1
Performance
Trust
Credit
Fund
Schedule
of
Investments
November
30,
2023
(Unaudited)
Principal
Amount
Value
AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
—
2
.20
%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
K072,
0.491%,
12/25/2027
(a)
$
71,071,022
$
918,799
K130,
1.143%,
06/25/2031
(a)
18,464,879
1,112,036
TOTAL
AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
(Cost
$2,187,284)
2,030,835
ASSET
BACKED
SECURITIES
—
7
.03
%
American
Credit
Acceptance
Receivables
Trust
2021-2,
2.540%,
07/13/2027
1,000,000
955,828
2022-3,
4.860%,
10/13/2028
1,000,000
991,154
Exeter
Automobile
Receivables
Trust
2021-2A,
2.900%,
07/17/2028
1,500,000
1,384,966
GLS
Auto
Receivables
Trust
2022-3A,
4.920%,
01/15/2027
1,000,000
987,891
2020-2A,
7.480%,
04/15/2027
1,225,000
1,230,252
2021-2A,
2.870%,
05/15/2028
1,000,000
922,720
TOTAL
ASSET
BACKED
SECURITIES
(Cost
$6,499,194)
6,472,811
COLLATERALIZED
LOAN
OBLIGATIONS
—
12
.74
%
Apidos
CLO
2013-12A,
11.055%
(TSFR3M
+
5.662%),
04/15/2031
1,000,000
887,001
2019-31A,
12.255%
(TSFR3M
+
6.862%),
04/15/2031
1,000,000
967,912
ARES
CLO
2015-4A,
8.305%
(TSFR3M
+
2.912%),
10/15/2030
1,000,000
970,625
2016-39A,
9.007%
(TSFR3M
+
3.612%),
04/18/2031
1,000,000
961,132
Burnham
Park
CLO
2016-1A,
8.527%
(TSFR3M
+
3.112%),
10/20/2029
1,000,000
988,646
Buttermilk
Park
CLO
2018-1A,
8.755%
(TSFR3M
+
3.362%),
10/15/2031
1,000,000
959,114
Cayuga
Park
CLO
2020-1A,
11.664%
(TSFR3M
+
6.262%),
07/17/2034
1,250,000
1,196,813
Goldentree
Loan
Opportunities
Ltd.
2017-2A,
10.377%
(TSFR3M
+
4.962%),
11/28/2030
1,000,000
941,532
2022-16A,
0.000%
(TSFR3M
+
4.750%),
01/20/2034
(b)
1,000,000
1,000,000
Magnetite
CLO
Ltd.
2015-15A,
10.840%
(TSFR3M
+
5.462%),
07/25/2031
1,000,000
928,812
Neuberger
Berman
CLO
Ltd.
2019-35A,
12.658%
(TSFR3M
+
7.262%),
01/19/2033
1,000,000
959,904
2019-33A,
8.555%
(TSFR3M
+
3.162%),
10/16/2033
1,000,000
974,547
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$11,407,693)
11,736,038
2
Performance
Trust
Credit
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
42
.87
%
Banks
—
13
.31
%
Banner
Corp.
5.000%
to
6/30/2025
then
(TSFR3M
+
4.890%),
06/30/2030
$
1,000,000
$
899,639
Barclays
PLC
6.125%
(5
Year
CMT
Rate
+
5.867%),
Perpetual
Maturity
1,000,000
928,692
Deutsche
Bank
AG
7.079%
to
11/10/2032
then
(SOFR
+
3.650%),
02/10/2034
1,000,000
960,487
First
Busey
Corp.
5.250%
to
6/1/2025
then
(TSFR3M
+
5.110%),
06/01/2030
1,000,000
895,277
First
Financial
Bancorp.
5.250%
to
5/15/2025
then
(TSFR3M
+
5.090%),
05/15/2030
1,000,000
930,442
Home
BancShares,
Inc.
3.125%
to
1/30/2027
then
(TSFR3M
+
1.820%),
01/30/2032
1,500,000
1,127,875
National
Australia
Bank
Ltd.
3.347%
(5
Year
CMT
Rate
+
1.700%),
01/12/2037
1,000,000
783,094
Park
National
Corp.
4.500%
to
9/1/2025
then
(TSFR3M
+
4.390%),
09/01/2030
1,250,000
1,134,135
Renasant
Corp.
4.500%
to
9/15/2030
then
(TSFR3M
+
4.025%),
09/15/2035
1,000,000
Synovus
Financial
Corp.
5.900%
(5
Year
Swap
Rate
USD
+
3.379%),
02/07/2029
1,000,000
931,421
Texas
Capital
Bancshares,
Inc.
4.000%
(5
Year
CMT
Rate
+
3.150%),
05/06/2031
1,000,000
856,755
Western
Alliance
Bank
5.250%
to
6/1/2025
then
(TSFR3M
+
5.120%),
06/01/2030
1,500,000
1,348,108
WSFS
Financial
Corp.
2.750%
to
12/15/2025
then
(SOFR
+
2.485%),
12/15/2030
1,000,000
775,654
12,261,193
Building
Products
—
1
.00
%
JELD-WEN,
Inc.
4.875%,
12/15/2027
1,000,000
923,210
Capital
Markets
—
2
.27
%
Ares
Capital
Corp.
3.200%,
11/15/2031
1,300,000
1,029,417
MSCI,
Inc.
3.625%,
11/01/2031
1,250,000
1,065,077
2,094,494
Consumer
Finance
—
3
.90
%
Ally
Financial,
Inc.
6.700%,
02/14/2033
1,250,000
1,163,674
Ford
Motor
Credit
Co.
LLC
7.350%,
03/06/2030
1,250,000
1,300,767
3
Performance
Trust
Credit
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
42.87%
(Continued)
Consumer
Finance
—
3.90%
(Continued)
OneMain
Finance
Corp.
5.375%,
11/15/2029
$
1,250,000
$
1,126,274
3,590,715
Distributors
—
1
.09
%
LKQ
Corp.
6.250%,
06/15/2033
1,000,000
1,000,466
Diversified
Consumer
Services
—
2
.17
%
Service
Corp.
International
4.000%,
05/15/2031
1,250,000
1,066,288
Washington
University
4.349%,
04/15/2122
1,200,000
928,736
1,995,024
Electrical
Equipment
—
1
.07
%
Regal
Rexnord
Corp.
6.300%,
02/15/2030
1,000,000
989,985
Financial
Services
—
0
.19
%
Compeer
Financial
FLCA
3.375%
to
6/1/2031
then
(SOFR
+
1.965%),
06/01/2036
250,000
170,855
Hotels,
Restaurants
&
Leisure
—
1
.15
%
Station
Casinos,
LLC
4.625%,
12/01/2031
1,250,000
1,060,613
Household
Durables
—
3
.95
%
Ashton
Woods
USA,
LLC
4.625%,
04/01/2030
1,000,000
835,076
M/I
Homes,
Inc.
3.950%,
02/15/2030
1,300,000
1,110,421
Meritage
Homes
Corp.
3.875%,
04/15/2029
1,000,000
888,900
Tempur
Sealy
International,
Inc.
3.875%,
10/15/2031
1,000,000
804,617
3,639,014
Machinery
—
0
.91
%
Allison
Transmission,
Inc.
3.750%,
01/30/2031
1,000,000
835,975
Media
—
2
.47
%
CCO
Holdings
Capital
Corp.
4.750%,
02/01/2032
1,500,000
1,260,930
Sirius
XM
Radio,
Inc.
3.875%,
09/01/2031
1,250,000
1,012,677
2,273,607
4
Performance
Trust
Credit
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
CORPORATE
BONDS
—
42.87%
(Continued)
Professional
Services
—
1
.01
%
Science
Applications
International
Corp.
4.875%,
04/01/2028
$
1,000,000
$
933,508
Real
Estate
Management
&
Development
—
1
.09
%
Cushman
&
Wakefield
US
Borrower
LLC
8.875%,
09/01/2031
1,000,000
1,003,206
Retail
REITs
—
0
.87
%
American
Finance
Trust,
Inc.
4.500%,
09/30/2028
1,000,000
805,765
Software
—
0
.91
%
Oracle
Corp.
3.850%,
07/15/2036
1,000,000
835,025
Specialty
Retail
—
4
.23
%
Asbury
Automotive
Group,
Inc.
5.000%,
02/15/2032
1,250,000
1,091,198
AutoNation,
Inc.
3.850%,
03/01/2032
1,250,000
1,054,654
Ken
Garff
Automotive
LLC
4.875%,
09/15/2028
1,000,000
891,822
Lithia
Motors,
Inc.
4.375%,
01/15/2031
1,000,000
862,929
3,900,603
Technology
Hardware,
Storage
&
Peripherals
—
1
.28
%
Dell
International,
LLC
8.100%,
07/15/2036
1,000,000
1,177,342
TOTAL
CORPORATE
BONDS
(Cost
$40,263,944)
39,490,600
MUNICIPAL
BONDS
—
5
.69
%
Illinois
—
0
.71
%
Metropolitan
Pier
&
Exposition
Authority
0.000%,
06/15/2038
(b)
1,250,000
649,765
Michigan
—
1
.08
%
University
of
Michigan
4.454%,
04/01/2122
1,221,000
993,109
Ohio
—
1
.02
%
Ohio
State
University
4.800%,
06/01/2111
1,080,000
935,788
Pennsylvania
—
1
.06
%
Pennsylvania
Turnpike
Commission
3.000%,
12/01/2042
1,250,000
979,256
Tennessee
—
0
.68
%
New
Memphis
Arena
Public
Building
Authority
0.000%,
04/01/2043
(b)
1,625,000
623,359
5
Performance
Trust
Credit
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
5.69%
(Continued)
Texas
—
0
.88
%
Port
of
Beaumont
Industrial
Development
Authority
4.100%,
01/01/2028
$
1,000,000
$
814,216
Wisconsin
—
0
.26
%
Public
Finance
Authority
7.500%,
06/01/2029
250,000
242,085
TOTAL
MUNICIPAL
BONDS
(Cost
$5,327,929)
5,237,578
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
—
15
.99
%
BANK
2019-BN23,
3.622%,
12/15/2052
1,000,000
708,414
2020-BN29,
2.500%,
11/15/2053
850,000
481,114
2022-BNK40,
2.500%,
03/15/2064
500,000
254,803
2021-BN35,
2.902%,
06/15/2064
1,255,000
823,530
BBCMS
Trust
2022-C17,
1.325%,
09/15/2055
(a)
14,962,757
1,123,987
Benchmark
Mortgage
Trust
2021-B27,
1.604%,
07/15/2054
(a)
15,000,000
1,320,694
Citigroup
Commercial
Mortgage
Trust
2016-C1,
5.105%,
05/10/2049
1,000,000
893,720
GS
Mortgage
Securities
Corp.
II
2012-BWTR,
2.954%,
11/05/2034
1,000,000
716,866
2012-BWTR,
3.255%,
11/05/2034
478,000
228,843
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2017-C34,
2.700%,
11/15/2052
1,000,000
592,357
Morgan
Stanley
Capital
I,
Inc.
2017-H1,
4.281%,
06/15/2050
1,500,000
1,217,485
2017-HR2,
4.463%,
12/15/2050
1,400,000
1,184,161
2019-H7,
3.000%,
07/15/2052
1,000,000
604,097
Wells
Fargo
Commercial
Mortgage
Trust
2015-C28,
4.216%,
05/15/2048
1,000,000
762,450
2016-C37,
3.335%,
12/15/2049
1,250,000
902,506
2018-C43,
4.514%,
03/15/2051
1,250,000
1,011,751
2019-C52,
3.561%,
08/15/2052
1,000,000
727,456
2020-C57,
4.157%,
08/15/2053
1,500,000
1,178,395
TOTAL
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
SECURITIES
(Cost
$16,687,673)
14,732,629
NON-AGENCY
RESIDENTIAL
MORTGAGE
BACKED
SECURITIES
—
4
.53
%
Banc
of
America
Alternative
Loan
Trust
2006-2,
6.500%,
03/25/2036
1,405,242
1,116,401
6
Performance
Trust
Credit
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
The
Global
Industry
Classification
Standard
(GICS®)
was
developed
by
and/or
is
the
exclusive
property
of
Principal
Amount
Value
NON-AGENCY
RESIDENTIAL
MORTGAGE
BACKED
SECURITIES
—
4.53%
(Continued)
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
2006-17,
6.000%
(TSFR1M
+
0.664%),
12/25/2036
$
343,989
$
139,067
Credit
Suisse
Management
LLC
2005-11,
5.500%,
12/25/2035
355,648
149,601
Vericrest
Opportunity
Loan
Transferee
2021-NPL4,
4.949%,
03/27/2051
(c)
350,000
282,477
WaMu
Mortgage
Pass
Through
Certificates
2006-AR12,
4.492%,
10/25/2036
1,508,642
1,328,728
WaMu
Mortgage
Pass-Through
Certificates
2005-AR14,
4.912%,
12/25/2035
1,300,357
1,158,355
TOTAL
NON-AGENCY
RESIDENTIAL
MORTGAGE
BACKED
SECURITIES
(Cost
$4,643,959)
4,174,629
U.S.
GOVERNMENT
NOTES/BONDS
—
5
.44
%
United
States
Treasury
Notes/Bonds
3.875%,
02/15/2043
2,550,000
2,274,828
3.875%,
05/15/2043
2,000,000
1,782,969
4.375%,
08/15/2043
1,000,000
956,016
TOTAL
U.S.
GOVERNMENT
NOTES/BONDS
(Cost
$5,445,990)
5,013,813
Shares
MONEY
MARKET
FUNDS
—
3
.28
%
First
American
Government
Obligations
Fund
-
X
Class,
5.286%
(d)
3,026,128
3,026,128
TOTAL
MONEY
MARKET
FUNDS
(Cost
$3,026,128)
3,026,128
Total
Investments
(Cost
$95,489,794)
—
99.77%
$
91,915,061
Other
Assets
in
Excess
of
Liabilities
—
0.23%
206,664
TOTAL
NET
ASSETS
—
100.00%
$
92,121,725
Percentages
are
stated
as
a
percent
of
net
assets.
AG
Aktiengesellschaft
is
a
German
term
that
refers
to
a
corporation
that
is
limited
by
shares,
i.e.
owned
by
shareholders.
CLO
CLO
Collateralized
Loan
Obligation
PLC
Public
Limited
Company
(a)
Represents
an
interest-only
security
that
entitles
holders
to
receive
only
interest
payments
on
underlying
mortgages.
(b)
Represents
a
security
issued
at
a
discount
to
its
face
value
but
pays
no
interest.
(c)
Step-up
bond;
the
rate
shown
represents
the
rate
at
11/30/2023.
(d)
The
rate
shown
represents
the
seven-day
yield
as
of
November
30,
2023.
7
Performance
Trust
Credit
Fund
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
MSCI,
Inc.
and
Standard
&
Poor
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
8
Notes
to
Schedule
of
Investments
November
30,
2023
(Unaudited)
Investment
Valuation
Each
equity
security
owned
by the
Fund
that
is
listed
on
a
securities
exchange,
except
for
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
a
security
is
listed
on
more
than
one
exchange,
the
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”),
which
may
not
necessarily
represent
the
last
sale
price.
If
the
NOCP
is
not
available,
such
securities
shall
be
valued
at
the
last
sale
price
on
the
day
of
valuation.
If
there
has
been
no
sale
on
such
exchange
or
on
NASDAQ
on
such
day,
the
security
is
valued
at
(i)
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day
or
(ii)
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
over-the
counter
markets
as
published
by
a
pricing
service.
If
market
quotations
are
not
readily
available,
any
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
procedures,
subject
to
oversight
by
the
Board
of
Trustees.
These
fair
value
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
fair
market
value.
The
intended
effect
of
using
fair
value
pricing
procedures
is
to
ensure
that
the
Fund
is
accurately
priced.
The
Adviser
will
regularly
evaluate
whether
the
Fund’s
fair
value
pricing
procedures
continue
to
be
appropriate
in
light
of
the
specific
circumstances
of
the
Fund
and
the
quality
of
prices
obtained
through
their
application
of
such
procedures.
In
the
case
of
foreign
securities,
the
occurrence
of
certain
events
after
the
close
of
foreign
markets,
but
prior
to
the
time
the
Fund’s
net
asset
value
(“NAV”)
is
calculated
(such
as
a
significant
surge
or
decline
in
the
U.S.
or
other
markets)
often
will
result
in
an
adjustment
to
the
trading
prices
of
foreign
securities
when
foreign
markets
open
on
the
following
business
day.
If
such
events
occur,
the
Fund
will
value
foreign
securities
at
fair
value,
taking
into
account
such
events,
in
calculating
the
NAV.
In
such
cases,
use
of
fair
valuation
can
reduce
an
investor’s
ability
to
seek
to
profit
by
estimating
the
Fund's
NAV
in
advance
of
the
time
the
NAV
is
calculated.
Redeemable
securities
issued
by
open-end,
registered
investment
companies,
including
money
market
mutual
funds,
are
valued
at
the
NAVs
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.
Money
market
mutual
funds
are
valued
at
cost.
If
cost
does
not
represent
current
market
value
the
securities
will
be
priced
at
fair
value.
9
Notes
to
Schedule
of
Investments
(Continued)
November
30,
2023
(Unaudited)
The
Trust has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires the
Fund
to
classify
its
securities
based
on
a
valuation
method.
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
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
Fund's
investments
carried
at
fair
value
as
of
November
30,
2023:
Performance
Trust
Credit
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Fixed
Income
Securities:
Agency
Commercial
Mortgage
Backed
Securities
$
–
$
2,030,835
$
–
$
2,030,835
Asset
Backed
Securities
–
6,472,811
–
6,472,811
Collateralized
Loan
Obligations
–
11,736,038
–
11,736,038
Corporate
Bonds
–
39,490,600
–
39,490,600
Municipal
Bonds
–
5,237,578
–
5,237,578
Non-Agency
Commercial
Mortgage
Backed
Securities
–
14,732,629
–
14,732,629
Non-Agency
Residential
Mortgage
Backed
Securities
–
4,174,629
–
4,174,629
U.S.
Government
Notes/Bonds
–
5,013,813
–
5,013,813
Total
Fixed
Income
Securities
–
88,888,933
–
88,888,933
Money
Market
Funds
3,026,128
–
–
3,026,128
Total
Investments
in
Securities
$
3,026,128
$
88,888,933
$
–
$
91,915,061
(1)
See
the
Schedule
of
Investments
for
industry
classifications.