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. |