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The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective.
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. Interest ratechanges are among the most significant factors affecting bond return. Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline. Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal Alternative Minimum Tax (AMT). Capital gains are not exempt from state and federal income tax. There is no guarantee that the investment objectives will be met. Dividends and yields represent past performance and there is no guarantee that they will continue to be paid. The information is not intended as a personalized recommendation or fiduciary advice and should not be relied upon for investment, accounting, legal or tax advice.
Total return and current income that is exempt from federal income taxes through high-yield municipal bonds.
Designed to provide shareholders with a high level federal tax-free income while maintaining low exposure to the Alternative Minimum Tax (AMT).
Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.
For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.
Maturity: Describes the portfolio of the fund in terms of the different maturities of the securities it holds.
Weighted average life to maturity (WALM) is a measure of the sensitivity of a fixed income portfolio to interest rate changes. WALM is the average time in years to receive the principal repayments. Accordingly, WALM reflects how a portfolio would react to deteriorating credit or tightening liquidity conditions.
Senior Vice President, Senior Portfolio Manager
Vice President, Portfolio Manager
Data reflects past performance, 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 quarter end.
Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.
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, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.
Please see the prospectus for details about sales charges.
The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.
Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.
Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Thomson Reuters Company, subject to the following: Copyright ©2020 Thomson 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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©2020 Standard & Poor's Financial Services LLC. All rights reserved. For intended recipient only. No further distribution and/or reproduction permitted. Standard & Poor's Financial Services LLC ("S&P") does not guarantee the accuracy, adequacy, completeness or availability of any data or information contained herein and is not responsible for any errors or omissions or for the results obtained from the use of such data or information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE IN CONNECTION TO THE DATA OR INFORMATION INCLUDED HEREIN. In no event shall S&P be liable for any direct, indirect, special or consequential damages in connection with recipient's use of such data or information.
The Dow Jones AveragesSM and The Dow Jones Global IndexesSM are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones AveragesSM and The Dow Jones Global IndexesSM ©2020 Dow Jones & Company, Inc. All Rights Reserved.
Source: Bloomberg Index Services Ltd
For detailed descriptions of indices or investing terms referenced above, refer to our glossary.