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The
Michigan Municipal Bond Fund seeks to provide current income exempt
from federal income tax and, to the extent possible, from Michigan
personal income tax, as consistent with the conservation of capital.
The Fund normally invests at least 80% of its net assets in Michigan
municipal securities and debt obligations issued by the government
of Puerto Rico, the U.S. territories and possessions of Guam, the
U.S Virgin Islands, or such other governmental entities whose debt
obligations, either by law or treaty, generate interest income which
is exempt from federal and Michigan State income and intangible
taxes, although such income may be subject to the federal alternative
minimum tax when received by certain shareholders. The Fund expects
to maintain a dollar-weighted average portfolio maturity of three
to ten years.
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