The investment seeks a high level of current income exempt from federal and Virginia state income taxes for individual investors consistent with preservation of capital. The fund normally invests at least 80% of net assets in securities the income from which is exempt from both federal and Virginia state individual income tax, which may include securities of issuers located outside of the state. It also can invest up to 20% of total assets in inverse floaters, a variable rate obligation and form of derivative. The fund is nondiversified.
