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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.

Yield

Dividend Yield 1 as of 09/20/2019  

w/o sales charge 2.78%

30-Day Standardized Yield 2 as of 08/31/2019  

1.54%

Fund Basicsas of 08/30/2019

Total Net Assets
$4.64 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.46%
Number of Holdings
945

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 8.11% 8.88% 3.26% 3.74% - 4.69%
Lipper Category Avg. Intermediate Municipal Debt Funds 6.56% 7.25% 2.47% 2.81% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 6.45% 7.67% 2.90% 3.20% - -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 5.60% 6.96% 2.58% 3.54% - 4.50%
Lipper Category Avg. Intermediate Municipal Debt Funds 4.54% 5.63% 1.87% 2.67% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 4.40% 6.13% 2.29% 3.03% - -

Fund Expense Ratio :

0.46%

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
Lease
GO State
Special Tax
Education
Power
Water & Sewer
Pre-Refunded
VRDN
Housing
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 08/30/2019 View Portfolio

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

31 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 11 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/20/2019  

w/o sales charge 2.78%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.54% 1.54%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 8.11% 8.88% 3.26% 3.74% - 4.69%
Lipper Category Avg. Intermediate Municipal Debt Funds 6.56% 7.25% 2.47% 2.81% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 6.45% 7.67% 2.90% 3.20% - -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 5.60% 6.96% 2.58% 3.54% - 4.50%
Lipper Category Avg. Intermediate Municipal Debt Funds 4.54% 5.63% 1.87% 2.67% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 4.40% 6.13% 2.29% 3.03% - -

Fund Expense Ratio :

0.46%

Year Fund Returns Bloomberg Barclays 1-15 Yr. Municipal Index
2018 1.28% 1.58%
2017 5.41% 4.33%
2016 -0.41% 0.01%
2015 3.10% 2.83%
2014 8.61% 6.36%
2013 -2.59% -1.05%
2012 6.63% 4.74%
2011 10.84% 8.80%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.04% 2.49% - - 7.05%
2018 -0.98% 0.99% 0.05% 1.23% 1.28%
2017 1.76% 1.89% 1.37% 0.29% 5.41%
2016 1.65% 2.34% 0.11% -4.38% -0.41%
2015 1.20% -1.09% 1.42% 1.56% 3.10%
2014 3.16% 2.43% 1.63% 1.13% 8.61%
2013 0.70% -3.23% -0.10% 0.05% -2.59%
2012 1.59% 1.84% 2.24% 0.81% 6.63%
2011 - 3.95% 3.03% 2.36% 10.84%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 08/30/2019

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

PORTFOLIO BREAKDOWN as of 08/30/2019

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 08/30/2019

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

Credit QUALITY DISTRIBUTION as of 08/30/2019

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2019

  • 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 bonds with durations longer than 7 years, as we find more attractive relative value in that portion of the yield curve.

Portfolio Details as of 08/30/2019

Total Net Assets
$4.64 B
Number of Issues
945
Average Coupon
4.8%
Average Effective Maturity
10.3 Years
Average Effective Duration
5.19 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/20/2019
$0.215
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2019 $0.02584 $11.29
Daily Daily 07/31/2019 $0.02620 $11.13
Daily Daily 06/30/2019 $0.02705 $11.08
Daily Daily 05/31/2019 $0.02664 $11.05
Daily Daily 04/30/2019 $0.02708 $10.91
Daily Daily 03/31/2019 $0.02680 $10.89
Daily Daily 02/28/2019 $0.02880 $10.76
Daily Daily 01/31/2019 $0.02676 $10.71

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 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 08/31/2019

0.46%

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
Flyer
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. 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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