Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

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.

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.

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.

(3)	Not annualized.

(4)	Annualized.

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)

1.	Organization

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”).

a.	Investment Valuation

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)

f.	Share Valuation

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

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.

Other

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

8.	Beneficial Ownership

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

(Unaudited)

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

(Unaudited)

					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

(Unaudited)

					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.

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