Strategy. The Fund invests primarily in municipal obligations, the interest on which is, in the opinion of the issuers bond counsel, exempt from federal individual income tax (but not necessarily the federal alternative minimum tax (the AMT)). Under normal circumstances at least 80% of the value of the Funds assets will be invested in tax-exempt municipal obligations (which may include obligations that pay interest subject to the AMT). This is a fundamental policy that cannot be changed without shareholder approval. The Adviser allocates the Funds investments among a diversified portfolio of municipal securities offering the potential for high current income. The Fund may invest any portion of its assets in municipal securities that are rated below investment grade (or, if unrated, … Show more… The Fund invests primarily in municipal obligations, the interest on which is, in the opinion of the issuers bond counsel, exempt from federal individual income tax (but not necessarily the federal alternative minimum tax (the AMT)). Under normal circumstances at least 80% of the value of the Funds assets will be invested in tax-exempt municipal obligations (which may include obligations that pay interest subject to the AMT). This is a fundamental policy that cannot be changed without shareholder approval. The Adviser allocates the Funds investments among a diversified portfolio of municipal securities offering the potential for high current income. The Fund may invest any portion of its assets in municipal securities that are rated below investment grade (or, if unrated, considered by the Adviser to be of comparable quality), commonly known as high-yield or junk bonds. A security will be considered to be below investment grade if it is rated Ba1 or lower by Moodys Investors Service, Inc. and BB+ or lower by S&P Global Ratings, or if unrated, is considered by the Adviser to be of comparable quality. A below-investment-grade rating reflects a greater possibility that the issuer of an investment may be unable to make timely payments of interest and principal and thus default. If this happens, or is perceived as likely to happen, the value of that investment will usually be more volatile and is likely to fall. In selecting securities for the Fund, the Adviser performs in-depth credit analysis of the issuers creditworthiness and of the securities. The Adviser attempts to identify securities paying attractive current income and securities that it believes are undervalued. The Adviser considers the duration of the Funds portfolio; however, this factor is a lesser consideration than credit and yield considerations due to the nature of the securities in which the Fund invests. There is no lower limit on the rating of securities that may be in the Fund. Some of the securities that the Fund buys and holds may be in default. The Adviser may sell investments when it believes that they no longer offer attractive potential future returns compared to other investment opportunities or that they present undesirable risks, or in an attempt to limit losses on investments that may decline or have declined in value. The Fund may invest in other tax-exempt securities that are not municipal obligations. The Funds investments may include any type of debt instrument, including, for example, zero-coupon securities, floating- and variable-rate demand notes and bonds, and residual interest bonds, which are an inverse floating rate security (inverse floaters). The Fund may invest any portion of its assets in obligations that pay interest subject to the AMT. The Fund may invest without limit in municipal obligations that pay interest from similar revenue sources, in municipal securities of issuers within a single state, or in municipal securities issued by entities having similar characteristics. The issuers may be located in the same geographic areas or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. The Fund may invest more than 25% of its total assets in a segment of the municipal securities market with similar characteristics if the Funds investment team determines that the potential return from such investment justifies the additional risk. The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Funds sensitivity to interest rate risk or other risk; replicating certain direct investments; and asset and sector allocation. Show less