PSP Short Term Municipal Fund

Our goal is to deliver yield-driven total returns. The process relies on comprehensive fundamental credit analysis and relative value-based security selection to build a short duration, high grade, actively managed portfolio that is constructed with under-valued and overlooked sectors, securities, and structures found in the municipal bond market.

FUND BASICS as of 4/30/2024

SYMBOL

PSTYX

CUSIP

56167N340

INCEPTION DATE

4/27/2022

GROSS EXPENSE RATIO

1.22%

NET EXPENSE RATIO

0.80%

LATEST MONTHLY DIVIDEND

$0.0139

LATEST NAV

$4.23

DISTRIBUTION YIELD

3.95%

30-DAY SEC YIELD (SUBSIDIZED)

3.30%

30-DAY SEC YIELD (UNSUBSIDIZED)

2.89%

Expense ratios are based on the Funds most recent fiscal year end. The net expense ratio excludes credits earned on the Funds cash on deposit with the custodian bank but includes interest expense and fees paid on Fund borrowing and/or interest and related expenses from inverse floaters. Please see the prospectus for details.

FUND PERFORMANCE

Performance as of 4/30/2024 (Monthly)

Average Annual Total Return

Fund YTD 1 Year 3 Year Since Inception (4/27/22)
Principal Street Short Term Municipal Fund (Inst Cl) 0.85% 3.40% N/A 3.14%
Principal Street Short Term Municipal Fund (Inv Cl) 0.77% 3.14% N/A 2.77%
Bloomberg 3 Year Municipal Bond Index (2-4) -0.65% 1.90% N/A 1.93%

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance is annualized for periods greater than 1 year.

PSTYX Gross Expense Ratio: 1.09% Net Expense Ratio: .71%
PSTEX Gross Expense Ratio: 1.37% Net Expense Ratio: .95%

Expense ratios are based on the Funds most recent fiscal year end. The net expense ratio excludes credits earned on the Funds cash on deposit with the custodian bank but includes interest expense and fees paid on Fund borrowing and/or interest and related expenses from inverse floaters. For GSTAX, the net expense ratio cap is 0.80%.  Please see the prospectus for details. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least December 29, 2024. The minimum initial investment for the institutional class is $25,000.

Performance as of 3/31/2024 (Quarterly)

Average Annual Total Return

Fund 3 Month 1 Year 3 Year Since Inception (4/27/22)
Principal Street Short Term Municipal Fund (Inst Cl) 0.76% 3.58% N/A 3.23%
Principal Street Short Term Municipal Fund (Inv Cl) 0.70% 3.08% N/A 2.85%
Bloomberg 3 Year Municipal Bond Index (2-4) -0.28% 1.80% N/A 2.21%

 

 

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance is annualized for periods greater than 1 year.

PSTYX Gross Expense Ratio: 1.09% Net Expense Ratio: .71%
PSTEX Gross Expense Ratio: 1.37% Net Expense Ratio: .95%

Expense ratios are based on the Funds most recent fiscal year end. The net expense ratio excludes credits earned on the Funds cash on deposit with the custodian bank but includes interest expense and fees paid on Fund borrowing and/or interest and related expenses from inverse floaters. For GSTAX, the net expense ratio cap is 0.80%.  Please see the prospectus for details. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least December 29, 2024. The minimum initial investment for the institutional class is $25,000.

TOP HOLDINGS/SECTORS

Top 10 Holdings (Obligor) as of 4/30/2024

Illinois State

4.24%

Sweetwater Union Highschool Dist CA

4.19%

Metro Pier & Exposition Auth. IL

3.54%

Chicago Illinois, O HARE Int Airport

3.37%

Riverside Va Regional Jail Auth

3.20%

Tennessee Energy Acquisition Corp.

3.10%

Miami- Dade County Fla Aviation Rev

3.04%

Puerto Rico Electric Power Auth.

3.02%

Dreamhouse EWA Beach

2.72%

Metropolitan Transit Authority NY

2.13%

See Full Holdings

Fund Holdings as of November 30, 2023

Fund Holdings as of May 31, 2023

 

Top 10 Sector Allocation as of 4/30/2024

Marine/Aviation

11.42%

Charter School

10.90%

Diversified Financials

9.59%

Hospital/Healthcare

9.49%

Higher Education 8.81%
GO – State

5.95%

CCRC

5.43%

Government Appropriation

5.43%

Correctional Facilities

4.07%

Pre-Refunded/US Treasuries

3.65%

 

Income may be subject to state or local income tax and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.

Diversification does not assure a profit or protect against a loss in a declining market.

Please read and consider the prospectus carefully before investing. To obtain a hardcopy of the prospectus, please call 1.877.914.7343.

Mutual Fund investing involves risk. Principal loss is possible. The Funds value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their prices may decline. Investments in larger companies are subject to the risk that they are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. Fixed-income securities are or may be subject to interest rate, credit, liquidity, prepayment and extension risks. Interest rates may go up resulting in a decrease in the value of the fixed-income securities held by the Fund. High-yield fixed income securities or junk bonds are fixed-income securities held by the Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities.

Principal Street Partners is the Investment Advisor to the Principal Street Short Term Bond Mutual Fund, which is distributed by Quasar Distributors, LLC.