Fund Description

The fund is actively managed and invests mainly in state and local municipal bonds selected for a high and sustainable level of current income. It primarily buys investment-grade municipal bonds as rated by a nationally recognized statistical rating organization (e.g., Baa or higher by Moody's) or, if unrated, deemed comparable quality by the advisor, but may invest up to 20% of assets in below-investment-grade municipal bonds. Under normal circumstances, it invests at least 80% of net assets, plus any borrowings for investment purposes, in securities whose income is exempt from federal income tax. The fund targets a dollar-weighted average maturity of 10 to 25 years and has no limits on individual security maturities.