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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Physical Therapy Inc | NYSE:USPH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.08 | 1.14% | 95.56 | 95.56 | 95.56 | 95.56 | 657 | 14:30:03 |
Semi-Annual Report|February 28, 2013 | |
Performance Trust Total Return | |
Bond Fund (Symbol: PTIAX) and | |
Performance Trust Municipal Bond | |
Fund (Symbol: PTIMX, PTRMX) | |
© 2013. Performance Trust Investment Advisors. All Rights Reserved. |
Percentage
|
|||
Credit Quality*
|
of Portfolio
|
||
Aaa/AAA
|
0.50 | % | |
Aa/AA
|
11.42 | % | |
A/A | 22.88 | % | |
Baa/BBB
|
46.60 | % | |
Ba/BB
|
3.93 | % | |
B/B | 0.30 | % | |
Other
|
0.00 | % | |
Non rated
|
7.97 | % | |
Net cash & equiv.
|
6.40 | % |
Percentage
|
||||
Sector
|
of Portfolio
|
|||
Hospital
|
18.30 | % | ||
CCRC
|
12.62 | % | ||
Education
|
12.41 | % | ||
Transportation
|
8.13 | % | ||
Housing
|
6.92 | % | ||
Higher Education
|
5.96 | % | ||
Utility
|
5.72 | % | ||
Other Revenue
|
5.32 | % | ||
Water & Sewer
|
4.28 | % | ||
Insured
|
3.07 | % | ||
Go-Unltd
|
2.07 | % | ||
Student Loan
|
1.88 | % | ||
IDB
|
1.70 | % | ||
Dedicated Tax
|
1.50 | % | ||
Other
|
1.20 | % | ||
Tobacco
|
1.13 | % | ||
COP
|
0.77 | % | ||
Tax OB–Ltd
|
0.32 | % | ||
Multifamily Hsg
|
0.30 | % | ||
Net Cash & Equiv.
|
6.40 | % |
Percentage
|
||||
States
|
of Net Assets
|
|||
AZ
|
2.74 | % | ||
CA
|
12.94 | % | ||
CO
|
3.55 | % | ||
CT
|
0.44 | % | ||
DC
|
1.25 | % | ||
FL
|
14.38 | % | ||
GA
|
0.38 | % | ||
GU
|
1.68 | % | ||
HI
|
1.52 | % | ||
IA
|
0.79 | % | ||
IL
|
3.61 | % | ||
IN
|
2.09 | % | ||
KY
|
0.91 | % | ||
LA
|
1.51 | % | ||
ME
|
1.66 | % | ||
MI
|
4.28 | % | ||
MN
|
0.43 | % | ||
MO
|
0.82 | % | ||
NC
|
0.47 | % | ||
NH
|
1.25 | % | ||
NJ
|
4.72 | % | ||
NY
|
2.33 | % | ||
OH
|
1.48 | % | ||
OK
|
0.65 | % | ||
OR
|
1.66 | % | ||
PA
|
5.53 | % | ||
PR
|
0.70 | % | ||
TN
|
2.86 | % | ||
TX
|
4.83 | % | ||
UT
|
0.95 | % | ||
VA
|
3.26 | % | ||
VT
|
0.28 | % | ||
WA
|
0.71 | % | ||
WI
|
4.01 | % | ||
WY
|
1.19 | % |
Percentage
|
||||||
Coupon
|
of Portfolio
|
|||||
0–4.99 | 13.45 | % | ||||
5–5.99 | 64.75 | % | ||||
6–6.99 | 13.06 | % | ||||
7–7.99 | 1.89 | % | ||||
8–8.99 | 0.45 | % | ||||
9–9.99 | 0.00 | % | ||||
10 & over
|
0.00 | % | ||||
Net cash & equiv.
|
6.40 | % | ||||
Percentage
|
||||
Maturity
|
of Portfolio
|
|||
Net cash & equiv.
|
6.40 | % | ||
0–4.99 years
|
1.27 | % | ||
5–5.99 years
|
1.52 | % | ||
6–6.99 years
|
0.52 | % | ||
7–7.99 years
|
2.80 | % | ||
8–8.99 years
|
5.81 | % | ||
9–9.99 years
|
14.81 | % | ||
10–14.99 years
|
29.93 | % | ||
15–19.99 years
|
21.67 | % | ||
20–24.99 years
|
8.27 | % | ||
25–29.99 years
|
5.52 | % | ||
30 years & over
|
1.47 | % | ||
Average
|
13.91yrs
|
ANNUALIZED
|
|||
SINCE INCEPTION
|
|||
SIX MONTHS
|
ONE YEAR
|
(AUGUST 31, 2010)
(1)
|
|
Performance Trust Total Return Bond Fund
|
5.31%
|
12.15%
|
10.98%
|
Barclays Capital U.S. Aggregate Bond Index
|
0.15%
|
3.12%
|
4.20%
|
(1)
|
Fund commenced investment operations on September 1, 2010.
|
ANNUALIZED
|
|||
SINCE INCEPTION
|
|||
SIX MONTHS
|
ONE YEAR
|
(JUNE 30, 2011)
|
|
Performance Trust Municipal Bond Fund – Institutional Class
|
4.34%
|
11.68%
|
13.66%
|
Barclays Capital U.S. Municipal Bond Index
|
2.01%
|
5.01%
|
8.19%
|
SINCE INCEPTION
|
|
(SEPTEMBER 28, 2012)
|
|
Performance Trust Municipal Bond Fund – Retail Class
|
3.35%
|
Barclays Capital U.S. Municipal Bond Index
|
1.40%
|
Performance Trust
|
Performance Trust
|
|||||||
Total Return
|
Municipal
|
|||||||
Bond Fund
|
Bond Fund
|
|||||||
Assets
|
||||||||
Investments, at value (cost $172,810,744 and $36,675,125, respectively)
|
$ | 177,351,286 | $ | 38,146,474 | ||||
Cash
|
31,382 | — | ||||||
Interest receivable
|
771,242 | 364,009 | ||||||
Receivable for investments sold
|
756,420 | 508,090 | ||||||
Receivable from Adviser
|
— | 4,920 | ||||||
Receivable for Fund shares sold
|
454,764 | 322,565 | ||||||
Other assets
|
28,805 | 18,697 | ||||||
Total Assets
|
179,393,899 | 39,364,755 | ||||||
Liabilities
|
||||||||
Payable for investments purchased
|
2,842,222 | 1,390,647 | ||||||
Payable for Fund shares redeemed
|
223,561 | — | ||||||
Payable to affiliates
|
26,261 | 17,331 | ||||||
Payable to Adviser
|
95,393 | — | ||||||
Payable for distribution fees
|
— | 106 | ||||||
Accrued expenses and other liabilities
|
7,656 | 6,563 | ||||||
Total Liabilities
|
3,195,093 | 1,414,647 | ||||||
Net Assets
|
$ | 176,198,806 | $ | 37,950,108 | ||||
Net Assets Consist Of:
|
||||||||
Paid-in capital
|
$ | 171,492,146 | $ | 36,313,784 | ||||
Accumulated undistributed net investment income (loss)
|
(241,374 | ) | 15,504 | |||||
Accumulated undistributed net realized gain on investments
|
407,492 | 149,471 | ||||||
Net unrealized appreciation on investments
|
4,540,542 | 1,471,349 | ||||||
Net Assets
|
$ | 176,198,806 | $ | 37,950,108 | ||||
Total Return Bond Fund Shares
|
||||||||
Net assets
|
$ | 176,198,806 | ||||||
Shares of beneficial interest outstanding (unlimited
|
||||||||
number of shares authorized, $0.001 par value)
|
7,633,912 | |||||||
Net asset value, redemption and offering price per share
|
$ | 23.08 | ||||||
Municipal Bond Fund Shares – Institutional Class
|
||||||||
Net assets
|
$ | 37,846,741 | ||||||
Shares of beneficial interest outstanding (unlimited
|
||||||||
number of shares authorized, $0.001 par value)
|
1,629,956 | |||||||
Net asset value, redemption and offering price per share
|
$ | 23.22 | ||||||
Municipal Bond Fund Shares – Retail Class
|
||||||||
Net assets
|
$ | 103,367 | ||||||
Shares of beneficial interest outstanding (unlimited
|
||||||||
number of shares authorized, $0.001 par value)
|
4,451 | |||||||
Net asset value, redemption and offering price per share
|
$ | 23.22 | ||||||
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
ASSET BACKED SECURITIES–5.89%
|
||||||||
AmeriCredit Automobile
|
||||||||
Receivables Trust
|
||||||||
2009-1,B, 9.790%, 04/15/2014
|
$ | 53,230 | $ | 53,864 | ||||
2009-1,C, 14.550%, 01/15/2016
|
3,580,000 | 3,803,290 | ||||||
2010-A, 3.510%, 07/06/2017
|
879,170 | 901,402 | ||||||
Bank of America Auto Trust
|
||||||||
2010-2, 1.940%, 06/15/2017
|
838,770 | 845,532 | ||||||
Ford Credit Auto Owner Trust
|
||||||||
2012-A, 0.620%, 09/15/2014
|
195,926 | 196,039 | ||||||
HSI Asset Securitization Trust
|
||||||||
2007-HE1, 0.302%, 01/25/2037 (a)
|
2,194,626 | 2,158,552 | ||||||
Nissan Auto Receivables
|
||||||||
Owner Trust
|
||||||||
2011-B, 0.740%, 09/15/2014
|
864,891 | 866,036 | ||||||
Quest Trust
|
||||||||
2006-X2, 0.321%, 08/25/2036 (a)
|
233,170 | 223,318 | ||||||
RAMP Trust
|
||||||||
2005-SL1, 8.000%, 05/25/2032
|
1,110,143 | 1,113,982 | ||||||
2003-RS4, 4.018%, 03/25/2033
|
160,519 | 155,619 | ||||||
2004-RS8, 4.980%, 08/25/2034
|
68,146 | 69,279 | ||||||
TOTAL ASSET BACKED SECURITIES
|
||||||||
(COST $10,369,413)
|
10,386,913 | |||||||
MORTGAGE BACKED SECURITIES–48.45%
|
||||||||
Banc of America Alternative
|
||||||||
Loan Trust
|
||||||||
2007-1, 5.921%, 04/25/2022 (a)
|
137,183 | 140,820 | ||||||
2003-9, 5.500%, 11/25/2033
|
190,000 | 190,821 | ||||||
2005-5, 5.500%, 06/25/2035
|
793,635 | 791,883 | ||||||
2005-5, 6.000%, 06/25/2035
|
458,517 | 394,482 | ||||||
2005-11, 5.750%, 12/25/2035
|
437,027 | 383,342 | ||||||
2006-3, 6.000%, 04/25/2036
|
336,097 | 303,884 | ||||||
Banc of America Funding Corp.
|
||||||||
2005-6, 5.500%, 10/25/2035
|
308,748 | 312,575 | ||||||
2005-6, 5.750%, 10/25/2035
|
198,282 | 199,492 | ||||||
2007-4, 5.500%, 06/25/2037
|
242,542 | 247,573 | ||||||
2007-5, 5.500%, 07/25/2037
|
744,236 | 619,882 | ||||||
2007-5, 6.500%, 07/25/2037
|
559,599 | 574,768 | ||||||
Banc of America Mortgage Trust
|
||||||||
2004-10, 5.000%, 12/25/2019
|
528,862 | 544,040 | ||||||
2005-F, 3.089%, 07/25/2035 (a)
|
154,978 | 153,039 | ||||||
2005-10, 5.500%, 11/25/2035
|
283,140 | 283,955 | ||||||
Bear Stearns Asset Backed
|
||||||||
Securities Trust
|
||||||||
2004-AC5, 5.250%, 10/25/2034
|
294,218 | 307,650 | ||||||
2005-AC8, 5.500%, 11/25/2035
|
219,549 | 201,212 | ||||||
Charlie Mac Trust
|
||||||||
2004-2, 6.000%, 10/25/2034
|
1,685,512 | 1,780,270 | ||||||
Chaseflex Trust
|
||||||||
2005-2-5A5, 5.500%, 06/25/2035
|
526,000 | 479,858 | ||||||
2005-2-5A7, 5.500%, 06/25/2035
|
39,000 | 33,233 | ||||||
2006-2, 5.891%, 09/25/2036 (a)
|
250,000 | 224,567 | ||||||
2006-2, 5.891%, 09/25/2036 (a)
|
500,000 | 460,291 | ||||||
CHL Mortgage Pass-Through Trust
|
||||||||
2006-20, 5.750%, 02/25/2037
|
113,906 | 107,037 | ||||||
Citicorp Mortgage Securities Trust
|
||||||||
2006-3, 5.500%, 06/25/2021
|
420,769 | 434,024 | ||||||
2006-3, 5.750%, 08/25/2023
|
1,725,414 | 1,735,554 | ||||||
2006-1, 5.500%, 02/25/2026
|
105,051 | 107,748 | ||||||
2006-3, 5.750%, 06/25/2036
|
119,012 | 121,216 | ||||||
2006-3, 5.750%, 06/25/2036
|
593,607 | 606,692 | ||||||
Citicorp Mortgage Securities, Inc.
|
||||||||
2004-5, 5.500%, 08/25/2034
|
165,837 | 172,856 | ||||||
Citigroup Mortgage Loan Trust, Inc.
|
||||||||
2004-2, 9.250%, 09/25/2033
|
533,621 | 568,013 | ||||||
2005-5, 5.000%, 08/25/2035
|
555,717 | 568,836 | ||||||
CitiMortgage Alternative Loan Trust
|
||||||||
2006-A1, 5.250%, 03/25/2021
|
193,469 | 198,141 | ||||||
2007-A4, 5.500%, 04/25/2022
|
155,620 | 159,879 | ||||||
2006-A7, 6.000%, 12/25/2036
|
204,714 | 178,708 | ||||||
Countrywide Alternative Loan Trust
|
||||||||
2004-J3, 4.750%, 04/25/2019
|
231,919 | 237,629 | ||||||
2004-30CB, 5.500%, 03/25/2020
|
306,000 | 294,886 | ||||||
2006-J5, 5.215%, 07/25/2021 (a)
|
290,167 | 274,338 | ||||||
2004-20T1, 6.000%, 09/25/2034
|
92,599 | 98,895 | ||||||
2004-22CB, 6.000%, 10/25/2034
|
3,809,788 | 3,972,461 | ||||||
2004-29CB, 5.375%, 01/25/2035
|
1,610,933 | 1,639,674 | ||||||
2005-J1, 5.500%, 02/25/2035
|
726,949 | 715,107 | ||||||
2005-7CB, 0.602%, 04/25/2035 (a)
|
377,535 | 314,509 | ||||||
2005-6CB, 7.500%, 04/25/2035
|
159,509 | 170,490 | ||||||
2005-21CB, 5.250%, 06/25/2035
|
517,000 | 495,924 | ||||||
2005-11CB, 5.500%, 06/25/2035
|
1,294,573 | 1,311,874 | ||||||
2005-26CB, 5.500%, 07/25/2035
|
121,000 | 108,230 | ||||||
2005-40CB, 5.500%, 10/25/2035
|
149,312 | 128,566 | ||||||
2005-46CB-A7, 5.500%, 10/25/2035
|
837,391 | 784,534 | ||||||
2005-46CB-A8, 5.500%, 10/25/2035
|
1,128,942 | 1,058,014 | ||||||
2005-46CB-A14, 5.500%, 10/25/2035
|
529,757 | 496,318 | ||||||
2005-46CB, 5.500%, 10/25/2035
|
68,177 | 63,874 | ||||||
2005-49CB, 5.500%, 11/25/2035
|
807,503 | 688,593 | ||||||
2005-52CB-1A7, 5.500%, 11/25/2035
|
263,927 | 238,125 | ||||||
2005-52CB-1A6, 5.500%, 11/25/2035
|
88,256 | 79,628 | ||||||
2005-J13, 5.500%, 11/25/2035
|
437,809 | 411,577 | ||||||
2005-65CB, 5.500%, 12/25/2035
|
496,981 | 481,780 | ||||||
2005-J14, 5.500%, 12/25/2035
|
112,769 | 97,593 | ||||||
2005-65CB, 0.952%, 01/25/2036 (a)
|
215,244 | 153,571 | ||||||
2005-65CB, 5.500%, 01/25/2036
|
548,700 | 481,771 | ||||||
2005-73CB, 5.750%, 01/25/2036
|
813,779 | 642,007 | ||||||
2005-73CB, 6.250%, 01/25/2036
|
360,003 | 321,934 | ||||||
2005-85CB, 5.500%, 02/25/2036
|
602,278 | 523,409 | ||||||
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
Countrywide Alternative
|
||||||||
Loan Trust (Cont.)
|
||||||||
2005-86CB, 5.500%, 02/25/2036
|
$ | 414,232 | $ | 334,875 | ||||
2006-8T1, 5.500%, 04/25/2036
|
63,269 | 47,316 | ||||||
2006-4CB-1A5, 6.000%, 04/25/2036
|
1,001,493 | 790,662 | ||||||
2006-4CB-1A6, 6.000%, 04/25/2036
|
842,105 | 667,964 | ||||||
2006-J4, 6.000%, 07/25/2036
|
747,619 | 604,320 | ||||||
2006-19CB-A15, 6.000%, 08/25/2036
|
475,469 | 396,304 | ||||||
2006-19CB-A7, 6.000%, 08/25/2036
|
353,262 | 296,362 | ||||||
2006-32CB, 5.500%, 11/25/2036
|
600,943 | 476,587 | ||||||
Countrywide Home Loan Mortgage
|
||||||||
Pass-Through Trust
|
||||||||
2005-20, 5.250%, 12/25/2027
|
181,433 | 172,320 | ||||||
2002-J4, 5.500%, 10/25/2032
|
227,537 | 235,979 | ||||||
2003-7, 4.500%, 05/25/2033
|
188,679 | 195,241 | ||||||
2003-HYB3, 2.959%, 11/19/2033 (a)
|
663,475 | 653,524 | ||||||
2005-5, 5.500%, 03/25/2035
|
1,257,526 | 1,274,730 | ||||||
2004-HYB5, 3.035%, 04/20/2035 (a)
|
589,112 | 555,183 | ||||||
2005-15, 5.500%, 08/25/2035
|
167,857 | 166,355 | ||||||
2005-16, 5.000%, 09/25/2035
|
48,777 | 48,733 | ||||||
2005-J3, 5.500%, 09/25/2035
|
394,611 | 357,704 | ||||||
2005-27, 5.500%, 12/25/2035
|
122,345 | 113,998 | ||||||
2005-30-A8, 5.500%, 01/25/2036
|
248,942 | 249,527 | ||||||
2005-30-A5, 5.500%, 01/25/2036
|
2,431,181 | 2,436,900 | ||||||
2006-J1, 6.000%, 02/25/2036
|
109,991 | 95,046 | ||||||
Credit Suisse First Boston
|
||||||||
Mortgage Securities Corp.
|
||||||||
2004-7, 5.250%, 10/25/2019
|
74,302 | 75,550 | ||||||
2005-10, 5.000%, 11/25/2020
|
865,432 | 889,128 | ||||||
2004-8, 5.500%, 12/25/2034
|
1,362,470 | 1,397,757 | ||||||
2005-4-3A22, 5.500%, 06/25/2035
|
199,804 | 203,736 | ||||||
2005-4-3A18, 5.500%, 06/25/2035
|
201,341 | 204,411 | ||||||
2005-3, 5.500%, 07/25/2035
|
656,213 | 670,761 | ||||||
2005-10, 5.500%, 11/25/2035
|
940,048 | 825,212 | ||||||
2005-10, 5.750%, 11/25/2035
|
170,000 | 162,026 | ||||||
CSMC Mortgage-Backed Trust
|
||||||||
2006-8, 5.500%, 10/25/2021
|
230,761 | 222,138 | ||||||
2006-1, 5.500%, 02/25/2036
|
907,127 | 825,839 | ||||||
2006-1, 5.500%, 02/25/2036
|
364,000 | 343,186 | ||||||
2006-3, 5.750%, 04/25/2036
|
204,426 | 180,386 | ||||||
2006-3-5A1, 6.000%, 04/25/2036
|
132,391 | 111,609 | ||||||
2006-3-5A2, 6.000%, 04/25/2036
|
322,703 | 272,047 | ||||||
2006-4, 7.000%, 05/25/2036
|
385,606 | 225,492 | ||||||
2007-2, 5.750%, 03/25/2037
|
217,108 | 213,210 | ||||||
2007-3, 5.500%, 04/25/2037
|
267,420 | 259,755 | ||||||
2007-5, 5.000%, 08/25/2037
|
342,667 | 310,599 | ||||||
Deutsche ALT-A Securities, Inc.
|
||||||||
Alternative Loan Trust
|
||||||||
2005-2, 0.602%, 04/25/2035 (a)
|
220,590 | 185,852 | ||||||
2005-3, 5.250%, 06/25/2035
|
385,732 | 390,595 | ||||||
2005-AR2, 3.232%, 10/25/2035 (a)
|
159,637 | 158,375 | ||||||
Deutsche Mortgage Securities, Inc.
|
||||||||
2004-4, 2.742%, 06/25/2034 (a)
|
307,523 | 292,196 | ||||||
First Horizon Alternative
|
||||||||
Mortgage Securities
|
||||||||
2005-FA10, 5.250%, 12/25/2020
|
466,409 | 477,078 | ||||||
2006-FA6, 5.750%, 11/25/2021
|
99,053 | 100,587 | ||||||
2004-FA1, 6.250%, 10/25/2034
|
658,398 | 670,145 | ||||||
2005-FA2, 0.702%, 04/25/2035 (a)
|
1,000,977 | 805,105 | ||||||
2005-FA2, 0.802%, 04/25/2035 (a)
|
130,360 | 105,500 | ||||||
2005-FA4, 5.500%, 06/25/2035
|
198,454 | 189,931 | ||||||
GMACM Mortgage Corp. Loan Trust
|
||||||||
2003-J7, 5.500%, 11/25/2033
|
1,284,523 | 1,328,050 | ||||||
2004-J2, 5.500%, 06/25/2034
|
278,634 | 279,346 | ||||||
2004-J3, 5.250%, 07/25/2034
|
242,000 | 244,440 | ||||||
2005-AR3, 3.559%, 06/19/2035 (a)
|
553,725 | 542,776 | ||||||
GSAA Trust
|
||||||||
2006-6, 5.203%, 03/25/2036 (a)
|
127,089 | 79,890 | ||||||
GSR Mortgage Loan Trust
|
||||||||
2005-AR2, 2.817%, 05/25/2034 (a)
|
551,641 | 525,032 | ||||||
2005-1F, 6.000%, 01/25/2035
|
97,264 | 97,530 | ||||||
2005-3F, 6.000%, 03/25/2035
|
138,161 | 139,783 | ||||||
2005-AR2, 5.199%, 04/25/2035 (a)
|
285,711 | 287,597 | ||||||
2005-6F, 5.500%, 07/25/2035
|
533,061 | 511,604 | ||||||
2005-7F, 5.000%, 09/25/2035
|
220,000 | 209,095 | ||||||
2005-7F, 6.000%, 09/25/2035
|
115,165 | 117,536 | ||||||
2005-9F, 5.500%, 12/25/2035
|
231,324 | 228,906 | ||||||
2006-5F, 6.000%, 06/25/2036
|
1,413,347 | 1,324,590 | ||||||
2006-7F, 6.250%, 08/25/2036
|
1,021,264 | 895,681 | ||||||
Harborview Mortgage Loan Trust
|
||||||||
2005-4, 3.021%, 07/19/2035 (a)
|
279,082 | 265,690 | ||||||
IndyMac Index Mortgage Loan Trust
|
||||||||
2005-AR1, 2.670%, 03/25/2035 (a)
|
349,478 | 330,192 | ||||||
JP Morgan Alternative Loan Trust
|
||||||||
2005-S1-2A2, 5.500%, 12/25/2035
|
394,975 | 357,041 | ||||||
2005-S1-1A2, 5.500%, 12/25/2035
|
581,947 | 491,759 | ||||||
2006-S2, 6.050%, 05/25/2036 (a)
|
148,006 | 131,089 | ||||||
JP Morgan Mortgage Trust
|
||||||||
2005-S3, 5.750%, 01/25/2036
|
283,093 | 268,381 | ||||||
Lehman Mortgage Trust
|
||||||||
2006-2, 6.359%, 04/25/2036 (a)
|
168,177 | 160,860 | ||||||
MASTR Adjustable Rate
|
||||||||
Mortgages Trust
|
||||||||
2004-4, 2.125%, 05/25/2034 (a)
|
302,241 | 258,570 | ||||||
2004-15, 3.428%, 12/25/2034 (a)
|
423,952 | 406,267 | ||||||
MASTR Alternative Loans Trust
|
||||||||
2007-1, 0.802%, 10/25/2036 (a)
|
499,400 | 442,074 | ||||||
MASTR Asset Securitization Trust
|
||||||||
2005-2, 5.250%, 11/25/2035
|
298,368 | 303,428 | ||||||
MASTR Seasoned Securities Trust
|
||||||||
2005-2, 3.658%, 10/25/2032 (a)
|
205,303 | 204,948 | ||||||
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
Morgan Stanley Mortgage Loan Trust
|
||||||||
2006-7, 5.000%, 06/25/2021
|
$ | 208,408 | $ | 200,008 | ||||
2004-11AR, 3.047%, 01/25/2035 (a)
|
103,137 | 87,623 | ||||||
2005-7, 5.500%, 11/25/2035
|
442,733 | 454,103 | ||||||
2006-2, 6.500%, 02/25/2036
|
364,879 | 297,168 | ||||||
2006-11, 6.000%, 08/25/2036
|
985,771 | 798,376 | ||||||
Nomura Asset Acceptance Corp.
|
||||||||
Alternative Loan Trust
|
||||||||
2005-WF1, 5.159%, 03/25/2035
|
1,634,137 | 1,676,385 | ||||||
2005-AP2, 4.976%, 05/25/2035 (a)
|
461,617 | 435,455 | ||||||
PHHMC Mortgage
|
||||||||
Pass-Through Certificates
|
||||||||
2005-3, 5.318%, 06/18/2035 (a)
|
580,390 | 564,855 | ||||||
RAAC Trust
|
||||||||
2005-SP1, 6.000%, 09/25/2034
|
460,928 | 466,859 | ||||||
RALI Trust
|
||||||||
2003-QS18, 5.000%, 09/25/2018
|
225,883 | 233,282 | ||||||
2004-QS6, 5.000%, 05/25/2019
|
162,393 | 164,937 | ||||||
2005-QS3, 5.000%, 03/25/2020
|
2,675,732 | 2,735,291 | ||||||
2007-QS4, 5.500%, 04/25/2022
|
105,295 | 106,314 | ||||||
2003-QS17, 5.500%, 09/25/2033
|
810,608 | 825,891 | ||||||
2004-QS7, 5.500%, 05/25/2034
|
307,092 | 286,886 | ||||||
2005-QS14, 6.000%, 09/25/2035
|
43,125 | 33,206 | ||||||
2005-QS16, 5.500%, 11/25/2035
|
355,177 | 303,852 | ||||||
Residential Asset Securitization Trust
|
||||||||
2004-R2, 5.500%, 08/25/2034
|
1,833,154 | 1,843,571 | ||||||
2005-A5, 5.500%, 05/25/2035
|
438,052 | 389,105 | ||||||
2005-A11CB, 5.500%, 10/25/2035
|
543,091 | 456,264 | ||||||
2005-A11CB, 6.000%, 10/25/2035
|
442,346 | 317,380 | ||||||
2006-A14CB, 6.250%, 12/25/2036
|
248,988 | 195,726 | ||||||
RFMSI Trust
|
||||||||
2006-S10, 5.500%, 10/25/2021
|
360,734 | 369,449 | ||||||
2005-SA1, 2.892%, 03/25/2035 (a)
|
205,202 | 198,440 | ||||||
Structured Asset Securities Corp.
|
||||||||
Pass-Through Certificates
|
||||||||
2004-9XS, 5.560%, 05/25/2034 (a)
|
416,747 | 438,538 | ||||||
TBW Mortgage-Backed Trust
|
||||||||
2006-2, 5.500%, 07/25/2036
|
924,075 | 906,217 | ||||||
WaMu Mortgage Pass-Through
|
||||||||
Certificates
|
||||||||
2004-S2, 6.000%, 06/25/2034
|
148,835 | 155,094 | ||||||
2005-AR16, 2.489%, 12/25/2035 (a)
|
210,000 | 197,153 | ||||||
2005-AR18, 2.482%, 01/25/2036 (a)
|
754,336 | 744,056 | ||||||
2006-AR2, 2.478%, 03/25/2036 (a)
|
321,151 | 291,078 | ||||||
Washington Mutual Alternative
|
||||||||
Mortgage Pass-Through Certificates
|
||||||||
2005-1, 5.500%, 03/25/2035
|
750,000 | 718,879 | ||||||
2005-4, 5.500%, 06/25/2035
|
422,327 | 411,795 | ||||||
2005-5, 5.500%, 07/25/2035
|
742,111 | 736,119 | ||||||
2005-9, 5.500%, 11/25/2035
|
93,867 | 82,153 | ||||||
Wells Fargo Mortgage Backed
|
||||||||
Securities Trust
|
||||||||
2004-7, 5.000%, 07/25/2019
|
153,247 | 158,518 | ||||||
2005-7, 5.250%, 09/25/2035
|
543,000 | 547,648 | ||||||
2005-9, 5.500%, 10/25/2035
|
605,000 | 631,172 | ||||||
2005-14, 5.500%, 12/25/2035
|
771,834 | 776,943 | ||||||
2006-4, 0.902%, 04/25/2036 (a)
|
664,644 | 605,208 | ||||||
2007-4, 6.000%, 04/25/2037
|
124,757 | 120,672 | ||||||
2007-12, 5.500%, 09/25/2037
|
2,363,350 | 2,409,930 | ||||||
2007-12, 5.500%, 09/25/2037
|
726,998 | 747,266 | ||||||
TOTAL MORTGAGE BACKED
|
||||||||
SECURITIES (COST $81,320,479)
|
85,360,508 | |||||||
MUNICIPAL BONDS–35.66%
|
||||||||
Alaska–0.26%
|
||||||||
Alaska Municipal Bond
|
||||||||
Bank Authority
|
||||||||
4.000%, 02/01/2023
|
400,000 | 463,764 | ||||||
California–2.30%
|
||||||||
Alvord Unified School District
|
||||||||
0.000%, 08/01/2022
|
360,000 | 249,419 | ||||||
Centinela Valley Union
|
||||||||
High School District
|
||||||||
0.000%, 08/01/2021
|
750,000 | 557,040 | ||||||
County of Riverside CA
|
||||||||
0.000%, 11/01/2020
|
145,000 | 119,252 | ||||||
Hueneme Elementary School District
|
||||||||
0.000%, 06/01/2023
|
190,000 | 126,660 | ||||||
Lemon Grove Elementary
|
||||||||
School District
|
||||||||
0.000%, 11/01/2020
|
375,000 | 283,016 | ||||||
Palmdale Elementary School District
|
||||||||
0.000%, 08/01/2029
|
540,000 | 241,720 | ||||||
Port of Oakland
|
||||||||
5.000%, 05/01/2033
|
300,000 | 331,266 | ||||||
San Jose Evergreen Community
|
||||||||
College District
|
||||||||
0.000%, 09/01/2028
|
200,000 | 91,640 | ||||||
Santa Ana Unified School District
|
||||||||
0.000%, 08/01/2020
|
1,470,000 | 1,168,812 | ||||||
West Contra Costa California
|
||||||||
Unified School District
|
||||||||
0.000%, 08/01/2022
|
180,000 | 123,791 | ||||||
Yosemite Community
|
||||||||
College District
|
||||||||
0.000%, 08/01/2023
|
1,050,000 | 753,071 | ||||||
4,045,687 |
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
Colorado–1.00%
|
||||||||
City & County of Denver, CO
|
||||||||
Airport System Revenue
|
||||||||
5.000%, 11/15/2028
|
$ | 100,000 | $ | 114,448 | ||||
5.000%, 11/15/2021
|
100,000 | 119,165 | ||||||
5.750%, 11/15/2020
|
310,000 | 384,521 | ||||||
Dawson Ridge Metropolitan
|
||||||||
District No. 1
|
||||||||
0.000%, 10/01/2022
|
645,000 | 520,160 | ||||||
0.000%, 10/01/2022
|
770,000 | 620,967 | ||||||
1,759,261 | ||||||||
Florida–0.50%
|
||||||||
City of St. Augustine, FL
|
||||||||
5.000%, 10/01/2034
|
500,000 | 575,815 | ||||||
County of Miami-Dade, FL
|
||||||||
Aviation Revenue
|
||||||||
5.000%, 10/01/2022
|
165,000 | 200,391 | ||||||
5.125%, 10/01/2039
|
100,000 | 111,640 | ||||||
887,846 | ||||||||
Georgia–0.97%
|
||||||||
City of Atlanta, GA Department
|
||||||||
of Aviation
|
||||||||
5.000%, 01/01/2021
|
150,000 | 175,791 | ||||||
Walton County School District
|
||||||||
5.000%, 08/01/2022
|
1,210,000 | 1,530,468 | ||||||
1,706,259 | ||||||||
Guam–0.33%
|
||||||||
Guam Power Authority
|
||||||||
5.000%, 10/01/2021
|
490,000 | 574,084 | ||||||
Illinois–3.83%
|
||||||||
Boone Mchenry & Dekalb Counties
|
||||||||
Community Unit School District 100
|
||||||||
0.000%, 12/01/2022
|
200,000 | 144,300 | ||||||
0.000%, 12/01/2023
|
760,000 | 524,696 | ||||||
Chicago Board of Education
|
||||||||
0.000%, 12/01/2020
|
425,000 | 333,438 | ||||||
0.000%, 12/01/2022
|
225,000 | 160,945 | ||||||
Cook County Township High School
|
||||||||
District No. 225 Northfield
|
||||||||
0.000%, 12/01/2020
|
355,000 | 291,565 | ||||||
Dekalb Kane & LaSalle Counties Etc
|
||||||||
Community College District No 523
|
||||||||
0.000%, 02/01/2025
|
275,000 | 166,556 | ||||||
0.000%, 02/01/2021
|
200,000 | 158,420 | ||||||
Illinois Finance Authority
|
||||||||
0.000%, 07/15/2023
|
2,005,000 | 1,551,529 | ||||||
0.000%, 01/01/2020
|
825,000 | 699,666 | ||||||
Lake County Community
|
||||||||
Consolidated School District
|
||||||||
No. 50 Woodland
|
||||||||
5.625%, 01/01/2026
|
335,000 | 402,881 | ||||||
5.750%, 01/01/2030
|
480,000 | 567,365 | ||||||
Lake County Community Unit
|
||||||||
School District No. 95 Lake Zurich
|
||||||||
0.000%, 12/01/2020
|
1,000,000 | 803,320 | ||||||
Metropolitan Pier &
|
||||||||
Exposition Authority
|
||||||||
0.000%, 06/15/2021
|
305,000 | 260,165 | ||||||
Will County Community Unit
|
||||||||
School District No. 201
|
||||||||
0.000%, 11/01/2020
|
220,000 | 179,707 | ||||||
Will County Elementary
|
||||||||
School District No. 122
|
||||||||
5.250%, 10/01/2023
|
460,000 | 503,452 | ||||||
6,748,005 | ||||||||
Indiana–2.68%
|
||||||||
City of Carmel, IN
|
||||||||
Waterworks Revenue
|
||||||||
5.000%, 05/01/2036
|
1,000,000 | 1,113,280 | ||||||
Clark-Pleasant School
|
||||||||
Building Corp.
|
||||||||
4.000%, 07/15/2023
|
300,000 | 335,766 | ||||||
Franklin Community Multi-School
|
||||||||
Building Corp.
|
||||||||
5.000%, 01/10/2023
|
400,000 | 464,784 | ||||||
Greater Clark County School Corp.
|
||||||||
5.000%, 01/05/2023
|
580,000 | 690,647 | ||||||
Indiana Finance Authority
|
||||||||
5.000%, 03/01/2022
|
775,000 | 889,747 | ||||||
Indianapolis Local Public
|
||||||||
Improvement Bond Bank
|
||||||||
0.000%, 02/01/2021
|
530,000 | 437,875 | ||||||
4.750%, 01/01/2031
|
155,000 | 159,269 | ||||||
Zionsville Community Schools
|
||||||||
Building Corp.
|
||||||||
0.000%, 01/15/2029
|
100,000 | 56,607 | ||||||
Zionsville Middle School
|
||||||||
Building Corp.
|
||||||||
0.000%, 07/15/2022
|
750,000 | 578,122 | ||||||
4,726,097 | ||||||||
Kentucky–0.57%
|
||||||||
Kentucky Asset Liability
|
||||||||
Commission
|
||||||||
2.998%, 04/01/2023
|
1,000,000 | 1,003,280 |
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
Michigan–2.54%
|
||||||||
Birmingham City School District
|
||||||||
5.000%, 05/01/2023
|
$ | 675,000 | $ | 846,153 | ||||
Caledonia Community Schools
|
||||||||
5.000%, 05/01/2022
|
400,000 | 492,032 | ||||||
City of Detroit, MI Water Supply
|
||||||||
System Revenue
|
||||||||
5.750%, 07/01/2026
|
1,045,000 | 1,201,416 | ||||||
Detroit City School District
|
||||||||
5.250%, 05/01/2026
|
450,000 | 545,697 | ||||||
Harper Woods School District
|
||||||||
5.000%, 05/01/2022
|
500,000 | 597,195 | ||||||
Hudsonville Public Schools
|
||||||||
5.000%, 05/01/2023
|
250,000 | 308,012 | ||||||
5.000%, 05/01/2022
|
300,000 | 369,024 | ||||||
Huron Valley School District
|
||||||||
5.000%, 05/01/2024
|
100,000 | 116,176 | ||||||
4,475,705 | ||||||||
Nevada–0.17%
|
||||||||
County of Clark, NV Airport
|
||||||||
System Revenue
|
||||||||
5.000%, 07/01/2024
|
275,000 | 302,280 | ||||||
New Jersey–3.27%
|
||||||||
New Jersey Economic
|
||||||||
Development Authority
|
||||||||
0.000%, 02/15/2020
|
642,000 | 507,642 | ||||||
New Jersey Higher Education
|
||||||||
Student Assistance Authority
|
||||||||
5.500%, 12/01/2021
|
1,000,000 | 1,167,440 | ||||||
New Jersey Transportation Trust
|
||||||||
Fund Authority
|
||||||||
5.500%, 12/15/2022
|
3,220,000 | 4,085,214 | ||||||
5,760,296 | ||||||||
New York–0.58%
|
||||||||
New York Water & Sewer System
|
||||||||
5.000%, 06/15/2040
|
100,000 | 112,765 | ||||||
Port Authority of New York &
|
||||||||
New Jersey
|
||||||||
5.000%, 09/15/2022
|
200,000 | 238,246 | ||||||
Village of Harrison, NY
|
||||||||
4.000%, 12/15/2022
|
310,000 | 358,252 | ||||||
5.000%, 12/15/2023
|
250,000 | 309,787 | ||||||
1,019,050 | ||||||||
Oregon–0.16%
|
||||||||
Klamath Falls Intercommunity
|
||||||||
Hospital Authority
|
||||||||
5.000%, 09/01/2021
|
250,000 | 288,035 | ||||||
Pennsylvania–7.29%
|
||||||||
Brownsville Area School District
|
||||||||
4.450%, 11/15/2033
|
500,000 | 500,020 | ||||||
Canon Mcmillan School District
|
||||||||
0.000%, 12/01/2020
|
750,000 | 620,235 | ||||||
City of Harrisburg, PA
|
||||||||
0.000%, 04/01/2019
|
180,000 | 155,351 | ||||||
Mckeesport Area School District
|
||||||||
0.000%, 10/01/2023
|
150,000 | 99,197 | ||||||
Pennsylvania Turnpike Commission
|
||||||||
0.000%, 12/01/2034 (a)
|
1,850,000 | 1,831,500 | ||||||
0.000%, 06/01/2033
|
2,055,000 | 2,196,569 | ||||||
0.000%, 12/01/2030
|
165,000 | 164,764 | ||||||
0.000%, 12/01/2035
|
440,000 | 426,958 | ||||||
Philadelphia Authority for
|
||||||||
Industrial Development
|
||||||||
0.000%, 04/15/2022
|
10,000,000 | 6,847,500 | ||||||
12,842,094 | ||||||||
Puerto Rico–1.56%
|
||||||||
Puerto Rico Sales Tax
|
||||||||
Financing Corp.
|
||||||||
0.000%, 08/01/2032
|
3,850,000 | 1,296,025 | ||||||
0.000%, 08/01/2032
|
375,000 | 397,440 | ||||||
5.375%, 08/01/2036
|
1,000,000 | 1,064,260 | ||||||
2,757,725 | ||||||||
Rhode Island–0.36%
|
||||||||
Rhode Island Clean Water
|
||||||||
Finance Agency
|
||||||||
5.000%, 10/01/2022
|
500,000 | 633,565 | ||||||
Texas–6.46%
|
||||||||
Austin Community College District
|
||||||||
0.000%, 02/01/2021
|
150,000 | 124,607 | ||||||
City of Houston, TX Airport
|
||||||||
System Revenue
|
||||||||
5.000%, 07/01/2028
|
450,000 | 510,552 | ||||||
Fort Worth International Airport
|
||||||||
5.000%, 11/01/2035
|
3,925,000 | 4,314,439 | ||||||
5.000%, 11/01/2032
|
2,845,000 | 2,903,066 | ||||||
5.000%, 11/01/2037
|
970,000 | 1,066,389 | ||||||
5.500%, 11/01/2033
|
240,000 | 245,611 | ||||||
Leander Independent School District
|
||||||||
0.000%, 08/15/2031
|
500,000 | 191,660 | ||||||
Montgomery County Health
|
||||||||
Facilities Development Corp.
|
||||||||
0.000%, 07/15/2023
|
325,000 | 254,085 | ||||||
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
North Texas Tollway Authority
|
||||||||
0.000%, 01/01/2042
|
$ | 840,000 | $ | 923,824 | ||||
5.000%, 09/01/2029
|
720,000 | 845,474 | ||||||
11,379,707 | ||||||||
Utah–0.12%
|
||||||||
Utah Transit Authority
|
||||||||
0.000%, 06/15/2029
|
450,000 | 217,935 | ||||||
Washington–0.41%
|
||||||||
Chelan County Public Utility No. 1
|
||||||||
0.000%, 06/01/2023
|
655,000 | 476,100 | ||||||
0.000%, 06/01/2021
|
300,000 | 238,383 | ||||||
714,483 | ||||||||
West Virginia–0.30%
|
||||||||
West Virginia University
|
||||||||
0.000%, 04/01/2020
|
630,000 | 530,334 | ||||||
TOTAL MUNICIPAL BONDS
|
||||||||
(COST $62,352,479)
|
62,835,492 | |||||||
SHARES
|
||||||||
SHORT-TERM INVESTMENTS–10.65%
|
||||||||
First American Treasury
|
||||||||
Obligations Fund, 0.000% (a)
|
18,768,373 | 18,768,373 | ||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(COST $18,768,373)
|
18,768,373 | |||||||
TOTAL INVESTMENTS
|
||||||||
(Cost $172,810,744)–100.65%
|
177,351,286 | |||||||
LIABILITIES IN EXCESS OF
|
||||||||
OTHER ASSETS–(0.65)%
|
(1,152,480 | ) | ||||||
TOTAL NET ASSETS–100.00%
|
$ | 176,198,806 |
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
MUNICIPAL BONDS–91.86%
|
||||||||
Arizona–2.74%
|
||||||||
Phoenix Industrial
|
||||||||
Development Authority
|
||||||||
5.000%, 06/01/2027
|
$ | 500,000 | $ | 565,915 | ||||
Pima County Industrial
|
||||||||
Development Authority
|
||||||||
6.000%, 04/01/2016
|
50,000 | 51,321 | ||||||
6.500%, 04/01/2026
|
200,000 | 201,476 | ||||||
Tempe Industrial
|
||||||||
Development Authority
|
||||||||
6.250%, 12/01/2042
|
200,000 | 219,436 | ||||||
1,038,148 | ||||||||
California–12.94%
|
||||||||
Abag Finance Authority for
|
||||||||
Nonprofit Corporations
|
||||||||
5.000%, 07/01/2021
|
250,000 | 289,163 | ||||||
California Pollution Control
|
||||||||
Financing Authority
|
||||||||
5.000%, 07/01/2037
|
500,000 | 526,225 | ||||||
California School Finance Authority
|
||||||||
5.000%, 10/01/2033
|
750,000 | 767,160 | ||||||
California Statewide Communities
|
||||||||
Development Authority
|
||||||||
4.000%, 09/01/2023
|
305,000 | 309,444 | ||||||
5.000%, 05/15/2027
|
250,000 | 281,555 | ||||||
City of Highland, CA
|
||||||||
5.125%, 09/01/2024
|
125,000 | 133,000 | ||||||
City of Irvine, CA
|
||||||||
4.000%, 09/02/2021
|
100,000 | 110,847 | ||||||
City of San Buenaventura, CA
|
||||||||
8.000%, 12/01/2026
|
125,000 | 164,045 | ||||||
City of Yucaipa, CA
|
||||||||
5.000%, 09/01/2026
|
200,000 | 212,500 | ||||||
El Dorado Union High School District
|
||||||||
0.000%, 12/01/2028
|
60,000 | 25,861 | ||||||
Manteca Unified School District
|
||||||||
5.000%, 09/01/2024
|
115,000 | 134,550 | ||||||
National City Community
|
||||||||
Development Commission
|
||||||||
5.750%, 08/01/2021
|
100,000 | 114,457 | ||||||
Palmdale Community
|
||||||||
Redevelopment Agency
|
||||||||
0.000%, 12/01/2020
|
45,000 | 33,322 | ||||||
0.000%, 12/01/2019
|
75,000 | 58,815 | ||||||
Palmdale Elementary School District
|
||||||||
0.000%, 08/01/2028
|
500,000 | 237,185 | ||||||
Riverside County Public
|
||||||||
Financing Authority
|
||||||||
4.000%, 05/01/2024
|
425,000 | 444,903 | ||||||
San Francisco City & County
|
||||||||
Airports Commission-San
|
||||||||
Francisco International Airport
|
||||||||
5.000%, 05/01/2025
|
250,000 | 293,037 | ||||||
Wiseburn School District
|
||||||||
5.000%, 08/01/2021
|
665,000 | 773,880 | ||||||
4,909,949 | ||||||||
Colorado–3.55%
|
||||||||
Colorado Educational &
|
||||||||
Cultural Facilities Authority
|
||||||||
5.000%, 06/01/2026
|
200,000 | 228,394 | ||||||
Colorado Health Facilities Authority
|
||||||||
5.125%, 01/01/2030
|
300,000 | 323,706 | ||||||
Denver Convention Center
|
||||||||
Hotel Authority
|
||||||||
5.250%, 12/01/2022
|
100,000 | 107,623 | ||||||
E-470 Public Highway Authority
|
||||||||
0.000%, 09/01/2023
|
65,000 | 43,616 | ||||||
0.000%, 09/01/2020
|
410,000 | 324,199 | ||||||
0.000%, 09/01/2023
|
125,000 | 83,878 | ||||||
0.000%, 09/01/2020
|
65,000 | 51,397 | ||||||
0.000%, 09/01/2022
|
255,000 | 182,611 | ||||||
1,345,424 | ||||||||
Connecticut–0.44%
|
||||||||
Connecticut State Health &
|
||||||||
Educational Facility Authority
|
||||||||
5.000%, 07/01/2026
|
150,000 | 166,230 | ||||||
District of Columbia–1.25%
|
||||||||
District of Columbia
|
||||||||
6.250%, 10/01/2032
|
390,000 | 474,642 | ||||||
Florida–14.38%
|
||||||||
Belle Isle, FL
|
||||||||
5.500%, 10/01/2022
|
500,000 | 505,540 | ||||||
Citizens Property Insurance Corp.
|
||||||||
5.000%, 06/01/2022
|
500,000 | 593,455 | ||||||
5.500%, 06/01/2016
|
30,000 | 34,199 | ||||||
City of Lakeland, FL
|
||||||||
5.000%, 09/01/2042
|
470,000 | 511,454 | ||||||
City of North Miami Beach, FL
|
||||||||
5.000%, 08/01/2023
|
130,000 | 154,925 | ||||||
City of St. Augustine, FL
|
||||||||
5.000%, 10/01/2034
|
250,000 | 287,907 | ||||||
County of Miami-Dade, FL
|
||||||||
Aviation Revenue
|
||||||||
5.000%, 10/01/2027
|
375,000 | 433,279 |
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
Escambia County Health
|
||||||||
Facilities Authority
|
||||||||
4.250%, 08/15/2016
|
$ | 120,000 | $ | 129,609 | ||||
5.125%, 08/15/2020
|
105,000 | 122,605 | ||||||
5.500%, 08/15/2024
|
400,000 | 465,396 | ||||||
6.000%, 08/15/2036
|
460,000 | 534,129 | ||||||
Lee County Industrial
|
||||||||
Development Authority
|
||||||||
5.000%, 11/01/2025
|
150,000 | 171,592 | ||||||
Martin County Health
|
||||||||
Facilities Authority
|
||||||||
5.000%, 11/15/2028
|
650,000 | 720,512 | ||||||
Miromar Lakes Community
|
||||||||
Development District
|
||||||||
4.875%, 05/01/2022
|
200,000 | 200,354 | ||||||
Orange County Health
|
||||||||
Facilities Authority
|
||||||||
4.000%, 06/01/2022
|
250,000 | 270,207 | ||||||
Palace Coral Gables Community
|
||||||||
Development District
|
||||||||
5.000%, 05/01/2032
|
100,000 | 113,504 | ||||||
Venetian Community
|
||||||||
Development District
|
||||||||
5.000%, 05/01/2023
|
200,000 | 210,184 | ||||||
5,458,851 | ||||||||
Georgia–0.38%
|
||||||||
City of Atlanta, GA
|
||||||||
5.500%, 11/01/2027
|
35,000 | 42,680 | ||||||
Main Street Natural Gas, Inc.
|
||||||||
5.000%, 03/15/2018
|
25,000 | 28,532 | ||||||
5.000%, 03/15/2017
|
65,000 | 72,992 | ||||||
144,204 | ||||||||
Guam–1.68%
|
||||||||
Guam Power Authority
|
||||||||
5.000%, 10/01/2024
|
400,000 | 463,960 | ||||||
5.000%, 10/01/2023
|
150,000 | 174,661 | ||||||
638,621 | ||||||||
Hawaii–1.52%
|
||||||||
Hawaii State Department of
|
||||||||
Budget & Finance
|
||||||||
5.000%, 11/15/2027
|
150,000 | 166,531 | ||||||
5.125%, 11/15/2032
|
375,000 | 412,084 | ||||||
578,615 | ||||||||
Illinois–3.61%
|
||||||||
Illinois Finance Authority
|
||||||||
5.000%, 11/01/2027
|
120,000 | 133,231 | ||||||
5.125%, 02/01/2026
|
150,000 | 158,037 | ||||||
5.750%, 05/15/2031
|
150,000 | 159,143 | ||||||
Railsplitter Tobacco
|
||||||||
Settlement Authority
|
||||||||
6.000%, 06/01/2028
|
350,000 | 419,062 | ||||||
Regional Transportation Authority
|
||||||||
6.000%, 06/01/2023
|
25,000 | 31,439 | ||||||
Round Lake, IL Lakewood Grove
|
||||||||
Special Service Area No. 3
|
||||||||
4.700%, 03/01/2033
|
200,000 | 205,262 | ||||||
State of Illinois
|
||||||||
5.000%, 01/01/2019
|
20,000 | 23,068 | ||||||
Village of Franklin Park, IL
|
||||||||
6.250%, 07/01/2030
|
200,000 | 241,164 | ||||||
1,370,406 | ||||||||
Indiana–2.09%
|
||||||||
Indiana Bond Bank
|
||||||||
5.250%, 10/15/2020
|
95,000 | 110,781 | ||||||
Indiana Finance Authority
|
||||||||
5.000%, 03/01/2023
|
125,000 | 142,246 | ||||||
5.000%, 05/01/2021
|
35,000 | 40,441 | ||||||
5.500%, 11/15/2026
|
100,000 | 115,362 | ||||||
Indiana Health & Educational
|
||||||||
Facilities Financing Authority
|
||||||||
5.500%, 03/01/2037
|
350,000 | 382,802 | ||||||
791,632 | ||||||||
Iowa–0.79%
|
||||||||
Iowa Higher Education Loan Authority
|
||||||||
5.625%, 10/01/2026
|
150,000 | 164,796 | ||||||
Iowa Student Loan Liquidity Corp.
|
||||||||
5.300%, 12/01/2023
|
120,000 | 136,236 | ||||||
301,032 | ||||||||
Kentucky–0.91%
|
||||||||
City of Russell, KY
|
||||||||
5.000%, 11/01/2022
|
300,000 | 345,615 | ||||||
Louisiana–1.51%
|
||||||||
Jefferson Parish Hospital Service
|
||||||||
District No. 1
|
||||||||
5.375%, 01/01/2031
|
100,000 | 112,437 | ||||||
Louisiana Local Government
|
||||||||
Environmental Facilities &
|
||||||||
Community Development
|
||||||||
5.000%, 10/01/2020
|
135,000 | 160,712 | ||||||
6.500%, 08/01/2029
|
250,000 | 299,628 | ||||||
572,777 | ||||||||
Maine–1.66%
|
||||||||
Maine Health & Higher Educational
|
||||||||
Facilities Authority
|
||||||||
5.000%, 07/01/2019
|
40,000 | 45,712 | ||||||
6.000%, 07/01/2026
|
325,000 | 392,327 |
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
Maine Health & Higher Educational
|
||||||||
Facilities Authority (Cont.)
|
||||||||
7.500%, 07/01/2032
|
$ | 150,000 | $ | 193,613 | ||||
631,652 | ||||||||
Michigan–4.28%
|
||||||||
City of Detroit MI Sewage Disposal
|
||||||||
System Revenue
|
||||||||
5.000%, 07/01/2018
|
250,000 | 282,955 | ||||||
Kentwood Economic
|
||||||||
Development Corp.
|
||||||||
5.375%, 11/15/2027
|
400,000 | 428,892 | ||||||
Michigan Finance Authority
|
||||||||
5.000%, 02/01/2033
|
500,000 | 512,885 | ||||||
7.000%, 10/01/2031
|
250,000 | 270,550 | ||||||
Star International Academy
|
||||||||
5.000%, 03/01/2033
|
125,000 | 127,222 | ||||||
1,622,504 | ||||||||
Minnesota–0.43%
|
||||||||
St. Paul Housing &
|
||||||||
Redevelopment Authority
|
||||||||
6.375%, 09/01/2031
|
150,000 | 162,936 | ||||||
Missouri–0.82%
|
||||||||
St. Louis County Industrial
|
||||||||
Development Authority
|
||||||||
4.500%, 09/01/2023
|
140,000 | 152,876 | ||||||
5.500%, 09/01/2028
|
150,000 | 158,341 | ||||||
311,217 | ||||||||
New Hampshire–1.25%
|
||||||||
New Hampshire Business
|
||||||||
Finance Authority
|
||||||||
5.000%, 10/01/2018
|
200,000 | 231,600 | ||||||
New Hampshire Health &
|
||||||||
Education Facilities Authority
|
||||||||
5.300%, 07/01/2017
|
150,000 | 150,185 | ||||||
5.600%, 10/01/2022
|
90,000 | 91,646 | ||||||
473,431 | ||||||||
New Jersey–4.72%
|
||||||||
New Jersey Economic
|
||||||||
Development Authority
|
||||||||
5.000%, 07/01/2022
|
500,000 | 525,835 | ||||||
5.000%, 06/15/2023
|
250,000 | 290,220 | ||||||
5.750%, 06/15/2029
|
100,000 | 107,039 | ||||||
6.000%, 07/01/2032
|
150,000 | 164,334 | ||||||
New Jersey Health Care Facilities
|
||||||||
Financing Authority
|
||||||||
4.500%, 07/01/2021
|
20,000 | 23,233 | ||||||
New Jersey Higher Education
|
||||||||
Student Assistance Authority
|
||||||||
5.000%, 12/01/2022
|
500,000 | 560,980 | ||||||
New Jersey Transportation Trust
|
||||||||
Fund Authority
|
||||||||
5.500%, 06/15/2031
|
100,000 | 120,313 | ||||||
1,791,954 | ||||||||
New York–2.33%
|
||||||||
Suffolk County Economic
|
||||||||
Development Corp.
|
||||||||
5.000%, 07/01/2028
|
300,000 | 337,533 | ||||||
Tompkins County Development Corp.
|
||||||||
5.000%, 07/01/2027
|
500,000 | 547,230 | ||||||
884,763 | ||||||||
North Carolina–0.47%
|
||||||||
North Carolina Capital Facilities
|
||||||||
Finance Agency
|
||||||||
4.000%, 03/01/2026
|
175,000 | 178,043 | ||||||
Ohio–1.48%
|
||||||||
County of Hamilton, OH
|
||||||||
5.250%, 06/01/2023
|
100,000 | 118,922 | ||||||
Southeastern Ohio Port Authority
|
||||||||
5.750%, 12/01/2032
|
400,000 | 444,044 | ||||||
562,966 | ||||||||
Oklahoma–0.65%
|
||||||||
Oklahoma Development
|
||||||||
Finance Authority
|
||||||||
4.500%, 01/01/2021
|
240,000 | 245,710 | ||||||
Oregon–1.66%
|
||||||||
Multnomah County Hospital
|
||||||||
Facilities Authority
|
||||||||
5.000%, 12/01/2029
|
250,000 | 279,615 | ||||||
Oregon State Facilities Authority
|
||||||||
3.625%, 07/01/2021
|
150,000 | 157,645 | ||||||
State of Oregon Housing &
|
||||||||
Community Services Department
|
||||||||
4.750%, 07/01/2026
|
75,000 | 80,879 | ||||||
5.000%, 01/01/2026
|
100,000 | 111,486 | ||||||
629,625 | ||||||||
Pennsylvania–5.53%
|
||||||||
Clairton Municipal Authority
|
||||||||
4.000%, 12/01/2022
|
400,000 | 419,400 | ||||||
Delaware County Authority
|
||||||||
4.000%, 10/01/2022
|
300,000 | 306,924 | ||||||
5.000%, 06/01/2023
|
200,000 | 213,992 |
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
PRINCIPAL
|
||||||||
AMOUNT
|
VALUE
|
|||||||
Montgomery County Industrial
|
||||||||
Development Authority
|
||||||||
5.000%, 11/15/2023
|
$ | 105,000 | $ | 124,168 | ||||
Northampton County Industrial
|
||||||||
Development Authority
|
||||||||
5.000%, 07/01/2032
|
275,000 | 288,134 | ||||||
Pennsylvania Higher Educational
|
||||||||
Facilities Authority
|
||||||||
4.000%, 10/01/2023
|
165,000 | 173,580 | ||||||
4.000%, 10/01/2022
|
400,000 | 425,520 | ||||||
Philadelphia Authority for
|
||||||||
Industrial Development
|
||||||||
5.375%, 06/15/2030
|
135,000 | 146,434 | ||||||
2,098,152 | ||||||||
Puerto Rico–0.70%
|
||||||||
Puerto Rico Electric Power Authority
|
||||||||
5.250%, 07/01/2027
|
100,000 | 102,806 | ||||||
Puerto Rico Sales Tax Financing Corp.
|
||||||||
5.000%, 08/01/2024
|
150,000 | 161,380 | ||||||
264,186 | ||||||||
Tennessee–2.86%
|
||||||||
Johnson City Health & Educational
|
||||||||
Facilities Board
|
||||||||
5.625%, 07/01/2030
|
280,000 | 331,417 | ||||||
6.000%, 07/01/2038
|
260,000 | 308,854 | ||||||
Metropolitan Government Nashville
|
||||||||
& Davidson County Health &
|
||||||||
Educational Facilities Board
|
||||||||
5.000%, 07/01/2027
|
335,000 | 365,468 | ||||||
Tennessee Energy Acquisition Corp.
|
||||||||
5.000%, 02/01/2015
|
30,000 | 32,094 | ||||||
5.000%, 02/01/2020
|
40,000 | 45,895 | ||||||
1,083,728 | ||||||||
Texas–4.83%
|
||||||||
City of Houston, TX Airport
|
||||||||
System Revenue
|
||||||||
5.000%, 07/01/2025
|
105,000 | 120,526 | ||||||
6.500%, 07/15/2030
|
100,000 | 112,393 | ||||||
Lufkin Health Facilities
|
||||||||
Development Corp.
|
||||||||
6.000%, 02/15/2024
|
135,000 | 151,966 | ||||||
Port Freeport, TX
|
||||||||
5.950%, 05/15/2033
|
100,000 | 115,748 | ||||||
Texas Municipal Gas Acquisition
|
||||||||
& Supply Corp. III
|
||||||||
5.000%, 12/15/2032
|
500,000 | 541,365 | ||||||
5.000%, 12/15/2027
|
500,000 | 553,330 | ||||||
Texas Private Activity Board Surface
|
||||||||
Transportation Corp.
|
||||||||
7.000%, 06/30/2040
|
195,000 | 236,336 | ||||||
1,831,664 | ||||||||
Utah–0.95%
|
||||||||
Utah State Charter School
|
||||||||
Finance Authority
|
||||||||
6.300%, 07/15/2032
|
335,000 | 359,958 | ||||||
Vermont–0.28%
|
||||||||
Vermont Economic
|
||||||||
Development Authority
|
||||||||
5.000%, 05/01/2021
|
100,000 | 106,967 | ||||||
Virginia–3.26%
|
||||||||
Route 460 Funding Corp.
|
||||||||
5.125%, 07/01/2049
|
500,000 | 546,275 | ||||||
Virginia Small Business
|
||||||||
Financing Authority
|
||||||||
4.500%, 01/01/2023
|
135,000 | 144,543 | ||||||
5.000%, 01/01/2027
|
250,000 | 273,353 | ||||||
5.500%, 01/01/2042
|
250,000 | 274,637 | ||||||
1,238,808 | ||||||||
Washington–0.71%
|
||||||||
Washington Health Care
|
||||||||
Facilities Authority
|
||||||||
5.000%, 12/01/2032
|
250,000 | 269,607 | ||||||
Wisconsin–4.01%
|
||||||||
Plateville Redevelopment Authority
|
||||||||
5.000%, 07/01/2022
|
650,000 | 727,500 | ||||||
Public Finance Authority
|
||||||||
6.250%, 12/01/2042
|
500,000 | 501,385 | ||||||
Wisconsin Health & Educational
|
||||||||
Facilities Authority
|
||||||||
5.000%, 08/15/2022
|
100,000 | 111,038 | ||||||
5.125%, 08/15/2019
|
40,000 | 45,051 | ||||||
5.250%, 08/15/2034
|
130,000 | 138,755 | ||||||
1,523,729 | ||||||||
Wyoming–1.19%
|
||||||||
Teton County Hospital District
|
||||||||
5.000%, 12/01/2021
|
35,000 | 41,168 | ||||||
5.500%, 12/01/2027
|
150,000 | 175,862 | ||||||
Wyoming Community
|
||||||||
Development Authority
|
||||||||
6.250%, 07/01/2031
|
210,000 | 234,488 | ||||||
451,518 | ||||||||
TOTAL MUNICIPAL BONDS
|
||||||||
(COST $33,387,915)
|
34,859,264 | |||||||
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
SHARES
|
VALUE | |||||||
SHORT-TERM INVESTMENTS–8.66%
|
||||||||
Fidelity Institutional Money Market
|
||||||||
Funds–Tax-Exempt
|
||||||||
Portfolio, 0.010% (a)
|
3,287,210 | $ | 3,287,210 | |||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $3,287,210)
|
3,287,210 | |||||||
TOTAL INVESTMENTS
|
||||||||
(Cost $36,675,125)–100.52%
|
38,146,474 | |||||||
LIABILITIES IN EXCESS OF
|
||||||||
OTHER ASSETS–(0.52)%
|
(196,366 | ) | ||||||
TOTAL NET ASSETS–100.00%
|
$ | 37,950,108 | ||||||
(a)
|
Variable rate security; the rate shown represents the rate at February 28, 2013.
|
Performance Trust
|
Performance Trust
|
|||||||
Total Return
|
Municipal
|
|||||||
Bond Fund
|
Bond Fund
(1)
|
|||||||
Investment Income
|
||||||||
Interest income
|
$ | 2,248,239 | $ | 596,471 | ||||
Total Investment Income
|
2,248,239 | 596,471 | ||||||
Expenses
|
||||||||
Advisory fees
|
305,582 | 59,551 | ||||||
Administration and accounting fees
|
62,486 | 57,171 | ||||||
Transfer agent fees and expenses
|
15,893 | 17,242 | ||||||
Federal and state registration fees
|
14,429 | 14,248 | ||||||
Audit and tax fees
|
8,949 | 9,356 | ||||||
Legal fees
|
7,429 | 7,887 | ||||||
Custody fees
|
7,344 | 2,997 | ||||||
Chief Compliance Officer fees and expenses
|
5,973 | 5,973 | ||||||
Trustees’ fees and related expenses
|
3,053 | 3,053 | ||||||
Reports to shareholders
|
1,875 | 1,753 | ||||||
Distribution fees
|
— | 105 | ||||||
Other expenses
|
2,697 | 2,077 | ||||||
Total Expenses
|
435,710 | 181,413 | ||||||
Expense recovery or (waivers) by Adviser (Note 4)
|
47,872 | (99,425 | ) | |||||
Net Expenses
|
483,582 | 81,988 | ||||||
Net Investment Income
|
1,764,657 | 514,483 | ||||||
Realized and Unrealized Gain (Loss) on Investments
|
||||||||
Net realized gain (loss) from:
|
||||||||
Investments
|
455,710 | 226,190 | ||||||
Change in net unrealized appreciation from investments
|
2,231,189 | 431,780 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments
|
2,686,899 | 657,970 | ||||||
Net Increase in Net Assets from Operations
|
$ | 4,451,556 | $ | 1,172,453 |
(1)
|
The Retail Class shares of the Municipal Bond Fund commenced operations on September 28, 2012.
|
Six Months Ended
|
||||||||
February 28, 2013
|
Year Ended
|
|||||||
(Unaudited)
|
August 31, 2012
|
|||||||
From Operations
|
||||||||
Net investment income
|
$ | 1,764,657 | $ | 1,463,907 | ||||
Net realized gain from investments
|
455,710 | 500,082 | ||||||
Change in net unrealized appreciation from investments
|
2,231,189 | 1,798,494 | ||||||
Net increase in net assets from operations
|
4,451,556 | 3,762,483 | ||||||
From Distributions
|
||||||||
Net investment income
|
(2,009,554 | ) | (1,730,414 | ) | ||||
Net realized gain on investments
|
(350,347 | ) | (113,771 | ) | ||||
Net decrease in net assets resulting from distributions paid
|
(2,359,901 | ) | (1,844,185 | ) | ||||
From Capital Share Transactions
|
||||||||
Proceeds from shares sold
|
142,488,916 | 30,197,363 | ||||||
Shares issued in reinvestment of distributions declared
|
1,334,378 | 819,691 | ||||||
Cost for shares redeemed
|
(14,295,582 | ) | (11,539,631 | ) | ||||
Net increase in net assets from capital share transactions
|
129,527,712 | 19,477,423 | ||||||
Total Increase in Net Assets
|
131,619,367 | 21,395,721 | ||||||
Net Assets
|
||||||||
Beginning of period
|
44,579,439 | 23,183,718 | ||||||
End of period
|
$ | 176,198,806 | $ | 44,579,439 | ||||
Accumulated Undistributed Net Investment Income (Loss)
|
$ | (241,374 | ) | $ | 3,523 | |||
Six Months Ended
|
||||||||
February 28, 2013
(1)
|
Year Ended
|
|||||||
(Unaudited)
|
August 31, 2012
|
|||||||
From Operations
|
||||||||
Net investment income
|
$ | 514,483 | $ | 383,307 | ||||
Net realized gain (loss) from:
|
||||||||
Investments
|
226,190 | 255,256 | ||||||
Short transactions
|
— | (201 | ) | |||||
Change in net unrealized appreciation from investments
|
431,780 | 1,007,094 | ||||||
Net increase in net assets from operations
|
1,172,453 | 1,645,456 | ||||||
From Distributions
|
||||||||
Net investment income – Institutional Class
|
(499,748 | ) | (381,196 | ) | ||||
Net investment income – Retail Class
|
(1,280 | ) | — | |||||
Net realized gain on investments – Institutional Class
|
(317,794 | ) | (14,915 | ) | ||||
Net realized gain on investments – Retail Class
|
(927 | ) | — | |||||
Net decrease in net assets resulting from distributions paid
|
(819,749 | ) | (396,111 | ) | ||||
From Capital Share Transactions
|
||||||||
Proceeds from shares sold – Institutional Class
|
23,646,165 | 16,792,987 | ||||||
Proceeds from shares sold – Retail Class
|
100,000 | — | ||||||
Shares issued in reinvestment of distributions declared – Institutional Class
|
615,549 | 343,839 | ||||||
Shares issued in reinvestment of distributions declared – Retail Class
|
2,207 | — | ||||||
Cost for shares redeemed – Institutional Class
|
(7,609,008 | ) | (2,381,827 | ) | ||||
Net increase in net assets from capital share transactions
|
16,754,913 | 14,754,999 | ||||||
Total Increase in Net Assets
|
17,107,617 | 16,004,344 | ||||||
Net Assets
|
||||||||
Beginning of period
|
20,842,491 | 4,838,147 | ||||||
End of period
|
$ | 37,950,108 | $ | 20,842,491 | ||||
Accumulated Undistributed Net Investment Income
|
$ | 15,504 | $ | 2,049 |
(1)
|
The Retail Class shares commenced operations on September 28, 2012.
|
Six Months Ended
|
||||||||||||
February 28, 2013
|
Year Ended
|
Year Ended
|
||||||||||
(Unaudited)
|
August 31, 2012
|
August 31, 2011
|
||||||||||
Net Asset Value, Beginning of Period
|
$ | 22.39 | $ | 21.14 | $ | 20.00 | ||||||
Income from investment operations:
|
||||||||||||
Net investment income
(1)
|
0.39 | 1.05 | 0.95 | |||||||||
Net realized and unrealized gain on investments
|
0.79 | 1.52 | 0.91 | |||||||||
Total from investment operations
|
1.18 | 2.57 | 1.86 | |||||||||
Less distributions paid:
|
||||||||||||
From net investment income
|
(0.42 | ) | (1.23 | ) | (0.71 | ) | ||||||
From net realized gain on investments
|
(0.07 | ) | (0.09 | ) | (0.01 | ) | ||||||
Total distributions paid
|
(0.49 | ) | (1.32 | ) | (0.72 | ) | ||||||
Net Asset Value, End of Period
|
$ | 23.08 | $ | 22.39 | $ | 21.14 | ||||||
Total Return
(2)
|
5.31 | % | 12.61 | % | 9.36 | % | ||||||
Supplemental Data and Ratios:
|
||||||||||||
Net assets at end of period (000’s)
|
$ | 176,199 | $ | 44,579 | $ | 23,184 | ||||||
Ratio of expenses to average net assets:
|
||||||||||||
Before waiver, expense reimbursement and recoupment
(3)
|
0.86 | % | 1.34 | % | 1.65 | % | ||||||
After waiver, expense reimbursement and recoupment
(3)
|
0.95 | % | 0.95 | % | 0.95 | % | ||||||
Ratio of net investment income to average net assets:
|
||||||||||||
Before waiver, expense reimbursement and recoupment
(3)
|
3.57 | % | 4.47 | % | 3.80 | % | ||||||
After waiver, expense reimbursement and recoupment
(3)
|
3.48 | % | 4.86 | % | 4.50 | % | ||||||
Portfolio turnover rate
(2)
|
15.44 | % | 52.42 | % | 77.86 | % | ||||||
(1)
|
Per share net investment income was calculated using the average shares outstanding method.
|
(2)
|
Not annualized for periods less than one year.
|
(3)
|
Annualized for periods less than one year.
|
Six Months Ended
|
||||||||||||
February 28, 2013
|
Year Ended
|
Period Ended
|
||||||||||
(Unaudited)
|
August 31, 2012
|
August 31, 2011
(1)
|
||||||||||
Institutional Class Shares
|
||||||||||||
Net Asset Value, Beginning of Period
|
$ | 22.81 | $ | 20.18 | $ | 20.00 | ||||||
Income from investment operations:
|
||||||||||||
Net investment income
(2)
|
0.40 | 0.79 | 0.05 | |||||||||
Net realized and unrealized gain on investments
|
0.59 | 2.64 | 0.17 | |||||||||
Total from investment operations
|
0.99 | 3.43 | 0.22 | |||||||||
Less distributions paid:
|
||||||||||||
From net investment income
|
(0.37 | ) | (0.76 | ) | (0.04 | ) | ||||||
From net realized gain on investments
|
(0.21 | ) | (0.04 | ) | — | |||||||
Total distributions paid
|
(0.58 | ) | (0.80 | ) | (0.04 | ) | ||||||
Net Asset Value, End of Period
|
$ | 23.22 | $ | 22.81 | $ | 20.18 | ||||||
Total Return
(3)
|
4.34 | % | 17.38 | % | 1.06 | % | ||||||
Supplemental Data and Ratios:
|
||||||||||||
Net assets at end of period (000’s)
|
$ | 37,847 | $ | 20,842 | $ | 4,838 | ||||||
Ratio of expenses to average net assets:
|
||||||||||||
Before waiver and expense reimbursement
(4)
|
1.22 | % | 2.29 | % | 7.66 | % | ||||||
After waiver and expense reimbursement
(4)
|
0.55 | % | 0.55 | % | 0.55 | % | ||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||
Before waiver and expense reimbursement
(4)
|
2.79 | % | 1.86 | % | (5.69 | )% | ||||||
After waiver and expense reimbursement
(4)
|
3.46 | % | 3.60 | % | 1.42 | % | ||||||
Portfolio turnover rate
(3)
|
46.80 | % | 131.34 | % | 15.43 | % | ||||||
(1)
|
Institutional Class shares commenced operations on June 30, 2011.
|
(2)
|
Per share net investment income was calculated using the average shares outstanding method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
Period Ended
|
||||
February 28, 2013
(1)
|
||||
(Unaudited)
|
||||
Retail Class Shares
|
||||
Net Asset Value, Beginning of Period
|
$ | 22.96 | ||
Income from investment operations:
|
||||
Net investment income
(2)
|
0.30 | |||
Net realized and unrealized gain on investments
|
0.46 | |||
Total from investment operations
|
0.76 | |||
Less distributions paid:
|
||||
From net investment income
|
(0.29 | ) | ||
From net realized gain on investments
|
(0.21 | ) | ||
Total distributions paid
|
(0.50 | ) | ||
Net Asset Value, End of Period
|
$ | 23.22 | ||
Total Return
(3)
|
3.35 | % | ||
Supplemental Data and Ratios:
|
||||
Net assets at end of period (000’s)
|
$ | 103 | ||
Ratio of expenses to average net assets:
|
||||
Before waiver and expense reimbursement
(4)
|
1.47 | % | ||
After waiver and expense reimbursement
(4)
|
0.80 | % | ||
Ratio of net investment income (loss) to average net assets:
|
||||
Before waiver and expense reimbursement
(4)
|
2.50 | % | ||
After waiver and expense reimbursement
(4)
|
3.17 | % | ||
Portfolio turnover rate
(3)
|
46.80 | % |
(2)
|
Per share net investment income was calculated using the average shares outstanding method.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
1.
|
Organization
|
|
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Performance Trust Mutual Funds (the “Funds”) are comprised of the Performance Trust Total Return Bond Fund (the “Total Return Bond Fund”) and the Performance Trust Municipal Bond Fund (the “Municipal Bond Fund”), each representing a distinct diversified series with their own investment objectives and policies within the Trust. The investment objective of the Total Return Bond Fund is to purchase undervalued fixed income assets and achieve investment returns through interest income and potential capital appreciation. The investment objective of the Municipal Bond Fund is to provide a high level of current interest income that is substantially exempt from regular federal income taxes and is consistent with preservation of capital. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The assets of the Funds are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Total Return Bond Fund became effective on August 31, 2010 and commenced investment operations on September 1, 2010. The Municipal Bond Fund became effective on June 29, 2011 and commenced operations on June 30, 2011 and September 28, 2012 for the Institutional and Retail Class shares, respectively. Costs incurred by the Funds in connection with the organization and the initial public offering of shares were paid by Performance Trust Investment Advisors, LLC (the “Adviser”), the Funds’ investment adviser.
|
|
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
|
a.
|
Investment Valuation
|
|
Each security owned by the Funds that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the stock is traded.
|
|
Fund securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”) will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the bid and asked prices on such day.
|
|
U.S. government securities valued by a pricing service (a “Pricing Service”) are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Securities are valued principally using prices furnished by a Pricing Service. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be generally categorized as Level 3.
|
|
Asset-backed and mortgage-backed securities are priced by a Pricing Service. The fair value of the securities is estimated using various valuation techniques including models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. Additional inputs such as the security and the creditworthiness of the underlying collateral and quotes from outside brokers for the same or similar issuances are considered in developing the fair value estimate. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be generally categorized as Level 3.
|
|
Municipal bonds are priced by a Pricing Service. The fair value of municipal bonds is generally evaluated in a manner similar to asset backed securities. A discounted cash flow methodology is employed using a benchmark yield and estimated cash flows for each bond, as well as an estimated discount for liquidity. Additional inputs such as calls of bond principal by the issuer are considered in the estimate of fair value. The extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise, they would be generally categorized as Level 3.
|
|
Other debt securities, excluding short-term, instruments are valued at the mean between the closing bid and asked prices provided by a Pricing Service. If the closing bid and asked prices are not readily available, the Pricing Service may provide a price determined by a matrix pricing method or other analytical pricing models. Short-term debt securities such as commercial paper, bankers acceptances and U.S. Treasury Bills, having a maturity of less than 60 days are valued at amortized cost. If a short-term debt security has a maturity of greater than 60 days, it is valued at market price. Any discount or premium is accreted or amortized over the expected life of the respective securities using the interest method.
|
|
When market quotations are not readily available, any security or other financial instrument is valued at its fair value as determined under procedures approved by the Trust’s Board of Trustees. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced.
|
|
Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day.
|
|
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a
|
|
significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:
|
»
|
Level 1: Quoted prices in active markets for identical securities.
|
»
|
Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
»
|
Level 3: Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ investments carried at fair value as of February 28, 2013:
|
|
PERFORMANCE TRUST TOTAL RETURN BOND FUND
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Asset Backed
|
|||||||||||||||||
Securities
|
$ | — | $ | 10,386,913 | $ | — | $ | 10,386,913 | |||||||||
Mortgage
|
|||||||||||||||||
Backed Securities
|
— | 85,360,508 | — | 85,360,508 | |||||||||||||
Municipal Bonds
|
— | 62,835,492 | — | 62,835,492 | |||||||||||||
Total Fixed
|
|||||||||||||||||
Income
|
— | 158,582,913 | — | 158,582,913 | |||||||||||||
Short-Term
|
|||||||||||||||||
Investments
|
18,768,373 | — | — | 18,768,373 | |||||||||||||
Total Investments
|
|||||||||||||||||
in Securities
|
$ | 18,768,373 | $ | 158,582,913 | $ | — | $ | 177,351,286 |
|
PERFORMANCE TRUST MUNICIPAL BOND FUND
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Municipal Bonds
|
$ | — | $ | 34,859,264 | $ | — | $ | 34,859,264 | |||||||||
Total Fixed Income
|
— | 34,859,264 | — | 34,859,264 | |||||||||||||
Short-Term
|
|||||||||||||||||
Investments
|
3,287,210 | — | — | 3,287,210 | |||||||||||||
Total Investments
|
|||||||||||||||||
in Securities
|
$ | 3,287,210 | $ | 34,859,264 | $ | — | $ | 38,146,474 |
|
During the six months ended February 28, 2013, there were no transfers between Levels for the Funds. The Funds did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3. It is the Funds’ policy to record transfers between levels as of the end of the reporting period. The Funds did not hold any financial derivative instruments during the six months ended February 28, 2013.
|
|
The Funds may sell a security they do not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. The Funds are liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as a dividend expense. As collateral for its short positions, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities. The segregated assets are valued consistent with Note 2a above. The amount of segregated assets are required to be adjusted daily to reflect changes in the fair value of the securities sold short. As of February 28, 2013, the Funds did not have any open short positions and accordingly did not have any collateral.
|
|
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
|
|
As of and during the six months ended February 28, 2013, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statement of Operations. During the six months ended February 28, 2013, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations.
|
|
The Funds will distribute any net investment income monthly. The Funds will distribute any net realized long- or short-term capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Income and capital gains distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.
|
|
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 the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Funds, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.
|
g.
|
Expenses
|
|
Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.
|
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. Any discount or premium is accreted or amortized over the expected life of the respective securities using the interest method.
|
|
The tax character of distributions paid during the periods ended August 31, 2012 and August 31, 2011 was as follows:
|
|
PERFORMANCE TRUST TOTAL RETURN BOND FUND
|
YEAR ENDED
|
YEAR ENDED
|
||||||||
AUGUST 31, 2012
|
AUGUST 31, 2011
|
||||||||
Ordinary Income
|
$ | 1,829,374 | $ | 684,473 | |||||
Tax-Exempt Income
|
— | — | |||||||
Long-Term Capital Gain
|
14,811 | — |
|
PERFORMANCE TRUST MUNICIPAL BOND FUND
|
YEAR ENDED
|
PERIOD ENDED
|
||||||||
AUGUST 31, 2012
|
AUGUST 31, 2011
|
||||||||
Ordinary Income
|
$ | 16,127 | $ | 30 | |||||
Tax-Exempt Income
|
379,984 | 9,900 | |||||||
Long-Term Capital Gain
|
— | — |
|
As of August 31, 2012, the components of accumulated earnings (losses) on a tax basis were as follows:
|
PERFORMANCE TRUST TOTAL RETURN BOND FUND | |||||
Cost basis of investments for federal
|
|||||
income tax purposes
|
$ | 42,230,811 | |||
Gross tax unrealized appreciation
|
$ | 2,379,724 | |||
Gross tax unrealized depreciation
|
(70,371 | ) | |||
Net tax unrealized appreciation
|
2,309,353 | ||||
Undistributed ordinary income
|
51,280 | ||||
Undistributed long-term capital gain
|
254,372 | ||||
Total distributable earnings
|
305,652 | ||||
Other accumulated losses
|
— | ||||
Total accumulated earnings
|
$ | 2,615,005 |
PERFORMANCE TRUST MUNICIPAL BOND FUND | |||||
Cost basis of investments for federal
|
|||||
income tax purposes
|
$ | 20,614,208 | |||
Gross tax unrealized appreciation
|
$ | 1,039,569 | |||
Gross tax unrealized depreciation
|
— | ||||
Net tax unrealized appreciation
|
1,039,569 | ||||
Undistributed ordinary income
|
244,051 | ||||
Undistributed long-term capital gain
|
— | ||||
Total distributable earnings
|
244,051 | ||||
Other accumulated losses
|
— | ||||
Total accumulated earnings
|
$ | 1,283,620 |
|
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2012, the following reclassifications were made for permanent tax differences on the Statements of Assets and Liabilities:
|
TOTAL RETURN
|
MUNICIPAL
|
||||||||
BOND FUND
|
BOND FUND
|
||||||||
Accumulated Undistributed
|
|||||||||
Net Investment
|
|||||||||
Income/(Loss)
|
$ | 108,389 | — | ||||||
Accumulated Undistributed
|
|||||||||
Net Realized
|
|||||||||
Gain/(Loss)
|
$ | (108,389 | ) | — |
|
On September 27, 2012, distributions from ordinary income of $54,195 and $146,192 for the Municipal Bond Fund and Total Return Bond Fund, respectively, were declared and paid by the Funds to shareholders of record on September 26, 2012.
|
|
The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services at the annual rate of 0.60% for the Total Return Bond Fund and 0.40% for the Municipal Bond Fund of the Funds’ average daily net assets.
|
|
The Adviser has contractually agreed to waive its management fee and/or reimburse the Funds’ other expenses at least through December 29, 2013 and June 29, 2014 for the Total Return Bond Fund and the Municipal Bond Fund, respectively, at the discretion of the Adviser and the Board of Trustees, to the extent necessary to ensure that the Funds’ total operating expenses (exclusive of front-end or contingent deferred sales loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses and extraordinary items) do not exceed 0.95%, 0.55% and 0.80% (the “Expense Limitation Cap”) of the Funds’ average daily net assets for the Total Return Bond Fund and Municipal Bond Fund – Institutional and Retail Class, respectively. For the six months ended February 28, 2013, expenses of $5,140 for the Total Return Bond Fund, $99,144 for the Municipal Bond Fund – Institutional Class, and $281 for the Municipal Bond Fund – Retail Class were waived or reimbursed by the Adviser. Any
|
|
such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than the Expense Limitation Cap; provided, however, that the Adviser shall only be entitled to recoup such amounts for a period of three fiscal years from the date such amount was waived or reimbursed. During the six months ended February 28, 2013, previously waived expenses of $53,012 for the Total Return Bond Fund were recouped by the Adviser.
|
|
The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:
|
TOTAL RETURN
|
MUNICIPAL
|
||||||||
BOND FUND
|
BOND FUND
|
||||||||
August 31, 2014
|
$ | 75,740 | $ | 49,426 | |||||
August 31, 2015
|
$ | 116,568 | $ | 185,390 | |||||
February 29, 2016
|
$ | 5,140 | $ | 122,909 |
|
U.S. Bancorp Fund Services, LLC (“USBFS” or the “Administrator”) acts as the Funds’ Administrator and Fund Accountant under an Administration Agreement. The Administrator performs various administrative and accounting services including preparing various federal and state regulatory filings, reports and returns for the Funds; preparing reports and materials to be supplied to the Trustees; monitoring the activities of the Funds’ custodian, transfer agent and accountants; coordinating the preparation and payment of the Funds’ expenses; and reviewing the Funds’ expense accruals. For the six months ended February 28, 2013, administration and accounting fees of $62,486 and $57,171 were incurred for the Total Return Bond Fund and Municipal Bond Fund, respectively. At February 28, 2013, USBFS was owed fees of $19,943 and $13,482 from the Total Return Bond Fund and Municipal Bond Fund, respectively.
|
|
USBFS also serves as the transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of USBFS, serves as each Fund’s custodian. For the six months ended February 28, 2013, the Total Return Bond Fund incurred $15,893, and $7,344 in transfer agency and custody fees, respectively. For the six months ended February 28, 2013, the Municipal Bond Fund incurred $17,242, and $2,997 in transfer agency and custody fees, respectively. At February 28, 2013, the Total Return Bond Fund owed $1,164, and $3,180 for transfer agency and custody fees, respectively. At February 28, 2013, the Municipal Bond Fund owed $990, and $886 for transfer agency and custody fees, respectively.
|
|
The Funds also have a line of credit with US Bank (see
Note 9).
|
|
Certain officers of the Fund are also employees of USBFS. A Trustee of the Trust is affiliated with USBFS and US Bank.
|
|
The Trust’s Chief Compliance Officer is also an employee of USBFS. For the six months ended February 28, 2013, the Total Return Bond Fund and Municipal Bond Fund were allocated $5,973 and $5,973, respectively, of the Trust’s Chief Compliance Officer fees. At February 28, 2013, fees of $1,974 and $1,973 were owed for the Chief Compliance Officer’s services by the Total Return Bond Fund and Municipal Bond Fund, respectively.
|
|
Transactions in shares of the Funds were as follows:
|
SIX MONTHS ENDED
|
YEAR ENDED
|
||||||||
FEBRUARY 28, 2013
|
AUGUST 31, 2012
|
||||||||
Shares Sold
|
6,218,808 | 1,388,315 | |||||||
Shares Reinvested
|
58,112 | 38,115 | |||||||
Shares Redeemed
|
(610,055 | ) | (532,104 | ) | |||||
Net Increase
|
5,642,710 | 894,326 |
SIX MONTHS ENDED
|
YEAR ENDED
|
||||||||
FEBRUARY 28, 2013
|
AUGUST 31, 2012
|
||||||||
Shares Sold
|
1,017,384 | 768,995 | |||||||
Shares Reinvested
|
26,638 | 15,808 | |||||||
Shares Redeemed
|
(327,734 | ) | (110,917 | ) | |||||
Net Increase
|
716,288 | 673,886 | |||||||
SIX MONTHS ENDED
|
|||||
FEBRUARY 28, 2013
(1)
|
|||||
Shares Sold
|
4,355 | ||||
Shares Reinvested
|
96 | ||||
Shares Redeemed
|
— | ||||
Net Increase
|
4,451 |
(1)
|
Retail Class shares commenced operations on September 28, 2012.
|
|
The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the six months ended February 28, 2013, are summarized below.
|
TOTAL RETURN
|
MUNICIPAL
|
||||||||
BOND FUND
|
BOND FUND
|
||||||||
Purchases
|
|||||||||
U.S. Government
|
$ | 1,243,055 | — | ||||||
Other
|
127,195,841 | 96,443,142 | |||||||
Sales
|
|||||||||
U.S. Government
|
$ | — | — | ||||||
Other
|
14,093,420 | 81,251,996 |
8.
|
Beneficial Ownership
|
|
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the fund creates a presumption of control of a Fund, under Section 2(a)(9) of the 1940 Act. As of February 28, 2013, neither Fund had shareholders who owned more than 25% of the shares outstanding.
|
|
At February 28, 2013, the Total Return Bond Fund and Municipal Bond Fund each had a line of credit in the amount of $5,000,000 and $1,500,000, respectively, maturing August 15, 2013. These unsecured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. Interest will be accrued at the prime 3.25% rate (as of February 28, 2013). The credit facility is with US Bank, the Funds’ custodian. During the six months ended February 28, 2013, neither Fund utilized the line of credit.
|
»
|
information we receive about you on applications or other forms;
|
»
|
information you give us orally; and
|
»
|
information about your transactions with us or others.
|
EXPENSES PAID
|
|||
DURING PERIOD
|
|||
PERFORMANCE TRUST
|
BEGINNING ACCOUNT VALUE
|
ENDING ACCOUNT VALUE | SEPTEMBER 1, 2012 – |
TOTAL RETURN BOND FUND
|
SEPTEMBER 1, 2012
|
FEBRUARY 28, 2013
|
FEBRUARY 28, 2013*
|
Actual
|
$1,000
|
$1,053.10
|
$4.84
|
Hypothetical
|
|||
(5% annual return before expenses)
|
$1,000
|
$1,020.08
|
$4.76
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of .95%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
EXPENSES PAID
|
|||
PERFORMANCE TRUST
|
DURING PERIOD
|
||
MUNICIPAL BOND FUND –
|
BEGINNING ACCOUNT VALUE
|
ENDING ACCOUNT VALUE
|
SEPTEMBER 1, 2012 –
|
INSTITUTIONAL CLASS
|
SEPTEMBER 1, 2012
|
FEBRUARY 28, 2013
|
FEBRUARY 28, 2013*
|
Actual
|
$1,000
|
$1,043.40
|
$2.79
|
Hypothetical
|
|||
(5% annual return before expenses)
|
$1,000
|
$1,022.07
|
$2.76
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of .55%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
EXPENSES PAID
|
|||
PERFORMANCE TRUST
|
DURING PERIOD
|
||
MUNICIPAL BOND FUND –
|
BEGINNING ACCOUNT VALUE
|
ENDING ACCOUNT VALUE
|
SEPTEMBER 28, 2012 –
|
RETAIL CLASS
|
SEPTEMBER 1, 2012
|
FEBRUARY 28, 2013
|
FEBRUARY 28, 2013*
|
Actual
|
$1,000
|
$1,033.50
|
$3.37
|
Hypothetical
|
|||
(5% annual return before expenses)
|
$1,000
|
$1,017.38
|
$3.34
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 151/365 to reflect the period since inception.
|
Total Return Bond Fund
|
5.40 | % | |||
Municipal Bond Fund
|
3.76 | % |
OTHER
|
|||||
NUMBER OF
|
DIRECTORSHIPS
|
||||
POSITION(S)
|
TERM OF OFFICE
|
PRINCIPAL
|
PORTFOLIOS IN THE
|
HELD BY TRUSTEE
|
|
NAME, ADDRESS,
|
HELD WITH THE
|
AND LENGTH OF
|
OCCUPATION(S) DURING
|
TRUST OVERSEEN BY
|
DURING THE PAST
|
AND AGE
|
TRUST
|
TIME SERVED
|
THE PAST FIVE YEARS
|
TRUSTEE
|
FIVE YEARS
|
Dr. Michael D.
|
Trustee
|
Indefinite Term;
|
Professor and Chair,
|
26
|
Independent
|
Akers
|
Since August
|
Department of Accounting,
|
Trustee, USA
|
||
615 E. Michigan St.
|
22, 2001
|
Marquette University
|
MUTUALS
|
||
Milwaukee, WI
|
(2004–present).
|
(an open-end
|
|||
53202
|
investment
|
||||
Age: 57
|
company with
|
||||
|
two portfolios). | ||||
Gary A. Drska
|
Trustee
|
Indefinite Term;
|
Pilot, Frontier/
|
26
|
Independent
|
615 E. Michigan St.
|
Since August
|
Midwest Airlines,
|
Trustee, USA
|
||
Milwaukee, WI
|
22, 2001
|
Inc. (airline company)
|
MUTUALS
|
||
53202
|
(1985-present).
|
(an open-end
|
|||
Age: 56
|
investment
|
||||
company with
|
|||||
two portfolios).
|
|||||
Jonas B. Siegel
|
Trustee
|
Indefinite Term;
|
Managing Director,
|
26
|
Independent
|
615 E. Michigan St.
|
Since October
|
Chief Administrative
|
Trustee, Gottex
|
||
Milwaukee, WI
|
23, 2009
|
Officer (“CAO”) and
|
Multi-Asset
|
||
53202
|
Chief Compliance
|
Endowment
|
|||
Age: 69
|
Officer (“CCO”),
|
fund complex
|
|||
Granite Capital
|
(three closed-end
|
||||
International Group,
|
investment
|
||||
L.P. (an investment
|
companies);
|
||||
management firm)
|
Independent
|
||||
(1994-2011); Vice
|
Trustee,
|
||||
President, Secretary,
|
Gottex Multi-
|
||||
Treasurer and CCO
|
Alternatives
|
||||
of Granum Series
|
fund complex
|
||||
Trust (an open-end
|
(three closed-end
|
||||
investment
|
investment
|
||||
company) (1997–
|
companies);
|
||||
2007); President,
|
Independent
|
||||
CAO and CCO,
|
Manager,
|
||||
Granum Securities,
|
Ramius IDF fund
|
||||
LLC (a broker-dealer)
|
complex (two
|
||||
(1997–2007).
|
closed-end
|
||||
investment
|
|||||
companies).
|
OTHER
|
|||||
NUMBER OF
|
DIRECTORSHIPS
|
||||
POSITION(S)
|
TERM OF OFFICE
|
PRINCIPAL
|
PORTFOLIOS IN THE
|
HELD BY TRUSTEE
|
|
NAME, ADDRESS,
|
HELD WITH THE
|
AND LENGTH OF
|
OCCUPATION(S) DURING
|
TRUST OVERSEEN BY
|
DURING THE PAST
|
AND AGE
|
TRUST
|
TIME SERVED
|
THE PAST FIVE YEARS
|
TRUSTEE
|
FIVE YEARS
|
Joseph C.
|
Chairperson
|
Indefinite Term;
|
Executive Vice
|
26
|
Trustee, Buffalo
|
Neuberger
(1)
|
and Trustee
|
Since August
|
President, U.S.
|
Funds (an
|
|
615 E. Michigan St.
|
22, 2001
|
Bancorp Fund
|
open-end
|
||
Milwaukee, WI
|
Services, LLC
|
investment
|
|||
53202
|
(1994–present).
|
company with
|
|||
Age: 50
|
ten portfolios);
|
||||
Trustee, USA
|
|||||
MUTUALS
|
|||||
(an open-end
|
|||||
investment
|
|||||
company with
|
|||||
two portfolios).
|
|||||
John P. Buckel
|
President,
|
Indefinite Term;
|
Mutual Fund
|
N/A
|
N/A
|
615 E. Michigan St.
|
and Principal
|
Since January
|
Administrator, U.S.
|
||
Milwaukee, WI
|
Executive
|
24, 2013
|
Bancorp Fund
|
||
53202
|
Officer
|
Services, LLC
|
|||
Age: 55
|
(2004-present).
|
||||
Robert M. Slotky
|
Chief
|
Indefinite Term;
|
Senior Vice
|
N/A
|
N/A
|
615 E. Michigan St.
|
Compliance
|
Since January
|
President, U.S.
|
||
Milwaukee, WI
|
Officer and
|
26, 2011
|
Bancorp Fund
|
||
53202
|
Anti-Money
|
Services, LLC
|
|||
Age: 65
|
Laundering
|
(2001–present).
|
|||
Officer
|
|||||
Rachel A. Spearo
|
Secretary
|
Indefinite
|
Vice President,
|
N/A
|
N/A
|
615 E. Michigan St.
|
Term; Since
|
U.S. Bancorp Fund
|
|||
Milwaukee, WI
|
November 15,
|
Services, LLC
|
|||
53202
|
2005
|
(2004–present).
|
|||
Age: 33
|
|||||
Jennifer A. Lima
|
Vice President,
|
Indefinite Term;
|
Mutual Fund
|
N/A
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Since January
|
Administrator, U.S.
|
||
Milwaukee, WI
|
and Principal
|
24, 2013
|
Bancorp Fund
|
||
53202
|
Financial and
|
Services, LLC
|
|||
Age: 39
|
Accounting
|
(2002–present).
|
|||
Officer
|
|||||
Jesse J. Schmitting
|
Assistant
|
Indefinite Term;
|
Mutual Fund
|
N/A
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Since July 21,
|
Administrator, U.S.
|
||
Milwaukee, WI
|
2011
|
Bancorp Fund
|
|||
53202
|
Services, LLC
|
||||
Age: 30
|
(2008–present).
|
(1)
|
Mr. Neuberger is an “interested person” of the Trust as defined by the 1940 Act. Mr. Neuberger is an interested person of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC, who acts as principal underwriter for several series of the Trust, but not the Funds.
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1)
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Incorporated by reference to the registrant’s Form N-CSR filed on November 7, 2011.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|
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