Industry description
The investment seeks to provide investors with a high current yield exempt from federal income taxes; the secondary goal is capital appreciation to the extent possible and consistent with the fund's principal investment goal.
Under normal market conditions, the fund invests substantially all of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. It does not necessarily focus its investments in a particular state or territory and will not invest more than 30% of its total assets in municipal securities of any one state or territory. The fund is non-diversified.