Fund Description

The fund invests at least 80% of net assets (plus borrowings) in municipal obligations, including notes and tax-exempt commercial paper, issued by U.S. states and territories, the District of Columbia, and related political subdivisions, agencies or instrumentalities, with interest exempt from regular federal income tax. It primarily holds high yield municipals, including below investment grade and defaulted securities, and may invest without limit in obligations subject to federal AMT. Up to 20% may be in other debt, including taxable municipals and U.S. government obligations. It may use derivatives for hedging, total return, or as a substitute for securities, with no stated limit except as required by regulation. It typically buys maturities of 10 years or more and may concentrate by type, state, territory, or sector; selection emphasizes creditworthiness, relative value, and may consider ESG.