The investment seeks current income exempt from federal income tax. The fund manager pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. The fund also invests, under normal circumstances, at least 80% of its net assets in fixed income securities that are rated investment grade or equivalent by a nationally recognized statistical rating organization (“NRSRO”) or, if a security is unrated, that the fund’s investment adviser considers to be of comparable quality.