UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, 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)

Adam W. Smith

U.S. Bancorp Fund Services, LLC

 615 East Michigan Street

Milwaukee, WI  53202(Name and address of agent for service)

(414) 765-6115

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2019

Date of reporting period:  February 28, 2019

Item 1. Reports to Stockholders.

Semi-Annual Report  |  February 28, 2019

Performance Trust Strategic Bond

Fund (Symbol: PTIAX, PTAOX, PTCOX) and

Performance Trust Municipal Bond

Fund (Symbols: PTIMX, PTRMX)

^© 2019 PT Asset Management, LLC. All Rights Reserved.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary or, if you are a direct investor, by calling the Funds at 1-877-738-9095.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary,

you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Funds, you can call the Funds at 1-877-738-9095 to request that you continue to receive paper copies of your shareholder reports.

Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all Performance Trust Funds you hold.

LETTER FROM THE INVESTMENT ADVISER

Dear Fellow Shareholders:

Institutional Class of Performance Trust Strategic Bond Fund (PTIAX) Semi-Annual Management

Discussion and Analysis:  9/1/2018 – 2/28/2019

For the six-month period ended February 28, 2019, the Institutional Class of Performance Trust Strategic Bond Fund (“PTIAX” or the “Fund”) posted a return of 1.96%, assuming all dividends were reinvested into the Fund. The Bloomberg Barclays Aggregate Bond Index returned 1.99% over the same time period, and the Morningstar Multisector US Bond category returned 1.72%.

Interest rates were generally down during the period with 5-year Treasuries down 23 basis points (0.23%) and 10-year Treasuries down 14 basis points (0.14%). Rates on the very short and very long end, however, actually rose, resulting in a very unusual, partly inverted yield curve. While the inversion is fairly mild (2.54% for a 1-year Treasury compared to 2.51% for a 5-year Treasury), it is always strange when investors are willing to take more interest rate risk for less yield. This is typically interpreted as a desire by investors to lock in rates they believe to be attractive over the longer term. In other words, the market doesn’t seem to be too worried about rising interest rates.

The graph below shows the Treasury yield curve at the beginning of the period (blue line) and the end (red line).

Breaking down the performance within the Fund, our best performing asset class was tax-exempt municipal bonds. The bonds in this category were up more than 3.50% over the six-month period.  Yields on municipal bonds were down more aggressively than on Treasuries, and these are typically some of our longer duration assets. Prices rose accordingly. Other long dated asset classes (taxable municipal bonds and corporates) also performed well returning around 2.90% over the period.

The primary reason for the Fund’s slight underperformance of the Bloomberg Barclays Aggregate Bond Index was the performance of the non-agency Residential Mortgage Backed Securities (RMBS), still the single largest allocation in the Fund’s portfolio. Bonds in this category returned just 1.27% over the period as the asset class suffered from some spread widening in the last few months of 2018.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 3

LETTER FROM THE INVESTMENT ADVISER

	8/31/2018	2/28/2019
Non-Agency RMBS	32.53%	29.81%
CLOs	2.20%	3.89%
CMBS	19.74%	23.69%
ABS	0.36%	1.21%
Sub-total Structured Credit	54.83%	58.6%
Cash	2.84%	1.18%
Treasuries	3.17%	4.15%
Corporate Bonds	9.10%	4.25%
Tax-Exempt Municipal Bonds	11.94%	15.38%
Taxable Municipal Bonds	17.68%	16.12%
Other	0.44%	0.32%

Looking Forward

With the general decline in interest rates over the period, it was our longer duration assets that “kept us in the game” and allowed us to perform generally in line with the Bloomberg Barclays Aggregate Bond Index.  Going forward, however, it is the shorter end of the yield curve that has our attention. Bonds pricing off of the very short end (1-2 years) have almost never been a meaningful piece of PTIAX, but given the partial inversion, such bonds can no longer be ignored.

The lack of slope in the curve makes taking efficient interest rate risk much more difficult. We believe a barbell strategy, combining very short bonds with longer assets, is likely to be more effective than owning bonds in the belly of the curve. We have recently begun to add asset-backed securities (ABS) with durations of a little over one year to the Fund’s portfolio. We are also likely to add seasoned, and thus shorter, Commercial Mortgage Backed Securities (CMBS) to the mix as well.

While non-agency RMBS certainly lagged over the past six months, it remains one of our favorite asset classes. Fundamentals continue to improve with long-term delinquencies falling, and loan-to-value ratios approaching 50% in the bonds we own. Given the quality of the collateral, we generally regard any spread widening in the market as a likely buying opportunity.

Institutional Class of Performance Trust Municipal Bond Fund (PTIMX) Semi-Annual Management

Discussion and Analysis:  9/1/2018 – 2/28/2019

For the six-month period ended February 28, 2019, the Institutional Class of Performance Trust Municipal Bond Fund (“PTIMX” or the “Fund”) returned 2.60%, assuming dividends were reinvested, outperforming the Bloomberg Barclays Municipal Bond Index’s return of 2.34%. Municipal 10-year rates fell by 38 basis points (0.38%) over the period, while longer maturities fell by 13 basis points (0.13%), leading to a steeper municipal bond yield curve. PTIMX’s higher sensitivity to interest rates (PTIMX has a modified duration that is 1.2 years higher than the Bloomberg Barclays Municipal Bond Index) boosted relative performance. Investments in targeted high yield issuers, such as Puerto Rico’s newly restructured sales tax bonds, also contributed to positive performance. While PTIMX performed well over the last six months on a relative basis, performance was restrained by the Fund’s barbell positioning to the short and long duration bonds, which had the least appreciation due to the steepening yield curve.

Over the last six months, volatility whipsawed markets as investors weighed the impact of slowing global growth, trade wars with China, Brexit, the Federal Reserve doubling back on rate policy, midterm elections, and the government shutdown. As a result of the myriad of headlines, investors fled to Treasuries in a flight to quality in the final months of 2018. As the new year began, however, investors pushed back into risky securities, causing interest rates to rise modestly. The net effect of investor sentiment over the last six months was a Treasury rally, which municipal bonds took hold of. Continued demand from shorter separately managed accounts, whose appetite for tax exempt income has increased after a cap in state and local tax deductions, and lack of demand from institutional accounts that benefit less from tax exempt income due to lower corporate tax rates, created additional steepness in the municipal curve. Municipal bonds were further buoyed by record inflows and limited seasonal supply in 2019.

As the yield curve continues to steepen, bonds with longer maturities have become more attractive total return opportunities than bonds with shorter maturities. We started selling shorter tax exempt bonds and replacing them with longer tax exempt bonds that have better spread tightening and exhibit current income opportunities. To prudently diversify against interest rate risk, we have maintained the Fund’s position in short, high yield tax exempt bonds. In addition, we have added a nominal amount of short taxable debt (as permitted by our guidelines) to take potential advantage of the flat taxable yield curve, which compares favorably in shorter maturities than to the steep municipal yield curve. We have been able to purchase short taxable bonds that have an after tax total return profile that are viewed as a better alternative to short tax exempt bonds. We intend to keep the taxable portion of PTIMX limited and continue to manage the portfolio to optimize total return potential on an after tax basis. PTIMX aims to produce strong relative performance across multiple interest rate scenarios. Therefore, our general strategy is to be agnostic to interest rate

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 4

LETTER FROM THE INVESTMENT ADVISER

movements. Shape Management^®, our proprietary investment tool, allows us to view the current rate environment through unbiased lenses. It is through these lenses that we attempt to optimize total return against risk.

Risk Management for the Funds

The Portfolio Management team 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. Total return scenario analysis applies various interest rate shifts, yield curve slope analysis, reinvestment rate assumptions and probability analysis to determine a bond’s “shape”, or how we believe that bond will perform in various interest rate environments.

We measure the risk of the portfolio on both an individual bond and portfolio level. Interest rate and credit spread volatility effects are measured by evaluating portfolio performance in fluctuating yield environments. Idiosyncratic risks are evaluated and diversified across coupon, credit quality, maturity, credit sector, duration, position size, and state. Liquidity is managed through a line of credit, cash balance, allocation limits to individual issuers, and allocation limits to the sectors. The Portfolio Management team regularly reviews the risks of the portfolio in order to appropriately position its holdings based on the continuously changing uncertainties associated with the RMBS and municipal markets.

For the RMBS allocation, the Portfolio Management team regularly stresses the bonds for various credit scenarios incorporating decreases in home prices and increases in unemployment akin to those experienced in the credit crises. We combine these stress scenarios with various movements in credit spreads to monitor the risks inherent in the RMBS allocation of the portfolio.

Past performance is not indicative of future returns. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. The views in this report were those of the Funds’ Portfolio Managers as of February 28, 2019 and may not reflect the views of the Funds’ Portfolio 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, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 5

GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX)

Performance Trust Strategic Bond Fund – Institutional Class (Unaudited)

Total Return vs. Bloomberg Barclays Aggregate Bond Index

Average Annual Returns—For the Periods Ended February 28, 2019 (Unaudited)

				ANNUALIZED
	ONE	THREE	FIVE	SINCE INCEPTION
	YEAR	YEAR	YEAR	(AUGUST 31, 2010)(1)
Performance Trust Strategic Bond Fund – Institutional Class	3.94%	4.70%	4.73%	6.20%
Bloomberg Barclays Aggregate Bond Index	3.17%	1.69%	2.32%	2.61%

⁽¹⁾ The Performance Trust Strategic Bond Fund (the “Fund”) commenced investment operations on September 1, 2010.

The Bloomberg Barclays 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 Bloomberg Barclays 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 Institutional Class shares of the Performance Trust Strategic Bond Fund (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 the absence of such waivers, total returns would be reduced.

For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.

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.PTAM.com.

The expense ratio is 0.83%.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 6

GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTAOX)

Performance Trust Strategic Bond Fund – Class A (Unaudited)

Total Return vs. Bloomberg Barclays Aggregate Bond Index

⁽¹⁾ Reflects 2.25% initial sales load.

Total Returns—For the Period Ended February 28, 2019 (Unaudited)

	SINCE INCEPTION
	(JANUARY 2, 2019)
Performance Trust Strategic Bond Fund – Class A (with sales charge)	-1.31%
Performance Trust Strategic Bond Fund – Class A (without sales charge)	0.97%
Bloomberg Barclays Aggregate Bond Index	0.87%

The Bloomberg Barclays 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 Bloomberg Barclays 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 January 2, 2019, the inception date for Class A shares of the Performance Trust Strategic Bond Fund (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 the absence of such waivers, total returns would be reduced.

For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.

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.PTAM.com.

The expense ratio is 1.08%.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 7

GROWTH OF PERFORMANCE TRUST STRATEGIC BOND FUND (PTCOX)

Performance Trust Strategic Bond Fund – Class C (Unaudited)

Total Return vs. Bloomberg Barclays Aggregate Bond Index

Total Returns—For the Period Ended February 28, 2019 (Unaudited)

	SINCE INCEPTION
	(JANUARY 2, 2019)
Performance Trust Strategic Bond Fund – Class C	0.87%
Bloomberg Barclays Aggregate Bond Index	0.87%

The Bloomberg Barclays 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 Bloomberg Barclays 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 January 2, 2019, the inception date for Class C shares of the Performance Trust Strategic Bond Fund (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 the absence of such waivers, total returns would be reduced.

For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.

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.PTAM.com.

The expense ratio is 1.83%.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 8

PERFORMANCE TRUST STRATEGIC BOND FUND (PTIAX, PTAOX, PTCOX)

Allocation of Portfolio Holdings (% of Investments) (Unaudited)

As of February 28, 2019

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 9

GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX)

Performance Trust Municipal Bond Fund – Institutional Class (Unaudited)

Total Return vs. Bloomberg Barclays Municipal Bond Index

Average Annual Returns—For the Periods Ended February 28, 2019 (Unaudited)

				ANNUALIZED
	ONE	THREE	FIVE	SINCE INCEPTION
	YEAR	YEAR	YEAR	(JUNE 30, 2011)
Performance Trust Municipal Bond Fund – Institutional Class	4.54%	2.58%	4.39%	5.57%
Bloomberg Barclays Municipal Bond Index	4.13%	2.28%	3.44%	3.97%

The Bloomberg Barclays 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 Bloomberg Barclays 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 June 30, 2011, the inception date for the Institutional Class shares of the Performance Trust Municipal Bond Fund (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 the absence of such waivers, total returns would be reduced.

For a period of time following the Fund’s inception when the Fund’s asset levels were lower than current asset levels, the Fund’s investments in certain fixed-income instruments purchased in odd lot-sized transactions contributed positively to the Fund’s performance. As Fund asset levels increased, similar odd lot-sized transactions, if any, did not have the same relative impact on the Fund’s performance and are not anticipated to have the same relative impact on the Fund’s future performance.

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.PTAM.com.

The Fund’s investment adviser, PT Asset Management, LLC, has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding Rule 12b-1 plan fees, acquired fund fees and expenses, interest, taxes, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses such as litigation expenses) do not exceed 0.55% of the average daily net assets of the Fund. This agreement is effective at least through December 29, 2019. Net Expense Ratio (Institutional Class): 0.55%.  Gross Expense Ratio (Institutional Class): 0.60%.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 10

GROWTH OF PERFORMANCE TRUST MUNICIPAL BOND FUND (PTRMX)

Performance Trust Municipal Bond Fund – Class A (Unaudited)

Total Return vs. Bloomberg Barclays Municipal Bond Index

⁽¹⁾ Reflects 2.25% initial sales load.

Average Annual Returns—For the Periods Ended February 28, 2019 (Unaudited)

				ANNUALIZED
	ONE	THREE	FIVE	SINCE INCEPTION
	YEAR	YEAR	YEAR	(SEPTEMBER 28, 2012)
Performance Trust Municipal Bond Fund – Class A
(with sales charge)	1.91%	1.56%	3.69%	3.17%
Performance Trust Municipal Bond Fund – Class A
(without sales charge)	4.27%	2.34%	4.16%	3.54%
Bloomberg Barclays Municipal Bond Index	4.13%	2.28%	3.44%	2.86%

The Bloomberg Barclays 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 Bloomberg Barclays 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 Class A shares of the Performance Trust Municipal Bond Fund (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 the 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.PTAM.com.

The Fund’s investment adviser, PT Asset Management, LLC, has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding Rule 12b-1 plan fees, acquired fund fees and expenses, interest, taxes, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses such as litigation expenses) do not exceed 0.55% of the average daily net assets of the Fund. This agreement is effective at least through December 29, 2019. Net Expense Ratio (Class A): 0.80%.  Gross Expense Ratio (Class A): 0.85%.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 11

PERFORMANCE TRUST MUNICIPAL BOND FUND (PTIMX, PTRMX)

Allocation of Portfolio Holdings (% of Investments) (Unaudited)

As of February 28, 2019

* For additional details on allocation of portfolio holdings by state, please see the Schedule of Investments.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 12

STATEMENTS OF ASSETS AND LIABILITIES

February 28, 2019 (Unaudited)

	Performance Trust			Performance Trust
	Strategic			Municipal
	Bond Fund			Bond Fund
Assets
Investments, at value (cost $2,048,126,396 and
$245,954,158, respectively)	$	2,048,399,564		$	250,603,920
Cash		171,338			7,212,368
Dividend and interest receivable		14,036,043			2,543,514
Receivable for investments sold		6,693,752			—
Receivable for Fund shares sold		19,388,918			686,381
Other assets		96,980			17,360
Total Assets		2,088,786,595			261,063,543
Liabilities
Payable for investments purchased		26,000,433			4,277,954
Payable for Fund shares redeemed		1,326,111			205,626
Payable to Adviser		519,682			30,291
Payable to affiliates		388,398			77,294
Payable for distributions		43			—
Payable for distribution fees		48			—
Payable for shareholder servicing fees		9			—
Accrued expenses and other liabilities		99,489			8,906
Total Liabilities		28,334,213			4,603,592
Net Assets	$	2,060,452,382		$	256,459,591
Net Assets Consist Of:
Paid-in capital	$	2,088,028,785		$	252,160,665
Total distributable earnings		(27,576,403	)		4,298,926
Net Assets	$	2,060,452,382		$	256,459,591
Strategic Bond Fund and Municipal Bond Fund Shares –
Institutional Class
Net assets	$	2,060,080,957		$	236,302,003
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		92,746,737			9,822,203
Net asset value, redemption and offering price per share(1)	$	22.21		$	24.06
Strategic Bond Fund and Municipal Bond Fund Shares – Class A
Net assets	$	285,385		$	20,157,588
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		12,848			837,173
Net asset value, redemption and offering price per share(1)	$	22.21		$	24.08
Maximum offering price per share
(Net Asset Value per share divided by 0.9775)(2)	$	22.72		$	24.63
Strategic Bond Fund Shares – Class C
Net assets	$	86,040			—
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		3,876			—
Net asset value, redemption and offering price per share(1)	$	22.20		$	—

(1)	If applicable, redemption price per share may be reduced by a 2.00% redemption fee for shares redeemed within sixty days of purchase.
(2)	Reflects a maximum sales charge of 2.25%.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 13

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
ASSET BACKED SECURITIES – 1.19%
Carmax Auto Owner Trust
2019-1, 3.020%, 07/15/2022	$	8,000,000	$	8,023,565
GM Financial Consumer
Automobile Receivables Trust
2019-1, 2.970%, 11/16/2023		11,000,000		11,038,273
Honda Auto Receivables
Owner Trust
2018-3, 3.070%, 11/21/2024		5,500,000		5,537,230
TOTAL ASSET BACKED
SECURITIES (Cost $24,496,719)				24,599,068
COLLATERALIZED LOAN
OBLIGATIONS – 3.83%
Apidos CLO XI
2012-11A, 5.473%     (3 Month LIBOR USD + 2.700%),
1/17/2028 (a)(b)		2,000,000		2,002,110
Apidos CLO XX
2015-20A, 4.329%     (3 Month LIBOR USD + 1.550%),
07/16/2031 (a)(b)		10,000,000		9,872,940
Ares XXVII CLO Ltd.
2013-2A, 5.165%     (3 Month LIBOR USD + 2.400%),
07/28/2029 (a)(b)		1,750,000		1,741,607
BlueMountain CLO Ltd.
2015-1A, 6.547%     (3 Month LIBOR USD + 3.750%),
04/13/2027 (a)(b)		2,000,000		2,001,806
2018-1A, 4.451%     (3 Month LIBOR USD + 1.700%),
07/30/2030 (a)(b)		6,451,308		6,409,478
2014-2A, 4.511%     (3 Month LIBOR USD + 1.750%),
10/20/2030 (a)(b)		5,000,000		4,983,255
2013-2A, 4.361%     (3 Month LIBOR USD + 1.600%),
10/22/2030 (a)(b)		2,750,000		2,717,693
2018-2A, 4.384%     (3 Month LIBOR USD + 1.700%),
08/15/2031 (a)(b)		5,000,000		4,966,070
Chenango Park CLO Ltd.
2018-1A, 4.337%     (3 Month LIBOR USD + 1.550%),
04/15/2030 (a)(b)		7,000,000		6,913,123
Goldentree Loan
Management US CLO 3 Ltd.
2018-3A, 4.430%, 04/20/2030 (b)		2,500,000		2,501,047
Goldentree Loan
Opportunities XII Ltd.
2016-12A, 4.375%,     07/21/2030 (b)
		3,750,000		3,755,696
LCM 26 Ltd.
26A, 4.161%     (3 Month LIBOR USD + 1.400%),
01/20/2031 (a)(b)		4,500,000		4,405,302
LCM XIV LP
14A, 4.341%     (3 Month LIBOR USD + 1.580%),
07/20/2031 (a)(b)		3,500,000		3,462,127
LCM XVI LP
16A, 4.537%     (3 Month LIBOR USD + 1.750%),
10/15/2031 (a)(b)		4,000,000		4,002,500
Long Point Park CLO Ltd.
2017-1A, 4.148%     (3 Month LIBOR USD + 1.375%),
01/17/2030 (a)(b)		10,750,000		10,499,740
Neuberger Berman CLO XIV Ltd.
2013-14A, 3.720%, 01/28/2030 (b)		500,000		483,029
Octagon Investment
Partners 34 Ltd.
2017-1A, 3.560%, 01/20/2030 (b)		8,550,000		8,168,225
TOTAL COLLATERALIZED LOAN
OBLIGATIONS (Cost $79,040,012)				78,885,748
CORPORATE BONDS – 4.19%
Administrative and
Support Services – 0.05%
Northwell Healthcare, Inc.
3.391%, 11/01/2027		1,000,000		955,723
Credit Intermediation and
Related Activities – 1.64%
American Honda Finance Corp.
3.550%, 01/12/2024		5,000,000		5,086,133
Bank of NT Butterfield & Son Ltd.
5.250% to 06/01/2023 then
3 Month LIBOR USD + 2.255%,     06/01/2028 (a)(c)
		3,000,000		3,010,401
Canadian Imperial Bank
of Commerce
3.500%, 09/13/2023 (c)		5,000,000		5,067,186
First Commonwealth Bank
4.875% to 06/01/2023 then
3 Month LIBOR USD + 1.845%,     06/01/2028 (a)
		1,000,000		992,578

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 14

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Credit Intermediation and
Related Activities (Cont.)
First National of Nebraska, Inc.
4.375% to 04/01/2023 then
3 Month LIBOR USD + 1.600%,
04/01/2028 (a)(b)	$	3,000,000	$	2,956,444
Fulton Financial Corp.
3.600%, 03/16/2022		1,000,000		995,019
John Deere Capital Corp.
2.650%, 06/24/2024		2,436,000		2,376,909
MB Financial Bank NA
4.000% to 12/01/2022 then
3 Month LIBOR USD + 1.873%,
12/01/2027 (a)		3,000,000		2,913,544
Renasant Corp.
8.500%, 06/27/2024 (b)		2,000,000		2,074,604
Royal Bank of Canada
3.700%, 10/05/2023		5,000,000		5,094,038
Sterling Bancorp.
3.500%, 06/08/2020		2,250,000		2,233,496
Towne Bank
4.500% to 07/30/2022 then
3 Month LIBOR USD + 2.550%,
07/30/2027 (a)		1,000,000		1,001,884
Fabricated Metal Product
Manufacturing – 0.22%
Unilever Capital Corp.
3.250%, 03/07/2024		4,600,000		4,617,367
Hospitals – 0.39%
Advocate Health & Hospitals Corp.
3.829%, 08/15/2028		1,000,000		1,020,077
Baptist Health South Florida, Inc.
4.590%, 08/15/2021		645,000		664,131
CommonSpirit Health
2.950%, 11/01/2022		5,815,000		5,690,938
Memorial Health Services
3.496%, 05/01/2022		575,000		575,040
Management of Companies
and Enterprises – 0.41%
Bryn Mawr Bank Corp.
4.250% to 12/15/2022 then
3 Month LIBOR USD + 2.050%,
12/15/2027 (a)		3,500,000		3,390,338
Cadence BanCorp
4.875%, 06/28/2019 (b)		5,000,000		5,002,366
Publishing Industries
(except Internet) – 0.42%
Oracle Corp.
2.950%, 05/15/2025		8,877,000		8,729,238
Real Estate – 0.48%
Enterprise Community
Loan Fund, Inc.
3.685%, 11/01/2023		5,000,000		5,012,959
4.152%, 11/01/2028		5,000,000		4,936,904
Rental and
Leasing Services – 0.25%
Toyota Motor Credit Corp.
3.450%, 09/20/2023		5,000,000		5,074,287
Utilities – 0.33%
Oglethorpe Power Corp.
6.191%, 01/01/2031 (b)		6,000,000		6,865,840
TOTAL CORPORATE BONDS
(Cost $86,074,914)				86,337,444
NON-AGENCY RESIDENTIAL
MORTGAGE BACKED SECURITIES – 29.34%
ACE Securities Corp. Home Equity Loan Trust
2006-ASP4, 2.650%
(1 Month LIBOR USD + 0.160%),
08/25/2036 (a)		1,064,436		1,058,852
Adjustable Rate Mortgage Trust
2005-3, 4.281%, 07/25/2035 (d)		1,011,393		989,636
Alternative Loan Trust
2004-28CB, 5.000%, 01/25/2020		563,957		567,870
2006-J3, 5.750%, 05/25/2026		611,823		512,607
2004-27CB, 6.000%, 12/25/2034		406,867		401,512
2004-28CB, 6.000%, 01/25/2035		699,526		700,604
2005-6CB, 5.750%, 04/25/2035		3,820,426		3,765,252
2005-6CB, 7.500%, 04/25/2035		431,173		454,178
2005-21CB, 5.250%, 06/25/2035		5,128,927		4,754,944
2005-21CB, 5.500%, 06/25/2035		788,641		740,762
2005-21CB, 6.000%, 06/25/2035		3,243,569		3,123,315
2005-20CB, 5.500%, 07/25/2035		2,338,208		2,186,526
2005-43, 4.674%, 09/25/2035 (d)		541,787		524,048
2005-63, 4.096%, 11/25/2035 (d)		1,654,093		1,520,075
2005-52CB, 5.500%, 11/25/2035		191,636		176,388
2005-52CB, 5.500%, 11/25/2035		81,313		74,843
2005-52CB, 5.500%, 11/25/2035		42,728		39,328
2005-54CB, 5.500%, 11/25/2035		1,051,181		879,923
2005-J13, 5.500%, 11/25/2035		630,951		563,204
2005-65CB, 0.000%, 12/25/2035 (e)		1,422,175		909,139
2005-65CB, 5.500%, 01/25/2036		204,682		188,156
2005-73CB, 5.750%, 01/25/2036		583,089		465,851
2005-86CB, 5.500%, 02/25/2036		232,234		200,339
2005-86CB, 5.500%, 02/25/2036		1,633,455		1,425,490
2006-6CB, 5.500%, 05/25/2036		198,185		182,989
2006-12CB, 5.750%
(1 Month LIBOR USD + 5.750%),
05/25/2036 (a)		843,171		685,047
2006-16CB, 6.000%, 06/25/2036		228,501		190,906

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 15

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Alternative Loan Trust (Cont.)
2006-24CB, 5.750%, 08/01/2036	$	404,980	$	334,212
2006-19CB, 2.890%     (1 Month LIBOR USD + 0.400%),
08/25/2036 (a)		1,120,747		776,663
2006-19CB, 6.000%, 08/25/2036		234,534		202,486
2006-19CB, 6.000%     (1 Month LIBOR USD + 1.000%),
08/25/2036 (a)		1,684,711		1,454,502
2006-26CB, 6.250%, 09/25/2036		7,426,822		5,841,791
2006-32CB, 5.500%, 11/25/2036		274,555		220,996
2006-31CB, 6.000%, 11/25/2036		106,183		89,358
2006-32CB, 6.000%, 11/25/2036		4,184,564		3,521,934
2006-32CB, 6.000%, 11/25/2036		1,382,183		1,163,313
2006-32CB, 6.000%, 11/25/2036		4,246,448		3,574,019
2006-39CB, 6.000%, 01/25/2037		4,786,065		4,673,625
2006-41CB, 6.000%, 01/25/2037		846,918		700,324
2007-4CB, 5.750%, 04/25/2037		2,430,486		2,382,272
2007-8CB, 6.000%, 05/25/2037		831,689		713,832
2008-2R, 6.000%, 08/25/2037 (d)		10,146,103		7,734,608
American Home Mortgage
Investment Trust
2006-2, 6.750%, 06/25/2036 (f)		2,883,567		1,054,972
Banc of America Alternative
Loan Trust
2006-3, 6.000%, 04/25/2021		382,411		387,133
2005-1, 5.250%, 02/25/2035		3,132,148		2,877,128
2005-2, 5.500%, 03/25/2035		744,827		736,372
2005-5, 5.500%, 06/25/2035		268,278		252,462
2005-5, 6.000%, 06/25/2035		1,244,666		1,252,447
2005-11, 5.750%, 12/25/2035		175,402		157,695
2005-12, 5.750%, 01/25/2036		550,960		484,749
2006-1, 6.500%, 02/25/2036		3,594,322		3,455,623
2006-3, 6.000%, 04/25/2036		4,975,315		4,890,874
2006-9, 2.890%     (1 Month LIBOR USD + 0.400%),
01/25/2037 (a)		1,770,474		1,452,693
2006-9, 6.000%, 01/25/2037		392,156		374,417
2006-4, 6.500%, 05/25/2046		1,878,139		1,919,546
2006-5, 6.000%, 06/25/2046		576,708		540,298
Banc of America Funding Trust
2003-3, 5.500%, 10/25/2033		436,619		448,212
2004-1, 6.000%, 02/25/2034		1,302,243		1,405,158
2004-1, 6.000%, 03/25/2034		7,611,872		8,282,230
2007-4, 5.500%, 11/25/2034		962,069		955,393
2005-3, 5.500%, 06/25/2035		178,522		185,015
2005-4, 5.500%, 08/25/2035		79,245		82,009
2005-5, 5.500%, 09/25/2035		468,517		499,562
2005-5, 5.500%, 09/25/2035		3,883,410		4,060,839
2005-7, 5.750%, 11/25/2035		57,464		59,314
2005-7, 6.000%, 11/25/2035		285,840		290,920
2006-B, 4.397%, 03/20/2036 (d)		1,371,029		1,275,591
2006-5, 5.750%, 09/25/2036		922,387		852,720
2006-7, 6.000%, 09/25/2036		1,401,565		1,321,533
2006-1, 4.351%, 12/20/2036 (d)		7,954,419		8,196,034
2006-1, 4.351%, 12/20/2036 (d)		1,383,634		1,399,398
2007-1, 6.189%, 01/25/2037 (f)		1,367,717		1,336,615
2007-2, 2.550%     (1 Month LIBOR USD + 0.060%),
03/25/2037 (a)		905,680		743,441
2007-3, 2.920%     (1 Month LIBOR USD + 0.430%),
04/25/2037 (a)		1,772,272		1,473,072
2007-6, 2.770%     (1 Month LIBOR USD + 0.280%),
07/25/2037 (a)		8,648,193		8,270,036
2007-5, 5.500%, 07/25/2037		2,576,424		2,275,381
2006-J, 4.651%, 01/20/2047 (d)		328,060		314,909
Banc of America Mortgage Trust
2005-A, 4.521%, 02/25/2035 (d)		1,207,929		1,201,284
BCAP LLC Trust
2007-AA2, 7.500%,     04/25/2037 (d)(i)
		437,902		386,138
Bear Stearns ALT-A Trust
2006-6, 3.953%, 11/25/2036 (d)		713,225		636,802
Bear Stearns ARM Trust
2004-12, 3.946%, 02/25/2035 (d)		282,127		271,822
Bear Stearns Asset Backed
Securities I Trust
2005-AC5, 3.490%     (1 Month LIBOR USD + 1.000%),
08/25/2035 (a)		877,410		739,588
2006-AC4, 2.740%     (1 Month LIBOR USD + 0.250%),
07/25/2036 (a)		6,750,651		5,829,041
2006-AC4, 22.794%     (1 Month LIBOR USD + 33.583%),
07/25/2036 (a)(i)		1,558,071		2,374,768
Chase Funding Trust Series
2004-1, 3.240%
(1 Month LIBOR USD + 0.750%),
09/25/2033 (a)(i)		1,995,258		1,978,572
Chase Mortgage Finance Trust
2005-S3, 5.500%, 11/25/2035		11,868,589		11,389,600
2005-A1, 4.292%, 12/25/2035 (d)		1,770,491		1,730,385
2006-S4, 6.000%, 12/25/2036		1,152,223		890,107
2006-S4, 6.000%, 12/25/2036		914,522		706,480
2007-S3, 5.750%, 05/25/2037		985,609		682,012
2007-S3, 6.000%, 05/25/2037		2,201,858		1,587,659
Chaseflex Trust
2005-1, 5.500%, 02/25/2035		697,965		677,546

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 16

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CHL Mortgage Pass-Through Trust
2005-20, 5.250%, 12/25/2027	$	45,434	$	41,245
2003-44, 5.000%, 10/25/2033		643,000		658,129
2004-4, 5.500%, 05/25/2034		839,365		838,359
2004-21, 4.000%, 11/25/2034		1,699,355		1,676,439
2004-J9, 5.500%, 01/25/2035		871,212		876,082
2004-HYB5, 4.666%,     04/20/2035 (d)
		1,325,067		1,339,093
2005-HYB2, 4.223%,
05/20/2035 (d)		2,038,932		2,056,289
2005-J3, 5.500%, 09/25/2035		206,454		200,619
2005-27, 5.500%, 12/25/2035		451,363		367,908
2005-30, 5.500%, 01/25/2036		96,227		87,494
2005-HY10, 3.869%,
02/20/2036 (d)		141,325		121,733
2005-HY10, 4.451%,
02/20/2036 (d)		563,590		527,482
2006-J1, 6.000%, 02/25/2036		41,137		31,125
2006-6, 6.000%, 04/25/2036		1,081,650		880,891
2006-J4, 6.250%, 09/25/2036		167,185		129,245
2006-16, 6.500%, 11/25/2036		929,629		653,058
2006-18, 6.000%, 12/25/2036		217,162		184,416
2006-21, 6.000%, 02/25/2037		1,203,482		1,031,645
2007-1, 6.000%, 03/25/2037		2,709,015		2,196,915
2007-5, 5.500%, 05/25/2037		1,452,109		1,188,519
2007-5, 5.750%, 05/25/2037		9,358,415		7,785,338
2007-5, 5.750%, 05/25/2037		1,073,298		892,885
2007-5, 5.750%, 05/25/2037		1,015,236		844,583
2007-10, 6.000%, 07/25/2037		3,018,914		2,459,910
2007-J2, 6.000%, 07/25/2037		288,228		194,198
2007-HY5, 3.760%,
09/25/2037 (d)		2,059,184		1,927,389
2007-HY6, 3.960%,
11/25/2037 (d)		760,307		672,579
2007-HY5, 4.514%,
09/25/2047 (d)		624,891		608,210
Citicorp Mortgage Securities Trust
2006-3, 5.500%, 06/25/2021		93,169		86,256
2007-4, 5.500%, 05/25/2022		138,662		139,303
2006-1, 6.000%, 02/25/2036		269,437		273,133
2006-3, 5.750%, 06/25/2036		602,844		605,284
2007-3, 5.500%, 04/25/2037		327,118		325,314
2007-3, 6.000%, 04/25/2037		1,333,335		1,311,452
Citigroup Mortgage Loan Trust
2004-2, 9.250%, 08/25/2033 (b)		80,033		86,090
2006-WF1, 5.830%, 11/25/2034 (f)		2,742,380		2,728,221
2005-1, 4.006%, 04/25/2035 (d)		827,682		813,831
2005-2, 3.934%, 05/25/2035 (d)		1,204,168		1,214,307
2005-7, 4.131%, 09/25/2035 (d)		1,231,667		1,135,898
2005-WF1, 4.935%, 03/25/2036 (f)		604,597		405,034
2006-AR7, 4.392%, 11/25/2036 (d)		3,316,927		3,060,506
2007-6, 3.400%, 10/25/2046 (d)		656,198		589,485
CitiMortgage Alternative Loan Trust
2007-A4, 5.500%, 04/25/2022		28,860		28,918
2006-A2, 3.090%     (1 Month LIBOR USD + 0.600%),
05/25/2036 (a)		825,018		743,848
2006-A4, 6.000%, 09/25/2036		1,840,778		1,727,805
2007-A1, 6.000%, 01/25/2037		2,114,727		2,028,492
2007-A1, 6.000%, 01/25/2037		2,243,088		2,151,619
Credit Suisse First Boston
Mortgage Securities Corp.
2005-8, 7.000%, 09/25/2035		2,972,495		2,338,521
CSFB Mortgage-Backed
Pass-Through Certificates
2004-8, 5.500%, 12/25/2034		636,100		598,353
2005-3, 5.500%, 07/25/2035		912,083		913,576
2005-10, 5.500%, 11/25/2035		671,234		634,002
2005-10, 5.500%, 11/25/2035		2,883,156		2,723,321
2005-10, 6.000%, 11/25/2035		416,874		215,477
CSMC Mortgage-Backed Trust
2007-5, 5.000%, 10/25/2024		15,738		15,837
2006-CF1, 5.000%,     11/25/2035 (b)(f)
		2,565,000		2,437,786
2006-1, 5.500%, 02/25/2036		528,514		517,898
2006-1, 5.500%, 02/25/2036		88,887		89,383
2011-13R, 4.070%,     02/27/2036 (b)(d)
		5,434,355		5,152,549
2006-2, 5.750%, 03/25/2036		1,155,881		1,063,335
2006-2, 6.000%, 03/25/2036		2,892,250		2,113,216
2006-4, 6.000%, 05/25/2036		432,976		368,980
2006-4, 7.000%, 05/25/2036		579,745		251,654
2006-7, 6.000%, 08/25/2036		804,521		802,278
2007-2, 5.750%, 03/25/2037		277,025		230,206
2007-3, 5.500%, 04/25/2037		816,570		803,070
2007-3, 5.500%, 04/25/2037		1,211,920		1,191,883
Deutsche Alt-A Securities, Inc.
Mortgage Loan Trust
2005-3, 2.990%     (1 Month LIBOR USD + 0.500%),
05/25/2035 (a)		2,345,710		2,219,372
2005-6, 5.500%, 12/25/2035		2,809,627		2,575,417
Deutsche Alt-B Securities, Inc.
Mortgage Loan Trust
2006-AB4, 2.590%     (1 Month LIBOR USD + 0.100%),
10/25/2036 (a)		918,288		711,274
DFC HEL Trust
2001-1, 4.139%     (1 Month LIBOR USD + 1.650%),
08/15/2031 (a)		2,094,244		2,084,626

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 17

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Equity One Mortgage
Pass-Through Trust
2003-1, 4.860%, 08/25/2033 (d)	$	1,820,737	$	1,849,884
2003-3, 4.868%, 12/25/2033 (d)		1,318,929		1,324,053
First Horizon Alternative
Mortgage Securities Trust
2005-FA10, 5.250%, 12/25/2020		38,582		36,730
2005-FA11, 5.250%, 02/25/2021		32,677		32,297
2006-FA6, 5.750%, 11/25/2021		20,668		20,059
2004-AA6, 3.978%,
01/25/2035 (d)		617,119		618,974
2005-AA7, 4.395%,
09/25/2035 (d)		2,516,325		2,418,722
2005-FA8, 5.500%, 11/25/2035		462,287		398,695
2006-FA1, 5.750%, 04/25/2036		2,496,834		1,863,967
2006-FA1, 6.000%, 04/25/2036		670,261		509,998
2006-FA2, 6.000%, 05/25/2036		2,789,607		2,106,679
2006-FA2, 6.000%, 05/25/2036		1,515,219		1,144,276
2006-FA3, 6.000%, 07/25/2036		9,232,672		7,371,390
2006-FA6, 6.000%, 11/25/2036		1,447,979		947,877
2006-FA6, 6.250%, 11/25/2036		1,835,402		1,258,502
2006-FA6, 6.250%, 11/25/2036		9,010,463		6,668,455
2007-FA4, 6.250%, 08/25/2037 (d)		2,941,976		2,250,714
First Horizon Mortgage
Pass-Through Trust
2006-AR4, 4.709%, 01/25/2037 (d)		870,399		779,959
2006-4, 5.750%, 02/25/2037		2,528,807		2,040,867
2006-4, 6.000%, 02/25/2037		1,531,283		1,260,214
2007-AR1, 4.501%, 05/25/2037 (d)		740,020		598,806
2007-AR2, 4.511%, 08/25/2037 (d)		6,262,235		5,019,430
GMACM Mortgage Loan Trust
2004-J2, 5.500%, 06/25/2034		77,083		76,197
2005-AR6, 4.055%, 11/19/2035 (d)		670,442		646,078
GSAA Home Equity Trust
2005-1, 5.760%, 11/25/2034 (f)		2,000,000		2,024,688
2005-12, 5.069%, 09/25/2035 (d)		39,359		33,867
2006-6, 6.121%, 03/25/2036 (f)		84,740		41,732
2006-15, 6.192%, 09/25/2036 (f)		2,285,541		1,082,147
2006-18, 5.682%, 11/25/2036 (f)		2,149,219		988,306
2007-7, 2.670%     (1 Month LIBOR USD + 0.180%),
07/25/2037 (a)		2,795,175		2,676,995
GSR Mortgage Loan Trust
2005-4F, 6.500%, 04/25/2020		59,703		60,793
2004-15F, 6.000%, 12/25/2034		3,365,102		3,399,392
2005-1F, 6.000%, 01/25/2035		32,018		32,584
2005-AR4, 4.341%, 07/25/2035 (d)		554,382		519,933
2005-6F, 5.250%, 07/25/2035		301,868		315,060
2005-7F, 6.000%, 09/25/2035		46,190		48,543
2005-AR5, 4.347%, 10/25/2035 (d)		813,461		812,057
2005-AR7, 4.439%, 11/25/2035 (d)		741,605		750,200
2006-2F, 5.750%, 02/25/2036		963,650		916,283
HarborView Mortgage Loan Trust
2006-6, 4.446%, 08/19/2036 (d)		870,851		812,604
HomeBanc Mortgage Trust
2006-1, 3.248%, 04/25/2037 (d)		563,558		527,617
Impac CMB Trust
2005-5, 2.990%     (1 Month LIBOR USD + 0.500%),
08/25/2035 (a)		1,124,359		1,094,742
Impac Secured Assets
CMN Owner Trust
2004-2, 4.149%, 08/25/2034 (f)		1,058,687		1,061,848
IndyMac IMSC Mortgage Loan Trust
2007-AR1, 3.757%, 06/25/2037 (d)		577,084		487,377
IndyMac INDA Mortgage Loan Trust
2007-AR1, 4.151%, 03/25/2037 (d)		662,854		637,587
IndyMac INDX Mortgage Loan Trust
2005-AR3, 3.899%,     04/25/2035 (d)
		1,666,178		1,636,799
2005-AR23, 3.773%,     11/25/2035 (d)
		1,822,898		1,689,784
2005-AR35, 3.802%,     02/25/2036 (d)
		1,665,564		1,405,004
2006-AR3, 3.906%,     03/25/2036 (d)
		9,176,800		8,343,965
2006-AR25, 3.594%,     09/25/2036 (d)
		2,802,591		2,649,630
2006-AR25, 4.077%,
09/25/2036 (d)		3,063,777		2,591,459
Jefferies Resecuritization Trust
2009-R1, 4.439%,     11/26/2035 (b)(d)
		1,800,101		1,815,706
JP Morgan Alternative Loan Trust
2006-S2, 6.050%, 05/25/2036 (f)		8,672		8,362
2006-A5, 3.720%, 10/25/2036 (d)		2,056,607		2,289,485
2008-R4, 6.000%, 12/27/2036 (b)		3,590,736		2,932,727
JP Morgan Mortgage Trust
2004-A6, 4.005%, 12/25/2034 (d)		351,635		334,360
2005-S3, 5.750%, 01/25/2036		70,829		54,487
JP Morgan Resecuritization Trust
2009-7, 5.419%, 07/27/2037 (b)(d)		608,850		610,271
Lehman Mortgage Trust
2005-2, 5.500%, 12/25/2035		2,279,370		1,936,731
2005-2, 5.750%, 12/25/2035		965,439		843,063
2005-3, 2.260%     (1 Month LIBOR USD + 4.750%),
01/25/2036 (a)(g)(i)		1,408,024		149,848
2005-3, 2.990%     (1 Month LIBOR USD + 0.500%),
01/25/2036 (a)		1,408,024		1,001,078
2005-3, 5.500%, 01/25/2036		353,901		293,241
2006-1, 5.500%, 02/25/2036		616,930		512,073

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 18

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Lehman Mortgage Trust (Cont.)
2006-2, 5.795%, 04/25/2036 (d)	$	51,314	$	46,462
2007-4, 5.750%, 05/25/2037		1,508,962		1,218,115
2007-4, 5.750%, 05/25/2037		3,297,083		2,661,582
2007-5, 6.000%, 06/25/2037		3,176,191		1,799,335
2007-5, 6.000%, 06/25/2037		8,675,131		4,914,524
MASTR Adjustable Rate
Mortgages Trust
2004-4, 3.953%, 05/25/2034 (d)		115,438		110,423
2004-14, 3.990%     (1 Month LIBOR USD + 1.500%),
01/25/2035 (a)		574,896		577,809
2005-1, 4.241%, 02/25/2035 (d)		271,389		269,221
MASTR Alternative Loan Trust
2003-5, 5.925%, 08/25/2033 (d)		1,331,806		1,302,374
2003-7, 6.250%, 11/25/2033		487,323		499,680
2004-6, 5.500%, 07/25/2034		447,892		458,926
2004-6, 6.000%, 07/25/2034		347,212		364,379
2004-11, 6.500%, 10/25/2034		1,428,088		1,565,870
2005-2, 5.500%, 03/25/2035		2,000,000		2,145,883
2005-6, 5.500%, 12/25/2035		636,058		599,078
2006-3, 6.500%, 07/25/2036		1,327,422		853,860
MASTR Asset Securitization Trust
2002-NC1, 5.640%     (1 Month LIBOR USD + 3.150%),
10/25/2032 (a)		308,689		307,086
2006-1, 2.940%     (1 Month LIBOR USD + 0.450%),
05/25/2036 (a)		951,559		472,873
Merrill Lynch Mortgage
Investors Trust MLMI
2005-A5, 3.986%, 06/25/2035 (d)		864,797		863,949
2005-A7, 4.391%, 09/25/2035 (d)		9,401,340		8,596,110
Morgan Stanley Mortgage
Loan Trust
2005-7, 5.500%, 11/25/2035		416,508		418,881
2006-2, 6.500%, 02/25/2036		593,259		452,053
2006-11, 6.000%, 08/25/2036		1,794,264		1,415,171
2006-11, 6.000%, 08/25/2036		2,369,802		2,177,276
2007-8XS, 6.000%, 04/25/2037 (d)		1,701,510		926,636
2007-3XS, 5.763%, 01/25/2047 (f)		8,159,120		4,041,547
Nomura Asset Acceptance Corp.
Alternative Loan Trust
2005-WF1, 5.159%, 03/25/2035 (f)		296,934		306,300
2007-1, 5.669%, 03/25/2047 (f)		1,448,905		1,304,036
2007-1, 5.995%, 03/25/2047 (f)		1,461,899		1,315,419
Nomura Resecuritization Trust
2011-4RA, 2.768%,     12/26/2036 (b)(d)
		11,763,207		11,468,965
Opteum Mortgage Acceptance
Corp. Asset Backed
Pass-Through Certificates
2005-5, 5.850%, 12/25/2035 (d)		665,467		677,626
Ownit Mortgage Loan Trust
2005-1, 3.585%     (1 Month LIBOR USD + 1.095%),
09/25/2035 (a)		4,703,951		4,676,501
2006-2, 5.633%, 01/25/2037 (f)		1,157,903		1,157,154
Popular ABS Mortgage
Pass-Through Trust
2004-4, 4.322%, 09/25/2034 (f)		1,556,068		1,501,737
RAAC Trust
2005-SP1, 6.000%, 09/25/2034		7,135		7,134
RALI Trust
2005-QS3, 5.000%, 03/25/2020		165,779		164,374
2007-QS4, 5.500%, 04/25/2022		2,378		2,381
2004-QA4, 5.261%, 09/25/2034 (d)		330,856		270,113
2005-QS2, 5.500%, 02/25/2035		1,357,143		1,345,395
2005-QS6, 5.750%, 05/25/2035		4,450,490		4,336,749
2006-QA1, 5.734%, 01/25/2036 (d)		892,612		793,909
2006-QS1, 5.750%, 01/25/2036		404,407		389,309
2006-QS6, 6.000%, 06/25/2036		1,670,825		1,513,754
2006-QS6, 6.000%, 06/25/2036		858,194		777,517
2006-QS9, 3.190%     (1 Month LIBOR USD + 0.700%),
07/25/2036 (a)		2,990,980		2,276,169
2006-QS13, 6.000%, 09/25/2036		4,491,952		3,967,479
2006-QS17, 2.840%     (1 Month LIBOR USD + 0.350%),
12/25/2036 (a)		1,803,570		1,437,429
2006-QS17, 6.000%, 12/25/2036		715,380		655,386
2007-QS1, 5.750%, 01/25/2037		737,045		646,922
2007-QS1, 6.000%, 01/25/2037		2,287,259		2,033,999
2007-QS6, 6.000%, 04/25/2037		5,607,144		5,211,607
2007-QS9, 6.500%, 07/25/2037		5,565,482		5,091,981
2007-QS10, 6.500%, 09/25/2037		578,551		552,630
RAMP Trust
2006-RS6, 2.670%     (1 Month LIBOR USD + 0.180%),
11/25/2036 (a)		642,605		632,250
RBSGC Mortgage Loan Trust
2005-A, 5.750%, 04/25/2035		2,002,225		1,997,398
RBSSP Resecuritization Trust
2009-7, 6.000%, 03/26/2036 (b)		7,118,951		5,793,987
Renaissance Home Equity Loan Trust
2005-1, 5.016%, 05/25/2035 (f)		703,437		717,846
Resecuritization Pass-Through Trust
2005-8R, 6.000%, 10/25/2034		4,564,406		4,575,741

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 19

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Residential Asset Securitization Trust
2004-R2, 5.500%, 08/25/2034	$	3,154,043	$	3,195,181
2005-A5, 5.500%, 05/25/2035		1,697,936		1,579,630
2005-A8CB, 5.000%, 07/25/2035		23,378,885		19,536,446
2005-A8CB, 5.375%, 07/25/2035		3,218,484		2,755,465
2005-A11, 4.850%, 10/25/2035		4,322,737		2,766,046
2005-A11, 5.500%, 10/25/2035		433,863		409,255
2005-A11, 6.000%, 10/25/2035		492,036		362,007
2006-A10, 3.140%     (1 Month LIBOR USD + 0.650%),
09/25/2036 (a)		13,201,183		5,660,269
2006-A10, 3.360%     (1 Month LIBOR USD + 5.850%),
09/25/2036 (a)(g)(i)		13,201,183		3,014,895
2006-A15, 3.090%     (1 Month LIBOR USD + 0.600%),
01/25/2037 (a)		20,229,300		8,936,912
2006-A15, 3.160%     (1 Month LIBOR USD + 5.650%),
01/25/2037 (a)(g)(i)		20,229,300		3,915,047
RFMSI Trust
2005-SA4, 4.596%, 09/25/2035 (d)		1,970,414		1,957,417
2005-SA4, 4.611%, 09/25/2035 (d)		3,023,324		2,724,724
2005-S8, 5.500%, 11/25/2035		4,479,744		4,318,942
2006-S2, 5.750%, 02/25/2036		5,148,583		4,754,891
2006-S3, 5.500%, 03/25/2036		4,886,000		4,648,817
2006-S4, 6.000%, 04/25/2036		4,259,044		4,169,533
2006-S5, 6.000%, 06/25/2036		173,910		168,383
2006-S5, 6.000%, 06/25/2036		865,740		838,226
2006-S5, 6.000%, 06/25/2036		3,628,118		3,512,814
2006-S5, 6.000%, 06/25/2036		450,911		441,497
2006-S6, 6.000%, 07/25/2036		293,078		290,055
2006-S6, 6.000%, 07/25/2036		1,408,551		1,394,026
2006-S7, 6.250%, 08/25/2036		2,375,061		2,246,724
2006-S7, 6.500%, 08/25/2036		1,186,027		1,136,410
2006-S9, 5.750%, 09/25/2036		2,888,097		2,722,680
Specialty Underwriting &
Residential Finance Trust
2006-BC2, 3.874%, 02/25/2037 (f)		1,015,299		557,404
STARM Mortgage Loan Trust
2007-S1, 4.590%, 01/25/2037 (d)		899,983		841,637
2007-1, 4.724%, 02/25/2037 (d)		13,337,118		12,583,283
2007-2, 3.918%, 04/25/2037 (d)		993,295		741,007
Structured Adjustable Rate
Mortgage Loan Trust
2005-21, 3.984%, 11/25/2035 (d)		729,964		690,148
2005-21, 4.158%, 11/25/2035 (d)		4,209,637		3,578,489
2006-1, 4.157%, 02/25/2036 (d)		563,412		532,670
2006-1, 4.210%, 02/25/2036 (d)		2,086,638		1,927,462
2006-4, 3.942%, 05/25/2036 (d)		1,109,669		949,381
2006-12, 4.233%, 01/25/2037 (d)		1,154,589		1,030,554
2007-9, 4.312%     (6 Month LIBOR USD + 1.500%),
10/25/2037 (a)		1,408,918		1,274,824
Structured Asset Investment
Loan Trust
2006-4, 2.620%     (1 Month LIBOR USD + 0.130%),
07/25/2036 (a)		1,995,454		1,584,932
2004-18H, 4.750%, 10/25/2034		712,798		732,070
Structured Asset Securities
Corp. Trust
2005-17, 5.500%, 10/25/2035		549,541		555,444
Suntrust Alternative Loan Trust
2005-1F, 5.750%, 12/25/2035		2,154,209		2,110,657
2005-1F, 6.000%, 12/25/2035		4,805,906		4,745,745
2005-1F, 6.500%, 12/25/2035		5,993,650		5,901,155
TBW Mortgage-Backed Trust
2006-2, 5.500%, 07/25/2036		163,709		108,030
WaMu Mortgage Pass-Through
Certificates Trust
2004-S2, 6.000%, 06/25/2034		118,503		123,977
2007-HY7, 3.688%, 07/25/2037 (d)		489,032		413,391
Washington Mutual Mortgage
Pass-Through Certificates WMALT
2005-6, 6.500%, 08/25/2035		641,773		610,763
2005-9, 5.500%, 11/25/2035		824,886		790,694
2007-HY2, 3.773%, 04/25/2037 (d)		1,795,106		1,272,647
Wells Fargo Alternative Loan Trust
2005-1, 5.500%, 02/25/2035		1,849,379		1,835,007
2005-1, 5.500%, 02/25/2035		1,252,049		1,247,887
2007-PA1, 6.000%, 03/25/2037		1,502,075		1,399,407
2007-PA6, 4.694%, 12/28/2037 (d)		10,047,341		9,904,616
Wells Fargo Mortgage Backed
Securities Trust
2005-AR5, 4.814%, 04/25/2035 (d)		831,021		839,218
2005-AR4, 4.847%, 04/25/2035 (d)		546,690		554,077
2005-AR15, 4.729%,     09/25/2035 (d)
		3,013,273		3,051,691
2005-7, 5.250%, 09/25/2035		565,167		564,721
2005-AR16, 4.481%,     10/25/2035 (d)
		900,288		910,980
2005-9, 5.500%, 10/25/2035		801,670		831,254
2005-12, 5.500%, 11/25/2035		911,224		916,206
2006-AR1, 4.177%, 03/25/2036 (d)		4,030,966		3,990,769
2006-4, 3.190%     (1 Month LIBOR USD + 0.700%),
04/25/2036 (a)		341,117		339,700
2006-4, 5.750%, 04/25/2036		700,548		691,545
2006-AR10, 4.426%,     07/25/2036 (d)
		1,349,121		1,352,419

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 20

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Wells Fargo Mortgage Backed
Securities Trust (Cont.)
2006-11, 6.000%, 09/25/2036	$	471,869	$	456,289
2006-AR18, 4.756%,     11/25/2036 (d)
		234,992		233,118
2007-2, 5.750%, 03/25/2037		1,451,153		1,399,392
2007-AR3, 4.235%,     04/25/2037 (d)
		2,178,272		2,141,753
2007-10, 6.000%, 07/25/2037		736,932		727,899
2007-10, 6.000%, 07/25/2037		2,005,770		1,981,181
2007-11, 6.000%, 08/25/2037		1,603,391		1,599,488
2007-12, 5.500%, 09/25/2037		670,000		669,397
2007-13, 6.000%, 09/25/2037		534,076		530,024
2018-1, 3.500%, 07/25/2047 (b)(d)		2,750,000		2,598,168
TOTAL NON-AGENCY RESIDENTIAL
MORTGAGE BACKED SECURITIES
(Cost $627,336,849)				604,492,315
NON-AGENCY COMMERCIAL MORTGAGE
BACKED SECURITIES – 18.20%
BANK
2017-BNK8, 0.748%,     11/15/2050 (d)(g)
		37,592,668		1,968,548
2019-BNK16, 0.970%,     02/15/2052 (d)(g)
		40,643,798		3,020,200
2018-BNK14, 0.526%,     09/15/2060 (d)(g)
		97,044,383		3,617,795
2018-BNK14, 4.185%,     09/15/2060
		6,500,000		6,831,204
2018-BNK11, 0.499%,     03/15/2061 (d)(g)
		29,506,041		1,095,922
2018-BNK12, 0.347%,     05/15/2061 (d)(g)
		73,469,058		1,741,966
2018-BNK13, 0.520%,     08/15/2061 (d)(g)
		53,495,123		1,881,985
2018-BNK13, 4.193%,     08/15/2061 (d)
		5,500,000		5,762,287
2018-BNK15, 4.285%,     11/15/2061
		5,000,000		5,285,657
BENCHMARK Mortgage Trust
2018-B4, 4.059%, 07/15/2028		5,000,000		5,234,114
2018-B2, 0.429%,     02/15/2051 (d)(g)   2018-B3, 0.651%,
		125,021,988		3,494,552
04/10/2051 (d)(g)   2018-B6, 0.445%,		105,215,700		4,333,077
10/10/2051 (d)(g)		78,721,539		2,387,459
2019-B9, 1.049%,     03/15/2052 (d)(g)
		30,075,000		2,496,598
2019-B9, 4.267%, 03/15/2052 (d)		1,500,000		1,558,586
2018-B7, 0.450%,     05/15/2053 (d)(g)
		115,718,054		3,830,499
CCUBS Commercial Mortgage Trust
2017-C1, 0.291%,     11/15/2050 (d)(g)
		40,062,667		990,365
2017-C1, 1.022%,     11/15/2050 (d)(g)
		31,412,884		1,960,456
CD Mortgage Trust
2017-CD3, 0.577%,     02/10/2050 (d)(g)
		61,857,000		2,645,581
2017-CD5, 3.220%, 08/15/2050		5,000,000		4,974,813
2018-C7, 4.213%, 08/15/2051		3,236,000		3,408,551
CGMS Commercial Mortgage Trust
2017-B1, 0.214%,     08/15/2050 (d)(g)
		38,016,000		657,586
Citigroup Commercial Mortgage Trust
2019-SMRT, 4.149%,     01/10/2024 (b)
		7,500,000		7,787,115
2013-GC17, 5.111%,     11/10/2046 (d)
		5,000,000		5,222,076
2014-GC19, 5.090%,     03/10/2047 (d)
		2,757,579		2,895,654
2016-C1, 4.117%, 05/10/2049		3,000,000		3,061,492
2016-C1, 4.952%, 05/10/2049 (d)		3,270,000		3,346,850
2017-P7, 0.533%,     04/14/2050 (d)(g)
		45,124,000		1,958,977
2017-C4, 0.302%,     10/12/2050 (d)(g)
		42,746,500		973,017
2017-C4, 1.117%,     10/12/2050 (d)(g)
		21,513,937		1,475,389
2018-B2, 0.394%,     03/10/2051 (d)(g)
		49,202,000		1,643,676
2018-B2, 0.765%,     03/10/2051 (d)(g)
		47,960,752		2,508,031
2018-C5, 0.214%,     06/10/2051 (b)(d)(g)
		28,400,000		783,831
2018-C5, 0.603%,     06/10/2051 (d)(g)
		47,822,870		2,439,445
2018-C5, 4.148%, 06/10/2051		4,000,000		4,209,924
2018-C6, 0.644%,     11/10/2051 (d)(g)
		19,387,454		1,204,029
2018-C6, 4.343%, 11/10/2051		5,000,000		5,315,380
COMM Mortgage Trust
2013-CR13, 4.900%,     11/10/2046 (d)
		2,000,000		2,114,979
2014-CR15, 4.736%,     02/10/2047 (d)
		5,500,000		5,730,615
2014-CR16, 4.582%, 04/10/2047		4,664,000		4,832,387
2014-CR18, 4.456%,     07/15/2047 (d)
		4,550,700		4,698,041
2013-CR11, 0.938%,     08/10/2050 (d)(g)
		52,264,088		1,938,005
2018-COR3, 0.448%,     05/10/2051 (d)(g)
		78,594,708		2,814,044

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 21

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CSAIL Commercial Mortgage Trust
2015-C1, 0.500%,     04/15/2050 (b)(d)(g)
	$	62,192,000	$	1,572,730
2017-C8, 0.378%,     06/15/2050 (d)(g)
		74,773,000		2,079,938
2018-C14, 4.359%, 11/15/2051		8,000,000		8,475,787
DBJPM Mortgage Trust
2017-C6, 0.251%,     06/10/2050 (d)(g)
		97,787,000		2,191,475
GS Mortgage Securities Trust
2017-FARM, 3.541%,     01/10/2043 (b)(d)
		9,000,000		8,938,873
2013-GC14, 4.750%,     08/10/2046 (b)(d)
		2,500,000		2,415,661
2017-GS8, 0.384%,     11/10/2050 (d)(g)
		44,642,000		1,413,393
2019-GC38, 1.837%,     02/10/2052 (b)(d)(g)
		20,916,000		3,228,970
GS Mortgage Securities Trust Corp. II
2015-GC30, 4.013%,     05/10/2050 (d)
		2,325,000		2,353,202
2018-GS10, 4.106%,     07/10/2051 (d)
		5,000,000		5,237,932
JP Morgan Chase Commercial
Mortgage Securities Trust
2012-CBX, 5.191%,     06/15/2045 (d)
		6,680,000		6,836,462
2011-C4, 4.801%, 07/15/2046 (b)		2,585,000		2,666,107
2015-JP1, 4.741%, 01/15/2049 (d)		3,285,000		3,369,736
2007-CB20, 0.000%,     02/12/2051 (b)(d)(g)
		16,632,011		166
JPMBB Commercial Mortgage
Securities Trust
2015-C32, 0.500%,     11/15/2048 (b)(d)(g)
		23,066,000		642,797
2015-C33, 3.562%, 12/15/2048		5,561,000		5,671,172
JPMCC Commercial Mortgage
Securities Trust
2017-JP6, 0.702%,     07/15/2050 (d)(g)
		68,830,000		3,359,978
JPMDB Commercial Mortgage
Securities Trust
2018-C8, 0.655%,     06/15/2051 (d)(g)
		47,328,705		2,038,570
Morgan Stanley Bank of America
Merrill Lynch Trust
2013-C12, 4.482%, 10/15/2046 (d)		5,000,000		5,239,983
2015-C27, 4.531%, 12/15/2047 (d)		3,000,000		3,134,521
2015-C25, 4.527%, 10/15/2048 (d)		3,000,000		3,052,743
2016-C31, 0.645%,     11/15/2049 (d)(g)
		42,199,000		1,863,841
2016-C31, 1.317%,     11/15/2049 (b)(d)(g)
		21,212,500		1,822,330
Morgan Stanley Capital I Trust
2016-BNK2, 0.548%,     11/15/2049 (d)(g)
		42,650,000		1,627,362
2018-H3, 0.359%,     07/15/2051 (d)(g)
		135,712,000		4,302,817
2018-H3, 0.839%,     07/15/2051 (d)(g)
		62,926,030		3,722,094
2018-H3, 4.120%, 07/15/2051		5,000,000		5,225,242
2018-L1, 0.531%,     10/15/2051 (d)(g)
		71,723,847		2,932,802
UBS Commercial Mortgage Trust
2012-C1, 5.544%,     05/10/2045 (b)(d)
		4,500,000		4,695,725
2017-C1, 0.896%,     06/15/2050 (d)(g)
		13,000,000		860,649
2017-C3, 0.371%,     08/15/2050 (d)(g)
		67,762,500		2,302,787
2017-C6, 0.366%,     12/15/2050 (d)(g)
		63,420,500		2,254,351
2017-C7, 0.366%,     12/15/2050 (d)(g)
		170,396,000		5,021,093
2018-C10, 0.964%,     05/15/2051 (d)(g)
		48,788,244		3,287,825
2018-C11, 0.261%,     06/15/2051 (d)(g)
		143,441,000		3,815,215
2018-C11, 0.810%,     06/15/2051 (d)(g)
		49,793,148		2,824,979
2018-C11, 4.119%,     06/15/2051
		5,000,000		5,235,973
2018-C12, 0.231%,     08/15/2051 (d)(g)
		139,858,000		3,660,909
2018-C12, 0.834%,     08/15/2051 (d)(g)
		49,854,015		3,098,567
2018-C12, 4.195%, 08/15/2051		5,000,000		5,252,411
2018-C13, 0.272%,     10/15/2051 (d)(g)
		128,678,000		3,785,861
2018-C13, 4.241%, 10/15/2051		3,000,000		3,153,385
2018-C14, 0.305%,     12/15/2051 (d)(g)
		114,392,000		3,493,200
UBS-Barclays Commercial
Mortgage Trust
2012-C3, 4.365%,     08/10/2049 (b)(d)
		6,000,000		6,146,256
2012-C2, 1.323%,     05/10/2063 (b)(d)(g)
		25,000,474		931,083

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 22

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Wells Fargo Commercial Mortgage Trust
2015-NXS1, 3.658%,     05/15/2048 (d)
	$	1,320,000	$	1,307,636
2016-BNK1, 1.338%,     08/15/2049 (d)(g)
		37,683,598		3,304,185
2016-LC24, 1.012%,     10/15/2049 (d)(g)
		36,969,489		2,457,706
2017-RB1, 0.718%,     03/15/2050 (d)(g)
		38,474,561		2,079,515
2017-C42, 0.328%,     12/15/2050 (d)(g)
		116,750,000		3,314,287
2018-C44, 0.762%,     05/15/2051 (d)(g)
		96,056,847		5,228,960
2018-C45, 4.147%, 06/15/2051		5,388,000		5,652,679
2018-C46, 0.949%,     08/15/2051 (d)(g)
		41,535,514		2,563,697
2018-C46, 4.086%, 08/15/2051		5,040,000		5,261,566
2018-C48, 0.243%,     01/15/2052 (d)(g)
		138,642,000		3,427,826
2018-C48, 0.958%,     01/15/2052 (d)(g)
		48,342,585		3,556,545
2018-C48, 4.245%, 01/15/2052		7,000,000		7,375,271
2019-C49, 0.776%,     03/15/2052 (d)(g)
		125,812,000		6,877,639
2019-C49, 3.933%, 03/15/2052		5,000,000		5,149,765
2019-C49, 4.546%, 03/15/2052		4,647,000		4,770,689
2018-C47, 0.159%,     09/15/2061 (d)(g)
		164,144,000		2,698,921
2018-C47, 0.628%,     09/15/2061 (d)(g)
		61,670,340		2,977,925
2018-C47, 4.365%, 09/15/2061		5,625,000		5,968,240
WFRBS Commercial Mortgage Trust
2011-C5, 5.672%, 11/15/2044 (b)(d)		5,695,000		5,991,513
2013-UBS1, 4.742%, 03/15/2046 (d)		3,500,000		3,705,838
TOTAL NON-AGENCY
COMMERCIAL MORTGAGE BACKED
SECURITIES (Cost $374,662,065)				375,038,114
AGENCY COMMERCIAL MORTGAGE
BACKED SECURITIES – 5.13%
Freddie Mac Multifamily Structured
Pass Through Certificates
K014, 1.149%, 04/25/2021 (d)(g)		92,832,668		1,987,417
K018, 1.343%, 01/25/2022 (d)(g)		61,720,861		1,896,460
K019, 1.623%, 03/25/2022 (d)(g)		91,309,109		3,829,194
K021, 1.441%, 06/25/2022 (d)(g)		73,774,251		2,958,952
K723, 0.951%, 08/25/2023 (d)(g)		74,703,503		2,562,308
K723, 0.853%, 09/25/2023 (d)(g)		61,645,000		2,196,282
K726, 0.882%, 04/25/2024 (d)(g)		27,812,592		1,017,154
K728, 0.415%, 08/25/2024 (d)(g)		64,874,352		1,273,211
K729, 0.366%,     10/25/2024 (d)(g)
		53,663,887		945,499
K042, 1.050%,     12/25/2024 (d)(g)
		81,413,809		4,198,852
K061, 0.044%,     11/25/2026 (d)(g)
		72,512,000		490,065
K062, 0.170%,     12/25/2026 (d)(g)
		79,423,000		1,193,188
K063, 0.292%,     01/25/2027 (d)(g)
		103,241,946		2,104,680
K064, 0.608%,     03/25/2027 (d)(g)
		74,523,742		3,117,499
K065, 0.547%,     05/25/2027 (d)(g)
		57,193,000		2,358,817
K066, 0.753%,     06/25/2027 (d)(g)
		31,960,363		1,681,872
KW03, 0.845%,     06/25/2027 (d)(g)
		16,377,123		864,648
K067, 0.578%,     07/25/2027 (d)(g)
		40,929,397		1,727,896
K068, 0.436%,     08/25/2027 (d)(g)
		25,666,239		820,506
K069, 0.369%,     09/25/2027 (d)(g)
		30,980,250		884,604
K070, 0.327%,     11/25/2027 (d)(g)
		38,637,403		1,002,583
K072, 0.370%,     12/25/2027 (d)(g)
		61,773,533		1,767,390
K073, 0.203%, 01/25/2028 (g)		54,203,000		1,047,381
K074, 0.291%,     01/25/2028 (d)(g)
		208,229,622		5,201,139
K073, 0.303%,     01/25/2028 (d)(g)
		157,188,453		4,018,460
KW06, 0.093%,     06/25/2028 (d)(g)
		599,145,976		6,772,267
K080, 0.121%,     07/25/2028 (d)(g)
		632,501,613		8,407,022
K081, 0.069%,     09/25/2051 (d)(g)
		156,687,748		1,484,851
K084, 0.202%,     10/25/2028 (d)(g)
		340,299,363		6,572,236
K1502, 0.953%,     01/25/2031 (d)(g)
		31,938,782		2,610,091
K1505, 0.114%,     04/25/2033 (d)(g)
		248,337,532		4,172,294
FREMF Mortgage Trust
2012-K23, 3.656%,     10/25/2045 (b)(d)
		5,800,000		5,873,267
2013-K27, 3.496%,     01/25/2046 (b)(d)
		7,000,000		7,054,739

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 23

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
FREMF Mortgage Trust (Cont.)
2011-K12, 4.345%,     01/25/2046 (b)(d)
	$	5,000,000	$	5,096,964
2015-K43, 3.734%,     02/25/2048 (b)(d)
		3,446,743		3,405,878
2015-K45, 3.590%,     04/25/2048 (b)(d)
		3,100,000		3,039,693
TOTAL AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $91,503,704)				105,635,359
MUNICIPAL BONDS – 31.03%
Alabama – 0.22%
Lower Alabama Gas District
5.000%, 09/01/2034		4,000,000		4,641,000
Alaska – 0.07%
Borough of North Slope, AK
5.426%, 06/30/2023		1,260,000		1,361,808
Arizona – 0.25%
City of Phoenix Civic
Improvement Corp.
5.500%, 07/01/2031		840,000		1,072,613
5.500%, 07/01/2033		1,010,000		1,300,920
5.500%, 07/01/2034		665,000		861,468
Tempe Industrial
Development Authority
4.000%, 10/01/2023 (b)		2,000,000		2,009,060
				5,244,061
California – 4.34%
Alvord Unified School District
0.000%, 08/01/2046		1,720,000		1,694,544
California School Finance Authority
6.000%, 07/15/2019 (b)		5,000,000		4,999,300
Citrus Community College District
0.000%, 06/01/2033		1,000,000		629,670
City of Industry, CA
4.000%, 01/01/2028		2,860,000		2,923,807
City of Los Angeles, CA
3.000%, 09/01/2026		4,320,000		4,234,421
City of Oakland, CA
3.000%, 01/15/2027		3,100,000		3,051,826
City of Sacramento, CA Transient
Occupancy Tax Revenue
3.858%, 06/01/2025		3,320,000		3,426,472
City of South Lake Tahoe, CA
4.000%, 06/01/2027		1,600,000		1,634,656
City of Union City, CA
0.000%, 07/01/2025		2,105,000		1,628,554
Coachella Valley Unified School
District, CA
0.000%, 08/01/2034		1,100,000		642,224
County of San Diego, CA
6.029%, 08/15/2026		815,000		917,690
County of Sonoma, CA
6.000%, 12/01/2029		10,010,000		11,512,001
Fullerton Public
Financing Authority
7.750%, 05/01/2031		1,490,000		1,850,923
Monrovia School Facilities
Grant Financing Authority
7.000%, 06/01/2027		2,120,000		2,457,949
M-S-R Energy Authority
7.000%, 11/01/2034		3,500,000		5,021,520
Norwalk-La Mirada Unified
School District
0.000%, 08/01/2038		4,200,000		1,953,462
Oakland Alameda County
Coliseum Authority
3.643%, 02/01/2025		3,000,000		3,032,400
Palmdale Elementary
School District
0.000%, 08/01/2029		540,000		397,969
Placentia-Yorba Linda Unified
School District
0.000%, 08/01/2035		7,600,000		4,287,540
Pomona Redevelopment Agency
Successor Agency
3.837%, 02/01/2025		4,260,000		4,320,237
3.930%, 02/01/2026		7,020,000		7,123,334
Poway Unified School District
0.000%, 08/01/2034		5,360,000		3,153,181
San Diego Tobacco Settlement
Revenue Funding Corp.
3.435%, 06/01/2023		2,155,000		2,145,173
San Diego Unified School District
0.000%, 07/01/2036		7,895,000		4,324,407
San Rafael City Elementary
School District
0.000%, 08/01/2029		3,025,000		2,280,275
Santa Ana Community
Redevelopment Agency
Successor Agency
3.753%, 09/01/2025		2,500,000		2,591,325
3.867%, 09/01/2026		4,000,000		4,173,600
Yosemite Community College District
0.000%, 08/01/2038		6,110,000		2,984,124
				89,392,584

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 24

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Colorado – 0.55%
Centennial Water &
Sanitation District
5.000%, 12/01/2043	$	6,000,000	$	6,995,160
Colorado Educational & Cultural
Facilities Authority
3.285%, 03/01/2028		1,000,000		989,440
Colorado Health Facilities Authority
5.000%, 12/01/2019		325,000		325,234
Larimer Weld & Boulder County
School District R-2J Thompson
5.000%, 12/15/2038		2,500,000		2,933,950
				11,243,784
Connecticut – 0.28%
Harbor Point Infrastructure
Improvement District
12.500%, 04/01/2039		1,275,000		1,402,475
State of Connecticut Special
Tax Revenue
5.000%, 09/01/2036		4,000,000		4,432,560
				5,835,035
District of Columbia – 0.57%
Metropolitan Washington Airports
Authority Dulles Toll Road Revenue
8.000%, 10/01/2047		8,020,000		11,815,064
Florida – 1.30%
City of Gainesville, FL
0.000%, 10/01/2027		4,610,000		3,386,552
0.000%, 10/01/2028		1,300,000		910,871
County of Miami-Dade, FL
0.000%, 10/01/2034		1,345,000		1,776,234
County of Miami-Dade, FL Water
& Sewer System Revenue
5.000%, 10/01/2043		7,250,000		8,300,525
Greater Orlando Aviation Authority
5.000%, 10/01/2042		1,850,000		2,058,865
School District of Broward County
5.000%, 07/01/2040		7,890,000		9,131,334
Seminole County Industrial
Development Authority
10.000%, 12/28/2021 (b)(j)		325,000		398,414
12.500%, 12/28/2021 (b)(j)		580,000		746,831
				26,709,626
Georgia – 0.36%
Medical Center Hospital Authority
4.875%, 08/01/2022		7,020,000		7,354,924
Idaho – 0.33%
Idaho Energy Resources Authority
2.772%, 09/01/2026		7,200,000		6,843,168
Illinois – 1.45%
Boone Mchenry & Dekalb Counties
Community Unit School District 100
0.000%, 12/01/2022		660,000		605,273
Chicago Board of Education
0.000%, 12/01/2022		2,025,000		1,843,398
Chicago O’Hare
International Airport
5.000%, 01/01/2037		1,000,000		1,111,490
City of Chicago, IL
Waterworks Revenue
5.750%, 11/01/2030		2,485,000		3,010,354
Illinois Finance Authority
3.548%, 08/15/2029		1,500,000		1,468,365
5.000%, 08/15/2035		1,485,000		1,693,048
Kendall & Kane Counties
Community Unit School
District No. 115
0.000%, 01/01/2022		2,340,000		2,191,691
Metropolitan Pier &
Exposition Authority
0.000%, 06/15/2033		5,075,000		2,734,664
Metropolitan Water Reclamation
District of Greater Chicago
5.000%, 12/01/2041		2,570,000		2,834,402
Regional Transportation Authority
6.000%, 07/01/2033		5,000,000		6,432,450
South Suburban College
Community School District No. 510
0.000%, 12/01/2022		1,000,000		917,080
Southwestern Illinois
Development Authority
7.030%, 04/15/2032		675,000		702,344
State of Illinois
5.750%, 01/01/2037		3,000,000		3,330,030
5.877%, 03/01/2019		695,000		695,000
Will County Elementary
School District No. 122
5.250%, 10/01/2023		220,000		223,148
				29,792,737
Indiana – 1.16%
Huntington Countywide School
Building Corp.
5.000%, 01/15/2038		5,560,000		6,400,172

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 25

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Indiana (Cont.)
Indiana Municipal Power Agency
5.000%, 01/01/2036	$	6,340,000	$	7,224,493
5.000%, 01/01/2039		2,800,000		3,150,784
Indianapolis Board of
School Commissioners
3.800%, 07/15/2030		5,000,000		5,100,400
Northern Indiana Commuter
Transportation District
5.000%, 07/01/2035		1,770,000		1,996,896
				23,872,745
Kentucky – 0.38%
County of Warren, KY
3.921%, 12/01/2031		825,000		836,393
4.397%, 12/01/2038		1,500,000		1,577,820
Kentucky Higher Education
Student Loan Corp.
3.690%, 06/01/2023		2,000,000		2,029,720
3.860%, 06/01/2025		2,000,000		2,038,300
Kentucky State Property &
Building Commission
5.000%, 02/01/2032		1,150,000		1,288,437
				7,770,670
Louisiana – 0.05%
City of New Orleans, LA
8.800%, 12/01/2039		1,000,000		1,042,360
Massachusetts – 0.32%
Massachusetts Educational
Financing Authority
3.831%, 07/01/2024		4,215,000		4,331,376
Massachusetts Port Authority
5.000%, 07/01/2042		1,500,000		1,679,685
Massachusetts State College
Building Authority
5.932%, 05/01/2040		550,000		666,320
				6,677,381
Michigan – 1.57%
Chippewa Valley Schools
5.000%, 05/01/2039		3,800,000		4,402,946
5.000%, 05/01/2040		3,975,000		4,582,579
Detroit City School District
7.747%, 05/01/2039		5,510,000		7,566,662
Lake Orion Community
School District
5.000%, 05/01/2038		2,000,000		2,345,100
Michigan Finance Authority
2.610%, 11/01/2025		2,180,000		2,068,755
2.710%, 11/01/2026		4,105,000		3,844,620
6.396%, 09/01/2024		1,980,000		2,297,552
Ypsilanti School District
2.620%, 05/01/2023		5,500,000		5,335,110
				32,443,324
Minnesota – 0.67%
City of Rochester, MN
5.000%, 11/15/2033		4,250,000		5,421,725
5.000%, 11/15/2035		6,510,000		8,292,633
				13,714,358
Mississippi – 0.64%
State of Mississippi
3.851%, 11/01/2027		4,000,000		4,170,200
5.000%, 10/15/2037		7,925,000		9,077,216
				13,247,416
Missouri – 0.64%
Jackson County School District
6.000%, 03/01/2038		2,500,000		3,186,250
Kansas City Land Clearance
Redevelopment Authority
6.400%, 10/15/2040 (b)		5,000,000		5,068,950
St. Louis School District
5.950%, 04/01/2024		235,000		267,042
6.450%, 04/01/2028		3,800,000		4,656,748
				13,178,990
Nebraska – 0.32%
Central Plains Energy Project
5.000%, 09/01/2034		5,700,000		6,620,835
Nevada – 0.21%
Clark County School District
5.510%, 06/15/2024		4,000,000		4,308,320
New Hampshire – 0.14%
New Hampshire Health and
Education Facilities Authority Act
5.000%, 07/01/2041		2,580,000		2,892,387
New Jersey – 1.89%
New Jersey Economic
Development Authority
0.000%, 02/15/2025		18,446,000		14,668,075
New Jersey Educational
Facilities Authority
2.504%, 07/01/2023		1,355,000		1,327,195
New Jersey Institute of Technology
3.323%, 07/01/2024		2,985,000		2,980,164
New Jersey Transportation
Trust Fund Authority
0.000%, 12/15/2027		11,110,000		8,730,127
6.104%, 12/15/2028		10,960,000		11,331,544
				39,037,105

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 26

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
New York – 2.47%
City of New York, NY
5.000%, 04/01/2040	$	9,420,000	$	10,801,726
Dutchess County Local
Development Corp.
4.550%, 07/01/2022		1,055,000		1,081,101
Fiscal Year 2005
Securitization Corp.
4.930%, 04/01/2020		8,120,000		8,156,946
Monroe County Industrial
Development Corp.
3.622%, 07/01/2024		2,525,000		2,582,772
New York City Transitional
Finance Authority Building
Aid Revenue
4.800%, 07/15/2026		4,000,000		4,314,520
New York City Transitional
Finance Authority Future Tax
Secured Revenue
3.150%, 11/01/2025		1,075,000		1,076,591
3.590%, 08/01/2027		7,000,000		7,053,620
New York Liberty
Development Corp.
5.250%, 10/01/2035		1,000,000		1,228,740
New York State
Dormitory Authority
5.096%, 08/01/2034		3,125,000		3,252,062
New York State Environmental
Facilities Corp.
2.620%, 01/15/2024		700,000		693,294
New York State Urban
Development Corp.
3.420%, 03/15/2028		3,580,000		3,548,747
5.000%, 03/15/2039		5,000,000		5,794,050
Port Authority of New York &
New Jersey
5.000%, 11/15/2037		1,250,000		1,419,312
				51,003,481
Ohio – 0.53%
Cincinnati City School District
5.250%, 12/01/2030		2,125,000		2,732,027
5.250%, 12/01/2031		2,695,000		3,478,140
County of Cuyahoga, OH
2.876%, 07/01/2025		1,000,000		993,760
2.976%, 07/01/2026		3,000,000		2,972,010
Sycamore Community City
School District
5.850%, 12/01/2028		590,000		699,056
				10,874,993
Oklahoma – 0.33%
Midwest City Economic
Development Authority
3.550%, 02/01/2025		1,060,000		1,079,864
Oklahoma City Economic
Development Trust
3.154%, 08/01/2025		2,500,000		2,485,750
Oklahoma Development
Finance Authority
5.450%, 08/15/2028		3,015,000		3,198,403
				6,764,017
Oregon – 0.10%
Washington County School
District No. 15
5.909%, 06/15/2026		1,695,000		1,976,404
Pennsylvania – 2.01%
Berks County Industrial
Development Authority
3.950%, 05/15/2024		720,000		721,915
4.450%, 05/15/2027		800,000		794,344
Carbon County Hospital Authority
3.377%, 11/15/2023		1,000,000		1,020,970
3.677%, 11/15/2025		1,000,000		1,025,680
City of York, PA
0.000%, 02/01/2023		740,000		658,866
Delaware Valley Regional
Finance Authority
5.500%, 08/01/2028		4,745,000		5,830,798
Pennsylvania Economic
Development Financing Authority
5.000%, 12/31/2030		1,000,000		1,119,040
5.201%, 06/15/2020		1,290,000		1,319,864
Pennsylvania Turnpike Commission
5.000%, 06/01/2042		5,000,000		5,447,850
6.000%, 12/01/2030		3,070,000		3,879,344
6.250%, 06/01/2033		5,295,000		6,482,880
6.375%, 12/01/2038		3,850,000		4,824,859
Philadelphia Authority for
Industrial Development
0.000%, 04/15/2022		6,437,000		5,786,219
Union County Hospital Authority
3.800%, 08/01/2023		1,350,000		1,360,976
4.400%, 08/01/2028		1,060,000		1,080,691
				41,354,296
Puerto Rico – 0.44%
Children’s Trust Fund
5.375%, 05/15/2033		5,930,000		5,987,343

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 27

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT			VALUE
Puerto Rico (Cont.)
Puerto Rico Sales Tax Financing
Corp. Sales Tax Revenue
0.000%, 07/01/2027	$	3,237,000		$	2,352,652
4.550%, 07/01/2040		797,000			691,397
					9,031,392
South Carolina – 0.36%
Commission of Public Works,
City of Greer
5.500%, 09/01/2032		2,000,000			2,570,820
South Carolina Public
Service Authority
2.388%, 12/01/2023		5,000,000			4,780,650
					7,351,470
Tennessee – 0.30%
Memphis-Shelby County
Airport Authority
5.000%, 07/01/2038		1,490,000			1,668,621
Memphis-Shelby County
Industrial Development Board
4.700%, 07/01/2027		250,000			259,020
State of Tennessee
4.182%, 08/01/2031		4,000,000			4,248,760
					6,176,401
Texas – 4.26%
Bexar County Hospital District
5.000%, 02/15/2038		4,500,000			5,184,315
Central Texas Turnpike System
0.000%, 08/15/2027		0(k	)		0
City of Conroe, TX
5.000%, 11/15/2037		3,200,000			3,731,200
5.000%, 11/15/2038		5,385,000			6,255,539
City of Dallas, TX
0.000%, 02/15/2026		2,525,000			1,974,954
0.000%, 02/15/2030		1,910,000			1,237,031
City of El Paso, TX
6.018%, 08/15/2035		3,000,000			3,728,670
City of Houston, TX
5.508%, 03/01/2036		2,400,000			2,768,640
6.290%, 03/01/2032		5,630,000			6,656,518
City of Houston, TX Airport
System Revenue
6.880%, 01/01/2028		500,000			587,095
City of Irving, TX
7.375%, 08/15/2044		3,500,000			3,720,255
County of Galveston, TX
5.905%, 02/01/2029		4,905,000			5,542,307
El Paso Independent
School District
1.550%, 08/15/2025		6,175,000			5,573,925
Lower Colorado River Authority
5.000%, 05/15/2038		5,000,000			5,713,300
New Hope Cultural Education
Facilities Corp.
4.000%, 08/01/2020		320,000			320,048
North Texas Tollway Authority
0.000%, 01/01/2031		7,500,000			5,234,100
5.000%, 01/01/2034		9,500,000			11,644,245
8.410%, 02/01/2030		5,090,000			6,587,987
Texas Public Finance Authority
8.250%, 07/01/2024		11,195,000			11,311,988
					87,772,117
Utah – 0.05%
Ogden City Redevelopment Agency
3.000%, 04/01/2023		1,000,000			1,000,110
Washington – 0.14%
Chelan County Public
Utility District No. 1
0.000%, 06/01/2029		3,920,000			2,905,465
West Virginia – 1.51%
State of West Virginia
5.000%, 06/01/2040		5,000,000			5,768,600
5.000%, 12/01/2040		14,040,000			16,178,853
Tobacco Settlement
Finance Authority
7.467%, 06/01/2047		6,870,000			6,671,663
West Virginia University
0.000%, 04/01/2030		3,460,000			2,473,243
					31,092,359
Wisconsin – 0.82%
Public Finance Authority
3.930%, 12/15/2025		1,660,000			1,691,590
4.153%, 05/15/2031		3,635,000			3,692,651
5.000%, 05/15/2032 (b)		1,275,000			1,340,522
5.000%, 03/01/2041		4,850,000			5,386,701
7.625%, 12/01/2048 (b)		5,000,000			4,814,800
					16,926,264
TOTAL MUNICIPAL BONDS
(Cost $630,867,753)					639,268,451

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 28

PERFORMANCE TRUST STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
US GOVERNMENT NOTES/BONDS – 2.18%
United States Treasury Note/Bond
2.750%, 11/30/2020	$	25,000,000	$	25,087,891
2.000%, 01/15/2021		20,000,000		19,805,078
TOTAL US GOVERNMENT
NOTES/BONDS (Cost $44,788,008)				44,892,969
US GOVERNMENT TREASURY BILL – 1.90%
United States Treasury Bill
2.613%, 12/05/2019		40,000,000		39,242,592
TOTAL US GOVERNMENT
TREASURY BILL
(Cost $39,220,815)				39,242,592
CLOSED-END MUTUAL
FUNDS – 0.33%
BlackRock Investment Quality
Municipal Trust, Inc.		24,400		342,576
Invesco High Income Trust II		143,246		2,042,688
Invesco Municipal Opportunity Trust		172,200		2,042,292
Nuveen Quality Municipal
Income Fund		183,527		2,457,426
TOTAL CLOSED-END
MUTUAL FUNDS
(Cost $7,013,035)				6,884,982
SHORT-TERM INVESTMENTS – 2.09%
First American Treasury Obligations
Fund – Class Z – 2.269% (h)		43,122,522		43,122,522
TOTAL SHORT-TERM
INVESTMENTS
(Cost $43,122,522)				43,122,522
Total Investments
(Cost $2,048,126,396) – 99.41%				2,048,399,564
Other Assets in Excess
of Liabilities – 0.58%				12,052,818
TOTAL NET ASSETS – 100.00%			$	2,060,452,382

Percentages are stated as a percent of net assets.

(a)	Variable rate security; the rate shown represents the rate at February 28, 2019.
(b)	Securities issued pursuant to Rule 144A under the Securities Act of 1933.
(c)	Foreign issued security.
(d)	Variable rate security; the rate shown represents the rate at February 28, 2019.  The coupon is based on an underlying pool of loans.
(e)	Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
(f)	Step-up bond; the rate shown represents the rate at February 28, 2019.
(g)	Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
(h)	Seven day yield at February 28, 2019.
(i)	Inverse floating rate security whose interest rate moves in opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier slope.
(j)	Illiquid securities. The total market value of these securities was $1,145,245, representing 0.00% of net assets.
(k)	Represents a fractional share. Rounds to less than 0.5 share.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 29

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
MUNICIPAL BONDS – 97.06%
Alabama – 1.60%
Alabama Economic
Settlement Authority
3.163%, 09/15/2025	$	1,800,000	$	1,790,352
City of Homewood, AL
5.000%, 09/01/2033		1,000,000		1,153,600
Lower Alabama Gas District
5.000%, 09/01/2031		1,005,000		1,162,001
				4,105,953
Alaska – 1.25%
Alaska Housing Finance Corp.
5.000%, 12/01/2031		1,040,000		1,237,995
CIVIC Ventures, AK
5.000%, 09/01/2033		1,750,000		1,956,483
				3,194,478
Arizona – 0.95%
Florence Town, Inc. Industrial
Development Authority
5.000%, 07/01/2023		385,000		399,576
Industrial Development Authority
of the City of Phoenix
5.000%, 06/01/2027		500,000		542,450
Tempe Industrial
Development Authority
4.000%, 10/01/2023 (a)		1,500,000		1,506,795
				2,448,821
California – 5.07%
California School Finance Authority
6.000%, 07/15/2019 (a)		1,750,000		1,749,755
California Statewide Communities
Development Authority
5.000%, 08/15/2028		750,000		888,300
City of Los Angeles
Department of Airports
5.000%, 05/15/2033		1,000,000		1,136,060
Clovis Unified School District
0.000%, 08/01/2028		2,000,000		1,548,820
M-S-R Energy Authority
7.000%, 11/01/2034		1,160,000		1,664,275
Palmdale Elementary School District
0.000%, 08/01/2028		500,000		385,055
Rialto Redevelopment Agency
5.000%, 09/01/2037		1,000,000		1,161,250
San Diego Tobacco Settlement
Revenue Funding Corp.
4.000%, 06/01/2032		980,000		988,987
San Joaquin Hills Transportation
Corridor Agency
5.000%, 01/15/2029		550,000		619,272
St. Helena Unified School District
0.000%, 06/01/2036		2,755,000		2,851,976
				12,993,750
Colorado – 3.22%
City & County of Denver, CO
Airport System Revenue
5.000%, 12/01/2034		2,500,000		3,077,000
Colorado Health Facilities Authority
3.125%, 05/15/2027		1,250,000		1,239,688
El Paso County School
District No. 49 Falcon
5.000%, 12/15/2031		1,500,000		1,736,175
Public Authority for Colorado Energy
6.500%, 11/15/2038		1,570,000		2,202,741
				8,255,604
District of Columbia – 0.67%
Metropolitan Washington
Airports Authority
5.000%, 10/01/2032		1,500,000		1,713,465
Florida – 5.20%
City of Belle Isle, FL
5.500%, 10/01/2022		420,000		439,786
City of Hialeah, FL
5.000%, 12/01/2029		500,000		585,500
City of Orlando, FL
5.000%, 11/01/2038		1,000,000		1,125,620
County of Miami-Dade
Seaport Department
5.750%, 10/01/2028		545,000		623,229
County of Miami-Dade, FL
5.250%, 10/01/2030		1,015,000		1,274,038
County of Miami-Dade, FL
Aviation Revenue
5.000%, 10/01/2038		1,405,000		1,546,694
Greater Orlando Aviation Authority
5.000%, 10/01/2046		1,500,000		1,651,155
Hollywood Community
Redevelopment Agency
5.000%, 03/01/2024		800,000		907,728
Orange County Health
Facilities Authority
5.000%, 10/01/2026		500,000		582,175

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 30

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Florida (Cont.)
Sarasota County Health
Facilities Authority
2.700%, 01/01/2022	$	1,000,000	$	987,900
3.300%, 01/01/2023		1,000,000		1,000,070
Seminole County Industrial
Development Authority
10.000%, 12/28/2021 (a)(b)		905,000		1,109,431
Tampa Bay Water
6.000%, 10/01/2029		1,025,000		1,367,504
Venetian Community
Development District
5.000%, 05/01/2023		125,000		128,094
				13,328,924
Georgia – 1.38%
Americus & Sumter County
Hospital Authority
5.125%, 05/15/2023		400,000		414,700
City of Atlanta, GA Water &
Wastewater Revenue
5.500%, 11/01/2027		1,550,000		1,885,048
Georgia Municipal Association, Inc.
5.000%, 12/01/2037		500,000		572,865
Savannah Hospital Authority
5.500%, 07/01/2027		590,000		674,630
				3,547,243
Hawaii – 1.34%
City & County of Honolulu, HI
5.000%, 10/01/2030		1,000,000		1,253,150
State of Hawaii
5.000%, 01/01/2038		1,885,000		2,185,017
				3,438,167
Illinois – 5.56%
Boone & Winnebago Counties
Community Unit School District No. 200
0.000%, 01/01/2024		815,000		722,546
Boone Mchenry & Dekalb Counties
Community Unit School District No. 100
0.000%, 12/01/2023		1,135,000		1,016,154
0.000%, 12/01/2024		520,000		451,599
Chicago Board of Education
0.000%, 12/01/2022		840,000		764,669
Chicago O'Hare International Airport
5.000%, 01/01/2037		1,000,000		1,111,490
Chicago Transit Authority
5.000%, 06/01/2024		750,000		847,140
5.250%, 12/01/2036		1,500,000		1,586,070
Cook County School
District No. 103 Lyons
0.000%, 12/01/2022		850,000		780,088
Illinois Finance Authority
5.000%, 01/01/2034		500,000		556,345
Metropolitan Pier &
Exposition Authority
0.000%, 06/15/2026		2,375,000		1,902,470
Metropolitan Water Reclamation
District of Greater Chicago
5.000%, 12/01/2041		1,000,000		1,102,880
Railsplitter Tobacco
Settlement Authority
5.000%, 06/01/2027		1,000,000		1,161,570
State of Illinois
6.000%, 06/15/2026		1,575,000		1,852,594
Will County Community Unit School
District No. 201-U Crete-Monee
0.000%, 11/01/2020		430,000		414,206
				14,269,821
Indiana – 3.41%
City of Valparaiso, IN
6.750%, 01/01/2034		500,000		572,245
Hammond Multi-School
Building Corp.
5.000%, 07/15/2034		1,000,000		1,135,380
Indiana Finance Authority
5.000%, 09/01/2036		1,000,000		1,115,150
5.500%, 11/15/2026		1,155,000		1,228,008
6.000%, 08/01/2039		1,135,000		1,154,272
Indiana Health Facility
Financing Authority
5.000%, 11/15/2034		1,010,000		1,144,199
Indiana Municipal Power Agency
5.000%, 01/01/2042		1,000,000		1,117,030
Northern Indiana Commuter
Transportation District
5.000%, 07/01/2033		1,130,000		1,283,985
				8,750,269
Kentucky – 0.54%
Grant County School District
Finance Corp.
1.400%, 08/01/2022		320,000		308,822
Kentucky Economic Development
Finance Authority
5.000%, 05/15/2026		1,000,000		1,088,020
				1,396,842

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 31

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Louisiana – 1.98%
City of Shreveport, LA Water
& Sewer Revenue
5.000%, 12/01/2027	$	1,000,000	$	1,162,170
Louisiana Energy & Power Authority
5.250%, 06/01/2028		410,000		458,831
Louisiana Local Government
Environmental Facilities &
Community Development Authority
5.000%, 11/01/2032		1,200,000		1,380,816
5.000%, 12/01/2025		715,000		841,669
Tobacco Settlement Financing Corp.
5.000%, 05/15/2022		400,000		432,068
5.250%, 05/15/2033		740,000		792,466
				5,068,020
Maryland – 0.60%
City of Rockville, MD
2.500%, 11/01/2024		1,560,000		1,546,943
Massachusetts – 2.00%
Commonwealth of Massachusetts
5.250%, 09/01/2043		2,000,000		2,348,200
Massachusetts Educational
Financing Authority
4.500%, 07/01/2024		105,000		109,899
5.000%, 07/01/2028		2,250,000		2,680,808
				5,138,907
Michigan – 2.59%
Battle Creek School District
5.000%, 05/01/2037		775,000		872,797
Brandon School District
5.000%, 05/01/2032		1,550,000		1,784,376
Charter Township of Commerce, MI
5.000%, 12/01/2038		1,000,000		1,142,090
County of Genesee, MI
3.109%, 10/01/2019		1,727,000		1,727,000
Detroit City School District
5.250%, 05/01/2027		715,000		856,005
Michigan Finance Authority
3.875%, 10/01/2023		250,000		261,390
				6,643,658
Minnesota – 5.50%
City of Minneapolis, MN
3.750%, 11/01/2021		1,000,000		1,001,320
5.000%, 03/01/2029		450,000		460,260
City of Minnetonka, MN
3.000%, 11/01/2034		1,969,410		1,868,852
City of Rochester, MN
5.000%, 11/15/2033		1,000,000		1,275,700
5.000%, 11/15/2034		845,000		1,077,434
City of St. Anthony, MN
6.000%, 12/01/2030		1,000,000		1,081,380
Dakota County Community
Development Agency
3.800%, 07/01/2022		2,000,000		2,003,520
Housing & Redevelopment Authority
of the City of St. Paul, MN
3.375%, 05/01/2021 (a)		1,500,000		1,496,955
3.750%, 09/01/2021		1,000,000		1,002,430
3.750%, 03/01/2021		1,000,000		1,000,820
Kanabec Hospital
2.750%, 12/01/2019		1,000,000		1,000,100
Minneapolis-St. Paul Metropolitan
Airports Commission
5.000%, 01/01/2041		750,000		849,180
				14,117,951
Mississippi – 0.37%
Mississippi Development Bank
5.000%, 04/01/2026		800,000		944,520
Missouri – 1.76%
Jackson County School District
5.500%, 03/01/2035		1,015,000		1,260,935
5.500%, 03/01/2037		990,000		1,216,987
Kansas City Land Clearance
Redevelopment Authority
4.375%, 02/01/2031 (a)		1,000,000		1,009,900
Maryland Heights Industrial
Development Authority
5.000%, 03/15/2039		1,000,000		1,015,690
				4,503,512
Nebraska – 0.91%
Central Plains Energy Project
5.000%, 09/01/2034		2,000,000		2,323,100
Nevada – 1.41%
City of Las Vegas, NV
5.000%, 09/01/2031		1,150,000		1,333,782
County of Washoe, NV
5.000%, 02/01/2042		2,000,000		2,294,920
				3,628,702
New Jersey – 2.89%
Garden State Preservation Trust
5.750%, 11/01/2028		960,000		1,166,861

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 32

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
New Jersey (Cont.)
New Jersey Economic
Development Authority
0.000%, 12/15/2035	$	1,800,000	$	1,856,988
3.375%, 07/01/2030		1,000,000		993,160
5.500%, 01/01/2027		300,000		337,749
New Jersey Higher Education
Student Assistance Authority
5.000%, 12/01/2027		750,000		878,317
New Jersey Transportation
Trust Fund Authority
0.000%, 12/15/2027		1,420,000		1,115,822
0.000%, 12/15/2030		1,500,000		1,051,170
				7,400,067
New York – 6.02%
City of New York, NY
5.000%, 12/01/2037		2,000,000		2,340,300
New York City Transitional Finance
Authority Future Tax Secured Revenue
5.000%, 08/01/2040		5,000,000		5,760,700
New York City Water &
Sewer System
5.000%, 06/15/2040		2,000,000		2,315,340
New York Liberty Development Corp.
5.250%, 10/01/2035		845,000		1,038,285
New York State Dormitory Authority
5.000%, 03/15/2041		2,000,000		2,307,740
Port Authority of New York
& New Jersey
5.000%, 09/01/2032		1,500,000		1,688,460
				15,450,825
North Carolina – 0.39%
North Carolina Medical
Care Commission
3.550%, 10/01/2024		1,000,000		1,001,030
North Dakota – 1.01%
City of Langdon, ND
1.500%, 11/01/2019		1,500,000		1,491,195
City of Mandan, ND
2.750%, 09/01/2041		1,105,000		1,089,574
				2,580,769
Ohio – 4.05%
City of Cleveland, OH Income
Tax Revenue
5.000%, 10/01/2037		745,000		826,853
City of Dayton, OH Airport Revenue
5.000%, 12/01/2028		1,210,000		1,393,000
Cleveland-Cuyahoga County
Port Authority
5.000%, 08/01/2022		500,000		547,605
County of Cuyahoga, OH
5.500%, 02/15/2052		1,300,000		1,413,022
County of Franklin, OH
5.000%, 05/15/2027		635,000		740,289
Dayton City School District
5.000%, 11/01/2031		1,000,000		1,226,330
Highland Local School District
5.250%, 12/01/2054		1,500,000		1,670,295
Marysville Exempted Village
School District
5.000%, 12/01/2029		1,180,000		1,376,966
State of Ohio
5.000%, 01/01/2033		1,000,000		1,180,440
				10,374,800
Oregon – 0.63%
Medford Hospital Facilities Authority
5.000%, 10/01/2024		450,000		501,426
Port of Portland, OR Airport Revenue
5.000%, 07/01/2042		1,000,000		1,107,680
				1,609,106
Pennsylvania – 5.35%
Commonwealth Financing Authority
5.000%, 06/01/2034		1,000,000		1,135,770
5.000%, 06/01/2035		500,000		564,675
Delaware Valley Regional
Finance Authority
2.561%, 09/01/2048		1,000,000		997,930
5.500%, 08/01/2028		2,850,000		3,502,165
Hopewell Area School District
0.000%, 09/01/2026		900,000		741,375
Montour School District
5.000%, 04/01/2035		1,825,000		2,059,658
Pennsylvania Economic
Development Financing Authority
5.000%, 06/30/2028		750,000		851,258
Pennsylvania Turnpike Commission
6.000%, 12/01/2030		625,000		789,769
6.375%, 12/01/2038		2,000,000		2,506,420
Scranton School District
5.000%, 12/01/2035		500,000		563,305
				13,712,325

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 33

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Puerto Rico – 2.71%
Children's Trust Fund
5.375%, 05/15/2033	$	1,970,000	$	1,989,050
Puerto Rico Convention Center
District Authority
4.500%, 07/01/2036		1,900,000		1,902,147
Puerto Rico Public Finance Corp.
6.000%, 08/01/2026		490,000		618,929
Puerto Rico Sales Tax Financing
Corp Sales Tax Revenue
0.000%, 07/01/2024		2,000,000		1,659,120
0.000%, 07/01/2027		1,070,000		777,676
				6,946,922
Rhode Island – 0.94%
Rhode Island Health & Educational
Building Corp.
5.000%, 06/01/2025		500,000		570,055
Rhode Island Student Loan Authority
5.000%, 12/01/2023		905,000		1,002,278
5.000%, 12/01/2025		525,000		597,865
Tobacco Settlement Financing Corp.
2.250%, 06/01/2041		235,000		235,207
				2,405,405
South Carolina – 1.14%
Commission of Public Works,
City of Greer
5.500%, 09/01/2032		1,000,000		1,285,410
South Carolina Ports Authority
5.250%, 07/01/2055		1,500,000		1,634,775
				2,920,185
Texas – 14.30%
Alamo Regional Mobility Authority
5.000%, 06/15/2039		1,335,000		1,506,708
Arlington Higher Education
Finance Corp.
5.000%, 02/15/2030		1,000,000		1,146,520
Bexar County Hospital District
5.000%, 02/15/2038		1,135,000		1,307,599
City of Fort Worth, TX
5.250%, 03/01/2036		1,800,000		2,062,998
City of San Antonio, TX
5.000%, 08/01/2037		5,015,000		5,900,097
City of San Antonio, TX Electric
& Gas Systems Revenue
5.000%, 02/01/2044		1,000,000		1,155,080
County of Bexar, TX
5.000%, 06/15/2039		1,265,000		1,449,564
County of Harris, TX
2.468%, 08/15/2035		1,020,000		936,574
5.000%, 08/15/2034		1,000,000		1,150,180
Dallas Area Rapid Transit
5.250%, 12/01/2031		800,000		1,027,440
El Paso Independent School District
5.000%, 08/15/2037		1,250,000		1,420,175
Grand Parkway Transportation Corp.
5.000%, 10/01/2038		2,000,000		2,302,920
Harris County-Houston
Sports Authority
5.000%, 11/15/2027		500,000		564,310
Laredo Community College District
5.000%, 08/01/2029		885,000		1,024,193
New Hope Cultural Education
Facilities Corp.
5.000%, 07/01/2046		1,000,000		1,083,240
North East Independent
School District
5.250%, 02/01/2030		1,025,000		1,304,128
5.250%, 02/01/2035		1,000,000		1,302,180
North Texas Tollway Authority
6.200%, 01/01/2042		1,030,000		1,242,345
Socorro Independent School District
5.000%, 08/15/2039		2,000,000		2,280,340
State of Texas
5.500%, 08/01/2033		1,000,000		1,180,610
Tarrant County Cultural Education
Facilities Finance Corp.
3.875%, 11/15/2022		1,500,000		1,495,080
5.000%, 07/01/2036		1,500,000		1,698,315
Texas Municipal Gas Acquisition
& Supply Corp. I
6.250%, 12/15/2026		1,840,000		2,128,530
				36,669,126
Utah – 1.25%
County of Utah
5.000%, 05/15/2041		1,500,000		1,683,975
University of Utah
5.000%, 08/01/2031		1,000,000		1,173,310
Utah Charter School
Finance Authority
6.300%, 07/15/2032		335,000		357,375
				3,214,660

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 34

PERFORMANCE TRUST MUNICIPAL BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 28, 2019 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Vermont – 0.12%
Vermont Economic
Development Authority
5.000%, 05/01/2021	$	300,000	$	311,418
Washington – 6.15%
Chelan County Public
Utility District No. 1
0.000%, 06/01/2026		450,000		372,010
Grays Harbor County Public
Hospital District No. 1
3.000%, 08/01/2019		1,000,000		999,520
Port of Seattle, WA
5.000%, 04/01/2034		1,500,000		1,665,090
Spokane County School
District No. 81
5.000%, 12/01/2036		2,000,000		2,383,180
State of Washington
5.000%, 08/01/2039		5,000,000		5,813,350
Washington Health Care
Facilities Authority
5.000%, 10/01/2038		1,535,000		1,708,409
5.000%, 01/01/2025		1,000,000		1,149,480
Washington State Convention Center
Public Facilities District
5.000%, 07/01/2048		1,500,000		1,676,835
				15,767,874
Wisconsin – 2.80%
County of Milwaukee, WI
Airport Revenue
5.000%, 12/01/2028		1,000,000		1,161,810
Plateville Redevelopment Authority
5.000%, 07/01/2022		560,000		580,726
Public Finance Authority
3.000%, 11/15/2022 (a)		1,430,000		1,430,157
5.000%, 09/30/2037		1,000,000		1,101,180
5.000%, 07/01/2038		1,000,000		1,129,230
5.250%, 05/15/2037 (a)		500,000		525,085
Wisconsin Health & Educational
Facilities Authority
5.000%, 08/15/2034		1,100,000		1,264,373
				7,192,561
TOTAL MUNICIPAL BONDS
(Cost $244,263,775)				248,915,723
CORPORATE BONDS – 0.66%
Hospitals – 0.66%
Catholic Health Initiatives
2.950%, 11/01/2022		1,725,000		1,688,197
TOTAL CORPORATE BONDS
(Cost $1,690,383)				1,688,197
Total Investments
(Cost $245,954,158) – 97.72%				250,603,920
Other Assets in Excess
of Liabilities – 2.28%				5,855,671
TOTAL NET ASSETS – 100.00%			$	256,459,591

Percentages are stated as a percent of net assets.

(a)	Securities issued pursuant to Rule 144A under the Securities Act of 1933.
(b)	Illiquid security. The total market value of this security was $1,109,431, representing 1.00% of net assets.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 35

STATEMENTS OF OPERATIONS

For the Six Months Ended February 28, 2019 (Unaudited)

	Performance Trust			Performance Trust
	Strategic			Municipal
	Bond Fund			Bond Fund
Investment Income
Interest income	$	36,512,599		$	4,217,273
Dividend income		207,356			—
Total Investment Income		36,719,955			4,217,273
Expenses
Advisory fees		5,239,266			477,287
Transfer agent fees and expenses		900,466			37,388
Administration and accounting fees		507,439			109,800
Federal and state registration fees		86,996			19,305
Reports to shareholders		54,451			7,030
Custody fees		54,013			6,557
Legal fees		41,915			4,906
Audit and tax fees		12,102			9,205
Chief Compliance Officer fees		6,502			6,502
Trustees’ fees		4,022			4,022
Distribution fees – Class A		23			26,301
Distribution fees – Class C		26			—
Shareholder servicing fees – Class C		9			—
Other expenses		11,768			3,207
Total Expenses		6,918,998			711,510
Expense Recovery or (Waivers) by Adviser (Note 4)		—			(28,939	)
Net Expenses		6,918,998			682,571
Net Investment Income		29,800,957			3,534,702
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		(339,914	)		(82,115	)
Change in net unrealized appreciation from investments		7,564,826			3,019,596
Net Realized and Unrealized Gain on Investments		7,224,912			2,937,481
Net Increase in Net Assets from Operations	$	37,025,869		$	6,472,183

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 36

STATEMENTS OF CHANGES IN NET ASSETS

Performance Trust Strategic Bond Fund

	Six Months Ended
	February 28, 2019			Year Ended
	(Unaudited)			August 31, 2018
From Operations
Net investment income	$	29,800,957		$	53,747,565
Net realized loss from investments		(339,914	)		(2,132,147	)
Change in net unrealized appreciation (depreciation) from investments		7,564,826			(24,461,362	)
Net increase in net assets from operations		37,025,869			27,154,056
From Distributions
Net dividends and distributions – Institutional Class		(34,711,877	)		(62,058,773	)
Net dividends and distributions – Class A(1)		(778	)		—
Net dividends and distributions – Class C(2)		(213	)		—
Net decrease in net assets resulting from distributions paid		(34,712,868	)		(62,058,773	)(3)
From Capital Share Transactions
Proceeds from shares sold – Institutional Class		706,566,197			842,437,565
Proceeds from shares sold – Class A(1)		284,949			—
Proceeds from shares sold – Class C(2)		85,900			—
Shares issued in reinvestment of distributions declared –
Institutional Class		28,769,587			50,777,118
Shares issued in reinvestment of distributions declared – Class A		645			—
Shares issued in reinvestment of distributions declared – Class C		214			—
Cost for shares redeemed – Institutional Class(4)		(237,304,987	)		(355,946,623	)
Cost for shares redeemed – Class A(1)		(80	)		—
Cost for shares redeemed – Class C(2)		—			—
Net increase in net assets from capital share transactions		498,402,425			537,268,060
Total Increase in Net Assets		500,715,426			502,363,343
Net Assets
Beginning of period		1,559,736,956			1,057,373,613
End of period	$	2,060,452,382		$	1,559,736,956	(5)

(1)	Class A Shares commenced operations on January 2, 2019.
(2)	Class C Shares commenced operations on January 2, 2019.
(3)	Includes net investment income distributions of $62,058,773 for Institutional Class shares.
(4)	Net of redemption fees of $94,660 and $103,634 for the six months ended February 28, 2019 and the year ended August 31, 2018, respectively.
(5)	End of year net assets include accumulated undistributed net investment income of $177,804.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 37

STATEMENTS OF CHANGES IN NET ASSETS

Performance Trust Municipal Bond Fund

	Six Months Ended
	February 28, 2019			Year Ended
	(Unaudited)			August 31, 2018
From Operations
Net investment income	$	3,534,702		$	5,994,118
Net realized gain (loss) from investments		(82,115	)		335,079
Change in net unrealized appreciation (depreciation) from investments		3,019,596			(5,257,811	)
Net increase in net assets from operations		6,472,183			1,071,386
From Distributions
Net dividends and distributions – Institutional Class		(3,178,054	)		(5,401,960	)
Net dividends and distributions – Class A		(273,873	)		(589,960	)
Net decrease in net assets resulting from distributions paid		(3,451,927	)		(5,991,920	)(1)
From Capital Share Transactions
Proceeds from shares sold – Institutional Class		60,599,626			79,707,511
Proceeds from shares sold – Class A		1,310,735			5,821,430
Shares issued in reinvestment of distributions declared – Institutional Class		2,458,048			3,988,100
Shares issued in reinvestment of distributions declared – Class A		231,639			509,069
Cost for shares redeemed – Institutional Class(2)		(37,912,512	)		(43,190,079	)
Cost for shares redeemed – Class A(3)		(4,380,057	)		(8,478,763	)
Net increase in net assets from capital share transactions		22,307,479			38,357,268
Total Increase in Net Assets		25,327,735			33,436,734
Net Assets
Beginning of period		231,131,856			197,695,122
End of period	$	256,459,591		$	231,131,856	(4)

(1)	Includes net investment income distributions of $5,401,960, and $589,960 for Institutional Class and Class A shares, respectively.
(2)	Net of redemption fees of $1,687 and $2,264 for the six months ended February 28, 2019 and the year ended August 31, 2018, respectively.
(3)	Net of redemption fees of $59 and $201 for the six months ended February 28, 2019 and the year ended August 31, 2018, respectively.
(4)	End of year net assets include accumulated undistributed net investment income of $13,117.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 38

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	February 28, 2019			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2018			2017			2016			2015			2014
Institutional Class Shares
Net Asset Value,
Beginning of Period	$	22.21		$	22.84		$	22.98		$	22.53		$	22.91		$	21.86
Income/(loss) from
investment operations:
Net investment income(1)		0.36			0.94			1.09			1.17			0.98			0.89
Net realized and unrealized
gain/(loss) on investments(2)		0.07			(0.50	)		0.05			0.46			(0.28	)		1.17
Total from investment operations		0.43			0.44			1.14			1.63			0.70			2.06
Less distributions paid:
From net investment income		(0.43	)		(1.07	)		(1.28	)		(1.19	)		(1.08	)		(1.01	)
Total distributions paid		(0.43	)		(1.07	)		(1.28	)		(1.19	)		(1.08	)		(1.01	)
Paid-in capital from
redemption fees (Note 2)		0.00	(3)		0.00	(3)		0.00	(3)		0.01			0.00	(3)		0.00	(3)
Net Asset Value, End of Period	$	22.21		$	22.21		$	22.84		$	22.98		$	22.53		$	22.91
Total Return(4)		1.96	%		2.00	%		5.20	%		7.48	%		3.13	%		9.62	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	2,060,081		$	1,559,737		$	1,057,374		$	688,597		$	164,375		$	151,230
Ratio of expenses
to average net assets:
Before waiver, expense reimbursement
and recoupment(5)		0.79	%		0.81	%		0.76	%		0.79	%		0.84	%		0.86	%
After waiver, expense reimbursement
and recoupment(5)		0.79	%		0.81	%		0.76	%		0.79	%		0.84	%		0.94	%
Ratio of net investment income
to average net assets:
Before waiver, expense reimbursement
and recoupment(5)		3.41	%		4.19	%		4.83	%		5.14	%		4.31	%		4.02	%
After waiver, expense reimbursement
and recoupment(5)		3.41	%		4.19	%		4.83	%		5.14	%		4.31	%		3.94	%
Portfolio turnover rate(4)		17.79	%		37.99	%		78.53	%		45.58	%		80.49	%		53.47	%

(1)	Per share net investment income was calculated using the average shares outstanding method.
(2)	Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(3)	Rounds to less than 0.5 cent per share.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 39

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months Ended
	February 28, 2019(1)
	(Unaudited)
Class A Shares
Net Asset Value, Beginning of Period	$	22.13
Income from investment operations:
Net investment income(2)		0.14
Net realized and unrealized gain on investments(3)		0.07
Total from investment operations		0.21
Less distributions paid:
From net investment income		(0.13	)
Total distributions paid		(0.13	)
Net Asset Value, End of Period	$	22.21
Total Return(4)(5)		0.97	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	285
Ratio of expenses to average net assets:
Before waiver and expense reimbursement(6)		1.20	%
After waiver and expense reimbursement(6)		1.20	%
Ratio of net investment income to average net assets:
Before waiver and expense reimbursement(6)		3.99	%
After waiver and expense reimbursement(6)		3.99	%
Portfolio turnover rate(5)(7)		17.79	%

(1)	Class A shares commenced operations on January 2, 2019.
(2)	Per share net investment income was calculated using the average shares outstanding method.
(3)	Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Based on net asset value, which does not reflect sales charge.
(5)	Not annualized for periods less than one year.
(6)	Annualized for periods less than one year.
(7)	Portfolio turnover rates are calculated at the Fund level (not by individual share class).

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 40

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months Ended
	February 28, 2019(1)
	(Unaudited)
Class C Shares
Net Asset Value, Beginning of Period	$	22.13
Income from investment operations:
Net investment income(2)		0.10
Net realized and unrealized gain on investments(3)		0.09
Total from investment operations		0.19
Less distributions paid:
From net investment income		(0.12	)
Total distributions paid		(0.12	)
Net Asset Value, End of Period	$	22.20
Total Return(4)		0.87	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	86
Ratio of expenses to average net assets:
Before waiver and expense reimbursement(5)		1.83	%
After waiver and expense reimbursement(5)		1.83	%
Ratio of net investment income to average net assets:
Before waiver and expense reimbursement(5)		2.84	%
After waiver and expense reimbursement(5)		2.84	%
Portfolio turnover rate(4)(6)		17.79	%

(1)	Class C shares commenced operations on January 2, 2019.
(2)	Per share net investment income was calculated using the average shares outstanding method.
(3)	Realized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less than one year.
(6)	Portfolio turnover rates are calculated at the Fund level (not by individual share class).

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 41

PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	February 28, 2019			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2018			2017			2016			2015			2014
Institutional Class Shares
Net Asset Value,
Beginning of Period	$	23.79		$	24.34		$	24.87		$	23.26		$	23.07		$	21.16
Income/(loss) from
investment operations:
Net investment income(1)		0.35			0.67			0.62			0.57			0.61			0.71
Net realized and unrealized
gain/(loss) on investments		0.26			(0.55	)		(0.53	)		1.59			0.18			1.91
Total from investment operations		0.61			0.12			0.09			2.16			0.79			2.62
Less distributions paid:
From net investment income		(0.34	)		(0.67	)		(0.61	)		(0.55	)		(0.60	)		(0.71	)
From net realized gain on investments		—			—			(0.01	)		—			—			—
Total distributions paid		(0.34	)		(0.67	)		(0.62	)		(0.55	)		(0.60	)		(0.71	)
Paid-in capital from
redemption fees (Note 2)(2)		0.00			0.00			0.00			0.00			0.00			0.00
Net Asset Value, End of Period	$	24.06		$	23.79		$	24.34		$	24.87		$	23.26		$	23.07
Total Return(3)		2.60	%		0.46	%		0.50	%		9.43	%		3.41	%		12.58	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	236,302		$	208,325		$	172,201		$	129,466		$	63,257		$	41,000
Ratio of expenses
to average net assets:
Before waiver and expense
reimbursement(4)		0.57	%		0.60	%		0.66	%		0.73	%		0.86	%		1.05	%
After waiver and expense
reimbursement(4)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income
to average net assets:
Before waiver and expense
reimbursement(4)		2.96	%		2.76	%		2.50	%		2.16	%		2.30	%		2.73	%
After waiver and expense
reimbursement(4)		2.98	%		2.81	%		2.61	%		2.34	%		2.61	%		3.23	%
Portfolio turnover rate(3)		22.52	%		28.49	%		42.53	%		13.66	%		31.83	%		62.87	%

(1)	Per share net investment income was calculated using the average shares outstanding method.
(2)	Rounds to less than 0.5 cent per share.
(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, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 42

PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	February 28, 2019			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2018			2017			2016			2015			2014
Class A Shares
Net Asset Value,
Beginning of Period	$	23.81		$	24.36		$	24.91		$	23.30		$	23.09		$	21.18
Income/(loss) from
investment operations:
Net investment income(1)		0.32			0.61			0.56			0.50			0.55			0.67
Net realized and unrealized
gain/(loss) on investments		0.26			(0.55	)		(0.53	)		1.60			0.17			1.88
Total from investment operations		0.58			0.06			0.03			2.10			0.72			2.55
Less distributions paid:
From net investment income		(0.31	)		(0.61	)		(0.57	)		(0.51	)		(0.54	)		(0.66	)
From net realized gain on investments		—			—			(0.01	)		—			—			—
Total distributions paid		(0.31	)		(0.61	)		(0.58	)		(0.51	)		(0.54	)		(0.66	)
Paid-in capital from
redemption fees (Note 2)		0.00	(2)		0.00	(2)		0.00	(2)		0.02			0.03			0.02
Net Asset Value, End of Period	$	24.08		$	23.81		$	24.36		$	24.91		$	23.30		$	23.09
Total Return(3)(4)		2.46	%		0.25	%		0.24	%		9.20	%		3.29	%		12.33	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	20,158		$	22,807		$	25,495		$	31,744		$	10,476		$	4,154
Ratio of expenses
to average net assets:
Before waiver and expense
reimbursement(5)		0.82	%		0.85	%		0.80	%		0.85	%		1.10	%		1.33	%
After waiver and expense
reimbursement(5)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of net investment income
to average net assets:
Before waiver and expense
reimbursement(5)		2.70	%		2.50	%		2.34	%		2.02	%		2.05	%		2.47	%
After waiver and expense
reimbursement(5)		2.72	%		2.55	%		2.34	%		2.07	%		2.35	%		3.00	%
Portfolio turnover rate(4)		22.52	%		28.49	%		42.53	%		13.66	%		31.83	%		62.87	%

(1)	Per share net investment income was calculated using the average shares outstanding method.
(2)	Rounds to less than 0.5 cent per share.
(3)	Based on net asset value, which does not reflect sales charge.
(4)	Not annualized for periods less than one year.
(5)	Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 43

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS

February 28, 2019 (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 Strategic Bond Fund (the “Strategic Bond Fund”), and the Performance Trust Municipal Bond Fund (the “Municipal Bond Fund”), each representing a distinct diversified series with its own investment objective and policies within the Trust. The investment objective of the Strategic 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 Institutional Class shares of the Strategic Bond Fund commenced investment operations on September 1, 2010. The Class A and Class C shares of the Strategic Bond Fund commenced investment operations on January 2, 2019. The Municipal Bond Fund commenced investment operations on June 30, 2011 and September 28, 2012 for the Institutional Class and Class A shares, respectively. Class A shares are subject to an initial maximum sales charge of 2.25% imposed at the time of purchase. The sales charge declines as the amount purchased increases in accordance with the Funds’ prospectus. Class A shares are subject to a 0.25% Rule 12b-1 distribution and service fee. Each class of shares has identical rights and privileges except with respect to distribution fees, and voting rights on matters affecting a single class of shares. Costs incurred by the Funds in connection with the organization and the initial public offering of shares were paid by PT Asset Management, LLC (the “Adviser”), the Funds’ investment adviser. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”.
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 a Fund that is listed on a securities exchange, except securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”), is valued at its last sale price on that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, a Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded. Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a “Pricing Service”).
	Debt securities, such as U.S. government securities, corporate securities, municipal securities and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Any discount or premium is accreted or amortized over the expected life of the respective security using the constant yield method until maturity. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.
	Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
	Redeemable securities issued by open-end, registered investment companies are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. In the event market quotations are not readily available, such security will be valued at its fair value.
	If market quotations are not readily available, a security or other asset will be valued at its fair value as determined under fair value pricing procedures approved by the Board of Trustees. These fair value pricing 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 market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Board of Trustees will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures by the Trust’s valuation committee.
	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 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.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 44

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)

February 28, 2019 (Unaudited)

»	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, 2019:

Performance Trust Strategic Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income:
Asset Backed
Securities	$	—	$	24,599,068	$	—	$	24,599,068
Collateralized
Loan
Obligations		—		78,885,748		—		78,885,748
Corporate
Bonds		—		86,337,444		—		86,337,444
Non – Agency
Residential
Mortgage
Backed
Securities		—		604,492,315		—		604,492,315
Non – Agency
Commercial
Mortgage
Backed
Securities		—		375,038,114		—		375,038,114
Agency
Commercial
Mortgage
Backed
Securities		—		105,635,359		—		105,635,359
Municipal
Bonds		—		639,268,451		—		639,268,451
US
Government
Notes/Bonds		—		44,892,969		—		44,892,969
US
Treasury Bill		—		39,242,592		—		39,242,592
Total Fixed
Income		—		1,998,392,060		—		1,649,708,521
Equity
Closed-End
Mutual Funds		6,884,982		—		—		6,884,982
Total Equity		6,884,982		—		—		6,884,982
Short-Term
Investments		43,122,522		—		—		43,122,522
Total
Investments
in Securities	$	50,007,504	$	1,998,392,060	$	—	$	2,048,399,564
Performance Trust Municipal Bond Fund
	Level 1		Level 2		Level 3		Total
Fixed Income
Municipal
Bonds	$	—	$	248,915,723	$	—	$	248,915,723
Corporate
Bonds		—		1,688,197		1,688,197
Total Fixed
Income	$	—	$	250,603,920	$	—	$	250,603,920

	The Funds did not hold any Level 3 securities during the six months ended February 28, 2019.
	The Funds did not hold any financial derivative instruments during the six months ended February 28, 2019.
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, 2019, the Funds did not have any open short positions and accordingly did not have securities or cash held as 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, 2019, 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 Statements of Operations. During the six months ended February 28, 2019, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. taxing authorities for the tax periods prior to the year ended August 31, 2015.
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 gain 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, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 45

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)

February 28, 2019 (Unaudited)

f.	Share Valuation
	The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, 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. The Funds charge a 2.00% redemption fee on shares redeemed within sixty days of purchase. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as an increase in paid-in capital and such fees become part of a Fund’s daily NAV calculation. For the six months ended February 28, 2019, redemption fees of $94,660 and $1,746 were collected for the Strategic Bond Fund and Municipal Bond Fund, respectively.
g.	Allocation of Income, Expenses and Gains/Losses
	Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most expenses are allocated by class based on relative net assets. Distribution and service (Rule 12b-1) fees are expensed at 0.25% of average daily net assets of the Class A shares of the Funds and 0.75% of average daily net assets of the Class C shares of the Strategic Bond Fund. Shareholder servicing fees are expensed at 0.25% of average daily net assets of Class C shares of the Strategic Bond Fund. Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses of the Trust are typically allocated evenly between the funds of the Trust, or by other equitable means.
h.	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. Discounts, premiums and interest only strips are accreted or amortized over the expected life of the respective securities using the constant yield method. Gains and losses on principal payments and short-falls of mortgage backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statements of Operations.
3.	Federal Tax Matters
	The tax character of distributions paid during the years ended August 31, 2018 and August 31, 2017 was as follows:
	PERFORMANCE TRUST STRATEGIC BOND FUND

	YEAR ENDED		YEAR ENDED
	AUGUST 31, 2018		AUGUST 31, 2017
Ordinary Income	$	62,058,773	$	48,569,228
Tax-Exempt Income		—		—
Long-Term Capital Gain		—		—
PERFORMANCE TRUST MUNICIPAL BOND FUND
	YEAR ENDED		YEAR ENDED
	AUGUST 31, 2018		AUGUST 31, 2017
Ordinary Income	$	6,020	$	21,230
Tax-Exempt Income		5,985,900		4,430,411
Long-Term Capital Gain		—		79,473

As of August 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:

PERFORMANCE TRUST STRATEGIC BOND FUND

Cost basis of investments for federal
income tax purposes	$	1,550,023,414
Gross tax unrealized appreciation	$	22,499,027
Gross tax unrealized depreciation		(29,782,030	)
Net tax unrealized depreciation		(7,283,003	)
Undistributed ordinary income		168,721
Undistributed long-term capital gain		—
Total distributable earnings		168,721
Other accumulated losses		(22,775,122	)
Total accumulated losses	$	(29,889,404	)
PERFORMANCE TRUST MUNICIPAL BOND FUND
Cost basis of investments for federal
income tax purposes	$	224,066,774
Gross tax unrealized appreciation	$	3,489,227
Gross tax unrealized depreciation		(1,859,061	)
Net tax unrealized appreciation		1,630,166
Undistributed ordinary income		13,154
Undistributed long-term capital gain		—
Total distributable earnings		13,154
Other accumulated losses		(364,650	)
Total accumulated gains	$	1,278,670

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sale adjustments.

At August 31, 2018, the Strategic Bond Fund had short-term and long-term capital loss carryovers of $22,238,716 and $536,307, respectively. The Municipal Bond Fund had short-term capital loss carryovers of $364,613. These losses will be carried forward indefinitely to offset future realized capital gains. To the extent the Funds realize future net capital gains, taxable distributions to their shareholders will be offset by any unused capital loss carryovers.  During the year ended August 31, 2018, short-term capital loss carryovers of $0 and $335,079 were utilized by the Strategic Bond Fund and Municipal Bond Fund, respectively.

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 NAV per share. For the year ended August 31, 2018, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:

	STRATEGIC			MUNICIPAL
	BOND FUND			BOND FUND
Accumulated undistributed
net investment income/(loss)	$	8,304,311		$	—
Accumulated
undistributed net
realized gain/(loss)	$	(8,304,311	)	$	—
Paid in capital	$	—		$	—

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

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 46

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)

February 28, 2019 (Unaudited)

at the annual rate of 0.60% for the Strategic Bond Fund and 0.40% for the Municipal Bond Fund of the respective Fund’s average daily net assets.

The Adviser has contractually agreed to waive its management fee and/or reimburse Fund expenses at least through December 29, 2019 at the discretion of the Adviser and the Board of Trustees, to the extent necessary to ensure that the total annual Fund operating expenses (exclusive of front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by a Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest expense on short positions, acquired fund fees and expenses and extraordinary expenses such as litigation) do not exceed 0.95% and 0.55% (the “Expense Limitation Cap”) of the average daily net assets of the Strategic Bond Fund and Municipal Bond Fund, respectively.  Prior to December 29, 2017, the Adviser had agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses exclusive of interest, acquired fund fees and expenses, leverage (i.e., any expenses incurred in connection with borrowings made by the Fund), tax expenses, dividends and interest on short positions, brokerage commissions, and extraordinary expenses), did not exceed 0.95%, 0.55% and 0.80% of the average daily net assets of the Strategic Bond Fund and Municipal Bond Fund – Institutional Class and Class A shares, respectively.  For the six months ended February 28, 2019, expenses of $26,346 for the Municipal Bond Fund – Institutional Class, and $2,593 for the Municipal Bond Fund – Class A were waived by the Adviser. Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recover amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of: (1) the Expense Limitation Cap in place at the time of the waiver and/or reimbursement; or (2) the Expense Limitation Cap in place at the time of recovery; provided, however, that the Adviser shall only be entitled to recover such amounts for a period of up to three years from the date such amount was waived or reimbursed.

The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:

	STRATEGIC		MUNICIPAL
	BOND FUND		BOND FUND
August 31, 2019	$	—	$	87,351
August 31, 2020	$	—	$	154,601
August 31, 2021	$	—	$	100,645
February 28, 2022	$	—	$	28,939

5.

Distribution and Shareholder Servicing Plan

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”) on behalf of the Funds, which authorize the Funds to pay Foreside Fund Services, LLC (the “Distributor”) a distribution fee of 0.25% of each Fund’s average daily net assets of Class A shares and 0.75% of the Strategic Bond Fund’s average daily net assets for Class C shares, for services to prospective Fund shareholders and distribution of Fund shares, and 0.25% of the Strategic Bond Fund’s average daily net assets of Class C shares for shareholder servicing, as applicable. During the period ended February 28, 2019, the Funds accrued expenses pursuant to the 12b-1 Plan as follows:

			Shareholder
	12b-1 Fees		Servicing Fees
Strategic Bond Fund
Class A	$	23		N/A
Class C	$	26	$	9
Municipal Bond Fund
Class A	$	26,301		N/A

6.

Related Party Transactions

U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services (“Fund Services”)) acts as the Funds’ Administrator and Fund Accountant under an Administration Agreement. Fund Services 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.  Fund Services also serves as the transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of Fund Services, serves as each Fund’s custodian.  Fees incurred for the six months ended February 28, 2019, and owed as of February 28, 2019, are as follows:

Administration
and Accounting	Incurred			Owed
Strategic Bond Fund	$	507,439		$	264,558
Municipal Bond Fund	$	109,800		$	52,825
Transfer Agency	Incurred			Owed
Strategic Bond Fund	$	211,971	(1)	$	95,878	(1)
Municipal Bond Fund	$	37,388		$	17,860
(1) This amount does not include sub-transfer agency fees.
Custody	Incurred			Owed
Strategic Bond Fund	$	54,013		$	24,734
Municipal Bond Fund	$	6,557		$	3,354

The Funds each have a line of credit with US Bank (see Note 10).

Certain officers of the Funds are also employees of Fund Services.  A Trustee of the Trust is affiliated with Fund Services and US Bank.

The Trust’s Chief Compliance Officer is also an employee of Fund Services.  Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended February 28, 2019, and owed as of February 28, 2019, are as follows:

	Incurred		Owed
Strategic Bond Fund	$	6,502	$	3,228
Municipal Bond Fund	$	6,502	$	3,255

7.	Capital Share Transactions
	Transactions in shares of the Funds were as follows:
	STRATEGIC BOND FUND – INSTITUTIONAL CLASS

SIX MONTHS ENDED			YEAR ENDED
FEBRUARY 28, 2019			AUGUST 31, 2018
Shares sold	107,391,734			37,515,273
Shares issued
to holders in
reinvestment
of distributions	1,303,521			2,268,381
Shares redeemed	(86,159,850	)		(15,858,330	)
Net increase	22,535,405			23,925,324

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 47

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS (CONT.)

February 28, 2019 (Unaudited)

STRATEGIC BOND FUND – CLASS A
PERIOD ENDED
FEBRUARY 28, 2019(1)
Shares sold	12,822
Shares issued
to holders in
reinvestment
of distributions	29
Shares redeemed	(3	)
Net increase	12,848
(1) Class A shares commenced operations on January 2, 2019.
STRATEGIC BOND FUND – CLASS C
PERIOD ENDED
FEBRUARY 28, 2019(1)
Shares sold	3,867
Shares issued
to holders in
reinvestment
of distributions	9
Shares redeemed	—
Net increase	3,876
(1) Class C shares commenced operations on January 2, 2019.

MUNICIPAL BOND FUND – INSTITUTIONAL CLASS
SIX MONTHS ENDED			YEAR ENDED
FEBRUARY 28, 2019			AUGUST 31, 2018
Shares sold	2,561,119			3,319,588
Shares issued
to holders in
reinvestment
of distributions	103,779			166,951
Shares redeemed	(1,598,216	)		(1,805,588	)
Net increase	1,066,682			1,680,951
MUNICIPAL BOND FUND – CLASS A
SIX MONTHS ENDED			YEAR ENDED
FEBRUARY 28, 2019			AUGUST 31, 2018
Shares sold	55,392			242,566
Shares issued
to holders in
reinvestment
of distributions	9,779			21,279
Shares redeemed	(185,769	)		(352,651	)
Net decrease	(120,598	)		(88,806	)

8.	Investment Transactions
	The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 28, 2019, are summarized below.

	STRATEGIC		MUNICIPAL
	BOND FUND		BOND FUND
Purchases
U.S. Government	$	68,565,221	$	—
Other		701,066,189		71,688,531
Sales
U.S. Government	$	38,636,401	$	—
Other		266,355,252		52,795,435

9.	Beneficial Ownership
	The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At February 28, 2019, Charles Schwab & Company, Inc., for the benefit of its customers, held 75.69% of the Strategic Bond Fund’s outstanding Class C shares. At February 28, 2019, National Financial Services Corp. and  Charles Schwab & Company, Inc., for the benefit of its customers, held 28.91% and 25.74%, respectively, of the Municipal Bond Fund’s outstanding Institutional Class shares. At February 28, 2019, National Financial Services Corp. and Charles Schwab & Company, Inc., for the benefit of its customers, held 59.96% and 31.56%, respectively, of the Municipal Bond Fund’s outstanding Class A shares.
10.	Line of Credit
	At February 28, 2019, the Strategic Bond Fund and the Municipal Bond Fund each had a line of credit which matures on August 9, 2019 with a maximum borrowing equal to the lesser of $150,000,000 and $25,000,000, respectively, or 20% and 33.33%, respectively, of the fair value of unencumbered assets of each Fund. These secured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Funds’ securities serve as collateral for the lines of credit. The credit facility is with the Funds’ custodian, US Bank. Interest will be accrued at the prime rate (5.50% as of February 28, 2019). The Funds did not utilize their lines of credit during the six months ended February 28, 2019.
	The Funds did not have any outstanding balances on the lines of credit at February 28, 2019.
11.	New Accounting Pronouncement
	In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.
	In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has chosen to early adopt the eliminated or modified disclosures for the six months ended February 28, 2019.
12.	Subsequent Events
	The Funds have evaluated events and transactions that have occurred subsequent to February 28, 2019 and determined there were no subsequent events that would require recognition or disclosure in the Financial Statements.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 48

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, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 49

EXPENSE EXAMPLE

Period Ended February 28, 2019 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charge (loads) on purchase payments (Class A shares only) and redemption fees, and (2) ongoing costs, including management fees, distribution 12b-1 and service fees (Class A and Class C shares 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 (9/1/18 – 2/28/19).

Actual Expenses

The following table provides information about actual account values and actual expenses for each Fund.  If you purchase Class A shares of the Funds you will pay an initial sales charge of 2.25% when you invest. The tables do not include shareholder specific fees, such as the $15.00 fee charged to IRA accounts, or the $15.00 fee charged for wire redemptions. The tables also do not include portfolio trading commissions and related trading costs. You will be charged a redemption fee equal to 2.00% of the net amount of the redemption if you redeem your shares of the Funds within 60 days of the purchase. 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 following table 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 tables 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. Therefore, the second line of each of the tables is useful in comparing ongoing costs only, and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2018 –
INSTITUTIONAL CLASS	SEPTEMBER 1, 2018	FEBRUARY 28, 2019	FEBRUARY 28, 2019*
Actual	$1,000.00	$1,019.60	$3.96
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,020.88	$3.96

* Expenses are equal to the Fund’s annualized expense ratio of 0.79%, 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
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	JANUARY 2, 2019 –
CLASS A	JANUARY 2, 2019	FEBRUARY 28, 2019	FEBRUARY 28, 2019*
Actual	$1,000.00	$1,009.70	$1.88
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,005.93	$1.88

* Expenses are equal to the Fund’s annualized expense ratio of 1.20%, multiplied by the average account value over the period, multiplied by 57/365 to reflect the period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	JANUARY 2, 2019 –
CLASS C	JANUARY 2, 2019	FEBRUARY 28, 2019	FEBRUARY 28, 2019*
Actual	$1,000.00	$1,008.70	$2.87
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,004.95	$2.87

* Expenses are equal to the Fund’s annualized expense ratio of 1.83%, multiplied by the average account value over the period, multiplied by 57/365 to reflect the period.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 50

EXPENSE EXAMPLE (CONT.)

Period Ended February 28, 2019 (Unaudited)

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
MUNICIPAL BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2018 –
INSTITUTIONAL CLASS	SEPTEMBER 1, 2018	FEBRUARY 28, 2019	FEBRUARY 28, 2019*
Actual	$1,000.00	$1,026.00	$2.76
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,022.07	$2.76

* Expenses are equal to the Fund’s annualized expense ratio of 0.55%, 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 1, 2018 –
CLASS A	SEPTEMBER 1, 2018	FEBRUARY 28, 2019	FEBRUARY 28, 2019*
Actual	$1,000.00	$1,024.60	$4.02
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,020.83	$4.01

* Expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 51

ADDITIONAL INFORMATION

(Unaudited)

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 on 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 a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2019). The Funds’ Forms N-Q or Part F of Form N-PORT are available on the SEC’s website at www.sec.gov.

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 Trust’s 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, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 52

INDEPENDENT TRUSTEES

(Unaudited)

			NUMBER OF		OTHER
			PORTFOLIOS	PRINCIPAL	DIRECTORSHIPS
NAME,	POSITION(S)	TERM OF OFFICE	IN THE TRUST	OCCUPATION(S)	HELD BY TRUSTEE
ADDRESS, AND	HELD WITH	AND LENGTH OF	OVERSEEN BY	DURING THE	DURING THE PAST
YEAR OF BIRTH	THE TRUST	TIME SERVED	THE TRUSTEE	PAST FIVE YEARS	FIVE YEARS
Independent Trustees
Michael D.	Trustee	Indefinite Term;	28	Professor, Department of	Independent
Akers, Ph.D.		Since August 22,		Accounting, Marquette	Trustee, USA
615 E. Michigan St.		2001		University (2004–present);	MUTUALS (an
Milwaukee, WI				Chair, Department of	open-end
53202				Accounting, Marquette	investment
Year of Birth: 1955				University (2004–2017).	company with three
					portfolios).
Gary A. Drska	Trustee	Indefinite Term;	28	Pilot, Frontier/Midwest	Independent
615 E. Michigan St.		Since August 22,		Airlines, Inc. (airline company)	Trustee, USA
Milwaukee, WI		2001		(1986–present).	MUTUALS (an
53202					open-end
Year of Birth: 1956					investment
					company with three
					portfolios).
Jonas B. Siegel	Trustee	Indefinite Term;	28	Retired (2011–present);	Independent
615 E. Michigan St.		Since October 23,		Managing Director, Chief	Trustee, Gottex
Milwaukee, WI		2009		Administrative Officer (“CAO”)	Trust (an open-end
53202				and Chief Compliance Officer	investment
Year of Birth: 1943				(“CCO”), Granite Capital	company)
				International Group, L.P.	(2010–2016);
				(an investment management	Independent
				firm) (1994–2011).	Manager, Ramius
					IDF fund complex
					(two closed-end
					investment
					companies)
					(2010–2015);
					Independent
					Trustee, Gottex
					Multi-Asset
					Endowment fund
					complex (three
					closed-end
					investment
					companies)
					(2010–2015);
					Independent
					Trustee, Gottex
					Multi-Alternatives
					fund complex (three
					closed-end
					investment
					companies)
					(2010–2015).

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 53

INTERESTED TRUSTEE AND OFFICERS

(Unaudited)

			NUMBER OF		OTHER
			PORTFOLIOS	PRINCIPAL	DIRECTORSHIPS
NAME,	POSITION(S)	TERM OF OFFICE	IN THE TRUST	OCCUPATION(S)	HELD BY TRUSTEE
ADDRESS, AND	HELD WITH	AND LENGTH OF	OVERSEEN BY	DURING THE	DURING THE PAST
YEAR OF BIRTH	THE TRUST	TIME SERVED	THE TRUSTEE	PAST FIVE YEARS	FIVE YEARS
Interested Trustee and Officers
Joseph C.	Chairperson	Indefinite Term;	28	President (2017–present),	Trustee, USA
Neuberger*	and Trustee	Since August 22,		Chief Operating Officer	MUTUALS (an
615 E. Michigan St.		2001		(2016–present), Executive	open-end
Milwaukee, WI				Vice President (1994–2017),	investment
53202				U.S. Bancorp	company) (2001–
Year of Birth: 1962				Fund Services, LLC.	2018); Trustee,
					Buffalo Funds
					(an open-end
					investment
					company)
					(2003–2017).
John P. Buckel	President	Indefinite Term;	N/A	Vice President, U.S. Bancorp	N/A
615 E. Michigan St.	and Principal	Since January 24,		Fund Services, LLC
Milwaukee, WI	Executive	2013		(2004–present).
53202	Officer
Year of Birth: 1957
Jennifer A. Lima	Vice President,	Indefinite Term;	N/A	Vice President, U.S. Bancorp	N/A
615 E. Michigan St.	Treasurer	Since January 24,		Fund Services, LLC
Milwaukee, WI	and Principal	2013		(2002–present).
53202	Financial and
Year of Birth: 1974	Accounting
	Officer
Elizabeth B. Scalf	Chief	Indefinite Term;	N/A	Senior Vice President,	N/A
615 E. Michigan St.	Compliance	Since July 1,		U.S. Bancorp Fund
Milwaukee, WI	Officer, Vice	2017		Services, LLC
53202	President and			(February 2017– present);
Year of Birth: 1985	Anti-Money			Vice President and
	Laundering			Assistant CCO, Heartland
	Officer			Advisors, Inc. (December
				2016–January 2017);
				Vice President and CCO,
				Heartland Group, Inc.
				(May 2016–November 2016);
				Vice President, CCO and
				Senior Legal Counsel
				(May 2016–November 2016),
				Assistant CCO and Senior
				Legal Counsel (January
				2016–April 2016), Senior
				Legal and Compliance
				Counsel (2013–2015),
				Heartland Advisors, Inc.
Adam W. Smith	Secretary	Indefinite Term;	N/A	Vice President,	N/A
615 E. Michigan St.		Since May 29,		U.S. Bancorp Fund
Milwaukee, WI		2015		Services, LLC
53202				(2012–present).
Year of Birth: 1981

* Mr. Neuberger is an “interested person” of the Trust as defined by the 1940 Act by virtue of the fact that he is a board member and 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, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 54

INTERESTED TRUSTEE AND OFFICERS

(Unaudited)

			NUMBER OF		OTHER
			PORTFOLIOS	PRINCIPAL	DIRECTORSHIPS
NAME,	POSITION(S)	TERM OF OFFICE	IN THE TRUST	OCCUPATION(S)	HELD BY TRUSTEE
ADDRESS, AND	HELD WITH	AND LENGTH OF	OVERSEEN BY	DURING THE	DURING THE PAST
YEAR OF BIRTH	THE TRUST	TIME SERVED	THE TRUSTEE	PAST FIVE YEARS	FIVE YEARS
Officers
Kelly A. Burns	Assistant	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Since April 23,		U.S. Bancorp Fund
Milwaukee, WI		2015		Services, LLC
53202				(2011–present).
Year of Birth: 1987
Melissa Aguinaga	Assistant	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Since July 1,		U.S. Bancorp Fund
Milwaukee, WI		2015		Services, LLC
53202				(2010–present).
Year of Birth: 1987
Laura Carroll	Assistant	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Since August 20,		U.S. Bancorp Fund
Milwaukee, WI		2018		Services, LLC
53202				(2007–present).
Year of Birth: 1985

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, PTAOX, PTCOX, PTIMX, PTRMX)

PAGE 55

Investment Adviser

PT Asset Management, LLC

500 W. Madison, Suite 470

Chicago, IL  60661

888.282.3220

www.PTAM.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.

833 East Michigan Street, Suite 1800

Milwaukee, WI  53202

Independent Registered

Public Accounting Firm

Cohen & Company, 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.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

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 of the period 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. 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. Not Applicable.

(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.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.

(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: 4/30/2019

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: 4/30/2019

By (Signature and Title)*   /s/ Jennifer Lima

Jennifer Lima, Treasurer

Date: 4/30/2019

* Print the name and title of each signing officer under his or her signature.