Thrivent High Income Municipal Bond Fund (THMBX)
Class
Mutual funds may offer different "classes" of shares. Classes indicate the type and number of fees or expenses a shareholder can expect to pay for shares of a fund.
Class S
These are no-load funds, meaning there are no front-end or back-end sales charges to purchase or sell shares. Prior to February 1, 2016, Class S shares were named "Institutional Shares".
Class A
Front-end load share class. This fund is not offered as Class A.
Class
Mutual funds may offer different "classes" of shares. Classes indicate the type and number of fees or expenses a shareholder can expect to pay for shares of a fund.
Class S
These are no-load funds, meaning there are no front-end or back-end sales charges to purchase or sell shares. Prior to February 1, 2016, Class S shares were named "Institutional Shares".
Class A
Front-end load share class. This fund is not offered as Class A.
Growth of $10,000
(as of 09/30/2021)
A look at this fund’s performance over the past 10 years or since the fund's inception (if less than 10 years), based on how an initial $10,000 investment would have changed over time. Performance shown assumes the reinvest of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
(as of 09/30/2021)
A look at this fund’s performance over the past 10 years or since the fund's inception (if less than 10 years), based on how an initial $10,000 investment would have changed over time. Performance shown assumes the reinvest of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
| Year | Value |
|---|---|
| 2018 | 10,269.28 |
| 2019 | 11,310.89 |
| 2020 | 11,669.79 |
Risk Potential
Risk Potential
The potential for risk within the Thrivent Mutual Funds has been categorized into five levels: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive, ranging from lower risk potential to higher risk potential. Funds on the lower risk portion of the scale (Conservative, Moderately Conservative) are expected to have a lower degree of volatility and price fluctuations while those on the higher risk portion of the scale (Aggressive, Moderately Aggressive) are expected to have a higher degree of volatility and price fluctuations.
Risk Potential
The potential for risk within the Thrivent Mutual Funds has been categorized into five levels: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive, ranging from lower risk potential to higher risk potential. Funds on the lower risk portion of the scale (Conservative, Moderately Conservative) are expected to have a lower degree of volatility and price fluctuations while those on the higher risk portion of the scale (Aggressive, Moderately Aggressive) are expected to have a higher degree of volatility and price fluctuations.
Target Allocation
Target Allocation
Shows a fund’s long-term target allocations (or mix of securities) based on asset class or world region. Target allocation subject to change.
Target Allocation
Shows a fund’s long-term target allocations (or mix of securities) based on asset class or world region. Target allocation subject to change.
Fund Highlights
Net Asset Value (NAV)
The NAV is a fund’s value or price per share. The NAV is calculated by dividing the market value of all a fund’s shares (minus its liabilities) by the number of issued shares.
Daily NAV Change
The daily NAV change is the difference between a fund’s current price per share and its price at the time of market close on the prior day.
Returns
Returns are calculated on a year-to-date and trailing 12-month basis. These returns, also known as trailing returns, illustrate a fund's performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain a fund, including operating expenses and management fees. It’s calculated by dividing a fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Sales Charges
The commission paid by an investor upon investment in a fund.
Net Asset Value (NAV)
The NAV is a fund’s value or price per share. The NAV is calculated by dividing the market value of all a fund’s shares (minus its liabilities) by the number of issued shares.
Daily NAV Change
The daily NAV change is the difference between a fund’s current price per share and its price at the time of market close on the prior day.
Returns
Returns are calculated on a year-to-date and trailing 12-month basis. These returns, also known as trailing returns, illustrate a fund's performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain a fund, including operating expenses and management fees. It’s calculated by dividing a fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Sales Charges
The commission paid by an investor upon investment in a fund.
(as of 09/30/2021)
Fund Overview
Thrivent High Income Municipal Bond Fund seeks a high level of current income exempt from federal income taxes.
This fund invests in a nationally-diversified portfolio of municipal bonds of varying credit quality. A municipal bond is a debt security issued by a city, county or state government to finance its capital expenditures. These bonds often finance public projects such as schools, airports, roads, bridges, sewers, hospitals, and senior living and recreational facilities. Municipal bonds are generally exempt from federal income taxes. The Fund holds at least 50% of its assets in bonds that are unrated or are rated BBB or below, but also has an allocation to higher quality investment-grade bonds. It expects to invest primarily in revenue bonds that are repaid from the revenues generated by the project and may also invest in general obligation bonds that are backed by the taxing authority of the issuer. The Fund will also invest in “tobacco bonds” issued by states to securitize their settlements with tobacco companies. Higher yielding municipal bonds typically have more credit risk and longer duration than investment grade bonds.
The portfolio management team seeks to add value through security selection and active management, and monitors risk in an effort to build a well-diversified portfolio. The team uses fundamental, quantitative and technical investment research techniques to determine which securities to buy and sell. Through rigorous credit research, the analysts seek to identify municipal bonds (both investment grade and below investment grade) that are issued by entities with strong fundamentals and sufficient cash flows to meet their principal and interest obligations. The team may also invest in Treasury futures contracts to manage interest rate risk. The portfolio managers are responsible for portfolio construction and risk management and seek to invest with a prudent level of risk relative to the non-investment grade peer group of funds. The Fund's holdings may be concentrated in certain sectors including health care and education. The Fund may utilize derivatives to manage duration, or interest rate risk.
Municipal bonds may be affected by political or economic conditions at the state, regional or federal level. Debt securities are subject to risks such as declining prices during periods of rising interest rates and credit risk, or the risk that an issuer not pay its debt. High yield securities are subject to increased credit risk as well as liquidity risk. Changes in federal income tax laws or rates may affect both the net asset value of the Fund and the taxable equivalent interest generated from securities in the fund. Some issues may be subject to state and local taxes and/or the federal and state alternative minimum tax (AMT). Consult a tax advisor for more information about your specific situation, including state/local tax treatment. The use of futures contracts involves additional risks such as a loss in value in the underlying instrument, which could decrease the Fund’s value. The London Interbank Offered Rate (LIBOR) is being phased out, which brings uncertainty to instruments tied to it. Markets may also be impacted by domestic or global events, including public health threats, terrorism, natural disasters or similar events. The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. In unusual circumstances, the Fund could experience a loss when selling portfolio securities to meet redemption requests for a variety of reasons. The Fund may engage in active and frequent trading of portfolio securities, which may result in higher transaction costs and higher taxes. These and other risks are described in the prospectus.
Who Should Consider Investing?
The Fund may be suitable for investors who:
- Seek income that is generally exempt from federal income taxes. The Fund may invest in municipal securities that are subject to state and local taxes and/or the alternative minimum tax (AMT). While the dividends earned on a municipal bond fund are usually federally tax-exempt, any capital gains distributions, as well as realized capital gains from selling fund shares, may be taxable.
- Have a medium- to long-term investment time horizon and a moderate risk tolerance.
- Are willing to accept lower long-term returns in order to have a low to moderate level of risk and volatility.
Fund Management
Our seasoned team of more than 125 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 80% have at least 10 years of experience, over 50% have more than 20 years of investment experience, and more than 80% have earned the Chartered Financial Analyst designation, an advanced degree, or both.
Fund Details
Looking at how this fund has performed over time, and comparing to appropriate benchmarks, can help you determine if it’s right for your needs.
Average Annualized Returns
Average Annualized Returns
These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Average Annualized Returns
These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Periods less than one year are not annualized.
| Thrivent High Income Municipal Bond Fund | Lipper High Yield Municipal Debt Funds Median 1 | Bloomberg Barclays High Yield Municipal Bond Index | ||
|---|---|---|---|---|
| 3 Month | -0.31% | -0.33% | 0.38% |   |
|
Lipper High Yield Municipal Debt Funds Median
1
-0.33%
Bloomberg Barclays High Yield Municipal Bond Index
0.38%
|
||||
| YTD | 5.25% | 4.40% | 6.53% | |
|
Lipper High Yield Municipal Debt Funds Median
1
4.40%
Bloomberg Barclays High Yield Municipal Bond Index
6.53%
|
||||
| 1 Year | 9.97% | 8.41% | 11.33% | |
|
Lipper High Yield Municipal Debt Funds Median
1
8.41%
Bloomberg Barclays High Yield Municipal Bond Index
11.33%
|
||||
| 3 Year | 6.31% | 5.83% | 7.44% | |
|
Lipper High Yield Municipal Debt Funds Median
1
5.83%
Bloomberg Barclays High Yield Municipal Bond Index
7.44%
|
||||
|
Since Inception
02/28/2018 |
5.89% | - | - | |
|
Lipper High Yield Municipal Debt Funds Median
1
-
Bloomberg Barclays High Yield Municipal Bond Index
-
|
||||
| Thrivent High Income Municipal Bond Fund | Lipper High Yield Municipal Debt Funds Median 1 | Bloomberg Barclays High Yield Municipal Bond Index | ||
|---|---|---|---|---|
| 3 Month | -0.31% | -0.33% | 0.38% | |
|
Lipper High Yield Municipal Debt Funds Median
1
-0.33%
Bloomberg Barclays High Yield Municipal Bond Index
0.38%
|
||||
| YTD | 5.25% | 4.40% | 6.53% | |
|
Lipper High Yield Municipal Debt Funds Median
1
4.40%
Bloomberg Barclays High Yield Municipal Bond Index
6.53%
|
||||
| 1 Year | 9.97% | 8.41% | 11.33% | |
|
Lipper High Yield Municipal Debt Funds Median
1
8.41%
Bloomberg Barclays High Yield Municipal Bond Index
11.33%
|
||||
| 3 Year | 6.31% | 5.83% | 7.44% | |
|
Lipper High Yield Municipal Debt Funds Median
1
5.83%
Bloomberg Barclays High Yield Municipal Bond Index
7.44%
|
||||
|
Since Inception
02/28/2018 |
5.89% | - | - | |
|
Lipper High Yield Municipal Debt Funds Median
1
-
Bloomberg Barclays High Yield Municipal Bond Index
-
|
||||
Expenses
Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Net Annual Fund Operating Expenses (if applicable)
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Net Annual Fund Operating Expenses (if applicable)
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Calendar Year Performance
Calendar Year Performance
How this fund has performed over each calendar year. The annual total returns are calculated on a calendar-year basis, and include both capital appreciation and dividends. Periods of less than one year are not shown.
Calendar Year Performance
How this fund has performed over each calendar year. The annual total returns are calculated on a calendar-year basis, and include both capital appreciation and dividends. Periods of less than one year are not shown.
(as of 09/30/2021)
| Thrivent High Income Municipal Bond Fund | Lipper High Yield Municipal Debt Funds Median 1 | Bloomberg Barclays High Yield Municipal Bond Index | ||
|---|---|---|---|---|
| 2020 | 3.17% | 3.73% | 4.89% | |
|
2020Lipper High Yield Municipal Debt Funds Median
3.73%
2020Bloomberg Barclays High Yield Municipal Bond Index
4.89%
|
||||
| 2019 | 10.14% | 9.12% | 10.68% | |
|
2019Lipper High Yield Municipal Debt Funds Median
9.12%
2019Bloomberg Barclays High Yield Municipal Bond Index
10.68%
|
||||
Performance shown assumes the reinvestment of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.
1 Source: Lipper. The Lipper median represents the median annualized total return for all reported funds in the classification. Lipper medians do not include sales charges/fees. If included, returns would have been lower.
Benchmarks
Indexes are unmanaged and do not reflect the fees and expenses associated with active management. Investments cannot be made directly into an index.
Bloomberg Barclays High Yield Municipal Bond Index is a market value-weighted index of composed of non-investment-grade or unrated bonds.
Information about the types of holdings in this mutual fund.
Holdings Breakdown
Total Number of Holdings
This is a tally of the number of different investment products that make up the fund’s portfolio.
Turnover Ratio (Last 12 Months)
This is the percentage of the fund’s holdings that have been traded out or replaced with other holdings over the year. The turnover ratio is calculated by dividing the lesser of long-term purchases or long-term sales by average long-term market value.
Total Number of Holdings
This is a tally of the number of different investment products that make up the fund’s portfolio.
Turnover Ratio (Last 12 Months)
This is the percentage of the fund’s holdings that have been traded out or replaced with other holdings over the year. The turnover ratio is calculated by dividing the lesser of long-term purchases or long-term sales by average long-term market value.
(as of 09/30/2021)
Top 10 States
This is the Fund’s top 10 state holdings by percentage of the total assets. (updated monthly with 30 day lag)
This is the Fund’s top 10 state holdings by percentage of the total assets. (updated monthly with 30 day lag)
(as of 08/31/2021)
-
New York 7.76%
-
Texas 7.01%
-
Illinois 6.64%
-
Colorado 5.30%
-
Florida 5.20%
-
Michigan 4.85%
-
Utah 4.57%
-
California 4.45%
-
Minnesota 4.37%
-
Arizona 4.35%
Fund Diversification
This is the mix of areas in the market in which the fund contains holdings. (updated quarterly)
This is the mix of areas in the market in which the fund contains holdings. (updated quarterly)
(as of 09/30/2021)
-
Health Care 21.55%
-
Education 19.17%
-
Transportation 17.18%
-
Special Tax Revenue 12.15%
-
Industrial Revenue 11.11%
-
Local/State Government 4.96%
-
Tobacco Settlement 4.05%
-
Utilities 2.73%
-
Cash 2.66%
-
Housing 2.4%
-
Miscellaneous 2.04%
Credit Quality Rating Distribution
These bond ratings represent the higher of those assigned by Fitch Ratings, Inc., Moody’s Investor Services, Inc. or Standard & Poor’s® Financial Services, LLC (S&P). Investments in derivatives and short-term investments aren't included.
High Quality (HQ) Bonds
These bonds are also called Investment Grade bonds. They’re considered low risk due to the bond issuer’s ability to pay the bond’s interest and principal without defaulting.
High Yield (HY) Bonds
These bonds are considered a higher risk than high quality bonds, but also pay a higher yield.
Non-Rated (NR) Bonds
These bonds are non-rated because the bond issuers don’t have a credit rating with either Moody’s or S&P.
HQ/HY/NR Bonds
Exchange Traded Funds (ETFs) and closed-end funds ratings aren’t currently being provided.
These bond ratings represent the higher of those assigned by Fitch Ratings, Inc., Moody’s Investor Services, Inc. or Standard & Poor’s® Financial Services, LLC (S&P). Investments in derivatives and short-term investments aren't included.
High Quality (HQ) Bonds
These bonds are also called Investment Grade bonds. They’re considered low risk due to the bond issuer’s ability to pay the bond’s interest and principal without defaulting.
High Yield (HY) Bonds
These bonds are considered a higher risk than high quality bonds, but also pay a higher yield.
Non-Rated (NR) Bonds
These bonds are non-rated because the bond issuers don’t have a credit rating with either Moody’s or S&P.
HQ/HY/NR Bonds
Exchange Traded Funds (ETFs) and closed-end funds ratings aren’t currently being provided.
(as of 09/30/2021)
High Quality (HQ) Bonds
| Cash | 1.3% |
| U.S. Government Guaranteed | 0.0% |
| AAA | 0.0% |
| AA | 7.9% |
| A | 20.9% |
| BBB | 35.4% |
High Yield (HY) Bonds
| BB | 11.8% |
| B | 0.9% |
| CCC | 0.0% |
| CC | 0.0% |
| C | 0.0% |
| D | 0.0% |
Non-Rated (NR) Bonds
| Non-Rated | 21.9% |
May be HQ/HY/NR Bonds
| ETFs/Closed-End Funds | 0.0% |
Related Documents
Schedule of Investments
Annual Proxy Voting
2 Turnover Ratio: 12-month rolling as of 08/31/2021. A measure of the Fund's trading activity which is calculated by dividing the lesser of long term purchases.
Due to rounding, some values may not total 100%.
When you invest in a mutual fund, you take on the risk of losing some or all of your investment. Generally, funds with higher potential returns also have a greater possibility of loss. More conservative or lower risk funds have lower potential returns, but losses tend to be more modest and less frequent than those of more aggressive investments.
Volatility Measures
(as of 09/30/2021)
When it comes to choosing a fund with the right level of risk and reward, each investor must decide what is right for them. These measurements can help.
Depending on the fund inception date, some data may not be available.
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Standard Deviation
|
Average Annualized Returns
|
||
|---|---|---|---|
| Thrivent High Income Municipal Bond Fund | 8.69 | 6.31 | |
|
Thrivent High Income Municipal Bond Fund Average Annualized Returns
6.31
|
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Standard Deviation
|
Average Annualized Returns
|
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|---|---|---|---|
| Thrivent High Income Municipal Bond Fund | – | – | |
|
Thrivent High Income Municipal Bond Fund Average Annualized Returns
–
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|
Standard Deviation
|
Average Annualized Returns
|
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|---|---|---|---|
| Thrivent High Income Municipal Bond Fund | – | – | |
|
Thrivent High Income Municipal Bond Fund Average Annualized Returns
–
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Making Sense of the Numbers
Standard Deviation
Measures risk by showing how much a fund fluctuates relative to its average return over a period of time.
Annualized Return
These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Benchmarks
Indexes are unmanaged and do not reflect the fees and expenses associated with active management. Investments cannot be made directly into an index.
The Bloomberg Barclays U.S. Aggregate Bond Index is an index that measures the performance of U.S. investment grade bonds.
A fund's yield is the income return on an investment based on the distributions paid and the net asset value of the fund. Yields are only shown for funds which have a monthly or quarterly dividend schedule.
Yields
12 Month Distribution
The sum of a Fund’s total trailing dividend distributions for the last 12 months, divided by its net asset value or share price at the end of the period.
30 Day SEC
A standardized yield calculation developed by the Securities and Exchange Commission (SEC). It captures the net investment income earned by a fund over a 30-day period, after the deduction of the Fund’s expenses. It’s an annualized percentage, based on the Fund's share price on the last day of the period. Since share prices and yields are subject to fluctuation, current yields should not be considered an indication of future results.
30 Day SEC Pre-Waiver (if applicable)
This yield calculation is similar to the 30-Day SEC yield, but shows what the Fund’s yield would be without any fee waivers or expense reimbursements.
Monthly Distribution
The sum of a Fund’s total trailing dividend distributions for the most recent month, divided by its net asset value or share price at the end of the period, annualized.
12 Month Distribution
The sum of a Fund’s total trailing dividend distributions for the last 12 months, divided by its net asset value or share price at the end of the period.
30 Day SEC
A standardized yield calculation developed by the Securities and Exchange Commission (SEC). It captures the net investment income earned by a fund over a 30-day period, after the deduction of the Fund’s expenses. It’s an annualized percentage, based on the Fund's share price on the last day of the period. Since share prices and yields are subject to fluctuation, current yields should not be considered an indication of future results.
30 Day SEC Pre-Waiver (if applicable)
This yield calculation is similar to the 30-Day SEC yield, but shows what the Fund’s yield would be without any fee waivers or expense reimbursements.
Monthly Distribution
The sum of a Fund’s total trailing dividend distributions for the most recent month, divided by its net asset value or share price at the end of the period, annualized.
(for periods ending as of 09/30/2021)
Taxable-Equivalent Yield
Federal Tax Bracket
The rate in which income is taxed at the federal level. The lower the income, the lower the tax bracket. The higher the income, the higher the tax bracket.
Taxable-Equivalent 12 Month
The taxable-equivalent 12-month yield is calculated by taking the 12-month yield and dividing it by the difference of the tax rate subtracted from 1.
Taxable-Equivalent 30 Day SEC
The taxable-equivalent 30-day SEC yield is calculated by taking the SEC yield and dividing it by the difference of the tax rate subtracted from 1.
Taxable-Equivalent 30 Day Distribution
The taxable-equivalent 30-day distribution yield is calculated by taking the 30-day distribution and dividing it by the difference of the tax rate subtracted from 1.
Federal Tax Bracket
The rate in which income is taxed at the federal level. The lower the income, the lower the tax bracket. The higher the income, the higher the tax bracket.
Taxable-Equivalent 12 Month
The taxable-equivalent 12-month yield is calculated by taking the 12-month yield and dividing it by the difference of the tax rate subtracted from 1.
Taxable-Equivalent 30 Day SEC
The taxable-equivalent 30-day SEC yield is calculated by taking the SEC yield and dividing it by the difference of the tax rate subtracted from 1.
Taxable-Equivalent 30 Day Distribution
The taxable-equivalent 30-day distribution yield is calculated by taking the 30-day distribution and dividing it by the difference of the tax rate subtracted from 1.
(as of 09/30/2021)
The yield an investor would need to earn on a taxable bond in order for its yield to be equivalent to a tax free investment.
| Federal Tax Bracket | Taxable-Equivalent 12-Month | Taxable-Equivalent 30 Day SEC | Taxable-Equivalent 30 Day Distribution | |
|---|---|---|---|---|
| 12.0% | 3.28% | 1.68% | 2.63% | |
|
12.0% Taxable-Equivalent 30 Day SEC
1.68%
12.0% Taxable-Equivalent 30 Day Distribution
2.63%
|
||||
| 22.0% | 3.71% | 1.90% | 2.96% | |
|
22.0% Taxable-Equivalent 30 Day SEC
1.90%
22.0% Taxable-Equivalent 30 Day Distribution
2.96%
|
||||
| 24.0% | 3.80% | 1.95% | 3.04% | |
|
24.0% Taxable-Equivalent 30 Day SEC
1.95%
24.0% Taxable-Equivalent 30 Day Distribution
3.04%
|
||||
| 32% | 4.25% | 2.18% | 3.40% | |
|
32% Taxable-Equivalent 30 Day SEC
2.18%
32% Taxable-Equivalent 30 Day Distribution
3.40%
|
||||
| 38.8% | 4.72% | 2.42% | 3.77% | |
|
38.8% Taxable-Equivalent 30 Day SEC
2.42%
38.8% Taxable-Equivalent 30 Day Distribution
3.77%
|
||||
| 40.8% | 4.88% | 2.50% | 3.90% | |
|
40.8% Taxable-Equivalent 30 Day SEC
2.50%
40.8% Taxable-Equivalent 30 Day Distribution
3.90%
|
||||
Dividend Distributions & Price History
(as of 09/30/2021)
Trailing 12-Months; Dividend Schedule: Declared Daily, Paid Monthly
| Dividends | Month End NAV | ||
|---|---|---|---|
| September 2021 | $0.0209 | $11.01 | |
|
|
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| $0.3181 (Total) | |||
| August 2021 | $0.0225 | $11.15 | |
|
|
|||
| $0.3181 (Total) | |||
| July 2021 | $0.0230 | $11.22 | |
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|
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| $0.3181 (Total) | |||
| June 2021 | $0.0307 | $11.11 | |
|
|
|||
| $0.3181 (Total) | |||
| May 2021 | $0.0320 | $11.02 | |
|
|
|||
| $0.3181 (Total) | |||
| April 2021 | $0.0321 | $10.87 | |
|
|
|||
| $0.3181 (Total) | |||
| March 2021 | $0.0271 | $10.74 | |
|
|
|||
| $0.3181 (Total) | |||
| February 2021 | $0.0234 | $10.68 | |
|
|
|||
| $0.3181 (Total) | |||
| January 2021 | $0.0256 | $10.87 | |
|
|
|||
| $0.3181 (Total) | |||
| December 2020 | $0.0273 | $10.69 | |
|
|
|||
| $0.3181 (Total) | |||
| November 2020 | $0.0273 | $10.53 | |
|
|
|||
| $0.3181 (Total) | |||
| October 2020 | $0.0262 | $10.29 | |
|
|
|||
| $0.3181 (Total) | |||
Capital Gains - Trailing 12 Months
A capital gain is a profit that a mutual fund realizes by selling securities for a price higher than at which they were purchased.
Short-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for one year or less.
Long-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for more than one year.
A capital gain is a profit that a mutual fund realizes by selling securities for a price higher than at which they were purchased.
Short-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for one year or less.
Long-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for more than one year.
(as of 09/30/2021)
| Record Date | Short Term Capital Gains | Long Term Capital Gains | Total |
|---|---|---|---|
| - | - | - | - |
|
Record Date
-
Short Term Capital Gains
-
Long Term Capital Gains
-
Total
-
|
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Morningstar Information
Overall Rating
Morningstar ratings show the weighted average of a fund's performance associated with its three, five, and ten year (if applicable) Morningstar Rating metrics.
Morningstar ratings show the weighted average of a fund's performance associated with its three, five, and ten year (if applicable) Morningstar Rating metrics.
3 Year Rating
Risk vs. Category
An assessment of the variations in a fund's monthly returns in comparison to similar funds, with an emphasis on downward variation. The greater the variation, the larger the risk score. If two funds have the exact same return, the one with greater variations in its return is given the larger risk score. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
An assessment of the variations in a fund's monthly returns in comparison to similar funds, with an emphasis on downward variation. The greater the variation, the larger the risk score. If two funds have the exact same return, the one with greater variations in its return is given the larger risk score. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
Return vs. Category
Morningstar return is an assessment of the fund's excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, with an emphasis on downward variation. Therefore, if two funds have precisely the same return, the one with greater variations in its return is given the lower return score. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
Morningstar return is an assessment of the fund's excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, with an emphasis on downward variation. Therefore, if two funds have precisely the same return, the one with greater variations in its return is given the lower return score. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
A high rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Morningstar rating is for the S share class only; other classes may have different performance characteristics. Please see the Performance tab for results as of the most recent month and quarter end.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
© 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
It’s important to understand investing costs because they can impact your net return. Here is a breakdown of applicable sales charges and annual operating expenses associated with this mutual fund. Other fees may apply for certain services or account types and are redeemed directly from your account. Examples include overnight delivery or wire fees and annual custodial fees on IRAs.
Annual Fund Operating Expenses
Management Fees and Other Expenses
This figure represents the total percentage of a mutual fund's assets paid to the investment adviser for portfolio management and investment services (the "management fee"), "Acquired Fund Fees and Expenses" (if the Fund invests in other mutual funds or investments with management fees), plus "Other Expenses" such as custodial, transfer agency, legal, accounting and administrative fees that are required to operate the fund. For more information, please see the prospectus or Statement of Additional Information.
Distribution/12b-1 Fee (May not apply. See prospectus for more details)
This is an annual marketing or distribution fee on a mutual fund. This is an operational expense, so it’s included in a fund's expense ratio.
Total Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Less Waiver (May not apply. See prospectus for more details)
Certain funds may be subject to an expense waiver, or the amount the fund's Adviser waives or assumes to keep the fund's expenses low.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Management Fees and Other Expenses
This figure represents the total percentage of a mutual fund's assets paid to the investment adviser for portfolio management and investment services (the "management fee"), "Acquired Fund Fees and Expenses" (if the Fund invests in other mutual funds or investments with management fees), plus "Other Expenses" such as custodial, transfer agency, legal, accounting and administrative fees that are required to operate the fund. For more information, please see the prospectus or Statement of Additional Information.
Distribution/12b-1 Fee (May not apply. See prospectus for more details)
This is an annual marketing or distribution fee on a mutual fund. This is an operational expense, so it’s included in a fund's expense ratio.
Total Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Less Waiver (May not apply. See prospectus for more details)
Certain funds may be subject to an expense waiver, or the amount the fund's Adviser waives or assumes to keep the fund's expenses low.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
| Management Fees and Other Expenses | 1.62% |
| Distribution/12b-1 Fee | None |
| Total Annual Fund Operating Expenses | 1.62% |
| Less Waiver3 | (1.02%) |
| Net Annual Fund Operating Expenses | 0.60% |
Other Fund Fees
Redemption Fee
A fee charged for withdrawing money from a mutual fund. These fees are usually used to discourage shareholders from making too many sales in a short period of time.
Transaction Fee
A fee charged by a broker or other intermediary for assistance in purchasing or selling shares of a fund.
Low Balance Fee
A fee charged to offset expenses incurred when maintaining low balance accounts.
Redemption Fee
A fee charged for withdrawing money from a mutual fund. These fees are usually used to discourage shareholders from making too many sales in a short period of time.
Transaction Fee
A fee charged by a broker or other intermediary for assistance in purchasing or selling shares of a fund.
Low Balance Fee
A fee charged to offset expenses incurred when maintaining low balance accounts.
| Redemption Fee | None |
| Transaction Fee | None |
| Low Balance Fee4 | $10 semiannually |
Sales Charge
Front-End Sales Charge
The sales charge applied at the time of an initial purchase of mutual fund shares. The charge is deducted from the amount being invested, so a front-end load lowers the size of the investment.
Back-End Sales Charge
The fee paid when selling shares in a mutual fund within a set number of years, often five to 10 years. The fee amounts to a percentage of the value of the share being sold. The fee percentage is highest in the first year and decreases yearly until the specified holding period ends, at which time it drops to zero.
Front-End Sales Charge
The sales charge applied at the time of an initial purchase of mutual fund shares. The charge is deducted from the amount being invested, so a front-end load lowers the size of the investment.
Back-End Sales Charge
The fee paid when selling shares in a mutual fund within a set number of years, often five to 10 years. The fee amounts to a percentage of the value of the share being sold. The fee percentage is highest in the first year and decreases yearly until the specified holding period ends, at which time it drops to zero.
| Front-End Sales Charge | None |
| Back-End Sales Charge | None |
Minimum Investment
Initial Minimum Investments
The minimum amount of money needed to first invest in a mutual fund.
Additional Purchases Amount
After the initial minimum investment has been made, ongoing purchases of shares can happen at a much lower amount.
Recurring Investments
This indicates the smallest amount with which you may enter a fund’s automatic recurring plan. You can arrange for the fund to receive money from your checking account on a monthly, quarterly, semiannual, or annual basis.
Initial Minimum Investments
The minimum amount of money needed to first invest in a mutual fund.
Additional Purchases Amount
After the initial minimum investment has been made, ongoing purchases of shares can happen at a much lower amount.
Recurring Investments
This indicates the smallest amount with which you may enter a fund’s automatic recurring plan. You can arrange for the fund to receive money from your checking account on a monthly, quarterly, semiannual, or annual basis.
| Initial for non-retirement accounts | $2,000 |
| Initial for retirement or tax deferred accounts | $1,000 |
| Additional Purchases | $50 |
3 The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.
4 Due to the high cost to shareholders of maintaining accounts with low balances, the transfer agent may, by redeeming shares, charge a semiannual fee of $10 if the value of shares in the account falls to an amount below the fund minimum. See the Prospectus for more details.
Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.