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National Tax Free Fund

Summary

Summary

What is the National Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in investment grade municipal bonds with select exposure to lower-rated municipal bonds.

 

Yield

Dividend Yield 1 as of 02/25/2020  

w/o sales charge 2.87%

30-Day Standardized Yield 2 as of 01/31/2020  

1.71%

Fund Basicsas of 01/31/2020

Total Net Assets
$3.38 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.67%
Fund Net Expense Ratio
0.65%
Number of Holdings
806

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 2.20% 11.07% 6.24% 4.23% 5.54% 4.91%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.85% 8.92% 5.01% 3.35% 4.40% -
Bloomberg Barclays Municipal Bond Index 1.80% 8.65% 5.12% 3.53% 4.47% 4.58%

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 9.39% 9.39% 5.76% 4.20% 5.38% 4.76%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.61% 7.61% 4.52% 3.31% 4.27% -
Bloomberg Barclays Municipal Bond Index 7.54% 7.54% 4.72% 3.53% 4.34% 4.46%

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

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Sector Assets
Transportation
Healthcare/Hospital
IDR/PCR
Lease
GO Local
Special Tax
GO State
Education
Housing
Water & Sewer
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 01/31/2020 View Portfolio

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 02/25/2020  

w/o sales charge 2.87%

30-Day Standardized Yield 2 as of 01/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.71% 1.71%

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 2.20% 11.07% 6.24% 4.23% 5.54% 4.91%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.85% 8.92% 5.01% 3.35% 4.40% -
Bloomberg Barclays Municipal Bond Index 1.80% 8.65% 5.12% 3.53% 4.47% 4.58%

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 9.39% 9.39% 5.76% 4.20% 5.38% 4.76%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.61% 7.61% 4.52% 3.31% 4.27% -
Bloomberg Barclays Municipal Bond Index 7.54% 7.54% 4.72% 3.53% 4.34% 4.46%

Fund Expense Ratio :

Gross 0.67%

Net 0.65%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2019 9.39% 7.54%
2018 0.91% 1.28%
2017 7.18% 5.45%
2016 0.36% 0.25%
2015 3.47% 3.30%
2014 12.94% 9.05%
2013 -6.03% -2.55%
2012 13.87% 6.78%
2011 11.19% 10.70%
2010 2.28% 2.38%
2009 24.77% -
2008 -15.25% -
2007 -1.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 3.86%
2019 3.49% 2.85% 2.07% 0.67% 9.39%
2018 -1.10% 1.29% -0.32% 1.06% 0.91%
2017 1.89% 2.13% 1.70% 1.27% 7.18%
2016 2.07% 3.53% -0.02% -5.01% 0.36%
2015 1.26% -1.20% 1.38% 2.01% 3.47%
2014 4.75% 3.62% 2.21% 1.80% 12.94%
2013 0.61% -4.71% -2.00% 0.03% -6.03%
2012 4.79% 2.77% 3.81% 1.85% 13.87%
2011 -0.08% 5.06% 3.44% 2.40% 11.19%
2010 2.27% 1.59% 4.54% -5.84% 2.28%
2009 7.37% 5.79% 11.06% -1.10% 24.77%
2008 -1.88% 0.47% -6.06% -8.49% -15.25%
2007 - - - -1.00% -1.00%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
Healthcare/Hospital
IDR/PCR
Lease
GO Local
Special Tax
GO State
Education
Housing
Water & Sewer
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
State Assets
CA
IL
NY
PA
NJ
TX
FL
CT
OH
MD
MA
AZ
NC
GA
AL
MI
HI
KY
Puerto Rico
NE
CO
VA
MN
LA
IN
MO
NV
SC
DIST. OF COLUMBIA
WI
NH
OK
TN
ME
WY
OR
WA
MT
DE
WV
AR
OT
IA
VT
DC
ND
NM
KS

Credit Quality Distribution as of 01/31/2020

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2019

  • 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 continues to maintain an overweight in revenue bonds, specifically in the transportation, health care, and industrial development sectors, given their dedicated income streams and favorable return prospects.
  • The portfolio continues to maintain an overweight in lower tier investment grade bonds due to the incremental yield advantage and relatively attractive credit spreads.

Portfolio Details as of 01/31/2020

Total Net Assets
$3.38 B
Number of Issues
806
Average Coupon
4.6%
Average Effective Maturity
20.2 Years
Average Effective Duration
6.74 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/25/2020
$0.029
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2020 $0.02916 $12.01

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 02/29/2020
Daily Daily 03/31/2020
Daily Daily 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
0.67% 0.65%

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 F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. 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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