Industry description
The investment seeks to maximize tax-free current income and secondarily seeks to maximize capital appreciation with a portfolio composed principally of high yield and other income-generating U.S. municipal bonds.
Under normal circumstances, the fund seeks to achieve its objectives by investing at least 80% of its assets in municipal bonds. Generally, the fund will invest in distressed securities when Fund management believes they offer significant potential for higher returns or can be exchanged for other securities that offer this potential. It is non-diversified.