Under normal market conditions, at least 80% of the income from the fund will be exempt from federal income tax. At least 65% of the fund's net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment or, if unrated, determined by the investment adviser to be of at least investment grade quality. The fund may invest 25% or more of its total assets in certain types of municipal obligations and in one or more economic sectors.
