Fund Description

The fund invests at least 80% of total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and, under normal market conditions, at least 80% in securities paying interest free from Alabama personal income taxes. Up to 20% of the fund's total assets may be in securities whose interest may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes. It buys municipal securities rated in the top four categories (or comparable). It may invest up to 35% in municipal securities issued by U.S. territories and may have significant positions in similar project types. The manager seeks a risk/return balance with an income focus, considering credit, structure, pricing, duration, trading and tax-loss harvesting.