The strategy seeks to generate high current income exempt from federal income tax by investing in a diversified portfolio of municipal bonds with varying maturities.
| Inception Date | 7/1/2012 |
| Benchmark | ICE BofA Merrill Lynch 1-22 Year Municipal Bond Index |
| Maximum State Exposure | 20% |
|
Maximum Issuer Exposure |
5% |
Lisa H. Leonard
Managing Director and Portfolio Manager, Municipal Securities
Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
Municipal Market: Events negatively impacting a municipal security, or the municipal bond market in general, may cause the fund to decrease in value.
Tax Liability: Noncompliant conduct by a municipal bond issuer, or adverse interpretations, could cause interest from a security to become taxable, subjecting shareholders to increased tax liability.
State & AMT Tax: A portion of income may be subject to some state and/or local taxes and, for certain investors, a portion may be subject to the federal alternative minimum tax.