When it comes to bond funds, high yield is virtually synonymous with junk -- risky, low-quality debt. It's different, though, with many high-yield, tax-free bond funds, as Northern High Yield Municipal demonstrates.
The fund, run by Jane McCart since 1998, strives to deliver a reasonably high yield that's exempt from federal income taxes. But McCart is no yield hog. In fact, she has 57% of the fund's $275 million of assets invested in bonds with above-junk ratings.
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