Fixed Income

MEPYX

Pennsylvania Municipal Bond Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
1.09 2.95 3.04 3.77
-3.21 1.47 2.15 3.32
Benchmark (%) 3.85 4.13 3.80 4.03
Morningstar Category Avg. (%) 2.49 3.66 3.25 3.52
Morningstar Ranking 51/53 40/49 28/46 15/42
Morningstar Quartile 4 4 3 2
Lipper Category Avg. (%) 2.53 3.68 3.33 3.54
Lipper Ranking 49/51 38/47 26/43 15/40
Lipper Quartile 4 4 3 2
  YTD 1m 3m 1y 3y 5y 10y
1.27 -0.04 1.74 1.09 9.11 16.17 44.73
-3.03 -4.29 -2.59 -3.21 4.47 11.23 38.60
Benchmark (%) 3.18 0.02 1.18 3.85 12.89 20.49 48.51
Morningstar Category Avg. (%) 2.12 -0.25 -0.49 2.49 11.39 17.32 41.27
Lipper Category Avg. (%) 2.23 0.05 1.31 2.53 11.49 17.86 41.79
  2015 2016 2017 2018 2019
Total Return (%) 3.82 0.01 5.50 0.47 6.21
Benchmark (%) 3.32 0.77 4.95 1.36 7.26
Morningstar Category Avg. (%) 3.07 0.36 4.35 1.34 7.10
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.

Key Facts

Key Facts

Size of Class (Millions) as of Nov 27, 2020 $145.7 M
Size of Fund (Millions) as of Nov 27, 2020 $568.8 M
Share Class launch date Oct 02, 2006
Asset Class Fixed Income
Morningstar Category Muni Pennsylvania
Lipper Classification PA Muni Debt Funds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253A755
Distribution Frequency Monthly
Number of Holdings as of Oct 30, 2020 226
Max Offer Price as of Nov 27, 2020 $11.61
Open to New Investors Yes
Turnover Percent in the Annual Report 23%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 -0.20
R-Squared (3y) as of Oct 31, 2020 91.72
Beta (3y) as of Oct 31, 2020 1.28
30 Day SEC Yield as of Oct 31, 2020 1.65%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 1.56%
Yield to Maturity as of Oct 30, 2020 3.71%
Yield to Worst as of Oct 30, 2020 2.45%
Average Coupon as of Oct 30, 2020 4.54%
Effective Duration as of Oct 30, 2020 8.27 yrs
Weighted Average Life as of Oct 30, 2020 18.11 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 7.14%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -6.73%
Fund Standard Deviation (3y) as of Oct 31, 2020 4.93

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.10%
Net Expense Ratio 1.01%

Net Expense Ratio excluding Investment Related Expenses is 0.79%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.21%

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Pennsylvania Municipal Bond Fund, Class A, as of Oct 31, 2020 rated against 49 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 Oct 31, 2020 out of 47, 6,065, 47, 211 and 47 Funds, respectively in Lipper's PA Muni Debt Funds classification.

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
PENNSYLVANIA ST TPK COMMN TPK 5 12/01/2050 2.99
TOB 5.125 GEIMED 368497GN7 2.35
TOB 4 70914PN24 PAS 144A 2.27
PENNSYLVANIA ECONOMIC DEV FING 5 06/30/2042 2.12
TOB 4 84129NMD8 SCAGEN 144A 1.83
Name Weight (%)
TOB 5.372 PASEDU 70917RT39 1.76
PHILADELPHIA PA HOSPS & HIGHER ED 5 07/01/2041 1.75
TOB 4 71781XFF5 PHIDEV 144A 1.63
PENNSYLVANIA ST 5 05/01/2027 1.60
PHILADELPHIA PA ARPT REV 5 07/01/2047 1.54

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

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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