| Investment Objective: |
The Fund seeks to achieve its investment objective by employing a "laddered" bond strategy, pursuant to which the Fund will invest in debt instruments that pay interest that is exempt from regular federal income tax with different maturity dates (or "rungs") through the year 2030 (the "terminal year"). The Fund will initially be comprised of five rungs with clusters of maturities throughout 2026, 2027, 2028, 2029 and 2030. The Fund primarily invests in investment grade tax-exempt bonds. The tax-exempt bonds in which the Fund invests may include: General obligation bonds secured by the issuer's full faith; Revenue obligation bonds; Industrial development bonds; Moral obligation bonds; Tax-exempt derivative instruments; Stand-by commitments; Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions; and Variable rate demand obligations. The Fund will liquidate on or about the final maturity date of the underlying bonds in the terminal year and the Fund will seek to distribute substantially all of its assets at that time. |
