About: The Fund announced that at a meeting held on 14-Nov-08, shareholders approved certain investment policy changes which will allow the Fund to expand the universe in which it can invest in thereby providing the Fund important flexibility to respond to ongoing developments in the insured municipal bond market. The Fund is not changing its investment objective. Shareholders approved the following investment policy changes: 1. To allow the Fund to invest at least 80% of its net assets in municipal obligations which are covered by insurance, are rated at least A by a nationally recognized statistical rating organization (NRSRO), or are unrated but judged to be of similar credit quality by the Funds Investment Advisor or covered by insurance issued by insurrers rated at least A by a NRSRO. 2. To allow the Fund to invest up to 20% of its net assets in taxable or tax-exempt fixed income securities rated at least investment grade by a NRSRO or, if not rated, determined by the Funds Investment Advisor to be of comparable quality, including uninsured municipal obligations, obligations of the U.S. government, its respective agencies or instrumentalities, and other fixed income obligations, and, during periods in which the Investment Adviser believes that changes in economic, financial or political conditions make it advisable to do so, to invest an unlimited extent in such investments for temporary defensive purposes. The Fund may also invest in options, futures, swaps and other derivatives. To provide current income which is exempt from federal income tax. It will invest primarily in a diversified portfolio of tax-exempt municipal bonds that are insured as to the timely payment of principal and interest and municipal bonds backed by an escrow or trust account containing sufficient US government or agency securities to ensure timely payment of principal and interest.
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