UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10401
Trust for Professional Managers
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Rachel A. Spearo
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 765-5384
Registrant's telephone number, including area code
Date of fiscal year end:
August 31, 2013
Date of reporting period:
February 28, 2013
Item 1. Reports to Stockholders.
|
Semi-Annual Report|February 28, 2013
|
|
Performance Trust Total Return
|
|
Bond Fund (Symbol: PTIAX) and
|
|
Performance Trust Municipal Bond
|
|
Fund (Symbol: PTIMX, PTRMX)
|
|
© 2013. Performance Trust Investment Advisors. All Rights Reserved.
|
LETTER FROM THE INVESTMENT ADVISER
Dear Shareholders:
Performance Trust Total Return Bond Fund (PTIAX) Semi-Annual Management
Discussion and Analysis: 9/1/2012 – 2/28/2013
Performance
For the six-month period ended February 28, 2013, the Performance Trust Total Return Bond Fund (“PTIAX” or the “Fund”) posted a cumulative net return of 5.31% to investors. The Barclays Aggregate Bond Index returned 0.15% over the same period. The Fund is oriented towards the sectors in the fixed-income markets that we believe offer the best value and potential total return through interest income and capital appreciation. We continue to believe that the best risk versus reward opportunities lie in non-agency residential mortgage backed securities (RMBS) and municipal bonds. Performance over the six-month period was primarily driven by PTIAX’s investment in non-agency RMBS, as fundamental drivers such as home prices and employment strengthened. The municipal bond allocation had a smaller contribution to the Fund’s performance during the period. Interest rates were range bound for the first three months, and generally rose over the following three months of the period, pressuring municipal bond prices.
Performance Trust Investment Advisors employs Shape Management
®
as a key component of our investment process. Shape Management
®
is a proprietary means of applying total return scenario analysis to both individual bonds and portfolios of bonds. Through Shape Management
®
, we attempt to find value in the broader fixed-income markets, as well as within the non-agency RMBS and municipal bond sectors, more specifically.
Market Conditions and Economic Environment
During the previous six months, Treasury rates generally rose, with the ten-year increasing from a yield of 1.55% on August 31st to 1.88% on February 28th. Despite the sell-off in Treasuries, this remains a challenging time for fixed-income investing. Yields are still very low, spreads in most sectors of the fixed-income markets have compressed, and investors are looking for creative ways to find meaningful yield.
We have continued to see improvement in the underlying fundamentals of our strategies. As of January 31, 2013, the S&P/Case-Shiller Home Price Index had a year-over-year growth of 8.08%. The housing recovery is an important factor in the RMBS strategy. Higher home prices mean that borrowers have more equity in their homes, which lowers the probability of defaults and losses in the RMBS strategy. Borrowers are also more likely to pay their principal at par, and are less likely to take large losses upon liquidation. As the market recognized this growth in the home prices, non-agency RMBS bonds rallied throughout the second-half of 2012 and into January. This rally was a significant driver of our returns during the previous six months. Initial jobless claims continued to paint a picture of improvement in U.S. employment. This has affected both of our strategies, as it means increased revenue for municipalities, and higher probability of borrowers paying their mortgages on time. In spite of these factors, U.S. growth has been slow. In response to this, the Federal Reserve has continued to try to stimulate the economy through asset purchases both in Treasury bonds and agency mortgage backed securities (MBS). This has supported an environment of low yields and has also contributed to the improvements in the housing sector we discussed above.
Portfolio Composition
As of February 28, 2013, 48.13% of PTIAX was invested in mortgage backed securities, 35.43% was invested in municipal bonds, 5.86% was invested in asset backed securities and 10.58% was invested in cash and short-term equivalents. The Fund held 282 positions, and had a total net asset value of $176.2 million.
With the non-agency RMBS allocation, we continue to focus on good borrowers with strong credit history, as well as securities that we believe are at the top of the capital structure. On average, our borrowers have over 20% equity in their homes. The weighted average loan-to-value ratio (loan balance divided by the estimated value of the home) was 78.24% at the end of the period. Over 90% of our borrowers pay a fixed-rate mortgage, and the average age of a loan in our portfolio was 95 months. Loan age is an important factor because we believe the best predictor of future borrower behavior is how that borrower has acted in the past. As a result, we continue to focus on loans that were originated in 2005 and earlier; they comprise over 75% of the RMBS allocation.
With the municipal bond allocation, we look for abnormal structures with strong credit fundamentals that the broader market may be mispricing. The average maturity and duration* of the municipal bonds in PTIAX were 13.59 years and 8.00 years, respectively. In spite of the long duration, we believe that many of our municipal bonds are undervalued due to various structural and underlying credit factors that could help them perform well in different interest rate environments. The average yield on the municipal bond allocation was 3.19%.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
LETTER FROM THE INVESTMENT ADVISER
As of February 28, 2013, the NAV of the Fund was $23.08, and the total portfolio duration and yield were 4.85 years and 3.92%, respectively.
*Duration is a measurement of a security’s or a portfolio’s sensitivity to changes in the general level of interest rates. The higher the number, the more sensitive the security or portfolio is.
Performance Trust Municipal Bond Fund (PTIMX) Semi-Annual Management
Discussion and Analysis: 9/1/2012 – 2/28/2013
What factors affected the U.S. economy and municipal market during the six-month reporting period ended February 28, 2013?
During the six-month period ended February 28, 2013, major factors affecting the U.S. economy and the $3.7 trillion municipal bond market included evidence of further global economic stability and growth, slow growth in the U.S. despite the budgetary drama in Washington that has led to higher federal taxes and the looming consequences of sequestration, and generally higher yields in Treasury bonds. One area of growth in the U.S. has been annualized real consumption, which increased from 1.6% in the 3rd quarter of 2012 to 2.2% in the 4th quarter. There has also been some improvement in what have been persistently high U.S. unemployment and underemployment rates, as well as a firming in home prices as demonstrated by year-over-year price appreciation in Case-Shiller Home Price indices. Despite a continued Euro-zone recession, in which real GDP contracted 0.6% in the 4th quarter of 2012, the economy and underlying cyclical forces have improved in both China and Japan. GDP growth in China continues to be approximately 8% year-over-year, with export growth still strong. In Japan, the pace of contraction in the economy has actually slowed as measured by GDP from -1.0% in the 3rd quarter of 2012 to -0.1% for the 4th quarter.
Factors impacting the municipal bond market over the past six months included: 1) weakening demand for municipal bonds in the face of the fiscal cliff at the end of December 2012, which led to the American Taxpayer Relief Act of 2012 (signed into law on January 1, 2013), increasing tax rates for higher wage earners and thus making tax-exempt income even more valuable; 2) the looming impact of the federal sequestration on state and local governments beginning in March 2013; and
3) a municipal new issue calendar that has been manageable. Even though municipal bond mutual fund inflows had been strong throughout most of 2012 (i.e., inflows for 2012 totaled $50.7 billion), the end of December saw significant outflows. Municipal bond funds saw their largest outflows in two years (since January 2011) over the last two weeks of December. Outflows totaled $2.7 billion, likely reflecting investor uncertainty over the fiscal cliff, potential changes to 2013 tax rates, and the future effective value of municipal tax exemption. Year-to-date through February 28, 2013, inflows have continued into municipal bond funds, but the pace has slowed versus 2012. Municipal bond funds have had $6.6 billion of inflows year-to-date, compared to $11.9 billion over the same period in 2012. As we move into the second quarter of 2013, there has been historically downward pressure put on municipal bond prices with an increase in primary issuance, along with the distraction of corporate and personal income tax filing leading to either flat to negative flows into municipal bond mutual funds.
Finally, the municipal bond market continued to see defaults decrease in 2012. Total defaults dropped from 129 with total par value of $6.5 billion in 2011 to 95 with total par value of $1.7 billion in 2012. In general, rather than defaulting on principal and interest payments, municipal units of government have chosen different paths including increasing taxes or user fees, electing to cut services, or some combination of both. What we will continue to see is attention given to major issues regarding public pensions, other post-employment benefits, and bondholder safety as municipal issuers such as the State of Illinois, Detroit, Michigan, and the Commonwealth of Puerto Rico work through their problems. The Commonwealth of Puerto Rico, in particular, has the potential to increase investor credit concerns and municipal market volatility due to its recent credit rating downgrades and continued negative credit outlook, its large amount of total debt outstanding, and the Commonwealth’s and related borrowers’ prevalence in mutual fund and retail oriented portfolios.
How did the Fund perform during the reporting period?
Performance Trust Municipal Bond Fund’s Institutional Class shares (“PTIMX” or the “Fund”) experienced strong relative performance for the six months ended February 28, 2013. During the period, the Fund generated a total return of 4.34% versus the Barclays Municipal Aggregate Bond Index at 2.01%. The Fund’s returns assume the reinvestment of all distributions.
At the end of the Fund’s semi-annual reporting period on February 28, 2013, we were essentially fully invested. With our credit quality profile, we believe PTIMX is well diversified across sectors, issuers, and states. There are a total of 144 positions, with the largest single exposure representing 3.2% of the Fund’s capital. PTIMX currently has 46.6% of its assets invested in Baa/BBB quality bonds. Additionally, the Fund has 12.2% of capital invested in below investment grade and non-rated bonds, substantially less than its allowable 20% allocation in the below investment grade basket. Our expectation is to increase this percentage as future opportunities present themselves.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
LETTER FROM THE INVESTMENT ADVISER (PTIMX)
Credit Quality breakdown:
|
|
Percentage
|
Credit Quality*
|
|
of Portfolio
|
Aaa/AAA
|
|
0.50
|
%
|
Aa/AA
|
|
11.42
|
%
|
A/A
|
|
22.88
|
%
|
Baa/BBB
|
|
46.60
|
%
|
Ba/BB
|
|
3.93
|
%
|
B/B
|
|
0.30
|
%
|
Other
|
|
0.00
|
%
|
Non rated
|
|
7.97
|
%
|
Net cash & equiv.
|
|
6.40
|
%
|
*Credit distribution, shown herein in decreasing order of credit quality, is provided by Moody’s and Standard & Poor’s as of February 28, 2013. The Fund uses the higher of the two ratings. Investment Grade refers to a bond considered investment grade if its credit rating is BBB or higher by Standard & Poor’s or Baa or higher by Moody’s. Below Investment Grade refers to a bond rated below investment grade if its credit rating is below BBB by Standard & Poor’s or below Baa by Moody’s.
Sector concentration:
|
|
Percentage
|
Sector
|
|
of Portfolio
|
Hospital
|
|
|
18.30
|
%
|
CCRC
|
|
|
12.62
|
%
|
Education
|
|
|
12.41
|
%
|
Transportation
|
|
|
8.13
|
%
|
Housing
|
|
|
6.92
|
%
|
Higher Education
|
|
|
5.96
|
%
|
Utility
|
|
|
5.72
|
%
|
Other Revenue
|
|
|
5.32
|
%
|
Water & Sewer
|
|
|
4.28
|
%
|
Insured
|
|
|
3.07
|
%
|
Go-Unltd
|
|
|
2.07
|
%
|
Student Loan
|
|
|
1.88
|
%
|
IDB
|
|
|
1.70
|
%
|
Dedicated Tax
|
|
|
1.50
|
%
|
Other
|
|
|
1.20
|
%
|
Tobacco
|
|
|
1.13
|
%
|
COP
|
|
|
0.77
|
%
|
Tax OB–Ltd
|
|
|
0.32
|
%
|
Multifamily Hsg
|
|
|
0.30
|
%
|
Net Cash & Equiv.
|
|
|
6.40
|
%
|
State allocations:
|
|
Percentage
|
States
|
|
of Net Assets
|
AZ
|
|
|
2.74
|
%
|
CA
|
|
|
12.94
|
%
|
CO
|
|
|
3.55
|
%
|
CT
|
|
|
0.44
|
%
|
DC
|
|
|
1.25
|
%
|
FL
|
|
|
14.38
|
%
|
GA
|
|
|
0.38
|
%
|
GU
|
|
|
1.68
|
%
|
HI
|
|
|
1.52
|
%
|
IA
|
|
|
0.79
|
%
|
IL
|
|
|
3.61
|
%
|
IN
|
|
|
2.09
|
%
|
KY
|
|
|
0.91
|
%
|
LA
|
|
|
1.51
|
%
|
ME
|
|
|
1.66
|
%
|
MI
|
|
|
4.28
|
%
|
MN
|
|
|
0.43
|
%
|
MO
|
|
|
0.82
|
%
|
NC
|
|
|
0.47
|
%
|
NH
|
|
|
1.25
|
%
|
NJ
|
|
|
4.72
|
%
|
NY
|
|
|
2.33
|
%
|
OH
|
|
|
1.48
|
%
|
OK
|
|
|
0.65
|
%
|
OR
|
|
|
1.66
|
%
|
PA
|
|
|
5.53
|
%
|
PR
|
|
|
0.70
|
%
|
TN
|
|
|
2.86
|
%
|
TX
|
|
|
4.83
|
%
|
UT
|
|
|
0.95
|
%
|
VA
|
|
|
3.26
|
%
|
VT
|
|
|
0.28
|
%
|
WA
|
|
|
0.71
|
%
|
WI
|
|
|
4.01
|
%
|
WY
|
|
|
1.19
|
%
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
LETTER FROM THE INVESTMENT ADVISER (PTIMX)
Coupon distribution:
|
|
|
Percentage
|
Coupon
|
|
|
of Portfolio
|
0–4.99
|
|
|
|
13.45
|
%
|
5–5.99
|
|
|
|
64.75
|
%
|
6–6.99
|
|
|
|
13.06
|
%
|
7–7.99
|
|
|
|
1.89
|
%
|
8–8.99
|
|
|
|
0.45
|
%
|
9–9.99
|
|
|
|
0.00
|
%
|
10 & over
|
|
|
|
0.00
|
%
|
Net cash & equiv.
|
|
|
|
6.40
|
%
|
|
|
|
|
|
|
|
Maturity breakdown:
|
|
Percentage
|
Maturity
|
|
of Portfolio
|
Net cash & equiv.
|
|
|
6.40
|
%
|
0–4.99 years
|
|
|
1.27
|
%
|
5–5.99 years
|
|
|
1.52
|
%
|
6–6.99 years
|
|
|
0.52
|
%
|
7–7.99 years
|
|
|
2.80
|
%
|
8–8.99 years
|
|
|
5.81
|
%
|
9–9.99 years
|
|
|
14.81
|
%
|
10–14.99 years
|
|
|
29.93
|
%
|
15–19.99 years
|
|
|
21.67
|
%
|
20–24.99 years
|
|
|
8.27
|
%
|
25–29.99 years
|
|
|
5.52
|
%
|
30 years & over
|
|
|
1.47
|
%
|
Average
|
|
13.91yrs
|
The Fund’s Institutional Class shares NAV for the period ended February 28, 2013 was $23.22. The average maturity of the bonds was 13.91 years, with an average duration of 6.45 years.
What strategies did you use to manage the Fund? How did these strategies influence performance?
PTIMX is managed with a fundamental, bottom up, individual bond-by-bond focus. We employ a value-oriented approach when analyzing municipal bonds, looking for bonds that we believe can provide attractive income and after tax total return potential. Our goal is to purchase municipal bonds at a yield differential, or spread, to “AAA” rated bonds that compensate shareholders for credit and liquidity risk embedded in the bond today, and that possess credit fundamentals demonstrating a likelihood of improving in credit quality over time. We believe this bottom up approach to credit analysis on individual municipal bonds provides an opportunity for spread compression (i.e., have a lower spread relative to “AAA” rated municipal bonds) and therefore potential price appreciation.
As part of this individual security analysis, we employ Shape Management
®
as a key component of our investment process. Shape Management
®
is a proprietary means of applying total return scenario analysis to both individual bonds and portfolios of bonds. Total return scenario analysis applies various interest rate shifts, yield curve slope analysis, reinvestment rate assumptions and probability analysis to determine a municipal bond’s “shape”, or how we believe that bond will perform in various interest rate environments.
During the six-month period ended February 28, 2013, we focused on bond purchases in the “A” and “BBB” credit rating categories, representing respectively 22.9% and 46.6% of the Fund’s assets. We believe these two rating categories have absolute yields and credit profiles that are attractive relative to “AAA” and “AA” rated general obligation bonds. We have focused on purchasing revenue bonds of what we deem are essential service providers. These bonds typically have a dedicated revenue stream associated with a defined service, such as hospitals, charter schools, higher education (e.g., colleges), and senior living facilities. Our largest sector exposures included hospitals (18.3%), senior living facilities (12.6%), and education (12.4%).
As we continued to invest the Fund’s assets, we focused on the nine- to twenty-year portion of the municipal yield curve (i.e., bonds with nine to twenty years to maturity), as we sought to take advantage of the steepness of the slope in this portion of the municipal yield curve. Oftentimes, bonds with approximately 20 years to maturity are priced by a shorter call date of 6 to 10 years. The Fund’s average duration decreased slightly during the six-month period from 6.54 years on 9/1/2012 to 6.45 years on 2/28/2013.
Over the past six months ended February 28, 2013, higher-rated municipal bonds have been flat to slightly down, with lower investment-grade bonds somewhat improving. The 30-year AAA Municipal Market Data (MMD) yield was 2.89% on 9/1/2012 and ended 2/28/2013 at 2.91%, a 2 basis point increase in yield. The ten-year spot on the MMD AAA curve saw yields increased 7 basis points, from 1.74% on 9/1/2012 to 1.81% on 2/28/2013. Finally, the 15-year part of the MMD curve saw yields increased 10 basis points as the representative AAA yield was 2.17% on 9/1/2012 and ended 2/28/2013 at 2.27%.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
LETTER FROM THE INVESTMENT ADVISER (PTIMX)
Over the same timeframe, the 30-year BBB MMD yield went from 4.35% to 4.18%, a 17 basis point decrease; the
15-year spot on the curve went from 3.74% to 3.65%, a decline of 9 basis points; and, the 10-year spot went from 3.35% to 3.21%, a 14 basis point decrease in yield. PTIMX’s NAV went from $22.82 on 9/1/2012 to $23.22 on 2/28/2013, and its latest monthly distribution was $.0594, paid on 2/27/2013.
Past performance is not indicative of future returns. The views in this report were those of the Funds’ Managers as of February 28, 2013 and may not reflect the views of the Funds’ Managers on the date this Report is first published or anytime thereafter. These views are intended to assist shareholders of the Funds in understanding their investments in the Funds and do not constitute investment advice.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
GROWTH OF PERFORMANCE TRUST TOTAL RETURN BOND FUND (PTIAX)
Performance Trust Total Return Bond Fund (Unaudited)
Total Return vs. Barclays Capital U.S. Aggregate Bond Index
Total Returns—For the Six Months Ended February 28, 2013 (Unaudited)
|
|
|
ANNUALIZED
|
|
|
|
SINCE INCEPTION
|
|
SIX MONTHS
|
ONE YEAR
|
(AUGUST 31, 2010)
(1)
|
Performance Trust Total Return Bond Fund
|
5.31%
|
12.15%
|
10.98%
|
Barclays Capital U.S. Aggregate Bond Index
|
0.15%
|
3.12%
|
4.20%
|
(1)
|
Fund commenced investment operations on September 1, 2010.
|
The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Barclays Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Barclays Capital U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on August 31, 2010, the inception date for the Fund.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown include the reinvestment of all fund distributions. Investment performance reflects fee waivers in effect. In absence of such waivers, total returns would be reduced.
Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling
1 (877) 738-9095 or by visiting www.PTIAfunds.com.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND (PTIAX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2013
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX)
Performance Trust Municipal Bond Fund – Institutional Class (Unaudited)
Total Return vs. Barclays Capital U.S. Municipal Bond Index
Total Returns—For the Six Months Ended February 28, 2013 (Unaudited)
|
|
|
ANNUALIZED
|
|
|
|
SINCE INCEPTION
|
|
SIX MONTHS
|
ONE YEAR
|
(JUNE 30, 2011)
|
Performance Trust Municipal Bond Fund – Institutional Class
|
4.34%
|
11.68%
|
13.66%
|
Barclays Capital U.S. Municipal Bond Index
|
2.01%
|
5.01%
|
8.19%
|
The Barclays Capital U.S. Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Barclays Capital U.S. Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $1,000,000 made on June 30, 2011, the inception date for the Fund.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown include the reinvestment of all fund distributions. Investment performance reflects fee waivers in effect. In absence of such waivers, total returns would be reduced.
Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling
1 (877) 738-9095 or by visiting www.PTIAfunds.com.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTRMX)
Performance Trust Municipal Bond Fund – Retail Class (Unaudited)
Total Return vs. Barclays Capital U.S. Municipal Bond Index
Total Returns—For the Period Ended February 28, 2013 (Unaudited)
|
SINCE INCEPTION
|
|
(SEPTEMBER 28, 2012)
|
Performance Trust Municipal Bond Fund – Retail Class
|
3.35%
|
Barclays Capital U.S. Municipal Bond Index
|
1.40%
|
The Barclays Capital U.S. Municipal Bond Index is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/ BBB or higher by at least two of the ratings agencies: Moody’s, S&P and Fitch. The Barclays Capital U.S. Municipal Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on September 28, 2012, the inception date for the Fund.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown include the reinvestment of all fund distributions. Investment performance reflects fee waivers in effect. In absence of such waivers, total returns would be reduced.
Performance data shown represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance shown. Performance data current to the most recent month end may be obtained by calling
1 (877) 738-9095 or by visiting www.PTIAfunds.com.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX)
Allocation of Portfolio Holdings (% of Investments) (Unaudited)
As of February 28, 2013
* For additional details on allocation of portfolio holdings by state, please see the Schedule of Investments.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2013 (Unaudited)
|
|
Performance Trust
|
|
|
Performance Trust
|
|
|
|
Total Return
|
|
|
Municipal
|
|
|
|
Bond Fund
|
|
|
Bond Fund
|
|
Assets
|
|
|
|
|
|
|
Investments, at value (cost $172,810,744 and $36,675,125, respectively)
|
|
$
|
177,351,286
|
|
|
$
|
38,146,474
|
|
Cash
|
|
|
31,382
|
|
|
|
—
|
|
Interest receivable
|
|
|
771,242
|
|
|
|
364,009
|
|
Receivable for investments sold
|
|
|
756,420
|
|
|
|
508,090
|
|
Receivable from Adviser
|
|
|
—
|
|
|
|
4,920
|
|
Receivable for Fund shares sold
|
|
|
454,764
|
|
|
|
322,565
|
|
Other assets
|
|
|
28,805
|
|
|
|
18,697
|
|
Total Assets
|
|
|
179,393,899
|
|
|
|
39,364,755
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Payable for investments purchased
|
|
|
2,842,222
|
|
|
|
1,390,647
|
|
Payable for Fund shares redeemed
|
|
|
223,561
|
|
|
|
—
|
|
Payable to affiliates
|
|
|
26,261
|
|
|
|
17,331
|
|
Payable to Adviser
|
|
|
95,393
|
|
|
|
—
|
|
Payable for distribution fees
|
|
|
—
|
|
|
|
106
|
|
Accrued expenses and other liabilities
|
|
|
7,656
|
|
|
|
6,563
|
|
Total Liabilities
|
|
|
3,195,093
|
|
|
|
1,414,647
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
176,198,806
|
|
|
$
|
37,950,108
|
|
Net Assets Consist Of:
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
171,492,146
|
|
|
$
|
36,313,784
|
|
Accumulated undistributed net investment income (loss)
|
|
|
(241,374
|
)
|
|
|
15,504
|
|
Accumulated undistributed net realized gain on investments
|
|
|
407,492
|
|
|
|
149,471
|
|
Net unrealized appreciation on investments
|
|
|
4,540,542
|
|
|
|
1,471,349
|
|
Net Assets
|
|
$
|
176,198,806
|
|
|
$
|
37,950,108
|
|
|
|
|
|
|
|
|
|
|
Total Return Bond Fund Shares
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
176,198,806
|
|
|
|
|
|
Shares of beneficial interest outstanding (unlimited
|
|
|
|
|
|
|
|
|
number of shares authorized, $0.001 par value)
|
|
|
7,633,912
|
|
|
|
|
|
Net asset value, redemption and offering price per share
|
|
$
|
23.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bond Fund Shares – Institutional Class
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
|
$
|
37,846,741
|
|
Shares of beneficial interest outstanding (unlimited
|
|
|
|
|
|
|
|
|
number of shares authorized, $0.001 par value)
|
|
|
|
|
|
|
1,629,956
|
|
Net asset value, redemption and offering price per share
|
|
|
|
|
|
$
|
23.22
|
|
|
|
|
|
|
|
|
|
|
Municipal Bond Fund Shares – Retail Class
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
|
$
|
103,367
|
|
Shares of beneficial interest outstanding (unlimited
|
|
|
|
|
|
|
|
|
number of shares authorized, $0.001 par value)
|
|
|
|
|
|
|
4,451
|
|
Net asset value, redemption and offering price per share
|
|
|
|
|
|
$
|
23.22
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
ASSET BACKED SECURITIES–5.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmeriCredit Automobile
|
|
|
|
|
|
|
Receivables Trust
|
|
|
|
|
|
|
2009-1,B, 9.790%, 04/15/2014
|
|
$
|
53,230
|
|
|
$
|
53,864
|
|
2009-1,C, 14.550%, 01/15/2016
|
|
|
3,580,000
|
|
|
|
3,803,290
|
|
2010-A, 3.510%, 07/06/2017
|
|
|
879,170
|
|
|
|
901,402
|
|
|
|
|
|
|
|
|
|
|
Bank of America Auto Trust
|
|
|
|
|
|
|
|
|
2010-2, 1.940%, 06/15/2017
|
|
|
838,770
|
|
|
|
845,532
|
|
|
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust
|
|
|
|
|
|
|
|
|
2012-A, 0.620%, 09/15/2014
|
|
|
195,926
|
|
|
|
196,039
|
|
|
|
|
|
|
|
|
|
|
HSI Asset Securitization Trust
|
|
|
|
|
|
|
|
|
2007-HE1, 0.302%, 01/25/2037 (a)
|
|
|
2,194,626
|
|
|
|
2,158,552
|
|
|
|
|
|
|
|
|
|
|
Nissan Auto Receivables
|
|
|
|
|
|
|
|
|
Owner Trust
|
|
|
|
|
|
|
|
|
2011-B, 0.740%, 09/15/2014
|
|
|
864,891
|
|
|
|
866,036
|
|
|
|
|
|
|
|
|
|
|
Quest Trust
|
|
|
|
|
|
|
|
|
2006-X2, 0.321%, 08/25/2036 (a)
|
|
|
233,170
|
|
|
|
223,318
|
|
|
|
|
|
|
|
|
|
|
RAMP Trust
|
|
|
|
|
|
|
|
|
2005-SL1, 8.000%, 05/25/2032
|
|
|
1,110,143
|
|
|
|
1,113,982
|
|
2003-RS4, 4.018%, 03/25/2033
|
|
|
160,519
|
|
|
|
155,619
|
|
2004-RS8, 4.980%, 08/25/2034
|
|
|
68,146
|
|
|
|
69,279
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSET BACKED SECURITIES
|
|
|
|
|
|
|
|
|
(COST $10,369,413)
|
|
|
|
|
|
|
10,386,913
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE BACKED SECURITIES–48.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banc of America Alternative
|
|
|
|
|
|
|
|
|
Loan Trust
|
|
|
|
|
|
|
|
|
2007-1, 5.921%, 04/25/2022 (a)
|
|
|
137,183
|
|
|
|
140,820
|
|
2003-9, 5.500%, 11/25/2033
|
|
|
190,000
|
|
|
|
190,821
|
|
2005-5, 5.500%, 06/25/2035
|
|
|
793,635
|
|
|
|
791,883
|
|
2005-5, 6.000%, 06/25/2035
|
|
|
458,517
|
|
|
|
394,482
|
|
2005-11, 5.750%, 12/25/2035
|
|
|
437,027
|
|
|
|
383,342
|
|
2006-3, 6.000%, 04/25/2036
|
|
|
336,097
|
|
|
|
303,884
|
|
|
|
|
|
|
|
|
|
|
Banc of America Funding Corp.
|
|
|
|
|
|
|
|
|
2005-6, 5.500%, 10/25/2035
|
|
|
308,748
|
|
|
|
312,575
|
|
2005-6, 5.750%, 10/25/2035
|
|
|
198,282
|
|
|
|
199,492
|
|
2007-4, 5.500%, 06/25/2037
|
|
|
242,542
|
|
|
|
247,573
|
|
2007-5, 5.500%, 07/25/2037
|
|
|
744,236
|
|
|
|
619,882
|
|
2007-5, 6.500%, 07/25/2037
|
|
|
559,599
|
|
|
|
574,768
|
|
|
|
|
|
|
|
|
|
|
Banc of America Mortgage Trust
|
|
|
|
|
|
|
|
|
2004-10, 5.000%, 12/25/2019
|
|
|
528,862
|
|
|
|
544,040
|
|
2005-F, 3.089%, 07/25/2035 (a)
|
|
|
154,978
|
|
|
|
153,039
|
|
2005-10, 5.500%, 11/25/2035
|
|
|
283,140
|
|
|
|
283,955
|
|
|
|
|
|
|
|
|
|
|
Bear Stearns Asset Backed
|
|
|
|
|
|
|
|
|
Securities Trust
|
|
|
|
|
|
|
|
|
2004-AC5, 5.250%, 10/25/2034
|
|
|
294,218
|
|
|
|
307,650
|
|
2005-AC8, 5.500%, 11/25/2035
|
|
|
219,549
|
|
|
|
201,212
|
|
|
|
|
|
|
|
|
|
|
Charlie Mac Trust
|
|
|
|
|
|
|
|
|
2004-2, 6.000%, 10/25/2034
|
|
|
1,685,512
|
|
|
|
1,780,270
|
|
|
|
|
|
|
|
|
|
|
Chaseflex Trust
|
|
|
|
|
|
|
|
|
2005-2-5A5, 5.500%, 06/25/2035
|
|
|
526,000
|
|
|
|
479,858
|
|
2005-2-5A7, 5.500%, 06/25/2035
|
|
|
39,000
|
|
|
|
33,233
|
|
2006-2, 5.891%, 09/25/2036 (a)
|
|
|
250,000
|
|
|
|
224,567
|
|
2006-2, 5.891%, 09/25/2036 (a)
|
|
|
500,000
|
|
|
|
460,291
|
|
|
|
|
|
|
|
|
|
|
CHL Mortgage Pass-Through Trust
|
|
|
|
|
|
|
|
|
2006-20, 5.750%, 02/25/2037
|
|
|
113,906
|
|
|
|
107,037
|
|
|
|
|
|
|
|
|
|
|
Citicorp Mortgage Securities Trust
|
|
|
|
|
|
|
|
|
2006-3, 5.500%, 06/25/2021
|
|
|
420,769
|
|
|
|
434,024
|
|
2006-3, 5.750%, 08/25/2023
|
|
|
1,725,414
|
|
|
|
1,735,554
|
|
2006-1, 5.500%, 02/25/2026
|
|
|
105,051
|
|
|
|
107,748
|
|
2006-3, 5.750%, 06/25/2036
|
|
|
119,012
|
|
|
|
121,216
|
|
2006-3, 5.750%, 06/25/2036
|
|
|
593,607
|
|
|
|
606,692
|
|
|
|
|
|
|
|
|
|
|
Citicorp Mortgage Securities, Inc.
|
|
|
|
|
|
|
|
|
2004-5, 5.500%, 08/25/2034
|
|
|
165,837
|
|
|
|
172,856
|
|
|
|
|
|
|
|
|
|
|
Citigroup Mortgage Loan Trust, Inc.
|
|
|
|
|
|
|
|
|
2004-2, 9.250%, 09/25/2033
|
|
|
533,621
|
|
|
|
568,013
|
|
2005-5, 5.000%, 08/25/2035
|
|
|
555,717
|
|
|
|
568,836
|
|
|
|
|
|
|
|
|
|
|
CitiMortgage Alternative Loan Trust
|
|
|
|
|
|
|
|
|
2006-A1, 5.250%, 03/25/2021
|
|
|
193,469
|
|
|
|
198,141
|
|
2007-A4, 5.500%, 04/25/2022
|
|
|
155,620
|
|
|
|
159,879
|
|
2006-A7, 6.000%, 12/25/2036
|
|
|
204,714
|
|
|
|
178,708
|
|
|
|
|
|
|
|
|
|
|
Countrywide Alternative Loan Trust
|
|
|
|
|
|
|
|
|
2004-J3, 4.750%, 04/25/2019
|
|
|
231,919
|
|
|
|
237,629
|
|
2004-30CB, 5.500%, 03/25/2020
|
|
|
306,000
|
|
|
|
294,886
|
|
2006-J5, 5.215%, 07/25/2021 (a)
|
|
|
290,167
|
|
|
|
274,338
|
|
2004-20T1, 6.000%, 09/25/2034
|
|
|
92,599
|
|
|
|
98,895
|
|
2004-22CB, 6.000%, 10/25/2034
|
|
|
3,809,788
|
|
|
|
3,972,461
|
|
2004-29CB, 5.375%, 01/25/2035
|
|
|
1,610,933
|
|
|
|
1,639,674
|
|
2005-J1, 5.500%, 02/25/2035
|
|
|
726,949
|
|
|
|
715,107
|
|
2005-7CB, 0.602%, 04/25/2035 (a)
|
|
|
377,535
|
|
|
|
314,509
|
|
2005-6CB, 7.500%, 04/25/2035
|
|
|
159,509
|
|
|
|
170,490
|
|
2005-21CB, 5.250%, 06/25/2035
|
|
|
517,000
|
|
|
|
495,924
|
|
2005-11CB, 5.500%, 06/25/2035
|
|
|
1,294,573
|
|
|
|
1,311,874
|
|
2005-26CB, 5.500%, 07/25/2035
|
|
|
121,000
|
|
|
|
108,230
|
|
2005-40CB, 5.500%, 10/25/2035
|
|
|
149,312
|
|
|
|
128,566
|
|
2005-46CB-A7, 5.500%, 10/25/2035
|
|
|
837,391
|
|
|
|
784,534
|
|
2005-46CB-A8, 5.500%, 10/25/2035
|
|
|
1,128,942
|
|
|
|
1,058,014
|
|
2005-46CB-A14, 5.500%, 10/25/2035
|
|
|
529,757
|
|
|
|
496,318
|
|
2005-46CB, 5.500%, 10/25/2035
|
|
|
68,177
|
|
|
|
63,874
|
|
2005-49CB, 5.500%, 11/25/2035
|
|
|
807,503
|
|
|
|
688,593
|
|
2005-52CB-1A7, 5.500%, 11/25/2035
|
|
|
263,927
|
|
|
|
238,125
|
|
2005-52CB-1A6, 5.500%, 11/25/2035
|
|
|
88,256
|
|
|
|
79,628
|
|
2005-J13, 5.500%, 11/25/2035
|
|
|
437,809
|
|
|
|
411,577
|
|
2005-65CB, 5.500%, 12/25/2035
|
|
|
496,981
|
|
|
|
481,780
|
|
2005-J14, 5.500%, 12/25/2035
|
|
|
112,769
|
|
|
|
97,593
|
|
2005-65CB, 0.952%, 01/25/2036 (a)
|
|
|
215,244
|
|
|
|
153,571
|
|
2005-65CB, 5.500%, 01/25/2036
|
|
|
548,700
|
|
|
|
481,771
|
|
2005-73CB, 5.750%, 01/25/2036
|
|
|
813,779
|
|
|
|
642,007
|
|
2005-73CB, 6.250%, 01/25/2036
|
|
|
360,003
|
|
|
|
321,934
|
|
2005-85CB, 5.500%, 02/25/2036
|
|
|
602,278
|
|
|
|
523,409
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Countrywide Alternative
|
|
|
|
|
|
|
Loan Trust (Cont.)
|
|
|
|
|
|
|
2005-86CB, 5.500%, 02/25/2036
|
|
$
|
414,232
|
|
|
$
|
334,875
|
|
2006-8T1, 5.500%, 04/25/2036
|
|
|
63,269
|
|
|
|
47,316
|
|
2006-4CB-1A5, 6.000%, 04/25/2036
|
|
|
1,001,493
|
|
|
|
790,662
|
|
2006-4CB-1A6, 6.000%, 04/25/2036
|
|
|
842,105
|
|
|
|
667,964
|
|
2006-J4, 6.000%, 07/25/2036
|
|
|
747,619
|
|
|
|
604,320
|
|
2006-19CB-A15, 6.000%, 08/25/2036
|
|
|
475,469
|
|
|
|
396,304
|
|
2006-19CB-A7, 6.000%, 08/25/2036
|
|
|
353,262
|
|
|
|
296,362
|
|
2006-32CB, 5.500%, 11/25/2036
|
|
|
600,943
|
|
|
|
476,587
|
|
|
|
|
|
|
|
|
|
|
Countrywide Home Loan Mortgage
|
|
|
|
|
|
|
|
|
Pass-Through Trust
|
|
|
|
|
|
|
|
|
2005-20, 5.250%, 12/25/2027
|
|
|
181,433
|
|
|
|
172,320
|
|
2002-J4, 5.500%, 10/25/2032
|
|
|
227,537
|
|
|
|
235,979
|
|
2003-7, 4.500%, 05/25/2033
|
|
|
188,679
|
|
|
|
195,241
|
|
2003-HYB3, 2.959%, 11/19/2033 (a)
|
|
|
663,475
|
|
|
|
653,524
|
|
2005-5, 5.500%, 03/25/2035
|
|
|
1,257,526
|
|
|
|
1,274,730
|
|
2004-HYB5, 3.035%, 04/20/2035 (a)
|
|
|
589,112
|
|
|
|
555,183
|
|
2005-15, 5.500%, 08/25/2035
|
|
|
167,857
|
|
|
|
166,355
|
|
2005-16, 5.000%, 09/25/2035
|
|
|
48,777
|
|
|
|
48,733
|
|
2005-J3, 5.500%, 09/25/2035
|
|
|
394,611
|
|
|
|
357,704
|
|
2005-27, 5.500%, 12/25/2035
|
|
|
122,345
|
|
|
|
113,998
|
|
2005-30-A8, 5.500%, 01/25/2036
|
|
|
248,942
|
|
|
|
249,527
|
|
2005-30-A5, 5.500%, 01/25/2036
|
|
|
2,431,181
|
|
|
|
2,436,900
|
|
2006-J1, 6.000%, 02/25/2036
|
|
|
109,991
|
|
|
|
95,046
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse First Boston
|
|
|
|
|
|
|
|
|
Mortgage Securities Corp.
|
|
|
|
|
|
|
|
|
2004-7, 5.250%, 10/25/2019
|
|
|
74,302
|
|
|
|
75,550
|
|
2005-10, 5.000%, 11/25/2020
|
|
|
865,432
|
|
|
|
889,128
|
|
2004-8, 5.500%, 12/25/2034
|
|
|
1,362,470
|
|
|
|
1,397,757
|
|
2005-4-3A22, 5.500%, 06/25/2035
|
|
|
199,804
|
|
|
|
203,736
|
|
2005-4-3A18, 5.500%, 06/25/2035
|
|
|
201,341
|
|
|
|
204,411
|
|
2005-3, 5.500%, 07/25/2035
|
|
|
656,213
|
|
|
|
670,761
|
|
2005-10, 5.500%, 11/25/2035
|
|
|
940,048
|
|
|
|
825,212
|
|
2005-10, 5.750%, 11/25/2035
|
|
|
170,000
|
|
|
|
162,026
|
|
|
|
|
|
|
|
|
|
|
CSMC Mortgage-Backed Trust
|
|
|
|
|
|
|
|
|
2006-8, 5.500%, 10/25/2021
|
|
|
230,761
|
|
|
|
222,138
|
|
2006-1, 5.500%, 02/25/2036
|
|
|
907,127
|
|
|
|
825,839
|
|
2006-1, 5.500%, 02/25/2036
|
|
|
364,000
|
|
|
|
343,186
|
|
2006-3, 5.750%, 04/25/2036
|
|
|
204,426
|
|
|
|
180,386
|
|
2006-3-5A1, 6.000%, 04/25/2036
|
|
|
132,391
|
|
|
|
111,609
|
|
2006-3-5A2, 6.000%, 04/25/2036
|
|
|
322,703
|
|
|
|
272,047
|
|
2006-4, 7.000%, 05/25/2036
|
|
|
385,606
|
|
|
|
225,492
|
|
2007-2, 5.750%, 03/25/2037
|
|
|
217,108
|
|
|
|
213,210
|
|
2007-3, 5.500%, 04/25/2037
|
|
|
267,420
|
|
|
|
259,755
|
|
2007-5, 5.000%, 08/25/2037
|
|
|
342,667
|
|
|
|
310,599
|
|
|
|
|
|
|
|
|
|
|
Deutsche ALT-A Securities, Inc.
|
|
|
|
|
|
|
|
|
Alternative Loan Trust
|
|
|
|
|
|
|
|
|
2005-2, 0.602%, 04/25/2035 (a)
|
|
|
220,590
|
|
|
|
185,852
|
|
2005-3, 5.250%, 06/25/2035
|
|
|
385,732
|
|
|
|
390,595
|
|
2005-AR2, 3.232%, 10/25/2035 (a)
|
|
|
159,637
|
|
|
|
158,375
|
|
|
|
|
|
|
|
|
|
|
Deutsche Mortgage Securities, Inc.
|
|
|
|
|
|
|
|
|
2004-4, 2.742%, 06/25/2034 (a)
|
|
|
307,523
|
|
|
|
292,196
|
|
|
|
|
|
|
|
|
|
|
First Horizon Alternative
|
|
|
|
|
|
|
|
|
Mortgage Securities
|
|
|
|
|
|
|
|
|
2005-FA10, 5.250%, 12/25/2020
|
|
|
466,409
|
|
|
|
477,078
|
|
2006-FA6, 5.750%, 11/25/2021
|
|
|
99,053
|
|
|
|
100,587
|
|
2004-FA1, 6.250%, 10/25/2034
|
|
|
658,398
|
|
|
|
670,145
|
|
2005-FA2, 0.702%, 04/25/2035 (a)
|
|
|
1,000,977
|
|
|
|
805,105
|
|
2005-FA2, 0.802%, 04/25/2035 (a)
|
|
|
130,360
|
|
|
|
105,500
|
|
2005-FA4, 5.500%, 06/25/2035
|
|
|
198,454
|
|
|
|
189,931
|
|
|
|
|
|
|
|
|
|
|
GMACM Mortgage Corp. Loan Trust
|
|
|
|
|
|
|
|
|
2003-J7, 5.500%, 11/25/2033
|
|
|
1,284,523
|
|
|
|
1,328,050
|
|
2004-J2, 5.500%, 06/25/2034
|
|
|
278,634
|
|
|
|
279,346
|
|
2004-J3, 5.250%, 07/25/2034
|
|
|
242,000
|
|
|
|
244,440
|
|
2005-AR3, 3.559%, 06/19/2035 (a)
|
|
|
553,725
|
|
|
|
542,776
|
|
|
|
|
|
|
|
|
|
|
GSAA Trust
|
|
|
|
|
|
|
|
|
2006-6, 5.203%, 03/25/2036 (a)
|
|
|
127,089
|
|
|
|
79,890
|
|
|
|
|
|
|
|
|
|
|
GSR Mortgage Loan Trust
|
|
|
|
|
|
|
|
|
2005-AR2, 2.817%, 05/25/2034 (a)
|
|
|
551,641
|
|
|
|
525,032
|
|
2005-1F, 6.000%, 01/25/2035
|
|
|
97,264
|
|
|
|
97,530
|
|
2005-3F, 6.000%, 03/25/2035
|
|
|
138,161
|
|
|
|
139,783
|
|
2005-AR2, 5.199%, 04/25/2035 (a)
|
|
|
285,711
|
|
|
|
287,597
|
|
2005-6F, 5.500%, 07/25/2035
|
|
|
533,061
|
|
|
|
511,604
|
|
2005-7F, 5.000%, 09/25/2035
|
|
|
220,000
|
|
|
|
209,095
|
|
2005-7F, 6.000%, 09/25/2035
|
|
|
115,165
|
|
|
|
117,536
|
|
2005-9F, 5.500%, 12/25/2035
|
|
|
231,324
|
|
|
|
228,906
|
|
2006-5F, 6.000%, 06/25/2036
|
|
|
1,413,347
|
|
|
|
1,324,590
|
|
2006-7F, 6.250%, 08/25/2036
|
|
|
1,021,264
|
|
|
|
895,681
|
|
|
|
|
|
|
|
|
|
|
Harborview Mortgage Loan Trust
|
|
|
|
|
|
|
|
|
2005-4, 3.021%, 07/19/2035 (a)
|
|
|
279,082
|
|
|
|
265,690
|
|
|
|
|
|
|
|
|
|
|
IndyMac Index Mortgage Loan Trust
|
|
|
|
|
|
|
|
|
2005-AR1, 2.670%, 03/25/2035 (a)
|
|
|
349,478
|
|
|
|
330,192
|
|
|
|
|
|
|
|
|
|
|
JP Morgan Alternative Loan Trust
|
|
|
|
|
|
|
|
|
2005-S1-2A2, 5.500%, 12/25/2035
|
|
|
394,975
|
|
|
|
357,041
|
|
2005-S1-1A2, 5.500%, 12/25/2035
|
|
|
581,947
|
|
|
|
491,759
|
|
2006-S2, 6.050%, 05/25/2036 (a)
|
|
|
148,006
|
|
|
|
131,089
|
|
|
|
|
|
|
|
|
|
|
JP Morgan Mortgage Trust
|
|
|
|
|
|
|
|
|
2005-S3, 5.750%, 01/25/2036
|
|
|
283,093
|
|
|
|
268,381
|
|
|
|
|
|
|
|
|
|
|
Lehman Mortgage Trust
|
|
|
|
|
|
|
|
|
2006-2, 6.359%, 04/25/2036 (a)
|
|
|
168,177
|
|
|
|
160,860
|
|
|
|
|
|
|
|
|
|
|
MASTR Adjustable Rate
|
|
|
|
|
|
|
|
|
Mortgages Trust
|
|
|
|
|
|
|
|
|
2004-4, 2.125%, 05/25/2034 (a)
|
|
|
302,241
|
|
|
|
258,570
|
|
2004-15, 3.428%, 12/25/2034 (a)
|
|
|
423,952
|
|
|
|
406,267
|
|
|
|
|
|
|
|
|
|
|
MASTR Alternative Loans Trust
|
|
|
|
|
|
|
|
|
2007-1, 0.802%, 10/25/2036 (a)
|
|
|
499,400
|
|
|
|
442,074
|
|
|
|
|
|
|
|
|
|
|
MASTR Asset Securitization Trust
|
|
|
|
|
|
|
|
|
2005-2, 5.250%, 11/25/2035
|
|
|
298,368
|
|
|
|
303,428
|
|
|
|
|
|
|
|
|
|
|
MASTR Seasoned Securities Trust
|
|
|
|
|
|
|
|
|
2005-2, 3.658%, 10/25/2032 (a)
|
|
|
205,303
|
|
|
|
204,948
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
Morgan Stanley Mortgage Loan Trust
|
|
|
|
|
|
|
2006-7, 5.000%, 06/25/2021
|
|
$
|
208,408
|
|
|
$
|
200,008
|
|
2004-11AR, 3.047%, 01/25/2035 (a)
|
|
|
103,137
|
|
|
|
87,623
|
|
2005-7, 5.500%, 11/25/2035
|
|
|
442,733
|
|
|
|
454,103
|
|
2006-2, 6.500%, 02/25/2036
|
|
|
364,879
|
|
|
|
297,168
|
|
2006-11, 6.000%, 08/25/2036
|
|
|
985,771
|
|
|
|
798,376
|
|
|
|
|
|
|
|
|
|
|
Nomura Asset Acceptance Corp.
|
|
|
|
|
|
|
|
|
Alternative Loan Trust
|
|
|
|
|
|
|
|
|
2005-WF1, 5.159%, 03/25/2035
|
|
|
1,634,137
|
|
|
|
1,676,385
|
|
2005-AP2, 4.976%, 05/25/2035 (a)
|
|
|
461,617
|
|
|
|
435,455
|
|
|
|
|
|
|
|
|
|
|
PHHMC Mortgage
|
|
|
|
|
|
|
|
|
Pass-Through Certificates
|
|
|
|
|
|
|
|
|
2005-3, 5.318%, 06/18/2035 (a)
|
|
|
580,390
|
|
|
|
564,855
|
|
|
|
|
|
|
|
|
|
|
RAAC Trust
|
|
|
|
|
|
|
|
|
2005-SP1, 6.000%, 09/25/2034
|
|
|
460,928
|
|
|
|
466,859
|
|
|
|
|
|
|
|
|
|
|
RALI Trust
|
|
|
|
|
|
|
|
|
2003-QS18, 5.000%, 09/25/2018
|
|
|
225,883
|
|
|
|
233,282
|
|
2004-QS6, 5.000%, 05/25/2019
|
|
|
162,393
|
|
|
|
164,937
|
|
2005-QS3, 5.000%, 03/25/2020
|
|
|
2,675,732
|
|
|
|
2,735,291
|
|
2007-QS4, 5.500%, 04/25/2022
|
|
|
105,295
|
|
|
|
106,314
|
|
2003-QS17, 5.500%, 09/25/2033
|
|
|
810,608
|
|
|
|
825,891
|
|
2004-QS7, 5.500%, 05/25/2034
|
|
|
307,092
|
|
|
|
286,886
|
|
2005-QS14, 6.000%, 09/25/2035
|
|
|
43,125
|
|
|
|
33,206
|
|
2005-QS16, 5.500%, 11/25/2035
|
|
|
355,177
|
|
|
|
303,852
|
|
|
|
|
|
|
|
|
|
|
Residential Asset Securitization Trust
|
|
|
|
|
|
|
|
|
2004-R2, 5.500%, 08/25/2034
|
|
|
1,833,154
|
|
|
|
1,843,571
|
|
2005-A5, 5.500%, 05/25/2035
|
|
|
438,052
|
|
|
|
389,105
|
|
2005-A11CB, 5.500%, 10/25/2035
|
|
|
543,091
|
|
|
|
456,264
|
|
2005-A11CB, 6.000%, 10/25/2035
|
|
|
442,346
|
|
|
|
317,380
|
|
2006-A14CB, 6.250%, 12/25/2036
|
|
|
248,988
|
|
|
|
195,726
|
|
|
|
|
|
|
|
|
|
|
RFMSI Trust
|
|
|
|
|
|
|
|
|
2006-S10, 5.500%, 10/25/2021
|
|
|
360,734
|
|
|
|
369,449
|
|
2005-SA1, 2.892%, 03/25/2035 (a)
|
|
|
205,202
|
|
|
|
198,440
|
|
|
|
|
|
|
|
|
|
|
Structured Asset Securities Corp.
|
|
|
|
|
|
|
|
|
Pass-Through Certificates
|
|
|
|
|
|
|
|
|
2004-9XS, 5.560%, 05/25/2034 (a)
|
|
|
416,747
|
|
|
|
438,538
|
|
|
|
|
|
|
|
|
|
|
TBW Mortgage-Backed Trust
|
|
|
|
|
|
|
|
|
2006-2, 5.500%, 07/25/2036
|
|
|
924,075
|
|
|
|
906,217
|
|
|
|
|
|
|
|
|
|
|
WaMu Mortgage Pass-Through
|
|
|
|
|
|
|
|
|
Certificates
|
|
|
|
|
|
|
|
|
2004-S2, 6.000%, 06/25/2034
|
|
|
148,835
|
|
|
|
155,094
|
|
2005-AR16, 2.489%, 12/25/2035 (a)
|
|
|
210,000
|
|
|
|
197,153
|
|
2005-AR18, 2.482%, 01/25/2036 (a)
|
|
|
754,336
|
|
|
|
744,056
|
|
2006-AR2, 2.478%, 03/25/2036 (a)
|
|
|
321,151
|
|
|
|
291,078
|
|
|
|
|
|
|
|
|
|
|
Washington Mutual Alternative
|
|
|
|
|
|
|
|
|
Mortgage Pass-Through Certificates
|
|
|
|
|
|
|
|
|
2005-1, 5.500%, 03/25/2035
|
|
|
750,000
|
|
|
|
718,879
|
|
2005-4, 5.500%, 06/25/2035
|
|
|
422,327
|
|
|
|
411,795
|
|
2005-5, 5.500%, 07/25/2035
|
|
|
742,111
|
|
|
|
736,119
|
|
2005-9, 5.500%, 11/25/2035
|
|
|
93,867
|
|
|
|
82,153
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Mortgage Backed
|
|
|
|
|
|
|
|
|
Securities Trust
|
|
|
|
|
|
|
|
|
2004-7, 5.000%, 07/25/2019
|
|
|
153,247
|
|
|
|
158,518
|
|
2005-7, 5.250%, 09/25/2035
|
|
|
543,000
|
|
|
|
547,648
|
|
2005-9, 5.500%, 10/25/2035
|
|
|
605,000
|
|
|
|
631,172
|
|
2005-14, 5.500%, 12/25/2035
|
|
|
771,834
|
|
|
|
776,943
|
|
2006-4, 0.902%, 04/25/2036 (a)
|
|
|
664,644
|
|
|
|
605,208
|
|
2007-4, 6.000%, 04/25/2037
|
|
|
124,757
|
|
|
|
120,672
|
|
2007-12, 5.500%, 09/25/2037
|
|
|
2,363,350
|
|
|
|
2,409,930
|
|
2007-12, 5.500%, 09/25/2037
|
|
|
726,998
|
|
|
|
747,266
|
|
|
|
|
|
|
|
|
|
|
TOTAL MORTGAGE BACKED
|
|
|
|
|
|
|
|
|
SECURITIES (COST $81,320,479)
|
|
|
|
|
|
|
85,360,508
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS–35.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska–0.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska Municipal Bond
|
|
|
|
|
|
|
|
|
Bank Authority
|
|
|
|
|
|
|
|
|
4.000%, 02/01/2023
|
|
|
400,000
|
|
|
|
463,764
|
|
|
|
|
|
|
|
|
|
|
California–2.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alvord Unified School District
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2022
|
|
|
360,000
|
|
|
|
249,419
|
|
|
|
|
|
|
|
|
|
|
Centinela Valley Union
|
|
|
|
|
|
|
|
|
High School District
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2021
|
|
|
750,000
|
|
|
|
557,040
|
|
|
|
|
|
|
|
|
|
|
County of Riverside CA
|
|
|
|
|
|
|
|
|
0.000%, 11/01/2020
|
|
|
145,000
|
|
|
|
119,252
|
|
|
|
|
|
|
|
|
|
|
Hueneme Elementary School District
|
|
|
|
|
|
|
|
|
0.000%, 06/01/2023
|
|
|
190,000
|
|
|
|
126,660
|
|
|
|
|
|
|
|
|
|
|
Lemon Grove Elementary
|
|
|
|
|
|
|
|
|
School District
|
|
|
|
|
|
|
|
|
0.000%, 11/01/2020
|
|
|
375,000
|
|
|
|
283,016
|
|
|
|
|
|
|
|
|
|
|
Palmdale Elementary School District
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2029
|
|
|
540,000
|
|
|
|
241,720
|
|
|
|
|
|
|
|
|
|
|
Port of Oakland
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2033
|
|
|
300,000
|
|
|
|
331,266
|
|
|
|
|
|
|
|
|
|
|
San Jose Evergreen Community
|
|
|
|
|
|
|
|
|
College District
|
|
|
|
|
|
|
|
|
0.000%, 09/01/2028
|
|
|
200,000
|
|
|
|
91,640
|
|
|
|
|
|
|
|
|
|
|
Santa Ana Unified School District
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2020
|
|
|
1,470,000
|
|
|
|
1,168,812
|
|
|
|
|
|
|
|
|
|
|
West Contra Costa California
|
|
|
|
|
|
|
|
|
Unified School District
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2022
|
|
|
180,000
|
|
|
|
123,791
|
|
|
|
|
|
|
|
|
|
|
Yosemite Community
|
|
|
|
|
|
|
|
|
College District
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2023
|
|
|
1,050,000
|
|
|
|
753,071
|
|
|
|
|
|
|
|
|
4,045,687
|
|
Percentages are stated as a percent of net assets.
(a)
Variable rate security; the rate shown represents the rate at February 28, 2013.
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado–1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City & County of Denver, CO
|
|
|
|
|
|
|
Airport System Revenue
|
|
|
|
|
|
|
5.000%, 11/15/2028
|
|
$
|
100,000
|
|
|
$
|
114,448
|
|
5.000%, 11/15/2021
|
|
|
100,000
|
|
|
|
119,165
|
|
5.750%, 11/15/2020
|
|
|
310,000
|
|
|
|
384,521
|
|
|
|
|
|
|
|
|
|
|
Dawson Ridge Metropolitan
|
|
|
|
|
|
|
|
|
District No. 1
|
|
|
|
|
|
|
|
|
0.000%, 10/01/2022
|
|
|
645,000
|
|
|
|
520,160
|
|
0.000%, 10/01/2022
|
|
|
770,000
|
|
|
|
620,967
|
|
|
|
|
|
|
|
|
1,759,261
|
|
Florida–0.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of St. Augustine, FL
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2034
|
|
|
500,000
|
|
|
|
575,815
|
|
|
|
|
|
|
|
|
|
|
County of Miami-Dade, FL
|
|
|
|
|
|
|
|
|
Aviation Revenue
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2022
|
|
|
165,000
|
|
|
|
200,391
|
|
5.125%, 10/01/2039
|
|
|
100,000
|
|
|
|
111,640
|
|
|
|
|
|
|
|
|
887,846
|
|
Georgia–0.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Atlanta, GA Department
|
|
|
|
|
|
|
|
|
of Aviation
|
|
|
|
|
|
|
|
|
5.000%, 01/01/2021
|
|
|
150,000
|
|
|
|
175,791
|
|
|
|
|
|
|
|
|
|
|
Walton County School District
|
|
|
|
|
|
|
|
|
5.000%, 08/01/2022
|
|
|
1,210,000
|
|
|
|
1,530,468
|
|
|
|
|
|
|
|
|
1,706,259
|
|
Guam–0.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Power Authority
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2021
|
|
|
490,000
|
|
|
|
574,084
|
|
|
|
|
|
|
|
|
|
|
Illinois–3.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boone Mchenry & Dekalb Counties
|
|
|
|
|
|
|
|
|
Community Unit School District 100
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2022
|
|
|
200,000
|
|
|
|
144,300
|
|
0.000%, 12/01/2023
|
|
|
760,000
|
|
|
|
524,696
|
|
|
|
|
|
|
|
|
|
|
Chicago Board of Education
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2020
|
|
|
425,000
|
|
|
|
333,438
|
|
0.000%, 12/01/2022
|
|
|
225,000
|
|
|
|
160,945
|
|
|
|
|
|
|
|
|
|
|
Cook County Township High School
|
|
|
|
|
|
|
|
|
District No. 225 Northfield
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2020
|
|
|
355,000
|
|
|
|
291,565
|
|
|
|
|
|
|
|
|
|
|
Dekalb Kane & LaSalle Counties Etc
|
|
|
|
|
|
|
|
|
Community College District No 523
|
|
|
|
|
|
|
|
|
0.000%, 02/01/2025
|
|
|
275,000
|
|
|
|
166,556
|
|
0.000%, 02/01/2021
|
|
|
200,000
|
|
|
|
158,420
|
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority
|
|
|
|
|
|
|
|
|
0.000%, 07/15/2023
|
|
|
2,005,000
|
|
|
|
1,551,529
|
|
0.000%, 01/01/2020
|
|
|
825,000
|
|
|
|
699,666
|
|
|
|
|
|
|
|
|
|
|
Lake County Community
|
|
|
|
|
|
|
|
|
Consolidated School District
|
|
|
|
|
|
|
|
|
No. 50 Woodland
|
|
|
|
|
|
|
|
|
5.625%, 01/01/2026
|
|
|
335,000
|
|
|
|
402,881
|
|
5.750%, 01/01/2030
|
|
|
480,000
|
|
|
|
567,365
|
|
|
|
|
|
|
|
|
|
|
Lake County Community Unit
|
|
|
|
|
|
|
|
|
School District No. 95 Lake Zurich
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2020
|
|
|
1,000,000
|
|
|
|
803,320
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Pier &
|
|
|
|
|
|
|
|
|
Exposition Authority
|
|
|
|
|
|
|
|
|
0.000%, 06/15/2021
|
|
|
305,000
|
|
|
|
260,165
|
|
|
|
|
|
|
|
|
|
|
Will County Community Unit
|
|
|
|
|
|
|
|
|
School District No. 201
|
|
|
|
|
|
|
|
|
0.000%, 11/01/2020
|
|
|
220,000
|
|
|
|
179,707
|
|
|
|
|
|
|
|
|
|
|
Will County Elementary
|
|
|
|
|
|
|
|
|
School District No. 122
|
|
|
|
|
|
|
|
|
5.250%, 10/01/2023
|
|
|
460,000
|
|
|
|
503,452
|
|
|
|
|
|
|
|
|
6,748,005
|
|
Indiana–2.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Carmel, IN
|
|
|
|
|
|
|
|
|
Waterworks Revenue
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2036
|
|
|
1,000,000
|
|
|
|
1,113,280
|
|
|
|
|
|
|
|
|
|
|
Clark-Pleasant School
|
|
|
|
|
|
|
|
|
Building Corp.
|
|
|
|
|
|
|
|
|
4.000%, 07/15/2023
|
|
|
300,000
|
|
|
|
335,766
|
|
|
|
|
|
|
|
|
|
|
Franklin Community Multi-School
|
|
|
|
|
|
|
|
|
Building Corp.
|
|
|
|
|
|
|
|
|
5.000%, 01/10/2023
|
|
|
400,000
|
|
|
|
464,784
|
|
|
|
|
|
|
|
|
|
|
Greater Clark County School Corp.
|
|
|
|
|
|
|
|
|
5.000%, 01/05/2023
|
|
|
580,000
|
|
|
|
690,647
|
|
|
|
|
|
|
|
|
|
|
Indiana Finance Authority
|
|
|
|
|
|
|
|
|
5.000%, 03/01/2022
|
|
|
775,000
|
|
|
|
889,747
|
|
|
|
|
|
|
|
|
|
|
Indianapolis Local Public
|
|
|
|
|
|
|
|
|
Improvement Bond Bank
|
|
|
|
|
|
|
|
|
0.000%, 02/01/2021
|
|
|
530,000
|
|
|
|
437,875
|
|
4.750%, 01/01/2031
|
|
|
155,000
|
|
|
|
159,269
|
|
|
|
|
|
|
|
|
|
|
Zionsville Community Schools
|
|
|
|
|
|
|
|
|
Building Corp.
|
|
|
|
|
|
|
|
|
0.000%, 01/15/2029
|
|
|
100,000
|
|
|
|
56,607
|
|
|
|
|
|
|
|
|
|
|
Zionsville Middle School
|
|
|
|
|
|
|
|
|
Building Corp.
|
|
|
|
|
|
|
|
|
0.000%, 07/15/2022
|
|
|
750,000
|
|
|
|
578,122
|
|
|
|
|
|
|
|
|
4,726,097
|
|
Kentucky–0.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Asset Liability
|
|
|
|
|
|
|
|
|
Commission
|
|
|
|
|
|
|
|
|
2.998%, 04/01/2023
|
|
|
1,000,000
|
|
|
|
1,003,280
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan–2.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Birmingham City School District
|
|
|
|
|
|
|
5.000%, 05/01/2023
|
|
$
|
675,000
|
|
|
$
|
846,153
|
|
|
|
|
|
|
|
|
|
|
Caledonia Community Schools
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2022
|
|
|
400,000
|
|
|
|
492,032
|
|
|
|
|
|
|
|
|
|
|
City of Detroit, MI Water Supply
|
|
|
|
|
|
|
|
|
System Revenue
|
|
|
|
|
|
|
|
|
5.750%, 07/01/2026
|
|
|
1,045,000
|
|
|
|
1,201,416
|
|
|
|
|
|
|
|
|
|
|
Detroit City School District
|
|
|
|
|
|
|
|
|
5.250%, 05/01/2026
|
|
|
450,000
|
|
|
|
545,697
|
|
|
|
|
|
|
|
|
|
|
Harper Woods School District
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2022
|
|
|
500,000
|
|
|
|
597,195
|
|
|
|
|
|
|
|
|
|
|
Hudsonville Public Schools
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2023
|
|
|
250,000
|
|
|
|
308,012
|
|
5.000%, 05/01/2022
|
|
|
300,000
|
|
|
|
369,024
|
|
|
|
|
|
|
|
|
|
|
Huron Valley School District
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2024
|
|
|
100,000
|
|
|
|
116,176
|
|
|
|
|
|
|
|
|
4,475,705
|
|
Nevada–0.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
County of Clark, NV Airport
|
|
|
|
|
|
|
|
|
System Revenue
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2024
|
|
|
275,000
|
|
|
|
302,280
|
|
|
|
|
|
|
|
|
|
|
New Jersey–3.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Economic
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
0.000%, 02/15/2020
|
|
|
642,000
|
|
|
|
507,642
|
|
|
|
|
|
|
|
|
|
|
New Jersey Higher Education
|
|
|
|
|
|
|
|
|
Student Assistance Authority
|
|
|
|
|
|
|
|
|
5.500%, 12/01/2021
|
|
|
1,000,000
|
|
|
|
1,167,440
|
|
|
|
|
|
|
|
|
|
|
New Jersey Transportation Trust
|
|
|
|
|
|
|
|
|
Fund Authority
|
|
|
|
|
|
|
|
|
5.500%, 12/15/2022
|
|
|
3,220,000
|
|
|
|
4,085,214
|
|
|
|
|
|
|
|
|
5,760,296
|
|
New York–0.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Water & Sewer System
|
|
|
|
|
|
|
|
|
5.000%, 06/15/2040
|
|
|
100,000
|
|
|
|
112,765
|
|
|
|
|
|
|
|
|
|
|
Port Authority of New York &
|
|
|
|
|
|
|
|
|
New Jersey
|
|
|
|
|
|
|
|
|
5.000%, 09/15/2022
|
|
|
200,000
|
|
|
|
238,246
|
|
|
|
|
|
|
|
|
|
|
Village of Harrison, NY
|
|
|
|
|
|
|
|
|
4.000%, 12/15/2022
|
|
|
310,000
|
|
|
|
358,252
|
|
5.000%, 12/15/2023
|
|
|
250,000
|
|
|
|
309,787
|
|
|
|
|
|
|
|
|
1,019,050
|
|
Oregon–0.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Klamath Falls Intercommunity
|
|
|
|
|
|
|
|
|
Hospital Authority
|
|
|
|
|
|
|
|
|
5.000%, 09/01/2021
|
|
|
250,000
|
|
|
|
288,035
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania–7.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brownsville Area School District
|
|
|
|
|
|
|
|
|
4.450%, 11/15/2033
|
|
|
500,000
|
|
|
|
500,020
|
|
|
|
|
|
|
|
|
|
|
Canon Mcmillan School District
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2020
|
|
|
750,000
|
|
|
|
620,235
|
|
|
|
|
|
|
|
|
|
|
City of Harrisburg, PA
|
|
|
|
|
|
|
|
|
0.000%, 04/01/2019
|
|
|
180,000
|
|
|
|
155,351
|
|
|
|
|
|
|
|
|
|
|
Mckeesport Area School District
|
|
|
|
|
|
|
|
|
0.000%, 10/01/2023
|
|
|
150,000
|
|
|
|
99,197
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Turnpike Commission
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2034 (a)
|
|
|
1,850,000
|
|
|
|
1,831,500
|
|
0.000%, 06/01/2033
|
|
|
2,055,000
|
|
|
|
2,196,569
|
|
0.000%, 12/01/2030
|
|
|
165,000
|
|
|
|
164,764
|
|
0.000%, 12/01/2035
|
|
|
440,000
|
|
|
|
426,958
|
|
|
|
|
|
|
|
|
|
|
Philadelphia Authority for
|
|
|
|
|
|
|
|
|
Industrial Development
|
|
|
|
|
|
|
|
|
0.000%, 04/15/2022
|
|
|
10,000,000
|
|
|
|
6,847,500
|
|
|
|
|
|
|
|
|
12,842,094
|
|
Puerto Rico–1.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax
|
|
|
|
|
|
|
|
|
Financing Corp.
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2032
|
|
|
3,850,000
|
|
|
|
1,296,025
|
|
0.000%, 08/01/2032
|
|
|
375,000
|
|
|
|
397,440
|
|
5.375%, 08/01/2036
|
|
|
1,000,000
|
|
|
|
1,064,260
|
|
|
|
|
|
|
|
|
2,757,725
|
|
Rhode Island–0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island Clean Water
|
|
|
|
|
|
|
|
|
Finance Agency
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2022
|
|
|
500,000
|
|
|
|
633,565
|
|
|
|
|
|
|
|
|
|
|
Texas–6.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Austin Community College District
|
|
|
|
|
|
|
|
|
0.000%, 02/01/2021
|
|
|
150,000
|
|
|
|
124,607
|
|
|
|
|
|
|
|
|
|
|
City of Houston, TX Airport
|
|
|
|
|
|
|
|
|
System Revenue
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2028
|
|
|
450,000
|
|
|
|
510,552
|
|
|
|
|
|
|
|
|
|
|
Fort Worth International Airport
|
|
|
|
|
|
|
|
|
5.000%, 11/01/2035
|
|
|
3,925,000
|
|
|
|
4,314,439
|
|
5.000%, 11/01/2032
|
|
|
2,845,000
|
|
|
|
2,903,066
|
|
5.000%, 11/01/2037
|
|
|
970,000
|
|
|
|
1,066,389
|
|
5.500%, 11/01/2033
|
|
|
240,000
|
|
|
|
245,611
|
|
|
|
|
|
|
|
|
|
|
Leander Independent School District
|
|
|
|
|
|
|
|
|
0.000%, 08/15/2031
|
|
|
500,000
|
|
|
|
191,660
|
|
|
|
|
|
|
|
|
|
|
Montgomery County Health
|
|
|
|
|
|
|
|
|
Facilities Development Corp.
|
|
|
|
|
|
|
|
|
0.000%, 07/15/2023
|
|
|
325,000
|
|
|
|
254,085
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Tollway Authority
|
|
|
|
|
|
|
0.000%, 01/01/2042
|
|
$
|
840,000
|
|
|
$
|
923,824
|
|
5.000%, 09/01/2029
|
|
|
720,000
|
|
|
|
845,474
|
|
|
|
|
|
|
|
|
11,379,707
|
|
Utah–0.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah Transit Authority
|
|
|
|
|
|
|
|
|
0.000%, 06/15/2029
|
|
|
450,000
|
|
|
|
217,935
|
|
|
|
|
|
|
|
|
|
|
Washington–0.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chelan County Public Utility No. 1
|
|
|
|
|
|
|
|
|
0.000%, 06/01/2023
|
|
|
655,000
|
|
|
|
476,100
|
|
0.000%, 06/01/2021
|
|
|
300,000
|
|
|
|
238,383
|
|
|
|
|
|
|
|
|
714,483
|
|
West Virginia–0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia University
|
|
|
|
|
|
|
|
|
0.000%, 04/01/2020
|
|
|
630,000
|
|
|
|
530,334
|
|
|
|
|
|
|
|
|
|
|
TOTAL MUNICIPAL BONDS
|
|
|
|
|
|
|
|
|
(COST $62,352,479)
|
|
|
|
|
|
|
62,835,492
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS–10.65%
|
|
|
|
|
|
|
|
|
First American Treasury
|
|
|
|
|
|
|
|
|
Obligations Fund, 0.000% (a)
|
|
|
18,768,373
|
|
|
|
18,768,373
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS
|
|
|
|
|
|
|
|
|
(COST $18,768,373)
|
|
|
|
|
|
|
18,768,373
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
|
|
|
|
(Cost $172,810,744)–100.65%
|
|
|
|
|
|
|
177,351,286
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF
|
|
|
|
|
|
|
|
|
OTHER ASSETS–(0.65)%
|
|
|
|
|
|
|
(1,152,480
|
)
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS–100.00%
|
|
|
|
|
|
$
|
176,198,806
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS–91.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona–2.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix Industrial
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
5.000%, 06/01/2027
|
|
$
|
500,000
|
|
|
$
|
565,915
|
|
|
|
|
|
|
|
|
|
|
Pima County Industrial
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
6.000%, 04/01/2016
|
|
|
50,000
|
|
|
|
51,321
|
|
6.500%, 04/01/2026
|
|
|
200,000
|
|
|
|
201,476
|
|
|
|
|
|
|
|
|
|
|
Tempe Industrial
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
6.250%, 12/01/2042
|
|
|
200,000
|
|
|
|
219,436
|
|
|
|
|
|
|
|
|
1,038,148
|
|
California–12.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abag Finance Authority for
|
|
|
|
|
|
|
|
|
Nonprofit Corporations
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2021
|
|
|
250,000
|
|
|
|
289,163
|
|
|
|
|
|
|
|
|
|
|
California Pollution Control
|
|
|
|
|
|
|
|
|
Financing Authority
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2037
|
|
|
500,000
|
|
|
|
526,225
|
|
|
|
|
|
|
|
|
|
|
California School Finance Authority
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2033
|
|
|
750,000
|
|
|
|
767,160
|
|
|
|
|
|
|
|
|
|
|
California Statewide Communities
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
4.000%, 09/01/2023
|
|
|
305,000
|
|
|
|
309,444
|
|
5.000%, 05/15/2027
|
|
|
250,000
|
|
|
|
281,555
|
|
|
|
|
|
|
|
|
|
|
City of Highland, CA
|
|
|
|
|
|
|
|
|
5.125%, 09/01/2024
|
|
|
125,000
|
|
|
|
133,000
|
|
|
|
|
|
|
|
|
|
|
City of Irvine, CA
|
|
|
|
|
|
|
|
|
4.000%, 09/02/2021
|
|
|
100,000
|
|
|
|
110,847
|
|
|
|
|
|
|
|
|
|
|
City of San Buenaventura, CA
|
|
|
|
|
|
|
|
|
8.000%, 12/01/2026
|
|
|
125,000
|
|
|
|
164,045
|
|
|
|
|
|
|
|
|
|
|
City of Yucaipa, CA
|
|
|
|
|
|
|
|
|
5.000%, 09/01/2026
|
|
|
200,000
|
|
|
|
212,500
|
|
|
|
|
|
|
|
|
|
|
El Dorado Union High School District
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2028
|
|
|
60,000
|
|
|
|
25,861
|
|
|
|
|
|
|
|
|
|
|
Manteca Unified School District
|
|
|
|
|
|
|
|
|
5.000%, 09/01/2024
|
|
|
115,000
|
|
|
|
134,550
|
|
|
|
|
|
|
|
|
|
|
National City Community
|
|
|
|
|
|
|
|
|
Development Commission
|
|
|
|
|
|
|
|
|
5.750%, 08/01/2021
|
|
|
100,000
|
|
|
|
114,457
|
|
|
|
|
|
|
|
|
|
|
Palmdale Community
|
|
|
|
|
|
|
|
|
Redevelopment Agency
|
|
|
|
|
|
|
|
|
0.000%, 12/01/2020
|
|
|
45,000
|
|
|
|
33,322
|
|
0.000%, 12/01/2019
|
|
|
75,000
|
|
|
|
58,815
|
|
|
|
|
|
|
|
|
|
|
Palmdale Elementary School District
|
|
|
|
|
|
|
|
|
0.000%, 08/01/2028
|
|
|
500,000
|
|
|
|
237,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverside County Public
|
|
|
|
|
|
|
|
|
Financing Authority
|
|
|
|
|
|
|
|
|
4.000%, 05/01/2024
|
|
|
425,000
|
|
|
|
444,903
|
|
|
|
|
|
|
|
|
|
|
San Francisco City & County
|
|
|
|
|
|
|
|
|
Airports Commission-San
|
|
|
|
|
|
|
|
|
Francisco International Airport
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2025
|
|
|
250,000
|
|
|
|
293,037
|
|
|
|
|
|
|
|
|
|
|
Wiseburn School District
|
|
|
|
|
|
|
|
|
5.000%, 08/01/2021
|
|
|
665,000
|
|
|
|
773,880
|
|
|
|
|
|
|
|
|
4,909,949
|
|
Colorado–3.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Educational &
|
|
|
|
|
|
|
|
|
Cultural Facilities Authority
|
|
|
|
|
|
|
|
|
5.000%, 06/01/2026
|
|
|
200,000
|
|
|
|
228,394
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority
|
|
|
|
|
|
|
|
|
5.125%, 01/01/2030
|
|
|
300,000
|
|
|
|
323,706
|
|
|
|
|
|
|
|
|
|
|
Denver Convention Center
|
|
|
|
|
|
|
|
|
Hotel Authority
|
|
|
|
|
|
|
|
|
5.250%, 12/01/2022
|
|
|
100,000
|
|
|
|
107,623
|
|
|
|
|
|
|
|
|
|
|
E-470 Public Highway Authority
|
|
|
|
|
|
|
|
|
0.000%, 09/01/2023
|
|
|
65,000
|
|
|
|
43,616
|
|
0.000%, 09/01/2020
|
|
|
410,000
|
|
|
|
324,199
|
|
0.000%, 09/01/2023
|
|
|
125,000
|
|
|
|
83,878
|
|
0.000%, 09/01/2020
|
|
|
65,000
|
|
|
|
51,397
|
|
0.000%, 09/01/2022
|
|
|
255,000
|
|
|
|
182,611
|
|
|
|
|
|
|
|
|
1,345,424
|
|
Connecticut–0.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut State Health &
|
|
|
|
|
|
|
|
|
Educational Facility Authority
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2026
|
|
|
150,000
|
|
|
|
166,230
|
|
|
|
|
|
|
|
|
|
|
District of Columbia–1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia
|
|
|
|
|
|
|
|
|
6.250%, 10/01/2032
|
|
|
390,000
|
|
|
|
474,642
|
|
|
|
|
|
|
|
|
|
|
Florida–14.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belle Isle, FL
|
|
|
|
|
|
|
|
|
5.500%, 10/01/2022
|
|
|
500,000
|
|
|
|
505,540
|
|
|
|
|
|
|
|
|
|
|
Citizens Property Insurance Corp.
|
|
|
|
|
|
|
|
|
5.000%, 06/01/2022
|
|
|
500,000
|
|
|
|
593,455
|
|
5.500%, 06/01/2016
|
|
|
30,000
|
|
|
|
34,199
|
|
|
|
|
|
|
|
|
|
|
City of Lakeland, FL
|
|
|
|
|
|
|
|
|
5.000%, 09/01/2042
|
|
|
470,000
|
|
|
|
511,454
|
|
|
|
|
|
|
|
|
|
|
City of North Miami Beach, FL
|
|
|
|
|
|
|
|
|
5.000%, 08/01/2023
|
|
|
130,000
|
|
|
|
154,925
|
|
|
|
|
|
|
|
|
|
|
City of St. Augustine, FL
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2034
|
|
|
250,000
|
|
|
|
287,907
|
|
|
|
|
|
|
|
|
|
|
County of Miami-Dade, FL
|
|
|
|
|
|
|
|
|
Aviation Revenue
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2027
|
|
|
375,000
|
|
|
|
433,279
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
Escambia County Health
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
4.250%, 08/15/2016
|
|
$
|
120,000
|
|
|
$
|
129,609
|
|
5.125%, 08/15/2020
|
|
|
105,000
|
|
|
|
122,605
|
|
5.500%, 08/15/2024
|
|
|
400,000
|
|
|
|
465,396
|
|
6.000%, 08/15/2036
|
|
|
460,000
|
|
|
|
534,129
|
|
|
|
|
|
|
|
|
|
|
Lee County Industrial
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
5.000%, 11/01/2025
|
|
|
150,000
|
|
|
|
171,592
|
|
|
|
|
|
|
|
|
|
|
Martin County Health
|
|
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
|
|
5.000%, 11/15/2028
|
|
|
650,000
|
|
|
|
720,512
|
|
|
|
|
|
|
|
|
|
|
Miromar Lakes Community
|
|
|
|
|
|
|
|
|
Development District
|
|
|
|
|
|
|
|
|
4.875%, 05/01/2022
|
|
|
200,000
|
|
|
|
200,354
|
|
|
|
|
|
|
|
|
|
|
Orange County Health
|
|
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
|
|
4.000%, 06/01/2022
|
|
|
250,000
|
|
|
|
270,207
|
|
|
|
|
|
|
|
|
|
|
Palace Coral Gables Community
|
|
|
|
|
|
|
|
|
Development District
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2032
|
|
|
100,000
|
|
|
|
113,504
|
|
|
|
|
|
|
|
|
|
|
Venetian Community
|
|
|
|
|
|
|
|
|
Development District
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2023
|
|
|
200,000
|
|
|
|
210,184
|
|
|
|
|
|
|
|
|
5,458,851
|
|
Georgia–0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Atlanta, GA
|
|
|
|
|
|
|
|
|
5.500%, 11/01/2027
|
|
|
35,000
|
|
|
|
42,680
|
|
|
|
|
|
|
|
|
|
|
Main Street Natural Gas, Inc.
|
|
|
|
|
|
|
|
|
5.000%, 03/15/2018
|
|
|
25,000
|
|
|
|
28,532
|
|
5.000%, 03/15/2017
|
|
|
65,000
|
|
|
|
72,992
|
|
|
|
|
|
|
|
|
144,204
|
|
Guam–1.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Power Authority
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2024
|
|
|
400,000
|
|
|
|
463,960
|
|
5.000%, 10/01/2023
|
|
|
150,000
|
|
|
|
174,661
|
|
|
|
|
|
|
|
|
638,621
|
|
Hawaii–1.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii State Department of
|
|
|
|
|
|
|
|
|
Budget & Finance
|
|
|
|
|
|
|
|
|
5.000%, 11/15/2027
|
|
|
150,000
|
|
|
|
166,531
|
|
5.125%, 11/15/2032
|
|
|
375,000
|
|
|
|
412,084
|
|
|
|
|
|
|
|
|
578,615
|
|
Illinois–3.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority
|
|
|
|
|
|
|
|
|
5.000%, 11/01/2027
|
|
|
120,000
|
|
|
|
133,231
|
|
5.125%, 02/01/2026
|
|
|
150,000
|
|
|
|
158,037
|
|
5.750%, 05/15/2031
|
|
|
150,000
|
|
|
|
159,143
|
|
|
|
|
|
|
|
|
|
|
Railsplitter Tobacco
|
|
|
|
|
|
|
|
|
Settlement Authority
|
|
|
|
|
|
|
|
|
6.000%, 06/01/2028
|
|
|
350,000
|
|
|
|
419,062
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation Authority
|
|
|
|
|
|
|
|
|
6.000%, 06/01/2023
|
|
|
25,000
|
|
|
|
31,439
|
|
|
|
|
|
|
|
|
|
|
Round Lake, IL Lakewood Grove
|
|
|
|
|
|
|
|
|
Special Service Area No. 3
|
|
|
|
|
|
|
|
|
4.700%, 03/01/2033
|
|
|
200,000
|
|
|
|
205,262
|
|
|
|
|
|
|
|
|
|
|
State of Illinois
|
|
|
|
|
|
|
|
|
5.000%, 01/01/2019
|
|
|
20,000
|
|
|
|
23,068
|
|
|
|
|
|
|
|
|
|
|
Village of Franklin Park, IL
|
|
|
|
|
|
|
|
|
6.250%, 07/01/2030
|
|
|
200,000
|
|
|
|
241,164
|
|
|
|
|
|
|
|
|
1,370,406
|
|
Indiana–2.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana Bond Bank
|
|
|
|
|
|
|
|
|
5.250%, 10/15/2020
|
|
|
95,000
|
|
|
|
110,781
|
|
|
|
|
|
|
|
|
|
|
Indiana Finance Authority
|
|
|
|
|
|
|
|
|
5.000%, 03/01/2023
|
|
|
125,000
|
|
|
|
142,246
|
|
5.000%, 05/01/2021
|
|
|
35,000
|
|
|
|
40,441
|
|
5.500%, 11/15/2026
|
|
|
100,000
|
|
|
|
115,362
|
|
|
|
|
|
|
|
|
|
|
Indiana Health & Educational
|
|
|
|
|
|
|
|
|
Facilities Financing Authority
|
|
|
|
|
|
|
|
|
5.500%, 03/01/2037
|
|
|
350,000
|
|
|
|
382,802
|
|
|
|
|
|
|
|
|
791,632
|
|
Iowa–0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa Higher Education Loan Authority
|
|
|
|
|
|
|
|
|
5.625%, 10/01/2026
|
|
|
150,000
|
|
|
|
164,796
|
|
|
|
|
|
|
|
|
|
|
Iowa Student Loan Liquidity Corp.
|
|
|
|
|
|
|
|
|
5.300%, 12/01/2023
|
|
|
120,000
|
|
|
|
136,236
|
|
|
|
|
|
|
|
|
301,032
|
|
Kentucky–0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Russell, KY
|
|
|
|
|
|
|
|
|
5.000%, 11/01/2022
|
|
|
300,000
|
|
|
|
345,615
|
|
|
|
|
|
|
|
|
|
|
Louisiana–1.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jefferson Parish Hospital Service
|
|
|
|
|
|
|
|
|
District No. 1
|
|
|
|
|
|
|
|
|
5.375%, 01/01/2031
|
|
|
100,000
|
|
|
|
112,437
|
|
|
|
|
|
|
|
|
|
|
Louisiana Local Government
|
|
|
|
|
|
|
|
|
Environmental Facilities &
|
|
|
|
|
|
|
|
|
Community Development
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2020
|
|
|
135,000
|
|
|
|
160,712
|
|
6.500%, 08/01/2029
|
|
|
250,000
|
|
|
|
299,628
|
|
|
|
|
|
|
|
|
572,777
|
|
Maine–1.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine Health & Higher Educational
|
|
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2019
|
|
|
40,000
|
|
|
|
45,712
|
|
6.000%, 07/01/2026
|
|
|
325,000
|
|
|
|
392,327
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine Health & Higher Educational
|
|
|
|
|
|
|
Facilities Authority (Cont.)
|
|
|
|
|
|
|
7.500%, 07/01/2032
|
|
$
|
150,000
|
|
|
$
|
193,613
|
|
|
|
|
|
|
|
|
631,652
|
|
Michigan–4.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Detroit MI Sewage Disposal
|
|
|
|
|
|
|
|
|
System Revenue
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2018
|
|
|
250,000
|
|
|
|
282,955
|
|
|
|
|
|
|
|
|
|
|
Kentwood Economic
|
|
|
|
|
|
|
|
|
Development Corp.
|
|
|
|
|
|
|
|
|
5.375%, 11/15/2027
|
|
|
400,000
|
|
|
|
428,892
|
|
|
|
|
|
|
|
|
|
|
Michigan Finance Authority
|
|
|
|
|
|
|
|
|
5.000%, 02/01/2033
|
|
|
500,000
|
|
|
|
512,885
|
|
7.000%, 10/01/2031
|
|
|
250,000
|
|
|
|
270,550
|
|
|
|
|
|
|
|
|
|
|
Star International Academy
|
|
|
|
|
|
|
|
|
5.000%, 03/01/2033
|
|
|
125,000
|
|
|
|
127,222
|
|
|
|
|
|
|
|
|
1,622,504
|
|
Minnesota–0.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Paul Housing &
|
|
|
|
|
|
|
|
|
Redevelopment Authority
|
|
|
|
|
|
|
|
|
6.375%, 09/01/2031
|
|
|
150,000
|
|
|
|
162,936
|
|
|
|
|
|
|
|
|
|
|
Missouri–0.82%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis County Industrial
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
4.500%, 09/01/2023
|
|
|
140,000
|
|
|
|
152,876
|
|
5.500%, 09/01/2028
|
|
|
150,000
|
|
|
|
158,341
|
|
|
|
|
|
|
|
|
311,217
|
|
New Hampshire–1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire Business
|
|
|
|
|
|
|
|
|
Finance Authority
|
|
|
|
|
|
|
|
|
5.000%, 10/01/2018
|
|
|
200,000
|
|
|
|
231,600
|
|
|
|
|
|
|
|
|
|
|
New Hampshire Health &
|
|
|
|
|
|
|
|
|
Education Facilities Authority
|
|
|
|
|
|
|
|
|
5.300%, 07/01/2017
|
|
|
150,000
|
|
|
|
150,185
|
|
5.600%, 10/01/2022
|
|
|
90,000
|
|
|
|
91,646
|
|
|
|
|
|
|
|
|
473,431
|
|
New Jersey–4.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Economic
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2022
|
|
|
500,000
|
|
|
|
525,835
|
|
5.000%, 06/15/2023
|
|
|
250,000
|
|
|
|
290,220
|
|
5.750%, 06/15/2029
|
|
|
100,000
|
|
|
|
107,039
|
|
6.000%, 07/01/2032
|
|
|
150,000
|
|
|
|
164,334
|
|
|
|
|
|
|
|
|
|
|
New Jersey Health Care Facilities
|
|
|
|
|
|
|
|
|
Financing Authority
|
|
|
|
|
|
|
|
|
4.500%, 07/01/2021
|
|
|
20,000
|
|
|
|
23,233
|
|
|
|
|
|
|
|
|
|
|
New Jersey Higher Education
|
|
|
|
|
|
|
|
|
Student Assistance Authority
|
|
|
|
|
|
|
|
|
5.000%, 12/01/2022
|
|
|
500,000
|
|
|
|
560,980
|
|
|
|
|
|
|
|
|
|
|
New Jersey Transportation Trust
|
|
|
|
|
|
|
|
|
Fund Authority
|
|
|
|
|
|
|
|
|
5.500%, 06/15/2031
|
|
|
100,000
|
|
|
|
120,313
|
|
|
|
|
|
|
|
|
1,791,954
|
|
New York–2.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suffolk County Economic
|
|
|
|
|
|
|
|
|
Development Corp.
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2028
|
|
|
300,000
|
|
|
|
337,533
|
|
|
|
|
|
|
|
|
|
|
Tompkins County Development Corp.
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2027
|
|
|
500,000
|
|
|
|
547,230
|
|
|
|
|
|
|
|
|
884,763
|
|
North Carolina–0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Capital Facilities
|
|
|
|
|
|
|
|
|
Finance Agency
|
|
|
|
|
|
|
|
|
4.000%, 03/01/2026
|
|
|
175,000
|
|
|
|
178,043
|
|
|
|
|
|
|
|
|
|
|
Ohio–1.48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
County of Hamilton, OH
|
|
|
|
|
|
|
|
|
5.250%, 06/01/2023
|
|
|
100,000
|
|
|
|
118,922
|
|
|
|
|
|
|
|
|
|
|
Southeastern Ohio Port Authority
|
|
|
|
|
|
|
|
|
5.750%, 12/01/2032
|
|
|
400,000
|
|
|
|
444,044
|
|
|
|
|
|
|
|
|
562,966
|
|
Oklahoma–0.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma Development
|
|
|
|
|
|
|
|
|
Finance Authority
|
|
|
|
|
|
|
|
|
4.500%, 01/01/2021
|
|
|
240,000
|
|
|
|
245,710
|
|
|
|
|
|
|
|
|
|
|
Oregon–1.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multnomah County Hospital
|
|
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
|
|
5.000%, 12/01/2029
|
|
|
250,000
|
|
|
|
279,615
|
|
|
|
|
|
|
|
|
|
|
Oregon State Facilities Authority
|
|
|
|
|
|
|
|
|
3.625%, 07/01/2021
|
|
|
150,000
|
|
|
|
157,645
|
|
|
|
|
|
|
|
|
|
|
State of Oregon Housing &
|
|
|
|
|
|
|
|
|
Community Services Department
|
|
|
|
|
|
|
|
|
4.750%, 07/01/2026
|
|
|
75,000
|
|
|
|
80,879
|
|
5.000%, 01/01/2026
|
|
|
100,000
|
|
|
|
111,486
|
|
|
|
|
|
|
|
|
629,625
|
|
Pennsylvania–5.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clairton Municipal Authority
|
|
|
|
|
|
|
|
|
4.000%, 12/01/2022
|
|
|
400,000
|
|
|
|
419,400
|
|
|
|
|
|
|
|
|
|
|
Delaware County Authority
|
|
|
|
|
|
|
|
|
4.000%, 10/01/2022
|
|
|
300,000
|
|
|
|
306,924
|
|
5.000%, 06/01/2023
|
|
|
200,000
|
|
|
|
213,992
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
PRINCIPAL
|
|
|
|
|
|
|
AMOUNT
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
Montgomery County Industrial
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
5.000%, 11/15/2023
|
|
$
|
105,000
|
|
|
$
|
124,168
|
|
|
|
|
|
|
|
|
|
|
Northampton County Industrial
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2032
|
|
|
275,000
|
|
|
|
288,134
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Higher Educational
|
|
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
|
|
4.000%, 10/01/2023
|
|
|
165,000
|
|
|
|
173,580
|
|
4.000%, 10/01/2022
|
|
|
400,000
|
|
|
|
425,520
|
|
|
|
|
|
|
|
|
|
|
Philadelphia Authority for
|
|
|
|
|
|
|
|
|
Industrial Development
|
|
|
|
|
|
|
|
|
5.375%, 06/15/2030
|
|
|
135,000
|
|
|
|
146,434
|
|
|
|
|
|
|
|
|
2,098,152
|
|
Puerto Rico–0.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority
|
|
|
|
|
|
|
|
|
5.250%, 07/01/2027
|
|
|
100,000
|
|
|
|
102,806
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp.
|
|
|
|
|
|
|
|
|
5.000%, 08/01/2024
|
|
|
150,000
|
|
|
|
161,380
|
|
|
|
|
|
|
|
|
264,186
|
|
Tennessee–2.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Johnson City Health & Educational
|
|
|
|
|
|
|
|
|
Facilities Board
|
|
|
|
|
|
|
|
|
5.625%, 07/01/2030
|
|
|
280,000
|
|
|
|
331,417
|
|
6.000%, 07/01/2038
|
|
|
260,000
|
|
|
|
308,854
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Government Nashville
|
|
|
|
|
|
|
|
|
& Davidson County Health &
|
|
|
|
|
|
|
|
|
Educational Facilities Board
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2027
|
|
|
335,000
|
|
|
|
365,468
|
|
|
|
|
|
|
|
|
|
|
Tennessee Energy Acquisition Corp.
|
|
|
|
|
|
|
|
|
5.000%, 02/01/2015
|
|
|
30,000
|
|
|
|
32,094
|
|
5.000%, 02/01/2020
|
|
|
40,000
|
|
|
|
45,895
|
|
|
|
|
|
|
|
|
1,083,728
|
|
Texas–4.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Houston, TX Airport
|
|
|
|
|
|
|
|
|
System Revenue
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2025
|
|
|
105,000
|
|
|
|
120,526
|
|
6.500%, 07/15/2030
|
|
|
100,000
|
|
|
|
112,393
|
|
|
|
|
|
|
|
|
|
|
Lufkin Health Facilities
|
|
|
|
|
|
|
|
|
Development Corp.
|
|
|
|
|
|
|
|
|
6.000%, 02/15/2024
|
|
|
135,000
|
|
|
|
151,966
|
|
|
|
|
|
|
|
|
|
|
Port Freeport, TX
|
|
|
|
|
|
|
|
|
5.950%, 05/15/2033
|
|
|
100,000
|
|
|
|
115,748
|
|
|
|
|
|
|
|
|
|
|
Texas Municipal Gas Acquisition
|
|
|
|
|
|
|
|
|
& Supply Corp. III
|
|
|
|
|
|
|
|
|
5.000%, 12/15/2032
|
|
|
500,000
|
|
|
|
541,365
|
|
5.000%, 12/15/2027
|
|
|
500,000
|
|
|
|
553,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Private Activity Board Surface
|
|
|
|
|
|
|
|
|
Transportation Corp.
|
|
|
|
|
|
|
|
|
7.000%, 06/30/2040
|
|
|
195,000
|
|
|
|
236,336
|
|
|
|
|
|
|
|
|
1,831,664
|
|
Utah–0.95%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah State Charter School
|
|
|
|
|
|
|
|
|
Finance Authority
|
|
|
|
|
|
|
|
|
6.300%, 07/15/2032
|
|
|
335,000
|
|
|
|
359,958
|
|
|
|
|
|
|
|
|
|
|
Vermont–0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont Economic
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2021
|
|
|
100,000
|
|
|
|
106,967
|
|
|
|
|
|
|
|
|
|
|
Virginia–3.26%
|
|
|
|
|
|
|
|
|
Route 460 Funding Corp.
|
|
|
|
|
|
|
|
|
5.125%, 07/01/2049
|
|
|
500,000
|
|
|
|
546,275
|
|
|
|
|
|
|
|
|
|
|
Virginia Small Business
|
|
|
|
|
|
|
|
|
Financing Authority
|
|
|
|
|
|
|
|
|
4.500%, 01/01/2023
|
|
|
135,000
|
|
|
|
144,543
|
|
5.000%, 01/01/2027
|
|
|
250,000
|
|
|
|
273,353
|
|
5.500%, 01/01/2042
|
|
|
250,000
|
|
|
|
274,637
|
|
|
|
|
|
|
|
|
1,238,808
|
|
Washington–0.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington Health Care
|
|
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
|
|
5.000%, 12/01/2032
|
|
|
250,000
|
|
|
|
269,607
|
|
|
|
|
|
|
|
|
|
|
Wisconsin–4.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plateville Redevelopment Authority
|
|
|
|
|
|
|
|
|
5.000%, 07/01/2022
|
|
|
650,000
|
|
|
|
727,500
|
|
|
|
|
|
|
|
|
|
|
Public Finance Authority
|
|
|
|
|
|
|
|
|
6.250%, 12/01/2042
|
|
|
500,000
|
|
|
|
501,385
|
|
|
|
|
|
|
|
|
|
|
Wisconsin Health & Educational
|
|
|
|
|
|
|
|
|
Facilities Authority
|
|
|
|
|
|
|
|
|
5.000%, 08/15/2022
|
|
|
100,000
|
|
|
|
111,038
|
|
5.125%, 08/15/2019
|
|
|
40,000
|
|
|
|
45,051
|
|
5.250%, 08/15/2034
|
|
|
130,000
|
|
|
|
138,755
|
|
|
|
|
|
|
|
|
1,523,729
|
|
Wyoming–1.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Teton County Hospital District
|
|
|
|
|
|
|
|
|
5.000%, 12/01/2021
|
|
|
35,000
|
|
|
|
41,168
|
|
5.500%, 12/01/2027
|
|
|
150,000
|
|
|
|
175,862
|
|
|
|
|
|
|
|
|
|
|
Wyoming Community
|
|
|
|
|
|
|
|
|
Development Authority
|
|
|
|
|
|
|
|
|
6.250%, 07/01/2031
|
|
|
210,000
|
|
|
|
234,488
|
|
|
|
|
|
|
|
|
451,518
|
|
TOTAL MUNICIPAL BONDS
|
|
|
|
|
|
|
|
|
(COST $33,387,915)
|
|
|
|
|
|
|
34,859,264
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)
February 28, 2013 (Unaudited)
|
|
SHARES
|
|
|
VALUE
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS–8.66%
|
|
|
|
|
|
|
Fidelity Institutional Money Market
|
|
|
|
|
|
|
Funds–Tax-Exempt
|
|
|
|
|
|
|
Portfolio, 0.010% (a)
|
|
|
3,287,210
|
|
|
$
|
3,287,210
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS
|
|
|
|
|
|
|
|
|
(Cost $3,287,210)
|
|
|
|
|
|
|
3,287,210
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
|
|
|
|
(Cost $36,675,125)–100.52%
|
|
|
|
|
|
|
38,146,474
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF
|
|
|
|
|
|
|
|
|
OTHER ASSETS–(0.52)%
|
|
|
|
|
|
|
(196,366
|
)
|
TOTAL NET ASSETS–100.00%
|
|
|
|
|
|
$
|
37,950,108
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
STATEMENTS OF OPERATIONS
For the Six Months Ended February 28, 2013 (Unaudited)
|
|
Performance Trust
|
|
|
Performance Trust
|
|
|
|
Total Return
|
|
|
Municipal
|
|
|
|
Bond Fund
|
|
|
Bond Fund
(1)
|
|
Investment Income
|
|
|
|
|
|
|
Interest income
|
|
$
|
2,248,239
|
|
|
$
|
596,471
|
|
Total Investment Income
|
|
|
2,248,239
|
|
|
|
596,471
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Advisory fees
|
|
|
305,582
|
|
|
|
59,551
|
|
Administration and accounting fees
|
|
|
62,486
|
|
|
|
57,171
|
|
Transfer agent fees and expenses
|
|
|
15,893
|
|
|
|
17,242
|
|
Federal and state registration fees
|
|
|
14,429
|
|
|
|
14,248
|
|
Audit and tax fees
|
|
|
8,949
|
|
|
|
9,356
|
|
Legal fees
|
|
|
7,429
|
|
|
|
7,887
|
|
Custody fees
|
|
|
7,344
|
|
|
|
2,997
|
|
Chief Compliance Officer fees and expenses
|
|
|
5,973
|
|
|
|
5,973
|
|
Trustees’ fees and related expenses
|
|
|
3,053
|
|
|
|
3,053
|
|
Reports to shareholders
|
|
|
1,875
|
|
|
|
1,753
|
|
Distribution fees
|
|
|
—
|
|
|
|
105
|
|
Other expenses
|
|
|
2,697
|
|
|
|
2,077
|
|
Total Expenses
|
|
|
435,710
|
|
|
|
181,413
|
|
Expense recovery or (waivers) by Adviser (Note 4)
|
|
|
47,872
|
|
|
|
(99,425
|
)
|
Net Expenses
|
|
|
483,582
|
|
|
|
81,988
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
1,764,657
|
|
|
|
514,483
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) on Investments
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
Investments
|
|
|
455,710
|
|
|
|
226,190
|
|
Change in net unrealized appreciation from investments
|
|
|
2,231,189
|
|
|
|
431,780
|
|
Net Realized and Unrealized Gain (Loss) on Investments
|
|
|
2,686,899
|
|
|
|
657,970
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets from Operations
|
|
$
|
4,451,556
|
|
|
$
|
1,172,453
|
|
(1)
|
The Retail Class shares of the Municipal Bond Fund commenced operations on September 28, 2012.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Total Return Bond Fund
|
|
Six Months Ended
|
|
|
|
|
|
|
February 28, 2013
|
|
|
Year Ended
|
|
|
|
(Unaudited)
|
|
|
August 31, 2012
|
|
From Operations
|
|
|
|
|
|
|
Net investment income
|
|
$
|
1,764,657
|
|
|
$
|
1,463,907
|
|
Net realized gain from investments
|
|
|
455,710
|
|
|
|
500,082
|
|
Change in net unrealized appreciation from investments
|
|
|
2,231,189
|
|
|
|
1,798,494
|
|
Net increase in net assets from operations
|
|
|
4,451,556
|
|
|
|
3,762,483
|
|
|
|
|
|
|
|
|
|
|
From Distributions
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(2,009,554
|
)
|
|
|
(1,730,414
|
)
|
Net realized gain on investments
|
|
|
(350,347
|
)
|
|
|
(113,771
|
)
|
Net decrease in net assets resulting from distributions paid
|
|
|
(2,359,901
|
)
|
|
|
(1,844,185
|
)
|
|
|
|
|
|
|
|
|
|
From Capital Share Transactions
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
142,488,916
|
|
|
|
30,197,363
|
|
Shares issued in reinvestment of distributions declared
|
|
|
1,334,378
|
|
|
|
819,691
|
|
Cost for shares redeemed
|
|
|
(14,295,582
|
)
|
|
|
(11,539,631
|
)
|
Net increase in net assets from capital share transactions
|
|
|
129,527,712
|
|
|
|
19,477,423
|
|
|
|
|
|
|
|
|
|
|
Total Increase in Net Assets
|
|
|
131,619,367
|
|
|
|
21,395,721
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
44,579,439
|
|
|
|
23,183,718
|
|
End of period
|
|
$
|
176,198,806
|
|
|
$
|
44,579,439
|
|
|
|
|
|
|
|
|
|
|
Accumulated Undistributed Net Investment Income (Loss)
|
|
$
|
(241,374
|
)
|
|
$
|
3,523
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
STATEMENTS OF CHANGES IN NET ASSETS
Performance Trust Municipal Bond Fund
|
|
Six Months Ended
|
|
|
|
|
|
|
February 28, 2013
(1)
|
|
|
Year Ended
|
|
|
|
(Unaudited)
|
|
|
August 31, 2012
|
|
From Operations
|
|
|
|
|
|
|
Net investment income
|
|
$
|
514,483
|
|
|
$
|
383,307
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
Investments
|
|
|
226,190
|
|
|
|
255,256
|
|
Short transactions
|
|
|
—
|
|
|
|
(201
|
)
|
Change in net unrealized appreciation from investments
|
|
|
431,780
|
|
|
|
1,007,094
|
|
Net increase in net assets from operations
|
|
|
1,172,453
|
|
|
|
1,645,456
|
|
|
|
|
|
|
|
|
|
|
From Distributions
|
|
|
|
|
|
|
|
|
Net investment income – Institutional Class
|
|
|
(499,748
|
)
|
|
|
(381,196
|
)
|
Net investment income – Retail Class
|
|
|
(1,280
|
)
|
|
|
—
|
|
Net realized gain on investments – Institutional Class
|
|
|
(317,794
|
)
|
|
|
(14,915
|
)
|
Net realized gain on investments – Retail Class
|
|
|
(927
|
)
|
|
|
—
|
|
Net decrease in net assets resulting from distributions paid
|
|
|
(819,749
|
)
|
|
|
(396,111
|
)
|
|
|
|
|
|
|
|
|
|
From Capital Share Transactions
|
|
|
|
|
|
|
|
|
Proceeds from shares sold – Institutional Class
|
|
|
23,646,165
|
|
|
|
16,792,987
|
|
Proceeds from shares sold – Retail Class
|
|
|
100,000
|
|
|
|
—
|
|
Shares issued in reinvestment of distributions declared – Institutional Class
|
|
|
615,549
|
|
|
|
343,839
|
|
Shares issued in reinvestment of distributions declared – Retail Class
|
|
|
2,207
|
|
|
|
—
|
|
Cost for shares redeemed – Institutional Class
|
|
|
(7,609,008
|
)
|
|
|
(2,381,827
|
)
|
Net increase in net assets from capital share transactions
|
|
|
16,754,913
|
|
|
|
14,754,999
|
|
|
|
|
|
|
|
|
|
|
Total Increase in Net Assets
|
|
|
17,107,617
|
|
|
|
16,004,344
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
20,842,491
|
|
|
|
4,838,147
|
|
End of period
|
|
$
|
37,950,108
|
|
|
$
|
20,842,491
|
|
|
|
|
|
|
|
|
|
|
Accumulated Undistributed Net Investment Income
|
|
$
|
15,504
|
|
|
$
|
2,049
|
|
(1)
|
The Retail Class shares commenced operations on September 28, 2012.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST TOTAL RETURN BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
February 28, 2013
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
(Unaudited)
|
|
|
August 31, 2012
|
|
|
August 31, 2011
|
|
Net Asset Value, Beginning of Period
|
|
$
|
22.39
|
|
|
$
|
21.14
|
|
|
$
|
20.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(1)
|
|
|
0.39
|
|
|
|
1.05
|
|
|
|
0.95
|
|
Net realized and unrealized gain on investments
|
|
|
0.79
|
|
|
|
1.52
|
|
|
|
0.91
|
|
Total from investment operations
|
|
|
1.18
|
|
|
|
2.57
|
|
|
|
1.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.42
|
)
|
|
|
(1.23
|
)
|
|
|
(0.71
|
)
|
From net realized gain on investments
|
|
|
(0.07
|
)
|
|
|
(0.09
|
)
|
|
|
(0.01
|
)
|
Total distributions paid
|
|
|
(0.49
|
)
|
|
|
(1.32
|
)
|
|
|
(0.72
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of Period
|
|
$
|
23.08
|
|
|
$
|
22.39
|
|
|
$
|
21.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
(2)
|
|
|
5.31
|
%
|
|
|
12.61
|
%
|
|
|
9.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (000’s)
|
|
$
|
176,199
|
|
|
$
|
44,579
|
|
|
$
|
23,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Before waiver, expense reimbursement and recoupment
(3)
|
|
|
0.86
|
%
|
|
|
1.34
|
%
|
|
|
1.65
|
%
|
After waiver, expense reimbursement and recoupment
(3)
|
|
|
0.95
|
%
|
|
|
0.95
|
%
|
|
|
0.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Before waiver, expense reimbursement and recoupment
(3)
|
|
|
3.57
|
%
|
|
|
4.47
|
%
|
|
|
3.80
|
%
|
After waiver, expense reimbursement and recoupment
(3)
|
|
|
3.48
|
%
|
|
|
4.86
|
%
|
|
|
4.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate
(2)
|
|
|
15.44
|
%
|
|
|
52.42
|
%
|
|
|
77.86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Per share net investment income was calculated using the average shares outstanding method.
|
(2)
|
Not annualized for periods less than one year.
|
(3)
|
Annualized for periods less than one year.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
February 28, 2013
|
|
|
Year Ended
|
|
|
Period Ended
|
|
|
|
(Unaudited)
|
|
|
August 31, 2012
|
|
|
August 31, 2011
(1)
|
|
Institutional Class Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, Beginning of Period
|
|
$
|
22.81
|
|
|
$
|
20.18
|
|
|
$
|
20.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(2)
|
|
|
0.40
|
|
|
|
0.79
|
|
|
|
0.05
|
|
Net realized and unrealized gain on investments
|
|
|
0.59
|
|
|
|
2.64
|
|
|
|
0.17
|
|
Total from investment operations
|
|
|
0.99
|
|
|
|
3.43
|
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.37
|
)
|
|
|
(0.76
|
)
|
|
|
(0.04
|
)
|
From net realized gain on investments
|
|
|
(0.21
|
)
|
|
|
(0.04
|
)
|
|
|
—
|
|
Total distributions paid
|
|
|
(0.58
|
)
|
|
|
(0.80
|
)
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of Period
|
|
$
|
23.22
|
|
|
$
|
22.81
|
|
|
$
|
20.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
(3)
|
|
|
4.34
|
%
|
|
|
17.38
|
%
|
|
|
1.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period (000’s)
|
|
$
|
37,847
|
|
|
$
|
20,842
|
|
|
$
|
4,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Before waiver and expense reimbursement
(4)
|
|
|
1.22
|
%
|
|
|
2.29
|
%
|
|
|
7.66
|
%
|
After waiver and expense reimbursement
(4)
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
0.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Before waiver and expense reimbursement
(4)
|
|
|
2.79
|
%
|
|
|
1.86
|
%
|
|
|
(5.69
|
)%
|
After waiver and expense reimbursement
(4)
|
|
|
3.46
|
%
|
|
|
3.60
|
%
|
|
|
1.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate
(3)
|
|
|
46.80
|
%
|
|
|
131.34
|
%
|
|
|
15.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Institutional Class shares commenced operations on June 30, 2011.
|
(2)
|
Per share net investment income was calculated using the average shares outstanding method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout the Period
|
|
Period Ended
|
|
|
|
February 28, 2013
(1)
|
|
|
|
(Unaudited)
|
|
Retail Class Shares
|
|
|
|
|
|
|
|
Net Asset Value, Beginning of Period
|
|
$
|
22.96
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
Net investment income
(2)
|
|
|
0.30
|
|
Net realized and unrealized gain on investments
|
|
|
0.46
|
|
Total from investment operations
|
|
|
0.76
|
|
|
|
|
|
|
Less distributions paid:
|
|
|
|
|
From net investment income
|
|
|
(0.29
|
)
|
From net realized gain on investments
|
|
|
(0.21
|
)
|
Total distributions paid
|
|
|
(0.50
|
)
|
|
|
|
|
|
Net Asset Value, End of Period
|
|
$
|
23.22
|
|
|
|
|
|
|
Total Return
(3)
|
|
|
3.35
|
%
|
|
|
|
|
|
Supplemental Data and Ratios:
|
|
|
|
|
Net assets at end of period (000’s)
|
|
$
|
103
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
Before waiver and expense reimbursement
(4)
|
|
|
1.47
|
%
|
After waiver and expense reimbursement
(4)
|
|
|
0.80
|
%
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets:
|
|
|
|
|
Before waiver and expense reimbursement
(4)
|
|
|
2.50
|
%
|
After waiver and expense reimbursement
(4)
|
|
|
3.17
|
%
|
|
|
|
|
|
Portfolio turnover rate
(3)
|
|
|
46.80
|
%
|
(1) The Retail Class shares commenced operations on September 28, 2012.
(2)
|
Per share net investment income was calculated using the average shares outstanding method.
|
The accompanying notes are an integral part of these financial statements.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS
February 28, 2013 (Unaudited)
|
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Performance Trust Mutual Funds (the “Funds”) are comprised of the Performance Trust Total Return Bond Fund (the “Total Return Bond Fund”) and the Performance Trust Municipal Bond Fund (the “Municipal Bond Fund”), each representing a distinct diversified series with their own investment objectives and policies within the Trust. The investment objective of the Total Return Bond Fund is to purchase undervalued fixed income assets and achieve investment returns through interest income and potential capital appreciation. The investment objective of the Municipal Bond Fund is to provide a high level of current interest income that is substantially exempt from regular federal income taxes and is consistent with preservation of capital. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The assets of the Funds are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Total Return Bond Fund became effective on August 31, 2010 and commenced investment operations on September 1, 2010. The Municipal Bond Fund became effective on June 29, 2011 and commenced operations on June 30, 2011 and September 28, 2012 for the Institutional and Retail Class shares, respectively. Costs incurred by the Funds in connection with the organization and the initial public offering of shares were paid by Performance Trust Investment Advisors, LLC (the “Adviser”), the Funds’ investment adviser.
|
2.
Significant Accounting Policies
|
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
|
|
Each security owned by the Funds that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the stock is traded.
|
|
Fund securities listed on the NASDAQ Stock Market, Inc. (“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 the mean between the bid and asked prices on such day.
|
|
U.S. government securities valued by a pricing service (a “Pricing Service”) are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Securities are valued principally using prices furnished by a Pricing Service. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be generally categorized as Level 3.
|
|
Asset-backed and mortgage-backed securities are priced by a Pricing Service. The fair value of the securities is estimated using various valuation techniques including models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. Additional inputs such as the security and the creditworthiness of the underlying collateral and quotes from outside brokers for the same or similar issuances are considered in developing the fair value estimate. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be generally categorized as Level 3.
|
|
Municipal bonds are priced by a Pricing Service. The fair value of municipal bonds is generally evaluated in a manner similar to asset backed securities. A discounted cash flow methodology is employed using a benchmark yield and estimated cash flows for each bond, as well as an estimated discount for liquidity. Additional inputs such as calls of bond principal by the issuer are considered in the estimate of fair value. The extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise, they would be generally categorized as Level 3.
|
|
Other debt securities, excluding short-term, instruments are valued at the mean between the closing bid and asked prices provided by a Pricing Service. If the closing bid and asked prices are not readily available, the Pricing Service may provide a price determined by a matrix pricing method or other analytical pricing models. Short-term debt securities such as commercial paper, bankers acceptances and U.S. Treasury Bills, having a maturity of less than 60 days are valued at amortized cost. If a short-term debt security has a maturity of greater than 60 days, it is valued at market price. Any discount or premium is accreted or amortized over the expected life of the respective securities using the interest method.
|
|
When market quotations are not readily available, any security or other financial instrument is valued at its fair value as determined under procedures approved by the Trust’s 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 value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced.
|
|
Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day.
|
|
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2013 (Unaudited)
|
significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value as well as expanded disclosure of valuation levels for each class of 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 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 Funds’ investments carried at fair value as of February 28, 2013:
|
|
PERFORMANCE TRUST TOTAL RETURN BOND FUND
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Backed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
|
|
$
|
—
|
|
|
$
|
10,386,913
|
|
|
$
|
—
|
|
|
$
|
10,386,913
|
|
|
Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backed Securities
|
|
|
—
|
|
|
|
85,360,508
|
|
|
|
—
|
|
|
|
85,360,508
|
|
|
Municipal Bonds
|
|
|
—
|
|
|
|
62,835,492
|
|
|
|
—
|
|
|
|
62,835,492
|
|
|
Total Fixed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
—
|
|
|
|
158,582,913
|
|
|
|
—
|
|
|
|
158,582,913
|
|
|
Short-Term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
18,768,373
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18,768,373
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Securities
|
|
$
|
18,768,373
|
|
|
$
|
158,582,913
|
|
|
$
|
—
|
|
|
$
|
177,351,286
|
|
|
PERFORMANCE TRUST MUNICIPAL BOND FUND
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
—
|
|
|
$
|
34,859,264
|
|
|
$
|
—
|
|
|
$
|
34,859,264
|
|
|
Total Fixed Income
|
|
|
—
|
|
|
|
34,859,264
|
|
|
|
—
|
|
|
|
34,859,264
|
|
|
Short-Term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
3,287,210
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,287,210
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Securities
|
|
$
|
3,287,210
|
|
|
$
|
34,859,264
|
|
|
$
|
—
|
|
|
$
|
38,146,474
|
|
|
During the six months ended February 28, 2013, there were no transfers between Levels for the Funds. The Funds did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3. It is the Funds’ policy to record transfers between levels as of the end of the reporting period. The Funds did not hold any financial derivative instruments during the six months ended February 28, 2013.
|
b.
Short Positions
|
The Funds may sell a security they do not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Funds are liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as a dividend expense. As collateral for its short positions, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities. The segregated assets are valued consistent with Note 2a above. The amount of segregated assets are required to be adjusted daily to reflect changes in the fair value of the securities sold short. As of February 28, 2013, the Funds did not have any open short positions and accordingly did not have any collateral.
|
c.
Federal Income Taxes
|
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
|
|
As of and during the six months ended February 28, 2013, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statement of Operations. During the six months ended February 28, 2013, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations.
|
d.
Distributions to Shareholders
|
The Funds will distribute any net investment income monthly. The Funds will distribute any net realized long- or short-term capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Income and capital gains distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.
|
e.
Use of Estimates
|
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2013 (Unaudited)
|
The NAV per share of the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Funds, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.
|
|
Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.
|
|
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on the basis of identified cost basis by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income, less foreign withholding tax, is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Any discount or premium is accreted or amortized over the expected life of the respective securities using the interest method.
|
3.
Federal Tax Matters
|
The tax character of distributions paid during the periods ended August 31, 2012 and August 31, 2011 was as follows:
|
|
PERFORMANCE TRUST TOTAL RETURN BOND FUND
|
|
|
|
YEAR ENDED
|
|
|
YEAR ENDED
|
|
|
|
|
AUGUST 31, 2012
|
|
|
AUGUST 31, 2011
|
|
|
Ordinary Income
|
|
$
|
1,829,374
|
|
|
$
|
684,473
|
|
|
Tax-Exempt Income
|
|
|
—
|
|
|
|
—
|
|
|
Long-Term Capital Gain
|
|
|
14,811
|
|
|
|
—
|
|
|
PERFORMANCE TRUST MUNICIPAL BOND FUND
|
|
|
|
YEAR ENDED
|
|
|
PERIOD ENDED
|
|
|
|
|
AUGUST 31, 2012
|
|
|
AUGUST 31, 2011
|
|
|
Ordinary Income
|
|
$
|
16,127
|
|
|
$
|
30
|
|
|
Tax-Exempt Income
|
|
|
379,984
|
|
|
|
9,900
|
|
|
Long-Term Capital Gain
|
|
|
—
|
|
|
|
—
|
|
|
As of August 31, 2012, the components of accumulated earnings (losses) on a tax basis were as follows:
|
|
PERFORMANCE TRUST TOTAL RETURN BOND FUND
|
|
|
|
|
Cost basis of investments for federal
|
|
|
|
|
income tax purposes
|
|
$
|
42,230,811
|
|
|
Gross tax unrealized appreciation
|
|
$
|
2,379,724
|
|
|
Gross tax unrealized depreciation
|
|
|
(70,371
|
)
|
|
Net tax unrealized appreciation
|
|
|
2,309,353
|
|
|
Undistributed ordinary income
|
|
|
51,280
|
|
|
Undistributed long-term capital gain
|
|
|
254,372
|
|
|
Total distributable earnings
|
|
|
305,652
|
|
|
Other accumulated losses
|
|
|
—
|
|
|
Total accumulated earnings
|
|
$
|
2,615,005
|
|
|
PERFORMANCE TRUST MUNICIPAL BOND FUND
|
|
|
|
|
Cost basis of investments for federal
|
|
|
|
|
income tax purposes
|
|
$
|
20,614,208
|
|
|
Gross tax unrealized appreciation
|
|
$
|
1,039,569
|
|
|
Gross tax unrealized depreciation
|
|
|
—
|
|
|
Net tax unrealized appreciation
|
|
|
1,039,569
|
|
|
Undistributed ordinary income
|
|
|
244,051
|
|
|
Undistributed long-term capital gain
|
|
|
—
|
|
|
Total distributable earnings
|
|
|
244,051
|
|
|
Other accumulated losses
|
|
|
—
|
|
|
Total accumulated earnings
|
|
$
|
1,283,620
|
|
|
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2012, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:
|
|
|
|
TOTAL RETURN
|
|
|
MUNICIPAL
|
|
|
|
|
BOND FUND
|
|
|
BOND FUND
|
|
|
Accumulated Undistributed
|
|
|
|
|
|
|
|
Net Investment
|
|
|
|
|
|
|
|
Income/(Loss)
|
|
$
|
108,389
|
|
|
|
—
|
|
|
Accumulated Undistributed
|
|
|
|
|
|
|
|
|
|
Net Realized
|
|
|
|
|
|
|
|
|
|
Gain/(Loss)
|
|
$
|
(108,389
|
)
|
|
|
—
|
|
|
On September 27, 2012, distributions from ordinary income of $54,195 and $146,192 for the Municipal Bond Fund and Total Return Bond Fund, respectively, were declared and paid by the Funds to shareholders of record on September 26, 2012.
|
4.
Investment Adviser
|
The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services at the annual rate of 0.60% for the Total Return Bond Fund and 0.40% for the Municipal Bond Fund of the Funds’ average daily net assets.
|
|
The Adviser has contractually agreed to waive its management fee and/or reimburse the Funds’ other expenses at least through December 29, 2013 and June 29, 2014 for the Total Return Bond Fund and the Municipal Bond Fund, respectively, at the discretion of the Adviser and the Board of Trustees, to the extent necessary to ensure that the Funds’ total operating expenses (exclusive of front-end or contingent deferred sales loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses and extraordinary items) do not exceed 0.95%, 0.55% and 0.80% (the “Expense Limitation Cap”) of the Funds’ average daily net assets for the Total Return Bond Fund and Municipal Bond Fund – Institutional and Retail Class, respectively. For the six months ended February 28, 2013, expenses of $5,140 for the Total Return Bond Fund, $99,144 for the Municipal Bond Fund – Institutional Class, and $281 for the Municipal Bond Fund – Retail Class were waived or reimbursed by the Adviser. Any
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)
February 28, 2013 (Unaudited)
|
such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than the Expense Limitation Cap; provided, however, that the Adviser shall only be entitled to recoup such amounts for a period of three fiscal years from the date such amount was waived or reimbursed. During the six months ended February 28, 2013, previously waived expenses of $53,012 for the Total Return Bond Fund were recouped by the Adviser.
|
|
The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:
|
|
|
|
TOTAL RETURN
|
|
|
MUNICIPAL
|
|
|
|
|
BOND FUND
|
|
|
BOND FUND
|
|
|
August 31, 2014
|
|
$
|
75,740
|
|
|
$
|
49,426
|
|
|
August 31, 2015
|
|
$
|
116,568
|
|
|
$
|
185,390
|
|
|
February 29, 2016
|
|
$
|
5,140
|
|
|
$
|
122,909
|
|
5.
Related Party Transactions
|
U.S. Bancorp Fund Services, LLC (“USBFS” or the “Administrator”) acts as the Funds’ Administrator and Fund Accountant under an Administration Agreement. The Administrator performs various administrative and accounting services including preparing various federal and state regulatory filings, reports and returns for the Funds; preparing reports and materials to be supplied to the Trustees; monitoring the activities of the Funds’ custodian, transfer agent and accountants; coordinating the preparation and payment of the Funds’ expenses; and reviewing the Funds’ expense accruals. For the six months ended February 28, 2013, administration and accounting fees of $62,486 and $57,171 were incurred for the Total Return Bond Fund and Municipal Bond Fund, respectively. At February 28, 2013, USBFS was owed fees of $19,943 and $13,482 from the Total Return Bond Fund and Municipal Bond Fund, respectively.
|
|
USBFS also serves as the transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of USBFS, serves as each Fund’s custodian. For the six months ended February 28, 2013, the Total Return Bond Fund incurred $15,893, and $7,344 in transfer agency and custody fees, respectively. For the six months ended February 28, 2013, the Municipal Bond Fund incurred $17,242, and $2,997 in transfer agency and custody fees, respectively. At February 28, 2013, the Total Return Bond Fund owed $1,164, and $3,180 for transfer agency and custody fees, respectively. At February 28, 2013, the Municipal Bond Fund owed $990, and $886 for transfer agency and custody fees, respectively.
|
|
The Funds also have a line of credit with US Bank (see
Note 9).
|
|
Certain officers of the Fund are also employees of USBFS. A Trustee of the Trust is affiliated with USBFS and US Bank.
|
|
The Trust’s Chief Compliance Officer is also an employee of USBFS. For the six months ended February 28, 2013, the Total Return Bond Fund and Municipal Bond Fund were allocated $5,973 and $5,973, respectively, of the Trust’s Chief Compliance Officer fees. At February 28, 2013, fees of $1,974 and $1,973 were owed for the Chief Compliance Officer’s services by the Total Return Bond Fund and Municipal Bond Fund, respectively.
|
6.
Capital Share Transactions
|
Transactions in shares of the Funds were as follows:
|
TOTAL RETURN BOND FUND
|
|
|
SIX MONTHS ENDED
|
|
|
YEAR ENDED
|
|
|
|
|
FEBRUARY 28, 2013
|
|
|
AUGUST 31, 2012
|
|
|
Shares Sold
|
|
|
6,218,808
|
|
|
|
1,388,315
|
|
|
Shares Reinvested
|
|
|
58,112
|
|
|
|
38,115
|
|
|
Shares Redeemed
|
|
|
(610,055
|
)
|
|
|
(532,104
|
)
|
|
Net Increase
|
|
|
5,642,710
|
|
|
|
894,326
|
|
MUNICIPAL BOND FUND – INSTITUTIONAL CLASS
|
|
|
SIX MONTHS ENDED
|
|
|
YEAR ENDED
|
|
|
|
|
FEBRUARY 28, 2013
|
|
|
AUGUST 31, 2012
|
|
|
Shares Sold
|
|
|
1,017,384
|
|
|
|
768,995
|
|
|
Shares Reinvested
|
|
|
26,638
|
|
|
|
15,808
|
|
|
Shares Redeemed
|
|
|
(327,734
|
)
|
|
|
(110,917
|
)
|
|
Net Increase
|
|
|
716,288
|
|
|
|
673,886
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BOND FUND – RETAIL CLASS
|
|
|
SIX MONTHS ENDED
|
|
|
|
|
FEBRUARY 28, 2013
(1)
|
|
|
Shares Sold
|
|
|
4,355
|
|
|
Shares Reinvested
|
|
|
96
|
|
|
Shares Redeemed
|
|
|
—
|
|
|
Net Increase
|
|
|
4,451
|
|
(1)
|
Retail Class shares commenced operations on September 28, 2012.
|
7.
Investment Transactions
|
The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 28, 2013, are summarized below.
|
|
|
|
TOTAL RETURN
|
|
|
MUNICIPAL
|
|
|
|
|
BOND FUND
|
|
|
BOND FUND
|
|
|
Purchases
|
|
|
|
|
|
|
|
U.S. Government
|
|
$
|
1,243,055
|
|
|
|
—
|
|
|
Other
|
|
|
127,195,841
|
|
|
|
96,443,142
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
U.S. Government
|
|
$
|
—
|
|
|
|
—
|
|
|
Other
|
|
|
14,093,420
|
|
|
|
81,251,996
|
|
|
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the fund creates a presumption of control of a Fund, under Section 2(a)(9) of the 1940 Act. As of February 28, 2013, neither Fund had shareholders who owned more than 25% of the shares outstanding.
|
9.
Line of Credit
|
At February 28, 2013, the Total Return Bond Fund and Municipal Bond Fund each had a line of credit in the amount of $5,000,000 and $1,500,000, respectively, maturing August 15, 2013. These unsecured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. Interest will be accrued at the prime 3.25% rate (as of February 28, 2013). The credit facility is with US Bank, the Funds’ custodian. During the six months ended February 28, 2013, neither Fund utilized the line of credit.
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
NOTICE OF PRIVACY POLICY & PRACTICES
We collect non-public personal information about you from the following sources:
»
|
information we receive about you on applications or other forms;
|
»
|
information you give us orally; and
|
»
|
information about your transactions with us or others.
|
We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third
parties with only the information necessary to carry out their assigned responsibility. All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your nonpublic personal information with the same high degree of confidentiality.
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
EXPENSE EXAMPLE
Six Months Ended February 28, 2013 (Unaudited)
As a shareholder of the Funds, you incur (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees, distribution and service (12b-1) fees (Municipal Bond Fund – Retail Class only) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period.
Actual Expenses
The first line of the table below for each Fund provides information about actual account values and actual expenses. However, the table does not include shareholder specific fees, such as the $15.00 fee charged to IRA accounts, or the $2.00 fee charged for wire redemptions. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below for each Fund provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios for each Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees which, although not charged to the Funds, may be charged by other funds. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total cost of owning different funds.
|
|
|
EXPENSES PAID
|
|
|
|
DURING PERIOD
|
PERFORMANCE TRUST
|
BEGINNING ACCOUNT VALUE
|
ENDING ACCOUNT VALUE
|
SEPTEMBER 1, 2012 –
|
TOTAL RETURN BOND FUND
|
SEPTEMBER 1, 2012
|
FEBRUARY 28, 2013
|
FEBRUARY 28, 2013*
|
Actual
|
$1,000
|
$1,053.10
|
$4.84
|
Hypothetical
|
|
|
|
(5% annual return before expenses)
|
$1,000
|
$1,020.08
|
$4.76
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of .95%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
|
|
|
EXPENSES PAID
|
PERFORMANCE TRUST
|
|
|
DURING PERIOD
|
MUNICIPAL BOND FUND –
|
BEGINNING ACCOUNT VALUE
|
ENDING ACCOUNT VALUE
|
SEPTEMBER 1, 2012 –
|
INSTITUTIONAL CLASS
|
SEPTEMBER 1, 2012
|
FEBRUARY 28, 2013
|
FEBRUARY 28, 2013*
|
Actual
|
$1,000
|
$1,043.40
|
$2.79
|
Hypothetical
|
|
|
|
(5% annual return before expenses)
|
$1,000
|
$1,022.07
|
$2.76
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of .55%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
|
|
|
EXPENSES PAID
|
PERFORMANCE TRUST
|
|
|
DURING PERIOD
|
MUNICIPAL BOND FUND –
|
BEGINNING ACCOUNT VALUE
|
ENDING ACCOUNT VALUE
|
SEPTEMBER 28, 2012 –
|
RETAIL CLASS
|
SEPTEMBER 1, 2012
|
FEBRUARY 28, 2013
|
FEBRUARY 28, 2013*
|
Actual
|
$1,000
|
$1,033.50
|
$3.37
|
Hypothetical
|
|
|
|
(5% annual return before expenses)
|
$1,000
|
$1,017.38
|
$3.34
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 151/365 to reflect the period since inception.
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
ADDITIONAL INFORMATION
Tax Information
For the year ended August 31, 2012, taxable ordinary income distributions are designed as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Funds as follows:
Total Return Bond Fund
|
|
|
5.40
|
%
|
|
Municipal Bond Fund
|
|
|
3.76
|
%
|
|
Availability of Proxy Voting Information
The Funds have adopted proxy voting policies and procedures that delegate to the Adviser the authority to vote proxies. A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, by calling the Funds toll free at 1 (877) 738-9095. A description of these policies and procedures is also included in the Funds’ Statement of Additional Information, which is available of the SEC’s website at http://www.sec.gov.
The Funds’ proxy voting record for the most recent
12-month period ended June 30 is available without charge, upon request, by calling toll free, 1 (877) 738-9095, or by accessing the SEC’s website at http://www.sec.gov.
Portfolio Holdings
The Funds file their complete schedule of portfolio holding with the SEC four times each fiscal year at quarter-ends. The Funds file their schedule of portfolio holdings with the SEC on Form N-Q (first and third quarters) and Form N-CSR (second and fourth quarters). Shareholders may view the Funds’ Forms N-CSR and N-Q on the SEC’s website at http://www.sec.gov. Forms N-CSR and N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the SEC’s Public Reference Room may be obtained by calling 1 (202) 551-8090 (direct) or 1 (800) SEC-0330 (general SEC number).
Householding
In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and annual and semi-annual reports you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Funds reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-877-738-9095 to request individual copies of these documents. Once the Funds receive notice to stop householding, the Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.
Forward Looking Statements
Except for historical information contained in this report for the Funds, the matters discussed in this report may constitute forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These include any adviser or portfolio manager predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Funds in the most recent Prospectus, other factors bearing on this report include the accuracy of the adviser’s or portfolio manager’s data, forecasts and predictions, and the appropriateness of the investment programs designed by the adviser or portfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Funds to differ materially as compared to benchmarks associated with the Funds.
Indemnification
Under the Funds’ organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnification to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Information About Trustees
The business and affairs of the Trust are managed under the direction of the Trust’s Board of Trustees. Information pertaining to the Trustees of the Trust is set forth below. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request by calling 1 (877) 738-9095.
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)PAGE
INDEPENDENT TRUSTEES
|
|
|
|
|
OTHER
|
|
|
|
|
NUMBER OF
|
DIRECTORSHIPS
|
|
POSITION(S)
|
TERM OF OFFICE
|
PRINCIPAL
|
PORTFOLIOS IN THE
|
HELD BY TRUSTEE
|
NAME, ADDRESS,
|
HELD WITH THE
|
AND LENGTH OF
|
OCCUPATION(S) DURING
|
TRUST OVERSEEN BY
|
DURING THE PAST
|
AND AGE
|
TRUST
|
TIME SERVED
|
THE PAST FIVE YEARS
|
TRUSTEE
|
FIVE YEARS
|
Dr. Michael D.
|
Trustee
|
Indefinite Term;
|
Professor and Chair,
|
26
|
Independent
|
Akers
|
|
Since August
|
Department of Accounting,
|
|
Trustee, USA
|
615 E. Michigan St.
|
|
22, 2001
|
Marquette University
|
|
MUTUALS
|
Milwaukee, WI
|
|
|
(2004–present).
|
|
(an open-end
|
53202
|
|
|
|
|
investment
|
Age: 57
|
|
|
|
|
company with
|
|
|
|
|
|
two portfolios).
|
|
|
|
|
|
|
|
|
|
|
|
|
Gary A. Drska
|
Trustee
|
Indefinite Term;
|
Pilot, Frontier/
|
26
|
Independent
|
615 E. Michigan St.
|
|
Since August
|
Midwest Airlines,
|
|
Trustee, USA
|
Milwaukee, WI
|
|
22, 2001
|
Inc. (airline company)
|
|
MUTUALS
|
53202
|
|
|
(1985-present).
|
|
(an open-end
|
Age: 56
|
|
|
|
|
investment
|
|
|
|
|
|
company with
|
|
|
|
|
|
two portfolios).
|
|
|
|
|
|
|
|
|
|
|
|
|
Jonas B. Siegel
|
Trustee
|
Indefinite Term;
|
Managing Director,
|
26
|
Independent
|
615 E. Michigan St.
|
|
Since October
|
Chief Administrative
|
|
Trustee, Gottex
|
Milwaukee, WI
|
|
23, 2009
|
Officer (“CAO”) and
|
|
Multi-Asset
|
53202
|
|
|
Chief Compliance
|
|
Endowment
|
Age: 69
|
|
|
Officer (“CCO”),
|
|
fund complex
|
|
|
|
Granite Capital
|
|
(three closed-end
|
|
|
|
International Group,
|
|
investment
|
|
|
|
L.P. (an investment
|
|
companies);
|
|
|
|
management firm)
|
|
Independent
|
|
|
|
(1994-2011); Vice
|
|
Trustee,
|
|
|
|
President, Secretary,
|
|
Gottex Multi-
|
|
|
|
Treasurer and CCO
|
|
Alternatives
|
|
|
|
of Granum Series
|
|
fund complex
|
|
|
|
Trust (an open-end
|
|
(three closed-end
|
|
|
|
investment
|
|
investment
|
|
|
|
company) (1997–
|
|
companies);
|
|
|
|
2007); President,
|
|
Independent
|
|
|
|
CAO and CCO,
|
|
Manager,
|
|
|
|
Granum Securities,
|
|
Ramius IDF fund
|
|
|
|
LLC (a broker-dealer)
|
|
complex (two
|
|
|
|
(1997–2007).
|
|
closed-end
|
|
|
|
|
|
investment
|
|
|
|
|
|
companies).
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
INTERESTED TRUSTEE AND OFFICERS
|
|
|
|
|
OTHER
|
|
|
|
|
NUMBER OF
|
DIRECTORSHIPS
|
|
POSITION(S)
|
TERM OF OFFICE
|
PRINCIPAL
|
PORTFOLIOS IN THE
|
HELD BY TRUSTEE
|
NAME, ADDRESS,
|
HELD WITH THE
|
AND LENGTH OF
|
OCCUPATION(S) DURING
|
TRUST OVERSEEN BY
|
DURING THE PAST
|
AND AGE
|
TRUST
|
TIME SERVED
|
THE PAST FIVE YEARS
|
TRUSTEE
|
FIVE YEARS
|
Joseph C.
|
Chairperson
|
Indefinite Term;
|
Executive Vice
|
26
|
Trustee, Buffalo
|
Neuberger
(1)
|
and Trustee
|
Since August
|
President, U.S.
|
|
Funds (an
|
615 E. Michigan St.
|
|
22, 2001
|
Bancorp Fund
|
|
open-end
|
Milwaukee, WI
|
|
|
Services, LLC
|
|
investment
|
53202
|
|
|
(1994–present).
|
|
company with
|
Age: 50
|
|
|
|
|
ten portfolios);
|
|
|
|
|
|
Trustee, USA
|
|
|
|
|
|
MUTUALS
|
|
|
|
|
|
(an open-end
|
|
|
|
|
|
investment
|
|
|
|
|
|
company with
|
|
|
|
|
|
two portfolios).
|
|
|
|
|
|
|
John P. Buckel
|
President,
|
Indefinite Term;
|
Mutual Fund
|
N/A
|
N/A
|
615 E. Michigan St.
|
and Principal
|
Since January
|
Administrator, U.S.
|
|
|
Milwaukee, WI
|
Executive
|
24, 2013
|
Bancorp Fund
|
|
|
53202
|
Officer
|
|
Services, LLC
|
|
|
Age: 55
|
|
|
(2004-present).
|
|
|
|
|
|
|
|
|
Robert M. Slotky
|
Chief
|
Indefinite Term;
|
Senior Vice
|
N/A
|
N/A
|
615 E. Michigan St.
|
Compliance
|
Since January
|
President, U.S.
|
|
|
Milwaukee, WI
|
Officer and
|
26, 2011
|
Bancorp Fund
|
|
|
53202
|
Anti-Money
|
|
Services, LLC
|
|
|
Age: 65
|
Laundering
|
|
(2001–present).
|
|
|
Officer
|
|
|
|
|
|
|
|
|
|
|
|
Rachel A. Spearo
|
Secretary
|
Indefinite
|
Vice President,
|
N/A
|
N/A
|
615 E. Michigan St.
|
|
Term; Since
|
U.S. Bancorp Fund
|
|
|
Milwaukee, WI
|
|
November 15,
|
Services, LLC
|
|
|
53202
|
|
2005
|
(2004–present).
|
|
|
Age: 33
|
|
|
|
|
|
|
|
|
|
|
|
Jennifer A. Lima
|
Vice President,
|
Indefinite Term;
|
Mutual Fund
|
N/A
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Since January
|
Administrator, U.S.
|
|
|
Milwaukee, WI
|
and Principal
|
24, 2013
|
Bancorp Fund
|
|
|
53202
|
Financial and
|
|
Services, LLC
|
|
|
Age: 39
|
Accounting
|
|
(2002–present).
|
|
|
Officer
|
|
|
|
|
|
|
|
|
|
|
|
Jesse J. Schmitting
|
Assistant
|
Indefinite Term;
|
Mutual Fund
|
N/A
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Since July 21,
|
Administrator, U.S.
|
|
|
Milwaukee, WI
|
|
2011
|
Bancorp Fund
|
|
|
53202
|
|
|
Services, LLC
|
|
|
Age: 30
|
|
|
(2008–present).
|
|
|
(1)
|
Mr. Neuberger is an “interested person” of the Trust as defined by the 1940 Act. Mr. Neuberger is an interested person of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC, who acts as principal underwriter for several series of the Trust, but not the Funds.
|
PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTIMX, PTRMX)
Investment Adviser
Performance Trust Investment Advisors, LLC
500 W. Madison, Suite 470
Chicago, IL 60661
888.282.3220
info@PTIAfunds.com
www.PTIAfunds.com
Fund Administrator, Transfer Agent,
and Fund Accountant
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
Custody Operations
1555 N. RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Legal Counsel
Godfrey & Kahn, S.C.
780 North Water Street
Milwaukee, WI 53202
Independent Registered
Public Accounting Firm
Cohen Fund Audit Services, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115
Distributor
Foreside Fund Services, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101
This report has been prepared for shareholders
and may be distributed to others only if preceded
or accompanied by a current prospectus.
The Performance Trust Mutual Funds are distributed
by Foreside Fund Services, LLC
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
Item 12. Exhibits.
(a)
|
(1)
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Incorporated by reference to the registrant’s Form N-CSR filed on November 7, 2011.
|
(2)
A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Filed herewith.
(3)
Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable to open-end investment companies.
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)
Trust for Professional Managers
By (Signature and Title)*
/s/ John Buckel
John Buckel, President
Date
May 2, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/s/ John Buckel
John Buckel, President
Date
May 2, 2013
By (Signature and Title)*
/s/ Jennifer Lima
Jennifer Lima, Treasurer
Date
May 2, 2013
* Print the name and title of each signing officer under his or her signature.
US Physical Therapy (NYSE:USPH)
Historical Stock Chart
From Jun 2024 to Jul 2024
US Physical Therapy (NYSE:USPH)
Historical Stock Chart
From Jul 2023 to Jul 2024