Fund Description

The fund seeks higher current income from municipal bonds and may accept risks to capital value deemed prudent by its investment adviser. Under normal circumstances, it will invest at least 80% of assets in, or derive at least 80% of income from, securities exempt from regular federal income tax, and it may invest without limitation in private activity bonds whose interest is generally subject to the federal alternative minimum tax. It invests at least 50% of its portfolio in debt securities rated BBB+ or below or Baa1 or below, or in unrated securities deemed of equivalent quality; securities rated BB+ or below and Ba1 or below are sometimes referred to as "junk bonds." It uses multiple portfolio managers and may sell holdings when they are no longer viewed as relatively attractive. During the most recent fiscal year, the fund's portfolio turnover rate was 28% of the average value of its portfolio.