Fund Description

The fund invests at least 80% of net assets (plus any borrowings for investment purposes) in municipal debt securities that pay interest excluded from gross income for federal income tax purposes and do not produce income that is considered an item of preference for purposes of the alternative minimum tax; this policy is fundamental and cannot be changed without shareholder approval. It normally invests at least 80% in investment grade municipals and may invest up to 20% in below-investment-grade debt. Under normal market conditions, it invests primarily in municipal securities classified as revenue bonds. It may invest in general and revenue obligations, Rule 144A and other restricted and illiquid securities, zero-coupon and payment-in-kind securities, when-issued trades, inverse floaters, futures and swaps, and up to 25% each in certain tobacco bonds. It may borrow for leverage up to one-third of total assets and targets a dollar-weighted average effective maturity of five years or less.