Fund Description

The fund invests primarily in municipal bonds and other securities the income from which is exempt from federal income tax, and under normal circumstances invests at least 80% of its assets in securities the income from which is exempt from federal income tax. Most holdings are issued by state and local agencies. The Advisor seeks high income and capital preservation, targeting current income while applying selection criteria intended to avoid permanent capital loss. The fund's investments will be limited to investment grade securities, those rated BBB- or above by S&P or Baa3 or above by Moody's, or determined by the Advisor to be of equivalent quality. Selection considers interest-rate sensitivity, spreads, maturity and duration, which may vary, and the fund may invest in taxable securities, U.S. government obligations, money market instruments, or cash.