Overview

Nimble municipal bond fund with a history of outperformance across multiple market cycles

Objective

A municipal bond fund that seeks to provide a high level of current interest income that is substantially exempt from federal income taxes that is consistent with preservation of capital.

Types of Investments

The fund invests primarily in investment-grade municipals that pay interest exempt from regular federal income tax.

Performance

Total Returns as of YTD 1-Year 3-Year 5-Year Since Inception Inception Date
Total Returns as of YTD 1-Year 3-Year 5-Year Since Inception Inception Date

*Since inception of PTIMX.

**Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding acquired fund fees and expenses, interest, taxes, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses such as litigation expenses) do not exceed 0.55% and 0.80%, respectively, of the average daily net assets of the Fund. This agreement is effective until December 29, 2017.

Morningstar Percentile Rankings 1 year 3 year 5 year Since Inception Inception Date

Portfolio

Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated NR are not rated by these national rating agencies.

Fund Characteristics
# of Holdings 187
Average Coupon 4.20%
Average Effective Maturity 8.00
Correlation with S&P 500
(10/01/2014-09/30/2017)
(0.26)

As of 9/30/2017

3-Year Class I Class R BBgBarc Municipal Bond Index1
Std. Deviation (%)3 4.43 4.39 3.30
Sharpe Ratio4 0.85 0.81 0.86
Sortino Ratio5 1.18 1.12 1.17

As of 9/30/2017

Management Team

G. Michael Plaiss

G. Michael Plaiss, CFA

Senior Portfolio Manager

Symbols

Class I:
PTIMX

Class R:
PTRMX

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Key Statistics As Of

Total Assets:

30-Day SEC Yield2

Class Subsidized Unsubsidized