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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 06/03/2020  

w/o sales charge 3.14%

30-Day Standardized Yield 2 as of 04/30/2020  

2.84%

Fund Basicsas of 04/30/2020

Total Net Assets
$3.22 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.57%
Fund Net Expense Ratio
0.55%
Number of Holdings
792
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 -2.48% 0.72% 3.53% 3.66% - 4.75%
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Index - - - - - -

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 -3.26% 2.33% 4.04% 3.33% - 4.75%
Lipper Category Avg. General & Insured Municipal Debt Funds -1.92% 2.49% 3.36% 2.69% - -
Bloomberg Barclays Municipal Bond Index -0.63% 3.85% 3.96% 3.19% - 3.95%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

RELATED CONTENT

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May 13, 2020

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Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Lease
GO Local
Special Tax
Education
GO State
Water & Sewer
Power
Housing
VRDN
Pre-Refunded
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 04/30/2020 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

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 06/03/2020  

w/o sales charge 3.14%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.84% 2.84%

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 -2.48% 0.72% 3.53% 3.66% - 4.75%
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Index - - - - - -

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 -3.26% 2.33% 4.04% 3.33% - 4.75%
Lipper Category Avg. General & Insured Municipal Debt Funds -1.92% 2.49% 3.36% 2.69% - -
Bloomberg Barclays Municipal Bond Index -0.63% 3.85% 3.96% 3.19% - 3.95%

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% - - - -2.02%
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
IDR/PCR
Transportation
Healthcare/Hospital
Lease
GO Local
Special Tax
Education
GO State
Water & Sewer
Power
Housing
VRDN
Pre-Refunded
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
IL
NY
PA
NJ
TX
OH
FL
CT
MD
GA
TN
AL
AZ
KY
Puerto Rico
MA
NC
MI
CO
NE
HI
LA
IN
MO
MN
VA
SC
DC
WI
NH
IA
NM
NV
ME
DE
OR
OK
WY
WA
MT
WV
AR
OT
UT
VT
KS

Credit Quality Distribution as of 04/30/2020

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 03/31/2020

  • 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 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.

Portfolio Details as of 04/30/2020

Total Net Assets
$3.22 B
Number of Issues
792
Average Coupon
4.5%
Average Effective Maturity
19.3 Years
Average Effective Duration
9 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/03/2020
$0.150
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 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 04/30/2020

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
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 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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