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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 03/19/2019  

w/o sales charge 4.86%

30 Day Standardized yield 2 as of 02/28/2019  

3.83%

Fund Basicsas of 02/28/2019

Total Net Assets
$2.28 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.62%
Fund Net Expense Ratio
0.61%
Number of Holdings
544
CUSIP
543912836
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 1.71% 6.03% 4.86% 5.80% - 5.36%
Lipper Category Avg. High Yield Municipal Debt Funds 1.36% 4.11% 3.47% 5.00% - -
Bloomberg Barclays High Yield Muni Index 1.21% 6.96% 5.61% 5.66% - -

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.99% 3.99% 4.79% 6.47% - 5.26%
Lipper Category Avg. High Yield Municipal Debt Funds 1.74% 1.74% 3.40% 5.67% - -
Bloomberg Barclays High Yield Muni Index 4.75% 4.75% 5.77% 6.52% - -

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

RELATED CONTENT

High Marks for High-Yield Municipals
June 18, 2018

In a difficult environment for fixed income, high-yield municipals have posted strong returns so far in 2018. Here are a few reasons investors may want to take another look.

Muni Bonds: Reading the Supply/Demand Signals
May 21, 2018

With more attractive yields on offer, an upturn in demand may come amid a tighter supply of newly issued municipal bonds.

Muni Matters: A Six-Point Reality Check for Investors
May 18, 2018

While media reports have emphasized the recent negative performance of municipal bonds, many indicators signal a healthy, resilient market.

Sector Assets
Healthcare/Hospital
IDR/PCR
Education
Special Tax
GO Local
Transportation
Lease
Water & Sewer
Pre-Refunded
GO State
Housing
VRDN
Power
Maturity Assets
< 0
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years
>30 Years

Credit Quality Distribution as of 02/28/2019

Rating Assets
A-1/MIG1
A-2/MIG2
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

Supported By 16 Investment Professionals with 11 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 03/19/2019  

w/o sales charge 4.86%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.83% 3.83%

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 1.71% 6.03% 4.86% 5.80% - 5.36%
Lipper Category Avg. High Yield Municipal Debt Funds 1.36% 4.11% 3.47% 5.00% - -
Bloomberg Barclays High Yield Muni Index 1.21% 6.96% 5.61% 5.66% - -

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.99% 3.99% 4.79% 6.47% - 5.26%
Lipper Category Avg. High Yield Municipal Debt Funds 1.74% 1.74% 3.40% 5.67% - -
Bloomberg Barclays High Yield Muni Index 4.75% 4.75% 5.77% 6.52% - -

Fund Expense Ratio :

Gross 0.62%

Net 0.61%

Year Fund Returns Bloomberg Barclays High Yield Muni Index
2018 3.99% 4.75%
2017 7.57% 9.68%
2016 2.86% 2.99%
2015 3.77% 1.81%
2014 14.60% 13.84%
2013 -6.90% -5.51%
2012 18.29% 18.14%
2011 4.63% 9.25%
2010 -2.30% 7.79%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 2.88%
2018 0.80% 2.84% 0.60% -0.28% 3.99%
2017 2.74% 1.98% 2.02% 0.64% 7.57%
2016 2.43% 4.44% 1.18% -4.97% 2.86%
2015 1.52% -1.02% 1.24% 2.00% 3.77%
2014 5.26% 4.13% 2.62% 1.87% 14.60%
2013 1.61% -5.17% -3.34% -0.04% -6.90%
2012 6.93% 3.32% 3.79% 3.16% 18.29%
2011 -1.66% 5.29% 1.58% -0.52% 4.63%
2010 - - - -5.19% -2.30%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 02/28/2019

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

PORTFOLIO BREAKDOWN as of 02/28/2019

Maturity Assets
< 0
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years
>30 Years

PORTFOLIO BREAKDOWN as of 02/28/2019

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

Credit QUALITY DISTRIBUTION as of 02/28/2019

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 12/31/2018

  • Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘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 sector weights include health care, a significant overweight, and the industrial development sector, an underweight.
  • While the flattening and partial inversion of the front end of the Treasury yield curve has made headlines as of late, the municipal yield curve remains 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 02/28/2019

Total Net Assets
$2.28 B
Number of Issues
544
Average Coupon
5.2%
Average Effective Maturity
22.5 Years
Average Effective Duration
9.68 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/19/2019
$0.090
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/28/2019 $0.04838 $11.85
Daily Daily 01/31/2019 $0.04203 $11.75

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 03/31/2019
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/28/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.62% 0.61%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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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 I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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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