Fund Description

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 personal income tax, and typically invests substantially all assets in such bonds issued by U.S. states, territories and possessions, the District of Columbia, and related political subdivisions, agencies, instrumentalities, or multistate authorities. At least 70% is invested in investment-grade bonds, with up to 30% in below-investment-grade bonds for additional yield. Portfolio dollar-weighted average maturity normally exceeds 10 years, but it may invest without regard to maturity or duration. The sub-adviser uses fundamental credit analysis, sector and security selection, active trading, and a rigorous sell discipline; some income may be subject to AMT.