Fund Description

The fund invests at least 80% of net assets (plus borrowings) in municipal obligations exempt from regular federal income tax and specified state taxes, and it may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 75% of net assets normally are in investment-grade issues; the balance of net assets may be invested in obligations rated below investment grade and in unrated obligations considered to be of comparable quality by the investment adviser, and the fund will not invest more than 10% of its net assets in obligations rated below B or comparable unrated. Under normal market conditions, at least 65% of total assets are in in-state obligations. Up to 20% may be in other debt, including taxable municipals and U.S. government securities. It may use derivatives, invest in ETFs, restricted securities, and considers ESG factors when relevant.