The investment seeks income exempt from federal taxation. The fund normally invests at least 80% of net assets in a diversified portfolio of tax-exempt municipal bonds. The fund invests primarily in bonds rated in the lower tier of investment grade (BBB by S&P and Baa by Moody's) or lower, including bonds rated below investment grade. The fund typically invests in municipal bonds with remaining maturities of 10 to 30 years.
