"I don't think our investors recognized the potential volatility of long-term bonds." That's how Doug Byrne explains the flight of shareholders this year from his Emerald Fl. Tax Exempt bond find.

In a year of widespread shareholder defections from open-end muni funds of all stripes, Byrne holds the distinction of managing the most unloved fund, based on data compiled for The Bond Buyer by Morningstar Inc.

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