The investment seeks to provide the highest level of income possible in a tax efficient manner.
The fund normally invests at least 50% of its net assets in municipal securities, such as bonds, that pay interest that is exempt from federal income tax, including the alternative minimum tax. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, as well as in Puerto Rico and other U.S. territories and possessions. The fund may invest more than 25% of its total assets in bonds of issuers in California and New York. It is non-diversified.