The objective is to provide a high level of current income exempt from federal income tax. The Fund will primarily invest in investment grade municipal debt securities issued by state and local governments, including U.S. territories and possessions, political subdivisions, agencies and public authorities. At least 80% of its total assets will be invested in municipal bonds with remaining maturities of less than 15 years, and that pay interest that is exempt from federal income tax. At least 80% of its total assets will be invested in investment grade municipal bonds. Up to 20% of its total assets may be invested in non-investment grade municipal bonds.