Industry description
The investment seeks total return, consisting of current income and capital appreciation.
The fund invests at least 60% of its net assets in municipal securities that pay interest exempt from federal income tax, but not necessarily the federal alternative minimum tax; up to 40% of its net assets in municipal securities that pay interest subject to federal AMT; up to 40% of its total assets in below investment-grade municipal securities; up to 20% of its total assets in inverse floaters; and up to 10% of its net assets in corporate debt securities.