The Fund seeks a high level of current income exempt from federal individual income tax. The fund invests principally in a portfolio of municipal obligations issued by states and state agencies, local governments and their agencies, and by certain United States territories and possessions. It normally invests 100% of assets in municipal obligations. The fund may invest up to 20% of assets in taxable securities which would produce income not exempt from federal income tax because of market conditions, pending investment of idle funds or to afford liquidity.
