Common use of Credit Quality Clause in Contracts

Credit Quality. The Fund may invest (1) up to 75% of its Managed Assets in municipal securities rated, at the time of investment, Baa/BBB or lower by at least one nationally recognized statistical rating organization (S&P, Xxxxx’x and Fitch) including below-investment grade securities, or unrated securities judged by the Sub-Adviser to be of comparable quality; and (2) no more than 10% of its Managed Assets in municipal securities rated at the time of investment B3/B- and below or judged by the Sub-Adviser to be of comparable quality.

Credit Quality. The As of the Effective Date, the Fund may invest has invested (1) up to 75% of its Managed Assets in municipal securities rated, at the time of investment, Baa/BBB or lower by at least one nationally recognized statistical rating organization (S&P, Xxxxx’x and Fitch) including below-investment grade securities, or unrated securities judged by the Sub-Adviser to be of comparable quality; and (2) no more than 10% of its Managed Assets in municipal securities rated at the time of investment B3/B- and below or judged by the Sub-Adviser to be of comparable quality.

Credit Quality. The As of the Effective Date, the Fund may invest (1) up to 75% of its Managed Assets in municipal securities rated, at the time of investment, Baa/BBB or lower by at least one nationally recognized statistical rating organization (S&P, Xxxxx’x and Fitch) including below-investment grade securities, or unrated securities judged by the Sub-Adviser to be of comparable quality; and (2) no more than 1035% of its Managed Assets in municipal securities rated at the time of investment B3/B- BBB and below or judged by the Sub-Adviser to be of comparable quality.

Credit Quality. The As of the Effective Date, the Fund may invest (1) has invested up to 75% of its Managed Assets in municipal securities rated, at the time of investment, Baa/BBB or lower by at least one nationally recognized statistical rating organization (S&P, Xxxxx’x and Fitch) including below-investment grade securities, or unrated securities judged by the Sub-Adviser to be of comparable quality; and (2) no more than 1035% of its Managed Assets in municipal securities rated at the time of investment B3/B- BBB and below or judged by the Sub-Adviser to be of comparable quality.

Credit Quality. The As of the Effective Date, the Fund may invest (1) shall invest up to 75% of its Managed Assets in municipal securities rated, at the time of investment, Baa/BBB or lower by at least one nationally recognized statistical rating organization (S&P, Xxxxx’x Xxxxx'x, and Fitch) including below-investment grade securities, or unrated securities judged by the Sub-Adviser to be of comparable quality; and (2) shall invest no more than 10% of its Managed Assets in municipal securities rated at the time of investment or below B3/B- and below B-, or that are unrated but judged by the Sub-Adviser to be of comparable quality.

Credit Quality. The As of the Effective Date, the Fund may invest (1) has invested up to 75% of its Managed Assets in municipal securities rated, at the time of investment, Baa/BBB or lower by at least one nationally recognized statistical rating organization (S&P, Xxxxx’x Xxxxx'x, and Fitch) including below-investment grade securities, or unrated securities judged by the Sub-Adviser to be of comparable quality; and (2) has invested no more than 10% of its Managed Assets in municipal securities rated at the time of investment or below B3/B- and below B-, or that are unrated but judged by the Sub-Adviser to be of comparable quality.