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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 04/18/2019  

w/o sales charge 3.24%
w/ sales charge 3.17%

30-Day Standardized Yield 2 as of 03/31/2019  

2.39%

Fund Basicsas of 03/29/2019

Total Net Assets
$2.37 B
Inception Date
04/02/1984
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
676
Minimum Initial Investment
$1,000+

Expense Ratioas of 03/31/2019

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 3.56% 5.50% 3.15% 4.52% 6.29% 6.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.94% 4.69% 2.48% 3.58% 4.95% -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% 4.72% -
w/ sales charge 1.20% 3.10% 2.38% 4.04% 6.05% 6.28%

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 3.56% 5.50% 3.15% 4.52% 6.29% 6.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.94% 4.69% 2.48% 3.58% 4.95% -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% 4.72% -
w/ sales charge 1.20% 3.10% 2.38% 4.04% 6.05% 6.28%

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

RELATED CONTENT

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.

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.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
Special Tax
GO State
Lease
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 03/29/2019 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

Supported By 15 Investment Professionals with 13 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 04/18/2019  

w/o sales charge 3.24%
w/ sales charge 3.17%

30-Day Standardized Yield 2 as of 03/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.39% 2.39%

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 3.56% 5.50% 3.15% 4.52% 6.29% 6.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.94% 4.69% 2.48% 3.58% 4.95% -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% 4.72% -
w/ sales charge 1.20% 3.10% 2.38% 4.04% 6.05% 6.28%

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 3.56% 5.50% 3.15% 4.52% 6.29% 6.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.94% 4.69% 2.48% 3.58% 4.95% -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% 4.72% -
w/ sales charge 1.20% 3.10% 2.38% 4.04% 6.05% 6.28%

Fund Expense Ratio :

Gross 0.77%

Net 0.74%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 0.72% 1.28%
2017 7.07% 5.45%
2016 0.36% 0.25%
2015 3.28% 3.30%
2014 12.83% 9.05%
2013 -6.11% -2.55%
2012 13.75% 6.78%
2011 11.08% 10.70%
2010 2.20% 2.38%
2009 24.60% 12.91%
2008 -15.24% -
2007 -1.44% -
2006 4.57% -
2005 3.69% -
2004 3.85% -
2003 4.65% -
2002 8.83% -
2001 4.15% -
2000 12.71% -
1999 -5.56% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.56% - - - 3.49%
2018 -1.13% 1.18% -0.26% 0.94% 0.72%
2017 1.87% 2.10% 1.68% 1.25% 7.07%
2016 2.14% 3.51% -0.05% -5.03% 0.36%
2015 1.24% -1.22% 1.35% 1.90% 3.28%
2014 4.72% 3.50% 2.28% 1.77% 12.83%
2013 0.58% -4.82% -1.93% 0.00% -6.11%
2012 4.76% 2.75% 3.78% 1.82% 13.75%
2011 -0.10% 5.03% 3.41% 2.38% 11.08%
2010 2.25% 1.57% 4.52% -5.86% 2.20%
2009 7.21% 5.87% 11.02% -1.11% 24.60%
2008 -1.89% 0.54% -6.18% -8.41% -15.24%
2007 0.72% -0.58% -0.55% -1.03% -1.44%
2006 0.26% -0.13% 3.19% 1.21% 4.57%
2005 0.19% 3.26% -0.38% 0.60% 3.69%
2004 1.71% -3.15% 3.95% 1.42% 3.85%
2003 0.92% 2.86% -0.84% 1.66% 4.65%
2002 1.01% 3.03% 5.02% -0.44% 8.83%
2001 1.60% 0.32% 2.88% -0.68% 4.15%
2000 3.45% 1.13% 2.09% 5.52% 12.71%
1999 1.03% -2.59% -2.39% -1.65% -5.56%
1998 1.05% 1.82% 3.27% 0.10% 6.36%
1997 -0.49% 3.56% 3.49% 3.14% 10.02%
1996 -1.79% 0.87% 2.40% 2.49% 3.98%
1995 7.66% 1.62% 2.71% 4.76% 17.71%
1994 -6.40% -0.27% 0.52% -2.26% -8.27%
1993 4.83% 3.39% 3.68% 0.60% 13.00%
1992 0.25% 4.14% 2.16% 1.95% 8.72%
1991 2.17% 2.00% 3.93% 3.88% 12.51%
1990 0.33% 2.36% 0.06% 4.35% 7.22%
1989 0.54% 5.79% -0.24% 3.21% 9.53%
1988 3.58% 2.40% 3.21% 2.89% 12.60%
1987 2.61% -5.00% -3.03% 6.14% 0.36%
1986 9.43% -0.87% 5.46% 4.96% 20.07%
1985 3.71% 8.30% -1.48% 8.13% 19.63%
1984 - - 5.84% 5.87% 6.19%

Growth of $10,000 as of 03/31/2019

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
Special Tax
GO State
Lease
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
CT
AZ
AL
CO
KY
HI
MN
NE
IN
VA
NC
Puerto Rico
GA
WI
LA
NV
MI
SC
DC
ME
OR
WA
OK
MT
DE
MO
WV
TN
NH
AR
IA
VT
ND

Credit Quality Distribution as of 03/29/2019

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

Portfolio Positioning as of 03/31/2019

  • 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 03/29/2019

Total Net Assets
$2.37 B
Number of Issues
676
Average Coupon
4.9%
Average Effective Maturity
18.8 Years
Average Effective Duration
7.18 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/18/2019
$0.094
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2019 $0.03077 $11.42
Daily Daily 02/28/2019 $0.03249 $11.22
Daily Daily 01/31/2019 $0.03137 $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 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

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/10/1998 12/18/1998 - - $0.1900 $11.75

Upcoming Capital Gain Distribution

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
12/19/2019 12/20/2019

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 04/18/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.65
$100,000 to $249,999 1.75% 1.50% $11.59
$250,000 to $499,999 1.25% 1.00% $11.53
$500,000 to $999,999 0.00% 1.00% $11.39
$1,000,000 to $5,000,000 0.00% 1.00% $11.39

Expense Ratioas of 03/31/2019

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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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