Fund Description

The fund normally invests primarily in municipal instruments, including general obligation bonds, project or revenue-specific bonds, municipal lease obligations, and pre-refunded or escrowed bonds. Under normal market conditions, at least 80% of net assets (including borrowings for investment purposes) are invested 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. The fund focuses mainly on investment-grade debt but may also hold below investment-grade instruments, may concentrate 25% or more in similar project types, and may emphasize a single state or a small number of states. It may use derivatives for various purposes and is managed with active bottom-up fundamental analysis, supported by quantitative tools and top-down considerations.