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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 05/20/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.91% 1.90%
w/ sales charge 1.87% 1.86%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 1.54% 1.53%

Fund Basicsas of 04/30/2019

Total Net Assets
$1.36 B
Inception Date
12/31/2008
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
309
Minimum Initial Investment
$1,000+

Expense Ratioas of 04/30/2019

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.67% 3.05% 0.99% 1.02% 1.69% 1.92%
Lipper Category Avg. Short Municipal Debt Funds 1.09% 2.39% 0.98% 0.91% 1.30% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.35% 3.30% 1.28% 1.34% 1.84% 2.03%
w/ sales charge -0.64% 0.77% 0.24% 0.56% 1.46% 1.70%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.51% 2.76% 1.01% 1.06% 1.73% 1.92%
Lipper Category Avg. Short Municipal Debt Funds 0.99% 2.18% 1.02% 0.94% 1.36% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.33% 3.02% 1.35% 1.38% 1.89% 2.04%
w/ sales charge -0.80% 0.42% 0.26% 0.60% 1.50% 1.69%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

RELATED CONTENT

Sector Assets
IDR/PCR
Healthcare/Hospital
VRDN
Transportation
GO Local
GO State
Lease
Education
Power
Special Tax
Housing
Water & Sewer
Pre-Refunded
Maturity Assets
<1 Year
1-1.99 Years
2-3.99 Years
4-5.99 Years
>6 Years

CREDIT QUALITY DISTRIBUTION as of 04/30/2019

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 05/20/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.91% 1.90%
w/ sales charge 1.87% 1.86%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 1.54% 1.53%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.67% 3.05% 0.99% 1.02% 1.69% 1.92%
Lipper Category Avg. Short Municipal Debt Funds 1.09% 2.39% 0.98% 0.91% 1.30% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.35% 3.30% 1.28% 1.34% 1.84% 2.03%
w/ sales charge -0.64% 0.77% 0.24% 0.56% 1.46% 1.70%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.51% 2.76% 1.01% 1.06% 1.73% 1.92%
Lipper Category Avg. Short Municipal Debt Funds 0.99% 2.18% 1.02% 0.94% 1.36% -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.33% 3.02% 1.35% 1.38% 1.89% 2.04%
w/ sales charge -0.80% 0.42% 0.26% 0.60% 1.50% 1.69%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Year Fund Returns Bloomberg Barclays Municipal Bond: Muni Short (1-5)
2018 1.10% 1.77%
2017 1.64% 1.61%
2016 -0.66% 0.07%
2015 0.71% 1.21%
2014 1.58% 1.31%
2013 0.02% 1.14%
2012 2.16% 1.73%
2011 3.46% 3.45%
2010 2.17% 1.87%
2009 6.14% 5.55%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 1.51% - - - 2.16%
2018 -0.13% 0.51% 0.08% 0.63% 1.10%
2017 0.92% 0.73% 0.40% -0.42% 1.64%
2016 0.52% 0.60% 0.01% -1.77% -0.66%
2015 0.31% -0.25% 0.52% 0.14% 0.71%
2014 0.57% 0.56% 0.39% 0.06% 1.58%
2013 0.54% -1.01% 0.17% 0.32% 0.02%
2012 0.75% 0.64% 0.74% 0.02% 2.16%
2011 0.53% 1.42% 0.97% 0.50% 3.46%
2010 0.49% 0.95% 1.36% -0.63% 2.17%
2009 2.36% 0.99% 2.26% 0.41% 6.14%

Growth of $10,000 as of 03/31/2019

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
VRDN
Transportation
GO Local
GO State
Lease
Education
Power
Special Tax
Housing
Water & Sewer
Pre-Refunded
Maturity Assets
<1 Year
1-1.99 Years
2-3.99 Years
4-5.99 Years
>6 Years
State Assets
IL
NY
NJ
PA
CA
TX
CT
LA
AL
KY
GA
WV
OH
NC
MA
AZ
VA
TN
MS
FL
CO
AR
IN
MN
OR
MI
MO
AK
WI
WA
MD
HI
IA
NH
ND
NM
KS
ID
OK
Puerto Rico
NE
DC
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 04/30/2019

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

Portfolio Positioning as of 03/31/2019

  • 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 04/30/2019

Total Net Assets
$1.36 B
Number of Issues
309
Average Coupon
3.9%
Average Effective Maturity
3.7 Years
Average Effective Duration
2.55 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/20/2019
$0.097
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.02496 $15.62
Daily Daily 03/31/2019 $0.02343 $15.62
Daily Daily 02/28/2019 $0.02721 $15.55
Daily Daily 01/31/2019 $0.02235 $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 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
12/19/2013 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

Sales Charge Schedule as of 05/20/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $16.04
$100,000 to $249,999 1.75% 1.50% $15.96
$250,000 to $499,999 1.25% 1.00% $15.88
$500,000 to $999,999 0.00% 1.00% $15.68
$1,000,000 to $5,000,000 0.00% 1.00% $15.68

Expense Ratioas of 04/30/2019

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

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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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