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AMT Free Municipal Bond Fund

Summary

Summary

What is the AMT Free Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation, including the alternative minimum tax, by investing primarily in municipal bonds.

Yield

Dividend Yield 1 as of 02/15/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.41% 3.13%

30-Day Standardized Yield 2 as of 01/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.95% 2.68%

Fund Basicsas of 12/31/2018

Total Net Assets
$189.01 M
Inception Date
10/29/2010
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.68%
Fund Net Expense Ratio
0.40%
Number of Holdings
306
CUSIP
543902688
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge 0.60% 2.93% 2.57% 4.39% - 4.50%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.63% 2.37% 1.94% 3.52% - -
Bloomberg Barclays Municipal Bond Index 0.76% 3.26% 2.15% 3.58% - 3.66%

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge 1.20% 1.20% 2.78% 4.74% - 4.47%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - 3.60%

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

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Sector Assets
Transportation
Healthcare/Hospital
IDR/PCR
GO Local
Special Tax
Education
Lease
Water & Sewer
GO State
Power
VRDN
Housing
Pre-Refunded
Insured
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 12/31/2018 View Portfolio

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

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

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 02/15/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.41% 3.13%

30-Day Standardized Yield 2 as of 01/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.95% 2.68%

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge 0.60% 2.93% 2.57% 4.39% - 4.50%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.63% 2.37% 1.94% 3.52% - -
Bloomberg Barclays Municipal Bond Index 0.76% 3.26% 2.15% 3.58% - 3.66%

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge 1.20% 1.20% 2.78% 4.74% - 4.47%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - 3.60%

Fund Expense Ratio :

Gross 0.68%

Net 0.40%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 1.20% 1.28%
2017 6.74% 5.45%
2016 0.52% 0.25%
2015 3.41% 3.30%
2014 12.26% 9.05%
2013 -6.57% -2.55%
2012 12.92% 6.78%
2011 13.18% 10.70%
2010 -5.01% 2.38%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 1.08%
2018 -0.98% 1.22% 0.09% 0.87% 1.20%
2017 1.76% 2.29% 1.53% 1.00% 6.74%
2016 2.05% 3.63% 0.08% -5.03% 0.52%
2015 1.31% -1.32% 1.39% 2.02% 3.41%
2014 4.36% 2.89% 2.66% 1.85% 12.26%
2013 0.49% -4.78% -2.13% -0.23% -6.57%
2012 4.49% 2.46% 3.58% 1.82% 12.92%
2011 0.64% 5.74% 4.01% 2.26% 13.18%
2010 - - - - -5.01%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Transportation
Healthcare/Hospital
IDR/PCR
GO Local
Special Tax
Education
Lease
Water & Sewer
GO State
Power
VRDN
Housing
Pre-Refunded
Insured
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
State Assets
CA
IL
NY
PA
TX
NJ
AL
OH
FL
GA
NC
VA
MA
CT
MD
KY
AZ
WI
Puerto Rico
CO
OK
LA
MN
NH
DC
NE
IN
ME
MT
MI
OR
WV
TN
IA
MS

Credit Quality Distribution as of 12/31/2018 View Portfolio

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 09/30/2018

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 9-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the industrial development and health care sectors, given their dedicated income streams and favorable return prospects.
  • The portfolio continues to maintain an overweight to lower rated investment grade bonds due to the incremental yield advantage and solid credit fundamentals.

Portfolio Details as of 12/31/2018

Total Net Assets
$189.01 M
Number of Issues
306
Average Coupon
4.9%
Average Effective Maturity
18.4 Years
Average Effective Duration
7.57 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/15/2019
$0.045
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2019 $0.04509 $15.81

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 02/28/2019
Daily Daily 03/31/2019
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.68% 0.40%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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Commentary
Publish Date:11/03/2015

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

The Bloomberg Barclays Municipal Bond Index a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.  Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies.  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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