About: To provide current income exempt from regular federal and Virginia income tax and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Funds investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued. It will invest at least 80% of its assets in investment grade quality municipal bonds (BBB/Baa or better at the time of purchase by Moody, Fitch or Standard & Poor). It may invest up to 20% of its net assets in municipal bonds that are unrated but judged to be of comparable quality by the investment adviser. It will be composed of municipal bonds which are either covered by insurance guaranteeing the timely payment of principal and interest or backed by an escrow or trust account containing sufficient U.S. Government or agency securities to ensure timely payment of principal and interest.
Tags: Asset Management Financial Services