P3 Asset Management LLC

ITEM 5 - FEES AND COMPENSATION
This section is intended to assist clients in understanding the costs associated with P3AM’s advisory
services. Clients and their trustees and prospective clients and their trustees should read this section
carefully and also refer to the investment advisory agreement for a full description of the amounts, terms,
and calculations of advisory fees, as well as information concerning ticket charges, refunds and contract
termination.
Investment Advisory Services
Clients are charged investment advisory fees. Our fees are generally based on a percentage of the assets
under management and vary depending on the size and complexity of the investment strategies
implemented. This model aligns our interests with those of our clients, as our success is tied to the growth
of their assets.
The Firm has a maximum total investment advisory fee per client of 1.25% per year. The specific fee a CIT
pays for advisory services is stipulated in the investment management agreement between the Firm and
the trustee. All fees are negotiable. Currently, advisory fees are calculated by the Trustee based upon the
average daily value of the CITs, one-twelfth to be paid monthly in arrears.
Potential Conflicts of Interest
P3AM will only have CIT clients. Rene Ramirezand Greg Mallia, two of its associated persons, also operate
the DBA of Fortitude Advisory Group known as “Proactive Planning Partners,” and, as such handle day-to-
day investment advisory matters for “clients” of such DBA. The principals of Sound Wealth Partners,
P3 Asset Management, LLC Brochure                                                                        Page 4

Messrs. Johnsen and Finnigan, are predominantly involved in operating Fortitude as its co-managers. Mr.
Ramirez is a registered representative of Quint Capital.

ITEM 7 - TYPES OF CLIENTS
The Firm generally provides investment advisory services to CITs. The Firm does not have a minimum
account size.

ITEM 8 - METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS
Investment Process
P3AM employs fundamental and quantitative analysis and a relative value approach. P3AM primarily
provides investment advice regarding fixed-income and engages a sub-advisor to provide investment
advice with respect to certain equity strategies when a CIT seeks to have all or a portion of its portfolio
invested in equities.
 Fundamental Analysis – this analysis includes the following statistical measures.
   o Analyzing income statements
   o Financial Statements
   o Competitive Advantage
   o Competitors
   o Markets
 Quantitative Analysis -this analysis includes the following statistical measures:
   o Historical performance
   o Performance during volatile markets
   o Standard deviation
   o Sharpe ratio
   o Attribution reporting
   o Variance
 Relative Value Approach means that P3AM purchases securities viewed as undervalued while selling
   securities viewed as overvalued.
 Actively Managed

 In addition, we examine several other factors, including macroeconomic cycles, interest rates, employment
 data, inflation, and currency.

 Our process is applied initially and on an ongoing basis during periodic monitoring of the portfolios.

 Research Process:
 Industry research is used to supplement P3AM’s own research efforts. Our analysts research investments
 on a continuous basis. Primary resources used by our analysts and portfolio managers include Bloomberg
 and third-party research.

P3 Asset Management, LLC Brochure                                                                   Page 5

Investment Strategies
P3AM currently serves as investment adviser for three CIT strategies (same trustee) structured as multi-
asset, risk-based portfolios (Conservative, Strategic, and Dynamic). These strategies are constructed as
diversified, fund-of-funds portfolios designed to align with varying investor risk tolerances and investment
objectives.

 P3AM had previously considered launching additional standalone CIT strategies described below. While
these strategies are not presently offered, P3AM may evaluate the development of such non–fund-of-funds
strategies in the future, subject to client demand, market conditions, and other business considerations.

P3AM Total Return Bond Strategy
Investment Objective
This strategy is designed to maximize total return by investing in a portfolio of investment-grade short-,
intermediate- and long-term debt securities. As part of its main investment strategy, the portfolio may
principally invest in U.S. treasury obligations, including treasury coupon strips and treasury principal strips,
other U.S. government and agency securities, and asset-backed, mortgage-related, and mortgage-backed
securities, corporate bonds, money market securities and fixed-income ETF’s. Mortgage-related and
mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-
agency), stripped mortgage-backed securities, commercial mortgage-backed securities, mortgage pass-
through securities. These securities may be structured such that payments consist of interest-only (IO),
principal-only (PO) or principal and interest.

The P3AM Total Return Bond portfolio will invest at least 80% of its assets in investment-grade bonds. The
portfolio’s average weighted duration will ordinarily range between negative 4 and 12 years. The portfolio
may have a longer or shorter average weighted maturity under certain market conditions, and the portfolio
may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive
purposes. Because of the portfolio’s holdings in asset-backed, mortgage-backed and similar securities, the
portfolio’s average weighted maturity is equivalent to the average weighted maturity of the cash flows in
the securities held by the portfolio given certain prepayment assumptions (also known as weighted average
life.)

P3AM Short Term Bond Strategy
 Investment Objective
This strategy seeks to outperform the Merrill Lynch 1-3 Year U.S. Treasury Index on a consistent basis while
maintaining overall risk similar to the index. Investments can include government and corporate debt
securities, mortgage and asset-backed securities, money market instruments, floating rate securities,
derivatives, and fixed-income ETFs. The portfolio will invest 80% of its assets in investment-grade securities.

P3AM US Large Cap Value Strategy
Investment Objective
This strategy aims to achieve a high current income and long-term capital appreciation in the US Large Cap
market. P3AM and the subadvisers it retains employ a combination of proprietary top-down and bottom-
up analysis to identify potential investment opportunities.

P3AM US Large Cap Growth Strategy
Investment Objective
This strategy seeks to deliver capital appreciation and long-term growth. By focusing on companies with
strong growth potential, maintaining a concentrated portfolio, emphasizing risk management, and
leveraging the subadvisers’ proprietary analysis. Its objective is to generate competitive returns in the US

P3 Asset Management, LLC Brochure                                                                    Page 6

large-cap market.

P3AM International ADR Value Strategy
Investment Objective
This strategy aims to deliver a high level of current income and long-term capital appreciation. By focusing
on undervalued international ADRs, maintaining a concentrated portfolio, prioritizing risk management,
and leveraging the subadvisers’ proprietary analysis, P3AM strives to generate competitive returns in strong
market environments while aiming to protect against downside risks during weaker periods.

Note that a portion of each portfolio may invest a de minimus amount in commodity futures as, currently,
...