Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in municipal bonds paying interest exempt from federal income tax, using the volatility of the Bloomberg Municipal Bond Index as an approximation of reasonable risk. Under normal conditions it emphasizes investment grade issues, but may invest up to 35% in below investment grade bonds and up to 20% in AMT-subject municipal bonds, and up to 20% in inverse floaters. It may invest across municipal bond types, insured or uninsured, including zero coupon and variable rate demand notes, may invest without limitation in securities of issuers located in a single state, territory, municipality, or region, and may use derivatives such as futures.