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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 07/19/2019  

w/o sales charge 3.24%

30-Day Standardized Yield 2 as of 06/30/2019  

2.13%

Fund Basicsas of 06/28/2019

Total Net Assets
$2.62 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.67%
Fund Net Expense Ratio
0.64%
Number of Holdings
707

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 6.45% 7.23% 3.02% 4.46% 6.08% 4.72%
Lipper Category Avg. General & Insured Municipal Debt Funds 5.28% 6.13% 2.31% 3.49% 4.81% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% 4.45%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 6.45% 7.23% 3.02% 4.46% 6.08% 4.72%
Lipper Category Avg. General & Insured Municipal Debt Funds 5.28% 6.13% 2.31% 3.49% 4.81% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% 4.45%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

RELATED CONTENT

Five Reasons to Hire a Professional Municipal Bond Manager
June 24, 2019

Accessing the potential investment opportunity offered by the municipal bond market requires several levels of expertise that few individual investors have.

Today’s Municipal Bond Market in Three Charts
March 28, 2019

Here are the key market indicators we’re watching now—and their implications for muni-bond investors.

Muni Matters: Finding Value in a Strong Market
March 13, 2019

Even with a steepening muni yield curve, we believe there are attractive opportunities among tax-free municipal bonds.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
Lease
GO Local
Special Tax
GO State
Education
Water & Sewer
Pre-Refunded
Housing
Power
VRDN
Insured
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 06/28/2019 View Portfolio

Rating Assets
A-2/MIG2
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

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Performance

Performance

Dividend Yield 1 as of 07/19/2019  

w/o sales charge 3.24%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.13% 2.13%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 6.45% 7.23% 3.02% 4.46% 6.08% 4.72%
Lipper Category Avg. General & Insured Municipal Debt Funds 5.28% 6.13% 2.31% 3.49% 4.81% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% 4.45%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 6.45% 7.23% 3.02% 4.46% 6.08% 4.72%
Lipper Category Avg. General & Insured Municipal Debt Funds 5.28% 6.13% 2.31% 3.49% 4.81% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% 4.45%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
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% 12.91%
2008 -15.25% -
2007 -1.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.49% 2.85% - - 6.91%
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
IDR/PCR
Healthcare/Hospital
Lease
GO Local
Special Tax
GO State
Education
Water & Sewer
Pre-Refunded
Housing
Power
VRDN
Insured
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
MA
OH
MD
AZ
CT
AL
KY
CO
VA
NC
GA
IN
HI
NE
MI
MN
Puerto Rico
LA
NV
MO
WI
SC
DC
ME
OR
WA
OK
MT
DE
TN
WV
WY
NH
AR
IA
VT
ND

Credit Quality Distribution as of 06/28/2019

Rating Assets
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2019

  • 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 06/28/2019

Total Net Assets
$2.62 B
Number of Issues
707
Average Coupon
4.8%
Average Effective Maturity
19.3 Years
Average Effective Duration
6.96 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/19/2019
$0.191
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2019 $0.03149 $11.64
Daily Daily 05/31/2019 $0.03144 $11.61
Daily Daily 04/30/2019 $0.03180 $11.45
Daily Daily 03/31/2019 $0.03164 $11.41
Daily Daily 02/28/2019 $0.03308 $11.21
Daily Daily 01/31/2019 $0.03222 $11.16

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 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 06/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.67% 0.64%

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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