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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.

2019 Tax-Exempt #1 for 2019_Barrons Ranking

Yields

Dividend Yield 1 as of 07/06/2020  

w/o sales charge 3.57%
w/ sales charge 3.49%

30 Day Standardized yield 2 as of 05/31/2020  

3.85%

Fund Basicsas of 05/29/2020

Total Net Assets
$2.93 B
Inception Date
12/30/2004
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
609
Minimum Initial Investment
$1,000+

Expense Ratioas of 05/31/2020

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -3.39% 0.21% 4.66% 4.94% 5.20% 3.55%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
Bloomberg Barclays High Yield Muni Index New -2.64% 1.02% 5.27% 5.77% 6.12% -
w/ sales charge -5.56% -2.00% 3.87% 4.45% 4.97% 3.33%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -3.39% 0.21% 4.66% 4.94% 5.20% 3.55%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
Bloomberg Barclays High Yield Muni Index New -2.64% 1.02% 5.27% 5.77% 6.12% -
w/ sales charge -5.56% -2.00% 3.87% 4.45% 4.97% 3.33%

Fund Expense Ratio :

0.79%

RELATED CONTENT

Lessons from One Week in the Muni Bond New Issue Market
June 19, 2020

A look at one week’s worth of new issuance of municipal bonds illustrates key themes at work in today’s market—and the range of potential investment opportunities on offer.

Uncovering Value in Municipal Bonds after the Recent Volatility
May 27, 2020

Our director of municipal bonds identifies areas of the market where performance disparities may create potential opportunities.

Municipal Bond Insights and Charts: Seeking Value in High Yield Munis
May 13, 2020

Our experts offer four reasons why high yield municipal bonds may potentially represent compelling opportunities in the current market.

Sector Assets
IDR/PCR
Healthcare/Hospital
Education
Special Tax
GO Local
Lease
Transportation
Water & Sewer
Power
Housing
GO State
VRDN
Pre-Refunded
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 05/29/2020

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Portfolio Manager

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 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 07/06/2020  

w/o sales charge 3.57%
w/ sales charge 3.49%

30-Day Standardized Yield 2 as of 05/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.85% 3.85%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -3.39% 0.21% 4.66% 4.94% 5.20% 3.55%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
Bloomberg Barclays High Yield Muni Index New -2.64% 1.02% 5.27% 5.77% 6.12% -
w/ sales charge -5.56% -2.00% 3.87% 4.45% 4.97% 3.33%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -3.39% 0.21% 4.66% 4.94% 5.20% 3.55%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
Bloomberg Barclays High Yield Muni Index New -2.64% 1.02% 5.27% 5.77% 6.12% -
w/ sales charge -5.56% -2.00% 3.87% 4.45% 4.97% 3.33%

Fund Expense Ratio :

0.79%

Year Fund Returns Bloomberg Barclays High Yield Muni Index New
2019 11.48% 10.68%
2018 3.79% 4.76%
2017 7.38% 9.69%
2016 2.68% 2.99%
2015 3.66% 1.81%
2014 14.50% 13.85%
2013 -6.99% -5.51%
2012 17.99% 18.14%
2011 4.55% 9.25%
2010 3.68% 7.80%
2009 35.92% -
2008 -32.87% -
2007 -7.35% -
2006 9.37% -
2005 6.63% -
2004 0.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.43% 4.36% - - -3.26%
2019 4.17% 3.16% 2.72% 0.99% 11.48%
2018 0.75% 2.79% 0.63% -0.41% 3.79%
2017 2.70% 1.94% 1.97% 0.59% 7.38%
2016 2.38% 4.29% 1.22% -5.00% 2.68%
2015 1.56% -1.15% 1.19% 2.04% 3.66%
2014 5.31% 4.09% 2.66% 1.75% 14.50%
2013 1.64% -5.21% -3.47% 0.01% -6.99%
2012 6.89% 3.28% 3.65% 3.11% 17.99%
2011 -1.71% 5.25% 1.63% -0.56% 4.55%
2010 3.26% 1.46% 4.51% -5.32% 3.68%
2009 8.26% 10.13% 14.65% -0.57% 35.92%
2008 -5.23% 0.14% -7.16% -23.81% -32.87%
2007 1.06% -0.35% -3.13% -5.03% -7.35%
2006 1.77% 1.17% 3.87% 2.26% 9.37%
2005 1.73% 3.52% 0.30% 0.95% 6.63%
2004 - - - - 0.16%

Growth of $10,000 as of 06/30/2020

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 05/29/2020

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

PORTFOLIO BREAKDOWN as of 05/29/2020

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 05/29/2020

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

Credit QUALITY DISTRIBUTION as of 05/29/2020

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

Portfolio Positioning as of 03/31/2020

  • 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 is overweight revenue bonds, more specifically credits in the industrial development, health care, and government lease sectors. 

Portfolio Details as of 05/29/2020

Total Net Assets
$2.93 B
Number of Issues
609
Average Coupon
4.8%
Average Effective Maturity
24.0 Years
Average Effective Duration
11.71 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/06/2020
$0.220
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2020 $0.03560 $11.96
Daily Daily 05/31/2020 $0.03676 $11.49
Daily Daily 04/30/2020 $0.03714 $11.11
Daily Daily 03/31/2020 $0.03688 $11.57
Daily Daily 02/29/2020 $0.03706 $13.14
Daily Daily 01/31/2020 $0.03736 $12.85

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 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 07/06/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $12.25
$100,000 to $249,999 1.75% 1.50% $12.18
$250,000 to $499,999 1.25% 1.00% $12.12
$500,000 to $999,999 0.00% 1.00% $11.97
$1,000,000 to $5,000,000 0.00% 1.00% $11.97

Expense Ratioas of 05/31/2020

Fund Documents

Fund Documents

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Publish Date:11/03/2015
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Publish Date:11/03/2015
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Publish Date:11/03/2015
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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. 

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