2020 continues to present new challenges for investors across asset classes and geographies. Although many risk markets have weathered the storm well so far, investors should be mindful of key risks as we enter the end of the year. Top-of-mind risks for our team include a vulnerable global economy still grappling with the effects of a devastating pandemic, uncertainty surrounding another round of stimulus spending in the US, and a highly contentious US election season. Although munis have not been immune to market volatility this year, we believe that the asset class presents an attractive opportunity given the current backdrop, which in our view is especially well-suited for skilled active management with the flexibility to leverage a vast, compelling national opportunity set.