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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 05/17/2019  

w/o sales charge 2.92%

30-Day Standardized Yield 2 as of 04/30/2019  

2.21%

Fund Basicsas of 04/30/2019

Total Net Assets
$4.22 B
Inception Date
01/31/2011
Dividend Frequency
Monthly
Fund Expense Ratio
0.50%
Number of Holdings
889
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 3.37% 6.05% 2.37% 3.31% - 4.28%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.89% 4.97% 1.83% 2.55% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 2.72% 5.58% 2.18% 2.89% - 3.69%

Fund Expense Ratio :

0.50%

Fund Expense Ratio :

0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 3.03% 5.44% 2.49% 3.49% - 4.28%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.57% 4.35% 1.93% 2.68% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 2.52% 5.09% 2.31% 3.05% - 3.70%

Fund Expense Ratio :

0.50%

RELATED CONTENT

Muni Bonds: Reading the Supply/Demand Signals
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Muni Matters: A Six-Point Reality Check for Investors
May 18, 2018

While media reports have emphasized the recent negative performance of municipal bonds, many indicators signal a healthy, resilient market.

Municipal Bonds: Gauging the Impact of U.S. Tax Reform
March 5, 2018

What are the possible short- and long-term effects of the legislation on the municipal market? Here is our view.

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
GO Local
Lease
GO State
Education
Special Tax
Power
Water & Sewer
Pre-Refunded
VRDN
Housing
Resource Recovery
Other
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 04/30/2019 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

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

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 05/17/2019  

w/o sales charge 2.92%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.21% 2.21%

Fund Expense Ratio :

0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 3.37% 6.05% 2.37% 3.31% - 4.28%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.89% 4.97% 1.83% 2.55% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 2.72% 5.58% 2.18% 2.89% - 3.69%

Fund Expense Ratio :

0.50%

Fund Expense Ratio :

0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 3.03% 5.44% 2.49% 3.49% - 4.28%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.57% 4.35% 1.93% 2.68% - -
Bloomberg Barclays 1-15 Yr. Municipal Index 2.52% 5.09% 2.31% 3.05% - 3.70%

Fund Expense Ratio :

0.50%

Year Fund Returns Bloomberg Barclays 1-15 Yr. Municipal Index
2018 1.33% 1.58%
2017 5.29% 4.33%
2016 -0.45% 0.01%
2015 3.06% 2.83%
2014 8.56% 6.36%
2013 -2.63% -1.05%
2012 6.59% 4.74%
2011 10.80% 8.80%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.03% - - - 4.47%
2018 -0.99% 1.07% 0.04% 1.22% 1.33%
2017 1.75% 1.89% 1.27% 0.29% 5.29%
2016 1.64% 2.33% 0.10% -4.39% -0.45%
2015 1.19% -1.10% 1.41% 1.55% 3.06%
2014 3.15% 2.42% 1.62% 1.12% 8.56%
2013 0.69% -3.24% -0.11% 0.04% -2.63%
2012 1.58% 1.83% 2.23% 0.80% 6.59%
2011 - 3.94% 3.02% 2.35% 10.80%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 04/30/2019

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

PORTFOLIO BREAKDOWN as of 04/30/2019

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 04/30/2019

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

Credit QUALITY DISTRIBUTION as of 04/30/2019

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

Portfolio Positioning as of 03/31/2019

  • 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’s duration is slightly longer than that of its benchmark given its overweight to bond’s with durations longer than 7 years.

Portfolio Details as of 04/30/2019

Total Net Assets
$4.22 B
Number of Issues
889
Average Coupon
4.9%
Average Effective Maturity
9.7 Years
Average Effective Duration
5.28 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/17/2019
$0.107
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.02679 $10.90
Daily Daily 03/31/2019 $0.02639 $10.89
Daily Daily 02/28/2019 $0.02849 $10.75
Daily Daily 01/31/2019 $0.02632 $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 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

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
12/19/2019 12/20/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2019

0.50%

Fund Documents

Fund Documents

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Publish Date:11/03/2015
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Publish Date:11/03/2015
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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 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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