Strategy. The Fund pursues its objective by investing its assets so that normally distributions of annual interest income are exempt from federal regular income tax. The Adviser may invest the Funds assets without limitation in securities whose interest may be subject to (or may be a specific preference item for purposes of) the federal alternative minimum tax (AMT) for individuals. With respect to such investments, interest from the Funds investments may be subject to (or may be a specific preference item for purposes of) the AMT. The Fund does not limit itself to securities of a particular maturity range. The Funds dollar-weighted average portfolio duration will be less than five years. Duration measures the sensitivity of a securitys price to changes … Show more… The Fund pursues its objective by investing its assets so that normally distributions of annual interest income are exempt from federal regular income tax. The Adviser may invest the Funds assets without limitation in securities whose interest may be subject to (or may be a specific preference item for purposes of) the federal alternative minimum tax (AMT) for individuals. With respect to such investments, interest from the Funds investments may be subject to (or may be a specific preference item for purposes of) the AMT. The Fund does not limit itself to securities of a particular maturity range. The Funds dollar-weighted average portfolio duration will be less than five years. Duration measures the sensitivity of a securitys price to changes in interest rates. The Adviser may lengthen or shorten duration from time to time based on its interest rate outlook. The Fund will invest at least a majority of its assets in securities rated investment-grade (or unrated securities of comparable quality), and may purchase securities rated below investment grade (or unrated securities of comparable quality), which are also known as junk bonds, up to 49% of its assets. Investment-grade securities are securities that receive investment-grade ratings (i.e., generally ratings in the first, second, third or fourth highest rating category) by a nationally recognized statistical rating organization (NRSRO) or unrated securities of comparable quality. For example, securities rated AAA, AA, A or BBB (including modifiers, sub-categories or gradations) by S&P Global Ratings (S&P Global), an NRSRO, would be rated in the first, second, third or fourth ratings category, respectively. Securities rated below investment grade (or noninvestment-grade securities) are securities that do not receive investment-grade ratings (i.e., generally ratings below one of the four highest rating categories) by an NRSRO or unrated securities of comparable quality. For example, securities rated B or BB (including modifiers, sub-categories or gradations) by S&P Global would be noninvestment-grade securities. The presence of a ratings modifier, sub-category, or gradation (for example, a (+) or (-)) is intended to show relative standing within the major rating categories and does not affect the security credit rating for purposes of the Funds investment parameters. The Fund does not have a specific minimum quality rating. The securities in which the Fund may principally invest include tax-exempt securities, which may include, for example, general obligation bonds, special revenue bonds, private activity bonds, inverse floaters, municipal mortgage-backed securities, variable rate demand instruments and municipal notes. Certain of the tax-exempt securities in which the Fund invests may be subject to credit enhancement. The Fund also may principally invest in derivative contracts, in particular, futures contracts, option contracts and swap contracts, and/or hybrid instruments to implement its investment strategies. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolios exposure to the investment(s) underlying the derivative or hybrid instrument in an attempt to benefit from changes in the value of the underlying instrument(s), to gain exposure to the municipal bond sector, to increase or decrease the effective duration of the Funds portfolio or to hedge against potential losses. There can be no assurance that the Funds use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Funds 80% policy (as described below) and are calculated at market value. The Fund also may invest in certain securities or other investments (such as market discount bonds, credit default swaps and other derivative transactions) that will likely cause the Fund to realize a limited amount of ordinary income or short-term capital gains (which are treated as ordinary income for federal income tax purposes). Under normal circumstances, the Fund will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval. Show less