Fund Description

The fund invests at least 80% of its net assets in municipal securities, including debt obligations from U.S. states and municipalities whose interest is exempt from federal income tax. It primarily focuses on revenue and general obligation securities, such as fixed and variable rate securities and municipal leases. The investment objective is achieved by emphasizing higher yielding medium- and lower-grade municipal securities, potentially incorporating some below-investment-grade securities. The fund may also invest up to 20% in taxable investments and is permitted to utilize leverage, derivatives, and distressed securities to manage its portfolio. Investment strategies may involve concentrated positions in specific segments of the municipal market.