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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 03/22/2019  

w/o sales charge 3.63%

30-Day Standardized Yield 2 as of 02/28/2019  

2.80%

Fund Basicsas of 02/28/2019

Total Net Assets
$2.08 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.53%
Fund Net Expense Ratio
0.50%
Number of Holdings
517
CUSIP
543902480

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 1.51% 4.17% 2.87% 4.40% - 4.88%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.25% 3.42% 2.15% 3.38% - -
Bloomberg Barclays Municipal Bond Index 1.30% 4.13% 2.28% 3.44% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 0.96% 0.96% 2.90% 4.98% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

RELATED CONTENT

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.

Four Reasons to Consider Municipal Bonds
February 25, 2019

For those taking a fresh look at these tax-exempt securities, here are what we consider to be the most attractive features of the current muni market.

Muni Matters: One Potential Remedy for SALT Shock
February 7, 2019

With the $10,000 cap on the deduction for state and local taxes poised to boost tax liabilities for many investors, tax-exempt municipal bonds may merit a fresh look.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO State
GO Local
Lease
Special Tax
Education
Water & Sewer
Pre-Refunded
Power
Housing
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 02/28/2019 View Portfolio

Rating Assets
A-1/MIG1
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

Supported By 16 Investment Professionals with 11 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 03/22/2019  

w/o sales charge 3.63%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.80% 2.80%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 1.51% 4.17% 2.87% 4.40% - 4.88%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.25% 3.42% 2.15% 3.38% - -
Bloomberg Barclays Municipal Bond Index 1.30% 4.13% 2.28% 3.44% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 0.96% 0.96% 2.90% 4.98% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 0.96% 1.28%
2017 7.41% 5.45%
2016 0.48% 0.25%
2015 3.52% 3.30%
2014 13.06% 9.05%
2013 -5.90% -2.55%
2012 14.14% 6.78%
2011 11.29% 10.70%
2010 -2.66% 2.38%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 3.10%
2018 -1.16% 1.33% -0.20% 1.00% 0.96%
2017 1.93% 2.16% 1.74% 1.39% 7.41%
2016 2.10% 3.56% 0.01% -4.97% 0.48%
2015 1.30% -1.16% 1.41% 1.96% 3.52%
2014 4.78% 3.55% 2.34% 1.82% 13.06%
2013 0.64% -4.76% -1.88% 0.06% -5.90%
2012 4.93% 2.73% 3.94% 1.87% 14.14%
2011 -0.13% 5.20% 3.49% 2.35% 11.29%
2010 - - - -5.79% -2.66%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO State
GO Local
Lease
Special Tax
Education
Water & Sewer
Pre-Refunded
Power
Housing
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
OH
MA
FL
MD
AZ
CT
AL
CO
KY
HI
NE
IN
MN
VA
NC
WI
Puerto Rico
LA
GA
MI
SC
DC
ME
WA
OR
NV
MT
DE
MO
OK
AR
WV
VT
ND
NH
TN
IA

Credit Quality Distribution as of 02/28/2019

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2018

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 9-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 02/28/2019

Total Net Assets
$2.08 B
Number of Issues
517
Average Coupon
5.0%
Average Effective Maturity
18.4 Years
Average Effective Duration
7.79 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/22/2019
$0.067
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/28/2019 $0.03442 $11.22
Daily Daily 01/31/2019 $0.03355 $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 03/31/2019
Daily Daily 04/30/2019
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 02/28/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.53% 0.50%

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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