Total Return Bond Fund

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three- year history. Exchange-traded funds and open-ended funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36- 59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10- year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2024 Morningstar, Inc.

Morningstar rankings are based on a fund’s average annual total return relative to all funds in the same Morningstar category. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100.

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization.

The information contained herein:

(1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Morningstar rated PTIAX 5, 3 and 5 stars among 568, 536 and 375 Core Plus Bond Funds for the 3, 5 and 10 year periods as of 12/31/2023, based on risk-adjusted returns.

Investment Considerations:

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 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.

²Bloomberg Municipal Bond Index: Is a market value weighted index of investment grade municipal bonds with maturities of one year or more.

³30-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.

⁴Coupon: The fixed percentage paid out on a fixed-income security on an annual basis.

⁵Correlation: 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.

⁶Standard 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.

⁷Sharpe 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.

⁸Sortino 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.

⁹Effective Duration: A measure of a portfolios price sensitivity to interest rate changes, including expected changes in cash flows caused by embedded options. Duration is expressed as a number of years.

Past performance is not a guarantee of future results.

PTIAX

Morningstar Rating: Overall

As of 06/30/2024

NAV

As of 07/26/2024

-

$19.73

YTD Total Returns

As of 06/30/2024

-

1.41%

30 DAY SEC YIELD

As of 06/30/2024

Subsidized

6.16%

Unsubsidized

6.16%

FUND ASSETS

As of 06/30/2024

-

Overview

The investment objective of the Performance Trust Total Return Bond Fund is to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation.

Performance

Portfolio

Fund Facts

Ticker

PTIAX

Fund Inception Date

09/01/2010

Share class Inception Date

09/01/2010

Number of Holdings

As of 06/30/2024

50

Portfolio Managers

G. Michael Plaiss, CFA

Anthony Harris, CPA

Mark Peiler, CFA

Lars Anderson, CFA

Literature

Fact Sheet

Commentary

Prospectus

Why PTIAX

SAI

Performances & Ratings

COMPANY

MUTUAL FUNDS

ETFs