Industry description
The investment seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the fund's primary objective.
Under normal market conditions, the fund 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 income tax. Regular federal income tax is different from, and does not include, the federal alternative minimum tax.