The investment seeks to Provide the highest level of income possible in a tax efficient manner. The fund normally invests at least 50% of net assets in investment grade municipal securities that pay interest that is exempt from federal income tax, including the alternative minimum tax. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, as well as Puerto Rico and other U.S. territories and possessions. The fund may invest more than 25% of total assets in bonds of issuers in California and New York. The fund is non-diversified.
