Industry description
The investment seeks to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities at the time of investment. It may invest up to 20% of its net assets in municipal securities below investment grade. The fund may invest all or a substantial portion of its assets in municipal securities that are subject to the federal alternative minimum tax.