The investment seeks current income exempt from federal income taxes, other than the alternative minimum tax, as part of a long-term strategy of achieving tax-advantaged total return. The fund normally invests at least 80% of assets in investment grade municipal securities. It normally invests all of assets in a diversified portfolio of short and intermediate-term municipal securities. The fund may invest up to 20% of assets in below investment grade bonds, but will not invest in bonds rated below B. It may invest up to 100% of assets in such securities for temporary defensive purpose.
