Limited Term Municipal Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 9/28/1984) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTMFX with sales charge-2.55%1.46%2.14%1.30%2.09%4.52%
LTMFX without sales charge-0.29%3.02%2.66%1.60%2.24%4.56%
A Shares (Incep. 9/28/1984) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTMFX with sales charge-2.55%1.46%2.14%1.30%2.09%4.52%
LTMFX without sales charge-0.29%3.02%2.66%1.60%2.24%4.56%
A Shares without sales charge
(Incep. 9/28/1984)
ICE BofA 1-10 Yr US Muni
1985 13.07% ---
1986 11.09% ---
1987 4.15% ---
1988 7.89% ---
1989 7.79% ---
1990 6.48% ---
1991 8.61% ---
1992 7.74% ---
1993 8.81% ---
1994 -1.48% ---
1995 9.97% ---
1996 3.97% ---
1997 5.47% 7.01%
1998 4.80% 5.99%
1999 0.34% 0.15%
2000 6.81% 8.89%
2001 4.82% 5.34%
2002 7.40% 10.11%
2003 3.25% 4.47%
2004 1.69% 3.20%
2005 1.25% 1.64%
2006 3.01% 3.63%
2007 3.91% 5.05%
2008 1.00% 5.08%
2009 8.85% 6.67%
2010 3.00% 2.96%
2011 6.70% 6.80%
2012 3.07% 2.98%
2013 -0.19% 0.17%
2014 2.99% 3.58%
2015 1.50% 2.12%
2016 -0.69% -0.05%
2017 2.29% 2.83%
2018 0.88% 1.69%
2019 3.81% 5.28%
2020 2.96% 3.81%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.69%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.69%

Morningstar Rating

Overall Morningstar Rating among 200 Muni National Short funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 200, 178 and 137 funds, as of 12/31/2020.

30-Day Yields With Sales Charge as of — Class A Shares

Annualized Distribution Yield 1.50%
SEC Yield -0.14%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 1.50%, and the SEC yield would have been -0.14%. Unsubsidized yields may appear disproportionate due to the size of net assets and fixed expenses.

Dividends and Capital Gains — Class A Shares

Dividend (paid Mar 31, 2021) $0.01493
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of

A Shares with sales charge
50214.43850000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class A Shares

14.55000000

Additional Rating and Ranking Information

Average Annual Total Returns

C Shares (Incep. 9/1/1994) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTMCX with sales charge-0.86%2.16%2.38%1.34%1.98%3.08%
LTMCX without sales charge-0.36%2.66%2.38%1.34%1.98%3.08%
C Shares (Incep. 9/1/1994) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTMCX with sales charge-0.86%2.16%2.38%1.34%1.98%3.08%
LTMCX without sales charge-0.36%2.66%2.38%1.34%1.98%3.08%
C Shares without sales charge
(Incep. 9/1/1994)
ICE BofA 1-10 Yr US Muni
1995 9.42% ---
1996 3.47% ---
1997 5.04% 7.01%
1998 4.36% 5.99%
1999 0.00% 0.15%
2000 6.29% 8.89%
2001 4.48% 5.34%
2002 7.07% 10.11%
2003 2.96% 4.47%
2004 1.41% 3.20%
2005 0.90% 1.64%
2006 2.81% 3.63%
2007 3.63% 5.05%
2008 0.65% 5.08%
2009 8.62% 6.67%
2010 2.72% 2.96%
2011 6.41% 6.80%
2012 2.79% 2.98%
2013 -0.45% 0.17%
2014 2.74% 3.58%
2015 1.27% 2.12%
2016 -0.92% -0.05%
2017 2.04% 2.83%
2018 0.57% 1.69%
2019 3.62% 5.28%
2020 2.62% 3.81%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.94%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.98%

Morningstar Rating

Overall Morningstar Rating among 200 Muni National Short funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 200, 178 and 137 funds, as of 12/31/2020.

30-Day Yields as of — Class C Shares

Annualized Distribution Yield 1.24%
SEC Yield -0.44%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 1.24%, and the SEC yield would have been -0.44%. Unsubsidized yields may appear disproportionate due to the size of net assets and fixed expenses.

Dividends and Capital Gains — Class C Shares

Dividend (paid Mar 31, 2021) $0.01121
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of

C Shares
22378.48580000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class C Shares

14.58000000

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 7/5/1996) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTMIX-0.23%3.17%2.88%1.87%2.55%3.64%
I Shares (Incep. 7/5/1996) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTMIX-0.23%3.17%2.88%1.87%2.55%3.64%
I Shares (Incep. 7/5/1996) ICE BofA 1-10 Yr US Muni
1997 5.86% 7.01%
1998 5.18% 5.99%
1999 0.77% 0.15%
2000 7.13% 8.89%
2001 5.22% 5.34%
2002 7.85% 10.11%
2003 3.53% 4.47%
2004 2.10% 3.20%
2005 1.52% 1.64%
2006 3.43% 3.63%
2007 4.19% 5.05%
2008 1.34% 5.08%
2009 9.28% 6.67%
2010 3.27% 2.96%
2011 7.06% 6.80%
2012 3.41% 2.98%
2013 0.15% 0.17%
2014 3.33% 3.58%
2015 1.89% 2.12%
2016 -0.45% -0.05%
2017 2.61% 2.83%
2018 1.14% 1.69%
2019 4.06% 5.28%
2020 3.20% 3.81%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.46%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.46%

Morningstar Rating

Overall Morningstar Rating among 200 Muni National Short funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 200, 178 and 137 funds, as of 12/31/2020.

30-Day Yields as of — Class I Shares

Annualized Distribution Yield 1.76%
SEC Yield 0.08%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 1.76%, and the SEC yield would have been 0.08%.

Dividends and Capital Gains — Class I Shares

Dividend (paid Mar 31, 2021) $0.01772
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of

I Shares
24201.73570000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class I Shares

14.56000000

Additional Rating and Ranking Information

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2020 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.

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers.

Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers.

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class.

The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. From Refinitiv Lipper Awards, © 2020 Refinitiv. All rights reserved.

Important Information