The investment seeks total return with an emphasis on income exempt from federal income tax and personal income tax, if any, of the named state, but also considering capital appreciation. The fund normally invests at least 80% of assets in securities and other investments. It may invest 25% or more of assets in municipal instruments. The fund primarily invests assets in investment-grade debt instruments, but may also invest in lower quality debt instruments. It may invest a high percentage of assets in municipal issuers of the named state.
