No data available

Strategy

Investment Objective

The fund seeks to provide a high level of income exempt from federal income taxes by investing primarily in long-term investment-grade municipal securities.

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Benefits & Risks

  • On an after-tax basis, the yield of most municipal bond funds is attractive compared with yields on taxable bond funds.
  • High-quality bonds generally provide lower credit risk.
  • Longer-term maturities generally provide higher yields in exchange for greater risk.
  • All investments are subject to market risk, including the possible loss of principal.
  • Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall.
  • Municipal securities: The fund may be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the global, national, and/or local economies.
  • Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation.
  • See the prospectus for more detail on the fund's principal risks.

Investor Profile

  • Appropriate for investors whose income tax level enables them to benefit from tax-exempt income.
  • Suitable for investors looking for high income potential of long-term bonds.
1

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

'Fund Manager Tenure' refers to the number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

'Net Assets' figure applies to all share classes.

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