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JULY 15, 1997
National High Yield Municipal Bond Fund
Supplement to Statement of Additional Information Dated April 28, 1997
The following replaces average annual total return figures in the
section of the Statement of Additional Information entitled Average Annual Total
Return under Calculation of Performance Data:
Average Annual Total Return
National High Yield Municipal Bond Fund(2)
Class A Class A
Shares) Shares
(at offer) (at NAV)
1 year
ended
12/31/96 2.58% 6.53%
3 years
ended
12/31/96 4.71% 6.06%
5 years
ended
12/31/96 7.05% 7.87%
10 years
ended
12/31/96 7.56% 7.98%
Period
9/22/86(1)
through
12/31/96 7.62% 8.02%
(1) Date of initial public offering.
(2) Reflects voluntary waivers in effect during the period(s).
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The following replaces cumulative total return figures in the section
of the Statement of Additional Information entitled Cumulative Total Return
under Calculation of Performance Data:
Cumulative Total Return
National High Yield Municipal Bond Fund(3)
Class B Class B
Class A Shares Shares
Shares (including (excluding
(at offer) CDSC)(2) CDSC)
Period
3 months 12/18/96
ended through
12/31/96 (0.77%) 12/31/96 (3.57%) 0.43%
6 months
ended
12/31/86 1.72%
9 months
ended
12/31/86 2.69%
1 year
ended
12/31/96 2.58%
3 years
ended
12/31/96 14.80%
5 years
ended
12/31/96 40.56%
10 years
ended
12/31/96 107.32%
Period
9/22/86(1)
through
12/31/96 112.74%
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
