Industry description
The investment seeks a high level of current income exempt from federal income tax primarily through investment in medium- and lower-grade municipal obligations.
Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. It will invest primarily in lower-rated municipal securities, which typically offer higher income potential and involve greater risk than higher-quality securities.