The investment seeks a high level of income exempt from regular federal income tax. Under normal circumstances, the fund invests at least 80% of assets in securities of municipalities across the U.S. and in other securities whose income is free from regular federal income tax. It may invest up to 20% of net assets in securities whose income is subject to alternative minimum tax. The fund can buy many types of municipal securities of all maturities including revenue bonds and general obligations bonds.
