California Long-Term Tax-Free

as of 04/23/14
invest now

 
Daily Price (04/23/14) $11.55 Daily Change: $+0.00 (+0.01%)  
Investment Objective: Income Ticker Symbol: BCLTX
Fund Type: Tax-Free Bond Funds Fund Code: 932
Share Class: Investor Inception Date: 11/09/83
Total Assets: $342,872,233.30 Newspaper Symbol: CaLgTF  
Performance

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

  Total Return Average Annual Total Return as of 03/31/2014
Expense
Ratio*
Inception
Date
as of
04/23/2014
YTD
as of
03/31/2014
1 yr
3 yr 5 yr 10 yr 20 yr Life
  +4.84% +0.74% +7.20% +6.48% +4.24% +5.36% +6.48% 0.47% 11/09/83
Morningstar
Ratings
M1:(as of 03/31/2014)
-- -- 3 out of 5 Stars3 out of 5 Stars3 out of 5 Stars--Overall
3 out of 5 Stars Overall
Funds rated in category:----138 133 108 --138
Morningstar Category: Muni California Long
Lipper Quartiles & Rankings:L1 --Quartile Ranking
36/123
Quartile Ranking
68/113
Quartile Ranking
66/108
Quartile Ranking
32/84
--
Ranking for California Municipal Debt Funds as of 03/31/2014, based on total returns.
 

M1For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results. Morningstar Rating™ is for Investor share class only; other classes may have difference performance characteristics.

Morningstar InfoM1

Overall Rating
Stars
rated among 138 Muni California Long
(as of 03/31/2014 )

The fund's current expense ratio is 0.47%

Investment Strategy:
  • Long–term, investment–grade municipal securities with interest payments exempt from federal and California income taxes.
For Investors Who:
  • Seek the highest income opportunity available from investment–grade California municipal securities.
  • Want current income that is exempt from federal and California state income taxes.A1,A2
  • Can tolerate moderate share price fluctuation relative to bond funds.
Risk Factors:

Because the fund invests primarily in California municipal securities, its yield and share price will be affected by political and economic developments within the stateA1.

Fund Management

Joseph Gotelli
Joseph Gotelli
Vice President, Portfolio Manager

Alan Kruss
Alan Kruss
Vice President, Senior Portfolio Manager

Steven M. Permut
Steven M. Permut
Senior Vice President, Senior Portfolio Manager

Objective

High current income exempt from federal and California income taxesA1,A2

A1Investment income may be subject to other state and local taxes and, depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.

A2The funds are state tax-free only in the state indicated in the fund name. Not available for purchase in all states.



Footnotes

(*) The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

L1Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Reuters Company, subject to the following: Copyright © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

For a detailed description of any index referenced above, refer to our Glossary.

© 2013 Morningstar, Inc. All Rights Reserved. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.