Fund Description

The fund invests in municipal and other debt securities, emphasizing high-yield issues rated below investment-grade or deemed of similar quality by the investment advisor. Under normal market conditions, at least 80% of net assets are invested in municipal securities with interest exempt from federal income tax, though some may be subject to the federal alternative minimum tax. The fund seeks high yield by buying below-investment-grade bonds, including junk bonds and securities in technical or monetary default, and may also buy unrated securities. It typically holds long- and intermediate-term municipal securities, aiming for a weighted average maturity of 10 years or longer, and uses techniques intended to realize capital appreciation.