | 10000000 | 7682295  |
|  Maryland Stadium Authority, 2.81%, 05/01/2040 | 7000000 | 5450519  |
|  |  | 16726406  |
| **Massachusetts - 0.5%**<br>|  |  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.46%, 12/01/2039 | 13185000 | 13414895  |
| &nbsp;&nbsp;&nbsp; 2.38%, 09/01/2043 | 3250000 | 2240148  |
|  Commonwealth of Massachusetts Transportation Fund Revenue, 5.73%, 06/01/2040 | 12755000 | 13094315  |
|  Massachusetts School Building Authority, 5.72%, 08/15/2039 | 20405000 | 21171247  |
|  Massachusetts State College Building Authority, 5.93%, 05/01/2040 | 550000 | 570051  |
|  |  | 50490656  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Michigan - 1.0%**<br>|  |  |
|  City of Detroit, MI, 4.00%, 04/01/2044<sup>(e)</sup> | $8650568 | $6799058  |
|  Detroit City School District, 7.75%, 05/01/2039 | 25800000 | 29818626  |
| Michigan Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.27%, 06/01/2039 | 17425000 | 16364499  |
| &nbsp;&nbsp;&nbsp; 3.56%, 06/15/2045 | 5215000 | 3982134  |
|  Michigan State University, 4.17%, 08/15/2122 | 24213000 | 17212416  |
|  Plymouth-Canton Community School District, 3.00%, 05/01/2040 | 1675000 | 1391922  |
|  University of Michigan, 4.45%, 04/01/2122 | 24976000 | 19343680  |
|  Western School District, 2.90%, 05/01/2040 | 1500000 | 1149791  |
|  |  | 96062126  |
| **Minnesota - 0.3%**<br>|  |  |
|  Southern Minnesota Municipal Power Agency, 5.93%, 01/01/2043 | 1450000 | 1488413  |
|  Western Minnesota Municipal Power Agency, 6.77%, 01/01/2046 | 17040000 | 18564758  |
|  White Bear Lake Independent School District No. 624, 3.00%, 02/01/2044 | 8330000 | 6458334  |
|  |  | 26511505  |
| **Mississippi - 0.1%**<br>|  |  |
|  Mississippi Development Bank, 5.46%, 10/01/2036 | 4730000 | 4801247  |
| **Missouri - 0.2%**<br>|  |  |
|  Kansas City Land Clearance Redevelopment Authority, 6.40%, 10/15/2040<sup>(c)</sup> | 7850000 | 7570586  |
|  Missouri Joint Municipal Electric Utility Commission, 6.89%, 01/01/2042 | 11845000 | 12860575  |
|  |  | 20431161  |
| **Nebraska - 0.2%**<br>|  |  |
|  Lancaster County School District 001, 3.00%, 01/15/2043 | 6075000 | 4746027  |
|  Omaha Public Power District, 3.00%, 02/01/2046 | 10000000 | 7294862  |
|  West Haymarket Joint Public Agency, 6.75%, 12/15/2045 | 5000000 | 5525491  |
|  |  | 17566380  |
| **Nevada - 0.2%**<br>|  |  |
|  County of Clark Department of Aviation, 6.82%, 07/01/2045 | 19715000 | 21885389  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **New Hampshire - 0.2%**<br>|  |  |
|  New Hampshire Business Finance Authority, 3.28%, 10/01/2037 | $4785000 | $3149372  |
|  New Hampshire State Turnpike System, 6.01%, 11/01/2039 | 16745000 | 17652507  |
|  |  | 20801879  |
| **New Jersey - 0.9%**<br>|  |  |
|  Bergen County Improvement Authority, 5.76%, 06/01/2040 | 1980000 | 2065339  |
|  City of Bayonne, NJ, 2.81%, 07/01/2039 | 5725000 | 4441170  |
|  Clifton Board of Education, 2.13%, 08/15/2044 | 4560000 | 2760887  |
|  County of Essex, NJ, 2.00%, 09/01/2044 | 3560000 | 2175513  |
|  New Jersey Institute of Technology, 3.42%, 07/01/2042 | 6455000 | 5079323  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2039<sup>(b)</sup> | 30000000 | 15647268  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2040<sup>(b)</sup> | 10145000 | 4973459  |
| &nbsp;&nbsp;&nbsp; 6.56%, 12/15/2040 | 2850000 | 3151790  |
| New Jersey Turnpike Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.41%, 01/01/2040 | 20442000 | 24573400  |
| &nbsp;&nbsp;&nbsp; 7.10%, 01/01/2041 | 17054000 | 19683121  |
|  |  | 84551270  |
| **New York - 1.4%**<br>|  |  |
|  City of New York, NY, 5.97%, 03/01/2036 | 1645000 | 1726175  |
|  Long Island Power Authority, 5.85%, 05/01/2041 | 9250000 | 9297702  |
|  Metropolitan Transportation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.34%, 11/15/2039 | 27965000 | 32846277  |
| &nbsp;&nbsp;&nbsp; 6.69%, 11/15/2040 | 1175000 | 1257040  |
|  New York City Industrial Development Agency, 2.44%, 01/01/2036 | 5895000 | 4568935  |
|  New York City Municipal Water Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2041 | 12480000 | 12717522  |
| &nbsp;&nbsp;&nbsp; 5.72%, 06/15/2042 | 5650000 | 5685549  |
| &nbsp;&nbsp;&nbsp; 6.01%, 06/15/2042 | 15900000 | 16496527  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2044 | 2505000 | 2533303  |
|  New York Liberty Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2042 | 5500000 | 4305814  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2044 | 12500000 | 8729878  |
|  New York State Dormitory Authority, 5.10%, 08/01/2034 | 1875000 | 1704464  |
|  Triborough Bridge & Tunnel Authority, 5.50%, 11/15/2039 | 29655000 | 30262764  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Western Nassau County Water Authority, 2.96%, 04/01/2041 | $1500000 | $1155422  |
|  |  | 133287372  |
| **Ohio - 0.8%**<br>|  |  |
| American Municipal Power, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 02/15/2043 | 13670000 | 13984464  |
| &nbsp;&nbsp;&nbsp; 6.45%, 02/15/2044 | 18045000 | 19063433  |
| &nbsp;&nbsp;&nbsp; 8.08%, 02/15/2050 | 9575000 | 11976416  |
|  County of Hamilton, OH, 3.76%, 06/01/2042 | 11955000 | 9722722  |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, <br>4.50%, 12/01/2026 | 2740000 | 2714200  |
|  Ohio State University, 4.80%, 06/01/2111 | 23065000 | 18992978  |
|  |  | 76454213  |
| **Oklahoma - 0.4%**<br>|  |  |
|  Oklahoma Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 08/15/2028 | 7670000 | 7524899  |
| &nbsp;&nbsp;&nbsp; 5.27%, 10/01/2042 | 9096301 | 9273495  |
| &nbsp;&nbsp;&nbsp; 4.62%, 06/01/2044 | 5000000 | 4851104  |
|  Oklahoma Municipal Power Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 01/01/2036 | 2390000 | 1968631  |
| &nbsp;&nbsp;&nbsp; 2.80%, 01/01/2041 | 15500000 | 12070005  |
| &nbsp;&nbsp;&nbsp; 6.44%, 01/01/2045 | 800000 | 843681  |
|  |  | 36531815  |
| **Oregon - 0.2%**<br>|  |  |
|  Clackamas & Washington Counties School District No. 3, 0.00%, 06/15/2038<sup>(b)</sup> | 1900000 | 1044881  |
|  Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, 0.00%, 06/15/2039<sup>(b)</sup> | 9500000 | 4808098  |
| Salem-Keizer School District No. 24J<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2039<sup>(b)</sup> | 3000000 | 1545137  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2040<sup>(b)</sup> | 12395000 | 5913452  |
| &nbsp;&nbsp;&nbsp; State of Oregon, <br>5.38%, 08/01/2039 | 3245000 | 3293156  |
|  Tri-County Metropolitan Transportation District of Oregon, 2.86%, 09/01/2041 | 750000 | 582499  |
|  |  | 17187223  |
| **Pennsylvania - 1.0%**<br>|  |  |
|  Berks County Industrial Development Authority, 4.45%, 05/15/2027 | 545000 | 543095  |
|  Commonwealth Financing Authority, 3.53%, 06/01/2042 | 3160000 | 2617403  |
|  Montgomery County Industrial Development Authority, 3.15%, 11/15/2028 | 10000000 | 9268801  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** |
|  Pennsylvania Economic Development Financing Authority, 3.14%, 06/15/2042 | $7615000 | $5814254  |
| Pennsylvania Turnpike Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.11%, 12/01/2039 | 37685000 | 40719927  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2042 | 9830000 | 7692500  |
| &nbsp;&nbsp;&nbsp; 5.51%, 12/01/2045 | 1535000 | 1514018  |
| &nbsp;&nbsp;&nbsp; 5.56%, 12/01/2049 | 13490000 | 13153609  |
|  Union County Hospital Authority, 4.40%, 08/01/2028 | 665000 | 667440  |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, 3.56%, 09/15/2119 | 31069000 | 19341705  |
|  |  | 101332752  |
| **Puerto Rico - 0.1%**<br>|  |  |
|  Commonwealth of Puerto Rico, 0.00%, 11/01/2043<sup>(b)(e)</sup> | 1899084 | 1194049  |
|  GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | 6813584 | 6579117  |
|  Puerto Rico Highway & Transportation Authority, 0.00%, 07/01/2026<sup>(b)</sup> | 7000000 | 6433000  |
|  |  | 14206166  |
| **Rhode Island - 0.0%<sup>(a)</sup>**<br>|  |  |
|  State of Rhode Island, 2.25%, 08/01/2041 | 1550000 | 1052348  |
| **South Carolina - 0.1%**<br>|  |  |
|  South Carolina Public Service Authority, 6.45%, 01/01/2050 | 6425000 | 6867546  |
| **Tennessee - 0.6%**<br>|  |  |
| County of Putnam, TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/2038 | 4115000 | 3065204  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/2039 | 4195000 | 3016193  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/01/2041 | 4360000 | 2963371  |
|  Metropolitan Government Nashville & Davidson County Sports Authority, 5.60%, 07/01/2056 | 13200000 | 12950468  |
|  Metropolitan Government of Nashville & Davidson County, 1.75%, 01/01/2037 | 34350000 | 25194021  |
|  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, 6.69%, 07/01/2041 | 1500000 | 1643867  |
|  New Memphis Arena Public Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/2044<sup>(b)</sup> | 6020000 | 2168517  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/2045<sup>(b)</sup> | 6000000 | 2034843  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/2046<sup>(b)</sup> | 4900000 | 1564257  |
|  Tennessee State School Bond Authority, 2.66%, 11/01/2045 | 11670000 | 7859340  |
|  |  | 62460081  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Texas - 3.7%**<br>|  |  |
| Austin Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 08/01/2038 | $12265000 | $8733328  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2043 | 5000000 | 5330868  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2045 | 3000000 | 3168532  |
|  Central Texas Regional Mobility Authority, 3.27%, 01/01/2045 | 4310000 | 3151997  |
| City of Dallas, TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2032<sup>(b)</sup> | 15000000 | 11322707  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2034<sup>(b)</sup> | 14315000 | 9600814  |
|  City of Fort Worth, TX Drainage Utility System Revenue, 2.25%, 02/15/2044 | 4590000 | 3017789  |
| City of Frisco, TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 4835000 | 3487476  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2040 | 4925000 | 3403632  |
| City of Houston, TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.29%, 03/01/2032 | 655000 | 699895  |
| &nbsp;&nbsp;&nbsp; 5.54%, 03/01/2037 | 7100000 | 7601193  |
|  City of Irving, TX, 7.38%, 08/15/2044 | 3500000 | 3500681  |
|  City of San Antonio, TX Electric & Gas Systems Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.99%, 02/01/2039 | 25116000 | 26336351  |
| &nbsp;&nbsp;&nbsp; 5.72%, 02/01/2041 | 22345000 | 22600316  |
|  Colony Economic Development Corp., 7.25%, 10/01/2042 | 5000000 | 4842204  |
|  County of Bexar, TX, 3.03%, 08/15/2041 | 1575000 | 1187159  |
| Dallas Area Rapid Transit<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.82%, 12/01/2042 | 5000000 | 3796964  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2044 | 17505000 | 17941186  |
|  Dallas Convention Center Hotel Development Corp., 7.09%, 01/01/2042 | 24295000 | 27145800  |
|  Dallas County Hospital District, 5.62%, 08/15/2044 | 2965000 | 2965712  |
|  Dallas Fort Worth International Airport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.09%, 11/01/2040 | 18265000 | 14678355  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2042 | 1225000 | 1162708  |
|  Downtown Dallas Development Authority, 0.00%, 08/15/2036<sup>(b)</sup> | 6730000 | 3869535  |
|  Elgin Independent School District, 3.00%, 08/01/2046 | 4000000 | 2962326  |
| Forney Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/2039 | 7330000 | 5670085  |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/2040 | 7300000 | 5488394  |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/15/2041 | 4385000 | 3194905  |
|  Fort Bend Grand Parkway Toll Road Authority, 3.00%, 03/01/2039 | 2150000 | 1837091  |
|  Frenship Independent School District, 3.00%, 02/15/2046 | 7000000 | 5211499  |
|  Godley Independent School District, 3.00%, 02/15/2046 | 15460000 | 11472677  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
|  Grand Parkway Transportation Corp., 5.18%, 10/01/2042 | $8005000 | $7956615  |
|  Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, 2.99%, 11/01/2041 | 10000000 | 7758613  |
|  New Hope Cultural Education Facilities Corp., 4.00%, 08/01/2026<sup>(f)</sup> | 169148 | 0  |
| North Texas Tollway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.41%, 02/01/2030 | 3743000 | 4070954  |
| &nbsp;&nbsp;&nbsp; 6.72%, 01/01/2049 | 32288000 | 35445434  |
|  Port of Beaumont Industrial Development Authority, 4.10%, 01/01/2028<sup>(c)</sup> | 10500000 | 9389344  |
|  Port of Beaumont Navigation District, 10.00%, 07/01/2026<sup>(c)</sup> | 6500000 | 6539888  |
|  Stafford Municipal School District, 3.08%, 08/15/2041 | 1525000 | 1197026  |
| State of Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/01/2037 | 3430000 | 2677649  |
| &nbsp;&nbsp;&nbsp; 5.52%, 04/01/2039 | 39005000 | 40743125  |
| Texas Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.47%, 02/01/2040 | 1100000 | 797169  |
| &nbsp;&nbsp;&nbsp; 2.96%, 02/01/2041 | 1455000 | 1123541  |
|  Texas Water Development Board, 3.00%, 10/15/2045 | 11435000 | 8681956  |
|  Westwood Independent School District, 3.00%, 02/15/2047 | 3565000 | 2628390  |
|  |  | 354391883  |
| **Utah - 0.1%**<br>|  |  |
|  City of Ogden City, UT Sewer & Water Revenue, 3.00%, 06/15/2045 | 3100000 | 2254854  |
|  County of Salt Lake, UT Convention Hotel Revenue, 5.75%, 10/01/2047<sup>(c)</sup> | 5000000 | 4278809  |
|  |  | 6533663  |
| **Virginia - 0.5%**<br>|  |  |
|  Hampton Roads Sanitation District, 2.78%, 02/01/2039 | 1300000 | 1039730  |
| University of Virginia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/01/2039 | 9720000 | 10620027  |
| &nbsp;&nbsp;&nbsp; 4.18%, 09/01/2117 | 26130000 | 19137865  |
| &nbsp;&nbsp;&nbsp; 3.23%, 09/01/2119 | 27660000 | 15643849  |
|  Virginia Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/01/2042 | 3155000 | 2670777  |
| &nbsp;&nbsp;&nbsp; 2.96%, 09/01/2045 | 1205000 | 854169  |
|  |  | 49966417  |
| **Washington - 1.3%**<br>|  |  |
|  Central Puget Sound Regional Transit Authority, 5.49%, 11/01/2039 | 36140000 | 36994556  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| City of Tacoma, WA Water Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2039 | $20000000 | $20719902  |
| &nbsp;&nbsp;&nbsp; 5.62%, 12/01/2040 | 6740000 | 6859094  |
|  Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue, 5.50%, 09/01/2040 | 8750000 | 8657366  |
| King County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2039 | 3600000 | 2971989  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2040 | 19040000 | 14904723  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2040 | 5385000 | 4221441  |
| NJB Properties, 5.51%, 12/01/2036 | 6580000 | 6957607  |
|  University of Washington, 6.06%, 07/01/2039 | 10660000 | 11538869  |
|  Washington Biomedical Research Facilities 3, 6.52%, 07/01/2042 | 5220000 | 5677555  |
|  Washington State University, 7.40%, 04/01/2041 | 4000000 | 4613405  |
|  |  | 124116507  |
| **Wisconsin - 0.2%**<br>|  |  |
| County of Marathon, WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/2037 | 2380000 | 1790250  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/2038 | 2635000 | 1910154  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/01/2039 | 2565000 | 1777954  |
|  Milwaukee Redevelopment Authority, 0.00%, 04/01/2039<sup>(b)</sup> | 1000000 | 474076  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029<sup>(c)</sup> | 5750000 | 5561815  |
| &nbsp;&nbsp;&nbsp; 5.29%, 07/01/2029 | 8000000 | 8192087  |
| &nbsp;&nbsp;&nbsp; 4.15%, 05/15/2031 | 3635000 | 3635953  |
|  |  | 23342289  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $2,335,146,670)** |  | 2247036201  |
| **CORPORATE BONDS - 19.1%**<br>|  |  |
| **Aerospace & Defense - 0.2%**<br>|  |  |
| Moog, Inc., 4.25%, 12/15/2027<sup>(c)</sup> | 10393000 | 10238737  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(c)</sup> | 500000 | 512554  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(c)</sup> | 5000000 | 5155095  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(c)</sup> | 2500000 | 2539798  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034<sup>(c)</sup> | 500000 | 513243  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(c)</sup> | 750000 | 774554  |
|  |  | 19733981  |
| **Automobile Components - 0.3%**<br>|  |  |
|  Aptiv Swiss Holdings Ltd., 5.15%, 09/13/2034 | 7970000 | 7802752  |
| Dana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 | 6065000 | 6065708  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2032 | 4208000 | 4140987  |
|  Garrett Motion Holdings, Inc., 7.75%, 05/31/2032<sup>(c)</sup> | 5150000 | 5389563  |
| Phinia, Inc., 6.63%, 10/15/2032<sup>(c)</sup> | 5399000 | 5549443  |
|  |  | 28948453  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Automobiles - 0.1%**<br>|  |  |
|  Thor Industries, Inc., 4.00%, 10/15/2029<sup>(c)</sup> | $8850000 | $8368697  |
| **Banks - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp., 2.88% to 12/15/2026 then <br>3 mo. Term SOFR + 1.86%, 12/15/2031 | 5000000 | 4396814  |
|  Australia & New Zealand Banking Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.74%, 12/08/2032<sup>(c)</sup> | 7000000 | 7699342  |
| &nbsp;&nbsp;&nbsp; 5.20% to 09/30/2034 then 1 yr. CMT Rate + 1.47%, 09/30/2035<sup>(c)</sup> | 5000000 | 4967934  |
|  Bank of America Corp., 5.74% to 02/12/2035 then SOFR + 1.70%, 02/12/2036 | 4500000 | 4610856  |
|  Bank of Montreal, 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 | 15000000 | 13214242  |
|  Bank OZK, 2.75% to 10/01/2026 then 3 mo. Term SOFR + 2.09%, 10/01/2031 | 14675000 | 13427625  |
|  Barclays PLC, 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | 20050000 | 20109508  |
|  BPCE SA, 6.51% to 01/18/2034 then SOFR + 2.79%, 01/18/2035<sup>(c)</sup> | 10471000 | 10980921  |
|  Byline Bancorp, Inc., 6.88% to 08/15/2030 then 3 mo. Term SOFR + 3.22%, 08/15/2035<sup>(c)</sup> | 6500000 | 6488981  |
| &nbsp;&nbsp;&nbsp; Central Pacific Financial Corp., 4.75% to 11/01/2025 then <br>3 mo. Term SOFR + 4.56%, 11/01/2030 | 5000000 | 4929970  |
|  CNB Financial Corp., 3.25% to 06/15/2026 then 3 mo. Term SOFR + 2.58%, 06/15/2031<sup>(c)</sup> | 3000000 | 2778031  |
| Commonwealth Bank of Australia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.84%, 03/13/2034<sup>(c)</sup> | 5000000 | 5232438  |
| &nbsp;&nbsp;&nbsp; 5.93% to 03/14/2045 then 1 yr. CMT Rate + 1.32%, 03/14/2046<sup>(c)</sup> | 5000000 | 5068339  |
|  Deutsche Bank AG, 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | 3000000 | 3258515  |
|  EQUITY BANCSHRES, 7.13%, 08/01/2035 | 2750000 | 2753103  |
|  Fifth Third Bancorp, 8.25%, 03/01/2038 | 10000000 | 12253287  |
|  First Busey Corp., 5.00% to 06/15/2027 then 3 mo. Term SOFR + 2.52%, 06/15/2032 | 5000000 | 4615447  |
|  First Citizens BancShares, Inc./NC, 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 | 10000000 | 10068890  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp., 9.28% <br>(3 mo. Term SOFR + 5.09%), 05/15/2030 | $10500000 | $10497841  |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., 7.63% to 06/15/2030 then <br>3 mo. Term SOFR + 3.98%, 06/15/2035 | 5000000 | 5109715  |
| &nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc., 3.95% <br>to 10/15/2025 then 3 mo. Term SOFR + 3.83%, 10/15/2030 | 5300000 | 5235367  |
| &nbsp;&nbsp;&nbsp; First National of Nebraska, Inc., 7.25% to 06/15/2030 then <br>3 mo. Term SOFR + 3.61%, 06/15/2035<sup>(c)</sup> | 15550000 | 15793982  |
| &nbsp;&nbsp;&nbsp; Firstbank, 4.50% to 09/01/2025 <br>then 3 mo. Term SOFR + 4.39%, 09/01/2030 | 9500000 | 9500000  |
| &nbsp;&nbsp;&nbsp; FNB Corp./PA, 5.72% to 12/11/2029 then SOFR + <br>1.93%, 12/11/2030 | 7850000 | 8002965  |
|  Hilltop Holdings, Inc., 6.13% to 05/15/2030 then 3 mo. Term SOFR + 5.80%, 05/15/2035 | 11750000 | 11127374  |
|  Home BancShares, Inc., 3.13% to 01/30/2027 then 3 mo. Term SOFR + 1.82%, 01/30/2032 | 18436000 | 16233201  |
|  Huntington Bancshares, Inc., 6.14% to 11/18/2034 then 5 yr. CMT Rate + 1.70%, 11/18/2039 | 1000000 | 1029869  |
|  Independent Bank Corp., 7.25% to 04/01/2030 then 3 mo. Term SOFR + 3.53%, 04/01/2035 | 11500000 | 11847809  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 10000000 | 10926954  |
| &nbsp;&nbsp;&nbsp; 5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 | 3000000 | 3080422  |
|  Mercantile Bank Corp., 3.25% to 01/30/2027 then 3 mo. Term SOFR + 2.12%, 01/30/2032 | 7000000 | 6423701  |
|  National Australia Bank Ltd., 3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037<sup>(c)</sup> | 9500000 | 8542018  |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, 6.48% to 06/01/2029 then 5 yr. CMT <br>Rate + 2.20%, 06/01/2034 | 1000000 | 1051183  |
|  Nicolet Bankshares, Inc., 3.13% to 07/15/2026 then 3 mo. Term SOFR + 2.38%, 07/15/2031 | 4000000 | 3776345  |
|  Old National Bank/Evansville IN, 5.88%, 09/29/2026 | 7515000 | 7588500  |
|  Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | 17000000 | 17000000  |
|  PNC Financial Services Group, Inc., 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 5000000 | 5213378  |
| Regions Bank, 6.45%, 06/26/2037 | 15677000 | 16949574  |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Banks - (Continued)**<br>|  |  |
| Renasant Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% to 12/01/2026 then <br>3 mo. Term SOFR + 1.91%, 12/01/2031 | $8030000 | $7292961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% to 09/15/2030 then <br>3 mo. Term SOFR + 4.03%, 09/15/2035 | 9900000 | 8926006  |
| Southside Bancshares, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88% to 11/15/2025 then <br>3 mo. Term SOFR + 3.66%, 11/15/2030 | 5000000 | 4977190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 08/15/2030 then <br>3 mo. Term SOFR + 3.57%, 08/15/2035 | 7900000 | 7990627  |
|  SouthState Corp., 7.00% to 06/13/2030 then SOFR + 3.19%, 06/13/2035 | 10500000 | 10857266  |
|  Synovus Bank, 4.00% to 10/29/2025 then 5 yr. CMT Rate + 3.63%, 10/29/2030 | 6000000 | 5963983  |
|  Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | 4000000 | 4194294  |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. <br>CMT Rate + 3.15%, 05/06/2031 | 10942000 | 10769817  |
|  Texas Capital Bank, 5.25%, 01/31/2026 | 5250000 | 5245420  |
|  Towne Bank, 3.13% to 02/15/2027 then 3 mo. Term SOFR + 1.68%, 02/15/2032 | 4750000 | 4263278  |
|  Trustmark Corp., 3.63% to 12/01/2025 then 3 mo. Term SOFR + 3.39%, 12/01/2030 | 6500000 | 6416661  |
|  Webster Financial Corp., 3.88% to 11/01/2025 then 3 mo. Term SOFR + 3.69%, 11/01/2030 | 6150000 | 6103860  |
|  Wintrust Financial Corp., 4.85%, 06/06/2029 | 7200000 | 7143137  |
|  WSFS Financial Corp., 2.75% to 12/15/2025 then 3 mo. Term SOFR + 2.49%, 12/15/2030 | 5470000 | 5144304  |
|  |  | 407073245  |
| **Beverages - 0.1%**<br>|  |  |
| Coca-Cola Co., 5.40%, 05/13/2064 | 15000000 | 14450392  |
| **Biotechnology - 0.2%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/06/2042 | 11398000 | 10021244  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2064 | 8000000 | 7695265  |
|  Gilead Sciences, Inc., 4.80%, 04/01/2044 | 3000000 | 2740889  |
|  |  | 20457398  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Broadline Retail - 0.1%**<br>|  |  |
|  Amazon.com, Inc., 3.25%, 05/12/2061 | $11310000 | $7304002  |
| **Building Products - 0.3%**<br>|  |  |
| Builders FirstSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030<sup>(c)</sup> | 11250000 | 11145555  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032<sup>(c)</sup> | 7800000 | 7335977  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035<sup>(c)</sup> | 1850000 | 1931591  |
|  Masterbrand, Inc., 7.00%, 07/15/2032<sup>(c)</sup> | 3000000 | 3110907  |
|  Standard Building Solutions, Inc., 6.25%, 08/01/2033<sup>(c)</sup> | 3750000 | 3832448  |
|  |  | 27356478  |
| **Capital Markets - 0.3%**<br>|  |  |
| Ares Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/15/2031 | 14773000 | 13163502  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/08/2032 | 7250000 | 7372152  |
|  Brookfield Corp., 7.38%, 03/01/2033 | 3000000 | 3437651  |
| MSCI, Inc., 3.63%, 11/01/2031<sup>(c)</sup> | 11450000 | 10670822  |
|  |  | 34644127  |
| **Chemicals - 0.1%**<br>|  |  |
| Avient Corp., 6.25%, 11/01/2031<sup>(c)</sup> | 8122000 | 8278617  |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |  |
|  Central Storage Safety Project Trust, 4.82%, 02/01/2038<sup>(c)</sup> | 5145280 | 4933449  |
|  Cimpress PLC, 7.38%, 09/15/2032<sup>(c)</sup> | 2500000 | 2511797  |
|  |  | 7445246  |
| **Communications Equipment - 0.0%<sup>(a)</sup>** | **Communications Equipment - 0.0%<sup>(a)</sup>** |  |
|  Cisco Systems, Inc., 5.35%, 02/26/2064 | 3000000 | 2874030  |
| **Construction Materials - 0.0%<sup>(a)</sup>**<br>|  |  |
| QuikreteHoldings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032<sup>(c)</sup> | 2000000 | 2063886  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033<sup>(c)</sup> | 1500000 | 1555984  |
|  |  | 3619870  |
| **Consumer Finance - 0.8%**<br>|  |  |
| Ally Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/14/2033 | 16294000 | 16930771  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% to 01/17/2035 then <br>5 yr. CMT Rate + 2.45%, 01/17/2040 | 2000000 | 1984981  |
|  Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(c)</sup> | 4821000 | 4892587  |
| Ford Motor Credit Co., LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 | 7324000 | 7799689  |
| &nbsp;&nbsp;&nbsp; 7.12%, 11/07/2033 | 10250000 | 10718687  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/04/2034 | 3750000 | 3844872  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/06/2034 | 7000000 | 6934564  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer Finance - (Continued)**<br>|  |  |
| OneMainFinance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 | $2645000 | $2537569  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 | 9500000 | 9780336  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | 8853000 | 8759086  |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/2030 | 1500000 | 1522401  |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 | 4250000 | 4426001  |
|  |  | 80131544  |
| **Containers & Packaging - 0.4%**<br>|  |  |
| Ball Corp., 5.50%, 09/15/2033 | 4100000 | 4151779  |
|  Berry Global, Inc., 5.65%, 01/15/2034 | 16102000 | 16745706  |
|  Graphic Packaging International, LLC, 3.75%, 02/01/2030<sup>(c)</sup> | 14683000 | 13800882  |
|  Sealed Air Corp., 5.00%, 04/15/2029<sup>(c)</sup> | 1849000 | 1835426  |
|  |  | 36533793  |
| **Distributors - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Genuine Parts Co., 2.75%, 02/01/2032 | 5000000 | 4419652  |
| **Diversified Consumer Services - 2.3%** | **Diversified Consumer Services - 2.3%** |  |
| California Institute of Technology<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/01/2111 | 16053000 | 12942396  |
| &nbsp;&nbsp;&nbsp; 4.28%, 09/01/2116 | 3800000 | 2747757  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/2119 | 8698000 | 5498952  |
|  Case Western Reserve University, 5.41%, 06/01/2122 | 18780000 | 17509364  |
|  Claremont Mckenna College, 3.78%, 01/01/2122 | 16026000 | 10163125  |
|  Massachusetts Institute of Technology<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/02/2096 | 2750000 | 3292458  |
| &nbsp;&nbsp;&nbsp; 5.60%, 07/01/2111 | 18680000 | 18299154  |
| &nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 | 22861000 | 18998374  |
| &nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 | 27233000 | 18684912  |
| Nature Conservancy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.71%, 07/01/2031 | 1250000 | 1055277  |
| &nbsp;&nbsp;&nbsp; 1.81%, 07/01/2032 | 1150000 | 943876  |
| &nbsp;&nbsp;&nbsp; 1.86%, 07/01/2033 | 532000 | 419405  |
|  Prime Security Services Borrower, LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026<sup>(c)</sup> | 807000 | 811250  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/31/2027<sup>(c)</sup> | 8670000 | 8406868  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028<sup>(c)</sup> | 2870000 | 2871768  |
|  Service Corp. International, 4.00%, 05/15/2031 | 9144000 | 8603158  |
|  Trustees of the University of Pennsylvania<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.67%, 09/01/2112 | 16424000 | 13369866  |
| &nbsp;&nbsp;&nbsp; 3.61%, 02/15/2119 | 27778000 | 17556606  |
|  United Jewish Appeal-Federation of Jewish Philanthropies of New York, Inc., 2.15%, 02/01/2031 | 4565000 | 4121206  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| University of Southern California<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2111 | $21972000 | $20097842  |
| &nbsp;&nbsp;&nbsp; 3.23%, 10/01/2120 | 19679000 | 11160915  |
|  Washington University, 4.35%, 04/15/2122 | 24871000 | 18694564  |
|  YMCA of Greater New York, 2.30%, 08/01/2026 | 5730000 | 5596909  |
|  |  | 221846002  |
| **Diversified REITs - 0.1%**<br>|  |  |
| Global Net Lease, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/15/2027<sup>(c)</sup> | 1650000 | 1601179  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/30/2028<sup>(c)</sup> | 5000000 | 4857828  |
|  |  | 6459007  |
| **Electric Utilities - 0.5%**<br>|  |  |
|  Brazos Securitization LLC, 5.41%, 09/01/2050<sup>(c)</sup> | 9700000 | 9124122  |
| &nbsp;&nbsp;&nbsp; Denton County Electric <br>Cooperative, Inc., Series 2022, 5.32%, 02/15/2048<sup>(c)</sup> | 17000000 | 16283397  |
|  PG&E Recovery Funding LLC, 5.53%, 06/01/2049 | 20000000 | 19768636  |
|  |  | 45176155  |
| **Electrical Equipment - 0.3%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030 | 1906000 | 2019617  |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 | 5850000 | 6226919  |
|  Sensata Technologies BV, 4.00%, 04/15/2029<sup>(c)</sup> | 10405000 | 9974255  |
| Sensata Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030<sup>(c)</sup> | 10338000 | 9960224  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031<sup>(c)</sup> | 2955000 | 2718526  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2032<sup>(c)</sup> | 3500000 | 3617985  |
|  |  | 34517526  |
|  **Electronic Equipment, Instruments & Components - 0.3%** | **Electronic Equipment, Instruments & Components - 0.3%** |  |
| CDW Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/2029 | 4000000 | 3827694  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/22/2034 | 8087000 | 8196094  |
| Corning, Inc., 5.75%, 08/15/2040 | 18803000 | 19281094  |
|  |  | 31304882  |
| **Financial Services - 0.2%**<br>|  |  |
|  American AGcredit FLCA, 3.38% to 06/15/2031 then SOFR + 2.12%, 06/15/2036<sup>(c)</sup> | 10000000 | 8478806  |
| Compeer Financial FLCA<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% to 06/01/2026 then <br>3 mo. Term SOFR + 2.03%, 06/01/2031<sup>(c)</sup> | 5000000 | 4780224  |
| &nbsp;&nbsp;&nbsp; 3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036<sup>(c)</sup> | 4750000 | 3771892  |
|  |  | 17030922  |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Food Products - 0.2%**<br>|  |  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/16/2040<sup>(c)</sup> | $4960000 | $3484227  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(c)</sup> | 4000000 | 3946045  |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/01/2065<sup>(c)</sup> | 10830000 | 10640613  |
|  Post Holdings, Inc., 6.25%, 10/15/2034<sup>(c)</sup> | 1000000 | 1008631  |
|  |  | 19079516  |
| **Ground Transportation - 0.2%**<br>|  |  |
|  ERAC USA Finance, LLC, 7.00%, 10/15/2037<sup>(c)</sup> | 18952000 | 21911904  |
| &nbsp;&nbsp;&nbsp; **Healthcare Equipment &** <br>**Supplies - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc., <br>4.25%, 06/01/2028<sup>(c)</sup> | 2800000 | 2745603  |
| **Healthcare Providers & Services - 1.6%** | **Healthcare Providers & Services - 1.6%** |  |
|  Baptist Health South Florida, Inc., 4.34%, 11/15/2041 | 14760000 | 12696503  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | 4000000 | 3853727  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 6950000 | 6337406  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 11090000 | 9807238  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 | 11000000 | 9378130  |
|  Cleveland Clinic Foundation, 4.86%, 01/01/2114 | 21636000 | 18104091  |
| Dignity Health, 5.27%, 11/01/2064 | 10000000 | 8774688  |
|  Hackensack Meridian Health, Inc., 2.68%, 09/01/2041 | 14920000 | 10436976  |
| HCA, Inc., 5.45%, 09/15/2034 | 2000000 | 2025850  |
|  HumanGood California Obligated Group, 3.00%, 10/01/2028 | 1805000 | 1784256  |
| Molina Healthcare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/15/2028<sup>(c)</sup> | 9904000 | 9658721  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/15/2030<sup>(c)</sup> | 4000000 | 3676983  |
| New York and Presbyterian Hospital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.76%, 08/01/2116 | 15050000 | 12177897  |
| &nbsp;&nbsp;&nbsp; 3.95%, 08/01/2119 | 5000000 | 3387270  |
| Orlando Health Obligated Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.89%, 10/01/2035 | 1000000 | 852153  |
| &nbsp;&nbsp;&nbsp; 5.48%, 10/01/2035 | 5000000 | 5193576  |
|  Penn State Health, 3.81%, 11/01/2049 | 5920000 | 4091405  |
|  Piedmont Healthcare, Inc., 2.72%, 01/01/2042 | 12924000 | 9029086  |
| Sutter Health, 3.16%, 08/15/2040 | 14677000 | 11448756  |
| &nbsp;&nbsp;&nbsp; Toledo Hospital, <br>6.02%, 11/15/2048 | 6980000 | 6827025  |
|  UnitedHealth Group, Inc., 5.50%, 07/15/2044 | 5000000 | 4859703  |
|  |  | 154401440  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Hotel & Resort REITs - 0.1%**<br>|  |  |
| Host Hotels & Resorts LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/2032 | $5000000 | $5136987  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/01/2034 | 2000000 | 2034735  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2035 | 8000000 | 7967475  |
|  |  | 15139197  |
| **Hotels, Restaurants & Leisure - 0.6%** | **Hotels, Restaurants & Leisure - 0.6%** |  |
|  Bloomin' Brands, Inc., 5.13%, 04/15/2029<sup>(c)</sup> | 7650000 | 6674132  |
|  Choice Hotels International, Inc., 5.85%, 08/01/2034 | 8250000 | 8348181  |
|  Hilton Grand Vacations Borrower LLC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/2031<sup>(c)</sup> | 1950000 | 1816821  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2032<sup>(c)</sup> | 4000000 | 4083988  |
|  Hyatt Hotels Corp., 5.75%, 03/30/2032 | 3000000 | 3108702  |
|  Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029<sup>(c)</sup> | 12289000 | 11896763  |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(c)</sup> | 4374000 | 4221037  |
| Station Casinos, LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028<sup>(c)</sup> | 4818000 | 4752000  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2031<sup>(c)</sup> | 400000 | 378820  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032<sup>(c)</sup> | 4500000 | 4631350  |
|  Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028<sup>(c)</sup> | 5730000 | 5597742  |
|  |  | 55509536  |
| **Household Durables - 0.7%**<br>|  |  |
| Ashton Woods USA, LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029<sup>(c)</sup> | 3900000 | 3741941  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/01/2030<sup>(c)</sup> | 4100000 | 3872507  |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/01/2033<sup>(c)</sup> | 4500000 | 4517991  |
|  Century Communities, Inc., 3.88%, 08/15/2029<sup>(c)</sup> | 8646000 | 8060594  |
|  Installed Building Products, Inc., 5.75%, 02/01/2028<sup>(c)</sup> | 8113000 | 8121885  |
| KB Home, 4.80%, 11/15/2029 | 1882000 | 1848653  |
| M/I Homes, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/2028 | 4763000 | 4717311  |
| &nbsp;&nbsp;&nbsp; 3.95%, 02/15/2030 | 9816000 | 9236980  |
|  Meritage Homes Corp., 5.65%, 03/15/2035 | 8450000 | 8536528  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/2028<sup>(c)</sup> | 2000000 | 2116450  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 | 4616000 | 4566840  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2032 | 1000000 | 979215  |
|  Somnigroup International, Inc., 3.88%, 10/15/2031<sup>(c)</sup> | 5241000 | 4798369  |
|  |  | 65115264  |
| **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** |  |
| Alphabet, Inc., 5.30%, 05/15/2065 | 6000000 | 5779547  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **IT Services - 0.1%**<br>|  |  |
| ASGN, Inc., 4.63%, 05/15/2028<sup>(c)</sup> | $7650000 | $7490729  |
| **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** |  |
|  Avantor Funding, Inc., 4.63%, 07/15/2028<sup>(c)</sup> | 2900000 | 2855886  |
|  Charles River Laboratories International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/2029<sup>(c)</sup> | 21200000 | 20116112  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031<sup>(c)</sup> | 250000 | 231400  |
|  Icon Investments Six DAC, 6.00%, 05/08/2034 | 4500000 | 4680079  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026<sup>(c)</sup> | 1300000 | 1299618  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027<sup>(c)</sup> | 3000000 | 2990372  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/2032<sup>(c)</sup> | 1500000 | 1547112  |
|  |  | 33720579  |
| **Machinery - 0.3%**<br>|  |  |
| Allison Transmission, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2027<sup>(c)</sup> | 5299000 | 5257041  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2029<sup>(c)</sup> | 1750000 | 1764665  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/30/2031<sup>(c)</sup> | 13782000 | 12729765  |
|  Wabash National Corp., 4.50%, 10/15/2028<sup>(c)</sup> | 5758000 | 5291648  |
|  |  | 25043119  |
| **Media - 0.3%**<br>|  |  |
|  CCO Holdings Capital Corp., 4.25%, 01/15/2034<sup>(c)</sup> | 4500000 | 3910853  |
|  Charter Communications Operating, LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035 | 4250000 | 4261025  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 | 11138000 | 7911170  |
| Sirius XM Radio LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(c)</sup> | 4771000 | 4609657  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/2031<sup>(c)</sup> | 10524000 | 9470288  |
|  |  | 30162993  |
|  **Mortgage Real Estate Investment Trusts (REITs) - 0.1%**<br>|  |  |
|  Arbor Realty SR, Inc., 5.00%, 12/30/2028<sup>(c)</sup> | 5000000 | 4446406  |
|  Arbor Realty Trust, Inc., 4.50%, 03/15/2027<sup>(c)</sup> | 5000000 | 4708244  |
|  |  | 9154650  |
| **Pharmaceuticals - 0.6%**<br>|  |  |
|  Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(c)</sup> | 1200000 | 1235834  |
| Bristol-Myers Squibb Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2039 | 10481000 | 9335295  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/22/2064 | 15500000 | 14873526  |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., <br>5.65%, 10/15/2065 | 10000000 | 9944575  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Pfizer Investment Enterprises Pte Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/19/2043 | $5000000 | $4739118  |
| &nbsp;&nbsp;&nbsp; 5.34%, 05/19/2063 | 3000000 | 2748682  |
| Wyeth, LLC, 5.95%, 04/01/2037 | 12603000 | 13487401  |
|  |  | 56364431  |
| **Professional Services - 0.7%**<br>|  |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(c)</sup> | 9043000 | 9437022  |
| Booz Allen Hamilton, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/04/2033 | 4000000 | 4179100  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/15/2035 | 22500000 | 23204700  |
|  CACI International, Inc., 6.38%, 06/15/2033<sup>(c)</sup> | 2750000 | 2841556  |
|  Science Applications International Corp., 4.88%, 04/01/2028<sup>(c)</sup> | 27078000 | 26789088  |
|  |  | 66451466  |
|  **Real Estate Management & Development - 0.1%**<br>|  |  |
|  Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028<sup>(c)</sup> | 2300000 | 2324293  |
|  MMH Master LLC, 6.75%, 02/01/2044<sup>(c)</sup> | 10250000 | 10520576  |
|  Wildflower Improvement Association, 6.63%, 03/01/2031<sup>(c)</sup> | 2105589 | 2078700  |
|  |  | 14923569  |
| **Retail REITs - 0.2%**<br>|  |  |
| Simon Property Group LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/2040 | 8902000 | 10125709  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2042 | 5981000 | 5408927  |
|  |  | 15534636  |
| **Software - 0.4%**<br>|  |  |
| Open Text Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2028<sup>(c)</sup> | 8825000 | 8584715  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/01/2029<sup>(c)</sup> | 6680000 | 6302088  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 | 10200000 | 8972786  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/2038 | 10000000 | 10849302  |
|  |  | 34708891  |
| **Specialty Retail - 1.1%**<br>|  |  |
| Asbury Automotive Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 | 5000000 | 4886815  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(c)</sup> | 12200000 | 11738236  |
| AutoNation, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 03/01/2032 | 11086000 | 10322643  |
| &nbsp;&nbsp;&nbsp; 5.89%, 03/15/2035 | 9000000 | 9201362  |
|  Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(c)</sup> | 14014000 | 13608142  |
| Home Depot, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/15/2040 | 3600000 | 2892413  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2040 | 11497000 | 11672127  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Specialty Retail - (Continued)**<br>|  |  |
|  Ken Garff Automotive, LLC, 4.88%, 09/15/2028<sup>(c)</sup> | $16197000 | $15957488  |
| Lithia Motors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/01/2029<sup>(c)</sup> | 8772000 | 8416110  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2031<sup>(c)</sup> | 7000000 | 6656898  |
|  Penske Automotive Group, Inc., 3.75%, 06/15/2029 | 9450000 | 9016489  |
|  |  | 104368723  |
|  **Technology Hardware, Storage & Peripherals - 0.2%**<br>|  |  |
|  Dell International, LLC, 8.10%, 07/15/2036 | 18910000 | 22952339  |
| **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** |  |
|  Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(c)</sup> | 7000000 | 6443762  |
| **Trading Companies & Distributors - 0.2%**<br>|  |  |
| Ashtead Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/11/2032<sup>(c)</sup> | 8553000 | 8753317  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/15/2033<sup>(c)</sup> | 4000000 | 4188398  |
| Herc Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029<sup>(c)</sup> | 2000000 | 2061390  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030<sup>(c)</sup> | 1000000 | 1041403  |
|  United Rentals North America, Inc., 3.75%, 01/15/2032 | 5100000 | 4703665  |
|  |  | 20748173  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $1,864,566,089)** |  | 1855724086  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 15.20%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 15.20%** |  |
|  Arbor Multifamily Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MF2, Class C, 2.81%, 06/15/2054<sup>(c)(e)</sup> | 4300000 | 3753932  |
| &nbsp;&nbsp;&nbsp; Series 2021-MF3, Class B, 2.51%, 10/15/2054<sup>(c)</sup> | 2000000 | 1728310  |
| &nbsp;&nbsp;&nbsp; Series 2022-MF4, Class B, 3.39%, 02/15/2055<sup>(c)(e)</sup> | 10302000 | 9321984  |
| &nbsp;&nbsp;&nbsp; Series 2022-MF4, Class C, 3.39%, 02/15/2055<sup>(c)(e)</sup> | 1000000 | 887835  |
| &nbsp;&nbsp;&nbsp; Series 2022-MF4, Class XD, 1.39%, 02/15/2055<sup>(c)(e)(g)</sup> | 19700000 | 1388088  |
| Arbor Realty Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-MF1, Class AS, 3.06%, 05/15/2053<sup>(c)(e)</sup> | 4650000 | 4316905  |
| &nbsp;&nbsp;&nbsp; Series 2020-MF1, Class B, 3.72%, 05/15/2053<sup>(c)(e)</sup> | 4500000 | 4261247  |
| BANK<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-BN4, Class A3, 3.36%, 05/15/2050 | 9946550 | 9820267  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2017-BN5, Class A4, 3.13%, 06/15/2060 | $12342047 | $12154246  |
| &nbsp;&nbsp;&nbsp; Series 2018-BN10, Class D, 2.60%, 02/15/2061<sup>(c)</sup> | 2000000 | 1691204  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN16, Class XA, 1.09%, 02/15/2052<sup>(e)(g)</sup> | 72963586 | 1814597  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN17, Class XB, 0.71%, 04/15/2052<sup>(e)(g)</sup> | 123653000 | 2353104  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN17, Class XD, 1.74%, 04/15/2052<sup>(c)(e)(g)</sup> | 11541000 | 566406  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2, 2.93%, 08/15/2061 | 2000000 | 1897469  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN21, Class XD, 1.22%, 10/17/2052<sup>(c)(e)(g)</sup> | 18699333 | 739018  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN23, Class B, 3.46%, 12/15/2052 | 3350000 | 3117125  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN23, Class C, 3.62%, 12/15/2052<sup>(e)</sup> | 8713000 | 7738773  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN23, Class XB, 0.26%, 12/15/2052<sup>(e)(g)</sup> | 238421000 | 1853628  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN24, Class XB, 0.30%, 11/15/2062<sup>(e)(g)</sup> | 174693000 | 1572237  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN25, Class B, 3.04%, 01/15/2063<sup>(e)</sup> | 7401500 | 6634506  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN25, Class XA, 0.98%, 01/15/2063<sup>(e)(g)</sup> | 155562753 | 4668936  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A2, 2.04%, 03/15/2063 | 4140858 | 3900590  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN26, Class XB, 0.70%, 03/15/2063<sup>(e)(g)</sup> | 226593000 | 5745243  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN28, Class B, 2.34%, 03/15/2063 | 1938000 | 1667840  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN28, Class XB, 1.09%, 03/15/2063<sup>(e)(g)</sup> | 29969467 | 1314410  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class AS, 2.21%, 11/15/2053 | 3930532 | 3390715  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class B, 2.42%, 11/15/2053 | 2625000 | 2253245  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class C, 3.14%, 11/15/2053<sup>(e)</sup> | 3110000 | 2643255  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class D, 2.50%, 11/15/2053<sup>(c)</sup> | 1250000 | 979157  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class XB, 0.73%, 11/15/2053<sup>(e)(g)</sup> | 132417000 | 3957613  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN30, Class B, 2.45%, 12/15/2053<sup>(e)</sup> | 1090000 | 930286  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN30, Class C, 2.76%, 12/15/2053<sup>(e)</sup> | 5450000 | 4511999  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN30, Class D, 2.50%, 12/15/2053<sup>(c)(e)</sup> | 9150000 | 7117912  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN32, Class C, 3.37%, 04/15/2054<sup>(e)</sup> | 800000 | 682423  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN32, Class D, 2.50%, 04/15/2054<sup>(c)(e)</sup> | 5000000 | 3842072  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN32, Class XB, 0.35%, 04/15/2054<sup>(e)(g)</sup> | 152569000 | 1966736  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-BN34, Class AS, 2.57%, 06/15/2063 | $1500000 | $1274408  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN34, Class B, 2.75%, 06/15/2063<sup>(e)</sup> | 8000000 | 6685284  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN34, Class XA, 1.07%, 06/15/2063<sup>(e)(g)</sup> | 94664866 | 3705552  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN35, Class B, 2.53%, 06/15/2064 | 6365000 | 5478874  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN35, Class C, 2.90%, 06/15/2064<sup>(e)</sup> | 8755000 | 7424548  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN35, Class XA, 1.13%, 06/15/2064<sup>(e)(g)</sup> | 104997235 | 4538736  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN38, Class XA, 0.92%, 12/15/2064<sup>(e)(g)</sup> | 40035213 | 1600752  |
| &nbsp;&nbsp;&nbsp; Series 2022-BN40, Class D, 2.50%, 03/15/2064<sup>(c)</sup> | 3955000 | 2986320  |
| &nbsp;&nbsp;&nbsp; Series 2023-BN45, Class XD, 2.49%, 02/15/2056<sup>(c)(e)(g)</sup> | 22611000 | 3121790  |
| &nbsp;&nbsp;&nbsp; Series 2024-BN47, Class XA, 1.04%, 06/15/2057<sup>(e)(g)</sup> | 65047920 | 3683065  |
| &nbsp;&nbsp;&nbsp; Series 2024-BN47, Class XB, 0.61%, 06/15/2057<sup>(e)(g)</sup> | 220695000 | 6733073  |
| &nbsp;&nbsp;&nbsp; Series 2024-BN48, Class XB, 0.85%, 10/15/2057<sup>(e)(g)</sup> | 228218000 | 11683872  |
| &nbsp;&nbsp;&nbsp; Series 2025-BN49, Class AS, 6.03%, 03/15/2058<sup>(e)</sup> | 7000000 | 7376541  |
| &nbsp;&nbsp;&nbsp; Series 2025-BN49, Class ASB, 5.64%, 03/15/2058 | 10000000 | 10590116  |
| &nbsp;&nbsp;&nbsp; Series 2025-BN49, Class XA, 0.83%, 03/15/2058<sup>(e)(g)</sup> | 149981550 | 7150505  |
| &nbsp;&nbsp;&nbsp; Series 2025-BN50, Class AS, 6.07%, 05/15/2068<sup>(e)</sup> | 5700000 | 5991996  |
| BANK5<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class A2, 6.26%, 09/15/2056 | 9991011 | 10434166  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class B, 7.56%, 09/15/2056<sup>(e)</sup> | 7790000 | 8237456  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR4, Class AS, 7.27%, 12/15/2056<sup>(e)</sup> | 7500000 | 8035061  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR10, Class AS, 5.64%, 10/15/2057 | 11625000 | 11948216  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR10, Class B, 6.14%, 10/15/2057<sup>(e)</sup> | 5000000 | 5164727  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR10, Class XA, 1.40%, 10/15/2057<sup>(e)(g)</sup> | 80932744 | 3428942  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR11, Class AS, 6.14%, 11/15/2057 | 4250000 | 4450822  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR12, Class AS, 6.12%, 12/15/2057<sup>(e)</sup> | 11045000 | 11584212  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR6, Class XA, 0.98%, 05/15/2057<sup>(c)(e)(g)</sup> | 112646924 | 2741015  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class AS, 6.49%, 06/15/2057<sup>(e)</sup> | 7000000 | 7386708  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class XA, 1.57%, 06/15/2057<sup>(e)(g)</sup> | 142387780 | 6286905  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class B, 6.91%, 08/15/2057<sup>(e)</sup> | $8900000 | $9369765  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class C, 7.00%, 08/15/2057<sup>(e)</sup> | 6000000 | 6208717  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR9, Class AS, 6.18%, 08/15/2057<sup>(e)</sup> | 11200000 | 11726228  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR13, Class AS, 6.10%, 01/15/2058<sup>(e)</sup> | 10000000 | 10474160  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class AS, 6.07%, 04/15/2058<sup>(e)</sup> | 7000000 | 7372366  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class XA, 1.20%, 04/15/2058<sup>(e)(g)</sup> | 66598390 | 2648485  |
| BANK5 Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class D, 4.00%, 08/15/2057<sup>(c)</sup> | 1000000 | 906003  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class D, 4.25%, 04/15/2058<sup>(c)</sup> | 3600000 | 3236772  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR15, Class XA, 1.44%, 07/15/2058<sup>(e)(g)</sup> | 41995931 | 2154185  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR16, Class XA, 1.28%, 08/15/2063<sup>(e)(g)</sup> | 74342000 | 3462560  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-C6, Class XA, 1.13%, 02/15/2053<sup>(e)(g)</sup> | 87507818 | 3172788  |
| &nbsp;&nbsp;&nbsp; Series 2020-C6, Class XB, 0.76%, 02/15/2053<sup>(e)(g)</sup> | 59000000 | 1662083  |
| &nbsp;&nbsp;&nbsp; Series 2020-C7, Class XA, 1.71%, 04/15/2053<sup>(e)(g)</sup> | 21154621 | 991589  |
| &nbsp;&nbsp;&nbsp; Series 2020-C7, Class XB, 1.08%, 04/15/2053<sup>(e)(g)</sup> | 17140000 | 707988  |
| &nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, 1.33%, 07/15/2054<sup>(e)(g)</sup> | 71484255 | 3691004  |
| &nbsp;&nbsp;&nbsp; Series 2021-C10, Class XB, 1.13%, 07/15/2054<sup>(e)(g)</sup> | 74931500 | 3793857  |
| &nbsp;&nbsp;&nbsp; Series 2021-C11, Class XB, 1.08%, 09/15/2054<sup>(e)(g)</sup> | 29540000 | 1520285  |
| &nbsp;&nbsp;&nbsp; Series 2021-C12, Class B, 2.76%, 11/15/2054 | 9000000 | 7601666  |
| &nbsp;&nbsp;&nbsp; Series 2021-C12, Class XA, 1.05%, 11/15/2054<sup>(e)(g)</sup> | 100012596 | 4078824  |
| &nbsp;&nbsp;&nbsp; Series 2021-C12, Class XB, 0.71%, 11/15/2054<sup>(e)(g)</sup> | 59992000 | 2060107  |
| &nbsp;&nbsp;&nbsp; Series 2021-C9, Class AS, 2.53%, 02/15/2054 | 8500000 | 7467681  |
| &nbsp;&nbsp;&nbsp; Series 2021-C9, Class XB, 1.11%, 02/15/2054<sup>(e)(g)</sup> | 68467000 | 3201127  |
| &nbsp;&nbsp;&nbsp; Series 2022-C14, Class XA, 0.81%, 02/15/2055<sup>(e)(g)</sup> | 96835085 | 3206016  |
| &nbsp;&nbsp;&nbsp; Series 2022-C14, Class XB, 0.37%, 02/15/2055<sup>(e)(g)</sup> | 166823000 | 3391061  |
| &nbsp;&nbsp;&nbsp; Series 2022-C15, Class XD, 1.45%, 04/15/2055<sup>(c)(e)(g)</sup> | 25000000 | 2001085  |
| &nbsp;&nbsp;&nbsp; Series 2022-C17, Class XA, 1.32%, 09/15/2055<sup>(e)(g)</sup> | 64870873 | 4191956  |
| &nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, 0.66%, 09/15/2055<sup>(e)(g)</sup> | 52655000 | 1936103  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2023-C19, Class A2B, 5.75%, 04/15/2056 | $10000000 | $10233988  |
| &nbsp;&nbsp;&nbsp; Series 2023-C21, Class A2, 6.51%, 09/15/2056<sup>(e)</sup> | 9616115 | 10132112  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C27, Class XA, 1.04%, 07/15/2057<sup>(c)(e)(g)</sup> | 58664409 | 1588861  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C29, Class AS, 5.63%, 09/15/2057 | 10000000 | 10270668  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class A3, 5.61%, 12/15/2057 | 5000000 | 5232705  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class AS, 5.85%, 12/15/2057<sup>(e)</sup> | 11500000 | 11920619  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class XA, 1.28%, 12/15/2057<sup>(e)(g)</sup> | 80288693 | 3214101  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class XB, 0.94%, 12/15/2057<sup>(c)(e)(g)</sup> | 169223000 | 5089534  |
| &nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, 1.86%, 02/15/2057<sup>(e)(g)</sup> | 63133463 | 6102020  |
| &nbsp;&nbsp;&nbsp; Series 2024-C24, Class XB, 1.57%, 02/15/2057<sup>(e)(g)</sup> | 32630000 | 2921935  |
| &nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, 1.24%, 05/15/2057<sup>(e)(g)</sup> | 116150976 | 8390003  |
| &nbsp;&nbsp;&nbsp; Series 2024-C28, Class AS, 5.84%, 09/15/2057<sup>(e)</sup> | 5000000 | 5223759  |
| &nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, 1.33%, 09/15/2057<sup>(e)(g)</sup> | 36404109 | 2787339  |
| &nbsp;&nbsp;&nbsp; Series 2024-C28, Class XB, 0.82%, 09/15/2057<sup>(c)(e)(g)</sup> | 154907000 | 7569221  |
| &nbsp;&nbsp;&nbsp; Series 2024-C30, Class XA, 1.07%, 11/15/2057<sup>(e)(g)</sup> | 114126804 | 7124126  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C33, Class AS, 6.17%, 03/15/2058<sup>(e)</sup> | 15000000 | 15745210  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C33, Class XA, 1.04%, 03/15/2058<sup>(e)(g)</sup> | 101055846 | 3264892  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C36, Class AS, 5.84%, 08/15/2058<sup>(e)</sup> | 8000000 | 8316029  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C36, Class XA, 1.29%, 08/15/2058<sup>(e)(g)</sup> | 74800000 | 3469022  |
| &nbsp;&nbsp;&nbsp; Series 2025-C32, Class AS, 5.93%, 02/15/2062 | 10000000 | 10487458  |
| &nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, 1.36%, 02/15/2062<sup>(e)(g)</sup> | 63448243 | 5343567  |
| &nbsp;&nbsp;&nbsp; Series 2025-C32, Class XB, 1.00%, 02/15/2062<sup>(c)(e)(g)</sup> | 76851000 | 4761042  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class AS, 5.84%, 07/15/2058<sup>(e)</sup> | 5000000 | 5226039  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XA, 0.86%, 07/15/2058<sup>(e)(g)</sup> | 128675927 | 6676286  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XD, 1.87%, 07/15/2058<sup>(c)(e)(g)</sup> | 12022000 | 1549112  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-B12, Class XB, 0.57%, 08/15/2052<sup>(c)(e)(g)</sup> | 93260000 | 1324096  |
| &nbsp;&nbsp;&nbsp; Series 2019-B13, Class XB, 0.50%, 08/15/2057<sup>(c)(e)(g)</sup> | 82774000 | 1135394  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-B13, Class XD, 1.60%, 08/15/2057<sup>(c)(e)(g)</sup> | $12071000 | $596973  |
| &nbsp;&nbsp;&nbsp; Series 2019-B9, Class XA, 1.17%, 03/15/2052<sup>(e)(g)</sup> | 27170147 | 751548  |
| &nbsp;&nbsp;&nbsp; Series 2019-B9, Class XD, 2.16%, 03/15/2052<sup>(c)(e)(g)</sup> | 11513000 | 659969  |
| &nbsp;&nbsp;&nbsp; Series 2020-B16, Class XA, 1.03%, 02/15/2053<sup>(e)(g)</sup> | 115007203 | 3542682  |
| &nbsp;&nbsp;&nbsp; Series 2020-B16, Class XB, 0.29%, 02/15/2053<sup>(c)(e)(g)</sup> | 70467000 | 672128  |
| &nbsp;&nbsp;&nbsp; Series 2020-B20, Class XB, 0.64%, 10/15/2053<sup>(e)(g)</sup> | 79394000 | 1880209  |
| &nbsp;&nbsp;&nbsp; Series 2021-B23, Class XA, 1.36%, 02/15/2054<sup>(e)(g)</sup> | 65652707 | 3176823  |
| &nbsp;&nbsp;&nbsp; Series 2021-B23, Class XB, 1.01%, 02/15/2054<sup>(c)(e)(g)</sup> | 105441000 | 4776150  |
| &nbsp;&nbsp;&nbsp; Series 2021-B24, Class ASB, 2.26%, 03/15/2054 | 6400000 | 6053483  |
| &nbsp;&nbsp;&nbsp; Series 2021-B24, Class XA, 1.25%, 03/15/2054<sup>(e)(g)</sup> | 66007141 | 2697956  |
| &nbsp;&nbsp;&nbsp; Series 2021-B24, Class XB, 0.70%, 03/15/2054<sup>(e)(g)</sup> | 99123000 | 3060998  |
| &nbsp;&nbsp;&nbsp; Series 2021-B25, Class XA, 1.19%, 04/15/2054<sup>(e)(g)</sup> | 78085157 | 3517369  |
| &nbsp;&nbsp;&nbsp; Series 2021-B25, Class XB, 0.78%, 04/15/2054<sup>(e)(g)</sup> | 93350000 | 3206722  |
| &nbsp;&nbsp;&nbsp; Series 2021-B26, Class B, 2.67%, 06/15/2054<sup>(e)</sup> | 8850000 | 7341437  |
| &nbsp;&nbsp;&nbsp; Series 2021-B26, Class C, 2.97%, 06/15/2054<sup>(e)</sup> | 1650000 | 1276607  |
| &nbsp;&nbsp;&nbsp; Series 2021-B26, Class D, 2.00%, 06/15/2054<sup>(c)</sup> | 2250000 | 1575870  |
| &nbsp;&nbsp;&nbsp; Series 2021-B26, Class XD, 1.46%, 06/15/2054<sup>(c)(e)(g)</sup> | 10836000 | 747735  |
| &nbsp;&nbsp;&nbsp; Series 2021-B27, Class B, 2.36%, 07/15/2054 | 6000000 | 4841319  |
| &nbsp;&nbsp;&nbsp; Series 2021-B27, Class C, 2.70%, 07/15/2054 | 2000000 | 1478803  |
| &nbsp;&nbsp;&nbsp; Series 2021-B27, Class D, 2.00%, 07/15/2054<sup>(c)</sup> | 5000000 | 3275625  |
| &nbsp;&nbsp;&nbsp; Series 2021-B27, Class XA, 1.35%, 07/15/2054<sup>(e)(g)</sup> | 50502557 | 2583650  |
| &nbsp;&nbsp;&nbsp; Series 2021-B27, Class XD, 1.60%, 07/15/2054<sup>(c)(e)(g)</sup> | 28014000 | 2136625  |
| &nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, 1.35%, 08/15/2054<sup>(e)(g)</sup> | 109511819 | 5683236  |
| &nbsp;&nbsp;&nbsp; Series 2021-B28, Class XB, 1.07%, 08/15/2054<sup>(e)(g)</sup> | 32491000 | 1641663  |
| &nbsp;&nbsp;&nbsp; Series 2021-B29, Class C, 2.75%, 09/15/2054<sup>(e)</sup> | 7050000 | 5676707  |
| &nbsp;&nbsp;&nbsp; Series 2021-B29, Class D, 2.00%, 09/15/2054<sup>(c)</sup> | 6000000 | 4290708  |
| &nbsp;&nbsp;&nbsp; Series 2021-B29, Class XD, 1.41%, 09/15/2054<sup>(c)(e)(g)</sup> | 27615000 | 1776962  |
| &nbsp;&nbsp;&nbsp; Series 2021-B30, Class C, 2.99%, 11/15/2054<sup>(e)</sup> | 8181000 | 6342770  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-B30, Class E, 2.00%, 11/15/2054<sup>(c)</sup> | $2250000 | $1257352  |
| &nbsp;&nbsp;&nbsp; Series 2021-B30, Class XB, 0.59%, 11/15/2054<sup>(c)(e)(g)</sup> | 83683000 | 2497226  |
| &nbsp;&nbsp;&nbsp; Series 2021-B30, Class XD, 1.41%, 11/15/2054<sup>(c)(e)(g)</sup> | 18582000 | 1227592  |
| &nbsp;&nbsp;&nbsp; Series 2021-B31, Class XA, 0.87%, 12/15/2054<sup>(e)(g)</sup> | 142230563 | 5086350  |
| &nbsp;&nbsp;&nbsp; Series 2021-B31, Class XB, 0.54%, 12/15/2054<sup>(c)(e)(g)</sup> | 124409000 | 3199999  |
| &nbsp;&nbsp;&nbsp; Series 2021-B31, Class XD, 1.26%, 12/15/2054<sup>(c)(e)(g)</sup> | 31991000 | 2026460  |
| &nbsp;&nbsp;&nbsp; Series 2022-B32, Class AS, 3.53%, 01/15/2055<sup>(e)</sup> | 10000000 | 8789937  |
| &nbsp;&nbsp;&nbsp; Series 2022-B32, Class XD, 1.64%, 01/15/2055<sup>(c)(e)(g)</sup> | 39202000 | 2935736  |
| &nbsp;&nbsp;&nbsp; Series 2022-B33, Class XD, 1.73%, 03/15/2055<sup>(c)(e)(g)</sup> | 21919000 | 1864952  |
| &nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2, 5.63%, 04/15/2056 | 12000000 | 12321392  |
| &nbsp;&nbsp;&nbsp; Series 2024-V10, Class AS, 5.73%, 09/15/2057<sup>(e)</sup> | 10000000 | 10311686  |
| &nbsp;&nbsp;&nbsp; Series 2024-V10, Class XA, 1.52%, 09/15/2057<sup>(e)(g)</sup> | 62996187 | 2895809  |
| &nbsp;&nbsp;&nbsp; Series 2024-V11, Class AM, 6.20%, 11/15/2057<sup>(e)</sup> | 10000000 | 10502483  |
| &nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3, 5.74%, 12/15/2057 | 6000000 | 6296654  |
| &nbsp;&nbsp;&nbsp; Series 2024-V12, Class AS, 6.03%, 12/15/2057<sup>(e)</sup> | 10000000 | 10468364  |
| &nbsp;&nbsp;&nbsp; Series 2024-V5, Class AM, 6.42%, 01/10/2057<sup>(e)</sup> | 5900000 | 6183522  |
| &nbsp;&nbsp;&nbsp; Series 2024-V6, Class XA, 1.58%, 03/15/2057<sup>(e)(g)</sup> | 117275141 | 4797972  |
| &nbsp;&nbsp;&nbsp; Series 2024-V8, Class AM, 6.86%, 07/15/2057<sup>(e)</sup> | 5140000 | 5477176  |
| &nbsp;&nbsp;&nbsp; Series 2024-V9, Class AS, 6.06%, 08/15/2057<sup>(e)</sup> | 10000000 | 10434848  |
| &nbsp;&nbsp;&nbsp; Series 2025-B41, Class AS, 5.75%, 07/15/2068 | 5250000 | 5407474  |
| &nbsp;&nbsp;&nbsp; Series 2025-B41, Class XA, 1.21%, 07/15/2068<sup>(e)(g)</sup> | 84876500 | 6509264  |
| &nbsp;&nbsp;&nbsp; Series 2025-V13, Class AS, 6.13%, 02/15/2058<sup>(e)</sup> | 15000000 | 15726729  |
| &nbsp;&nbsp;&nbsp; Series 2025-V13, Class XA, 1.13%, 02/15/2058<sup>(e)(g)</sup> | 100000000 | 3306930  |
| &nbsp;&nbsp;&nbsp; Series 2025-V14, Class AM, 6.09%, 04/15/2057<sup>(e)</sup> | 10000000 | 10476040  |
| &nbsp;&nbsp;&nbsp; Series 2025-V14, Class XA, 0.98%, 04/15/2057<sup>(e)(g)</sup> | 181873513 | 5683238  |
| &nbsp;&nbsp;&nbsp; Series 2025-V15, Class AS, 6.17%, 06/15/2058 | 6000000 | 6319217  |
| &nbsp;&nbsp;&nbsp; Series 2025-V15, Class B, 6.43%, 06/15/2058 | 10000000 | 10492566  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-V15, Class XA, 1.35%, 06/15/2058<sup>(e)(g)</sup> | $94584871 | $4440911  |
| &nbsp;&nbsp;&nbsp; Series 2025-V16, Class AS, 5.86%, 08/15/2058<sup>(e)</sup> | 10000000 | 10401108  |
| &nbsp;&nbsp;&nbsp; Series 2025-V16, Class XA, 1.17%, 08/15/2058<sup>(e)(g)</sup> | 104609000 | 4304054  |
| BMO Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C1, Class C, 3.62%, 02/17/2055<sup>(e)</sup> | 2000000 | 1739573  |
| &nbsp;&nbsp;&nbsp; Series 2022-C1, Class XD, 1.89%, 02/17/2055<sup>(c)(e)(g)</sup> | 30550000 | 2963002  |
| &nbsp;&nbsp;&nbsp; Series 2023-C5, Class A2, 6.52%, 06/15/2056 | 10000000 | 10296582  |
| &nbsp;&nbsp;&nbsp; Series 2023-C7, Class XA, 1.04%, 12/15/2056<sup>(c)(e)(g)</sup> | 100185575 | 4794571  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C3, Class AS, 6.29%, 02/15/2057<sup>(e)</sup> | 5750000 | 6011202  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C3, Class XA, 1.35%, 02/15/2057<sup>(e)(g)</sup> | 101189000 | 3266290  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C7, Class AS, 5.89%, 11/15/2057<sup>(e)</sup> | 5500000 | 5712897  |
| &nbsp;&nbsp;&nbsp; Series 2024-C10, Class XB, 0.41%, 11/15/2057<sup>(e)(g)</sup> | 135745000 | 3249857  |
| &nbsp;&nbsp;&nbsp; Series 2024-C9, Class XA, 1.08%, 07/15/2057<sup>(e)(g)</sup> | 49942869 | 3192653  |
| &nbsp;&nbsp;&nbsp; Series 2024-C9, Class XB, 0.55%, 07/15/2057<sup>(e)(g)</sup> | 181757000 | 5929531  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C10, Class XA, 1.58%, 05/15/2058<sup>(e)(g)</sup> | 72227124 | 3895368  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C11, Class AS, 5.94%, 07/15/2058 | 6000000 | 6266935  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C11, Class XA, 1.33%, 07/15/2058<sup>(e)(g)</sup> | 61971517 | 2975135  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C11, Class XD, 2.40%, 07/15/2058<sup>(c)(e)(g)</sup> | 23390000 | 2205983  |
| &nbsp;&nbsp;&nbsp; Series 2025-C11, Class AS, 5.98%, 02/15/2058 | 5174000 | 5439212  |
| &nbsp;&nbsp;&nbsp; Series 2025-C11, Class ASB, 5.68%, 02/15/2058 | 4500000 | 4783532  |
| &nbsp;&nbsp;&nbsp; Series 2025-C11, Class XA, 1.33%, 02/15/2058<sup>(e)(g)</sup> | 130903990 | 10690863  |
| California Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class X, 0.80%, 11/20/2035<sup>(g)</sup> | 27012023 | 1150442  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class X, 0.79%, 08/20/2036<sup>(g)</sup> | 24728439 | 1120446  |
|  Cantor Commercial Real Estate Lending LP, Series 2019-CF2, Class XB, 0.74%, 11/15/2052<sup>(e)(g)</sup> | 134736000 | 3039429  |
|  CCUBS Commercial Mortgage Trust, Series 2017-C1, Class XB, 0.40%, 11/15/2050<sup>(e)(g)</sup> | 40062667 | 256161  |
| Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C1, Class B, 4.12%, 05/10/2049 | 13459943 | 13264627  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2016-C1, Class C, 5.11%, 05/10/2049<sup>(e)</sup> | $8348000 | $8226620  |
| &nbsp;&nbsp;&nbsp; Series 2016-C2, Class B, 3.18%, 08/10/2049 | 9403500 | 9152219  |
| &nbsp;&nbsp;&nbsp; Series 2016-P6, Class B, 4.29%, 12/10/2049<sup>(e)</sup> | 6835000 | 6334162  |
| &nbsp;&nbsp;&nbsp; Series 2017-B1, Class XB, 0.28%, 08/15/2050<sup>(e)(g)</sup> | 38016000 | 133459  |
| &nbsp;&nbsp;&nbsp; Series 2017-C4, Class XA, 1.12%, 10/12/2050<sup>(e)(g)</sup> | 29995697 | 509117  |
| &nbsp;&nbsp;&nbsp; Series 2017-C4, Class XB, 0.35%, 10/12/2050<sup>(e)(g)</sup> | 42746500 | 239068  |
| &nbsp;&nbsp;&nbsp; Series 2017-P7, Class XB, 0.72%, 04/14/2050<sup>(e)(g)</sup> | 45124000 | 354508  |
| &nbsp;&nbsp;&nbsp; Series 2017-P8, Class B, 4.19%, 09/15/2050 | 4160000 | 3775273  |
| &nbsp;&nbsp;&nbsp; Series 2018-B2, Class XB, 0.52%, 03/10/2051<sup>(e)(g)</sup> | 49202000 | 453446  |
| &nbsp;&nbsp;&nbsp; Series 2018-C5, Class XB, 0.48%, 06/10/2051<sup>(c)(e)(g)</sup> | 28400000 | 268471  |
| &nbsp;&nbsp;&nbsp; Series 2019-C7, Class B, 3.67%, 12/15/2072<sup>(e)</sup> | 10000000 | 9287184  |
| &nbsp;&nbsp;&nbsp; Series 2019-C7, Class XA, 0.94%, 12/15/2072<sup>(e)(g)</sup> | 68996479 | 2090718  |
| &nbsp;&nbsp;&nbsp; Series 2019-C7, Class XB, 0.38%, 12/15/2072<sup>(c)(e)(g)</sup> | 50711000 | 575119  |
| &nbsp;&nbsp;&nbsp; Series 2019-C7, Class XD, 1.30%, 12/15/2072<sup>(c)(e)(g)</sup> | 39933000 | 1831862  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 10339000 | 9503787  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, 1.16%, 08/10/2056<sup>(e)(g)</sup> | 48966650 | 1474435  |
| &nbsp;&nbsp;&nbsp; Series 2020-GC46, Class XA, 1.08%, 02/15/2053<sup>(e)(g)</sup> | 82817904 | 2934230  |
| &nbsp;&nbsp;&nbsp; Series 2020-GC46, Class XB, 0.43%, 02/15/2053<sup>(c)(e)(g)</sup> | 92457000 | 1390498  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2017-CD3, Class XB, 0.70%, 02/10/2050<sup>(e)(g)</sup> | 61857000 | 496910  |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC44, Class XD, 1.13%, 08/15/2057<sup>(c)(e)(g)</sup> | 19460000 | 754850  |
| &nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 6.34%, 08/10/2044<sup>(c)</sup> | 8000000 | 8460122  |
| &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, 12/10/2041<sup>(c)(e)</sup> | 7250000 | 7394952  |
|  Computershare Corporate Trust, Series 2025-5C5, Class AS, 5.92%, 07/15/2058 | 10000000 | 10422201  |
| CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-C1, Class XD, 0.50%, 04/15/2050<sup>(c)(e)(g)</sup> | 62192000 | 4204  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2016-C5, Class XD, 1.00%, 11/15/2048<sup>(c)(e)(g)</sup> | $46821000 | $2486  |
| &nbsp;&nbsp;&nbsp; Series 2017-C8, Class XB, 0.43%, 06/15/2050<sup>(e)(g)</sup> | 74773000 | 393530  |
| &nbsp;&nbsp;&nbsp; Series 2019-C17, Class XA, 1.46%, 09/17/2052<sup>(e)(g)</sup> | 77672607 | 3104279  |
| &nbsp;&nbsp;&nbsp; Series 2019-C18, Class C, 4.04%, 12/15/2052<sup>(e)</sup> | 7737000 | 7011071  |
| &nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA, 1.12%, 12/15/2052<sup>(e)(g)</sup> | 91337157 | 2958036  |
| GS Mortgage Securities Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-BWTR, Class A, 2.95%, 11/05/2034<sup>(c)</sup> | 424558 | 363358  |
| &nbsp;&nbsp;&nbsp; Series 2012-BWTR, Class B, 3.26%, 11/05/2034<sup>(c)</sup> | 6608000 | 3970408  |
| &nbsp;&nbsp;&nbsp; Series 2016-GS3, Class B, 3.40%, 10/10/2049<sup>(e)</sup> | 10417000 | 10022862  |
| &nbsp;&nbsp;&nbsp; Series 2017-GS8, Class XB, 0.51%, 11/10/2050<sup>(e)(g)</sup> | 44642000 | 343493  |
| &nbsp;&nbsp;&nbsp; Series 2018-GS10, Class XD, 1.55%, 07/10/2051<sup>(c)(e)(g)</sup> | 24049000 | 971993  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC38, Class XD, 2.06%, 02/10/2052<sup>(c)(e)(g)</sup> | 20916000 | 1193406  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC39, Class XB, 0.77%, 05/10/2052<sup>(e)(g)</sup> | 69588000 | 1540323  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC39, Class XD, 1.75%, 05/10/2052<sup>(c)(e)(g)</sup> | 24645000 | 1288946  |
| &nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class XA, 0.93%, 11/10/2052<sup>(e)(g)</sup> | 69276294 | 1909927  |
| &nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XB, 1.03%, 12/12/2053<sup>(c)(e)(g)</sup> | 73324000 | 3187937  |
|  JP Morgan Chase Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-CB20, Class X1, 0.00%, 02/12/2051<sup>(b)(c)(e)(g)</sup> | 69577 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP6, Class XB, 0.70%, 07/15/2050<sup>(e)(g)</sup> | 68830000 | 666715  |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, <br>Series 2015-C32, Class XD, 0.50%, 11/15/2048<sup>(c)(e)(g)</sup> | 23066000 | 611  |
|  JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class B, 3.64%, 12/15/2049<sup>(e)</sup> | 5500000 | 5154206  |
|  Mcp Holding Co. LLC, Series 2015-GC30, Class B, 4.11%, 05/10/2050<sup>(e)</sup> | 2960000 | 2848353  |
|  Morgan Stanley ABS Capital I, Inc., Series 2021-L7, Class XB, 0.52%, 10/15/2054<sup>(e)(g)</sup> | 143080000 | 3479119  |
|  Morgan Stanley Bank of America Merrill Lynch Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-C27, Class B, 4.62%, 12/15/2047<sup>(e)</sup> | 3000000 | 2934475  |
| &nbsp;&nbsp;&nbsp; Series 2016-C31, Class XD, 1.40%, 11/15/2049<sup>(c)(e)(g)</sup> | 21212500 | 247921  |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2017-C34, Class B, 4.11%, 11/15/2052<sup>(e)</sup> | $11524000 | $10766358  |
| &nbsp;&nbsp;&nbsp; Series 2017-C34, Class D, 2.70%, 11/15/2052<sup>(c)</sup> | 4953000 | 3536083  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C1, Class AS, 6.01%, 03/15/2058<sup>(e)</sup> | 2396000 | 2500538  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C1, Class XA, 1.38%, 03/15/2058<sup>(e)(g)</sup> | 47997431 | 2183053  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class AS, 5.97%, 08/15/2058<sup>(e)</sup> | 10000000 | 10500176  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class ASB, 5.49%, 08/15/2058 | 4443000 | 4647969  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XA, 1.18%, 08/15/2058<sup>(e)(g)</sup> | 106400000 | 7846521  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XD, 2.21%, 08/15/2058<sup>(c)(e)(g)</sup> | 18091000 | 2787982  |
|  Morgan Stanley Capital I Trust, Series 2016-BN2, Class XB, 0.64%, 11/15/2049<sup>(e)(g)</sup> | 58680000 | 326853  |
| Morgan Stanley Capital I, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-H1, Class B, 4.08%, 06/15/2050 | 1270000 | 1225090  |
| &nbsp;&nbsp;&nbsp; Series 2017-H1, Class C, 4.28%, 06/15/2050<sup>(e)</sup> | 7959000 | 7441213  |
| &nbsp;&nbsp;&nbsp; Series 2017-H1, Class XD, 2.29%, 06/15/2050<sup>(c)(e)(g)</sup> | 8725000 | 283424  |
| &nbsp;&nbsp;&nbsp; Series 2017-HR2, Class A3, 3.33%, 12/15/2050 | 11633844 | 11409616  |
| &nbsp;&nbsp;&nbsp; Series 2017-HR2, Class B, 4.06%, 12/15/2050<sup>(e)</sup> | 6000000 | 5847536  |
| &nbsp;&nbsp;&nbsp; Series 2017-HR2, Class C, 4.46%, 12/15/2050<sup>(e)</sup> | 10576000 | 10100446  |
| &nbsp;&nbsp;&nbsp; Series 2018-H3, Class XB, 0.50%, 07/15/2051<sup>(e)(g)</sup> | 135712000 | 1315769  |
| &nbsp;&nbsp;&nbsp; Series 2018-H3, Class XD, 2.00%, 07/15/2051<sup>(c)(e)(g)</sup> | 15363500 | 688833  |
| &nbsp;&nbsp;&nbsp; Series 2019-H7, Class C, 4.13%, 07/15/2052 | 10401000 | 9517277  |
| &nbsp;&nbsp;&nbsp; Series 2019-H7, Class D, 3.00%, 07/15/2052<sup>(c)</sup> | 2402000 | 2019211  |
| &nbsp;&nbsp;&nbsp; Series 2019-H7, Class XB, 0.78%, 07/15/2052<sup>(e)(g)</sup> | 130723000 | 3017571  |
| &nbsp;&nbsp;&nbsp; Series 2019-L2, Class XB, 0.78%, 03/15/2052<sup>(e)(g)</sup> | 127093000 | 2549651  |
| &nbsp;&nbsp;&nbsp; Series 2021-L5, Class B, 3.10%, 05/15/2054 | 10627000 | 9469621  |
| &nbsp;&nbsp;&nbsp; Series 2021-L5, Class D, 2.50%, 05/15/2054<sup>(c)</sup> | 3500000 | 2723545  |
| &nbsp;&nbsp;&nbsp; Series 2021-L5, Class XB, 0.83%, 05/15/2054<sup>(e)(g)</sup> | 70387500 | 2575985  |
| &nbsp;&nbsp;&nbsp; Series 2021-L6, Class B, 2.95%, 06/15/2054<sup>(e)</sup> | 7500000 | 6445142  |
|  MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 1.14%, 12/15/2056<sup>(e)(g)</sup> | 22516377 | 1302284  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  New Hampshire Business Finance Authority, Series 2023-2, Class X, 0.81%, 01/20/2038<sup>(e)(g)</sup> | $32188185 | $1668635  |
| UBS Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C1, Class XB, 1.06%, 06/15/2050<sup>(e)(g)</sup> | 13000000 | 172903  |
| &nbsp;&nbsp;&nbsp; Series 2017-C6, Class XB, 0.70%, 12/15/2050<sup>(e)(g)</sup> | 63420500 | 716759  |
| &nbsp;&nbsp;&nbsp; Series 2017-C7, Class XB, 0.48%, 12/15/2050<sup>(e)(g)</sup> | 170396000 | 1579827  |
| &nbsp;&nbsp;&nbsp; Series 2018-C12, Class XA, 1.01%, 08/15/2051<sup>(e)(g)</sup> | 39011234 | 804345  |
| &nbsp;&nbsp;&nbsp; Series 2018-C12, Class XB, 0.39%, 08/15/2051<sup>(e)(g)</sup> | 139858000 | 1209100  |
| &nbsp;&nbsp;&nbsp; Series 2018-C13, Class XB, 0.41%, 10/15/2051<sup>(e)(g)</sup> | 128678000 | 1344003  |
| &nbsp;&nbsp;&nbsp; Series 2018-C13, Class XD, 2.19%, 10/15/2051<sup>(c)(e)(g)</sup> | 16442000 | 931559  |
| &nbsp;&nbsp;&nbsp; Series 2018-C14, Class XB, 0.39%, 12/15/2051<sup>(e)(g)</sup> | 114392000 | 1147432  |
| &nbsp;&nbsp;&nbsp; Series 2018-C8, Class A3, 3.72%, 02/15/2051 | 2000458 | 1987091  |
| &nbsp;&nbsp;&nbsp; Series 2019-C17, Class XB, 0.99%, 10/15/2052<sup>(e)(g)</sup> | 128213000 | 3979155  |
| &nbsp;&nbsp;&nbsp; Series 2019-C18, Class AS, 3.38%, 12/15/2052<sup>(e)</sup> | 9000000 | 8313711  |
|  UBS-Barclays Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-C3, Class XB, 0.92%, 05/15/2052<sup>(e)(g)</sup> | 56340000 | 1479697  |
| &nbsp;&nbsp;&nbsp; Series 2019-C4, Class XB, 1.25%, 08/15/2052<sup>(e)(g)</sup> | 43170000 | 1683712  |
| &nbsp;&nbsp;&nbsp; Series 2019-C5, Class XB, 0.47%, 11/15/2052<sup>(e)(g)</sup> | 174774000 | 2161535  |
| &nbsp;&nbsp;&nbsp; Series 2019-C5, Class XD, 1.45%, 11/15/2052<sup>(c)(e)(g)</sup> | 12996000 | 620581  |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Series 2021-1, Class X, 0.73%, <br>12/20/2035<sup>(e)(g)</sup> | 19867786 | 773850  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial <br>Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-C28, Class C, 4.28%, 05/15/2048<sup>(e)</sup> | 690592 | 658673  |
| &nbsp;&nbsp;&nbsp; Series 2015-C28, Class D, 4.28%, 05/15/2048<sup>(e)</sup> | 4376000 | 3868946  |
| &nbsp;&nbsp;&nbsp; Series 2016-C37, Class C, 4.61%, 12/15/2049<sup>(e)</sup> | 11213000 | 10871621  |
| &nbsp;&nbsp;&nbsp; Series 2016-C37, Class D, 3.31%, 12/15/2049<sup>(c)(e)</sup> | 9625000 | 8829272  |
| &nbsp;&nbsp;&nbsp; Series 2016-LC24, Class XB, 1.12%, 10/15/2049<sup>(e)(g)</sup> | 66264075 | 564828  |
| &nbsp;&nbsp;&nbsp; Series 2017-C40, Class B, 4.37%, 10/15/2050<sup>(e)</sup> | 2000000 | 1895122  |
| &nbsp;&nbsp;&nbsp; Series 2017-C40, Class C, 4.44%, 10/15/2050<sup>(e)</sup> | 1670000 | 1533834  |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2017-C42, Class XB, 0.45%, 12/15/2050<sup>(e)(g)</sup> | $116750000 | $851773  |
| &nbsp;&nbsp;&nbsp; Series 2017-RB1, Class XB, 0.88%, 03/15/2050<sup>(e)(g)</sup> | 69254209 | 743389  |
| &nbsp;&nbsp;&nbsp; Series 2018-C43, Class C, 4.51%, 03/15/2051<sup>(e)</sup> | 4033000 | 3715407  |
| &nbsp;&nbsp;&nbsp; Series 2018-C45, Class B, 4.56%, 06/16/2051 | 3477000 | 3386504  |
| &nbsp;&nbsp;&nbsp; Series 2018-C45, Class C, 4.73%, 06/15/2051 | 4004000 | 3819537  |
| &nbsp;&nbsp;&nbsp; Series 2018-C47, Class AS, 4.67%, 09/15/2061<sup>(e)</sup> | 8000000 | 7974649  |
| &nbsp;&nbsp;&nbsp; Series 2018-C47, Class XB, 0.27%, 09/15/2061<sup>(e)(g)</sup> | 164144000 | 891006  |
| &nbsp;&nbsp;&nbsp; Series 2018-C48, Class B, 4.90%, 01/15/2052<sup>(e)</sup> | 5000000 | 4846811  |
| &nbsp;&nbsp;&nbsp; Series 2018-C48, Class XB, 0.37%, 01/15/2052<sup>(e)(g)</sup> | 138642000 | 1261407  |
| &nbsp;&nbsp;&nbsp; Series 2019-C49, Class B, 4.55%, 03/15/2052 | 8947000 | 8741512  |
| &nbsp;&nbsp;&nbsp; Series 2019-C49, Class D, 3.00%, 03/15/2052<sup>(c)</sup> | 3250000 | 2836955  |
| &nbsp;&nbsp;&nbsp; Series 2019-C49, Class XB, 0.77%, 03/15/2052<sup>(e)(g)</sup> | 125812000 | 2488083  |
| &nbsp;&nbsp;&nbsp; Series 2019-C50, Class XB, 1.03%, 05/15/2052<sup>(e)(g)</sup> | 36427311 | 1067437  |
| &nbsp;&nbsp;&nbsp; Series 2019-C51, Class XB, 0.77%, 06/15/2052<sup>(e)(g)</sup> | 130394000 | 2913967  |
| &nbsp;&nbsp;&nbsp; Series 2019-C52, Class C, 3.56%, 08/15/2052 | 7073000 | 5995262  |
| &nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA, 1.71%, 08/15/2052<sup>(e)(g)</sup> | 50803110 | 2449101  |
| &nbsp;&nbsp;&nbsp; Series 2019-C52, Class XB, 1.23%, 08/15/2052<sup>(e)(g)</sup> | 113763146 | 4405375  |
| &nbsp;&nbsp;&nbsp; Series 2019-C53, Class B, 3.51%, 10/15/2052<sup>(e)</sup> | 5200000 | 4814593  |
| &nbsp;&nbsp;&nbsp; Series 2019-C53, Class C, 3.58%, 10/15/2052<sup>(e)</sup> | 3275000 | 2952670  |
| &nbsp;&nbsp;&nbsp; Series 2019-C53, Class XB, 0.63%, 10/15/2052<sup>(e)(g)</sup> | 105325000 | 1989115  |
| &nbsp;&nbsp;&nbsp; Series 2020-C55, Class XB, 0.92%, 02/15/2053<sup>(e)(g)</sup> | 58030370 | 1848540  |
| &nbsp;&nbsp;&nbsp; Series 2020-C56, Class XB, 0.30%, 06/15/2053<sup>(e)(g)</sup> | 127035000 | 1399367  |
| &nbsp;&nbsp;&nbsp; Series 2020-C57, Class C, 4.16%, 08/15/2053<sup>(e)</sup> | 6290000 | 5765671  |
| &nbsp;&nbsp;&nbsp; Series 2020-C57, Class D, 2.50%, 08/15/2053<sup>(c)</sup> | 3254077 | 2575071  |
| &nbsp;&nbsp;&nbsp; Series 2020-C57, Class XA, 2.17%, 08/15/2053<sup>(e)(g)</sup> | 21620091 | 1640459  |
| &nbsp;&nbsp;&nbsp; Series 2020-C57, Class XB, 0.81%, 08/15/2053<sup>(e)(g)</sup> | 74972000 | 2422698  |
| &nbsp;&nbsp;&nbsp; Series 2020-C58, Class XB, 1.23%, 07/15/2053<sup>(e)(g)</sup> | 109974000 | 5502472  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-C59, Class C, 3.28%, 04/15/2054 | $7648000 | $6320809  |
| &nbsp;&nbsp;&nbsp; Series 2021-C59, Class XB, 1.03%, 04/15/2054<sup>(e)(g)</sup> | 65782000 | 2902466  |
| &nbsp;&nbsp;&nbsp; Series 2021-C59, Class XD, 1.58%, 04/15/2054<sup>(c)(e)(g)</sup> | 40274000 | 2746989  |
| &nbsp;&nbsp;&nbsp; Series 2021-C60, Class B, 2.73%, 08/15/2054 | 7114678 | 6090677  |
| &nbsp;&nbsp;&nbsp; Series 2021-C60, Class C, 2.74%, 08/15/2054 | 4475000 | 3698023  |
| &nbsp;&nbsp;&nbsp; Series 2021-C60, Class XA, 1.62%, 08/15/2054<sup>(e)(g)</sup> | 39973637 | 2549299  |
| &nbsp;&nbsp;&nbsp; Series 2021-C60, Class XB, 1.21%, 08/15/2054<sup>(e)(g)</sup> | 40551000 | 2329481  |
| &nbsp;&nbsp;&nbsp; Series 2021-C61, Class AS, 2.86%, 11/15/2054 | 5400000 | 4777113  |
| &nbsp;&nbsp;&nbsp; Series 2021-C61, Class B, 3.11%, 11/15/2054 | 6221000 | 5453759  |
| &nbsp;&nbsp;&nbsp; Series 2021-C61, Class XD, 1.53%, 11/15/2054<sup>(c)(e)(g)</sup> | 9132000 | 679369  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C1, Class AS, 6.52%, 07/15/2057 | 6000000 | 6315932  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C2, Class AS, 6.35%, 11/15/2057<sup>(e)</sup> | 12901000 | 13560377  |
| &nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, 1.21%, 08/15/2057<sup>(e)(g)</sup> | 70679187 | 5116495  |
| &nbsp;&nbsp;&nbsp; Series 2024-C63, Class XB, 0.59%, 08/15/2057<sup>(e)(g)</sup> | 147039000 | 4958508  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C3, Class AS, 6.39%, 01/15/2058<sup>(e)</sup> | 5000000 | 5296019  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C3, Class B, 6.54%, 01/15/2058<sup>(e)</sup> | 1500000 | 1573853  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C4, Class AS, 6.09%, 05/15/2058 | 6000000 | 6298741  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C4, Class XA, 1.35%, 05/15/2058<sup>(e)(g)</sup> | 41321764 | 1910045  |
| &nbsp;&nbsp;&nbsp; Series 2025-C64, Class AS, 5.84%, 02/15/2058<sup>(e)</sup> | 14500000 | 15031366  |
| &nbsp;&nbsp;&nbsp; Series 2025-C64, Class XA, 1.24%, 02/15/2058<sup>(e)(g)</sup> | 105037120 | 7777757  |
| &nbsp;&nbsp;&nbsp; Series 2025-C64, Class XD, 2.35%, 02/15/2058<sup>(c)(e)(g)</sup> | 10909000 | 1717479  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $1,527,983,686)** |  | 1471278829  |
| **U.S. TREASURY SECURITIES - 12.4%** | **U.S. TREASURY SECURITIES - 12.4%** |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | 200000000 | 189156250  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 65000000 | 64410938  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 44750000 | 42905810  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 10000000 | 9730469  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 | 250000000 | 246328125  |
| &nbsp;&nbsp;&nbsp; 4.88%, 08/15/2045 | 55000000 | 55060156  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 12500000 | 11925781  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - (Continued)**  | **U.S. TREASURY SECURITIES - (Continued)**  | **U.S. TREASURY SECURITIES - (Continued)**  |
|  United States Treasury Strip Principal<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2042<sup>(b)</sup> | $100000000 | $45037255  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2042<sup>(b)</sup> | 150000000 | 66592139  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2042<sup>(b)</sup> | 175000000 | 76395536  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2042<sup>(b)</sup> | 150000000 | 64450165  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2043<sup>(b)</sup> | 150000000 | 63539847  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2043<sup>(b)</sup> | 150000000 | 62660573  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2044<sup>(b)</sup> | 150000000 | 60051863  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2044<sup>(b)</sup> | 150000000 | 59203734  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2044<sup>(b)</sup> | 150000000 | 58368354  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2044<sup>(b)</sup> | 75000000 | 28781027  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,232,022,143)** |  | 1204598022  |
| **COLLATERALIZED LOAN OBLIGATIONS - 10.0%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.0%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.0%** |
| Alinea CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class CR, 5.68% (3 mo. Term SOFR + 1.35%), 07/20/2031<sup>(c)</sup> | 6720000 | 6725974  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class DR, 6.58% (3 mo. Term SOFR + 2.25%), 07/20/2031<sup>(c)</sup> | 3000000 | 2991786  |
| Allegany Park CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class BRR, 5.77% (3 mo. Term SOFR + 1.50%), 01/20/2035<sup>(c)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class DRR, 7.12% (3 mo. Term SOFR + 2.85%), 01/20/2035<sup>(c)</sup> | 4850000 | 4850000  |
|  Allegro CLO Ltd., Series 2019-1A, Class ARR, 5.46% (3 mo. Term SOFR + 1.13%), 04/20/2032<sup>(c)</sup> | 670432 | 670843  |
|  Annisa CLO Ltd., Series 2016-2A, Class BRR, 5.83% (3 mo. Term SOFR + 1.50%), 07/20/2031<sup>(c)</sup> | 14415000 | 14438655  |
| ApidosCLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-11A, Class ER4, 10.32% (3 mo. Term SOFR + 6.00%), 04/17/2034<sup>(c)</sup> | 4500000 | 4544757  |
| &nbsp;&nbsp;&nbsp; Series 2013-12A, Class BRR, 5.77% (3 mo. Term SOFR + 1.45%), 04/15/2031<sup>(c)</sup> | 7230000 | 7240650  |
| &nbsp;&nbsp;&nbsp; Series 2013-12A, Class CRR, 6.12% (3 mo. Term SOFR + 1.80%), 04/15/2031<sup>(c)</sup> | 6110000 | 6129583  |
| &nbsp;&nbsp;&nbsp; Series 2013-12A, Class ER, 9.98% (3 mo. Term SOFR + 5.66%), 04/15/2031<sup>(c)</sup> | 5000000 | 4974670  |
| &nbsp;&nbsp;&nbsp; Series 2015-23A, Class DRR, 6.92% (3 mo. Term SOFR + 2.60%), 04/15/2033<sup>(c)</sup> | 5000000 | 4999615  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2016-24A, Class DR, 10.39% (3 mo. Term SOFR + 6.06%), 10/20/2030<sup>(c)</sup> | $2550000 | $2530890  |
| &nbsp;&nbsp;&nbsp; Series 2019-31A, Class ER, 11.18% (3 mo. Term SOFR + 6.86%), 04/15/2031<sup>(c)</sup> | 4400000 | 4436960  |
| &nbsp;&nbsp;&nbsp; Series 2019-32A, Class B1R, 5.83% (3 mo. Term SOFR + 1.50%), 01/20/2033<sup>(c)</sup> | 7160000 | 7164153  |
| &nbsp;&nbsp;&nbsp; Series 2023-46A, Class D, 9.32% (3 mo. Term SOFR + 5.00%), 10/24/2036<sup>(c)</sup> | 3500000 | 3507399  |
| &nbsp;&nbsp;&nbsp; Series XXXA, Class A2R, 5.83% (3 mo. Term SOFR + 1.50%), 10/18/2031<sup>(c)</sup> | 9000000 | 9005769  |
| &nbsp;&nbsp;&nbsp; Series XXXA, Class BR, 6.18% (3 mo. Term SOFR + 1.85%), 10/18/2031<sup>(c)</sup> | 7680000 | 7689892  |
| ARES CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2A, Class D2R2, 0.00% (3 mo. Term SOFR + 4.00%), 07/17/2038<sup>(c)</sup> | 1910000 | 1910000  |
| &nbsp;&nbsp;&nbsp; Series 2017-44A, Class A3R3, 5.79% (3 mo. Term SOFR + 1.50%), 04/15/2034<sup>(c)</sup> | 15000000 | 15000000  |
| &nbsp;&nbsp;&nbsp; Series 2019-52A, Class BRR, 5.68% (3 mo. Term SOFR + 1.35%), 04/22/2031<sup>(c)</sup> | 10760000 | 10739825  |
| &nbsp;&nbsp;&nbsp; Series 2019-52A, Class DRR, 6.83% (3 mo. Term SOFR + 2.50%), 04/22/2031<sup>(c)</sup> | 5750000 | 5730162  |
| &nbsp;&nbsp;&nbsp; Series 2022-66A, Class DR, 9.32% (3 mo. Term SOFR + 5.00%), 07/25/2036<sup>(c)</sup> | 1400000 | 1403389  |
| &nbsp;&nbsp;&nbsp; Series 2023-ALF4A, Class A1, 6.07% (3 mo. Term SOFR + 1.75%), 10/15/2036<sup>(c)</sup> | 19750000 | 19764180  |
| &nbsp;&nbsp;&nbsp; Series 2023-ALF4A, Class C, 7.42% (3 mo. Term SOFR + 3.10%), 10/15/2036<sup>(c)</sup> | 5000000 | 5007040  |
|  ArrowMark Colorado Holdings, Series 2018-10A, Class CR, 5.83% (3 mo. Term SOFR + 1.50%), 10/20/2031<sup>(c)</sup> | 4750000 | 4741759  |
|  Atlas Senior Loan Fund Ltd., Series 2018-11A, Class A1L, 5.68% (3 mo. Term SOFR + 1.36%), 07/26/2031<sup>(c)</sup> | 1446321 | 1446719  |
|  Bain Capital Credit CLO, Series 2020-4A, Class A1R, 6.08% (3 mo. Term SOFR + 1.75%), 10/20/2036<sup>(c)</sup> | 3800000 | 3802918  |
| Bardot CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class BRR, 5.68% (3 mo. Term SOFR + 1.35%), 10/22/2032<sup>(c)</sup> | 10675000 | 10647309  |

---

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class DRR, 6.83% (3 mo. Term SOFR + 2.50%), 10/22/2032<sup>(c)</sup> | $4275000 | $4248307  |
|  Basswood Park CLO Ltd., Series 2021-1A, Class B, 5.99% (3 mo. Term SOFR + 1.66%), 04/20/2034<sup>(c)</sup> | 1500000 | 1501120  |
|  BCRED MML CLO, Series 2022-1A, Class C, 7.08% (3 mo. Term SOFR + 2.75%), 04/20/2035<sup>(c)</sup> | 2000000 | 2005662  |
| Benefit Street Partners CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-24A, Class BR, 5.83% (3 mo. Term SOFR + 1.50%), 10/20/2034<sup>(c)</sup> | 10000000 | 9995370  |
| &nbsp;&nbsp;&nbsp; Series 2021-25A, Class BR, 5.77% (3 mo. Term SOFR + 1.45%), 01/15/2035<sup>(c)</sup> | 9250000 | 9221186  |
|  Benefit Street Partners CLO XII LLC, Series 2020-22A, Class BRR, 5.88% (3 mo. Term SOFR + 1.55%), 04/20/2035<sup>(c)</sup> | 7500000 | 7500000  |
| Blackstone, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class B, 5.98% (3 mo. Term SOFR + 1.66%), 04/17/2030<sup>(c)</sup> | 3750000 | 3752749  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class D, 7.18% (3 mo. Term SOFR + 2.86%), 04/17/2030<sup>(c)</sup> | 1600000 | 1607717  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class E, 9.98% (3 mo. Term SOFR + 5.66%), 04/17/2030<sup>(c)</sup> | 5000000 | 4965465  |
| BlueMountainCLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-2A, Class BR2, 6.34% (3 mo. Term SOFR + 2.01%), 10/20/2030<sup>(c)</sup> | 7330000 | 7359489  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class B, 6.27% (3 mo. Term SOFR + 1.96%), 07/30/2030<sup>(c)</sup> | 9496770 | 9529942  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, 6.17% (3 mo. Term SOFR + 1.85%), 10/25/2030<sup>(c)</sup> | 1165000 | 1168494  |
|  Bowling Green Park CLO LLC Series 2019-1A, Class BRR, 5.76% (3 mo. Term SOFR + 1.45%), 04/18/2035<sup>(c)</sup> | 8540000 | 8519914  |
|  Buckhorn Park CLO Ltd., Series 2019-1A, Class B1RR, 5.93% (3 mo. Term SOFR + 1.60%), 07/18/2034<sup>(c)</sup> | 12000000 | 12022524  |
| Carlyle Global Market Strategies<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2R2, 5.68% (3 mo. Term SOFR + 1.40%), 04/20/2031<sup>(c)</sup> | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class CR2, 6.88% (3 mo. Term SOFR + 2.60%), 04/20/2031<sup>(c)</sup> | 2000000 | 2000000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-9A, Class BR, 5.92% (3 mo. Term SOFR + 1.60%), 10/20/2034<sup>(c)</sup> | $15000000 | $15000000  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 9.82% (3 mo. Term SOFR + 5.50%), 10/15/2036<sup>(c)</sup> | 6500000 | 6518486  |
| &nbsp;&nbsp;&nbsp; Series 2023-5A, Class D, 9.41% (3 mo. Term SOFR + 5.10%), 01/27/2036<sup>(c)</sup> | 10750000 | 10823896  |
| Carlyle Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-1A, Class BR2, 5.98% (3 mo. Term SOFR + 1.66%), 04/17/2031<sup>(c)</sup> | 2500000 | 2502492  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class BR3, 6.14% (3 mo. Term SOFR + 1.81%), 07/20/2031<sup>(c)</sup> | 7500000 | 7511977  |
| Cedar Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-7A, Class BR, 5.88% (3 mo. Term SOFR + 1.55%), 01/20/2031<sup>(c)</sup> | 8835000 | 8845328  |
| &nbsp;&nbsp;&nbsp; Series 2019-11A, Class A2R2, 5.50% (3 mo. Term SOFR + 1.30%), 05/29/2032<sup>(c)</sup> | 5000000 | 4991550  |
|  Chenango Park CLO, Series 2018-1A, Class CR, 7.07% (3 mo. Term SOFR + 2.75%), 04/15/2030<sup>(c)</sup> | 5750000 | 5780906  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1R, 5.53% (3 mo. Term SOFR + 1.21%), 10/24/2030<sup>(c)</sup> | 667433 | 667733  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 7.23% (3 mo. Term SOFR + 2.90%), 01/21/2037<sup>(c)</sup> | 1500000 | 1504230  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, 6.63% (3 mo. Term SOFR + 2.30%), 01/20/2037<sup>(c)</sup> | 4790000 | 4798660  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-45A, Class A1RR, 5.40% (3 mo. Term SOFR + 1.08%), 10/15/2030<sup>(c)</sup> | 9747432 | 9751936  |
| &nbsp;&nbsp;&nbsp; Series 2016-45A, Class BRR, 5.97% (3 mo. Term SOFR + 1.65%), 10/15/2030<sup>(c)</sup> | 6350000 | 6351143  |
| &nbsp;&nbsp;&nbsp; Series 2019-80A, Class BRR, 0.00% (3 mo. Term SOFR + 1.50%), 01/17/2033<sup>(c)</sup> | 10500000 | 10500000  |
| &nbsp;&nbsp;&nbsp; Series 2020-86A, Class A2R2, 5.80% (3 mo. Term SOFR + 1.48%), 07/17/2034<sup>(c)</sup> | 11420000 | 11419372  |
| &nbsp;&nbsp;&nbsp; Series 2020-86A, Class BR2, 5.92% (3 mo. Term SOFR + 1.60%), 07/17/2034<sup>(c)</sup> | 10000000 | 10008040  |
| Elmwood CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class DR, 7.16% (3 mo. Term SOFR + 2.90%), 04/22/2035<sup>(c)</sup> | 3000000 | 3007485  |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class CR, 7.22% (3 mo. Term SOFR + 2.90%), 10/17/2036<sup>(c)</sup> | $3920000 | $3923438  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class ER, 11.32% (3 mo. Term SOFR + 7.00%), 10/17/2036<sup>(c)</sup> | 1000000 | 1004141  |
| &nbsp;&nbsp;&nbsp; Series 2022-8A, Class AR, 5.98% (3 mo. Term SOFR + 1.65%), 10/20/2036<sup>(c)</sup> | 16070000 | 16079803  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class ER, 10.22% (3 mo. Term SOFR + 5.90%), 04/16/2036<sup>(c)</sup> | 4400000 | 4399261  |
|  Fillmore Park CLO, Series 2018-1A, Class E, 9.98% (3 mo. Term SOFR + 5.66%), 07/15/2030<sup>(c)</sup> | 1000000 | 1000021  |
| Fort Greene Park CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class BR, 5.68% (3 mo. Term SOFR + 1.35%), 04/22/2034<sup>(c)</sup> | 19500000 | 19447272  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class DR, 6.68% (3 mo. Term SOFR + 2.35%), 04/22/2034<sup>(c)</sup> | 1750000 | 1741514  |
|  GoldenTree Loan Management US CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class B1R3, 5.68% (3 mo. Term SOFR + 1.35%), 04/20/2034<sup>(c)</sup> | 20000000 | 20022380  |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class DR3, 6.73% (3 mo. Term SOFR + 2.40%), 04/20/2034<sup>(c)</sup> | 4000000 | 3990012  |
| &nbsp;&nbsp;&nbsp; Series 2020-7A, Class BRR, 5.88% (3 mo. Term SOFR + 1.55%), 04/20/2034<sup>(c)</sup> | 10000000 | 10018950  |
| GoldentreeLoan Opportunities Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-6A, Class BR2, 5.73% (3 mo. Term SOFR + 1.40%), 04/20/2035<sup>(c)</sup> | 8675000 | 8653833  |
| &nbsp;&nbsp;&nbsp; Series 2020-8A, Class BRR, 5.88% (3 mo. Term SOFR + 1.55%), 10/20/2034<sup>(c)</sup> | 15000000 | 14973795  |
| &nbsp;&nbsp;&nbsp; Series 2021-11A, Class BR, 5.88% (3 mo. Term SOFR + 1.55%), 10/20/2034<sup>(c)</sup> | 15000000 | 15031500  |
| &nbsp;&nbsp;&nbsp; Series 2023-17A, Class DJ, 8.33% (3 mo. Term SOFR + 4.00%), 01/20/2039<sup>(c)</sup> | 2000000 | 1999782  |
| &nbsp;&nbsp;&nbsp; Series 2025-26A, Class DJ, 8.17% (3 mo. Term SOFR + 3.90%), 07/20/2038<sup>(c)</sup> | 1250000 | 1250000  |
|  Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 6.82% (3 mo. Term SOFR + 2.50%), 10/25/2036<sup>(c)</sup> | 6650000 | 6665661  |
|  Highbridge Loan Management Ltd., Series 5A-2015, Class B1R3, 5.85% (3 mo. Term SOFR + 1.53%), 10/15/2030<sup>(c)</sup> | 7500000 | 7507830  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Invesco CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 9.58% (3 mo. Term SOFR + 5.25%), 01/18/2037<sup>(c)</sup> | $9250000 | $9289942  |
| &nbsp;&nbsp;&nbsp; Series 2024-1RA, Class BR, 6.42% (3 mo. Term SOFR + 2.10%), 04/15/2037<sup>(c)</sup> | 8000000 | 8014720  |
| KKR CLO Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class BR2, 5.88% <br>(3 mo. Term SOFR + 1.55%), 01/18/2032<sup>(c)</sup> | 3350000 | 3354167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class BR, 5.87% <br>(3 mo. Term SOFR + 1.55%), 10/16/2030<sup>(c)</sup> | 15000000 | 15012900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23A, Class BR, 5.88% <br>(3 mo. Term SOFR + 1.55%), 10/20/2031<sup>(c)</sup> | 10480000 | 10498099  |
|  KKR Static CLO Trust, Series 2022-1A, Class AR2, 5.31% (3 mo. Term SOFR + 0.98%), 07/20/2031<sup>(c)</sup> | 7416312 | 7425449  |
| LCM LP<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class DR, 8.29% <br>(3 mo. Term SOFR + 3.96%), 07/20/2030<sup>(c)</sup> | 9000000 | 9037584  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16A, Class BR2, 6.33% <br>(3 mo. Term SOFR + 2.01%), 10/15/2031<sup>(c)</sup> | 4000000 | 4015712  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16A, Class CR2, 6.73% <br>(3 mo. Term SOFR + 2.41%), 10/15/2031<sup>(c)</sup> | 5100000 | 5122251  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17A, Class BRR, 6.18% <br>(3 mo. Term SOFR + 1.86%), 10/15/2031<sup>(c)</sup> | 1650000 | 1653257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22A, Class CR, 7.39% <br>(3 mo. Term SOFR + 3.06%), 10/20/2028<sup>(c)</sup> | 835624 | 836035  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Class C, 6.53% <br>(3 mo. Term SOFR + 2.21%), 07/16/2031<sup>(c)</sup> | 2700000 | 2710201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class BR, 6.18% <br>(3 mo. Term SOFR + 1.86%), 04/15/2031<sup>(c)</sup> | 5005000 | 5017352  |
| LCM XIII LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 14A, Class BR, 6.17% (3 mo. Term SOFR + 1.84%), 07/20/2031<sup>(c)</sup> | 13215000 | 13224832  |
| &nbsp;&nbsp;&nbsp; Series 14A, Class CR, 6.44% (3 mo. Term SOFR + 2.11%), 07/20/2031<sup>(c)</sup> | 6000000 | 6020862  |
| Madison Park Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 5.93% (3 mo. Term SOFR + 1.60%), 01/22/2037<sup>(c)</sup> | 15250000 | 15316276  |
| &nbsp;&nbsp;&nbsp; Series 2015-19A, Class DR3, 8.58% (3 mo. Term SOFR + 4.25%), 01/22/2037<sup>(c)</sup> | 2100000 | 2111149  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2016-24A, Class BR2, 5.88% (3 mo. Term SOFR + 1.55%), 10/20/2029<sup>(c)</sup> | $11355000 | $11375155  |
| &nbsp;&nbsp;&nbsp; Series 2016-24A, Class CR2, 6.38% (3 mo. Term SOFR + 2.05%), 10/20/2029<sup>(c)</sup> | 5250000 | 5259739  |
| &nbsp;&nbsp;&nbsp; Series 2020-46A, Class B1RR, 5.82% (3 mo. Term SOFR + 1.50%), 10/15/2034<sup>(c)</sup> | 1750000 | 1746300  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-19A, Class CRR, 6.07% (3 mo. Term SOFR + 1.75%), 04/17/2034<sup>(c)</sup> | 10000000 | 10013530  |
| &nbsp;&nbsp;&nbsp; Series 2017-19A, Class ERR, 9.42% (3 mo. Term SOFR + 5.10%), 04/17/2034<sup>(c)</sup> | 4750000 | 4704343  |
| &nbsp;&nbsp;&nbsp; Series 2019-23A, Class DR, 7.63% (3 mo. Term SOFR + 3.31%), 01/25/2035<sup>(c)</sup> | 3700000 | 3724324  |
| &nbsp;&nbsp;&nbsp; Series 2019-23A, Class ER, 10.88% (3 mo. Term SOFR + 6.56%), 01/25/2035<sup>(c)</sup> | 2750000 | 2752313  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class DR, 7.37% (3 mo. Term SOFR + 3.05%), 04/15/2035<sup>(c)</sup> | 3000000 | 3012171  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class ER, 10.59% (3 mo. Term SOFR + 6.26%), 10/20/2034<sup>(c)</sup> | 5250000 | 5249402  |
| &nbsp;&nbsp;&nbsp; Series 2022-32A, Class D2R, 0.00% (3 mo. Term SOFR + 3.65%), 10/15/2037<sup>(c)</sup> | 3500000 | 3500000  |
| &nbsp;&nbsp;&nbsp; Series 2022-35A, Class CR, 7.02% (3 mo. Term SOFR + 2.70%), 10/25/2036<sup>(c)</sup> | 2000000 | 2002726  |
| &nbsp;&nbsp;&nbsp; Series 2023-37A, Class E, 11.33% (3 mo. Term SOFR + 7.00%), 10/20/2036<sup>(c)</sup> | 1500000 | 1500965  |
| &nbsp;&nbsp;&nbsp; Series 2023-39A, Class D1R, 7.02% (3 mo. Term SOFR + 2.70%), 01/25/2037<sup>(c)</sup> | 4000000 | 3993080  |
| &nbsp;&nbsp;&nbsp; Series 2025-45A, Class D1, 6.78% (3 mo. Term SOFR + 2.50%), 04/15/2038<sup>(c)</sup> | 1690000 | 1687404  |
| &nbsp;&nbsp;&nbsp; Series 2025-50A, Class D2, 8.21% (3 mo. Term SOFR + 3.90%), 07/25/2038<sup>(c)</sup> | 1400000 | 1400000  |
|  Marathon CLO Ltd., Series 2021-16A, Class A1JR, 5.80% (3 mo. Term SOFR + 1.48%), 04/15/2034<sup>(c)</sup> | 8000000 | 8000000  |
|  Marble Point CLO, Series 2019-1A, Class A1R2, 5.36% (3 mo. Term SOFR + 1.04%), 07/23/2032<sup>(c)</sup> | 4022780 | 4019140  |
|  Myers Park CLO, Series 2018-1A, Class C, 6.64% (3 mo. Term SOFR + 2.31%), 10/20/2030<sup>(c)</sup> | 1240000 | 1244913  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-34A, Class D2R2, 8.43% (3 mo. Term SOFR + 4.10%), 07/20/2039<sup>(c)</sup> | $1500000 | $1504965  |
| &nbsp;&nbsp;&nbsp; Series 2020-39A, Class ER, 11.53% (3 mo. Term SOFR + 7.20%), 04/20/2038<sup>(c)</sup> | 3625000 | 3650951  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class BR, 5.77% (3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(c)</sup> | 14440000 | 14411495  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class DR, 6.97% (3 mo. Term SOFR + 2.65%), 07/17/2036<sup>(c)</sup> | 5000000 | 4987400  |
| &nbsp;&nbsp;&nbsp; Series 2021-45A, Class BR, 5.87% (3 mo. Term SOFR + 1.55%), 10/14/2036<sup>(c)</sup> | 10000000 | 9999450  |
| &nbsp;&nbsp;&nbsp; Series 2021-46A, Class DR, 6.98% (3 mo. Term SOFR + 2.65%), 01/20/2037<sup>(c)</sup> | 1500000 | 1502934  |
|  NYACK Park CLO Ltd., Series 2021-1A, Class D, 7.39% (3 mo. Term SOFR + 3.06%), 10/20/2034<sup>(c)</sup> | 1325000 | 1330307  |
| Octagon Credit Investors LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1R, 5.94% (3 mo. Term SOFR + 1.75%), 11/16/2036<sup>(c)</sup> | 25800000 | 25834391  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class DR, 9.28% (3 mo. Term SOFR + 5.09%), 11/16/2036<sup>(c)</sup> | 1000000 | 1007450  |
| Octagon Investment Partners Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR2, 6.28% (3 mo. Term SOFR + 1.96%), 01/25/2031<sup>(c)</sup> | 1500000 | 1500299  |
| &nbsp;&nbsp;&nbsp; Series 2014-1A, Class CR4, 6.48% (3 mo. Term SOFR + 2.25%), 02/14/2031<sup>(c)</sup> | 5000000 | 4984410  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class B2R, 2.40%, 07/15/2030<sup>(c)</sup> | 4000000 | 3874300  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class CR, 6.38% (3 mo. Term SOFR + 2.06%), 07/15/2030<sup>(c)</sup> | 6220000 | 6240259  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class BR, 6.13% (3 mo. Term SOFR + 1.80%), 10/20/2030<sup>(c)</sup> | 5000000 | 5004545  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class CR, 6.77% (3 mo. Term SOFR + 2.45%), 10/25/2032<sup>(c)</sup> | 1350000 | 1355103  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, 5.83% (3 mo. Term SOFR + 1.50%), 07/20/2034<sup>(c)</sup> | 14750000 | 14730825  |
| Octagon Investment Partners XXII LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-1A, Class CRR, 6.49% (3 mo. Term SOFR + 2.16%), 01/22/2030<sup>(c)</sup> | 3970000 | 3984657  |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2014-1A, Class DRR, 7.34% (3 mo. Term SOFR + 3.01%), 01/22/2030<sup>(c)</sup> | $1750000 | $1760022  |
|  OHA Credit Funding, Series 2023-16A, Class A2, 6.28% (3 mo. Term SOFR + 1.95%), 10/20/2036<sup>(c)</sup> | 10000000 | 10006040  |
|  OHA Loan Funding Ltd., Series 2013-1A, Class D1R3, 7.62% (3 mo. Term SOFR + 3.30%), 04/23/2037<sup>(c)</sup> | 1000000 | 1008739  |
|  Palmer Square CLO Ltd., Series 2023-3A, Class C, 7.23% (3 mo. Term SOFR + 2.90%), 01/20/2037<sup>(c)</sup> | 1750000 | 1755485  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class A2R, 5.62% (3 mo. Term SOFR + 1.30%), 07/24/2031<sup>(c)</sup> | 2000000 | 2002186  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 5.88% (3 mo. Term SOFR + 1.65%), 08/08/2032<sup>(c)</sup> | 1750000 | 1752655  |
|  Sculptor CLO Ltd., Series 27A, Class B1R, 5.83% (3 mo. Term SOFR + 1.50%), 07/20/2034<sup>(c)</sup> | 20000000 | 19957700  |
| &nbsp;&nbsp;&nbsp; Sound Point CLO Ltd., <br>Series 2018-1A, Class B2AR, 2.73%, 04/15/2031<sup>(c)</sup> | 2000000 | 1916762  |
| &nbsp;&nbsp;&nbsp; Southwick Park CLO, <br>Series 2019-4A, Class DRR, 7.03% (3 mo. Term SOFR + 2.70%), 07/20/2032<sup>(c)</sup> | 2180000 | 2181458  |
| &nbsp;&nbsp;&nbsp; Steele Creek CLO Ltd., <br>Series 2019-1A, Class BRR, 6.07% (3 mo. Term SOFR + 1.75%), 04/15/2032<sup>(c)</sup> | 10000000 | 10012350  |
|  Stratus CLO Ltd., Series 2025-1A, Class B, 5.79% (3 mo. Term SOFR + 1.45%), 07/15/2033<sup>(c)</sup> | 5000000 | 5000000  |
| Symphony CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-20A, Class AR2, 5.42% (3 mo. Term SOFR + 1.10%), 01/16/2032<sup>(c)</sup> | 4863759 | 4866195  |
| &nbsp;&nbsp;&nbsp; Series 2020-23A, Class BR2, 5.67% (3 mo. Term SOFR + 1.35%), 01/15/2034<sup>(c)</sup> | 8750000 | 8727250  |
| Thompson Park CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1R, 5.82% (3 mo. Term SOFR + 1.50%), 04/15/2034<sup>(c)</sup> | 10000000 | 9980610  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class DR, 7.02% (3 mo. Term SOFR + 2.70%), 04/15/2034<sup>(c)</sup> | 5000000 | 5016615  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class ER, 8.92% (3 mo. Term SOFR + 4.60%), 04/15/2034<sup>(c)</sup> | 3250000 | 3234075  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Voya CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-3A, Class A3R2, 6.03% (3 mo. Term SOFR + 1.70%), 10/18/2031<sup>(c)</sup> | $7500000 | $7509435  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, 5.67% (3 mo. Term SOFR + 1.35%), 07/15/2034<sup>(c)</sup> | 10000000 | 9983110  |
|  Wellington Management CLO Ltd., Series 2023-1A, Class B, 6.78% (3 mo. Term SOFR + 2.45%), 10/20/2036<sup>(c)</sup> | 3250000 | 3257270  |
|  Whetstone Park CLO Ltd., Series 2021-1A, Class B2, 2.79%, 01/20/2035<sup>(c)</sup> | 1400000 | 1300893  |
| Wind River CLO Ltd.,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class AR2, 5.38% (3 mo. Term SOFR + 1.06%), 04/15/2031<sup>(c)</sup> | 4444982 | 4443342  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class BR2, 5.87% (3 mo. Term SOFR + 1.55%), 04/15/2031<sup>(c)</sup> | 11000000 | 11022110  |
|  Wonder Lake Park CLO Ltd., Series 2025-1A, Class D2, 8.32% (3 mo. Term SOFR + 4.00%), 07/24/2038<sup>(c)</sup> | 3500000 | 3500000  |
|  Zais CLO Ltd., Series 2018-11A, Class A2R, 5.73% (3 mo. Term SOFR + 1.40%), 01/20/2032<sup>(c)</sup> | 5000000 | 5005900  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $970,786,701)** |  | 970135499  |
| **ASSET-BACKED SECURITIES - 7.4%** | **ASSET-BACKED SECURITIES - 7.4%** | **ASSET-BACKED SECURITIES - 7.4%** |
|  American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class E, 3.64%, 03/13/2028<sup>(c)</sup> | 12000000 | 11994461  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class D, 8.00%, 02/15/2029<sup>(c)</sup> | 5655686 | 5735678  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 5.59%, 04/12/2029<sup>(c)</sup> | 1468990 | 1471076  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 5.96%, 08/13/2029<sup>(c)</sup> | 4184993 | 4196143  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class C, 6.44%, 10/12/2029<sup>(c)</sup> | 4941405 | 4975852  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class C, 6.99%, 09/12/2030<sup>(c)</sup> | 7500000 | 7590018  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class D, 7.65%, 09/12/2030<sup>(c)</sup> | 7440000 | 7737853  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 5.60%, 11/12/2027<sup>(c)</sup> | 755868 | 756141  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.63%, 01/14/2030<sup>(c)</sup> | 5000000 | 5024909  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 6.10%, 12/13/2027<sup>(c)</sup> | 5750000 | 5757580  |

---

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 6.24%, 04/12/2030<sup>(c)</sup> | $4750000 | $4810103  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 04/12/2030<sup>(c)</sup> | 7750000 | 7976997  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.66%, 08/14/2028<sup>(c)</sup> | 8000000 | 8040328  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 5.73%, 07/12/2030<sup>(c)</sup> | 6350000 | 6437547  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 6.04%, 07/12/2030<sup>(c)</sup> | 4500000 | 4615867  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class C, 4.91%, 08/12/2031<sup>(c)</sup> | 2000000 | 2010121  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 5.09%, 08/12/2031<sup>(c)</sup> | 6875000 | 6944011  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A, 4.73%, 01/12/2029<sup>(c)</sup> | 15000000 | 15022527  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class C, 4.95%, 07/12/2032<sup>(c)</sup> | 5000000 | 5041588  |
|  AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 630126 | 631079  |
| CarMax Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class D, 6.20%, 01/16/2029 | 6250000 | 6321603  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.30%, 03/15/2027 | 997627 | 998374  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 5.17%, 08/15/2029 | 4400000 | 4481429  |
| CNH Equipment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.60%, 02/15/2029 | 4642951 | 4705742  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 5.19%, 07/15/2027 | 889149 | 889652  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-D, Class E, 4.06%, 12/15/2028<sup>(c)</sup> | 5000000 | 4958177  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class C, 5.54%, 04/16/2029<sup>(c)</sup> | 1401100 | 1403313  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class B, 5.68%, 12/15/2028<sup>(c)</sup> | 3920000 | 3949025  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A, 4.91%, 06/15/2028<sup>(c)</sup> | 2416265 | 2419299  |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class A, 4.71%, 03/15/2029<sup>(c)</sup> | 10069636 | 10089857  |
| Enterprise Fleet Financing LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.23%, 03/20/2030<sup>(c)</sup> | 4553090 | 4590027  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A2, 5.31%, 04/20/2027<sup>(c)</sup> | 2146353 | 2157971  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A3, 4.98%, 08/21/2028<sup>(c)</sup> | 3000000 | 3044039  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 1.40%, 04/15/2027 | 523667 | 517701  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, 2.90%, 07/17/2028<sup>(c)</sup> | 1500000 | 1485062  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 3.04%, 12/15/2028<sup>(c)</sup> | $11250000 | $11100559  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 4.56%, 07/17/2028 | 2780744 | 2778146  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class C, 4.92%, 12/15/2028 | 259546 | 259564  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class C, 6.51%, 12/15/2027 | 1430411 | 1433107  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class C, 6.32%, 05/15/2028 | 6653798 | 6683656  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.69%, 06/15/2029 | 2960000 | 3017714  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class B, 6.31%, 10/15/2027 | 429217 | 429534  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 6.51%, 08/15/2028 | 5000000 | 5046101  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 6.95%, 12/17/2029 | 2635000 | 2723665  |
| &nbsp;&nbsp;&nbsp; Series 2023-5A, Class B, 6.58%, 04/17/2028 | 3118447 | 3133004  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.29%, 08/15/2028 | 6708434 | 6729838  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.61%, 04/17/2028 | 738212 | 739745  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.74%, 05/15/2029 | 5000000 | 5057910  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A3, 5.65%, 12/15/2027 | 2944637 | 2949704  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.70%, 07/16/2029 | 3350000 | 3396886  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class A3, 5.28%, 08/15/2030 | 3913363 | 3920094  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class B, 5.29%, 08/15/2030 | 1800000 | 1808099  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class C, 5.48%, 08/15/2030 | 1200000 | 1216257  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class C, 4.64%, 01/15/2030 | 2500000 | 2506130  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.09%, 05/15/2031 | 7750000 | 7850048  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 5.09%, 10/15/2031 | 5000000 | 5073582  |
|  First Investors Auto Owner Trust, Series 2022-1A, Class C, 3.13%, 05/15/2028<sup>(c)</sup> | 4133847 | 4113501  |
| GLS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class E, 4.31%, 07/15/2027<sup>(c)</sup> | 1613523 | 1613106  |
| &nbsp;&nbsp;&nbsp; Series 2020-4A, Class E, 3.51%, 10/15/2027<sup>(c)</sup> | 4723375 | 4705233  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, 3.14%, 01/18/2028<sup>(c)</sup> | 2989112 | 2986643  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, 2.87%, 05/15/2028<sup>(c)</sup> | 11910000 | 11794721  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 3.20%, 10/16/2028<sup>(c)</sup> | 5700000 | 5615760  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class E, 4.43%, 10/16/2028<sup>(c)</sup> | $10000000 | &nbsp;&nbsp; $9845296  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.38%, 12/15/2028<sup>(c)</sup> | 4651063 | &nbsp;&nbsp; 4670931  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 5.69%, 03/15/2029<sup>(c)</sup> | 7893000 | &nbsp;&nbsp; 7945062  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.01%, 05/15/2029<sup>(c)</sup> | 8092000 | &nbsp;&nbsp; 8166123  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class B, 6.57%, 03/15/2028<sup>(c)</sup> | 8895592 | &nbsp;&nbsp; 8941845  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.40%, 09/15/2027<sup>(c)</sup> | 2959275 | &nbsp;&nbsp; 2961008  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.49%, 07/17/2028<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10047105  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.64%, 12/17/2029<sup>(c)</sup> | 3500000 | &nbsp;&nbsp; 3543951  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A3, 5.64%, 01/18/2028<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10025230  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.77%, 11/15/2028<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10097220  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 6.03%, 02/15/2030<sup>(c)</sup> | 3250000 | &nbsp;&nbsp; 3322606  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 6.19%, 02/15/2030<sup>(c)</sup> | 5000000 | &nbsp;&nbsp; 5162238  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A3, 5.02%, 04/17/2028<sup>(c)</sup> | 8000000 | &nbsp;&nbsp; 8026705  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 5.08%, 01/16/2029<sup>(c)</sup> | 7137000 | &nbsp;&nbsp; 7190576  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.21%, 02/18/2031<sup>(c)</sup> | 3500000 | &nbsp;&nbsp; 3546018  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class A3, 4.75%, 07/17/2028<sup>(c)</sup> | 9750000 | &nbsp;&nbsp; 9779078  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class B, 4.89%, 04/16/2029<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10067631  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class C, 5.10%, 06/17/2030<sup>(c)</sup> | 5000000 | &nbsp;&nbsp; 5069059  |
| GLS Auto Select Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class B, 4.50%, 11/15/2030<sup>(c)</sup> | 3380000 | &nbsp;&nbsp; 3398729  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class C, 4.75%, 11/15/2030<sup>(c)</sup> | 3700000 | &nbsp;&nbsp; 3735994  |
|  NextGear Floorplan Master Trust, Series 2024-1A, Class A2, 5.12%, 03/15/2029<sup>(c)</sup> | 10000000 | &nbsp;&nbsp; 10142224  |
|  OneMain Direct Auto Receivables Trust, Series 2025-1A, Class A, 5.36%, 04/16/2035<sup>(c)</sup> | 7500000 | &nbsp;&nbsp; 7796239  |
| &nbsp;&nbsp;&nbsp; Santander Consumer USA <br>Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 3.76%, 07/16/2029 | 4872734 | &nbsp;&nbsp; 4852781  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B, 4.42%, 11/15/2027 | 341586 | &nbsp;&nbsp; 341570  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.61%, 10/15/2027 | $363821 | $364028  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 5.73%, 04/17/2028 | 7017710 | 7038787  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class B, 5.77%, 12/15/2028 | 4574000 | 4631272  |
| &nbsp;&nbsp;&nbsp; Series 2023-5, Class B, 6.16%, 12/17/2029 | 4500000 | 4583844  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, 5.93%, 07/17/2028 | 7211320 | 7244521  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class C, 6.40%, 03/17/2031 | 5000000 | 5180608  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.45%, 03/15/2030 | 1000000 | 1015815  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.78%, 07/16/2029 | 10000000 | 10162316  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.55%, 09/17/2029 | 8600000 | 8735978  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 5.64%, 08/15/2030 | 3500000 | 3584008  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class C, 4.95%, 04/15/2030 | 6500000 | 6587417  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A2, 4.88%, 09/15/2027 | 3651022 | 3653000  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class C, 4.78%, 01/15/2031 | 5290000 | 5335507  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 5.04%, 03/17/2031 | 7000000 | 7108676  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 4.63%, 10/16/2028 | 18000000 | 18057722  |
| Santander Consumer USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class C, 4.74%, 10/16/2028 | 4512335 | 4515879  |
| &nbsp;&nbsp;&nbsp; Series 2022-6, Class D, 5.69%, 02/18/2031 | 9505000 | 9599382  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class B, 5.95%, 01/17/2028 | 7746069 | 7764620  |
| &nbsp;&nbsp;&nbsp; Series 2022-7, Class C, 6.69%, 03/17/2031 | 9695000 | 9898857  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 4.98%, 02/15/2028 | 2740776 | 2741378  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 5.09%, 05/15/2030 | 10035000 | 10103146  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class B, 5.24%, 05/15/2028 | 986133 | 988544  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 5.47%, 12/16/2030 | 5000000 | 5075928  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.35%, 02/15/2028 | 3053329 | 3055978  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class B, 5.31%, 01/16/2029 | 7330000 | 7373800  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 4.67%, 05/17/2032 | 3750000 | 3769151  |
|  SBNA Auto Receivables Trust, Series 2024-A, Class A3, 5.32%, 12/15/2028<sup>(c)</sup> | 4386866 | 4405030  |

---

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  Westlake Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, 2.38%, 03/15/2027<sup>(c)</sup> | $2200954 | $2198549  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 3.42%, 04/15/2027<sup>(c)</sup> | 10030000 | 9994692  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.48%, 09/15/2027<sup>(c)</sup> | 10725000 | 10765134  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class C, 6.44%, 12/15/2027<sup>(c)</sup> | 3953414 | 3972473  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 5.41%, 01/18/2028<sup>(c)</sup> | 1595963 | 1597097  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 5.74%, 08/15/2028<sup>(c)</sup> | 6275000 | 6320677  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.79%, 11/15/2028<sup>(c)</sup> | 1485000 | 1527094  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, 6.14%, 03/15/2028<sup>(c)</sup> | 3148761 | 3152997  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 6.29%, 03/15/2028<sup>(c)</sup> | 8805000 | 8865508  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class A3, 5.82%, 05/17/2027<sup>(c)</sup> | 3008131 | 3013461  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, 5.92%, 09/15/2028<sup>(c)</sup> | 2818000 | 2834263  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.02%, 09/15/2028<sup>(c)</sup> | 6350000 | 6440018  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 6.64%, 11/15/2028<sup>(c)</sup> | 8060000 | 8256537  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.44%, 05/17/2027<sup>(c)</sup> | 6830246 | 6843147  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.55%, 11/15/2027<sup>(c)</sup> | 10000000 | 10066344  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.65%, 02/15/2029<sup>(c)</sup> | 6330000 | 6394231  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.62%, 03/15/2030<sup>(c)</sup> | 7000000 | 7066842  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.68%, 03/15/2030<sup>(c)</sup> | 5000000 | 5071965  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 4.92%, 11/15/2029<sup>(c)</sup> | 5000000 | 5029225  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.14%, 10/15/2030<sup>(c)</sup> | 6500000 | 6593941  |
| World Omni Select Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.37%, 02/15/2028 | 981375 | 983351  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 4.98%, 02/15/2030 | 2000000 | 2010825  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $711,645,345)** |  | 717712239  |
|  **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.1%** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.1%** |  |
|  California Housing Finance Agency, Series 2021-2, Class X, 0.83%, 03/25/2035<sup>(g)</sup> | 30730425 | 1238743  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Fannie Mae Pool, Pool AN8088, 3.33%, 01/01/2038 | $10731000 | $9053476  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K120, Class X1, 1.12%, 10/25/2030<sup>(e)(g)</sup> | 200169491 | 8407679  |
| &nbsp;&nbsp;&nbsp; Series K-1520, Class X1, 0.58%, 02/25/2036<sup>(e)(g)</sup> | 44555179 | 1521274  |
| &nbsp;&nbsp;&nbsp; Series K-167, Class X1, 0.33%, 10/25/2034<sup>(e)(g)</sup> | 398664131 | 6400672  |
| &nbsp;&nbsp;&nbsp; Series K538, Class X1, 0.73%, 01/25/2030<sup>(e)(g)</sup> | 148526612 | 3423375  |
| &nbsp;&nbsp;&nbsp; Series K540, Class X1, 0.62%, 02/25/2030<sup>(e)(g)</sup> | 688008763 | 13270726  |
| &nbsp;&nbsp;&nbsp; Series K545, Class X1, 0.32%, 07/25/2030<sup>(e)(g)</sup> | 663039532 | 6094063  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool WA3427, 3.33%, 07/01/2041 | 3891743 | 3230778  |
| &nbsp;&nbsp;&nbsp; Pool WA3428, 3.05%, 11/01/2041 | 3326627 | 2660749  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool AN8580, 3.51%, 04/01/2038 | 3300000 | 2952422  |
| &nbsp;&nbsp;&nbsp; Pool BL8418, 1.71%, 09/01/2035 | 16305000 | 12643177  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BS1785, <br>2.32%, 04/01/2036 | 20083000 | 16419456  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BS1824, <br>2.59%, 04/01/2041 | 7890000 | 5805366  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BS3782, <br>2.44%, 11/01/2046 | 14750000 | 9466641  |
| &nbsp;&nbsp;&nbsp; Pool BZ0164, 2.80%, 06/01/2041 | 1739751 | 1339869  |
|  Federal National Mortgage Association, Series 2020-M13, Class X3, 1.23%, 12/25/2049<sup>(e)(g)</sup> | 133438529 | 8358483  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multiclass <br>Certificates Series,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-RR09, Class CX, 2.68%, 08/27/2029<sup>(e)(g)</sup> | 42360000 | 2653036  |
| &nbsp;&nbsp;&nbsp; Series 2021-RR17, Class X, 2.04%, 08/27/2027<sup>(e)(g)</sup> | 70015000 | 1473263  |
|  Freddie Mac Multifamily ML Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-ML06, Class XUS, 1.13%, 06/25/2037<sup>(c)(e)(g)</sup> | 10303093 | 719568  |
| &nbsp;&nbsp;&nbsp; Series 2020-ML07, Class XUS, 2.02%, 10/25/2036<sup>(c)(e)(g)</sup> | 23975781 | 3036293  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML08, Class XUS, 1.85%, 07/25/2037<sup>(g)</sup> | 31678940 | 3744451  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML09, Class XUS, 1.55%, 02/25/2040<sup>(c)(e)(g)</sup> | 42572648 | 4588906  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML10, Class XUS, 2.06%, 01/25/2038<sup>(c)(e)(g)</sup> | 13758620 | 1951798  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML10, Class XUS, 1.52%, 06/25/2038<sup>(c)(e)(g)</sup> | 38216757 | 4079639  |

---

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML11, Class XUS, 0.77%, 03/25/2038<sup>(c)(g)</sup> | $32948176 | $1599963  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML12, Class XUS, 1.30%, 07/25/2041<sup>(c)(e)(g)</sup> | 17505187 | 1548334  |
|  Freddie Mac Multifamily Structured Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K061, Class XAM, 0.19%, 11/25/2026<sup>(e)(g)</sup> | 72512000 | 97065  |
| &nbsp;&nbsp;&nbsp; Series K062, Class XAM, 0.31%, 12/25/2026<sup>(e)(g)</sup> | 79423000 | 215363  |
| &nbsp;&nbsp;&nbsp; Series K063, Class X1, 0.39%, 01/25/2027<sup>(e)(g)</sup> | 344556854 | 1161191  |
| &nbsp;&nbsp;&nbsp; Series K064, Class X1, 0.72%, 03/25/2027<sup>(e)(g)</sup> | 116364828 | 847764  |
| &nbsp;&nbsp;&nbsp; Series K065, Class XAM, 0.70%, 05/25/2027<sup>(e)(g)</sup> | 57193000 | 537420  |
| &nbsp;&nbsp;&nbsp; Series K066, Class X1, 0.87%, 06/25/2027<sup>(e)(g)</sup> | 29268725 | 294660  |
| &nbsp;&nbsp;&nbsp; Series K067, Class X1, 0.70%, 07/25/2027<sup>(e)(g)</sup> | 38200660 | 326688  |
| &nbsp;&nbsp;&nbsp; Series K068, Class X1, 0.54%, 08/25/2027<sup>(e)(g)</sup> | 96616991 | 662599  |
| &nbsp;&nbsp;&nbsp; Series K069, Class X1, 0.47%, 09/25/2027<sup>(e)(g)</sup> | 27291688 | 167918  |
| &nbsp;&nbsp;&nbsp; Series K073, Class X1, 0.43%, 01/25/2028<sup>(e)(g)</sup> | 144192799 | 948241  |
| &nbsp;&nbsp;&nbsp; Series K073, Class XAM, 0.33%, 01/25/2028<sup>(e)(g)</sup> | 54203000 | 272592  |
| &nbsp;&nbsp;&nbsp; Series K080, Class X1, 0.26%, 07/25/2028<sup>(e)(g)</sup> | 411080500 | 1647200  |
| &nbsp;&nbsp;&nbsp; Series K081, Class X1, 0.22%, 08/25/2028<sup>(e)(g)</sup> | 149007597 | 440213  |
| &nbsp;&nbsp;&nbsp; Series K084, Class X1, 0.33%, 10/25/2028<sup>(e)(g)</sup> | 327123856 | 2056137  |
| &nbsp;&nbsp;&nbsp; Series K089, Class XAM, 0.60%, 01/25/2029<sup>(e)(g)</sup> | 53965000 | 857072  |
| &nbsp;&nbsp;&nbsp; Series K090, Class XAM, 0.77%, 03/25/2029<sup>(e)(g)</sup> | 50517000 | 1078008  |
| &nbsp;&nbsp;&nbsp; Series K091, Class XAM, 0.64%, 03/25/2029<sup>(e)(g)</sup> | 53659000 | 954567  |
| &nbsp;&nbsp;&nbsp; Series K093, Class X1, 1.08%, 05/25/2029<sup>(e)(g)</sup> | 67257372 | 1958467  |
| &nbsp;&nbsp;&nbsp; Series K094, Class X1, 1.01%, 06/25/2029<sup>(e)(g)</sup> | 201614424 | 5689599  |
| &nbsp;&nbsp;&nbsp; Series K095, Class X1, 1.07%, 06/25/2029<sup>(e)(g)</sup> | 44438875 | 1340441  |
| &nbsp;&nbsp;&nbsp; Series K097, Class X1, 1.21%, 07/25/2029<sup>(e)(g)</sup> | 70848454 | 2503806  |
| &nbsp;&nbsp;&nbsp; Series K097, Class XAM, 1.48%, 09/25/2051<sup>(e)(g)</sup> | 66115000 | 3188528  |
| &nbsp;&nbsp;&nbsp; Series K098, Class X1, 1.26%, 08/25/2029<sup>(e)(g)</sup> | 77248691 | 2948691  |
| &nbsp;&nbsp;&nbsp; Series K098, Class XAM, 1.52%, 08/25/2029<sup>(e)(g)</sup> | 24691000 | 1216313  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series K099, Class X1, 1.00%, 09/25/2029<sup>(e)(g)</sup> | $205135578 | $6092096  |
| &nbsp;&nbsp;&nbsp; Series K100, Class XAM, 1.03%, 09/25/2029<sup>(e)(g)</sup> | 62086000 | 2153000  |
| &nbsp;&nbsp;&nbsp; Series K101, Class XAM, 1.21%, 10/25/2029<sup>(e)(g)</sup> | 65686000 | 2662661  |
| &nbsp;&nbsp;&nbsp; Series K102, Class X1, 0.94%, 10/25/2029<sup>(e)(g)</sup> | 170011339 | 4844847  |
| &nbsp;&nbsp;&nbsp; Series K103, Class X1, 0.75%, 11/25/2029<sup>(e)(g)</sup> | 281442825 | 6480502  |
| &nbsp;&nbsp;&nbsp; Series K105, Class X1, 1.64%, 01/25/2030<sup>(e)(g)</sup> | 61137376 | 3398284  |
| &nbsp;&nbsp;&nbsp; Series K105, Class XAM, 1.89%, 01/25/2030<sup>(e)(g)</sup> | 64122000 | 4436608  |
| &nbsp;&nbsp;&nbsp; Series K107, Class X1, 1.70%, 01/25/2030<sup>(e)(g)</sup> | 45373411 | 2634534  |
| &nbsp;&nbsp;&nbsp; Series K107, Class XAM, 1.67%, 02/25/2030<sup>(e)(g)</sup> | 118898000 | 7242755  |
| &nbsp;&nbsp;&nbsp; Series K108, Class X1, 1.81%, 03/25/2030<sup>(e)(g)</sup> | 56262180 | 3558386  |
| &nbsp;&nbsp;&nbsp; Series K108, Class XAM, 1.78%, 03/25/2030<sup>(e)(g)</sup> | 70601000 | 4707484  |
| &nbsp;&nbsp;&nbsp; Series K110, Class X1, 1.76%, 04/25/2030<sup>(e)(g)</sup> | 34162427 | 2082893  |
| &nbsp;&nbsp;&nbsp; Series K111, Class X1, 1.67%, 05/25/2030<sup>(e)(g)</sup> | 107317938 | 6492306  |
| &nbsp;&nbsp;&nbsp; Series K112, Class X1, 1.53%, 05/25/2030<sup>(e)(g)</sup> | 151171171 | 8408579  |
| &nbsp;&nbsp;&nbsp; Series K112, Class XAM, 1.77%, 05/25/2030<sup>(e)(g)</sup> | 44272000 | 3090274  |
| &nbsp;&nbsp;&nbsp; Series K113, Class X1, 1.48%, 06/25/2030<sup>(e)(g)</sup> | 149456539 | 7985627  |
| &nbsp;&nbsp;&nbsp; Series K114, Class X1, 1.21%, 06/25/2030<sup>(e)(g)</sup> | 140822202 | 6272939  |
| &nbsp;&nbsp;&nbsp; Series K114, Class XAM, 1.44%, 06/25/2030<sup>(e)(g)</sup> | 54977000 | 3111451  |
| &nbsp;&nbsp;&nbsp; Series K115, Class X1, 1.42%, 06/25/2030<sup>(e)(g)</sup> | 60675184 | 3178160  |
| &nbsp;&nbsp;&nbsp; Series K115, Class XAM, 1.65%, 07/25/2030<sup>(e)(g)</sup> | 40865759 | 2683381  |
| &nbsp;&nbsp;&nbsp; Series K116, Class X1, 1.52%, 07/25/2030<sup>(e)(g)</sup> | 107417998 | 5921449  |
| &nbsp;&nbsp;&nbsp; Series K116, Class XAM, 1.70%, 08/25/2030<sup>(e)(g)</sup> | 23000000 | 1595153  |
| &nbsp;&nbsp;&nbsp; Series K118, Class X1, 1.04%, 09/25/2030<sup>(e)(g)</sup> | 160592339 | 6298415  |
| &nbsp;&nbsp;&nbsp; Series K118, Class XAM, 1.26%, 09/25/2030<sup>(e)(g)</sup> | 35916184 | 1859898  |
| &nbsp;&nbsp;&nbsp; Series K119, Class XAM, 1.23%, 10/25/2030<sup>(e)(g)</sup> | 51000000 | 2581054  |
| &nbsp;&nbsp;&nbsp; Series K121, Class X1, 1.11%, 10/25/2030<sup>(e)(g)</sup> | 48312456 | 2002010  |
| &nbsp;&nbsp;&nbsp; Series K121, Class XAM, 1.29%, 11/25/2030<sup>(e)(g)</sup> | 70786000 | 3871131  |
| &nbsp;&nbsp;&nbsp; Series K122, Class X1, 0.96%, 11/25/2030<sup>(e)(g)</sup> | 236826644 | 8762491  |

---

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series K122, Class XAM, 1.17%, 11/25/2030<sup>(e)(g)</sup> | $35211000 | $1746871  |
| &nbsp;&nbsp;&nbsp; Series K123, Class XAM, 1.07%, 12/25/2030<sup>(e)(g)</sup> | 108000000 | 4900824  |
| &nbsp;&nbsp;&nbsp; Series K124, Class XAM, 1.03%, 01/25/2031<sup>(e)(g)</sup> | 89626000 | 3942433  |
| &nbsp;&nbsp;&nbsp; Series K125, Class X1, 0.67%, 01/25/2031<sup>(e)(g)</sup> | 320773921 | 8146503  |
| &nbsp;&nbsp;&nbsp; Series K125, Class XAM, 0.87%, 01/25/2031<sup>(e)(g)</sup> | 103992000 | 3903756  |
| &nbsp;&nbsp;&nbsp; Series K127, Class XAM, 0.59%, 02/25/2031<sup>(e)(g)</sup> | 186332000 | 4516725  |
| &nbsp;&nbsp;&nbsp; Series K128, Class X1, 0.61%, 03/25/2031<sup>(e)(g)</sup> | 161808926 | 3702285  |
| &nbsp;&nbsp;&nbsp; Series K128, Class XAM, 0.83%, 03/25/2031<sup>(e)(g)</sup> | 37700000 | 1365321  |
| &nbsp;&nbsp;&nbsp; Series K129, Class XAM, 1.32%, 05/25/2031<sup>(e)(g)</sup> | 31700000 | 1888074  |
| &nbsp;&nbsp;&nbsp; Series K130, Class X1, 1.14%, 06/25/2031<sup>(e)(g)</sup> | 142334312 | 6937631  |
| &nbsp;&nbsp;&nbsp; Series K130, Class XAM, 1.32%, 07/25/2031<sup>(e)(g)</sup> | 43372188 | 2693426  |
| &nbsp;&nbsp;&nbsp; Series K131, Class X1, 0.83%, 07/25/2031<sup>(e)(g)</sup> | 139803174 | 5034816  |
| &nbsp;&nbsp;&nbsp; Series K138, Class XAM, 0.79%, 01/25/2032<sup>(e)(g)</sup> | 195000000 | 7553267  |
| &nbsp;&nbsp;&nbsp; Series K141, Class X1, 0.41%, 02/25/2032<sup>(e)(g)</sup> | 208547934 | 3783581  |
| &nbsp;&nbsp;&nbsp; Series K141, Class XAM, 0.43%, 02/25/2032<sup>(e)(g)</sup> | 195000000 | 3813946  |
| &nbsp;&nbsp;&nbsp; Series K145, Class X1, 0.43%, 05/25/2032<sup>(e)(g)</sup> | 103982976 | 2049005  |
| &nbsp;&nbsp;&nbsp; Series K149, Class X1, 0.40%, 08/25/2032<sup>(e)(g)</sup> | 508296907 | 9341786  |
| &nbsp;&nbsp;&nbsp; Series K1511, Class X1, 0.93%, 03/25/2034<sup>(e)(g)</sup> | 129233337 | 5894371  |
| &nbsp;&nbsp;&nbsp; Series K1512, Class X1, 1.05%, 04/25/2034<sup>(e)(g)</sup> | 46849926 | 2408227  |
| &nbsp;&nbsp;&nbsp; Series K1513, Class X1, 0.99%, 08/25/2034<sup>(e)(g)</sup> | 100164902 | 5173407  |
| &nbsp;&nbsp;&nbsp; Series K1514, Class X1, 0.70%, 10/25/2034<sup>(e)(g)</sup> | 80010484 | 3111160  |
| &nbsp;&nbsp;&nbsp; Series K1515, Class X1, 1.63%, 02/25/2035<sup>(e)(g)</sup> | 77898807 | 7603142  |
| &nbsp;&nbsp;&nbsp; Series K1516, Class X1, 1.63%, 05/25/2035<sup>(e)(g)</sup> | 41191965 | 4354106  |
| &nbsp;&nbsp;&nbsp; Series K1517, Class X1, 1.44%, 07/25/2035<sup>(e)(g)</sup> | 88101895 | 8079904  |
| &nbsp;&nbsp;&nbsp; Series K152, Class X1, 1.10%, 01/25/2031<sup>(e)(g)</sup> | 27960982 | 1071171  |
| &nbsp;&nbsp;&nbsp; Series K1521, Class X1, 1.09%, 08/25/2036<sup>(e)(g)</sup> | 94909361 | 7128974  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series K155, Class X1, 0.26%, 04/25/2033<sup>(e)(g)</sup> | $239965218 | $2200553  |
| &nbsp;&nbsp;&nbsp; Series K155, Class X1, 0.42%, 04/25/2033<sup>(e)(g)</sup> | 255150746 | 5074872  |
| &nbsp;&nbsp;&nbsp; Series K160, Class X1, 0.38%, 08/25/2033<sup>(e)(g)</sup> | 253988868 | 4531085  |
| &nbsp;&nbsp;&nbsp; Series K164, Class X1, 0.47%, 05/25/2034<sup>(e)(g)</sup> | 316834627 | 7686471  |
| &nbsp;&nbsp;&nbsp; Series K165, Class X1, 0.79%, 09/25/2034<sup>(e)(g)</sup> | 304814604 | 14081398  |
| &nbsp;&nbsp;&nbsp; Series K169, Class X1, 0.43%, 12/25/2034<sup>(e)(g)</sup> | 198891828 | 4522283  |
| &nbsp;&nbsp;&nbsp; Series K513, Class X1, 0.88%, 12/25/2028<sup>(e)(g)</sup> | 107772696 | 2261233  |
| &nbsp;&nbsp;&nbsp; Series K522, Class X1, 0.60%, 05/25/2029<sup>(e)(g)</sup> | 122954895 | 1821921  |
| &nbsp;&nbsp;&nbsp; Series K528, Class X1, 1.01%, 07/25/2029<sup>(e)(g)</sup> | 100000000 | 2968890  |
| &nbsp;&nbsp;&nbsp; Series K529, Class X1, 0.58%, 09/25/2029<sup>(e)(g)</sup> | 250000000 | 4050875  |
| &nbsp;&nbsp;&nbsp; Series K734, Class X1, 0.80%, 02/25/2026<sup>(e)(g)</sup> | 49398513 | 53286  |
| &nbsp;&nbsp;&nbsp; Series K735, Class X1, 1.10%, 05/25/2026<sup>(e)(g)</sup> | 56206445 | 248978  |
| &nbsp;&nbsp;&nbsp; Series K735, Class XAM, 1.51%, 05/25/2026<sup>(e)(g)</sup> | 70547000 | 649449  |
| &nbsp;&nbsp;&nbsp; Series K737, Class XAM, 1.15%, 10/25/2026<sup>(e)(g)</sup> | 20050000 | 217131  |
| &nbsp;&nbsp;&nbsp; Series K738, Class XAM, 1.49%, 03/25/2027<sup>(e)(g)</sup> | 24099000 | 455616  |
| &nbsp;&nbsp;&nbsp; Series K739, Class XAM, 1.66%, 09/25/2027<sup>(e)(g)</sup> | 32621072 | 845718  |
| &nbsp;&nbsp;&nbsp; Series K742, Class XAM, 1.02%, 04/25/2028<sup>(e)(g)</sup> | 89849000 | 2140922  |
| &nbsp;&nbsp;&nbsp; Series K743, Class XAM, 1.39%, 05/25/2028<sup>(e)(g)</sup> | 99488000 | 3135742  |
| &nbsp;&nbsp;&nbsp; Series K744, Class X1, 0.96%, 07/25/2028<sup>(e)(g)</sup> | 111800103 | 2304871  |
| &nbsp;&nbsp;&nbsp; Series K744, Class XAM, 1.33%, 07/25/2028<sup>(e)(g)</sup> | 122906000 | 3803633  |
| &nbsp;&nbsp;&nbsp; Series K747, Class XAM, 0.48%, 12/25/2028<sup>(e)(g)</sup> | 160000000 | 1859808  |
| &nbsp;&nbsp;&nbsp; Series K748, Class XAM, 0.64%, 01/25/2029<sup>(e)(g)</sup> | 175000000 | 3019292  |
| &nbsp;&nbsp;&nbsp; Series K757, Class X1, 0.90%, 08/25/2031<sup>(e)(g)</sup> | 213757900 | 8052217  |
| &nbsp;&nbsp;&nbsp; Series KG02, Class X1, 1.14%, 08/25/2029<sup>(e)(g)</sup> | 31318509 | 955384  |
| &nbsp;&nbsp;&nbsp; Series KG03, Class X1, 1.47%, 06/25/2030<sup>(e)(g)</sup> | 15236428 | 797907  |
| &nbsp;&nbsp;&nbsp; Series KG04, Class X1, 0.93%, 11/25/2030<sup>(e)(g)</sup> | 110025005 | 3870141  |
| &nbsp;&nbsp;&nbsp; Series KW03, Class X1, 0.91%, 06/25/2027<sup>(e)(g)</sup> | 12452783 | 126908  |
| &nbsp;&nbsp;&nbsp; Series KW06, Class X1, 0.30%, 06/25/2028<sup>(e)(g)</sup> | 433996355 | 1737114  |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series KW09, Class X1, 0.92%, 05/25/2029<sup>(e)(g)</sup> | $58842049 | $1231576  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $524,093,733)** |  | 498351097  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 4.70%** | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 4.70%** |  |
| Adjustable Rate Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 4A1, 6.02%, 01/25/2036<sup>(e)</sup> | 4361767 | 3075228  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 2A1, 4.76%, 07/25/2035<sup>(e)</sup> | 179207 | 168369  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 1A1, 4.75%, 05/25/2036<sup>(e)</sup> | 594006 | 517091  |
|  American Home Mortgage Investment Trust, Series 2006-2, Class 3A5, 6.75%, 06/25/2036<sup>(h)</sup> | 2747648 | 380195  |
|  Banc of America Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 4A5, 5.75%, 12/25/2035 | 584556 | 523182  |
| &nbsp;&nbsp;&nbsp; Series 2005-11, Class 4A6, 5.75%, 12/25/2035 | 95297 | 85292  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 4CB1, 6.50%, 03/25/2036 | 1606916 | 1381406  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 3CB4, 6.00%, 05/25/2046 | 658394 | 610038  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 4CB1, 6.50%, 05/25/2046 | 354104 | 334168  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 5CB1, 6.50%, 05/25/2046 | 1845655 | 1652038  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class CB17, 6.00%, 06/25/2046 | 200322 | 174937  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class CB5, 6.00%, 07/25/2046 | 807117 | 706115  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class 1CB1, 6.00%, 01/25/2037 | 128218 | 115479  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class A2, 4.84% (1 mo. Term SOFR + 0.51%), 01/25/2037 | 637512 | 518653  |
| Banc of America Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-3, Class 1A7, 5.50%, 10/25/2033 | 122916 | 123013  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class 2A1, 6.00%, 02/25/2034 | 345368 | 348106  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class 4A1, 6.00%, 03/25/2034 | 2262960 | 2235673  |
| &nbsp;&nbsp;&nbsp; Series 2004-B, Class 4A2, 6.22%, 11/20/2034<sup>(e)</sup> | 1125033 | 1088411  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A20, 5.50%, 06/25/2035 | 52425 | 49334  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 2A1, 5.50%, 08/25/2035 | $29298 | $28535  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 1A11, 5.50%, 09/25/2035 | 98571 | 100103  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 2A1, 5.50%, 09/25/2035 | 1132491 | 1100543  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 2A3, 5.50%, 11/25/2035 | 2096326 | 2003735  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A15, 5.75%, 11/25/2035 | 2701 | 2782  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A9, 6.00%, 11/25/2035 | 13435 | 13694  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class 4A28, 5.75%, 01/25/2036 | 1442440 | 1318140  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class 3A2, 5.75%, 09/25/2036 | 231596 | 216286  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 1A9, 6.00%, 09/25/2036 | 340047 | 296694  |
| &nbsp;&nbsp;&nbsp; Series 2006-F, Class 2A1, 5.41%, 07/20/2036<sup>(e)</sup> | 2617175 | 2291700  |
| &nbsp;&nbsp;&nbsp; Series 2006-I, Class 1A1, 6.03%, 12/20/2036<sup>(e)</sup> | 327437 | 323861  |
| &nbsp;&nbsp;&nbsp; Series 2006-I, Class 2A1, 6.29%, 12/20/2036<sup>(e)</sup> | 1502991 | 1479639  |
| &nbsp;&nbsp;&nbsp; Series 2006-I, Class 2A2, 6.29%, 12/20/2036<sup>(e)</sup> | 261438 | 246052  |
| &nbsp;&nbsp;&nbsp; Series 2006-J, Class 4A1, 5.04%, 01/20/2047<sup>(e)</sup> | 82138 | 71327  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class TA7, 6.69%, 01/25/2037<sup>(h)</sup> | 560162 | 525603  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class TA1A, 4.50% (1 mo. Term SOFR + 0.17%), 03/25/2037 | 242201 | 216988  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class TA4, 5.30% (1 mo. Term SOFR + 0.97%), 04/25/2037 | 716617 | 616287  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 5A3, 5.50%, 11/25/2034 | 146472 | 129588  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 1A1, 5.50%, 07/25/2037 | 1197942 | 978483  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class A1, 5.02% (1 mo. Term SOFR + 0.69%), 07/25/2037 | 788759 | 756285  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class A2, 5.00% (1 mo. Term SOFR + 0.67%), 07/25/2037 | 3255489 | 3116715  |
| &nbsp;&nbsp;&nbsp; Series 2010-R3, Class 3A6, 6.00%, 09/26/2037<sup>(c)(e)</sup> | 5751520 | 5513638  |
| &nbsp;&nbsp;&nbsp; Series 2014-R3, Class 1A2, 6.23%, 06/26/2035<sup>(c)(e)</sup> | 1075144 | 1080389  |
| &nbsp;&nbsp;&nbsp; Series 2014-R3, Class 2A2, 7.03%, 06/26/2035<sup>(c)(e)</sup> | 859020 | 859408  |
|  Banc of America Mortgage Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1, 5.11%, 02/25/2035<sup>(e)</sup> | 905344 | 880489  |

---

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2005-F, Class 2A1, 5.55%, 07/25/2035<sup>(e)</sup> | $454221 | $432893  |
| &nbsp;&nbsp;&nbsp; Series 2006-B, Class 3A1, 4.24%, 10/20/2046<sup>(e)</sup> | 345154 | 301801  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A26, 6.00%, 03/25/2037 | 1410547 | 1207549  |
|  BCAP LLC Trust, Series 2007-AA2, Class 2A3, 7.50%, 04/25/2037<sup>(e)</sup> | 441301 | 211896  |
|  Bear Stearns Alt-A Trust, Series 2006-6, Class 2A1, 4.17%, 11/25/2036<sup>(e)</sup> | 663339 | 300419  |
|  Bear Stearns Asset Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AC5, Class 1A1, 5.44% (1 mo. Term SOFR + 1.11%), 08/25/2035 | 366123 | 215365  |
| &nbsp;&nbsp;&nbsp; Series 2006-AC4, Class A1, 4.69% (1 mo. Term SOFR + 0.36%), 07/25/2036 | 2287355 | 1770081  |
| &nbsp;&nbsp;&nbsp; Series 2006-AC4, Class A2, 17.02% (-4 x 1 mo. Term SOFR + 35.75%), 07/25/2036<sup>(i)</sup> | 528951 | 638861  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A1, Class 2A1, 4.89%, 12/25/2035<sup>(e)</sup> | 568129 | 541398  |
| &nbsp;&nbsp;&nbsp; Series 2005-A1, Class 2A2, 4.89%, 12/25/2035<sup>(e)</sup> | 592299 | 564431  |
| &nbsp;&nbsp;&nbsp; Series 2005-S2, Class A1, 5.50%, 10/25/2035 | 499270 | 492331  |
| &nbsp;&nbsp;&nbsp; Series 2005-S3, Class A9, 5.50%, 11/25/2035 | 4537614 | 3228388  |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class 1A1, 6.00%, 11/25/2036 | 6682762 | 2636350  |
| &nbsp;&nbsp;&nbsp; Series 2006-S4, Class A3, 6.00%, 12/25/2036 | 1226693 | 492883  |
| &nbsp;&nbsp;&nbsp; Series 2006-S4, Class A6, 6.00%, 12/25/2036 | 3958334 | 1590451  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 6A2, 5.75%, 07/25/2037<sup>(e)</sup> | 722111 | 628017  |
| &nbsp;&nbsp;&nbsp; Series 2007-S1, Class A7, 6.00%, 02/25/2037 | 4011432 | 1537692  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A10, 5.75%, 05/25/2037 | 665293 | 265972  |
| &nbsp;&nbsp;&nbsp; Series 2007-S3, Class 1A15, 6.00%, 05/25/2037 | 2027146 | 848296  |
| Chaseflex Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A3, 5.50%, 02/25/2035 | 201190 | 174092  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class A3, 4.18%, 09/25/2036<sup>(e)</sup> | 1704046 | 1561234  |
| Citicorp Mortgage Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A4, 6.00%, 02/25/2036 | 61915 | 58081  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A10, 6.25%, 06/25/2036 | $1266415 | $1184820  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A4, 6.00%, 06/25/2036 | 1051834 | 969254  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A9, 5.75%, 06/25/2036 | 299887 | 272121  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 2A1, 5.50%, 06/25/2027 | 31091 | 27754  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 1A1, 6.00%, 12/25/2036 | 2371679 | 1986443  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 1A4, 6.00%, 04/25/2037 | 308449 | 296640  |
| Citigroup Financial Products, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class 1A2, 9.25%, 08/25/2033<sup>(c)</sup> | 10185 | 6791  |
| &nbsp;&nbsp;&nbsp; Series 2004-HYB3, Class 2A, 5.93%, 09/25/2034<sup>(e)</sup> | 313573 | 300023  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 2A2A, 5.10%, 04/25/2035<sup>(e)</sup> | 222983 | 212128  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A1A, 5.18%, 12/25/2035<sup>(e)</sup> | 867251 | 549934  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A4, 4.47%, 05/25/2035<sup>(e)</sup> | 257582 | 247963  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class 22A6, 6.00%, 08/25/2035 | 1280041 | 1203940  |
| &nbsp;&nbsp;&nbsp; Series 2005-WF1, Class M1, 5.83%, 11/25/2034<sup>(h)</sup> | 2020284 | 2031789  |
| Citigroup Mortgage Loan Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 1A2, 4.63%, 09/25/2035<sup>(e)</sup> | 306170 | 275210  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 2A2A, 4.79%, 11/25/2036<sup>(e)</sup> | 1020111 | 878859  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR4, Class 1A1A, 4.68%, 03/25/2037<sup>(e)</sup> | 844259 | 708650  |
| Citimortgage Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class A5, 5.04% (1 mo. Term SOFR + 0.71%), 05/25/2036 | 311743 | 267996  |
| &nbsp;&nbsp;&nbsp; Series 2006-A4, Class 1A1, 6.00%, 09/25/2036 | 793913 | 738116  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A5, 6.00%, 01/25/2037 | 1165342 | 1052892  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A7, 6.00%, 01/25/2037 | 1872804 | 1692087  |
| Countrywide Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-13CB, Class A3, 6.00%, 07/25/2034 | 4773958 | 4987386  |
| &nbsp;&nbsp;&nbsp; Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034 | 1042382 | 1085974  |
| &nbsp;&nbsp;&nbsp; Series 2004-27CB, Class A1, 6.00%, 12/25/2034 | 729692 | 656921  |
| &nbsp;&nbsp;&nbsp; Series 2004-28CB, Class 4A1, 5.00%, 03/25/2035 | 117722 | 88796  |
| &nbsp;&nbsp;&nbsp; Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035 | 208624 | 195694  |

---

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2005-13CB, Class A1, 4.94% (1 mo. Term SOFR + 0.61%), 05/25/2035 | $695932 | $563815  |
| &nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A17, 6.00%, 06/25/2035 | 1238159 | 952968  |
| &nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A3, 5.25%, 06/25/2035 | 2080453 | 1543957  |
| &nbsp;&nbsp;&nbsp; Series 2005-43, Class 5A1, 5.31%, 09/25/2035<sup>(e)</sup> | 98410 | 88795  |
| &nbsp;&nbsp;&nbsp; Series 2005-54CB, Class 3A7, 5.50%, 11/25/2035 | 504535 | 269075  |
| &nbsp;&nbsp;&nbsp; Series 2005-63, Class 3A1, 4.88%, 11/25/2035<sup>(e)</sup> | 585404 | 544878  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 1A8, 5.50%, 01/25/2036 | 86185 | 56373  |
| &nbsp;&nbsp;&nbsp; Series 2005-65CB, Class 2A7, 0.00%, 12/25/2035<sup>(j)</sup> | 598976 | 225694  |
| &nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A1, 7.50%, 04/25/2035 | 166432 | 153313  |
| &nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A5, 5.75%, 04/25/2035 | 1419337 | 1230076  |
| &nbsp;&nbsp;&nbsp; Series 2005-73CB, Class 2A2, 5.75%, 01/25/2036 | 318944 | 154289  |
| &nbsp;&nbsp;&nbsp; Series 2005-75CB, Class A3, 5.50%, 01/25/2036 | 1269183 | 850933  |
| &nbsp;&nbsp;&nbsp; Series 2005-75CB, Class A6, 5.50%, 01/25/2036 | 1072086 | 718788  |
| &nbsp;&nbsp;&nbsp; Series 2005-80CB, Class 2A1, 6.00%, 02/25/2036 | 3126895 | 3084847  |
| &nbsp;&nbsp;&nbsp; Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036 | 7463804 | 7716964  |
| &nbsp;&nbsp;&nbsp; Series 2005-86CB, Class A10, 5.50%, 02/25/2036 | 118729 | 66896  |
| &nbsp;&nbsp;&nbsp; Series 2005-86CB, Class A8, 5.50%, 02/25/2036 | 856781 | 482742  |
| &nbsp;&nbsp;&nbsp; Series 2005-9CB, Class 1A1, 4.94% (1 mo. Term SOFR + 0.61%), 05/25/2035 | 1459353 | 1290871  |
| &nbsp;&nbsp;&nbsp; Series 2005-9CB, Class 3A1, 6.00%, 05/25/2035 | 7847363 | 3410985  |
| &nbsp;&nbsp;&nbsp; Series 2005-J13, Class 2A7, 5.50%, 11/25/2035 | 584121 | 396935  |
| &nbsp;&nbsp;&nbsp; Series 2005-J6, Class 1A6, 4.94% (1 mo. Term SOFR + 0.61%), 07/25/2035 | 1872284 | 1485027  |
| &nbsp;&nbsp;&nbsp; Series 2006-12CB, Class A3, 5.75% (1 mo. Term SOFR + 5.75%), 05/25/2036 | 526342 | 250958  |
| &nbsp;&nbsp;&nbsp; Series 2006-14CB, Class A4, 6.00%, 06/25/2036 | 2215134 | 1188696  |
| &nbsp;&nbsp;&nbsp; Series 2006-16CB, Class A2, 6.00%, 06/25/2036 | 343696 | 179619  |
| &nbsp;&nbsp;&nbsp; Series 2006-16CB, Class A4, 6.00%, 06/25/2036 | 900864 | 470802  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2006-16CB, Class A6, 6.00%, 06/25/2036 | $781798 | $408568  |
| &nbsp;&nbsp;&nbsp; Series 2006-23CB, Class 1A6, 6.00%, 08/25/2036 | 1108830 | 1057289  |
| &nbsp;&nbsp;&nbsp; Series 2006-23CB, Class 2A1, 6.50%, 08/25/2036 | 5679861 | 1678294  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A11, 5.75%, 08/25/2036 | 3612690 | 1764267  |
| &nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A12, 5.75%, 08/25/2036 | 2241090 | 1094443  |
| &nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A17, 6.25%, 09/25/2036 | 5307135 | 2480397  |
| &nbsp;&nbsp;&nbsp; Series 2006-30T1, Class 2A6, 6.50%, 11/25/2036 | 8384527 | 2472643  |
| &nbsp;&nbsp;&nbsp; Series 2006-31CB, Class A7, 6.00%, 11/25/2036 | 195117 | 108159  |
| &nbsp;&nbsp;&nbsp; Series 2006-31CB, Class A8, 5.75%, 11/25/2036 | 1760223 | 942432  |
| &nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 1A20, 6.00%, 01/25/2037 | 1998182 | 1651269  |
| &nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 1A7, 6.00%, 01/25/2037 | 483519 | 238611  |
| &nbsp;&nbsp;&nbsp; Series 2006-6CB, Class 1A8, 5.50%, 05/25/2036 | 78847 | 64101  |
| &nbsp;&nbsp;&nbsp; Series 2006-J3, Class 4A2, 5.75%, 05/25/2026 | 92551 | 91074  |
| &nbsp;&nbsp;&nbsp; Series 2006-J6, Class A4, 6.00%, 09/25/2036 | 1894958 | 864069  |
| &nbsp;&nbsp;&nbsp; Series 2006-J6, Class A5, 6.00%, 09/25/2036 | 2552563 | 1163926  |
| &nbsp;&nbsp;&nbsp; Series 2007-13, Class A1, 6.00%, 06/25/2047 | 2391639 | 1196121  |
| &nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A1, 6.00%, 09/25/2037 | 4061234 | 1899245  |
| &nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 2A14, 5.75%, 03/25/2037 | 5190508 | 2480072  |
| &nbsp;&nbsp;&nbsp; Series 2007-4CB, Class 1A6, 5.75%, 04/25/2037 | 1207191 | 998229  |
| &nbsp;&nbsp;&nbsp; Series 2007-4CB, Class 1A7, 5.75%, 04/25/2037 | 908051 | 750870  |
| &nbsp;&nbsp;&nbsp; Series 2007-8CB, Class A1, 5.50%, 05/25/2037 | 5341934 | 2641799  |
| &nbsp;&nbsp;&nbsp; Series 2007-8CB, Class A9, 6.00%, 05/25/2037 | 721793 | 378239  |
| &nbsp;&nbsp;&nbsp; Series 2007-J2, Class 2A2, 6.00%, 07/25/2037 | 2068869 | 2006572  |
| &nbsp;&nbsp;&nbsp; Series 2008-2R, Class 3A1, 6.00%, 08/25/2037<sup>(e)</sup> | 6811371 | 3119327  |
|  Countrywide Home Loan Mortgage Pass Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-42, Class 2A4, 6.40%, 10/25/2033<sup>(e)</sup> | 325602 | 315778  |
| &nbsp;&nbsp;&nbsp; Series 2003-44, Class A3, 5.00%, 10/25/2033 | 200000 | 181334  |
| &nbsp;&nbsp;&nbsp; Series 2004-14, Class 3A1, 5.99%, 08/25/2034<sup>(e)</sup> | 1051987 | 1019342  |

---

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2004-21, Class A1, 4.00%, 11/25/2034 | $356690 | $329982  |
| &nbsp;&nbsp;&nbsp; Series 2004-24, Class A1, 5.50%, 12/25/2034 | 3038982 | 3101000  |
| &nbsp;&nbsp;&nbsp; Series 2004-24, Class A4, 5.50%, 12/25/2034 | 2098863 | 2141265  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class A10, 5.50%, 05/25/2034 | 424005 | 421258  |
| &nbsp;&nbsp;&nbsp; Series 2004-HYB5, Class 3A1, 5.82%, 04/20/2035<sup>(e)</sup> | 510248 | 482261  |
| &nbsp;&nbsp;&nbsp; Series 2004-J9, Class 2A5, 5.50%, 01/25/2035 | 350110 | 356318  |
| &nbsp;&nbsp;&nbsp; Series 2005-13, Class A6, 5.50%, 06/25/2035 | 1378886 | 737495  |
| &nbsp;&nbsp;&nbsp; Series 2005-20, Class A7, 5.25%, 12/25/2027 | 82962 | 48405  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 1A4, 5.50%, 12/25/2035 | 664543 | 494867  |
| &nbsp;&nbsp;&nbsp; Series 2005-27, Class 2A1, 5.50%, 12/25/2035 | 508211 | 193213  |
| &nbsp;&nbsp;&nbsp; Series 2005-31, Class 4A2, 4.88%, 01/25/2036<sup>(e)</sup> | 587027 | 557819  |
| &nbsp;&nbsp;&nbsp; Series 2005-HY10, Class 1A1, 5.12%, 02/20/2036<sup>(e)</sup> | 28212 | 24653  |
| &nbsp;&nbsp;&nbsp; Series 2005-HY10, Class 4A1, 4.18%, 02/20/2036<sup>(e)</sup> | 1146373 | 1034418  |
| &nbsp;&nbsp;&nbsp; Series 2005-HYB2, Class 2A, 5.06%, 05/20/2035<sup>(e)</sup> | 532585 | 520452  |
| &nbsp;&nbsp;&nbsp; Series 2005-J3, Class 2A5, 5.50%, 09/25/2035 | 36326 | 33939  |
| &nbsp;&nbsp;&nbsp; Series 2006-16, Class 2A1, 6.50%, 11/25/2036 | 472257 | 137213  |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A6, 6.00%, 12/25/2036 | 2086570 | 912186  |
| &nbsp;&nbsp;&nbsp; Series 2006-17, Class A8, 6.00% (1 mo. Term SOFR + 0.66%), 12/25/2036 | 2822055 | 1213457  |
| &nbsp;&nbsp;&nbsp; Series 2006-21, Class A11, 5.75%, 02/25/2037 | 1120614 | 465636  |
| &nbsp;&nbsp;&nbsp; Series 2006-21, Class A13, 6.00%, 02/25/2037 | 2587650 | 1122388  |
| &nbsp;&nbsp;&nbsp; Series 2006-21, Class A5, 6.00%, 02/25/2037 | 590819 | 256266  |
| &nbsp;&nbsp;&nbsp; Series 2006-6, Class A1, 6.00%, 04/25/2036 | 566190 | 266919  |
| &nbsp;&nbsp;&nbsp; Series 2006-9, Class A8, 6.00%, 05/25/2036 | 1098707 | 490532  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class A4, 6.00%, 03/25/2037 | 1894376 | 829805  |
| &nbsp;&nbsp;&nbsp; Series 2007-10, Class A22, 6.00%, 07/25/2037 | 1763332 | 764251  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class A2, 5.75%, 05/25/2037 | 1426568 | 661820  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class A29, 5.50%, 05/25/2037 | 2484018 | 1104142  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class A4, 5.75%, 05/25/2037 | $739291 | $342975  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class A51, 5.75%, 05/25/2037 | 4841648 | 2246160  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY5, Class 1A1, 4.97%, 09/25/2047<sup>(e)</sup> | 5012352 | 3943322  |
| &nbsp;&nbsp;&nbsp; Series 2007-J2, Class 2A3, 6.00%, 07/25/2037 | 2885167 | 970567  |
| &nbsp;&nbsp;&nbsp; Series 2007-J2, Class 2A6, 6.00%, 07/25/2037 | 186336 | 62683  |
|  Credit Suisse First Boston Mortgage Securities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-8, Class 3A4, 5.50%, 12/25/2034 | 117045 | 113857  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 10A3, 6.00%, 11/25/2035 | 811306 | 177973  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 5A3, 5.50%, 11/25/2035 | 335342 | 238719  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class 5A4, 5.50%, 11/25/2035 | 1321747 | 940756  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 3A17, 5.50%, 07/25/2035 | 122887 | 124053  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 2A1, 5.50%, 10/25/2035 | 534502 | 215969  |
|  Credit Suisse Management LLC, Series 2005-8, Class 7A1, 7.00%, 09/25/2035 | 2529045 | 1003919  |
|  Credit Suisse Mortgage Capital Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A3, 5.50%, 02/25/2036 | 226948 | 203134  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 4A14, 5.50%, 02/25/2036 | 26361 | 25245  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 4A2, 5.75%, 03/25/2036 | 488736 | 297219  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 5A6, 6.00%, 03/25/2036 | 3960600 | 1470506  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 8A1, 7.00%, 05/25/2036 | 1179251 | 100105  |
| &nbsp;&nbsp;&nbsp; Series 2006-7, Class 7A5, 6.00%, 08/25/2036 | 636125 | 480411  |
| &nbsp;&nbsp;&nbsp; Series 2006-CF1, Class B3, 5.50%, 11/25/2035<sup>(c)(h)</sup> | 2565000 | 2579889  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 3A8, 5.50%, 03/25/2037 | 1191733 | 523396  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 4A13, 5.50%, 04/25/2037 | 239308 | 195679  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 4A15, 5.50%, 04/25/2037 | 334795 | 273757  |
| &nbsp;&nbsp;&nbsp; Series 2011-12R, Class 3A5, 5.07%, 07/27/2036<sup>(c)(e)</sup> | 505715 | 506359  |
| &nbsp;&nbsp;&nbsp; Series 2013-2R, Class 5A2, 3.89%, 05/27/2037<sup>(c)(e)</sup> | 1601779 | 1072458  |
| Deutsche ALT-A Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 3A1, 4.94% (1 mo. Term SOFR + 0.61%), 05/25/2035 | 469001 | 412120  |

---

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

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A4, 5.50%, 12/25/2035 | $1172897 | $945998  |
| &nbsp;&nbsp;&nbsp; Series 2006-AB4, Class A1B1, 4.54% (1 mo. Term SOFR + 0.21%), 10/25/2036 | 345252 | 286960  |
|  DFC HEL Trust, Series 2001-1, Class M1, 6.13% (1 mo. Term SOFR + 1.76%), 08/15/2031 | 1061935 | 1022574  |
|  Federal National Mortgage Association, Series 2016-C01, Class 2M2, 11.41% (30 day avg SOFR US + 7.06%), 08/25/2028 | 440717 | 451242  |
|  First Horizon Alternative Mortgage Securities,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AA6, Class A1, 5.59%, 01/25/2035<sup>(e)</sup> | 182176 | 180013  |
| &nbsp;&nbsp;&nbsp; Series 2004-AA7, Class 2A1, 5.65%, 02/25/2035<sup>(e)</sup> | 529232 | 501985  |
| &nbsp;&nbsp;&nbsp; Series 2005-AA5, Class 2A1, 5.39%, 07/25/2035<sup>(e)</sup> | 804865 | 760054  |
| &nbsp;&nbsp;&nbsp; Series 2005-AA7, Class 2A1, 5.15%, 09/25/2035<sup>(e)</sup> | 880599 | 781794  |
| &nbsp;&nbsp;&nbsp; Series 2005-FA11, Class 2A1, 5.25%, 02/25/2026 | 698 | 0<sup>(k)</sup>  |
| &nbsp;&nbsp;&nbsp; Series 2005-FA8, Class 1A14, 5.50%, 11/25/2035 | 1085852 | 493525  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA1, Class 1A3, 5.75%, 04/25/2036 | 1761228 | 681777  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA2, Class 1A3, 6.00%, 05/25/2036 | 2093919 | 785269  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA2, Class 1A5, 6.00%, 05/25/2036 | 1370078 | 513812  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA6, Class 1A5, 6.25%, 11/25/2036 | 6613594 | 2594842  |
| &nbsp;&nbsp;&nbsp; Series 2006-FA6, Class 3A1, 5.75%, 11/25/2036 | 279 | 0  |
| &nbsp;&nbsp;&nbsp; Series 2007-AA1, Class 1A2, 4.32%, 05/25/2037<sup>(e)</sup> | 1821442 | 1135166  |
| &nbsp;&nbsp;&nbsp; Series 2007-FA4, Class 1A6, 6.25%, 08/25/2037<sup>(e)</sup> | 1718668 | 579726  |
| First Horizon Asset Securities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 4A1, 6.50%, 08/25/2035<sup>(e)</sup> | 624136 | 605938  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A15, 6.00%, 02/25/2037 | 528944 | 119596  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A6, 5.75%, 02/25/2037 | 873514 | 189366  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR4, Class 1A2, 4.90%, 01/25/2037<sup>(e)</sup> | 1824649 | 876948  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR1, Class 1A1, 5.19%, 05/25/2037<sup>(e)</sup> | 600372 | 239103  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR2, Class 1A2, 6.66%, 08/25/2037<sup>(e)</sup> | 3681069 | 807666  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MM1, Class A8, 2.50%, 04/25/2052<sup>(c)(e)</sup> | $2000000 | $1311851  |
| &nbsp;&nbsp;&nbsp; Series 2021-PJ7, Class A14, 2.50%, 01/25/2052<sup>(c)(e)</sup> | 4491250 | 2972040  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ2, Class A31, 2.50%, 06/25/2052<sup>(c)(e)</sup> | 2250000 | 1478685  |
| &nbsp;&nbsp;&nbsp; Series 2022-PJ5, Class A31, 2.50%, 10/25/2052<sup>(c)(e)</sup> | 5500000 | 3570263  |
| GSAA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class M2, 6.26%, 11/25/2034<sup>(h)</sup> | 1673251 | 1649832  |
| &nbsp;&nbsp;&nbsp; Series 2006-15, Class AF5, 6.69%, 09/25/2036<sup>(h)</sup> | 1949255 | 487398  |
| &nbsp;&nbsp;&nbsp; Series 2006-18, Class AF6, 6.18%, 11/25/2036<sup>(h)</sup> | 1776760 | 398602  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class 1A2, 4.80% (1 mo. Term SOFR + 0.47%), 07/25/2037 | 730041 | 712537  |
| GSR Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-5F, Class 1A1, 3.00%, 08/25/2032 | 479684 | 459817  |
| &nbsp;&nbsp;&nbsp; Series 2004-15F, Class 2A1, 6.00%, 12/25/2034 | 653379 | 548337  |
| &nbsp;&nbsp;&nbsp; Series 2005-1F, Class 3A3, 6.00%, 01/25/2035 | 7522 | 6811  |
| &nbsp;&nbsp;&nbsp; Series 2005-7F, Class 3A9, 6.00%, 09/25/2035 | 13606 | 13641  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR4, Class 5A1, 5.61%, 07/25/2035<sup>(e)</sup> | 110614 | 106371  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR5, Class 4A1, 5.19%, 10/25/2035<sup>(e)</sup> | 370264 | 348697  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR7, Class 6A1, 4.42%, 11/25/2035<sup>(e)</sup> | 266622 | 232807  |
| &nbsp;&nbsp;&nbsp; Series 2006-2F, Class 2A1, 5.75%, 02/25/2036 | 350559 | 307651  |
|  Harborview Mortgage Loan Trust, Series 2006-6, Class 3A1A, 4.87%, 08/19/2036<sup>(e)</sup> | 1656488 | 1315093  |
|  Impac CMB Trust, Series 2005-5, Class A3W, 4.94% (1 mo. Term SOFR + 0.36%), 08/25/2035 | 289992 | 276130  |
| Impac Funding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-2, Class A3, 6.50%, 04/25/2033 | 654885 | 649822  |
| &nbsp;&nbsp;&nbsp; Series 2004-2, Class A5, 4.77%, 08/25/2034<sup>(h)</sup> | 6959 | 6924  |
|  Indymac IMSC Mortgage Loan Trust, Series 2007-AR1, Class 2A1, 3.85%, 06/25/2037<sup>(e)</sup> | 323855 | 195556  |
| Indymac Index Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR11, Class 1A, 3.73%, 12/25/2034<sup>(e)</sup> | 780655 | 717976  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR4, Class 3A, 5.01%, 08/25/2034<sup>(e)</sup> | 1721850 | 1638699  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR23, Class 3A1, 3.58%, 11/25/2035<sup>(e)</sup> | 421660 | 387677  |

---

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR23, Class 6A1, 3.96%, 11/25/2035<sup>(e)</sup> | $850461 | $806050  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR25, Class 1A21, 3.86%, 12/25/2035<sup>(e)</sup> | 1701117 | 923109  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 4A1, 3.98%, 04/25/2035<sup>(e)</sup> | 661135 | 623965  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR35, Class 1A1, 3.76%, 02/25/2036<sup>(e)</sup> | 1018524 | 794039  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR9, Class 1A1, 4.98%, 07/25/2035<sup>(e)</sup> | 2710007 | 1427643  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR25, Class 3A1, 3.89%, 09/25/2036<sup>(e)</sup> | 1880954 | 1202120  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR25, Class 4A1, 3.58%, 09/25/2036<sup>(e)</sup> | 3150617 | 2883937  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR3, Class 2A1C, 3.83%, 03/25/2036<sup>(e)</sup> | 4248538 | 2911397  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR31, Class A5, 4.14%, 11/25/2036<sup>(e)</sup> | 3180302 | 3004178  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR9, Class 3A1, 3.46%, 06/25/2036<sup>(e)</sup> | 1426912 | 1237409  |
|  Jefferies, LLC, Series 2009-R1, Class 1A2, 4.42%, 11/26/2035<sup>(c)(e)</sup> | 366847 | 324103  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-S3, Class 1A5, 5.75%, 01/25/2036 | 46361 | 19593  |
| &nbsp;&nbsp;&nbsp; Series 2007-A3, Class 2A3, 5.23%, 05/25/2037<sup>(e)</sup> | 1999053 | 1698543  |
| &nbsp;&nbsp;&nbsp; Series 2021-12, Class A3, 2.50%, 02/25/2052<sup>(c)(e)</sup> | 10585344 | 8691723  |
| &nbsp;&nbsp;&nbsp; Series 2021-13, Class A5, 2.50%, 04/25/2052<sup>(c)(e)</sup> | 30000000 | 20016354  |
| &nbsp;&nbsp;&nbsp; Series 2021-14, Class A5, 2.50%, 05/25/2052<sup>(c)(e)</sup> | 6082500 | 4014288  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class A2, 3.00%, 06/25/2052<sup>(c)(e)</sup> | 6485662 | 5546164  |
| &nbsp;&nbsp;&nbsp; Series 2021-15, Class A5, 2.50%, 06/25/2052<sup>(c)(e)</sup> | 3650000 | 2396203  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 3.00%, 07/25/2052<sup>(c)(e)</sup> | 14871171 | 12736267  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A5, 2.50%, 07/25/2052<sup>(c)(e)</sup> | 10968741 | 7183188  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A2, 3.00%, 08/25/2052<sup>(c)(e)</sup> | 11951263 | 10216451  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class A5A, 2.50%, 08/25/2052<sup>(c)(e)</sup> | 11588632 | 7556729  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A5, 3.00%, 10/25/2052<sup>(c)(e)</sup> | 5000000 | 3533964  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A5, 3.00%, 05/25/2054<sup>(c)(e)</sup> | 10000000 | 7017757  |
| &nbsp;&nbsp;&nbsp; Series 2024-7, Class A5, 3.00%, 04/25/2053<sup>(c)(e)</sup> | 8000000 | 5531313  |
| Lehman Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A3, 5.75%, 12/25/2035 | 495660 | 228856  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A2, 0.31% (-1 x 1 mo. Term SOFR + 4.64%), 01/25/2036<sup>(g)(i)</sup> | $746650 | $47439  |
| &nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A6, 4.94% (1 mo. Term SOFR + 0.61%), 01/25/2036 | 746650 | 273323  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 1A4, 5.50%, 02/25/2036 | 343487 | 154983  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A1, 6.00%, 07/25/2036 | 3132463 | 1450348  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class 1A4, 6.00%, 07/25/2036 | 6938826 | 3239215  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A2, 5.75%, 05/25/2037 | 959925 | 438745  |
| &nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A3, 5.75%, 05/25/2037 | 2097435 | 958657  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 1A3, 5.75%, 06/25/2037 | 1634111 | 1554430  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 9A1, 6.00%, 06/25/2037 | 2291034 | 485987  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 9A2, 6.00%, 06/25/2037 | 6257501 | 1327376  |
| &nbsp;&nbsp;&nbsp; MASTR Adjustable Rate<br>Mortgages Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-4, Class 2A2, 6.80%, 05/25/2034<sup>(e)</sup> | 69849 | 66775  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 7A1, 3.95%, 02/25/2035<sup>(e)</sup> | 70651 | 65328  |
| MASTR Alternative Loans Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-5, Class 30B1, 5.92%, 08/25/2033<sup>(e)</sup> | 328343 | 175255  |
| &nbsp;&nbsp;&nbsp; Series 2003-7, Class 5A1, 6.25%, 11/25/2033 | 28523 | 29860  |
| &nbsp;&nbsp;&nbsp; Series 2004-11, Class 7A1, 6.50%, 10/25/2034 | 150134 | 153741  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 10A1, 6.00%, 07/25/2034 | 78064 | 78372  |
| &nbsp;&nbsp;&nbsp; Series 2004-6, Class 8A1, 5.50%, 07/25/2034 | 110275 | 109684  |
| &nbsp;&nbsp;&nbsp; Series 2005-2, Class 4A5, 5.50%, 03/25/2035 | 2000000 | 1879785  |
|  MASTR Asset Securitization Trust, Series 2006-1, Class 2A1, 4.89% (1 mo. Term SOFR + 0.56%), 05/25/2036 | 555600 | 92813  |
| Merrill Lynch Mortgage Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A5, Class A8, 4.71%, 06/25/2035<sup>(e)</sup> | 171768 | 165600  |
| &nbsp;&nbsp;&nbsp; Series 2005-A7, Class 2A1, 4.91%, 09/25/2035<sup>(e)</sup> | 3260177 | 2571716  |
| &nbsp;&nbsp;&nbsp; Series 2006-F1, Class 1A1, 6.00%, 04/25/2036 | 1599513 | 560972  |
|  MLCC Mortgage Investors, Inc. Series 2004-D, Class A2, 5.19% (6 mo. Term SOFR + 1.15%), 09/25/2029 | 229109 | 223595  |

---

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
|  Morgan Stanley Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 6A3, 5.50%, 11/25/2035 | $573339 | $570136  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 7A3, 5.50%, 11/25/2035 | 258818 | 221490  |
| &nbsp;&nbsp;&nbsp; Series 2006-11, Class 2A1, 6.00%, 08/25/2036 | 1909184 | 767111  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class 7A1, 5.44%, 02/25/2036<sup>(e)</sup> | 1196451 | 659562  |
|  Morgan Stanley Reremic Trust, Series 2012-R3, Class 1B, 4.17%, 11/26/2036<sup>(c)(e)</sup> | 1559001 | 1390031  |
| Nomura Asset Acceptance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR3, Class 3A1, 5.69%, 07/25/2035<sup>(e)</sup> | 140789 | 140505  |
| &nbsp;&nbsp;&nbsp; Series 2005-WF1, Class 2A5, 5.66%, 03/25/2035<sup>(h)</sup> | 7464 | 7518  |
| Nomura Resecuritization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-4RA, Class 1A10, 2.77%, 12/26/2036<sup>(c)(e)</sup> | 4770510 | 4386619  |
| &nbsp;&nbsp;&nbsp; Series 2014-5R, Class 1A9, 5.50%, 06/26/2035<sup>(c)(e)</sup> | 2726072 | 2189803  |
| Popular ABS, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-1, Class M1, 4.86%, 08/25/2033<sup>(e)</sup> | 196189 | 195530  |
| &nbsp;&nbsp;&nbsp; Series 2003-3, Class M1, 4.87%, 12/25/2033<sup>(e)</sup> | 416201 | 413937  |
|  RAAC Series, Series 2005-SP1, Class 3A7, 6.00%, 09/25/2034 | 2043 | 1673  |
| RALI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS1, Class A3, 5.75%, 01/25/2036 | 139869 | 110468  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS13, Class 1A6, 6.00%, 09/25/2036 | 1558595 | 1238122  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS17, Class A7, 6.00%, 12/25/2036 | 251790 | 211168  |
| &nbsp;&nbsp;&nbsp; Series 2006-QS9, Class 1A5, 5.14% (1 mo. Term SOFR + 0.81%), 07/25/2036 | 1019974 | 752641  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS10, Class A1, 6.50%, 09/25/2037 | 223585 | 187251  |
| &nbsp;&nbsp;&nbsp; Series 2007-QS6, Class A29, 6.00%, 04/25/2037 | 2225108 | 1867872  |
|  RBSSP Resecuritization Trust, Series 2009-7, Class 3A2, 6.00%, 03/26/2036<sup>(c)(e)</sup> | 3547638 | 1769787  |
| RCKT Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A17, 2.50%, 09/25/2051<sup>(c)(e)</sup> | 5000000 | 3324900  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A18, 2.50%, 02/25/2052<sup>(c)(e)</sup> | 4500000 | 2946327  |
|  Resecuritization Pass-Through Trust, Series 2005-8R, Class A3, 6.00%, 10/25/2034 | 1221652 | 1224429  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Residential Asset Securitization Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-A9, Class A2, 4.00%, 08/25/2033 | $716344 | $658840  |
| &nbsp;&nbsp;&nbsp; Series 2004-R2, Class A3, 5.50%, 08/25/2034 | 1206540 | 1219004  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 1A4, 5.50%, 10/25/2035 | 209929 | 133290  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 2A1, 4.85%, 10/25/2035 | 3390752 | 1149454  |
| &nbsp;&nbsp;&nbsp; Series 2005-A11, Class 2A5, 6.00%, 10/25/2035 | 386009 | 161682  |
| &nbsp;&nbsp;&nbsp; Series 2005-A15, Class 5A1, 5.75%, 02/25/2036 | 3447306 | 1140967  |
| &nbsp;&nbsp;&nbsp; Series 2005-A5, Class A7, 5.50%, 05/25/2035 | 933903 | 614015  |
| &nbsp;&nbsp;&nbsp; Series 2006-A15, Class A10, 5.04% (1 mo. Term SOFR + 0.71%), 01/25/2037 | 16434179 | 3888348  |
| &nbsp;&nbsp;&nbsp; Series 2006-A15, Class A11, 1.21% (-1 x 1 mo. Term SOFR + 5.54%), 01/25/2037<sup>(g)(i)</sup> | 16434179 | 1308318  |
| &nbsp;&nbsp;&nbsp; Series 2006-A5CB, Class A6, 6.00%, 06/25/2036 | 2295029 | 857692  |
| RFMSI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-SA4, Class 1A21, 5.55%, 09/25/2035<sup>(e)</sup> | 1525133 | 958865  |
| &nbsp;&nbsp;&nbsp; Series 2005-SA4, Class 2A1, 5.24%, 09/25/2035<sup>(e)</sup> | 1079711 | 612006  |
| &nbsp;&nbsp;&nbsp; Series 2006-S3, Class A1, 5.50%, 03/25/2036 | 1433067 | 1174561  |
| &nbsp;&nbsp;&nbsp; Series 2006-S4, Class A1, 6.00%, 04/25/2036 | 1532325 | 1242012  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A12, 6.00%, 06/25/2036 | 136309 | 117019  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A14, 6.00%, 06/25/2036 | 280600 | 240890  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A15, 6.00%, 06/25/2036 | 1175929 | 1009513  |
| &nbsp;&nbsp;&nbsp; Series 2006-S5, Class A18, 6.00%, 06/25/2036 | 146147 | 125469  |
| &nbsp;&nbsp;&nbsp; Series 2006-S6, Class A10, 6.00%, 07/25/2036 | 79179 | 68516  |
| &nbsp;&nbsp;&nbsp; Series 2006-S6, Class A15, 6.00%, 07/25/2036 | 407632 | 352735  |
| &nbsp;&nbsp;&nbsp; Series 2006-S7, Class A6, 6.25%, 08/25/2036 | 886361 | 745767  |
| &nbsp;&nbsp;&nbsp; Series 2006-S7, Class A9, 6.50%, 08/25/2036 | 529921 | 452433  |
| &nbsp;&nbsp;&nbsp; Series 2006-S9, Class A3, 5.75%, 09/25/2036 | 1142295 | 909694  |
| &nbsp;&nbsp;&nbsp; Series 2007-S1, Class A10, 6.00%, 01/25/2037 | 347462 | 286020  |
| &nbsp;&nbsp;&nbsp; Series 2007-S7, Class A7, 6.00%, 07/25/2037 | 1276985 | 1039084  |

---

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
|  Sequoia Mortgage Trust, Series 2025-S1, Class A7, 2.50%, 09/25/2054<sup>(c)(e)</sup> | $9430334 | $6180209  |
| &nbsp;&nbsp;&nbsp; Specialty Underwriting & Residential Finance, <br>Series 2006-BC2, Class A2D, 3.69%, 02/25/2037<sup>(h)</sup> | 714669 | 228509  |
|  Structured Adjustable Rate Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A2, 5.08%, 12/25/2034<sup>(e)</sup> | 295911 | 275057  |
| &nbsp;&nbsp;&nbsp; Series 2005-12, Class 2A1, 5.65%, 06/25/2035<sup>(e)</sup> | 463936 | 344049  |
| &nbsp;&nbsp;&nbsp; Series 2005-21, Class 7A1, 4.61%, 11/25/2035<sup>(e)</sup> | 2847503 | 1838226  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 6A1, 4.62%, 02/25/2036<sup>(e)</sup> | 888098 | 651998  |
| &nbsp;&nbsp;&nbsp; Series 2006-1, Class 7A4, 4.07%, 02/25/2036<sup>(e)</sup> | 84216 | 71813  |
| &nbsp;&nbsp;&nbsp; Series 2006-12, Class 2A1, 4.48%, 01/25/2037<sup>(e)</sup> | 470403 | 339698  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class 6A, 3.89%, 05/25/2036<sup>(e)</sup> | 478543 | 271449  |
| &nbsp;&nbsp;&nbsp; Series 2007-5, Class 1A1, 4.88% (1 mo. Term SOFR + 0.55%), 06/25/2037 | 1078512 | 993557  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 2A1, 4.82% (1 mo. Term SOFR + 0.49%), 07/25/2037 | 3570745 | 3349123  |
| &nbsp;&nbsp;&nbsp; Series 2007-9, Class 1A1, 6.11% (6 mo. Term SOFR + 1.93%), 10/25/2037 | 709574 | 638865  |
| &nbsp;&nbsp;&nbsp; Suntrust Adjustable Rate<br>Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A1, 5.96%, 02/25/2037<sup>(e)</sup> | 2833219 | 2442504  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 6.42%, 04/25/2037<sup>(e)</sup> | 408102 | 151481  |
| Suntrust Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1F, Class 2A3, 5.75%, 12/25/2035 | 567663 | 526635  |
| &nbsp;&nbsp;&nbsp; Series 2005-1F, Class 2A8, 6.00%, 12/25/2035 | 1310857 | 1224944  |
| &nbsp;&nbsp;&nbsp; Series 2005-1F, Class 4A1, 6.50%, 12/25/2035 | 963586 | 889189  |
|  TBW Mortgage Backed Pass Through Certificates, Series 2006-2, Class 3A1, 5.50%, 07/25/2036 | 80750 | 6791  |
|  Vericrest Opportunity Loan Transferee, Series 2021-NPL4, Class A2, 8.95%, 03/27/2051<sup>(c)(h)(l)</sup> | 1820031 | 1821452  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  WaMu Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-AR10, Class A6, 6.45%, 10/25/2033<sup>(e)</sup> | $4353953 | $4202451  |
| &nbsp;&nbsp;&nbsp; Series 2003-S4, Class CB1, 5.64%, 06/25/2033<sup>(e)</sup> | 1951167 | 1968444  |
| &nbsp;&nbsp;&nbsp; Series 2004-S2, Class 3A2, 6.00%, 06/25/2034 | 32305 | 32834  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 1A2, 5.11%, 12/25/2035<sup>(e)</sup> | 3387045 | 3199114  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 2A1, 4.25%, 09/25/2036<sup>(e)</sup> | 770624 | 659346  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR16, Class 1A1, 4.36%, 12/25/2036<sup>(e)</sup> | 870473 | 799051  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR8, Class 1A1, 4.54%, 08/25/2046<sup>(e)</sup> | 1155583 | 1092629  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY2, Class 1A1, 4.16%, 12/25/2036<sup>(e)</sup> | 11409759 | 10361936  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY3, Class 4A1, 5.05%, 03/25/2037<sup>(e)</sup> | 1823712 | 1685891  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY5, Class 3A1, 3.88%, 05/25/2037<sup>(e)</sup> | 819618 | 717503  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY7, Class 1A1, 4.13%, 07/25/2037<sup>(e)</sup> | 159690 | 128637  |
|  Washington Mutual Alternative Mortgage Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-1, Class 5A1, 6.00%, 03/25/2035 | 632056 | 605891  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class 5A7, 5.50%, 06/25/2035 | 2216560 | 1931397  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class CB4, 5.50%, 07/25/2035 | 781669 | 738434  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 1CB, 6.50%, 08/25/2035 | 185503 | 172493  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 2A1, 5.50%, 08/25/2035 | 2102558 | 1872058  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 2A8, 5.50%, 08/25/2035 | 459647 | 409256  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class 3CB, 5.50%, 08/25/2035 | 924941 | 842717  |
| &nbsp;&nbsp;&nbsp; Series 2005-9, Class 4A4, 5.50%, 11/25/2035 | 322987 | 287503  |
| &nbsp;&nbsp;&nbsp; Series 2006-8, Class A6, 4.11%, 10/25/2036<sup>(h)</sup> | 2292972 | 763940  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY1, Class A2A, 4.76% (1 mo. Term SOFR + 0.43%), 02/25/2037 | 1384871 | 1071702  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY2, Class 1A1, 4.21%, 04/25/2037<sup>(e)</sup> | 1088735 | 573018  |
| &nbsp;&nbsp;&nbsp; Series 2007-OC1, Class A1, 4.92% (1 mo. Term SOFR + 0.59%), 01/25/2047 | 3021015 | 2675406  |
| &nbsp;&nbsp;&nbsp; Series 2007-OC2, Class A3, 5.06% (1 mo. Term SOFR + 0.73%), 06/25/2037 | 3191137 | 2945457  |

---

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

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - (Continued)**  |
|  Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A4, 6.00%, 03/25/2037 | $610855 | $564260  |
|  Wells Fargo Mortgage Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-J, Class A1, 5.88%, 07/25/2034<sup>(e)</sup> | 2139029 | 1995630  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class A1, 6.46%, 08/25/2035<sup>(e)</sup> | 340131 | 333600  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 6.61%, 03/25/2036<sup>(e)</sup> | 1129382 | 1140887  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR19, Class A1, 6.92%, 12/25/2036<sup>(e)</sup> | 1018251 | 993977  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 1A1, 6.74%, 04/25/2036<sup>(e)</sup> | 2215436 | 2240872  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 2A1, 6.68%, 04/25/2036<sup>(e)</sup> | 917313 | 911794  |
| &nbsp;&nbsp;&nbsp; Series 2007-AR3, Class A1, 6.29%, 04/25/2037<sup>(e)</sup> | 390032 | 344372  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $567,619,666)** |  | 456065347  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 1.7%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 4937, Class MB, 3.00%, 12/25/2049 | 6621000 | 4493346  |
| &nbsp;&nbsp;&nbsp; Series 5200, Class YZ, 2.50%, 02/25/2052<sup>(l)</sup> | 15223706 | 10071813  |
| &nbsp;&nbsp;&nbsp; Series 5201, Class CB, 2.50%, 03/25/2052 | 5797999 | 3991682  |
|  Federal Home Loan Mortgage Corp., Pool RE5049, 1.50%, 10/01/2050 | 7313630 | 5399912  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-45, Class PB, 3.00%, 07/25/2046 | 10584157 | 8181563  |
| &nbsp;&nbsp;&nbsp; Series 2017-108, Class PB, 3.00%, 01/25/2048 | 7656000 | 5803251  |
| &nbsp;&nbsp;&nbsp; Series 2021-52, Class JZ, 2.50%, 08/25/2051<sup>(l)</sup> | 17468865 | 10992661  |
|  Federal National Mortgage Association, Pool CA7695, 1.50%, 11/01/2050 | 6784417 | 5136691  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MB, 3.50%, 03/25/2058 | 17000000 | 13843583  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-56, Class ZL, 3.50%, 04/16/2045<sup>(l)</sup> | 23796206 | 22364117  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2016-163, Class WZ, 3.00%, 11/20/2046<sup>(l)</sup> | $5312081 | $4565290  |
| &nbsp;&nbsp;&nbsp; Series 2018-40, Class ZA, 3.00%, 01/20/2048<sup>(l)</sup> | 24976979 | 19056773  |
| &nbsp;&nbsp;&nbsp; Series 2020-133, Class EA, 1.00%, 09/20/2050 | 25296593 | 19975963  |
| &nbsp;&nbsp;&nbsp; Series 2021-66, Class NA, 2.00%, 02/20/2051 | 10847514 | 9217907  |
| &nbsp;&nbsp;&nbsp; Series 2022-189, Class AL, 3.00%, 07/20/2051 | 20250000 | 16338603  |
| &nbsp;&nbsp;&nbsp; Series 2023-55, Class AG, 1.00%, 09/20/2050 | 6496379 | 4993766  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $164,320,843)** |  | 164426921  |
|  | **Shares** |  |
| **PREFERRED STOCKS - 0.1%**<br>|  |  |
| **Banks - 0.1%**<br>|  |  |
|  First Busey Corp., Series B, 8.25%, Perpetual | 200000 | 5032000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $5,000,000)** |  | 5032000  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.1%** | **MONEY MARKET FUNDS - 1.1%** |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(m)</sup> | 105893847 | 105893847  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $105,893,847)** |  | 105893847  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $10,009,078,724)** |  | $9696254088  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(a)</sup> |  | 218167  |
| **TOTAL NET ASSETS - 100.0%** |  | $9696472255 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

PO - Principal Only

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

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

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $2,471,119,511 or 25.5% of the Fund's net assets.

<sup>(d)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of August 31, 2025, the total value of securities subject to the AMT was $9,563,199 or 0.1% of net assets.

<sup>(e)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.

<sup>(f)</sup> Issuer is currently in default.

<sup>(g)</sup> Interest only security.

<sup>(h)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

<sup>(i)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(j)</sup> Principal only security.

<sup>(k)</sup> Rounds to zero.

<sup>(l)</sup> This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of August 31, 2025.

<sup>(m)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Municipal Bond Fund** 

**Schedule of Investments** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 88.0%** | **MUNICIPAL BONDS - 88.0%** | **MUNICIPAL BONDS - 88.0%** |
| **Alabama - 2.8%**<br>|  |  |
|  Alabama Federal Aid Highway Finance Authority, 5.00%, 03/01/2045 | $1860000 | $1926942  |
|  Black Belt Energy Gas District, 5.50%, 10/01/2054<sup>(a)</sup> | 3100000 | 3361190  |
|  County of Jefferson, AL Sewer Revenue, 5.25%, 10/01/2043 | 4000000 | 4090884  |
|  Southeast Energy Authority A Cooperative District, 5.00%, 05/01/2055<sup>(a)</sup> | 7775000 | 8284608  |
|  |  | 17663624  |
| **Alaska - 0.4%**<br>|  |  |
| Alaska Railroad Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2028<sup>(b)</sup> | 215000 | 227991  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2029<sup>(b)</sup> | 285000 | 306101  |
| CIVIC Ventures, 5.00%, 09/01/2033 | 1750000 | 1750703  |
|  |  | 2284795  |
| **Arizona - 0.4%**<br>|  |  |
|  Industrial Development Authority of the City of Phoenix, Arizona, 4.00%, 07/01/2026<sup>(c)</sup> | 650000 | 653584  |
|  State of Arizona Distribution Revenue, 5.50%, 07/01/2042 | 1545000 | 1739590  |
|  |  | 2393174  |
| **California - 11.9%**<br>|  |  |
|  Acton-Agua Dulce Unified School District, 0.00%, 05/01/2039<sup>(d)</sup> | 2000000 | 1078482  |
|  Baldwin Park Unified School District, 0.00%, 08/01/2037<sup>(d)</sup> | 1000000 | 611857  |
|  Belmont-Redwood Shores School District, 0.00%, 08/01/2039<sup>(d)</sup> | 4000000 | 2157891  |
|  California Municipal Finance Authority, 4.00%, 12/01/2026<sup>(c)</sup> | 965000 | 953806  |
|  Campbell Union School District, 0.00%, 08/01/2039<sup>(d)</sup> | 4700000 | 2580638  |
|  City of San Diego, CA Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 555000 | 557556  |
|  Coachella Valley Unified School District, 0.00%, 08/01/2043<sup>(d)</sup> | 1015000 | 434473  |
|  El Rancho Unified School District, 0.00%, 08/01/2035<sup>(d)</sup> | 360000 | 250034  |
|  Fowler Unified School District, 5.50%, 08/01/2053 | 4945000 | 5200867  |
| Hope Elementary School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2036<sup>(d)</sup> | 500000 | 328379  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2037<sup>(d)</sup> | 540000 | 334282  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2038<sup>(d)</sup> | 550000 | 318880  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2040<sup>(d)</sup> | 1085000 | 556283  |
|  Inland Empire Tobacco Securitization Corp., 3.68%, 06/01/2038 | 5115000 | 4932386  |
| Lakeside Union School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2038<sup>(d)</sup> | 4035000 | 2372193  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2039<sup>(d)</sup> | 4375000 | 2421900  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Lemon Grove School District, 0.00%, 08/01/2039<sup>(d)</sup> | $1020000 | $559291  |
|  Manhattan Beach Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2040<sup>(d)</sup> | 2085000 | 1098271  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2041<sup>(d)</sup> | 1295000 | 640011  |
|  Millbrae School District, 0.00%, 07/01/2039<sup>(d)</sup> | 1735000 | 970570  |
|  Mount San Antonio Community College District, 0.00%, 08/01/2043<sup>(d)</sup> | 1605000 | 1542231  |
|  Oceanside Unified School District, 0.00%, 08/01/2039<sup>(d)</sup> | 525000 | 284365  |
|  Paramount Unified School District, 0.00%, 08/01/2037<sup>(d)</sup> | 630000 | 389996  |
|  Pittsburg Unified School District Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2041<sup>(d)</sup> | 3010000 | 1426090  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2042<sup>(d)</sup> | 1940000 | 874288  |
|  Placentia-Yorba Linda Unified School District, 0.00%, 08/01/2041<sup>(d)</sup> | 5325000 | 2576674  |
| Poway Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2040<sup>(d)</sup> | 4955000 | 2574653  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2046<sup>(d)</sup> | 12165000 | 4244545  |
|  Rowland Unified School District, 0.00%, 08/01/2041<sup>(d)</sup> | 5145000 | 2532551  |
|  San Bernardino Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2038<sup>(d)</sup> | 210000 | 118662  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2044<sup>(d)</sup> | 12660000 | 5050461  |
| San Diego Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2039<sup>(d)</sup> | 8525000 | 4757978  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2041<sup>(d)</sup> | 1860000 | 916984  |
|  San Diego County Regional Airport Authority, 5.25%, 07/01/2037<sup>(b)</sup> | 2250000 | 2479323  |
| San Diego Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2040<sup>(d)</sup> | 7760000 | 4118024  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2041<sup>(d)</sup> | 11400000 | 7371785  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2043<sup>(d)</sup> | 4420000 | 1941345  |
|  San Diego Unified School District/CA, 0.00%, 07/01/2045<sup>(d)</sup> | 2995000 | 1169320  |
|  Santa Barbara Secondary High School District, 0.00%, 08/01/2040<sup>(d)</sup> | 6380000 | 3175940  |
|  |  | 75903265  |
| **Colorado - 5.8%**<br>|  |  |
|  Adams & Arapahoe Joint School District 28J Aurora<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2042 | 3305000 | 3622084  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2043 | 3375000 | 3673117  |
|  City & County of Denver, CO Airport System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2036<sup>(b)</sup> | 6660000 | 7713709  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2041<sup>(b)</sup> | 5990000 | 6391217  |
|  City of Fruita, CO Healthcare Revenue, 5.00%, 01/01/2028 | 440000 | 436060  |

---

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

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Municipal Bond Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)** | **Colorado - (Continued)** | **Colorado - (Continued)** |
|  Denver City & County School District No. 1, 5.50%, 12/01/2044 | $13000000 | $14064132  |
|  Durango School District No. 9-R, 5.25%, 11/01/2044 | 1245000 | 1315232  |
|  |  | 37215551  |
| **Connecticut - 0.4%**<br>|  |  |
|  Connecticut State Health & Educational Facilities Authority, 12.00%, 09/01/2030<sup>(c)</sup> | 570000 | 612314  |
|  State of Connecticut, 5.00%, 03/15/2043 | 1600000 | 1671806  |
|  |  | 2284120  |
| **District of Columbia - 1.6%**<br>|  |  |
|  District of Columbia, 5.50%, 07/01/2047 | 6080000 | 6338910  |
|  Metropolitan Washington Airports Authority Aviation Revenue, 5.50%, 10/01/2043<sup>(b)</sup> | 3750000 | 3967534  |
|  |  | 10306444  |
| **Florida - 7.1%**<br>|  |  |
| Bay County School Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2041 | 1575000 | 1663593  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2042 | 1325000 | 1391787  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale, FL Water & Sewer Revenue, 5.50%, <br>09/01/2048 | 4115000 | 4353354  |
|  City of Fort Myers, FL Utility System Revenue, 5.50%, 10/01/2049 | 5000000 | 5279199  |
| &nbsp;&nbsp;&nbsp; City of Miami, FL, 5.50%, <br>01/01/2049 | 8000000 | 8468331  |
|  City of Venice, FL, 4.25%, 01/01/2030<sup>(c)</sup> | 850000 | 853269  |
|  County of Lee, FL Airport Revenue, 5.25%, 10/01/2043<sup>(b)</sup> | 2690000 | 2774553  |
| County of Miami-Dade, FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2040<sup>(d)</sup> | 5000000 | 2500457  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2041<sup>(d)</sup> | 2360000 | 1108657  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2042<sup>(d)</sup> | 2085000 | 919675  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2045<sup>(d)</sup> | 4500000 | 1719261  |
|  Florida Development Finance Corp., 5.50%, 09/15/2025<sup>(c)</sup> | 195000 | 194937  |
| Greater Orlando Aviation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2042<sup>(b)</sup> | 8390000 | 8708776  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044<sup>(b)</sup> | 3000000 | 3077990  |
|  Lee County Industrial Development Authority, 4.13%, 11/15/2029 | 2050000 | 2067308  |
|  |  | 45081147  |
| **Georgia - 1.3%**<br>|  |  |
|  City of Conyers, GA, 4.30%, 03/01/2031 | 1080000 | 1035908  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Commerce School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2043 | $400000 | $448386  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2044 | 500000 | 557381  |
|  Main Street Natural Gas, Inc., 5.00%, 05/01/2054<sup>(a)</sup> | 6000000 | 6411283  |
|  |  | 8452958  |
| **Illinois - 2.6%**<br>|  |  |
|  Chicago O'Hare International Airport, 5.50%, 01/01/2044<sup>(b)</sup> | 7250000 | 7523282  |
| City of Joliet, IL, 5.50%, 12/15/2042 | 5080000 | 5325997  |
|  Will County School District No. 114 Manhattan, 5.50%, 01/01/2045 | 3765000 | 3984504  |
|  |  | 16833783  |
| **Indiana - 9.5%**<br>|  |  |
|  Avon Community School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2040 | 2340000 | 2535693  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2041 | 2465000 | 2649698  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2043 | 4715000 | 5002492  |
| &nbsp;&nbsp;&nbsp; Clark-Pleasant Community School Building Corp., 5.25%, <br>01/15/2042 | 2600000 | 2721546  |
| Fishers Town Hall Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2038 | 1055000 | 1172407  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2039 | 715000 | 788429  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2040 | 1500000 | 1642061  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2043 | 2000000 | 2155730  |
|  Fort Wayne Redevelopment Authority, 5.00%, 12/15/2041 | 2040000 | 2093553  |
| Greater Clark Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2038 | 6190000 | 6959958  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2042 | 5660000 | 6160092  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2043 | 1185000 | 1296866  |
|  Indiana Finance Authority, 3.75%, 05/15/2032 | 1000000 | 1000658  |
|  Indianapolis Local Public Improvement Bond Bank, 6.00%, 02/01/2048 | 9975000 | 10846629  |
|  IPS Multi-School Building Corp., 5.50%, 07/15/2042 | 1515000 | 1607750  |
|  Lake Ridge Multi-School Building Corp., 5.50%, 07/15/2040 | 1830000 | 1966547  |
|  Noblesville High School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2038 | 410000 | 469747  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2040 | 715000 | 805124  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2043 | 1215000 | 1340679  |
|  Tippecanoe County School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2041 | 1000000 | 1120649  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2042 | 1445000 | 1588795  |
|  Tri-Creek High School Building Corp., 5.50%, 07/15/2040 | 4345000 | 4690268  |
|  |  | 60615371  |

---

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Municipal Bond Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Kansas - 1.9%**<br>|  |  |
|  Johnson & Miami Counties Unified School District No. 230 Spring Hills<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2044 | $850000 | $940816  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2042 | 1650000 | 1850344  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2043 | 1600000 | 1778178  |
|  State of Kansas Department of Transportation, 5.00%, 09/01/2043 | 7325000 | 7672587  |
|  |  | 12241925  |
| **Kentucky - 1.4%**<br>|  |  |
|  County of Trimble, KY, 1.30%, 09/01/2044<sup>(a)(b)</sup> | 3500000 | 3266745  |
|  Kentucky Economic Development Finance Authority, 5.00%, 05/15/2026 | 220000 | 219770  |
|  Kentucky State Property & Building Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2041 | 2710000 | 2920647  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2042 | 2640000 | 2832507  |
|  |  | 9239669  |
| **Maryland - 0.9%**<br>|  |  |
|  Maryland Stadium Authority, 5.00%, 05/01/2050 | 5775000 | 5938015  |
| **Massachusetts - 1.6%**<br>|  |  |
|  Commonwealth of Massachusetts, 5.00%, 12/01/2043 | 10000000 | 10437258  |
| **Michigan - 0.8%**<br>|  |  |
|  Michigan Finance Authority, 3.27%, 06/01/2039 | 5295000 | 4972742  |
| **Missouri - 4.8%**<br>|  |  |
|  Jackson County Reorganized School District No. 7/MO,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2043  | 1500000  | 1679977  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2042 | 3910000 | 4407590  |
|  Jackson County School District No. R-IV Blue Springs<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2042 | 3320000 | 3611520  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2044 | 2690000 | 2894913  |
|  Lindbergh School District, 5.50%, 03/01/2042 | 5000000 | 5447557  |
| Platte County R-III School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2043 | 2145000 | 2432882  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2044 | 2675000 | 3020010  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2045 | 2500000 | 2812577  |
| Republic School District No. R-3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/01/2044 | 500000 | 575284  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/01/2045 | 500000 | 572871  |
| Smithville R-II School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2043 | 935000 | 1043347  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2044 | 2130000 | 2367515  |
|  |  | 30866043  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Nevada - 1.1%**<br>|  |  |
|  Clark County Water Reclamation District, 5.00%, 07/01/2043 | $4000000 | $4153589  |
|  State of Nevada Department of Business & Industry, 9.50%, 01/01/2065<sup>(b)(c)</sup> | 3000000 | 2758395  |
|  |  | 6911984  |
| **New Hampshire - 0.9%**<br>|  |  |
|  New Hampshire Business Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2030<sup>(c)</sup> | 1600000 | 1616062  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/01/2033<sup>(c)</sup> | 2998000 | 2996729  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/01/2039<sup>(c)</sup> | 1000000 | 1001031  |
|  |  | 5613822  |
| **New Jersey - 1.2%**<br>|  |  |
|  New Jersey Economic Development Authority, 5.50%, 01/01/2027<sup>(b)</sup> | 300000 | 300653  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2038<sup>(d)</sup> | 1070000 | 592970  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2039<sup>(d)</sup> | 12735000 | 6678947  |
|  |  | 7572570  |
| **New York - 5.4%**<br>|  |  |
|  Build NYC Resource Corp., 4.00%, 06/15/2031<sup>(c)</sup> | 540000 | 526947  |
|  New York City Municipal Water Finance Authority, 5.00%, 06/15/2043 | 3790000 | 3951239  |
|  New York City Transitional Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 | 5000000 | 5279539  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2044 | 3575000 | 3794855  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 5.50%, 11/01/2045 | 10095000 | 10593766  |
|  New York State Dormitory Authority, 5.00%, 10/01/2047 | 3000000 | 3157517  |
|  Rockland County Solid Waste Management Authority, 6.25%, 12/15/2049 | 2585000 | 2867052  |
|  Triborough Bridge & Tunnel Authority, 5.00%, 05/15/2052 | 4065000 | 4334201  |
|  |  | 34505116  |
| **North Carolina - 3.0%**<br>|  |  |
|  North Carolina Medical Care Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2028 | 1090000 | 1090327  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/2028 | 585000 | 585201  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/2028 | 250000 | 250103  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2029 | 600000 | 600165  |
|  University of North Carolina at Chapel Hill<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2045 | 8180000 | 8575842  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2049 | 6325000 | 6519499  |

---

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

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Municipal Bond Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **North Carolina - (Continued)** | **North Carolina - (Continued)** | **North Carolina - (Continued)** |
|  Watauga Public Facilities Corp., 5.25%, 06/01/2042 | $1260000 | $1328628  |
|  |  | 18949765  |
| **North Dakota - 0.5%**<br>|  |  |
|  Cass County Joint Water Resource District, 3.45%, 04/01/2027 | 3000000 | 3003646  |
| **Ohio - 1.3%**<br>|  |  |
|  Columbus Regional Airport Authority, 5.25%, 01/01/2041<sup>(b)</sup> | 2000000 | 2075463  |
|  County of Hamilton, OH, 5.00%, 11/15/2049 | 6095000 | 6206463  |
|  |  | 8281926  |
| **Oklahoma - 0.7%**<br>|  |  |
| Oklahoma Turnpike Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 | 1500000 | 1610740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 | 1500000 | 1593255  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 | 1500000 | 1574693  |
|  |  | 4778688  |
| **Pennsylvania - 1.9%**<br>|  |  |
|  Allegheny County Sanitary Authority, 5.75%, 06/01/2047 | 6835000 | 7255377  |
| Pennsylvania Turnpike Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2041 | 1020000 | 1083889  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2042 | 1030000 | 1085557  |
|  Southeastern Pennsylvania Transportation Authority, 5.25%, 06/01/2041 | 2585000 | 2741191  |
|  |  | 12166014  |
| **Puerto Rico - 0.3%**<br>|  |  |
|  Commonwealth of Puerto Rico, 0.00%, 11/01/2043<sup>(a)(d)</sup> | 608471 | 382576  |
|  Puerto Rico Highway & Transportation Authority, 5.85%, 03/01/2027 | 1395000 | 1395008  |
|  |  | 1777584  |
| **Rhode Island - 1.2%**<br>|  |  |
|  Rhode Island Health and Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2042 | 3335000 | 3519245  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2047 | 4000000 | 4183521  |
|  |  | 7702766  |
| **South Carolina - 1.2%**<br>|  |  |
|  County of Horry, SC, 5.25%, 09/01/2047 | 4000000 | 4156978  |
|  South Island Public Service District, 5.25%, 04/01/2042 | 3330000 | 3515404  |
|  |  | 7672382  |
| **Tennessee - 0.3%**<br>|  |  |
|  Metropolitan Nashville Airport Authority, 5.50%, 07/01/2037<sup>(b)</sup> | 1650000 | 1787741  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Texas - 8.8%**<br>|  |  |
|  Aldine Independent School District, 5.00%, 02/15/2042 | $2775000 | $2855330  |
| Austin Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2043 | 2250000 | 2398891  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2044 | 4250000 | 4495037  |
| City of Fort Worth, TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2042 | 2000000 | 2137261  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2043 | 1480000 | 1571268  |
|  City of Houston, TX Airport System Revenue, 5.25%, 07/01/2037<sup>(b)</sup> | 2790000 | 3038812  |
|  City of San Antonio, TX Electric & Gas Systems Revenue, 5.25%, 02/01/2042 | 3025000 | 3176611  |
|  Colony Economic Development Corp., 7.25%, 10/01/2042 | 1500000 | 1452661  |
|  Colony Local Development Corp., 7.25%, 10/01/2033 | 700000 | 700168  |
|  Dallas Area Rapid Transit, 5.00%, 12/01/2046 | 1750000 | 1760834  |
|  Dallas Fort Worth International Airport, 5.00%, 11/01/2043 | 3910000 | 4026237  |
|  Fort Worth Independent School District, 5.00%, 02/15/2043 | 1050000 | 1084984  |
|  Harris County Hospital District, 5.00%, 02/15/2042 | 2500000 | 2575923  |
|  Leander Independent School District, 5.00%, 08/15/2042 | 1100000 | 1145512  |
| Lower Colorado River Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2047 | 5000000 | 5182019  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2048 | 3000000 | 3124622  |
|  North Texas Tollway Authority, 0.00%, 01/01/2038<sup>(d)</sup> | 1070000 | 635522  |
|  Port of Beaumont Industrial Development Authority, 4.10%, 01/01/2028<sup>(c)</sup> | 3000000 | 2682670  |
|  Port of Beaumont Navigation District, 10.00%, 07/01/2026<sup>(c)</sup> | 1500000 | 1509205  |
|  Pottsboro Higher Education Finance Corp., 2.00%, 08/15/2040 | 775000 | 534561  |
|  Spring Independent School District, 5.25%, 08/15/2044 | 5000000 | 5289260  |
|  West Harris County Regional Water Authority, 5.50%, 12/15/2042 | 4500000 | 4774880  |
|  |  | 56152268  |
| **Utah - 1.4%**<br>|  |  |
|  Wasatch County School District Local Building Authority, 5.50%, 06/01/2047 | 7570000 | 7860614  |
|  Wildflower Improvement Association, 6.63%, 03/01/2031<sup>(c)</sup> | 1102928 | 1088843  |
|  |  | 8949457  |
| **Virginia - 0.3%**<br>|  |  |
|  Virginia Beach Development Authority, 5.38%, 09/01/2029 | 2000000 | 2022823  |

---

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

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Municipal Bond Fund** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Washington - 1.8%**<br>|  |  |
|  Central Puget Sound Regional Transit Authority, 5.00%, 11/01/2046 | $10000000 | $10697482  |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, 4.20%, <br>07/01/2029<sup>(c)</sup> | 1135000 | 1135771  |
|  |  | 11833253  |
| **Wisconsin - 1.5%**<br>|  |  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029<sup>(c)</sup> | 2000000 | 1934544  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2030<sup>(c)</sup> | 587319 | 588921  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034<sup>(c)(d)</sup> | 4629000 | 2664976  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2036<sup>(c)</sup> | 2998651 | 2962713  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2037<sup>(c)(d)</sup> | 3000000 | 1496627  |
|  |  | 9647781  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $569,978,849)** |  | 562059470  |
| &nbsp;&nbsp;&nbsp; **AGENCY COMMERCIAL MORTGAGE** <br>**BACKED SECURITIES - 6.4%** | &nbsp;&nbsp;&nbsp; **AGENCY COMMERCIAL MORTGAGE** <br>**BACKED SECURITIES - 6.4%** | &nbsp;&nbsp;&nbsp; **AGENCY COMMERCIAL MORTGAGE** <br>**BACKED SECURITIES - 6.4%** |
|  California Housing Finance Agency, Series 2021-2, Class X, 0.83%, 03/25/2035<sup>(e)</sup> | 40185940 | 1619895  |
|  Freddie Mac Multifamily ML Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-ML06, Class XUS, 1.13%, 06/25/2037<sup>(a)(c)(e)</sup> | 10302168 | 719503  |
| &nbsp;&nbsp;&nbsp; Series 2020-ML07, Class XUS, 2.02%, 10/25/2036<sup>(a)(c)(e)</sup> | 14723512 | 1864586  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML08, Class XUS, 1.85%, 07/25/2037<sup>(e)</sup> | 33767785 | 3991352  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML09, Class XUS, 1.55%, 02/25/2040<sup>(a)(c)(e)</sup> | 37833816 | 4078107  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML10, Class XUS, 2.06%, 01/25/2038<sup>(a)(c)(e)</sup> | 23279329 | 3302406  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML10, Class XUS, 1.52%, 06/25/2038<sup>(a)(c)(e)</sup> | 62322086 | 6652883  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML11, Class XUS, 0.77%, 03/25/2038<sup>(c)(e)</sup> | 158151245 | 7679824  |
| &nbsp;&nbsp;&nbsp; Series 2021-ML12, Class XUS, 1.30%, 07/25/2041<sup>(a)(c)(e)</sup> | 25361258 | 2243203  |
| &nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS, 0.96%, 07/25/2036<sup>(a)(e)</sup> | 79964554 | 4296495  |
| &nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS, 1.00%, 09/25/2036<sup>(e)</sup> | 51802365 | 3475939  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily ML Certificates, Series 2019-ML05, Class XCA, 0.25%, <br>11/25/2033<sup>(a)(e)</sup> | 44266160 | 642745  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $44,546,304)** |  | 40566938  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE** <br>**BACKED SECURITIES - 1.8%**  | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE** <br>**BACKED SECURITIES - 1.8%**  | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE** <br>**BACKED SECURITIES - 1.8%**  |
| California Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class X, 0.80%, 11/20/2035<sup>(e)</sup> | $47366472 | $2017338  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class X, 0.79%, 08/20/2036<sup>(e)</sup> | 24728439 | 1120445  |
|  New Hampshire Business Finance Authority, Series 2023-2, Class X, 0.81%, 01/20/2038<sup>(a)(e)</sup> | 58523972 | 3033883  |
|  New Hampshire Business Finance Authority, Series 2022-2, Class X, 0.69%, 10/20/2036<sup>(e)</sup> | 65814968 | 2804376  |
|  Washington State Housing Finance Commission, Series 2021-1, Class X, 0.73%, 12/20/2035<sup>(a)(e)</sup> | 63961428 | 2491298  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $12,567,661)** |  | 11467340 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(f)</sup> | 24914465 | 24914465  |
|  **TOTAL MONEY MARKET FUNDS (Cost $24,914,465)** |  | 24914465  |
|  **TOTAL INVESTMENTS - 100.1% (Cost $652,007,279)** |  | $639008213  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (526001)  |
| **TOTAL NET ASSETS - 100.0%** |  | $638482212 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.

<sup>(b)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of August 31, 2025, the total value of securities subject to the AMT was $56,398,285 or 8.8% of net assets. 

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $54,771,856 or 8.6% of the Fund's net assets.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> Interest only security.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 39.8%** <br>|  |  |
| **Aerospace & Defense - 0.9%** <br>|  |  |
| Moog, Inc., 4.25%, 12/15/2027<sup>(a)</sup> | $1320000 | $1300407  |
| TransDigm, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | 1000000 | 1031019  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | 500000 | 507960  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(a)</sup> | 250000 | 258185  |
|  |  | 3097571  |
| **Automobile Components - 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., <br>5.15%, 09/13/2034 | 1500000 | 1468523  |
| Dana, Inc., 5.63%, 06/15/2028 | 1250000 | 1250146  |
|  Garrett Motion Holdings, Inc., 7.75%, 05/31/2032<sup>(a)</sup> | 1000000 | 1046517  |
| &nbsp;&nbsp;&nbsp; Phinia, Inc., <br>6.63%, 10/15/2032<sup>(a)</sup> | 1250000 | 1284831  |
|  |  | 5050017  |
| **Automobiles - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc., <br>4.00%, 10/15/2029<sup>(a)</sup> | 1250000 | 1182019  |
| **Banks - 12.3%**<br>|  |  |
|  Bank of America Corp., 5.74% to 02/12/2035 then SOFR + 1.70%, 02/12/2036 | 500000 | 512317  |
|  Bank OZK, 2.75% to 10/01/2026 then 3 mo. Term SOFR + 2.09%, 10/01/2031 | 1500000 | 1372500  |
|  Barclays PLC, 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | 2000000 | 2005936  |
|  BPCE SA, 6.51% to 01/18/2034 then SOFR + 2.79%, 01/18/2035<sup>(a)</sup> | 1500000 | 1573048  |
|  Byline Bancorp, Inc., 6.88% to 08/15/2030 then 3 mo. Term SOFR + 3.22%, 08/15/2035<sup>(a)</sup> | 1750000 | 1747033  |
|  CNB Financial Corp., 3.25% to 06/15/2026 then 3 mo. Term SOFR + 2.58%, 06/15/2031<sup>(a)</sup> | 1000000 | 926010  |
|  Commonwealth Bank of Australia, 5.93% to 03/14/2045 then 1 yr. CMT Rate + 1.32%, 03/14/2046<sup>(a)</sup> | 1000000 | 1013668  |
|  Deutsche Bank AG, 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | 1000000 | 1086172  |
| &nbsp;&nbsp;&nbsp; EQUITY BANCSHRES, <br>7.13%, 08/01/2035 | 1000000 | 1001128  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, <br>8.25%, 03/01/2038 | 1000000 | 1225329  |
|  First Busey Corp., 5.00% to 06/15/2027 then 3 mo. Term SOFR + 2.52%, 06/15/2032 | 1000000 | 923089  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc./NC, 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, <br>03/12/2040 | $1500000 | $1510334  |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp., 9.28% <br>(3 mo. Term SOFR + 5.09%), 05/15/2030 | 1275000 | 1274738  |
|  First Interstate BancSystem, Inc., 7.63% to 06/15/2030 then 3 mo. Term SOFR + 3.98%, 06/15/2035 | 1000000 | 1021943  |
|  First National of Nebraska, Inc., 7.25% to 06/15/2030 then 3 mo. Term SOFR + 3.61%, 06/15/2035<sup>(a)</sup> | 1550000 | 1574320  |
|  Firstbank, 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | 1000000 | 1000000  |
| &nbsp;&nbsp;&nbsp; FNB Corp./PA, 5.72% to 12/11/2029 then SOFR + 1.93%, <br>12/11/2030 | 1000000 | 1019486  |
|  Home BancShares, Inc., 3.13% to 01/30/2027 then 3 mo. Term SOFR + 1.82%, 01/30/2032 | 1500000 | 1320775  |
|  Independent Bank Corp., 7.25% to 04/01/2030 then 3 mo. Term SOFR + 3.53%, 04/01/2035 | 1500000 | 1545366  |
|  National Australia Bank Ltd., 3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037<sup>(a)</sup> | 1000000 | 899160  |
|  Nicolet Bankshares, Inc., 3.13% to 07/15/2026 then 3 mo. Term SOFR + 2.38%, 07/15/2031 | 1000000 | 944086  |
|  Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | 2000000 | 2000000  |
| &nbsp;&nbsp;&nbsp; Regions Bank, <br>6.45%, 06/26/2037 | 1250000 | 1351468  |
| Renasant Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00% to 12/01/2026 then 3 mo. Term SOFR + 1.91%, 12/01/2031 | 1000000 | 908214  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 | 2000000 | 1803233  |
|  Southside Bancshares, Inc., 7.00% to 08/15/2030 then 3 mo. Term SOFR + 3.57%, 08/15/2035 | 1950000 | 1972370  |
|  SouthState Corp., 7.00% to 06/13/2030 then SOFR + 3.19%, 06/13/2035 | 1100000 | 1137428  |
|  Synovus Bank, 4.00% to 10/29/2025 then 5 yr. CMT Rate + 3.63%, 10/29/2030 | 1000000 | 993997  |

---

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

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, <br>02/07/2029 | $1000000 | $1048574  |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, <br>05/06/2031 | 1000000 | 984264  |
|  Towne Bank, 3.13% to 02/15/2027 then 3 mo. Term SOFR + 1.68%, 02/15/2032 | 1250000 | 1121915  |
|  Trustmark Corp., 3.63% to 12/01/2025 then 3 mo. Term SOFR + 3.39%, 12/01/2030 | 1000000 | 987179  |
|  Webster Financial Corp., 3.88% to 11/01/2025 then 3 mo. Term SOFR + 3.69%, 11/01/2030 | 1250000 | 1240622  |
|  Wintrust Financial Corp., 4.85%, 06/06/2029 | 1250000 | 1240128  |
|  WSFS Financial Corp., 2.75% to 12/15/2025 then 3 mo. Term SOFR + 2.49%, 12/15/2030 | 1000000 | 940458  |
|  |  | 43226288  |
| **Building Products - 1.0%**<br>|  |  |
| Builders FirstSource, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030<sup>(a)</sup> | 1750000 | 1733753  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035<sup>(a)</sup> | 250000 | 261026  |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc., <br>7.00%, 07/15/2032<sup>(a)</sup> | 750000 | 777727  |
|  Standard Building Solutions, Inc., 6.25%, 08/01/2033<sup>(a)</sup> | 750000 | 766489  |
|  |  | 3538995  |
| **Capital Markets - 0.6%**<br>|  |  |
| Ares Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/15/2031 | 1000000 | 891051  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/08/2032 | 1250000 | 1271061  |
|  |  | 2162112  |
| **Chemicals - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Avient Corp., <br>6.25%, 11/01/2031<sup>(a)</sup> | 1250000 | 1274104  |
| **Commercial Services & Supplies - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cimpress PLC, <br>7.38%, 09/15/2032<sup>(a)</sup> | 1000000 | 1004719  |
| **Construction & Engineering - 0.0%<sup>(b)</sup>** | **Construction & Engineering - 0.0%<sup>(b)</sup>** |  |
| AECOM, 6.00%, 08/01/2033<sup>(a)</sup> | 100000 | 102135  |
| **Construction Materials - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., <br>6.75%, 03/01/2033<sup>(a)</sup> | 500000 | 518661  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Consumer Finance - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., <br>6.70%, 02/14/2033 | $2250000 | $2337930  |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Corp., <br>6.63%, 03/15/2030<sup>(a)</sup> | 1250000 | 1268561  |
| Ford Motor Credit Co., LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 | 1000000 | 1064949  |
| &nbsp;&nbsp;&nbsp; 7.12%, 11/07/2033 | 1750000 | 1830020  |
|  General Motors Financial Co., Inc., 5.95%, 04/04/2034 | 1250000 | 1281624  |
| OneMain Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | 1750000 | 1731436  |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/2030 | 250000 | 253734  |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 | 750000 | 781059  |
|  |  | 10549313  |
| **Containers & Packaging - 0.5%**<br>|  |  |
| Ball Corp., 5.50%, 09/15/2033 | 800000 | 810103  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., <br>5.00%, 04/15/2029<sup>(a)</sup> | 1000000 | 992659  |
|  |  | 1802762  |
| **Diversified Consumer Services - 2.2%** | **Diversified Consumer Services - 2.2%** |  |
|  Case Western Reserve University, 5.41%, 06/01/2122 | 1100000 | 1025575  |
| &nbsp;&nbsp;&nbsp; Claremont Mckenna College, <br>3.78%, 01/01/2122 | 1500000 | 951247  |
| &nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, <br>4.68%, 07/01/2114 | 1000000 | 831038  |
|  Prime Security Services Borrower, LLC, 6.25%, 01/15/2028<sup>(a)</sup> | 1500000 | 1500924  |
| &nbsp;&nbsp;&nbsp; Service Corp. International, <br>4.00%, 05/15/2031 | 1000000 | 940853  |
|  University of Southern California, 3.23%, 10/01/2120 | 2200000 | 1247727  |
| &nbsp;&nbsp;&nbsp; Washington University, <br>4.35%, 04/15/2122 | 1500000 | 1127492  |
|  |  | 7624856  |
| **Diversified REITs - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc., <br>3.75%, 12/15/2027<sup>(a)</sup> | 750000 | 727809  |
| **Electrical Equipment - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.40%, 04/15/2033 | 1000000 | 1064430  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV, <br>4.00%, 04/15/2029<sup>(a)</sup> | 1400000 | 1342043  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., <br>4.38%, 02/15/2030<sup>(a)</sup> | 1250000 | 1204322  |
|  |  | 3610795  |
| **Financial Services - 0.1%**<br>|  |  |
|  Compeer Financial FLCA, 3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036<sup>(a)</sup> | 250000 | 198521  |

---

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

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Food Products - 0.6%**<br>|  |  |
| Mars, Inc., 5.80%, 05/01/2065<sup>(a)</sup> | $1000000 | $982513  |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., <br>6.25%, 10/15/2034<sup>(a)</sup> | 1000000 | 1008631  |
|  |  | 1991144  |
|  **Healthcare Equipment & Supplies - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc., <br>4.25%, 06/01/2028<sup>(a)</sup> | 250000 | 245143  |
| **Healthcare Providers & Services - 1.4%** | **Healthcare Providers & Services - 1.4%** |  |
| Centene Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | 1000000 | 963432  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 2250000 | 2051678  |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., <br>4.38%, 06/15/2028<sup>(a)</sup> | 2000000 | 1950469  |
|  |  | 4965579  |
| **Hotel & Resort REITs - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, <br>5.70%, 07/01/2034 | 1000000 | 1017368  |
| **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc., <br>5.13%, 04/15/2029<sup>(a)</sup> | 1250000 | 1090544  |
|  Choice Hotels International, Inc., 5.85%, 08/01/2034 | 1250000 | 1264876  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, Inc., <br>4.88%, 07/01/2031<sup>(a)</sup> | 1000000 | 931703  |
|  Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029<sup>(a)</sup> | 1750000 | 1694144  |
| Station Casinos, LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028<sup>(a)</sup> | 1000000 | 986301  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032<sup>(a)</sup> | 500000 | 514595  |
|  Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028<sup>(a)</sup> | 1500000 | 1465378  |
|  |  | 7947541  |
| **Household Durables - 2.4%**<br>|  |  |
| Ashton Woods USA, LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029<sup>(a)</sup> | 500000 | 479736  |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/01/2033<sup>(a)</sup> | 1000000 | 1003998  |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc., <br>3.88%, 08/15/2029<sup>(a)</sup> | 1500000 | 1398438  |
|  Installed Building Products, Inc., 5.75%, 02/01/2028<sup>(a)</sup> | 1250000 | 1251369  |
| M/I Homes, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/2028 | 500000 | 495204  |
| &nbsp;&nbsp;&nbsp; 3.95%, 02/15/2030 | 1500000 | 1411519  |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp., <br>5.65%, 03/15/2035 | 1500000 | 1515360  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc., <br>6.63%, 05/15/2032 | 1000000 | 979215  |
|  |  | 8534839  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **IT Services - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ASGN, Inc., <br>4.63%, 05/15/2028<sup>(a)</sup> | $1000000 | $979180  |
| **Life Sciences Tools & Services - 1.0%** | **Life Sciences Tools & Services - 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., <br>4.63%, 07/15/2028<sup>(a)</sup> | 250000 | 246197  |
|  Charles River Laboratories International, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/2029<sup>(a)</sup> | 1750000 | 1660528  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031<sup>(a)</sup> | 500000 | 462801  |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, <br>6.00%, 05/08/2034 | 500000 | 520009  |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc., <br>6.25%, 06/01/2032<sup>(a)</sup> | 500000 | 515704  |
|  |  | 3405239  |
| **Machinery - 0.4%**<br>|  |  |
| Allison Transmission, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2027<sup>(a)</sup> | 250000 | 248020  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2029<sup>(a)</sup> | 250000 | 252095  |
| &nbsp;&nbsp;&nbsp; Wabash National Corp., <br>4.50%, 10/15/2028<sup>(a)</sup> | 1000000 | 919008  |
|  |  | 1419123  |
| **Media - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings Capital Corp., <br>4.25%, 01/15/2034<sup>(a)</sup> | 1000000 | 869079  |
|  Charter Communications Operating, LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035 | 750000 | 751946  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 | 1000000 | 710286  |
| Sirius XM Radio LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(a)</sup> | 700000 | 676328  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/2031<sup>(a)</sup> | 750000 | 674906  |
|  |  | 3682545  |
| **Pharmaceuticals - 0.1%**<br>|  |  |
|  Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(a)</sup> | 250000 | 257465  |
| **Professional Services - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., <br>7.25%, 08/01/2032<sup>(a)</sup> | 1500000 | 1565358  |
| Booz Allen Hamilton, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/04/2033 | 1000000 | 1044775  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/15/2035 | 1250000 | 1289150  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., <br>6.38%, 06/15/2033<sup>(a)</sup> | 250000 | 258323  |
|  Science Applications International Corp., 4.88%, 04/01/2028<sup>(a)</sup> | 2500000 | 2473326  |
|  |  | 6630932  |
|  **Real Estate Management & Development - 0.3%**<br>|  |  |
|  Cushman & Wakefield US Borrower, LLC, 8.88%, 09/01/2031<sup>(a)</sup> | 1000000 | 1073701  |

---

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

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Software - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Open Text Corp., <br>3.88%, 02/15/2028<sup>(a)</sup> | $1000000 | $972772  |
| **Specialty Retail - 2.4%**<br>|  |  |
| Asbury Automotive Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 | 500000 | 488682  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(a)</sup> | 1750000 | 1683763  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>5.89%, 03/15/2035 | 1750000 | 1789154  |
| &nbsp;&nbsp;&nbsp; Ken Garff Automotive, LLC, <br>4.88%, 09/15/2028<sup>(a)</sup> | 2250000 | 2216728  |
| Lithia Motors, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/01/2029<sup>(a)</sup> | 1250000 | 1199286  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2031<sup>(a)</sup> | 1000000 | 950986  |
|  |  | 8328599  |
|  **Technology Hardware, Storage & Peripherals - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dell International, LLC, <br>8.10%, 07/15/2036 | 1000000 | 1213767  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.3%** | &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc., <br>4.00%, 08/15/2029<sup>(a)</sup> | 1250000 | 1150672  |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., <br>7.00%, 06/15/2030<sup>(a)</sup> | 500000 | 520701  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $135,879,875)** |  | 140006987  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 16.6%**<br>|  |  |
| BANK <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-BN10, Class C, 4.16%, 02/15/2061<sup>(c)</sup> | 1000000 | 908139  |
| &nbsp;&nbsp;&nbsp; Series 2018-BN10, Class D, 2.60%, 02/15/2061<sup>(a)</sup> | 1000000 | 845602  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN23, Class C, 3.62%, 12/15/2052<sup>(c)</sup> | 1000000 | 888187  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN25, Class B, 3.04%, 01/15/2063<sup>(c)</sup> | 1500000 | 1344560  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN29, Class D, 2.50%, 11/15/2053<sup>(a)</sup> | 850000 | 665827  |
| &nbsp;&nbsp;&nbsp; Series 2021-BN35, Class C, 2.90%, 06/15/2064<sup>(c)</sup> | 1500000 | 1272053  |
| &nbsp;&nbsp;&nbsp; Series 2022-BN40, Class D, 2.50%, 03/15/2064<sup>(a)</sup> | 1000000 | 755075  |
| &nbsp;&nbsp;&nbsp; Series 2025-BN49, Class XA, 0.83%, 03/15/2058<sup>(c)(d)</sup> | 30455641 | 1452000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| BANK5 <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class C, 7.00%, 08/15/2057<sup>(c)</sup> | $1000000 | $1034786  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR13, Class XA, 1.28%, 01/15/2058<sup>(a)(c)(d)</sup> | 40638644 | 1677584  |
| BANK5 Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class D, 4.00%, 08/15/2057<sup>(a)</sup> | 1000000 | 906003  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class D, 4.25%, 04/15/2058<sup>(a)</sup> | 1600000 | 1438565  |
| BBCMS Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C17, Class XA, 1.32%, 09/15/2055<sup>(c)(d)</sup> | 14899144 | 962783  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C27, Class XA, 1.04%, 07/15/2057<sup>(a)(c)(d)</sup> | 35298077 | 956010  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class XA, 1.28%, 12/15/2057<sup>(c)(d)</sup> | 27996057 | 1120733  |
| &nbsp;&nbsp;&nbsp; Series 2024-C30, Class XA, 1.07%, 11/15/2057<sup>(c)(d)</sup> | 22773820 | 1421608  |
| &nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, 1.36%, 02/15/2062<sup>(c)(d)</sup> | 17385818 | 1464221  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XD, 1.87%, 07/15/2058<sup>(a)(c)(d)</sup> | 12000000 | 1546277  |
| Benchmark Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class B, <br>2.67%, 06/15/2054<sup>(c)</sup> | 1250000 | 1036926  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class C, <br>2.97%, 06/15/2054<sup>(c)</sup> | 1250000 | 967127  |
| &nbsp;&nbsp;&nbsp; Series 2021-B27, Class XD, 1.60%, 07/15/2054<sup>(a)(c)(d)</sup> | 15000000 | 1144048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B29, Class C, <br>2.75%, 09/15/2054<sup>(c)</sup> | 1500000 | 1207810  |
| &nbsp;&nbsp;&nbsp; Series 2024-V6, Class XA, 1.58%, 03/15/2057<sup>(c)(d)</sup> | 24936135 | 1020190  |
| &nbsp;&nbsp;&nbsp; Series 2025-B41, Class XA, 1.21%, 07/15/2068<sup>(c)(d)</sup> | 20000000 | 1533820  |
| BMO Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-C7, Class XA, 1.04%, 12/15/2056<sup>(a)(c)(d)</sup> | 24953567 | 1194200  |
| &nbsp;&nbsp;&nbsp; Series 2025-C11, Class XA, 1.33%, 02/15/2058<sup>(c)(d)</sup> | 17963551 | 1467074  |
|  Citigroup Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class C, <br>5.11%, 05/10/2049<sup>(c)</sup> | 1307000 | 1287996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class B, <br>3.18%, 08/10/2049 | 1000000 | 973278  |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage <br>Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class C, <br>4.04%, 12/15/2052<sup>(c)</sup> | 1250000 | 1132718  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class D, <br>2.50%, 12/15/2052<sup>(a)</sup> | 1125000 | 926942  |

---

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

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |
| GS Mortgage Securities Corp. II <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-BWTR, Class A, 2.95%, 11/05/2034<sup>(a)</sup> | $954063 | $816534 |
| &nbsp;&nbsp;&nbsp; Series 2012-BWTR, Class B, 3.26%, 11/05/2034<sup>(a)</sup> | 478000 | 287206  |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class B, <br>4.11%, 11/15/2052<sup>(c)</sup> | 1400000 | 1307957  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class D, <br>2.70%, 11/15/2052<sup>(a)</sup> | 1000000 | 713928  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C1, Class XA, 1.38%, 03/15/2058<sup>(c)(d)</sup> | 25998608 | 1182487  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XA, 1.18%, 08/15/2058<sup>(c)(d)</sup> | 28000000 | 2064874  |
| Morgan Stanley Capital I, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class C, <br>4.28%, 06/15/2050<sup>(c)</sup> | 1500000 | 1402415  |
| &nbsp;&nbsp;&nbsp; Series 2017-HR2, Class C, 4.46%, 12/15/2050<sup>(c)</sup> | 1400000 | 1337048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H7, Class C, <br>4.13%, 07/15/2052 | 1000000 | 915035  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H7, Class D, <br>3.00%, 07/15/2052<sup>(a)</sup> | 1000000 | 840637  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L5, Class C, <br>3.16%, 05/15/2054 | 1385000 | 1218985  |
|  Wells Fargo Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class D, <br>4.28%, 05/15/2048<sup>(c)</sup> | 1000000 | 884128  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C37, Class D, <br>3.31%, 12/15/2049<sup>(a)(c)</sup> | 1250000 | 1146659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C43, Class C, <br>4.51%, 03/15/2051<sup>(c)</sup> | 1250000 | 1151564  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class C, <br>4.73%, 06/15/2051 | 1320000 | 1259188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class C, <br>4.87%, 03/15/2052<sup>(c)</sup> | 1000000 | 968633  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class D, <br>3.00%, 03/15/2052<sup>(a)</sup> | 1500000 | 1309364  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class C, <br>3.56%, 08/15/2052 | 1800000 | 1525728  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class C, <br>4.16%, 08/15/2053<sup>(c)</sup> | 1500000 | 1374961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class C, <br>2.74%, 08/15/2054 | 450000 | 371868  |
| &nbsp;&nbsp;&nbsp; Series 2025-C64, Class XD, 2.35%, 02/15/2058<sup>(a)(c)(d)</sup> | 10909000 | 1717479  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $56,900,750)** |  | 58348820  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - 15.4%** | **COLLATERALIZED LOAN OBLIGATIONS - 15.4%** | **COLLATERALIZED LOAN OBLIGATIONS - 15.4%** |
| &nbsp;&nbsp;&nbsp; Alinea CLO, Series 2018-1A, Class DR, 6.58% (3 mo. Term SOFR + 2.25%), <br>07/20/2031<sup>(a)</sup> | $1200000 | $1196714  |
|  Allegany Park CLO Ltd., Series 2019-1A, Class DRR, 7.12% (3 mo. Term SOFR + 2.85%), 01/20/2035<sup>(a)</sup> | 2000000 | 2000000  |
| Apidos CLO <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-11A, Class ER4, 10.32% (3 mo. Term SOFR + 6.00%), 04/17/2034<sup>(a)</sup> | 1591143 | 1606969  |
| &nbsp;&nbsp;&nbsp; Series 2013-12A, Class ER, 9.98% (3 mo. Term SOFR + 5.66%), 04/15/2031<sup>(a)</sup> | 1000000 | 994934  |
| &nbsp;&nbsp;&nbsp; Series 2015-23A, Class DRR, 6.92% (3 mo. Term SOFR + 2.60%), 04/15/2033<sup>(a)</sup> | 2000000 | 1999846  |
| &nbsp;&nbsp;&nbsp; Series 2019-31A, Class ER, 11.18% (3 mo. Term SOFR + 6.86%), 04/15/2031<sup>(a)</sup> | 1000000 | 1008400  |
| &nbsp;&nbsp;&nbsp; Series 2023-46A, Class D, 9.32% (3 mo. Term SOFR + 5.00%), 10/24/2036<sup>(a)</sup> | 1000000 | 1002114  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 10.07% (3 mo. Term SOFR + 5.75%), 04/25/2035<sup>(a)</sup> | 1000000 | 999972  |
| &nbsp;&nbsp;&nbsp; ARES CLO, Series 2019-52A, Class DRR, 6.83% (3 mo. Term SOFR + 2.50%), <br>04/22/2031<sup>(a)</sup> | 1250000 | 1245687  |
| &nbsp;&nbsp;&nbsp; Bardot CLO, Series 2019-2A, Class DRR, 6.83% (3 mo. Term SOFR + 2.50%), <br>10/22/2032<sup>(a)</sup> | 1250000 | 1242195  |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc., Series 2018-1A, Class E, 9.98% (3 mo. Term SOFR + 5.66%), <br>04/17/2030<sup>(a)</sup> | 1000000 | 993093  |
| Carlyle Global Market Strategies <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class CR2, 6.88% (3 mo. Term SOFR + 2.60%), 04/20/2031<sup>(a)</sup> | 1000000 | 1000000  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 9.82% (3 mo. Term SOFR + 5.50%), 10/15/2036<sup>(a)</sup> | 1300000 | 1303697  |
| &nbsp;&nbsp;&nbsp; Chenango Park CLO, Series 2018-1A, Class CR, 7.07% (3 mo. Term SOFR + 2.75%), <br>04/15/2030<sup>(a)</sup> | 1250000 | 1256719  |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2023-3A, Class B, 6.63% (3 mo. Term SOFR + 2.30%), <br>01/20/2037<sup>(a)</sup> | 1000000 | 1001808  |

---

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

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Clover CLO, Series 2021-3A, Class ER, 9.22% (3 mo. Term SOFR + 4.90%), <br>01/25/2035<sup>(a)</sup> | $1000000 | $1000846  |
| Elmwood CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class ERR, 10.73% (3 mo. Term SOFR + 6.40%), 04/20/2037<sup>(a)</sup> | 1500000 | 1495397  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class DR, 7.16% (3 mo. Term SOFR + 2.90%), 04/22/2035<sup>(a)</sup> | 1000000 | 1002495  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class ER, 11.32% (3 mo. Term SOFR + 7.00%), 10/17/2036<sup>(a)</sup> | 1000000 | 1004141  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class ER, 10.73% (3 mo. Term SOFR + 6.40%), 04/20/2037<sup>(a)</sup> | 2000000 | 2011270  |
|  Fort Greene Park CLO, Series 2025-2A, Class DR, 6.68% (3 mo. Term SOFR + 2.35%), 04/22/2034<sup>(a)</sup> | 1250000 | 1243939  |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO, Series 2017-1A, Class DR3, 6.73% (3 mo. Term SOFR + 2.40%), <br>04/20/2034<sup>(a)</sup> | 1300000 | 1296754  |
| Goldentree Loan Opportunities Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-15A, Class DR, 8.73% (3 mo. Term SOFR + 4.40%), 10/20/2036<sup>(a)</sup> | 1500000 | 1503686  |
| &nbsp;&nbsp;&nbsp; Series 2023-17A, Class DJ, 8.33% (3 mo. Term SOFR + 4.00%), 01/20/2039<sup>(a)</sup> | 1000000 | 999891  |
|  Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 6.82% (3 mo. Term SOFR + 2.50%), 10/25/2036<sup>(a)</sup> | 1000000 | 1002355  |
|  LCM LP, Series 22A, Class CR, 7.39% (3 mo. Term SOFR + 3.06%), 10/20/2028<sup>(a)</sup> | 440962 | 441179  |
| Magnetite CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-19A, Class ERR, 9.42% (3 mo. Term SOFR + 5.10%), 04/17/2034<sup>(a)</sup> | 1250000 | 1237985  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class DR, 7.37% (3 mo. Term SOFR + 3.05%), 04/15/2035<sup>(a)</sup> | 1000000 | 1004057  |
| &nbsp;&nbsp;&nbsp; Series 2022-32A, Class D2R, 0.00% (3 mo. Term SOFR + 3.65%), 10/15/2037<sup>(a)</sup> | 1500000 | 1500000  |
| &nbsp;&nbsp;&nbsp; Series 2023-37A, Class E, 11.33% (3 mo. Term SOFR + 7.00%), 10/20/2036<sup>(a)</sup> | 1000000 | 1000643  |
| &nbsp;&nbsp;&nbsp; Series 2023-39A, Class D1R, 7.02% (3 mo. Term SOFR + 2.70%), 01/25/2037<sup>(a)</sup> | 1000000 | 998270  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-50A, Class D2, 8.21% (3 mo. Term SOFR + 3.90%), 07/25/2038<sup>(a)</sup> | $1000000 | $1000000  |
| Neuberger Berman CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-34A, Class D2R2, 8.43% (3 mo. Term SOFR + 4.10%), 07/20/2039<sup>(a)</sup> | 1000000 | 1003310  |
| &nbsp;&nbsp;&nbsp; Series 2020-39A, Class ER, 11.53% (3 mo. Term SOFR + 7.20%), 04/20/2038<sup>(a)</sup> | 2000000 | 2014318  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class DR, 6.97% (3 mo. Term SOFR + 2.65%), 07/17/2036<sup>(a)</sup> | 2000000 | 1994960  |
|  NYACK Park CLO Ltd., Series 2021-1A, Class D, 7.39% (3 mo. Term SOFR + 3.06%), 10/20/2034<sup>(a)</sup> | 1000000 | 1004005  |
|  Octagon Credit Investors LLC, Series 2022-1A, Class DR, 9.28% (3 mo. Term SOFR + 5.09%), 11/16/2036<sup>(a)</sup> | 2000000 | 2014900  |
| Octagon Investment Partners Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR2, 6.28% (3 mo. Term SOFR + 1.96%), 01/25/2031<sup>(a)</sup> | 1000000 | 1000199  |
| &nbsp;&nbsp;&nbsp; Series 2014-1A, Class CR4, 6.48% (3 mo. Term SOFR + 2.25%), 02/14/2031<sup>(a)</sup> | 1500000 | 1495323  |
|  Palmer Square CLO Ltd., Series 2023-3A, Class C, 7.23% (3 mo. Term SOFR + 2.90%), 01/20/2037<sup>(a)</sup> | 1000000 | 1003134  |
|  Southwick Park CLO, Series 2019-4A, Class DRR, 7.03% (3 mo. Term SOFR + 2.70%), 07/20/2032<sup>(a)</sup> | 1000000 | 1000669  |
|  Thompson Park CLO Ltd., Series 2021-1A, Class DR, 7.02% (3 mo. Term SOFR + 2.70%), 04/15/2034<sup>(a)</sup> | 2000000 | 2006646  |
|  Wind River CLO Ltd., Series 2019-3A, Class BR2, 5.87% (3 mo. Term SOFR + 1.55%), 04/15/2031<sup>(a)</sup> | 1135000 | 1137281  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $54,479,323)** |  | 54269801  |
| **MUNICIPAL BONDS - 8.5%**<br>|  |  |
| **California - 1.0%**<br>|  |  |
|  California Infrastructure & Economic Development Bank, 9.50%, 01/01/2065<sup>(a)(e)</sup> | 1500000 | 1379308  |
|  Los Angeles Department of Water & Power, 6.57%, 07/01/2045 | 1000000 | 1047148  |
| &nbsp;&nbsp;&nbsp; University of California, <br>4.77%, 05/15/2115 | 1250000 | 1018482  |
|  |  | 3444938  |

---

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

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State of Colorado, <br>6.65%, 09/15/2045 | $1500000 | $1629833  |
| **Connecticut - 0.1%**<br>|  |  |
|  Connecticut State Health & Educational Facilities Authority, 12.00%, 09/01/2030<sup>(a)</sup> | 430000 | 461921  |
| **Florida - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Gainesville, FL Utilities System Revenue, <br>6.02%, 10/01/2040 | 1500000 | 1603067  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, FL, <br>0.00%, 10/01/2042<sup>(f)</sup> | 2500000 | 1121276  |
|  |  | 2724343  |
| **Illinois - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, <br>0.00%, 06/15/2038<sup>(f)</sup> | 1250000 | 692594  |
|  Metropolitan Water Reclamation District of Greater Chicago, 5.72%, 12/01/2038 | 1000000 | 1033006  |
|  |  | 1725600  |
| **Indiana - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, <br>6.60%, 02/01/2039 | 1000000 | 1107045  |
| **Massachusetts - 0.3%**<br>|  |  |
|  Commonwealth of Massachusetts, 5.46%, 12/01/2039 | 1000000 | 1017436  |
| **Michigan - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; University of Michigan, <br>4.45%, 04/01/2122 | 1311000 | 1015357  |
| **Minnesota - 0.3%**<br>|  |  |
|  Western Minnesota Municipal Power Agency, 6.77%, 01/01/2046 | 1000000 | 1089481  |
| **Nevada - 0.5%**<br>|  |  |
|  County of Clark Department of Aviation, 6.82%, 07/01/2045 | 1500000 | 1665132  |
| **New York - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of New York, NY, <br>5.97%, 03/01/2036 | 1250000 | 1311683  |
| **Ohio - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ohio State University, <br>4.80%, 06/01/2111 | 1555000 | 1280472  |
| **Oklahoma - 0.5%**<br>|  |  |
|  Oklahoma Development Finance Authority, 5.45%, 08/15/2028 | 1750000 | 1716894  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Pennsylvania - 0.3%**<br>|  |  |
|  Pennsylvania Turnpike Commission, 3.00%, 12/01/2042 | $1250000 | $978192  |
| **Tennessee - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; New Memphis Arena Public Building Authority, <br>0.00%, 04/01/2043<sup>(f)</sup> | 1625000 | 623037  |
| **Texas - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dallas Convention Center Hotel Development Corp., <br>7.09%, 01/01/2042 | 1500000 | 1676012  |
|  North Texas Tollway Authority, 6.72%, 01/01/2049 | 1145000 | 1256969  |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, <br>4.10%, 01/01/2028<sup>(a)</sup> | 1500000 | 1341335  |
| &nbsp;&nbsp;&nbsp; State of Texas, <br>5.52%, 04/01/2039 | 2000000 | 2089123  |
|  |  | 6363439  |
| **Virginia - 0.4%**<br>|  |  |
| University of Virginia <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.18%, 09/01/2117 | 1430000 | 1047346  |
| &nbsp;&nbsp;&nbsp; 3.23%, 09/01/2119 | 1000000 | 565576  |
|  |  | 1612922  |
| **Wisconsin - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br>7.50%, 06/01/2029<sup>(a)</sup> | 250000 | 241818  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $30,454,260)** |  | 30009543  |
| **U.S. TREASURY SECURITIES - 8.1%**  | **U.S. TREASURY SECURITIES - 8.1%**  | **U.S. TREASURY SECURITIES - 8.1%**  |
| United States Treasury Notes/Bonds <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 5000000 | 5084766  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 2000000 | 1773750  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | 1000000 | 945781  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 2300000 | 2279156  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 1250000 | 1198486  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 1000000 | 973047  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 2250000 | 2183467  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 | 5250000 | 5172891  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 2000000 | 1908125  |
| United States Treasury Strip Principal  | United States Treasury Strip Principal  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2042<sup>(f)</sup> | 2000000 | 873092  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2042<sup>(f)</sup> | 2500000 | 1074169  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2044<sup>(f)</sup> | 2350000 | 940813  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2044<sup>(f)</sup> | 2000000 | 789383  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2044<sup>(f)</sup> | 1900000 | 739332  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2044<sup>(f)</sup> | 4000000 | 1534988  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2045<sup>(f)</sup> | 3000000 | 1135907  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $29,388,490)** |  | 28607153  |

---

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

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 3.3%** | **ASSET-BACKED SECURITIES - 3.3%** | **ASSET-BACKED SECURITIES - 3.3%** |
|  American Credit Acceptance Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class E, <br>3.64%, 03/13/2028<sup>(a)</sup> | $1000000 | $999538  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, <br>6.53%, 04/12/2030<sup>(a)</sup> | 1000000 | 1029290  |
|  CPS Auto Trust, Series 2021-D, Class E, 4.06%, 12/15/2028<sup>(a)</sup> | 1000000 | 991635  |
| Exeter Automobile Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, <br>2.90%, 07/17/2028<sup>(a)</sup> | 1500000 | 1485062  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, <br>3.04%, 12/15/2028<sup>(a)</sup> | 2000000 | 1973433  |
| GLS Auto Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, <br>2.87%, 05/15/2028<sup>(a)</sup> | 1000000 | 990321  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, <br>3.20%, 10/16/2028<sup>(a)</sup> | 1000000 | 985221  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class E, <br>4.43%, 10/16/2028<sup>(a)</sup> | 1000000 | 984530  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, <br>6.19%, 02/15/2030<sup>(a)</sup> | 1000000 | 1032448  |
|  Westlake Automobile Receivables Trust, Series 2021-3A, Class E, 3.42%, 04/15/2027<sup>(a)</sup> | 1000000 | 996480  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>**(Cost $11,357,471)** |  | 11467958  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 3.0%**<br>|  |  |
|  Banc of America Alternative Loan Trust, Series 2006-2, Class 4CB1, 6.50%, 03/25/2036 | 840481 | 722530  |
| Citimortgage Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A5, Class 1A13, 4.89% (1 mo. Term SOFR + 0.56%), 10/25/2036 | 1068285 | 813856  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 1A5, 6.00%, 01/25/2037 | 1513615 | 1367559  |
| Countrywide Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036 | 1202426 | 1243210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-13, Class A1, <br>6.00%, 06/25/2047 | 2511221 | 1255927  |
|  Credit Suisse Management, LLC, Series 2005-11, Class 3A3, 5.50%, 12/25/2035 | 334220 | 127779  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, <br>Series 2022-1, Class A5, 2.50%, 07/25/2052<sup>(a)(c)</sup>  | 2000000  | 1309756  |
| &nbsp;&nbsp;&nbsp; Vericrest Opportunity Loan Transferee, Series 2021-NPL4, Class A2, <br>8.95%, 03/27/2051<sup>(a)(g)(h)</sup> | 386067 | 386369  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| WaMu Mortgage Pass Through Certificates  | WaMu Mortgage Pass Through Certificates  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR14, Class 1A2, 5.11%, 12/25/2035<sup>(c)</sup> | $1096200 | $1035377  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR12, Class 1A1, 4.72%, 10/25/2036<sup>(c)</sup> | 1272667 | 1186566  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6, Class A1, 6.52%, 10/25/2037<sup>(c)</sup> | 944465 | 929781  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $10,411,598)** |  | 10378710  |
|  **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.9%**<br>|  |  |
|  Freddie Mac Multifamily Structured Pass Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K113, Class X1, <br>1.48%, 06/25/2030<sup>(c)(d)</sup> | 25843055 | 1380823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K149, Class X1, <br>0.40%, 08/25/2032<sup>(c)(d)</sup> | 66631139 | 1224587  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, <br>0.47%, 05/25/2034<sup>(c)(d)</sup> | 57988035 | 1406801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K165, Class X1, <br>0.79%, 09/25/2034<sup>(c)(d)</sup> | 30597551 | 1413503  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K169, Class X1, <br>0.43%, 12/25/2034<sup>(c)(d)</sup> | 63057168 | 1433756  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $6,826,354)** |  | 6859470  |
|  | **Shares** |  |
| **PREFERRED STOCKS - 0.3%**<br>|  |  |
| **Banks - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First Busey Corp., Series B, <br>8.25%, Perpetual | 40000 | 1006400  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,000,000)** |  | 1006400  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.2%** | **MONEY MARKET FUNDS - 3.2%** | **MONEY MARKET FUNDS - 3.2%** |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(i)</sup> | 11269172 | 11269172  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $11,269,172)** |  | 11269172  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $347,967,293)** |  | $352224014  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (367288)  |
| **TOTAL NET ASSETS - 100.0%** |  | $351856726 |

---

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

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST MULTISECTOR BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

PO - Principal Only

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $154,593,725 or 43.9% of the Fund's net assets.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.

<sup>(d)</sup> Interest only security.

<sup>(e)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of August 31, 2025, the total value of securities subject to the AMT was $1,379,308 or 0.4% of net assets.

<sup>(f)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(g)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

<sup>(h)</sup> This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of August 31, 2025.

<sup>(i)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Short Term Bond ETF** 

**Schedule of Investments** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 25.1%** <br>|  |  |
| BANK5 <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class B, 7.56%, 09/15/2056<sup>(a)</sup> | $250000 | $263723  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR6, Class XA, 0.98%, 05/15/2057<sup>(a)(b)(c)</sup> | 9995291 | 243135  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class XA, 1.57%, 06/15/2057<sup>(a)(c)</sup> | 4798712 | 211809  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR9, Class AS, 6.18%, 08/15/2057<sup>(a)</sup> | 300000 | 313417  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR13, Class XA, 1.28%, 01/15/2058<sup>(a)(b)(c)</sup> | 6598156 | 272270  |
| BBCMS Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C27, Class XA, 1.04%, 07/15/2057<sup>(a)(b)(c)</sup> | 8352221 | 226137  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XA, 0.86%, 07/15/2058<sup>(a)(c)</sup> | 5798915 | 299970  |
| Benchmark Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, 1.35%, 08/15/2054<sup>(a)(c)</sup> | 4924093 | 255233  |
| &nbsp;&nbsp;&nbsp; Series 2025-V14, Class XA, 0.98%, 04/15/2057<sup>(a)(c)</sup> | 7998703 | 249847  |
|  Citigroup Commercial Mortgage Trust, Series 2016-C1, Class B, 4.12%, 05/10/2049 | 250000 | 246185  |
|  Commercial Mortgage Pass Through Certificates, Series 2024-CBM, Class A2, 5.87%, 12/10/2041<sup>(a)(b)</sup> | 250000 | 254171  |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C34, Class B, 4.11%, 11/15/2052<sup>(a)</sup> | 300000 | 279218  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C1, Class XA, 1.38%, 03/15/2058<sup>(a)(c)</sup> | 4999732 | 227312  |
| &nbsp;&nbsp;&nbsp; Series 2025-C35, Class XA, 1.18%, 08/15/2058<sup>(a)(c)</sup> | 4100000 | 301428  |
| Morgan Stanley Capital I, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-H1, Class B, 4.08%, 06/15/2050 | 300000 | 288793  |
| &nbsp;&nbsp;&nbsp; Series 2019-H7, Class C, 4.13%, 07/15/2052 | 250000 | 227559  |
| Wells Fargo Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C37, Class D, 3.31%, 12/15/2049<sup>(a)(b)</sup> | 250000 | 228441  |
| &nbsp;&nbsp;&nbsp; Series 2018-C43, Class B, 4.25%, 03/15/2051<sup>(a)</sup> | 250000 | 238042  |
| &nbsp;&nbsp;&nbsp; Series 2019-C49, Class D, 3.00%, 03/15/2052<sup>(b)</sup> | 250000 | 216988  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $4,783,894)** |  | 4843678 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 18.2%**<br>|  |  |
| **Aerospace & Defense - 1.3%**<br>|  |  |
| Moog, Inc., 4.25%, 12/15/2027<sup>(b)</sup> | $250000 | $246289  |
| **Banks - 7.4%**<br>|  |  |
|  Bank OZK, 2.75% to 10/01/2026 then 3 mo. Term SOFR + 2.09%, 10/01/2031 | 200000 | 181000  |
|  EQUITY BANCSHRES, 7.13%, 08/01/2035 | 250000 | 247701  |
|  First National of Nebraska, Inc., 7.25% to 06/15/2030 then 3 mo. Term SOFR + 3.61%, 06/15/2035<sup>(b)</sup> | 250000 | 251299  |
|  Renasant Corp., 4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 | 270000 | 239765  |
|  SouthState Corp., 7.00% to 06/13/2030 then SOFR + 3.19%, 06/13/2035 | 250000 | 257728  |
| &nbsp;&nbsp;&nbsp; Texas Capital Bank, <br>5.25%, 01/31/2026 | 250000 | 249678  |
|  |  | 1427171 |
| **Consumer Finance - 2.7%**<br>|  |  |
|  Ford Motor Credit Co., LLC, 7.35%, 03/06/2030 | 250000 | 266237  |
|  OneMain Finance Corp., 6.13%, 05/15/2030 | 250000 | 253734  |
|  |  | 519971 |
| **Diversified Consumer Services - 1.3%**<br>|  |  |
|  Prime Security Services Borrower, LLC, 6.25%, 01/15/2028<sup>(b)</sup> | 250000 | 250154  |
| **Healthcare Providers & Services - 1.2%**<br>|  |  |
| Centene Corp., 3.38%, 02/15/2030 | 250000 | 227964  |
| **Hotels, Restaurants & Leisure - 1.3%**<br>|  |  |
|  Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029<sup>(b)</sup> | 250000 | 242021  |
| **Life Sciences Tools & Services - 0.7%**<br>|  |  |
|  Charles River Laboratories International, Inc., 3.75%, 03/15/2029<sup>(b)</sup> | 150000 | 142331  |
| **Media - 1.0%**<br>|  |  |
|  Sirius XM Radio LLC, 4.00%, 07/15/2028<sup>(b)</sup> | 200000 | 193236  |
| **Professional Services - 1.3%**<br>|  |  |
|  Science Applications International Corp., 4.88%, 04/01/2028<sup>(b)</sup> | 250000 | 247333  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $3,454,348)** |  | 3496470 |

---

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

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Short Term Bond ETF** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 18.0%**<br>|  |  |
|  ARES CLO, Series 2023-ALF4A, Class A1, 6.07% (3 mo. Term SOFR + 1.75%), 10/15/2036<sup>(b)</sup> | $250000 | $250054  |
| &nbsp;&nbsp;&nbsp; ArrowMark Colorado Holdings, Series 2018-10A, Class CR, 5.83% <br>(3 mo. Term SOFR + 1.50%), 10/20/2031<sup>(b)</sup> | 250000 | 248941  |
|  Blackstone, Inc., Series 2018-1A, Class D, 7.18% (3 mo. Term SOFR + 2.86%), 04/17/2030<sup>(b)</sup> | 250000 | 250331  |
|  CIFC Funding Ltd., Series 2023-3A, Class B, 6.63% (3 mo. Term SOFR + 2.30%), 01/20/2037<sup>(b)</sup> | 250000 | 250202  |
|  Elmwood CLO Ltd., Series 2023-2A, Class ER, 10.22% (3 mo. Term SOFR + 5.90%), 04/16/2036<sup>(b)</sup> | 250000 | 248083  |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 6.82% <br>(3 mo. Term SOFR + 2.50%), 10/25/2036<sup>(b)</sup> | 250000 | 250339  |
| Madison Park Funding Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-24A, Class BR2, 5.88% (3 mo. Term SOFR + 1.55%), 10/20/2029<sup>(b)</sup> | 225000 | 225174  |
| &nbsp;&nbsp;&nbsp; Series 2016-24A, Class CR2, 6.38% (3 mo. Term SOFR + 2.05%), 10/20/2029<sup>(b)</sup> | 250000 | 250339  |
|  Magnetite CLO Ltd., Series 2017-19A, Class ERR, 9.42% (3 mo. Term SOFR + 5.10%), 04/17/2034<sup>(b)</sup> | 250000 | 245722  |
| &nbsp;&nbsp;&nbsp; Octagon Credit Investors LLC, Series 2022-1A, Class A1R, 5.94% <br>(3 mo. Term SOFR + 1.75%), 11/16/2036<sup>(b)</sup> | 250000 | 250208  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., Series 2021-1A, Class BR, 5.83% <br>(3 mo. Term SOFR + 1.50%), 07/20/2034<sup>(b)</sup> | 250000 | 249425  |
|  Octagon Investment Partners XXII LLC, Series 2014-1A, Class DRR, 7.34% (3 mo. Term SOFR + 3.01%), 01/22/2030<sup>(b)</sup> | 250000 | 250557  |
|  Symphony CLO Ltd., Series 2020-23A, Class BR2, 5.67% (3 mo. Term SOFR + 1.35%), 01/15/2034<sup>(b)</sup> | 250000 | 249100  |
|  Voya CLO Ltd., Series 2016-3A, Class A3R2, 6.03% (3 mo. Term SOFR + 1.70%), 10/18/2031<sup>(b)</sup> | 250000 | 250065  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $3,480,811)** |  | 3468540 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 13.5%** | **ASSET-BACKED SECURITIES - 13.5%** | **ASSET-BACKED SECURITIES - 13.5%** |
|  American Credit Acceptance Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class D, 7.65%, 09/12/2030<sup>(b)</sup> | $250000 | $258721  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 6.24%, 04/12/2030<sup>(b)</sup> | 250000 | 253043  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 04/12/2030<sup>(b)</sup> | 250000 | 257008  |
|  AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A2, 6.19%, 04/19/2027 | 3125 | 3127  |
|  CPS Auto Trust, Series 2023-A, Class C, 5.54%, 04/16/2029<sup>(b)</sup> | 140110 | 140310  |
| Exeter Automobile Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 3.04%, 12/15/2028<sup>(b)</sup> | 250000 | 246567  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.69%, 06/15/2029 | 250000 | 254718  |
| GLS Auto Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 5.69%, 03/15/2029<sup>(b)</sup> | 250000 | 251547  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 6.19%, 02/15/2030<sup>(b)</sup> | 250000 | 257696  |
|  Santander Consumer USA Holdings, Inc., Series 2023-4, Class B, 5.77%, 12/15/2028 | 250000 | 252979  |
| Westlake Automobile Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, 2.38%, 03/15/2027<sup>(b)</sup> | 247298 | 247020  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, 5.92%, 09/15/2028<sup>(b)</sup> | 170000 | 170932  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $2,572,008)** |  | 2593668 |
|  **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 8.2%** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 8.2%** |  |
|  Freddie Mac Multifamily Structured Pass Through Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series K098, Class XAM, 1.52%, 08/25/2029<sup>(a)(c)</sup> | 1985000 | 97747  |
| &nbsp;&nbsp;&nbsp; Series K107, Class X1, 1.70%, 01/25/2030<sup>(a)(c)</sup> | 4184659 | 242791  |
| &nbsp;&nbsp;&nbsp; Series K115, Class X1, 1.42%, 06/25/2030<sup>(a)(c)</sup> | 4333564 | 226863  |
| &nbsp;&nbsp;&nbsp; Series K122, Class X1, 0.96%, 11/25/2030<sup>(a)(c)</sup> | 6934808 | 256403  |
| &nbsp;&nbsp;&nbsp; Series K164, Class X1, 0.47%, 05/25/2034<sup>(a)(c)</sup> | 10897751 | 263806  |
| &nbsp;&nbsp;&nbsp; Series K165, Class X1, 0.79%, 09/25/2034<sup>(a)(c)</sup> | 6149508 | 283385  |

---

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

54<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Short Term Bond ETF** 

**Schedule of Investments** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - (Continued)** |  |
| &nbsp;&nbsp;&nbsp; Series K744, Class X1, 0.96%, 07/25/2028<sup>(a)(c)</sup> | $10280580 | $211862  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $1,586,863)** |  | 1582857 |
| **U.S. TREASURY SECURITIES - 5.2%** | **U.S. TREASURY SECURITIES - 5.2%** | **U.S. TREASURY SECURITIES - 5.2%** |
| United States Treasury Notes/Bonds <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 175000 | 155203  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | 175000 | 165512  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 175000 | 173414  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 250000 | 242607  |
| United States Treasury Strip Principal <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2042<sup>(d)</sup> | 400000 | 174618  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2044<sup>(d)</sup> | 250000 | 97281  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,020,423)** |  | 1008635 |
| **MUNICIPAL BONDS - 3.0%**<br>|  |  |
|  County of Clark Department of Aviation, 6.82%, 07/01/2045 | 250000 | 277522  |
|  Michigan Finance Authority, 3.27%, 06/01/2039 | 60000 | 56348  |
|  Oklahoma Development Finance Authority, 5.45%, 08/15/2028 (Obligor: Ou Medicine Obligated Grp) | 250000 | 245271  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $577,020)** |  | 579141 |
|  **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 1.2%**<br>|  |  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6, Class A1, 6.52%, 10/25/2037<sup>(a)</sup> | 236116 | 232015  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** <br>**(Cost $225,115)** |  | 232015 |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 5.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0%, 09/09/2025<sup>(d)</sup> | 240000 | 239802  |
| &nbsp;&nbsp;&nbsp; 0%, 10/07/2025<sup>(d)</sup> | 250000 | 248981  |
| &nbsp;&nbsp;&nbsp; 0%, 11/20/2025<sup>(d)</sup> | 250000 | 247778  |
| &nbsp;&nbsp;&nbsp; 0%, 12/04/2025<sup>(d)</sup> | 250000 | 247405  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $983,722)** |  | 983966 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(e)</sup> | 40469 | $40469  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $40,469)** |  | 40469 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.7%**<br>**(Cost $18,724,673)** |  | $18829439 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.3% |  | 445602 |
| **TOTAL NET ASSETS - 100.0%** |  | $19275041 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $8,565,189 or 44.4% of the Fund's net assets.

<sup>(c)</sup> Interest only security.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

55<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**August 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Performance** <br>**Trust** <br>**Total Return** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Municipal** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Multisector** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Short Term** <br>**Bond ETF**  |
| **ASSETS:** <br>|  |  |  |  |
| Investments, at value | $9696254088 | $639008213 | $352224014 | $18829439  |
| Interest receivable | 93461038 | 6417805 | 3821243 | 191156  |
| Receivable for fund shares sold | 6323678 | 160760 | 422797 | —  |
| Dividends receivable | 337390 | 104437 | 43468 | 898  |
| Receivable for investments sold |  |  |  | 255625  |
| Prepaid expenses and other assets | 140684 | 37614 | 14996 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 9796516878 | 645728829 | 356526518 | 19277118  |
| **LIABILITIES:** <br>|  |  |  |  |
| Payable for investments purchased | 88789575 | 5874317 | 4315976 | —  |
| Payable to adviser | 3674529 | 161126 | 172416 | 2077  |
| Payable for capital shares redeemed | 6096239 | 1124390 | 89072 | —  |
|  Payable for fund administration and accounting fees | 342368 | 27496 | 16332 | —  |
| Payable for transfer agent fees and expenses | 66118 | 7452 | 3689 | —  |
| Payable for custodian fees | 107233 | 5436 | 2364 | —  |
| Payable for compliance fees | 839 | 838 | 838 | —  |
|  Payable for distribution and shareholder servicing fees | 505192 | 3348 |  | —  |
| Payable for expenses and other liabilities | 462530 | 42214 | 69105 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 100044623 | 7246617 | 4669792 | 2077  |
| **NET ASSETS** | $9696472255 | $638482212 | $351856726 | $19275041  |
| **Net Assets Consists of:** <br>|  |  |  |  |
| Paid-in capital | $10603052001 | $749560991 | $350388000 | $19094126  |
|  Total distributable earnings/(accumulated losses) | (906579746) | (111078779) | 1468726 | 180915  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $9696472255 | $638482212 | $351856726 | $19275041  |
| Net assets | $— | $— | $— | $19275041  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | 760000  |
| Net asset value per share | $— | $— | $— | $25.36  |
| **Class A** <br>|  |  |  |  |
| Net assets | $47256169 | $15602200 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 2389185 | 708043 |  | —  |
| Net asset value per share | $19.78 | $22.04 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Max offering price per share (Net asset value per share divided by 0.9775 and <br>0.9775)<sup>(1)</sup> | $20.23 | $22.54 | $— | $—  |

---

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

56<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**August 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Performance** <br>**Trust** <br>**Total Return** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Municipal** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Multisector** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Short Term** <br>**Bond ETF**  |
| **Class C** <br>|  |  |  |  |
| Net assets | $57841492 | $— | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 2937800 |  |  | —  |
| Net asset value per share | $19.69 | $— | $— | $—  |
| **Institutional Class** <br>|  |  |  |  |
| Net assets | $9591374594 | $622880012 | $351856726 | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 485482207 | 28336138 | 38774857 | —  |
| Net asset value per share | $19.76 | $21.98 | $9.07 | $—  |
| **Cost:** <br>|  |  |  |  |
| Investments, at cost | $10009078724 | $652007279 | $347967293 | $18724673 |

---

<sup>(a)</sup> Unlimited shares authorized with par value of $0.001. 

<sup>(1)</sup> Reflects a maximum sales charge of 2.25%.

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

57<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST FUNDS** 

**Statements of Operations** 

**For the Year Ended August 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Performance** <br>**Trust** <br>**Total Return** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Municipal** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Multisector** <br>**Bond Fund** | **Performance** <br>**Trust** <br>**Short Term** <br>**Bond ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |
| Dividend income from unaffiliated securities | $2930183 | $1433075 | $267509 | $13257  |
| Dividend income from affiliated securities | 28425 |  |  | —  |
| Interest income | 478937818 | 29106846 | 14652084 | 930079  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 481896426 | 30539921 | 14919593 | 943336  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 53946286 | 2820402 | 1848178 | 100617  |
| Sub-transfer agent fees | 7864744 |  |  |  |
| Fund administration and accounting fees | 2666582 | 242537 | 117309 | —  |
| Transfer agent fees | 859097 | 68064 | 30192 | —  |
| Federal and state registration fees | 644381 | 61661 | 75942 | —  |
| Reports to shareholders | 585430 | 25749 | 20258 | —  |
| Distribution expenses - Class C | 416953 |  |  | —  |
| Custodian fees | 377748 | 31420 | 11098 | —  |
| Shareholder service costs - Class C | 138984 |  |  | —  |
| Distribution expenses - Class A | 113411 | 43713 |  | —  |
| Legal fees | 64227 | 19826 | 16953 | —  |
| Audit fees | 45305 | 23858 | 23247 | —  |
| Trustees' fees | 29182 | 29199 | 29199 | —  |
| Compliance fees | 16114 | 16115 | 16115 | —  |
| Interest expense | 79 |  | 11397 | —  |
| Other expenses and fees | 71933 | 15217 | 10211 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 67840456 | 3397761 | 2210099 | 100617  |
| &nbsp;&nbsp;&nbsp; Plus: Expense recoupment by Adviser (Note 4) |  |  | 94836 |  |
| &nbsp;&nbsp;&nbsp; Less: Expense reimbursement by Adviser (Note 4) |  |  | (6356) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 67840456 | 3397761 | 2298579 | 100617  |
| **NET INVESTMENT INCOME** | 414055970 | 27142160 | 12621014 | 842719  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (49040335) | (4566374) | 97600 | 24016  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 2068 |  |  | —  |
| Net realized gain (loss) | (49038267) | (4566374) | 97600 | 24016  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (92323500) | (33527617) | 1374569 | (16108)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | (2600) |  |  | —  |
| Net change in unrealized appreciation (depreciation) | (92326100) | (33527617) | 1374569 | (16108)  |
| **Net realized and unrealized gain (loss)** | (141364367) | (38093991) | 1472169 | 7908  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $272691603 | $(10951831) | $14093183 | $850627 |

---

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

58<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Performance Trust** <br>**Total Return Bond Fund** | **Performance Trust** <br>**Total Return Bond Fund** | **Performance Trust** <br>**Municipal Bond Fund**  | **Performance Trust** <br>**Municipal Bond Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $414055970 | $295100767 | $27142160 | $25438246  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (49038267) | (191084206) | (4566374) | (8530162)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (92326100) | 505344252 | (33527617) | 36643805  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 272691603 | 609360813 | (10951831) | 53551889  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (1905036) | (1316452) | (604417) | (1079218)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (1927687) | (1593320) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (406691020) | (290301547) | (26542883) | (24385730)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (410523743) | (293211319) | (27147300) | (25464948)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 26787505 | 19783554 | 3184177 | 17475083  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 1843483 | 1268006 | 562889 | 1032054  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (18997704) | (13436801) | (7215166) | (34287043)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 16929182 | 17996780 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 1919831 | 1585632 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (11700919) | (12342818) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 3793848833 | 3566155574 | 266299948 | 333841958  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 363574050 | 252281268 | 23903803 | 21502857  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (2392232125) | (1880613477) | (336911708) | (263739709)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1781972136 | 1952677718 | (50176057) | 75825200  |
| **Net increase (decrease) in net assets**  | 1644139996 | 2268827212 | (88275188) | 103912141  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 8052332259 | 5783505047 | 726757400 | 622845259  |
| &nbsp;&nbsp;&nbsp; End of the year | $9696472255 | $8052332259 | $638482212 | $726757400  |

---

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

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Performance Trust** <br>**Total Return Bond Fund** | **Performance Trust** <br>**Total Return Bond Fund** | **Performance Trust** <br>**Municipal Bond Fund**  | **Performance Trust** <br>**Municipal Bond Fund**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 1353955 | 1013823 | 140444 | 768198  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 93699 | 65410 | 25002 | 45732  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (964494) | (692395) | (317981) | (1521594)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 858019 | 929405 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 97923 | 82114 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (592483) | (636173) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 191989396 | 183406541 | 11839300 | 14756272  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 18492334 | 13008865 | 1063516 | 951165  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (121551478)  | (97636980)  | (15083007) | (11865084)  |
|  **Total increase (decrease) in shares outstanding** | 89776871 | 99540610 | (2332726) | 3134689 |

---

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

60<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Performance Trust** <br>**Multisector Bond Fund**  | **Performance Trust** <br>**Multisector Bond Fund**  | **Performance Trust** <br>**Short Term Bond ETF** | **Performance Trust** <br>**Short Term Bond ETF** |
|  | **Year Ended** <br>**August 31, 2025** | **Year Ended** <br>**August 31, 2024**  | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12621014 | $6284419  | $842719 | &nbsp;&nbsp; $241886 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 97600 | 222773  | 24016 | &nbsp;&nbsp; (3814) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1374569 | 6835278  | (16108) | &nbsp;&nbsp; 120874 |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 14093183 | 13342470  | 850627 | &nbsp;&nbsp; 358946 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | —  | (825833) | &nbsp;&nbsp; (202825) |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (12116405) | (6245595)  |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (12116405) | (6245595)  | (825833) | &nbsp;&nbsp; (202825) |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | —  | 7587508 | &nbsp;&nbsp; 12502750 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | —  | (1008204) | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 9) |  | —  | 6070 | &nbsp;&nbsp; 6002 |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 244638994 | 51101277  |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 11564010 | 6135817  |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (42463926) | (17663001)  |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 213739078 | 39574093  | 6585374 | &nbsp;&nbsp; 12508752 |
| **Net increase (decrease) in net assets**  | 215715856 | 46670968  | 6610168 | &nbsp;&nbsp; 12664873 |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 136140870 | 89469902  | 12664873 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; End of the period | $351856726 | $136140870  | $19275041 | &nbsp;&nbsp; $12664873 |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | —  | 300000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | —  | (40000) | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 27162001 | 5806759  |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 1289859 | 706606  |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (4722153) | (2031483)  |  | &nbsp;&nbsp; — |
| **Total increase in shares outstanding** | 23729707 | 4481882 | 260000 | &nbsp;&nbsp; 500000 |

---

<sup>(a)</sup> Inception date of the Fund was April 8, 2024 and investment operations commenced on April 9, 2024.

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

61<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PERFORMANCE TRUST TOTAL RETURN BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $20.08 | $19.18 | $19.89 | $23.18 | $22.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.86 | 0.82 | 0.70 | 0.67 | 0.72  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.33) | 0.90 | (0.70) | (3.23) | 0.24  |
| **Total from investment operations** | 0.53 | 1.72 |  | (2.56) | 0.96  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.83) | (0.82) | (0.71) | (0.65) | (0.77)  |
| Net realized gains |  |  |  | (0.08) | —  |
| **Total distributions** | (0.83) | (0.82) | (0.71) | (0.73) | (0.77)  |
| **Net asset value, end of year** | $19.78 | $20.08 | $19.18 | $19.89 | $23.18  |
| Total return | 2.74% | 9.19% | 0.05% | -11.26% | 4.28%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $47256 | $38273 | $29145 | $32476 | $32802  |
| Ratio of expenses to average net assets | 1.00% | 1.01% | 1.01% | 1.00% | 1.01%  |
|  Ratio of interest and borrowing expense to average net assets | 0.00%<sup>(c)</sup> | —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets | 4.36% | 4.21% | 3.63% | 3.12% | 3.12%  |
| Portfolio turnover rate | 29% | 34% | 36% | 53% | 31% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than 0.005%. 

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Total Return Bond Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $19.99 | $19.11 | $19.81 | $23.10 | $22.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.71 | 0.67 | 0.56 | 0.52 | 0.55  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.33) | 0.88 | (0.69) | (3.23) | 0.24  |
| **Total from investment operations** | 0.38 | 1.55 | (0.13) | (2.71) | 0.79  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.68) | (0.67) | (0.57) | (0.50) | (0.61)  |
| Net realized gains |  |  |  | (0.08) | —  |
| **Total distributions** | (0.68) | (0.67) | (0.57) | (0.58) | (0.61)  |
| **Net asset value, end of year** | $19.69 | $19.99 | $19.11 | $19.81 | $23.10  |
| Total return | 1.98% | 8.31% | -0.65% | -11.92% | 3.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $57841 | $51463 | $42012 | $47081 | $56625  |
| Ratio of expenses to average net assets | 1.75% | 1.76% | 1.76% | 1.75% | 1.76%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 3.61% | 3.46% | 2.88% | 2.33% | 2.37%  |
| Portfolio turnover rate | 29% | 34% | 36% | 53% | 31% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

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

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**Performance Trust Total Return Bond Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $20.08 | $19.18 | $19.89 | $23.17 | $22.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.91 | 0.86 | 0.75 | 0.72 | 0.78  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.33) | 0.90 | (0.70) | (3.22) | 0.23  |
| **Total from investment operations** | 0.58 | 1.76 | 0.05 | (2.50) | 1.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.90) | (0.86) | (0.76) | (0.70) | (0.83)  |
| Net realized gains |  |  |  | (0.08) | —  |
| **Total distributions** | (0.90) | (0.86) | (0.76) | (0.78) | (0.83)  |
| **Net asset value, end of year** | $19.76 | $20.08 | $19.18 | $19.89 | $23.17  |
| Total return | 3.01% | 9.45% | 0.30% | -11.00% | 4.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of year (in thousands) | $9591375 | $7962596 | $5712347 | $5466750 | $6327797  |
| Ratio of expenses to average net assets | 0.75% | 0.76% | 0.76% | 0.75% | 0.76%  |
|  Ratio of net investment income (loss) to average net assets | 4.61% | 4.46% | 3.90% | 3.34% | 3.39%  |
| Portfolio turnover rate | 29% | 34% | 36% | 53% | 31% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

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

64<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Municipal Bond Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.18 | $22.07 | $22.67 | $25.96 | $25.54  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.81 | 0.80 | 0.76 | 0.44 | 0.42  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (1.17) | 1.11 | (0.62) | (3.31) | 0.61  |
| **Total from investment operations** | (0.36) | 1.91 | 0.14 | (2.87) | 1.03  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.78) | (0.80) | (0.74) | (0.42) | (0.50)  |
| Net realized gains |  |  |  |  | (0.04)  |
| Return of capital |  |  |  |  | (0.07)  |
| **Total distributions** | (0.78) | (0.80) | (0.74) | (0.42) | (0.61)  |
| **Net asset value, end of year** | $22.04 | $23.18 | $22.07 | $22.67 | $25.96  |
| Total return | -1.56% | 8.84% | 0.62% | -11.17% | 4.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $15602 | $19950 | $34611 | $45843 | $55918  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.73% | 0.74% | 0.74% | 0.73% | 0.74%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.73% | 0.74% | 0.74% | 0.73% | 0.77%  |
|  Ratio of net investment income (loss) to average net assets | 3.60% | 3.56% | 3.39% | 1.78% | 1.64%  |
| Portfolio turnover rate | 62% | 60% | 68% | 82% | 16% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

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

65<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Municipal Bond Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.16 | $22.05 | $22.65 | $25.94 | $25.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.87 | 0.86 | 0.82 | 0.50 | 0.49  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (1.18) | 1.12 | (0.62) | (3.31) | 0.61  |
| **Total from investment operations** | (0.31) | 1.98 | 0.20 | (2.81) | 1.10  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.87) | (0.87) | (0.80) | (0.48) | (0.58)  |
| Net realized gains |  |  |  |  | (0.04)  |
| Return of capital |  |  |  |  | (0.06)  |
| **Total distributions** | (0.87) | (0.87) | (0.80) | (0.48) | (0.68)  |
| **Net asset value, end of year** | $21.98 | $23.16 | $22.05 | $22.65 | $25.94  |
| Total return | -1.34% | 9.14% | 0.88% | -10.96% | 4.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $622880 | $706807 | $588234 | $670095 | $818825  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.48% | 0.50% | 0.49% | 0.48% | 0.49%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.48% | 0.50% | 0.49% | 0.48% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets | 3.86% | 3.81% | 3.65% | 2.02% | 1.91%  |
| Portfolio turnover rate | 62% | 60% | 68% | 82% | 16% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Performance Trust Multisector Bond Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended** <br>**August 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended** <br>**August 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.05 | $8.47 | $8.72 | $10.07 | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.49 | 0.52 | 0.51 | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.01 | 0.58 | (0.25) | (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Total from investment operations** | 0.50 | 1.10 | 0.26 | (0.95) | &nbsp;&nbsp;&nbsp;&nbsp;0.40  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.48) | (0.52) | (0.51) | (0.39) | &nbsp;&nbsp; (0.33)  |
| Net realized gains |  |  |  | (0.01) | &nbsp;&nbsp; —  |
| **Total distributions** | (0.48) | (0.52) | (0.51) | (0.40) | &nbsp;&nbsp; (0.33)  |
| **Net asset value, end of period** | $9.07 | $9.05 | $8.47 | $8.72 | &nbsp;&nbsp; $10.07  |
| Total return<sup>(d)</sup> | 5.66% | 13.49% | 3.12% | -9.66% | &nbsp;&nbsp; 4.06%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $351857 | $136141 | $89470 | $82015 | &nbsp;&nbsp; $13025  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | 0.96% | 1.03% | 1.06% | 1.19% | &nbsp;&nbsp; 2.47%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | 0.99% | 1.01% | 0.99% | 0.99% | &nbsp;&nbsp; 0.99%  |
|  Ratio of interest and borrowing expense to average net assets<sup>(e)</sup> | 0.00%<sup>(f)</sup> | —% | —% | —% | &nbsp;&nbsp; —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 5.46% | 6.00% | 5.98% | 4.18% | &nbsp;&nbsp; 5.82%  |
| Portfolio turnover rate<sup>(d)</sup> | 22% | 40% | 74% | 60% | &nbsp;&nbsp; 109% |

---

<sup>(a)</sup> The inception date for the Fund was December 31, 2020 and investment operations commenced January 4, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount represents less than 0.005%. 

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

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**Performance Trust Short Term Bond ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**August 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.33 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.58  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.20  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.78  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.36 | &nbsp;&nbsp;&nbsp;&nbsp; $25.33  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.64% | &nbsp;&nbsp;&nbsp;&nbsp; 3.13%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $19275 | &nbsp;&nbsp;&nbsp;&nbsp; $12665  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.44% | &nbsp;&nbsp;&nbsp;&nbsp; 5.80%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp;&nbsp; 13% |

---

<sup>(a)</sup> The inception date for the Fund was April 8, 2024 and investment operations commenced April 9, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025** 

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 Funds (the "Funds") are comprised of the Performance Trust Total Return Bond Fund (the "Total Return Bond Fund"), the Performance Trust Municipal Bond Fund (the "Municipal Bond Fund"), the Performance Trust Multisector Bond Fund (the "Multisector Bond Fund") (collectively, the "Mutual Funds"), and the Performance Trust Short Term Bond ETF (the "Short Term Bond ETF"), each representing a distinct diversified series with its own investment objective and policies within the Trust. The investment objective of the Total Return 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 Multisector Bond 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 investment objective of the Short Term Bond ETF is to seek total return from income and preservation of capital. 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 Total Return Bond Fund commenced investment operations on September 1, 2010. The Class A and Class C shares of the Total Return 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 Multisector Bond Fund commenced investment operations on January 4, 2021. The Short Term Bond ETF commenced investment operations April 9, 2024. 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 Mutual 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 (DBA: PTAM) (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 Standards 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").

&nbsp;&nbsp;&nbsp;&nbsp;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, collateralized loan obligations and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held, or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.

Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value ("NAV") of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security's fair value will be determined. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. In the event market quotations are not readily available, such security will be valued at its fair value, discussed below.

If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures.

FASB Accounting Standards Codification, Fair Value Measurements and Disclosures Topic 820 ("ASC 820"), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:

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 –<br>| 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 August 31, 2025:  |

---

**Performance Trust Total Return Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $2247036201 | $— | $2247036201  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 1855724086 |  | 1855724086  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Securities |  | 1471278829 |  | 1471278829  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 1204598022 |  | 1204598022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan <br>Obligations |  | 970135499 |  | 970135499  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 717712239 |  | 717712239 |

---

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**Performance Trust Total Return Bond Fund (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage Backed Securities | $— | $498351097 | $— | $498351097  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage Backed Securities |  | 456065347 |  | 456065347  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 164426921 |  | 164426921  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 5032000 |  |  | 5032000  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 105893847 |  |  | 105893847  |
| **Total Investments** | $110925847 | $9585328241 | $— | $9696254088 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Performance Trust Municipal Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $**—** | $562059470 | $— | $562059470  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage Backed Securities | **—** | 40566938 |  | 40566938  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Securities | **—** | 11467340 |  | 11467340  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 24914465 |  |  | 24914465  |
| **Total Investments** | $24914465 | $614093748 | $— | $639008213 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Performance Trust Multisector Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $140006987 | $— | $140006987  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Securities |  | 58348820 |  | 58348820  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan <br>Obligations |  | 54269801 |  | 54269801  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 30009543 |  | 30009543  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 28607153 |  | 28607153  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 11467958 |  | 11467958  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage Backed Securities |  | 10378710 |  | 10378710  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage Backed Securities |  | 6859470 |  | 6859470  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 1006400 |  |  | 1006400  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 11269172 |  |  | 11269172  |
| **Total Investments** | $12275572 | $339948442 | $— | $352224014 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**Performance Trust Short Term Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Securities | $— | $4843678 | $— | $4843678  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 3496470 |  | 3496470  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan <br>Obligations |  | 3468540 |  | 3468540  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2593668 |  | 2593668  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage Backed Securities |  | 1582857 |  | 1582857  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 1008635 |  | 1008635  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 579141 |  | 579141  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage Backed Securities |  | 232015 |  | 232015  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 983966 |  | 983966  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 40469 |  |  | 40469  |
| **Total Investments** | $40469 | $18788970 | $— | $18829439 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The Funds did not hold any Level 3 securities during the year ended August 31, 2025.

The Funds did not hold any financial derivative instruments during the year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;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 is required to be adjusted daily to reflect changes in the fair
 value of the securities sold short. As of August 31, 2025, the Funds did not have any open short positions and accordingly did not
 have securities or cash held as collateral.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes* – Each Fund intends 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 year ended August 31, 2025, 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 year ended August 31, 2025, 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;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

72<br>

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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 Total Return 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 Total Return Bond Fund and the Municipal Bond Fund eliminated the redemption fees.

&nbsp;&nbsp;&nbsp;&nbsp;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 Total Return Bond Fund and the Municipal Bond Fund and 0.75% of average
 daily net assets of the Class C shares of the Total Return Bond Fund. Shareholder servicing fees are expensed at 0.25% of average daily
 net assets of Class C shares of the Total Return 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.

&nbsp;&nbsp;&nbsp;&nbsp;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 year ended August 31, 2025, and the year ended August 31, 2024, was as follows:

**Performance Trust Total Return Bond Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024**  |
| Ordinary Income | $410523743 | $293211319  |
| Tax-Exempt Income |  | —  |
| Long-Term Capital Gain |  | —  |
| Return of Capital |  |  |
| Total Distributions Paid | $410523743 | $293211319 |

---

73<br>

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**Performance Trust Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024**  |
| Ordinary Income. | $2755340 | $2924724  |
| Tax-Exempt Income | 24391960  | 22540224  |
| Long-Term Capital Gain |  | —  |
| Return of Capital |  |  |
| Total Distributions Paid | $27147300 | $25464948 |

---

**Performance Trust Multisector Bond Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024**  |
| Ordinary Income  | $12116405 | $6245595  |
| Tax-Exempt Income |  | —  |
| Long-Term Capital Gain |  | —  |
| Return of Capital |  |  |
| Total Distributions Paid | $12116405 | $6245595 |

---

**Performance Trust Short Term Bond ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024**  |
| Ordinary Income<sup>(1)</sup> | $825833 | $202825  |
| Tax-Exempt Income |  | —  |
| Long-Term Capital Gain |  | —  |
| Return of Capital |  |  |
| Total Distributions Paid | $825833 | $202825 |

---

<sup>(1)</sup> Ordinary income includes short-term capital gains.

As of August 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

**Performance Trust Total Return Bond Fund** 

---

| | |
|:---|:---|
| Cost basis of investments for federal income tax purposes | $10016014352  |
| Gross tax unrealized appreciation | $116061637  |
| Gross tax unrealized depreciation. | (435821901)  |
| Net tax unrealized depreciation | (319760264)  |
| Undistributed ordinary income. | 25520077  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings. | 25520077  |
| Other accumulated losses | (612339559)  |
| Total accumulated loss | $(906579746) |

---

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

**Performance Trust Municipal Bond Fund** 

---

| | |
|:---|:---|
| Cost basis of investments for federal income tax purposes | $652015815  |
| Gross tax unrealized appreciation. | $4729590  |
| Gross tax unrealized depreciation. | (17848564)  |
| Net tax unrealized depreciation | (13118974)  |
| Undistributed ordinary income. | 1214486  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings. | 1214486  |
| Other accumulated losses | (99174291)  |
| Total accumulated loss | $(111078779) |

---

**Performance Trust Multisector Bond Fund** 

---

| | |
|:---|:---|
| Cost basis of investments for federal income tax purposes | $347967293  |
| Gross tax unrealized appreciation. | $7668788  |
| Gross tax unrealized depreciation. | (3412067)  |
| Net tax unrealized appreciation | 4256721  |
| Undistributed ordinary income. | 965131  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings. | 965131  |
| Other accumulated losses | (3753126)  |
| Total accumulated loss | $1468726 |

---

**Performance Trust Short Term Bond ETF** 

---

| | |
|:---|:---|
| Cost basis of investments for federal income tax purposes | $18724673  |
| Gross tax unrealized appreciation. | $174132  |
| Gross tax unrealized depreciation. | (69366)  |
| Net tax unrealized appreciation | 104766  |
| Undistributed ordinary income. | 70704  |
| Undistributed long-term capital gain | 14514  |
| Total distributable earnings. | 85218  |
| Other accumulated losses | (9069)  |
| Total accumulated gains | $180915 |

---

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

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

At August 31, 2025, the Funds had capital loss carryovers as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Term** | **Long Term** | **Total**  |
| Total Return Bond Fund | $221394395  | $390945164 | $612339559  |
| Municipal Bond Fund. | 54346943  | 44827348 | 99174291  |
| Multisector Bond Fund. | 1352776  | 2400350 | 3753126  |
| Short Term Bond ETF. |  |  |  |

---

During fiscal year ended August 31, 2025, the Funds utilized capital losses as follows:

---

| | |
|:---|:---|
|  | **Capital Loss** <br>**Carryforwards** <br>**Utilized**  |
| Total Return Bond Fund | $—  |
| Municipal Bond Fund | —  |
| Multisector Bond Fund | —  |
| Short Term Bond ETF | 4639 |

---

As of August 31, 2025, the following Funds deferred, on a tax basis, a late-year ordinary loss as follows:

---

| | |
|:---|:---|
| Total Return Bond Fund | $—  |
| Municipal Bond Fund | —  |
| Multisector Bond Fund | —  |
| Short Term Bond ETF | 9069 |

---

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the year ended August 31, 2025, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings** | **Paid-in** <br>**Capital**  |
| Total Return Bond Fund | &nbsp;&nbsp;&nbsp; $— | $—  |
| Municipal Bond Fund | &nbsp;&nbsp;&nbsp; — | —  |
| Multisector Bond Fund | &nbsp;&nbsp;&nbsp; — | —  |
| Short Term Bond ETF | &nbsp;&nbsp;&nbsp; — |  |

---

4. INVESTMENT ADVISER

The Trust has entered into an investment advisory agreement (the "Mutual Funds Agreement") with the Adviser to furnish investment advisory services to the Mutual Funds. Under the terms of the Mutual Funds Agreement, the Mutual Funds compensate the Adviser for its management services at the annual rate of 0.60% for the Total Return Bond Fund, 0.40% for the Municipal Bond Fund and 0.80% for the Multisector Bond 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 Total Return Bond Fund, Municipal Bond Fund, and Multisector Bond Fund, respectively. The Expense Limitation Cap is in place at least through December 29, 2026 for each Fund. Any such waiver or reimbursement is subject to later adjustment to allow the Adviser

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Return** <br>**Bond Fund** | **Municipal**<br>**Bond Fund** | **Multisector** <br>**Bond Fund**  |
| August 31, 2026. | $— | $— | $44373  |
| August 31, 2027. | $— | $— | $26576  |
| August 31, 2028. | $— | $— | $6356 |

---

In addition, the Trust, on behalf of the Short Term Bond ETF, has entered into an investment advisory agreement (the "ETF Agreement") with the Adviser to furnish investment advisory services to the Short Term Bond ETF. Pursuant to the ETF Agreement, the Short Term Bond ETF pays a unitary management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.65% of the Short Term Bond ETF's average daily net assets. The Adviser has agreed to pay all expenses of the Short Term Bond ETF except the unitary management fee paid to the Adviser under the ETF Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Short Term Bond ETF under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

5. DISTRIBUTION AGREEMENT

ALPS Distributors, Inc. (the "Distributor") serves as the Mutual Funds' distributor pursuant to a Distribution Agreement and the Short Term Bond ETF's distributor pursuant to an ETF Distribution Agreement. The Distributor receives compensation for the statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be "Authorized Participants" and to subscribe for and redeem shares of the Short Term Bond ETF. With respect to the Short Term Bond ETF, the Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.

6. 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 Total Return Bond Fund and the Municipal Bond Fund, which authorizes the Funds to pay a distribution fee of 0.25% of each Fund's average daily net assets of Class A shares and 0.75% of the Total Return 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 Total Return Bond Fund's average daily net assets of Class C shares for shareholder servicing, as applicable. During the year ended August 31, 2025, the Funds accrued expenses pursuant to the 12b-1 Plan as follows:

---

| | | |
|:---|:---|:---|
|  | **12b-1 Fees** | **Shareholder** <br>**Servicing Fees**  |
| **Total Return Bond Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A. | $113411 | &nbsp;&nbsp; N/A  |
| &nbsp;&nbsp;&nbsp; Class C. | $416953 | &nbsp;&nbsp; $138984  |
| **Municipal Bond Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | $43713 | &nbsp;&nbsp; N/A |

---

7. RELATED PARTY TRANSACTIONS

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator"), acts as the Funds' Administrator 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

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

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. ("US Bank"), an affiliate of Fund Services, serves as each Fund's custodian. The Trust's Chief Compliance Officer is also an employee of Fund Services. August 31, 2025, and owed as of August 31, 2025 are included in the Statements of Operations and Statements of Assets & Liabilities. Under the terms of the ETF Agreement, the Adviser pays the Short Term Bond ETF's administrative, custody, transfer agency, accounting, and Chief Compliance Officer fees.

The Funds each have a line of credit with US Bank (see Note 12).

Certain officers of the Funds are also employees of Fund Services. During the year ended August 31, 2025, a Trustee of the Trust was affiliated with Fund Services and US Bank.

8. TRANSACTIONS WITH AFFILIATES

The following is a summary of transactions during the year ended August 31, 2025, in which the issuer was an affiliate of the Total Return Bond Fund as defined in Section (2)(a)(3) of the 1940 Act.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Share** <br>**Balance** <br>**8/31/25** | **Fair Value** <br>**at 9/1/2024** | **Purchases** | **Sales** | **Realized** <br>**Gain** <br>(Loss)<sup>(1)</sup> | **Change in** <br>**Unrealized** <br>**Depreciation** | **Fair Value** <br>**at 8/31/25** | **Dividend** <br>**income<sup>(1)</sup>**  |
|  Performance Trust Short Term Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0 | $1014200 | $— | $1013669 | $2068 | &nbsp;&nbsp; $(2600) | &nbsp;&nbsp;&nbsp;&nbsp; $0 | $28425 |

---

<sup>(1)</sup> Dividend income and realized gain amounts are reported for the year in which the security was deemed an affiliate. 

The Total Return Bond Fund is not paying the advisory fees attributable to its investment in shares of the Short Term Bond ETF as the Adviser is paid an advisory fee from the Short Term Bond ETF. For the year ended August 31, 2025, the Total Return Bond Fund waived investment advisory fees of $3,224 attributable to its investment in shares of the Short Term Bond ETF as the Adviser is paid an investment advisory fee from the Short Term Bond ETF.

9. CREATION AND REDEMPTION TRANSACTIONS

Shares of the Short Term Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange"). The Short Term Bond ETF issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." Creation Units are to be issued and redeemed principally in-kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of the Short Term Bond ETF will be equal to the Fund's total assets minus the Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places.

Only "Authorized Participants" may purchase or redeem shares directly from the Short Term Bond ETF. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Short Term Bond ETF. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

**Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Transaction Fee") in connection with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for the Short Term Bond ETF is $500. An additional variable fee** 

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**August 31, 2025(Continued)** 

of up to a maximum of 3% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial purchase of Creation Units. The Short Term Bond ETF may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Short Term Bond ETF and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Short Term Bond ETF will be issued to such authorized participant notwithstanding the fact that the Short Term Bond ETF's deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Short Term Bond ETF or its agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Short Term Bond ETF for losses, if any.

10. INVESTMENT TRANSACTIONS

The aggregate purchases and sales of securities, excluding short-term investments, by the Funds during the year ended August 31, 2025, are summarized below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Return**<br>**Bond Fund** | **Municipal**<br>**Bond Fund** | **Multisector**<br>**Bond Fund** | **Short Term**<br>**Bond ETF**  |
| **Purchases**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S Government | $805052776 | $— | $22638540 | $974086  |
| &nbsp;&nbsp;&nbsp; Other | 3899243055 | 405355419 | 238967615 | 12413907 |
| **Sales**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S Government | $626281653 | $— | $1822581 | $640145  |
| &nbsp;&nbsp;&nbsp; Other | 1976653350 | 441817357 | 48404383 | 5754186 |

---

11. 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 August 31, 2025, Morgan Stanley Smith Barney, LLC for the benefit of its customers, held 56.42% of the Total Return Bond Fund's outstanding Class A shares. At August 31, 2025, Morgan Stanley Smith Barney, LLC, for the benefit of its customers, held 55.53% of the Total Return Bond Fund's outstanding Class C shares. At August 31, 2025, Charles Schwab & Company, Inc., for the benefit of its customers, held 31.22% of the Total Return Bond Fund's outstanding Institutional Class shares. At August 31, 2025, Charles Schwab & Company, Inc., and Raymond James, for the benefit of its customers, held 33.58% and 27.05%, respectively, of the Municipal Bond Fund's outstanding Class A shares. At August 31, 2025, Charles Schwab & Company, Inc., and Raymond James, for the benefit of its customers, held 26.97% and 26.87%, respectively, of the Municipal Bond Fund's outstanding Institutional Class shares. At August 31, 2025, Charles Schwab & Company, Inc., for the benefit of its customers, held 34.45% of the Multisector Bond Fund's outstanding Institutional Class shares.

12. LINE OF CREDIT

At August 31, 2025, the Total Return Bond Fund and the Municipal Bond Fund, each had an unsecured line of credit which matures on August 1, 2026 with a maximum borrowing equal to the lesser of $250,000,000 and $35,000,000, respectively, or 20% and 33.33%, respectively, of the total market value of unencumbered assets of each Fund. At August 31, 2025, the Multisector Bond Fund and Short Term Bond ETF each had a secured line of credit which matures on August 1, 2026 with a maximum borrowing equal to the lesser of $11,000,000 and $2,000,000, respectively, or 20% of the total market value of unencumbered assets of each 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, US Bank. Interest was scheduled to be incurred at the bank's prime rate (7.50% as of August 31, 2025). The following table provides information regarding usage of the line of credit for the Funds for the year ended August 31, 2025. The Funds did not have any outstanding balances on the lines of credit at August 31, 2025.

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Days** <br>**Utilized** | **Average** <br>**Amount of** <br>**Borrowing**  | **Average** <br>**Borrowing** <br>**Rate**  | **Interest** <br>**Expense\*** | **Maximum** <br>**Amount of** <br>**Borrowing**  | **Date of** <br>**Maximum** <br>**Borrowing**  |
| Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $381000  | &nbsp;&nbsp;&nbsp; 7.50% | &nbsp;&nbsp;&nbsp; $79  | $381000  | 8/14/2025 |

---

\* Interest expense is reported on the Statements of Operations.

13. PRINCIPAL RISKS OF THE FUNDS

As with all investment companies, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to its principal risks, any of which may adversely affect a Fund's NAV, trading price, yield, total return, and ability to meet its investment objective as applicable. A description of the principal risks of each Fund is included in the applicable prospectus under the heading "Principal Risks."

14. RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. 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 an adverse effect on the performance of a Fund.

15. SUBSEQUENT EVENTS

The Short Term Bond ETF paid a distribution as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date** | **Reinvestment/** <br>**Payable Date** | **Ordinary**<br>**Income Rate** | **Ordinary**<br>**Distribution Paid**  |
| 9/15/2025 | 9/15/2025 | 9/16/2025 | 0.12939608 | &nbsp;&nbsp;&nbsp;&nbsp; $98341 |

---

On September 16, 2025, the following Funds declared and paid distributions from ordinary income to shareholders of record as of September 15, 2025, as follows:

---

| | |
|:---|:---|
|  | **Ordinary** <br>**Income**  |
| **Total Return Bond Fund**<br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Class | $45484597  |
| &nbsp;&nbsp;&nbsp; Class A | 215097  |
| &nbsp;&nbsp;&nbsp; Class C | 226611 |
| **Municipal Bond Fund**<br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Class | $2291817  |
| &nbsp;&nbsp;&nbsp; Class A | 52374 |
| **Multisector Bond Fund** <br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Class | $1845173 |

---

The Short Term Bond ETF paid a distribution as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date** | **Reinvestment/** <br>**Payable Date** | **Ordinary**<br>**Income Rate** | **Ordinary**<br>**Distribution Paid**  |
| 10/15/2025 | 10/15/2025 | 10/16/2025 | 0.10171961 | &nbsp;&nbsp;&nbsp;&nbsp; $120029 |

---

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**PERFORMANCE TRUST FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025(Continued)** 

On October 16, 2025, the following Funds declared and paid distributions from ordinary income to shareholders of record as of October 15, 2025, as follows:

---

| | |
|:---|:---|
|  | **Ordinary** <br>**Income**  |
| **Total Return Bond Fund**<br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Class | $40665497  |
| &nbsp;&nbsp;&nbsp; Class A | $192670  |
| &nbsp;&nbsp;&nbsp; Class C | $194618  |
| **Municipal Bond Fund**<br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Class | $2173500  |
| &nbsp;&nbsp;&nbsp; Class A | $46461 |
| **Multisector Bond Fund**<br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Class | $1687562 |

---

The Funds have evaluated events and transactions that have occurred subsequent to August 31, 2025, through the date the financial statements were issued and determined there were no other subsequent events that would require disclosure in the financial statements.

16. NEW ACCOUNTING PRONOUCEMENT

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Funds' portfolio managers as listed in the most recent prospectus, and the Advisor's Chief Financial Officer, who serves as the chief operating decision maker, using the information presented in the financial statements and financials highlights.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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**PERFORMANCE TRUST FUNDS** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Performance Trust Funds and

Board of Trustees of Trust for Professional Managers

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Performance Trust Funds comprising the funds listed below (the "Funds"), each a series of Trust for Professional Managers as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights** |
| Performance Trust Total Return Bond Fund and Performance Trust Municipal Bond Fund | For the year ended August 31, <br>2025 | For the years ended <br>August 31, 2025 and 2024 | For the years ended August 31, <br>2025, 2024, 2023, 2022, <br>and 2021 |
| Performance Trust Multisector Bond Fund | For the year ended August 31, <br>2025 | For the years ended <br>August 31, 2025 and 2024 | For the years ended August 31, <br>2025, 2024, 2023, 2022, and for the period from January 4, 2021 (commencement of operations) through August 31, 2021 |
| Performance Trust Short Term Bond ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025, and for the period from April 9, 2024 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025, and for the period from April 9, 2024 (commencement of operations) through August 31, 2024 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2011.

![](cckempf.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

October 29, 2025

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**PERFORMANCE TRUST FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)** 

**The below information is required disclosure for Form N-CSR.**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

See Item 7(a) for remuneration paid by the Performance Trust Mutual Funds. For the Performance Trust Short Term Bond ETF, all fund expenses, including Trustee compensation, are paid by the Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts.** 

This information is included within the financial statements filed under Item 7(a)

<u>BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT ADVISORY AGREEMENTS</u>

The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal of the Investment Advisory Agreement between the Trust, on behalf of the Performance Trust Municipal Bond Fund (the "Municipal Bond Fund"), the Performance Trust Total Return Bond Fund (the "Total Return Bond Fund") and the Performance Trust Multisector Bond Fund (the "Multisector Fund") and to consider the renewal of the Investment Advisory Agreement between the Trust on behalf of the Performance Trust Short Term Bond ETF (the "Short Term Bond ETF") (each, a "Fund," and together, the "Funds"), each a series of the Trust, and PT Asset Management, LLC, the Funds' investment adviser (the "Adviser"). Each Investment Advisory Agreement is herein referred to as an "Advisory Agreement," and together, the "Advisory Agreements." The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of the Advisory Agreements. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Advisory Agreements. The materials provided contained information with respect to the factors enumerated below, including copies of the Advisory Agreements, a memorandum prepared by the Trust's outside legal counsel discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Advisory Agreements, detailed comparative information relating to the Funds' performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser's Form ADV, select financial statements of the Adviser, biographical information of the Adviser's key management and compliance personnel, comparative fee information for the Funds and the Adviser's other separately-managed accounts and a summary detailing key provisions of the Adviser's written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Advisory Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the Funds' other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees")), approved the continuation of each Advisory Agreement for an additional one-year term ending August 31, 2026.

DISCUSSION OF FACTORS CONSIDERED

In considering the renewal of each Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS

The Trustees considered the nature, extent and quality of services provided by the Adviser to the Funds and the amount of time devoted to the Funds' operations by the Adviser's staff. The Trustees considered the Adviser's specific responsibilities in all aspects of day-to-day management of the Funds, including the investment strategies implemented

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

by the Adviser, as well as the qualifications, experience and responsibilities of G. Michael Plaiss, co-portfolio manager for each of the Funds, Anthony J. Harris, co-portfolio manager for the Performance Trust Total Return Bond Fund, the Performance Trust Multisector Fund and the Performance Trust Short Term Bond ETF, Mark Peiler, co-portfolio manager for the Performance Trust Total Return Bond Fund, Performance Trust Municipal Bond Fund and Performance Trust Short Term Bond ETF, and Lars Anderson, co-portfolio manager for the Performance Trust Total Return Bond Fund, Performance Trust Multisector Bond Fund and Performance Trust Short Term Bond ETF, and Michael Isroff, co-portfolio manager for the Performance Trust Total Return Bond Fund, Performance Trust Multisector Bond Fund and Performance Trust Short Term Bond ETF, and other key personnel at the Adviser involved in the day-to-day activities of the Funds. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser's compliance program and its continuing commitment to the Funds. The Trustees noted that during the course of the prior year the Adviser had participated in a Trust board meeting to discuss the Funds' performance and outlook, along with the compliance efforts made by the Adviser, including reports provided by the Adviser in its role as the Funds' valuation designee. The Trustees also noted any services that extended beyond portfolio management, and they considered the brokerage practices of the Adviser. The Trustees discussed the Adviser's handling of compliance matters, including the reports of the Trust's chief compliance officer to the Trustees on the effectiveness of the Adviser's compliance program. The Trustees also considered the Adviser's overall financial condition, as well as the implementation and operational effectiveness of the Adviser's business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under each applicable Advisory Agreement and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser's compliance program, were satisfactory and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER

The Trustees discussed the performance of the Performance Trust Short Term Bond ETF (net asset value returns), and the performance of the Institutional Class shares of each of the Performance Trust Total Return Bond Fund, Performance Trust Municipal Bond Fund and Performance Trust Multisector Bond Fund for the quarter, one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2025, as applicable. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of each Fund on both an absolute basis and in comparison to each Fund's primary benchmark index (the Bloomberg U.S. Aggregate Bond Index for both the Performance Trust Total Return Bond Fund and Performance Trust Multisector Bond Fund, the Bloomberg Municipal Bond Index for the Performance Trust Municipal Bond Fund, and the Bloomberg U.S. Aggregate 1-3 Year Index for the Performance Trust Short Term Bond ETF) and in comparison to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. open-end intermediate core-plus bond and intermediate core bond funds for the Performance Trust Total Return Bond Fund, a peer group of U.S. open-end multisector bond and intermediate core-plus bond funds for the Performance Trust Multisector Bond Fund, a peer group of U.S. open-end municipal national long-term bond funds for the Performance Trust Municipal Bond Fund, and a peer group of U.S. open-end short-term bond and multisector bond funds for the Performance Trust Short Term Bond ETF) (each, a "Barrington Cohort"). The Trustees noted the Adviser's representation that it does not calculate composite performance for its separately-managed accounts and as such the Adviser could not provide composite performance information for those accounts.

The Trustees reviewed performance information for the Performance Trust Short Term Bond ETF for the one-year period ended June 30, 2025 and noted the Performance Trust Short Term Bond ETF was within the range of the Barrington Cohort. The Trustees noted that for the quarter and since inception periods ended March 31, 2025, the Performance Trust Short Term Bond ETF outperformed the Bloomberg U.S. Aggregate 1-3 Year Index.

The Trustees noted that for each of the three-year, five-year and ten-year periods ended March 31, 2025, the performance of the Institutional Class shares of the Performance Trust Total Return Bond Fund was above the Barrington Cohort average. The Trustees next noted that for the one-year period ended March 31, 2025, the performance of the Institutional Class shares of the Performance Trust Total Return Bond Fund was below the Barrington Cohort average. The Trustees noted that for the one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2025, the Performance Trust Total Return Bond Fund's Institutional Class shares had outperformed the

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

Bloomberg U.S. Aggregate Bond Index. The Trustees then noted that for the quarter ended March 31, 2025, the Performance Trust Total Return Bond Fund's Institutional Class shares had underperformed the Bloomberg U.S. Aggregate Bond Index.

The Trustees noted that for each of the one-year, three-year, and five-year periods ended March 31, 2025, the performance of the Institutional Class shares of the Performance Trust Municipal Bond Fund was below the Barrington Cohort average. The Trustees next noted that for the ten-year period ended March 31, 2025, the performance of the Institutional Class shares of the Performance Trust Municipal Bond Fund was above the Barrington Cohort average. The Trustees noted that for the quarter, one-year, three-year, and five-year periods ended March 31, 2025, the Institutional Class shares of the Performance Trust Municipal Bond Fund had underperformed the Bloomberg Municipal Bond Index. The Trustees then noted that for the ten-year and since inception periods ended March 31, 2025, the Performance Trust Municipal Bond Fund Institutional Class shares had outperformed the Bloomberg Municipal Bond Index.

The Trustees noted the performance of the Institutional Class shares of the Performance Trust Multisector Bond Fund for the one-year and three-year periods ended March 31, 2025 was above the Barrington Cohort average. The Trustees noted that for the one-year, three-year and since inception periods ended March 31, 2025, the Performance Trust Multisector Bond Fund's Institutional Class shares had outperformed the Bloomberg U.S. Aggregate Bond Index.The Trustees then noted that for the quarter period ended March 31, 2025, the Performance Trust Multisector Bond Fund's Institutional Class shares had underperformed the Bloomberg U.S. Aggregate Bond Index.

After considering all of the information, the Trustees concluded that the performance obtained by the Adviser for each Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that each Fund and its shareholders were likely to benefit from the Adviser's continued management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER

The Trustees considered the cost of services and the structure of the Adviser's fees, including a review of the expense analyses and other pertinent material with respect to each Fund. The Trustees took into consideration that the management fee for the Performance Trust Short Term Bond ETF was a "unitary management fee" whereby the Adviser agrees to pay all expenses incurred by the Fund, except the unitary management fee payable to the Adviser and certain excluded expenses. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses and Barrington Cohort comparisons. The Trustees considered the cost structure of each Fund relative to its Barrington Cohort, the Adviser's separately-managed accounts, as well as any fee waivers and expense reimbursements of the Adviser.

The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser's financial information. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under each applicable Advisory Agreement, as well as the Funds' brokerage practices. These considerations were based on materials requested by the Trustees and the Funds' administrator specifically for the June 18, 2025 meeting and the August 27, 2025 meeting at which each applicable Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year.

The Trustees noted that the Performance Trust Short Term Bond ETF's contractual unitary management fee of 0.65% was above the Barrington Cohort average of 0.44%. The Trustees observed that the Fund's unitary fee structure limits the Fund's total expense ratio to 0.65% and such expense ratio was above the Barrington Cohort average of 0.44%.

The Trustees noted that the Performance Trust Total Return Bond Fund's contractual management fee of 0.60% was above the Barrington Cohort average of 0.37%. The Trustees noted that the Performance Trust Total Return Bond Fund was operating below its expense cap of 0.95%. The Trustees observed that the Performance Trust Total Return Bond Fund's total expense ratio of 0.76% for Institutional Class shares was above the Barrington Cohort average of 0.50%.

The Trustees noted that the Performance Trust Municipal Bond Fund's contractual management fee of 0.40% was above the Barrington Cohort average of 0.37%. The Trustees noted that the Performance Trust Municipal Bond Fund was operating below its expense cap of 0.55%. The Trustees observed that the Performance Trust Municipal Bond

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

Fund's total expense ratio of 0.50% for Institutional Class shares was below the Barrington Cohort average of 0.52%. The Trustees also compared the fees paid by the Performance Trust Municipal Bond Fund to the fees paid by separately-managed accounts of the Adviser.

The Trustees noted that the Performance Trust Multisector Bond Fund's contractual management fee of 0.80% was above the Barrington Cohort average of 0.55%. The Trustees noted that the Performance Trust Multisector Bond Fund was operating with a gross expense ratio above its expense cap of 0.99%. The Trustees observed that the Performance Trust Multisector Bond Fund's total expense ratio of 1.01% (net of fee waivers and expense reimbursements and including interest expense of 0.02%) for Institutional Class shares was above the Barrington Cohort average of 0.68%.

The Trustees also noted that the Adviser has contractually agreed to waive a portion of its management fee and/or reimburse Fund expenses in an amount equal to 100% of the net advisory fees that the Adviser or an affiliate of the Adviser receives that are attributable to a Fund's investment in any other fund managed by the Adviser or an affiliate of the Adviser through at least August 31, 2026.

The Trustees concluded that each Fund's expenses and the management fees paid to the Adviser were fair and reasonable in light of the comparative performance, expense and management fee information. The Trustees noted, based on a profitability analysis prepared by the Adviser, that the Adviser's profits from sponsoring the Performance Trust Total Return Bond Fund was not excessive, and while the Performance Trust Municipal Bond Fund, Performance Trust Multisector Bond Fund and Performance Trust Short Term Bond ETF were not yet profitable to the Adviser, the Adviser maintained adequate profit levels to support the services to each Fund from the revenues of its overall investment advisory business, despite subsidizing the operations of the Performance Trust Municipal Bond Fund, Performance Trust Multisector Bond Fund and Performance Trust Short Term Bond ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW

The Trustees compared each Fund's expenses relative to its peer group and discussed realized and potential economies of scale. The Trustees also reviewed the structure of each Fund's management fee and whether each Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees reviewed all fee waivers, expense reimbursements and potential recoupments by the Adviser. The Trustees noted that the Funds' management fee structures did not contain any breakpoint reductions as the Funds' assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. With respect to the Adviser's fee structures, the Trustees concluded that the current fee structures were reasonable and reflected a sharing of economies of scale between the Adviser and each Fund at the Fund's current asset level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS

The Trustees considered the direct and indirect benefits that could be received by the Adviser from its association with the Funds. The Trustees examined the brokerage practices of the Adviser with respect to the Funds. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition and increased ability to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Funds.

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of each applicable Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of each Fund's surrounding circumstances. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of each applicable Advisory Agreement for an additional one-year term ending August 31, 2026 as being in the best interests of each Fund and its shareholders.

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**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**Tax Information** 

For the year ended August 31, 2025, 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:

---

| | |
|:---|:---|
| Total Return Bond Fund | 0.00%  |
| Municipal Bond Fund | 0.00%  |
| Multisector Bond Fund | 0.00%  |
| Short Term Bond ETF | 1.09% |

---

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**Investment Adviser** 

PT Asset Management, LLC

500 West Madison, Suite 500

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 North 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.

342 North Water Street, Suite 830

Milwaukee, WI 53202

**Distributor** 

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

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 Funds are distributed by ALPS Distributors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Financial Highlights are included within the financial statements filed under Item
 7 of this Form."

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

This information is included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

This information is included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer 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 period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

---

| | |
|:---|:---|
| *(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.* Incorporated by reference to the Registrant's Form N-CSR filed November 7, 2011.](https://www.sec.gov/Archives/edgar/data/1141819/000089418911004948/coe.htm) |
|  | *(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable. |
|  | [*(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](tpmptam-efp18189_ex99cert.htm) |
|  | *(4) 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. |
|  | *(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable. |
| *(b)* | [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tpmptam-efp18189_ex99906cert.htm) |

---

**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/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>November 4, 2025</u>

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/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>November 4, 2025</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kelly Strauss |
|  | Kelly Strauss, Principal Financial Officer |

---

Date <u>November 4, 2025</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jennifer Lima, certify that:

1. I have reviewed this report on Form N-CSR of Trust for Professional
 Managers;

2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
 such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as
 of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
 the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
 including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
 this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal
 control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
 of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
 principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and
 procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
 a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control
 over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation
 of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
 process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees
 who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Jennifer Lima |
|  |  | Jennifer Lima<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kelly Strauss, certify that:

1. I have reviewed this report on Form N-CSR of Trust for Professional
 Managers;

2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
 such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as
 of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
 the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
 including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
 this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal
 control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
 of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
 principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and
 procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
 a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control
 over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation
 of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
 process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees
 who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Kelly Strauss |
|  |  | Kelly Strauss<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Professional Managers (the "Trust"), does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for the year ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jennifer Lima | /s/ Kelly Strauss |
| Jennifer Lima<br> Principal Executive Officer, Trust for Professional Managers | Kelly Strauss<br> Principal Financial Officer, Trust for Professional Managers |

---

Dated: <u>November 4, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Trust for purposes of Section 18 of the Securities Exchange Act of 1934.