The investment seeks a high level of current income that is exempt from federal income tax; capital appreciation is a secondary consideration. The fund normally invests at least 80% of net assets in U.S. dollar-denominated fixed income securities that are exempt from federal income tax. It may invest 50% of net assets in securities that are subject to the federal alternative minimum tax. The fund may invest up to 35% of total assets in unrated securities. It may invest up to 50% of total assets in unrated securities and high-yield securities.
