Before considering an investment in the Fund, you should understand that you could lose money.
A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax.
The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.
Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.
Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities.
Certain environmental, social, and governance ("ESG") criteria may be considered when evaluating an investment opportunity. This may result in the Fund having exposure to securities or sectors that are significantly different than the composition of the Fund's benchmark and performing differently than other funds and strategies in its peer group that do not take into account ESG criteria.
Active management strategies typically have higher fees than passive management.