Gurtin National Municipal Intermediate Value Fund

GNMVX

Updated April 18, 2019

Objective

The Fund seeks to provide current income exempt from regular federal income tax while seeking to preserve capital and liquidity.

Primary Portfolio

Intermediate-term, high-grade municipal securities (maintaining an investment-grade rating from at least one of the three major credit ratings agencies or Gurtin Municipal Bond Management's credit research team) that are exempt from federal and state income tax

Overview

Fund Overview

Higher potential tax-free income for investors

The Fund seeks to provide current income exempt from regular federal income tax while seeking to preserve capital and liquidity.

Why Invest In This Fund

Aims to maximize risk-adjusted income with minimal duration extension

With maturities extending out to 15 years, the Fund seeks to achieve a higher level of income by taking advantage of structural pricing inefficiencies – often in mispriced callable bonds – with minimal duration extension or increased volatility compared to a traditional intermediate-term index (e.g. the ICE Bank of America Merrill Lynch 1 – 10 Year US Muni Securities Index).

Seeks to uncover value while maintaining high credit quality

The Fund leverages independent credit research to capture value and potentially generate higher income by identifying high quality credits that the market may misunderstand and misprice. The actively managed Fund invests 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).

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.

Our Expertise

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.

PRIMARY BENCHMARK

85% ICE BofAML 3-15 Year US Municipal Securities Index, 15% ICE BofAML 1-3 Year US Municipal Securities Index

PRIMARY BENCHMARK DESCRIPTION

85% ICE BofAML 3-15 Year US Municipal Securities Index, 15% ICE BofAML 1-3 Year US Municipal Securities Index is a blend of 85% of the ICE BofA Merrill Lynch 3-15 Year US Municipal Securities Index, a subset of the ICE BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to three years and less than fifteen years, and 15% of the ICE BofA Merrill Lynch 1-3 Year US Municipal Securities Index, a subset of the ICE BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to one year and less than three years.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

03/18/2019

CUSIP

72202G315

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Fees & Expenses

Effective as of 03/18/2019
Total Expense Ratio 0.50%
Net Expense Ratio 0.39%
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 07/31/2021 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information.

Prices & Performance

Daily Statistics

All data as of 04/18/2019

NAV $10.21 One Day Return 0.02%
Daily Change $0.00 Daily YTD Return 2.40%
Click here to view Historical Prices
  • Average Annual Returns
  • Cumulative Returns

All data as of

  • Daily
  • Month End
  • Quarter End

All data as of

  • Daily
  • Month End
  • Quarter End
Performance quoted represents past performance and is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than average annual returns shown. Performance quoted does not reflect any sales charges, if applicable, and performance would be lower if it did.

Differences in the F