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New York Tax Free Bond Fund - A (VANTX)

New York Tax Free Bond Fund - A (VANTX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from NY State and City personal income taxes. It also seeks to protect the value of your investment.

Strategy/Investment process

  • Invests primarily in New York municipal securities.
  • Generally maintains an average weighted maturity between three and 10 years.
  • Focuses on investment-grade bonds.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year 10 Year
at NAV 0.18% 4.03% 3.90% 3.31%
With 3.75% max. sales charge -3.54% 2.70% 3.12% 2.92%
Barclays New York Competitive Intermediate (1-17 Year) Maturities Index 0.86% 4.25% 4.52% 4.11%
Lipper Intermediate Municipal Debt Funds Index 0.14% 4.61% 4.86% 3.62%

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Annual operating expenses (%)
Expense cap expiration date 06/30/2014
Expense cap 0.75%
Total annual operating expenses 0.94%
Fee waivers and/or expense reimbursements 0.18%
Net expenses 0.76%

Fee waivers and/or expense reimbursements,Net Expenses
The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Ratings (as of 3/31/2014)
Morningstar overall rating: (38 funds)
Morningstar category: Muni New York Intermediate

Overall rating A Shares; Muni New York Intermediate Category; 38 funds. Three year rating 2 stars; 38 funds. Five year rating 1 stars; 36 funds. Ten year rating 2 stars; 33 funds.

2014, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class 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. 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. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $1000 Regular $25
IRA $1000 IRA $25
Daily stats (as of 4/17/2014)
NAV YTD
$7.29 2.63%
$0.00 | 0.00%  
 
NAV as of:
  • Mon
    Mar 10
    2014
    $7.24
     
  • Tue
    Mar 11
    2014
    $7.24
     
  • Wed
    Mar 12
    2014
    $7.25
     
  • Thu
    Mar 13
    2014
    $7.26
     
  • Fri
    Mar 14
    2014
    $7.27
     
  • Mon
    Mar 17
    2014
    $7.27
     
  • Tue
    Mar 18
    2014
    $7.26
     
  • Wed
    Mar 19
    2014
    $7.25
     
  • Thu
    Mar 20
    2014
    $7.24
     
  • Fri
    Mar 21
    2014
    $7.24
     
  • Mon
    Mar 24
    2014
    $7.23
     
  • Tue
    Mar 25
    2014
    $7.22
     
  • Wed
    Mar 26
    2014
    $7.23
     
  • Thu
    Mar 27
    2014
    $7.24
     
  • Fri
    Mar 28
    2014
    $7.25
     
  • Mon
    Mar 31
    2014
    $7.22
     
  • Tue
    Apr 01
    2014
    $7.22
     
  • Wed
    Apr 02
    2014
    $7.22
     
  • Thu
    Apr 03
    2014
    $7.22
     
  • Fri
    Apr 04
    2014
    $7.23
     
  • Mon
    Apr 07
    2014
    $7.24
     
  • Tue
    Apr 08
    2014
    $7.24
     
  • Wed
    Apr 09
    2014
    $7.24
     
  • Thu
    Apr 10
    2014
    $7.26
     
  • Fri
    Apr 11
    2014
    $7.27
     
  • Mon
    Apr 14
    2014
    $7.27
     
  • Tue
    Apr 15
    2014
    $7.28
     
  • Wed
    Apr 16
    2014
    $7.29
     
  • Thu
    Apr 17
    2014
    $7.29
     
 
52 Week High $7.57
(4/26/2013)
52 Week Low $7.16
(9/05/2013)
YTD Total Return w/Load -1.23%
Net Asset Class $183,482,255.41
Net Asset Fund $490,513,901.45
Yields
  3/31/2014
30-Day SEC Yield 1.06%
30-Day SEC Yield (Unsubsidized) 0.87%
Dividend Yield 3.14%
Tax Equivalent Yield at 35% 0.02%

Must be preceded or accompanied by a prospectus

Basics
Ticker VANTX
CUSIP 4812A0755
Share Class Inception Date 02/16/2001
Fund Number 967
Asset Class Tax Exempt Fixed Income
Cut-off time1 4:00 P.M.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

Most of the Fund's investments will be concentrated within one state and its performance will be affected by the fiscal and economic health of that state. Therefore, the Fund could experience more volatility.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

1Please refer to the prospectus for additional information about cut-off times.

The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.

The Barclays New York Competitive Intermediate (1-17 Year) Maturities Index represents the performance of New York municipal bonds with maturities from 1 to 17 years. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

©2014, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.