Mutual Funds

Invesco California Tax-Free Income Fund

Fixed Income | US Fixed Income

Objective & Strategy

The fund seeks to provide a high level of current income exempt from federal and California income tax, consistent with the preservation of capitalby investing primarily in California municipal securities rated investment grade at the time of purchase.

as of 07/31/2016

Morningstar Rating

Overall Rating - Muni California Long Category

As of 07/31/2016 the Fund had an overall rating of 3 stars out of 117 funds and was rated 2 stars out of 117 funds, 3 stars out of 103 funds and 3 stars out of 89 funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effect of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. ©2016 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and 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. Past performance does not guarantee future results. A fund is eligible for a Morningstar Rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one 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.) Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 07/31/2016

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
LONG BEACH CALIF FING AUTH REV 6.000 11/01/2017 1.47
SAN FRANCISCO CALIF CITY 5.000 05/01/2023 1.29
CALIFORNIA ST 5.750 04/01/2031 1.24
CALIFORNIA ST INFRASTRUCTURE & ECON 5.000 11/01/2041 1.12
SAN FRANCISCO CALIF CITY & CNTY PUB 5.000 11/01/2036 1.04
CALIFORNIA HEALTH FACS FING AUTH RE 5.000 11/15/2036 0.99
IRVINE CA UNIF SCH DIST SPL TAX 5.000 09/01/2038 0.93
YOSEMITE CALIF CMNTY COLLGE DIST 0.000 08/01/2024 0.91
CALIFORNIA ST 5.000 10/01/2037 0.88
J P MORGAN CHASE PUTTERS DRIVERS TR 13.109 07/01/2027 0.86

Holdings are subject to change and are not buy/sell recommendations.

as of 07/31/2016 06/30/2016

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 07/28/1997 N/A 4.79 5.15 8.51 7.58 6.69 4.95
Load 07/28/1997 4.25 4.55 0.72 3.87 6.03 5.76 4.50
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

as of 07/31/2016 06/30/2016

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
S&P Municipal Bond CA 5+ Year Investment Grade Index -0.20 2.20 8.64 8.06 7.11 5.84
S&P Municipal Bond Index 0.02 1.97 7.06 5.97 5.24 4.92
S&P Municipal Bond CA 5+ Year Investment Grade Index 1.99 3.32 9.89 7.70 7.45 6.01
S&P Municipal Bond Index 1.63 2.67 7.80 5.61 5.46 5.05

Source: FactSet Research Systems Inc.

Source: FactSet Research Systems Inc.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.47
12b-1 Fee 0.25
Other Expenses 0.14
Interest/Dividend Exp 0.05
Total Other Expenses 0.19
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 0.91
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 0.91
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 0.91
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
07/31/2016 0.0361 N/A N/A 12.64
06/30/2016 0.0357 N/A N/A 12.69
05/31/2016 0.0369 N/A N/A 12.50
04/30/2016 0.0361 N/A N/A 12.47
03/31/2016 0.0379 N/A N/A 12.40
02/29/2016 0.0357 N/A N/A 12.34
01/31/2016 0.0384 N/A N/A 12.37
12/31/2015 0.0391 N/A N/A 12.27
11/30/2015 0.0388 N/A N/A 12.19
10/31/2015 0.0421 N/A N/A 12.16
09/30/2015 0.0423 N/A N/A 12.14
08/31/2015 0.0411 N/A N/A 12.09
07/31/2015 0.0420 N/A N/A 12.09
06/30/2015 0.0390 N/A N/A 12.03
05/31/2015 0.0401 N/A N/A 12.10
04/30/2015 0.0389 N/A N/A 12.18
03/31/2015 0.0403 N/A N/A 12.29
02/28/2015 0.0359 N/A N/A 12.28
01/31/2015 0.0402 N/A N/A 12.45
12/31/2014 0.0411 N/A N/A 12.26
11/30/2014 0.0401 N/A N/A 12.20
10/31/2014 0.0402 N/A N/A 12.23
09/30/2014 0.0392 N/A N/A 12.16
08/31/2014 0.0406 N/A N/A 12.15
07/31/2014 0.0418 N/A N/A 11.99
06/30/2014 0.0414 N/A N/A 11.99
05/31/2014 0.0417 N/A N/A 12.03
04/30/2014 0.0398 N/A N/A 11.87
03/31/2014 0.0430 N/A N/A 11.74
02/28/2014 0.0382 N/A N/A 11.73
01/31/2014 0.0426 N/A N/A 11.62
12/31/2013 0.0421 N/A N/A 11.38
11/30/2013 0.0405 N/A N/A 11.44
10/31/2013 0.0421 N/A N/A 11.50
09/30/2013 0.0403 N/A N/A 11.45
08/31/2013 0.0407 N/A N/A 11.20
07/31/2013 0.0414 N/A N/A 11.43
06/30/2013 0.0399 N/A N/A 11.65
05/31/2013 0.0411 N/A N/A 12.19
04/30/2013 0.0397 N/A N/A 12.39
03/31/2013 0.0416 N/A N/A 12.27
02/28/2013 0.0387 N/A N/A 12.39
01/31/2013 0.0415 N/A N/A 12.38
12/31/2012 0.0418 N/A N/A 12.32
11/30/2012 0.0398 N/A N/A 12.57
10/31/2012 0.0410 N/A N/A 12.31
09/30/2012 0.0393 N/A N/A 12.31
08/31/2012 0.0409 N/A N/A 12.28
07/31/2012 0.0426 N/A N/A 12.31
06/30/2012 0.0425 N/A N/A 12.08
05/31/2012 0.0435 N/A N/A 12.15
04/30/2012 0.0422 N/A N/A 12.04
03/31/2012 0.0418 N/A N/A 11.91
02/29/2012 0.0421 N/A N/A 12.08
01/31/2012 0.0423 N/A N/A 12.08
12/31/2011 0.0418 N/A N/A 11.67
11/30/2011 0.0402 N/A N/A 11.45
10/31/2011 0.0394 N/A N/A 11.43
09/30/2011 0.0398 N/A N/A 11.51
08/31/2011 0.0438 N/A N/A 11.35
07/31/2011 0.0450 N/A N/A 11.18
06/30/2011 0.0432 N/A N/A 11.08
05/31/2011 0.0413 N/A N/A 11.05
04/30/2011 0.0435 N/A N/A 10.84
03/31/2011 0.0432 N/A N/A 10.71
02/28/2011 0.0433 N/A N/A 10.79
01/31/2011 0.0452 N/A N/A 10.66
12/31/2010 0.0440 N/A N/A 10.89
11/30/2010 0.0424 N/A N/A 11.19
10/29/2010 0.0428 N/A N/A 11.63
09/30/2010 0.0415 N/A N/A 11.70
08/31/2010 0.0433 N/A N/A 11.75
07/30/2010 0.0466 N/A N/A 11.45
06/30/2010 0.0497 N/A N/A 11.36
05/26/2010 0.0395 N/A N/A 11.45
04/28/2010 0.0428 N/A N/A 11.41
03/29/2010 0.0471 N/A N/A 11.26
02/24/2010 0.0396 N/A N/A 11.29
01/27/2010 0.0385 N/A N/A 11.24
12/31/2009 0.0509 N/A N/A 11.21
11/25/2009 0.0385 N/A N/A 11.14
10/28/2009 0.0413 N/A N/A 11.28
09/28/2009 0.0446 N/A N/A 11.50
08/27/2009 0.0405 0.0000 0.0000 10.94
07/29/2009 0.0456 0.0000 0.0000 10.72
06/26/2009 0.0411 0.0000 0.0000 10.64
05/27/2009 0.0392 0.0000 0.0000 10.99
04/28/2009 0.0440 0.0000 0.0000 10.74
03/27/2009 0.0414 0.0000 0.0000 10.50
02/25/2009 0.0382 0.0000 0.0000 10.77
01/28/2009 0.0384 0.0000 0.0000 10.68
12/31/2008 0.0493 0.0014 0.0326 10.23
11/25/2008 0.0361 0.0000 0.0000 10.37
10/29/2008 0.0449 0.0000 0.0000 10.52
09/26/2008 0.0398 0.0000 0.0000 10.97
08/27/2008 0.0387 0.0000 0.0000 11.48
07/29/2008 0.0437 0.0000 0.0000 11.36
06/26/2008 0.0391 0.0000 0.0095 11.43
05/28/2008 0.0397 0.0000 0.0000 11.70
04/28/2008 0.0417 0.0000 0.0000 11.64
03/27/2008 0.0386 0.0000 0.0000 11.53
02/27/2008 0.0390 0.0000 0.0000 11.44
01/29/2008 0.0390 0.0000 0.0000 11.93
12/31/2007 0.0442 0.0000 0.0098 11.83
11/28/2007 0.0399 0.0000 0.0000 11.86
10/29/2007 0.0440 0.0000 0.0000 11.92
09/26/2007 0.0374 0.0000 0.0000 11.83
08/29/2007 0.0446 0.0000 0.0000 11.69
07/27/2007 0.0407 0.0000 0.0000 11.90
06/27/2007 0.0393 0.0000 0.0183 11.86
05/29/2007 0.0446 0.0000 0.0000 12.01
04/26/2007 0.0392 0.0000 0.0000 12.09
03/28/2007 0.0408 0.0000 0.0000 12.13
02/26/2007 0.0377 0.0000 0.0000 12.17
01/29/2007 0.0415 0.0000 0.0000 12.07
12/29/2006 0.0414 0.0000 0.0604 12.16
11/28/2006 0.0428 0.0000 0.0000 12.27
10/27/2006 0.0399 0.0000 0.0000 12.20
09/27/2006 0.0385 0.0000 0.0000 12.21
08/29/2006 0.0442 0.0000 0.0000 12.13
07/27/2006 0.0389 0.0000 0.0000 12.00
06/28/2006 0.0447 0.0000 0.0000 11.91
05/26/2006 0.0403 0.0000 0.0000 12.04
04/26/2006 0.0381 0.0000 0.0000 11.99
03/29/2006 0.0449 0.0000 0.0000 12.10
02/24/2006 0.0382 0.0000 0.0000 12.19
01/27/2006 0.0382 0.0000 0.0000 12.15
12/30/2005 0.0441 0.0011 0.2057 12.16
11/28/2005 0.0440 0.0000 0.0000 12.31
10/27/2005 0.0392 0.0000 0.0000 12.27
09/28/2005 0.0404 0.0000 0.0000 12.41
08/29/2005 0.0447 0.0000 0.0000 12.48
07/27/2005 0.0403 0.0000 0.0000 12.43
06/28/2005 0.0455 0.0000 0.0000 12.54
05/26/2005 0.0414 0.0000 0.0000 12.50
04/27/2005 0.0421 0.0000 0.0000 12.44
03/29/2005 0.0530 0.0000 0.0000 12.27
02/24/2005 0.0403 0.0000 0.0000 12.48
01/27/2005 0.0390 0.0000 0.0000 12.51
12/31/2004 0.0498 0.0006 0.1052 12.46
11/26/2004 0.0424 0.0000 0.0000 12.52
10/27/2004 0.0407 0.0000 0.0000 12.61
09/28/2004 0.0447 0.0000 0.0000 12.62
08/27/2004 0.0428 0.0000 0.0000 12.48
07/28/2004 0.0429 0.0000 0.0000 12.29
06/28/2004 0.0472 0.0000 0.0015 12.17
05/26/2004 0.0410 0.0000 0.0000 12.15
04/28/2004 0.0486 0.0000 0.0000 12.31
03/29/2004 0.0495 0.0000 0.0000 12.60
02/25/2004 0.0420 0.0000 0.0000 12.75
01/28/2004 0.0422 0.0000 0.0000 12.57
12/31/2003 0.0532 0.0000 0.0831 12.58
11/25/2003 0.0396 0.0000 0.0000 12.63
10/29/2003 0.0479 0.0000 0.0000 12.49
09/26/2003 0.0434 0.0000 0.0000 12.54
08/27/2003 0.0427 0.0000 0.0000 12.22
07/29/2003 0.0480 0.0000 0.0000 12.30
06/26/2003 0.0428 0.0000 0.0031 12.77
05/28/2003 0.0444 0.0000 0.0000 12.90
04/28/2003 0.0556 0.0000 0.0000 12.71
03/27/2003 0.0436 0.0000 0.0000 12.59
02/26/2003 0.0413 0.0000 0.0000 12.66
01/29/2003 0.0428 0.0000 0.0000 12.54
12/31/2002 0.0516 0.0000 0.0979 12.68
11/26/2002 0.0414 0.0000 0.0000 12.58
10/29/2002 0.0483 0.0000 0.0000 12.57
09/26/2002 0.0422 0.0000 0.0000 12.94
08/28/2002 0.0451 0.0000 0.0000 12.66
07/29/2002 0.0524 0.0000 0.0000 12.57
06/26/2002 0.0443 0.0000 0.0055 12.49
05/29/2002 0.0517 0.0000 0.0000 12.38
04/26/2002 0.0545 0.0000 0.0000 12.36
03/26/2002 0.0443 0.0000 0.0000 12.18
02/26/2002 0.0443 0.0000 0.0000 12.52
01/29/2002 0.0462 0.0000 0.0000 12.43
12/31/2001 0.0526 0.0000 0.0386 12.34
11/28/2001 0.0467 0.0000 0.0000 12.53
10/29/2001 0.0513 0.0000 0.0000 12.69
09/26/2001 0.0434 0.0000 0.0000 12.59
08/29/2001 0.0514 0.0000 0.0000 12.70
07/27/2001 0.0471 0.0000 0.0000 12.42
06/27/2001 0.0452 0.0000 0.0000 12.30
05/29/2001 0.0513 0.0000 0.0000 12.25
04/26/2001 0.0460 0.0000 0.0000 12.21
03/28/2001 0.0467 0.0000 0.0000 12.47
02/26/2001 0.0496 0.0000 0.0000 12.44
01/29/2001 0.0480 0.0000 0.0000 12.44
12/29/2000 0.0486 0.0000 0.0000 12.48
11/28/2000 0.0511 0.0000 0.0000 12.20
10/27/2000 0.0478 0.0000 0.0000 12.19
09/27/2000 0.0456 0.0000 0.0000 12.15
08/29/2000 0.0518 0.0000 0.0000 12.23
07/27/2000 0.0457 0.0000 0.0000 12.08
06/28/2000 0.0523 0.0000 0.0000 11.94
05/26/2000 0.0478 0.0000 0.0000 11.62
04/26/2000 0.0437 0.0000 0.0000 11.82
03/29/2000 0.0513 0.0000 0.0000 11.91
02/25/2000 0.0465 0.0000 0.0000 11.70
01/27/2000 0.0419 0.0000 0.0000 11.57
12/31/1999 0.0542 0.0000 0.0000 11.67
11/26/1999 0.0498 0.0000 0.0000 11.85
10/27/1999 0.0451 0.0000 0.0000 11.65
09/28/1999 0.0495 0.0000 0.0000 11.99
08/27/1999 0.0466 0.0000 0.0000 12.07
07/28/1999 0.0462 0.0000 0.0000 12.29
06/28/1999 0.0513 0.0000 0.0172 12.22
05/26/1999 0.0436 0.0000 0.0000 12.53
04/28/1999 0.0498 0.0000 0.0000 12.68
03/29/1999 0.0519 0.0000 0.0000 12.71
02/24/1999 0.0486 0.0000 0.0000 12.77
01/27/1999 0.0427 0.0000 0.0000 12.81
12/31/1998 0.0576 0.0000 0.2329 12.75
11/25/1998 0.0448 0.0000 0.0000 13.02
10/28/1998 0.0478 0.0000 0.0000 13.03
09/28/1998 0.0513 0.0000 0.0000 13.10
08/27/1998 0.0460 0.0000 0.0000 13.01
07/29/1998 0.0528 0.0000 0.0000 12.84
06/26/1998 0.0486 0.0000 0.0088 12.87
05/27/1998 0.0472 0.0000 0.0000 12.86
04/28/1998 0.0523 0.0000 N/A 12.64
03/27/1998 0.0492 0.0000 N/A 12.84
02/25/1998 0.0466 0.0000 N/A 12.89
01/28/1998 0.0468 0.0000 N/A 12.90
12/31/1997 0.0605 0.0000 N/A 12.89
11/25/1997 0.0462 0.0000 N/A 12.75
10/29/1997 0.0568 0.0000 N/A 12.72
09/26/1997 0.0513 0.0000 N/A 12.72
08/27/1997 0.0491 0.0000 N/A 12.64
07/29/1997 0.0018 0.0000 N/A 12.80
as of 07/31/2016

Quality Breakdown

Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage; www.fitchratings.com and select 'Ratings Definitions' on the homepage.

as of 07/31/2016

Fund Characteristics

3-Year Alpha 0.34%
3-Year Beta 0.90
3-Year R-Squared 0.98
3-Year Sharpe Ratio 2.39
3-Year Standard Deviation 3.13
Number of Securities 274
Total Assets $456,291,705.00

Source: FactSet Research Systems Inc., StyleADVISOR

Benchmark:  S&P Municipal Bond CA 5+ Year Investment Grade Index

as of 07/31/2016

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
LONG BEACH CALIF FING AUTH REV 6.000 11/01/2017 1.47
SAN FRANCISCO CALIF CITY 5.000 05/01/2023 1.29
CALIFORNIA ST 5.750 04/01/2031 1.24
CALIFORNIA ST INFRASTRUCTURE & ECON 5.000 11/01/2041 1.12
SAN FRANCISCO CALIF CITY & CNTY PUB 5.000 11/01/2036 1.04
CALIFORNIA HEALTH FACS FING AUTH RE 5.000 11/15/2036 0.99
IRVINE CA UNIF SCH DIST SPL TAX 5.000 09/01/2038 0.93
YOSEMITE CALIF CMNTY COLLGE DIST 0.000 08/01/2024 0.91
CALIFORNIA ST 5.000 10/01/2037 0.88
J P MORGAN CHASE PUTTERS DRIVERS TR 13.109 07/01/2027 0.86

Holdings are subject to change and are not buy/sell recommendations.

as of 07/31/2016

Top Sectors

  % of Total Assets
Hospital 11.33
GO-School District 9.49
Water / Sewer 9.48
Prerefunded/ETM 7.64
Airport 6.21
GO-State 5.55
Special Tax District 5.51
College & Univ 4.71
TIF 4.62
TobacMSA 4.31

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

 About risk

Alternative Minimum Tax Risk. All or a portion of the Fund's otherwise tax-exempt income may be taxable to those shareholders subject to the federal alternative minimum tax.

California and U.S. Territories Municipal Securities Risk. The Fund is more susceptible to political, economic, regulatory or other factors affecting issuers of California municipal securities than a fund which does not focus its investments in such issuers. As with California municipal securities, events in any of the territories where the Fund is invested may affect the Fund's investments and its performance.

Changing Fixed Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. There is a risk that interest rates will rise when the FRB and central banks raise these rates. This risk is heightened due to the completion of the FRB's quantitative easing program and the “tapering” of other similar foreign central bank actions. This eventual increase in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund's distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer's financial strength, the market's perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser's credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund's returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

High Yield Debt Securities (Junk Bond) Risk. Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Inverse Floating Rate Obligations Risk. The price of inverse floating rate obligations (inverse floaters) is expected to decline when interest rates rise, and generally will decline further than the price of a bond with a similar maturity. The price of inverse floaters is typically more volatile than the price of bonds with similar maturities. These risks can be particularly high if leverage is used in the formula that determines the interest payable by the inverse floater, which may make the Fund's returns more volatile and increase the risk of loss. Additionally, these securities may lose some or all of their principal and, in some cases, the Fund could lose money in excess of its investment.

Liquidity Risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund's securities become illiquid, the Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

Management Risk. The Fund is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

Market Risk. The market values of the Fund's investments, and therefore the value of the Fund's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

Medium- and Lower-Grade Municipal Securities Risk. Medium- and lower-grade municipal securities generally involve more volatility and greater risks, including credit, market, liquidity and management risks, than higher-grade securities. Furthermore, many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations. As such, the Fund's portfolio may consist of a higher portion of unrated securities than an investment company investing solely in higher-grade securities. Unrated securities may not be as attractive to as many buyers as are rated securities, which may have the effect of limiting the Fund's ability to sell such securities at their fair value.

Municipal Issuer Focus Risk. The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

Municipal Securities Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Variable-Rate Demand Notes Risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss.

When-Issued, Delayed Delivery and Forward Commitment Risks. When-issued and delayed delivery transactions subject the Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on the Fund because the Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fund's overall investment exposure and, as a result, its volatility.

Zero Coupon or Pay-In-Kind Securities Risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

as of 08/29/2016

CLFAX

NAV Change ($)
$12.63 0.00
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 08/29/2016

Yield 

  • Distribution Yield
    with Sales Charge 3.29%
  • Distribution Yield
    without Sales Charge 3.43%
  • SEC 30-Day Yield 1.18%
  • Unsub. 30-Day Yield N/A

Fund Details

  • Distribution Frequency Monthly
  • NASDAQ CLFAX
  • WSJ Abrev. N/A
  • CUSIP 00142J800
  • Fund Type Fixed Income
  • Geography Type Domestic
  • Inception Date 07/28/1997
  • Fiscal Year End 08/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1702
  • Tax ID 13-3213446