THYM

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities whose income is exempt from federal income taxes. The fund generally seeks higher-yielding municipal securities, including those that are rated below investment grade (BB and lower, or an equivalent rating) by a credit rating agency or, if unrated, deemed by the adviser to be below investment-grade. Such holdings are commonly referred to as "junk bonds." The fund focuses its investments on securities that produce income that is exempt from regular federal income taxes. However, a significant portion of the fund's income could be derived from securities subject to the alternative minimum tax.