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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 08/14/2020  

w/o sales charge 2.98%

30-Day Standardized Yield 2 as of 07/31/2020  

1.98%

Fund Basicsas of 07/31/2020

Total Net Assets
$3.67 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.57%
Fund Net Expense Ratio
0.55%
Number of Holdings
847
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 2.17% 4.22% 4.89% 4.63% 5.16% 5.16%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.66% 4.14% 4.09% 3.79% 4.09% -
Bloomberg Barclays Municipal Bond Index 3.80% 5.36% 4.52% 4.13% 4.26% 4.27%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -0.07% 2.74% 4.43% 4.25% - 4.97%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.77% 2.94% 3.65% 3.51% - -
Bloomberg Barclays Municipal Bond Index 2.08% 4.45% 4.22% 3.93% - 4.13%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

RELATED CONTENT

Lessons from One Week in the Muni Bond New Issue Market
June 19, 2020

A look at one week’s worth of new issuance of municipal bonds illustrates key themes at work in today’s market—and the range of potential investment opportunities on offer.

Uncovering Value in Municipal Bonds after the Recent Volatility
May 27, 2020

Our director of municipal bonds identifies areas of the market where performance disparities may create potential opportunities.

Some Positive Signals from Two New Muni Bond Deals
May 20, 2020

New offerings from the New York Metropolitan Transportation Authority (MTA) and the State of Illinois indicate solid investor demand for municipal bonds of lower-quality issuers.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
Lease
GO Local
Special Tax
Education
Water & Sewer
GO State
Power
Housing
Pre-Refunded
VRDN
Other
Muni_Solid_Waste/Res_Recovery
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 07/31/2020 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

Gregory M. Shuman
Gregory M. Shuman, CFA

Portfolio Manager

10 Years of Industry Experience

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

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 08/14/2020  

w/o sales charge 2.98%

30-Day Standardized Yield 2 as of 07/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.98% 1.98%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 2.17% 4.22% 4.89% 4.63% 5.16% 5.16%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.66% 4.14% 4.09% 3.79% 4.09% -
Bloomberg Barclays Municipal Bond Index 3.80% 5.36% 4.52% 4.13% 4.26% 4.27%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -0.07% 2.74% 4.43% 4.25% - 4.97%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.77% 2.94% 3.65% 3.51% - -
Bloomberg Barclays Municipal Bond Index 2.08% 4.45% 4.22% 3.93% - 4.13%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2019 9.49% 7.54%
2018 0.92% 1.28%
2017 7.37% 5.45%
2016 0.44% 0.25%
2015 3.48% 3.30%
2014 13.02% 9.05%
2013 -5.93% -2.55%
2012 14.09% 6.78%
2011 11.24% 10.70%
2010 -2.68% 2.38%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -3.26% 3.29% - - 2.73%
2019 3.52% 2.88% 2.18% 0.61% 9.49%
2018 -1.17% 1.32% -0.21% 1.00% 0.92%
2017 1.92% 2.15% 1.73% 1.38% 7.37%
2016 2.09% 3.55% 0.00% -4.98% 0.44%
2015 1.29% -1.17% 1.40% 1.95% 3.48%
2014 4.77% 3.54% 2.33% 1.81% 13.02%
2013 0.63% -4.77% -1.89% 0.05% -5.93%
2012 4.92% 2.72% 3.93% 1.86% 14.09%
2011 -0.14% 5.19% 3.48% 2.34% 11.24%
2010 - - - -5.80% -2.68%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
Lease
GO Local
Special Tax
Education
Water & Sewer
GO State
Power
Housing
Pre-Refunded
VRDN
Other
Muni_Solid_Waste/Res_Recovery
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
NY
IL
PA
NJ
TX
FL
OH
CT
GA
MD
AL
LA
AZ
KY
MA
Puerto Rico
MI
NC
CO
TN
IN
NE
VA
HI
MN
MO
SC
NH
WI
DC
NV
WA
VT
IA
NM
OK
ME
WY
OR
DE
MT
AR
UT
WV
OT
KS
Other U.S. Territories

Credit Quality Distribution as of 07/31/2020

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2020

  • 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 Fund is overweight the industrial development sector which stands to benefit from better-than-expected corporate earnings and the Federal Reserve’s support for the corporate bond market.
  • Municipals are now positive on the year despite volatility towards the end of the first quarter of 2020. The recovery in the tax-free market has taken place without much support from the federal government compared to taxable fixed income markets. However, the market is anticipating more support from U.S. Congress in the future.
  • State and local municipalities have seen revenues decline in the economic downturn due to individuals’ ability to defer their tax payments for several months. Despite these headwinds, municipalities have been cutting expenses and taking steps to remain financially healthy.

Portfolio Details as of 07/31/2020

Total Net Assets
$3.67 B
Number of Issues
847
Average Coupon
4.5%
Average Effective Maturity
19.6 Years
Average Effective Duration
7.18 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/14/2020
$0.209
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2020 $0.02948 $11.82
Daily Daily 06/30/2020 $0.03013 $11.59
Daily Daily 05/31/2020 $0.02979 $11.34
Daily Daily 04/30/2020 $0.03010 $10.98
Daily Daily 03/31/2020 $0.02988 $11.31
Daily Daily 02/29/2020 $0.03032 $12.23
Daily Daily 01/31/2020 $0.03018 $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 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 07/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
0.57% 0.55%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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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
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Publish Date:11/03/2015

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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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