Fund Description

The fund primarily invests in investment-grade municipal securities in the four highest credit rating categories (AAA to BBB- or unrated equivalent). It normally invests at least 80% of net assets, including borrowings, in municipal securities whose interest is exempt from federal income tax, including the alternative minimum tax (AMT). It may buy fixed-, variable- or floating-rate issues nationwide and in U.S. territories, including general obligation and revenue bonds, invest over 25% in similar project sectors, hold municipal notes, and use credit or liquidity enhancements. It may hold up to 15% in below-investment-grade bonds (minimum B or equivalent), use futures, and adjust holdings for interest-rate or credit changes; in unusual markets it may temporarily invest entirely in taxable securities.