Fund Description

The fund normally invests primarily in municipal instruments, defined as debt issued by or for U.S. states, territories, possessions, or their subdivisions and related entities for public or private purposes. Under normal market conditions, it invests at least 80% of net assets (including borrowings for investment purposes) in securities and other investments whose interest is exempt from U.S. federal income tax, though interest may be subject to the federal alternative minimum tax. It may invest 25% or more in similar project types and up to 100% in below investment grade debt, and may concentrate in one or a few states or territories. It may use derivatives for any purpose, primarily to adjust market or interest-rate exposure. Security selection uses active bottom-up fundamental analysis, with quantitative screens and top-down factors also considered.