The investment seeks as high a level of current income exempt from federal individual income tax as is consistent with preservation of capital. The fund normally invests 100% of assets in municipal obligations, and up to 20% in taxable securities which produce income not exempt from federal income tax because of market conditions, pending investment of idle funds or to afford liquidity. It may invest in a laddered maturity portfolio of municipal obligations issued by states and state agencies, local governments and their agencies and by certain United States territories and possessions.
