Fund Evaluator:
Performance Trust Municipal Bond Instl (PTIMX)
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Best Performing in Muni National Interm Over the Last Year
| 6.7% | Sit Tax-Free Income (SNTIX) |
| 4.6% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 4.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 4.3% | Brown Advisory Tax Exempt Bond Investor (BIAEX) |
| 4.2% | Victory Tax Exempt Intermediate-Term (USATX) |
Fund Details
Performance Trust Municipal Bond Instl Overview
Performance Trust Municipal Bond Instl (PTIMX) is an actively managed Municipal Bond Muni National Interm fund. Performance Trust Asset Management launched the fund in 2011.
The investment seeks a high level of current interest income that is substantially exempt from regular federal income taxes and is consistent with preservation of capital. The fund invests at least 80% of its net assets in investment-grade quality municipal securities that pay interest that is exempt from regular federal income tax. It may invest up to 20% of its net assets in below investment-grade municipal securities as well as up to 20% of its net assets in securities that produce income subject to federal income tax. The fund may invest up to 20% of its net assets in other investment companies, including closed-end funds and ETFs.
About Performance Trust Municipal Bond Instl (PTIMX)
There are 2 members of the management team with an average tenure of 9.84 years: G. Plaiss (2011), Mark Peiler (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Performance Trust Municipal Bond Instl has 233 securities in its portfolio. The top 10 holdings constitute 18.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Performance Trust Municipal Bond Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Performance Trust Municipal Bond Instl has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.8% (92.6% domestic bond, 0.2% foreign bond and 0.0% convertible bond). Performance Trust Municipal Bond Instl has 7.2% of the portfolio in cash.
Assets Under Management
The fund has $743 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PTIMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Performance Trust Municipal Bond Instl expense ratio is average compared to funds in the Muni National Interm category. Performance Trust Municipal Bond Instl has an expense ratio of 0.48%, which is 30% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Performance Trust Municipal Bond Instl has a portfolio turnover rate of 62%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Interm category.
Recently, in the month of August 2026, Performance Trust Municipal Bond Instl returned -0.6%, which earned it a grade of F, as the Muni National Interm category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Performance Trust Municipal Bond Instl has a trailing yield of 3.98%, which is above the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Performance Trust Municipal Bond Instl Grades
Year to date, the fund has returned 0.4%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 5.5% over the past year (grade of A), 4.3% over the past three years (grade of A) and 0.4% per year over the past five years (grade of D) and 2.0% per year over the past 10 years (grade of A).
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PTIMX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PTIMX Return (NAV) | -0.6% | -1.5% | 5.5% | 4.3% | 0.4% | 2.0% |
| PTIMX Grade | F | F | A | A | D | A |
| +/- Category | -0.5% | -0.5% | 1.8% | 0.9% | -0.2% | 0.3% |
| Muni National Interm Avg | -0.1% | -1.0% | 3.7% | 3.5% | 0.6% | 1.7% |
| PTIMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PTIMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PTIMX Return (NAV) | 0.4% | 4.0% | 1.6% | 8.7% | -12.0% | 2.2% | 6.3% | 8.7% | 0.6% | 7.3% | 0.4% |
| PTIMX Grade | B | D | D | A | F | B | A | A | D | A | A |
| +/- Category | 0.2% | -0.2% | -0.3% | 2.9% | -3.8% | 0.5% | 2.0% | 2.0% | -0.2% | 2.6% | 0.6% |
| Muni National Interm Avg | 0.3% | 4.2% | 2.0% | 5.7% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 7.0% |
| Total Risk Index: | 0.58 - Below Average |
| Category Risk Index: | 1.49 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 1.23 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $757 Mil |
| Fund Total Assets: | $ 744 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 62% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.2 years | |||
| Average Tenure: 9.8 years | |||
| Managers (Year): Plaiss G. (2011), Peiler Mark (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 233 |
| % in Top 10 Holdings: | 18.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.6% |
| Foreign Bond: | 0.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.2% |
Purchase Information
| Fund Family: | Performance Trust Asset Management |
| Phone Number: | 877-738-9095 |
| Website: |
| Status: | Open |
| Inception Date: | June 30, 2011 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.48% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.69% |
| Share Class: | Performance Trust Municipal Bond Instl |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 500 |
