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. |