| Investment Objective: |
The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax)("Municipal Bonds"). The Fund typically invests at least 80% of its net assets in Municipal Bonds that are rated investment grade by at least one nationally recognized statistical rating organization ("NRSRO"), or, if unrated, judged to be of comparable quality by MacKay Shields LLC ("Subadvisor"). While the Fund will primarily invest in securities rated investment grade or higher, the Fund may invest up to 20% of its net assets in Municipal Bonds that are rated below investment grade (commonly referred to as "high yield securities" or "junk bonds") as rated by at least one NRSRO, or, if unrated, judged to be of comparable quality by the Subadvisor . The Fund generally will maintain a dollar-weighted average duration of 1 to 3 years. |
