Industry description
The investment seeks to provide current income exempt from regular federal income tax.
The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations with final maturities of between one and ten years, the interest on which is exempt from regular federal income tax. At least 90% of the fund's net assets normally is 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. It invests primarily in general obligation or revenue bonds.