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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 05/24/2019  

w/o sales charge 4.18%

30 Day Standardized yield 2 as of 04/30/2019  

3.58%

Fund Basicsas of 04/30/2019

Total Net Assets
$2.52 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.62%
Fund Net Expense Ratio
0.61%
Number of Holdings
568
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 5.02% 7.80% 5.29% 6.05% - 5.64%
Lipper Category Avg. High Yield Municipal Debt Funds 3.93% 6.03% 3.67% 5.08% - -
Bloomberg Barclays High Yield Muni Index 4.41% 8.25% 6.12% 5.98% - -

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 4.23% 7.53% 5.40% 6.26% - 5.61%
Lipper Category Avg. High Yield Municipal Debt Funds 3.36% 5.47% 3.82% 5.29% - -
Bloomberg Barclays High Yield Muni Index 3.82% 8.14% 6.14% 6.10% - -

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
Lease
Transportation
Water & Sewer
Pre-Refunded
Housing
GO State
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 04/30/2019

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

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

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Performance

Performance

Dividend Yield 1 as of 05/24/2019  

w/o sales charge 4.18%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.58% 3.58%

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 5.02% 7.80% 5.29% 6.05% - 5.64%
Lipper Category Avg. High Yield Municipal Debt Funds 3.93% 6.03% 3.67% 5.08% - -
Bloomberg Barclays High Yield Muni Index 4.41% 8.25% 6.12% 5.98% - -

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 4.23% 7.53% 5.40% 6.26% - 5.61%
Lipper Category Avg. High Yield Municipal Debt Funds 3.36% 5.47% 3.82% 5.29% - -
Bloomberg Barclays High Yield Muni Index 3.82% 8.14% 6.14% 6.10% - -

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 4.23% - - - 6.47%
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 04/30/2019

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

PORTFOLIO BREAKDOWN as of 04/30/2019

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 04/30/2019

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

Credit QUALITY DISTRIBUTION as of 04/30/2019

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

Portfolio Positioning as of 03/31/2019

  • 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 allocation is a significant overweight to the health care and a slight overweight to the education sector.
  • 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 20 years and longer.

Portfolio Details as of 04/30/2019

Total Net Assets
$2.52 B
Number of Issues
568
Average Coupon
5.1%
Average Effective Maturity
23.1 Years
Average Effective Duration
8.55 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/24/2019
$0.176
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.04279 $12.15
Daily Daily 03/31/2019 $0.04290 $12.10
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 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 04/30/2019

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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