Industry description
The investment seeks total return exempt from federal income tax as is consistent with preservation of capital.
Under normal market conditions, the fund invests at least 80% of its net assets, plus amounts borrowed for investment purposes, in municipal bonds that pay interest exempt from federal income tax. It may invest in fixed income securities which include bonds, debt securities and other similar instruments. The fund may buy municipal bonds and other fixed income securities of any maturity. The fund will have an average effective duration of 4.5 years or less.