Fund Description

The fund invests at least 80% of net assets (including borrowings) in municipal obligations exempt from regular federal income tax and may invest without limit in obligations subject to the federal alternative minimum tax. At least 65% of net assets normally are in investment-grade municipals or unrated issues deemed comparable by the adviser; the remainder may include below-investment-grade and unrated municipals, with no more than 10% in issues rated below B or comparable. Up to 20% may be in other debt, including taxable municipals and U.S. government securities. It seeks a dollar-weighted average duration under five years and may use derivatives, pooled vehicles (including ETFs), sector/state concentrations, relative value trading, and restricted securities; credit analysis may incorporate ESG factors.