NPORT-EX 2 credit-nport.htm NPORT-EX
Performance Trust Credit Fund
            
Schedule of Investments
            
November 30, 2022 (Unaudited)
            
     
Principal
        
     
Amount
    
 Value
  
ASSET BACKED SECURITIES - 7.34%
            
American Credit Acceptance Receivables Trust
            
2022-3, 4.860%, 10/13/2028 (a)
 $
           1,000,000
   $
             961,648
  
Exeter Automobile Receivables Trust
            
2022-2A, 3.850%, 07/17/2028
  
1,000,000
    
                948,286
  
2022-4A, 4.920%, 12/15/2028
  
1,000,000
    
                941,553
  
GLS Auto Receivables Issuer Trust
            
2022-3A, 4.920%, 01/15/2027 (a)
  
1,000,000
    
                975,323
  
Santander Drive Auto Receivables Trust
            
2022-5, 4.740%, 10/16/2028
  
1,000,000
    
                952,386
  
2022-7, 6.690%, 03/17/2031
  
1,000,000
    
             1,007,807
  
TOTAL ASSET BACKED SECURITIES (Cost $5,955,445)
        
             5,787,003
  
               
COLLATERALIZED LOAN OBLIGATIONS - 15.88%
            
Apidos CLO XI
            
2012-11A, 7.829% (3 Month LIBOR USD + 3.750%), 04/17/2034 (a)(b)(c)
  
500,000
    
                481,106
  
Apidos CLO XII
            
2013-12A, 9.479% (3 Month LIBOR USD + 5.400%), 04/15/2031 (a)(b)(c)
  
1,000,000
    
                815,445
  
Apidos CLO XXXII
            
2019-32A, 10.993% (3 Month LIBOR USD + 6.750%), 01/20/2033 (a)(b)(c)
  
1,000,000
    
                896,646
  
Ares XXXIX CLO Ltd.
            
2016-39A, 7.544% (3 Month LIBOR USD + 3.350%), 04/18/2031 (a)(b)(c)
  
1,000,000
    
                891,092
  
Ares XXXVII CLO Ltd.
            
2015-4A, 6.729% (3 Month LIBOR USD + 2.650%), 10/15/2030 (a)(b)(c)
  
1,000,000
    
                902,972
  
Burnham Park Clo Ltd.
            
2016-1A, 7.093% (3 Month LIBOR USD + 2.850%), 10/20/2029 (a)(b)(c)
  
1,000,000
    
                917,694
  
Buttermilk Park CLO Ltd.
            
2018-1A, 7.179% (3 Month LIBOR USD + 3.100%), 10/15/2031 (a)(b)(c)
  
1,000,000
    
                919,318
  
Cayuga Park CLO Ltd.
            
2020-1A, 10.079% (3 Month LIBOR USD + 6.000%), 07/17/2034 (a)(b)(c)
  
1,250,000
    
             1,088,037
  
Goldentree Loan Management US CLO 2 Ltd.
            
2017-2A, 8.943% (3 Month LIBOR USD + 4.700%), 11/28/2030 (a)(b)(c)
  
1,000,000
    
                856,600
  
GoldentTree Loan Management US CLO 1 Ltd.
            
2021-9A, 7.143% (3 Month LIBOR USD + 2.900%), 01/20/2033 (a)(b)(c)
  
500,000
    
                437,675
  
LCM Loan Income Fund I Income Note Issuer Ltd.
            
27A, 9.679% (3 Month LIBOR USD + 5.600%), 07/16/2031 (a)(b)(c)
  
500,000
    
                358,948
  
LCM XVIII LP
            
18A, 10.193% (3 Month LIBOR USD + 5.950%), 04/20/2031 (a)(b)(c)
  
650,000
    
                474,178
  
LCM XXII Ltd.
            
22A, 7.043% (3 Month LIBOR USD + 2.800%), 10/20/2028 (a)(b)(c)
  
895,000
    
                764,666
  
Magnetite XV Ltd.
            
2015-15A, 9.558% (3 Month LIBOR USD + 5.200%), 07/25/2031 (a)(b)(c)
  
1,000,000
    
                877,620
  
Neuberger Berman Loan Advisers CLO 33 Ltd.
            
2019-33A, 6.979% (3 Month LIBOR USD + 2.900%), 10/16/2033 (a)(b)(c)
  
1,000,000
    
                922,883
  
Neuberger Berman Loan Advisers CLO 35 Ltd.
            
2019-35A, 11.227% (3 Month LIBOR USD + 7.000%), 01/19/2033 (a)(b)(c)
  
1,000,000
    
                905,242
  
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $13,081,906)
        
           12,510,122
  
               
CORPORATE BONDS - 31.46%
            
 Diversified Financial Services - 0.25%
            
Compeer Financial FLCA
            
3.375% to 06/01/2031 then SOFR + 1.965%, 06/01/2036 (a)(b)
  
250,000
    
                193,109
  
Banks - 9.22%
            
Banner Corp.
            
5.000% to 6/30/2025 then TSFR3M + 4.890%, 06/30/2030 (b)
  
1,000,000
    
                947,670
  
Barclays PLC
            
6.125% (5 Year CMT Rate + 5.867%), 09/15/2166 (b)(c)(d)
  
250,000
    
                225,288
  
First Foundation, Inc.
            
3.500% to 02/01/2027 then SOFR + 2.040%, 02/01/2032 (b)
  
500,000
    
                432,143
  
First-Citizens Bank & Trust Co.
            
6.125%, 03/09/2028
  
1,000,000
    
             1,025,424
  
HomeStreet, Inc.
            
3.500% to 01/30/2027 then SOFR + 2.150%, 01/30/2032 (b)
  
500,000
    
                432,019
  
National Australia Bank Ltd.
            
3.347% (5 Year CMT Rate + 1.700%), 01/12/2037 (a)(b)(c)
  
1,000,000
    
                755,473
  
Renasant Corp.
            
3.000% to 12/01/2026 then SOFR + 1.910%, 12/01/2031 (b)
  
750,000
    
                632,495
  
Synovus Financial Corp.
            
5.900% (5 Year Swap Rate USD + 3.379%), 02/07/2029 (b)
  
1,000,000
    
                977,800
  
Texas Capital Bancshares, Inc.
            
4.000% (5 Year CMT Rate + 3.150%), 05/06/2031 (b)
  
1,000,000
    
                872,389
  
Western Alliance Bank
            
5.250% to 06/01/2025 then SOFR + 5.120%, 06/01/2030 (b)
  
1,000,000
    
                966,806
  
Building Products - 1.54%
            
Masonite International Corp.
            
3.500%, 02/15/2030 (a)(c)
  
250,000
    
                194,478
  
TopBuild Corp.
            
3.625%, 03/15/2029 (a)
  
1,250,000
    
             1,016,326
  
Capital Markets - 1.02%
            
Ares Capital Corp.
            
3.200%, 11/15/2031
  
1,080,000
    
                802,575
  
Chemicals - 0.52%
            
Axalta Coating Systems, LLC
            
3.375%, 02/15/2029 (a)
  
500,000
    
                408,545
  
Consumer Finance - 1.06%
            
OneMain Finance Corp.
            
5.375%, 11/15/2029
  
1,000,000
    
                836,550
  
Electronic Equipment, Instruments & Components - 1.07%
            
CDW Finance Corp.
            
3.276%, 12/01/2028
  
1,000,000
    
                842,320
  
Equity Real Estate Investment Trusts (REITs) - 0.48%
            
American Finance Trust, Inc.
            
4.500%, 09/30/2028 (a)
  
500,000
    
                381,688
  
Healthcare Providers & Services - 0.52%
            
Centene Corp.
            
3.000%, 10/15/2030
  
500,000
    
                409,195
  
Hotels, Restaurants & Leisure - 1.06%
            
Papa John's International, Inc.
            
3.875%, 09/15/2029 (a)
  
1,000,000
    
                837,236
  
Household Durables - 3.44%
            
KB Home
            
4.800%, 11/15/2029
  
1,000,000
    
                857,218
  
M/I Homes, Inc.
            
3.950%, 02/15/2030
  
1,300,000
    
                998,534
  
Meritage Homes Corp.
            
3.875%, 04/15/2029 (a)
  
1,000,000
    
                849,270
  
Information Technology - 1.46%
            
Dell International LLC / EMC Corp.
            
8.100%, 07/15/2036
  
1,000,000
    
             1,149,102
  
Machinery - 1.06%
            
Allison Transmission, Inc.
            
3.750%, 01/30/2031 (a)
  
1,000,000
    
                834,923
  
Media - 1.60%
            
CCO Holdings Capital Corp.
            
4.750%, 02/01/2032 (a)
  
1,500,000
    
             1,256,243
  
Road & Rail - 1.38%
            
ERAC USA Finance, LLC
            
7.000%, 10/15/2037 (a)
  
1,000,000
    
             1,085,615
  
Software - 1.64%
            
Open Text Holdings, Inc.
            
4.125%, 12/01/2031 (a)
  
625,000
    
                484,356
  
Oracle Corp.
            
3.850%, 07/15/2036
  
1,000,000
    
                812,778
  
Specialty Retail - 3.06%
            
Asbury Automotive Group, Inc.
            
5.000%, 02/15/2032 (a)
  
600,000
    
                506,227
  
AutoNation, Inc.
            
3.850%, 03/01/2032
  
250,000
    
                205,224
  
Group 1 Automotive, Inc.
            
4.000%, 08/15/2028 (a)
  
1,000,000
    
                849,461
  
Lithia Motors, Inc.
            
4.375%, 01/15/2031 (a)
  
1,000,000
    
                847,000
  
Wireless Telecommunication Services - 1.08%
            
T-Mobile USA, Inc.
            
2.625%, 02/15/2029
  
1,000,000
    
                852,884
  
TOTAL CORPORATE BONDS (Cost $26,795,443)
        
           24,778,364
  
             
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 6.58%
            
Alternative Loan Trust
            
2004-24CB, 6.000%, 11/25/2034
  
1,430,515
    
             1,389,591
  
2006-J5, 6.500%, 09/25/2036
  
244,788
    
                139,021
  
2006-31CB, 6.000%, 11/25/2036
  
212,880
    
                128,748
  
CHL Mortgage Pass-Through Trust
            
2006-17, 6.000% (1 Month LIBOR USD + 0.550%), 12/25/2036 (b)
  
351,998
    
                158,985
  
2007-HY5, 4.029%, 09/25/2037 (e)
  
230,964
    
                204,822
  
Citicorp Mortgage Securities Trust
            
2006-3, 6.000%, 06/25/2036
  
240,418
    
                207,790
  
Credit Suisse First Boston Mortgage Securities Corp.
            
2005-11, 5.500%, 12/25/2035
  
355,648
    
                174,304
  
First Horizon Alternative Mortgage Securities Trust
            
2005-FA11, 5.750%, 02/25/2036
  
245,299
    
                122,053
  
Freddie Mac STACR REMIC Trust
            
2021-DNA5, 6.571% (SOFR30A + 3.050%), 01/25/2034 (a)(b)
  
1,000,000
    
                891,309
  
Volt, LLC
            
2021-NPL4, 4.949%, 03/27/2051 (a)(f)
  
350,000
    
                299,283
  
WaMu Mortgage Pass-Through Certificates Series Trust
            
2006-AR12, 3.805%, 10/25/2036 (e)
  
1,655,892
    
             1,472,462
  
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $5,798,372)
        
             5,188,368
  
               
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 16.76%
            
BANK
            
2020-BNK29, 2.500%, 11/15/2053 (a)
  
850,000
    
                535,374
  
2022-BNK40, 2.500%, 03/15/2064 (a)
  
500,000
    
                297,023
  
2021-BNK35, 2.902%, 06/15/2064 (e)
  
1,000,000
    
                711,500
  
BBCMS Mortgage Trust
            
2021-C11, 1.083%, 09/15/2054 (e)(g)
  
4,500,000
    
                296,181
  
2021-C12, 2.500%, 11/15/2054 (a)
  
750,000
    
                443,935
  
2022-C17, 1.326%, 09/15/2055 (e)(g)
  
14,994,891
    
             1,230,882
  
Benchmark Mortgage Trust
            
2021-B23, 1.379%, 02/15/2054 (e)(g)
  
14,903,521
    
             1,023,185
  
2021-B26, 1.481%, 06/15/2054 (a)(e)(g)
  
2,300,000
    
                199,646
  
2021-B27, 1.383%, 07/15/2054 (e)(g)
  
3,234,054
    
                230,686
  
2021-B29, 1.417%, 09/15/2054 (a)(e)(g)
  
3,000,000
    
                246,670
  
2021-B30, 1.410%, 11/15/2054 (a)(e)(g)
  
4,600,000
    
                380,730
  
BMO Mortgage Trust
            
2022-C1, 1.892%, 02/15/2055 (a)(e)(g)
  
5,000,000
    
                581,934
  
Citigroup Commercial Mortgage Trust
            
2016-C1, 5.107%, 05/10/2049 (e)
  
1,000,000
    
                893,909
  
Freddie Mac Multifamily Structured Credit Risk
            
2021-MN3, 7.521% (SOFR30A + 4.000%), 11/25/2051 (a)(b)
  
1,000,000
    
                888,136
  
GS Mortgage Securities Corp. II
            
2012-BWTR, 3.255%, 11/05/2034 (a)(h)
  
478,000
    
                406,096
  
GS Mortgage Securities Trust
            
2019-GC42, 2.800%, 09/01/2052 (a)
  
450,000
    
                302,435
  
Morgan Stanley Bank of America Merrill Lynch Trust
            
2017-C34, 2.700%, 11/15/2052 (a)
  
1,000,000
    
                663,037
  
Morgan Stanley Capital I Trust
            
2017-H1, 4.281%, 06/15/2050 (e)
  
1,000,000
    
                861,831
  
2019-H7, 3.000%, 07/15/2052 (a)
  
1,000,000
    
                701,059
  
Wells Fargo Commercial Mortgage Trust
            
2015-C28, 4.219%, 05/15/2048 (e)
  
1,000,000
    
                857,845
  
2016-C37, 3.337%, 12/15/2049 (a)(e)
  
1,000,000
    
                759,823
  
2019-C52, 1.256%, 08/15/2052 (e)(g)
  
7,000,000
    
                409,109
  
2021-C59, 1.582%, 04/15/2054 (a)(e)(g)
  
3,250,000
    
                286,395
  
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $15,194,657)
        
           13,207,421
  
               
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 5.26%
            
Freddie Mac Multifamily Structured Pass Through Certificates
            
K072, 0.494%, 12/25/2027 (e)(g)
  
72,318,176
    
             1,130,246
  
K098, 1.517%, 08/25/2029 (e)(g)
  
6,000,000
    
                460,828
  
K118, 1.052%, 09/25/2030 (e)(g)
  
17,923,952
    
             1,020,203
  
K130, 1.144%, 06/25/2031 (e)(g)
  
14,984,444
    
             1,010,937
  
K141, 0.407%, 02/25/2032 (e)(g)
  
22,198,291
    
                525,176
  
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $4,437,459)
        
             4,147,390
  
               
MUNICIPAL BONDS - 8.65%
            
California - 2.48%
            
City of Santa Ana, CA
            
1.869%, 08/01/2029
  
500,000
    
                406,359
  
East Side Union High School District
            
5.320%, 04/01/2036
  
240,000
    
                234,272
  
Golden State Tobacco Securitization Corp.
            
3.000%, 06/01/2046
  
685,000
    
                632,803
  
Newport Mesa Unified School District
            
6.300%, 08/01/2042
  
200,000
    
                243,715
  
Peralta Community College District
            
0.000%, 08/05/2031 (i)
  
500,000
    
                434,042
  
         
             1,951,191
  
Florida - 0.56%
            
Florida Development Finance Corp.
            
7.375%, 01/01/2049 (a)
  
500,000
    
                442,994
  
Illinois - 0.66%
            
Metropolitan Pier & Exposition Authority
            
0.000%, 12/15/2036 (i)
  
1,000,000
    
                520,128
  
New York - 0.79%
            
New York Liberty Development Corp.
            
2.250%, 02/15/2041
  
900,000
    
                623,898
  
Pennsylvania - 0.99%
            
Pennsylvania Turnpike Commission
            
3.000%, 12/01/2042
  
1,000,000
    
                783,521
  
Puerto Rico - 0.82%
            
GDB Debt Recovery Authority of Puerto Rico
            
7.500%, 08/20/2040
  
767,063
    
                642,415
  
Tennessee - 0.79%
            
New Memphis Arena Public Building Authority
            
0.000%, 04/01/2043 (i)
  
1,625,000
    
                619,152
  
Texas - 1.25%
            
Clifton Higher Education Finance Corp.
            
6.125%, 08/15/2048
  
165,000
    
                167,624
  
Port of Beaumont Industrial Development Authority
            
4.100%, 01/01/2028 (a)
  
1,000,000
    
                817,619
  
         
                985,243
  
Wisconsin - 0.31%
            
Public Finance Authority
            
7.500%, 06/01/2029 (a)
  
250,000
    
                246,672
  
TOTAL MUNICIPAL BONDS (Cost $7,108,001)
        
             6,815,214
  
               
US GOVERNMENT NOTES/BONDS - 2.65%
            
United States Treasury Notes/Bonds
            
3.375%, 08/15/2042
  
1,200,000
    
             1,092,187
  
4.000%, 11/15/2042
  
1,000,000
    
                999,063
  
TOTAL US GOVERNMENT NOTES/BONDS (Cost $2,025,991)          2,091,250  
               
SHORT-TERM INVESTMENTS - 3.21%
            
First American Government Obligations Fund - Class X, 3.660% (j)
  
2,527,697
    
             2,527,697
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,527,697)
        
             2,527,697
  
               
Total Investments (Cost $82,924,971) - 97.79%
        
           77,052,829
  
Other Assets in Excess of Liabilities - 2.21%
        
             1,740,575
  
TOTAL NET ASSETS - 100.00%
       $
         78,793,404
  

Percentages are stated as a percent of net assets.
            

(a)
  
Securities issued pursuant to Rule 144A under the Securities Act of 1933.
            
(b)
  
Variable rate security; the rate shown represents the rate at November 30, 2022.
            
(c)
  
Foreign issued security.
            
(d)
  
Perpetual maturity. The date referenced is the next call date.
            
(e)
  
Variable rate security; the rate shown represents the rate at November 30, 2022.  The coupon is based on an underlying pool of loans.
            
(f)
  
Step-up bond; the rate shown represents the rate at November 30, 2022.
            
(g)
  
Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
            
(h)
  
Represents an illiquid security. The total market value of these securities were $406,096, representing 0.52% of net assets as of November 30, 2022.
            
(i)
  
Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
            
(j)
  
Seven day yield at November 30, 2022.
            
                 
      Abbreviations:
            
CMT
  
Constant Maturity Treasury Rate
            
LIBOR
  
London Interbank Offered Rate
            
PLC
  
Public Limited Company.
            
SOFR
  
Secured Overnight Financing Rate
            
TSFR3M
  
3 Month Term Secured Overnight Financing Rate
            

The Schedule of Investments incorporates the Global Industry Classification Standard (GICS®).  GICS was developed
            
by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC.
            
Summary of Fair Value Exposure at November 30, 2022
          
             
Various inputs are used in determining the value of the Fund’s investments. These inputs are
      
summarized in the three broad levels listed below:
          
             
 
Level 1 - Quoted prices in active markets for identical securities.
        
 
Level 2 - Other significant observable inputs (including quoted prices for similar
      
 
  securities, interest rates, prepayment speeds, credit risk, etc.)
        
 
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in
      
 
  determining the fair value of investments.)
          
             
The inputs or methodology used for valuing securities are not an indication of the risk associated
      
with investing in those securities.
          
             
The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund’s investments
    
carried at fair value:
          

Performance Trust Credit Fund
                        
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income:
                        
Asset Backed Securities
  
$
-
    
$
5,787,003
    
$
-
    
$
5,787,003
  
Collateralized Loan Obligations
    
-
      
12,510,122
      
-
      
12,510,122
  
Corporate Bonds
    
-
      
24,778,364
      
-
      
24,778,364
  
Non-Agency Residential Mortgage Backed Securities
    
-
      
5,188,368
      
-
      
5,188,368
  
Non-Agency Commercial Mortgage Backed Securities
    
-
      
13,207,421
      
-
      
13,207,421
  
Agency Commercial Mortgage Backed Securities
    
-
      
4,147,390
      
-
      
4,147,390
  
Municipal Bonds
    
-
      
6,815,214
      
-
      
6,815,214
  
US Government Notes/Bonds
    
-
      
2,091,250
      
-
      
2,091,250
  
Total Fixed Income
    
-
      
74,525,132
      
-
      
74,525,132
  
                                 
Short-Term Investments
    
2,527,697
      
-
      
-
      
2,527,697
  
Total Investments In Securities
  
$
2,527,697
    
$
74,525,132
    
$
-
    
$
77,052,829
  
                                 

For the period ended November 30, 2022, the Fund did not have significant unobservable inputs (Level 3 securities) used in determining fair value.
  
Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.