The investment seeks current income exempt from federal income taxes by investing in a diversified portfolio of high-yield municipal securities. The fund attempts to invest 100% of assets in municipal securities that pay interest that is exempt from federal individual income tax. As a fundamental policy, it invests at least 80% of net assets in municipal securities. Up to 100% of the securities the Fund buys may be high-yield, lower-grade fixed income securities. It does not limit its investments to securities of a particular maturity range.