Description

This fund primarily aims to generate income free from federal personal income tax by allocating nearly all of its capital to municipal bonds. It concentrates on short-duration municipal debt, specifically those with remaining maturities of five years or less, and typically maintains a dollar-weighted average portfolio maturity between one and three years. A significant portion of its holdings—at least 80% of its net assets—are invested in municipal bonds rated investment grade at the purchase date, or unrated securities deemed equivalent by the fund's sub-adviser. The fund employs a non-diversified investment approach.