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Short Duration Tax Free Fund

Summary

Summary

What is the Short Duration Tax Free Fund?

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

EXPERIENCED TEAM, TRUSTED LEGACY

A firm with over 30 years of experience navigating the nuances of the municipal market. 

HIGH QUALITY, LOW DURATION

The strategy seeks to generate tax-free income by combining high-quality, short maturity bonds with money market securities*, limiting credit risk and interest rate risk.  

* Although the Fund may invest in money market securities, this is not a money market fund.

STRONG PERFORMANCE

The disciplined process, based on in-depth credit research and strategic portfolio positioning, has provided investors with attractive returns relative to peers. 

Yield

Dividend Yield 1 as of 07/19/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.91% 1.90%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.51% 1.50%

Fund Basicsas of 06/28/2019

Total Net Assets
$1.37 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.56%
Fund Net Expense Ratio
0.55%
Number of Holdings
311

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 2.82% 3.60% 1.33% 1.29% 1.85% 2.09%
Lipper Category Avg. Short Municipal Debt Funds 1.83% 2.56% 1.12% 1.01% 1.32% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 2.46% 3.48% 1.51% 1.47% 1.94% 2.10%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 2.82% 3.60% 1.33% 1.29% 1.85% 2.09%
Lipper Category Avg. Short Municipal Debt Funds 1.83% 2.56% 1.12% 1.01% 1.32% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 2.46% 3.48% 1.51% 1.47% 1.94% 2.10%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

RELATED CONTENT

Sector Assets
IDR/PCR
Healthcare/Hospital
Transportation
GO State
VRDN
GO Local
Lease
Education
Housing
Power
Special Tax
Water & Sewer
Pre-Refunded
Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years

CREDIT QUALITY DISTRIBUTION as of 06/28/2019

Rating Assets
A-1/MIG1
A-2/MIG2
A-3/MIG3
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 07/19/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.91% 1.90%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.51% 1.50%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 2.82% 3.60% 1.33% 1.29% 1.85% 2.09%
Lipper Category Avg. Short Municipal Debt Funds 1.83% 2.56% 1.12% 1.01% 1.32% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 2.46% 3.48% 1.51% 1.47% 1.94% 2.10%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 2.82% 3.60% 1.33% 1.29% 1.85% 2.09%
Lipper Category Avg. Short Municipal Debt Funds 1.83% 2.56% 1.12% 1.01% 1.32% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 2.46% 3.48% 1.51% 1.47% 1.94% 2.10%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

Year Fund Returns Bloomberg Barclays Municipal Bond: Muni Short (1-5)
2018 1.19% 1.77%
2017 1.74% 1.61%
2016 -0.56% 0.07%
2015 0.81% 1.21%
2014 1.68% 1.31%
2013 0.11% 1.14%
2012 2.26% 1.73%
2011 3.56% 3.45%
2010 2.27% 1.87%
2009 6.24% 5.55%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 1.53% 1.26% - - 3.12%
2018 -0.11% 0.54% 0.10% 0.66% 1.19%
2017 0.95% 0.75% 0.42% -0.39% 1.74%
2016 0.55% 0.62% 0.03% -1.75% -0.56%
2015 0.33% -0.17% 0.48% 0.16% 0.81%
2014 0.66% 0.52% 0.42% 0.08% 1.68%
2013 0.57% -0.98% 0.20% 0.34% 0.11%
2012 0.77% 0.66% 0.76% 0.05% 2.26%
2011 0.62% 1.38% 0.99% 0.52% 3.56%
2010 0.51% 0.97% 1.39% -0.60% 2.27%
2009 2.36% 1.02% 2.29% 0.43% 6.24%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
Transportation
GO State
VRDN
GO Local
Lease
Education
Housing
Power
Special Tax
Water & Sewer
Pre-Refunded
Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years
State Assets
IL
NY
PA
NJ
CA
TX
CT
AL
OH
GA
KY
WV
AZ
NC
MA
MD
VA
IN
TN
FL
CO
MS
AR
MN
ID
OR
IA
MO
AK
WI
LA
ND
MI
SC
HI
NH
WA
NM
KS
OK
Puerto Rico
NE
DC
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 06/28/2019

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

Portfolio Positioning as of 06/30/2019

  • The portfolio is overweight bonds maturing in less than one year. These positions represent a sizable weighting in variable rate demand notes which typically exhibit low volatility and strong liquidity. These securities are always priced at par, and therefore, do not have the duration risk of fixed coupon bonds. The portfolio maintains a general underweight to longer maturities. For maturities longer than one year, the portfolio is focused on the 2- to 4-year range.
  • The portfolio is overweight lower rated investment grade bonds due to solid credit fundamentals and relatively attractive credit spreads.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the health care and industrial development sectors given their dedicated income streams and favorable return prospects.

Portfolio Details as of 06/28/2019

Total Net Assets
$1.37 B
Number of Issues
311
Average Coupon
3.9%
Average Effective Maturity
4.6 Years
Average Effective Duration
2.89 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/19/2019
$0.153
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2019 $0.02508 $15.74
Daily Daily 05/31/2019 $0.02547 $15.71
Daily Daily 04/30/2019 $0.02621 $15.62
Daily Daily 03/31/2019 $0.02473 $15.62
Daily Daily 02/28/2019 $0.02834 $15.55
Daily Daily 01/31/2019 $0.02362 $15.52

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 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
12/19/2013 12/20/2013 $0.0121 - $0.0121 $15.71

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 06/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.56% 0.55%

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 Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 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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