Industry description
The investment seeks to earn the highest level of current income, exempt from federal taxation, that is available consistent with what the Adviser considers to be an appropriate level of risk.
The fund pursues its objective by investing principally in high-yielding municipal securities that may be non-investment grade or investment grade. It invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. The fund will seek to increase income for shareholders by investing in longer-maturity bonds.