Fund Description

The fund invests at least 80% of net assets plus borrowings in municipal bonds whose interest is exempt from regular federal personal income tax, including issues of U.S. states and their subdivisions and U.S. territories. It may invest without limit in securities subject to the federal alternative minimum tax. A long-term bond fund, it generally maintains a weighted average maturity above 10 years and invests significantly in lower-quality long-term municipal bonds, with at least 65% in BBB/Baa or lower (or comparable unrated) issues. It may invest up to 10% in defaulted bonds and up to 15% in inverse floaters, which can create up to 30% effective leverage. It may also use futures, options, and swaps to manage risks and portfolio duration.