Fund Description

The fund is actively managed and invests mainly in state and local municipal bonds. Under normal circumstances, it invests at least 80% of net assets, plus any borrowings for investment purposes, in securities whose income is exempt from federal income tax. It expects to maintain a dollar-weighted average maturity of 6 to 12 years, with no limits on the maturities of individual holdings. Typically, at least 75% of assets are in municipal bonds rated in the top three credit categories or judged comparable if unrated, and it may invest up to 20% in medium-quality municipal bonds and 5% in lower-rated securities.