Fund Description

The fund invests, under normal circumstances, at least 80% of assets in taxable municipal bonds, income-producing convertible securities, preferred stocks, high yield U.S. corporate bonds, and collateralized mortgage obligations (CMOs). It may also invest in U.S. government agency securities issued or guaranteed by government-sponsored enterprises and federal agencies, including FNMA, FHLMC and GNMA, as well as securities issued by eligible private depository institutions and guaranteed by the FDIC. High yield bonds are rated below investment grade (BB and lower), though it may also invest in higher rated bonds. Although the fund expects to maintain a long-weighted average maturity, there are no maturity restrictions on the fund or on individual securities. Investments are typically subject to federal income taxation, and the fund may also invest in MLPs, dividend-paying equities and private placements.