PT Asset Management, LLC

Credit Fund

Overview

Recently launched (12/31/2020) multisector bond fund with an emphasis on higher yielding bonds.

Objective

Achieve long-term investment returns primarily by investing in a portfolio of income producing securities that may have the potential for capital appreciation.

Types of Investments

The Fund can invest in U.S. government securities, corporate debt securities (including high-yield debt securities), municipal securities, mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities.

Performance

Total Returns as of YTD 1-Year Since Inception Inception Date
Class I-----1/1/2021
Total Returns as of YTD 1-Year Since Inception Inception Date
Class I-----1/1/2021

Performance data quoted represents past performance which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. For periods less than one year, performance is cumulative. For performance data current to the most recent month-end please see table above.

Pursuant to an operating expense limitation agreement between the Fund's investment adviser, PT Asset Management, LLC (the "Adviser"), and the Trust, on behalf of the Fund, the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (exclusive of any Excluded Expenses) for Institutional Class shares do not exceed 0.99% of the Fund's average daily net assets through at least December 31, 2023.

The index performance is not illustrative of the Fund's performance and performance of the Fund will differ; the use of the index performance is not intended to mask negative performance.

The distribution information shown in the table above is presented for informational purposes only; they are subject to change and may not be accurate or complete for tax reporting. This information is not intended to be a substitute for specific tax documents or specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, we recommend consultation with a qualified tax advisor, CPA, or Financial Planner.

Portfolio

The credit quality of the securities in a portfolio is assigned by a nationally recognized statistical rating organization (NRSRO) such as Standard & Poor's, Moody's, or Fitch, as an indication of an issuer's creditworthiness. Ratings range from 'AAA' (highest) to 'D' (lowest). Bonds rated 'BBB' or above are considered investment grade. Credit ratings 'BB' and below are lower-rated securities. High yielding, non-investment-grade bonds involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.

Management Team

G. Michael Plaiss

G. Michael Plaiss, CFA

Senior Portfolio Manager

Anthony Harris

Anthony Harris, CPA

Senior Portfolio Manager

Lars Anderson

Lars Anderson, CFA

Portfolio Manager

Literature

Fact Sheet

Prospectus

SAI

Fact Sheet

Prospectus

Commentary

Ticker

Class I:
PTCRX
© 2022 PT Asset Management, LLC.

Investment Considerations:

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance of the Fund. Options and Swap positions held in the Fund may be illiquid and the Fund manager may have difficulty closing out a position. Diversification does not assure a profit or protect against a loss in a declining market. Income from tax-exempt bonds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.

The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other important information about the investment company, and may be obtained by clicking here. Read carefully before investing.

PTAM is the advisor to the Performance Trust Mutual Funds, which are distributed by Foreside Fund Services, LLC.

1Bloomberg Aggregate Bond Index: An unmanaged index that measures the performance of the investment-grade universe of bonds issued in the United States. The index includes institutionally traded U.S. Treasury, government sponsored, mortgage and corporate securities. Please note that an investor cannot invest directly in the index; therefore its performance does not reflect a reduction for fees or expenses incurred in managing a portfolio.

230-Day SEC Yield: The 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. The Subsidized yield, which includes contractual expense reimbursements, would be lower without those reimbursements. The Unsubsidized yield excludes contractual expense reimbursements, resulting in a lower yield.

3Coupon: The fixed percentage paid out on a fixed-income security on an annual basis.

4Correlation: A statistical measure of how two securities move in relation to each other. Perfect positive correlation (a correlation co-efficient of +1) implies that as one security moves the other security will move in lockstep, in the same direction. Alternatively, perfect negative correlation (a correlation co-efficient of -1) means that securities will move by an equal amount in the opposite direction. If the correlation is 0, the movements of the securities are said to have no correlation; their movements in relation to one another are completely random.

5Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility. The standard deviation has been calculated since inception.

6Sharpe Ratio: A statistical measure that uses standard deviation and excess return to determine reward per unit of risk. A higher Sharpe ratio implies a better historical risk-adjusted performance. The Sharpe ratio has been calculated since inception using the 3-month LIBOR for the risk-free rate of return.

7Sortino Ratio: A statistical measure similar to Sharpe Ratio except it uses downside risk (downside deviation) in the denominator. Since upside variability is not necessarily a bad thing, the Sortino ratio is sometimes more preferable than the Sharpe ratio.