Definitive Materials Filed by Investment Companies. (497)

Supplement dated February 4, 2013

to the

Performance Trust Total Return Bond Fund

Performance Trust Municipal Bond Fund

Statement of Additional Information

dated November 30, 2012

This supplement makes the following amendments to disclosures in the Statement of Additional Information (“SAI”) dated November 30, 2012. Effective January 24, 2013, Mr. Joseph C. Neuberger has resigned from his position as President of the Trust. Mr. Neuberger continues to serve in his roles as Chairperson and Interested Trustee of the Trust. Also effective January 24, 2013, the Board of Trustees (the "Board") of the Trust has appointed Mr. John P. Buckel as President and Principal Executive Officer of the Trust, and Mr. Buckel has resigned from his previous positions as Vice President, Treasurer and Principal Accounting Officer of the Trust. Effective January 24, 2013, the Board has appointed Ms. Jennifer A. Lima to serve as Vice President, Treasurer and Principal Financial and Accounting Officer of the Trust, and Ms. Lima has resigned from her previous position as Assistant Treasurer of the Trust.

The disclosure in the section entitled “Management of the Fund – Board of Trustees” beginning on page 27 is amended to reflect the appointment of various officers to the Board of Trustees and to make certain other non-material revisions:

Management of the Fund

Trustees and Officers

Name, Address and Age	Position(s) Held with the Trust	Term of Office and Length of Time Served	Number of Portfolios in the Trust Overseen by Trustee*	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Michael D. Akers, Ph.D. 615 E. Michigan St. Milwaukee, WI 53202 Age: 57	Trustee	Indefinite Term; Since August 22, 2001	26	Professor and Chair, Department of Accounting, Marquette University (2004-present).	Independent Trustee, USA MUTUALS (an open-end investment company with two portfolios).
Gary A. Drska 615 E. Michigan St. Milwaukee, WI 53202 Age: 56	Trustee	Indefinite Term; Since August 22, 2001	26	Pilot, Frontier/Midwest Airlines, Inc. (airline company) (1986-present).	Independent Trustee, USA MUTUALS (an open-end investment company with two portfolios).

Name, Address and Age

Position(s) Held

with the Trust

Term of Office and

Length of Time Served

Number of Portfolios in the Trust Overseen by Trustee*

Principal Occupation(s)

During the Past Five Years

Other Directorships Held by Trustee During the Past Five Years

Jonas B. Siegel 615 E. Michigan St. Milwaukee, WI 53202 Age: 69	Trustee	Indefinite Term; Since October 23, 2009	26	Retired; Managing Director, Chief Administrative Officer (“CAO”) and Chief Compliance Officer (“CCO”), Granite Capital International Group, L.P. (an investment management firm) (1994-2011); Vice President, Secretary, Treasurer and CCO of Granum Series Trust (an open-end investment company) (1997-2007); President, CAO and CCO, Granum Securities, LLC (an investment banking firm) (1997-2007).	Independent Trustee, Gottex Multi-Asset Endowment fund complex (three closed-end investment companies); Independent Trustee, Gottex Multi-Alternatives fund complex (three closed-end investment companies); Independent Manager, Ramius IDF fund complex (two closed-end investment companies).
Interested Trustee and Officers
Joseph C. Neuberger* 615 E. Michigan St. Milwaukee, WI 53202 Age: 50	Chairperson and Trustee	Indefinite Term; Since August 22, 2001	26	Executive Vice President, U.S. Bancorp Fund Services, LLC (1994-present).	Trustee, Buffalo Funds (an open-end investment company with ten portfolios); Trustee, USA MUTUALS (an open-end investment company with two portfolios).
John P. Buckel 615 E. Michigan St. Milwaukee, WI 53202 Age: 55	President and Principal Executive Officer	Indefinite Term; Since January 24, 2013	N/A	Mutual Fund Administrator, U.S. Bancorp Fund Services, LLC (2004-present).	N/A

Name, Address and Age

Position(s) Held

with the Trust

Term of Office and

Length of Time Served

Number of Portfolios in the Trust Overseen by Trustee*

Principal Occupation(s)

During the Past Five Years

Other Directorships Held by Trustee During the Past Five Years

Jennifer A. Lima 615 E. Michigan St. Milwaukee, WI 53202 Age: 39	Vice President, Treasurer and Principal Financial and Accounting Officer	Indefinite Term; Since January 24, 2013	N/A	Mutual Fund Administrator, U.S. Bancorp Fund Services, LLC (2002-present).	N/A
Rachel A. Spearo 615 E. Michigan St. Milwaukee, WI 53202 Age: 33	Secretary	Indefinite Term; Since November 15, 2005	N/A	Vice President, U.S. Bancorp Fund Services, LLC (September 2004-present).	N/A
Robert M. Slotky 615 E. Michigan St. Milwaukee, WI 53202 Age: 65	Chief Compliance Officer, Vice President and Anti-Money Laundering Officer	Indefinite Term; Since January 26, 2011	N/A	Senior Vice President, U.S. Bancorp Fund Services, LLC, (July 2001-present).	N/A
Jesse J. Schmitting 615 E. Michigan St. Milwaukee, WI 53202 Age: 30	Assistant Treasurer	Indefinite Term; Since July 21, 2011	N/A	Mutual Fund Administrator, U.S. Bancorp Fund Services, LLC (2008-present).	N/A

* 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, the Fund’s principal underwriter.

The disclosure in the section entitled “Management of the Fund – Board Committees – Valuation Committee” on page 33 is amended to reflect the various officer revisions:

Valuation Committee . The Trust has a Valuation Committee. The Valuation Committee is responsible for the following: (1) monitoring the valuation of Fund securities and other investments; and (2) as required, when the Board of Trustees is not in session, determining the fair value of illiquid securities and other holdings after consideration of all relevant factors, which determinations are reported to the Board. The Valuation Committee is currently composed of Mr. John Buckel, Ms. Jennifer Lima and Mr. Jesse Schmitting, who each serve as an officer of the Trust. The Valuation Committee meets as necessary when a price for a portfolio security is not readily available. During the past year, the Valuation Committee did not meet with respect to the Fund.

Please retain this supplement with your Statement of Additional Information