The investment seeks as high a level of current interest income exempt from federal income taxes as is available from investing in municipal securities, while attempting to preserve capital. The fund invests mainly in municipal securities that pay interest that, in the opinion of counsel to the issuer of each security, is exempt from federal individual income tax. It does not limit investments to securities of a particular maturity range, and may hold short and long-term securities. Most of the securities the Fund buys are "investment grade," although it can invest as much as 25% of its total assets in below investment-grade securities that are in default.
