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New Jersey Tax Free Fund

Summary

Summary

What is the New Jersey Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal and state taxation by investing primarily in New Jersey municipal bonds.

Yield

Dividend Yield 1 as of 05/22/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.69% 2.63%
w/ sales charge 2.63% 2.57%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.01% 1.97%

Fund Basicsas of 04/30/2019

Total Net Assets
$108.24 M
Inception Date
01/02/1991
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
189
Minimum Initial Investment
$1,000+

Expense Ratioas of 04/30/2019

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/02/1991
w/o sales charge 3.59% 6.58% 3.08% 4.01% 5.16% 5.03%
Lipper Category Avg. New Jersey Municipal Debt Funds 3.30% 5.98% 2.59% 3.36% 4.49% -
Bloomberg Barclays Municipal Bond Index 3.28% 6.16% 2.59% 3.56% 4.55% -
w/ sales charge 1.33% 4.23% 2.27% 3.55% 4.92% 4.95%

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/02/1991
w/o sales charge 3.16% 5.95% 3.30% 4.20% 5.52% 5.03%
Lipper Category Avg. New Jersey Municipal Debt Funds 2.81% 5.29% 2.69% 3.52% 4.72% -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% 4.72% -
w/ sales charge 0.90% 3.62% 2.55% 3.73% 5.27% 4.95%

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

RELATED CONTENT

Sector Assets
Transportation
Lease
IDR/PCR
Healthcare/Hospital
Education
Special Tax
Water & Sewer
GO Local
Pre-Refunded
Insured
Housing
Power
GO State
VRDN
Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

Credit Quality Distribution as of 04/30/2019 View Portfolio

Rating Assets
A-1/MIG1
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Philip B. Herman
Philip B. Herman

Partner, Portfolio Manager

20 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 05/22/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.69% 2.63%
w/ sales charge 2.63% 2.57%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.01% 1.97%

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/02/1991
w/o sales charge 3.59% 6.58% 3.08% 4.01% 5.16% 5.03%
Lipper Category Avg. New Jersey Municipal Debt Funds 3.30% 5.98% 2.59% 3.36% 4.49% -
Bloomberg Barclays Municipal Bond Index 3.28% 6.16% 2.59% 3.56% 4.55% -
w/ sales charge 1.33% 4.23% 2.27% 3.55% 4.92% 4.95%

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/02/1991
w/o sales charge 3.16% 5.95% 3.30% 4.20% 5.52% 5.03%
Lipper Category Avg. New Jersey Municipal Debt Funds 2.81% 5.29% 2.69% 3.52% 4.72% -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% 4.72% -
w/ sales charge 0.90% 3.62% 2.55% 3.73% 5.27% 4.95%

Fund Expense Ratio :

Gross 0.88%

Net 0.82%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 1.77% 1.28%
2017 6.05% 5.45%
2016 1.05% 0.25%
2015 2.19% 3.30%
2014 12.07% 9.05%
2013 -5.99% -2.55%
2012 10.73% 6.78%
2011 10.42% 10.70%
2010 1.04% 2.38%
2009 22.23% 12.91%
2008 -15.02% -
2007 -0.55% -
2006 4.11% -
2005 3.65% -
2004 3.77% -
2003 3.35% -
2002 7.62% -
2001 4.74% -
2000 12.49% -
1999 -5.63% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.16% - - - 4.78%
2018 -0.91% 1.31% 0.28% 1.10% 1.77%
2017 1.41% 1.98% 1.45% 1.08% 6.05%
2016 2.06% 3.81% 0.14% -4.76% 1.05%
2015 0.84% -2.18% 1.28% 2.29% 2.19%
2014 4.86% 2.78% 2.11% 1.84% 12.07%
2013 0.25% -4.34% -1.81% -0.16% -5.99%
2012 3.97% 2.20% 3.13% 1.05% 10.73%
2011 -0.81% 5.26% 3.09% 2.58% 10.42%
2010 1.80% 1.36% 4.11% -5.95% 1.04%
2009 6.87% 6.14% 9.08% -1.21% 22.23%
2008 -1.96% 0.91% -6.06% -8.57% -15.02%
2007 0.62% -0.55% -0.31% -0.31% -0.55%
2006 0.24% -0.19% 3.01% 1.02% 4.11%
2005 0.41% 3.14% -0.34% 0.43% 3.65%
2004 1.81% -2.64% 3.46% 1.18% 3.77%
2003 0.73% 2.40% -1.09% 1.29% 3.35%
2002 0.57% 3.16% 4.45% -0.71% 7.62%
2001 1.68% 0.80% 2.57% -0.39% 4.74%
2000 3.47% 1.37% 2.11% 5.02% 12.49%
1999 0.66% -2.90% -1.79% -1.65% -5.63%
1998 1.40% 1.78% 2.89% 0.30% 6.50%
1997 -0.44% 3.11% 3.03% 2.96% 8.92%
1996 -1.56% 1.11% 2.15% 2.35% 4.08%
1995 7.38% 2.21% 2.21% 4.51% 17.23%
1994 -5.69% 0.49% 0.33% -1.98% -6.77%
1993 5.81% 3.31% 3.46% 1.10% 14.29%
1992 0.27% 4.23% 2.50% 1.92% 9.17%
1991 - 2.20% 4.72% 3.18% 13.52%

Growth of $10,000 as of 03/31/2019

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
Lease
IDR/PCR
Healthcare/Hospital
Education
Special Tax
Water & Sewer
GO Local
Pre-Refunded
Insured
Housing
Power
GO State
VRDN
Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

Credit Quality Distribution as of 04/30/2019

Rating Assets
A-1/MIG1
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 03/31/2019

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 7-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The portfolio is overweight the lower tiers of the investment grade range, relative to its benchmark, due to relatively attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the transportation, health care, government lease, and industrial development sectors. 

Portfolio Details as of 04/30/2019

Total Net Assets
$108.24 M
Number of Issues
189
Average Coupon
4.9%
Average Effective Maturity
15.0 Years
Average Effective Duration
6.18 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/22/2019
$0.046
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.01145 $5.06
Daily Daily 03/31/2019 $0.01122 $5.05
Daily Daily 02/28/2019 $0.01257 $4.97
Daily Daily 01/31/2019 $0.01126 $4.95

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/10/1998 12/18/1998 - - $0.1100 $5.42

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/19/2019 12/20/2019

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/22/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $5.23
$100,000 to $249,999 1.75% 1.50% $5.20
$250,000 to $499,999 1.25% 1.00% $5.17
$500,000 to $999,999 0.00% 1.00% $5.11
$1,000,000 to $5,000,000 0.00% 1.00% $5.11

Expense Ratioas of 04/30/2019

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

The Bloomberg Barclays Municipal Bond Index a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.  Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies.  They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

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