Fixed Income

MDPYX

Pennsylvania Municipal Bond Fund

Overview

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Performance

Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of Jul 01, 2020 $9.5 M
Size of Fund (Millions) as of Jul 01, 2020 $554.4 M
Share Class launch date Oct 21, 1994
Asset Class Fixed Income
Morningstar Category Muni Pennsylvania
Lipper Classification PA Muni Debt Funds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253A748
Number of Holdings as of May 29, 2020 206
Max Offer Price as of Jul 01, 2020 $11.34
Open to New Investors No
Turnover Percent as of Jun 30, 2020 23%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of May 31, 2020 91.63
Beta (3y) as of May 31, 2020 1.25
Average Coupon as of May 29, 2020 4.40%
Best 3-Month Return Over the Last 3 Years 3 months ending Feb 29, 2020 3.54%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -6.78%

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Pennsylvania Municipal Bond Fund, Class A1, as of Jun 30, 2020 rated against 47 Muni Pennsylvania Funds based on risk adjusted total return.

Lipper Leader

 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of May 31, 2020 out of 45, 6,020, 45, 211 and 45 Funds, respectively in Lipper's PA Muni Debt Funds classification.

Holdings

Holdings

as of May 29, 2020
Name Weight (%)
PHILADELPHIA PA ARPT REV 5 06/15/2040 2.61
TOB 5.125 GEIMED 368497GN7 2.43
TOB 4 70914PN24 PAS 144A 2.29
PENNSYLVANIA ECONOMIC DEV FING 5 06/30/2042 2.06
TOB 5.372 PASEDU 70917RT39 1.83
Name Weight (%)
TOB 4.8 PHIMED 717903H35 1.81
TOB 4 84129NMD8 SCAGEN 144A 1.80
PENNSYLVANIA ST 5 07/15/2021 1.76
TOB 4 71781XFF5 PHIDEV 144A 1.66
TOB 4 613603B32 MONHGR 144A 1.46

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Allocations subject to change.
Type Fund Benchmark Net
Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Phillip Soccio
Phillip Soccio
Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

Portfolio Manager

Literature

Literature

 

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