The investment seeks income exempt from federal income taxes while preserving capital. The fund normally invests at least 80% of assets in municipal securities that pay interest exempt from federal income tax, but not necessarily the federal alternative minimum tax (AMT). It invests up to 20% of assets in securities that pay interest subject to federal AMT. The fund invests up to 15% of assets in below investment-grade municipal securities. Its dollar-weighted average effective maturity is less than 3 years.
