The investment seeks a high level of current income exempt from federal income tax. The fund normally invests at least 80% of net assets in municipal securities the income from which is exempt from federal income taxes. It may invest assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity between five and 30 years. The fund may invest up to 100% of net assets in securities the income from which is subject to the federal alternative minimum tax.
