EFTA Document EFTA01373771

US Municipals Are an Appealing and Unique Asset Class Historical Outperformance in Rising Rate Environment Taxable vs. Tax-exempt Yields Higher Rates Cause Spread Widening111 Historically, as rates increase, the value of the tax-exemption to investors increases, bringing more buyers into the tax-exempt market This increased demand for tax-exempt bonds as rates rise tends to drive spreads between taxable and tax-exempt rates higher as rates increase This means that municipal bonds often