The investment seeks to provide a competitive level of current interest income exempt from regular Federal income taxes and a total return which, over time, exceeds the return provided by tax-free money market instruments. The fund normally invests at least 80% of assets in securities the interest from which is exempt from regular Federal income tax. It may invest up to 20% of assets in securities whose income is not considered exempt from regular federal income tax, including bonds subject to AMT and other taxable obligations. The municipal bonds in which the Fund will invest will generally be rated A or better, or if unrated, of comparable quality.
