The investment seeks high current income exempt from regular federal income taxes; capital appreciation is secondary. The fund invests substantially all of assets in municipal bonds. It normally invests at least 65% of assets in medium-to low-quality bonds rated BBB/Baa or lower. The fund may invest up to 10% of assets in defaulted municipal bonds. It may invest up to 15% of assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates. This fund is nondiversified.
