The investment seeks current income that is exempt from federal income tax to the extent consistent with preservation of capital.
The fund normally invests at least 80% of net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. It invests mainly in securities that are either rated investment grade or are unrated and determined to be of comparable quality by the fund's sub-advisor. The fund may invest up to 20% of net assets in taxable obligations. The weighted average maturity typically ranges from three to ten years.