Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in municipal bonds paying interest exempt from federal income tax, though holdings may pay interest subject to the federal AMT. Under normal conditions, at least 50% is in BBB+/Baa1 or lower municipal bonds or comparable unrated issues, with an emphasis on below-investment-grade bonds; unrated bonds may be significant. It may invest in defaulted or distressed securities and presently does not intend to invest more than 20% of net assets (measured at the time of investment) in such securities, although holdings may exceed that level if securities purchased when not in default or distressed later become defaulted or distressed. It may invest in many municipal bond types, up to 100% in private activity bonds and inverse floaters, and other derivatives. Normally, the fund seeks to maintain a dollar-weighted average maturity of between ten and twenty-five years. Management emphasizes credit analysis, yield, total return, rate risk, call protection, and may consider ESG factors.