The Fund seeks to achieve its investment objective by investing in investment grade and non-investment grade municipal securities (known as junk bonds) that the sub-adviser, Wellington Management Company LLP (Wellington Management), considers to be attractive from a yield perspective while considering total return. At least 80 percent of the Funds net assets must be invested in municipal securities, and up to 35 percent of the Funds net assets may be invested in non-investment grade municipal securities. The Fund may invest in securities that produce income subject to income tax, including the Alternative Minimum Tax. The Fund will generally hold a diversified portfolio of investments across states and sectors, although the Fund is not required to always invest in all states and sectors. The Fund may invest in securities of any maturity or duration.