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The investment seeks to provide current income that is generally exempt from federal income taxes and long-term total return. The fund invests in investment grade and non-investment grade municipal securities (known as "junk bonds") that the sub-adviser considers to be attractive from a yield perspective while considering total return. At least 80% of the fund's net assets must be invested in municipal securities, and up to 35% of its net assets may be invested in non-investment grade municipal securities. The fund may invest in securities of any maturity or duration.