The Fund is actively managed and will not seek to replicate the performance of an index. Under normal market conditions, the Fund invests at least 80 percent of its net assets in a diversified portfolio of municipal obligations, the interest on which is exempt from regular federal income tax. While these securities will be exempt from federal income taxes, a significant portion of these securities could be subject to the alternative minimum tax. The Fund normally invests in municipal obligations rated A or higher by S&P Global Ratings (S&P), Fitch Ratings (Fitch) or Moodys Investors Service, Inc. (Moodys)) or, if unrated, determined by the Subadvisor to be of comparable quality at the time of purchase. The Fund may invest up to 30 percent of its net assets in municipal obligations rated BBB by S&P, Fitch or Moodys or, if unrated, determined by the Subadvisor to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may continue to hold securities that are downgraded (including bonds downgraded to below investment grade credit quality (junk bonds)) if the Subadvisor believes it would be advantageous to the Fund to do so.