Form NPORT-P TRUST FOR PROFESSIONAL For: May 31

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July 30, 2021 2:09 PM EDT

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    NPORT-P
    false
    
      
      
        
          0001141819
          XXXXXXXX
        
      
      
      
      
        S000070558
        C000224122
      
      
      
    
  
  
    
      Trust for Professional Managers
      811-10401
      0001141819
      549300O1N816L3GGRD45
      615 East Michigan Street
      Milwaukee
      
      53202
      513-629-8104
      Performance Trust Credit Fund
      S000070558
      5493001Q668CLFUNJ327
      2021-08-31
      2021-05-31
      N
    
    
      11530110.360000000000
      336057.780000000000
      11194052.580000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      300000.000000000000
      0.000000000000
      0.000000000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        ERAC USA FINANCE LLC
        LTKX5ODQW6Z7BQ2K1V47
        ERAC USA Finance LLC
        26882PBE1
        
          
          
        
        210000.000000000000
        PA
        USD
        306283.210000000000
        2.7361244537
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2037-10-15
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BM6Q4
        
          
        
        38060628.860000000000
        PA
        USD
        114870.780000000000
        1.0261768844
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2022-08-25
          Variable
          .297464000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First American Government Obli
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund
        31846V336
        
          
          
        
        121002.760000000000
        NS
        USD
        121002.760000000000
        1.0809557945
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Horizon Alternative Mort
        N/A
        First Horizon Alternative Mortgage Securities Trust 2005-FA11
        32051GL52
        
          
        
        291607.230000000000
        PA
        USD
        197256.870000000000
        1.7621577940
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-02-25
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FLORIDA DEV FIN CORP SURFACE T
        549300HC854CNBLMWC48
        Florida Development Finance Corp
        34061YAH3
        
          
        
        250000.000000000000
        PA
        USD
        271434.250000000000
        2.4248077098
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-01-01
          Fixed
          7.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS Mortgage Securities Trust
        5493005BBCF84ICNQ550
        GS Mortgage Securities Corp II
        36192RAG7
        
          
          
        
        298000.000000000000
        PA
        USD
        296784.400000000000
        2.6512685900
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2034-11-05
          Fixed
          3.255000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GDB DEBT RECOVERY AUTH OF CMWL
        N/A
        GDB Debt Recovery Authority of Puerto Rico
        36829QAA3
        
          
          
        
        300038.000000000000
        PA
        USD
        264783.540000000000
        2.3653948211
        Long
        DBT
        MUN
        US
        
        N
        
        2
        
          2040-08-20
          Fixed
          7.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GoldenTree Loan Management US
        549300UYD6YMBA6XSE43
        Goldentree Loan Management US Clo 2 Ltd
        38136PAA9
        
          
        
        275000.000000000000
        PA
        USD
        263852.600000000000
        2.3570784407
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-11-28
          Floating
          4.888250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GoldenTree Loan Management US
        549300H67V5FL4RU1Z53
        Goldentree Loan Management US Clo 4 Ltd
        38138CAA6
        
          
        
        350000.000000000000
        PA
        USD
        333799.900000000000
        2.9819397186
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-24
          Floating
          4.925750000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HACKENSACK MERIDIAN HLTH
        5493001CB3OCWTEJY668
        Hackensack Meridian Health Inc
        404530AC1
        
          
        
        300000.000000000000
        PA
        USD
        284095.620000000000
        2.5379157188
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2041-09-01
          Fixed
          2.675000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LCM Ltd Partnership
        549300PYL1KC7BYM8G75
        LCM XVIII LP
        50188HAC5
        
          
        
        370000.000000000000
        PA
        USD
        347334.170000000000
        3.1028456184
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-20
          Floating
          6.138250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LCM Ltd Partnership
        N/A
        LCM 29 Ltd
        50201MAL7
        
          
        
        300000.000000000000
        PA
        USD
        299092.200000000000
        2.6718848948
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-15
          Floating
          4.033750000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LITHIA MOTORS INC
        SE8N1EZEHPZQBCBVKD53
        Lithia Motors Inc
        536797AG8
        
          
        
        250000.000000000000
        PA
        USD
        256752.500000000000
        2.2936510095
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-01
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Magnetite CLO Ltd
        549300B54XJTQC6DWJ15
        Magnetite VII Ltd
        55952XAG4
        
          
        
        250000.000000000000
        PA
        USD
        240935.500000000000
        2.1523527630
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2028-01-15
          Floating
          4.683750000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley BAML Trust
        N/A
        Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34
        61767EAK0
        
          
        
        310000.000000000000
        PA
        USD
        332400.910000000000
        2.9694420999
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2052-11-15
          Variable
          4.178986000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NATIONAL FIN AUTH NH FEDERAL L
        N/A
        New Hampshire Business Finance Authority
        63607VAB2
        
          
        
        250000.000000000000
        PA
        USD
        233148.780000000000
        2.0827915389
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-10-01
          Fixed
          3.278000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWPORT MESA CA UNIF SCH DIST
        N/A
        Newport Mesa Unified School District
        652113WS6
        
          
        
        200000.000000000000
        PA
        USD
        286345.220000000000
        2.5580121047
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-08-01
          Fixed
          .000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC FIN AUTH WI REVENUE
        5493004S6D3NA627K012
        Public Finance Authority
        74442PMD4
        
          
          
        
        250000.000000000000
        PA
        USD
        249462.250000000000
        2.2285249084
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-06-01
          Variable
          9.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERVICE CORP INTL
        549300RKVM2ME20JHZ15
        Service Corp International/US
        817565CG7
        
          
        
        250000.000000000000
        PA
        USD
        254462.500000000000
        2.2731937177
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-05-15
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP LP
        MR92GTD0MJTTTTQDVG45
        Simon Property Group LP
        828807CE5
        
          
        
        200000.000000000000
        PA
        USD
        285541.720000000000
        2.5508341859
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2040-02-01
          Fixed
          6.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ONEMAIN FINANCE CORP
        5493008I795YYBFWFU90
        OneMain Finance Corp
        85172FAR0
        
          
        
        350000.000000000000
        PA
        USD
        371500.500000000000
        3.3187310614
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-11-15
          Fixed
          5.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEXAS CAPITAL BANCSHARES
        549300466Q2SXRX0YM48
        Texas Capital Bancshares Inc
        88224QAA5
        
          
        
        400000.000000000000
        PA
        USD
        407200.000000000000
        3.6376459472
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-05-06
          Variable
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIV OF CALIFORNIA CA REVENUES
        N/A
        University of California
        91412HDF7
        
          
        
        280000.000000000000
        PA
        USD
        355675.770000000000
        3.1773637604
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2058-05-15
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vericrest Opportunity Loan Tra
        N/A
        VOLT XCV LLC
        92873BAB2
        
          
        
        350000.000000000000
        PA
        USD
        349993.420000000000
        3.1266015368
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-03-27
          Variable
          4.948700000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo Commercial Mortgag
        N/A
        Wells Fargo Commercial Mortgage Trust 2019-C51
        95001VAV2
        
          
        
        3189661.010000000000
        PA
        USD
        268289.720000000000
        2.3967166322
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2052-06-15
          Variable
          1.370918000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo Commercial Mortgag
        N/A
        Wells Fargo Commercial Mortgage Trust
        95003CBA7
        
          
        
        3250000.000000000000
        PA
        USD
        398093.150000000000
        3.5562915857
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2054-04-15
          Variable
          1.583600000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Countrywide Alternative Loan T
        N/A
        Alternative Loan Trust 2006-31CB
        02148HAK7
        
          
        
        248460.150000000000
        PA
        USD
        194064.870000000000
        1.7336426519
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-11-25
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apidos CLO
        549300M5NMLBQJXUO195
        Apidos CLO XII
        03764FAD8
        
          
        
        350000.000000000000
        PA
        USD
        322857.500000000000
        2.8841878104
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-15
          Floating
          5.583750000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Barclays Commercial Mortgage S
        N/A
        Barclays Commercial Mortgage Trust 2019-C5
        05492JBA9
        
          
        
        3200094.680000000000
        PA
        USD
        180110.610000000000
        1.6089848490
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2052-11-15
          Variable
          .890506000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BENCHMARK Mortgage Trust
        N/A
        Benchmark 2021-B24 Mortgage Trust
        08163CBE8
        
          
        
        2799355.860000000000
        PA
        USD
        242778.620000000000
        2.1688179349
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2054-03-15
          Variable
          1.156678000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BENCHMARK Mortgage Trust
        N/A
        Benchmark 2021-B26 Mortgage Trust
        08163EAX3
        
          
        
        2300000.000000000000
        PA
        USD
        276631.580000000000
        2.4712370969
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2054-06-15
          Variable
          1.481000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Countrywide Home Loans
        N/A
        CHL Mortgage Pass-Through Trust 2007-HY5
        12544BAE3
        
          
          
        
        341192.890000000000
        PA
        USD
        332313.690000000000
        2.9686629362
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2037-09-25
          Variable
          3.182410000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIT GROUP INC
        N8O96ZZJQRFYQUJY7K79
        CIT Group Inc
        125581GZ5
        
          
        
        250000.000000000000
        PA
        USD
        252923.750000000000
        2.2594475789
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-11-13
          Variable
          4.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Countrywide Alternative Loan T
        N/A
        Alternative Loan Trust 2006-J5
        12668EAE7
        
          
        
        293979.620000000000
        PA
        USD
        230451.480000000000
        2.0586957079
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-09-25
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CALIFORNIA PUBLIC FIN AUTH SEN
        N/A
        California Public Finance Authority
        13057GAH2
        
          
        
        300000.000000000000
        PA
        USD
        299884.380000000000
        2.6789616884
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-05-15
          Fixed
          2.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Countrywide Home Loans
        N/A
        CHL Mortgage Pass-Through Trust 2006-17
        17025AAH5
        
          
        
        438244.910000000000
        PA
        USD
        287861.740000000000
        2.5715596558
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-12-25
          Floating
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citicorp Mortgage Securities,
        N/A
        Citicorp Mortgage Securities Trust Series 2006-3
        17310BAD6
        
          
        
        340607.000000000000
        PA
        USD
        342288.370000000000
        3.0577698966
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-06-25
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CLIFTON TX HGR EDU FIN CORP ED
        N/A
        Clifton Higher Education Finance Corp
        187145JT5
        
          
        
        165000.000000000000
        PA
        USD
        191287.070000000000
        1.7088276889
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2048-08-15
          Fixed
          6.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMPEER FIN FLCA / PCA
        N/A
        Compeer Financial FLCA/Compeer Financial PCA
        20454PAC7
        
          
        
        250000.000000000000
        PA
        USD
        250088.200000000000
        2.2341167170
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2036-06-01
          Variable
          3.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CORNING INC
        549300X2937PB0CJ7I56
        Corning Inc
        219350AV7
        
          
        
        225000.000000000000
        PA
        USD
        294802.220000000000
        2.6335611513
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2040-08-15
          Fixed
          5.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DELL INT LLC / EMC CORP
        N/A
        Dell International LLC / EMC Corp
        25272KAR4
        
          
        
        200000.000000000000
        PA
        USD
        313236.520000000000
        2.7982405636
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-07-15
          Fixed
          8.350000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2021-06-25
      Trust for Professional Managers
      /s/ John Buckel
      John Buckel
      President
    
  
  XXXX

Performance Trust Credit Fund
Schedule of Investments
May 31, 2021 (Unaudited)
	Principal
	Amount	Value
COLLATERALIZED LOAN OBLIGATIONS - 16.12%
Apidos CLO XII
2013-12A, 5.584% (3 Month LIBOR USD + 5.400%), 04/15/2031 (a)(b)(c)	350,000	$	322,858
Goldentree Loan Management US CLO 2 Ltd.
2017-2A, 4.888% (3 Month LIBOR USD + 4.700%), 11/28/2030 (a)(b)(c)	275,000	263,853
Goldentree Loan Management US CLO 4 Ltd.
2019-4A, 4.926% (3 Month LIBOR USD + 4.750%), 04/24/2031 (a)(b)(c)	350,000	333,800
LCM 29 Ltd.
29A, 4.034% (3 Month LIBOR USD + 3.850%), 04/15/2031 (a)(b)(c)	300,000	299,092
LCM XVIII LP
18A, 6.138% (3 Month LIBOR USD + 5.950%), 04/20/2031 (a)(b)(c)	370,000	347,333
Magnetite VII Ltd.
2012-7A, 4.684% (3 Month LIBOR USD + 4.500%), 01/15/2028 (a)(b)(c)	250,000	240,936
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $1,802,822)		1,807,872

CORPORATE BONDS - 26.94%
Administrative and Support Services - 2.73%
ERAC USA Finance, LLC
7.000%, 10/15/2037 (a)	210,000	306,283
Computer and Electronic Product Manufacturing - 2.79%
Dell International LLC
8.350%, 07/15/2046 (a)	200,000	313,237
Credit Intermediation and Related Activities - 11.42%
CIT Group, Inc.
4.125% (5 Year CMT Rate + 2.372%), 11/13/2029 (b)	250,000	252,924
Compeer Financial FLCA
3.375% to 06/01/2031 then SOFR + 1.965%, 06/01/2036 (a)(b)	250,000	250,088
OneMain Finance Corp.
5.375%, 11/15/2029	350,000	371,500
Texas Capital Bancshares, Inc.
4.000% (5 Year CMT Rate + 3.150%), 05/06/2031 (b)	400,000	407,199
Hospitals - 2.53%
Hackensack Meridian Health, Inc.
2.675%, 09/01/2041	300,000	284,096
Motor Vehicle and Parts Dealers - 2.29%
Lithia Motors, Inc.
3.875%, 06/01/2029 (a)	250,000	256,753
Nonmetallic Mineral Product Manufacturing - 2.63%
Corning, Inc.
5.750%, 08/15/2040	225,000	294,802
Real Estate - 2.55%
Simon Property Group LP
6.750%, 02/01/2040	200,000	285,542
TOTAL CORPORATE BONDS (Cost $3,047,002)		3,022,424

NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 17.24%
Alternative Loan Trust
2006-J5, 6.500%, 09/25/2036	293,980	230,451
2006-31CB, 6.000%, 11/25/2036	248,460	194,065
CHL Mortgage Pass-Through Trust
2006-17, 6.000% (1 Month LIBOR USD + 0.550%), 12/25/2036 (b)	438,245	287,862
2007-HY5, 3.182%, 09/25/2037 (d)	341,193	332,314
Citicorp Mortgage Securities Trust
2006-3, 6.000%, 06/25/2036	340,607	342,288
First Horizon Alternative Mortgage Securities Trust
2005-FA11, 5.750%, 02/25/2036	291,607	197,257
Volt XCV LLC
2021-NPL4, 4.949%, 03/27/2051 (a)(g)	350,000	349,993
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $1,995,977)		1,934,230

NON-AGENCY COMMERICAL MORTGAGE BACKED SECURITIES - 17.78%
Barclays Commercial Mortgage Trust
2019-C5, 0.891%, 11/15/2052 (d)(f)	3,200,095	180,111
Benchmark Mortgage Trust
2021-B24, 1.157%, 03/15/2054 (d)(f)	2,799,356	242,779
2021-B26, 1.481%, 06/15/2054 (e)	2,300,000	276,632
GS Mortgage Securities Corp. II
2012-BWTR, 3.255%, 11/05/2034 (a)	298,000	296,784
Morgan Stanley Bank of America Merrill Lynch Trust
2017-C34, 4.179%, 11/15/2052 (d)	310,000	332,401
Wells Fargo Commercial Mortgage Trust
2019-C51, 1.371%, 06/15/2052 (d)(f)	3,189,661	268,289
2021-C59, 1.584%, 04/15/2054 (e)	3,250,000	398,093
TOTAL NON-AGENCY COMMERICAL MORTGAGE BACKED SECURITIES (Cost $2,013,074)		1,995,089

AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 1.02%
Freddie Mac Multifamily Structured Pass Through Certificates
K721, 0.297%, 08/25/2022 (d)(f)	38,060,629	114,871
TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $132,962)		114,871

MUNICIPAL BONDS - 19.18%
California - 8.39%
California Public Finance Authority Senior Living Revenue
2.875%, 05/15/2027	300,000	299,884
Newport Mesa Unified School District
0.000%, 08/01/2042 (e)	200,000	286,345
University of California
5.500%, 05/15/2058	280,000	355,676
		941,905
Florida - 2.42%
Florida Development Finance Corp.
7.375%, 01/01/2049 (a)	250,000	271,434
New Hampshire - 2.08%
New Hampshire Business Finance Authority
3.278%, 10/01/2037	250,000	233,149
Puerto Rico - 2.36%
GDB Debt Recovery Authority of Puerto Rico
7.500%, 08/20/2040	300,038	264,784
Texas - 1.71%
Clifton Higher Education Finance Corp.
6.125%, 08/15/2048	165,000	191,287
Wisconsin - 2.22%
Public Finance Authority
9.000%, 06/01/2029 (a)(h)	250,000	249,462
TOTAL MUNICIPAL BONDS (Cost $2,106,727)		2,152,021

SHORT-TERM INVESTMENTS - 1.04%
First American Government Obligations Fund - Class X, 0.026% (i)	116,197	116,197
TOTAL SHORT-TERM INVESTMENTS (Cost $116,197)		116,197

Total Investments (Cost $11,214,761) - 99.32%		11,142,704
Other Assets in Excess of Liabilities - 0.68%		76,261
TOTAL NET ASSETS - 100.00%		$	11,218,965

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, 2021.
(c)		Foreign issued security.
(d)		Variable rate security; the rate shown represents the rate at May 31, 2021. The coupon is based on an underlying pool of loans.
(e)		Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
(f)		Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
(g)		Step-up bond; the rate shown represents the rate at May 31, 2021.
(h)		Represents an illiquid security. The total market value of these securities were $249,462, representing 2.22% of net assets.
(i)		Seven day yield at May 31, 2021.

Summary of Fair Value Exposure at May 31, 2021

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, 2021, in valuing the Fund’s investments
carried at fair value:

Performance Trust Credit Fund
	Level 1		Level 2		Level 3		Total
Fixed Income:
Collateralized Loan Obligations	$	-	$	1,807,872	$	-	$	1,807,872
Corporate Bonds		-		3,022,424		-		3,022,424
Non-Agency Residential Mortgage Backed Securities		-		1,934,230		-		1,934,230
Non-Agency Commercial Mortgage Backed Securities		-		1,995,089		-		1,995,089
Agency Commercial Mortgage Backed Securities		-		114,871		-		114,871
Municipal Bonds		-		2,152,021		-		2,152,021
Total Fixed Income		-		11,026,507		-		11,026,507

Short-Term Investments		116,197		-		-		116,197
Total Investments In Securities	$	116,197	$	11,026,507	$	-	$	11,142,704

For the period ended May 31, 2021, 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.

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