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Strategic Municipal Bond Fund (STRIX) 

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All data as of 8-31-17 unless otherwise noted.

NAV as of 9-22-17 Daily change Daily change
$9.00 $0.01 0.11%

Morningstar RatingTM
Overall Rating This is a 5 star fund.

Based on risk-adjusted return through 08-31-17
Muni National Short category (172 funds)

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4   Morningstar® Style Box

The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.

Ticker STRIX
CUSIP 94987W760
Fund number 3171
YTD return as of 9-22-17 3.29%
Inception date 11-30-12
Net fund assets as of 9-22-17 1938524908
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Fund highlights

    • Uses both bottom-up credit research and top-down macroeconomic analysis.
    • Seeks to generate excess performance by actively managing the four key elements of total return: duration, yield curve positioning, sector and credit quality allocation, and security selection.
    • Uses a relative-value approach based on extensive credit analysis that seeks opportunities from changing market trends and pricing inefficiencies to generate excess returns.
    • Rigorous fundamental credit research: Research is conducted through a comprehensive team effort in which all members operate as credit analysts for each of the credits that they cover. This empowers the team to act opportunistically in the marketplace.
    • Open work environment: The team benefits from an open work environment in which Investment management professionals in varying capacities interact continuously throughout the day. This includes partnerships with economists and taxable fixed-income teams who provide valuable perspective and information in measuring markets and anticipating shifts in the tax-free markets, which are often preceded by shifts in the taxable markets.
    • Disciplined research and risk management: The team's disciplined credit analysis and proprietary risk management model allow portfolio managers to move down in credit without compromising the investment process.

    Management

    Lyle Fitterer, CFA, CPA
    26 years of investment experience

    Wendy Casetta
    24 years of investment experience

    Robert Miller
    27 years of investment experience

    Total returns (%)

        3 month Year to date 1 year 3 year 5 year 10 year Since inception
    Strategic Municipal Bond Fund NAV 1.04 3.29 1.74 2.12 2.58 3.24 5.12
    NAV
    as of 6-30-17
    1.18 2.17 0.99 1.96 2.49 3.16 5.12
    Bloomberg Barclays Short-Intermediate Municipal Bond Index 0.83 3.97 1.25 2.11 2.10 3.67
    Lipper Short-Intmdt Municipal Debt Funds 0.64 2.78 0.39 1.28 1.32 2.67

    Three-month and year-to-date returns are not annualized.

    Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.

    Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

    Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

    Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

    Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to municipal securities risk. Consult the fund's prospectus for additional information on these and other risks. A portion of the fund's income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

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