Fund Description

The fund invests in municipal and other debt securities with an emphasis on high-yield issues, defined as below investment-grade or deemed of similar quality by the investment advisor. Under normal market conditions, it invests at least 80% of net assets in municipal securities with interest exempt from federal income tax, though some holdings may be subject to the federal alternative minimum tax. To pursue high yield, it may buy below investment-grade securities, including junk bonds and bonds in technical or monetary default, as well as unrated securities. It typically holds long- and intermediate-term municipals, may buy any duration, and seeks a weighted average maturity of 10 years or longer. It also uses techniques aimed at capital appreciation.