Long-Term Tax-Free

as of 04/23/14
invest now

 
Daily Price (04/23/14) $11.41 Daily Change: $+0.01 (+0.10%)  
Investment Objective: Income Ticker Symbol: ACLVX
Fund Type: Tax-Free Bond Funds Fund Code: 993
Share Class: Investor Inception Date: 04/03/06
Total Assets: $45,477,374.44 Newspaper Symbol: LtTF  
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
  +4.44% -0.92% +5.75% +5.55% --% --% +4.48% 0.47% 04/03/06
Morningstar
Ratings
M1:(as of 03/31/2014)
-- -- 3 out of 5 Stars2 out of 5 Stars----Overall
2 out of 5 Stars Overall
Funds rated in category:----227 209 ----227
Morningstar Category: Muni National Long
Lipper Quartiles & Rankings:L1 --Quartile Ranking
154/258
Quartile Ranking
152/233
Quartile Ranking
156/210
----
Ranking for General & Insured 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 227 Muni National Long
(as of 03/31/2014 )

The fund's current expense ratio is 0.47%

Investment Strategy:
  • The fund will normally invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in investment-grade municipal obligations with interest payments exempt from federal taxes. The fund has the ability to invest up to 20% of its assets in lower rated securities. The fund will typically invest in long-term debt securities. Under normal market conditions, the fund will maintain a weighted average maturity of more than ten years
Risk Factors:

There are specific risks associated with investing in bond funds such as interest rate risk and credit risk. Investment income may be subject to certain state and local taxes and depending on your individual tax status may be subject to the federal alternative minimum tax. Capital gains are not exempt from state and federal income tax.

Fund Management

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

Alan Kruss
Alan Kruss
Vice President, Senior Portfolio Manager

Joseph Gotelli
Joseph Gotelli
Vice President, Portfolio Manager

Objective

High current income and investment returns exempt from federal income taxes



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.

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