The investment seeks to provide a high level of income that is not subject to Federal income tax. The fund normally invests at least 80% of net assets in a diversified portfolio of tax-exempt municipal bonds. It 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.
