Higher potential tax-free income for California investors
The Fund seeks to provide current income exempt form regular federal income tax and California state personal income taxes while seeking to preserve capital and liquidity.
Why Invest In This Fund
A flexible approach to unlocking alpha
The Fund maintains a patient, disciplined, and opportunistic approach to finding value in high quality municipal bonds (i.e. maintaining an investment-grade rating from at least one of the three major credit ratings agencies or as rated internally by the sub-adviser, Gurtin Municipal Bond Management) and has the ability to invest across the entire municipal yield curve. Duration of the Fund will vary based on where along the yield curve there is perceived value in the market.
Disciplined discovery of high-grade opportunities in volatile markets
Using proprietary quantitative and credit research, the Fund seeks to take advantage of inefficiencies within the municipal bond market to identify value in mispriced callable bonds and in credits that the firm considers to be financially resilient yet misunderstood by the market. By capitalizing on periods of market dislocation, the Fund maintains a long-term goal of capturing value, while patiently waiting for opportunities to selectively purchase high-quality bonds which meet higher yield targets.
Minimizing exposure to excess fund flows for approved investors
Available to investors only through a select group of approved advisors, the Fund seeks to avoid the potential negative effects of excess mutual fund flows on fund investors. Through an approval process that involves advisor education, the Fund is structured to support coinvestment with like-minded buy-and-hold investors who understand the fund’s disciplined management approach.
The Fund is jointly managed by Jim Grandinetti, Bill Gurtin, Michael Johnson, Brian Hannibal, and Myles Grenier of Gurtin Municipal Bond Management (“Gurtin”), a PIMCO company. Mr. Grandinetti, head of portfolio management, is responsible for fund management and oversight. Mr. Gurtin, Founder, oversees fund strategy and defines structure parameters. Mr. Johnson, chief risk officer, defines the strategic forward vision of the Research and Portfolio Management departments. Mr. Hannibal, CFA, and Mr. Grenier, CFA, conduct trades and analyses. Gurtin serves as a sub-adviser to the Funds.
ICE BofAML 7-12 Year US Miscellaneous Municipal Securities Index
PRIMARY BENCHMARK DESCRIPTION
ICE BofAML 7-12 Year US Miscellaneous Municipal Securities Index measures the performance of municipal securities with a remaining term to final maturity greater than or equal to seven years and less than twelve years.
ICE BofAML Municipal Blended Index
SECONDARY BENCHMARK DESCRIPTION
The ICE BofAML Municipal Blended Index is a blend of 75% of The ICE BofAML 7-12 Year US Large Cap Municipal Securities Index, a subset of The ICE BofAML US Large Cap Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to seven years and less than twelve years, and 25% of The ICE BofAML 12-22 Year US Large Cap Municipal Securities Index, a subset of The ICE BofAML US Large Cap Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to twelve years and less than twenty two years.
Monthly with Daily Accrual
SHARE CLASS INCEPTION