The investment seeks the highest level of income exempt from federal income tax as is consistent with the preservation of capital.
The fund normally invests at least 80% of its net assets in investment grade municipal securities. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions. It may invest in securities subject to the alternative minimum tax or in debt securities subject to federal income tax. The fund may also invest in municipal securities rated below investment grade (junk bonds).