The investment seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The fund normally invests substantially all of its net assets in municipal bonds that provide income exempt from federal personal income tax. It invests principally in municipal bonds with remaining maturities of five years or less and generally maintains a dollar-weighted average portfolio maturity of one to three years. The fund invests at least 80% of its net assets in municipal bonds rated, at the time of purchase, investment grade or the unrated equivalent as determined by the fund's sub-adviser.