N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10401

Trust for Professional Managers
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI  53202
(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

 615 East Michigan Street

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

(513) 629-8104

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2020

Date of reporting period:  February 29, 2020

Item 1. Reports to Stockholders.

Semi-Annual Report  |  February 29, 2020

Performance Trust Strategic Bond

Fund (Symbols: PTIAX, PTAOX, PTCOX) and

Performance Trust Municipal Bond

Fund (Symbols: PTIMX, PTRMX)

^© 2020 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:  9/1/2019 – 2/29/2020

For the six-month period ended February 29, 2020, the Institutional Class of Performance Trust Strategic Bond Fund (“PTIAX” or the “Fund”) posted a return of 3.23%, assuming all dividends were reinvested into the Fund. The Bloomberg Barclays U.S. Aggregate Bond Index (“Index”) returned 3.39% over the same time period, and the Morningstar Multisector US Bond category returned 2.04%.

Interest rates fluctuated up and down for most of the period before a steep drop in the last two weeks of February. This left 5-year Treasuries down 45 basis points (0.45%) and 10-year Treasuries down 35 basis points (0.35%) for the period. The drop in interest rates at the end of the period coincided with a sharp decline in the equity markets; the S&P 500 Index dropped by more than 12% during the last two weeks of February. This volatility was likely due to concerns over the uncertainty of how the rapidly growing coronavirus disease would impact the U.S. economy. These concerns led investors to seek safe haven assets causing Treasuries to rally. The overall shape of the Treasury yield curve did not change significantly with a slight inversion evident throughout the entire period. However, the curve became less inverted over the period with the 1-year Treasury falling by 28 basis points (0.28%) more than the 5-year as the market began to price in the possibility of a Federal Reserve (the “Fed”) interest rate cut sometime in the very near future. The graph below shows the Treasury yield curve at the beginning of the period (orange line) and the end (blue line).

Breaking down the performance within the Fund, our best performing asset classes were Corporate, Tax-Exempt, and Taxable Municipal Bonds, which all produced returns in excess of 4.5%. The outperformance of these three asset classes is largely due to the decline in interest rates over the period. The Fund’s municipal and corporate bonds have longer durations than the other asset classes in the portfolio and are therefore more sensitive to changes in interest rates.

The primary reason for the Fund’s slight underperformance of the Index was the performance of our structured credit sectors, including Non-Agency Residential Mortgage Backed Securities (RMBS), Commercial Mortgage Backed Securities (CMBS), Asset Backed Securities (ABS), and Collateralized Loan Obligations (CLOs). Our structured credit bonds tend to have shorter durations, or in some cases, floating rate coupons, which did not benefit as much from the decline in interest rates.  These sectors produced returns over the period that somewhat lagged the Index.

The Fund’s allocation to structured credit remained relatively flat over the period, decreasing by about 1.5%. The allocation to RMBS decreased the most compared to other structured credit products (by over 5%) due to both the natural amortization of the securities and relatively attractive opportunities in other sectors. Increased allocation to CLOs in the Fund came from attractive buying opportunities that appeared during a short-lived weakening in the asset class that occurred primarily during the fall of 2019. An increase in CMBS allocations resulted from healthy new issue supply

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

PAGE 3

LETTER FROM THE INVESTMENT ADVISER

along with our favorable view on the product. We did not increase allocations to ABS during the period because of the dramatic reduction in short-term interest rates. Because ABS tend to price off the very front end of the yield curve, over this period the sector became less attractive compared to other asset classes. We continued the Fund’s shift away from Tax-Exempt Municipal Bonds into Taxable Municipal Bonds as the former continued to become more expensive relative to taxable alternatives. Heavy supply of Taxable Municipals at the end of 2019 also led to what we considered to be attractive entry levels.

	8/31/2019	2/29/2020
Non-Agency RMBS	25.26%	19.87%
CLOs	4.53%	6.59%
CMBS	23.96%	26.09%
ABS	5.87%	5.61%
Sub-total Structured Credit	59.62%	58.16%
Cash	2.84%	0.79%
Treasuries	4.07%	6.82%
Corporate Bonds	7.23%	7.49%
Taxable Municipal Bonds	20.50%	22.61%
Tax-Exempt Municipal Bonds	5.65%	4.10%
Other	0.07%	0.03%

Looking Forward

In the current market environment with a relatively flat Treasury yield curve and interest rates across most of the curve hovering around 1%, it is difficult to take efficient interest rate risk. As a result, we have maintained a fairly defensive posture as it relates to interest rates with increases to sectors such as Treasury Bills, CLOs, and interest-only CMBS. However, we do not attempt to predict interest rates and maintain a longer duration component to our portfolio. Within this part of the portfolio, which we consider “interest rate offense”, we are currently positioned primarily in Taxable Municipal, Tax-Exempt Municipal, AAA-rated CMBS, and Investment Grade Corporate Bonds.

Institutional Class of Performance Trust Municipal Bond Fund (PTIMX)

Semi-Annual Management Discussion and Analysis:  9/1/2019 – 2/29/2020

For the six-month period ended February 29, 2020, the Institutional Class of Performance Trust Municipal Bond (“PTIMX” or the “Fund”) returned 3.67%, assuming dividends were reinvested, outperforming the Bloomberg Barclays Municipal Bond Index’s return of 3.04%. Municipal 10-year rates fell by 28 basis points (0.28%) over the period, while longer maturities fell by as much as 32 basis points (0.32%), leading to a flatter municipal bond yield curve. PTIMX’s higher sensitivity to interest rates bolstered its relative performance. Further, the majority of PTIMX’s positions have maturities greater than 10 years, allowing the Fund to benefit from a flattening yield curve. PTIMX performance was somewhat constrained by its allocation to shorter bonds, which decreased interest rate sensitivity in a falling rate environment, and its limited allocation to high yield bonds, which continued to perform well for the period.

Technical factors in the municipal market over the months of January and February helped keep the ratio of municipal yields to Treasury yields in the 70% to 80% range, near record low levels.  Municipal bond supply and demand was distorted over the period by $120 billion of inflows over a 61-week period, which was driving up demand, while issuers turned to taxable markets to advance refund their tax exempt bonds, limiting the availability of tax exempt supply.  Further, municipal rates fell in sympathy with Treasury rates, which were driven down by 3 “insurance” cuts by the Federal Reserve to keep the economy on track and by the rapid spread of a virus that originated in China, known as COVID-19.  While some geopolitical risks were ameliorated by the cease fire in the tariff war with China (phase one deal) and a decisive vote in favor of the Brexit campaign (although individual trade deals still need to be negotiated), the net effect over the last six months was a flight-to-quality primarily related to COVID-19.

Fund flows into PTIMX have been strong, with assets growing by 30% in the six months ended February 29, 2020.  New cash has been used to: 1) increase the size of existing positions in order to manage our research burden; 2) hold higher levels of cash to decrease our interest rate exposure as interest rates fall (as opposed to selling securities, which would increase the Fund’s realized capital gains tax burden); and 3) continue buying higher quality bonds in the most attractive portion of the yield curve.  Spreads continued to remain at historically low levels for the period.  We do not believe that these spreads compensate investors to take incremental credit risk.  As a result, nearly three-quarters of PTIMX was in cash or AA credit (or higher) as of February 29, 2020.  Additionally, less than 10% of below investment grade and non-rated securities were concentrated in shorter duration securities, which could soften the impact of a credit event.  While municipal market technical factors have been supportive as of late, we are quickly approaching tax season, which historically has brought a reversal of technicals in the form of selling municipal securities to meet tax liabilities and higher new issue supply.  Therefore, we intend to continue our conservative positioning, absent widening credit spreads.

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

PAGE 4

LETTER FROM THE INVESTMENT ADVISER

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 municipal 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. Management regularly reviews the risks of the portfolio in order to appropriately position its holdings based on the continuously changing uncertainties associated with the various markets in which we participate.

For the RMBS allocation, Management 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’ Managers as of February 29, 2020 and may not reflect the views of the Funds’ Managers on the date this Report is first published or anytime thereafter. These views are intended to assist shareholders of the Funds in understanding their investments in the Funds and do not constitute investment advice.

PERFORMANCE TRUST MUTUAL FUNDS (PTIAX, 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 U.S. Aggregate Bond Index

Average Annual Returns—For the Periods Ended February 29, 2020 (Unaudited)

				ANNUALIZED
	ONE	THREE	FIVE	SINCE INCEPTION
	YEAR	YEAR	YEAR	(AUGUST 31, 2010)(1)
Performance Trust Strategic Bond Fund – Institutional Class	10.15%	6.22%	5.45%	6.61%
Bloomberg Barclays U.S. Aggregate Bond Index	11.68%	5.01%	3.58%	3.53%

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

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Barclays Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg Barclays U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on August 31, 2010, the inception date for 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 for Institutional Class shares is 0.81% per the prospectus dated December 29, 2019.

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 U.S. Aggregate Bond Index

⁽¹⁾ Reflects 2.25% initial sales load.

Average Annual Returns—For the Periods Ended February 29, 2020 (Unaudited)

		ANNUALIZED
	ONE	SINCE INCEPTION
	YEAR	(JANUARY 2, 2019)
Performance Trust Strategic Bond Fund – Class A (with sales charge)	7.47%	7.31%
Performance Trust Strategic Bond Fund – Class A (without sales charge)	9.93%	9.44%
Bloomberg Barclays U.S. Aggregate Bond Index	11.68%	10.86%

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Barclays Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg Barclays U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on 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 for Class A shares is 1.06% per the prospectus dated December 29, 2019.

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 U.S. Aggregate Bond Index

Average Annual Returns—For the Periods Ended February 29, 2020 (Unaudited)

		ANNUALIZED
	ONE	SINCE INCEPTION
	YEAR	(JANUARY 2, 2019)
Performance Trust Strategic Bond Fund – Class C	9.07%	8.61%
Bloomberg Barclays U.S. Aggregate Bond Index	11.68%	10.86%

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, Barclays Capital dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid Adjustable-Rate Mortgage Passthroughs), Asset-Backed Securities, and Commercial Mortgage-Backed Securities. The Bloomberg Barclays U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976. The chart at the top of the page assumes an initial gross investment of $10,000 made on 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 for Class C shares is 1.81% per the prospectus dated December 29, 2019.

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 29, 2020

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 29, 2020 (Unaudited)

				ANNUALIZED
	ONE	THREE	FIVE	SINCE INCEPTION
	YEAR	YEAR	YEAR	(JUNE 30, 2011)
Performance Trust Municipal Bond Fund – Institutional Class	11.46%	6.39%	4.84%	6.23%
Bloomberg Barclays Municipal Bond Index	9.46%	5.32%	4.01%	4.59%

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 any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or 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, 2020. Net Expense Ratio (Institutional Class): 0.55%.  Gross Expense Ratio (Institutional Class): 0.57%.

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 29, 2020 (Unaudited)

				ANNUALIZED
	ONE	THREE	FIVE	SINCE INCEPTION
	YEAR	YEAR	YEAR	(SEPTEMBER 28, 2012)
Performance Trust Municipal Bond Fund – Class A
(with sales charge)	8.71%	5.32%	4.12%	4.22%
Performance Trust Municipal Bond Fund – Class A
(without sales charge)	11.19%	6.12%	4.59%	4.54%
Bloomberg Barclays Municipal Bond Index	9.46%	5.32%	4.01%	3.73%

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 any front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or 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, 2020. Net Expense Ratio (Class A): 0.80%.  Gross Expense Ratio (Class A): 0.82%.

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 29, 2020

                        

              

* 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 29, 2020 (Unaudited)

	Performance Trust		Performance Trust
	Strategic		Municipal
	Bond Fund		Bond Fund
Assets
Investments, at value (cost $3,574,351,935
and $399,894,742, respectively)	$	3,712,541,019	$	429,204,713
Dividend and interest receivable		24,115,881		3,824,042
Receivable for investments sold		3,313,921		3,412,050
Receivable for Fund shares sold		28,370,252		2,532,449
Other assets		107,081		26,891
Total Assets		3,768,448,154		439,000,145
Liabilities
Payable for investments purchased		37,663,007		7,835,583
Payable for Fund shares redeemed		9,808,674		813,160
Payable to Adviser		1,245,814		96,479
Payable to affiliates		428,644		65,147
Payable for distribution fees		13,910		4,994
Payable for shareholder servicing fees		6,272		—
Accrued expenses and other liabilities		415,099		16,337
Total Liabilities		49,581,420		8,831,700
Net Assets	$	3,718,866,734	$	430,168,445
Net Assets Consist Of:
Paid-in capital	$	3,585,749,105	$	399,499,886
Total distributable earnings		133,117,629		30,668,559
Net Assets	$	3,718,866,734	$	430,168,445
Strategic Bond Fund and Municipal Bond Fund Shares –
Institutional Class
Net assets	$	3,683,705,534	$	404,389,405
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		156,685,345		15,542,940
Net asset value, redemption and offering price per share	$	23.51	$	26.02
Strategic Bond Fund and Municipal Bond Fund Shares – Class A
Net assets	$	15,195,953	$	25,779,040
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		646,269		990,054
Net asset value, redemption and offering price per share	$	23.51	$	26.04
Maximum offering price per share
(Net asset value per share divided by 0.9775)(1)	$	24.05	$	26.64
Strategic Bond Fund Shares – Class C
Net assets	$	19,965,247	$	—
Shares of beneficial interest outstanding (unlimited
number of shares authorized, $0.001 par value)		851,539		—
Net asset value, redemption and offering price per share	$	23.45	$	—

(1) 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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
ASSET BACKED SECURITIES – 5.55%
American Credit Acceptance
Receivables Trust
2018-4, 3.380%, 12/13/2021 (a)	$	67,233	$	67,271
2019-2, 2.850%, 07/12/2022 (a)		1,804,510		1,808,620
2019-3, 2.440%, 12/12/2022 (a)		1,827,322		1,833,404
2020-1, 1.890%, 04/13/2023 (a)		3,500,000		3,512,072
Americredit Automobile
Receivables Trust
2019-2, 2.430%, 09/19/2022		16,480,807		16,544,617
Carmax Auto Owner Trust
2019-2, 2.690%, 07/15/2022		4,095,967		4,127,257
2019-1, 3.020%, 07/15/2022		4,336,940		4,359,874
CPS Auto Receivables Trust
2019-C, 2.550%, 09/15/2022 (a)		3,064,783		3,078,976
Drive Auto Receivables Trust
2019-4, 2.320%, 06/15/2022		4,248,366		4,256,041
2019-3, 2.038%     (1 Month LIBOR USD + 0.380%),
09/15/2022 (b)		4,059,341		4,061,664
Exeter Automobile
Receivables Trust
2016-1A, 5.520%, 10/15/2021 (a)		100,675		100,849
2019-3A, 2.590%, 09/15/2022 (a)		5,332,380		5,349,845
2019-4A, 2.180%, 01/17/2023 (a)		5,211,077		5,232,148
2018-1A, 3.030%, 01/17/2023 (a)		1,506,000		1,516,040
2020-1A, 2.050%, 06/15/2023 (a)		5,843,752		5,861,818
Fifth Third Auto Trust
2019-1, 2.660%, 05/16/2022		3,758,452		3,781,608
First Investors Auto Owner Trust
2019-2A, 2.210%, 09/16/2024 (a)		3,226,425		3,251,064
Flagship Credit Auto Trust
2017-1, 2.830%, 03/15/2023 (a)		176,930		177,040
Ford Credit Auto Owner Trust
2019-A, 2.780%, 02/15/2022		8,366,748		8,404,867
2016-C, 1.930%, 04/15/2023		2,700,000		2,703,792
GLS Auto Receivables Issuer Trust
2019-3A, 2.580%, 07/17/2023 (a)		7,302,796		7,364,886
2019-4A, 2.470%, 11/15/2023 (a)		8,116,553		8,179,350
2020-1A, 2.170%, 02/15/2024 (a)		10,000,000		10,036,990
GM Financial Consumer
Automobile Receivables Trust
2019-2, 2.660%, 06/16/2022		8,062,338		8,096,796
Hyundai Auto Receivables Trust
2016-A, 1.730%, 05/16/2022		114,397		114,404
Navient Student Loan Trust
2019-2A, 2.627%     (1 Month LIBOR USD + 1.000%),
02/27/2068 (a)(b)		6,930,000		6,990,680
Nelnet Student Loan Trust
2006-1, 2.133%     (3 Month LIBOR USD + 0.450%),
08/23/2036 (a)(b)		10,000,000		9,891,361
Santander Drive Auto
Receivables Trust
2019-3, 2.280%, 02/15/2022		6,957,916		6,968,670
2019-2, 2.630%, 07/15/2022		5,088,843		5,106,673
2017-2, 2.790%, 08/15/2022		686,538		688,212
2016-3, 4.290%, 02/15/2024		10,000,000		10,227,372
SoFi Consumer Loan
Program Trust
2019-3, 2.900%, 05/25/2028 (a)		2,588,435		2,616,135
2020-1, 2.020%, 01/25/2029 (a)		3,000,000		3,022,041
Westlake Automobile
Receivables Trust
2019-3A, 2.150%, 02/15/2023 (a)		10,000,000		10,087,989
2018-2A, 3.200%, 01/16/2024 (a)		8,205,000		8,231,163
2018-2A, 3.500%, 01/16/2024 (a)		1,225,000		1,240,113
World Omni Auto
Receivables Trust
2019-B, 2.630%, 06/15/2022		6,374,697		6,406,448
2017-A, 1.930%, 09/15/2022		8,130,346		8,140,833
2019-A, 2.060%, 08/15/2023		10,000,000		10,064,446
World Omni Automobile Lease
Securitization Trust
2019-A, 2.890%, 11/15/2021		2,744,437		2,762,116
TOTAL ASSET BACKED
SECURITIES
(Cost $205,290,028)				206,265,545
COLLATERALIZED LOAN
OBLIGATIONS – 6.52%
ALM Ltd.
2020-8A, 0.000%     (3 Month LIBOR USD + 0.450%),
04/15/2033 (a)(b)(c)(e)(i)		2,000,000		2,000,000
AMMC CLO 22 Ltd.
2018-22A, 3.244%     (3 Month LIBOR USD + 1.450%),
04/25/2031 (a)(b)(c)		9,750,000		9,556,950
Apidos CLO XV
2013-15A, 3.669%     (3 Month LIBOR USD + 1.850%),
04/20/2031 (a)(b)(c)		5,000,000		4,860,500
Apidos CLO XX
2015-20A, 3.393%     (3 Month LIBOR USD + 1.550%),
07/16/2031 (a)(b)(c)		10,000,000		9,881,000

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Apidos CLO XXIII
2015-23A, 0.000%     (3 Month LIBOR USD + 1.600%),
01/15/2033 (a)(b)(c)	$	6,500,000	$	6,500,000
Apidos CLO XXIX
2018-29A, 3.344%     (3 Month LIBOR USD + 1.550%),
07/25/2030 (a)(b)(c)		3,000,000		2,964,000
2018-29A, 3.694%     (3 Month LIBOR USD + 1.900%),
07/25/2030 (a)(b)(c)		7,600,000		7,406,960
2018-29A, 4.544%     (3 Month LIBOR USD + 2.750%),
07/25/2030 (a)(b)(c)		6,250,000		6,027,500
Apidos CLO XXX
XXXA, 3.819%     (3 Month LIBOR USD + 2.000%),
10/18/2031 (a)(b)(c)		2,000,000		1,961,000
Ares XLVI CLO Ltd.
2017-46A, 3.570%,     01/15/2030 (a)(c)
		3,600,000		3,601,080
Ares XLVIII CLO Ltd.
2018-48A, 3.119%     (3 Month LIBOR USD + 1.300%),
07/20/2030 (a)(b)(c)		7,000,000		6,885,900
Ares XXVII CLO Ltd.
2013-2A, 4.195%     (3 Month LIBOR USD + 2.400%),
07/28/2029 (a)(b)(c)		1,750,000		1,751,925
Ares XXXIR CLO Ltd.
2014-31RA, 2.983%     (3 Month LIBOR USD + 1.300%),
05/24/2030 (a)(b)(c)		5,000,000		4,918,000
Bean Creek CLO Ltd.
2015-1A, 2.839%     (3 Month LIBOR USD + 1.020%),
04/20/2031 (a)(b)(c)		5,500,000		5,457,100
2015-1A, 3.269%     (3 Month LIBOR USD + 1.450%),
04/20/2031 (a)(b)(c)		3,200,000		3,134,080
BlueMountain CLO Ltd.
2015-1A, 5.598%     (3 Month LIBOR USD + 3.750%),
04/13/2027 (a)(b)(c)		2,000,000		2,007,000
2018-1A, 3.470%     (3 Month LIBOR USD + 1.700%),
07/30/2030 (a)(b)(c)		6,996,770		6,954,090
2014-2A, 3.569%     (3 Month LIBOR USD + 1.750%),
10/20/2030 (a)(b)(c)		5,000,000		4,984,500
2013-2A, 3.402%     (3 Month LIBOR USD + 1.600%),
10/22/2030 (a)(b)(c)		2,750,000		2,734,600
2018-2A, 3.392%     (3 Month LIBOR USD + 1.700%),
08/15/2031 (a)(b)(c)		5,500,000		5,467,000
BlueMountain Fuji US CLO III Ltd.
2017-3A, 3.206%     (3 Month LIBOR USD + 1.375%),
01/15/2030 (a)(b)(c)		6,800,000		6,638,160
Chenango Park CLO Ltd.
2018-1A, 3.381%     (3 Month LIBOR USD + 1.550%),
04/15/2030 (a)(b)(c)		7,000,000		6,918,800
2018-1A, 3.681%     (3 Month LIBOR USD + 1.850%),
04/15/2030 (a)(b)(c)		5,500,000		5,348,750
CIFC Funding Ltd.
2017-3A, 3.619%     (3 Month LIBOR USD + 1.800%),
07/20/2030 (a)(b)(c)		2,100,000		2,100,210
2013-3RA, 2.781%     (3 Month LIBOR USD + 0.980%),
04/24/2031 (a)(b)(c)		2,000,000		1,980,600
Goldentree Loan Management
US CLO 3 Ltd.
2018-3A, 3.369%     (3 Month LIBOR USD + 1.550%),
04/20/2030 (a)(b)(c)		5,250,000		5,190,150
2018-3A, 4.430%,     04/20/2030 (a)(c)
		2,500,000		2,503,000
Goldentree Loan
Opportunities X Ltd.
2015-10A, 3.269%     (3 Month LIBOR USD + 1.450%),
07/20/2031 (a)(b)(c)		3,250,000		3,224,325
Goldentree Loan
Opportunities XII Ltd.
2016-12A, 4.375%,     07/21/2030 (a)(c)
		3,750,000		3,763,125
Golub Capital Part CLO Ltd.
2020-47A, 0.000%,     05/05/2032 (c)(e)
		15,000,000		15,000,000
Grippen Park CLO Ltd.
2017-1A, 3.469%     (3 Month LIBOR USD + 1.650%),
01/20/2030 (a)(b)(c)		3,000,000		3,000,000
LCM 26 Ltd.
26A, 2.889%     (3 Month LIBOR USD + 1.070%),
01/20/2031 (a)(b)(c)		11,163,000		11,141,232

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
LCM 26 Ltd. (Cont.)
26A, 3.219%     (3 Month LIBOR USD + 1.400%),
01/20/2031 (a)(b)(c)	$	7,900,000	$	7,745,950
LCM Loan Income Fund I
Income Note Issuer Ltd.
27A, 3.793%     (3 Month LIBOR USD + 1.950%),
07/16/2031 (a)(b)(c)		2,700,000		2,660,580
LCM XIV LP
14A, 3.399%     (3 Month LIBOR USD + 1.580%),
07/20/2031 (a)(b)(c)		10,000,000		9,899,000
14A, 3.669%     (3 Month LIBOR USD + 1.850%),
07/20/2031 (a)(b)(c)		6,000,000		5,830,200
LCM XV LP
15A, 5.519%     (3 Month LIBOR USD + 3.700%),
07/20/2030 (a)(b)(c)		3,000,000		3,001,800
LCM XVI LP
16A, 3.581%     (3 Month LIBOR USD + 1.750%),
10/15/2031 (a)(b)(c)		4,000,000		4,000,000
16A, 3.981%     (3 Month LIBOR USD + 2.150%),
10/15/2031 (a)(b)(c)		5,100,000		5,050,020
LCM XXIV Ltd.
24A, 4.069%     (3 Month LIBOR USD + 2.250%),
03/20/2030 (a)(b)(c)		2,750,000		2,725,250
Long Point Park CLO Ltd.
2017-1A, 3.211%     (3 Month LIBOR USD + 1.375%),
01/17/2030 (a)(b)(c)		11,750,000		11,503,250
2017-1A, 4.236%     (3 Month LIBOR USD + 2.400%),
01/17/2030 (a)(b)(c)		4,000,000		3,780,400
Magnetite VIII Ltd.
2014-8A, 4.731%     (3 Month LIBOR USD + 2.900%),
04/15/2031 (a)(b)(c)		2,400,000		2,351,760
Mountain View Clo XV Ltd.
2019-2A, 3.701%     (3 Month LIBOR USD + 1.900%),
01/15/2033 (a)(b)(c)		3,000,000		3,000,000
Octagon Investment
Partners 26 Ltd.
2016-1A, 3.631%     (3 Month LIBOR USD + 1.800%),
07/15/2030 (a)(b)(c)		6,220,000		6,045,840
OZLM XXIV Ltd.
2019-24A, 2.869%     (3 Month LIBOR USD + 1.050%),
07/20/2032 (a)(b)(c)		4,000,000		4,000,000
Webster Park CLO Ltd.
2015-1A, 3.619%     (3 Month LIBOR USD + 1.800%),
07/20/2030 (a)(b)(c)		1,300,000		1,258,790
2015-1A, 4.719%     (3 Month LIBOR USD + 2.900%),
07/20/2030 (a)(b)(c)		3,800,000		3,701,200
TOTAL COLLATERALIZED LOAN
OBLIGATIONS (Cost $241,466,852)				242,415,577
CORPORATE BONDS – 7.67%
Administrative and
Support Services – 0.03%
Northwell Healthcare, Inc.
3.391%, 11/01/2027		1,000,000		1,083,220
Ambulatory Health
Care Services – 0.27%
Toledo Hospital
6.015%, 11/15/2048		6,980,000		9,878,472
Beverage and Tobacco
Product Manufacturing – 0.20%
Keurig Dr. Pepper, Inc.
7.450%, 05/01/2038		5,000,000		7,540,060
Broadcasting
(except Internet) – 0.32%
Walt Disney Co.
6.200%, 12/15/2034		8,170,000		12,070,479
Chemical Manufacturing – 0.11%
Bristol-Myers Squibb Co.
6.125%, 05/01/2038		1,000,000		1,418,529
Wyeth LLC
5.950%, 04/01/2037		1,808,000		2,654,154
Computer and Electronic
Product Manufacturing – 0.29%
Cisco Systems, Inc.
5.500%, 01/15/2040		7,517,000		10,950,471
Couriers and Messengers – 0.11%
United Parcel Service
of America, Inc.
8.375%, 04/01/2030		2,731,000		4,018,601
Credit Intermediation
and Related Activities – 2.50%
Allegiance Bancshares, Inc.
4.700% to 10/01/2024 then
3 Month LIBOR USD + 3.130%,
10/01/2029 (b)		2,500,000		2,608,526

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Ameris Bancorp
4.250% to 12/15/2024 then
SOFR + 2.940%, 12/15/2029	$	7,000,000	$	7,266,936
Bank of New York Mellon Corp.
3.442% to 02/07/2027 then
3 Month LIBOR USD + 1.069%,
02/07/2028 (b)		7,000,000		7,696,622
Bank of NT Butterfield & Son Ltd.
5.250% to 06/01/2023 then
3 Month LIBOR USD + 2.255%,
06/01/2028 (b)(c)		3,000,000		3,138,108
BlueHub Loan Fund, Inc.
3.099%, 01/01/2030		3,000,000		3,141,036
Cadence BanCorp.
4.750% to 06/30/2024 then
3 Month LIBOR USD + 3.030%,
06/30/2029 (b)		3,000,000		3,116,707
First Citizens Bancshares Inc.
3.375%, 03/15/2030		7,500,000		7,500,000
First Commonwealth Bank
4.875% to 06/21/2023 then
3 Month LIBOR USD + 1.845%,
06/01/2028 (b)		1,000,000		1,041,523
Heritage Commerce Corp.
5.250% to 06/01/2022 then
(3 Month LIBOR USD + 3.365%),
06/01/2027 (b)		3,935,000		4,062,411
JP Morgan Chase & Co.
4.452% to 12/05/2028 then
3 Month LIBOR USD + 1.330%,
12/05/2029 (b)		5,000,000		5,837,449
MB Financial Bank, NA
4.000% to 12/01/2022 then
3 Month LIBOR USD + 1.873%,
12/01/2027 (b)		3,000,000		3,123,551
Midland States Bancorp, Inc.
5.000% to 9/30/2024 then
SOFR + 3.610%, 09/30/2029		3,500,000		3,644,704
Pacific Premier Bancorp, Inc.
4.875% to 05/15/2024 then
3 Month LIBOR USD + 2.500%,
05/15/2029 (b)		4,000,000		4,188,345
Pinnacle Financial Partners, Inc.
4.125% to 09/15/2024 then
3 Month LIBOR USD + 2.775%,
09/15/2029 (b)		6,000,000		6,303,265
Preferred Bank
6.000% to 06/15/2021 then
3 Month LIBOR USD + 4.673%,
06/15/2026 (b)		2,500,000		2,571,361
Revere Bank
5.625% to 09/30/2021 then
3 Month LIBOR USD + 4.409%,
09/30/2026 (b)		3,700,000		3,820,390
Sandy Spring Bancorp, Inc.
4.250% to 11/15/2024 then
3 Month LIBOR USD + 2.620%,
11/15/2029 (b)		4,000,000		4,187,170
Signature Bank
4.125% to 11/01/2024 then
3 Month LIBOR USD + 2.559%,
11/01/2029 (b)		5,000,000		5,186,854
Sterling Bancorp.
3.500%, 06/08/2020		2,250,000		2,255,667
4.000% (SOFR + 2.530%),
12/30/2029 (b)		5,000,000		5,108,539
Towne Bank
4.500% to 07/30/2022 then
3 Month LIBOR USD + 2.550%,
07/30/2027 (b)		4,000,000		4,126,176
Triumph Bancorp, Inc.
4.875% to 11/27/2024 then
3 Month LIBOR USD + 3.330%,
11/27/2029 (b)		3,000,000		3,148,004
Educational Services – 0.44%
Liberty University, Inc.
3.338%, 03/01/2034		15,000,000		16,325,953
Hospitals – 1.51%
Advocate Health & Hospitals Corp.
3.829%, 08/15/2028		1,000,000		1,150,602
Baptist Health South Florida, Inc.
4.590%, 08/15/2021		645,000		675,052
CHRISTUS Health
4.341%, 07/01/2028		8,375,000		9,793,785
CommonSpirit Health
3.347%, 10/01/2029		2,235,000		2,376,060
3.817%, 10/01/2049		2,150,000		2,317,277
Cottage Health Obligated Group
3.304%, 11/01/2049		3,250,000		3,523,923
Memorial Health Services
3.496%, 05/01/2022		575,000		593,594
3.447%, 11/01/2049		9,820,000		11,114,043
Providence St. Joseph Health
Obligated Group
2.532%, 10/01/2029		5,000,000		5,179,184
SSM Health Care Corp.
3.823%, 06/01/2027		6,225,000		6,915,189
Sutter Health
3.695%, 08/15/2028		11,000,000		12,360,603

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Management of Companies
and Enterprises – 0.18%
Bryn Mawr Bank Corp.
4.250% to 12/15/2022 then
3 Month LIBOR USD + 2.050%,
12/15/2027 (b)	$	3,500,000	$	3,589,418
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		3,097,549
Merchant Wholesalers,
Durable Goods – 0.15%
Honeywell International, Inc.
5.700%, 03/15/2036		1,635,000		2,376,586
5.700%, 03/15/2037		2,075,000		3,060,860
Nursing and Residential
Care Facilities – 0.18%
HumanGood California
Obligated Group
3.000%, 10/01/2028		6,500,000		6,734,185
Publishing Industries
(except Internet) – 0.09%
Oracle Corp.
3.850%, 07/15/2036		2,825,000		3,276,123
Real Estate – 0.53%
Arbor Realty Trust, Inc.
4.750%, 10/15/2024 (a)		4,000,000		4,133,695
4.500%, 03/15/2027 (a)		5,000,000		5,000,000
Enterprise Community
Loan Fund, Inc.
3.685%, 11/01/2023		5,000,000		5,274,671
4.152%, 11/01/2028		5,000,000		5,504,311
Religious, Grantmaking, Civic,
Professional, and Similar
Organizations – 0.11%
Penn State Health
3.806%, 11/01/2049		3,500,000		4,074,968
Rental and Leasing
Services – 0.24%
ERAC USA Finance, LLC
7.000%, 10/15/2037 (a)		5,963,000		9,003,155
Securities, Commodity Contracts,
and Other Financial Investments
and Related Activities – 0.21%
Charles Schwab Corp.
3.250%, 05/22/2029		7,000,000		7,715,738
Utilities – 0.20%
Oglethorpe Power Corp.
6.191%, 01/01/2031 (a)		6,000,000		7,338,687
TOTAL CORPORATE BONDS
(Cost $266,513,912)				285,192,541
NON-AGENCY RESIDENTIAL
MORTGAGE BACKED SECURITIES – 19.65%
ACE Securities Corp. Home Equity
Loan Trust
2006-ASP4, 1.787%
(1 Month LIBOR USD + 0.160%),
08/25/2036 (b)		662,573		662,988
Adjustable Rate Mortgage Trust
2005-3, 3.948%, 07/25/2035 (d)		712,252		689,951
2006-2, 4.524%, 05/25/2036 (d)		1,497,370		1,492,811
Alternative Loan Trust
2004-28CB, 5.000%, 01/25/2021		127,195		126,588
2006-J3, 5.750%, 05/25/2026		611,823		556,893
2004-27CB, 6.000%, 12/25/2034		348,821		352,063
2004-28CB, 6.000%, 01/25/2035		590,579		610,985
2005-6CB, 5.750%, 04/25/2035		3,271,672		3,339,874
2005-6CB, 7.500%, 04/25/2035		383,636		397,871
2005-9CB, 2.127%
(1 Month LIBOR USD + 0.500%),
05/25/2035 (b)		3,756,716		3,473,322
2005-21CB, 5.250%, 06/25/2035		4,573,758		4,480,156
2005-21CB, 6.000%, 06/25/2035		2,760,169		2,795,589
2005-20CB, 5.500%, 07/25/2035		1,992,458		1,937,263
2005-43, 4.494%, 09/25/2035 (d)		349,321		336,108
2005-63, 3.676%, 11/25/2035 (d)		1,390,755		1,354,093
2005-54CB, 5.500%, 11/25/2035		927,905		801,014
2005-J13, 5.500%, 11/25/2035		531,206		487,177
2005-65CB, 0.000%,
12/25/2035 (e)		1,194,939		754,486
2005-65CB, 5.500%, 01/25/2036		180,804		167,585
2005-75CB, 5.500%, 01/25/2036		2,317,577		2,159,777
2005-73CB, 5.750%, 01/25/2036		517,358		413,002
2005-86CB, 5.500%, 02/25/2036		1,435,030		1,284,681
2005-86CB, 5.500%, 02/25/2036		199,306		177,879
2006-6CB, 5.500%, 05/25/2036		166,660		166,416
2006-12CB, 5.750%
(1 Month LIBOR USD + 5.750%),
05/25/2036 (b)		743,072		593,958
2006-16CB, 6.000%, 06/25/2036		517,576		441,938
2006-19CB, 2.027%
(1 Month LIBOR USD + 0.400%),
08/25/2036 (b)		986,481		632,012
2006-24CB, 5.750%, 08/25/2036		368,009		323,551
2006-19CB, 6.000%
(1 Month LIBOR USD + 1.000%),
08/25/2036 (b)		1,482,883		1,316,101

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Alternative Loan Trust (Cont.)
2006-19CB, 6.000%,     08/25/2036
	$	206,435	$	182,666
2006-19CB, 6.000%     (1 Month LIBOR USD + 1.000%),
08/25/2036 (b)		3,761,381		3,340,681
2006-23CB, 6.000%, 08/25/2036		1,132,872		1,169,164
2006-26CB, 6.250%, 09/25/2036		6,815,236		5,370,631
2006-32CB, 5.500%, 11/25/2036		241,720		199,167
2006-31CB, 6.000%, 11/25/2036		143,346		123,350
2006-32CB, 6.000%, 11/25/2036		3,684,128		3,177,243
2006-32CB, 6.000%, 11/25/2036		1,225,476		1,056,867
2006-32CB, 6.000%, 11/25/2036		3,738,611		3,224,230
2006-39CB, 6.000%, 01/25/2037		4,008,130		4,157,647
2006-41CB, 6.000%, 01/25/2037		736,588		631,209
2006-43CB, 6.000%, 02/25/2037		4,409,731		3,675,813
2007-4CB, 5.750%, 04/25/2037		2,078,059		2,096,752
2007-8CB, 6.000%, 05/25/2037		1,006,700		863,735
2008-2R, 6.000%, 08/25/2037 (d)		9,291,186		7,589,913
American Home Mortgage
Investment Trust
2006-2, 6.750%, 06/25/2036 (f)		2,858,721		963,153
Banc of America Alternative
Loan Trust
2005-5, 5.500%, 06/25/2035		224,157		227,836
2005-5, 6.000%, 06/25/2035		962,847		981,438
2005-11, 5.750%, 12/25/2035		1,218,759		1,155,674
2005-11, 5.750%, 12/25/2035		225,799		214,112
2005-12, 5.750%, 01/25/2036		511,923		527,321
2006-1, 6.500%, 02/25/2036		2,765,123		2,803,327
2006-3, 6.000%, 04/25/2036		4,396,437		4,480,234
2006-3, 6.000%, 04/25/2036		139,356		139,915
2006-9, 2.027%     (1 Month LIBOR USD + 0.400%),
01/25/2037 (b)		1,515,588		1,233,221
2006-9, 6.000%, 01/25/2037		331,433		334,497
2006-4, 6.500%, 05/25/2046		1,513,516		1,583,121
2006-4, 6.500%, 05/25/2046		1,501,207		1,559,243
2006-5, 6.000%, 06/25/2046		486,304		490,381
2006-6, 6.000%, 07/25/2046		1,827,445		1,854,419
Banc of America Funding Trust
2003-3, 5.500%, 10/25/2033		338,890		355,093
2004-1, 6.000%, 02/25/2034		1,105,870		1,232,779
2004-1, 6.000%, 03/25/2034		6,511,683		7,330,994
2004-B, 3.624%, 11/20/2034 (d)		1,739,260		1,785,583
2007-4, 5.500%, 11/25/2034		777,253		789,425
2005-3, 5.500%, 06/25/2035		173,510		188,302
2014-R3, 4.137%,     06/26/2035 (a)(d)
		1,615,478		1,621,293
2014-R3, 4.717%,     06/26/2035 (a)(d)
		3,424,684		3,473,065
2005-4, 5.500%, 08/25/2035		64,758		69,785
2005-5, 5.500%, 09/25/2035		431,741		460,359
2005-5, 5.500%, 09/25/2035		3,557,644		3,993,443
2005-7, 5.500%, 11/25/2035		6,547,646		6,747,708
2005-7, 5.750%, 11/25/2035		46,337		49,145
2005-7, 6.000%, 11/25/2035		230,492		240,974
2005-8, 5.750%, 01/25/2036		6,054,868		6,073,355
2006-B, 3.616%, 03/20/2036 (d)		1,274,375		1,217,252
2006-5, 5.750%, 09/25/2036		748,245		786,114
2006-7, 6.000%, 09/25/2036		1,061,214		1,064,201
2006-1, 3.920%, 12/20/2036 (d)		6,245,149		6,533,685
2006-1, 3.920%, 12/20/2036 (d)		1,086,314		1,115,043
2006-1, 4.074%, 12/20/2036 (d)		1,257,502		1,285,201
2007-1, 6.189%, 01/25/2037 (f)		1,179,794		1,211,226
2007-2, 0.050%     (1 Month LIBOR USD + 0.060%),
03/25/2037 (b)		741,845		601,939
2007-3, 2.057%     (1 Month LIBOR USD + 0.430%),
04/25/2037 (b)		1,482,856		1,372,269
2007-6, 1.907%     (1 Month LIBOR USD + 0.280%),
07/25/2037 (b)		7,597,396		7,310,659
2007-5, 5.500%, 07/25/2037		2,385,062		2,336,095
2006-J, 4.184%, 01/20/2047 (d)		239,633		234,567
Banc of America Mortgage Trust
2005-A, 3.682%, 02/25/2035 (d)		3,100,510		3,160,420
2005-F, 4.388%, 07/25/2035 (d)		1,929,071		1,929,313
2007-1, 6.000%, 03/25/2037		3,253,678		3,282,656
2006-B, 3.829%, 10/20/2046 (d)		1,296,584		1,264,069
BCAP LLC Trust
2007-AA2, 7.500%, 04/25/2037 (g)		405,355		352,834
Bear Stearns ALT-A Trust
2006-6, 3.950%, 11/25/2036 (d)		627,335		569,239
Bear Stearns ARM Trust
2004-12, 3.357%, 02/25/2035 (d)		153,123		149,558
Bear Stearns Asset Backed
Securities I Trust
2005-AC5, 2.627%     (1 Month LIBOR USD + 1.000%),
08/25/2035 (b)		769,127		627,915
2006-AC4, 1.877%     (1 Month LIBOR USD + 0.250%),
07/25/2036 (b)		5,645,221		5,006,400
2006-AC4, 26.534%     (1 Month LIBOR USD + 33.583%),
07/25/2036 (b)(g)(i)		1,303,116		1,902,430
Chase Funding Trust
2004-1, 2.377%     (1 Month LIBOR USD + 0.750%),
09/25/2033 (b)		1,010,074		1,002,973

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Chase Mortgage Finance Trust
2005-S3, 5.500%, 11/25/2035	$	10,088,891	$	9,859,556
2005-A1, 3.794%, 12/25/2035 (d)		1,440,206		1,443,887
2005-A1, 3.794%, 12/25/2035 (d)		1,409,287		1,412,888
2006-S3, 6.000%, 11/25/2036		8,481,504		6,358,752
2006-S4, 6.000%, 12/25/2036		1,058,626		799,589
2006-S4, 6.000%, 12/25/2036		1,008,281		761,562
2007-S1, 6.000%, 02/25/2037		5,348,740		3,729,959
2007-S3, 5.750%, 05/25/2037		885,955		662,347
2007-S3, 6.000%, 05/25/2037		2,008,143		1,540,813
Chaseflex Trust
2005-1, 5.500%, 02/25/2035		583,031		558,306
2006-2, 4.575%, 09/25/2036 (d)		4,017,434		4,135,875
CHL Mortgage Pass-Through Trust
2005-20, 5.250%, 12/25/2027		38,666		35,826
2003-42, 3.862%, 10/25/2033 (d)		1,858,266		1,892,726
2003-44, 5.000%, 10/25/2033		541,000		549,497
2004-4, 5.500%, 05/25/2034		886,712		916,740
2004-21, 4.000%, 11/25/2034		1,272,294		1,315,788
2004-24, 5.500%, 12/25/2034		2,100,377		2,165,725
2004-J9, 5.500%, 01/25/2035		843,647		864,030
2004-HYB5, 3.864%,
04/20/2035 (d)		986,933		1,008,116
2005-HYB2, 3.996%,
05/20/2035 (d)		1,295,222		1,339,670
2005-J3, 5.500%, 09/25/2035		154,206		155,136
2005-27, 5.500%, 12/25/2035		589,075		460,354
2005-31, 3.576%, 01/25/2036 (d)		2,295,324		2,181,753
2005-30, 5.500%, 01/25/2036		114,310		104,547
2005-HY10, 3.478%,
02/20/2036 (d)		2,408,281		2,311,406
2005-HY10, 3.501%,
02/20/2036 (d)		118,143		103,946
2005-HY10, 4.142%,
02/20/2036 (d)		342,774		323,797
2006-6, 6.000%, 04/25/2036		926,981		749,401
2006-J4, 6.250%, 09/25/2036		150,707		112,103
2006-16, 6.500%, 11/25/2036		767,651		521,048
2006-18, 6.000%, 12/25/2036		192,624		172,653
2006-21, 6.000%, 02/25/2037		996,057		863,903
2007-1, 6.000%, 03/25/2037		2,500,930		2,110,952
2007-5, 5.500%, 05/25/2037		1,253,928		1,057,831
2007-5, 5.750%, 05/25/2037		8,550,599		7,364,335
2007-5, 5.750%, 05/25/2037		926,817		798,235
2007-5, 5.750%, 05/25/2037		876,679		755,053
2007-10, 6.000%, 07/25/2037		2,732,782		2,251,032
2007-J2, 6.000%, 07/25/2037		250,565		167,217
2007-HY5, 3.754%,
09/25/2037 (d)		1,806,771		1,747,220
2007-HY6, 3.829%,
11/25/2037 (d)		571,911		522,969
2007-HY5, 4.243%,
09/25/2047 (d)		9,553,386		9,145,398
Citicorp Mortgage Securities Trust
2006-3, 5.500%, 06/25/2021		86,723		78,656
2007-4, 5.500%, 05/25/2022		19,025		19,159
2006-1, 6.000%, 02/25/2036		233,272		241,811
2006-3, 5.750%, 06/25/2036		629,820		643,651
2007-3, 5.500%, 04/25/2037		313,660		329,651
2007-3, 6.000%, 04/25/2037		1,121,882		1,157,092
Citigroup Mortgage Loan Trust
2004-2, 9.250%, 08/25/2033 (a)		60,393		63,102
2004-HY3, 4.176%,
09/25/2034 (d)		1,129,970		1,135,241
2005-WF1, 5.830%,
11/25/2034 (f)		2,742,380		2,858,968
2005-1, 3.335%, 04/25/2035 (d)		731,320		727,707
2005-2, 4.123%, 05/25/2035 (d)		785,027		787,882
2005-5, 6.000%, 08/25/2035		3,043,837		3,146,106
2005-7, 3.794%, 09/25/2035 (d)		818,970		771,032
2005-10, 3.908%, 12/25/2035 (d)		1,801,760		1,521,293
2006-WF1, 4.863%, 03/25/2036 (f)		545,276		382,740
2006-WF1, 5.248%,
03/25/2036 (f)		35,525,944		26,208,960
2006-AR7, 4.064%,
11/25/2036 (d)		2,572,926		2,472,861
2007-6, 3.313%, 10/25/2046 (d)		555,583		517,859
CitiMortgage Alternative Loan Trust
2007-A4, 5.500%, 04/25/2022		18,414		18,589
2006-A2, 2.227%     (1 Month LIBOR USD + 0.600%),
05/25/2036 (b)		716,980		639,285
2006-A4, 6.000%, 09/25/2036		1,578,615		1,607,400
2007-A1, 6.000%, 01/25/2037		2,396,753		2,444,837
2007-A1, 6.000%, 01/25/2037		4,091,062		4,173,139
Credit Suisse First Boston
Mortgage Securities Corp.
2005-8, 7.000%, 09/25/2035		3,208,575		2,480,455
CSFB Mortgage-Backed
Pass-Through Certificates
2004-8, 5.500%, 12/25/2034		607,932		597,099
2005-3, 5.500%, 07/25/2035		963,532		982,701
2005-9, 5.500%, 10/25/2035		1,112,145		955,379
2005-10, 5.500%, 11/25/2035		613,844		589,512
2005-10, 5.500%, 11/25/2035		2,636,744		2,532,229
2005-10, 6.000%, 11/25/2035		886,281		436,086
CSMC Mortgage-Backed Trust
2006-CF1, 5.000%,
11/25/2035 (a)(f)		2,565,000		2,677,312
2006-1, 5.500%, 02/25/2036		596,276		603,507
2006-1, 5.500%, 02/25/2036		78,096		81,797
2011-13R, 3.727%,
02/27/2036 (a)(d)		4,646,312		4,454,220
2006-2, 5.750%, 03/25/2036		991,722		918,269

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CSMC Mortgage-Backed Trust (Cont.)
2006-2, 6.000%, 03/25/2036	$	5,246,878	$	3,893,408
2006-4, 6.000%, 05/25/2036		721,607		608,878
2006-4, 7.000%, 05/25/2036		566,671		219,179
2011-12R, 3.820%,     07/27/2036 (a)(d)
		2,000,000		2,021,242
2006-7, 6.000%, 08/25/2036		1,141,802		1,146,023
2007-2, 5.500%, 03/25/2037		2,190,146		1,882,582
2007-2, 5.750%, 03/25/2037		233,909		194,882
2007-3, 5.500%, 04/25/2037		699,278		714,103
2007-3, 5.500%, 04/25/2037		978,299		999,040
2013-2R, 3.747%,     05/27/2037 (a)(d)
		2,741,942		2,186,908
2013-IVR4, 2.500%,     07/25/2043 (a)(d)
		2,943,768		2,944,522
Deutsche Alt-A Securities, Inc.
Mortgage Loan Trust
2005-1, 2.127%     (1 Month LIBOR USD + 0.500%),
02/25/2035 (b)		3,337,735		3,282,560
2005-3, 2.127%     (1 Month LIBOR USD + 0.500%),
05/25/2035 (b)		2,131,101		1,999,532
2005-6, 5.500%, 12/25/2035		2,397,980		2,419,187
Deutsche Alt-B Securities, Inc.
Mortgage Loan Trust
2006-AB4, 1.727%     (1 Month LIBOR USD + 0.100%),
10/25/2036 (b)		765,565		590,388
DFC HEL Trust
2001-1, 3.308%     (1 Month LIBOR USD + 1.650%),
08/15/2031 (b)		1,911,994		1,959,593
Equity One Mortgage
Pass-Through Trust
2003-1, 4.860%, 08/25/2033 (d)		1,433,472		1,480,042
2003-3, 4.868%, 12/25/2033 (d)		1,318,929		1,380,545
Fannie Mae Connecticut
Avenue Securities
2016-C01, 8.577%     (1 Month LIBOR USD + 6.950%),
08/25/2028 (b)		3,610,733		3,918,493
2016-C05, 6.077%     (1 Month LIBOR USD + 4.450%),
01/25/2029 (b)		3,909,501		4,120,427
2016-C07, 5.977%     (1 Month LIBOR USD + 4.350%),
05/25/2029 (b)		4,266,480		4,470,570
First Horizon Alternative
Mortgage Securities Trust
2005-FA11, 5.250%, 02/25/2021		11,984		11,433
2006-FA6, 5.750%, 11/25/2021		8,282		8,145
2004-AA6, 3.448%, 01/25/2035 (d)		480,442		490,559
2005-AA5, 3.787%, 07/25/2035 (d)		3,015,827		2,997,728
2005-AA7, 3.582%, 09/25/2035 (d)		2,291,413		2,233,373
2005-FA8, 5.500%, 11/25/2035		1,990,253		1,707,364
2006-FA1, 5.750%, 04/25/2036		2,547,461		1,873,037
2006-FA1, 6.000%, 04/25/2036		589,619		444,010
2006-FA2, 6.000%, 05/25/2036		2,522,356		1,917,661
2006-FA2, 6.000%, 05/25/2036		2,269,111		1,725,127
2006-FA3, 6.000%, 07/25/2036		9,095,187		6,983,405
2006-FA3, 6.000%, 07/25/2036		1,312,603		1,007,834
2006-FA6, 6.000%, 11/25/2036		1,324,083		860,375
2006-FA6, 6.250%, 11/25/2036		1,678,356		1,124,532
2006-FA6, 6.250%, 11/25/2036		8,421,669		6,293,439
2007-FA4, 6.250%, 08/25/2037 (d)		2,610,994		1,978,828
First Horizon Mortgage
Pass-Through Trust
2006-AR4, 3.989%, 01/25/2037 (d)		617,764		534,254
2006-4, 5.750%, 02/25/2037		2,133,110		1,646,748
2006-4, 6.000%, 02/25/2037		1,291,674		1,018,792
2007-AR1, 4.413%, 05/25/2037 (d)		856,433		623,205
2007-AR2, 4.814%, 08/25/2037 (d)		4,753,216		3,389,939
Freddie Mac Structured Agency
Credit Risk Debt Notes
2016-DNA4, 5.427%     (1 Month LIBOR USD + 3.800%),
03/25/2029 (b)		5,000,000		5,310,530
GMACM Mortgage Loan Trust
2004-J2, 5.500%, 06/25/2034		58,816		60,424
2005-AR6, 3.882%, 11/19/2035 (d)		606,297		590,563
GSAA Home Equity Trust
2005-1, 5.760%, 11/25/2034 (f)		2,000,000		2,065,746
2006-15, 6.192%, 09/25/2036 (f)		2,480,915		1,138,511
2006-18, 5.682%, 11/25/2036 (f)		2,055,338		951,125
2007-7, 1.807%     (1 Month LIBOR USD + 0.180%),
07/25/2037 (b)		2,569,394		2,513,011
GSR Mortgage Loan Trust
2005-4F, 6.500%, 04/25/2020		50,100		50,137
2003-5F, 3.000%, 08/25/2032		1,756,748		1,749,887
2004-15F, 6.000%, 12/25/2034		2,364,300		2,508,337
2005-1F, 6.000%, 01/25/2035		22,952		24,126
2005-AR4, 4.633%, 07/25/2035 (d)		497,273		478,372
2005-6F, 5.250%, 07/25/2035		235,244		249,697
2005-7F, 6.000%, 09/25/2035		38,653		41,457
2005-AR5, 4.605%, 10/25/2035 (d)		578,867		594,250
2005-AR7, 4.128%, 11/25/2035 (d)		558,640		561,710
2006-2F, 5.750%, 02/25/2036		778,269		775,404

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
HarborView Mortgage Loan Trust
2006-6, 4.125%, 08/19/2036 (d)	$	716,271	$	680,863
Home Partners of America Trust
2019-1, 2.908%, 09/17/2039 (a)		2,949,809		3,101,093
2019-2, 2.703%, 10/19/2039 (a)		3,902,366		3,966,371
HomeBanc Mortgage Trust
2006-1, 3.591%, 04/25/2037 (d)		262,313		252,427
Impac CMB Trust
2005-5, 2.127%     (1 Month LIBOR USD + 0.500%),
08/25/2035 (b)		929,540		929,515
Impac Secured Assets
CMN Owner Trust
2002-2, 6.500%, 04/25/2033		1,657,840		1,595,091
2004-2, 4.145%, 08/25/2034 (f)		852,675		870,085
IndyMac IMSC Mortgage Loan Trust
2007-AR1, 3.595%, 06/25/2037 (d)		509,027		434,178
IndyMac INDA Mortgage Loan Trust
2007-AR1, 3.812%, 03/25/2037 (d)		529,693		510,512
IndyMac INDX Mortgage Loan Trust
2004-AR11, 3.384%,     12/25/2034 (d)
		1,722,890		1,720,096
2005-AR3, 3.444%, 04/25/2035 (d)		1,086,702		1,070,517
2005-AR9, 4.386%, 07/25/2035 (d)		4,192,238		3,501,912
2005-AR23, 3.241%,     11/25/2035 (d)
		1,148,811		1,107,192
2005-AR23, 3.647%,     11/25/2035 (d)
		1,534,557		1,468,865
2005-AR25, 3.595%,     12/25/2035 (d)
		2,779,990		2,447,933
2005-AR35, 3.383%,
02/25/2036 (d)		1,660,038		1,588,591
2006-AR3, 3.644%, 03/25/2036 (d)		8,162,479		7,565,920
2006-AR9, 3.623%, 06/25/2036 (d)		2,304,899		2,304,969
2006-AR25, 3.478%,     09/25/2036 (d)
		2,213,339		2,129,920
2006-AR25, 3.868%,      09/25/2036 (d)
		2,781,345		2,406,763
2006-AR31, 3.689%,     11/25/2036 (d)
		5,494,214		5,484,349
Jefferies Resecuritization Trust
2009-R1, 4.141%,     11/26/2035 (a)(d)
		1,355,989		1,390,492
JP Morgan Alternative Loan Trust
2006-S2, 6.050%, 05/25/2036 (f)		4,436		4,345
2006-A5, 3.570%, 10/25/2036 (d)		1,145,542		1,419,250
2006-S4, 5.960%, 12/25/2036 (f)		1,314,794		1,318,470
2008-R4, 6.000%, 12/27/2036 (a)		4,555,594		3,714,310
JP Morgan Acquisition Trust
2007-CH1, 4.880%, 11/25/2036 (f)		6,916,318		7,065,567
JP Morgan Mortgage Trust
2004-A6, 3.568%,     12/25/2034 (d)
		285,702		281,969
2005-S3, 5.750%, 01/25/2036		64,839		50,583
2007-A3, 4.151%, 05/25/2037 (d)		4,917,191		4,751,929
JP Morgan Resecuritization Trust
2009-7, 5.444%, 07/27/2037 (a)(d)		416,742		421,176
Lehman Mortgage Trust
2005-2, 5.500%, 12/25/2035		2,105,142		1,714,621
2005-2, 5.750%, 12/25/2035		853,330		712,138
2005-3, 2.127%     (1 Month LIBOR USD + 0.500%),
01/25/2036 (b)		1,203,465		782,702
2005-3, 3.123%     (1 Month LIBOR USD + 4.750%),
01/25/2036 (b)(g)(h)(i)		1,203,465		214,890
2005-3, 5.500%, 01/25/2036		302,486		254,077
2006-1, 5.500%, 02/25/2036		537,460		444,622
2007-4, 5.750%, 05/25/2037		1,352,463		1,093,751
2007-4, 5.750%, 05/25/2037		2,955,132		2,389,847
2007-5, 5.750%, 06/25/2037		2,565,971		2,601,880
2007-5, 6.000%, 06/25/2037		2,966,291		1,638,312
2007-5, 6.000%, 06/25/2037		8,101,830		4,474,723
MASTR Adjustable Rate
Mortgages Trust
2004-4, 4.360%, 05/25/2034 (d)		104,660		103,094
2004-14, 3.127%     (1 Month LIBOR USD + 1.500%),
01/25/2035 (b)		201,968		203,688
2005-1, 3.615%, 02/25/2035 (d)		194,281		195,422
MASTR Alternative Loan Trust
2003-5, 5.933%, 08/25/2033 (d)		1,113,036		1,169,728
2003-7, 6.250%, 11/25/2033		398,301		414,043
2004-6, 5.500%, 07/25/2034		264,026		271,908
2004-6, 6.000%, 07/25/2034		286,002		299,860
2004-11, 6.500%, 10/25/2034		1,086,832		1,203,471
2005-2, 5.500%, 03/25/2035		2,000,000		2,302,550
2005-6, 5.500%, 12/25/2035		547,307		526,937
2006-3, 6.500%, 07/25/2036		1,234,236		767,666
MASTR Asset Securitization Trust
2002-NC1, 4.777%     (1 Month LIBOR USD + 3.150%),
10/25/2032 (b)		273,222		282,197
2006-1, 2.077%     (1 Month LIBOR USD + 0.450%),
05/25/2036 (b)		819,539		310,085
2006-2, 6.000%     (1 Month LIBOR USD + 6.000%),
06/25/2036 (b)		2,471,742		2,368,022

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Merrill Lynch Mortgage
Investors Trust MLCC
2004-D, 2.395%     (6 Month LIBOR USD + 0.720%),
09/25/2029 (b)	$	1,091,693	$	1,073,081
2006-3, 3.881%, 10/25/2036 (d)		832,718		848,312
Merrill Lynch Mortgage
Investors Trust MLMI
2005-A5, 4.300%, 06/25/2035 (d)		625,616		635,039
2005-A7, 4.250%, 09/25/2035 (d)		8,043,500		7,564,835
Morgan Stanley Mortgage
Loan Trust
2005-7, 5.500%, 11/25/2035		1,840,434		1,881,757
2005-7, 5.500%, 11/25/2035		562,921		568,567
2006-2, 5.629%, 02/25/2036 (d)		1,056,952		903,104
2006-2, 6.500%, 02/25/2036		1,137,452		889,238
2006-11, 6.000%, 08/25/2036		2,706,520		2,147,883
2006-11, 6.000%, 08/25/2036		2,116,958		2,016,390
2007-8XS, 6.000%, 04/25/2037 (d)		1,621,217		885,551
2007-3XS, 5.763%, 01/25/2047 (f)		7,821,901		3,932,563
Morgan Stanley Reremic Trust
2012-R3, 3.271%,     11/26/2036 (a)(d)
		1,571,971		1,524,795
MortgageIT Trust
2005-3, 2.227%     (1 Month LIBOR USD + 0.600%),
08/25/2035 (b)		10,857,333		10,816,526
Nomura Asset Acceptance Corp.
Alternative Loan Trust
2005-WF1, 5.159%, 03/25/2035 (f)		163,990		175,138
2005-AR3, 5.688%, 07/25/2035 (d)		935,647		946,720
2007-1, 5.669%, 03/25/2047 (f)		1,293,795		1,318,988
2007-1, 5.995%, 03/25/2047 (f)		2,379,056		2,424,976
Nomura Resecuritization Trust
2011-4RA, 2.768%,     12/26/2036 (a)(d)
		9,623,674		9,514,252
Opteum Mortgage Acceptance
Corp. Asset Backed
Pass-Through Certificates
2005-5, 5.850%, 12/25/2035 (d)		572,844		590,391
Ownit Mortgage Loan Trust
2005-1, 2.722%     (1 Month LIBOR USD + 1.095%),
09/25/2035 (b)		3,453,893		3,474,129
2006-2, 5.633%, 01/25/2037 (f)		683,355		695,714
RAAC Trust
2005-SP1, 6.000%, 09/25/2034		5,064		5,055
RALI Trust
2006-QA1, 5.498%, 01/25/2036 (d)		643,306		567,263
2006-QS1, 5.750%, 01/25/2036		363,607		367,648
2006-QS6, 6.000%, 06/25/2036		1,443,895		1,399,679
2006-QS6, 6.000%, 06/25/2036		741,635		718,924
2006-QS9, 2.327%     (1 Month LIBOR USD + 0.700%),
07/25/2036 (b)		2,551,599		1,891,167
2006-QS13, 6.000%, 09/25/2036		4,024,688		3,696,111
2006-QS17, 1.977%     (1 Month LIBOR USD + 0.350%),
12/25/2036 (b)		1,507,847		1,190,615
2006-QS17, 6.000%, 12/25/2036		598,083		574,129
2007-QS1, 5.750%, 01/25/2037		630,086		586,379
2007-QS1, 6.000%, 01/25/2037		1,955,333		1,846,783
2007-QS6, 6.000%, 04/25/2037		4,749,171		4,580,320
2007-QS9, 6.500%, 07/25/2037		4,940,204		4,895,819
2007-QS10, 6.500%, 09/25/2037		508,012		503,290
RBSGC Mortgage Loan Trust
2005-A, 5.750%, 04/25/2035		1,029,169		1,031,498
RBSSP Resecuritization Trust
2009-7, 6.000%, 03/26/2036 (a)		6,044,235		4,800,143
Renaissance Home
Equity Loan Trust
2005-1, 5.016%, 05/25/2035 (f)		519,534		535,072
Resecuritization
Pass-Through Trust
2005-8R, 6.000%, 10/25/2034		3,685,596		3,826,218
Residential Asset
Securitization Trust
2003-A9, 4.000%, 08/25/2033		1,349,771		1,380,964
2004-R2, 5.500%, 08/25/2034		2,782,773		2,848,722
2005-A5, 5.500%, 05/25/2035		1,517,592		1,447,920
2005-A11, 4.850%, 10/25/2035		4,122,976		2,741,351
2005-A11, 5.500%, 10/25/2035		380,203		357,177
2005-A11, 6.000%, 10/25/2035		469,489		362,192
2006-A5CB, 6.000%, 06/25/2036		2,612,017		1,782,726
2006-A10, 2.277%     (1 Month LIBOR USD + 0.650%),
09/25/2036 (b)		12,162,499		4,467,492
2006-A10, 4.223%     (1 Month LIBOR USD + 5.850%),
09/25/2036 (b)(g)(h)(i)		12,162,499		3,942,040
2006-A15, 2.227%     (1 Month LIBOR USD + 0.600%),
01/25/2037 (b)		18,661,123		6,536,402
2006-A15, 4.023%     (1 Month LIBOR USD + 5.650%),
01/25/2037 (b)(g)(h)(i)		18,661,123		5,765,182
RFMSI Trust
2005-SA4, 4.283%, 09/25/2035 (d)		2,452,404		2,075,939
2005-SA4, 4.433%, 09/25/2035 (d)		2,563,816		2,254,028
2005-SA4, 4.522%, 09/25/2035 (d)		1,444,062		1,445,156
2006-S3, 5.500%, 03/25/2036		4,081,087		4,002,507

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
RFMSI Trust (Cont.)
2006-S4, 6.000%, 04/25/2036	$	3,538,004	$	3,545,727
2006-S5, 6.000%, 06/25/2036		359,469		358,382
2006-S5, 6.000%, 06/25/2036		739,985		737,747
2006-S5, 6.000%, 06/25/2036		3,101,110		3,091,727
2006-S5, 6.000%, 06/25/2036		385,413		384,247
2006-S6, 6.000%, 07/25/2036		248,592		250,806
2006-S6, 6.000%, 07/25/2036		1,279,807		1,291,204
2006-S7, 6.250%, 08/25/2036		2,093,305		2,043,556
2006-S7, 6.500%, 08/25/2036		1,251,506		1,232,866
2006-S9, 5.750%, 09/25/2036		2,497,045		2,418,864
2007-S1, 6.000%, 01/25/2037		923,450		913,880
2007-S7, 6.000%, 07/25/2037		2,780,787		2,755,399
Sequoia Mortgage Trust
2013-4, 1.550%, 04/25/2043 (d)		2,988,822		2,937,835
Specialty Underwriting
& Residential Finance Trust
2006-BC2, 4.053%, 02/25/2037 (f)		977,669		542,295
STARM Mortgage Loan Trust
2007-S1, 4.569%, 01/25/2037 (d)		704,340		657,309
2007-1, 3.956%, 02/25/2037 (d)		9,436,688		9,047,916
2007-2, 4.342%, 04/25/2037 (d)		709,399		492,482
Structured Adjustable
Rate Mortgage Loan Trust
2004-18, 3.835%, 12/25/2034 (d)		839,714		840,205
2005-12, 4.201%, 06/25/2035 (d)		942,446		858,234
2005-21, 3.625%, 11/25/2035 (d)		489,705		474,260
2005-21, 4.031%, 11/25/2035 (d)		4,230,104		3,599,522
2006-1, 3.765%, 02/25/2036 (d)		1,730,403		1,625,922
2006-1, 3.776%, 02/25/2036 (d)		707,306		687,162
2006-4, 3.865%, 05/25/2036 (d)		983,282		855,291
2006-12, 4.028%, 01/25/2037 (d)		915,516		867,839
2007-9, 3.263%     (6 Month LIBOR USD + 1.500%),
10/25/2037 (b)		1,316,863		1,316,219
Structured Asset
Securities Corp. Trust
2004-18H, 4.750%, 10/25/2034		567,676		608,804
Suntrust Alternative Loan Trust
2005-1F, 5.750%, 12/25/2035		1,819,122		1,834,820
2005-1F, 6.000%, 12/25/2035		4,200,747		4,279,411
2005-1F, 6.500%, 12/25/2035		4,192,290		4,364,741
TBW Mortgage-Backed Trust
2006-2, 5.500%, 07/25/2036		128,785		66,481
WaMu Mortgage
Pass-Through Certificates Trust
2003-S4, 5.643%, 06/25/2033 (d)		2,338,440		2,420,468
2004-S2, 6.000%, 06/25/2034		95,223		98,735
2006-AR10, 3.827%,
09/25/2036 (d)		1,065,760		1,032,083
2006-AR16, 3.349%,
12/25/2036 (d)		1,606,016		1,563,094
2007-HY5, 3.900%,
05/25/2037 (d)		2,539,403		2,515,325
2007-HY7, 3.743%,
07/25/2037 (d)		395,429		341,151
Washington Mutual Mortgage
Pass-Through Certificates
WMALT Trust
2005-4, 5.500%, 06/25/2035		1,686,479		1,712,242
2005-6, 5.500%, 08/25/2035		5,376,594		5,357,246
2005-6, 5.500%, 08/25/2035		1,175,394		1,171,164
2005-6, 6.500%, 08/25/2035		486,733		491,911
2005-9, 5.500%, 11/25/2035		700,948		695,182
2006-8, 4.306%, 10/25/2036 (f)		2,817,326		1,643,944
2007-HY2, 3.858%, 04/25/2037 (d)		1,878,085		1,342,520
2007-OC2, 1.937%
(1 Month LIBOR USD + 0.310%),
06/25/2037 (b)		4,802,934		4,655,848
Wells Fargo Alternative
Loan Trust
2005-1, 5.500%, 02/25/2035		1,424,944		1,440,014
2005-1, 5.500%, 02/25/2035		1,057,666		1,081,661
2007-PA1, 6.000%, 03/25/2037		1,266,151		1,280,717
2007-PA6, 4.483%, 12/28/2037 (d)		8,355,706		8,362,362
Wells Fargo Mortgage
Backed Securities Trust
2006-AR1, 4.294%, 03/25/2036 (d)		3,255,236		3,224,719
2007-AR3, 4.886%, 04/25/2037 (d)		1,623,568		1,591,096
TOTAL NON-AGENCY RESIDENTIAL
MORTGAGE BACKED SECURITIES
(Cost $738,661,737)				730,565,142
NON-AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES – 20.46%
Aventura Mall Trust
2018-AVM, 4.112%,
07/05/2040 (a)(d)		10,000,000		11,678,405
BAMLL Commercial Mortgage
Securities Trust
2020-BOC, 3.032%,
01/15/2032 (a)		7,000,000		7,413,559
BANK
2017-BNK8, 0.742%,
11/15/2050 (d)(h)		37,436,708		1,844,364
2019-BNK16, 0.966%,
02/15/2052 (d)(h)		81,078,495		5,822,920
2019-BNK17, 0.568%,
04/15/2052 (d)(h)		123,653,000		6,244,291
2019-BNK21, 2.808%,
10/17/2052		11,582,000		12,374,159

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
BANK (Cont.)
2019-BNK23, 0.177%,
12/15/2052 (d)(h)	$	238,421,000	$	4,363,247
2018-BNK14, 0.521%,
09/15/2060 (d)(h)		96,074,948		3,367,907
2018-BNK14, 4.185%,
09/15/2060		6,500,000		7,394,751
2018-BNK13, 4.193%,
08/15/2061 (d)		5,500,000		6,180,204
2018-BNK15, 4.285%,
11/15/2061 (d)		5,000,000		5,718,323
2019-BNK20, 2.933%,
09/15/2062		2,100,000		2,260,614
2019-BNK24, 0.303%,
11/15/2062 (d)(h)		174,693,000		3,613,944
2020-BNK25, 0.888%,
01/15/2063 (d)(h)		94,552,403		7,149,561
Barclays Commercial
Mortgage Trust
2019-C3, 0.776%,     05/15/2052 (d)(h)
		56,340,000		3,865,110
2019-C4, 1.149%,     08/15/2052 (d)(h)
		43,170,000		4,207,348
2019-C4, 1.601%,     08/15/2052 (d)(h)
		32,295,877		3,914,428
2019-C5, 0.372%,     11/15/2052 (d)(h)
		174,774,000		5,607,187
BBCMS Mortgage Trust
2020-C6, 0.679%,     02/15/2053 (d)(h)
		59,000,000		3,817,660
2020-C6, 1.060%,     02/15/2053 (d)(h)
		59,000,000		5,070,631
BENCHMARK Mortgage Trust
2018-B4, 4.059%, 07/15/2051 (d)		5,315,000		6,006,244
2018-B2, 0.423%,     02/15/2051 (d)(h)
		171,062,964		4,382,804
2018-B6, 0.441%,     10/10/2051 (d)(h)
		78,448,049		2,205,088
2019-B9, 1.047%,     03/15/2052 (d)(h)
		29,995,464		2,413,456
2019-B9, 4.267%, 03/15/2052 (d)		1,500,000		1,746,078
2019-B12, 0.417%,     08/15/2052 (a)(d)(h)
		93,260,000		3,504,291
2020-B16, 0.240%,     02/15/2053 (a)(d)(h)
		70,467,000		1,560,978
2020-B16, 0.928%,     02/15/2053 (d)(h)
		44,842,000		3,569,329
2018-B7, 0.446%,     05/15/2053 (d)(h)
		115,333,485		3,643,962
2019-B13, 0.539%,     08/15/2057 (a)(d)(h)
		82,774,000		3,043,228
2019-B13, 1.640%,     08/15/2057 (a)(d)(h)
		12,071,000		1,542,009
2019-B14, 0.791%,     12/15/2062 (d)(h)
		79,715,903		4,540,179
Braemar Hotels & Resorts Trust
2018-PRME, 2.709%     (1 Month LIBOR USD + 1.050%),
06/15/2035 (a)(b)		6,170,000		6,148,104
2018-PRME, 2.909%     (1 Month LIBOR USD + 1.250%),
06/15/2035 (a)(b)		3,000,000		2,994,360
Cantor Commercial
Real Estate Lending
2019-CF2, 0.769%,     11/18/2052 (d)(h)
		134,736,000		7,564,861
CCUBS Commercial
Mortgage Trust
2017-C1, 0.290%,     11/15/2050 (d)(h)
		40,062,667		931,881
2017-C1, 1.012%,     11/15/2050 (d)(h)
		31,295,348		1,778,665
CD Mortgage Trust
2017-CD3, 0.576%,     02/10/2050 (d)(h)
		61,857,000		2,494,179
2017-CD5, 3.220%, 08/15/2050		5,000,000		5,357,291
2018-C7, 4.213%, 08/15/2051		3,236,000		3,696,508
CGMS Commercial
Mortgage Trust
2017-B1, 0.210%,     08/15/2050 (d)(h)
		38,016,000		597,581
Citigroup Commercial
Mortgage Trust
2013-GC17, 5.110%,     11/10/2046 (d)
		5,000,000		5,492,073
2014-GC19, 4.805%,     03/10/2047 (d)
		3,030,000		3,352,730
2014-GC19, 5.092%,     03/10/2047 (d)
		2,757,579		3,072,086
2017-GC37, 3.576%, 04/10/2049		5,250,000		5,738,112
2016-C1, 4.117%, 05/10/2049		3,000,000		3,334,254
2016-C1, 4.951%, 05/10/2049 (d)		6,840,000		7,665,580
2016-P6, 4.241%, 12/10/2049 (d)		6,835,000		7,589,602
2017-P7, 0.533%,     04/14/2050 (d)(h)
		45,124,000		1,834,593
2017-C4, 0.301%,     10/12/2050 (d)(h)
		42,746,500		926,569
2017-C4, 1.107%,     10/12/2050 (d)(h)
		21,363,757		1,360,395
2017-C4, 3.297%, 10/12/2050		4,500,000		4,852,993
2018-B2, 0.393%, v03/10/2051 (d)(h)
		49,202,000		1,572,668
2018-C5, 0.213%,     06/10/2051 (a)(d)(h)
		28,400,000		779,765

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Citigroup Commercial
Mortgage Trust (Cont.)
2018-C5, 0.599%,     06/10/2051 (d)(h)
	$	107,143,257	$	5,272,230
2018-C5, 4.148%, 06/10/2051 (d)		4,000,000		4,528,491
2018-C6, 0.786%,     11/10/2051 (d)(h)
		22,512,333		1,347,879
2018-C6, 4.343%, 11/10/2051		5,000,000		5,762,736
2020-GC46, 0.310%,
01/15/2053 (a)(d)(h)		92,457,000		3,007,349
2020-GC46, 0.980%,
01/15/2053 (d)(h)		90,000,000		7,334,361
2019-GC41, 1.190%,
08/10/2056 (d)(h)		49,954,277		3,988,250
2019-C7, 0.286%,     12/15/2072 (a)(d)(h)
		50,711,000		1,428,007
2019-C7, 0.882%,     12/15/2072 (d)(h)
		76,857,804		5,558,364
2019-C7, 1.203%,     12/15/2072 (a)(d)(h)
		15,760,000		1,672,650
2019-C7, 3.667%, 12/15/2072 (d)		4,000,000		4,380,081
COMM Mortgage Trust
2013-CR13, 4.889%,     11/10/2046 (d)
		2,500,000		2,762,034
2014-CR15, 4.746%,     02/10/2047 (d)
		5,500,000		6,036,658
2014-CR16, 4.582%, 04/10/2047		5,164,000		5,622,684
2014-CR18, 4.456%,      07/15/2047 (d)
		4,550,700		4,948,394
2013-CR11, 0.928%,     08/10/2050 (d)(h)
		51,393,083		1,529,294
2019-GC44, 1.029%,     08/15/2057 (a)(d)(h)
		10,478,000		961,432
CSAIL Commercial
Mortgage Trust
2016-C5, 1.000%,     11/15/2048 (a)(d)(h)
		46,821,000		2,387,829
2015-C1, 0.500%,     04/15/2050 (a)(d)(h)
		62,192,000		1,353,236
2017-C8, 0.377%,     06/15/2050 (d)(h)
		74,773,000		1,943,582
2018-C14, 4.359%,     11/15/2051 (d)
		8,000,000		9,119,867
2019-C16, 0.751%,     06/15/2052 (d)(h)
		66,938,000		4,396,160
2019-C17, 1.369%,     09/15/2052 (d)(h)
		86,176,155		8,987,518
2019-C18, 1.086%,     12/15/2052 (d)(h)
		64,338,200		5,092,092
FREMF Mortgage Trust
2019-K735, 4.020%,     05/25/2026 (a)(d)
		6,000,000		6,522,110
2011-K12, 4.345%,     01/25/2046 (a)(d)
		14,075,000		14,344,190
2015-K43, 3.733%,     02/25/2048 (a)(d)
		3,446,743		3,707,555
2015-K45, 3.590%,     04/25/2048 (a)(d)
		3,100,000		3,298,861
2019-K734, 4.052%,     02/25/2051 (a)(d)
		5,000,000		5,430,045
2019-K101, 3.527%,     10/25/2052 (a)(d)
		10,000,000		10,618,407
GS Mortgage Securities Corp. II
2012-BWTR, 3.255%,     11/05/2034 (a)
		6,608,000		6,795,538
GS Mortgage Securities Trust
2017-FARM, 3.541%,     01/10/2043 (a)(d)
		9,135,000		10,229,711
2011-GC3, 4.753%,     03/10/2044 (a)
		8,085,609		8,208,085
2012-GC6, 3.314%, 01/10/2045		1,583,977		1,600,051
2015-GC32, 4.417%,     07/10/2048 (d)
		5,100,000		5,680,143
2016-GS3, 3.395%,     10/10/2049 (d)
		10,417,000		11,153,418
2015-GC30, 4.008%,     05/10/2050 (d)
		2,750,000		2,981,129
2017-GS8, 0.384%,     11/10/2050 (d)(h)
		44,642,000		1,326,506
2019-GC38, 1.836%,     02/10/2052 (a)(d)(h)
		20,916,000		3,159,569
2019-GC39, 0.639%,     05/10/2052 (d)(h)
		69,588,000		3,894,618
2019-GC39, 1.626%,     05/10/2052 (a)(d)(h)
		8,215,000		1,086,898
2019-GC40, 1.161%,     07/10/2052 (a)(d)(h)
		5,920,000		593,675
2019-GSA1, 0.835%,     11/10/2052 (d)(h)
		73,189,437		5,083,680
JP Morgan Chase Commercial
Mortgage Securities Trust
2016-NINE, 2.854%,     09/06/2038 (a)(d)
		7,000,000		7,298,592
2012-CBX, 5.132%,     06/15/2045 (d)
		6,680,000		7,007,846
2015-JP1, 4.735%, 01/15/2049 (d)		4,285,000		4,684,901
2007-CB20, 0.000%,     02/12/2051 (a)(d)(e)(h)(i)
		11,168,220		112
JPMBB Commercial
Mortgage Securities Trust
2015-C28, 3.532%, 10/15/2048		5,000,000		5,346,769
2015-C32, 0.500%,     11/15/2048 (a)(d)(h)
		23,066,000		576,375
2015-C33, 3.562%, 12/15/2048		5,561,000		5,917,829

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
JPMCC Commercial
Mortgage Securities Trust
2017-JP6, 0.658%,
07/15/2050 (d)(h)	$	68,830,000	$	3,081,581
JPMDB Commercial
Mortgage Securities Trust
2016-C4, 3.638%, 12/15/2049 (d)		5,500,000		5,930,251
Morgan Stanley Bank
of America Merrill Lynch Trust
2013-C12, 4.482%, 10/15/2046 (d)		5,000,000		5,466,267
2014-C16, 3.592%, 06/15/2047		5,793,064		5,877,253
2015-C27, 4.526%, 12/15/2047 (d)		3,000,000		3,361,535
2015-C25, 4.527%, 10/15/2048 (d)		5,000,000		5,529,886
2016-C31, 1.313%,     11/15/2049 (a)(d)(h)
		21,212,500		1,679,652
2015-C23, 4.155%, 07/15/2050 (d)		3,595,000		3,938,196
Morgan Stanley Capital I Trust
2016-BNK2, 0.545%,
11/15/2049 (d)(h)		42,650,000		1,530,696
2018-H3, 0.358%,     07/15/2051 (d)(h)
		135,712,000		4,122,103
2018-H3, 4.120%, 07/15/2051		5,000,000		5,684,582
2019-L2, 0.626%,     03/15/2052 (d)(h)
		127,093,000		7,115,581
2019-H7, 0.663%,     07/15/2052 (d)(h)
		130,723,000		7,627,007
UBS Commercial Mortgage Trust
2017-C1, 0.892%,     06/15/2050 (d)(h)
		13,000,000		803,492
2017-C6, 0.364%,     12/15/2050 (d)(h)
		63,420,500		2,236,150
2017-C7, 0.364%,     12/15/2050 (d)(h)
		170,396,000		4,758,751
2018-C10, 0.956%,     05/15/2051 (d)(h)
		48,454,505		3,093,752
2018-C11, 4.118%, 06/15/2051		5,000,000		5,617,273
2018-C12, 0.230%,     08/15/2051 (d)(h)
		139,858,000		3,614,322
2018-C12, 0.827%,     08/15/2051 (d)(h)
		49,539,051		2,921,996
2018-C12, 4.195%, 08/15/2051		5,000,000		5,634,990
2018-C13, 0.253%,     10/15/2051 (d)(h)
		128,678,000		3,578,278
2018-C13, 4.241%, 10/15/2051		3,000,000		3,436,918
2018-C14, 0.303%,     12/15/2051 (d)(h)
		114,392,000		3,497,696
2019-C17, 0.996%,     10/15/2052 (d)(h)
		128,213,000		9,666,286
2019-C18, 2.987%, 12/15/2052		4,500,000		4,866,381
2019-C18, 3.378%, 12/15/2052		4,000,000		4,349,266
UBS-Barclays Commercial
Mortgage Trust
2012-C3, 4.365%,     08/10/2049 (a)(d)
		6,000,000		6,351,319
Wells Fargo Commercial
Mortgage Trust
2017-SMP, 2.409%     (1 Month LIBOR USD + 0.750%),
12/15/2034 (a)(b)		1,875,000		1,874,369
2015-NXS1, 3.658%,     05/15/2048 (d)
		1,320,000		1,408,419
2016-LC24, 1.012%,     10/15/2049 (d)(h)
		36,969,489		2,258,699
2017-RB1, 0.714%,     03/15/2050 (d)(h)
		38,474,561		1,971,563
2017-C42, 0.327%,     12/15/2050 (d)(h)
		116,750,000		3,130,441
2018-C44, 0.755%,     05/15/2051 (d)(h)
		95,469,690		4,932,833
2018-C45, 4.147%, 06/15/2051		5,388,000		6,085,105
2018-C46, 0.944%,     08/15/2051 (d)(h)
		52,778,123		3,018,054
2018-C46, 4.086%, 08/15/2051		5,040,000		5,705,770
2018-C48, 0.243%,     01/15/2052 (d)(h)
		138,642,000		3,368,751
2018-C48, 0.952%,     01/15/2052 (d)(h)
		48,051,485		3,406,346
2018-C48, 4.245%, 01/15/2052		7,000,000		7,994,475
2019-C49, 0.604%,     03/15/2052 (d)(h)
		125,812,000		6,699,703
2019-C49, 3.933%, 03/15/2052		5,000,000		5,655,623
2019-C49, 4.546%, 03/15/2052		4,647,000		5,377,512
2019-C50, 0.871%,     05/15/2052 (d)(h)
		36,427,311		2,791,210
2019-C50, 3.635%, 05/15/2052		5,000,000		5,569,866
2019-C51, 0.689%,     06/15/2052 (d)(h)
		130,394,000		7,694,407
2019-C52, 1.095%,     08/15/2052 (d)(h)
		43,270,854		4,098,256
2019-C52, 1.623%,     08/15/2052 (d)(h)
		61,370,626		7,404,120
2019-C53, 0.456%,     10/15/2052 (d)(h)
		105,325,000		4,731,989
2019-C53, 2.964%, 10/15/2052		7,381,000		7,922,255
2019-C53, 3.514%, 10/15/2052 (d)		5,000,000		5,396,298
2019-C54, 0.843%,     12/15/2052 (d)(h)
		39,183,349		2,752,556
2019-C54, 3.063%, 12/15/2052		5,000,000		5,411,759
2020-C55, 0.818%,     02/15/2053 (d)(h)
		58,030,370		4,320,709
2020-C55, 1.314%,     02/15/2053 (d)(h)
		30,586,491		3,274,293

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Wells Fargo Commercial
Mortgage Trust (Cont.)
2020-C55, 3.542%, 02/15/2053	$	5,691,000	$	6,021,987
2015-C30, 4.067%,     09/15/2058 (d)
		10,000,000		11,083,617
2015-C30, 4.400%,     09/15/2058 (d)
		5,100,000		5,643,516
2018-C47, 0.158%,     09/15/2061 (d)(h)
		164,144,000		2,590,488
2018-C47, 4.365%, 09/15/2061		5,625,000		6,469,397
WFRBS Commercial
Mortgage Trust
2011-C5, 5.661%,     11/15/2044 (a)(d)
		5,695,000		6,000,945
2013-UBS1, 4.738%,     03/15/2046 (d)
		7,500,000		8,326,872
TOTAL NON-AGENCY
COMMERCIAL MORTGAGE
BACKED SECURITIES
(Cost $730,050,510)				760,932,563
AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES – 5.35%
Freddie Mac Multifamily
ML Certificates
2019-ML06, 1.132%,
06/25/2037 (a)		10,228,223		1,193,058
Freddie Mac Multifamily Structured
Pass Through Certificates
K014, 1.149%, 04/25/2021 (d)(h)		90,844,901		915,480
K018, 1.300%, 01/25/2022 (d)(h)		59,058,247		1,097,763
K019, 1.591%, 03/25/2022 (d)(h)		87,803,335		2,464,455
K021, 1.422%, 06/25/2022 (d)(h)		71,894,737		1,970,419
K723, 0.951%, 08/25/2023 (d)(h)		73,825,072		2,017,241
K723, 0.855%, 09/25/2023 (d)(h)		61,645,000		1,763,818
K728, 0.414%, 08/25/2024 (d)(h)		64,583,984		1,037,832
K729, 0.364%, 10/25/2024 (d)(h)		53,368,654		775,436
K042, 1.045%, 12/25/2024 (d)(h)		80,425,917		3,498,712
K734, 0.648%, 02/25/2026 (d)(h)		65,238,783		2,238,493
K735, 0.965%, 05/25/2026 (d)(h)		62,716,114		3,394,020
K735, 1.365%, 05/25/2026 (d)(h)		70,547,000		5,714,730
K737, 1.004%, 10/25/2026 (d)(h)		20,050,000		1,279,453
K061, 0.045%, 11/25/2026 (d)(h)		72,512,000		452,047
K062, 0.170%, 12/25/2026 (d)(h)		79,423,000		1,102,836
K063, 0.290%, 01/25/2027 (d)(h)		102,768,434		1,902,305
K064, 0.607%, 03/25/2027 (d)(h)		98,866,159		3,812,042
K065, 0.547%, 05/25/2027 (d)(h)		57,193,000		2,250,493
K066, 0.751%, 06/25/2027 (d)(h)		31,856,665		1,551,423
KW03, 0.843%, 06/25/2027 (d)(h)		16,261,463		780,658
K067, 0.578%, 07/25/2027 (d)(h)		40,830,581		1,604,564
K068, 0.435%, 08/25/2027 (d)(h)		25,516,120		759,533
K069, 0.365%, 09/25/2027 (d)(h)		30,382,766		795,026
K070, 0.326%, 11/25/2027 (d)(h)		280,102,654		6,763,835
K072, 0.369%, 12/25/2027 (d)(h)		61,526,235		1,651,715
K073, 0.203%, 01/25/2028 (d)		54,203,000		991,514
K074, 0.291%, 01/25/2028 (d)(h)		207,910,240		4,885,704
K073, 0.303%, 01/25/2028 (d)(h)		156,955,936		3,772,436
KW06, 0.093%, 06/25/2028 (d)(h)		597,513,159		6,328,620
K080, 0.120%, 07/25/2028 (d)(h)		431,779,380		5,344,349
K081, 0.069%, 08/25/2028 (d)(h)		156,316,742		1,399,160
K084, 0.203%, 10/25/2028 (d)(h)		339,719,056		6,193,656
K089, 0.453%, 01/25/2029 (d)(h)		53,965,000		2,193,801
K088, 0.507%, 01/25/2029 (d)(h)		149,899,284		6,426,962
K090, 0.705%, 02/25/2029 (d)(h)		77,955,804		4,581,868
K091, 0.486%, 03/25/2029 (d)(h)		53,659,000		2,365,299
KW09, 0.802%, 05/25/2029 (d)(h)		47,500,000		2,946,235
K093, 0.952%, 05/25/2029 (d)(h)		54,738,893		4,244,339
K094, 0.881%, 06/25/2029 (d)(h)		101,555,206		7,386,110
K097, 1.090%, 07/25/2029 (d)(h)		72,990,298		6,637,811
KG02, 1.018%, 08/25/2029 (d)(h)		33,000,000		2,659,757
K098, 1.146%, 08/25/2029 (d)(h)		62,351,178		5,904,114
KW10, 0.650%, 09/25/2029 (d)(h)		74,100,000		4,085,363
K099, 0.886%, 09/25/2029 (d)(h)		66,963,938		4,963,508
K100, 0.910%, 09/25/2029 (d)(h)		62,086,000		5,049,765
K102, 0.947%, 10/25/2029 (d)(h)		101,501,699		7,090,594
K101, 1.093%, 10/25/2029 (d)(h)		65,686,000		6,393,054
K103, 0.757%, 11/25/2029 (d)(h)		125,500,000		6,917,372
K104, 1.127%, 01/25/2030 (d)(h)		75,140,000		7,218,256
K152, 0.956%, 01/25/2031 (d)(h)		31,045,832		2,548,503
K155, 0.114%, 04/25/2033 (d)(h)		247,516,998		4,236,550
K1511, 0.778%, 03/25/2034 (d)(h)		43,120,721		3,633,585
K1512, 0.912%, 04/25/2034 (d)(h)		47,755,111		4,562,370
K1513, 0.865%, 08/25/2034 (d)(h)		76,978,460		7,129,691
K1514, 0.703%, 10/25/2034 (d)(h)		77,000,000		5,344,316
K090, 0.621%, 02/25/2052 (d)(h)		50,517,000		2,741,194
TOTAL AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $184,926,593)				198,963,243
MUNICIPAL BONDS – 26.02%
Arizona – 0.43%
Arizona Department of Transportation
State Highway Fund Revenue
2.462%, 07/01/2030		6,875,000		7,346,006
City of Phoenix Civic
Improvement Corp.
5.500%, 07/01/2042		4,000,000		6,571,720
Tempe Industrial
Development Authority
4.000%, 10/01/2023 (a)		2,000,000		2,019,380
				15,937,106

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 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
California – 5.01%
Alvord Unified School District
0.000%, 08/01/2046 (e)	$	1,720,000	$	2,167,183
California School
Finance Authority
4.000%, 07/15/2020 (a)(i)		5,000,000		5,012,350
City of Industry, CA
4.000%, 01/01/2028		2,885,000		3,254,107
City of Los Angeles
Department of Airports
6.582%, 05/15/2039		5,070,000		7,171,464
City of Los Angeles, CA
3.550%, 09/01/2031		3,000,000		3,375,360
City of Oakland, CA
3.000%, 01/15/2027		3,100,000		3,435,885
City of Sacramento, CA Transient
Occupancy Tax Revenue
3.858%, 06/01/2025		3,320,000		3,662,093
City of San Diego Tobacco
Settlement Revenue Funding Corp.
3.435%, 06/01/2023		2,155,000		2,289,903
City of South Lake Tahoe, CA
4.000%, 06/01/2027		1,600,000		1,783,088
City of Union City, CA
0.000%, 07/01/2025 (e)		2,105,000		1,872,861
Coachella Valley Unified
School District
0.000%, 08/01/2034 (e)		1,100,000		824,439
County of Marin, CA
5.410%, 08/01/2026		9,495,000		11,277,306
County of San Diego, CA
6.029%, 08/15/2026		765,000		915,782
County of Sonoma, CA
6.000%, 12/01/2029		9,685,000		11,985,284
Fresno Unified School District
0.000%, 08/01/2029 (e)		2,500,000		2,035,400
Fullerton Public
Financing Authority
7.750%, 05/01/2031		1,490,000		1,988,092
Garden Grove Unified
School District
2.380%, 08/01/2028		2,000,000		2,087,980
Los Angeles County Metropolitan
Transportation Authority
5.735%, 06/01/2039		12,775,000		18,032,168
Los Angeles Unified
School District
5.981%, 05/01/2027		12,375,000		15,973,402
Metropolitan Water District
of Southern California
6.947%, 07/01/2040		15,000,000		15,282,450
Monrovia School Facilities
Grant Financing Authority
7.000%, 06/01/2027		2,410,000		3,090,970
M-S-R Energy Authority
7.000%, 11/01/2034		3,500,000		5,656,175
Northern California Power Agency
5.679%, 06/01/2035		7,900,000		10,164,140
Norwalk-La Mirada Unified
School District
0.000%, 08/01/2038 (e)		4,200,000		2,567,460
Palmdale Elementary
School District
0.000%, 08/01/2029 (e)		540,000		457,364
Pasadena Unified School District
2.568%, 05/01/2031		2,395,000		2,532,617
Peralta Community
College District
0.000%, 08/05/2031 (e)		4,450,000		3,972,025
Placentia-Yorba Linda
Unified School District
0.000%, 08/01/2035 (e)		7,600,000		5,741,648
Pomona Redevelopment Agency
Successor Agency
3.930%, 02/01/2026		7,020,000		7,988,479
Poway Unified School District
0.000%, 08/01/2034 (e)		5,360,000		4,151,320
San Diego Unified School District
0.000%, 07/01/2036 (e)		7,895,000		5,764,534
San Francisco City & County
Redevelopment Financing Authority
0.000%, 08/01/2036 (e)		5,185,000		3,359,465
University of California
4.601%, 05/15/2031		9,980,000		12,085,980
Yosemite Community
College District
0.000%, 08/01/2038 (e)		6,110,000		4,246,328
				186,205,102
Colorado – 1.05%
Board of Governors of Colorado
State University System
2.594%, 03/01/2033		4,560,000		4,824,845
2.644%, 03/01/2034		6,275,000		6,637,444
City & County of Denver, CO
Airport System Revenue
5.000%, 12/01/2036		10,750,000		15,495,157

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 29

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Colorado – 1.05% (Cont.)
City of Fort Collins, CO Electric
Utility Enterprise Revenue
3.859%, 12/01/2030	$	1,500,000	$	1,793,550
3.909%, 12/01/2031		4,775,000		5,756,167
City of Fruita, CO
Healthcare Revenue
5.000%, 01/01/2028		3,375,000		3,444,458
Colorado Educational &
Cultural Facilities Authority
3.285%, 03/01/2028		1,000,000		1,099,070
				39,050,691
Connecticut – 0.03%
Harbor Point Infrastructure
Improvement District
12.500%, 04/01/2039		1,275,000		1,285,825
District of Columbia – 0.49%
Metropolitan Washington
Airports Authority Dulles
Toll Road Revenue
8.000%, 10/01/2047		10,120,000		18,337,541
Florida – 0.59%
City of Gainesville, FL
0.000%, 10/01/2027 (e)		4,610,000		3,956,947
0.000%, 10/01/2028 (e)		1,300,000		1,082,302
County of Miami-Dade, FL
6.875%, 10/01/2034		1,345,000		2,020,499
County of Miami-Dade, FL
Aviation Revenue
3.175%, 10/01/2028		5,100,000		5,592,048
3.275%, 10/01/2029		1,700,000		1,886,507
County of Miami-Dade, FL
Water & Sewer System Revenue
2.551%, 10/01/2028		2,000,000		2,145,540
2.601%, 10/01/2029		3,395,000		3,658,079
Reedy Creek Improvement District
2.731%, 06/01/2038		1,500,000		1,611,795
				21,953,717
Georgia – 0.32%
Medical Center Hospital Authority
4.875%, 08/01/2022		7,020,000		7,478,195
Valdosta & Lowndes County
Hospital Authority
2.604%, 10/01/2030		2,000,000		2,133,700
3.000%, 10/01/2029		2,000,000		2,221,440
				11,833,335
Illinois – 0.35%
City of Chicago, IL
Waterworks Revenue
5.750%, 11/01/2030		2,485,000		3,232,737
Illinois Finance Authority
3.548%, 08/15/2029		1,800,000		2,008,044
Metropolitan Water Reclamation
District of Greater Chicago
5.000%, 12/01/2041		2,570,000		3,139,126
Southwestern Illinois
Development Authority
7.030%, 04/15/2032		675,000		679,509
State of Illinois
5.750%, 01/01/2037		3,000,000		3,853,470
				12,912,886
Indiana – 0.37%
City of Fishers, IN
4.000%, 08/01/2028		1,525,000		1,747,558
Indiana Finance Authority
4.807%, 07/15/2035		3,000,000		3,914,250
Indianapolis Board of
School Commissioners
3.800%, 07/15/2030		5,000,000		5,834,750
Indianapolis Local Public
Improvement Bond Bank
5.854%, 01/15/2030		1,810,000		2,242,409
				13,738,967
Kansas – 0.25%
Kansas Development
Finance Authority
5.371%, 05/01/2026		8,210,000		9,233,130
Kentucky – 0.17%
County of Warren, KY
3.921%, 12/01/2031		825,000		970,901
4.397%, 12/01/2038		1,540,000		1,951,735
Kentucky Higher Education
Student Loan Corp.
3.860%, 06/01/2025		2,000,000		2,220,060
Kentucky State Property &
Building Commission
5.000%, 02/01/2032		1,150,000		1,381,943
				6,524,639
Louisiana – 0.52%
State of Louisiana
5.000%, 03/01/2039		15,000,000		19,324,350

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 STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Massachusetts – 1.01%
Commonwealth of Massachusetts
2.663%, 09/01/2039	$	10,000,000	$	10,437,300
4.910%, 05/01/2029		3,115,000		3,926,676
Commonwealth of Massachusetts
Transportation Fund Revenue
5.631%, 06/01/2030		1,050,000		1,336,083
Massachusetts Educational
Financing Authority
3.455%, 07/01/2028		2,000,000		2,249,740
3.831%, 07/01/2024		4,215,000		4,580,145
Massachusetts State College
Building Authority
2.439%, 05/01/2028		10,375,000		11,041,386
2.499%, 05/01/2029		3,000,000		3,217,950
5.932%, 05/01/2040		550,000		787,947
				37,577,227
Michigan – 1.27%
Chippewa Valley Schools
5.000%, 05/01/2039		3,800,000		4,878,782
5.000%, 05/01/2040		3,975,000		5,083,787
Detroit City School District
7.747%, 05/01/2039		8,560,000		13,459,744
Michigan Finance Authority
2.610%, 11/01/2025		2,180,000		2,285,795
2.710%, 11/01/2026		7,145,000		7,546,335
3.084%, 12/01/2034		5,000,000		5,477,700
3.610%, 11/01/2032		3,000,000		3,391,680
University of Michigan
5.513%, 04/01/2030		4,000,000		5,119,520
				47,243,343
Mississippi – 0.47%
Mississippi Development Bank
5.460%, 10/01/2036		5,955,000		7,555,109
State of Mississippi
5.000%, 10/15/2037		7,925,000		10,103,424
				17,658,533
Missouri – 0.38%
Kansas City Land Clearance
Redevelopment Authority
6.400%, 10/15/2040 (a)		8,000,000		8,868,560
St. Louis School District
6.450%, 04/01/2028		3,800,000		5,114,762
				13,983,322
Nebraska – 0.45%
Central Plains Energy Project
5.000%, 09/01/2034		5,700,000		7,831,116
University of Nebraska
Facilities Corp.
2.365%, 10/01/2029		8,520,000		9,007,770
				16,838,886
Nevada – 0.39%
City of North Las Vegas, NV
6.572%, 06/01/2040		5,880,000		8,321,494
Clark County School District
5.510%, 06/15/2024		5,495,000		6,076,261
				14,397,755
New Jersey – 1.28%
Mercer County
Improvement Authority
8.270%, 12/01/2034		5,000,000		7,526,750
New Jersey Economic
Development Authority
0.000%, 02/15/2025 (e)		18,806,000		17,249,051
7.425%, 02/15/2029		10,000,000		13,064,900
New Jersey Educational
Facilities Authority
2.504%, 07/01/2023		1,355,000		1,389,986
New Jersey Institute of Technology
3.323%, 07/01/2024		2,270,000		2,364,909
3.415%, 07/01/2042		3,500,000		3,805,410
Rutgers The State University
of New Jersey
3.270%, 05/01/2043		2,000,000		2,217,920
				47,618,926
New York – 2.55%
Dutchess County Local
Development Corp.
4.550%, 07/01/2022		1,055,000		1,112,128
Fiscal Year 2005
Securitization Corp.
4.930%, 04/01/2020		100,000		100,268
New York City Transitional Finance
Authority Building Aid Revenue
4.800%, 07/15/2026		4,000,000		4,704,840
New York City Transitional
Finance Authority Future
Tax Secured Revenue
3.500%, 08/01/2027		12,000,000		13,534,440
3.590%, 08/01/2027		7,000,000		7,938,840
5.932%, 11/01/2036		3,215,000		3,309,875
New York City Water
& Sewer System
6.124%, 06/15/2042		7,490,000		7,589,842
6.124%, 06/15/2042		4,250,000		4,309,500

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 STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
New York – 2.55% (Cont.)
New York State
Dormitory Authority
2.746%, 07/01/2030	$	19,730,000	$	21,337,601
2.826%, 07/01/2031		15,015,000		16,370,404
2.957%, 02/15/2032		5,975,000		6,682,619
5.096%, 08/01/2034		3,125,000		3,956,156
New York State Urban
Development Corp.
3.420%, 03/15/2028		3,580,000		3,991,413
				94,937,926
Ohio – 1.21%
Buckeye Tobacco Settlement
Financing Authority
1.850%, 06/01/2029		4,000,000		4,056,840
County of Hamilton, OH
3.756%, 06/01/2042		8,000,000		9,030,800
JobsOhio Beverage System
4.532%, 01/01/2035		13,885,000		17,526,202
South-Western City
School District
0.000%, 12/01/2028 (e)		2,735,000		2,293,763
State of Ohio
3.276%, 01/01/2042		10,000,000		11,132,400
Sycamore Community
City School District
5.850%, 12/01/2028		605,000		791,999
				44,832,004
Oklahoma – 0.36%
Oklahoma County Metro
Technology Centers
School District No. 22
3.050%, 06/01/2028		9,000,000		9,902,520
Oklahoma Development
Finance Authority
5.450%, 08/15/2028		3,015,000		3,572,353
				13,474,873
Oregon – 0.43%
Benton & Linn Counties
Consolidated School District
No. 509J & 509A
0.000%, 06/15/2038 (e)		2,000,000		2,523,660
Oregon Health &
Science University
2.850%, 07/01/2030		1,000,000		1,097,110
Oregon School
Boards Association
5.680%, 06/30/2028		10,000,000		12,555,500
				16,176,270
Pennsylvania – 1.09%
Berks County Industrial
Development Authority
3.950%, 05/15/2024		720,000		754,690
4.450%, 05/15/2027		800,000		867,336
Carbon County Hospital Authority
3.377%, 11/15/2023		1,000,000		1,064,840
3.677%, 11/15/2025		1,000,000		1,108,700
Commonwealth
Financing Authority
2.758%, 06/01/2030		4,500,000		4,852,260
2.758%, 06/01/2030		1,040,000		1,121,411
3.657%, 06/01/2038		5,000,000		5,959,750
3.807%, 06/01/2041		30,000		36,738
4.014%, 06/01/2033		2,130,000		2,531,185
Pennsylvania Economic
Development Financing Authority
5.000%, 12/31/2030		1,000,000		1,205,850
5.201%, 06/15/2020		1,290,000		1,301,468
Pennsylvania
Turnpike Commission
5.000%, 06/01/2042		5,000,000		6,049,400
6.375%, 12/01/2038		3,850,000		5,215,364
Philadelphia Authority for
Industrial Development
0.000%, 04/15/2022 (e)		6,447,000		6,243,791
Union County Hospital Authority
3.800%, 08/01/2023		1,100,000		1,141,712
4.400%, 08/01/2028		1,060,000		1,180,564
				40,635,059
Puerto Rico – 0.21%
Children’s Trust Fund
5.375%, 05/15/2033		4,750,000		4,880,720
Puerto Rico Sales Tax Financing
Corp. Sales Tax Revenue
0.000%, 07/01/2027 (e)		3,237,000		2,768,995
				7,649,715
South Carolina – 0.08%
Commission of Public Works,
City of Greer
5.500%, 09/01/2032		2,000,000		2,837,320
Tennessee – 0.14%
Memphis-Shelby County
Industrial Development Board
4.700%, 07/01/2027		230,000		251,930
State of Tennessee
4.182%, 08/01/2031		4,000,000		4,803,600
				5,055,530

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 STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Texas – 3.79%
City of Austin, TX Electric
Utility Revenue
2.987%, 11/15/2029	$	4,985,000	$	5,541,176
3.037%, 11/15/2030		1,000,000		1,117,620
City of Dallas, TX
0.000%, 02/15/2026 (e)		2,565,000		2,330,739
0.000%, 02/15/2031 (e)		10,000,000		7,923,400
0.000%, 02/15/2032 (e)		15,000,000		11,551,650
City of El Paso, TX
6.018%, 08/15/2035		3,000,000		4,276,860
City of Houston, TX
5.508%, 03/01/2036		4,900,000		6,914,145
6.290%, 03/01/2032		4,885,000		6,144,939
6.290%, 03/01/2032		1,000,000		1,265,250
6.290%, 03/01/2032		5,580,000		7,102,336
City of Houston, TX
Airport System Revenue
6.880%, 01/01/2028		1,500,000		1,856,205
City of Irving, TX
7.375%, 08/15/2044		3,500,000		3,964,695
Colony Economic
Development Corp.
7.250%, 10/01/2042		5,000,000		5,711,500
County of Galveston, TX
5.905%, 02/01/2029		4,630,000		5,574,983
Fort Worth International Airport
2.994%, 11/01/2038		15,000,000		16,398,900
El Paso Independent
School District
1.550%, 08/15/2025		6,175,000		6,164,317
Metropolitan Transit
Authority of Harris County
Sales & Use Tax Revenue
2.599%, 11/01/2037		7,015,000		7,523,517
Midland County Fresh
Water Supply District No. 1
2.690%, 09/15/2030		6,670,000		7,098,281
New Hope Cultural
Education Facilities Corp.
4.000%, 08/01/2020 (i)		220,000		118,822
North Texas Tollway Authority
0.000%, 01/01/2031 (e)		7,500,000		6,258,525
8.410%, 02/01/2030		5,090,000		7,049,039
Port Arthur Independent
School District
5.000%, 02/15/2027		1,310,000		1,591,532
5.000%, 02/15/2028		1,740,000		2,149,283
Texas A&M University
3.531%, 05/15/2032		1,750,000		2,040,133
Texas Public Finance Authority
8.250%, 07/01/2024		9,695,000		9,938,441
Texas State University System
2.588%, 03/15/2029		3,000,000		3,212,130
				140,818,418
Utah – 0.14%
County of Salt Lake, UT
Convention Hotel Revenue
5.750%, 10/01/2047 (a)		5,000,000		5,205,300
Virginia – 0.40%
Virginia Commonwealth
Transportation Board
5.350%, 05/15/2035		3,610,000		4,686,935
Virginia Public Building Authority
5.900%, 08/01/2030		7,675,000		10,196,468
				14,883,403
Washington – 0.13%
Washington State Housing
Finance Commission
3.000%, 01/01/2025 (a)		5,000,000		5,033,650
West Virginia – 0.20%
Tobacco Settlement
Finance Authority
7.467%, 06/01/2047		6,740,000		7,492,858
Wisconsin – 0.46%
Public Finance Authority
3.930%, 12/15/2025		1,960,000		2,214,173
4.153%, 05/15/2031		3,635,000		4,202,315
5.000%, 05/15/2032 (a)		1,275,000		1,456,598
7.625%, 12/01/2048 (a)		5,000,000		5,210,950
9.000%, 06/01/2029 (a)(i)		4,000,000		4,054,840
				17,138,876
TOTAL MUNICIPAL BONDS
(Cost $887,722,298)				967,826,483
US GOVERNMENT NOTES/BONDS – 5.40%
United States Treasury Notes/Bonds
2.500%, 06/30/2020		50,000,000		50,193,360
1.500%, 07/15/2020		50,000,000		50,037,109
2.625%, 08/31/2020		50,000,000		50,318,833
2.500%, 12/31/2020		25,000,000		25,281,738
1.250%, 03/31/2021		25,000,000		25,052,735
TOTAL US GOVERNMENT
NOTES/BONDS
(Cost $200,486,992)				200,883,775

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 STRATEGIC BOND FUND — SCHEDULE OF INVESTMENTS (CONT.)

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
US TREASURY BILLS – 1.34%
United States Treasury Bills
1.602%, 04/14/2020	$	50,000,000	$	49,917,718
TOTAL US TREASURY BILLS
(Cost $49,904,300)				49,917,718
CLOSED-END MUTUAL FUNDS – 0.17%
BlackRock Investment Quality
Municipal Trust, Inc.		24,400		380,396
Invesco High Income Trust II		71,475		967,057
Invesco Municipal Opportunity Trust		172,200		2,161,110
Nuveen Quality Municipal
Income Fund		183,527		2,727,211
TOTAL CLOSED-END
MUTUAL FUNDS
(Cost $5,986,055)				6,235,774
SHORT-TERM INVESTMENTS – 1.70%
First American Government
Obligations Fund –
Class X, 1.493% (j)		63,342,658		63,342,658
TOTAL SHORT-TERM INVESTMENTS
(Cost $63,342,658)				63,342,658
Total Investments
(Cost $3,574,351,935) – 99.83%				3,712,541,019
Other Assets in Excess
of Liabilities – 0.17%				6,325,715
TOTAL NET ASSETS – 100.00%			$	3,718,866,734

Percentages are stated as a percent of net assets.

(a)	Securities issued pursuant to Rule 144A under the Securities Act of 1933.
(b)	Variable rate security; the rate shown represents the rate at February 29, 2020.
(c)	Foreign issued security.
(d)	Variable rate security; the rate shown represents the rate at February 29, 2020.  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 29, 2020.
(g)	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.
(h)	Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
(i)	Represents an illiquid security. The total market value of these securities was $23,010,666, representing 0.62% of net assets.
(j)	Seven day yield at February 29, 2020.

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
AGENCY COMMERCIAL MORTGAGE
BACKED SECURITIES – 0.28%
Freddie Mac Multifamily ML Certificates
2019-ML06, 1.132%,
06/25/2037 (a)	$	10,227,226	$	1,192,942
TOTAL AGENCY COMMERCIAL
MORTGAGE BACKED SECURITIES
(Cost $1,087,316)				1,192,942
MUNICIPAL BONDS – 95.73%
Alabama – 0.99%
Alabama Economic
Settlement Authority
3.163%, 09/15/2025		1,625,000		1,699,636
City of Homewood, AL
5.000%, 09/01/2033		1,000,000		1,236,920
Lower Alabama Gas District
5.000%, 09/01/2031		1,005,000		1,325,404
				4,261,960
Alaska – 0.82%
Alaska Housing Finance Corp.
5.000%, 12/01/2031		1,145,000		1,473,581
CIVIC Ventures, AK
5.000%, 09/01/2033		1,750,000		2,062,025
				3,535,606
Arizona – 1.88%
City of Phoenix Civic
Improvement Corp.
5.500%, 07/01/2038		2,000,000		3,170,000
5.500%, 07/01/2042		1,545,000		2,538,327
Florence Town, Inc. Industrial
Development Authority
5.000%, 07/01/2023		325,000		341,367
Industrial Development
Authority of the City of Phoenix
5.000%, 06/01/2027		500,000		541,490
Tempe Industrial
Development Authority
4.000%, 10/01/2023 (a)		1,500,000		1,514,535
				8,105,719
Arkansas – 0.35%
County of Saline, AR
3.550%, 06/01/2042		1,410,000		1,496,743
California – 7.14%
California School Finance Authority
3.000%, 07/15/2020 (a)(b)		2,120,000		2,123,774
California Statewide Communities
Development Authority
6.400%, 06/01/2039		2,420,000		3,442,450
City of Los Angeles, CA
Department of Airports
5.000%, 05/15/2033		1,000,000		1,221,740
City of San Diego Tobacco
Settlement Revenue Funding Corp.
4.000%, 06/01/2032		895,000		986,720
Clovis Unified School District
0.000%, 08/01/2028 (c)		2,000,000		1,781,240
El Camino Healthcare District
0.000%, 08/01/2028 (c)		1,435,000		1,262,140
Encinitas Union School District
0.000%, 08/01/2035 (c)		500,000		695,055
Low Income Investment Fund
3.711%, 07/01/2029		1,000,000		1,084,605
Manteca Redevelopment Agency
Successor Agency
2.393%, 10/01/2030		500,000		524,410
M-S-R Energy Authority
7.000%, 11/01/2034		1,160,000		1,874,618
Palmdale Elementary School District
0.000%, 08/01/2028 (c)		500,000		434,300
Ravenswood City School District
5.000%, 08/01/2038		1,260,000		1,554,046
Rialto Redevelopment Agency
5.000%, 09/01/2037		1,000,000		1,285,550
San Diego Unified School District
0.000%, 07/01/2041 (c)		2,000,000		2,305,060
San Joaquin Hills Transportation
Corridor Agency
5.000%, 01/15/2029		550,000		650,776
San Mateo Foster City Public
Financing Authority
5.000%, 08/01/2049		2,000,000		2,604,160
St. Helena Unified School District
0.000%, 06/01/2036 (c)		2,805,000		3,610,287
University of California
4.601%, 05/15/2031		2,700,000		3,269,754
				30,710,685
Colorado – 5.21%
City & County of Denver, CO Airport
System Revenue
5.000%, 12/01/2034		2,500,000		3,528,325
City of Fruita, CO Healthcare Revenue
5.000%, 01/01/2028		1,000,000		1,020,580

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 35

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Colorado – 5.21% (Cont.)
Colorado Health Facilities Authority
3.125%, 05/15/2027	$	1,250,000	$	1,252,500
5.000%, 08/01/2044		910,000		1,132,950
CommonSpirit Health
2.950%, 11/01/2022		1,725,000		1,776,132
El Paso County School
District No. 49
5.000%, 12/15/2031		1,500,000		1,811,340
Public Authority for
Colorado Energy
6.500%, 11/15/2038		1,570,000		2,556,243
Pueblo City Schools
5.000%, 12/15/2039		2,000,000		2,637,420
Vauxmont Metropolitan District
5.000%, 12/15/2021		100,000		106,273
5.000%, 12/01/2021		300,000		312,234
5.000%, 12/01/2050		1,950,000		2,357,004
Weld County School
District No. RE-2
5.000%, 12/01/2044		3,000,000		3,903,450
				22,394,451
Delaware – 1.10%
University of Delaware
5.000%, 11/01/2038		1,595,000		2,416,058
5.000%, 11/01/2039		1,510,000		2,312,444
				4,728,502
District of Columbia – 0.43%
Metropolitan Washington
Airports Authority
5.000%, 10/01/2032		1,500,000		1,840,290
Florida – 6.81%
City of Belle Isle, FL
5.500%, 10/01/2022		330,000		346,362
City of Orlando, FL
5.000%, 11/01/2038		1,000,000		1,239,860
County of Miami-Dade, FL
5.000%, 07/01/2043		1,500,000		1,816,155
5.000%, 07/01/2043		3,500,000		4,507,580
County of Miami-Dade, FL
Aviation Revenue
5.000%, 10/01/2038		2,225,000		2,613,040
County of Miami-Dade, FL
Seaport Revenue
5.750%, 10/01/2028		545,000		633,900
County of Sarasota, FL Utility
System Revenue
5.000%, 10/01/2039		2,000,000		2,587,860
Dade County, FL Professional Sports
Franchise Facilities Tax Revenue
5.250%, 10/01/2030		1,030,000		1,410,595
Florida Development Finance Corp.
1.900%, 01/01/2049		2,505,000		2,505,852
6.500%, 01/01/2049 (a)		3,250,000		3,358,355
Greater Orlando Aviation Authority
5.000%, 10/01/2046		1,500,000		1,795,140
School Board of Miami-Dade County
5.000%, 03/15/2039		2,645,000		3,191,589
School District of Broward County
5.000%, 07/01/2040		2,500,000		3,179,350
Venetian Community
Development District
5.000%, 05/01/2023		100,000		103,899
				29,289,537
Georgia – 1.28%
Americus & Sumter County
Hospital Authority
5.125%, 05/15/2023		325,000		346,655
Brookhaven Development Authority
5.000%, 07/01/2039		770,000		997,281
City of Atlanta, GA Water &
Wastewater Revenue
5.500%, 11/01/2027		1,550,000		1,944,444
Georgia Municipal Association, Inc.
5.000%, 12/01/2037		500,000		631,580
Main Street Natural Gas, Inc.
5.000%, 05/15/2029		1,250,000		1,601,225
				5,521,185
Hawaii – 0.88%
City & County of Honolulu, HI
5.000%, 10/01/2030		1,000,000		1,390,380
State of Hawaii
5.000%, 01/01/2038		1,885,000		2,399,888
				3,790,268
Illinois – 5.66%
Boone & Winnebago
Counties Community Unit
School District No. 200
0.000%, 01/01/2024 (c)		815,000		767,877
Boone Mchenry & Dekalb
Counties Community Unit
School District No. 100
0.000%, 12/01/2023 (c)		1,135,000		1,088,431
0.000%, 12/01/2024 (c)		520,000		490,786

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 36

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Illinois – 5.66% (Cont.)
Chicago Board of Education
0.000%, 12/01/2022 (c)	$	840,000	$	817,093
Chicago O’Hare
International Airport
5.000%, 01/01/2037		2,000,000		2,425,120
Chicago Transit Authority
5.000%, 06/01/2024		750,000		867,502
5.250%, 12/01/2036		1,500,000		1,610,820
Cook County School
District No. 103
0.000%, 12/01/2022 (c)		850,000		820,531
Illinois Finance Authority
5.000%, 01/01/2034		500,000		601,405
5.000%, 07/01/2037		2,010,000		2,617,844
Metropolitan Pier &
Exposition Authority
0.000%, 06/15/2026 (c)		2,380,000		2,175,344
Metropolitan Water Reclamation
District of Greater Chicago
5.000%, 12/01/2041		3,500,000		4,275,075
Railsplitter Tobacco
Settlement Authority
5.000%, 06/01/2027		1,000,000		1,231,130
Sales Tax Securitization Corp.
5.000%, 01/01/2027		1,700,000		2,118,778
State of Illinois
6.000%, 06/15/2026		1,575,000		2,015,528
Will County Community Unit
School District No. 201
0.000%, 11/01/2020 (c)		430,000		426,865
				24,350,129
Indiana – 4.50%
City of Valparaiso, IN
6.750%, 01/01/2034		500,000		586,070
Hammond Multi-School
Building Corp.
5.000%, 07/15/2034		2,000,000		2,499,040
Indiana Finance Authority
5.000%, 09/01/2036		1,000,000		1,206,850
5.500%, 11/15/2026		1,155,000		1,233,136
Indiana Health Facility
Financing Authority
5.000%, 11/15/2034		1,010,000		1,222,807
Indiana Municipal Power Agency
5.000%, 01/01/2042		2,500,000		3,022,250
Indianapolis Local Public
Improvement Bond Bank
5.000%, 01/01/2038		1,715,000		2,206,914
5.000%, 01/01/2039		2,500,000		3,188,075
5.250%, 02/01/2039		2,120,000		2,788,881
Northern Indiana Commuter
Transportation District
5.000%, 07/01/2033		1,130,000		1,389,120
				19,343,143
Iowa – 0.30%
Iowa Finance Authority
2.875%, 05/15/2049		1,250,000		1,268,063
Kentucky – 2.03%
Grant County School District
Finance Corp.
1.400%, 08/01/2022		240,000		240,408
Kentucky Bond Development Corp.
5.000%, 09/01/2049		3,000,000		3,820,470
Kentucky Economic
Development Finance Authority
5.000%, 05/15/2026		1,000,000		1,105,780
Kentucky Public Energy Authority
4.000%, 02/01/2050		3,000,000		3,564,840
				8,731,498
Louisiana – 1.78%
East Baton Rouge
Sewerage Commission
5.000%, 02/01/2039		2,000,000		2,361,300
Louisiana Energy & Power Authority
5.250%, 06/01/2028		410,000		464,005
Louisiana Local Government
Environmental Facilities &
Community Development Authority
5.000%, 11/01/2032		1,200,000		1,453,020
5.000%, 12/01/2037		1,685,000		2,156,750
Tobacco Settlement Financing Corp.
5.000%, 05/15/2022		400,000		434,100
5.250%, 05/15/2033		740,000		799,570
				7,668,745
Maine – 0.61%
Maine Governmental
Facilities Authority
5.000%, 10/01/2038		2,000,000		2,609,640
Maryland – 0.36%
City of Rockville, MD
2.500%, 11/01/2024		1,560,000		1,560,577

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 37

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Massachusetts – 1.29%
Commonwealth of Massachusetts
5.250%, 09/01/2043	$	2,000,000	$	2,594,020
Massachusetts Educational
Financing Authority
4.500%, 07/01/2024		85,000		90,222
5.000%, 07/01/2028		2,250,000		2,866,635
				5,550,877
Michigan – 2.01%
Battle Creek School District
5.000%, 05/01/2037		775,000		938,951
Bedford Public School District
5.000%, 05/01/2037		1,150,000		1,479,280
Charter Township of Commerce, MI
5.000%, 12/01/2038		1,000,000		1,205,010
Detroit City School District
5.250%, 05/01/2027		715,000		912,669
Grand Rapids Public Schools
5.000%, 11/01/2040		1,000,000		1,281,280
Michigan Finance Authority
3.875%, 10/01/2023		250,000		268,330
5.000%, 12/01/2041		1,950,000		2,553,915
				8,639,435
Minnesota – 1.75%
City of Minneapolis, MN
3.750%, 11/01/2021		1,000,000		1,000,440
5.000%, 03/01/2029		450,000		479,016
City of St. Anthony, MN
6.000%, 12/01/2030		1,000,000		1,103,870
Dakota County Community
Development Agency
3.800%, 07/01/2022		2,000,000		2,007,160
Housing & Redevelopment
Authority of the City of St. Paul, MN
3.750%, 09/01/2021		1,000,000		1,000,500
3.750%, 03/01/2021		1,000,000		1,000,000
Minneapolis-St. Paul Metropolitan
Airports Commission
5.000%, 01/01/2041		750,000		924,097
				7,515,083
Missouri – 1.72%
Jackson County School District
5.500%, 03/01/2035		1,015,000		1,387,627
5.500%, 03/01/2037		990,000		1,351,399
Kansas City Land Clearance
Redevelopment Authority
4.375%, 02/01/2031 (a)		1,000,000		1,127,690
Maryland Heights Industrial
Development Authority
5.000%, 03/15/2039		1,000,000		1,119,090
Missouri Joint Municipal Electric
Utility Commission
5.000%, 12/01/2040		2,000,000		2,404,160
				7,389,966
Nebraska – 0.64%
Central Plains Energy Project
5.000%, 09/01/2034		2,000,000		2,747,760
Nevada – 2.25%
City of Las Vegas, NV
5.000%, 09/01/2031		1,150,000		1,413,281
County of Clark
Department of Aviation
5.000%, 07/01/2041		2,500,000		3,239,525
County of Washoe, NV
5.000%, 02/01/2042		2,000,000		2,549,860
Las Vegas Convention &
Visitors Authority
5.000%, 07/01/2043		2,000,000		2,483,040
				9,685,706
New Jersey – 2.04%
Garden State Preservation Trust
5.750%, 11/01/2028		965,000		1,236,078
New Jersey Economic
Development Authority
3.375%, 07/01/2030		1,000,000		1,070,930
5.500%, 01/01/2027		300,000		349,233
6.425%, 12/15/2035		1,805,000		1,830,523
New Jersey Higher Education
Student Assistance Authority
5.000%, 12/01/2027		750,000		944,302
New Jersey Transportation
Trust Fund Authority
0.000%, 12/15/2027 (c)		2,150,000		1,898,730
0.000%, 12/15/2030 (c)		1,780,000		1,455,417
				8,785,213
New Mexico – 0.16%
City of Santa Fe, NM
2.250%, 05/15/2024		700,000		704,655
New York – 4.45%
City of New York, NY
5.000%, 12/01/2037		2,000,000		2,586,420
6.246%, 06/01/2035		2,000,000		2,023,080

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 38

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
New York – 4.45% (Cont.)
New York City Transitional
Finance Authority Future
Tax Secured Revenue
5.000%, 08/01/2040	$	5,000,000	$	6,361,250
New York City Water &
Sewer System
5.000%, 06/15/2040		2,005,000		2,554,510
New York Liberty
Development Corp.
5.250%, 10/01/2035		875,000		1,265,259
New York State
Dormitory Authority
5.000%, 03/15/2041		2,000,000		2,572,200
Port Authority of
New York & New Jersey
5.000%, 09/01/2032		1,525,000		1,783,823
				19,146,542
North Carolina – 0.23%
North Carolina Medical
Care Commission
3.550%, 10/01/2024		1,000,000		1,000,890
North Dakota – 0.87%
City of Horace, ND
2.500%, 08/01/2021		2,000,000		2,010,280
City of Mandan, ND
2.750%, 09/01/2041		915,000		932,961
County of Burleigh, ND
3.000%, 11/01/2021		800,000		800,064
				3,743,305
Ohio – 3.80%
Buckeye Tobacco Settlement
Financing Authority
1.850%, 06/01/2029		2,000,000		2,028,420
County of Cuyahoga, OH
5.500%, 02/15/2052		1,300,000		1,563,549
County of Hamilton, OH
3.374%, 06/01/2034		3,000,000		3,334,230
Dayton City School District
5.000%, 11/01/2031		1,000,000		1,373,980
Franklin County Convention
Facilities Authority
5.000%, 12/01/2046		3,000,000		3,828,060
Highland Local School District
5.250%, 12/01/2054		1,500,000		1,713,855
Licking Heights Local
School District
5.000%, 10/01/2042		1,000,000		1,238,880
State of Ohio
5.000%, 01/01/2033		1,000,000		1,276,380
				16,357,354
Oregon – 0.82%
Benton & Linn Counties
Consolidated School
District No. 509J & 509A
0.000%, 06/15/2038 (c)		1,455,000		1,835,963
Medford Hospital Facilities Authority
5.000%, 10/01/2024		450,000		507,978
Port of Portland, OR
Airport Revenue
5.000%, 07/01/2042		1,000,000		1,201,960
				3,545,901
Pennsylvania – 2.91%
Berks County Industrial
Development Authority
3.200%, 05/15/2021		565,000		568,480
Commonwealth Financing Authority
5.000%, 06/01/2034		1,000,000		1,258,340
5.000%, 06/01/2035		500,000		627,175
Delaware Valley Regional
Finance Authority
1.990%, 09/01/2048		1,000,000		1,004,510
Hopewell Area School District
0.000%, 09/01/2026 (c)		900,000		815,400
Montour School District
5.000%, 04/01/2035		1,825,000		2,176,586
Pennsylvania Economic
Development Financing Authority
5.000%, 06/30/2028		750,000		911,430
Pennsylvania Turnpike Commission
6.000%, 12/01/2030		625,000		829,713
6.375%, 12/01/2038		2,000,000		2,709,280
Philadelphia Authority for
Industrial Development
0.000%, 04/15/2021 (c)		1,025,000		1,006,222
Scranton School District
5.000%, 12/01/2035		500,000		619,320
				12,526,456
Puerto Rico – 1.51%
Children’s Trust Fund
5.375%, 05/15/2033		1,590,000		1,633,757
Puerto Rico Convention
Center District Authority
4.500%, 07/01/2036		1,900,000		1,904,294

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 39

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Puerto Rico – 1.51% (Cont.)
Puerto Rico Sales Tax Financing
Corp. Sales Tax Revenue
0.000%, 07/01/2024 (c)	$	2,034,000	$	1,861,150
0.000%, 07/01/2029 (c)		1,331,000		1,079,827
				6,479,028
Rhode Island – 1.02%
City of Cranston, RI
5.000%, 08/01/2039		1,950,000		2,539,777
Rhode Island Student Loan Authority
5.000%, 12/01/2023		905,000		1,030,822
5.000%, 12/01/2025		525,000		632,174
Tobacco Settlement Financing Corp.
2.250%, 06/01/2041		175,000		175,445
				4,378,218
South Carolina – 1.73%
Commission of Public Works,
City of Greer
5.500%, 09/01/2032		1,000,000		1,418,660
Spartanburg County School
District No. 7
5.000%, 03/01/2039		4,635,000		6,020,911
				7,439,571
Tennessee – 0.45%
Metropolitan Nashville
Airport Authority
5.000%, 07/01/2044		1,500,000		1,930,380
Texas – 12.83%
Alamo Regional Mobility Authority
5.000%, 06/15/2039		1,335,000		1,576,501
Alvin Texas Independent
School District
5.000%, 02/15/2038		2,095,000		2,605,007
Arlington Higher Education
Finance Corp.
2.550%, 12/01/2029		1,850,000		1,938,153
5.000%, 02/15/2030		1,000,000		1,182,740
Bexar County Hospital District
5.000%, 02/15/2038		2,135,000		2,703,593
City of Austin, TX
5.000%, 09/01/2039		2,345,000		3,061,913
City of Fort Worth, TX
5.250%, 03/01/2036		1,800,000		2,124,468
City of San Antonio, TX
5.000%, 08/01/2037		5,015,000		6,467,795
City of San Antonio, TX Electric &
Gas Systems Revenue
5.000%, 02/01/2044		1,000,000		1,281,950
Colony Economic
Development Corp.
7.250%, 10/01/2042		1,500,000		1,713,450
Colony Local Development Corp.
7.250%, 10/01/2033		600,000		690,324
County of Bexar, TX
5.000%, 06/15/2039		1,265,000		1,572,129
County of Harris, TX
1.803%, 08/15/2035		1,020,000		979,557
5.000%, 08/15/2034		1,000,000		1,242,040
Dallas Area Rapid Transit
5.250%, 12/01/2031		800,000		1,145,776
El Paso Independent
School District
5.000%, 08/15/2037		1,250,000		1,545,925
Grand Parkway Transportation Corp.
5.000%, 10/01/2038		2,000,000		2,535,680
Harris County-Houston
Sports Authority
5.000%, 11/15/2027		500,000		578,910
North East Independent
School District
5.250%, 02/01/2030		1,025,000		1,419,338
5.250%, 02/01/2035		1,000,000		1,529,840
North Texas Tollway Authority
5.000%, 01/01/2043		1,965,000		2,455,995
San Antonio Water System
5.000%, 05/15/2050		3,000,000		3,904,980
Socorro Independent
School District
5.000%, 08/15/2039		2,000,000		2,478,640
State of Texas
5.500%, 08/01/2033		1,000,000		1,257,180
Tarrant County Cultural
Education Facilities Finance Corp.
5.000%, 07/01/2036		1,500,000		1,911,825
Texas Municipal Gas
Acquisition & Supply Corp. I
6.250%, 12/15/2026		1,690,000		2,012,182
United Independent School District
5.000%, 08/15/2037		2,580,000		3,258,308
				55,174,199
Utah – 2.35%
County of Utah, UT
5.000%, 05/15/2041		1,500,000		1,815,345
Salt Lake City Corp. Airport Revenue
5.000%, 07/01/2042		3,000,000		3,656,550

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 40

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

February 29, 2020 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
Utah – 2.35% (Cont.)
Utah Associated Municipal
Power Systems
5.000%, 09/01/2037	$	2,005,000	$	2,509,578
Utah Charter School
Finance Authority
5.000%, 10/15/2035		1,500,000		1,776,945
6.300%, 07/15/2032		335,000		360,273
				10,118,691
Vermont – 0.07%
Vermont Economic
Development Authority
5.000%, 05/01/2021		300,000		309,360
Washington – 4.92%
Chelan County Public
Utility District No. 1
0.000%, 06/01/2026 (c)		450,000		417,753
City of Seattle, WA Municipal
Light & Power Revenue
5.000%, 04/01/2042		3,000,000		3,866,820
Port of Seattle, WA
5.000%, 04/01/2034		1,500,000		1,734,060
Spokane County School
District No. 81
5.000%, 12/01/2036		2,000,000		2,626,760
State of Washington
5.000%, 08/01/2039		5,000,000		6,407,100
Washington Health Care
Facilities Authority
5.000%, 10/01/2038		1,535,000		1,799,081
Washington State Convention
Center Public Facilities District
5.000%, 07/01/2048		2,000,000		2,487,920
Washington State Housing
Finance Commission
2.375%, 01/01/2026 (a)		1,250,000		1,257,400
5.000%, 01/01/2055 (a)		500,000		572,470
				21,169,364
West Virginia – 1.83%
Roane County Building Commission
2.550%, 11/01/2021		2,000,000		2,012,700
State of West Virginia
5.000%, 06/01/2041		2,500,000		3,251,575
5.000%, 12/01/2043		2,000,000		2,586,420
				7,850,695
Wisconsin – 1.95%
County of Milwaukee, WI
Airport Revenue
5.000%, 12/01/2028		1,000,000		1,238,490
Plateville Redevelopment Authority
5.000%, 07/01/2022		450,000		471,803
Public Finance Authority
5.000%, 10/01/2044		1,000,000		1,248,950
5.000%, 07/01/2038		2,000,000		2,499,220
5.250%, 05/15/2037 (a)		500,000		572,515
9.000%, 12/01/2029 (a)(b)		1,000,000		1,013,710
Wisconsin Health & Educational
Facilities Authority
5.000%, 08/15/2034		1,100,000		1,364,110
				8,408,798
TOTAL MUNICIPAL BONDS
(Cost $382,599,843)				411,804,188
SHORT-TERM INVESTMENTS – 3.77%
First American Government
Obligations Fund –
Class X, 1.493% (d)		16,207,583		16,207,583
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,207,583)				16,207,583
Total Investments
(Cost $399,894,742) – 99.78%				429,204,713
Other Assets in Excess
of Liabilities – 0.22%				963,732
TOTAL NET ASSETS – 100.00%			$	430,168,445

Percentages are stated as a percent of net assets.

(a)	Securities issued pursuant to Rule 144A under the Securities Act of 1933.
(b)	Represents an illiquid security. The total market value of these securities was $3,137,484, representing 0.73% of net assets.
(c)	Represents a principal-only security that entitles holders to receive only principal payments on underlying mortgages.
(d)	Seven day yield at February 29, 2020.

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

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

PAGE 41

STATEMENTS OF OPERATIONS

For the Six Months Ended February 29, 2020 (Unaudited)

	Performance Trust		Performance Trust
	Strategic		Municipal
	Bond Fund		Bond Fund
Investment Income
Interest income	$	72,858,830	$	6,149,446
Dividend income		180,635		—
Total Investment Income		73,039,465		6,149,446
Expenses
Advisory fees		9,535,599		726,404
Transfer agent fees and expenses		1,692,308		41,638
Administration and accounting fees		808,880		127,179
Federal and state registration fees		179,864		34,062
Reports to shareholders		126,762		11,229
Custody fees		90,348		9,609
Distribution fees – Class C		53,433		—
Legal fees		21,022		6,512
Shareholder servicing fees – Class C		17,811		—
Distribution fees – Class A		14,584		28,735
Audit and tax fees		11,388		9,268
Chief Compliance Officer fees		6,188		6,188
Trustees’ fees		5,018		5,116
Other expenses		17,470		5,200
Total Expenses		12,580,675		1,011,140
Expense Recoupment by Adviser (Note 4)		—		16,401
Net Expenses		12,580,675		1,027,541
Net Investment Income		60,458,790		5,121,905
Realized and Unrealized Gain on Investments
Net realized gain from:
Investments		12,477,118		816,658
Change in net unrealized appreciation from investments		41,457,894		9,194,397
Net Realized and Unrealized Gain on Investments		53,935,012		10,011,055
Net Increase in Net Assets from Operations	$	114,393,802	$	15,132,960

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

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

PAGE 42

STATEMENTS OF CHANGES IN NET ASSETS

Performance Trust Strategic Bond Fund

	Six Months Ended
	February 29, 2020			Year Ended
	(Unaudited)			August 31, 2019
From Operations
Net investment income	$	60,458,790		$	77,555,479
Net realized gain from investments		12,477,118			15,519,285
Change in net unrealized appreciation from investments		41,457,894			104,022,848
Net increase in net assets from operations		114,393,802			197,097,612
From Distributions
Net dividends and distributions – Institutional Class		(62,125,636	)		(85,755,546	)
Net dividends and distributions – Class A(1)		(226,300	)		(77,697	)
Net dividends and distributions – Class C(2)		(228,912	)		(70,290	)
Net decrease in net assets resulting from distributions paid		(62,580,848	)		(85,903,533	)
From Capital Share Transactions
Proceeds from shares sold – Institutional Class		1,076,946,469			1,561,491,883
Proceeds from shares sold – Class A(1)		8,091,762			8,700,779
Proceeds from shares sold – Class C(2)		13,986,405			7,252,512
Shares issued in reinvestment of distributions declared –
Institutional Class		53,956,123			70,780,541
Shares issued in reinvestment of distributions declared – Class A(1)		225,787			69,711
Shares issued in reinvestment of distributions declared – Class C(2)		228,309			61,611
Cost for shares redeemed – Institutional Class(3)		(335,304,504	)		(466,038,145	)
Cost for shares redeemed – Class A(1)(4)		(909,103	)		(1,372,813	)
Cost for shares redeemed – Class C(2)(5)		(1,989,406	)		(55,176	)
Net increase in net assets from capital share transactions		815,231,842			1,180,890,903
Total Increase in Net Assets		867,044,796			1,292,084,982
Net Assets
Beginning of period		2,851,821,938			1,559,736,956
End of period	$	3,718,866,734		$	2,851,821,938

(1)	Class A Shares commenced operations on January 2, 2019.
(2)	Class C Shares commenced operations on January 2, 2019.
(3)	Net of redemption fees of $62,120 and $213,584 for the six months ended February 29, 2020 and the year ended August 31, 2019, respectively.
(4)	Net of redemption fees of $2 and $1,068 for the six months ended February 29, 2020 and the year ended August 31, 2019, respectively.
(5)	Net of redemption fees of $1,762 and $432 for the six months ended February 29, 2020 and the year ended August 31, 2019, respectively.

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

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

PAGE 43

STATEMENTS OF CHANGES IN NET ASSETS

Performance Trust Municipal Bond Fund

	Six Months Ended
	February 29, 2020			Year Ended
	(Unaudited)			August 31, 2019
From Operations
Net investment income	$	5,121,905		$	7,848,552
Net realized gain from investments		816,658			1,413,953
Change in net unrealized appreciation from investments		9,194,397			18,485,408
Net increase in net assets from operations		15,132,960			27,747,913
From Distributions
Net dividends and distributions – Institutional Class		(5,343,663	)		(7,251,756	)
Net dividends and distributions – Class A		(331,193	)		(564,372	)
Net decrease in net assets resulting from distributions paid		(5,674,856	)		(7,816,128	)
From Capital Share Transactions
Proceeds from shares sold – Institutional Class		103,083,339			133,246,607
Proceeds from shares sold – Class A		4,388,519			3,689,376
Shares issued in reinvestment of distributions declared – Institutional Class		4,465,802			5,653,643
Shares issued in reinvestment of distributions declared – Class A		266,711			468,848
Cost for shares redeemed – Institutional Class(1)		(19,455,507	)		(58,351,076	)
Cost for shares redeemed – Class A(2)		(1,562,947	)		(6,246,615	)
Net increase in net assets from capital share transactions		91,185,917			78,460,783
Total Increase in Net Assets		100,644,021			98,392,568
Net Assets
Beginning of period		329,524,424			231,131,856
End of period	$	430,168,445		$	329,524,424

(1)	Net of redemption fees of $1,093 and $1,191 for the six months ended February 29, 2020 and the year ended August 31, 2019, respectively.
(2)	Net of redemption fees of $462 and $122 for the six months ended February 29, 2020 and the year ended August 31, 2019, respectively.

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

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

PAGE 44

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 29, 2020			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2019			2018			2017			2016			2015
Institutional Class Shares
Net Asset Value,
Beginning of Period	$	23.22		$	22.21		$	22.84		$	22.98		$	22.53		$	22.91
Income/(loss) from
investment operations:
Net investment income(1)		0.44			0.83			0.94			1.09			1.17			0.98
Net realized and unrealized
gain/(loss) on investments(2)		0.30			1.07			(0.50	)		0.05			0.46			(0.28	)
Total from investment operations		0.74			1.90			0.44			1.14			1.63			0.70
Less distributions paid:
From net investment income		(0.45	)		(0.89	)		(1.07	)		(1.28	)		(1.19	)		(1.08	)
From net realized gain on investments		—			—			—			—			—			—
Total distributions paid		(0.45	)		(0.89	)		(1.07	)		(1.28	)		(1.19	)		(1.08	)
Paid-in capital from
redemption fees (Note 2)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.01			0.00	(3)
Net Asset Value, End of Period	$	23.51		$	23.22		$	22.21		$	22.84		$	22.98		$	22.53
Total Return(4)		3.23	%		8.79	%		2.00	%		5.20	%		7.48	%		3.13	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	3,683,706		$	2,836,855		$	1,559,737		$	1,057,374		$	688,597		$	164,375
Ratio of expenses to
average net assets(5)		0.79	%		0.80	%		0.81	%		0.76	%		0.79	%		0.84	%
Ratio of net investment income
to average net assets(5)		3.81	%		3.68	%		4.19	%		4.83	%		5.14	%		4.31	%
Portfolio turnover rate(4)		17.32	%		40.59	%		37.99	%		78.53	%		45.58	%		80.49	%

(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 45

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Period
	Ended			Ended
	February 29, 2020			August 31,
	(Unaudited)			2019(1)
Class A Shares
Net Asset Value, Beginning of Period	$	23.23		$	22.13
Income from investment operations:
Net investment income(2)		0.41			0.58
Net realized and unrealized gain on investments(3)		0.30			1.08
Total from investment operations		0.71			1.66
Less distributions paid:
From net investment income		(0.43	)		(0.57	)
From net realized gain on investments		—			—
Total distributions paid		(0.43	)		(0.57	)
Paid-in capital from redemption fees (Note 2)		0.00	(4)		0.01
Net Asset Value, End of Period	$	23.51		$	23.23
Total Return(5)(6)		3.09	%		7.67	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	15,196		$	7,549
Ratio of expenses to average net assets(7)		1.04	%		1.05	%
Ratio of net investment income to average net assets(7)		3.57	%		3.80	%
Portfolio turnover rate(6)(8)		17.32	%		40.59	%

(1)	The 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)	Rounds to less than 0.5 cent per share.
(5)	Based on net asset value, which does not reflect sales charge.
(6)	Not annualized for periods less than one year.
(7)	Annualized for periods less than one year.
(8)	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 46

PERFORMANCE TRUST STRATEGIC BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Period
	Ended			Ended
	February 29, 2020			August 31,
	(Unaudited)			2019(1)
Class C Shares
Net Asset Value, Beginning of Period	$	23.18		$	22.13
Income from investment operations:
Net investment income(2)		0.32			0.46
Net realized and unrealized gain on investments(3)		0.30			1.09
Total from investment operations		0.62			1.55
Less distributions paid:
From net investment income		(0.35	)		(0.50	)
From net realized gain on investments		—			—
Total distributions paid		(0.35	)		(0.50	)
Paid-in capital from redemption fees (Note 2)		0.00	(4)		0.00	(4)
Net Asset Value, End of Period	$	23.45		$	23.18
Total Return(5)		2.72	%		7.10	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	19,965		$	7,418
Ratio of expenses to average net assets(6)		1.79	%		1.80	%
Ratio of net investment income to average net assets(6)		2.83	%		3.04	%
Portfolio turnover rate(5)(7)		17.32	%		40.59	%

(1)	The 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)	Rounds to less than 0.5 cent per share.
(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 47

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 29, 2020			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2019			2018			2017			2016			2015
Institutional Class Shares
Net Asset Value,
Beginning of Period	$	25.49		$	23.79		$	24.34		$	24.87		$	23.26		$	23.07
Income/(loss) from
investment operations:
Net investment income(1)		0.36			0.72			0.67			0.62			0.57			0.61
Net realized and unrealized
gain/(loss) on investments		0.56			1.69			(0.55	)		(0.53	)		1.59			0.18
Total from investment operations		0.92			2.41			0.12			0.09			2.16			0.79
Less distributions paid:
From net investment income		(0.32	)		(0.71	)		(0.67	)		(0.61	)		(0.55	)		(0.60	)
From net realized gain on investments		(0.07	)		—			—			(0.01	)		—			—
Total distributions paid		(0.39	)		(0.71	)		(0.67	)		(0.62	)		(0.55	)		(0.60	)
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	$	26.02		$	25.49		$	23.79		$	24.34		$	24.87		$	23.26
Total Return(3)		3.67	%		10.31	%		0.46	%		0.50	%		9.43	%		3.41	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	404,389		$	307,384		$	208,325		$	172,201		$	129,466		$	63,257
Ratio of expenses to
average net assets:
Before waiver, expense
reimbursements and recoupments(4)		0.54	%		0.57	%		0.60	%		0.66	%		0.73	%		0.86	%
After waiver, expense
reimbursements and recoupments(4)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income
to average net assets:
Before waiver, expense
reimbursements and recoupments(4)		2.85	%		2.94	%		2.76	%		2.50	%		2.16	%		2.30	%
After waiver, expense
reimbursements and recoupments(4)		2.84	%		2.96	%		2.81	%		2.61	%		2.34	%		2.61	%
Portfolio turnover rate(3)		10.22	%		35.29	%		28.49	%		42.53	%		13.66	%		31.83	%

(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 48

PERFORMANCE TRUST MUNICIPAL BOND FUND — FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

	Six Months			Year			Ended			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	February 29, 2020			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2019			2018			2017			2016			2015
Class A Shares
Net Asset Value,
Beginning of Period	$	25.51		$	23.81		$	24.36		$	24.91		$	23.30		$	23.09
Income/(loss) from
investment operations:
Net investment income(1)		0.33			0.66			0.61			0.56			0.50			0.55
Net realized and unrealized
gain/(loss) on investments		0.56			1.69			(0.55	)		(0.53	)		1.60			0.17
Total from investment operations		0.89			2.35			0.06			0.03			2.10			0.72
Less distributions paid:
From net investment income		(0.29	)		(0.65	)		(0.61	)		(0.57	)		(0.51	)		(0.54	)
From net realized gain on investments		(0.07	)		—			—			(0.01	)		—			—
Total distributions paid		(0.36	)		(0.65	)		(0.61	)		(0.58	)		(0.51	)		(0.54	)
Paid-in capital from
redemption fees (Note 2)		0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)		0.02			0.03
Net Asset Value, End of Period	$	26.04		$	25.51		$	23.81		$	24.36		$	24.91		$	23.30
Total Return(3)(4)		3.55	%		10.02	%		0.25	%		0.24	%		9.20	%		3.29	%
Supplemental Data and Ratios:
Net assets at end of Period (000’s)	$	25,779		$	22,141		$	22,807		$	25,495		$	31,744		$	10,476
Ratio of expenses to
average net assets:
Before waiver, expense
reimbursements and recoupments(5)		0.79	%		0.82	%		0.85	%		0.80	%		0.85	%		1.10	%
After waiver, expense
reimbursements and recoupments(5)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of net investment income
to average net assets:
Before waiver, expense
reimbursements and recoupments(5)		2.59	%		2.69	%		2.50	%		2.34	%		2.02	%		2.05	%
After waiver, expense
reimbursements and recoupments(5)		2.58	%		2.71	%		2.55	%		2.34	%		2.07	%		2.35	%
Portfolio turnover rate(4)		10.22	%		35.29	%		28.49	%		42.53	%		13.66	%		31.83	%

(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 49

PERFORMANCE TRUST MUTUAL FUNDS – NOTES TO FINANCIAL STATEMENTS

February 29, 2020 (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. Effective January 2, 2019, the Retail Class shares of the Municipal Bond Fund were redesignated as Class A shares. 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. Class C shares are subject to a 1.00% 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 equity 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 at the close of 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 quoted 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 at the mean in accordance with prices supplied 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 to maturity method. 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

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each class of investments. These inputs are summarized in the three broad levels listed below:

»	Level 1: Quoted prices in active markets for identical securities.
»	Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
»	Level 3: Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 29, 2020:

Performance Trust Strategic Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income:
Asset Backed
Securities	$	—	$	206,265,545	$	—	$	206,265,545
Collateralized
Loan
Obligations		—		242,415,577		—		242,415,577
Corporate
Bonds		—		285,192,541		—		285,192,541
Non – Agency
Residential
Mortgage
Backed
Securities		—		730,565,142		—		730,565,142
Non – Agency
Commercial
Mortgage
Backed
Securities		—		760,932,563		—		760,932,563
Agency
Commercial
Mortgage
Backed
Securities		—		198,963,243		—		198,963,243
Municipal
Bonds		—		967,826,483		—		967,826,483
US
Government
Notes/Bonds		—		200,883,775		—		200,883,775
US
Treasury Bills		—		49,917,718		—		49,917,718
Total Fixed
Income:		—		3,642,962,587		—		3,642,962,587
Equity
Closed-End
Mutual
Funds		6,235,774		—		—		6,235,774
Total Equity		6,235,774		—		—		6,235,774
Short-Term
Investments		63,342,658		—		—		63,342,658
Total
Investments
in Securities	$	69,578,432	$	3,642,962,587	$	—	$	3,712,541,019

Performance Trust Municipal Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income:
Agency
Commercial
Mortgage
Backed
Securities	$	—	$	1,192,942	$	—	$	1,192,942
Municipal
Bonds		—		411,804,188		—		411,804,188
Total Fixed
Income		—		412,997,130		—		412,997,130
Short-Term
Investments		16,207,583		—		—		16,207,583
Total
Investments
in Securities	$	16,207,583	$	412,997,130	$	—	$	429,204,713

	The Funds did not hold any Level 3 securities during the six months ended February 29, 2020.
	The Funds did not hold any financial derivative instruments during the six months ended February 29, 2020.
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 29, 2020, 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 29, 2020, 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 29, 2020, 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, 2016.
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

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	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.
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 charged a 2.00% redemption fee on shares redeemed within sixty days of purchase through December 28, 2019. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. Effective December 29, 2019, the Funds eliminated the redemption fees. 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 29, 2020, redemption fees of $63,884 and $1,555 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, 2019 and August 31, 2018 was as follows:
	PERFORMANCE TRUST STRATEGIC BOND FUND

	YEAR ENDED	YEAR ENDED
	AUGUST 31, 2019	AUGUST 31, 2018
Ordinary Income	$85,903,533	$62,058,773
Tax-Exempt Income	—	—
Long-Term Capital Gain	—	—

PERFORMANCE TRUST MUNICIPAL BOND FUND

	YEAR ENDED	YEAR ENDED
	AUGUST 31, 2019	AUGUST 31, 2018
Ordinary Income	$   349,527	$       6,020
Tax-Exempt Income	7,466,601	5,985,900
Long-Term Capital Gain	—	—

As of August 31, 2019, 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	$	2,752,628,622
Gross tax unrealized appreciation	$	126,039,683
Gross tax unrealized depreciation		(29,299,838	)
Net tax unrealized appreciation		96,739,845
Undistributed ordinary income		2,537,641
Undistributed long-term capital gain		—
Total distributable earnings		2,537,641
Other accumulated losses		(17,972,811	)
Total accumulated gains	$	81,304,675
PERFORMANCE TRUST MUNICIPAL BOND FUND
Cost basis of investments for federal
income tax purposes	$	308,850,677
Gross tax unrealized appreciation	$	20,382,499
Gross tax unrealized depreciation		(266,925	)
Net tax unrealized appreciation		20,115,574
Undistributed tax-exempt income		45,541
Undistributed long-term capital gain		1,049,340
Total distributable earnings		1,094,881
Other accumulated losses		—
Total accumulated gains	$	21,210,455

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

At August 31, 2019, the Strategic Bond Fund had short-term capital loss carryovers of $17,971,713. These losses will be carried forward indefinitely to offset future realized capital gains. To the extent the Strategic Bond Fund realizes future net capital gains, taxable distributions to shareholders will be offset by any unused capital loss carryovers.  During the year ended August 31, 2019, short-term capital loss carryovers of $4,267,003 and $364,613 were utilized by the Strategic Bond Fund and Municipal Bond Fund, respectively. During the year

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ended August 31, 2019, long-term capital loss carryovers of $536,307 were utilized by the Strategic Bond Fund.

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, 2019, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:

	STRATEGIC			MUNICIPAL
	BOND FUND			BOND FUND
Total distributable
earnings		$	—		$	—
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 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, 2020 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. 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.  During the six months ended February 29, 2020, expenses of $15,382 for the Municipal Bond Fund – Institutional Class, and $1,019 for the Municipal Bond Fund – Class A were recouped by the Adviser.

The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring during the fiscal year ending:

	STRATEGIC			MUNICIPAL
	BOND FUND			BOND FUND
August 31, 2020		$	—		$	85,581
August 31, 2021		$	—		$	100,645
August 31, 2022		$	—		$	49,664

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 six months ended February 29, 2020, the Funds accrued expenses pursuant to the 12b-1 Plan as follows:

		Shareholder
	12b-1 Fees	Servicing Fees
Strategic Bond Fund
Class A	$14,584	N/A
Class C	$53,433	$17,811
Municipal Bond Fund
Class A	$28,735	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 29, 2020, and owed as of February 29, 2020, are as follows:

Administration
and Accounting	Incurred			Owed
Strategic Bond Fund	$	808,880		$	291,387
Municipal Bond Fund	$	127,179		$	43,990
Transfer Agency	Incurred			Owed
Strategic Bond Fund	$	291,998	(1)	$	103,091	(1)
Municipal Bond Fund	$	41,638		$	15,622

⁽¹⁾ This amount does not include sub-transfer agency fees.

Custody	Incurred		Owed
Strategic Bond Fund	$	90,348	$	32,093
Municipal Bond Fund	$	9,609	$	3,521

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.

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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 29, 2020, and owed as of February 29, 2020, are as follows:

	Incurred		Owed
Strategic Bond Fund	$	6,188	$	2,073
Municipal Bond Fund	$	6,188	$	2,014

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

	SIX MONTHS ENDED			YEAR ENDED
	February 29, 2020			AUGUST 31, 2019
Shares sold		46,723,038			69,620,617
Shares issued
to holders in
reinvestment
of distributions		2,349,594			3,148,637
Shares redeemed		(14,547,581	)		(20,820,292	)
Net increase		34,525,051			51,948,962
STRATEGIC BOND FUND – CLASS A
	SIX MONTHS ENDED			PERIOD ENDED
	February 29, 2020			AUGUST 31, 2019(1)
Shares sold		351,086			381,918
Shares issued
to holders in
reinvestment
of distributions		9,830			3,049
Shares redeemed		(39,582	)		(60,032	)
Net increase		321,334			324,935

⁽¹⁾ The Class A shares commenced operations on January 2, 2019.

STRATEGIC BOND FUND – CLASS C

	SIX MONTHS ENDED			PERIOD ENDED
	February 29, 2020			AUGUST 31, 2019(1)
Shares sold		608,074			319,782
Shares issued
to holders in
reinvestment
of distributions		9,966			2,701
Shares redeemed		(86,553	)		(2,431	)
Net increase		531,487			320,052

⁽¹⁾ The Class C shares commenced operations on January 2, 2019.

MUNICIPAL BOND FUND – INSTITUTIONAL CLASS

	SIX MONTHS ENDED			YEAR ENDED
	February 29, 2020			AUGUST 31, 2019
Shares sold		4,075,309			5,494,023
Shares issued
to holders in
reinvestment of
distributions		177,412			232,279
Shares redeemed		(768,683	)		(2,422,921	)
Net increase		3,484,038			3,303,381

MUNICIPAL BOND FUND – CLASS A

	SIX MONTHS ENDED			YEAR ENDED
	February 29, 2020			AUGUST 31, 2019
Shares sold		173,338			151,464
Shares issued
to holders in
reinvestment of
distributions		10,588			19,320
Shares redeemed		(61,745	)		(260,682	)
Net increase (decrease)		122,181			(89,898	)

8.	Investment Transactions
	The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 29, 2020, are summarized below.

	STRATEGIC		MUNICIPAL
	BOND FUND		BOND FUND
Purchases
U.S. Government	$	350,752,490	$	—
Other		925,733,889		117,741,140
Sales
U.S. Government	$	108,897,740	$	—
Other		420,740,482		36,108,949

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 29, 2020, Raymond James, for the benefit of its customers, held 40.24% of the Strategic Bond Fund’s outstanding Class A shares. At February 29, 2020, Raymond James and Morgan Stanley Smith Barney, LLC, for the benefit of its customers, held 38.82% and 38.51%, respectively, of the Strategic Bond Fund's outstanding Class C shares.  At February 29, 2020, National Financial Services Corp. and Charles Schwab & Company, Inc., for the benefit of its customers, held 27.21% and 26.17%, respectively, of the Municipal Bond Fund’s outstanding Institutional Class shares. At February 29, 2020, National Financial Services Corp. for the benefit of its customers, held 52.70% of the Municipal Bond Fund’s outstanding Class A shares.
10.	Line of Credit
	At February 29, 2020, the Strategic Bond Fund and the Municipal Bond Fund each had a line of credit which matures on August 8, 2020 with a maximum borrowing equal to the lesser of $200,000,000 and $30,000,000, 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 (4.75% as of February 29, 2020). The Funds did not utilize their lines of credit during the six months ended February 29, 2020.
	The Funds did not have any outstanding balances on the lines of credit at February 29, 2020.

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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.
12.	Subsequent Events
	On March 16, 2020, the Funds declared and paid distributions from ordinary income to shareholders of record as of March 13, 2020, as follows:

	Ordinary
	Income
Strategic Bond Fund
Institutional Class	$	10,441,448
Class A	$	40,119
Class C	$	42,889
Municipal Bond Fund
Institutional Class	$	889,540
Class A	$	55,833

Recent Market Events Risk.  U.S. and international markets have experienced significant periods of volatility in recent years due to a number of economic, political and global macro factors including the impact of the coronavirus as a global pandemic and related public health issues, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions and the threat of tariffs imposed by the U.S. and other countries. These developments as well as other events, such as the upcoming U.S. presidential election, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so.

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

PAGE 55

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 56

EXPENSE EXAMPLE

Period Ended February 29, 2020 (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 (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 (9/1/19 – 2/29/20).

Actual Expenses

The first line of the following tables provides information about actual account values and actual expenses for each Fund.  If you purchase Class A shares of a Fund 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 may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following tables 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, 2019 –
INSTITUTIONAL CLASS	SEPTEMBER 1, 2019	FEBRUARY 29, 2020	FEBRUARY 29, 2020*
Actual	$1,000.00	$1,032.30	$3.99
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,020.93	$3.97

* Expenses are equal to the Fund’s annualized expense ratio of 0.79%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2019 –
CLASS A	SEPTEMBER 1, 2019	FEBRUARY 29, 2020	FEBRUARY 29, 2020*
Actual	$1,000.00	$1,030.90	$5.25
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,019.69	$5.22

* Expenses are equal to the Fund’s annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
STRATEGIC BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2019 –
CLASS C	SEPTEMBER 1, 2019	FEBRUARY 29, 2020	FEBRUARY 29, 2020*
Actual	$1,000.00	$1,027.20	$9.02
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,015.96	$8.97

* Expenses are equal to the Fund’s annualized expense ratio of 1.79%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

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

PAGE 57

EXPENSE EXAMPLE (CONT.)

Period Ended February 29, 2020 (Unaudited)

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
MUNICIPAL BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2019 –
INSTITUTIONAL CLASS	SEPTEMBER 1, 2019	FEBRUARY 29, 2020	FEBRUARY 29, 2020*
Actual	$1,000.00	$1,036.70	$2.79
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,022.13	$2.77

* Expenses are equal to the Fund’s annualized expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

			EXPENSES PAID
PERFORMANCE TRUST			DURING PERIOD
MUNICIPAL BOND FUND –	BEGINNING ACCOUNT VALUE	ENDING ACCOUNT VALUE	SEPTEMBER 1, 2019 –
CLASS A	SEPTEMBER 1, 2019	FEBRUARY 29, 2020	FEBRUARY 29, 2020*
Actual	$1,000.00	$1,035.50	$4.05
Hypothetical
(5% annual return before expenses)	$1,000.00	$1,020.89	$4.02

* Expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

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

PAGE 58

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 Part F of Form N-PORT. The Funds’ filings on 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 59

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;	19	Professor Emeritus,	Independent
Akers, Ph.D.		Since August 22,		Department of Accounting	Trustee, USA
615 E. Michigan St.		2001		(June 2019-present),	MUTUALS
Milwaukee, WI				Professor, Department of	(an open-end
53202				Accounting (2004-2019),	investment
Year of Birth: 1955				Chair, Department of	company with
				Accounting (2004-2017),	two portfolios).
				Marquette University.
Gary A. Drska	Trustee	Indefinite Term;	19	Pilot, Frontier/Midwest	Independent
615 E. Michigan St.		Since August 22,		Airlines, Inc. (airline company)	Trustee, USA
Milwaukee, WI		2001		(1986-present).	MUTUALS
53202					(an open-end
Year of Birth: 1956					investment
					company with
					two portfolios).
Jonas B. Siegel	Trustee	Indefinite Term;	19	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-
53202				and Chief Compliance Officer	end 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 60

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;	19	President (2017-present),	Trustee, Buffalo
Neuberger*	and Trustee	Since August 22,		Chief Operating Officer	Funds (an open-end
615 E. Michigan St.		2001		(2016-present), Executive	investment
Milwaukee, WI				Vice President (1994-2017),	company) (2003-
53202				U.S. Bancorp Fund	2017); Trustee,
Year of Birth: 1962				Services, LLC.	USA MUTUALS
					(an open-end
					investment
					company)
					(2001-2018).
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	Indefinite Term;	N/A	Vice President, U.S. Bancorp	N/A
615 E. Michigan St.	President,	Since January 24,		Fund Services, LLC
Milwaukee, WI	Treasurer	2013		(2002-present).
53202	and Principal
Year of Birth: 1974	Financial and
	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.
Jay S. Fitton	Secretary	Indefinite Term;	N/A	Assistant Vice President,	N/A
615 E. Michigan St.		Since July 22,		U.S. Bancorp Fund
Milwaukee, WI		2019		Services, LLC
53202				(2019-present); Partner,
Year of Birth: 1970				Practus, LLP (2018-2019);
				Counsel, Drinker Biddle &
				Reath (2016-2018); Counsel,
				Huntington Bancshares Inc.
				(2011-2015).

* Mr. Neuberger is deemed to be an “interested person” of the Trust as defined by the 1940 Act due to his position and material business relationship with the Trust.

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

PAGE 61

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 A. 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 62

(This Page Intentionally Left Blank.)

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: 4/29/2020

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: 4/29/2020

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

Jennifer Lima, Treasurer

Date: 4/29/2020

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

EX-99.CERT

CERTIFICATIONS

I, John Buckel, certify that:

  1.   I have reviewed this report on Form N-CSR of Trust for Professional Managers;

  2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

  3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

  4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

  (c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

  5.   The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 4/29/2020 /s/ John Buckel
John Buckel
President

CERTIFICATIONS

I, Jennifer Lima, certify that:

  1.   I have reviewed this report on Form N-CSR of Trust for Professional Managers;

  2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

  3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

  4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

  (a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

  (b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

  5.   The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 4/29/2020 /s/ Jennifer Lima
Jennifer Lima
Treasurer

EX-99.906 CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Professional Managers (the “Trust”), does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Trust for the period ended February 29, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for the stated period.

/s/ John Buckel John Buckel President, Trust for Professional Managers	/s/ Jennifer Lima Jennifer Lima Treasurer, Trust for Professional Managers
Dated: 4/29/2020

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Trust for purposes of Section 18 of the Securities Exchange Act of 1934.