Fund Description

Under normal market conditions, 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, that pay interest exempt from regular federal personal income tax. It may invest without limit in securities generating income subject to the alternative minimum tax. It holds investment grade, below investment grade and unrated municipals, typically 10-30% (up to 50%) below investment grade and up to 5% defaulted, and targets a 12-25 year weighted average maturity. It may use inverse floaters (up to 50%) and forward commitments and follows a value-oriented approach.