Fund Description

The fund invests, under normal market conditions, at least 80% of net assets plus borrowings in municipal fixed income securities whose interest is exempt from regular federal income tax. It may invest up to 100% in private activity bonds, which may be a preference item for the federal alternative minimum tax, and up to 30% in non-investment grade municipal securities; it may also buy securities of issuers in default. It may gain exposure via affiliated or unaffiliated investment companies, including ETFs, and may focus on a single state or economic sector. The portfolio is U.S. dollar-denominated, targets a two- to eight-year duration range, and is measured against the Bloomberg Municipal Bond 1-10 Year Blend Index.