Fund Description

The fund was incepted in August 1995 and is managed by Boston Management and Research. The objective of the fund is to seek high current income exempt from regular federal income tax. The fund pursues its objective by investing in High Yield Municipals portfolio. The fund normally invests at least 80% of its net assets in debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax. The fund primarily invests in high yielding municipal obligations with maturities of ten years or more. The fund may purchase derivative instruments (such as inverse floaters, futures contracts and options thereon, and interest rate swaps), bonds that do not make regular payments of interest, bonds issued on a when issued basis and municipal leases. The fund offers dividends monthly. Capital gains are distributed annually.