NPORT-EX 2 credit-nport.htm NPORT-EX
Performance Trust Credit Fund
            
Schedule of Investments
            
May 31, 2023 (Unaudited)
            
      
Principal
        
      
Amount
    
Value
  
ASSET BACKED SECURITIES - 7.66%
            
American Credit Acceptance Receivables Trust
            
2022-3, 4.860%, 10/13/2028 (a)
  
$
1,000,000
    
$
981,087
  
Exeter Automobile Receivables Trust
                
2021-2A, 2.900%, 07/17/2028 (a)
    
1,500,000
      
1,370,692
  
2022-2A, 3.850%, 07/17/2028
    
1,000,000
      
967,450
  
2022-4A, 4.920%, 12/15/2028
    
1,100,000
      
1,078,278
  
GLS Auto Receivables Issuer Trust
                
2022-3A, 4.920%, 01/15/2027 (a)
    
1,000,000
      
984,261
  
2020-2A, 7.480%, 04/15/2027 (a)
    
1,225,000
      
1,232,325
  
TOTAL ASSET BACKED SECURITIES (Cost $6,672,195)
            
6,614,093
  
                   
COLLATERALIZED LOAN OBLIGATIONS - 11.70%
                
Apidos CLO XII
                
2013-12A, 10.660% (3 Month LIBOR USD + 5.400%), 04/15/2031 (a)(b)(c)
    
1,000,000
      
806,479
  
Apidos CLO XXXI
                
2019-31A, 11.860% (3 Month LIBOR USD + 6.600%), 04/15/2031 (a)(b)(c)
    
1,000,000
      
902,452
  
Ares XXXIX CLO Ltd.
                
2016-39A, 8.612% (3 Month LIBOR USD + 3.350%), 04/18/2031 (a)(b)(c)
    
1,000,000
      
887,956
  
Ares XXXVII CLO Ltd.
                
2015-4A, 7.910% (3 Month LIBOR USD + 2.650%), 10/15/2030 (a)(b)(c)
    
1,000,000
      
903,237
  
Burnham Park Clo Ltd.
                
2016-1A, 8.100% (3 Month LIBOR USD + 2.850%), 10/20/2029 (a)(b)(c)
    
1,000,000
      
911,019
  
Buttermilk Park CLO Ltd.
                
2018-1A, 8.360% (3 Month LIBOR USD + 3.100%), 10/15/2031 (a)(b)(c)
    
1,000,000
      
903,113
  
Cayuga Park CLO Ltd.
                
2020-1A, 11.260% (3 Month LIBOR USD + 6.000%), 07/17/2034 (a)(b)(c)
    
1,250,000
      
1,125,650
  
Goldentree Loan Management US CLO 2 Ltd.
                
2017-2A, 9.950% (3 Month LIBOR USD + 4.700%), 11/28/2030 (a)(b)(c)
    
1,000,000
      
906,878
  
Magnetite XV Ltd.
                
2015-15A, 10.529% (TSFR3M + 5.462%), 07/25/2031 (a)(b)(c)
    
1,000,000
      
885,124
  
Neuberger Berman Loan Advisers CLO 33 Ltd.
                
2019-33A, 8.160% (3 Month LIBOR USD + 2.900%), 10/16/2033 (a)(b)(c)
    
1,000,000
      
930,274
  
Neuberger Berman Loan Advisers CLO 35 Ltd.
                
2019-35A, 12.265% (3 Month LIBOR USD + 7.000%), 01/19/2033 (a)(b)(c)
    
1,000,000
      
940,436
  
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $10,308,332)
            
10,102,618
  
                   
CORPORATE BONDS - 41.07%
                
 Diversified Consumer Services - 1.18%
                
Prime Security Services Borrower, LLC
                
3.375%, 08/31/2027 (a)
    
1,163,000
      
1,022,634
  
 Diversified Financial Services - 0.22%
                
Compeer Financial FLCA
                
3.375% to 06/01/2031 then SOFR + 1.965%, 06/01/2036 (a)(b)
    
250,000
      
189,642
  
Automobiles - 0.95%
                
Thor Industries, Inc.
                
4.000%, 10/15/2029 (a)
    
1,000,000
      
818,830
  
Banks - 10.52%
                
Banner Corp.
                
5.000% to 6/30/2025 then TSFR3M + 4.890%, 06/30/2030 (b)
    
1,000,000
      
887,514
  
Barclays PLC
                
6.125% (5 Year CMT Rate + 5.867%), 09/15/2166 (b)(c)(d)
    
1,000,000
      
866,300
  
Deutsche Bank AG
                
7.079% to 11/10/2032 then SOFR + 3.650%, 02/10/2034 (b)(c)
    
1,000,000
      
915,438
  
First Financial Bancorp.
                
5.250% to 05/15/2025 then TSFR3M + 5.090%, 05/15/2030 (b)
    
1,000,000
      
879,938
  
National Australia Bank Ltd.
                
3.347% (5 Year CMT Rate + 1.700%), 01/12/2037 (a)(b)(c)
    
1,000,000
      
788,495
  
Park National Corp.
                
4.500% to 09/01/2025 then TSFR3M + 4.390%, 09/01/2030 (b)
    
1,250,000
      
1,088,317
  
Renasant Corp.
                
3.000% to 12/01/2026 then SOFR + 1.910%, 12/01/2031 (b)
    
1,250,000
      
933,388
  
Synovus Financial Corp.
                
5.900% (5 Year Swap Rate USD + 3.379%), 02/07/2029 (b)
    
1,000,000
      
869,596
  
Texas Capital Bancshares, Inc.
                
4.000% (5 Year CMT Rate + 3.150%), 05/06/2031 (b)
    
1,000,000
      
746,209
  
Western Alliance Bank
                
5.250% to 06/01/2025 then SOFR + 5.120%, 06/01/2030 (b)(e)
    
1,500,000
      
1,095,000
  
Capital Markets - 1.92%
                
Ares Capital Corp.
                
3.200%, 11/15/2031
    
1,080,000
      
825,552
  
MSCI, Inc.
                
3.625%, 11/01/2031 (a)
    
1,000,000
      
835,717
  
Consumer Finance - 3.92%
                
Ally Financial, Inc.
                
6.700%, 02/14/2033
    
1,250,000
      
1,100,863
  
Ford Motor Credit Co. LLC
                
7.350%, 03/06/2030
    
1,250,000
      
1,260,375
  
OneMain Finance Corp.
                
5.375%, 11/15/2029
    
1,250,000
      
1,023,388
  
Distributors - 1.17%
                
LKQ Corp.
                
6.250%, 06/15/2033 (a)
    
1,000,000
      
1,006,991
  
Electrical Equipment - 1.16%
                
Regal Rexnord Corp.
                
6.300%, 02/15/2030 (a)
    
1,000,000
      
998,843
  
Electronic Equipment, Instruments & Components - 1.01%
                
CDW Finance Corp.
                
3.276%, 12/01/2028
    
1,000,000
      
869,403
  
Equity Real Estate Investment Trusts (REITs) - 0.89%
                
American Finance Trust, Inc.
                
4.500%, 09/30/2028 (a)
    
1,000,000
      
766,180
  
Healthcare Providers & Services - 0.97%
                
Centene Corp.
                
3.000%, 10/15/2030
    
1,000,000
      
835,168
  
Household Durables - 3.30%
                
Century Communities, Inc.
                
3.875%, 08/15/2029 (a)
    
1,000,000
      
857,310
  
M/I Homes, Inc.
                
3.950%, 02/15/2030
    
1,300,000
      
1,117,925
  
Meritage Homes Corp.
                
3.875%, 04/15/2029 (a)
    
1,000,000
      
876,474
  
Information Technology - 1.34%
                
Dell International LLC
                
8.100%, 07/15/2036
    
1,000,000
      
1,156,537
  
Machinery - 0.98%
                
Allison Transmission, Inc.
                
3.750%, 01/30/2031 (a)
    
1,000,000
      
845,353
  
Media - 2.68%
                
CCO Holdings Capital Corp.
                
4.750%, 02/01/2032 (a)
    
1,500,000
      
1,203,295
  
Sirius XM Radio, Inc.
                
3.875%, 09/01/2031 (a)
    
1,500,000
      
1,108,325
  
Professional Services - 1.02%
                
Booz Allen Hamilton, Inc.
                
4.000%, 07/01/2029 (a)
    
1,000,000
      
883,840
  
Software - 2.15%
                
Open Text Corp.
                
6.900%, 12/01/2027 (a)(c)
    
1,000,000
      
1,023,387
  
Oracle Corp.
                
3.850%, 07/15/2036
    
1,000,000
      
833,190
  
Specialty Retail - 4.54%
                
AutoNation, Inc.
                
3.850%, 03/01/2032
    
1,250,000
      
1,056,719
  
Group 1 Automotive, Inc.
                
4.000%, 08/15/2028 (a)
    
1,300,000
      
1,139,707
  
Ken Garff Automotive LLC
                
4.875%, 09/15/2028 (a)
    
1,000,000
      
874,242
  
Lithia Motors, Inc.
                
4.375%, 01/15/2031 (a)
    
1,000,000
      
854,394
  
Utilities - 1.15%
                
CoServ Securitization LLC
                
2022, 5.321%, 02/15/2048 (a)
    
1,000,000
      
995,413
  
TOTAL CORPORATE BONDS (Cost $37,387,942)
            
35,449,892
  
                 
NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 4.86%
                
Banc of America Alternative Loan Trust
                
2006-2, 6.500%, 03/25/2036
    
1,464,550
      
1,199,966
  
CHL Mortgage Pass-Through Trust
                
2006-17, 6.000% (1 Month LIBOR USD + 0.550%), 12/25/2036 (b)
    
344,007
      
149,770
  
Credit Suisse First Boston Mortgage Securities Corp.
                
2005-11, 5.500%, 12/25/2035
    
355,648
      
158,173
  
Freddie Mac STACR REMIC Trust
                
2021-DNA5, 8.023% (SOFR30A + 3.050%), 01/25/2034 (a)(b)
    
1,000,000
      
967,293
  
Volt, LLC
                
2021-NPL4, 4.949%, 03/27/2051 (a)(f)
    
350,000
      
273,035
  
WaMu Mortgage Pass-Through Certificates Series Trust
                
2006-AR12, 3.816%, 10/25/2036 (g)
    
1,597,413
      
1,447,438
  
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $4,549,015)
            
4,195,675
  
                   
NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 16.17%
                
BANK
                
2020-BNK29, 2.500%, 11/15/2053 (a)
    
850,000
      
465,812
  
2022-BNK40, 2.500%, 03/15/2064 (a)
    
500,000
      
262,261
  
2021-BNK35, 2.902%, 06/15/2064 (g)
    
1,000,000
      
669,938
  
BBCMS Mortgage Trust
                
2022-C17, 1.151%, 09/15/2055 (g)(h)
    
14,978,498
      
1,201,496
  
Benchmark Mortgage Trust
                
2021-B27, 1.488%, 07/15/2054 (a)(g)(h)
    
15,000,000
      
1,430,689
  
Citigroup Commercial Mortgage Trust
                
2016-C1, 4.941%, 05/10/2049 (g)
    
1,000,000
      
896,783
  
GS Mortgage Securities Corp. II
                
2012-BWTR, 3.255%, 11/05/2034 (a)
    
478,000
      
223,756
  
GS Mortgage Securities Corp. Trust
                
2012-BWTR, 2.954%, 11/05/2034 (a)
    
1,000,000
      
676,860
  
Morgan Stanley Bank of America Merrill Lynch Trust
                
2017-C34, 2.700%, 11/15/2052 (a)
    
1,000,000
      
589,487
  
Morgan Stanley Capital I Trust
                
2017-H1, 4.281%, 06/15/2050 (g)
    
1,500,000
      
1,247,755
  
2017-HR2, 4.319%, 12/15/2050 (g)
    
1,400,000
      
1,177,161
  
2019-H7, 3.000%, 07/15/2052 (a)
    
1,000,000
      
615,461
  
Wells Fargo Commercial Mortgage Trust
                
2015-C28, 4.081%, 05/15/2048 (g)
    
1,000,000
      
816,501
  
2016-C37, 3.186%, 12/15/2049 (a)(g)
    
1,250,000
      
889,549
  
2018-C43, 4.514%, 03/15/2051 (g)
    
1,250,000
      
1,046,632
  
2019-C52, 3.561%, 08/15/2052
    
1,000,000
      
763,262
  
2020-C57, 4.022%, 08/15/2053 (g)
    
1,250,000
      
989,855
  
TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $15,650,524)
            
13,963,258
  
                   
AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 3.91%
                
Freddie Mac Multifamily Structured Pass Through Certificates
                
K072, 0.367%, 12/25/2027 (g)(h)
    
71,691,999
      
1,030,637
  
K118, 0.958%, 09/25/2030 (g)(h)
    
20,820,153
      
1,140,187
  
K130, 1.037%, 06/25/2031 (g)(h)
    
18,472,816
      
1,207,551
  
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $3,567,322)
            
3,378,375
  
                   
MUNICIPAL BONDS - 4.49%
                
Illinois - 0.71%
                
Metropolitan Pier & Exposition Authority
                
0.000%, 06/15/2038 (i)
    
1,250,000
      
617,172
  
New York - 0.74%
                
New York Liberty Development Corp.
                
2.250%, 02/15/2041
    
900,000
      
640,400
  
Pennsylvania - 1.09%
                
Pennsylvania Turnpike Commission
                
3.000%, 12/01/2042
    
1,250,000
      
945,042
  
Tennessee - 0.73%
                
New Memphis Arena Public Building Authority
                
0.000%, 04/01/2043 (i)
    
1,625,000
      
627,014
  
Texas - 0.93%
                
Port of Beaumont Industrial Development Authority
                
4.100%, 01/01/2028 (a)
    
1,000,000
      
799,806
  
Wisconsin - 0.29%
                
Public Finance Authority
                
7.500%, 06/01/2029 (a)
    
250,000
      
249,354
  
TOTAL MUNICIPAL BONDS (Cost $3,969,200)
            
3,878,788
  
                   
US GOVERNMENT NOTES/BONDS - 4.45%
                
United States Treasury Notes/Bonds
                
3.375%, 08/15/2042
    
1,200,000
      
1,095,750
  
3.875%, 02/15/2043
    
2,800,000
      
2,745,750
  
TOTAL US GOVERNMENT NOTES/BONDS (Cost $3,817,593)
            
3,841,500
  
                   
SHORT-TERM INVESTMENTS - 5.88%
                
First American Government Obligations Fund - Class X, 4.965% (j)
    
5,076,740
      
5,076,740
  
TOTAL SHORT-TERM INVESTMENTS (Cost $5,076,740)
            
5,076,740
  
                   
Total Investments (Cost $90,998,863) - 100.19%
            
86,500,939
  
Liabilities in Excess of Other Assets - (0.19)%
            
(165,627
)
TOTAL NET ASSETS - 100.00%
          
$
86,335,312
  
                   
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 May 31, 2023.
                
(c)
  
Foreign issued security.
                
(d)
  
Perpetual maturity. The date referenced is the next call date.
                
(e)
  
Represents an illiquid security. The total market value of these securities was $1,095,000, representing 1.27% of net assets as of May 31, 2023.
                
(f)
  
Step-up bond; the rate shown represents the rate at May 31, 2023.
                
(g)
  
Variable rate security; the rate shown represents the rate at May 31, 2023.  The coupon is based on an underlying pool of loans.
                
(h)
  
Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
                
(i)
  
Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
                
(j)
  
Seven day yield at May 31, 2023.
                

Abbreviations:
                
AG
  
Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.
                
NV
  
Naamloze Vennootschap is a Dutch term for publicly traded companies.
                
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 May 31, 2023
          
             
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 May 31, 2023, 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
  
$
-
    
$
6,614,093
    
$
-
    
$
6,614,093
  
Collateralized Loan Obligations
    
-
      
10,102,618
      
-
      
10,102,618
  
Corporate Bonds
    
-
      
35,449,892
      
-
      
35,449,892
  
Non-Agency Residential Mortgage Backed Securities
    
-
      
4,195,675
      
-
      
4,195,675
  
Non-Agency Commercial Mortgage Backed Securities
    
-
      
13,963,258
      
-
      
13,963,258
  
Agency Commercial Mortgage Backed Securities
    
-
      
3,378,375
      
-
      
3,378,375
  
Municipal Bonds
    
-
      
3,878,788
      
-
      
3,878,788
  
US Government Notes/Bonds
    
-
      
3,841,500
      
-
      
3,841,500
  
Total Fixed Income
    
-
      
81,424,199
      
-
      
81,424,199
  
                                 
Short-Term Investments
    
5,076,740
      
-
      
-
      
5,076,740
  
Total Investments In Securities
  
$
5,076,740
    
$
81,424,199
    
$
-
    
$
86,500,939
  

For the period ended May 31, 2023, 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.