The investment seeks high income exempt from federal income taxes consistent with prudent investment management and capital preservation. The fund normally invests at least 80% of total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. It also invests at least 80% of total assets in securities that pay interest free from the personal income taxes of that fund's state. The fund may invest up to 20% of total assets in securities that pay interest that may be subject to the federal alternative minimum tax and taxable interest.
