Fund Description

The fund pursues its objective by investing principally in high-yielding municipal securities that may be non-investment grade or investment grade, and it will seek to increase income for shareholders by investing in longer-maturity bonds. Under normal circumstances it invests at least 80% of net assets in municipal securities paying interest exempt from federal income tax, which may be subject to AMT for certain taxpayers. The adviser evaluates trades based on risk/return and portfolio impact, considering credit quality and interest-rate sensitivity. It may invest without limit in lower-rated and unrated securities, use any maturity or duration, and may be more volatile with higher principal-loss risk. It may use forward commitments, TOBs, zero-coupon and variable/floating/inverse floaters, certain mortgage-related securities, derivatives, and short sales.