About: Under normal market conditions, the trust will invest at least 80% of its total assets in municipal securities and derivatives instruments, with exposure to such bonds or securities. These will be expected to pay interest or income exempt from regular Federal income tax (not including Federal alternative minimum tax). At least 50% of the Trusts investment will be in municipal bonds that at the time of investment are rated investment grade quality. The Trust intends for its bond portfolio to consist primarily of long-term bonds and will normally have a dollar weighted average maturity of greater than ten years. The Trust may invest up to 25% of its net assets in residual interest municipal tender option bonds, which are derivative interests in municipal bonds. The Trust may also invest in securities of other open- or closed-end investment companies that invest primarily in municipal bonds and in tax-exempt preferred shares that pay dividends exempt from Federal income tax.
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