The investment seeks total return consisting of capital appreciation and current income exempt from federal income tax. The fund normally invests substantially all its assets in municipal bonds, which are bonds and similar securities issued by or on behalf of the states, territories and possessions of the U.S. and their political subdivisions, agencies and instrumentalities that are exempt from federal income tax. It invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in securities that pay income exempt from federal income tax. The fund is non-diversified.