Fund Description

The fund invests at least 80% of net assets plus borrowings in municipal bonds paying interest exempt from regular federal personal income tax, including obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. It may invest without limit in AMT-subject securities and generally maintains weighted average maturity over 10 years. At least 80% is investment grade, with up to 20% below investment grade. It may invest in zero coupon bonds and up to 15% in inverse floaters, and may utilize derivatives to manage risks and duration. The sub-adviser follows a value-oriented strategy.