The fund invests at least 80% of the value of its net assets plus borrowings for investment purposes in fixed income investments the income from which is exempt from federal income tax. It invests principally in municipal debt obligations providing federal tax-exempt interest income, but may invest up to 20% of the value of its net assets plus borrowings for investment purposes in municipal debt securities, the income on which is subject to federal income tax, including the alternative minimum tax.

Nasdaq

RTHAX

Under normal circumstances, the fund will, directly or indirectly, invest at least 80% of its assets (including any borrowings for investment purposes) in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax and may subject certain investors to alternative minimum tax. It may invest directly or indirectly in various types of derivatives, including swap contracts as a substitute for making direct investments in underlying instruments or to reduce certain investment exposures.

RWMIX

To pursue its investment objective, under normal conditions, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest exempt from federal income tax. Normally, it seeks to maintain an investment portfolio with a weighted average effective duration of less than 4.5 years.

SDHIX

The investment seeks to provide a high level of income exempt from regular federal income tax. Under normal circumstances, the fund invests at least 80% of net assets in securities issued by municipalities across the United States and in other securities whose income is free from regular federal income tax. It may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT). The fund normally invests at least 50% of total assets in municipal securities rated in the four highest credit rating categories. It may invest up to 50% of total assets in high yield debt securities.

SHYTX

Under normal circumstances, the fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in high yield securities. These securities generally include medium grade or below investment grade debt securities or unrated debt securities determined to be of comparable quality, but also may include other securities believed to have the potential for relatively high yield. It may invest in bonds of any maturity.

SRHMX

The investment seeks total return, including tax-free income from the dividends of underlying municipal bond funds, while seeking to limit downside risk. The fund invests in open-end investment companies (mutual funds) and exchange-traded funds ("ETFs") that primarily invest in tax-exempt municipal bonds ("underlying municipal bond funds"), as well as municipal money market funds. Under normal circumstances, the fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in funds that primarily invest in municipal bonds or other municipal debt instruments.

STMYX

Under normal circumstances, the fund invests at least 80% of its assets in "municipal securities." It will invest primarily in municipal securities rated at the time of purchase in the lowest investment grade categories (that is, securities rated in the Baa/BBB categories) or rated below investment grade (that is, securities rated below the Baa/BBB categories) or, if unrated, determined by the sub-adviser to be of comparable credit quality.

STXAX

Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in municipal bonds, the income of which is exempt from federal income taxation. It invests at least 50% of its assets in debt securities that, at the time of purchase, are rated within or below the "BBB" major rating category by S&P or Fitch, or the "Baa" major rating category by Moody's, or are unrated but considered to be of comparable quality by the Adviser.

THMBX

The investment seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. The fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in municipal fixed-income securities the interest from which is exempt from federal income tax and the federal alternative minimum tax ("AMT") applicable to individuals. It invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as well as issuers in U.S. territories and possessions.

THYIX

The investment seeks tax-free income and capital preservation. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any) in, or derives at least 80% of its income from, municipal bonds. It may indirectly and directly invest in issuers located in U.S. territories, commonwealths, possessions or protectorates. The fund may invest in debt securities of any credit quality or maturity. It may invest up to 100% of its assets in below investment grade securities.

TMNIX

The investment seeks high current income that is exempt from federal income tax and capital appreciation. The fund invests at least 80% of the fund's net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax ("AMT"). It invests up to 20% of the fund's total assets in securities whose interest is subject to federal AMT. At least 50% of the fund's total assets in municipal securities rated BBB and below or comparable unrated municipal securities.

WHYIX

The fund seeks to achieve its objective by investing at least 80% of its net assets in a diversified portfolio of municipal bonds. It typically invests at least 65% of its total assets in medium- and lower-quality bonds. The fund may invest in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal bonds of issuers located in the same geographical area.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
RTHAX	Russell Investments Tax-Exempt High Yield Bond Fun...	High Yield Muni	May 31, 2015	0.89%	1.61%	—	3.90%
RWMIX	Redwood Managed Municipal Income Fund	High Yield Muni	Mar 8, 2017	1.00%	1.94%	—	3.18%
SDHIX	Lord Abbett Short Duration High Income Municipal B...	High Yield Muni	Jun 14, 2015	0.50%	2.40%	—	4.05%
SHYTX	DWS Strategic High Yield Tax	High Yield Muni	Jan 21, 1987	0.59%	1.64%	2.84%	4.99%
SRHMX	Columbia High Yield Municipal Fund	High Yield Muni	Mar 4, 1984	0.65%	2.60%	2.72%	4.39%
STMYX	Sierra Tactical Municipal Fund	High Yield Muni	Dec 26, 2018	0.92%	0.93%	—	2.59%
STXAX	Western Asset Municipal High Income Fund	High Yield Muni	Nov 5, 1992	0.83%	0.82%	2.89%	3.90%
THMBX	Thrivent High Income Municipal Bond Fund	High Yield Muni	Feb 27, 2018	0.60%	1.71%	—	3.94%
THYIX	Transamerica High Yield Muni	High Yield Muni	Jul 30, 2013	0.76%	1.24%	3.29%	4.26%
TMNIX	Counterpoint Tactical Municipal Fund	High Yield Muni	Jun 10, 2018	1.00%	1.86%	—	3.08%
WHYIX	Allspring High Yield Municipal Bond Fund	High Yield Muni	Jan 30, 2013	0.55%	1.88%	3.43%	4.66%
WYMHX	Delaware Ivy Municipal High Income Fund	High Yield Muni	Dec 29, 1998	0.61%	—	—	—

The Best High Yield Muni Mutual Funds

Risk vs. Return Scatterplot