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As of date: 5/31/2016
Category: High Yield Muni
Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results. The fund may have experienced negative returns over the time periods rated.
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John Miller, CFA Co-Head of Fixed Income
23 years investment experience
Managed fund since 2000
as of date: 5/31/2016
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Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due.
The Fund concentrates in non-investment-grade and unrated bonds with long maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the Fund oftentimes engages in a significant amount of portfolio leverage and in doing so, assumes a high level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund's exposure to volatility, interest rate risk and credit risk.
Returns quoted represent past performance which is no guarantee of future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. Due to market conditions, current performance may be higher or lower than the data shown. Returns without sales charge do not reflect the imposition of the maximum sales charge, which would reduce returns. Total returns for a period of less than one year are cumulative.
Performance assumes the reinvestment of dividends and capital gains. Class A shares have a 4.2% maximum sales charge. Class C and C2 shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense ratios are based on the Fund's most recent fiscal year end. The net expense ratio excludes credits earned on the Fund's cash on deposit with the custodian bank but includes interest expense on borrowings and interest on self-deposited inverse floaters held by the Fund, if any.
Distribution Rate is the most recent dividend per share (annualized) divided by the respective price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share as of the date specified. The Distribution Rate also differs from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium. Subsidized yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized yields do not reflect fee waivers in effect.
The fund employs high yield strategies, including significant investment in below investment grade bonds and opportunistic use of portfolio leverage during certain periods through investment in inverse floating rate securities, which other funds in its Lipper classification may not have used to the same extent. The index does not include floating rate securities, and may differ in credit quality from the fund. As a result, performance comparisons may be less meaningful.
The S&P Municipal Yield Index is a market value weighted index derived from the S&P Municipal Bond Index which provides a measure of an investing strategy that allocates a specific percentage to bonds rated both above and below investment grade. The returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.
Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please view the prospectus or summary prospectus.
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Investor line: 1-800-257-8787. Advisor line: 1-800-752-8700.
The information on this web site is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.
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