The Fund investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of an aggregate of the Fund’s net assets in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes.