The investment seeks high level of current interest income exempt from regular federal income taxes as is consistent with preservation of capital. The fund invests at least 80% of assets in investment-grade municipal bonds (rated BBB-/Baa3 or higher) at the time of purchase. It may invest up to 20% of assets in below investment-grade municipal bonds. The fund may invest up to 15% of assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates.
