The investment seeks as high a rate of income exempt from federal income taxes as is consistent with prudent investment management. The fund invests primarily in a diversified selection of municipal bonds with maturities of one to 17 years. Normally, either 80% of the fund's net investment income is exempt from federal income tax, or at least 80% of assets are invested in securities that pay interest exempt from federal tax. It typically invests at least 70% of assets in bonds rated A or better.
