Description

The primary objective of this fund is to deliver a substantial level of current income that is exempt from federal, Virginia state, and in some instances, local Virginia income taxes, all while safeguarding the initial capital. In typical market environments, the fund commits at least 80% of its net assets to municipal bonds of investment-grade quality. Such bonds must possess a rating of BBB/Baa or higher from at least one independent agency when purchased, or, if unrated, be assessed by the fund's sub-adviser as having comparable creditworthiness. The portfolio retains the flexibility to allocate up to 20% of its net assets to municipal bonds that are rated below investment grade, commonly referred to as "high-yield" or "junk" bonds.