Strategy. The Fund seeks to achieve its investment objective primarily through investments in municipal debt securities whose interest payments generally are exempt from U.S. federal income taxes. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal debt securities. For these purposes, municipal debt securities include debt obligations issued by state and local governments, their political subdivisions, agencies, and public authorities, and certain other governmental issuers (such as the U.S. territories of Puerto Rico, Guam, and the U.S. Virgin Islands). Municipal debt securities in which the Fund may invest also include participations or other interests in municipal securities backed by banks, insurance companies, and other financial institutions. … Show more… The Fund seeks to achieve its investment objective primarily through investments in municipal debt securities whose interest payments generally are exempt from U.S. federal income taxes. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal debt securities. For these purposes, municipal debt securities include debt obligations issued by state and local governments, their political subdivisions, agencies, and public authorities, and certain other governmental issuers (such as the U.S. territories of Puerto Rico, Guam, and the U.S. Virgin Islands). Municipal debt securities in which the Fund may invest also include participations or other interests in municipal securities backed by banks, insurance companies, and other financial institutions. The Fund may invest up to 30% of its net assets in municipal securities subject to the federal alternative minimum tax. The federal alternative minimum tax is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but eliminates many deductions and exclusions. The federal alternative minimum tax system treats as taxable certain types of income that are nontaxable for regular income tax purposes, such as the interest on certain private activity municipal bonds, which are bonds issued by state or local governments to fund projects that primarily benefit private businesses or individuals rather than the general public. The Fund is an actively managed fund which utilizes a value-approach in identifying attractive securities and sectors within the municipal market ( i.e. , securities or sectors the price of which represents their intrinsic value or an amount less than their intrinsic value and which are subject to an appropriate level of risk, each as determined by the Adviser or Sub-Adviser). The Fund seeks to select a portfolio of securities with an average duration between four and eight years. Duration is a measure used to determine the sensitivity of a portfolio to changes in interest rates with a longer duration portfolio being more sensitive to changes in interest rates. For example, the value of a security with a duration of eight years would be expected to decrease by 8% for every 1% increase in interest rates. The Fund seeks to invest across maturity rungs in a structured manner, with a focus on securities that are expected to mature or have an option to be called or tendered inside of 15 years. The Fund anticipates generally investing a greater portion of its assets in revenue bonds relative to general obligation bonds. The Fund intends to invest primarily in investment grade municipal debt securities (or if unrated, the equivalent thereof as determined by the sub-adviser in its sole discretion) but may also invest in non-investment grade municipal debt securities (or if unrated, the equivalent thereof, as determined by the sub-adviser in its sole discretion), as rated by Moodys Investors Service, Inc. (Moodys), S&P Global Ratings (S&P) or Fitch Ratings, Inc. If a security has ratings available from all three ratings organizations, its final rating will be the middle rating. If a security has ratings available from only two of the ratings organizations, its final rating will be the lower rating. The Fund will limit its investments in non-investment grade municipal debt securities (or if unrated, the equivalent thereof as determined by the sub-adviser in its sole discretion) to 10% of the Funds assets. The Funds exposure to any single obligor of a municipal debt security generally will be limited to 10% of the Funds assets. Similarly, exposure to any single state is expected to be limited to 25% of the Funds assets. The Fund may invest more than 25% of its assets in municipal debt securities that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities. The Fund also may invest more than 25% of its assets in industrial development bonds, which are revenue bonds issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, ports and parking. Show less