Common use of Credit Quality Clause in Contracts

Credit Quality. As of the Effective Date, the Fund (1) shall invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by all NRSROs or are unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 10% of the Fund’s Managed Assets in municipal securities that, at the time of investment, are rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest has invested at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are were rated within the four highest grades (Baa or BBB or better) by all NRSROs or are were unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest has invested up to 20% of its Managed Assets in municipal securities that at the time of investment are were rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 10% of the Fund’s Managed Assets in municipal securities that, at the time of investment, are were rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest at least 8050% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by all NRSROs or are unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest up to 2050% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 10% of the Fund’s Managed Assets in municipal securities that, at the time of investment, are rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest at least 8050% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by all NRSROs or are unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest up to 2050% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 105% of the Fund’s Managed Assets in municipal securities that, at the time of investment, are rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest has invested at least 8050% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are were rated within the four highest grades (Baa or BBB or better) by all NRSROs or are were unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest has invested up to 2050% of its Managed Assets in municipal securities that at the time of investment are were rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 10% of the Fund’s Managed Assets in municipal securities that, at the time of investment, are were rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest has invested at least 8050% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are were rated within the four highest grades (Baa or BBB or better) by all NRSROs or are were unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest has invested up to 2050% of its Managed Assets in municipal securities that at the time of investment are were rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 10% of the Fund’s 's Managed Assets in municipal securities that, at the time of investment, are were rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest at least 8050% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are were rated within the four highest grades (Baa or BBB or better) by all NRSROs or are were unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest up to 2050% of its Managed Assets in municipal securities that at the time of investment are were rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested shall invest no more than 10% of the Fund’s 's Managed Assets in municipal securities that, at the time of investment, are were rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest has invested at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are were rated within the four highest grades (Baa or BBB or better) by all NRSROs or are were unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest has invested up to 20% of its Managed Assets in municipal securities that at the time of investment are were rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 10% of the Fund’s 's Managed Assets in municipal securities that, at the time of investment, are were rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are were rated within the four highest grades (Baa or BBB or better) by all NRSROs or are were unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest up to 20% of its Managed Assets in municipal securities that at the time of investment are were rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested shall invest no more than 10% of the Fund’s 's Managed Assets in municipal securities that, at the time of investment, are were rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.

Credit Quality. As of the Effective Date, the Fund (1) shall invest has invested at least 8050% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are were rated within the four highest grades (Baa or BBB or better) by all NRSROs or are were unrated but judged to be of comparable quality by the Sub-Adviser; and (2) shall invest has invested up to 2050% of its Managed Assets in municipal securities that at the time of investment are were rated below investment grade (below investment grade quality municipal securities include those municipal securities that are rated investment grade by one or more NRSROs but rated below investment grade by at least one NRSRO) or are were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has invested no more than 105% of the Fund’s Managed Assets in municipal securities that, at the time of investment, are were rated below both B3 and B- or that were unrated but judged to be of comparable quality by the Sub-Adviser.