Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in municipal securities issued by the State of Oregon and its political subdivisions, agencies, authorities and instrumentalities. The Fund may also invest in securities of other qualified issuers, including issuers located in U.S. territories, commonwealths and possessions, such as Guam, Puerto Rico and the U.S. Virgin Islands, and funds that invest in such securities. These securities pay interest exempt from federal income tax (including the federal alternative minimum tax (AMT)) and Oregon individual income tax. The Fund may invest up to 20% of its net assets in securities that pay interest subject to U.S. federal income tax (including … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in municipal securities issued by the State of Oregon and its political subdivisions, agencies, authorities and instrumentalities. The Fund may also invest in securities of other qualified issuers, including issuers located in U.S. territories, commonwealths and possessions, such as Guam, Puerto Rico and the U.S. Virgin Islands, and funds that invest in such securities. These securities pay interest exempt from federal income tax (including the federal alternative minimum tax (AMT)) and Oregon individual income tax. The Fund may invest up to 20% of its net assets in securities that pay interest subject to U.S. federal income tax (including the federal AMT) and Oregon individual income tax. The Fund normally invests in municipal securities that, at the time of purchase, are rated investment grade or are unrated but determined by the management team to be of comparable quality. The Fund may invest up to 10% of its total assets in debt instruments that, at the time of purchase, are rated below investment grade (commonly referred to as high yield investments or junk bonds). While the Fund may invest in securities of any maturity, under normal circumstances, the Funds dollar-weighted average maturity will be between three and ten years. The Fund may enter into tender option bond (TOB) transactions and may invest in derivatives, such as floating rate municipal securities (floaters) and inverse floating rate municipal securities (inverse floaters) to add incremental income, futures (including interest rate and Treasury bond futures) to manage duration and hedge against changes in interest rates, and swaps, including Municipal Market Data Rate Locks (MMD Rate Locks) to manage duration and hedge against changes in interest rates. Inverse floaters provide the Fund with leveraged exposure to underlying municipal bonds whose interest payments vary inversely with changes in short-term tax-exempt interest rates. Show less