Morningstar rated the Tax-Free High Yield Fund among
High Yield Muni
funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable)
ending 04/30/2017, respectively.
The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance
figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The
weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year
rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating
for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most
weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is
included in all three rating periods.
This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.
1 The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds,
variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at
least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for
comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation
in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent
performance. The top 10% of products in each product 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. The Overall Morningstar Rating
for a managed product is derived from a weighted average of the performance figures associated with its three-, five-,
and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of
total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30%
five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating
formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest
impact because it is included in all three rating periods.
The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the
manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are
process, performance, people, parent, and price. Analysts use this five-pillar evaluation to determine how
they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative
and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is
Gold, Silver, Bronze, Neutral, or Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an
Analyst's conviction in a fund's prospects for outperformance. Analyst Ratings are continuously monitored and
For more detailed information about the Morningstar Analyst Rating for funds, including its methodology, please
The Morningstar Analyst should not be used as the sole basis in evaluating a fund. Morningstar Analyst
Ratings involve unknown risks and uncertainties, which may cause Morningstar's expectations not to occur
or to differ significantly from what we expected.
The fund's objective is to seek a high level of income exempt from federal income tax by investing primarily in long-term, low- to upper-medium-quality municipal securities.
SEC Standardized w/ Waiver
SEC Standardized w/o Waiver
Average Annual Total Returns3
March 1, 1985
Gross Expense Ratio^
Net Expense Ratio^
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results.
Share price, principal value, yield and return will vary and you may have a gain or loss when you sell your shares.
3 Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.
For funds less than one year old, the Since Inception return figure is not annualized and represents an aggregate total return.
The Tax-Free High Yield Fund charges a 2%
redemption fee on shares held 90 days or less.
The performance information shown does not reflect the deduction of the redemption fee;
if it did, the performance would be lower.
2 The 30-day dividend yield represents the average daily dividends for the
30-day period, annualized and divided by the net asset values per share
at the end of the period; it is available the first quarter after the
fund's inception. The SEC standardized yield is computed under an SEC
standardized formula and reflects an estimated yield to maturity
(assuming all portfolio securities are held to maturity); it is
available the first month after the fund's inception.
^ The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's
prospectus prior to the deduction of any waiver or reimbursement.
The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.
If a fund has an active contractual expense ratio limitation, the expiration date is shown below the gross and net
expense ratio values above. Expense ratios are as of the most recent prospectus.
The mutual funds referred to in this website are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Download a prospectus.