The investment seeks the maximum amount of current income exempt from federal income tax as is consistent with the preservation of capital. The fund invests at least 80% of its assets in municipal bonds rated, at the time of purchase, A or higher or the unrated equivalent as determined by Insight North America LLC, the fund's sub-adviser. The fund may invest up to 20% of its assets in municipal bonds rated, at the time of purchase, below A, including bonds rated below investment grade ("high yield" or "junk" bonds) or the unrated equivalent as determined by the adviser.