Fund Description

The fund normally invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax, and the municipal securities in which the fund invests are normally investment-grade (those of medium and high quality). Holdings may include securities issued by U.S. territories and possessions, general obligation bonds, project or revenue-specific bonds, pre-refunded or escrowed bonds, municipal money market securities, and synthetic securities. Derivatives are included in its 80% policy, and it is managed to have similar overall interest rate risk to the supplemental index. It normally maintains a dollar-weighted average maturity of three to 10 years, allocates across sectors and maturities, and may invest more than 25% of total assets in municipal securities that finance similar types of projects.