The investment objective of the Fund is to provide current income exempt from federal income tax. Under normal circumstances, the Fund invests at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer, is exempt from regular federal income taxes. Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. The Fund invests at least 80% of its net assets in municipal bonds that are, at the time of purchase, rated “investment grade”.