Fund Description

The fund normally invests at least 80% of net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal personal income tax. It normally invests at least 50% of net assets in municipal bonds rated BBB/Baa or lower, or unrated equivalents as determined by the sub-adviser, and may invest up to 10% in defaulted municipal bonds and up to 50% in higher quality issues. The portfolio's dollar-weighted average maturity normally exceeds 10 years, but it may invest without regard to maturity. The sub-adviser uses fundamental credit analysis, active sector and security trading, and a sell discipline. Some income may be subject to federal alternative minimum tax.