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California Tax Free Fund

Summary

Summary

What is the California Tax Free Fund?

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

Yield

Dividend Yield 1 as of 05/24/2019  

w/o sales charge 3.18%

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

2.31%

Fund Basicsas of 04/30/2019

Total Net Assets
$341.50 M
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.56%
Number of Holdings
253

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 4.22% 6.25% 3.03% 4.56% - 6.13%
Lipper Category Avg. California Municipal Debt Funds 3.41% 5.41% 2.31% 3.83% - -
Bloomberg Barclays Municipal Bond Index 3.28% 6.16% 2.59% 3.56% - -

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 3.38% 5.00% 3.06% 4.68% - 6.09%
Lipper Category Avg. California Municipal Debt Funds 2.88% 4.54% 2.42% 4.01% - -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% - -

Fund Expense Ratio :

0.56%

RELATED CONTENT

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
Education
GO State
Special Tax
Insured
Water & Sewer
Lease
Housing
Pre-Refunded
Power
VRDN
Other
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

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

Supported By 15 Investment Professionals with 13 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 05/24/2019  

w/o sales charge 3.18%

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

  Subsidized3 Un-Subsidized4
w/o sales charge 2.31% 2.31%

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 4.22% 6.25% 3.03% 4.56% - 6.13%
Lipper Category Avg. California Municipal Debt Funds 3.41% 5.41% 2.31% 3.83% - -
Bloomberg Barclays Municipal Bond Index 3.28% 6.16% 2.59% 3.56% - -

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 3.38% 5.00% 3.06% 4.68% - 6.09%
Lipper Category Avg. California Municipal Debt Funds 2.88% 4.54% 2.42% 4.01% - -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% - -

Fund Expense Ratio :

0.56%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 0.72% 1.28%
2017 6.95% 5.45%
2016 0.37% 0.25%
2015 3.87% 3.30%
2014 13.37% 9.05%
2013 -3.60% -2.55%
2012 12.05% 6.78%
2011 13.94% 10.70%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.38% - - - 5.50%
2018 -0.83% 1.19% -0.29% 0.66% 0.72%
2017 2.01% 2.43% 0.98% 1.36% 6.95%
2016 2.10% 3.68% 0.02% -5.21% 0.37%
2015 1.26% -1.29% 1.76% 2.13% 3.87%
2014 4.72% 3.68% 2.45% 1.93% 13.37%
2013 0.63% -3.85% -0.77% 0.41% -3.60%
2012 4.55% 1.84% 3.49% 1.69% 12.05%
2011 - 5.44% 3.69% 2.73% 13.94%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
Education
GO State
Special Tax
Insured
Water & Sewer
Lease
Housing
Pre-Refunded
Power
VRDN
Other
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
By State Assets
CA
Puerto Rico
Other U.S. Territories

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 12-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The portfolio is overweight the lower tiers of the investment grade range due to the incremental yield advantage and solid credit fundamentals.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the transportation, health care, and industrial development sectors, given the dedicated income stream and favorable return prospects. 

Portfolio Details as of 04/30/2019

Total Net Assets
$341.50 M
Number of Issues
253
Average Coupon
4.8%
Average Effective Maturity
20.8 Years
Average Effective Duration
7.31 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/24/2019
$0.120
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.02963 $11.06
Daily Daily 03/31/2019 $0.03003 $11.00
Daily Daily 02/28/2019 $0.03172 $10.81
Daily Daily 01/31/2019 $0.02952 $10.77

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2019

0.56%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
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 F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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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