The investment seeks the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. For purposes of its investment objective, the fund uses the volatility of the Barclays Municipal Bond Index as an approximation of reasonable risk. It invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax. As a non-fundamental policy, the fund will not invest in municipal bonds that pay interest subject to the federal alternative minimum tax ("AMT"). It invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher.
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