| Investment Objective: |
The Fund seeks current income exempt from federal income tax, consistent with capital preservation. Under normal circumstances, the fund invest, at least 80% of the Fund's net assets plus borrowings for investment purposes in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT); up to 20% of the Fund's total assets in securities whose interest is subject to federal AMT; up to 10% of the Fund's total assets in below investment-grade municipal securities. We invest principally in short-term municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. Our top-down analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used to uncover solid investment opportunities. |
