Fixed Income

MEPYX

Pennsylvania Municipal Bond Fund

Overview

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Performance

Performance

  YTD 1m 3m 1y 3y 5y 10y
-0.46 1.37 2.01 0.81 8.20 16.11 48.24
-4.68 -2.93 -2.33 -3.48 3.60 11.17 41.95
Benchmark (%) Index: S&P Municipal Bond Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 1.97 0.78 2.57 4.23 12.67 21.12 51.95
Morningstar Category Avg. (%) Muni Pennsylvania 1.05 1.13 2.02 3.07 11.00 18.24 44.19
Lipper Category Avg. (%) PA Muni Debt Funds 0.92 1.24 2.03 2.88 10.85 18.24 44.83
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 13, 2020 $135.0 M
Size of Fund (Millions) as of Jul 13, 2020 $558.6 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
Number of Holdings as of Jun 30, 2020 222
Max Offer Price as of Jul 13, 2020 $11.46
Open to New Investors Yes
Turnover Percent in the Annual Report 23%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Jun 30, 2020 91.39
Beta (3y) as of Jun 30, 2020 1.25
Average Coupon as of Jun 30, 2020 4.44%
Best 3-Month Return Over the Last 3 Years 3 months ending Feb 29, 2020 3.50%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -6.73%
Fund Standard Deviation (3y) as of Jun 30, 2020 4.77

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

Holdings

Holdings

as of Jun 30, 2020
Name Weight (%)
PHILADELPHIA PA ARPT REV 5 06/15/2040 2.53
TOB 5.125 GEIMED 368497GN7 2.35
TOB 4 70914PN24 PAS 144A 2.31
PENNSYLVANIA ECONOMIC DEV FING 5 06/30/2042 2.04
TOB 5.372 PASEDU 70917RT39 1.81
Name Weight (%)
TOB 4 84129NMD8 SCAGEN 144A 1.80
TOB 4.8 PHIMED 717903H35 1.79
PENNSYLVANIA ST 5 07/15/2021 1.73
TOB 4 71781XFF5 PHIDEV 144A 1.64
TOB 4 613603B32 MONHGR 144A 1.51

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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