Credit Quality. The Fund has invested at least 80% of its Managed Assets in Municipal Obligations that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one NRSRO or were unrated but judged to be of comparable quality by the Investment Adviser.
Credit Quality. All security issuers will be rated in the highest short-term ratings category: A-1 by Standard & Poor’s, P-1 by Moody’s or F1 by Fitch. If a security issuer does not have short-term ratings then the issuer must have minimum long-term ratings of single A by Standard & Poor’s, A2 by Moody’s, or A by Fitch. Split rated securities or issuers are permitted. Obligations that are not rated will be Approved Investments if the issuer of the obligation meets the above rating criteria.
Credit Quality. As of the Effective Date, the Fund shall invest at least 80% of its Managed Assets in securities rated, at the time of investment, investment grade (Baa/BBB or better by S&P, Xxxxx’x, or Fitch) or, if they are unrated, are judged by the Sub-Adviser to be of comparable quality. The Fund may invest up to 20% of its Managed Assets in municipal securities rated below investment quality or judged by the Sub-Adviser to be of comparable quality, of which up to 10% of its Managed Assets may be rated below B-/B3 or of comparable quality.
Credit Quality. As of the Effective Date, the Fund has not invested more than 20% of its Managed Assets in Municipal Securities that at the time of investment were rated Below Investment Grade or were unrated but judged to be of comparable quality by the Investment Adviser, provided that the Fund has no investments in securities that are not Municipal Securities that, at the time of investment, were rated Below Investment Grade.
Credit Quality. As of the Effective Date, the Issuer (1) has invested at least 65% of its total assets in Municipal Obligations that, at the time of investment, were rated Investment Grade by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable quality by the Investment Adviser; and (2) has invested no more than 20% of its total assets in Municipal Obligations that, at the time of investment, were rated Below Investment Grade or were unrated but judged to be of a comparable quality by the Investment Adviser.
Credit Quality. Unless the Fund receives the prior written consent of the Liquidity Provider (such consent to be determined in the Liquidity Provider’s good faith discretion), the Fund will, under normal market conditions, invest at least 75% of its Managed Assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Investment Adviser; provided, however, that the Fund may invest up to 100% of its Managed Assets in securities issued by money market funds that invest exclusively in Eligible Assets.
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. Unless the Fund receives the prior written consent of the Liquidity Provider (such consent to be determined in the Liquidity Provider's good faith discretion), the Fund will, under normal market conditions, invest at least 80% of its Managed Assets in Municipal Obligations that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Investment Adviser; provided, however, that the Fund may invest up to 100% of its Managed Assets in securities issued by money market funds that invest exclusively in Eligible Assets.
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 Issuer (i) has invested at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable quality by the Investment Adviser; and (ii) has invested up to 20% of its Managed Assets in municipal securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable quality by the Investment Adviser, provided that the Issuer has invested no more than 10% of the Issuer's Managed Assets in municipal securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable quality by the Investment Adviser.
