Industry description
The investment seeks attractive total return; the portfolio also seeks to provide high current income exempt from regular federal income taxes.
Under normal market conditions, the portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. It may invest up to 50% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”).