Fund Goal and Approach
The fund seeks to maximize current income exempt from federal income tax and from Connecticut income tax, without undue risk.
To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal and Connecticut state income taxes. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities.
Bond Risk: Bonds are subject generally to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.
National Municipal Risk: Income for national municipal funds may be subject to state and local taxes. Income may be subject to state and local taxes for out-of-state residents. Some income for non-AMT-Free funds may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
State Risk: Investing primarily in a single state may make the fund's portfolio securities more sensitive to risks specific to the state.
Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.