Fund Description

The fund invests at least 80% of net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, though up to 20% may be in securities whose interest may be subject to the federal alternative minimum tax or other federal or state income taxes. It may invest in municipal securities of any rating category (or unrated or comparable short-term rated), including defaulted securities. It is not state-focused, limits any one state or territory to 25% of total assets, and may invest up to 35% in U.S. territories. The manager selects securities it believes provide the best balance between risk and return within the fund's allowable investments and typically invests with a long-term time horizon, with a focus on income. Holdings may at times emphasize similar project types; decisions consider credit, structure, pricing, duration, restructuring, trading and tax-loss harvesting.