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 1-15 Year Municipal Bond Index as an approximation of reasonable risk. Under normal conditions it emphasizes investment-grade munis, but may invest up to 20% in below investment-grade bonds and up to 20% in AMT-subject munis, including private activity bonds. It may invest in a wide range of muni structures, use derivatives such as inverse floaters and futures, target a dollar-weighted average maturity of five to twelve years, and may invest in money market securities and their equivalents, typically for cash management purposes.