Strategy. Under normal circumstances, we invest: at least 80% of the Funds net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT); up to 20% of the Funds total assets in securities whose interest is subject to federal AMT; at least 50% of the Funds total assets in municipal securities rated BBB and below or comparable unrated municipal securities; and up to 20% of the Funds total assets in inverse floaters. We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. A substantial portion of the securities will be rated BBB and … Show more… Under normal circumstances, we invest: at least 80% of the Funds net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT); up to 20% of the Funds total assets in securities whose interest is subject to federal AMT; at least 50% of the Funds total assets in municipal securities rated BBB and below or comparable unrated municipal securities; and up to 20% of the Funds total assets in inverse floaters. We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. A substantial portion of the securities will be rated BBB and below or unrated and deemed by us to be of comparable quality. Securities rated BB and below are often called high yield securities or junk bonds. We may invest in municipal debt of any credit quality. We may also invest a portion of the Funds total assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Funds dollar-weighted average effective maturity to be between 3 and 20 years. Dollar-weighted average effective maturity is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Funds portfolio. We may invest up to 20% of the Funds total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Funds investments in inverse floaters to an amount equal to 20% of the Funds total assets. We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, improving financial trends, positive industry and sector dynamics, improving economic conditions, and specific demographic trends. Securities may be sold based on relative value considerations and could be replaced with a security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs. Show less