Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80 percent of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds. This policy is a fundamental policy of the Fund and may not be changed without approval of a majority of the Funds outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the Investment Company Act). The Funds investments in derivatives will be counted toward the Funds 80 percent policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax).