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Short Duration High Yield Municipal Bond Fund

Summary

Summary

What is the Short Duration High Yield Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in short duration high-yield municipal bonds.

ATTRACTIVE INCOME

Municipal bonds offer attractive taxable equivalent yields relative to taxable fixed income alternatives.

LOWER DURATION

Shorter maturity bonds have less interest rate sensitivity, and have historically demonstrated lower volatility than longer maturity bonds.

PORTFOLIO DIVERSIFICATION

Short high yield municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

Yield

Dividend Yield 1 as of 05/24/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.00% 2.77%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 2.70% 2.47%

Fund Basicsas of 04/30/2019

Total Net Assets
$338.75 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.68%
Fund Net Expense Ratio
0.45%
Number of Holdings
337

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.90% 4.88% 2.73% - - 3.34%
Lipper Category Avg. High Yield Municipal Debt Funds 3.93% 6.03% 3.67% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 2.27% 5.71% 2.14% - - 1.76%

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.51% 4.31% 2.84% - - 3.31%
Lipper Category Avg. High Yield Municipal Debt Funds 3.36% 5.47% 3.82% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 2.08% 6.30% 2.17% - - 1.75%

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

RELATED CONTENT

Muni Bonds: Rising Rates? Think Short—and High

A strategy employing short-duration, high-yield municipal bonds historically has performed well during periods of rising U.S. Treasury yields.

RELATED CONTENT

Muni Bonds: Where Might You Find High Income with Low Duration?
August 13, 2018

A strategy employing short duration, high-yield municipal bonds offers the potential for investors to realize higher income while mitigating interest-rate risk.

Muni Bonds: Reading the Supply/Demand Signals
May 21, 2018

With more attractive yields on offer, an upturn in demand may come amid a tighter supply of newly issued municipal bonds.

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.

Sector Assets
IDR/PCR
Healthcare/Hospital
Education
GO Local
GO State
Special Tax
Lease
Power
Housing
Water & Sewer
Resource Recovery
Transportation
Pre-Refunded
VRDN
Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years
>30 Years

CREDIT QUALITY DISTRIBUTION as of 04/30/2019

Rating Assets
A-1/MIG1
A-2/MIG2
A-3/MIG3
AAA
AA
A
BBB
BB
B
< B
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 13 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 05/24/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.00% 2.77%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 2.70% 2.47%

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.90% 4.88% 2.73% - - 3.34%
Lipper Category Avg. High Yield Municipal Debt Funds 3.93% 6.03% 3.67% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 2.27% 5.71% 2.14% - - 1.76%

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.51% 4.31% 2.84% - - 3.31%
Lipper Category Avg. High Yield Municipal Debt Funds 3.36% 5.47% 3.82% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 2.08% 6.30% 2.17% - - 1.75%

Fund Expense Ratio :

Gross 0.68%

Net 0.45%

Year Fund Returns 50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr
2018 2.20% 4.41%
2017 5.41% 3.29%
2016 -0.10% -2.42%
2015 2.59% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 2.51% - - - 3.79%
2018 0.43% 0.83% 0.44% 0.48% 2.20%
2017 2.09% 1.77% 1.48% -0.03% 5.41%
2016 1.43% 1.92% 0.71% -4.06% -0.10%
2015 - - 1.10% 1.84% 2.59%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
Education
GO Local
GO State
Special Tax
Lease
Power
Housing
Water & Sewer
Resource Recovery
Transportation
Pre-Refunded
VRDN
Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years
>30 Years
State Assets
IL
NY
NJ
TX
CA
Puerto Rico
OH
PA
GA
IA
AZ
FL
WI
WV
AL
MD
VA
LA
MA
TN
ID
SC
KY
CO
HI
MN
IN
MS
DE
MO
MI
KS
NH
WA
OK
NC
SD
CT
ME
UT
VT
OR
NV

CREDIT QUALITY DISTRIBUTION as of 04/30/2019

Rating Assets
A-1/MIG1
A-2/MIG2
A-3/MIG3
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning
as of 03/31/2019

  • The portfolio is focused on bonds within the 1- to 5-year maturity range.
  • Benchmarked against a 50%/50% blend of the Bloomberg Barclays Municipal 1-8 Year Index and the Bloomberg Barclays High Yield Municipal 1-8 Year Index, approximately half of the portfolio is allocated to investment grade credits while the remaining portion is invested in lower rated or non-rated bonds.
  • Within investment grade, the portfolio is overweight bonds with ‘A’ and ‘BBB’ credit ratings due to their relatively attractive spreads. The high yield component of the portfolio is overweight the higher rated ‘BB’ segment of the market and underweight non-rated bonds.
  • The portfolio is overweight revenue bonds, specifically in the health care and industrial development sectors, given their dedicated revenue streams and favorable return prospects.

Portfolio Details as of 04/30/2019

Total Net Assets
$338.75 M
Number of Issues
337
Average Coupon
4.6%
Average Effective Maturity
6.3 Years
Average Effective Duration
3.63 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/24/2019
$0.154
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.03864 $15.34
Daily Daily 03/31/2019 $0.03813 $15.32
Daily Daily 02/28/2019 $0.03999 $15.18
Daily Daily 01/31/2019 $0.03801 $15.10

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
12/19/2017 12/20/2017 $0.0023 - $0.0023 $15.14

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2019 12/20/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.68% 0.45%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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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
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.

 

50% Barclays Municipal Bond 1-8 Year Index / 50% Barclays High Yield Municipal Bond 1-8 Year Index

The Barclays 1-8 Year Municipal Bond index is the 1-8 year component of the Municipal Bond index. The 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. Bonds 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 Barclays 1-8 Year High Yield Municipal Bond index is the 1-8 year component of the High Yield Municipal Bond index. The Barclays High Yield Municipal Bond index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

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