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Intermediate Tax Free Fund

Summary

Summary

What is the Intermediate Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in intermediate-term investment grade municipal bonds.

2019 Tax-Exempt #1 for 2019_Barrons Ranking

Yield

Dividend Yield 1 as of 02/27/2020  

w/o sales charge 2.49%

30-Day Standardized Yield 2 as of 01/31/2020  

1.33%

Fund Basicsas of 01/31/2020

Total Net Assets
$5.15 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.60%
Number of Holdings
1031

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 1.92% 9.01% 5.06% 3.29% 4.28% 4.57%
Lipper Category Avg. Intermediate Municipal Debt Funds 1.56% 7.22% 4.14% 2.65% 3.51% -
Bloomberg Barclays 1-15 Yr. Municipal Index 1.53% 7.16% 4.38% 3.02% 3.76% 4.15%

Fund Expense Ratio :

0.60%

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 7.82% 7.82% 4.68% 3.27% 4.16% 4.44%
Lipper Category Avg. Intermediate Municipal Debt Funds 6.47% 6.47% 3.80% 2.66% 3.40% -
Bloomberg Barclays 1-15 Yr. Municipal Index 6.44% 6.44% 4.10% 3.01% 3.66% 4.05%

Fund Expense Ratio :

0.60%

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
GO State
Lease
Special Tax
Education
Power
Water & Sewer
Pre-Refunded
Housing
VRDN
Muni_Solid_Waste/Res_Recovery
Other
Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

CREDIT QUALITY DISTRIBUTION as of 01/31/2020 View Portfolio

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

29 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 02/27/2020  

w/o sales charge 2.49%

30-Day Standardized Yield 2 as of 01/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.33% 1.33%

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 1.92% 9.01% 5.06% 3.29% 4.28% 4.57%
Lipper Category Avg. Intermediate Municipal Debt Funds 1.56% 7.22% 4.14% 2.65% 3.51% -
Bloomberg Barclays 1-15 Yr. Municipal Index 1.53% 7.16% 4.38% 3.02% 3.76% 4.15%

Fund Expense Ratio :

0.60%

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 7.82% 7.82% 4.68% 3.27% 4.16% 4.44%
Lipper Category Avg. Intermediate Municipal Debt Funds 6.47% 6.47% 3.80% 2.66% 3.40% -
Bloomberg Barclays 1-15 Yr. Municipal Index 6.44% 6.44% 4.10% 3.01% 3.66% 4.05%

Fund Expense Ratio :

0.60%

Year Fund Returns Bloomberg Barclays 1-15 Yr. Municipal Index
2019 7.82% 6.44%
2018 1.14% 1.58%
2017 5.18% 4.33%
2016 -0.54% 0.01%
2015 2.96% 2.83%
2014 8.46% 6.36%
2013 -2.64% -1.05%
2012 6.42% 4.74%
2011 9.98% 8.80%
2010 3.60% 2.97%
2009 12.19% -
2008 -0.25% -
2007 1.17% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 3.38%
2019 3.10% 2.37% 1.58% 0.57% 7.82%
2018 -1.02% 0.95% 0.11% 1.10% 1.14%
2017 1.72% 1.77% 1.34% 0.26% 5.18%
2016 1.53% 2.40% 0.08% -4.41% -0.54%
2015 1.17% -1.22% 1.48% 1.53% 2.96%
2014 3.13% 2.39% 1.50% 1.19% 8.46%
2013 0.67% -3.18% -0.13% 0.02% -2.64%
2012 1.46% 1.90% 2.12% 0.79% 6.42%
2011 0.41% 3.81% 3.00% 2.43% 9.98%
2010 1.68% 2.07% 3.40% -3.46% 3.60%
2009 4.22% 1.93% 6.58% -0.92% 12.19%
2008 0.70% 0.17% -1.45% 0.34% -0.25%
2007 - - - 1.17% 1.17%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 01/31/2020

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
GO State
Lease
Special Tax
Education
Power
Water & Sewer
Pre-Refunded
Housing
VRDN
Muni_Solid_Waste/Res_Recovery
Other

PORTFOLIO BREAKDOWN as of 01/31/2020

Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

PORTFOLIO BREAKDOWN as of 01/31/2020

Rating Assets
IL
CA
NY
TX
NJ
PA
FL
AZ
CT
OH
GA
MA
TN
Puerto Rico
VA
KY
MI
LA
AL
WA
NV
IN
MO
HI
CO
NC
MN
MD
WI
IA
OR
UT
NE
SC
OK
WV
AK
MS
RI
NM
DIST. OF COLUMBIA
AR
ID
KS
NH
ME
SD
DC
Other U.S. Territories
VT

Credit QUALITY DISTRIBUTION as of 01/31/2020

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2019

  • The portfolio has an overweight in lower rated investment grade bonds, relative to its benchmark, the Bloomberg Barclays 1-15 Year Municipal Index, due to improving overall credit quality and relatively attractive credit spreads.
  • The portfolio continues to overweight revenue bonds, specifically in the transportation, health care, and industrial development sectors, given their favorable return prospects.
  • The portfolio is positioned with an overweight to the 6-to-10 year duration range, given the relative steepness of the municipal curve.

Portfolio Details as of 01/31/2020

Total Net Assets
$5.15 B
Number of Issues
1031
Average Coupon
4.8%
Average Effective Maturity
10.3 Years
Average Effective Duration
5.26 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/27/2020
$0.023
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2020 $0.02385 $11.35

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 02/29/2020
Daily Daily 03/31/2020
Daily Daily 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/20/2016 12/21/2016 $0.0039 - $0.0039 $10.51

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/21/2020 12/22/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2020

0.60%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

The Bloomberg Barclays 1-15 Year Municipal Bond index is the 1-15 year component of the Municipal Bond index. The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year.  To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

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