Overview

Recently launched (1/1/2021) 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 3-Year 5-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.

The Credit Fund has been in existence for less than one year; cumulative performance may not be indicative of the Fund's long-term potential. The Fund returns will fluctuate over long and short-term periods

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.

Distributions from the net investment income of the Fund will be declared and paid monthly. The Fund will distribute any net realized long-term or short-term capital gains at least annually, typically within the month of December. The Fund may make additional distributions of net capital gains if it deems it desirable at another time during any year.

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

Jason Appleson

Jason Appleson, CFA, FRM

Portfolio Manager

Lars Anderson

Lars Anderson, CFA

Portfolio Manager

Ticker

Key Statistics

Inception: 1/1/2021

Total Assets (as of 1/31/2021): $7.5M

Morningstar Category: Multisector Bond Fund

Index: Bloomberg Barclays Aggregate Bond

Number of Holdings (as of 1/31/2021): 28