Investment Objective: |
The fund's investment objective is to provide a high level of current income exempt from regular federal income tax. The fund primarily invests in state, municipal and public authority bonds and notes. A portfolio of bond investments that are typically not available to retail investors, emphasizing higher yielding and lower rated municipal bonds, with a focus on risk management. Normally, at least 80% of assets will be invested in tax-exempt securities. (May invest up to 100% of assets in bonds whose interest may be subject to the alternative minimum tax.) The fund will normally invest at least 60% of assets in debt securities rated BBB or below or Baa1 or below at the time of purchase by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund will be invested in intermediate- to long-term securities. |