The investment seeks maximum current income that is exempt from federal income tax to the extent consistent with prudent investment risk.
The fund invests at least 80% of net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest exempt from federal income tax, including the federal alternative minimum tax. It may invest up to 20% of net assets in taxable obligations. The fund invests mainly in securities that are either rated investment grade or are unrated and determined to be of comparable quality. It attempts to maintain the weighted average maturity of its portfolio securities at 10 to 25 years.