High-Yield Municipal

as of 04/17/14
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Daily Price (04/17/14) $9.11 Daily Change: $+0.00 (+0.01%)  
Investment Objective: Income Ticker Symbol: ABHYX
Fund Type: Tax-Free Bond Funds Fund Code: 942
Share Class: Investor Inception Date: 03/31/98
Total Assets: $226,556,185.43 Newspaper Symbol: HiYldMu  

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

  Total Return Average Annual Total Return as of 03/31/2014
as of
as of
1 yr
3 yr 5 yr 10 yr 20 yr Life
  +5.70% -1.35% +7.82% +8.93% +3.86% --% +4.65% 0.60% 03/31/98
M1:(as of 03/31/2014)
-- -- 3 out of 5 Stars3 out of 5 Stars3 out of 5 Stars--Overall
3 out of 5 Stars Overall
Funds rated in category:----153 123 91 --153
Morningstar Category: High Yield Muni
Lipper Quartiles & Rankings:L1 --Quartile Ranking
Quartile Ranking
Quartile Ranking
Quartile Ranking
Ranking for High Yield Municipal Debt Funds as of 03/31/2014, based on total returns.

M1For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results. Morningstar Rating™ is for Investor share class only; other classes may have difference performance characteristics.

Morningstar InfoM1

Overall Rating
rated among 153 High Yield Muni
(as of 03/31/2014 )

The fund's current expense ratio is 0.60%

Investment Strategy:
  • Long–term and intermediate–term municipal securities with interest payments exempt from federal income tax; intended to result in a high yield for the fund.K1
For Investors Who:
  • Seek the highest income opportunity available from municipal bonds in exchange for higher credit risk.
  • Want current income that is exempt from federal income taxes.A1
  • Wish to diversify equity–heavy portfolios while maintaining a preference for higher–risk securities.
  • Can tolerate relatively high share price fluctuation.
Risk Factors:

The lower-rated securities in which the fund invests are subject to greater default and liquidity risk, because the issuers of high-yield securities are more sensitive to real or perceived economic changes. Generally, as interest rates rise, bond prices fall.

More Information
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Fund Management

G. David MacEwen
G. David MacEwen
Co-Chief Investment Officer
Senior Vice President and Senior Portfolio Manager

Steven M. Permut
Steven M. Permut
Senior Vice President, Senior Portfolio Manager

Joseph Gotelli
Joseph Gotelli
Vice President, Portfolio Manager

Alan Kruss
Alan Kruss
Vice President, Senior Portfolio Manager


  • High current income that is exempt from federal income taxA1
  • Capital appreciation is a secondary objective

A1Investment income may be subject to other state and local taxes and, depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.


(*) The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

K1The lower-rated securities in which the fund invests are subject to greater credit, default and liquidity risk.

L1Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Reuters Company, subject to the following: Copyright © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

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