Look at its chart- it is more volatile than its cohorts historically during bad muni years- like '99- but has a higher upside. It should not be categorized with other munis that do not take near the risk on with their portfolios. My opinion is that we will look back and think that this was a good time to get into this type of fund- like we do now getting in post the '99 drop. The underlying holdings are not defaulting, the demand for them has dropped significantly. Once the supply and demand get more in-line with historic trends, this account will have share appreciation. In the meantime, you receive a very good tax-free income.