| Investment Objective: |
The Fund invests at least 80% of its investable assets in municipal obligations whose income is exempt from federal income taxes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. For purposes of this policy, such municipal obligations include: zero coupon bonds, variable rate demand obligations, short term municipal notes, tax-exempt commercial paper, municipal lease obligations, municipal general obligation bonds, municipal revenue bonds, municipal bonds, the interest on which is subject to the federal alternative minimum tax ("AMT"), pre-refunded and escrowed to maturity bonds, municipal cash equivalents, private activity bonds and municipal mortgage-backed and asset-backed securities. Although the Fund may invest in instruments of any duration or maturity, the Fund, under normal conditions, seeks to maintain a weighted average portfolio duration of two to eight years. The Fund invests at least 70% of its investable assets in "investment grade" bonds and may also invest up to 30% of its investable assets in high yield municipal bonds. |
