PT Asset Management, LLC

Credit Fund

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

Literature

PTCRX Overview

Prospectus

SAI

PTCRX Overview

Prospectus

SAI

Ticker

Class I:
PTCRX

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

© 2021 PT Asset Management, LLC.

Investment Considerations:

The Fund is a recently organized, management investment company with limited operating history. 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 Barclays 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.