The investment seeks to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund. The fund normally invests at least 80% of assets in municipal bonds. It intends to invest at least 65% of the fund's net assets in medium- to low-quality bonds as rated by at least one independent rating agency. The fund could invest up to 100% of assets in "junk bonds." It may also invest up to 10% of assets in municipal bonds that are the subject of bankruptcy proceedings. The portfolio usually invests in municipal bonds that have a maturity of five years or longer.
