Tax Exempt Bond Strategy

Investment Goal

Investor Profile

Performance Data

Portfolio Strategy

Management Fee

Pinnacle’s Intermediate Tax Exempt Bond Portfolio seeks a high level of income that is exempt from regular federal income tax available from municipal bonds. The Portfolio invests in high quality investment grade municipal bonds.

The Intermediate Tax Exempt Bond Portfolio is for the investor who is looking for greater after-tax income than is available from taxable bonds. In addition, the Portfolio will seek to purchase bonds that are exempt from state income taxes depending on the investor’s state income tax rate. The Portfolio has less price risk than municipal bond funds that invest in long-term bonds.

* Returns for periods shorter than one year are not annualized, all other values shown are annualized
** Past performance is no guarantee of future results. Please see our performance disclosure statement for more information.
*** For comparison purposes, the composite is measured against Merrill Lynch 3-7 Yr. Muni Index. The index consists of municipal bonds with a maturity ranging from 3-7 years traded in the U.S. dollar-denominated investment grade sold into the U.S. market and publicly traded in the United States .

Updated: December 31, 2023
Inception: March 1996

Pinnacle’s Intermediate Tax Exempt Bond Portfolio invests in investment grade municipal bonds. The portfolio manager will purchase bonds that pass a stringent test for credit quality. High after-tax total return will be the objective of Pinnacle’s Intermediate Tax Exempt Bond Portfolio given an average maturity typically between three and ten years.

0.50% (one-half percent) annually of the market value of assets in the portfolio. The average municipal bond mutual fund expense ratio is 0.66%.

PORTFOLIO** YTD* 1 YR 3 YR 5 YR SINCE INCEPTION
Gross of Fees 4.18% 4.18% 1.40% 1.88% 3.18%
Net of Fees 3.82% 3.82% 1.05% 1.53% 2.75%
Merrill Lynch 3-7 Yr. Muni Index*** 4.56% 4.56% 0.01% 2.08% 3.79%

Growth of $10,000