Fund Description

The fund invests at least 80% of net assets plus borrowings in municipal fixed income securities whose interest is exempt from regular federal income tax, and a majority of total assets in high-yield municipal securities, including medium quality (BBB/Baa) and non-investment grade (BB+/Ba1 or below) issues, unrated securities deemed comparable, and issuers in default; the remainder may be higher grade. The adviser assesses relative value from credit and yield-curve perspectives, may integrate ESG factors, and considers credit profile, risk, structure, pricing, and portfolio impact, along with restructuring, opportunistic trading, and tax loss harvesting. The fund may focus by state or sector, invest up to 100% in private activity bonds subject to AMT preference, have 100% of its portfolio invested in U.S. dollar-denominated securities, and use ETFs or money market funds for exposure or cash management. Under normal interest rate conditions, the fund's duration is expected to approximate that of a composite index (comprised of 40% Bloomberg Municipal Bond Index and 60% Bloomberg Municipal High Yield Bond Index), plus or minus two years.