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High Yield Municipal Bond Fund

Summary

Summary

What is the High Yield Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

Yields

Dividend Yield 1 as of 11/15/2019  

w/o sales charge 3.73%

30 Day Standardized yield 2 as of 10/31/2019  

2.85%

Fund Basicsas of 10/31/2019

Total Net Assets
$3.35 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.72%
Fund Net Expense Ratio
0.71%
Number of Holdings
657

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 10.45% 11.61% 5.80% 5.89% 6.21% 3.77%
Lipper Category Avg. High Yield Municipal Debt Funds 8.29% 9.68% 4.45% 4.79% 5.78% -
Bloomberg Barclays High Yield Muni Index 9.92% 11.64% 6.39% 6.11% 7.18% -

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 10.46% 10.13% 5.43% 6.02% 5.99% 3.79%
Lipper Category Avg. High Yield Municipal Debt Funds 8.22% 8.43% 4.01% 4.94% 5.55% -
Bloomberg Barclays High Yield Muni Index 9.69% 10.01% 5.87% 5.99% 7.05% -

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

RELATED CONTENT

Muni Matters: Demystifying Non-Rated Muni Bonds
October 14, 2019

Here’s a closer look at this $82 billion segment of the tax-free bond market—and how portfolio managers might find opportunities in the sector.

Are There Still Opportunities in High-Yield Munis?
May 31, 2019

Here are four reasons why we believe this diverse asset class continues to offer value to investors.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
GO Local
Lease
Transportation
Water & Sewer
Power
Housing
GO State
VRDN
Pre-Refunded
Insured
Other
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

Credit Quality Distribution as of 10/31/2019

Rating Assets
AAA
AA
A
BBB
BB
B
< B
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

9 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 11/15/2019  

w/o sales charge 3.73%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.85% 2.85%

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 10.45% 11.61% 5.80% 5.89% 6.21% 3.77%
Lipper Category Avg. High Yield Municipal Debt Funds 8.29% 9.68% 4.45% 4.79% 5.78% -
Bloomberg Barclays High Yield Muni Index 9.92% 11.64% 6.39% 6.11% 7.18% -

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 10.46% 10.13% 5.43% 6.02% 5.99% 3.79%
Lipper Category Avg. High Yield Municipal Debt Funds 8.22% 8.43% 4.01% 4.94% 5.55% -
Bloomberg Barclays High Yield Muni Index 9.69% 10.01% 5.87% 5.99% 7.05% -

Fund Expense Ratio :

Gross 0.72%

Net 0.71%

Year Fund Returns Bloomberg Barclays High Yield Muni Index
2018 3.89% 4.75%
2017 7.48% 9.68%
2016 2.78% 2.99%
2015 3.77% 1.81%
2014 14.59% 13.84%
2013 -6.90% -5.51%
2012 18.08% 18.14%
2011 4.65% 9.25%
2010 3.78% 7.79%
2009 36.00% 32.73%
2008 -32.74% -
2007 -5.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 4.19% 3.18% 2.74% - 10.29%
2018 0.77% 2.81% 0.57% -0.30% 3.89%
2017 2.72% 1.96% 1.99% 0.61% 7.48%
2016 2.40% 4.32% 1.24% -4.97% 2.78%
2015 1.59% -1.12% 1.22% 2.07% 3.77%
2014 5.33% 4.11% 2.60% 1.86% 14.59%
2013 1.58% -5.19% -3.36% 0.03% -6.90%
2012 6.82% 3.39% 3.67% 3.13% 18.08%
2011 -1.69% 5.27% 1.66% -0.53% 4.65%
2010 3.19% 1.58% 4.54% -5.29% 3.78%
2009 8.28% 10.14% 14.67% -0.55% 36.00%
2008 -5.29% 0.31% -7.13% -23.76% -32.74%
2007 - - - -5.00% -5.00%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 10/31/2019

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
GO Local
Lease
Transportation
Water & Sewer
Power
Housing
GO State
VRDN
Pre-Refunded
Insured
Other

PORTFOLIO BREAKDOWN as of 10/31/2019

Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

PORTFOLIO BREAKDOWN as of 10/31/2019

Rating Assets
CA
IL
OH
Puerto Rico
NJ
TX
NY
PA
AL
FL
GA
AZ
WI
CO
VA
MD
MI
IA
MO
MA
LA
AR
MN
CT
OK
IN
WA
HI
SC
NV
TN
KS
NH
WY
NM
RI
AS
WV
ND
KY
NC
AK
OR
Other U.S. Territories
UT
NE
ME
DIST. OF COLUMBIA

Credit QUALITY DISTRIBUTION as of 10/31/2019

Rating Assets
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 09/30/2019

  • Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘A’ and ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg Barclays U.S. High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index. These securities offer attractive risk-adjusted income and greater liquidity relative to below investment-grade bonds.
  • The portfolio’s largest allocations are an overweight to the industrial development and health care sectors.
  • The municipal yield curve remains relatively steep and offers incremental yield opportunities in longer maturities. To that end, the portfolio is overweight bonds with maturities of 25 years and longer.

Portfolio Details as of 10/31/2019

Total Net Assets
$3.35 B
Number of Issues
657
Average Coupon
4.9%
Average Effective Maturity
24.1 Years
Average Effective Duration
7.51 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/15/2019
$0.413
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.03892 $12.57
Daily Daily 09/30/2019 $0.03914 $12.61
Daily Daily 08/31/2019 $0.03942 $12.70
Daily Daily 07/31/2019 $0.04041 $12.44
Daily Daily 06/30/2019 $0.04173 $12.39
Daily Daily 05/31/2019 $0.04124 $12.35
Daily Daily 04/30/2019 $0.04186 $12.18
Daily Daily 03/31/2019 $0.04206 $12.13
Daily Daily 02/28/2019 $0.04769 $11.88
Daily Daily 01/31/2019 $0.04118 $11.78

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 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.72% 0.71%

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
Publish Date:11/03/2015

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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. The Barclays High Yield Municipal Bond Index is a subset of the Barclays Municipal Bond Index; a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

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